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Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.37%, Acquisition Date 12/2/2024, Maturity 8/5/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Personal Care Products, Company Accupac, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 3.00% (6.00% PIK), Interest Rate 10.67%, Acquisition Date 12/31/2024, Maturity 12/31/20292026-01-012026-06-300001784700ck0001784700:ProfessionalServicesMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:AutomobileComponentsMemberck0001784700:ArrowheadHoldcoCompanyMemberck0001784700:DelayedDrawTermLoanTwoMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700ck0001784700:SubordinatedCertificatesOfSDLPMemberus-gaap:InvestmentAffiliatedIssuerControlledMemberck0001784700:SeniorDirectLendingProgramMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company MechanAir, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.73%, Acquisition Date 12/18/2025, Maturity 12/18/20312026-06-300001784700ck0001784700:TechmerBBBidcoLLC1Member2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company M&D Midco, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.82%, Acquisition Date 8/31/2022, Maturity 8/31/20282026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company JTM Foods LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.04%, Acquisition Date 9/28/2022, Maturity 5/14/20292026-06-300001784700ck0001784700:MarineTransportationMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company M&D Midco, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 6.00%, Interest Rate 10.00%, Acquisition Date 8/31/2022, Maturity 8/31/20282025-01-012025-12-310001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TitanBWBorrowerLPMemberck0001784700:AerospaceDefenseMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700ck0001784700:AllergyClinicalMidCoLLC1Member2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company Pediatric Home Respiratory Services, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.10%, Acquisition Date 12/23/2024, Maturity 12/23/20302025-01-012025-12-310001784700ck0001784700:ThreeSixFiveRMHoldcoLLCMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:CommercialServicesSuppliesMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:CommercialServicesSuppliesMemberck0001784700:ISQHawkeyeHoldCoIncMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company Castleworks Home Services Company, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.50% (2.00% PIK), Interest Rate 9.34%, Acquisition Date 6/29/2022, Maturity 6/29/20282025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company TheKey, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00% (1.00% PIK), Interest Rate 8.92%, Acquisition Date 6/2/2022, Maturity 9/30/20272025-01-012025-12-310001784700ck0001784700:AstraServicePartnersLLCMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:CommercialServicesSuppliesMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700ck0001784700:HealthCareProvidersServicesMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:PremiseHealthHoldingCorpMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Krayden Holdings, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.62%, Acquisition Date 3/1/2023, Maturity 3/1/20292026-01-012026-06-300001784700ck0001784700:LightspeedBuyerIncMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company NBPT Acquisition LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.70%, Acquisition Date 3/3/2025, Maturity 2/15/20302026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company ADPD Holdings LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 1.00% (5.00% PIK) |, Interest Rate 9.93%, Acquisition Date 8/16/2022, Maturity 8/16/20282026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Source Holding Delaware, LLC Type of Investment Revolver Reference Rate and Spread PRIME + 3.75% Interest Rate 10.50% Acquisition Date 2/7/2025 Maturity 7/2/20312026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company BH Buyer, Inc., Type of Investment Revolver, Acquisition Date 12/31/2025, Maturity 12/31/20312026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Apex Dental Partners, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.84%, Acquisition Date 10/29/2024, Maturity 10/29/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Electronic Equipment, Instruments & Components, Company Alert SRC Newco LLC, Type of Investment Revolver, Acquisition Date 12/11/2024, Maturity 12/11/20302025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Source Holding Delaware, LLC, Type of Investment Revolver, Reference Rate and Spread PRIME+ 3.75%, Interest Rate 10.50%, Acquisition Date 2/7/2025, Maturity 2/7/20312025-12-310001784700ck0001784700:VelocityBuyerIncMember2025-12-310001784700ck0001784700:AllergyClinicalMidCoLLCMember2025-12-310001784700ck0001784700:KLBroncoAcquisitionIncMember2025-12-310001784700ck0001784700:HealthCareTechnologyMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:ProjectAllianceBuyerLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700ck0001784700:VaragonSDLPLLCMemberck0001784700:SeniorDirectLendingProgramMember2026-06-300001784700ck0001784700:VTCBuyerCorpMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company Castleworks Home Services Company, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50% (2.00% PIK), Interest Rate 9.34%, Acquisition Date 6/28/2023, Maturity 6/29/20282025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:VictorsPurchaserLLCMemberck0001784700:ITServicesMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company Zep Holdco Inc, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.67%, Acquisition Date 6/30/2025, Maturity 6/30/20312025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Electronic Equipment, Instruments & Components, Company Alert SRC Newco LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.61%, Acquisition Date 12/11/2024, Maturity 12/11/20302026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Textiles, Apparel & Luxury Goods, Company National Safety Apparel LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.39%, Acquisition Date 11/26/2024, Maturity 5/17/20302026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Advanced Web Technologies Holding Company, Type of Investment Revolver, Acquisition Date 7/2/2024, Maturity 12/17/20272026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Source Holding Delaware, LLC Type of Investment Revolver Reference Rate and Spread SOFR + 4.75% Interest Rate 8.41% Acquisition Date 2/7/2025 Maturity 2/7/2031 One2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company Hometown Food Company, Type of Investment Term Loan, Reference Rate and 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5.00%, Interest Rate 8.65%, Acquisition Date 9/9/2025, Maturity 8/6/20302026-06-300001784700ck0001784700:QuarterlyThirteenMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company SGA Dental Partners Opco, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.24%, Acquisition Date 7/17/2024, Maturity 7/17/20292025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company OIS Management Services, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.48%, Acquisition Date 8/21/2024, Maturity 11/16/20282026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Personal Care Products, Company Accupac, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 3.00% (6.00% PIK), Interest Rate 10.89%, Acquisition Date 12/31/2024, Maturity 12/31/20292025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company ADPD Holdings LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 6.00%, Interest Rate 10.47%, Acquisition Date 8/16/2022, Maturity 8/16/20282025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company ACP Oak Buyer, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.78%, Acquisition Date 6/12/2025, Maturity 5/16/2031 One2025-01-012025-12-310001784700ck0001784700:NonControlledNonAffiliatedInvestmentsMember2026-06-300001784700ck0001784700:SMBCFacilityMember2026-04-012026-06-300001784700ck0001784700:Gen4DentalPartnersOpcoLlc1Member2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company Xifin, Inc.,Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.67%, Acquisition Date 7/31/2025, Maturity 7/31/20312025-01-012025-12-310001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:FinancialServicesSectorMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TigerHoldcoLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Financial Services, Company RWA Wealth Partners, LLC, Type of Investment Revolver, Acquisition Date 11/15/2024, Maturity 11/15/20302025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Construction & Engineering, Company HTI Intermediate, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.68%, Acquisition Date 3/1/2024, Maturity 3/1/20302026-01-012026-06-300001784700us-gaap:FairValueInputsLevel3Memberck0001784700:RecentTransactionMemberck0001784700:SeniorSecuredFirstLienTermLoansMemberck0001784700:TransactionPriceMembersrt:MaximumMember2025-12-310001784700us-gaap:DelayedDrawTermLoanMemberck0001784700:FSSquaredHoldingCorpMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ConsumerStaplesDistributionRetailMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700us-gaap:InvestmentAffiliatedIssuerControlledMembersrt:MaximumMember2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Software, Company QM Buyer, Inc., Type of Investment Delayed Draw Term Loan, Acquisition Date 12/6/2024, Maturity 12/6/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company EPTAM Plastics, Ltd., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.24%, Acquisition Date 6/2/2022, Maturity 12/6/20272026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Financial Services, Company TRX Buyer LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 3/24/2026, Maturity 3/24/20322026-06-300001784700us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company NBPT Acquisition LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.70%, Acquisition Date 3/3/2025, Maturity 2/15/20302026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company 3G Intermediate, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.17%, Acquisition Date 9/30/2024, Maturity 9/30/20302025-12-310001784700ck0001784700:FoodProductsMemberck0001784700:GulaBuyerIncMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Pharmaceuticals, Company Advantage HCS LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 8.89%, Acquisition Date 11/08/2023, Maturity 11/08/20292026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company VRC Companies, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.09%, Acquisition Date 6/2/2022, Maturity 6/29/2027 One2025-12-310001784700ck0001784700:SMBCFacilityMember2024-08-092024-08-090001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Easy Ice, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.22%, Acquisition Date 10/30/2024, Maturity 10/30/2030 One2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Equity, Industry Commercial Services & Supplies, Company RFI Group Holdings, L.P., Type of Investment Class A Units2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Eye Health America, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.74%, Acquisition Date 2/14/2025, Maturity 7/26/20282026-06-300001784700us-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:PersonalCareProductsMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company VG Target Holdings, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50% (0.50% PIK), Interest Rate 11.76%, Acquisition Date 6/2/2022, Maturity 8/2/20272026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:BigBucksAcquisitionCorporationMemberck0001784700:TermLoanMemberck0001784700:DistributorsMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700ck0001784700:TradingCompaniesDistributorsMember2026-06-300001784700us-gaap:InvestmentUnaffiliatedIssuerMember2026-04-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Construction & Engineering, Company 360 Partners, LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 8/7/2025, Maturity 8/7/20312025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:AccommodationsPlusTechnologiesLLCMemberck0001784700:CommercialServicesSuppliesMemberck0001784700:TermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Heartland Veterinary Partners LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.70%, Acquisition Date 6/2/2022, Maturity 6/10/20282026-01-012026-06-300001784700us-gaap:FinancialServicesSectorMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ConveraInternationalHoldingsLimitedMemberck0001784700:TermLoanTwoMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:HarveyToolCompanyLLCMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMemberck0001784700:MachineryMember2025-01-012025-12-310001784700ck0001784700:IVisionBuyerLLCMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Pharmaceuticals, Company Leiters, Inc., Type of Investment Revolver, Reference Rate and Spread PRIME + 5.00%, Interest Rate 11.75%, Acquisition Date 9/29/2023, Maturity 6/29/20282025-01-012025-12-310001784700us-gaap:DelayedDrawTermLoanMemberck0001784700:HotelsRestaurantsLeisureMemberck0001784700:BirdieBidcoIncMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Energy Equipment & Services, Company Energy Labs Holdings Corp, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.77%, Acquisition Date 06/02/2022, Maturity 4/7/20282026-06-300001784700ck0001784700:HorizonFreightHoldingsIncMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Krayden Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 3/1/2023, Maturity 3/1/20292025-01-012025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:InsuranceMemberck0001784700:THGAcquisitionLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company NBPT Acquisition LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.69%, Acquisition Date 3/3/2025, Maturity 3/3/20302026-01-012026-06-300001784700ck0001784700:InterestRateSwapDueOn12212026Member2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Advanced Web Technologies Holding Company, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.25% (2.25% PIK), Interest Rate 10.24%, Acquisition Date 10/2/2023, Maturity 12/17/20272026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Specialized Dental Holdings II, LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 10/30/2025, Maturity 11/1/20282025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company Race Winning Brands, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 1.00%(5.50%PIK), Interest Rate 10.27%, Acquisition Date 6/2/2022, Maturity 5/16/20292025-01-012025-12-310001784700us-gaap:DelayedDrawTermLoanMemberck0001784700:RadwellParentLLCMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:DistributorsMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700ck0001784700:SpecialThreeMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company Distinct Holdings, Inc., Type of Investment Revolver, Reference Rate and Spread PRIME + 4.75%, Interest Rate 11.50%, Acquisition Date 7/18/2024, Maturity 7/18/20292026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Eye Health America, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.74%, Acquisition Date 2/14/2025, Maturity 7/26/20282026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company M&D Midco, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.97%, Acquisition Date 8/31/2022, Maturity 8/31/20282025-12-310001784700us-gaap:FinancialServicesSectorMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ConveraInternationalHoldingsLimitedMemberck0001784700:TermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700ck0001784700:RFIBuyerInc1Member2026-06-300001784700ck0001784700:ExpenseReimbursementAgreementMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company M&D Midco, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.97%, Acquisition Date 12/17/2024, Maturity 8/31/20282025-12-310001784700us-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Heartland Veterinary Partners LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.80%, Acquisition Date 6/2/2022, Maturity 6/10/2028 One2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company Sentinel Technologies, Inc, Type of Investment Revolver, Acquisition Date 11/3/2025, Maturity 11/3/202312025-12-310001784700ck0001784700:InterestRateSwapDueOn12212028Member2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company Amplify Buyer, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.48%, Acquisition Date 9/17/2025, Maturity 9/17/20322026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Online Labels Group, LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 12/19/2023, Maturity 12/19/20292025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Advanced Web Technologies Holding Company, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.25% (2.25% PIK), Interest Rate 10.34%, Acquisition Date 10/18/2022, Maturity 12/17/20272025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Electronic Equipment, Instruments & Components, Company Alert SRC Newco LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.73%, Acquisition Date 12/11/2024, Maturity 12/11/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Eye Health America, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.74%, Acquisition Date 2/14/2025, Maturity 7/26/20282026-01-012026-06-300001784700ck0001784700:RFIBuyerIncMember2026-06-300001784700ck0001784700:DRMLHoldingsLLCMember2026-06-300001784700ck0001784700:DistinctHoldingsIncMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company Pillr Health Intermediate II, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 12/31/2025, Maturity 12/31/20312025-12-310001784700us-gaap:FairValueInputsLevel3Member2025-01-012025-06-300001784700ck0001784700:SeniorUnsecuredTwoThousandTwentyEightNotesMember2025-04-012025-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Machinery, Company Pareto Buyer, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.23%, Acquisition Date 12/12/2025, Maturity 12/13/20322026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Insurance, Company Turbo Buyer, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.85%, Acquisition Date 11/26/2024, Maturity 6/2/2026 One2025-01-012025-12-310001784700us-gaap:InvestmentAffiliatedIssuerControlledMembersrt:MaximumMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company Zavation Medical Products, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.41%, Acquisition Date 7/22/2024, Maturity 6/30/20292026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Aerospace & Defense, Company Trident Maritime Systems, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR +1.00% (6.75% PIK), Interest Rate 11.42%, Acquisition Date 10/19/2023, Maturity 2/26/20272025-12-310001784700ck0001784700:SourceHoldingDelawareLLC1Member2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Ground Transportation, Company VTC Buyer Corp., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 8.92%, Acquisition Date 7/15/2025, Maturity 7/15/2031 One2026-06-300001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:AutomobileComponentsMemberck0001784700:ArrowheadHoldcoCompanyMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:InsuranceMemberck0001784700:THGAcquisitionLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company Pediatric Home Respiratory Services, LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 6/2/2022, Maturity 12/23/20302026-01-012026-06-300001784700us-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001784700ck0001784700:CommercialServicesSuppliesMember2026-06-300001784700us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-310001784700ck0001784700:MidcoHoldingLLCMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:AutomobileComponentsMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700ck0001784700:IronPillarUnitedMiningGroupLLCMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company RFI Buyer, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.42%, Acquisition Date 8/29/2025, Maturity 8/5/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Equity, Industry Chemicals, Company Techmer BB Aggregator, LP, Type of Investment Limited Partnership Units2025-12-310001784700us-gaap:ChemicalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:HotelsRestaurantsLeisureMemberck0001784700:TermLoanMemberck0001784700:TriwizardHoldingsIncMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:HotelsRestaurantsLeisureMemberck0001784700:TermLoanMemberck0001784700:TriwizardHoldingsIncMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company G-3 Mobility Buyer LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.18%, Acquisition Date 1/5/2026, Maturity 1/5/20322026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company United Musculoskeletal Partners Acquisition Holdings, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.43%, Acquisition Date 7/15/2022, Maturity 7/15/20282026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Construction & Engineering, Company 360 Partners, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.40%, Acquisition Date 8/7/2025, Maturity 8/7/20312026-06-300001784700ck0001784700:FSSquaredHoldingCorpMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ConsumerStaplesDistributionRetailMemberck0001784700:DelayedDrawTermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Krayden Holdings, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 3/1/2023, Maturity 3/1/20292025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Air Freight & Logistics, Company Horizon Freight Holdings, Inc., Type of Investment Revolver, Reference Rate and Spread PRIME + 4.00%, Interest Rate 10.75%, Acquisition Date 8/22/2024, Maturity 8/22/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company ORG USME Buyer, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.74%, Acquisition Date 6/21/2022, Maturity 5/24/20292025-01-012025-12-310001784700ck0001784700:FoodProductsMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:GulaBuyerIncMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700ck0001784700:InterestRateSwapDueOn12212026Member2025-12-310001784700ck0001784700:HealthCareProvidersServicesMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Textiles, Apparel & Luxury Goods, Company National Safety Apparel LLC National Safety Apparel LLC (fka BPCP NSA Intermedco, Inc.), Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 5/17/2024, Maturity 5/17/20302025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company US Health Partners Management, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.73%, Acquisition Date 1/12/2024, Maturity 1/11/20302026-06-300001784700us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberck0001784700:SeniorSecuredFirstLienTermLoansMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company Distinct Holdings, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 5.75%, Interest Rate 5.75%, Acquisition Date 7/18/2024, Maturity 7/18/20292026-01-012026-06-300001784700ck0001784700:SeniorDirectLendingProgramMember2025-12-310001784700us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:EquityMember2025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:AQSunshineIncMemberck0001784700:TermLoanMemberck0001784700:InsuranceMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Eye Health America, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.42%, Acquisition Date 7/26/2022, Maturity 7/26/20282025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company G-3 Mobility Buyer LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.18%, Acquisition Date 1/5/2026, Maturity 1/5/20322026-06-300001784700us-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:MarineTransportationMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company Race Winning Brands, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR +1.00% (5.50%PIK), Interest Rate 10.33%, Acquisition Date 6/2/2022, Maturity 5/16/20292026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Premier Imaging, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.93%, Acquisition Date 6/2/2022, Maturity 10/29/20272025-12-310001784700ck0001784700:ITServicesMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700ck0001784700:ContainersPackagingMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Aerospace & Defense, Company Charlie RF Voltron Acquisition, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.73%, Acquisition Date 3/12/2026, Maturity 3/12/20322026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company LAV Gear Holdings, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 2.50% (3.44% PIK), Interest Rate 9.58%, Acquisition Date 7/31/2025, Maturity 7/31/20292026-01-012026-06-300001784700ck0001784700:HtiIntermediateLlcMember2026-06-300001784700ck0001784700:SHFHoldingsIncMember2025-12-310001784700ck0001784700:SubordinatedCertificatesOfSDLPMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Champion Elevator Operating Corporation, Type of Investment Revolver, Acquisition Date 5/29/2026, Maturity 5/28/20322026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Construction & Engineering, Company 360 Partners, LLC, Type of Investment Revolver, Acquisition Date 8/7/2025, Maturity 8/7/20312025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company U.S. Urology Partners, LLC, Type of Investment Revolver, Acquisition Date 4/8/2025, Maturity 4/8/20322025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company Pillr Health Intermediate II, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.48%, Acquisition Date 12/31/2025, Maturity 12/31/20312026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company Arrowhead Holdco Company, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 2.50% (2.75% PIK), Interest Rate 6.34%, Acquisition Date 6/2/2022, Maturity 8/31/2028 One2025-12-310001784700us-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:TextilesApparelAndLuxuryGoodsMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company USN Opco, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 8.98%, Acquisition Date 4/29/2026, Maturity 5/31/20302026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company HLSG Intermediate, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.08%, Acquisition Date 3/14/2025, Maturity 3/31/20292025-12-310001784700ck0001784700:UnsecuredNotesMember2025-04-012025-06-300001784700us-gaap:CommonStockMember2025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:QuirchFoodsHoldingsLLCMemberck0001784700:TermLoanMemberck0001784700:ConsumerStaplesDistributionRetailMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company TheKey, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00% (1.00% PIK), Interest Rate 9.92%, Acquisition Date 6/2/2022, Maturity 9/30/2027 One2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Distributors, Company Hub Pen Company, LLC, Type of Investment Revolver, Acquisition Date 09/30/2024, Maturity 12/31/20272026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company ADPD Holdings LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 1.00% (5.00% PIK) |, Interest Rate 9.85%, Acquisition Date 8/16/2022, Maturity 8/16/20282026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company MechanAir, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.85%, Acquisition Date 12/18/2025, Maturity 12/18/20312026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Construction & Engineering, Company Iron Pillar United Mining Group, LLC, Type of Investment Revolver, Interest Rate 8.66%, Acquisition Date 7/2/2025, Maturity 3/1/20302026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company Basin Innovation Group, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 12/6/2024, Maturity 12/6/20302026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Machinery, Company Pareto Buyer, LLC, Type of Investment Revolver, Acquisition Date 12/12/2025, Maturity 12/13/20322026-06-300001784700ck0001784700:SMBCFacilityMembersrt:MinimumMember2024-08-282024-08-280001784700ck0001784700:MechanAirLLC1Member2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company 42 North Dental, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.48%, Acquisition Date 2/9/2026, Maturity 2/10/20312026-06-300001784700us-gaap:CommonStockMember2025-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Personal Care Products, Company KL Bronco Acquisition, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.19%, Acquisition Date 6/30/2022, Maturity 6/30/20282025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company Techmer BB Bidco, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.20%, Acquisition Date 9/1/2022, Maturity 9/1/20302026-06-300001784700us-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:SeniorSecuredFirstLienLoansMemberck0001784700:TextilesApparelAndLuxuryGoodsMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company DRML Holdings LLC, Type of Investment Revolver, Acquisition Date 3/14/2025, Maturity 3/14/20312026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company M&D Midco, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 6.00%, Interest Rate 10.11%, Acquisition Date 8/31/2022, Maturity 8/31/20282025-01-012025-12-310001784700ck0001784700:SeniorDirectLendingProgramMember2026-06-300001784700us-gaap:FinancialServicesSectorMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:TigerHoldcoLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700ck0001784700:InvestmentYieldInSubordinatedCertificatesMember2026-04-012026-06-3000017847002026-08-110001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company ACP Oak Buyer, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.43%, Acquisition Date 6/12/2025, Maturity 5/16/20312026-06-300001784700ck0001784700:LeitersIncMember2026-06-300001784700ck0001784700:USUrologyPartnersLLCMemberck0001784700:HealthCareProvidersServicesMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Allergy & Clinical MidCo, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.37%, Acquisition Date 1/29/2025, Maturity 1/29/20312026-01-012026-06-300001784700ck0001784700:CharlieRFVoltronAcquisitionIncMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Equity, Industry Construction & Engineering, Company HT Investors, LLC, Type of Investment A1 Units2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Financial Services, Company RWA Wealth Partners, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.68%, Acquisition Date 11/15/2024, Maturity 11/15/20302025-12-310001784700us-gaap:FairValueInputsLevel3Memberck0001784700:RecentTransactionMemberck0001784700:TransactionPriceMemberck0001784700:SeniorSecuredFirstLienTermLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Online Labels Group, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.48%, Acquisition Date 12/19/2023, Maturity 12/19/20292026-01-012026-06-300001784700ck0001784700:HotelsRestaurantsLeisureMemberus-gaap:EquityMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Advanced Web Technologies Holding Company, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.25%(2.25% PIK) Interest Rate 10.34%, Acquisition Date 7/2/2024, Maturity 12/17/20272025-01-012025-12-310001784700ck0001784700:TRXBuyerLLCMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Software, Company TCP Hawker Intermediate LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.67%, Acquisition Date 11/6/2024, Maturity 8/30/20292025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company Express Wash Acquisition Company, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.25%, Interest Rate 9.92%, Acquisition Date 4/10/2025, Maturity 4/10/20312026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Advanced Web Technologies Holding Company, Type of Investment Revolver, Acquisition Date 7/2/2024, Maturity 12/17/20272025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Eventus Buyer, LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 11/1/2024, Maturity 11/1/20302026-01-012026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:HouseholdDurablesMemberck0001784700:LHSBORROWERLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company Zavation Medical Products, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 0.50%, Interest Rate 0.50%, Acquisition Date 7/22/2024, Maturity 6/30/20292026-01-012026-06-300001784700ck0001784700:HouseholdProductsMemberck0001784700:WalnutParentIncMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700ck0001784700:SeniorUnsecuredTwoThousandTwentyEightNotesMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Personal Care Products, Company KL Bronco Acquisition, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.77%, Acquisition Date 6/30/2022, Maturity 6/30/20302026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company U.S. Urology Partners, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.23%, Acquisition Date 4/8/2025, Maturity 4/8/20322026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company VRC Companies, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.09%, Acquisition Date 6/2/2022, Maturity 6/29/20272025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Construction & Engineering, Company HTI Intermediate, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.74%, Acquisition Date 3/1/2024, Maturity 3/1/20302025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company VRC Companies, LLC Type of Investment Term Loan Reference Rate and Spread SOFR + 5.50% Interest Rate 9.16% Acquisition Date 2/6/2022 Maturity 6/29/20272026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Krayden Holdings, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 8/30/2024, Maturity 3/1/20292025-12-310001784700us-gaap:DelayedDrawTermLoanMemberck0001784700:AstraServicePartnersLLCMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:CommercialServicesSuppliesMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company TheKey, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00% (1.00% PIK), Interest Rate 9.92%, Acquisition Date 6/2/2022, Maturity 9/30/2027 Two2025-01-012025-12-310001784700ck0001784700:SentinelTechnologiesIncMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company United Musculoskeletal Partners Acquisition Holdings, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.43%, Acquisition Date 7/15/2022, Maturity 7/15/20282026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company G-3 Mobility Buyer LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.14%, Acquisition Date 1/5/2026, Maturity 1/5/20322026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Software, Company QM Buyer, Inc., Type of Investment Revolver, Acquisition Date 12/6/2024, Maturity 12/6/20302026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Krayden Holdings, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.48%, Acquisition Date 3/1/2023, Maturity 3/1/20292025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Titan Group Holdco, LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 8/22/2024, Maturity 8/13/2029 One2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company VRC Companies, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.09%, Acquisition Date 6/2/2022, Maturity 6/29/2027 One2025-01-012025-12-310001784700ck0001784700:HealthCareProvidersServicesMemberus-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:PremiseHealthHoldingCorpMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company Express Wash Acquisition Company, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.25%, Interest Rate 10.18%, Acquisition Date 4/10/2025, Maturity 4/10/2031 One2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company MES Intermediate, Inc. (fka Municipal Emergency Services, Inc.), Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 9/24/2025, Maturity 10/1/20272025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company OIS Management Services, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 6/2/2022, Maturity 11/16/20282025-12-310001784700ck0001784700:HouseholdProductsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Consumer Staples Distribution & Retail, Company FS Squared Holding Corp., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.47%, Acquisition Date 12/23/2024, Maturity 12/23/20302025-01-012025-12-310001784700us-gaap:DelayedDrawTermLoanMemberck0001784700:FSSquaredHoldingCorpMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ConsumerStaplesDistributionRetailMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700us-gaap:FairValueInputsLevel3Memberck0001784700:RecentTransactionMembersrt:MinimumMemberck0001784700:TransactionPriceMemberus-gaap:EquityMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Ground Transportation, Company VTC Buyer Corp., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.15%, Acquisition Date 7/15/2025, Maturity 7/15/20312025-01-012025-12-310001784700ck0001784700:CastleworksHomeServicesCompanyMember2025-12-310001784700ck0001784700:HealthfuseLLCMember2025-12-310001784700us-gaap:FairValueInputsLevel3Memberck0001784700:RecentTransactionMemberck0001784700:TransactionPriceMemberck0001784700:SeniorSecuredFirstLienTermLoansMember2025-12-310001784700ck0001784700:OnlineLabelsGroupLlc2Member2026-06-300001784700ck0001784700:HealthCareProvidersAndServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700ck0001784700:MachineryMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700ck0001784700:GMFParentIncMemberus-gaap:DelayedDrawTermLoanMemberck0001784700:FoodProductsMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700ck0001784700:ClassBNotesMembersrt:StandardPoorsAARatingMemberck0001784700:VCCCLOLLCMember2024-11-260001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company North Haven USHC Acquisition, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.08%, Acquisition Date 6/2/2022, Maturity 10/29/20272026-01-012026-06-300001784700ck0001784700:TrancheAMemberck0001784700:SeniorUnsecuredTwoThousandTwentyEightNotesMember2025-01-010001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Allergy & Clinical MidCo, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.76%, Acquisition Date 1/29/2025, Maturity 1/29/20312025-01-012025-12-310001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ElectronicEquipmentInstrumentsAndComponentsMemberck0001784700:EISLegacyHoldcoLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700us-gaap:DelayedDrawTermLoanMemberck0001784700:ThreeSixFiveRMHoldcoLLCMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:CommercialServicesSuppliesMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Pharmaceuticals, Company NS and Associates LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.07%, Acquisition Date 9/9/2025, Maturity 8/6/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company SGA Dental Partners Opco, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.34%, Acquisition Date 7/17/2024, Maturity 7/17/2029 One2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Phia Purchaser, LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 12/1/2025, Maturity 12/1/20322025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company Distinct Holdings, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.46%, Acquisition Date 7/18/2024, Maturity 7/18/20292025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company MDI Buyer, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.57%, Acquisition Date 8/5/2022, Maturity 7/25/20282025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, CISQ Hawkeye HoldCo, Inc. Type of Investment Delayed Draw Term Loan, Acquisition Date 6/29/2026, Maturity 8/20/20312026-06-300001784700ck0001784700:MDMidcoInc1Member2026-06-300001784700ck0001784700:G3MobilityBuyerLLCOneMember2025-12-310001784700us-gaap:BaseRateMemberck0001784700:SMBCFacilityMembersrt:MaximumMember2024-08-090001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company Zavation Medical Products, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.55%, Acquisition Date 7/22/2024, Maturity 6/30/20282025-01-012025-12-310001784700ck0001784700:SeniorUnsecuredTwoThousandTwentySixNotesMember2026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:InsuranceMemberck0001784700:SageSureHoldingsLLCMemberck0001784700:TermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company Express Wash Acquisition Company, LLC, Type of Investment Revolver, Acquisition Date 4/10/2025, Maturity 4/10/20312025-01-012025-12-310001784700ck0001784700:HorizonFreightHoldingsIncMember2026-06-300001784700ck0001784700:ParetoBuyerLLC1Member2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Electronic Equipment, Instruments & Components, Company Alert SRC Newco LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.77%, Acquisition Date 12/11/2024, Maturity 12/11/20302025-01-012025-12-310001784700ck0001784700:AdvancedWebTechnologiesHoldingCompanyMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company BioCare Medical, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 7.00%, Interest Rate 10.82%, Acquisition Date 11/18/2022, Maturity 12/9/20272025-12-310001784700ck0001784700:DelayedDrawTermLoanThreeMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:HighStreetBuyerIncMemberck0001784700:InsuranceMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company Healthfuse, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 1/10/2025, Maturity 1/10/20312026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company HLSG Intermediate, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.08%, Acquisition Date 3/14/2025, Maturity 3/31/20292025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Insurance, Company Turbo Buyer, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.85%, Acquisition Date 11/26/2024, Maturity 6/2/20262025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Krayden Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 3/1/2023, Maturity 3/1/20292025-12-310001784700ck0001784700:InvestmentYieldInSubordinatedCertificatesMember2025-01-012025-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company Race Winning Brands, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR +1.00% (5.50%PIK), Interest Rate 10.33%, Acquisition Date 6/2/2022, Maturity 5/16/20292026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company Xifin, Inc., Type of Investment Revolver, Acquisition Date 7/31/2025, Maturity 7/31/20312025-12-310001784700ck0001784700:ExpressWashAcquisitionCompanyLLCMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Construction & Engineering, Company 360 Partners, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.37%, Acquisition Date 8/7/2025, Maturity 8/7/20312025-01-012025-12-310001784700ck0001784700:KraydenHoldingsInc1Member2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company Arrowhead Holdco Company, Type of Investment Term Loan, Reference Rate and Spread SOFR + 2.50% (2.75% PIK), Interest Rate 6.34%, Acquisition Date 6/2/2022, Maturity 8/31/2028 One2025-01-012025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:DelayedDrawTermLoanThreeMemberck0001784700:HighStreetBuyerIncMemberck0001784700:InsuranceMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company RBS Buyer, Inc. Type of Investment Term Loan Reference Rate and Spread SOFR + 4.75% Interest Rate 8.41% Acquisition Date 7/31/2025 Maturity 7/31/20312026-01-012026-06-300001784700ck0001784700:SpecialSixMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company RFI Buyer, Inc. Type of Investment Term Loan Reference Rate and Spread SOFR + 4.50% Interest Rate 8.27% Acquisition Date 12/2/2024 Maturity 8/5/20302026-06-300001784700ck0001784700:EasyIceLlc1Member2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company OIS Management Services, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.65%, Acquisition Date 8/21/2024, Maturity 11/16/20282025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Electronic Equipment, Instruments & Components, Company Alert SRC Newco LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.72%, Acquisition Date 12/11/2024, Maturity 12/11/20302025-12-310001784700ck0001784700:XifinIncMember2026-06-300001784700ck0001784700:EnergyEquipmentAndServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700ck0001784700:DiversifiedConsumerServicesMemberus-gaap:EquityMember2026-06-300001784700ck0001784700:ChairPersonOfAuditCommitteeMember2022-03-082022-03-080001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Pharmaceuticals, Company Advantage HCS LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 8.89%, Acquisition Date 11/08/2023, Maturity 11/08/20292026-01-012026-06-300001784700ck0001784700:InvestmentAdvisoryAgreementMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Advanced Web Technologies Holding Company, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.25% (2.25% PIK), Interest Rate 10.34%, Acquisition Date 10/18/2022, Maturity 12/17/20272025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company Arrowhead Holdco Company, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.88%, Acquisition Date 6/2/2022, Maturity 8/31/20282026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ITServicesMemberck0001784700:TermLoanMemberck0001784700:UFSLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Online Labels Group, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 12/19/2023, Maturity 12/19/20292025-12-310001784700ck0001784700:HotelsRestaurantsLeisureMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company Techmer BB Bidco, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 0.25% (5.50% PIK), Interest Rate 9.70%, Acquisition Date 9/1/2022, Maturity 9/1/20302026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company Arrowhead Holdco Company, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 2.50% (2.75% PIK), Interest Rate 6.34%, Acquisition Date 6/2/2022, Maturity 8/31/2028 Two2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company RFI Buyer, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.34%, Acquisition Date 8/5/2022, Maturity 8/5/20302025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Financial Services, Company RWA Wealth Partners, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.39%, Acquisition Date 11/15/2024, Maturity 11/15/20302026-01-012026-06-300001784700ck0001784700:ConstructionEngineeringMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Consumer Staples Distribution & Retail, Company FS Squared Holding Corp., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.47%, Acquisition Date 12/23/2024, Maturity 12/23/20302025-12-310001784700ck0001784700:ITServicesMember2025-12-310001784700ck0001784700:FoodProductsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700ck0001784700:MachineryMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Gen4 Dental Partners OPCO, LLC, Type of Investment Revolver, Acquisition Date 5/13/2024, Maturity 5/13/20302025-01-012025-12-310001784700ck0001784700:RadwellParentLLCMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:DistributorsMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company JTM Foods LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 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8/6/20302026-01-012026-06-300001784700us-gaap:DelayedDrawTermLoanMemberck0001784700:ConstructionAndEngineeringMemberck0001784700:FSSquaredHoldingCorpMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company VP Security Buyer, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.63%, Acquisition Date 10/10/2025, Maturity 10/10/20312025-12-310001784700us-gaap:FairValueInputsLevel3Member2024-12-310001784700us-gaap:CommonStockMemberck0001784700:BoltPurchaserLLCMemberus-gaap:AutomobilesMemberus-gaap:EquityMember2026-06-300001784700us-gaap:FairValueInputsLevel3Memberck0001784700:SubordinatedCertificatesOfSDLPMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Krayden Holdings, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.53%, Acquisition Date 3/1/2023, Maturity 3/1/20292025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Titan Group Holdco, LLC Type of Investment Revolver, Acquisition Date 8/22/2024 Maturity 8/13/20292026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Aerospace & Defense, Company AIM Acquisition, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.58%, Acquisition Date 6/2/2022, Maturity 12/2/20272025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company United Musculoskeletal Partners Acquisition Holdings, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.61%, Acquisition Date 7/15/2022, Maturity 7/15/20282025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Ground Transportation, Company VTC Buyer Corp., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 8.98% Acquisition Date 7/15/2025, Maturity 7/15/20312025-01-012025-12-310001784700ck0001784700:ConstructionAndEngineeringMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2026-06-300001784700ck0001784700:TitanGroupHoldcoLlcMember2025-12-310001784700ck0001784700:UsHealthPartnersManagementLlc1Member2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Easy Ice, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.06%, Acquisition Date 10/30/2024, Maturity 10/30/20302026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company Andretti Buyer, LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 1/30/2026, Maturity 1/28/20332026-06-300001784700Non-Controlled/Non-Affiliated Investments, Equity, Industry Personal Care Products, Company KLC Fund 1-C1 LP, Type of Investment Limited Partnership Units2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company MechanAir, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.63%, Acquisition Date 12/18/2025, Maturity 12/18/20312025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Ground Transportation, Company A&R Logistics Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 2.50% (4.25% PIK), Interest Rate 10.89%, Acquisition Date 6/2/2022, Maturity 2/3/2028 One2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company SGA Dental Partners Opco, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.36%, Acquisition Date 7/17/2024, Maturity 7/17/2029 Two2025-01-012025-12-310001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:InsuranceMemberck0001784700:THGAcquisitionLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:EquityMemberck0001784700:MarketMultipleMembersrt:MaximumMember2025-12-310001784700ck0001784700:SubordinatedCertificatesOfSDLPMemberus-gaap:FairValueMeasurementsRecurringMember2026-06-300001784700ck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700us-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:SoftwareMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700us-gaap:EquityMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Financial Services, Company TRX Buyer LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 3/24/2026, Maturity 3/24/20322026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Bebright MSO, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.42%, Acquisition Date 6/3/2024, Maturity 6/3/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company CPL Consultants, LLC, Type of Investment Revolver, Acquisition Date 2/17/2026, Maturity 2/17/20322026-01-012026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:AutomobileComponentsMemberck0001784700:ArrowheadHoldcoCompanyMemberck0001784700:DelayedDrawTermLoanTwoMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company JTM Foods LLC, Type of Investment Revolver, Reference Rate and Spread PRIME + 4.25%, Interest Rate 11.00%, Acquisition Date 9/28/2022, Maturity 5/14/20292026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Energy Equipment & Services, Company Energy Labs Holdings Corp, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.82%, Acquisition Date 6/2/2022, Maturity 4/7/20282025-01-012025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:HotelsRestaurantsLeisureMemberck0001784700:BirdieBidcoIncMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company MES Intermediate, Inc. (fka Municipal Emergency Services, Inc.), Type of Investment Revolver, Acquisition Date 11/21/2025, Maturity 10/1/20272025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company M&D Midco, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 6.00%, Interest Rate 10.11%, Acquisition Date 8/31/2022, Maturity 8/31/20282025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company Amplify Buyer, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 9/17/2025, Maturity 9/17/20322025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Eventus Buyer, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.17%, Acquisition Date 11/1/2024, Maturity 11/1/20302026-01-012026-06-300001784700ck0001784700:SeniorDirectLendingProgramMember2025-01-012025-06-300001784700ck0001784700:InvestmentAdvisoryAgreementMember2026-04-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company MechanAir, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.63%, Acquisition Date 12/18/2025, Maturity 12/18/20312025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company Zep Holdco Inc, Type of Investment Revolver, Acquisition Date 6/30/2025, Maturity 6/30/20312025-01-012025-12-310001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:MeritSoftwareFinanceHoldingsLLCMemberck0001784700:SoftwareMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMember2026-04-012026-06-300001784700us-gaap:CommonStockMember2026-01-012026-06-300001784700ck0001784700:PillrHealthIntermediateIILLC1Member2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company USN Opco, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.74%, Acquisition Date 3/26/2024, Maturity 12/21/20262025-12-310001784700us-gaap:FinancialServicesSectorMemberus-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TheUltimusGroupMidcoLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TradingCompaniesAndDistributorsMemberck0001784700:TermLoanMemberck0001784700:PennDetroitDieselAllisonLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700ck0001784700:TitanGroupHoldcoLlc2Member2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Life Sciences Tools & Services, Company KL Charlie Acquisition Company, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 8.99%, Acquisition Date 6/2/2022, Maturity 12/30/20292026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company SGA Dental Partners Opco, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.32%, Acquisition Date 7/17/2024, Maturity 7/17/20292025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company Techmer BB Bidco, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 0.25% (5.50% PIK), Interest Rate 9.70%, Acquisition Date 9/1/2022, Maturity 9/1/20302026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Ground Transportation, Company VTC Buyer Corp., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.01% Acquisition Date 7/15/2025, Maturity 7/15/20312025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company Healthfuse, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.68%, Acquisition Date 1/10/2025, Maturity 1/10/2031 One2025-12-310001784700us-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:LifeSciencesToolsAndServicesMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Electronic Equipment, Instruments & Components, Company Alert SRC Newco LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.85%, Acquisition Date 12/11/2024, Maturity 12/11/20302025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Machinery, Company Le Sueur, Incorporated, Type of Investment Revolver, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.68%, Acquisition Date 5/20/2026, Maturity 5/20/20312026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Personal Care Products, Company KL Bronco Acquisition, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.05%, Acquisition Date 6/30/2022, Maturity 6/30/20282025-12-310001784700ck0001784700:LifeSciencesToolsServicesMember2025-12-310001784700us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2026-06-300001784700srt:DirectorMember2026-04-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Advanced Web Technologies Holding Company, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.25% (2.25% PIK), Interest Rate 10.24%, Acquisition Date 11/26/2024, Maturity 12/17/20272026-01-012026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TradingCompaniesAndDistributorsMemberck0001784700:TermLoanMemberck0001784700:PennDetroitDieselAllisonLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company Pediatric Home Respiratory Services, LLC, Type of Investment Revolver, Acquisition Date 12/23/2024, Maturity 12/23/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Financial Services, Company RWA Wealth Partners, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.63%, Acquisition Date 11/15/2024, Maturity 11/15/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company JTM Foods LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.28%, Acquisition Date 9/28/2022, Maturity 5/14/20292025-12-310001784700ck0001784700:AstraServicePartnersLLCMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:CommercialServicesSuppliesMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700us-gaap:DelayedDrawTermLoanMemberck0001784700:ConstructionAndEngineeringMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:BellsParentIncMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company SGA Dental Partners Opco, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.32%, Acquisition Date 7/17/2024, Maturity 7/17/20292025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Machinery, Company Pareto Buyer, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.23%, Acquisition Date 12/12/2025, Maturity 12/13/20322025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Eventus Buyer, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.17%, Acquisition Date 11/1/2024, Maturity 11/1/20302025-01-012025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:VictorsPurchaserLLCMemberck0001784700:ITServicesMemberck0001784700:TermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700us-gaap:FairValueInputsLevel3Memberck0001784700:RecentTransactionMembersrt:WeightedAverageMemberck0001784700:TransactionPriceMemberus-gaap:EquityMember2026-06-300001784700ck0001784700:MDMidcoInc1Member2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Aerospace & Defense, Company Charlie RF Voltron Acquisition, Inc., Type of Investment Revolver, Acquisition Date 3/12/2026, Maturity 3/12/20322026-01-012026-06-300001784700us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMemberus-gaap:FairValueMeasurementsRecurringMember2026-06-300001784700us-gaap:FairValueInputsLevel3Member2026-04-012026-06-3000017847002026-04-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Energy Equipment & Services, Company Velocity Buyer, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.87%, Acquisition Date 1/24/2025, Maturity 1/24/20312025-12-310001784700ck0001784700:RBSBuyerInc1Member2025-12-310001784700Controlled Investments, Industry Investment Funds and Vehicles, Company Senior Direct Lending Program, LLC, Type of Investment Limited Partnership Units, Reference Rate and Spread SOFR + 8.00%, Interest Rate 11.75%, Maturity 12/31/362025-12-310001784700srt:MaximumMember2024-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Financial Services, Company TRX Buyer LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.65%, Acquisition Date 3/24/2026, Maturity 3/24/20322026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company ADPD Holdings LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 1.00% (5.00% PIK) |, Interest Rate 9.93%, Acquisition Date 8/16/2022, Maturity 8/16/20282026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company LAV Gear Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 2.50% (3.44% PIK), Interest Rate 9.58%, Acquisition Date 7/31/2025, Maturity 7/31/20292026-01-012026-06-300001784700ck0001784700:ConsumerStaplesDistributionRetailMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700us-gaap:FairValueInputsLevel3Memberck0001784700:RecentTransactionMembersrt:WeightedAverageMemberck0001784700:SeniorSecuredFirstLienTermLoansMemberck0001784700:TransactionPriceMember2025-12-310001784700ck0001784700:VCCCLOLLCMember2024-11-262024-11-260001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company ADPD Holdings LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 6.00%, Interest Rate 10.03%, Acquisition Date 8/16/2022, Maturity 8/16/20282025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company USSC Holding Corp., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.23%, Acquisition Date 7/23/2024, Maturity 6/21/20302026-06-300001784700Non-Controlled/Non-Affiliated Investments, Equity, Industry Construction & Engineering, Company 360 Partners, LLC, Type of Investment Class A Units2026-06-300001784700ck0001784700:HealthCareEquipmentSuppliesMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company EPTAM Plastics, Ltd., Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.85%, Acquisition Date 9/16/2022, Maturity 12/6/20272025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company Sentinel Technologies, Inc. Type of Investment Revolver, Acquisition Date 11/3/2025, Maturity 11/3/20312026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Distributors, Company Hub Pen Company, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 8.97%, Acquisition Date 11/26/2024, Maturity 12/31/20272026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company M&D Midco, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.82%, Acquisition Date 8/31/2022, Maturity 8/31/20282026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Krayden Holdings, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 3/1/2023, Maturity 3/1/20292025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Krayden Holdings, Inc., Type of Investment Term Loan Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.48%, Acquisition Date 3/1/2023, Maturity 3/1/20292026-06-300001784700us-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:ITServicesMemberus-gaap:EquitySecuritiesMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company Basin Innovation Group, LLC, Type of Investment Revolver, Acquisition Date 12/6/2024, Maturity 12/6/20302025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Electronic Equipment, Instruments & Components, Company Alert SRC Newco LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.63%, Acquisition Date 12/11/2024, Maturity 12/11/20302026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:HotelsRestaurantsLeisureMemberck0001784700:TermLoanMemberck0001784700:InvitedIncMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Household Products, Company Walnut Parent, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.57%, Acquisition Date 6/2/2022, Maturity 11/9/20272025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Construction & Engineering, Company HTI Intermediate, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.65%, Acquisition Date 3/1/2024, Maturity 3/1/20302026-01-012026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:HighStreetBuyerIncMemberck0001784700:InsuranceMemberck0001784700:DelayedDrawTermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700ck0001784700:SpecializedDentalHoldingsIILLCMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company MechanAir, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.73%, Acquisition Date 12/18/2025, Maturity 12/18/20312026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company Distinct Holdings, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.63%, Acquisition Date 7/18/2024, Maturity 7/18/20292025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:CommercialServicesSuppliesMemberck0001784700:ISQHawkeyeHoldCoIncMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700ck0001784700:OnlineLabelsGroupLlc2Member2025-12-310001784700ck0001784700:USNOpcoLLCMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Bebright MSO, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.42%, Acquisition Date 6/3/2024, Maturity 6/3/20302025-01-012025-12-310001784700ck0001784700:HisshoParentLlcMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company AAMP Global Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.52%, Acquisition Date 6/2/2022, Maturity 11/5/2026 One2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company NBPT Acquisition LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.69%, Acquisition Date 3/3/2025, Maturity 3/3/20302026-01-012026-06-300001784700us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-04-012025-06-3000017847002025-12-310001784700ck0001784700:AdministrationAgreementMember2025-04-012025-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Allergy & Clinical MidCo, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.37%, Acquisition Date 1/29/2025, Maturity 1/29/2031 One2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Pharmaceuticals, Company NS and Associates LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.65%, Acquisition Date 9/9/2025, Maturity 8/6/20302026-01-012026-06-300001784700ck0001784700:MESIntermediateIncMember2026-06-300001784700ck0001784700:HouseholdProductsMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company MES Intermediate, Inc. (fka Municipal Emergency Services, Inc.), Type of Investment Revolver, Acquisition Date 11/21/2025, Maturity 10/1/20272025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Eye Health America, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.42%, Acquisition Date 7/26/2022, Maturity 7/26/20282025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Easy Ice, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.65%, Acquisition Date 3/24/2026, Maturity 3/24/2032, One2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Advanced Web Technologies Holding Company, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.25% (2.25% PIK), Interest Rate 10.34%, Acquisition Date 7/2/2024, Maturity 12/17/2027 One2025-01-012025-12-310001784700ck0001784700:HouseholdProductsMemberck0001784700:WalnutParentIncMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Distributors, Company Painters Supply and Equipment Co. (fka Graffiti Buyer, Inc.), Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.42%, Acquisition Date 11/26/2024, Maturity 8/10/20272025-12-310001784700ck0001784700:EventusBuyerLLC1Member2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Life Sciences Tools & Services, Company KL Charlie Acquisition Company, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 8.99%, Acquisition Date 6/2/2022, Maturity 12/30/20292026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company BRG Acquisition Co., LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.49%, Acquisition Date 7/26/2022, Maturity 7/26/20282025-01-012025-12-310001784700ck0001784700:HealthCareTechnologyMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700ck0001784700:DiversifiedConsumerServicesMemberck0001784700:LimitedPartnershipMemberus-gaap:EquityMemberck0001784700:LHSBORROWERLLCMember2026-06-300001784700us-gaap:CommonStockMemberck0001784700:HotelsRestaurantsLeisureMemberck0001784700:InvitedIncMemberus-gaap:EquityMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company VG Target Holdings, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50% (3.00% PIK), Interest Rate 12.33%, Acquisition Date 6/2/2022, Maturity 8/2/20272025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Financial Services, Company RWA Wealth Partners, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.49%, Acquisition Date 11/15/2024, Maturity 11/15/20302025-12-310001784700ck0001784700:SeniorUnsecuredTwoThousandTwentySixNotesMemberck0001784700:TrancheAMember2025-01-010001784700ck0001784700:HorizonFreightHoldingsInc1Member2026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:ITServicesMemberck0001784700:UFSLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:CoritySoftwareIncMemberck0001784700:TermLoanMemberck0001784700:SoftwareMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company SGA Dental Partners Opco, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.36%, Acquisition Date 7/17/2024, Maturity 7/17/2029 One2025-01-012025-12-310001784700ck0001784700:AlertSRCNewcoLLC1Member2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company TriMech Acquisition Corp. Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.48%, Acquisition Date 6/2/2022, Maturity 3/10/20282026-01-012026-06-300001784700ck0001784700:HouseholdProductsMemberck0001784700:WalnutParentIncMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700ck0001784700:FoodProductsMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:MannaProProductsLLCMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700ck0001784700:FoodProductsMemberus-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:SugarPPCBuyerLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700ck0001784700:AutomobileComponentsMemberus-gaap:EquityMember2026-06-300001784700ck0001784700:ZavationMedicalProductsLlcMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company TriMech Acquisition Corp., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 6/2/2022, Maturity 3/10/20282025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:BoltPurchaserLLCMemberus-gaap:AutomobilesMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Distributors, Company Hub Pen Company, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.22%, Acquisition Date 11/26/2024, Maturity 12/31/20272025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company JTM Foods LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.25%, Acquisition Date 9/28/2022, Maturity 5/14/20292025-12-310001784700us-gaap:FairValueInputsLevel3Memberck0001784700:SubordinatedCertificatesOfSDLPMember2026-03-310001784700ck0001784700:HisshoParentLlcMember2026-06-300001784700ck0001784700:FoodProductsMemberus-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:QuirchFoodsHoldingsLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company Distinct Holdings, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.61%, Acquisition Date 7/18/2024, Maturity 7/18/20292025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company OIS Management Services, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.59%, Acquisition Date 8/21/2024, Maturity 11/16/20282025-01-012025-12-310001784700ck0001784700:RWAWealthPartnersLLCMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Apex Dental Partners, LLC, Type of Investment Revolver, Reference Rate and Spread PRIME + 4.00%, Interest Rate 10.75%, Acquisition Date 10/29/2024, Maturity 10/29/20302025-12-310001784700ck0001784700:AdministrationAgreementMember2026-06-300001784700ck0001784700:VGTargetHoldingsLLCMember2026-06-300001784700ck0001784700:QuarterlyTwoMember2026-01-012026-06-300001784700srt:MaximumMember2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Equity, Industry Ground Transportation, Company VTC Buyer Corp, Type of Investment Class A-1 Units2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Financial Services, Company RWA Wealth Partners, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 11/15/2024, Maturity 11/15/20302025-12-310001784700ck0001784700:ControlledAffiliatedInvestmentsMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company CPL Consultants, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.25%, Interest Rate 7.91%, Acquisition Date 2/17/2026, Maturity 2/17/20322026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company Hissho Parent, LLC, Type of Investment Revolver, Acquisition Date 8/8/2024, Maturity 5/18/20292026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company SGA Dental Partners Opco, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.35%, Acquisition Date 7/17/2024, Maturity 7/17/20292025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company Express Wash Acquisition Company, LLC, Type of Investment Revolver, Acquisition Date 4/10/2025, Maturity 4/10/20312025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company M&D Midco, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.82%, Acquisition Date 8/31/2022, Maturity 8/31/20282026-01-012026-06-300001784700ck0001784700:LavGearIntermediateHoldingsINCMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Gen4 Dental Partners OPCO, LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 5/13/2024, Maturity 5/13/20302025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company Arrowhead Holdco Company, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.88%, Acquisition Date 6/2/2022, Maturity 8/31/20282026-01-012026-06-300001784700us-gaap:FairValueInputsLevel3Memberck0001784700:SubordinatedCertificatesOfSDLPMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:IncomeApproachValuationTechniqueMember2026-06-300001784700ck0001784700:EasyIceLlcMember2026-06-300001784700ck0001784700:OISManagementServicesLLCMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Distributors, Company POY Holdings, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.32%, Acquisition Date 11/26/2024, Maturity 11/16/20272025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Equity, Industry Containers & Packaging, Company Comar Holding Company, LLC, Type of Investment Class A Units2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company EPTAM Plastics, Ltd., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.32%, Acquisition Date 6/2/2022, Maturity 12/6/2027 One2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company 3G Intermediate, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.35%, Acquisition Date 9/30/2024, Maturity 9/30/20302025-12-310001784700us-gaap:EquityMember2026-06-300001784700ck0001784700:AdvancedWebTechnologiesHoldingCompanyMember2026-06-300001784700us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001784700:SubordinatedCertificatesOfSDLPMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Bebright MSO, LLC, Type of Investment Revolver, Acquisition Date 6/3/2024, Maturity 6/3/20302025-12-310001784700ck0001784700:ConstructionEngineeringMember2026-06-3000017847002025-04-012025-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:VictorsPurchaserLLCMemberck0001784700:ITServicesMemberck0001784700:TermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company USSC Holding Corp., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 8.92%, Acquisition Date 7/23/2024, Maturity 6/21/20302025-12-310001784700ck0001784700:QMBuyerIncMember2025-12-310001784700ck0001784700:ThreeHundredSixtyPartnersLLCMember2025-12-310001784700ck0001784700:AutomobileComponentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ElectronicEquipmentInstrumentsAndComponentsMemberck0001784700:TermLoanMemberck0001784700:EISLegacyHoldcoLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700ck0001784700:TrancheBMemberck0001784700:SeniorUnsecuredTwoThousandTwentyEightNotesMember2023-12-210001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Marine Transportation, Company Horizon Freight Holdings, Inc. Type of Investment Revolver, Reference Rate and Spread PRIME + 4.00%, Interest Rate 10.75%, Acquisition Date 8/22/2024, Maturity 8/22/20302026-01-012026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:AccommodationsPlusTechnologiesLLCMemberck0001784700:TermLoanMemberck0001784700:CommercialServicesSuppliesMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Equity, Industry Hotels, Restaurants & Leisure, Company Tailwind Hospitality, Type of Investment Limited Partnership Units2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company VG Target Holdings, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50% (3.00% PIK), Interest Rate 12.33%, Acquisition Date 6/2/2022, Maturity 8/2/20272025-01-012025-12-310001784700ck0001784700:ConsumerStaplesDistributionRetailMember2026-06-300001784700ck0001784700:ConstructionAndEngineeringMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ValcourtHoldingsIILLCMemberck0001784700:DelayedDrawTermLoanTwoMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Containers & Packaging, Company Oliver Packaging, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 1.75% (4.25% PIK), Interest Rate 9.88%, Acquisition Date 7/6/2022, Maturity 7/6/20282026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Pharmaceuticals, Company Leiters, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.99%, Acquisition Date 9/29/2023, Maturity 6/29/20282025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company RFI Buyer, Inc. Type of Investment Delayed Draw Term Loan Reference Rate and Spread SOFR + 4.50% Interest Rate 8.16% Acquisition Date 8/5/2022 Maturity 8/5/20302026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Krayden Holdings, Inc., Type of Investment Delayed DrawTerm Loan Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.48%, Acquisition Date 8/30/2024, Maturity 3/1/20292026-01-012026-06-300001784700ck0001784700:HealthCareTechnologyMemberck0001784700:SurescriptsLLCMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Phia Purchaser, LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 12/1/2025, Maturity 12/1/20322026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company Arrowhead Holdco Company, Type of Investment Term Loan, Reference Rate and Spread SOFR + 2.50% (2.75% PIK), Interest Rate 6.34%, Acquisition Date 6/2/2022, Maturity 8/31/20282025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Distributors, Company Hub Pen Company, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.22%, Acquisition Date 11/26/2024, Maturity 12/31/20272025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:HarveyToolCompanyLLCMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMemberck0001784700:MachineryMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Apex Dental Partners, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.66%, Acquisition Date 10/29/2024, Maturity 10/29/20302026-06-300001784700us-gaap:FinancialServicesSectorMemberus-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:SpiritRRHoldingsIncMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Personal Care Products, Company KL Bronco Acquisition, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.19%, Acquisition Date 6/30/2022, Maturity 6/30/20282025-01-012025-12-310001784700ck0001784700:OnlineLabelsGroupLlc1Member2026-06-300001784700us-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:SeniorSecuredFirstLienLoansMemberck0001784700:MachineryMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company Xifin, Inc., Type of Investment Revolver, Reference Rate and Spread PRIME + 3.75%, Interest Rate 10.50%, Acquisition Date 7/31/2025, Maturity 7/31/20312026-01-012026-06-300001784700us-gaap:FairValueInputsLevel3Memberck0001784700:SubordinatedCertificatesOfSDLPMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Equity, Industry Diversified Consumer Services, Company FS NU Investors, LP, Type of Investment Class C Units2025-12-310001784700us-gaap:FairValueInputsLevel3Member2025-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company NBPT Acquisition LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.69%, Acquisition Date 3/3/2025, Maturity 3/3/20302026-06-300001784700us-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company VG Target Holdings, LLC, Type of Investment Term Loan, Reference Rate and Spread PRIME + 4.50% (3.00% PIK), Interest Rate 16.25%, Acquisition Date 7/18/2025, Maturity 5/3/20272025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company 3G Intermediate, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.35%, Acquisition Date 9/30/2024, Maturity 9/30/20302025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company RBS Buyer, Inc. Type of Investment Term Loan Reference Rate and Spread SOFR + 4.75% Interest Rate 8.41% Acquisition Date 1/29/2026 Maturity 7/31/20312026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company 3G Intermediate, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.19%, Acquisition Date 9/30/2024, Maturity 9/30/2030 One2025-12-310001784700ck0001784700:RWAWealthPartnersLLC1Member2026-06-300001784700us-gaap:DelayedDrawTermLoanMemberck0001784700:ConstructionAndEngineeringMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ValcourtHoldingsIILLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company iVision Buyer, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.23%, Acquisition Date 5/22/2026, Maturity 5/22/20312026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company TheKey, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00% (1.00% PIK), Interest Rate 9.92%, Acquisition Date 6/2/2022, Maturity 9/30/2027 One2025-12-310001784700ck0001784700:ConsumerStaplesDistributionRetailMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Air Freight & Logistics, Company Horizon Freight Holdings, Inc., Type of Investment Delayed Draw Term Loan, Acquisition Date 8/22/2024, Maturity 8/22/2030 One2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company 3G Intermediate, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.23%, Acquisition Date 9/30/2024, Maturity 9/30/20302026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Distributors, Company Painters Supply and Equipment Co. (fka Graffiti Buyer, Inc.), Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.33%, Acquisition Date 4/29/2024, Maturity 8/10/20272025-01-012025-12-310001784700ck0001784700:ApexDentalPartnersLLC1Member2025-12-310001784700ck0001784700:MechanAirLLC1Member2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Construction & Engineering, Company 360 Partners, LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 8/7/2025, Maturity 8/7/20312025-01-012025-12-310001784700us-gaap:FinancialServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company ADPD Holdings LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 1.00% (5.00% PIK) |, Interest Rate 9.88%, Acquisition Date 8/16/2022, Maturity 8/16/2028 One2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Source Holding Delaware, LLC Type of Investment Revolver Reference Rate and Spread SOFR + 4.75% Interest Rate 8.41% Acquisition Date 2/7/2025 Maturity 2/7/20312026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company RBS Buyer, Inc., Type of Investment Delayed Draw Term Loan, Acquisition Date 7/31/2025, Maturity 7/31/20312025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Easy Ice, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.24%, Acquisition Date 10/30/2024, Maturity 10/30/2030 One2025-12-310001784700us-gaap:FairValueInputsLevel3Memberck0001784700:SubordinatedCertificatesOfSDLPMemberus-gaap:FairValueMeasurementsRecurringMember2026-06-300001784700us-gaap:DelayedDrawTermLoanMemberck0001784700:FoodProductsMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:MannaProProductsLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:CommercialServicesSuppliesMemberck0001784700:PritchardIndustriesLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700ck0001784700:AutomobileComponentsMember2026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:InsuranceMemberck0001784700:TermLoanMemberck0001784700:THGAcquisitionLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700ck0001784700:DiversifiedConsumerServicesMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:FlintOpCoLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Personal Care Products, Company Accupac, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 3.00% + (6.00% PIK), Interest Rate 10.67%, Acquisition Date 12/31/2024, Maturity 12/31/2029, Two2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Consumer Staples Distribution & Retail, Company FS Squared Holding Corp., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.47%, Acquisition Date 12/23/2024, Maturity 12/23/2030 One2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Ground Transportation, Company VTC Buyer Corp., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 8.90%, Acquisition Date 7/15/2025, Maturity 7/15/20312026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Machinery, Company Pareto Buyer, LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 12/12/2025, Maturity 12/13/20322025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company UHY Advisors, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.49%, Acquisition Date 11/22/2024, Maturity 11/21/20312025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Marine Transportation, Company Horizon Freight Holdings, Inc. Type of Investment Revolver, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.73%, Acquisition Date 8/22/2024, Maturity 8/22/20302026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Machinery, Company Pareto Buyer, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.23%, Acquisition Date 12/12/2025, Maturity 12/13/2032 One2025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ElectronicEquipmentInstrumentsAndComponentsMemberck0001784700:TermLoanMemberck0001784700:EISLegacyHoldcoLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company SGA Dental Partners Sub Holdings, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.66%, Acquisition Date 6/15/2026, Maturity 6/13/20312026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Construction & Engineering, Company HTI Intermediate, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.66%, Acquisition Date 7/2/2025, Maturity 3/1/20302026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Financial Services, Company RWA Wealth Partners, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.44%, Acquisition Date 11/15/2024, Maturity 11/15/20302025-01-012025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:MidcoHoldingLLCMemberck0001784700:AutomobileComponentsMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700ck0001784700:BeveragesMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company USN Opco, LLC, Type of Investment Revolver, Acquisition Date 4/29/2026, Maturity 5/31/20302026-01-012026-06-300001784700ck0001784700:DistinctHoldingsIncMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company USN Opco, LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 4/29/2026, Maturity 5/31/20302026-06-300001784700ck0001784700:ZenithAcquisitionCoLLCMemberus-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:AerospaceDefenseMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company Pillr Health Intermediate II, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.39%, Acquisition Date 12/31/2025, Maturity 12/31/20312026-01-012026-06-300001784700us-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:SoftwareMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700ck0001784700:PCIASPV-3LLCMemberck0001784700:CapitalMarketsMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:DelayedDrawTermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Energy Equipment & Services, Company Energy Labs Holdings Corp, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.82%, Acquisition Date 6/2/2022, Maturity 4/7/20282025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company Boulder Scientific Company, LLC, Type of Investment Revolver, Acquisition Date 1/7/2025, Maturity 12/31/20272026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Personal Care Products, Company Accupac, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 3.00% (6.00% PIK), Interest Rate 10.87%, Acquisition Date 12/31/2024, Maturity 12/31/20292025-01-012025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:AutomobileComponentsMemberck0001784700:ArrowheadHoldcoCompanyMemberck0001784700:DelayedDrawTermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700ck0001784700:ReliableMedicalSupplyAcquisitioncoLLCMember2025-12-310001784700ck0001784700:GroundTransportationMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Eye Health America, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.74%, Acquisition Date 2/14/2025, Maturity 7/26/20282026-06-300001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:InsuranceMemberck0001784700:THGAcquisitionLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:BigBucksAcquisitionCorporationMemberck0001784700:TermLoanMemberck0001784700:DistributorsMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company KNPC Holdco, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.80%, Acquisition Date 6/2/2022, Maturity 10/22/20292025-12-310001784700ck0001784700:CommercialServicesSuppliesMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company EPTAM Plastics, Ltd., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.32%, Acquisition Date 6/2/2022, Maturity 12/6/2027 Two2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Personal Care Products, Company BPC Holding III Corp., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 8.99%, Acquisition Date 6/2/2022, Maturity 7/28/20262026-06-300001784700ck0001784700:ParetoBuyerLLCMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Consumer Staples Distribution & Retail, Company FS Squared Holding Corp., Type of Investment Revolver, Acquisition Date 12/23/2024, Maturity 12/23/20302026-01-012026-06-300001784700ck0001784700:HealthCareTechnologyMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:GHXUltimateParentCorporationMemberck0001784700:TermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700ck0001784700:QuarterlyFourteenMember2026-01-012026-06-300001784700Controlled Investments, Industry Investment Funds and Vehicles, Company Senior Direct Lending Program, LLC, Type of Investment Limited Partnership Units, Reference Rate and Spread SOFR + 8.00%, Interest Rate 11.25%, Maturity 12/31/362026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company Express Wash Acquisition Company, LLC, Type of Investment Revolver, Acquisition Date 4/10/2025, Maturity 4/10/20312026-06-300001784700ck0001784700:FoodProductsMemberus-gaap:EquityMember2025-12-310001784700ck0001784700:MDIBuyerInc1Member2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company U.S. Urology Partners, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.23%, Acquisition Date 4/8/2025, Maturity 4/8/20322026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Energy Equipment & Services, Company Energy Labs Holdings Corp, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.74%, Acquisition Date 06/02/2022, Maturity 4/7/20282026-06-300001784700ck0001784700:BasinInnovationGroupLLC1Member2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company MDI Buyer, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.57%, Acquisition Date 8/5/2022, Maturity 7/25/20282025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company MES Intermediate, Inc. (fka Municipal Emergency Services, Inc.), Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.62%, Acquisition Date 11/21/2025, Maturity 10/1/20272025-12-310001784700ck0001784700:SourceHoldingDelawareLLCMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company Basin Innovation Group, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.38%, Acquisition Date 12/6/2024, Maturity 12/6/20302026-06-300001784700ck0001784700:ProfessionalServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company LAV Gear Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 2.50% (3.44% PIK), Interest Rate 6.22%, Acquisition Date 7/31/2025, Maturity 7/31/2029 One2025-12-310001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:HotelsRestaurantsLeisureMemberck0001784700:TriwizardHoldingsIncMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Eye Health America, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.42%, Acquisition Date 7/26/2022, Maturity 7/26/20282025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Phia Purchaser, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.25%, Interest Rate 7.89%, Acquisition Date 12/1/2025, Maturity 12/1/20322026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company SHF Holdings, Inc., Type of Investment Revolver, Acquisition Date 1/22/2025, Maturity 1/22/20302026-01-012026-06-300001784700ck0001784700:SoftwareMember2026-06-300001784700ck0001784700:HotelsRestaurantsLeisureMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company UHY Advisors, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.44%, Acquisition Date 11/22/2024, Maturity 11/21/20312025-12-310001784700us-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-310001784700ck0001784700:ConstructionAndEngineeringMemberck0001784700:FSSquaredHoldingCorpMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:DelayedDrawTermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700us-gaap:InvestmentAffiliatedIssuerControlledMembersrt:MinimumMember2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company Alta Buyer, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.67%, Acquisition Date 8/24/2022, Maturity 12/21/20272025-01-012025-12-310001784700ck0001784700:HouseholdProductsMemberck0001784700:WalnutParentIncMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanTwoMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:AutomobileComponentsMemberck0001784700:ArrowheadHoldcoCompanyMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Easy Ice, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.24%, Acquisition Date 10/30/2024, Maturity 10/30/20302025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company M&D Midco, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.97%, Acquisition Date 12/17/2024, Maturity 8/31/20282025-01-012025-12-310001784700ck0001784700:AccupacLLCMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company OIS Management Services, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 6/2/2022, Maturity 11/16/20282025-01-012025-12-310001784700ck0001784700:EyeHealthAmericaLLC1Member2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company MWD Management, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.57%, Acquisition Date 6/15/2022, Maturity 6/15/20272025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Electronic Equipment, Instruments & Components, Company BC Group Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.73%, Acquisition Date 06/02/2022, Maturity 12/21/20272026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Software, Company QM Buyer, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.48%, Acquisition Date 12/6/2024, Maturity 12/6/20302026-06-300001784700ck0001784700:FoodProductsMemberus-gaap:EquityMember2026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:InsuranceMemberck0001784700:SageSureHoldingsLLCMemberck0001784700:DelayedDrawTermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Source Holding Delaware, LLC Type of Investment Revolver Reference Rate and Spread SOFR + 4.75% Interest Rate 8.41% Acquisition Date 7/2/2025 Maturity 2/7/2031 One2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Construction & Engineering, Company 360 Partners, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.40%, Acquisition Date 8/7/2025, Maturity 8/7/20312026-01-012026-06-300001784700ck0001784700:StateStreetInstitutionalUSGovernmentMoneyMarketFundMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company ORG USME Buyer, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.74%, Acquisition Date 6/21/2022, Maturity 5/24/20292025-12-310001784700ck0001784700:SpecialMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company LAV Gear Holdings, Inc., Type of Investment Revolver, Acquisition Date 7/31/2025, Maturity 7/31/20292025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Ground Transportation, Company A&R Logistics Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 2.50% (4.25% PIK), Interest Rate 10.58%, Acquisition Date 6/2/2022, Maturity 2/3/20282026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company UHY Advisors, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.44%, Acquisition Date 11/22/2024, Maturity 11/21/20312025-01-012025-12-310001784700us-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:ITServicesMemberus-gaap:EquitySecuritiesMember2026-06-300001784700ck0001784700:PriorToPublicListingMemberck0001784700:InvestmentAdvisoryAgreementMembersrt:MaximumMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company Reliable Medical Supply Acquisitionco LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 12/31/2025, Maturity 12/31/20322025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Eventus Buyer, LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 11/1/2024, Maturity 11/1/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company UHY Advisors, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 4.75%, Interest Rate 4.75%, Acquisition Date 11/22/2024, Maturity 11/21/20312026-06-300001784700ck0001784700:FinancialServicesMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Construction & Engineering, Company HTI Intermediate, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.77%, Acquisition Date 3/1/2024, Maturity 3/1/20302025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Equity, Industry Automobile Components, Company M&D Parent Holdings, LLC, Type of Investment Class B Units2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company BRG Acquisition Co., LLC, Type of Investment Revolver, Acquisition Date 7/26/2022, Maturity 7/26/20282025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Beverages, Company Cold Spring Brewing Company, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.39%, Acquisition Date 12/23/2024, Maturity 12/10/20302026-01-012026-06-300001784700us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberck0001784700:SeniorSecuredFirstLienTermLoansMemberus-gaap:IncomeApproachValuationTechniqueMember2026-06-300001784700ck0001784700:InterestRateSwapDueOn12212028Member2026-06-300001784700us-gaap:FairValueInputsLevel3Memberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700ck0001784700:DRMLHoldingsLLCMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company ADPD Holdings LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 1.00% (5.00% PIK) |, Interest Rate 9.92%, Acquisition Date 8/16/2022, Maturity 8/16/20282026-06-300001784700ck0001784700:FortyTwoNorthDentalLLCOneMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company Zavation Medical Products, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.73%, Acquisition Date 7/22/2024, Maturity 6/30/20282025-12-310001784700ck0001784700:LifeSciencesToolsServicesMember2026-06-300001784700ck0001784700:ClassBLoansMembersrt:StandardPoorsAARatingMemberck0001784700:VCCCLOLLCMember2024-11-260001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company Sentinel Technologies, Inc. Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.16%, Acquisition Date 11/3/2025, Maturity 11/3/20312026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company VRC Companies, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.09%, Acquisition Date 6/2/2022, Maturity 6/29/20272025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Apex Dental Partners, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.84%, Acquisition Date 10/29/2024, Maturity 10/29/20302025-01-012025-12-310001784700ck0001784700:InvestmentYieldInSubordinatedCertificatesMember2025-12-310001784700ck0001784700:ChampionElevatorOperatingCorporationMember2026-06-300001784700us-gaap:InvestmentUnaffiliatedIssuerMember2025-04-012025-06-300001784700Controlled Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Energy Equipment & Services, Company Energy Labs Holdings Corp, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.82%, Acquisition Date 6/2/2022, Maturity 4/7/20282025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Titan Group Holdco, LLC, Type of Investment Revolver, Acquisition Date 8/22/2024, Maturity 8/13/2029 One2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company Zavation Medical Products, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.43%, Acquisition Date 7/22/2024, Maturity 6/30/20292026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company Zavation Medical Products, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.54%, Acquisition Date 7/22/2024, Maturity 6/30/20282025-01-012025-12-310001784700ck0001784700:KlCharlieAcquisitionCompanyMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Consumer Staples Distribution & Retail, Company FS Squared Holding Corp., Type of Investment Revolver, Acquisition Date 12/23/2024, Maturity 12/23/20302026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company Reliable Medical Supply Acquisitionco LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.17%, Acquisition Date 12/31/2025, Maturity 12/31/20322025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company United Musculoskeletal Partners Acquisition Holdings, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.42%, Acquisition Date 7/15/2022, Maturity 7/15/20282026-06-300001784700ck0001784700:FSSquaredHoldingCorp2Member2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Advanced Web Technologies Holding Company, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.25% (2.25% PIK), Interest Rate 8.09%, Acquisition Date 11/26/2024, Maturity 12/17/20272025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Distributors, Company POY Holdings, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.32%, Acquisition Date 11/22/2023, Maturity 11/16/20272025-12-310001784700ck0001784700:HealthCareProvidersServicesMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:PremiseHealthHoldingCorpMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company SGA Dental Partners Opco, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.36%, Acquisition Date 7/17/2024, Maturity 7/17/2029 One2025-12-310001784700ck0001784700:JTMFoodsLLCMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Premier Imaging, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.93%, Acquisition Date 6/2/2022, Maturity 10/29/2027 One2025-01-012025-12-310001784700ck0001784700:CommercialServicesSuppliesMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Easy Ice, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.06%, Acquisition Date 10/30/2024, Maturity 10/30/20302026-06-300001784700us-gaap:FinancialServicesSectorMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ConveraInternationalHoldingsLimitedMemberck0001784700:TermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company RBS Buyer, Inc., Type of Investment Delayed Draw Term Loan, Acquisition Date 7/31/2025, Maturity 7/31/20312025-01-012025-12-310001784700ck0001784700:ConstructionAndEngineeringMemberck0001784700:BGIFIVFearlessUtilityServicesIncMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Electronic Equipment, Instruments & Components, Company Alert SRC Newco LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.84%, Acquisition Date 12/11/2024, Maturity 12/11/20302025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company MES Intermediate, Inc., Type of Investment Revolver, Acquisition Date 11/21/2025, Maturity 10/1/20272026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company U.S. Urology Partners, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.16%, Acquisition Date 4/8/2025, Maturity 4/8/20322026-01-012026-06-300001784700ck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Source Holding Delaware, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.65%, Acquisition Date 2/7/2025, Maturity 2/7/20312025-01-012025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ITServicesMemberck0001784700:TermLoanMemberck0001784700:UFSLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company Distinct Holdings, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.66%, Acquisition Date 7/18/2024, Maturity 7/18/20292025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company Arrowhead Holdco Company, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 2.50% (2.75% PIK), Interest Rate 6.34%, Acquisition Date 6/2/2022, Maturity 8/31/2028 One2025-01-012025-12-310001784700ck0001784700:VelocityBuyerIncMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company JTM Foods LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.04%, Acquisition Date 9/28/2022, Maturity 5/14/20292026-01-012026-06-300001784700ck0001784700:ConstructionAndEngineeringMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ValcourtHoldingsIILLCMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Distributors, Company Big Bucks Acquisition Corporation, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.73%, Acquisition Date 9/29/2025, Maturity 9/29/20312026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company Arrowhead Holdco Company, Type of Investment Term Loan, Reference Rate and Spread SOFR + 2.50% (2.75% PIK), Interest Rate 6.34%, Acquisition Date 6/2/2022, Maturity 8/31/20282025-01-012025-12-310001784700ck0001784700:InsuranceMemberus-gaap:EquityMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company MDI Buyer, Inc., Type of Investment Revolver, Reference Rate and Spread PRIME + 3.75%, Interest Rate 10.50%, Acquisition Date 8/5/2022, Maturity 7/25/20282026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company 42 North Dental, LLC, Type of Investment Revolver, Acquisition Date 2/9/2026, Maturity 2/10/20312026-01-012026-06-300001784700us-gaap:AdditionalPaidInCapitalMember2025-04-012025-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Ground Transportation, Company A&R Logistics Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 2.50% (4.25% PIK), Interest Rate 10.58%, Acquisition Date 6/2/2022, Maturity 2/3/20282026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Titan Group Holdco, LLC Type of Investment Term Loan Reference Rate and Spread SOFR + 4.75% Interest Rate 8.48% Acquisition Date 8/22/2024 Maturity 8/13/20292026-01-012026-06-300001784700ck0001784700:UsHealthPartnersManagementLlcMember2025-12-310001784700ck0001784700:GroundTransportationMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company Lightspeed Buyer, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.48%, Acquisition Date 2/6/2026, Maturity 2/6/20322026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company Healthfuse, LLC, Type of Investment Revolver, Acquisition Date 1/10/2025, Maturity 1/10/20312025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company Hissho Parent, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 8/8/2024, Maturity 5/18/20292025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Containers & Packaging, Company Oliver Packaging, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 1.75% (4.25% PIK), Interest Rate 9.88%, Acquisition Date 8/30/2024, Maturity 7/6/20282026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company RBS Buyer, Inc., Type of Investment Revolver, Acquisition Date 7/31/2025, Maturity 7/31/20312026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company Race Winning Brands, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR +1.00% (5.50%PIK), Interest Rate 10.38%, Acquisition Date 6/2/2022, Maturity 5/16/20292025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Source Holding Delaware, LLC, Type of Investment Revolver, Reference Rate and Spread PRIME+ 3.75%, Interest Rate 10.50%, Acquisition Date 2/7/2025, Maturity 2/7/20312025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company Zep Holdco Inc, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.67%, Acquisition Date 6/30/2025, Maturity 6/30/20312025-12-310001784700us-gaap:FairValueInputsLevel3Memberck0001784700:SubordinatedCertificatesOfSDLPMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2026-06-300001784700us-gaap:FairValueInputsLevel3Memberck0001784700:SubordinatedCertificatesOfSDLPMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Eventus Buyer, LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 11/1/2024, Maturity 11/1/20302025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company Techmer BB Bidco, LLC, Type of Investment Revolver, Reference Rate and Spread PRIME + 4.25%, Interest Rate 11.00%, Acquisition Date 9/1/2022, Maturity 9/1/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company MWD Management, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.57%, Acquisition Date 6/15/2022, Maturity 6/15/20272025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company TheKey, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00% (1.00% PIK), Interest Rate 9.92%, Acquisition Date 6/2/2022, Maturity 9/30/20272025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Allergy & Clinical MidCo, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.82%, Acquisition Date 1/29/2025, Maturity 1/29/20312025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company Concord III, L.L.C., Type of Investment Revolver, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.73%, Acquisition Date 12/20/2023, Maturity 12/20/20282026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Advanced Web Technologies Holding Company, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.25% (2.25% PIK), Interest Rate 10.34%, Acquisition Date 7/2/2024, Maturity 12/17/20272025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company North Haven USHC Acquisition, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.02%, Acquisition Date 6/2/2022, Maturity 10/29/20272025-01-012025-12-310001784700ck0001784700:CharlieRFVoltronAcquisitionIncMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Energy Equipment & Services, Company Velocity Buyer, Inc., Type of Investment Revolver, Acquisition Date 1/24/2025, Maturity 1/24/20312026-06-300001784700ck0001784700:OnlineLabelsGroupLlc1Member2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company HLSG Intermediate, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.08%, Acquisition Date 10/6/2023, Maturity 3/31/20292025-12-310001784700ck0001784700:UHYAdvisorsInc1Member2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company Boulder Scientific Company, LLC, Type of Investment Revolver, Acquisition Date 1/7/2025, Maturity 12/31/20272025-01-012025-12-310001784700us-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:HotelsRestaurantsAndLeisureMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company HLSG Intermediate, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.08%, Acquisition Date 10/6/2023, Maturity 3/31/20292025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company JTM Foods LLC, Type of Investment Revolver, Reference Rate and Spread PRIME + 4.25%, Interest Rate 11.00%, Acquisition Date 9/28/2022, Maturity 5/14/20292026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TradingCompaniesAndDistributorsMemberck0001784700:TermLoanMemberck0001784700:PennDetroitDieselAllisonLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001784700:SeniorSecuredFirstLienTermLoansMemberck0001784700:RecoveryAnalysisMemberck0001784700:RecoveryRateMember2025-12-310001784700ck0001784700:DRMLHoldingsLLC1Member2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company RBS Buyer, Inc., Type of Investment Revolver, Acquisition Date 7/31/2025, Maturity 7/31/20312026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Easy Ice, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.19%, Acquisition Date 10/30/2024, Maturity 10/30/20302025-12-310001784700ck0001784700:FollowingPublicListingMemberck0001784700:InvestmentAdvisoryAgreementMembersrt:MaximumMember2024-06-122024-06-120001784700ck0001784700:DiversifiedConsumerServicesMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:FlintOpCoLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700ck0001784700:VGTargetHoldingsLLCMember2025-12-310001784700ck0001784700:TradingCompaniesAndDistributorsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Interest Rate Swap, Maturity Date December 21, 2028 Derivatives2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Financial Services, Company RWA Wealth Partners, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 11/15/2024, Maturity 11/15/20302026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Easy Ice, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.40%, Interest Rate 9.07%, Acquisition Date 10/30/2024, Maturity 10/30/20302026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Aerospace & Defense, Company Trident Maritime Systems, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR +1.00% (6.75% PIK), Interest Rate 11.42%, Acquisition Date 10/19/2023, Maturity 2/26/20272025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company VG Target Holdings, LLC, Type of Investment Term Loan, Reference Rate and Spread PRIME + 14.25% PIK, Interest Rate 16.25%, Acquisition Date 7/18/2025, Maturity 8/2/20272026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Financial Services, Company TRX Buyer LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.65%, Acquisition Date 3/24/2026, Maturity 3/24/20322026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company Basin Innovation Group, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.54%, Acquisition Date 12/6/2024, Maturity 12/6/20302025-12-310001784700ck0001784700:HouseholdProductsMemberck0001784700:WalnutParentIncMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company KNPC Holdco, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.27%, Acquisition Date 11/26/2022, Maturity 10/22/20292026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Textiles, Apparel & Luxury Goods, Company National Safety Apparel LLC National Safety Apparel LLC (fka BPCP NSA Intermedco, Inc.), Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 5/17/2024, Maturity 5/17/20302025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:NmnHoldingsIiiCorpMemberck0001784700:HealthCareEquipmentAndSuppliesMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company MDI Buyer, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.39%, Acquisition Date 8/5/2022, Maturity 7/25/20282026-01-012026-06-300001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:GooseBorrowerLPMemberck0001784700:SoftwareMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Electronic Equipment, Instruments & Components, Company Alert SRC Newco LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.65%, Acquisition Date 12/11/2024, Maturity 12/11/20302026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company RFI Buyer, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.34%, Acquisition Date 8/5/2022, Maturity 8/5/20302025-12-310001784700us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Titan Group Holdco, LLC Type of Investment Delayed Draw Term Loan Reference Rate and Spread SOFR + 4.75% Interest Rate 8.48% Acquisition Date 8/22/2024 Maturity 8/13/20292026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Ground Transportation, Company A&R Logistics Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 2.50% (4.25% PIK), Interest Rate 10.89%, Acquisition Date 6/2/2022, Maturity 2/3/20282025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Life Sciences Tools & Services, Company KL Charlie Acquisition Company, Type of Investment Revolver, Acquisition Date 9/5/2023, Maturity 12/30/20292026-01-012026-06-300001784700ck0001784700:NBPTAcquisitionLLC1Member2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Financial Services, Company RWA Wealth Partners, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 11/15/2024, Maturity 11/15/20302026-01-012026-06-300001784700ck0001784700:QuarterlyFifteenMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company North Haven USHC Acquisition, Inc, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.02%, Acquisition Date 6/2/2022, Maturity 10/29/2027 One2025-12-310001784700ck0001784700:DiversifiedConsumerServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company Concord III, L.L.C., Type of Investment Revolver, Reference Rate and Spread SOFR + 6.25%, Interest Rate 9.92%, Acquisition Date 12/20/2023, Maturity 12/20/20282025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Allergy & Clinical MidCo, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.37%, Acquisition Date 1/29/2025, Maturity 1/29/2031 Two2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Online Labels Group, LLC Type of Investment Term Loan Reference Rate and Spread SOFR + 4.75% Interest Rate 8.48% Acquisition Date 12/19/2023 Maturity 12/19/20292026-06-300001784700ck0001784700:NationalSafetyApparelLLCMember2026-06-300001784700us-gaap:FairValueInputsLevel3Memberck0001784700:RecentTransactionMemberck0001784700:TransactionPriceMemberus-gaap:EquityMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company MDI Buyer, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.48%, Acquisition Date 1/16/2025, Maturity 7/25/20282026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company Lightspeed Buyer, Inc., Type of Investment Delayed Draw Term Loan, Acquisition Date 2/6/2026, Maturity 2/6/20322026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Source Holding Delaware, LLC Type of Investment Revolver Reference Rate and Spread SOFR + 4.75% Interest Rate 8.41% Acquisition Date 7/2/2025 Maturity 7/2/20312026-06-300001784700ck0001784700:RFIBuyerInc1Member2025-12-310001784700ck0001784700:ElectronicEquipmentInstrumentsComponentsMember2026-06-300001784700ck0001784700:SMBCFacilityMember2025-01-012025-06-300001784700ck0001784700:CommercialServicesAndSuppliesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700ck0001784700:ConstructionAndEngineeringMemberus-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:PaveAmericaHoldingLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Consumer Staples Distribution & Retail, Company FS Squared Holding Corp., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.39%, Acquisition Date 12/23/2024, Maturity 12/23/20302026-06-300001784700ck0001784700:HealthCareTechnologyMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company ACP Oak Buyer, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.60%, Acquisition Date 6/12/2025, Maturity 5/16/20312026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company Concord III, L.L.C., Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.73%, Acquisition Date 12/20/2023, Maturity 12/20/20282026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Ground Transportation, Company A&R Logistics Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 2.50% (4.25% PIK), Interest Rate 10.58%, Acquisition Date 10/4/2024, Maturity 2/3/20282026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company Pediatric Home Respiratory Services, LLC, Type of Investment Revolver Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.29%, Acquisition Date 12/23/2024, Maturity 12/23/20302026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company OIS Management Services, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 11/16/2022, Maturity 11/16/20282025-01-012025-12-310001784700ck0001784700:UnsecuredNotesMember2026-04-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company Lightspeed Buyer, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.40 %, Acquisition Date 2/6/2026, Maturity 2/6/20322026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Online Labels Group, LLC, Type of Investment Revolver, Acquisition Date 12/19/2023, Maturity 12/19/20292026-06-300001784700ck0001784700:RBSBuyerIncMember2025-12-310001784700ck0001784700:QuarterlySixMember2026-01-012026-06-300001784700ck0001784700:TradingCompaniesDistributorsMember2025-12-3100017847002022-03-290001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company HLSG Intermediate, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.08%, Acquisition Date 3/14/2025, Maturity 3/31/20292025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Personal Care Products, Company KL Bronco Acquisition, Inc., LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.77%Acquisition Date 6/30/2022, Maturity 6/30/20282026-06-300001784700ck0001784700:TitanGroupHoldcoLlc1Member2025-12-310001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:FinancialServicesSectorMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TigerHoldcoLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company JTM Foods LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.17%, Acquisition Date 3/3/2025, Maturity 5/14/20292025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Iron Pillar United Mining Group, LLC Type of Investment Delayed Draw Term Loan Acquisition Date 5/14/2026 Maturity 5/14/20322026-01-012026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:MeritSoftwareFinanceHoldingsLLCMemberck0001784700:SoftwareMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Titan Group Holdco, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 8/22/2024, Maturity 8/13/20292025-01-012025-12-310001784700us-gaap:FairValueInputsLevel3Memberck0001784700:SeniorSecuredFirstLienTermLoansMembersrt:MaximumMemberck0001784700:RecoveryRateMemberck0001784700:RecoveryAnalysisMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company VP Security Buyer, Inc., Type of Investment Revolver, Acquisition Date 10/10/2025, Maturity 10/10/20312025-12-310001784700us-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:AerospaceAndDefenceMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company Boulder Scientific Company, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.49%, Acquisition Date 6/2/2022, Maturity 12/31/20272025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Life Sciences Tools & Services, Company KL Charlie Acquisition Company, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.82%, Acquisition Date 3/17/2023, Maturity 12/30/20262025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Eventus Buyer, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.17%, Acquisition Date 11/1/2024, Maturity 11/1/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Pharmaceuticals, Company Advanced Infusion Solutions Acquisition, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.64%, Acquisition Date 06/04/2026, Maturity 06/04/20322026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company OIS Management Services, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 8/21/2024, Maturity 11/16/20282025-01-012025-12-310001784700ck0001784700:AdministrationAgreementMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Distributors, Company Big Bucks Acquisition Corporation, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.73%, Acquisition Date 9/29/2025, Maturity 9/29/20312026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:HotelsRestaurantsLeisureMemberck0001784700:TermLoanMemberck0001784700:BirdieBidcoIncMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Pharmaceuticals, Company Advantage HCS LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.34%, Acquisition Date 11/08/2023, Maturity 11/08/20292025-12-310001784700us-gaap:FairValueInputsLevel3Memberck0001784700:SubordinatedCertificatesOfSDLPMember2025-01-012025-06-300001784700us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Easy Ice, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.24%, Acquisition Date 10/30/2024, Maturity 10/30/20302025-01-012025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:AcronAviationIncMemberck0001784700:AerospaceDefenseMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700ck0001784700:DiversifiedConsumerServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Consumer Staples Distribution & Retail, Company FS Squared Holding Corp., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.47%, Acquisition Date 12/23/2024, Maturity 12/23/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Krayden Holdings, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.48%, Acquisition Date 3/1/2023, Maturity 3/1/20292025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Pharmaceuticals, Company NS and Associates LLC, Type of Investment Revolver, Acquisition Date 9/9/2025, Maturity 8/6/20302026-01-012026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:AutomobileComponentsMemberck0001784700:ArrowheadHoldcoCompanyMemberck0001784700:TermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Easy Ice, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.06%, Acquisition Date 10/30/2024, Maturity 10/30/20302026-01-012026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ElectronicEquipmentInstrumentsAndComponentsMemberck0001784700:TermLoanMemberck0001784700:EISLegacyHoldcoLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700ck0001784700:EventusBuyerLLCMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company Zep Holdco Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.73%, Acquisition Date 6/30/2025, Maturity 6/30/20312026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company JTM Foods LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.24%, Acquisition Date 9/28/2022, Maturity 5/14/20292025-01-012025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembersrt:MinimumMemberck0001784700:SMBCFacilityMember2024-08-090001784700ck0001784700:SpecialFourMember2026-01-012026-06-300001784700ck0001784700:HealthCareTechnologyMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company ADPD Holdings LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 1.00% (5.00% PIK) |, Interest Rate 9.92%, Acquisition Date 8/16/2022, Maturity 8/16/20282026-01-012026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:CARDS-LiveOakHoldingsIncMemberck0001784700:CommercialServicesSuppliesMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Premier Imaging, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.93%, Acquisition Date 6/2/2022, Maturity 10/29/2027 One2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company BRG Acquisition Co., LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.66%, Acquisition Date 12/27/2023, Maturity 7/26/20282026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company Distinct Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.42%, Acquisition Date 7/18/2024, Maturity 7/18/2029 One2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Distributors, Company Hub Pen Company, LLC, Type of Investment Revolver, Acquisition Date 09/30/2024, Maturity 12/31/20272026-01-012026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:InsuranceMemberck0001784700:SageSureHoldingsLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Construction & Engineering , Company 360 Partners, LLC Type of Investment Revolver, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.40%, Acquisition Date 8/7/2025, Maturity 8/7/20312026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Financial Services, Company RWA Wealth Partners, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.60%, Acquisition Date 11/15/2024, Maturity 11/15/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Equity, Industry Diversified Consumer Services, Company FS NU Investors, LP, Type of Investment Class D Units2026-06-300001784700ck0001784700:HouseholdProductsMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company Pillr Health Intermediate II, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.48%, Acquisition Date 12/31/2025, Maturity 12/31/20312026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Pharmaceuticals, Company Advanced Infusion Solutions Acquisition, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.64%, Acquisition Date 06/04/2026, Maturity 06/04/20322026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Pharmaceuticals, Company NS and Associates LLC, Type of Investment Revolver, Acquisition Date 9/9/2025, Maturity 8/6/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company ACP Oak Buyer, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.43%, Acquisition Date 6/12/2025, Maturity 5/16/20312026-01-012026-06-300001784700ck0001784700:GMFParentIncMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:ConsumerStaplesDistributionRetailMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company ADPD Holdings LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 6.00%, Interest Rate 10.01%, Acquisition Date 8/16/2022, Maturity 8/16/2028 One2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company Hissho Parent, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.48%, Acquisition Date 8/8/2024, Maturity 5/18/20292026-01-012026-06-300001784700us-gaap:ChemicalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Phia Purchaser, LLC, Type of Investment Revolver, Acquisition Date 12/1/2025, Maturity 12/1/20322025-12-310001784700ck0001784700:ConstructionAndEngineeringMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:HPRSSBuyerIncMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company Xifin, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.48%, Acquisition Date 7/31/2025, Maturity 7/31/20312026-06-300001784700us-gaap:DelayedDrawTermLoanMemberck0001784700:ConstructionAndEngineeringMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:PaveAmericaHoldingLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company MechanAir, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.63%, Acquisition Date 12/18/2025, Maturity 12/18/20312025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Ground Transportation, Company VTC Buyer Corp., Type of Investment Term Loan, Acquisition Date 7/15/2025, Maturity 7/15/20312025-12-3100017847002022-03-292022-03-290001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company Pillr Health Intermediate II, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.49%, Acquisition Date 12/31/2025, Maturity 12/31/20312026-06-300001784700ck0001784700:SHFHoldingsIncMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Electronic Equipment, Instruments & Components, Company Alert SRC Newco LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.61%, Acquisition Date 12/11/2024, Maturity 12/11/20302026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company USSC Holding Corp., Type of Investment Revolver, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.17%, Acquisition Date 7/23/2024, Maturity 6/21/20302026-06-300001784700ck0001784700:ProfessionalServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company 3G Intermediate, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.19%, Acquisition Date 9/30/2024, Maturity 9/30/2030 One2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Personal Care Products, Company Accupac, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 3.00% (6.00% PIK), Interest Rate 10.67%, Acquisition Date 12/31/2024, Maturity 12/31/20292025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Easy Ice, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.08%, Acquisition Date 10/30/2024, Maturity 10/30/20302026-06-300001784700ck0001784700:MDMidcoIncMember2025-12-310001784700ck0001784700:TextilesApparelLuxuryGoodsMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company Techmer BB Bidco, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 0.25% (5.50% PIK), Interest Rate 9.70%, Acquisition Date 9/1/2022, Maturity 9/1/20302026-06-300001784700ck0001784700:SubordinatedCertificatesOfSDLPMemberus-gaap:InvestmentAffiliatedIssuerControlledMemberck0001784700:SeniorDirectLendingProgramMember2026-01-012026-06-300001784700ck0001784700:ExpressWashAcquisitionCompanyLLCMember2026-06-300001784700us-gaap:FinancialServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2026-06-300001784700us-gaap:AdditionalPaidInCapitalMember2026-04-012026-06-300001784700us-gaap:CommonStockMember2025-01-012025-06-300001784700ck0001784700:MWDManagementLLCMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Distributors, Company United Scope LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.97%, Acquisition Date 6/2/2022, Maturity 12/31/20262025-12-310001784700ck0001784700:ContainersPackagingMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company Lightspeed Buyer, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.48%, Acquisition Date 2/6/2026, Maturity 2/6/20322026-01-012026-06-300001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:HighStreetBuyerIncMemberck0001784700:InsuranceMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company Zavation Medical Products, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.71%, Acquisition Date 7/22/2024, Maturity 6/30/20282025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company Techmer BB Bidco, LLC, Type of Investment Revolver, Reference Rate and Spread PRIME + 4.25%, Interest Rate 11.00%, Acquisition Date 9/1/2022, Maturity 9/1/20302025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Titan Group Holdco, LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 8/22/2024, Maturity 8/13/20292025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company Concord III, L.L.C., Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.25%, Interest Rate 9.92%, Acquisition Date 12/20/2023, Maturity 12/20/20282025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company USSC Holding Corp., Type of Investment Revolver, Reference Rate and Spread SOFR + 5.25%, Interest Rate 8.92%, Acquisition Date 7/23/2024, Maturity 6/21/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company RFI Buyer, Inc., Type of Investment Revolver, Acquisition Date 8/5/2022, Maturity 8/5/20302025-12-310001784700us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ContainerAndPackagingSectorMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-04-012026-06-300001784700Interest Rate Swap, Maturity Date December 21, 2028 Derivatives2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company Painters Supply and Equipment Co. (fka Graffiti Buyer, Inc.), Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.27%, Acquisition Date 4/29/2024, Maturity 8/10/20272026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Easy Ice, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.19%, Acquisition Date 10/30/2024, Maturity 10/30/20302025-01-012025-12-310001784700ck0001784700:TextilesApparelLuxuryGoodsMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Advanced Web Technologies Holding Company, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.25% (2.25% PIK), Interest Rate 10.24%, Acquisition Date 7/2/2024, Maturity 12/17/2027 One2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Equity, Industry Chemicals, Company MDI Aggregator LP, Type of Investment Common Units2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company Zep Holdco Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.73%, Acquisition Date 6/30/2025, Maturity 6/30/20312026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company EPTAM Plastics, Ltd., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.24%, Acquisition Date 6/2/2022, Maturity 12/6/20272026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Machinery, Company Le Sueur, Incorporated, Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.69%, Acquisition Date 5/20/2026, Maturity 5/20/20312026-06-300001784700ck0001784700:FoodProductsMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:MannaProProductsLLCMemberck0001784700:TermLoanTwoMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Insurance, Company Turbo Buyer, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.85%, Acquisition Date 11/26/2024, Maturity 6/2/2026 One2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company Lightspeed Buyer, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.40 %, Acquisition Date 2/6/2026, Maturity 2/6/20322026-06-300001784700ck0001784700:DiversifiedTelecommunicationServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company LAV Gear Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 2.50% (3.44% PIK), Interest Rate 6.22%, Acquisition Date 7/31/2025, Maturity 7/31/2029 Three2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company VG Target Holdings, LLC, Type of Investment Term Loan, Reference Rate and Spread PRIME + 4.50% (3.00% PIK), Interest Rate 16.25%, Acquisition Date 6/2/2022, Maturity 8/2/20272025-12-310001784700us-gaap:DelayedDrawTermLoanMemberck0001784700:ConstructionAndEngineeringMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ValcourtHoldingsIILLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700us-gaap:FairValueInputsLevel3Memberck0001784700:SubordinatedCertificatesOfSDLPMember2026-06-300001784700ck0001784700:AndrettiBuyerLLCOneMember2026-06-300001784700srt:DirectorMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company LAV Gear Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR 2.50% (3.44% PIK), Interest Rate 6.22%, Acquisition Date 7/31/2025, Maturity 7/31/20292025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:InsuranceMemberck0001784700:SageSureHoldingsLLCMemberck0001784700:DelayedDrawTermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700ck0001784700:HealthCareTechnologyMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company Concord III, L.L.C., Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.73%, Acquisition Date 12/20/2023, Maturity 12/20/20282026-01-012026-06-300001784700ck0001784700:SeniorUnsecuredTwoThousandTwentySixNotesMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company UHY Advisors, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.49%, Acquisition Date 11/22/2024, Maturity 11/21/20312025-12-310001784700ck0001784700:AstraServicePartnersLLCMemberus-gaap:DelayedDrawTermLoanMemberck0001784700:CommercialServicesSuppliesMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company Andretti Buyer, LLC, Type of Investment Revolver, Acquisition Date 1/30/2026, Maturity 1/28/20332026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company United Musculoskeletal Partners Acquisition Holdings, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.63%, Acquisition Date 7/15/2022, Maturity 7/15/20282025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company DRML Holdings LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 3/14/2025, Maturity 3/14/20312026-01-012026-06-300001784700us-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:AerospaceAndDefenceMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Eye Health America, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.74%, Acquisition Date 7/26/2022, Maturity 7/26/20282026-06-300001784700us-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001784700ck0001784700:JTMFoodsLLCMember2026-06-300001784700ck0001784700:PediatricHomeRespiratoryServicesLLCMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company ADPD Holdings LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 6.00%, Interest Rate 10.47%, Acquisition Date 8/16/2022, Maturity 8/16/20282025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company US Health Partners Management, LLC, Type of Investment Revolver, Reference Rate and Spread PRIME + 4.00%, Interest Rate 10.75%, Acquisition Date 1/12/2024, Maturity 1/11/20302026-01-012026-06-300001784700ck0001784700:TRXBuyerLLC1Member2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company ADPD Holdings LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 6.00%, Interest Rate 10.26%, Acquisition Date 8/16/2022, Maturity 8/16/20282025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Construction & Engineering , Company 360 Partners, LLC Type of Investment Revolver, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.40%, Acquisition Date 8/7/2025, Maturity 8/7/20312026-01-012026-06-300001784700ck0001784700:ClassA1NotesMembersrt:FitchAAARatingMemberck0001784700:VCCCLOLLCMembersrt:StandardPoorsAAARatingMember2024-11-262024-11-260001784700ck0001784700:ConstructionAndEngineeringMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:GroundPenetratingRadarSystemsLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Advanced Web Technologies Holding Company, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.25% (2.25% PIK), Interest Rate 10.34%, Acquisition Date 7/2/2024, Maturity 12/17/2027 One2025-12-310001784700us-gaap:ChemicalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company EPTAM Plastics, Ltd., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.24%, Acquisition Date 6/2/2022, Maturity 12/6/20272026-06-300001784700us-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:SeniorSecuredFirstLienLoansMemberus-gaap:InsuranceSectorMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Hotels, Restaurants & Leisure, Company TWH Bidco, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.41%, Acquisition Date 1/22/2026, Maturity 1/22/20322026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company RBS Buyer, Inc., Type of Investment Revolver, Acquisition Date 7/31/2025, Maturity 7/31/20312025-12-310001784700us-gaap:DelayedDrawTermLoanMemberck0001784700:ConstructionAndEngineeringMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:GroundPenetratingRadarSystemsLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company SGA Dental Partners Opco, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.34%, Acquisition Date 7/17/2024, Maturity 7/17/2029 Two2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Equity, Industry Health Care Technology, Company BRG Group Holdings, LLC, Type of Investment Class A Units2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company TheKey, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00% (1.00% PIK), Interest Rate 9.92%, Acquisition Date 6/2/2022, Maturity 9/30/2027 Two2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Software, Company QM Buyer, Inc., Type of Investment Revolver, Acquisition Date 12/6/2024, Maturity 12/6/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company TriMech Acquisition Corp., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 6/2/2022, Maturity 3/10/20282025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Equity, Industry Diversified Consumer Services, Company FS NU Investors, LP, Type of Investment Class C Units2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Financial Services, RWA Wealth Partners, LLC, Type of Investment Revolver, Acquisition Date 11/15/2024, Maturity 11/15/20302026-06-300001784700us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMemberck0001784700:PersonalCareProductsMember2026-06-300001784700ck0001784700:SubordinatedCertificatesOfSDLPMemberus-gaap:InvestmentAffiliatedIssuerControlledMemberck0001784700:SeniorDirectLendingProgramMember2025-06-300001784700us-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Eye Health America, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.42%, Acquisition Date 2/14/2025, Maturity 7/26/20282025-12-310001784700us-gaap:InvestmentAffiliatedIssuerControlledMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company Castleworks Home Services, Company Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50% (2.00% PIK), Interest Rate 11.38%, Acquisition Date 6/28/2023, Maturity 6/29/20282026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company MDI Buyer, Inc., Type of Investment Revolver, Reference Rate and Spread PRIME + 3.75%, Interest Rate 10.50%, Acquisition Date 8/5/2022, Maturity 7/25/20282025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company MDI Buyer, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.59%, Acquisition Date 8/5/2022, Maturity 7/25/20282025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Apex Dental Partners, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.68%, Acquisition Date 10/29/2024, Maturity 10/29/20302026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Electronic Equipment, Instruments & Components, Company BC Group Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.67%, Acquisition Date 6/2/2022, Maturity 12/21/20272025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Advanced Web Technologies Holding Company, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.25% (2.25% PIK), Interest Rate 8.09%, Acquisition Date 6/2/2023, Maturity 12/17/20272025-12-310001784700ck0001784700:FoodProductsMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:DecoPacIncMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Bebright MSO, LLC, Type of Investment Revolver, Acquisition Date 6/3/2024, Maturity 6/3/20302026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company Castleworks Home Services Company, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.50% (2.00% PIK), Interest Rate 9.34%, Acquisition Date 6/29/2022, Maturity 6/29/20282025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Krayden Holdings, Inc., Type of Investment Delayed DrawTerm Loan Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.48%, Acquisition Date 8/30/2024, Maturity 3/1/20292026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Textiles, Apparel & Luxury Goods, Company National Safety Apparel LLC National Safety Apparel LLC (fka BPCP NSA Intermedco, Inc.), Type of Investment Revolver, Acquisition Date 5/17/2024, Maturity 5/17/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company Alta Buyer, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.67%, Acquisition Date 8/24/2022, Maturity 12/21/20272025-12-310001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TalonBuyerIncMemberck0001784700:CommercialServicesSuppliesMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Life Sciences Tools & Services, Company KL Charlie Acquisition Company, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.82%, Acquisition Date 3/17/2023, Maturity 12/30/20262025-01-012025-12-310001784700ck0001784700:CharlieRFVoltronAcquisitionInc1Member2026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:CommercialServicesSuppliesMemberck0001784700:ISQHawkeyeHoldCoIncMemberck0001784700:DelayedDrawTermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Aerospace & Defense, Company Charlie RF Voltron Acquisition, Inc., Type of Investment Revolver, Acquisition Date 3/12/2026, Maturity 3/12/20322026-06-300001784700ck0001784700:QuarterlyFiveMember2026-01-012026-06-300001784700ck0001784700:BasinInnovationGroupLLCMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Distributors, Company Iron Pillar United Mining Group, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.15%, Acquisition Date 5/14/2026, Maturity 5/14/20322026-01-012026-06-300001784700ck0001784700:TechmerBBBidcoLLC1Member2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Software, Company TCP Hawker Intermediate LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.67%, Acquisition Date 11/6/2024, Maturity 8/30/20292025-12-310001784700ck0001784700:CharlieRFVoltronAcquisitionInc1Member2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company LAV Gear Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR 2.50% (3.44% PIK), Interest Rate 6.22%, Acquisition Date 7/31/2025, Maturity 7/31/20292025-01-012025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:DoximIncMemberck0001784700:SoftwareMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700ck0001784700:SoftwareMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:MeritSoftwareFinanceHoldingsLLCMemberck0001784700:SoftwareMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700ck0001784700:ConstructionAndEngineeringMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:GroundPenetratingRadarSystemsLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company MES Intermediate, Inc. (fka Municipal Emergency Services, Inc.), Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 9/24/2025, Maturity 10/1/20272025-12-310001784700ck0001784700:TRXBuyerLLCMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company Techmer BB Bidco, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.25%, Interest Rate 8.97%, Acquisition Date 9/1/2022, Maturity 9/1/20302026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Electronic Equipment, Instruments & Components, Company Alert SRC Newco LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.73%, Acquisition Date 12/11/2024, Maturity 12/11/20302025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company AAMP Global Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.52%, Acquisition Date 6/2/2022, Maturity 11/5/20262025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company DRML Holdings LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 3/14/2025, Maturity 3/14/2031 One2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company SGA Dental Partners Opco, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.36%, Acquisition Date 7/17/2024, Maturity 7/17/20292025-12-310001784700ck0001784700:DiversifiedConsumerServicesMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:AcronAviationIncMemberck0001784700:AerospaceDefenseMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Krayden Holdings, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.44%, Acquisition Date 3/1/2023, Maturity 3/1/20292025-12-310001784700ck0001784700:SeniorUnsecuredTwoThousandTwentySixNotesMember2026-04-012026-06-300001784700ck0001784700:VCCCLOLLCMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Textiles, Apparel & Luxury Goods, Company National Safety Apparel LLC, Type of Investment Revolver, Acquisition Date 5/17/2024, Maturity 5/17/20302026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Krayden Holdings, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 3/1/2023, Maturity 3/1/2029 One2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Easy Ice, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.09%, Acquisition Date 10/30/2024, Maturity 10/30/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company Lightspeed Buyer, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 12/2/2024, Maturity 2/3/20272025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Personal Care Products, Company Accupac, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 3.00% (6.00% PIK), Interest Rate 10.67%, Acquisition Date 12/31/2024, Maturity 12/31/20292026-06-300001784700ck0001784700:ConstructionAndEngineeringMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:PaveAmericaHoldingLLCMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700us-gaap:CommonStockMemberck0001784700:MidcoHoldingLLCMemberck0001784700:AutomobileComponentsMemberus-gaap:EquityMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company Zavation Medical Products, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.71%, Acquisition Date 7/22/2024, Maturity 6/30/20282025-12-310001784700ck0001784700:AdvancedInfusionSolutionsAcquisitionLLCMember2026-06-300001784700ck0001784700:ChampionElevatorOperatingCorporation1Member2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Marine Transportation, Company Horizon Freight Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.73%, Acquisition Date 8/22/2024, Maturity 8/22/20302026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company RFI Buyer, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.34%, Acquisition Date 8/5/2022, Maturity 8/5/20302025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company Distinct Holdings, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.39%, Acquisition Date 7/18/2024, Maturity 7/18/20292026-01-012026-06-300001784700ck0001784700:S2026Q3DividendsMemberus-gaap:SubsequentEventMember2026-08-060001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Pharmaceuticals, Company Leiters, Inc., Type of Investment Revolver, Acquisition Date 9/29/2023, Maturity 6/29/20282026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:CommercialServicesSuppliesMemberck0001784700:ISQHawkeyeHoldCoIncMemberck0001784700:DelayedDrawTermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:EquityMembersrt:MaximumMember2026-06-300001784700ck0001784700:ACPOakBuyerIncOneMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Containers & Packaging, Company Oliver Packaging, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 1.75% (4.25% PIK), Interest Rate 9.88%, Acquisition Date 7/6/2022, Maturity 7/6/2028 One2026-06-300001784700us-gaap:PreferredStockMemberck0001784700:MidcoHoldingLLCMemberck0001784700:AutomobileComponentsMemberus-gaap:EquityMember2026-06-300001784700ck0001784700:FoodProductsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700ck0001784700:LightspeedBuyerInc1Member2026-06-300001784700ck0001784700:HealthCareTechnologyMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:GHXUltimateParentCorporationMemberck0001784700:TermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Electronic Equipment, Instruments & Components, Company Alert SRC Newco LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.64%, Acquisition Date 12/11/2024, Maturity 12/11/20302026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company RFI Buyer, Inc. Type of Investment Delayed Draw Term Loan Reference Rate and Spread SOFR + 4.50% Interest Rate 8.26% Acquisition Date 8/5/2022 Maturity 8/5/20302026-01-012026-06-300001784700ck0001784700:VPSecurityBuyerInc1Member2026-06-300001784700ck0001784700:KLBroncoAcquisitionIncMember2026-06-300001784700ck0001784700:HealthfuseLLCMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company Express Wash Acquisition Company, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.25%, Interest Rate 9.92%, Acquisition Date 4/10/2025, Maturity 4/10/20312026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company iVision Buyer, LLC, Type of Investment Revolver, Acquisition Date 5/22/2026, Maturity 5/22/20312026-01-012026-06-300001784700us-gaap:FinancialServicesSectorMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ConveraInternationalHoldingsLimitedMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Eye Health America, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.42%, Acquisition Date 7/26/2022, Maturity 7/26/20282025-12-310001784700ck0001784700:HealthCareTechnologyMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Pharmaceuticals, Company NS and Associates LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.01%, Acquisition Date 9/9/2025, Maturity 8/6/20302025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Air Freight & Logistics, Company Horizon Freight Holdings, Inc., Type of Investment Revolver, Reference Rate and Spread PRIME + 4.00%, Interest Rate 10.75%, Acquisition Date 8/22/2024, Maturity 8/22/20302025-01-012025-12-310001784700ck0001784700:HlsgIntermediateLlcMember2025-12-310001784700ck0001784700:TradingCompaniesAndDistributorsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700ck0001784700:HealthCareTechnologyMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company MechanAir, LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 12/18/2025, Maturity 12/18/20312026-01-012026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:AutomobileComponentsMemberck0001784700:ArrowheadHoldcoCompanyMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Heartland Veterinary Partners LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.70%, Acquisition Date 6/2/2022, Maturity 6/10/20282026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company U.S. Urology Partners, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.23%, Acquisition Date 4/8/2025, Maturity 4/8/20322026-06-300001784700ck0001784700:ConstructionAndEngineeringMemberck0001784700:BGIFIVFearlessUtilityServicesIncMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company VG Target Holdings, LLC, Type of Investment Term Loan, Reference Rate and Spread PRIME + 4.50% (3.00% PIK), Interest Rate 16.25%, Acquisition Date 6/2/2022, Maturity 8/2/20272026-06-300001784700ck0001784700:PhiaPurchaserLLC1Member2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company ACP Oak Buyer, Inc., Type of Investment Revolver, Acquisition Date 6/12/2025, Maturity 5/16/20312025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company G-3 Mobility Buyer LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.17%, Acquisition Date 1/5/2026, Maturity 1/5/20322026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Allergy & Clinical MidCo, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.37%, Acquisition Date 1/29/2025, Maturity 1/29/2031 Two2026-01-012026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TwoThousandTwentyEightNotesInterestRateSwapMember2024-02-020001784700ck0001784700:AdministrationAgreementMember2026-04-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Insurance, Company Turbo Buyer, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.85%, Acquisition Date 11/26/2024, Maturity 6/2/20262025-01-012025-12-310001784700ck0001784700:SeniorDirectLendingProgramLLCMember2026-06-300001784700ck0001784700:MDIBuyerIncMember2025-12-310001784700us-gaap:FinancialServicesSectorMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ConveraInternationalHoldingsLimitedMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company Express Wash Acquisition Company, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.25%, Interest Rate 10.18%, Acquisition Date 4/10/2025, Maturity 4/10/20312025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company U.S. Urology Partners, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.23%, Acquisition Date 4/8/2025, Maturity 4/8/20322026-01-012026-06-300001784700ck0001784700:SeniorUnsecuredTwoThousandTwentyEightNotesMember2026-04-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company Xifin, Inc., Type of Investment Revolver, Acquisition Date 7/31/2025, Maturity 7/31/20312025-01-012025-12-310001784700ck0001784700:HealthCareEquipmentAndSuppliesMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:CommercialServicesSuppliesMemberck0001784700:PritchardIndustriesLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Pharmaceuticals, Company Leiters, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.25%, Interest Rate 8.02%, Acquisition Date 9/29/2023, Maturity 6/29/20282026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Source Holding Delaware, LLC Type of Investment Revolver Reference Rate and Spread SOFR + 4.75% Interest Rate 8.41% Acquisition Date 2/7/2025 Maturity 2/7/20312026-01-012026-06-300001784700us-gaap:InvestmentUnaffiliatedIssuerMember2026-01-012026-06-300001784700ck0001784700:HealthCareEquipmentAndSuppliesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Krayden Holdings, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.62%, Acquisition Date 3/1/2023, Maturity 3/1/20292026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company US Health Partners Management, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.73%, Acquisition Date 1/12/2024, Maturity 1/11/20302026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Advanced Web Technologies Holding Company, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.25% (2.25% PIK), Interest Rate 10.34%, Acquisition Date 10/18/2022, Maturity 12/17/20272025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company SGA Dental Partners Opco, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.34%, Acquisition Date 7/17/2024, Maturity 7/17/2029 One2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Consumer Staples Distribution & Retail, Company FS Squared Holding Corp., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.47%, Acquisition Date 12/23/2024, Maturity 12/23/2030 One2025-01-012025-12-310001784700ck0001784700:AdvancedWebTechnologiesHoldingCompany1Member2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Personal Care Products, Company Accupac, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 3.00% (6.00% PIK), Interest Rate 10.67%, Acquisition Date 12/31/2024, Maturity 12/31/20292025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Online Labels Group, LLC, Type of Investment Revolver, Acquisition Date 12/19/2023, Maturity 12/19/20292026-01-012026-06-300001784700ck0001784700:GMFParentIncMemberck0001784700:FoodProductsMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:DelayedDrawTermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Financial Services, Company TRX Buyer LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.65%, Acquisition Date 3/24/2026, Maturity 3/24/20322026-01-012026-06-300001784700ck0001784700:HubPenCompanyLlcMember2026-06-300001784700ck0001784700:ProfessionalServicesMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Electronic Equipment, Instruments & Components, Company Alert SRC Newco LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.84%, Acquisition Date 12/11/2024, Maturity 12/11/2030 One2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company Zep Holdco Inc, Type of Investment Revolver, Acquisition Date 6/30/2025, Maturity 6/30/20312025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Distributors, Company Big Bucks Acquisition Corporation, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.67%, Acquisition Date 9/29/2025, Maturity 9/29/20312025-01-012025-12-310001784700ck0001784700:AndrettiBuyerLLCMember2026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:HouseholdDurablesMemberck0001784700:LHSBORROWERLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700ck0001784700:NSAndAssociatesLLCMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company SGA Dental Partners Opco, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.34%, Acquisition Date 7/17/2024, Maturity 7/17/2029 One2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company RBS Buyer, Inc., Type of Investment Revolver, Acquisition Date 7/31/2025, Maturity 7/31/20312025-01-012025-12-310001784700ck0001784700:ChemicalsMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Easy Ice, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.06%, Acquisition Date 10/30/2024, Maturity 10/30/2030, One2026-06-300001784700ck0001784700:AdvancedWebTechnologiesHoldingCompany1Member2025-12-310001784700ck0001784700:ISQHawkeyeHoldCoIncMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Apex Dental Partners, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.66%, Acquisition Date 10/29/2024, Maturity 10/29/2030 One2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company LAV Gear Holdings, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 2.50% (3.44% PIK), Interest Rate 9.58%, Acquisition Date 7/31/2025, Maturity 7/31/20292026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company USN Opco, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.74%, Acquisition Date 3/26/2024, Maturity 12/21/20262025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company M&D Midco, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.82%, Acquisition Date 8/31/2022, Maturity 8/31/20282026-01-012026-06-300001784700ck0001784700:SMBCFacilityMemberus-gaap:LetterOfCreditMember2024-08-090001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company Distinct Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.42%, Acquisition Date 7/18/2024, Maturity 7/18/20292025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company OIS Management Services, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.48%, Acquisition Date 11/16/2022, Maturity 11/16/20282026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Allergy & Clinical MidCo, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.38%, Acquisition Date 1/29/2025, Maturity 1/29/20312026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:HotelsRestaurantsLeisureMemberck0001784700:TriwizardHoldingsIncMemberck0001784700:DelayedDrawTermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company JTM Foods LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.13%, Acquisition Date 4/14/2023, Maturity 5/14/20292026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company HLSG Intermediate, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.08%, Acquisition Date 10/6/2023, Maturity 3/31/20292025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company Empower Benefits Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.73%, Acquisition Date 6/30/2026, Maturity 6/30/20332026-01-012026-06-300001784700ck0001784700:ZincBuyerCorporationMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:CommercialServicesSuppliesMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700ck0001784700:USNOpcoLLCMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company SunMed Group Holdings, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.41%, Acquisition Date 11/22/2024, Maturity 6/16/20282026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company Distinct Holdings, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.46%, Acquisition Date 7/18/2024, Maturity 7/18/20292025-12-310001784700ck0001784700:BebrightMsoLlc1Member2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company North Haven USHC Acquisition, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.02%, Acquisition Date 6/2/2022, Maturity 10/29/20272025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:DrogonBidcoIncMemberck0001784700:CommercialServicesSuppliesMemberck0001784700:DelayedDrawTermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Advanced Web Technologies Holding Company, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.25% (2.25% PIK), Interest Rate 10.24%, Acquisition Date 7/2/2024, Maturity 12/17/20272026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Distributors, Company Iron Pillar United Mining Group, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.15%, Acquisition Date 5/14/2026, Maturity 5/14/20322026-06-300001784700ck0001784700:MidcoHoldingLLCMemberus-gaap:PreferredStockMemberck0001784700:AutomobileComponentsMemberus-gaap:EquityMember2025-12-310001784700us-gaap:AdditionalPaidInCapitalMember2025-01-012025-06-300001784700ck0001784700:HealthCareProvidersServicesMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:PremiseHealthHoldingCorpMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company Race Winning Brands, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR +1.00% (5.50%PIK), Interest Rate 10.38%, Acquisition Date 6/2/2022, Maturity 5/16/20292025-01-012025-12-310001784700ck0001784700:DiversifiedTelecommunicationServicesMember2026-06-300001784700us-gaap:FairValueMeasurementsRecurringMember2026-06-300001784700srt:MinimumMemberck0001784700:Rule309Member2026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:AppleBidcoHoldingsIncMemberck0001784700:TermLoanMemberck0001784700:SoftwareMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company VG Target Holdings, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50% (0.50% PIK), Interest Rate 11.75%, Acquisition Date 6/2/2022, Maturity 8/2/20272026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Titan Group Holdco, LLC Type of Investment Term Loan Reference Rate and Spread SOFR + 4.75% Interest Rate 8.48% Acquisition Date 8/22/2024 Maturity 8/13/20292026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Easy Ice, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.24%, Acquisition Date 10/30/2024, Maturity 10/30/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Hotels, Restaurants & Leisure, Company Taymax Group, L.P., Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.82%, Acquisition Date 12/13/2022, Maturity 7/30/20272025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Easy Ice, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.09%, Acquisition Date 10/30/2024, Maturity 10/30/20302025-01-012025-12-310001784700us-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:PharmaceuticalsMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700ck0001784700:GroundTransportationMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Online Labels Group, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 12/19/2023, Maturity 12/19/20292025-01-012025-12-310001784700ck0001784700:EnergyEquipmentAndServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700ck0001784700:SoftwareMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company RFI Buyer, Inc. Type of Investment Revolver Reference Rate and Spread PRIME + 3.50% Interest Rate 10.25% Acquisition Date 5/8/2022 Maturity 5/8/20302026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Personal Care Products, Company BPC Holding III Corp., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.02%, Acquisition Date 6/2/2022, Maturity 7/28/2026 One2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company ORG USME Buyer, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.56%, Acquisition Date 6/21/2022, Maturity 5/24/20292026-01-012026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:AutomobileComponentsMemberck0001784700:ArrowheadHoldcoCompanyMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company RBS Buyer, Inc., Type of Investment Delayed Draw Term Loan, Acquisition Date 7/31/2025, Maturity 7/31/20312026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company ACP Oak Buyer, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.60%, Acquisition Date 6/12/2025, Maturity 5/16/20312025-12-310001784700ck0001784700:JuneTwoTwentyTwentyTwoMember2026-06-3000017847002025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Construction & Engineering, Company HTI Intermediate, LLC, Type of Investment Revolver, Reference Rate and Spread PRIME + 4.00%, Interest Rate 10.75%, Acquisition Date 3/1/2024, Maturity 3/1/20302025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Easy Ice, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.65%, Acquisition Date 3/24/2026, Maturity 3/24/2032, One2026-01-012026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:InsuranceMemberck0001784700:SageSureHoldingsLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700ck0001784700:PillrHealthIntermediateIILLCMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company SGA Dental Partners Opco, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.38%, Acquisition Date 7/17/2024, Maturity 7/17/20292025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company U.S. Urology Partners, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.16%, Acquisition Date 4/8/2025, Maturity 4/8/20322026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company USN Opco, LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 11/15/2024, Maturity 12/21/20262025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Easy Ice, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.07%, Acquisition Date 10/30/2024, Maturity 10/30/20302026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company M&D Midco, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.82%, Acquisition Date 8/31/2022, Maturity 8/31/20282026-06-300001784700us-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:HotelsRestaurantsAndLeisureMemberus-gaap:EquitySecuritiesMember2026-06-300001784700us-gaap:FinancialServicesSectorMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:TigerHoldcoLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700ck0001784700:ConstructionAndEngineeringMemberck0001784700:DelayedDrawTermLoanThreeMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ValcourtHoldingsIILLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:AutomobileComponentsMemberck0001784700:ArrowheadHoldcoCompanyMemberck0001784700:DelayedDrawTermLoanTwoMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company OIS Management Services, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.59%, Acquisition Date 8/21/2024, Maturity 11/16/20282025-12-310001784700Non-Controlled/Non-Affiliated Investments, Equity, Industry Health Care Technology, Company BRG Group Holdings, LLC, Type of Investment Class A Units2025-12-310001784700ck0001784700:TechmerBBBidcoLLCMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Life Sciences Tools & Services, Company KL Charlie Acquisition Company, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 8.99%, Acquisition Date 11/26/2024, Maturity 12/30/20292026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Source Holding Delaware, LLC Type of Investment Revolver 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Acquisition Date 6/29/2026, Maturity 8/20/20312026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company United Musculoskeletal Partners Acquisition Holdings, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.63%, Acquisition Date 7/15/2022, Maturity 7/15/20282025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company Distinct Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.42%, Acquisition Date 7/18/2024, Maturity 7/18/20292025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company Zavation Medical Products, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.48%, Acquisition Date 6/2/2022, Maturity 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Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company VP Security Buyer, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.68%, Acquisition Date 10/10/2025, Maturity 10/10/20312025-12-310001784700us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Apex Dental Partners, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.66%, Acquisition Date 10/29/2024, Maturity 10/29/2030 One2026-06-300001784700us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001784700ck0001784700:FrontingLetterAgreementMembersrt:MaximumMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Personal Care Products, Company Accupac, LLC, Type of 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Financial Services, Company RWA Wealth Partners, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.63%, Acquisition Date 11/15/2024, Maturity 11/15/20302025-01-012025-12-310001784700us-gaap:DelayedDrawTermLoanMemberck0001784700:CapitalMarketsMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:LidoAdvisorsLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Financial Services, Company RWA Wealth Partners, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.39%, Acquisition Date 11/15/2024, Maturity 11/15/20302026-06-300001784700ck0001784700:ReliableMedicalSupplyAcquisitioncoLLC1Member2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company UHY Advisors, Inc., Type 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Reference Rate and Spread SOFR + 1.75% (4.25% PIK), Interest Rate 9.88%, Acquisition Date 7/6/2022, Maturity 7/6/2028 One2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company Healthfuse, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.68%, Acquisition Date 1/10/2025, Maturity 1/10/2031 One2025-01-012025-12-310001784700ck0001784700:TWHBidcoLLCMember2025-12-310001784700ck0001784700:VCCCLOLLCMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company Empower Benefits Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.73%, Acquisition Date 6/30/2026, Maturity 6/30/20332026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company USN Opco, LLC, Type of Investment Revolver, Acquisition Date 4/29/2026, Maturity 5/31/20302026-06-300001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:HighStreetBuyerIncMemberck0001784700:InsuranceMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700ck0001784700:ElectronicEquipmentInstrumentsAndComponentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company AAMP Global Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.52%, Acquisition Date 6/2/2022, Maturity 11/5/20262025-01-012025-12-310001784700srt:MinimumMemberck0001784700:AffiliatedInvestmentsMember2026-06-300001784700ck0001784700:Gen4DentalPartnersOpcoLlc1Member2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Software, Company Project Leopard Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.19%, Acquisition Date 8/12/2022, Maturity 7/20/20292025-12-310001784700ck0001784700:DiversifiedTelecommunicationServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700srt:DirectorMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Krayden Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 8/30/2024, Maturity 3/1/20292025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company LAV Gear Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 2.50% (3.44% PIK), Interest Rate 6.22%, Acquisition Date 7/31/2025, Maturity 7/31/2029 Two2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Financial Services, Company TRX Buyer LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.65%, Acquisition Date 3/24/2026, Maturity 3/24/20322026-06-300001784700ck0001784700:CPLConsultantsLLCMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Equity, Industry Commercial Services & Supplies, Company Chimney Rock 3G Co-Invest, Type of Investment Equity Co-Invest2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company OIS Management Services, LLC, Type of Investment Revolver, Acquisition Date 11/16/2022, Maturity 11/16/20282026-01-012026-06-300001784700ck0001784700:ApexDentalPartnersLLCMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company United Musculoskeletal Partners Acquisition Holdings, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.41%, Acquisition Date 7/15/2022, Maturity 7/15/2028 One2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Krayden Holdings, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 3/1/2023, Maturity 3/1/20292025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Eye Health America, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.74%, Acquisition Date 7/26/2022, Maturity 7/26/20282026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company RBS Buyer, Inc. Type of Investment Term Loan Reference Rate and Spread SOFR + 4.75% Interest Rate 8.41% Acquisition Date 1/29/2026 Maturity 7/31/20312026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company Distinct Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.48%, Acquisition Date 7/18/2024, Maturity 7/18/20292026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Financial Services, Company RWA Wealth Partners, LLC, Type of Investment Revolver, Acquisition Date 11/15/2024, Maturity 11/15/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company DRML Holdings LLC, Type of Investment Revolver, Acquisition Date 3/14/2025, Maturity 3/14/20312025-01-012025-12-310001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ElectronicEquipmentInstrumentsAndComponentsMemberck0001784700:EISLegacyHoldcoLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Insurance, Company Turbo Buyer, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.85%, Acquisition Date 11/26/2024, Maturity 6/2/20262025-01-012025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:AppleBidcoHoldingsIncMemberck0001784700:SoftwareMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company DRML Holdings LLC, Type of Investment Revolver, Acquisition Date 3/14/2025, Maturity 3/14/20312026-06-300001784700ck0001784700:DistributorsMember2025-12-310001784700ck0001784700:MechanAirLLCMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Personal Care Products, Company Accupac, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 3.00% (6.00% PIK), Interest Rate 10.67%, Acquisition Date 12/31/2024, Maturity 12/31/20292025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Allergy & Clinical MidCo, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.95%, Acquisition Date 1/29/2025, Maturity 1/29/20312025-01-012025-12-310001784700ck0001784700:ClassCNotes1Memberck0001784700:VCCCLOLLCMembersrt:StandardPoorsARatingMember2024-11-262024-11-260001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company Lightspeed Buyer, Inc., Type of Investment Revolver, Acquisition Date 12/2/2024, Maturity 2/3/20272025-01-012025-12-310001784700ck0001784700:DiversifiedConsumerServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700ck0001784700:ConstructionAndEngineeringMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:GroundPenetratingRadarSystemsLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Life Sciences Tools & Services, Company KL Charlie Acquisition Company, Type of Investment Revolver, Acquisition Date 9/5/2023, Maturity 12/30/20262025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company MechanAir, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.63%, Acquisition Date 12/18/2025, Maturity 12/18/20312025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company Basin Innovation Group, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.36%, Acquisition Date 12/6/2024, Maturity 12/6/20302026-01-012026-06-300001784700us-gaap:FairValueMeasurementsRecurringMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company JTM Foods LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.07%, Acquisition Date 4/14/2025, Maturity 5/14/20292025-12-310001784700us-gaap:DelayedDrawTermLoanMemberck0001784700:CapitalMarketsMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:LidoAdvisorsLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Hotels, Restaurants & Leisure, Company Triwizard Holdings, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.66%, Acquisition Date 6/29/2026, Maturity 6/29/20292026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:HotelsRestaurantsLeisureMemberck0001784700:TriwizardHoldingsIncMemberck0001784700:DelayedDrawTermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company TheKey, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00% (1.00% PIK), Interest Rate 8.92%, Acquisition Date 6/2/2022, Maturity 9/30/20272025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company North Haven USHC Acquisition, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.08%, Acquisition Date 6/2/2022, Maturity 10/29/20272026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Apex Dental Partners, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.66%, Acquisition Date 10/29/2024, Maturity 10/29/20302026-01-012026-06-300001784700us-gaap:FairValueInputsLevel3Member2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company Techmer BB Bidco, LLC, Type of Investment Term Loan, Acquisition Date 11/3/2025, Maturity 9/1/20302026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Bebright MSO, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.48%, Acquisition Date 6/3/2024, Maturity 6/3/20302026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Ground Transportation, Company A&R Logistics Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 2.50% (4.25% PIK), Interest Rate 10.89%, Acquisition Date 6/2/2022, Maturity 2/3/2028 One2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company MWD Management, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.57%, Acquisition Date 6/15/2022, Maturity 6/15/20272025-12-310001784700ck0001784700:TitanGroupHoldcoLlc2Member2025-12-310001784700ck0001784700:VTCBuyerCorpMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company VP Security Buyer, Inc. Type of Investment Delayed Draw Term Loan Reference Rate and Spread SOFR + 4.75% Interest Rate 8.42% Acquisition Date 10/10/2025 Maturity 10/10/20312026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company NBPT Acquisition LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.99%, Acquisition Date 3/3/2025, Maturity 3/3/20302025-01-012025-12-310001784700ck0001784700:ReliableMedicalSupplyAcquisitioncoLLCMember2026-06-300001784700ck0001784700:JSGIIIncAndCheckersUSAIncJHCAcquisitionCorpMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMemberck0001784700:MachineryMember2026-06-300001784700ck0001784700:HouseholdProductsMemberck0001784700:WalnutParentIncMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company CPL Consultants, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.25%, Interest Rate 7.91%, Acquisition Date 2/17/2026, Maturity 2/17/20322026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company CPL Consultants, LLC, Type of Investment Revolver, Acquisition Date 2/17/2026, Maturity 2/17/20322026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Personal Care Products, Company Accupac, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 3.00% + (6.00% PIK), Interest Rate 10.67%, Acquisition Date 12/31/2024, Maturity 12/31/2029 One2026-06-300001784700ck0001784700:BRGAcquisitionCoLLCMember2026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:AerospaceDefenseMemberck0001784700:BlueRavenSolutionsLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700ck0001784700:InvestmentAdvisoryAgreementMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Phia Purchaser, LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 12/1/2025, Maturity 12/1/20322025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company MDI Buyer, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Acquisition Date 1/16/2025, Maturity 7/25/20282025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company Castleworks Home Services Company, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50% (2.00% PIK), Interest Rate 9.34%, Acquisition Date 6/28/2023, Maturity 6/29/2028 One2025-01-012025-12-310001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ArtivionIncMemberck0001784700:HealthCareEquipmentAndSuppliesMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company Castleworks Home Services, Company Type of Investment Revolver, Reference Rate and Spread SOFR + 5.50% (2.00% PIK), Interest Rate 11.38%, Acquisition Date 6/29/2022, Maturity 6/29/20282026-06-300001784700us-gaap:FinancialServicesSectorMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ConveraInternationalHoldingsLimitedMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Distributors, Company POY Holdings, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.32%, Acquisition Date 11/26/2024, Maturity 11/16/2027 One2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Consumer Staples Distribution & Retail, Company FS Squared Holding Corp., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.39%, Acquisition Date 12/23/2024, Maturity 12/23/20302026-01-012026-06-300001784700ck0001784700:ClassA2LoansMemberck0001784700:VCCCLOLLCMembersrt:StandardPoorsAAARatingMember2024-11-262024-11-260001784700ck0001784700:FSSquaredHoldingCorpMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ConsumerStaplesDistributionRetailMemberck0001784700:DelayedDrawTermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700ck0001784700:AerospaceDefenseMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company MWD Management, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.83%, Acquisition Date 6/15/2022, Maturity 6/15/20272026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company Pillr Health Intermediate II, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.48%, Acquisition Date 12/31/2025, Maturity 12/31/20312026-06-300001784700Non-Controlled/Non-Affiliated Investments, Equity, Industry Containers & Packaging, Company Oliver Investors, LP, Type of Investment Class D Units2026-06-300001784700us-gaap:FinancialServicesSectorMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ConveraInternationalHoldingsLimitedMemberck0001784700:TermLoanTwoMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:HotelsRestaurantsLeisureMemberck0001784700:TriwizardHoldingsIncMemberck0001784700:DelayedDrawTermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:EquityMember2026-06-300001784700ck0001784700:HotelsRestaurantsLeisureMember2025-12-310001784700us-gaap:FairValueInputsLevel3Memberck0001784700:RecentTransactionMemberck0001784700:SeniorSecuredFirstLienTermLoansMemberck0001784700:TransactionPriceMembersrt:MaximumMember2026-06-300001784700ck0001784700:GMFParentIncMemberck0001784700:LimitedPartnershipMemberck0001784700:ConsumerStaplesDistributionRetailMemberus-gaap:EquityMember2026-06-300001784700us-gaap:FairValueMeasurementsRecurringMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Textiles, Apparel & Luxury Goods, Company National Safety Apparel LLC National Safety Apparel LLC (fka BPCP NSA Intermedco, Inc.), Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 11/26/2024, Maturity 5/17/20302025-01-012025-12-310001784700ck0001784700:ChemicalsMember2025-12-310001784700us-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700us-gaap:FinancialServicesSectorMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TheUltimusGroupMidcoLLCMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:CommercialServicesSuppliesMemberck0001784700:PritchardIndustriesLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700us-gaap:FairValueInputsLevel3Memberck0001784700:SeniorSecuredFirstLienTermLoansMemberck0001784700:RecoveryRateMemberck0001784700:RecoveryAnalysisMember2026-06-300001784700ck0001784700:NBPTAcquisitionLLC1Member2025-12-310001784700us-gaap:CommonStockMember2025-03-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Containers & Packaging, Company Oliver Packaging, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 1.75% (4.25% PIK), Interest Rate 9.88%, Acquisition Date 7/6/2022, Maturity 7/6/20282026-01-012026-06-300001784700ck0001784700:PCIASPV-3LLCMemberus-gaap:DelayedDrawTermLoanMemberck0001784700:CapitalMarketsMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company MechanAir, LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 12/18/2025, Maturity 12/18/20312026-06-300001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:MeritSoftwareFinanceHoldingsLLCMemberck0001784700:SoftwareMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700ck0001784700:IVisionBuyerLLCMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company SGA Dental Partners Opco, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.35%, Acquisition Date 7/17/2024, Maturity 7/17/20292025-12-310001784700ck0001784700:ConstructionAndEngineeringMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ValcourtHoldingsIILLCMemberck0001784700:DelayedDrawTermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Financial Services, Company RWA Wealth Partners, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.39%, Acquisition Date 11/15/2024, Maturity 11/15/20302026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company CPL Consultants, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.25%, Interest Rate 7.91%, Acquisition Date 2/17/2026, Maturity 2/17/20322026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company Pillr Health Intermediate II, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.39%, Acquisition Date 12/31/2025, Maturity 12/31/20312026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Source Holding Delaware, LLC Type of Investment Revolver Reference Rate and Spread SOFR + 4.75% Interest Rate 8.40% Acquisition Date 2/7/2025 Maturity 2/7/20312026-06-300001784700us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2026-06-300001784700ck0001784700:HouseholdDurablesMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700ck0001784700:MESIntermediateIncMember2025-12-310001784700ck0001784700:FSSquaredHoldingCorp2Member2026-06-300001784700ck0001784700:UsscHoldingCorpMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company United Musculoskeletal Partners Acquisition Holdings, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.42%, Acquisition Date 7/15/2022, Maturity 7/15/20282026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company Zavation Medical Products, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.52%, Acquisition Date 6/2/2022, Maturity 6/30/20282025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company RBS Buyer, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.84%, Acquisition Date 7/31/2025, Maturity 7/31/20312025-01-012025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TitanBWBorrowerLPMemberck0001784700:TermLoanMemberck0001784700:AerospaceDefenseMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:CommercialServicesSuppliesMemberck0001784700:ISQHawkeyeHoldCoIncMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company U.S. Urology Partners, LLC, Type of Investment Revolver, Acquisition Date 4/8/2025, Maturity 4/8/20322025-12-310001784700ck0001784700:ConstructionAndEngineeringMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700srt:BoardOfDirectorsChairmanMember2022-03-082022-03-080001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company MWD Management, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.83%, Acquisition Date 6/15/2022, Maturity 6/15/20272026-01-012026-06-300001784700ck0001784700:EyeHealthAmericaLLCMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company RFI Buyer, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.42%, Acquisition Date 8/29/2025, Maturity 8/5/20302025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company Boulder Scientific Company, LLC, Type of Investment Revolver, Acquisition Date 1/7/2025, Maturity 12/31/20272026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company Lightspeed Buyer, Inc., Type of Investment Revolver, Acquisition Date 12/2/2024, Maturity 2/3/20272025-12-310001784700ck0001784700:HealthCareTechnologyMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:SurescriptsLLCMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700ck0001784700:ZepHoldcoIncMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company EPTAM Plastics, Ltd., Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.82%, Acquisition Date 9/16/2022, Maturity 12/6/20272026-01-012026-06-300001784700ck0001784700:ClassA2LoansMemberck0001784700:VCCCLOLLCMembersrt:StandardPoorsAAARatingMember2024-11-260001784700us-gaap:FairValueInputsLevel3Memberck0001784700:RecentTransactionMemberck0001784700:TransactionPriceMembersrt:MaximumMemberus-gaap:EquityMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company MDI Buyer, Inc., Type of Investment Revolver, Reference Rate and Spread PRIME + 3.75%, Interest Rate 10.50%, Acquisition Date 8/5/2022, Maturity 7/25/20282026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company Pillr Health Intermediate II, LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 12/31/2025, Maturity 12/31/20312025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company Castleworks Home Services Company, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50% (2.00% PIK), Interest Rate 9.34%, Acquisition Date 6/28/2023, Maturity 6/29/20282025-01-012025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:DrogonBidcoIncMemberck0001784700:CommercialServicesSuppliesMemberck0001784700:DelayedDrawTermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700ck0001784700:RadwellParentLLCMemberus-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:DistributorsMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Allergy & Clinical MidCo, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.37%, Acquisition Date 1/29/2025, Maturity 1/29/2031 One2026-06-300001784700us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberck0001784700:SeniorSecuredFirstLienTermLoansMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company MES Intermediate, Inc. (fka Municipal Emergency Services, Inc.), Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.62%, Acquisition Date 11/21/2025, Maturity 10/1/20272025-01-012025-12-310001784700us-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Software, Company TCP Hawker Intermediate LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.73%, Acquisition Date 11/26/2024, Maturity 8/30/20292026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company MWD Management, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.83%, Acquisition Date 6/15/2022, Maturity 6/15/20272026-01-012026-06-300001784700ck0001784700:LightspeedBuyerIncMember2026-06-300001784700us-gaap:FinancialServicesSectorMemberus-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TigerHoldcoLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700ck0001784700:VCCCLOLLCMember2026-04-012026-06-300001784700us-gaap:CommonStockMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company LAV Gear Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 2.50% (3.44% PIK), Interest Rate 6.22%, Acquisition Date 7/31/2025, Maturity 7/31/2029 Three2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company JTM Foods LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.06%, Acquisition Date 9/28/2022, Maturity 5/14/20292026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Specialized Dental Holdings II, LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 10/30/2025, Maturity 11/1/20282025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company UHY Advisors, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.57%, Acquisition Date 11/22/2024, Maturity 11/21/20312025-12-310001784700srt:MaximumMemberck0001784700:AffiliatedInvestmentsMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Source Holding Delaware, LLC Type of Investment Delayed Draw Term Loan Reference Rate and Spread SOFR + 4.75% Interest Rate 8.41% Acquisition Date 2/7/2025 Maturity 2/7/20312026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company VG Target Holdings, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50% (0.50% PIK), Interest Rate 11.76%, Acquisition Date 6/2/2022, Maturity 8/2/20272026-01-012026-06-300001784700ck0001784700:AdviserAndAffiliatesExecutivesAndEmployeesOfAdviserAndOfficersAndDirectorsMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company Express Wash Acquisition Company, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.25%, Interest Rate 10.18%, Acquisition Date 4/10/2025, Maturity 4/10/2031 One2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Textiles, Apparel & Luxury Goods, Company National Safety Apparel LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.39%, Acquisition Date 5/17/2024, Maturity 5/17/20302026-06-300001784700ck0001784700:ManInvestmentsIncMemberck0001784700:PlacementAgentAgreementMember2026-01-012026-06-300001784700ck0001784700:SMBCFacilityMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company NBPT Acquisition LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.73%, Acquisition Date 3/3/2025, Maturity 3/3/20302025-12-310001784700ck0001784700:PCIASPV-3LLCMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:CapitalMarketsMemberck0001784700:DelayedDrawTermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company Distinct Holdings, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 5.75%, Interest Rate 5.75%, Acquisition Date 7/18/2024, Maturity 7/18/20292026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Champion Elevator Operating Corporation., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.41%, Acquisition Date 5/29/2026, Maturity 5/28/20322026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company USN Opco, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.74%, Acquisition Date 11/15/2024, Maturity 12/21/20262025-12-310001784700us-gaap:BaseRateMembersrt:MinimumMemberck0001784700:SMBCFacilityMember2024-08-090001784700ck0001784700:BoulderScientificCompanyLLCMember2026-06-300001784700ck0001784700:GIntermediateInc1Member2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Construction & Engineering, Company 360 Partners, LLC, Type of Investment Revolver, Acquisition Date 8/7/2025, Maturity 8/7/20312025-12-3100017847002025-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company VP Security Buyer, Inc. Type of Investment Delayed Draw Term Loan Reference Rate and Spread SOFR + 4.75% Interest Rate 8.42% Acquisition Date 10/10/2025 Maturity 10/10/20312026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Distributors, Company United Scope LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.97%, Acquisition Date 6/2/2022, Maturity 12/31/2026 One2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Online Labels Group, LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 12/19/2023, Maturity 12/19/20292025-12-310001784700ck0001784700:ElectronicEquipmentInstrumentsAndComponentsMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company ADPD Holdings LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 6.00%, Interest Rate 10.01%, Acquisition Date 8/16/2022, Maturity 8/16/20282025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Titan Group Holdco, LLC Type of Investment Revolver, Acquisition Date 8/22/2024 Maturity 8/13/20292026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Easy Ice, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.22%, Acquisition Date 10/30/2024, Maturity 10/30/2030 One2025-01-012025-12-310001784700ck0001784700:HouseholdProductsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700ck0001784700:HealthCareProvidersServicesMemberus-gaap:DelayedDrawTermLoanMemberck0001784700:VictorsPurchaserLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001784700:MarketMultipleMemberus-gaap:EquityMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Bebright MSO, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.42%, Acquisition Date 6/3/2024, Maturity 6/3/20302025-01-012025-12-310001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:CommercialServicesSuppliesMemberck0001784700:PritchardIndustriesLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Krayden Holdings, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.48%, Acquisition Date 3/1/2023, Maturity 3/1/20292026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company USN Opco, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.74%, Acquisition Date 11/15/2024, Maturity 12/21/20262025-01-012025-12-310001784700ck0001784700:QuarterlyElevenMember2026-01-012026-06-300001784700ck0001784700:BigBucksAcquisitionCorporationMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Software, Company Project Leopard Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.01%, Acquisition Date 8/12/2022, Maturity 7/20/20292026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Ground Transportation, Company VTC Buyer Corp., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 8.92%, Acquisition Date 7/15/2025, Maturity 7/15/2031 One2026-01-012026-06-300001784700us-gaap:FinancialServicesSectorMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700us-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:MachineryMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company EPTAM Plastics, Ltd., Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.85%, Acquisition Date 9/16/2022, Maturity 12/6/20272025-01-012025-12-310001784700us-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:DistributorsMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Bebright MSO, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.42%, Acquisition Date 6/3/2024, Maturity 6/3/20302025-12-310001784700ck0001784700:FoodProductsMemberus-gaap:CommonStockMemberck0001784700:MannaProProductsLLCMemberus-gaap:EquityMember2026-06-300001784700us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:EquityMember2026-06-300001784700us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company Sentinel Technologies, Inc, Type of Investment Revolver, Acquisition Date 11/3/2025, Maturity 11/3/202312025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Construction & Engineering, Company HTI Intermediate, LLC, Type of Investment Revolver, Reference Rate and Spread PRIME + 4.00%, Interest Rate 10.75%, Acquisition Date 3/1/2024, Maturity 3/1/20302026-06-300001784700us-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:PersonalCareProductsMemberus-gaap:EquitySecuritiesMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Titan Group Holdco, LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 8/22/2024, Maturity 8/13/2029 One2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company NBPT Acquisition LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.99%, Acquisition Date 3/3/2025, Maturity 3/3/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company Zavation Medical Products, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.73%, Acquisition Date 7/22/2024, Maturity 6/30/20282025-12-310001784700ck0001784700:AllergyClinicalMidCoLLC1Member2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company AAMP Global Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.52%, Acquisition Date 6/2/2022, Maturity 11/5/2026 One2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company Techmer BB Bidco, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.25%, Interest Rate 8.95%, Acquisition Date 9/1/2022, Maturity 9/1/20302025-12-310001784700ck0001784700:BRGAcquisitionCoLLCMember2025-12-310001784700ck0001784700:TechmerBBBidcoLLCMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company EPTAM Plastics, Ltd., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.32%, Acquisition Date 6/2/2022, Maturity 12/6/2027 Two2025-01-012025-12-310001784700ck0001784700:RBSBuyerIncMember2026-06-300001784700ck0001784700:UsHealthPartnersManagementLlcMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Eventus Buyer, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.17%, Acquisition Date 11/1/2024, Maturity 11/1/20302026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ChemicalsMemberck0001784700:SeproHoldingsLlcMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Krayden Holdings, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 3/1/2023, Maturity 3/1/20292025-01-012025-12-310001784700us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMember2025-03-310001784700ck0001784700:FSSquaredHoldingCorpMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ConsumerStaplesDistributionRetailMemberck0001784700:DelayedDrawTermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company Andretti Buyer, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.23%, Acquisition Date 1/30/2026, Maturity 1/28/20332026-06-300001784700us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Life Sciences Tools & Services, Company KL Charlie Acquisition Company, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 8.99%, Acquisition Date 3/17/2023, Maturity 12/30/20292026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Software, Company QM Buyer, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 12/6/2024, Maturity 12/6/20302025-01-012025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:HighStreetBuyerIncMemberck0001784700:TermLoanMemberck0001784700:InsuranceMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Construction & Engineering, Company 360 Partners, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.37%, Acquisition Date 8/7/2025, Maturity 8/7/20312025-12-310001784700ck0001784700:HealthCareTechnologyMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:SurescriptsLLCMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company ACP Oak Buyer, Inc., Type of Investment Revolver, Acquisition Date 6/12/2025, Maturity 5/16/20312025-01-012025-12-310001784700ck0001784700:QuarterlyTenMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Financial Services, Company RWA Wealth Partners, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 11/15/2024, Maturity 11/15/20302025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry 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Type of Investment Delayed Draw Term Loan Reference Rate and Spread SOFR + 4.50% Interest Rate 8.25% Acquisition Date 8/29/2025 Maturity 8/5/20302026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Financial Services, Company RWA Wealth Partners, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.68%, Acquisition Date 11/15/2024, Maturity 11/15/20302025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company MWD Management, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.57%, Acquisition Date 6/15/2022, Maturity 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Rate 8.47%, Acquisition Date 12/2/2024, Maturity 2/3/20272025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company Pillr Health Intermediate II, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.40%, Acquisition Date 12/31/2025, Maturity 12/31/20312026-01-012026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:AutomobileComponentsMemberck0001784700:ArrowheadHoldcoCompanyMemberck0001784700:DelayedDrawTermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700ck0001784700:FollowingPublicListingMemberck0001784700:InvestmentAdvisoryAgreementMember2024-06-122024-06-120001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:HotelsRestaurantsLeisureMemberck0001784700:InvitedIncMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Phia Purchaser, LLC, Type of Investment Revolver, Acquisition Date 12/1/2025, Maturity 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Type of Investment Term Loan Reference Rate and Spread SOFR + 4.50% Interest Rate 8.27% Acquisition Date 12/2/2024 Maturity 8/5/20302026-01-012026-06-300001784700us-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:HotelsRestaurantsAndLeisureMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Pharmaceuticals, Company NS and Associates LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.07%, Acquisition Date 9/9/2025, Maturity 8/6/20302025-01-012025-12-310001784700ck0001784700:MDIBuyerInc1Member2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Personal Care Products, Company KL Bronco Acquisition, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.77%, Acquisition Date 6/30/2022, Maturity 6/30/20302026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company 42 North Dental, LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 2/9/2026, Maturity 2/9/20312026-06-300001784700us-gaap:FinancialServicesSectorMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TheUltimusGroupMidcoLLCMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company Amplify Buyer, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 9/17/2025, Maturity 9/17/20322025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Source Holding Delaware, LLC Type of Investment Term Loan Reference Rate and Spread SOFR + 4.75% Interest Rate 8.40% Acquisition Date 2/7/2025 Maturity 2/7/20312026-06-300001784700ck0001784700:GMFParentIncMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:ConsumerStaplesDistributionRetailMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700ck0001784700:BigBucksAcquisitionCorporationMember2025-12-310001784700ck0001784700:DiversifiedConsumerServicesMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:LHSBORROWERLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700ck0001784700:UHYAdvisorsInc1Member2026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:HighStreetBuyerIncMemberck0001784700:InsuranceMemberck0001784700:DelayedDrawTermLoanFourMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Equity, Industry Automobile Components, Company M&D Parent Holdings, LLC, Type of Investment Class B Units2026-06-300001784700ck0001784700:FoodProductsMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:MannaProProductsLLCMemberck0001784700:TermLoanTwoMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700ck0001784700:BoulderScientificCompanyLLCMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company USN Opco, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.49%, Acquisition Date 6/9/2022, Maturity 12/21/20262025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company Lightspeed Buyer, Inc., Type of Investment Delayed Draw Term Loan, Acquisition Date 2/6/2026, Maturity 2/6/20322026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company RFI Buyer, Inc. Type of Investment Delayed Draw Term Loan Reference Rate and Spread SOFR + 4.50% Interest Rate 8.33% Acquisition Date 8/29/2025 Maturity 8/5/20302026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company ADPD Holdings LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 1.00% (5.00% PIK) |, Interest Rate 9.88%, Acquisition Date 8/16/2022, Maturity 8/16/20282026-01-012026-06-300001784700ck0001784700:LeadIndependentDirectorMember2022-03-082022-03-080001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company Zavation Medical Products, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.48%, Acquisition Date 6/2/2022, Maturity 6/30/20292026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Construction & Engineering, Company HTI Intermediate, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.66%, Acquisition Date 3/1/2024, Maturity 3/1/20302026-01-012026-06-300001784700ck0001784700:SpecialEightMember2026-01-012026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:CoritySoftwareIncMemberck0001784700:TermLoanMemberck0001784700:SoftwareMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:VictorsPurchaserLLCMemberck0001784700:ITServicesMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Heartland Veterinary Partners LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.80%, Acquisition 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Loans, Industry Automobile Components, Company M&D Midco, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.97%, Acquisition Date 8/31/2022, Maturity 8/31/20282025-01-012025-12-310001784700us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Personal Care Products, Company KL Bronco Acquisition, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.76%, Acquisition Date 6/30/2022, Maturity 6/30/20302026-01-012026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:GooseBorrowerLPMemberck0001784700:TermLoanMemberck0001784700:SoftwareMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Telecommunication 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12/17/20272026-06-300001784700ck0001784700:HouseholdProductsMemberck0001784700:WalnutParentIncMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanTwoMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700ck0001784700:ThreeHundredSixtyPartnersLLC1Member2026-06-300001784700ck0001784700:TRXBuyerLLC1Member2025-12-310001784700us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberck0001784700:SeniorSecuredFirstLienTermLoansMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Advanced Web Technologies Holding Company, Type of Investment Revolver, Acquisition Date 7/2/2024, Maturity 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One2025-01-012025-12-310001784700ck0001784700:FoodProductsMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700ck0001784700:KlCharlieAcquisitionCompanyMember2025-12-310001784700ck0001784700:HouseholdProductsMemberck0001784700:WalnutParentIncMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanTwoMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700ck0001784700:PediatricHomeRespiratoryServicesLLC1Member2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company ADPD Holdings LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 6.00%, Interest Rate 10.26%, Acquisition Date 8/16/2022, Maturity 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One2025-12-310001784700srt:DirectorMember2025-04-012025-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Ground Transportation, Company VTC Buyer Corp., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.01% Acquisition Date 7/15/2025, Maturity 7/15/20312025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company OIS Management Services, LLC, Type of Investment Revolver, Acquisition Date 11/16/2022, Maturity 11/16/20282025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:HarveyToolCompanyLLCMemberck0001784700:TermLoanMemberck0001784700:MachineryMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Pharmaceuticals, Company NS and Associates LLC, Type of Investment Revolver, Acquisition Date 9/9/2025, Maturity 8/6/20302026-06-300001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:HotelsRestaurantsLeisureMemberck0001784700:TriwizardHoldingsIncMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700ck0001784700:ThreeHundredSixtyPartnersLLCMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Hotels, Restaurants & Leisure, Company Triwizard Holdings, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.73%, Acquisition Date 6/29/2026, Maturity 6/29/20292026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company EPTAM Plastics, Ltd., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.32%, Acquisition Date 6/2/2022, Maturity 12/6/20272025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company M&D Midco, Inc., Type of Investment Delayed Draw Term Loan, Acquisition Date 12/17/2024, Maturity 8/31/20282025-01-012025-12-310001784700us-gaap:AutomobilesMemberus-gaap:EquityMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Source Holding Delaware, LLC Type of Investment Term Loan Reference Rate and Spread SOFR + 4.75% Interest Rate 8.40% Acquisition Date 2/7/2025 Maturity 2/7/20312026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Titan Group Holdco, LLC Type of Investment Delayed Draw Term Loan Reference Rate and Spread SOFR + 4.75% Interest Rate 8.48% Acquisition Date 8/22/2024 Maturity 8/13/20292026-06-300001784700us-gaap:FairValueInputsLevel3Memberck0001784700:SubordinatedCertificatesOfSDLPMember2025-03-310001784700ck0001784700:UnsecuredNotesMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company RFI Buyer, Inc. Type of Investment Delayed Draw Term Loan Reference Rate and Spread SOFR + 4.50% Interest Rate 8.25% Acquisition Date 8/29/2025 Maturity 8/5/20302026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:AccommodationsPlusTechnologiesLLCMemberck0001784700:CommercialServicesSuppliesMemberck0001784700:TermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700ck0001784700:GroundTransportationMember2025-12-310001784700ck0001784700:RadwellParentLLCMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:DistributorsMemberck0001784700:DelayedDrawTermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Easy Ice, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.22%, Acquisition Date 10/30/2024, Maturity 10/30/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Consumer Staples Distribution & Retail, Company FS Squared Holding Corp., Type of Investment Revolver, Acquisition Date 12/23/2024, Maturity 12/23/20302025-12-310001784700us-gaap:FairValueInputsLevel3Member2025-01-012025-12-310001784700ck0001784700:SoftwareMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company DRML Holdings LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.48%, Acquisition Date 3/14/2025, Maturity 3/14/20312026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company DRML Holdings LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.48%, Acquisition Date 3/14/2025, Maturity 3/14/20312026-01-012026-06-300001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:HotelsRestaurantsLeisureMemberck0001784700:BirdieBidcoIncMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company United Musculoskeletal Partners Acquisition Holdings, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.61%, Acquisition Date 7/15/2022, Maturity 7/15/20282025-12-310001784700us-gaap:DelayedDrawTermLoanMemberck0001784700:SoftwareMemberck0001784700:MLHoldcoIncMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:MeritSoftwareFinanceHoldingsLLCMemberck0001784700:SoftwareMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700ck0001784700:SpecializedDentalHoldingsIILLCMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Personal Care Products, Company Accupac, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 3.00% + (6.00% PIK), Interest Rate 10.67%, Acquisition Date 12/31/2024, Maturity 12/31/2029 One2026-01-012026-06-300001784700ck0001784700:FoodProductsMemberck0001784700:CommonStockOneMemberck0001784700:MannaProProductsLLCMemberus-gaap:EquityMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Construction & Engineering, Company HTI Intermediate, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.65%, Acquisition Date 3/1/2024, Maturity 3/1/20302026-06-300001784700ck0001784700:TwoThousandTwentySixNotesInterestRateSwapMember2024-02-0200017847002026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company Techmer BB Bidco, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.25%, Interest Rate 8.97%, Acquisition Date 9/1/2022, Maturity 9/1/20302026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Ground Transportation, Company VTC Buyer Corp., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 8.90% Acquisition Date 7/15/2025, Maturity 7/15/20312026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company KNPC Holdco, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.80%, Acquisition Date 6/2/2022, Maturity 10/22/20292025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Machinery, Company Pareto Buyer, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.23%, Acquisition Date 12/12/2025, Maturity 12/13/2032 One2025-01-012025-12-310001784700ck0001784700:ConcordIiiLLCMember2026-06-300001784700ck0001784700:HtiIntermediateLlcMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Bebright MSO, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.48%, Acquisition Date 6/3/2024, Maturity 6/3/20302026-01-012026-06-300001784700ck0001784700:PaintersSupplyAndEquipmentCoMember2025-12-310001784700ck0001784700:FortyTwoNorthDentalLLCMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Champion Elevator Operating Corporation, Type of Investment Revolver, Acquisition Date 5/29/2026, Maturity 5/28/20322026-06-300001784700ck0001784700:InsuranceMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Online Labels Group, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.48%, Acquisition Date 12/19/2023, Maturity 12/19/20292026-06-300001784700ck0001784700:BHBuyerIncMember2026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:AutomobileComponentsMemberck0001784700:ArrowheadHoldcoCompanyMemberck0001784700:TermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700ck0001784700:GMFParentIncMemberck0001784700:FoodProductsMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700us-gaap:AdditionalPaidInCapitalMember2025-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:VictorsPurchaserLLCMemberck0001784700:ITServicesMemberck0001784700:TermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:HotelsRestaurantsLeisureMemberck0001784700:TermLoanMemberck0001784700:TriwizardHoldingsIncMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:AccommodationsPlusTechnologiesLLCMemberck0001784700:TermLoanMemberck0001784700:CommercialServicesSuppliesMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company RBS Buyer, Inc. Type of Investment Term Loan Reference Rate and Spread SOFR + 4.75% Interest Rate 8.41% Acquisition Date 7/31/2025 Maturity 7/31/20312026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company Pediatric Home Respiratory Services, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.10%, Acquisition Date 12/23/2024, Maturity 12/23/20302025-12-310001784700ck0001784700:HealthCareProvidersServicesMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:PremiseHealthHoldingCorpMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company Hissho Parent, LLC, Type of Investment Revolver, Acquisition Date 8/8/2024, Maturity 5/18/20292026-06-300001784700us-gaap:FairValueInputsLevel3Memberck0001784700:RecentTransactionMemberck0001784700:TransactionPriceMemberus-gaap:EquityMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company Concord III, L.L.C., Type of Investment Revolver, Reference Rate and Spread SOFR + 6.25%, Interest Rate 9.92%, Acquisition Date 12/20/2023, Maturity 12/20/20282025-01-012025-12-310001784700ck0001784700:FoodProductsMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:DecoPacIncMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company UHY Advisors, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.57%, Acquisition Date 11/22/2024, Maturity 11/21/20312025-01-012025-12-310001784700ck0001784700:AndrettiBuyerLLCMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Source Holding Delaware, LLC Type of Investment Revolver Reference Rate and Spread SOFR + 4.75% Interest Rate 8.41% Acquisition Date 7/2/2025 Maturity 7/2/20312026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company USSC Holding Corp., Type of Investment Revolver, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.23%, Acquisition Date 7/23/2024, Maturity 6/21/20302026-01-012026-06-300001784700us-gaap:CommonStockMember2024-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:InsuranceMemberck0001784700:THGAcquisitionLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Hotels, Restaurants & Leisure, Company Triwizard Holdings, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.64%, Acquisition Date 6/29/2026, Maturity 6/29/20292026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company USSC Holding Corp., Type of Investment Revolver, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.16%, Acquisition Date 7/23/2024, Maturity 6/21/20302026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Premier Imaging, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.93%, Acquisition Date 6/2/2022, Maturity 10/29/20272025-01-012025-12-310001784700ck0001784700:SpruceBidcoIIIncMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:HealthCareEquipmentAndSuppliesMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700ck0001784700:InterestRateSwapDueOn12212026Member2025-01-012025-12-310001784700ck0001784700:HouseholdProductsMemberck0001784700:WalnutParentIncMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanTwoMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700ck0001784700:FoodProductsMember2025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:AutomobileComponentsMemberck0001784700:ArrowheadHoldcoCompanyMemberck0001784700:DelayedDrawTermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:HotelsRestaurantsLeisureMemberck0001784700:TermLoanMemberck0001784700:InvitedIncMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company JTM Foods LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.05%, Acquisition Date 9/28/2022, Maturity 5/14/20292026-06-300001784700ck0001784700:CommercialServicesAndSuppliesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700ck0001784700:LeSueurIncorporatedMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company 3G Intermediate, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.46%, Acquisition Date 9/30/2024, Maturity 9/30/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company 42 North Dental, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.48%, Acquisition Date 2/9/2026, Maturity 2/10/20312026-01-012026-06-300001784700ck0001784700:PharmaceuticalsMember2026-06-300001784700ck0001784700:CommercialServicesSuppliesMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company MES Intermediate, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.73%, Acquisition Date 9/24/2024, Maturity 10/1/20272026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Life Sciences Tools & Services, Company KL Charlie Acquisition Company, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.82%, Acquisition Date 3/17/2023, Maturity 12/30/20262025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company 3G Intermediate, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.23%, Acquisition Date 9/30/2024, Maturity 9/30/20302026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company Zavation Medical Products, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 0.50%, Interest Rate 0.50%, Acquisition Date 7/22/2024, Maturity 6/30/20292026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company BRG Acquisition Co., LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.31%, Acquisition Date 7/26/2022, Maturity 7/26/20282026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Construction & Engineering, Company Delayed Draw Term Loan, Type of Investment Delayed Draw Term Loan, Acquisition Date 8/7/2025, Maturity 8/7/20312026-06-300001784700ck0001784700:ConstructionAndEngineeringMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company M&D Midco, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 6.00%, Interest Rate 10.00%, Acquisition Date 8/31/2022, Maturity 8/31/20282025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company JTM Foods LLC, Type of Investment Revolver, Reference Rate and Spread PRIME + 4.25%, Interest Rate 11.00%, Acquisition Date 9/28/2022, Maturity 5/14/20292025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company SGA Dental Partners Opco, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.24%, Acquisition Date 7/17/2024, Maturity 7/17/20292025-12-310001784700us-gaap:FairValueInputsLevel3Memberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company Sentinel Technologies, Inc, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.35%, Acquisition Date 11/3/2025, Maturity 11/3/20312025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Energy Equipment & Services, Company Velocity Buyer, Inc., Type of Investment Revolver, Acquisition Date 1/24/2025, Maturity 1/24/20312026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company RFI Buyer, Inc. Type of Investment Delayed Draw Term Loan Reference Rate and Spread SOFR + 4.50% Interest Rate 8.16% Acquisition Date 8/5/2022 Maturity 8/5/20302026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Containers & Packaging, Company Oliver Packaging, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.00% (1.00% PIK), Interest Rate 9.82%, Acquisition Date 7/6/2022, Maturity 7/6/20282025-01-012025-12-310001784700Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry, Company Velocity Buyer, Inc., Type of Investment Revolver, Acquisition Date 1/24/2025, Maturity 1/24/20312025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Hotels, Restaurants & Leisure, Company TWH Bidco, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.41%, Acquisition Date 1/22/2026, Maturity 1/22/20322026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Life Sciences Tools & Services, Company Molecular Designs, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.16%, Acquisition Date 9/9/2024, Maturity 10/4/20272026-06-300001784700us-gaap:FairValueInputsLevel3Memberck0001784700:SeniorSecuredFirstLienLoansMember2026-04-012026-06-300001784700ck0001784700:SubordinatedCertificatesOfSDLPMemberus-gaap:InvestmentAffiliatedIssuerControlledMemberck0001784700:SeniorDirectLendingProgramMember2025-01-012025-06-300001784700us-gaap:FinancialServicesSectorMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ConveraInternationalHoldingsLimitedMemberck0001784700:TermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company M&D Midco, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.68%, Acquisition Date 8/31/2022, Maturity 8/31/20282026-01-012026-06-300001784700us-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:DistributorsMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Construction & Engineering, Company HTI Intermediate, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR+ 5.00%, Interest Rate 8.98%, Acquisition Date 3/1/2024, Maturity 3/1/20302025-01-012025-12-310001784700ck0001784700:CapitalMarketsMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:OakFundingLLCMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company OIS Management Services, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.48%, Acquisition Date 11/16/2022, Maturity 11/16/20282026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Easy Ice, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.40%, Interest Rate 9.13%, Acquisition Date 10/30/2024, Maturity 10/30/20302026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company MechanAir, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.73%, Acquisition Date 12/18/2025, Maturity 12/18/20312026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company Hissho Parent, LLC, Type of Investment Revolver, Acquisition Date 8/8/2024, Maturity 5/18/20292025-12-310001784700ck0001784700:VCCCLOLLCMember2025-01-012025-06-300001784700ck0001784700:FoodProductsMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:MannaProProductsLLCMemberck0001784700:TermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:EquityMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company 3G Intermediate, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.17%, Acquisition Date 9/30/2024, Maturity 9/30/20302025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company VP Security Buyer, Inc. Type of Investment Revolver Reference Rate and Spread SOFR + 4.75% Interest Rate 8.39% Acquisition Date 10/10/2025 Maturity 10/10/20312026-01-012026-06-300001784700us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberck0001784700:EbitdaMultipleOneMember2025-12-310001784700ck0001784700:CommercialServicesAndSuppliesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company Concord III, L.L.C., Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.25%, Interest Rate 9.92%, Acquisition Date 12/20/2023, Maturity 12/20/20282025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Financial Services, Company RWA Wealth Partners, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.40%, Acquisition Date 11/15/2024, Maturity 11/15/2030 One2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Beverages, Company Cold Spring Brewing Company, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.49%, Acquisition Date 12/23/2024, Maturity 12/10/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company M&D Midco, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.00%, Acquisition Date 8/31/2022, Maturity 8/31/20282025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company Arrowhead Holdco Company, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.88%, Acquisition Date 6/2/2022, Maturity 8/31/20282026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company USSC Holding Corp., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.17%, Acquisition Date 7/23/2024, Maturity 6/21/20302026-06-300001784700Non-Controlled/Non-Affiliated Investments, Equity, Industry Containers & Packaging, Company Comar Holding Company, LLC, Type of Investment Class A Units2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Eye Health America, LLC, Type of Investment Revolver, Acquisition Date 7/26/2022, Maturity 7/26/20282026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company UHY Advisors, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 11/22/2024, Maturity 11/21/20312025-01-012025-12-310001784700ck0001784700:FoodProductsMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:MannaProProductsLLCMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company Reliable Medical Supply Acquisitionco LLC, Type of Investment Revolver, Acquisition Date 12/31/2025, Maturity 12/31/20322026-06-300001784700ck0001784700:ConstructionAndEngineeringMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ValcourtHoldingsIILLCMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700ck0001784700:LavGearIntermediateHoldingsINCMember2025-12-310001784700us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMember2025-01-012025-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company US Health Partners Management, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.73%, Acquisition Date 1/12/2024, Maturity 1/11/20302026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Ground Transportation, Company VTC Buyer Corp., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 8.91% Acquisition Date 7/15/2025, Maturity 7/15/20312026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company Distinct Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.48%, Acquisition Date 7/18/2024, Maturity 7/18/20292026-01-012026-06-300001784700us-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company MechanAir, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.85%, Acquisition Date 12/18/2025, Maturity 12/18/20312026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Distributors, Company United Scope LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.82%, Acquisition Date 6/2/2022, Maturity 12/31/20262026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company JTM Foods LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.24%, Acquisition Date 9/28/2022, Maturity 5/14/20292025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company Hometown Food Company, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.28%, Acquisition Date 6/13/2025, Maturity 12/3/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company M&D Midco, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.99%, Acquisition Date 8/31/2022, Maturity 8/31/20282025-01-012025-12-310001784700us-gaap:FairValueInputsLevel3Memberck0001784700:RecentTransactionMembersrt:MinimumMemberck0001784700:SeniorSecuredFirstLienTermLoansMemberck0001784700:TransactionPriceMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company G-3 Mobility Buyer LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.17%, Acquisition Date 1/5/2026, Maturity 1/5/20322026-06-300001784700Non-Controlled/Non-Affiliated Investments, Equity, Industry Health Care Technology, Company Xifin, Inc., Type of Investment Class D Units2026-06-300001784700ck0001784700:ConstructionAndEngineeringMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:PaveAmericaHoldingLLCMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Krayden Holdings, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.48%, Acquisition Date 3/1/2023, Maturity 3/1/20292026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company Lightspeed Buyer, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.47%, Acquisition Date 12/2/2024, Maturity 2/3/20272025-12-310001784700ck0001784700:TradingCompaniesAndDistributorsMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company M&D Midco, Inc., Type of Investment Delayed Draw Term Loan, Acquisition Date 12/17/2024, Maturity 8/31/20282026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Titan Group Holdco, LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 8/22/2024, Maturity 8/13/20292025-01-012025-12-310001784700ck0001784700:DiversifiedConsumerServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-12-3100017847002022-12-150001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Source Holding Delaware, LLC Type of Investment Revolver Reference Rate and Spread PRIME + 3.75% Interest Rate 10.50% Acquisition Date 2/7/2025 Maturity 7/2/20312026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company ISQ Hawkeye HoldCo, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.00%, Interest Rate 7.69%, Acquisition Date 6/29/2026, Maturity 8/20/20312026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Advanced Web Technologies Holding Company, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.25% (2.25% PIK), Interest Rate 10.34%, Acquisition Date 7/2/2024, Maturity 12/17/20272025-12-310001784700ck0001784700:HealthCareTechnologyMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:GHXUltimateParentCorporationMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company Pediatric Home Respiratory Services, LLC, Type of Investment Revolver Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.29%, Acquisition Date 12/23/2024, Maturity 12/23/20302026-06-300001784700ck0001784700:TradingCompaniesAndDistributorsMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Marine Transportation, Company Horizon Freight Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.73%, Acquisition Date 8/22/2024, Maturity 8/22/20302026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company RFI Buyer, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.47%, Acquisition Date 8/5/2022, Maturity 8/5/20302025-12-310001784700ck0001784700:InterestRateSwapDueOn12212028Member2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Titan Group Holdco, LLC Type of Investment Revolver, Acquisition Date 8/22/2024 Maturity 8/13/20292025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company EPTAM Plastics, Ltd., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.32%, Acquisition Date 6/2/2022, Maturity 12/6/20272025-12-310001784700ck0001784700:ConstructionAndEngineeringMemberus-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:EISLegacyHoldcoLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700ck0001784700:LightspeedBuyerInc1Member2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company Alta Buyer, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.67%, Acquisition Date 8/13/2024, Maturity 12/21/20272025-01-012025-12-310001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:AcronAviationIncMemberck0001784700:AerospaceDefenseMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Easy Ice, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.22%, Acquisition Date 10/30/2024, Maturity 10/30/20302025-01-012025-12-310001784700ck0001784700:ZenithAcquisitionCoLLCMemberus-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:AerospaceDefenseMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700ck0001784700:FSSquaredHoldingCorpMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:ConsumerStaplesDistributionRetailMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700ck0001784700:AdvancedInfusionSolutionsAcquisitionLLC1Member2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company RFI Buyer, Inc. Type of Investment Revolver Reference Rate and Spread PRIME + 3.50% Interest Rate 10.25% Acquisition Date 5/8/2022 Maturity 5/8/20302026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company LAV Gear Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 2.50% (3.44% PIK), Interest Rate 9.58%, Acquisition Date 7/31/2025, Maturity 7/31/20292026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Personal Care Products, Company KL Bronco Acquisition, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.05%, Acquisition Date 6/30/2022, Maturity 6/30/20282025-01-012025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:AcronAviationIncMemberck0001784700:TermLoanMemberck0001784700:AerospaceDefenseMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700ck0001784700:NationalSafetyApparelLLCMember2025-12-310001784700ck0001784700:InvestmentYieldInSubordinatedCertificatesMember2026-01-012026-06-300001784700us-gaap:InvestmentAffiliatedIssuerControlledMemberck0001784700:InvestmentFundsAndVehiclesMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Equity, Industry Containers & Packaging, Company Oliver Investors, LP, Type of Investment Class D Units2025-12-310001784700ck0001784700:SMBCFacilityMember2025-04-012025-06-300001784700ck0001784700:QuarterlySixteenMember2026-01-012026-06-300001784700ck0001784700:HealthCareTechnologyMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company Basin Innovation Group, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.38%, Acquisition Date 12/6/2024, Maturity 12/6/20302026-01-012026-06-300001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:AppleBidcoHoldingsIncMemberck0001784700:SoftwareMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700ck0001784700:EyeHealthAmericaLLCMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Source Holding Delaware, LLC Type of Investment Revolver Reference Rate and Spread SOFR + 4.75% Interest Rate 8.41% Acquisition Date 7/2/2025 Maturity 2/7/2031 One2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Equity, Industry Diversified Consumer Services, Company FS NU Investors, LP, Type of Investment Class A Units2026-06-300001784700ck0001784700:G3MobilityBuyerLLCMember2025-12-310001784700us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Aerospace & Defense, Company Charlie RF Voltron Acquisition, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.73%, Acquisition Date 3/12/2026, Maturity 3/12/20322026-01-012026-06-300001784700ck0001784700:SeptemberSevenTwentyTwentyTwoMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company RFI Buyer, Inc., Type of Investment Revolver, Acquisition Date 8/5/2022, Maturity 8/5/20302025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company OIS Management Services, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 11/16/2022, Maturity 11/16/20282025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company VP Security Buyer, Inc. Type of Investment Revolver Reference Rate and Spread SOFR + 4.75% Interest Rate 8.39% Acquisition Date 10/10/2025 Maturity 10/10/20312026-06-300001784700ck0001784700:DistributorsMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Machinery, Company Pareto Buyer, LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 12/12/2025, Maturity 12/13/20322025-01-012025-12-310001784700ck0001784700:ConstructionAndEngineeringMemberus-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:BellsParentIncMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700ck0001784700:PediatricHomeRespiratoryServicesLLC1Member2026-06-300001784700us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:AutomobileComponentsMemberck0001784700:ArrowheadHoldcoCompanyMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700ck0001784700:GIntermediateInc1Member2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company RFI Buyer, Inc. Type of Investment Term Loan Reference Rate and Spread SOFR + 4.50% Interest Rate 8.27% Acquisition Date 8/29/2025 Maturity 8/5/20302026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company UHY Advisors, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 11/22/2024, Maturity 11/21/20312025-01-012025-12-310001784700us-gaap:FinancialServicesSectorMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ConveraInternationalHoldingsLimitedMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company LAV Gear Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread FIXED + 2.50% (3.44% PIK), Interest Rate 6.22%, Acquisition Date 7/31/2025, Maturity 7/31/20292025-01-012025-12-310001784700ck0001784700:ConsumerStaplesDistributionAndRetailMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700ck0001784700:SubordinatedCertificatesOfSDLPMemberus-gaap:InvestmentAffiliatedIssuerControlledMemberck0001784700:SeniorDirectLendingProgramMember2024-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company Reliable Medical Supply Acquisitionco LLC, Type of Investment Revolver, Acquisition Date 12/31/2025, Maturity 12/31/20322026-01-012026-06-300001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ChemicalsMemberck0001784700:SeproHoldingsLlcMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:HotelsRestaurantsLeisureMemberck0001784700:BirdieBidcoIncMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company Zavation Medical Products, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.41%, Acquisition Date 7/22/2024, Maturity 6/30/20292026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Advanced Web Technologies Holding Company, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.25% (2.25% PIK), Interest Rate 10.24%, Acquisition Date 7/2/2024, Maturity 12/17/20272026-06-300001784700ck0001784700:SeniorDirectLendingProgramMember2026-04-012026-06-300001784700ck0001784700:HealthCareTechnologyMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700ck0001784700:InsuranceMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:CARDS-LiveOakHoldingsIncMemberck0001784700:TermLoanMemberck0001784700:CommercialServicesSuppliesMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company SGA Dental Partners Opco, LLC, Type of Investment Delayed Draw Term Loan, Reference 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Investment Revolver, Reference Rate and Spread PRIME + 4.00%, Interest Rate 10.75%, Acquisition Date 3/1/2024, Maturity 3/1/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company EPTAM Plastics, Ltd., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.32%, Acquisition Date 6/2/2022, Maturity 12/6/2027 One2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Distributors, Company POY Holdings, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.32%, Acquisition Date 11/22/2023, Maturity 11/16/20272025-01-012025-12-310001784700ck0001784700:QMBuyerIncMember2026-06-300001784700ck0001784700:VPSecurityBuyerInc1Member2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company United Musculoskeletal Partners Acquisition Holdings, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.54%, Acquisition Date 7/15/2022, Maturity 7/15/20282025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company MDI Buyer, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.59%, Acquisition Date 1/16/2025, Maturity 7/25/20282025-12-310001784700us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:EquityMembersrt:MaximumMember2025-12-310001784700ck0001784700:TriwizardHoldingsIncMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company CPL Consultants, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.25%, Interest Rate 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Rate 9.38%, Acquisition Date 11/26/2024, Maturity 11/16/20272026-01-012026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:SoftwareMemberck0001784700:MLHoldcoIncMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700us-gaap:FairValueMeasurementsRecurringMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Software, Company QM Buyer, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.48%, Acquisition Date 12/6/2024, Maturity 12/6/20302026-01-012026-06-300001784700ck0001784700:InvestmentAdvisoryAgreementMember2026-01-012026-06-300001784700ck0001784700:CastleworksHomeServicesCompanyMember2026-06-300001784700us-gaap:ChemicalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Life Sciences Tools & Services, Company KL Charlie Acquisition Company, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.82%, Acquisition Date 11/26/2024, Maturity 12/30/20262025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Allergy & Clinical MidCo, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.76%, Acquisition Date 1/29/2025, Maturity 1/29/20312025-12-310001784700us-gaap:AdditionalPaidInCapitalMember2025-03-310001784700ck0001784700:Rule309Membersrt:MaximumMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company US Health Partners Management, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.67%, Acquisition Date 1/12/2024, Maturity 1/11/20302025-12-310001784700ck0001784700:ClassBNotesMembersrt:StandardPoorsAARatingMemberck0001784700:VCCCLOLLCMember2024-11-262024-11-260001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company Pediatric Home Respiratory Services, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.29%, Acquisition Date 12/23/2024, Maturity 12/23/20302026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:SMBCFacilityMembersrt:MaximumMember2024-08-090001784700ck0001784700:QuarterlyFourMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Advanced Web Technologies Holding Company, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.25% (2.25% PIK), Interest Rate 8.09%, Acquisition Date 6/2/2023, Maturity 12/17/20272025-01-012025-12-310001784700us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company ADPD Holdings LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 1.00% (5.00% PIK) |, Interest Rate 9.88%, Acquisition Date 8/16/2022, Maturity 8/16/20282026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Electronic Equipment, Instruments & Components, Company Alert SRC Newco LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.63%, Acquisition Date 12/11/2024, Maturity 12/11/20302026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Machinery, Company Pareto Buyer, LLC, Type of Investment Revolver, Acquisition Date 12/12/2025, Maturity 12/13/20322026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company 3G Intermediate, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.23%, Acquisition Date 9/30/2024, Maturity 9/30/20302026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company VG Target Holdings, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50% (0.50% PIK), Interest Rate 11.75%, Acquisition Date 6/2/2022, Maturity 8/2/20272026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Online Labels Group, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 12/19/2023, Maturity 12/19/20292025-01-012025-12-310001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:CARDS-LiveOakHoldingsIncMemberck0001784700:CommercialServicesSuppliesMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company RFI Buyer, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.37%, Acquisition Date 12/2/2024, Maturity 8/5/20302025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Advanced Web Technologies Holding Company, Type of Investment Revolver, Acquisition Date 7/2/2024, Maturity 12/17/20272025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Heartland Veterinary Partners LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.80%, Acquisition Date 6/2/2022, Maturity 6/10/2028 One2025-01-012025-12-310001784700ck0001784700:FoodProductsMemberck0001784700:QuirchFoodsHoldingsLLCMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:CARDS-LiveOakHoldingsIncMemberck0001784700:CommercialServicesSuppliesMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Equity, Industry Ground Transportation, Company VTC Buyer Corp, Type of Investment Class A-1 Units2025-12-310001784700us-gaap:DelayedDrawTermLoanMemberck0001784700:CARDS-LiveOakHoldingsIncMemberck0001784700:CommercialServicesSuppliesMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company MDI Buyer, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.57%, Acquisition Date 8/5/2022, Maturity 7/25/20282025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Ground Transportation, Company VTC Buyer Corp., Type of Investment Term Loan, Acquisition Date 7/15/2025, Maturity 7/15/20312025-01-012025-12-310001784700ck0001784700:UsHealthPartnersManagementLlc1Member2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company Empower Benefits Inc., Type of Investment Revolver, Acquisition Date 6/30/2026, Maturity 6/30/20332026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Distributors, Company Painters Supply and Equipment Co. (fka Graffiti Buyer, Inc.), Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.33%, Acquisition Date 4/29/2024, Maturity 8/10/20272025-12-310001784700us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700us-gaap:FairValueInputsLevel3Memberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-06-300001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:AQSunshineIncMemberck0001784700:InsuranceMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700ck0001784700:AutomobileComponentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Distributors, Company Painters Supply and Equipment Co. (fka Graffiti Buyer, Inc.), Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.42%, Acquisition Date 11/26/2024, Maturity 8/10/20272025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company TheKey, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00% (1.00% PIK), Interest Rate 8.92%, Acquisition Date 6/2/2022, Maturity 9/30/2027 Two2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Allergy & Clinical MidCo, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.95%, Acquisition Date 1/29/2025, Maturity 1/29/20312025-12-310001784700ck0001784700:ElectronicEquipmentInstrumentsAndComponentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Life Sciences Tools & Services, Company KL Charlie Acquisition Company, Type of Investment Revolver, Acquisition Date 9/5/2023, Maturity 12/30/20292026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Pharmaceuticals, Company Leiters, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.99%, Acquisition Date 9/29/2023, Maturity 6/29/20282025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company Pediatric Home Respiratory Services, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.10%, Acquisition Date 12/23/2024, Maturity 12/23/2030 One2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Aerospace & Defense, Company Charlie RF Voltron Acquisition, Inc., Type of Investment Delayed Draw Term Loan, Acquisition Date 3/12/2026, Maturity 3/12/20322026-06-300001784700us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001784700:SubordinatedCertificatesOfSDLPMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2026-06-300001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:CommercialServicesSuppliesMemberck0001784700:ISQHawkeyeHoldCoIncMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Financial Services, Company RWA Wealth Partners, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.39%, Acquisition Date 11/15/2024, Maturity 11/15/20302026-06-300001784700us-gaap:FairValueInputsLevel3Memberck0001784700:SeniorSecuredFirstLienLoansMember2024-12-310001784700us-gaap:FairValueInputsLevel3Memberck0001784700:SubordinatedCertificatesOfSDLPMember2025-06-300001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:AutomobileComponentsMemberck0001784700:ArrowheadHoldcoCompanyMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Source Holding Delaware, LLC Type of Investment Revolver Reference Rate and Spread SOFR + 4.75% Interest Rate 8.39% Acquisition Date 2/7/2025 Maturity 2/7/20312026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company MDI Buyer, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 8/5/2022, Maturity 7/25/20282026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company 42 North Dental, LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 2/9/2026, Maturity 2/9/20312026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Consumer Staples Distribution & Retail, Company FS Squared Holding Corp., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.39%, Acquisition Date 12/23/2024, Maturity 12/23/20302026-01-012026-06-300001784700Controlled Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Energy Equipment & Services, Company Energy Labs Holdings Corp, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.82%, Acquisition Date 6/2/2022, Maturity 4/7/20282025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company Reliable Medical Supply Acquisitionco LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 12/31/2025, Maturity 12/31/20322026-01-012026-06-300001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ElectronicEquipmentInstrumentsAndComponentsMemberck0001784700:EISLegacyHoldcoLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:HotelsRestaurantsLeisureMemberck0001784700:BirdieBidcoIncMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMember2025-04-012025-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company Distinct Holdings, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.66%, Acquisition Date 7/18/2024, Maturity 7/18/20292025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:HotelsRestaurantsLeisureMemberck0001784700:BirdieBidcoIncMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Premier Imaging, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.93%, Acquisition Date 6/2/2022, Maturity 10/29/2027 Two2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company Alta Buyer, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.67%, Acquisition Date 1/23/2025, Maturity 12/21/20272025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Allergy & Clinical MidCo, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.37%, Acquisition Date 1/29/2025, Maturity 1/29/2031 One2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Advanced Web Technologies Holding Company, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.25% (2.25% PIK), Interest Rate 10.24%, Acquisition Date 10/18/2022, Maturity 12/17/20272026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Equity, Industry Commercial Services & Supplies, Company VP Security Buyer, Inc., Type of Investment Limited Partnership Units2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Hotels, Restaurants & Leisure, Company Triwizard Holdings, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.73%, Acquisition Date 6/29/2026, Maturity 6/29/20292026-06-300001784700ck0001784700:AutomobileComponentsMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company Arrowhead Holdco Company, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 2.50% (2.75% PIK), Interest Rate 6.34%, Acquisition Date 6/2/2022, Maturity 8/31/20282025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company Pediatric Home Respiratory Services, LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 6/2/2022, Maturity 12/23/20302026-06-300001784700ck0001784700:IronPillarUnitedMiningGroupLLCMember2026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:BigBucksAcquisitionCorporationMemberck0001784700:TermLoanMemberck0001784700:DistributorsMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Krayden Holdings, Inc., Type of Investment Term Loan Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.48%, Acquisition Date 8/30/2024, Maturity 3/1/20292026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company US Health Partners Management, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.64%, Acquisition Date 1/12/2024, Maturity 1/11/20302026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Personal Care Products, Company KL Bronco Acquisition, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.76%, Acquisition Date 6/30/2022, Maturity 6/30/20302026-06-300001784700ck0001784700:HealthCareTechnologyMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:ProjectAllianceBuyerLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Personal Care Products, Company Accupac, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 3.00% + (6.00% PIK), Interest Rate 10.67%, Acquisition Date 12/31/2024, Maturity 12/31/2029, Two2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company UHY Advisors, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 11/22/2024, Maturity 11/21/20312025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Eventus Buyer, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.17%, Acquisition Date 11/1/2024, Maturity 11/1/20302026-01-012026-06-300001784700ck0001784700:HealthCareProvidersServicesMemberck0001784700:USUrologyPartnersLLCMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700ck0001784700:ControlledAffiliatedInvestmentsMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company ADPD Holdings LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 6.00%, Interest Rate 10.01%, Acquisition Date 8/16/2022, Maturity 8/16/2028 One2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company Pillr Health Intermediate II, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.40%, Acquisition Date 12/31/2025, Maturity 12/31/20312026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Pharmaceuticals, Company NS and Associates LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.01%, Acquisition Date 9/9/2025, Maturity 8/6/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company TheKey, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00% (1.00% PIK), Interest Rate 9.92%, Acquisition Date 6/2/2022, Maturity 9/30/2027 Three2025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:InsuranceMemberck0001784700:SageSureHoldingsLLCMemberck0001784700:TermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700ck0001784700:AutomobileComponentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Software, Company QM Buyer, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.48%, Acquisition Date 12/6/2024, Maturity 12/6/20302026-01-012026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:HarveyToolCompanyLLCMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMemberck0001784700:MachineryMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company Painters Supply and Equipment Co. (fka Graffiti Buyer, Inc.), Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.27%, Acquisition Date 11/26/2024, Maturity 8/10/20272026-01-012026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ChemicalsMemberck0001784700:RCRBuyerLLCMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700ck0001784700:G3MobilityBuyerLLCMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Apex Dental Partners, LLC, Type of Investment Revolver, Reference Rate and Spread PRIME + 4.00%, Interest Rate 10.75%, Acquisition Date 10/29/2024, Maturity 10/29/20302025-01-012025-12-310001784700ck0001784700:BottomlineTechnologiesIncMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:SoftwareMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company USN Opco, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.49%, Acquisition Date 6/9/2022, Maturity 12/21/20262025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company Reliable Medical Supply Acquisitionco LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 12/31/2025, Maturity 12/31/20322026-06-300001784700ck0001784700:AutomobileComponentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700ck0001784700:SMBCFacilityMember2024-08-090001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:AerospaceDefenseMemberck0001784700:BlueRavenSolutionsLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company M&D Midco, Inc., Type of Investment Delayed Draw Term Loan, Acquisition Date 12/17/2024, Maturity 8/31/20282025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Phia Purchaser, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.25%, Interest Rate 7.89%, Acquisition Date 12/1/2025, Maturity 12/1/20322026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company US Health Partners Management, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.67%, Acquisition Date 1/12/2024, Maturity 1/11/20302025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Bebright MSO, LLC, Type of Investment Revolver, Acquisition Date 6/3/2024, Maturity 6/3/20302026-06-300001784700ck0001784700:AresCapitalCorporationMemberck0001784700:SeniorDirectLendingProgramMember2026-06-300001784700ck0001784700:ConstructionAndEngineeringMemberus-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:PaveAmericaHoldingLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company JTM Foods LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.06%, Acquisition Date 3/3/2025, Maturity 5/14/20292026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Hotels, Restaurants & Leisure, Company Triwizard Holdings, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.64%, Acquisition Date 6/29/2026, Maturity 6/29/20292026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Ground Transportation, Company A&R Logistics Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread PRIME + 0.00% (6.75% PIK), Interest Rate 13.50%, Acquisition Date 2/5/2026, Maturity 2/3/20282026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company LAV Gear Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 2.50% (3.44% PIK), Interest Rate 6.22%, Acquisition Date 7/31/2025, Maturity 7/31/2029 Two2025-01-012025-12-310001784700us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberck0001784700:SeniorSecuredFirstLienTermLoansMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001784700ck0001784700:SeniorUnsecuredTwoThousandTwentySixNotesMember2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Krayden Holdings, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.44%, Acquisition Date 3/1/2023, Maturity 3/1/20292025-01-012025-12-310001784700ck0001784700:CapitalMarketsMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:LidoAdvisorsLLCMemberck0001784700:DelayedDrawTermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Equity, Industry Health Care Technology, Company Xifin, Inc., Type of Investment Class D Units2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Financial Services, RWA Wealth Partners, LLC, Type of Investment Revolver, Acquisition Date 11/15/2024, Maturity 11/15/20302026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company Zavation Medical Products, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.52%, Acquisition Date 6/2/2022, Maturity 6/30/20282025-01-012025-12-310001784700us-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company Castleworks Home Services Company, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.50% (2.00% PIK), Interest Rate 9.34%, Acquisition Date 6/29/2022, Maturity 6/29/2028 One2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company VG Target Holdings, LLC, Type of Investment Term Loan, Reference Rate and Spread PRIME + 4.50% (3.00% PIK), Interest Rate 16.25%, Acquisition Date 6/2/2022, Maturity 8/2/20272026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company Hissho Parent, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.48%, Acquisition Date 8/8/2024, Maturity 5/18/20292026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Advanced Web Technologies Holding Company, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.25% (2.25% PIK), Interest Rate 10.24%, Acquisition Date 11/26/2024, Maturity 12/17/20272026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company RBS Buyer, Inc., Type of Investment Delayed Draw Term Loan, Acquisition Date 7/31/2025, Maturity 7/31/20312026-06-300001784700us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001784700:SeniorSecuredFirstLienTermLoansMemberck0001784700:RecoveryRateMemberck0001784700:RecoveryAnalysisMember2026-06-300001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:CommercialServicesSuppliesMemberck0001784700:PritchardIndustriesLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700ck0001784700:BottomlineTechnologiesIncMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:SoftwareMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700ck0001784700:HealthCareProvidersServicesMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company BRG Acquisition Co., LLC, Type of Investment Revolver, Acquisition Date 7/26/2022, Maturity 7/26/20282025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company SGA Dental Partners Opco, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.34%, Acquisition Date 7/17/2024, Maturity 7/17/20292025-01-012025-12-310001784700ck0001784700:DiversifiedConsumerServicesMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company JTM Foods LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.07%, Acquisition Date 4/14/2025, Maturity 5/14/20292025-01-012025-12-310001784700ck0001784700:AdministrationAgreementMember2025-01-012025-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company TheKey, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00% (1.00% PIK), Interest Rate 9.73%, Acquisition Date 6/2/2022, Maturity 9/30/20272026-06-300001784700ck0001784700:TwoThousandTwentySixNotesInterestRateSwapMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2024-02-020001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company VG Target Holdings, LLC, Type of Investment Term Loan, Reference Rate and Spread PRIME + 4.50% (3.00% PIK), Interest Rate 16.25%, Acquisition Date 6/2/2022, Maturity 8/2/20272025-01-012025-12-310001784700ck0001784700:CPLConsultantsLLCOneMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company M&D Midco, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.99%, Acquisition Date 8/31/2022, Maturity 8/31/20282025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:AutomobileComponentsMemberck0001784700:ArrowheadHoldcoCompanyMemberck0001784700:TermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company Zavation Medical Products, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.55%, Acquisition Date 7/22/2024, Maturity 6/30/20282025-12-310001784700ck0001784700:EasyIceLlc1Member2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company Zavation Medical Products, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.43%, Acquisition Date 7/22/2024, Maturity 6/30/20292026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company SGA Dental Partners Opco, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.34%, Acquisition Date 7/17/2024, Maturity 7/17/20292025-12-310001784700ck0001784700:AerospaceDefenseMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700ck0001784700:USUrologyPartnersLLCMemberck0001784700:HealthCareProvidersServicesMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700ck0001784700:TwoThousandTwentyEightNotesInterestRateSwapMember2024-02-020001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company TheKey, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00% (1.00% PIK), Interest Rate 9.73%, Acquisition Date 6/2/2022, Maturity 9/30/20272026-06-300001784700us-gaap:FairValueInputsLevel3Memberck0001784700:SubordinatedCertificatesOfSDLPMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company Pillr Health Intermediate II, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.48%, Acquisition Date 12/31/2025, Maturity 12/31/20312026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company iVision Buyer, LLC, Type of Investment Revolver, Acquisition Date 5/22/2026, Maturity 5/22/20312026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company Basin Innovation Group, LLC, Type of Investment Revolver, Acquisition Date 12/6/2024, Maturity 12/6/20302026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company Arrowhead Holdco Company, Type of Investment Term Loan, Reference Rate and Spread SOFR + 2.50% (2.75% PIK), Interest Rate 6.34%, Acquisition Date 6/2/2022, Maturity 8/31/2028 One2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company Alta Buyer, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.67%, Acquisition Date 1/23/2025, Maturity 12/21/20272025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company United Musculoskeletal Partners Acquisition Holdings, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.54%, Acquisition Date 7/15/2022, Maturity 7/15/20282025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Online Labels Group, LLC, Type of Investment Revolver, Acquisition Date 12/19/2023, Maturity 12/19/20292025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company SGA Dental Partners Sub Holdings, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.66%, Acquisition Date 6/15/2026, Maturity 6/13/20312026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Personal Care Products, Company KL Bronco Acquisition, Inc., LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.77%Acquisition Date 6/30/2022, Maturity 6/30/20282026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company Pediatric Home Respiratory Services, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.10%, Acquisition Date 12/23/2024, Maturity 12/23/2030 One2025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:BigBucksAcquisitionCorporationMemberck0001784700:TermLoanMemberck0001784700:DistributorsMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700ck0001784700:FoodProductsMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:MidcoHoldingLLCMemberck0001784700:AutomobileComponentsMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Telecommunication Services, Company MBS Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.74%, Acquisition Date 11/29/2023, Maturity 4/16/20272026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Source Holding Delaware, LLC Type of Investment Revolver Reference Rate and Spread SOFR + 4.75% Interest Rate 8.40% Acquisition Date 2/7/2025 Maturity 2/7/20312026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company Reliable Medical Supply Acquisitionco LLC, Type of Investment Revolver, Acquisition Date 12/31/2025, Maturity 12/31/20322025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company ACP Oak Buyer, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.38%, Acquisition Date 6/12/2025, Maturity 5/16/20312026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company Healthfuse, LLC, Type of Investment Revolver, Acquisition Date 1/10/2025, Maturity 1/10/20312025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Krayden Holdings, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.48%, Acquisition Date 3/1/2023, Maturity 3/1/20292026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company SGA Dental Partners Opco, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.34%, Acquisition Date 7/17/2024, Maturity 7/17/2029 One2025-12-310001784700ck0001784700:HorizonFreightHoldingsInc2Member2025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:HotelsRestaurantsLeisureMemberck0001784700:TermLoanMemberck0001784700:BirdieBidcoIncMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700us-gaap:InvestmentAffiliatedIssuerControlledMember2025-04-012025-06-3000017847002026-03-310001784700us-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:SeniorSecuredFirstLienLoansMemberck0001784700:BeveragesMember2025-12-310001784700us-gaap:DelayedDrawTermLoanMemberck0001784700:FoodProductsMemberck0001784700:QuirchFoodsHoldingsLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700ck0001784700:S2026Q3DividendsMemberus-gaap:SubsequentEventMember2026-08-062026-08-060001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Pharmaceuticals, Company NS and Associates LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.67%, Acquisition Date 9/9/2025, Maturity 8/6/20302026-06-300001784700ck0001784700:CapitalMarketsMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Easy Ice, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.06%, Acquisition Date 10/30/2024, Maturity 10/30/2030, One2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Life Sciences Tools & Services, Company KL Charlie Acquisition Company, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 8.99%, Acquisition Date 3/17/2023, Maturity 12/30/20292026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company Reliable Medical Supply Acquisitionco LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.17%, Acquisition Date 12/31/2025, Maturity 12/31/20322025-01-012025-12-310001784700ck0001784700:ConstructionAndEngineeringMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700ck0001784700:InvestmentAdvisoryAgreementMember2025-01-012025-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Easy Ice, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.24%, Acquisition Date 10/30/2024, Maturity 10/30/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Ground Transportation, Company VTC Buyer Corp., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 8.91% Acquisition Date 7/15/2025, Maturity 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Revolver, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.39%, Acquisition Date 7/18/2024, Maturity 7/18/20292026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Apex Dental Partners, LLC, Type of Investment Revolver , Acquisition Date 10/29/2024, Maturity 10/29/20302026-01-012026-06-300001784700ck0001784700:ACPOakBuyerIncTwoMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Life Sciences Tools & Services, Company Molecular Designs, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.23%, Acquisition Date 9/9/2024, Maturity 10/4/20272025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company DRML Holdings LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 3/14/2025, Maturity 3/14/20312025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company JTM Foods LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.05%, Acquisition Date 9/28/2022, Maturity 5/14/20292026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company SHF Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.23%, Acquisition Date 1/22/2025, Maturity 1/22/20302026-01-012026-06-300001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:FinancialServicesSectorMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TigerHoldcoLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company BioCare Medical, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 7.00%, Interest Rate 10.82%, Acquisition Date 11/18/2022, Maturity 12/9/20272025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Advanced Web Technologies Holding Company, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.25% (2.25% PIK), Interest Rate 10.24%, Acquisition Date 7/2/2024, Maturity 12/17/20272026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Champion Elevator Operating Corporation, Type of Investment Delayed Draw Term Loan, Acquisition Date 5/29/2026, Maturity 5/28/20322026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Apex Dental Partners, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.84%, Acquisition Date 10/29/2024, Maturity 10/29/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Containers & Packaging, Company Oliver Packaging, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00% (1.00% PIK), Interest Rate 8.82%, Acquisition Date 7/6/2022, Maturity 7/6/20282025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Machinery, Company Le Sueur, Incorporated, Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.69%, Acquisition Date 5/20/2026, Maturity 5/20/20312026-01-012026-06-300001784700ck0001784700:PillrHealthIntermediateIILLC1Member2026-06-300001784700ck0001784700:FSSquaredHoldingCorpMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:ConsumerStaplesDistributionRetailMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700ck0001784700:PediatricHomeRespiratoryServicesLLCMember2025-12-310001784700ck0001784700:ReliableMedicalSupplyAcquisitioncoLLC1Member2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Allergy & Clinical MidCo, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.37%, Acquisition Date 1/29/2025, Maturity 1/29/20312026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Heartland Veterinary Partners LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.70%, Acquisition Date 6/2/2022, Maturity 6/10/20282026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company US Health Partners Management, LLC, Type of Investment Revolver, Reference Rate and Spread PRIME + 4.00%, Interest Rate 10.75%, Acquisition Date 1/12/2024, Maturity 1/11/20302026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Source Holding Delaware, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.54%, Acquisition Date 2/7/2025, Maturity 2/7/20312025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company BRG Acquisition Co., LLC, Type of Investment Revolver, Acquisition Date 7/26/2022, Maturity 7/26/20282026-06-300001784700ck0001784700:AdvancedInfusionSolutionsAcquisitionLLC1Member2025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:NmnHoldingsIiiCorpMemberck0001784700:HealthCareEquipmentAndSuppliesMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company ADPD Holdings LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 1.00% (5.00% PIK) |, Interest Rate 9.93%, Acquisition Date 8/16/2022, Maturity 8/16/2028 One2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company USSC Holding Corp., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.09%, Acquisition Date 7/23/2024, Maturity 6/21/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company POY Holdings, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.38%, Acquisition Date 11/22/2023, Maturity 11/16/20272026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company Express Wash Acquisition Company, LLC, Type of Investment Revolver, Acquisition Date 4/10/2025, Maturity 4/10/20312026-01-012026-06-300001784700ck0001784700:HLSGIntermediateLLC1Member2025-12-310001784700ck0001784700:SeniorUnsecuredTwoThousandTwentyEightNotesMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Easy Ice, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.09%, Acquisition Date 10/30/2024, Maturity 10/30/20302025-01-012025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:RevolverMemberck0001784700:AcronAviationIncMemberck0001784700:AerospaceDefenseMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700ck0001784700:JulyTwelveTwentyTwentyTwoMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Equity, Industry Commercial Services & Supplies, Company Lav Gear Intermediate Holdings, INC., Type of Investment Class A Units2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Heartland Veterinary Partners LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.80%, Acquisition Date 6/2/2022, Maturity 6/10/20282025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company MechanAir, LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 12/18/2025, Maturity 12/18/20312025-01-012025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:CoritySoftwareIncMemberck0001784700:TermLoanMemberck0001784700:SoftwareMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700ck0001784700:AdministrationAgreementMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company MDI Buyer, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 1/16/2025, Maturity 7/25/20282026-06-300001784700us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001784700:MarketMultipleMemberus-gaap:EquityMembersrt:MaximumMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company ACP Oak Buyer, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.78%, Acquisition Date 6/12/2025, Maturity 5/16/20312025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Air Freight & Logistics, Company Horizon Freight Holdings, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.67%, Acquisition Date 8/22/2024, Maturity 8/22/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company United Musculoskeletal Partners Acquisition Holdings, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.41%, Acquisition Date 7/15/2022, Maturity 7/15/20282026-06-300001784700ck0001784700:BeveragesMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company Race Winning Brands, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 1.00%(5.50%PIK), Interest Rate 10.27%, Acquisition Date 6/2/2022, Maturity 5/16/20292025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company MES Intermediate, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.73%, Acquisition Date 11/21/2025, Maturity 10/1/20272026-06-300001784700ck0001784700:FoodProductsMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:MannaProProductsLLCMemberck0001784700:TermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company Empower Benefits Inc., Type of Investment Revolver, Acquisition Date 6/30/2026, Maturity 6/30/20332026-06-300001784700ck0001784700:ChampionElevatorOperatingCorporationMember2025-12-310001784700us-gaap:DelayedDrawTermLoanMemberck0001784700:ConstructionAndEngineeringMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:HPRSSBuyerIncMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700ck0001784700:ChemicalsMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Life Sciences Tools & Services, Company KL Charlie Acquisition Company, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.82%, Acquisition Date 6/2/2022, Maturity 12/30/20262025-01-012025-12-310001784700ck0001784700:VCCCLOOneLLCMember2026-01-012026-06-300001784700srt:DirectorMember2022-03-082022-03-080001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company ACP Oak Buyer, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.78%, Acquisition Date 6/12/2025, Maturity 5/16/20312025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company MES Intermediate, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.73%, Acquisition Date 9/24/2024, Maturity 10/1/20272026-01-012026-06-300001784700us-gaap:FairValueInputsLevel3Memberck0001784700:SeniorSecuredFirstLienLoansMember2026-03-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company 3G Intermediate, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.46%, Acquisition Date 9/30/2024, Maturity 9/30/20302025-01-012025-12-310001784700us-gaap:FinancialServicesSectorMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ConveraInternationalHoldingsLimitedMemberck0001784700:TermLoanTwoMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company Boulder Scientific Company, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.18%, Acquisition Date 6/2/2022, Maturity 12/31/20272026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company ACP Oak Buyer, Inc., Type of Investment Revolver, Acquisition Date 6/12/2025, Maturity 5/16/20312026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Pharmaceuticals, Company Advanced Infusion Solutions Acquisition, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.64%, Acquisition Date 06/04/2026, Maturity 06/04/20322026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company Pediatric Home Respiratory Services, LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 6/2/2022, Maturity 12/23/20302025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Air Freight & Logistics, Company Horizon Freight Holdings, Inc., Type of Investment Delayed Draw Term Loan, Acquisition Date 8/22/2024, Maturity 8/22/2030 One2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Easy Ice, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.07%, Acquisition Date 10/30/2024, Maturity 10/30/20302025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Distributors, Company Big Bucks Acquisition Corporation, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.67%, Acquisition Date 9/29/2025, Maturity 9/29/20312025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company Techmer BB Bidco, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.25%, Interest Rate 8.94%, Acquisition Date 9/1/2022, Maturity 9/1/20302026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Easy Ice, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.07%, Acquisition Date 10/30/2024, Maturity 10/30/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company Race Winning Brands, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR +1.00% (5.50%PIK), Interest Rate 10.38%, Acquisition Date 6/2/2022, Maturity 5/16/20292026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:NmnHoldingsIiiCorpMemberck0001784700:HealthCareEquipmentAndSuppliesMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company USN Opco, LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 11/15/2024, Maturity 12/21/20262025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company 3G Intermediate, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.23%, Acquisition Date 9/30/2024, Maturity 9/30/20302026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:HighStreetBuyerIncMemberck0001784700:TermLoanMemberck0001784700:InsuranceMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company JTM Foods LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.17%, Acquisition Date 3/3/2025, Maturity 5/14/20292025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, CISQ Hawkeye HoldCo, Inc. Type of Investment Delayed Draw Term Loan, Acquisition Date 6/29/2026, Maturity 8/20/20312026-01-012026-06-300001784700us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberck0001784700:EbitdaMultipleOneMember2025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:SoftwareMemberck0001784700:MLHoldcoIncMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700ck0001784700:GMFParentIncMemberck0001784700:FoodProductsMemberck0001784700:DelayedDrawTermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company ADPD Holdings LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 6.00%, Interest Rate 10.03%, Acquisition Date 8/16/2022, Maturity 8/16/20282025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Easy Ice, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.06%, Acquisition Date 10/30/2024, Maturity 10/30/20302026-06-300001784700ck0001784700:ConstructionAndEngineeringMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:PaveAmericaHoldingLLCMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:SoftwareMemberck0001784700:MLHoldcoIncMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Equity, Industry Diversified Consumer Services, Company FS NU Investors, LP, Type of Investment Class A Units2025-12-310001784700us-gaap:FairValueInputsLevel3Memberck0001784700:RecentTransactionMembersrt:MinimumMemberck0001784700:TransactionPriceMemberus-gaap:EquityMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company JTM Foods LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.13%, Acquisition Date 4/14/2023, Maturity 5/14/20292026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company M&D Midco, Inc., Type of Investment Delayed Draw Term Loan, Acquisition Date 12/17/2024, Maturity 8/31/20282026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Easy Ice, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.09%, Acquisition Date 10/30/2024, Maturity 10/30/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Source Holding Delaware, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.60%, Acquisition Date 2/7/2025, Maturity 2/7/20312025-01-012025-12-310001784700ck0001784700:BebrightMsoLlc1Member2026-06-300001784700ck0001784700:TwoThousandTwentyEightNotesInterestRateSwapMember2024-02-022024-02-020001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:DoximIncMemberck0001784700:SoftwareMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Software, Company Project Leopard Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.19%, Acquisition Date 8/12/2022, Maturity 7/20/20292025-01-012025-12-310001784700us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberck0001784700:EbitdaMultipleOneMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company Arrowhead Holdco Company, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 2.50% (2.75% PIK), Interest Rate 6.34%, Acquisition Date 6/2/2022, Maturity 8/31/2028 Two2025-01-012025-12-310001784700us-gaap:FairValueInputsLevel3Member2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Ground Transportation, Company VTC Buyer Corp., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 8.92%, Acquisition Date 7/15/2025, Maturity 7/15/20312026-06-300001784700us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberck0001784700:SeniorSecuredFirstLienTermLoansMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2026-06-300001784700ck0001784700:KraydenHoldingsInc1Member2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company OIS Management Services, LLC, Type of Investment Revolver, Acquisition Date 11/16/2022, Maturity 11/16/20282026-06-300001784700ck0001784700:AlertSRCNewcoLLC1Member2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company TheKey, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00% (1.00% PIK), Interest Rate 8.92%, Acquisition Date 6/2/2022, Maturity 9/30/2027 Three2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured 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Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company 3G Intermediate, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.19%, Acquisition Date 9/30/2024, Maturity 9/30/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Machinery, Company Pareto Buyer, LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 12/12/2025, Maturity 12/13/20322026-01-012026-06-300001784700ck0001784700:HlsgIntermediateLlcMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company Concord III, L.L.C., Type of Investment Revolver, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.73%, Acquisition Date 12/20/2023, Maturity 12/20/20282026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ChemicalsMemberck0001784700:RCRBuyerLLCMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700ck0001784700:QuarterlyTwelveMember2026-01-012026-06-300001784700ck0001784700:ConstructionAndEngineeringMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:GroundPenetratingRadarSystemsLLCMemberck0001784700:TermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Advanced Web Technologies Holding Company, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.25% (2.25% PIK), Interest Rate 10.24%, Acquisition Date 10/2/2023, Maturity 12/17/20272026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company Distinct Holdings, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.61%, Acquisition Date 7/18/2024, Maturity 7/18/20292025-01-012025-12-310001784700ck0001784700:CommercialServicesAndSuppliesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2026-06-3000017847002025-01-012025-06-300001784700ck0001784700:FoodProductsMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:MannaProProductsLLCMemberck0001784700:TermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company OIS Management Services, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.48%, Acquisition Date 6/2/2022, Maturity 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1/5/20322026-06-300001784700ck0001784700:MachineryMember2026-06-300001784700ck0001784700:AQSunshineIncMemberck0001784700:LimitedPartnershipMemberck0001784700:InsuranceMemberus-gaap:EquityMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company TheKey, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00% (1.00% PIK), Interest Rate 8.92%, Acquisition Date 6/2/2022, Maturity 9/30/2027 One2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company Painters Supply and Equipment Co. 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Type of Investment Revolver, Acquisition Date 11/3/2025, Maturity 11/3/20312026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Bebright MSO, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.48%, Acquisition Date 6/3/2024, Maturity 6/3/20302026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company EPTAM Plastics, Ltd., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.32%, Acquisition Date 6/2/2022, Maturity 12/6/20272025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Eye Health America, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.69%, Acquisition Date 2/14/2025, Maturity 7/26/20282026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Air Freight & Logistics, Company Horizon Freight Holdings, Inc., Type of Investment Delayed Draw Term Loan, Acquisition Date 8/22/2024, Maturity 8/22/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company Basin Innovation Group, LLC, Type of Investment Revolver, Acquisition Date 12/6/2024, Maturity 12/6/20302026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Premier Imaging, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.93%, Acquisition Date 6/2/2022, Maturity 10/29/2027 Two2025-12-310001784700us-gaap:CommonStockMemberck0001784700:MidcoHoldingLLCMemberck0001784700:AutomobileComponentsMemberus-gaap:EquityMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Telecommunication Services, Company MBS Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.92%, Acquisition Date 11/29/2023, Maturity 4/16/20272025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company Reliable Medical Supply Acquisitionco LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 12/31/2025, Maturity 12/31/20322025-01-012025-12-310001784700ck0001784700:ZincBuyerCorporationMemberus-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:CommercialServicesSuppliesMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company NBPT Acquisition LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.69%, Acquisition Date 3/3/2025, Maturity 3/3/20302026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company Pediatric Home Respiratory Services, LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 6/2/2022, Maturity 12/23/20302025-12-310001784700ck0001784700:ApexDentalPartnersLLC1Member2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company Healthfuse, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.68%, Acquisition Date 1/10/2025, Maturity 1/10/20312025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company Techmer BB Bidco, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 0.25%(5.50% PIK), Interest Rate 9.45%, Acquisition Date 9/1/2022, Maturity 9/1/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Allergy & Clinical MidCo, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.37%, Acquisition Date 1/29/2025, Maturity 1/29/2031 One2026-06-300001784700ck0001784700:PhiaPurchaserLLCMember2025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2026-06-300001784700ck0001784700:Gen4DentalPartnersOpcoLlcMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Construction & Engineering, Company Delayed Draw Term Loan, Type of Investment Delayed Draw Term Loan, Acquisition Date 8/7/2025, Maturity 8/7/20312026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Source Holding Delaware, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.60%, Acquisition Date 2/7/2025, Maturity 2/7/20312025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Hotels, Restaurants & Leisure, Company Taymax Group, L.P., Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.74%, Acquisition Date 12/13/2022, Maturity 7/30/20272026-06-300001784700ck0001784700:ACPOakBuyerIncTwoMember2025-12-310001784700us-gaap:CommonStockMember2026-04-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company MDI Buyer, Inc., Type of Investment Revolver, Reference Rate and Spread PRIME + 3.75%, Interest Rate 10.50%, Acquisition Date 8/5/2022, Maturity 7/25/20282025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Financial Services, Company RWA Wealth Partners, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.40%, Acquisition Date 11/15/2024, Maturity 11/15/2030 Two2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Easy Ice, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.40%, Interest Rate 9.13%, Acquisition Date 10/30/2024, Maturity 10/30/20302026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company Castleworks Home Services, Company Type of Investment Revolver, Reference Rate and Spread SOFR + 5.50% (2.00% PIK), Interest Rate 11.38%, Acquisition Date 6/29/2022, Maturity 6/29/20282026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Source Holding Delaware, LLC Type of Investment Delayed Draw Term Loan Reference Rate and Spread SOFR + 4.75% Interest Rate 8.41% Acquisition Date 2/7/2025 Maturity 2/7/20312026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company BH Buyer, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.48%, Acquisition Date 12/31/2025, Maturity 12/31/20312026-01-012026-06-300001784700ck0001784700:ConstructionAndEngineeringMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Life Sciences Tools & Services, Company KL Charlie Acquisition Company, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 8.99%, Acquisition Date 3/17/2023, Maturity 12/30/20292026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company USSC Holding Corp., Type of Investment Revolver, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.09%, Acquisition Date 7/23/2024, Maturity 6/21/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Pharmaceuticals, Company Advanced Infusion Solutions Acquisition, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.64%, Acquisition Date 06/04/2026, Maturity 06/04/20322026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Life Sciences Tools & Services, Company KL Charlie Acquisition Company, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 8.99%, Acquisition Date 11/26/2024, Maturity 12/30/20292026-01-012026-06-300001784700us-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:ITServicesMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company HLSG Intermediate, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.08%, Acquisition Date 3/14/2025, Maturity 3/31/20292025-12-310001784700ck0001784700:ConstructionAndEngineeringMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ValcourtHoldingsIILLCMemberck0001784700:DelayedDrawTermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company SGA Dental Partners Opco, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.34%, Acquisition Date 7/17/2024, Maturity 7/17/2029 Two2025-01-012025-12-310001784700us-gaap:DelayedDrawTermLoanMemberck0001784700:TalonBuyerIncMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:CommercialServicesSuppliesMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700us-gaap:DelayedDrawTermLoanMemberck0001784700:ConstructionAndEngineeringMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:GroundPenetratingRadarSystemsLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Marine Transportation, Company Horizon Freight Holdings, Inc. Type of Investment Revolver, Reference Rate and Spread PRIME + 4.00%, Interest Rate 10.75%, Acquisition Date 8/22/2024, Maturity 8/22/20302026-06-300001784700ck0001784700:Rule408Membersrt:MinimumMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Personal Care Products, Company Accupac, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 3.00% (6.00% PIK), Interest Rate 10.67%, Acquisition Date 12/31/2024, Maturity 12/31/20292026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company BRG Acquisition Co., LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.49%, Acquisition Date 7/26/2022, Maturity 7/26/20282025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Personal Care Products, Company Accupac, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 3.00% (6.00% PIK), Interest Rate 10.67%, Acquisition Date 12/31/2024, Maturity 12/31/20292025-12-310001784700us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberck0001784700:SeniorSecuredFirstLienTermLoansMemberck0001784700:RecoveryRateMemberck0001784700:RecoveryAnalysisMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Titan Group Holdco, LLC Type of Investment Revolver, Acquisition Date 8/22/2024 Maturity 8/13/20292025-01-012025-12-310001784700ck0001784700:HouseholdProductsMemberck0001784700:WalnutParentIncMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company OIS Management Services, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.48%, Acquisition Date 6/2/2022, Maturity 11/16/20282026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Source Holding Delaware, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.65%, Acquisition Date 2/7/2025, Maturity 2/7/20312025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company JTM Foods LLC, Type of Investment Revolver, Reference Rate and Spread PRIME + 4.25%, Interest Rate 11.00%, Acquisition Date 9/28/2022, Maturity 5/14/20292025-12-310001784700us-gaap:DelayedDrawTermLoanMemberck0001784700:GritBuyerIncMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ProfessionalServicesMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Containers & Packaging, Company Oliver Packaging, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.00% (1.00% PIK), Interest Rate 9.82%, Acquisition Date 7/6/2022, Maturity 7/6/20282025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company Pillr Health Intermediate II, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 12/31/2025, Maturity 12/31/20312025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Personal Care Products, Company BPC Holding III Corp., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 8.99%, Acquisition Date 6/2/2022, Maturity 7/28/20262026-01-012026-06-300001784700ck0001784700:QuarterlyThreeMember2026-01-012026-06-300001784700us-gaap:DelayedDrawTermLoanMemberck0001784700:ConstructionAndEngineeringMemberck0001784700:BGIFIVFearlessUtilityServicesIncMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company US Health Partners Management, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.64%, Acquisition Date 1/12/2024, Maturity 1/11/20302026-01-012026-06-300001784700us-gaap:DelayedDrawTermLoanMemberck0001784700:FoodProductsMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:SugarPPCBuyerLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700ck0001784700:ClassBLoansMembersrt:StandardPoorsAARatingMemberck0001784700:VCCCLOLLCMember2024-11-262024-11-260001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company LAV Gear Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 2.50% (3.44% PIK), Interest Rate 6.22%, Acquisition Date 7/31/2025, Maturity 7/31/2029 One2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company SGA Dental Partners Opco, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.38%, Acquisition Date 7/17/2024, Maturity 7/17/20292025-01-012025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:HotelsRestaurantsLeisureMemberck0001784700:TriwizardHoldingsIncMemberck0001784700:DelayedDrawTermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-3100017847002025-03-310001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:GooseBorrowerLPMemberck0001784700:SoftwareMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700ck0001784700:GroundTransportationMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2026-06-300001784700us-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:PersonalCareProductsMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company SunMed Group Holdings, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.41%, Acquisition Date 11/22/2024, Maturity 6/16/20282026-01-012026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:VictorsPurchaserLLCMemberck0001784700:ITServicesMemberck0001784700:TermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700us-gaap:FairValueInputsLevel3Memberck0001784700:SubordinatedCertificatesOfSDLPMember2024-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company Castleworks Home Services, Company Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50% (2.00% PIK), Interest Rate 11.38%, Acquisition Date 6/28/2023, Maturity 6/29/20282026-01-012026-06-300001784700ck0001784700:MDIBuyerIncMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Apex Dental Partners, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.84%, Acquisition Date 10/29/2024, Maturity 10/29/20302025-01-012025-12-310001784700us-gaap:InvestmentAffiliatedIssuerControlledMember2026-01-012026-06-300001784700us-gaap:LetterOfCreditMember2025-12-310001784700ck0001784700:FoodProductsMemberus-gaap:CommonStockMemberck0001784700:MannaProProductsLLCMemberus-gaap:EquityMember2025-12-310001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:AcronAviationIncMemberck0001784700:AerospaceDefenseMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company DRML Holdings LLC, Type of Investment Revolver, Acquisition Date 3/14/2025, Maturity 3/14/20312025-12-310001784700us-gaap:InvestmentAffiliatedIssuerControlledMemberck0001784700:InvestmentFundsAndVehiclesMember2025-12-310001784700ck0001784700:SentinelTechnologiesIncMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company Distinct Holdings, Inc., Type of Investment Revolver, Reference Rate and Spread PRIME + 4.75%, Interest Rate 11.50%, Acquisition Date 7/18/2024, Maturity 7/18/20292026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company EPTAM Plastics, Ltd., Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.82%, Acquisition Date 9/16/2022, Maturity 12/6/20272026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Construction & Engineering, Company HTI Intermediate, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.66%, Acquisition Date 3/1/2024, Maturity 3/1/20302026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company Boulder Scientific Company, LLC, Type of Investment Revolver, Acquisition Date 1/7/2025, Maturity 12/31/20272025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Ground Transportation, Company VTC Buyer Corp., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 8.92%, Acquisition Date 7/15/2025, Maturity 7/15/20312026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Air Freight & Logistics, Company Horizon Freight Holdings, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.67%, Acquisition Date 8/22/2024, Maturity 8/22/20302025-01-012025-12-310001784700ck0001784700:PharmaceuticalsMember2025-12-310001784700ck0001784700:ConstructionAndEngineeringMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ValcourtHoldingsIILLCMemberck0001784700:DelayedDrawTermLoanFourMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700ck0001784700:VCCCLOOneLLCMember2024-11-260001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Personal Care Products, Company Accupac, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 3.00% (6.00% PIK), Interest Rate 10.67%, Acquisition Date 12/31/2024, Maturity 12/31/20292026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ChemicalsMemberck0001784700:SeproHoldingsLlcMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company MES Intermediate, Inc., Type of Investment Revolver, Acquisition Date 11/21/2025, Maturity 10/1/20272026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Air Freight & Logistics, Company Horizon Freight Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.67%, Acquisition Date 8/22/2024, Maturity 8/22/20302025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Construction & Engineering, Company HTI Intermediate, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.68%, Acquisition Date 3/1/2024, Maturity 3/1/20302026-06-300001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TitanBWBorrowerLPMemberck0001784700:AerospaceDefenseMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700ck0001784700:PCIASPV-3LLCMemberus-gaap:DelayedDrawTermLoanMemberck0001784700:CapitalMarketsMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Containers & Packaging, Company Oliver Packaging, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00% (1.00% PIK), Interest Rate 8.82%, Acquisition Date 8/30/2024, Maturity 7/6/20282025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company Pediatric Home Respiratory Services, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.29%, Acquisition Date 12/23/2024, Maturity 12/23/20302026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company ACP Oak Buyer, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.38%, Acquisition Date 6/12/2025, Maturity 5/16/20312026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company Castleworks Home Services Company, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50% (2.00% PIK), Interest Rate 9.34%, Acquisition Date 6/28/2023, Maturity 6/29/2028 One2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company EPTAM Plastics, Ltd., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.32%, Acquisition Date 6/2/2022, Maturity 12/6/20272025-01-012025-12-310001784700srt:FitchAAARatingMemberck0001784700:VCCCLOLLCMembersrt:StandardPoorsAAARatingMemberus-gaap:SubordinatedDebtMember2024-11-260001784700us-gaap:AdditionalPaidInCapitalMember2026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ElectronicEquipmentInstrumentsAndComponentsMemberck0001784700:TermLoanMemberck0001784700:EISLegacyHoldcoLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Distributors, Company Big Bucks Acquisition Corporation, Type of Investment Revolver, Acquisition Date 9/29/2025, Maturity 9/29/20312026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Champion Elevator Operating Corporation., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.41%, Acquisition Date 5/29/2026, Maturity 5/28/20322026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Machinery, Company Pareto Buyer, LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 12/12/2025, Maturity 12/13/20322026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company MWD Management, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.57%, Acquisition Date 6/15/2022, Maturity 6/15/20272025-01-012025-12-310001784700us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:EquityMemberck0001784700:MarketMultipleMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company RFI Buyer, Inc. Type of Investment Delayed Draw Term Loan Reference Rate and Spread SOFR + 4.50% Interest Rate 8.33% Acquisition Date 8/29/2025 Maturity 8/5/20302026-01-012026-06-3000017847002026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Krayden Holdings, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.44%, Acquisition Date 3/1/2023, Maturity 3/1/2029 One2025-12-310001784700us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310001784700us-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:AirFreightAndLogisticsMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700us-gaap:FinancialServicesSectorMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:TigerHoldcoLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company Distinct Holdings, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.61%, Acquisition Date 7/18/2024, Maturity 7/18/2029 One2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company Andretti Buyer, LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 1/30/2026, Maturity 1/28/20332026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company JTM Foods LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.25%, Acquisition Date 9/28/2022, Maturity 5/14/20292025-01-012025-12-310001784700ck0001784700:ConstructionAndEngineeringMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ValcourtHoldingsIILLCMemberck0001784700:DelayedDrawTermLoanFourMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:MeritSoftwareFinanceHoldingsLLCMemberck0001784700:SoftwareMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company TheKey, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00% (1.00% PIK), Interest Rate 8.92%, Acquisition Date 6/2/2022, Maturity 9/30/2027 Three2025-12-310001784700ck0001784700:HealthCareProvidersServicesMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:VictorsPurchaserLLCMemberck0001784700:TermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Personal Care Products, Company Accupac, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 3.00% + (6.00% PIK), Interest Rate 10.65%, Acquisition Date 12/31/2024, Maturity 12/31/20292026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Software, Company QM Buyer, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 12/6/2024, Maturity 12/6/20302025-12-310001784700ck0001784700:SeniorUnsecuredTwoThousandTwentySixNotesMemberck0001784700:TrancheAMember2023-12-210001784700us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:HotelsRestaurantsLeisureMemberck0001784700:TermLoanMemberck0001784700:TriwizardHoldingsIncMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:InsuranceMemberck0001784700:THGAcquisitionLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Distributors, Company United Scope LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.82%, Acquisition Date 6/2/2022, Maturity 12/31/20262026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Construction & Engineering, Company HTI Intermediate, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.66%, Acquisition Date 7/2/2025, Maturity 3/1/20302026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company AAMP Global Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.58%, Acquisition Date 6/2/2022, Maturity 6/5/20272026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Phia Purchaser, LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 12/1/2025, Maturity 12/1/20322026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company Basin Innovation Group, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.36%, Acquisition Date 12/6/2024, Maturity 12/6/20302026-06-300001784700ck0001784700:DistributorsMember2026-06-300001784700us-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Champion Elevator Operating Corporation, Type of Investment Delayed Draw Term Loan, Acquisition Date 5/29/2026, Maturity 5/28/20322026-01-012026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:AutomobileComponentsMemberck0001784700:ArrowheadHoldcoCompanyMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:SoftwareMemberck0001784700:MLHoldcoIncMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700ck0001784700:NBPTAcquisitionLLCMember2026-06-300001784700us-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:PharmaceuticalsMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700us-gaap:FinancialServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700ck0001784700:SpecialOneMember2026-01-012026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:DoximIncMemberck0001784700:SoftwareMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Machinery, Company Pareto Buyer, LLC, Type of Investment Revolver, Acquisition Date 12/12/2025, Maturity 12/13/20322025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company Hometown Food Company, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.12%, Acquisition Date 6/13/2025, Maturity 12/3/20302026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Advanced Web Technologies Holding Company, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.25% (2.25% PIK), Interest Rate 10.34%, Acquisition Date 10/18/2022, Maturity 12/17/20272025-01-012025-12-310001784700ck0001784700:FoodProductsMemberus-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:MannaProProductsLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700us-gaap:FinancialServicesSectorMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ConveraInternationalHoldingsLimitedMemberck0001784700:TermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company US Health Partners Management, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.73%, Acquisition Date 1/12/2024, Maturity 1/11/20302026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company 3G Intermediate, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.17%, Acquisition Date 9/30/2024, Maturity 9/30/20302025-01-012025-12-310001784700ck0001784700:NonControlledNonAffiliatedInvestmentsMember2025-12-310001784700ck0001784700:KraydenHoldingsIncMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company United Musculoskeletal Partners Acquisition Holdings, LLC, Type of Investment Delayed Draw Term Loan , Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.48%, Acquisition Date 7/15/2022, Maturity 7/15/20282026-06-300001784700ck0001784700:SourceHoldingDelawareLLCMember2026-06-300001784700ck0001784700:AndrettiBuyerLLCOneMember2025-12-310001784700ck0001784700:Rule408Membersrt:MaximumMember2026-06-300001784700us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMember2026-03-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company Techmer BB Bidco, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 0.25%(5.50% PIK), Interest Rate 9.45%, Acquisition Date 9/1/2022, Maturity 9/1/20302025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Krayden Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 8/30/2024, Maturity 3/1/20292025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Krayden Holdings, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.53%, Acquisition Date 3/1/2023, Maturity 3/1/20292025-01-012025-12-310001784700srt:MinimumMemberck0001784700:SeniorDirectLendingProgramMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company BRG Acquisition Co., LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.66%, Acquisition Date 12/27/2023, Maturity 7/26/20282026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company SHF Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.17%, Acquisition Date 1/22/2025, Maturity 1/22/20302025-12-310001784700us-gaap:FairValueInputsLevel3Memberck0001784700:RecentTransactionMembersrt:MinimumMemberck0001784700:TransactionPriceMemberck0001784700:SeniorSecuredFirstLienTermLoansMember2025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:CapitalMarketsMemberck0001784700:LidoAdvisorsLLCMemberck0001784700:DelayedDrawTermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Eye Health America, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.42%, Acquisition Date 2/14/2025, Maturity 7/26/20282025-01-012025-12-310001784700ck0001784700:SeniorUnsecuredTwoThousandTwentyEightNotesMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company Distinct Holdings, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.61%, Acquisition Date 7/18/2024, Maturity 7/18/2029 One2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Pharmaceuticals, Company Leiters, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.92%, Acquisition Date 9/29/2023, Maturity 6/29/20282025-12-310001784700ck0001784700:AutomobileComponentsMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company USSC Holding Corp., Type of Investment Revolver, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.16%, Acquisition Date 7/23/2024, Maturity 6/21/20302026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company MDI Buyer, Inc., Type of Investment Revolver, Reference Rate and 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Acquisition Date 7/26/2022, Maturity 7/26/20282025-01-012025-12-310001784700us-gaap:FinancialServicesSectorMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Online Labels Group, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 12/19/2023, Maturity 12/19/20292025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:AcronAviationIncMemberck0001784700:TermLoanMemberck0001784700:AerospaceDefenseMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company VP Security Buyer, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.63%, Acquisition Date 10/10/2025, Maturity 10/10/20312025-01-012025-12-310001784700ck0001784700:PaintersSupplyAndEquipmentCoMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Marine Transportation, Company Horizon Freight Holdings, Inc., Type of Investment Delayed Draw Term Loan, Acquisition Date 8/22/2024, Maturity 8/22/20302026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company Sentinel Technologies, Inc, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.35%, Acquisition Date 11/3/2025, Maturity 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Health Care Equipment & Supplies, Company Pediatric Home Respiratory Services, LLC, Type of Investment Revolver, Acquisition Date 12/23/2024, Maturity 12/23/20302025-01-012025-12-310001784700us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700ck0001784700:InvestmentFundsAndVehiclesMember2026-06-300001784700ck0001784700:QMBuyerInc1Member2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Krayden Holdings, Inc., Type of Investment Term Loan Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.48%, Acquisition Date 8/30/2024, Maturity 3/1/20292026-06-300001784700ck0001784700:FoodProductsMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:MannaProProductsLLCMemberck0001784700:TermLoanTwoMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:NmnHoldingsIiiCorpMemberck0001784700:HealthCareEquipmentAndSuppliesMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700ck0001784700:HealthCareEquipmentAndSuppliesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-12-310001784700ck0001784700:USNOpcoLLC1Member2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Textiles, Apparel & Luxury Goods, Company National Safety Apparel LLC, Type of Investment Revolver, Acquisition Date 5/17/2024, Maturity 5/17/20302026-06-300001784700us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:EquityMember2026-06-300001784700ck0001784700:FSSquaredHoldingCorpMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:ConsumerStaplesDistributionRetailMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company DRML Holdings LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 3/14/2025, Maturity 3/14/20312026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Ground Transportation, Company VTC Buyer Corp., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.01% Acquisition Date 7/15/2025, Maturity 7/15/2031 One2025-01-012025-12-310001784700ck0001784700:ConstructionAndEngineeringMemberus-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:GroundPenetratingRadarSystemsLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:EquityMember2025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:VictorsPurchaserLLCMemberck0001784700:ITServicesMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Equity, Industry Health Care Equipment & Supplies, Company Reliable Medical Supply Acquisition LLC, Type of Investment Series A Interest2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Pharmaceuticals, Company Advanced Infusion Solutions Acquisition, LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 06/04/2026, Maturity 06/04/20322026-01-012026-06-300001784700ck0001784700:HealthCareProvidersServicesMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:PremiseHealthHoldingCorpMemberck0001784700:TermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700ck0001784700:ISQHawkeyeHoldCoIncMember2025-12-310001784700ck0001784700:MechanAirLLCMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company BRG Acquisition Co., LLC, Type of Investment Revolver, Acquisition Date 7/26/2022, Maturity 7/26/20282026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Source Holding Delaware, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.60%, Acquisition Date 2/7/2025, Maturity 2/7/20312025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Personal Care Products, Company BPC Holding III Corp., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.02%, Acquisition Date 6/2/2022, Maturity 7/28/20262025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Premier Imaging, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.99%, Acquisition Date 6/2/2022, Maturity 10/31/20272026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Software, Company QM Buyer, Inc., Type of Investment Revolver, Acquisition Date 12/6/2024, Maturity 12/6/20302025-01-012025-12-310001784700ck0001784700:ConstructionAndEngineeringMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:PaveAmericaHoldingLLCMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700ck0001784700:ThreeSixFiveRMHoldcoLLCMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:CommercialServicesSuppliesMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700dei:FormerAddressMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company US Health Partners Management, LLC, Type of Investment Revolver, Reference Rate and Spread PRIME + 4.00%, Interest Rate 10.75%, Acquisition Date 1/12/2024, Maturity 1/11/20302025-12-310001784700ck0001784700:ChampionElevatorOperatingCorporation1Member2026-06-300001784700ck0001784700:BasinInnovationGroupLLCMember2025-12-310001784700us-gaap:FairValueInputsLevel3Memberck0001784700:SubordinatedCertificatesOfSDLPMember2026-04-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Distributors, Company Big Bucks Acquisition Corporation, Type of Investment Revolver, Acquisition Date 9/29/2025, Maturity 9/29/20312025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company LAV Gear Holdings, Inc., Type of Investment Revolver, Acquisition Date 7/31/2025, Maturity 7/31/20292025-12-310001784700ck0001784700:ClassA1NotesMembersrt:FitchAAARatingMemberck0001784700:VCCCLOLLCMembersrt:StandardPoorsAAARatingMember2024-11-260001784700ck0001784700:FoodProductsMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:MannaProProductsLLCMemberck0001784700:TermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Consumer Staples Distribution & Retail, Company FS Squared Holding Corp., Type of Investment Revolver, Acquisition Date 12/23/2024, Maturity 12/23/20302025-01-012025-12-310001784700us-gaap:FairValueInputsLevel3Memberck0001784700:SubordinatedCertificatesOfSDLPMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:RevolverMemberck0001784700:CARDS-LiveOakHoldingsIncMemberck0001784700:CommercialServicesSuppliesMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company MDI Buyer, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 8/5/2022, Maturity 7/25/20282026-01-012026-06-300001784700ck0001784700:FSSquaredHoldingCorpMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:ConsumerStaplesDistributionRetailMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700ck0001784700:SeniorDirectLendingProgramMember2025-04-012025-06-300001784700ck0001784700:PersonalCareProductsMember2025-12-310001784700ck0001784700:VaragonSDLPLLCMemberck0001784700:SeniorDirectLendingProgramMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Pharmaceuticals, Company Leiters, Inc., Type of Investment Revolver, Acquisition Date 9/29/2023, Maturity 6/29/20282026-01-012026-06-300001784700us-gaap:FairValueInputsLevel3Memberck0001784700:RecentTransactionMembersrt:WeightedAverageMemberck0001784700:SeniorSecuredFirstLienTermLoansMemberck0001784700:TransactionPriceMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company Reliable Medical Supply Acquisitionco LLC, Type of Investment Revolver, Acquisition Date 12/31/2025, Maturity 12/31/20322025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Distributors, Company Hub Pen Company, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.39%, Acquisition Date 9/30/2024, Maturity 12/31/20272025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Apex Dental Partners, LLC, Type of Investment Revolver , Acquisition Date 10/29/2024, Maturity 10/29/20302026-06-300001784700ck0001784700:ElectronicEquipmentInstrumentsComponentsMember2025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:DoximIncMemberck0001784700:SoftwareMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:MeritSoftwareFinanceHoldingsLLCMemberck0001784700:SoftwareMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700ck0001784700:ConstructionAndEngineeringMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company USSC Holding Corp., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 8.92%, Acquisition Date 7/23/2024, Maturity 6/21/20302025-01-012025-12-310001784700ck0001784700:USNOpcoLLC1Member2025-12-310001784700ck0001784700:OliverPackagingLLCMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company USSC Holding Corp., Type of Investment Revolver, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.17%, Acquisition Date 7/23/2024, Maturity 6/21/20302026-01-012026-06-300001784700srt:MaximumMember2026-01-012026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:AutomobileComponentsMemberck0001784700:ArrowheadHoldcoCompanyMemberck0001784700:TermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Distributors, Company United Scope LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.97%, Acquisition Date 6/2/2022, Maturity 12/31/2026 One2025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:OakbridgeInsuranceAgencyLLCMemberck0001784700:InsuranceMemberck0001784700:DelayedDrawTermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:AutomobileComponentsMemberck0001784700:ArrowheadHoldcoCompanyMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:CoritySoftwareIncMemberck0001784700:SoftwareMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Personal Care Products, Company BPC Holding III Corp., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 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Acquisition Date 6/2/2022, Maturity 2/3/20282025-01-012025-12-310001784700ck0001784700:BHBuyerIncMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company U.S. Urology Partners, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.17%, Acquisition Date 4/8/2025, Maturity 4/8/20322025-01-012025-12-310001784700us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMember2024-12-310001784700ck0001784700:ConstructionAndEngineeringMemberck0001784700:FSSquaredHoldingCorpMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberck0001784700:MarketMultipleMemberus-gaap:EquityMember2026-06-300001784700ck0001784700:SubordinatedCertificatesOfSDLPMemberus-gaap:InvestmentAffiliatedIssuerControlledMemberck0001784700:SeniorDirectLendingProgramMember2026-06-300001784700ck0001784700:FortyTwoNorthDentalLLCOneMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Electronic Equipment, Instruments & Components, Company Alert SRC Newco LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.72%, Acquisition Date 12/11/2024, Maturity 12/11/20302025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Heartland Veterinary Partners LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.80%, Acquisition Date 6/2/2022, Maturity 6/10/20282025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company RBS Buyer, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.84%, Acquisition Date 7/31/2025, Maturity 7/31/20312025-12-310001784700ck0001784700:MidcoHoldingLLCMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:AutomobileComponentsMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Personal Care Products, Company Accupac, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 3.00% (6.00% PIK), Interest Rate 10.89%, Acquisition Date 12/31/2024, Maturity 12/31/20292025-12-310001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:CommercialServicesSuppliesMemberck0001784700:ISQHawkeyeHoldCoIncMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Krayden Holdings, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 3/1/2023, Maturity 3/1/2029 One2025-12-310001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ArtivionIncMemberck0001784700:HealthCareEquipmentAndSuppliesMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company 3G Intermediate, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.19%, Acquisition Date 9/30/2024, Maturity 9/30/20302025-01-012025-12-310001784700srt:DirectorMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company BH Buyer, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.67%, Acquisition Date 12/31/2025, Maturity 12/31/20312025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company MDI Buyer, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 8/5/2022, Maturity 7/25/20282026-06-300001784700us-gaap:InterestRateSwapMember2025-12-310001784700ck0001784700:EventusBuyerLLC1Member2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Pharmaceuticals, Company Leiters, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.25%, Interest Rate 8.02%, Acquisition Date 9/29/2023, Maturity 6/29/20282026-06-300001784700ck0001784700:ConstructionAndEngineeringMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:BellsParentIncMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-03-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company Boulder Scientific Company, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.18%, Acquisition Date 6/2/2022, Maturity 12/31/20272026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Titan Group Holdco, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 8/22/2024, Maturity 8/13/20292025-12-310001784700ck0001784700:HorizonFreightHoldingsInc1Member2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company Zavation Medical Products, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.72%, Acquisition Date 7/22/2024, Maturity 6/30/20282025-01-012025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:SoftwareMemberck0001784700:MLHoldcoIncMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700ck0001784700:RadwellParentLLCMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:DistributorsMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company Amplify Buyer, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.48%, Acquisition Date 9/17/2025, Maturity 9/17/20322026-06-300001784700Non-Controlled/Non-Affiliated Investments, Equity, Industry Health Care Equipment & Supplies, Company Reliable Medical Supply Acquisition LLC, Type of Investment Series A Interest2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company VG Target Holdings, LLC, Type of Investment Term Loan, Reference Rate and Spread PRIME + 4.50% (3.00% PIK), Interest Rate 16.25%, Acquisition Date 7/18/2025, Maturity 5/3/20272025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company UHY Advisors, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 11/22/2024, Maturity 11/21/20312025-12-310001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:DrogonBidcoIncMemberck0001784700:CommercialServicesSuppliesMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company United Musculoskeletal Partners Acquisition Holdings, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.41%, Acquisition Date 7/15/2022, Maturity 7/15/2028 One2026-06-300001784700ck0001784700:EnergyEquipmentServicesMember2025-12-310001784700ck0001784700:HealthCareProvidersAndServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company ORG USME Buyer, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.56%, Acquisition Date 6/21/2022, Maturity 5/24/20292026-06-300001784700ck0001784700:InvestmentYieldInSubordinatedCertificatesMember2026-06-300001784700ck0001784700:UHYAdvisorsIncMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Energy Equipment & Services, Company Velocity Buyer, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.87%, Acquisition Date 1/24/2025, Maturity 1/24/20312025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Insurance, Company Turbo Buyer, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.85%, Acquisition Date 11/26/2024, Maturity 6/2/20262025-12-310001784700ck0001784700:ConstructionAndEngineeringMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:GroundPenetratingRadarSystemsLLCMemberck0001784700:TermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700ck0001784700:ConstructionAndEngineeringMemberus-gaap:DelayedDrawTermLoanMemberck0001784700:BGIFIVFearlessUtilityServicesIncMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700us-gaap:FairValueInputsLevel3Member2025-03-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company OIS Management Services, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.65%, Acquisition Date 8/21/2024, Maturity 11/16/20282025-01-012025-12-310001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:InsuranceMemberck0001784700:THGAcquisitionLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Eye Health America, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.42%, Acquisition Date 2/14/2025, Maturity 7/26/20282025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company US Health Partners Management, LLC, Type of Investment Revolver, Reference Rate and Spread PRIME + 4.00%, Interest Rate 10.75%, Acquisition Date 1/12/2024, Maturity 1/11/20302025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Electronic Equipment, Instruments & Components, Company Alert SRC Newco LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.75%, Acquisition Date 12/11/2024, Maturity 12/11/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Electronic Equipment, Instruments & Components, Company Alert SRC Newco LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.77%, Acquisition Date 12/11/2024, Maturity 12/11/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company TheKey, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00% (1.00% PIK), Interest Rate 9.92%, Acquisition Date 6/2/2022, Maturity 9/30/2027 Three2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company DRML Holdings LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 3/14/2025, Maturity 3/14/20312025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company BH Buyer, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.48%, Acquisition Date 12/31/2025, Maturity 12/31/20312026-06-300001784700ck0001784700:OliverPackagingLLCMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company United Musculoskeletal Partners Acquisition Holdings, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.60%, Acquisition Date 7/15/2022, Maturity 7/15/20282025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Personal Care Products, Company Accupac, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 3.00% (6.00% PIK), Interest Rate 10.87%, Acquisition Date 12/31/2024, Maturity 12/31/20292025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:HighStreetBuyerIncMemberck0001784700:InsuranceMemberck0001784700:DelayedDrawTermLoanTwoMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:InsuranceMemberck0001784700:SageSureHoldingsLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Phia Purchaser, LLC, Type of Investment Revolver, Acquisition Date 12/1/2025, Maturity 12/1/20322026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Machinery, Company Le Sueur, Incorporated, Type of Investment Delayed Draw Term Loan, Acquisition Date 5/20/2026, Maturity 5/20/20312026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company Zavation Medical Products, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.54%, Acquisition Date 7/22/2024, Maturity 6/30/20282025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company VRC Companies, LLC Type of Investment Term Loan Reference Rate and Spread SOFR + 5.50% Interest Rate 9.16% Acquisition Date 2/6/2022 Maturity 6/29/20272026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company Techmer BB Bidco, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.09%, Acquisition Date 9/1/2022, Maturity 9/1/20302026-01-012026-06-300001784700ck0001784700:RBSBuyerInc1Member2026-06-300001784700ck0001784700:ConstructionAndEngineeringMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:EISLegacyHoldcoLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700ck0001784700:InvestmentFundsAndVehiclesMember2025-12-310001784700us-gaap:DelayedDrawTermLoanMemberck0001784700:ConstructionAndEngineeringMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:PaveAmericaHoldingLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:CommercialServicesSuppliesMemberck0001784700:PritchardIndustriesLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700ck0001784700:RWAWealthPartnersLLC1Member2025-12-310001784700ck0001784700:ZavationMedicalProductsLlcMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company U.S. Urology Partners, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.17%, Acquisition Date 4/8/2025, Maturity 4/8/20322025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:AutomobileComponentsMemberck0001784700:ArrowheadHoldcoCompanyMemberck0001784700:DelayedDrawTermLoanTwoMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700ck0001784700:EmpowerBenefitsIncMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Krayden Holdings, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.44%, Acquisition Date 3/1/2023, Maturity 3/1/2029 One2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company NBPT Acquisition LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.73%, Acquisition Date 3/3/2025, Maturity 3/3/20302025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Software, Company QM Buyer, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.48%, Acquisition Date 12/6/2024, Maturity 12/6/20302026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company 3G Intermediate, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.23%, Acquisition Date 9/30/2024, Maturity 9/30/20302026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company Pillr Health Intermediate II, LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 12/31/2025, Maturity 12/31/20312025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Ground Transportation, Company A&R Logistics Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 2.50% (4.25% PIK), Interest Rate 10.58%, Acquisition Date 10/4/2024, Maturity 2/3/20282026-01-012026-06-300001784700ck0001784700:ITServicesMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Distributors, Company POY Holdings, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.32%, Acquisition Date 11/26/2024, Maturity 11/16/2027 One2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company HLSG Intermediate, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.08%, Acquisition Date 3/14/2025, Maturity 3/31/20292025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company Basin Innovation Group, LLC, Type of Investment Revolver, Acquisition Date 12/6/2024, Maturity 12/6/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Bebright MSO, LLC, Type of Investment Revolver, Acquisition Date 6/3/2024, Maturity 6/3/20302025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Aerospace & Defense, Company AIM Acquisition, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.58%, Acquisition Date 6/2/2022, Maturity 12/2/20272025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Marine Transportation, Company Horizon Freight Holdings, Inc. Type of Investment Revolver, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.73%, Acquisition Date 8/22/2024, Maturity 8/22/20302026-06-300001784700ck0001784700:CPLConsultantsLLCOneMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company ADPD Holdings LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 10.03%, Acquisition Date 8/16/2022, Maturity 8/16/20282025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Easy Ice, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.40%, Interest Rate 9.07%, Acquisition Date 10/30/2024, Maturity 10/30/20302026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company Reliable Medical Supply Acquisitionco LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.23%, Acquisition Date 12/31/2025, Maturity 12/31/20322026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company M&D Midco, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.00%, Acquisition Date 8/31/2022, Maturity 8/31/20282025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company RFI Buyer, Inc. Type of Investment Term Loan Reference Rate and Spread SOFR + 4.50% Interest Rate 8.16% Acquisition Date 8/5/2022 Maturity 8/5/20302026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company Arrowhead Holdco Company, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 2.50% (2.75% PIK), Interest Rate 6.34%, Acquisition Date 6/2/2022, Maturity 8/31/20282025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ChemicalsMemberck0001784700:SeproHoldingsLlcMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company Healthfuse, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 1/10/2025, Maturity 1/10/20312026-01-012026-06-300001784700ck0001784700:AerospaceDefenseMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company LAV Gear Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread FIXED + 2.50% (3.44% PIK), Interest Rate 6.22%, Acquisition Date 7/31/2025, Maturity 7/31/20292025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company HLSG Intermediate, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.08%, Acquisition Date 3/14/2025, Maturity 3/31/20292025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company BH Buyer, Inc., Type of Investment Revolver, Acquisition Date 12/31/2025, Maturity 12/31/20312026-01-012026-06-300001784700ck0001784700:QMBuyerInc1Member2025-12-310001784700ck0001784700:GroundTransportationMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company U.S. Urology Partners, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.17%, Acquisition Date 4/8/2025, Maturity 4/8/20322025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Easy Ice, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.07%, Acquisition Date 10/30/2024, Maturity 10/30/20302026-06-300001784700us-gaap:FairValueInputsLevel3Memberck0001784700:SeniorSecuredFirstLienLoansMember2025-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company Painters Supply and Equipment Co. (fka Graffiti Buyer, Inc.), Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.27%, Acquisition Date 4/29/2024, Maturity 8/10/20272026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Specialized Dental Holdings II, LLC (fka U.S. Endodontics Partners Holdings, LLC), Type of Investment Delayed Draw Term Loan, Acquisition Date 10/30/2025, Maturity 11/1/20282026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company MDI Buyer, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 1/16/2025, Maturity 7/25/20282026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company ADPD Holdings LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 1.00% (5.00% PIK) |, Interest Rate 9.85%, Acquisition Date 8/16/2022, Maturity 8/16/20282026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Machinery, Company Pareto Buyer, LLC, Type of Investment Revolver, Acquisition Date 12/12/2025, Maturity 12/13/20322025-12-310001784700ck0001784700:HouseholdProductsMemberck0001784700:WalnutParentIncMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company MDI Buyer, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Acquisition Date 1/16/2025, Maturity 7/25/20282025-12-310001784700ck0001784700:HealthCareProvidersServicesMemberck0001784700:USUrologyPartnersLLCMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700ck0001784700:FoodProductsMemberck0001784700:QuirchFoodsHoldingsLLCMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700us-gaap:FairValueInputsLevel3Memberck0001784700:SeniorSecuredFirstLienTermLoansMembersrt:MaximumMemberck0001784700:RecoveryRateMemberck0001784700:RecoveryAnalysisMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Easy Ice, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.24%, Acquisition Date 10/30/2024, Maturity 10/30/20302025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company RFI Buyer, Inc. Type of Investment Term Loan Reference Rate and Spread SOFR + 4.50% Interest Rate 8.27% Acquisition Date 8/29/2025 Maturity 8/5/20302026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company US Health Partners Management, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.67%, Acquisition Date 1/12/2024, Maturity 1/11/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Marine Transportation, Company Horizon Freight Holdings, Inc., Type of Investment Delayed Draw Term Loan, Acquisition Date 8/22/2024, Maturity 8/22/20302026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company Sentinel Technologies, Inc. Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.16%, Acquisition Date 11/3/2025, Maturity 11/3/20312026-01-012026-06-300001784700ck0001784700:GMFParentIncMemberus-gaap:DelayedDrawTermLoanMemberck0001784700:FoodProductsMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700ck0001784700:OnlineLabelsGroupLlcMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company SGA Dental Partners Opco, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.37%, Acquisition Date 7/17/2024, Maturity 7/17/20292025-12-310001784700us-gaap:FinancialServicesSectorMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:TigerHoldcoLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company Zavation Medical Products, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.73%, Acquisition Date 7/22/2024, Maturity 6/30/20282025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company 42 North Dental, LLC, Type of Investment Revolver, Acquisition Date 2/9/2026, Maturity 2/10/20312026-06-300001784700ck0001784700:TitanGroupHoldcoLlc1Member2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Consumer Staples Distribution & Retail, Company FS Squared Holding Corp., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.39%, Acquisition Date 12/23/2024, Maturity 12/23/20302026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company Andretti Buyer, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.23%, Acquisition Date 1/30/2026, Maturity 1/28/20332026-01-012026-06-300001784700ck0001784700:ZepHoldcoIncMember2026-06-300001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:MidcoHoldingLLCMemberck0001784700:AutomobileComponentsMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Gen4 Dental Partners OPCO, LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 5/13/2024, Maturity 5/13/20302025-12-310001784700ck0001784700:FSSquaredHoldingCorpMemberus-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ConsumerStaplesDistributionRetailMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMember2025-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Pharmaceuticals, Company Advantage HCS LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.34%, Acquisition Date 11/08/2023, Maturity 11/08/20292025-01-012025-12-310001784700ck0001784700:USUrologyPartnersLLCMember2025-12-310001784700ck0001784700:HotelsRestaurantsLeisureMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Interest Rate Swap, Maturity Date December 21, 2026 Derivatives2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Machinery, Company Le Sueur, Incorporated, Type of Investment Delayed Draw Term Loan, Acquisition Date 5/20/2026, Maturity 5/20/20312026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company VP Security Buyer, Inc., Type of Investment Revolver, Acquisition Date 10/10/2025, Maturity 10/10/20312025-01-012025-12-310001784700us-gaap:CashEquivalentsMember2025-12-310001784700ck0001784700:NSAndAssociatesLLCMember2025-12-310001784700ck0001784700:FinancialServicesMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Advanced Web Technologies Holding Company, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.25% (2.25% PIK), Interest Rate 10.24%, Acquisition Date 10/18/2022, Maturity 12/17/20272026-06-300001784700us-gaap:FairValueInputsLevel3Memberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Containers & Packaging, Company Oliver Packaging, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00% (1.00% PIK), Interest Rate 8.82%, Acquisition Date 8/30/2024, Maturity 7/6/20282025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Financial Services, Company RWA Wealth Partners, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.40%, Acquisition Date 11/15/2024, Maturity 11/15/2030 One2026-01-012026-06-300001784700us-gaap:FairValueInputsLevel3Memberck0001784700:SubordinatedCertificatesOfSDLPMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company SGA Dental Partners Opco, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.37%, Acquisition Date 7/17/2024, Maturity 7/17/20292025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company SGA Dental Partners Opco, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.34%, Acquisition Date 7/17/2024, Maturity 7/17/20292025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Online Labels Group, LLC, Type of Investment Revolver, Acquisition Date 12/19/2023, Maturity 12/19/20292025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Software, Company QM Buyer, Inc., Type of Investment Delayed Draw Term Loan, Acquisition Date 12/6/2024, Maturity 12/6/20302025-01-012025-12-310001784700ck0001784700:SpecialFiveMember2026-01-012026-06-300001784700us-gaap:InvestmentAffiliatedIssuerControlledMemberck0001784700:SubordinatedCertificatesOfSDLPMember2025-12-310001784700us-gaap:InvestmentAffiliatedIssuerControlledMemberck0001784700:SubordinatedCertificatesOfSDLPMember2026-06-300001784700us-gaap:InvestmentAffiliatedIssuerControlledMembersrt:MinimumMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Financial Services, Company RWA Wealth Partners, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.60%, Acquisition Date 11/15/2024, Maturity 11/15/20302025-01-012025-12-310001784700ck0001784700:ConsumerStaplesDistributionRetailMember2025-12-310001784700ck0001784700:HealthCareProvidersServicesMemberus-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:PremiseHealthHoldingCorpMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700ck0001784700:FSSquaredHoldingCorp1Member2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company MES Intermediate, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.73%, Acquisition Date 11/21/2025, Maturity 10/1/20272026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company DRML Holdings LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 3/14/2025, Maturity 3/14/2031 One2025-12-310001784700ck0001784700:SpruceBidcoIIIncMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:HealthCareEquipmentAndSuppliesMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company SGA Dental Partners Opco, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.36%, Acquisition Date 7/17/2024, Maturity 7/17/20292025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Machinery, Company Pareto Buyer, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.23%, Acquisition Date 12/12/2025, Maturity 12/13/20322026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Personal Care Products, Company BPC Holding III Corp., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.02%, Acquisition Date 6/2/2022, Maturity 7/28/2026 One2025-01-012025-12-310001784700us-gaap:FinancialServicesSectorMemberus-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:SpiritRRHoldingsIncMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700ck0001784700:G3MobilityBuyerLLCOneMember2026-06-300001784700ck0001784700:StateStreetInstitutionalUSGovernmentMoneyMarketFundMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company MDI Buyer, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.59%, Acquisition Date 1/16/2025, Maturity 7/25/20282025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Financial Services, Company RWA Wealth Partners, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.44%, Acquisition Date 11/15/2024, Maturity 11/15/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company UHY Advisors, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 11/22/2024, Maturity 11/21/20312026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company USSC Holding Corp., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.23%, Acquisition Date 7/23/2024, Maturity 6/21/20302026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Allergy & Clinical MidCo, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.37%, Acquisition Date 1/29/2025, Maturity 1/29/20312026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Life Sciences Tools & Services, Company KL Charlie Acquisition Company, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.82%, Acquisition Date 3/17/2023, Maturity 12/30/20262025-12-310001784700us-gaap:AdditionalPaidInCapitalMember2026-03-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company DRML Holdings LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 3/14/2025, Maturity 3/14/20312025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company Pillr Health Intermediate II, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 12/31/2025, Maturity 12/31/20312025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company Xifin, Inc.,Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.67%, Acquisition Date 7/31/2025, Maturity 7/31/20312025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Construction & Engineering , Company 360 Partners, LLC Type of Investment Revolver, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.43%, Acquisition Date 8/7/2025, Maturity 8/7/20312026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company POY Holdings, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.38%, Acquisition Date 11/26/2024, Maturity 11/16/20272026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company U.S. Urology Partners, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.17%, Acquisition Date 4/8/2025, Maturity 4/8/20322025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Ground Transportation, Company VTC Buyer Corp., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 8.90% Acquisition Date 7/15/2025, Maturity 7/15/20312026-01-012026-06-300001784700ck0001784700:HLSGIntermediateLLC1Member2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Allergy & Clinical MidCo, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.37%, Acquisition Date 1/29/2025, Maturity 1/29/20312026-06-300001784700ck0001784700:FSSquaredHoldingCorpMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ConsumerStaplesDistributionRetailMemberck0001784700:DelayedDrawTermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700ck0001784700:KraydenHoldingsIncMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Distributors, Company Big Bucks Acquisition Corporation, Type of Investment Revolver, Acquisition Date 9/29/2025, Maturity 9/29/20312026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:HighStreetBuyerIncMemberck0001784700:InsuranceMemberck0001784700:DelayedDrawTermLoanFourMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700ck0001784700:InterestRateSwapDueOn12212028Member2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Pharmaceuticals, Company NS and Associates LLC, Type of Investment Revolver, Acquisition Date 9/9/2025, Maturity 8/6/20302025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Life Sciences Tools & Services, Company Molecular Designs, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.23%, Acquisition Date 9/9/2024, Maturity 10/4/20272025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Aerospace & Defense, Company AIM Acquisition, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.58%, Acquisition Date 6/2/2022, Maturity 12/4/20282026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company MDI Buyer, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.48%, Acquisition Date 1/16/2025, Maturity 7/25/20282026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Eye Health America, LLC, Type of Investment Revolver, Acquisition Date 7/26/2022, Maturity 7/26/20282026-01-012026-06-300001784700ck0001784700:SeniorUnsecuredTwoThousandTwentyEightNotesMember2025-01-012025-06-300001784700ck0001784700:HouseholdProductsMemberck0001784700:WalnutParentIncMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:OakbridgeInsuranceAgencyLLCMemberck0001784700:InsuranceMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700ck0001784700:MWDManagementLLCMember2025-12-310001784700ck0001784700:HealthCareProvidersServicesMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Consumer Staples Distribution & Retail, Company FS Squared Holding Corp., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.47%, Acquisition Date 12/23/2024, Maturity 12/23/20302025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Equity, Industry Commercial Services & Supplies, Company RFI Group Holdings, L.P., Type of Investment Class A Units2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Titan Group Holdco, LLC, Type of Investment Revolver, Acquisition Date 8/22/2024, Maturity 8/13/2029 One2026-06-300001784700ck0001784700:ZenithAcquisitionCoLLCMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:AerospaceDefenseMemberck0001784700:TermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Krayden Holdings, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.48%, Acquisition Date 3/1/2023, Maturity 3/1/20292026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company Zavation Medical Products, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.52%, Acquisition Date 7/22/2024, Maturity 6/30/20282025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company United Musculoskeletal Partners Acquisition Holdings, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.41%, Acquisition Date 7/15/2022, Maturity 7/15/20282026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company VP Security Buyer, Inc. Type of Investment Term Loan Reference Rate and Spread SOFR + 4.75% Interest Rate 8.42% Acquisition Date 10/10/2025 Maturity 10/10/20312026-01-012026-06-300001784700ck0001784700:ConstructionAndEngineeringMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:BellsParentIncMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Household Products, Company Walnut Parent, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 2.88% (3.38% PIK), Interest Rate 10.07%, Acquisition Date 6/2/2022, Maturity 11/9/20292026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company OIS Management Services, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 8/21/2024, Maturity 11/16/20282025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Pharmaceuticals, Company Advanced Infusion Solutions Acquisition, LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 06/04/2026, Maturity 06/04/20322026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company RFI Buyer, Inc. Type of Investment Delayed Draw Term Loan Reference Rate and Spread SOFR + 4.50% Interest Rate 8.26% Acquisition Date 8/5/2022 Maturity 8/5/20302026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company Hometown Food Company, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.12%, Acquisition Date 6/13/2025, Maturity 12/3/20302026-01-012026-06-300001784700us-gaap:AdditionalPaidInCapitalMember2026-01-012026-06-300001784700ck0001784700:Gen4DentalPartnersOpcoLlcMember2026-06-300001784700us-gaap:FairValueInputsLevel3Memberck0001784700:RecentTransactionMemberck0001784700:TransactionPriceMemberus-gaap:EquityMembersrt:MaximumMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company BRG Acquisition Co., LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.84%, Acquisition Date 12/27/2023, Maturity 7/26/20282025-01-012025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ChemicalsMemberck0001784700:TermLoanMemberck0001784700:RCRBuyerLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700ck0001784700:QuarterlySevenMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company UHY Advisors, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 4.75%, Interest Rate 4.75%, Acquisition Date 11/22/2024, Maturity 11/21/20312026-01-012026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:HighStreetBuyerIncMemberck0001784700:InsuranceMemberck0001784700:DelayedDrawTermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700srt:MinimumMember2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Phia Purchaser, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.29%, Acquisition Date 12/1/2025, Maturity 12/1/20322025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Easy Ice, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.24%, Acquisition Date 10/30/2024, Maturity 10/30/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Electronic Equipment, Instruments & Components, Company Alert SRC Newco LLC, Type of Investment Revolver, Acquisition Date 12/11/2024, Maturity 12/11/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company Techmer BB Bidco, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 0.25% (5.50% PIK), Interest Rate 9.45%, Acquisition Date 9/1/2022, Maturity 9/1/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company SunMed Group Holdings, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.59%, Acquisition Date 11/22/2024, Maturity 6/16/20282025-01-012025-12-310001784700ck0001784700:InsuranceMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company RFI Buyer, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.34%, Acquisition Date 8/5/2022, Maturity 8/5/20302025-12-310001784700us-gaap:DelayedDrawTermLoanMemberck0001784700:GritBuyerIncMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ProfessionalServicesMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Allergy & Clinical MidCo, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.76%, Acquisition Date 1/29/2025, Maturity 1/29/20312025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company ADPD Holdings LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 1.00% (5.00% PIK) |, Interest Rate 9.88%, Acquisition Date 8/16/2022, Maturity 8/16/2028 One2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Eye Health America, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.69%, Acquisition Date 2/14/2025, Maturity 7/26/20282026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company Techmer BB Bidco, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.09%, Acquisition Date 9/1/2022, Maturity 9/1/20302026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Apex Dental Partners, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.68%, Acquisition Date 10/29/2024, Maturity 10/29/20302026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Hotels, Restaurants & Leisure, Company TWH Bidco, LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 1/22/2026, Maturity 1/22/20322026-01-012026-06-300001784700ck0001784700:SMBCFacilityMembersrt:MaximumMember2024-08-282024-08-280001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:HighStreetBuyerIncMemberck0001784700:DelayedDrawTermLoanTwoMemberck0001784700:InsuranceMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Hotels, Restaurants & Leisure, Company Taymax Group, L.P., Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.82%, Acquisition Date 12/13/2022, Maturity 7/30/20272025-12-310001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:OakbridgeInsuranceAgencyLLCMemberck0001784700:InsuranceMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700us-gaap:CommonStockMember2025-04-012025-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company OIS Management Services, LLC, Type of Investment Revolver, Acquisition Date 11/16/2022, Maturity 11/16/20282025-01-012025-12-310001784700ck0001784700:PhiaPurchaserLLCMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Air Freight & Logistics, Company Horizon Freight Holdings, Inc., Type of Investment Delayed Draw Term Loan, Acquisition Date 8/22/2024, Maturity 8/22/20302025-01-012025-12-310001784700us-gaap:DelayedDrawTermLoanMemberck0001784700:MidcoHoldingLLCMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:AutomobileComponentsMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Ground Transportation, Company VTC Buyer Corp., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 8.98% Acquisition Date 7/15/2025, Maturity 7/15/20312025-12-310001784700Interest Rate Swap, Maturity Date December 21, 2026 Derivatives2025-12-310001784700us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Bebright MSO, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.48%, Acquisition Date 6/3/2024, Maturity 6/3/20302026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company Xifin, Inc., Type of Investment Revolver, Reference Rate and Spread PRIME + 3.75%, Interest Rate 10.50%, Acquisition Date 7/31/2025, Maturity 7/31/20312026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Containers & Packaging, Company Oliver Packaging, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 1.75% (4.25% PIK), Interest Rate 9.88%, Acquisition Date 8/30/2024, Maturity 7/6/20282026-01-012026-06-300001784700ck0001784700:AllergyClinicalMidCoLLCMember2026-06-300001784700ck0001784700:ACPOakBuyerIncOneMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Electronic Equipment, Instruments & Components, Company Alert SRC Newco LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.75%, Acquisition Date 12/11/2024, Maturity 12/11/20302025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Hotels, Restaurants & Leisure, Company TWH Bidco, LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 1/22/2026, Maturity 1/22/20322026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company MDI Buyer, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 8/5/2022, Maturity 7/25/20282026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Easy Ice, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.08%, Acquisition Date 10/30/2024, Maturity 10/30/20302026-01-012026-06-300001784700us-gaap:InvestmentAffiliatedIssuerControlledMember2026-06-300001784700us-gaap:DelayedDrawTermLoanMemberck0001784700:FSSquaredHoldingCorpMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ConsumerStaplesDistributionRetailMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:FinancialServicesSectorMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:OakFundingLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberck0001784700:SeniorSecuredFirstLienTermLoansMemberck0001784700:RecoveryRateMemberck0001784700:RecoveryAnalysisMember2026-06-300001784700ck0001784700:ParetoBuyerLLC1Member2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company USSC Holding Corp., Type of Investment Revolver, Reference Rate and Spread SOFR + 5.25%, Interest Rate 8.92%, Acquisition Date 7/23/2024, Maturity 6/21/20302025-01-012025-12-310001784700us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberck0001784700:MarketMultipleMemberus-gaap:EquityMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Electronic Equipment, Instruments & Components, Company BC Group Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.67%, Acquisition Date 6/2/2022, Maturity 12/21/20272025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Construction & Engineering, Company HTI Intermediate, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.98%, Acquisition Date 7/2/2025, Maturity 3/1/20302025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Electronic Equipment, Instruments & Components, Company BC Group Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.73%, Acquisition Date 06/02/2022, Maturity 12/21/20272026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Insurance, Company Turbo Buyer, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.85%, Acquisition Date 11/26/2024, Maturity 6/2/2026 One2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company Castleworks Home Services Company, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.50% (2.00% PIK), Interest Rate 9.34%, Acquisition Date 6/29/2022, Maturity 6/29/2028 One2025-12-310001784700us-gaap:DelayedDrawTermLoanMemberck0001784700:FoodProductsMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:MannaProProductsLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Source Holding Delaware, LLC Type of Investment Revolver Reference Rate and Spread SOFR + 4.75% Interest Rate 8.41% Acquisition Date 2/7/2025 Maturity 2/7/2031 One2026-06-300001784700ck0001784700:GMFParentIncMemberus-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ConsumerStaplesDistributionRetailMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700ck0001784700:RadwellParentLLCMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:DistributorsMemberck0001784700:DelayedDrawTermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Eye Health America, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.42%, Acquisition Date 2/14/2025, Maturity 7/26/20282025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Financial Services, Company RWA Wealth Partners, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.49%, Acquisition Date 11/15/2024, Maturity 11/15/20302025-01-012025-12-310001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:DrogonBidcoIncMemberck0001784700:CommercialServicesSuppliesMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Beverages, Company Cold Spring Brewing Company, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.39%, Acquisition Date 12/23/2024, Maturity 12/10/20302026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company Basin Innovation Group, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.54%, Acquisition Date 12/6/2024, Maturity 12/6/20302025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company Techmer BB Bidco, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.25%, Interest Rate 8.94%, Acquisition Date 9/1/2022, Maturity 9/1/20302026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company DRML Holdings LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 3/14/2025, Maturity 3/14/20312025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Machinery, Company KL Bronco Acquisition, Inc., LLC, Type of Investment Revolver, Acquisition Date 6/30/2022, Maturity 6/30/20282025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company Basin Innovation Group, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.95%, Acquisition Date 12/6/2024, Maturity 12/6/20302025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Advanced Web Technologies Holding Company, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.25%(2.25% PIK) Interest Rate 10.34%, Acquisition Date 7/2/2024, Maturity 12/17/20272025-12-310001784700ck0001784700:HealthCareTechnologyMemberck0001784700:SurescriptsLLCMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700ck0001784700:AutomobileComponentsMemberus-gaap:EquityMember2025-12-310001784700us-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:LifeSciencesToolsAndServicesMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Household Products, Company Walnut Parent, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 2.88% (3.38% PIK), Interest Rate 10.07%, Acquisition Date 6/2/2022, Maturity 11/9/20292026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Eventus Buyer, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.17%, Acquisition Date 11/1/2024, Maturity 11/1/20302026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Ground Transportation, Company A&R Logistics Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR +2.50% (4.25% PIK), Interest Rate 10.89%, Acquisition Date 10/4/2024, Maturity 2/3/20282025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company M&D Midco, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.68%, Acquisition Date 8/31/2022, Maturity 8/31/20282026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Financial Services, Company RWA Wealth Partners, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.45%, Acquisition Date 11/15/2024, Maturity 11/15/20302026-06-300001784700ck0001784700:EyeHealthAmericaLLC1Member2026-06-300001784700us-gaap:DelayedDrawTermLoanMemberck0001784700:HarveyToolCompanyLLCMemberck0001784700:MachineryMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company United Musculoskeletal Partners Acquisition Holdings, LLC, Type of Investment Delayed Draw Term Loan , Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.48%, Acquisition Date 7/15/2022, Maturity 7/15/20282026-01-012026-06-300001784700ck0001784700:SpecialSevenMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company USN Opco, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 8.98%, Acquisition Date 4/29/2026, Maturity 5/31/20302026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Ground Transportation, Company VTC Buyer Corp., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 8.90%, Acquisition Date 7/15/2025, Maturity 7/15/20312026-01-012026-06-300001784700ck0001784700:ConsumerStaplesDistributionRetailMemberus-gaap:EquityMember2026-06-300001784700ck0001784700:SMBCFacilityMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Gen4 Dental Partners OPCO, LLC, Type of Investment Revolver, Acquisition Date 5/13/2024, Maturity 5/13/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Machinery, Company KL Bronco Acquisition, Inc., LLC, Type of Investment Revolver, Acquisition Date 6/30/2022, Maturity 6/30/20282025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company Alta Buyer, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.67%, Acquisition Date 8/13/2024, Maturity 12/21/20272025-12-310001784700Non-Controlled/Non-Affiliated Investments, Equity, Industry IT Services, Company Sentinel Technologies, Inc., Type of Investment Class A Units2026-06-300001784700us-gaap:AdditionalPaidInCapitalMember2024-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company Distinct Holdings, Inc., Type of Investment Revolver, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.63%, Acquisition Date 7/18/2024, Maturity 7/18/20292025-01-012025-12-310001784700ck0001784700:VCCCLOLLCMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company BRG Acquisition Co., LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.84%, Acquisition Date 12/27/2023, Maturity 7/26/20282025-12-310001784700ck0001784700:UHYAdvisorsIncMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Construction & Engineering, Company HTI Intermediate, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.98%, Acquisition Date 7/2/2025, Maturity 3/1/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company Advanced Web Technologies Holding Company, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.25% (2.25% PIK), Interest Rate 8.09%, Acquisition Date 11/26/2024, Maturity 12/17/20272025-12-310001784700Non-Controlled/Non-Affiliated Investments, Equity, Industry Containers & Packaging, Company Oliver Investors, LP, Type of Investment Class A Units2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company NBPT Acquisition LLC, Type of Investment Revolver, Acquisition Date 3/3/2025, Maturity 2/16/20302025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company JTM Foods LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.06%, Acquisition Date 9/28/2022, Maturity 5/14/20292026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Distributors, Company United Scope LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.97%, Acquisition Date 6/2/2022, Maturity 12/31/20262025-01-012025-12-310001784700us-gaap:FinancialServicesSectorMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ConveraInternationalHoldingsLimitedMemberck0001784700:TermLoanTwoMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company Boulder Scientific Company, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.49%, Acquisition Date 6/2/2022, Maturity 12/31/20272025-12-310001784700ck0001784700:VCCCLOLLCMember2025-04-012025-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company VP Security Buyer, Inc. Type of Investment Term Loan Reference Rate and Spread SOFR + 4.75% Interest Rate 8.42% Acquisition Date 10/10/2025 Maturity 10/10/20312026-06-300001784700ck0001784700:ConsumerStaplesDistributionAndRetailMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company Pillr Health Intermediate II, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 12/31/2025, Maturity 12/31/20312025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Life Sciences Tools & Services, Company KL Charlie Acquisition Company, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.82%, Acquisition Date 6/2/2022, Maturity 12/30/20262025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company Hissho Parent, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 8/8/2024, Maturity 5/18/20292025-12-310001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:VictorsPurchaserLLCMemberck0001784700:ITServicesMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700ck0001784700:PersonalCareProductsMember2026-06-300001784700ck0001784700:HubPenCompanyLlcMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company UHY Advisors, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 11/22/2024, Maturity 11/21/20312026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Trading Companies & Distributors, Company Easy Ice, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.24%, Acquisition Date 10/30/2024, Maturity 10/30/2030 One2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Equity, Industry Commercial Services & Supplies, Company Lav Gear Intermediate Holdings, INC., Type of Investment Class A Units2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company Zavation Medical Products, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.52%, Acquisition Date 7/22/2024, Maturity 6/30/20282025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company iVision Buyer, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.23%, Acquisition Date 5/22/2026, Maturity 5/22/20312026-01-012026-06-300001784700ck0001784700:FrontingLetterAgreementMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company TheKey, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00% (1.00% PIK), Interest Rate 9.73%, Acquisition Date 6/2/2022, Maturity 9/30/20272026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Pharmaceuticals, Company Advantage HCS LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.34%, Acquisition Date 11/08/2023, Maturity 11/08/2029 One2025-01-012025-12-310001784700us-gaap:FairValueInputsLevel3Memberck0001784700:RecentTransactionMembersrt:WeightedAverageMemberck0001784700:TransactionPriceMemberus-gaap:EquityMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Equity, Industry Construction & Engineering, Company 360 Partners, LLC, Type of Investment Class A Units2025-12-310001784700ck0001784700:AresCapitalCorporationMembersrt:MaximumMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company M&D Midco, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.82%, Acquisition Date 8/31/2022, Maturity 8/31/20282026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry IT Services, Company Distinct Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.42%, Acquisition Date 7/18/2024, Maturity 7/18/2029 One2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company EPTAM Plastics, Ltd., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.24%, Acquisition Date 6/2/2022, Maturity 12/6/20272026-01-012026-06-300001784700ck0001784700:AstraServicePartnersLLCMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:CommercialServicesSuppliesMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Allergy & Clinical MidCo, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.82%, Acquisition Date 1/29/2025, Maturity 1/29/20312025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Heartland Veterinary Partners LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.70%, Acquisition Date 6/2/2022, Maturity 6/10/20282026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Life Sciences Tools & Services, Company KL Charlie Acquisition Company, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 8.99%, Acquisition Date 3/17/2023, Maturity 12/30/20292026-06-300001784700ck0001784700:ZenithAcquisitionCoLLCMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:AerospaceDefenseMemberck0001784700:TermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company Techmer BB Bidco, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 0.25% (5.50% PIK), Interest Rate 9.70%, Acquisition Date 9/1/2022, Maturity 9/1/20302026-01-012026-06-300001784700us-gaap:LetterOfCreditMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Household Products, Company Walnut Parent, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.57%, Acquisition Date 6/2/2022, Maturity 11/9/20272025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company RFI Buyer, Inc. Type of Investment Term Loan Reference Rate and Spread SOFR + 4.50% Interest Rate 8.16% Acquisition Date 8/5/2022 Maturity 8/5/20302026-01-012026-06-300001784700us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001784700:MarketMultipleMemberus-gaap:EquityMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company Basin Innovation Group, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 12/6/2024, Maturity 12/6/20302026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company United Musculoskeletal Partners Acquisition Holdings, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.44%, Acquisition Date 7/15/2022, Maturity 7/15/20282025-01-012025-12-310001784700ck0001784700:HealthCareEquipmentAndSuppliesMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company MWD Management, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.83%, Acquisition Date 6/15/2022, Maturity 6/15/20272026-06-300001784700us-gaap:EquityFundsMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001784700us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company Zavation Medical Products, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.73%, Acquisition Date 7/22/2024, Maturity 6/30/20282025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Textiles, Apparel & Luxury Goods, Company National Safety Apparel LLC National Safety Apparel LLC (fka BPCP NSA Intermedco, Inc.), Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.42%, Acquisition Date 11/26/2024, Maturity 5/17/20302025-12-310001784700ck0001784700:ConstructionAndEngineeringMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ValcourtHoldingsIILLCMemberck0001784700:DelayedDrawTermLoanTwoMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700us-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-06-300001784700ck0001784700:SeniorUnsecuredTwoThousandTwentyEightNotesMember2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Construction & Engineering , Company 360 Partners, LLC Type of Investment Revolver, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.43%, Acquisition Date 8/7/2025, Maturity 8/7/20312026-06-300001784700ck0001784700:QuarterlyNineMember2026-01-012026-06-300001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:HotelsRestaurantsLeisureMemberck0001784700:TriwizardHoldingsIncMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:InsuranceMemberck0001784700:SageSureHoldingsLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company RFI Buyer, Inc., Type of Investment Delayed Draw Term Loan, Acquisition Date 8/29/2025, Maturity 8/5/20302025-01-012025-12-310001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:AQSunshineIncMemberck0001784700:InsuranceMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700ck0001784700:DiversifiedConsumerServicesMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:LHSBORROWERLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700ck0001784700:BoardSNominatingAndCorporateGovernanceCommitteeMember2022-03-082022-03-080001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company Arrowhead Holdco Company, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.88%, Acquisition Date 6/2/2022, Maturity 8/31/20282026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Distributors, Company Big Bucks Acquisition Corporation, Type of Investment Revolver, Acquisition Date 9/29/2025, Maturity 9/29/20312025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company USSC Holding Corp., Type of Investment Revolver, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.23%, Acquisition Date 7/23/2024, Maturity 6/21/20302026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Heartland Veterinary Partners LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.80%, Acquisition Date 6/2/2022, Maturity 6/10/20282025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Diversified Consumer Services, Company Express Wash Acquisition Company, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.25%, Interest Rate 10.18%, Acquisition Date 4/10/2025, Maturity 4/10/20312025-01-012025-12-310001784700ck0001784700:AirFreightLogisticsMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company United Musculoskeletal Partners Acquisition Holdings, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.60%, Acquisition Date 7/15/2022, Maturity 7/15/20282025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Hotels, Restaurants & Leisure, Company Triwizard Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.73%, Acquisition Date 6/29/2026, Maturity 6/29/20292026-01-012026-06-300001784700us-gaap:InvestmentUnaffiliatedIssuerMemberck0001784700:ITServicesMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Eye Health America, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.74%, Acquisition Date 7/26/2022, Maturity 7/26/20282026-06-300001784700Interest Rate Swap, Maturity Date December 21, 2028 Derivatives2025-01-012025-12-310001784700ck0001784700:HealthCareTechnologyMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:GHXUltimateParentCorporationMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700ck0001784700:AerospaceDefenseMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Ground Transportation, Company VTC Buyer Corp., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.15%, Acquisition Date 7/15/2025, Maturity 7/15/20312025-12-310001784700Interest Rate Swap, Maturity Date December 21, 2026 Derivatives2025-01-012025-12-310001784700ck0001784700:AresCapitalCorporationMemberck0001784700:SeniorDirectLendingProgramMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company Andretti Buyer, LLC, Type of Investment Revolver, Acquisition Date 1/30/2026, Maturity 1/28/20332026-01-012026-06-300001784700ck0001784700:InvestmentAdvisoryAgreementMember2025-04-012025-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:AccommodationsPlusTechnologiesLLCMemberck0001784700:CommercialServicesSuppliesMemberck0001784700:TermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Construction & Engineering, Company Iron Pillar United Mining Group, LLC, Type of Investment Revolver, Interest Rate 8.66%, Acquisition Date 7/2/2025, Maturity 3/1/20302026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company Xifin, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.48%, Acquisition Date 7/31/2025, Maturity 7/31/20312026-01-012026-06-300001784700ck0001784700:ConstructionAndEngineeringMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:PaveAmericaHoldingLLCMemberck0001784700:RevolverMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company M&D Midco, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.82%, Acquisition Date 12/17/2024, Maturity 8/31/20282026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:ITServicesMemberck0001784700:UFSLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Insurance, Company Turbo Buyer, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.85%, Acquisition Date 11/26/2024, Maturity 6/2/2026 One2025-01-012025-12-310001784700us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ContainerAndPackagingSectorMemberus-gaap:EquitySecuritiesMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company M&D Midco, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.82%, Acquisition Date 12/17/2024, Maturity 8/31/20282026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company RFI Buyer, Inc., Type of Investment Delayed Draw Term Loan, Acquisition Date 8/29/2025, Maturity 8/5/20302025-12-310001784700ck0001784700:ChemicalsMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Construction & Engineering, Company HTI Intermediate, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR+ 5.00%, Interest Rate 8.98%, Acquisition Date 3/1/2024, Maturity 3/1/20302025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:OakbridgeInsuranceAgencyLLCMemberck0001784700:InsuranceMemberck0001784700:DelayedDrawTermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700ck0001784700:FSSquaredHoldingCorp1Member2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company Healthfuse, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.68%, Acquisition Date 1/10/2025, Maturity 1/10/20312025-12-310001784700ck0001784700:EmpowerBenefitsIncMember2026-06-300001784700ck0001784700:CapitalMarketsMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:OakFundingLLCMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700us-gaap:DelayedDrawTermLoanMemberck0001784700:ConstructionAndEngineeringMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:GroundPenetratingRadarSystemsLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700ck0001784700:ThreeHundredSixtyPartnersLLC1Member2025-12-310001784700us-gaap:CashEquivalentsMember2026-06-300001784700ck0001784700:DRMLHoldingsLLC1Member2026-06-300001784700ck0001784700:FoodProductsMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:MannaProProductsLLCMemberck0001784700:TermLoanTwoMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700ck0001784700:AdvancedInfusionSolutionsAcquisitionLLCMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company RFI Buyer, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 8.47%, Acquisition Date 8/5/2022, Maturity 8/5/20302025-01-012025-12-310001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:AutomobileComponentsMemberck0001784700:ArrowheadHoldcoCompanyMemberck0001784700:DelayedDrawTermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700ck0001784700:ConstructionAndEngineeringMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:HPRSSBuyerIncMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Hotels, Restaurants & Leisure, Company Triwizard Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.73%, Acquisition Date 6/29/2026, Maturity 6/29/20292026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Hotels, Restaurants & Leisure, Company Triwizard Holdings, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.66%, Acquisition Date 6/29/2026, Maturity 6/29/20292026-01-012026-06-300001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ElectronicEquipmentInstrumentsAndComponentsMemberck0001784700:EISLegacyHoldcoLLCMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Pharmaceuticals, Company Advantage HCS LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.34%, Acquisition Date 11/08/2023, Maturity 11/08/2029 One2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company Basin Innovation Group, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.54%, Acquisition Date 12/6/2024, Maturity 12/6/2030 One2025-12-310001784700us-gaap:FairValueInputsLevel3Memberck0001784700:SubordinatedCertificatesOfSDLPMember2025-04-012025-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company Hissho Parent, LLC, Type of Investment Revolver, Acquisition Date 8/8/2024, Maturity 5/18/20292025-01-012025-12-310001784700us-gaap:EquityFundsMemberus-gaap:FairValueMeasurementsRecurringMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company USSC Holding Corp., Type of Investment Revolver, Reference Rate and Spread SOFR + 5.25%, Interest Rate 9.09%, Acquisition Date 7/23/2024, Maturity 6/21/20302025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Energy Equipment & Services, Company Velocity Buyer, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.67%, Acquisition Date 1/24/2025, Maturity 1/24/20312026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company Techmer BB Bidco, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 0.25% (5.50% PIK), Interest Rate 9.45%, Acquisition Date 9/1/2022, Maturity 9/1/20302025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Software, Company QM Buyer, Inc., Type of Investment Revolver, Acquisition Date 12/6/2024, Maturity 12/6/20302026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Life Sciences Tools & Services, Company KL Charlie Acquisition Company, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.82%, Acquisition Date 11/26/2024, Maturity 12/30/20262025-12-310001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ChemicalsMemberck0001784700:SeproHoldingsLlcMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Equity, Industry Construction & Engineering, Mascarene Marlin Investment Holdings LLC, Type of Investment Class A1 Units2026-06-300001784700us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TitanBWBorrowerLPMemberck0001784700:TermLoanMemberck0001784700:AerospaceDefenseMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company 3G Intermediate, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.17%, Acquisition Date 9/30/2024, Maturity 9/30/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Textiles, Apparel & Luxury Goods, Company National Safety Apparel LLC National Safety Apparel LLC (fka BPCP NSA Intermedco, Inc.), Type of Investment Revolver, Acquisition Date 5/17/2024, Maturity 5/17/20302025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Ground Transportation, Company A&R Logistics Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR +2.50% (4.25% PIK), Interest Rate 10.89%, Acquisition Date 10/4/2024, Maturity 2/3/20282025-12-310001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:CARDS-LiveOakHoldingsIncMemberck0001784700:CommercialServicesSuppliesMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700ck0001784700:ConcordIiiLLCMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Chemicals, Company Zep Holdco Inc, Type of Investment Revolver, Acquisition Date 6/30/2025, Maturity 6/30/20312026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Software, Company TCP Hawker Intermediate LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.73%, Acquisition Date 11/26/2024, Maturity 8/30/20292026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Allergy & Clinical MidCo, LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.76%, Acquisition Date 1/29/2025, Maturity 1/29/20312025-12-310001784700Interest Rate Swap, Maturity Date December 21, 2028 Derivatives2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company ACP Oak Buyer, Inc., Type of Investment Revolver, Acquisition Date 6/12/2025, Maturity 5/16/20312026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Electronic Equipment, Instruments & Components, Company Alert SRC Newco LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.74%, Acquisition Date 12/11/2024, Maturity 12/11/20302025-12-310001784700ck0001784700:MidcoHoldingLLCMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:ConsumerStaplesDistributionRetailMemberck0001784700:DelayedDrawTermLoanOneMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700us-gaap:FinancialServicesSectorMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:OakFundingLLCMemberck0001784700:TermLoanMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700ck0001784700:InterestRateSwapDueOn12212026Member2026-06-300001784700ck0001784700:USUrologyPartnersLLCMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company NBPT Acquisition LLC, Type of Investment Revolver, Acquisition Date 3/3/2025, Maturity 2/16/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Energy Equipment & Services, Company Velocity Buyer, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.67%, Acquisition Date 1/24/2025, Maturity 1/24/20312026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Aerospace & Defense, Company AIM Acquisition, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.58%, Acquisition Date 6/2/2022, Maturity 12/4/20282026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Textiles, Apparel & Luxury Goods, Company National Safety Apparel LLC, Type of Investment Revolver, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.39%, Acquisition Date 5/17/2024, Maturity 5/17/20302026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company MechanAir, LLC, Type of Investment Delayed Draw Term Loan, Acquisition Date 12/18/2025, Maturity 12/18/20312025-12-310001784700ck0001784700:SeniorUnsecuredTwoThousandTwentySixNotesMember2025-01-012025-06-300001784700ck0001784700:DiversifiedTelecommunicationServicesMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Beverages, Company Cold Spring Brewing Company, Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.49%, Acquisition Date 12/23/2024, Maturity 12/10/20302025-01-012025-12-310001784700ck0001784700:JSGIIIncAndCheckersUSAIncJHCAcquisitionCorpMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:TermLoanMemberck0001784700:MachineryMemberck0001784700:SeniorSecuredFirstLienLoansMember2026-01-012026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Automobile Components, Company POY Holdings, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.38%, Acquisition Date 11/22/2023, Maturity 11/16/20272026-01-012026-06-300001784700ck0001784700:MDMidcoIncMember2026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Distributors, Company Hub Pen Company, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 8.97%, Acquisition Date 11/26/2024, Maturity 12/31/20272026-06-300001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Premier Imaging, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 9.99%, Acquisition Date 6/2/2022, Maturity 10/31/20272026-06-300001784700ck0001784700:TitanGroupHoldcoLlcMember2026-06-300001784700ck0001784700:LeitersIncMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Equipment & Supplies, Company ACP Oak Buyer, Inc., Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 8.78%, Acquisition Date 6/12/2025, Maturity 5/16/2031 One2025-12-310001784700ck0001784700:CPLConsultantsLLCMember2025-12-310001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:HotelsRestaurantsLeisureMemberck0001784700:TriwizardHoldingsIncMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Providers & Services, Company Gen4 Dental Partners OPCO, LLC, Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 9.64%, Acquisition Date 5/13/2024, Maturity 5/13/20302025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Professional Services, Company Basin Innovation Group, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.95%, Acquisition Date 12/6/2024, Maturity 12/6/20302025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company Healthfuse, LLC, Type of Investment Revolver, Acquisition Date 1/10/2025, Maturity 1/10/20312026-01-012026-06-300001784700us-gaap:FairValueInputsLevel3Member2026-03-310001784700ck0001784700:OnlineLabelsGroupLlcMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Food Products, Company SHF Holdings, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 9.17%, Acquisition Date 1/22/2025, Maturity 1/22/20302025-01-012025-12-310001784700us-gaap:DelayedDrawTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001784700:VictorsPurchaserLLCMemberck0001784700:ITServicesMemberck0001784700:SeniorSecuredFirstLienLoansMember2025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Commercial Services & Supplies, Company VP Security Buyer, Inc., Type of Investment Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.68%, Acquisition Date 10/10/2025, Maturity 10/10/20312025-01-012025-12-310001784700Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Loans, Industry Health Care Technology, Company Pillr Health Intermediate II, LLC, Type of Investment Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 8.49%, Acquisition Date 12/31/2025, Maturity 12/31/20312026-01-012026-06-30xbrli:purexbrli:sharesck0001784700:Borrowerck0001784700:Segmentiso4217:USDiso4217:USDxbrli:shares

 

dthatgho00000000$1234ROC

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

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

For the quarterly period ended June 30, 2026

OR

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

For the transition period from ___ to ___

Commission File Number: 814-01538

 

VARAGON CAPITAL CORPORATION

(Exact Name of Registrant as Specified in its Charter)

 

 

Maryland	30-1206578
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
299 Park Avenue, 24th Floor New York, New York	10171
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (212) 235-2600

 

 

151 West 42nd Street, 53rd Floor

New York, New York

(Former Name, Former Address and Former Fiscal Year, If Changed Since Last Report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
N/A		N/A		N/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer		☐		Accelerated filer		☐
Non-accelerated filer		☒		Smaller reporting company		☐
Emerging growth company		☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of June 30, 2026, there was no established public market for the Registrant’s common stock.

As of August 11, 2026, the registrant had 41,538,726 shares of common stock, $0.01 par value per share, outstanding.

 

 

h

 

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TABLE OF CONTENTS

 

Table of Contents

 

		Page
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements (unaudited)
	Consolidated Statements of Assets and Liabilities as of June 30, 2026 (unaudited) and December 31, 2025	2
	Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2026 and June 30, 2025 (unaudited)	3
	Consolidated Statements of Changes in Net Assets for the Three and Six Months Ended June 30, 2026 and June 30, 2025 (unaudited)	4
	Consolidated Statements of Cash Flows for the Three and Six Months Ended June 30, 2026 and June 30, 2025 (unaudited)	6
	Consolidated Schedules of Investments as of June 30, 2026 (unaudited) and December 31, 2025	7
	Notes to Consolidated Financial Statements (unaudited)	37
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	82
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	116
Item 4.	Controls and Procedures	118
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	119
Item 1A.	Risk Factors	120
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	121
Item 3.	Defaults Upon Senior Securities	122
Item 4.	Mine Safety Disclosures	123
Item 5.	Other Information	124
Item 6.	Exhibits	125
Signatures		126

 

1

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TABLE OF CONTENTS

PART I-FINANCIAL INFORMATION

 

Item 1. Financial Statements.

 

Varagon Capital Corporation

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(dollar amounts in thousands, except share and per share data)

 

			As of
			June 30, 2026					As of
ASSETS			(unaudited)					December 31, 2025
Investments, at fair value
Non-controlled/non-affiliated investments, at fair value (amortized cost of $689,423 and $696,234, respectively)		$		664,778			$		683,652
Controlled investments, at fair value (amortized cost of $183,377 and $177,962, respectively)				171,854					165,702
Total investments, at fair value (amortized cost of $872,800 and $874,196, respectively)				836,632					849,354
Cash and cash equivalents				39,931					33,963
Interest receivable				10,559					10,468
Deferred financing costs				1,093					1,268
Prepaid expenses				385					758
Other assets				—					18
Total assets		$		888,600			$		895,829
LIABILITIES
Revolving credit facility payable (Note 6)		$		72,100			$		67,100
Notes payable (net of debt issuance costs of $2,395, and $2,553, respectively) (Note 6)				424,812					425,112
Shareholder distributions payable				9,554					10,737
Interest and credit facility fees payable				4,484					4,781
Base management fees payable (Note 7)				1,619					1,627
Income incentive fees payable (Note 7)				1,024					1,386
Administrator expenses payable				246					218
Directors' fees and expenses payable (Note 9)				72					81
Due to affiliates				56					86
Accounts payable and accrued expenses				1,408					1,132
Other liabilities				387					—
Total liabilities				515,762					512,260
Commitments and contingencies (Note 8)
NET ASSETS
Common stock, $0.01 par value; 500,000,000 shares authorized; 41,537,795 shares issued and outstanding at June 30, 2026, and 500,000,000 shares authorized; 41,535,938 shares issued and outstanding at December 31, 2025				415					415
Paid-in capital in excess of par value				382,766					382,749
Total accumulated earnings (loss)				(10,343	)				405
Total net assets		$		372,838			$		383,569
NET ASSETS PER SHARE		$		8.98			$		9.23

 

See accompanying notes to consolidated financial statements.

 

2

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TABLE OF CONTENTS

Varagon Capital Corporation

CONSOLIDATED STATEMENTS OF OPERATIONS

(dollar amounts in thousands, except share and per share data)

(unaudited)

 

 

			For the three months ended June 30,										For the six months ended June 30,
			2026					2025					2026					2025
Investment income:
From non-controlled/non-affiliated investments:
Interest income		$		15,773			$		17,204			$		31,439			$		34,445
Fee income				189					131					317					247
Total investment income from non-controlled/non-affiliated investments				15,962					17,335					31,756					34,692
From controlled investments:
Interest income				5,143					5,351					10,254					10,884
Total investment income from controlled investments				5,143					5,351					10,254					10,884
Total investment income				21,105					22,686					42,010					45,576
Expenses:
Base management fees (Note 7)		$		1,619			$		1,581			$		3,222			$		3,129
Income incentive fees (Note 7)				1,024					527					1,194					1,380
Professional fees				905					906					1,795					1,795
Administrator expenses				246					267					486					464
Interest expenses (Note 6)				7,150					7,616					14,542					15,590
Credit facility fees (Note 6)				318					323					609					625
Directors’ fees and expenses (Note 9)				71					74					143					159
Insurance expenses				7					7					13					12
Other general and administrative expenses				105					172					225					314
Total expenses				11,445					11,473					22,229					23,468
Net investment income (loss)				9,660					11,213					19,781					22,108
Realized and unrealized gain (loss):
Net realized gain (loss) on investments:
Non-controlled/non-affiliated investments				254					—					(95	)				—
Net realized gain (loss) on investments				254					—					(95	)				—
Net change in unrealized appreciation (depreciation) on investments:
Non-controlled/non-affiliated investments				(3,820	)				(4,865	)				(12,064	)				(6,917	)
Controlled investments				1,078					(2,658	)				737					(5,534	)
Net change in unrealized appreciation (depreciation) on investments				(2,742	)				(7,523	)				(11,327	)				(12,451	)
Net realized and unrealized gains (losses)				(2,488	)				(7,523	)				(11,422	)				(12,451	)
Net increase (decrease) in net assets resulting from operations		$		7,172			$		3,690			$		8,359			$		9,657
Per Common Share Information:
Weighted average shares outstanding (basic and diluted)				41,537,571					41,529,909					41,537,160					41,528,578
Net investment income per share (basic and diluted)		$		0.23			$		0.27			$		0.48			$		0.53
Earnings per share (basic and diluted)		$		0.17			$		0.09			$		0.20			$		0.23

 

See accompanying notes to consolidated financial statements.

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TABLE OF CONTENTS

Varagon Capital Corporation

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(dollar amounts in thousands, except share data)

(unaudited)

 

 

	Common Stock					Paid in Capital in		Accumulated		Total
	Shares			Par Amount		Excess of Par		earnings (losses)		Net Assets
Balance at March 31, 2025	41,527,752			$415		$415,201		$(27,069)		$388,547
Increase (decrease) in net assets resulting from operations:
Net investment income (loss)	—			—		—		11,213		11,213
Net change in unrealized appreciation (depreciation) on    investments	—			—		—		(7,523)		(7,523)
Capital transactions:
Issuance of common shares pursuant to distribution reinvestment plan(1)	2,617			—		26		—		26
Distributions to shareholders	—			—		—		(10,737)		(10,737)
Total increase (decrease) in net assets resulting from operations	2,617			—		26		(7,047)		(7,021)
Balance at June 30, 2025	41,530,369			$415		$415,227		$(34,116)		$381,526
Balance at March 31, 2026	41,536,907			$415		$382,758		$(7,961)		$375,212
Increase (decrease) in net assets resulting from operations:
Net investment income (loss)	—			—		—		9,660		9,660
Net realized gain (loss) on investments	—			—		—		254		254
Net change in unrealized appreciation (depreciation) on investments	—			—		—		(2,742)		(2,742)
Capital transactions:
Issuance of common shares pursuant to distribution reinvestment plan(1)	888			—		8		—		8
Distributions to shareholders	—			—		—		(9,554)		(9,554)
Total increase (decrease) in net assets resulting from operations	888			—		8		(2,382)		(2,374)
Balance at June 30, 2026	41,537,795			$415		382,766		(10,343)		372,838

(1) Par Amount was less than $1,000 for the period shown above.

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TABLE OF CONTENTS

Varagon Capital Corporation

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(dollar amounts in thousands, except share data)

(unaudited)

 

	Common Stock									Paid in Capital in				Accumulated				Total
	Shares					Par Amount				Excess of Par				earnings (losses)				Net Assets
Balance at December 31, 2024		41,524,826				$	415			$	415,176			$	(22,301	)		$	393,290
Increase (decrease) in net assets resulting from operations:
Net investment income (loss)		—					—				—				22,108				22,108
Net change in unrealized appreciation (depreciation) on    investments		—					—				—				(12,451	)			(12,451	)
Capital transactions:
Issuance of common shares pursuant to distribution reinvestment plan(1)		5,543					—				51				—				51
Distributions to shareholders		—					—				—				(21,472	)			(21,472	)
Total increase (decrease) in net assets resulting from operations		5,543					—				51				(11,815	)			(11,764	)
Balance at June 30, 2025		41,530,369				$	415			$	415,227			$	(34,116	)		$	381,526
Balance at December 31, 2025		41,535,938				$	415			$	382,749			$	405			$	383,569
Increase (decrease) in net assets resulting from operations:
Net investment income (loss)		—					—				—				19,781				19,781
Net realized gain (loss) on investments		—					—				—				(95	)			(95	)
Net change in unrealized appreciation (depreciation) on    investments		—					—				—				(11,327	)			(11,327	)
Capital transactions:
Issuance of common shares pursuant to distribution reinvestment plan(1)		1,857					—				17				—				17
Distributions to shareholders		—					—				—				(19,107	)			(19,107	)
Total increase (decrease) in net assets resulting from operations		1,857					—				17				(10,748	)			(10,731	)
Balance at June 30, 2026		41,537,795				$	415			$	382,766			$	(10,343	)		$	372,838

 

(1) Par Amount was less than $1,000 for the period shown above.

 

 

See accompanying notes to consolidated financial statements.

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Varagon Capital Corporation

CONSOLIDATED STATEMENTS OF CASH FLOWS

(dollar amounts in thousands)

(unaudited)

 

 

			For the six months ended June 30,
			2026					2025
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations		$		8,359			$		9,657
Adjustments to reconcile net increase (decrease) in net assets resulting from    operations to net cash provided by (used in) operating activities:
Purchases of investments				(84,755	)				(111,421	)
Payment-in-kind and other adjustments to cost				(1,119	)				(523	)
Repayments of investments				88,771					97,532
Net realized (gain) loss on investments				95					—
Net change in unrealized (appreciation) depreciation on investments				11,327					12,451
Net change in unrealized (appreciation) depreciation on interest rate swap attributed to unsecured notes				(453	)				715
Net amortization (accretion) on investments				(1,600	)				(1,315	)
Amortization of deferred financing costs				331					331
Changes in operating assets:
Interest receivable				(91	)				748
Prepaid expenses				373					488
Other assets				18					(115	)
Changes in operating liabilities:
Interest and credit facility fees payable				(297	)				2,107
Base management fees payable (Note 7)				(8	)				68
Income incentive fees payable (Note 7)				(362	)				321
Administrator expenses payable				28					(286	)
Directors' fees and expenses payable (Note 9)				(9	)				1
Other liabilities				387					(632	)
Due to affiliates				(30	)				51
Accounts payable and accrued expenses				276					(22	)
Net cash provided by (used in) operating activities				21,241					10,156
Cash flows from financing activities:
Borrowings on debts				34,000					35,100
Repayments of debts				(29,000	)				(48,500	)
Dividends paid				(20,273	)				(23,421	)
Net cash provided by (used in) financing activities				(15,273	)				(36,821	)
Net increase (decrease) in cash and cash equivalents				5,968					(26,665	)
Cash and cash equivalents, beginning of period				33,963					69,606
Cash and cash equivalents, end of period		$		39,931			$		42,941
Supplemental cash information:
Cash paid during the period for interest		$		14,808			$		13,325
Supplemental non cash information:
Distributions reinvested		$		17			$		51

 

See accompanying notes to consolidated financial statements.

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TABLE OF CONTENTS

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2026

(dollar amounts in thousands, except Shares/Units)

(unaudited)

 

 

 

Company # +	Type of Investment	Reference Rate and Spread				Interest Rate *	Acquisition Date	Maturity	Shares / Units	Principal	Amortized Cost (++)	Fair Value	Percentage of Net Assets ^	Footnotes
Non-Controlled/Non-Affiliated Investments:
Senior Secured First Lien Loans
Aerospace & Defense
AIM Acquisition, LLC	Term Loan	SOFR	+	4.75%	(S)	8.58%	6/2/2022	12/4/2028		$10,854	$10,805	$10,855		(1)(6)
Charlie RF Voltron Acquisition, Inc.	Revolver	N/A					3/12/2026	3/12/2032		—	(3)	(1)		(2)(6)(9)
Charlie RF Voltron Acquisition, Inc.	Delayed Draw Term Loan	N/A					3/12/2026	3/12/2032		—	(4)	(2)		(2)(6)(9)
Charlie RF Voltron Acquisition, Inc.	Term Loan	SOFR	+	5.00%	(Q)	8.73%	3/12/2026	3/12/2032		708	698	703		(1)(6)
											11,496	11,555	3.10%
Automobile Components
AAMP Global Holdings, Inc.	Term Loan	SOFR	+	4.75%	(Q)	8.58%	6/2/2022	6/5/2027		$14,081	$14,072	$14,046		(1)(6)(9)
Arrowhead Holdco Company	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	8.88%	6/2/2022	8/31/2028		5,066	5,066	4,154		(6)(9)
Arrowhead Holdco Company	Term Loan	SOFR	+	5.00%	(Q)	8.88%	6/2/2022	8/31/2028		1,343	1,343	1,101		(6)(9)
M&D MidCo, Inc.	Revolver	SOFR	+	6.00%	(Q)	9.82%	8/31/2022	8/31/2028		1,012	1,079	945		(2)(6)(9)(10)
M&D MidCo, Inc.	Revolver	SOFR	+	6.00%	(M)	9.68%	8/31/2022	8/31/2028		264	190	253		(6)(9)
M&D MidCo, Inc.	Delayed Draw Term Loan	SOFR	+	6.00%	(Q)	9.82%	8/31/2022	8/31/2028		22	22	21		(1)(6)
M&D MidCo, Inc.	Delayed Draw Term Loan	N/A					12/17/2024	8/31/2028		—	(10)	(158)		(2)(6)(9)
M&D MidCo, Inc.	Term Loan	SOFR	+	6.00%	(Q)	9.82%	8/31/2022	8/31/2028		63	63	60		(1)(6)
M&D MidCo, Inc.	Term Loan	SOFR	+	6.00%	(Q)	9.82%	12/17/2024	8/31/2028		4,888	4,857	4,668		(1)(6)
POY Holdings, LLC	Delayed Draw Term Loan	SOFR	+	5.50%	(Q)	9.38%	11/26/2024	11/16/2027		1,187	1,186	1,152		(1)(6)
POY Holdings, LLC	Term Loan	SOFR	+	5.50%	(Q)	9.38%	11/22/2023	11/16/2027		4,962	4,918	4,813		(1)(6)
Painters Supply and Equipment Co. (fka Graffiti Buyer, Inc.)	Delayed Draw Term Loan	SOFR	+	5.50%	(Q)	9.27%	4/29/2024	8/10/2027		355	354	344		(6)(9)
Painters Supply and Equipment Co. (fka Graffiti Buyer, Inc.)	Term Loan	SOFR	+	5.50%	(Q)	9.27%	11/26/2024	8/10/2027		1,698	1,688	1,647		(1)(6)
Race Winning Brands, Inc.	Term Loan	SOFR	+	1.00% (5.50%PIK)	(Q)	10.38%	6/2/2022	5/16/2029		11,408	10,896	8,785		(6)(9)(12)
Race Winning Brands, Inc.	Term Loan	SOFR	+	1.00% (5.50%PIK)	(Q)	10.33%	6/2/2022	5/16/2029		35	34	27		(6)(9)(12)
USSC Holding Corp.	Revolver	SOFR	+	5.50%	(Q)	9.16%	7/23/2024	6/21/2030		78	167	68		(2)(6)(9)
USSC Holding Corp.	Revolver	SOFR	+	5.50%	(Q)	9.17%	7/23/2024	6/21/2030		26	13	25		(6)(9)
USSC Holding Corp.	Revolver	SOFR	+	5.50%	(Q)	9.23%	7/23/2024	6/21/2030		168	87	163		(6)(9)
USSC Holding Corp.	Delayed Draw Term Loan	SOFR	+	5.50%	(Q)	9.17%	7/23/2024	6/21/2030		882	873	856		(6)(9)
USSC Holding Corp.	Term Loan	SOFR	+	5.50%	(Q)	9.23%	7/23/2024	6/21/2030		2,653	2,623	2,573		(1)(6)
											49,521	45,543	12.22%
Beverages
Cold Spring Brewing Company	Term Loan	SOFR	+	4.75%	(M)	8.39%	12/23/2024	12/10/2030		$9,177	$9,104	$9,177		(1)(6)
											9,104	9,177	2.46%
Chemicals

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TABLE OF CONTENTS

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2026

(dollar amounts in thousands, except Shares/Units)

(unaudited)

 

 

Company # +	Type of Investment	Reference Rate and Spread				Interest Rate *	Acquisition Date	Maturity	Shares / Units	Principal	Amortized Cost (++)	Fair Value	Percentage of Net Assets ^	Footnotes
Boulder Scientific Company, LLC	Revolver	N/A					1/7/2025	12/31/2027		$—	$(1)	$—		(2)(6)(9)
Boulder Scientific Company, LLC	Term Loan	SOFR	+	4.50%	(Q)	8.18%	6/2/2022	12/31/2027		7,664	7,641	7,664		(1)(6)(9)
MDI Buyer, Inc.	Revolver	SOFR	+	4.75%	(Q)	8.39%	8/5/2022	7/25/2028		54	53	54		(6)(9)
MDI Buyer, Inc.	Revolver	PRIME	+	3.75%	(Q)	10.50%	8/5/2022	7/25/2028		1,436	1,423	1,436		(6)(9)
MDI Buyer, Inc.	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.42%	8/5/2022	7/25/2028		2,315	2,294	2,315		(1)(6)
MDI Buyer, Inc.	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.42%	1/16/2025	7/25/2028		661	649	661		(2)(6)(9)
MDI Buyer, Inc.	Term Loan	SOFR	+	4.75%	(Q)	8.42%	8/5/2022	7/25/2028		6,415	6,357	6,415		(1)(6)
MDI Buyer, Inc.	Term Loan	SOFR	+	4.75%	(Q)	8.48%	1/16/2025	7/25/2028		1,266	1,254	1,266		(6)(9)
Techmer BB Bidco, LLC	Revolver	SOFR	+	5.25%	(S)	8.94%	9/1/2022	9/1/2030		2	2	—		(2)(6)(9)(13)
Techmer BB Bidco, LLC	Revolver	SOFR	+	5.25%	(S)	8.97%	9/1/2022	9/1/2030		1	—	—		(6)(9)(13)
Techmer BB Bidco, LLC	Revolver	SOFR	+	5.25%	(S)	9.09%	9/1/2022	9/1/2030		1	—	—		(6)(9)(13)
Techmer BB Bidco, LLC	Revolver	SOFR	+	5.25%	(S)	9.20%	9/1/2022	9/1/2030		6	5	3		(6)(9)(13)
Techmer BB Bidco, LLC	Delayed Draw Term Loan	SOFR	+	0.25% (5.50% PIK)	(S)	9.70%	9/1/2022	9/1/2030		2	2	1		(6)(8)(9)(13)
Techmer BB Bidco, LLC	Term Loan	SOFR	+	0.25% (5.50% PIK)	(S)	9.70%	9/1/2022	9/1/2030		63	61	28		(6)(9)(13)
Techmer BB Bidco, LLC	Term Loan	N/A					11/3/2025	9/1/2030		—	—	—		(2)(6)(8)(9)
Zep Holdco Inc.	Revolver	N/A					6/30/2025	6/30/2031		—	(9)	(7)		(2)(6)(9)
Zep Holdco Inc.	Term Loan	SOFR	+	5.00%	(Q)	8.73%	6/30/2025	6/30/2031		8,613	8,538	8,570		(1)(6)
											28,269	28,406	7.62%
Commercial Services & Supplies
3G Intermediate, Inc.	Revolver	SOFR	+	5.50%	(Q)	9.23%	9/30/2024	9/30/2030		$667	$657	$658		(6)(9)
3G Intermediate, Inc.	Delayed Draw Term Loan	SOFR	+	5.50%	(Q)	9.23%	9/30/2024	9/30/2030		1,317	1,298	1,300		(6)(9)
3G Intermediate, Inc.	Term Loan	SOFR	+	5.50%	(Q)	9.23%	9/30/2024	9/30/2030		3,275	3,225	3,234		(1)(6)
Advanced Web Technologies Holding Company	Revolver	N/A					7/2/2024	12/17/2027		—	(1)	(5)		(2)(6)(9)
Advanced Web Technologies Holding Company	Delayed Draw Term Loan	SOFR	+	4.25% (2.25% PIK)	(S)	10.24%	7/2/2024	12/17/2027		440	437	432		(1)(6)
Advanced Web Technologies Holding Company	Delayed Draw Term Loan	SOFR	+	4.25% (2.25% PIK)	(S)	10.24%	10/18/2022	12/17/2027		77	76	76		(1)(6)
Advanced Web Technologies Holding Company	Delayed Draw Term Loan	SOFR	+	4.25% (2.25% PIK)	(Q)	10.24%	7/2/2024	12/17/2027		240	238	235		(6)(9)
Advanced Web Technologies Holding Company	Term Loan	SOFR	+	4.25% (2.25% PIK)	(S)	10.24%	7/2/2024	12/17/2027		1,119	1,114	1,097		(1)(6)
Advanced Web Technologies Holding Company	Term Loan	SOFR	+	4.25% (2.25% PIK)	(S)	10.24%	10/18/2022	12/17/2027		24	24	23		(1)(6)
Advanced Web Technologies Holding Company	Term Loan	SOFR	+	4.25% (2.25% PIK)	(S)	10.24%	6/2/2023	12/17/2027		308	305	302		(1)(6)

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TABLE OF CONTENTS

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2026

(dollar amounts in thousands, except Shares/Units)

(unaudited)

 

 

Company # +	Type of Investment	Reference Rate and Spread				Interest Rate *	Acquisition Date	Maturity	Shares / Units	Principal	Amortized Cost (++)	Fair Value	Percentage of Net Assets ^	Footnotes
Advanced Web Technologies Holding Company	Term Loan	SOFR	+	4.25% (2.25% PIK)	(S)	10.24%	11/26/2024	12/17/2027		517	513	507		(1)(6)
Champion Elevator Operating Corporation	Revolver	N/A					5/29/2026	5/28/2032		—	(4)	(2)		(2)(6)(9)
Champion Elevator Operating Corporation	Delayed Draw Term Loan	N/A					5/29/2026	5/28/2032		—	(9)	(5)		(2)(6)(9)
Champion Elevator Operating Corporation	Term Loan	SOFR	+	5.75%	(Q)	9.41%	5/29/2026	5/28/2032		2,617	2,578	2,597		(1)(6)(9)
ISQ Hawkeye HoldCo, Inc.	Delayed Draw Term Loan	N/A					6/29/2026	8/20/2031		—	—	—		(2)(6)(8)(9)
ISQ Hawkeye HoldCo, Inc.	Term Loan	SOFR	+	4.00%	(M)	7.69%	6/29/2026	8/20/2031		467	467	467		(6)(9)
LAV Gear Holdings, Inc.	Revolver	SOFR	+	2.50% (3.44% PIK)	(M)	9.58%	7/31/2025	7/31/2029		15	9	15		(2)(6)(9)
LAV Gear Holdings, Inc.	Term Loan	SOFR	+	2.50% (3.44% PIK)	(M)	9.58%	7/31/2025	7/31/2029		1,752	1,739	1,577		(6)(9)
MechanAir LLC	Revolver	SOFR	+	6.00%	(S)	9.73%	12/18/2025	12/18/2031		97	151	96		(2)(6)(9)
MechanAir LLC	Revolver	SOFR	+	6.00%	(S)	9.85%	12/18/2025	12/18/2031		148	91	148		(6)(9)
MechanAir LLC	Delayed Draw Term Loan	N/A					12/18/2025	12/18/2031		—	(11)	(6)		(2)(6)(9)
MechanAir LLC	Term Loan	SOFR	+	6.00%	(S)	9.73%	12/18/2025	12/18/2031		2,167	2,147	2,156		(1)(6)
Online Labels Group, LLC	Revolver	N/A					12/19/2023	12/19/2029		—	—	—		(2)(6)(8)(9)
Online Labels Group, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.48%	12/19/2023	12/19/2029		4	4	4		(2)(6)(8)(9)
Online Labels Group, LLC	Term Loan	SOFR	+	4.75%	(Q)	8.48%	12/19/2023	12/19/2029		70	69	70		(6)(9)
RBS Buyer, Inc.	Revolver	N/A					7/31/2025	7/31/2031		—	(10)	(2)		(2)(6)(9)
RBS Buyer, Inc.	Delayed Draw Term Loan	N/A					7/31/2025	7/31/2031		—	(3)	(1)		(2)(6)(9)
RBS Buyer, Inc.	Term Loan	SOFR	+	4.75%	(Q)	8.41%	7/31/2025	7/31/2031		3,099	3,065	3,091		(1)(6)
RBS Buyer, Inc.	Term Loan	SOFR	+	4.75%	(Q)	8.41%	1/29/2026	7/31/2031		843	833	841		(1)(6)
RFI Buyer, Inc.	Revolver	PRIME	+	3.50%	(Q)	10.25%	8/5/2022	8/5/2030		10	9	10		(2)(6)(9)
RFI Buyer, Inc.	Delayed Draw Term Loan	SOFR	+	4.50%	(Q)	8.26%	8/5/2022	8/5/2030		9	9	9		(6)(9)
RFI Buyer, Inc.	Delayed Draw Term Loan	SOFR	+	4.50%	(Q)	8.16%	8/5/2022	8/5/2030		19	19	19		(6)(9)
RFI Buyer, Inc.	Delayed Draw Term Loan	SOFR	+	4.50%	(Q)	8.25%	8/29/2025	8/5/2030		362	397	362		(2)(6)(9)
RFI Buyer, Inc.	Delayed Draw Term Loan	SOFR	+	4.50%	(Q)	8.33%	8/29/2025	8/5/2030		66	24	66		(6)(9)
RFI Buyer, Inc.	Term Loan	SOFR	+	4.50%	(Q)	8.16%	8/5/2022	8/5/2030		57	56	57		(6)(9)
RFI Buyer, Inc.	Term Loan	SOFR	+	4.50%	(Q)	8.27%	12/2/2024	8/5/2030		2,886	2,859	2,886		(6)(9)
RFI Buyer, Inc.	Term Loan	SOFR	+	4.50%	(Q)	8.27%	8/29/2025	8/5/2030		803	796	803		(6)(9)
Source Holding Delaware, LLC	Revolver	SOFR	+	4.75%	(Q)	8.41%	2/7/2025	2/7/2031		87	247	70		(2)(6)(9)
Source Holding Delaware, LLC	Revolver	SOFR	+	4.75%	(Q)	8.41%	2/7/2025	2/7/2031		69	45	66		(6)(9)
Source Holding Delaware, LLC	Revolver	SOFR	+	4.75%	(Q)	8.40%	2/7/2025	2/7/2031		69	45	66		(6)(9)

9

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TABLE OF CONTENTS

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2026

(dollar amounts in thousands, except Shares/Units)

(unaudited)

 

 

Company # +	Type of Investment	Reference Rate and Spread				Interest Rate *	Acquisition Date	Maturity	Shares / Units	Principal	Amortized Cost (++)	Fair Value	Percentage of Net Assets ^	Footnotes
Source Holding Delaware, LLC	Revolver	SOFR	+	4.75%	(Q)	8.39%	2/7/2025	2/7/2031		69	45	66		(6)(9)
Source Holding Delaware, LLC	Revolver	PRIME	+	3.75%	(Q)	10.50%	2/7/2025	2/7/2031		104	68	99		(6)(9)
Source Holding Delaware, LLC	Revolver	SOFR	+	4.75%	(Q)	8.41%	2/7/2025	2/7/2031		104	68	99		(6)(9)
Source Holding Delaware, LLC	Revolver	SOFR	+	4.75%	(Q)	8.41%	2/7/2025	2/7/2031		69	45	66		(6)(9)
Source Holding Delaware, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.41%	2/7/2025	2/7/2031		85	76	11		(2)(6)(9)
Source Holding Delaware, LLC	Term Loan	SOFR	+	4.75%	(Q)	8.40%	2/7/2025	2/7/2031		3,974	3,934	3,805		(1)(6)
Titan Group Holdco, LLC	Revolver	N/A					8/22/2024	8/13/2029		—	(1)	—		(2)(6)(9)(10)(11)
Titan Group Holdco, LLC	Revolver	N/A					8/22/2024	8/13/2029		—	(3)	—		(2)(6)(9)(11)
Titan Group Holdco, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.48%	8/22/2024	8/13/2029		917	907	917		(2)(6)(9)
Titan Group Holdco, LLC	Term Loan	SOFR	+	4.75%	(Q)	8.48%	8/22/2024	8/13/2029		2,463	2,438	2,463		(1)(6)
VP Security Buyer, Inc.	Revolver	SOFR	+	4.75%	(Q)	8.39%	10/10/2025	10/10/2031		28	26	26		(2)(6)(9)
VP Security Buyer, Inc.	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.42%	10/10/2025	10/10/2031		104	100	99		(2)(6)(9)
VP Security Buyer, Inc.	Term Loan	SOFR	+	4.75%	(Q)	8.42%	10/10/2025	10/10/2031		400	396	395		(6)(9)
VRC Companies, LLC	Term Loan	SOFR	+	5.50%	(Q)	9.16%	6/2/2022	6/29/2027		11,424	11,387	11,424		(1)(6)(9)
											42,994	42,789	11.48%
Construction & Engineering
360 Partners, LLC	Revolver	SOFR	+	4.75%	(Q)	8.43%	8/7/2025	8/7/2031		$261	$249	$250		(2)(6)(9)
360 Partners, LLC	Revolver	SOFR	+	4.75%	(Q)	8.40%	8/7/2025	8/7/2031		217	207	216		(6)(9)
360 Partners, LLC	Delayed Draw Term Loan	N/A					8/7/2025	8/7/2031		—	(20)	(23)		(2)(6)(9)
360 Partners, LLC	Term Loan	SOFR	+	4.75%	(Q)	8.40%	8/7/2025	8/7/2031		5,178	5,110	5,140		(1)(6)
HTI Intermediate, LLC	Revolver	PRIME	+	4.00%	(M)	10.75%	3/1/2024	3/1/2030		274	297	258		(2)(6)(9)
HTI Intermediate, LLC	Revolver	SOFR	+	5.00%	(Q)	8.65%	3/1/2024	3/1/2030		55	21	54		(6)(9)
HTI Intermediate, LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	8.68%	3/1/2024	3/1/2030		532	525	521		(6)(9)
HTI Intermediate, LLC	Term Loan	SOFR	+	5.00%	(Q)	8.66%	3/1/2024	3/1/2030		1,257	1,240	1,232		(6)(9)
HTI Intermediate, LLC	Term Loan	SOFR	+	5.00%	(Q)	8.68%	7/2/2025	3/1/2030		919	908	901		(1)(6)
Iron Pillar United Mining Group, LLC	Revolver	N/A					5/14/2026	5/14/2032		—	(6)	(2)		(2)(6)(9)
Iron Pillar United Mining Group, LLC	Delayed Draw Term Loan	N/A					5/14/2026	5/14/2032		—	(6)	(5)		(2)(6)(9)
Iron Pillar United Mining Group, LLC	Term Loan	SOFR	+	5.50%	(Q)	9.15%	5/14/2026	5/14/2032		748	735	742		(1)(6)
											9,260	9,284	2.49%
Consumer Staples Distribution & Retail
FS Squared Holding Corp.	Revolver	N/A					12/23/2024	12/23/2030		$—	$(1)	$—		(2)(6)(8)(9)(10)(11)
FS Squared Holding Corp.	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	8.39%	12/23/2024	12/23/2030		2,642	2,638	2,642		(2)(6)(9)
FS Squared Holding Corp.	Term Loan	SOFR	+	4.75%	(M)	8.39%	12/23/2024	12/23/2030		4,096	4,092	4,096		(6)(9)
											6,729	6,738	1.81%

10

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TABLE OF CONTENTS

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2026

(dollar amounts in thousands, except Shares/Units)

(unaudited)

 

 

Company # +	Type of Investment	Reference Rate and Spread				Interest Rate *	Acquisition Date	Maturity	Shares / Units	Principal	Amortized Cost (++)	Fair Value	Percentage of Net Assets ^	Footnotes
Containers & Packaging
Oliver Packaging, LLC	Revolver	SOFR	+	1.75%(4.25% PIK)	(Q)	9.88%	7/6/2022	7/6/2028		$180	$174	$44		(2)(6)(8)(9)(10)(12)
Oliver Packaging, LLC	Term Loan	SOFR	+	1.75% (4.25% PIK)	(Q)	9.88%	7/6/2022	7/6/2028		4,021	3,948	3,096		(6)(9)(12)
Oliver Packaging, LLC	Term Loan	SOFR	+	1.75% (4.25% PIK)	(Q)	9.88%	8/30/2024	7/6/2028		229	224	176		(6)(9)(12)
											4,346	3,316	0.89%
Distributors
Big Bucks Acquisition Corporation	Revolver	N/A					9/29/2025	9/29/2031		$—	$(9)	$(8)		(2)(6)(9)
Big Bucks Acquisition Corporation	Term Loan	SOFR	+	5.00%	(Q)	8.73%	9/29/2025	9/29/2031		3,867	3,824	3,829		(1)(6)
Hub Pen Company, LLC	Revolver	N/A					9/30/2024	12/31/2027		—	(6)	(5)		(2)(6)(8)(9)(10)(11)
Hub Pen Company, LLC	Term Loan	SOFR	+	5.25%	(M)	8.97%	11/26/2024	12/31/2027		6,094	6,033	6,048		(1)(6)
United Scope LLC	Term Loan	SOFR	+	5.00%	(Q)	8.82%	6/2/2022	12/31/2026		10,867	10,862	10,785		(1)(6)(9)
											20,704	20,649	5.54%
Diversified Consumer Services
ADPD Holdings LLC	Revolver	SOFR	+	1.00% (5.00% PIK)	(Q)	9.88%	8/16/2022	8/16/2028		$2	$2	$1		(6)(9)
ADPD Holdings LLC	Revolver	SOFR	+	1.00% (5.00% PIK)	(Q)	9.88%	8/16/2022	8/16/2028		1	1	1		(6)(9)
ADPD Holdings LLC	Revolver	SOFR	+	1.00% (5.00% PIK)	(S)	9.92%	8/16/2022	8/16/2028		2	2	1		(6)(9)
ADPD Holdings LLC	Revolver	SOFR	+	1.00% (5.00% PIK)	(Q)	9.85%	8/16/2022	8/16/2028		1	1	—		(6)(9)
ADPD Holdings LLC	Revolver	SOFR	+	1.00% (5.00% PIK)	(S)	9.93%	8/16/2022	8/16/2028		2	2	2		(6)(9)
ADPD Holdings LLC	Term Loan	SOFR	+	1.00% (5.00% PIK)	(S)	9.93%	8/16/2022	8/16/2028		81	81	72		(6)(9)
Castleworks Home Services Company	Revolver	SOFR	+	5.50% (2.00% PIK)	(Q)	11.38%	6/29/2022	6/29/2028		916	910	805		(2)(6)(9)
Castleworks Home Services Company	Term Loan	SOFR	+	5.50% (2.00% PIK)	(Q)	11.38%	6/28/2023	6/29/2028		7,496	7,453	6,597		(6)(9)
Express Wash Acquisition Company, LLC	Revolver	N/A					4/10/2025	4/10/2031		—	(1)	(10)		(2)(6)(9)
Express Wash Acquisition Company, LLC	Term Loan	SOFR	+	6.25%	(Q)	9.92%	4/10/2025	4/10/2031		3,032	3,006	2,865		(1)(6)(9)
TheKey, LLC	Delayed Draw Term Loan	SOFR	+	5.00% (1.00% PIK)	(Q)	9.73%	6/2/2022	9/30/2027		6,321	6,320	5,609		(1)(6)(9)
TheKey, LLC	Term Loan	SOFR	+	5.00% (1.00% PIK)	(Q)	9.73%	6/2/2022	9/30/2027		2,258	2,257	2,003		(1)(6)(9)
											20,034	17,946	4.81%
Diversified Telecommunication Services
MBS Holdings, Inc.	Term Loan	SOFR	+	5.00%	(M)	8.74%	11/29/2023	4/16/2027		$307	$305	$307		(6)(9)
											305	307	0.08%
Electronic Equipment, Instruments & Components
Alert SRC Newco LLC	Revolver	SOFR	+	5.00%	(M)	8.61%	12/11/2024	12/11/2030		$60	$71	$60		(2)(6)(9)
Alert SRC Newco LLC	Revolver	SOFR	+	5.00%	(M)	8.63%	12/11/2024	12/11/2030		20	2	20		(6)(9)
Alert SRC Newco LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(M)	8.64%	12/11/2024	12/11/2030		1,999	1,977	1,999		(6)(9)
Alert SRC Newco LLC	Term Loan	SOFR	+	5.00%	(Q)	8.65%	12/11/2024	12/11/2030		6,147	6,075	6,148		(1)(6)

11

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TABLE OF CONTENTS

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2026

(dollar amounts in thousands, except Shares/Units)

(unaudited)

 

 

Company # +	Type of Investment	Reference Rate and Spread				Interest Rate *	Acquisition Date	Maturity	Shares / Units	Principal	Amortized Cost (++)	Fair Value	Percentage of Net Assets ^	Footnotes
BC Group Holdings, Inc.	Term Loan	SOFR	+	5.00%	(Q)	8.73%	6/2/2022	12/21/2027		7,173	7,173	7,173		(1)(6)
											15,298	15,400	4.13%
Energy Equipment & Services
Energy Labs Holdings Corp.	Delayed Draw Term Loan	SOFR	+	5.00%	(M)	8.74%	6/2/2022	4/7/2028		$714	$710	$701		(1)(6)
Energy Labs Holdings Corp.	Term Loan	SOFR	+	5.00%	(M)	8.74%	6/2/2022	4/7/2028		7,506	7,447	7,374		(1)(6)
Velocity Buyer, Inc.	Revolver	N/A					1/24/2025	1/24/2031		—	(20)	—		(2)(6)(9)
Velocity Buyer, Inc.	Term Loan	SOFR	+	5.00%	(Q)	8.67%	1/24/2025	1/24/2031		5,277	5,213	5,277		(1)(6)
											13,350	13,352	3.58%
Financial Services
RWA Wealth Partners, LLC	Revolver	N/A					11/15/2024	11/15/2030		$—	$(14)	$—		(2)(6)(8)(9)(10)(11)
RWA Wealth Partners, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.42%	11/15/2024	11/15/2030		89	1,242	89		(2)(6)(9)
RWA Wealth Partners, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.40%	11/15/2024	11/15/2030		398	92	398		(6)(9)
RWA Wealth Partners, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.40%	11/15/2024	11/15/2030		821	189	821		(6)(9)
RWA Wealth Partners, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.45%	11/15/2024	11/15/2030		167	38	167		(6)(9)
RWA Wealth Partners, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	8.39%	11/15/2024	11/15/2030		156	36	156		(6)(9)
RWA Wealth Partners, LLC	Term Loan	SOFR	+	4.75%	(Q)	8.39%	11/15/2024	11/15/2030		8,503	8,437	8,504		(1)(6)
TRX Buyer LLC	Revolver	SOFR	+	5.00%	(M)	8.65%	3/24/2026	3/24/2032		38	63	35		(2)(6)(9)
TRX Buyer LLC	Revolver	SOFR	+	5.00%	(M)	8.65%	3/24/2026	3/24/2032		38	7	37		(6)(9)
TRX Buyer LLC	Delayed Draw Term Loan	N/A					3/24/2026	3/24/2032		—	(8)	(4)		(2)(6)(9)
TRX Buyer LLC	Term Loan	SOFR	+	5.00%	(M)	8.65%	3/24/2026	3/24/2032		1,502	1,480	1,491		(1)(6)
											11,562	11,694	3.14%
Food Products
Hissho Parent, LLC	Revolver	N/A					8/8/2024	5/18/2029		$—	$(3)	$—		(2)(6)(8)(9)(10)(11)
Hissho Parent, LLC	Term Loan	SOFR	+	4.75%	(Q)	8.48%	8/8/2024	5/18/2029		3,431	3,408	3,431		(1)(6)
Hometown Food Company	Term Loan	SOFR	+	4.50%	(M)	8.12%	6/13/2025	12/3/2030		2,830	2,811	2,830		(1)(6)
JTM Foods LLC	Revolver	SOFR	+	5.25%	(Q)	9.06%	9/28/2022	5/14/2029		5	8	5		(2)(6)(9)
JTM Foods LLC	Revolver	SOFR	+	5.25%	(Q)	9.05%	9/28/2022	5/14/2029		18	18	18		(6)(9)
JTM Foods LLC	Revolver	SOFR	+	5.25%	(Q)	9.04%	9/28/2022	5/14/2029		23	22	23		(6)(9)
JTM Foods LLC	Revolver	PRIME	+	4.25%	(M)	11.00%	9/28/2022	5/14/2029		132	128	132		(6)(9)
JTM Foods LLC	Term Loan	SOFR	+	5.25%	(Q)	9.13%	4/14/2023	5/14/2029		68	68	68		(6)(9)
JTM Foods LLC	Term Loan	SOFR	+	5.25%	(Q)	9.06%	3/3/2025	5/14/2029		1,653	1,647	1,653		(6)(9)
KNPC Holdco, LLC	Term Loan	SOFR	+	5.50%	(Q)	9.27%	11/26/2024	10/22/2029		7,877	7,822	7,877		(1)(6)
SHF Holdings, Inc.	Revolver	N/A					1/22/2025	1/22/2030		—	(2)	(1)		(2)(6)(9)
SHF Holdings, Inc.	Term Loan	SOFR	+	5.50%	(Q)	9.23%	1/22/2025	1/22/2030		1,489	1,473	1,481		(6)(9)
VG Target Holdings, LLC	Term Loan	SOFR	+	5.50% (0.50% PIK)	(M)	11.76%	6/2/2022	8/2/2027		6,770	5,660	68		(6)(9)(13)
VG Target Holdings, LLC	Term Loan	SOFR	+	5.50% (0.50% PIK)	(M)	11.75%	6/2/2022	8/2/2027		432	362	4		(6)(9)(13)
VG Target Holdings, LLC	Term Loan	PRIME	+	4.50% (3.00% PIK)	(Q)	16.25%	6/2/2022	8/2/2027		34	28	—		(6)(9)(13)

12

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TABLE OF CONTENTS

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2026

(dollar amounts in thousands, except Shares/Units)

(unaudited)

 

 

Company # +	Type of Investment	Reference Rate and Spread				Interest Rate *	Acquisition Date	Maturity	Shares / Units	Principal	Amortized Cost (++)	Fair Value	Percentage of Net Assets ^	Footnotes
VG Target Holdings, LLC	Term Loan	PRIME	+	14.25% PIK	(Q)	16.25%	7/18/2025	8/2/2027		485	485	1,309		(6)(9)
											23,935	18,898	5.07%
Ground Transportation
A&R Logistics Holdings, Inc.	Revolver	PRIME	+	0.00% (6.75 PIK)	(Q)	13.50%	2/5/2026	2/3/2028		$237	$237	$237		(6)(9)
A&R Logistics Holdings, Inc.	Term Loan	SOFR	+	2.50% (4.25% PIK)	(Q)	10.58%	6/2/2022	2/3/2028		6,126	5,992	3,645		(6)(9)(13)
A&R Logistics Holdings, Inc.	Term Loan	SOFR	+	2.50% (4.25% PIK)	(Q)	10.58%	10/4/2024	2/3/2028		212	205	126		(6)(9)(13)
VTC Buyer Corp.	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	8.90%	7/15/2025	7/15/2031		904	967	870		(2)(6)(9)
VTC Buyer Corp.	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	8.91%	7/15/2025	7/15/2031		123	45	119		(6)(9)
VTC Buyer Corp.	Term Loan	SOFR	+	5.25%	(Q)	8.92%	7/15/2025	7/15/2031		1,585	1,673	1,532		(1)(2)(6)(9)
VTC Buyer Corp.	Term Loan	SOFR	+	5.25%	(Q)	8.92%	7/15/2025	7/15/2031		96	31	93		(6)(9)
VTC Buyer Corp.	Term Loan	SOFR	+	5.25%	(Q)	8.90%	7/15/2025	7/15/2031		76	25	74		(6)(9)
											9,175	6,696	1.80%
Health Care Equipment & Supplies
ACP Oak Buyer, Inc.	Revolver	N/A					6/12/2025	5/16/2031		$—	$(15)	$—		(2)(6)(9)
ACP Oak Buyer, Inc.	Delayed Draw Term Loan	SOFR	+	4.75%	(S)	8.43%	6/12/2025	5/16/2031		2,981	2,950	2,981		(6)(9)
ACP Oak Buyer, Inc.	Delayed Draw Term Loan	SOFR	+	4.75%	(S)	8.38%	6/12/2025	5/16/2031		332	329	332		(6)(9)
ACP Oak Buyer, Inc.	Term Loan	SOFR	+	4.75%	(S)	8.60%	6/12/2025	5/16/2031		6,921	6,847	6,921		(1)(6)
EPTAM Plastics, Ltd.	Delayed Draw Term Loan	SOFR	+	5.50%	(M)	9.24%	6/2/2022	12/6/2027		1,265	1,263	1,182		(1)(6)
EPTAM Plastics, Ltd.	Term Loan	SOFR	+	5.50%	(M)	9.24%	6/2/2022	12/6/2027		3,520	3,514	3,290		(1)(6)
EPTAM Plastics, Ltd.	Term Loan	SOFR	+	6.00%	(Q)	9.82%	9/16/2022	12/6/2027		10	10	9		(1)(6)
ORG USME Buyer, LLC	Term Loan	SOFR	+	5.75%	(Q)	9.56%	6/21/2022	5/24/2029		5,637	5,625	5,637		(1)(6)
Pediatric Home Respiratory Services, LLC	Revolver	SOFR	+	5.50%	(S)	9.29%	12/23/2024	12/23/2030		250	240	250		(2)(6)(9)
Pediatric Home Respiratory Services, LLC	Delayed Draw Term Loan	N/A					6/2/2022	12/23/2030		—	(8)	—		(2)(6)(9)
Pediatric Home Respiratory Services, LLC	Term Loan	SOFR	+	5.50%	(S)	9.29%	12/23/2024	12/23/2030		11,357	11,266	11,357		(1)(6)(9)
Reliable Medical Supply Acquisitionco LLC	Revolver	N/A					12/31/2025	12/31/2032		—	(6)	(7)		(2)(6)(9)
Reliable Medical Supply Acquisitionco LLC	Delayed Draw Term Loan	N/A					12/31/2025	12/31/2032		—	(5)	(12)		(2)(6)(9)
Reliable Medical Supply Acquisitionco LLC	Term Loan	SOFR	+	4.50%	(Q)	8.23%	12/31/2025	12/31/2032		2,673	2,648	2,646		(6)(9)
SunMed Group Holdings, LLC	Term Loan	SOFR	+	4.75%	(Q)	8.41%	11/22/2024	6/16/2028		1,740	1,733	1,740		(6)(9)
Zavation Medical Products, LLC	Revolver	SOFR	+	0.50%	(Q)	0.50%	7/22/2024	6/30/2029		53	51	52		(2)(6)(9)

13

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TABLE OF CONTENTS

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2026

(dollar amounts in thousands, except Shares/Units)

(unaudited)

 

 

Company # +	Type of Investment	Reference Rate and Spread				Interest Rate *	Acquisition Date	Maturity	Shares / Units	Principal	Amortized Cost (++)	Fair Value	Percentage of Net Assets ^	Footnotes
Zavation Medical Products, LLC	Term Loan	SOFR	+	5.75%	(Q)	9.48%	6/2/2022	6/30/2029		4,786	4,768	4,762		(1)(6)
Zavation Medical Products, LLC	Term Loan	SOFR	+	5.75%	(Q)	9.43%	7/22/2024	6/30/2029		1,257	1,246	1,251		(1)(6)
Zavation Medical Products, LLC	Term Loan	SOFR	+	5.75%	(Q)	9.41%	7/22/2024	6/30/2029		2,373	2,350	2,362		(1)(6)
											44,806	44,753	12.00%
Health Care Providers & Services
42 North Dental, LLC	Revolver	N/A					2/9/2026	2/10/2031		$—	$(3)	$(3)		(2)(6)(9)
42 North Dental, LLC	Delayed Draw Term Loan	N/A					2/9/2026	2/9/2031		—	(3)	(6)		(2)(6)(9)
42 North Dental, LLC	Term Loan	SOFR	+	4.75%	(Q)	8.48%	2/9/2026	2/10/2031		1,648	1,632	1,631		(1)(6)
Allergy & Clinical MidCo, LLC	Revolver	SOFR	+	4.75%	(S)	8.37%	1/29/2025	1/29/2031		129	202	119		(2)(6)(9)
Allergy & Clinical MidCo, LLC	Revolver	SOFR	+	4.75%	(S)	8.37%	1/29/2025	1/29/2031		257	203	247		(6)(9)
Allergy & Clinical MidCo, LLC	Revolver	SOFR	+	4.75%	(S)	8.37%	1/29/2025	1/29/2031		129	101	124		(6)(9)
Allergy & Clinical MidCo, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(S)	8.37%	1/29/2025	1/29/2031		129	194	36		(2)(6)(9)
Allergy & Clinical MidCo, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(S)	8.37%	1/29/2025	1/29/2031		88	7	85		(6)(9)
Allergy & Clinical MidCo, LLC	Term Loan	SOFR	+	4.75%	(S)	8.38%	1/29/2025	1/29/2031		1,273	1,257	1,225		(6)(9)
Apex Dental Partners, LLC	Revolver	N/A					10/29/2024	10/29/2030		—	(6)	—		(2)(6)(9)
Apex Dental Partners, LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	8.68%	10/29/2024	10/29/2030		674	1,007	674		(2)(6)(9)
Apex Dental Partners, LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	8.66%	10/29/2024	10/29/2030		2,593	2,231	2,593		(6)(9)
Apex Dental Partners, LLC	Term Loan	SOFR	+	5.00%	(Q)	8.66%	10/29/2024	10/29/2030		7,105	7,050	7,105		(1)(6)
Bebright MSO, LLC	Revolver	N/A					6/3/2024	6/3/2030		—	(16)	—		(2)(6)(9)
Bebright MSO, LLC	Delayed Draw Term Loan	SOFR	+	5.75%	(Q)	9.48%	6/3/2024	6/3/2030		4,866	4,796	4,866		(6)(9)
Bebright MSO, LLC	Term Loan	SOFR	+	5.75%	(Q)	9.48%	6/3/2024	6/3/2030		6,062	5,975	6,062		(1)(6)
Eventus Buyer, LLC	Revolver	SOFR	+	5.50%	(Q)	9.17%	11/1/2024	11/1/2030		346	337	346		(2)(6)(9)
Eventus Buyer, LLC	Delayed Draw Term Loan	N/A					11/1/2024	11/1/2030		—	(9)	—		(2)(6)(9)
Eventus Buyer, LLC	Term Loan	SOFR	+	5.50%	(Q)	9.17%	11/1/2024	11/1/2030		6,321	6,247	6,321		(1)(6)
Eye Health America, LLC	Revolver	N/A					7/26/2022	7/26/2028		—	(4)	(5)		(2)(6)(9)
Eye Health America, LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(S)	8.74%	7/26/2022	7/26/2028		2,625	2,609	2,605		(6)(9)
Eye Health America, LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(S)	8.74%	2/14/2025	7/26/2028		164	182	162		(2)(6)(9)
Eye Health America, LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(S)	8.69%	2/14/2025	7/26/2028		47	28	46		(6)(9)
Eye Health America, LLC	Term Loan	SOFR	+	5.00%	(S)	8.74%	7/26/2022	7/26/2028		4,043	4,014	4,012		(1)(6)

14

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TABLE OF CONTENTS

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2026

(dollar amounts in thousands, except Shares/Units)

(unaudited)

 

 

Company # +	Type of Investment	Reference Rate and Spread				Interest Rate *	Acquisition Date	Maturity	Shares / Units	Principal	Amortized Cost (++)	Fair Value	Percentage of Net Assets ^	Footnotes
Eye Health America, LLC	Term Loan	SOFR	+	5.00%	(S)	8.74%	2/14/2025	7/26/2028		251	248	249		(6)(9)
Heartland Veterinary Partners LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(S)	8.70%	6/2/2022	6/10/2028		1,263	1,262	1,263		(1)(6)(9)
Heartland Veterinary Partners LLC	Term Loan	SOFR	+	4.75%	(S)	8.70%	6/2/2022	6/10/2028		9,176	9,169	9,176		(1)(6)(9)
MWD Management, LLC	Revolver	SOFR	+	5.00%	(Q)	8.83%	6/15/2022	6/15/2027		100	98	100		(2)(6)(9)
MWD Management, LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	8.83%	6/15/2022	6/15/2027		1,930	1,926	1,930		(1)(6)
MWD Management, LLC	Term Loan	SOFR	+	5.00%	(Q)	8.83%	6/15/2022	6/15/2027		2,406	2,395	2,406		(1)(6)
NBPT Acquisition LLC	Revolver	SOFR	+	5.00%	(Q)	8.70%	3/3/2025	2/15/2030		89	85	76		(2)(6)(9)
NBPT Acquisition LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	8.69%	3/3/2025	3/3/2030		244	236	189		(2)(6)(9)
NBPT Acquisition LLC	Term Loan	SOFR	+	5.00%	(Q)	8.69%	3/3/2025	3/3/2030		5,143	5,103	5,001		(1)(6)
OIS Management Services, LLC	Revolver	N/A					11/16/2022	11/16/2028		—	(7)	—		(2)(6)(9)
OIS Management Services, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.48%	6/2/2022	11/16/2028		1,867	1,841	1,867		(1)(6)
OIS Management Services, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.48%	8/21/2024	11/16/2028		5,006	4,977	5,006		(6)(9)
OIS Management Services, LLC	Term Loan	SOFR	+	4.75%	(Q)	8.48%	11/16/2022	11/16/2028		4,838	4,769	4,838		(1)(6)
Phia Purchaser, LLC	Revolver	N/A					12/1/2025	12/1/2032		—	(3)	(2)		(2)(6)(9)
Phia Purchaser, LLC	Delayed Draw Term Loan	N/A					12/1/2025	12/1/2032		—	(3)	(3)		(2)(6)(9)
Phia Purchaser, LLC	Term Loan	SOFR	+	4.25%	(M)	7.89%	12/1/2025	12/1/2032		2,763	2,738	2,750		(6)(9)
Premier Imaging, LLC	Term Loan	SOFR	+	6.00%	(Q)	9.99%	6/2/2022	10/31/2027		12,020	12,019	9,617		(6)(9)
SGA Dental Partners Sub Holdings, LLC	Term Loan	SOFR	+	6.00%	(Q)	9.66%	6/15/2026	6/13/2031		15,000	14,702	14,700		(6)(9)
Specialized Dental Holdings II, LLC (fka U.S. Endodontics Partners Holdings, LLC)	Delayed Draw Term Loan	N/A					10/30/2025	11/1/2028		—	(7)	—		(2)(6)(9)
U.S. Urology Partners, LLC	Revolver	SOFR	+	4.50%	(Q)	8.16%	4/8/2025	4/8/2032		370	360	370		(2)(6)(9)
U.S. Urology Partners, LLC	Delayed Draw Term Loan	SOFR	+	4.50%	(Q)	8.23%	4/8/2025	4/8/2032		1,693	1,675	1,693		(6)(9)
U.S. Urology Partners, LLC	Term Loan	SOFR	+	4.50%	(Q)	8.23%	4/8/2025	4/8/2032		7,053	6,977	7,053		(1)(6)
US Health Partners Management, LLC	Revolver	PRIME	+	4.00%	(Q)	10.75%	1/12/2024	1/11/2030		6	6	6		(2)(6)(9)
US Health Partners Management, LLC	Revolver	SOFR	+	5.00%	(M)	8.64%	1/12/2024	1/11/2030		3	2	3		(6)(9)
US Health Partners Management, LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	8.73%	1/12/2024	1/11/2030		34	34	34		(6)(9)
US Health Partners Management, LLC	Term Loan	SOFR	+	5.00%	(Q)	8.73%	1/12/2024	1/11/2030		33	32	33		(6)(9)
USN Opco, LLC	Revolver	N/A					4/29/2026	5/31/2030		—	(3)	—		(2)(6)(9)

15

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TABLE OF CONTENTS

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2026

(dollar amounts in thousands, except Shares/Units)

(unaudited)

 

 

Company # +	Type of Investment	Reference Rate and Spread				Interest Rate *	Acquisition Date	Maturity	Shares / Units	Principal	Amortized Cost (++)	Fair Value	Percentage of Net Assets ^	Footnotes
USN Opco, LLC	Delayed Draw Term Loan	N/A					4/29/2026	5/31/2030		—	(2)	—		(2)(6)(9)
USN Opco, LLC	Term Loan	SOFR	+	5.25%	(Q)	8.98%	4/29/2026	5/31/2030		2,302	2,279	2,302		(1)(6)
United Musculoskeletal Partners Acquisition Holdings, LLC	Delayed Draw Term Loan	SOFR	+	5.75%	(Q)	9.42%	7/15/2022	7/15/2028		837	832	824		(1)(6)
United Musculoskeletal Partners Acquisition Holdings, LLC	Delayed Draw Term Loan	SOFR	+	5.75%	(Q)	9.41%	7/15/2022	7/15/2028		578	575	570		(1)(6)
United Musculoskeletal Partners Acquisition Holdings, LLC	Delayed Draw Term Loan	SOFR	+	5.75%	(Q)	9.41%	7/15/2022	7/15/2028		369	367	363		(1)(6)
United Musculoskeletal Partners Acquisition Holdings, LLC	Delayed Draw Term Loan	SOFR	+	5.75%	(Q)	9.48%	7/15/2022	7/15/2028		88	87	87		(1)(6)
United Musculoskeletal Partners Acquisition Holdings, LLC	Term Loan	SOFR	+	5.75%	(Q)	9.43%	7/15/2022	7/15/2028		4,813	4,813	4,741		(1)(6)
											117,613	115,487	30.98%
Health Care Technology
Andretti Buyer, LLC	Revolver	N/A					1/30/2026	1/28/2033		$—	$—	$—		(2)(6)(8)(9)
Andretti Buyer, LLC	Delayed Draw Term Loan	N/A					1/30/2026	1/28/2033		—	—	—		(2)(6)(8)(9)
Andretti Buyer, LLC	Term Loan	SOFR	+	4.50%	(Q)	8.23%	1/30/2026	1/28/2033		493	489	488		(1)(6)
BRG Acquisition Co., LLC	Revolver	N/A					7/26/2022	7/26/2028		—	(4)	(26)		(2)(6)(9)
BRG Acquisition Co., LLC	Term Loan	SOFR	+	5.50%	(Q)	9.31%	7/26/2022	7/26/2028		6,641	6,587	6,359		(1)(6)
BRG Acquisition Co., LLC	Term Loan	SOFR	+	6.00%	(Q)	9.66%	12/27/2023	7/26/2028		2,925	2,895	2,830		(1)(6)
Healthfuse, LLC	Revolver	N/A					1/10/2025	1/10/2031		—	(16)	—		(2)(6)(9)
Healthfuse, LLC	Term Loan	SOFR	+	4.75%	(Q)	8.42%	1/10/2025	1/10/2031		6,424	6,346	6,424		(1)(6)(9)
Lightspeed Buyer, Inc.	Revolver	SOFR	+	4.75%	(Q)	8.40%	2/6/2026	2/6/2032		75	72	72		(2)(6)(9)
Lightspeed Buyer, Inc.	Delayed Draw Term Loan	N/A					2/6/2026	2/6/2032		—	(3)	(7)		(2)(6)(9)
Lightspeed Buyer, Inc.	Term Loan	SOFR	+	4.75%	(Q)	8.48%	2/6/2026	2/6/2032		1,565	1,551	1,550		(1)(6)
Pillr Health Intermediate II, LLC	Revolver	SOFR	+	4.75%	(Q)	8.40%	12/31/2025	12/31/2031		81	171	79		(2)(6)(9)
Pillr Health Intermediate II, LLC	Revolver	SOFR	+	4.75%	(Q)	8.39%	12/31/2025	12/31/2031		92	34	91		(6)(9)
Pillr Health Intermediate II, LLC	Revolver	SOFR	+	4.75%	(Q)	8.48%	12/31/2025	12/31/2031		61	23	61		(6)(9)
Pillr Health Intermediate II, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.49%	12/31/2025	12/31/2031		511	504	506		(2)(6)(9)
Pillr Health Intermediate II, LLC	Term Loan	SOFR	+	4.75%	(Q)	8.48%	12/31/2025	12/31/2031		2,543	2,519	2,530		(1)(6)
Xifin, Inc.	Revolver	PRIME	+	3.75%	(Q)	10.50%	7/31/2025	7/31/2031		47	43	45		(2)(6)(9)
Xifin, Inc.	Term Loan	SOFR	+	4.75%	(Q)	8.48%	7/31/2025	7/31/2031		2,589	2,578	2,576		(1)(6)
											23,789	23,578	6.32%
Hotels, Restaurants & Leisure
TWH Bidco, LLC	Delayed Draw Term Loan	N/A					1/22/2026	1/22/2032		$—	$(3)	$(4)		(2)(6)(9)
TWH Bidco, LLC	Term Loan	SOFR	+	4.75%	(Q)	8.41%	1/22/2026	1/22/2032		$2,645	$2,621	$2,632		(1)(6)
Taymax Group, L.P.	Term Loan	SOFR	+	6.00%	(M)	9.74%	12/13/2022	7/30/2027		$4,813	$4,806	$4,813		(1)(6)

16

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TABLE OF CONTENTS

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2026

(dollar amounts in thousands, except Shares/Units)

(unaudited)

 

 

Company # +	Type of Investment	Reference Rate and Spread				Interest Rate *	Acquisition Date	Maturity	Shares / Units	Principal	Amortized Cost (++)	Fair Value	Percentage of Net Assets ^	Footnotes
Triwizard Holdings, Inc.	Delayed Draw Term Loan	SOFR	+	5.00%	(M)	8.66%	6/29/2026	6/29/2029		$663	$772	$663		(2)(6)(9)
Triwizard Holdings, Inc.	Delayed Draw Term Loan	SOFR	+	5.00%	(M)	8.64%	6/29/2026	6/29/2029		$115	$115	$115		(6)(9)
Triwizard Holdings, Inc.	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	8.73%	6/29/2026	6/29/2029		$203	$94	$203		(6)(9)
Triwizard Holdings, Inc.	Term Loan	SOFR	+	5.00%	(Q)	8.73%	6/29/2026	6/29/2029		$1,616	$1,616	$1,616		(6)(9)
											10,021	10,038	2.69%
Household Products
Walnut Parent, Inc.	Term Loan	SOFR	+	2.88% (3.38% PIK)	(Q)	10.07%	6/2/2022	11/9/2029		$9,437	$9,423	$8,871		(1)(6)
											9,423	8,871	2.38%
IT Services
Concord III, L.L.C.	Revolver	SOFR	+	6.00%	(Q)	9.73%	12/20/2023	12/20/2028		$157	$155	$157		(2)(6)(9)
Concord III, L.L.C.	Term Loan	SOFR	+	6.00%	(Q)	9.73%	12/20/2023	12/20/2028		4,278	4,223	4,278		(1)(6)
Distinct Holdings, Inc.	Revolver	SOFR	+	5.75%	(Q)	5.75%	7/18/2024	7/18/2029		106	450	(29)		(2)(6)(9)(10)
Distinct Holdings, Inc.	Revolver	SOFR	+	5.75%	(Q)	9.39%	7/18/2024	7/18/2029		530	300	440		(6)(9)
Distinct Holdings, Inc.	Revolver	PRIME	+	4.75%	(Q)	11.50%	7/18/2024	7/18/2029		265	150	220		(6)(9)
Distinct Holdings, Inc.	Term Loan	SOFR	+	5.75%	(Q)	9.48%	7/18/2024	7/18/2029		11,771	11,633	9,769		(1)(6)(9)
G-3 Mobility Buyer LLC	Revolver	SOFR	+	4.50%	(Q)	8.17%	1/5/2026	1/5/2032		49	43	43		(2)(6)(9)
G-3 Mobility Buyer LLC	Delayed Draw Term Loan	SOFR	+	4.50%	(Q)	8.14%	1/5/2026	1/5/2032		138	133	129		(2)(6)(9)
G-3 Mobility Buyer LLC	Term Loan	SOFR	+	4.50%	(Q)	8.18%	1/5/2026	1/5/2032		3,325	3,294	3,291		(6)(9)
Sentinel Technologies, Inc.	Revolver	N/A					11/3/2025	11/3/2031		—	(5)	(6)		(2)(6)(9)
Sentinel Technologies, Inc.	Term Loan	SOFR	+	4.50%	(Q)	8.16%	11/3/2025	11/3/2031		2,350	2,329	2,327		(6)(9)
TriMech Acquisition Corp.	Term Loan	SOFR	+	4.75%	(Q)	8.48%	6/2/2022	3/10/2028		8,315	8,272	8,315		(1)(6)
iVision Buyer, LLC	Revolver	N/A					5/22/2026	5/22/2031		—	(5)	(2)		(2)(6)(9)
iVision Buyer, LLC	Term Loan	SOFR	+	5.50%	(Q)	9.23%	5/22/2026	5/22/2031		2,866	2,831	2,852		(1)(6)
											33,803	31,784	8.52%
Life Sciences Tools & Services
KL Charlie Acquisition Company	Revolver	N/A					9/5/2023	12/30/2029		$—	$—	$—		(2)(6)(8)(9)
KL Charlie Acquisition Company	Delayed Draw Term Loan	SOFR	+	5.25%	(M)	8.99%	6/2/2022	12/30/2029		3,153	3,146	3,130		(1)(6)
KL Charlie Acquisition Company	Delayed Draw Term Loan	SOFR	+	5.25%	(M)	8.99%	3/17/2023	12/30/2029		3	3	3		(1)(6)
KL Charlie Acquisition Company	Term Loan	SOFR	+	5.25%	(M)	8.99%	11/26/2024	12/30/2029		610	609	606		(1)(6)
KL Charlie Acquisition Company	Term Loan	SOFR	+	5.25%	(M)	8.99%	3/17/2023	12/30/2029		2	2	2		(1)(6)
Molecular Designs, LLC	Term Loan	SOFR	+	4.50%	(Q)	8.16%	9/9/2024	10/4/2027		2,230	2,210	2,185		(1)(6)
											5,970	5,926	1.59%
Machinery
Le Sueur, Incorporated	Revolver	SOFR	+	6.00%	(Q)	9.68%	5/20/2026	5/20/2031		121	114	118		(2)(6)(9)

17

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TABLE OF CONTENTS

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2026

(dollar amounts in thousands, except Shares/Units)

(unaudited)

 

 

Company # +	Type of Investment	Reference Rate and Spread				Interest Rate *	Acquisition Date	Maturity	Shares / Units	Principal	Amortized Cost (++)	Fair Value	Percentage of Net Assets ^	Footnotes
Le Sueur, Incorporated	Delayed Draw Term Loan	N/A					5/20/2026	5/20/2031		—	(15)	(6)		(2)(6)(9)
Le Sueur, Incorporated	Term Loan	SOFR	+	6.00%	(S)	9.69%	5/20/2026	5/20/2031		2,644	2,612	2,631		(1)(6)
Pareto Buyer, LLC	Revolver	N/A					12/12/2025	12/13/2032		—	(6)	(6)		(2)(6)(9)
Pareto Buyer, LLC	Delayed Draw Term Loan	N/A					12/12/2025	12/13/2032		—	(4)	(9)		(2)(6)(9)
Pareto Buyer, LLC	Term Loan	SOFR	+	4.50%	(Q)	8.23%	12/12/2025	12/13/2032		3,332	3,300	3,298		(1)(6)(9)
											6,001	6,026	1.62%
Marine Transportation
Horizon Freight Holdings, Inc.	Revolver	PRIME	+	4.00%	(Q)	10.75%	8/22/2024	8/22/2030		455	527	430		(2)(6)(9)(10)
Horizon Freight Holdings, Inc.	Revolver	SOFR	+	5.00%	(Q)	8.73%	8/22/2024	8/22/2030		271	189	262		(6)(9)
Horizon Freight Holdings, Inc.	Delayed Draw Term Loan	N/A					8/22/2024	8/22/2030		—	(16)	(100)		(2)(6)(9)
Horizon Freight Holdings, Inc.	Term Loan	SOFR	+	5.00%	(Q)	8.73%	8/22/2024	8/22/2030		6,442	6,370	6,233		(1)(6)
											7,070	6,825	1.83%
Personal Care Products
Accupac, LLC	Revolver	SOFR	+	3.00% (6.00% PIK)	(Q)	10.67%	12/31/2024	12/31/2029		$217	$426	$(63)		(2)(6)(9)(13)
Accupac, LLC	Revolver	SOFR	+	3.00% (6.00% PIK)	(Q)	10.65%	12/31/2024	12/31/2029		217	142	124		(6)(9)(13)
Accupac, LLC	Revolver	SOFR	+	3.00% (6.00% PIK)	(Q)	10.67%	12/31/2024	12/31/2029		217	142	124		(6)(9)(13)
Accupac, LLC	Revolver	SOFR	+	3.00% (6.00% PIK)	(Q)	10.67%	12/31/2024	12/31/2029		217	142	124		(6)(9)(13)
Accupac, LLC	Term Loan	SOFR	+	3.00% (6.00% PIK)	(Q)	10.67%	12/31/2024	12/31/2029		9,011	8,866	5,137		(6)(9)(13)
BPC Holding III Corp.	Term Loan	SOFR	+	5.25%	(M)	8.99%	6/2/2022	7/28/2026		5,390	5,390	5,390		(1)(6)
KL Bronco Acquisition, Inc.	Revolver	SOFR	+	5.00%	(Q)	8.77%	6/30/2022	6/30/2028		179	173	175		(2)(6)(9)
KL Bronco Acquisition, Inc.	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	8.77%	6/30/2022	6/30/2030		1,401	1,392	1,394		(6)(9)
KL Bronco Acquisition, Inc.	Term Loan	SOFR	+	5.00%	(Q)	8.76%	6/30/2022	6/30/2030		3,781	3,751	3,762		(1)(6)
											20,424	16,167	4.34%
Pharmaceuticals
Advanced Infusion Solutions Acquisition, LLC	Revolver	SOFR	+	5.00%	(M)	8.64%	6/4/2026	6/4/2032		$23	$19	$19		(2)(6)(9)
Advanced Infusion Solutions Acquisition, LLC	Delayed Draw Term Loan	N/A					6/4/2026	6/4/2032		—	(7)	(15)		(2)(6)(9)
Advanced Infusion Solutions Acquisition, LLC	Term Loan	SOFR	+	5.00%	(M)	8.64%	6/4/2026	6/4/2032		2,194	2,162	2,162		(6)(9)
Advantage HCS LLC	Term Loan	SOFR	+	5.25%	(Q)	8.89%	11/8/2023	11/8/2029		12,188	11,955	12,188		(1)(6)(9)
Leiters, Inc.	Revolver	N/A					9/29/2023	6/29/2028		—	(2)	—		(2)(6)(9)
Leiters, Inc.	Term Loan	SOFR	+	4.25%	(Q)	8.02%	9/29/2023	6/29/2028		475	468	475		(6)(9)
NS and Associates LLC	Revolver	N/A					9/9/2025	8/6/2030		—	(6)	(6)		(2)(6)(9)
NS and Associates LLC	Term Loan	SOFR	+	5.00%	(Q)	8.65%	9/9/2025	8/6/2030		3,490	3,444	3,446		(1)(6)
NS and Associates LLC	Term Loan	SOFR	+	5.00%	(Q)	8.67%	9/9/2025	8/6/2030		3,490	3,444	3,446		(1)(6)
											21,477	21,715	5.82%
Professional Services

18

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Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2026

(dollar amounts in thousands, except Shares/Units)

(unaudited)

 

 

Company # +	Type of Investment	Reference Rate and Spread				Interest Rate *	Acquisition Date	Maturity	Shares / Units	Principal	Amortized Cost (++)	Fair Value	Percentage of Net Assets ^	Footnotes
Amplify Buyer, Inc.	Term Loan	SOFR	+	4.75%	(Q)	8.48%	9/17/2025	9/17/2032		$4,759	$4,726	$4,723		(1)(6)
BH Buyer, Inc.	Revolver	N/A					12/31/2025	12/31/2031		—	(7)	(4)		(2)(6)(9)
BH Buyer, Inc.	Term Loan	SOFR	+	4.75%	(Q)	8.48%	12/31/2025	12/31/2031		7,236	7,169	7,200		(1)(6)
Basin Innovation Group, LLC	Revolver	N/A					12/6/2024	12/6/2030		—	(14)	—		(2)(6)(9)
Basin Innovation Group, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(S)	8.38%	12/6/2024	12/6/2030		1,433	1,417	1,433		(6)(9)
Basin Innovation Group, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(S)	8.42%	12/6/2024	12/6/2030		328	325	328		(6)(9)
Basin Innovation Group, LLC	Term Loan	SOFR	+	4.75%	(M)	8.36%	12/6/2024	12/6/2030		11,524	11,388	11,524		(1)(6)(9)
CPL Consultants, LLC	Revolver	N/A					2/17/2026	2/17/2032		—	—	—		(2)(6)(8)(9)
CPL Consultants, LLC	Delayed Draw Term Loan	SOFR	+	4.25%	(Q)	7.91%	2/17/2026	2/17/2032		5	3	3		(2)(6)(9)
CPL Consultants, LLC	Term Loan	SOFR	+	4.25%	(Q)	7.91%	2/17/2026	2/17/2032		125	124	124		(1)(6)
DRML Holdings LLC	Revolver	N/A					3/14/2025	3/14/2031		—	(12)	—		(2)(6)(9)
DRML Holdings LLC	Delayed Draw Term Loan	N/A					3/14/2025	3/14/2031		—	(16)	—		(2)(6)(9)
DRML Holdings LLC	Term Loan	SOFR	+	4.75%	(Q)	8.48%	3/14/2025	3/14/2031		6,584	6,502	6,584		(1)(6)(9)
Empower Benefits Inc.	Revolver	N/A					6/30/2026	6/30/2033		—	(2)	(1)		(2)(6)(9)
Empower Benefits Inc.	Term Loan	SOFR	+	5.00%	(Q)	8.73%	6/30/2026	6/30/2033		989	979	984		(1)(6)
North Haven USHC Acquisition, Inc.	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	9.08%	6/2/2022	10/29/2027		9,299	9,299	8,996		(1)(6)
UHY Advisors, Inc.	Revolver	SOFR	+	4.75%	(Q)	4.75%	11/22/2024	11/21/2031		370	356	370		(2)(6)(9)(10)
UHY Advisors, Inc.	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.48%	11/22/2024	11/21/2031		4,398	4,352	4,398		(2)(6)(9)
UHY Advisors, Inc.	Term Loan	SOFR	+	4.75%	(Q)	8.42%	11/22/2024	11/21/2031		6,541	6,487	6,541		(1)(6)
											53,076	53,203	14.27%
Software
Project Leopard Holdings, Inc.	Term Loan	SOFR	+	5.25%	(Q)	9.01%	8/12/2022	7/20/2029		$97	$93	$58		(6)(7)(9)
QM Buyer, Inc.	Revolver	N/A					12/6/2024	12/6/2030		—	(13)	—		(2)(6)(9)
QM Buyer, Inc.	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.48%	12/6/2024	12/6/2030		836	817	836		(2)(6)(9)
QM Buyer, Inc.	Term Loan	SOFR	+	4.75%	(Q)	8.48%	12/6/2024	12/6/2030		6,815	6,734	6,815		(1)(6)
TCP Hawker Intermediate LLC	Term Loan	SOFR	+	5.00%	(Q)	8.73%	11/26/2024	8/30/2029		10,559	10,550	10,532		(1)(6)
											18,181	18,241	4.89%
Textiles, Apparel & Luxury Goods
National Safety Apparel LLC	Revolver	N/A					5/17/2024	5/17/2030		$—	$(10)	$—		(2)(6)(9)
National Safety Apparel LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	8.39%	5/17/2024	5/17/2030		2,261	2,242	2,261		(6)(9)
National Safety Apparel LLC	Term Loan	SOFR	+	4.75%	(M)	8.39%	11/26/2024	5/17/2030		6,422	6,353	6,422		(1)(6)
											8,585	8,683	2.33%
Trading Companies & Distributors
Easy Ice, LLC	Revolver	SOFR	+	5.25%	(Q)	9.06%	10/30/2024	10/30/2030		$123	$139	$120		(2)(6)(9)
Easy Ice, LLC	Revolver	SOFR	+	5.25%	(Q)	9.06%	10/30/2024	10/30/2030		30	6	30		(6)(9)

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Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2026

(dollar amounts in thousands, except Shares/Units)

(unaudited)

 

 

Company # +	Type of Investment	Reference Rate and Spread				Interest Rate *	Acquisition Date	Maturity	Shares / Units	Principal	Amortized Cost (++)	Fair Value	Percentage of Net Assets ^	Footnotes
Easy Ice, LLC	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	9.08%	10/30/2024	10/30/2030		85	411	81		(2)(6)(9)
Easy Ice, LLC	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	9.07%	10/30/2024	10/30/2030		127	66	126		(6)(9)
Easy Ice, LLC	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	9.06%	10/30/2024	10/30/2030		89	46	88		(6)(9)
Easy Ice, LLC	Delayed Draw Term Loan	SOFR	+	5.40%	(Q)	9.07%	10/30/2024	10/30/2030		162	85	162		(6)(9)
Easy Ice, LLC	Delayed Draw Term Loan	SOFR	+	5.40%	(Q)	9.13%	10/30/2024	10/30/2030		328	171	326		(6)(9)
Easy Ice, LLC	Term Loan	SOFR	+	5.25%	(Q)	9.06%	10/30/2024	10/30/2030		6,637	6,560	6,604		(1)(6)
Krayden Holdings, Inc.	Revolver	SOFR	+	4.75%	(S)	8.62%	3/1/2023	3/1/2029		134	257	133		(2)(6)(9)
Krayden Holdings, Inc.	Revolver	SOFR	+	4.75%	(Q)	8.48%	3/1/2023	3/1/2029		221	92	221		(6)(9)
Krayden Holdings, Inc.	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.48%	3/1/2023	3/1/2029		764	752	762		(6)(9)
Krayden Holdings, Inc.	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.48%	8/30/2024	3/1/2029		383	379	380		(2)(6)(9)
Krayden Holdings, Inc.	Term Loan	SOFR	+	4.75%	(Q)	8.48%	3/1/2023	3/1/2029		2,003	1,970	1,998		(1)(6)
Krayden Holdings, Inc.	Term Loan	SOFR	+	4.75%	(Q)	8.48%	8/30/2024	3/1/2029		1,229	1,221	1,226		(1)(6)
MES Intermediate, Inc.	Revolver	N/A					11/21/2025	10/1/2027		—	(2)	—		(2)(6)(9)
MES Intermediate, Inc.	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	8.73%	9/24/2024	10/1/2027		3,725	3,695	3,725		(1)(6)
MES Intermediate, Inc.	Term Loan	SOFR	+	5.00%	(Q)	8.73%	11/21/2025	10/1/2027		6,406	6,373	6,406		(1)(6)
											22,221	22,388	6.00%
Total Senior Secured First Lien Loans											678,542	655,435	175.80%
Equity
Automobile Components
M&D Parent Holdings, LLC	Class B Units								5,144		518	467		(3)(9)
											518	467	0.13%
Chemicals
MDI Aggregator LP	Common Units								8,380		839	1,223		(3)(9)
											839	1,223	0.33%
Commercial Services & Supplies
Chimney Rock 3G Co-Invest	Equity Co-Invest								125,000		127	119		(3)(9)
Lav Gear Intermediate Holdings, INC.	Class A Units								5,939		681	—		(3)(9)
RFI Group Holdings, L.P.	Class A Units								3,000		300	482		(3)(9)
VP Security Buyer, Inc.	Limited Partnership Units								111,111		111	111		(3)(9)
											1,219	712	0.19%
Construction & Engineering
HT Investors, LLC	A1 Units								3,481		370	354		(3)(9)
360 Partners, LLC	Class A Units								1,998		220	202		(3)(9)

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Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2026

(dollar amounts in thousands, except Shares/Units)

(unaudited)

 

 

Company # +	Type of Investment	Reference Rate and Spread				Interest Rate *	Acquisition Date	Maturity	Shares / Units	Principal	Amortized Cost (++)	Fair Value	Percentage of Net Assets ^	Footnotes
Mascarene Marlin Investment Holdings LLC	Class A1 Units								100,646		102	101		(3)(9)
											692	657	0.18%
Containers & Packaging
Oliver Investors, LP	Class A Units								6,406		608	—		(3)(9)
Oliver Investors, LP	Class D Units								152		8	—		(3)(9)
Comar Holding Company, LLC	Class A Units								8,172		4,442	4,442		(3)(9)
											5,058	4,442	1.19%
Diversified Consumer Services
FS NU Investors, LP	Class A Units								5,000		500	—		(3)(9)
FS NU Investors, LP	Class C Units								253		26	—		(3)(9)
FS NU Investors, LP	Class D Units								278		21	—		(3)(9)
											547	—	0.00%
Financial Services
TRX Buyer LLC	Preferred Stock Unit								1,286		109	109		(3)(9)
											109	109	0.03%
Ground Transportation
VTC Buyer Corp	Class A-1 Units								164,000		190	186		(3)(9)
											190	186	0.05%
Health Care Equipment & Supplies
Reliable Medical Supply Acquisition LLC	Series A Interest								103,093		103	105		(3)(9)
											103	105	0.03%
Health Care Technology
BRG Group Holdings, LLC	Class A Units								612,419		626	429		(3)(9)
Xifin, Inc.	Class D Units								11,507		220	220		(3)(9)
											846	649	0.17%
Hotels, Restaurants & Leisure
Tailwind Hospitality	Limited Partnership Units								37		37	36		(3)(9)
											37	36	0.01%
IT Services
Sentinel Technologies, Inc.	Class A Units								1,154		115	115		(3)(9)
											115	115	0.03%
Personal Care Products
KLC Fund 1-C1 LP	Limited Partnership Units								605,769		608	642		(3)(9)
											608	642	0.17%
Total Equity											10,881	9,343	2.51%
Subtotal Non-Controlled/Non-Affiliated Investments											689,423	664,778	178.30%

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Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2026

(dollar amounts in thousands, except Shares/Units)

(unaudited)

 

 

Company # +	Type of Investment	Reference Rate and Spread				Interest Rate *	Acquisition Date	Maturity	Shares / Units	Principal	Amortized Cost (++)	Fair Value	Percentage of Net Assets ^	Footnotes
Controlled Investments:														(+)
Investment Funds and Vehicles
Senior Direct Lending Program, LLC	Limited Partnership Units	SOFR	+	8.00%	(Q)	Current Yield: 11.25%		12/31/36		188,850	183,377	171,854		(2)(4)(5)
											$183,377	$171,854	46.09%
Subtotal Controlled Investments											$183,377	$171,854	46.09%
Total Investments											$872,800	$836,632	224.40%
Cash Equivalents:
State Street Institutional U.S. Government Money Market Fund						7-Day Yield 3.58%				$14,745	$14,745	$14,745		(14)(15)
											$14,745	$14,745	3.95%
Subtotal Cash Equivalents											$14,745	$14,745	3.95%
Total Investments and Cash Equivalents											$887,545	$851,377	228.35%

 

Derivative Instruments

 

Description		Hedging Item		Company Receives		Company Pays		Counterparty		Maturity Date		Notional Amount				Fair Value				Upfront Payments / Receipts				Unrealized Appreciation / (Depreciation)				Footnotes
Interest rate swap		2026 Notes		8.10%		USD-SOFR-Compound + 4.226%		CIBC Bank USA		12/21/2026		$	25,000			$	(19	)		$	—			$	(19	)		(7)
Interest rate swap		2028 Notes		8.20%		USD-SOFR-Compound + 4.595%		CIBC Bank USA		12/21/2028			25,000				(292	)			—				(292	)		(7)
Total												$	50,000			$	(311	)		$	—			$	(311	)

# Unless otherwise indicated, all securities are valued using significant unobservable inputs, which are categorized as Level 3 assets under the definition of ASC 820 fair value hierarchy (See "Note 4. Fair Value Measurements").

+ All of the issuers of the investments held by the Company are domiciled in the United States. Certain investments also have international operations.

* Variable rate loans to the Company’s portfolio companies bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR”) or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower’s option, which reset semi-annually (S), quarterly (Q) or monthly (M). For each such loan, the Company has provided the interest rate in effect as of June 30, 2026.

^ Percentage is based on net assets of $372,838 as of June 30, 2026.

(+) Controlled Investments are defined by the Investment Company Act of 1940 Act, as amended (the "1940 Act"), as investments in companies in which the Company owns more than 25% of the voting securities or maintains greater than 50% of the board representation.

(++) Negative cost, if applicable, results from unamortized fees on unfunded commitments, which are capitalized to the investment cost. The negative fair value, if applicable, results from the fair valuation of the unfunded commitment.

(1) The Company's investment or a portion thereof is held by VCC CLO 1, LLC, which serves as collateral for the 2024 Debt Securitization (See "Note 6. Borrowings").

(2) The investment has an unfunded commitment as of June 30, 2026 (See "Note 8. Commitments and Contingencies"). Fair value includes an analysis of the unfunded commitment.

(3) Security is non-income producing.

(4) The investment is not considered a "qualifying asset" under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of June 30, 2026, total qualifying assets at fair value represented 80.5% of the Company's total assets calculated in accordance with the 1940 Act.

(5) In addition to the interest earned based on the stated contractual interest rate of this security, the certificates entitle the holders thereof to receive a portion of the excess cash flow from the SDLP’s loan portfolio, after expenses, which may result in a return to the Company greater than the contractual stated interest rate.

(6) Loan includes interest rate floor feature.

22

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Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2026

(dollar amounts in thousands, except Shares/Units)

(unaudited)

 

 

(7) This investment is valued using observable inputs using a Level 2 measurement in the ASC 820 fair value hierarchy as of June 30, 2026 (See "Note 4. Fair Value Measurements").

(8) Par Amount, Amortized Cost, and Fair Value are less than $1,000.

(9) The investment or a portion thereof held by the Company or VCC Equity Holdings, LLC, a wholly owned subsidiary of the Company, is pledged as collateral under the SMBC Facility (See "Note 6. Borrowings").

(10) As of June 30, 2026, in addition to the amounts funded by the Company under this first lien senior secured revolving loan, there were also letters of credit issued and outstanding through a financial intermediary under the loan. See Note 8. Commitments and Contingencies for further information on letters of credit commitments related to certain portfolio companies.

(11) As of June 30, 2026, no amounts were funded by the Company under this first lien senior secured revolving loan; however, there were letters of credit issued and outstanding through a financial intermediary under the loan. See Note 8. Commitments and Contingencies for further information on letters of credit commitments related to certain portfolio companies.

(12) The investment was current on cash interest payment and was on non-accrual status with respect to the portion of the interest that is PIK interest only as of June 30, 2026. See "Note 2. Significant Accounting Policies" for more information.

(13) The investment was on non-accrual status as of June 30, 2026.

(14) The rate shown is the annualized seven-day yield as of June 30, 2026.

(15) This investment represents a Level 1 security in the ASC 820 fair value hierarchy as of June 30, 2026 (See "Note 4. Fair Value Measurements").

See accompanying notes to consolidated financial statements.

23

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TABLE OF CONTENTS

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(dollar amounts in thousands, except Shares/Units)

 

 

Company # +	Type of Investment	Reference Rate and Spread				Interest Rate *	Acquisition Date	Maturity	Shares / Units		Principal			Amortized Cost (++)			Fair Value			Percentage of Net Assets ^			Footnotes
Non-Controlled/Non-Affiliated Investments:
Senior Secured First Lien Loans
Aerospace & Defense
AIM Acquisition, LLC	Term Loan	SOFR	+	4.75%	(S)	8.58%	6/2/2022	12/2/2027			$	10,912		$	10,846		$	10,912					(1)(6)
Trident Maritime Systems, Inc.	Term Loan	SOFR	+	1.00% (6.75% PIK)	(Q)	11.42%	10/19/2023	2/26/2027				—			—			—					(6)(8)(9)
															10,846			10,912			2.84	%
Air Freight & Logistics
Horizon Freight Holdings, Inc.	Revolver	PRIME	+	4.00%	(Q)	10.75%	8/22/2024	8/22/2030			$	283		$	277		$	270					(6)(9)
Horizon Freight Holdings, Inc.	Revolver	SOFR	+	5.00%	(Q)	8.67%	8/22/2024	8/22/2030				271			265			259					(2)(6)(9)(10)
Horizon Freight Holdings, Inc.	Delayed Draw Term Loan	N/A					8/22/2024	8/22/2030				—			(9	)		(39	)				(2)(6)(9)
Horizon Freight Holdings, Inc.	Delayed Draw Term Loan	N/A					8/22/2024	8/22/2030				—			(9	)		(39	)				(2)(6)(9)
Horizon Freight Holdings, Inc.	Term Loan	SOFR	+	5.00%	(Q)	8.67%	8/22/2024	8/22/2030				6,475			6,395			6,313					(1)(6)
															6,919			6,764			1.76	%
Automobile Components
AAMP Global Holdings, Inc.	Term Loan	SOFR	+	4.75%	(Q)	8.52%	6/2/2022	11/5/2026			$	10,732		$	10,714		$	10,625					(1)(6)
AAMP Global Holdings, Inc.	Term Loan	SOFR	+	4.75%	(Q)	8.52%	6/2/2022	11/5/2026				3,537			3,531			3,501					(6)(9)
Arrowhead Holdco Company	Delayed Draw Term Loan	SOFR	+	2.50% (2.75% PIK)	(Q)	6.34%	6/2/2022	8/31/2028				2,692			2,673			2,153					(6)(9)
Arrowhead Holdco Company	Delayed Draw Term Loan	SOFR	+	2.50% (2.75% PIK)	(Q)	6.34%	6/2/2022	8/31/2028				2,344			2,328			1,875					(6)(9)
Arrowhead Holdco Company	Delayed Draw Term Loan	SOFR	+	2.50% (2.75% PIK)	(Q)	6.34%	6/2/2022	8/31/2028				20			20			16					(6)(9)
Arrowhead Holdco Company	Term Loan	SOFR	+	2.50% (2.75% PIK)	(Q)	6.34%	6/2/2022	8/31/2028				1,122			1,114			898					(6)(9)
Arrowhead Holdco Company	Term Loan	SOFR	+	2.50% (2.75% PIK)	(Q)	6.34%	6/2/2022	8/31/2028				218			217			174					(6)(9)
M&D MidCo, Inc.	Revolver	SOFR	+	6.00%	(Q)	10.11%	8/31/2022	8/31/2028				629			622			617					(6)(9)
M&D MidCo, Inc.	Revolver	SOFR	+	6.00%	(Q)	9.99%	8/31/2022	8/31/2028				198			196			195					(6)(9)
M&D MidCo, Inc.	Revolver	SOFR	+	6.00%	(Q)	10.00%	8/31/2022	8/31/2028				132			131			130					(2)(6)(9)(10)
M&D MidCo, Inc.	Delayed Draw Term Loan	SOFR	+	6.00%	(Q)	9.97%	8/31/2022	8/31/2028				22			22			22					(6)(9)
M&D MidCo, Inc.	Delayed Draw Term Loan	N/A					12/17/2024	8/31/2028				—			(13	)		(35	)				(2)(6)(9)
M&D MidCo, Inc.	Term Loan	SOFR	+	6.00%	(Q)	9.97%	12/17/2024	8/31/2028				4,913			4,876			4,864					(6)(9)
M&D MidCo, Inc.	Term Loan	SOFR	+	6.00%	(Q)		8/31/2022	8/31/2028				63			63			63					(6)(9)
Race Winning Brands, Inc.	Term Loan	SOFR	+	1.00% (5.50% PIK)	(Q)	10.27%	6/2/2022	5/16/2029				11,085			10,866			9,207					(1)(6)(12)
Race Winning Brands, Inc.	Term Loan	SOFR	+	1.00% (5.50% PIK)	(Q)	10.38%	6/2/2022	5/16/2029				49			40			34					(1)(6)(12)
USSC Holding Corp.	Revolver	SOFR	+	5.25%	(Q)	8.92%	7/23/2024	6/21/2030				168			165			156					(6)(9)
USSC Holding Corp.	Revolver	SOFR	+	5.25%	(Q)	9.09%	7/23/2024	6/21/2030				104			101			96					(6)(9)
USSC Holding Corp.	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	9.09%	7/23/2024	6/21/2030				887			876			854					(6)(9)
USSC Holding Corp.	Term Loan	SOFR	+	5.25%	(Q)	8.92%	7/23/2024	6/21/2030				2,666			2,634			2,566					(1)(6)
															41,176			38,011			9.91	%
Beverages
Cold Spring Brewing Company	Term Loan	SOFR	+	4.75%	(M)	8.49%	12/23/2024	12/10/2030			$	9,348		$	9,267		$	9,348					(1)(6)
															9,267			9,348			2.44	%
Chemicals
Boulder Scientific Company, LLC	Revolver	N/A					1/7/2025	12/31/2027			$	—		$	(1	)	$	—					(2)(6)(9)
Boulder Scientific Company, LLC	Term Loan	SOFR	+	4.50%	(Q)	8.49%	6/2/2022	12/31/2027				7,749			7,717			7,749					(1)(6)
MDI Buyer, Inc.	Revolver	PRIME	+	3.75%	(Q)	10.50%	8/5/2022	7/25/2028				983			968			983					(6)(9)
MDI Buyer, Inc.	Revolver	SOFR	+	4.75%	(Q)	8.59%	8/5/2022	7/25/2028				54			53			54					(6)(9)
MDI Buyer, Inc.	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.57%	8/5/2022	7/25/2028				2,327			2,301			2,327					(1)(6)
MDI Buyer, Inc.	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.59%	1/16/2025	7/25/2028				664			651			664					(6)(9)
MDI Buyer, Inc.	Term Loan	SOFR	+	4.75%	(Q)	8.57%	8/5/2022	7/25/2028				6,448			6,377			6,448					(1)(6)
MDI Buyer, Inc.	Term Loan	SOFR	+	4.75%	(Q)		1/16/2025	7/25/2028				1,272			1,258			1,272					(6)(9)
Techmer BB Bidco, LLC	Revolver	SOFR	+	5.25%	(S)	8.95%	9/1/2022	9/1/2030				6			6			2					(6)(9)

24

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TABLE OF CONTENTS

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(dollar amounts in thousands, except Shares/Units)

 

Company # +	Type of Investment	Reference Rate and Spread				Interest Rate *	Acquisition Date	Maturity	Shares / Units		Principal			Amortized Cost (++)			Fair Value			Percentage of Net Assets ^			Footnotes
Techmer BB Bidco, LLC	Revolver	PRIME	+	4.25%	(S)	11.00%	9/1/2022	9/1/2030				1			1			—					(6)(9)
Techmer BB Bidco, LLC	Delayed Draw Term Loan	SOFR	+	0.25% (5.50% PIK)	(S)	9.45%	9/1/2022	9/1/2030				2			2			1					(6)(9)(12)
Techmer BB Bidco, LLC	Term Loan	SOFR	+	0.25% (5.50% PIK)	(S)	9.45%	9/1/2022	9/1/2030				61			61			32					(6)(9)(12)
Techmer BB Bidco, LLC	Term Loan	N/A					11/3/2025	9/1/2030				—			—			—					(2)(6)(8)(9)
Zep Holdco Inc.	Revolver	N/A					6/30/2025	6/30/2031				—			(7	)		(5	)				(2)(6)(9)
Zep Holdco Inc.	Term Loan	SOFR	+	5.00%	(Q)	8.67%	6/30/2025	6/30/2031				8,657			8,575			8,613					(1)(6)
															27,962			28,140			7.34	%
Commercial Services & Supplies
3G Intermediate, Inc.	Revolver	SOFR	+	5.50%	(Q)	9.19%	9/30/2024	9/30/2030			$	133		$	128		$	128					(6)(9)
3G Intermediate, Inc.	Revolver	SOFR	+	5.50%	(Q)	9.46%	9/30/2024	9/30/2030				48			46			46					(6)(9)
3G Intermediate, Inc.	Revolver	SOFR	+	5.50%	(Q)	9.19%	9/30/2024	9/30/2030				48			46			46					(6)(9)
3G Intermediate, Inc.	Revolver	SOFR	+	5.50%	(Q)	9.35%	9/30/2024	9/30/2030				38			37			37					(6)(9)
3G Intermediate, Inc.	Delayed Draw Term Loan	SOFR	+	5.50%	(Q)	9.17%	9/30/2024	9/30/2030				1,323			1,302			1,303					(6)(9)
3G Intermediate, Inc.	Term Loan	SOFR	+	5.50%	(Q)	9.17%	9/30/2024	9/30/2030				3,292			3,237			3,242					(1)(6)
Advanced Web Technologies Holding Company	Revolver	N/A					7/2/2024	12/17/2027				—			(1	)		(2	)				(2)(6)(9)
Advanced Web Technologies Holding Company	Delayed Draw Term Loan	SOFR	+	4.25% (2.25% PIK)	(Q)	10.34%	7/2/2024	12/17/2027				438			433			434					(1)(6)
Advanced Web Technologies Holding Company	Delayed Draw Term Loan	SOFR	+	4.25% (2.25% PIK)	(Q)	10.34%	7/2/2024	12/17/2027				239			230			234					(6)(9)
Advanced Web Technologies Holding Company	Delayed Draw Term Loan	SOFR	+	4.25% (2.25% PIK)	(Q)	10.34%	10/18/2022	12/17/2027				77			76			76					(1)(6)
Advanced Web Technologies Holding Company	Term Loan	SOFR	+	4.25% (2.25% PIK)	(Q)	10.34%	7/2/2024	12/17/2027				1,112			1,105			1,104					(1)(6)
Advanced Web Technologies Holding Company	Term Loan	SOFR	+	4.25% (2.25% PIK)	(Q)	8.09%	11/26/2024	12/17/2027				514			508			510					(1)(6)
Advanced Web Technologies Holding Company	Term Loan	SOFR	+	4.25% (2.25% PIK)	(Q)	8.09%	6/2/2023	12/17/2027				306			302			304					(1)(6)
Advanced Web Technologies Holding Company	Term Loan	SOFR	+	4.25% (2.25% PIK)	(Q)	10.34%	10/18/2022	12/17/2027				24			23			23					(1)(6)
HLSG Intermediate, LLC	Revolver	SOFR	+	5.25%	(M)	9.08%	3/14/2025	3/31/2029				12			11			12					(2)(6)(9)(10)
HLSG Intermediate, LLC	Delayed Draw Term Loan	SOFR	+	5.25%	(M)	9.08%	10/6/2023	3/31/2029				2,902			2,866			2,902					(1)(6)
HLSG Intermediate, LLC	Delayed Draw Term Loan	SOFR	+	5.25%	(M)	9.08%	3/14/2025	3/31/2029				22			20			22					(2)(6)(9)
HLSG Intermediate, LLC	Term Loan	SOFR	+	5.25%	(M)	9.08%	10/6/2023	3/31/2029				5,780			5,706			5,780					(1)(6)
HLSG Intermediate, LLC	Term Loan	SOFR	+	5.25%	(M)	9.08%	3/14/2025	3/31/2029				71			70			71					(6)(9)
LAV Gear Holdings, Inc.	Revolver	N/A					7/31/2025	7/31/2029				—			(7	)		(4	)				(2)(6)(9)
LAV Gear Holdings, Inc.	Term Loan	SOFR	+	2.50% (3.44% PIK)	(M)	6.22%	7/31/2025	7/31/2029				1,236			1,236			1,175					(6)(9)
LAV Gear Holdings, Inc.	Term Loan	SOFR	+	2.50% (3.44% PIK)	(M)	6.22%	7/31/2025	7/31/2029				215			196			204					(6)(9)
LAV Gear Holdings, Inc.	Term Loan	FIXED	+	2.50% (3.44% PIK)	(M)	6.22%	7/31/2025	7/31/2029				128			128			122					(6)(9)
LAV Gear Holdings, Inc.	Term Loan	SOFR	+	2.50% (3.44% PIK)	(M)	6.22%	7/31/2025	7/31/2029				84			84			80					(6)(9)
LAV Gear Holdings, Inc.	Term Loan	SOFR	+	2.50% (3.44% PIK)	(M)	6.22%	7/31/2025	7/31/2029				66			66			63					(6)(9)
MechanAir, LLC	Revolver	SOFR	+	6.00%	(M)	9.60%	12/18/2025	12/18/2031				148			146			147					(6)(9)
MechanAir, LLC	Revolver	SOFR	+	6.00%	(M)	9.63%	12/18/2025	12/18/2031				97			96			96					(2)(6)(9)
MechanAir, LLC	Delayed Draw Term Loan	N/A					12/18/2025	12/18/2031				—			(12	)		(6	)				(2)(6)(9)
MechanAir, LLC	Term Loan	SOFR	+	6.00%	(M)	9.63%	12/18/2025	12/18/2031				2,178			2,156			2,167					(6)(9)
Online Labels Group, LLC	Revolver	N/A					12/19/2023	12/19/2029				—			—			—					(2)(6)(8)(9)
Online Labels Group, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.42%	12/19/2023	12/19/2029				4			4			4					(2)(6)(9)
Online Labels Group, LLC	Delayed Draw Term Loan	N/A					12/19/2023	12/19/2029				—			—			—					(2)(6)(8)(9)
Online Labels Group, LLC	Term Loan	SOFR	+	4.75%	(Q)	8.42%	12/19/2023	12/19/2029				70			69			70					(6)(9)
RBS Buyer, Inc.	Revolver	N/A					7/31/2025	7/31/2031				—			(11	)		(5	)				(2)(6)(9)
RBS Buyer, Inc.	Delayed Draw Term Loan	N/A					7/31/2025	7/31/2031				—			(3	)		(3	)				(2)(6)(9)
RBS Buyer, Inc.	Term Loan	SOFR	+	5.00%	(Q)	8.84%	7/31/2025	7/31/2031				3,114			3,077			3,099					(1)(6)
RFI Buyer, Inc.	Revolver	N/A					8/5/2022	8/5/2030				—			(1	)		—					(2)(6)(9)
RFI Buyer, Inc.	Delayed Draw Term Loan	SOFR	+	4.50%	(Q)	8.34%	8/5/2022	8/5/2030				19			19			19					(6)(9)
RFI Buyer, Inc.	Delayed Draw Term Loan	SOFR	+	4.50%	(Q)	8.47%	8/5/2022	8/5/2030				9			9			9					(6)(9)

25

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TABLE OF CONTENTS

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(dollar amounts in thousands, except Shares/Units)

 

Company # +	Type of Investment	Reference Rate and Spread				Interest Rate *	Acquisition Date	Maturity	Shares / Units		Principal			Amortized Cost (++)			Fair Value			Percentage of Net Assets ^			Footnotes
RFI Buyer, Inc.	Delayed Draw Term Loan	N/A					8/29/2025	8/5/2030				—			(5	)		—					(2)(6)(9)
RFI Buyer, Inc.	Term Loan	SOFR	+	4.50%	(Q)	8.37%	12/2/2024	8/5/2030				2,900			2,868			2,900					(6)(9)
RFI Buyer, Inc.	Term Loan	SOFR	+	4.50%	(Q)	8.42%	8/29/2025	8/5/2030				807			800			807					(6)(9)
RFI Buyer, Inc.	Term Loan	SOFR	+	4.50%	(Q)	8.34%	8/5/2022	8/5/2030				57			57			57					(6)(9)
Source Holding Delaware, LLC	Revolver	PRIME	+	3.75%	(Q)	10.50%	2/7/2025	2/7/2031				104			101			98					(6)(9)
Source Holding Delaware, LLC	Revolver	SOFR	+	4.75%	(Q)	8.54%	2/7/2025	2/7/2031				104			101			98					(6)(9)
Source Holding Delaware, LLC	Revolver	SOFR	+	4.75%	(Q)	8.60%	2/7/2025	2/7/2031				87			84			81					(2)(6)(9)
Source Holding Delaware, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.65%	2/7/2025	2/7/2031				85			75			51					(2)(6)(9)
Source Holding Delaware, LLC	Term Loan	SOFR	+	4.75%	(Q)	8.60%	2/7/2025	2/7/2031				3,994			3,950			3,915					(1)(6)
Titan Group Holdco, LLC	Revolver	N/A					8/22/2024	8/13/2029				—			(5	)		—					(2)(6)(9)(11)
Titan Group Holdco, LLC	Delayed Draw Term Loan	N/A					8/22/2024	8/13/2029				—			(3	)		—					(2)(6)(9)
Titan Group Holdco, LLC	Delayed Draw Term Loan	N/A					8/22/2024	8/13/2029				—			(3	)		—					(2)(6)(9)
Titan Group Holdco, LLC	Term Loan	SOFR	+	4.75%	(Q)	8.42%	8/22/2024	8/13/2029				2,528			2,499			2,528					(1)(6)
VP Security Buyer, Inc.	Revolver	N/A					10/10/2025	10/10/2031				—			(2	)		(2	)				(2)(6)(9)
VP Security Buyer, Inc.	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.63%	10/10/2025	10/10/2031				104			100			100					(2)(6)(9)
VP Security Buyer, Inc.	Term Loan	SOFR	+	4.75%	(Q)	8.68%	10/10/2025	10/10/2031				402			397			397					(6)(9)
VRC Companies, LLC	Term Loan	SOFR	+	5.25%	(Q)	9.09%	6/2/2022	6/29/2027				10,858			10,806			10,858					(1)(6)
VRC Companies, LLC	Term Loan	SOFR	+	5.25%	(Q)	9.09%	6/2/2022	6/29/2027				626			623			626					(6)(9)
															45,840			46,023			12.00	%
Construction & Engineering
360 Partners, LLC	Revolver	N/A					8/7/2025	8/7/2031			$	—		$	(24	)	$	(13	)				(2)(6)(9)
360 Partners, LLC	Delayed Draw Term Loan	N/A					8/7/2025	8/7/2031				—			(21	)		(23	)				(2)(6)(9)
360 Partners, LLC	Term Loan	SOFR	+	4.50%	(Q)	8.37%	8/7/2025	8/7/2031				5,204			5,130			5,165					(1)(6)
HTI Intermediate, LLC	Revolver	PRIME	+	4.00%	(Q)	10.75%	3/1/2024	3/1/2030				110			102			105					(6)(9)
HTI Intermediate, LLC	Revolver	SOFR	+	5.00%	(Q)	8.74%	3/1/2024	3/1/2030				55			51			53					(2)(6)(9)
HTI Intermediate, LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	8.98%	3/1/2024	3/1/2030				534			527			530					(6)(9)
HTI Intermediate, LLC	Term Loan	SOFR	+	5.00%	(Q)	8.77%	3/1/2024	3/1/2030				1,263			1,244			1,254					(6)(9)
HTI Intermediate, LLC	Term Loan	SOFR	+	5.00%	(Q)	8.98%	7/2/2025	3/1/2030				924			911			917					(1)(6)
															7,920			7,988			2.08	%
Consumer Staples Distribution & Retail
FS Squared Holding Corp.	Revolver	N/A					12/23/2024	12/23/2030			$	—		$	(1	)	$	—					(2)(6)(9)(11)
FS Squared Holding Corp.	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	8.47%	12/23/2024	12/23/2030				193			191			192					(6)(9)
FS Squared Holding Corp.	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	8.47%	12/23/2024	12/23/2030				81			80			80					(2)(6)(9)
FS Squared Holding Corp.	Term Loan	SOFR	+	4.75%	(M)	8.47%	12/23/2024	12/23/2030				413			407			411					(6)(9)
															677			683			0.18	%
Containers & Packaging
Oliver Packaging, LLC	Revolver	SOFR	+	5.00% (1.00% PIK)	(Q)	9.82%	7/6/2022	7/6/2028			$	176		$	171		$	76					(2)(6)(9)(10)
Oliver Packaging, LLC	Term Loan	SOFR	+	5.00% (1.00% PIK)	(Q)	8.82%	7/6/2022	7/6/2028				3,936			3,900			3,267					(6)(9)
Oliver Packaging, LLC	Term Loan	SOFR	+	5.00% (1.00% PIK)	(Q)	8.82%	8/30/2024	7/6/2028				578			574			480					(6)(9)
															4,645			3,823			1.00	%
Distributors
Big Bucks Acquisition Corporation	Revolver	N/A					9/29/2025	9/29/2031			$	—		$	(10	)	$	(10	)				(2)(6)(9)
Big Bucks Acquisition Corporation	Term Loan	SOFR	+	5.00%	(Q)	8.67%	9/29/2025	9/29/2031				4,164			4,113			4,112					(1)(6)
Painters Supply and Equipment Co. (fka Graffiti Buyer, Inc.)	Delayed Draw Term Loan	SOFR	+	5.50%	(Q)	9.33%	4/29/2024	8/10/2027				357			350			310					(2)(6)(9)
Painters Supply and Equipment Co. (fka Graffiti Buyer, Inc.)	Term Loan	SOFR	+	5.50%	(Q)	9.42%	11/26/2024	8/10/2027				1,706			1,693			1,655					(1)(6)
Hub Pen Company, LLC	Revolver	SOFR	+	5.25%	(M)	9.39%	9/30/2024	12/31/2027				157			150			151					(2)(6)(9)(10)
Hub Pen Company, LLC	Term Loan	SOFR	+	5.25%	(M)	9.22%	11/26/2024	12/31/2027				6,215			6,134			6,153					(1)(6)
POY Holdings, LLC	Delayed Draw Term Loan	SOFR	+	5.50%	(Q)	9.32%	11/26/2024	11/16/2027				765			768			762					(1)(6)

26

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TABLE OF CONTENTS

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(dollar amounts in thousands, except Shares/Units)

 

Company # +	Type of Investment	Reference Rate and Spread				Interest Rate *	Acquisition Date	Maturity	Shares / Units		Principal			Amortized Cost (++)			Fair Value			Percentage of Net Assets ^			Footnotes
POY Holdings, LLC	Delayed Draw Term Loan	SOFR	+	5.50%	(Q)	9.32%	11/26/2024	11/16/2027				428			428			428					(1)(6)
POY Holdings, LLC	Term Loan	SOFR	+	5.50%	(Q)	9.32%	11/22/2023	11/16/2027				4,987			4,927			4,887					(1)(6)
United Scope LLC	Term Loan	SOFR	+	5.00%	(Q)	8.97%	6/2/2022	12/31/2026				6,142			6,136			5,957					(1)(6)
United Scope LLC	Term Loan	SOFR	+	5.00%	(Q)	8.97%	6/2/2022	12/31/2026				4,725			4,721			4,583					(6)(9)
															29,410			28,988			7.56	%
Diversified Consumer Services
ADPD Holdings LLC	Revolver	SOFR	+	6.00%	(S)	10.03%	8/16/2022	8/16/2028			$	2		$	2		$	2					(6)(9)
ADPD Holdings LLC	Revolver	SOFR	+	6.00%	(S)	10.01%	8/16/2022	8/16/2028				2			2			1					(6)(9)
ADPD Holdings LLC	Revolver	SOFR	+	6.00%	(S)	10.47%	8/16/2022	8/16/2028				1			1			1					(6)(9)
ADPD Holdings LLC	Revolver	SOFR	+	6.00%	(S)	10.01%	8/16/2022	8/16/2028				1			1			1					(6)(9)
ADPD Holdings LLC	Revolver	SOFR	+	6.00%	(S)	10.26%	8/16/2022	8/16/2028				1			1			—					(6)(9)
ADPD Holdings LLC	Term Loan	SOFR	+	6.00%	(S)	10.03%	8/16/2022	8/16/2028				78			77			71					(6)(9)
Castleworks Home Services Company	Revolver	SOFR	+	5.50% (2.00% PIK)	(Q)	9.34%	6/29/2022	6/29/2028				821			815			647					(6)(9)
Castleworks Home Services Company	Revolver	SOFR	+	5.50% (2.00% PIK)	(Q)	9.34%	6/29/2022	6/29/2028				65			65			51					(2)(6)(9)
Castleworks Home Services Company	Term Loan	SOFR	+	5.50% (2.00% PIK)	(Q)	9.34%	6/28/2023	6/29/2028				6,749			6,698			5,331					(6)(9)
Castleworks Home Services Company	Term Loan	SOFR	+	5.50% (2.00% PIK)	(Q)	9.34%	6/28/2023	6/29/2028				536			532			424					(6)(9)
Express Wash Acquisition Company, LLC	Revolver	N/A					4/10/2025	4/10/2031				—			(2	)		(3	)				(2)(6)(9)
Express Wash Acquisition Company, LLC	Term Loan	SOFR	+	6.25%	(Q)	10.18%	4/10/2025	4/10/2031				1,722			1,707			1,692					(1)(6)
Express Wash Acquisition Company, LLC	Term Loan	SOFR	+	6.25%	(Q)	10.18%	4/10/2025	4/10/2031				1,325			1,313			1,302					(6)(9)
TheKey, LLC	Delayed Draw Term Loan	SOFR	+	5.00% (1.00% PIK)	(Q)	8.92%	6/2/2022	9/30/2027				3,128			3,124			2,893					(1)(6)
TheKey, LLC	Delayed Draw Term Loan	SOFR	+	5.00% (1.00% PIK)	(Q)	8.92%	6/2/2022	9/30/2027				2,406			2,403			2,225					(6)(9)
TheKey, LLC	Delayed Draw Term Loan	SOFR	+	5.00% (1.00% PIK)	(Q)	8.92%	6/2/2022	9/30/2027				444			444			411					(1)(6)
TheKey, LLC	Delayed Draw Term Loan	SOFR	+	5.00% (1.00% PIK)	(Q)	8.92%	6/2/2022	9/30/2027				342			342			316					(6)(9)
TheKey, LLC	Term Loan	SOFR	+	5.00% (1.00% PIK)	(Q)	9.92%	6/2/2022	9/30/2027				991			989			916					(1)(6)
TheKey, LLC	Term Loan	SOFR	+	5.00% (1.00% PIK)	(Q)	9.92%	6/2/2022	9/30/2027				762			761			704					(6)(9)
TheKey, LLC	Term Loan	SOFR	+	5.00% (1.00% PIK)	(Q)	9.92%	6/2/2022	9/30/2027				285			284			264					(1)(6)
TheKey, LLC	Term Loan	SOFR	+	5.00% (1.00% PIK)	(Q)	9.92%	6/2/2022	9/30/2027				220			219			204					(6)(9)
															19,778			17,453			4.55	%
Diversified Telecommunication Services
MBS Holdings, Inc.	Term Loan	SOFR	+	5.00%	(Q)	8.92%	11/29/2023	4/16/2027			$	309		$	305		$	309					(6)(9)
															305			309			0.08	%
Electronic Equipment, Instruments & Components
Alert SRC Newco LLC	Revolver	N/A					12/11/2024	12/11/2030			$	—		$	(7	)	$	—					(2)(6)(9)
Alert SRC Newco LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(M)	8.77%	12/11/2024	12/11/2030				803			793			803					(6)(9)
Alert SRC Newco LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(M)	8.74%	12/11/2024	12/11/2030				403			398			403					(6)(9)
Alert SRC Newco LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(M)	8.84%	12/11/2024	12/11/2030				250			247			250					(6)(9)
Alert SRC Newco LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(M)	8.75%	12/11/2024	12/11/2030				233			230			233					(6)(9)
Alert SRC Newco LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(M)	8.84%	12/11/2024	12/11/2030				161			159			161					(6)(9)
Alert SRC Newco LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(M)	8.73%	12/11/2024	12/11/2030				120			119			120					(6)(9)
Alert SRC Newco LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(M)	8.72%	12/11/2024	12/11/2030				40			39			40					(6)(9)
Alert SRC Newco LLC	Term Loan	SOFR	+	5.00%	(Q)	8.85%	12/11/2024	12/11/2030				6,179			6,099			6,179					(1)(6)
BC Group Holdings, Inc.	Term Loan	SOFR	+	5.00%	(Q)	8.67%	6/2/2022	12/21/2027				7,211			7,216			7,211					(1)(6)
															15,293			15,400			4.01	%
Energy Equipment & Services
Energy Labs Holdings Corp.	Delayed Draw Term Loan	SOFR	+	5.00%	(M)	8.82%	6/2/2022	4/7/2028			$	716		$	714		$	707					(1)(6)
Energy Labs Holdings Corp.	Term Loan	SOFR	+	5.00%	(M)	8.82%	6/2/2022	4/7/2028				7,526			7,475			7,432					(1)(6)

27

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TABLE OF CONTENTS

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(dollar amounts in thousands, except Shares/Units)

 

Company # +	Type of Investment	Reference Rate and Spread				Interest Rate *	Acquisition Date	Maturity	Shares / Units		Principal			Amortized Cost (++)			Fair Value			Percentage of Net Assets ^			Footnotes
Velocity Buyer, Inc.	Revolver	N/A					1/24/2025	1/24/2031				—			(23	)		—					(2)(6)(9)
Velocity Buyer, Inc.	Term Loan	SOFR	+	5.00%	(Q)	8.87%	1/24/2025	1/24/2031				5,304			5,234			5,304					(6)(9)
															13,400			13,443			3.50	%
Financial Services
RWA Wealth Partners, LLC	Revolver	N/A					11/15/2024	11/15/2030			$	—		$	(16	)	$	—					(2)(6)(9)(11)
RWA Wealth Partners, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.49%	11/15/2024	11/15/2030				829			811			829					(6)(9)
RWA Wealth Partners, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.60%	11/15/2024	11/15/2030				398			389			398					(6)(9)
RWA Wealth Partners, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.44%	11/15/2024	11/15/2030				167			163			167					(6)(9)
RWA Wealth Partners, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.42%	11/15/2024	11/15/2030				156			152			156					(6)(9)
RWA Wealth Partners, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.68%	11/15/2024	11/15/2030				89			87			89					(2)(6)(9)
RWA Wealth Partners, LLC	Term Loan	SOFR	+	4.75%	(Q)	8.63%	11/15/2024	11/15/2030				8,547			8,474			8,546					(1)(6)
															10,060			10,185			2.66	%
Food Products
Hissho Parent, LLC	Revolver	N/A					8/8/2024	5/18/2029			$	—		$	(4	)	$	—					(2)(6)(9)(11)
Hissho Parent, LLC	Term Loan	SOFR	+	4.75%	(Q)	8.42%	8/8/2024	5/18/2029				3,448			3,422			3,448					(1)(6)
Hometown Food Company	Term Loan	SOFR	+	4.50%	(M)	8.28%	6/13/2025	12/3/2030				2,865			2,844			2,865					(1)(6)
JTM Foods LLC	Revolver	PRIME	+	4.25%	(M)	11.00%	9/28/2022	5/14/2029				123			122			123					(6)(9)
JTM Foods LLC	Revolver	SOFR	+	5.25%	(M)	9.28%	9/28/2022	5/14/2029				23			23			23					(6)(9)
JTM Foods LLC	Revolver	SOFR	+	5.25%	(M)	9.25%	9/28/2022	5/14/2029				18			18			18					(6)(9)
JTM Foods LLC	Revolver	SOFR	+	5.25%	(M)	9.24%	9/28/2022	5/14/2029				5			5			5					(2)(6)(9)
JTM Foods LLC	Term Loan	SOFR	+	5.25%	(Q)	9.17%	3/3/2025	5/14/2029				1,662			1,655			1,662					(6)(9)
JTM Foods LLC	Term Loan	SOFR	+	5.25%	(Q)	9.07%	4/14/2023	5/14/2029				68			68			68					(6)(9)
KNPC Holdco, LLC	Term Loan	SOFR	+	5.50%	(Q)	9.80%	6/2/2022	10/22/2029				7,918			7,856			7,859					(1)(6)
SHF Holdings, Inc.	Revolver	N/A					1/22/2025	1/22/2030				—			(2	)		(2	)				(2)(6)(9)
SHF Holdings, Inc.	Term Loan	SOFR	+	5.50%	(Q)	9.17%	1/22/2025	1/22/2030				1,496			1,478			1,474					(6)(9)
VG Target Holdings, LLC	Term Loan	SOFR	+	5.50% (3.00% PIK)	(Q)	12.33%	6/2/2022	8/2/2027				6,753			6,083			2,026					(6)(9)(13)
VG Target Holdings, LLC	Term Loan	PRIME	+	4.50% (3.00% PIK)	(Q)	16.25%	6/2/2022	8/2/2027				31			28			9					(6)(9)(13)
VG Target Holdings, LLC	Term Loan	PRIME	+	4.50% (3.00% PIK)	(Q)	16.25%	7/18/2025	5/3/2027				318			318			952					(2)(6)(9)
															23,914			20,530			5.35	%
Ground Transportation
A&R Logistics Holdings, Inc.	Term Loan	SOFR	+	2.50% (4.25% PIK)	(Q)	10.89%	6/2/2022	2/3/2028			$	5,044		$	5,041		$	4,489					(6)(9)(12)
A&R Logistics Holdings, Inc.	Term Loan	SOFR	+	2.50% (4.25% PIK)	(Q)	10.89%	6/2/2022	2/3/2028				951			950			847					(6)(9)(12)
A&R Logistics Holdings, Inc.	Term Loan	SOFR	+	2.50% (4.25% PIK)	(Q)	10.89%	10/4/2024	2/3/2028				207			205			184					(6)(9)(12)
VTC Buyer Corp.	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	9.01%	7/15/2025	7/15/2031				832			821			820					(6)(9)
VTC Buyer Corp.	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	8.98%	7/15/2025	7/15/2031				126			123			121					(6)(9)
VTC Buyer Corp.	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	9.01%	7/15/2025	7/15/2031				96			93			92					(2)(6)(9)
VTC Buyer Corp.	Term Loan	SOFR	+	5.25%	(Q)	9.15%	7/15/2025	7/15/2031				1,593			1,570			1,569					(1)(6)
VTC Buyer Corp.	Term Loan	N/A					7/15/2025	7/15/2031				—			(7	)		(8	)				(2)(6)(9)
															8,796			8,114			2.12	%
Health Care Equipment & Supplies
ACP Oak Buyer, Inc.	Revolver	N/A					6/12/2025	5/16/2031			$	—		$	(17	)	$	—					(2)(6)(9)
ACP Oak Buyer, Inc.	Delayed Draw Term Loan	SOFR	+	5.00%	(S)	8.78%	6/12/2025	5/16/2031				1,665			1,646			1,665					(6)(9)
ACP Oak Buyer, Inc.	Delayed Draw Term Loan	SOFR	+	5.00%	(S)	8.78%	6/12/2025	5/16/2031				1,332			1,315			1,332					(2)(6)(9)
ACP Oak Buyer, Inc.	Term Loan	SOFR	+	5.00%	(S)	8.60%	6/12/2025	5/16/2031				6,956			6,875			6,956					(1)(6)
BioCare Medical, LLC	Term Loan	SOFR	+	7.00%	(M)	10.82%	11/18/2022	12/9/2027				1,303			1,285			1,303					(6)(9)
EPTAM Plastics, Ltd.	Delayed Draw Term Loan	SOFR	+	5.50%	(M)	9.32%	6/2/2022	12/6/2027				1,271			1,269			1,211					(1)(6)
EPTAM Plastics, Ltd.	Term Loan	SOFR	+	5.50%	(M)	9.32%	6/2/2022	12/6/2027				2,948			2,942			2,808					(1)(6)
EPTAM Plastics, Ltd.	Term Loan	SOFR	+	5.50%	(M)	9.32%	6/2/2022	12/6/2027				345			344			328					(1)(6)
EPTAM Plastics, Ltd.	Term Loan	SOFR	+	5.50%	(M)	9.32%	6/2/2022	12/6/2027				245			245			234					(1)(6)
EPTAM Plastics, Ltd.	Term Loan	SOFR	+	6.00%	(Q)	9.85%	9/16/2022	12/6/2027				10			10			9					(1)(6)
ORG USME Buyer, LLC	Term Loan	SOFR	+	5.75%	(Q)	9.74%	6/21/2022	5/24/2029				5,673			5,645			5,673					(1)(6)
Pediatric Home Respiratory Services, LLC	Revolver	N/A					12/23/2024	12/23/2030				—			(10	)		—					(2)(6)(9)

28

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TABLE OF CONTENTS

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(dollar amounts in thousands, except Shares/Units)

 

Company # +	Type of Investment	Reference Rate and Spread				Interest Rate *	Acquisition Date	Maturity	Shares / Units		Principal			Amortized Cost (++)			Fair Value			Percentage of Net Assets ^			Footnotes
Pediatric Home Respiratory Services, LLC	Delayed Draw Term Loan	N/A					6/2/2022	12/23/2030				—			(9	)		—					(2)(6)(9)
Pediatric Home Respiratory Services, LLC	Term Loan	SOFR	+	5.50%	(Q)	9.10%	12/23/2024	12/23/2030				10,918			10,823			10,916					(1)(6)
Pediatric Home Respiratory Services, LLC	Term Loan	SOFR	+	5.50%	(Q)	9.10%	12/23/2024	12/23/2030				496			492			496					(6)(9)
Reliable Medical Supply Acquisitionco LLC	Revolver	N/A					12/31/2025	12/31/2032				—			(7	)		(7	)				(2)(6)(9)
Reliable Medical Supply Acquisitionco LLC	Delayed Draw Term Loan	N/A					12/31/2025	12/31/2032				—			(6	)		(12	)				(2)(6)(9)
Reliable Medical Supply Acquisitionco LLC	Term Loan	SOFR	+	4.50%	(Q)	8.17%	12/31/2025	12/31/2032				2,673			2,646			2,646					(6)(9)
SunMed Group Holdings, LLC	Term Loan	SOFR	+	4.75%	(Q)	8.59%	11/22/2024	6/16/2028				1,749			1,740			1,749					(6)(9)
Zavation Medical Products, LLC	Revolver	SOFR	+	5.75%	(Q)	9.73%	7/22/2024	6/30/2028				53			52			52					(6)(9)
Zavation Medical Products, LLC	Revolver	SOFR	+	5.75%	(Q)	9.54%	7/22/2024	6/30/2028				53			52			52					(6)(9)
Zavation Medical Products, LLC	Revolver	SOFR	+	5.75%	(Q)	9.72%	7/22/2024	6/30/2028				48			47			46					(6)(9)
Zavation Medical Products, LLC	Revolver	SOFR	+	5.75%	(Q)	9.52%	7/22/2024	6/30/2028				37			37			36					(6)(9)
Zavation Medical Products, LLC	Revolver	SOFR	+	5.75%	(Q)	9.55%	7/22/2024	6/30/2028				21			21			21					(6)(9)
Zavation Medical Products, LLC	Term Loan	SOFR	+	5.75%	(Q)	9.52%	6/2/2022	6/30/2028				4,811			4,789			4,679					(1)(6)
Zavation Medical Products, LLC	Term Loan	SOFR	+	5.75%	(Q)	9.71%	7/22/2024	6/30/2028				2,386			2,357			2,320					(1)(6)
Zavation Medical Products, LLC	Term Loan	SOFR	+	5.75%	(Q)	9.73%	7/22/2024	6/30/2028				1,263			1,250			1,229					(1)(6)
															45,833			45,742			11.93	%
Health Care Providers & Services
Allergy & Clinical MidCo, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.99%	1/29/2025	1/29/2031			$	129		$	118		$	117					(6)(9)
Allergy & Clinical MidCo, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.76%	1/29/2025	1/29/2031				88			81			81					(2)(6)(9)
Allergy & Clinical MidCo, LLC	Term Loan	SOFR	+	4.75%	(S)	8.95%	1/29/2025	1/29/2031				1,279			1,262			1,270					(6)(9)
Allergy & Clinical MidCo, LLC	Revolver	SOFR	+	4.75%	(S)	8.82%	1/29/2025	1/29/2031				257			252			254					(6)(9)
Allergy & Clinical MidCo, LLC	Revolver	SOFR	+	4.75%	(S)	8.76%	1/29/2025	1/29/2031				129			126			127					(2)(6)(9)
Apex Dental Partners, LLC	Revolver	PRIME	+	4.00%	(M)	10.75%	10/29/2024	10/29/2030				76			70			76					(2)(6)(9)
Apex Dental Partners, LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	8.84%	10/29/2024	10/29/2030				2,388			2,356			2,388					(2)(6)(9)
Apex Dental Partners, LLC	Term Loan	SOFR	+	5.00%	(Q)	8.84%	10/29/2024	10/29/2030				7,141			7,081			7,141					(1)(6)
Bebright MSO, LLC	Revolver	N/A					6/3/2024	6/3/2030				—			(18	)		—					(2)(6)(9)
Bebright MSO, LLC	Delayed Draw Term Loan	SOFR	+	5.75%	(Q)	9.42%	6/3/2024	6/3/2030				4,891			4,813			4,891					(6)(9)
Bebright MSO, LLC	Term Loan	SOFR	+	5.75%	(Q)	9.42%	6/3/2024	6/3/2030				6,093			5,996			6,093					(1)(6)
Eventus Buyer, LLC	Revolver	SOFR	+	5.50%	(Q)	9.17%	11/1/2024	11/1/2030				461			451			461					(2)(6)(9)
Eventus Buyer, LLC	Delayed Draw Term Loan	N/A					11/1/2024	11/1/2030				—			(11	)		—					(2)(6)(9)
Eventus Buyer, LLC	Term Loan	SOFR	+	5.50%	(Q)	9.17%	11/1/2024	11/1/2030				6,353			6,272			6,352					(1)(6)
Eye Health America, LLC	Revolver	SOFR	+	5.75%	(Q)	9.42%	7/26/2022	7/26/2028				72			68			66					(2)(6)(9)
Eye Health America, LLC	Delayed Draw Term Loan	SOFR	+	5.75%	(Q)	9.42%	7/26/2022	7/26/2028				2,639			2,619			2,612					(6)(9)
Eye Health America, LLC	Delayed Draw Term Loan	SOFR	+	5.75%	(Q)	9.42%	2/14/2025	7/26/2028				165			166			161					(2)(6)(9)
Eye Health America, LLC	Term Loan	SOFR	+	5.75%	(Q)	9.42%	7/26/2022	7/26/2028				4,064			4,028			4,023					(1)(6)
Eye Health America, LLC	Term Loan	SOFR	+	5.75%	(Q)	9.42%	2/14/2025	7/26/2028				253			249			250					(6)(9)
Gen4 Dental Partners OPCO, LLC	Revolver	N/A					5/13/2024	5/13/2030				—			(9	)		—					(2)(6)(9)
Gen4 Dental Partners OPCO, LLC	Delayed Draw Term Loan	N/A					5/13/2024	5/13/2030				—			(17	)		—					(2)(6)(9)
Gen4 Dental Partners OPCO, LLC	Term Loan	SOFR	+	5.75%	(Q)	9.64%	5/13/2024	5/13/2030				8,650			8,514			8,650					(1)(6)
Heartland Veterinary Partners LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(S)	8.80%	6/2/2022	6/10/2028				720			719			721					(1)(6)
Heartland Veterinary Partners LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(S)	8.80%	6/2/2022	6/10/2028				554			553			555					(6)(9)

29

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TABLE OF CONTENTS

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(dollar amounts in thousands, except Shares/Units)

 

Company # +	Type of Investment	Reference Rate and Spread				Interest Rate *	Acquisition Date	Maturity	Shares / Units		Principal			Amortized Cost (++)			Fair Value			Percentage of Net Assets ^		Footnotes
Heartland Veterinary Partners LLC	Term Loan	SOFR	+	4.75%	(S)	8.80%	6/2/2022	6/10/2028				5,218			5,210			5,218				(1)(6)
Heartland Veterinary Partners LLC	Term Loan	SOFR	+	4.75%	(S)	8.80%	6/2/2022	6/10/2028				4,014			4,008			4,014				(6)(9)
MWD Management, LLC	Revolver	SOFR	+	4.75%	(Q)	8.57%	6/15/2022	6/15/2027				100			97			100				(2)(6)(9)
MWD Management, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	8.57%	6/15/2022	6/15/2027				1,940			1,933			1,940				(1)(6)
MWD Management, LLC	Term Loan	SOFR	+	4.75%	(M)	8.57%	6/15/2022	6/15/2027				2,419			2,402			2,419				(1)(6)
NBPT Acquisition LLC	Revolver	N/A					3/3/2025	2/16/2030				—			(4	)		(2	)			(2)(6)(9)
NBPT Acquisition LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	8.73%	3/3/2025	3/3/2030				164			155			154				(2)(6)(9)
NBPT Acquisition LLC	Term Loan	SOFR	+	5.00%	(Q)	8.99%	3/3/2025	3/3/2030				5,169			5,124			5,143				(1)(6)
OIS Management Services, LLC	Revolver	N/A					11/16/2022	11/16/2028				—			(8	)		—				(2)(6)(9)
OIS Management Services, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.42%	8/21/2024	11/16/2028				3,486			3,461			3,486				(6)(9)
OIS Management Services, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.42%	6/2/2022	11/16/2028				1,876			1,846			1,876				(1)(6)
OIS Management Services, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.59%	8/21/2024	11/16/2028				1,209			1,200			1,209				(6)(9)
OIS Management Services, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.65%	8/21/2024	11/16/2028				337			335			337				(6)(9)
OIS Management Services, LLC	Term Loan	SOFR	+	4.75%	(Q)	8.42%	11/16/2022	11/16/2028				4,863			4,781			4,863				(1)(6)
Phia Purchaser, LLC	Revolver	N/A					12/1/2025	12/1/2032				—			(4	)		(2	)			(2)(6)(9)
Phia Purchaser, LLC	Delayed Draw Term Loan	N/A					12/1/2025	12/1/2032				—			(3	)		(3	)			(2)(6)(9)
Phia Purchaser, LLC	Term Loan	SOFR	+	4.50%	(Q)	8.29%	12/1/2025	12/1/2032				2,770			2,743			2,757				(6)(9)
Premier Imaging, LLC	Term Loan	SOFR	+	6.00%	(Q)	9.93%	6/2/2022	10/29/2027				5,088			5,086			4,350				(6)(9)
Premier Imaging, LLC	Term Loan	SOFR	+	6.00%	(Q)	9.93%	6/2/2022	10/29/2027				4,177			4,176			3,572				(6)(9)
Premier Imaging, LLC	Term Loan	SOFR	+	6.00%	(Q)	9.93%	6/2/2022	10/29/2027				3,473			3,472			2,969				(6)(9)
SGA Dental Partners Opco, LLC	Delayed Draw Term Loan	SOFR	+	5.50%	(Q)	9.32%	7/17/2024	7/17/2029				427			420			427				(6)(9)
SGA Dental Partners Opco, LLC	Delayed Draw Term Loan	SOFR	+	5.50%	(Q)	9.34%	7/17/2024	7/17/2029				350			344			350				(6)(9)
SGA Dental Partners Opco, LLC	Delayed Draw Term Loan	SOFR	+	5.50%	(Q)	9.35%	7/17/2024	7/17/2029				317			312			317				(6)(9)
SGA Dental Partners Opco, LLC	Delayed Draw Term Loan	SOFR	+	5.50%	(Q)	9.37%	7/17/2024	7/17/2029				300			295			300				(6)(9)
SGA Dental Partners Opco, LLC	Delayed Draw Term Loan	SOFR	+	5.50%	(Q)	9.36%	7/17/2024	7/17/2029				296			291			296				(6)(9)
SGA Dental Partners Opco, LLC	Delayed Draw Term Loan	SOFR	+	5.50%	(Q)	9.38%	7/17/2024	7/17/2029				251			247			251				(6)(9)
SGA Dental Partners Opco, LLC	Delayed Draw Term Loan	SOFR	+	5.50%	(Q)	9.34%	7/17/2024	7/17/2029				143			140			143				(6)(9)
SGA Dental Partners Opco, LLC	Delayed Draw Term Loan	SOFR	+	5.50%	(Q)	9.36%	7/17/2024	7/17/2029				136			134			136				(6)(9)
SGA Dental Partners Opco, LLC	Delayed Draw Term Loan	SOFR	+	5.50%	(Q)	9.34%	7/17/2024	7/17/2029				135			133			135				(6)(9)
SGA Dental Partners Opco, LLC	Delayed Draw Term Loan	SOFR	+	5.50%	(Q)	9.36%	7/17/2024	7/17/2029				102			100			102				(6)(9)
SGA Dental Partners Opco, LLC	Delayed Draw Term Loan	SOFR	+	5.50%	(Q)	9.24%	7/17/2024	7/17/2029				102			100			102				(6)(9)
SGA Dental Partners Opco, LLC	Term Loan	SOFR	+	5.50%	(Q)	9.34%	7/17/2024	7/17/2029				10,863			10,661			10,862				(1)(6)
SGA Dental Partners Opco, LLC	Term Loan	SOFR	+	5.50%	(Q)	9.34%	7/17/2024	7/17/2029				2,659			2,610			2,659				(6)(9)
Specialized Dental Holdings II, LLC	Delayed Draw Term Loan	N/A					10/30/2025	11/1/2028				—			(9	)		—				(2)(6)(9)
U.S. Urology Partners, LLC	Revolver	N/A					4/8/2025	4/8/2032				—			(10	)		—				(2)(6)(9)
U.S. Urology Partners, LLC	Delayed Draw Term Loan	SOFR	+	4.50%	(Q)	8.17%	4/8/2025	4/8/2032				1,701			1,682			1,701				(6)(9)
U.S. Urology Partners, LLC	Term Loan	SOFR	+	4.50%	(Q)	8.17%	4/8/2025	4/8/2032				7,088			7,007			7,088				(1)(6)
United Musculoskeletal Partners Acquisition Holdings, LLC	Delayed Draw Term Loan	SOFR	+	5.75%	(Q)	9.61%	7/15/2022	7/15/2028				841			835			824				(1)(6)
United Musculoskeletal Partners Acquisition Holdings, LLC	Delayed Draw Term Loan	SOFR	+	5.75%	(Q)	9.60%	7/15/2022	7/15/2028				581			577			570				(1)(6)
United Musculoskeletal Partners Acquisition Holdings, LLC	Delayed Draw Term Loan	SOFR	+	5.75%	(Q)	9.54%	7/15/2022	7/15/2028				371			368			363				(1)(6)

30

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TABLE OF CONTENTS

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(dollar amounts in thousands, except Shares/Units)

 

Company # +	Type of Investment	Reference Rate and Spread				Interest Rate *	Acquisition Date	Maturity	Shares / Units		Principal			Amortized Cost (++)			Fair Value			Percentage of Net Assets ^			Footnotes
United Musculoskeletal Partners Acquisition Holdings, LLC	Delayed Draw Term Loan	SOFR	+	5.75%	(Q)	9.44%	7/15/2022	7/15/2028				88			88			87					(1)(6)
United Musculoskeletal Partners Acquisition Holdings, LLC	Term Loan	SOFR	+	5.75%	(Q)	9.63%	7/15/2022	7/15/2028				4,838			4,838			4,741					(1)(6)
US Health Partners Management, LLC	Revolver	PRIME	+	4.00%	(Q)	10.75%	1/12/2024	1/11/2030				6			5			6					(2)(6)(9)
US Health Partners Management, LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	8.67%	1/12/2024	1/11/2030				27			27			27					(2)(6)(9)
US Health Partners Management, LLC	Term Loan	SOFR	+	5.00%	(Q)	8.67%	1/12/2024	1/11/2030				33			32			33					(6)(9)
USN Opco, LLC	Delayed Draw Term Loan	SOFR	+	5.50%	(Q)	9.49%	6/9/2022	12/21/2026				1,164			1,160			1,164					(1)(6)
USN Opco, LLC	Delayed Draw Term Loan	N/A					11/15/2024	12/21/2026				—			(3	)		—					(2)(6)(9)
USN Opco, LLC	Term Loan	SOFR	+	5.75%	(Q)	9.74%	3/26/2024	12/21/2026				2,416			2,397			2,416					(1)(6)
USN Opco, LLC	Term Loan	SOFR	+	5.75%	(Q)	9.74%	11/15/2024	12/21/2026				275			272			275					(6)(9)
															126,802			126,064			32.87	%
Health Care Technology
BRG Acquisition Co., LLC	Revolver	N/A					7/26/2022	7/26/2028			$	—		$	(5	)	$	(27	)				(2)(6)(9)
BRG Acquisition Co., LLC	Term Loan	SOFR	+	5.50%	(Q)	9.49%	7/26/2022	7/26/2028				6,676			6,609			6,375					(1)(6)
BRG Acquisition Co., LLC	Term Loan	SOFR	+	6.00%	(Q)	9.84%	12/27/2023	7/26/2028				2,940			2,903			2,852					(1)(6)
Healthfuse, LLC	Revolver	N/A					1/10/2025	1/10/2031				—			(18	)		—					(2)(6)(9)
Healthfuse, LLC	Term Loan	SOFR	+	4.75%	(Q)	8.68%	1/10/2025	1/10/2031				5,461			5,390			5,461					(1)(6)
Healthfuse, LLC	Term Loan	SOFR	+	4.75%	(Q)	8.68%	1/10/2025	1/10/2031				995			982			995					(6)(9)
Lightspeed Buyer, Inc.	Revolver	N/A					12/2/2024	2/3/2027				—			(2	)		—					(2)(6)(9)
Lightspeed Buyer, Inc.	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	8.47%	12/2/2024	2/3/2027				5,517			5,489			5,516					(6)(9)
Lightspeed Buyer, Inc.	Term Loan	SOFR	+	4.75%	(Q)	8.42%	12/2/2024	2/3/2027				3,321			3,304			3,321					(6)(9)
Pillr Health Intermediate II, LLC	Revolver	SOFR	+	4.75%	(Q)	8.42%	12/31/2025	12/31/2031				61			55			55					(2)(6)(9)
Pillr Health Intermediate II, LLC	Delayed Draw Term Loan	N/A					12/31/2025	12/31/2031				—			(5	)		(10	)				(2)(6)(9)
Pillr Health Intermediate II, LLC	Term Loan	SOFR	+	4.75%	(Q)	8.42%	12/31/2025	12/31/2031				2,549			2,524			2,524					(6)(9)
Xifin, Inc.	Revolver	N/A					7/31/2025	7/31/2031				—			(4	)		(2	)				(2)(6)(9)
Xifin, Inc.	Term Loan	SOFR	+	5.00%	(Q)	8.67%	7/31/2025	7/31/2031				2,602			2,590			2,589					(1)(6)
															29,812			29,649			7.73	%
Hotels, Restaurants & Leisure
Taymax Group, L.P.	Term Loan	SOFR	+	6.00%	(M)	9.82%	12/13/2022	7/30/2027			$	4,838		$	4,795		$	4,838					(1)(6)
															4,795			4,838			1.26	%
Household Products
Walnut Parent, Inc.	Term Loan	SOFR	+	5.75%	(M)	9.57%	6/2/2022	11/9/2027			$	9,314		$	9,295		$	8,964					(1)(6)
															9,295			8,964			2.34	%
Insurance
Turbo Buyer, Inc.	Delayed Draw Term Loan	SOFR	+	6.00%	(S)	9.85%	11/26/2024	6/2/2026			$	1,279		$	1,277		$	1,279					(1)(6)
Turbo Buyer, Inc.	Delayed Draw Term Loan	SOFR	+	6.00%	(S)	9.85%	11/26/2024	6/2/2026				492			491			492					(1)(6)
Turbo Buyer, Inc.	Term Loan	SOFR	+	6.00%	(S)	9.85%	11/26/2024	6/2/2026				6,897			6,886			6,897					(1)(6)
Turbo Buyer, Inc.	Term Loan	SOFR	+	6.00%	(S)	9.85%	11/26/2024	6/2/2026				1,213			1,211			1,213					(1)(6)
															9,865			9,881			2.58	%
IT Services
Alta Buyer, LLC	Term Loan	SOFR	+	5.00%	(Q)	8.67%	8/24/2022	12/21/2027			$	8,931		$	8,893		$	8,931					(1)(6)
Alta Buyer, LLC	Term Loan	SOFR	+	5.00%	(Q)	8.67%	8/13/2024	12/21/2027				784			780			784					(1)(6)
Alta Buyer, LLC	Term Loan	SOFR	+	5.00%	(Q)	8.67%	1/23/2025	12/21/2027				144			143			144					(6)(9)
Concord III, L.L.C.	Revolver	SOFR	+	6.25%	(Q)	9.92%	12/20/2023	12/20/2028				157			154			157					(2)(6)(9)
Concord III, L.L.C.	Term Loan	SOFR	+	6.25%	(Q)	9.92%	12/20/2023	12/20/2028				4,300			4,235			4,300					(1)(6)
Distinct Holdings, Inc.	Revolver	SOFR	+	5.75%	(Q)	9.63%	7/18/2024	7/18/2029				371			370			354					(6)(9)
Distinct Holdings, Inc.	Revolver	SOFR	+	5.75%	(Q)	9.46%	7/18/2024	7/18/2029				318			317			304					(6)(9)
Distinct Holdings, Inc.	Revolver	SOFR	+	5.75%	(Q)	9.61%	7/18/2024	7/18/2029				212			211			202					(6)(9)
Distinct Holdings, Inc.	Revolver	SOFR	+	5.75%	(Q)	9.61%	7/18/2024	7/18/2029				159			159			152					(6)(9)
Distinct Holdings, Inc.	Revolver	SOFR	+	5.75%	(Q)	9.66%	7/18/2024	7/18/2029				80			79			76					(2)(6)(9)
Distinct Holdings, Inc.	Term Loan	SOFR	+	5.75%	(Q)	9.42%	7/18/2024	7/18/2029				10,863			10,718			10,509					(1)(6)
Distinct Holdings, Inc.	Term Loan	SOFR	+	5.75%	(Q)	9.42%	7/18/2024	7/18/2029				968			955			937					(6)(9)
Sentinel Technologies, Inc	Revolver	N/A					11/3/2025	11/3/2031				—			(6	)		(6	)				(2)(6)(9)
Sentinel Technologies, Inc	Term Loan	SOFR	+	4.50%	(Q)	8.35%	11/3/2025	11/3/2031				2,362			2,339			2,339					(6)(9)
TriMech Acquisition Corp.	Term Loan	SOFR	+	4.75%	(Q)	8.42%	6/2/2022	3/10/2028				8,359			8,304			8,358					(1)(6)
															37,651			37,541			9.79	%

31

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TABLE OF CONTENTS

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(dollar amounts in thousands, except Shares/Units)

 

Company # +	Type of Investment	Reference Rate and Spread				Interest Rate *	Acquisition Date	Maturity	Shares / Units		Principal			Amortized Cost (++)			Fair Value			Percentage of Net Assets ^			Footnotes
Life Sciences Tools & Services
KL Charlie Acquisition Company	Revolver	N/A					9/5/2023	12/30/2026			$	—		$	—		$	—					(2)(6)(8)(9)
KL Charlie Acquisition Company	Delayed Draw Term Loan	SOFR	+	5.00%	(M)	8.82%	6/2/2022	12/30/2026				3,169			3,156			3,169					(1)(6)
KL Charlie Acquisition Company	Delayed Draw Term Loan	SOFR	+	5.00%	(M)	8.82%	3/17/2023	12/30/2026				3			3			3					(1)(6)
KL Charlie Acquisition Company	Term Loan	SOFR	+	5.00%	(M)	8.82%	11/26/2024	12/30/2026				613			610			613					(1)(6)
KL Charlie Acquisition Company	Term Loan	SOFR	+	5.00%	(M)	8.82%	3/17/2023	12/30/2026				2			2			2					(1)(6)
Molecular Designs, LLC	Term Loan	SOFR	+	4.50%	(M)	8.23%	9/9/2024	10/4/2027				2,241			2,214			2,191					(1)(6)
															5,985			5,978			1.56	%
Machinery
Pareto Buyer, LLC	Revolver	N/A					12/12/2025	12/13/2032				—			(6	)		(6	)				(2)(6)(9)
Pareto Buyer, LLC	Delayed Draw Term Loan	N/A					12/12/2025	12/13/2032				—			(5	)		(9	)				(2)(6)(9)
Pareto Buyer, LLC	Term Loan	SOFR	+	4.50%	(Q)	8.23%	12/12/2025	12/13/2032				2,000			1,980			1,980					(1)(6)
Pareto Buyer, LLC	Term Loan	SOFR	+	4.50%	(Q)	8.23%	12/12/2025	12/13/2032				1,340			1,327			1,327					(6)(9)
															3,296			3,292			0.86	%
Personal Care Products
Accupac, LLC	Revolver	SOFR	+	3.00% (6.00% PIK)	(Q)	10.67%	12/31/2024	12/31/2029			$	217		$	210		$	172					(6)(9)
Accupac, LLC	Revolver	SOFR	+	3.00% (6.00% PIK)	(Q)	10.87%	12/31/2024	12/31/2029				217			210			172					(6)(9)
Accupac, LLC	Revolver	SOFR	+	3.00% (6.00% PIK)	(Q)	10.89%	12/31/2024	12/31/2029				217			210			172					(2)(6)(9)
Accupac, LLC	Term Loan	SOFR	+	3.00% (6.00% PIK)	(Q)	10.67%	12/31/2024	12/31/2029				9,011			8,866			8,065					(6)(9)
BPC Holding III Corp.	Term Loan	SOFR	+	5.25%	(Q)	9.02%	6/2/2022	7/28/2026				3,207			3,207			3,142					(1)(6)
BPC Holding III Corp.	Term Loan	SOFR	+	5.25%	(Q)	9.02%	6/2/2022	7/28/2026				2,271			2,271			2,226					(1)(6)
KL Bronco Acquisition, Inc.	Revolver	N/A					6/30/2022	6/30/2028				—			(7	)		—					(2)(6)(9)
KL Bronco Acquisition, Inc.	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	9.05%	6/30/2022	6/30/2028				1,408			1,397			1,408					(6)(9)
KL Bronco Acquisition, Inc.	Term Loan	SOFR	+	5.25%	(Q)	9.19%	6/30/2022	6/30/2028				3,801			3,764			3,801					(1)(6)
															20,128			19,158			4.99	%
Pharmaceuticals
Advantage HCS LLC	Term Loan	SOFR	+	5.50%	(Q)	9.34%	11/8/2023	11/8/2029			$	10,807		$	10,575		$	10,807					(1)(6)
Advantage HCS LLC	Term Loan	SOFR	+	5.50%	(Q)	9.34%	11/8/2023	11/8/2029				1,443			1,412			1,443					(6)(9)
Leiters, Inc.	Revolver	PRIME	+	5.00%	(Q)	11.75%	9/29/2023	6/29/2028				77			75			77					(6)(9)
Leiters, Inc.	Revolver	SOFR	+	6.00%	(Q)	9.99%	9/29/2023	6/29/2028				11			11			11					(2)(6)(9)
Leiters, Inc.	Term Loan	SOFR	+	6.00%	(Q)	9.92%	9/29/2023	6/29/2028				477			468			477					(6)(9)
NS and Associates LLC	Revolver	N/A					9/9/2025	8/6/2030				—			(7	)		(7	)				(2)(6)(9)
NS and Associates LLC	Term Loan	SOFR	+	5.25%	(Q)	9.07%	9/9/2025	8/6/2030				3,507			3,457			3,455					(1)(6)
NS and Associates LLC	Term Loan	SOFR	+	5.25%	(Q)	9.01%	9/9/2025	8/6/2030				3,507			3,457			3,455					(1)(6)
															19,448			19,718			5.14	%
Professional Services
Amplify Buyer, Inc.	Term Loan	SOFR	+	4.75%	(Q)	8.42%	9/17/2025	9/17/2032			$	4,783		$	4,748		$	4,747					(6)(9)
Basin Innovation Group, LLC	Revolver	N/A					12/6/2024	12/6/2030				—			(16	)		—					(2)(6)(9)
Basin Innovation Group, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.95%	12/6/2024	12/6/2030				1,440			1,420			1,440					(2)(6)(9)
Basin Innovation Group, LLC	Term Loan	SOFR	+	4.75%	(Q)	8.54%	12/6/2024	12/6/2030				10,890			10,749			10,890					(1)(6)
Basin Innovation Group, LLC	Term Loan	SOFR	+	4.75%	(Q)	8.54%	12/6/2024	12/6/2030				693			684			693					(6)(9)
BH Buyer, Inc.	Revolver	N/A					12/31/2025	12/31/2031				—			(8	)		(4	)				(2)(6)(9)
BH Buyer, Inc.	Term Loan	SOFR	+	5.00%	(Q)	8.67%	12/31/2025	12/31/2031				7,254			7,182			7,218					(6)(9)
DRML Holdings LLC	Revolver	N/A					3/14/2025	3/14/2031				—			(17	)		—					(2)(6)(9)
DRML Holdings LLC	Delayed Draw Term Loan	N/A					3/14/2025	3/14/2031				—			(13	)		—					(2)(6)(9)
DRML Holdings LLC	Term Loan	SOFR	+	4.75%	(Q)	8.42%	3/14/2025	3/14/2031				6,506			6,418			6,505					(1)(6)
DRML Holdings LLC	Term Loan	SOFR	+	4.75%	(Q)	8.42%	3/14/2025	3/14/2031				111			110			111					(6)(9)
North Haven USHC Acquisition, Inc.	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	9.02%	6/2/2022	10/29/2027				8,473			8,463			8,219					(1)(6)
North Haven USHC Acquisition, Inc.	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	9.02%	6/2/2022	10/29/2027				688			688			667					(1)(6)
UHY Advisors, Inc.	Revolver	SOFR	+	4.75%	(Q)	8.42%	11/22/2024	11/21/2031				506			492			506					(2)(6)(9)(10)
UHY Advisors, Inc.	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.42%	11/22/2024	11/21/2031				416			399			416					(6)(9)
UHY Advisors, Inc.	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.49%	11/22/2024	11/21/2031				195			187			195					(6)(9)
UHY Advisors, Inc.	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.44%	11/22/2024	11/21/2031				179			172			179					(2)(6)(9)

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Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(dollar amounts in thousands, except Shares/Units)

 

Company # +	Type of Investment	Reference Rate and Spread				Interest Rate *	Acquisition Date	Maturity	Shares / Units			Principal			Amortized Cost (++)			Fair Value			Percentage of Net Assets ^			Footnotes
UHY Advisors, Inc.	Term Loan	SOFR	+	4.75%	(Q)	8.57%	11/22/2024	11/21/2031					6,574			6,516			6,574					(1)(6)
																48,174			48,356			12.61	%
Software
Project Leopard Holdings, Inc.	Term Loan	SOFR	+	5.25%	(Q)	9.19%	8/12/2022	7/20/2029				$	97		$	93		$	83					(6)(7)(9)
QM Buyer, Inc.	Revolver	N/A					12/6/2024	12/6/2030					—			(14	)		—					(2)(6)(9)
QM Buyer, Inc.	Delayed Draw Term Loan	N/A					12/6/2024	12/6/2030					—			(14	)		—					(2)(6)(9)
QM Buyer, Inc.	Term Loan	SOFR	+	4.75%	(Q)	8.42%	12/6/2024	12/6/2030					6,849			6,761			6,849					(1)(6)
TCP Hawker Intermediate LLC	Term Loan	SOFR	+	5.00%	(Q)	8.67%	11/26/2024	8/30/2029					10,612			10,602			10,612					(1)(6)
																17,428			17,544			4.57	%
Textiles, Apparel & Luxury Goods
National Safety Apparel LLC (fka BPCP NSA Intermedco, Inc.)	Revolver	N/A					5/17/2024	5/17/2030				$	—		$	(11	)	$	—					(2)(6)(9)
National Safety Apparel LLC (fka BPCP NSA Intermedco, Inc.)	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.42%	5/17/2024	5/17/2030					2,273			2,251			2,273					(6)(9)
National Safety Apparel LLC (fka BPCP NSA Intermedco, Inc.)	Term Loan	SOFR	+	4.75%	(Q)	8.42%	11/26/2024	5/17/2030					6,454			6,378			6,454					(1)(6)
																8,618			8,727			2.28	%
Trading Companies & Distributors
Easy Ice, LLC	Revolver	SOFR	+	5.25%	(Q)	9.24%	10/30/2024	10/30/2030				$	135		$	130		$	133					(6)(9)
Easy Ice, LLC	Revolver	SOFR	+	5.25%	(Q)	9.09%	10/30/2024	10/30/2030					60			58			59					(6)(9)
Easy Ice, LLC	Revolver	SOFR	+	5.25%	(Q)	9.24%	10/30/2024	10/30/2030					30			29			30					(6)(9)
Easy Ice, LLC	Revolver	SOFR	+	5.25%	(Q)	9.19%	10/30/2024	10/30/2030					30			29			30					(2)(6)(9)
Easy Ice, LLC	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	9.07%	10/30/2024	10/30/2030					162			158			159					(6)(9)
Easy Ice, LLC	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	9.22%	10/30/2024	10/30/2030					100			97			99					(6)(9)
Easy Ice, LLC	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	9.24%	10/30/2024	10/30/2030					89			87			88					(6)(9)
Easy Ice, LLC	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	9.22%	10/30/2024	10/30/2030					64			62			63					(6)(9)
Easy Ice, LLC	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	9.09%	10/30/2024	10/30/2030					40			39			39					(2)(6)(9)
Easy Ice, LLC	Term Loan	SOFR	+	5.25%	(Q)	9.24%	10/30/2024	10/30/2030					6,671			6,586			6,637					(1)(6)
Krayden Holdings, Inc.	Revolver	SOFR	+	4.75%	(Q)	8.48%	3/1/2023	3/1/2029					84			81			83					(6)(9)
Krayden Holdings, Inc.	Revolver	SOFR	+	4.75%	(Q)	8.42%	3/1/2023	3/1/2029					75			73			75					(6)(9)
Krayden Holdings, Inc.	Revolver	SOFR	+	4.75%	(Q)	8.53%	3/1/2023	3/1/2029					42			41			42					(6)(9)
Krayden Holdings, Inc.	Revolver	SOFR	+	4.75%	(Q)	8.44%	3/1/2023	3/1/2029					37			36			37					(6)(9)
Krayden Holdings, Inc.	Revolver	SOFR	+	4.75%	(Q)	8.44%	3/1/2023	3/1/2029					33			33			33					(2)(6)(9)
Krayden Holdings, Inc.	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.42%	8/30/2024	3/1/2029					385			382			383					(2)(6)(9)
Krayden Holdings, Inc.	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.42%	3/1/2023	3/1/2029					384			377			383					(6)(9)
Krayden Holdings, Inc.	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.42%	3/1/2023	3/1/2029					384			377			383					(6)(9)
Krayden Holdings, Inc.	Term Loan	SOFR	+	4.75%	(Q)	8.42%	3/1/2023	3/1/2029					2,014			1,975			2,009					(1)(6)
Krayden Holdings, Inc.	Term Loan	SOFR	+	4.75%	(Q)	8.42%	8/30/2024	3/1/2029					1,235			1,226			1,232					(1)(6)
MES Intermediate, Inc. (fka Municipal Emergency Services, Inc.)	Revolver	N/A					11/21/2025	10/1/2027					—			(2	)		—					(2)(6)(9)
MES Intermediate, Inc. (fka Municipal Emergency Services, Inc.)	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.42%	9/24/2024	10/1/2027					3,744			3,702			3,744					(6)(9)
MES Intermediate, Inc. (fka Municipal Emergency Services, Inc.)	Term Loan	SOFR	+	4.75%	(Q)	8.62%	11/21/2025	10/1/2027					6,406			6,361			6,406					(6)(9)
																21,937			22,147			5.77	%
Total Senior Secured First Lien Loans																685,275			673,713			175.64	%
Equity
Automobile Components
M&D Parent Holdings, LLC	Class B Units									5,144						518			516					(3)(9)
																518			516			0.13	%
Chemicals
MDI Aggregator LP	Common Units									8,380						838			1,223					(3)(9)

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Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(dollar amounts in thousands, except Shares/Units)

 

Company # +	Type of Investment	Reference Rate and Spread				Interest Rate *	Acquisition Date	Maturity	Shares / Units			Principal			Amortized Cost (++)			Fair Value			Percentage of Net Assets ^			Footnotes
Techmer BB Aggregator, LP	Limited Partnership Units									348						348			—					(3)(9)
																1,186			1,223			0.32	%
Commercial Services & Supplies
Chimney Rock 3G Co-Invest	Equity Co-Invest									125,000						127			120					(3)(9)
Lav Gear Intermediate Holdings, INC.	Class A Units									5,939						681			701					(3)(9)
RFI Group Holdings, L.P.	Class A Units									3,000						300			474					(3)(9)
VP Security Buyer, Inc.	Limited Partnership Units									111,111						111			111					(3)(9)
																1,219			1,406			0.37	%
Construction & Engineering
HT Investors, LLC	A1 Units									3,481						370			334					(3)(9)
360 Partners, LLC	Class A Units									1,998						220			203					(3)(9)
																590			537			0.14	%
Containers & Packaging
Oliver Investors, LP	Class A Units									6,406						608			—					(3)(9)
Oliver Investors, LP	Class D Units									152						8			—					(3)(9)
Comar Holding Company, LLC	Class A Units									8,172						4,442			4,442					(3)(9)
																5,058			4,442			1.16	%
Diversified Consumer Services
FS NU Investors, LP	Class A Units									5,000						500			132					(3)(9)
FS NU Investors, LP	Class C Units									253						26			51					(3)(9)
																526			183			0.05	%
Ground Transportation
VTC Buyer Corp	Class A-1 Units									164,000						190			190					(3)(9)
																190			190			0.05	%
Health Care Equipment & Supplies
Reliable Medical Supply Acquisition LLC	Series A Interest									103,093						103			103					(3)(9)
																103			103			0.03	%
Health Care Technology
BRG Group Holdings, LLC	Class A Units									612,419						626			386					(3)(9)
Xifin, Inc.	Class D Units									11,507						220			220					(3)(9)
																846			606			0.16	%
IT Services
Sentinel Technologies, Inc.	Class A Units									1,154						115			115					(3)(9)
																115			115			0.03	%
Personal Care Products
KLC Fund 1-C1 LP	Limited Partnership Units									605,769						608			618					(3)(9)
																608			618			0.16	%
Total Equity																10,959			9,939			2.59	%
Subtotal Non-Controlled/Non-Affiliated Investments																696,234			683,652			178.23	%
Controlled Investments:																								(+)
Investment Funds and Vehicles
Senior Direct Lending Program, LLC	Limited Partnership Units	SOFR	+	8.00%	(Q)	Current Yield: 11.75%		12/31/36					183,603			177,962			165,702					(2)(4)(5)
															$	177,962		$	165,702			43.20	%
Subtotal Controlled Investments															$	177,962		$	165,702			43.20	%
Total Investments															$	874,196		$	849,354			221.43	%
Cash Equivalents:
State Street Institutional U.S. Government Money Market Fund						7-Day Yield 3.74%						$	13,450		$	13,450		$	13,450					(14)(15)
															$	13,450		$	13,450			3.51	%

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Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(dollar amounts in thousands, except Shares/Units)

 

Company # +	Type of Investment	Reference Rate and Spread				Interest Rate *	Acquisition Date	Maturity	Shares / Units		Principal		Amortized Cost (++)			Fair Value			Percentage of Net Assets ^			Footnotes
Subtotal Cash Equivalents													$	13,450		$	13,450			3.51	%
Total Investments and Cash Equivalents													$	887,646		$	862,804			224.94	%

Derivative Instruments

 

Description		Hedging Item		Company Receives		Company Pays		Counterparty		Maturity Date		Notional Amount				Fair Value				Upfront Payments / Receipts				Unrealized Appreciation / (Depreciation)				Footnotes
Interest rate swap		2026 Notes		8.10%		USD-SOFR-Compound + 4.226%		CIBC Bank USA		12/21/2026		$	25,000			$	80			$	—			$	80			(7)
Interest rate swap		2028 Notes		8.20%		USD-SOFR-Compound + 4.595%		CIBC Bank USA		12/21/2028			25,000				105				—				105			(7)
Total												$	50,000			$	185			$	—			$	185

# Unless otherwise indicated, all securities are valued using significant unobservable inputs, which are categorized as Level 3 assets under the definition of ASC 820 fair value hierarchy (See "Note 4. Fair Value Measurements").

+ All of the issuers of the investments held by the Company are domiciled in the United States. Certain investments also have international operations.

* Variable rate loans to the Company’s portfolio companies bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR”) or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower’s option, which reset semi-annually (S), quarterly (Q) or monthly (M). For each such loan, the Company has provided the interest rate in effect as of December 31, 2025.

^ Percentage is based on net assets of $383,569 as of December 31, 2025.

(+) Controlled Investments are defined by the Investment Company Act of 1940 Act, as amended (the "1940 Act"), as investments in companies in which the Company owns more than 25% of the voting securities or maintains greater than 50% of the board representation.

(++) Negative cost, if applicable, results from unamortized fees on unfunded commitments, which are capitalized to the investment cost. The negative fair value, if applicable, results from the fair valuation of the unfunded commitment.

(1) The Company's investment or a portion thereof is held by VCC CLO 1, LLC, which serves as collateral for the 2024 Debt Securitization (See "Note 6. Borrowings").

(2) The investment has an unfunded commitment as of December 31, 2025 (See "Note 8. Commitments and Contingencies"). Fair value includes an analysis of the unfunded commitment.

(3) Security is non-income producing.

(4) The investment is not considered a "qualifying asset" under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2025, total qualifying assets at fair value represented 81.3% of the Company's total assets calculated in accordance with the 1940 Act.

(5) In addition to the interest earned based on the stated contractual interest rate of this security, the certificates entitle the holders thereof to receive a portion of the excess cash flow from the SDLP’s loan portfolio, after expenses, which may result in a return to the Company greater than the contractual stated interest rate.

(6) Loan includes interest rate floor feature.

(7) This investment is valued using observable inputs using a Level 2 measurement in the ASC 820 fair value hierarchy as of December 31, 2025 (See "Note 4. Fair Value Measurements").

(8) Par Amount, Amortized Cost, and Fair Value are less than $1,000.

(9) The investment or a portion thereof held by the Company or VCC Equity Holdings, LLC, a wholly owned subsidiary of the Company, is pledged as collateral under the SMBC Facility (See "Note 6. Borrowings").

(10) As of December 31, 2025, in addition to the amounts funded by the Company under this first lien senior secured revolving loan, there were also letters of credit issued and outstanding through a financial intermediary under the loan. See Note 8. Commitments and Contingencies for further information on letters of credit commitments related to certain portfolio companies.

(11) As of December 31, 2025, no amounts were funded by the Company under this first lien senior secured revolving loan; however, there were letters of credit issued and outstanding through a financial intermediary under the loan. See Note 8. Commitments and Contingencies for further information on letters of credit commitments related to certain portfolio companies.

(12) The investment was current on cash interest payment and was on non-accrual status with respect to the portion of the interest that is PIK interest only as of December 31, 2025. See "Note 2. Significant Accounting Policies" for more information.

(13) The investment was on non-accrual status as of December 31, 2025.

(14) The rate shown is the annualized seven-day yield as of December 31, 2025.

(15) This investment represents a Level 1 security in the ASC 820 fair value hierarchy as of December 31, 2025 (See "Note 4. Fair Value Measurements").

 

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Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(dollar amounts in thousands, except Shares/Units)

 

See accompanying notes to consolidated financial statements.

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VARAGON CAPITAL CORPORATION
Notes to Consolidated Financial Statements
June 30, 2026

(unaudited)

 

 

Note 1. Organization

Varagon Capital Corporation (the “Company”) was formed on July 31, 2019 as a corporation under the laws of Maryland. The Company is an externally managed, non-diversified closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, the Company elected, and intends to qualify annually, to be treated as a regulated investment company (“RIC”) under subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company’s fiscal year end is December 31.

VCC Advisors, LLC (the “Adviser”) serves as the Company’s investment adviser. The Adviser is registered with the Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), and is a subsidiary of Varagon Capital Partners, L.P. (“Varagon”), which is also registered with the SEC as an investment adviser under the Advisers Act. Subject to the overall supervision of the Company’s board of directors (the “Board”), the Adviser manages the day-to-day operation of, and provides investment advisory and management services to, the Company.

The Company’s investment objective is to generate current income with a focus on capital preservation and, to a lesser extent, capital appreciation by investing primarily in directly originated leveraged loans to U.S. middle market companies.

The Company seeks to achieve its investment objective by investing primarily in senior secured loans to performing middle market companies controlled by private equity sponsors. The Company focuses on loans to middle market companies that have sustainable competitive advantages, experienced management teams, solid financial performance, stable and recurring cash flow and strong enterprise value. The Company expects that such companies and their sponsors will require financing from the Company for growth, acquisitions, recapitalizations, refinancings or leveraged buyouts, among other things. The Company generally intends to directly originate its investments as a lead lender to allow for deeper diligence, greater control over terms and structure, and superior economics.

VCC Equity Holdings, LLC (“VCCEH”), VCC Funding, LLC (“VCCF”), Varagon SDLP, LLC (“VSDLP”), and VCC CLO 1 Depositor, LLC ("VCC CLO Depositor") are wholly owned subsidiaries of the Company and are consolidated in the Company’s consolidated financial statements from June 2, 2022, the commencement of investment operations, or the date of their respective formation, in accordance with the Company’s consolidation policy. VCCEH is taxed as a corporation for U.S. federal income tax purposes and was formed to hold equity securities of portfolio companies organized as pass-through entities while continuing to satisfy the requirements of a RIC under the Code. The assets held by VCCEH guarantee the borrowings outstanding under the SMBC Facility (as defined below) (See "Note 6. Borrowings"). VCCF, a bankruptcy remote special purpose entity, whose assets were pledged as collateral supporting the amounts outstanding under a prior revolving credit facility before its termination on November 26, 2024, no longer holds any collateral assets, effective as of December 31, 2024. VSDLP holds the Company’s interest in the SDLP (as defined below). VCC CLO Depositor wholly owns VCC CLO 1, LLC ("VCC CLO"), which was formed for the purpose of issuing a term debt securitization, and VCC CLO is consolidated in the Company's consolidated financial statements.

Formation Transactions

Substantially concurrent with our initial closing on June 2, 2022 (the “Initial Closing”) and immediately prior to our election to be regulated as a BDC, Varagon Fund I, L.P. (“VF1”), a private fund exempt from registration pursuant to Section 3(c)(7) of the 1940 Act, merged with and into the Company, with the Company continuing in existence as the surviving entity in the merger (the “Merger”). As a result of the Merger, we acquired all of VF1’s assets and liabilities (the “Existing Portfolio”), including all of VF1’s interests in the joint venture, Senior Direct Lending Program (“SDLP”), in exchange for shares of our common stock. In addition, immediately prior to our election to be regulated as a BDC, the Company purchased a portfolio of existing loans (the “Warehoused Portfolio” and together with the Existing Portfolio, the “Initial Portfolio”) from certain affiliates of the Adviser.

 

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Note 2. Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and pursuant to Regulation S-X and include the accounts of the Company and its consolidated subsidiaries. As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”) issued by the Financial Accounting Standards Board (“FASB”). The consolidated financial statements reflect all adjustments and reclassifications that, in the opinion of management, are necessary for the fair presentation of the results of operations and financial condition as of and for the periods presented. All significant intercompany balances and transactions have been eliminated in consolidation.

Cash and Cash Equivalents

Cash and cash equivalents consists of deposits held at a custodian bank and, at times, may exceed the insured limits under applicable law. As of June 30, 2026, the Company held approximately $39.9 million in cash and cash equivalents. As of December 31, 2025, the Company held approximately $34.0 million in cash and cash equivalents.

Organizational and Offering Expenses

Organizational and offering expenses consist of all costs and expenses, whether incurred before, on or after the date of the private placement memorandum relating to the Company’s private offering of shares of common stock (the “Offering”), pertaining to the organization and establishment of the Company (including any subsidiaries of the Company and the transactions contemplated by the Merger and the acquisition of the Initial Portfolio), including, without limitation, any related third-party legal, tax and accounting advisory fees and expenses, capital raising expenses, including printing expenses and other similar costs, fees and expenses, and regulatory, compliance, and administrative filings, and other organizational and offering expenses, but excluding the fees of any placement agent engaged on behalf of the Company.

As of December 31, 2025, all Organizational and Offering Expenses incurred by the Company were reimbursed to the Adviser or Varagon, as applicable, pursuant to the terms of the Expense Reimbursement Agreement.

Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from those estimates.

Deferred Financing Costs

Deferred financing costs, incurred in connection with any revolving credit facility or term debt securitization are presented as an asset on the Company’s consolidated statements of assets and liabilities and are deferred and amortized over the life of the respective financing (See "Note 6. Borrowings”).

Indemnifications

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

Revenue Recognition

Investment transactions are accounted for on a trade-date basis. Realized gains or losses on investments are measured by the difference between the net proceeds from the disposition and the amortized cost basis of investment, without regard to unrealized gains or losses previously recognized. The Company reports current period changes in fair value of investments that are measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investments in the consolidated statements of operations.

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Investment Income

Interest income, including amortization of premium and accretion of discount, is recorded on the accrual basis to the extent that such amounts are expected to be collected. The Company records amortized or accreted discounts or premiums as interest income using the effective interest method and is adjusted only for material amendments or prepayments. Dividend income, which represents dividends from equity investments and distributions from subsidiaries, if any, is recognized on an accrual basis to the extent that the Company expects to collect such amount.

Interest income from investments in the Subordinated Certificates (as defined below) of SDLP is recorded based on an estimate of an effective yield to expected maturity utilizing assumed cash flows in accordance with ASC Topic 325-40, Beneficial Interests in Securitized Financial Assets. The Company monitors the expected cash flows from these investments, including the expected residual payments, and the effective yield is determined and updated periodically. Any difference between the cash distribution received and the amount calculated pursuant to the effective interest method is recorded as an adjustment to the cost basis of such investments.

PIK Interest

The Company may, from time to time, hold loans in its portfolio that contain a payment-in-kind ("PIK") interest provision. PIK interest, computed at the contractual rate specified in each loan agreement, is periodically added to the principal balance of the loan, rather than being paid to the Company in cash, and is recorded as interest income. Thus, the actual collection of PIK interest may be deferred until the time of debt principal repayment.

PIK interest, which is a non-cash source of income at the time of recognition, is included in the Company’s taxable income, and therefore affects the amount the Company would be required to distribute to its shareholders to maintain its tax treatment as a RIC for U.S. federal income tax purposes, even though the Company would have not yet collected the cash. For the three and six months ended June 30, 2026, the Company earned PIK interest of $0.4 million (or 1.7% of its total investment income), and $0.8 million (or 2.0% of its total investment income), respectively, reflected on the accompanying consolidated statements of operations as part of the interest income. For the three and six months ended June 30, 2025, the Company earned PIK interest of $0.2 million (or 1.0% of its total investment income) and $0.7 million (or 3.0% of its total investment income), respectively, which is reflected on the accompanying consolidated statements of operations as part of interest income.

Fee Income

Origination fees received are recorded as deferred income and recognized as investment income over the term of the loan. Upon prepayment of a loan, any unamortized origination fees are recorded as investment income. The Company receives certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees, covenant waiver fees and loan amendment fees, and are recorded as investment income when earned. Some of the fees earned by the Company may be PIK fee income. For the three and six months ended June 30, 2026 and the three and six months ended June 30, 2025, the Company did not earn any PIK fee income.

When the Company does not expect the borrower will be able to pay future accruals of PIK interest, the Company will place the investment's PIK interest on non-accrual status and will generally cease recognizing PIK interest income on that loan for financial reporting purposes. As of June 30, 2026, the Company had investments in two portfolio companies that were current on cash interest payments and were on non-accrual status with respect to their PIK interest only.

Non-accrual loans

A loan can be left on accrual status during the period the Company is pursuing repayment of the loan. Management reviews all loans that become 90 days or more past due on principal and interest, or when there is reasonable doubt that principal or interest will be collected, for possible placement on non-accrual status. When a loan is placed on non-accrual status, unpaid interest credited to income is reversed. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans are recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans are restored to accrual status when past due principal and interest is paid, and, in management’s judgment, payments are likely to remain current. As of June 30, 2026, certain loans in four portfolio companies held by the Company were on non-accrual with an aggregate amortized cost of $22.0 million and fair value of $9.3 million. As of December 31, 2025, certain loans in one portfolio company held by the Company were on non-accrual with an aggregate amortized cost of $6.1 million and fair value of $2.0 million.

Investment Classification

The Company classifies its investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, the Company would be deemed to "control" a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company. The Company refers to such investments in portfolio companies that it "controls" as "Controlled Investments." Under the 1940 Act, the Company would be deemed to be an

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"Affiliated Person" of a portfolio company if it owned between 5% and 25% of the portfolio company's outstanding voting securities or the Company was under common control with such portfolio company. The Company refers to such investments in Affiliated Persons as "Affiliated Investments." Investments which are neither Control Investments nor Affiliated Investments are referred to as "Non-Controlled/Non-Affiliated investments."

Fair Value Measurements

The Company applies fair value accounting to all of its investments in accordance with the 1940 Act and ASC Topic 820, Fair Value Measurements (“ASC 820”), which defines fair value, sets a framework for measuring fair value, and requires certain disclosures about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. exit price). Investments are reflected on the consolidated statements of assets and liabilities at fair value, with the changes in unrealized gains and losses resulting from changes in fair value, if any, reflected on the accompanying consolidated statements of operations as a change in unrealized gain (loss) on investments.

In accordance with ASC 820, the Company discloses the fair value of its investments in a hierarchy that prioritizes the inputs applied to valuation techniques used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices 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). Investments with readily available market quotations or for which fair value can be measured from quoted prices in active markets will typically have a higher degree of input observability and a lesser degree of judgment applied in determining the fair value. The guidance establishes three levels of the fair value hierarchy as follows:

Level 1 – Valuations are based on quoted prices in active markets for identical assets and liabilities that the Company can access as of the measurement date. Valuation utilizing Level 1 inputs do not require any degree of judgment. The type of investments generally included in Level 1 are publicly-traded securities.

Level 2 – Valuations are based on (i) quoted prices for similar instruments in active markets; (ii) quoted prices for which identical or similar instruments in markets that are not active that are reflective of recent market transactions; or (iii) models in which all significant inputs are observable, either directly or indirectly. The types of investments generally included in Level 2 are restricted securities listed in active markets, corporate bonds, and certain loans.

Level 3 – Valuations are based on indicative quotes that do not reflect recent market transactions and models or other valuation techniques in which the inputs are unobservable and significant to the fair value measurement, which includes situations where there is little, if any, market activity for the asset or liability. The inputs used in determination of fair value require significant judgment and estimation. The types of investments generally included in Level 3 are privately held debt and equity securities.

The Company has established policies and procedures to ensure that valuation methodologies for investments that are categorized within all levels of the fair value hierarchy are fair and consistent. Valuations of the investments are reviewed and approved quarterly by the Adviser’s Valuation Committee, which is responsible for establishing the valuation policies and procedures and evaluating the overall fairness and consistent application of those policies. The valuation process may include a review or analysis by an independent, third-party valuation firm. The Adviser then recommends the valuations of the Company’s investments to the Board, which is responsible for determining the fair value of the Company's investments on a quarterly basis. The Company is subject to the valuation policies and procedures of the Adviser.

Any changes to the valuation methodology are reviewed by management and the Board to confirm that the changes are appropriate. As markets change, new products develop and the pricing for products becomes more or less transparent, the Company will continue to refine its valuation methodologies.

Currently, the Company uses interest rate swaps to manage its interest rate risk with respect to its unsecured notes. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. To comply with the provisions of ASC 820, the Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of the Company's derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees.

Rule 2a-5 under the 1940 Act (the "Rule 2a-5") establishes a regulatory framework for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits boards, subject to board oversight and certain other conditions, to designate certain parties to perform the fair value determinations. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and

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the threshold for determining whether a fund must determine the fair value of a security. Rule 31a-4 under the 1940 Act (“Rule 31a-4”), provides the record keeping requirements associated with fair value determinations. While the Board has not designated the Adviser as the valuation designee, the Company has established policies and procedures in compliance with the applicable requirements of Rule 2a-5 and Rule 31a-4.

Derivative Instruments

The Company follows the guidance in ASC Topic 815, Derivatives and Hedging, when accounting for derivative instruments. The Company designated certain interest rate swaps as hedging instruments in a qualifying fair value hedge accounting relationship and, as a result, the change in fair value of the hedging instruments and hedged items are recorded in interest expense and recognized as components of “Interest and credit facility fees payable” in the Company’s consolidated statements of assets and liabilities. The change in fair value of the interest rate swaps is offset by a change in the carrying value of the corresponding fixed rate debt. See "Note 5. Derivative Instruments" for more information.

Segment Reporting

In accordance with ASC Topic 280, Segment Reporting ("ASC 280"), the Company is externally managed and has determined that it has a single operating and reporting segment, which derives investment income from its portfolio of investments. As a result, the Company's segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets. See Note 13 "Segment Reporting" for more information.

Company Investment Risk, Concentration of Credit Risk, and Liquidity Risk

The Company has broad discretion in making investments. Investments generally consist of debt instruments that may be affected by business, financial market or legal uncertainties. Prices of investments may be volatile, and a variety of factors that are inherently difficult to predict, such as economic conditions in the United States, may significantly affect the results of the Company’s activities and the value of its investments. In addition, the value of the Company’s portfolio may fluctuate as the general level of interest rates fluctuate.

The value of the Company’s investments in loans may be detrimentally affected to the extent, among other things, that a borrower defaults on its obligations, there is insufficient collateral and/or there are extensive legal and other costs incurred in collecting on a defaulted loan, observable secondary or primary market yields for similar instruments issued by comparable companies increase materially or risk premiums required in the market between smaller companies, such as the Company's borrowers, and those for which market yields are observable increase materially.

The Company’s assets may, at any time, include securities and other financial instruments or obligations that are illiquid or thinly traded, making purchase or sale of such securities and financial instruments at desired prices or in desired quantities difficult. Furthermore, the sale of any such investments may be possible only at substantial discounts, and it may be extremely difficult to value any such investments accurately.

Recent Accounting Pronouncements

The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by FASB. ASUs not listed were assessed and either determined to be not applicable or expected to have a minimal impact on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 requires disclosure of certain costs and expenses on an interim and annual basis in the notes to the financial statements. In January 2025, the FASB issued ASU 2025-01 to clarify ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption and retrospective application is permitted. The Company is currently evaluating the impact of this guidance and does not expect a material impact to the consolidated financial statements.

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Note 3. Investments

The following table shows the amortized cost and the fair value of the Company’s portfolio investments as of June 30, 2026 (dollars in thousands):

 

	As of June 30, 2026
	Amortized Cost			Percentage			Fair Value			Percentage
Senior Secured First Lien Loans	$	678,542			77.8	%	$	655,435			78.4	%
Equity		10,881			1.2			9,343			1.1
Subordinated Certificates of the SDLP		183,377			21.0			171,854			20.5
Total Investments	$	872,800			100.0	%	$	836,632			100.0	%

 

The following table shows the amortized cost and the fair value of the Company’s portfolio investments as of December 31, 2025 (dollars in thousands):

	As of December 31, 2025
	Amortized Cost			Percentage			Fair Value			Percentage
Senior Secured First Lien Loans	$	685,275			78.3	%	$	673,713			79.3	%
Equity		10,959			1.3			9,939			1.2
Subordinated Certificates of the SDLP		177,962			20.4			165,702			19.5
Total Investments	$	874,196			100.0	%	$	849,354			100.0	%

 

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The following table shows the composition of the Company’s portfolio investments by industry grouping at amortized cost and the fair value as of June 30, 2026 (dollars in thousands):

 

	As of June 30, 2026
	Amortized Cost			Percentage			Fair Value			Percentage
Investment Funds and Vehicles (1)	$	183,377			21.0	%	$	171,854			20.5	%
Health Care Providers & Services		117,613			13.5			115,487			13.8
Professional Services		53,076			6.1			53,203			6.4
Automobile Components		50,039			5.7			46,010			5.5
Health Care Equipment & Supplies		44,909			5.1			44,858			5.4
Commercial Services & Supplies		44,213			5.1			43,501			5.2
IT Services		33,918			3.9			31,899			3.8
Chemicals		29,108			3.3			29,629			3.5
Health Care Technology		24,635			2.8			24,227			2.9
Food Products		23,935			2.7			18,898			2.3
Trading Companies & Distributors		22,221			2.5			22,388			2.7
Pharmaceuticals		21,477			2.5			21,715			2.6
Personal Care Products		21,032			2.4			16,809			2.0
Distributors		20,704			2.4			20,649			2.5
Diversified Consumer Services		20,581			2.4			17,946			2.2
Software		18,181			2.1			18,241			2.2
Electronic Equipment, Instruments & Components		15,298			1.8			15,400			1.8
Energy Equipment & Services		13,350			1.5			13,352			1.6
Financial Services		11,671			1.3			11,803			1.4
Aerospace & Defense		11,496			1.3			11,555			1.4
Hotels, Restaurants & Leisure		10,058			1.2			10,074			1.2
Construction & Engineering		9,952			1.1			9,941			1.2
Household Products		9,423			1.1			8,871			1.1
Containers & Packaging		9,404			1.1			7,758			0.9
Ground Transportation		9,365			1.1			6,882			0.8
Beverages		9,104			1.0			9,177			1.1
Textiles, Apparel & Luxury Goods		8,585			1.0			8,683			1.0
Marine Transportation		7,070			0.8			6,825			0.8
Consumer Staples Distribution & Retail		6,729			0.8			6,738			0.8
Machinery		6,001			0.7			6,026			0.7
Life Sciences Tools & Services		5,970			0.7			5,926			0.7
Diversified Telecommunication Services(2)		305		0.0				307		0.0
Total Investments	$	872,800			100.00	%	$	836,632			100.00	%

(1) The following industry is solely comprised of the Subordinated Certificates of the SDLP. The portfolio companies in SDLP represent a diverse set of industry classifications, which are similar to those in which the Company invests directly. See “Senior Direct Lending Program” below.

(2) Represents a percentage that is less than 0.1%.

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The following table shows the composition of the Company’s portfolio investments by industry grouping at amortized cost and the fair value as of December 31, 2025 (dollars in thousands):

	As of December 31, 2025
	Amortized Cost			Percentage			Fair Value			Percentage
Investment Funds and Vehicles (1)	$	177,962			20.4	%	$	165,702			19.5	%
Health Care Providers & Services		126,802			14.5			126,064			14.8
Professional Services		48,174			5.5			48,356			5.7
Commercial Services & Supplies		47,059			5.4			47,429			5.6
Health Care Equipment & Supplies		45,936			5.3			45,845			5.4
Automobile Components		41,694			4.8			38,527			4.5
IT Services		37,766			4.3			37,656			4.4
Health Care Technology		30,658			3.5			30,255			3.6
Distributors		29,410			3.4			28,988			3.4
Chemicals		29,148			3.3			29,363			3.5
Food Products		23,914			2.7			20,530			2.4
Trading Companies & Distributors		21,937			2.5			22,147			2.6
Personal Care Products		20,736			2.4			19,776			2.3
Diversified Consumer Services		20,304			2.3			17,636			2.1
Pharmaceuticals		19,448			2.2			19,718			2.3
Software		17,428			2.0			17,544			2.1
Electronic Equipment, Instruments & Components		15,293			1.7			15,400			1.8
Energy Equipment & Services		13,400			1.5			13,443			1.6
Aerospace & Defense		10,846			1.2			10,912			1.3
Financial Services		10,060			1.2			10,185			1.2
Insurance		9,865			1.1			9,881			1.2
Containers & Packaging		9,703			1.1			8,265			1.0
Household Products		9,295			1.1			8,964			1.0
Beverages		9,267			1.1			9,348			1.1
Ground Transportation		8,986			1.0			8,304			1.0
Textiles, Apparel & Luxury Goods		8,618			1.0			8,727			1.0
Construction & Engineering		8,510			1.0			8,525			1.0
Air Freight & Logistics		6,919			0.8			6,764			0.8
Life Sciences Tools & Services		5,985			0.7			5,978			0.7
Hotels, Restaurants & Leisure		4,795			0.5			4,838			0.6
Machinery		3,296			0.4			3,292			0.4
Consumer Staples Distribution & Retail		677			0.1			683			0.1
Diversified Telecommunication Services (2)		305		0.0				309		0.0
Total Investments	$	874,196			100.0	%	$	849,354			100.0	%

(1) The following industry is solely comprised of the Subordinated Certificates of the SDLP. The portfolio companies in SDLP represent a diverse set of industry classifications, which are similar to those in which the Company invests directly. See “Senior Direct Lending Program” below.

(2) Represents a percentage that is less than 0.1%.

Transactions With Controlled/Affiliated Companies

During the six months ended June 30, 2026, the Company had an investment in one portfolio company designated as a controlled investment under the 1940 Act. Transactions with the controlled investment were as follows (dollars in thousands):

Controlled Investment		Type of Investment		Fair Value at December 31, 2025				Purchases of Investments				Payment-in-kind and other adjustments to cost				Repayments of investments				Unrealized appreciation/ (depreciation)				Realized Gain/(Loss)				Fair Value at June 30, 2026				Income Earned
Senior Direct Lending Program		Subordinated Certificates of the SDLP		$	165,702			$	13,515			$	168			$	(8,268	)		$	737			$	—			$	171,854			$	10,254

 

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During the six months ended June 30, 2025, the Company had an investment in one portfolio company designated as a controlled investment under the 1940 Act. Transactions with the controlled investment were as follows (dollars in thousands):

Controlled Investment		Type of Investment		Fair Value at December 31, 2024				Purchases of Investments				Payment-in-kind and other adjustments to cost				Repayments of investments				Unrealized appreciation/ (depreciation)				Realized Gain/(Loss)				Fair Value at June 30, 2025				Income Earned
Senior Direct Lending Program		Subordinated Certificates of the SDLP		$	172,152			$	7,559			$	(1,041	)		$	(18,807	)		$	(5,534	)		$	—			$	154,329			$	10,884

Senior Direct Lending Program

In 2015, VSDLP, a wholly owned subsidiary of the Company, and Ares Capital Corporation (“ARCC”) formed SDLP, a joint venture established for the purpose of providing senior stretch and unitranche loan financings to middle market borrowers. The Company received, indirectly through its membership interest in VSDLP, limited liability company membership interests and Subordinated Certificates (as defined below), in each case in SDLP, as a result of the Merger. The SDLP finances its investment activity through the issuance of securities (“SDLP Securities”) backed by its loan portfolio, including, in order of seniority, rated senior notes (the “Senior Note”), a rated intermediate funding note (the “IFN”), and capital provided by the Company and ARCC through subordinated certificates (the “Subordinated Certificates”). The Subordinated Certificates are the most junior securities issued by SDLP and collateralize the profits earned or losses incurred across the SDLP loan portfolio. As of June 30, 2026 and December 31, 2025, the Company and ARCC own 12.5% and 87.5%, respectively, of the outstanding Subordinated Certificates. SDLP is capitalized as transactions are completed and all portfolio decisions and generally all other decisions in respect of SDLP must be approved by an investment committee of SDLP consisting of representatives of the Company (and/or VSDLP) and ARCC (the “SDLP Investment Committee”).

As of June 30, 2026 and December 31, 2025, the Company and ARCC had agreed to make capital available to the SDLP in the aggregate totaling $1.7 billion and $1.7 billion, respectively, of which $206.3 million and $206.3 million, respectively, is to be made available from the Company. The Company and ARCC will continue to provide capital to the SDLP in the form of Subordinated Certificates. This capital will only be committed to the SDLP upon approval of transactions by the SDLP Investment Committee as discussed above. As of June 30, 2026 and December 31, 2025, the Company has funded $188.9 million and $183.6 million, respectively, of its commitment to the SDLP and had $17.4 million and $22.7 million in unfunded commitments remaining available to the SDLP, respectively.

The Subordinated Certificates pay a coupon equal to SOFR plus 8.0% and also entitle the holders thereof to receive a portion of the excess cash flow from the loan portfolio, after expenses, which may result in a return to the holders of the Subordinated Certificates that is greater than the stated coupon. The Subordinated Certificates are junior in right of payment to the Senior Notes and IFNs.

The amortized cost and fair value of the Subordinated Certificates held by the Company were $183.4 million and $171.9 million, respectively, as of June 30, 2026, and $178.0 million and $165.7 million, respectively, as of December 31, 2025. The Company’s yield on its investment in the Subordinated Certificates at amortized cost and fair value was 11.3% and 12.0%, respectively, as of June 30, 2026, and 11.8% and 12.6%, respectively, as of December 31, 2025. For the three and six months ended June 30, 2026, the Company earned interest income of $5.1 million and $10.3 million, respectively, from its investment in the Subordinated Certificates. For the three and six months ended June 30, 2025, the Company earned interest income of $5.4 million and $10.9 million, respectively, from its investment in the Subordinated Certificates. As of June 30, 2026 and December 31, 2025, $5.1 million and $5.3 million, respectively, was in Interest receivable on the consolidated statements of assets and liabilities.

As of June 30, 2026 and December 31, 2025, the SDLP’s portfolio was comprised of first lien senior secured loans to U.S. middle-market companies and consisted of investments in industries similar to the companies in the Company’s portfolio. As of June 30, 2026, certain loans in one portfolio company in the SDLP portfolio was on non-accrual status. As of December 31, 2025, none of the loans in the SDLP portfolio were on non-accrual status. Below is a summary of the SDLP’s portfolio as of June 30, 2026 and December 31, 2025 (dollars in millions):

		As of June 30, 2026				As of December 31, 2025
Total first lien senior secured loans(1)		$	4,470			$	4,297
Largest loan to a single borrower(1)		$	372			$	413
Total of five largest loans to borrower(1)		$	1,634			$	1,719
Number of borrowers in the SDLP			72				39
Commitments to fund delayed draw loans (2)		$	260			$	259

(1) At principal amount.

(2) As discussed above, these commitments have been approved by the SDLP Investment Committee

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Below is a listing of SDLP’s individual investments as of June 30, 2026 (dollars in thousands):

 

Company	Type of Investment	Reference Rate and Spread (1)				Interest Rate	Maturity	Par / Shares			Amortized Cost			Fair Value(4)			Footnotes
Senior Secured First Lien Loans
Aerospace & Defense
Acron Aviation, Inc.	Revolver	N/A					3/29/2032		—			1			1		(2)
Acron Aviation, Inc.	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.48%	3/29/2032		1,507			1,507			1,507		(2)
Acron Aviation, Inc.	Term Loan	SOFR	+	4.75%	(Q)	8.48%	3/29/2032		9,169			9,169			9,169		(2)
Blue Raven Solutions, LLC	Term Loan	SOFR	+	6.00%	(Q)	9.73%	1/16/2032		9,416			9,416			9,227		(2)
Titan BW Borrower L.P.	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.41%	7/26/2032		3,158			3,105			3,105		(2)
Titan BW Borrower L.P.	Term Loan	SOFR	+	2.50% (2.88% PIK)	(Q)	9.01%	7/26/2032		26,410			26,145			26,145		(2)
Zenith AcquisitionCo, LLC	Delayed Draw Term Loan	SOFR	+	4.50%	(Q)	8.17%	1/13/2033		189			189			148		(2)
Zenith AcquisitionCo, LLC	Term Loan	SOFR	+	4.50%	(Q)	8.17%	1/13/2033		8,021			8,021			7,941		(2)
												57,553			57,243
Automobiles
Bolt Purchaser, LLC	Term Loan	SOFR	+	4.75%	(Q)	8.48%	6/30/2033		9,658			9,658			9,658		(2)
												9,658			9,658
Automobile Components
Arrowhead Holdco Company	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	8.88%	8/31/2028		42,648			41,093			34,119		(2)
Arrowhead Holdco Company	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	8.88%	8/31/2028		37,136			35,782			29,709		(2)
Arrowhead Holdco Company	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	8.88%	8/31/2028		2,419			2,331			1,935		(2)
Arrowhead Holdco Company	Term Loan	SOFR	+	5.00%	(Q)	8.88%	8/31/2028		180,025			173,461			144,020		(2)
Arrowhead Holdco Company	Term Loan	SOFR	+	5.00%	(Q)	8.88%	8/31/2028		26,484			25,518			21,187		(2)
Midco Holding, LLC	Delayed Draw Term Loan	SOFR	+	2.50% (5.00% PIK)	(Q)	11.15%	11/9/2029		3,056			3,056			3,056		(2)
Midco Holding, LLC	Delayed Draw Term Loan	SOFR	+	2.50% (5.00% PIK)	(Q)	11.14%	11/9/2029		3,056			3,056			3,056		(2)
Midco Holding, LLC	Term Loan	SOFR	+	2.50% (5.00% PIK)	(Q)	11.15%	11/9/2029		94,019			94,019			94,019		(2)
												378,316			331,101
Capital Markets
Lido Advisors, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.43%	5/10/2032		4,837			4,837			4,837		(2)
Lido Advisors, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.48%	5/10/2032		748			748			748		(2)
Oak Funding, LLC	Term Loan	SOFR	+	4.50%	(Q)	8.16%	12/2/2032		23,909			23,909			23,909		(2)
PCIA SPV-3, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	8.39%	8/1/2029		1,933			1,933			1,933		(2)
PCIA SPV-3, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	8.41%	8/1/2029		3,402			3,402			3,402		(2)
												34,829			34,829
Chemicals
RCR Buyer, LLC	Term Loan	SOFR	+	5.25%	(M)	8.89%	4/30/2031		5,277			5,277			5,277		(2)
SePRO Holdings, LLC	Delayed Draw Term Loan	SOFR	+	5.25%	(M)	8.89%	7/26/2030		14,085			14,085			14,085		(2)
SePRO Holdings, LLC	Term Loan	SOFR	+	5.25%	(M)	8.89%	7/26/2030		116,536			116,536			116,536		(2)
												135,898			135,898
Commercial Services & Supplies
365RM Holdco, LLC	Delayed Draw Term Loan	N/A					5/6/2033		—			—			(7	)	(2)
365RM Holdco, LLC	Term Loan	SOFR	+	4.75%	(Q)	8.48%	5/6/2033		16,854			16,854			16,686		(2)
Accommodations Plus Technologies LLC	Term Loan	SOFR	+	5.25%	(Q)	8.95%	5/28/2032		7,745			7,745			7,745		(2)
Accommodations Plus Technologies LLC	Term Loan	SOFR	+	5.25%	(Q)	8.95%	5/28/2032		2,510			2,510			2,510		(2)
Astra Service Partners, LLC	Delayed Draw Term Loan	SOFR	+	4.50%	(Q)	8.21%	11/26/2032		2,085			2,086			2,086		(2)
Astra Service Partners, LLC	Term Loan	SOFR	+	4.50%	(Q)	8.23%	11/26/2032		12,195			12,195			12,195		(2)
CARDS-Live Oak Holdings, Inc.	Revolver	N/A					10/21/2032		—			1			1		(2)
CARDS-Live Oak Holdings, Inc.	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.48%	10/21/2032		2,695			2,695			2,695		(2)
CARDS-Live Oak Holdings, Inc.	Term Loan	SOFR	+	4.75%	(Q)	8.48%	10/21/2032		10,317			10,317			10,317		(2)

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Company	Type of Investment	Reference Rate and Spread (1)				Interest Rate	Maturity	Par / Shares			Amortized Cost			Fair Value(4)			Footnotes
Drogon Bidco Inc.	Delayed Draw Term Loan	SOFR	+	5.00%	(M)	8.63%	8/29/2031		4,345			4,345			4,345		(2)
Drogon Bidco Inc.	Delayed Draw Term Loan	SOFR	+	5.00%	(M)	8.64%	8/29/2031		3,947			3,947			3,947		(2)
ISQ Hawkeye HoldCo, Inc.	Term Loan	SOFR	+	4.00%	(M)	7.64%	8/20/2031		303,686			303,686			303,686		(2)
Pritchard Industries, LLC	Delayed Draw Term Loan	SOFR	+	5.75%	(S)	9.85%	10/13/2027		46,108			46,109			42,882		(2)
Pritchard Industries, LLC	Term Loan	SOFR	+	5.75%	(S)	9.85%	10/13/2027		192,836			192,836			179,338		(2)
Talon Buyer Inc.	Delayed Draw Term Loan	SOFR	+	4.25%	(Q)	7.93%	7/15/2032		3,607			3,483			3,483		(2)
Zinc Buyer Corporation	Delayed Draw Term Loan	N/A					7/24/2031		—			(40	)		(40	)	(2)
Zinc Buyer Corporation	Term Loan	SOFR	+	4.75%	(Q)	8.42%	7/24/2031		623			617			617		(2)
												609,386			592,486
Construction & Engineering
Bells Parent, Inc.	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	8.73%	4/25/2033		2,187			2,187			2,159		(2)
Bells Parent, Inc.	Term Loan	SOFR	+	5.00%	(S)	8.68%	4/25/2033		7,378			7,378			7,285		(2)
BGIF IV Fearless Utility Services, Inc.	Delayed Draw Term Loan	SOFR	+	5.00%	(M)	8.65%	6/9/2031		10,165			10,165			10,165		(2)
BGIF IV Fearless Utility Services, Inc.	Term Loan	SOFR	+	5.00%	(M)	8.65%	6/9/2031		14,773			14,773			14,773		(2)
Ground Penetrating Radar Systems, LLC	Delayed Draw Term Loan	SOFR	+	4.50%	(Q)	8.23%	1/2/2032		4,428			4,428			4,428		(2)
Ground Penetrating Radar Systems, LLC	Term Loan	SOFR	+	4.50%	(Q)	8.23%	1/2/2032		181,582			181,582			181,582		(2)
Ground Penetrating Radar Systems, LLC	Term Loan	SOFR	+	4.50%	(Q)	8.23%	1/2/2032		3,692			3,692			3,692		(2)
HP RSS Buyer, Inc.	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.41%	12/11/2029		15,928			15,928			15,928		(2)
HP RSS Buyer, Inc.	Term Loan	SOFR	+	4.75%	(Q)	8.45%	12/11/2029		1,624			1,624			1,624		(2)
Pave America Holding, LLC	Revolver	N/A					8/27/2032		—			1			1		(2)
Pave America Holding, LLC	Delayed Draw Term Loan	SOFR	+	2.38% (2.88% PIK)	(Q)	8.93%	8/27/2032		1,508			1,508			1,508		(2)
Pave America Holding, LLC	Term Loan	SOFR	+	2.38% (2.88% PIK)	(Q)	8.98%	8/27/2032		8,774			8,774			8,774		(2)
												252,040			251,919
Consumer Staples Distribution & Retail
FS Squared Holding Corp.	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	8.39%	12/23/2030		93,333			93,333			93,333		(2)
FS Squared Holding Corp.	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	8.39%	12/23/2030		46,993			46,993			46,993		(2)
FS Squared Holding Corp.	Term Loan	SOFR	+	4.75%	(M)	8.39%	12/23/2030		217,593			217,593			217,593		(2)
GMF Parent, Inc.	Delayed Draw Term Loan	N/A					12/20/2032		—			—			(89	)	(2)
GMF Parent, Inc.	Term Loan	SOFR	+	4.50%	(Q)	8.18%	12/20/2032		10,493			10,493			10,178		(2)
Quirch Foods Holdings, LLC	Term Loan	SOFR	+	6.50%	(M)	10.14%	11/12/2030		25,463			25,463			25,463		(2)
												393,875			393,471
Distributors
Big Bucks Acquisition Corporation	Term Loan	SOFR	+	5.00%	(Q)	8.70%	9/29/2031		7,735			7,735			7,735		(2)
Radwell Parent, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.48%	4/1/2029		620			620			615		(2)
Radwell Parent, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.48%	4/1/2030		48			48			32		(2)
Radwell Parent, LLC	Term Loan	SOFR	+	4.75%	(Q)	8.48%	4/1/2030		6,639			6,639			6,573		(2)
												15,042			14,955
Diversified Consumer Services
Flint OpCo, LLC	Term Loan	SOFR	+	4.75%	(Q)	8.40%	8/15/2030		5,320			5,320			5,320		(2)
LHS Borrower, LLC	Term Loan	SOFR	+	5.25%	(M)	8.89%	9/4/2031		19,478			19,478			18,894		(2)
												24,798			24,214
Electronic Equipment, Instruments & Components
EIS Legacy Holdco, LLC	Delayed Draw Term Loan	SOFR	+	4.50%	(Q)	8.16%	11/5/2031		93,649			93,650			93,650		(2)
EIS Legacy Holdco, LLC	Term Loan	SOFR	+	4.50%	(Q)	8.16%	11/5/2031		217,193			217,193			217,193		(2)
												310,843			310,843
Financial Services
Convera International Holdings Limited	Term Loan	SOFR	+	4.75%	(Q)	8.63%	3/1/2030		11,328			11,328			11,328		(2)(3)
Convera International Holdings Limited	Term Loan	SOFR	+	4.75%	(Q)	8.63%	3/1/2030		1,200			1,200			1,200		(2)(3)
Convera International Holdings Limited	Term Loan	SOFR	+	4.75%	(Q)	8.63%	3/1/2030		307			307			307		(2)(3)

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Company	Type of Investment	Reference Rate and Spread (1)				Interest Rate	Maturity	Par / Shares			Amortized Cost			Fair Value(4)			Footnotes
Spirit RR Holdings, Inc.	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	8.73%	9/13/2028		8,090			8,090			8,090		(2)
The Ultimus Group Midco, LLC	Delayed Draw Term Loan	N/A					7/1/2032		—			(32	)		(32	)	(2)
The Ultimus Group Midco, LLC	Term Loan	SOFR	+	4.50%	(Q)	8.23%	7/1/2032		18,691			18,598			18,598		(2)
Tiger Holdco LLC	Delayed Draw Term Loan	SOFR	+	4.25%	(M)	7.90%	3/11/2031		23,321			23,321			23,321		(2)
Tiger Holdco LLC	Term Loan	SOFR	+	4.25%	(M)	7.90%	3/11/2031		115,706			115,706			115,706		(2)
												178,518			178,518
Food Products
DecoPac, Inc.	Term Loan	SOFR	+	5.00%	(Q)	8.66%	5/14/2030		40,000			40,000			40,000		(2)
Gula Buyer Inc.	Term Loan	SOFR	+	4.50%	(M)	8.13%	10/27/2031		14,813			14,813			14,813		(2)
Manna Pro Products, LLC	Delayed Draw Term Loan	SOFR	+	3.00% (3.50% PIK)	(Q)	10.33%	12/10/2029		29,967			28,190			22,176		(2)(5)
Manna Pro Products, LLC	Term Loan	SOFR	+	3.00% (3.50% PIK)	(Q)	10.33%	12/10/2029		181,194			170,450			134,084		(2)(5)
Manna Pro Products, LLC	Term Loan	SOFR	+	3.00% (3.50% PIK)	(Q)	10.33%	12/10/2029		48,218			45,358			35,681		(2)(5)
Manna Pro Products, LLC	Term Loan	SOFR	+	3.00% (3.50% PIK)	(Q)	10.33%	12/10/2029		14,292			13,444			10,575		(2)(5)
Sugar PPC Buyer LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(S)	8.60%	10/2/2031		1,150			1,150			1,150		(2)
												313,405			258,479
Health Care Equipment & Supplies
Artivion, Inc.	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.40%	1/21/2031		17,456			17,456			17,456		(2)
NMN Holdings III Corp	Term Loan	SOFR	+	4.50%	(M)	8.14%	7/31/2031		225,492			225,492			225,492		(2)
Spruce Bidco II Inc.	Term Loan	SOFR	+	4.75%	(Q)	8.41%	1/30/2032		39,900			39,900			39,900		(2)
												282,848			282,848
Health Care Providers & Services
Premise Health Holding Corp	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.48%	11/8/2032		1,580			1,580			1,580		(2)
Premise Health Holding Corp	Term Loan	SOFR	+	4.75%	(Q)	8.48%	11/8/2032		6,236			6,236			6,236		(2)
Premise Health Holding Corp	Term Loan	SOFR	+	4.75%	(Q)	8.48%	11/8/2032		2,185			2,185			2,185		(2)
U.S. Urology Partners, LLC	Term Loan	SOFR	+	4.50%	(Q)	8.23%	4/8/2032		4,988			4,988			4,988		(2)
												14,989			14,989
Health Care Technology
GHX Ultimate Parent Corporation	Term Loan	SOFR	+	2.50% (2.50% PIK)	(Q)	8.73%	2/4/2033		6,994			6,994			6,924		(2)
GHX Ultimate Parent Corporation	Term Loan	SOFR	+	2.50% (2.50% PIK)	(Q)	8.73%	2/4/2033		5,445			5,445			5,390		(2)
Project Alliance Buyer, LLC	Term Loan	SOFR	+	5.00%	(Q)	8.67%	8/27/2031		4,070			4,070			4,070		(2)
Surescripts, LLC	Term Loan	SOFR	+	5.00%	(Q)	8.73%	11/3/2031		111,094			111,094			111,094		(2)
												127,603			127,478
Hotels, Restaurants & Leisure
Birdie Bidco, Inc.	Delayed Draw Term Loan	SOFR	+	2.50% (2.25% PIK)	(Q)	8.41%	11/17/2032		277			278			278		(2)
Birdie Bidco, Inc.	Term Loan	SOFR	+	2.50% (2.25% PIK)	(Q)	8.48%	11/17/2032		5,670			5,670			5,670		(2)
Invited, Inc.	Delayed Draw Term Loan	N/A					6/9/2032		—			—			(15	)	(2)
Invited, Inc.	Term Loan	SOFR	+	5.25%	(Q)	8.86%	6/9/2032		39,747			39,747			39,351		(2)
Triwizard Holdings, Inc.	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	8.66%	6/29/2029		38,089			38,088			38,088		(2)
Triwizard Holdings, Inc.	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	8.66%	6/29/2029		54,191			54,191			54,191		(2)
Triwizard Holdings, Inc.	Term Loan	SOFR	+	5.00%	(Q)	8.73%	6/29/2029		151,975			151,975			151,975		(2)
												289,949			289,538
Household Products
Walnut Parent, Inc.	Term Loan	SOFR	+	2.88%	(M)	6.62%	11/9/2029		305,031			305,031			286,729		(2)
Walnut Parent, Inc.	Term Loan	SOFR	+	2.88% (3.38% PIK)	(Q)	10.06%	11/9/2029		40,576			40,576			38,141		(2)
Walnut Parent, Inc.	Term Loan	SOFR	+	2.88% (3.38% PIK)	(Q)	10.06%	11/9/2029		26,811			26,752			25,202		(2)
												372,359			350,072
Insurance
AQ Sunshine, Inc.	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	8.74%	7/25/2033		324			324			293		(2)

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Company	Type of Investment	Reference Rate and Spread (1)				Interest Rate	Maturity	Par / Shares			Amortized Cost			Fair Value(4)			Footnotes
AQ Sunshine, Inc.	Term Loan	SOFR	+	5.00%	(Q)	8.66%	7/25/2033		5,000			5,000			4,950		(2)
High Street Buyer, Inc.	Delayed Draw Term Loan	SOFR	+	4.25%	(Q)	7.98%	4/14/2028		5,292			5,252			5,292		(2)
High Street Buyer, Inc.	Delayed Draw Term Loan	SOFR	+	4.25%	(Q)	7.98%	4/14/2028		4,533			4,498			4,533		(2)
High Street Buyer, Inc.	Delayed Draw Term Loan	SOFR	+	4.25%	(Q)	7.98%	4/14/2028		3,918			3,888			3,918		(2)
High Street Buyer, Inc.	Delayed Draw Term Loan	SOFR	+	4.25%	(Q)	7.98%	4/14/2028		2,826			2,806			2,826		(2)
High Street Buyer, Inc.	Delayed Draw Term Loan	SOFR	+	4.25%	(Q)	7.98%	4/14/2028		1,239			1,231			1,239		(2)
High Street Buyer, Inc.	Term Loan	SOFR	+	4.25%	(Q)	7.98%	4/14/2028		2,140			2,124			2,140		(2)
Oakbridge Insurance Agency LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(M)	8.64%	11/1/2029		3,409			3,408			3,408		(2)
Oakbridge Insurance Agency LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	8.39%	11/1/2029		3,518			3,518			3,518		(2)
SageSure Holdings, LLC	Delayed Draw Term Loan	SOFR	+	4.50%	(Q)	8.26%	1/28/2030		13,437			13,437			13,437		(2)
SageSure Holdings, LLC	Delayed Draw Term Loan	SOFR	+	4.50%	(M)	8.26%	1/28/2030		5,828			5,828			5,828		(2)
SageSure Holdings, LLC	Term Loan	SOFR	+	4.50%	(M)	8.26%	1/28/2030		12,312			12,312			12,312		(2)
SageSure Holdings, LLC	Term Loan	SOFR	+	4.50%	(M)	8.26%	1/28/2030		8,332			8,332			8,332		(2)
THG Acquisition, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	8.39%	10/31/2031		20,191			20,191			20,191		(2)
THG Acquisition, LLC	Term Loan	SOFR	+	4.75%	(M)	8.39%	10/31/2031		121,123			121,123			121,123		(2)
												213,272			213,340
IT Services
UFS, LLC	Term Loan	SOFR	+	4.75%	(M)	8.39%	10/14/2031		14,852			14,852			14,852		(2)
Victors Purchaser, LLC	Delayed Draw Term Loan	N/A					12/23/2032		—			—			(11	)	(2)
Victors Purchaser, LLC	Term Loan	SOFR	+	4.50%	(Q)	8.23%	12/23/2032		11,545			11,545			11,430		(2)
Victors Purchaser, LLC	Term Loan	SOFR	+	4.50%	(Q)	8.23%	12/23/2032		33			33			31		(2)
												26,430			26,302
Machinery
Harvey Tool Company, LLC	Term Loan	SOFR	+	4.50%	(Q)	8.23%	8/6/2032		240,212			240,212			240,212		(2)
JSG II, Inc. and Checkers USA, Inc./JHC Acquisition Corp	Term Loan	SOFR	+	4.50%	(M)	8.14%	9/30/2032		27,901			27,901			27,901		(2)
												268,113			268,113
Professional Services
Grit Buyer, Inc.	Delayed Draw Term Loan	SOFR	+	4.50%	(Q)	8.23%	7/16/2032		8,640			8,640			8,640		(2)
												8,640			8,640
Software
Apple Bidco Holdings, Inc.	Delayed Draw Term Loan	N/A					1/24/2033		—			—			(110	)	(2)
Apple Bidco Holdings, Inc.	Term Loan	SOFR	+	4.50%	(Q)	8.20%	1/24/2033		12,246			12,246			11,878		(2)
Bottomline Technologies, Inc.	Term Loan	SOFR	+	4.50%	(Q)	8.23%	5/14/2029		24,937			24,875			24,937		(2)
Cority Software Inc.	Term Loan	SOFR	+	4.50%	(Q)	8.16%	11/1/2032		11,884			11,884			11,527		(2)
Doxim Inc.	Term Loan	SOFR	+	6.50%	(M)	10.14%	11/30/2027		12,940			12,940			12,940		(2)(3)
Goose Borrower, L.P.	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.48%	3/2/2033		7,234			7,234			7,162		(2)
Goose Borrower, L.P.	Term Loan	SOFR	+	4.75%	(Q)	8.48%	3/2/2033		5,895			5,895			5,837		(2)
Merit Software Finance Holdings, LLC	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	8.98%	12/30/2032		2,198			2,199			2,199		(2)
Merit Software Finance Holdings, LLC	Term Loan	SOFR	+	5.25%	(Q)	8.98%	12/30/2032		6,365			6,365			6,365		(2)
ML Holdco, Inc.	Delayed Draw Term Loan	N/A					10/25/2032		—			—			(41	)	(2)
ML Holdco, Inc.	Term Loan	SOFR	+	4.25%	(Q)	7.91%	10/25/2032		7,936			7,936			7,777		(2)
												91,574			90,471
Trading Companies & Distributors
Penn Detroit Diesel Allison, LLC	Term Loan	SOFR	+	7.00%	(Q)	10.72%	12/14/2027		32,794			32,794			26,235		(2)
												32,794			26,235
Total Senior Secured First Lien Loans											$	4,442,732		$	4,291,640
Equity
Automobile Components
Midco Holding, LLC	Common Stock								45,844			—			—

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Company	Type of Investment	Reference Rate and Spread (1)				Interest Rate	Maturity	Par / Shares			Amortized Cost			Fair Value(4)			Footnotes
Midco Holding, LLC	Preferred Shares								59,596			23,119			17,408
												23,119			17,408
Automobiles
Bolt Purchaser, LLC	Common Stock								1			1			1
												1			1
Consumer Staples Distribution & Retail
GMF Parent, Inc.	Limited Partnership								—			1			1
												1			1
Diversified Consumer Services
LHS Borrower, LLC	Limited Partnership								—			1			1
												1			1
Food Products
Manna Pro Products, LLC	Common Stock								21			—			—
Manna Pro Products, LLC	Common Stock								17			—			—
												—			—
Hotels, Restaurants & Leisure
Invited, Inc.	Common Stock								1			1			1
												1			1
Insurance
AQ Sunshine, Inc.	Limited Partnership								1			1			1
												1			1
Total Equity												23,124			17,413
Total Investments											$	4,465,856		$	4,309,053

(1) Variable rate loans to the portfolio companies bear interest at a rate that may be determined by reference to SOFR, or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower’s option, which reset semi-annually (S), quarterly (Q), or monthly (M). For each such loan, the interest rate provided was the rate in effect as of June 30, 2026.

(2) Loan includes interest rate floor feature.

(3) Investment is domiciled outside of the United States.

(4) The negative fair value, if applicable, results from the fair valuation of the unfunded commitment.

(5) The investment was on non-accrual status as of June 30, 2026.

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Below is a listing of SDLP’s individual investments as of December 31, 2025 (dollars in thousands):

 

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Company	Type of Investment	Reference Rate and Spread (1)				Interest Rate	Maturity	Par / Shares			Amortized Cost			Fair Value(4)			Footnotes
Senior Secured First Lien Loans
Aerospace & Defense
Acron Aviation, Inc.	Term Loan	SOFR	+	4.75%	(M)	8.42%	3/29/2032		9,191			9,191			9,191		(2)
												9,191			9,191
Automobile Components
Arrowhead Holdco Company	Delayed Draw Term Loan	SOFR	+	2.50% (2.75% PIK)	(Q)	8.94%	08/31/2028		2,414			2,342			1,906		(2)
Arrowhead Holdco Company	Delayed Draw Term Loan	SOFR	+	2.50% (2.75% PIK)	(Q)	8.92%	08/31/2028		37,057			35,956			29,275		(2)
Arrowhead Holdco Company	Delayed Draw Term Loan	SOFR	+	2.50% (2.75% PIK)	(Q)	8.92%	08/31/2028		42,557			40,999			33,620		(2)
Arrowhead Holdco Company	Term Loan	SOFR	+	2.50% (2.75% PIK)	(Q)	8.94%	08/31/2028		26,427			25,641			20,877		(2)
Arrowhead Holdco Company	Term Loan	SOFR	+	2.50% (2.75% PIK)	(Q)	8.94%	08/31/2028		179,643			174,307			141,918		(2)
Midco Holding, LLC	Term Loan	SOFR	+	7.50%	(M)	11.36%	11/9/2029		91,687			91,687			91,687		(2)
												370,932			319,283
Chemicals
RCR Buyer, LLC	Term Loan	SOFR	+	5.25%	(M)	8.97%	4/30/2031		5,569			5,569			5,569		(2)
SePRO Holdings, LLC	Term Loan	SOFR	+	5.25%	(M)	8.97%	7/26/2030		117,128			117,128			117,128		(2)
												122,697			122,697
Commercial Services & Supplies
Accommodations Plus Technologies LLC	Term Loan	SOFR	+	5.25%	(M)	8.94%	5/28/2032		7,783			7,783			7,783		(2)
Accommodations Plus Technologies LLC	Term Loan	SOFR	+	5.25%	(M)	8.94%	5/28/2032		2,523			2,523			2,523		(2)
Astra Service Partners, LLC	Delayed Draw Term Loan	N/A					11/26/2032		—			—			(15	)	(2)
Astra Service Partners, LLC	Term Loan	SOFR	+	4.50%	(M)	8.34%	11/26/2032		12,195			12,195			12,103		(2)
CARDS-Live Oak Holdings, Inc.	Delayed Draw Term Loan	N/A					10/21/2032		—			—			(21	)	(2)
CARDS-Live Oak Holdings, Inc.	Term Loan	SOFR	+	4.75%	(M)	8.42%	10/21/2032		10,368			10,368			10,264		(2)
ISQ Hawkeye HoldCo, Inc.	Delayed Draw Term Loan	SOFR	+	4.68%	(M)	8.43%	8/20/2031		3,713			3,713			3,713		(2)
ISQ Hawkeye HoldCo, Inc.	Delayed Draw Term Loan	SOFR	+	4.68%	(M)	8.43%	8/20/2031		81,491			81,491			81,491		(2)
ISQ Hawkeye HoldCo, Inc.	Term Loan	SOFR	+	4.68%	(M)	8.43%	8/20/2031		223,760			223,760			223,760		(2)
Pritchard Industries, LLC	Delayed Draw Term Loan	SOFR	+	5.75%	(Q)	9.57%	10/13/2027		46,350			46,350			43,105		(2)
Pritchard Industries, LLC	Term Loan	SOFR	+	5.75%	(Q)	9.57%	10/13/2027		193,846			193,846			180,277		(2)
												582,029			564,983
Construction & Engineering
Ground Penetrating Radar Systems, LLC	Delayed Draw Term Loan	SOFR	+	4.50%	(M)	8.17%	1/2/2032		4,450			4,450			4,450		(2)
Ground Penetrating Radar Systems, LLC	Term Loan	SOFR	+	4.50%	(Q)	8.17%	1/2/2032		182,499			182,499			182,499		(2)
Pave America Holding, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	8.69%	8/27/2032		883			883			863		(2)
Pave America Holding, LLC	Term Loan	SOFR	+	2.38% (2.88% PIK)	(M)	8.92%	8/27/2032		8,691			8,691			8,604		(2)
Valcourt Holdings II, LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	9.04%	11/21/2029		16,628			16,628			16,628		(2)
Valcourt Holdings II, LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	9.02%	11/21/2029		26,604			26,604			26,604		(2)
Valcourt Holdings II, LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	8.87%	11/21/2029		20,261			20,261			20,261		(2)
Valcourt Holdings II, LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	8.99%	11/21/2029		12,214			12,214			12,214		(2)
Valcourt Holdings II, LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	8.97%	11/21/2029		9,903			9,903			9,903		(2)
Valcourt Holdings II, LLC	Term Loan	SOFR	+	5.00%	(Q)	9.02%	11/21/2029		257,272			257,272			257,272		(2)
												539,405			539,298
Consumer Staples Distribution & Retail

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Company	Type of Investment	Reference Rate and Spread (1)				Interest Rate	Maturity	Par / Shares			Amortized Cost			Fair Value(4)			Footnotes
FS Squared Holding Corp.	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	8.47%	12/23/2030		116,262			116,262			116,262		(2)
FS Squared Holding Corp.	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	8.47%	12/23/2030		48,600			48,601			48,601		(2)
FS Squared Holding Corp.	Term Loan	SOFR	+	4.75%	(M)	8.47%	12/23/2030		248,325			248,325			248,325		(2)
												413,188			413,188
Distributors
Big Bucks Acquisition Corporation	Term Loan	SOFR	+	5.00%	(M)	8.67%	09/29/2031		8,327			8,327			8,223		(2)
												8,327			8,223
Electronic Equipment, Instruments & Components
EIS Legacy Holdco, LLC	Delayed Draw Term Loan	SOFR	+	4.50%	(M)	8.40%	11/05/2031		67,486			67,487			67,487		(2)
EIS Legacy Holdco, LLC	Term Loan	SOFR	+	4.50%	(Q)	8.40%	11/05/2031		218,295			218,295			218,295		(2)
												285,782			285,782
Financial Services
Convera International Holdings Limited	Term Loan	SOFR	+	6.00%	(Q)	9.84%	3/1/2030		11,387			11,387			11,387		(2)(3)
Convera International Holdings Limited	Term Loan	SOFR	+	6.00%	(Q)	9.84%	3/1/2030		1,206			1,206			1,206		(2)(3)
Convera International Holdings Limited	Term Loan	SOFR	+	6.00%	(S)	9.84%	3/1/2030		309			309			309		(2)(3)
Oak Funding, LLC	Delayed Draw Term Loan	N/A					12/2/2032		—			—			(12	)	(2)
Oak Funding, LLC	Term Loan	SOFR	+	4.50%	(M)	8.29%	12/2/2032		23,970			23,970			23,730		(2)
Tiger Holdco LLC	Delayed Draw Term Loan	SOFR	+	4.25%	(M)	7.98%	3/11/2031		23,439			23,439			23,439		(2)
Tiger Holdco LLC	Term Loan	SOFR	+	4.25%	(M)	7.98%	3/11/2031		116,291			116,291			116,291		(2)
												176,602			176,350
Food Products
GMF Parent, Inc.	Delayed Draw Term Loan	N/A					12/20/2032		—			—			(15	)	(2)
GMF Parent, Inc.	Delayed Draw Term Loan	N/A					12/20/2032		—			—			(13	)	(2)
GMF Parent, Inc.	Term Loan	SOFR	+	4.50%	(M)	8.20%	12/20/2032		10,519			10,519			10,467		(2)
Manna Pro Products, LLC	Delayed Draw Term Loan	SOFR	+	3.0% (3.50% PIK)	(Q)	10.30%	12/10/2029		29,424			28,701			23,245		(2)
Manna Pro Products, LLC	Term Loan	SOFR	+	3.0% (3.50% PIK)	(Q)	10.30%	12/10/2029		14,033			13,687			11,086		(2)
Manna Pro Products, LLC	Term Loan	SOFR	+	3.0% (3.50% PIK)	(Q)	10.30%	12/10/2029		47,344			46,181			37,402		(2)
Manna Pro Products, LLC	Term Loan	SOFR	+	3.0% (3.50% PIK)	(Q)	10.30%	12/10/2029		177,910			173,542			140,549		(2)
Quirch Foods Holdings, LLC	Delayed Draw Term Loan	N/A					11/12/2030		—			—			(27	)	(2)
Quirch Foods Holdings, LLC	Term Loan	SOFR	+	6.50%	(M)	10.34%	11/12/2030		25,526			25,526			25,271		(2)
												298,156			247,965
Health Care Equipment & Supplies
NMN Holdings III Corp	Term Loan	SOFR	+	4.50%	(M)	8.22%	07/31/2031		226,640			226,640			226,640		(2)
												226,640			226,640
Health Care Providers & Services
Premise Health Holding Corp	Term Loan	SOFR	+	4.50%	(M)	8.17%	11/8/2032		6,268			6,268			6,268		(2)
U.S. Urology Partners, LLC	Term Loan	SOFR	+	4.75%	(M)	8.42%	4/8/2032		5,000			5,000			5,000		(2)
												11,268			11,268
Health Care Technology
Surescripts, LLC	Term Loan	SOFR	+	5.00%	(Q)	8.67%	11/03/2031		111,656			111,656			111,656		(2)
												111,656			111,656
Hotels, Restaurants & Leisure
Birdie Bidco, Inc.	Delayed Draw Term Loan	N/A					11/17/2032		—			—			(5	)	(2)

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Company	Type of Investment	Reference Rate and Spread (1)				Interest Rate	Maturity	Par / Shares			Amortized Cost			Fair Value(4)			Footnotes
Birdie Bidco, Inc.	Term Loan	SOFR	+	4.50% (2.25% PIK)	(M)	10.42%	11/17/2032		5,622			5,622			5,594		(2)
Triwizard Holdings, Inc.	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	8.90%	6/29/2029		41,537			41,537			41,537		(2)
Triwizard Holdings, Inc.	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	8.90%	6/29/2029		59,100			59,100			59,100		(2)
Triwizard Holdings, Inc.	Term Loan	SOFR	+	5.00%	(Q)	8.67%	6/29/2029		165,750			165,750			165,750		(2)
												272,009			271,976
Household Durables
LHS Borrower, LLC	Term Loan	SOFR	+	5.25%	(M)	8.97%	09/04/2031		19,625			19,625			19,429		(2)
												19,625			19,429
Household Products
Walnut Parent, Inc.	Term Loan	SOFR	+	5.75%	(Q)	9.57%	11/09/2027		26,460			26,460			24,608		(2)
Walnut Parent, Inc.	Term Loan	SOFR	+	5.75%	(Q)	9.57%	11/09/2027		40,044			40,044			37,241		(2)
Walnut Parent, Inc.	Term Loan	SOFR	+	5.75%	(Q)	9.52%	11/09/2027		299,250			299,250			278,303		(2)
												365,754			340,152
Insurance
THG Acquisition, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	8.47%	10/31/2031		7,931			7,931			7,931		(2)
THG Acquisition, LLC	Term Loan	SOFR	+	4.75%	(M)	8.47%	10/31/2031		121,736			121,736			121,736		(2)
												129,667			129,667
IT Services
UFS, LLC	Term Loan	SOFR	+	4.75%	(M)	8.50%	10/14/2031		14,927			14,927			14,778		(2)
Victors Purchaser, LLC	Delayed Draw Term Loan	N/A					12/23/2032		—			—			(3	)	(2)
Victors Purchaser, LLC	Term Loan	SOFR	+	4.50%	(M)	8.19%	12/23/2032		11,545			11,545			11,516		(2)
Victors Purchaser, LLC	Term Loan	SOFR	+	4.50%	(M)	8.19%	12/23/2032		33			33			32		(2)
												26,505			26,323
Machinery
Harvey Tool Company, LLC	Delayed Draw Term Loan	N/A					10/26/2027		—			—			(13	)	(2)
Harvey Tool Company, LLC	Term Loan	SOFR	+	4.75%	(M)	8.47%	8/6/2032		240,212			240,212			239,011		(2)
												240,212			238,998
Software
Cority Software Inc.	Term Loan	SOFR	+	4.50%	(M)	8.34%	11/1/2032		11,884			11,884			11,824		(2)
Doxim Inc.	Term Loan	SOFR	+	6.50%	(M)	10.22%	11/30/2027		13,006			13,006			12,875		(2)(3)
Merit Software Finance Holdings, LLC	Delayed Draw Term Loan	N/A					12/30/2032		—			—			(25	)	(2)
Merit Software Finance Holdings, LLC	Term Loan	SOFR	+	5.25%	(M)	8.94%	12/30/2032		6,365			6,365			6,301		(2)
ML Holdco, Inc.	Delayed Draw Term Loan	N/A					10/25/2032		—			—			(5	)	(2)
ML Holdco, Inc.	Term Loan	SOFR	+	4.50%	(M)	8.37%	10/25/2032		7,936			7,936			7,896		(2)
												39,191			38,866
Trading Companies & Distributors
Penn Detroit Diesel Allison, LLC	Term Loan	SOFR	+	7.00%	(Q)	10.82%	12/14/2027		32,794			32,794			30,170		(2)
												32,794			30,170
Total Senior Secured First Lien Loans											$	4,281,630		$	4,132,105
Equity
Automobile Components
Midco Holding, LLC	Common Stock								45,844			—			—
Midco Holding, LLC	Preferred Shares								59,596			23,119			26,754
												23,119			26,754
Food Products
Manna Pro Products, LLC	Common Stock								38			—			—
												—			—
Total Equity												23,119			26,754
Total Investments											$	4,304,749		$	4,158,859

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(1) Variable rate loans to the portfolio companies bear interest at a rate that may be determined by reference to SOFR, or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower’s option, which reset semi-annually (S), quarterly (Q), or monthly (M). For each such loan, the interest rate provided was the rate in effect as of December 31, 2025.

(2) Loan includes interest rate floor feature.

(3) Investment is domiciled outside of the United States.

(4) The negative fair value, if applicable, results from the fair valuation of the unfunded commitment.

 

 

 

 

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Below are the consolidated statements of assets and liabilities for SDLP (dollars in millions):

 

		As of June 30, 2026				As of December 31, 2025
Selected Consolidated Statements of Assets and Liabilities Information:
Investments in loans at fair value (cost of $4,466 and $4,305, respectively)		$	4,309			$	4,159
Restricted cash			268				103
Other assets			18				25
Total assets		$	4,595			$	4,287
Senior notes		$	3,270			$	3,024
Intermediate funding notes			108				113
Interest payable			46				51
Other liabilities			95				47
Total liabilities			3,519				3,235
Members' capital			1,076				1,052
Total liabilities and members' capital		$	4,595			$	4,287

 

Below are the consolidated statements of operations for SDLP (dollars in millions):

 

		For the three months ended June 30,								For the six months ended June 30,
		2026				2025				2026				2025
Selected Consolidated Statement of Operation Information:
Total revenues		$	90			$	105			$	182			$	212
Total expenses			50				64				100				128
Net unrealized appreciation/(depreciation)			2				(11	)			(11	)			(39	)
Net realized gain/(loss)			—				2				—				2
Net income/(loss)		$	42			$	32			$	71			$	47

In accordance with Rules 3-09 and 4-08(g) of Regulation S-X, the Company must determine if any of its portfolio companies is considered a “significant subsidiary.” Pursuant to the definition of “significant subsidiary” applicable to investment companies set forth in Rule 1-02(w) of Regulation S-X, a portfolio company will meet the definition of “significant subsidiary” if either the investment test or the income test is triggered. Rule 3-09 of Regulation S-X requires the Company to include separate audited financial statements of any unconsolidated majority-owned subsidiary (portfolio company in which the Company owns greater than 50% of the unconsolidated subsidiary) in the Company's annual report on Form 10-K if one of the following conditions are met: (i) if the portfolio investment’s fair value exceeds 20% of the Company’s total investments at fair value (the investment test); or (ii) either (A) if the income from the portfolio investment exceeds 80% of the Company’s absolute value of the change in net assets from operations of the Company and its subsidiaries (the income test) or (B) if the income from the portfolio investment exceeds 20% of the Company’s absolute value of the change in net assets from operations of the Company and its subsidiaries and have a fair value exceeding 5% of the Company’s total investment fair value (the alternate income test). If the Company has an unconsolidated majority-owned subsidiary and does not satisfy any Rule 3-09 significant subsidiary conditions during a quarter end, the Company must include a summarized income statement within the notes to the quarterly financial statements.

Rule 4-08(g) of Regulation S-X requires the Company to include summarized financial information of any unconsolidated controlled subsidiary (portfolio company in which the Company owns greater than 25% of the voting securities of the unconsolidated subsidiary or otherwise controls the subsidiary) in the Company's annual report on Form 10-K if one of the following conditions are met: (i) if the portfolio investment’s fair value exceeds 10% of the Company’s total investments fair value (the investment test); or (ii) either (A) if the income from the portfolio investment exceeds 80% of the Company’s absolute value of the change in net assets from operations of the Company and its subsidiaries (the income test) or (B) if the income from the portfolio investment income exceeds 10% of the Company’s absolute value of the change in net assets from operations of the Company and its subsidiaries and have a fair value exceeding 5% of the Company’s total investment fair value (the alternate income test).

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After performing the investment analysis and income analysis for the six months ended June 30, 2026, the Company determined that the SDLP's fair value exceeded 20% of the Company's total investments at fair value. Accordingly, the related summary financial information is presented in the "Senior Direct Lending Program" heading above.

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Note 4. Fair Value Measurements

The following table presents the fair value measurements of the Company's investments, by major class according to the fair value hierarchy, as of June 30, 2026 (dollars in thousands):

 

	As of June 30, 2026
Investments	Level 1			Level 2			Level 3			Total
Senior Secured First Lien Loans	$	—		$	58		$	655,377		$	655,435
Equity		—			—			9,343			9,343
Subordinated Certificates of the SDLP		—			—			171,854			171,854
Total investments at fair value	$	—		$	58		$	836,574		$	836,632
Cash Equivalents
Money Market Funds		14,745			—			—			14,745
Total cash equivalents	$	14,745		$	—		$	—		$	14,745
Interest rate swaps		—			(311	)		—			(311	)
Total interest rate swaps	$	—		$	(311	)	$	—		$	(311	)

 

The following table presents the fair value measurements of the Company's investments, by major class according to the fair value hierarchy, as of December 31, 2025 (dollars in thousands):

	As of December 31, 2025
Investments	Level 1			Level 2			Level 3			Total
Senior Secured First Lien Loans	$	—		$	83		$	673,630		$	673,713
Equity		—			—			9,939			9,939
Subordinated Certificates of the SDLP		—			—			165,702			165,702
Total investments at fair value	$	—		$	83		$	849,271		$	849,354
Cash Equivalents
Money Market Funds		13,450			—			—			13,450
Total cash equivalents	$	13,450		$	—		$	—		$	13,450
Interest rate swaps		—			185			—			185
Total interest rate swaps	$	—		$	185		$	—		$	185

 

The following tables provide a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three and six months ended June 30, 2026 (dollars in thousands):

 

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	Senior Secured First Lien Loans			Equity			Subordinated Certificates of the SDLP			Total
Balance as of March 31, 2026	$	644,368		$	9,466		$	171,632		$	825,466
Purchases		50,495			130			6,743			57,368
Payment-in-kind and other adjustments to cost		(4,321	)		1			(59	)		(4,379	)
Repayments of investments		(32,784	)		(6	)		(7,541	)		(40,331	)
Net realized gains/(losses)		253			—			—			253
Net amortization of premium/discount		942			—			—			942
Net change in unrealized gains/(losses)		(3,576	)		(248	)		1,079			(2,745	)
Balance as of June 30, 2026	$	655,377		$	9,343		$	171,854		$	836,574
Net change in unrealized appreciation/(depreciation) for    investments still held as of June 30, 2026	$	(3,572	)	$	(248	)	$	1,079		$	(2,741	)
	Senior Secured First Lien Loans			Equity			Subordinated Certificates of the SDLP			Total
Balance as of December 31, 2025	$	673,630		$	9,939		$	165,702		$	849,271
Purchases		70,965			275			13,515			84,755
Payment-in-kind and other adjustments to cost		949			2			168			1,119
Repayments of investments		(80,497	)		(6	)		(8,268	)		(88,771	)
Net realized gains/(losses)		253			(348	)		—			(95	)
Net amortization of premium/discount		1,600			—			—			1,600
Net change in unrealized gains/(losses)		(11,523	)		(519	)		737			(11,305	)
Balance as of June 30, 2026	$	655,377		$	9,343		$	171,854		$	836,574
Net change in unrealized appreciation/(depreciation) for    investments still held as of June 30, 2026	$	(23,075	)	$	(1,536	)	$	(11,523	)	$	(36,134	)

 

The following tables provide a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three and six months ended June 30, 2025 (dollars in thousands):

	Senior Secured First Lien Loans			Equity			Subordinated Certificates of the SDLP			Total
Balance as of March 31, 2025	$	659,058		$	3,765		$	164,804		$	827,627
Purchases		54,128			8			4,167			58,303
Investment increases due to payment-in-kind income		504			—			(575	)		(71	)
Principal repayments		(60,383	)		8			(11,409	)		(71,784	)
Net realized gains/(losses)		—			—			—			—
Net amortization of premium/discount		751			—			—			751
Net change unrealized gains/(losses)		(4,806	)		(60	)		(2,658	)		(7,524	)
Balance as of June 30, 2025	$	649,252		$	3,721		$	154,329		$	807,302
Net change unrealized appreciation/(depreciation) for    investments still held as of June 30, 2025	$	(4,805	)	$	(63	)	$	(2,658	)	$	(7,526	)
	Senior Secured First Lien Loans			Equity			Subordinated Certificates of the SDLP			Total
Balance as of December 31, 2024	$	627,439		$	4,437		$	172,152		$	804,028
Purchases		103,486			376			7,559			111,421
Payment-in-kind and other adjustments to cost		1,563			—			(1,041	)		522
Repayments of investments		(78,424	)		(301	)		(18,807	)		(97,532	)
Net realized gains/(losses)		—			—			—			—
Net amortization of premium/discount		1,315			—			—			1,315
Net change in unrealized gains/(losses)		(6,127	)		(791	)		(5,534	)		(12,452	)
Balance as of June 30, 2025	$	649,252		$	3,721		$	154,329		$	807,302
Net change in unrealized appreciation/(depreciation) for    investments still held as of June 30, 2025	$	(13,052	)	$	(1,132	)	$	(17,364	)	$	(31,548	)

 

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The Company conducts a review of the fair value hierarchy classifications on a quarterly basis. The Company monitors the availability of observable market data to assess the appropriate classification of financial instruments within the fair value hierarchy. Changes in the observability of valuation inputs may result in a reclassification for certain financial assets or liabilities. Changes in economic conditions or model based valuation techniques may require the transfer of financial instruments from one fair value level to another. Reclassifications impacting Level 3 of the fair value hierarchy are reported as transfers in/out of the Level 3 category as of the beginning of the quarter in which the reclassifications occur. For the six months ended June 30, 2026, the Company had no investments transferred in/out of the Level 3 category. For the year ended December 31, 2025, the Company had no investments transferred in/out of the Level 3 category.

The Company generally employs the Income Based Approach (as described below) to estimate the fair value of its investments. Additionally, the Company may employ the Market Based Approach (as described below) to assess the total enterprise value of the portfolio company or any applicable collateral, in order to evaluate coverage of the Company’s investments.

Income Based Approach: The Company may use a discounted cash flow analysis to estimate the fair value of the investment, specifically the yield method. Projected cash flows represent the relevant investment’s contractual interest, fee and principal payments plus the assumption of full principal recovery at the investment’s expected maturity date. These cash flows are discounted at a rate that is calibrated to the initial transaction and monitored over time to adjust for changes in observed market spreads and yields since the issuance of the investment as well as changes in company specific factors. Significant increases or decreases in the discount rate would result in a decrease or increase in the fair value measurement.

Market Based Approach: The Company may estimate the total enterprise value of each portfolio company by utilizing cash flow (typically EBITDA or revenue, or the relevant industry metric) multiples of publicly traded comparable companies and comparable transactions. The Company considers numerous factors when selecting the appropriate companies whose trading multiples are used to value its portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, and relevant risk factors, as well as size, profitability and growth expectations. The Company may apply an average of various relevant comparable company multiples to the portfolio company’s latest twelve month EBITDA, revenue or other applicable metric to calculate the enterprise value of the portfolio company. The Company may also consider projected multiples in the assessment if applicable.

 

The following table presents the quantitative information about Level 3 fair value measurements of the Company's investments, as of June 30, 2026 (dollars in thousands):

 

	As of June 30, 2026
	Fair Value			Valuation Techniques	Significant Unobservable Inputs	Range of Significant Unobservable Inputs	Weighted Average (1)
Senior Secured First Lien Term Loans	$	572,332		Income Approach (DCF)	Discount Rate	6.7% - 22.9%	9.4%
Senior Secured First Lien Term Loans		25,784		Recent Transaction	Transaction Prices	98.0% - 99.5%	98.5%
Senior Secured First Lien Term Loans		57,261		Recovery Analysis	Recovery Rate	7.0x - 10.8x	9.2x
Equity		5,391		Market Approach	Market Multiple	9.5x - 19.6x	10.7x
Equity		3,851		Income Approach (DCF)	Discount Rate	6.0% - 15.8%	8.6%
				Market Approach	EBITDA Multiple	5.9x - 15.2x	11.6x
Equity		101		Recent Transaction	Transaction Prices	100.0% - 100.0%	100.0%
Subordinated Certificates of the SDLP		171,854		Income Approach (DCF)	Discount Rate	7.5% - 7.5%	7.5%
Total	$	836,574

(1) Unobservable inputs were weighted by the fair value of the investments.

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The following table presents the quantitative information about Level 3 fair value measurements of the Company's investments, as of December 31, 2025 (dollars in thousands):

	As of December 31, 2025
	Fair Value			Valuation Techniques	Significant Unobservable Inputs	Range of Significant Unobservable Inputs	Weighted Average (1)
Senior Secured First Lien Term Loans	$	622,287		Income Approach (DCF)	Discount Rate	6.6% - 81.4%	10.1%
Senior Secured First Lien Term Loans		23,686		Recent Transaction	Transaction Prices	98.7% - 99.5%	99.3%
Senior Secured First Lien Term Loans		27,657		Recovery Analysis	Recovery Rate	1.7x - 11.4x	9.0x
Equity		5,613		Market Approach	Market Multiple	9.5x - 28.8x	11.0x
Equity		3,996		Income Approach (DCF)	Discount Rate	6.0% - 17.9%	9.3%
				Market Approach	EBITDA Multiple	6.2x - 18.2x	11.4x
Equity		330		Recent Transaction	Transaction Prices	100.0% - 100.0%	100.0%
Subordinated Certificates of the SDLP		165,702		Income Approach (DCF)	Discount Rate	7.5% - 7.5%	7.5%
Total	$	849,271

(1) Unobservable inputs were weighted by the fair value of the investments.

Increases or decreases in any of the above unobservable inputs in isolation would result in a lower or higher fair value measurement for such assets. The significant unobservable input used in the market approach is the market multiple, derived from precedent transactions or comparable companies. The multiple is used to estimate the enterprise value of the underlying investment. An increase or decrease in the multiple would result in an increase or decrease, respectively, in the fair value. The significant unobservable input used in the income approach is the discount rate. The discount rate is used to discount the estimated future cash flows expected to be received from the underlying investment. An increase/decrease in the discount rate would result in a decrease or increase, respectively, in the fair value. The significant unobservable input used in the recovery analysis is the recovery rate. The recovery rate is typically derived from using a blended income and market approach to estimate proceeds that would be received in a liquidation scenario. An increase or decrease in the recovery rate would result in an increase or decrease, respectively, in the fair value.

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Note 5. Derivative Instruments

The Company enters into derivative instruments from time to time to help mitigate exposure to interest rate risk. Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements but do not meet the strict hedge accounting requirements. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. On February 2, 2024, in connection with each of the 2026 Notes and the 2028 Notes (as defined in "Note 6. Borrowings"), the Company entered into an interest rate swap agreement with CIBC Bank USA ("CIBC"). As of June 30, 2026 and December 31, 2025, the Company had two outstanding interest rates swaps that were designated as hedges in qualifying hedging relationships (as detailed below). The counterparty to each interest rate swap contract was CIBC.

Certain information related to the Company's derivative instruments as of June 30, 2026 is presented in the consolidated statements of assets and liabilities as follows:

As of June 30, 2026
Derivative Instrument		Notional Amount				Maturity Date		Gross Amount of Recognized Assets				Gross Amount of Recognized Liabilities				Consolidated Statements of Assets and Liabilities Location
Interest rate swap		$	25,000			12/21/2026		$	3			$	(19	)		Other Liabilities
Interest rate swap			25,000			12/21/2028			—				(292	)		Other Liabilities
Total		$	50,000					$	3			$	(311	)

Certain information related to the Company's derivative instruments as of December 31, 2025 is presented in the consolidated statements of assets and liabilities as follows:

 

As of December 31, 2025
Derivative Instrument		Notional Amount				Maturity Date		Gross Amount of Recognized Assets				Gross Amount of Recognized Liabilities				Consolidated Statements of Assets and Liabilities Location
Interest rate swap		$	25,000			12/21/2026		$	80			$	—			Other Assets
Interest rate swap			25,000			12/21/2028			105				—			Other Assets
Total		$	50,000					$	185			$	—

 

The Company records its derivatives on a net basis in the consolidated statements of assets and liabilities. The Company has a master netting agreement with its derivative counterparty which allows for the right to offset by counterparty. As of June 30, 2026, there have been no offsets.

Each of the interest rate swap agreements contain a provision whereby if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company also could be declared in default on its derivative obligations. As of June 30, 2026, the termination fair value of derivatives in a net liability position related to these agreements was $(0.3) million. As of June 30, 2026, the Company had not posted any collateral related to these agreements.

If the Company had breached any of these provisions at June 30, 2026, it could have been required to settle its obligations under the agreements at their termination fair value.

 

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Note 6. Borrowings

The ratio of a BDC’s total assets (less total liabilities other than indebtedness represented by senior securities) to its total indebtedness represented by senior securities plus preferred stock, if any, must be at least 200% or 150%, if certain requirements are met. In connection with the Company’s organization and the Initial Closing, the Board and its initial shareholder authorized the Company to adopt the 150% asset coverage ratio. Additionally, investors both consented to the minimum asset coverage ratio of 150% and agreed not to seek to redeem their shares of common stock in connection therewith, in each case in the subscription agreement. As of June 30, 2026, the Company's asset coverage ratio was 173.87%.

The Company’s outstanding debt as of June 30, 2026 and December 31, 2025 was as follows (dollars in thousands):

 

		As of June 30, 2026																As of December 31, 2025
		Aggregate Principal Amount Available				Principal Amount Outstanding				Carrying Value				Fair Value				Aggregate Principal Amount Available				Principal Amount Outstanding				Carrying Value				Fair Value
SMBC Facility			195,000				72,100				72,100				72,100				195,000				67,100				67,100				67,100
2026 Notes(1)(2)			25,000				25,000				24,959				25,000				25,000				25,000				24,999				25,000
2028 Notes(1)(2)			25,000				25,000				24,629				25,000				25,000				25,000				24,998				25,000
VCC CLO(1)			377,500				377,500				375,224				377,500				377,500				377,500				375,115				377,500
Total borrowings outstanding		$	622,500			$	499,600			$	496,912			$	499,600			$	622,500			$	494,600			$	492,212			$	494,600

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

(2) As of June 30, 2026, the carrying values of the 2026 Notes and the 2028 Notes are presented inclusive of an incremental $(0.0) million and $(0.3) million, each resulting from a hedge accounting relationship. As of December 31, 2025, the carrying value of the 2026 Notes and the 2028 Notes are presented inclusive of an incremental $0.1 million and $0.1 million, respectively, each resulting from a hedge accounting relationship.

 

SMBC Facility

On August 9, 2024, the Company entered into a Senior Secured Revolving Credit Agreement (the “SMBC Credit Agreement” and the senior secured credit facility thereunder, the “SMBC Facility”) by and among the Company, as borrower, the lenders party thereto from time to time, the issuing banks party thereto from time to time, and Sumitomo Mitsui Banking Corporation, as administrative agent, sole book runner and lead arranger.

The SMBC Facility is guaranteed by VCCEH, a wholly owned subsidiary of the Company, and will be guaranteed by certain subsidiary guarantors. Proceeds of the SMBC Facility may be used for general corporate purposes, including the funding of portfolio investments.

The initial maximum principal amount of the SMBC Facility was $170 million, subject to availability under the borrowing base, which is based on the Company’s and subsidiary guarantors’ portfolio investments and other outstanding indebtedness. Maximum capacity under the SMBC Facility may be increased to $400 million through the exercise by the Company of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. The maximum principal amount available under the SMBC Facility was increased from $170 to $195 million pursuant to the accordion feature under the SMBC Credit Agreement on August 28, 2024. The SMBC Facility provides for the issuance of letters of credit in an initial aggregate face amount of up to $10 million, subject to increase or reduction from time to time pursuant to the terms of the SMBC Facility. The SMBC Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Company and each subsidiary guarantor, subject to certain exceptions.

The availability period under the SMBC Facility will terminate on August 9, 2028 (the “SMBC Commitment Termination Date”) and the SMBC Facility will mature on August 9, 2029 (the “SMBC Maturity Date”). During the period from the SMBC Commitment Termination Date to the SMBC Maturity Date, the Company will be obligated to make mandatory prepayments under the SMBC Credit Agreement out of the proceeds of certain asset sales and other recovery events, equity and debt issuances and other returns of capital and extraordinary receipts.

The Company may borrow amounts in U.S. dollars or certain other permitted currencies. Amounts drawn under the SMBC Facility will bear interest at either term SOFR plus a 2.125% or 2.000% margin, or the alternate base rate plus a 1.125% or 1.000% margin depending on the ratio of the borrowing base compared to the outstanding debt of the SMBC Facility. The Company may elect either the term SOFR or the alternate base rate at the time of drawdown, and loans may be converted from one rate to another at any time at the Company’s option, subject to certain conditions. The Company also will pay a fee of 0.375% on average daily undrawn amounts under the SMBC Facility. The Company is also required to pay letter of credit participation fees and a fronting fee on the daily amount of any lender's exposure with respect to any letters of credit issued at the request of the Company under the SMBC Facility. As of June 30, 2026 and December 31, 2025, the Company had $2.2 million and $1.0 million, in letters of credit issued through the SMBC Facility,

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respectively. The amount available for borrowing under the SMBC Facility is reduced by any letters of credit issued. As of June 30, 2026, there was $120.7 million available for borrowing (net of letters of credit) under the SMBC Facility, subject to borrowing base limitations.

The SMBC Credit Agreement includes customary covenants, including certain limitations on the incurrence by the Company of additional indebtedness and on the Company’s ability to make distributions to its shareholders, or redeem, repurchase or retire shares of stock, upon the occurrence of certain events and certain financial covenants related to asset coverage and liquidity and other maintenance covenants, as well as customary events of default.

At June 30, 2026 and December 31, 2025, the carrying amount of the Company's borrowings under the SMBC Facility approximated their fair value. The fair values of the Company's debt obligations are determined in accordance with ASC 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value of the Company's borrowings under the SMBC Facility would be deemed to be Level 3 investments.

The following table summarizes the interest expense, unused fees and amortization of debt issuance costs incurred on the SMBC Facility for the three and six months ended June 30, 2026 and 2025 (dollars in thousands):

		For the three months ended June 30,								For the six months ended June 30,
		2026				2025				2026				2025
SMBC Facility interest		$	707			$	518			$	1,687			$	1,326
SMBC Facility unused fees			151				156				278				294
Amortization of debt issuance costs			88				87				174				174
Total interest and financing expenses related to the SMBC Facility		$	946			$	761			$	2,139			$	1,794
Weighted average outstanding debt balance of the SMBC Facility		$	46,155			$	30,756			$	55,415			$	39,993
Weighted average interest rate of the SMBC Facility (annualized)			6.1	%			6.8	%			6.1	%			6.7	%

 

VCC CLO 1, LLC

On November 26, 2024 (the “Closing Date”), the Company completed its $493.77 million term debt securitization (the “2024 Debt Securitization”), also known as a collateralized loan obligation, in connection with which a subsidiary of the Company issued the Debt (as defined below). The 2024 Debt Securitization is subject to the Company’s overall asset coverage requirement.

The debt offered in the 2024 Debt Securitization was issued and incurred by VCC CLO, an indirect, wholly-owned and consolidated subsidiary of the Company, and consists of (i) Class A-1 Senior Secured Floating Rate Notes, Class A-2 Senior Secured Floating Rate Loans, Class B Senior Secured Floating Rate Notes, Class B Senior Secured Floating Rate Loans and the Class C Mezzanine Secured Deferrable Floating Rate Notes (collectively, the “Secured Debt”), and (ii) the subordinated notes (the “Subordinated Notes” and, together with the Secured Debt, the “Debt”), the terms of which are summarized in the table below (dollars in thousands):

Class		Par Size ($)				Ratings (S&P)		Ratings (Fitch)		Coupon
Class A-1 Notes		$	280,000			AAA(sf)		AAA(sf)		SOFR + 1.71%
Class A-2 Loans			30,000			AAA(sf)		N/A		SOFR + 1.85%
Class B Notes			7,000			AA (sf)		N/A		SOFR + 2.15%
Class B Loans			23,000			AA (sf)		N/A		SOFR + 2.15%
Class C Notes			37,500			A (sf)		N/A		SOFR + 2.65%
Subordinated Notes			116,270			N/A		N/A		N/A

 

VCC CLO Depositor, a direct, wholly owned subsidiary of the Company, retained all of the Subordinated Notes issued in the 2024 Debt Securitization and eliminated in consolidation.

The 2024 Debt Securitization is backed by a diversified portfolio of middle market commercial loans and participation interests therein, which is managed by the Company pursuant to a collateral management agreement entered into with VCC CLO on the Closing Date (the “Collateral Management Agreement”). The Company has agreed to irrevocably waive all collateral management fees payable to it

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so long as it is the collateral manager under the Collateral Management Agreement. The Debt is scheduled to mature on October 20, 2036; however, the Debt may be redeemed by VCC CLO, at the written direction of (i) a majority of the Subordinated Notes with the consent of the Company or (ii) the Company, in each case, on any business day on or after November 26, 2026.

As part of the 2024 Debt Securitization, the Company, VCC CLO Depositor and VCC CLO entered into a loan sale and contribution agreement on the Closing Date (the “Sale Agreement”), pursuant to which the Company sold, transferred, assigned, contributed or otherwise conveyed to VCC CLO Depositor and VCC CLO Depositor subsequently sold, transferred, assigned, contributed or otherwise conveyed to VCC CLO the loans and participations therein securing the 2024 Debt Securitization for the purchase price and other consideration set forth in the Sale Agreement. Following this transfer, VCC CLO, and not VCC CLO Depositor or the Company, holds all of the ownership interest in such loans and participations therein. The Company made customary representations, warranties and covenants in the Sale Agreement.

The Secured Debt is a secured obligation of VCC CLO, the Subordinated Notes are the unsecured obligations of VCC CLO, and the indenture and security agreement governing the Debt includes customary covenants and events of default. The Debt has not been, and will not be, registered under the Securities Act of 1933, as amended (the "1933 Act"), or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from registration.

At June 30, 2026 and December 31, 2025, the carrying amount of the Secured Debt of VCC CLO approximated its fair value. The fair values of the Company's debt obligations are determined in accordance with ASC 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value of the Secured Debt of VCC CLO would be deemed to be Level 3 investments.

The following table summarizes the interest expense and amortization of debt issuance costs incurred on VCC CLO for the three and six months ended June 30, 2026 and 2025 (dollars in thousands):

		For the three months ended June 30,								For the six months ended June 30,
		2026				2025				2026				2025
VCC CLO interest		$	5,270			$	5,881			$	10,520			$	11,846
Amortization of debt issuance costs			55				55				109				109
Total interest and financing expenses related to VCC CLO		$	5,325			$	5,936			$	10,629			$	11,955
Weighted average outstanding debt balance of VCC CLO		$	377,500			$	377,500			$	377,500			$	377,500
Weighted average interest rate of VCC CLO (annualized)			5.6	%			6.2	%			5.6	%			6.3	%

 

Unsecured Notes

 

On December 21, 2023, the Company entered into a Master Note Purchase Agreement (the “Note Purchase Agreement”) governing the issuance of $25,000,000 in aggregate principal amount of Series A Senior Notes, Tranche A, due December 21, 2026, with a fixed interest rate of 8.10% per year (the “2026 Notes”), and $25,000,000 in aggregate principal amount of Series A Senior Notes, Tranche B, due December 21, 2028, with a fixed interest rate of 8.20% per year (the “2028 Notes” and, together with the 2026 Notes, the “Notes”), to qualified institutional investors in a private offering exempt from the registration requirements of the 1933 Act. The Notes are guaranteed by VCCEH, a wholly owned subsidiary of the Company. The interest rate of each Note is subject to an adjustment in the event of certain triggering events, including, an Asset Coverage Ratio Event, a Secured Debt Ratio Event, and a Below Investment Grade Event (each as defined in the Note Purchase Agreement). As of December 31, 2024, the Company's asset coverage ratio was below 200%, which triggered an Asset Coverage Ratio Event. Accordingly, effective January 1, 2025, the interest rates of the 2026 Notes and the 2028 Notes increased to 9.10% and 9.20% per year, respectively.

 

Interest on the Notes are payable semi-annually on June 21 and December 21 each year. The 2026 Notes and the 2028 Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option prior to September 21, 2026 and September 21, 2028, respectively, at par plus accrued interest to the redemption date and a make-whole premium, and thereafter at par plus accrued interest to the redemption date. In addition, the Company is obligated to offer to prepay the Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.

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On February 2, 2024, in connection with each of the 2026 Notes and the 2028 Notes, the Company entered into an interest rate swap agreement for a total notional amount of $25,000,000 and $25,000,000 that matures on December 21, 2026 and December 21, 2028, respectively. Under the interest rate swap agreement for the 2026 Notes and the 2028 Notes, the Company receives a fixed interest rate of 8.10% and 8.20% and pays a floating interest rate of SOFR + 4.226% and SOFR + 4.595%, respectively. The Company designated these interest rate swaps, the 2026 Notes, and the 2028 Notes as a qualifying fair value hedge accounting relationship. For more information, see "Note 5. Derivative Instruments."

 

At June 30, 2026, and December 31, 2025, the carrying amount of the Notes approximated their fair value. The fair values of the Company's debt obligations are determined in accordance with ASC 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value of the Notes would be deemed to be Level 3 investments.

 

The following table summarizes the interest expenses and amortization of debt issuance costs incurred on the Notes for the three and six months ended June 30, 2026 and 2025 (dollars in thousands):

 

		For the three months ended June 30,								For the six months ended June 30,
		2026				2025				2026				2025
2026 Notes interest		$	569			$	569			$	1,138			$	1,138
2028 Notes interest			575				575				1,150				1,150
Amortization of debt issuance costs			24				24				48				48
Effect of interest rate swap			29				73				47				130
Total		$	1,197			$	1,241			$	2,383			$	2,466
Weighted average stated interest rate, net of effect of interest rate swaps			9.4	%			9.8	%			9.4	%			9.7	%
Weighted average outstanding balance			50,000				50,000				50,000				50,000

 

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Note 7. Related Party Transactions

Investment Advisory Agreement

The Company is a party to the amended and restated investment advisory agreement, dated June 12, 2024, by and between the Company and the Adviser (the “Investment Advisory Agreement”). Pursuant to the Investment Advisory Agreement, the Company pays the Adviser a fee for its investment advisory and management services consisting of two components—a base management fee and an incentive fee. The cost of both the base management fee and the incentive fee will ultimately be borne by the shareholders.

Base Management Fee

Pursuant to the Investment Advisory Agreement, prior to a Public Listing, the Company pays to the Adviser a fee (the “Management Fee”) for management services in an amount equal to an annual rate of 0.75% of the Company's "Adjusted Gross Assets". The Company's Adjusted Gross Assets is the average of the accreted or amortized cost basis of the Company's portfolio investments, excluding cash and cash equivalents and undrawn capital commitments at the end of the two most recently completed fiscal quarters (and, in the case of the first quarter-end following the Initial Closing, at the end of such fiscal quarter-end). The Management Fee is payable quarterly in arrears. Pursuant to the Investment Advisory Agreement, beginning with the first full calendar quarter following Public Listing, the Company will pay to the Adviser the Management Fee in an amount equal to an annual rate of 1.00% of the Adjusted Gross Assets payable quarterly in arrears (and, in the case of the first full calendar quarter-end following a Public Listing, at the end of such fiscal quarter-end).

For the three and six months ended June 30, 2026, the Company incurred base management fees to the Adviser of $1.6 million and $3.2 million, respectively.

For the three and six months ended June 30, 2025, the Company incurred base management fees to the Adviser of $1.6 million and $3.1 million, respectively.

As of June 30, 2026 and December 31, 2025, $1.6 million and $1.6 million, respectively, was included in “base management fees payable” in the accompanying consolidated statements of assets and liabilities.

Income Incentive Fee and Capital Gain Incentive Fee Calculation

Pursuant to the Investment Advisory Agreement, the Company pays to the Adviser an incentive fee consisting of two components – an incentive fee based on a percentage of net investment income (the "Income Incentive Fee") and an incentive fee based on a percentage of capital gains (the "Capital Gains Incentive Fee"). The two components of the incentive fee are independent of each other and therefore, one component may be payable to the Adviser even if the other component is not payable to the Adviser.

Income Incentive Fee

The first part of the incentive fee, the Income Incentive Fee, is calculated and payable quarterly in arrears.

Prior to a Public Listing, under the Investment Advisory Agreement, the Income Incentive Fee will be calculated, subject to the Incentive Fee Cap (as defined below), and payable quarterly in arrears in respect of the Trailing Twelve Quarters as follows:

(i)

no incentive fee in any calendar quarter in which the Company’s aggregate Pre-Incentive Fee Net Investment Income in respect of the relevant Trailing Twelve Quarters does not exceed the hurdle rate of 1.75% for such Trailing Twelve Quarters;

 

(ii)

100% of the excess of the Company’s aggregate Pre-Incentive Fee Net Investment Income in respect of the relevant Trailing Twelve Quarters with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate until the Adviser has received a “catch-up” equal to 12.5% of the aggregate Pre-Incentive Fee Net Investment Income in respect of the relevant Trailing Twelve Quarters; and

(iii)

12.5% of the Company’s remaining aggregate Pre-Incentive Fee Net Investment Income in respect of the relevant Trailing Twelve Quarters, if any, that exceeds the “catch-up”.

Beginning with the first full calendar quarter following a Public Listing, under the Investment Advisory Agreement, the Income Incentive Fee will be calculated, subject to the Incentive Fee Cap, and payable quarterly in arrears in respect of the Trailing Twelve Quarters as follows:

(i)

no incentive fee in any calendar quarter in which the Company’s aggregate Pre-Incentive Fee Net Investment Income in respect of the relevant Trailing Twelve Quarters does not exceed the hurdle rate of 1.75% for such Trailing Twelve Quarters;

 

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(ii)

100% of the excess of the Company’s aggregate Pre-Incentive Fee Net Investment Income in respect of the relevant Trailing Twelve Quarters with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate until the Adviser has received a “catch-up” equal to 17.5% of the aggregate Pre-Incentive Fee Net Investment Income in respect of the relevant Trailing Twelve Quarters; and

 

(iii)

17.5% of the Company’s remaining aggregate Pre-Incentive Fee Net Investment Income in respect of the relevant Trailing Twelve Quarters, if any, that exceeds the “catch-up”.

“Pre-incentive fee net investment income” means interest income, dividend income, accrued interest on the Subordinated Certificates, and any other income including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies accrued during the relevant calendar quarter, minus its operating expenses during the relevant calendar quarters including the Management Fee, expenses payable under the Administration Agreement (as defined below), and any interest expense and any dividends paid on any issued and outstanding preferred stock, but excluding the Income 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 PIK interest and zero coupon securities), accrued income that we have not yet received in cash. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

The Income Incentive Fee for a particular quarter is subject to a cap (the "Incentive Fee Cap”). Beginning with the first full calendar quarter following a Public Listing, the Incentive Fee Cap is equal to the difference between (x) 12.5% of the Cumulative Net Return (as defined below) from the calendar quarter then ending and the eleven preceding calendar quarters (such period the “Trailing Twelve Quarters”) and (y) the aggregate Income Incentive Fees that were paid to the Adviser by the Company in respect of the first eleven calendar quarters (or the portion thereof) included in the relevant Trailing Twelve Quarters. Following a Public Listing, the Incentive Fee Cap will be equal to the difference between (x) 17.5% of the Cumulative Net Return during the relevant Trailing Twelve Quarters and (y) the aggregate Income Incentive Fees that were paid to the Adviser by the Company in respect of the first eleven calendar quarters (or the portion thereof) included in the relevant Trailing Twelve Quarters. Cumulative Net Return is defined as the sum of (a) pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters and (b) cumulative aggregate realized capital gains, cumulative aggregate realized capital losses, cumulative aggregate unrealized capital depreciation and cumulative aggregate unrealized capital appreciation in respect of the relevant Trailing Twelve Quarters.

For the three and six months ended June 30, 2026, the Company incurred an Income Incentive Fee of $1.0 million and $1.2 million, respectively.

For the three and six months ended June 30, 2025, the Company incurred an Income Incentive Fee of $0.5 million and $1.4 million, respectively.

As of June 30, 2026 and December 31, 2025, $1.0 million and $1.4 million, respectively, was included in “Income-based incentive fee payable” in the accompanying consolidated statements of assets and liabilities.

Capital Gains Incentive Fee

The second part of the incentive fee, the capital gains incentive fee ("Capital Gains Incentive Fee"), is determined and payable in arrears as of the end of each fiscal year. Prior to a Public Listing, the amount of Capital Gains Incentive Fee is equal to 12.5% of the Company’s realized capital gains, if any, on a cumulative basis from inception through the end of the fiscal year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees. Beginning with the first full calendar quarter following a Public Listing, the Capital Gains Incentive Fee will be equal to 17.5% of the Company’s realized capital gains, if any, on a cumulative basis from inception through the end of the fiscal year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gains incentive fees.

For the three and six months ended June 30, 2026 and 2025, the Company did not incur a Capital Gains Incentive Fee.

In addition, the Adviser and its affiliates pay to the Company its allocable portion of any transaction, advisory or similar fees received in connection with the Company’s investment activities. The Adviser determines the Company’s allocable portion of such fees based on the Company’s ownership of the investment or securities related to the activity or investment, as applicable. The Adviser and its affiliates retain a portion of any transaction or transaction-related fee (including break-up fees, structuring fees, monitoring fees, commitment fees, or brokerage or underwriting compensation), advisory fees, or similar fees received in connection with the Company’s investment activities to the extent permitted by the 1940 Act, and may earn other transaction or transaction-related fees, advisory fees, or similar fees from the same transactions from sources other than the Company.

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Administration Agreement

The Company is a party to an administration agreement, dated September 6, 2023, (the "Administration Agreement"), by and between the Company and Varagon (in its capacity as the administrator, the "Administrator"). Pursuant to the Administration Agreement, the Administrator (or one or more delegated service providers) furnishes the Company with office facilities, together with equipment and clerical, bookkeeping and recordkeeping services at such facilities. Under the Administration Agreement, the Administrator also performs, or oversees the performance of, the Company’s required administrative services, which includes being responsible for the financial records that the Company is required to maintain and preparing reports to the Company’s shareholders and reports filed with the SEC and otherwise assists with the Company’s compliance with the rules and regulations applicable to a BDC and RIC. In addition, the Administrator assists the Company in determining and publishing the Company’s net asset value, overseeing the preparation and filing of the Company’s tax returns and the printing and dissemination of reports to the Company’s shareholders, and generally overseeing the payment of the Company’s expenses and the performance of administrative and professional services rendered to the Company by others. The Administrator will charge the Company only for the actual expenses it incurs on its behalf, or its allocable portion thereof, without any profit to the Administrator.

For the three and six months ended June 30, 2026, the Company recorded administrator expenses of $0.2 million and $0.5 million, respectively.

For the three and six months ended June 30, 2025, the Company recorded administrator expenses of $0.3 million and $0.5 million, respectively.

As of June 30, 2026 and December 31, 2025, the Company had $0.2 million and $0.2 million, respectively, in "Administrator expenses payable" in the accompanying consolidated statements of assets and liabilities.

On June 2, 2022, the Administrator also entered into a sub-administration agreement with State Street Bank and Trust Company (the “Sub-Administrator”), under which the Sub-Administrator provides various accounting and administrative services to the Company, subject to the oversight of the Administrator, including preparing certain financial information, providing certain treasury services, and providing certain fund accounting services. The Company, on behalf of the Administrator, will pay the Sub-Administrator fees for its services as it determines are commercially reasonable in its sole discretion and for all reasonable expenses. To the extent that the Sub-Administrator outsources any of its functions, the Sub-Administrator pays any compensation associated with such functions.

Expense Reimbursement Agreement

On June 2, 2022, the Company and the Adviser entered into an expense reimbursement agreement (the “Expense Reimbursement Agreement”) pursuant to which the Company reimburses the Adviser or Varagon, as applicable, for any organizational and offering expenses incurred by the Company and funded by the Adviser or Varagon. The Adviser elected to incur the organizational and offering expenses associated with the Company for the period from July 31, 2019 through March 29, 2022. Such organizational and offering expenses are not reimbursable by the Company (See "Note 2. Significant Accounting Policies").

Pursuant to the terms of the Expense Reimbursement Agreement, any such reimbursement will be made during the first four fiscal quarters following the 24-month period after the Initial Closing (the “Fundraising Period”), which ended on December 2, 2025. For the avoidance of doubt the Company must reimburse the Adviser or, as applicable, Varagon, for the organizational and offering expenses incurred by the Company during the first four fiscal quarters following the extended Fundraising Period (i.e. beginning with the fiscal quarter ending March 31, 2026). The Company’s obligation to reimburse the Adviser or Varagon, as applicable, under the Expense Reimbursement Agreement automatically became a liability of the Company on June 2, 2022, when the Company elected to be regulated as a BDC under the 1940 Act. For the avoidance of doubt, reimbursements under the Expense Reimbursement Agreement are not conditioned on any performance threshold and are not considered a contingent liability for accounting purposes.

The Adviser elected to incur the Organizational and Offering Expenses associated with the Company for the period from July 31, 2019 through March 29, 2022. As of December 31, 2025, all Organizational and Offering Expenses incurred by the Company were reimbursed to the Adviser or Varagon, as applicable.

Fronting Letter Agreement

On December 15, 2022, the Company and Varagon entered into a Fronting Letter Agreement (the “Fronting Letter”). Pursuant to the Fronting Letter, for purposes of facilitating the Company’s funding obligations under or in connection with one or more of the Company's portfolio investments, upon request by the Company or the Adviser, and the consent of Varagon, Varagon will advance up to an aggregate amount of $15.0 million to the Company (each advance, a "Fronted Amount"). No fees or interest is payable to Varagon by the Company with respect to any Fronted Amount. Each Fronted Amount will be reimbursed to Varagon by the Company within 90 days of receipt without any interest or fees.

As of June 30, 2026 and December 31, 2025, there were no Fronted Amounts advanced by the Company from Varagon.

Placement Agent Agreements

On September 6, 2023, the Adviser entered into an agreement with Man Investments Inc. on behalf of the Company, pursuant to which Man Investments Inc., assists the Company in conducting any private placement of its shares of common stock (the "Man Placement Agent Agreement"). On October 13, 2023, the Adviser entered into an agreement with Man Investments Inc. on behalf of the Company,

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pursuant to which Man Investments Inc. assists the Company in conducting any private placement of its shares of common stock in Canada (together with the Man Placement Agent Agreement, the "Placement Agent Agreements").

For avoidance of doubt, the Adviser or its affiliates are solely responsible for any placement or “finder’s” fees payable to any placement agents engaged by the Adviser on behalf of the Company in connection with any private placement of its shares of common stock.

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Note 8. Commitments and Contingencies

Unfunded commitments

As of June 30, 2026 and December 31, 2025, the Company had commitments under loan and financing agreements to fund up to $100.6 million to 87 portfolio companies and $104.9 million to 76 portfolio companies, respectively. These commitments are primarily composed of senior secured term loans, revolvers, and in the SDLP, and an analysis of their fair value is included in the Consolidated Schedules of Investments. The Company's obligation to fund commitments is generally subject to the borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. The terms of the borrowings and financings subject to commitment are comparable to the terms of other loan and equity securities in our portfolio. A summary of the composition of the unfunded commitments as of June 30, 2026 and December 31, 2025 are shown in the table below (dollars in thousands):

 

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Issuer		As of June 30, 2026				As of December 31, 2025
360 Partners LLC			3,043				3,043
360 Partners LLC			1,261				1,739
3G Intermediate, Inc.			—				400
42 North Dental, LLC			568				—
42 North Dental, LLC			284				—
Accupac, LLC			435				652
ACP Oak Buyer, Inc.			1,498				1,498
ACP Oak Buyer, Inc.			—				333
Advanced Infusion Solutions Acquisition, LLC			210				—
Advanced Infusion Solutions Acquisition, LLC			998				—
Advanced Web Technologies Holding Company			274				274
Advanced Web Technologies Holding Company			—				608
Alert SRC Newco LLC			524				604
Allergy & Clinical MidCo, LLC			2,354				2,354
Allergy & Clinical MidCo, LLC			129				257
Andretti Buyer, LLC			41				—
Andretti Buyer, LLC			41				—
Apex Dental Partners, LLC			759				683
Apex Dental Partners, LLC			497				1,390
Basin Innovation Group, LLC			—				329
Basin Innovation Group, LLC			1,266				1,266
Bebright MSO, LLC			1,237				1,237
BH Buyer, Inc.			776				776
Big Bucks Acquisition Corporation			795				795
Boulder Scientific Company, LLC			71				71
BRG Acquisition Co., LLC			600				600
Castleworks Home Services Company			7				7
Champion Elevator Operating Corporation			304				—
Champion Elevator Operating Corporation			609				—
Charlie RF Voltron Acquisition, Inc.			266				—
Charlie RF Voltron Acquisition, Inc.			178				—
Concord III, L.L.C.,			52				52
CPL Consultants, LLC			50				—
CPL Consultants, LLC			396				—
Distinct Holdings, Inc.			689				451
DRML Holdings LLC			2,000				2,000
DRML Holdings LLC			1,333				1,333
Easy Ice, LLC			704				1,043
Easy Ice, LLC			597				495
Empower Benefits Inc.			186				—
Eventus Buyer, LLC			1,730				1,730
Eventus Buyer, LLC			519				404
Express Wash Acquisition Company, LLC			180				180
Eye Health America, LLC			137				184
Eye Health America, LLC			600				528
FS Squared Holding Corp.			60				60
FS Squared Holding Corp.			54				14
G-3 Mobility Buyer LLC			567				—
G-3 Mobility Buyer LLC			847				—
Gen4 Dental Partners OPCO, LLC			—				585
Gen4 Dental Partners OPCO, LLC			—				2,342
Healthfuse, LLC			1,442				1,442
Hissho Parent, LLC			635				635
HLSG Intermediate, LLC			—				25
HLSG Intermediate, LLC			—				121

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Issuer		As of June 30, 2026				As of December 31, 2025
Horizon Freight Holdings, Inc.			1,543				1,543
Horizon Freight Holdings, Inc.			1,543				1,543
Horizon Freight Holdings, Inc.			302				474
HTI Intermediate, LLC			493				657
Hub Pen Company, LLC			629				472
Iron Pillar United Mining Group, LLC			650				—
Iron Pillar United Mining Group, LLC			325				—
ISQ Hawkeye HoldCo, Inc.			32				—
iVision Buyer, LLC			409				—
JTM Foods LLC			5				14
KL Bronco Acquisition, Inc.			536				714
KL Charlie Acquisition Company			52				52
Krayden Holdings, Inc.			482				566
Krayden Holdings, Inc.			865				480
Lav Gear Intermediate Holdings, INC.			59				73
Le Sueur, Incorporated			1,210				—
Le Sueur, Incorporated			484				—
Leiters, Inc.			145				56
Lightspeed Buyer, Inc.			701				318
Lightspeed Buyer, Inc.			159				—
M&D Midco, Inc.			3,503				3,503
M&D Midco, Inc.			486				804
MDI Buyer, Inc.			—				453
MDI Buyer, Inc.			1,171				1,171
MechanAir, LLC			1,188				1,188
MechanAir, LLC			150				150
MES Intermediate, Inc. (fka Municipal Emergency Services, Inc. )			300				300
MWD Management, LLC			400				400
National Safety Apparel LLC (fka BPCP NSA Intermedco, Inc.)			996				996
NBPT Acquisition LLC			1,754				1,834
NBPT Acquisition LLC			355				444
NS and Associates LLC			468				468
OIS Management Services, LLC			577				577
Oliver Packaging, LLC			411				411
Online Labels Group, LLC			11				11
Online Labels Group, LLC			9				9
Online Labels Group, LLC			4				4
Painters Supply and Equipment Co. (fka Graffiti Buyer, Inc.)			—				1,213
Pareto Buyer, LLC			932				932
Pareto Buyer, LLC			621				621
Pediatric Home Respiratory Services, LLC			2,250				2,250
Pediatric Home Respiratory Services, LLC			1,000				1,250
Phia Purchaser, LLC			378				378
Phia Purchaser, LLC			630				630
Pillr Health Intermediate II, LLC			377				550
Pillr Health Intermediate II, LLC			507				1,019
QM Buyer, Inc.			1,470				2,306
QM Buyer, Inc.			1,153				1,153
RBS Buyer Inc.			918				918
RBS Buyer Inc.			551				551
Reliable Medical Supply Acquisitionco LLC			668				668
Reliable Medical Supply Acquisitionco LLC			1,169				1,169
RFI Buyer, Inc.			156				166
RFI Buyer, Inc.			724				1,153
RWA Wealth Partners, LLC			5,300				5,300

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Issuer		As of June 30, 2026				As of December 31, 2025
RWA Wealth Partners, LLC			1,944				1,944
Senior Direct Lending Program, LLC			8,513				8,625
Sentinel Technologies, Inc			591				591
SHF Holdings, Inc.			144				144
Source Holding Delaware, LLC			294				571
Source Holding Delaware, LLC			1,645				1,645
Specialized Dental Holdings II, LLC			1,872				1,872
Techmer BB Bidco, LLC			2				3
Techmer BB Bidco, LLC			3				3
Titan Group Holdco, LLC			586				586
Titan Group Holdco, LLC			235				586
Titan Group Holdco, LLC			—				586
Triwizard Holdings, Inc.			472				—
TRX Buyer LLC			300				—
TRX Buyer LLC			526				—
TWH Bidco, LLC			705				—
UHY Advisors, Inc.			1,383				1,247
UHY Advisors, Inc.			2,221				5,832
US Health Partners Management, LLC			3				22
US Health Partners Management, LLC			—				6
U.S. Urology Partners, LLC			483				853
USN Opco, LLC			377				556
USN Opco, LLC			302				—
USSC Holding Corp.			246				246
Velocity Buyer, Inc.			1,781				1,781
VG Target Holdings, LLC			—				27
VP Security Buyer, Inc.			208				208
VP Security Buyer, Inc.			111				139
VTC Buyer Corp			361				361
VTC Buyer Corp			333				505
Xifin, Inc.			427				474
Zavation Medical Products, LLC			159				—
Zep Holdco Inc.			1,319				1,000
Total Unfunded Commitments		$	100,560			$	104,865

 

The Company believes its assets will provide adequate coverage to satisfy these unfunded commitments. As of June 30, 2026, the Company had cash of $39.9 million, available borrowings under the SMBC Facility of $120.7 million, subject to borrowing base limitations, and undrawn capital commitments of $73.5 million.

Also included within commitments, as of June 30, 2026 and December 31, 2025, were commitments to issue up to $0.7 million and $0.2 million, respectively, in letter of credit through a financial intermediary on behalf of certain portfolio companies. As of June 30, 2026 and December 31, 2025, respectively, the Company had not issued any letters of credit. If the Company were to issue any letters of credit, it would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations.

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Note 9. Directors' Fees and Expenses

The Company’s business and its affairs are managed under the direction of the Board. The Board consists of four (4) members, three (3) of whom are not “interested persons” (as defined in Section 2(a)(19) of the 1940 Act) of the Company (the “Independent Directors”).

The Independent Directors receive an annual fee of $80,000. The Independent Directors also will receive an additional fee of $2,500 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each regular meeting of the Board. In addition, the Independent Directors will receive an additional fee of $1,500 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each special Board meeting. The Independent Directors also will receive a fee of $1,000 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each committee meeting. The lead Independent Director will receive an additional annual fee of $7,500. The chair of the Board's audit committee will receive an additional annual fee of $15,000 in lieu of fees for attending audit committee meetings. The chair of the Board's nominating and corporate governance committee will receive an additional annual fee of $7,500 in lieu of fees for attending nominating and corporate governance committee meetings.

For the three and six months ended June 30, 2026, the Company accrued directors' fees of $0.1 million and $0.1 million, respectively. For the three and six months ended June 30, 2025, the Company accrued directors' fees of $0.1 million and $0.2 million, respectively. As of June 30, 2026 and December 31, 2025, the Company had $0.1 million and $0.1 million, respectively, in "Directors' fees and expenses payable" in the accompanying consolidated statements of assets and liabilities.

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Note 10. Share Data and Distributions

Earnings per share

The following table sets forth the computation of basic and diluted earnings per share, for the three and six months ended June 30, 2026 and 2025 (dollars in thousands, except per share data):

 

	For the three months ended June 30,								For the six months ended June 30,
	2026				2025				2026				2025
Net increase (decrease) in net assets resulting from operations	$	7,172			$	3,690			$	8,359			$	9,657
Weighted average shares outstanding (basic and diluted)		41,537,571				41,529,909				41,537,160				41,528,578
Earnings per share (basic and diluted)	$	0.17			$	0.09			$	0.20			$	0.23

 

Capital Activity

The Company is authorized to issue 500,000,000 shares of common stock at a par value of $0.01 per share. Beginning with the initial closing on June 2, 2022 (the "Initial Closing") through December 2, 2025 (the "Fundraising Period"), the Company conducted an offering of its shares of common stock to “accredited investors” (as defined in Rule 501(a) of Regulation D promulgated under the 1933 Act) in a private placement in the United States under the exemption provided by Section 4(a)(2) of the 1933 Act and Rule 506(c) under Regulation D promulgated thereunder, and the exemption provided by Regulation S with respect to any investors outside of the United States, as applicable. The Fundraising Period commenced when the Company held the Initial Closing and entered into subscription agreements in which investors made capital commitments to purchase shares of common stock (the “Subscription Agreements”), providing private placement of the Company’s shares of common stock. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase the Company's shares of common stock up to the amount of their respective capital commitment each time the Company delivers a drawdown notice for three (3) years following the date of the closing in which an investor's Capital Commitment was accepted (an investor's "Commitment Period"). The investor's Commitment Period in connection with the Initial Closing ended on June 2, 2025. Notwithstanding the foregoing, prior to a Public Listing, the Company may, at any time, call an Investor's Commitment Period after the Commitment Period under certain circumstances as set forth in the Subscription Agreement, including, but not limited to, paying the Company's expenses and making follow-on investments.

On March 29, 2022, in connection with its seed audit, the Company issued 100 shares of common stock for $10.00 to Varagon, which were subsequently redeemed on June 2, 2022, in connection with the Merger.

As of June 30, 2026, the Company had received capital commitments totaling $488.2 million ($73.5 million remaining undrawn), of which $5.9 million ($1.0 million remaining undrawn) is from Varagon and current officers and directors of the Company.

The following table summarizes the total shares issued and proceeds received related to capital drawdowns delivered pursuant to the Subscription Agreements from inception through June 30, 2026 (dollars in thousands, except per share data):

 

Issuance Date		Shares Issued				Proceeds Received				Issuance Price per Share
June 2, 2022			36,130,510			$	361,305			$	10.00
July 12, 2022			2,994,012			$	30,000			$	10.02
September 7, 2022			2,362,205			$	24,000			$	10.16

 

Distributions and Distribution Reinvestments

Distributions to common shareholders are recorded on the ex-dividend date. The Company elected, and intends to qualify annually, to be treated as a RIC for U.S. federal income tax purposes under the Code. The Company will be required to distribute dividends each tax year as a RIC to its shareholders of an amount generally at least equal to 90% of its investment company taxable income, determined without regard to any deduction for dividends paid, in order to be eligible for tax benefits allowed to a RIC under subchapter M of the Code. The Company anticipates paying out as a distribution all or substantially all of those amounts. The amount to be paid out as a dividend is determined by the Board and is based on management’s estimate of the Company’s annual taxable income. Net realized capital gains, if any, are generally distributed, although the Company may decide to retain such net realized capital gains for investment.

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The Company has adopted an “opt out” distribution reinvestment plan (“DRIP”) for shareholders. As a result, if the Board authorizes, and the Company declares, a dividend or other distribution, each shareholder that has not “opted out” of the DRIP will have their dividends or distributions automatically reinvested in additional shares of our common stock rather than receiving cash distributions. Shareholders who receive distributions in the form of shares of common stock will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.

The following table reflects the distributions per share that the Company has declared, including shares issued under the DRIP, on its common stock from inception through June 30, 2026 (dollars in thousands, except per share data):

Distribution		Date Declared		Record Date		Payment Dates		Amount per Share				Cash Distribution				DRIP Shares Issued				DRIP Shares Value
Quarterly		December 12, 2022		December 15, 2022		December 21, 2022		$	0.2635			$	10,892				3,915			$	40
Quarterly		December 19, 2022		December 23, 2022		January 27, 2023			0.2405				9,941				3,665				37
Quarterly		March 23, 2023		March 27, 2023		March 31, 2023			0.2222				9,185				3,619				35
Quarterly		May 10, 2023		July 1, 2023		July 15, 2023			0.2246				9,284				3,780				37
Quarterly		August 8, 2023		October 2, 2023		October 16, 2023			0.2271				9,387				3,825				38
Quarterly		November 7, 2023		December 27, 2023		January 17, 2024			0.2397				9,908				4,089				41
Special		December 18, 2023		December 27, 2023		January 17, 2024			0.1205				4,981				2,056				20
Quarterly		March 20, 2024		March 29, 2024		April 10, 2024			0.2371				9,809				3,461				34
Special		March 20, 2024		March 29, 2024		April 10, 2024			0.0333				1,378				486				5
Quarterly		May 9, 2024		June 28, 2024		July 17, 2024			0.2371				9,809				3,533				35
Special		May 9, 2024		June 28, 2024		July 17, 2024			0.0662				2,739				986				10
Quarterly		August 6, 2024		September 30, 2024		October 17, 2024			0.2397				9,916				3,699				36
Special		August 6, 2024		September 30, 2024		October 17, 2024			0.0638				2,639				985				10
Quarterly		November 6, 2024		December 31, 2024		January 17, 2025			0.2392				9,911				2,282				22
Special		November 6, 2024		December 31, 2024		January 17, 2025			0.0675				2,797				644				6
Quarterly		March 13, 2025		March 31, 2025		April 17, 2025			0.2400				9,944				2,429				23
Special		March 13, 2025		March 31, 2025		April 17, 2025			0.0185				766				187				2
Quarterly		May 7, 2025		June 30, 2025		July 17, 2025			0.2400				9,944				2,526				24
Special		May 7, 2025		June 30, 2025		July 17, 2025			0.0185				766				195				2
Quarterly		August 6, 2025		September 30, 2025		October 17, 2025			0.2400				9,944				2,644				24
Special		August 6, 2025		September 30, 2025		October 17, 2025			0.0185				766				204				2
Quarterly		November 5, 2025		December 31, 2025		January 16, 2026			0.2400				9,960				899				8
Special		November 5, 2025		December 31, 2025		January 16, 2026			0.0185				768				69				1
Quarterly		March 12, 2026		March 31, 2026		April 24, 2026			0.2300				9,545				888				8
Quarterly		May 7, 2026		June 30,2026		July 24, 2026			0.2300				9,545				931				8
Total												$	174,524			$	51,997			$	508

 

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Note 11. Income Taxes

The Company has elected, and intends to qualify annually, to be treated as a RIC under subchapter M of the Code for U.S. federal income tax purposes. As a RIC, the Company generally will not be subject to U.S. federal income tax on any ordinary income or capital gains that it timely distributes to its shareholders as dividends. To qualify as a RIC, the Company must meet certain minimum distribution, source-of-income, and asset diversification requirements. The minimum distribution requirements applicable to RICs generally require the Company to distribute at least 90% of its investment company taxable income, as defined by the Code, each year.

The Company is subject to a nondeductible 4% U.S. federal excise tax on its undistributed income, unless it timely distributes (or is deemed to have timely distributed) an amount equal to the sum of (1) 98% of ordinary income for each calendar year, (2) 98.2% of the amount by which capital gains exceeds capital losses (adjusted for certain ordinary losses) for a one-year period ending on October 31 of the calendar year, and (3) any income and gains recognized, but not distributed, from the previous years. While the Company intends to distribute any income and capital gains to avoid imposition of this 4% U.S. federal excise tax, it may not be successful in avoiding entirely the imposition of this tax. In that case, the Company will be liable for the tax only on the amount by which it does not meet the foregoing distribution requirement.

As of June 30, 2026 and December 31, 2025, the Company did not record a U.S. federal income tax expense/(benefit).

Taxable Subsidiaries

The Company uses the liability method to account for its taxable subsidiary's, VCCEH, income taxes. Using this method, the Company recognizes deferred tax assets and liabilities for the estimated future tax effects attributable to temporary differences between financial reporting and tax bases of assets and liabilities. In addition, the Company recognizes deferred tax benefits associated with net operating loss carry forwards that it may use to offset future tax obligations. The Company measures deferred tax assets and liabilities using the enacted tax rates expected to apply to taxable income in the years in which it expects to recover or settle those temporary differences. For the three and six months ended June 30, 2026 and the year ended December 31, 2025, the Company determined that no deferred tax asset or liability was necessary.

The Company evaluates tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority in accordance with ASC Topic 740, Income Taxes (“ASC 740”). Tax benefits of positions not deemed to meet the more-likely-than-not threshold, or uncertain tax positions, would be recorded as tax expense in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. The Company had no uncertain tax positions as of and through June 30, 2026.

 

Federal Income Taxes

 

The Company is subject to the Code, U.S. federal income tax regulations, and other administrative guidance relating to U.S. federal income tax filing requirements. The Company is expected to have minimal or no income subject to tax and therefore no provision has been included for taxes due. The Company has elected, and intends to qualify annually, to be treated as a RIC under subchapter M of the Code. As a result, the Company generally does not expect to be subject to U.S. federal income taxes.

 

The Company has not recorded a liability for any uncertain tax positions pursuant to the provisions of ASC 740 as of June 30, 2026.

 

In the normal course of business, the Company is subject to examination by federal and certain state and local tax regulators. The Company's federal tax returns are generally subject to examination by the Internal Revenue Service for a period of three years after they are filed.

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Note 12. Financial Highlights

The following is a schedule of financial highlights for the six months ended June 30, 2026 and 2025 (dollars in thousands, except per share data):

 

	For the Six Months Ended June 30, 2026				For the Six Months Ended June 30, 2025
Per Share Data: (1)
Net asset value, beginning of period	$	9.23			$	9.47
Net investment income (loss)		0.48				0.53
Net unrealized appreciation (depreciation) on investments		(0.27	)			(0.30	)
Net realized gains (losses) on investments		(0.01	)			—
Net increase (decrease) in net assets resulting from operations		0.20				0.23
Distributions of net investment income to shareholders (2)		(0.46	)			(0.52	)
Net asset value per share, end of period(3)	$	8.98			$	9.19
Number of shares outstanding, end of period		41,537,795				41,530,369
Total return based on net asset value (4)(5)		2.41	%			2.41	%
Net assets attributable to shareholders, end of period	$	372,838			$	381,526
Ratio to average net assets attributable to shareholders:(8)
Average net assets	$	377,206			$	387,788
Total expenses (6)		11.56	%			11.84	%
Total expenses (other than incentive fee) (6)		11.25	%			11.49	%
Net investment income (6)		10.90	%			11.86	%
Interest expense and credit facility fees (6)		8.10	%			8.43	%
Ratios/Supplemental Data:
Asset coverage, end of period (7)		173.87	%			181.33	%
Weighted average shares outstanding		41,537,160				41,528,578
Total capital commitments, end of period	$	488,208			$	488,208
Ratio of total contributed capital to total committed capital, end of period		84.95	%			84.95	%
Average debt outstanding (8)	$	482,915			$	467,493
Average debt outstanding per share	$	11.63			$	11.26
Portfolio turnover (5)		10.21	%			12.10	%
Year of formation	2019				2019

(1) The per share data was derived by using the weighted average shares outstanding.

(2) Distributions declared per common share was calculated as the sum of distributions on common stock declared during the year divided by the number of shares of common stock outstanding at each respective quarter-end date.

(3) Net asset value per share, end of period for the six months ended June 30, 2026 and 2025, do not foot due to rounding.

(4) Total return is based on the change in net asset value during the year divided by the beginning net asset value for the year, taking into account distributions declared, if any, reinvested in accordance with the Company’s DRIP.

(5) Not annualized.

(6) Annualized except in the case of non-recurring expenses (i.e. organizational expenses).

(7) Asset coverage per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness. Asset coverage ratio per unit does not include unfunded commitments. The inclusion of unfunded commitments in the calculation of the asset coverage ratio per unit would not cause the Company to be below the required amount of regulatory coverage.

(8) Based on daily weighted average balance of debt outstanding during the period.

 

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Note 13. Segment Reporting

The Company operates through a single operating and reporting segment with an investment objective to generate both current income and capital appreciation through debt and equity investments. The chief operating decision maker ("CODM") is comprised of the Company’s chief executive officer, President and Chief Financial Officer and the CODM assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company’s consolidated net investment income ("NII") and net increase (decrease) in net assets resulting from operations (“net income”). In addition to numerous other factors and metrics, the CODM utilizes NII and net income as key metrics in determining the amount of dividends to be distributed to the Company’s shareholders. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated statements of assets and liabilities as “total assets” and the significant segment expenses are listed on the accompanying consolidated statements of operations.

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Note 14. Subsequent Events

Management has evaluated subsequent events through August 11, 2026, the date of issuance of the consolidated financial statements included herein. There have been no subsequent events that occurred during such period that would require disclosure in this Quarterly Report on Form 10-Q or would be required to be recognized in the consolidated financial statements for the six months ended June 30, 2026, except as disclosed below:

Dividend Declaration

On August 6, 2026, the Board declared a dividend of $0.23 per share payable on October 23, 2026 to shareholders of record as of the close of business on September 30, 2026.

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

 

The following discussion and analysis should be read in conjunction with our financial statements and related notes and other financial information appearing elsewhere in this Quarterly Report on Form 10-Q.

Except as otherwise specified, references to “we,” “us,” “our,” or the “Company,” refer to Varagon Capital Corporation. The term “Adviser” refers to VCC Advisors, LLC, our investment adviser; the term “Varagon” refers to Varagon Capital Partners, L.P., the parent company of the Adviser; and the term “Administrator” refers to Varagon Capital Partners, L.P., when acting in its capacity as our administrator.

Forward-Looking Statements

Some of the statements in this Quarterly Report on Form 10-Q constitute forward-looking statements, which relate to future events or our performance or financial condition. The forward-looking statements contained in this Quarterly Report on Form 10-Q involve risks and uncertainties, including statements as to:

•

an economic downturn or recession could impair our portfolio companies’ ability to continue to operate, which could lead to the loss of some or all of our investments in such portfolio companies;

•

an economic downturn or recession could disproportionately impact the companies which we target for investment, potentially causing us to experience a decrease in investment opportunities and diminished demand for capital from these companies;

•

an economic downturn or recession could impact availability and pricing of our financing;

•

a contraction of available credit and/or an inability to access the equity markets could impair our lending and investment activities;

•

interest rate volatility could adversely affect our results, particularly if we elect to use leverage as part of our investment strategy;

•

the impact of supply chain constraints and labor difficulties on our portfolio companies and the global economy generally;

•

the elevated levels of inflation, and its impact on our portfolio companies and on the industries in which we invest;

•

the uncertainty associated with the imposition of tariffs and trade barriers and changes in trade policies and its impact on our portfolio companies and the global economy;

•

the impact of geopolitical conditions, including the ongoing conflicts between Ukraine and Russia and ongoing turmoil in Europe and the Middle East, and its impact on financial market volatility, global economic market, and various sectors, industries and markets for commodities globally;

•

changes in the financial, capital, and lending markets;

•

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

•

social, political, economic and other conditions and events (including natural disasters, epidemics, pandemics and terrorism) could adversely affect our results and the financial performance of our portfolio companies;

•

our future operating results;

•

our business prospects and the prospects of our portfolio companies;

•

the expected return or impact of our investments;

•

our contractual arrangements and relationships with third parties;

•

the ability of our portfolio companies to achieve their objectives;

•

competition with other entities and our affiliates for investment opportunities;

•

the speculative and illiquid nature of our investments;

•

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

•

the adequacy of our financing sources and working capital;

•

the loss of key personnel;

•

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

•

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

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•

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

•

the ability of the Adviser to adequately allocate investment opportunities among the Company and Varagon’s advisory clients;

•

any conflicts of interest posed by the structure of the management fee and incentive fee to be paid to the Adviser;

•

our ability to qualify and maintain our qualification, for U.S. federal income tax purposes, as a regulated investment company (“RIC”) under subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and our ability to operate as a business development company (“BDC”);

•

the effect of legal, tax and regulatory changes on our business and on our portfolio companies; and

•

other risks, uncertainties and other factors we identify under “Item 1A. Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q.

Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in “Item 1A. Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q.

Overview

We were formed on July 31, 2019 as a corporation under the laws of Maryland. We are an externally managed, non-diversified closed-end management investment company that has elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, the Company has elected, and intends to qualify annually, to be treated as a RIC under the Code. The Company’s fiscal year end is December 31.

The Adviser serves as the Company’s investment adviser. The Adviser is registered with the Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), and is a subsidiary of Varagon, which is also registered with the SEC as an investment adviser under the Advisers Act. Subject to the overall supervision of the Company’s board of directors (the “Board”), the Adviser manages the day-to-day operation of and provides investment advisory and management services to the Company.

The Company’s investment objective is to generate current income with a focus on capital preservation and, to a lesser extent, capital appreciation by investing primarily in directly originated leveraged loans to U.S. middle market companies.

The Company seeks to achieve its investment objective by investing primarily in senior secured loans to performing middle market companies controlled by private equity sponsors. The Company focuses on loans to middle market companies that have sustainable competitive advantages, experienced management teams, solid financial performance, stable and recurring cash flow and strong enterprise value. The Company expects that such companies and their sponsors will require financing from the Company for growth, acquisitions, recapitalizations, refinancings or leveraged buyouts, among other things. The Company generally expects to invest in companies with EBITDA between $10 million and $75 million annually, though we may invest in smaller or larger companies if an attractive opportunity presents itself. The Company also generally intends to directly originate its investments as a lead lender to allow for deeper diligence, greater control over terms and structure, and superior economics.

VCC Equity Holdings, LLC (“VCCEH”), VCC Funding, LLC (“VCCF”), Varagon SDLP, LLC (“VSDLP”), and VCC CLO 1 Depositor, LLC ("VCC CLO Depositor") are wholly owned subsidiaries of the Company and are consolidated in the Company’s consolidated financial statements from June 2, 2022, the commencement of investment operations, or the date of their respective formation, in accordance with the Company’s consolidation policy. VCCEH is taxed as a corporation for U.S. federal income tax purposes and was formed to hold equity securities of portfolio companies organized as pass-through entities while continuing to satisfy the requirements of a RIC under the Code. The assets held by VCCEH guarantee the borrowings outstanding under the SMBC Facility (as defined below) (See "Note 6. Borrowings" in our consolidated audited financial statements). VCCF, a bankruptcy remote special purpose entity, whose assets were pledged as collateral supporting the amounts outstanding under a prior revolving credit facility before its termination on November 26, 2024, no longer holds any collateral assets, effective as of December 31, 2024. VSDLP holds the Company's interest in the SDLP (as defined below). VCC CLO Depositor wholly owns VCC CLO 1, LLC ("VCC CLO"), which was formed for the purpose of issuing a term debt securitization, and VCC CLO is consolidated in the Company's consolidated financial statements.

Substantially concurrent with our initial closing on June 2, 2022 (the “Initial Closing”) and immediately prior to our election to be regulated as a BDC, Varagon Fund I, L.P. (“VF1”), a private fund exempt from registration pursuant to Section 3(c)(7) of the 1940 Act, merged with and into the Company, with the Company continuing in existence as the surviving entity in the merger (the “Merger”). As a result of the Merger, we acquired all of VF1’s assets and liabilities (the “Existing Portfolio”), including all of VF1’s interests in the joint venture, Senior Direct Lending Program (“SDLP”), in exchange for shares of our common stock. In addition, immediately prior to our election to be regulated as a BDC, the Company purchased a portfolio of existing loans (the “Warehoused Portfolio” and together with the Existing Portfolio, the “Initial Portfolio”) from certain affiliates of the Adviser.

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Key Components of Our Results of Operations

Investments

We focus primarily on the direct origination and syndication of loans to middle market companies domiciled in the United States.

Our level of investment activity (both the number of investments and the size of each investment) varies substantially from period to period depending on many factors, including the amount of debt and equity capital generally available to middle market companies, the level of merger and acquisition activity for such companies, the general economic environment and the competitive environment for the types of investments we make. Based on current market conditions, the pace of our investment activities, including originations and repayments, may vary. There have been headwinds in the financing and merger and acquisitions markets resulting from uncertainty associated with the imposition of tariffs and trade barriers, inflation, supply chain disruptions, labor and resource shortages, an uncertain interest rate environment, rising geopolitical tensions (including the war in the Middle East and Ukraine, turmoil in Europe, and U.S. and China relations), concerns surrounding the impact of artificial intelligence on certain industries, and the uncertain economic outlook for the United States and globally generally, which could include a recession. We are closely monitoring the effect that the current market and economic conditions may have on our portfolio companies and our investment activities, and we will continue to seek to invest in defensive businesses with low levels of cyclicality and strong levels of free cash flow generation.

As a BDC, we may not acquire any assets other than “qualifying assets” specified in Section 55(a) of 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 securities of private or thinly traded public U.S. companies, cash, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less. Qualifying assets include investments in “eligible portfolio companies”, which, under the 1940 Act, includes all private companies, companies whose securities are not listed on a national securities exchange, and certain public companies whose securities are listed on a national securities exchange but whose market capitalization is less than $250 million. In addition, we must be organized in the United States to qualify as a BDC.

Revenues

We plan to generate revenues in the form of interest income from the debt securities we hold and dividends and capital appreciation on either direct equity investments or equity interests obtained in connection with originating loans, such as options, warrants or conversion rights. The debt we invest in typically will not be rated by any rating agency, but if it were, it is likely that such debt would be below investment grade. Our investment bias will be toward adjustable-rate senior secured loans. We do not anticipate a secondary market to develop for our private investments. We expect most of our investments to be in corporations, partnerships, limited liability companies or other business entities, including in investment vehicles that issue certificates to us. We also may generate revenue in the form of commitment, loan origination, structuring or diligence fees, fees for providing managerial assistance to our portfolio companies, repayment fees, and waiver and amendment fees associated with our portfolio investments based on our pro rata ownership of the applicable term loan investment or our interest in securities (including the subordinated certificates (the "Subordinated Certificates") issued by SDLP, a joint venture between the Company and Ares Capital Corporation ("ARCC")) related to an underlying investment, as applicable. Certain of these fees may be capitalized and amortized as additional interest income over the life of the related loan.

Expenses

All professionals of the Adviser, when and to the extent engaged in providing investment advisory and management services to us, and the compensation and routine overhead expenses of personnel allocable to these services to us, will be provided and paid for by the Adviser and not by us. Payments under the Administration Agreement are based upon our allocable portion of overhead and other expenses incurred by our administrator, Varagon (in its capacity as our administrator, the "Administrator"), in performing its obligations under the Administration Agreement, including a portion of the rent and the compensation of our Chief Financial Officer and Chief Compliance Officer and their respective staffs. In accordance with the terms of the Administration Agreement, overhead and other administrative expenses are generally allocated between the Administrator and us by reference to the relative time spent by personnel in performing administrative and similar functions on our behalf as compared to performing administrative functions on behalf of the Administrator, its other clients or the Adviser. To the extent personnel retained by the Administrator perform administrative tasks for the Adviser, the fees incurred with respect to the actual time dedicated to such tasks will be reimbursed by the Adviser. We will bear all other out-of-pocket costs and expenses of our operations and transactions, including those relating to:

•

organization and offering of the common stock, subject to the terms of the Expense Reimbursement Agreement;

•

the Company’s fees and expenses related to any of the following: (i) an initial public offering (“IPO”) or a listing of the common stock on a national securities exchange (a “Public Listing”), (ii) a sale of all or substantially all of our assets to, or other liquidity event with, an entity for consideration of either cash and/or publicly listed securities of the acquirer, which potential acquirers may include entities affiliated with Varagon, or (iii) a permanent election by the Adviser not to make new investments and to distribute proceeds of investments to shareholders as they are received, or the wind down and/or liquidation and dissolution of the Company;

•

calculating the Company’s net asset value ("NAV") (including the cost and expenses of any independent valuation firm);

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•

fees and expenses payable to third parties, including agents, consultants or other advisers, in connection with monitoring financial and legal affairs for the Company and in providing administrative services, monitoring the Company’s investments and performing due diligence on the Company’s prospective portfolio investments or otherwise relating to, or associated with, evaluating and making investments;

•

fees and expenses incurred in connection with debt, if any, incurred to finance the Company’s investments or operations, and payment of interest and repayment of principal on such debt;

•

fees and expenses related to sales and repurchases of the common stock and other securities;

•

investment advisory and management fees;

•

administration fees, if any, payable under the Administration Agreement;

•

transfer agent, sub-administrator and custodial fees;

•

expenses relating to the issue, repurchase and transfer of common stock to the extent not borne by the relevant transferring shareholders and/or assignees;

•

federal and state registration fees;

•

all costs associated with a Public Listing;

•

federal, state and local taxes and other governmental charges assessed against the Company;

•

independent directors’ fees and expenses and the costs associated with convening a meeting of the Board or any committee thereof;

•

fees and expenses and the costs associated with convening a meeting of the shareholders or holders of any preferred stock, as well as the compensation of an investor relations professional responsible for the coordination and administration of the foregoing;

•

costs of preparing and filing reports or other documents required by the SEC, the Financial Industry Regulatory Authority or other regulators;

•

costs of any reports, proxy statements or other notices to shareholders, including printing and mailing costs;

•

costs and expenses related to the preparation of the Company’s financial statements and tax returns;

•

the Company’s allocable portion of the fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums;

•

direct costs and expenses of administration, including printing, mailing, long distance telephone, and copying;

•

independent auditors and outside legal costs, including legal costs associated with any requests for exemptive relief, “no-action” positions or other guidance sought from a regulator, pertaining to the Company;

•

compensation of other third-party professionals to the extent they are devoted to preparing the Company’s financial statements or tax returns or providing similar “back office” financial services to the Company;

•

Adviser costs and expenses (excluding travel) in connection with identifying and investigating investment opportunities for the Company, monitoring the investments of the Company and disposing of any such investments;

•

portfolio risk management costs;

•

commissions or brokerage fees or similar charges incurred in connection with the purchase or sale of securities (including merger fees) and other assets;

•

costs and expenses attributable to normal and extraordinary investment banking, commercial banking, accounting, auditing, appraisal, valuation, administrative agent activities, custodial and registration services provided to the Company, including in each case services with respect to the proposed purchase or sale of securities by the Company that are not reimbursed by the issuer of such securities or others (whether or not such purchase or sale is consummated);

•

costs of amending, restating or modifying the Company’s charter and the Company’s bylaws or the Investment Advisory Agreement, the Administration Agreement or related documents of the Company or related entities;

•

fees, costs, and expenses incurred in connection with any restructuring, IPO or reorganization of the Company or related entities, the termination, liquidation or dissolution of the Company or related entities, or the required redemption of all or substantially all outstanding common stock (including the fees and expenses associated with any such transaction);

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•

the expense reimbursements set forth in the Administration Agreement; and

•

all other properly and reasonably chargeable expenses incurred by the Company or the Administrator in connection with administering the Company’s business, including rent and the allocable portion of the cost of the Company’s Chief Compliance Officer and Chief Financial Officer and their respective staffs; while certain of these expenses may not be ascertainable at any given time, any such expenses will be subject to the approval of the Board on a quarterly basis.

 

Leverage

The ratio of a BDC's total assets (less total liabilities other than indebtedness represented by senior securities) to its total indebtedness represented by senior securities plus preferred stock, if any, must be at least 200% or 150%, if certain requirements are met. In connection with the Company’s organization and the Initial Closing, the Board and its initial shareholder authorized us to adopt the 150% asset coverage ratio. Additionally, investors both consented to the minimum asset coverage ratio of 150% and agreed not to seek to redeem their shares of common stock in connection therewith, in each case in the subscription agreement. The Company therefore may be exposed, to a greater extent, to the risks of leverage, which may be considered a speculative investment technique. The use of leverage magnifies the potential for gain and loss on amounts invested and therefore increases the risks associated with investing in our securities. In any period, our interest expense will depend largely on the extent of our borrowing, and we expect interest expense will increase as we increase our debt outstanding. As of June 30, 2026, the Company's asset coverage ratio was 173.87%.

Portfolio and Investment Activity

 

As of June 30, 2026, our portfolio had a fair value of approximately $836.6 million. The following table summarizes our portfolio and investment activity during the six months ended June 30, 2026 (dollars in thousands):

 

		Six months ended June 30,
		2026
Investments made in new portfolio companies		$	15,153
Investments made in existing portfolio companies		$	69,602
Aggregate amount in exits and repayments		$	(88,771	)
Net investment activity		$	(4,016	)
Portfolio Companies, at beginning of period			115
Number of new portfolio companies			15
Number of exited portfolio companies			(6	)
Portfolio companies, at end of period			124

 

The following table shows the amortized cost and the fair value of the Company’s portfolio investments as of June 30, 2026 (dollars in thousands):

	As of June 30, 2026
	Amortized Cost			Percentage			Fair Value			Percentage
Senior Secured First Lien Loans	$	678,542			77.8	%	$	655,435			78.4	%
Equity		10,881			1.2			9,343			1.1
Subordinated Certificates of the SDLP		183,377			21.0			171,854			20.5
Total Investments	$	872,800			100.0	%	$	836,632			100.0	%

The following table presents the fair value measurements of the Company's investments, by major class according to the fair value hierarchy, as of December 31, 2025 (dollars in thousands):

	As of December 31, 2025
	Amortized Cost			Percentage			Fair Value			Percentage
Senior Secured First Lien Loans	$	685,275			78.3	%	$	673,713			79.3	%
Equity		10,959			1.3			9,939			1.2
Subordinated Certificates of the SDLP		177,962			20.4			165,702			19.5
Total Investments	$	874,196			100.0	%	$	849,354			100.0	%

 

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The following table shows weighted average current yield to maturity based on the amortized cost and fair value as of June 30, 2026 and December 31, 2025:

 

		As of June 30, 2026								As of December 31, 2025
		Weighted Average Current Yield for Total Portfolio (Amortized Cost)				Weighted Average Current Yield for Total Portfolio (Fair Value)				Weighted Average Current Yield for Total Portfolio (Amortized Cost)				Weighted Average Current Yield for Total Portfolio (Fair Value)
Senior Secured First Lien Loans			9.2	%			9.9	%			9.4	%			10.2	%
Equity		N/A				N/A				N/A				N/A
Subordinated Certificates of the SDLP (1)			11.3	%			12.0	%			11.8	%			12.6	%
Total			9.6	%			10.3	%			9.9	%			10.7	%

(1) "Weighted average yields” of investments are computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount or premium earned on the relevant accruing investments, divided by (b) the total relevant investments at amortized cost or at fair value, as applicable.

The weighted average yield of our debt and income producing securities is not the same as a return on investment for our shareholders, but rather relates to our investment portfolio and is calculated before the payment of all of our and our subsidiaries’ fees and expenses. The weighted average yield was computed using the effective interest rates as of each respective date, including accretion of original issue discount, but excluding investments on non-accrual status. There can be no assurance that the weighted average yield will remain at its current level.

Portfolio Asset Quality

Our Adviser employs an investment rating system to categorize our investments. In addition to various risk management and monitoring tools, our Adviser grades the credit risk of all debt investments on a scale of 1 to 5 no less frequently than quarterly. This system is intended primarily to reflect the underlying risk of a portfolio debt investment relative to the inherent risk at the time the original debt investment was made (i.e., at the time of acquisition), although it may also take into account under certain circumstances the performance of the portfolio company's business, the collateral coverage of the investment and other relevant factors.

 

Loan Rating		Summary Description
1		Involves the least amount of risk to our initial cost basis. The borrower is performing above expectations, and the trends and risk factors for this investment since origination or acquisition are generally favorable.
2		Involves an acceptable level of risk that is similar to the risk at the time of origination or acquisition. The borrower is generally performing as expected and the risk factors are generally neutral to favorable. All investments or acquired investments in new portfolio companies are initially assessed a rating of 2.
3		Involves a borrower performing below expectations and indicates that the loan’s risk has increased somewhat since origination or acquisition.
4		Involves a borrower performing materially below expectations and indicates that the loan’s risk has increased materially since origination or acquisition. In addition to the borrower being generally out of compliance with debt covenants, loan payments may be past due (but generally not more than 120 days past due).
5		Involves a borrower performing substantially below expectations and indicates that the loan’s risk has increased substantially since origination or acquisition. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. Loans rated 5 are not anticipated to be repaid in full and we will reduce the fair market value of the loan to the amount we anticipate will be recovered.

The weighted average risk rating of our investments based on fair value was 2.0 as of June 30, 2026 and December 31, 2025, respectively.

Based on a generally uncertain economic outlook in the United States (which includes a possible recession), we are maintaining close communications with our portfolio companies to proactively assess and manage potential risks across our debt investment portfolio. We also have increased oversight and analysis of credits to assess vulnerable industries and ways to mitigate any decline in loan performance and reduce credit risk. While we are not seeing signs of an overall, broad deterioration in our operating results or those of our portfolio companies at this time, there can be no assurance that the performance of certain of our portfolio companies will not be negatively impacted by economic conditions, which could have a negative impact on our future results.

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The following table shows the distribution of our investments on the 1 to 5 investment performance rating scale at fair value as of June 30, 2026 and December 31, 2025 (dollars in thousands):

 

		As of June 30, 2026								As of December 31, 2025
Investment Performance Rating		Fair Value				Percentage				Fair Value				Percentage
1		$	36,742				4.4	%		$	18,738				2.2	%
2			753,029				90.0				790,430				93.1
3			35,994				4.3				37,199				4.4
4			—				—				—				—
5			10,867				1.3				2,987				0.3
Total		$	836,632				100.0	%		$	849,354				100.0	%

The following table shows the amortized cost of our performing and non-accrual debt investments as of June 30, 2026 and December 31, 2025 (dollars in thousands):

 

		As of June 30, 2026								As of December 31, 2025
		Amortized Cost				Percentage				Amortized Cost				Percentage
Performing(1)		$	839,884				97.4	%		$	857,126				99.3	%
Non-Accrual			22,035				2.6				6,111				0.7
Total		$	861,919				100.0	%		$	863,237				100.0	%

(1) As of June 30, 2026, the Company had investments in two portfolio companies that were current on cash interest payments and were on non-accrual status with respect to the portion of the interest that is PIK interest only.

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

Senior Direct Lending Program

In 2015, VSDLP, a wholly owned subsidiary of the Company, and ARCC formed SDLP, a joint venture established for the purpose of providing senior stretch and unitranche loan financings to middle market borrowers. The Company received, indirectly through its membership interest in VSDLP, limited liability company membership interests and Subordinated Certificates in each case in SDLP, as a result of the Merger. The SDLP finances its investment activity through the issuance of securities (“SDLP Securities”) backed by its loan portfolio, including, in order of seniority, rated senior notes (the “Senior Note”), a rated intermediate funding note (the “IFN”), and capital provided by the Company and ARCC through the Subordinated Certificates. The Subordinated Certificates are the most junior securities issued by SDLP and collateralize the profits earned or losses incurred across the SDLP loan portfolio. As of June 30, 2026 and December 31, 2025, the Company and ARCC own 12.5% and 87.5%, respectively, of the outstanding Subordinated Certificates.

SDLP is capitalized as transactions are completed and all portfolio decisions and generally all other decisions in respect of SDLP must be approved by an investment committee of SDLP consisting of representatives of the Company (and/or VSDLP) and ARCC (the “SDLP Investment Committee”).

As of June 30, 2026 and December 31, 2025, the Company and ARCC had agreed to make capital available to the SDLP totaling $1.7 billion and $1.7 billion, respectively, of which $206.3 million and $206.3 million, respectively, is to be made available from the Company. The Company and ARCC will continue to provide capital to the SDLP in the form of Subordinated Certificates. This capital will only be committed to the SDLP upon approval of transactions by the SDLP Investment Committee as discussed above. As of June 30, 2026 and December 31, 2025, the Company has funded $188.9 million and $183.6 million, respectively, of its commitment to the SDLP and had $17.4 million and $22.7 million in unfunded commitments remaining to the SDLP, respectively.

The Subordinated Certificates pay a coupon equal to SOFR plus 8.0% and also entitle the holders thereof to receive a portion of the excess cash flow from the loan portfolio, after expenses, which may result in a return to the holders of the Subordinated Certificates that is greater than the stated coupon. The Subordinated Certificates are junior in right of payment to the Senior Notes and IFNs.

The amortized cost and fair value of the Subordinated Certificates held by the Company were $183.4 million and $171.9 million, respectively, as of June 30, 2026, and $178.0 million and $165.7 million, respectively, as of December 31, 2025. The Company’s yield on its investment in the Subordinated Certificates at amortized cost and fair value was 11.3% and 12.0%, respectively, as of June 30, 2026, and 11.8% and 12.6%, respectively, as of December 31, 2025. For the three and six months ended June 30, 2026, the Company earned interest income of $5.1 million and $10.3 million, respectively, from its investment in the Subordinated Certificates. For the three

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and six months ended June 30, 2025, the Company earned interest income of $5.4 million and $10.9 million, respectively, from its investment in the Subordinated Certificates. As of June 30, 2026 and December 31, 2025, $5.1 million and $5.3 million, respectively, was in Interest receivable on the consolidated statements of assets and liabilities.

As of June 30, 2026 and December 31, 2025, the SDLP’s portfolio was comprised of first lien senior secured loans to U.S. middle-market companies and consisted of investments in industries similar to the companies in the Company’s portfolio. As of June 30, 2026, certain loans in one portfolio company in the SDLP portfolio was on non-accrual status. As of December 31, 2025, none of the loans in the SDLP portfolio were on non-accrual status. Below is a summary of the SDLP’s portfolio as of June 30, 2026 and December 31, 2025 (dollars in millions):

		As of June 30, 2026				As of December 31, 2025
Total first lien senior secured loans(1)		$	4,470			$	4,297
Largest loan to a single borrower(1)		$	372			$	413
Total of five largest loans to borrower(1)		$	1,634			$	1,719
Number of borrowers in the SDLP			72				39
Commitments to fund delayed draw loans (2)		$	260			$	259

(1) At principal amount.

(2) As discussed above, these commitments have been approved by the SDLP Investment Committee.

 

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Below is a listing of SDLP’s individual investments as of June 30, 2026 (dollars in thousands):

 

Company	Type of Investment	Reference Rate and Spread (1)				Interest Rate	Maturity	Par / Shares			Amortized Cost			Fair Value(4)			Footnotes
Senior Secured First Lien Loans
Aerospace & Defense
Acron Aviation, Inc.	Revolver	N/A					3/29/2032		—			1			1		(2)
Acron Aviation, Inc.	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.48%	3/29/2032		1,507			1,507			1,507		(2)
Acron Aviation, Inc.	Term Loan	SOFR	+	4.75%	(Q)	8.48%	3/29/2032		9,169			9,169			9,169		(2)
Blue Raven Solutions, LLC	Term Loan	SOFR	+	6.00%	(Q)	9.73%	1/16/2032		9,416			9,416			9,227		(2)
Titan BW Borrower L.P.	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.41%	7/26/2032		3,158			3,105			3,105		(2)
Titan BW Borrower L.P.	Term Loan	SOFR	+	2.50% (2.88% PIK)	(Q)	9.01%	7/26/2032		26,410			26,145			26,145		(2)
Zenith AcquisitionCo, LLC	Delayed Draw Term Loan	SOFR	+	4.50%	(Q)	8.17%	1/13/2033		189			189			148		(2)
Zenith AcquisitionCo, LLC	Term Loan	SOFR	+	4.50%	(Q)	8.17%	1/13/2033		8,021			8,021			7,941		(2)
												57,553			57,243
Automobiles
Bolt Purchaser, LLC	Term Loan	SOFR	+	4.75%	(Q)	8.48%	6/30/2033		9,658			9,658			9,658		(2)
												9,658			9,658
Automobile Components
Arrowhead Holdco Company	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	8.88%	8/31/2028		42,648			41,093			34,119		(2)
Arrowhead Holdco Company	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	8.88%	8/31/2028		37,136			35,782			29,709		(2)
Arrowhead Holdco Company	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	8.88%	8/31/2028		2,419			2,331			1,935		(2)
Arrowhead Holdco Company	Term Loan	SOFR	+	5.00%	(Q)	8.88%	8/31/2028		180,025			173,461			144,020		(2)
Arrowhead Holdco Company	Term Loan	SOFR	+	5.00%	(Q)	8.88%	8/31/2028		26,484			25,518			21,187		(2)
Midco Holding, LLC	Delayed Draw Term Loan	SOFR	+	2.50% (5.00% PIK)	(Q)	11.15%	11/9/2029		3,056			3,056			3,056		(2)
Midco Holding, LLC	Delayed Draw Term Loan	SOFR	+	2.50% (5.00% PIK)	(Q)	11.14%	11/9/2029		3,056			3,056			3,056		(2)
Midco Holding, LLC	Term Loan	SOFR	+	2.50% (5.00% PIK)	(Q)	11.15%	11/9/2029		94,019			94,019			94,019		(2)
												378,316			331,101
Capital Markets
Lido Advisors, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.43%	5/10/2032		4,837			4,837			4,837		(2)
Lido Advisors, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.48%	5/10/2032		748			748			748		(2)
Oak Funding, LLC	Term Loan	SOFR	+	4.50%	(Q)	8.16%	12/2/2032		23,909			23,909			23,909		(2)
PCIA SPV-3, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	8.39%	8/1/2029		1,933			1,933			1,933		(2)
PCIA SPV-3, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	8.41%	8/1/2029		3,402			3,402			3,402		(2)
												34,829			34,829
Chemicals
RCR Buyer, LLC	Term Loan	SOFR	+	5.25%	(M)	8.89%	4/30/2031		5,277			5,277			5,277		(2)
SePRO Holdings, LLC	Delayed Draw Term Loan	SOFR	+	5.25%	(M)	8.89%	7/26/2030		14,085			14,085			14,085		(2)
SePRO Holdings, LLC	Term Loan	SOFR	+	5.25%	(M)	8.89%	7/26/2030		116,536			116,536			116,536		(2)
												135,898			135,898
Commercial Services & Supplies
365RM Holdco, LLC	Delayed Draw Term Loan	N/A					5/6/2033		—			—			(7	)	(2)
365RM Holdco, LLC	Term Loan	SOFR	+	4.75%	(Q)	8.48%	5/6/2033		16,854			16,854			16,686		(2)
Accommodations Plus Technologies LLC	Term Loan	SOFR	+	5.25%	(Q)	8.95%	5/28/2032		7,745			7,745			7,745		(2)
Accommodations Plus Technologies LLC	Term Loan	SOFR	+	5.25%	(Q)	8.95%	5/28/2032		2,510			2,510			2,510		(2)
Astra Service Partners, LLC	Delayed Draw Term Loan	SOFR	+	4.50%	(Q)	8.21%	11/26/2032		2,085			2,086			2,086		(2)
Astra Service Partners, LLC	Term Loan	SOFR	+	4.50%	(Q)	8.23%	11/26/2032		12,195			12,195			12,195		(2)
CARDS-Live Oak Holdings, Inc.	Revolver	N/A					10/21/2032		—			1			1		(2)
CARDS-Live Oak Holdings, Inc.	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.48%	10/21/2032		2,695			2,695			2,695		(2)

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Company	Type of Investment	Reference Rate and Spread (1)				Interest Rate	Maturity	Par / Shares			Amortized Cost			Fair Value(4)			Footnotes
CARDS-Live Oak Holdings, Inc.	Term Loan	SOFR	+	4.75%	(Q)	8.48%	10/21/2032		10,317			10,317			10,317		(2)
Drogon Bidco Inc.	Delayed Draw Term Loan	SOFR	+	5.00%	(M)	8.63%	8/29/2031		4,345			4,345			4,345		(2)
Drogon Bidco Inc.	Delayed Draw Term Loan	SOFR	+	5.00%	(M)	8.64%	8/29/2031		3,947			3,947			3,947		(2)
ISQ Hawkeye HoldCo, Inc.	Term Loan	SOFR	+	4.00%	(M)	7.64%	8/20/2031		303,686			303,686			303,686		(2)
Pritchard Industries, LLC	Delayed Draw Term Loan	SOFR	+	5.75%	(S)	9.85%	10/13/2027		46,108			46,109			42,882		(2)
Pritchard Industries, LLC	Term Loan	SOFR	+	5.75%	(S)	9.85%	10/13/2027		192,836			192,836			179,338		(2)
Talon Buyer Inc.	Delayed Draw Term Loan	SOFR	+	4.25%	(Q)	7.93%	7/15/2032		3,607			3,483			3,483		(2)
Zinc Buyer Corporation	Delayed Draw Term Loan	N/A					7/24/2031		—			(40	)		(40	)	(2)
Zinc Buyer Corporation	Term Loan	SOFR	+	4.75%	(Q)	8.42%	7/24/2031		623			617			617		(2)
												609,386			592,486
Construction & Engineering
Bells Parent, Inc.	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	8.73%	4/25/2033		2,187			2,187			2,159		(2)
Bells Parent, Inc.	Term Loan	SOFR	+	5.00%	(S)	8.68%	4/25/2033		7,378			7,378			7,285		(2)
BGIF IV Fearless Utility Services, Inc.	Delayed Draw Term Loan	SOFR	+	5.00%	(M)	8.65%	6/9/2031		10,165			10,165			10,165		(2)
BGIF IV Fearless Utility Services, Inc.	Term Loan	SOFR	+	5.00%	(M)	8.65%	6/9/2031		14,773			14,773			14,773		(2)
Ground Penetrating Radar Systems, LLC	Delayed Draw Term Loan	SOFR	+	4.50%	(Q)	8.23%	1/2/2032		4,428			4,428			4,428		(2)
Ground Penetrating Radar Systems, LLC	Term Loan	SOFR	+	4.50%	(Q)	8.23%	1/2/2032		181,582			181,582			181,582		(2)
Ground Penetrating Radar Systems, LLC	Term Loan	SOFR	+	4.50%	(Q)	8.23%	1/2/2032		3,692			3,692			3,692		(2)
HP RSS Buyer, Inc.	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.41%	12/11/2029		15,928			15,928			15,928		(2)
HP RSS Buyer, Inc.	Term Loan	SOFR	+	4.75%	(Q)	8.45%	12/11/2029		1,624			1,624			1,624		(2)
Pave America Holding, LLC	Revolver	N/A					8/27/2032		—			1			1		(2)
Pave America Holding, LLC	Delayed Draw Term Loan	SOFR	+	2.38% (2.88% PIK)	(Q)	8.93%	8/27/2032		1,508			1,508			1,508		(2)
Pave America Holding, LLC	Term Loan	SOFR	+	2.38% (2.88% PIK)	(Q)	8.98%	8/27/2032		8,774			8,774			8,774		(2)
												252,040			251,919
Consumer Staples Distribution & Retail
FS Squared Holding Corp.	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	8.39%	12/23/2030		93,333			93,333			93,333		(2)
FS Squared Holding Corp.	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	8.39%	12/23/2030		46,993			46,993			46,993		(2)
FS Squared Holding Corp.	Term Loan	SOFR	+	4.75%	(M)	8.39%	12/23/2030		217,593			217,593			217,593		(2)
GMF Parent, Inc.	Delayed Draw Term Loan	N/A					12/20/2032		—			—			(89	)	(2)
GMF Parent, Inc.	Term Loan	SOFR	+	4.50%	(Q)	8.18%	12/20/2032		10,493			10,493			10,178		(2)
Quirch Foods Holdings, LLC	Term Loan	SOFR	+	6.50%	(M)	10.14%	11/12/2030		25,463			25,463			25,463		(2)
												393,875			393,471
Distributors
Big Bucks Acquisition Corporation	Term Loan	SOFR	+	5.00%	(Q)	8.70%	9/29/2031		7,735			7,735			7,735		(2)
Radwell Parent, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.48%	4/1/2029		620			620			615		(2)
Radwell Parent, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.48%	4/1/2030		48			48			32		(2)
Radwell Parent, LLC	Term Loan	SOFR	+	4.75%	(Q)	8.48%	4/1/2030		6,639			6,639			6,573		(2)
												15,042			14,955
Diversified Consumer Services
Flint OpCo, LLC	Term Loan	SOFR	+	4.75%	(Q)	8.40%	8/15/2030		5,320			5,320			5,320		(2)
LHS Borrower, LLC	Term Loan	SOFR	+	5.25%	(M)	8.89%	9/4/2031		19,478			19,478			18,894		(2)
												24,798			24,214
Electronic Equipment, Instruments & Components
EIS Legacy Holdco, LLC	Delayed Draw Term Loan	SOFR	+	4.50%	(Q)	8.16%	11/5/2031		93,649			93,650			93,650		(2)
EIS Legacy Holdco, LLC	Term Loan	SOFR	+	4.50%	(Q)	8.16%	11/5/2031		217,193			217,193			217,193		(2)
												310,843			310,843

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Company	Type of Investment	Reference Rate and Spread (1)				Interest Rate	Maturity	Par / Shares			Amortized Cost			Fair Value(4)			Footnotes
Financial Services
Convera International Holdings Limited	Term Loan	SOFR	+	4.75%	(Q)	8.63%	3/1/2030		11,328			11,328			11,328		(2)(3)
Convera International Holdings Limited	Term Loan	SOFR	+	4.75%	(Q)	8.63%	3/1/2030		1,200			1,200			1,200		(2)(3)
Convera International Holdings Limited	Term Loan	SOFR	+	4.75%	(Q)	8.63%	3/1/2030		307			307			307		(2)(3)
Spirit RR Holdings, Inc.	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	8.73%	9/13/2028		8,090			8,090			8,090		(2)
The Ultimus Group Midco, LLC	Delayed Draw Term Loan	N/A					7/1/2032		—			(32	)		(32	)	(2)
The Ultimus Group Midco, LLC	Term Loan	SOFR	+	4.50%	(Q)	8.23%	7/1/2032		18,691			18,598			18,598		(2)
Tiger Holdco LLC	Delayed Draw Term Loan	SOFR	+	4.25%	(M)	7.90%	3/11/2031		23,321			23,321			23,321		(2)
Tiger Holdco LLC	Term Loan	SOFR	+	4.25%	(M)	7.90%	3/11/2031		115,706			115,706			115,706		(2)
												178,518			178,518
Food Products
DecoPac, Inc.	Term Loan	SOFR	+	5.00%	(Q)	8.66%	5/14/2030		40,000			40,000			40,000		(2)
Gula Buyer Inc.	Term Loan	SOFR	+	4.50%	(M)	8.13%	10/27/2031		14,813			14,813			14,813		(2)
Manna Pro Products, LLC	Delayed Draw Term Loan	SOFR	+	3.00% (3.50% PIK)	(Q)	10.33%	12/10/2029		29,967			28,190			22,176		(2)(5)
Manna Pro Products, LLC	Term Loan	SOFR	+	3.00% (3.50% PIK)	(Q)	10.33%	12/10/2029		181,194			170,450			134,084		(2)(5)
Manna Pro Products, LLC	Term Loan	SOFR	+	3.00% (3.50% PIK)	(Q)	10.33%	12/10/2029		48,218			45,358			35,681		(2)(5)
Manna Pro Products, LLC	Term Loan	SOFR	+	3.00% (3.50% PIK)	(Q)	10.33%	12/10/2029		14,292			13,444			10,575		(2)(5)
Sugar PPC Buyer LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(S)	8.60%	10/2/2031		1,150			1,150			1,150		(2)
												313,405			258,479
Health Care Equipment & Supplies
Artivion, Inc.	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.40%	1/21/2031		17,456			17,456			17,456		(2)
NMN Holdings III Corp	Term Loan	SOFR	+	4.50%	(M)	8.14%	7/31/2031		225,492			225,492			225,492		(2)
Spruce Bidco II Inc.	Term Loan	SOFR	+	4.75%	(Q)	8.41%	1/30/2032		39,900			39,900			39,900		(2)
												282,848			282,848
Health Care Providers & Services
Premise Health Holding Corp	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.48%	11/8/2032		1,580			1,580			1,580		(2)
Premise Health Holding Corp	Term Loan	SOFR	+	4.75%	(Q)	8.48%	11/8/2032		6,236			6,236			6,236		(2)
Premise Health Holding Corp	Term Loan	SOFR	+	4.75%	(Q)	8.48%	11/8/2032		2,185			2,185			2,185		(2)
U.S. Urology Partners, LLC	Term Loan	SOFR	+	4.50%	(Q)	8.23%	4/8/2032		4,988			4,988			4,988		(2)
												14,989			14,989
Health Care Technology
GHX Ultimate Parent Corporation	Term Loan	SOFR	+	2.50% (2.50% PIK)	(Q)	8.73%	2/4/2033		6,994			6,994			6,924		(2)
GHX Ultimate Parent Corporation	Term Loan	SOFR	+	2.50% (2.50% PIK)	(Q)	8.73%	2/4/2033		5,445			5,445			5,390		(2)
Project Alliance Buyer, LLC	Term Loan	SOFR	+	5.00%	(Q)	8.67%	8/27/2031		4,070			4,070			4,070		(2)
Surescripts, LLC	Term Loan	SOFR	+	5.00%	(Q)	8.73%	11/3/2031		111,094			111,094			111,094		(2)
												127,603			127,478
Hotels, Restaurants & Leisure
Birdie Bidco, Inc.	Delayed Draw Term Loan	SOFR	+	2.50% (2.25% PIK)	(Q)	8.41%	11/17/2032		277			278			278		(2)
Birdie Bidco, Inc.	Term Loan	SOFR	+	2.50% (2.25% PIK)	(Q)	8.48%	11/17/2032		5,670			5,670			5,670		(2)
Invited, Inc.	Delayed Draw Term Loan	N/A					6/9/2032		—			—			(15	)	(2)
Invited, Inc.	Term Loan	SOFR	+	5.25%	(Q)	8.86%	6/9/2032		39,747			39,747			39,351		(2)
Triwizard Holdings, Inc.	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	8.66%	6/29/2029		38,089			38,088			38,088		(2)
Triwizard Holdings, Inc.	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	8.66%	6/29/2029		54,191			54,191			54,191		(2)
Triwizard Holdings, Inc.	Term Loan	SOFR	+	5.00%	(Q)	8.73%	6/29/2029		151,975			151,975			151,975		(2)
												289,949			289,538
Household Products
Walnut Parent, Inc.	Term Loan	SOFR	+	2.88%	(M)	6.62%	11/9/2029		305,031			305,031			286,729		(2)

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Company	Type of Investment	Reference Rate and Spread (1)				Interest Rate	Maturity	Par / Shares			Amortized Cost			Fair Value(4)			Footnotes
Walnut Parent, Inc.	Term Loan	SOFR	+	2.88% (3.38% PIK)	(Q)	10.06%	11/9/2029		40,576			40,576			38,141		(2)
Walnut Parent, Inc.	Term Loan	SOFR	+	2.88% (3.38% PIK)	(Q)	10.06%	11/9/2029		26,811			26,752			25,202		(2)
												372,359			350,072
Insurance
AQ Sunshine, Inc.	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	8.74%	7/25/2033		324			324			293		(2)
AQ Sunshine, Inc.	Term Loan	SOFR	+	5.00%	(Q)	8.66%	7/25/2033		5,000			5,000			4,950		(2)
High Street Buyer, Inc.	Delayed Draw Term Loan	SOFR	+	4.25%	(Q)	7.98%	4/14/2028		5,292			5,252			5,292		(2)
High Street Buyer, Inc.	Delayed Draw Term Loan	SOFR	+	4.25%	(Q)	7.98%	4/14/2028		4,533			4,498			4,533		(2)
High Street Buyer, Inc.	Delayed Draw Term Loan	SOFR	+	4.25%	(Q)	7.98%	4/14/2028		3,918			3,888			3,918		(2)
High Street Buyer, Inc.	Delayed Draw Term Loan	SOFR	+	4.25%	(Q)	7.98%	4/14/2028		2,826			2,806			2,826		(2)
High Street Buyer, Inc.	Delayed Draw Term Loan	SOFR	+	4.25%	(Q)	7.98%	4/14/2028		1,239			1,231			1,239		(2)
High Street Buyer, Inc.	Term Loan	SOFR	+	4.25%	(Q)	7.98%	4/14/2028		2,140			2,124			2,140		(2)
Oakbridge Insurance Agency LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(M)	8.64%	11/1/2029		3,409			3,408			3,408		(2)
Oakbridge Insurance Agency LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	8.39%	11/1/2029		3,518			3,518			3,518		(2)
SageSure Holdings, LLC	Delayed Draw Term Loan	SOFR	+	4.50%	(Q)	8.26%	1/28/2030		13,437			13,437			13,437		(2)
SageSure Holdings, LLC	Delayed Draw Term Loan	SOFR	+	4.50%	(M)	8.26%	1/28/2030		5,828			5,828			5,828		(2)
SageSure Holdings, LLC	Term Loan	SOFR	+	4.50%	(M)	8.26%	1/28/2030		12,312			12,312			12,312		(2)
SageSure Holdings, LLC	Term Loan	SOFR	+	4.50%	(M)	8.26%	1/28/2030		8,332			8,332			8,332		(2)
THG Acquisition, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	8.39%	10/31/2031		20,191			20,191			20,191		(2)
THG Acquisition, LLC	Term Loan	SOFR	+	4.75%	(M)	8.39%	10/31/2031		121,123			121,123			121,123		(2)
												213,272			213,340
IT Services
UFS, LLC	Term Loan	SOFR	+	4.75%	(M)	8.39%	10/14/2031		14,852			14,852			14,852		(2)
Victors Purchaser, LLC	Delayed Draw Term Loan	N/A					12/23/2032		—			—			(11	)	(2)
Victors Purchaser, LLC	Term Loan	SOFR	+	4.50%	(Q)	8.23%	12/23/2032		11,545			11,545			11,430		(2)
Victors Purchaser, LLC	Term Loan	SOFR	+	4.50%	(Q)	8.23%	12/23/2032		33			33			31		(2)
												26,430			26,302
Machinery
Harvey Tool Company, LLC	Term Loan	SOFR	+	4.50%	(Q)	8.23%	8/6/2032		240,212			240,212			240,212		(2)
JSG II, Inc. and Checkers USA, Inc./JHC Acquisition Corp	Term Loan	SOFR	+	4.50%	(M)	8.14%	9/30/2032		27,901			27,901			27,901		(2)
												268,113			268,113
Professional Services
Grit Buyer, Inc.	Delayed Draw Term Loan	SOFR	+	4.50%	(Q)	8.23%	7/16/2032		8,640			8,640			8,640		(2)
												8,640			8,640
Software
Apple Bidco Holdings, Inc.	Delayed Draw Term Loan	N/A					1/24/2033		—			—			(110	)	(2)
Apple Bidco Holdings, Inc.	Term Loan	SOFR	+	4.50%	(Q)	8.20%	1/24/2033		12,246			12,246			11,878		(2)
Bottomline Technologies, Inc.	Term Loan	SOFR	+	4.50%	(Q)	8.23%	5/14/2029		24,937			24,875			24,937		(2)
Cority Software Inc.	Term Loan	SOFR	+	4.50%	(Q)	8.16%	11/1/2032		11,884			11,884			11,527		(2)
Doxim Inc.	Term Loan	SOFR	+	6.50%	(M)	10.14%	11/30/2027		12,940			12,940			12,940		(2)(3)
Goose Borrower, L.P.	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	8.48%	3/2/2033		7,234			7,234			7,162		(2)
Goose Borrower, L.P.	Term Loan	SOFR	+	4.75%	(Q)	8.48%	3/2/2033		5,895			5,895			5,837		(2)
Merit Software Finance Holdings, LLC	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	8.98%	12/30/2032		2,198			2,199			2,199		(2)
Merit Software Finance Holdings, LLC	Term Loan	SOFR	+	5.25%	(Q)	8.98%	12/30/2032		6,365			6,365			6,365		(2)
ML Holdco, Inc.	Delayed Draw Term Loan	N/A					10/25/2032		—			—			(41	)	(2)
ML Holdco, Inc.	Term Loan	SOFR	+	4.25%	(Q)	7.91%	10/25/2032		7,936			7,936			7,777		(2)
												91,574			90,471

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Company	Type of Investment	Reference Rate and Spread (1)				Interest Rate	Maturity	Par / Shares			Amortized Cost			Fair Value(4)			Footnotes
Trading Companies & Distributors
Penn Detroit Diesel Allison, LLC	Term Loan	SOFR	+	7.00%	(Q)	10.72%	12/14/2027		32,794			32,794			26,235		(2)
												32,794			26,235
Total Senior Secured First Lien Loans											$	4,442,732		$	4,291,640
Equity
Automobile Components
Midco Holding, LLC	Common Stock								45,844			—			—
Midco Holding, LLC	Preferred Shares								59,596			23,119			17,408
												23,119			17,408
Automobiles
Bolt Purchaser, LLC	Common Stock								1			1			1
												1			1
Consumer Staples Distribution & Retail
GMF Parent, Inc.	Limited Partnership								—			1			1
												1			1
Diversified Consumer Services
LHS Borrower, LLC	Limited Partnership								—			1			1
												1			1
Food Products
Manna Pro Products, LLC	Common Stock								21			—			—
Manna Pro Products, LLC	Common Stock								17			—			—
												—			—
Hotels, Restaurants & Leisure
Invited, Inc.	Common Stock								1			1			1
												1			1
Insurance
AQ Sunshine, Inc.	Limited Partnership								1			1			1
												1			1
Total Equity												23,124			17,413
Total Investments											$	4,465,856		$	4,309,053

(1) Variable rate loans to the portfolio companies bear interest at a rate that may be determined by reference to SOFR, or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower’s option, which reset semi-annually (S), quarterly (Q) or monthly (M). For each such loan, the interest rate provided was the rate in effect as of June 30, 2026.

(2) Loan includes interest rate floor feature.

(3) Investment is domiciled outside of the United States.

(4) The negative fair value, if applicable, results from the fair valuation of the unfunded commitment.

(5) The investment was on non-accrual status as of June 30, 2026.

 

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Below is a listing of SDLP’s individual investments as of December 31, 2025 (dollars in thousands):

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Company	Type of Investment	Reference Rate and Spread (1)				Interest Rate	Maturity	Par / Shares			Amortized Cost			Fair Value(4)			Footnotes
Senior Secured First Lien Loans
Aerospace & Defense
Acron Aviation, Inc.	Term Loan	SOFR	+	4.75%	(M)	8.42%	3/29/2032		9,191			9,191			9,191		(2)
												9,191			9,191
Automobile Components
Arrowhead Holdco Company	Delayed Draw Term Loan	SOFR	+	2.50% (2.75% PIK)	(Q)	8.94%	08/31/2028		2,414			2,342			1,906		(2)
Arrowhead Holdco Company	Delayed Draw Term Loan	SOFR	+	2.50% (2.75% PIK)	(Q)	8.92%	08/31/2028		37,057			35,956			29,275		(2)
Arrowhead Holdco Company	Delayed Draw Term Loan	SOFR	+	2.50% (2.75% PIK)	(Q)	8.92%	08/31/2028		42,557			40,999			33,620		(2)
Arrowhead Holdco Company	Term Loan	SOFR	+	2.50% (2.75% PIK)	(Q)	8.94%	08/31/2028		26,427			25,641			20,877		(2)
Arrowhead Holdco Company	Term Loan	SOFR	+	2.50% (2.75% PIK)	(Q)	8.94%	08/31/2028		179,643			174,307			141,918		(2)
Midco Holding, LLC	Term Loan	SOFR	+	7.50%	(M)	11.36%	11/9/2029		91,687			91,687			91,687		(2)
												370,932			319,283
Chemicals
RCR Buyer, LLC	Term Loan	SOFR	+	5.25%	(M)	8.97%	4/30/2031		5,569			5,569			5,569		(2)
SePRO Holdings, LLC	Term Loan	SOFR	+	5.25%	(M)	8.97%	7/26/2030		117,128			117,128			117,128		(2)
												122,697			122,697
Commercial Services & Supplies
Accommodations Plus Technologies LLC	Term Loan	SOFR	+	5.25%	(M)	8.94%	5/28/2032		7,783			7,783			7,783		(2)
Accommodations Plus Technologies LLC	Term Loan	SOFR	+	5.25%	(M)	8.94%	5/28/2032		2,523			2,523			2,523		(2)
Astra Service Partners, LLC	Delayed Draw Term Loan	N/A					11/26/2032		—			—			(15	)	(2)
Astra Service Partners, LLC	Term Loan	SOFR	+	4.50%	(M)	8.34%	11/26/2032		12,195			12,195			12,103		(2)
CARDS-Live Oak Holdings, Inc.	Delayed Draw Term Loan	N/A					10/21/2032		—			—			(21	)	(2)
CARDS-Live Oak Holdings, Inc.	Term Loan	SOFR	+	4.75%	(M)	8.42%	10/21/2032		10,368			10,368			10,264		(2)
ISQ Hawkeye HoldCo, Inc.	Delayed Draw Term Loan	SOFR	+	4.68%	(M)	8.43%	8/20/2031		3,713			3,713			3,713		(2)
ISQ Hawkeye HoldCo, Inc.	Delayed Draw Term Loan	SOFR	+	4.68%	(M)	8.43%	8/20/2031		81,491			81,491			81,491		(2)
ISQ Hawkeye HoldCo, Inc.	Term Loan	SOFR	+	4.68%	(M)	8.43%	8/20/2031		223,760			223,760			223,760		(2)
Pritchard Industries, LLC	Delayed Draw Term Loan	SOFR	+	5.75%	(Q)	9.57%	10/13/2027		46,350			46,350			43,105		(2)
Pritchard Industries, LLC	Term Loan	SOFR	+	5.75%	(Q)	9.57%	10/13/2027		193,846			193,846			180,277		(2)
												582,029			564,983
Construction & Engineering
Ground Penetrating Radar Systems, LLC	Delayed Draw Term Loan	SOFR	+	4.50%	(M)	8.17%	1/2/2032		4,450			4,450			4,450		(2)
Ground Penetrating Radar Systems, LLC	Term Loan	SOFR	+	4.50%	(Q)	8.17%	1/2/2032		182,499			182,499			182,499		(2)
Pave America Holding, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	8.69%	8/27/2032		883			883			863		(2)
Pave America Holding, LLC	Term Loan	SOFR	+	2.38% (2.88% PIK)	(M)	8.92%	8/27/2032		8,691			8,691			8,604		(2)
Valcourt Holdings II, LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	9.04%	11/21/2029		16,628			16,628			16,628		(2)
Valcourt Holdings II, LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	9.02%	11/21/2029		26,604			26,604			26,604		(2)
Valcourt Holdings II, LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	8.87%	11/21/2029		20,261			20,261			20,261		(2)
Valcourt Holdings II, LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	8.99%	11/21/2029		12,214			12,214			12,214		(2)
Valcourt Holdings II, LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	8.97%	11/21/2029		9,903			9,903			9,903		(2)
Valcourt Holdings II, LLC	Term Loan	SOFR	+	5.00%	(Q)	9.02%	11/21/2029		257,272			257,272			257,272		(2)
												539,405			539,298
Consumer Staples Distribution & Retail

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Company	Type of Investment	Reference Rate and Spread (1)				Interest Rate	Maturity	Par / Shares			Amortized Cost			Fair Value(4)			Footnotes
FS Squared Holding Corp.	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	8.47%	12/23/2030		116,262			116,262			116,262		(2)
FS Squared Holding Corp.	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	8.47%	12/23/2030		48,600			48,601			48,601		(2)
FS Squared Holding Corp.	Term Loan	SOFR	+	4.75%	(M)	8.47%	12/23/2030		248,325			248,325			248,325		(2)
												413,188			413,188
Distributors
Big Bucks Acquisition Corporation	Term Loan	SOFR	+	5.00%	(M)	8.67%	09/29/2031		8,327			8,327			8,223		(2)
												8,327			8,223
Electronic Equipment, Instruments & Components
EIS Legacy Holdco, LLC	Delayed Draw Term Loan	SOFR	+	4.50%	(M)	8.40%	11/05/2031		67,486			67,487			67,487		(2)
EIS Legacy Holdco, LLC	Term Loan	SOFR	+	4.50%	(Q)	8.40%	11/05/2031		218,295			218,295			218,295		(2)
												285,782			285,782
Financial Services
Convera International Holdings Limited	Term Loan	SOFR	+	6.00%	(Q)	9.84%	3/1/2030		11,387			11,387			11,387		(2)(3)
Convera International Holdings Limited	Term Loan	SOFR	+	6.00%	(Q)	9.84%	3/1/2030		1,206			1,206			1,206		(2)(3)
Convera International Holdings Limited	Term Loan	SOFR	+	6.00%	(S)	9.84%	3/1/2030		309			309			309		(2)(3)
Oak Funding, LLC	Delayed Draw Term Loan	N/A					12/2/2032		—			—			(12	)	(2)
Oak Funding, LLC	Term Loan	SOFR	+	4.50%	(M)	8.29%	12/2/2032		23,970			23,970			23,730		(2)
Tiger Holdco LLC	Delayed Draw Term Loan	SOFR	+	4.25%	(M)	7.98%	3/11/2031		23,439			23,439			23,439		(2)
Tiger Holdco LLC	Term Loan	SOFR	+	4.25%	(M)	7.98%	3/11/2031		116,291			116,291			116,291		(2)
												176,602			176,350
Food Products
GMF Parent, Inc.	Delayed Draw Term Loan	N/A					12/20/2032		—			—			(15	)	(2)
GMF Parent, Inc.	Delayed Draw Term Loan	N/A					12/20/2032		—			—			(13	)	(2)
GMF Parent, Inc.	Term Loan	SOFR	+	4.50%	(M)	8.20%	12/20/2032		10,519			10,519			10,467		(2)
Manna Pro Products, LLC	Delayed Draw Term Loan	SOFR	+	3.0% (3.50% PIK)	(Q)	10.30%	12/10/2029		29,424			28,701			23,245		(2)
Manna Pro Products, LLC	Term Loan	SOFR	+	3.0% (3.50% PIK)	(Q)	10.30%	12/10/2029		14,033			13,687			11,086		(2)
Manna Pro Products, LLC	Term Loan	SOFR	+	3.0% (3.50% PIK)	(Q)	10.30%	12/10/2029		47,344			46,181			37,402		(2)
Manna Pro Products, LLC	Term Loan	SOFR	+	3.0% (3.50% PIK)	(Q)	10.30%	12/10/2029		177,910			173,542			140,549		(2)
Quirch Foods Holdings, LLC	Delayed Draw Term Loan	N/A					11/12/2030		—			—			(27	)	(2)
Quirch Foods Holdings, LLC	Term Loan	SOFR	+	6.50%	(M)	10.34%	11/12/2030		25,526			25,526			25,271		(2)
												298,156			247,965
Health Care Equipment & Supplies
NMN Holdings III Corp	Term Loan	SOFR	+	4.50%	(M)	8.22%	07/31/2031		226,640			226,640			226,640		(2)
												226,640			226,640
Health Care Providers & Services
Premise Health Holding Corp	Term Loan	SOFR	+	4.50%	(M)	8.17%	11/8/2032		6,268			6,268			6,268		(2)
U.S. Urology Partners, LLC	Term Loan	SOFR	+	4.75%	(M)	8.42%	4/8/2032		5,000			5,000			5,000		(2)
												11,268			11,268
Health Care Technology
Surescripts, LLC	Term Loan	SOFR	+	5.00%	(Q)	8.67%	11/03/2031		111,656			111,656			111,656		(2)
												111,656			111,656
Hotels, Restaurants & Leisure
Birdie Bidco, Inc.	Delayed Draw Term Loan	N/A					11/17/2032		—			—			(5	)	(2)

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Company	Type of Investment	Reference Rate and Spread (1)				Interest Rate	Maturity	Par / Shares			Amortized Cost			Fair Value(4)			Footnotes
Birdie Bidco, Inc.	Term Loan	SOFR	+	4.50% (2.25% PIK)	(M)	10.42%	11/17/2032		5,622			5,622			5,594		(2)
Triwizard Holdings, Inc.	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	8.90%	6/29/2029		41,537			41,537			41,537		(2)
Triwizard Holdings, Inc.	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	8.90%	6/29/2029		59,100			59,100			59,100		(2)
Triwizard Holdings, Inc.	Term Loan	SOFR	+	5.00%	(Q)	8.67%	6/29/2029		165,750			165,750			165,750		(2)
												272,009			271,976
Household Durables
LHS Borrower, LLC	Term Loan	SOFR	+	5.25%	(M)	8.97%	09/04/2031		19,625			19,625			19,429		(2)
												19,625			19,429
Household Products
Walnut Parent, Inc.	Term Loan	SOFR	+	5.75%	(Q)	9.57%	11/09/2027		26,460			26,460			24,608		(2)
Walnut Parent, Inc.	Term Loan	SOFR	+	5.75%	(Q)	9.57%	11/09/2027		40,044			40,044			37,241		(2)
Walnut Parent, Inc.	Term Loan	SOFR	+	5.75%	(Q)	9.52%	11/09/2027		299,250			299,250			278,303		(2)
												365,754			340,152
Insurance
THG Acquisition, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	8.47%	10/31/2031		7,931			7,931			7,931		(2)
THG Acquisition, LLC	Term Loan	SOFR	+	4.75%	(M)	8.47%	10/31/2031		121,736			121,736			121,736		(2)
												129,667			129,667
IT Services
UFS, LLC	Term Loan	SOFR	+	4.75%	(M)	8.50%	10/14/2031		14,927			14,927			14,778		(2)
Victors Purchaser, LLC	Delayed Draw Term Loan	N/A					12/23/2032		—			—			(3	)	(2)
Victors Purchaser, LLC	Term Loan	SOFR	+	4.50%	(M)	8.19%	12/23/2032		11,545			11,545			11,516		(2)
Victors Purchaser, LLC	Term Loan	SOFR	+	4.50%	(M)	8.19%	12/23/2032		33			33			32		(2)
												26,505			26,323
Machinery
Harvey Tool Company, LLC	Delayed Draw Term Loan	N/A					10/26/2027		—			—			(13	)	(2)
Harvey Tool Company, LLC	Term Loan	SOFR	+	4.75%	(M)	8.47%	8/6/2032		240,212			240,212			239,011		(2)
												240,212			238,998
Software
Cority Software Inc.	Term Loan	SOFR	+	4.50%	(M)	8.34%	11/1/2032		11,884			11,884			11,824		(2)
Doxim Inc.	Term Loan	SOFR	+	6.50%	(M)	10.22%	11/30/2027		13,006			13,006			12,875		(2)(3)
Merit Software Finance Holdings, LLC	Delayed Draw Term Loan	N/A					12/30/2032		—			—			(25	)	(2)
Merit Software Finance Holdings, LLC	Term Loan	SOFR	+	5.25%	(M)	8.94%	12/30/2032		6,365			6,365			6,301		(2)
ML Holdco, Inc.	Delayed Draw Term Loan	N/A					10/25/2032		—			—			(5	)	(2)
ML Holdco, Inc.	Term Loan	SOFR	+	4.50%	(M)	8.37%	10/25/2032		7,936			7,936			7,896		(2)
												39,191			38,866
Trading Companies & Distributors
Penn Detroit Diesel Allison, LLC	Term Loan	SOFR	+	7.00%	(Q)	10.82%	12/14/2027		32,794			32,794			30,170		(2)
												32,794			30,170
Total Senior Secured First Lien Loans											$	4,281,630		$	4,132,105
Equity
Automobile Components
Midco Holding, LLC	Common Stock								45,844			—			—
Midco Holding, LLC	Preferred Shares								59,596			23,119			26,754
												23,119			26,754
Food Products
Manna Pro Products, LLC	Common Stock								38			—			—
												—			—
Total Equity												23,119			26,754
Total Investments											$	4,304,749		$	4,158,859

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(1) Variable rate loans to the portfolio companies bear interest at a rate that may be determined by reference to SOFR, or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower’s option, which reset semi-annually (S), quarterly (Q), or monthly (M). For each such loan, the interest rate provided was the rate in effect as of December 31, 2025.

(2) Loan includes interest rate floor feature.

(3) Investment is domiciled outside of the United States.

(4) The negative fair value, if applicable, results from the fair valuation of the unfunded commitment.

 

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Below are the consolidated statements of assets and liabilities for SDLP (dollars in millions):

 

		As of June 30, 2026				As of December 31, 2025
Selected Consolidated Statements of Assets and Liabilities Information:
Investments in loans at fair value (cost of $4,466 and $4,305, respectively)		$	4,309			$	4,159
Restricted cash			268				103
Other assets			18				25
Total assets		$	4,595			$	4,287
Senior notes		$	3,270			$	3,024
Intermediate funding notes			108				113
Interest payable			46				51
Other liabilities			95				47
Total liabilities			3,519				3,235
Members' capital			1,076				1,052
Total liabilities and members' capital		$	4,595			$	4,287

 

Below are the consolidated statements of operations for SDLP (dollars in millions):

 

		For the three months ended June 30,								For the six months ended June 30,
		2026				2025				2026				2025
Selected Consolidated Statement of Operation Information:
Total revenues		$	90			$	105			$	182			$	212
Total expenses			50				64				100				128
Net unrealized appreciation/(depreciation)			2				(11	)			(11	)			(39	)
Net realized gain/(loss)			—				2				—				2
Net income/(loss)		$	42			$	32			$	71			$	47

 

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In accordance with Rules 3-09 and 4-08(g) of Regulation S-X, the Company must determine if any of its portfolio companies is considered a “significant subsidiary.” Pursuant to the definition of “significant subsidiary” applicable to investment companies set forth in Rule 1-02(w) of Regulation S-X, a portfolio company will meet the definition of “significant subsidiary” if either the investment test or the income test is triggered. Rule 3-09 of Regulation S-X requires the Company to include separate audited financial statements of any unconsolidated majority-owned subsidiary (portfolio company in which the Company owns greater than 50% of the unconsolidated subsidiary) in the Company's annual report on Form 10-K if one of the following conditions are met: (i) if the portfolio investment’s fair value exceeds 20% of the Company’s total investments at fair value (the investment test); or (ii) either (A) if the income from the portfolio investment exceeds 80% of the Company’s absolute value of the change in net assets from operations of the Company and its subsidiaries (the income test) or (B) if the income from the portfolio investment exceeds 20% of the Company’s absolute value of the change in net assets from operations of the Company and its subsidiaries and have a fair value exceeding 5% of the Company’s total investment fair value (the alternate income test). If the Company has an unconsolidated majority-owned subsidiary and does not satisfy any Rule 3-09 significant subsidiary conditions during a quarter end, the Company must include a summarized income statement within the notes to the quarterly financial statements.

Rule 4-08(g) of Regulation S-X requires the Company to include summarized financial information of any unconsolidated controlled subsidiary (portfolio company in which the Company owns greater than 25% of the voting securities of the unconsolidated subsidiary or otherwise controls the subsidiary) in the Company's annual report on Form 10-K if one of the following conditions are met: (i) if the portfolio investment’s fair value exceeds 10% of the Company’s total investments fair value (the investment test); or (ii) either (A) if the income from the portfolio investment exceeds 80% of the Company’s absolute value of the change in net assets from operations of the Company and its subsidiaries (the income test) or (B) if the income from the portfolio investment income exceeds 10% of the Company’s absolute value of the change in net assets from operations of the Company and its subsidiaries and have a fair value exceeding 5% of the Company’s total investment fair value (the alternate income test).

After performing the investment analysis and income analysis for the three and six months ended June 30, 2026, the Company determined that the SDLP's fair value exceeded 20% of the Company's total investments at fair value. Accordingly, the related summary financial information is presented in the "Senior Direct Lending Program" heading above.

Results of Operations

Set forth below is a comparison of our results of operations for the three and six months ended June 30, 2026 and 2025 (dollars in thousands):

 

		For the three months ended June 30,								For the six months ended June 30,
		2026				2025				2026				2025
Total investment income		$	21,105			$	22,686			$	42,010			$	45,576
Total expenses			11,445				11,473				22,229				23,468
Net investment income			9,660				11,213				19,781				22,108
Net realized gain (loss)			254				—				(95	)			—
Net change in unrealized appreciation (depreciation)			(2,742	)			(7,523	)			(11,327	)			(12,451	)
Net increase in net assets resulting from operations		$	7,172			$	3,690			$	8,359			$	9,657
Net investment income per share - basic and diluted		$	0.23			$	0.27			$	0.48			$	0.53
Net increase in net assets resulting from operations per share - basic and diluted		$	0.17			$	0.09			$	0.20			$	0.23

 

Net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including the level of new investment commitments, expenses, the recognition of realized gains and losses, and changes in unrealized appreciation and depreciation on the investment portfolio.

Investment Income

We expect our portfolio to continue to grow as we deploy capital raised in our private offering and our investment income to grow commensurately. Shifting base interest rates, such as SOFR and other applicable benchmark rates, may affect our investment income over the long term.

Investment income decreased to $21.1 million and $42.0 million for the three and six months ended June 30, 2026, from $22.7 million and $45.6 million for the comparable period in the prior year, primarily due to a decrease in SOFR as well as a decrease in the yield of the Subordinated Certificates.

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Operating Expenses

Expenses for the three and six months ended June 30, 2026 and 2025 were as follows (dollars in thousands):

 

		For the three months ended June 30,								For the six months ended June 30,
		2026				2025				2026				2025
Base management fees		$	1,619			$	1,581			$	3,222			$	3,129
Income-based incentive fees			1,024				527				1,194				1,380
Professional fees			905				906				1,795				1,795
Administrator expenses			246				267				486				464
Interest expenses			7,150				7,616				14,542				15,590
Credit facility fees			318				323				609				625
Directors’ fees and expenses			71				74				143				159
Insurance expenses			7				7				13				12
Other general and administrative			105				172				225				314
Total expenses		$	11,445			$	11,473			$	22,229			$	23,468

Total expenses decreased to $11.4 million and $22.2 million for the three and six months ended June 30, 2026 from $11.5 million and $23.5 million for the three and six months ended June 30, 2025.

Management and Incentive Fees

Management fees for the three and six months ended June 30, 2026 increased from the comparable period in the prior year primarily due to an increase in the average amortized cost basis of our portfolio during each period. Income based incentive fees for the three months ended June 30, 2026 increased from the comparable period in the prior year. Income-based incentive fees for the six months ended June 30, 2026 decreased from the comparable period in the prior year.

Interest Expenses and Credit Facility Fees

Interest expenses and credit facility fees decreased to $7.5 million and $15.2 million for the three and six months ended June 30, 2026 from $7.9 million and $16.2 million for the three and six months ended June 30, 2025. The decrease was primarily attributable to a decrease in SOFR.

Net Realized Gains/Losses

We measure realized gains or losses by the difference between the net proceeds from the disposition and the amortized cost basis of an investment, without regard to unrealized gains or losses previously recognized.

For the three months ended June 30, 2026, we had realized gains of $0.3 million due to the receipt of escrow payments offsetting previous realized losses. For the six months ended June 30, 2026, we had realized losses of $(0.1) million due to the realization of one of our equity investments, partially offset by the receipt of escrow payments.

For the three and six months ended June 30, 2025, we had no realized gains or losses on our portfolio investments.

Net Change in Unrealized Appreciation/Depreciation

For the three and six months ended June 30, 2026, we had $(2.7) million and $(11.3) million, respectively, of unrealized depreciation on portfolio investments, which was primarily due to the adjustment of certain portfolio investments facing operational difficulties.

For the three and six months ended June 30, 2025, we had $(7.5) million and $(12.5) million, respectively, of unrealized depreciation on portfolio investments and derivatives, which was primarily due to the adjustment of our investment in the Subordinated Certificates as well as unfavorable adjustments to a minority of portfolio companies facing operational difficulties.

Net Increase in Net Assets Resulting from Operations

For the three and six months ended June 30, 2026, the net increase in net assets resulting from operations was $7.2 million or $0.17 per share and $8.4 million or $0.20 per share, respectively. For the three and six months ended June 30, 2025, the net increase in net assets resulting from operations was $3.7 million or $0.09 per share and $9.7 million or $0.23 per share, respectively.

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Financial Condition, Liquidity and Capital Resources

We expect to generate cash primarily from (i) the net proceeds from drawdowns of our capital commitments to purchase shares of our common stock pursuant to our private offering of our shares (the "Offering"), (ii) cash flows from our operations, (iii) proceeds from net borrowings from the SMBC Facility and CLO debt issuances (as described below), and (iv) any future offerings of our equity or debt securities. We may fund a portion of our investments through borrowings under the SMBC Facility and issuances of senior securities. Our primary use of cash will be for (i) investments in portfolio companies in accordance with our investment objective and investment strategies and to comply with certain portfolio diversification requirements, (ii) providing capital to the SDLP through the Subordinated Certificates, (iii) the cost of operations (including paying the Adviser), (iv) debt service and other financing costs of any borrowings, (v) any cash distributions to the holders of our common stock, and (vi) general working capital purposes. We will also pay operating expenses, including advisory and administrative fees and expenses, and may pay other expenses such as due diligence expenses of potential new investments, from the net proceeds of the Offering.

Equity

We are authorized to issue 500,000,000 shares of common stock at $0.01 par value per share.

On March 29, 2022, in connection with our seed audit, we issued 100 shares of common stock for $10.00 to Varagon, which were subsequently redeemed on June 2, 2022 in connection with the Merger.

As of June 30, 2026, we had received capital commitments totaling $488.2 million ($73.5 million remaining undrawn), of which $5.9 million ($1.0 million remaining undrawn) is from Varagon and current officers and directors of the Company. On June 2, 2022, we held our Initial Closing and entered into Subscription Agreements with a number of investors providing for the private placement of our shares of common stock.

The following table summarizes the total shares issued and proceeds received related to capital drawdowns delivered pursuant to the Subscription Agreements from inception through June 30, 2026 (dollars in thousands, except per share data):

 

Capital Drawdown Notice Date		Date of Issuance		Number of Shares Issued				Aggregate Offering Price				Issuance Price per Share
May 20, 2022		June 2, 2022			36,130,510			$	361,305			$	10.00
June 27, 2022		July 12, 2022			2,994,012			$	30,000			$	10.02
August 23, 2022		September 7, 2022			2,362,205			$	24,000			$	10.16

 

Distributions and Distribution Reinvestments

Distributions to common shareholders are recorded on the ex-dividend date. We have elected, and intend to qualify annually, to be treated as a RIC for U.S. federal income tax purposes under the Code. The Company will be required to distribute dividends each tax year as a RIC to its shareholders of an amount generally at least equal to 90% of its investment company taxable income, determined without regard to any deduction for dividends paid, in order to be eligible for tax benefits allowed to a RIC under subchapter M of the Code. The Company anticipates paying out as a distribution all or substantially all of those amounts. The amount to be paid out as a dividend is determined by the Board and is based on management’s estimate of the Company’s annual taxable income. Net realized capital gains, if any, are generally distributed, although the Company may decide to retain such net realized capital gains for investment.

With respect to distributions, we have adopted an “opt out” distribution reinvestment plan (“DRIP”) for common shareholders. As a result, in the event of a declared distribution, each shareholder that has not “opted out” of the DRIP will have their dividends or distributions automatically reinvested in additional shares of our common stock rather than receiving cash distributions. Shareholders who receive distributions in the form of shares of common stock will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.

The following table reflects the distributions per share that the Company has declared, including shares issued under the DRIP, on its common stock from inception through June 30, 2026 (dollars in thousands):

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Distribution		Date Declared		Record Date		Payment Dates		Amount per Share				Cash Distribution				DRIP Shares Issued				DRIP Shares Value
Quarterly		December 12, 2022		December 15, 2022		December 21, 2022		$	0.2635			$	10,892				3,915			$	40
Quarterly		December 19, 2022		December 23, 2022		January 27, 2023			0.2405				9,941				3,665				37
Quarterly		March 23, 2023		March 27, 2023		March 31, 2023			0.2222				9,185				3,619				35
Quarterly		May 10, 2023		July 1, 2023		July 15, 2023			0.2246				9,284				3,780				37
Quarterly		August 8, 2023		October 2, 2023		October 16, 2023			0.2271				9,387				3,825				38
Quarterly		November 7, 2023		December 27, 2023		January 17, 2024			0.2397				9,908				4,089				41
Special		December 18, 2023		December 27, 2023		January 17, 2024			0.1205				4,981				2,056				20
Quarterly		March 20, 2024		March 29, 2024		April 10, 2024			0.2371				9,809				3,461				34
Special		March 20, 2024		March 29, 2024		April 10, 2024			0.0333				1,378				486				5
Quarterly		May 9, 2024		June 28, 2024		July 17, 2024			0.2371				9,809				3,533				35
Special		May 9, 2024		June 28, 2024		July 17, 2024			0.0662				2,739				986				10
Quarterly		August 6, 2024		September 30, 2024		October 17, 2024			0.2397				9,916				3,699				36
Special		August 6, 2024		September 30, 2024		October 17, 2024			0.0638				2,639				985				10
Quarterly		November 6, 2024		December 31, 2024		January 17, 2025			0.2392				9,911				2,282				22
Special		November 6, 2024		December 31, 2024		January 17, 2025			0.0675				2,797				644				6
Quarterly		March 13, 2025		March 31, 2025		April 17, 2025			0.2400				9,944				2,429				23
Special		March 13, 2025		March 31, 2025		April 17, 2025			0.0185				766				187				2
Quarterly		May 7, 2025		June 30, 2025		July 17, 2025			0.2400				9,944				2,526				24
Special		May 7, 2025		June 30, 2025		July 17, 2025			0.0185				766				195				2
Quarterly		August 6, 2025		September 30, 2025		October 17, 2025			0.2400				9,944				2,644				24
Special		August 6, 2025		September 30, 2025		October 17, 2025			0.0185				766				204				2
Quarterly		November 5, 2025		December 31, 2025		January 16, 2026			0.2400				9,960				899				8
Special		November 5, 2025		December 31, 2025		January 16, 2026			0.0185				768				69				1
Quarterly		March 12, 2026		March 31, 2026		April 24, 2026			0.2300				9,545				888				8
Quarterly		May 7, 2026		June 30,2026		July 24, 2026			0.2300				9,545				931				8
Total												$	174,524			$	51,997			$	508

Income Taxes

The Company has elected, and intends to qualify annually, to be treated as a RIC under subchapter M of the Code. As a RIC, the Company generally will not be subject to U.S. federal income tax on any ordinary income or capital gains that it timely distributes to its shareholders as dividends. To qualify as a RIC, the Company must meet certain minimum distribution, source-of-income, and asset diversification requirements. The minimum distribution requirements applicable to the RIC require the Company to distribute at least 90% of its investment company taxable income, as defined by the Code, each year.

The Company is subject to a nondeductible 4% U.S. federal excise tax on its undistributed income, unless it timely distributes (or is deemed to have timely distributed) an amount equal to the sum of (1) 98% of ordinary income for each calendar year, (2) 98.2% of the amount by which capital gains exceeds capital losses (adjusted for certain ordinary losses) for a one-year period ending on October 31 of the calendar year, and (3) certain un-distributed amounts from the previous years on which we paid no U.S. federal income tax. While the Company intends to distribute any income and capital gains to avoid imposition of this 4% U.S. federal excise tax, it may not be successful in avoiding entirely the imposition of this tax. In that case, the Company will be liable for the tax only on the amount by which it does not meet the foregoing distribution requirement.

The Company evaluates tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority in accordance with ASC Topic 740, Income Taxes (“ASC 740”). Tax benefits of positions not deemed to meet the more-likely-than-not threshold, or uncertain tax positions, would be recorded as tax expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. As of June 30, 2026, the Company did not have any uncertain tax positions that met the recognition or measurement criteria, nor did the Company have any unrecognized tax benefits.

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Our accounting policy on income taxes is critical because if we are unable to maintain our tax treatment as a RIC, we would be required to record a provision for U.S. federal income taxes, which may be significant to our financial results.

Federal Income Taxes

The Company is subject to the Code, U.S. federal income tax regulations, and other administrative guidance pertaining to U.S. federal income tax filing requirements. The Company is expected to have minimal or no income subject to tax and therefore no provision has been included for taxes due. The Company has elected, and intends to qualify annually, as a RIC under subchapter M of the Code. As a result, the Company generally does not expect to be subject to U.S. federal income taxes.

The Company has not recorded a liability for any uncertain tax positions pursuant to the provisions of ASC 740 as of June 30, 2026.

In the normal course of business, the Company is subject to examination by federal and certain state and local tax regulators. The Company adopted a tax year-end of December 31.

For U.S federal income tax purposes, distributions paid to shareholders are reported as ordinary income, return of capital, long-term capital gains, or a combination thereof.

Borrowings

SMBC Facility

On August 9, 2024, the Company entered into a Senior Secured Revolving Credit Agreement (the “SMBC Credit Agreement” and the senior secured credit facility thereunder, the “SMBC Facility”) by and among the Company, as borrower, the lenders party thereto from time to time, the issuing banks party thereto from time to time, and Sumitomo Mitsui Banking Corporation, as administrative agent, sole book runner and lead arranger.

The SMBC Facility is guaranteed by VCCEH, a wholly owned subsidiary of the Company, and will be guaranteed by certain subsidiary guarantors. Proceeds of the SMBC Facility may be used for general corporate purposes, including the funding of portfolio investments.

The initial maximum principal amount of the SMBC Facility was $170 million, subject to availability under the borrowing base, which is based on the Company’s and subsidiary guarantors’ portfolio investments and other outstanding indebtedness. Maximum capacity under the SMBC Facility may be increased to $400 million through the exercise by the Company of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. The maximum principal amount available under the SMBC Facility was increased from $170 to $195 million pursuant to the accordion feature under the SMBC Credit Agreement on August 28, 2024. The SMBC Facility provides for the issuance of letters of credit in an initial aggregate face amount of up to $10 million, subject to increase or reduction from time to time pursuant to the terms of the SMBC Facility. The SMBC Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Company and each subsidiary guarantor, subject to certain exceptions.

The availability period under the SMBC Facility will terminate on August 9, 2028 (the “SMBC Commitment Termination Date”) and the SMBC Facility will mature on August 9, 2029 (the “SMBC Maturity Date”). During the period from the SMBC Commitment Termination Date to the SMBC Maturity Date, the Company will be obligated to make mandatory prepayments under the SMBC Credit Agreement out of the proceeds of certain asset sales and other recovery events, equity and debt issuances and other returns of capital and extraordinary receipts.

The Company may borrow amounts in U.S. dollars or certain other permitted currencies. Amounts drawn under the SMBC Facility will bear interest at either term SOFR plus a 2.125% or 2.000% margin, or the alternate base rate plus a 1.125% or 1.000% margin depending on the ratio of the borrowing base compared to the outstanding debt of the SMBC Facility. The Company may elect either the term SOFR or the alternate base rate at the time of drawdown, and loans may be converted from one rate to another at any time at the Company’s option, subject to certain conditions. The Company also will pay a fee of 0.375% on average daily undrawn amounts under the SMBC Facility. The Company is also required to pay letter of credit participation fees and a fronting fee on the daily amount of any lender's exposure with respect to any letters of credit issued at the request of the Company under the SMBC Facility. As of June 30, 2026 and December 31, 2025, the Company had $2.2 million and $1.0 million, in letters of credit issued through the SMBC Facility, respectively. The amount available for borrowing under the SMBC Facility is reduced by any letters of credit issued. As of June 30, 2026, there was $120.7 million available for borrowing (net of letters of credit) under the SMBC Facility, subject to borrowing base limitations.

The SMBC Credit Agreement includes customary covenants, including certain limitations on the incurrence by the Company of additional indebtedness and on the Company’s ability to make distributions to its shareholders, or redeem, repurchase or retire shares of stock, upon the occurrence of certain events and certain financial covenants related to asset coverage and liquidity and other maintenance covenants, as well as customary events of default.

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At June 30, 2026, the carrying amount of the Company's borrowings under the SMBC Facility approximated their fair value. The fair values of the Company's debt obligations are determined in accordance with ASC 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value of the Company's borrowings under the SMBC Facility would be deemed to be Level 3 investments.

The following table summarizes the interest expense, unused fees and amortization of debt issuance costs incurred on the SMBC Facility for the three and six months ended June 30, 2026 and 2025 (dollars in thousands):

		For the three months ended June 30,								For the six months ended June 30,
		2026				2025				2026				2025
SMBC Facility interest		$	707			$	518			$	1,687			$	1,326
SMBC Facility unused fees			151				156				278				294
Amortization of debt issuance costs			88				87				174				174
Total interest and financing expenses related to the SMBC Facility		$	946			$	761			$	2,139			$	1,794
Weighted average outstanding debt balance of the SMBC Facility		$	46,155			$	30,756			$	55,415			$	39,993
Weighted average interest rate of the SMBC Facility (annualized)			6.1	%			6.8	%			6.1	%			6.7	%

 

VCC CLO 1, LLC

On November 26, 2024 (the “Closing Date”), the Company completed its $493.77 million term debt securitization (the “2024 Debt Securitization”), also known as a collateralized loan obligation, in connection with which a subsidiary of the Company issued the Debt (as defined below). The 2024 Debt Securitization is subject to the Company’s overall asset coverage requirement.

The debt offered in the 2024 Debt Securitization was issued and incurred by VCC CLO, an indirect, wholly-owned and consolidated subsidiary of the Company, and consists of (i) Class A-1 Senior Secured Floating Rate Notes, Class A-2 Senior Secured Floating Rate Loans, Class B Senior Secured Floating Rate Notes, Class B Senior Secured Floating Rate Loans and the Class C Mezzanine Secured Deferrable Floating Rate Notes (collectively, the “Secured Debt”), and (ii) the subordinated notes (the “Subordinated Notes” and, together with the Secured Debt, the “Debt”), the terms of which are summarized in the table below (dollars in thousands):

Class		Par Size ($)				Ratings (S&P)		Ratings (Fitch)		Coupon
Class A-1 Notes		$	280,000			AAA(sf)		AAA(sf)		SOFR + 1.71%
Class A-2 Loans			30,000			AAA(sf)		N/A		SOFR + 1.85%
Class B Notes			7,000			AA (sf)		N/A		SOFR + 2.15%
Class B Loans			23,000			AA (sf)		N/A		SOFR + 2.15%
Class C Notes			37,500			A (sf)		N/A		SOFR + 2.65%
Subordinated Notes			116,270			N/A		N/A		N/A

 

VCC CLO Depositor, a direct, wholly owned subsidiary of the Company, retained all of the Subordinated Notes issued in the 2024 Debt Securitization and eliminated in consolidation.

The 2024 Debt Securitization is backed by a diversified portfolio of middle market commercial loans and participation interests therein, which is managed by the Company pursuant to a collateral management agreement entered into with VCC CLO on the Closing Date (the “Collateral Management Agreement”). The Company has agreed to irrevocably waive all collateral management fees payable to it so long as it is the collateral manager under the Collateral Management Agreement. The Debt is scheduled to mature on October 20, 2036; however, the Debt may be redeemed by VCC CLO, at the written direction of (i) a majority of the Subordinated Notes with the consent of the Company or (ii) the Company, in each case, on any business day on or after November 26, 2026.

As part of the 2024 Debt Securitization, the Company, VCC CLO Depositor and VCC CLO entered into a loan sale and contribution agreement on the Closing Date (the “Sale Agreement”), pursuant to which the Company sold, transferred, assigned, contributed or otherwise conveyed to VCC CLO Depositor and VCC CLO Depositor subsequently sold, transferred, assigned, contributed or otherwise conveyed to VCC CLO the loans and participations therein securing the 2024 Debt Securitization for the purchase price and other consideration set forth in the Sale Agreement. Following this transfer, VCC CLO, and not VCC CLO Depositor or the Company, holds

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all of the ownership interest in such loans and participations therein. The Company made customary representations, warranties and covenants in the Sale Agreement.

The Secured Debt is a secured obligation of VCC CLO, the Subordinated Notes are the unsecured obligations of VCC CLO, and the indenture and security agreement governing the Debt includes customary covenants and events of default. The Debt has not been, and will not be, registered under the Securities Act of 1933, as amended (the "1933 Act"), or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from registration.

At June 30, 2026, the carrying amount of the Secured Debt of VCC CLO approximated its fair value. The fair values of the Company's debt obligations are determined in accordance with ASC 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value of the Secured Debt of VCC CLO would be deemed to be Level 3 investments.

The following table summarizes the interest expense and amortization of debt issuance costs incurred on VCC CLO for the three and six months ended June 30, 2026 and 2025 (dollars in thousands):

		For the three months ended June 30,								For the six months ended June 30,
		2026				2025				2026				2025
VCC CLO interest		$	5,270			$	5,881			$	10,520			$	11,846
Amortization of debt issuance costs			55				55				109				109
Total interest and financing expenses related to VCC CLO		$	5,325			$	5,936			$	10,629			$	11,955
Weighted average outstanding debt balance of VCC CLO		$	377,500			$	377,500			$	377,500			$	377,500
Weighted average interest rate of VCC CLO (annualized)			5.6	%			6.2	%			5.6	%			6.3	%

 

Unsecured Notes

 

On December 21, 2023, the Company entered into a Master Note Purchase Agreement (the “Note Purchase Agreement”) governing the issuance of $25,000,000 in aggregate principal amount of Series A Senior Notes, Tranche A, due December 21, 2026, with a fixed interest rate of 8.10% per year (the “2026 Notes”), and $25,000,000 in aggregate principal amount of Series A Senior Notes, Tranche B, due December 21, 2028, with a fixed interest rate of 8.20% per year (the “2028 Notes” and, together with the 2026 Notes, the “Notes”), to qualified institutional investors in a private offering exempt from the registration requirements of the 1933 Act. The Notes are guaranteed by VCCEH, a wholly owned subsidiary of the Company. The interest rate of each Note is subject to an adjustment in the event of certain triggering events, including, an Asset Coverage Ratio Event, a Secured Debt Ratio Event, and a Below Investment Grade Event (each as defined in the Note Purchase Agreement). As of December 31, 2024, the Company's asset coverage ratio was below 200%, which triggered an Asset Coverage Ratio Event. Accordingly, effective January 1, 2025, the interest rates of the 2026 Notes and the 2028 Notes increased to 9.10% and 9.20% per year, respectively.

 

Interest on the Notes are payable semi-annually on June 21 and December 21 each year. The 2026 Notes and the 2028 Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option prior to September 21, 2026 and September 21, 2028, respectively, at par plus accrued interest to the redemption date and a make-whole premium, and thereafter at par plus accrued interest to the redemption date. In addition, the Company is obligated to offer to prepay the Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.

 

On February 2, 2024, in connection with each of the 2026 Notes and the 2028 Notes, the Company entered into an interest rate swap

agreement for a total notional amount of $25,000,000 and $25,000,000 that matures on December 21, 2026 and December 21, 2028,

respectively. Under the interest rate swap agreement for the 2026 Notes and the 2028 Notes, the Company receives a fixed interest rate of 8.10% and 8.20% and pays a floating interest rate of SOFR + 4.226% and SOFR + 4.595%, respectively. The Company designated these interest rate swaps, the 2026 Notes, and the 2028 Notes as a qualifying fair value hedge accounting relationship. For more information, see “Note 5. Derivative Instruments” to the consolidated financial statements included in this Quarterly Report on Form 10-Q.

 

At June 30, 2026, and December 31, 2025 the carrying amount of the Notes approximated their fair value. The fair values of the Company's debt obligations are determined in accordance with ASC 820, which defines fair value in terms of the price that would be

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paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value of the Notes would be deemed to be Level 3 investments.

 

The following table summarizes the interest expenses and amortization of debt issuance costs incurred on the Notes for the three and six months ended June 30, 2026 and 2025 (dollars in thousands):

 

		For the three months ended June 30,								For the six months ended June 30,
		2026				2025				2026				2025
2026 Notes interest		$	569			$	569			$	1,138			$	1,138
2028 Notes interest			575				575				1,150				1,150
Amortization of debt issuance costs			24				24				48				48
Effect of interest rate swap			29				73				47				130
Total		$	1,197			$	1,241			$	2,383			$	2,466
Weighted average stated interest rate, net of effect of interest rate swaps			9.4	%			9.8	%			9.4	%			9.7	%
Weighted average outstanding balance			50,000				50,000				50,000				50,000

Contractual Obligations

The following table shows the contractual maturities of our debt obligations as of June 30, 2026 (dollars in thousands):

 

		Payments Due by Period
Contractual Obligations		Total				Less than 1 Year				1 to 3 Years				3 to 5 Years				More than 5 Years
SMBC Facility			72,100				—				—				72,100				—
2026 Notes			25,000				25,000				—				—				—
2028 Notes			25,000				—				25,000				—				—
VCC CLO			377,500				—				—				—				377,500
Total debt obligations		$	499,600			$	25,000			$	25,000			$	72,100			$	377,500

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Related-Party Transactions

We have entered into a number of business relationships with affiliated or related parties, including the following:

•

the Investment Advisory Agreement;

•

the Administration Agreement;

•

the Expense Reimbursement Agreement;

•

the Fronting Letter Agreement; and

•

the Placement Agent Agreements.

For more information on the above agreements, see "Note 7. Related Party Transactions" in our consolidated financial statements in this Quarterly Report on Form 10-Q.

On June 3, 2025, the Company and certain of its affiliates were granted an order for co-investment exemptive relief by the SEC based on an updated model of co-investment order that was recently granted by the SEC (the “Order”). The Order supersedes the prior exemptive order granted on December 22, 2022. The Order permits the Company to participate in negotiated co-investment transactions with other funds managed by the Adviser and certain other affiliates pursuant to the conditions of the Order. The Order requires that a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Board make certain findings with respect to the following, among other things: (1) when the Company co-invests with an affiliated entity (as defined in the exemptive application) in an issuer where an affiliated entity has an existing investment in the issuer under certain circumstances, and (2) if the Company disposes of an asset acquired in a co-investment transaction unless the disposition is done on a pro rata basis or the disposition is of a tradable security. Pursuant to the Order, the Board will oversee the Company’s participation in the co-investment program. As required by the Order, the Company has adopted, and the Board has approved, policies and procedures reasonably designed to ensure the Company’s compliance with the conditions of the Order, and the Adviser and the Company’s Chief Compliance Officer will provide reporting to the Board.

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Off-Balance Sheet Arrangements

Portfolio Company Commitments

 

As of June 30, 2026 and December 31, 2025, we had commitments under loan and financing agreements to fund up to $100.6 million to 87 portfolio companies and $104.9 million to 76 portfolio companies, respectively. These commitments are primarily composed of senior secured term loans and revolvers, including underlying investments in the SDLP, and an analysis of their fair value is included in the Consolidated Schedule of Investments. The commitments are generally subject to the borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. The terms of the borrowings and financings subject to commitment are comparable to the terms of other loan and equity securities in our portfolio. A summary of the composition of the unfunded commitments as of June 30, 2026 and December 31, 2025 are shown in the table below (dollars in thousands):

 

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Issuer		As of June 30, 2026				As of December 31, 2025
360 Partners LLC			3,043				3,043
360 Partners LLC			1,261				1,739
3G Intermediate, Inc.			—				400
42 North Dental, LLC			568				—
42 North Dental, LLC			284				—
Accupac, LLC			435				652
ACP Oak Buyer, Inc.			1,498				1,498
ACP Oak Buyer, Inc.			—				333
Advanced Infusion Solutions Acquisition, LLC			210				—
Advanced Infusion Solutions Acquisition, LLC			998				—
Advanced Web Technologies Holding Company			274				274
Advanced Web Technologies Holding Company			—				608
Alert SRC Newco LLC			524				604
Allergy & Clinical MidCo, LLC			2,354				2,354
Allergy & Clinical MidCo, LLC			129				257
Andretti Buyer, LLC			41				—
Andretti Buyer, LLC			41				—
Apex Dental Partners, LLC			759				683
Apex Dental Partners, LLC			497				1,390
Basin Innovation Group, LLC			—				329
Basin Innovation Group, LLC			1,266				1,266
Bebright MSO, LLC			1,237				1,237
BH Buyer, Inc.			776				776
Big Bucks Acquisition Corporation			795				795
Boulder Scientific Company, LLC			71				71
BRG Acquisition Co., LLC			600				600
Castleworks Home Services Company			7				7
Champion Elevator Operating Corporation			304				—
Champion Elevator Operating Corporation			609				—
Charlie RF Voltron Acquisition, Inc.			266				—
Charlie RF Voltron Acquisition, Inc.			178				—
Concord III, L.L.C.,			52				52
CPL Consultants, LLC			50				—
CPL Consultants, LLC			396				—
Distinct Holdings, Inc.			689				451
DRML Holdings LLC			2,000				2,000
DRML Holdings LLC			1,333				1,333
Easy Ice, LLC			704				1,043
Easy Ice, LLC			597				495
Empower Benefits Inc.			186				—
Eventus Buyer, LLC			1,730				1,730
Eventus Buyer, LLC			519				404
Express Wash Acquisition Company, LLC			180				180
Eye Health America, LLC			137				184
Eye Health America, LLC			600				528
FS Squared Holding Corp.			60				60
FS Squared Holding Corp.			54				14
G-3 Mobility Buyer LLC			567				—
G-3 Mobility Buyer LLC			847				—
Gen4 Dental Partners OPCO, LLC			—				585
Gen4 Dental Partners OPCO, LLC			—				2,342
Healthfuse, LLC			1,442				1,442
Hissho Parent, LLC			635				635
HLSG Intermediate, LLC			—				25
HLSG Intermediate, LLC			—				121

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Issuer		As of June 30, 2026				As of December 31, 2025
Horizon Freight Holdings, Inc.			1,543				1,543
Horizon Freight Holdings, Inc.			1,543				1,543
Horizon Freight Holdings, Inc.			302				474
HTI Intermediate, LLC			493				657
Hub Pen Company, LLC			629				472
Iron Pillar United Mining Group, LLC			650				—
Iron Pillar United Mining Group, LLC			325				—
ISQ Hawkeye HoldCo, Inc.			32				—
iVision Buyer, LLC			409				—
JTM Foods LLC			5				14
KL Bronco Acquisition, Inc.			536				714
KL Charlie Acquisition Company			52				52
Krayden Holdings, Inc.			482				566
Krayden Holdings, Inc.			865				480
Lav Gear Intermediate Holdings, INC.			59				73
Le Sueur, Incorporated			1,210				—
Le Sueur, Incorporated			484				—
Leiters, Inc.			145				56
Lightspeed Buyer, Inc.			701				318
Lightspeed Buyer, Inc.			159				—
M&D Midco, Inc.			3,503				3,503
M&D Midco, Inc.			486				804
MDI Buyer, Inc.			—				453
MDI Buyer, Inc.			1,171				1,171
MechanAir, LLC			1,188				1,188
MechanAir, LLC			150				150
MES Intermediate, Inc. (fka Municipal Emergency Services, Inc. )			300				300
MWD Management, LLC			400				400
National Safety Apparel LLC (fka BPCP NSA Intermedco, Inc.)			996				996
NBPT Acquisition LLC			1,754				1,834
NBPT Acquisition LLC			355				444
NS and Associates LLC			468				468
OIS Management Services, LLC			577				577
Oliver Packaging, LLC			411				411
Online Labels Group, LLC			11				11
Online Labels Group, LLC			9				9
Online Labels Group, LLC			4				4
Painters Supply and Equipment Co. (fka Graffiti Buyer, Inc.)			—				1,213
Pareto Buyer, LLC			932				932
Pareto Buyer, LLC			621				621
Pediatric Home Respiratory Services, LLC			2,250				2,250
Pediatric Home Respiratory Services, LLC			1,000				1,250
Phia Purchaser, LLC			378				378
Phia Purchaser, LLC			630				630
Pillr Health Intermediate II, LLC			377				550
Pillr Health Intermediate II, LLC			507				1,019
QM Buyer, Inc.			1,470				2,306
QM Buyer, Inc.			1,153				1,153
RBS Buyer Inc.			918				918
RBS Buyer Inc.			551				551
Reliable Medical Supply Acquisitionco LLC			668				668
Reliable Medical Supply Acquisitionco LLC			1,169				1,169
RFI Buyer, Inc.			156				166
RFI Buyer, Inc.			724				1,153
RWA Wealth Partners, LLC			5,300				5,300

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Issuer		As of June 30, 2026				As of December 31, 2025
RWA Wealth Partners, LLC			1,944				1,944
Senior Direct Lending Program, LLC			8,513				8,625
Sentinel Technologies, Inc			591				591
SHF Holdings, Inc.			144				144
Source Holding Delaware, LLC			294				571
Source Holding Delaware, LLC			1,645				1,645
Specialized Dental Holdings II, LLC			1,872				1,872
Techmer BB Bidco, LLC			2				3
Techmer BB Bidco, LLC			3				3
Titan Group Holdco, LLC			586				586
Titan Group Holdco, LLC			235				586
Titan Group Holdco, LLC			—				586
Triwizard Holdings, Inc.			472				—
TRX Buyer LLC			300				—
TRX Buyer LLC			526				—
TWH Bidco, LLC			705				—
UHY Advisors, Inc.			1,383				1,247
UHY Advisors, Inc.			2,221				5,832
US Health Partners Management, LLC			3				22
US Health Partners Management, LLC			—				6
U.S. Urology Partners, LLC			483				853
USN Opco, LLC			377				556
USN Opco, LLC			302				—
USSC Holding Corp.			246				246
Velocity Buyer, Inc.			1,781				1,781
VG Target Holdings, LLC			—				27
VP Security Buyer, Inc.			208				208
VP Security Buyer, Inc.			111				139
VTC Buyer Corp			361				361
VTC Buyer Corp			333				505
Xifin, Inc.			427				474
Zavation Medical Products, LLC			159				—
Zep Holdco Inc.			1,319				1,000
Total Unfunded Commitments		$	100,560			$	104,865

Also included within commitments, as of June 30, 2026 and December 31, 2025, were commitments to issue up to $0.7 million and $0.2 million, respectively, in letter of credit through a financial intermediary on behalf of certain portfolio companies. As of June 30, 2026, the Company had not issued any letters of credit. If the Company were to issue any letters of credit, it would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations.

Critical Accounting Policies and Estimates

The preparation of our consolidated financial statements in conformity with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated statements of assets and liabilities. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Critical accounting policies are those that require the application of management’s most difficult, subjective or complex judgments, often because of the need to make estimates about the effect of matters that are inherently uncertain and that may change in subsequent periods.

Valuation of Portfolio Securities.

Investments are valued at the end of each calendar quarter. Most of our investments may be in loans that do not have readily available market quotations. Assets that are not publicly traded or whose market prices are not readily available are valued at fair value as determined in good faith by the Board. In connection with that determination, portfolio company valuations will be prepared using sources, preliminary valuations obtained from independent valuation firms depending on the availability of information on our assets and the type of asset being valued, all in accordance with our valuation policy. The participation of the Adviser in the valuation process could result in a conflict of interest because the Adviser’s management fee is based in part on our gross assets.

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Because fair values, and particularly fair values of private securities and private companies, are inherently uncertain, they may fluctuate over short periods of time, and are often based to a large extent on estimates, comparisons and qualitative evaluations of private information, our determinations of fair value may differ materially from the values that would have been determined if a ready market for these securities existed. This could make it more difficult for our shareholders to value accurately our portfolio investments and could lead to undervaluation or overvaluation of our interests. In addition, the valuation of these types of securities may result in substantial write-downs and earnings volatility.

NAV as of a particular date may be materially greater than or less than the value that would be realized if assets were to be liquidated as of such date. For example, if we were required to sell a certain asset or all or a substantial portion of our assets on a particular date, the actual price that we would realize upon the disposition of such asset or assets could be materially less than the value of such asset or assets as reflected in our NAV. Volatile market conditions could also cause reduced liquidity in the market for certain assets, which could result in liquidation values that are materially less than the values of such assets as reflected in NAV.

For more information regarding the fair value hierarchies, our framework for determining fair value and the composition of our portfolio, see "Note 2. Significant Accounting Policies” in our consolidated financial statements in this Quarterly Report on Form 10-Q.

Revenue Recognition

Investment transactions are accounted for on a trade-date basis. Realized gains or losses on investments are measured by the difference between the net proceeds from the disposition and the amortized cost basis of investment, without regard to unrealized gains or losses previously recognized. The Company reports current period changes in fair value of investments that are measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investments in the consolidated statements of operations.

Investment Income

Interest income, including amortization of premium and accretion of discount, is recorded on the accrual basis to the extent that such amounts are expected to be collected. The Company records amortized or accreted discounts or premiums as interest income using the effective interest method and is adjusted only for material amendments or prepayments. Dividend income, which represents dividends from equity investments and distributions from subsidiaries, if any, is recognized on an accrual basis to the extent that the Company expects to collect such amount.

Interest income from investments in the Subordinated Certificates of SDLP is recorded based on an estimate of an effective yield to expected maturity utilizing assumed cash flows in accordance with ASC Topic 325-40, Beneficial Interests in Securitized Financial Assets. The Company monitors the expected cash flows from these investments, including the expected residual payments, and the effective yield is determined and updated periodically. Any difference between the cash distribution received and the amount calculated pursuant to the effective interest method is recorded as an adjustment to the cost basis of such investments.

PIK Interest

The Company may, from time to time, hold loans in its portfolio that contain a payment-in-kind ("PIK") interest provision. PIK interest, computed at the contractual rate specified in each loan agreement, is periodically added to the principal balance of the loan, rather than being paid to the Company in cash, and is recorded as interest income. Thus, the actual collection of PIK interest may be deferred until the time of debt principal repayment.

PIK interest, which is a non-cash source of income at the time of recognition, is included in the Company’s taxable income, and therefore affects the amount the Company would be required to distribute to its shareholders to maintain its tax treatment as a RIC for federal income tax purposes, even though the Company would have not yet collected the cash. For the three and six months ended June 30, 2026, the Company earned PIK interest of $0.4 million (or 1.7% of its total investment income) and $0.8 million (or 2.0% of its total investment income), respectively. For the three and six months ended June 30, 2025, the Company earned PIK interest of $0.2 million (or 1.0% of total investment income) and $0.7 million (or 3.0% of its total investment income), respectively, reflected on the accompanying consolidated statements of operations as part of interest income.

When the Company does not expect the borrower will be able to pay future accrual of PIK interest, the Company will place the investment's PIK interest on non-accrual status and will generally cease recognizing PIK interest income on that loan for financial reporting purposes. As of June 30, 2026, the Company had investments in two portfolio companies that were current on cash interest payments and were on non-accrual status with respect to its PIK interest only.

Fee Income

Origination fees received are recorded as deferred income and recognized as investment income over the term of the loan. Upon prepayment of a loan, any unamortized origination fees are recorded as investment income. The Company receives certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees, covenant waiver fees and loan amendment fees, and are recorded as investment income when earned. Some of the fees earned by the Company may be PIK fee income. For the three and six months ended June 30, 2026 and 2025, the Company did not earn any PIK fee income.

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Non-accrual loans

A loan can be left on accrual status during the period the Company is pursuing repayment of the loan. Management reviews all loans that become 90 days or more past due on principal and interest, or when there is reasonable doubt that principal or interest will be collected, for possible placement on non-accrual status. When a loan is placed on non-accrual status, unpaid interest credited to income is reversed. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans are recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans are restored to accrual status when past due principal and interest is paid, and, in management’s judgment, payments are likely to remain current. As of June 30, 2026, certain loans in four portfolio companies held by the Company were on non-accrual with an aggregate amortized cost of $22.0 million and a fair value of $9.3 million, respectively. As of December 31, 2025, certain loans in one portfolio company held by the Company were on non-accrual with an aggregate amortized cost of $6.1 million and a fair value of $2.0 million, respectively.

Recent Developments

Dividend Declaration

On August 6, 2026, the Board declared a dividend of $0.23 per share payable on October 23, 2026 to shareholders of record as of the close of business on September 30, 2026.

 

 

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Item 3. Quantitative and Qualitative Disclosures About Market Risk.

We are subject to financial market risks, including the valuation of our investment portfolio and changes in interest rates. The prices of securities held by us may decline in response to certain events, including those directly involving the companies in which we invest; conditions affecting the general economy, including inflationary pressures and the uncertainty with respect to new and uncertain tariffs and trade policies; overall market changes, including an increase in market volatility and interest rate volatility; geopolitical conditions; legislative reform; and general political, social or economic instability.

Valuation Risk

We invest primarily in illiquid debt of private companies. We plan to invest primarily in senior secured loans but may also selectively invest in second lien and subordinated or mezzanine loans of, and equity and equity-related securities in, U.S. middle market companies. Most of our investments will not have a readily available market quotation, and we will value these investments at fair value as determined in good faith by the Board, based on, among other things, the input of the Adviser, our Audit Committee and independent third-party valuation firm(s) engaged at the direction of the Board, and in accordance with our valuation policy. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If, in the future, we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.

Interest Rate Risk

We are subject to interest rate risk. Interest rate risk is defined as the sensitivity of our current and future earnings to interest rate volatility, variability of spread relationships, the difference in re-pricing internals between our assets and liabilities and the effect that interest rates may have on our cash flows. Because we intend to fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

The Federal Reserve reduced its benchmark interest rate by 0.25% in each of September 2025, October 2025, and December 2025, bringing the benchmark rate to the 3.50% to 3.75% range. The Federal Reserve maintained this range at each meeting held in 2026. In considering the extent and timing of additional rate cuts in the future, the Federal Reserve stated that it will carefully assess incoming data relating to inflationary pressures and the unemployment rate, the evolving economic outlook, and the balance of risks. There can be no assurance regarding the magnitude or timing of future federal funds rate adjustments in either direction. In an elevated interest rate environment, our cost of funds would increase, which could reduce our net investment income if there is not a corresponding increase in interest income generated by our investment portfolio. A prolonged reduction in interest rates will reduce our gross investment income and could result in a decrease in our net investment income if such decreases in base rates, such as SOFR, are not offset by corresponding increases in the spread over such base rate that we earn on any portfolio investments, a decrease in our operating expenses, or a decrease in the interest rate associated with our borrowings. Furthermore, in a lower interest rate environment, we could face a situation where our outstanding debt obligations carry higher coupon payments than newly issued debt, resulting in an increase in relative borrowing costs unless we are able to refinance at more favorable terms.

We expect that our long-term investments will be financed primarily with equity and debt. In connection with each of the 2026 Notes and the 2028 Notes, we entered into an interest rate swap agreement in an effort to minimize our exposure to interest rate fluctuations. These techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act. Adverse developments resulting from changes in interest rates or hedging transactions could have a material adverse effect on our business, financial condition and results of operations.

A decline in the general level of interest rates can be expected to lead to lower interest rates applicable to any variable rate investments we may hold and to increases in the value of any fixed rate investments we may hold. Such a decrease would make it more difficult for us to meet or exceed the hurdle rate applicable to the upper level breakpoint of the pre-incentive fee net investment income incentive fee, and may result in a substantial decrease in our net investment income and to the amount of incentive fees payable to the Adviser with respect to our decreased pre-incentive fee net investment income. Conversely, a rise in the general level of interest rates generally can be expected to lead to higher interest rates applicable to any variable rate investments we may hold and lead to declines in the value of any fixed rate investments we may hold. However, for variable rate investments that have an interest rate floor, our interest income will not decrease below a threshold amount. To the extent that a substantial portion of our investments may be in variable rate investments, an increase in interest rates beyond this threshold would make it easier for us to meet or exceed the hurdle rate applicable to the upper level breakpoint of the pre-incentive fee net investment income incentive fee, and may result in a substantial increase in our net investment income and to the amount of incentive fees payable to the Adviser with respect to our increased pre-incentive fee net investment income.

As of June 30, 2026, all income producing investments in our portfolio and the outstanding borrowings under the SMBC Credit Facility were at floating rates indexed to SOFR. In addition, the Notes bear interest at fixed rates but have swapped from a fixed rate to a floating rate through interest rate swaps.

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The following table shows the estimated annualized impact on net investment income based on hypothetical base rate changes in interest rates on our loan portfolio and outstanding debt as of June 30, 2026, assuming there are no changes in our investment and borrowing structure (dollars in thousands).

 

	Interest			Interest			Net
Basis Point Change	Income			Expense (1)			Investment Income
Up 300 basis points	$	23,500		$	15,000		$	8,500
Up 200 basis points		15,700			10,000			5,700
Up 100 basis points		7,800			5,000			2,800
Down 100 basis points		(7,800	)		(5,000	)		(2,800	)
Down 200 basis points		(15,700	)		(10,000	)		(5,700	)
Down 300 basis points		(21,300	)		(15,000	)		(6,300	)

 

(1) Includes the impact to interest expenses related to effective hedge through the interest rate swaps associated with the Notes.

 

Although we believe that this analysis is indicative of our existing sensitivity to interest rate changes, it does not adjust for changes in the credit market, credit quality, the size and composition of the assets in our portfolio and other business developments that could affect our net income. Accordingly, we cannot assure you that actual results would not differ materially from the analysis above.

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Item 4. Controls and Procedures

Disclosure Controls and Procedures

In accordance with Rules 13a-15(b) and 15d-15(b) under the Exchange Act, we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on the foregoing, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were (a) designed to ensure that the information we are required to disclose in our reports under the Exchange Act is recorded, processed, and reported in an accurate manner and on a timely basis and the information that we are required to disclose in our Exchange Act reports is accumulated and communicated to management to permit timely decisions with respect to required disclosure and (b) operating in an effective manner.

Change in Internal Control Over Financial Reporting

No change occurred in our internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act) during the three months ended June 30, 2026 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II - OTHER INFORMATION

 

Item 1. Legal Proceedings

We and our consolidated subsidiaries are not currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceedings threatened against us or them. From time to time, we and our consolidated subsidiaries may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business also is subject to extensive regulation, which may result in regulatory proceedings against us.

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Item 1A. Risk Factors

There have been no material changes from the risk factors previously disclosed under "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. For a discussion of our potential risks and uncertainties, see the information under the heading "Risk Factors" in our most recent Annual Report on Form 10-K, filed with the SEC on March 18, 2026, which is accessible on the SEC's website at sec.gov.

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

None.

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Item 3. Defaults Upon Senior Securities

None.

 

 

 

 

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Item 4. Mine Safety Disclosures

Not applicable.

 

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Item 5. Other Information

 

a)

None.

b)

None.

c)

For the period covered by this Quarterly Report on Form 10-Q, no director or officer of the Company has entered into any (i) contract, instruction or written plan for the purchase or sale of securities of the Company intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or (ii) any non-Rule 10b5-1 trading arrangement.

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Item 6. Exhibits

 

Exhibit Number		Description
3.1		Articles of Amendment and Restatement (2)
3.2		Amended and Restated Bylaws (1)
3.3		Articles of Merger of the Company (2)
4.1		Form of Subscription Agreement (3)
31.1*		Certification of Principal 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 Principal 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 Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2*		Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS		Inline XBRL Instance Document
101.SCH		Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
*		Filed here within.
(1)		Incorporated by reference to the Registrant’s Registration Statement on Form 10 filed on May 27, 2022.
(2)		Incorporated by reference to the Registrant’s Amendment No.1 to the Registration Statement on Form 10 filed on July 15, 2022.
(3)		Incorporated by reference to the Registrant’s Amendment No.2 to the Registration Statement on Form 10 filed on July 22, 2022.

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

		VARAGON CAPITAL CORPORATION
		By:	/s/ Walter J. Owens
			Walter J. Owens
			Chief Executive Officer
			(principal executive officer)
Date: August 11, 2026		By:	/s/ Robert J. Bourgeois
			Robert J. Bourgeois
			Chief Financial Officer and Treasurer
			(principal financial officer)

 

 

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ATTACHMENTS / EXHIBITS

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