10-Q

PART I. FINANCIAL INFORMATION

In this report, the terms the “Company,” “we,” “us,” or “our” refer to MidCap Apollo Institutional Private Lending unless the context specifically states otherwise.

Item 1. Consolidated Financial Statements


MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(In thousands, except share and per share data)


	September 30, 2026			December 31, 2025
	(Unaudited)
Assets
Investments at fair value:
Non-controlled/non-affiliated investments (cost $963,432 and $955,289, respectively)	$	923,810		$	936,374
Non-controlled/affiliated investments (cost $7,121 and $7,203, respectively)		4,214			6,422
Cash and cash equivalents		17,228			19,192
Foreign currencies (cost $426 and $1,249, respectively)		420			1,266
Receivable for investments sold		121			405
Interest receivable		5,324			4,676
Unrealized appreciation on foreign currency forward contracts		431			—
Other assets		6			—
Total Assets	$	951,554		$	968,335

Liabilities
Debt (net of deferred financing costs and unamortized original issue discount of $5,826 and $7,095 as of September 30, 2026 and December 31, 2025, respectively)	$	562,342		$	553,694
Payable for investments purchased		1,012			168
Management fees payable		4			508
Performance-based incentive fees payable		—			740
Distributions payable		—			12,292
Interest payable		2,622			2,614
Accrued administrative services expense payable		451			42
Unrealized depreciation on foreign currency forward contracts		—			55
Other liabilities and accrued expenses		2,334			1,468
Total Liabilities	$	568,765		$	571,581
Commitments and contingencies (Note 7)
Total Net Assets	$	382,789		$	396,754

Net Assets (Note 6)
Common shares, $0.001 par value (Unlimited shares authorized; 17,172,990 shares issued and outstanding as of September 30, 2026 and 17,072,253 shares issued and outstanding as of December 31, 2025)	$	17		$	17
Capital in excess of par value		430,088			427,763
Accumulated under-distributed (over-distributed) earnings		(47,316	)		(31,026	)
Net Assets	$	382,789		$	396,754

Net Asset Value Per Share	$	22.29		$	23.24


MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In thousands, except share and per share data)



	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Investment Income
Non-controlled/non-affiliated investments:
Interest income (excluding Payment-in-kind (“PIK”) interest income)	$	22,319		$	23,884		$	65,950		$	71,725
PIK interest income		416			808			1,696			2,388
Other income		173			168			539			422
Non-controlled/affiliated investments:
Interest income (excluding PIK interest income)		—			134			—			153
Total Investment Income	$	22,908		$	24,994		$	68,185		$	74,688
Operating Expenses
Interest and other debt expenses	$	9,032		$	9,712		$	26,498		$	29,537
Management fees		959			1,008			2,898			2,918
Performance-based incentive fees		1,428			1,654			4,305			4,885
Administrative service expenses		474			273			1,330			663
Other general and administrative expenses		1,017			789			3,021			2,519
Total expenses		12,910			13,436			38,052			40,522
Management fees waived		(955	)		(504	)		(1,360	)		(1,845	)
Performance-based incentive fees waived		(1,436	)		(827	)		(2,033	)		(3,094	)
Net Expenses	$	10,519		$	12,105		$	34,659		$	35,583
Net Investment Income	$	12,389		$	12,889		$	33,526		$	39,105
Net Realized and Change in Unrealized Gains (Losses)
Net realized gains (losses):
Non-controlled/non-affiliated investments	$	(5,102	)	$	(9,496	)	$	(5,102	)	$	(9,892	)
Foreign currency forward contracts		(192	)		(17	)		(83	)		(162	)
Foreign currency transactions		38			(28	)		47			(31	)
Net realized gains (losses)	$	(5,256	)	$	(9,541	)	$	(5,138	)	$	(10,085	)
Net change in unrealized gains (losses):
Non-controlled/non-affiliated investments		(1,832	)		3,692			(20,699	)		(4,543	)
Non-controlled/affiliated investments		231			(219	)		(2,126	)		(219	)
Foreign currency forward contracts		318			77			486			38
Foreign currency translations		(94	)		(9	)		60			(176	)
Net change in unrealized gains (losses)		(1,377	)		3,541			(22,279	)		(4,900	)
Net Realized and Change in Unrealized Gains (Losses)	$	(6,633	)	$	(6,000	)	$	(27,417	)	$	(14,985	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	5,756		$	6,889		$	6,109		$	24,120


MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)
(In thousands, except share and per share data)



	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Operations
Net investment income	$	12,389		$	12,889		$	33,526		$	39,105
Net realized gains (losses)		(5,256	)		(9,541	)		(5,138	)		(10,085	)
Net change in unrealized gains (losses)		(1,377	)		3,541			(22,279	)		(4,900	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	5,756		$	6,889		$	6,109		$	24,120

Distributions to Shareholders
Distribution of net investment income	$	—		$	(12,779	)	$	(22,399	)	$	(37,322	)
Net Decrease in Net Assets Resulting from Distributions to Shareholders	$	—		$	(12,779	)	$	(22,399	)	$	(37,322	)

Capital Share Transactions
Net proceeds from the issuance of common shares (Note 6)	$	—		$	25,000		$	—		$	50,000
Distributions reinvested		678			824			2,325			1,587
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions	$	678		$	25,824		$	2,325		$	51,587

Net Assets
Net increase (decrease) in net assets during the period	$	6,434		$	19,934		$	(13,965	)	$	38,385
Net assets at beginning of period		376,355			382,978			396,754			364,527
Net Assets at End of Period	$	382,789		$	402,912		$	382,789		$	402,912

Capital Share Activity
Shares issued during the period (Note 6)		—			1,034,768			—			2,050,615
Distributions reinvested		30,448			33,999			100,737			65,223
Shares issued and outstanding at beginning of period		17,142,542			15,969,674			17,072,253			14,922,603
Shares Issued and Outstanding at End of Period		17,172,990			17,038,441			17,172,990			17,038,441


MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In thousands, except share and per share data)


	Nine Months Ended September 30,
	2026			2025
Operating Activities
Net increase (decrease) in net assets resulting from operations	$	6,109		$	24,120
Net realized (gains) losses on investments		5,102			9,892
Net change in unrealized (gains) losses		22,279			4,900
PIK interest capitalized		(1,847	)		(2,357	)
Net accretion of discount and amortization of premium		(3,042	)		(2,307	)
Amortization of deferred financing costs		1,269			917
Purchases of investments		(127,559	)		(176,016	)
Proceeds from sale of investments and principal repayments		119,295			169,344
Changes in operating assets and liabilities:
Decrease (increase) in interest receivable		(648	)		(5,773	)
Decrease (increase) in receivable for investments sold		284			7,375
Decrease (increase) in other assets		(6	)		—
Increase (decrease) in payable for investments purchased		844			84
Increase (decrease) in management fees payable		(504	)		504
Increase (decrease) in performance-based incentive fees payable		(740	)		827
Increase (decrease) in interest payable		8			(617	)
Increase (decrease) in accrued administrative services expense payable		409			(1,144	)
Increase (decrease) in other liabilities and accrued expenses		866			558
Net Cash (Used in)/Provided by Operating Activities	$	22,119		$	30,307

Financing Activities
Issuances of debt	$	81,100		$	96,136
Payments of debt		(73,640	)		(156,000	)
Financing costs paid and deferred		—			(3,290	)
Proceeds from issuance of common shares		—			50,000
Distributions paid		(32,366	)		(36,125	)
Net Cash (Used in)/Provided by Financing Activities	$	(24,906	)	$	(49,279	)

Cash, Cash Equivalents and Foreign Currencies
Net increase (decrease) in cash and cash equivalents during the period	$	(2,787	)	$	(18,972	)
Effect of foreign exchange rate changes on cash and cash equivalents		(23	)		35
Cash and cash equivalents at beginning of period		20,458			33,954
Cash, Cash Equivalents and Foreign Currencies at the End of Period	$	17,648		$	15,017

Supplemental Disclosure and Non-Cash Information
Cash interest paid	$	25,221		$	29,237
Reinvestment of distributions during the period	$	2,325		$	1,587
PIK income	$	1,696		$	2,388


Industry/Company	Investment Type	Interest Rate (8)	Maturity Date		Par/Shares (3)		Cost (26)			Fair Value (1)(27)
Aerospace & Defense
Aeromed Group, LLC
AeroMed Group LLC	First Lien Secured Debt - Term Loan	S+500, 1.00% Floor	02/25/31	$		3,151	$	3,122		$	3,121		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+500, 1.00% Floor	02/25/31			—		(5	)		(11	)	(9)(12)(13)(14)
	First Lien Secured Debt - Revolver	S+500, 1.00% Floor	02/25/31			353		347			347		(9)(13)(14)(17)
								3,464			3,457
Beaufort
Eagle Aggregator Ltd	Common Equity - Preferred Stocks	N/A	N/A		36,288 Shares			49			68		(6)(9)(11)(15)
	Common Equity - Stock	N/A	N/A		741 Shares			1			5		(6)(9)(11)(15)
Eagle U.S. Purchaser, Inc.	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	12/31/32			4,222		4,163			4,160		(9)(11)(17)
	First Lien Secured Debt - Revolver	S+500, 0.75% Floor	12/31/32			—		(9	)		(10	)	(9)(11)(12)(13)(14)
								4,204			4,223
Premier Forge Group
Premier Forge Purchaser, LLC	First Lien Secured Debt - Term Loan	S+525, 0.75% Floor	06/29/33			2,027		2,002			2,007		(9)(17)
	First Lien Secured Debt - Revolver	S+525, 0.75% Floor	06/29/32			28		23			24		(9)(13)(14)(17)
								2,025			2,031
RH Aero Systems
Acme Bidco, Inc.	First Lien Secured Debt - Term Loan	S+525, 1.00% Floor	08/31/33			3,731		3,694			3,694		(9)(11)(17)
	First Lien Secured Debt - Delayed Draw	S+525, 1.00% Floor	08/31/33			—		(4	)		(4	)	(9)(11)(12)(13) (14)
	First Lien Secured Debt - Revolver	S+525, 1.00% Floor	08/31/33			—		(5	)		(5	)	(9)(11)(12)(13) (14)
								3,685			3,685
Sperry Acquisition, LLC
Sperry Acquisition, LLC	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	02/03/31			4,740		4,685			4,715		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+500, 0.75% Floor	02/03/31			99		98			99		(9)(17)
	First Lien Secured Debt - Revolver	S+500, 0.75% Floor	02/03/31			27		26			26		(9)(13)(14)(17)
Sperry Parent Holdings, L.P.	Common Equity - Limited Partnership	N/A	N/A		544 Shares			54			89		(6)(9)
								4,863			4,929
	Total Aerospace & Defense						$	18,241		$	18,325


Industry/Company	Investment Type	Interest Rate (8)	Maturity Date		Par/Shares (3)		Cost (26)			Fair Value (1)(27)
Air Freight & Logistics
Primeflight
PrimeFlight Acquisition, LLC	First Lien Secured Debt - Term Loan	S+550, 1.00% Floor	05/01/29	$		7,759	$	7,631		$	7,759		(9)(17)
	First Lien Secured Debt - Term Loan	S+525, 0.00% Floor	05/01/29			2,469		2,451			2,469		(9)(17)
	First Lien Secured Debt - Term Loan	S+475, 1.00% Floor	05/01/29			990		982			981		(9)(17)
								11,064			11,209
SEKO Global Logistics Network, LLC
SEKO Global Logistics Network, LLC	First Lien Secured Debt - Term Loan	10.76%	05/27/30			2,131		2,038			1,220		(5)(9)
	First Lien Secured Debt - Term Loan	S+100 Cash plus 9.50% PIK, 1.00% Floor	11/27/29			120		120			116		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+100 Cash plus 9.50% PIK, 1.00% Floor	11/27/29			62		62			62		(9)(17)
	Common Equity - Equity Unit	N/A	N/A		876 Shares			2,736			—		(6)(9)
								4,956			1,398
	Total Air Freight & Logistics						$	16,020		$	12,607
Automobile Components
AAMP Global Holdings, Inc.
AAMP Global Holdings, Inc.	First Lien Secured Debt - Term Loan	S+485, 1.00% Floor	06/05/27	$		7,563	$	7,544		$	7,531		(17)
Cloyes
MOP-CLOYES, Inc.	First Lien Secured Debt - Term Loan	S+475, 0.75% Floor	05/01/32			3,150		3,120			3,124		(17)
	First Lien Secured Debt - Delayed Draw	S+475, 0.75% Floor	05/01/32			—		(6	)		(11	)	(12)(13)(14)
	First Lien Secured Debt - Revolver	S+475, 0.75% Floor	05/01/32			88		83			83		(13)(14)(17)
								3,197			3,196
Universal Air Conditioner
Cool Acquisition Holdings, LP	Common Equity - Limited Partnership	N/A	N/A		34,483 Shares			34			14		(6)(9)
Cool Buyer, Inc.	First Lien Secured Debt - Term Loan	S+475, 1.00% Floor	10/31/30			4,716		4,664			4,578		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+475, 1.00% Floor	10/31/30			—		(1	)		(3	)	(9)(12)(13)(14)
	First Lien Secured Debt - Revolver	S+475, 1.00% Floor	10/31/30			35		34			32		(9)(13)(14)(17)
								4,731			4,621
	Total Automobile Components						$	15,472		$	15,348


Industry/Company	Investment Type	Interest Rate (8)	Maturity Date		Par/Shares (3)		Cost (26)			Fair Value (1)(27)
Beverages
Ronnoco Coffee
Ronnoco Holdings, Inc.	First Lien Secured Debt - Term Loan	S+475, 1.00% Floor	03/17/31	$		4,539	$	4,487		$	4,490		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+475, 1.00% Floor	03/17/31			—		(11	)		(16	)	(9)(12)(13)(14)
	First Lien Secured Debt - Revolver	S+475, 1.00% Floor	03/17/31			386		370			370		(9)(13)(14)(17)
	Common Equity - Stock	N/A	N/A		577 Shares			52			52		(6)(9)
	Total Beverages						$	4,898		$	4,896
Building Products
Decks & Docks
D&D Buyer, LLC	First Lien Secured Debt - Term Loan	S+585, 2.00% Floor	10/04/29	$		3,183	$	3,133		$	3,161		(9)(16)
	First Lien Secured Debt - Delayed Draw	S+585, 2.00% Floor	10/04/29			1,393		1,386			1,381		(9)(13)(14)(17)
	Total Building Products						$	4,519		$	4,542
Chemicals
Aspen Aerogels, Inc.
Aspen Aerogels, Inc.	First Lien Secured Debt - Term Loan	S+500, 4.50% Floor	08/19/29	$		5,782	$	5,708		$	5,629		(9)(11)(16)
	First Lien Secured Debt - Revolver	S+510, 2.50% Floor	08/19/29			11		11			9		(9)(11)(13)(14)(16)
								5,719			5,638
Meristem Crop Performance
Lunar Buyer, LLC	First Lien Secured Debt - Term Loan	S+550, 0.75% Floor	10/03/30			4,716		4,647			4,557		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+550, 0.75% Floor	10/03/30			—		(1	)		(3	)	(9)(12)(13)(14)
	First Lien Secured Debt - Revolver	S+550, 0.75% Floor	10/03/30			42		41			39		(9)(13)(14)(17)
								4,687			4,593
Universal Fiber Systems
Universal Fiber Systems LLC	First Lien Secured Debt - Term Loan	S+511, 1.00% Floor	09/30/28			5,523		5,492			5,253		(17)
	Total Chemicals						$	15,898		$	15,484


Industry/Company	Investment Type	Interest Rate (8)	Maturity Date		Par/Shares (3)		Cost (26)			Fair Value (1)(27)
Commercial Services & Supplies
Best Trash
Bingo Group Buyer, Inc.	First Lien Secured Debt - Term Loan	S+475, 1.00% Floor	07/10/31	$		9,004	$	8,921		$	9,004		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+475, 1.00% Floor	07/10/31			339		334			339		(9)(13)(14)(17)
	First Lien Secured Debt - Revolver	S+475, 1.00% Floor	07/10/31			3		2			3		(9)(13)(14)(17)
								9,257			9,346
CARDS + Live Oak
CARDS-Live Oak Holdings, Inc.	First Lien Secured Debt - Term Loan	S+475, 0.75% Floor	10/21/32			1,563		1,549			1,556		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+475, 0.75% Floor	10/21/32			487		482			484		(9)(13)(14)(17)
	First Lien Secured Debt - Revolver	S+475, 0.75% Floor	10/21/32			264		261			262		(9)(13)(14)(17)
								2,292			2,302
Climate Pros
Climate Pros, LLC	First Lien Secured Debt - Term Loan	S+575, 1.00% Floor	07/24/27			7,785		7,766			7,666		(17)
HMA
Health Management Associates Superholdings, Inc.	First Lien Secured Debt - Term Loan	S+525, 1.00% Floor	03/30/29			3,806		3,774			3,780		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+525, 1.00% Floor	03/30/29			—		(3	)		(5	)	(9)(12)(13)(14)
	First Lien Secured Debt - Revolver	S+525, 1.00% Floor	03/30/29			—		(2	)		(2	)	(9)(12)(13)(14)
								3,769			3,773
IronClad
Mersino, Inc.	First Lien Secured Debt - Term Loan	S+600, 1.00% Floor	03/31/29			3,946		3,904			3,909		(9)(18)
	First Lien Secured Debt - Delayed Draw	S+600, 1.00% Floor	03/31/29			—		(8	)		(7	)	(9)(12)(13)(14)
	First Lien Secured Debt - Revolver	S+600, 1.00% Floor	03/31/29			—		(3	)		(2	)	(9)(12)(13)(14)
								3,893			3,900
LAV GEAR HOLDINGS INC
LAV Gear Holdings, inc	First Lien Secured Debt - Term Loan	S+250 Cash plus 3.44% PIK, 1.00% Floor	07/31/29			4,374		4,273			3,395		(16)
	Common Equity - Stock	N/A	N/A		18,105 Shares			2,814			—		(6)
								7,087			3,395


Industry/Company	Investment Type	Interest Rate (8)	Maturity Date		Par/Shares (3)		Cost (26)			Fair Value (1)(27)
Monarch Landscape Companies
Monarch Landscape Holdings, LLC	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	10/02/28			7,756		7,712			7,590		(17)
Paradigm HSE
HEF Safety Ultimate Holdings, LLC	First Lien Secured Debt - Term Loan	S+475, 0.75% Floor	08/10/33			1,527		1,512			1,515		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+475, 0.75% Floor	08/10/33			78		75			73		(9)(17)(14)
	First Lien Secured Debt - Revolver	S+475, 0.75% Floor	08/10/33			31		28			29		(9)(13)(14)
								1,615			1,617
Pavement Preservation
Pavement Preservation Acquisition, LLC	First Lien Secured Debt - Term Loan	S+525, 1.00% Floor	08/09/30			6,621		6,520			6,500		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+525, 1.00% Floor	08/09/30			100		99			98		(9)(17)
	First Lien Secured Debt - Revolver	S+525, 1.00% Floor	08/09/30			172		161			160		(9)(13)(14)(17)
								6,780			6,758
Rasa Floors & Carpet Cleaning, LLC
Rasa Floors & Carpet Cleaning, LLC	First Lien Secured Debt - Term Loan	S+560, 1.00% Floor	12/22/27			7,756		7,525			7,320		(17)
Vixxo
Vixxo Corporation	First Lien Secured Debt - Term Loan	S+500, 1.00% Floor	08/01/30			1,902		1,882			1,880		(9)(17)
Westway Enterprises
Shelby Purchaser, LLC	First Lien Secured Debt - Term Loan	S+525, 1.00% Floor	06/30/33			1,667		1,650			1,655		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+525, 1.00% Floor	06/30/33			—		(3	)		(4	)	(9)(12)(13)(14)
	First Lien Secured Debt - Revolver	S+525, 1.00% Floor	06/30/33			—		(2	)		(2	)	(9)(12)(13)(14)
								1,645			1,649
	Total Commercial Services & Supplies						$	61,223		$	57,196
Construction & Engineering
American Restoration
American Restoration Holdings, LLC	First Lien Secured Debt - Term Loan	S+510, 1.00% Floor	07/24/30	$		10,211	$	10,078		$	7,971		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+510, 1.00% Floor	07/24/30			318		315			192		(9)(13)(14)(17)
	First Lien Secured Debt - Revolver	S+510, 1.00% Floor	07/24/30			127		126			99		(9)(14)(17)
								10,519			8,262


Industry/Company	Investment Type	Interest Rate (8)	Maturity Date		Par/Shares (3)		Cost (26)			Fair Value (1)(27)
Carr and Duff, LLC
Carr and Duff, LLC	First Lien Secured Debt - Term Loan	S+605, 1.00% Floor	03/11/27			7,456		7,440			7,431		(17)
Core Roofing
CRS Holdings, Inc.	First Lien Secured Debt - Term Loan	S+525, 1.00% Floor	06/06/30			1,771		1,747			1,735		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+525, 1.00% Floor	06/06/30			25		25			24		(9)(17)
	First Lien Secured Debt - Revolver	S+525, 1.00% Floor	06/06/30			—		(1	)		(1	)	(9)(12)(13)(14)
								1,771			1,758
Dynagrid
Megavolt Borrower, LLC	First Lien Secured Debt - Term Loan	S+475, 1.00% Floor	02/13/32			889		874			883		(9)(17)
Traffic Management Solutions, LLC
Traffic Management Solutions, LLC	First Lien Secured Debt - Term Loan	S+500, 1.00% Floor	11/26/30			6,577		6,508			6,541		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+500, 1.00% Floor	11/26/30			871		858			858		(9)(13)(14)(17)
	First Lien Secured Debt - Revolver	S+500, 1.00% Floor	11/26/30			—		(9	)		(5	)	(9)(12)(13)(14)
								7,357			7,394
	Total Construction & Engineering						$	27,961		$	25,728
Consumer Staples Distribution & Retail
3D Protein
Protein For Pets Opco, LLC	First Lien Secured Debt - Term Loan	S+525, 1.00% Floor	09/20/30	$		7,722	$	7,617		$	7,632		(9)(17)
	First Lien Secured Debt - Revolver	S+525, 1.00% Floor	09/20/30			—		(1	)		(1	)	(9)(12)(13)(14)
								7,616			7,631
Metz Culinary
Metz Culinary Management, LLC	First Lien Secured Debt - Term Loan	S+450, 1.00% Floor	12/23/29			2,078		2,061			2,063		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+450, 1.00% Floor	12/23/29			—		(2	)		(3	)	(9)(12)(13)(14)
								2,059			2,060
Turkey Hill
THLP CO., LLC	First Lien Secured Debt - Term Loan	S+600, 1.00% Floor	01/31/28			8,389		8,386			8,336		(9)(17)
	Total Consumer Staples Distribution & Retail						$	18,061		$	18,027


Industry/Company	Investment Type	Interest Rate (8)	Maturity Date		Par/Shares (3)		Cost (26)			Fair Value (1)(27)
Containers & Packaging
ACP Packaging
ACP Packaging Intermediateco, LLC	First Lien Secured Debt - Term Loan	S+550, 1.00% Floor	10/22/31	$		6,338	$	6,255		$	6,101		(9)(17)
	First Lien Secured Debt - Revolver	S+550, 1.00% Floor	10/22/31			841		827			800		(9)(13)(14)(17)
								7,082			6,901
Berry Tapes & Adhesives
Vybond Buyer, LLC	First Lien Secured Debt - Term Loan	S+475, 0.75% Floor	02/03/32			9,678		9,559			9,625		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+475, 0.75% Floor	02/03/32			—		(1	)		(1	)	(9)(12)(13)(14)
	First Lien Secured Debt - Revolver	S+475, 0.75% Floor	02/03/32			—		(1	)		(1	)	(9)(12)(13)(14)
								9,557			9,623
ePac Flexible Packaging
ePac Holdings LLC	First Lien Secured Debt - Term Loan	S+450, 0.75% Floor	01/14/32			6,358		6,300			6,298		(9)(17)
	First Lien Secured Debt - Term Loan	CORRA+450, 0.75% Floor	01/14/32	C$		2,155		1,538			1,500		(9)(20)
	First Lien Secured Debt - Revolver	S+450, 0.75% Floor	01/14/32			—		(13	)		(13	)	(9)(12)(13)(14)
								7,825			7,785
MSI Express, Inc.
NCP-MSI Buyer	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	03/24/31			2,880		2,852			2,798		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+500, 0.75% Floor	03/24/31			746		739			725		(9)(17)
	First Lien Secured Debt - Revolver	S+375, 0.75% Floor	03/24/31			1,177		1,164			1,137		(9)(13)(14)(17)
								4,755			4,660
Truvant
NPPI Buyer, LLC	First Lien Secured Debt - Term Loan	S+500, 1.00% Floor	08/20/29			9,604		9,513			9,514		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+500, 1.00% Floor	08/20/29			65		64			64		(9)(13)(14)(17)
	First Lien Secured Debt - Revolver	S+500, 1.00% Floor	08/20/29			—		(1	)		(1	)	(9)(12)(13)(14)
								9,576			9,577
	Total Containers & Packaging						$	38,795		$	38,546
Diversified Consumer Services
Certus Pest Control
Certus Pest, Inc.	First Lien Secured Debt - Term Loan	S+475, 0.75% Floor	10/03/31	$		2,954	$	2,924		$	2,924		(17)
	First Lien Secured Debt - Delayed Draw	S+475, 0.75% Floor	10/03/31			—		(8	)		(8	)	(12)(13)(14)
	First Lien Secured Debt - Revolver	S+475, 0.75% Floor	10/03/31			—		(4	)		(4	)	(12)(13)(14)
								2,912			2,912


Industry/Company	Investment Type	Interest Rate (8)	Maturity Date	Par/Shares (3)		Cost (26)			Fair Value (1)(27)
Club Car Wash
Club Car Wash Operating, LLC	First Lien Secured Debt - Term Loan	S+575, 1.00% Floor	12/03/31		4,020		3,950			3,950		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+575, 1.00% Floor	12/03/31		372		361			357		(9)(14)(17)
	First Lien Secured Debt - Revolver	S+575, 1.00% Floor	12/03/31		33		31			31		(9)(13)(14)(17)
							4,342			4,338
Express Wash Concepts
Express Wash Concepts, LLC	First Lien Secured Debt - Term Loan	S+525, 1.00% Floor	09/03/32		4,024		3,974			3,974		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+525, 1.00% Floor	09/03/32		130		124			120		(9)(14)(17)
	First Lien Secured Debt - Revolver	S+525, 1.00% Floor	09/03/32		3		1			1		(9)(13)(14)(17)
							4,099			4,095
Go Car Wash
Go Car Wash Management, Corp.	First Lien Secured Debt - Delayed Draw	S+585, 1.00% Floor	06/30/28		7,754		7,696			7,639		(9)(17)
Legacy.com
Lotus Topco Inc.	First Lien Secured Debt - Term Loan	S+475, 1.00% Floor	06/07/30		3,379		3,342			3,352		(9)(17)
	First Lien Secured Debt - Revolver	S+475, 1.00% Floor	06/07/30		—		—			—		(9)(13)(14)
							3,342			3,352
Mariani
CI (MG) Group, LLC	First Lien Secured Debt - Term Loan	S+550, 1.00% Floor	03/27/30		4,684		4,632			4,650		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+550, 1.00% Floor	03/27/30		1,471		1,453			1,457		(9)(13)(14)(17)
	First Lien Secured Debt - Revolver	S+550, 1.00% Floor	03/27/30		81		76			77		(9)(13)(14)(17)
							6,161			6,184
Regis
Regis Corporation	First Lien Secured Debt - Term Loan	S+450, 2.50% Floor	06/24/29		8,600		8,497			8,507		(9)(16)
	First Lien Secured Debt - Revolver	S+450, 2.50% Floor	06/24/29		2		1			1		(9)(13)(14)(17)
							8,498			8,508
Team Car Wash
TCW Midco LLC	First Lien Secured Debt - Term Loan	S+575, 1.00% Floor	10/22/29		4,716		4,685			4,635		(9)(16)
	First Lien Secured Debt - Delayed Draw	S+575, 1.00% Floor	10/22/29		2,454		2,433			2,406		(9)(13)(14)(16) (17)
	First Lien Secured Debt - Revolver	S+575, 1.00% Floor	10/22/29		—		(1	)		(2	)	(9)(12)(13)(14)
							7,117			7,039


Industry/Company	Investment Type	Interest Rate (8)	Maturity Date		Par/Shares (3)		Cost (26)			Fair Value (1)(27)
Ultra Clean Newco
Ultra Clean Holdco LLC	First Lien Secured Debt - Term Loan	S+525, 1.00% Floor	07/01/30			6,185		6,110			6,069		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+525, 1.00% Floor	07/01/30			978		969			960		(9)(17)
	First Lien Secured Debt - Revolver	S+525, 1.00% Floor	07/01/30			—		(1	)		(1	)	(9)(12)(13)(14)
								7,078			7,028
	Total Diversified Consumer Services						$	51,245		$	51,095
Electric Utilities
Vector Power
Power Services Purchaser, LLC	First Lien Secured Debt - Term Loan	S+475, 0.75% Floor	08/21/32	$		3,333	$	3,300		$	3,300		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+475, 0.75% Floor	08/21/32			—		(5	)		(5	)	(9)(12)(13)(14)(17)
	First Lien Secured Debt - Revolver	S+475, 0.75% Floor	08/21/32			—		(6	)		(6	)	(9)(12)(13)(14)(17)
	Total Electric Utilities						$	3,289		$	3,289
Electrical Equipment
Brush Group
Brush Group Bidco Limited	First Lien Secured Debt - Term Loan	SONIA+500, 0.00% Floor	07/30/31	£		5,940	$	7,769		$	7,828		(9)(11)(19)
	First Lien Secured Debt - Revolver	SONIA+500, 0.00% Floor	07/30/31	£		500		648			651		(9)(11)(13)(14)(19)
								8,417			8,479
International Wire Group
IW Buyer LLC	First Lien Secured Debt - Term Loan	S+510, 1.00% Floor	06/28/29			9,230		9,143			9,230		(9)(17)
Kauffman
Kauffman Blocker Topco, LLC	Common Equity - Membership Interest	N/A	N/A		360,904 Shares			—			—		(9)(6)
Kauffman Engineering Holdings, LLC	First Lien Secured Debt - Term Loan	6.50%	03/31/31			2,526		1,500			1,500		(5)(9)
Kauffman Intermediate, LLC	First Lien Secured Debt - Term Loan	S+210 PIK, 1.00% Floor	03/30/30			1,805		1,805			1,805		(9)(17)
	First Lien Secured Debt - Term Loan	S+210, 1.00% Floor	09/30/29			175		175			175		(9)(17)
	First Lien Secured Debt - Revolver	S+510, 1.00% Floor	09/30/29			—		—			—		(9)(13)(14)
								3,480			3,480
	Total Electrical Equipment						$	21,040		$	21,189


Industry/Company	Investment Type	Interest Rate (8)	Maturity Date		Par/Shares (3)		Cost (26)			Fair Value (1)(27)
Electronic Equipment, Instruments & Components
365RM HOLDCO
365RM Holdco, LLC	First Lien Secured Debt - Term Loan	S+475, 0.75% Floor	05/06/33	$		4,190	$	4,150		$	4,161		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+475, 0.75% Floor	05/06/33			—		(1	)		(2	)	(9)(12)(14)
	First Lien Secured Debt - Revolver	S+475, 0.75% Floor	05/06/33			—		(5	)		(4	)	(9)(12)(13)(14)
								4,144			4,155
Creation Technologies
Creation Technologies Inc.	First Lien Secured Debt - Term Loan	S+525, 0.00% Floor	09/04/33			3,571		3,536			3,536		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+525, 0.00% Floor	09/04/33			—		(4	)		(4	)	(9)(12)(14)
	First Lien Secured Debt - Revolver	S+525, 0.00% Floor	09/04/31			43		36			36		(9)(13)(14)(17)
								3,568			3,568
Eckhart BidCo, LLC
Eckhart BidCo, LLC	First Lien Secured Debt - Term Loan	S+560, 1.00% Floor	01/10/29			7,757		7,679			7,668		(17)
Generator Buyer, Inc.
Total Power Limited	First Lien Secured Debt - Term Loan	CORRA+450, 0.75% Floor	07/22/30	C$		8,646		6,207			6,034		(9)(11)(20)
	First Lien Secured Debt - Term Loan	S+450, 0.75% Floor	07/22/30			980		1,009			973		(9)(11)(17)
	First Lien Secured Debt - Delayed Draw	CORRA+450, 0.75% Floor	07/22/30	C$		62		45			43		(9)(11)(20)
	First Lien Secured Debt - Delayed Draw	S+450, 0.75% Floor	07/22/30			—		(11	)		(15	)	(9)(11)(12)(13)(14)
	First Lien Secured Debt - Revolver	S+450, 0.75% Floor	07/22/30			29		29			29		(9)(11)(13)(14)(17)
	First Lien Secured Debt - Revolver	CORRA+450, 0.75% Floor	07/22/30	C$		—		(3	)		(1	)	(9)(11)(12)(13)(14)
								7,276			7,063
Li-Cor, Inc.
Li-Cor, Inc.	First Lien Secured Debt - Term Loan	S+510, 1.00% Floor	12/01/27			7,756		7,731			7,468		(16)
Team LINX, LLC
TeamLINX Buyer, LLC	First Lien Secured Debt - Term Loan	S+475, 1.00% Floor	12/18/30			9,418		9,321			9,434		(9)(17)
	First Lien Secured Debt - Revolver	S+475, 1.00% Floor	12/18/30			—		(1	)		—		(9)(13)(14)
								9,320			9,434
	Total Electronic Equipment, Instruments & Components						$	39,718		$	39,356


Industry/Company	Investment Type	Interest Rate (8)	Maturity Date		Par/Shares (3)		Cost (26)			Fair Value (1)(27)
Financial Services
AML Rightsource
Gabriel Partners, LLC	First Lien Secured Debt - Term Loan	S+635, 1.00% Floor	05/17/27	$		8,172	$	8,160		$	8,145		(9)(17)
Definiti LLC
RHI Acquisition LLC	First Lien Secured Debt - Delayed Draw	S+525, 1.00% Floor	03/16/29			636		617			607		(9)(13)(14)(17)
GC Waves
GC Waves Holdings, Inc.	First Lien Secured Debt - Term Loan	S+450, 0.75% Floor	10/04/30			9,604		9,604			9,486		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+450, 0.75% Floor	10/04/30			99		98			97		(9)(17)
	First Lien Secured Debt - Revolver	S+450, 0.75% Floor	10/04/30			—		—			(1	)	(9)(12)(14)
								9,702			9,582
Oak Point Partners
Oak Point Partners, LLC	First Lien Secured Debt - Term Loan	S+475, 0.75% Floor	03/23/32			4,054		4,016			4,020		(9)(17)
	First Lien Secured Debt - Revolver	S+475, 0.75% Floor	03/23/32			—		(8	)		(8	)	(9)(12)(13)(14)
								4,008			4,012
PMA
PMA Parent Holdings, LLC	First Lien Secured Debt - Term Loan	S+475, 0.75% Floor	01/31/31			4,888		4,849			4,847		(9)(17)
	First Lien Secured Debt - Revolver	S+475, 0.75% Floor	01/31/31			—		(1	)		(1	)	(9)(12)(13)(14)
								4,848			4,846
Wealth Enhancement Group
Wealth Enhancement Group, LLC	First Lien Secured Debt - Term Loan	S+425, 1.00% Floor	10/02/28			7,771		7,756			7,681		(17)
	Total Financial Services						$	35,091		$	34,873

Food Products
Amylu Foods
Amylu Borrower Sub, LLC	First Lien Secured Debt - Term Loan	S+475, 0.75% Floor	06/10/31	$		5,414	$	5,370		$	5,406		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+475, 0.75% Floor	06/10/31			157		152			155		(9)(13)(14)(17)
	First Lien Secured Debt - Revolver	S+475, 0.75% Floor	06/10/31			—		(9	)		(1	)	(9)(12)(13)(14)
								5,513			5,560


Industry/Company	Investment Type	Interest Rate (8)	Maturity Date		Par/Shares (3)		Cost (26)			Fair Value (1)(27)
Berner Foods
Berner Food & Beverage, LLC	First Lien Secured Debt - Term Loan	S+615, 1.00% Floor	07/30/27			7,755		7,674			7,671		(9)(17)
Casper's Ice Cream, LLC
Casper's Ice Cream, LLC	First Lien Secured Debt - Term Loan	S+600, 1.00% Floor	12/29/28			7,964		7,908			7,646		(16)
Fortune International LLC
Fortune International LLC	First Lien Secured Debt - Delayed Draw	S+510, 1.00% Floor	07/17/27			7,734		7,707			7,489		(17)
Justin's
Justin's LLC	First Lien Secured Debt - Term Loan	S+500, 1.00% Floor	12/15/31			2,073		2,045			2,050		(9)(17)
	First Lien Secured Debt - Revolver	S+500, 1.00% Floor	12/15/31			—		(5	)		(5	)	(9)(12)(13)(14)
	Common Equity - Stock	N/A	N/A		100,000 Shares			100			99		(6)(9)(15)
								2,140			2,144
Second Nature Brands
KNPC Holdco, LLC	First Lien Secured Debt - Term Loan	S+529, 0.75% Floor	07/08/33			5,000		4,951			4,950		(9)(17)
	Total Food Products						$	35,893		$	35,460
Ground Transportation
Heniff and Superior
Heniff Holdco, LLC	First Lien Secured Debt - Term Loan	9.86%	07/01/27	$		7,954	$	7,832		$	6,828		(5)(9)
	Total Ground Transportation						$	7,832		$	6,828
Health Care Equipment & Supplies
ACP Hyperdrive, Inc.
ACP Hyperdrive, Inc.	First Lien Secured Debt - Term Loan	S+600, 1.00% Floor	03/08/28	$		7,266	$	7,180		$	6,853		(17)
Capsa Healthcare
CSHC Buyerco, LLC	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	04/29/33			3,571		3,537			3,546		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+500, 0.75% Floor	04/29/33			310		304			304		(9)(14)(17)
	First Lien Secured Debt - Revolver	S+500, 0.75% Floor	04/29/33			—		(6	)		(5	)	(9)(12)(13)(14)
								3,835			3,845


Industry/Company	Investment Type	Interest Rate (8)	Maturity Date		Par/Shares (3)		Cost (26)			Fair Value (1)(27)
CQ Medical
BW ISO Acquisition LLC	First Lien Secured Debt - Term Loan	S+490, 0.75% Floor	11/01/27			6,953		6,906			6,894		(9)(17)
Medical Guardian
Medical Guardian, LLC	First Lien Secured Debt - Term Loan	S+500, 1.00% Floor	04/26/28			7,776		7,745			7,776		(9)(17)
Natus Sensory
Natus Sensory, Inc.	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	01/07/31			4,630		4,576			4,570		(9)(17)
	First Lien Secured Debt - Term Loan	E+500, 0.00% Floor	01/07/31	€		95		97			106		(9)(21)
	First Lien Secured Debt - Delayed Draw	S+500, 0.75% Floor	01/07/31			—		(1	)		(1	)	(9)(12)(13)(14)
	First Lien Secured Debt - Revolver	S+500, 0.75% Floor	01/07/31			—		(1	)		(1	)	(9)(12)(13)(14)
								4,671			4,674
Project Titan
Tyber Medical LLC	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	06/12/32			3,000		2,974			2,982		(9)(17)
	First Lien Secured Debt - Term Loan	E+500, 0.75% Floor	06/12/32	€		584		671			658		(9)(21)
	First Lien Secured Debt - Delayed Draw	S+500, 0.75% Floor	06/12/32			55		52			51		(9)(13)(14)(17)
	First Lien Secured Debt - Revolver	S+500, 0.75% Floor	06/12/31			350		347			348		(9)(13)(14)(17)
	First Lien Secured Debt - Revolver	E+500, 0.75% Floor	06/12/31	€		167		165			166		(9)(14)(21)
								4,209			4,205
	Total Health Care Equipment & Supplies						$	34,546		$	34,247
Health Care Providers & Services
All Star
All Star Recruiting Locums, LLC	First Lien Secured Debt - Term Loan	S+500, 1.00% Floor	05/01/30	$		2,674	$	2,636		$	2,655		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+500, 1.00% Floor	05/01/30			—		(17	)		(17	)	(9)(12)(13)(14)
								2,619			2,638


Industry/Company	Investment Type	Interest Rate (8)	Maturity Date	Par/Shares (3)		Cost (26)			Fair Value (1)(27)
EmpiRx
EmpiRx Health LLC	First Lien Secured Debt - Term Loan	S+475, 1.00% Floor	08/06/29		9,741		9,715			9,694		(9)(17)
EyeSouth
Eyesouth Eye Care Holdco LLC	First Lien Secured Debt - Term Loan	S+560, 1.00% Floor	10/05/29		7,758		7,603			7,545		(17)
FP UC Intermediate Holdings, Inc.
FP UC Intermediate Holdings, Inc.	First Lien Secured Debt - Term Loan	S+560, 1.00% Floor	11/22/27		7,796		7,767			7,520		(16)
KureSmart
Kure Pain Holdings, Inc.	First Lien Secured Debt - Term Loan	S+560, 1.00% Floor	08/30/30		6,674		6,673			6,641		(9)(17)
Maxor National Pharmacy Services, LLC
Maxor Acquisition, Inc.	First Lien Secured Debt - Term Loan	S+650, 1.00% Floor	03/01/29		7,759		7,656			7,677		(9)(17)
Midwest Vision
Midwest Vision Partners Management, LLC	First Lien Secured Debt - Term Loan	0.00%	01/12/29		4,171		3,965			3,553		(6)(9)(17)
	First Lien Secured Debt - Term Loan	10.82%	01/12/29		717		682			—		(5)(9)
	First Lien Secured Debt - Term Loan	10.82%	01/12/29		4,097		3,826			—		(5)(9)
							8,473			3,553
Natural Partners
Natural Partners, Inc.	First Lien Secured Debt - Term Loan	S+450, 1.00% Floor	11/29/30		7,756		7,752			7,834		(17)
Rarebreed
Rarebreed Veterinary Partners, Inc.	First Lien Secured Debt - Term Loan	S+525, 1.00% Floor	04/18/30		7,625		7,525			7,517		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+525, 1.00% Floor	04/18/30		123		121			121		(9)(17)
	First Lien Secured Debt - Revolver	S+525, 1.00% Floor	04/18/30		—		(1	)		(1	)	(9)(12)(13)(14)
							7,645			7,637
RHA Health Services
Pace Health Companies, LLC	First Lien Secured Debt - Term Loan	S+540, 1.00% Floor	08/02/27		7,750		7,715			7,727		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+540, 1.00% Floor	08/02/27		—		(9	)		(6	)	(9)(12)(13)(14)
							7,706			7,721
Tarrytown
Tarrytown Acquisition Holdings, LLC	First Lien Secured Debt - Term Loan	S+450, 0.75% Floor	11/12/32		1,792		1,776			1,804		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+450, 0.75% Floor	11/12/32		—		(2	)		—		(9)(13)(14)
	First Lien Secured Debt - Revolver	S+450, 0.75% Floor	11/12/32		—		(3	)		—		(9)(13)(14)
							1,771			1,804


Industry/Company	Investment Type	Interest Rate (8)	Maturity Date		Par/Shares (3)		Cost (26)			Fair Value (1)(27)
Team Select
TS Investors, LLC	First Lien Secured Debt - Term Loan	S+475, 1.00% Floor	05/04/29			7,759		7,717			7,707		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+475, 1.00% Floor	05/04/29			814		812			808		(9)(17)
	First Lien Secured Debt - Revolver	S+475, 1.00% Floor	05/04/29			—		(3	)		(5	)	(9)(12)(13)(14)
								8,526			8,510
Thomas Scientific
Thomas Scientific, LLC	First Lien Secured Debt - Term Loan	10.47%	12/14/27			8,387		8,342			6,436		(5)(9)
TST Intermediate Holdings, LLC
TST Intermediate Holdings, LLC	First Lien Secured Debt - Term Loan	S+560, 1.00% Floor	12/31/28			7,383		7,318			7,051		(17)
TVG Shelby Buyer, Inc.
TVG Shelby Buyer, Inc.	First Lien Secured Debt - Term Loan	S+510, 1.00% Floor	03/27/28			7,874		7,828			7,739		(17)
TVG-MEDULLA, LLC
TVG-MEDULLA, LLC	First Lien Secured Debt - Term Loan	S+560 Cash plus 1.50% PIK, 1.00% Floor	09/30/27			8,305		8,268			7,201		(17)
Veristat Group Inc.
Veristat Group Inc.	First Lien Secured Debt - Term Loan	S+500, 1.00% Floor	03/31/32			9,650		8,956			9,570		(17)
	First Lien Secured Debt - Delayed Draw	S+500, 1.00% Floor	03/31/32			—		—			(19	)	(12)(13)(14)
								8,956			9,551
WelldyneRX, LLC
WelldyneRX, LLC	First Lien Secured Debt - Term Loan	S+685, 0.75% Floor	12/31/27			7,756		7,680			7,703		(9)(17)
Xanitos
Pure Upper Holdco LLC	First Lien Secured Debt - Term Loan	S+475, 1.00% Floor	12/03/31			3,198		3,170			3,154		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+475, 1.00% Floor	12/03/31			62		58			50		(9)(13)(14)(17)
	First Lien Secured Debt - Revolver	S+475, 1.00% Floor	12/03/31			—		(8	)		(12	)	(9)(12)(13)(14)
Xanitos TopCo, LLC	Common Equity - Membership Interest	N/A	N/A		100,000 Shares			100			135		(6)(9)(15)
								3,320			3,327
	Total Health Care Providers & Services						$	135,618		$	127,782
Health Care Technology
Arcadia Solutions
Arcadia Solutions, Inc.	First Lien Secured Debt - Term Loan	S+550, 1.00% Floor	08/12/32	$		6,429	$	6,372		$	6,372		(9)(17)
	First Lien Secured Debt - Revolver	S+550, 1.00% Floor	08/12/32			—		(9	)		(9	)	(9)(12)(13)(14)
								6,363			6,363


Industry/Company	Investment Type	Interest Rate (8)	Maturity Date		Par/Shares (3)		Cost (26)			Fair Value (1)(27)
Merative
Merative L.P.	First Lien Secured Debt - Term Loan	S+450, 0.75% Floor	09/30/32			2,043		2,034			2,043		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+450, 0.75% Floor	09/30/32			—		(1	)		—		(9)(13)(14)
	First Lien Secured Debt - Revolver	S+450, 0.75% Floor	09/30/32			—		(1	)		—		(9)(13)(14)
								2,032			2,043
MRO Parent Corporation
MRO Parent Corporation	First Lien Secured Debt - Term Loan	S+450, 0.75% Floor	06/09/32			2,108		2,082			2,108		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+450, 0.75% Floor	06/09/32			185		182			185		(9)(17)
	First Lien Secured Debt - Revolver	S+450, 0.75% Floor	06/09/32			—		(2	)		—		(9)(13)(14)
								2,262			2,293
Parcelshield Holdings LLC
Parcelshield Holdings LLC	First Lien Secured Debt - Term Loan	9.78%	09/30/27			7,763		7,440			2,002		(5)
	Total Health Care Technology						$	18,097		$	12,701
Hotels, Restaurants & Leisure
American West
AWRG Borrower LLC	First Lien Secured Debt - Term Loan	9.00%	06/18/30	$		5,461	$	5,461		$	4,214		(5)(23)
AWRG Parent LLC	Common Equity - Stock	N/A	N/A		807,101 Shares			1,659			—		(6)(15)(23)
								7,120			4,214
Crumbl
Crumbl Enterprises LLC	First Lien Secured Debt - Term Loan	S+450, 0.75% Floor	05/05/32			2,286		2,267			2,192		(9)(17)
	First Lien Secured Debt - Revolver	S+450, 0.75% Floor	05/05/32			—		(1	)		(8	)	(9)(12)(13)(14)
								2,266			2,184
PARS Group LLC
PARS Group LLC	First Lien Secured Debt - Term Loan	S+685, 1.50% Floor	04/03/28			7,603		7,557			5,776		(9)(16)
Taco Cabana
YTC Enterprises, LLC	First Lien Secured Debt - Term Loan	S+636, 1.00% Floor	11/30/26			6,313		6,305			5,834		(9)(16)
Walters Wedding Estates
WH BorrowerCo, LLC	First Lien Secured Debt - Term Loan	S+500, 1.00% Floor	08/02/30			6,896		6,824			6,615		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+500, 1.00% Floor	08/02/30			61		60			58		(9)(16)
	First Lien Secured Debt - Revolver	S+500, 1.00% Floor	08/02/30			23		22			19		(9)(13)(14)(17)
								6,906			6,692
	Total Hotels, Restaurants & Leisure						$	30,154		$	24,700


Industry/Company	Investment Type	Interest Rate (8)	Maturity Date		Par/Shares (3)		Cost (26)			Fair Value (1)(27)
Household Products
Tranzonic
TZ Buyer LLC	First Lien Secured Debt - Term Loan	S+610, 0.75% Floor	08/14/28	$		9,343	$	9,246		$	9,080		(9)(17)
	Total Household Products						$	9,246		$	9,080

Insurance
Spectrum Automotive
Shelby 2021 Holdings Corp.	First Lien Secured Debt - Term Loan	S+525, 0.75% Floor	06/29/28	$		7,754	$	7,689		$	7,744		(9)(17)
West-NR AcquisitionCo, LLC
West-NR AcquisitionCo, LLC	First Lien Secured Debt - Term Loan	S+510, 1.00% Floor	12/27/28			7,756		7,720			7,687		(17)
	Total Insurance						$	15,409		$	15,431

IT Services
Distinct
Distinct Holdings Inc	First Lien Secured Debt - Term Loan	S+575, 1.00% Floor	07/18/29	$		9,702	$	9,597		$	8,199		(9)(17)
	First Lien Secured Debt - Revolver	S+575, 1.00% Floor	07/18/29			63		62			48		(9)(13)(14)(17)
								9,659			8,247
Spectrotel MidCo II LLC
Spectrotel Midco II LLC	First Lien Secured Debt - Term Loan	S+525, 0.75% Floor	09/30/33			3,786		3,741			3,739		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+525, 0.75% Floor	09/30/33			—		(6	)		(6	)	(9)(12)(14)
	First Lien Secured Debt - Revolver	S+525, 0.75% Floor	09/30/33			—		(9	)		(9	)	(9)(12)(13)(14)
								3,726			3,724
VikingCloud
Bullcave Limited	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	08/06/30			9,702		9,600			9,601		(9)(17)
	First Lien Secured Debt - Revolver	S+500, 0.75% Floor	08/06/30			73		72			72		(9)(13)(14)(17)
								9,672			9,673
	Total IT Services						$	23,057		$	21,644


Industry/Company	Investment Type	Interest Rate (8)	Maturity Date		Par/Shares (3)		Cost (26)			Fair Value (1)(27)

Leisure Products
Paladone
Paladone Group Bidco Limited	First Lien Secured Debt - Term Loan	S+585, 1.00% Floor	11/12/27	$		7,756	$	7,726		$	7,670		(9)(11)(17)
Wellbeam Consumer Health Intermediate, LLC
Wellbeam Consumer Health Intermediate, LLC	First Lien Secured Debt - Term Loan	S+640 Cash plus 2.00% PIK, 1.00% Floor	10/04/27			5,347		5,264			3,807		(17)
	Total Leisure Products						$	12,990		$	11,477
Machinery
BW Colson Acquisition LLC
BW Colson Acquisition LLC	First Lien Secured Debt - Term Loan	S+515, 1.00% Floor	02/26/28	$		9,875	$	9,804		$	9,826		(17)
Flow Control
Flow Control Intermediate Holdings 2.0, LLC	First Lien Secured Debt - Term Loan	S+525, 1.00% Floor	05/01/31			2,633		2,601			2,628		(9)(16)
	First Lien Secured Debt - Delayed Draw	S+525, 1.00% Floor	05/01/31			405		393			401		(9)(13)(14)(16)
	First Lien Secured Debt - Revolver	S+525, 1.00% Floor	05/01/31			—		(8	)		(1	)	(9)(12)(13)(14)
								2,986			3,028
Ideal Tridon
Ideal Components Acquisition, LLC	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	06/30/32			5,555		5,483			5,536		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+500, 0.75% Floor	06/30/32			—		(6	)		(3	)	(9)(12)(13)(14)
	First Lien Secured Debt - Revolver	S+500, 0.75% Floor	06/30/32			103		92			100		(9)(13)(14)(17)
								5,569			5,633
Industrial Service Solutions
Industrial Service Solutions WC, Inc.	First Lien Secured Debt - Term Loan	S+350, 0.75% Floor	02/06/33			2,124		2,105			2,120		(9)(17)
	First Lien Secured Debt - Revolver	S+350, 0.75% Floor	02/06/33			117		114			117		(9)(13)(14)(17)
								2,219			2,237
Milacron (Project Iota)
IOTA HOLDINGS 3	First Lien Secured Debt - Term Loan	S+475, 0.00% Floor	03/31/32			6,107		6,030			6,058		(9)(17)
	First Lien Secured Debt - Revolver	S+475, 0.00% Floor	03/31/32			362		347			351		(9)(13)(14)(17)
								6,377			6,409


Industry/Company	Investment Type	Interest Rate (8)	Maturity Date		Par/Shares (3)		Cost (26)			Fair Value (1)(27)
OEH
OEH Parent Holdings, Inc.	First Lien Secured Debt - Term Loan	S+585, 1.00% Floor	11/09/28			7,756		7,706			7,578		(16)
Relevant Industrial
Relevant Industrial, LLC	First Lien Secured Debt - Term Loan	S+450, 1.00% Floor	05/16/31			2,704		2,676			2,687		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+450, 1.00% Floor	05/16/31			1,061		1,047			1,050		(9)(13)(14)(17)
	First Lien Secured Debt - Revolver	S+450, 1.00% Floor	05/16/31			—		(5	)		(3	)	(9)(12)(13)(14)
								3,718			3,734
	Total Machinery						$	38,379		$	38,445
Media
FingerPaint Marketing
KL Charlie Acquisition Company	First Lien Secured Debt - Term Loan	S+510, 1.00% Floor	12/30/29	$		9,148	$	9,018		$	9,123		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+510, 1.00% Floor	12/30/29			—		(3	)		(2	)	(9)(12)(13)(14)
								9,015			9,121
HALO Branded Solutions
HALO Buyer, Inc	First Lien Secured Debt - Term Loan	S+600, 1.00% Floor	08/07/29			4,827		4,761			4,672		(9)(17)
	First Lien Secured Debt - Revolver	S+600, 1.00% Floor	08/07/29			39		38			36		(9)(13)(14)(17)
								4,799			4,708
HU Buyer, Inc.
HU Buyer, Inc.	First Lien Secured Debt - Term Loan	S+610, 1.00% Floor	12/29/27			7,753		7,685			7,656		(17)
Terrier Gamut Holdings, Inc.
Terrier Gamut Holdings, Inc.	First Lien Secured Debt - Term Loan	S+560, 1.00% Floor	08/15/28			6,621		6,500			6,224		(17)
	Total Media						$	27,999		$	27,709
Multi-Utilities
Congruex
Congruex Group LLC	First Lien Secured Debt - Term Loan	S+590, 1.50% Floor	05/03/29	$		8,609	$	8,494		$	4,528		(4)(9)(17)
SEER
GS SEER Group Borrower LLC	First Lien Secured Debt - Term Loan	S+675, 1.00% Floor	04/29/30			7,759		7,621			6,834		(9)(17)
	Total Multi-Utilities						$	16,115		$	11,362


Industry/Company	Investment Type	Interest Rate (8)	Maturity Date		Par/Shares (3)		Cost (26)			Fair Value (1)(27)
Paper & Forest Products
BiOrigin Specialty Products
Complete Paper Inc.	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	02/04/31	$		5,298	$	5,237		$	4,979		(9)(17)
	Total Paper & Forest Products						$	5,237		$	4,979

Personal Care Products
Advantice Health
Jazz AH Holdco, LLC	First Lien Secured Debt - Term Loan	S+475, 0.75% Floor	04/02/29	$		7,758	$	7,675		$	7,692		(17)
Dr. Scholl's
DRS Holdings III, Inc.	First Lien Secured Debt - Term Loan	S+525, 1.00% Floor	11/01/28			8,206		8,181			8,166		(9)(17)
	First Lien Secured Debt - Revolver	S+525, 1.00% Floor	11/01/28			—		(2	)		(3	)	(9)(12)(13)(14)
								8,179			8,163
LashCo
Lash OpCo, LLC	First Lien Secured Debt - Term Loan	S+510 Cash plus 2.00% PIK, 1.00% Floor	09/18/27			8,918		8,891			8,260		(9)(17)
Suave
Silk Holdings III Corp.	First Lien Secured Debt - Term Loan	S+450, 0.50% Floor	12/03/32			9,100		9,001			9,084		(9)(17)
	First Lien Secured Debt - Revolver	S+450, 0.50% Floor	12/03/32			—		(6	)		(1	)	(9)(12)(13)(14)
								8,995			9,083
	Total Personal Care Products						$	33,740		$	33,198
Pharmaceuticals
Ora LLC
Orion Buyer, LLC	First Lien Secured Debt - Term Loan	S+600 (Inclusive of 5.45% PIK), 1.00% Floor	07/18/30	$		8,568	$	8,452		$	7,558		(9)(17)
	First Lien Secured Debt - Revolver	S+600 (Inclusive of 5.45% PIK), 1.00% Floor	07/18/30			80		79			68		(9)(13)(14)(17)
TVG Orion Blocker, Inc.	Common Equity - Stock	N/A	N/A		2 Shares			99			—		(6)(9)
	Unsecured Debt - Promissory Note	12.40% PIK	07/11/30			23		23			—		(9)
								8,653			7,626
PAI Pharma
Pai Middle Tier, LLC	First Lien Secured Debt - Term Loan	S+475, 0.75% Floor	02/13/32			9,789		9,657			9,456		(9)(17)
	First Lien Secured Debt - Revolver	S+475, 0.75% Floor	02/13/32			10		9			7		(9)(13)(14)(17)
PAI Co-Investor FT Aggregator LLC	Common Equity - Stock	N/A	N/A		50 Shares			50			35		(6)(9)
								9,716			9,498


Industry/Company	Investment Type	Interest Rate (8)	Maturity Date		Par/Shares (3)		Cost (26)			Fair Value (1)(27)
Senderra
SENDERRA RX ACQUISITION, LLC	First Lien Secured Debt - Term Loan	S+475, 0.50% Floor	03/07/33			2,110		2,090			2,121		(9)(16)
	First Lien Secured Debt - Revolver	S+475, 0.50% Floor	03/07/33			—		(4	)		—		(9)(13)(14)
								2,086			2,121
Sterling Pharma
Saffron Bidco Ltd	First Lien Secured Debt - Term Loan	S+375 Cash plus 3.00% PIK, 0.75% Floor	09/24/31			9,897		9,749			8,882		(9)(11)(18)
	First Lien Secured Debt - Term Loan	E+375 Cash plus 3.00% PIK, 0.75% Floor	09/24/31	€		100		109			101		(9)(11)(22)
								9,858			8,983
Trillium
Trillium Health Care Products Inc.	First Lien Secured Debt - Term Loan	S+525, 1.00% Floor	08/06/31			9,727		9,579			9,493		(9)(17)
	First Lien Secured Debt - Revolver	CORRA+525, 1.00% Floor	08/06/31	C$		54		53			52		(9)(13)(14)(20)
	First Lien Secured Debt - Revolver	S+525, 1.00% Floor	08/06/31			22		16			15		(9)(17)
								9,648			9,560
	Total Pharmaceuticals						$	39,961		$	37,788
Professional Services
AGDATA
AGDATA Midco, LLC	First Lien Secured Debt - Term Loan	S+475, 0.75% Floor	07/01/30	$		2,772	$	2,749		$	2,748		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+475, 0.75% Floor	07/01/30			—		(9	)		(19	)	(9)(12)(13)(14)
								2,740			2,729
DCM Services
DCM Parent, LLC	First Lien Secured Debt - Term Loan	S+500, 1.00% Floor	03/12/31			4,161		4,112			4,143		(9)(17)
	First Lien Secured Debt - Revolver	S+500, 1.00% Floor	03/12/31			—		(9	)		(3	)	(9)(12)(13)(14)
								4,103			4,140
DecisionHR
DecisionHR Holdings, Inc.	First Lien Secured Debt - Term Loan	S+425, 1.00% Floor	12/08/31			3,387		3,357			3,359		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+425, 1.00% Floor	12/08/31			213		207			204		(9)(13)(14)(17)
	First Lien Secured Debt - Revolver	S+425, 1.00% Floor	12/08/31			—		(5	)		(4	)	(9)(12)(13)(14)
								3,559			3,559


Industry/Company	Investment Type	Interest Rate (8)	Maturity Date		Par/Shares (3)		Cost (26)			Fair Value (1)(27)
Escalent
M&M OPCO, LLC	First Lien Secured Debt - Term Loan	S+600, 1.00% Floor	04/07/29			7,558		7,464			7,385		(9)(17)
Lexitas
Chronicle Parent LLC	First Lien Secured Debt - Term Loan	S+500, 1.00% Floor	04/15/31			3,475		3,447			3,487		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+500, 1.00% Floor	04/15/31			237		231			237		(9)(13)(14)(17)
	First Lien Secured Debt - Revolver	S+500, 1.00% Floor	04/15/31			—		(3	)		—		(9)(13)(14)
								3,675			3,724
North Highland
The North Highland Company LLC	First Lien Secured Debt - Term Loan	S+475, 0.75% Floor	12/22/31			4,716		4,678			4,655		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+475, 0.75% Floor	12/22/31			—		—			(1	)	(9)(12)(13)(14)
	First Lien Secured Debt - Revolver	S+475, 0.75% Floor	12/20/30			16		15			15		(9)(13)(14)(17)
								4,693			4,669
Smith & Howard
Smith And Howard Advisory Holdings LLC	First Lien Secured Debt - Term Loan	S+475, 0.75% Floor	07/31/33			1,333		1,320			1,320		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+475, 0.75% Floor	07/31/33			—		(4	)		(4	)	(9)(12)(14)
	First Lien Secured Debt - Revolver	S+475, 0.75% Floor	07/31/33			—		(3	)		(3	)	(9)(12)(13)(14)
								1,313			1,313
	Total Professional Services						$	27,547		$	27,519
Real Estate Management & Development
AKAM
AKAM Buyer, Inc.	First Lien Secured Debt - Term Loan	S+475, 0.75% Floor	02/27/32	$		2,883	$	2,844		$	2,853		(17)
	First Lien Secured Debt - Delayed Draw	S+475, 0.75% Floor	02/27/32			236		225			219		(13)(14)(17)
	First Lien Secured Debt - Revolver	S+475, 0.75% Floor	02/27/32			—		(7	)		(6	)	(12)(13)(14)
AKAM Group Holdings, L.P.	Common Equity - Equity Unit	N/A	N/A		5,000 Shares			100			93		(6)(15)
	Total Real Estate Management & Development						$	3,162		$	3,159
Software
CM Acquisitions Holdings Inc. (fka Sisterco Hold
CM Acquisitions Holdings Inc.	First Lien Secured Debt - Term Loan	S+550, 1.00% Floor	01/28/28	$		3,854	$	3,849		$	3,820		(17)
Forcura + Medalogix (Project Tarpon)
F&M Buyer LLC	First Lien Secured Debt - Term Loan	S+450, 0.75% Floor	03/18/32			3,380		3,352			3,380		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+450, 0.75% Floor	03/18/32			—		(4	)		—		(9)(13)(14)
	First Lien Secured Debt - Revolver	S+450, 0.75% Floor	03/18/32			—		(4	)		—		(9)(13)(14)
								3,344			3,380


Industry/Company	Investment Type	Interest Rate (8)	Maturity Date		Par/Shares (3)		Cost (26)			Fair Value (1)(27)
Litify
Litify LLC	First Lien Secured Debt - Term Loan	S+560, 1.00% Floor	02/02/29			3,980		3,926			3,892		(9)(17)
Poppulo, Inc.
Four Winds Interactive LLC	First Lien Secured Debt - Term Loan	S+600, 0.75% Floor	02/20/30			4,740		4,671			4,538		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+600, 0.75% Floor	02/20/30			100		98			95		(9)(17)
	First Lien Secured Debt - Revolver	S+600, 0.75% Floor	02/20/30			—		(1	)		(4	)	(9)(12)(13)(14)
								4,768			4,629
Uniguest
Uniguest Holdings, Inc	First Lien Secured Debt - Term Loan	S+500, 1.00% Floor	11/27/30			9,629		9,521			9,495		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+500, 1.00% Floor	11/27/30			12		11			11		(9)(13)(14)(17)
	First Lien Secured Debt - Revolver	S+500, 1.00% Floor	11/27/30			—		(1	)		(1	)	(9)(12)(13)(14)
								9,531			9,505
	Total Software						$	25,418		$	25,226
Specialty Retail
Club Champion
Club Champion LLC	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	06/14/29	$		9,724	$	9,632		$	9,656		(9)(17)
	First Lien Secured Debt - Revolver	S+500, 0.75% Floor	06/14/29			64		63			63		(9)(13)(14)(17)
	Total Specialty Retail						$	9,695		$	9,719

Technology Hardware, Storage & Peripherals
Accelevation, LLC
Accelevation LLC	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	01/02/31	$		9,702	$	9,604		$	9,666		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+500, 0.75% Floor	01/02/31			83		82			83		(9)(14)(17)
	First Lien Secured Debt - Revolver	S+500, 0.75% Floor	01/02/31			—		(1	)		—		(9)(14)
								9,685			9,749
Havis
Havis, Inc.	First Lien Secured Debt - Term Loan	S+475, 0.75% Floor	06/30/32			2,294		2,272			2,274		(9)(17)
	First Lien Secured Debt - Revolver	S+475, 0.75% Floor	06/30/32			—		(2	)		(2	)	(9)(12)(13)(14)
								2,270			2,272
	Total Technology Hardware, Storage & Peripherals						$	11,955		$	12,021


Industry/Company	Investment Type	Interest Rate (8)	Maturity Date		Par/Shares (3)		Cost (26)			Fair Value (1)(27)
Trading Companies & Distributors
LSG
Lindstrom, LLC	First Lien Secured Debt - Term Loan	S+525, 0.75% Floor	12/30/32	$		4,335	$	4,275		$	4,311		(9)(17)
	First Lien Secured Debt - Revolver	S+525, 0.75% Floor	12/30/32			—		(9	)		(4	)	(9)(12)(13)(14)
								4,266			4,307
MacQueen Equipment, LLC
MacQueen Equipment, LLC	First Lien Secured Debt - Term Loan	S+551, 1.00% Floor	01/07/28			9,995		9,960			9,945		(9)(16)(17)
	First Lien Secured Debt - Delayed Draw	S+551, 1.00% Floor	01/07/28			—		(2	)		(3	)	(9)(12)(13)(14)
								9,958			9,942
McNichols Company
Patriot MCN Buyer Corp.	First Lien Secured Debt - Term Loan	S+450, 1.75% Floor	10/01/31			1,927		1,906			1,901		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+450, 1.75% Floor	10/01/31			—		(2	)		(5	)	(9)(12)(13)(14)
	First Lien Secured Debt - Revolver	S+450, 1.75% Floor	10/01/31			—		(2	)		(3	)	(9)(12)(13)(14)
								1,902			1,893
Meritus Gas Partners
MGP Holdings III Corp.	First Lien Secured Debt - Delayed Draw	S+525, 1.00% Floor	03/01/30			1,837		1,806			1,809		(9)(13)(14)(17)
ORS Nasco
WC ORS Buyer, Inc.	First Lien Secured Debt - Term Loan	S+475, 0.75% Floor	08/07/31			9,604		9,495			9,566		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+475, 0.75% Floor	08/07/31			99		98			98		(9)(17)
	First Lien Secured Debt - Revolver	S+475, 0.75% Floor	08/07/31			65		64			65		(9)(13)(14)(17)
WC ORS Holdings, L.P.	Common Equity - Limited Partnership	N/A	N/A		30,000 Shares			30			71		(6)(9)
								9,687			9,800
	Total Trading Companies & Distributors						$	27,619		$	27,751
Wireless Telecommunication Services
Kane Communications LLC
Instrata Communications, LLC	First Lien Secured Debt - Term Loan	S+626, 1.00% Floor	12/31/29	$		9,548	$	9,421		$	9,308		(9)(17)
	First Lien Secured Debt - Revolver	S+626, 1.00% Floor	12/31/29			—		(8	)		(11	)	(9)(12)(13)(14)
	Total Wireless Telecommunication Services						$	9,413		$	9,297
Total Investments before Cash Equivalents							$	970,553		$	928,024
Goldman Sachs Financial Square Government Institutional Fund				$		1,873	$	1,873		$	1,873		(24)
State Street Institutional U.S. Government Money Market Fund Opportunity				$		2,946	$	2,946		$	2,946		(25)
Total Investment after Cash Equivalents							$	975,372		$	932,843		(2)(7)


Derivative Instrument	Settlement Date	Notional amount to be purchased		Notional amount to be sold		Footnote Reference
Foreign currency forward contract	12/16/2026	$	9,326	£	6,899	Note 4
Foreign currency forward contract	12/16/2026	$	8,087	C$	11,132	Note 4
Foreign currency forward contract	12/16/2026	$	890	€	763	Note 4

(1)

Apollo Credit Management, LLC, as "valuation designee" (the "Adviser") is responsible for determining fair value, subject to the oversight of the Board of Trustees of the Company (the "Board") (see Note 2 to the consolidated financial statements).

(2)

Currently there are no differences for federal income tax purposes as it relates to unrealized gain and loss.

(3)

Par amount is denominated in USD ("$") unless otherwise noted, British Pound (“£”), Canadian Dollar (“C$”), European Euro (“€”). Par amount represents funded commitments. See Note 14 in the Consolidated Schedule of Investments and Note 7 to the consolidated financial statements for further information on undrawn revolving and delayed draw loan commitments, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies.

(4)

Other than the investments noted by this footnote, the fair value of the Company’s investments is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 2 to the consolidated financial statements for more information regarding ASC 820, Fair Value Measurements (“ASC 820”).

(5)

Non-accrual status (see Note 2 to the consolidated financial statements).

(6)

Non-income producing security.

(7)

Unless otherwise indicated, all securities are pledged as collateral to our credit facility (the “AP Leaf Secured Credit Facility” as defined in Note 5 to the financial statements). As such, these securities are not available as collateral to our general creditors.

(8)

Unless otherwise indicated, loan contains a variable rate structure, and the terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period which may be subject to interest floors. Variable rate loans bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “S”) or an alternate base rate (which can include but is not limited to the Federal Funds Effective Rate or the Prime Rate), at the borrower’s option, and which reset periodically based on the terms of the loan agreement. Certain borrowers may elect to borrow Prime rate on select contracts and switch to an alternative base rate contract in the future.

(9)

These are co-investments made with the Company’s affiliates in accordance with the terms of the exemptive order the Company received from the Securities and Exchange Commission (“SEC”) permitting us to do so. (See Note 3 to the consolidated financial statements for discussion of the exemptive order from the SEC.)

(10)

Unless otherwise indicated, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company.

(11)

Investments that the Company has determined are not “qualifying assets” under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of September 30, 2026, non-qualifying assets represented approximately 4.9% of the total assets of the Company.

(12)

The negative fair value is the result of the commitment being valued below par.

(13)

The undrawn portion of these committed revolvers and delayed draw term loans includes a commitment and unused fee rate.

(14)

As of September 30, 2026, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See Note 7 to the consolidated financial statements for further information on revolving and delayed draw loan commitments, including commitments to issue letters of credit, related to certain portfolio companies.


Name of Issuer	Total Commitment			Drawn Commitment			Letters of Credit **			Undrawn Commitment
365RM Holdco, LLC	$	810	$		—	$		2	$		808
ACP Packaging Intermediateco, LLC		1,098			841			—			257
AGDATA Midco, LLC		2,207			—			—			2,207
AKAM Buyer, Inc.		1,873			—			7			1,866
Accelevation LLC		116			—			—			116
Acme Bidco, Inc.		1,269			—			—			1,269
AeroMed Group LLC		1,833			353			—			1,480
All Star Recruiting Locums, LLC		2,326			—			—			2,326
American Restoration Holdings, LLC		384			127			—			257
Amylu Borrower Sub, LLC		1,873			—			—			1,873
Arcadia Solutions, Inc.		1,071			—			—			1,071
Aspen Aerogels, Inc.		100			11			—			89
Bingo Group Buyer, Inc.		675			3			8			664
Brush Group Bidco Limited*		1,989			663			—			1,326
Bullcave Limited		100			73			—			27
CARDS-Live Oak Holdings, Inc.		436			264			—			172
CI (MG) GROUP, LLC		1,049			81			—			968
CRS Holdings, Inc.		50			—			11			39
CSHC Buyerco, LLC		1,119			—			—			1,119
Certus Pest, Inc.		2,046			—			—			2,046
Chronicle Parent LLC		1,245			—			—			1,245
Club Car Wash Operating, LLC		608			33			—			575
Club Champion LLC		100			64			—			36
Cool Buyer, Inc.		200			35			—			165
Creation Technologies Inc.		1,429			43			—			1,386
Crumbl Enterprises LLC		185			—			—			185
D&D Buyer, LLC		319			—			—			319
DCM Parent, LLC		775			—			—			775
DRS Holdings III, Inc.		570			—			—			570
DecisionHR Holdings, Inc.		1,383			—			—			1,383
Distinct Holdings Inc		100			63			—			37
Eagle U.S. Purchaser, Inc.		707			—			65			642
Express Wash Concepts, LLC		846			3			—			843
F&M Buyer LLC		1,620			—			—			1,620
Flow Control Intermediate Holdings 2.0, LLC		1,927			—			—			1,927
Four Winds Interactive LLC		100			—			1			99
GC Waves Holdings, Inc.		100			—			—			100
HALO Buyer, Inc		100			39			—			61
HEF Safety Ultimate Holdings, LLC		895			31			—			864
Havis, Inc.		201			—			—			201
Health Management Associates Superholdings, Inc.		972			—			2			970
IOTA HOLDINGS 3		1,316			362			393			561
Ideal Components Acquisition, LLC		1,889			103			50			1,736
Industrial Service Solutions WC, Inc.		370			117			—			253
Instrata Communications, LLC (fka Kane Communications LLC)		444			—			—			444
Justin's LLC		417			—			—			417
KL Charlie Acquisition Company		598			—			—			598
Kauffman Intermediate, LLC		388			—			—			388


Name of Issuer	Total Commitment			Drawn Commitment			Letters of Credit **			Undrawn Commitment
Lindstrom, LLC		643			—			90			553
Lotus Topco Inc.		50			—			—			50
Lunar Buyer, LLC		200			42			—			158
MGP Holdings III Corp.		663			—			—			663
MOP-CLOYES, Inc.		1,842			88			—			1,754
MRO Parent Corporation		185			—			—			185
MacQueen Equipment, LLC		500			—			—			500
Merative L.P.		441			—			—			441
Mersino, Inc. (fka Ironhorse Purchaser, LLC)		1,033			—			8			1,025
Metz Culinary Management, LLC		411			—			—			411
NCP-MSI Buyer		1,333			1,177			23			133
NPPI Buyer, LLC		135			—			—			135
Natus Sensory, Inc.		200			—			—			200
Oak Point Partners, LLC		926			—			—			926
Orion Buyer, LLC		100			80			—			20
PMA Parent Holdings, LLC		100			—			—			100
Pace Health Companies, LLC		2,000			—			—			2,000
Pai Middle Tier, LLC		100			10			—			90
Patriot MCN Buyer Corp.		563			—			—			563
Pavement Preservation Acquisition, LLC		636			172			8			456
Power Services Purchaser, LLC		1,667			—			—			1,667
Premier Forge Purchaser, LLC		473			28			—			445
Protein For Pets Opco, LLC		100			—			—			100
Pure Upper Holdco LLC		1,716			—			—			1,716
RHI Acquisition LLC		1,864			—			—			1,864
Rarebreed Veterinary Partners, Inc.		100			—			11			89
Regis Corporation		100			2			20			78
Relevant Industrial, LLC		1,199			—			—			1,199
Ronnoco Holdings, Inc.		2,908			386			—			2,522
SENDERRA RX ACQUISITION, LLC		385			—			—			385
Shelby Purchaser, LLC		833			—			—			833
Silk Holdings III Corp.		625			—			—			625
Smith And Howard Advisory Holdings LLC		1,167			—			—			1,167
Spectrotel Midco II LLC		1,214			—			—			1,214
Sperry Acquisition, LLC		53			27			—			26
TCW Midco LLC		393			—			—			393
TS Investors, LLC		667			—			—			667
Tarrytown Acquisition Holdings, LLC		708			—			—			708
TeamLINX Buyer, LLC		100			—			—			100
The North Highland Company LLC		200			16			—			184
Total Power Limited		2,347			29			1			2,317
Total Power Limited*		167			—			1			166
Traffic Management Solutions, LLC		2,350			—			18			2,332
Trillium Health Care Products Inc.		68			54			—			14
Trillium Health Care Products Inc.*		31			16			—			15
Tyber Medical LLC		1,333			517			—			816
Ultra Clean Holdco LLC		50			—			—			50
Uniguest Holdings, Inc		188			—			—			188
Veristat Group Inc.		2,229			—			—			2,229
Vybond Buyer, LLC		200			—			—			200
WC ORS Buyer, Inc.		100			65			—			35
WH BorrowerCo, LLC		100			23			—			77
ePac Holdings LLC		1,444			—			82			1,362
Total Commitments	$	81,368	$		6,041	$		801	$		74,526

* These investments are in a foreign currency and the total commitment has been converted to USD using the September 30, 2026 exchange rate.

** For all letters of credit issued and outstanding on September 30, 2026, $528 will expire in 2026, $271 will expire in 2027 and $2 will expire in 2030.

(15)

Securities that are exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of September 30, 2026, the aggregate fair value of these securities is $400 or 0.10% of the Company's net assets. The acquisition dates of the restricted securities are as follows:


Issuer	Investment Type	Acquisition Date
AWRG Parent LLC	Common Equity - Stock	6/18/2025
AWRG Parent LLC	Common Equity - Stock	6/18/2025
Eagle Aggregator Ltd	Common Equity - Stock	12/31/2025
Eagle Aggregator Ltd	Common Equity - Preferred Stocks	12/31/2025
Justin's LLC	Common Equity - Stock	12/15/2025
AKAM Group Holdings, L.P.	Common Equity - Stock	2/27/2026
Xanitos TopCo, LLC	Common Equity - Membership Interest	12/3/2025
Xanitos TopCo, LLC	Common Equity - Membership Interest	12/3/2025
Kauffman Blocker Topco, LLC	Common Equity - Stock	9/30/2026

(16)

The interest rate on these loans is subject to 1 month SOFR, which as of September 30, 2026 was 3.91%.

(17)

The interest rate on these loans is subject to 3 months SOFR, which as of September 30, 2026 was 4.08%.

(18)

The interest rate on these loans is subject to 6 months SOFR, which as of September 30, 2026 was 4.27%.

(19)

The interest rate on these loans is subject to SONIA, which as of September 30, 2026 was 3.73%.

(20)

The interest rate on these loans is subject to 1 month CORRA, which as of September 30, 2026 was 2.31%.

(21)

The interest rate on these loans is subject to 3 months EURIBOR, which as of September 30, 2026 was 2.62%

(22)

The interest rate on these loans is subject to 6 months EURIBOR, which as of September 30, 2026 was 3.07%.

(23)

Denotes investments in which we are an “Affiliated Person,” as defined in the 1940 Act, due to holding the power to vote or owning 5% or more of the outstanding voting securities of the investment but not controlling the company. Fair value as of December 31, 2025 and September 30, 2026 along with transactions during the nine months ended September 30, 2026 in these affiliated investments are as follows:


Name of Issuer	Fair Value as of December 31, 2025			Gross Additions ●			Gross Reductions ■				Net Change in Unrealized Gains (Losses)				Fair Value as of September 30, 2026			Net Realized Gains (Losses)			Interest/ Dividend/ Other Income
AWRG Borrower LLC, Term Loan	$	5,343	$		—	$		(82	)	$		(1,047	)	$		4,214	$		—	$		—
AWRG Parent LLC, Stock		1,079			—			—				(1,079	)			—			—			—
	$	6,422	$		—	$		(82	)	$		(2,126	)	$		4,214	$		—	$		—

•

Gross additions include increases in the basis of investments resulting from new portfolio investments, PIK interest or dividends, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

▪

Gross reductions include decreases in the basis of investments resulting from principal collections related to investment repayments or sales, the amortization of premiums, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

(24)

Effective yield as of September 30, 2026 was approximately 3.78% for Goldman Sachs Financial Square Government Institutional Fund.

(25)

Effective yield as of September 30, 2026 was approximately 3.77% for State Street Institutional U.S. Government Money Market Fund Opportunity.

(26)

The following shows the composition of the Company’s portfolio at cost by investment type and industry as of September 30, 2026:


Industry	First Lien - Secured Debt		Unsecured Debt		Common Equity		Total
Non-Controlled / Non-Affiliated Investments
Aerospace & Defense	$	18,137	$	—	$	104	$	18,241
Air Freight & Logistics		13,284		—		2,736		16,020
Automobile Components		15,438		—		34		15,472
Beverages		4,846		—		52		4,898
Building Products		4,519		—		—		4,519
Chemicals		15,898		—		—		15,898
Commercial Services & Supplies		58,409		—		2,814		61,223
Construction & Engineering		27,961		—		—		27,961
Consumer Staples Distribution & Retail		18,061		—		—		18,061
Containers & Packaging		38,795		—		—		38,795
Diversified Consumer Services		51,245		—		—		51,245
Electric Utilities		3,289		—		—		3,289
Electrical Equipment		21,040		—		—		21,040
Electronic Equipment, Instruments & Components		39,718		—		—		39,718
Financial Services		35,091		—		—		35,091
Food Products		35,793		—		100		35,893
Ground Transportation		7,832		—		—		7,832
Health Care Equipment & Supplies		34,546		—		—		34,546
Health Care Providers & Services		135,518		—		100		135,618
Health Care Technology		18,097		—		—		18,097
Hotels, Restaurants & Leisure		23,033		—		—		23,033
Household Products		9,246		—		—		9,246
Insurance		15,409		—		—		15,409
IT Services		23,057		—		—		23,057
Leisure Products		12,990		—		—		12,990
Machinery		38,379		—		—		38,379
Media		27,999		—		—		27,999
Multi-Utilities		16,115		—		—		16,115
Paper & Forest Products		5,237		—		—		5,237
Personal Care Products		33,740		—		—		33,740
Pharmaceuticals		39,789		23		149		39,961
Professional Services		27,547		—		—		27,547
Real Estate Management & Development		3,062		—		100		3,162
Software		25,418		—		—		25,418
Specialty Retail		9,695		—		—		9,695
Technology Hardware, Storage & Peripherals		11,955		—		—		11,955
Trading Companies & Distributors		27,589		—		30		27,619
Wireless Telecommunication Services		9,413		—		—		9,413
Total Non-Controlled / Non-Affiliated Investments	$	957,190	$	23	$	6,219	$	963,432
Non-Controlled / Affiliated Investments
Hotels, Restaurants & Leisure		5,461		—		1,660		7,121
Total Non-Controlled / Affiliated Investments	$	5,461	$	—	$	1,660	$	7,121
Total	$	962,651	$	23	$	7,879	$	970,553

(27) The following shows the composition of the Company’s portfolio at fair value by investment type, industry and region as of September 30, 2026:


Industry	First Lien - Secured Debt			Unsecured Debt			Common Equity			Total			% of Net Assets
Non-Controlled / Non-Affiliated Investments
Aerospace & Defense	$	18,163		$	—		$	162		$	18,325			4.8	%
Air Freight & Logistics		12,607			—			—			12,607			3.3	%
Automobile Components		15,334			—			14			15,348			4.0	%
Beverages		4,844			—			52			4,896			1.3	%
Building Products		4,542			—			—			4,542			1.2	%
Chemicals		15,484			—			—			15,484			4.0	%
Commercial Services & Supplies		57,196			—			—			57,196			14.9	%
Construction & Engineering		25,728			—			—			25,728			6.7	%
Consumer Staples Distribution & Retail		18,027			—			—			18,027			4.7	%
Containers & Packaging		38,546			—			—			38,546			10.1	%
Diversified Consumer Services		51,095			—			—			51,095			13.3	%
Electric Utilities		3,289			—			—			3,289			0.9	%
Electrical Equipment		21,189			—			—			21,189			5.5	%
Electronic Equipment, Instruments & Components		39,356			—			—			39,356			10.3	%
Financial Services		34,873			—			—			34,873			9.1	%
Food Products		35,361			—			99			35,460			9.3	%
Ground Transportation		6,828			—			—			6,828			1.8	%
Health Care Equipment & Supplies		34,247			—			—			34,247			8.9	%
Health Care Providers & Services		127,647			—			135			127,782			33.4	%
Health Care Technology		12,701			—			—			12,701			3.3	%
Hotels, Restaurants & Leisure		20,486			—			—			20,486			5.4	%
Household Products		9,080			—			—			9,080			2.4	%
Insurance		15,431			—			—			15,431			4.0	%
IT Services		21,644			—			—			21,644			5.7	%
Leisure Products		11,477			—			—			11,477			3.0	%
Machinery		38,445			—			—			38,445			10.0	%
Media		27,709			—			—			27,709			7.2	%
Multi-Utilities		11,362			—			—			11,362			3.0	%
Paper & Forest Products		4,979			—			—			4,979			1.3	%
Personal Care Products		33,198			—			—			33,198			8.7	%
Pharmaceuticals		37,753			—			35			37,788			9.9	%
Professional Services		27,519			—			—			27,519			7.2	%
Real Estate Management & Development		3,066			—			93			3,159			0.8	%
Software		25,226			—			—			25,226			6.6	%
Specialty Retail		9,719			—			—			9,719			2.5	%
Technology Hardware, Storage & Peripherals		12,021			—			—			12,021			3.2	%
Trading Companies & Distributors		27,680			—			71			27,751			7.3	%
Wireless Telecommunication Services		9,297			—			—			9,297			2.4	%
Total Non-Controlled / Non-Affiliated Investments	$	923,149		$	—		$	661		$	923,810			241.4	%
% of Net Assets		241.2	%		0.0	%		0.2	%		241.4	%
Non-Controlled / Affiliated Investments
Hotels, Restaurants & Leisure		4,214			—			—			4,214			1.1	%
Total Non-Controlled / Affiliated Investments	$	4,214		$	—		$	—		$	4,214			1.1	%
% of Net Assets		1.1	%		0.0	%		0.0	%		1.1	%
Total	$	927,363		$	—		$	661		$	928,024			242.5	%
% of Net Assets		242.3	%		0.0	%		0.2	%		242.5	%


Industry Classification	Percentage of Total Investments (at Fair Value) as of September 30, 2026
Health Care Providers & Services		13.6	%
Commercial Services & Supplies		6.2	%
Diversified Consumer Services		5.5	%
Electronic Equipment, Instruments & Components		4.2	%
Containers & Packaging		4.2	%
Machinery		4.1	%
Pharmaceuticals		4.1	%
Food Products		3.8	%
Financial Services		3.8	%
Health Care Equipment & Supplies		3.7	%
Personal Care Products		3.6	%
Trading Companies & Distributors		3.0	%
Media		3.0	%
Professional Services		3.0	%
Construction & Engineering		2.8	%
Software		2.7	%
Hotels, Restaurants & Leisure		2.7	%
IT Services		2.3	%
Electrical Equipment		2.3	%
Aerospace & Defense		2.0	%
Consumer Staples Distribution & Retail		1.9	%
Chemicals		1.7	%
Insurance		1.7	%
Automobile Components		1.7	%
Health Care Technology		1.4	%
Air Freight & Logistics		1.4	%
Technology Hardware, Storage & Peripherals		1.3	%
Leisure Products		1.2	%
Multi-Utilities		1.2	%
Specialty Retail		1.0	%
Wireless Telecommunication Services		1.0	%
Household Products		1.0	%
Ground Transportation		0.7	%
Paper & Forest Products		0.5	%
Beverages		0.5	%
Building Products		0.5	%
Electric Utilities		0.4	%
Real Estate Management & Development		0.3	%
		100.0	%


Geographic Region	September 30, 2026
United States		95.5	%
United Kingdom		2.7	%
Canada		1.8	%


Industry/Company	Investment Type	Interest Rate (8)	Maturity Date		Par/Shares (3)		Cost (26)			Fair Value (1)(27)
Aerospace & Defense
Beaufort
Eagle Aggregator Ltd	Common Equity - Preferred Stocks	N/A	N/A		36,288 Shares		$	49		$	49		(9)(11)
	Common Equity - Stock	N/A	N/A		741 Shares			1			1		(9)(11)
Eagle U.S. Purchaser, Inc.	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	12/31/32	$		4,243		4,179			4,179		(9)(11)(17)
	First Lien Secured Debt - Revolver	S+500, 0.75% Floor	12/31/32			—		(11	)		(11	)	(9)(11)(12)(13) (14)
								4,218			4,218
Sperry Acquisition, LLC
Sperry Acquisition, LLC	First Lien Secured Debt - Term Loan	S+525, 0.75% Floor	02/03/31			4,776		4,713			4,712		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+525, 0.75% Floor	02/03/31			100		99			99		(9)(17)
	First Lien Secured Debt - Revolver	S+525, 0.75% Floor	02/03/31			20		19			19		(9)(13)(14)(17)
Sperry Parent Holdings, L.P.	Common Equity - Stock	N/A	N/A		494 Shares			49			48		(6)(9)(15)
								4,880			4,878
		Total Aerospace & Defense					$	9,098		$	9,096
Air Freight & Logistics
Primeflight
PrimeFlight Acquisition, LLC	First Lien Secured Debt - Term Loan	S+550, 1.00% Floor	05/01/29	$		7,820	$	7,659		$	7,820		(9)(17)
	First Lien Secured Debt - Term Loan	S+525, 0.00% Floor	05/01/29			2,488		2,465			2,488		(9)(17)
	First Lien Secured Debt - Term Loan	S+475, 1.00% Floor	05/01/29			998		988			988		(9)(17)
								11,112			11,296
SEKO Global Logistics Network, LLC
SEKO Global Logistics Network, LLC	First Lien Secured Debt - Term Loan	S+700 PIK, 1.00% Floor	05/27/30			1,965		1,965			1,917		(9)(17)
	First Lien Secured Debt - Term Loan	S+100 Cash plus 9.50% PIK, 1.00% Floor	11/27/29			111		111			111		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+100 Cash plus 9.50% PIK, 1.00% Floor	11/27/29			—		—			—		(9)(13)(14)
	Common Equity - Equity Unit	N/A	N/A		876 Shares			2,736			—		(6)(9)(15)
								4,812			2,028
		Total Air Freight & Logistics					$	15,924		$	13,324


Industry/Company	Investment Type	Interest Rate (8)	Maturity Date		Par/Shares (3)		Cost (26)			Fair Value (1)(27)
Automobile Components
AAMP Global Holdings, Inc.
AAMP Global Holdings, Inc.	First Lien Secured Debt - Term Loan	S+485, 1.00% Floor	11/05/26	$		7,719	$	7,683		$	7,692		(17)
Universal Air Conditioner
Cool Acquisition Holdings, LP	Common Equity - Limited Partnership	N/A	N/A		34,483 Shares			34			18		(6)(9)(15)
Cool Buyer, Inc.	First Lien Secured Debt - Term Loan	S+475, 1.00% Floor	10/31/30			4,752		4,692			4,598		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+475, 1.00% Floor	10/31/30			—		(1	)		(3	)	(9)(12)(13)(14)
	First Lien Secured Debt - Revolver	S+475, 1.00% Floor	10/31/30			50		49			47		(9)(13)(14)(17)
								4,774			4,660
		Total Automobile Components					$	12,457		$	12,352
Beverages
Ronnoco Coffee
Ronnoco Holdings, Inc.	First Lien Secured Debt - Term Loan	S+450, 1.00% Floor	03/17/31	$		3,525	$	3,478		$	3,473		(9)(17)
	First Lien Secured Debt - Revolver	S+450, 1.00% Floor	03/17/31			193		174			171		(9)(13)(14)(17)
	Common Equity - Stock	N/A	N/A		553 Shares			50			50		(6)(9)(15)
		Total Beverages					$	3,702		$	3,694
Building Products
Decks & Docks
D&D Buyer, LLC	First Lien Secured Debt - Delayed Draw	S+650, 2.00% Floor	10/04/28	$		2,469	$	2,424		$	2,419		(9)(17)
Omnimax International, LLC
Omnimax International, LLC	First Lien Secured Debt - Term Loan	S+575, 1.00% Floor	12/06/30			11,232		11,027			11,020		(9)(17)(18)
	First Lien Secured Debt - Delayed Draw	S+575, 1.00% Floor	12/06/30			99		98			97		(9)(18)
								11,125			11,117
		Total Building Products					$	13,549		$	13,536
Chemicals
Aspen Aerogels, Inc.
Aspen Aerogels, Inc.	First Lien Secured Debt - Term Loan	S+500, 4.50% Floor	08/19/29	$		7,326	$	7,213		$	7,125		(9)(11)(16)
	First Lien Secured Debt - Revolver	S+510, 2.50% Floor	08/19/29			15		15			13		(9)(11)(13)(14) (16)
								7,228			7,138


Industry/Company	Investment Type	Interest Rate (8)	Maturity Date		Par/Shares (3)		Cost (26)			Fair Value (1)(27)
Meristem Crop Performance
Lunar Buyer, LLC	First Lien Secured Debt - Term Loan	S+550, 0.75% Floor	10/03/30			4,752		4,673			4,609		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+550, 0.75% Floor	10/03/30			—		(1	)		(3	)	(9)(12)(13)(14)
	First Lien Secured Debt - Revolver	S+550, 0.75% Floor	10/03/30			42		41			39		(9)(13)(14)(17)
								4,713			4,645
Universal Fiber Systems
Universal Fiber Systems LLC	First Lien Secured Debt - Term Loan	S+511, 1.00% Floor	09/30/28			5,727		5,685			5,494		(17)
		Total Chemicals					$	17,626		$	17,277
Commercial Services & Supplies
Best Trash
Bingo Group Buyer, Inc.	First Lien Secured Debt - Term Loan	S+475, 1.00% Floor	07/10/31	$		9,073	$	8,978		$	9,028		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+475, 1.00% Floor	07/10/31			100		95			95		(9)(13)(14)(17)
	First Lien Secured Debt - Revolver	S+475, 1.00% Floor	07/10/31			3		2			3		(9)(13)(14)(17)
								9,075			9,126
CARDS + Live Oak
CARDS-Live Oak Holdings, Inc.	First Lien Secured Debt - Term Loan	S+475, 0.75% Floor	10/21/32			1,575		1,560			1,559		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+475, 0.75% Floor	10/21/32			—		(3	)		(3	)	(9)(12)(13)(14)
	First Lien Secured Debt - Revolver	P+375, 0.75% Floor	10/21/32			100		97			97		(9)(13)(14)(21)
								1,654			1,653
Climate Pros
Climate Pros, LLC	First Lien Secured Debt - Term Loan	S+585, 1.00% Floor	07/24/27			7,850		7,815			7,747		(17)
LAV GEAR HOLDINGS INC
LAV Gear Holdings, inc	First Lien Secured Debt - Term Loan	S+250 Cash plus 3.43% PIK, 1.00% Floor	07/31/29			4,293		4,167			4,068		(16)
	Common Equity - Stock	N/A	N/A		18,105 Shares			2,815			2,444		(6)(15)
								6,982			6,512
Monarch Landscape Companies
Monarch Landscape Holdings, LLC	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	10/02/28			7,817		7,757			7,765		(17)
Pavement Preservation
Pavement Preservation Acquisition, LLC	First Lien Secured Debt - Term Loan	S+525, 1.00% Floor	08/09/30			4,716		4,638			4,657		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+525, 1.00% Floor	08/09/30			100		98			99		(9)(17)
	First Lien Secured Debt - Revolver	S+525, 1.00% Floor	08/09/30			—		(2	)		(1	)	(9)(12)(13)(14)
								4,734			4,755


Industry/Company	Investment Type	Interest Rate (8)	Maturity Date		Par/Shares (3)		Cost (26)			Fair Value (1)(27)
Rasa Floors & Carpet Cleaning, LLC
Rasa Floors & Carpet Cleaning, LLC	First Lien Secured Debt - Term Loan	S+560, 1.00% Floor	12/22/27			7,817		7,454			7,343		(17)
Vixxo
Vixxo Corporation	First Lien Secured Debt - Term Loan	S+500, 1.00% Floor	08/01/30			2,025		2,001			2,010		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+500, 1.00% Floor	08/01/30			—		—			—		(9)(13)(14)
								2,001			2,010
		Total Commercial Services & Supplies					$	47,472		$	46,911
Construction & Engineering
Accelevation, LLC
Accelevation LLC	First Lien Secured Debt - Term Loan	S+450, 0.75% Floor	01/02/31	$		4,776	$	4,714		$	4,788		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+450, 0.75% Floor	01/02/31			64		63			64		(9)(13)(14)(17)
	First Lien Secured Debt - Revolver	S+450, 0.75% Floor	01/02/31			17		15			17		(9)(13)(14)(17)
								4,792			4,869
American Restoration
American Restoration Holdings, LLC	First Lien Secured Debt - Term Loan	S+510, 1.00% Floor	07/24/30			10,138		9,984			10,037		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+510, 1.00% Floor	07/24/30			374		370			368		(9)(13)(14)(17)
	First Lien Secured Debt - Revolver	S+510, 1.00% Floor	07/24/30			84		82			82		(9)(13)(14)(17)
								10,436			10,487
Carr and Duff, LLC
Carr and Duff, LLC	First Lien Secured Debt - Term Loan	S+605, 1.00% Floor	03/11/27			7,495		7,452			7,478		(17)
Core Roofing
CRS Holdings, Inc.	First Lien Secured Debt - Term Loan	S+500, 1.00% Floor	06/06/30			1,785		1,757			1,763		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+500, 1.00% Floor	06/06/30			25		24			24		(9)(13)(14)(17)
	First Lien Secured Debt - Revolver	S+500, 1.00% Floor	06/06/30			—		(1	)		(1	)	(9)(12)(13)(14)
								1,780			1,786
Dynagrid
Megavolt Borrower, LLC	First Lien Secured Debt - Term Loan	S+475, 1.00% Floor	02/13/32			896		879			889		(9)(17)
SAFEbuilt, LLC
SAFEbuilt, LLC	First Lien Secured Debt - Term Loan	S+685, 1.00% Floor	01/16/26			7,930		7,930			7,921		(17)
Traffic Management Solutions, LLC
Traffic Management Solutions, LLC	First Lien Secured Debt - Term Loan	S+500, 1.00% Floor	11/26/30			6,528		6,450			6,487		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+500, 1.00% Floor	11/26/30			99		87			84		(9)(13)(14)(17)
	First Lien Secured Debt - Revolver	S+500, 1.00% Floor	11/26/30			—		(10	)		(7	)	(9)(12)(13)(14)
								6,527			6,564
		Total Construction & Engineering					$	39,796		$	39,994


Industry/Company	Investment Type	Interest Rate (8)	Maturity Date		Par/Shares (3)		Cost (26)			Fair Value (1)(27)
Consumer Staples Distribution & Retail
3D Protein
Protein For Pets Opco, LLC	First Lien Secured Debt - Term Loan	S+525, 1.00% Floor	09/20/30	$		7,782	$	7,660		$	7,626		(9)(17)
	First Lien Secured Debt - Revolver	S+525, 1.00% Floor	09/20/30			20		19			18		(9)(13)(14)(17)
								7,679			7,644
Turkey Hill
THLP CO., LLC	First Lien Secured Debt - Term Loan	S+600, 1.00% Floor	01/31/28			8,389		8,381			8,263		(9)(17)
		Total Consumer Staples Distribution & Retail					$	16,060		$	15,907
Containers & Packaging
ACP Packaging
ACP Packaging Intermediateco, LLC	First Lien Secured Debt - Term Loan	S+525, 1.00% Floor	10/22/31	$		6,386	$	6,294		$	6,291		(9)(17)
	First Lien Secured Debt - Revolver	S+525, 1.00% Floor	10/22/31			—		(16	)		(16	)	(9)(12)(13)(14)
								6,278			6,275
Berry Tapes & Adhesives
Vybond Buyer, LLC	First Lien Secured Debt - Term Loan	S+475, 0.75% Floor	02/03/32			9,751		9,619			9,678		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+475, 0.75% Floor	02/03/32			—		(1	)		(1	)	(9)(12)(13)(14)
	First Lien Secured Debt - Revolver	S+475, 0.75% Floor	02/03/32			—		(1	)		(1	)	(9)(12)(13)(14)
								9,617			9,676
MSI Express, Inc.
NCP-MSI Buyer	First Lien Secured Debt - Term Loan	S+475, 0.75% Floor	03/24/31			2,902		2,870			2,873		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+475, 0.75% Floor	03/24/31			750		742			743		(9)(17)
	First Lien Secured Debt - Revolver	S+375, 0.75% Floor	03/24/31			846		831			829		(9)(13)(14)(17)
								4,443			4,445
Truvant
NPPI Buyer, LLC	First Lien Secured Debt - Term Loan	S+500, 1.00% Floor	08/20/29			9,678		9,566			9,605		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+500, 1.00% Floor	08/20/29			—		(1	)		(1	)	(9)(12)(13)(14)
	First Lien Secured Debt - Revolver	S+500, 1.00% Floor	08/20/29			—		(1	)		(1	)	(9)(12)(13)(14)
								9,564			9,603
		Total Containers & Packaging					$	29,902		$	29,999
Diversified Consumer Services
Club Car Wash
Club Car Wash Operating, LLC	First Lien Secured Debt - Delayed Draw	S+615, 1.00% Floor	06/16/27	$		9,343	$	9,269		$	9,283		(9)(13)(14)(17)


Industry/Company	Investment Type	Interest Rate (8)	Maturity Date	Par/Shares (3)		Cost (26)			Fair Value (1)(27)
Go Car Wash
Go Car Wash Management, Corp.	First Lien Secured Debt - Delayed Draw	S+585, 1.00% Floor	06/30/28		7,816		7,767			7,651		(9)(17)
Legacy.com
Lotus Topco Inc.	First Lien Secured Debt - Term Loan	S+475, 1.00% Floor	06/07/30		3,367		3,324			3,334		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+475, 1.00% Floor	06/07/30		12		12			12		(9)(13)(14)(17)
	First Lien Secured Debt - Revolver	S+475, 1.00% Floor	06/07/30		—		(1	)		—		(9)(13)(14)
							3,335			3,346
Mariani
CI (MG) Group, LLC	First Lien Secured Debt - Term Loan	S+550, 1.00% Floor	03/27/30		4,720		4,658			4,656		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+550, 1.00% Floor	03/27/30		1,168		1,147			1,139		(9)(13)(14)(17)
	First Lien Secured Debt - Revolver	S+550, 1.00% Floor	03/27/30		294		287			287		(9)(13)(14)(17)
							6,092			6,082
Rapid Express Car Wash, LLC
Rapid Express Car Wash, LLC	First Lien Secured Debt - Delayed Draw	S+585, 1.00% Floor	12/23/27		7,878		7,773			7,878		(17)
Regis
Regis Corporation	First Lien Secured Debt - Term Loan	S+450, 2.50% Floor	06/24/29		10,106		9,956			9,954		(9)(16)
	First Lien Secured Debt - Revolver	P+000, 2.50% Floor	06/24/29		4		3			3		(9)(13)(14)(21)
							9,959			9,957
Team Car Wash
TCW Midco LLC	First Lien Secured Debt - Term Loan	S+575, 1.00% Floor	10/22/29		4,752		4,714			4,704		(9)(16)
	First Lien Secured Debt - Delayed Draw	S+575, 1.00% Floor	10/22/29		2,472		2,447			2,445		(9)(13)(14)(16) (17)
	First Lien Secured Debt - Revolver	S+575, 1.00% Floor	10/22/29		—		(1	)		(1	)	(9)(12)(13)(14)
							7,160			7,148
Ultra Clean Newco
Ultra Clean Holdco LLC	First Lien Secured Debt - Term Loan	S+500, 1.00% Floor	07/01/30		6,705		6,611			6,588		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+500, 1.00% Floor	07/01/30		1,060		1,039			1,023		(9)(13)(14)(17)
	First Lien Secured Debt - Revolver	S+500, 1.00% Floor	07/01/30		—		(1	)		(1	)	(9)(12)(13)(14)
							7,649			7,610
		Total Diversified Consumer Services				$	59,006		$	58,955


Industry/Company	Investment Type	Interest Rate (8)	Maturity Date		Par/Shares (3)		Cost (26)			Fair Value (1)(27)
Electrical Equipment
Brush Group
Brush Group Bidco Limited	First Lien Secured Debt - Term Loan	SONIA+500, 0.00% Floor	07/30/31	£		5,985	$	7,815		$	7,946		(9)(11)(24)
	First Lien Secured Debt - Revolver	SONIA+500, 0.00% Floor	07/30/31	£		—		(28	)		(30	)	(9)(11)(12)(13) (14)
								7,787			7,916
International Wire Group
IW Buyer LLC	First Lien Secured Debt - Term Loan	S+510, 1.00% Floor	06/28/29			10,200		10,081			10,149		(9)(17)
Kauffman
Kauffman Intermediate, LLC	First Lien Secured Debt - Term Loan	10.27%	09/30/26			8,926		8,408			5,410		(5)(9)
		Total Electrical Equipment					$	26,276		$	23,475
Electronic Equipment, Instruments & Compone
Eckhart BidCo, LLC
Eckhart BidCo, LLC	First Lien Secured Debt - Term Loan	S+560, 1.00% Floor	01/10/29	$		7,818	$	7,716		$	7,652		(17)
Generator Buyer, Inc.
Total Power Limited	First Lien Secured Debt - Term Loan	CORRA+450, 0.75% Floor	07/22/30	C$		8,690		6,225			6,268		(9)(11)(20)
	First Lien Secured Debt - Term Loan	S+450, 0.75% Floor	07/22/30			988		973			978		(9)(11)(17)
	First Lien Secured Debt - Delayed Draw	CORRA+450, 0.75% Floor	07/22/30	C$		63		45			45		(9)(11)(13)(14) (20)
	First Lien Secured Debt - Delayed Draw	S+450, 0.75% Floor	07/22/30			—		(12	)		(23	)	(9)(11)(12)(13) (14)
	First Lien Secured Debt - Revolver	CORRA+450, 0.75% Floor	07/22/30	C$		—		(3	)		(2	)	(9)(11)(12)(13) (14)
								7,228			7,266
Li-Cor, Inc.
Li-Cor, Inc.	First Lien Secured Debt - Term Loan	S+485, 1.00% Floor	12/01/27			7,817		7,777			7,807		(16)
Team LINX, LLC
TeamLINX Buyer, LLC	First Lien Secured Debt - Term Loan	S+500, 1.00% Floor	12/18/30			9,490		9,377			9,394		(9)(17)
	First Lien Secured Debt - Revolver	S+500, 1.00% Floor	12/18/30			—		(1	)		(1	)	(9)(12)(13)(14)
								9,376			9,393
		Total Electronic Equipment, Instruments & Components					$	32,097		$	32,118
Entertainment
Chernin Entertainment
Jewel Purchaser, Inc.	First Lien Secured Debt - Term Loan	S+560, 0.50% Floor	07/01/27	$		7,282	$	7,282		$	7,246		(9)(17)
DHX
WildBrain Ltd.	First Lien Secured Debt - Term Loan	S+550, 1.00% Floor	07/23/29			4,780		4,707			4,685		(9)(11)(17)
	First Lien Secured Debt - Revolver	S+550, 1.00% Floor	07/23/29			65		64			63		(9)(11)(13)(14) (17)
								4,771			4,748
		Total Entertainment					$	12,053		$	11,994


Industry/Company	Investment Type	Interest Rate (8)	Maturity Date		Par/Shares (3)		Cost (26)			Fair Value (1)(27)
Financial Services
AML Rightsource
Gabriel Partners, LLC	First Lien Secured Debt - Term Loan	S+195 Cash plus 5.45% PIK, 1.00% Floor	01/21/27	$		8,122	$	8,106		$	7,960		(9)(17)
GC Waves
GC Waves Holdings, Inc.	First Lien Secured Debt - Term Loan	S+450, 0.75% Floor	10/04/30			9,678		9,678			9,631		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+450, 0.75% Floor	10/04/30			99		99			99		(9)(17)
	First Lien Secured Debt - Revolver	S+450, 0.75% Floor	10/04/30			—		—			—		(9)(13)(14)
								9,777			9,730
PMA
PMA Parent Holdings, LLC	First Lien Secured Debt - Term Loan	S+475, 0.75% Floor	01/31/31			4,888		4,844			4,839		(9)(17)
	First Lien Secured Debt - Revolver	S+475, 0.75% Floor	01/31/31			—		(1	)		(1	)	(9)(12)(13)(14)
								4,843			4,838
Wealth Enhancement Group
Wealth Enhancement Group, LLC	First Lien Secured Debt - Term Loan	S+450, 1.00% Floor	10/02/28			7,834		7,813			7,800		(17)
		Total Financial Services					$	30,539		$	30,328
Food Products
Amylu Foods
Amylu Borrower Sub, LLC	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	06/10/31	$		5,455	$	5,404		$	5,469		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+500, 0.75% Floor	06/10/31			—		(4	)		—		(9)(13)(14)
	First Lien Secured Debt - Revolver	S+500, 0.75% Floor	06/10/31			—		(10	)		—		(9)(13)(14)
								5,390			5,469
Berner Foods
Berner Food & Beverage, LLC	First Lien Secured Debt - Term Loan	S+665, 1.00% Floor	07/30/27			7,816		7,664			7,680		(9)(17)
Casper's Ice Cream, LLC
Casper's Ice Cream, LLC	First Lien Secured Debt - Term Loan	S+115 Cash plus 5.25% PIK, 1.00% Floor	12/29/28			7,817		7,756			7,523		(16)
Fortune International LLC
Fortune International LLC	First Lien Secured Debt - Delayed Draw	S+510, 1.00% Floor	07/17/27			7,795		7,743			7,614		(17)
Justin's
Justin's LLC	First Lien Secured Debt - Term Loan	S+500, 1.00% Floor	12/15/31			2,083		2,052			2,052		(9)(17)
	First Lien Secured Debt - Revolver	S+500, 1.00% Floor	12/15/31			—		(6	)		(6	)	(9)(12)(13)(14)
	Common Equity - Stock	N/A	N/A		100,000 Shares			100			100		(9)(15)
								2,146			2,146
		Total Food Products					$	30,699		$	30,432


Industry/Company	Investment Type	Interest Rate (8)	Maturity Date		Par/Shares (3)		Cost (26)			Fair Value (1)(27)
Ground Transportation
Heniff and Superior
Heniff Holdco, LLC	First Lien Secured Debt - Term Loan	S+610, 1.00% Floor	12/03/26	$		7,621	$	7,608		$	7,526		(9)(17)
		Total Ground Transportation					$	7,608		$	7,526
Health Care Equipment & Supplies
ACP Hyperdrive, Inc.
ACP Hyperdrive, Inc.	First Lien Secured Debt - Term Loan	S+590, 1.00% Floor	03/08/28	$		7,818	$	7,685		$	7,461		(17)
Capsa Healthcare
CSHC Buyerco, LLC	First Lien Secured Debt - Term Loan	S+485, 1.00% Floor	09/08/26			10,305		10,251			10,214		(9)(17)
CQ Medical
BW ISO Acquisition LLC	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	11/01/27			2,494		2,469			2,469		(9)(17)
Dragonfly Health, Inc (fka StateServ Acquis
Dragonfly Health, Inc	First Lien Secured Debt - Term Loan	S+590, 1.00% Floor	11/19/30			7,817		7,740			7,768		(17)
Medical Guardian
Medical Guardian, LLC	First Lien Secured Debt - Term Loan	S+500, 1.00% Floor	04/26/28			7,837		7,791			7,837		(9)(17)
Natus Sensory
Natus Sensory, Inc.	First Lien Secured Debt - Term Loan	S+525, 0.75% Floor	01/07/31			4,665		4,604			4,554		(9)(17)
	First Lien Secured Debt - Term Loan	E+525, 0.00% Floor	01/07/31	€		95		98			109		(9)(22)
	First Lien Secured Debt - Delayed Draw	S+525, 0.75% Floor	01/07/31			—		(1	)		(2	)	(9)(12)(13)(14)
	First Lien Secured Debt - Revolver	S+525, 0.75% Floor	01/07/31			—		(1	)		(2	)	(9)(12)(13)(14)
								4,700			4,659
Project Titan
Titan Luxco I SARL	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	06/12/32			3,022		2,994			2,992		(9)(17)
	First Lien Secured Debt - Term Loan	E+500, 0.75% Floor	06/12/32	€		589		675			685		(9)(22)
	First Lien Secured Debt - Delayed Draw	S+500, 0.75% Floor	06/12/32			—		(4	)		(8	)	(9)(12)(13)(14)
	First Lien Secured Debt - Revolver	S+500, 0.75% Floor	06/12/31			183		180			179		(9)(13)(14)(17)
	First Lien Secured Debt - Revolver	E+500, 0.75% Floor	06/12/31	€		65		63			63		(9)(13)(14)(22)
								3,908			3,911
		Total Health Care Equipment & Supplies					$	44,544		$	44,319
Health Care Providers & Services
EmpiRx
EmpiRx Health LLC	First Lien Secured Debt - Term Loan	S+475, 1.00% Floor	08/05/29	$		9,817	$	9,771		$	9,717		(9)(17)
EyeSouth
SCP Eye Care Services, LLC	First Lien Secured Debt - Term Loan	S+560, 1.00% Floor	10/05/29			7,819		7,629			7,628		(17)


Industry/Company	Investment Type	Interest Rate (8)	Maturity Date	Par/Shares (3)		Cost (26)			Fair Value (1)(27)
FP UC Intermediate Holdings, Inc.
FP UC Intermediate Holdings, Inc.	First Lien Secured Debt - Term Loan	S+560, 1.00% Floor	11/22/27		7,857		7,811			7,531		(16)
KureSmart
Kure Pain Holdings, Inc.	First Lien Secured Debt - Term Loan	S+560, 1.00% Floor	08/30/30		6,727		6,726			6,724		(9)(17)
Maxor National Pharmacy Services, LLC
Maxor Acquisition, Inc.	First Lien Secured Debt - Term Loan	S+610, 1.00% Floor	03/01/29		7,819		7,687			7,760		(9)(17)
Midwest Vision
Midwest Vision Partners Management, LLC	First Lien Secured Debt - Term Loan	S+100 Cash plus 5.75% PIK, 1.00% Floor	01/12/28		8,116		8,020			7,933		(9)(17)
	First Lien Secured Debt - Term Loan	S+650 PIK, 1% Floor	01/12/28		417		412			417		(9)(17)
							8,432			8,350
Natural Partners
Natural Partners, Inc.	First Lien Secured Debt - Term Loan	S+450, 1.00% Floor	11/29/30		7,817		7,812			7,801		(17)
Rarebreed
Rarebreed Veterinary Partners, Inc.	First Lien Secured Debt - Term Loan	S+525, 1.00% Floor	04/18/30		7,683		7,565			7,568		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+525, 1.00% Floor	04/18/30		115		113			113		(9)(13)(14)(17)
	First Lien Secured Debt - Revolver	S+525, 1.00% Floor	04/18/30		—		(1	)		(1	)	(9)(12)(13)(14)
							7,677			7,680
RHA Health Services
Pace Health Companies, LLC	First Lien Secured Debt - Term Loan	S+540, 1.00% Floor	08/02/27		7,813		7,747			7,759		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+525, 1.00% Floor	08/02/27		—		(16	)		(14	)	(9)(12)(13)(14)
							7,731			7,745
Tarrytown
Tarrytown Acquisition Holdings, LLC	First Lien Secured Debt - Term Loan	S+475, 0.75% Floor	11/12/32		1,713		1,696			1,696		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+475, 0.75% Floor	11/12/32		—		(2	)		(2	)	(9)(12)(13)(14)
	First Lien Secured Debt - Revolver	S+475, 0.75% Floor	11/12/32		—		(3	)		(3	)	(9)(12)(13)(14)
							1,691			1,691
Team Select
TS Investors, LLC	First Lien Secured Debt - Term Loan	S+475, 1.00% Floor	05/04/29		7,820		7,766			7,780		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+475, 1.00% Floor	05/04/29		820		810			814		(9)(13)(14)(17)
	First Lien Secured Debt - Revolver	S+475, 1.00% Floor	05/04/29		—		(6	)		(3	)	(9)(12)(13)(14)
							8,570			8,591
Thomas Scientific
Thomas Scientific, LLC	First Lien Secured Debt - Term Loan	S+340 Cash plus 4.50% PIK, 1.00% Floor	12/14/27		8,386		8,316			8,098		(9)(17)
TST Intermediate Holdings, LLC
TST Intermediate Holdings, LLC	First Lien Secured Debt - Term Loan	S+560, 1.00% Floor	12/31/28		7,439		7,355			7,049		(17)


Industry/Company	Investment Type	Interest Rate (8)	Maturity Date		Par/Shares (3)		Cost (26)			Fair Value (1)(27)
TVG Shelby Buyer, Inc.
TVG Shelby Buyer, Inc.	First Lien Secured Debt - Term Loan	S+510, 1.00% Floor	03/27/28			7,936		7,868			7,816		(17)
TVG-MEDULLA, LLC
TVG-MEDULLA, LLC	First Lien Secured Debt - Term Loan	S+460 Cash plus 2.50% PIK, 1.00% Floor	09/30/27			8,231		8,167			7,578		(17)
Veristat Group Inc.
Veristat Group Inc.	First Lien Secured Debt - Term Loan	10.50%	03/31/27			8,127		7,798			4,729		(5)
WelldyneRX, LLC
WelldyneRX, LLC	First Lien Secured Debt - Term Loan	S+685, 0.75% Floor	03/09/27			7,817		7,729			7,720		(17)
Xanitos
Pure Upper Holdco LLC	First Lien Secured Debt - Term Loan	S+475, 1.00% Floor	12/03/31			3,222		3,190			3,190		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+475, 1.00% Floor	12/03/31			—		(4	)		(4	)	(9)(12)(13)(14)
	First Lien Secured Debt - Revolver	S+475, 1.00% Floor	12/03/31			—		(9	)		(9	)	(9)(12)(13)(14)
Xanitos TopCo, LLC	Common Equity - Membership Interest	N/A	N/A		100,000 Shares			100			100		(9)(15)
								3,277			3,277
		Total Health Care Providers & Services					$	132,047		$	127,485
Health Care Technology
Arcadia Solutions
Arcadia Solutions, Inc.	First Lien Secured Debt - Term Loan	S+550, 1.00% Floor	08/12/32	$		6,429	$	6,367		$	6,364		(9)(17)
	First Lien Secured Debt - Revolver	S+550, 1.00% Floor	08/12/32			—		(10	)		(11	)	(9)(12)(13)(14)
								6,357			6,353
Merative
Merative L.P.	First Lien Secured Debt - Term Loan	S+450, 0.75% Floor	09/30/32			2,059		2,049			2,049		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+450, 0.75% Floor	09/30/32			—		(1	)		(1	)	(9)(12)(13)(14)
	First Lien Secured Debt - Revolver	S+450, 0.75% Floor	09/30/32			—		(1	)		(1	)	(9)(12)(13)(14)
								2,047			2,047
MRO Parent Corporation
MRO Parent Corporation	First Lien Secured Debt - Term Loan	S+450, 0.75% Floor	06/09/32			2,124		2,095			2,103		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+450, 0.75% Floor	06/09/32			—		(2	)		(2	)	(9)(12)(13)(14)
	First Lien Secured Debt - Revolver	S+450, 0.75% Floor	06/09/32			—		(2	)		(2	)	(9)(12)(13)(14)
								2,091			2,099
Parcelshield Holdings LLC
Parcelshield Holdings LLC	First Lien Secured Debt - Term Loan	9.32%	09/30/27			7,763		7,440			3,885		(5)
		Total Health Care Technology					$	17,935		$	14,384


Industry/Company	Investment Type	Interest Rate (8)	Maturity Date		Par/Shares (3)		Cost (26)			Fair Value (1)(27)
Hotels, Restaurants & Leisure
American West
AWRG Borrower LLC	First Lien Secured Debt - Term Loan	S+510, 1.00% Floor	06/18/30	$		5,543	$	5,543		$	5,343		(17)(25)
AWRG Parent LLC	Common Equity - Stock	N/A	N/A		807,101 Shares			1,659			1,079		(6)(15)(25)
								7,202			6,422
Crumbl
Crumbl Enterprises LLC	First Lien Secured Debt - Term Loan	S+450, 0.75% Floor	05/05/32			2,303		2,282			2,280		(9)(17)
	First Lien Secured Debt - Revolver	S+450, 0.75% Floor	05/05/32			—		(2	)		(2	)	(9)(12)(13)(14)
								2,280			2,278
PARS Group LLC
PARS Group LLC	First Lien Secured Debt - Term Loan	S+685, 1.50% Floor	04/03/28			7,693		7,626			7,155		(9)(16)
Taco Cabana
YTC Enterprises, LLC	First Lien Secured Debt - Term Loan	S+636, 1.00% Floor	08/16/26			6,946		6,910			6,650		(9)(16)
Walters Wedding Estates
WH BorrowerCo, LLC	First Lien Secured Debt - Term Loan	S+500, 1.00% Floor	08/02/30			8,800		8,693			8,602		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+500, 1.00% Floor	08/02/30			47		46			45		(9)(13)(14)(16)
	First Lien Secured Debt - Revolver	S+500, 1.00% Floor	08/02/30			23		22			21		(9)(13)(14)(17)
								8,761			8,668
		Total Hotels, Restaurants & Leisure					$	32,779		$	31,173
Household Products
Tranzonic
TZ Buyer LLC	First Lien Secured Debt - Term Loan	S+610, 0.75% Floor	08/14/28	$		7,818	$	7,721		$	7,740		(9)(17)
		Total Household Products					$	7,721		$	7,740
Insurance
Spectrum Automotive
Shelby 2021 Holdings Corp.	First Lien Secured Debt - Term Loan	S+525, 0.75% Floor	06/29/28	$		7,816	$	7,724		$	7,777		(9)(17)
West-NR AcquisitionCo, LLC
West-NR AcquisitionCo, LLC	First Lien Secured Debt - Term Loan	S+510, 1.00% Floor	12/27/27			7,817		7,760			7,794		(17)
		Total Insurance					$	15,484		$	15,571


Industry/Company	Investment Type	Interest Rate (8)	Maturity Date		Par/Shares (3)		Cost (26)			Fair Value (1)(27)
IT Services
Distinct
Distinct Holdings Inc	First Lien Secured Debt - Term Loan	S+575, 1.00% Floor	07/18/29	$		9,776	$	9,647		$	9,487		(9)(17)
	First Lien Secured Debt - Revolver	S+575, 1.00% Floor	07/18/29			72		70			69		(9)(13)(14)(17)
								9,717			9,556
VikingCloud
Bullcave Limited	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	08/06/30			9,776		9,657			9,703		(9)(17)
	First Lien Secured Debt - Revolver	S+500, 0.75% Floor	08/06/30			67		65			66		(9)(13)(14)(17)
								9,722			9,769
		Total IT Services					$	19,439		$	19,325
Leisure Products
Paladone
Paladone Group Bidco Limited	First Lien Secured Debt - Term Loan	S+585, 1.00% Floor	11/12/27	$		7,817	$	7,768		$	7,700		(9)(11)(17)
Wellbeam Consumer Health Intermediate, LLC
Wellbeam Consumer Health Intermediate, LLC	First Lien Secured Debt - Delayed Draw	S+640, 1.00% Floor	10/04/27			5,341		5,202			5,194		(17)
		Total Leisure Products					$	12,970		$	12,894
Machinery
BW Colson Acquisition LLC
BW Colson Acquisition LLC	First Lien Secured Debt - Term Loan	S+515, 1.00% Floor	02/26/27	$		7,938	$	7,884		$	7,853		(17)
Flow Control
Flow Control Intermediate Holdings 2.0, LLC	First Lien Secured Debt - Term Loan	S+525, 1.00% Floor	05/01/31			2,653		2,617			2,640		(9)(16)
	First Lien Secured Debt - Delayed Draw	S+525, 1.00% Floor	05/01/31			—		(11	)		(8	)	(9)(12)(13)(14)
	First Lien Secured Debt - Revolver	S+525, 1.00% Floor	05/01/31			—		(9	)		(3	)	(9)(12)(13)(14)
								2,597			2,629
Ideal Tridon
Ideal Components Acquisition, LLC	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	06/30/32			5,597		5,517			5,555		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+500, 0.75% Floor	06/30/32			—		(7	)		(8	)	(9)(12)(13)(14)
	First Lien Secured Debt - Revolver	S+500, 0.75% Floor	06/30/32			115		103			108		(9)(13)(14)(17)
								5,613			5,655
Milacron (Project Iota)
IOTA HOLDINGS 3	First Lien Secured Debt - Term Loan	S+475, 0.00% Floor	03/31/32			6,153		6,067			6,061		(9)(17)
	First Lien Secured Debt - Revolver	S+475, 0.00% Floor	03/31/32			347		331			328		(9)(13)(14)(17)
								6,398			6,389


Industry/Company	Investment Type	Interest Rate (8)	Maturity Date		Par/Shares (3)		Cost (26)		Fair Value (1)(27)
OEH
OEH Parent Holdings, Inc.	First Lien Secured Debt - Term Loan	S+585, 1.00% Floor	11/09/27			7,817		7,736		7,682	(16)
Relevant Industrial
Relevant Industrial, LLC	First Lien Secured Debt - Term Loan	S+475, 1.00% Floor	05/16/31			2,724		2,693		2,690	(9)(17)
	First Lien Secured Debt - Delayed Draw	S+475, 1.00% Floor	05/16/31			65		55		43	(9)(13)(14)(17)
	First Lien Secured Debt - Revolver	P+375, 1.00% Floor	05/16/31			48		42		42	(9)(13)(14)(21)
								2,790		2,775
		Total Machinery					$	33,018	$	32,983
Media
FingerPaint Marketing
KL Charlie Acquisition Company	First Lien Secured Debt - Term Loan	S+510, 1.00% Floor	12/30/26	$		7,815	$	7,744	$	7,776	(9)(17)
HALO Branded Solutions
HALO Buyer, Inc	First Lien Secured Debt - Term Loan	S+600, 1.00% Floor	08/07/29			4,863		4,782		4,767	(9)(17)
	First Lien Secured Debt - Revolver	S+600, 1.00% Floor	08/07/29			36		34		34	(9)(13)(14)(17)
								4,816		4,801
HU Buyer, Inc.
HU Buyer, Inc.	First Lien Secured Debt - Term Loan	S+610, 1.00% Floor	12/29/26			7,815		7,745		7,702	(17)
Terrier Gamut Holdings, Inc.
Terrier Gamut Holdings, Inc.	First Lien Secured Debt - Term Loan	S+560, 1.00% Floor	08/15/28			6,684		6,519		6,335	(17)
		Total Media					$	26,824	$	26,614
Multi-Utilities
Congruex
Congruex Group LLC	First Lien Secured Debt - Term Loan	S+165 Cash plus 5.00% PIK, 1.50% Floor	05/03/29	$		8,470	$	8,326	$	6,814	(4)(9)(17)
SEER
GS SEER Group Borrower LLC	First Lien Secured Debt - Term Loan	S+675, 1.00% Floor	04/29/30			7,820		7,657		7,663	(9)(17)
		Total Multi-Utilities					$	15,983	$	14,477
Paper & Forest Products
BiOrigin Specialty Products
Complete Paper Inc.	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	02/04/31	$		7,444	$	7,345	$	7,294	(9)(17)
		Total Paper & Forest Products					$	7,345	$	7,294


Industry/Company	Investment Type	Interest Rate (8)	Maturity Date		Par/Shares (3)		Cost (26)			Fair Value (1)(27)
Personal Care Products
Advantice Health
Jazz AH Holdco, LLC	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	04/02/29	$		7,818	$	7,714		$	7,706		(17)
Dr. Scholl's
DRS Holdings III, Inc.	First Lien Secured Debt - Term Loan	S+525, 1.00% Floor	11/01/28			8,963		8,926			8,918		(9)(17)
	First Lien Secured Debt - Revolver	S+525, 1.00% Floor	11/01/28			—		(2	)		(3	)	(9)(12)(13)(14)
								8,924			8,915
LashCo
Lash OpCo, LLC	First Lien Secured Debt - Term Loan	S+500 Cash plus 2.00% PIK, 1.00% Floor	09/17/27			8,844		8,796			8,394		(9)(17)
Suave
Silk Holdings III Corp.	First Lien Secured Debt - Term Loan	S+450, 0.50% Floor	12/03/32			9,375		9,261			9,281		(9)(17)
	First Lien Secured Debt - Revolver	S+450, 0.50% Floor	12/03/32			125		119			119		(9)(13)(14)(17)
								9,380			9,400
		Total Personal Care Products					$	34,814		$	34,415
Pharmaceuticals
Ora LLC
Orion Buyer, LLC	First Lien Secured Debt - Term Loan	S+500, 1.00% Floor	07/18/30	$		8,690	$	8,550		$	8,256		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+500, 1.00% Floor	07/18/30			—		(1	)		(5	)	(9)(12)(13)(14)
	First Lien Secured Debt - Revolver	P+400, 1.00% Floor	07/18/30			100		98			95		(9)(14)(21)
TVG Orion Blocker, Inc.	Common Equity - Stock	N/A	N/A		2 Shares			99			—		(6)(9)(15)
	Unsecured Debt - Promissory Note	11.34%	07/11/30			19		19			—		(9)
								8,765			8,346
PAI Pharma
Pai Middle Tier, LLC	First Lien Secured Debt - Term Loan	S+450, 0.75% Floor	02/13/32			7,363		7,263			7,278		(9)(17)
	First Lien Secured Debt - Revolver	S+450, 0.75% Floor	02/13/32			14		13			13		(9)(13)(14)(17)
PAI Co-Investor FT Aggregator LLC	Common Equity - Stock	N/A	N/A		50 Shares			50			53		(9)(15)(6)
								7,326			7,344
Sterling Pharma
Saffron Bidco Ltd	First Lien Secured Debt - Term Loan	S+325 Cash plus 2.50% PIK, 0.75% Floor	09/24/31			9,749		9,585			9,457		(9)(11)(18)
	First Lien Secured Debt - Term Loan	E+325 Cash plus 2.50% PIK, 0.75% Floor	09/24/31	€		98		107			112		(9)(11)(23)
	First Lien Secured Debt - Delayed Draw	SONIA+325 Cash plus 2.50% PIK, 0.75% Floor	09/24/31	£		—		—			(4	)	(9)(11)(12)(13) (14)
								9,692			9,565


Industry/Company	Investment Type	Interest Rate (8)	Maturity Date		Par/Shares (3)		Cost (26)			Fair Value (1)(27)
TersSera
TerSera Therapeutics LLC	First Lien Secured Debt - Term Loan	S+575, 1.00% Floor	04/04/29			7,820		7,780			7,820		(9)(17)
Trillium
Trillium Health Care Products Inc.	First Lien Secured Debt - Term Loan	S+525, 1.00% Floor	08/06/31			9,801		9,634			9,482		(9)(17)
	First Lien Secured Debt - Revolver	S+525, 1.00% Floor	08/06/31			54		53			51		(9)(13)(14)(16)
	First Lien Secured Debt - Revolver	CORRA+525, 1.00% Floor	08/06/31	C$		—		—			(1	)	(9)(12)(13)(14)
								9,687			9,532
		Total Pharmaceuticals					$	43,250		$	42,607
Professional Services
AGDATA
AGDATA Midco, LLC	First Lien Secured Debt - Term Loan	S+475, 0.75% Floor	07/01/30	$		2,793	$	2,765		$	2,751		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+475, 0.75% Floor	07/01/30			—		(11	)		(33	)	(9)(12)(13)(14)
								2,754			2,718
DCM Services
DCM Parent, LLC	First Lien Secured Debt - Term Loan	S+500, 1.00% Floor	03/12/31			4,193		4,137			4,130		(9)(17)
	First Lien Secured Debt - Revolver	S+500, 1.00% Floor	03/12/31			—		(10	)		(12	)	(9)(12)(13)(14)
								4,127			4,118
DecisionHR
DecisionHR Holdings, Inc.	First Lien Secured Debt - Term Loan	S+450, 1.00% Floor	12/08/31			3,404		3,371			3,370		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+450, 1.00% Floor	12/08/31			—		(5	)		(5	)	(9)(12)(13)(14)
	First Lien Secured Debt - Revolver	S+450, 1.00% Floor	12/08/31			—		(5	)		(5	)	(9)(12)(13)(14)
								3,361			3,360
Escalent
M&M OPCO, LLC	First Lien Secured Debt - Term Loan	S+600, 1.00% Floor	04/07/29			7,739		7,619			7,642		(9)(17)
Lexitas
Chronicle Parent LLC	First Lien Secured Debt - Term Loan	S+500, 1.00% Floor	04/15/31			3,501		3,469			3,466		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+500, 1.00% Floor	04/15/31			91		86			80		(9)(14)(17)
	First Lien Secured Debt - Revolver	S+500, 1.00% Floor	04/15/31			—		(3	)		(4	)	(9)(12)(13)(14)
								3,552			3,542


Industry/Company	Investment Type	Interest Rate (8)	Maturity Date		Par/Shares (3)		Cost (26)			Fair Value (1)(27)
North Highland
The North Highland Company LLC	First Lien Secured Debt - Term Loan	S+475, 0.75% Floor	12/20/31			4,752		4,710			4,704		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+475, 0.75% Floor	12/20/31			—		—			(1	)	(9)(12)(13)(14)
	First Lien Secured Debt - Revolver	S+475, 0.75% Floor	12/20/30			14		13			13		(9)(13)(14)(17)
								4,723			4,716
		Total Professional Services					$	26,136		$	26,096
Software
American Megatrends
AMI Buyer, Inc.	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	10/17/31	$		4,863	$	4,800		$	4,863		(9)(19)
	First Lien Secured Debt - Revolver	S+500, 0.75% Floor	10/17/31			—		(1	)		—		(9)(13)(14)
								4,799			4,863
CM Acquisitions Holdings Inc. (fka Sisterco
CM Acquisitions Holdings Inc.	First Lien Secured Debt - Term Loan	S+550, 1.00% Floor	01/28/28			6,668		6,654			6,633		(17)
EVER.AG Corporation
EVER.AG Corporation	First Lien Secured Debt - Term Loan	S+535, 1.00% Floor	06/24/27			10,015		9,952			9,930		(9)(17)
Forcura + Medalogix (Project Tarpon)
F&M Buyer LLC	First Lien Secured Debt - Term Loan	S+450, 0.75% Floor	03/18/32			3,380		3,349			3,380		(9)(17)
	First Lien Secured Debt - Delayed Draw	S+450, 0.75% Floor	03/18/32			—		(5	)		—		(9)(13)(14)
	First Lien Secured Debt - Revolver	S+450, 0.75% Floor	03/18/32			—		(4	)		—		(9)(13)(14)
								3,340			3,380
Litify
Litify LLC	First Lien Secured Debt - Term Loan	S+560, 1.00% Floor	02/02/29			4,000		3,930			3,920		(17)(9)
Poppulo, Inc.
Four Winds Interactive LLC	First Lien Secured Debt - Term Loan	S+575, 0.75% Floor	02/20/30			4,776		4,694			4,728		(17)(9)
	First Lien Secured Debt - Delayed Draw	S+575, 0.75% Floor	02/20/30			—		(1	)		(1	)	(9)(12)(13)(14)
	First Lien Secured Debt - Revolver	S+575, 0.75% Floor	02/20/30			—		(2	)		(1	)	(9)(12)(13)(14)
								4,691			4,726
Uniguest
Uniguest Holdings, Inc	First Lien Secured Debt - Term Loan	S+500, 1.00% Floor	11/27/30			9,702		9,578			9,566		(17)(9)
	First Lien Secured Debt - Delayed Draw	S+500, 1.00% Floor	11/27/30			—		(1	)		(1	)	(9)(12)(13)(14)
	First Lien Secured Debt - Revolver	S+500, 1.00% Floor	11/27/30			—		(1	)		(1	)	(9)(12)(13)(14)
								9,576			9,564
		Total Software					$	42,942		$	43,016


Industry/Company	Investment Type	Interest Rate (8)	Maturity Date		Par/Shares (3)		Cost (26)			Fair Value (1)(27)
Specialty Retail
Club Champion
Club Champion LLC	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	06/14/29	$		9,799	$	9,686		$	9,701		(17)(9)
	First Lien Secured Debt - Revolver	S+500, 0.75% Floor	06/14/29			37		36			36		(17)(9)(13)(14)
		Total Specialty Retail					$	9,722		$	9,737
Trading Companies & Distributors
LSG
Lindstrom, LLC	First Lien Secured Debt - Term Loan	S+550, 0.75% Floor	12/30/32	$		4,357	$	4,292		$	4,292		(17)(9)
	First Lien Secured Debt - Revolver	S+550, 0.75% Floor	12/30/32			236		226			226		(17)(9)(13)(14)
								4,518			4,518
MacQueen Equipment
MacQueen Equipment, LLC	First Lien Secured Debt - Term Loan	S+525, 1.00% Floor	01/07/28			7,788		7,758			7,781		(16)
McNichols Company
Patriot MCN Buyer Corp.	First Lien Secured Debt - Term Loan	S+475, 1.75% Floor	10/01/31			1,937		1,913			1,912		(17)(9)
	First Lien Secured Debt - Delayed Draw	S+475, 1.75% Floor	10/01/31			—		(2	)		(2	)	(9)(12)(13)(14)
	First Lien Secured Debt - Revolver	S+475, 1.75% Floor	10/01/31			—		(3	)		(3	)	(9)(12)(13)(14)
								1,908			1,907
ORS Nasco
WC ORS Buyer, Inc.	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	08/07/31			9,678		9,554			9,581		(17)(9)
	First Lien Secured Debt - Delayed Draw	S+500, 0.75% Floor	08/07/31			99		98			98		(17)(9)
	First Lien Secured Debt - Revolver	S+500, 0.75% Floor	08/07/31			18		17			17		(17)(9)(13)(14)
WC ORS Holdings, L.P.	Common Equity - Limited Partnership	N/A	N/A		30,000 Shares			30			53		(6)(9)(15)
								9,699			9,749
		Total Trading Companies & Distributors					$	23,883		$	23,955
Transportation Infrastructure
GAT-Airline Ground Support Inc
GAT-Airline Ground Support Inc	First Lien Secured Debt - Term Loan	S+525, 1.00% Floor	05/09/29	$		3,743	$	3,702		$	3,743		(17)(9)
	First Lien Secured Debt - Delayed Draw	S+525, 1.00% Floor	05/09/29			146		144			146		(17)(9)(13)(14)
	First Lien Secured Debt - Revolver	S+525, 1.00% Floor	05/09/29			27		25			27		(17)(9)(13)(14)
		Total Transportation Infrastructure					$	3,871		$	3,916
Wireless Telecommunication Services
Kane Communications LLC
Kane Communications LLC	First Lien Secured Debt - Term Loan	S+626, 1.00% Floor	08/09/27	$		8,000	$	7,921		$	7,877		(17)
		Total Wireless Telecommunication Services					$	7,921		$	7,877
Total Investments							$	962,492		$	942,796		(2)(7)

     Derivative Instrument

     Settlement Date

     Notional amount to be purchased

     Notional amount to be sold

     Footnote Reference

Foreign currency forward contract

3/18/2026

$

2,898

C$

3,979

Note 4

Foreign currency forward contract

3/18/2026

996

€

850

Note 4

Foreign currency forward contract

3/18/2026

3,518

£

2,640

Note 4

(1)

Fair value is determined in good faith subject to the oversight of the board of trustees of the Company (the "Board") (see Note 2 to the consolidated financial statements).

(2)

Currently there are no differences for federal income tax purposes as it relates to unrealized gain and loss.

(3)

Par amount is denominated in USD ("$") unless otherwise noted, British Pound (“£”), Canadian Dollar (“C$”), European Euro (“€”). Par amount represents funded commitments. See Note 14 in the Consolidated Schedule of Investments and Note 8 to the consolidated financial statements for further information on undrawn revolving and delayed draw loan commitments, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies.

(4)

(5)

Non-accrual status (see Note 2 to the consolidated financial statements).

(6)

Non-income producing security.

(7)

(8)

(9)

These are co-investments made with the Company’s affiliates in accordance with the terms of the exemptive order the Company received from the SEC permitting us to do so. (See Note 3 to the consolidated financial statements for discussion of the exemptive order from the SEC.)

(10)

(11)

Investments that the Company has determined are not “qualifying assets” under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of December 31, 2025, non-qualifying assets represented approximately 5.0% of the total assets of the Company.

(12)

The negative fair value is the result of the commitment being valued below par.

(13)

The undrawn portion of these committed revolvers and delayed draw term loans includes a commitment and unused fee rate.

(14)

As of December 31, 2025, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See Note 7 to the consolidated financial statements for further information on revolving and delayed draw loan commitments, including commitments to issue letters of credit, related to certain portfolio companies.


Name of Issuer	Total Commitment			Drawn Commitment			Letters of Credit **			Undrawn Commitment
ACP Packaging Intermediateco, LLC	$	1,098	$		—	$		—	$		1,098
AGDATA Midco, LLC		2,207			—			—			2,207
AMI Buyer, Inc.		100			—			—			100
Accelevation LLC		136			17			—			119
American Restoration Holdings, LLC		428			84			—			344
Amylu Borrower Sub, LLC		2,031			—			—			2,031
Arcadia Solutions, Inc.		1,071			—			—			1,071
Aspen Aerogels, Inc.		100			15			—			85
Bingo Group Buyer, Inc.		916			3			—			913
Brush Group Bidco Limited*		2,022			—			—			2,022
Bullcave Limited		100			67			—			33
CARDS-Live Oak Holdings, Inc.		925			100			—			825
CI (MG) GROUP, LLC		1,565			294			—			1,271
CRS Holdings, Inc.		75			—			8			67
Chronicle Parent LLC		1,390			—			—			1,390
Club Car Wash Operating, LLC		1,200			—			—			1,200
Club Champion LLC		100			37			—			63
Cool Buyer, Inc.		199			50			—			149
Crumbl Enterprises LLC		185			—			—			185
DCM Parent, LLC		775			—			—			775
DRS Holdings III, Inc.		570			—			—			570
DecisionHR Holdings, Inc.		1,596			—			—			1,596
Distinct Holdings Inc		100			72			—			28
Eagle U.S. Purchaser, Inc.		707			—			—			707
F&M Buyer LLC		1,620			—			—			1,620
Flow Control Intermediate Holdings 2.0, LLC		2,333			—			—			2,333
Four Winds Interactive LLC		199			—			—			199
GAT-Airline Ground Support Inc		154			27			5			122
GC Waves Holdings, Inc.		100			—			—			100
HALO Buyer, Inc		100			36			—			64
IOTA HOLDINGS 3		1,316			347			2			967
Ideal Components Acquisition, LLC		1,889			115			—			1,775
Justin's LLC		417			—			—			417
Lindstrom, LLC		643			236			—			407
Lotus Topco Inc.		88			—			—			88
Lunar Buyer, LLC		200			42			—			158
MRO Parent Corporation		370			—			—			370
Merative L.P.		441			—			—			441
NCP-MSI Buyer		1,333			846			—			488
NPPI Buyer, LLC		200			—			—			200
Natus Sensory, Inc.		200			—			—			200
Orion Buyer, LLC		200			100			—			100
PMA Parent Holdings, LLC		100			—			—			100
Pace Health Companies, LLC		2,000			—			—			2,000


Name of Issuer	Total Commitment		Drawn Commitment		Letters of Credit **		Undrawn Commitment
Pai Middle Tier, LLC		100		14		—		86
Patriot MCN Buyer Corp.		563		—		—		563
Pavement Preservation Acquisition, LLC		100		—		—		100
Protein For Pets Opco, LLC		100		20		—		80
Pure Upper Holdco LLC		1,778		—		—		1,778
Rarebreed Veterinary Partners, Inc.		109		—		1		109
Regis Corporation		100		4		20		76
Relevant Industrial, LLC		2,196		48		—		2,149
Ronnoco Holdings, Inc.		1,448		193		—		1,255
SEKO Global Logistics Network, LLC		62		—		—		62
Saffron Bidco Ltd*		135		—		—		135
Silk Holdings III Corp.		625		125		—		500
Sperry Acquisition, LLC		100		20		—		80
TCW Midco LLC		393		—		—		393
TS Investors, LLC		1,178		—		—		1,178
Tarrytown Acquisition Holdings, LLC		787		—		—		787
TeamLINX Buyer, LLC		100		—		—		100
The North Highland Company LLC		200		14		—		186
Titan Luxco I SARL		1,389		248		—		1,141
Total Power Limited		2,308		—		—		2,308
Total Power Limited*		240		—		7		233
Traffic Management Solutions, LLC		3,225		—		—		3,225
Trillium Health Care Products Inc.		68		54		—		15
Trillium Health Care Products Inc.*		33		—		—		33
Ultra Clean Holdco LLC		1,121		—		—		1,121
Uniguest Holdings, Inc		200		—		—		200
Vixxo Corporation		50		—		—		50
Vybond Buyer, LLC		200		—		—		200
WC ORS Buyer, Inc.		100		18		—		82
WH BorrowerCo, LLC		153		23		—		130
WildBrain Ltd.		100		65		—		35
Total Commitments		52,763		3,332		43		49,388

* These investments are in a foreign currency and the total commitment has been converted to USD using the December 31, 2025 exchange rate.

** For all letters of credit issued and outstanding on December 31, 2025, $35 will expire in 2026 and $8 will expire in 2030.

(15)

Securities that are exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of December 31, 2025, the aggregate fair value of these securities is $3,924 or 1.0% of the Company's net assets. The acquisition dates of the restricted securities are as follows:


Issuer	Investment Type	Acquisition Date
AWRG Parent LLC	Common Equity - Stock	6/18/2025
AWRG Parent LLC	Common Equity - Stock	6/18/2025
Eagle Aggregator Ltd	Common Equity - Stock	12/31/2025
Eagle Aggregator Ltd	Common Equity - Preferred Stocks	12/31/2025
Justin's LLC	Common Equity - Stock	12/15/2025
LAV Gear Holdings, inc (d/b/a 4Wall Entertainment, Inc.)	Common Equity - Stock	7/31/2025
PAI Co-Investor FT Aggregator LLC	Common Equity - Stock	2/13/2025
Ronnoco Holdings, Inc.	Common Equity - Stock	3/17/2025
Ronnoco Holdings, Inc.	Common Equity - Stock	4/1/2025
Sperry Parent Holdings, L.P.	Common Equity - Stock	2/3/2025
Xanitos TopCo, LLC	Common Equity - Membership Interest	12/3/2025

(16)

The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2025 was 3.69%.

(17)

The interest rate on these loans is subject to 3 months SOFR, which as of December 31, 2025 was 3.65%.

(18)

The interest rate on these loans is subject to 6 months SOFR, which as of December 31, 2025 was 3.57%.

(19)

The interest rate on these loans is subject to 12 months SOFR, which as of December 31, 2025 was 3.42%.

(20)

The interest rate on these loans is subject to 1 month CORRA, which as of December 31, 2025 was 2.26%.

(21)

The interest rate on these loans is subject to Prime, which as of December 31, 2025 was 6.75%.

(22)

The interest rate on these loans is subject to 3 months EURIBOR, which as of December 31, 2025 was 2.03%

(23)

The interest rate on these loans is subject to 6 months EURIBOR, which as of December 31, 2025 was 2.11%.

(24)

The interest rate on these loans is subject to SONIA, which as of December 31, 2025 was 3.73%.

(25)

Denotes investments in which we are an “Affiliated Person,” as defined in the 1940 Act, due to holding the power to vote or owning 5% or more of the outstanding voting securities of the investment but not controlling the company. Fair value as of December 31, 2024 and December 31, 2025 along with transactions during the year ended December 31, 2025 in these affiliated investments are as follows:


Name of Issuer	Fair Value at Year ended December 31, 2024			Gross Additions ●			Gross Reductions ■				Net Change in Unrealized Gains (Losses)				Fair Value at December 31, 2025			Net Realized Gains (Losses)			Interest/ Dividend/ Other Income
AWRG Borrower LLC, Term Loan	$	—	$		5,557	$		(14	)	$		(200	)	$		5,343	$		—	$		—
AWRG Parent LLC, Stock		—			1,660			—				(581	)			1,079			—			—
	$	—	$		7,217	$		(14	)	$		(781	)	$		6,422	$		—	$		—

•

▪

(26)

The following shows the composition of the Company’s portfolio at cost by investment type and industry as of December 31, 2025:


Industry	First Lien - Secured Debt		Unsecured Debt		Common Equity		Total
Non-Controlled / Non-Affiliated Investments
Aerospace & Defense	$	8,999	$	—	$	99	$	9,098
Air Freight & Logistics		13,188		—		2,736		15,924
Automobile Components		12,423		—		34		12,457
Beverages		3,652		—		50		3,702
Building Products		13,549		—		—		13,549
Chemicals		17,626		—		—		17,626
Commercial Services & Supplies		44,657		—		2,815		47,472
Construction & Engineering		39,796		—		—		39,796
Consumer Staples Distribution & Retail		16,060		—		—		16,060
Containers & Packaging		29,902		—		—		29,902
Diversified Consumer Services		59,006		—		—		59,006
Electrical Equipment		26,276		—		—		26,276
Electronic Equipment, Instruments & Components		32,097		—		—		32,097
Entertainment		12,053		—		—		12,053
Financial Services		30,539		—		—		30,539
Food Products		30,599		—		100		30,699
Ground Transportation		7,608		—		—		7,608
Health Care Equipment & Supplies		44,544		—		—		44,544
Health Care Providers & Services		131,947		—		100		132,047
Health Care Technology		17,935		—		—		17,935
Hotels, Restaurants & Leisure		25,576		—		—		25,576
Household Products		7,721		—		—		7,721
Insurance		15,484		—		—		15,484
IT Services		19,439		—		—		19,439
Leisure Products		12,970		—		—		12,970
Machinery		33,018		—		—		33,018
Media		26,824		—		—		26,824
Multi-Utilities		15,983		—		—		15,983
Paper & Forest Products		7,345		—		—		7,345
Personal Care Products		34,814		—		—		34,814
Pharmaceuticals		43,082		19		149		43,250
Professional Services		26,136		—		—		26,136
Software		42,942		—		—		42,942
Specialty Retail		9,722		—		—		9,722
Trading Companies & Distributors		23,853		—		30		23,883
Transportation Infrastructure		3,871		—		—		3,871
Wireless Telecommunication Services		7,921		—		—		7,921
Total Non-Controlled / Non-Affiliated Investments	$	949,157	$	19	$	6,113	$	955,289
Non-Controlled / Affiliated Investments
Hotels, Restaurants & Leisure		5,544		—		1,659		7,203
Total Non-Controlled / Affiliated Investments	$	5,544	$	—	$	1,659	$	7,203
Total	$	954,701	$	19	$	7,772	$	962,492

(27)

The following shows the composition of the Company’s portfolio at fair value by investment type, industry and region as of December 31, 2025:


Industry	First Lien - Secured Debt			Unsecured Debt			Common Equity			Total			% of Net Assets
Non-Controlled / Non-Affiliated Investments
Aerospace & Defense	$	8,998		$	—		$	98		$	9,096			2.3	%
Air Freight & Logistics		13,324			—			—			13,324			3.4	%
Automobile Components		12,334			—			18			12,352			3.1	%
Beverages		3,644			—			50			3,694			0.9	%
Building Products		13,536			—			—			13,536			3.4	%
Chemicals		17,277			—			—			17,277			4.4	%
Commercial Services & Supplies		44,467			—			2,444			46,911			11.8	%
Construction & Engineering		39,994			—			—			39,994			10.1	%
Consumer Staples Distribution & Retail		15,907			—			—			15,907			4.0	%
Containers & Packaging		29,999			—			—			29,999			7.6	%
Diversified Consumer Services		58,955			—			—			58,955			14.9	%
Electrical Equipment		23,475			—			—			23,475			5.9	%
Electronic Equipment, Instruments & Components		32,118			—			—			32,118			8.1	%
Entertainment		11,994			—			—			11,994			3.0	%
Financial Services		30,328			—			—			30,328			7.6	%
Food Products		30,332			—			100			30,432			7.7	%
Ground Transportation		7,526			—			—			7,526			1.9	%
Health Care Equipment & Supplies		44,319			—			—			44,319			11.2	%
Health Care Providers & Services		127,385			—			100			127,485			32.2	%
Health Care Technology		14,384			—			—			14,384			3.6	%
Hotels, Restaurants & Leisure		24,751			—			—			24,751			6.2	%
Household Products		7,740			—			—			7,740			2.0	%
Insurance		15,571			—			—			15,571			3.9	%
IT Services		19,325			—			—			19,325			4.9	%
Leisure Products		12,894			—			—			12,894			3.2	%
Machinery		32,983			—			—			32,983			8.3	%
Media		26,614			—			—			26,614			6.7	%
Multi-Utilities		14,477			—			—			14,477			3.6	%
Paper & Forest Products		7,294			—			—			7,294			1.8	%
Personal Care Products		34,415			—			—			34,415			8.7	%
Pharmaceuticals		42,554			—			53			42,607			10.7	%
Professional Services		26,096			—			—			26,096			6.6	%
Software		43,016			—			—			43,016			10.8	%
Specialty Retail		9,737			—			—			9,737			2.5	%
Trading Companies & Distributors		23,902			—			53			23,955			6.0	%
Transportation Infrastructure		3,916			—			—			3,916			1.0	%
Wireless Telecommunication Services		7,877			—			—			7,877			2.0	%
Total Non-Controlled / Non-Affiliated Investments	$	933,458		$	—		$	2,916		$	936,374			236.0	%
% of Net Assets		235.3	%		0.0	%		0.7	%		236.0	%
Non-Controlled / Affiliated Investments
Hotels, Restaurants & Leisure		5,343			—			1,079			6,422			1.6	%
Total Non-Controlled / Affiliated Investments	$	5,343		$	—		$	1,079		$	6,422			1.6	%
% of Net Assets		1.3	%		0.0	%		0.3	%		1.6	%
Total	$	938,801		$	—		$	3,995		$	942,796			237.6	%
% of Net Assets		236.6	%		0.0	%		1.0	%		237.6	%


Industry Classification	Percentage of Total Investments (at Fair Value) as of December 31, 2025
Health Care Providers & Services		13.5	%
Diversified Consumer Services		6.3	%
Commercial Services & Supplies		5.0	%
Health Care Equipment & Supplies		4.7	%
Software		4.6	%
Pharmaceuticals		4.5	%
Construction & Engineering		4.2	%
Personal Care Products		3.7	%
Machinery		3.5	%
Electronic Equipment, Instruments & Components		3.4	%
Hotels, Restaurants & Leisure		3.3	%
Food Products		3.2	%
Financial Services		3.2	%
Containers & Packaging		3.2	%
Media		2.8	%
Professional Services		2.8	%
Trading Companies & Distributors		2.5	%
Electrical Equipment		2.5	%
IT Services		2.0	%
Chemicals		1.8	%
Consumer Staples Distribution & Retail		1.7	%
Insurance		1.7	%
Multi-Utilities		1.5	%
Health Care Technology		1.5	%
Building Products		1.4	%
Air Freight & Logistics		1.4	%
Leisure Products		1.4	%
Automobile Components		1.3	%
Entertainment		1.3	%
Specialty Retail		1.0	%
Aerospace & Defense		1.0	%
Wireless Telecommunication Services		0.8	%
Household Products		0.8	%
Ground Transportation		0.8	%
Paper & Forest Products		0.8	%
Transportation Infrastructure		0.4	%
Beverages		0.4	%
		100.0	%


Geographic Region	December 31, 2025
United States		94.6	%
United Kingdom		2.7	%
Canada		2.3	%
Luxembourg		0.4	%

Note 1. Organization

MidCap Apollo Institutional Private Lending (the “Company,” “we,” “us,” or “our”), a Delaware statutory trust formed on November 6, 2023, is a closed-end, externally managed, non-diversified management investment company that elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”) on March 15, 2024 (the “Conversion Date”). Prior to the Company's election to be regulated as a BDC, the Company was operated as a private fund in reliance on an exception from the definition of “investment company” under Section 3(c)(7) of the 1940 Act. The Company has elected to be treated for federal income tax purposes, and intends to qualify thereafter, as a regulated investment company (“RIC”) beginning on the Conversion Date as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) (see Note 2). Prior to the Conversion Date, the Company was taxed as a partnership for U.S. federal income tax purposes.

On March 17, 2025, the Company changed its name from “Middle Market Apollo Institutional Private Lending” to “MidCap Apollo Institutional Private Lending.”

Apollo Credit Management, LLC (the “Adviser” or “ACM”) is our investment adviser and is an affiliate of Apollo Global Management, Inc. and its consolidated subsidiaries (“AGM” or “Apollo”). The Adviser, subject to the overall supervision of our Board of Trustees (the “Board”), manages the day-to-day operations of the Company and provides investment advisory services to the Company.

Apollo Credit Management, LLC, as our administrator (in such capacity, the “Administrator”), provides among other things, administrative services and facilities to the Company. Furthermore, the Administrator will offer to provide, on our behalf, managerial assistance to those portfolio companies to which we are required to provide such assistance.

Apollo Capital Management, L.P. (the “Servicer”), is an affiliate of AGM. Prior to the Conversion Date, the Servicer was contracted to assist in the management of the day-to-day operations of the Company, and provide investment advisory and administrative services and facilities for the Company.

Our investment objective is to generate current income and, to a lesser extent, long-term capital appreciation. The Company invests primarily in private credit opportunities in directly originated assets, including loans and other debt securities, made to or issued by private U.S. borrowers. While most of our investments will be in private U.S. companies (subject to compliance with BDC regulatory requirement to invest at least 70% of its assets in private U.S. companies), we also expect to invest from time to time in European and other non-U.S. companies. Our portfolio may also include equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. Under normal circumstances, we will invest directly or indirectly at least 80% of our total assets (i.e., net assets plus borrowings for investment purposes) in debt instruments of varying maturities.

Note 2. Significant Accounting Policies

The following is a summary of the significant accounting and reporting policies used in preparing the consolidated financial statements.

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) pursuant to the requirements on Form 10-Q, ASC 946, Financial Services — Investment Companies (“ASC 946”), and Articles 6, 10 and 12 of Regulation S-X. In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair presentation of the consolidated financial statements for the periods presented, have been included.

Under the 1940 Act, ASC 946, and the regulations pursuant to Article 6 of Regulation S-X, we are precluded from consolidating any entity other than another investment company or an operating company which provides substantially all of its services to benefit us.

These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

Use of Estimates

The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the consolidated financial statements and the reported amounts of income, expenses, gains and losses during the reported periods. Changes in the economic environment, financial markets, credit worthiness of our portfolio companies, and any other parameters used in determining these estimates could cause actual results to differ materially.

Consolidation

As provided under Regulation S-X and ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of the Company’s wholly-owned subsidiaries.

As of September 30, 2026, the Company's consolidated subsidiaries were AP Leaf, LLC (“AP Leaf”) and MAIPL Lender, LLC.

Cash and Cash Equivalents

The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and near maturity, that they present insignificant risk of changes in value because of changes in interest rates. Generally, only securities with a maturity of three months or less from the date of purchase would qualify, with limited exceptions. The Company deems that certain money market funds, U.S. Treasury Bills, repurchase agreements, and other high-quality, short-term debt securities would qualify as cash equivalents.

Cash and cash equivalents are carried at cost, which approximates fair value. The cash and cash equivalents balance as of September 30, 2026 and December 31, 2025 were $17,228 and $19,192, respectively.

Investment Transactions

Investments are recognized when we assume an obligation to acquire a financial instrument and assume the risks for gains and losses related to that instrument. Investments are derecognized when we assume an obligation to sell a financial instrument and forego the risks for gains or losses related to that instrument. Specifically, we record all security transactions on a trade date basis. Amounts for investments recognized or derecognized but not yet settled are reported as a payable for investments purchased and receivable for investments sold, respectively, in the Consolidated Statements of Assets and Liabilities.

Fair Value Measurements

The Company follows guidance in ASC 820, Fair Value Measurement (“ASC 820”), where 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. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities.

ASC 820 classifies the inputs used to measure these fair values into the following hierarchy:

Level 1: Quoted prices in active markets for identical assets or liabilities, accessible by us at the measurement date.

Level 2: Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices.

Level 3: Unobservable inputs for the asset or liability.

In all cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each investment. The level assigned to the investment valuations may not be indicative of the risk or liquidity associated with investing in such investments. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may differ materially from the values that would be received upon an actual disposition of such investments.

Investment Valuation Process

The Board has designated the Adviser as its “valuation designee” pursuant to Rule 2a-5 under the 1940 Act, and in that role the Adviser is responsible for performing fair value determinations relating to all of the Company's investments, including periodically assessing and managing any material valuation risks and establishing and applying fair value methodologies, in accordance with valuation policies and procedures that have been approved by the Board. Even though the Board designated the Company's Adviser as “valuation designee,” the Board continues to be responsible for overseeing the processes for determining fair valuation.

Under the Company's valuation policies and procedures, the Adviser values investments, including certain secured debt, unsecured debt and other debt securities with maturities greater than 60 days, for which market quotations are readily available, at such market quotations (unless they are deemed not to represent fair value). We attempt to obtain market quotations from at least two brokers or dealers (if available, otherwise from a principal market maker, primary market dealer or other independent pricing service). We utilize mid-market pricing as a practical expedient for fair value unless a different point within the range is more representative. If and when market quotations are unavailable or are deemed not to represent fair value, we typically utilize independent third party valuation firms to assist us in determining fair value. Accordingly, such investments go through our multi-step valuation process as described below. In each case, our independent third party valuation firms consider observable market inputs together with significant unobservable inputs in arriving at their valuation recommendations for such investments. Investments purchased within the quarter before the valuation date and debt investments with remaining maturities of 60 days or less may each be valued at cost with interest accrued or discount accreted/premium amortized to the date of maturity (although they are typically valued at available market quotations), unless such valuation, in the judgment of our Adviser, does not represent fair value. In this case such investments shall be valued at fair value as determined in good faith by or under the direction of the Adviser including using market quotations where available. Investments that are not publicly traded or whose market quotations are not readily available are valued at fair value as determined in good faith by or under the direction of the Adviser. Such determination of fair values may involve subjective judgments and estimates.

With respect to investments for which market quotations are not readily available or when such market quotations are deemed not to represent fair value, the Adviser undertakes a multi-step valuation process each quarter, as described below:

(1)

Independent valuation firms engaged conduct independent appraisals and assessments for all the investments they have been engaged to review. If an independent valuation firm is not engaged during a particular quarter, the valuation may be conducted by the Adviser;

(2)

At least each quarter, the valuation will be reassessed and updated by the Adviser or an independent valuation firm to reflect company specific events and latest market data;

(3)

Preliminary valuation conclusions are then documented and discussed with senior management of our Adviser;

(4)

The Adviser discusses valuations and determines in good faith the fair value of each investment in our portfolio based on the input of the applicable independent valuation firm; and

(5)

For Level 3 investments entered into within the current quarter, the cost (purchase price adjusted for accreted original issue discount/amortized premium) or any recent comparable trade activity on the security investment shall be considered to reasonably approximate the fair value of the investment, provided that no material change has since occurred in the issuer’s business, significant inputs or the relevant environment.

Investments determined by these valuation procedures which have a fair value of less than $1 million during the prior fiscal quarter may be valued based on inputs identified by the Adviser without the necessity of obtaining valuation from an independent valuation firm, if once annually an independent valuation firm using the procedures described herein provides an independent assessment of value. Investments in all asset classes are valued utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that we may take into account in fair value pricing our investments include, as relevant: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, seniority of investment in the investee company’s capital structure, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, M&A comparables, our principal market (as the reporting entity) and enterprise values, among other factors. During the three and nine months ended September 30, 2026, there were no significant changes to the Company’s valuation techniques and related inputs considered in the valuation process.

Derivative Instruments

The Company recognizes all derivative instruments as assets or liabilities at fair value in its consolidated financial statements. Derivative contracts entered into by the Company are not designated as hedging instruments, and the Company presents changes in fair value and realized gains or losses through current period earnings.

Derivative instruments are measured in terms of the notional contract amount and derive their value based upon one or more underlying instruments. Derivative instruments are subject to various risks similar to non-derivative instruments including market, credit, liquidity, and operational risks. The Company manages these risks on an aggregate basis as part of its risk management process. The derivatives may require the Company to pay or receive an upfront fee or premium. These upfront fees or premiums are carried forward as cost or proceeds to the derivatives.

Exchange-traded derivatives which include put and call options are valued based on the last reported sales price on the date of valuation. Over-the-counter (“OTC”) derivatives, including credit default swaps, are valued by the Adviser using quotations from counterparties. In instances where models are used, the value of the OTC derivative is derived from the contractual terms of, and specific risks inherent in, the instrument as well as the availability and reliability of observable inputs, such as credit spreads.

Foreign Currency Forward Contracts

The Company uses foreign currency forward contracts to reduce the Company's exposure to fluctuations in the value of foreign currencies. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another at a pre-determined price at a future date. Foreign currency forward contracts are marked-to-market at the applicable forward rate. Unrealized appreciation (depreciation) on foreign currency forward contracts is recorded within derivative assets or derivative liabilities on the Consolidated Statements of Assets and Liabilities by counterparty on a net basis, not taking into account collateral posted which is recorded separately, if applicable. Purchases and settlements of foreign currency forward contracts having the same settlement date and counterparty are generally settled net and any realized gains or losses are recognized on the settlement date. The Company does not utilize hedge accounting with respect to foreign currency forward contracts and as such, the Company recognizes its foreign currency forward contracts at fair value with changes included in the net unrealized appreciation (depreciation) on the Consolidated Statements of Operations.

Offsetting Assets and Liabilities

The Company has elected not to offset cash collateral against the fair value of derivative contracts. The fair values of these derivatives are presented on a gross basis, even when derivatives are subject to master netting agreements.

As of September 30, 2026 and December 31, 2025, the Company held certain foreign currency forward contracts with a fair market value of $431 and $(55), respectively.

Valuation of Other Financial Assets and Financial Liabilities

ASC 825, Financial Instruments, permits an entity to choose, at specified election dates, to measure certain assets and liabilities at fair value (the “Fair Value Option”). We have not elected the Fair Value Option to report selected financial assets and financial liabilities. Debt issued by the Company is reported at amortized cost (see Note 5 to the consolidated financial statements). The carrying value of all other financial assets and liabilities approximates fair value due to their short maturities or their close proximity of the originations to the measurement date.

Realized Gains or Losses

Security transactions are accounted for on a trade date basis. Realized gains or losses on investments are calculated by using the specific identification method. Securities that have been called by the issuer are recorded at the call price on the call effective date.

Investment Income Recognition

Interest Income

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.

PIK Income

The Company may have loans in its portfolio that contain payment-in-kind ("PIK") provisions. PIK investments offer issuers the option at each payment date of making payments in cash or in additional securities. PIK income computed at the contractual rate is accrued into income, which is included in interest income in the Company’s Consolidated Statements of Operations, and reflected as interest receivable up to the capitalization date. When additional securities are received, they typically have the same terms, including maturity dates and interest rates as the original securities issued. On these payment dates, the Company capitalizes the accrued interest or dividends receivable (reflecting such amounts as the basis in the additional securities received). PIK generally becomes due at maturity of the investment or upon the investment being called by the issuer. To maintain the Company’s status as a RIC, this non-cash source of income must be paid out to shareholders in the form of dividends, even though the Company has not yet collected cash.

If at any point the Company believes PIK is not fully expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are reversed from the related receivable through interest or dividend income, respectively. The Company does not reverse previously capitalized PIK interest or dividends. Upon capitalization, PIK is subject to the fair value estimates associated with their related investments. PIK investments on non-accrual status are restored to accrual status if the Company believes that PIK is expected to be realized.

Dividend Income

Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.

Fee Income

The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment, syndication fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized as income when earned or the services are rendered.

Non-Accrual Income

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. 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 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 current 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.

Expenses

Expenses include management fees, performance-based incentive fees, interest expense, insurance expenses, administrative service fees, legal fees, trustee fees, audit and tax service expenses, third-party valuation fees and other general and administrative expenses. Expenses are recognized on an accrual basis.

Financing Costs

The Company records expenses related to shelf filings and applicable offering costs as deferred financing costs in the Consolidated Statements of Assets and Liabilities. To the extent such expenses relate to equity offerings, these expenses are charged as a reduction of capital upon utilization, in accordance with ASC 946-20-25, or charged to expense if no offering is completed.

The Company records origination and other expenses related to its debt obligations as deferred financing costs. The deferred financing cost for all outstanding debt is presented as a direct deduction from the carrying amount of the related debt liability. These expenses are deferred and amortized as part of interest expense using the straight-line method over the stated life of the obligation which approximates the effective yield method. In the event that we modify or extinguish our debt before maturity, the Company follows the guidance in ASC 470-50, Modifications and Extinguishments (“ASC 470-50”). For extinguishments of our debt, any unamortized deferred financing costs are deducted from the carrying amount of the debt in determining the gain or loss from the extinguishment.

Foreign Currency Translations

The accounting records of the Company are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the foreign exchange rate on the date of valuation. The Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. The Company’s investments in foreign securities may involve certain risks, including without limitation: foreign exchange restrictions, expropriation, taxation or other political, social or economic risks, all of which could affect the market and/or credit risk of the investment. In addition, changes in the relationship of foreign currencies to the U.S. dollar can significantly affect the value of these investments and therefore the earnings of the Company.

Distributions

Distributions to shareholders are recorded as of the ex-dividend date. The amount to be paid out as a distribution is determined by the Board and will depend on the Company's earnings, financial condition, maintenance of our tax treatment as a RIC, compliance with applicable BDC regulations and such factors as the Board may deem relevant from time to time. Net realized capital gains, if any, are generally distributed or deemed distributed at least annually.

Federal and State Income Taxes

We have elected to be treated as a RIC under the Code and operate in a manner so as to qualify for the tax treatment applicable to RICs. To qualify as a RIC, the Company must (among other requirements) meet certain source-of-income and asset diversification requirements and timely distribute to its shareholders at least 90% of its investment company taxable income as defined by the Code, for each year. The Company (among other requirements) intends to make the requisite distributions to its shareholders, which will generally relieve the Company from corporate-level income taxes. For income tax purposes, distributions made to shareholders are reported as ordinary income, capital gains, non-taxable return of capital, or a combination thereof. The final determination of the tax character of distributions will not be made until we file our tax return for the tax year ending December 31, 2026. The character of income and gains that we will distribute is determined in accordance with income tax regulations that may differ from GAAP. Book and tax basis differences relating to shareholder dividend and distributions and other permanent book and tax differences are reclassified to paid-in capital.

If we do not distribute (or are not deemed to have distributed) at least 98% of our annual ordinary income and 98.2% of our capital gains in the calendar year earned, we will generally be required to pay excise tax equal to 4% of the amount by which 98% of our annual ordinary income and 98.2% of our capital gains exceed the distributions from such taxable income for the year. To the extent that we determine that our estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such taxable income, we accrue excise taxes, if any, on estimated undistributed taxable income.

If we fail to satisfy the annual distribution requirement or otherwise fail to qualify as a RIC in any taxable year, we would be subject to tax on all of our taxable income at regular corporate rates. Distributions would generally be taxable to our individual and other non-corporate taxable shareholders as ordinary dividend income eligible for the reduced maximum rate applicable to qualified dividend income to the extent of our current and accumulated earnings and profits provided certain holding period and other requirements are met. Subject to certain limitations under the Code, corporate distributions would be eligible for the dividend-received deduction. To qualify again to be taxed as a RIC in a subsequent year, we would be required to distribute to our shareholders our accumulated earnings and profits attributable to non-RIC years. In addition, if we failed to qualify as a RIC for a period greater than two taxable years, then, in order to qualify as a RIC in a subsequent year, we would be required to elect to recognize and pay tax on any net built-in gain (the excess of aggregate gain, including items of income, over aggregate loss that would have been realized if we had been liquidated) or, alternatively, be subject to taxation on such built-in gain recognized for a period of five years.

As of December 31, 2025, the Company was taxed as a RIC for U.S. federal income tax purposes.

We follow ASC 740, Income Taxes (“ASC 740”). ASC 740 provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing our tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Penalties or interest, if applicable, that may be assessed relating to income taxes would be classified as other operating expenses in the financial statements. As of September 30, 2026, there were no uncertain tax positions and no amounts accrued for interest or penalties. Management’s determinations regarding ASC 740 may be subject to review and adjustment at a later date based upon factors including, but not limited to, an on-going analysis of tax laws, regulations and interpretations thereof. Although we file both federal and state income tax returns, our major tax jurisdiction is federal.

Segment Reporting

The Company has adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, “Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Company operates under one operating segment and reporting unit, investment management. The CODM is the chief executive officer of the Company, who is responsible for determining the Company’s investment strategy, capital allocation, expense structure, and significant transactions impacting the Company. Key metrics include, but are not limited to, net investment income and net increase in net assets resulting from operations that is reported on the Consolidated Statements of Operations, fair value of investments as disclosed on the Consolidated Schedule of Investments, as well as distributions made to the Company’s shareholders.

Income Taxes

The Company has adopted FASB Accounting Standards Update 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” (“ASU 2023-09”). ASU 2023-09 requires additional disaggregated disclosures on the entity’s effective tax rate reconciliation and additional details on income taxes paid. ASU 2023-09 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024, and early adoption is permitted. The adoption of ASU 2023-09 did not have a material impact on the Company's consolidated financial statements.

Recent Accounting Pronouncements

Income Statement - Reporting Comprehensive Income

In November 2024, the FASB issued Accounting Standards Update No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”). The amendments in ASU 2024-03 improve financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. This information generally is not presented in the consolidated financial statements today. The amendments in ASU 2024-03 are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company does not expect the adoption of ASU 2024-03 to have a material impact on its year-end financial statements.

Fair Value Measurement - Investment Companies with Equity Securities Subject to Contractual Sale Restrictions

In September 2026, the FASB issued ASU 2026-03, Fair Value Measurement (Topic 820): Investment Companies with Equity Securities Subject to Contractual Sale Restrictions (“ASU 2026-03”), which requires investment companies to consider the effect of contractual sale restrictions when measuring the fair value of equity securities subject to such restrictions. ASU 2026-03 is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements.

Note 3. Related Party Agreements and Transactions

Advisory Agreement

On March 15, 2024, the Company entered into an investment advisory agreement (the “Advisory Agreement”) with the Adviser, pursuant to which the Adviser manages the Company on a day-to-day basis. The Adviser is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring the Company’s investments and monitoring its investments and portfolio companies on an ongoing basis.

On March 12, 2026, the Board renewed the Advisory Agreement. Unless earlier terminated as described below, the Advisory Agreement will remain in effect until March 12, 2027, and may be extended subject to required approvals. The Company may terminate the Advisory Agreement, without payment of any penalty, upon 60 days’ written notice. The Advisory Agreement will automatically terminate in the event of its assignment within the meaning of the 1940 Act and related SEC guidance and interpretations.

The Company pays the Adviser a fee for its services under the Advisory Agreement consisting of two components, a base management fee and an incentive fee. The cost of both the base management fee and the incentive fee will ultimately be borne by the shareholders. Substantial additional fees and expenses may also be charged by the Administrator to the Company, which is an affiliate of the Adviser.

Base Management Fee

The management fee is accrued monthly and paid quarterly in arrears at an annual rate of 1.00% of the Company's net assets as of the beginning of the first business day of the applicable month. For these purposes, “net assets” means the Company’s total assets less liabilities determined on a consolidated basis in accordance with GAAP. For the first calendar quarter in which the Company has operations, net assets were measured as the average of net assets (i) at the date the Company first delivers a drawdown notice to its investors and (ii) at the end of such first calendar quarter. Effective April 1, 2026, the Adviser contractually agreed to waive 50% of the management fee through June 30, 2027 (the "Waiver Period"). The Adviser had previously agreed to waive the management fee through March 15, 2025 and waived 50% of the management fee from March 15, 2025 to March 15, 2026.

Incentive Fee

The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on a percentage of our income and a portion is based on a percentage of our capital gains, each as described below.

(i) Incentive Fee on Pre-Incentive Fee Net Investment Income

The portion based on the Company’s income is based on Pre-Incentive Fee Net Investment Income Returns. “Pre-Incentive Fee Net Investment Income Returns” means, as the context requires, either the dollar value of, or percentage rate of return on the value of the Company’s net assets at the end of the immediately preceding quarter from, interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company’s operating expenses accrued for the quarter (including the management fee, expenses payable under the Administration Agreement entered into between us and our Administrator, and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the incentive fee).

Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with pay-in-kind interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments is also excluded from Pre-Incentive Fee Net Investment Income Returns.

Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of our net assets at the end of the immediately preceding quarter, is compared to a “hurdle rate” of return of 1.500% per quarter (6.000% annualized). We will pay the Adviser an incentive fee quarterly in arrears with respect to our Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows:

•

No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.500% per quarter (6.000% annualized);

•

100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.710% (6.860% annualized). This “catch-up” is meant to provide the Adviser with approximately 12.5% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.710% in any calendar quarter; and

•

12.5% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds a rate of return of 1.710% (6.860% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 12.5% of all Pre-Incentive Fee Net Investment Income Returns thereafter are allocated to the Adviser.

(ii) Incentive Fee on Capital Gains

The second part of the incentive fee is determined and payable in arrears as of the end of each calendar year in an amount equal to 12.5% of realized capital gains, if any, on a cumulative basis from inception through the end of each calendar year. Fees are 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.

Both components of the incentive fee calculations are prorated for any period of less than three months and adjusted for any share issuances or repurchases during the relevant quarter. Effective April 1, 2026, the Adviser contractually agreed to waive 50% of the incentive fee through the Waiver Period. The Adviser had previously agreed to waive the incentive fee through March 15, 2025 and waived 50% of the incentive fee from March 15, 2025 to March 15, 2026.

Management fees and incentive fees paid or accrued for the period from April 1, 2026 through August 12, 2026 (the "Initial Waiver Amount"), are being offset against management fees and incentive fees otherwise payable to the Adviser until the Company has received an amount equal to the Initial Waiver Amount. The Initial Waiver Amount attributable to the three months ended June 30, 2026, was $1,199, consisting of $476 of management fees and $723 of incentive fees, and was recognized as a reduction of fee expense in the three months ended September 30, 2026. As of September 30, 2026, $8 of the Initial Waiver Amount remained to be offset against management fees and incentive fees otherwise payable to the Adviser. This amount is included in other assets on the Consolidated Statements of Assets and Liabilities and will be realized as a reduction of fees payable to the Adviser in subsequent periods.

For the three and nine months ended September 30, 2026, the Company recognized $959 and $2,898, respectively, of management fees, and $1,428 and $4,305, respectively, of performance-based incentive fees before impact of waived fees. For the three and nine months ended September 30, 2026, $955 and $1,360, respectively, of management fees were waived and $1,436 and $2,033, respectively, of performance-based incentive fees were waived. Amounts waived for the three months ended September 30, 2026 include the Initial Waiver Amount of $1,199 related to fees for the three months ended June 30, 2026.

For the three and nine months ended September 30, 2025, the Company recognized $1,008 and $2,918, respectively, of management fees, and $1,654 and $4,885, respectively, of performance-based incentive fees before impact of waived fees. For the three and nine months ended September 30, 2025, $504 and $1,845, respectively, of management fees were waived and $827 and $3,094, respectively, of performance-based incentive fees were waived.

As of September 30, 2026, management fees payable and performance-based incentive fees payable were $4 and $—, respectively. As of December 31, 2025, management fees payable and performance-based incentive fees payable were $508 and $740, respectively.

Administration Agreement

On March 15, 2024, the Company entered into an administration agreement (the “Administration Agreement”) with the Administrator. Under the terms of the Administration Agreement, the Administrator provides, or oversees the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of net asset value, compliance monitoring (including diligence and oversight of other service providers), preparing reports to shareholders and reports filed with the Securities and Exchange Commission (the “SEC”), preparing materials and coordinating meetings of the Company’s Board, managing the payment of expenses and the performance of administrative and professional services rendered by others and providing office space, equipment and office services. The Company will reimburse the Administrator for the costs and expenses incurred by the Administrator in performing its obligations under the Administration Agreement. Such reimbursement will include the Company’s allocable portion of compensation, overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to: (i) the Company’s chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Administrator that perform duties for the Company; and (iii) any internal audit group personnel of AGM or any of its affiliates, subject to the limitations described in Advisory and Administration Agreements. In addition, pursuant to the terms of the Administration Agreement, the Administrator may delegate its obligations under the Administration Agreement to an affiliate or to a third party and the Company will reimburse the Administrator for any services performed by such affiliate or third party. The Administrator hired a sub-administrator to assist in the provision of administrative services. The sub-administrator will receive compensation for its sub-administrative services under a sub-administration agreement.

On March 12, 2026, the Board renewed the Administration Agreement. Unless earlier terminated, the Administration Agreement will remain in effect until March 12, 2027, and may be extended subject to required approvals.

Transaction Agreement

In December 2023, the Company entered into a transaction agreement whereby, among other things, accepted initial capital commitments and entered into a master participation and sale agreement (the “Asset Transfer Agreement”) to acquire the initial loan portfolio of an affiliated Cayman Islands exempted limited partnership (the “Affiliate”). See below for additional information on the Asset Transfer Agreement and Note 6 for information on initial capital commitments.

Asset Transfer Agreement

In December 2023, AP Leaf entered into an Asset Transfer Agreement with the Affiliate pursuant to which AP Leaf would acquire and hold (a) initially participation rights in the initial loan portfolio and (b) legal and beneficial title to the initial loan portfolio. As part of the initial loan portfolio, the Affiliate transferred $785,224 of secured, floating rate, middle market term loans to AP Leaf. AP Leaf also acquired $1,280 of capitalized PIK for no additional consideration.

In January 2024, all loans acquired in the initial loan portfolio were assigned to the Company and ceased to be owned through the Asset Transfer Agreement with the Affiliate. Additional consideration of $236 was provided to the Affiliate in conjunction with settlement of the Asset Transfer Agreement.

Servicing Fee Agreement

As part of the Asset Transaction Agreement, the Company entered into an agreement with the Servicer to provide, or oversee the performance of, administrative and compliance services, including, but not limited to: (a) possessing, keeping and maintaining the books and records of the Company; (b) preparing and delivering financial information (including financial statements); and (c) the day-to-day administration of the loan portfolio, including opening and maintaining bank accounts for the Company and receiving and disbursing funds therefrom. The Company acknowledges that these services, in whole or in part, will be sub-contracted to MidCap Financial Services, LLC.

In exchange for these services, a servicing fee will be paid quarterly in arrears to the Servicer, as described below:

(1) With respect to certain assets acquired by the Affiliate before December 20, 2018 and sold to the Company in conjunction with the Asset Transfer Agreement above, a service fee equal to 0.0625% of the aggregate face value as of the final day of the quarter; and

(2) With respect to certain assets acquired by the Affiliate after December 20, 2018 and sold to the Company in conjunction with the Asset Transfer Agreement above, a service fee equal to 0.0875% of the aggregate face value as of the final day of the quarter.

For the three and nine months ended September 30, 2026, the Company recognized $— and $—, respectively, of servicing fees. For the three and nine months ended September 30, 2025, the Company recognized $— and $—, respectively, of servicing fees. The agreement with the Servicer terminated after the Conversion Date, when the Company elected to be regulated as a BDC.

Expense Support and Conditional Reimbursement Agreement

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

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

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

The Company’s obligation to make a Reimbursement Payment shall automatically become a liability of the Company on the last business day of the applicable calendar month, except to the extent the Adviser has waived its right to receive such payment for the applicable month. As of September 30, 2026, the Adviser had not made any Expense Payments under the Expense Support Agreement, and no Reimbursement Payments were made or accrued during the three and nine months ended September 30, 2026.

Distribution Reinvestment Plan

We have adopted a distribution reinvestment plan, pursuant to which we will reinvest all cash distributions declared by the Board on behalf of our shareholders who do not elect to receive their distributions in cash as provided below. As a result, if the Board authorizes, and we declare, a cash distribution or other distribution, then our shareholders who have not opted out of our distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares as described below, rather than receiving the cash distribution or other distribution. Distributions on fractional shares will be credited to each participating shareholder’s account to three decimal places. No action is required on the part of a registered shareholder to have his, her or its cash distribution or other distribution reinvested in our shares.

Co-Investment Activity

The Company, the Adviser and certain affiliates received an exemptive order from the SEC on May 14, 2025 (the “Order”), that permits us, among other things, to co-invest with other funds and accounts managed by the Adviser or its affiliates, subject to certain conditions. Certain types of negotiated co-investments may be made only in accordance with the Order from the SEC permitting the Company to do so. Pursuant to the requirements of the Order, the Board, including a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Independent Trustees, has approved co-investment policies and procedures describing how the Company will comply with the Order. Further, the Adviser has adopted policies and procedures (the “Adviser Allocation Policy”) which is designed to reasonably ensure that investment opportunities are allocated fairly and equitably among affiliated funds over time and in a manner that is consistent with applicable laws, rules and regulations. Pursuant to the Adviser Allocation Policy, the Company will be given the opportunity to participate in any investments that fall within certain criteria established by the Adviser. The Company may determine to participate or not to participate, depending on whether the Adviser determines that the investment is appropriate for the Company (e.g., based on investment strategy). If the Adviser determines that the investment is not appropriate for us, the investment will not be allocated to us.

As of September 30, 2026, the Company’s co-investment holdings were 76.8% of the portfolio or $712,817, measured at fair value. On a cost basis, 76.1% of the portfolio or $738,501 were co-investments. As of December 31, 2025, the Company’s co-investment holdings were 72.4% of the portfolio or $682,621, measured at fair value. On a cost basis, 71.9% of the portfolio or $692,028 were co-investments.

Note 4. Investments

Fair Value Measurement and Disclosures

The following table shows the composition of our investments as of September 30, 2026, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:


					Fair Value Hierarchy
	Cost		Fair Value		Level 1		Level 2		Level 3
First Lien Secured Debt	$	962,651	$	927,363	$	—	$	4,528	$	922,835
Second Lien Secured Debt		—		—		—		—		—
Unsecured Debt		23		—		—		—		—
Common Equity/Interests		7,879		661		—		—		661
Total Investments before Foreign Currency Forward Contracts	$	970,553	$	928,024	$	—	$	4,528	$	923,496
Money Market Fund	$	4,819	$	4,819	$	4,819	$	—	$	—
Total Cash Equivalents	$	4,819	$	4,819	$	4,819	$	—	$	—
Total Investments after Cash Equivalents	$	975,372	$	932,843	$	4,819	$	4,528	$	923,496
Foreign currency forward contracts		—		431		—		431		—
Total Investments and Foreign Currency Forward Contracts at Fair Value	$	975,372	$	933,274	$	4,819	$	4,959	$	923,496

The following table shows the composition of our investments as of December 31, 2025, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:


							Fair Value Hierarchy
	Cost		Fair Value			Level 1			Level 2			Level 3
First Lien Secured Debt	$	954,701	$	938,801		$		—	$	6,814		$	931,987
Unsecured Debt		19		—				—		—			—
Common Equity/Interests		7,772		3,995				—		—			3,995
Total Investments before Foreign Currency Forward Contracts	$	962,492	$	942,796		$		—	$	6,814		$	935,982
Foreign currency forward contracts		—		(55	)			—		(55	)		—
Total Investments and Foreign Currency Forward Contracts at Fair Value	$	962,492	$	942,741		$		—	$	6,759		$	935,982

The following table shows changes in the fair value of our Level 3 investments during the three months ended September 30, 2026:


	Three Months Ended September 30, 2026
	First Lien Secured Debt			Unsecured Debt			Common Equity/Interests		Total
Fair value as of June 30, 2026	$	929,216		$	—		$	609	$	929,825
Net realized gains (losses)		(4,705	)		—			—		(4,705	)
Net change in unrealized gains (losses)		(586	)		(5	)		50		(541	)
Net amortization on investments		826			—			—		826
Purchases, including capitalized PIK (2)		46,264			5			2		46,271
Proceeds from sales and repayments of investments (2)		(48,180	)		—			—		(48,180	)
Transfers out of Level 3 (1)		—			—			—		—
Transfers into Level 3 (1)		—			—			—		—
Fair value as of September 30, 2026 (3)	$	922,835		$	—		$	661	$	923,496

Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2026	$	(5,465	)	$	—		$	50	$	(5,415	)

The following table shows changes in the fair value of our Level 3 investments during the nine months ended September 30, 2026:


	Nine Months Ended September 30, 2026
	First Lien Secured Debt			Unsecured Debt			Common Equity/Interests			Total
Fair value as of December 31, 2025	$	931,987		$	—		$	3,995		$	935,982
Net realized gains (losses)		(4,115	)		—			—			(4,115	)
Net change in unrealized gains (losses)		(16,932	)		(5	)		(3,441	)		(20,378	)
Net amortization on investments		2,033			—			—			2,033
Purchases, including capitalized PIK (2)		129,114			5			107			129,226
Proceeds from sales and repayments of investments (2)		(119,252	)		—			—			(119,252	)
Transfers out of Level 3 (1)		—			—			—			—
Transfers into Level 3 (1)		—			—			—			—
Fair value as of September 30, 2026 (3)	$	922,835		$	—		$	661		$	923,496

Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2026	$	(20,059	)	$	—		$	(3,441	)	$	(23,499	)

(1)

Transfers out (if any) of Level 3 are due to an increase in the quantity and reliability of broker quotes obtained and transfers into (if any) Level 3 are due to a decrease in the quantity and reliability of broker quotes obtained as assessed by the Adviser. Transfers are assumed to have occurred at the end of the period. There were no transfers between Level 1 and Level 2 fair value measurements during the periods shown.

(2)

Includes reorganizations and restructuring of investments.

(3)

Includes unfunded commitments measured at fair value of $(642).

The following table shows changes in the fair value of our Level 3 investments during the three months ended September 30, 2025:


	Three Months Ended September 30, 2025
	First Lien Secured Debt			Unsecured Debt		Common Equity/Interests			Total
Fair value as of June 30, 2025	$	917,856		$	19	$	4,286		$	922,161
Net realized gains (losses)		(8,813	)		—		—			(8,813	)
Net change in unrealized gains (losses)		5,170			—		(1,453	)		3,717
Net amortization on investments		839			—		—			839
Purchases, including capitalized PIK (2)		38,858			—		2,820			41,678
Proceeds from sales and repayments of investments (2)		(60,165	)		—		—			(60,165	)
Fair value as of September 30, 2025 (3)	$	893,745			19		5,653		$	899,417

Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2025	$	7,357		$	—	$	(329	)	$	7,028

The following table shows changes in the fair value of our Level 3 investments during the nine months ended September 30, 2025:


	Nine Months Ended September 30, 2025
	First Lien Secured Debt			Unsecured Debt		Common Equity/Interests			Total
Fair value as of December 31, 2024	$	892,748			19		2,895		$	895,662
Net realized gains (losses)		(8,397	)		—		—			(8,397	)
Net change in unrealized gains (losses)		(3,397	)		—		(1,870	)		(5,267	)
Net amortization on investments		2,270			—		—			2,270
Purchases, including capitalized PIK (2)		166,351			—		4,628			170,979
Proceeds from sales and repayments of investments (2)		(155,830	)		—		—			(155,830	)
Fair value as of September 30, 2025 (3)	$	893,745		$	19	$	5,653		$	899,417

Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2025	$	3,748		$	—	$	(1,865	)	$	1,883

(1)

(2)

Includes reorganizations and restructuring of investments.

(3)

Includes unfunded commitments measured at fair value of $(389).

The following table summarizes the significant unobservable inputs the Company used to value its investments categorized within Level 3 as of September 30, 2026. In addition to the techniques and inputs noted in the tables below, according to our valuation policy we may also use other valuation techniques and methodologies when determining our fair value measurements. The below table is not intended to be all-inclusive, but rather provide information on the significant unobservable inputs as they relate to the Company’s determination of fair values.

The unobservable inputs used in the fair value measurement of our Level 3 investments as of September 30, 2026 were as follows:


				Quantitative Information about Level 3 Fair Value Measurements
Asset Category		Fair Value		Valuation Techniques/Methodologies	Unobservable Input	Range		Weighted Average (1)
First Lien Secured Debt	$		853,433	Yield Analysis	Discount Rate	4.8%	23.1%	11.5%
			31,872	Cost Approach	Cost Approach	N/A	N/A	N/A
			37,530	Recovery Analysis	Recoverability %	0.0%	100.0%	70.2%
Common Equity/Interests			609	Guideline Public Company	TEV/EBITDA	6.0x	17.5x	11.77x
			52	Cost Approach	Cost Approach	N/A	N/A	N/A
Total Level 3 Investments	$		923,496

(1)

The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment. For the commodity price unobservable input, the weighted average price is an undiscounted price based upon the estimated production level from the underlying reserves.

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


				Quantitative Information about Level 3 Fair Value Measurements
Asset Category		Fair Value		Valuation Techniques/Methodologies	Unobservable Input	Range		Weighted Average (1)
First Lien Secured Debt	$		884,674	Yield Analysis	Discount Rate	7.6%	19.2%	10.0%
			31,262	Cost Approach	Cost Approach	N/A	N/A	N/A
			16,051	Recovery Analysis	Recoverable Amount	N/A	N/A	N/A
Common Equity/Interests			250	Cost Approach	Cost Approach	N/A	N/A	N/A
			3,745	Market Comparable Technique	Comparable Multiple	5.7x	30.6x	6.7x
Total Level 3 Investments	$		935,982

(1)

The significant unobservable inputs used in the fair value measurement of the Company’s debt and equity securities are primarily EBITDA comparable multiples and market discount rates. The Company typically uses EBITDA comparable multiples on its equity securities to determine the fair value of investments. The Company uses market discount rates for debt securities to determine if the effective yield on a debt security is commensurate with the market yields for that type of debt security. If a debt security’s effective yield is significantly less than the market yield for a similar debt security with a similar credit profile, the resulting fair value of the debt security may be lower. For certain investments where fair value is derived based on a recovery analysis, the Company uses underlying commodity prices from third party market pricing services to determine the fair value and/or recoverable amount, which represents the proceeds expected to be collected through asset sales or liquidation. Further, for certain investments, the Company also considered the probability of future events which are not in management’s control. Significant increases or decreases in any of these inputs in isolation would result in a significantly lower or higher fair value measurement. The significant unobservable inputs used in the fair value measurement of the structured products include the discount rate applied in the valuation models in addition to default and recovery rates applied to projected cash flows in the valuation models. Specifically, when a discounted cash flow model is used to determine fair value, the significant input used in the valuation model is the discount rate applied to present value the projected cash flows. Increases in the discount rate can significantly lower the fair value of an investment; conversely decreases in the discount rate can significantly increase the fair value of an investment. The discount rate is determined based on the market rates an investor would expect for a similar investment with similar risks. For certain investments such as warrants, the Company may use an option pricing technique, of which the applicable method is the Black-Scholes Option Pricing Method (“BSM”), to perform valuations. The BSM is a model of price variation over time of financial instruments, such as equity, that is used to determine the price of call or put options. Various inputs are required but the primary unobservable input into the BSM model is the underlying asset volatility.

Investment Transactions

For the three and nine months ended September 30, 2026, purchases of investments on a trade date basis were $46,303 and $127,559, respectively. For the three and nine months ended September 30, 2026, sales and repayments of investments on a trade date basis were $48,200 and $119,295, respectively.

For the three and nine months ended September 30, 2025, purchases of investments on a trade date basis were $40,895 and $168,926, respectively. For the three and nine months ended September 30, 2025, sales and repayments of investments on a trade date basis were $59,073 and $162,600, respectively.

PIK Income

The Company holds loans and other investments, including certain preferred equity investments, that have contractual PIK income. PIK income computed at the contractual rate is accrued into income and reflected as receivable up to the capitalization date. During the three and nine months ended September 30, 2026, PIK income earned was $416 and $1,696, respectively. During the three and nine months ended September 30, 2025, PIK income earned was $808 and $2,388, respectively.

The following table shows the change in capitalized PIK balance for the three and nine months ended September 30, 2026 and September 30, 2025:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026		2025
PIK balance at beginning of period	$	8,124		$	4,991		$	6,243	$	3,839
PIK income capitalized		456			882			1,847		2,357
PIK capitalized exited from investment sales, repayments, and restructurings		(490	)		(72	)		—		(395	)
PIK balance at end of period	$	8,090		$	5,801		$	8,090	$	5,801

Investments on Non-Accrual Status

As of September 30, 2026, 3.8% of total investments at amortized cost, or 2.4% of total investments at fair value, were on non-accrual status. As of December 31, 2025, 2.5% of total investments at amortized cost, or 1.5% of total investments at fair value, were on non-accrual status.

Derivative Instruments

In the normal course of business, the Company enters into derivative financial instruments to achieve certain risk management objectives, including managing its interest rate and foreign currency risk exposures.

Certain information related to the Company’s foreign currency forward contracts is presented below as of September 30, 2026:


Counterparty	Notional amount to be purchased		Notional amount to be sold		Settlement Date		Fair Value		Balance Sheet Location of Net Amounts
State Street Bank and Trust Company	$	9,326	£	6,899	12/16/2026			172	Unrealized appreciation (depreciation) on foreign currency forward contracts
State Street Bank and Trust Company		8,087	C$	11,132	12/16/2026			236	Unrealized appreciation (depreciation) on foreign currency forward contracts
State Street Bank and Trust Company		890	€	763	12/16/2026			23	Unrealized appreciation (depreciation) on foreign currency forward contracts
						$		431

Certain information related to the Company’s foreign currency forward contracts is presented below as of December 31, 2025:


Counterparty	Notional amount to be purchased		Notional amount to be sold		Settlement Date		Fair Value			Balance Sheet Location of Net Amounts
State Street Bank and Trust Company	$	2,898	C$	3,979	3/18/2026			(10	)	Unrealized appreciation (depreciation) on foreign currency forward contracts
State Street Bank and Trust Company		996	€	850	3/18/2026			(6	)	Unrealized appreciation (depreciation) on foreign currency forward contracts
State Street Bank and Trust Company		3,518	£	2,640	3/18/2026			(39	)	Unrealized appreciation (depreciation) on foreign currency forward contracts
						$		(55	)

The Company's foreign currency forward contracts are subject to an enforceable ISDA Master Netting Agreement with State Street Bank and Trust Company. Pursuant to the Company's accounting policy, forward contract fair values are presented net by counterparty. As of September 30, 2026, the net fair value of these contracts was a $431 asset, reflected in "Unrealized appreciation on foreign currency forward contracts" on the Consolidated Statements of Assets and Liabilities. The Company has elected not to offset cash collateral against derivative fair values; no cash collateral was posted or received in connection with these contracts.

The Company’s foreign currency forward contracts are not designated in a qualifying hedge accounting relationship. Net realized and change in unrealized gains and losses for three and nine months ended September 30, 2026 and 2025, for the Company’s foreign currency forward contracts, are in the following locations in the Consolidated Statements of Operations:


		Three Months Ended September 30,						Nine Months Ended September 30,
Derivative Instrument	Financial Statement Location	2026			2025			2026			2025
Foreign currency forward contracts	Net realized gains (losses) on foreign currency forward contracts	$	(192	)	$	(17	)	$	(83	)	$	(162	)
		$	(192	)	$	(17	)	$	(83	)		(162	)


		Three Months Ended September 30,				Nine Months Ended September 30,
Derivative Instrument	Financial Statement Location	2026		2025		2026		2025
Foreign currency forward contracts	Net change in unrealized gains (losses) on foreign currency forward contracts	$	318	$	77	$	486	$	38
		$	318	$	77	$	486	$	38

Note 5. Debt and Foreign Currency Transactions and Translations

AP Leaf, LLC

On December 20, 2023 (the “Closing Date”), AP Leaf, a Delaware limited liability company and newly formed subsidiary of the Company, entered into a Loan and Security Agreement (the “AP Leaf Secured Credit Facility”), with AP Leaf, as borrower, the Company, in its capacity as collateral manager and in its capacity as equity holder, the lenders from time to time parties thereto, Wells Fargo Bank, N.A., as administrative agent, State Street Bank and Trust Company, as trustee and collateral agent, and Virtus Group, LP, as collateral administrator. After the Conversion Date, in accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. As of September 30, 2026 and December 31, 2025, the Company's asset coverage was 167.4% and 170.7%, respectively.

The maximum principal amount of the AP Leaf Secured Credit Facility as of the Closing Date was $500,000, which can be drawn in multiple currencies subject to certain conditions; the availability of this amount is subject to the borrowing base, which is determined on the basis of the value and types of AP Leaf’s assets from time to time, and satisfaction of certain conditions, including certain concentration limits. Amounts drawn under the AP Leaf Secured Credit Facility, will bear interest at the term SOFR Reference Rate, the CORRA Rate, SONIA or the EURIBOR Rate (the “Applicable Reference Rate”), in each case, plus a spread of 2.65% or 4.75% in the event of a default. The contractual maturity date of the AP Leaf Secured Credit Facility was December 20, 2028.

In January 2024, AP Leaf entered into Amendment No. 1 (the “First AP Leaf Amendment”) for the AP Leaf Secured Credit Facility. The First AP Leaf Amendment amended the AP Leaf Secured Credit Facility to have ComputerShare Trust N.A. succeed State Street Bank and Trust Company as trustee and collateral agent, and Virtus Group, LP as collateral administrator.

In June 2024, AP Leaf entered into Amendment No. 2 (the “Second AP Leaf Amendment”) for the AP Leaf Secured Credit Facility. The Second AP Leaf Amendment amended the AP Leaf Secured Credit Facility to increase the facility amount to $650,000.

On March 6, 2025 (the “Third Amendment Closing Date”), AP Leaf entered into the Third Amendment to Loan and Security Agreement (“Third AP Leaf Amendment”) for the AP Leaf Secured Credit Facility, dated as of December 20, 2023, by and among AP Leaf, as borrower, the Company, in its capacity as collateral manager and in its capacity as equityholder, the lenders from time to time party thereto, Wells Fargo, National Association, as administrative agent for the Secured Parties, and ComputerShare Trust Company, N.A., in its capacity as collateral agent and in its capacity as trustee. Capitalized terms used but not otherwise defined herein have the meanings given to them in the Third AP Leaf Amendment.

The Third AP Leaf Amendment amended the AP Leaf Secured Credit Facility to, among other things, (i) increase the AP Leaf Secured Credit Facility Amount to $750,000, (ii) reduce the spread to 2.05% per annum, (iii) extend the Reinvestment Period to three years after the Third Amendment Closing Date and (iv) extend the AP Leaf Secured Credit Facility Maturity Date to five years after the Third Amendment Closing Date.

As of September 30, 2026, the Company's outstanding debt obligations under the AP Leaf Secured Credit Facility was $568,168 with a fair value of $566,748 and deferred financing costs of $5,826. The fair value of the Company’s debt under the AP Leaf Secured Credit Facility would be categorized as Level 3 under ASC 820 as of September 30, 2026. The valuation is based on a yield analysis and discount rate commensurate with the market yields for similar types of debt.

As of December 31, 2025, the Company's outstanding debt obligations under the AP Leaf Secured Credit Facility were $560,789 with the fair value of $561,098 and deferred financing costs of $7,095. The fair value of the Company’s debt under the AP Leaf Secured Credit Facility would be categorized as Level 3 under ASC 820 as of December 31, 2025. The valuation is based on a yield analysis and discount rate commensurate with the market yields for similar types of debt.

The following table summarizes the average and maximum debt outstanding, and the interest and debt issuance cost for the three and nine months ended September 30, 2026 and 2025:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Average debt outstanding	$	575,681		$	554,281		$	573,251		$	564,913
Maximum amount of debt outstanding		590,821			583,565			590,821			584,357
Weighted average annualized interest cost (1)		5.98	%		6.56	%		5.87	%		6.68	%
Annualized amortized debt issuance cost		0.30	%		0.30	%		0.30	%		0.21	%
Total annualized interest cost		6.28	%		6.86	%		6.17	%		6.89	%

(1)

Includes the stated interest expense and commitment fees on the unused portion of AP Leaf Secured Credit Facility. Commitment fees for the three and nine months ended September 30, 2026 and 2025, were $223 and $— respectively.

Foreign Currency Transactions and Translations

The Company had no foreign-denominated debt obligations outstanding on its AP Leaf Secured Credit Facility as of September 30, 2026.

The Company had the following foreign-denominated debt obligations outstanding on its AP Leaf Secured Credit Facility as of December 31, 2025:


	Original Principal Amount (Local)		Original Principal Amount (USD)		Principal Amount Outstanding		Unrealized Gain/(Loss)			Reset Date
Canadian Dollar	C$	6,000	$	4,372	$	4,371	$	1			1/15/2026
Great Britain Pound	£	3,500	$	4,636	$	4,718	$	(82	)		1/4/2026
Total			$	9,008	$	9,089	$	(81	)

Note 6. Net Assets

The Company is authorized to issue an unlimited number of common shares of beneficial interest (“Common Shares”) at $0.001 per share par value. Since the commencement of operations on December 15, 2023, the Company has entered into subscription agreements with investors, including affiliates of the Adviser, to make commitments to purchase Common Shares (“Capital Commitments”). Under the terms of the Capital Commitments, investors are required to fund capital contributions to purchase the Common Shares at a price per share equal to the most recent net asset value (“NAV”) per share determined within 48 hours of a date specified in the drawdown notice. Drawdown notices will be delivered at least 10 business days prior to the date on which contributions will be due and drawdown amounts will generally be made pro rata, in accordance with unfunded Capital Commitments of all investors.

On December 15, 2023, two beneficial owners (the “Limited Owners”) were admitted to the Company in exchange for $433,333 in Capital Commitments including $33,333 committed by an affiliate of the Adviser. Of the $433,333 in Capital Commitments, the Company called $293,587 prior to the Conversion Date. All Limited Owners' funded Capital Commitments were converted into 12,145,597 Common Shares on the Conversion Date.

On January 24, 2025, the Company issued and sold 1,015,847 Common Shares and the Company received $25 million as payment for such Common Shares.

On July 29, 2025, the Company issued and sold 1,034,768 Common Shares and the Company received $25 million as payment for such Common Shares.

As of September 30, 2026 and December 31, 2025, the Company had the following Capital Commitments, pursuant to subscription agreements, and contributions from its shareholders:


		September 30, 2026									December 31, 2025
		Capital Commitments			Funded Capital Commitments		% of Capital Commitments Funded				Capital Commitments			Funded Capital Commitments		% of Capital Commitments Funded
Common Shares	$		500,000	$		414,877		83	%	$		500,000	$		414,877		83	%

The following table summarizes the Common Shares of the Company issued for the nine months ended September 30, 2026 and 2025:


	Nine Months Ended September 30,
	2026				2025
	Shares		Amount		Shares		Amount
Proceeds from shares sold		—	$	—		2,050,615	$	50,000
Distributions reinvested		100,737		2,325		65,223		1,587
Total net increase (decrease)		100,737	$	2,325		2,115,838	$	51,587

The following table presents distributions that were declared during the nine months ended September 30, 2026:


			Distributions
Record Date	Declaration Date	Payment Date	Per Share		Amount*
March 13, 2026	March 12, 2026	April 16, 2026	$	0.7353	$	12,579
May 21, 2026	May 06, 2026	July 23, 2026		0.5729		9,821
October 6, 2026	August 5, 2026	October 22, 2026		0.5895		—
			$	1.8977	$	22,400

The following table presents distributions that were declared during the nine months ended September 30, 2025:


			Distributions
Record Date	Declaration Date	Payment Date	Per Share		Amount*
March 17, 2025	March 17, 2025	April 11, 2025	$	0.7509	$	11,968
May 21, 2025	May 7, 2025	July 11, 2025		0.7874		12,575
August 20, 2025	August 6, 2025	October 14, 2025		0.7500		12,779
			$	2.2883	$	37,322

* Totals may not foot due to rounding.

Note 7. Commitments and Contingencies

The Company has various commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. As of September 30, 2026 and December 31, 2025, the Company had the following unfunded commitments to its portfolio companies:


	September 30, 2026		December 31, 2025
Unfunded revolver obligations and bridge loan commitments (1)	$	30,835	$	21,899
Standby letters of credit issued and outstanding (2)		801		43
Unfunded delayed draw loan commitments (including commitments with performance thresholds not met) (3)		43,691		27,490
Total Unfunded Commitments	$	75,327	$	49,432

(1)

The unfunded revolver obligations may or may not be funded to the borrowing party in the future. The amounts relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers as of September 30, 2026, subject to the terms of each loan’s respective credit agreements which includes borrowing covenants that need to be met prior to funding. As of September 30, 2026, no bridge loan commitments were outstanding.

(2)

For all these letters of credit issued and outstanding, the Company would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations. None of the letters of credit issued and outstanding are recorded as a liability on the Company’s Consolidated Statements of Assets and Liabilities as such letters of credit are considered in the valuation of the investments in the portfolio company.

(3)

The Company’s commitment to fund delayed draw loans is triggered upon the satisfaction of certain pre-negotiated terms and conditions which can include covenants to maintain specified leverage levels and other related borrowing base covenants. For commitments to fund delayed draw loans with performance thresholds, borrowers are required to meet certain performance requirements before the Company is obligated to fulfill these commitments.

Organizational and Offering Costs

The Adviser agreed to bear all of the Company’s organization and offering expenses through the date on which the Company commenced operations. The Company is obligated to reimburse the Adviser for such expenses. The total organization and offering costs incurred were $469, which were recognized by the Company when it commenced operations.

If actual organization costs incurred exceed 0.25% of the Company's total Capital Commitments, the Adviser or its affiliates will bear such excess costs for the 36 months beginning on the date which the Company commenced operations. To the extent that the Company's Capital Commitments later increase following such 36 month period, the Adviser or its affiliates may be reimbursed for past payments of excess organization costs made on the Company’s behalf, provided that the total organization costs borne by the Company do not exceed 0.25% of total Capital Commitments at any time and provided further that the Adviser or its affiliates may not be reimbursed for payment of excess organization expenses that were incurred more than three years prior to the proposed reimbursement. Any sales load, platform fees, servicing fees or similar fees or expenses charged directly to an investor in an offering by a placement agent or similar party will not be considered organization expenses of the Company for purposes of the Company’s cap on organization expenses. As of September 30, 2026, the Company’s actual organizational costs were less than 0.25% of the Company’s total Capital Commitments and the Company has been organized. Accordingly, the Adviser did not cover any organizational costs.

Note 8. Financial Highlights

The following is a schedule of financial highlights for the nine months ended September 30, 2026 and 2025:


		Nine Months Ended September 30,
		2026				2025
Per Share Data*
Net asset value at beginning of period	$		23.24		$		24.43
Net investment income (1)			1.96				2.43
Net realized and change in unrealized gains (losses) (1)			(1.60	)			(0.92	)
Net increase in net assets resulting from operations			0.36				1.51
Distribution of net investment income (1)(2)			(1.31	)			(2.29	)
Net asset value at end of period	$		22.29		$		23.65

Total return (3)			1.66	%			6.27	%
Shares outstanding at end of period (1)			17,172,990				17,038,441
Weighted average shares outstanding (1)			17,133,758				16,125,448

Ratio/Supplemental Data
Net assets at end of period (in millions)	$		382.8		$		402.9
Annualized ratio of operating expenses to average net assets (4)			2.84	%			2.10	%
Annualized ratio of interest and other debt expenses to average net assets			9.22	%			10.28	%
Annualized ratio of total expenses to average net assets (4)			12.06	%			12.38	%
Annualized ratio of net investment income to average net assets			11.66	%			13.61	%
Average debt outstanding (in millions)	$		573.3		$		564.9
Average debt per share	$		33.46		$		35.03
Annualized portfolio turnover rate			17.05	%			23.77	%
Asset coverage per unit (5)	$		1,674		$		1,776

(1)

Financial highlights are based on the weighted average number of shares outstanding for the period presented.

(2)

The tax character of distributions will be determined based on taxable income calculated in accordance with income tax regulations which may differ from amounts determined under GAAP. The tax character of distributions paid to shareholders may include return of capital and the exact amount cannot be determined at this point. Per share amounts are based on actual rate per share.

(3)

Total return is based on the change in net asset value per share during the respective periods. Total return also takes into account distributions, if any, reinvested in accordance with the Company’s distribution reinvestment plan. Total return does not reflect sales load. Total return is not annualized.

(4)

The ratio of operating expenses to average net assets and the ratio of total expenses to average net assets are shown inclusive of all management and incentive fee waivers (See Note 3 to the consolidated financial statements). For the nine months ended September 30, 2026, the annualized ratio of operating expenses to average net assets and the annualized ratio of total expenses to average net assets would be 4.02% and 13.24%, respectively, without the fee waivers.

(5)

The asset coverage ratio representing indebtedness is calculated as our total assets, less all liabilities and indebtedness not represented by our secured credit facility, divided by secured credit facility representing indebtedness. This asset coverage ratio is multiplied by one thousand to determine the asset coverage per unit. As of September 30, 2026, the Company's asset coverage was 167.4%.

* Totals may not foot due to rounding.

Note 9. Subsequent Events

Management has evaluated subsequent events through the date of issuance of these consolidated financial statements and has determined that there are no subsequent events outside the ordinary scope of business that require adjustment to, or disclosure in, the consolidated financial statements other than those disclosed below.

Distributions Paid

On October 6, 2026, the Company recorded a distribution of $10,123 payable on October 22, 2026, based on 17,172,990 shares outstanding on October 6, 2026.

Distribution Declarations

On November 4, 2026, the Company’s Board declared a base distribution of $0.8154 per share, payable on January 28, 2027 to shareholders of record as of November 4, 2026. There can be no assurances that the Board will continue to declare a base distribution of $0.8154 per share.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the shareholders and the Board of Trustees of MidCap Apollo Institutional Private Lending:

Results of Review of Interim Financial Information

We have reviewed the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of MidCap Apollo Institutional Private Lending and subsidiaries (formerly known as Middle Market Apollo Institutional Private Lending) (the "Company") as of September 30, 2026, the related consolidated statements of operations and changes in net assets for the three-month and nine-month periods ended September 30, 2026 and 2025, the consolidated statements of cash flows and financial highlights for the nine-month periods ended September 30, 2026 and 2025, and the related notes (collectively referred to as the "interim financial information"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statement of assets and liabilities, including the consolidated schedule of investments, of the Company as of December 31, 2025, and the related consolidated statements of operations, changes in net assets, cash flows, and financial highlights for the year then ended (not presented herein); and in our report dated March 12, 2026, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, as of December 31, 2025, is fairly stated, in all material respects, in relation to the consolidated statement of assets and liabilities, including the consolidated schedule of investments, from which it has been derived.

Basis for Review Results

This interim financial information is the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ Deloitte & Touche LLP

New York, New York

November 6, 2026

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

The following analysis of our financial condition and results of operations should be read in conjunction with our financial statements and the notes thereto contained elsewhere in this report. Some of the statements in this report constitute forward-looking statements, which relate to future events or our future performance or financial condition. The forward-looking statements contained herein involve risks and uncertainties, including statements as to:

•

our future operating results;

•

our business prospects and the prospects of our portfolio companies;

•

the impact of investments that we expect to make;

•

our contractual arrangements and relationships with third parties;

•

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

•

political, economic or industry conditions, or conditions affecting the financial and capital markets, including the effect of trade policy;

•

the impact of geo-political conditions, including revolution, insurgency, terrorism or war, including those arising out of the ongoing conflicts in the Middle East and Eastern Europe;

•

the ability of our portfolio companies to achieve their objectives;

•

our expected financings and investments;

•

the adequacy of our cash resources and working capital; and

•

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

We generally use words such as “anticipates,” “believes,” “expects,” “intends” and similar expressions to identify forward-looking statements. Our actual results could differ materially from those projected in the forward-looking statements for any reason, including any factors set forth in “Risk Factors” and elsewhere in this report.

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

Overview

MidCap Apollo Institutional Private Lending (the “Company,” “we,” “us,” or “our”) was organized as a Delaware statutory trust on November 6, 2023. We are a closed-end, externally managed, non-diversified 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”) on March 15, 2024 (the “Conversion Date”). As such, we are required to comply with certain regulatory requirements. For instance, we generally have to invest at least 70% of our total assets in “qualifying assets,” including securities of private or thinly traded public U.S. companies, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less. In addition, for federal income tax purposes, we have elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Pursuant to this election and assuming we qualify as a RIC, we generally do not have to pay corporate-level federal income taxes on any income we distribute to our shareholders. We commenced operations on December 15, 2023, upon the admission of two beneficial owners (the “Limited Owners”) in the Company in exchange for $433,333 in Capital Commitments including $33,333 committed by an affiliate of the Adviser. Of the $433,333 in investor commitments to purchase common shares of beneficial interest ("Capital Commitments"), the Company called $293,587 prior to its election to be regulated as a BDC (the “Conversion Date”). All Limited Owners' funded Capital Commitments were converted into 12,145,597 common shares of beneficial interest ("Common Shares") at the Conversion Date. Since the Conversion Date, and through September 30, 2026, we have raised approximately $121,290 in net proceeds from additional offerings of Common Shares. All dollar amounts in “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” are in thousands, unless otherwise noted.

Portfolio and Investment Activity

Our portfolio and investment activity during the three and nine months ended September 30, 2026 and 2025 were as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions)*	2026			2025			2026			2025
Investments made in portfolio companies	$	46.3			40.9		$	127.6		$	168.9
Investments sold		—			(1.1	)		—			(1.1	)
Net activity before repaid investments		46.3			39.8			127.6			167.8
Investments repaid		(48.2	)		(59.1	)		(119.3	)		(162.6	)
Net investment activity	$	(1.9	)		(19.3	)	$	8.3		$	5.2

Portfolio companies, at beginning of period		151			129			143			126
Number of investments in new portfolio companies		12			13			26			41
Number of exited companies		(4	)		(8	)		(10	)		(33	)
Portfolio companies at end of period		159			134			159			134

Number of investments in existing portfolio companies		39			12			58			62

* Totals may not foot due to rounding.

Our portfolio composition and weighted average yields as of September 30, 2026 and December 31, 2025 were as follows:


	September 30, 2026				December 31, 2025
Portfolio composition, at fair value:
First lien secured debt			100	%			100	%
Total secured debt			100	%			100	%
Unsecured debt			0	%			0	%
Common equity/interests and warrants			0	%			0	%
Weighted average yields, at amortized cost (1):
First lien secured debt (2)			9.7	%			9.6	%
Secured debt portfolio (2)			9.7	%			9.6	%
Unsecured debt portfolio (2)			12.4	%			11.3	%
Total debt portfolio (2)			9.7	%			9.6	%
Total portfolio (3)			9.2	%			9.3	%
Interest rate type, at fair value (2):
Fixed rate amount	$	0.0 million			$	0.0 million
Floating rate amount	$	902.0 million			$	925.1 million
Fixed rate, as percentage of total			0	%			0	%
Floating rate, as percentage of total			100	%			100	%
Interest rate type, at amortized cost (2):
Fixed rate amount	$	0.0 million			$	0.0 million
Floating rate amount	$	921.9 million			$	931.3 million
Fixed rate, as percentage of total			0	%			0	%
Floating rate, as percentage of total			100	%			100	%

(1) An investor’s yield may be lower than the portfolio yield due to sales loads and other expenses.

(2) Calculated exclusive of investments on non-accrual status.

(3) Inclusive of all income generating investments, non-income generating investments and investments on non-accrual status.

Since the commencement of operations and through September 30, 2026, invested capital totaled $1,386.7 million in 219 portfolio companies.

Recent Developments

See Note 9 to the consolidated financial statements for a summary of recent developments.

Critical Accounting Estimates

The preparation of the consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. In addition to the discussion below, our significant accounting policies are further described in the notes to the consolidated financial statements. See "Item 1. Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 2. Significant Accounting Policies" of our Quarterly Report on Form 10-Q for the quarter ended September 30, 2026.

Fair Value Measurements

ASC 820 classifies the inputs used to measure these fair values into the following hierarchy:

Level 1: Quoted prices in active markets for identical assets or liabilities, accessible by us at the measurement date.

Level 3: Unobservable inputs for the asset or liability.

As of September 30, 2026, $923.5 million or 99.5% of the Company’s investments were classified as Level 3. The high proportion of Level 3 investments relative to our total investments is directly related to our investment philosophy and target portfolio, which consists primarily of long-term secured debt, as well as unsecured and mezzanine positions of private middle-market companies. A fundamental difference exists between our investments and those of comparable publicly traded fixed income investments, namely high-yield bonds, and this difference affects the valuation of our private investments relative to comparable publicly traded instruments.

Senior secured loans, or senior loans, are higher in the capital structure than high-yield bonds, and are typically secured by assets of the borrowing company. This improves their recovery prospects in the event of default and affords senior loans a structural advantage over high-yield bonds. Many of the Company’s investments are also privately negotiated and contain covenant protections that limit the issuer to take actions that could harm us as a creditor. High-yield bonds typically do not contain such covenants.

Given the structural advantages of capital seniority and covenant protection, the valuation of our private debt portfolio is driven more by investment specific credit factors than movements in the broader debt capital markets. Each security is evaluated individually and as indicated below, we value our private investments based upon a multi-step valuation process, including valuation recommendations from independent valuation firms.

Results of Operations

Operating results for the three and nine months ended September 30, 2026 and 2025 were as follows:


	Three Months Ended September 30,						Nine months ended September 30,
(in millions)*	2026			2025				2026			2025
Investment Income
Interest income	$	22.3		$	24.0		$		66.0		$	71.9
PIK interest income		0.4			0.8				1.7			2.4
Other income		0.2			0.2				0.5			0.4
Total investment income	$	22.9		$	25.0		$		68.2		$	74.7
Expenses
Management and performance-based incentive fees, net of amounts waived	$	—		$	1.3		$		3.8		$	2.9
Interest and other debt expenses, net of reimbursements		9.0			9.7				26.5			29.5
Administrative services expense, net of reimbursements		0.5			0.3				1.3			0.7
Other general and administrative expenses		1.0			0.8				3.0			2.5
Net Expenses	$	10.5		$	12.1		$		34.7		$	35.6
Net Investment Income	$	12.4		$	12.9		$		33.5		$	39.1
Net Realized and Change in Unrealized Gains (Losses)
Net realized gains (losses)	$	(5.3	)	$	(9.5	)	$		(5.1	)	$	(10.1	)
Net change in unrealized gains (losses)		(1.4	)		3.5				(22.3	)		(4.9	)
Net Realized and Change in Unrealized Gains (Losses)	$	(6.6	)	$	(6.0	)	$		(27.4	)	$	(15.0	)
Net Increase in Net Assets Resulting from Operations	$	5.8		$	6.9		$		6.1		$	24.1

Net Investment Income on Per Average Share Basis (1)	$	0.72		$	0.77		$		1.96		$	2.43
Earnings per share — basic (1)	$	0.34		$	0.41		$		0.36		$	1.50

* Totals may not foot due to rounding.

(1) Based on the weighted average number of shares outstanding for the period presented.


Delaware	93-4353274
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
9 West 57th Street New York, New York	10019
(Address of principal executive offices)	(Zip Code)


Large accelerated filer	¨	Accelerated filer	¨	Non-accelerated filer	x	Smaller reporting company	¨	Emerging growth company	x


		Page
	PART I. FINANCIAL INFORMATION

Item 1.	Consolidated Financial Statements	1

	Consolidated Statements of Assets and Liabilities as of September 30, 2026 (Unaudited) and December 31, 2025	1

	Consolidated Statements of Operations for the three and nine months ended September 30, 2026 and September 30, 2025 (Unaudited)	2

	Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2026 and September 30, 2025 (Unaudited)	3

	Consolidated Statements of Cash Flows for the nine months ended September 30, 2026 and September 30, 2025 (Unaudited)	4

	Consolidated Schedule of Investments as of September 30, 2026 (Unaudited)	5

	Consolidated Schedule of Investments as of December 31, 2025	36

	Notes to Consolidated Financial Statements (Unaudited)	61

	Report of Independent Registered Public Accounting Firm	90

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	91

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	102

Item 4.	Controls and Procedures	103

	PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	104

Item 1A.	Risk Factors	104

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	104

Item 3.	Defaults Upon Senior Securities	104

Item 4.	Mine Safety Disclosures	104

Item 5.	Other Information	104

Item 6.	Exhibits	105

	Signatures	106


Title of each class	Trading symbol(s)	Name of each exchange on which registered
None	None	None


(in millions)	Net Realized Gain (Loss)
FEV Acquisition Corporation	$	(7.5	)
LAV Gear Holdings INC		(2.0	)


(in millions)	Net Unrealized Gain (Loss)
Kauffman	$	5.1
Parcelshield Holdings LLC		(1.3	)
Wellbeam Consumer Health Intermediate, LLC		(1.2	)
Congruex		(1.0	)


(in millions)	Net Change in Unrealized Gain (Loss)
Veristat Group Inc.	$	3.7
Kauffman		3.0
Midwest Vision		(4.8	)
LAV GEAR HOLDINGS INC		(3.2	)
Congruex		(2.5	)
American Restoration		(2.3	)
American West		(2.1	)
Parcelshield Holdings LLC		(1.9	)
Thomas Scientific		(1.7	)
Wellbeam Consumer Health Intermediate, LLC		(1.4	)
PARS Group LLC		(1.3	)
Distinct		(1.3	)


		Payments Due by Period
(in millions)	Total			Less than 1 Year		1 to 3 Years		3 to 5 Years		More than 5 Years
Senior Secured Facility (1)	$		568.2	$	—	$	—	$	568.2	$	—
Total Debt Obligations	$		568.2	$	—	$	—	$	568.2	$	—


Basis Point Change	Net Investment Income		Net Investment Income Per Share
Up 150 basis points	$	5.1 million	$	0.296
Up 100 basis points		3.4 million		0.196
Up 50 basis points		1.7 million		0.098
Down 50 basis points		(1.7) million		(0.098	)
Down 100 basis points		(3.4) million		(0.195	)
Down 150 basis points		(4.9) million		(0.286	)


3.1	Fourth Amended and Restated Agreement and Declaration of Trust (1)
3.2	Bylaws (2)
10.1	Fee Waiver Agreement, dated August 12, 2026, by and between MidCap Apollo Institutional Private Lending and Apollo Credit Management, LLC (3)
31.1	Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934*
31.2	Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934*
32	Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes- Oxley Act of 2002 (18 U.S.C. 1350)*
101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document
101.SCH	Inline XBRL Taxonomy Extension Schema Document with Embedded Linkbase Documents
104	Cover Page Interactive Data File (Formatted as Inline XBRL and contained in Exhibit 101)



MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

By:		/s/ Tanner Powell
Name:		Tanner Powell
Title:		Chief Executive Officer
		(Principal Executive Officer)

By:		/s/ Kenneth Seifert
Name:		Kenneth Seifert
Title:		Chief Financial Officer and Treasurer
		(Principal Financial Officer)

By:		/s/ Joseph Durkin
Name:		Joseph Durkin
Title:		Chief Accounting Officer
		(Principal Accounting Officer)