INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2026

INVESTMENTS [Abstract]

Schedule of Fair Value

The following table shows the composition of the Company’s investment portfolio 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				Measured at Net Asset Value⁽¹⁾
First Lien Secured Debt		$	449,969			$	449,031			$	—			$	2,941			$	446,090			$	—
Second Lien Secured Debt			8,718				7,898				—				—				7,898				—
Equity			194				213				—				—				213				—
Investment in Joint Ventures			25,908				25,850				—				—				—				25,850
Total Investments		$	484,789			$	482,992			$	—			$	2,941			$	454,201			$	25,850

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

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

										Fair Value Hierarchy
		Cost				Fair Value				Level 1				Level 2				Level 3				Measured at Net Asset Value⁽¹⁾
First Lien Secured Debt		$	290,356			$	291,011			$	—			$	3,483			$	287,528			$	—
Second Lien Secured Debt			8,695				8,730				—				—				8,730				—
Equity			110				110				—				—				110				—
Investments in Joint Venture			18,756				18,764				—				—				—				18,764
Total Investments		$	317,917			$	318,615			$	—			$	3,483			$	296,368			$	18,764

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

Schedule of Changes in Fair Value

The following table presents changes in the fair value of the Company’s investments for which Level 3 inputs were used to determine the fair value for the nine months ended September 30, 2026:

		For the nine months ended September 30, 2026
		First Lien Secured Debt				Second Lien Secured Debt				Equity
Fair value, beginning of period		$	287,528			$	8,730			$	110
Purchases			283,616				—				84
Payment-in-kind interest income capitalized			381				—				—
Sales and repayments			(125,506	)			—				—
Net (amortization) accretion on investments			1,046				22				—
Net realized gains (losses) on investments			85				—				—
Net change in unrealized gains (losses) on investments			(1,060	)			(854	)			19

		For the nine months ended September 30, 2026
		First Lien Secured Debt				Second Lien Secured Debt				Equity
Transfers out of Level 3⁽¹⁾		$	—			$	—			$	—
Transfers into Level 3⁽¹⁾			—				—				—
Fair value, end of period		$	446,090			$	7,898			$	213
Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2026		$	(747	)		$	(855	)		$	19

⁽¹⁾	For the nine months ended September 30, 2026 there were no transfers out of/into Level 3.

		For the nine months ended September 30, 2025
		First Lien Secured Debt				Second Lien Secured Debt
Fair value, beginning of period		$	43,714			$	—
Purchases, including capitalized PIK			195,549				8,685
Sales and repayments			(20,626	)			—
Net (amortization) accretion on investments			370				3
Net realized gains (losses)			—				—
Net change in unrealized gains (losses)			425				—
Transfers out of Level 3⁽¹⁾			—				—
Transfers into Level 3⁽¹⁾			—				—
Fair value, end of period		$	219,432			$	8,688
Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2025		$	502			$	—

⁽¹⁾	For the nine months ended September 30, 2025 there were no transfers out of/into Level 3.

Schedule of Quantitative Information

The unobservable inputs used in the fair value measurement of our Level 3 investments as of 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

$

390,645

Income Approach

Discount Rate

8.03% - 12.85%

9.97%

First Lien Secured Debt

55,445

Market Approach

Transaction Price

n/a

n/a

Second Lien Secured Debt

7,898

Income Approach

Discount Rate

13.18% - 14.18%

13.68%

Equity

129

Market Approach

EBITDA Multiple

10.5x - 12.5x

11.5x

Equity

84

Market Approach

Transaction Price

n/a

n/a

Total Level 3 Investments

$

454,201

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

$

233,458

Income Approach

Discount Rate

6.65% - 10.41%

8.46%

First Lien Secured Debt

54,070

Market Approach

Transaction Price

N/A

N/A

Second Lien Secured Debt

8,730

Income Approach

Discount Rate

9.94% - 10.44%

10.19%

Equity

110

Market Approach

Transaction Price

N/A

N/A

Total Level 3 Investments

$

296,368

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

SBLA II Private Credit LLC Schedule of Investments

The following table presents the consolidated schedule of investments of the SBLA II JV as of September 30, 2026.

Investments⁽¹⁾		Reference Rate and Spread⁽²⁾		Interest Rate⁽²⁾		Maturity Date		Par Amount/ Common Units				Cost⁽³⁾				Fair Value				% of Net Assets
Investments—non-controlled/non-affiliated
First Lien Secured Debt^{(4) (5)}
Aerospace & Defense
Accel International Holdings Inc (Term Loan)		1M S + 4.25%		8.15%		4/26/2032		$	12,000			$	12,000			$	12,000			40.62	%
													12,000				12,000			40.62
Automobile Components
ATCDT Corp (Term Loan)		1M S + 3.25%		7.25%		1/25/2028			5,581				5,551				5,581			18.89
													5,551				5,581			18.89
Chemicals
Lenticular Holdings Inc (Term Loan)		3M S + 4.75%		8.79%		9/19/2033			5,089				5,038				5,038			17.05
													5,038				5,038			17.05
Commercial Services & Supplies
KDV Label (Term Loan)		1M S + 3.85%		7.53%		4/30/2029			3,398				3,398				3,372			11.41

Investments⁽¹⁾		Reference Rate and Spread⁽²⁾		Interest Rate⁽²⁾		Maturity Date		Par Amount/ Common Units				Cost⁽³⁾				Fair Value				% of Net Assets
KDV Label (Delayed Draw)⁽⁶⁾		1M S + 3.85%		7.53%		4/30/2029		$	232			$	232			$	221				0.75	%
Meridian Waste Acquisitions, LLC (Revolver)⁽⁶⁾		3M S + 3.38%		7.25%		8/30/2029			1,003				1,003				1,003				3.40
Meridian Waste Acquisitions, LLC (Term Loan)		3M S + 3.88%		7.84%		8/30/2029			7,637				7,637				7,637				25.85
Meridian Waste Acquisitions, LLC (Delayed Draw 2026 Term Loan)⁽⁶⁾		3M S + 3.88%		7.61%		8/30/2029			530				530				530				1.79
													12,800				12,763				43.20
Containers & Packaging
Accord Buyer LLC (Term Loan)		1M S + 4.50%		8.50%		5/19/2028			3,423				3,404				3,354				11.35
Accord Buyer LLC (Term Loan B)⁽⁶⁾		1M S + 4.50%		8.50%		5/19/2028			568				568				548				1.86
Schoeneck Containers, LLC (Term Loan)		1M S + 4.10%		8.12%		5/7/2028			3,015				3,015				3,015				10.21
Schoeneck Containers, LLC (Delayed Draw)		1M S + 4.10%		8.12%		5/7/2028			1,540				1,540				1,540				5.21
													8,527				8,457				28.63
Financial Services
Forge Borrower, LLC (Term Loan)		3M S + 4.25%		8.32%		1/31/2033			1,750				1,734				1,750				5.93
MAI Capital Management Intermediate LLC (Term Loan)		3M S + 4.75%		8.82%		8/29/2031			4,759				4,757				4,741				16.05
Trimont Holdings LLC (Term Loan)		3M S + 2.50%		6.32%		2/28/2030			10,200				10,163				10,149				34.35
													16,654				16,640				56.33
Health Care Equipment & Supplies
StateServ Acquisition, Inc. (Term Loan)		3M S + 4.50%		8.25%		7/18/2033			5,749				5,693				5,693				19.27
													5,693				5,693				19.27
Machinery
Iris Acquisition, LLC (Term Loan)		1M S + 5.00%		8.77%		6/9/2033			12,500				12,378				12,375				41.89
LR Purchaser LLC (Term Loan)		1M S + 4.25%		7.93%		3/19/2031			10,841				10,693				10,692				36.19
Rental Equipment Investment Co. (Term Loan)		6M S + 5.00%		8.85%		10/8/2030			12,406				12,277				12,282				41.57
													35,348				35,349				119.65
Pharmaceuticals
MRO Maryruth LLC (Term Loan A 1st Amendment)		3M S + 3.75%		7.80%		9/30/2030			4,174				4,153				4,153				14.06
													4,153				4,153				14.06
Real Estate Management & Development
Royal Property Company Borrower LLC (Term Loan A)		1M S + 3.75%		7.65%		5/1/2030			5,914				5,883				5,899				19.97
Royal Property Company Borrower LLC (Term Loan B)		1M S + 5.25%		9.15%		5/1/2031			1,534				1,521				1,520				5.14
Royal Property Company Borrower LLC (Delayed Draw)⁽⁶⁾		1M S + 3.75%		N/A		5/1/2031			—				(10	)			(19	)			(0.06	)
													7,394				7,400				25.05
Specialty Retail
Alliance Mobile Inc (Revolver)⁽⁶⁾		3M S + 3.50%		N/A		8/17/2031			—				(2	)			—				—
Alliance Mobile Inc (Term Loan 2026 6th Amendment)		3M S + 3.50%		7.24%		8/17/2031			8,680				8,680				8,680				29.38
													8,678				8,680				29.38
Textiles, Apparel & Luxury Goods
Colorescience Inc (Term Loan)		3M S + 4.25%		8.32%		1/23/2032			1,581				1,566				1,581				5.35
													1,566				1,581				5.35
Total First Lien Secured Debt												$	123,402			$	123,335				417.48	%
Total Investments at fair value												$	123,402			$	123,335				417.48	%

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

⁽²⁾	Unless otherwise indicated, each loan contains a variable rate structure, and may be subject to an interest rate floor. Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to the Secured Overnight Financing Rate (“SOFR” or “S”), which generally resets periodically. For each loan, the SBLA II JV has indicated the reference rate used (including any adjustments per the loan agreements), and provided the spread and interest rate in effect as of September 30, 2026.

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

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

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

⁽⁶⁾	Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value result from the unfunded commitment being valued below par and/or unamortized fees, which are capitalized to the investment cost. As of September 30, 2026, the total unfunded loan commitment was approximately $9.8 million.

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

Investments⁽¹⁾		Reference Rate and Spread⁽²⁾		Interest Rate⁽²⁾		Maturity Date		Par Amount/ Common Shares				Cost⁽³⁾				Fair Value				% of Net Assets
Investments—non-controlled/non-affiliated
First Lien Secured Debt^{(4) (5)}
Aerospace & Defense
Unical Aviation Inc (Term Loan)		1M S + 3.75%		7.47%		10/31/2029		$	3,404			$	3,373			$	3,385				15.78	%
													3,373				3,385				15.78
Automobile Components
ATCDT Corp (Term Loan)		1M S + 3.50%		7.32%		1/25/2028			5,924				5,875				5,895				27.49
													5,875				5,895				27.49
Beverages
King Juice (Term Loan)		1M S + 4.35%		7.22%		3/25/2027			694				690				694				3.24
King Juice (Revolver)⁽⁶⁾		1M S + 4.35%		7.22%		3/25/2027			27				20				27				0.13
													710				721				3.37
Commercial Services & Supplies
KDV Label (Term Loan)		1M S + 3.85%		8.04%		4/30/2029			3,578				3,565				3,555				16.58
KDV Label (Delayed Draw)⁽⁶⁾		1M S + 3.85%		N/A		4/30/2029			—				(2	)			(9	)			(0.05	)
Meridian Waste Acquisitions, LLC (Term Loan)		3M S + 3.38%		7.81%		8/30/2029			7,598				7,598				7,598				35.43
Meridian Waste Acquisitions, LLC (Delayed Draw)⁽⁶⁾		3M S + 3.88%		7.88%		8/30/2029			3,081				3,081				3,081				14.37
Meridian Waste Acquisitions, LLC (Revolver)⁽⁶⁾		3M P + 2.25%		9.00%		8/30/2029			842				842				842				3.93
													15,084				15,067				70.26
Construction & Engineering
Discovery Marketing And Distributing, LLC (Term Loan)		3M S + 4.00%		7.91%		8/10/2027			7,368				7,313				7,340				34.23
													7,313				7,340				34.23
Containers & Packaging
Accord Buyer LLC (Term Loan)		1M S + 4.50%		8.32%		5/19/2028			3,738				3,708				3,645				17.00
Accord Buyer LLC (Term Loan)⁽⁶⁾		1M S + 4.50%		8.32%		5/19/2028			590				590				564				2.63
													4,298				4,209				19.63
Financial Services
Trimont Holdings LLC (Term Loan)		1M S + 2.75%		6.47%		3/1/2030			11,100				11,017				10,988				51.24
													11,017				10,988				51.24
Industrials
Fairbank Equipment (Term Loan)		3M S + 3.90%		7.72%		12/23/2026			3,883				3,849				3,854				17.97
Madison Safety & Flow LLC (Revolver)⁽⁶⁾		3M S + 2.75%		N/A		9/26/2029			—				—				—				—
													3,849				3,854				17.97
Leisure Products
Buffalo Games LLC (Term Loan)		1M S + 2.50%		6.32%		8/31/2027			1,146				1,137				1,146				5.34
													1,137				1,146				5.34
Machinery
Rental Equipment Investment Co. (Term Loan)		3M S + 4.50%		8.17%		10/8/2030			12,500				12,350				12,344				57.56
Seakeeper Technologies LLC (Term Loan)		3M S + 3.25%		7.09%		7/19/2027			7,702				7,645				7,673				35.78
													19,995				20,017				93.34

Investments⁽¹⁾		Reference Rate and Spread⁽²⁾		Interest Rate⁽²⁾		Maturity Date		Par Amount/ Common Shares				Cost⁽³⁾				Fair Value				% of Net Assets
Professional Services
Investor Group Services LLC (Term Loan)		1M S + 3.25%		7.04%		10/21/2027		$	5,108			$	5,067			$	5,064				23.61
													5,067				5,064				23.61
Real Estate Management & Development
Royal Property Company Borrower LLC (Term Loan)		1M S + 3.75%		7.47%		2/2/2028			6,033				5,984				6,018				28.06
													5,984				6,018				28.06
Specialty Retail
Alliance Mobile Inc (Term Loan)		3M S + 3.50%		7.32%		8/1/2028			6,410				6,375				6,378				29.74
Alliance Mobile Inc (Term Loan)		3M S + 3.50%		7.32%		8/1/2028			965				957				960				4.48
Alliance Mobile Inc (Delayed Draw)		3M S + 3.50%		7.32%		8/1/2028			598				598				595				2.77
M&M Thrift Management Company LLC (Term Loan)		3M S + 2.25%		6.02%		12/1/2026			4,392				4,366				4,370				20.38
													12,296				12,303				57.37
Total First Lien Secured Debt												$	95,998			$	96,007				447.69	%
Total Investments at Fair Value												$	95,998			$	96,007				447.69	%

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

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

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

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

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

⁽⁶⁾	Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value result from the unfunded commitment being valued below par and/or unamortized fees, which are capitalized to the investment cost. As of December 31, 2025, the total unfunded loan commitment was approximately $7.2 million.

SBLA II Private Credit LLC Statement of Assets and Liabilities

The following table presents the selected statements of assets and liabilities information of the SBLA II JV as of September 30, 2026 and December 31, 2025.

		September 30, 2026				December 31, 2025
ASSETS
Investments at fair value
Non-controlled/non-affiliated investments (cost $123,402 and $95,998, respectively)		$	123,335			$	96,007
Cash and cash equivalents			4,125				6,099
Interest receivable from non-controlled/non-affiliated investments			968				410
Receivable for investments sold			76				—
Total assets		$	128,504			$	102,516

LIABILITIES
Debt (net of deferred financing costs $1,013 and $1,181, respectively)		$	96,237			$	78,919
Interest payable			1,537				1,361
Distribution payable			846				559
Professional fees payable			189				123
Due to affiliate			90				72

		September 30, 2026				December 31, 2025
Administration fees payable		$	47			$	37
Accrued expenses and other liabilities			15				—
Total liabilities		$	98,961			$	81,071
MEMBERS’ EQUITY
Members’ equity		$	29,543			$	21,445
Total members’ equity		$	29,543			$	21,445
Total liabilities and members’ equity		$	128,504			$	102,516

SBLA II Private Credit LLC Statement of Operations

The following table presents the selected consolidated statements of operations information of the SBLA II JV for the three and nine months ended September 30, 2026, as well as the three months ended September 30, 2025, and the period from May 6, 2025 (commencement of operations) to September 30, 2025:

		For the three months ended September 30, 2026				For the three months ended September 30, 2025				For the nine months ended September 30, 2026				For the period from May 06, 2025 (commencement of operations) to September 30, 2025
Investment income
Non-controlled/non-affiliated investments:
Interest income		$	2,550			$	1,902			$	6,924			$	2,536
Fee income			53				27				109				14
Total investment income		$	2,603			$	1,929			$	7,033			$	2,550

Expenses
Interest expense		$	1,608			$	1,378			$	4,459			$	1,799
Professional fees			74				37				166				71
Administration fees			47				31				127				41
Other general & administrative			30				—				100				—
Total expenses		$	1,759			$	1,446			$	4,852			$	1,911
Net expenses		$	1,759			$	1,446			$	4,852			$	1,911
Net investment income (loss)		$	844			$	483			$	2,181			$	639

Net realized gain (loss) and change in unrealized appreciation (depreciation)
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments		$	80			$	98			$	(76	)		$	98
Net change in unrealized appreciation (depreciation)		$	80			$	98			$	(76	)		$	98
Net realized gain (loss) and change in unrealized appreciation (depreciation)		$	80			$	98			$	(76	)		$	98
Net increase (decrease) in net assets resulting from operations		$	924			$	581			$	2,105			$	737

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

+ References + Details