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Delayed Draw Term Loan, Insurance, Spread Above Index SOFR + 7.00% (2.00% Floor) Interest rate 11.32% Maturity Date 7/10/20302025-03-310001841514us-gaap:FairValueInputsLevel3Memberck0001841514:FirstLienSeniorSecuredMember2025-03-310001841514ck0001841514:RevolvingCreditLineMemberck0001841514:FirstLienSeniorSecuredMemberck0001841514:BatteriesPlusHoldingCorporationMember2024-12-310001841514Debt Investments, First Lien Senior Secured, Atlas US Buyer, LLC - Delayed Draw Term Loan, Financial Services, Spread Above Index SOFR + 6.00% (0.75% floor)+ 0.50% PIK Interest Rate 11.12% Maturity Date 12/31/20272024-12-310001841514Debt Investments, First Lien Senior Secured, CTM Group, Inc. - Revolving Credit Line PIK, Media & Entertainment, Spread Above Index SOFR + 4.75% (1.00% floor) + 2.75% PIK Interest Rate 11.96% Maturity Date 11/30/20262025-03-310001841514ck0001841514:CommercialAndProfessionalServicesMember2025-03-310001841514Equity Investments, EEP-EPS Fund I-A, LP - Series A-1 Preferred Units, Media & Entertainment2025-03-310001841514us-gaap:RevolvingCreditFacilityMemberck0001841514:GoldmanSachsBankUsaMember2024-01-012024-03-310001841514Debt Investments, First Lien Senior Secured, Allbridge, LLC - Revolving Credit Line, Telecommunication Services Spread Above Index SOFR + 5.75% (1.00% floor) Interest Rate 10.08% Maturity Date 6/5/20302024-12-310001841514us-gaap:EquityFundsMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMember2025-03-310001841514srt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001841514:FirstLienSeniorSecuredMember2024-12-310001841514Debt Investments, First Lien Senior Secured, Military Retail Solutions, LLC – Term Loan, Consumer Staples Distribution & Retail, Spread Above Index SOFR + 5.25% (1.00% floor) Interest Rate 9.57% Maturity Date 6/28/20292025-03-310001841514us-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001841514:FirstLienSeniorSecuredMember2024-12-310001841514ck0001841514:InvestmentAdvisoryAgreementMemberck0001841514:QuarterNineMember2025-01-012025-03-310001841514Liabilities in Excess of Other Assets2024-12-310001841514us-gaap:DelayedDrawTermLoanMemberck0001841514:MollieFundingIiLlcMemberck0001841514:FirstLienSeniorSecuredMember2024-12-310001841514Debt Investments, First Lien Senior Secured, VardimanBlack Holdings, LLC - Delayed Draw Term Loan, Health Care Equipment & Services, Spread Above Index SOFR + 2.00% PIK + 5.00% Fixed Interest Rate 11.65% Maturity Date 3/18/20272024-12-310001841514Total Cash and Cash Equivalents2024-12-310001841514Debt Investments, First Lien Senior Secured, OneCare Media, LLC - Revolving Credit Line, Media & Entertainment, Spread Above Index SOFR + 4.50% (1.00% floor) Interest Rate 8.92% Maturity Date 9/29/20262025-03-310001841514Debt Investments, First Lien Senior Secured, Discovery SL Management, LLC - Delayed Draw Term Loan A, Health Care Equipment & Services, Spread Above Index SOFR + 5.50% (1.00% Floor) Interest rate 9.81% Maturity Date 3/18/20302025-03-310001841514us-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001841514:FirstLienSeniorSecuredMember2024-12-310001841514ck0001841514:QuarterThirteenMemberck0001841514:InvestmentAdvisoryAgreementMember2025-01-012025-03-310001841514Debt Investments, First Lien Senior Secured, National Debt Relief, LLC - Delayed Draw Term Loan, Financial Services, Spread Above Index SOFR + 6.50% (2.50% floor) Interest Rate 10.94% Maturity Date 2/7/20282025-03-310001841514us-gaap:RetainedEarningsMember2024-03-310001841514ck0001841514:RevolvingCreditLineMemberck0001841514:FirstLienSeniorSecuredMemberck0001841514:NarcoteLlcMember2025-03-310001841514us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:EquityFundsMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMember2024-12-310001841514ck0001841514:ConsumerStaplesDistributionAndRetailMember2025-03-310001841514us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:EquityFundsMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMember2024-12-310001841514us-gaap:RetainedEarningsMember2025-01-012025-03-310001841514Debt Investments, First Lien Senior Secured, VardimanBlack Holdings, LLC - Term Loan, Health Care Equipment & Services, Spread Above Index SOFR + 2.00% PIK + 5.00% Fixed Interest Rate 11.65% Maturity Date 3/18/20272024-12-310001841514us-gaap:EquityFundsMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMember2024-12-310001841514Debt Investments, First Lien Senior Secured, Batteries Plus Holding Corporation - Revolving Credit Line, Technology Hardware & Equipment, Spread Above Index SOFR + 6.75% (1.00% floor) Interest Rate 11.21% Maturity Date 6/27/20282024-12-310001841514ck0001841514:PerformingMember2024-12-310001841514ck0001841514:FirstLienSeniorSecuredMember2024-01-012024-03-310001841514Debt Investments, First Lien Senior Secured, Atlas US Buyer, LLC - Revolving Credit Line , Financial Services, Spread Above Index SOFR + 6.00% (0.75% floor) + 0.50% PIK Interest Rate 10.93% Maturity Date 12/31/20272025-03-310001841514us-gaap:EquityFundsMember2024-03-310001841514ck0001841514:InvestmentAdvisoryAgreementMemberck0001841514:QuarterOneMember2025-03-310001841514Cash and Cash Equivalents, Other cash and cash equivalents, Cash Equivalents2024-12-310001841514Debt Investments, First Lien Senior Secured, Narcote, LLC - Revolving Credit Line, Materials, Spread Above Index SOFR + 7.00% (1.00% floor) Interest Rate 11.47% Maturity Date 3/30/20272024-12-310001841514ck0001841514:QuarterFourteenMemberck0001841514:InvestmentAdvisoryAgreementMember2025-01-012025-03-310001841514ck0001841514:InvestmentAdvisoryAgreementMember2025-03-310001841514Non-controlled, Affiliated investments, Kent Water Sports Holdings, LLC - Delayed Draw Loan Last-Out, First Lien Senior Secured2024-12-310001841514Debt Investments, First Lien Senior Secured, Select Rehabilitation, LLC - Term Loan , Health Care Equipment & Services, Spread Above Index SOFR + 8.50% (1.00% floor) Interest Rate 12.96% Maturity Date 10/19/20272024-12-310001841514ck0001841514:PjwUltimateHoldingsLlcMemberck0001841514:FirstLienSeniorSecuredMemberck0001841514:RevolvingCreditLineMember2024-12-310001841514ck0001841514:InvestmentAdvisoryAgreementMemberck0001841514:QuarterFourMember2025-03-310001841514us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMember2025-03-310001841514Debt Investments, First Lien Senior Secured, Drive Assurance Corporation - Term Loan, , Spread Above Index SOFR + 7.00% (2.00% floor) Interest Rate 11.36% Maturity Date 7/10/20302024-12-310001841514ck0001841514:ConsumerStaplesDistributionAndRetailMember2024-12-310001841514Debt Investments, First Lien Senior Secured, Fiesta Holdings, LLC - Revolving Credit Line B, Consumer Services, Spread Above Index SOFR + 5.25% (1.00% floor) Interest Rate 9.88% Maturity Date 10/23/20292024-12-310001841514Debt Investments, First Lien Senior Secured, Hornblower Sub LLC - Revolving Credit Line , Transportation, Spread Above Index SOFR + 5.50% (0.50% floor) Interest Rate 10.02% Maturity Date 7/3/20292024-12-310001841514ck0001841514:OneNineZeroOctaneFinancingLlcMemberck0001841514:FirstLienSeniorSecuredMemberck0001841514:RevolvingCreditLineMember2024-12-310001841514ck0001841514:ConsumerServicesMember2025-03-310001841514ck0001841514:HasaAcquisitionLlcMemberck0001841514:FirstLienSeniorSecuredMemberck0001841514:RevolvingCreditLineMember2025-03-310001841514ck0001841514:ControlledAffiliateCompanyMember2025-03-310001841514ck0001841514:FirstLienSeniorSecuredMemberck0001841514:RevolvingCreditLineMemberck0001841514:CasAcquisitionLlcMember2025-03-310001841514ck0001841514:AllbridgeLlcMemberck0001841514:RevolvingCreditLineMemberck0001841514:FirstLienSeniorSecuredMember2024-12-310001841514Debt Investments, First Lien Senior Secured, Firebirds Buyer, LLC - Term Loan, Consumer Services, Spread Above Index SOFR + 6.25% (2.00% floor) Interest Rate 10.47% Maturity Date 3/22/20282024-12-310001841514VardimanBlack Holdings, LLC - Preferred Equity2024-01-012024-12-310001841514Debt Investments, First Lien Senior Secured, Discovery SL Management, LLC - Delayed Draw Term Loan A, Consumer Services, Spread Above Index SOFR + 5.50% (1.00% floor) Interest Rate 9.88% Maturity Date 3/18/20302024-12-310001841514Total Equity Investments2025-03-31xbrli:pureiso4217:USDxbrli:sharesxbrli:sharesck0001841514:Segmentiso4217:USD

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


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

For the quarterly period ended March 31, 2025


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

Commission file number: 814-01387

Commonwealth Credit Partners BDC I, Inc.

(Exact name of registrant as specified in its charter)

     Delaware

     86-3335466

     (State or Other Jurisdiction of
Incorporation or Organization)

     (I.R.S. Employer
Identification No.)

     360 S Rosemary, Suite 1700,
West Palm Beach, FL

     33401

     (Address of Principal Executive Office)

     (Zip Code)

(561) 727-2000

(Registrant’s telephone number, including area code)

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

     Title of Each Class
 
     Trading
Symbol(s)
 
     Name of Each Exchange
on Which Registered

     None

     None

     None

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

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

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


Large accelerated filer	☐	Accelerated filer	☐

Non-accelerated filer	☒	Smaller reporting company	☐

		Emerging growth company	☒

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

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

There were 584,680 issued and outstanding shares of the issuer’s common stock, $.001 par value per share, on May 12, 2025.

Commonwealth Credit Partners BDC I, Inc.

Quarterly Report on Form 10-Q

TABLE OF CONTENTS


		Page
PART I—FINANCIAL INFORMATION		1
Item 1.	Financial Statements	1
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	41
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	50
Item 4.	Controls and Procedures	51
PART II—OTHER INFORMATION		51
Item 1.	Legal Proceedings	51
Item 1A.	Risk Factors	51
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	52
Item 3.	Defaults upon Senior Securities	52
Item 4.	Mine Safety Disclosures	52
Item 5.	Other Information	52
Item 6.	Exhibits	53
SIGNATURES		54

PART I—FINANCIAL INFORMATION

ITEM1. FINANCIAL STATEMENTS

COMMONWEALTH CREDIT PARTNERS BDC I, INC.

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(amounts in thousands except share and per share data)


	March 31, 2025 (Unaudited)			December 31, 2024
Assets
Investments, at fair value:
Non-controlled, non-affiliated investments (amortized cost of $638,251 and $644,734, respectively)	$	625,102		$	634,625
Non-controlled, affiliated investments (amortized cost of $18,665 and $18,335, respectively)		9,524			9,586
Total investments, at fair value (amortized cost of $656,916 and $663,069, respectively)		634,626			644,211
Cash and cash equivalents		3,484			5,334
Receivables:
Interest receivable		6,884			7,197
Prepaid expenses and other assets		2,696			1,234
Total Assets	$	647,690		$	657,976

Liabilities
Credit facility (net of deferred financing costs of $10 and $18, respectively)	$	102,890		$	111,082
Payables:
Management fee payable (Note 4)		1,589			1,622
Interest payable		590			629
Incentive fee payable (Note 4)		397			406
Accrued other general and administrative expenses		732			468
Total Liabilities	$	106,198		$	114,207

Commitments and contingencies (Note 7)

Net Assets
Common Shares, $0.001 par value; 1,000,000 shares authorized; 584,680 and 582,249 shares issued and outstanding, respectively	$	1		$	1
Additional paid-in capital		571,966			569,695
Total distributable earnings (accumulated deficit)		(30,475	)		(25,927	)
Total Net Assets	$	541,492		$	543,769
Total Liabilities and Net Assets	$	647,690		$	657,976
Net Asset Value Per Common Share	$	926.13		$	933.91

The accompanying notes are an integral part of these consolidated financial statements.

COMMONWEALTH CREDIT PARTNERS BDC I, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(amounts in thousands except share and per share data)

(Unaudited)


	For the Three Months Ended March 31,
	2025			2024
Income:
Investment income from non-controlled, non-affiliated investments:
Interest income	$	17,239		$	19,236
Fee income		672			396
Investment income from non-controlled, affiliated investments:
Interest income		163			—
Total Investment Income		18,074			19,632
Expenses:
Incentive fees		397			393
Management fees, net		1,589			1,572
Interest expense		1,809			2,120
Professional fees		256			205
Directors' fees		21			22
Other general and administrative expenses		251			323
Total Expenses		4,323			4,635
Net Investment Income (Loss)		13,751			14,997

Realized and unrealized gains (losses) on investments and foreign currency transactions
Net realized gains (losses):
Non-controlled, non-affiliated investments		271			(6,319	)
Total net realized gains (losses)		271			(6,319	)
Net change in unrealized gains (losses):
Non-controlled, non-affiliated investments		(3,039	)		4,412
Non-controlled, affiliated investments		(392	)		(1,607	)
Total net change in unrealized gains (losses)		(3,431	)		2,805
Total realized and unrealized gains (losses)		(3,160	)		(3,514	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	10,591		$	11,483

Per Common Share Data:
Basic and diluted net investment income/(loss) per common share	$	23.61		$	27.36
Basic and diluted net increase/(decrease) in net assets resulting from operations per common share	$	18.19		$	20.95
Weighted Average Common Shares Outstanding - Basic and Diluted		582,384			548,039

The accompanying notes are an integral part of these consolidated financial statements.

COMMONWEALTH CREDIT PARTNERS BDC I, INC.

CONSOLIDATED STATEMENTS OF CHANGE IN NET ASSETS

(amounts in thousands except share and per share data)

(Unaudited)


	For the Three Months Ended March 31,
	2025			2024
Increase (Decrease) in Net Assets Resulting from Operations:
Net investment income (loss)	$	13,751		$	14,997
Net realized gains (losses) on investments		271			(6,319	)
Net change in unrealized gains (losses) on investments		(3,431	)		2,805
Net Increase (Decrease) in Net Assets Resulting from Operations		10,591			11,483

Decrease in Net Assets Resulting from Stockholder Distributions
Distributions from net investment income		(15,139	)		(13,139	)
Net Decrease in Net Assets Resulting from Stockholder Distributions		(15,139	)		(13,139	)

Increase in Net Assets Resulting from Capital Share Transactions
Reinvestment of distributions		2,271			13,139
Net Increase in Net Assets Resulting from Capital Share Transactions		2,271			13,139
Total Increase (Decrease) in Net Assets		(2,277	)		11,483
Net Assets, Beginning of Period		543,769			526,658
Net Assets, End of Period	$	541,492		$	538,141

The accompanying notes are an integral part of these consolidated financial statements.

COMMONWEALTH CREDIT PARTNERS BDC I, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(amounts in thousands)

(Unaudited)


	For the Three Months Ended March 31,
	2025			2024
Cash Flows from Operating Activities:
Net increase (decrease) in net assets resulting from operations	$	10,591		$	11,483
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net realized (gains)/losses on investments		(271	)		6,319
Net change in unrealized (gains)/losses on investments		3,431			(2,805	)
Net accretion of discount on investments		(992	)		(890	)
Non-cash investment income		(885	)		(31	)
Purchases of portfolio investments		(12,924	)		(31,644	)
Amortization of deferred financing costs		8			8
Sales/restructurings or repayments of portfolio investments		21,226			10,136
Increase/(decrease) in operating assets and liabilities:
(Increase)/decrease in interest receivable		313			(761	)
(Increase)/decrease in prepaid expenses and other assets		(1,462	)		(168	)
Increase/(decrease) in management fees payable, net		(33	)		43
Increase/(decrease) in interest payable		(39	)		66
Increase/(decrease) in incentive fee payable, net		(9	)		14
Increase/(decrease) in accrued other general and administrative expenses		264			109
Net cash provided by (used in) Operating Activities		19,218			(8,121	)
Cash Flows provided by (used in) Financing Activities:
Borrowings on credit facility		12,900			15,000
Payments on credit facility		(21,100	)		(6,000	)
Distributions paid in cash		(12,868	)		—
Net cash provided by (used in) Financing Activities		(21,068	)		9,000
Net increase (decrease) in cash and cash equivalents		(1,850	)		879
Cash and cash equivalents, beginning of period		5,334			8,887
Cash and cash equivalents, end of period	$	3,484		$	9,766

Supplemental and Non-Cash Information:
Interest paid during the period	$	1,848		$	2,054
Reinvestment of distributions during the period	$	2,271		$	13,139

The accompanying notes are an integral part of these consolidated financial statements.

COMMONWEALTH CREDIT PARTNERS BDC I, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

(amounts in thousands, except per share data)

March 31, 2025

(Unaudited)


Portfolio Company - Investment (3)(7)	Industry	Spread Above Index	Interest Rate (5)(10)	Maturity Date	Principal / Shares(14)		Amortized Cost			Fair Value		Percentage of Net Assets (2)
Debt Investments
First Lien Senior Secured
190 Octane Financing, LLC - Delayed Draw Term Loan	Consumer Services	SOFR + 5.50% (1.00% floor) + 1.50% PIK	11.37%	5/10/2027	$	4,860	$	4,819		$	4,525		0.8	%
190 Octane Financing, LLC - Revolving Credit Line (4)	Consumer Services	SOFR + 5.50% (1.00% floor) + 1.50% PIK	11.37%	5/10/2027		678		669			599		0.1	%
190 Octane Financing, LLC - Term Loan	Consumer Services	SOFR + 5.50% (1.00% floor) + 1.50% PIK	11.37%	5/10/2027		8,407		8,322			7,827		1.4	%
Abea Acquisition, Inc. - Delayed Draw Term Loan	Consumer Services	SOFR + 6.50% (1.00% floor)	10.92%	11/30/2026		1,391		1,381			1,366		0.3	%
Abea Acquisition, Inc. - Term Loan	Consumer Services	SOFR + 6.50% (1.00% floor)	10.92%	11/30/2026		11,086		11,011			10,886		2.0	%
AccessOne Medcard, Inc. - Term Loan	Financial Services	SOFR + 6.00% (0.50% floor)	10.42%	8/20/2026		11,544		11,480			11,521		2.1	%
ACT Acquisition Intermediate Holdco, LLC - Delayed Draw Term Loan	Media & Entertainment	SOFR + 6.75% (1.00% floor)	11.19%	12/4/2028		1,430		1,407			1,430		0.3	%
ACT Acquisition Intermediate Holdco, LLC - Revolving Credit Line (4)	Media & Entertainment	SOFR + 6.75% (1.00% floor)	11.19%	12/4/2028		-		(13	)		-		0.0	%
ACT Acquisition Intermediate Holdco, LLC - Term Loan	Media & Entertainment	SOFR + 6.75% (1.00% floor)	11.19%	12/4/2028		6,496		6,383			6,496		1.2	%
AIDC IntermediateCo 2, LLC - Term Loan	Software & Services	SOFR + 5.50% (1.00% floor)	9.82%	7/22/2027		28,079		27,757			28,022		5.2	%
Allbridge, LLC - Delayed Draw Term Loan (4)	Telecommunication Services	SOFR + 5.75% (1.00% floor)	10.05%	6/5/2030		-		(1	)		-		0.0	%
Allbridge, LLC - Revolving Credit Line (4)	Telecommunication Services	SOFR + 5.75% (1.00% floor)	10.05%	6/5/2030		-		(2	)		-		0.0	%
Allbridge, LLC - Term Loan	Telecommunication Services	SOFR + 5.75% (1.00% floor)	10.05%	6/5/2030		2,152		2,129			2,150		0.4	%
Atlas US Buyer, LLC - Delayed Draw Term Loan	Financial Services	SOFR + 6.00% (0.75% floor) + 0.50% PIK	10.93%	12/31/2027		3,308		3,288			3,172		0.6	%
Atlas US Buyer, LLC - Revolving Credit Line (4)	Financial Services	SOFR + 6.00% (0.75% floor) + 0.50% PIK	10.93%	12/31/2027		515		507			463		0.1	%
Atlas US Buyer, LLC - Term Loan	Financial Services	SOFR + 6.00% (0.75% floor) + 0.50% PIK	10.93%	12/31/2027		9,373		9,296			8,989		1.7	%
Batteries Plus Holding Corporation - Revolving Credit Line (4)	Technology Hardware & Equipment	SOFR + 6.75% (1.00% floor)	11.17%	6/27/2028		468		433			468		0.1	%
Batteries Plus Holding Corporation - Term Loan	Technology Hardware & Equipment	SOFR + 6.75% (1.00% floor)	11.17%	6/27/2028		16,253		15,961			16,253		3.0	%
BHP Management Holdings, LLC - Delayed Draw Term Loan	Health Care Equipment & Services	SOFR + 4.50% (1.00% floor)	8.95%	10/27/2028		7,446		7,341			7,446		1.4	%
BHP Management Holdings, LLC - Term Loan	Health Care Equipment & Services	SOFR + 4.50% (1.00% floor)	8.95%	10/27/2028		12,898		12,723			12,898		2.4	%
Billhighway, LLC - Delayed Draw Term Loan (4)	Software & Services	SOFR + 6.75% (1.00% floor)	11.17%	2/8/2029		223		216			223		0.0	%
Billhighway, LLC - Revolving Credit Line (4)	Software & Services	SOFR + 6.75% (1.00% floor)	11.17%	2/8/2029		-		(3	)		-		0.0	%
Billhighway, LLC - Term Loan	Software & Services	SOFR + 6.75% (1.00% floor)	11.17%	2/8/2029		3,540		3,499			3,540		0.7	%
Cardiology Management Holdings, LLC - Delayed Draw Term Loan A	Health Care Equipment & Services	SOFR + 6.25% (1.00% floor)	10.70%	1/31/2029		5,014		4,945			4,964		0.9	%
Cardiology Management Holdings, LLC - Delayed Draw Term Loan B (4)	Health Care Equipment & Services	SOFR + 6.25% (1.00% floor)	10.70%	1/31/2029		164		132			115		0.0	%

COMMONWEALTH CREDIT PARTNERS BDC I, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

(amounts in thousands, except per share data)

March 31, 2025

(Unaudited)


Portfolio Company - Investment (3)(7)	Industry	Spread Above Index	Interest Rate (5)(10)	Maturity Date	Principal / Shares(14)		Amortized Cost			Fair Value			Percentage of Net Assets (2)
Debt Investments
First Lien Senior Secured
Cardiology Management Holdings, LLC - Term Loan	Health Care Equipment & Services	SOFR + 6.25% (1.00% floor)	10.70%	1/31/2029	$	7,105	$	7,008		$	7,034			1.3	%
CAS Acquisition, LLC - Revolving Credit Line (4)	Financial Services	SOFR + 6.50% (1.00% floor)	10.92%	3/29/2027		-		(8	)		-			0.0	%
CAS Acquisition, LLC - Term Loan	Financial Services	SOFR + 6.50% (1.00% floor)	10.92%	3/29/2027		20,966		20,793			20,966			3.9	%
CheckedUp, Inc - Delayed Draw Term Loan	Media & Entertainment	SOFR + 5.50% (1.00% floor)	9.92%	10/20/2027		2,512		2,488			2,512			0.5	%
CheckedUp, Inc - Revolving Credit Line (4)	Media & Entertainment	SOFR + 5.50% (1.00% floor)	9.92%	10/20/2027		1,037		1,020			1,037			0.2	%
CheckedUp, Inc - Term Loan	Media & Entertainment	SOFR + 5.50% (1.00% floor)	9.92%	10/20/2027		8,960		8,871			8,960			1.7	%
CTM Group, Inc. - Revolving Credit Line PIK	Media & Entertainment	SOFR + 4.75% (1.00% floor) + 2.75% PIK	11.96%	11/30/2026		17		17			15			0.0	%
CTM Group, Inc. - Revolving Credit Line (4)	Media & Entertainment	SOFR + 4.75% (1.00% floor) + 2.75% PIK	11.96%	11/30/2026		1,034		1,022			912			0.2	%
CTM Group, Inc. - Term Loan	Media & Entertainment	SOFR + 4.75% (1.00% floor) + 2.75% PIK	11.96%	11/30/2026		19,432		19,202			17,294			3.2	%
Discovery SL Management, LLC - Delayed Draw Term Loan A	Health Care Equipment & Services	SOFR + 5.50% (1.00% floor)	9.81%	3/18/2030		432		428			430			0.1	%
Discovery SL Management, LLC - Delayed Draw Term Loan B (4)	Health Care Equipment & Services	SOFR + 5.50% (1.00% floor)	9.81%	3/18/2030		181		171			172			0.0	%
Discovery SL Management, LLC - Revolving Credit Line (4)	Health Care Equipment & Services	SOFR + 5.50% (1.00% floor)	9.81%	3/18/2030		-		(4	)		(2	)		0.0	%
Discovery SL Management, LLC - Term Loan	Health Care Equipment & Services	SOFR + 5.50% (1.00% floor)	9.81%	3/18/2030		2,586		2,560			2,573			0.5	%
Drive Assurance Corporation - Delayed Draw Term Loan (1)(4)	Insurance	SOFR + 7.00% (2.00% floor)	11.32%	7/10/2030		-		(2	)		-			0.0	%
Drive Assurance Corporation - Term Loan (1)	Insurance	SOFR + 7.00% (2.00% floor)	11.32%	7/10/2030		6,414		6,358			6,414			1.2	%
Engineered Films Acquisition Inc. - Revolving Credit Line (4)	Capital Goods	SOFR + 7.00% (1.00% floor)	11.44%	4/29/2027		1,206		1,181			1,188			0.2	%
Engineered Films Acquisition Inc. - Term Loan	Capital Goods	SOFR + 7.00% (1.00% floor)	11.44%	4/29/2027		19,510		19,323			19,393			3.6	%
EPS Operations, LLC - Revolving Credit Line (4)	Media & Entertainment	SOFR + 6.00% (1.00% floor)	10.33%	2/24/2028		887		862			878			0.2	%
EPS Operations, LLC - Term Loan	Media & Entertainment	SOFR + 6.00% (1.00% floor)	10.33%	2/24/2028		17,281		17,009			17,195			3.2	%
Fiesta Holdings, LLC - Revolving Credit Line B (4)	Consumer Services	SOFR + 5.25% (1.00% floor)	9.54%	10/23/2029		-		(7	)		-			0.0	%
Fiesta Holdings, LLC - Term Loan B	Consumer Services	SOFR + 5.25% (1.00% floor)	9.54%	10/23/2029		7,849		7,771			7,849			1.4	%
Firebirds Buyer, LLC - Delayed Draw Term Loan	Consumer Services	SOFR + 6.25% (2.00% floor)	10.67%	3/22/2028		1,380		1,353			1,380			0.3	%
Firebirds Buyer, LLC - Revolving Credit Line (4)	Consumer Services	SOFR + 6.25% (2.00% floor)	10.67%	3/22/2028		-		(21	)		-			0.0	%
Firebirds Buyer, LLC - Term Loan	Consumer Services	SOFR + 6.25% (2.00% floor)	10.67%	3/22/2028		22,347		21,976			22,347			4.1	%
Hasa Acquisition, LLC - Delayed Draw Term Loan (4)(11)	Capital Goods	SOFR + 4.50% (1.00% floor)	8.81%	1/10/2029		-		(31	)		(13	)		0.0	%
Hasa Acquisition, LLC - Revolving Credit Line (4)(11)	Capital Goods	SOFR + 4.50% (1.00% floor)	8.81%	1/10/2029		513		483			500			0.1	%
Hasa Acquisition, LLC - Term Loan (11)	Capital Goods	SOFR + 4.50% (1.00% floor)	8.81%	1/10/2029		14,341		14,068			14,226			2.6	%
Hasa Acquisition, LLC - Term Loan B (11)	Capital Goods	SOFR + 4.50% (1.00% floor)	8.81%	1/10/2029		999		983			991			0.2	%
Hornblower Sub LLC - Revolving Credit Line (11)	Transportation	SOFR + 5.50% (1.00% floor)	9.81%	7/3/2029		626		621			626			0.1	%
Hornblower Sub LLC - Term Loan (11)	Transportation	SOFR + 5.50% (1.00% floor)	9.81%	7/3/2029		3,977		3,942			3,977			0.7	%

COMMONWEALTH CREDIT PARTNERS BDC I, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

(amounts in thousands, except per share data)

March 31, 2025

(Unaudited)


Portfolio Company - Investment (3)(7)	Industry	Spread Above Index	Interest Rate (5)(10)	Maturity Date	Principal / Shares(14)		Amortized Cost			Fair Value			Percentage of Net Assets (2)
Debt Investments
First Lien Senior Secured
Kemper Sports Management, LLC - Delayed Draw Term Loan	Consumer Services	SOFR + 5.00% (1.00% floor)	9.32%	10/11/2029	$	4,518	$	4,455		$	4,518			0.8	%
Kemper Sports Management, LLC - Revolving Credit Line (4)	Consumer Services	SOFR + 5.00% (1.00% floor)	9.32%	10/11/2029		-		(23	)		-			0.0	%
Kemper Sports Management, LLC - Term Loan	Consumer Services	SOFR + 5.00% (1.00% floor)	9.32%	10/11/2029		18,619		18,339			18,619			3.4	%
Kent Water Sports Holdings, LLC - Delayed Draw Term Loan First-Out (13)	Consumer Durables & Apparel	SOFR + 10.00% (1.00% floor) PIK	14.44%	10/18/2027		6,648		5,952			6,648			1.2	%
Kent Water Sports Holdings, LLC - Delayed Draw Term Loan Last-Out (12)(13)	Consumer Durables & Apparel	SOFR + 13.50% (1.00% floor) PIK	17.94%	10/18/2027		16,628		12,713			2,877			0.5	%
MerchantWise Solutions, LLC - Delayed Draw Term Loan	Software & Services	SOFR + 3.00% (0.75% floor) + 4.50% PIK	11.80%	6/1/2028		2,402		2,374			1,936			0.4	%
MerchantWise Solutions, LLC - Term Loan	Software & Services	SOFR + 3.00% (0.75% floor) + 4.50% PIK	11.80%	6/1/2028		11,435		11,307			9,217			1.7	%
Military Retail Solutions, LLC - Delayed Draw Term Loan (4)(11)	Consumer Staples Distribution & Retail	SOFR + 5.25% (1.00% floor)	9.57%	6/28/2029		-		(16	)		(7	)		0.0	%
Military Retail Solutions, LLC - Revolving Credit Line (4)(11)	Consumer Staples Distribution & Retail	SOFR + 5.25% (1.00% floor)	9.57%	6/28/2029		245		229			241			0.0	%
Military Retail Solutions, LLC - Term Loan (11)	Consumer Staples Distribution & Retail	SOFR + 5.25% (1.00% floor)	9.57%	6/28/2029		15,845		15,569			15,782			2.9	%
Narcote, LLC - Revolving Credit Line (1)(4)	Materials	SOFR + 7.00% (1.00% floor)	11.44%	3/30/2027		-		(9	)		-			0.0	%
Narcote, LLC - Term Loan A (1)	Materials	SOFR + 7.00% (1.00% floor)	11.44%	3/30/2027		2,679		2,658			2,679			0.5	%
Narcote, LLC - Term Loan B (1)(8)	Materials	SOFR + 7.00% (1.00% floor)	11.44%	3/30/2027		4,466		4,429			4,466			0.8	%
Narcote, LLC - Term Loan C (1)	Materials	SOFR + 7.00% (1.00% floor)	11.44%	3/30/2027		471		467			471			0.1	%
National Debt Relief, LLC - Delayed Draw Term Loan	Financial Services	SOFR + 6.50% (2.50% floor)	10.94%	2/7/2028		10,943		10,862			10,943			2.0	%
National Debt Relief, LLC - Revolving Credit Line	Financial Services	SOFR + 6.50% (2.50% floor)	10.94%	2/7/2028		2,189		2,173			2,189			0.4	%
National Debt Relief, LLC - Term Loan	Financial Services	SOFR + 6.50% (2.50% floor)	10.94%	2/7/2028		13,131		13,034			13,131			2.4	%
Oak Dental Partners - Revolving Credit Line (4)	Health Care Equipment & Services	SOFR + 6.75% (2.00% floor)	11.19%	3/22/2028		344		332			323			0.1	%
Oak Dental Partners - Term Loan	Health Care Equipment & Services	SOFR + 6.75% (2.00% floor)	11.19%	3/22/2028		16,854		16,572			16,433			3.0	%
OAO Acquisitions, Inc. - Delayed Draw Term Loan	Capital Goods	SOFR + 5.50% (1.25% floor)	9.80%	12/27/2029		1,316		1,299			1,316			0.2	%
OAO Acquisitions, Inc. - Revolving Credit Line (4)	Capital Goods	SOFR + 5.50% (1.25% floor)	9.80%	12/27/2029		-		(8	)		-			0.0	%
OAO Acquisitions, Inc. - Term Loan	Capital Goods	SOFR + 5.50% (1.25% floor)	9.80%	12/27/2029		6,259		6,184			6,259			1.2	%
OmniMax International, LLC - Delayed Draw Term Loan	Capital Goods	SOFR + 5.75% (1.00% floor)	10.06%	12/6/2030		843		827			830			0.2	%
OmniMax International, LLC - Term Loan	Capital Goods	SOFR + 5.75% (1.00% floor)	10.03%	12/6/2030		2,730		2,678			2,691			0.5	%

COMMONWEALTH CREDIT PARTNERS BDC I, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

(amounts in thousands, except per share data)

March 31, 2025

(Unaudited)


Portfolio Company - Investment (3)(7)	Industry	Spread Above Index	Interest Rate (5)(10)		Maturity Date	Principal / Shares(14)		Amortized Cost			Fair Value			Percentage of Net Assets (2)
Debt Investments
First Lien Senior Secured
OneCare Media, LLC - Revolving Credit Line (4)(12)	Media & Entertainment	SOFR + 4.50% (1.00% floor)	8.92%		9/29/2026	$	-	$	(6	)	$	(288	)		-0.1	%
OneCare Media, LLC - Term Loan A (12)	Media & Entertainment	SOFR + 4.50% (1.00% floor)	8.92%		9/29/2026		10,144		9,574			5,407			1.0	%
OneCare Media, LLC - Term Loan B (12)	Media & Entertainment	SOFR + 4.50% (1.00% floor)	8.92%		9/29/2026		2,252		2,125			1,200			0.2	%
OneCare Media, LLC - Term Loan C (12)	Media & Entertainment	SOFR + 4.50% (1.00% floor)	8.92%		9/29/2026		1,408		1,328			750			0.1	%
OneCare Media, LLC - Term Loan D (12)	Media & Entertainment	SOFR + 4.50% (1.00% floor)	8.92%		9/29/2026		856		807			456			0.1	%
OpCo Borrower, LLC - Term Loan	Health Care Equipment & Services	SOFR + 5.75% (1.00% floor)	10.05%		4/26/2029		2,105		2,069			2,105			0.4	%
Pansophic Learning US, LLC - Delayed Draw Term Loan (4)	Consumer Services	SOFR + 5.75% (1.00% floor)	10.08%		5/15/2029		1,124		1,099			1,112			0.2	%
Pansophic Learning US, LLC - Revolving Credit Line	Consumer Services	SOFR + 5.75% (1.00% floor)	10.08%		5/15/2029		1,133		1,112			1,125			0.2	%
Pansophic Learning US, LLC - Term Loan	Consumer Services	SOFR + 5.75% (1.00% floor)	10.07%		5/15/2029		13,524		13,263			13,429			2.5	%
PDDS Holdco, Inc. - Delayed Draw Term Loan (4)(11)	Software & Services	SOFR + 7.50% (0.75% floor)	11.95%		7/18/2028		3,184		3,169			3,114			0.6	%
PDDS Holdco, Inc. - Term Loan (11)	Software & Services	SOFR + 7.50% (0.75% floor)	11.95%		7/18/2028		14,348		14,065			14,090			2.6	%
PJW Ultimate Holdings, LLC - Revolving Credit Line (4)	Consumer Services	SOFR + 5.50% (1.00% floor)	9.82%	&

Commonwealth Credit Partners BDC I, Inc. 10-Q