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Industry Trading Companies & Distributors Spread above Index S+600 Floor 1.00% Interest Rate 10.45% Acquisition Date 12/2021 Maturity Date 12/20262025-06-300001743415Bank Debt/Senior Secured Loans — 157.3% Cerapedics, Inc. Industry Biotechnology Spread above Index S+620 Floor 2.75% Interest Rate 10.72% Acquisition Date 12/2022 Maturity Date 1/20282024-12-310001743415Bank Debt/Senior Secured Loans — iCIMS, Inc. Industry Software Spread above Index S+575 Floor 0.75% Interest Rate 10.04% Acquisition Date 8/2022 Maturity Date 8/20282025-06-300001743415ck0001743415:DbFacilityMember2025-06-300001743415Bank Debt/Senior Secured Loans — All State Ag Parts, LLC Industry Trading Companies & Distributors Spread above Index S+650 Floor 1.00% Interest Rate 11.06% Acquisition Date 9/2021 Maturity Date 9/20262025-01-012025-06-300001743415Bank Debt/Senior Secured Loans — 157.3% Peter C. Foy & Associates Insurance Services, LLC Industry Insurance Spread above Index S+550 Floor 0.75% Interest Rate 9.83% Acquisition Date 10/2021 Maturity Date 11/20282024-01-012024-12-3100017434152024-04-012024-06-300001743415us-gaap:SeniorLoansMember2025-06-300001743415ck0001743415:BankDebtSeniorSecuredLoansMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001743415ck0001743415:FoundationConsumerBrandsLlcMember2025-06-300001743415us-gaap:FairValueInputsLevel3Memberck0001743415:PreferredEquityMember2025-01-012025-06-300001743415us-gaap:FairValueInputsLevel3Memberck0001743415:BankDebtSeniorSecuredLoansMemberck0001743415:MeasurementInputMarketYieldMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2025-06-300001743415us-gaap:FairValueInputsLevel3Member2025-06-300001743415ck0001743415:DiversifiedConsumerServicesMemberus-gaap:InvestmentAffiliatedIssuerMember2024-12-310001743415ck0001743415:CompaniesLessThanFivePercentageOwnedMember2024-01-012024-06-300001743415Veronica Holdings, LLC (Preferred Equity)2025-06-300001743415ck0001743415:CommonEquityEquityInterestsWarrantsMember2025-06-300001743415Bank Debt/Senior Secured Loans — 157.3% Fertility (ITC) Investment Holdco, LLC Industry Health Care Providers & Services Spread above Index S+650 Floor 1.00% Interest Rate 11.74% Acquisition Date 1/2023 Maturity Date 1/20292024-01-012024-12-310001743415ck0001743415:BankDebtSeniorSecuredLoansMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001743415us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberck0001743415:CommonEquityAndEquityInterestsAndWarrantsMember2024-12-310001743415ck0001743415:DbFacilityMember2025-06-040001743415ck0001743415:HealthCareEquipmentSuppliesMemberus-gaap:InvestmentAffiliatedIssuerMember2025-03-310001743415ck0001743415:HealthCareProvidersServicesMemberus-gaap:InvestmentAffiliatedIssuerMember2025-03-310001743415Bank Debt/Senior Secured Loans — All State Ag Parts, LLC Industry Trading Companies & Distributors Spread above Index S+650 Floor 1.00% Interest Rate 11.06% Acquisition Date 9/2021 Maturity Date 9/20262025-06-300001743415Veronica Holdings, LLC (Preferred Equity)2023-12-310001743415us-gaap:FairValueInputsLevel3Memberck0001743415:BankDebtSeniorSecuredLoansMember2025-01-012025-06-300001743415Common Equity/Equity Interests/Warrants — Centrexion Therapeutics, Inc. Warrants Industry Pharmaceuticals Acquisition Date 6/20192025-06-300001743415Common Equity/Equity Interests/Warrants — 6.1% Senseonics Holdings, Inc Common Stock Industry Health Care Equipment & Supplies Acquisition Date 7/20192024-12-310001743415Bank Debt/Senior Secured Loans — 157.3% Southern Orthodontic Partners Management, LLC Industry Health Care Providers & Services Spread above Index S+525 Floor 1.00% Interest Rate 9.58% Acquisition Date 6/2022 Maturity Date 7/20262024-01-012024-12-310001743415us-gaap:FairValueInputsLevel3Memberck0001743415:BankDebtSeniorSecuredLoansMembersrt:WeightedAverageMemberck0001743415:MeasurementInputMarketYieldMemberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310001743415us-gaap:InvestmentsMembersrt:MaximumMember2025-06-300001743415ck0001743415:DiversifiedConsumerServicesMemberus-gaap:InvestmentAffiliatedIssuerMember2025-03-310001743415ck0001743415:ManagementFeeMemberck0001743415:AdvisorMember2025-01-012025-06-300001743415ck0001743415:CompaniesLessThanFivePercentageOwnedMember2024-04-012024-06-300001743415us-gaap:FairValueInputsLevel3Memberck0001743415:BankDebtSeniorSecuredLoansMember2023-12-310001743415us-gaap:FairValueMeasurementsRecurringMember2025-06-300001743415us-gaap:FairValueInputsLevel3Memberck0001743415:BankDebtSeniorSecuredLoansMemberck0001743415:MeasurementInputMarketYieldMembersrt:MinimumMemberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310001743415us-gaap:AssetsMember2025-06-300001743415Vapotherm, Inc.2024-01-012024-12-310001743415ck0001743415:EastWestBankMemberck0001743415:SubscriptionFacilityMember2024-12-270001743415Bank Debt/Senior Secured Loans — 157.3% RQM+ Corp. Industry Life Sciences Tools & Services Spread above Index S+675 Floor 1.00% Interest Rate 11.34% Acquisition Date 8/2021 Maturity Date 8/20292024-12-310001743415us-gaap:FairValueInputsLevel3Memberck0001743415:MeasurementInputMarketYieldMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001743415:PreferredEquityMember2025-06-300001743415us-gaap:InvestmentAffiliatedIssuerMemberus-gaap:InsuranceSectorMember2024-12-310001743415ck0001743415:FourthOrderOfPriorityReturnOfCapitalContributionsMember2025-01-012025-06-300001743415us-gaap:FairValueInputsLevel3Memberck0001743415:PreferredEquityMember2025-04-012025-06-300001743415Bank Debt/Senior Secured Loans — Erie Construction Mid-west, LLC Industry Building Products Spread above Index S+475 Floor 1.00% Interest Rate 9.18% Acquisition Date 8/2021 Maturity Date 7/20272025-06-300001743415Bank Debt/Senior Secured Loans — AMF Levered II, LLC Industry Financial Services Spread above Index S+705 Floor 1.00% Interest Rate 11.48% Acquisition Date 12/2021 Maturity Date 8/20282025-01-012025-06-300001743415Bank Debt/Senior Secured Loans — Plastic Management, LLC Industry Health Care Providers & Services Spread above Index S+500 Floor 1.00% Interest Rate 9.30% Acquisition Date 8/2021 Maturity Date 8/20272025-06-300001743415srt:MinimumMemberck0001743415:SecondUnitholderPreferredReturnMember2025-01-012025-06-300001743415ck0001743415:BuildingProductsMemberus-gaap:InvestmentAffiliatedIssuerMember2025-03-310001743415Common Equity/Equity Interests/Warrants — Centrexion Therapeutics, Inc. Warrants Industry Pharmaceuticals Acquisition Date 6/20192025-01-012025-06-300001743415ck0001743415:BuildingProductsMemberus-gaap:InvestmentAffiliatedIssuerMember2024-12-310001743415Bank Debt/Senior Secured Loans — Vapotherm, Inc. Industry Health Care Equipment & Supplies Spread above Index S+600 Floor 4.50% Interest Rate 10.50% Acquisition Date 2/2022 Maturity Date 9/20272025-06-300001743415Bank Debt/Senior Secured Loans — 157.3% Erie Construction Mid-west, LLC Industry Building Products Spread above Index S+475 Floor 1.00% Interest Rate 10.09% Acquisition Date 8/2021 Maturity Date 7/20272024-01-012024-12-310001743415us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001743415ck0001743415:EastWestBankMemberck0001743415:SubscriptionFacilityMember2025-06-300001743415Bank Debt/Senior Secured Loans — 157.3% All State Ag Parts, LLC Industry Trading Companies & Distributors Spread above Index S+600 Floor 1.00% Interest Rate 10.59% Acquisition Date 9/2021 Maturity Date 9/20262024-01-012024-12-310001743415us-gaap:FairValueMeasurementsRecurringMemberck0001743415:CommonEquityAndEquityInterestsAndWarrantsMember2024-12-310001743415us-gaap:FairValueInputsLevel3Memberck0001743415:MeasurementInputMarketYieldMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001743415:PreferredEquityMember2024-12-310001743415Bank Debt/Senior Secured Loans — 157.3% Transportation Insight, LLC Industry Road & Rail Spread above Index S+550 Floor 1.00% Interest Rate 9.93% Acquisition Date 10/2021 Maturity Date 6/20272024-01-012024-12-310001743415us-gaap:FairValueInputsLevel3Memberck0001743415:BankDebtSeniorSecuredLoansMemberus-gaap:FairValueMeasurementsRecurringMember2025-06-300001743415ck0001743415:CapitalMarketsMemberus-gaap:InvestmentAffiliatedIssuerMember2025-03-310001743415ck0001743415:AdvisorMember2025-06-300001743415Bank Debt/Senior Secured Loans — Arcutis Biotherapeutics, Inc. Industry Pharmaceuticals Spread above Index S+595 Floor 2.50% Interest Rate 10.27% Acquisition Date 12/2021 Maturity Date 8/20292025-06-300001743415ck0001743415:ProfessionalServicesMemberus-gaap:InvestmentAffiliatedIssuerMember2025-03-310001743415ck0001743415:EastWestBankMemberck0001743415:SubscriptionFacilityMember2024-12-272024-12-2700017434152019-03-120001743415Bank Debt/Senior Secured Loans — Meditrina, Inc. Industry Health Care Equipment & Supplies Spread above Index S+550 Floor 3.45% Interest Rate 9.82% Acquisition Date 12/2022 Maturity Date 12/20272025-06-300001743415Bank Debt/Senior Secured Loans — Enhanced Permanent Capital, LLC Industry Capital Markets Spread above Index S+700 Floor 1.00% Interest Rate 11.44% Acquisition Date 12/2020 Maturity Date 12/20252025-01-012025-06-300001743415ck0001743415:DiversifiedFinancialServicesMemberus-gaap:InvestmentAffiliatedIssuerMember2024-12-310001743415Bank Debt/Senior Secured Loans — 157.3% RQM+ Corp. Industry Life Sciences Tools & Services Spread above Index S+675 Floor 1.00% Interest Rate 11.34% Acquisition Date 8/2021 Maturity Date 8/20292024-01-012024-12-310001743415Vapotherm, Inc.2024-12-310001743415us-gaap:FairValueInputsLevel3Memberck0001743415:CommonEquityAndEquityInterestsAndWarrantsMember2023-12-310001743415Veronica Holdings, LLC (Common Equity)2025-06-300001743415Common Equity/Equity Interests/Warrants — 6.1% Assertio Holdings, Inc. Common Stock Industry Pharmaceuticals Acquisition Date 7/20232024-12-310001743415ck0001743415:TransactionPriceMemberus-gaap:FairValueInputsLevel3Memberck0001743415:CommonEquityAndEquityInterestsAndWarrantsMember2025-06-300001743415us-gaap:FairValueInputsLevel3Memberck0001743415:PreferredEquityMember2025-03-310001743415us-gaap:InvestmentAffiliatedIssuerMember2025-03-310001743415us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPriceVolatilityMemberus-gaap:MarketApproachValuationTechniqueMemberck0001743415:CommonEquityAndEquityInterestsAndWarrantsMember2025-06-300001743415Bank Debt/Senior Secured Loans — iCIMS, Inc. Industry Software Spread above Index S+575 Floor 0.75% Interest Rate 10.04% Acquisition Date 8/2022 Maturity Date 8/20282025-01-012025-06-300001743415ck0001743415:CapitalCommitmentConditionTwoMember2025-06-300001743415Bank Debt/Senior Secured Loans — 157.3% TAUC Management, LLC Industry Health Care Providers & Services Spread above Index S+700 Floor 1.00% Interest Rate 11.48% Acquisition Date 2/2021 Maturity Date 2/20272024-12-310001743415Preferred Equity — 5.5% Veronica Holdings, LLC (Vapotherm) Industry Health Care Equipment & Supplies Interest Rate 9.00% PIK Acquisition Date 9/20242024-12-310001743415Bank Debt/Senior Secured Loans — Tilley Distribution, Inc. Industry Trading Companies & Distributors Spread above Index S+600 Floor 1.00% Interest Rate 10.45% Acquisition Date 12/2021 Maturity Date 12/20262025-01-012025-06-300001743415us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001743415Common Equity/Equity Interests/Warrants — Meditrina, Inc. Warrants Industry Health Care Equipment & Supplies Acquisition Date 12/20222025-06-300001743415us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPriceVolatilityMemberus-gaap:MarketApproachValuationTechniqueMemberck0001743415:CommonEquityAndEquityInterestsAndWarrantsMember2024-12-310001743415us-gaap:FairValueInputsLevel3Memberck0001743415:BankDebtSeniorSecuredLoansMember2024-12-310001743415us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberck0001743415:MeasurementInputMarketYieldMemberck0001743415:PreferredEquityMember2024-12-310001743415ck0001743415:SecondUnitholderPreferredReturnMember2025-01-012025-06-300001743415ck0001743415:FinancialServicesMemberus-gaap:InvestmentAffiliatedIssuerMember2025-03-310001743415us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberck0001743415:MeasurementInputMarketYieldMemberck0001743415:PreferredEquityMember2025-06-300001743415us-gaap:InvestmentAffiliatedIssuerMemberus-gaap:InsuranceSectorMember2025-03-310001743415us-gaap:FairValueInputsLevel3Memberck0001743415:MeasurementEbitdaMultipleMembersrt:MinimumMemberck0001743415:CommonEquityAndEquityInterestsAndWarrantsMemberck0001743415:MeasurementInputComparableMultipleMember2024-12-310001743415ck0001743415:RxsenseHoldingsLlcMember2024-12-310001743415Common Equity/Equity Interests/Warrants — 6.1% Meditrina, Inc. Warrants Industry Health Care Equipment & Supplies Acquisition Date 12/20222024-01-012024-12-310001743415SLR-AMI Topco Blocker, LLC2025-01-012025-06-300001743415ck0001743415:SunmedGroupHoldingsLlcMember2025-06-300001743415us-gaap:FairValueInputsLevel3Memberck0001743415:CommonEquityAndEquityInterestsAndWarrantsMember2025-04-012025-06-300001743415ck0001743415:BankDebtSeniorSecuredLoansMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-06-300001743415Common Equity/Equity Interests/Warrants — Veronica Holdings, LLC Industry Health Care Equipment & Supplies Acquisition Date 9/20242025-01-012025-06-300001743415ck0001743415:PreferredEquityMember2024-12-310001743415ck0001743415:CommonEquityEquityInterestsWarrantsMember2024-12-310001743415SLR-AMI Topco Blocker, LLC2024-01-012024-12-310001743415Bank Debt/Senior Secured Loans — SunMed Group Holdings, LLC Industry Health Care Equipment & Supplies Spread above Index S+550 Floor 0.75% Interest Rate 9.88% Acquisition Date 6/2021 Maturity Date 6/20282025-01-012025-06-300001743415us-gaap:FairValueInputsLevel3Memberck0001743415:MeasurementEbitdaMultipleMembersrt:MinimumMemberck0001743415:CommonEquityAndEquityInterestsAndWarrantsMemberck0001743415:MeasurementInputComparableMultipleMember2025-06-300001743415Bank Debt/Senior Secured Loans — 157.3% Cerapedics, Inc. Industry Biotechnology Spread above Index S+620 Floor 2.75% Interest Rate 10.72% Acquisition Date 12/2022 Maturity Date 1/20282024-01-012024-12-310001743415Bank Debt/Senior Secured Loans — Human Interest Inc. Industry Professional Services Spread above Index S+735 Floor 1.00% Interest Rate 10.57% Acquisition Date 6/2022 Maturity Date 7/20272025-06-300001743415us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberck0001743415:PreferredEquityMember2024-12-310001743415ck0001743415:InternetCatalogRetailMemberus-gaap:InvestmentAffiliatedIssuerMember2024-12-310001743415us-gaap:InvestmentAffiliatedIssuerMember2025-01-012025-06-300001743415Bank Debt/Senior Secured Loans — 157.3% Plastic Management, LLC Industry Health Care Providers & Services Spread above Index S+500 Floor 1.00% Interest Rate 9.43% Acquisition Date 8/2021 Maturity Date 8/20272024-01-012024-12-3100017434152024-03-310001743415us-gaap:FairValueInputsLevel3Memberck0001743415:MeasurementEbitdaMultipleMemberck0001743415:CommonEquityAndEquityInterestsAndWarrantsMemberck0001743415:MeasurementInputComparableMultipleMember2025-06-300001743415us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPriceVolatilityMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberck0001743415:CommonEquityAndEquityInterestsAndWarrantsMember2024-12-310001743415Common Equity/Equity Interests/Warrants — 6.1% Veronica Holdings, LLC Industry Health Care Equipment & Supplies Acquisition Date 9/20242024-01-012024-12-310001743415us-gaap:FairValueInputsLevel3Memberck0001743415:BankDebtSeniorSecuredLoansMembersrt:WeightedAverageMemberck0001743415:MeasurementInputMarketYieldMemberus-gaap:IncomeApproachValuationTechniqueMember2025-06-300001743415us-gaap:FairValueInputsLevel3Memberck0001743415:CommonEquityAndEquityInterestsAndWarrantsMember2025-01-012025-06-300001743415Bank Debt/Senior Secured Loans — 157.3% High Street Buyer, Inc. Industry Insurance Spread above Index S+525 Floor 0.75% Interest Rate 9.58% Acquisition Date 4/2021 Maturity Date 4/20282024-01-012024-12-310001743415Common Equity/Equity Interests/Warrants — SLR-AMI Topco Blocker, LLC Industry Broadline Retail Acquisition Date 6/20232025-01-012025-06-300001743415Bank Debt/Senior Secured Loans — Human Interest Inc. Industry Professional Services Spread above Index S+735 Floor 1.00% Interest Rate 10.57% Acquisition Date 6/2022 Maturity Date 7/20272025-01-012025-06-300001743415Bank Debt/Senior Secured Loans — 157.3% Nexus Intermediate III, LLC (Vortex) Industry Professional Services Spread above Index S+475 Floor 0.75% Interest Rate 9.18% Acquisition Date 12/2021 Maturity Date 12/20272024-12-310001743415us-gaap:FairValueInputsLevel3Memberck0001743415:CommonEquityAndEquityInterestsAndWarrantsMember2025-03-310001743415ck0001743415:AscHoldcoLlcMember2024-12-310001743415us-gaap:FairValueMeasurementsRecurringMember2024-12-3100017434152025-04-012025-06-300001743415Bank Debt/Senior Secured Loans — High Street Buyer, Inc. Industry Insurance Spread above Index S+525 Floor 0.75% Interest Rate 9.55% Acquisition Date 4/2021 Maturity Date 4/20282025-06-300001743415us-gaap:FairValueInputsLevel3Member2024-01-012024-12-310001743415ck0001743415:SubscriptionFacilityMember2025-06-300001743415us-gaap:FairValueInputsLevel3Memberck0001743415:BankDebtSeniorSecuredLoansMemberck0001743415:MeasurementInputMarketYieldMembersrt:MinimumMemberus-gaap:IncomeApproachValuationTechniqueMember2025-06-300001743415ck0001743415:ThirdOrderOfPriorityReturnOfCapitalContributionsMember2025-01-012025-06-300001743415us-gaap:FairValueInputsLevel3Memberck0001743415:MeasurementEbitdaMultipleMembersrt:MaximumMemberck0001743415:CommonEquityAndEquityInterestsAndWarrantsMemberck0001743415:MeasurementInputComparableMultipleMember2024-12-310001743415Bank Debt/Senior Secured Loans — 157.3% BayMark Health Services, Inc. Industry Health Care Providers & Services Spread above Index S+500 Floor 1.00% Interest Rate 9.59% Acquisition Date 6/2021 Maturity Date 6/20272024-12-310001743415ck0001743415:TaucManagementLlcMember2025-06-300001743415ck0001743415:TaucManagementLlcMember2024-12-310001743415us-gaap:InvestmentAffiliatedIssuerMember2024-01-012024-12-310001743415ck0001743415:CompaniesLessThanFivePercentageOwnedMember2025-06-300001743415us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001743415:MeasurementInputMarketYieldMembersrt:MaximumMemberck0001743415:PreferredEquityMember2024-12-310001743415Bank Debt/Senior Secured Loans — 157.3% Tilley Distribution, Inc. Industry Trading Companies & Distributors Spread above Index S+600 Floor 1.00% Interest Rate 10.48% Acquisition Date 12/2021 Maturity Date 12/20262024-01-012024-12-310001743415us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberck0001743415:PreferredEquityMember2025-06-300001743415ck0001743415:CcSagHoldingsCorpMember2025-06-300001743415Bank Debt/Senior Secured Loans — Erie Construction Mid-west, LLC Industry Building Products Spread above Index S+475 Floor 1.00% Interest Rate 9.18% Acquisition Date 8/2021 Maturity Date 7/20272025-01-012025-06-300001743415Bank Debt/Senior Secured Loans — 157.3% Outset Medical, Inc. Industry Health Care Equipment & Supplies Spread above Index S+515 Floor 2.75% Interest Rate 9.67% Acquisition Date 11/2022 Maturity Date 11/20272024-12-310001743415us-gaap:FairValueInputsLevel3Memberck0001743415:PreferredEquityMember2024-12-310001743415us-gaap:FairValueInputsLevel3Memberck0001743415:PreferredEquityMember2023-12-310001743415us-gaap:FairValueInputsLevel3Memberck0001743415:TransactionPriceMemberck0001743415:CommonEquityAndEquityInterestsAndWarrantsMember2024-12-310001743415Bank Debt/Senior Secured Loans — 157.3% Fertility (ITC) Investment Holdco, LLC Industry Health Care Providers & Services Spread above Index S+650 Floor 1.00% Interest Rate 11.74% Acquisition Date 1/2023 Maturity Date 1/20292024-12-310001743415Common Equity/Equity Interests/Warrants — 6.1% Centrexion Therapeutics, Inc. Warrants Industry Pharmaceuticals Acquisition Date 6/20192024-12-310001743415Bank Debt/Senior Secured Loans — SunMed Group Holdings, LLC Industry Health Care Equipment & Supplies Spread above Index S+550 Floor 0.75% Interest Rate 9.88% Acquisition Date 6/2021 Maturity Date 6/20282025-06-300001743415Bank Debt/Senior Secured Loans — Ardelyx, Inc. Industry Pharmaceuticals Spread above Index S+795 Floor 1.00% Interest Rate 12.29% Acquisition Date 2/2022 Maturity Date 7/20282025-06-300001743415Common Equity/Equity Interests/Warrants — Assertio Holdings, Inc. Common Stock Industry Pharmaceuticals Acquisition Date 7/20232025-06-300001743415us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001743415us-gaap:FairValueInputsLevel3Memberck0001743415:BankDebtSeniorSecuredLoansMemberck0001743415:MeasurementInputMarketYieldMemberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310001743415Bank Debt/Senior Secured Loans — 157.3% Vapotherm, Inc. Industry Health Care Equipment & Supplies Spread above Index S+600 Floor 4.50% Interest Rate 10.52% Acquisition Date 2/2022 Maturity Date 9/20272024-01-012024-12-310001743415Bank Debt/Senior Secured Loans — 157.3% Erie Construction Mid-west, LLC Industry Building Products Spread above Index S+475 Floor 1.00% Interest Rate 10.09% Acquisition Date 8/2021 Maturity Date 7/20272024-12-310001743415Bank Debt/Senior Secured Loans — Transportation Insight, LLC Industry Ground Transportation Spread above Index S+550 Floor 1.00% Interest Rate 9.93% Acquisition Date 10/2021 Maturity Date 6/20272025-06-300001743415us-gaap:FairValueInputsLevel3Memberck0001743415:BankDebtSeniorSecuredLoansMember2025-06-300001743415us-gaap:FairValueInputsLevel3Member2023-12-310001743415us-gaap:FairValueMeasurementsRecurringMemberck0001743415:PreferredEquityMember2024-12-310001743415Bank Debt/Senior Secured Loans — 157.3% AMF Levered II, LLC Industry Diversified Financial Services Spread above Index S+705 Floor 1.00% Interest Rate 11.67% Acquisition Date 12/2021 Maturity Date 8/20282024-01-012024-12-3100017434152024-06-300001743415us-gaap:InvestmentsMember2024-12-310001743415Bank Debt/Senior Secured Loans — 157.3% SunMed Group Holdings, LLC Industry Health Care Equipment & Supplies Spread above Index S+550 Floor 0.75% Interest Rate 10.19% Acquisition Date 6/2021 Maturity Date 6/20282024-12-310001743415ck0001743415:CapitalCommitmentConditionOneMember2025-06-300001743415Preferred Equity — Veronica Holdings, LLC (Vapotherm) Industry Health Care Equipment & Supplies Interest Rate 9.00% PIK Acquisition Date 9/20242025-06-300001743415Bank Debt/Senior Secured Loans — 157.3% Plastic Management, LLC Industry Health Care Providers & Services Spread above Index S+500 Floor 1.00% Interest Rate 9.43% Acquisition Date 8/2021 Maturity Date 8/20272024-12-310001743415Bank Debt/Senior Secured Loans — 157.3% Foundation Consumer Brands, LLC Industry Personal Products Spread above Index S+625 Floor 1.00% Interest Rate 10.89% Acquisition Date 2/2021 Maturity Date 2/20272024-12-310001743415us-gaap:FairValueInputsLevel3Memberck0001743415:MeasurementEbitdaMultipleMemberck0001743415:CommonEquityAndEquityInterestsAndWarrantsMemberck0001743415:MeasurementInputComparableMultipleMember2024-12-310001743415Bank Debt/Senior Secured Loans — 157.3% Arcutis Biotherapeutics, Inc. Industry Pharmaceuticals Spread above Index S+595 Floor 2.50% Interest Rate 10.47% Acquisition Date 12/2021 Maturity Date 8/20292024-01-012024-12-310001743415Common Equity/Equity Interests/Warrants — 6.1% Meditrina, Inc. Warrants Industry Health Care Equipment & Supplies Acquisition Date 12/20222024-12-310001743415us-gaap:FairValueInputsLevel3Memberck0001743415:BankDebtSeniorSecuredLoansMember2025-04-012025-06-300001743415ck0001743415:FirstReturnOfCapitalContributionsMember2025-01-012025-06-300001743415Bank Debt/Senior Secured Loans — 157.3% Ardelyx, Inc. Industry Pharmaceuticals Spread above Index S+795 Floor 1.00% Interest Rate 12.50% Acquisition Date 2/2022 Maturity Date 7/20282024-01-012024-12-310001743415Bank Debt/Senior Secured Loans — 157.3% Kaseya, Inc. Industry Software Spread above Index S+550 Floor 0.75% Interest Rate 10.09% Acquisition Date 6/2022 Maturity Date 6/20292024-12-310001743415Bank Debt/Senior Secured Loans — RQM+ Corp. Industry Life Sciences Tools & Services Spread above Index S+675 Floor 1.00% Interest Rate 11.31% Acquisition Date 8/2021 Maturity Date 8/20292025-06-300001743415ck0001743415:CompaniesLessThanFivePercentageOwnedMember2024-12-310001743415Bank Debt/Senior Secured Loans — CC SAG Holdings Corp. (Spectrum Automotive) Industry Diversified Consumer Services Spread above Index S+525 Floor 0.75% Interest Rate 9.58% Acquisition Date 6/2021 Maturity Date 6/20282025-06-300001743415us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001743415:MeasurementInputMarketYieldMembersrt:MaximumMemberck0001743415:PreferredEquityMember2025-06-300001743415Bank Debt/Senior Secured Loans — 157.3% iCIMS, Inc. Industry Software Spread above Index S+575 Floor 0.75% Interest Rate 10.38% Acquisition Date 8/2022 Maturity Date 8/20282024-12-310001743415Veronica Holdings, LLC (Preferred Equity)2024-01-012024-12-310001743415ck0001743415:AscHoldcoLlcMember2025-06-300001743415SLR-AMI Topco Blocker, LLC2025-06-300001743415Bank Debt/Senior Secured Loans — 157.3% CC SAG Holdings Corp. (Spectrum Automotive) Industry Diversified Consumer Services Spread above Index S+525 Floor 0.75% Interest Rate 9.58% Acquisition Date 6/2021 Maturity Date 6/20282024-12-310001743415ck0001743415:PharmaceuticalsMemberus-gaap:InvestmentAffiliatedIssuerMember2024-12-310001743415us-gaap:FairValueInputsLevel3Member2025-03-310001743415Veronica Holdings, LLC (Common Equity)2025-01-012025-06-300001743415Common Equity/Equity Interests/Warrants — 6.1% SLR-AMI Topco Blocker, LLC Industry Internet & Catalog Retail Acquisition Date 6/20232024-12-310001743415us-gaap:FairValueInputsLevel3Memberck0001743415:CommonEquityAndEquityInterestsAndWarrantsMember2024-12-310001743415us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberck0001743415:PreferredEquityMember2024-12-310001743415us-gaap:FairValueInputsLevel3Memberck0001743415:PreferredEquityMember2025-06-300001743415ck0001743415:CompaniesFivePercentageToTwentyFivePercentageOwnedMember2024-12-310001743415us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberck0001743415:CommonEquityAndEquityInterestsAndWarrantsMember2025-06-300001743415Bank Debt/Senior Secured Loans — 157.3% Meditrina, Inc. Industry Health Care Equipment & Supplies Spread above Index S+550 Floor 3.45% Interest Rate 10.02% Acquisition Date 12/2022 Maturity Date 12/20272024-01-012024-12-3100017434152023-12-310001743415us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPriceVolatilityMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberck0001743415:CommonEquityAndEquityInterestsAndWarrantsMember2025-06-300001743415Common Equity/Equity Interests/Warrants — 6.1% Veronica Holdings, LLC Industry Health Care Equipment & Supplies Acquisition Date 9/20242024-12-310001743415us-gaap:CashEquivalentsMember2025-06-300001743415ck0001743415:PersonalProductsMemberus-gaap:InvestmentAffiliatedIssuerMember2024-12-310001743415us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001743415:MeasurementInputMarketYieldMembersrt:MinimumMemberck0001743415:PreferredEquityMember2024-12-310001743415Bank Debt/Senior Secured Loans — 157.3% All State Ag Parts, LLC Industry Trading Companies & Distributors Spread above Index S+600 Floor 1.00% Interest Rate 10.59% Acquisition Date 9/2021 Maturity Date 9/20262024-12-310001743415Common Equity/Equity Interests/Warrants — 6.1% SLR-AMI Topco Blocker, LLC Industry Internet & Catalog Retail Acquisition Date 6/20232024-01-012024-12-310001743415ck0001743415:TradingCompaniesDistributorsMemberus-gaap:InvestmentAffiliatedIssuerMember2025-03-310001743415ck0001743415:BankDebtSeniorSecuredLoansMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-06-300001743415Bank Debt/Senior Secured Loans — Southern Orthodontic Partners Management, LLC Industry Health Care Providers & Services Spread above Index S+500 Floor 1.00% Interest Rate 9.80% Acquisition Date 6/2022 Maturity Date 7/20262025-01-012025-06-300001743415SLR-AMI Topco Blocker, LLC2023-12-310001743415SLR-AMI Topco Blocker, LLC2024-12-310001743415ck0001743415:Second.AdviserCatchUpMember2025-01-012025-06-300001743415Bank Debt/Senior Secured Loans — Vapotherm, Inc. Industry Health Care Equipment & Supplies Spread above Index S+600 Floor 4.50% Interest Rate 10.50% Acquisition Date 2/2022 Maturity Date 9/20272025-01-012025-06-300001743415us-gaap:FairValueInputsLevel3Memberck0001743415:BankDebtSeniorSecuredLoansMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001743415us-gaap:InvestmentsMembersrt:MaximumMember2025-01-012025-06-300001743415us-gaap:FairValueInputsLevel3Memberck0001743415:CommonEquityAndEquityInterestsAndWarrantsMember2025-06-300001743415ck0001743415:CompaniesFivePercentageToTwentyFivePercentageOwnedMember2025-06-300001743415ck0001743415:HealthCareProvidersServicesMemberus-gaap:InvestmentAffiliatedIssuerMember2024-12-310001743415Common Equity/Equity Interests/Warrants — Veronica Holdings, LLC Industry Health Care Equipment & Supplies Acquisition Date 9/20242025-06-300001743415Bank Debt/Senior Secured Loans — 157.3% Peter C. Foy & Associates Insurance Services, LLC Industry Insurance Spread above Index S+550 Floor 0.75% Interest Rate 9.83% Acquisition Date 10/2021 Maturity Date 11/20282024-12-310001743415Bank Debt/Senior Secured Loans — Plastic Management, LLC Industry Health Care Providers & Services Spread above Index S+500 Floor 1.00% Interest Rate 9.30% Acquisition Date 8/2021 Maturity Date 8/20272025-01-012025-06-300001743415Bank Debt/Senior Secured Loans — BayMark Health Services, Inc. Industry Health Care Providers & Services Spread above Index S+500 Floor 1.00% Interest Rate 9.56% Acquisition Date 6/2021 Maturity Date 6/20272025-01-012025-06-300001743415Common Equity/Equity Interests/Warrants — 6.1% Assertio Holdings, Inc. Common Stock Industry Pharmaceuticals Acquisition Date 7/20232024-01-012024-12-310001743415ck0001743415:FirstAmericanTreasuryObligationsFundMember2025-01-012025-06-300001743415Bank Debt/Senior Secured Loans — 157.3% Enhanced Permanent Capital, LLC Industry Capital Markets Spread above Index S+700 Floor 1.00% Interest Rate 11.97% Acquisition Date 12/2020 Maturity Date 12/20252024-01-012024-12-310001743415Bank Debt/Senior Secured Loans — 157.3% Enhanced Permanent Capital, LLC Industry Capital Markets Spread above Index S+700 Floor 1.00% Interest Rate 11.97% Acquisition Date 12/2020 Maturity Date 12/20252024-12-310001743415Bank Debt/Senior Secured Loans — 157.3% Arcutis Biotherapeutics, Inc. Industry Pharmaceuticals Spread above Index S+595 Floor 2.50% Interest Rate 10.47% Acquisition Date 12/2021 Maturity Date 8/20292024-12-310001743415ck0001743415:DbFacilityMemberck0001743415:DeutscheBankAgNewYorkMember2024-08-022024-08-020001743415us-gaap:InvestmentAffiliatedIssuerMember2023-12-310001743415Bank Debt/Senior Secured Loans — Nexus Intermediate III, LLC (Vortex) Industry Professional Services Spread above Index S+475 Floor 0.75% Interest Rate 8.97% Acquisition Date 12/2021 Maturity Date 12/20272025-01-012025-06-300001743415ck0001743415:RevolvingTermLoansMember2024-12-310001743415ck0001743415:HealthCareEquipmentSuppliesMemberus-gaap:InvestmentAffiliatedIssuerMember2024-12-310001743415Bank Debt/Senior Secured Loans — Cerapedics, Inc. Industry Biotechnology Spread above Index S+620 Floor 2.75% Interest Rate 10.52% Acquisition Date 12/2022 Maturity Date 1/20282025-06-300001743415Common Equity/Equity Interests/Warrants — Meditrina, Inc. Warrants Industry Health Care Equipment & Supplies Acquisition Date 12/20222025-01-012025-06-300001743415us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPriceVolatilityMemberus-gaap:MarketApproachValuationTechniqueMemberck0001743415:CommonEquityAndEquityInterestsAndWarrantsMembersrt:MaximumMember2025-06-300001743415Vapotherm, Inc.2025-06-300001743415us-gaap:FairValueInputsLevel3Memberck0001743415:BankDebtSeniorSecuredLoansMemberck0001743415:MeasurementInputMarketYieldMemberus-gaap:IncomeApproachValuationTechniqueMember2025-06-300001743415Bank Debt/Senior Secured Loans — Enhanced Permanent Capital, LLC Industry Capital Markets Spread above Index S+700 Floor 1.00% Interest Rate 11.44% Acquisition Date 12/2020 Maturity Date 12/20252025-06-300001743415srt:MinimumMemberus-gaap:InvestmentsMember2025-06-300001743415us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberck0001743415:CommonEquityAndEquityInterestsAndWarrantsMember2024-12-310001743415ck0001743415:ThirdAdviserCatchUpMember2025-01-012025-06-300001743415ck0001743415:FirstUnitholderPreferredReturnMember2025-01-012025-06-300001743415us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2025-06-300001743415ck0001743415:BiotechnologyMemberus-gaap:InvestmentAffiliatedIssuerMember2025-03-310001743415Vapotherm, Inc.2023-12-310001743415us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberck0001743415:CommonEquityAndEquityInterestsAndWarrantsMember2025-06-3000017434152019-03-122019-03-120001743415us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberck0001743415:PreferredEquityMember2025-06-300001743415Bank Debt/Senior Secured Loans — Fertility (ITC) Investment Holdco, LLC Industry Health Care Providers & Services Spread above Index S+650 Floor 1.00% Interest Rate 10.74% Acquisition Date 1/2023 Maturity Date 1/20292025-01-012025-06-300001743415Bank Debt/Senior Secured Loans — 157.3% Tilley Distribution, Inc. Industry Trading Companies & Distributors Spread above Index S+600 Floor 1.00% Interest Rate 10.48% Acquisition Date 12/2021 Maturity Date 12/20262024-12-310001743415Veronica Holdings, LLC (Common Equity)2024-01-012024-12-310001743415Bank Debt/Senior Secured Loans — 157.3% RxSense Holdings LLC Industry Diversified Consumer Services Spread above Index S+500 Floor 1.00% Interest Rate 9.69% Acquisition Date 3/2020 Maturity Date 3/20262024-01-012024-12-310001743415Bank Debt/Senior Secured Loans — AMF Levered II, LLC Industry Financial Services Spread above Index S+705 Floor 1.00% Interest Rate 11.48% Acquisition Date 12/2021 Maturity Date 8/20282025-06-300001743415us-gaap:FairValueInputsLevel3Memberck0001743415:MeasurementEbitdaMultipleMemberck0001743415:CommonEquityAndEquityInterestsAndWarrantsMembersrt:MaximumMemberck0001743415:MeasurementInputComparableMultipleMember2025-06-300001743415Veronica Holdings, LLC (Common Equity)2023-12-310001743415ck0001743415:CapitalCommitmentConditionTwoMember2025-01-012025-06-300001743415Common Equity/Equity Interests/Warrants — Senseonics Holdings, Inc Common Stock Industry Health Care Equipment & Supplies Acquisition Date 7/20192025-06-300001743415Bank Debt/Senior Secured Loans — 157.3% RxSense Holdings LLC Industry Diversified Consumer Services Spread above Index S+500 Floor 1.00% Interest Rate 9.69% Acquisition Date 3/2020 Maturity Date 3/20262024-12-310001743415ck0001743415:CompaniesLessThanFivePercentageOwnedMember2025-01-012025-06-300001743415Bank Debt/Senior Secured Loans — Nexus Intermediate III, LLC (Vortex) Industry Professional Services Spread above Index S+475 Floor 0.75% Interest Rate 8.97% Acquisition Date 12/2021 Maturity Date 12/20272025-06-300001743415ck0001743415:CapitalMarketsMemberus-gaap:InvestmentAffiliatedIssuerMember2024-12-310001743415ck0001743415:AdvisorMember2025-01-012025-06-300001743415ck0001743415:AdvisorMember2025-04-012025-06-300001743415Bank Debt/Senior Secured Loans — 157.3% Kaseya, Inc. Industry Software Spread above Index S+550 Floor 0.75% Interest Rate 10.09% Acquisition Date 6/2022 Maturity Date 6/20292024-01-012024-12-310001743415ck0001743415:SunmedGroupHoldingsLlcMember2024-12-310001743415us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001743415:MeasurementEbitdaMultipleMemberck0001743415:CommonEquityAndEquityInterestsAndWarrantsMemberck0001743415:MeasurementInputComparableMultipleMember2024-12-310001743415ck0001743415:FoundationConsumerBrandsLlcMember2024-12-310001743415Bank Debt/Senior Secured Loans — 157.3% Vapotherm, Inc. Industry Health Care Equipment & Supplies Spread above Index S+600 Floor 4.50% Interest Rate 10.52% Acquisition Date 2/2022 Maturity Date 9/20272024-12-310001743415us-gaap:SeniorLoansMember2024-12-3100017434152024-12-310001743415Bank Debt/Senior Secured Loans — 157.3% Meditrina, Inc. Industry Health Care Equipment & Supplies Spread above Index S+550 Floor 3.45% Interest Rate 10.02% Acquisition Date 12/2022 Maturity Date 12/20272024-12-310001743415us-gaap:InvestmentAffiliatedIssuerMemberck0001743415:ProfessionalServicesMember2024-12-310001743415ck0001743415:BroadlineRetailMemberus-gaap:InvestmentAffiliatedIssuerMember2025-03-310001743415Bank Debt/Senior Secured Loans — 157.3% Human Interest Inc. Industry Internet Software & Services Spread above Index S+735 Floor 1.00% Interest Rate 11.90% Acquisition Date 6/2022 Maturity Date 7/20272024-12-310001743415ck0001743415:CompaniesFivePercentageToTwentyFivePercentageOwnedMember2025-01-012025-06-300001743415us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberck0001743415:CommonEquityAndEquityInterestsAndWarrantsMember2024-12-310001743415ck0001743415:FirstAmericanTreasuryObligationsFundMember2025-06-300001743415Preferred Equity — 5.5% Veronica Holdings, LLC (Vapotherm) Industry Health Care Equipment & Supplies Interest Rate 9.00% PIK Acquisition Date 9/20242024-01-012024-12-3100017434152025-06-300001743415us-gaap:FairValueInputsLevel3Member2025-04-012025-06-30xbrli:pureiso4217:USDxbrli:sharesxbrli:sharesiso4217: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 Quarter Ended June 30, 2025


☐	Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission File Number: 814-01294

SCP Private Credit Income BDC LLC

(Exact name of registrant as specified in its charter)


Delaware	83-0634992
(State of Incorporation)	(I.R.S. Employer Identification No.)

500 Park Avenue New York, N.Y.	10022
(Address of principal executive offices)	(Zip Code)

(212) 993-1670

(Registrant’s telephone number, including area code)

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

      Title of Each Class

      Trading
Symbol

      Name of Each Exchange
on Which Registered

      N/A

      N/A

      N/A

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

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

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


Large accelerated filer	☐	Accelerated filer	☐

Non-accelerated filer	☒	Smaller reporting company	☐

Emerging growth company	☒

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

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

As of June 30, 2025, there was no established public market for the registrant’s units. The issuer had 14,927,988 units outstanding as of August 1, 2025.

Table of Contents

SCP PRIVATE CREDIT INCOME BDC LLC

FORM 10-Q FOR THE PERIOD ENDED JUNE 30, 2025

TABLE OF CONTENTS


	Index	Page No.
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements
	Consolidated Statements of Assets and Liabilities as of June 30, 2025 (unaudited) and December 31, 2024	3
	Consolidated Statements of Operations for the three and six months ended June 30, 2025 (unaudited) and the three and six months ended June 30, 2024 (unaudited)	4
	Consolidated Statements of Changes in Unitholders’ Capital for the three and six months ended June 30, 2025 (unaudited) and the three and six months ended June 30, 2024 (unaudited)	5
	Consolidated Statements of Cash Flows for the six months ended June 30, 2025 (unaudited) and the six months ended June 30, 2024 (unaudited)	6
	Consolidated Schedule of Investments as of June 30, 2025 (unaudited)	7
	Consolidated Schedule of Investments as of December 31, 2024	11
	Notes to Consolidated Financial Statements (unaudited)	14
	Report of Independent Registered Public Accounting Firm	28
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	29
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	38
Item 4.	Controls and Procedures	38
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	39
Item 1A.	Risk Factors	39
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	39
Item 3.	Defaults Upon Senior Securities	39
Item 4.	Mine Safety Disclosures	39
Item 5.	Other Information	39
Item 6.	Exhibits	40
SIGNATURES		41

Table of Contents

PART I. FINANCIAL INFORMATION

In this Quarterly Report, “Company”, “we”, “us”, and “our” refer to SCP Private Credit Income BDC LLC unless the context states otherwise.

Item 1. Financial Statements

SCP Private Credit Income BDC LLC

Consolidated Statements of Assets and Liabilities

(in thousands, except unit and per unit amounts)


	June 30, 2025 (unaudited)			December 31, 2024
Assets
Investments at fair value:
Companies less than 5% owned (cost: $219,387 and $289,211, respectively)	$	217,790		$	289,875
Companies 5% to 25% owned (cost: $37,473 and $36,026, respectively)		24,738			26,680
Cash		8,553			39,386
Cash equivalents (cost: $40,997 and $0, respectively)		40,997			—
Interest receivable		2,891			3,413
Receivable for investments sold		54			14
Prepaid expenses		63			15
Total assets	$	295,086		$	359,383
Liabilities
Debt ($113,000 and $167,000 face amounts, respectively, reported net of unamortized debt issuance costs of $730 and $849, respectively. See note 5)	$	112,270		$	166,151
Management fee payable (see note 3)		727			733
Incentive fee payable (see note 3)		1,558			3,748
Administration fee payable (see note 3)		61			69
Interest payable (see note 5)		704			994
Payable for investments purchased		37			15
Other liabilities and accrued expenses		147			278
Total liabilities	$	115,504		$	171,988
Commitments and contingencies (see note 6)
Unitholders’ Capital
Common Unitholders’ capital (18,532,519 and 18,532,519 units, respectively, issued and outstanding)		193,933			193,933
Accumulated distributable net loss		(14,351	)		(6,538	)
Total unitholders’ capital	$	179,582		$	187,395
Total liabilities and unitholders’ capital	$	295,086		$	359,383
Net asset value per unit	$	9.69		$	10.11

See notes to consolidated financial statements.

Table of Contents

SCP Private Credit Income BDC LLC

Consolidated Statements of Operations (unaudited)

(in thousands, except unit and per unit amounts)


	Three months ended						Six months ended
	June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Investment Income:
Interest:
Companies less than 5% owned	$	6,670		$	11,998		$	14,381		$	24,804
Companies 5% to 25% owned		148			—			294			—
Dividends:
Companies less than 5% owned		329			—			602			—
Companies 5% to 25% owned		271			—			541			—
Other income:
Companies less than 5% owned		1			263			45			291
Total investment income		7,419			12,261			15,863			25,095
Expenses:
Management fees (see note 3)	$	727		$	1,036		$	1,446		$	2,072
Incentive fees (see note 3)		268			1,028			507			2,312
Administration fees (see note 3)		61			81			124			164
Interest and other credit facility expenses (see note 5)		2,256			3,459			4,866			7,029
Other general and administrative expenses		199			188			396			460
Total expenses		3,511			5,792			7,339			12,037
Net investment income	$	3,908		$	6,469		$	8,524		$	13,058
Realized and unrealized gain (loss) on investments:
Net realized gain on companies less than 5% owned	$	—		$	40		$	—		$	64
Net change in unrealized gain (loss) on investments:
Companies less than 5% owned		(1,479	)		(682	)		(2,262	)		(19	)
Companies 5% to 25% owned		(909	)		—			(3,388	)		—
Net change in unrealized gain (loss) on investments		(2,388	)		(682	)		(5,650	)		(19	)
Net realized and unrealized gain (loss) on investments		(2,388	)		(642	)		(5,650	)		45
Net Increase in Unitholders’ Capital Resulting From Operations	$	1,520		$	5,827		$	2,874		$	13,103
Net Income Per Unit	$	0.08		$	0.22		$	0.16		$	0.49

See notes to consolidated financial statements.

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SCP Private Credit Income BDC LLC

Consolidated Statements of Changes in Unitholders’ Capital (unaudited)

(in thousands, except unit amounts)


	Three months ended						Six months ended
	June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Increase (decrease) in unitholders’ capital resulting from operations:
Net investment income	$	3,908		$	6,469		$	8,524		$	13,058
Net realized gain		—			40			—			64
Net change in unrealized gain (loss)		(2,388	)		(682	)		(5,650	)		(19	)
Net increase in unitholders’ capital resulting from operations		1,520			5,827			2,874			13,103
Distributions to unitholders:
From distributable earnings		(3,908	)		—			(8,524	)		(5,000	)
From return of capital		(1,436	)		—			(2,163	)		—
Net distributions to unitholders		(5,344	)		—			(10,687	)		(5,000	)
Increase in unitholders’ capital resulting from capital activity:
Contributions		—			—			—			—
Redemptions		—			—			—			—
Net increase (decrease) in unitholders’ capital resulting from capital activity		—			—			—			—
Total increase (decrease) in unitholders’ capital		(3,824	)		5,827			(7,813	)		8,103
Unitholders’ capital, beginning of period		183,406			270,577			187,395			268,301
Unitholders’ capital, end of period	$	179,582		$	276,404		$	179,582		$	276,404
Capital unit activity (see note 7):
Units issued		—			—			—			—
Units redeemed		—			—			—			—
Net increase (decrease) from capital unit activity		—			—			—			—

See notes to consolidated financial statements.

Table of Contents

SCP Private Credit Income BDC LLC

Consolidated Statements of Cash Flows (unaudited)

(in thousands)


	Six months ended June 30, 2025			Six months ended June 30, 2024
Cash Flows from Operating Activities:
Net increase in unitholders’ capital resulting from operations	$	2,874		$	13,103
Adjustments to reconcile net increase in unitholders’ capital resulting from operations to net cash provided by operating activities:
Net realized gain on investments		—			(64	)
Net change in unrealized (gain) loss on investments		5,650			19
Deferred financing costs amortization		203			506
Net accretion of discount on investments		(554	)		(1,049	)
(Increase) decrease in operating assets:
Purchase of investments		(1,100	)		(2,926	)
Proceeds from disposition of investments		70,777			27,814
Capitalization of payment-in-kind income		(981	)		(1,211	)
Collections of payment-in-kind income		235			—
Receivable for investments sold		(40	)		(65	)
Interest receivable		522			(754	)
Prepaid expenses		(48	)		(40	)
Increase (decrease) in operating liabilities:
Management fee payable		(6	)		(3,252	)
Incentive fee payable		(2,190	)		(2,020	)
Administration fee payable		(8	)		(14	)
Interest payable		(290	)		(222	)
Payable for investments purchased		22			—
Other liabilities and accrued expenses		(131	)		(8	)
Net Cash Provided by Operating Activities		74,935			29,817
Cash Flows from Financing Activities:
Cash distributions paid		(10,687	)		(20,152	)
Proceeds from borrowings		18,916			—
Repayments of borrowings		(73,000	)		(18,700	)
Net Cash Used in Financing Activities		(64,771	)		(38,852	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		10,164			(9,035	)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		39,386			42,263
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	49,550		$	33,228
Supplemental disclosure of cash flow information:
Cash paid for interest	$	4,953		$	6,745

See notes to consolidated financial statements.

Table of Contents

SCP Private Credit Income BDC LLC

Consolidated Schedule of Investments (unaudited)

June 30, 2025

(in thousands, except share/unit amounts)


Description	Industry	Spread above Index (3)	Floor			Interest Rate (1)			Acquisition Date	Maturity Date	Par Amount		Cost		Fair Value
Bank Debt/Senior Secured Loans — 124.0%
AMF Levered II, LLC(2)	Financial Services	S+705		1.00	%		11.48	%	12/2021	8/2028	$	12,660	$	12,591	$	12,660
All State Ag Parts, LLC(2)	Trading Companies & Distributors	S+650(6)		1.00	%		11.06	%	9/2021	9/2026		5,018		4,992		5,018
Arcutis Biotherapeutics, Inc.(2)(4)	Pharmaceuticals	S+595		2.50	%		10.27	%	12/2021	8/2029		12,260		12,801		12,973
Ardelyx, Inc.(2)(4)	Pharmaceuticals	S+795		1.00	%		12.29	%	2/2022	7/2028		6,035		6,153		6,111
BayMark Health Services, Inc.(2)	Health Care Providers & Services	S+500		1.00	%		9.56	%	6/2021	6/2027		15,460		15,401		15,151
CC SAG Holdings Corp. (Spectrum Automotive) (2)	Diversified Consumer Services	S+525		0.75	%		9.58	%	6/2021	6/2028		12,354		12,246		12,354
Cerapedics, Inc. (2)	Biotechnology	S+620		2.75	%		10.52	%	12/2022	1/2028		12,122		12,277		12,481
Enhanced Permanent Capital, LLC(2)(4)	Capital Markets	S+700		1.00	%		11.44	%	12/2020	6/2026		8,867		8,831		8,867
Erie Construction Mid-west, LLC(2)	Building Products	S+475		1.00	%		9.18	%	8/2021	7/2027		9,921		9,854		9,921
Fertility (ITC) Investment Holdco, LLC(2)	Health Care Providers & Services	S+650		1.00	%		10.74	%	1/2023	1/2029		10,122		9,920		10,122
High Street Buyer, Inc. (2)	Insurance	S+525		0.75	%		9.55	%	4/2021	4/2028		11,792		11,675		11,792
Human Interest Inc.(2)	Professional Services	S+625		1.00	%		10.57	%	6/2022	7/2027		13,598		13,606		13,598
iCIMS, Inc.(2)	Software	S+575(5)		0.75	%		10.03	%	8/2022	8/2028		14,580		14,436		14,580
Meditrina, Inc.(2)	Health Care Equipment & Supplies	S+550		3.45	%		9.82	%	12/2022	12/2027		1,515		1,551		1,557
Nexus Intermediate III, LLC (Vortex)(2)	Professional Services	S+475		0.75	%		8.97	%	12/2021	12/2027		5,291		5,249		5,291
Plastic Management, LLC(2)	Health Care Providers & Services	S+500		1.00	%		9.30	%	8/2021	8/2027		14,827		14,738		14,827
RQM+ Corp.(2)	Life Sciences Tools & Services	S+675(13)		1.00	%		11.31	%	8/2021	8/2029		15,655		15,526		14,403
Southern Orthodontic Partners Management, LLC(2)	Health Care Providers & Services	S+550		1.00	%		9.80	%	6/2022	7/2026		4,407		4,392		4,407
SunMed Group Holdings, LLC(2)	Health Care Equipment & Supplies	S+550		0.75	%		9.88	%	6/2021	6/2028		7,487		7,424		7,487
TAUC Management, LLC(2)	Health Care Providers & Services	S+700(7)		1.00	%		11.45	%	2/2021	2/2027		7,897		7,861		7,107
Tilley Distribution, Inc.(2)	Trading Companies & Distributors	S+600		1.00	%		10.45	%	12/2021	12/2026		11,805		11,756		11,569
Transportation Insight, LLC(2)	Ground Transportation	S+550(12)		1.00	%		9.93	%	10/2021	6/2027		6,065		6,028		5,459
Vapotherm, Inc.(9)	Health Care Equipment & Supplies	S+600		4.50	%		10.50	%	2/2022	9/2027		4,828		5,008		5,029
Total Bank Debt/Senior Secured Loans													$	224,316	$	222,764

See notes to consolidated financial statements.

Table of Contents

SCP Private Credit Income BDC LLC

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2025

(in thousands, except share/unit amounts)


Description	Industry	Interest Rate	Acquisition Date	Shares/ Units		Cost		Fair Value
Preferred Equity — 6.0%
Veronica Holdings, LLC (Vapotherm)(9)	Health Care Equipment & Supplies	9.00% PIK	9/2024		4,573,737	$	10,295	$	10,688
						$	10,295	$	10,688
Common Equity/Equity Interests/Warrants — 5.1%
Assertio Holdings, Inc. Common Stock†(11)	Pharmaceuticals		7/2023		4,230	$	17	$	3
Centrexion Therapeutics, Inc. Warrants†	Pharmaceuticals		6/2019		56,483		27		5
Meditrina, Inc. Warrants†	Health Care Equipment & Supplies		12/2022		15,858		12		9
Senseonics Holdings, Inc Common Stock†(4)(11)	Health Care Equipment & Supplies		7/2019		79,501		23		38
SLR-AMI Topco Blocker, LLC†(8)(9)	Broadline Retail		6/2023	-			22,053		8,797
Veronica Holdings, LLC†(9)	Health Care Equipment & Supplies		9/2024		102,711		117		224
Total Common Equity/Equity Interests/Warrants						$	22,249	$	9,076
Total Investments(10) — 135.1%						$	256,860	$	242,528

Cash Equivalents — 22.8%
First American Treasury Obligations Fund	Government		1/2025		40,996,833	$	40,997	$	40,997

Total Investments & Cash Equivalents — 157.9%						$	297,857	$	283,525
Liabilities in Excess of Other Assets - (57.9%)									(103,943	)
Net Assets — 100.0%								$	179,582

(1)

Floating rate debt investments typically bear interest at a rate determined by reference to either the Secured Overnight Financing Rate (“SOFR” or “S”) or the prime index rate (“PRIME” or “P”), and which typically reset monthly, quarterly or semi-annually. For each debt investment, we have provided the current interest rate in effect as of June 30, 2025.

(2)

Indicates an investment that is wholly or partially held by the Company through its wholly-owned financing subsidiary SCP Private Credit Income BDC SPV LLC (the “SPV”). Such investments are pledged as collateral under the DB Facility (see Note 5 to the consolidated financial statements) and are not generally available to creditors, if any, of the Company.

(3)

Floating rate instruments accrue interest at a predetermined spread relative to an index, typically the SOFR or PRIME rate. These instruments are often subject to SOFR or PRIME rate floor.

(4)

Indicates assets that the Company believes may not represent “qualifying assets” under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). If the Company fails to invest a sufficient portion of its assets in qualifying assets, it could be prevented from making follow-on investments in existing portfolio companies or could be required to dispose of investments at inappropriate times in order to comply with the 1940 Act. As of June 30, 2025, on a fair value basis, non-qualifying assets in the Company’s portfolio represented 9.5% of the total assets of the Company.

(5)

Certain tranches have a spread of S+575 and certain tranches have a spread of S+625.

(6)

Spread is S+600 Cash / 0.50% PIK.

(7)

Spread is S+600 Cash/1.00% PIK.

See notes to consolidated financial statements.

Table of Contents

SCP Private Credit Income BDC LLC

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2025

(in thousands)

(8)

Through this entity and other intermediate entities, the Company owns approximately 5.0% of the underlying common units of ASC Holdco, LLC, a joint venture which owns certain assets of the former AmeriMark Interactive, LLC.

(9)

Denotes investments in which the Company is an “Affiliated Person” but does not exercise a controlling influence, as defined in the 1940 Act, due to beneficially owning, either directly or through one or more controlled companies, more than 5% but less than 25% of the outstanding voting securities of the investment. Transactions during the six months ended June 30, 2025 in these affiliated investments are as follows:


Name of Issuer	Fair Value at December 31, 2024		Gross Additions		Gross Reductions		Realized Gain (Loss)		Change in Unrealized Gain (Loss)			Fair Value at June 30, 2025		Interest/ Dividend Income
SLR-AMI Topco Blocker, LLC	$	11,240	$	866	$	—	$	—	$	(3,309	)	$	8,797	$	—
Vapotherm, Inc.		4,993		—		—		—		(3	)		5,029		294
Veronica Holdings, LLC (Preferred Equity)		10,223		465		—		—		(76	)		10,688	541
Veronica Holdings, LLC (Common Equity)		224		—		—		—		—			224		—
	$	26,680	$	1,331	$	—	$	—	$	(3,388	)	$	24,738	$	835

The change in fair value in the table above may not roll across due to the recognition of accretion income, which is included in interest income.

(10)

Aggregate net unrealized depreciation for U.S. federal income tax purposes is $16,300; aggregate gross unrealized appreciation and depreciation for U.S. federal tax purposes is $2,190 and $18,490, respectively, based on a tax cost of $258,828. The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). These investments are generally subject to certain limitations on resale, and may be deemed to be “restricted securities” under the Securities Act. All investments are Level 3 unless otherwise indicated.

(11)

Denotes a Level 1 investment.

(12)

Spread is S+450 Cash / 1.00% PIK.

(13)

Spread is S+200 Cash / 4.75% PIK.

† Non-income producing security.

See notes to consolidated financial statements.

Table of Contents

SCP Private Credit Income BDC LLC

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2025


Industry Classification	Percentage of Total Investments (at fair value) as of June 30, 2025
Health Care Providers & Services		21.3	%
Health Care Equipment & Supplies		10.3	%
Pharmaceuticals		7.9	%
Professional Services		7.8	%
Trading Companies & Distributors		6.8	%
Software		6.0	%
Life Sciences Tools & Services		5.9	%
Financial Services		5.2	%
Biotechnology		5.1	%
Diversified Consumer Services		5.1	%
Insurance		4.9	%
Building Products		4.1	%
Capital Markets		3.7	%
Broadline Retail		3.6	%
Ground Transportation		2.3	%
Total Investments		100.0	%

See notes to consolidated financial statements.

Table of Contents

SCP Private Credit Income BDC LLC

Consolidated Schedule of Investments

December 31, 2024

(in thousands, except share/unit amounts)


Description	Industry	Spread above Index (3)	Floor			Interest Rate (1)				Acquisition Date	Maturity Date	Par Amount		Cost		Fair Value
Bank Debt/Senior Secured Loans — 157.3%
AMF Levered II, LLC(2)	Diversified Financial Services	S+705		1.00	%		11.67	%		12/2021	8/2028	$	12,660	$	12,582	$	12,660
All State Ag Parts, LLC(2)	Trading Companies & Distributors	S+600		1.00	%		10.59	%		9/2021	9/2026		5,113		5,075		5,113
Arcutis Biotherapeutics, Inc.(2)(4)	Pharmaceuticals	S+595		2.50	%		10.47	%		12/2021	8/2029		12,260		12,706		12,934
Ardelyx, Inc.(2)(4)	Pharmaceuticals	S+795		1.00	%		12.50	%		2/2022	7/2028		6,035		6,123		6,110
BayMark Health Services, Inc.(2)	Health Care Providers & Services	S+500		1.00	%		9.59	%		6/2021	6/2027		15,540		15,467		15,540
CC SAG Holdings Corp. (Spectrum Automotive) (2)	Diversified Consumer Services	S+525		0.75	%		9.58	%		6/2021	6/2028		12,418		12,294		12,418
Cerapedics, Inc. (2)	Biotechnology	S+620		2.75	%		10.72	%		12/2022	1/2028		12,122		12,237		12,476
Enhanced Permanent Capital, LLC(2)(4)	Capital Markets	S+700		1.00	%		11.97	%		12/2020	12/2025		9,501		9,424		9,501
Erie Construction Mid-west, LLC(2)	Building Products	S+475		1.00	%		10.09	%		8/2021	7/2027		10,213		10,128		10,213
Fertility (ITC) Investment Holdco, LLC(2)	Health Care Providers & Services	S+650		1.00	%		11.74	%		1/2023	1/2029		10,174		9,948		10,174
Foundation Consumer Brands, LLC(2)	Personal Products	S+625		1.00	%		10.89	%		2/2021	2/2027		10,657		10,549		10,657
High Street Buyer, Inc. (2)	Insurance	S+525		0.75	%		9.58	%		4/2021	4/2028		11,853		11,716		11,853
Human Interest Inc.(2)	Internet Software & Services	S+735		1.00	%		11.90	%		6/2022	7/2027		13,598		13,544		13,598
iCIMS, Inc.(2)	Software	S+575(5)		0.75	%		10.38	%		8/2022	8/2028		14,580		14,418		14,580
Kaseya, Inc.(2)	Software	S+550		0.75	%		10.09	%	(6)	6/2022	6/2029		11,186		11,070		11,186
Meditrina, Inc.(2)	Health Care Equipment & Supplies	S+550		3.45	%		10.02	%		12/2022	12/2027		1,818		1,840		1,846
Nexus Intermediate III, LLC (Vortex)(2)	Professional Services	S+475		0.75	%		9.18	%		12/2021	12/2027		5,321		5,271		5,321
Outset Medical, Inc.(2)	Health Care Equipment & Supplies	S+515		2.75	%		9.67	%		11/2022	11/2027		16,518		16,740		17,138
Peter C. Foy & Associates Insurance Services, LLC(2)	Insurance	S+550		0.75	%		9.83	%		10/2021	11/2028		15,264		15,171		15,264
Plastic Management, LLC(2)	Health Care Providers & Services	S+500		1.00	%		9.43	%		8/2021	8/2027		14,904		14,796		14,904
RQM+ Corp.(2)	Life Sciences Tools & Services	S+675(13)		1.00	%		11.34	%		8/2021	8/2029		15,366		15,281		14,751
RxSense Holdings LLC(2)	Diversified Consumer Services	S+500		1.00	%		9.69	%		3/2020	3/2026		14,336		14,277		14,336
Southern Orthodontic Partners Management, LLC(2)	Health Care Providers & Services	S+525		1.00	%		9.58	%		6/2022	7/2026		4,430		4,408		4,430
SunMed Group Holdings, LLC(2)	Health Care Equipment & Supplies	S+550		0.75	%		10.19	%		6/2021	6/2028		7,526		7,453		7,526
TAUC Management, LLC(2)	Health Care Providers & Services	S+700(7)		1.00	%		11.48	%		2/2021	2/2027		9,147		9,093		8,233
Tilley Distribution, Inc.(2)	Trading Companies & Distributors	S+600		1.00	%		10.48	%		12/2021	12/2026		11,868		11,803		11,630
Transportation Insight, LLC(2)	Road & Rail	S+550(12)		1.00	%		9.93	%		10/2021	6/2027		5,763		5,718		5,417
Vapotherm, Inc.(9)	Health Care Equipment & Supplies	S+600		4.50	%		10.52	%		2/2022	9/2027		4,828		4,969		4,993
Total Bank Debt/Senior Secured Loans														$	294,101	$	294,802

See notes to consolidated financial statements.

Table of Contents

SCP Private Credit Income BDC LLC

Consolidated Schedule of Investments (continued)

December 31, 2024

(in thousands, except share/unit amounts)

      Description

      Industry

      Acquisition
Date

      Shares/ Units

      Cost

      Fair
Value

      Preferred Equity — 5.5%

Veronica Holdings, LLC (Vapotherm)(9)

Health Care Equipment & Supplies

9.00% PIK

SCP Private Credit Income BDC LLC 10-Q