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5.250|9.579|6/21/2024|6/23/20312024-12-310001950976ck0001950976:DiversifiedConsumerServicesMember2025-03-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:FHDMIBuyerIncMember2024-12-310001950976ck0001950976:LogRhythmIncMemberck0001950976:FirstLienSeniorSecuredRevolvingLoanMember2025-03-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:AlertSRCNewcoLLCMember2025-01-012025-03-310001950976Debt Investments | CB Buyer, Inc|First Lien Senior Secured Revolving Loan|SoftwareSOFR + 5.000|7/1/2024|7/1/20312025-03-310001950976ck0001950976:DiversifiedConsumerServicesMember2024-12-310001950976Debt Investments | CPEX Purchaser, LLC|First Lien Senior Secured Delayed Draw Term Loan|SoftwareSOFR + 6.000|10.345%|2/29/2024| 3/1/20302024-01-012024-12-310001950976Debt Investments | Alert SRC Newco LLC |First Lien Senior Secured Revolving Loan|Commercial Services & SuppliesSOFR + 5.000|12/11/2024|12/11/20302025-03-310001950976Debt Investments | Icefall Parent, Inc.|First Lien Senior Secured Term Loan|Diversified Financial ServicesSOFR + 6.500|10.791|1/26/2024| 1/25/20302025-01-012025-03-310001950976Debt Investments | Coding Solutions Acquisition, Inc. |First Lien Senior Secured Revolving Loan|Health Care TechnologySOFR + 5.000|9.318%|8/7/2024|8/7/20312024-12-310001950976Debt Investments | Alegeus Technologies Holdings Corp. |First Lien Senior Secured Term Loan|Health Care TechnologySOFR + 6.750|11.053%| 11/22/2024| 11/5/20292025-01-012025-03-310001950976ck0001950976:FirstLienSeniorSecuredDebtMember2025-03-310001950976ck0001950976:ThunderBuyerIncMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMember2025-03-310001950976Debt Investments | CI (MG) GROUP, LLC |First Lien Senior Secured Revolving Loan|Diversified Consumer ServicesSOFR + 5.500| 3/27/2025|3/27/20302025-01-012025-03-310001950976ck0001950976:CPEXPurchaserLLCMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMember2025-01-012025-03-310001950976ck0001950976:SapphireSoftwareBuyerIncMemberck0001950976:FirstLienSeniorSecuredRevolvingLoanMember2025-01-012025-03-310001950976ck0001950976:FHDMIBuyerIncMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMember2024-12-310001950976Debt Investments | Coding Solutions Acquisition Inc |First Lien Senior Secured Revolving Loan|Health Care TechnologySOFR + 5.500|9.318%|8/7/2024|8/7/20312025-01-012025-03-310001950976Debt Investments |Unlimited Technology Holdings, LLC| First Lien Senior Secured Term Loan|Health Care TechnologySOFR + 4.750|9.049%|3/12/2025|3/12/20322025-03-310001950976Debt Investments | AMI Buyer, Inc. |First Lien Senior Secured Term Loan|Semiconductors & Semiconductor EquipmentSOFR + 5.250|9.693%|10/17/2024|10/17/20312024-01-012024-12-310001950976Debt Investments | Adelaide Borrower, LLC |First Lien Senior Secured Delayed Draw Term Loan|Multi-UtilitiesSOFR + 6.250| 5/8/2024| 5/8/20302025-03-310001950976Debt Investments | FH DMI Buyer, Inc.| First Lien Senior Secured Delayed Draw Term Loan|Health Care Equipment & SuppliesSOFR + 5.000|10/11/2024| 10/11/20302024-12-310001950976us-gaap:CommonStockMember2025-03-310001950976ck0001950976:CdataSoftwareIncMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanOneMember2025-01-012025-03-310001950976ck0001950976:FirstLienSeniorSecuredDebtMember2024-12-310001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMemberck0001950976:AlertSRCNewcoLLCMember2024-12-310001950976ck0001950976:LifeSciencesToolsAndServicesMember2024-12-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:XactlyCorporationMember2025-03-310001950976ck0001950976:MultiUtilitiesSectorMember2025-03-310001950976Debt Investments |LogRhythm, Inc.|First Lien Senior Secured Revolving Loan|IT ServicesSOFR + 7.500|7/2/2024| 7/2/20292025-03-310001950976ck0001950976:CPEXPurchaserLLCMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanOneMember2025-01-012025-03-310001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMemberck0001950976:ZoneCompanySoftwareConsultingLlcMember2025-01-012025-03-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:UnlimitedTechnologyHoldingsLLCMember2025-01-012025-03-310001950976Debt Investments | CI (MG) GROUP, LLC |First Lien Senior Secured Delayed Draw Term Loan|Diversified Consumer ServicesSOFR + 5.500|3/27/2025|3/27/20302025-03-310001950976Debt Investments | Coding Solutions Acquisition, Inc. |First Lien Senior Secured Payment Delayed Draw Term Loan|Health Care TechnologySOFR + 5.000|8/7/2024|8/7/20312024-01-012024-12-310001950976Debt Investments | Guardian Restoration Partners Buyer |First Lien Senior Secured Delayed Draw Term Loan|Diversified Consumer ServicesSOFR + 4.750|9.050%|11/1/2024|11/3/20312025-03-310001950976us-gaap:CashAndCashEquivalentsMember2025-03-310001950976Debt Investments | Baxter Planning Systems, LLC|First Lien Senior Secured Revolving Loan|Air Freight & LogisticsSOFR + 5.750|5/20/2024|5/20/20312024-01-012024-12-310001950976Debt Investments | Ascend Partner Services LLC |First Lien Senior Secured Delayed Draw Term Loan|Professional ServicesSOFR + 4.500|8/9/2024|8/11/20312024-12-310001950976Debt Investments | Grand River Aseptic Manufacturing, Inc. |First Lien Senior Secured Term Loan|PharmaceuticalsSOFR + 5.000|9.295%|3/10/2025|3/10/20312025-01-012025-03-310001950976ck0001950976:FirstLienSeniorSecuredDebtMember2025-01-012025-03-310001950976us-gaap:FairValueInputsLevel1Member2024-12-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:UnlimitedTechnologyHoldingsLLCMember2025-03-310001950976Debt Investments |Zone & Company Software Consulting, LLC| First Lien Senior Secured Term Loan| Diversified Financial ServicesSOFR + 6.500|10.859|9/13/2024|9/13/20302024-12-310001950976Debt Investments | FH DMI Buyer, Inc.|First Lien Senior Secured Term Loan|Health Care Equipment & SuppliesSOFR + 5.000|9.329%|10/11/2024| 10/11/20302024-01-012024-12-310001950976us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberck0001950976:FirstLienSeniorSecuredDebtMemberus-gaap:IncomeApproachValuationTechniqueMember2025-03-310001950976us-gaap:CommonStockMember2024-01-012024-03-310001950976Debt Investments | Baxter Planning Systems, LLC|First Lien Senior Secured Term Loan|Air Freight & LogisticsSOFR + 6.250(incl.3.375% PIK)|10.677%|5/20/2024|5/20/20312025-03-310001950976Debt Investments | Cpex Purchaser, LLC |First Lien Senior Secured Revolving Loan|SoftwareSOFR + 6.000|2/29/2024|3/1/20302025-03-310001950976ck0001950976:CPEXPurchaserLLCMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanOneMember2025-03-310001950976Debt Investments |Runway Bidco, LLC| First Lien Senior Secured Delayed Draw Term Loan|SoftwareSOFR + 5.000|12/17/2024|12/17/20312024-12-310001950976ck0001950976:PharmaceuticalsMember2025-03-310001950976Debt Investments |Zone & Company Software Consulting, LLC| First Lien Senior Secured Payment Delayed Draw Term Loan| Diversified Financial ServicesSOFR + 6.500|10.799|9/13/2024|9/13/20302025-01-012025-03-310001950976us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2025-03-310001950976Debt Investments | Alert SRC Newco LLC |First Lien Senior Secured Revolving Loan|Commercial Services & SuppliesSOFR + 5.000|12/11/2024|12/11/20302024-12-310001950976Debt Investments | Icefall Parent, Inc.|First Lien Senior Secured Term Loan|Diversified Financial ServicesSOFR + 6.500|10.857%|1/26/2024| 1/25/20302024-12-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:AdelaideBorrowerLlcMember2025-03-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:AdelaideBorrowerLlcMember2025-01-012025-03-310001950976Debt Investments | CI (MG) GROUP, LLC |First Lien Senior Secured Delayed Draw Term Loan|Diversified Consumer ServicesSOFR + 5.500|3/27/2025|3/27/20302025-01-012025-03-310001950976Common Equity| FH DMI Buyer, Inc |Common Stock| Health Care Equipment & Supplies|10/11/20242024-12-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:PennTrgrpHoldingsLlcMember2024-12-310001950976Debt Investments | Homecare Software Solutions LLC |First Lien Senior Secured Term Loan|Health Care TechnologySOFR + 5.550% (Incl. 2.925% PIK)|9.872%|9/26/2024|6/16/20312025-01-012025-03-310001950976ck0001950976:SubscriptionFacilityMemberck0001950976:JpmFacilityMemberck0001950976:LoanAndSecurityAgreementMember2025-02-070001950976Debt Investments |Penn TRGRP Holdings LLC|First Lien Senior Secured Term Loan|Diversified Financial ServicesSOFR + 7.250|11.549|10/20/2023| 9/27/20302025-01-012025-03-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:CIMGGroupLLCMember2025-01-012025-03-310001950976Debt Investments | Guardian Restoration Partners Buyer, LLC |First Lien Senior Secured Revolving Loan|Diversified Consumer ServicesSOFR + 4.750|11/1/2024|11/3/20312024-01-012024-12-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:ZoneCompanySoftwareConsultingLlcMember2025-03-310001950976ck0001950976:MultiUtilitiesSectorMember2024-12-310001950976us-gaap:CommonStockMember2024-12-310001950976ck0001950976:RealEstateManagementDevelopmentSectorMember2025-03-310001950976ck0001950976:DividendReinvestmentPlanMemberck0001950976:O2025Q1DividendsMember2025-01-012025-03-310001950976srt:MaximumMember2025-01-012025-03-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:XactlyCorporationMember2024-12-310001950976Debt Investments |Azurite Intermediate Holdings, Inc.| First Lien Senior Secured Delayed Draw Term Loan|IT ServicesSOFR + 6.500|10.857%|3/19/2024| 3/19/20312024-12-310001950976Debt Investments | Ascend Partner Services LLC |First Lien Senior Secured Term Loan|Professional ServicesSOFR + 4.500|8.857%|8/9/2024|8/11/20312024-12-310001950976Debt Investments | CData Software, Inc.|First Lien Senior Secured Revolving Loan|IT ServicesSOFR + 5.750|7/18/2024|7/18/20302024-01-012024-12-310001950976Debt Investments |Runway Bidco, LLC| First Lien Senior Secured Delayed Draw Term Loan|SoftwareSOFR + 5.000|12/17/2024|12/17/20312025-01-012025-03-310001950976ck0001950976:ExpenseSupportAgreementMemberck0001950976:AdvisorMember2024-01-012024-03-310001950976us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001950976ck0001950976:HealthCareTechnologyMember2024-12-310001950976Debt Investments |United Flow Technologies Intermediate HoldCo II, LLC| First Lien Senior Secured Revolving Loan|Multi-UtilitiesSOFR + 5.250|6/21/2024|6/21/20302025-03-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:AMIBuyerIncMember2025-03-310001950976Debt Investments |Runway Bidco, LLC| First Lien Senior Secured Term Loan|SoftwareSOFR + 5.000|9.329%|12/17/2024| 12/17/20312024-01-012024-12-310001950976ck0001950976:ThunderBuyerIncMemberck0001950976:FirstLienSeniorSecuredRevolvingLoanMember2025-03-310001950976ck0001950976:AdvisorMember2023-09-072023-09-070001950976Debt Investments | CB Buyer, Inc|First Lien Senior Secured Revolving Loan|SoftwareSOFR + 5.250|7/1/2024|7/1/20312024-01-012024-12-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:CodingSolutionsAcquisitionIncMember2025-03-310001950976Debt Investments | CData Software, Inc.|First Lien Senior Secured Revolving Loan|IT ServicesSOFR + 5.750|7/18/2024|7/18/20302025-03-310001950976Debt Investments |Thunder Buyer, Inc.|First Lien Senior Secured Revolving Loan|Life Sciences Tools & ServicesSOFR + 5.000|10/17/2024|10/17/20302024-12-310001950976country:US2025-03-310001950976Debt Investments |Penn TRGRP Holdings LLC| First Lien Senior Secured Revolving Loan|Diversified Financial ServicesSOFR + 6.750|10/20/2023|9/27/20302024-01-012024-12-310001950976Debt Investments | CI (MG) GROUP, LLC |First Lien Senior Secured Term Loan|Diversified Consumer ServicesSOFR + 5.500|9.716%|3/27/2025|3/27/20302025-01-012025-03-310001950976Debt Investments | FH DMI Buyer, Inc.| First Lien Senior Secured Revolving Loan|Health Care Equipment & SuppliesSOFR + 5.000|10/11/2024|10/11/20302024-01-012024-12-310001950976ck0001950976:March252024Member2024-01-012024-03-310001950976ck0001950976:SubscriptionFacilityMemberck0001950976:JpmFacilityMemberck0001950976:LoanAndSecurityAgreementMember2025-02-072025-02-070001950976Debt Investments |Penn TRGRP Holdings LLC| First Lien Senior Secured Delayed Draw Term Loan|Diversified Financial ServicesSOFR + 7.250|11.549|10/20/2023| 9/27/20302025-01-012025-03-310001950976Debt Investments |Azurite Intermediate Holdings, Inc.| First Lien Senior Secured Term Loan|IT ServicesSOFR + 6.500|10.825%|3/19/2024| 3/19/20312025-01-012025-03-310001950976Debt Investments | CB Buyer, Inc|First Lien Senior Secured Term Loan|SoftwareSOFR + 5.000|9.299%|7/1/2024|7/1/20312025-03-310001950976Debt Investments |Thunder Buyer, Inc.| First Lien Senior Secured Delayed Draw Term Loan|Life Sciences Tools & ServicesSOFR + 5.000|10/17/2024|10/17/20302024-01-012024-12-310001950976Debt Investments | Adelaide Borrower, LLC |First Lien Senior Secured Term Loan|Multi-UtilitiesSOFR + 6.250|10.549%| 5/8/2024| 5/8/20302024-01-012024-12-310001950976ck0001950976:FirstLienSecuredMember2024-12-310001950976ck0001950976:UnitedFlowTechnologiesIntermediateHoldcoIiLlcMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMember2024-12-310001950976Debt Investments | Adelaide Borrower, LLC |First Lien Senior Secured Revolving Loan|Multi-UtilitiesSOFR + 6.250| 5/8/2024| 5/8/20302025-01-012025-03-310001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanOneMemberck0001950976:ZoneCompanySoftwareConsultingLlcMember2024-12-310001950976Debt Investments | Adelaide Borrower, LLC |First Lien Senior Secured Revolving Loan|Multi-UtilitiesSOFR + 6.250| 5/8/2024| 5/8/20302024-12-310001950976Debt Investments |Penn TRGRP Holdings LLC| First Lien Senior Secured Delayed Draw Term Loan|Diversified Financial ServicesSOFR + 7.750|12.079%|10/20/2023| 9/27/20302024-12-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:UnitedFlowTechnologiesIntermediateHoldcoIiLlcMember2024-12-310001950976Debt Investments |Azurite Intermediate Holdings, Inc.| First Lien Senior Secured Term Loan|IT ServicesSOFR + 6.500|10.857%|3/19/2024| 3/19/20312024-12-310001950976Debt Investments | Guardian Restoration Partners Buyer, LLC|First Lien Senior Secured Term Loan|Diversified Consumer ServicesSOFR + 4.750|9.079%|11/1/2024| 11/3/20312024-12-310001950976ck0001950976:UnitedFlowTechnologiesIntermediateHoldcoIiLlcMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMember2025-01-012025-03-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:UnitedFlowTechnologiesIntermediateHoldcoIiLlcMember2025-01-012025-03-310001950976Debt Investments | CData Software, Inc.|First Lien Senior Secured Delayed Draw Term Loan|IT ServicesSOFR + 6.250|10.549%|7/18/2024|7/18/20302025-03-310001950976Debt Investments | CData Software, Inc.|First Lien Senior Secured Delayed Draw Term Loan|IT ServicesSOFR + 5.750|7/18/2024|7/18/20302024-01-012024-12-310001950976Debt Investments |Xactly Corporation| First Lien Senior Secured Term Loan|Professional ServicesSOFR + 6.250|10.663|7/12/2024|7/30/20272025-01-012025-03-310001950976Debt Investments |Sapphire Software Buyer, Inc.| First Lien Senior Secured Term Loan|IT ServicesSOFR + 5.000|9.745% (incl. 3.000%PIK)|9/30/2024| 9/30/20312024-01-012024-12-310001950976ck0001950976:UnitedFlowTechnologiesIntermediateHoldcoIiLlcMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMember2025-03-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:FourWindsInteracticeLLCMember2025-03-310001950976Debt Investments |United Flow Technologies Intermediate HoldCo II, LLC| First Lien Senior Secured Revolving Loan|Multi-UtilitiesSOFR + 5.250|6/21/2024|6/23/20302024-12-310001950976ck0001950976:CdataSoftwareIncMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMember2025-03-310001950976Debt Investments | Coding Solutions Acquisition Inc |First Lien Senior Secured Delayed Draw Term Loan|Health Care TechnologySOFR + 5.500|8/7/2024|8/7/20312025-03-310001950976Debt Investments | Coding Solutions Acquisition Inc |First Lien Senior Secured Delayed Draw Term Loan|Health Care TechnologySOFR + 5.500|8/7/2024|8/7/20312025-01-012025-03-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:CodingSolutionsAcquisitionIncMember2025-01-012025-03-310001950976ck0001950976:TwentySixLDlFundingMember2025-01-012025-03-310001950976Debt Investments | Grand River Aseptic Manufacturing, Inc. |First Lien Senior Secured Term Loan|PharmaceuticalsSOFR + 5.000|9.295%|3/10/2025|3/10/20312025-03-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:BaxterPlanningSystemsLlcMember2024-12-310001950976Debt Investments |Azurite Intermediate Holdings, Inc.| First Lien Senior Secured Revolving Loan|IT ServicesSOFR + 6.500|3/19/2024|3/19/20312024-12-310001950976Debt Investments |RH Buyer, Inc.| First Lien Senior Secured Term Loan|Aerospace & DefenseSOFR + 6.500|10.903|1/17/2025|1/17/20312025-03-310001950976ck0001950976:O2025Q1DividendsMember2025-02-270001950976ck0001950976:AdvisorMember2024-12-310001950976us-gaap:CashAndCashEquivalentsMember2024-12-310001950976Debt Investments | Icefall Parent, Inc.|First Lien Senior Secured Revolving Loan|Diversified Financial ServicesSOFR + 6.500|1/26/2023|1/25/20302025-01-012025-03-310001950976us-gaap:InvestorMember2025-01-012025-03-310001950976Debt Investments | Alegeus Technologies Holdings Corp. |First Lien Senior Secured Term Loan|Health Care TechnologySOFR + 6.750|11.304%| 11/22/2024| 11/5/20292024-01-012024-12-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:IcefallParentIncMember2025-01-012025-03-310001950976ck0001950976:ExpenseSupportAgreementMemberck0001950976:AdvisorMember2025-01-012025-03-310001950976Debt Investments |Azurite Intermediate Holdings, Inc.| First Lien Senior Secured Delayed Draw Term Loan|IT ServicesSOFR + 6.500|10.857%|3/19/2024| 3/19/20312024-01-012024-12-310001950976Debt Investments | Guardian Restoration Partners Buyer |First Lien Senior Secured Term Loan|Diversified Consumer ServicesSOFR + 4.750|9.079%|11/1/2024|11/3/20312025-03-310001950976Debt Investments | Ascend Partner Services LLC |First Lien Senior Secured Delayed Draw Term Loan|Professional ServicesSOFR + 4.500|8.752|8/9/2024|8/11/20312025-03-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:BaxterPlanningSystemsLlcMember2025-01-012025-03-310001950976us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001950976:FirstLienSeniorSecuredDebtMember2025-03-310001950976Debt Investments | Adelaide Borrower, LLC |First Lien Senior Secured Delayed Draw Term Loan|Multi-UtilitiesSOFR + 6.250| 5/8/2024| 5/8/20302025-01-012025-03-310001950976Debt Investments |Penn TRGRP Holdings LLC| First Lien Senior Secured Revolving Loan|Diversified Financial ServicesSOFR + 6.750|10/20/2023|9/27/20302025-03-310001950976Debt Investments | AMI Buyer, Inc. |First Lien Senior Secured Revolving Loan|Semiconductors & Semiconductor EquipmentSOFR + 5.250|9.693%|10/17/2024|10/17/20312025-01-012025-03-310001950976Debt Investments | Coding Solutions Acquisition, Inc. |First Lien Senior Secured Payment Delayed Draw Term Loan|Health Care TechnologySOFR + 5.000|8/7/2024|8/7/20312024-12-310001950976ck0001950976:O2025Q2DividendsMemberus-gaap:SubsequentEventMember2025-05-010001950976us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberck0001950976:FirstLienSeniorSecuredDebtMemberus-gaap:IncomeApproachValuationTechniqueMember2025-03-310001950976us-gaap:MoneyMarketFundsMember2025-03-310001950976Debt Investments | FH DMI Buyer Inc |First Lien Senior Secured Revolving Loan|Health Care Equipment & SuppliesSOFR + 5.000|10/11/2024|10/11/20302025-03-310001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanOneMemberck0001950976:ZoneCompanySoftwareConsultingLlcMember2025-01-012025-03-310001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMemberck0001950976:AdelaideBorrowerLlcMember2025-01-012025-03-310001950976Debt Investments |Zone & Company Software Consulting, LLC| First Lien Senior Secured Payment Delayed Draw Term Loan| Diversified Financial ServicesSOFR + 6.500|10.859|9/13/2024|9/13/20302024-01-012024-12-310001950976Debt Investments |Sapphire Software Buyer, Inc.| First Lien Senior Secured Revolving Loan|IT ServicesSOFR + 5.000|9/30/2024|9/30/20312024-12-310001950976Debt Investments |Runway Bidco, LLC| First Lien Senior Secured Delayed Draw Term Loan|SoftwareSOFR + 5.000|12/17/2024|12/17/20312025-03-310001950976ck0001950976:CdataSoftwareIncMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMember2025-01-012025-03-310001950976Debt Investments | CData Software, Inc.|First Lien Senior Secured Term Loan|IT ServicesSOFR + 6.250|10.549%|7/18/2024|7/18/20302025-01-012025-03-3100019509762025-05-070001950976Common Equity| FH DMI Buyer, Inc |Common Stock| Health Care Equipment & Supplies|10/11/20242024-01-012024-12-310001950976ck0001950976:AerospaceAndDefenseMember2025-03-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:ZoneCompanySoftwareConsultingLlcMember2025-01-012025-03-310001950976Debt Investments | CB Buyer, Inc|First Lien Senior Secured Term Loan|SoftwareSOFR + 5.250|9.607%|7/1/2024|7/1/20312024-12-310001950976Debt Investments |Zone & Company Software Consulting, LLC| First Lien Senior Secured Delayed Draw Term Loan| Diversified Financial ServicesSOFR + 6.000|9/13/2024|9/13/20302025-01-012025-03-310001950976ck0001950976:FourWindsInteracticeLLCMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMember2025-03-310001950976Debt Investments | AMI Buyer, Inc. |First Lien Senior Secured Revolving Loan|Semiconductors & Semiconductor EquipmentSOFR + 5.250|9.693%|10/17/2024|10/17/20312024-12-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:AzuriteIntermediateHoldingsIncMember2024-12-310001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanOneMemberck0001950976:ZoneCompanySoftwareConsultingLlcMember2025-03-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:RHBuyerIncMember2025-03-310001950976Debt Investments |LogRhythm, Inc.|First Lien Senior Secured Term Loan|IT ServicesSOFR + 7.500|11.857%|7/2/2024| 7/2/20292024-01-012024-12-310001950976ck0001950976:FirstLienSecuredMember2024-01-012024-03-310001950976Debt Investments |Univista Intermediate Holdco, LLC| First Lien Last Out Term Loan|InsuranceSOFR + 6.531|10.855%|1/10/2025|1/10/20302025-03-310001950976Debt Investments | Baxter Planning Systems, LLC|First Lien Senior Secured Term Loan|Air Freight & LogisticsSOFR + 6.250|10.677% (incl.3.375% PIK)|5/20/2024|5/20/20312024-01-012024-12-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:RHBuyerIncMember2025-01-012025-03-310001950976Debt Investments |United Flow Technologies Intermediate HoldCo II, LLC| First Lien Senior Secured Term Loan|Multi-UtilitiesSOFR + 5.250|9.579|6/21/2024|6/23/20312024-01-012024-12-310001950976Debt Investments |Sapphire Software Buyer, Inc.| First Lien Senior Secured Term Loan|IT ServicesSOFR + 5.000(incl. 3.000%PIK)|9.717%|9/30/2024| 9/30/20312025-01-012025-03-3100019509762023-12-310001950976ck0001950976:AscendPartnersServicesLLCMemberck0001950976:FirstLienSeniorSecuredRevolvingLoanMember2025-01-012025-03-310001950976Debt Investments | Ascend Partner Services LLC |First Lien Senior Secured Term Loan|Professional ServicesSOFR + 4.500|8.752%|8/9/2024|8/11/20312025-03-310001950976ck0001950976:ItServicesMember2024-12-3100019509762025-01-012025-03-310001950976ck0001950976:PennTrgrpHoldingsLlcMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMember2024-12-310001950976ck0001950976:SoftwareMember2024-12-310001950976ck0001950976:SoftwareMember2025-03-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:ZoneCompanySoftwareConsultingLlcMember2024-12-310001950976ck0001950976:FHDMIBuyerIncMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMember2025-01-012025-03-310001950976ck0001950976:AdvisorMemberck0001950976:AdvisoryAgreementMember2024-12-310001950976Debt Investments |Zone & Company Software Consulting, LLC|First Lien Senior Secured Revolving Loan| Diversified Financial Services SOFR + 6.000|9/13/2024|9/13/20302024-12-3100019509762024-01-012024-12-310001950976Debt Investments |Penn TRGRP Holdings LLC| First Lien Senior Secured Delayed Draw Term Loan|Diversified Financial ServicesSOFR + 7.750|12.079%|10/20/2023| 9/27/20302024-01-012024-12-310001950976Debt Investments |Zone & Company Software Consulting, LLC|First Lien Senior Secured Revolving Loan| Diversified Financial Services SOFR + 6.000|9/13/2024|9/13/20302024-01-012024-12-310001950976Debt Investments | Grand River Aseptic Manufacturing, Inc. |First Lien Senior Secured Revolving Loan|PharmaceuticalsSOFR + 5.000|3/10/2025|3/10/20312025-01-012025-03-310001950976Debt Investments |RH Buyer, Inc.| First Lien Senior Secured Term Loan|Aerospace & DefenseSOFR + 6.500|10.903|1/17/2025|1/17/20312025-01-012025-03-310001950976Debt Investments | AMI Buyer, Inc. |First Lien Senior Secured Revolving Loan|Semiconductors & Semiconductor EquipmentSOFR + 5.250|9.693%|10/17/2024|10/17/20312025-03-310001950976Debt Investments | AMI Buyer, Inc. |First Lien Senior Secured Term Loan|Semiconductors & Semiconductor EquipmentSOFR + 5.250|9.693%|10/17/2024|10/17/20312025-01-012025-03-310001950976ck0001950976:Asset-BasedFacilityMemberck0001950976:LoanAndSecurityAgreementMember2023-10-1800019509762024-12-310001950976ck0001950976:ThreeMonthSecuredOvernightFinancingRateMember2024-12-310001950976Debt Investments2025-03-310001950976ck0001950976:OneMonthSecuredOvernightFinancingRateMember2024-12-310001950976ck0001950976:OneMonthSecuredOvernightFinancingRateMember2025-03-310001950976Debt Investments |Thunder Buyer, Inc.|First Lien Senior Secured Revolving Loan|Life Sciences Tools & ServicesSOFR + 5.000|10/17/2024|10/17/20302024-01-012024-12-310001950976Debt Investments | AMI Buyer, Inc. |First Lien Senior Secured Term Loan|Semiconductors & Semiconductor EquipmentSOFR + 5.250|9.693%|10/17/2024|10/17/20312024-12-310001950976us-gaap:FairValueInputsLevel3Memberck0001950976:FirstLienSecuredMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310001950976Debt Investments |Azurite Intermediate Holdings, Inc.| First Lien Senior Secured Term Loan|IT ServicesSOFR + 6.500|10.825%|3/19/2024| 3/19/20312025-03-310001950976ck0001950976:CommercialServicesAndSuppliesMember2025-03-310001950976Debt Investments |Runway Bidco, LLC| First Lien Senior Secured Term Loan|SoftwareSOFR + 5.000|9.299|12/17/2024| 12/17/20312025-03-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:AdelaideBorrowerLlcMember2024-12-310001950976Debt Investments |United Flow Technologies Intermediate HoldCo II, LLC| First Lien Senior Secured Delayed Draw Term Loan|Multi-UtilitiesSOFR + 5.250|9.551|6/21/2024|6/23/20312025-03-310001950976Common Equity|Excalibur Parent Holdings, L.P., LLC|Common Stock| IT Services|7/2/20242025-01-012025-03-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:FourWindsInteracticeLLCMember2025-01-012025-03-310001950976Debt Investments | Ascend Partner Services LLC |First Lien Senior Secured Revolving Loan|Professional ServicesSOFR + 4.500|8.838%|8/9/2024| 8/11/20312024-12-310001950976ck0001950976:AscendPartnersServicesLLCMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMember2025-03-310001950976Debt Investments |Thunder Buyer, Inc.| First Lien Senior Secured Delayed Draw Term Loan|Life Sciences Tools & ServicesSOFR + 5.000|10/17/2024|10/17/20302025-01-012025-03-310001950976ck0001950976:SubscriptionFacilityMember2025-03-310001950976country:US2024-12-310001950976us-gaap:TechnologyEquipmentMember2024-12-3100019509762024-03-310001950976Debt Investments | Coding Solutions Acquisition, Inc. |First Lien Senior Secured Term Loan|Health Care TechnologySOFR + 5.000|9.245%|8/7/2024|8/7/20312024-12-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:CPEXPurchaserLLCMember2025-01-012025-03-310001950976Debt Investments | Goldeneye Parent, LLC |First Lien Senior Secured Term Loan|Life Sciences Tools & ServicesSOFR + 5.000|9.299%|3/31/2025|3/31/20322025-03-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:GuardianRestorationPartnersBuyerMember2024-12-310001950976ck0001950976:CIMGGroupLLCMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMember2025-01-012025-03-310001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMemberck0001950976:BaxterPlanningSystemsLlcMember2024-12-310001950976Debt Investments |Zone & Company Software Consulting, LLC| First Lien Senior Secured Payment Delayed Draw Term Loan| Diversified Financial ServicesSOFR + 6.500|10.799|9/13/2024|9/13/20302025-03-310001950976Debt Investments |Azurite Intermediate Holdings, Inc.| First Lien Senior Secured Delayed Draw Term Loan|IT ServicesSOFR + 6.500|10.825%|3/19/2024| 3/19/20312025-03-310001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMemberck0001950976:BaxterPlanningSystemsLlcMember2025-03-310001950976Debt Investments | CData Software, Inc.|First Lien Senior Secured Payment Delayed Draw Term Loan|IT ServicesSOFR + 6.250|10.575%|7/18/2024|7/18/20302024-01-012024-12-310001950976Debt Investments |LogRhythm, Inc.|First Lien Senior Secured Revolving Loan|IT ServicesSOFR + 7.500|7/2/2024| 7/2/20292025-01-012025-03-310001950976us-gaap:CommonStockMember2025-01-012025-03-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:GoldeneyeParentLLCMember2025-03-310001950976us-gaap:CommonStockMember2023-12-310001950976us-gaap:MoneyMarketFundsMember2024-12-310001950976ck0001950976:FirstLienLastOutUnitrancheDebtMember2025-03-310001950976Debt Investments | Alert SRC Newco LLC |First Lien Senior Secured Revolving Loan|Commercial Services & SuppliesSOFR + 5.000|12/11/2024|12/11/20302024-01-012024-12-310001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMemberck0001950976:AdelaideBorrowerLlcMember2025-03-310001950976us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2024-12-310001950976Debt Investments | CI (MG) GROUP, LLC |First Lien Senior Secured Revolving Loan|Diversified Consumer ServicesSOFR + 5.500| 3/27/2025|3/27/20302025-03-310001950976Debt Investments | CData Software, Inc.|First Lien Senior Secured Term Loan|IT ServicesSOFR + 6.250|10.575%|7/18/2024|7/18/20302024-01-012024-12-310001950976ck0001950976:O2025Q1DividendsMember2025-02-272025-02-270001950976Debt Investments |Runway Bidco, LLC| First Lien Senior Secured Revolving Loan|SoftwareSOFR + 5.000|12/17/2024|12/17/20312025-03-310001950976ck0001950976:CdataSoftwareIncMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanOneMember2024-12-310001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMemberck0001950976:AlertSRCNewcoLLCMember2025-03-310001950976Debt Investments | Coding Solutions Acquisition Inc |First Lien Secured Term Loan|Health Care TechnologySOFR + 5.500|9.235%|8/7/2024|8/7/20312025-01-012025-03-310001950976Debt Investments | CB Buyer, Inc|First Lien Senior Secured Revolving Loan|SoftwareSOFR + 5.000|7/1/2024|7/1/20312025-01-012025-03-310001950976Debt Investments | Four Winds Interactive LLC |First Lien Senior Secured Delayed Draw Term Loan|Interactive Media & ServicesSOFR + 6.500|2/20/2025|2/20/20302025-01-012025-03-310001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMemberck0001950976:CodingSolutionsAcquisitionIncMember2025-01-012025-03-310001950976Debt Investments | Icefall Parent, Inc.|First Lien Senior Secured Term Loan|Diversified Financial ServicesSOFR + 6.500|10.857%|1/26/2024| 1/25/20302024-01-012024-12-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:PennTrgrpHoldingsLlcMember2025-03-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:CbBuyerIncMember2025-01-012025-03-310001950976Debt Investments | Adelaide Borrower, LLC |First Lien Senior Secured Delayed Draw Term Loan|Multi-UtilitiesSOFR + 6.250| 5/8/2024| 5/8/20302024-01-012024-12-310001950976us-gaap:EquitySecuritiesMember2025-01-012025-03-310001950976Debt Investments | Cpex Purchaser, LLC |First Lien Senior Secured Delayed Draw Term Loan|SoftwareSOFR + 6.000|10.120%|2/29/2024|3/1/20302025-01-012025-03-310001950976us-gaap:CommonStockMember2025-03-310001950976us-gaap:AdditionalPaidInCapitalMember2024-03-310001950976ck0001950976:RealEstateManagementDevelopmentSectorMember2024-12-310001950976Debt Investments | Alegeus Technologies Holdings Corp. |First Lien Senior Secured Term Loan|Health Care TechnologySOFR + 6.750|11.304%| 11/22/2024| 11/5/20292024-12-310001950976Debt Investments |Xactly Corporation| First Lien Senior Secured Term Loan|Professional ServicesSOFR + 6.250|10.864|7/12/2024|7/30/20272024-12-310001950976Debt Investments |United Flow Technologies Intermediate HoldCo II, LLC| First Lien Senior Secured Delayed Draw Term Loan|Multi-UtilitiesSOFR + 5.250|9.886|6/21/2024|6/23/20312024-12-310001950976ck0001950976:AdvisorMember2025-01-012025-03-310001950976Debt Investments |Sapphire Software Buyer, Inc.| First Lien Senior Secured Revolving Loan|IT ServicesSOFR + 5.500|9/30/2024|9/30/20312025-03-310001950976Debt Investments | Alert SRC Newco LLC |First Lien Senior Secured Term Loan|Commercial Services & SuppliesSOFR + 5.000|9.452%|12/11/2024| 12/11/20302024-01-012024-12-310001950976us-gaap:FairValueInputsLevel1Member2025-03-310001950976ck0001950976:ItServicesMember2025-03-310001950976Debt Investments | FH DMI Buyer Inc |First Lien Senior Secured Term Loan|Health Care Equipment & SuppliesSOFR + 5.000|9.217%|10/11/2024|10/11/20302025-01-012025-03-310001950976Debt Investments | Alert SRC Newco LLC |First Lien Senior Secured Revolving Loan|Commercial Services & SuppliesSOFR + 5.000|12/11/2024|12/11/20302025-01-012025-03-310001950976Debt Investments | CB Buyer, Inc|First Lien Senior Secured Delayed Draw Term Loan|SoftwareSOFR + 5.250|7/1/2024|7/1/20312024-12-310001950976ck0001950976:LogRhythmIncMemberck0001950976:FirstLienSeniorSecuredRevolvingLoanMember2025-01-012025-03-310001950976Common Equity|Excalibur Parent Holdings, L.P., LLC|Common Stock| IT Services|7/2/20242025-03-310001950976Debt Investments | Alert SRC Newco LLC |First Lien Senior Secured Delayed Draw Term Loan|Commercial Services & SuppliesSOFR + 5.000|12/11/2024|12/11/20302024-01-012024-12-310001950976us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001950976:FirstLienSecuredMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310001950976Debt Investments |Sapphire Software Buyer, Inc.| First Lien Senior Secured Revolving Loan|IT ServicesSOFR + 5.500|9/30/2024|9/30/20312025-01-012025-03-310001950976Debt Investments | Grand River Aseptic Manufacturing, Inc. |First Lien Senior Secured Revolving Loan|PharmaceuticalsSOFR + 5.000|3/10/2025|3/10/20312025-03-310001950976Debt Investments | Ascend Partner Services LLC |First Lien Senior Secured Revolving Loan|Professional ServicesSOFR + 4.500|8.838%|8/9/2024| 8/11/20312024-01-012024-12-310001950976ck0001950976:FHDMIBuyerIncMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMember2025-03-310001950976us-gaap:CommonStockMember2024-12-310001950976ck0001950976:FirstLienSecuredMember2023-12-310001950976ck0001950976:FirstLienLastOutUnitrancheDebtMemberus-gaap:FairValueInputsLevel3Member2025-03-310001950976Debt Investments | CB Buyer, Inc|First Lien Senior Secured Revolving Loan|SoftwareSOFR + 5.250|7/1/2024|7/1/20312024-12-310001950976Debt Investments | Four Winds Interactive LLC |First Lien Senior Secured Term Loan|Interactive Media & ServicesSOFR + 6.500|10.799%|2/20/2025|2/20/20302025-01-012025-03-310001950976ck0001950976:ThunderBuyerIncMemberck0001950976:FirstLienSeniorSecuredRevolvingLoanMember2024-12-310001950976us-gaap:CommonStockMember2024-03-310001950976ck0001950976:ThunderBuyerIncMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMember2025-01-012025-03-310001950976Debt Investments |Penn TRGRP Holdings LLC|First Lien Senior Secured Term Loan|Diversified Financial ServicesSOFR + 7.250|11.549|10/20/2023| 9/27/20302025-03-310001950976Debt Investments | Goldeneye Parent, LLC |First Lien Senior Secured Revolving Loan|Life Sciences Tools & ServicesSOFR + 5.000|3/31/2025|3/31/20322025-03-310001950976us-gaap:FinancialServicesSectorMember2024-12-310001950976us-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel1Member2025-03-310001950976ck0001950976:CommercialServicesAndSuppliesMember2024-12-310001950976srt:MinimumMember2025-01-012025-03-310001950976Debt Investments | CPEX Purchaser, LLC|First Lien Senior Secured Term Loan|SoftwareSOFR + 6.000|10.345%|2/29/2024|3/1/20302024-01-012024-12-310001950976Debt Investments |Serrano Parent, LLC| First Lien Senior Secured Term Loan|IT ServicesSOFR + 6.500|10.920|10/18/2023|5/13/20302025-03-310001950976ck0001950976:FourWindsInteracticeLLCMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMember2025-01-012025-03-310001950976Debt Investments | Cpex Purchaser, LLC |First Lien Senior Secured Term Loan|SoftwareSOFR + 5.500|9.749%|3/26/2025|3/1/20302025-01-012025-03-310001950976Debt Investments | AMI Buyer, Inc. |First Lien Senior Secured Term Loan|Semiconductors & Semiconductor EquipmentSOFR + 5.250|9.693%|10/17/2024|10/17/20312025-03-310001950976Debt Investments | Baxter Planning Systems, LLC|First Lien Senior Secured Revolving Loan|Air Freight & LogisticsSOFR + 5.750|5/20/2024|5/20/20312024-12-310001950976Debt Investments | CB Buyer, Inc|First Lien Senior Secured Term Loan|SoftwareSOFR + 5.000|9.299%|7/1/2024|7/1/20312025-01-012025-03-310001950976us-gaap:AdditionalPaidInCapitalMember2023-12-310001950976ck0001950976:LifeSciencesToolsAndServicesMember2025-03-310001950976Debt Investments | Guardian Restoration Partners Buyer |First Lien Senior Secured Revolving Loan|Diversified Consumer ServicesSOFR + 4.750|9.053%|11/1/2024|11/3/20312025-03-310001950976Debt Investments |Thunder Buyer, Inc.| First Lien Senior Secured Term Loan|Life Sciences Tools & ServicesSOFR + 5.000|9.299|10/17/2024|10/17/20302025-01-012025-03-310001950976Debt Investments | Baxter Planning Systems, LLC|First Lien Senior Secured Term Loan|Air Freight & LogisticsSOFR + 6.250(incl.3.375% PIK)|10.677%|5/20/2024|5/20/20312025-01-012025-03-310001950976us-gaap:EquitySecuritiesMember2024-12-310001950976Debt Investments |Runway Bidco, LLC| First Lien Senior Secured Delayed Draw Term Loan|SoftwareSOFR + 5.000|12/17/2024|12/17/20312024-01-012024-12-310001950976us-gaap:RetainedEarningsUnappropriatedMember2025-03-310001950976Common Equity2024-12-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:GrandRiverAsepticManufacturingIncMember2025-01-012025-03-310001950976Debt Investments | Alert SRC Newco LLC |First Lien Senior Secured Delayed Draw Term Loan|Commercial Services & SuppliesSOFR + 5.000|12/11/2024|12/11/20302024-12-310001950976us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-03-310001950976Debt Investments | Icefall Parent, Inc.|First Lien Senior Secured Revolving Loan|Diversified Financial ServicesSOFR + 6.500|1/26/2024|1/25/20302024-12-310001950976Debt Investments |Xactly Corporation| First Lien Senior Secured Revolving Loan|Professional ServicesSOFR + 6.250|7/12/2024|7/30/20272025-01-012025-03-310001950976Debt Investments |Serrano Parent, LLC| First Lien Senior Secured Term Loan|IT ServicesSOFR + 6.500|10.920|10/18/2023|5/13/20302024-12-310001950976ck0001950976:TwentySixNorthDirectLendingAdministrationLlcMemberck0001950976:AdministrationAgreementMember2023-09-062023-09-060001950976Debt Investments | Ascend Partner Services LLC |First Lien Senior Secured Revolving Loan|Professional ServicesSOFR + 4.500|8.838%|8/9/2024| 8/11/20312025-03-310001950976Debt Investments |United Flow Technologies Intermediate HoldCo II, LLC| First Lien Senior Secured Term Loan|Multi-UtilitiesSOFR + 5.250|9.549|6/21/2024|6/23/20312025-01-012025-03-310001950976us-gaap:FairValueInputsLevel3Member2024-12-310001950976Debt Investments |Unlimited Technology Holdings, LLC| First Lien Senior Secured Term Loan|Health Care TechnologySOFR + 4.750|9.049%|3/12/2025|3/12/20322025-01-012025-03-310001950976Debt Investments |Metropolis Capital Holdings, LLC|First Lien Senior Secured Term Loan|Real Estate Management & DevelopmentSOFR + 6.000|10.452|5/16/2024| 5/16/20312025-01-012025-03-310001950976Debt Investments |Thunder Buyer, Inc.| First Lien Senior Secured Term Loan|Life Sciences Tools & ServicesSOFR + 5.000|9.299|10/17/2024|10/17/20302025-03-310001950976Debt Investments |Sapphire Software Buyer, Inc.| First Lien Senior Secured Term Loan|IT ServicesSOFR + 5.000(incl. 3.000%PIK)|9.717%|9/30/2024| 9/30/20312025-03-310001950976ck0001950976:Asset-BasedFacilityMember2024-12-310001950976us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310001950976ck0001950976:AdvisorMemberck0001950976:AdvisoryAgreementMember2024-03-310001950976ck0001950976:ThunderBuyerIncMemberck0001950976:FirstLienSeniorSecuredRevolvingLoanMember2025-01-012025-03-310001950976Debt Investments |Penn TRGRP Holdings LLC|First Lien Senior Secured Term Loan|Diversified Financial ServicesSOFR + 7.750|12.079%|10/20/2023| 9/27/20302024-12-310001950976ck0001950976:SemiconductorsAndSemiconductorEquipmentMember2025-03-310001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMemberck0001950976:RunwayBidcoLLCMember2024-12-310001950976Debt Investments | Alert SRC Newco LLC |First Lien Senior Secured Term Loan|Commercial Services & SuppliesSOFR + 5.000|9.289%|12/11/2024| 12/11/20302025-01-012025-03-310001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMemberck0001950976:CPEXPurchaserLLCMember2025-03-310001950976us-gaap:FairValueInputsLevel3Memberck0001950976:FirstLienSecuredMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310001950976Debt Investments | Guardian Restoration Partners Buyer |First Lien Senior Secured Delayed Draw Term Loan|Diversified Consumer ServicesSOFR + 4.750|9.050%|11/1/2024|11/3/20312025-01-012025-03-310001950976us-gaap:FairValueInputsLevel3Memberck0001950976:FirstLienSecuredMember2024-12-310001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMemberck0001950976:CPEXPurchaserLLCMember2024-12-310001950976us-gaap:FairValueInputsLevel3Memberck0001950976:FirstLienSeniorSecuredDebtMember2025-03-310001950976Debt Investments | Icefall Parent, Inc.|First Lien Senior Secured Term Loan|Diversified Financial ServicesSOFR + 6.500|10.791|1/26/2024| 1/25/20302025-03-310001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMemberck0001950976:GuardianRestorationPartnersBuyerMember2025-03-310001950976Debt Investments |Zone & Company Software Consulting, LLC|First Lien Senior Secured Revolving Loan| Diversified Financial Services SOFR + 6.000|9/13/2024|9/13/20302025-01-012025-03-310001950976Debt Investments |Runway Bidco, LLC| First Lien Senior Secured Term Loan|SoftwareSOFR + 5.000|9.299|12/17/2024| 12/17/20312025-01-012025-03-310001950976us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001950976:FirstLienSeniorSecuredDebtMembersrt:MaximumMember2025-03-310001950976Debt Investments |Thunder Buyer, Inc.| First Lien Senior Secured Term Loan|Life Sciences Tools & ServicesSOFR + 5.000|9.647|10/17/2024|10/17/20302024-12-310001950976ck0001950976:AdvisorMember2025-03-310001950976ck0001950976:TwentySixNorthBdcCaSpvLlcMember2025-01-012025-03-310001950976ck0001950976:Asset-BasedFacilityMember2025-01-012025-03-310001950976us-gaap:EquitySecuritiesMember2025-03-310001950976Debt Investments |Metropolis Capital Holdings, LLC|First Lien Senior Secured Term Loan|Real Estate Management & DevelopmentSOFR + 6.000|10.457%|5/16/2024| 5/16/20312024-12-310001950976Debt Investments | Icefall Parent, Inc.|First Lien Senior Secured Revolving Loan|Diversified Financial ServicesSOFR + 6.500|1/26/2023|1/25/20302025-03-310001950976Debt Investments | Guardian Restoration Partners Buyer, LLC|First Lien Senior Secured Term Loan|Diversified Consumer ServicesSOFR + 4.750|9.079%|11/1/2024| 11/3/20312024-01-012024-12-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:FHDMIBuyerIncMember2025-03-310001950976Debt Investments |Zone & Company Software Consulting, LLC|First Lien Senior Secured Revolving Loan| Diversified Financial Services SOFR + 6.000|9/13/2024|9/13/20302025-03-310001950976Debt Investments | Cpex Purchaser, LLC |First Lien Senior Secured Term Loan|SoftwareSOFR + 5.500|9.749%|3/26/2025|3/1/20302025-03-310001950976Debt Investments2024-12-310001950976ck0001950976:CdataSoftwareIncMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMember2024-12-310001950976ck0001950976:AdvisorMemberck0001950976:AdvisoryAgreementMember2023-09-062023-09-060001950976Debt Investments | Ascend Partner Services LLC |First Lien Senior Secured Term Loan|Professional ServicesSOFR + 4.500|8.752%|8/9/2024|8/11/20312025-01-012025-03-310001950976Common Equity| FH DMI Buyer, Inc |Common Stock| Health Care Equipment & Supplies|10/11/20242025-03-310001950976ck0001950976:AdvisorMemberck0001950976:AdvisoryAgreementMember2025-03-310001950976Debt Investments | Guardian Restoration Partners Buyer |First Lien Senior Secured Term Loan|Diversified Consumer ServicesSOFR + 4.750|9.079%|11/1/2024|11/3/20312025-01-012025-03-310001950976ck0001950976:SapphireSoftwareBuyerIncMemberck0001950976:FirstLienSeniorSecuredRevolvingLoanMember2024-12-310001950976Debt Investments |Thunder Buyer, Inc.| First Lien Senior Secured Delayed Draw Term Loan|Life Sciences Tools & ServicesSOFR + 5.000|10/17/2024|10/17/20302025-03-310001950976ck0001950976:AirFreightLogisticsSectorMember2024-12-310001950976Debt Investments | CB Buyer, Inc|First Lien Senior Secured Delayed Draw Term Loan|SoftwareSOFR + 5.250|7/1/2024|7/1/20312024-01-012024-12-310001950976ck0001950976:FirstLienSeniorSecuredDebtMember2025-03-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:AzuriteIntermediateHoldingsIncMember2025-03-310001950976us-gaap:RetainedEarningsUnappropriatedMember2025-01-012025-03-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:GrandRiverAsepticManufacturingIncMember2025-03-310001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMemberck0001950976:CbBuyerIncMember2024-12-310001950976Debt Investments | CI (MG) GROUP, LLC |First Lien Senior Secured Term Loan|Diversified Consumer ServicesSOFR + 5.500|9.716%|3/27/2025|3/27/20302025-03-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:CbBuyerIncMember2024-12-310001950976Debt Investments | Baxter Planning Systems, LLC|First Lien Senior Secured Delayed Draw Term Loan|Air Freight & LogisticsSOFR + 5.750|5/20/2024|5/20/20312024-12-310001950976us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputExercisePriceMemberus-gaap:EquitySecuritiesMember2024-12-310001950976Debt Investments | Four Winds Interactive LLC |First Lien Senior Secured Delayed Draw Term Loan|Interactive Media & ServicesSOFR + 6.500|2/20/2025|2/20/20302025-03-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:GuardianRestorationPartnersBuyerMember2025-03-310001950976Debt Investments | CData Software, Inc.|First Lien Senior Secured Delayed Draw Term Loan|IT ServicesSOFR + 6.250|10.549%|7/18/2024|7/18/20302025-01-012025-03-310001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMemberck0001950976:RunwayBidcoLLCMember2025-03-310001950976ck0001950976:SemiconductorsAndSemiconductorEquipmentMember2024-12-310001950976Debt Investments |Penn TRGRP Holdings LLC| First Lien Senior Secured Delayed Draw Term Loan|Diversified Financial ServicesSOFR + 7.250|11.549|10/20/2023| 9/27/20302025-03-310001950976Debt Investments | Cpex Purchaser, LLC |First Lien Senior Secured Delayed Draw Term Loan|SoftwareSOFR + 5.500|3/26/2025|3/1/20302025-01-012025-03-310001950976ck0001950976:SubscriptionFacilityMemberck0001950976:JpmFacilityMembersrt:MinimumMemberck0001950976:LoanAndSecurityAgreementMember2025-02-072025-02-070001950976ck0001950976:CdataSoftwareIncMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanOneMember2025-03-310001950976ck0001950976:AfterNineMonthsMemberck0001950976:Asset-BasedFacilityMember2025-02-072025-02-070001950976Debt Investments | CB Buyer, Inc|First Lien Senior Secured Delayed Draw Term Loan|SoftwareSOFR + 5.000|7/1/2024|7/1/20312025-01-012025-03-310001950976Debt Investments |Thunder Buyer, Inc.|First Lien Senior Secured Revolving Loan|Life Sciences Tools & ServicesSOFR + 5.000|10/17/2024|10/17/20302025-03-310001950976Debt Investments | Guardian Restoration Partners Buyer, LLC|First Lien Senior Secured Delayed Draw Term Loan|Diversified Consumer ServicesSOFR + 4.750|10.010%|11/1/2024|11/3/20312024-12-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:XactlyCorporationMember2025-01-012025-03-310001950976Debt Investments |RH Buyer, Inc.| First Lien Senior Secured Revolving Loan|Aerospace & DefenseSOFR + 6.500|1/17/2025|1/17/20312025-03-310001950976Debt Investments |Penn TRGRP Holdings LLC|First Lien Senior Secured Term Loan|Diversified Financial ServicesSOFR + 7.750|12.079%|10/20/2023| 9/27/20302024-01-012024-12-310001950976Debt Investments |Runway Bidco, LLC| First Lien Senior Secured Revolving Loan|SoftwareSOFR + 5.000|12/17/2024|12/17/20312025-01-012025-03-310001950976Debt Investments | Alert SRC Newco LLC |First Lien Senior Secured Delayed Draw Term Loan|Commercial Services & SuppliesSOFR + 5.000|9.320|12/11/2024|12/11/20302025-03-310001950976ck0001950976:CdataSoftwareIncMemberck0001950976:FirstLienSeniorSecuredRevolvingLoanMember2025-01-012025-03-310001950976Debt Investments |Thunder Buyer, Inc.| First Lien Senior Secured Delayed Draw Term Loan|Life Sciences Tools & ServicesSOFR + 5.000|10/17/2024|10/17/20302024-12-310001950976us-gaap:FairValueInputsLevel3Member2025-03-310001950976Debt Investments | Ascend Partner Services LLC |First Lien Senior Secured Term Loan|Professional ServicesSOFR + 4.500|8.857%|8/9/2024|8/11/20312024-01-012024-12-310001950976Debt Investments | FH DMI Buyer, Inc.| First Lien Senior Secured Revolving Loan|Health Care Equipment & SuppliesSOFR + 5.000|10/11/2024|10/11/20302024-12-310001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMemberck0001950976:CbBuyerIncMember2025-01-012025-03-310001950976Debt Investments |LogRhythm, Inc.|First Lien Senior Secured Term Loan|IT ServicesSOFR + 7.500|11.813|7/2/2024| 7/2/20292025-03-310001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMemberck0001950976:ZoneCompanySoftwareConsultingLlcMember2025-03-310001950976us-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel1Member2024-12-310001950976Debt Investments | CPEX Purchaser, LLC| First Lien Senior Secured Revolving Loan|SoftwareSOFR + 6.000|2/29/2024| 3/1/20302024-12-310001950976Debt Investments | FH DMI Buyer, Inc.|First Lien Senior Secured Term Loan|Health Care Equipment & SuppliesSOFR + 5.000|9.329%|10/11/2024| 10/11/20302024-12-3100019509762024-10-050001950976Debt Investments | Alert SRC Newco LLC |First Lien Senior Secured Term Loan|Commercial Services & SuppliesSOFR + 5.000|9.452%|12/11/2024| 12/11/20302024-12-310001950976Debt Investments |Zone & Company Software Consulting, LLC| First Lien Senior Secured Term Loan| Diversified Financial ServicesSOFR + 6.500|10.859|9/13/2024|9/13/20302024-01-012024-12-310001950976Common Equity|Excalibur Parent Holdings, L.P., LLC|Common Stock| IT Services|7/2/20242024-01-012024-12-310001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMemberck0001950976:GuardianRestorationPartnersBuyerMember2025-01-012025-03-310001950976Debt Investments | Baxter Planning Systems, LLC|First Lien Senior Secured Revolving Loan|Air Freight & LogisticsSOFR + 5.750|5/20/2024|5/20/20312025-03-310001950976Debt Investments | CData Software, Inc.|First Lien Senior Secured Term Loan|IT ServicesSOFR + 6.250|10.549%|7/18/2024|7/18/20302025-03-310001950976ck0001950976:Asset-BasedFacilityMember2025-02-072025-02-070001950976Debt Investments | Homecare Software Solutions, LLC|First Lien Senior Secured Term Loan|Health Care TechnologySOFR + 5.550|9.925%(incl. 2.925%PIK)|9/26/2024| 6/16/20312024-12-310001950976ck0001950976:TwentySixNorthDirectLendingAdministrationLlcMemberck0001950976:AdministrationAgreementMember2025-01-012025-03-310001950976Debt Investments |Serrano Parent, LLC| First Lien Senior Secured Term Loan|IT ServicesSOFR + 6.500|10.920|10/18/2023|5/13/20302025-01-012025-03-310001950976ck0001950976:AscendPartnersServicesLLCMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMember2025-01-012025-03-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:IcefallParentIncMember2024-12-310001950976us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-03-310001950976us-gaap:TechnologyEquipmentMember2025-03-310001950976us-gaap:RetainedEarningsUnappropriatedMember2024-03-310001950976ck0001950976:ProfessionalServicesMember2024-12-310001950976ck0001950976:FirstLienSeniorSecuredDebtMember2024-12-310001950976Debt Investments |Zone & Company Software Consulting, LLC| First Lien Senior Secured Term Loan| Diversified Financial ServicesSOFR + 6.500|10.799|9/13/2024|9/13/20302025-01-012025-03-310001950976Debt Investments | Four Winds Interactive LLC |First Lien Senior Secured Revolving Loan|Interactive Media & ServicesSOFR + 6.500|2/20/2025|2/20/20302025-03-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:FHDMIBuyerIncMember2025-01-012025-03-310001950976Debt Investments |Azurite Intermediate Holdings, Inc.| First Lien Senior Secured Revolving Loan|IT ServicesSOFR + 6.500|3/19/2024|3/19/20312024-01-012024-12-310001950976Debt Investments | CData Software, Inc.|First Lien Senior Secured Delayed Draw Term Loan|IT ServicesSOFR + 5.750|7/18/2024|7/18/20302025-01-012025-03-310001950976Debt Investments |LogRhythm, Inc.|First Lien Senior Secured Revolving Loan|IT ServicesSOFR + 7.500|7/2/2024| 7/2/20292024-12-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:RunwayBidcoLLCMember2025-01-012025-03-310001950976Debt Investments | Four Winds Interactive LLC |First Lien Senior Secured Revolving Loan|Interactive Media & ServicesSOFR + 6.500|2/20/2025|2/20/20302025-01-012025-03-310001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMemberck0001950976:AlertSRCNewcoLLCMember2025-01-012025-03-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:CPEXPurchaserLLCMember2025-03-310001950976Common Equity2025-03-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:PennTrgrpHoldingsLlcMember2025-01-012025-03-310001950976Debt Investments | CData Software, Inc.|First Lien Senior Secured Delayed Draw Term Loan|IT ServicesSOFR + 5.750|7/18/2024|7/18/20302025-03-310001950976Debt Investments |Xactly Corporation| First Lien Senior Secured Term Loan|Professional ServicesSOFR + 6.250|10.864|7/12/2024|7/30/20272024-01-012024-12-310001950976Debt Investments |United Flow Technologies Intermediate HoldCo II, LLC| First Lien Senior Secured Delayed Draw Term Loan|Multi-UtilitiesSOFR + 5.250|9.551|6/21/2024|6/23/20312025-01-012025-03-310001950976Debt Investments | CData Software, Inc.|First Lien Senior Secured Revolving Loan|IT ServicesSOFR + 5.750|7/18/2024|7/18/20302025-01-012025-03-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:AlertSRCNewcoLLCMember2025-03-310001950976Debt Investments |Xactly Corporation| First Lien Senior Secured Term Loan|Professional ServicesSOFR + 6.250|10.663|7/12/2024|7/30/20272025-03-310001950976ck0001950976:CdataSoftwareIncMemberck0001950976:FirstLienSeniorSecuredRevolvingLoanMember2025-03-310001950976ck0001950976:LogRhythmIncMemberck0001950976:FirstLienSeniorSecuredRevolvingLoanMember2024-12-310001950976ck0001950976:InteractiveMediaAndServicesMember2025-03-310001950976ck0001950976:PennTrgrpHoldingsLlcMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMember2025-03-310001950976ck0001950976:SapphireSoftwareBuyerIncMemberck0001950976:FirstLienSeniorSecuredRevolvingLoanMember2025-03-310001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMemberck0001950976:CodingSolutionsAcquisitionIncMember2024-12-310001950976ck0001950976:ThunderBuyerIncMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMember2024-12-310001950976Debt Investments | FH DMI Buyer Inc |First Lien Senior Secured Delayed Draw Term Loan |Health Care Equipment & SuppliesSOFR + 5.000|9.217%|10/11/2024|10/11/20302025-01-012025-03-310001950976Debt Investments |Zone & Company Software Consulting, LLC| First Lien Senior Secured Delayed Draw Term Loan| Diversified Financial ServicesSOFR + 6.000|9/13/2024|9/13/20302024-01-012024-12-310001950976ck0001950976:AscendPartnersServicesLLCMemberck0001950976:FirstLienSeniorSecuredRevolvingLoanMember2025-03-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:AzuriteIntermediateHoldingsIncMember2025-01-012025-03-310001950976Debt Investments |United Flow Technologies Intermediate HoldCo II, LLC| First Lien Senior Secured Revolving Loan|Multi-UtilitiesSOFR + 5.250|6/21/2024|6/21/20302025-01-012025-03-310001950976Debt Investments | CData Software, Inc.|First Lien Senior Secured Delayed Draw Term Loan|IT ServicesSOFR + 5.750|7/18/2024|7/18/20302024-12-310001950976Debt Investments | Coding Solutions Acquisition, Inc. |First Lien Senior Secured Revolving Loan|Health Care TechnologySOFR + 5.000|9.318%|8/7/2024|8/7/20312024-01-012024-12-310001950976Debt Investments |Xactly Corporation| First Lien Senior Secured Revolving Loan|Professional ServicesSOFR + 6.250|7/12/2024|7/30/20272025-03-310001950976ck0001950976:Asset-BasedFacilityMember2024-01-012024-12-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:AlertSRCNewcoLLCMember2024-12-310001950976Debt Investments |LogRhythm, Inc.|First Lien Senior Secured Revolving Loan|IT ServicesSOFR + 7.500|7/2/2024| 7/2/20292024-01-012024-12-310001950976ck0001950976:AdvisorMember2023-09-070001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMemberck0001950976:BaxterPlanningSystemsLlcMember2025-01-012025-03-310001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMemberck0001950976:AdelaideBorrowerLlcMember2024-12-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:AMIBuyerIncMember2025-01-012025-03-310001950976Debt Investments | Ascend Partner Services LLC |First Lien Senior Secured Revolving Loan|Professional ServicesSOFR + 4.500|8.838%|8/9/2024| 8/11/20312025-01-012025-03-310001950976Debt Investments |LogRhythm, Inc.|First Lien Senior Secured Term Loan|IT ServicesSOFR + 7.500|11.813|7/2/2024| 7/2/20292025-01-012025-03-310001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMemberck0001950976:ZoneCompanySoftwareConsultingLlcMember2024-12-310001950976Debt Investments |United Flow Technologies Intermediate HoldCo II, LLC| First Lien Senior Secured Term Loan|Multi-UtilitiesSOFR + 5.250|9.549|6/21/2024|6/23/20312025-03-3100019509762024-01-012024-03-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:CIMGGroupLLCMember2025-03-310001950976ck0001950976:AscendPartnersServicesLLCMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMember2024-12-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:AMIBuyerIncMember2024-12-3100019509762023-09-072023-09-070001950976ck0001950976:PennTrgrpHoldingsLlcMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMember2025-01-012025-03-310001950976Debt Investments |Sapphire Software Buyer, Inc.| First Lien Senior Secured Revolving Loan|IT ServicesSOFR + 5.000|9/30/2024|9/30/20312024-01-012024-12-310001950976Debt Investments | Homecare Software Solutions LLC |First Lien Senior Secured Term Loan|Health Care TechnologySOFR + 5.550% (Incl. 2.925% PIK)|9.872%|9/26/2024|6/16/20312025-03-310001950976ck0001950976:FirstLienLastOutUnitrancheDebtMember2025-01-012025-03-310001950976Debt Investments | Adelaide Borrower, LLC |First Lien Senior Secured Term Loan|Multi-UtilitiesSOFR + 6.250|10.549%| 5/8/2024| 5/8/20302025-03-310001950976ck0001950976:AdministrationAgreementMember2024-01-012024-03-310001950976Debt Investments | Adelaide Borrower, LLC |First Lien Senior Secured Revolving Loan|Multi-UtilitiesSOFR + 6.250| 5/8/2024| 5/8/20302025-03-310001950976Debt Investments |Thunder Buyer, Inc.|First Lien Senior Secured Revolving Loan|Life Sciences Tools & ServicesSOFR + 5.000|10/17/2024|10/17/20302025-01-012025-03-310001950976Debt Investments | Baxter Planning Systems, LLC|First Lien Senior Secured Delayed Draw Term Loan|Air Freight & LogisticsSOFR + 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Investments | CI (MG) GROUP, LLC |First Lien Senior Secured Delayed Draw Term Loan|Diversified Consumer ServicesSOFR + 5.500|9.742%|3/27/2025|3/27/20302025-06-300001950976us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2024-12-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:GuardianRestorationPartnersBuyerMember2025-01-012025-06-300001950976us-gaap:CommonStockMember2025-03-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:UnlimitedTechnologyHoldingsLLCMember2025-01-012025-06-300001950976us-gaap:RetainedEarningsUnappropriatedMember2024-12-310001950976ck0001950976:TwentySixNorthBdcCaSpvLlcMember2025-01-012025-06-300001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:CbBuyerIncMember2025-06-300001950976Debt Investments |Zone & Company Software Consulting, LLC| First Lien Senior Secured Delayed Draw Term Loan| Diversified Financial ServicesSOFR + 6.000|9/13/2024|9/13/20302025-01-012025-06-300001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMemberck0001950976:BaxterPlanningSystemsLlcMember2025-06-300001950976Debt Investments | Alert SRC Newco LLC |First Lien Senior Secured Term Loan|Commercial Services & SuppliesSOFR + 5.000|9.452%|12/11/2024| 12/11/20302024-12-310001950976Debt Investments |Azurite Intermediate Holdings, Inc.| First Lien Senior Secured Delayed Draw Term Loan|IT ServicesSOFR + 6.500|10.857%|3/19/2024| 3/19/20312024-12-310001950976Debt Investments |Runway Bidco, LLC| First Lien Senior Secured Revolving Loan|SoftwareSOFR + 5.000|12/17/2024|12/17/20312024-01-012024-12-310001950976Debt Investments |Sapphire Software Buyer, Inc.| First Lien Senior Secured Term Loan|IT ServicesSOFR + 5.000|9.745% (incl. 3.000%PIK)|9/30/2024| 9/30/20312024-01-012024-12-310001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMemberck0001950976:BaxterPlanningSystemsLlcMember2025-01-012025-06-300001950976Debt Investments | CData Software, Inc.|First Lien Senior Secured Term Loan|IT ServicesSOFR + 6.250|10.046%|7/18/2024|7/18/20302025-01-012025-06-300001950976ck0001950976:ExpenseSupportAgreementMemberck0001950976:AdvisorMember2024-04-012024-06-300001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:CPEXPurchaserLLCMember2024-12-310001950976us-gaap:EquitySecuritiesMember2024-12-310001950976us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2025-06-300001950976Debt Investments | Alert SRC Newco LLC |First Lien Senior Secured Revolving Loan|Commercial Services & SuppliesSOFR + 5.000|12/11/2024|12/11/20302024-12-310001950976Debt Investments | CData Software, Inc.|First Lien Senior Secured Payment Delayed Draw Term Loan|IT ServicesSOFR + 6.250|10.575%|7/18/2024|7/18/20302024-12-310001950976Debt Investments | Cpex Purchaser, LLC |First Lien Senior Secured Term Loan|SoftwareSOFR + 6.000|10.120%|2/29/2024|3/1/20302025-01-012025-06-300001950976ck0001950976:CPEXPurchaserLLCMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMember2025-01-012025-06-300001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:XactlyCorporationMember2025-01-012025-06-300001950976Debt Investments |Thunder Buyer, Inc.| First Lien Senior Secured Delayed Draw Term Loan|Life Sciences Tools & ServicesSOFR + 5.000|10/17/2024|10/17/20302024-01-012024-12-310001950976Debt Investments |Penn TRGRP Holdings LLC|First Lien Senior Secured Term Loan|Diversified Financial ServicesSOFR + 7.500%|11.796%|10/20/2023| 9/27/20302025-01-012025-06-300001950976Debt Investments | CI (MG) GROUP, LLC |First Lien Senior Secured Revolving Loan|Diversified Consumer ServicesSOFR + 5.500|9.796%|3/27/2025|3/27/20302025-01-012025-06-300001950976Debt Investments | Adelaide Borrower, LLC |First Lien Senior Secured Revolving Loan|Multi-UtilitiesSOFR + 6.250| 5/8/2024| 5/8/20302025-06-300001950976ck0001950976:AirFreightLogisticsSectorMember2024-12-310001950976ck0001950976:AdvisorMember2023-09-072023-09-070001950976ck0001950976:Asset-BasedFacilityMember2025-01-012025-06-300001950976ck0001950976:FirstLienSecuredMember2025-03-310001950976Debt Investments | Adelaide Borrower, LLC |First Lien Senior Secured Term Loan|Multi-UtilitiesSOFR + 6.250|10.549%| 5/8/2024| 5/8/20302024-01-012024-12-310001950976Debt Investments | CI (MG) GROUP, LLC |First Lien Senior Secured Term Loan|Diversified Consumer ServicesSOFR + 5.500|9.796%|3/27/2025|3/27/20302025-06-300001950976us-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001950976ck0001950976:LogRhythmIncMemberck0001950976:FirstLienSeniorSecuredRevolvingLoanMember2025-06-300001950976us-gaap:CommonStockMember2025-06-300001950976us-gaap:RetainedEarningsUnappropriatedMember2025-03-310001950976us-gaap:RetainedEarningsUnappropriatedMember2025-01-012025-06-300001950976Debt Investments |Metropolis Capital Holdings, LLC|First Lien Senior Secured Term Loan|Real Estate Management & DevelopmentSOFR + 6.000|10.457%|5/16/2024| 5/16/20312024-01-012024-12-310001950976Debt Investments | Cpex Purchaser, LLC |First Lien Senior Secured Revolving Loan|SoftwareSOFR + 6.000|10.319%|2/29/2024|3/1/20302025-06-300001950976ck0001950976:AdvisorMemberck0001950976:AdvisoryAgreementMember2025-04-012025-06-300001950976Debt Investments | Cpex Purchaser, LLC |First Lien Senior Secured Delayed Draw Term Loan|SoftwareSOFR + 6.000|10.134%|2/29/2024|3/1/20302025-01-012025-06-300001950976Debt Investments |Azurite Intermediate Holdings, Inc.| First Lien Senior Secured Term Loan|IT ServicesSOFR + 6.500|10.857%|3/19/2024| 3/19/20312024-12-310001950976ck0001950976:FirstLienSeniorSecuredDebtMember2024-12-310001950976Debt Investments | Adelaide Borrower, LLC |First Lien Senior Secured Delayed Draw Term Loan|Multi-UtilitiesSOFR + 6.250| 5/8/2024| 5/8/20302025-06-300001950976Debt Investments | AMI Buyer, Inc. |First Lien Senior Secured Revolving Loan|Semiconductors & Semiconductor EquipmentSOFR + 5.250|9.693%|10/17/2024|10/17/20312024-01-012024-12-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:AMIBuyerIncMember2025-06-300001950976Debt Investments | AMI Buyer, Inc. |First Lien Senior Secured Term Loan|Semiconductors & Semiconductor EquipmentSOFR + 5.250|9.693%|10/17/2024|10/17/20312024-12-310001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanOneMemberck0001950976:CodingSolutionsAcquisitionIncMember2025-01-012025-06-300001950976ck0001950976:ThunderBuyerIncMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMember2025-06-300001950976ck0001950976:AscendPartnersServicesLLCMemberck0001950976:FirstLienSeniorSecuredRevolvingLoanMember2025-06-300001950976ck0001950976:DividendReinvestmentPlanMemberck0001950976:O2025Q2DividendsMember2025-01-012025-06-300001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:FHDMIBuyerIncMember2024-12-310001950976us-gaap:AdditionalPaidInCapitalMember2025-01-012025-06-300001950976Debt Investments | Baxter Planning Systems, LLC|First Lien Senior Secured Term Loan|Air Freight & LogisticsSOFR + 6.250(incl.3.375% PIK)|10.530%|5/20/2024|5/20/20312025-06-300001950976us-gaap:CommonStockMember2025-04-012025-06-300001950976Debt Investments | Ascend Partner Services LLC |First Lien Senior Secured Delayed Draw Term Loan|Professional ServicesSOFR + 4.500|8.745%|8/9/2024|8/11/20312025-01-012025-06-300001950976Debt Investments | Icefall Parent, Inc.|First Lien Senior Secured Term Loan|Diversified Financial ServicesSOFR + 6.500|10.857%|1/26/2024| 1/25/20302024-01-012024-12-310001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMemberck0001950976:ZoneCompanySoftwareConsultingLlcMember2024-12-310001950976ck0001950976:SubscriptionFacilityMemberck0001950976:JpmFacilityMemberck0001950976:LoanAndSecurityAgreementMember2025-02-070001950976ck0001950976:CdataSoftwareIncMemberck0001950976:FirstLienSeniorSecuredRevolvingLoanMember2025-01-012025-06-300001950976Debt Investments | Baxter Planning Systems, LLC|First Lien Senior Secured Term Loan|Air Freight & LogisticsSOFR + 6.250|10.677% (incl.3.375% PIK)|5/20/2024|5/20/20312024-01-012024-12-310001950976us-gaap:EquitySecuritiesMember2025-03-310001950976Debt Investments | Coding Solutions Acquisition, Inc. |First Lien Senior Secured Payment Delayed Draw Term Loan|Health Care TechnologySOFR + 5.000|8/7/2024|8/7/20312024-01-012024-12-310001950976us-gaap:FairValueInputsLevel3Memberck0001950976:FirstLienSecuredMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310001950976Debt Investments | CPEX Purchaser, LLC| First Lien Senior Secured Revolving Loan|SoftwareSOFR + 6.000|2/29/2024| 3/1/20302024-12-310001950976Debt Investments | Cpex Purchaser, LLC |First Lien Senior Secured Revolving Loan|SoftwareSOFR + 6.000|10.319%|2/29/2024|3/1/20302025-01-012025-06-300001950976Debt Investments |Xactly Corporation| First Lien Senior Secured Revolving Loan|Professional ServicesSOFR + 6.250|7/12/2024|7/30/20272025-06-300001950976Debt Investments |Thunder Buyer, Inc.|First Lien Senior Secured Revolving Loan|Life Sciences Tools & ServicesSOFR + 4.750%|10/17/2024|10/17/20302025-01-012025-06-300001950976Debt Investments | Alert SRC Newco LLC |First Lien Senior Secured Term Loan|Commercial Services & SuppliesSOFR + 5.000|9.242%|12/11/2024| 12/11/20302025-06-300001950976us-gaap:RetainedEarningsUnappropriatedMember2024-01-012024-06-300001950976Debt Investments | FH DMI Buyer, Inc.| First Lien Senior Secured Delayed Draw Term Loan|Health Care Equipment & SuppliesSOFR + 5.000|10/11/2024| 10/11/20302024-12-310001950976Debt Investments | CB Buyer, Inc|First Lien Senior Secured Revolving Loan|SoftwareSOFR + 5.250|7/1/2024|7/1/20312024-01-012024-12-310001950976Debt Investments | CB Buyer, Inc|First Lien Senior Secured Revolving Loan|SoftwareSOFR + 5.250|7/1/2024|7/1/20312024-12-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:CbBuyerIncMember2024-12-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:GrandRiverAsepticManufacturingIncMember2025-01-012025-06-300001950976Debt Investments | Cpex Purchaser, LLC |First Lien Senior Secured Term Loan|SoftwareSOFR + 5.500|9.666%|3/26/2025|3/1/20302025-06-300001950976Debt Investments | Grand River Aseptic Manufacturing, Inc. |First Lien Senior Secured Revolving Loan|PharmaceuticalsSOFR + 5.000|3/10/2025|3/10/20312025-06-300001950976Debt Investments | Guardian Restoration Partners Buyer |First Lien Senior Secured Term Loan|Diversified Consumer ServicesSOFR + 4.750|9.046%|11/1/2024|11/3/20312025-06-300001950976Debt Investments | FH DMI Buyer, Inc.| First Lien Senior Secured Delayed Draw Term Loan|Health Care Equipment & SuppliesSOFR + 5.000|10/11/2024| 10/11/20302024-01-012024-12-310001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMemberck0001950976:CodingSolutionsAcquisitionIncMember2024-12-310001950976ck0001950976:AirFreightLogisticsSectorMember2025-06-300001950976Debt Investments |LogRhythm, Inc.|First Lien Senior Secured Term Loan|IT ServicesSOFR + 7.500|11.857%|7/2/2024| 7/2/20292024-01-012024-12-310001950976Debt Investments |Thunder Buyer, Inc.|First Lien Senior Secured Revolving Loan|Life Sciences Tools & ServicesSOFR + 4.750%|10/17/2024|10/17/20302025-06-300001950976Debt Investments |Runway Bidco, LLC| First Lien Senior Secured Term Loan|SoftwareSOFR + 5.000%|9.296%|12/17/2024| 12/17/20312025-06-300001950976us-gaap:RetainedEarningsUnappropriatedMember2025-06-300001950976Debt Investments |Xactly Corporation| First Lien Senior Secured Term Loan|Professional ServicesSOFR + 6.250%|10.683%|7/12/2024|7/30/20272025-06-300001950976ck0001950976:SapphireSoftwareBuyerIncMemberck0001950976:FirstLienSeniorSecuredRevolvingLoanMember2025-06-300001950976Debt Investments | FH DMI Buyer, Inc.| First Lien Senior Secured Revolving Loan|Health Care Equipment & SuppliesSOFR + 5.000|10/11/2024|10/11/20302024-01-012024-12-310001950976Debt Investments |Sapphire Software Buyer, Inc.| First Lien Senior Secured Revolving Loan|IT ServicesSOFR + 5.000|9/30/2024|9/30/20312025-01-012025-06-300001950976ck0001950976:CIMGGroupLLCMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMember2025-06-300001950976Debt Investments | Coding Solutions Acquisition Inc |First Lien Senior Secured Term Loan|Health Care TechnologySOFR + 5.500|9.327%|5/15/2025|8/7/20312025-01-012025-06-300001950976Debt Investments | Baxter Planning Systems, LLC|First Lien Senior Secured Term Loan|Air Freight & LogisticsSOFR + 6.250|10.677% (incl.3.375% PIK)|5/20/2024|5/20/20312024-12-310001950976Debt Investments |Azurite Intermediate Holdings, Inc.| First Lien Senior Secured Delayed Draw Term Loan|IT ServicesSOFR + 6.500|10.857%|3/19/2024| 3/19/20312024-01-012024-12-310001950976Debt Investments |United Flow Technologies Intermediate HoldCo II, LLC| First Lien Senior Secured Delayed Draw Term Loan|Multi-UtilitiesSOFR + 5.250|9.886|6/21/2024|6/23/20312024-12-310001950976ck0001950976:FirstLienSeniorSecuredDebtMember2025-06-300001950976Debt Investments |Thunder Buyer, Inc.| First Lien Senior Secured Delayed Draw Term Loan|Life Sciences Tools & ServicesSOFR + 4.750%|9.574%|10/17/2024|10/17/20302025-01-012025-06-300001950976ck0001950976:CPEXPurchaserLLCMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanOneMember2025-01-012025-06-300001950976Debt Investments |Zone & Company Software Consulting, LLC| First Lien Senior Secured Term Loan| Diversified Financial ServicesSOFR + 6.500|10.859|9/13/2024|9/13/20302024-01-012024-12-310001950976Debt Investments |Thunder Buyer, Inc.| First Lien Senior Secured Term Loan|Life Sciences Tools & ServicesSOFR + 5.000|9.647|10/17/2024|10/17/20302024-01-012024-12-310001950976ck0001950976:FirstLienLastOutUnitrancheDebtMember2024-12-310001950976us-gaap:TechnologyEquipmentMember2025-06-300001950976Debt Investments | Alegeus Technologies Holdings Corp. |First Lien Senior Secured Term Loan|Health Care TechnologySOFR + 6.750|11.030%| 11/22/2024| 11/5/20292025-01-012025-06-300001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:RHBuyerIncMember2025-06-300001950976Debt Investments |Zone & Company Software Consulting, LLC| First Lien Senior Secured Payment Delayed Draw Term Loan| Diversified Financial ServicesSOFR + 6.500%|10.810%|9/13/2024|9/13/20302025-06-300001950976Debt Investments | Alert SRC Newco LLC |First Lien Senior Secured Term Loan|Commercial Services & SuppliesSOFR + 5.000|9.242%|12/11/2024| 12/11/20302025-01-012025-06-3000019509762024-04-012024-06-300001950976us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-06-3000019509762024-01-012024-06-300001950976ck0001950976:March252024Member2024-01-012024-06-300001950976Debt Investments | CB Buyer, Inc|First Lien Senior Secured Term Loan|SoftwareSOFR + 5.250|9.607%|7/1/2024|7/1/20312024-12-310001950976Debt Investments | AMI Buyer, Inc. |First Lien Senior Secured Term Loan|Semiconductors & Semiconductor EquipmentSOFR + 5.000|8.902%|10/17/2024|10/17/20312025-01-012025-06-300001950976Debt Investments | CB Buyer, Inc|First Lien Senior Secured Revolving Loan|SoftwareSOFR + 5.250|7/1/2024|7/1/20312025-01-012025-06-300001950976Debt Investments |United Flow Technologies Intermediate HoldCo II, LLC| First Lien Senior Secured Term Loan|Multi-UtilitiesSOFR + 5.250|9.579|6/21/2024|6/23/20312024-12-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:BaxterPlanningSystemsLlcMember2024-12-310001950976Debt Investments | Adelaide Borrower, LLC |First Lien Senior Secured Term Loan|Multi-UtilitiesSOFR + 6.250|10.546%| 5/8/2024| 5/8/20302025-06-300001950976Debt Investments | Adelaide Borrower, LLC |First Lien Senior Secured Revolving Loan|Multi-UtilitiesSOFR + 6.250| 5/8/2024| 5/8/20302025-01-012025-06-300001950976Debt Investments | CPEX Purchaser, LLC|First Lien Senior Secured Term Loan|SoftwareSOFR + 6.000|10.345%|2/29/2024|3/1/20302024-12-310001950976us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001950976:FirstLienSeniorSecuredDebtMember2025-06-300001950976us-gaap:CommonStockMember2025-01-012025-06-300001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:RunwayBidcoLLCMember2025-01-012025-06-300001950976Debt Investments | CI (MG) GROUP, LLC |First Lien Senior Secured Term Loan|Diversified Consumer ServicesSOFR + 5.500|9.796%|3/27/2025|3/27/20302025-01-012025-06-300001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMemberck0001950976:AlertSRCNewcoLLCMember2024-12-310001950976us-gaap:FairValueInputsLevel3Member2024-12-310001950976ck0001950976:PennTrgrpHoldingsLlcMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMember2025-01-012025-06-300001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMemberck0001950976:GuardianRestorationPartnersBuyerMember2025-06-300001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:RunwayBidcoLLCMember2025-06-300001950976Debt Investments | CData Software, Inc.|First Lien Senior Secured Delayed Draw Term Loan|IT ServicesSOFR + 5.750|7/18/2024|7/18/20302024-12-310001950976us-gaap:MoneyMarketFundsMember2025-06-300001950976ck0001950976:FirstLienSecuredMember2025-06-300001950976srt:MaximumMember2025-01-012025-06-300001950976Debt Investments |Unlimited Technology Holdings, LLC| First Lien Senior Secured Term Loan|Health Care TechnologySOFR + 4.750|9.046%|3/12/2025|3/12/20322025-06-300001950976Debt Investments |Penn TRGRP Holdings LLC| First Lien Senior Secured Revolving Loan|Diversified Financial ServicesSOFR + 6.500%|10/20/2023|9/27/20302025-06-300001950976Debt Investments | Alert SRC Newco LLC |First Lien Senior Secured Delayed Draw Term Loan|Commercial Services & SuppliesSOFR + 5.000|9.316|12/11/2024|12/11/20302025-01-012025-06-300001950976Debt Investments |Azurite Intermediate Holdings, Inc.| First Lien Senior Secured Revolving Loan|IT ServicesSOFR + 6.000|3/19/2024|3/19/20312025-01-012025-06-300001950976us-gaap:EquitySecuritiesMember2025-06-300001950976Debt Investments |United Flow Technologies Intermediate HoldCo II, LLC| First Lien Senior Secured Delayed Draw Term Loan|Multi-UtilitiesSOFR + 5.250|9.574%|6/21/2024|6/23/20312025-01-012025-06-300001950976Debt Investments | Ascend Partner Services LLC |First Lien Senior Secured Revolving Loan|Professional ServicesSOFR + 4.500||8/9/2024| 8/11/20312025-06-300001950976Debt Investments | Ascend Partner Services LLC |First Lien Senior Secured Revolving Loan|Professional ServicesSOFR + 4.500||8/9/2024| 8/11/20312025-01-012025-06-300001950976Debt Investments |Azurite Intermediate Holdings, Inc.| First Lien Senior Secured Revolving Loan|IT ServicesSOFR + 6.500|3/19/2024|3/19/20312024-12-310001950976Debt Investments | CB Buyer, Inc|First Lien Senior Secured Term Loan|SoftwareSOFR + 5.250|9.546%|7/1/2024|7/1/20312025-06-300001950976ck0001950976:FirstNineMonthsMemberck0001950976:Asset-BasedFacilityMember2025-02-072025-02-070001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMemberck0001950976:GuardianRestorationPartnersBuyerMember2025-01-012025-06-3000019509762024-03-310001950976Debt Investments | Coding Solutions Acquisition Inc |First Lien Secured Term Loan|Health Care TechnologySOFR + 5.000|9.327%|8/7/2024|8/7/20312025-06-300001950976Debt Investments |LogRhythm, Inc.|First Lien Senior Secured Term Loan|IT ServicesSOFR + 7.500|11.833|7/2/2024| 7/2/20292025-01-012025-06-300001950976country:US2025-06-300001950976Debt Investments | Goldeneye Parent, LLC |First Lien Senior Secured Term Loan|Life Sciences Tools & ServicesSOFR + 5.000|9.327%|3/31/2025|3/31/20322025-01-012025-06-300001950976Common Equity| FH DMI Buyer, Inc |Common Stock| Health Care Equipment & Supplies|10/11/20242025-06-300001950976Debt Investments | Four Winds Interactive LLC |First Lien Senior Secured Term Loan|Interactive Media & ServicesSOFR + 6.500|10.796%|2/20/2025|2/20/20302025-01-012025-06-300001950976Debt Investments |Sapphire Software Buyer, Inc.| First Lien Senior Secured Term Loan|IT ServicesSOFR + 5.000%|9.217%|9/30/2024| 9/30/20312025-06-3000019509762025-01-012025-06-300001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:UnitedFlowTechnologiesIntermediateHoldcoIiLlcMember2025-01-012025-06-300001950976Debt Investments | Adelaide Borrower, LLC |First Lien Senior Secured Delayed Draw Term Loan|Multi-UtilitiesSOFR + 6.250| 5/8/2024| 5/8/20302024-01-012024-12-310001950976Debt Investments |Penn TRGRP Holdings LLC|First Lien Senior Secured Term Loan|Diversified Financial ServicesSOFR + 7.750|12.079%|10/20/2023| 9/27/20302024-01-012024-12-310001950976Debt Investments |Penn TRGRP Holdings LLC| First Lien Senior Secured Delayed Draw Term Loan|Diversified Financial ServicesSOFR + 7.500%|11.796%|10/20/2023| 9/27/20302025-01-012025-06-300001950976ck0001950976:AscendPartnersServicesLLCMemberck0001950976:FirstLienSeniorSecuredRevolvingLoanMember2024-12-310001950976us-gaap:EquitySecuritiesMember2025-01-012025-06-300001950976srt:MinimumMember2025-01-012025-06-300001950976Debt Investments | Icefall Parent, Inc.|First Lien Senior Secured Revolving Loan|Diversified Financial ServicesSOFR + 6.500|1/26/2024|1/25/20302024-12-310001950976ck0001950976:ExpenseSupportAgreementMemberck0001950976:AdvisorMember2025-04-012025-06-300001950976Debt Investments |Azurite Intermediate Holdings, Inc.| First Lien Senior Secured Revolving Loan|IT ServicesSOFR + 6.500|3/19/2024|3/19/20312024-01-012024-12-310001950976us-gaap:CashAndCashEquivalentsMember2025-06-300001950976Debt Investments |Runway Bidco, LLC| First Lien Senior Secured Revolving Loan|SoftwareSOFR + 5.000|12/17/2024|12/17/20312024-12-310001950976ck0001950976:FirstLienLastOutUnitrancheDebtMember2025-06-300001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMemberck0001950976:AlertSRCNewcoLLCMember2025-01-012025-06-300001950976ck0001950976:Asset-BasedFacilityMember2025-01-012025-06-300001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:GuardianRestorationPartnersBuyerMember2025-06-300001950976ck0001950976:O2025Q2DividendsMember2025-05-010001950976Debt Investments | Coding Solutions Acquisition, Inc. |First Lien Senior Secured Term Loan|Health Care TechnologySOFR + 5.000|9.245%|8/7/2024|8/7/20312024-12-310001950976ck0001950976:AfterNineMonthsMemberck0001950976:Asset-BasedFacilityMember2025-02-072025-02-070001950976Debt Investments | Icefall Parent, Inc.|First Lien Senior Secured Revolving Loan|Diversified Financial ServicesSOFR + 5.750%|1/26/2023|1/25/20302025-01-012025-06-300001950976Debt Investments | Alert SRC Newco LLC |First Lien Senior Secured Delayed Draw Term Loan|Commercial Services & SuppliesSOFR + 5.000|12/11/2024|12/11/20302024-01-012024-12-3100019509762023-09-072023-09-070001950976Debt Investments | Guardian Restoration Partners Buyer, LLC|First Lien Senior Secured Delayed Draw Term Loan|Diversified Consumer ServicesSOFR + 4.750|10.010%|11/1/2024|11/3/20312024-12-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:AdelaideBorrowerLlcMember2024-12-310001950976Debt Investments | Adelaide Borrower, LLC |First Lien Senior Secured Revolving Loan|Multi-UtilitiesSOFR + 6.250| 5/8/2024| 5/8/20302024-12-310001950976Debt Investments | Cpex Purchaser, LLC |First Lien Senior Secured Delayed Draw Term Loan|SoftwareSOFR + 6.000|10.134%|2/29/2024|3/1/20302025-06-300001950976Debt Investments | Ascend Partner Services LLC |First Lien Senior Secured Term Loan|Professional ServicesSOFR + 4.500|8.752%|8/9/2024|8/11/20312025-01-012025-06-300001950976Debt Investments | Guardian Restoration Partners Buyer |First Lien Senior Secured Delayed Draw Term Loan|Diversified Consumer ServicesSOFR + 4.750|9.049%|11/1/2024|11/3/20312025-06-300001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMemberck0001950976:CbBuyerIncMember2025-01-012025-06-300001950976us-gaap:FairValueInputsLevel3Memberck0001950976:FirstLienSecuredMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2024-12-310001950976ck0001950976:Asset-BasedFacilityMember2025-02-072025-02-070001950976Debt Investments |Zone & Company Software Consulting, LLC|First Lien Senior Secured Revolving Loan| Diversified Financial Services SOFR + 6.000|9/13/2024|9/13/20302025-06-300001950976us-gaap:InvestorMember2025-01-012025-06-300001950976ck0001950976:PennTrgrpHoldingsLlcMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMember2024-12-310001950976Debt Investments | CB Buyer, Inc|First Lien Senior Secured Delayed Draw Term Loan|SoftwareSOFR + 5.250|7/1/2024|7/1/20312024-01-012024-12-310001950976Debt Investments | Ascend Partner Services LLC |First Lien Senior Secured Delayed Draw Term Loan|Professional ServicesSOFR + 4.500|8.745%|8/9/2024|8/11/20312025-06-300001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:AzuriteIntermediateHoldingsIncMember2025-01-012025-06-300001950976ck0001950976:AdvisorMemberck0001950976:AdvisoryAgreementMember2024-01-012024-06-300001950976ck0001950976:ExpenseSupportAgreementMemberck0001950976:AdvisorMember2024-01-012024-06-300001950976ck0001950976:AdvisorMember2024-01-012024-06-300001950976ck0001950976:ExpenseSupportAgreementMemberck0001950976:AdvisorMember2025-01-012025-06-300001950976Debt Investments | AMI Buyer, Inc. |First Lien Senior Secured Revolving Loan|Semiconductors & Semiconductor EquipmentSOFR + 5.250|9.693%|10/17/2024|10/17/20312024-12-310001950976ck0001950976:FHDMIBuyerIncMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMember2025-06-300001950976Debt Investments |Runway Bidco, LLC| First Lien Senior Secured Revolving Loan|SoftwareSOFR + 5.000|12/17/2024|12/17/20312025-01-012025-06-300001950976ck0001950976:SubscriptionFacilityMembersrt:MinimumMemberck0001950976:JpmFacilityMemberck0001950976:LoanAndSecurityAgreementMember2025-02-072025-02-070001950976Debt Investments | Baxter Planning Systems, LLC|First Lien Senior Secured Delayed Draw Term Loan|Air Freight & LogisticsSOFR + 5.750|5/20/2024|5/20/20312024-12-310001950976us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberck0001950976:FirstLienSeniorSecuredDebtMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2025-06-300001950976ck0001950976:Asset-BasedFacilityMemberck0001950976:LoanAndSecurityAgreementMember2023-10-180001950976Debt Investments |Zone & Company Software Consulting, LLC| First Lien Senior Secured Delayed Draw Term Loan| Diversified Financial ServicesSOFR + 6.000|9/13/2024|9/13/20302025-06-300001950976Debt Investments |Zone & Company Software Consulting, LLC|First Lien Senior Secured Revolving Loan| Diversified Financial Services SOFR + 6.000|9/13/2024|9/13/20302025-01-012025-06-300001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:GuardianRestorationPartnersBuyerMember2024-12-310001950976Debt Investments |United Flow Technologies Intermediate HoldCo II, LLC| First Lien Senior Secured Term Loan|Multi-UtilitiesSOFR + 5.250|9.546%|6/21/2024|6/23/20312025-01-012025-06-300001950976Debt Investments |Metropolis Capital Holdings, LLC|First Lien Senior Secured Term Loan|Real Estate Management & DevelopmentSOFR + 6.000|10.457%|5/16/2024| 5/16/20312024-12-310001950976Debt Investments |Univista Intermediate Holdco, LLC| First Lien First Out Term Loan|InsuranceSOFR + 3.850|8.177%|1/10/2025|1/10/20302025-01-012025-06-300001950976us-gaap:RetainedEarningsUnappropriatedMember2025-04-012025-06-300001950976Debt Investments |United Flow Technologies Intermediate HoldCo II, LLC| First Lien Senior Secured Delayed Draw Term Loan|Multi-UtilitiesSOFR + 5.250|9.886|6/21/2024|6/23/20312024-01-012024-12-310001950976Debt Investments |Zone & Company Software Consulting, LLC| First Lien Senior Secured Delayed Draw Term Loan| Diversified Financial ServicesSOFR + 6.000|9/13/2024|9/13/20302024-12-310001950976Debt Investments | Cpex Purchaser, LLC |First Lien Senior Secured Delayed Draw Term Loan|SoftwareSOFR + 5.500|3/26/2025|3/1/20302025-06-300001950976Debt Investments |United Flow Technologies Intermediate HoldCo II, LLC| First Lien Senior Secured Revolving Loan|Multi-UtilitiesSOFR + 5.250|6/21/2024|6/23/20302024-01-012024-12-310001950976Debt Investments | Ascend Partner Services LLC |First Lien Senior Secured Delayed Draw Term Loan|Professional ServicesSOFR + 4.500|8/9/2024|8/11/20312024-12-310001950976Common Equity| FH DMI Buyer, Inc |Common Stock| Health Care Equipment & Supplies|10/11/20242025-01-012025-06-300001950976Debt Investments | Alert SRC Newco LLC |First Lien Senior Secured Delayed Draw Term Loan|Commercial Services & SuppliesSOFR + 5.000|9.316|12/11/2024|12/11/20302025-06-300001950976us-gaap:FairValueInputsLevel3Memberck0001950976:FirstLienSeniorSecuredDebtMember2025-06-300001950976ck0001950976:CdataSoftwareIncMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanOneMember2025-06-300001950976Debt Investments | Goldeneye Parent, LLC |First Lien Senior Secured Term Loan|Life Sciences Tools & ServicesSOFR + 5.000|9.327%|3/31/2025|3/31/20322025-06-300001950976Debt Investments |Zone & Company Software Consulting, LLC| First Lien Senior Secured Payment Delayed Draw Term Loan| Diversified Financial ServicesSOFR + 6.500|10.859|9/13/2024|9/13/20302024-01-012024-12-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:FHDMIBuyerIncMember2025-01-012025-06-300001950976Debt Investments | Guardian Restoration Partners Buyer |First Lien Senior Secured Delayed Draw Term Loan|Diversified Consumer ServicesSOFR + 4.750|9.049%|11/1/2024|11/3/20312025-01-012025-06-300001950976ck0001950976:SapphireSoftwareBuyerIncMemberck0001950976:FirstLienSeniorSecuredRevolvingLoanMember2025-01-012025-06-300001950976ck0001950976:FHDMIBuyerIncMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMember2024-12-3100019509762025-08-060001950976Debt Investments | Cpex Purchaser, LLC |First Lien Senior Secured Delayed Draw Term Loan|SoftwareSOFR + 5.500|3/26/2025|3/1/20302025-01-012025-06-300001950976us-gaap:FinancialServicesSectorMember2024-12-310001950976ck0001950976:SubscriptionFacilityMember2025-01-012025-06-300001950976Debt Investments |Runway Bidco, LLC| First Lien Senior Secured Delayed Draw Term Loan|SoftwareSOFR + 5.000|12/17/2024|12/17/20312024-01-012024-12-310001950976ck0001950976:AscendPartnersServicesLLCMemberck0001950976:FirstLienSeniorSecuredRevolvingLoanMember2025-01-012025-06-300001950976Debt Investments | Coding Solutions Acquisition Inc |First Lien Senior Secured Delayed Draw Term Loan|Health Care TechnologySOFR + 5.500|8/7/2024|8/7/20312025-06-300001950976us-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel1Member2024-12-310001950976ck0001950976:CIMGGroupLLCMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMember2025-01-012025-06-300001950976ck0001950976:AdvisorMember2024-12-310001950976ck0001950976:FirstLienSeniorSecuredTermLoanMemberck0001950976:CodingSolutionsAcquisitionIncMember2025-01-012025-06-300001950976Debt Investments | Coding Solutions Acquisition Inc |First Lien Senior Secured Term Loan|Health Care TechnologySOFR + 5.500|5/15/2025|8/7/20312025-01-012025-06-300001950976us-gaap:InvestmentUnaffiliatedIssuerMember2025-06-3000019509762025-03-310001950976ck0001950976:FirstLienSecuredMember2024-12-310001950976ck0001950976:ThunderBuyerIncMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMember2024-12-310001950976ck0001950976:CdataSoftwareIncMemberck0001950976:FirstLienSeniorSecuredRevolvingLoanMember2025-06-300001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMemberck0001950976:AdelaideBorrowerLlcMember2025-06-300001950976ck0001950976:FirstLienSeniorSecuredDebtMember2025-01-012025-06-300001950976Common Equity| FH DMI Buyer, Inc |Common Stock| Health Care Equipment & Supplies|10/11/20242024-01-012024-12-310001950976Debt Investments |Serrano Parent, LLC| First Lien Senior Secured Term Loan|IT ServicesSOFR + 6.500|10.710%|10/18/2023|5/13/20302025-01-012025-06-300001950976Debt Investments | Guardian Restoration Partners Buyer |First Lien Senior Secured Revolving Loan|Diversified Consumer ServicesSOFR + 4.750|9.048%|11/1/2024|11/3/20312025-06-300001950976Debt Investments | Four Winds Interactive LLC |First Lien Senior Secured Delayed Draw Term Loan|Interactive Media & ServicesSOFR + 6.500|2/20/2025|2/20/20302025-01-012025-06-300001950976Debt Investments |United Flow Technologies Intermediate HoldCo II, LLC| First Lien Senior Secured Revolving Loan|Multi-UtilitiesSOFR + 5.250|6/21/2024|6/23/20302024-12-310001950976ck0001950976:FirstLienSeniorSecuredDebtMember2025-06-300001950976Debt Investments | Alert SRC Newco LLC |First Lien Senior Secured Revolving Loan|Commercial Services & SuppliesSOFR + 5.000|12/11/2024|12/11/20302025-01-012025-06-300001950976Debt Investments | CI (MG) GROUP, LLC |First Lien Senior Secured Revolving Loan|Diversified Consumer ServicesSOFR + 5.500|9.796%|3/27/2025|3/27/20302025-06-300001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMemberck0001950976:RunwayBidcoLLCMember2025-06-300001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:ThunderBuyerIncMember2025-01-012025-06-300001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:BaxterPlanningSystemsLlcMember2025-01-012025-06-300001950976ck0001950976:Asset-BasedFacilityMember2025-06-300001950976ck0001950976:FirstLienLastOutUnitrancheDebtMember2025-04-012025-06-300001950976Debt Investments | CI (MG) GROUP, LLC |First Lien Senior Secured Delayed Draw Term Loan|Diversified Consumer ServicesSOFR + 5.500|9.742%|3/27/2025|3/27/20302025-01-012025-06-300001950976us-gaap:FairValueInputsLevel3Memberck0001950976:FirstLienLastOutUnitrancheDebtMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2025-06-300001950976ck0001950976:AdministrationAgreementMember2024-04-012024-06-300001950976ck0001950976:FourWindsInteracticeLLCMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMember2025-06-300001950976ck0001950976:SemiconductorsAndSemiconductorEquipmentMember2025-06-300001950976ck0001950976:DiversifiedConsumerServicesMember2025-06-300001950976us-gaap:AdditionalPaidInCapitalMember2025-03-310001950976Debt Investments |Sapphire Software Buyer, Inc.| First Lien Senior Secured Term Loan|IT ServicesSOFR + 5.000|9.745% (incl. 3.000%PIK)|9/30/2024| 9/30/20312024-12-310001950976us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputExercisePriceMemberus-gaap:EquitySecuritiesMember2024-12-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:CPEXPurchaserLLCMember2025-01-012025-06-3000019509762024-01-012024-12-310001950976Debt Investments | Cpex Purchaser, LLC |First Lien Senior Secured Term Loan|SoftwareSOFR + 6.000|10.120%|2/29/2024|3/1/20302025-06-300001950976us-gaap:CashAndCashEquivalentsMember2024-12-310001950976ck0001950976:O2025Q3DividendsMemberus-gaap:SubsequentEventMember2025-07-312025-07-310001950976us-gaap:FairValueInputsLevel3Memberck0001950976:FirstLienSecuredMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310001950976ck0001950976:AerospaceAndDefenseMember2025-06-300001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:CIMGGroupLLCMember2025-01-012025-06-300001950976ck0001950976:LogRhythmIncMemberck0001950976:FirstLienSeniorSecuredRevolvingLoanMember2024-12-310001950976ck0001950976:Asset-BasedFacilityMember2024-12-310001950976Debt Investments |Zone & Company Software Consulting, LLC|First Lien Senior Secured Revolving Loan| Diversified Financial Services SOFR + 6.000|9/13/2024|9/13/20302024-01-012024-12-310001950976us-gaap:FairValueInputsLevel3Member2025-06-300001950976ck0001950976:AscendPartnersServicesLLCMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMember2025-01-012025-06-300001950976Debt Investments | AMI Buyer, Inc. |First Lien Senior Secured Term Loan|Semiconductors & Semiconductor EquipmentSOFR + 5.000|8.902%|10/17/2024|10/17/20312025-06-300001950976us-gaap:CommonStockMember2025-06-300001950976Debt Investments |Azurite Intermediate Holdings, Inc.| First Lien Senior Secured Term Loan|IT ServicesSOFR + 6.000|10.327%|3/19/2024| 3/19/20312025-01-012025-06-300001950976Debt Investments |Penn TRGRP Holdings LLC| First Lien Senior Secured Delayed Draw Term Loan|Diversified Financial ServicesSOFR + 7.500%|11.796%|10/20/2023| 9/27/20302025-06-300001950976us-gaap:EquitySecuritiesMember2025-04-012025-06-300001950976Debt Investments |Serrano Parent, LLC| First Lien Senior Secured Term Loan|IT ServicesSOFR + 6.500|10.710%|10/18/2023|5/13/20302025-06-300001950976Debt Investments | Grand River Aseptic Manufacturing, Inc. |First Lien Senior Secured Revolving Loan|PharmaceuticalsSOFR + 5.000|3/10/2025|3/10/20312025-01-012025-06-300001950976us-gaap:FairValueInputsLevel1Member2024-12-310001950976ck0001950976:AdvisorMemberck0001950976:AdvisoryAgreementMember2025-01-012025-06-300001950976Debt Investments | CB Buyer, Inc|First Lien Senior Secured Delayed Draw Term Loan|SoftwareSOFR + 5.250|7/1/2024|7/1/20312024-12-310001950976Debt Investments | Adelaide Borrower, LLC |First Lien Senior Secured Delayed Draw Term Loan|Multi-UtilitiesSOFR + 6.250| 5/8/2024| 5/8/20302024-12-310001950976Debt Investments | Coding Solutions Acquisition Inc |First Lien Senior Secured Term Loan|Health Care TechnologySOFR + 5.500|9.327%|5/15/2025|8/7/20312025-06-300001950976ck0001950976:PharmaceuticalsMember2025-06-300001950976ck0001950976:AscendPartnersServicesLLCMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMember2024-12-310001950976Debt Investments | CPEX Purchaser, LLC|First Lien Senior Secured Delayed Draw Term Loan|SoftwareSOFR + 6.000|10.345%|2/29/2024| 3/1/20302024-12-310001950976Debt Investments |LogRhythm, Inc.|First Lien Senior Secured Revolving Loan|IT ServicesSOFR + 7.500|7/2/2024| 7/2/20292024-12-310001950976Debt Investments |Zone & Company Software Consulting, LLC| First Lien Senior Secured Payment Delayed Draw Term Loan| Diversified Financial ServicesSOFR + 6.500|10.859|9/13/2024|9/13/20302024-12-310001950976Debt Investments | Alert SRC Newco LLC |First Lien Senior Secured Delayed Draw Term Loan|Commercial Services & SuppliesSOFR + 5.000|12/11/2024|12/11/20302024-12-310001950976ck0001950976:AdvisorMemberck0001950976:AdvisoryAgreementMember2024-12-310001950976ck0001950976:CdataSoftwareIncMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanOneMember2025-01-012025-06-300001950976Debt Investments | Coding Solutions Acquisition, Inc. |First Lien Senior Secured Payment Delayed Draw Term Loan|Health Care TechnologySOFR + 5.000|8/7/2024|8/7/20312024-12-310001950976us-gaap:AdditionalPaidInCapitalMember2024-01-012024-06-300001950976Debt Investments |LogRhythm, Inc.|First Lien Senior Secured Revolving Loan|IT ServicesSOFR + 7.500|7/2/2024| 7/2/20292025-06-300001950976Debt Investments | CB Buyer, Inc|First Lien Senior Secured Term Loan|SoftwareSOFR + 5.250|9.607%|7/1/2024|7/1/20312024-01-012024-12-310001950976ck0001950976:TwentySixNorthDirectLendingAdministrationLlcMemberck0001950976:AdministrationAgreementMember2024-04-012024-06-300001950976Debt Investments |Xactly Corporation| First Lien Senior Secured Revolving Loan|Professional ServicesSOFR + 6.250|7/12/2024|7/30/20272024-12-310001950976Debt Investments | CData Software, Inc.|First Lien Senior Secured Delayed Draw Term Loan|IT ServicesSOFR + 5.750|10.046%|7/18/2024|7/18/20302025-06-300001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:RunwayBidcoLLCMember2024-12-310001950976ck0001950976:FirstLienSecuredMember2025-04-012025-06-300001950976Debt Investments | Alert SRC Newco LLC |First Lien Senior Secured Revolving Loan|Commercial Services & SuppliesSOFR + 5.000|12/11/2024|12/11/20302024-01-012024-12-310001950976Debt Investments | CData Software, Inc.|First Lien Senior Secured Revolving Loan|IT ServicesSOFR + 5.750|7/18/2024|7/18/20302025-06-300001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:CodingSolutionsAcquisitionIncMember2024-12-310001950976us-gaap:AdditionalPaidInCapitalMember2023-12-310001950976ck0001950976:O2025Q1DividendsMember2025-02-272025-02-270001950976country:US2024-12-310001950976ck0001950976:FirstLienSecuredMember2024-03-310001950976us-gaap:CommonStockMember2024-06-300001950976ck0001950976:PennTrgrpHoldingsLlcMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMember2025-06-300001950976ck0001950976:FirstLienLastOutUnitrancheDebtMember2025-06-300001950976Debt Investments |RH Buyer, Inc.| First Lien Senior Secured Term Loan|Aerospace & DefenseSOFR + 6.500%|10.880%|1/17/2025|1/17/20312025-01-012025-06-300001950976Debt Investments |Univista Intermediate Holdco, LLC| First Lien Last Out Term Loan|InsuranceSOFR + 6.531|10.858%|1/10/2025|1/10/20302025-01-012025-06-300001950976Debt Investments | Alegeus Technologies Holdings Corp. |First Lien Senior Secured Term Loan|Health Care TechnologySOFR + 6.750|11.304%| 11/22/2024| 11/5/20292024-12-310001950976Debt Investments | Guardian Restoration Partners Buyer |First Lien Senior Secured Term Loan|Diversified Consumer ServicesSOFR + 4.750|9.046%|11/1/2024|11/3/20312025-01-012025-06-300001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:BaxterPlanningSystemsLlcMember2025-06-300001950976Debt Investments |Penn TRGRP Holdings LLC| First Lien Senior Secured Revolving Loan|Diversified Financial ServicesSOFR + 6.500%|10/20/2023|9/27/20302025-01-012025-06-300001950976us-gaap:CommonStockMember2024-04-012024-06-300001950976Debt Investments |Serrano Parent, LLC| First Lien Senior Secured Term Loan|IT ServicesSOFR + 6.500|10.920|10/18/2023|5/13/20302024-12-310001950976us-gaap:AdditionalPaidInCapitalMember2024-03-310001950976Debt Investments | Baxter Planning Systems, LLC|First Lien Senior Secured Revolving Loan|Air Freight & LogisticsSOFR + 5.750|5/20/2024|5/20/20312024-01-012024-12-310001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMemberck0001950976:BaxterPlanningSystemsLlcMember2024-12-310001950976Debt Investments | Ascend Partner Services LLC |First Lien Senior Secured Revolving Loan|Professional ServicesSOFR + 4.500|8.838%|8/9/2024| 8/11/20312024-12-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:ZoneCompanySoftwareConsultingLlcMember2025-01-012025-06-300001950976ck0001950976:ProfessionalServicesMember2024-12-310001950976Debt Investments | Ascend Partner Services LLC |First Lien Senior Secured Term Loan|Professional ServicesSOFR + 4.500|8.857%|8/9/2024|8/11/20312024-01-012024-12-310001950976us-gaap:AdditionalPaidInCapitalMember2025-06-300001950976ck0001950976:ItServicesMember2025-06-300001950976Debt Investments | Coding Solutions Acquisition Inc |First Lien Senior Secured Delayed Draw Term Loan|Health Care TechnologySOFR + 5.500|8/7/2024|8/7/20312025-01-012025-06-300001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:AzuriteIntermediateHoldingsIncMember2025-06-3000019509762023-12-310001950976Debt Investments |Xactly Corporation| First Lien Senior Secured Term Loan|Professional ServicesSOFR + 6.250|10.864|7/12/2024|7/30/20272024-01-012024-12-310001950976Debt Investments |Runway Bidco, LLC| First Lien Senior Secured Delayed Draw Term Loan|SoftwareSOFR + 5.000|12/17/2024|12/17/20312025-06-300001950976Debt Investments |Penn TRGRP Holdings LLC| First Lien Senior Secured Delayed Draw Term Loan|Diversified Financial ServicesSOFR + 7.750|12.079%|10/20/2023| 9/27/20302024-12-310001950976ck0001950976:CdataSoftwareIncMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanOneMember2024-12-310001950976ck0001950976:SemiconductorsAndSemiconductorEquipmentMember2024-12-310001950976Common Equity|Excalibur Parent Holdings, L.P., LLC|Common Stock| IT Services|7/2/20242025-06-300001950976Debt Investments | Coding Solutions Acquisition, Inc. |First Lien Senior Secured Revolving Loan|Health Care TechnologySOFR + 5.000|9.318%|8/7/2024|8/7/20312024-01-012024-12-310001950976ck0001950976:CommercialServicesAndSuppliesMember2024-12-310001950976ck0001950976:AdministrationAgreementMember2024-01-012024-06-300001950976ck0001950976:FirstLienSecuredMember2023-12-310001950976ck0001950976:CPEXPurchaserLLCMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanOneMember2025-06-300001950976ck0001950976:ThunderBuyerIncMemberck0001950976:FirstLienSeniorSecuredRevolvingLoanMember2025-06-300001950976Debt Investments | Icefall Parent, Inc.|First Lien Senior Secured Term Loan|Diversified Financial ServicesSOFR + 6.500|10.857%|1/26/2024| 1/25/20302024-12-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:GoldeneyeParentLLCMember2025-06-300001950976ck0001950976:AdvisorMember2023-09-070001950976Debt Investments |Zone & Company Software Consulting, LLC|First Lien Senior Secured Revolving Loan| Diversified Financial Services SOFR + 6.000|9/13/2024|9/13/20302024-12-310001950976Debt Investments | Baxter Planning Systems, LLC|First Lien Senior Secured Delayed Draw Term Loan|Air Freight & LogisticsSOFR + 5.750|5/20/2024|5/20/20312025-01-012025-06-300001950976ck0001950976:InsuranceMember2025-06-300001950976Debt Investments |LogRhythm, Inc.|First Lien Senior Secured Revolving Loan|IT ServicesSOFR + 7.500|7/2/2024| 7/2/20292025-01-012025-06-300001950976Debt Investments | Ascend Partner Services LLC |First Lien Senior Secured Term Loan|Professional ServicesSOFR + 4.500|8.752%|8/9/2024|8/11/20312025-06-300001950976ck0001950976:DiversifiedConsumerServicesMember2024-12-310001950976us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001950976:FirstLienSeniorSecuredDebtMember2025-06-300001950976Debt Investments |Penn TRGRP Holdings LLC|First Lien Senior Secured Term Loan|Diversified Financial ServicesSOFR + 7.500%|11.796%|10/20/2023| 9/27/20302025-06-300001950976Debt Investments |Xactly Corporation| First Lien Senior Secured Term Loan|Professional ServicesSOFR + 6.250|10.864|7/12/2024|7/30/20272024-12-310001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMemberck0001950976:GuardianRestorationPartnersBuyerMember2024-12-310001950976ck0001950976:MultiUtilitiesSectorMember2025-06-300001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMemberck0001950976:AlertSRCNewcoLLCMember2025-06-300001950976Debt Investments | Baxter Planning Systems, LLC|First Lien Senior Secured Term Loan|Air Freight & LogisticsSOFR + 6.250(incl.3.375% PIK)|10.530%|5/20/2024|5/20/20312025-01-012025-06-300001950976Common Equity| FH DMI Buyer, Inc |Common Stock| Health Care Equipment & Supplies|10/11/20242024-12-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:AzuriteIntermediateHoldingsIncMember2024-12-310001950976Debt Investments |United Flow Technologies Intermediate HoldCo II, LLC| First Lien Senior Secured Term Loan|Multi-UtilitiesSOFR + 5.250|9.546%|6/21/2024|6/23/20312025-06-300001950976ck0001950976:OneMonthSecuredOvernightFinancingRateMember2025-06-300001950976us-gaap:AdditionalPaidInCapitalMember2025-04-012025-06-300001950976ck0001950976:CdataSoftwareIncMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMember2025-01-012025-06-300001950976Debt Investments | Alert SRC Newco LLC |First Lien Senior Secured Revolving Loan|Commercial Services & SuppliesSOFR + 5.000|12/11/2024|12/11/20302025-06-300001950976ck0001950976:FirstLienSeniorSecuredTermLoanMemberck0001950976:CodingSolutionsAcquisitionIncMember2024-12-310001950976us-gaap:FinancialServicesSectorMember2025-06-300001950976ck0001950976:ThreeMonthSecuredOvernightFinancingRateMember2024-12-310001950976ck0001950976:O2025Q2DividendsMember2025-05-012025-05-010001950976ck0001950976:TwentySixNorthDirectLendingAdministrationLlcMemberck0001950976:AdministrationAgreementMember2024-01-012024-06-300001950976Debt Investments |Runway Bidco, LLC| First Lien Senior Secured Term Loan|SoftwareSOFR + 5.000|9.329%|12/17/2024| 12/17/20312024-01-012024-12-310001950976Debt Investments |Thunder Buyer, Inc.| First Lien Senior Secured Term Loan|Life Sciences Tools & ServicesSOFR + 4.750%|9.046%|10/17/2024|10/17/20302025-01-012025-06-300001950976Debt Investments |Unlimited Technology Holdings, LLC| First Lien Senior Secured Term Loan|Health Care TechnologySOFR + 4.750|9.046%|3/12/2025|3/12/20322025-01-012025-06-300001950976Debt Investments | CData Software, Inc.|First Lien Senior Secured Delayed Draw Term Loan|IT ServicesSOFR + 5.750|7/18/2024|7/18/20302025-01-012025-06-300001950976Debt Investments |Metropolis Capital Holdings, LLC|First Lien Senior Secured Term Loan|Real Estate Management & DevelopmentSOFR + 6.000|10.427%|5/16/2024| 5/16/20312025-06-300001950976ck0001950976:SoftwareMember2025-06-300001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMemberck0001950976:RunwayBidcoLLCMember2025-01-012025-06-300001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:FourWindsInteracticeLLCMember2025-01-012025-06-300001950976Debt Investments | Icefall Parent, Inc.|First Lien Senior Secured Revolving Loan|Diversified Financial ServicesSOFR + 5.750%|1/26/2023|1/25/20302025-06-300001950976Debt Investments | AMI Buyer, Inc. |First Lien Senior Secured Revolving Loan|Semiconductors & Semiconductor EquipmentSOFR + 5.000|9.402%|10/17/2024|10/17/20312025-06-300001950976Debt Investments | Homecare Software Solutions LLC |First Lien Senior Secured Term Loan|Health Care TechnologySOFR + 5.550% (Incl. 2.925% PIK)|10.171%|9/26/2024|6/16/20312025-01-012025-06-300001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:UnitedFlowTechnologiesIntermediateHoldcoIiLlcMember2025-06-300001950976Debt Investments | CData Software, Inc.|First Lien Senior Secured Term Loan|IT ServicesSOFR + 6.250|10.575%|7/18/2024|7/18/20302024-12-310001950976ck0001950976:CdataSoftwareIncMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMember2024-12-310001950976Debt Investments |Unlimited Technology Holdings, LLC| First Lien Senior Secured Term Loan|Health Care TechnologySOFR + 4.750|3/12/2025|3/12/20322025-01-012025-06-300001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:UnitedFlowTechnologiesIntermediateHoldcoIiLlcMember2024-12-310001950976Debt Investments | CB Buyer, Inc|First Lien Senior Secured Revolving Loan|SoftwareSOFR + 5.250|7/1/2024|7/1/20312025-06-300001950976Debt Investments |Penn TRGRP Holdings LLC| First Lien Senior Secured Revolving Loan|Diversified Financial ServicesSOFR + 6.750|10/20/2023|9/27/20302024-12-310001950976Debt Investments |Xactly Corporation| First Lien Senior Secured Revolving Loan|Professional ServicesSOFR + 6.250|7/12/2024|7/30/20272025-01-012025-06-300001950976Debt Investments |Thunder Buyer, Inc.| First Lien Senior Secured Delayed Draw Term Loan|Life Sciences Tools & ServicesSOFR + 4.750%|9.574%|10/17/2024|10/17/20302025-06-300001950976us-gaap:CommonStockMember2024-03-310001950976Debt Investments | Adelaide Borrower, LLC |First Lien Senior Secured Delayed Draw Term Loan|Multi-UtilitiesSOFR + 6.250| 5/8/2024| 5/8/20302025-01-012025-06-300001950976Debt Investments | Grand River Aseptic Manufacturing, Inc. |First Lien Senior Secured Term Loan|PharmaceuticalsSOFR + 5.000|9.308%|3/10/2025|3/10/20312025-06-300001950976ck0001950976:SubscriptionFacilityMemberck0001950976:JpmFacilityMembersrt:MaximumMemberck0001950976:LoanAndSecurityAgreementMember2025-02-072025-02-070001950976ck0001950976:RealEstateManagementDevelopmentSectorMember2024-12-310001950976ck0001950976:SixMonthSecuredOvernightFinancingRateMember2024-12-3100019509762024-10-050001950976ck0001950976:LogRhythmIncMemberck0001950976:FirstLienSeniorSecuredRevolvingLoanMember2025-01-012025-06-300001950976us-gaap:MoneyMarketFundsMember2024-12-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:ZoneCompanySoftwareConsultingLlcMember2024-12-310001950976ck0001950976:TwentySixLDlFundingMember2025-01-012025-06-300001950976us-gaap:FairValueInputsLevel3Memberck0001950976:FirstLienSecuredMember2024-12-310001950976us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001950976:FirstLienSeniorSecuredDebtMember2025-06-300001950976Common Equity|Excalibur Parent Holdings, L.P., LLC|Common Stock| IT Services|7/2/20242024-01-012024-12-310001950976ck0001950976:DividendReinvestmentPlanMemberck0001950976:O2025Q1DividendsMember2025-01-012025-06-300001950976Debt Investments |Sapphire Software Buyer, Inc.| First Lien Senior Secured Revolving Loan|IT ServicesSOFR + 5.000|9/30/2024|9/30/20312024-12-310001950976ck0001950976:AdvisorMemberck0001950976:AdvisoryAgreementMember2025-06-300001950976ck0001950976:TwentySixNorthDirectLendingAdministrationLlcMemberck0001950976:AdministrationAgreementMember2025-04-012025-06-300001950976ck0001950976:FirstLienLastOutUnitrancheDebtMember2025-01-012025-06-300001950976Debt Investments |Azurite Intermediate Holdings, Inc.| First Lien Senior Secured Delayed Draw Term Loan|IT ServicesSOFR + 6.000|10.327%|3/19/2024| 3/19/20312025-01-012025-06-300001950976Debt Investments |Sapphire Software Buyer, Inc.| First Lien Senior Secured Revolving Loan|IT ServicesSOFR + 5.000|9/30/2024|9/30/20312025-06-300001950976Debt Investments | CData Software, Inc.|First Lien Senior Secured Payment Delayed Draw Term Loan|IT ServicesSOFR + 6.250|10.575%|7/18/2024|7/18/20302024-01-012024-12-310001950976Debt Investments |Univista Intermediate Holdco, LLC| First Lien Last Out Term Loan|InsuranceSOFR + 6.531|10.858%|1/10/2025|1/10/20302025-06-300001950976us-gaap:TechnologyEquipmentMember2024-12-310001950976ck0001950976:FirstLienSecuredMember2024-06-300001950976Debt Investments |United Flow Technologies Intermediate HoldCo II, LLC| First Lien Senior Secured Revolving Loan|Multi-UtilitiesSOFR + 5.250|6/21/2024|6/21/20302025-01-012025-06-300001950976ck0001950976:UnitedFlowTechnologiesIntermediateHoldcoIiLlcMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMember2024-12-310001950976Debt Investments | Guardian Restoration Partners Buyer, LLC |First Lien Senior Secured Revolving Loan|Diversified Consumer ServicesSOFR + 4.750|11/1/2024|11/3/20312024-12-310001950976Debt Investments | CPEX Purchaser, LLC|First Lien Senior Secured Delayed Draw Term Loan|SoftwareSOFR + 6.000|10.345%|2/29/2024| 3/1/20302024-01-012024-12-310001950976ck0001950976:SoftwareMember2024-12-310001950976Debt Investments | Four Winds Interactive LLC |First Lien Senior Secured Term Loan|Interactive Media & ServicesSOFR + 6.500|10.796%|2/20/2025|2/20/20302025-06-300001950976Debt Investments |Zone & Company Software Consulting, LLC| First Lien Senior Secured Delayed Draw Term Loan| Diversified Financial ServicesSOFR + 6.000|9/13/2024|9/13/20302024-01-012024-12-310001950976Debt Investments | Alegeus Technologies Holdings Corp. |First Lien Senior Secured Term Loan|Health Care TechnologySOFR + 6.750|11.304%| 11/22/2024| 11/5/20292024-01-012024-12-310001950976Debt Investments |Zone & Company Software Consulting, LLC| First Lien Senior Secured Term Loan| Diversified Financial ServicesSOFR + 6.500|10.810%|9/13/2024|9/13/20302025-06-300001950976ck0001950976:OneMonthSecuredOvernightFinancingRateMember2024-12-310001950976Debt Investments |Thunder Buyer, Inc.|First Lien Senior Secured Revolving Loan|Life Sciences Tools & ServicesSOFR + 5.000|10/17/2024|10/17/20302024-12-310001950976Debt Investments | CB Buyer, Inc|First Lien Senior Secured Delayed Draw Term Loan|SoftwareSOFR + 5.250|10.046%|7/1/2024|7/1/20312025-06-300001950976Debt Investments |Thunder Buyer, Inc.| First Lien Senior Secured Delayed Draw Term Loan|Life Sciences Tools & ServicesSOFR + 5.000|10/17/2024|10/17/20302024-12-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:PennTrgrpHoldingsLlcMember2025-06-300001950976Debt Investments | FH DMI Buyer Inc |First Lien Senior Secured Revolving Loan|Health Care Equipment & SuppliesSOFR + 4.750%|10/11/2024|10/11/20302025-06-300001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:GrandRiverAsepticManufacturingIncMember2025-06-300001950976Debt Investments | Guardian Restoration Partners Buyer, LLC|First Lien Senior Secured Term Loan|Diversified Consumer ServicesSOFR + 4.750|9.079%|11/1/2024| 11/3/20312024-12-310001950976ck0001950976:InteractiveMediaAndServicesMember2025-06-300001950976Debt Investments |Azurite Intermediate Holdings, Inc.| First Lien Senior Secured Delayed Draw Term Loan|IT ServicesSOFR + 6.000|10.327%|3/19/2024| 3/19/20312025-06-300001950976Debt Investments | FH DMI Buyer, Inc.|First Lien Senior Secured Term Loan|Health Care Equipment & SuppliesSOFR + 5.000|9.329%|10/11/2024| 10/11/20302024-12-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:ZoneCompanySoftwareConsultingLlcMember2025-06-300001950976Debt Investments |Runway Bidco, LLC| First Lien Senior Secured Term Loan|SoftwareSOFR + 5.000|9.329%|12/17/2024| 12/17/20312024-12-310001950976Debt Investments |Sapphire Software Buyer, Inc.| First Lien Senior Secured Term Loan|IT ServicesSOFR + 5.000%|9.217%|9/30/2024| 9/30/20312025-01-012025-06-300001950976ck0001950976:SubscriptionFacilityMember2025-06-300001950976Debt Investments |RH Buyer, Inc.| First Lien Senior Secured Term Loan|Aerospace & DefenseSOFR + 6.500%|10.880%|1/17/2025|1/17/20312025-06-300001950976ck0001950976:FHDMIBuyerIncMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMember2025-01-012025-06-300001950976Debt Investments | CData Software, Inc.|First Lien Senior Secured Delayed Draw Term Loan|IT ServicesSOFR + 5.750|7/18/2024|7/18/20302024-01-012024-12-310001950976Debt Investments | Coding Solutions Acquisition Inc |First Lien Secured Term Loan|Health Care TechnologySOFR + 5.000|9.327%|8/7/2024|8/7/20312025-01-012025-06-300001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:AdelaideBorrowerLlcMember2025-06-300001950976Debt Investments |Thunder Buyer, Inc.|First Lien Senior Secured Revolving Loan|Life Sciences Tools & ServicesSOFR + 5.000|10/17/2024|10/17/20302024-01-012024-12-310001950976us-gaap:AdditionalPaidInCapitalMember2024-04-012024-06-300001950976ck0001950976:O2025Q1DividendsMember2025-02-270001950976Debt Investments | Gainsight Inc |First Lien Senior Secured Term Loan|SoftwareSOFR + 5.750%|10.233%|4/1/2025|7/30/20272025-01-012025-06-300001950976Debt Investments | Ascend Partner Services LLC |First Lien Senior Secured Term Loan|Professional ServicesSOFR + 4.500|8.857%|8/9/2024|8/11/20312024-12-310001950976Debt Investments | Grand River Aseptic Manufacturing, Inc. |First Lien Senior Secured Term Loan|PharmaceuticalsSOFR + 5.000|9.308%|3/10/2025|3/10/20312025-01-012025-06-300001950976Debt Investments |Penn TRGRP Holdings LLC|First Lien Senior Secured Term Loan|Diversified Financial ServicesSOFR + 7.750|12.079%|10/20/2023| 9/27/20302024-12-310001950976Debt Investments |Xactly Corporation| First Lien Senior Secured Term Loan|Professional ServicesSOFR + 6.250%|10.683%|7/12/2024|7/30/20272025-01-012025-06-300001950976us-gaap:CommonStockMember2023-12-310001950976Debt Investments |Azurite Intermediate Holdings, Inc.| First Lien Senior Secured Term Loan|IT ServicesSOFR + 6.500|10.857%|3/19/2024| 3/19/20312024-01-012024-12-310001950976Debt Investments | CData Software, Inc.|First Lien Senior Secured Delayed Draw Term Loan|IT ServicesSOFR + 5.750|7/18/2024|7/18/20302025-06-300001950976Debt Investments |Xactly Corporation| First Lien Senior Secured Revolving Loan|Professional ServicesSOFR + 6.250|7/12/2024|7/30/20272024-01-012024-12-310001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMemberck0001950976:CbBuyerIncMember2024-12-310001950976ck0001950976:UnitedFlowTechnologiesIntermediateHoldcoIiLlcMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMember2025-01-012025-06-300001950976Debt Investments |LogRhythm, Inc.|First Lien Senior Secured Revolving Loan|IT ServicesSOFR + 7.500|7/2/2024| 7/2/20292024-01-012024-12-310001950976Debt Investments |Zone & Company Software Consulting, LLC| First Lien Senior Secured Term Loan| Diversified Financial ServicesSOFR + 6.500|10.810%|9/13/2024|9/13/20302025-01-012025-06-300001950976Debt Investments | Guardian Restoration Partners Buyer, LLC|First Lien Senior Secured Delayed Draw Term Loan|Diversified Consumer ServicesSOFR + 4.750|10.010%|11/1/2024|11/3/20312024-01-012024-12-310001950976Debt Investments | CPEX Purchaser, LLC| First Lien Senior Secured Revolving Loan|SoftwareSOFR + 6.000|2/29/2024| 3/1/20302024-01-012024-12-310001950976ck0001950976:ThunderBuyerIncMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMember2025-01-012025-06-300001950976Debt Investments |Zone & Company Software Consulting, LLC| First Lien Senior Secured Term Loan| Diversified Financial ServicesSOFR + 6.500|10.859|9/13/2024|9/13/20302024-12-310001950976ck0001950976:MultiUtilitiesSectorMember2024-12-310001950976ck0001950976:FirstLienLastOutUnitrancheDebtMember2025-03-310001950976Debt Investments |RH Buyer, Inc.| First Lien Senior Secured Revolving Loan|Aerospace & DefenseSOFR + 6.500|10.927%|1/17/2025|1/17/20312025-06-300001950976Debt Investments | FH DMI Buyer, Inc.| First Lien Senior Secured Revolving Loan|Health Care Equipment & SuppliesSOFR + 5.000|10/11/2024|10/11/20302024-12-310001950976Debt Investments | Coding Solutions Acquisition, Inc. |First Lien Senior Secured Term Loan|Health Care TechnologySOFR + 5.000|9.245%|8/7/2024|8/7/20312024-01-012024-12-310001950976ck0001950976:Asset-BasedFacilityMember2024-01-012024-12-310001950976ck0001950976:TwentySixNorthDirectLendingAdministrationLlcMemberck0001950976:AdministrationAgreementMember2025-01-012025-06-300001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:AMIBuyerIncMember2024-12-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:CPEXPurchaserLLCMember2025-06-300001950976Debt Investments | CB Buyer, Inc|First Lien Senior Secured Term Loan|SoftwareSOFR + 5.250|9.546%|7/1/2024|7/1/20312025-01-012025-06-300001950976Debt Investments | Ascend Partner Services LLC |First Lien Senior Secured Revolving Loan|Professional ServicesSOFR + 4.500|8.838%|8/9/2024| 8/11/20312024-01-012024-12-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:RHBuyerIncMember2025-01-012025-06-300001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanOneMemberck0001950976:ZoneCompanySoftwareConsultingLlcMember2025-01-012025-06-300001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMemberck0001950976:CbBuyerIncMember2025-06-300001950976Debt Investments | Gainsight Inc |First Lien Senior Secured Term Loan|SoftwareSOFR + 5.750%|10.233%|4/1/2025|7/30/20272025-06-300001950976ck0001950976:SixMonthSecuredOvernightFinancingRateMember2025-06-300001950976Debt Investments | FH DMI Buyer Inc |First Lien Senior Secured Delayed Draw Term Loan |Health Care Equipment & SuppliesSOFR + 4.750|8.998%|10/11/2024|10/11/20302025-06-300001950976Debt Investments | CData Software, Inc.|First Lien Senior Secured Revolving Loan|IT ServicesSOFR + 5.750|7/18/2024|7/18/20302024-01-012024-12-310001950976Debt Investments |United Flow Technologies Intermediate HoldCo II, LLC| First Lien Senior Secured Revolving Loan|Multi-UtilitiesSOFR + 5.250|6/21/2024|6/21/20302025-06-300001950976Debt Investments | Baxter Planning Systems, LLC|First Lien Senior Secured Revolving Loan|Air Freight & LogisticsSOFR + 5.750|5/20/2024|5/20/20312024-12-310001950976ck0001950976:DividendReinvestmentPlanMemberck0001950976:O2024Q2DividendsMember2024-01-012024-06-300001950976Debt Investments | Adelaide Borrower, LLC |First Lien Senior Secured Term Loan|Multi-UtilitiesSOFR + 6.250|10.546%| 5/8/2024| 5/8/20302025-01-012025-06-300001950976ck0001950976:AscendPartnersServicesLLCMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMember2025-06-3000019509762024-12-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:AMIBuyerIncMember2025-01-012025-06-300001950976Debt Investments |Runway Bidco, LLC| First Lien Senior Secured Term Loan|SoftwareSOFR + 5.000%|9.296%|12/17/2024| 12/17/20312025-01-012025-06-300001950976Debt Investments | Ascend Partner Services LLC |First Lien Senior Secured Delayed Draw Term Loan|Professional ServicesSOFR + 4.500|8/9/2024|8/11/20312024-01-012024-12-310001950976Debt Investments | Goldeneye Parent, LLC |First Lien Senior Secured Revolving Loan|Life Sciences Tools & ServicesSOFR + 5.000|3/31/2025|3/31/20322025-06-300001950976Debt Investments | Baxter Planning Systems, LLC|First Lien Senior Secured Revolving Loan|Air Freight & LogisticsSOFR + 5.750|5/20/2024|5/20/20312025-01-012025-06-300001950976us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2025-06-300001950976Debt Investments |RH Buyer, Inc.| First Lien Senior Secured Revolving Loan|Aerospace & DefenseSOFR + 6.500|10.927%|1/17/2025|1/17/20312025-01-012025-06-300001950976ck0001950976:LifeSciencesToolsAndServicesMember2024-12-310001950976Debt Investments | Guardian Restoration Partners Buyer, LLC|First Lien Senior Secured Term Loan|Diversified Consumer ServicesSOFR + 4.750|9.079%|11/1/2024| 11/3/20312024-01-012024-12-3100019509762024-06-300001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMemberck0001950976:CodingSolutionsAcquisitionIncMember2025-01-012025-06-300001950976Debt Investments | Goldeneye Parent, LLC |First Lien Senior Secured Revolving Loan|Life Sciences Tools & ServicesSOFR + 5.000|3/31/2025|3/31/20322025-01-012025-06-300001950976Debt Investments | Coding Solutions Acquisition Inc |First Lien Senior Secured Revolving Loan|Health Care TechnologySOFR + 5.500|9.318%|8/7/2024|8/7/20312025-06-300001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanOneMemberck0001950976:ZoneCompanySoftwareConsultingLlcMember2024-12-310001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMemberck0001950976:AdelaideBorrowerLlcMember2025-01-012025-06-300001950976ck0001950976:AdvisorMember2024-04-012024-06-3000019509762025-04-012025-06-300001950976ck0001950976:CdataSoftwareIncMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMember2025-06-300001950976Debt Investments | Baxter Planning Systems, LLC|First Lien Senior Secured Delayed Draw Term Loan|Air Freight & LogisticsSOFR + 5.750|5/20/2024|5/20/20312025-06-300001950976ck0001950976:AdvisorMember2025-04-012025-06-300001950976Debt Investments |Penn TRGRP Holdings LLC| First Lien Senior Secured Revolving Loan|Diversified Financial ServicesSOFR + 6.750|10/20/2023|9/27/20302024-01-012024-12-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:FHDMIBuyerIncMember2025-06-300001950976Debt Investments |Sapphire Software Buyer, Inc.| First Lien Senior Secured Revolving Loan|IT ServicesSOFR + 5.000|9/30/2024|9/30/20312024-01-012024-12-310001950976us-gaap:CommonStockMember2024-12-310001950976Debt Investments | Homecare Software Solutions, LLC|First Lien Senior Secured Term Loan|Health Care TechnologySOFR + 5.550|9.925%(incl. 2.925%PIK)|9/26/2024| 6/16/20312024-12-310001950976ck0001950976:FirstLienLastOutUnitrancheDebtMemberus-gaap:FairValueInputsLevel3Member2025-06-300001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:XactlyCorporationMember2024-12-310001950976Debt Investments | Adelaide Borrower, LLC |First Lien Senior Secured Term Loan|Multi-UtilitiesSOFR + 6.250|10.579%| 5/8/2024| 5/8/20302024-01-012024-12-310001950976us-gaap:RetainedEarningsUnappropriatedMember2024-04-012024-06-300001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMemberck0001950976:ZoneCompanySoftwareConsultingLlcMember2025-01-012025-06-300001950976Debt Investments |Azurite Intermediate Holdings, Inc.| First Lien Senior Secured Revolving Loan|IT ServicesSOFR + 6.000|3/19/2024|3/19/20312025-06-300001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:UnlimitedTechnologyHoldingsLLCMember2025-06-300001950976ck0001950976:FirstLienSecuredMember2024-01-012024-06-300001950976Debt Investments | FH DMI Buyer Inc |First Lien Senior Secured Revolving Loan|Health Care Equipment & SuppliesSOFR + 4.750%|10/11/2024|10/11/20302025-01-012025-06-300001950976Debt Investments | AMI Buyer, Inc. |First Lien Senior Secured Term Loan|Semiconductors & Semiconductor EquipmentSOFR + 5.250|9.693%|10/17/2024|10/17/20312024-01-012024-12-310001950976ck0001950976:LifeSciencesToolsAndServicesMember2025-06-300001950976Debt Investments | Alert SRC Newco LLC |First Lien Senior Secured Term Loan|Commercial Services & SuppliesSOFR + 5.000|9.452%|12/11/2024| 12/11/20302024-01-012024-12-310001950976ck0001950976:AdvisorMember2025-01-012025-06-300001950976us-gaap:RetainedEarningsUnappropriatedMember2024-06-300001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:AlertSRCNewcoLLCMember2025-01-012025-06-300001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:AdelaideBorrowerLlcMember2025-01-012025-06-300001950976Debt Investments | FH DMI Buyer, Inc.|First Lien Senior Secured Term Loan|Health Care Equipment & SuppliesSOFR + 5.000|9.329%|10/11/2024| 10/11/20302024-01-012024-12-310001950976ck0001950976:O2024Q2DividendsMember2024-05-072024-05-070001950976us-gaap:CommonStockMember2024-01-012024-06-300001950976Common Equity|Excalibur Parent Holdings, L.P., LLC|Common Stock| IT Services|7/2/20242025-01-012025-06-300001950976ck0001950976:DreyfusTreasuryObligationsCashManagementMoneyMarketFundMember2025-06-300001950976us-gaap:AdditionalPaidInCapitalMember2024-12-310001950976Debt Investments |Zone & Company Software Consulting, LLC| First Lien Senior Secured Payment Delayed Draw Term Loan| Diversified Financial ServicesSOFR + 6.500%|10.810%|9/13/2024|9/13/20302025-01-012025-06-300001950976ck0001950976:SubscriptionFacilityMemberck0001950976:JpmFacilityMemberck0001950976:LoanAndSecurityAgreementMember2025-02-072025-02-070001950976Debt Investments | Four Winds Interactive LLC |First Lien Senior Secured Delayed Draw Term Loan|Interactive Media & ServicesSOFR + 6.500|2/20/2025|2/20/20302025-06-300001950976Debt Investments |LogRhythm, Inc.|First Lien Senior Secured Term Loan|IT ServicesSOFR + 7.500|11.833|7/2/2024| 7/2/20292025-06-300001950976us-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel1Member2025-06-300001950976Debt Investments | FH DMI Buyer Inc |First Lien Senior Secured Delayed Draw Term Loan |Health Care Equipment & SuppliesSOFR + 4.750|8.998%|10/11/2024|10/11/20302025-01-012025-06-300001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:XactlyCorporationMember2025-06-300001950976Debt Investments |Penn TRGRP Holdings LLC| First Lien Senior Secured Delayed Draw Term Loan|Diversified Financial ServicesSOFR + 7.750|12.079%|10/20/2023| 9/27/20302024-01-012024-12-310001950976ck0001950976:ProfessionalServicesMember2025-06-300001950976Debt Investments | Adelaide Borrower, LLC |First Lien Senior Secured Term Loan|Multi-UtilitiesSOFR + 6.250|10.579%| 5/8/2024| 5/8/20302024-12-310001950976ck0001950976:HealthCareTechnologyMember2025-06-300001950976us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001950976:FirstLienSecuredMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310001950976Debt Investments |Runway Bidco, LLC| First Lien Senior Secured Delayed Draw Term Loan|SoftwareSOFR + 5.000|12/17/2024|12/17/20312025-01-012025-06-300001950976Debt Investments |Univista Intermediate Holdco, LLC| First Lien First Out Term Loan|InsuranceSOFR + 3.850|8.177%|1/10/2025|1/10/20302025-06-300001950976Debt Investments |United Flow Technologies Intermediate HoldCo II, LLC| First Lien Senior Secured Term Loan|Multi-UtilitiesSOFR + 5.250|9.579|6/21/2024|6/23/20312024-01-012024-12-310001950976Debt Investments | Guardian Restoration Partners Buyer |First Lien Senior Secured Revolving Loan|Diversified Consumer ServicesSOFR + 4.750|9.048%|11/1/2024|11/3/20312025-01-012025-06-300001950976ck0001950976:UnitedFlowTechnologiesIntermediateHoldcoIiLlcMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMember2025-06-300001950976Debt Investments | FH DMI Buyer Inc |First Lien Senior Secured Term Loan|Health Care Equipment & SuppliesSOFR + 4.750|8.967%|10/11/2024|10/11/20302025-01-012025-06-300001950976Debt Investments |Unlimited Technology Holdings, LLC| First Lien Senior Secured Term Loan|Health Care TechnologySOFR + 4.750|3/12/2025|3/12/20322025-06-300001950976Debt Investments | Baxter Planning Systems, LLC|First Lien Senior Secured Delayed Draw Term Loan|Air Freight & LogisticsSOFR + 5.750|5/20/2024|5/20/20312024-01-012024-12-310001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanOneMemberck0001950976:CodingSolutionsAcquisitionIncMember2025-06-300001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:CodingSolutionsAcquisitionIncMember2025-06-300001950976Debt Investments | AMI Buyer, Inc. |First Lien Senior Secured Revolving Loan|Semiconductors & Semiconductor EquipmentSOFR + 5.000|9.402%|10/17/2024|10/17/20312025-01-012025-06-300001950976us-gaap:CommonStockMember2024-12-310001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanOneMemberck0001950976:ZoneCompanySoftwareConsultingLlcMember2025-06-300001950976ck0001950976:TwentySixNorthDirectLendingAdministrationLlcMemberck0001950976:AdministrationAgreementMember2023-09-062023-09-060001950976Debt Investments | CData Software, Inc.|First Lien Senior Secured Revolving Loan|IT ServicesSOFR + 5.750|7/18/2024|7/18/20302024-12-310001950976Debt Investments | Coding Solutions Acquisition Inc |First Lien Senior Secured Term Loan|Health Care TechnologySOFR + 5.500|5/15/2025|8/7/20312025-06-300001950976Debt Investments | Alegeus Technologies Holdings Corp. |First Lien Senior Secured Term Loan|Health Care TechnologySOFR + 6.750|11.030%| 11/22/2024| 11/5/20292025-06-300001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:PennTrgrpHoldingsLlcMember2025-01-012025-06-300001950976Debt Investments |Runway Bidco, LLC| First Lien Senior Secured Delayed Draw Term Loan|SoftwareSOFR + 5.000|12/17/2024|12/17/20312024-12-310001950976Debt Investments |Metropolis Capital Holdings, LLC|First Lien Senior Secured Term Loan|Real Estate Management & DevelopmentSOFR + 6.000|10.427%|5/16/2024| 5/16/20312025-01-012025-06-300001950976Common Equity|Excalibur Parent Holdings, L.P., LLC|Common Stock| IT Services|7/2/20242024-12-310001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMemberck0001950976:CPEXPurchaserLLCMember2025-06-300001950976Debt Investments | Icefall Parent, Inc.|First Lien Senior Secured Revolving Loan|Diversified Financial ServicesSOFR + 6.500|1/26/2024|1/25/20302024-01-012024-12-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:GoldeneyeParentLLCMember2025-01-012025-06-300001950976ck0001950976:CdataSoftwareIncMemberck0001950976:FirstLienSeniorSecuredRevolvingLoanMember2024-12-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:FourWindsInteracticeLLCMember2025-06-300001950976Debt Investments | Cpex Purchaser, LLC |First Lien Senior Secured Term Loan|SoftwareSOFR + 5.500|9.666%|3/26/2025|3/1/20302025-01-012025-06-300001950976Debt Investments | Four Winds Interactive LLC |First Lien Senior Secured Revolving Loan|Interactive Media & ServicesSOFR + 6.500|2/20/2025|2/20/20302025-06-300001950976ck0001950976:ThreeMonthSecuredOvernightFinancingRateMember2025-06-300001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMemberck0001950976:CodingSolutionsAcquisitionIncMember2025-06-300001950976ck0001950976:FirstLienSecuredMember2024-04-012024-06-300001950976Debt Investments | Adelaide Borrower, LLC |First Lien Senior Secured Revolving Loan|Multi-UtilitiesSOFR + 6.250| 5/8/2024| 5/8/20302024-01-012024-12-310001950976Debt Investments | CData Software, Inc.|First Lien Senior Secured Term Loan|IT ServicesSOFR + 6.250|10.575%|7/18/2024|7/18/20302024-01-012024-12-310001950976Debt Investments | CPEX Purchaser, LLC|First Lien Senior Secured Term Loan|SoftwareSOFR + 6.000|10.345%|2/29/2024|3/1/20302024-01-012024-12-310001950976ck0001950976:ItServicesMember2024-12-310001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMemberck0001950976:AdelaideBorrowerLlcMember2024-12-310001950976ck0001950976:O2024Q2DividendsMember2024-05-070001950976Debt Investments | CB Buyer, Inc|First Lien Senior Secured Delayed Draw Term Loan|SoftwareSOFR + 5.250|10.046%|7/1/2024|7/1/20312025-01-012025-06-300001950976ck0001950976:FirstLienSeniorSecuredDebtMember2024-12-310001950976ck0001950976:HealthCareTechnologyMember2024-12-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:IcefallParentIncMember2025-06-300001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:AlertSRCNewcoLLCMember2024-12-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:IcefallParentIncMember2025-01-012025-06-300001950976ck0001950976:O2025Q3DividendsMemberus-gaap:SubsequentEventMember2025-07-310001950976ck0001950976:March202025Member2025-01-012025-06-300001950976Debt Investments | CData Software, Inc.|First Lien Senior Secured Delayed Draw Term Loan|IT ServicesSOFR + 5.750|10.046%|7/18/2024|7/18/20302025-01-012025-06-300001950976Debt Investments | Coding Solutions Acquisition Inc |First Lien Senior Secured Revolving Loan|Health Care TechnologySOFR + 5.500|9.318%|8/7/2024|8/7/20312025-01-012025-06-300001950976ck0001950976:SapphireSoftwareBuyerIncMemberck0001950976:FirstLienSeniorSecuredRevolvingLoanMember2024-12-310001950976Debt Investments |Runway Bidco, LLC| First Lien Senior Secured Revolving Loan|SoftwareSOFR + 5.000|12/17/2024|12/17/20312025-06-300001950976us-gaap:RetainedEarningsUnappropriatedMember2024-03-310001950976Debt Investments | Icefall Parent, Inc.|First Lien Senior Secured Term Loan|Diversified Financial ServicesSOFR + 5.750|10.030%|1/26/2023| 1/25/20302025-01-012025-06-300001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:ThunderBuyerIncMember2024-12-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:CodingSolutionsAcquisitionIncMember2025-01-012025-06-300001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:PennTrgrpHoldingsLlcMember2024-12-310001950976Debt Investments |Azurite Intermediate Holdings, Inc.| First Lien Senior Secured Term Loan|IT ServicesSOFR + 6.000|10.327%|3/19/2024| 3/19/20312025-06-300001950976us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2024-12-310001950976us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:CommonStockMember2025-06-300001950976Debt Investments | Four Winds Interactive LLC |First Lien Senior Secured Revolving Loan|Interactive Media & ServicesSOFR + 6.500|2/20/2025|2/20/20302025-01-012025-06-300001950976Debt Investments | Icefall Parent, Inc.|First Lien Senior Secured Term Loan|Diversified Financial ServicesSOFR + 5.750|10.030%|1/26/2023| 1/25/20302025-06-300001950976ck0001950976:AdvisorMemberck0001950976:AdvisoryAgreementMember2024-04-012024-06-300001950976ck0001950976:FourWindsInteracticeLLCMemberck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMember2025-01-012025-06-300001950976Debt Investments | Coding Solutions Acquisition, Inc. |First Lien Senior Secured Revolving Loan|Health Care TechnologySOFR + 5.000|9.318%|8/7/2024|8/7/20312024-12-310001950976us-gaap:FairValueInputsLevel1Member2025-06-300001950976us-gaap:AdditionalPaidInCapitalMember2024-06-300001950976ck0001950976:AdvisorMember2025-06-300001950976us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:CommonStockMember2024-12-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:IcefallParentIncMember2024-12-310001950976Debt Investments |Serrano Parent, LLC| First Lien Senior Secured Term Loan|IT ServicesSOFR + 6.500|10.920|10/18/2023|5/13/20302024-01-012024-12-3100019509762025-06-300001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:CbBuyerIncMember2025-01-012025-06-300001950976Debt Investments | Homecare Software Solutions, LLC|First Lien Senior Secured Term Loan|Health Care TechnologySOFR + 5.550|9.925%(incl. 2.925%PIK)|9/26/2024| 6/16/20312024-01-012024-12-310001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:AlertSRCNewcoLLCMember2025-06-300001950976ck0001950976:AdvisorMemberck0001950976:AdvisoryAgreementMember2023-09-062023-09-060001950976Debt Investments | Guardian Restoration Partners Buyer, LLC |First Lien Senior Secured Revolving Loan|Diversified Consumer ServicesSOFR + 4.750|11/1/2024|11/3/20312024-01-012024-12-310001950976Debt Investments | CData Software, Inc.|First Lien Senior Secured Revolving Loan|IT ServicesSOFR + 5.750|7/18/2024|7/18/20302025-01-012025-06-300001950976ck0001950976:FirstLienSeniorSecuredRevolvingLoanMemberck0001950976:CIMGGroupLLCMember2025-06-300001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMemberck0001950976:RunwayBidcoLLCMember2024-12-310001950976Debt Investments | FH DMI Buyer Inc |First Lien Senior Secured Term Loan|Health Care Equipment & SuppliesSOFR + 4.750|8.967%|10/11/2024|10/11/20302025-06-300001950976ck0001950976:FirstLienSeniorSecuredDebtMember2024-04-012024-06-300001950976ck0001950976:RealEstateManagementDevelopmentSectorMember2025-06-300001950976Debt Investments | CData Software, Inc.|First Lien Senior Secured Term Loan|IT ServicesSOFR + 6.250|10.046%|7/18/2024|7/18/20302025-06-300001950976ck0001950976:FirstLienSeniorSecuredDelayedDrawTermLoanMemberck0001950976:ZoneCompanySoftwareConsultingLlcMember2025-06-300001950976Debt Investments |United Flow Technologies Intermediate HoldCo II, LLC| First Lien Senior Secured Delayed Draw Term Loan|Multi-UtilitiesSOFR + 5.250|9.574%|6/21/2024|6/23/20312025-06-300001950976Debt Investments | Baxter Planning Systems, LLC|First Lien Senior Secured Revolving Loan|Air Freight & LogisticsSOFR + 5.750|5/20/2024|5/20/20312025-06-300001950976Debt Investments |Thunder Buyer, Inc.| First Lien Senior Secured Term Loan|Life Sciences Tools & ServicesSOFR + 4.750%|9.046%|10/17/2024|10/17/20302025-06-300001950976Debt Investments | Homecare Software Solutions LLC |First Lien Senior Secured Term Loan|Health Care TechnologySOFR + 5.550% (Incl. 2.925% PIK)|10.171%|9/26/2024|6/16/20312025-06-300001950976Debt Investments |Thunder Buyer, Inc.| First Lien Senior Secured Term Loan|Life Sciences Tools & ServicesSOFR + 5.000|9.647|10/17/2024|10/17/20302024-12-310001950976Debt Investments |LogRhythm, Inc.|First Lien Senior Secured Term Loan|IT ServicesSOFR + 7.500|11.857%|7/2/2024| 7/2/20292024-12-310001950976ck0001950976:CommercialServicesAndSuppliesMember2025-06-30xbrli:pureiso4217:USDxbrli:sharesxbrli:sharesiso4217:USD

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended ~~March~~June 3130, 2025

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

Commission file number 000-56594

26North BDC, Inc.

(Exact Name of Registrant as Specified in Its Charter)


Maryland	93-2305832
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

600 Madison Avenue, 26th Floor New York, NY	10022
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s Telephone Number, Including Area Code: (212) 224-0626

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

     Title of each class 

     Trading
Symbol

     Name of each exchange
on which registered

     None

     None

     None

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

Shares of Common Stock, par value $0.001 per share

(Title of Class)

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 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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐

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

As of ~~March~~June 3130, 2025 there was no established public market for the registrant’s shares of Common Stock. The number of shares of Registrant’s Common Stock, $0.001 par value per share, outstanding as of ~~May~~August 76, 2025 was 18,~~557~~764,~~565~~757.

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26North bdc, inc.

Quarterly Report on form 10-Q for the quarter enDed ~~MARCH~~June 3130, 2025

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Part I. Financial Information
Item 1.	Financial Statements	3
	Consolidated Statements of Assets and Liabilities as of March 31, 2025 (Unaudited) and December 31, 2024	3
	Consolidated Statements of Assets and Liabilities as of June 30, 2025 (Unaudited) and December 31, 2024	3
	Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024 (Unaudited)	4
	Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 (Unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2025 and 2024 (Unaudited)	5
	Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2025 and 2024 (Unaudited)	5
	Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024 (Unaudited)	6
	Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024 (Unaudited)	7
	Consolidated Schedules of Investments as of March 31, 2025 (Unaudited) and December 31, 2024	7
	Consolidated Schedules of Investments as of June 30, 2025 (Unaudited) and December 31, 2024	8
	Notes to the Consolidated Financial Statements (Unaudited)	1415
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	3436
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	4749
Item 4.	Controls and Procedures	4850
Part II. Other Information
Item 1.	Legal Proceedings	4951
Item 1A.	Risk Factors	4951
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	4951
Item 3.	Defaults Upon Senior Securities	4951
Item 4.	Mine Safety Disclosures	4951
Item 5.	Other Information	4951
Item 6.	Exhibits	5052
SIGNATURES		5153

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (this “Report”) contains forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “target,” “estimate,” “intend,” “continue” or “believe” or the negatives of, or other variations on, these terms or comparable terminology. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. We believe that it is important to communicate our future expectations to our investors. Our forward-looking statements include information in this Report regarding general domestic and global economic conditions, our future financing plans, our ability to operate as a business development company (“BDC”) and the expected performance of, and the yield on, our portfolio companies. There may be events in the future, however, that we are not able to predict accurately or control. The factors listed under “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2024 (the “Annual Report”) and in this Report, as well as any cautionary language in this Report, provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. The occurrence of the events described in these risk factors and elsewhere in this Report could have a material adverse effect on our business, results of operations and financial position.

•

our future operating results;

•

our ability to source investment opportunities;

•

our inability to control the business operations of our portfolio companies, and potential inability to dispose of our interests in our portfolio companies;

•

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

•

provisions of a credit facility or other borrowings that may limit discretion in operating our business;

•

the impact of continued inflation;

•

changes in the general interest rate environment;

•

our use of total return swaps and related risks similar to those associated with the use of leverage;

•

the valuation of our investments in portfolio companies, particularly those having no liquid trading market;

•

our ability to recover unrealized losses;

•

the impact of competition for investment opportunities;

•

the outcome and impact of any litigation or regulatory proceeding;

•

our dependence on our and third parties’ communications and information systems;

•

the impact of cybersecurity risks, cyber incidents, corruption of confidential information on us or our portfolio companies;

•

our ability to comply with legal requirements, contractual obligations and industry standards relating to security, data protection and privacy;

•

our ability to manage the impact of any changes to current operating policies, investment criteria or strategies;

•

any changes to the anticipated timing or manner of liquidity events;

•

the ability of the Adviser to manage and support our investment process;

•

actual and potential conflicts of interest with the Adviser;

•

our access to confidential information which may restrict our ability to take action with respect to some investments;

•

restrictions on our ability to enter into transactions with our affiliates;

•

our ability to make investments that could give rise to a conflict of interest;

•

the risks associated with indemnity provisions in some of our agreements;

•

actual and potential conflicts associated with investments by 26North employees in us;

•

the Adviser’s compliance with pay-to-play laws, regulations and policies;

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•

our ability to find or replace our administrator or sub-administrator(s) in the event of a resignation;

•

our ability to qualify and maintain our qualification as a BDC and as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”);

•

regulations governing our operations as a BDC and RIC which impact our ability to raise capital or borrow for investment purposes;

•

the impact on our business of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as amended, and the rules and regulations issued thereunder;

•

our ability to manage risks associated with leverage and investing in middle-market companies and common or preferred equity securities;

•

the effect of changes to tax legislation and our tax position;

•

the tax status of the enterprises in which we may invest;

•

our ability and the ability of our portfolio companies to manage risks associated with an economic downturn and the time period required for robust economic recovery therefrom;

•

political and regulatory conditions that contribute to uncertainty and market volatility including the impact of the legislative, regulatory, trade and policy changes associated with the current U.S. presidential administration;

•

a contraction of available credit and/or an inability to access capital markets or additional sources of liquidity;

•

risks associated with possible disruption in our or our portfolio companies’ operations due to wars and other forms of conflict, terrorist acts, security operations and catastrophic events or natural disasters, such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics;

•

changes in political, economic or industry conditions, the interest rate environment, inflationary concerns, financial and capital markets, and other external factors, including pandemic-related or other widespread health crises, inflation, supply chain disruptions and geopolitical conflicts; and

•

other risks, uncertainties and other factors previously identified in our other filings with the Securities and Exchange Commission (the “SEC”) that we make from time to time.

Any forward-looking statement made by us in this Report speaks only as of the date of this Report. Factors or events that could cause our actual results to differ from our forward-looking statements may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. You are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. The safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended (the “1934 Act”), which preclude civil liability for certain forward-looking statements, do not apply to the forward-looking statements in this Report because we are an investment company.

Unless indicated otherwise in this Report or the context so requires, references to “Company,” “we,” “us,” and “our” mean 26North BDC, Inc. The terms “26N” and “26North” refer collectively to 26North Partners LP and its subsidiaries and affiliated entities. The terms “Adviser” and our “investment adviser” refer to 26North Direct Lending LP, our investment adviser. The terms “Administrator” and our “administrator” refer to 26North Direct Lending Administration LLC, our administrator.

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PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

26North BDC, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)

	March 31,2025 (Unaudited)		December 31,2024
	June 30, 2025 (Unaudited)		December 31,2024
Assets
Non-controlled/non-affiliated investments at fair value (amortized cost $922,170 and $665,676, respectively)	$	922,418	$	666,141
Non-controlled/non-affiliated investments at fair value (amortized cost $979,701 and $665,676, respectively)	$	980,694	$	666,141
Cash and cash equivalents		6227,~~099~~590		12,923
Interest and other income receivable from non-controlled/non-affiliated investments		67,~~837~~626		3,509
Deferred financing costs		5,~~754~~357		4,891
Prepaid assets		~~436~~335		468
Subscriptions receivable		—		55
Total Assets	$	~~997~~1,~~544~~021,602	$	687,987
Liabilities
Debt		~~519~~534,~~630~~670		328,390
Interest payable		45,~~431~~932		3,667
Management fees payable		1,~~489~~804		1,107
Other liabilities and accrued expenses		1,~~188~~493		846
Investment income incentive fees payable		1,~~003~~311		733
Accrued administrative services expense payable		~~646~~711		516
Payable for securities purchased		103		—
Expense reimbursement payable		450		558
Capital gains incentive fees payable		25		47
Payable for securities purchased		159		—
Expense reimbursement payable		—		558
Capital gains incentive fees payable		99		47
Total Liabilities	$	~~528~~546,~~515~~629	$	335,864
Commitments and contingencies (Note 7)
Net Assets
Common stock, $0.001 par value (1,000,000,000 shares authorized, 18,557,565 and 13,909,942 shares issued and outstanding, respectively)	$	19	$	14
Common stock, $0.001 par value (1,000,000,000 shares authorized, 18,764,757 and 13,909,942 shares issued and outstanding, respectively)	$	19	$	14
Additional paid-in capital		~~464~~469,~~481~~655		347,648
Distributable earnings (loss)		45,~~529~~299		4,461
Total Net Assets	$	~~469~~474,~~029~~973	$	352,123
Total Liabilities and Net Assets	$	~~997~~1,~~544~~021,602	$	687,987
Net asset value per share	$	25.2731	$	25.31

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

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26North BDC, Inc.

Consolidated Statements of Operations

(in thousands, except share and per share amounts)

(Unaudited)

	For theThree Months Ended March 31,2025			For theThree Months Ended March 31,2024
	Three Months Ended June 30,						Six Months Ended June 30,
Investment Income
	2025			2024			2025		2024
From non-controlled/non-affiliated investments:
Investment Income
Interest income	$	21,192		$	2,655
From non-controlled/non-affiliated investments:
Payment-in-kind interest income		511			—
Interest income	$	25,973		$	4,520		$	47,165	$	7,175
Other income		216			196
Payment-in-kind interest income		467			112			978		112
Total Investment Income		21,919			2,851
Other income		266			249			482		445
Expenses
Total Investment Income		26,706			4,881			48,625		7,732
Interest and other debt expenses		8,515			976
Expenses
Management fees		1,489			170
Interest and other debt expenses		9,432			1,006			17,947		1,982
Investment income incentive fees		1,003			—
Management fees		1,804			324			3,293		494
Other general and administrative expenses		868			312
Investment income incentive fees		1,310			—			2,313		—
Administrative service expenses		784			512
Other general and administrative expenses		693			453			1,561		765
Professional fees		234			890
Administrative service expenses		764			512			1,548		1,024
Offering costs		—			393
Professional fees		462			273			696		1,163
Capital gains incentive fees		~~(22~~75	)		—			53		—
Total expenses	$	12,871		$	3,253
Offering costs		—			395			—		788
Less: Expense support (Note 3)		—			(1,456	)
Total expenses	$	14,540		$	2,963		$	27,411	$	6,216
Net expenses		12,871			1,797
Less: Expense support (Note 3)		—			(270	)		—		(1,726	)
Net investment income before excise tax		9,048			1,054
Expense support recoupment (Note 3)		450			—			450		—
Excise tax expense		50			—
Net expenses		14,990			2,693			27,861		4,490
Net investment income after excise tax		8,998			1,054
Net investment income before excise tax		11,716			2,188			20,764		3,242
Realized and unrealized gain (loss):
Excise tax expense		21			—			71		—
Net change in unrealized appreciation (depreciation):
Net investment income after excise tax		11,695			2,188			20,693		3,242
Non-controlled/non-affiliated investments		(217	)		(221	)
Realized and unrealized gain (loss):
Net change in unrealized appreciation (depreciation)		(217	)		(221	)
Net change in unrealized appreciation (depreciation):
Net realized and unrealized gain (loss)		(217	)		(221	)
Non-controlled/non-affiliated investments		745			23			528		(198	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	8,781		$	833
Net change in unrealized appreciation (depreciation)		745			23			528		(198	)
Per share information - basic and diluted
Net realized and unrealized gain (loss)		745			23			528		(198	)
Net investment income (loss) per share (basic and diluted)	$	0.62		$	0.35
Net Increase (Decrease) in Net Assets Resulting from Operations	$	12,440		$	2,211		$	21,221	$	3,044
Earnings (loss) per share (basic and diluted)	$	0.60		$	0.27
Per share information - basic and diluted
Weighted average shares of common stock outstanding (basic and diluted)		14,540,648			3,041,581
Net investment income (loss) per share (basic and diluted)	$	0.63		$	0.38		$	1.25	$	0.73
Earnings (loss) per share (basic and diluted)	$	0.68		$	0.38		$	1.28	$	0.69
Weighted average shares of common stock outstanding (basic and diluted)		18,600,825			5,807,235			16,581,952		4,424,408

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

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26North BDC, Inc.

Consolidated Statements of Changes in Net Assets

(in thousands, except share and per share amounts )

(Unaudited)

	Common Shares				Additional Paid-in			Distributable			Total Net
	Shares		Par Value		~~Additional Paid-in~~ Capital			~~Distributable~~ Earnings (Loss)			~~Total Net~~ Assets
Balance, December 31, 2024		13,909,942	$	14	$	347,648		$	4,461		$	352,123
Balance, March 31, 2025		18,557,565	$	19	$	464,481		$	4,529		$	469,029
Operations:
Net investment income		—		—		—			811,~~998~~695			811,~~998~~695
Net realized gain (loss) on investments		—		—		—			—			—
Net unrealized appreciation (depreciation)		—		—		—			~~(217~~745	)		~~(217~~745	)
Net increase (decrease) in net assets resulting from operations		—		—		—			812,~~781~~440			812,~~781~~440
Capital Share Transactions:
Common shares issued from reinvestment of distributions		~~141~~207,~~715~~192		—		35,~~551~~195			—			35,~~551~~195
Issuance of shares		~~4,505,908~~—		5—		~~113,332~~—			—			~~113,337~~—
Distributions declared from earnings		—		—		—			(811,~~763~~691	)		(811,~~763~~691	)
Tax reclassification of stockholders’ equity in accordance with U.S. GAAP		—		—		(5021	)		5021			—
Net increase (decrease) for the period		4207,~~647,623~~192		5—		~~116~~5,~~833~~174			(811,~~713~~670	)		~~108~~(6,~~125~~496	)
Balance, March 31, 2025		18,557,565	$	19	$	464,481		$	4,529		$	469,029
Balance, June 30, 2025		18,764,757	$	19	$	469,655		$	5,299		$	474,973

	Common Shares				Additional Paid-in		Distributable			Total Net
	Shares		Par Value		Capital		Earnings (Loss)			Assets
Balance, December 31, 2023		2,811,638	$	3	$	70,288	$	—		$	70,291
Balance, March 31, 2024		5,800,895	$	6	$	145,016	$	833		$	145,855
Operations:
Net investment income		—		—		—		12,~~054~~188			12,~~054~~188
Net realized gain (loss) on investments		—		—		—		—			—
Net unrealized appreciation (depreciation)		—		—		—		~~(221~~23	)		~~(221~~23	)
Net increase (decrease) in net assets resulting from operations		—		—		—		~~833~~2,211			~~833~~2,211
Capital Share Transactions:
Common shares issued from reinvestment of distributions		—		—		—		—			—
Issuance of shares		232,~~989,257~~054		3—		~~74,728~~803		—			~~74,731~~803
Distributions declared from earnings		—		—		—		(1,740	)		(1,740	)
Tax reclassification of stockholders’ equity in accordance with U.S. GAAP		—		—		—		—			—
Net increase (decrease) for the period		232,~~989,257~~054		3—		~~74,728~~803		—(1,740	)		~~74,731~~(937	)
Balance, March 31, 2024		5,800,895	$	6	$	145,016	$	833		$	145,855
Balance, June 30, 2024		5,832,949	$	6	$	145,819	$	1,304		$	147,129

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

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26North BDC, Inc.

Consolidated Statements of ~~Cash~~Changes ~~Flows~~in Net Assets

(in thousands, except share and per share amounts )

(Unaudited)

	For theThree Months Ended March 31,2025			For theThree Months Ended March 31,2024
		Common Shares
Cash Flows From Operating Activities:
		Shares			Par Value		Additional Paid-in Capital			Distributable Earnings (Loss)			Total Net Assets
Net increase (decrease) in net assets resulting from operations	$	8,781		$	833
Balance, December 31, 2024			13,909,942		$	14	$	347,648		$	4,461		$	352,123
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:
Operations:
Purchases of investments		(263,002	)		(62,453	)
Net investment income			—			—		—			20,693			20,693
Proceeds from sale of investments and principal repayments		7,615			—
Net realized gain (loss) on investments			—			—		—			—			—
Net change in unrealized (appreciation) depreciation on investments		217			221
Net unrealized appreciation (depreciation)			—			—		—			528			528
Net accretion of discount		(596	)		(49	)
Net increase (decrease) in net assets resulting from operations			—			—		—			21,221			21,221
Amortization of deferred financing costs		484			214
Capital Share Transactions:
Amortization of deferred offering costs		—			393
Common shares issued from reinvestment of distributions			348,907			—		8,746			—			8,746
Payment-in-kind interest capitalized		(511	)		—
Issuance of shares			4,505,908			5		113,332			—			113,337
Changes in operating assets and liabilities:
Distributions declared from earnings			—			—		—			(20,454	)		(20,454	)
Expense reimbursement receivable		—			(1,456	)
Tax reclassification of stockholders’ equity in accordance with U.S. GAAP			—			—		(71	)		71			—
Interest and other income receivable from non-controlled/non-affiliated investments		(3,328	)		(428	)
Net increase (decrease) for the period			4,854,815			5		122,007			(20,383	)		101,629
Prepaid assets		32			54
Balance, June 30, 2025			18,764,757		$	19	$	469,655		$	5,299		$	474,973
Other liabilities and accrued expenses		187			475
Interest payable		764			88
Accrued organizational costs		—			(30	)
Due to affiliate		—			134
Payable for securities purchased		103			—
Management fees payable		382			80
Expense reimbursement payable		(558	)		—
Net investment income incentive fee payable		270			—
Capital gains income incentive fee payable		(22	)		—
Subscription receivable		—			(3,481	)
Accrued administrative services expense payable		130			512
Net cash provided by (used for) operating activities		(249,052	)		(64,893	)
Cash Flows From Financing Activities:
Proceeds from issuance of common shares		116,888			74,731
Distributions paid in cash		(8,763	)		—
Change in subscription receivable		55			—
Deferred financing costs paid		(1,192	)		—
Borrowings on debt		472,570			77,730
Payment of debt		(281,330	)		(52,250	)
Net cash provided by (used for) financing activities		298,228			100,211
Net increase (decrease) in cash and cash equivalents		49,176			35,318
Cash and cash equivalents, beginning of period		12,923			67,664
Cash and cash equivalents, end of period	$	62,099		$	102,982
Supplemental disclosure of cash flow and non-cash activities:
Interest paid during the period	$	7,267		$	674
Reinvestment of distributions during the period	$	3,551		$	—
Excise tax paid during the period	$	137		$	—


	Common Shares				Additional Paid-in		Distributable			Total Net
	Shares		Par Value		Capital		Earnings (Loss)			Assets
Balance, December 31, 2023		2,811,638	$	3	$	70,288	$	—		$	70,291
Operations:
Net investment income		—		—		—		3,242			3,242
Net realized gain (loss) on investments		—		—		—		—			—
Net unrealized appreciation (depreciation)		—		—		—		(198	)		(198	)
Net increase (decrease) in net assets resulting from operations		—		—		—		3,044			3,044
Capital Share Transactions:
Common shares issued from reinvestment of distributions		32,054		—		803		—			803
Issuance of shares		2,989,257		3		74,728		—			74,731
Distributions declared from earnings		—		—		—		(1,740	)		(1,740	)
Tax reclassification of stockholders’ equity in accordance with U.S. GAAP		—		—		—		—			—
Net increase (decrease) for the period		3,021,311		3		75,531		(1,740	)		73,794
Balance, June 30, 2024		5,832,949	$	6	$	145,819	$	1,304		$	147,129

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

Table of Contents

26North BDC, Inc.

Consolidated ~~Schedule~~Statements of ~~Investments~~Cash asFlows ~~of March 31, 2025~~

(in thousands)

(Unaudited)

Portfolio Company (1)(2)(6)		InvestmentType		Industry		ReferenceRate andSpread (4)		InterestRate	AcquisitionDate	MaturityDate	ParAmount/Shares		AmortizedCost (5)			FairValue			Percentageof NetAssets
	Six Months Ended June 30,
Debt Investments
	2025				2024
Adelaide Borrower LLC		First Lien Senior Secured Term Loan		Multi-Utilities		SOFR + 6.250%		10.549%	5/8/2024	5/8/2030	$	23,680	$	23,256		$	23,502			5.01	%
Cash Flows From Operating Activities:
Adelaide Borrower LLC (3)(8)(11)		First Lien Senior Secured Delayed Draw Term Loan		Multi-Utilities		SOFR + 6.250%			5/8/2024	5/8/2030		—		(52	)		(40	)		(0.01	)%
Net increase (decrease) in net assets resulting from operations	$	21,221			$	3,044
Adelaide Borrower LLC (3)(7)(11)		First Lien Senior Secured Revolving Loan		Multi-Utilities		SOFR + 6.250%			5/8/2024	5/8/2030		—		(65	)		(25	)		(0.01	)%
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:
Alegeus Technologies		First Lien Senior Secured Term Loan		Health Care Technology		SOFR + 6.750%		11.053%	11/22/2024	11/5/2029		69,260		67,676			67,528			14.39	%
Purchases of investments		(325,206	)		$	(165,529	)
Alert SRC Newco LLC		First Lien Senior Secured Term Loan		Commercial Services & Supplies		SOFR + 5.000%		9.289%	12/11/2024	12/11/2030		22,409		22,087			22,073			4.71	%
Proceeds from sale of investments and principal repayments		13,338				—
Alert SRC Newco LLC (3)(8)(11)		First Lien Senior Secured Delayed Draw Term Loan		Commercial Services & Supplies		SOFR + 5.000%		9.320%	12/11/2024	12/11/2030		145		90			36			0.01	%
Net change in unrealized (appreciation) depreciation on investments		(528	)			198
Alert SRC Newco LLC (3)(7)(11)		First Lien Senior Secured Revolving Loan		Commercial Services & Supplies		SOFR + 5.000%			12/11/2024	12/11/2030		—		(32	)		(33	)		(0.01	)%
Accretion of discount		(1,179	)			(130	)
AMI Buyer Inc		First Lien Senior Secured Term Loan		Semiconductors & Semiconductor Equipment		SOFR + 5.250%		9.693%	10/17/2024	10/17/2031		36,416		35,895			35,869			7.64	%
Amortization of deferred financing costs		1,109				429
AMI Buyer Inc (3)(7)		First Lien Senior Secured Revolving Loan		Semiconductors & Semiconductor Equipment		SOFR + 5.250%		9.693%	10/17/2024	10/17/2031		891		813			811			0.17	%
Amortization of deferred offering costs		—				788
Ascend Partners Services LLC		First Lien Senior Secured Term Loan		Professional Services		SOFR + 4.500%		8.752%	8/9/2024	8/11/2031		6,038		5,985			5,978			1.27	%
Payment-in-kind interest capitalized		(978	)			(112	)
Ascend Partners Services LLC (3)(8)(11)		First Lien Senior Secured Delayed Draw Term Loan		Professional Services		SOFR + 4.500%		8.752%	8/9/2024	8/11/2031		2,933		2,867			2,829			0.60	%
Changes in operating assets and liabilities:
Ascend Partners Services LLC (3)(7)(11)		First Lien Senior Secured Revolving Loan		Professional Services		SOFR + 4.500%		8.838%	8/9/2024	8/11/2031		666		645			645			0.14	%
Expense reimbursement receivable		—				1,358
Azurite Intermediate Holdings, Inc.		First Lien Senior Secured Term Loan		IT Services		SOFR + 6.500%		10.825%	3/19/2024	3/19/2031		5,708		5,633			5,651			1.20	%
Interest and other income receivable from non-controlled/non-affiliated investments		(4,117	)			(280	)
Azurite Intermediate Holdings, Inc.		First Lien Senior Secured Delayed Draw Term Loan		IT Services		SOFR + 6.500%		10.825%	3/19/2024	3/19/2031		12,973		12,803			12,844			2.74	%
Prepaid assets		133				108
Azurite Intermediate Holdings, Inc. (3)(7)(11)		First Lien Senior Secured Revolving Loan		IT Services		SOFR + 6.500%			3/19/2024	3/19/2031		—		(31	)		(21	)		0.00	%
Other liabilities and accrued expenses		210				1,005
Baxter Planning Systems, LLC		First Lien Senior Secured Term Loan		Air Freight & Logistics		SOFR + 6.250% (Incl. 3.375% PIK)		10.677%	5/20/2024	5/20/2031		8,333		8,217			8,250			1.76	%
Interest payable		2,265				149
Baxter Planning Systems, LLC (3)(7)(11)		First Lien Senior Secured Delayed Draw Term Loan		Air Freight & Logistics		SOFR + 5.750%			5/20/2024	5/20/2031		—		(11	)		(15	)		0.00	%
Accrued organizational costs		—				(40	)
Baxter Planning Systems, LLC (3)(7)(11)		First Lien Senior Secured Revolving Loan		Air Freight & Logistics		SOFR + 5.750%			5/20/2024	5/20/2031		—		(22	)		(15	)		0.00	%
Due to affiliate		—				(87	)
CB Buyer Inc		First Lien Senior Secured Term Loan		Software		SOFR + 5.000%		9.299%	7/1/2024	7/1/2031		22,638		22,442			22,582			4.81	%
Payable for securities purchased		159				—
CB Buyer Inc (3)(7)(11)		First Lien Senior Secured Delayed Draw Term Loan		Software		SOFR + 5.000%			7/1/2024	7/1/2031		—		(30	)		(12	)		0.00	%
Management fees payable		697				234
CB Buyer Inc (3)(9)(11)		First Lien Senior Secured Revolving Loan		Software		SOFR + 5.000%			7/1/2024	7/1/2031		—		(23	)		(6	)		0.00	%
Expense reimbursement payable		(108	)			—
CData Software Inc		First Lien Senior Secured Term Loan		IT Services		SOFR + 6.250%		10.549%	7/18/2024	7/18/2030		33,291		32,759			32,709			6.96	%
Investment income incentive fees payable		578				—
CData Software Inc (3)(7)(11)		First Lien Senior Secured Delayed Draw Term Loan		IT Services		SOFR + 5.750%			7/18/2024	7/18/2030		—		(26	)		(54	)		(0.01	)%
Capital gains incentive fees payable		52				—
CData Software Inc (3)		First Lien Senior Secured Delayed Draw Term Loan		IT Services		SOFR + 6.250%		10.549%	7/18/2024	7/18/2030		1,695		1,695			1,620			0.35	%
Accrued administrative services expense payable		195				(1,769	)
CData Software Inc (3)(7)(11)		First Lien Senior Secured Revolving Loan		IT Services		SOFR + 5.750%			7/18/2024	7/18/2030		—		(63	)		(65	)		(0.01	)%
Net cash provided by (used for) operating activities		(292,159	)			(160,634	)
Cash Flows From Financing Activities:
Proceeds from issuance of common shares		122,083				75,534
Distributions paid in cash		(20,454	)			(1,740	)
Change in subscription receivable		55				—
Deferred financing costs paid		(1,138	)			(959	)
Borrowings on debt		499,270				294,780
Payment of debt		(292,990	)			(119,980	)
Net cash provided by (used for) financing activities		306,826				247,635
Net increase (decrease) in cash and cash equivalents		14,667				87,001
Cash and cash equivalents, beginning of period		12,923				67,664
Cash and cash equivalents, end of period	$	27,590			$	154,665
Supplemental disclosure of cash flow and non-cash activities:
Interest paid during the period	$	14,573			$	1,404
Reinvestment of distributions during the period	$	8,746			$	803
Excise tax paid during the period	$	137			$	2

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

Table of Contents

26North BDC, Inc.

Consolidated Schedule of Investments as of ~~March~~June 3130, 2025

(in thousands)

(Unaudited)

Portfolio Company (1)(2)(6)	InvestmentType	Industry	ReferenceRate andSpread (4)	InterestRate	AcquisitionDate	MaturityDate	ParAmount/Shares		AmortizedCost (5)			FairValue			Percentageof NetAssets
CI (MG) GROUP, LLC	First Lien Senior Secured Term Loan	Diversified Consumer Services	SOFR + 5.500%	9.716%	3/27/2025	3/27/2030	$	28,804	$	28,372		$	28,372			6.05	%
Non-Controlled/Non-Affiliated Investments
CI (MG) GROUP, LLC (3)(8)(11)	First Lien Senior Secured Delayed Draw Term Loan	Diversified Consumer Services	SOFR + 5.500%		3/27/2025	3/27/2030		—		(102	)		(205	)		(0.04	)%
Debt Investments
CI (MG) GROUP, LLC (3)(7)(11)	First Lien Senior Secured Revolving Loan	Diversified Consumer Services	SOFR + 5.500%		3/27/2025	3/27/2030		—		(46	)		(46	)		(0.01	)%
Adelaide Borrower LLC	First Lien Senior Secured Term Loan	Multi-Utilities	SOFR + 6.250%	10.546%	5/8/2024	5/8/2030	$	23,680	$	23,270		$	23,620			4.97	%
Coding Solutions Acquisition Inc	First Lien Senior Secured Term Loan	Health Care Technology	SOFR + 5.000%	9.325%	8/7/2024	8/7/2031		31,187		30,804			30,719			6.55	%
Adelaide Borrower LLC (3)(8)(10)	First Lien Senior Secured Delayed Draw Term Loan	Multi-Utilities	SOFR + 6.250%		5/8/2024	5/8/2030		—		(50	)		(13	)		(0.00	)%
Coding Solutions Acquisition Inc (3)(7)	First Lien Senior Secured Delayed Draw Term Loan	Health Care Technology	SOFR + 5.000%		8/7/2024	8/7/2031		—		(100	)		(71	)		(0.02	)%
Adelaide Borrower LLC (3)(7)(10)	First Lien Senior Secured Revolving Loan	Multi-Utilities	SOFR + 6.250%		5/8/2024	5/8/2030		—		(62	)		(8	)		(0.00	)%
Coding Solutions Acquisition Inc (3)(9)	First Lien Senior Secured Revolving Loan	Health Care Technology	SOFR + 5.000%	9.318%	8/7/2024	8/7/2031		2,605		2,564			2,561			0.55	%
Alegeus Technologies	First Lien Senior Secured Term Loan	Health Care Technology	SOFR + 6.750%	11.030%	11/22/2024	11/5/2029		69,000		67,492			67,278			14.17	%
Cpex Purchaser, LLC	First Lien Senior Secured Term Loan	Software	SOFR + 6.000%	10.120%	2/29/2024	3/1/2030		33,042		32,482			32,959			7.03	%
Alert SRC Newco LLC	First Lien Senior Secured Term Loan	Commercial Services & Supplies	SOFR + 5.000%	9.242%	12/11/2024	12/11/2030		22,352		22,043			22,017			4.64	%
Cpex Purchaser, LLC (3)	First Lien Senior Secured Delayed Draw Term Loan	Software	SOFR + 6.000%	10.120%	2/29/2024	3/1/2030		2,613		2,613			2,604			0.56	%
Alert SRC Newco LLC (3)(8)(10)	First Lien Senior Secured Delayed Draw Term Loan	Commercial Services & Supplies	SOFR + 5.000%	9.316%	12/11/2024	12/11/2030		579		524			471			0.10	%
Cpex Purchaser, LLC (3)(7)(11)	First Lien Senior Secured Revolving Loan	Software	SOFR + 6.000%		2/29/2024	3/1/2030		—		(231	)		(34	)		(0.01	)%
Alert SRC Newco LLC (3)(7)(10)	First Lien Senior Secured Revolving Loan	Commercial Services & Supplies	SOFR + 5.000%		12/11/2024	12/11/2030		—		(31	)		(33	)		(0.01	)%
Cpex Purchaser, LLC	First Lien Senior Secured Term Loan	Software	SOFR + 5.500%	9.794%	3/26/2025	3/1/2030		1,650		1,634			1,634			0.35	%
AMI Buyer Inc	First Lien Senior Secured Term Loan	Semiconductors & Semiconductor Equipment	SOFR + 5.000%	8.902%	10/17/2024	10/17/2031		36,325		35,809			35,780			7.53	%
Cpex Purchaser, LLC (3)	First Lien Senior Secured Delayed Draw Term Loan	Software	SOFR + 5.500%		3/26/2025	3/1/2030		—		—			(32	)		(0.01	)%
AMI Buyer Inc (3)(7)	First Lien Senior Secured Revolving Loan	Semiconductors & Semiconductor Equipment	SOFR + 5.000%	8.902%	10/17/2024	10/17/2031		30		(46	)		(50	)		(0.01	)%
Four Winds Interactive LLC	First Lien Senior Secured Term Loan	Interactive Media & Services	SOFR + 6.500%	10.799%	2/20/2025	2/20/2030		37,475		36,747			36,725			7.83	%
Ascend Partners Services LLC	First Lien Senior Secured Term Loan	Professional Services	SOFR + 4.500%	8.752%	8/9/2024	8/11/2031		6,023		5,972			5,963			1.26	%
Four Winds Interactive LLC (3)(8)(11)	First Lien Senior Secured Delayed Draw Term Loan	Interactive Media & Services	SOFR + 6.500%		2/20/2025	2/20/2030		—		(71	)		(145	)		(0.03	)%
Ascend Partners Services LLC (3)(8)(10)	First Lien Senior Secured Delayed Draw Term Loan	Professional Services	SOFR + 4.500%	8.745%	8/9/2024	8/11/2031		7,410		7,325			7,306			1.54	%
Four Winds Interactive LLC (3)(7)(11)	First Lien Senior Secured Revolving Loan	Interactive Media & Services	SOFR + 6.500%		2/20/2025	2/20/2030		—		(94	)		(97	)		(0.02	)%
Ascend Partners Services LLC (3)(7)(10)	First Lien Senior Secured Revolving Loan	Professional Services	SOFR + 4.500%		8/9/2024	8/11/2031		—		(20	)		(21	)		(0.00	)%
FH DMI Buyer Inc	First Lien Senior Secured Term Loan	Health Care Equipment & Supplies	SOFR + 5.000%	9.217%	10/11/2024	10/11/2030		12,252		12,083			12,068			2.57	%
Azurite Intermediate Holdings, Inc.	First Lien Senior Secured Term Loan	IT Services	SOFR + 6.000%	10.327%	3/19/2024	3/19/2031		5,708		5,636			5,651			1.19	%
FH DMI Buyer Inc (3)(8)(11)	First Lien Senior Secured Delayed Draw Term Loan	Health Care Equipment & Supplies	SOFR + 5.000%	9.217%	10/11/2024	10/11/2030		1,262		1,203			1,160			0.25	%
Azurite Intermediate Holdings, Inc.	First Lien Senior Secured Delayed Draw Term Loan	IT Services	SOFR + 6.000%	10.327%	3/19/2024	3/19/2031		12,973		12,810			12,844			2.70	%
FH DMI Buyer Inc (3)(7)(11)	First Lien Senior Secured Revolving Loan	Health Care Equipment & Supplies	SOFR + 5.000%		10/11/2024	10/11/2030		—		(30	)		(31	)		(0.01	)%
Azurite Intermediate Holdings, Inc. (3)(7)(10)	First Lien Senior Secured Revolving Loan	IT Services	SOFR + 6.000%		3/19/2024	3/19/2031		—		(29	)		(21	)		(0.00	)%
Goldeneye Parent, LLC	First Lien Senior Secured Term Loan	Life Sciences Tools & Services	SOFR + 5.000%	9.299%	3/31/2025	3/31/2032		12,777		12,713			12,713			2.71	%
Baxter Planning Systems, LLC	First Lien Senior Secured Term Loan	Air Freight & Logistics	SOFR + 6.250% (Incl. 3.375% PIK)	10.530%	5/20/2024	5/20/2031		8,403		8,294			8,319			1.75	%
Goldeneye Parent, LLC (3)(9)(11)	First Lien Senior Secured Revolving Loan	Life Sciences Tools & Services	SOFR + 5.000%		3/31/2025	3/31/2032		—		(9	)		(9	)		0.00	%
Baxter Planning Systems, LLC (3)(8)(10)	First Lien Senior Secured Delayed Draw Term Loan	Air Freight & Logistics	SOFR + 5.750%		5/20/2024	5/20/2031		—		(11	)		(15	)		(0.00	)%
Grand River Aseptic Manufacturing, Inc.	First Lien Senior Secured Term Loan	Pharmaceuticals	SOFR + 5.000%	9.295%	3/10/2025	3/10/2031		44,116		43,676			43,674			9.31	%
Baxter Planning Systems, LLC (3)(7)(10)	First Lien Senior Secured Revolving Loan	Air Freight & Logistics	SOFR + 5.750%		5/20/2024	5/20/2031		—		(21	)		(15	)		(0.00	)%
Grand River Aseptic Manufacturing, Inc. (3)(7)(11)	First Lien Senior Secured Revolving Loan	Pharmaceuticals	SOFR + 5.000%		3/10/2025	3/10/2031		—		(134	)		(136	)		(0.03	)%
CB Buyer Inc	First Lien Senior Secured Term Loan	Software	SOFR + 5.250%	9.546%	7/1/2024	7/1/2031		22,582		22,391			22,525			4.74	%
Guardian Restoration Partners Buyer	First Lien Senior Secured Term Loan	Diversified Consumer Services	SOFR + 4.750%	9.079%	11/1/2024	11/3/2031		4,767		4,711			4,708			1.00	%
CB Buyer Inc (3)(7)(10)	First Lien Senior Secured Delayed Draw Term Loan	Software	SOFR + 5.250%	9.546%	7/1/2024	7/1/2031		685		656			673			0.14	%
Guardian Restoration Partners Buyer (3)(8)	First Lien Senior Secured Delayed Draw Term Loan	Diversified Consumer Services	SOFR + 4.750%	9.050%	11/1/2024	11/3/2031		3,297		3,231			3,197			0.68	%
CB Buyer Inc (3)(7)(10)	First Lien Senior Secured Revolving Loan	Software	SOFR + 5.250%		7/1/2024	7/1/2031		—		(22	)		(6	)		(0.00	)%
Guardian Restoration Partners Buyer (3)(7)(11)	First Lien Senior Secured Revolving Loan	Diversified Consumer Services	SOFR + 4.750%	9.053%	11/1/2024	11/3/2031		103		89			88			0.02	%
CData Software Inc	First Lien Senior Secured Term Loan	IT Services	SOFR + 6.250%	10.046%	7/18/2024	7/18/2030		33,291		32,781			32,709			6.89	%
Homecare Software Solutions, LLC	First Lien Senior Secured Term Loan	Health Care Technology	SOFR + 5.550% (Incl. 2.925% PIK)	9.872%	9/26/2024	6/16/2031		28,118		27,866			27,837			5.94	%
CData Software Inc (3)(7)(10)	First Lien Senior Secured Delayed Draw Term Loan	IT Services	SOFR + 5.750%		7/18/2024	7/18/2030		—		(25	)		(54	)		(0.01	)%
CData Software Inc (3)	First Lien Senior Secured Delayed Draw Term Loan	IT Services	SOFR + 5.750%	10.046%	7/18/2024	7/18/2030		1,695		1,695			1,620			0.34	%
CData Software Inc (3)(7)(10)	First Lien Senior Secured Revolving Loan	IT Services	SOFR + 5.750%		7/18/2024	7/18/2030		—		(60	)		(65	)		(0.01	)%

Table of Contents

26North BDC, Inc.

Consolidated Schedule of Investments as of ~~March~~June 3130, 2025

(in thousands)

(Unaudited)

Portfolio Company (1)(2)(6)	InvestmentType	Industry	ReferenceRate andSpread (4)	InterestRate	AcquisitionDate	MaturityDate	ParAmount/Shares		AmortizedCost (5)			FairValue			Percentageof NetAssets
Icefall Parent, Inc.	First Lien Senior Secured Term Loan	Diversified Financial Services	SOFR + 6.500%	10.791%	1/26/2023	1/25/2030	$	24,937	$	24,512		$	24,563			5.24	%
CI (MG) GROUP, LLC	First Lien Senior Secured Term Loan	Diversified Consumer Services	SOFR + 5.500%	9.796%	3/27/2025	3/27/2030	$	28,804	$	28,378		$	28,372			5.97	%
Icefall Parent, Inc. (3)(7)(11)	First Lien Senior Secured Revolving Loan	Diversified Financial Services	SOFR + 6.500%		1/26/2023	1/25/2030		—		(46	)		(36	)		(0.01	)%
CI (MG) GROUP, LLC (3)(8)(10)	First Lien Senior Secured Delayed Draw Term Loan	Diversified Consumer Services	SOFR + 5.500%	9.742%	3/27/2025	3/27/2030		1,234		1,127			1,031			0.22	%
LogRhythm Inc	First Lien Senior Secured Term Loan	IT Services	SOFR + 7.500%	11.813%	7/2/2024	7/2/2029		54,815		53,376			53,171			11.34	%
CI (MG) GROUP, LLC (3)(7)(10)	First Lien Senior Secured Revolving Loan	Diversified Consumer Services	SOFR + 5.500%	9.796%	3/27/2025	3/27/2030		1,477		1,433			1,431			0.30	%
LogRhythm Inc (3)(7)(11)	First Lien Senior Secured Revolving Loan	IT Services	SOFR + 7.500%		7/2/2024	7/2/2029		—		(160	)		(164	)		(0.03	)%
Coding Solutions Acquisition Inc	First Lien Senior Secured Term Loan	Health Care Technology	SOFR + 5.000%	9.327%	8/7/2024	8/7/2031		32,222		31,827			32,222			6.78	%
Metropolis Capital Holdings, LLC	First Lien Senior Secured Term Loan	Real Estate Management & Development	SOFR + 6.000%	10.425%	5/16/2024	5/16/2031		13,743		13,623			13,675			2.92	%
Coding Solutions Acquisition Inc (3)(7)	First Lien Senior Secured Delayed Draw Term Loan	Health Care Technology	SOFR + 5.000%		8/7/2024	8/7/2031		—		(83	)		—			—
Penn TRGRP Holdings LLC	First Lien Senior Secured Term Loan	Diversified Financial Services	SOFR + 7.250%	11.549%	10/20/2023	9/27/2030		25,225		24,720			24,847			5.30	%
Coding Solutions Acquisition Inc (3)(9)	First Lien Senior Secured Revolving Loan	Health Care Technology	SOFR + 5.000%		8/7/2024	8/7/2031		—		(40	)		—			—
Penn TRGRP Holdings LLC (3)	First Lien Senior Secured Delayed Draw Term Loan	Diversified Financial Services	SOFR + 7.250%	11.549%	10/20/2023	9/27/2030		2,303		2,303			2,251			0.48	%
Coding Solutions Acquisition Inc	First Lien Senior Secured Term Loan	Health Care Technology	SOFR + 5.000%	9.327%	5/15/2025	8/7/2031		1,245		1,227			1,245			0.26	%
Penn TRGRP Holdings LLC (3)(10)(11)	First Lien Senior Secured Revolving Loan	Diversified Financial Services	SOFR + 6.250%		10/20/2023	9/27/2030		—		(76	)		(58	)		(0.01	)%
Coding Solutions Acquisition Inc (3)(7)(10)	First Lien Senior Secured Delayed Draw Term Loan	Health Care Technology	SOFR + 5.000%		5/15/2025	8/7/2031		—		(29	)		—			—
RH Buyer, Inc.	First Lien Senior Secured Term Loan	Aerospace & Defense	SOFR + 6.500%	10.903%	1/17/2025	1/17/2031		61,744		60,559			60,509			12.90	%
Cpex Purchaser, LLC	First Lien Senior Secured Term Loan	Software	SOFR + 6.000%	10.120%	2/29/2024	3/1/2030		33,042		32,482			33,042			6.96	%
RH Buyer, Inc. (3)(7)(11)	First Lien Senior Secured Revolving Loan	Aerospace & Defense	SOFR + 6.500%		1/17/2025	1/17/2031		—		(122	)		(124	)		(0.03	)%
Cpex Purchaser, LLC (3)	First Lien Senior Secured Delayed Draw Term Loan	Software	SOFR + 6.000%	10.134%	2/29/2024	3/1/2030		3,724		3,724			3,724			0.78	%
Runway Bidco LLC	First Lien Senior Secured Term Loan	Software	SOFR + 5.000%	9.299%	12/17/2024	12/17/2031		20,259		20,067			20,056			4.28	%
Cpex Purchaser, LLC (3)(7)(10)	First Lien Senior Secured Revolving Loan	Software	SOFR + 6.000%	10.319%	2/29/2024	3/1/2030		3,419		3,200			3,419			0.72	%
Runway Bidco LLC (3)(7)	First Lien Senior Secured Delayed Draw Term Loan	Software	SOFR + 5.000%		12/17/2024	12/17/2031		—		(25	)		(50	)		(0.01	)%
Cpex Purchaser, LLC	First Lien Senior Secured Term Loan	Software	SOFR + 5.500%	9.666%	3/26/2025	3/1/2030		1,650		1,634			1,634			0.34	%
Runway Bidco LLC (3)(7)	First Lien Senior Secured Revolving Loan	Software	SOFR + 5.000%		12/17/2024	12/17/2031		—		(25	)		(25	)		(0.01	)%
Cpex Purchaser, LLC (3)	First Lien Senior Secured Delayed Draw Term Loan	Software	SOFR + 5.500%		3/26/2025	3/1/2030		—		—			(32	)		(0.01	)%
Sapphire Software Buyer Inc	First Lien Senior Secured Term Loan	IT Services	SOFR + 5.500% (Incl. 3.000% PIK)	9.717%	9/30/2024	9/30/2031		30,609		30,312			30,303			6.46	%
Four Winds Interactive LLC	First Lien Senior Secured Term Loan	Interactive Media & Services	SOFR + 6.500%	10.796%	2/20/2025	2/20/2030		37,475		36,773			36,725			7.73	%
Sapphire Software Buyer Inc (3)(7)	First Lien Senior Secured Revolving Loan	IT Services	SOFR + 5.500%		9/30/2024	9/30/2031		—		(36	)		(37	)		(0.01	)%
Four Winds Interactive LLC (3)(8)(10)	First Lien Senior Secured Delayed Draw Term Loan	Interactive Media & Services	SOFR + 6.500%		2/20/2025	2/20/2030		—		(67	)		(145	)		(0.03	)%
Serrano Parent, LLC	First Lien Senior Secured Term Loan	IT Services	SOFR + 6.500%	10.920%	10/18/2023	5/13/2030		28,297		27,752			27,731			5.91	%
Four Winds Interactive LLC (3)(7)(10)	First Lien Senior Secured Revolving Loan	Interactive Media & Services	SOFR + 6.500%		2/20/2025	2/20/2030		—		(90	)		(97	)		(0.02	)%
Thunder Buyer Inc	First Lien Senior Secured Term Loan	Life Sciences Tools & Services	SOFR + 5.000%	9.299%	10/17/2024	10/17/2030		16,532		16,305			16,284			3.47	%
FH DMI Buyer Inc	First Lien Senior Secured Term Loan	Health Care Equipment & Supplies	SOFR + 4.750%	8.967%	10/11/2024	10/11/2030		12,222		12,054			12,038			2.53	%
Thunder Buyer Inc (3)(7)(11)	First Lien Senior Secured Delayed Draw Term Loan	Life Sciences Tools & Services	SOFR + 5.000%		10/17/2024	10/17/2030		—		(54	)		(110	)		(0.02	)%
FH DMI Buyer Inc (3)(8)(10)	First Lien Senior Secured Delayed Draw Term Loan	Health Care Equipment & Supplies	SOFR + 4.750%	8.998%	10/11/2024	10/11/2030		3,013		2,944			2,911			0.61	%
Thunder Buyer Inc (3)(7)(11)	First Lien Senior Secured Revolving Loan	Life Sciences Tools & Services	SOFR + 5.000%		10/17/2024	10/17/2030		—		(57	)		(59	)		(0.01	)%
FH DMI Buyer Inc (3)(7)(10)	First Lien Senior Secured Revolving Loan	Health Care Equipment & Supplies	SOFR + 4.750%		10/11/2024	10/11/2030		—		(29	)		(31	)		(0.01	)%
United Flow Technologies Intermediate HoldCo II, LLC	First Lien Senior Secured Term Loan	Multi-Utilities	SOFR + 5.250%	9.549%	6/21/2024	6/23/2031		27,604		27,219			27,259			5.81	%
Gainsight Inc	First Lien Senior Secured Term Loan	Software	SOFR + 5.750%	10.233%	4/1/2025	7/30/2027		36,618		36,458			36,253			7.63	%
United Flow Technologies Intermediate HoldCo II, LLC (3)(8)	First Lien Senior Secured Delayed Draw Term Loan	Multi-Utilities	SOFR + 5.250%	9.551%	6/21/2024	6/23/2031		11,617		11,417			11,424			2.44	%
Goldeneye Parent, LLC	First Lien Senior Secured Term Loan	Life Sciences Tools & Services	SOFR + 5.000%	9.327%	3/31/2025	3/31/2032		12,777		12,716			12,713			2.68	%
United Flow Technologies Intermediate HoldCo II, LLC (3)(7)(11)	First Lien Senior Secured Revolving Loan	Multi-Utilities	SOFR + 5.250%		6/21/2024	6/21/2030		—		(45	)		(39	)		(0.01	)%
Goldeneye Parent, LLC (3)(9)(10)	First Lien Senior Secured Revolving Loan	Life Sciences Tools & Services	SOFR + 5.000%		3/31/2025	3/31/2032		—		(9	)		(9	)		(0.00	)%
Univista Intermediate Holdco, LLC	First Lien First Out Term Loan	Insurance	SOFR + 3.850%	8.174%	1/10/2025	1/10/2030		19,047		18,728			18,714			3.99	%
Grand River Aseptic Manufacturing, Inc.	First Lien Senior Secured Term Loan	Pharmaceuticals	SOFR + 5.000%	9.308%	3/10/2025	3/10/2031		44,116		43,682			43,674			9.20	%
Univista Intermediate Holdco, LLC	First Lien Last Out Term Loan	Insurance	SOFR + 6.531%	10.855%	1/10/2025	1/10/2030		20,811		20,372			20,347			4.34	%
Grand River Aseptic Manufacturing, Inc. (3)(7)(10)	First Lien Senior Secured Revolving Loan	Pharmaceuticals	SOFR + 5.000%		3/10/2025	3/10/2031		—		(129	)		(136	)		(0.03	)%
Guardian Restoration Partners Buyer	First Lien Senior Secured Term Loan	Diversified Consumer Services	SOFR + 4.750%	9.046%	11/1/2024	11/3/2031		4,755		4,701			4,696			0.99	%
Guardian Restoration Partners Buyer (3)(8)	First Lien Senior Secured Delayed Draw Term Loan	Diversified Consumer Services	SOFR + 4.750%	9.049%	11/1/2024	11/3/2031		4,827		4,755			4,728			1.00	%
Guardian Restoration Partners Buyer (3)(7)(10)	First Lien Senior Secured Revolving Loan	Diversified Consumer Services	SOFR + 4.750%	9.048%	11/1/2024	11/3/2031		175		159			160			0.03	%
Homecare Software Solutions LLC	First Lien Senior Secured Term Loan	Health Care Technology	SOFR + 5.550% (Incl. 2.925% PIK)	10.171%	9/26/2024	6/16/2031		28,334		28,088			28,050			5.91	%

Table of Contents

26North BDC, Inc.

Consolidated Schedule of Investments as of ~~March~~June 3130, 2025

(in thousands)

(Unaudited)

Portfolio Company (1)(2)(6)	InvestmentType	Industry	ReferenceRate andSpread (4)	InterestRate	AcquisitionDate	MaturityDate	ParAmount/Shares		AmortizedCost (5)			FairValue			Percentageof NetAssets
Unlimited Technology Holdings, LLC	First Lien Senior Secured Term Loan	Health Care Technology	SOFR + 4.750%	9.049%	3/12/2025	3/12/2032	$	17,209	$	17,123		$	17,123			3.65	%
Icefall Parent, Inc.	First Lien Senior Secured Term Loan	Diversified Financial Services	SOFR + 5.750%	10.030%	1/26/2023	1/25/2030	$	24,937	$	24,528		$	24,688			5.20	%
Unlimited Technology Holdings, LLC (3)(7)(11)	First Lien Senior Secured Revolving Loan	Health Care Technology	SOFR + 4.750%		3/12/2025	3/12/2032		—		(11	)		(11	)		0.00	%
Icefall Parent, Inc. (3)(9)(10)	First Lien Senior Secured Revolving Loan	Diversified Financial Services	SOFR + 5.750%		1/26/2023	1/25/2030		—		(44	)		(24	)		(0.01	)%
Xactly Corporation	First Lien Senior Secured Term Loan	Professional Services	SOFR + 6.250%	10.663%	7/12/2024	7/30/2027		25,202		25,104			25,076			5.35	%
LogRhythm Inc	First Lien Senior Secured Term Loan	IT Services	SOFR + 7.500%	11.833%	7/2/2024	7/2/2029		54,815		53,442			53,171			11.19	%
Xactly Corporation (3)(7)(11)	First Lien Senior Secured Revolving Loan	Professional Services	SOFR + 6.250%		7/12/2024	7/30/2027		—		(7	)		(8	)		0.00	%
LogRhythm Inc (3)(7)(10)	First Lien Senior Secured Revolving Loan	IT Services	SOFR + 7.500%		7/2/2024	7/2/2029		—		(150	)		(164	)		(0.03	)%
Zone & Company Software Consulting LLC	First Lien Senior Secured Term Loan	Diversified Financial Services	SOFR + 6.500%	10.799%	9/13/2024	9/13/2030		46,593		45,830			46,010			9.81	%
Metropolis Capital Holdings, LLC	First Lien Senior Secured Term Loan	Real Estate Management & Development	SOFR + 6.000%	10.427%	5/16/2024	5/16/2031		13,709		13,595			13,640			2.87	%
Zone & Company Software Consulting LLC (3)(7)(11)	First Lien Senior Secured Delayed Draw Term Loan	Diversified Financial Services	SOFR + 6.000%		9/13/2024	9/13/2030		—		(101	)		(148	)		(0.03	)%
Penn TRGRP Holdings LLC	First Lien Senior Secured Term Loan	Diversified Financial Services	SOFR + 7.500%	11.796%	10/20/2023	9/27/2030		25,225		24,721			25,036			5.27	%
Zone & Company Software Consulting LLC (3)	First Lien Senior Secured Delayed Draw Term Loan	Diversified Financial Services	SOFR + 6.500%	10.799%	9/13/2024	9/13/2030		843		843			821			0.18	%
Penn TRGRP Holdings LLC (3)	First Lien Senior Secured Delayed Draw Term Loan	Diversified Financial Services	SOFR + 7.500%	11.796%	10/20/2023	9/27/2030		2,720		2,720			2,694			0.57	%
Zone & Company Software Consulting LLC (3)(7)(11)	First Lien Senior Secured Revolving Loan	Diversified Financial Services	SOFR + 6.000%		9/13/2024	9/13/2030		—		(109	)		(79	)		(0.02	)%
Penn TRGRP Holdings LLC (3)(9)(10)	First Lien Senior Secured Revolving Loan	Diversified Financial Services	SOFR + 6.500%		10/20/2023	9/27/2030		—		(72	)		(29	)		(0.01	)%
Total Debt Investments									$	921,770		$	922,070			196.60	%
RH Buyer, Inc.	First Lien Senior Secured Term Loan	Aerospace & Defense	SOFR + 6.500%	10.880%	1/17/2025	1/17/2031		61,278		60,152			60,052			12.64	%
Common Equity
RH Buyer, Inc. (3)(7)(10)	First Lien Senior Secured Revolving Loan	Aerospace & Defense	SOFR + 6.500%	10.927%	1/17/2025	1/17/2031		2,488		2,371			2,364			0.50	%
Excalibur Parent Holdings LP	Common Stock	IT Services			7/2/2024			519	$	—		$	—			—
Runway Bidco LLC	First Lien Senior Secured Term Loan	Software	SOFR + 5.000%	9.296%	12/17/2024	12/17/2031		20,208		20,021			20,006			4.21	%
FH DMI Buyer Inc	Common Stock	Health Care Equipment & Supplies			10/11/2024			400,429		400			348			0.07	%
Runway Bidco LLC (3)(7)	First Lien Senior Secured Delayed Draw Term Loan	Software	SOFR + 5.000%		12/17/2024	12/17/2031		—		(24	)		(50	)		(0.01	)%
Total Common Equity										400			348			0.07	%
Runway Bidco LLC (3)(7)	First Lien Senior Secured Revolving Loan	Software	SOFR + 5.000%		12/17/2024	12/17/2031		—		(24	)		(25	)		(0.01	)%
Total Investments									$	922,170		$	922,418			196.67	%
Sapphire Software Buyer Inc	First Lien Senior Secured Term Loan	IT Services	SOFR + 5.000%	9.217%	9/30/2024	9/30/2031		30,533		30,237			30,228			6.36	%
Sapphire Software Buyer Inc (3)(7)	First Lien Senior Secured Revolving Loan	IT Services	SOFR + 5.000%		9/30/2024	9/30/2031		—		(35	)		(37	)		(0.01	)%
Serrano Parent, LLC	First Lien Senior Secured Term Loan	IT Services	SOFR + 6.500%	10.710%	10/18/2023	5/13/2030		28,297		27,750			27,731			5.84	%
Thunder Buyer Inc	First Lien Senior Secured Term Loan	Life Sciences Tools & Services	SOFR + 4.750%	9.046%	10/17/2024	10/17/2030		16,480		16,262			16,274			3.43	%
Thunder Buyer Inc (3)(7)(10)	First Lien Senior Secured Delayed Draw Term Loan	Life Sciences Tools & Services	SOFR + 4.750%	9.074%	10/17/2024	10/17/2030		390		336			299			0.06	%
Thunder Buyer Inc (3)(7)(10)	First Lien Senior Secured Revolving Loan	Life Sciences Tools & Services	SOFR + 4.750%		10/17/2024	10/17/2030		—		(55	)		(49	)		(0.01	)%
United Flow Technologies Intermediate HoldCo II, LLC	First Lien Senior Secured Term Loan	Multi-Utilities	SOFR + 5.250%	9.546%	6/21/2024	6/23/2031		27,535		27,159			27,190			5.72	%
United Flow Technologies Intermediate HoldCo II, LLC (3)(8)	First Lien Senior Secured Delayed Draw Term Loan	Multi-Utilities	SOFR + 5.250%	9.574%	6/21/2024	6/23/2031		15,299		15,081			15,107			3.18	%
United Flow Technologies Intermediate HoldCo II, LLC (3)(7)(10)	First Lien Senior Secured Revolving Loan	Multi-Utilities	SOFR + 5.250%		6/21/2024	6/21/2030		—		(43	)		(39	)		(0.01	)%
Univista Intermediate Holdco, LLC	First Lien First Out Term Loan	Insurance	SOFR + 3.850%	8.177%	1/10/2025	1/10/2030		18,947		18,643			18,616			3.92	%
Univista Intermediate Holdco, LLC	First Lien Last Out Term Loan	Insurance	SOFR + 6.531%	10.858%	1/10/2025	1/10/2030		20,811		20,391			20,342			4.28	%

All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments. Unless otherwise indicated, investment is pledged as collateral under the Asset-Based Facility. See Note 6. Borrowings in the Notes to the Consolidated Financial Statements. 10

Table of Contents

26North BDC, Inc.

Consolidated Schedule of Investments as of June 30, 2025

(in thousands)

(Unaudited)


Portfolio Company (1)(2)(6)	Investment Type	Industry	Reference Rate and Spread (4)	Interest Rate	Acquisition Date	Maturity Date	Par Amount/ Shares		Amortized Cost (5)			Fair Value			Percentage of Net Assets
Unlimited Technology Holdings, LLC	First Lien Senior Secured Term Loan	Health Care Technology	SOFR + 4.750%	9.046%	3/12/2025	3/12/2032	$	17,209	$	17,124		$	17,123			3.61	%
Unlimited Technology Holdings, LLC (3)(7)(10)	First Lien Senior Secured Revolving Loan	Health Care Technology	SOFR + 4.750%		3/12/2025	3/12/2032		—		(11	)		(11	)		(0.00	)%
Xactly Corporation	First Lien Senior Secured Term Loan	Professional Services	SOFR + 6.250%	10.683%	7/12/2024	7/30/2027		25,202		25,112			25,076			5.28	%
Xactly Corporation (3)(7)(10)	First Lien Senior Secured Revolving Loan	Professional Services	SOFR + 6.250%		7/12/2024	7/30/2027		—		(7	)		(8	)		(0.00	)%
Zone & Company Software Consulting LLC	First Lien Senior Secured Term Loan	Diversified Financial Services	SOFR + 6.500%	10.810%	9/13/2024	9/13/2030		46,593		45,847			46,010			9.69	%
Zone & Company Software Consulting LLC (3)(7)(10)	First Lien Senior Secured Delayed Draw Term Loan	Diversified Financial Services	SOFR + 6.000%		9/13/2024	9/13/2030		—		(96	)		(148	)		(0.03	)%
Zone & Company Software Consulting LLC (3)	First Lien Senior Secured Delayed Draw Term Loan	Diversified Financial Services	SOFR + 6.500%	10.810%	9/13/2024	9/13/2030		1,267		1,267			1,245			0.26	%
Zone & Company Software Consulting LLC (3)(7)(10)	First Lien Senior Secured Revolving Loan	Diversified Financial Services	SOFR + 6.000%		9/13/2024	9/13/2030		—		(104	)		(79	)		(0.02	)%
Total Debt Investments									$	979,301		$	980,322			206.39	%


Common Equity
Excalibur Parent Holdings LP	Common Stock	IT Services			7/2/2024			519	$	—		$	—			—
FH DMI Buyer Inc (10)	Common Stock	Health Care Equipment & Supplies			10/11/2024			400,429		400			372			0.08	%
Total Common Equity										400			372			0.08	%
Total Investments									$	979,701		$	980,694			206.47	%

Cash and Cash Equivalents
Dreyfus Treasury Obligations Cash Management Money Market Fund				4.19%						27,590			27,590			5.81	%
Total Portfolio Investments, Cash and Cash Equivalents									$	1,007,291		$	1,008,284			212.28	%

(1)

All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments. Unless otherwise indicated, investment is pledged as collateral under the Asset-Based Facility (as defined below). See Note 6. Borrowings in the Notes to the Consolidated Financial Statements.

(2)

Unless otherwise indicated, investment is valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by the Adviser, as the Company’s valuation designee, in accordance with the Company’s valuation policy. See Note 2. Significant Accounting Policies and Note 5. Fair Value Measurements in the Notes to the Consolidated Financial Statements.

(3)

Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to an unused commitment fee. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See Note 7. Commitments and Contingencies in the Notes to the Consolidated Financial Statements.

(4)

Unless otherwise indicated, the interest rate on the principal balance outstanding for all floating rate loans is indexed to the Term Secured Overnight Financing Rate (“SOFR”), which typically resets semiannually, quarterly, or monthly at the borrower’s option. The applicable base rate may be subject to a floor. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, we have provided the applicable margin over the reference rate based on each respective credit agreement. As of ~~March~~June 3130, 2025, the reference rates for the floating rate loans were the 1 Month SOFR of 4.32%, 3 Month SOFR of 4.29% and 6 Month SOFR of 4.1915%.

(5)

The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

(6)

Under Section 55(a) of the ~~Investment~~1940 ~~Company~~ Act (as defined below), the Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of ~~March~~June 3130, 2025, the Company had no non-qualifying assets.

(7)

Unfunded loan commitment is subject to a 0.50% unused commitment fee.

(8)

Unfunded loan commitment is subject to a 1.00% unused commitment fee.

(9)

Unfunded loan commitment is subject to a 0.375% unused commitment fee.

(10)

Unfunded loan commitment is subject to a 0.25% unused commitment fee.

Investment is not pledged as collateral under the Asset-Based Facility.

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

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26North BDC, Inc.

Consolidated Schedule of Investments as of December 31, 2024

(in thousands)


Portfolio Company (1)(2)(6)	Investment Type	Industry	Reference Rate and Spread (4)	Interest Rate			Acquisition Date	Maturity Date	Par Amount/ Shares		Amortized Cost (5)			Fair Value			Percentage of Net Assets
Debt Investments
Adelaide Borrower, LLC	First Lien Senior Secured Term Loan	Multi-Utilities	SOFR + 6.250%		10.579	%	5/8/2024	5/8/2030	$	23,680	$	23,231		$	23,502			6.67	%
Adelaide Borrower, LLC (3)(8)	First Lien Senior Secured Delayed Draw Term Loan	Multi-Utilities	SOFR + 6.250%				5/8/2024	5/8/2030		—		(50	)		(40	)		(0.01	)%
Adelaide Borrower, LLC (3)(7)	First Lien Senior Secured Revolving Loan	Multi-Utilities	SOFR + 6.250%				5/8/2024	5/8/2030		—		(60	)		(25	)		(0.01	)%
Alegeus Technologies Holdings Corp.	First Lien Senior Secured Term Loan	Health Care Technology	SOFR + 6.750%	11.304%			11/22/2024	11/5/2029		69,521		67,827			67,783			19.25	%
Alert SRC Newco LLC	First Lien Senior Secured Term Loan	Commercial Services & Supplies	SOFR + 5.000%	9.452%			12/11/2024	12/11/2030		22,465		22,131			22,128			6.28	%
Alert SRC Newco LLC (3)(8)	First Lien Senior Secured Delayed Draw Term Loan	Commercial Services & Supplies	SOFR + 5.000%				12/11/2024	12/11/2030		—		(54	)		(109	)		(0.03	)%
Alert SRC Newco LLC (3)(7)	First Lien Senior Secured Revolving Loan	Commercial Services & Supplies	SOFR + 5.000%				12/11/2024	12/11/2030		—		(33	)		(33	)		(0.01	)%
AMI Buyer, Inc.	First Lien Senior Secured Term Loan	Semiconductors & Semiconductor Equipment	SOFR + 5.250%	9.693%			10/17/2024	10/17/2031		36,416		35,873			35,869			10.20	%
AMI Buyer, Inc. (3)(7)	First Lien Senior Secured Revolving Loan	Semiconductors & Semiconductor Equipment	SOFR + 5.250%	9.693%			10/17/2024	10/17/2031		1,288		1,211			1,208			0.34	%
Ascend Partner Services LLC	First Lien Senior Secured Term Loan	Professional Services	SOFR + 4.500%	8.857%			8/9/2024	8/11/2031		6,054		5,995			5,993			1.70	%
Ascend Partner Services LLC (3)(8)	First Lien Senior Secured Delayed Draw Term Loan	Professional Services	SOFR + 4.500%				8/9/2024	8/11/2031		—		(52	)		(104	)		(0.03	)%
Ascend Partner Services LLC (3)(7)	First Lien Senior Secured Revolving Loan	Professional Services	SOFR + 4.500%	8.838%			8/9/2024	8/11/2031		1,248		1,228			1,227			0.35	%
Azurite Intermediate Holdings, Inc.	First Lien Senior Secured Term Loan	IT Services	SOFR + 6.500%	10.857%			3/19/2024	3/19/2031		5,708		5,628			5,651			1.60	%
Azurite Intermediate Holdings, Inc.	First Lien Senior Secured Delayed Draw Term Loan	IT Services	SOFR + 6.500%	10.857%			3/19/2024	3/19/2031		12,973		12,792			12,844			3.65	%
Azurite Intermediate Holdings, Inc. (3)(7)	First Lien Senior Secured Revolving Loan	IT Services	SOFR + 6.500%				3/19/2024	3/19/2031		—		(28	)		(21	)		(0.01	)%
Baxter Planning Systems, LLC	First Lien Senior Secured Term Loan	Air Freight & Logistics	SOFR + 6.250%	10.677% (incl. 3.375%PIK)			5/20/2024	5/20/2031		8,262		8,143			8,180			2.33	%
Baxter Planning Systems, LLC (3)(7)	First Lien Senior Secured Delayed Draw Term Loan	Air Freight & Logistics	SOFR + 5.750%				5/20/2024	5/20/2031		—		(10	)		(15	)		—
Baxter Planning Systems, LLC (3)(7)	First Lien Senior Secured Revolving Loan	Air Freight & Logistics	SOFR + 5.750%				5/20/2024	5/20/2031		—		(20	)		(15	)		—
CB Buyer, Inc	First Lien Senior Secured Term Loan	Software	SOFR + 5.250%	9.607%			7/1/2024	7/1/2031		21,379		21,173			21,325			6.06	%
CB Buyer, Inc (3)(7)	First Lien Senior Secured Delayed Draw Term Loan	Software	SOFR + 5.250%				7/1/2024	7/1/2031		—		(28	)		(15	)		—
CB Buyer, Inc (3)(7)	First Lien Senior Secured Revolving Loan	Software	SOFR + 5.250%				7/1/2024	7/1/2031		—		(22	)		(6	)		—
CData Software, Inc.	First Lien Senior Secured Term Loan	IT Services	SOFR + 6.250%	10.575%			7/18/2024	7/18/2030		33,291		32,732			32,709			9.29	%
CData Software, Inc. (3)(7)	First Lien Senior Secured Delayed Draw Term Loan	IT Services	SOFR + 5.750%				7/18/2024	7/18/2030		—		(25	)		(54	)		(0.02	)%
CData Software, Inc. (3)	First Lien Senior Secured Payment Delayed Draw Term Loan	IT Services	SOFR + 6.250%	10.575%			7/18/2024	7/18/2030		1,695		1,695			1,620			0.46	%
CData Software, Inc. (3)(7)	First Lien Senior Secured Revolving Loan	IT Services	SOFR + 5.750%				7/18/2024	7/18/2030		—		(60	)		(65	)		(0.02	)%

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26North BDC, Inc.

Consolidated Schedule of Investments as of December 31, 2024

(in thousands)


Portfolio Company (1)(2)(6)	Investment Type	Industry	Reference Rate and Spread (4)	Interest Rate	Acquisition Date	Maturity Date	Par Amount/ Shares		Amortized Cost (5)			Fair Value			Percentage of Net Assets
Coding Solutions Acquisition, Inc.	First Lien Senior Secured Term Loan	Health Care Technology	SOFR + 5.000%	9.245%	8/7/2024	8/7/2031	$	31,265	$	30,873		$	30,796			8.75	%
Coding Solutions Acquisition, Inc. (3)(7)	First Lien Senior Secured Payment Delayed Draw Term Loan	Health Care Technology	SOFR + 5.000%		8/7/2024	8/7/2031		—		(100	)		(71	)		(0.02	)%
Coding Solutions Acquisition, Inc. (3)(9)	First Lien Senior Secured Revolving Loan	Health Care Technology	SOFR + 5.000%	9.318%	8/7/2024	8/7/2031		2,605		2,563			2,561			0.73	%
CPEX Purchaser, LLC	First Lien Senior Secured Term Loan	Software	SOFR + 6.000%	10.345%	2/29/2024	3/1/2030		33,043		32,452			32,634			9.27	%
CPEX Purchaser, LLC (3)	First Lien Senior Secured Delayed Draw Term Loan	Software	SOFR + 6.000%	10.345%	2/29/2024	3/1/2030		1,978		1,978			1,931			0.55	%
CPEX Purchaser, LLC (3)(7)	First Lien Senior Secured Revolving Loan	Software	SOFR + 6.000%		2/29/2024	3/1/2030		—		(170	)		(123	)		(0.03	)%
FH DMI Buyer, Inc.	First Lien Senior Secured Term Loan	Health Care Equipment & Supplies	SOFR + 5.000%	9.329%	10/11/2024	10/11/2030		12,252		12,073			12,068			3.43	%
FH DMI Buyer, Inc. (3)(7)	First Lien Senior Secured Delayed Draw Term Loan	Health Care Equipment & Supplies	SOFR + 5.000%		10/11/2024	10/11/2030		—		(49	)		(102	)		(0.03	)%
FH DMI Buyer, Inc. (3)(7)	First Lien Senior Secured Revolving Loan	Health Care Equipment & Supplies	SOFR + 5.000%		10/11/2024	10/11/2030		—		(30	)		(31	)		(0.01	)%
Guardian Restoration Partners Buyer, LLC	First Lien Senior Secured Term Loan	Diversified Consumer Services	SOFR + 4.750%	9.079%	11/1/2024	11/3/2031		4,767		4,708			4,708			1.34	%
Guardian Restoration Partners Buyer, LLC (3)(8)	First Lien Senior Secured Delayed Draw Term Loan	Diversified Consumer Services	SOFR + 4.750%	10.010%	11/1/2024	11/3/2031		2,684		2,622			2,584			0.73	%
Guardian Restoration Partners Buyer, LLC (3)(7)	First Lien Senior Secured Revolving Loan	Diversified Consumer Services	SOFR + 4.750%		11/1/2024	11/3/2031		—		(15	)		(15	)		—
Homecare Software Solutions, LLC	First Lien Senior Secured Term Loan	Health Care Technology	SOFR + 5.550%	9.925% (incl. 2.925%PIK)	9/26/2024	6/16/2031		27,907		27,633			27,628			7.85	%
Icefall Parent, Inc.	First Lien Senior Secured Term Loan	Diversified Financial Services	SOFR + 6.500%	10.857%	1/26/2024	1/25/2030		24,937		24,495			24,563			6.98	%
Icefall Parent, Inc. (3)(7)	First Lien Senior Secured Revolving Loan	Diversified Financial Services	SOFR + 6.500%		1/26/2024	1/25/2030		—		(40	)		(36	)		(0.01	)%
LogRhythm, Inc.	First Lien Senior Secured Term Loan	IT Services	SOFR + 7.500%	11.857%	7/2/2024	7/2/2029		54,815		53,265			53,308			15.14	%
LogRhythm, Inc. (3)(7)	First Lien Senior Secured Revolving Loan	IT Services	SOFR + 7.500%		7/2/2024	7/2/2029		—		(149	)		(151	)		(0.04	)%
Metropolis Capital Holdings, LLC	First Lien Senior Secured Term Loan	Real Estate Management & Development	SOFR + 6.000%	10.457%	5/16/2024	5/16/2031		13,778		13,647			13,709			3.89	%
Penn TRGRP Holdings LLC	First Lien Senior Secured Term Loan	Diversified Financial Services	SOFR + 7.750%	12.079%	10/20/2023	9/27/2030		25,225		24,720			24,847			7.06	%
Penn TRGRP Holdings LLC (3)	First Lien Senior Secured Delayed Draw Term Loan	Diversified Financial Services	SOFR + 7.750%	12.079%	10/20/2023	9/27/2030		1,896		1,896			1,844			0.52	%
Penn TRGRP Holdings LLC (3)(7)	First Lien Senior Secured Revolving Loan	Diversified Financial Services	SOFR + 6.750%		10/20/2023	9/27/2030		—		(64	)		(58	)		(0.02	)%
Runway Bidco, LLC	First Lien Senior Secured Term Loan	Software	SOFR + 5.000%	9.329%	12/17/2024	12/17/2031		20,259		20,062			20,056			5.70	%
Runway Bidco, LLC (3)	First Lien Senior Secured Delayed Draw Term Loan	Software	SOFR + 5.000%		12/17/2024	12/17/2031		—		(25	)		(50	)		(0.01	)%
Runway Bidco, LLC (3)(7)	First Lien Senior Secured Revolving Loan	Software	SOFR + 5.000%		12/17/2024	12/17/2031		—		(25	)		(25	)		(0.01	)%
Sapphire Software Buyer, Inc.	First Lien Senior Secured Term Loan	IT Services	SOFR + 5.000%	9.745% (incl. 3.000%PIK)	9/30/2024	9/30/2031		30,381		30,081			30,077			8.54	%

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26North BDC, Inc.

Consolidated Schedule of Investments as of December 31, 2024

(in thousands)


Portfolio Company (1)(6)	Investment Type	Industry	Reference Rate and Spread (4)	Interest Rate	Acquisition Date	Maturity Date	Par Amount/ Shares		Amortized Cost (5)			Fair Value			Percentage of Net Assets
Sapphire Software Buyer, Inc. (3)(7)	First Lien Senior Secured Revolving Loan	IT Services	SOFR + 5.000%		9/30/2024	9/30/2031	$	—	$	(35	)	$	(37	)		(0.01	)%
Serrano Parent, LLC	First Lien Senior Secured Term Loan	IT Services	SOFR + 6.500%	10.920%	10/18/2023	5/13/2030		28,297		27,733			27,731			7.88	%
Thunder Buyer, Inc.	First Lien Senior Secured Term Loan	Life Sciences Tools & Services	SOFR + 5.000%	9.647%	10/17/2024	10/17/2030		16,585		16,340			16,336			4.64	%
Thunder Buyer, Inc. (3)(7)	First Lien Senior Secured Delayed Draw Term Loan	Life Sciences Tools & Services	SOFR + 5.000%		10/17/2024	10/17/2030		—		(53	)		(110	)		(0.03	)%
Thunder Buyer, Inc. (3)(7)	First Lien Senior Secured Revolving Loan	Life Sciences Tools & Services	SOFR + 5.000%		10/17/2024	10/17/2030		—		(57	)		(59	)		(0.02	)%
United Flow Technologies Intermediate HoldCo II, LLC	First Lien Senior Secured Term Loan	Multi-Utilities	SOFR + 5.250%	9.579%	6/21/2024	6/23/2031		27,673		27,275			27,327			7.76	%
United Flow Technologies Intermediate HoldCo II, LLC (3)(8)	First Lien Senior Secured Delayed Draw Term Loan	Multi-Utilities	SOFR + 5.250%	9.886%	6/21/2024	6/23/2031		1,507		1,389			1,314			0.37	%
United Flow Technologies Intermediate HoldCo II, LLC (3)(7)	First Lien Senior Secured Revolving Loan	Multi-Utilities	SOFR + 5.250%		6/21/2024	6/21/2030		—		(42	)		(39	)		(0.01	)%
Xactly Corporation	First Lien Senior Secured Term Loan	Professional Services	SOFR + 6.250%	10.864%	7/12/2024	7/30/2027		25,202		25,089			25,076			7.12	%
Xactly Corporation (3)(7)	First Lien Senior Secured Revolving Loan	Professional Services	SOFR + 6.250%		7/12/2024	7/30/2027		—		(7	)		(8	)		—
Zone & Company Software Consulting, LLC	First Lien Senior Secured Term Loan	Diversified Financial Services	SOFR + 6.500%	10.859%	9/13/2024	9/13/2030		46,593		45,804			45,894			13.03	%
Zone & Company Software Consulting, LLC (3)(7)	First Lien Senior Secured Delayed Draw Term Loan	Diversified Financial Services	SOFR + 6.000%		9/13/2024	9/13/2030		—		(99	)		(178	)		(0.05	)%
Zone & Company Software Consulting, LLC (3)	First Lien Senior Secured Payment Delayed Draw Term Loan	Diversified Financial Services	SOFR + 6.500%	10.859%	9/13/2024	9/13/2030		427		427			400			0.11	%
Zone & Company Software Consulting, LLC (3)(7)	First Lien Senior Secured Revolving Loan	Diversified Financial Services	SOFR + 6.000%		9/13/2024	9/13/2030		—		(106	)		(95	)		(0.03	)%
Total Debt Investments									$	665,276		$	665,741			189.10	%


Common Equity
Excalibur Parent Holdings, L.P.	Common Stock	IT Services			7/2/2024			519	$	—		$	—			—
FH DMI Buyer, Inc. (10)	Common Stock	Health Care Equipment & Supplies			10/11/2024			400,429		400			400			0.11	%
Total Common Equity										400			400			0.11	%
Total Investments									$	665,676		$	666,141			189.21	%

(1)

All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments. Unless otherwise indicated, investment is pledged as collateral under the ~~JPM~~Asset-Based Facility. See Note 6. Borrowings in the Notes to the Consolidated Financial Statements.

(2)

(3)

(4)

Unless otherwise indicated, the interest rate on the principal balance outstanding for all floating rate loans is indexed to the Term Secured Overnight Financing Rate (“SOFR”), which typically resets semiannually, quarterly, or monthly at the borrower’s option. The applicable base rate may be subject to a floor. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, we have provided the applicable margin over the reference rate based on each respective credit agreement. As of December 31, 2024, the reference rates for the floating rate loans were the 1 Month SOFR of 4.33%, 3 Month SOFR of 4.31% and 6 Month SOFR of 4.25%.

(5)

The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

(6)

Under Section 55(a) of the ~~Investment~~1940 ~~Company~~ Act, the Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2024, the Company had no non-qualifying assets.

(7)

Unfunded loan commitment is subject to a 0.50% unused commitment fee.

(8)

Unfunded loan commitment is subject to a 1.00% unused commitment fee.

(9)

Unfunded loan commitment is subject to a 0.375% unused commitment fee.

(10)

Investment is not pledged as collateral under the ~~JPM~~Asset-Based Facility.

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

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26North BDC, Inc.

Notes to the Consolidated Financial Statements

(Unaudited)

(in thousands, except per share data, percentages and as otherwise noted)

~~March~~June 3130, 2025

1. ORGANIZATION

26North BDC, Inc. (together with its consolidated subsidiaries, the “Company”, “we”, “us”, or “our”) is incorporated under the laws of the State of Maryland and was formed on October 13, 2022. The Company commenced operations on October 11, 2023. The Company is an externally managed, non-diversified, closed-end management investment company, and elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”) on October 3, 2023. In addition, the Company has elected to be treated, and intends to qualify each year, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

The Company established 26N DL Funding 1 LLC (“Financing SPV”) as a wholly-owned direct subsidiary, whose assets are used to secure Financing SPV’s credit facility. Financing SPV is incorporated under the laws of the State of Delaware and was formed on August 4, 2023.

On February 28, 2024, the Company formed a wholly-owned subsidiary, 26North BDC CA SPV, LLC, a Delaware limited liability company (“CA SPV”), which is intended to hold a California finance lenders license. CA SPV is intended to originate loans to borrowers headquartered in California. From time to time the Company may form wholly-owned subsidiaries to facilitate the normal course of business. As of ~~March~~June 3130, 2025, CA SPV had not commenced operations.

The Company’s investment objective is to generate current income and, to a lesser extent, capital appreciation. The Company invests primarily in directly originated senior secured loans to middle market companies domiciled in the United States. The Company’s portfolio consists primarily of direct originations of (i) first lien senior secured debt and unitranche debt (including last out portions of such loans) and, to a lesser extent, (ii) second lien senior secured debt and unsecured debt, including mezzanine debt. In connection with its debt investments, the Company is permitted to receive equity warrants or make select equity co-investments. The Company generally considers middle market companies to consist of companies with between $25 million and $100 million of annual EBITDA, although the Company may from time to time invest in larger or smaller companies.

26North Direct Lending LP, a Delaware limited partnership and subsidiary of 26North Partners LP (together with its affiliates, “26North”), serves as the investment adviser to the Company (the “Adviser”), and is registered as an investment adviser with the Securities and Exchange Commission (“SEC”) under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). The Adviser, subject to the overall supervision of the board of directors of the Company (the “Board” or the “Board of Directors”), will be responsible for managing the Company’s business and activities, including sourcing investment opportunities, conducting research, performing diligence on potential investments, structuring investments, and monitoring the Company’s portfolio companies on an ongoing basis through a team of investment professionals.

Our operations comprise of a single reportable business segment, asset management, which is detailed in the previous paragraphs. The Chief Operating Decision Maker (“CODM”) consists of the Company’s Chief Executive Officer and Chief Financial Officer, as these are the individuals responsible for determining the Company’s investment strategy as outlined in the prospectus, capital allocation, expense structure, launch and dissolution and entering into significant contracts on behalf of the Company. The CODM uses key metrics to determine how to allocate resources. Key metrics include, but are not limited to, net investment income and net income that is reported on the Consolidated Statement of Operations, financial highlights reported in Note 1211, underlying investment cost and market value as disclosed on the Consolidated Schedule of Investments and expected yield relative to the risk of the assets as disclosed in the composition of the investment portfolio and associated yield figures in the MD&A.

The Company has conducted and from time to time may conduct private offerings (each, a “Private Offering”) of the Company’s shares of common stock, par value $0.001 (“Common Stock”) in the United States to “accredited investors” within the meaning of Regulation D promulgated under the Securities Act of 1933, as amended (the “1933 Act”), and outside the United States in accordance with Regulation S or Regulation D promulgated under the 1933 Act, in reliance on exemptions from the registration requirements of the 1933 Act. At each closing of the current Private Offering, each investor will make a capital commitment (a “Capital Commitment”) to purchase shares of the Company’s Common Stock pursuant to a subscription agreement entered into with the Company. Investors are required to fund drawdowns to purchase shares of Common Stock up to the amount of their respective Capital Commitment on an as-needed basis each time the Company delivers a drawdown notice.

On September 7, 2023, the Adviser purchased 1,000 shares of Common Stock at a price of $25.00 per share as the Company’s initial capital. The Company completed its initial closing on Capital Commitments on October 2, 2023, in connection with the reorganization

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of 26N Direct Lending Fund LP, a private fund that was not registered under the 1940 Act or the 1934 Act, with and into the Company (the “Reorganization”). After the Reorganization was effected, the Company called $41.5 million of capital from investors in exchange for 1,661,350 of the Company’s shares of Common Stock. The shares of Common Stock were issued on October 11, 2023, and the Company commenced operations on such date.

On October 18, 2023, the Company commenced its loan origination and investment activities.

2. SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to Regulation S-X.

Certain financial information that is included in annual consolidated financial statements, including certain financial statement disclosures, prepared in accordance with GAAP, is not required for interim reporting purposes and has been condensed or omitted herein. These consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes related thereto for the year ended December 31, 2024, included in the Company’s annual report on Form 10-K, which was filed with the SEC on March 3, 2025 (the “Annual Report”). In the opinion of management, all adjustments considered necessary for the fair presentation of the consolidated financial statements for the interim period presented have been included. The results for the three and six months ended ~~March~~June 3130, 2025 are not necessarily indicative of the results to be expected for the full fiscal year, any other interim period, or any future year or period.

As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”) issued by the Financial Accounting Standards Board (“FASB”).

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Such amounts could differ from those estimates and such differences could be material. Assumptions and estimates regarding the valuation of investments involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the consolidated financial statements. Actual results may ultimately differ from those estimates.

Basis of Consolidation

As provided under ASC Topic 946 and Regulation S-X, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. All material intercompany transactions are eliminated in consolidation.

The Company consolidated the results of the Company’s wholly-owned subsidiary which is considered to be an investment company. All significant intercompany balances and transactions have been eliminated in consolidation. As of ~~March~~June 3130, 2025, the Company’s only consolidated subsidiary was Financing SPV.

Revenue Recognition

Interest Income

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

~~PIK Income~~ 16

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~~of Operations. If at any point the Company believes~~ PIK isIncome not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through interest income. To maintain the Company’s status as a RIC, this non-cash source of income must be paid out to Stockholders in the form of dividends, even though the Company has not yet collected cash.

The Company may have loans in its portfolio that contain payment-in-kind (“PIK”) provisions. PIK income (i) represents interest that is accrued and recorded as interest income at the contractual rates, (ii) increases the loan principal on the respective capitalization dates, and (iii) is generally due at maturity. Such income is included in payment in-kind interest income in the Consolidated Statement of Operations. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through interest income. To maintain the Company’s status as a RIC, this non-cash source of income must be paid out to Stockholders in the form of dividends, even though the Company has not yet collected cash.

Dividend Income

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

Fee Income

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

Non-Accrual Income

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. As of ~~and~~June ~~for~~30, ~~the~~2025 ~~three~~and ~~months~~December ~~ended March~~ 31, ~~2025~~2024, no loans in the portfolio were on non-accrual status.

Other Income

Dividends earned on money market balances are recorded on an accrual basis. Such income is included in other income in the Consolidated Statement of Operations.

Investments

Investment transactions are recorded on a trade date basis.

Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries, and would be recorded within Net realized gains (losses) on the Consolidated Statement of Operations, if any.

The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period, and is recorded within Net change in unrealized appreciation (depreciation) on the Consolidated Statement of Operations.

Valuation of Investments

The Company is required to report its investments, including those for which current market values are not readily available, at fair value.

U.S. GAAP for an investment company requires investments to be recorded at fair value. The Company values its investments in accordance with ASC 820, Fair Value Measurements (“ASC 820”), which defines fair value as the amount that would be received to ~~sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date, and Rule 2a-5 under the 1940 Act.~~

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~~quotation~~sell isan ~~not~~asset ~~considered~~or paid to betransfer ~~readily~~a ~~available~~liability ifin itan isorderly ~~not~~transaction ~~reliable.~~between ~~The Company utilizes mid-~~market ~~pricing~~participants ~~(i.e.,~~at ~~mid-point~~the ofapplicable ~~average~~measurement ~~bid~~date, and ~~ask~~Rule ~~prices)~~2a-5 tounder ~~value~~the ~~these~~1940 ~~investments~~Act. ~~These market quotations are obtained from independent pricing services, if available; otherwise generally from at least two principal market makers or primary market dealers.~~

Fair value is based on observable market prices or parameters or derived from such prices or parameters when such quotations are readily available. In accordance with Rule 2a-5 under the 1940 Act, a market quotation is “readily available” only when it is a quoted price (unadjusted) in active markets for identical instruments that a fund can access at the measurement date, provided that such a quotation is not considered to be readily available if it is not reliable. The Company utilizes mid-market pricing (i.e., mid-point of average bid and ask prices) to value these investments. These market quotations are obtained from independent pricing services, if available; otherwise generally from at least two principal market makers or primary market dealers.

Where prices or inputs are not available or, in the judgment of the Board, not reliable, valuation techniques based on the facts and circumstances of the particular investment will be utilized. These valuation approaches involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the investments or market and the investments’ complexity. In the absence of observable, reliable market prices, the Company values its investments using various valuation methodologies applied on a consistent basis.

Market Approach

Transaction prices quoted by exchanges are generally deemed to be the most reliable evidence of the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants and shall be used without adjustment to measure fair value whenever available. The use of transaction prices is consistent with the market approach. ASC 820 defines the market approach as, “a valuation approach that uses prices and other relevant information generated by market transactions involving identical or comparable (that is, similar) assets or liabilities.” Our Adviser will apply the market approach as the preferred valuation methodology unless another approach is deemed to be more appropriate. It is noted, however, that quoted transaction prices need to be from a sufficiently active market that can sustain the quantity of an investment held by the Company. If the valuation committee determines that the transaction prices are not from an active market or are in quantities that are not comparable to the amounts owned by the Company, then the exchange price may be disregarded in favor of a more appropriate method. Our Adviser seeks to stay informed of the creation of new markets or the occurrence of private transactions that would be relevant to the fair value of investments held by the Company. However, due to the nature of these private market transactions, our Adviser will not always become aware of such developments. Our Adviser will incorporate relevant market transaction information and other relevant data points into the valuation of assets and liabilities from the point in time when it becomes aware of the new information. Such data points will generally not be retroactively applied to prior period valuations.

Income Approach

As an alternative to the market approach, the income approach may be used to value equity investments in private companies where recent observable market transactions are not available. The income approach converts future amounts (for example, cash flows or income and expenses) to a single current (that is generally discounted) amount. When the income approach is used, the fair value measurement reflects current market expectations about those future amounts. While the market approach is preferred as the most reliable indication of fair value, certain of the Company’s investments may require alternative valuation methodologies if an observable market transaction has not occurred for an extended period of time.

In all cases, our Adviser will consider the facts and circumstances and retains the right, in its sole ~~judgement~~judgment and discretion, to apply alternative valuation techniques as it deems fit to approximate the fair value of any investment in keeping with the intent of ASC 820.

ASC 820 prioritizes the use of observable market prices derived from such prices. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these securities. The three levels of the fair value hierarchy are as follows:

•

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. An active market is defined as a market in which transactions for the financial instrument occur with sufficient pricing information on an ongoing basis. Equity securities, including preferred stock, that are traded on major securities exchanges and publicly traded equity options are generally valued using Level 1 inputs.

•

Level 2: Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices. Level 2 inputs include: (i) quoted prices for similar instruments in active markets; (ii) quoted prices for identical or similar instruments in markets that are not active; (iii) inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs); and (iv) inputs other than quoted prices that are observable for the instrument. Loans and debt securities where there is an observable secondary trading market and through which pricing inputs are available through pricing services or broker quotes generally are valued using Level 2 inputs. Instruments valued using Level 2 inputs will be priced based on bid-ask prices that can be observed in the marketplace. It is not required that fair value always be a predetermined point in the bid-ask range. The policy is to allow for mid-market pricing and adjusting to the point within the bid-ask range that meets the best estimate of fair value.

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instrument. Loans and debt securities where there is an observable secondary trading market and through which pricing inputs are available through pricing services or broker quotes generally are valued using Level 2 inputs. Instruments valued using Level 2 inputs will be priced based on bid-ask prices that can be observed in the marketplace. It is not required that fair value always be a predetermined point in the bid-ask range. The policy is to allow for mid-market pricing and adjusting to the point within the bid-ask range that meets the best estimate of fair value.

•

Level 3: Unobservable inputs for the asset or liability. The inputs into the determination of fair value are based upon the best information available and may require significant management judgment or estimation. Tightly held bank debt positions, where there are no broker quotes available, would be valued using Level 3 inputs such as internally generated pricing models.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the overall fair value measurement. The Adviser’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfer occurs.

The Company evaluates the source of the inputs, including any markets in which its investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When an investment is valued based on prices provided by reputable dealers or pricing services (that is, broker quotes), the Company subjects those prices to various criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment.

The estimate of fair value will be undertaken in good faith and will be based on the consistent application of a variety of factors in accordance with this policy, with the objective being to determine the approximate value that would be received upon the current sale of the instrument or paid to transfer the instrument in an orderly transaction between market participants at the measurement date. Due to the inherent uncertainty in the valuation process, however, the Company’s estimate of fair value may differ significantly from the values that would have been used had a ready market for the securities existed, and the differences could be material. Additionally, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the valuations assigned. See “Item 2. Management’s Discussion and Analysis of Financial Conditions and Results of Operations.”

Deferred Financing Costs

Deferred financing costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. As of ~~March~~June 3130, 2025 and December 31, 2024, the Company had unamortized deferred financing costs of $5.84 million and $4.9 million, respectively. These amounts are amortized and included in interest expense in the Consolidated Statement of Operations over the life of the borrowings.

Cash and Cash Equivalents

Cash and cash equivalents consist of demand deposits and highly liquid investments (e.g., money market funds, U.S. treasury notes) with original maturities of three months or less. The Company’s cash and cash equivalents are held at the Company’s custodian. Cash equivalents are carried at amortized cost which approximates fair value. Cash equivalents are classified as Level 1 in the GAAP valuation hierarchy. The Company deposits its cash and cash equivalents with financial institutions and, at times, these deposits may exceed the Federal Deposit Insurance Corporation insured limit. As of ~~March~~June 3130, 2025 and December 31, 2024, all of the Company’s $6227.16 million and $12.9 million cash and cash equivalents, respectively, were held in Dreyfus Treasury Obligations Cash Management (“Dreyfus Cash Management”), which is a money market fund registered under the 1940 Act and managed in accordance with the requirements of Rule 2a-7 thereunder. Dreyfus Cash Management had a 7-day yield of 4.2119% and 4.30% as of ~~March~~June 3130, 2025 and December 31, 2024, respectively.

Income Taxes

The Company elected to be treated as a RIC under Subchapter M of the Code for its tax year ended December 31, 2023, and intends to qualify annually as a RIC. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its stockholders (“Stockholders”) as dividends. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company’s investors and would not be reflected in the consolidated financial statements of the Company.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. 19

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To maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, the Company must distribute to its Stockholders, for each taxable year, at least 90% of the sum of (i) its “investment company taxable income” for that year (without regard to the deduction for dividends paid), which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses and (ii) its net tax-exempt income.

In addition, based on the excise tax distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (i) 98% of its ordinary income for the calendar year, (ii) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (iii) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. The Company will accrue excise tax on estimated undistributed taxable income as required.

Distributions

To the extent that the Company has taxable income available, the Company intends to make quarterly distributions to its Stockholders. Distributions to Stockholders are recorded on the record date. All distributions will be paid at the discretion of the Board and will depend on the Company’s earnings, financial condition, maintenance of the Company’s tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the Board may deem relevant from time to time.

The Company has adopted a dividend reinvestment plan that provides for reinvestment of dividends and other distributions on behalf of Stockholders, unless a Stockholder elects to receive cash distributions. As a result, if the Board of Directors authorizes, and the Company declares, a cash dividend or other distribution, then the Stockholders who have not ‘opted out’ of the dividend reinvestment plan will have their cash distribution automatically reinvested in additional shares of the Company’s Common Stock, rather than receiving the cash distribution.

Stockholders who receive dividends and other distributions in the form of stock are generally subject to the same U.S. federal, state and local tax consequences as Stockholders who elect to receive their distributions in cash. Since a participating Stockholder’s cash distributions will be reinvested, however, such Stockholder will not receive cash with which to pay any applicable taxes on reinvested distributions. A Stockholder’s basis for determining gain or loss upon the sale of stock received in a dividend or other distribution from the Company will generally be equal to the total dollar amount of the distribution payable to the Stockholder. Any stock received in a dividend or other distribution will have a new holding period for tax purposes commencing on the day following the day on which the shares are credited to the Stockholder’s account.

Organizational and Offering Costs

Organizational and offering costs consist primarily of legal fees and other costs of organizing the Company. Organizational costs to establish the Company are expensed on the Company’s Consolidated Statement of Operations as incurred. Costs associated with the offering of common shares of the Company are capitalized as deferred offering costs and included on the Consolidated Statement of Assets and Liabilities and amortized over a twelve-month period.

Under the Investment Advisory Agreement and the Administration Agreement (each as defined below), the Company, is responsible for bearing its organizational and offering costs as well as other costs and expenses of its operations and transactions. For the three and six months ended ~~March~~June 3130, 2025, the Company did not incur offering cost expense. For the three and ~~March~~six 31months ended June 30, 2024, the Company expensed offering costs of $0.04 million and $0.48 million, respectively. ~~For~~The Adviser did not elect to pay any such offering costs for the three months ended ~~March~~June 3130, ~~2025~~2024. ~~and~~For ~~March~~the 31six months ended June 30, 2024, the Adviser elected to pay $0.~~0 million and $0.~~4 million of such offering costs, ~~respectively,~~ subject to conditional reimbursement by the Company pursuant to the Expense Support Agreement (as defined below).

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Recent Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 requires additional disaggregated disclosures on the entity’s effective tax rate reconciliation and additional details on income taxes paid. ASU 2023-09 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024 and early adoption is permitted. The Company is currently evaluating the impact of this new standard, but does not expect the adoption of ASU 2023-09 to have a material impact on its consolidated financial statements.

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3. SIGNIFICANT AGREEMENTS AND RELATED PARTY TRANSACTIONS

Investment Advisory Agreement

On September 6, 2023, the Company entered into an investment advisory agreement with the Adviser (the “Investment Advisory Agreement”), pursuant to which, among other things, the Adviser will manage the investment and reinvestment of the assets of the Company. Unless earlier terminated, the Investment Advisory Agreement will remain in effect for a period of two years from the date it first becomes effective and will remain in effect from year-to-year thereafter if approved annually by a majority of the Board of Directors or by the holders or a majority of the outstanding voting securities of the Company (as such term is defined in the 1940 Act) and, in each case, a majority of the members of the Board of Directors who are not “interested persons” as defined in the 1940 Act of the Company or the Adviser (the “Independent Directors”). In accordance with the 1940 Act, without payment of penalty, the Company may terminate the Investment Advisory Agreement upon 60 days’ written notice. At an in-person meeting held on May 1, 2025, the Board, including the Independent Directors voting separately, approved the continuation of the Investment Advisory Agreement.

Under the Investment Advisory Agreement, the Company will pay the Adviser a fee for its investment advisory and management services consisting of two components: a management fee (the “Management Fee”) and an incentive fee (the “Incentive Fee”). The cost of both the Management Fee and the Incentive Fee will ultimately be borne by the investors.

Management Fee

The Management Fee is payable quarterly in arrears. The Management Fee is payable at an annual rate of 0.75% (1.00% in the event of a listing of the Company’s shares of Common Stock on a national securities exchange (an “Exchange Listing”)) of the average value of gross assets (excluding cash and cash equivalents but including assets purchased with borrowed amounts) at the end of each of the two most recently completed calendar quarters.

The Management Fee for any partial quarter will be appropriately prorated and adjusted for any share issuances or repurchases of the Common Stock during the relevant calendar quarter. For the quarter ended December 31, ~~2024~~2023, the Management Fee was calculated based on the value of our gross assets as of such quarter-end.

For the three and six months ended ~~March~~June 3130, 2025, Management Fees were $1.8 million and ~~March~~$3.3 31million, respectively. For the three and six months ended June 30, 2024, Management Fees were $10.53 million and $0.25 million, respectively. As of ~~March~~June 3130, 2025 and December 31, 2024, $1.58 million and $1.1 million, respectively, was payable to the Adviser for Management Fees.

Incentive Fee

The Company pays to the Adviser an Incentive Fee that consists of two parts: an “Investment Income Incentive Fee” and a “Capital Gains Incentive Fee”. The Investment Income Incentive Fee is calculated and payable on a quarterly basis, in arrears, and equals 10% (17.5% in the event of an Exchange Listing) of “Pre-Incentive Fee Net Investment Income” for the immediately preceding calendar quarter, subject to a quarterly preferred return of 1.5% (i.e., 6.0% annualized), or “Hurdle,” measured on a quarterly basis and a “catch-up” feature.

“Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including any accrued income that the Company has not yet received in cash and any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter minus the Company’s operating expenses accrued during the calendar quarter (including the Management Fee, administrative expenses and any interest expense and dividends paid on issued and outstanding preferred stock, but excluding the Incentive Fee).

Pre-Incentive Fee Net Investment Income for the immediately preceding calendar quarter, expressed as a rate of return on the value of the Company’s net assets at the beginning of the immediately preceding calendar quarter, is compared to a “Hurdle Amount” equal to the product of (i) the Hurdle rate of 1.505% per quarter (6.0% annualized) and (ii) the Company’s net assets (defined as total assets less ~~indebtedness and before taking into account any Incentive Fees payable during the period) at the beginning of the immediately preceding calendar quarter.~~

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indebtedness and before taking into account any Incentive Fees payable during the period) at the beginning of the immediately preceding calendar quarter.

The Company pays the Adviser an Investment Income Incentive Fee in each calendar quarter as follows:

•

No Investment Income Incentive Fee is payable to the Adviser in any calendar quarter in which the Pre-Incentive Fee Net Investment Income does not exceed the Hurdle Amount for such calendar quarter;

•

100% of the Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the Hurdle Amount but is less than 1.6667% (1.8182% in the event of an Exchange Listing) for that calendar quarter is payable to the Adviser. The Company refers to this portion of its Pre-Incentive Fee Net Investment Income as the “catch-up”; and

•

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Exchange Listing) for that calendar quarter is payable to the Adviser. The Company refers to this portion of its Pre-Incentive Fee Net Investment Income as the “catch-up”; and

10% (17.5% in the event of an Exchange Listing) of the Company’s Pre-Incentive Fee Net Investment Income, if any, that exceeds 1.6667% (1.8182% following an Exchange Listing) in any calendar quarter is payable to the Adviser.

The Capital Gains Incentive Fee is an annual fee that is determined and payable, in arrears, as of the end of each calendar year (or upon termination of the Investment Advisory Agreement) in an amount equal to 10% (17.5% following an Exchange Listing) of realized capital gains, if any, determined on a cumulative basis from the commencement of the Company’s investment operations (based on the fair market value of each investment as of such date) through the end of such calendar year (or upon termination of the Investment Advisory Agreement), computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis from the commencement of the Company’s investment operations (based on the fair market value of each investment as of such date) through the end of such calendar year (or upon termination of the Investment Advisory Agreement), less the aggregate amount of any previously paid Capital Gains Incentive Fees.

For the three and six months ended ~~March~~June 3130, 2025, $1.03 million and $2.3 million of Investment Income Incentive Fees were accrued to the Adviser, respectively. There was no accrual of Investment Income Incentive Fees for the three and six months ended ~~March~~June 30, 2024. As of June 30, 2025 and December 31, 2024, $1.3 million and $0.7 million was payable to the Adviser for Investment Income Incentive Fees, respectively.

~~As of March 31, 2025 and December 31, 2024, $1.0 million and $0.7 million, respectively, was payable to the Adviser for Investment Income Incentive Fees.~~ The Company will accrue, but will not pay, a Capital Gains Incentive Fee with respect to unrealized appreciation because a Capital Gains Incentive Fee would be owed to the Adviser if the Company were to sell the relevant investment and realize a capital gain. The Company accrued cumulative Capital Gains Incentive Fees of $2599 thousand and $47 thousand, as of ~~March~~June 3130, 2025 and December 31, 2024, respectively, none of which were payable under the Investment Advisory Agreement.

For the three and six months ended ~~March~~June 3130, 2025, the Company had accrued $2275 thousand ofand ~~previously~~$53 ~~accrued~~thousand of Capital Gains Incentive Fees, ~~to the Adviser was reversed due to changes in unrealized depreciation on investments during the period~~respectively. For the three and six months ended ~~March~~June 3130, 2024, ~~no Capital Gains Incentive Fees were accrued to~~ the ~~Adviser.~~Company ~~The~~did ~~Investment Advisory Agreement does~~ not ~~permit~~accrue ~~unrealized~~any ~~capital~~Capital ~~appreciation~~Gains ~~for~~Incentive ~~purposes~~Fee ofsince ~~calculating~~there ~~the~~were ~~amount~~cumulative ~~payable~~net ~~to the Adviser. Amounts due related to~~ unrealized ~~capital~~and ~~appreciation, if any, will not be paid to the Adviser until~~ realized ~~under~~losses ~~the~~as ~~terms~~ of ~~the~~such ~~Investment Advisory Agreement and determined based on the calculation for the Capital Gains Incentive Fees described therein~~dates.

The Investment Advisory Agreement does not permit unrealized capital appreciation for purposes of calculating the amount payable to the Adviser. Amounts due related to unrealized capital appreciation, if any, will not be paid to the Adviser until realized under the terms of the Investment Advisory Agreement and determined based on the calculation for the Capital Gains Incentive Fees described therein.

Administration Agreement

The Company has entered into an administration agreement (the “Administration Agreement”) with 26North Direct Lending Administration LLC (the “Administrator”), an affiliate of the Adviser. The principal executive office of the Administrator is located at 600 Madison Avenue, 26th Floor, New York, NY 10022. The Administrator provides the administrative services necessary for the Company to operate pursuant to the Administration Agreement.

Under the terms of the Administration Agreement the Administrator performs (or oversees, or arranges for, the performance of) administrative services, which includes providing office facilities, equipment, clerical, accounting, bookkeeping and record keeping services; conducting relations with sub-administrators, custodians, depositories, transfer agents, dividend disbursing agents, other stockholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable; making reports to the Board of Directors of its performance of services; and furnish advice and recommendations with respect to such other aspects of the business and affairs of the Company as it shall determine to be desirable; maintaining financial, accounting and other records of the Company; preparing reports to Stockholders and reports and other materials filed with the SEC or any other regulatory authority; managing the payment of expenses; providing significant managerial assistance to those portfolio companies to which the Company is required to provide such assistance; assisting the Company in determining and publishing (as necessary or appropriate) our net asset value; overseeing the preparation and filing of our tax returns and the performance of administrative and professional services rendered by others, which could include employees of the Adviser or its affiliates. The Company will reimburse the Administrator (and/or one or more of its affiliates) for services performed for the Company pursuant to the terms of the Administration Agreement. In addition, pursuant to the terms of the Administration Agreement, the Administrator may delegate certain of its obligations under the Administration Agreement to an affiliate and/or to a third party and the Company will reimburse the Administrator (or relevant affiliate(s)) for any services performed for the Company by such affiliate or third party. To the extent that the Administrator outsources any of its functions, the Company will pay the fees associated with such functions on a direct basis without profit to the Administrator.

Unless earlier terminated, the Administration Agreement will remain in effect for a period of two years from the date it first became effective, and will remain in effect from year to year if approved annually by the Board of Directors or by the holders of a majority of the outstanding voting securities of the Company (as such term is used in the 1940 Act) and, in each case, a majority of the 22

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~~Independent~~assistance; ~~Directors~~assisting the Company in determining and publishing (as necessary or appropriate) our net asset value; overseeing the preparation and filing of our tax returns and the performance of administrative and professional services rendered by others, which could include employees of the Adviser or its affiliates. The Company ~~may~~will ~~terminate~~reimburse the Administrator (and/or one or more of its affiliates) for services performed for the Company pursuant to the terms of the Administration Agreement. In addition, ~~without~~pursuant ~~payment~~to the terms of the Administration Agreement, the Administrator may delegate certain of its obligations under the Administration Agreement to an affiliate and/or to a third party and the Company will reimburse the Administrator (or relevant affiliate(s)) for any ~~penalty~~services performed for the Company by such affiliate or third party. To the extent that the Administrator outsources any of its functions, ~~upon~~the 60Company ~~days’~~will ~~written~~pay ~~notice~~the fees associated with such functions on a direct basis without profit to the Administrator.

~~For~~Unless earlier terminated, the ~~three~~Administration ~~months~~Agreement ~~ended~~will ~~March~~remain ~~31,~~in ~~2025~~effect ~~and~~for ~~March~~a ~~31,~~period ~~2024,~~of two years from the ~~Company~~date ~~incurred~~it ~~expenses~~first ~~payable~~became ~~under~~effective, and will remain in effect from year to year if approved annually by the ~~Administration~~Board ~~Agreement~~of Directors or by the holders of ~~$0.8~~a ~~million~~majority ~~and~~of ~~$0.5~~the ~~million,~~outstanding ~~respectively.~~voting ~~For~~securities of the ~~three~~Company ~~months~~(as ~~ended~~such ~~March~~term ~~31,~~is ~~2024~~used in the ~~Adviser~~1940 ~~elected~~Act) toand, ~~pay~~in ~~$0.5~~each ~~million~~case, ~~subject~~a tomajority ~~conditional~~of ~~reimbursement~~the byIndependent ~~the~~Directors. The Company asmay ~~described~~terminate ~~below~~the Administration Agreement, ~~pursuant~~without topayment ~~the~~of ~~Expense~~any ~~Support~~penalty, ~~Agreement~~upon ~~(as~~60 ~~defined~~days’ ~~below)~~written notice.

For the three and six months ended June 30, 2025, the Company incurred expenses payable under the Administration Agreement of $0.8 million and $1.5 million, respectively. For the three and six months ended June 30, 2024, the Company incurred expenses payable under the Administration Agreement of $0.5 million and $1.0 million, respectively. Of these amounts, for the three and six months ended June 30, 2024 the Adviser elected to pay $0.3 million and $0.8 million, respectively subject to conditional reimbursement by the Company as described below, pursuant to the Expense Support Agreement (as defined below).

The Administrator, on behalf of the Company and at the Company’s expense, may retain one or more service providers that may or may not also be affiliates of 26North to serve as sub-administrator, custodian, accounting agent, investor services agent, transfer agent or other service provider for the Company. Any fees the Company pays, or indemnification obligations the Company undertakes, in respect of the Administrator and those other service providers that are 26North affiliates, will be set at arm’s length and approved by the Independent Directors. The Administrator entered into a sub-administration agreement with SEI Global Services, Inc. (“SEI”) pursuant to which SEI receives compensation for its services.

Expense Support and Conditional Reimbursement Agreement

The Company has entered into an Expense Support and Conditional Reimbursement Agreement (the “Expense Support Agreement”) with the Adviser, pursuant to which the Adviser may elect to pay certain Company expenses on the Company’s behalf (“Expense Payments”), provided that no portion of the payment will be used to pay any interest expense or distribution and/or stockholder servicing fees. Any Expense Payment that the Adviser commits to pay must be paid by the Adviser to the Company in any combination of cash or other immediately available funds no later than forty-five days after such commitment is made in writing, and/or offset against amounts due from the Company to the Adviser or its affiliates. These payments are subject to conditional reimbursement by the Company as described below.

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

No Reimbursement Payment for any applicable calendar quarter shall be made if: (1) the Effective Rate of Distributions Per Share declared by the Company at the time of such proposed Reimbursement Payment is less than the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Reimbursement Payment relates, or (2) the Company’s Operating Expense Ratio at the time of such proposed Reimbursement Payment is greater than the Operating Expense Ratio at the time the Expense Payment was made to which such Reimbursement Payment relates. “Effective Rate of Distributions Per Share” means the annualized rate (based on a 365-day year) of regular cash distributions per share exclusive of returns of capital and declared special dividends or special distributions, if any. The “Operating Expense Ratio” is calculated by dividing all of the Company’s operating costs and expenses incurred, as determined in accordance with generally accepted accounting principles for investment companies, ~~less organizational and offering expenses, base management and incentive fees owed to the Adviser, and interest expense, by the Company’s net assets.~~

As of March 31, 2025, the total amount of expense support payments provided by the Adviser was $8.2 million. As of March 31, 2025, the amount of unreimbursed expense support payments provided by the Adviser was $7.1 million. For the three months ended March 31, 2025 and March 31, 2024, the amount of expense support payments provided by the Adviser was $0.0 million and $1.5 million, respectively. For the three months ended March 31, 2025 and March 31, 2024, the Company did not repay expense support to the Adviser. The Company may or may not reimburse remaining expense support in the future. 23

Co-Investment Activity

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~~co-invest~~less ~~with~~organizational ~~other funds managed~~ and ~~accounts~~offering ~~by the Adviser or its affiliates in a manner consistent with the Order. Pursuant to the Order~~expenses, ~~the~~base ~~Company~~management ~~generally~~and isincentive ~~permitted~~fees toowed co-invest with certain of its affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Company’s Independent Directors make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transaction, including the consideration to ~~be paid, are reasonable and fair to~~ the ~~Company and the Stockholders and do not involve overreaching of the Company or the Stockholders on the part of any person concerned~~Adviser, ~~(2) the transaction is consistent with the interests of the Stockholders~~ and isinterest ~~consistent with the Company’s investment objective and strategies~~expense, ~~and (3) the investment~~ by the Company’s ~~affiliates~~net ~~would not disadvantage the Company, and the Company’s participation would not be on a basis different from or less advantageous than that on which its affiliates are investing~~assets.

As of June 30, 2025, the total amount of expense support payments provided by the Adviser was $8.2 million. The Company did not have any obligation to a make reimbursement payment as of June 30, 2025. As of June 30, 2025, the amount of unreimbursed expense support payments provided by the Adviser was $6.6 million. For the six months ended June 30, 2025 and June 30, 2024, the amount of expense support payments provided by the Adviser was $0.0 million and $1.7 million, respectively. For the six months ended June 30, 2025 the Company repaid $0.5 million to the Adviser. For the six months ended June 30, 2024, the Company did not repay expense support to the Adviser. The Company may or may not reimburse remaining expense support in the future.

Co-Investment Activity

On November 15, 2023, the Company and certain of its affiliates were granted an exemptive order by the SEC (the “Order”) to co-invest alongside other funds managed and controlled by the Adviser and its affiliates, in a manner consistent with the Company’s investment objective, policies and restrictions as well as applicable regulatory requirements. The Company relies on the Order to co-invest with other funds managed and accounts by the Adviser or its affiliates in a manner consistent with the Order. Pursuant to the Order, the Company generally is permitted to co-invest with certain of its affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Company’s Independent Directors make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transaction, including the consideration to be paid, are reasonable and fair to the Company and the Stockholders and do not involve overreaching of the Company or the Stockholders on the part of any person concerned, (2) the transaction is consistent with the interests of the Stockholders and is consistent with the Company’s investment objective and strategies, and (3) the investment by the Company’s affiliates would not disadvantage the Company, and the Company’s participation would not be on a basis different from or less advantageous than that on which its affiliates are investing. On June 17, 2025, the Company and its affiliates applied for a new exemptive order that, if granted, would supersede the Order and would permit the Company to participate in negotiated co-investment transactions pursuant to a different set of conditions than those in the Order. There can be no assurance that such application will be granted and such new exemptive order will be issued by the SEC.

Trademark License Agreement

The Company has entered into a Trademark License Agreement (the “License Agreement”) with 26North Partners LP, pursuant to which the Company has been granted a non-exclusive license to use the names “26N” and “26North.” Under the License Agreement, the Company has a right to use the 26N and 26North names for so long as the Adviser or one of its affiliates remains the investment adviser. Other than with respect to this limited license, the Company will have no legal right to the “26N” or “26North” name or logo.

Resource Sharing Agreement

The Adviser has entered into a Resource Sharing Agreement (the “Resource Sharing Agreement”) with 26North, pursuant to which 26North will provide the Adviser with experienced investment professionals and access to the resources of 26North so as to enable the Adviser to fulfill its obligations under the Investment Advisory Agreement. Through the Resource Sharing Agreement, the Adviser intends to capitalize on the significant deal origination, credit underwriting, due diligence, investment structuring, execution, portfolio management and monitoring experience of 26North’s investment professionals.

4. INVESTMENTS

The following tables summarize the composition of the Company’s investment portfolio at cost and fair value (amounts in thousands):

	March 31, 2025							December 31, 2024
	June 30, 2025							December 31, 2024
	Amortized Cost		Fair Value		Percent of Total Investments at Fair Value			Amortized Cost		Fair Value		Percent of Total Investments at Fair Value
First Lien Senior Secured Debt	$	~~901~~958,~~398~~910	$	~~901~~959,~~723~~980		97.89	%	$	665,276	$	665,741		99.9	%
First Lien Last Out Unitranche Debt		20,~~372~~391		20,~~347~~342		2.21	%		—		—		0.0	%
Common Equity		400		~~348~~372		0.0	%		400		400		0.1	%
Total Investments	$	~~922~~979,~~170~~701	$	~~922~~980,~~418~~694		100.0	%	$	665,676	$	666,141		100.0	%

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The industry composition of investments at fair value was as follows:

	March 31, 2025					December 31, 2024
	June 30, 2025					December 31, 2024
	Fair Value		Percent of Total Investments at Fair Value			Fair Value		Percent of Total Investments at Fair Value
IT Services	$	163,~~688~~613		1716.87	%	$	163,612		24.5	%
Health Care Technology		145,~~686~~907		1514.9	%		128,697		19.3	%
Diversified Financial Services		98,171		10.6	%		97,181		14.6	%
Software		121,163		12.4	%		75,727		11.4	%
Software		79,676		8.6	%		75,727		11.4	%
Diversified Financial Services		99,393		10.1	%		97,181		14.6	%
Multi-Utilities		6265,~~081~~857		6.7	%		52,039		7.8	%
Aerospace & Defense		6062,~~385~~416		6.54	%		-		-
Pharmaceuticals		43,538		4.74	%		-		-
Insurance		39,061		4.2	%		-		-
Diversified Consumer Services		40,418		4.1	%		7,277		1.1	%
Semiconductors & Semiconductor Equipment		36,680		4.0	%		37,077		5.6	%
Insurance		38,958		4.0	%		-		-
Interactive Media & Services		36,483		4.0	%		-		-
Professional Services		38,316		3.9	%		32,184		4.8	%
Diversified Consumer Services		36,114		3.9	%		7,277		1.1	%
Interactive Media & Services		36,483		3.7	%		-		-
Professional Services		34,520		3.7	%		32,184		4.8	%
Semiconductors & Semiconductor Equipment		35,730		3.6	%		37,077		5.6	%
Life Sciences Tools & Services		2829,~~819~~228		3.10	%		16,167		2.4	%
Commercial Services & Supplies		22,~~076~~455		2.43	%		21,986		3.3	%
Real Estate Management & Development		13,675		1.5	%		13,709		2.1	%
Health Care Equipment & Supplies		15,290		1.6	%		12,335		1.9	%
Health Care Equipment & Supplies		13,545		1.5	%		12,335		1.9	%
Real Estate Management & Development		13,640		1.4	%		13,709		2.1	%
Air Freight & Logistics		8,~~220~~289		0.98	%		8,150		1.2	%
Total	$	~~922~~980,~~418~~694		100.0	%	$	666,141		100.0	%

The geographic composition of investments at cost and fair value was as follows:

	March 31, 2025							December 31, 2024
	June 30, 2025							December 31, 2024
	Amortized Cost		Fair Value		Percent of Total Investments at Fair Value			Amortized Cost		Fair Value		Percent of Total Investments at Fair Value
United States	$	~~922~~979,~~170~~701	$	~~922~~980,~~418~~694		100.0	%	$	665,676	$	666,141		100.0	%
Total	$	~~922~~979,~~170~~701	$	~~922~~980,~~418~~694		100.0	%	$	665,676	$	666,141		100.0	%

5. FAIR VALUE MEASUREMENTS

The following is a summary of the Company’s assets categorized within the fair value hierarchy as of ~~March~~June 3130, 2025 and December 31, 2024 (amounts in thousands):

March 31, 2025

June 30, 2025

Assets

Level 1

Level 2

Level 3

Total

First Lien Senior Secured Debt

—

~~901~~959,~~723~~980

First Lien Last Out Unitranche Debt

—

20,~~347~~342

Common Equity

—

~~348~~372

Cash and Cash Equivalents

6227,~~099~~590

—

6227,~~099~~590

Total Portfolio Investments, Cash and Cash Equivalents

6227,~~099~~590

—

~~922~~980,~~418~~694

~~984~~1,~~517~~008,284


	December 31, 2024
Assets	Level 1		Level 2		Level 3		Total
First Lien Secured	$	—	$	—	$	665,741	$	665,741
Common Equity		—		—		400		400
Cash and Cash Equivalents		12,923		—		—		12,923
Total Portfolio Investments, Cash and Cash Equivalents	$	12,923	$	—	$	666,141	$	679,064

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The below table presents a summary of changes in fair value of Level 3 assets by investment type for the three months ended March 31, 2025 (amounts in thousands):

Three Months Ended March 31, 2025:	First LienSenior Secured Debt			First Lien Last Out Unitranche Debt			Common Equity			Total
Fair value, beginning of period	$	665,741		$	—		$	400		$	666,141
Purchase of investments (including, PIK, if any)		242,655			20,347			—			263,002
Proceeds from principal repayments and sales of investments		(7,615	)		—			—			(7,615	)
Amortization of premium/accretion of discount, net		571			25			—			596
Receipt of paid-in-kind interest		511			—			—			511
Net realized gain (loss) on investments		—			—			—			—
Net change in unrealized appreciation (depreciation on investments		(140	)		(25	)		(52	)		(217	)
Transfers out of Level 3		—			—			—			—
Transfers to Level 3		—			—			—			—
Fair value, end of period	$	901,723		$	20,347		$	348		$	922,418
Net change in unrealized appreciation (depreciation) on non -controlled/ non-affiliated company investments still held at March 31, 2025		(140	)		(25	)		(52	)		(217	)

The below table presents a summary of changes in fair value of Level 3 assets by investment type for the three months ended March 31, 2024 (amounts in thousands):

Three Months Ended March 31, 2024:	First LienSenior Secured			Total
Fair value, beginning of period	$	52,566		$	52,566
Purchase of investments (including, PIK, if any)		62,453			62,453
Proceeds from principal repayments and sales of investments		—			—
Amortization of premium/accretion of discount, net		49			49
Net realized gain (loss) on investments		—			—
Net change in unrealized appreciation (depreciation) on investments		(221	)		(221	)
Receipt of paid-in-kind interest		—			—
Transfers out of Level 3		—			—
Transfers to Level 3		—			—
Fair value, end of period	$	114,847		$	114,847
Net change in unrealized appreciation (depreciation) on non -controlled/ non-affiliated company investments still held at March 31, 2024	$	(221	)	$	(221	)

The tables below present the ranges of significant unobservable inputs used to value the Company’s Level 3 assets as of March 31, 2025 and December 31, 2024, respectively (amounts in thousands). These ranges represent the significant unobservable inputs that were used in the valuation of each type of instrument, but they do not represent a range of values for any one instrument.

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Asset Class

FairValue as ofMarch 31,2025

ValuationTechniques

SignificantUnobservable Inputs

Range of SignificantUnobservableInputs

WeightedAverage(1)

First Lien Senior Secured Debt

901,723

Income Approach

Discount Rate

8.87% - 18.69%

10.89%

First Lien Last Out Unitranche Debt

20,347

Income Approach

Discount Rate

9.90%

N/A

Common Equity

348

Market Approach

EBITDA Multiple

15.0x

N/A

922,418

Filing Compare · 26North BDC, Inc.