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Industry Software Reference Rate and Spread S + 5.00% Maturity 12/17/2031 One2025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:GuidepointSecurityHoldingsLLCMember2025-06-300001948368country:USck0001948368:FirstLienLast-OutUnitrancheMember2024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:RubrikIncMember2025-06-300001948368ck0001948368:LeisureProductsMemberck0001948368:InvestmentsAtFairValueMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Runway Bidco, LLC (dba Redwood Software). Industry Software Interest Rate 9.30% Reference Rate and Spread S + 5.00% Maturity 12/17/20312025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:GeoTopCoCorporationMember2024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Engage2Excel, Inc. Industry Professional Services Interest Rate 10.75% Reference Rate and Spread S + 6.50% Maturity 07/01/29 One2024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:AiTitanParentIncMember2025-06-300001948368us-gaap:FairValueInputsLevel3Memberck0001948368:FirstLienOrLastOutUnitrancheMember2025-01-012025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Mandrake Bidco, Inc. (dba Miratech) Industry Machinery Interest Rate 9.34% Reference Rate and Spread S + 4.75% Maturity 08/20/312024-12-310001948368us-gaap:RevolvingCreditFacilityMember2025-01-012025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Tropical Bidco, LLC (dba Tropical Cheese) Industry Food Products Reference Rate and Spread S + 4.75% Maturity 12/11/20302025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Rotation Buyer, LLC (dba Rotating Machinery Services) Industry Machinery Interest Rate 9.08% Reference Rate and Spread S + 4.75% Maturity 12/26/31 One2024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Spotless Brands, LLC Industry Diversified Consumer Services Interest Rate 10.05% Reference Rate and Spread S + 5.75% Maturity 07/25/20282025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Last-Out Unitranche – 9.9% Tarpon Towers II LLC Industry Wireless Telecommunication Services Interest Rate 11.18% Reference Rate and Spread S + 6.83% Maturity 02/01/292024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:VamosBidcoIncDbaVIPMember2024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Vamos Bidco, Inc. (dba VIP) Industry Software Interest Rate 9.05% Reference Rate and Spread S + 4.75% Maturity 01/30/20322025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:OctanePurchaserIncMember2025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Blast Bidco Inc. (dba Bazooka Candy Brands) Industry Consumer Staples Distribution & Retail Reference Rate and Spread S + 6.00% Maturity 10/05/20292025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Sunshine Cadence HoldCo, LLC (dba Cadence Education) Industry Diversified Consumer Services Interest Rate 9.28% Reference Rate and Spread S + 5.00% Maturity 05/01/20312025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Ark Data Centers, LLC Industry IT Services Interest Rate 9.05% Reference Rate and Spread S + 4.75% Maturity 11/27/20302025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Priority Technology Holdings, Inc. (dba Priority Payment) Industry Financial Services Interest Rate 9.11% Reference Rate and Spread S + 4.75% Maturity 05/16/312024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Splash Car Wash, Inc. Industry Diversified Consumer Services Reference Rate and Spread S + 5.00% Maturity 03/17/20312025-06-300001948368ck0001948368:GoldmanSachsFinancialSquareGovernmentFundInstitutionalSharesMember2025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Superman Holdings, LLC (dba Foundation Software) Industry Construction & Engineering Interest Rate 8.86% Reference Rate and Spread S + 4.50% Maturity 08/29/312024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% CI (Quercus) Intermediate Holdings, LLC (dba SavATree) Industry Diversified Consumer Services Interest Rate 9.30% Reference Rate and Spread S + 5.00% Maturity 06/06/2031 One2025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:VisionsafeHoldingsIncMember2024-12-310001948368Investment Equity Securities - 0.4% United States - 0.4% Common Stock - 0.4% VisionSafe Parent, LLC Industry Aerospace & Defense Maturity/ Initial Acquisition Date 04/19/242025-01-012025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) Industry IT Services Interest Rate 9.58% Reference Rate and Spread S + 5.25% Maturity 10/02/2029 One2025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Circustrix Holdings, LLC (dba SkyZone) Industry Leisure Products Interest Rate 10.83% Reference Rate and Spread S + 6.50% Maturity 07/18/20282025-06-300001948368ck0001948368:ElectricalEquipmentMember2024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:MandrakeBidcoIncMember2024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:QBSParentIncMember2025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Mandrake Bidco, Inc. (dba Miratech) Industry Machinery Interest Rate 9.03% Reference Rate and Spread S + 4.75% Maturity 08/20/20312025-06-300001948368us-gaap:MachineryAndEquipmentMember2025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Frontline Road Safety Operations, LLC Industry Commercial Services & Supplies Interest Rate 9.08% Reference Rate and Spread S + 4.75% (Incl 2.00% PIK) Maturity 03/04/2032 One2025-06-300001948368ck0001948368:AffiliatedInvestmentMember2025-01-012025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:CiQuercusIntermediateHoldingsLlcMember2024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% USA DeBusk, LLC Industry Commercial Services & Supplies Interest Rate 9.61% Reference Rate and Spread S + 5.25% Maturity 04/30/312024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Celero Commerce LLC Industry Financial Services Interest Rate 9.28% Reference Rate and Spread S + 5.00% Maturity 02/28/20312025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% CURiO Brands LLC Industry Household Products Reference Rate and Spread S + 5.25% Maturity 04/02/20312025-06-300001948368ck0001948368:PhillipStreetMiddleMarketLendingInvestmentsLlcMember2023-02-100001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Runway Bidco, LLC (dba Redwood Software). Industry Software Reference Rate and Spread S + 5.00% Maturity 12/17/20312025-06-300001948368ck0001948368:FirstLienOrLastOutUnitrancheMemberck0001948368:SkywayTowersIntermediateLlcMember2025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Recorded Books Inc. (dba RBMedia) Industry Media Interest Rate 10.08% Reference Rate and Spread S + 5.75% Maturity 09/03/302025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 10.18% Reference Rate and Spread S + 5.75% Maturity 08/01/20292025-06-300001948368ck0001948368:TEIIntermediateLLCMemberck0001948368:FirstLienOrSeniorSecuredDebtMember2025-06-300001948368us-gaap:InvestmentUnaffiliatedIssuerMember2024-04-012024-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% AI Titan Parent, Inc. (dba Prometheus) Industry Software Reference Rate and Spread S +4.75% Maturity 08/29/312024-12-310001948368us-gaap:FairValueMeasurementsRecurringMember2025-01-012025-06-300001948368ck0001948368:LeisureProductsMember2025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Fullsteam Operations LLC Industry Financial Services Interest Rate 11.65% Reference Rate and Spread S + 7.00% Maturity 11/27/292024-12-310001948368us-gaap:FoodAndBeverageMember2025-06-300001948368ck0001948368:FirstLienOrLastOutUnitrancheMemberck0001948368:SkywayTowersIntermediateLlcMember2024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Last-Out Unitranche – 9.9% K2 Towers III, LLC Industry Wireless Telecommunication Services Interest Rate 10.89% Reference Rate and Spread S + 6.55% Maturity 12/06/282024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:AiTitanParentIncMember2024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:AdmiralBuyerIncMember2024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% VASA Fitness Buyer, Inc. Industry Diversified Consumer Services Interest Rate 11.93% Reference Rate and Spread S + 7.50% Maturity 08/14/20282025-06-300001948368us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-06-300001948368us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMemberus-gaap:EquityMember2025-06-300001948368us-gaap:FairValueInputsLevel3Memberus-gaap:IncomeApproachValuationTechniqueMember2025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Arrow Buyer, Inc. (dba Archer Technologies) Industry Software Interest Rate 9.30% Reference Rate and Spread S + 5.00% Maturity 07/01/2030 One2025-06-300001948368ck0001948368:JuneSeventeenthTwoThousandAndTwentyFourMember2024-01-012024-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:RubixFoodsLLCMember2024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% NC Topco, LLC (dba NContracts) Industry Software Reference Rate and Spread S + 4.50% Maturity 09/01/20312025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Harrington Industrial Plastics, LLC Industry Trading Companies & Distributors Interest Rate 10.11% Reference Rate and Spread S +5.75% Maturity 10/07/30 One2024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:TropicalBidcoLLCMember2025-06-300001948368us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMember2024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:RubrikIncMember2024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% USA DeBusk, LLC Industry Commercial Services & Supplies Interest Rate 9.89% Reference Rate and Spread S + 5.25% Maturity 04/30/312024-12-310001948368us-gaap:RevolvingCreditFacilityMember2024-01-012024-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Blast Bidco Inc. (dba Bazooka Candy Brands) Industry Consumer Staples Distribution & Retail Interest Rate 10.30% Reference Rate and Spread S + 6.00% Maturity 10/04/20302025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:NcwsIntermediateIncMember2025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Octane Purchaser, Inc. (dba Office Ally) Industry Health Care Technology Interest Rate 8.58% Reference Rate and Spread S + 4.25% Maturity 05/19/20322025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% ASM Buyer, Inc. Industry Commercial Services & Supplies Reference Rate and Spread S + 5.50% (Incl 2.75% PIK) Maturity 08/22/312024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Last-Out Unitranche – 9.9% Thor FinanceCo LLC (dba Harmoni Towers) Industry Wireless Telecommunication Services Interest Rate 12.19% Reference Rate and Spread S + 7.00% Maturity 08/24/282024-12-310001948368us-gaap:DebtSecuritiesMembercountry:US2025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Last-Out Unitranche – 9.9% Skyway Towers Intermediate LLC Industry Wireless Telecommunication Services Interest Rate 10.96% Reference Rate and Spread S + 6.61% Maturity 12/22/282024-12-310001948368Non-Controlled Affiliates Goldman Sachs Financial Square Government Fund - Institutional Shares2024-12-310001948368us-gaap:ConstructionMember2025-06-300001948368us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2025-06-300001948368us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0001948368:BankLoansCorporateDebtAndOtherDebtObligationsMemberck0001948368:FirstLienOrSeniorSecuredDebtMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMember2025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:UsaDebuskLlcMember2025-06-300001948368ck0001948368:InvestmentsAtFairValueMemberck0001948368:TextilesApparelLuxuryGoodsMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Fullsteam Operations LLC Industry Financial Services Reference Rate and Spread S + 8.25% Maturity 11/27/20292025-06-300001948368ck0001948368:FebruaryTwentySevenTwoThousandTwentyFourMember2024-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% VASA Fitness Buyer, Inc. Industry Diversified Consumer Services Interest Rate 11.92% Reference Rate and Spread S + 7.50% Maturity 08/14/282024-12-310001948368us-gaap:CommonStockMember2025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Coding Solutions Acquisition, Inc. (dba CorroHealth) Industry Health Care Providers & Services Reference Rate and Spread S + 5.00% Maturity 08/07/2031 One2025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% QBS Parent, Inc. (dba Quorum Software) Industry IT Services Reference Rate and Spread S + 4.75% Maturity 11/07/312024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Interest Rate 9.55% Reference Rate and Spread S + 5.25% Maturity 07/24/20302025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Rock Star Mergersub LLC (dba Triumvirate Environmental) Industry Commercial Services & Supplies Interest Rate 9.15% Reference Rate and Spread S + 4.75% Maturity 12/15/31 One2024-12-310001948368us-gaap:CommonStockMember2025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Superman Holdings, LLC (dba Foundation Software) Industry Construction & Engineering Interest Rate 8.80% Reference Rate and Spread S + 4.50% Maturity 08/29/2031 One2025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Fullsteam Operations LLC Industry Financial Services Interest Rate 11.66% Reference Rate and Spread S + 7.00% Maturity 11/27/292024-12-310001948368Non-Controlled Affiliates Goldman Sachs Financial Square Government Fund - Institutional Shares2025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Superman Holdings, LLC (dba Foundation Software) Industry Construction & Engineering Reference Rate and Spread S + 4.50% Maturity 08/29/31 One2024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Project Accelerate Parent, LLC (dba ABC Fitness) Industry Financial Services Reference Rate and Spread S + 5.25% Maturity 02/24/312024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:HighfiveDentalHoldcoLlcMember2025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% PT Intermediate Holdings III, LLC (dba Parts Town) Industry Trading Companies & Distributors Interest Rate 9.33% Reference Rate and Spread S + 5.00% (Incl. 1.75% PIK) Maturity 04/09/302024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Hamilton Thorne, Inc. Industry Health Care Equipment & Supplies Interest Rate 8.28% Reference Rate and Spread E + 5.50% Maturity 11/28/312024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Coding Solutions Acquisition, Inc. (dba CorroHealth) Industry Health Care Providers & Services Interest Rate 9.33% Reference Rate and Spread S + 5.00% Maturity 08/07/20312025-06-300001948368ck0001948368:InvestmentAffiliatedIssuerNoncontrollingIncludedMoneyMarketFundsMember2023-12-310001948368us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Hamilton Thorne, Inc. Industry Health Care Equipment & Supplies Interest Rate 7.60% Reference Rate and Spread E + 5.50% Maturity 11/28/20312025-06-300001948368us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Priority Technology Holdings, LLC (dba Priority Payment) Industry Financial Services Interest Rate 9.08% Reference Rate and Spread S + 4.75% Maturity 05/16/20312025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:ArtifactBidcoIncMember2025-06-300001948368ck0001948368:HealthCareTechnologyMemberck0001948368:InvestmentsAtFairValueMemberck0001948368:IndustryConcentrationRiskMember2024-01-012024-12-310001948368ck0001948368:ForeignCurrencyMember2024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Recorded Books Inc. (dba RBMedia) Industry Media Interest Rate 10.26% Reference Rate and Spread S + 5.75% Maturity 09/03/302024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Trystar, LLC Industry Electrical Equipment Interest Rate 8.78% Reference Rate and Spread S + 4.50% Maturity 08/06/20312025-06-300001948368us-gaap:FairValueMeasurementsRecurringMember2025-06-300001948368ck0001948368:TEIIntermediateLLCMemberck0001948368:FirstLienOrSeniorSecuredDebtMember2024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Trystar, LLC Industry Electrical Equipment Reference Rate and Spread S + 4.50% Maturity 08/06/312024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:SummitBuyerLLCMember2025-06-300001948368ck0001948368:FirstIncentiveFeeMember2025-01-012025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:WestwoodProfessionalServicesIncMember2024-12-310001948368ck0001948368:InvestmentsAtFairValueMemberck0001948368:ChemicalsMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberus-gaap:FairValueInputsLevel2Member2024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Tropical Bidco, LLC (dba Tropical Cheese) Industry Food Products Interest Rate 9.08% Reference Rate and Spread S + 4.75% Maturity 12/11/302024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% GPS Phoenix Buyer, Inc. (dba Guidepoint) Industry IT Services Interest Rate 10.36% Reference Rate and Spread S + 6.00% Maturity 10/02/29 One2024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Fullsteam Operations LLC Industry Financial Services Reference Rate and Spread S + 8.25% Maturity 11/27/29 Two2024-12-310001948368us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2024-06-300001948368ck0001948368:FirstLienOrLastOutUnitrancheMember2024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMember2025-06-300001948368Investment Equity Securities - 0.6% United States - 0.6% Common Stock - 0.6% VisionSafe Parent, LLC Industry Aerospace & Defense Maturity/ Initial Acquisition Date 04/19/242024-12-310001948368us-gaap:FairValueInputsLevel3Member2024-01-012024-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Charger Debt Merger Sub, LLC (dba Classic Collision) Industry Specialty Retail Interest Rate 9.16% Reference Rate and Spread S +4.75% Maturity 06/02/312024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Interest Rate 9.58% Reference Rate and Spread S + 5.25% Maturity 07/24/312024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:QBSParentIncMember2024-12-310001948368ck0001948368:MayFirstTwoThousandTwentyFourMember2024-01-012024-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% TEI Intermediate LLC (dba Triumvirate Environmental) Industry Commercial Services & Supplies Interest Rate 9.05% Reference Rate and Spread S + 4.75% Maturity 12/15/20312025-06-300001948368ck0001948368:ConvenientPaymentsAcquisitionIncMemberck0001948368:FirstLienOrSeniorSecuredDebtMember2024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Runway Bidco, LLC (dba Redwood Software) Industry Software Reference Rate and Spread S +5.00% Maturity 12/17/31 One2024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:ValetWasteHoldingsIncMember2025-06-300001948368us-gaap:HealthcareSectorMemberck0001948368:InvestmentsAtFairValueMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-06-300001948368ck0001948368:InvestmentCompanyExpenseRatioToAverageNetAssetsMember2024-01-012024-06-300001948368us-gaap:FairValueMeasurementsRecurringMember2024-01-012024-12-310001948368ck0001948368:InvestmentsAtFairValueMemberck0001948368:ElectricalEquipmentMemberck0001948368:IndustryConcentrationRiskMember2024-01-012024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% TEI Intermediate LLC (dba Triumvirate Environmental) Industry Commercial Services & Supplies Reference Rate and Spread S + 4.75% Maturity 12/15/20312025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Oliver Packaging and Equipment Company, LLC (fka Buffalo Merger Sub, LLC) Industry Containers & Packaging Reference Rate and Spread S + 5.25% Maturity 11/01/20302025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:VisionsafeHoldingsIncMember2025-06-300001948368us-gaap:CommonStockMember2025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 10.93% Reference Rate and Spread S + 6.50% Maturity 08/01/2029 One2025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Fullsteam Operations LLC Industry Financial Services Interest Rate 12.73% Reference Rate and Spread S + 8.25% Maturity 11/27/20292025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% HealthEdge Software, Inc. Industry Health Care Technology Interest Rate 9.15% Reference Rate and Spread S + 4.75% Maturity 07/16/312024-12-310001948368ck0001948368:MayTwentyforthTwoThousandAndTwentyFourMember2024-01-012024-06-300001948368ck0001948368:HealthCareEquipmentAndSuppliesMemberck0001948368:InvestmentsAtFairValueMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-06-300001948368us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0001948368:BankLoansCorporateDebtAndOtherDebtObligationsMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberck0001948368:FirstLienOrLastOutUnitrancheMember2024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Ortholite, LLC Industry Textiles, Apparel & Luxury Goods Interest Rate 10.58% Reference Rate and Spread S +6.25% Maturity 09/29/272024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Sonar Acquisitionco, Inc. (dba SimPRO) Industry Construction & Engineering Interest Rate 9.12% Reference Rate and Spread B + 4.75% Maturity 10/24/302024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% ASM Buyer, Inc. Industry Commercial Services & Supplies Interest Rate 9.41% Reference Rate and Spread S + 5.00% Maturity 08/22/302024-12-310001948368ck0001948368:WirelessTelecommunicationServicesMember2025-06-300001948368ck0001948368:InvestmentsAtFairValueMemberck0001948368:HotelsRestaurantsLeisureMemberck0001948368:IndustryConcentrationRiskMember2024-01-012024-12-310001948368us-gaap:ConsumerSectorMember2024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% TM Restaurant Group LLC Industry Hotels, Restaurants & Leisure Reference Rate and Spread S + 7.25% Maturity 07/26/282024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% ASM Buyer, Inc. Industry Commercial Services & Supplies Interest Rate 10.02% Reference Rate and Spread S + 5.50% (Incl 2.75% PIK) Maturity 08/22/312024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% US Signal Company, LLC Industry IT Services Interest Rate 10.07% Reference Rate and Spread S + 5.50% Maturity 09/04/292024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% TM Restaurant Group LLC Industry Hotels, Restaurants & Leisure Interest Rate 11.69% Reference Rate and Spread S + 7.25% Maturity 07/26/20282025-06-300001948368ck0001948368:HealthCareEquipmentAndSuppliesMemberck0001948368:InvestmentsAtFairValueMemberck0001948368:IndustryConcentrationRiskMember2024-01-012024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:ArrowBuyerIncMember2024-12-310001948368us-gaap:SoftwareDevelopmentMemberck0001948368:InvestmentsAtFairValueMemberck0001948368:IndustryConcentrationRiskMember2024-01-012024-12-310001948368ck0001948368:InvestmentAffiliatedIssuerNoncontrollingIncludedMoneyMarketFundsMember2024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:RecordedBooksIncMember2024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Interest Rate 9.31% Reference Rate and Spread S + 5.00% Maturity 12/06/20292025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Artifact Bidco, Inc. (dba Avetta) Industry Software Reference Rate and Spread S + 4.25% Maturity 07/26/2030 One2025-06-300001948368ck0001948368:FirstLienOrLastOutUnitrancheMemberck0001948368:EIPConsolidatedLlcMember2025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% TM Restaurant Group LLC Industry Hotels, Restaurants & Leisure Reference Rate and Spread S + 7.25% Maturity 07/26/28 One2024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Westwood Professional Services Inc. Industry Professional Services Interest Rate 9.08% Reference Rate and Spread S + 4.75% Maturity 09/19/20312025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Arrow Buyer, Inc. (dba Archer Technologies) Industry Software Interest Rate 10.08% Reference Rate and Spread S +5.75% Maturity 07/01/30 One2024-12-310001948368ck0001948368:InvestmentsAtFairValueMemberus-gaap:CommercialAndIndustrialSectorMemberck0001948368:IndustryConcentrationRiskMember2024-01-012024-12-310001948368country:USus-gaap:EquitySecuritiesMember2025-06-300001948368ck0001948368:HealthCareTechnologyMember2024-12-310001948368ck0001948368:PriorToCalendarQuarterEndMember2025-01-012025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:NcwsIntermediateIncMember2024-12-310001948368us-gaap:CommonStockMember2024-12-310001948368us-gaap:AerospaceSectorMember2025-06-300001948368us-gaap:FairValueInputsLevel1Member2025-06-300001948368us-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2022-10-060001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Summit Buyer, LLC (dba Classic Collision) Industry Specialty Retail Reference Rate and Spread S + 5.00% Maturity 05/31/20302025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Singlewire Software, LLC Industry Software Reference Rate and Spread S +5.25% Maturity 05/10/292024-12-310001948368Investment Equity Securities - 0.6% United States - 0.6% Common Stock - 0.6% RPC ABC Investment Holdings LLC (dba ABC Plumbing) Industry Diversified Consumer Services Maturity/ Initial Acquisition Date 04/26/242024-12-310001948368ck0001948368:UnitedFlowTechnologiesIntermediateHoldcoIiLlcMemberck0001948368:FirstLienOrSeniorSecuredDebtMember2024-12-310001948368ck0001948368:InvestmentsAtFairValueMemberck0001948368:ITServicesMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-06-300001948368ck0001948368:FirstLienOrLastOutUnitrancheMember2025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:SonarAcquisitioncoIncMember2024-12-310001948368us-gaap:FairValueInputsLevel3Memberck0001948368:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberck0001948368:FirstLienOrSeniorSecuredDebtMemberus-gaap:MeasurementInputDiscountRateMember2024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Coding Solutions Acquisition, Inc. (dba CorroHealth) Industry Health Care Providers & Services Reference Rate and Spread S + 5.00% Maturity 08/07/312024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% ABC Investment Holdco Inc. (dba ABC Plumbing) Industry Diversified Consumer Services Interest Rate 10.30% Reference Rate and Spread S + 6.00% Maturity 04/26/2029 One2025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Interest Rate 9.89% Reference Rate and Spread S + 5.50% Maturity 05/08/282024-12-310001948368ck0001948368:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0001948368:FirstLienOrSeniorSecuredDebtMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMember2025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Fullsteam Operations LLC Industry Financial Services Interest Rate 11.48% Reference Rate and Spread S + 7.00% Maturity 11/27/20292025-06-300001948368ck0001948368:InvestmentAffiliatedIssuerNoncontrollingIncludedMoneyMarketFundsMember2024-01-012024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% QBS Parent, Inc. (dba Quorum Software) Industry IT Services Interest Rate 8.80% Reference Rate and Spread S + 4.50% Maturity 06/03/20322025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:OnyxCenterSourceIncMember2025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 10.93% Reference Rate and Spread S + 6.50% Maturity 08/01/2029 Four2025-06-300001948368us-gaap:FairValueInputsLevel3Memberck0001948368:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputDiscountRateMemberck0001948368:FirstLienOrLastOutUnitrancheMembersrt:MaximumMember2025-06-300001948368ck0001948368:InvestmentsAtFairValueMemberus-gaap:InsuranceSectorMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-06-300001948368us-gaap:HealthcareSectorMember2025-06-300001948368us-gaap:FinancialServicesSectorMemberck0001948368:InvestmentsAtFairValueMemberck0001948368:IndustryConcentrationRiskMember2024-01-012024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Artifact Bidco, Inc. (dba Avetta) Industry Software Reference Rate and Spread S + 4.25% Maturity 07/28/20312025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:BlastBidcoIncMember2024-12-310001948368ck0001948368:FirstLienOrLastOutUnitrancheMemberck0001948368:K2TowersIiiLlcMember2025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:NCTopcoLLCMember2025-06-300001948368us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% DFS Holding Company, Inc. Industry Distributors Interest Rate 10.50% Reference Rate and Spread S + 6.25% Maturity 01/31/29 One2024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% US Signal Company, LLC Industry IT Services Interest Rate 9.90% Reference Rate and Spread S + 5.50% Maturity 09/04/20292025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Sonar Acquisitionco, Inc. (dba SimPRO) Industry Construction & Engineering Interest Rate 9.10% Reference Rate and Spread S + 4.75% Maturity 10/24/302024-12-310001948368ck0001948368:InvestmentsAtFairValueMemberus-gaap:MediaContentMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% United Flow Technologies Intermediate Holdco II, LLC Industry Trading Companies & Distributors Interest Rate 9.89% Reference Rate and Spread S + 5.25% Maturity 06/23/312024-12-310001948368us-gaap:CommercialAndIndustrialSectorMember2024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% HealthEdge Software, Inc. Industry Health Care Technology Interest Rate 9.13% Reference Rate and Spread S + 4.75% Maturity 07/16/312024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% NCWS Intermediate, Inc. (dba National Carwash Solutions) Industry Trading Companies & Distributors Interest Rate 9.59% Reference Rate and Spread S + 5.50% Maturity 12/31/292024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% CI (Quercus) Intermediate Holdings, LLC (dba SavATree) Industry Diversified Consumer Services Interest Rate 9.33% Reference Rate and Spread S + 5.00% Maturity 06/06/31 One2024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:EasyMileFitnessLlcMember2024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Project Accelerate Parent, LLC (dba ABC Fitness) Industry Financial Services Reference Rate and Spread S + 5.25% Maturity 02/24/20312025-06-300001948368ck0001948368:ConsumerStaplesDistributionAndRetailMemberck0001948368:InvestmentsAtFairValueMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% United Flow Technologies Intermediate Holdco II, LLC Industry Trading Companies & Distributors Reference Rate and Spread S + 5.25% Maturity 06/21/302024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:IdealComponentsAcquisitionLLCMember2024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:SinglewireSoftwareLlcMember2024-12-310001948368us-gaap:DebtSecuritiesMembercountry:US2024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:Engage2ExcelIncMember2024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% QBS Parent, Inc. (dba Quorum Software) Industry IT Services Reference Rate and Spread S + 4.50% Maturity 06/03/20322025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Last-Out Unitranche – 9.9% EIP Consolidated, LLC (dba Everest Infrastructure) Industry Wireless Telecommunication Services Interest Rate 10.61% Reference Rate and Spread S + 6.25% Maturity 12/07/28 One2024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:RunwayBidcoLlcMember2025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Last-Out Unitranche - 9.9% EIP Consolidated, LLC (dba Everest Infrastructure) Industry Wireless Telecommunication Services Interest Rate 10.58% Reference Rate and Spread S + 6.25% Maturity 12/07/2028 One2025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Westwood Professional Services Inc. Industry Professional Services Reference Rate and Spread S + 4.75% Maturity 09/19/312024-12-310001948368Investment Equity Securities - 0.4% United States - 0.4% Common Stock - 0.4% RPC ABC Investment Holdings LLC (dba ABC Plumbing) Industry Diversified Consumer Services Maturity/ Initial Acquisition Date 04/26/242025-01-012025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Hamilton Thorne, Inc. Industry Health Care Equipment & Supplies Interest Rate 7.59% Reference Rate and Spread E + 5.50% Maturity 11/28/20312025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Coding Solutions Acquisition, Inc. (dba CorroHealth) Industry Health Care Providers & Services Interest Rate 9.33% Reference Rate and Spread S + 5.00% Maturity 08/07/31 One2024-12-310001948368us-gaap:EquitySecuritiesMember2024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Valet Waste Holdings, Inc. (dba Valet Living) Industry Commercial Services & Supplies Interest Rate 10.11% Reference Rate and Spread S + 5.75% Maturity 05/01/29 One2024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:RecordedBooksIncMember2025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% USA DeBusk, LLC Industry Commercial Services & Supplies Interest Rate 9.53% Reference Rate and Spread S + 5.25% Maturity 04/30/20312025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:AccommodationsPlusTechnologiesLLCMember2025-06-300001948368us-gaap:FairValueInputsLevel3Memberck0001948368:FirstLienOrSeniorSecuredDebtMember2025-01-012025-06-300001948368us-gaap:CommonStockMembercountry:US2025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:NCTopcoLLCMember2024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:EagleFamilyFoodsGroupLLCMember2025-06-300001948368ck0001948368:ProfessionalServicesMember2024-12-310001948368ck0001948368:InvestmentsInAffiliatedMoneyMarketFundMember2025-06-3000019483681 Month SOFR Member2025-01-012025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% QBS Parent, Inc. (dba Quorum Software) Industry IT Services Interest Rate 9.27% Reference Rate and Spread S + 4.75% Maturity 11/07/312024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% VisionSafe Holdings, Inc. Industry Aerospace & Defense Reference Rate and Spread S + 6.00% Maturity 04/19/302024-12-310001948368us-gaap:ConsumerSectorMember2025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Arrow Buyer, Inc. (dba Archer Technologies) Industry Software Interest Rate 9.30% Reference Rate and Spread S + 5.00% Maturity 07/01/2030 Two2025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Buffalo Merger Sub, LLC (dba Oliver Packaging) Industry Containers & Packaging Reference Rate and Spread S + 5.25% Maturity 11/01/302024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Fullsteam Operations LLC Industry Financial Services Interest Rate 12.91% Reference Rate and Spread S + 8.25% Maturity 11/27/29 One2024-12-310001948368ck0001948368:InvestmentsAtFairValueMemberck0001948368:TradingCompaniesAndDistributorsMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:MandrakeBidcoIncMember2025-06-300001948368ck0001948368:WirelessTelecommunicationServicesMember2024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% NCWS Intermediate, Inc. (dba National Carwash Solutions) Industry Trading Companies & Distributors Interest Rate 9.80% Reference Rate and Spread S + 5.50% Maturity 12/31/20292025-06-300001948368ck0001948368:HotelsRestaurantsLeisureMember2024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Last-Out Unitranche - 9.9% Skyway Towers Intermediate LLC Industry Wireless Telecommunication Services Interest Rate 10.93% Reference Rate and Spread S + 6.61% Maturity 12/22/20282025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:AccommodationsPlusTechnologiesLLCMember2024-12-310001948368ck0001948368:InterestAndOtherDebtExpensePayableMember2024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% DFS Holding Company, Inc. Industry Distributors Interest Rate 10.50% Reference Rate and Spread S + 6.25% Maturity 01/31/292024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Geotechnical Merger Sub, Inc. Industry Construction & Engineering Interest Rate 9.41% Reference Rate and Spread S + 4.75% Maturity 10/15/312024-12-310001948368us-gaap:FairValueInputsLevel3Memberck0001948368:FirstLienOrLastOutUnitrancheMember2025-06-300001948368us-gaap:RevolvingCreditFacilityMember2025-04-012025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% US Signal Company, LLC Industry IT Services Interest Rate 9.92% Reference Rate and Spread S + 5.50% Maturity 09/04/20292025-06-300001948368ck0001948368:ProfessionalServicesMember2025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Spotless Brands, LLC Industry Diversified Consumer Services Interest Rate 9.77% Reference Rate and Spread S + 5.50% Maturity 07/25/20282025-06-3000019483682025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:BCPEHIPHParentIncMember2025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:RubixFoodsLLCMember2025-06-300001948368Non-Controlled Affiliates ABC Investment Holdco Inc. (dba ABC Plumbing)2024-01-012024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% AI Titan Parent, Inc. (dba Prometheus) Industry Software Reference Rate and Spread S + 4.50% Maturity 08/29/2031 One2025-06-300001948368ck0001948368:ConvenientPaymentsAcquisitionIncMemberck0001948368:FirstLienOrSeniorSecuredDebtMember2025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:CircustrixHoldingsLlcMember2024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:SupremeFitnessGroupNYHoldingsLLCMember2024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Trystar, LLC Industry Electrical Equipment Reference Rate and Spread S + 4.50% Maturity 08/06/20312025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Rotation Buyer, LLC (dba Rotating Machinery Services) Industry Machinery Interest Rate 9.08% Reference Rate and Spread S + 4.75% Maturity 12/26/312024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:TrystarLlcMember2024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Fullsteam Operations LLC Industry Financial Services Interest Rate 12.73% Reference Rate and Spread S + 8.25% Maturity 11/27/2029 Two2025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Tropical Bidco, LLC (dba Tropical Cheese) Industry Food Products Interest Rate 9.05% Reference Rate and Spread S + 4.75% Maturity 12/11/20302025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.) Industry Construction & Engineering Interest Rate 8.85% Reference Rate and Spread S + 4.75% Maturity 10/15/20312025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Splash Car Wash, Inc. Industry Diversified Consumer Services Interest Rate 9.30% Reference Rate and Spread S + 5.00% Maturity 03/17/20322025-06-300001948368ck0001948368:FormulationsParentCorporationMemberck0001948368:FirstLienOrSeniorSecuredDebtMember2025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Hamilton Thorne, Inc. Industry Health Care Equipment & Supplies Reference Rate and Spread S + 5.50% Maturity 11/28/20312025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Last-Out Unitranche - 9.9% Towerco IV Holdings, LLC Industry Wireless Telecommunication Services Interest Rate 8.14% Reference Rate and Spread S + 3.75% Maturity 08/31/20282025-06-300001948368ck0001948368:InvestmentsAtFairValueMemberck0001948368:IndustryConcentrationRiskMemberus-gaap:InsuranceSectorMember2024-01-012024-12-310001948368ck0001948368:FormulationsParentCorporationMemberck0001948368:FirstLienOrSeniorSecuredDebtMember2024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:CiQuercusIntermediateHoldingsLlcMember2025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Westwood Professional Services Inc. Industry Professional Services Reference Rate and Spread S + 4.75% Maturity 09/19/20312025-06-300001948368ck0001948368:ConsumerStaplesDistributionAndRetailMemberck0001948368:InvestmentsAtFairValueMemberck0001948368:IndustryConcentrationRiskMember2024-01-012024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% NCWS Intermediate, Inc. (dba National Carwash Solutions) Industry Trading Companies & Distributors Interest Rate 9.83% Reference Rate and Spread S + 5.50% (Incl. 2.25% PIK) Maturity 12/31/292024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Summit Buyer, LLC (dba Classic Collision) Industry Specialty Retail Interest Rate 9.30% Reference Rate and Spread S + 5.00% Maturity 06/02/20312025-06-300001948368us-gaap:InvestmentAffiliatedIssuerControlledMember2025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:ZeppelinUSBuyerIncMember2024-12-310001948368us-gaap:CommercialAndIndustrialSectorMember2025-06-300001948368us-gaap:RevolvingCreditFacilityMember2024-12-310001948368us-gaap:DebtMember2025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Ideal Components Acquisition, LLC (dba Ideal Tridon) Industry Machinery Reference Rate and Spread S + 5.00% Maturity 06/30/20322025-06-300001948368ck0001948368:FirstLienSeniorSecuredDebtMembercountry:US2025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Artifact Bidco, Inc. (dba Avetta) Industry Software Interest Rate 8.55% Reference Rate and Spread S + 4.25% Maturity 07/28/20312025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:TmRestaurantGroupLlcMember2025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Onyx CenterSource, Inc. Industry Software Interest Rate 11.24% Reference Rate and Spread S +6.50% Maturity 12/15/282024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Reference Rate and Spread S + 5.00% Maturity 12/06/20292025-06-300001948368us-gaap:FairValueInputsLevel3Memberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.) Industry Commercial Services & Supplies Reference Rate and Spread S + 5.50% (Incl 2.75% PIK) Maturity 08/22/20312025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% PT Intermediate Holdings III, LLC (dba Parts Town) Industry Trading Companies & Distributors Reference Rate and Spread S + 5.00% (Incl 1.75% PIK) Maturity 04/09/20302025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:TrystarLlcMember2025-06-300001948368ck0001948368:OnAndAfterThePriorCalendarQuarter1Member2025-01-012025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Easy Mile Fitness, LLC Industry Hotels, Restaurants & Leisure Reference Rate and Spread S + 6.50% Maturity 09/12/292024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Interest Rate 9.30% Reference Rate and Spread S + 5.00% Maturity 12/06/2029 One2025-06-300001948368ck0001948368:InvestmentsAtFairValueMemberck0001948368:ElectricalEquipmentMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-06-300001948368Investment Equity Securities - 0.4% United States - 0.4% Common Stock - 0.4% RPC ABC Investment Holdings LLC (dba ABC Plumbing) Industry Diversified Consumer Services Maturity/ Initial Acquisition Date 04/26/242025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:CodingSolutionsAcquisitionIncMember2024-12-310001948368us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:EquityMember2024-12-310001948368ck0001948368:InvestmentsAtFairValueMemberck0001948368:ProfessionalServicesMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:OliverPackagingAndEquipmentCompanyLLCMember2024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% AI Titan Parent, Inc. (dba Prometheus) Industry Software Reference Rate and Spread S + 4.50% Maturity 08/29/20312025-06-300001948368us-gaap:CommonStockMember2024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% TM Restaurant Group LLC Industry Hotels, Restaurants & Leisure Reference Rate and Spread S + 7.25% Maturity 07/26/2028 One2025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Spotless Brands, LLC Industry Diversified Consumer Services Interest Rate 10.06% Reference Rate and Spread S + 5.50% Maturity 07/25/282024-12-310001948368ck0001948368:O2025Q3DividendsMember2025-01-012025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:CeleroCommerceLLCMember2025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Superman Holdings, LLC (dba Foundation Software) Industry Construction & Engineering Interest Rate 8.80% Reference Rate and Spread S + 4.50% Maturity 08/29/20312025-06-300001948368ck0001948368:ChemicalsMember2024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Superior Environmental Solutions Industry Commercial Services & Supplies Reference Rate and Spread S + 5.75% Maturity 08/01/292024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Westwood Professional Services Inc. Industry Professional Services Interest Rate 9.08% Reference Rate and Spread S + 4.75% Maturity 09/19/312024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:OctanePurchaserIncMember2024-12-310001948368ck0001948368:InvestmentsAtFairValueMemberck0001948368:WirelessTelecommunicationServicesMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% KPA Parent Holdings, Inc. Industry Software Interest Rate 9.08% Reference Rate and Spread S + 4.75% Maturity 03/12/20322025-06-300001948368ck0001948368:FirstIncentiveFeeMember2025-06-300001948368ck0001948368:FirstLienOrLastOutUnitrancheMemberck0001948368:K2TowersIiiLlcMember2024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 10.93% Reference Rate and Spread S + 6.50% Maturity 08/01/20292025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Westwood Professional Services Inc. Industry Professional Services Interest Rate 9.26% Reference Rate and Spread S + 4.75% Maturity 09/19/312024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:WellnessAcquisitionCoIncDbaSPINSMember2025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Westwood Professional Services Inc. Industry Professional Services Interest Rate 9.05% Reference Rate and Spread S + 4.75% Maturity 09/19/20312025-06-300001948368ck0001948368:FirstLienOrLastOutUnitrancheMemberck0001948368:EIPConsolidatedLlcMember2024-12-310001948368us-gaap:SoftwareDevelopmentMember2024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Sonar Acquisitionco, Inc. (dba SimPRO) Industry Construction & Engineering Reference Rate and Spread S + 4.75% Maturity 10/24/20302025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Frontline Road Safety Operations, LLC Industry Commercial Services & Supplies Interest Rate 9.08% Reference Rate and Spread S + 4.75% (Incl 2.00% PIK) Maturity 03/04/2032 Two2025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.) Industry Construction & Engineering Interest Rate 9.04% Reference Rate and Spread S + 4.75% Maturity 10/15/20312025-06-300001948368ck0001948368:InvestmentsAtFairValueMemberck0001948368:ITServicesMemberck0001948368:IndustryConcentrationRiskMember2024-01-012024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Accommodations Plus Technologies LLC Industry Software Interest Rate 8.83% Reference Rate and Spread S + 4.50% Maturity 05/28/20322025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Last-Out Unitranche - 9.9% Skyway Towers Intermediate LLC Industry Wireless Telecommunication Services Interest Rate 10.93% Reference Rate and Spread S + 6.61% Maturity 12/22/2028 One2025-06-300001948368us-gaap:FairValueInputsLevel3Member2024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Last-Out Unitranche – 9.9% Towerco IV Holdings, LLC Industry Wireless Telecommunication Services Interest Rate 8.21% Reference Rate and Spread S + 3.75% Maturity 08/31/282024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Superior Environmental Solutions Industry Commercial Services & Supplies Interest Rate 10.96% Reference Rate and Spread S + 6.50% Maturity 08/01/292024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:SupermanHoldingsLlcMember2025-06-300001948368ck0001948368:ITServicesMember2025-06-300001948368us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:EquityMember2025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% CI (Quercus) Intermediate Holdings, LLC (dba SavATree) Industry Diversified Consumer Services Interest Rate 9.36% Reference Rate and Spread S + 5.00% Maturity 06/06/312024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:PtIntermediateHoldingsIiiLlcMember2024-12-310001948368us-gaap:RevolvingCreditFacilityMember2024-04-012024-06-300001948368ck0001948368:ChemicalsMember2025-06-300001948368us-gaap:MachineryAndEquipmentMemberck0001948368:InvestmentsAtFairValueMemberck0001948368:IndustryConcentrationRiskMember2024-01-012024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Supreme Fitness Group NY Holdings, LLC Industry Hotels, Restaurants & Leisure Interest Rate 9.24% Reference Rate and Spread S + 5.00% Maturity 04/14/20312025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:BCPEHIPHParentIncMember2024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Onyx CenterSource, Inc. Industry Software Interest Rate 11.24% Reference Rate and Spread S +6.50% Maturity 12/15/28 One2024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:UsaDebuskLlcMember2024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Mandrake Bidco, Inc. (dba Miratech) Industry Machinery Reference Rate and Spread S + 4.75% Maturity 08/20/20302025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Artifact Bidco, Inc. (dba Avetta) Industry Software Reference Rate and Spread S + 4.25% Maturity 07/26/20302025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Celero Commerce LLC Industry Financial Services Reference Rate and Spread S + 5.00% Maturity 02/28/20312025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% VASA Fitness Buyer, Inc. Industry Diversified Consumer Services Reference Rate and Spread S + 7.50% Maturity 08/14/20282025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Superior Environmental Solutions Industry Commercial Services & Supplies Interest Rate 10.96% Reference Rate and Spread S + 6.50% Maturity 08/01/29 Two2024-12-310001948368us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2025-01-012025-06-3000019483682023-12-310001948368ck0001948368:InvestmentsAtFairValueMemberck0001948368:WirelessTelecommunicationServicesMemberck0001948368:IndustryConcentrationRiskMember2024-01-012024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Sonar Acquisitionco, Inc. (dba SimPRO) Industry Construction & Engineering Reference Rate and Spread B + 4.75% Maturity 10/24/302024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:SupermanHoldingsLlcMember2024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Rubrik, Inc. Industry Software Interest Rate 11.67% Reference Rate and Spread S +7.00% Maturity 08/17/282024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Easy Mile Fitness, LLC Industry Hotels, Restaurants & Leisure Interest Rate 10.78% Reference Rate and Spread S + 6.50% Maturity 09/12/2029 Two2025-06-300001948368us-gaap:DebtMember2025-01-012025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% CURiO Brands LLC Industry Household Products Interest Rate 9.55% Reference Rate and Spread S + 5.25% Maturity 04/02/20312025-06-300001948368us-gaap:FairValueInputsLevel3Member2023-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Circustrix Holdings, LLC (dba SkyZone) Leisure Products Interest Rate 10.82% Reference Rate and Spread S + 6.50% Maturity 07/18/20282025-06-300001948368us-gaap:FairValueInputsLevel3Member2024-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% PT Intermediate Holdings III, LLC (dba Parts Town) Industry Trading Companies & Distributors Reference Rate and Spread S + 5.00% (Incl. 1.75% PIK) Maturity 04/09/302024-12-310001948368ck0001948368:InvestmentsAtFairValueMemberck0001948368:TradingCompaniesAndDistributorsMemberck0001948368:IndustryConcentrationRiskMember2024-01-012024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:BuckeyeAcquirorLLCMember2025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Supreme Fitness Group NY Holdings, LLC Industry Hotels, Restaurants & Leisure Reference Rate and Spread S + 5.00% Maturity 04/14/2031 One2025-06-300001948368ck0001948368:InvestmentsAtFairValueMemberus-gaap:FoodAndBeverageMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Rubrik, Inc. Industry Software Interest Rate 11.67% Reference Rate and Spread S +7.00% Maturity 08/17/28 One2024-12-310001948368ck0001948368:FirstLienOrLastOutUnitrancheMember2025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 10.18% Reference Rate and Spread S + 5.75% Maturity 08/01/2029 One2025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:BlastBidcoIncMember2025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Easy Mile Fitness, LLC Industry Hotels, Restaurants & Leisure Interest Rate 11.07% Reference Rate and Spread S + 6.50% Maturity 09/12/292024-12-310001948368ck0001948368:FirstLienOrLastOutUnitrancheMemberck0001948368:TowercoIvHoldingsLlcMember2024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Project Accelerate Parent, LLC (dba ABC Fitness) Industry Financial Services Interest Rate 9.61% Reference Rate and Spread S + 5.25% Maturity 02/24/312024-12-310001948368ck0001948368:HouseholdProductsMember2025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:GeoTopCoCorporationMember2025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Rock Star Mergersub LLC (dba Triumvirate Environmental) Industry Commercial Services & Supplies Reference Rate and Spread S + 4.75% Maturity 12/15/312024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Convenient Payments Acquisition, Inc. Industry Software Interest Rate 10.33% Reference Rate and Spread S + 6.00% Maturity 12/31/20262025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Trystar, LLC Industry Electrical Equipment Reference Rate and Spread S + 4.50% Maturity 08/06/2031 One2025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% GPS Phoenix Buyer, Inc. (dba Guidepoint) Industry IT Services Reference Rate and Spread S + 6.00% Maturity 10/02/292024-12-3100019483681 Month BBSW Member2025-01-012025-06-300001948368ck0001948368:InvestmentsInAffiliatedMoneyMarketFundMember2024-12-310001948368us-gaap:InvestmentUnaffiliatedIssuerMember2025-04-012025-06-300001948368ck0001948368:InvestmentCompanyRatioOfInterestAndOtherDebtExpensesToAverageNetAssetsMember2024-01-012024-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Rock Star Mergersub LLC (dba Triumvirate Environmental) Industry Commercial Services & Supplies Interest Rate 9.15% Reference Rate and Spread S + 4.75% Maturity 12/15/312024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:RotationBuyerLLCMember2025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Singlewire Software, LLC Industry Software Interest Rate 9.55% Reference Rate and Spread S + 5.25% Maturity 05/10/20292025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Convenient Payments Acquisition, Inc. Industry Software Reference Rate and Spread S + 6.00% Maturity 12/31/20262025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Accommodations Plus Technologies LLC Industry Software Reference Rate and Spread S + 4.50% Maturity 05/28/20322025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Vamos Bidco, Inc. (dba VIP) Industry Software Reference Rate and Spread S + 4.75% Maturity 01/30/2032 One2025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% United Flow Technologies Intermediate Holdco II, LLC Industry Trading Companies & Distributors Interest Rate 9.58% Reference Rate and Spread S + 5.25% Maturity 06/23/312024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% CI (Quercus) Intermediate Holdings, LLC (dba SavATree) Industry Diversified Consumer Services Interest Rate 9.30% Reference Rate and Spread S + 5.00% Maturity 06/06/20312025-06-300001948368us-gaap:AerospaceSectorMemberck0001948368:InvestmentsAtFairValueMemberck0001948368:IndustryConcentrationRiskMember2024-01-012024-12-310001948368us-gaap:MoneyMarketFundsMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Summit Buyer, LLC (dba Classic Collision) Industry Specialty Retail Interest Rate 9.30% Reference Rate and Spread S + 5.00% Maturity 06/02/2031 One2025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% CI (Quercus) Intermediate Holdings, LLC (dba SavATree) Industry Diversified Consumer Services Interest Rate 9.32% Reference Rate and Spread S + 5.00% Maturity 06/06/20312025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% AI Titan Parent, Inc. (dba Prometheus) Industry Software Interest Rate 9.11% Reference Rate and Spread S +4.75% Maturity 08/29/312024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Charger Debt Merger Sub, LLC (dba Classic Collision) Industry Specialty Retail Reference Rate and Spread S +4.75% Maturity 05/31/302024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:SupremeFitnessGroupNYHoldingsLLCMember2025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Ark Data Centers, LLC Industry IT Services Reference Rate and Spread S + 4.75% Maturity 11/27/30 One2024-12-310001948368us-gaap:EquitySecuritiesMember2025-06-300001948368us-gaap:ValuationTechniqueDiscountedCashFlowMemberck0001948368:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberck0001948368:FirstLienOrLastOutUnitrancheMember2024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Charger Debt Merger Sub, LLC (dba Classic Collision) Industry Specialty Retail Interest Rate 9.08% Reference Rate and Spread S +4.75% Maturity 06/02/312024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Valet Waste Holdings, Inc. (dba Valet Living) Industry Commercial Services & Supplies Interest Rate 10.11% Reference Rate and Spread S + 5.75% Maturity 05/01/292024-12-310001948368us-gaap:FairValueInputsLevel3Memberck0001948368:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberck0001948368:FirstLienOrSeniorSecuredDebtMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMember2025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% United Flow Technologies Intermediate Holdco II, LLC Industry Trading Companies & Distributors Interest Rate 9.57% Reference Rate and Spread S + 5.25% Maturity 06/23/20312025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Harrington Industrial Plastics, LLC Industry Trading Companies & Distributors Interest Rate 10.11% Reference Rate and Spread S +5.75% Maturity 10/07/302024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Wellness AcquisitionCo, Inc. (dba SPINS) Industry IT Services Interest Rate 9.05% Reference Rate and Spread S + 4.75% Maturity 01/22/20292025-06-300001948368us-gaap:FairValueInputsLevel3Member2025-01-012025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Superior Environmental Solutions Industry Commercial Services & Supplies Interest Rate 10.96% Reference Rate and Spread S + 6.50% Maturity 08/01/29 Three2024-12-310001948368ck0001948368:AccruedExpensesAndOtherLiabilitiesMember2025-06-300001948368us-gaap:FairValueInputsLevel3Memberck0001948368:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberck0001948368:FirstLienOrSeniorSecuredDebtMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMember2024-12-310001948368Investment Equity Securities - 0.4% United States - 0.4% Common Stock - 0.4% VisionSafe Parent, LLC Industry Aerospace & Defense Maturity/ Initial Acquisition Date 04/19/242025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:OnyxCenterSourceIncMember2024-12-310001948368ck0001948368:InvestmentsAtFairValueMemberus-gaap:CommercialAndIndustrialSectorMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Last-Out Unitranche - 9.9% Thor FinanceCo LLC (dba Harmoni Towers) Wireless Telecommunication Services Interest Rate 11.37% Reference Rate and Spread S + 7.00% Maturity 08/24/20282025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Rocky Debt Merger Sub, LLC (dba NContracts) Industry Software Interest Rate 9.61% Reference Rate and Spread S +5.25% (Incl. 2.75% PIK) Maturity 09/01/312024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% United Flow Technologies Intermediate Holdco II, LLC Industry Trading Companies & Distributors Reference Rate and Spread S + 5.25% Maturity 06/21/20302025-06-3000019483681 Month SOFR Member2024-01-012024-12-3100019483686 Month SOFR Member2024-01-012024-12-310001948368ck0001948368:ElectricalEquipmentMember2025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Eagle Family Foods Group Holdings, LLC Industry Food Products Interest Rate 9.59% Reference Rate and Spread S + 5.00% Maturity 08/12/302024-12-310001948368country:US2025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Runway Bidco, LLC (dba Redwood Software) Industry Software Interest Rate 9.33% Reference Rate and Spread S +5.00% Maturity 12/17/312024-12-310001948368us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:EquityMember2025-06-300001948368us-gaap:FinancialServicesSectorMember2024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Singlewire Software, LLC Industry Software Interest Rate 9.58% Reference Rate and Spread S +5.25% Maturity 05/10/292024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:UsSignalCompanyLlcMember2025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Engage2Excel, Inc. Industry Professional Services Interest Rate 10.72% Reference Rate and Spread S + 6.50% Maturity 07/01/20292025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% ABC Investment Holdco Inc. 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(dba New Relic) Industry Software Interest Rate 1.11% Reference Rate and Spread S +6.75% Maturity 11/08/302024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% TEI Intermediate LLC (dba Triumvirate Environmental) Industry Commercial Services & Supplies Interest Rate 9.03% Reference Rate and Spread S + 4.75% Maturity 12/15/20312025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Rocky Debt Merger Sub, LLC (dba NContracts) Industry Software Reference Rate and Spread S +5.25% (Incl. 2.75% PIK) Maturity 09/01/312024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Recorded Books Inc. 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Industry Professional Services Interest Rate 10.72% Reference Rate and Spread S + 6.50% Maturity 07/01/2029 One2025-06-300001948368ck0001948368:FirstLienOrLastOutUnitrancheMember2024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Fullsteam Operations LLC Industry Financial Services Reference Rate and Spread S + 8.25% Maturity 11/27/29 One2024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Last-Out Unitranche - 9.9% Tarpon Towers II LLC Industry Wireless Telecommunication Services Interest Rate 11.16% Reference Rate and Spread S + 6.83% Maturity 02/01/2029 One2025-06-300001948368us-gaap:FairValueInputsLevel3Memberck0001948368:FirstLienOrSeniorSecuredDebtMember2024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:Engage2ExcelIncMember2025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Trystar, LLC Industry Electrical Equipment Interest Rate 8.78% Reference Rate and Spread S + 4.50% Maturity 08/06/2031 One2025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:HealthedgeSoftwareIncMember2025-06-300001948368ck0001948368:TradingCompaniesAndDistributorsMember2024-12-310001948368Investment Equity Securities - 0.6% United States - 0.6% Common Stock - 0.6% RPC ABC Investment Holdings LLC (dba ABC Plumbing) Industry Diversified Consumer Services Maturity/ Initial Acquisition Date 04/26/242024-01-012024-12-310001948368us-gaap:SoftwareDevelopmentMember2025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Coding Solutions Acquisition, Inc. 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Industry Software Interest Rate 9.70% Reference Rate and Spread S + 5.25% Maturity 12/14/2029 One2025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:ValetWasteHoldingsIncMember2024-12-3100019483682025-03-310001948368Non-Controlled Affiliates ABC Investment Holdco Inc. (dba ABC Plumbing)2024-12-310001948368us-gaap:InvestmentUnaffiliatedIssuerMember2024-01-012024-06-300001948368ck0001948368:FirstLienSeniorSecuredDebtMembercountry:US2024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Convenient Payments Acquisition, Inc. Industry Software Interest Rate 10.33% Reference Rate and Spread S + 6.00% Maturity 12/31/2026 One2025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Zeppelin US Buyer Inc. (dba Global Critical Logistics) Industry Air Freight & Logistics Reference Rate and Spread S + 4.75% Maturity 08/02/2032 One2025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Last-Out Unitranche - 9.9% Tarpon Towers II LLC Industry Wireless Telecommunication Services Interest Rate 11.16% Reference Rate and Spread S + 6.83% Maturity 02/01/20292025-06-300001948368us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Ortholite, LLC Industry Textiles, Apparel & Luxury Goods Interest Rate 10.55% Reference Rate and Spread S + 6.25% Maturity 09/29/20272025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% NCWS Intermediate, Inc. (dba National Carwash Solutions) Industry Trading Companies & Distributors Interest Rate 9.83% Reference Rate and Spread S + 5.50% Maturity 12/31/292024-12-310001948368ck0001948368:HealthCareTechnologyMember2025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:WellnessAcquisitionCoIncDbaSPINSMember2024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Trystar, LLC Industry Electrical Equipment Interest Rate 9.03% Reference Rate and Spread S + 4.50% Maturity 08/06/312024-12-310001948368ck0001948368:HouseholdProductsMember2024-12-310001948368ck0001948368:DistributorsMember2024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:SplashCarWashIncMember2024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% VisionSafe Holdings, Inc. Industry Aerospace & Defense Interest Rate 10.52% Reference Rate and Spread S + 6.00% Maturity 04/19/302024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Ideal Components Acquisition, LLC (dba Ideal Tridon) Industry Machinery Reference Rate and Spread S + 5.00% Maturity 06/30/2032 One2025-06-300001948368us-gaap:SoftwareDevelopmentMemberck0001948368:InvestmentsAtFairValueMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-06-300001948368us-gaap:FairValueInputsLevel3Memberck0001948368:FirstLienOrSeniorSecuredDebtMember2024-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:SunshineCadenceHoldcoLlcMember2024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:SonarAcquisitioncoIncMember2025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:GuidepointSecurityHoldingsLLCMember2024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Interest Rate 9.55% Reference Rate and Spread S + 5.25% Maturity 07/24/20312025-06-300001948368us-gaap:FairValueInputsLevel3Member2025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:PtIntermediateHoldingsIiiLlcMember2025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Superior Environmental Solutions Industry Commercial Services & Supplies Interest Rate 10.96% Reference Rate and Spread S + 6.50% Maturity 08/01/29 One2024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Highfive Dental Holdco, LLC Industry Health Care Providers & Services Reference Rate and Spread S + 6.75% Maturity 06/13/282024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:ProjectAccelerateParentLlcDbaAbcFitnessMember2024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:AbcInvestmentHoldcoIncMember2025-06-300001948368ck0001948368:TextilesApparelLuxuryGoodsMember2025-06-300001948368us-gaap:DebtSecuritiesMember2024-12-310001948368us-gaap:FairValueInputsLevel2Member2024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% QBS Parent, Inc. (dba Quorum Software) Industry IT Services Reference Rate and Spread S + 4.50% Maturity 11/07/20312025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Sunshine Cadence HoldCo, LLC (dba Cadence Education) Industry Diversified Consumer Services Reference Rate and Spread S + 5.00% Maturity 05/01/20302025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% ABC Investment Holdco Inc. (dba ABC Plumbing) Industry Diversified Consumer Services Interest Rate 10.30% Reference Rate and Spread S + 6.00% Maturity 04/26/20292025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Recorded Books Inc. (dba RBMedia) Industry Media Interest Rate 10.32% Reference Rate and Spread S + 5.75% Maturity 09/03/302024-12-310001948368us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:EquityMember2025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:BuckeyeAcquirorLLCMember2024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.) Industry Commercial Services & Supplies Interest Rate 9.32% Reference Rate and Spread S + 5.00% Maturity 08/22/20302025-06-300001948368us-gaap:MachineryAndEquipmentMember2024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Zeppelin US Buyer Inc. (dba Global Critical Logistics) Industry Air Freight & Logistics Reference Rate and Spread S + 4.75% Maturity 08/02/20322025-06-3000019483682024-03-310001948368us-gaap:HealthcareSectorMemberck0001948368:InvestmentsAtFairValueMemberck0001948368:IndustryConcentrationRiskMember2024-01-012024-12-310001948368us-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:TmRestaurantGroupLlcMember2024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% AI Titan Parent, Inc. (dba Prometheus) Industry Software Interest Rate 8.83% Reference Rate and Spread S + 4.50% Maturity 08/29/20312025-06-300001948368us-gaap:RetailSectorMember2025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% US Signal Company, LLC Industry IT Services Reference Rate and Spread S + 5.50% Maturity 09/04/29 One2024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Wellness AcquisitionCo, Inc. (dba SPINS) Industry IT Services Interest Rate 9.05% Reference Rate and Spread S + 4.75% Maturity 01/22/2029 One2025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% DFS Holding Company, Inc. Industry Distributors Interest Rate 11.33% Reference Rate and Spread S + 7.00% Maturity 01/31/20292025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Sunshine Cadence HoldCo, LLC (dba Cadence Education) Industry Diversified Consumer Services Reference Rate and Spread S + 5.00% Maturity 05/01/302024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) Industry IT Services Reference Rate and Spread S + 5.25% Maturity 10/02/2029 One2025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:CrewlineBuyerIncMember2024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:SunshineCadenceHoldcoLlcMember2025-06-3000019483682025-01-012025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Interest Rate 9.32% Reference Rate and Spread S + 5.00% Maturity 12/06/20292025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:CircustrixHoldingsLlcMember2025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Superman Holdings, LLC (dba Foundation Software) Industry Construction & Engineering Reference Rate and Spread S + 4.50% Maturity 08/29/20312025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:AqSunshineIncMember2025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Fullsteam Operations LLC Industry Financial Services Reference Rate and Spread S + 8.25% Maturity 11/27/292024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% VASA Fitness Buyer, Inc. Industry Diversified Consumer Services Reference Rate and Spread S + 7.50% Maturity 08/14/282024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% PT Intermediate Holdings III, LLC (dba Parts Town) Industry Trading Companies & Distributors Interest Rate 9.30% Reference Rate and Spread S + 5.00% (Incl 1.75% PIK) Maturity 04/09/20302025-06-300001948368ck0001948368:InvestmentsAtFairValueMemberck0001948368:DistributorsMemberck0001948368:IndustryConcentrationRiskMember2024-01-012024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Artifact Bidco, Inc. (dba Avetta) Industry Software Interest Rate 8.83% Reference Rate and Spread S +4.50% Maturity 07/28/312024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics) Industry Trading Companies & Distributors Interest Rate 10.08% Reference Rate and Spread S + 5.75% Maturity 10/07/20302025-06-3000019483682025-04-012025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Mandrake Bidco, Inc. (dba Miratech) Industry Machinery Reference Rate and Spread S + 4.75% Maturity 08/20/302024-12-310001948368us-gaap:FinancialServicesSectorMember2025-06-300001948368ck0001948368:InvestmentsAtFairValueMemberus-gaap:ContainerAndPackagingSectorMemberck0001948368:IndustryConcentrationRiskMember2024-01-012024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:ZeppelinUSBuyerIncMember2025-06-300001948368ck0001948368:InvestmentsAtFairValueMemberck0001948368:IndustryConcentrationRiskMember2024-01-012024-12-310001948368us-gaap:RetailSectorMember2024-12-310001948368ck0001948368:AverageEndOfSuchQuarterAndZeroMember2025-01-012025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% KPA Parent Holdings, Inc. Industry Software Reference Rate and Spread S + 4.75% Maturity 03/12/2032 One2025-06-300001948368us-gaap:FairValueInputsLevel3Memberck0001948368:FirstLienOrLastOutUnitrancheMember2023-12-310001948368ck0001948368:HealthCareEquipmentAndSuppliesMember2024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% NC Topco, LLC (dba NContracts) Industry Software Reference Rate and Spread S + 4.50% Maturity 09/01/2031 One2025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Singlewire Software, LLC Industry Software Reference Rate and Spread S + 5.25% Maturity 05/10/20292025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Ark Data Centers, LLC Industry IT Services Reference Rate and Spread S + 4.75% Maturity 11/27/302024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 10.93% Reference Rate and Spread S + 6.50% Maturity 08/01/2029 Three2025-06-3000019483682025-08-120001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% USA DeBusk, LLC Industry Commercial Services & Supplies Interest Rate 9.57% Reference Rate and Spread S + 5.25% Maturity 04/30/20312025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Vamos Bidco, Inc. (dba VIP) Industry Software Reference Rate and Spread S + 4.75% Maturity 01/30/20322025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMember2024-12-310001948368ck0001948368:CURiOBrandsLLCMemberck0001948368:FirstLienOrSeniorSecuredDebtMember2024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Interest Rate 10.39% Reference Rate and Spread S + 5.25% Maturity 07/24/312024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMember2025-06-300001948368us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:EquityMember2024-12-310001948368us-gaap:DebtSecuritiesMember2025-06-300001948368us-gaap:FairValueInputsLevel2Member2025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:ArrowBuyerIncMember2025-06-300001948368ck0001948368:InvestmentsAtFairValueMemberus-gaap:FoodAndBeverageMemberck0001948368:IndustryConcentrationRiskMember2024-01-012024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:KPAParentHoldingsIncMember2025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Interest Rate 9.30% Reference Rate and Spread S + 5.00% Maturity 12/06/20292025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Octane Purchaser, Inc. (dba Office Ally) Industry Health Care Technology Reference Rate and Spread S + 4.25% Maturity 05/19/2032 One2025-06-300001948368us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2024-12-3100019483682024-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.) Industry Commercial Services & Supplies Interest Rate 9.82% Reference Rate and Spread S + 5.50% (Incl 2.75% PIK) Maturity 08/22/20312025-06-300001948368Non-Controlled Affiliates Goldman Sachs Financial Square Government Fund - Institutional Shares2023-12-310001948368us-gaap:FairValueInputsLevel1Member2024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Valet Waste Holdings, Inc. (dba Valet Living) Industry Commercial Services & Supplies Reference Rate and Spread S + 6.00% Maturity 05/01/20292025-06-300001948368us-gaap:FairValueInputsLevel1Memberck0001948368:InvestmentsInAffiliatedMoneyMarketFundMember2025-06-300001948368ck0001948368:InterestAndOtherDebtExpensePayableMember2025-06-300001948368ck0001948368:InvestmentsAtFairValueMemberck0001948368:ProfessionalServicesMemberck0001948368:IndustryConcentrationRiskMember2024-01-012024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% CURiO Brands LLC Industry Household Products Reference Rate and Spread S + 5.25% Maturity 04/02/2031 One2025-06-300001948368ck0001948368:HealthCareTechnologyMemberck0001948368:InvestmentsAtFairValueMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% US Signal Company, LLC Industry IT Services Reference Rate and Spread S + 5.50% Maturity 09/04/20292025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:AdmiralBuyerIncMember2025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Superman Holdings, LLC (dba Foundation Software) Industry Construction & Engineering Reference Rate and Spread S + 4.50% Maturity 08/29/312024-12-310001948368ck0001948368:InvestmentCompanyExpenseRatioToAverageNetAssetsMember2025-01-012025-06-300001948368us-gaap:FinancialServicesSectorMemberck0001948368:InvestmentsAtFairValueMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-06-300001948368ck0001948368:HouseholdProductsMemberck0001948368:InvestmentsAtFairValueMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-06-300001948368us-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Trystar, LLC Industry Electrical Equipment Reference Rate and Spread S + 4.50% Maturity 08/06/31 One2024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Circustrix Holdings, LLC (dba SkyZone) Industry Leisure Products Interest Rate 10.88% Reference Rate and Spread S + 6.50% Maturity 07/18/282024-12-3100019483682022-10-062022-10-060001948368ck0001948368:FirstLienOrSeniorSecuredDebtMember2024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Ark Data Centers, LLC Industry IT Services Interest Rate 9.05% Reference Rate and Spread S + 4.75% Maturity 11/27/2030 One2025-06-300001948368us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:RunwayBidcoLlcMember2024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Oliver Packaging and Equipment Company, LLC (fka Buffalo Merger Sub, LLC) Industry Containers & Packaging Interest Rate 9.51% Reference Rate and Spread S + 5.25% Maturity 11/01/20302025-06-300001948368ck0001948368:InvestmentsAtFairValueMemberus-gaap:MediaContentMemberck0001948368:IndustryConcentrationRiskMember2024-01-012024-12-310001948368ck0001948368:AffiliatedInvestmentMember2024-01-012024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% DFS Holding Company, Inc. Industry Distributors Interest Rate 11.33% Reference Rate and Spread S + 7.00% Maturity 01/31/2029 One2025-06-300001948368us-gaap:InsuranceSectorMember2024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Interest Rate 9.83% Reference Rate and Spread S + 5.50% Maturity 05/08/282024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:HighfiveDentalHoldcoLlcMember2024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Last-Out Unitranche - 9.9% EIP Consolidated, LLC (dba Everest Infrastructure) Industry Wireless Telecommunication Services Interest Rate 10.58% Reference Rate and Spread S + 6.25% Maturity 12/07/20282025-06-300001948368ck0001948368:HealthedgeSoftwareIncMemberck0001948368:FirstLienOrSeniorSecuredDebtMember2024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:EagleFamilyFoodsGroupLLCMember2024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Admiral Buyer, Inc. 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Industry Professional Services Interest Rate 10.75% Reference Rate and Spread S + 6.50% Maturity 07/01/292024-12-310001948368us-gaap:FairValueInputsLevel3Memberck0001948368:InvestmentAdviserDidNotDevelopUnobservableInputsMember2025-06-300001948368ck0001948368:InvestmentCompanyRatioOfInterestAndOtherDebtExpensesToAverageNetAssetsMember2025-01-012025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Fullsteam Operations LLC Industry Financial Services Interest Rate 12.71% Reference Rate and Spread S + 8.25% Maturity 11/27/20292025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% US Signal Company, LLC Industry IT Services Reference Rate and Spread S + 5.50% Maturity 09/04/292024-12-310001948368ck0001948368:InvestmentsAtFairValueMemberus-gaap:RetailSectorMemberck0001948368:IndustryConcentrationRiskMember2024-01-012024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% QBS Parent, Inc. (dba Quorum Software) Industry IT Services Reference Rate and Spread S + 4.50% Maturity 06/03/2032 One2025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:SplashCarWashIncMember2025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Artifact Bidco, Inc. (dba Avetta) Industry Software Reference Rate and Spread S +4.50% Maturity 07/26/302024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Valet Waste Holdings, Inc. (dba Valet Living) Industry Commercial Services & Supplies Reference Rate and Spread S + 5.75% Maturity 05/01/292024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Eagle Family Foods Group LLC Industry Food Products Interest Rate 9.01% Reference Rate and Spread S + 5.00% Maturity 08/12/20302025-06-300001948368ck0001948368:HouseholdProductsMemberck0001948368:InvestmentsAtFairValueMemberck0001948368:IndustryConcentrationRiskMember2024-01-012024-12-310001948368us-gaap:AerospaceSectorMemberck0001948368:InvestmentsAtFairValueMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Highfive Dental Holdco, LLC Industry Health Care Providers & Services Interest Rate 11.18% Reference Rate and Spread S + 6.75% Maturity 06/13/20282025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Hamilton Thorne, Inc. Industry Health Care Equipment & Supplies Interest Rate 9.77% Reference Rate and Spread S + 5.50% Maturity 11/28/20312025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:AqSunshineIncMember2024-12-310001948368us-gaap:ContainerAndPackagingSectorMember2025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% NCWS Intermediate, Inc. (dba National Carwash Solutions) Industry Trading Companies & Distributors Interest Rate 9.55% Reference Rate and Spread S + 5.25% Maturity 12/31/20292025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Blast Bidco Inc. (dba Bazooka Candy Brands) Industry Consumer Staples Distribution & Retail Interest Rate 10.33% Reference Rate and Spread S + 6.00% Maturity 10/04/302024-12-310001948368Non-Controlled Affiliates ABC Investment Holdco Inc. (dba ABC Plumbing)2025-01-012025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% CI (Quercus) Intermediate Holdings, LLC (dba SavATree) Industry Diversified Consumer Services Interest Rate 9.33% Reference Rate and Spread S + 5.00% Maturity 06/06/312024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Geotechnical Merger Sub, Inc. Industry Construction & Engineering Reference Rate and Spread S + 4.75% Maturity 10/15/312024-12-310001948368ck0001948368:ForeignCurrencyMember2025-01-012025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics) Industry Trading Companies & Distributors Interest Rate 10.08% Reference Rate and Spread S + 5.75% Maturity 10/07/2030 One2025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Highfive Dental Holdco, LLC Industry Health Care Providers & Services Interest Rate 11.21% Reference Rate and Spread S + 6.75% Maturity 06/13/282024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:VamosBidcoIncDbaVIPMember2025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:SpotlessBrandsLlcMember2025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:CURiOBrandsLLCMember2025-06-300001948368us-gaap:DebtMemberus-gaap:RevolvingCreditFacilityMember2025-03-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Fullsteam Operations LLC Industry Financial Services Interest Rate 12.91% Reference Rate and Spread S + 8.25% Maturity 11/27/292024-12-310001948368Non-Controlled Affiliates Goldman Sachs Financial Square Government Fund - Institutional Shares2024-01-012024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Interest Rate 9.55% Reference Rate and Spread S + 5.25% Maturity 07/24/2031 One2025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Superior Environmental Solutions Industry Commercial Services & Supplies Interest Rate 10.25% Reference Rate and Spread S + 5.75% Maturity 08/01/292024-12-310001948368ck0001948368:InvestmentsAtFairValueMemberus-gaap:ConstructionMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-06-300001948368us-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Fullsteam Operations LLC Industry Financial Services Interest Rate 12.91% Reference Rate and Spread S + 8.25% Maturity 11/27/29 Two2024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Last-Out Unitranche – 9.9% Tarpon Towers II LLC Industry Wireless Telecommunication Services Interest Rate 11.19% Reference Rate and Spread S + 6.83% Maturity 02/01/292024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Crewline Buyer, Inc. (dba New Relic) Industry Software Reference Rate and Spread S +6.75% Maturity 11/08/302024-12-310001948368ck0001948368:FirstLienLast-OutUnitrancheMembercountry:US2025-06-300001948368ck0001948368:InvestmentsAtFairValueMemberus-gaap:ConsumerSectorMemberck0001948368:IndustryConcentrationRiskMember2024-01-012024-12-310001948368ck0001948368:FirstLienOrLastOutUnitrancheMember2024-12-310001948368us-gaap:MediaContentMember2025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Reference Rate and Spread S + 5.00% Maturity 12/06/2029 One2025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Sunshine Cadence HoldCo, LLC (dba Cadence Education) Industry Diversified Consumer Services Interest Rate 9.61% Reference Rate and Spread S + 5.00% Maturity 05/01/312024-12-310001948368ck0001948368:ConsumerStaplesDistributionAndRetailMember2025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Easy Mile Fitness, LLC Industry Hotels, Restaurants & Leisure Interest Rate 10.78% Reference Rate and Spread S + 6.50% Maturity 09/12/2029 One2025-06-300001948368ck0001948368:InvestmentsAtFairValueMemberus-gaap:ConsumerSectorMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Sunshine Cadence HoldCo, LLC (dba Cadence Education) Industry Diversified Consumer Services Interest Rate 9.46% Reference Rate and Spread S + 5.00% Maturity 05/01/312024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% VASA Fitness Buyer, Inc. Industry Diversified Consumer Services Interest Rate 11.96% Reference Rate and Spread S + 7.50% Maturity 08/14/282024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.) Industry Construction & Engineering Interest Rate 9.08% Reference Rate and Spread S + 4.75% Maturity 10/15/20312025-06-300001948368us-gaap:CommonStockMember2024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:VasaFitnessBuyerIncMember2025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Arrow Buyer, Inc. (dba Archer Technologies) Industry Software Reference Rate and Spread S +5.75% Maturity 07/01/302024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:CrewlineBuyerIncMember2025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:ArtifactBidcoIncMember2024-12-310001948368Non-Controlled Affiliates Goldman Sachs Financial Square Government Fund - Institutional Shares2025-01-012025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Onyx CenterSource, Inc. Industry Software Interest Rate 9.70% Reference Rate and Spread S + 5.25% Maturity 12/14/20292025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Formulations Parent Corporation (dba Chase Corp) Industry Chemicals Interest Rate 10.27% Reference Rate and Spread S + 5.75% Maturity 11/15/302024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:CeleroCommerceLLCMember2024-12-310001948368country:USus-gaap:EquitySecuritiesMember2024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Circustrix Holdings, LLC (dba SkyZone) Industry Leisure Products Interest Rate 10.86% Reference Rate and Spread S + 6.50% Maturity 07/18/282024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:LegendsHospitalityHoldingCompanyLLCMember2025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Recorded Books Inc. (dba RBMedia) Industry Media Reference Rate and Spread S + 5.75% Maturity 08/31/282024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Hamilton Thorne, Inc. Industry Health Care Equipment & Supplies Interest Rate 9.93% Reference Rate and Spread S + 5.50% Maturity 11/28/312024-12-310001948368Non-Controlled Affiliates ABC Investment Holdco Inc. (dba ABC Plumbing)2025-06-300001948368us-gaap:DebtMember2024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:UsSignalCompanyLlcMember2024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Crewline Buyer, Inc. (dba New Relic) Industry Software Interest Rate 11.08% Reference Rate and Spread S + 6.75% Maturity 11/08/20302025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Valet Waste Holdings, Inc. (dba Valet Living) Industry Commercial Services & Supplies Interest Rate 10.33% Reference Rate and Spread S + 6.00% Maturity 05/01/20292025-06-300001948368ck0001948368:FirstLienOrLastOutUnitrancheMemberck0001948368:TowercoIvHoldingsLlcMember2025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Rotation Buyer, LLC (dba Rotating Industry Machinery Services) Machinery Interest Rate 9.05% Reference Rate and Spread S + 4.75% Maturity 12/26/20312025-06-300001948368us-gaap:MachineryAndEquipmentMemberck0001948368:InvestmentsAtFairValueMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-06-300001948368us-gaap:FairValueInputsLevel3Memberck0001948368:FirstLienOrSeniorSecuredDebtMember2025-06-300001948368us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:EquityMember2024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% VisionSafe Holdings, Inc. Industry Aerospace & Defense Reference Rate and Spread S + 5.50% Maturity 04/19/302025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:OliverPackagingAndEquipmentCompanyLLCMember2025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Last-Out Unitranche – 9.9% Thor FinanceCo LLC (dba Harmoni Towers) Industry Wireless Telecommunication Services Interest Rate 11.70% Reference Rate and Spread S + 7.00% Maturity 08/24/282024-12-310001948368us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0001948368:BankLoansCorporateDebtAndOtherDebtObligationsMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberck0001948368:FirstLienOrLastOutUnitrancheMember2025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Rotation Buyer, LLC (dba Rotating Machinery Services) Industry Machinery Interest Rate 9.06% Reference Rate and Spread S + 4.75% Maturity 12/26/20312025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Artifact Bidco, Inc. (dba Avetta) Industry Software Reference Rate and Spread S +4.50% Maturity 07/28/312024-12-310001948368ck0001948368:InvestmentAffiliatedIssuerNoncontrollingIncludedMoneyMarketFundsMember2025-01-012025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) Industry IT Services Reference Rate and Spread S + 5.25% Maturity 10/02/20292025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Wellness AcquisitionCo, Inc. (dba SPINS) Industry IT Services Reference Rate and Spread S + 4.75% Maturity 01/22/20292025-06-300001948368country:USus-gaap:InvestmentAffiliatedIssuerMember2024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% USA DeBusk, LLC Industry Commercial Services & Supplies Interest Rate 9.59% Reference Rate and Spread S + 5.25% Maturity 04/30/302024-12-310001948368us-gaap:InvestmentAffiliatedIssuerMember2025-06-300001948368ck0001948368:ConsumerStaplesDistributionAndRetailMember2024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Sonar Acquisitionco, Inc. (dba SimPRO) Industry Construction & Engineering Interest Rate 9.07% Reference Rate and Spread S + 4.75% Maturity 10/24/20302025-06-300001948368us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-04-012025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Zeppelin US Buyer Inc. (dba Global Critical Logistics) Industry Air Freight & Logistics Reference Rate and Spread S + 4.75% Maturity 08/02/2032 two2025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Easy Mile Fitness, LLC Industry Hotels, Restaurants & Leisure Interest Rate 11.09% Reference Rate and Spread S + 6.50% Maturity 09/12/292024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% KPA Parent Holdings, Inc. Industry Software Reference Rate and Spread S + 4.75% Maturity 03/12/20322025-06-300001948368ck0001948368:ForeignCurrencyMember2025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:HamiltonThorneIncMember2024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Rotation Buyer, LLC (dba Rotating Machinery Services) Industry Machinery Interest Rate 9.05% Reference Rate and Spread S + 4.75% Maturity 12/26/2031 One2025-06-300001948368us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberck0001948368:BankLoansCorporateDebtAndOtherDebtObligationsMemberck0001948368:FirstLienOrSeniorSecuredDebtMemberus-gaap:MeasurementInputDiscountRateMember2025-06-300001948368ck0001948368:InvestmentsAtFairValueMemberck0001948368:HotelsRestaurantsLeisureMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-06-300001948368ck0001948368:InvestmentsAtFairValueMemberck0001948368:DistributorsMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Fullsteam Operations LLC Industry Financial Services Interest Rate 11.48% Reference Rate and Spread S + 8.25% Maturity 11/27/2029 Two2025-06-300001948368ck0001948368:FebruaryTwentySixTwoThousandTwentyFiveMember2025-01-012025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% AI Titan Parent, Inc. (dba Prometheus) Industry Software Reference Rate and Spread S +4.75% Maturity 08/29/31 One2024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Geotechnical Merger Sub, Inc. Industry Construction & Engineering Interest Rate 9.27% Reference Rate and Spread S + 4.75% Maturity 10/15/312024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Splash Car Wash, Inc. Industry Diversified Consumer Services Reference Rate and Spread S + 5.00% Maturity 03/17/20322025-06-300001948368srt:MinimumMemberck0001948368:PhillipStreetMiddleMarketLendingInvestmentsLlcMember2023-02-100001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Runway Bidco, LLC (dba Redwood Software) Industry Software Reference Rate and Spread S +5.00% Maturity 12/17/312024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Rubix Foods, LLC Industry Food Products Interest Rate 9.08% Reference Rate and Spread S + 4.75% Maturity 04/30/20312025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:SpotlessBrandsLlcMember2024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% NCWS Intermediate, Inc. (dba National Carwash Solutions) Industry Trading Companies & Distributors Interest Rate 9.80% Reference Rate and Spread S + 5.50% (Incl 2.25% PIK) Maturity 12/31/20292025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:ArkDataCentersLLCMember2024-12-310001948368ck0001948368:FirstLienOrLastOutUnitrancheMemberck0001948368:ThorFinancecoLlcMember2025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Circustrix Holdings, LLC (dba SkyZone) Industry Leisure Products Interest Rate 10.86% Reference Rate and Spread S + 6.50% Maturity 07/18/28 One2024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Supreme Fitness Group NY Holdings, LLC Industry Hotels, Restaurants & Leisure Reference Rate and Spread S + 5.00% Maturity 04/14/20312025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Wellness AcquisitionCo, Inc. (dba SPINS) Industry IT Services Interest Rate 9.05% Reference Rate and Spread S + 4.75% Maturity 01/22/2029 Two2025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:FrontlineRoadSafetyOperationsLLCMember2025-06-3000019483682024-01-012024-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:AbcInvestmentHoldcoIncMember2024-12-310001948368ck0001948368:LeisureProductsMember2024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:VasaFitnessBuyerIncMember2024-12-310001948368us-gaap:FairValueInputsLevel3Memberck0001948368:FirstLienOrLastOutUnitrancheMember2024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% ABC Investment Holdco Inc. (dba ABC Plumbing) Industry Diversified Consumer Services Interest Rate 10.48% Reference Rate and Spread S + 6.00% Maturity 04/26/292024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Coding Solutions Acquisition, Inc. (dba CorroHealth) Industry Health Care Providers & Services Reference Rate and Spread S + 5.00% Maturity 08/07/20312025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 10.93% Reference Rate and Spread S + 6.50% Maturity 08/01/2029 Two2025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% VASA Fitness Buyer, Inc. Industry Diversified Consumer Services Interest Rate 11.93% Reference Rate and Spread S + 7.50% Maturity 08/14/2028 One2025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Ideal Components Acquisition, LLC (dba Ideal Tridon) Industry Machinery Interest Rate 9.30% Reference Rate and Spread S + 5.00% Maturity 06/30/20322025-06-300001948368us-gaap:FairValueInputsLevel1Memberck0001948368:InvestmentsInAffiliatedMoneyMarketFundMember2024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Recorded Books Inc. (dba RBMedia) Industry Media Reference Rate and Spread S + 5.75% Maturity 08/31/20282025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Hamilton Thorne, Inc. Industry Health Care Equipment & Supplies Reference Rate and Spread S + 5.50% Maturity 11/28/312024-12-310001948368ck0001948368:DfsHoldingCompanyIncMemberck0001948368:FirstLienOrSeniorSecuredDebtMember2024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% GPS Phoenix Buyer, Inc. (dba Guidepoint) Industry IT Services Reference Rate and Spread S + 6.00% Maturity 10/02/29 One2024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% TM Restaurant Group LLC Industry Hotels, Restaurants & Leisure Interest Rate 11.72% Reference Rate and Spread S + 7.25% Maturity 07/26/282024-12-310001948368ck0001948368:DfsHoldingCompanyIncMemberck0001948368:FirstLienOrSeniorSecuredDebtMember2025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Easy Mile Fitness, LLC Industry Hotels, Restaurants & Leisure Interest Rate 10.78% Reference Rate and Spread S + 6.50% Maturity 09/12/20292025-06-300001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:FrontlineRoadSafetyOperationsLLCMember2024-12-310001948368us-gaap:FairValueInputsLevel3Memberck0001948368:FirstLienOrLastOutUnitrancheMember2024-01-012024-06-300001948368country:US2024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Interest Rate 9.58% Reference Rate and Spread S + 5.25% Maturity 07/24/302024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:RotationBuyerLLCMember2024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Octane Purchaser, Inc. (dba Office Ally) Industry Health Care Technology Reference Rate and Spread S + 4.25% Maturity 05/19/20322025-06-300001948368ck0001948368:InvestmentAffiliatedIssuerNoncontrollingIncludedMoneyMarketFundsMember2025-06-300001948368us-gaap:FairValueInputsLevel3Memberck0001948368:FirstLienOrSeniorSecuredDebtMember2023-12-3100019483682024-04-012024-06-300001948368us-gaap:ConstructionMember2024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:ProjectAccelerateParentLlcDbaAbcFitnessMember2025-06-300001948368us-gaap:HealthcareSectorMember2024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Tropical Bidco, LLC (dba Tropical Cheese) Industry Food Products Interest Rate 9.08% Reference Rate and Spread S + 4.75% Maturity 12/11/30 One2024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:CodingSolutionsAcquisitionIncMember2025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Summit Buyer, LLC (dba Classic Collision) Industry Specialty Retail Reference Rate and Spread S + 5.00% Maturity 06/02/20312025-06-300001948368ck0001948368:ForeignCurrencyMember2024-01-012024-12-310001948368ck0001948368:InvestmentsAtFairValueMemberck0001948368:IndustryConcentrationRiskMemberck0001948368:ChemicalsMember2024-01-012024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberus-gaap:FairValueInputsLevel2Member2025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% GPS Phoenix Buyer, Inc. (dba Guidepoint) Industry IT Services Interest Rate 10.36% Reference Rate and Spread S + 6.00% Maturity 10/02/292024-12-310001948368us-gaap:InvestmentAffiliatedIssuerMember2024-12-310001948368ck0001948368:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberck0001948368:FirstLienOrLastOutUnitrancheMember2024-12-310001948368us-gaap:FairValueInputsLevel3Memberck0001948368:InvestmentAdviserDidNotDevelopUnobservableInputsMember2024-12-310001948368ck0001948368:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputDiscountRateMemberck0001948368:FirstLienOrLastOutUnitrancheMembersrt:MaximumMember2024-12-310001948368ck0001948368:GoldmanSachsFinancialSquareGovernmentFundInstitutionalSharesMember2024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Sunshine Cadence HoldCo, LLC (dba Cadence Education) Industry Diversified Consumer Services Interest Rate 9.29% Reference Rate and Spread S + 5.00% Maturity 05/01/20312025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Spotless Brands, LLC Industry Diversified Consumer Services Interest Rate 10.05% Reference Rate and Spread S + 5.75% Maturity 07/25/2028 One2025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Formulations Parent Corporation (dba Chase Corp) Industry Chemicals Reference Rate and Spread S + 5.75% Maturity 11/15/292024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% HealthEdge Software, Inc. Industry Health Care Technology Reference Rate and Spread S + 4.75% Maturity 07/16/312024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:EasyMileFitnessLlcMember2025-06-3000019483686 Month SOFR Member2025-01-012025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Rocky Debt Merger Sub, LLC (dba NContracts) Industry Software Reference Rate and Spread S +5.25% (Incl. 2.75% PIK) Maturity 09/01/31 One2024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% ABC Investment Holdco Inc. (dba ABC Plumbing) Industry Diversified Consumer Services Interest Rate 10.29% Reference Rate and Spread S + 6.00% Maturity 04/26/20292025-06-300001948368ck0001948368:InvestmentsAtFairValueMemberus-gaap:RetailSectorMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-06-300001948368country:USus-gaap:InvestmentAffiliatedIssuerMember2025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Circustrix Holdings, LLC (dba SkyZone) Industry Leisure Products Reference Rate and Spread S + 6.50% Maturity 07/18/20282025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) Industry IT Services Interest Rate 9.58% Reference Rate and Spread S + 5.25% Maturity 10/02/20292025-06-300001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Reference Rate and Spread S + 5.50% Maturity 05/08/282024-12-310001948368us-gaap:DebtMember2022-10-062022-10-060001948368ck0001948368:FebruaryTwentySevenTwoThousandTwentyFourMember2024-01-012024-06-3000019483681 Month BBSW Member2024-01-012024-12-310001948368ck0001948368:InvestmentsAtFairValueMemberck0001948368:TextilesApparelLuxuryGoodsMemberck0001948368:IndustryConcentrationRiskMember2024-01-012024-12-310001948368ck0001948368:FirstLienOrLastOutUnitrancheMemberck0001948368:ThorFinancecoLlcMember2024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Crewline Buyer, Inc. (dba New Relic) Industry Software Reference Rate and Spread S + 6.75% Maturity 11/08/20302025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% VisionSafe Holdings, Inc. Industry Aerospace & Defense Interest Rate 9.82% Reference Rate and Spread S + 5.50% Maturity 04/19/302025-06-300001948368us-gaap:RevolvingCreditFacilityMember2025-06-300001948368us-gaap:ValuationTechniqueDiscountedCashFlowMemberck0001948368:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberck0001948368:FirstLienOrLastOutUnitrancheMember2025-06-300001948368us-gaap:AerospaceSectorMember2024-12-310001948368us-gaap:CommonStockMember2024-01-012024-12-310001948368Investment Debt Investments - 149.7% United States - 149.7% 1st Lien/Senior Secured Debt - 139.8% Ark Data Centers, LLC Industry IT Services Interest Rate 9.08% Reference Rate and Spread S + 4.75% Maturity 11/27/302024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% TM Restaurant Group LLC Industry Hotels, Restaurants & Leisure Reference Rate and Spread S + 7.25% Maturity 07/26/20282025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Sonar Acquisitionco, Inc. (dba SimPRO) Industry Construction & Engineering Interest Rate 8.41% Reference Rate and Spread B + 4.75% Maturity 10/24/20302025-06-300001948368us-gaap:MoneyMarketFundsMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-06-300001948368ck0001948368:FullsteamOperationsLlcMemberck0001948368:FirstLienOrSeniorSecuredDebtMember2024-12-310001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Project Accelerate Parent, LLC (dba ABC Fitness) Industry Financial Services Interest Rate 9.57% Reference Rate and Spread S + 5.25% Maturity 02/24/20312025-06-300001948368Investment Debt Investments - 164.8% United States - 164.8% 1st Lien/Senior Secured Debt - 154.9% Ark Data Centers, LLC Industry IT Services Interest Rate 11.25% Reference Rate and Spread P + 3.75% Maturity 11/27/20302025-06-300001948368ck0001948368:ITServicesMember2024-12-3100019483682024-12-31iso4217:AUDiso4217:EURxbrli:purexbrli:sharesiso4217:USDxbrli:sharesck0001948368:Segmentiso4217:USD

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended June 30, 2025

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

Commission file number: 814-01579

Phillip Street Middle Market Lending Fund LLC

(Exact Name of Registrant as Specified in Its Charter)


Delaware	92-0758632
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

200 West Street, New York, New York	10282
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s Telephone Number, Including Area Code: (312) 655-4419

Not Applicable

Former Name, Former Address and Former Fiscal Year, If Changed Since Last Report.

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

     Title of each class

     Trading Symbol(s)

     Name of each exchange
on which registered

     None

     None

     None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the 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 is a shell company (as defined in Rule 12b-2 of the Act). YES ☐ NO ☒

As of August 12, 2025, there were 21,699,483 limited liability company common units outstanding.

Table of Contents

PHILLIP STREET MIDDLE MARKET LENDING FUND LLC

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2025


	INDEX	PAGE
	Cautionary Statement Regarding Forward-Looking Statements	3
PART I.	FINANCIAL INFORMATION	4
ITEM 1.	Financial Statements (Unaudited)	4
	Consolidated Statements of Financial Condition	4
	Consolidated Statements of Operations	5
	Consolidated Statements of Changes in Members' Capital	6
	Consolidated Statements of Cash Flows	7
	Consolidated Schedules of Investments	8
	Notes to the Consolidated Financial Statements	19
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	36
ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	48
ITEM 4.	Controls and Procedures	48

PART II	OTHER INFORMATION	49
ITEM 1.	Legal Proceedings	49
ITEM 1A.	Risk Factors	49
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	49
ITEM 3.	Defaults Upon Senior Securities	49
ITEM 4.	Mine Safety Disclosures	49
ITEM 5	Other Information	49
ITEM 6.	Exhibits	50

SIGNATURES		52

Table of Contents

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

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, 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. 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 U.S. Securities and Exchange Commission (the “SEC”), including annual reports on Form 10-K, registration statements on Form N-2, 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 “Exchange Act”), which preclude civil liability for certain forward-looking statements, do not apply to the forward-looking statements in this quarterly report because we are an investment company. The following factors are among those that may cause actual results to differ materially from our forward-looking statements:

•

our future operating results;

•

disruptions in the capital markets, market conditions, and general economic uncertainty;

•

changes in political, economic, social or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, including the effect of any pandemic or epidemic;

•

United States trade policy developments, tariffs and other trade restrictions;

•

uncertainty surrounding the financial and political stability of the United States, the United Kingdom, the European Union and China, the war between Russia and Ukraine and conflict in the Middle East;

•

our business prospects and the prospects of our portfolio companies;

•

the impact of investments that we expect to make;

•

the impact of increased competition;

•

our contractual arrangements and relationships with third parties;

•

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

•

the ability of our current and prospective portfolio companies to achieve their objectives;

•

the relative and absolute performance of Goldman Sachs Asset Management, L.P. (the “Investment Adviser”);

•

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

•

our ability to make distributions;

•

the adequacy of our cash resources and working capital;

•

changes in interest rates;

•

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

•

the impact of future acquisitions and divestitures;

•

the effect of changes in tax laws and regulations and interpretations thereof;

•

our ability to maintain our status as a BDC;

•

our ability to maintain our status under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) as a regulated investment company (“RIC”) and our qualification for tax treatment as a RIC;

•

actual and potential conflicts of interest with the Investment Adviser and its affiliates;

•

the ability of the Investment Adviser to attract and retain highly talented professionals;

•

the impact on our business from new or amended legislation or regulations;

•

the availability of credit and/or our ability to access the equity and capital markets;

•

currency fluctuations, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars;

•

the impact of changing inflation and interest rates and the risk of recession on our portfolio companies;

•

the effect of global climate change on our portfolio companies;

•

the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks; and

•

the increased public scrutiny of and regulation related to corporate social responsibility.

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Phillip Street Middle Market Lending Fund LLC

Consolidated Statements of Financial Condition

(in thousands, except unit and per unit amounts)


	June 30,		December 31,
	2025 (Unaudited)		2024
Assets
Investments, at fair value
Non-controlled/non-affiliated investments (cost of $699,825 and $593,640)	$	699,327	$	593,545
Non-controlled affiliated investments (cost of $11,275 and $10,902)		10,726		10,874
Total investments, at fair value (cost of $711,100 and $604,542)	$	710,053	$	604,419
Investments in affiliated money market fund (cost of $13,923 and $9,229)		13,923		9,229
Cash		16,858		11,353
Interest and dividends receivable		3,921		4,261
Deferred financing costs		5,312		5,816
Other assets		162		2,648
Total assets	$	750,229	$	637,726
Liabilities
Debt	$	312,100	$	220,100
Interest and other debt expenses payable		5,483		3,737
Management fees payable		1,379		1,245
Incentive fees payable		834		676
Distribution payable		—		9,123
Professional fees payable		152		192
Accrued expenses and other liabilities		550		419
Total liabilities	$	320,498	$	235,492
Commitments and contingencies (Note 7)
Members' capital
Preferred units (no units issued and outstanding)	$	—	$	—
Common units (21,218,251 and 20,272,339 units issued and outstanding as of June 30, 2025 and December 31, 2024)		420,804		401,831
Distributable earnings (loss)		8,927		403
Total members' capital	$	429,731	$	402,234
Total liabilities and members' capital	$	750,229	$	637,726
Net asset value per unit	$	20.25	$	19.84

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

Table of Contents

Phillip Street Middle Market Lending Fund LLC

Consolidated Statements of Operations

(in thousands, except unit and per unit amounts)

(Unaudited)


	For the Three Months Ended						For the Six Months Ended
	June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	17,883		$	7,614		$	33,897		$	13,655
Other income		356			129			651			252
From non-controlled affiliated investments:
Interest income		261			162			519			162
Dividend income		137			169			298			263
Other income		3			4			6			4
Total investment income	$	18,640		$	8,078		$	35,371		$	14,336
Expenses:
Interest and other debt expenses	$	5,736		$	2,382		$	10,639		$	3,792
Incentive fees		834			228			1,557			488
Management fees		1,379			690			2,712			1,262
Directors’ fees		60			34			119			66
Professional fees		185			171			345			284
Other general and administrative expenses		347			216			662			407
Total expenses	$	8,541		$	3,721		$	16,034		$	6,299
Net investment income (loss)	$	10,099		$	4,357		$	19,337		$	8,037
Net realized and unrealized gains (losses):
Net realized gain (loss) from:
Non-controlled/non-affiliated investments	$	3		$	(1	)	$	3		$	(1	)
Foreign currency transactions		23			—			23			—
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliated investments		(143	)		104			(403	)		1,058
Non-controlled affiliated investments		(233	)		(7	)		(521	)		(7	)
Foreign currency translations		34			—			36			—
Net realized and unrealized gains (losses)	$	(316	)	$	96		$	(862	)	$	1,050
Net increase (decrease) in members' capital from operations	$	9,783		$	4,453		$	18,475		$	9,087
Weighted average units outstanding		21,062,354			9,905,503			20,825,974			9,417,884
Basic and diluted net investment income (loss) per unit	$	0.48		$	0.44		$	0.93		$	0.85
Basic and diluted earnings (loss) per unit	$	0.46		$	0.45		$	0.89		$	0.96

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

Table of Contents

Phillip Street Middle Market Lending Fund LLC

Consolidated Statements of Changes in Members' Capital

(in thousands, except per unit amounts)

(Unaudited)


	For the Three Months Ended						For the Six Months Ended
	June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024

Members' capital at beginning of period	$	419,987		$	181,338		$	402,234		$	171,570
Net increase (decrease) in members' capital from operations:
Net investment income (loss)	$	10,099		$	4,357		$	19,337		$	8,037
Net realized gain (loss)		26			(1	)		26			(1	)
Net change in unrealized appreciation (depreciation)		(342	)		97			(888	)		1,051
Net increase (decrease) in members' capital from operations	$	9,783		$	4,453		$	18,475		$	9,087
Distributions to members from:
Distributable earnings	$	(9,950	)	$	(3,842	)	$	(9,950	)	$	(3,842	)
Total distributions to members	$	(9,950	)	$	(3,842	)	$	(9,950	)	$	(3,842	)
Capital transactions:
Issuance of common units	$	—		$	60,000		$	—		$	60,000
Reinvestment of common unit distributions	$	9,911		$	3,839			18,972			8,973
Net increase (decrease) in members' capital from capital transactions	$	9,911		$	63,839		$	18,972		$	68,973
Total increase (decrease) in members' capital	$	9,744		$	64,450		$	27,497		$	74,218
Members' capital at end of period	$	429,731		$	245,788		$	429,731		$	245,788
Distributions recorded per unit	$	0.48		$	0.43		$	0.48		$	0.43

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

Table of Contents

Phillip Street Middle Market Lending Fund LLC

Consolidated Statements of Cash Flows

(in thousands, except unit and per unit amounts)

(Unaudited)


	For the Six Months Ended			For the Six Months Ended
	June 30, 2025			June 30, 2024

Cash flows from operating activities:
Net increase (decrease) in members' capital from operations:	$	18,475		$	9,087
Adjustments to reconcile net increase (decrease) in members’ capital from operations to net cash provided by (used for) operating activities:
Purchases of investments		(144,052	)		(138,605	)
Payment-in-kind interest capitalized		(741	)		(60	)
Investments in affiliated money market fund, net		(4,694	)		(20,878	)
Proceeds from sales of investments and principal repayments		39,396			5,008
Net realized (gain) loss on investments		(3	)		1
Net change in unrealized (appreciation) depreciation on investments		924			(1,051	)
Net change in unrealized (appreciation) depreciation on foreign currency translations		(36	)		—
Amortization of premium and accretion of discount, net		(1,158	)		(465	)
Amortization of deferred financing costs		592			521
Change in operating assets and liabilities:
(Increase) decrease in interest and dividends receivable		340			(967	)
(Increase) decrease in other assets		2,486			(155	)
Increase (decrease) in interest and other debt expenses payable		1,746			1,265
Increase (decrease) in professional fees payable		(40	)		(83	)
Increase (decrease) in management fees payable		134			199
Increase (decrease) in incentive fees payable		158			22
Increase (decrease) in accrued expenses and other liabilities		131			176
Net cash provided by (used for) operating activities	$	(86,342	)	$	(145,985	)
Cash flows from financing activities:
Proceeds from issuance of common units	$	—		$	60,000
Distributions paid		(101	)		(31	)
Financing costs paid		(88	)		(636	)
Borrowings on debt		104,000			95,600
Repayments of debt		(12,000	)		—
Net cash provided by (used for) financing activities	$	91,811		$	154,933
Net increase (decrease) in cash	$	5,469			8,948
Effect of foreign exchange rate changes on cash and cash equivalents		36			—
Cash, beginning of period		11,353			5,789
Cash, end of period	$	16,858		$	14,737
Supplemental and non-cash activities
Interest expense paid	$	7,619		$	885
Reinvestment of common unit distributions	$	18,972		$	8,973

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

Table of Contents

Phillip Street Middle Market Lending Fund LLC

Consolidated Schedule of Investments as of June 30, 2025

(in thousands, except unit and per unit amounts)

(Unaudited)


Investment (1)	Industry (2)	Interest Rate (3)	Reference Rate and Spread (3)	Maturity		Par/ Shares(4)		Cost			Fair Value			Footnotes
Debt Investments - 164.8%
United States - 164.8%
1st Lien/Senior Secured Debt - 154.9%
VisionSafe Holdings, Inc.	Aerospace & Defense	9.82%	S + 5.50%	04/19/30	$		3,372	$	3,315		$	3,305		(5) (6) (7)
VisionSafe Holdings, Inc.	Aerospace & Defense		S + 5.50%	04/19/30			509		(8	)		(10	)	(5) (7) (8)
Zeppelin US Buyer Inc. (dba Global Critical Logistics)	Air Freight & Logistics		S + 4.75%	08/02/32			5,941		—			—		(5) (6) (8)
Zeppelin US Buyer Inc. (dba Global Critical Logistics)	Air Freight & Logistics		S + 4.75%	08/02/32			1,819		—			—		(5) (8)
Zeppelin US Buyer Inc. (dba Global Critical Logistics)	Air Freight & Logistics		S + 4.75%	08/02/32			909		—			—		(5) (8)
Buckeye Acquiror LLC (dba Superior Environmental Solutions)	Commercial Services & Supplies	10.93%	S + 6.50%	08/01/29			5,434		5,333			5,407		(5) (6) (7)
Buckeye Acquiror LLC (dba Superior Environmental Solutions)	Commercial Services & Supplies	10.18%	S + 5.75%	08/01/29			3,012		2,971			2,914		(5) (6) (7)
Buckeye Acquiror LLC (dba Superior Environmental Solutions)	Commercial Services & Supplies	10.18%	S + 5.75%	08/01/29			2,562		138			73		(5) (7) (8)
Buckeye Acquiror LLC (dba Superior Environmental Solutions)	Commercial Services & Supplies	10.93%	S + 6.50%	08/01/29			1,651		1,616			1,643		(5) (7)
Buckeye Acquiror LLC (dba Superior Environmental Solutions)	Commercial Services & Supplies	10.93%	S + 6.50%	08/01/29			1,470		433			449		(5) (7) (8)
Buckeye Acquiror LLC (dba Superior Environmental Solutions)	Commercial Services & Supplies	10.93%	S + 6.50%	08/01/29			819		803			815		(5) (7)
Buckeye Acquiror LLC (dba Superior Environmental Solutions)	Commercial Services & Supplies	10.93%	S + 6.50%	08/01/29			273		267			272		(5) (6) (7)
Frontline Road Safety Operations, LLC	Commercial Services & Supplies	9.08%	S + 4.75% (Incl. 2.00% PIK)	03/04/32			13,680		13,549			13,543		(5) (6) (7)
Frontline Road Safety Operations, LLC	Commercial Services & Supplies	9.08%	S + 4.75% (Incl. 2.00% PIK)	03/04/32			6,605		4,441			4,429		(5) (7) (8)
Frontline Road Safety Operations, LLC	Commercial Services & Supplies	9.08%	S + 4.75% (Incl. 2.00% PIK)	03/04/32			2,325		486			485		(5) (7) (8)
Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.)	Commercial Services & Supplies	9.82%	S + 5.50% (Incl. 2.75% PIK)	08/22/31			12,954		12,637			12,792		(5) (6) (7)
Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.)	Commercial Services & Supplies	9.32%	S + 5.00%	08/22/30			1,500		575			581		(5) (7) (8)
Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.)	Commercial Services & Supplies		S + 5.50% (Incl. 2.75% PIK)	08/22/31			750		(6	)		(9	)	(5) (7) (8)
TEI Intermediate LLC (dba Triumvirate Environmental)	Commercial Services & Supplies	9.05%	S + 4.75%	12/15/31			8,132		8,055			8,051		(5) (6) (7)
TEI Intermediate LLC (dba Triumvirate Environmental)	Commercial Services & Supplies		S + 4.75%	12/15/31			2,602		(12	)		(26	)	(5) (7) (8)
TEI Intermediate LLC (dba Triumvirate Environmental)	Commercial Services & Supplies	9.03%	S + 4.75%	12/15/31			1,106		146			145		(5) (7) (8)
USA DeBusk, LLC	Commercial Services & Supplies	9.53%	S + 5.25%	04/30/31			2,950		2,911			2,935		(5) (6) (7)
USA DeBusk, LLC	Commercial Services & Supplies	9.57%	S + 5.25%	04/30/31			1,092		148			151		(5) (7) (8)
USA DeBusk, LLC	Commercial Services & Supplies	9.58%	S + 5.25%	04/30/30			410		173			176		(5) (7) (8)
Valet Waste Holdings, Inc. (dba Valet Living)	Commercial Services & Supplies	10.33%	S + 6.00%	05/01/29			12,453		12,384			12,266		(5) (6) (7)
Valet Waste Holdings, Inc. (dba Valet Living)	Commercial Services & Supplies	10.33%	S + 6.00%	05/01/29			1,321		694			681		(5) (7) (8)
Valet Waste Holdings, Inc. (dba Valet Living)	Commercial Services & Supplies		S + 6.00%	05/01/29			1,100		(6	)		(16	)	(5) (7) (8)
Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.)	Construction & Engineering	8.85%	S + 4.75%	10/15/31			14,908		14,770			14,684		(5) (6) (7)
Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.)	Construction & Engineering	9.04%	S + 4.75%	10/15/31			5,521		2,338			2,291		(5) (7) (8)
Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.)	Construction & Engineering	9.08%	S + 4.75%	10/15/31			2,071		671			659		(5) (7) (8)
Sonar Acquisitionco, Inc. (dba SimPRO)	Construction & Engineering	9.07%	S + 4.75%	10/24/30			5,660		1,289			1,264		(5) (7) (8) (9)
Sonar Acquisitionco, Inc. (dba SimPRO)	Construction & Engineering	8.41%	B + 4.75%	10/24/30	AUD		5,600		3,684			3,649		(5) (6) (7) (9)
Sonar Acquisitionco, Inc. (dba SimPRO)	Construction & Engineering		S + 4.75%	10/24/30			566		(5	)		(6	)	(5) (7) (8) (9)
Superman Holdings, LLC (dba Foundation Software)	Construction & Engineering	8.80%	S + 4.50%	08/29/31			15,066		14,997			14,990		(5) (6) (7)
Superman Holdings, LLC (dba Foundation Software)	Construction & Engineering	8.80%	S + 4.50%	08/29/31			4,913		3,120			3,114		(5) (7) (8)
Superman Holdings, LLC (dba Foundation Software)	Construction & Engineering		S + 4.50%	08/29/31			2,183		(10	)		(11	)	(5) (7) (8)
Blast Bidco Inc. (dba Bazooka Candy Brands)	Consumer Staples Distribution & Retail	10.30%	S + 6.00%	10/04/30			4,422		4,331			4,322		(5) (6) (7)
Blast Bidco Inc. (dba Bazooka Candy Brands)	Consumer Staples Distribution & Retail		S + 6.00%	10/05/29			522		(9	)		(12	)	(5) (7) (8)
Oliver Packaging and Equipment Company, LLC (fka Buffalo Merger Sub, LLC)	Containers & Packaging	9.51%	S + 5.25%	11/01/30			19,877		19,602			19,529		(5) (6) (7)
Oliver Packaging and Equipment Company, LLC (fka Buffalo Merger Sub, LLC)	Containers & Packaging		S + 5.25%	11/01/30			2,323		(31	)		(41	)	(5) (7) (8)
DFS Holding Company, Inc.	Distributors	11.33%	S + 7.00%	01/31/29			4,679		4,584			4,492		(5) (6) (7)
DFS Holding Company, Inc.	Distributors	11.33%	S + 7.00%	01/31/29			343		336			329		(5) (7)
ABC Investment Holdco Inc. (dba ABC Plumbing)	Diversified Consumer Services	10.30%	S + 6.00%	04/26/29			7,719		7,595			7,526		(5) (6) (7) (10)

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

Table of Contents

Phillip Street Middle Market Lending Fund LLC

Consolidated Schedule of Investments as of June 30, 2025 (continued)

(in thousands, except unit and per unit amounts)

(Unaudited)


Investment (1)	Industry (2)	Interest Rate (3)	Reference Rate and Spread (3)	Maturity		Par/ Shares(4)		Cost			Fair Value			Footnotes
ABC Investment Holdco Inc. (dba ABC Plumbing)	Diversified Consumer Services	10.29%	S + 6.00%	04/26/29	$		3,610	$	1,345		$	1,310		(5) (7) (8) (10)
ABC Investment Holdco Inc. (dba ABC Plumbing)	Diversified Consumer Services	10.30%	S + 6.00%	04/26/29			722		342			336		(5) (7) (8) (10)
CI (Quercus) Intermediate Holdings, LLC (dba SavATree)	Diversified Consumer Services	9.30%	S + 5.00%	06/06/31			7,556		7,520			7,518		(5) (6) (7)
CI (Quercus) Intermediate Holdings, LLC (dba SavATree)	Diversified Consumer Services		S + 5.00%	06/06/31			4,306		(22	)		(21	)	(5) (7) (8)
CI (Quercus) Intermediate Holdings, LLC (dba SavATree)	Diversified Consumer Services	9.30%	S + 5.00%	06/06/31			1,510		264			277		(5) (7) (8)
CI (Quercus) Intermediate Holdings, LLC (dba SavATree)	Diversified Consumer Services	9.32%	S + 5.00%	06/06/31			832		97			100		(5) (7) (8)
Splash Car Wash, Inc.	Diversified Consumer Services	9.30%	S + 5.00%	03/17/32			6,011		5,969			5,966		(5) (6) (7)
Splash Car Wash, Inc.	Diversified Consumer Services		S + 5.00%	03/17/32			1,897		(8	)		(14	)	(5) (7) (8)
Splash Car Wash, Inc.	Diversified Consumer Services		S + 5.00%	03/17/31			1,116		(8	)		(8	)	(5) (7) (8)
Spotless Brands, LLC	Diversified Consumer Services	9.77%	S + 5.50%	07/25/28			12,427		8,517			8,511		(5) (7) (8)
Spotless Brands, LLC	Diversified Consumer Services	10.05%	S + 5.75%	07/25/28			8,428		8,256			8,428		(5) (6) (7)
Spotless Brands, LLC	Diversified Consumer Services	10.05%	S + 5.75%	07/25/28			1,307		1,279			1,307		(5) (7)
Sunshine Cadence HoldCo, LLC (dba Cadence Education)	Diversified Consumer Services	9.28%	S + 5.00%	05/01/31			10,536		10,444			10,430		(5) (6) (7)
Sunshine Cadence HoldCo, LLC (dba Cadence Education)	Diversified Consumer Services	9.29%	S + 5.00%	05/01/31			2,761		1,090			1,072		(5) (7) (8)
Sunshine Cadence HoldCo, LLC (dba Cadence Education)	Diversified Consumer Services		S + 5.00%	05/01/30			1,615		(13	)		(16	)	(5) (7) (8)
VASA Fitness Buyer, Inc.	Diversified Consumer Services	11.93%	S + 7.50%	08/14/28			8,288		8,087			8,246		(5) (6) (7)
VASA Fitness Buyer, Inc.	Diversified Consumer Services	11.93%	S + 7.50%	08/14/28			1,445		933			956		(5) (7) (8)
VASA Fitness Buyer, Inc.	Diversified Consumer Services		S + 7.50%	08/14/28			241		(5	)		(1	)	(5) (7) (8)
Trystar, LLC	Electrical Equipment	8.78%	S + 4.50%	08/06/31			4,628		4,586			4,570		(5) (6) (7)
Trystar, LLC	Electrical Equipment		S + 4.50%	08/06/31			2,326		(10	)		(29	)	(5) (7) (8)
Trystar, LLC	Electrical Equipment	8.78%	S + 4.50%	08/06/31			1,851		1,834			1,828		(5) (6) (7)
Trystar, LLC	Electrical Equipment		S + 4.50%	08/06/31			1,163		(10	)		(14	)	(5) (7) (8)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	9.30%	S + 5.00%	12/06/29			8,839		8,767			8,795		(5) (6) (7)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	9.31%	S + 5.00%	12/06/29			1,720		761			763		(5) (7) (8)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	9.30%	S + 5.00%	12/06/29			1,391		1,378			1,384		(5) (6) (7)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services		S + 5.00%	12/06/29			1,171		(6	)		(6	)	(5) (7) (8)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	9.32%	S + 5.00%	12/06/29			385		373			384		(5) (7)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services		S + 5.00%	12/06/29			261		(1	)		(1	)	(5) (7) (8)
Celero Commerce LLC	Financial Services	9.28%	S + 5.00%	02/28/31			6,488		6,442			6,440		(5) (6) (7)
Celero Commerce LLC	Financial Services		S + 5.00%	02/28/31			1,545		(5	)		(12	)	(5) (7) (8)
Celero Commerce LLC	Financial Services		S + 5.00%	02/28/31			515		(4	)		(4	)	(5) (7) (8)
Fullsteam Operations LLC	Financial Services	12.73%	S + 8.25%	11/27/29			9,202		8,924			9,202		(5) (6) (7)
Fullsteam Operations LLC	Financial Services	11.48%	S + 7.00%	11/27/29			6,720		4,065			4,050		(5) (7) (8)
Fullsteam Operations LLC	Financial Services	12.73%	S + 8.25%	11/27/29			2,896		2,818			2,896		(5) (7)
Fullsteam Operations LLC	Financial Services		S + 8.25%	11/27/29			2,553		(17	)		(38	)	(5) (7) (8)
Fullsteam Operations LLC	Financial Services	11.48%	S + 7.00%	11/27/29			1,680		1,654			1,655		(5) (7)
Fullsteam Operations LLC	Financial Services	12.73%	S + 8.25%	11/27/29			1,287		1,252			1,287		(5) (7)
Fullsteam Operations LLC	Financial Services	12.71%	S + 8.25%	11/27/29			515		243			257		(5) (7) (8)
Fullsteam Operations LLC	Financial Services	11.48%	S + 8.25%	11/27/29			284		89			87		(5) (7) (8)
Priority Holdings, LLC (dba Priority Payment)	Financial Services	9.08%	S + 4.75%	05/16/31			18,430		18,363			18,449		(5) (6) (9)
Project Accelerate Parent, LLC (dba ABC Fitness)	Financial Services	9.57%	S + 5.25%	02/24/31			4,331		4,294			4,277		(5) (6) (7)
Project Accelerate Parent, LLC (dba ABC Fitness)	Financial Services		S + 5.25%	02/24/31			625		(5	)		(8	)	(5) (7) (8)
Eagle Family Foods Group LLC	Food Products	9.01%	S + 5.00%	08/12/30			19,268		19,098			18,979		(5) (6) (7)
Eagle Family Foods Group LLC	Food Products		S + 5.00%	08/12/30			2,255		(19	)		(34	)	(5) (7) (8)
Rubix Foods, LLC	Food Products	9.08%	S + 4.75%	04/30/31			10,957		10,850			10,847		(5) (6)

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

Table of Contents

Phillip Street Middle Market Lending Fund LLC

Consolidated Schedule of Investments as of June 30, 2025 (continued)

(in thousands, except unit and per unit amounts)

(Unaudited)


Investment (1)	Industry (2)	Interest Rate (3)	Reference Rate and Spread (3)	Maturity		Par/ Shares(4)		Cost			Fair Value			Footnotes
Rubix Foods, LLC	Food Products		S + 4.75%	04/30/31	$		846	$	(8	)	$	(8	)	(5) (8)
Tropical Bidco, LLC (dba Tropical Cheese)	Food Products	9.05%	S + 4.75%	12/11/30			6,083		5,998			5,992		(5) (6) (7)
Tropical Bidco, LLC (dba Tropical Cheese)	Food Products		S + 4.75%	12/11/30			965		(13	)		(14	)	(5) (7) (8)
Hamilton Thorne, Inc.	Health Care Equipment & Supplies	7.60%	E + 5.50%	11/28/31	EUR		11,492		12,307			13,232		(5) (6) (7)
Hamilton Thorne, Inc.	Health Care Equipment & Supplies	7.59%	E + 5.50%	11/28/31			5,768		4,215			4,139		(5) (7) (8)
Hamilton Thorne, Inc.	Health Care Equipment & Supplies	9.77%	S + 5.50%	11/28/31			4,230		4,151			4,135		(5) (6) (7)
Hamilton Thorne, Inc.	Health Care Equipment & Supplies		S + 5.50%	11/28/31			28		—			(1	)	(5) (7) (8)
Coding Solutions Acquisition, Inc. (dba CorroHealth)	Health Care Providers & Services	9.33%	S + 5.00%	08/07/31			3,614		3,580			3,578		(5) (6) (7)
Coding Solutions Acquisition, Inc. (dba CorroHealth)	Health Care Providers & Services		S + 5.00%	08/07/31			409		(7	)		(4	)	(5) (7) (8)
Coding Solutions Acquisition, Inc. (dba CorroHealth)	Health Care Providers & Services		S + 5.00%	08/07/31			334		(4	)		(3	)	(5) (7) (8)
Highfive Dental Holdco, LLC	Health Care Providers & Services	11.18%	S + 6.75%	06/13/28			4,693		4,600			4,611		(5) (6) (7)
Highfive Dental Holdco, LLC	Health Care Providers & Services		S + 6.75%	06/13/28			532		(10	)		(9	)	(5) (7) (8)
Octane Purchaser, Inc. (dba Office Ally)	Health Care Technology	8.58%	S + 4.25%	05/19/32			4,813		4,790			4,789		(5) (6)
Octane Purchaser, Inc. (dba Office Ally)	Health Care Technology		S + 4.25%	05/19/32			2,533		—			—		(5) (8)
Octane Purchaser, Inc. (dba Office Ally)	Health Care Technology		S + 4.25%	05/19/32			1,013		(5	)		(5	)	(5) (8)
Easy Mile Fitness, LLC	Hotels, Restaurants & Leisure	10.78%	S + 6.50%	09/12/29			9,295		9,220			9,179		(5) (6) (7)
Easy Mile Fitness, LLC	Hotels, Restaurants & Leisure	10.78%	S + 6.50%	09/12/29			1,705		537

Phillip Street Middle Market Lending Fund LLC 10-Q