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Holdings, Inc. 22025-06-300001955010Investment, Unaffiliated Issuer, Gateway US Holdings, Inc. 32025-06-300001955010Investment, Unaffiliated Issuer, Gateway US Holdings, Inc. 42025-06-300001955010Investment, Unaffiliated Issuer, Medvet Associates LLC 12025-06-300001955010Investment, Unaffiliated Issuer, Medvet Associates LLC 22025-06-300001955010Investment, Unaffiliated Issuer, Modernizing Medicine Inc. 12025-06-300001955010Investment, Unaffiliated Issuer, Modernizing Medicine Inc. 22025-06-300001955010Investment, Unaffiliated Issuer, Mountain Parent,Inc. 12025-06-300001955010Investment, Unaffiliated Issuer, Mountain Parent,Inc. 22025-06-300001955010Investment, Unaffiliated Issuer, Mountain Parent,Inc. 32025-06-300001955010Investment, Unaffiliated Issuer, Next Holdco, LLC 12025-06-300001955010Investment, Unaffiliated Issuer, Next Holdco, LLC 22025-06-300001955010Investment, Unaffiliated Issuer, Next Holdco, LLC 32025-06-300001955010Investment, Unaffiliated Issuer, Packaging Coordinators Midco, Inc. 12025-06-300001955010Investment, Unaffiliated Issuer, Packaging Coordinators Midco, Inc. 22025-06-300001955010Investment, Unaffiliated Issuer, Packaging Coordinators Midco, Inc. 32025-06-300001955010Investment, Unaffiliated Issuer, Packaging Coordinators Midco, Inc. 42025-06-300001955010Investment, Unaffiliated Issuer, PetVet Care Centers, LLC 12025-06-300001955010Investment, Unaffiliated Issuer, PetVet Care Centers, LLC 22025-06-300001955010Investment, Unaffiliated Issuer, PetVet Care Centers, LLC 32025-06-300001955010Investment, Unaffiliated Issuer, TecoStar Holdings, Inc.2025-06-300001955010Investment, Unaffiliated Issuer, Tyber Medical LLC 12025-06-300001955010Investment, Unaffiliated Issuer, Tyber Medical LLC 22025-06-300001955010Investment, Unaffiliated Issuer, Tyber Medical LLC 32025-06-300001955010Investment, Unaffiliated Issuer, Tyber Medical LLC 42025-06-300001955010Investment, Unaffiliated Issuer, Tyber Medical LLC 52025-06-300001955010brhc:DebtSecuritiesFirstLienMemberus-gaap:HealthcareSectorMember2025-06-300001955010Investment, Unaffiliated Issuer, Banyan Software Holdings LLC 12025-06-300001955010Investment, Unaffiliated Issuer, Banyan Software Holdings LLC 22025-06-300001955010Investment, Unaffiliated Issuer, Banyan Software Holdings LLC 32025-06-300001955010Investment, Unaffiliated Issuer, CentralSquare Technologies, LLC 12025-06-300001955010Investment, Unaffiliated Issuer, CentralSquare Technologies, LLC 22025-06-300001955010Investment, Unaffiliated Issuer, Chase Intermediate, LLC 12025-06-300001955010Investment, Unaffiliated Issuer, Chase Intermediate, LLC 22025-06-300001955010Investment, Unaffiliated Issuer, Chase Intermediate, LLC 32025-06-300001955010Investment, Unaffiliated Issuer, Eagan Sub, Inc. 12025-06-300001955010Investment, Unaffiliated Issuer, Eagan Sub, Inc. 22025-06-300001955010Investment, Unaffiliated Issuer, Everbridge Holdings, LLC 12025-06-300001955010Investment, Unaffiliated Issuer, Everbridge Holdings, LLC 22025-06-300001955010Investment, Unaffiliated Issuer, Everbridge Holdings, LLC 32025-06-300001955010Investment, Unaffiliated Issuer, Granicus, Inc. 12025-06-300001955010Investment, Unaffiliated Issuer, Granicus, Inc. 22025-06-300001955010Investment, Unaffiliated Issuer, Granicus, Inc. 32025-06-300001955010Investment, Unaffiliated Issuer, Greenway Health, LLC2025-06-300001955010Investment, Unaffiliated Issuer, PDI TA Holdings, Inc. 12025-06-300001955010Investment, Unaffiliated Issuer, PDI TA Holdings, Inc. 22025-06-300001955010Investment, Unaffiliated Issuer, PDI TA Holdings, Inc. 32025-06-300001955010brhc:DebtSecuritiesFirstLienMemberus-gaap:TechnologySectorMember2025-06-300001955010Investment, Unaffiliated Issuer, Integrity Marketing Acquisition, LLC2025-06-300001955010Investment, Unaffiliated Issuer, MAI Capital Management Intermediate, LLC 12025-06-300001955010Investment, Unaffiliated Issuer, MAI Capital Management Intermediate, LLC 22025-06-300001955010Investment, Unaffiliated Issuer, MAI Capital Management Intermediate, LLC 32025-06-300001955010Investment, Unaffiliated Issuer, RSC Acquisition, Inc.2025-06-300001955010Investment, Unaffiliated Issuer, Shelf Bidco Ltd.2025-06-300001955010Investment, Unaffiliated Issuer, THG Acquisition, LLC 12025-06-300001955010Investment, Unaffiliated Issuer, THG Acquisition, LLC 22025-06-300001955010Investment, Unaffiliated Issuer, THG Acquisition, LLC 32025-06-300001955010brhc:DebtSecuritiesFirstLienMemberus-gaap:InsuranceSectorMember2025-06-300001955010Investment, Unaffiliated Issuer, Aurelia Netherlands Midco 2 B.V.2025-06-300001955010Investment, Unaffiliated Issuer, Circana Group, L.P. 12025-06-300001955010Investment, Unaffiliated Issuer, Circana Group, L.P. 22025-06-300001955010brhc:DebtSecuritiesFirstLienMemberbrhc:MediaSectorMember2025-06-300001955010Investment, Unaffiliated Issuer, Recorded Books Inc. 12025-06-300001955010Investment, Unaffiliated Issuer, Recorded Books Inc. 22025-06-300001955010brhc:DebtSecuritiesFirstLienMemberbrhc:PrintingAndPublishingSectorMember2025-06-300001955010Investment, Unaffiliated Issuer, New Look Vision Group, Inc. 12025-06-300001955010Investment, Unaffiliated Issuer, New Look Vision Group, Inc. 22025-06-300001955010Investment, Unaffiliated Issuer, New Look Vision Group, Inc. 32025-06-300001955010Investment, Unaffiliated Issuer, New Look Vision Group, Inc. 42025-06-300001955010Investment, Unaffiliated Issuer, New Look Vision Group, Inc. 52025-06-300001955010Investment, Unaffiliated Issuer, New Look Vision Group, Inc. 62025-06-300001955010brhc:DebtSecuritiesFirstLienMemberus-gaap:RetailSectorMember2025-06-300001955010Investment, Unaffiliated Issuer, Baker Tilly Advisory Group, LP 12025-06-300001955010Investment, Unaffiliated Issuer, Baker Tilly Advisory Group, LP 22025-06-300001955010Investment, Unaffiliated Issuer, Baker Tilly Advisory Group, LP 32025-06-300001955010Investment, Unaffiliated Issuer, Baker Tilly Advisory Group, LP 42025-06-300001955010Investment, Unaffiliated Issuer, Baker Tilly Advisory Group, LP 52025-06-300001955010Investment, Unaffiliated Issuer, FR Vision Holdings, Inc. 12025-06-300001955010Investment, Unaffiliated Issuer, FR Vision Holdings, Inc. 22025-06-300001955010Investment, Unaffiliated Issuer, FR Vision Holdings, Inc. 32025-06-300001955010Investment, Unaffiliated Issuer, GC Waves Holdings, Inc.2025-06-300001955010Investment, Unaffiliated Issuer, GI Apple Midco LLC 12025-06-300001955010Investment, Unaffiliated Issuer, GI Apple Midco LLC 22025-06-300001955010Investment, Unaffiliated Issuer, GI Apple Midco LLC 32025-06-300001955010Investment, Unaffiliated Issuer, Jensen Hughes Inc. 12025-06-300001955010Investment, Unaffiliated Issuer, Jensen Hughes Inc. 22025-06-300001955010Investment, Unaffiliated Issuer, Jensen Hughes Inc. 32025-06-300001955010Investment, Unaffiliated Issuer, Jensen Hughes Inc. 42025-06-300001955010Investment, Unaffiliated Issuer, PT Intermediate Holdings III, LLC 12025-06-300001955010Investment, Unaffiliated Issuer, PT Intermediate Holdings III, LLC 22025-06-300001955010Investment, Unaffiliated Issuer, Rimkus Consulting Group Inc. 12025-06-300001955010Investment, Unaffiliated Issuer, Rimkus Consulting Group Inc. 22025-06-300001955010Investment, Unaffiliated Issuer, Rimkus Consulting Group Inc. 32025-06-300001955010Investment, Unaffiliated Issuer, Speed Midco 3 S.a r.l. 12025-06-300001955010Investment, Unaffiliated Issuer, Speed Midco 3 S.a r.l. 22025-06-300001955010Investment, Unaffiliated Issuer, Speed Midco 3 S.a r.l. 32025-06-300001955010Investment, Unaffiliated Issuer, STV Group, Inc. 12025-06-300001955010Investment, Unaffiliated Issuer, STV Group, Inc. 22025-06-300001955010Investment, Unaffiliated Issuer, STV Group, Inc. 32025-06-300001955010Investment, Unaffiliated Issuer, USIC Holdings Inc. 12025-06-300001955010Investment, Unaffiliated Issuer, USIC Holdings Inc. 22025-06-300001955010Investment, Unaffiliated Issuer, USIC Holdings Inc. 32025-06-300001955010brhc:DebtSecuritiesFirstLienMemberbrhc:BusinessServicesSectorMember2025-06-300001955010Investment, Unaffiliated Issuer, Bradyifs Holdings, LLC 12025-06-300001955010Investment, Unaffiliated Issuer, Bradyifs Holdings, LLC 22025-06-300001955010Investment, Unaffiliated Issuer, The Kleinfelder Group, Inc. 12025-06-300001955010Investment, Unaffiliated Issuer, The Kleinfelder Group, Inc. 22025-06-300001955010Investment, Unaffiliated Issuer, The Kleinfelder Group, Inc. 32025-06-300001955010Investment, Unaffiliated Issuer, W.A. Kendall and Company, LLC 12025-06-300001955010Investment, Unaffiliated Issuer, W.A. Kendall and Company, LLC 22025-06-300001955010Investment, Unaffiliated Issuer, W.A. Kendall and Company, LLC 32025-06-300001955010Investment, Unaffiliated Issuer, W.A. Kendall and Company, LLC 42025-06-300001955010brhc:DebtSecuritiesFirstLienMemberbrhc:ConsumerServicesSectorMember2025-06-300001955010Investment, Unaffiliated Issuer, Omni Fiber, LLC 12025-06-300001955010Investment, Unaffiliated Issuer, Omni Fiber, LLC 22025-06-300001955010Investment, Unaffiliated Issuer, Omni Fiber, LLC 32025-06-300001955010brhc:DebtSecuritiesFirstLienMemberbrhc:TelecommunicationSectorMember2025-06-300001955010brhc:DebtSecuritiesFirstLienMember2025-06-300001955010Investment, Unaffiliated Issuer, Polaris Newco LLC2025-06-300001955010brhc:DebtSecuritiesSecondLienMemberus-gaap:TechnologySectorMember2025-06-300001955010Investment, Unaffiliated Issuer, BCPE Empire Holdings, Inc.2025-06-300001955010brhc:DebtSecuritiesSecondLienMemberbrhc:ConsumerServicesSectorMember2025-06-300001955010brhc:DebtSecuritiesSecondLienMember2025-06-300001955010us-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001955010AI Titan Parent Inc., Delayed Draw Term Loan2025-06-300001955010AI Titan Parent Inc., Revolver2025-06-300001955010Arax MidCo, LLC, 2025 Delayed Draw Term Loan2025-06-300001955010Ascend Buyer LLC, 2025 4th Amendment Revolver2025-06-300001955010Associations, Inc., 2024 Special Purpose Delayed Draw Term Loan2025-06-300001955010Associations, Inc., 2024 2nd Amendment Revolver2025-06-300001955010Baker Tilly Advisory Group, LP, 2025 Delayed Draw Term Loan2025-06-300001955010Baker Tilly Advisory Group, LP, 2025 Revolver2025-06-300001955010Baker Tilly Advisory Group, LP, Revolver2025-06-300001955010Banyan Software Holdings LLC, 2024 1st Lien Delayed Draw Term Loan2025-06-300001955010Banyan Software Holdings LLC, 2024 Revolver2025-06-300001955010BCPE HIPH Parent, Inc., 2023 Delayed Draw Term Loan2025-06-300001955010Beacon Pointe Advisors, LLC, 2021 Revolver2025-06-300001955010Bradyifs Holdings, LLC, 2024 Delayed Draw Term Loan2025-06-300001955010CentralSquare Technologies, LLC, 2024 Revolver2025-06-300001955010Chase Intermediate, LLC, 2023 Revolver2025-06-300001955010Chase Intermediate, LLC, 2025 Delayed Draw Term Loan2025-06-300001955010Circana Group, L.P., 2025 Revolver2025-06-300001955010Cliffwater LLC, Revolver2025-06-300001955010Coding Solutions Acquisition Inc., 2024 Delayed Draw Term Loan2025-06-300001955010Coding Solutions Acquisition Inc., 2024 Revolver2025-06-300001955010Crown Health Care Laundry Services, LLC, 2025 Revolver2025-06-300001955010Crown Health Care Laundry Services, LLC, 2025 Delayed Draw Term Loan2025-06-300001955010Eagan Sub, Inc., 2023 Revolver2025-06-300001955010Everbridge Holdings, LLC, Delayed Draw Term Loan2025-06-300001955010Everbridge Holdings, LLC, Revolver2025-06-300001955010Evergreen IX Borrower 2023 LLC, Revolver2025-06-300001955010Farsound Aviation Limited, 2024 Delayed Draw Term Loan2025-06-300001955010FloWorks International, 2024 Delayed Draw Term Loan2025-06-300001955010FR Vision Holdings, Inc., Delayed Draw Term Loan2025-06-300001955010FR Vision Holdings, Inc., Revolver2025-06-300001955010Gateway US Holdings, Inc., Revolver2025-06-300001955010GI Apple Midco LLC, Revolver2025-06-300001955010Granicus, Inc., 2024 Revolver2025-06-300001955010Jensen Hughes Inc., 2024 Delayed Draw Term Loan2025-06-300001955010Jensen Hughes Inc., 2024 Revolver2025-06-300001955010Jensen Hughes Inc., 2024 1st Lien Delayed Draw Term Loan2025-06-300001955010MAI Capital Management Intermediate, LLC, Delayed Draw Term Loan2025-06-300001955010MAI Capital Management Intermediate, LLC, Revolver2025-06-300001955010Mammoth Holdings, LLC, 2023 Revolver2025-06-300001955010Mantech International CP, 2024 Revolver Tranche A2025-06-300001955010Mantech International CP, 2024 Delayed Draw Term Loan2025-06-300001955010Medvet Associates LLC, Delayed Draw Term Loan2025-06-300001955010Modernizing Medicine Inc., Revolver2025-06-300001955010Mountain Parent, Inc., 2024 Delayed Draw Term Loan2025-06-300001955010Mountain Parent, Inc., 2024 Revolver2025-06-300001955010New Look Vision Group, Inc., CAD Revolver2025-06-300001955010Next Holdco, LLC, Delayed Draw Term Loan2025-06-300001955010Next Holdco, LLC, Revolver2025-06-300001955010NRO Holdings III Corp., Delayed Draw Term Loan2025-06-300001955010NRO Holdings III Corp., Revolver2025-06-300001955010Ohio Transmission Corporation, 2023 Delayed Draw Term Loan2025-06-300001955010Ohio Transmission Corporation, 2023 Revolver2025-06-300001955010Omni Fiber, LLC, 2025 Incremental Delayed Draw Term Loan2025-06-300001955010Packaging Coordinators Midco, Inc., 2025 Delayed Draw Term Loan2025-06-300001955010Packaging Coordinators Midco, Inc., 2025 Revolver2025-06-300001955010Packaging Coordinators Midco, Inc., 2025 Multicurrency Delayed Draw Term Loan2025-06-300001955010PDI TA Holdings, Inc., 2024 Revolver2025-06-300001955010PetVet Care Centers, LLC, 2023 Delayed Draw Term Loan2025-06-300001955010PetVet Care Centers, LLC, 2023 Revolver2025-06-300001955010Poly-Wood, LLC, Delayed Draw Term Loan2025-06-300001955010Poly-Wood, LLC, Revolver2025-06-300001955010PT Intermediate Holdings III, LLC, 2024 Delayed Draw Term Loan2025-06-300001955010Recorded Books Inc., 2023 Revolver2025-06-300001955010Rimkus Consulting Group Inc., Delayed Draw Term Loan2025-06-300001955010Rimkus Consulting Group Inc., Revolver2025-06-300001955010Rock Star Mergersub, LLC, Delayed Draw Term Loan2025-06-300001955010Rock Star Mergersub, LLC, Revolver2025-06-300001955010Spectrum Automotive Holdings, Corp., 2021 Revolver2025-06-300001955010STS Aviation Group, Delayed Draw Term Loan2025-06-300001955010STS Aviation Group, Revolver2025-06-300001955010STV Group, Inc., 2024 Delayed Draw Term Loan2025-06-300001955010STV Group, Inc., 2024 Revolver2025-06-300001955010The Kleinfelder Group, Inc., Revolver2025-06-300001955010The Kleinfelder Group, Inc., 2023 Delayed Draw Term Loan2025-06-300001955010THG Acquisition, LLC, 2024 Delayed Draw Term Loan2025-06-300001955010THG Acquisition, LLC, 2024 Revolver2025-06-300001955010Truck-Lite Co., LLC, 2025 Replacement Revolver2025-06-300001955010Truck-Lite Co., LLC, 2025 Tranche A Delayed Draw Term Loan2025-06-300001955010Tyber Medical LLC, Delayed Draw Term Loan2025-06-300001955010Tyber Medical LLC, USD Revolver2025-06-300001955010Tyber Medical LLC, Multicurrency Revolver2025-06-300001955010USIC Holdings Inc., 2024 Revolver2025-06-300001955010USIC Holdings Inc., 2024 Specified Delayed Draw Term Loan2025-06-300001955010W.A. Kendall and Company, LLC, 2025 7th Amendment Delayed Draw Term Loan2025-06-300001955010W.A. Kendall and Company, LLC, 2025 7th Amendment Revolver2025-06-300001955010W.A. Kendall and Company, LLC, 2024 Delayed Draw Term Loan2025-06-300001955010State Street Bank & Trust Company 12025-06-300001955010State Street Bank & Trust Company 22025-06-300001955010State Street Bank & Trust Company 32025-06-300001955010City National Bank 12025-06-300001955010City National Bank 22025-06-300001955010City National Bank 32025-06-300001955010Macquarie Bank Limited 12025-06-300001955010Macquarie Bank Limited 22025-06-300001955010Natwest Markets PLC 12025-06-300001955010Natwest Markets PLC 22025-06-300001955010Natwest Markets PLC 32025-06-300001955010Natwest Markets PLC 42025-06-300001955010Natwest Markets PLC 52025-06-300001955010Investment, Unaffiliated Issuer, Evergreen IX Borrower 2023 LLC 12024-12-310001955010Investment, Unaffiliated Issuer, Evergreen IX Borrower 2023 LLC 22024-12-310001955010Investment, Unaffiliated Issuer, Farsound Aviation Limited 12024-12-310001955010Investment, Unaffiliated Issuer, Farsound Aviation Limited 22024-12-310001955010Investment, Unaffiliated Issuer, Mantech International CP 12024-12-310001955010Investment, Unaffiliated Issuer, Mantech International CP 22024-12-310001955010Investment, Unaffiliated Issuer, Mantech International CP 32024-12-310001955010Investment, Unaffiliated Issuer, STS Aviation Group 12024-12-310001955010Investment, Unaffiliated Issuer, STS Aviation Group 22024-12-310001955010Investment, Unaffiliated Issuer, STS Aviation Group 32024-12-310001955010brhc:DebtSecuritiesFirstLienMemberus-gaap:AerospaceSectorMember2024-12-310001955010Investment, Unaffiliated Issuer, Mammoth Holdings, LLC 12024-12-310001955010Investment, Unaffiliated Issuer, Mammoth Holdings, LLC 22024-12-310001955010Investment, Unaffiliated Issuer, Mammoth Holdings, LLC 32024-12-310001955010Investment, Unaffiliated Issuer, Wheels Bidco, Inc.2024-12-310001955010brhc:DebtSecuritiesFirstLienMemberus-gaap:AutomotiveSectorMember2024-12-310001955010Investment, Unaffiliated Issuer, Broadcast Music, Inc. 12024-12-310001955010Investment, Unaffiliated Issuer, Broadcast Music, Inc. 22024-12-310001955010brhc:DebtSecuritiesFirstLienMemberus-gaap:EntertainmentSectorMember2024-12-310001955010Investment, Unaffiliated Issuer, Associations, Inc. 12024-12-310001955010Investment, Unaffiliated Issuer, Associations, Inc. 22024-12-310001955010Investment, Unaffiliated Issuer, Associations, Inc. 32024-12-310001955010Investment, Unaffiliated Issuer, Associations, Inc. 42024-12-310001955010Investment, Unaffiliated Issuer, Associations, Inc. 52024-12-310001955010brhc:DebtSecuritiesFirstLienMemberus-gaap:RealEstateSectorMember2024-12-310001955010Investment, Unaffiliated Issuer, AI Titan Parent Inc. 12024-12-310001955010Investment, Unaffiliated Issuer, AI Titan Parent Inc. 22024-12-310001955010Investment, Unaffiliated Issuer, AI Titan Parent Inc. 32024-12-310001955010Investment, Unaffiliated Issuer, Ohio Transmission Corporation 12024-12-310001955010Investment, Unaffiliated Issuer, Ohio Transmission Corporation 22024-12-310001955010Investment, Unaffiliated Issuer, Ohio Transmission Corporation 32024-12-310001955010Investment, Unaffiliated Issuer, Truck-Lite Co., LLC 12024-12-310001955010Investment, Unaffiliated Issuer, Truck-Lite Co., LLC 22024-12-310001955010Investment, Unaffiliated Issuer, Truck-Lite Co., LLC 32024-12-310001955010brhc:DebtSecuritiesFirstLienMemberbrhc:CapitalEquipmentSectorMember2024-12-310001955010Investment, Unaffiliated Issuer, ASP Unifrax Holdings, Inc.2024-12-310001955010Investment, Unaffiliated Issuer, BCPE HIPH Parent, Inc. 12024-12-310001955010Investment, Unaffiliated Issuer, BCPE HIPH Parent, Inc. 22024-12-310001955010Investment, Unaffiliated Issuer, Meridian Adhesives Group, Inc. 12024-12-310001955010Investment, Unaffiliated Issuer, Meridian Adhesives Group, Inc. 22024-12-310001955010Investment, Unaffiliated Issuer, Meridian Adhesives Group, Inc. 32024-12-310001955010brhc:DebtSecuritiesFirstLienMemberus-gaap:ChemicalsSectorMember2024-12-310001955010Investment, Unaffiliated Issuer, FloWorks International 12024-12-310001955010Investment, Unaffiliated Issuer, FloWorks International 22024-12-310001955010Investment, Unaffiliated Issuer, NRO Holdings III Corp. 12024-12-310001955010Investment, Unaffiliated Issuer, NRO Holdings III Corp. 22024-12-310001955010Investment, Unaffiliated Issuer, NRO Holdings III Corp. 32024-12-310001955010brhc:DebtSecuritiesFirstLienMemberus-gaap:ConstructionSectorMember2024-12-310001955010Investment, Unaffiliated Issuer, Marcone Yellowstone Buyer, Inc. 12024-12-310001955010Investment, Unaffiliated Issuer, Marcone Yellowstone Buyer, Inc. 22024-12-310001955010Investment, Unaffiliated Issuer, Marcone Yellowstone Buyer, Inc. 32024-12-310001955010Investment, Unaffiliated Issuer, Marcone Yellowstone Buyer, Inc. 42024-12-310001955010Investment, Unaffiliated Issuer, Marcone Yellowstone Buyer, Inc. 52024-12-310001955010Investment, Unaffiliated Issuer, Poly-Wood, LLC 12024-12-310001955010Investment, Unaffiliated Issuer, Poly-Wood, LLC 22024-12-310001955010Investment, Unaffiliated Issuer, Poly-Wood, LLC 32024-12-310001955010brhc:DebtSecuritiesFirstLienMemberbrhc:ConsumerProductsSectorMember2024-12-310001955010Investment, Unaffiliated Issuer, PPC Flexible Packaging2024-12-310001955010brhc:DebtSecuritiesFirstLienMemberus-gaap:ContainerAndPackagingSectorMember2024-12-310001955010Investment, Unaffiliated Issuer, Rock Star Mergersub, LLC 12024-12-310001955010Investment, Unaffiliated Issuer, Rock Star Mergersub, LLC 22024-12-310001955010Investment, Unaffiliated Issuer, Rock Star Mergersub, LLC 32024-12-310001955010brhc:DebtSecuritiesFirstLienMemberbrhc:EcologicalSectorMember2024-12-310001955010Investment, Unaffiliated Issuer, Beacon Pointe Advisors, LLC 12024-12-310001955010Investment, Unaffiliated Issuer, Beacon Pointe Advisors, LLC 22024-12-310001955010Investment, Unaffiliated Issuer, Beacon Pointe Advisors, LLC 32024-12-310001955010Investment, Unaffiliated Issuer, Beacon Pointe Advisors, LLC 42024-12-310001955010Investment, Unaffiliated Issuer, Cliffwater LLC 12024-12-310001955010Investment, Unaffiliated Issuer, Cliffwater LLC 22024-12-310001955010Investment, Unaffiliated Issuer, Spectrum Automotive Holdings, Corp. 12024-12-310001955010Investment, Unaffiliated Issuer, Spectrum Automotive Holdings, Corp. 22024-12-310001955010Investment, Unaffiliated Issuer, Spectrum Automotive Holdings, Corp. 32024-12-310001955010brhc:DebtSecuritiesFirstLienMemberus-gaap:FinancialServicesSectorMember2024-12-310001955010Investment, Unaffiliated Issuer, Coding Solutions Acquisition Inc. 12024-12-310001955010Investment, Unaffiliated Issuer, Coding Solutions Acquisition Inc. 22024-12-310001955010Investment, Unaffiliated Issuer, Coding Solutions Acquisition Inc. 32024-12-310001955010Investment, Unaffiliated Issuer, Gateway US Holdings, Inc. 12024-12-310001955010Investment, Unaffiliated Issuer, Gateway US Holdings, Inc. 22024-12-310001955010Investment, Unaffiliated Issuer, Gateway US Holdings, Inc. 32024-12-310001955010Investment, Unaffiliated Issuer, Gateway US Holdings, Inc. 42024-12-310001955010Investment, Unaffiliated Issuer, Medvet Associates LLC 12024-12-310001955010Investment, Unaffiliated Issuer, Medvet Associates LLC 22024-12-310001955010Investment, Unaffiliated Issuer, Model N, Inc. 12024-12-310001955010Investment, Unaffiliated Issuer, Model N, Inc. 22024-12-310001955010Investment, Unaffiliated Issuer, Model N, Inc. 32024-12-310001955010Investment, Unaffiliated Issuer, Next Holdco, LLC 12024-12-310001955010Investment, Unaffiliated Issuer, Next Holdco, LLC 22024-12-310001955010Investment, Unaffiliated Issuer, Next Holdco, LLC 32024-12-310001955010Investment, Unaffiliated Issuer, PetVet Care Centers, LLC 12024-12-310001955010Investment, Unaffiliated Issuer, PetVet Care Centers, LLC 22024-12-310001955010Investment, Unaffiliated Issuer, PetVet Care Centers, LLC 32024-12-310001955010Investment, Unaffiliated Issuer, TecoStar Holdings, 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

____________________

Form 10-Q

____________________

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

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

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

For the transition period from to

Commission file number: 814-01586

____________________

OHA SENIOR PRIVATE LENDING FUND (U) LLC

(Exact name of Registrant as specified in its Charter)

____________________


Delaware			13-4077194
(State or Other Jurisdiction of Incorporation or Organization)			(I.R.S. Employer Identification No.)

1 Vanderbilt, 16th Floor
New York, New York			10017
(Address of Principal Executive Offices)			(Zip Code)

(212) 326-1500

(Registrant’s Telephone Number, Including Area Code)

Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report: N/A

Securities registered pursuant to Section 12(b) of the Act: 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 x No o

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 x No o

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

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

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

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934). Yes o No x

As of June 30, 2025, there was no established public market for the registrant’s common shares of beneficial interest. The number of the registrant’s common shares, $0.01 par value per share, outstanding as of August 7, 2025 was 44,724,135.

As of March 31, 2025, there was no established public market for the registrant’s common shares of beneficial interest. The number of the registrant’s common shares, $0.01 par value per share, outstanding as of May 7, 2025 was 44,724,135.

Table of Contents

OHA SENIOR PRIVATE LENDING FUND (U) LLC

TABLE OF CONTENTS

			Page
PART I FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements			1
Consolidated Statements of Assets and Liabilities as of March 31, 2025 (Unaudited) and December 31, 2024			2
Consolidated Statements of Assets and Liabilities as of June 30, 2025 (Unaudited) and December 31, 2024			2
Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024 (Unaudited)			3
Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 (Unaudited)			3
Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2025 and 2024 (Unaudited)			4
Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2025 and 2024 (Unaudited)			4
Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024 (Unaudited)			5
Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024 (Unaudited)			5
Consolidated Schedules of Investments as of March 31, 2025 (Unaudited) and December 31, 2024			6
Consolidated Schedules of Investments as of June 30, 2025 (Unaudited) and December 31, 2024			6
Notes to the Consolidated Financial Statements (Unaudited)			2425
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			4246
Item 3. Quantitative and Qualitative Disclosures About Market Risk			5865
Item 4. Controls and Procedures			5966
PART II OTHER INFORMATION			5966
Item 1. Legal Proceedings			5966
Item 1A. Risk Factors			6067
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			6067
Item 3. Defaults Upon Senior Securities			6067
Item 4. Mine Safety Disclosures			6067
Item 5. Other Information			6067
Item 6. Exhibits and Financial Statement Schedules			6168
Signatures			6269

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Some of the statements in this Quarterly Report on Form 10-Q constitute forward-looking statements because they relate to future events or our future performance or financial condition. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about OHA Senior Private Lending Fund (U) LLC (the “Company”, “we”, “us” or “our”), our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Forward-looking statements may include, among other things, statements as to our future operating results, our business prospects and the prospects of our portfolio companies, the impact of the investments that we expect to make, the ability of our portfolio companies to achieve their objectives, our expected financings and investments, the adequacy of our cash resources and working capital, and the timing of cash flows, if any, from the operations of our portfolio companies. Words such as “expect,” “anticipate,” “target,” “goals,” “project,” “intend,” “plan,” “believe,” “seek,” “estimate,” “continue,” “forecast,” “may,” “will,” “would,” “should,” “potential,” variations of such words, and similar expressions indicate a forward-looking statement, although not all forward-looking statements include these words. Readers are cautioned that the forward-looking statements contained in this Quarterly Report on Form 10-Q are only predictions, are not guarantees of future performance, and are subject to risks, events, uncertainties and assumptions that are difficult to predict. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the items discussed in Item 1A entitled “Risk Factors” in Part II of this Quarterly Report on Form 10-Q and in Item 1A entitled “Risk Factors” in Part I of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, or in other reports we may file with the Securities and Exchange Commission (the “SEC”) from time to time. Other factors that could cause our actual results and financial condition to differ materially include, but are not limited to, changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, risks associated with possible disruption due to terrorism in our operations or the economy generally, the impact of geo-political conditions, including revolution, insurgency, terrorism or war and future changes in laws or regulations and conditions in our operating areas.

Any forward-looking statements included in this Quarterly Report on Form 10-Q are based on our current expectations, estimates, forecasts, information and projections about the industry in which we operate and the beliefs and assumptions of our management as of the date of this Quarterly Report on Form 10-Q. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. We assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless we are required to do so by law. Investors should not place undue reliance on these forward-looking statements, which apply only as of the date of this report. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, investors are advised to consult any additional disclosures that we may make directly to investors or through reports that we in the future may file with the SEC, including subsequent annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

Investors should understand that under Sections 27A(b)(2)(B) of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports we file under the Exchange Act.

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PART I - FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

OHA Senior Private Lending Fund (U) LLC

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)

	As of
	March 31, 2025		December 31, 2024
	June 30, 2025		December 31, 2024
ASSETS	(Unaudited)
Investments at fair value:
Non-controlled/non-affiliated investments (cost of $425,249 and $420,729 at March 31, 2025 and December 31, 2024, respectively)	$	428,016	$	423,430
Non-controlled/non-affiliated investments (cost of $427,579 and $420,729 at June 30, 2025 and December 31, 2024, respectively)	$	430,269	$	423,430
Cash and cash equivalents	2928,~~244~~405		42,218
Interest receivable	4,259		3,831
Collateral receivable on forward currency exchange contracts	600		—
Receivable for investments sold	41		55
Interest receivable	4,359		3,831
Total assets	$	461,560	$	469,534
Unrealized appreciation on foreign currency forward contracts	28,751		—
Receivable for investments sold	73		55
Total assets	$	492,457	$	469,534
LIABILITIES
Payable for investments purchased	822		—
Collateral payable on forward currency exchange contracts	—		160
Management fees payable	~~714~~751		751
Income incentive fee payable	12,~~259~~525		5,221
Unrealized depreciation on foreign currency forward contracts	~~8,077~~—		26,106
Accrued expenses and other liabilities	~~1,340~~917		1,006
Total liabilities	$	114,~~472~~195	$	33,244
Commitments and contingencies (Note 7)
NET ASSETS
Common shares, $0.01 par value (44,724,135 and 44,724,135 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively)	447		447
Common shares, $0.01 par value (44,724,135 and 44,724,135 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively)	447		447
Additional paid in capital	459,283		459,283
Distributable earnings (loss)	(928,~~642)~~532		(23,440)
Total net assets	$	~~450~~488,~~088~~262	$	436,290
Total liabilities and net assets	$	~~461~~492,~~560~~457	$	469,534
Net asset value per share	$	10.0692	$	9.76

See accompanying notes to the consolidated financial statements.

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OHA Senior Private Lending Fund (U) LLC

Consolidated Statements of Operations

(in thousands, except share and per share amounts)

(Unaudited)

	For the Three Months Ended				For the Six Months Ended
	March 31, 2025		March 31, 2024
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	11,~~285~~305	$	1210,~~094~~882	$	22,590	$	22,976
Other income	~~192~~176		~~1,197~~648		368		1,845
Total investment income	11,~~477~~481		1311,~~291~~530		22,958		24,821
Expenses:
Management fees	~~714~~751		~~677~~665		1,465		1,342
Income incentive fee	1,~~259~~267		1,~~458~~320		2,526		2,778
Professional fees	~~232~~266		182		498		364
Board of Managers fees	52		5352		104		105
Administrative service expenses	~~159~~59		~~115~~4		218		119
Other general & administrative	~~244~~219		~~530~~68		463		598
Total expenses	2,~~660~~614		32,~~015~~291		5,274		5,306
Total expense, net of fee waivers	2,660		3,015
Total investment income before taxes	$	8,867	$	9,239	$	17,684	$	19,515
Total investment income before taxes	8,817		10,276
Excise tax expense	—		—		—		71
Excise tax expense	—		71
Net investment income	$	8,867	$	9,239	$	17,684	$	19,444
Net investment income	8,817		10,205
Realized and unrealized gain (loss):
Realized gain (loss):
Non-controlled/non-affiliated investments	1413		~~100~~4		$	27	104
Foreign currency transactions	~~162~~793		~~496~~(1,286)		955		(790)
Foreign currency forward contracts	~~(2,738)~~694		(134,~~516~~888)		(2,044)		(18,404)
Net realized gain (loss)	~~(2,562)~~$	1,500	~~(12,920)~~$	(6,170)	$	(1,062)	$	(19,090)
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments	66(77)		(~~815~~216)		(11)		(1,031)
Foreign currency forward contracts	1836,~~029~~828		1,~~785~~478		54,857		3,263
Net unrealized appreciation (depreciation)	1836,~~095~~751		~~970~~1,262		54,846		2,232
Net realized and unrealized gain (loss)	1538,~~533~~251		(114,~~950~~908)		53,784		(16,858)
Net increase (decrease) in net assets resulting from operations	$	2447,~~350~~118	$	(14,~~745)~~331	$	71,468	$	2,586
Weighted average common shares outstanding	44,724,135		38,954,613		44,724,135		38,954,613

See accompanying notes to the consolidated financial statements.

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OHA Senior Private Lending Fund (U) LLC

Consolidated Statements of Changes in Net Assets

(in thousands)

(Unaudited)

	For the Three Months Ended		~~For the Three Months Ended~~		For the Six Months Ended
					March 31, 2025		March 31, 2024
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Operations:
Net investment income	$	8,867	$	9,239	$	817,~~817~~684	$	1019,~~205~~444
Net realized gain (loss)	1,500		(6,170)		(21,~~562~~062)		(1219,~~920~~090)
Net change in unrealized appreciation (depreciation)	36,751		1,262		1854,~~095~~846		~~970~~2,232
Net increase (decrease) in net assets resulting from operations	$	47,118	$	4,331	$	2471,~~350~~468	$	(12,~~745)~~586
Share transactions:
Common shares issued	$	—	$	—	$	—	$	—
Distributions to common shareholders	(8,944)		(9,769)		(1019,~~552~~496)		(717,~~625~~394)
Net increase (decrease) from share transactions	$	(8,944)	$	(9,769)	$	(1019,~~552~~496)	$	(717,~~625~~394)
Total increase (decrease) in net assets	$	38,174	$	(5,438)	$	1351,~~798~~972	$	(914,~~370~~808)
Net Assets, beginning of period	450,088		410,643		436,290		420,013
Net Assets, end of period	$	488,262	$	405,205	$	~~450~~488,~~088~~262	$	~~410~~405,~~643~~205

See accompanying notes to the consolidated financial statements.

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OHA Senior Private Lending Fund (U) LLC

Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)

	For the Three Months Ended
	For the Six Months Ended
	March 31,2025		March 31,2024
	June 30, 2025		June 30, 2024
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	2471,~~350~~468	$	(12,~~745)~~586
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net unrealized (appreciation) depreciation on investments	~~(66)~~11		~~815~~1,031
Net unrealized (appreciation) depreciation on foreign currency forward contracts	(1854,~~029~~857)		(13,~~785~~263)
Net realized (gain) loss on investments	(1427)		(~~100~~104)
Net realized (gain) loss on foreign currency transactions	(~~162~~955)		~~(496)~~790
Net realized (gain) loss on foreign currency forward contracts	2,~~738~~044		1318,~~516~~404
Payment-in-kind interest capitalized	(~~427~~785)		(41278)
Net accretion of discount and amortization of premium	(~~371~~749)		(1,~~391~~669)
Purchases of investments	(1430,~~834~~620)		(49117,~~217~~033)
Proceeds from sale of investments and principal repayments	1125,~~126~~331		5053,~~794~~561
Proceeds from settlement of foreign currency forward contracts	(2,~~738~~044)		(1318,~~516~~404)
Increase (decrease) in assets and liabilities:
Interest receivable	(~~428~~528)		(~~182~~687)
Other assets	—		(3,404)
Receivable for investments sold	(18)		1,825
Receivable for investments sold	14		1,888
Payable for investments purchased	2		7,491
Payable for investments purchased	82		(51)
Collateral on forward currency exchange contracts	(760)		(23,160)
Collateral on forward currency exchange contracts	(160)		(29,760)
Management fee payable	—		(350)
Management fee payable	(37)		(338)
Income incentive fee payable	(2,696)		746
Income incentive fee payable	(3,962)		(575)
Capital gains incentive fee payable	—		(1,183)
Accrued expenses and other liabilities	~~334~~(89)		~~267~~(87)
Net cash provided by (used in) operating activities	(24,~~584)~~728		(3679,~~504~~784)
Cash flows from financing activities:
Proceeds from issuance of common shares, inclusive of change in receivable for issuance of common shares	—		—
Distributions paid in cash	(19,496)		(17,394)
Distributions paid in cash	(10,552)		(7,625)
Proceeds received from foreign currency settlement	955		(790)
Proceeds received from foreign currency settlement	162		496
Net cash provided by (used in) financing activities	(18,541)		(18,184)
Net cash provided by (used in) financing activities	(10,390)		(7,129)
Net increase (decrease) in cash and cash equivalents	(13,813)		(97,968)
Net increase (decrease) in cash and cash equivalents	(12,974)		(43,633)
Cash and cash equivalents, beginning of period	42,218		117,255
Cash and cash equivalents, beginning of period	42,218		$	117,255
Cash and cash equivalents, end of period	$	28,405	$	19,287
Cash and cash equivalents, end of period	$	29,244	$	73,622
Supplemental disclosure of cash flow information:
Cash paid for excise taxes during the period	$	32	$	111
Distributions declared during the period	$	19,496	$	17,394

See accompanying notes to the consolidated financial statements.

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OHA Senior Private Lending Fund (U) LLC

Consolidated Schedule of Investments

~~March~~June 3130, 2025

(in thousands)

(Unaudited)

Investments-non-controlled/non- affiliated(1)	Footnotes	ReferenceRate andSpread				InterestRate(2)		MaturityDate	ParAmount/Units		Cost(3)		FairValue		% ofNet Assets
Investments—non-controlled/non-affiliated
First Lien Debt
Aerospace and Defense
Evergreen IX Borrower 2023 LLC	(4) (5)	S +	4.75	%		9.05	%	9/30/2030	$	5,~~363~~349	$	5,~~295~~284	$	5,~~363~~349	1.1910	%
Evergreen IX Borrower 2023 LLC	(4) (5) (6)	S +	4.75	%		9.05	%	10/1/2029	599		(76)		—		—
Farsound Aviation Limited	(4) (5) (8)	S +	5.25	%		9.57	%	12/3/2031	5,238		5,~~188~~189		5,186		1.1506
Farsound Aviation Limited	(4) (5) (6) (8)	S +	5.25	%		9.57	%	12/3/2031	952		—		(109)		—
Mantech International CP	(4) (5)	S +	5.00	%		9.2928	%	9/14/2029	3,~~723~~697		3,~~669~~645		3,~~723~~697		0.8376
Mantech International CP	(4) (5) (6)	S +	5.00	%		9.2928	%	9/14/2029	~~566~~176		(82)		—		—
Mantech International CP	(4) (5) (6)	S +	5.00	%		9.2928	%	9/14/2028	444		(65)		—		—
STS Aviation Group	(4) (5) (6)	S +	5.00	%		9.30	%	10/8/2031	20		—		—		—
STS Aviation Group	(4) (5)	S +	5.00	%		9.30	%	10/8/2031	72		7271		7271		0.0201
STS Aviation Group	(4) (5) (6)	S +	5.00	%		9.30	%	10/8/2030	8		5		5		—
											14,208		14,339		3.19
											14,181		14,299		2.93
Automobile
Mammoth Holdings, LLC	(4) (5) (6)	S +	6.00	%		10.2930	%	11/15/2029	909		~~(7)~~176		—173		—0.04
Mammoth Holdings, LLC	(4) (5)	S +	6.00	%		10.30	%	11/15/2030	7,~~182~~164		7,~~121~~104		7,~~182~~092		1.6045
Mammoth Holdings, LLC	(4) (5)	S +	6.00	%		10.2921	%	11/15/2030	1,~~805~~800		1,~~790~~786		1,~~805~~782		0.4037
Wheels Bidco, Inc.	(4) (5)	S +	5.50	%		9.7976	%	11/3/2031	5,000		4,~~952~~953		4,950		1.1001
											13,856		13,937		3.10
											14,019		13,997		2.87
Buildings and Real Estate
Associations, Inc.	(4) (5) (6)	S +	6.50	%		11.0809	%	7/3/2028	286		~~212~~251		~~212~~251		0.05
Associations, Inc.	(4) (5) (6)	S +	6.50	%		11.0602	%	7/3/2028	356		88117		88117		0.0203
Associations, Inc.	(4) (5)	S +	6.50	%		11.0602	%	7/3/2028	4,~~581~~570		4,~~579~~568		4,~~581~~570		10.0294
Associations, Inc.	(4) (5)				(14.25% PIK)	14.25	%	5/3/2030	~~292~~303		~~292~~302		~~292~~303		0.06
Associations, Inc.	(4) (5)				(14.25% PIK)	14.25	%	5/3/2030	~~766~~793		~~764~~792		~~766~~793		0.1716
											5,935		5,939		1.32
											6,030		6,034		1.24
Capital Equipment
AI Titan Parent Inc.	(4) (5) (6)	S +	4.7550	%		98.0783	%	8/29/2031	1,557		—		(8)		—
AI Titan Parent Inc.	(4) (5) (6)	S +	4.7550	%		98.0783	%	8/29/2031	973		(4)		(5)		—
AI Titan Parent Inc.	(4) (5)	S +	4.7550	%		98.0783	%	8/29/2031	7,786		7,~~749~~750		7,747		1.7259
Ohio Transmission Corporation	(4) (5) (6)	S +	5.50	%		9.80	%	12/19/2029	1,000		~~342~~493		~~350~~500		0.0810
Ohio Transmission Corporation	(4) (5) (6)	S +	5.50	%		9.80	%	12/19/2030	1,~~494~~492		~~818~~817		~~831~~829		0.1817
Ohio Transmission Corporation	(4) (5)	S +	5.50	%		9.8380	%	12/19/2030	7,~~505~~486		7,~~440~~423		7,~~505~~486		1.6753

Table of Contents

Investments-non-controlled/non- affiliated(1)	Footnotes	ReferenceRate andSpread				InterestRate(2)		MaturityDate	ParAmount/Units	Cost(3)	FairValue	% ofNet Assets
Truck-Lite Co., LLC	(4) (5) ~~(6)~~	S +	5.75	%		10.0406	%	2/13/~~2031~~2032	111,~~154~~291	~~728~~11,195	~~738~~11,235	02.1630
Truck-Lite Co., LLC	(4) (5) (6)	S +	5.75	%		10.0506	%	2/13/~~2030~~2031	1,156	68(9)	77(6)	~~0.02~~—
Truck-Lite Co., LLC	(4) (5) (6)	S +	5.75	%		10.0706	%	2/13/~~2031~~2032	~~10,582~~416	~~10,489~~(3)	~~10,582~~(2)	~~2.35~~—
										27,630	27,817	6.18
										27,662	27,776	5.69
Chemicals, Plastics and Rubber
ASP Unifax Holdings, Inc.	(5)~~,(7)~~	S +	7.75	%	(4.75% PIK)	12.05	%	9/28/2029	5,~~121~~182	4,~~925~~994	4,~~976~~866	1.1100
BCPE HIPH Parent, Inc.	(4) (5) (6)	S +	5.75	%		10.0708	%	10/7/2030	1,~~028~~026	~~895~~894	~~910~~908	0.2018
BCPE HIPH Parent, Inc.	(4) (5)	S +	5.75	%		10.0708	%	10/7/2030	3,~~014~~006	2,~~953~~948	2,~~991~~984	0.6661
Meridian Adhesives Group, Inc.	(4) (5)	S +	56.7500	%		10.0530	%	9/3/2029	~~100~~12,973	~~100~~12,606	~~100~~12,973	02.0266
Meridian Adhesives Group, Inc.	(4) (5)	S +	56.7500	%		10.0530	%	9/3/2029	121,~~907~~254	121,~~521~~219	121,~~903~~254	20.8726
Meridian Adhesives Group, Inc.	(4) (5)	S +	5.75	%		10.05	%	9/3/2029	1,257	1,220	1,257	0.28
										22,661	22,985	4.71
										22,614	23,137	5.14
Construction & Building
FloWorks International	(4) (5)	S +	4.75	%		9.0708	%	11/26/2031	89	88	88	0.02
FloWorks International	(4) (5) (6)	S +	4.75	%		9.0708	%	11/26/2031	11	—	—	—
NRO Holdings III Corp.	(4) (5) ~~(6)~~	S +	5.25	%		9.5551	%	7/15/~~2030~~2031	16,~~050~~606	~~(9)~~6,547	~~(5)~~6,573	—1.34
NRO Holdings III Corp.	(4) (5) (6)	S +	5.25	%		9.5551	%	7/15/2031	62,~~623~~080	~~6,561~~—	~~6,589~~(11)	~~1.46~~—
NRO Holdings III Corp.	(4) (5) (6)	S +	5.25	%		9.5557	%	7/15/~~2031~~2030	21,~~080~~050	—141	~~(10)~~145	—0.03
										6,640	6,662	1.48
										6,776	6,795	1.39
Consumer Goods: Durable
Marcone Yellowstone Buyer, Inc.	(4) (5)	S +	7.00	%	(3.25% PIK)	11.4644	%	6/23/2028	~~673~~679	~~660~~666	~~641~~640	0.1413
Marcone Yellowstone Buyer, Inc.	(4) (5)	S +	7.25	%	(3.25% PIK)	11.7169	%	6/23/2028	1,~~320~~330	1,~~302~~314	1,~~267~~264	0.2826
Marcone Yellowstone Buyer, Inc.	(4) (5)	S +	7.00	%	(3.25% PIK)	11.4644	%	6/23/2028	6,~~874~~930	6,~~739~~804	6,~~548~~532	1.4634
Marcone Yellowstone Buyer, Inc.	(4) (5)	S +	7.00	%	(3.25% PIK)	11.4644	%	6/23/2028	2,~~284~~303	2,~~239~~261	2,~~176~~170	0.4844
Marcone Yellowstone Buyer, Inc.	(4) (5)	S +	7.00	%	(3.25% PIK)	11.4644	%	6/23/2028	3,~~203~~228	3,~~143~~172	3,~~051~~043	0.6862
Poly-Wood, LLC	(4) (5) (6)	S +	4.88	%		9.20	%	3/20/2030	1,350	—	—(7)	—
Poly-Wood, LLC	(4) (5) (6)	S +	4.88	%		9.1720	%	3/20/2030	1,350	~~383~~(12)	~~396~~(7)	~~0.09~~—
Poly-Wood, LLC	(4) (5)	S +	4.88	%		9.20	%	3/20/2030	7,~~128~~110	7,~~059~~043	7,~~128~~074	1.5845
										21,525	21,207	4.71
										21,248	20,709	4.24
Containers, Packaging and Glass
Ascend Buyer LLC	(4) (5)	S +	5.75	%		10.05	%	9/29/2028	179	178	178	0.0403
Ascend Buyer LLC	(4) (5) (6)	S +	5.75	%		10.05	%	9/29/2028	358	(2)	(2)	—
PPC Flexible Packaging	(4) (5)	S +	6.00	%		10.30	%	9/3029/2028	43,~~008~~997	3,~~953~~946	43,~~008~~997	0.8982
										4,129	4,184	0.93
										4,122	4,173	0.85
Ecological
Rock Star Mergersub, LLC	(4) (5)	S +	4.75	%		9.05	%	12/15/2031	3,091	3,076	3,076	0.6863
Rock Star Mergersub, LLC	(4) (5) (6)	S +	4.75	%		9.1503	%	12/15/2031	420	5758	57	0.01
Rock Star Mergersub, LLC	(4) (5) (6)	S +	4.75	%		9.05	%	12/15/2031	989	—	(5)	—
										3,133	3,128	0.69
										3,134	3,128	0.64
Finance
Arax MidCo, LLC	(4) (5)	S +	5.00	%		9.33	%	4/11/2029	37	37	37	0.01

Table of Contents

Investments-non-controlled/non- affiliated(1)	Footnotes	ReferenceRate andSpread				InterestRate(2)		MaturityDate	ParAmount/Units	Cost(3)	FairValue	% ofNet Assets
Beacon Pointe Advisors, LLC	(4) (5)	S +	4.75	%		9.07	%	12/29/2028	5,883	5,842	5,883	1.31
Arax MidCo, LLC	(4) (5) (6)	S +	5.00	%		9.33	%	4/11/2029	63	—	—	—
Beacon Pointe Advisors, LLC	(4) (5) (7)	S +	4.75	%		9.0708	%	12/29/2028	25,~~307~~867	25,~~291~~829	25,~~307~~867	01.5120
Beacon Pointe Advisors, LLC	(4) (5) ~~(6)~~	S +	4.75	%		9.0708	%	12/29/~~2027~~2028	~~627~~2,307	~~(3)~~2,292	—2,307	—0.47
Beacon Pointe Advisors, LLC	(4) (5) (6)	S +	4.75	%		9.0708	%	12/29/~~2028~~2027	~~658~~627	~~656~~(2)	~~658~~—	~~0.15~~—
Cliffwater LLC	(4) (5)	S +	4.50	%		8.82	%	10/7/2030	5,940	5,890	5,940	1.32
Beacon Pointe Advisors, LLC	(4) (5) (7)	S +	4.75	%		9.08	%	12/29/2028	657	654	657	0.13
Cliffwater LLC	(4) (5) ~~(6)~~	S +	45.5000	%		89.8228	%	104/722/~~2030~~2032	15,~~000~~925	~~(8)~~5,877	—5,896	—1.21
Spectrum Automotive Holdings, Corp.	(4) (5) (6)	S +	5.25	%		9.57	%	6/29/2027	305	(5)	—	—
Cliffwater LLC	(4) (5) (6)	S +	5.00	%		9.28	%	4/22/2032	1,009	(8)	(5)	—
Spectrum Automotive Holdings, Corp.	(4) (5)	S +	5.25	%		9.57	%	6/29/2028	8,002	7,843	8,002	1.78
Cliffwater LLC	(4) (5)	S +	5.00	%		9.28	%	4/22/2032	91	91	91	0.02
Spectrum Automotive Holdings, Corp.	(4) (5) (6)	S +	5.25	%		9.5758	%	6/29/~~2028~~2027	~~2,231~~305	~~2,186~~(4)	(2~~,231~~)	~~0.49~~—
										24,692	25,021	5.56
Spectrum Automotive Holdings, Corp.	(4) (5)	S +	5.25	%		9.58	%	6/29/2028	7,981	7,833	7,941	1.63
Spectrum Automotive Holdings, Corp.	(4) (5)	S +	5.25	%		9.58	%	6/29/2028	2,225	2,183	2,214	0.45
										24,782	25,003	5.12
Healthcare, Education and Childcare
Coding Solutions Acquistion Inc.	(4) (5)	S +	5.00	%		9.25	%	8/7/2031	4,397	4,360	4,375	0.97
Coding Solutions Acquisition Inc.	(4) (5)	S +	5.00	%		9.33	%	8/7/2031	4,543	4,506	4,498	0.92
Coding Solutions Acquistion Inc.	(4) (5) (6)	S +	5.00	%		9.25	%	8/7/2031	672	(5)	(3)	—
Coding Solutions Acquisition Inc.	(4) (5) (6)	S +	5.00	%		9.33	%	8/7/2031	514	(5)	(5)	—
Coding Solutions Acquistion Inc.	(4) (5) (6)	S +	5.00	%		9.33	%	8/7/2031	420	363	365	0.08
Coding Solutions Acquisition Inc.	(4) (5) (6)	S +	5.00	%		9.33	%	8/7/2031	420	(4)	(4)	—
Gateway US Holdings, Inc.	(4) (5)	S +	4.75	%		9.05	%	9/22/2028	3,211	3,211	3,211	0.71
Crown Health Care Laundry Services, LLC	(4) (5) (6)	S +	4.75	%		9.08	%	5/28/2031	14	—	—	—
Crown Health Care Laundry Services, LLC	(4) (5) (6)	S +	4.75	%		9.08	%	5/28/2031	12	—	—	—
Crown Health Care Laundry Services, LLC	(4) (5)	S +	4.75	%		9.08	%	5/28/2031	74	74	74	0.02
Gateway US Holdings, Inc.	(4) (5)	S +	4.75	%		9.05	%	9/22/2028	3,211	3,211	3,211	0.66
Gateway US Holdings, Inc.	(4) (5) (6)	S +	4.75	%		9.05	%	9/22/2028	131	—	—	—
Gateway US Holdings, Inc.	(4) (5)	S +	4.75	%		9.05	%	9/22/2028	167	167	167	0.0403
Gateway US Holdings, Inc.	(4) (5)	S +	4.75	%		9.05	%	9/22/2028	738	~~727~~728	738	0.1615
Medvet Associates LLC	(4) (5)	S +	4.75	%		9.0708	%	6/25/2031	8,000	7,~~963~~964	8,000	1.7864
Medvet Associates LLC	(4) (5) (6)	S +	4.75	%		9.0708	%	6/25/2031	2,000	—	—	—
Model N, Inc.	(4) (5)	S +	4.75	%		9.05	%	6/27/2031	7,079	7,047	7,044	1.57
Modernizing Medicine Inc.	(4) (5)	S +	5.25	%	(2.75% PIK)	9.55	%	4/30/2032	92	91	91	0.02
Model N, Inc.	(4) (5) (6)	S +	4.75	%		9.05	%	6/27/2031	774	(3)	(4)	—
Modernizing Medicine Inc.	(4) (5) (6)	S +	5.25	%	(2.75% PIK)	9.55	%	4/30/2032	9	—	—	—
Model N, Inc.	(4) (5) (6)	S +	4.75	%		9.05	%	6/27/2031	1,452	—	(7)	—
Mountain Parent,Inc.	(4) (5) (6)	S +	4.75	%		9.05	%	6/27/2031	774	(3)	(4)	—
Next Holdco, LLC	(4) (5)	S +	5.25	%		9.55	%	11/12/2030	5,050	4,985	5,025	1.12
Mountain Parent,Inc.	(4) (5) (6)	S +	4.75	%		9.05	%	6/27/2031	1,452	—	(7)	—
Next Holdco, LLC	(4) (5) (6)	S +	5.25	%		9.55	%	11/12/2030	1,308	(16)	(7)	—
Mountain Parent,Inc.	(4) (5)	S +	4.75	%		9.05	%	6/27/2031	7,062	7,030	7,026	1.44
Next Holdco, LLC	(4) (5) (6)	S +	5.25	%		9.55	%	11/9/2029	491	(5)	(23)	—
Packaging Coordinators Midco, Inc.	(4) (5)	S +	4.75	%		9.04	%	1/22/2032	6,128	6,113	6,051	1.34
Next Holdco, LLC	(4) (5)	S +	5.25	%		9.55	%	11/12/2030	5,037	4,975	5,012	1.03
Packaging Coordinators Midco, Inc.	(4) (5) (6)	S +	4.75	%		9.04	%	1/22/2032	617	(2)	(8)	—
Next Holdco, LLC	(5) (4) (6)	S +	5.25	%		9.55	%	11/12/2030	1,308	(15)	(7)	—
Packaging Coordinators Midco, Inc.	(4) (5) ~~(6)~~	S +	4.75	%		9.0402	%	1/22/2032	~~673~~6,128	~~(3)~~6,113	~~(8)~~6,051	—1.24
PetVet Care Centers, LLC	(4) (5)	S +	6.00	%		10.32	%	11/15/2030	10,571	10,481	10,306	2.29
Packaging Coordinators Midco, Inc.	(5) (4) (6)	S +	4.75	%		9.02	%	1/22/2032	2,581	—	(32)	(0.01)
PetVet Care Centers, LLC	(4) (5) (6)	S +	6.00	%		10.32	%	11/15/2030	1,396	—	(35)	(0.01)
Packaging Coordinators Midco, Inc.	(4) (5) (6)	S +	4.75	%		9.02	%	1/22/2032	617	(1)	(8)	—
PetVet Care Centers, LLC	(4) (5) (6)	S +	6.00	%		10.32	%	11/15/2029	1,396	(10)	(35)	(0.01)
Packaging Coordinators Midco, Inc.	(4) (5) (6)	S +	4.75	%		9.02	%	1/22/2032	673	(3)	(9)	—
TecoStar Holdings, Inc.	(4) (5)	S +	8.00	%	(4.50% PIK)	12.29	%	7/6/2029	4,285	4,207	4,285	0.95
PetVet Care Centers, LLC	(4) (5)	S +	6.00	%		10.33	%	11/15/2030	10,544	10,457	10,228	2.09
										49,580	49,426	10.99
PetVet Care Centers, LLC	(4) (5) (6)	S +	6.00	%		10.33	%	11/15/2030	1,396	—	(42)	(0.01)
High Tech
PetVet Care Centers, LLC	(4) (5) (6)	S +	6.00	%		10.33	%	11/15/2029	1,396	(9)	(42)	(0.01)
Banyan Software Holdings LLC	(4) (5)	S +	5.25	%		9.57	%	1/2/2031	61	61	61	0.01
Banyan Software Holdings LLC	(4) (5) (6)	S +	5.25	%		9.57	%	1/2/2031	7	—	—	—
Banyan Software Holdings LLC	(4) (5) (6)	S +	5.25	%		9.57	%	1/2/2031	33	13	12	—
CentralSquare Technologies, LLC	(4) (5) (6)	S +	5.75	%		10.04	%	4/12/2030	867	(9)	(4)	—
CentralSquare Technologies, LLC	(4) (5)	S +	6.25	%	(3.38% PIK)	10.57	%	4/12/2030	7,850	7,767	7,811	1.74

Table of Contents

Investments-non-controlled/non- affiliated(1)	Footnotes	ReferenceRate andSpread				InterestRate(2)		MaturityDate		ParAmount/Units	Cost(3)	FairValue	% ofNet Assets
Eagan Sub, Inc.	(4) (5) (6)	S +	5.25	%		9.55	%	6/1/2029		2,900	(30)	—	—
TecoStar Holdings, Inc.	(4) (5)	S +	8.00	%		12.21	%	7/6/2029		4,285	4,211	4,285	0.88
Eagan Sub, Inc.	(4) (5)	S +	5.25	%		9.55	%	6/3/2030		14,282	14,109	14,282	3.17
Tyber Medical LLC	(4) (5) (6)	S +	5.00	%		9.32	%	6/14/2032		17	—	—	—
Everbridge Holdings, LLC	(4) (5) (6)	S +	5.00	%		9.31	%	7/2/2031		1,832	715	712	0.16
Tyber Medical LLC	(4) (5) (6)	S +	5.00	%		9.32	%	6/12/2031		8	3	3	—
Everbridge Holdings, LLC	(4) (5) (6)	S +	5.00	%		9.31	%	7/2/2031		733	(2)	(2)	—
Tyber Medical LLC	(4) (5) (6)	S +	5.00	%		9.32	%	6/12/2031		3	—	—	—
Everbridge Holdings, LLC	(4) (5)	S +	5.00	%		9.31	%	7/2/2031		7,315	7,298	7,297	1.62
Tyber Medical LLC	(4) (5)	S +	5.00	%		9.32	%	6/14/2032		59	59	59	0.01
Greenway Health, LLC	(4) (5)	S +	6.75	%		11.05	%	4/1/2029		9,066	8,920	9,134	2.03
Tyber Medical LLC	(4) (5)	E +	5.00	%		6.95	%	6/14/2032	EUR	12	14	14	—
PDI TA Holdings, Inc.	(4) (5)	S +	5.50	%		9.82	%	2/3/2031		177	176	177	0.04
											49,558	49,294	10.10
PDI TA Holdings, Inc.	(4) (5)	S +	5.50	%		9.79	%	2/3/2031		1,936	1,919	1,936	0.43
High Tech
PDI TA Holdings, Inc.	(4) (5) (6)	S +	5.50	%		9.79	%	2/3/2031		173	22	23	0.01
Banyan Software Holdings LLC	(4) (5)	S +	5.50	%		9.83	%	1/2/2031		61	61	60	0.01
											40,959	41,439	9.21
Banyan Software Holdings LLC	(4) (5) (6)	S +	5.25	%		9.57	%	1/2/2031		7	1	1	—
Banyan Software Holdings LLC	(4) (5) (6)	S +	5.50	%		9.83	%	1/2/2031		33	20	20	—
CentralSquare Technologies, LLC	(4) (5) (6)	S +	5.50	%		10.32	%	4/12/2030		867	(9)	—	—
CentralSquare Technologies, LLC	(4) (5)	S +	6.00	%	(3.25% PIK)	10.32	%	4/12/2030		7,900	7,821	7,900	1.62
Chase Intermediate, LLC	(4) (5) (6)	S +	4.75	%		9.03	%	10/30/2028		8,612	8,571	8,612	1.76
Chase Intermediate, LLC	(4) (5) (6)	S +	4.75	%		9.03	%	10/30/2028		433	45	48	0.01
Chase Intermediate, LLC	(4) (5) (6)	S +	4.75	%		9.07	%	10/30/2028		200	14	14	—
Eagan Sub, Inc.	(4) (5) (6)	S +	5.25	%		9.55	%	6/1/2029		2,900	(29)	—	—
Eagan Sub, Inc.	(4) (5)	S +	5.25	%		9.55	%	6/3/2030		14,246	14,080	14,246	2.92
Everbridge Holdings, LLC	(4) (5) (6)	S +	5.00	%		9.29	%	7/2/2031		1,830	714	715	0.15
Everbridge Holdings, LLC	(4) (5) (6)	S +	5.00	%		9.29	%	7/2/2031		733	(1)	—	—
Everbridge Holdings, LLC	(4) (5)	S +	5.00	%		9.29	%	7/2/2031		7,297	7,280	7,297	1.50
Granicus, Inc.	(4) (5) (6)	P +	4.25	%		11.75	%	1/17/2031		384	52	54	0.01
Granicus, Inc.	(4) (5)	S +	5.75	%	(2.25% PIK)	10.03	%	1/17/2031		2,762	2,751	2,762	0.57
Granicus, Inc.	(4) (5)	S +	5.25	%	(2.25% PIK)	9.53	%	1/17/2031		409	409	409	0.08
Greenway Health, LLC	(4) (5)	S +	6.75	%		11.05	%	4/1/2029		9,043	8,905	9,043	1.85
PDI TA Holdings, Inc.	(4) (5)	S +	5.50	%		9.78	%	2/3/2031		177	175	177	0.04
PDI TA Holdings, Inc.	(4) (5)	S +	5.50	%		9.78	%	2/3/2031		1,931	1,915	1,931	0.40
PDI TA Holdings, Inc.	(4) (5) (6)	S +	5.50	%		9.78	%	2/3/2031		173	68	69	0.01
											52,843	53,358	10.93
Insurance
Integrity Marketing Acquisition, LLC	(4) (5)	S +	5.00	%		9.3133	%	8/25/2028		5,~~671~~657	5,~~647~~634	5,~~671~~657	1.2616
MAI Capital Management Intermediate, LLC	(4) (5)	S +	4.75	%		9.05	%	8/29/2031		2,765	2,752	2,751	0.6156
MAI Capital Management Intermediate, LLC	(4) (5) (6)	S +	4.75	%		9.05	%	8/29/2031		1,625	640	635	0.1413
MAI Capital Management Intermediate, LLC	(4) (5) (6)	S +	4.75	%		9.0405	%	8/29/2031		610	~~144~~134	~~144~~134	0.03
Peter C. Foy & Associates Insurance Services, LLC	(4) (5)	S +	5.50	%		9.81	%	11/1/2028		6,468	6,380	6,468	1.44
RSC Acquisition, Inc.	(4) (5)	S +	4.75	%		9.05	%	11/1/2029		6,901	6,847	6,901	1.41
Peter C. Foy & Associates Insurance Services, LLC	(4) (5)	S +	5.50	%		9.82	%	11/1/2028		1,780	1,755	1,780	0.40
Shelf Bidco Ltd.	(4) (5) (7) (8)	S +	5.00	%		9.28	%	8/21/2031		8,367	8,328	8,325	1.70
Peter C. Foy & Associates Insurance Services, LLC	(4) (5) (6)	S +	5.50	%		9.81	%	11/1/2027		310	(3)	—	—
THG Acquisition, LLC	(4) (5)	S +	4.50	%		8.83	%	10/31/2031		75	74	74	0.02
Peter C. Foy & Associates Insurance Services, LLC	(4) (5)	S +	6.50	%		10.81	%	11/1/2028		99	98	99	0.02
THG Acquisition, LLC	(4) (5) (6)	S +	4.50	%		8.83	%	10/31/2031		17	1	1	—
RSC Acquisition, Inc.	(4) (5)	S +	4.75	%		9.05	%	11/1/2029		6,919	6,855	6,885	1.53
THG Acquisition, LLC	(4) (5) (6)	S +	4.75	%		9.08	%	10/31/2031		8	1	1	—
Shelf Bidco Ltd.	(4) (5) (7) (8)	S +	5.00	%		9.30	%	8/21/2031		8,388	8,348	8,346	1.85
											24,411	24,479	5.01
THG Acquisition, LLC	(4) (5)	S +	4.75	%		9.07	%	10/31/2031		75	75	75	0.02
THG Acquisition, LLC	(4) (5) (6)	S +	4.75	%		9.07	%	10/31/2031		17	—	—	—
THG Acquisition, LLC	(4) (5) (6)	S +	4.75	%		9.07	%	10/31/2031		8	—	—	—
											32,691	32,854	7.30
Media: Diversified & Production
Aurelia Netherlands Midco 2 B.V.	(4) (5) (8)	E +	5.50	%		8.54	%	5/29/2031	EUR	11,569	12,136	12,434	2.76
Circana Group, L.P.	(4) (5)	S +	5.00	%		9.31	%	12/1/2028		7,002	6,857	7,002	1.56
Circana Group, L.P.	(4) (5) (6)	S +	5.00	%		9.32	%	12/1/2027		488	46	55	0.01
											19,039	19,491	4.33
Printing and Publishing
Recorded Books Inc.	(4) (5) (6)	S +	5.75	%		10.07	%	6/15/2028		1,160	732	746	0.16
Recorded Books Inc.	(4) (5)	S +	5.75	%		10.06	%	12/15/2028		14,160	13,954	14,160	3.15
											14,686	14,906	3.31
Retail Stores

Table of Contents

Investments-non-controlled/non- affiliated(1)	Footnotes	ReferenceRate andSpread				InterestRate(2)		MaturityDate		ParAmount/Units	Cost(3)	FairValue	% ofNet Assets
New Look Vision Group, Inc.	(4) (5) (7) (8)	C +	6.00	%	(2.00% PIK)	8.98	%	5/26/2028	CAD	6,218	4,392	4,288	0.95
Media: Diversified & Production
New Look Vision Group, Inc.	(4) (5) (6) (8)	C +	5.50	%		8.50	%	5/26/2026	CAD	850	164	113	0.03
Aurelia Netherlands Midco 2 B.V.	(4) (5) (8)	E +	4.75	%		6.83	%	5/29/2031	EUR	11,569	12,630	13,513	2.77
New Look Vision Group, Inc.	(4) (5) (7) (8)	C +	5.50	%		8.48	%	5/26/2028	CAD	414	292	283	0.06
Circana Group, L.P.	(4) (5) (6)	S +	4.50	%		8.83	%	12/1/2028		1,014	(10)	(5)	—
New Look Vision Group, Inc.	(4) (5) (8)	S +	5.50	%		9.95	%	5/26/2028		1,283	1,236	1,261	0.28
Circana Group, L.P.	(4) (5)	S +	4.50	%		8.83	%	12/1/2029		9,376	9,237	9,329	1.91
New Look Vision Group, Inc.	(4) (5) (7) (8)	C +	5.50	%		8.48	%	5/26/2028	CAD	795	561	543	0.12
											21,857	22,837	4.68
New Look Vision Group, Inc.	(4) (5) (8)	S +	6.00	%	(2.00% PIK)	10.45	%	5/26/2028		146	141	144	0.03
Printing and Publishing
											6,786	6,632	1.47
Recorded Books Inc.	(4) (5) (6)	S +	5.75	%		10.08	%	6/15/2028		1,160	(13)	—	—
Recorded Books Inc.	(4) (5)	S +	5.75	%		10.08	%	12/15/2028		14,124	13,926	14,124	2.89
											13,913	14,124	2.89
Retail Stores
New Look Vision Group, Inc.	(4) (5) (7) (8)	C +	5.50	%		10.50	%	5/26/2028	CAD	6,204	4,393	4,536	0.93
New Look Vision Group, Inc.	(4) (5) (6) (8)	C +	5.50	%		8.51	%	5/26/2026	CAD	850	175	188	0.04
New Look Vision Group, Inc.	(4) (5) (7) (8)	C +	5.50	%		8.50	%	5/26/2028	CAD	413	292	302	0.06
New Look Vision Group, Inc.	(4) (5) (8)	S +	5.50	%		9.95	%	5/26/2028		1,280	1,237	1,277	0.26
New Look Vision Group, Inc.	(4) (5) (7) (8)	C +	5.50	%		8.50	%	5/26/2028	CAD	793	561	580	0.12
New Look Vision Group, Inc.	(4) (5) (8)	S +	5.50	%		9.95	%	5/26/2028		145	141	145	0.03
											6,799	7,028	1.44
Services: Business
Baker Tilly Advisory Group, LP	(4) (5) (6)	S +	4.7550	%		98.0783	%	6/3/2030		1,828	(1211)	—	—
Baker Tilly Advisory Group, LP	(4) (5) ~~(6)~~	S +	4.75	%		9.0708	%	6/3/2031		19,~~305~~905	~~(2)~~9,841	—9,905	—2.03
Baker Tilly Advisory Group, LP	(4) (5) (6)	S +	4.7550	%		98.0783	%	6/3/2031		81,~~624~~369	~~8,567~~—	~~8,624~~(7)	~~1.92~~—
FR Vision Holdings, Inc.	(4) (5) (6)	S +	5.00	%		9.29	%	1/21/2030		580	(5)	—	—
Baker Tilly Advisory Group, LP	(4) (5)	S +	4.50	%		8.83	%	6/3/2031		3,165	3,149	3,149	0.64
FR Vision Holdings, Inc.	(4) (5) (6)	S +	5.00	%		9.29	%	1/20/2031		2,314	965	973	0.22
Baker Tilly Advisory Group, LP	(4) (5) (6)	S +	4.50	%		9.08	%	6/3/2031		445	(2)	—	—
FR Vision Holdings, Inc.	(4) (5) (6)	S +	5.00	%		9.2927	%	1/2021/~~2031~~2030		~~7,126~~580	~~7,063~~(5)	~~7,126~~—	~~1.58~~—
GC Waves Holdings, Inc.	(4) (5)	S +	4.75	%		9.17	%	10/4/2030		7,356	7,209	7,319	1.63
FR Vision Holdings, Inc.	(4) (5) (6)	S +	5.00	%		9.27	%	1/20/2031		2,311	1,386	1,398	0.29
GI Apple Midco LLC	(4) (5) (6)	S +	6.75	%		11.07	%	4/19/2029		1,133	632	648	0.14
FR Vision Holdings, Inc.	(4) (5)	S +	5.00	%		9.27	%	1/20/2031		7,108	7,048	7,108	1.46
GI Apple Midco LLC	(4) (5)	S +	6.75	%		11.07	%	4/19/2030		7,317	7,201	7,390	1.64
GC Waves Holdings, Inc.	(4) (5)	S +	4.75	%		9.18	%	10/4/2030		7,338	7,196	7,301	1.49
GI Apple Midco LLC	(4) (5) (6)	S +	6.75	%		11.0708	%	4/19/~~2030~~2029		1,~~617~~133	~~170~~9	~~192~~19	~~0.04~~—
Jensen Hughes Inc.	(4) (5) (6)	S +	5.00	%		9.32	%	9/2/2031		1,467	(3)	(15)	—
GI Apple Midco LLC	(4) (5)	S +	6.75	%		11.08	%	4/19/2030		7,299	7,187	7,262	1.49
Jensen Hughes Inc.	(4) (5) (6)	S +	5.00	%		9.32	%	9/2/2031		587	(5)	(6)	—
GI Apple Midco LLC	(4) (5) (6)	S +	6.75	%		11.08	%	4/19/2030		175	175	175	0.04
Jensen Hughes Inc.	(4) (5) (6)	S +	5.00	%		9.3228	%	89/302/2031		51,~~204~~467	~~5,155~~(3)	~~5,151~~(15)	~~1.14~~—
Jensen Hughes Inc.	(4) (5) (6)	S +	5.00	%		9.3228	%	9/2/2031		~~342~~587	—(5)	(36)	—
PT Intermediate Holdings III, LLC	(4) (5) (6)	S +	5.00	%	(1.75% PIK)	9.30	%	4/9/2030		232	—	(2)	—
Jensen Hughes Inc.	(4) (5)	S +	5.00	%		9.28	%	9/2/2031		5,204	5,156	5,152	1.05
PT Intermediate Holdings III, LLC	(4) (5)	S +	5.00	%	(1.75% PIK)	9.30	%	4/9/2030		12,401	12,229	12,277	2.73
Jensen Hughes Inc.	(4) (5) (6)	S +	5.00	%		9.28	%	9/2/2031		342	—	(3)	—
Rimkus Consulting Group Inc.	(4) (5) (6)	S +	5.25	%		9.55	%	4/1/2030		463	(3)	(2)	—
PT Intermediate Holdings III, LLC	(4) (5) (6)	S +	5.00	%		9.30	%	4/9/2030		232	—	(2)	—
Rimkus Consulting Group Inc.	(4) (5)	S +	5.25	%		9.55	%	4/1/2031		3,444	3,421	3,427	0.76
PT Intermediate Holdings III, LLC	(4) (5)	S +	5.00	%	(1.75% PIK)	9.30	%	4/9/2030		12,456	12,291	12,332	2.53
Rimkus Consulting Group Inc.	(4) (5) (6)	S +	5.25	%		9.55	%	4/1/~~2031~~2030		~~867~~463	~~138~~113	~~134~~113	0.0302
Speed Midco 3 S.a r.l.	(4) (5) (8)	S +	4.95	%		9.17	%	6/5/2031		7,219	7,188	7,201	1.60
Rimkus Consulting Group Inc.	(4) (5)	S +	5.25	%		9.55	%	4/1/2031		3,435	3,413	3,418	0.70
Speed Midco 3 S.a r.l.	(4) (5) (8)	E +	4.95	%		7.33	%	6/5/2031	EUR	1,983	2,146	2,137	0.47
Rimkus Consulting Group Inc.	(4) (5) (6)	S +	5.25	%		9.55	%	4/1/2031		866	184	180	0.04
Speed Midco 3 S.a r.l.	(4) (5) (8)	SN +	4.95	%		9.41	%	6/5/2031	EUR	491	624	632	0.14
STV Group, Inc.	(4) (5) (6)	S +	5.00	%		9.32	%	3/20/2031		1,250	—	(6)	—
STV Group, Inc.	(4) (5)	S +	5.00	%		9.32	%	3/20/2031		4,331	4,293	4,310	0.96
STV Group, Inc.	(4) (5) (6)	P +	5.00	%		11.50	%	3/20/2030		875	180	183	0.04
USIC Holdings Inc.	(4) (5)	S +	5.50	%		9.81	%	9/10/2031		8,409	8,369	8,367	1.86
USIC Holdings Inc.	(4) (5) (6)	S +	5.25	%		9.56	%	9/10/2031		1,073	577	577	0.13
USIC Holdings Inc.	(4) (5) (6)	S +	5.50	%		9.81	%	9/10/2031		510	110	107	0.02
											76,207	76,741	17.05
Services: Consumer
Bradyifs Holdings, LLC	(4) (5)	S +	5.00	%		9.29	%	10/31/2029		13,337	13,231	13,337	2.96
Bradyifs Holdings, LLC	(4) (5) (6)	S +	5.00	%		9.29	%	10/31/2029		393	82	84	0.02

Table of Contents

Investments-non-controlled/non- affiliated(1)	Footnotes	ReferenceRate andSpread				InterestRate(2)		MaturityDate		ParAmount/Units	Cost(3)		FairValue		% ofNet Assets
The Kleinfelder Group, Inc.	(4) (5)	S +	5.00	%		9.29	%	11/28/2025		12,404	12,365		12,404		2.76
Speed Midco 3 S.a r.l.	(4) (5) (8)	E +	4.95	%		7.33	%	5/16/2029	EUR	1,983	2,146		2,322		0.48
The Kleinfelder Group, Inc.	(4) (5) (6)	S +	5.00	%		9.29	%	9/18/2028		1,643	(11)		—		—
Speed Midco 3 S.a r.l.	(4) (5) (8)	SN +	4.95	%		9.41	%	5/16/2029	GBP	491	624		671		0.14
The Kleinfelder Group, Inc.	(4) (5) (6)	S +	5.00	%		9.29	%	9/18/2030		2,464	—		—		—
Speed Midco 3 S.a r.l.	(4) (5) (8)	S +	4.95	%		9.17	%	5/16/2029		7,219	7,190		7,201		1.47
											25,667		25,825		5.74
STV Group, Inc.	(4) (5) (6)	S +	4.75	%		9.07	%	3/20/2031		1,250	—		—		—
Technology & Electronics
STV Group, Inc.	(4) (5)	S +	4.75	%		9.07	%	3/20/2031		4,320	4,283		4,320		0.88
Chase Intermediate, LLC	(4) (5) (6)	S +	4.75	%		9.04	%	10/30/2028		8,633	6,004		6,047		1.35
STV Group, Inc.	(4) (5) (6)	S +	4.75	%		9.07	%	3/20/2030		875	(7)		—		—
Chase Intermediate, LLC	(4) (5) (6)	S +	4.75	%		9.04	%	10/30/2028		433	45		48		0.01
USIC Holdings Inc.	(4) (5)	S +	5.50	%		9.83	%	9/10/2031		8,388	8,349		8,346		1.71
Granicus, Inc.	(4) (5) (6)	S +	5.25	%		9.54	%	1/17/2031		384	(2)		—		—
USIC Holdings Inc.	(4) (5) (6)	S +	5.25	%		9.58	%	9/10/2031		1,073	486		485		0.10
Granicus, Inc.	(4) (5) (7)	S +	5.75	%	(2.25% PIK)	10.04	%	1/17/2031		2,753	2,742		2,753		0.61
USIC Holdings Inc.	(4) (5) (6)	S +	5.50	%		9.83	%	9/10/2031		509	168		165		0.03
Granicus, Inc.	(4) (5)	S +	5.25	%	(2.25% PIK)	9.54	%	1/17/2031		408	408		407		0.09
											80,361		80,989		16.59
											9,197		9,255		2.06
Services: Consumer
Total First Lien Debt											$	419,174	$	421,940	93.76	%
Bradyifs Holdings, LLC	(4) (5)	S +	5.00	%		9.28	%	10/31/2029		13,303	13,203		13,303		2.72
Bradyifs Holdings, LLC	(4) (5) (6)	S +	5.00	%		9.32	%	10/31/2029		393	127		129		0.03
The Kleinfelder Group, Inc.	(4) (5)	S +	5.00	%		9.28	%	9/18/2030		12,373	12,348		12,373		2.53
The Kleinfelder Group, Inc.	(4) (5) (6)	S +	5.00	%		9.28	%	9/18/2028		1,643	(11)		—		—
The Kleinfelder Group, Inc.	(4) (5) (6)	S +	5.00	%		9.28	%	9/18/2030		2,464	1,314		1,314		0.27
W.A. Kendall and Company, LLC	(4) (5) (6)	S +	5.50	%		9.80	%	4/22/2030		2	—		—		—
W.A. Kendall and Company, LLC	(4) (5) (6)	S +	5.50	%		9.80	%	4/22/2030		54	—		—		—
W.A. Kendall and Company, LLC	(4) (5)	S +	5.50	%		9.80	%	4/22/2030		36	36		36		0.01
W.A. Kendall and Company, LLC	(4) (5) (6)	S +	5.88	%		10.32	%	4/22/2030		7	2		2		—
											27,019		27,157		5.56
Telecommunications
Omni Fiber, LLC	(4) (5)	S +	5.25	%		9.53	%	7/3/2029		6	6		6		—
Omni Fiber, LLC	(4) (5)	S +	5.25	%		9.55	%	7/3/2029		12	12		12		—
Omni Fiber, LLC	(4) (5) (6)	S +	5.25	%		9.54	%	7/3/2029		82	5		4		—
											23		22		—
Total First Lien Debt											$	421,399	$	424,187	86.88	%
Second Lien Debt
High Tech
Polaris Newco LLC	(4) (5)	S +	9.00	%		13.4143	%	6/4/2029		6,200	6,~~075~~081		65,~~076~~983		1.3522
											6,075		6,076		1.35
											6,081		5,983		1.22
Total Second Lien Debt											$	6,075	$	6,076	1.35	%
Services: Consumer
Total Investments—non-controlled/non-affiliated											$	425,249	$	428,016	95.11	%
BCPE Empire Holdings, Inc.	(4) (5)	S +	5.25	%		9.57	%	12/31/2031		100	99		99		0.02
Total Portfolio Investments											$	425,249	$	428,016	95.11	%
											99		99		0.02

Table of Contents


Investments-non-controlled/non- affiliated(1)	Footnotes	Reference Rate and Spread	Interest Rate(2)	Maturity Date	Par Amount/ Units	Cost(3)		Fair Value		% of Net Assets
Total Second Lien Debt						$	6,180	$	6,082	1.24	%
Total Investments—non-controlled/non-affiliated						$	427,579	$	430,269	88.12	%
Total Portfolio Investments						$	427,579	$	430,269	88.12	%

(1)Unless otherwise indicated, issuers of debt investments held by the Company (which such term “Company” shall include the Company’s subsidiaries for purposes of this Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated.

(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either EURIBOR (“E”), or SOFR including SOFR adjustment if any, ("S"), CDOR ("C"), SONIA ("SN"), or alternate base rate (commonly based on the U.S. Prime Rate (“P”), unless otherwise noted) at the borrower;’s option which generally resets periodically. S loans are typically indexed to 12 month, 6 month, 3 month or 1 month S rates. For each such loan, the Company has provided the interest rate in effect on the date presented.

(3)The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method in accordance with generally accepted accounting principles in the United States of America (“GAAP”).

(4)Investment valued using unobservable inputs (Level 3). See Note 5.

(5)Loan includes interest rate floor feature.

(6)Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments:

Investments—non-

controlled/non-

affiliated

Commitment Type

Commitment

Expiration Date

Unfunded

Total Commitment Fair

Value

AI Titan Parent Inc.

Delayed Draw Term Loan

8/29/2031

1,557

(8)

AI Titan Parent Inc.

Revolver

8/29/2031

973

(5)

Arax MidCo, LLC

2025 Delayed Draw Term Loan

4/11/2029

—

Ascend Buyer LLC

2025 4th Amendment Revolver

9/29/2028

358

(2)

Associations, Inc.

2024 Special Purpose Delayed Draw Term Loan

7/3/2028

239

—

Associations, Inc.

2024 2nd Amendment Revolver

7/3/2028

—

Baker Tilly Advisory Group, LP

2025 Delayed Draw Term Loan

6/3/2031

1,369

(7)

Baker Tilly Advisory Group, LP

2025 Revolver

6/3/2031

445

—

Baker Tilly Advisory Group, LP

Revolver

6/3/2030

1,828

—

Banyan Software Holdings LLC

2024 1st Lien Delayed Draw Term Loan

1/2/2031

—

Banyan Software Holdings LLC

2024 Revolver

1/2/2031

—

BCPE HIPH Parent, Inc.

2023 Delayed Draw Term Loan

10/7/2030

111

(1)

Beacon Pointe Advisors, LLC

2021 Revolver

12/29/2027

627

—

Bradyifs Holdings, LLC

2024 Delayed Draw Term Loan

10/31/2029

264

—

CentralSquare Technologies, LLC

2024 Revolver

4/12/2030

867

—

Chase Intermediate, LLC

2023 Revolver

10/30/2028

385

—

Chase Intermediate, LLC

2025 Delayed Draw Term Loan

10/30/2028

186

—

Circana Group, L.P.

2025 Revolver

12/1/2028

1,014

(5)

Cliffwater LLC

Revolver

4/22/2032

1,009

(5)

Table of Contents

Investments—non-controlled/non-affiliated

Commitment Type

CommitmentExpiration Date

Unfunded

Total Commitment FairValue

AI Titan Parent Inc.

Delayed Draw Term Loan

8/29/2031

1,558

(8)

AI Titan Parent Inc.

Revolver

8/29/2031

973

(5)

Ascend Buyer LLC

2025 4th Amendment Revolver

9/29/2028

358

(2)

Associations, Inc.

2024 Special Purpose Delayed Draw Term Loan

7/3/2028

268

—

Associations, Inc.

2024 2nd Amendment Revolver

7/3/2028

—

Baker Tilly Advisory Group, LP

Delayed Draw Term Loan

6/3/2031

1,305

—

Baker Tilly Advisory Group, LP

Revolver

6/3/2030

1,828

—

Banyan Software Holdings LLC

2024 1st Lien Delayed Draw Term Loan

1/2/2031

—

Banyan Software Holdings LLC

2024 Revolver

1/2/2031

—

BCPE HIPH Parent, Inc.

2023 Delayed Draw Term Loan

10/7/2030

111

(1)

Beacon Pointe Advisors, LLC

2021 Revolver

12/29/2027

627

—

Bradyifs Holdings, LLC

2024 Delayed Draw Term Loan

10/31/2029

309

—

CentralSquare Technologies, LLC

2024 Revolver

4/12/2030

867

(4)

Chase Intermediate, LLC

2023 Revolver

10/30/2028

385

—

Chase Intermediate, LLC

2023 Delayed Draw Term Loan

10/30/2028

2,587

—

Circana Group, L.P.

2024 Revolver

12/1/2027

434

—

Cliffwater LLC

Revolver

10/7/2030

1,000

—

Coding Solutions Acquistion Inc.

2024 Delayed Draw Term Loan

8/7/2031

672

(3)

Coding Solutions Acquistion Inc.

2024 Revolver

8/7/2031

—

Eagan Sub, Inc.

2023 Revolver

6/1/2029

2,900

—

Everbridge Holdings, LLC

Delayed Draw Term Loan

7/2/2031

1,115

(3)

Everbridge Holdings, LLC

Revolver

7/2/2031

733

(23)

Evergreen IX Borrower 2023 LLC

Revolver

10/1/2029

599

—

Farsound Aviation Limited

2024 Delayed Draw Term Loan

12/3/2031

952

(10)

FloWorks International

2024 Delayed Draw Term Loan

11/26/2031

—

FR Vision Holdings, Inc.

Delayed Draw Term Loan

1/20/2031

1,341

—

FR Vision Holdings, Inc.

Revolver

1/21/2030

580

—

Gateway US Holdings, Inc.

Revolver

9/22/2028

131

—

GI Apple Midco LLC

Delayed Draw Term Loan

4/19/2030

1,441

GI Apple Midco LLC

Revolver

4/19/2029

486

—

Granicus, Inc.

2024 Revolver

1/17/2031

384

—

Jensen Hughes Inc.

2024 1st Lien Delayed Draw Term Loan

8/6/2031

342

(3)

Jensen Hughes Inc.

2024 Delayed Draw Term Loan

8/6/2031

1,467

(15)

Jensen Hughes Inc.

2024 Revolver

8/6/2031

587

(6)

Kleinfelder Group, Inc.(The)

2023 Delayed Draw Term Loan

9/1/2030

2,464

—

Kleinfelder Group, Inc.(The)

Revolver

8/4/2028

1,643

—

MAI Capital Management Intermediate, LLC

Delayed Draw Term Loan

8/29/2031

982

(5)

MAI Capital Management Intermediate, LLC

Revolver

8/29/2031

463

(2)

Table of Contents

Mammoth Holdings, LLC

2023 Revolver

11/15/2029

909

—

Coding Solutions Acquisition Inc.

2024 Delayed Draw Term Loan

8/7/2031

514

(5)

Coding Solutions Acquisition Inc.

2024 Revolver

8/7/2031

420

(4)

Crown Health Care Laundry Services, LLC

2025 Revolver

5/28/2031

—

Crown Health Care Laundry Services, LLC

2025 Delayed Draw Term Loan

5/28/2031

—

Eagan Sub, Inc.

2023 Revolver

6/1/2029

2,901

—

Everbridge Holdings, LLC

Delayed Draw Term Loan

7/2/2031

1,115

—

Everbridge Holdings, LLC

Revolver

7/2/2031

733

—

Evergreen IX Borrower 2023 LLC

Revolver

10/1/2029

599

—

Farsound Aviation Limited

2024 Delayed Draw Term Loan

12/3/2031

952

(10)

FloWorks International

2024 Delayed Draw Term Loan

11/26/2031

—

FR Vision Holdings, Inc.

Delayed Draw Term Loan

1/20/2031

914

—

FR Vision Holdings, Inc.

Revolver

1/21/2030

580

—

Gateway US Holdings, Inc.

Revolver

9/22/2028

131

—

GI Apple Midco LLC

Revolver

4/19/2029

1,109

(6)

Granicus, Inc.

2024 Revolver

1/17/2031

330

—

Jensen Hughes Inc.

2024 Delayed Draw Term Loan

9/2/2031

1,467

(15)

Jensen Hughes Inc.

2024 Revolver

9/2/2031

587

(6)

Jensen Hughes Inc.

2024 1st Lien Delayed Draw Term Loan

9/2/2031

342

(3)

MAI Capital Management Intermediate, LLC

Delayed Draw Term Loan

8/29/2031

982

(5)

MAI Capital Management Intermediate, LLC

Revolver

8/29/2031

473

(2)

Mammoth Holdings, LLC

2023 Revolver

11/15/2029

727

(7)

Mantech International CP

2024 Revolver Tranche A

9/14/2028

444

—

Mantech International CP

2024 Delayed Draw Term Loan

9/14/2029

~~566~~176

—

Medvet Associates LLC

Delayed Draw Term Loan

6/25/2031

2,000

—

Model N, Inc.

2024 Revolver

6/27/2031

774

(4)

Modernizing Medicine Inc.

Revolver

4/30/2032

—

Model N, Inc.

2024 Delayed Draw Term Loan

6/27/2031

1,452

(7)

Mountain Parent, Inc.

2024 Delayed Draw Term Loan

6/27/2031

1,452

(7)

New Look Vision Group, Inc.

CAD Revolver

5/26/2026

446

-142

Mountain Parent, Inc.

2024 Revolver

6/27/2031

774

(4)

Next Holdco, LLC

Delayed Draw Term Loan

11/12/2030

1308

(7)

New Look Vision Group, Inc.

CAD Revolver

5/26/2026

439

(115)

Next Holdco, LLC

Delayed Draw Term Loan

11/12/2030

1,308

(7)

Next Holdco, LLC

Revolver

11/9/2029

491

(2)

NRO Holdings III Corp.

Delayed Draw Term Loan

7/15/2031

~~2080~~2,081

(10)

NRO Holdings III Corp.

Revolver

7/15/2030

~~1050~~900

(5)

Ohio Transmission Corporation

2023 Delayed Draw Term Loan

12/19/2030

663

—

Ohio Transmission Corporation

2023 Revolver

12/19/~~2028~~2029

~~650~~500

—

Omni Fiber, LLC

2025 Incremental Delayed Draw Term Loan

7/3/2029

(1)

Packaging Coordinators Midco, Inc.

2025 Delayed Draw Term Loan

1/22/2032

2,581

(32)

Packaging Coordinators Midco, Inc.

2025 Revolver

1/22/2032

617

(8)

Packaging Coordinators Midco, Inc.

2025 Delayed Draw Term Loan

1/22/2032

2581

(32)

Packaging Coordinators Midco, Inc.

2025 Multicurrency Delayed Draw Term Loan

1/22/2032

673

(8)

PDI TA Holdings, Inc.

2024 Revolver

2/3/2031

~~150~~104

—

Peter C. Foy & Associates Insurance Services, LLC

2021 1st Lien Revolver

11/1/2027

310

—

PetVet Care Centers, LLC

2023 Delayed Draw Term Loan

11/15/2030

1,396

(42)

PetVet Care Centers, LLC

2023 ~~Delayed Draw Term Loan~~Revolver

11/15/~~2030~~2029

~~1396~~1,396

(3542)

PetVet Care Centers, LLC

2023 Revolver

11/15/2029

1396

(35)

Poly-Wood, LLC

Delayed Draw Term Loan

3/20/2030

1396

—

Poly-Wood, LLC

Revolver

3/20/2030

954

—

PT Intermediate Holdings III, LLC

2024 Delayed Draw Term Loan

4/9/2030

232

(2)

Recorded Books Inc.

2023 Revolver

6/15/2028

414

—

Rimkus Consulting Group Inc.

Delayed Draw Term Loan

4/1/2031

729

(4)

Rimkus Consulting Group Inc.

Revolver

4/1/2030

463

(2)

Rock Star Mergersub, LLC

Delayed Draw Term Loan

12/15/2031

989

(5)

Rock Star Mergersub, LLC

Revolver

12/15/2031

361

(2)

Spectrum Automotive Holdings, Corp.

2021 Revolver

6/29/2027

305

—

STS Aviation Group

Delayed Draw Term Loan

10/8/2031

—

STS Aviation Group

Revolver

10/8/2030

—

STV Group, Inc.

2024 Delayed Draw Term Loan

3/20/2031

1250

(6)

STV Group, Inc.

2024 Revolver

3/20/2030

688

(3)

THG Acquisition, LLC

2024 Delayed Draw Term Loan

10/31/2031

—

THG Acquisition, LLC

2024 Revolver

10/31/2031

—

Truck-Lite Co., LLC

2024 Delayed Draw Term Loan

2/13/2031

416

—

Truck-Lite Co., LLC

2024 Revolver

2/13/2030

1079

—

USIC Holdings Inc.

2024 Specified Delayed Draw Term Loan

9/10/2031

400

(2)

Table of Contents

USIC Holdings Inc.	2024 Revolver	9/10/2031	490		(2)
Poly-Wood, LLC	Delayed Draw Term Loan	3/20/2030	1,350		(7)
			$	62,226	$	(399)
Poly-Wood, LLC	Revolver	3/20/2030	1,350		(7)
PT Intermediate Holdings III, LLC	2024 Delayed Draw Term Loan	4/9/2030	232		(2)
Recorded Books Inc.	2023 Revolver	6/15/2028	1,160		—
Rimkus Consulting Group Inc.	Delayed Draw Term Loan	4/1/2031	682		(3)
Rimkus Consulting Group Inc.	Revolver	4/1/2030	347		(2)
Rock Star Mergersub, LLC	Delayed Draw Term Loan	12/15/2031	989		(5)
Rock Star Mergersub, LLC	Revolver	12/15/2031	361		(2)
Spectrum Automotive Holdings, Corp.	2021 Revolver	6/29/2027	305		(2)
STS Aviation Group	Delayed Draw Term Loan	10/8/2031	20		—
STS Aviation Group	Revolver	10/8/2030	3		—
STV Group, Inc.	2024 Delayed Draw Term Loan	3/20/2031	1,250		—
STV Group, Inc.	2024 Revolver	3/20/2030	875		—
The Kleinfelder Group, Inc.	Revolver	9/18/2028	1,643		—
The Kleinfelder Group, Inc.	2023 Delayed Draw Term Loan	9/18/2030	1,150		—
THG Acquisition, LLC	2024 Delayed Draw Term Loan	10/31/2031	16		—
THG Acquisition, LLC	2024 Revolver	10/31/2031	8		—
Truck-Lite Co., LLC	2025 Replacement Revolver	2/13/2032	1,156		(6)
Truck-Lite Co., LLC	2025 Tranche A Delayed Draw Term Loan	2/13/2032	416		(2)
Tyber Medical LLC	Delayed Draw Term Loan	6/14/2032	17		—
Tyber Medical LLC	USD Revolver	6/12/2031	5		—
Tyber Medical LLC	Multicurrency Revolver	6/12/2031	3		—
USIC Holdings Inc.	2024 Revolver	9/10/2031	582		(3)
USIC Holdings Inc.	2024 Specified Delayed Draw Term Loan	9/10/2031	341		(2)
W.A. Kendall and Company, LLC	2025 7th Amendment Delayed Draw Term Loan	4/22/2030	54		—
W.A. Kendall and Company, LLC	2025 7th Amendment Revolver	4/22/2030	5		—
W.A. Kendall and Company, LLC	2024 Delayed Draw Term Loan	4/22/2030	2		—
			$	58,665	$	(422)

(7)Position or portion thereof unsettled for the ~~three~~six months ended ~~March~~June 3130, 2025.

(8)The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. For the ~~three~~six months ended ~~March~~June 3130, 2025, non-qualifying assets totaled 98.2369% of the Company’s total assets.

(9)As of ~~March 31~~June 30, 2025, the estimated net unrealized gain for federal tax purposes was $2.6 5 million based on a tax basis of $~~417~~456.4 5 million. As of ~~March 31~~June 30, 2025, the estimated aggregate gross unrealized loss for federal income tax purposes was $1.2 5 million and the estimated aggregate gross unrealized gain for federal income tax purposes was $34.8 0 million.

ADDITIONAL INFORMATION

Foreign currency forward contracts

Counterparty

CurrencyPurchased

Currency Sold

Settlement

Unrealized Appreciation(Depreciation)

State Street Bank & Trust Company

U.S. Dollar 6,179

Canadian Dollar 8,800

6/26/2025

State Street Bank & Trust Company

Canadian Dollar 800

U.S. Dollar 562

6/26/2025

(3)

State Street Bank & Trust Company

U.S. Dollar 15,379

Euro 14,000

6/26/2025

194

State Street Bank & Trust Company

U.S. Dollar 649

Great Britain Pound 500

6/26/2025

City National Bank

Euro 50,000

U.S. Dollar 56,309

6/30/2025

(2,063)

City National Bank

Euro 50,000

U.S. Dollar 56,514

45930

(1,988)

City National Bank

Euro 50,000

U.S. Dollar 56,745

12/31/2025

(1,950)

City National Bank

Euro 43,581

U.S. Dollar 49,662

3/31/2026

(1,690)

Macquarie Bank Limited

Euro 50,000

U.S. Dollar 56,270

6/30/2026

(1,018)

Macquarie Bank Limited

Euro 50,000

U.S. Dollar 56,500

9/30/2026

(1,030)

Natwest Markets PLC

Euro 100

U.S. Dollar 109

12/31/2026

Natwest Markets PLC

Euro 50,147

U.S. Dollar 54,720

12/31/2026

1,132

Natwest Markets PLC

Euro 32,195

U.S. Dollar 35,347

3/31/2027

651

Natwest Markets PLC

Euro 42,696

U.S. Dollar 48,238

6/30/2027

(352)

(8,077)

See accompanying notes to the consolidated financial statements.

Table of Contents

ADDITIONAL INFORMATION

Foreign currency forward contracts

Counterparty

Currency
Purchased

Currency Sold

Settlement

Unrealized Appreciation
(Depreciation)

State Street Bank & Trust Company

U.S. Dollar 6,086

Canadian Dollar 8,300

9/18/2025

(31)

State Street Bank & Trust Company

U.S. Dollar 15,995

Euro 13,700

9/18/2025

(213)

State Street Bank & Trust Company

U.S. Dollar 681

Great Britain Pound 500

9/18/2025

(5)

City National Bank

Euro 50,000

U.S. Dollar 56,514

9/30/2025

2,683

City National Bank

Euro 50,000

U.S. Dollar 56,745

12/31/2025

2,789

City National Bank

Euro 43,581

U.S. Dollar 49,662

3/31/2026

2,485

Macquarie Bank Limited

Euro 50,000

U.S. Dollar 56,270

6/30/2026

3,823

Macquarie Bank Limited

Euro 50,000

U.S. Dollar 56,500

9/30/2026

3,799

Natwest Markets PLC

Euro 100

U.S. Dollar 109

12/31/2026

Natwest Markets PLC

Euro 50,147

U.S. Dollar 54,720

12/31/2026

5,964

Natwest Markets PLC

Euro 32,195

U.S. Dollar 35,347

3/31/2027

3,744

Natwest Markets PLC

Euro 42,696

U.S. Dollar 48,238

6/30/2027

3,780

Natwest Markets PLC

Euro 41,650

U.S. Dollar 50,971

9/30/2027

(79)

28,751

See accompanying notes to the consolidated financial statements.

Table of Contents

OHA Senior Private Lending Fund (U) LLC

Consolidated Schedule of Investments

December 31, 2024

(in thousands)

Investments-non-controlled/non-affiliated (1)	Footnotes	Reference Rate and Spread					Interest Rate (2)		Maturity Date	Par Amount/ Units		Cost (3)		Fair Value		% of Net Assets
Investments— non-controlled/non-affiliated
First Lien Debt
Aerospace and Defense
Evergreen IX Borrower 2023 LLC	(4) (5)	S +	4.75	%			9.08	%	9/30/2030	$	5,376	$	5,306	$	5,376	1.23	%
Evergreen IX Borrower 2023 LLC	(4) (5) (6)	S +	4.75	%			9.08	%	10/1/2029	599		(7)		—		—
Farsound Aviation Limited	(4) (5) (8)	P +	5.25	%			9.78	%	12/3/2031	5,238		5,186		5,186		1.19
Farsound Aviation Limited	(4) (5) (6) (8)	P +	5.25	%			9.78	%	12/3/2031	952		—		—		—
Mantech International CP	(4) (5) (7)	S +	5.00	%			9.59	%	9/14/2029	3,733		3,675		3,733		0.85
Mantech International CP	(4) (5) (6)	S +	5.00	%			9.59	%	9/14/2029	566		(8)		—		—
Mantech International CP	(4) (5) (6)	S +	5.00	%			9.59	%	9/14/2028	444		(6)		—		—
STS Aviation Group	(4) (5) (6)	S +	5.00	%			9.48	%	10/8/2031	20		—		—		—
STS Aviation Group	(4) (5)	S +	5.00	%			9.48	%	10/8/2031	72		72		72		0.02
STS Aviation Group	(4) (5) (6)	S +	5.00	%			9.48	%	10/8/2030	8		4		4		—
												14,222		14,371		3.29
Automobile
Mammoth Holdings, LLC	(4) (5) (6)	S +	6.00	%			10.64	%	11/15/2029	909		(7)		—		—
Mammoth Holdings, LLC	(4) (5)	S +	6.00	%			10.33	%	11/15/2030	7,200		7,136		7,200		1.65
Mammoth Holdings, LLC	(4) (5)	S +	6.00	%			10.64	%	11/15/2030	1,809		1,794		1,809		0.42
Wheels Bidco, Inc.	(4) (5)	S +	5.50	%			10.07	%	11/3/2031	5,000		4,951		4,950		1.13
												13,874		13,959		3.20
Broadcasting and Entertainment
Broadcast Music, Inc.	(4) (5) (7)	S +	5.75	%			10.39	%	2/8/2030	4,883		4,818		4,883		1.12
Broadcast Music, Inc.	(4) (5) (6)	S +	5.75	%			10.39	%	2/8/2030	892		(11)		—		—
												4,807		4,883		1.12
Buildings and Real Estate
Associations, Inc.	(4) (5) (6)	S +	6.50	%			11.28	%	7/3/2028	286		143		143		0.03
Associations, Inc.	(4) (5) (6)	S +	6.50	%			11.32	%	7/3/2028	357		59		60		0.01
Associations, Inc.	(4) (5)	S +	6.50	%			11.32	%	7/3/2028	4,593		4,590		4,593		1.05
Associations, Inc.	(4) (5)				(14.25	% PIK)	14.25	%	5/3/2030	282		282		282		0.07
Associations, Inc.	(4) (5)				(14.25	% PIK)	14.25	%	5/3/2030	739		738		739		0.17
												5,812		5,817		1.33

Table of Contents

Investments-non-controlled/non-affiliated (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)		Maturity Date	Par Amount/ Units	Cost (3)	Fair Value	% of Net Assets
									5,812	5,817	1.33
Capital Equipment
AI Titan Parent Inc.	(4) (5) (6)	S +	4.75	%	9.11	%	8/29/2031	1,557	—	(8)	—
AI Titan Parent Inc.	(4) (5) (6)	S +	4.75	%	9.11	%	8/29/2031	973	(5)	(5)	—
AI Titan Parent Inc.	(4) (5)	S +	4.75	%	9.11	%	8/29/2031	7,786	7,748	7,747	1.78
Ohio Transmission Corporation	(4) (5) (6)	S +	5.50	%	9.83	%	12/19/2029	1,000	242	250	0.06
Ohio Transmission Corporation	(4) (5) (6)	S +	5.50	%	9.83	%	12/19/2030	1,496	518	531	0.12
Ohio Transmission Corporation	(4) (5)	S +	5.50	%	9.83	%	12/19/2030	7,524	7,457	7,524	1.72
Truck-Lite Co., LLC	(4) (5) (6)	S +	5.75	%	10.27	%	2/13/2031	1,156	(10)	—	—
Truck-Lite Co., LLC	(4) (5) (6)	S +	5.75	%	10.27	%	2/13/2030	1,156	(10)	—	—
Truck-Lite Co., LLC	(4) (5)	S +	5.75	%	10.27	%	2/13/2031	10,609	10,513	10,609	2.43
									26,453	26,648	6.11
Chemicals, Plastics and Rubber
ASP Unifrax Holdings, Inc.	(5)	S +	7.75	%	12.35	%	9/28/2029	5,061	4,856	5,130	1.18
BCPE HIPH Parent, Inc.	(4) (5) (6)	S +	5.75	%	10.11	%	10/7/2030	1,031	896	912	0.21
BCPE HIPH Parent, Inc.	(4) (5)	S +	5.75	%	10.11	%	10/7/2030	3,022	2,959	2,999	0.69
Meridian Adhesives Group, Inc.	(4) (5)	S +	5.75	%	11.57	%	9/1/2028	100	100	100	0.02
Meridian Adhesives Group, Inc.	(4) (5)	S +	5.75	%	10.08	%	9/3/2029	12,940	12,536	12,940	2.96
Meridian Adhesives Group, Inc.	(4) (5)	S +	5.75	%	10.08	%	9/3/2029	1,260	1,222	1,260	0.29
									22,569	23,341	5.35
Construction & Building
FloWorks International	(4) (5)	S +	4.75	%	9.27	%	11/26/2031	89	89	88	0.02
FloWorks International	(4) (5) (6)	S +	4.75	%	9.27	%	11/26/2031	11	—	—	—
NRO Holdings III Corp.	(4) (5)	S +	5.25	%	9.91	%	7/15/2031	6,639	6,576	6,573	1.51
NRO Holdings III Corp.	(4) (5) (6)	S +	5.25	%	9.91	%	7/15/2031	2,080	—	(21)	(0.01)
NRO Holdings III Corp.	(4) (5) (6)	S +	5.25	%	9.59	%	7/15/2030	1,050	80	80	0.02
									6,745	6,720	1.54
Consumer Goods: Durable
Marcone Yellowstone Buyer, Inc.	(4) (5)	S +	7.00	%	11.74	%	6/23/2028	3,177	3,112	3,026	0.69
Marcone Yellowstone Buyer, Inc.	(4) (5)	S +	7.00	%	11.74	%	6/23/2028	668	653	636	0.15
Marcone Yellowstone Buyer, Inc.	(4) (5)	S +	6.50	%	11.99	%	6/23/2028	1,309	1,290	1,256	0.29
Marcone Yellowstone Buyer, Inc.	(4) (5)	S +	7.00	%	11.74	%	6/23/2028	6,817	6,673	6,493	1.49
Marcone Yellowstone Buyer, Inc.	(4) (5)	S +	7.00	%	11.74	%	6/23/2028	2,265	2,217	2,158	0.49
Poly-Wood, LLC	(4) (5) (6)	S +	5.75	%	10.11	%	3/20/2030	1,350	—	—	—
Poly-Wood, LLC	(4) (5) (6)	S +	5.75	%	10.11	%	3/20/2030	1,350	(13)	—	—

Table of Contents

Investments-non-controlled/non-affiliated (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)		Maturity Date	Par Amount/ Units	Cost (3)	Fair Value	% of Net Assets
Capital Equipment
AI Titan Parent Inc.	(4) (5) (6)	S +	4.75	%	9.11	%	8/29/2031	1,557	—	(8)	—
AI Titan Parent Inc.	(4) (5) (6)	S +	4.75	%	9.11	%	8/29/2031	973	(5)	(5)	—
AI Titan Parent Inc.	(4) (5)	S +	4.75	%	9.11	%	8/29/2031	7,786	7,748	7,747	1.78
Ohio Transmission Corporation	(4) (5) (6)	S +	5.50	%	9.83	%	12/19/2029	1,000	242	250	0.06
Ohio Transmission Corporation	(4) (5) (6)	S +	5.50	%	9.83	%	12/19/2030	1,496	518	531	0.12
Ohio Transmission Corporation	(4) (5)	S +	5.50	%	9.83	%	12/19/2030	7,524	7,457	7,524	1.72
Truck-Lite Co., LLC	(4) (5) (6)	S +	5.75	%	10.27	%	2/13/2031	1,156	(10)	—	—
Truck-Lite Co., LLC	(4) (5) (6)	S +	5.75	%	10.27	%	2/13/2030	1,156	(10)	—	—
Truck-Lite Co., LLC	(4) (5)	S +	5.75	%	10.27	%	2/13/2031	10,609	10,513	10,609	2.43
									26,453	26,648	6.11
Chemicals, Plastics and Rubber
ASP Unifrax Holdings, Inc.	(5)	S +	7.75	%	12.35	%	9/28/2029	5,061	4,856	5,130	1.18
BCPE HIPH Parent, Inc.	(4) (5) (6)	S +	5.75	%	10.11	%	10/7/2030	1,031	896	912	0.21
BCPE HIPH Parent, Inc.	(4) (5)	S +	5.75	%	10.11	%	10/7/2030	3,022	2,959	2,999	0.69
Meridian Adhesives Group, Inc.	(4) (5)	S +	5.75	%	11.57	%	9/1/2028	100	100	100	0.02
Meridian Adhesives Group, Inc.	(4) (5)	S +	5.75	%	10.08	%	9/3/2029	12,940	12,536	12,940	2.96
Meridian Adhesives Group, Inc.	(4) (5)	S +	5.75	%	10.08	%	9/3/2029	1,260	1,222	1,260	0.29
									22,569	23,341	5.35
Construction & Building
FloWorks International	(4) (5)	S +	4.75	%	9.27	%	11/26/2031	89	89	88	0.02
FloWorks International	(4) (5) (6)	S +	4.75	%	9.27	%	11/26/2031	11	—	—	—
NRO Holdings III Corp.	(4) (5)	S +	5.25	%	9.91	%	7/15/2031	6,639	6,576	6,573	1.51
NRO Holdings III Corp.	(4) (5) (6)	S +	5.25	%	9.91	%	7/15/2031	2,080	—	(21)	(0.01)
NRO Holdings III Corp.	(4) (5) (6)	S +	5.25	%	9.59	%	7/15/2030	1,050	80	80	0.02
									6,745	6,720	1.54
Consumer Goods: Durable
Marcone Yellowstone Buyer, Inc.	(4) (5)	S +	7.00	%	11.74	%	6/23/2028	3,177	3,112	3,026	0.69
Marcone Yellowstone Buyer, Inc.	(4) (5)	S +	7.00	%	11.74	%	6/23/2028	668	653	636	0.15
Marcone Yellowstone Buyer, Inc.	(4) (5)	S +	6.50	%	11.99	%	6/23/2028	1,309	1,290	1,256	0.29
Marcone Yellowstone Buyer, Inc.	(4) (5)	S +	7.00	%	11.74	%	6/23/2028	6,817	6,673	6,493	1.49
Marcone Yellowstone Buyer, Inc.	(4) (5)	S +	7.00	%	11.74	%	6/23/2028	2,265	2,217	2,158	0.49
Poly-Wood, LLC	(4) (5) (6)	S +	5.75	%	10.11	%	3/20/2030	1,350	—	—	—
Poly-Wood, LLC	(4) (5) (6)	S +	5.75	%	10.11	%	3/20/2030	1,350	(13)	—	—
Poly-Wood, LLC	(4) (5)	S +	5.75	%	10.11	%	3/20/2030	7,146	7,074	7,146	1.64
									21,006	20,715	4.75
Containers, Packaging and Glass
PPC Flexible Packaging	(4) (5)	S +	6.00	%	10.48	%	9/30/2028	4,018	3,959	4,018	0.92
									3,959	4,018	0.92
Ecological
Rock Star Mergersub, LLC	(4) (5)	S +	4.75	%	9.15	%	12/15/2031	3,091	3,076	3,076	0.70
Rock Star Mergersub, LLC	(4) (5) (6)	S +	4.75	%	9.15	%	12/15/2031	420	47	47	0.01
Rock Star Mergersub, LLC	(4) (5) (6)	S +	4.75	%	9.15	%	12/15/2031	989	—	(5)	—
									3123	3,118	0.71
Finance
Beacon Pointe Advisors, LLC	(4) (5)	S +	4.75	%	9.49	%	12/29/2028	660	657	660	0.15
Beacon Pointe Advisors, LLC	(4) (5)	S +	4.75	%	9.11	%	12/29/2028	5,898	5,855	5,898	1.35
Beacon Pointe Advisors, LLC	(4) (5)	S +	4.75	%	9.49	%	12/29/2028	2,313	2,296	2,313	0.53
Beacon Pointe Advisors, LLC	(4) (5) (6)	S +	4.75	%	9.49	%	12/29/2027	627	(3)	—	—
Cliffwater LLC	(4) (5)	S +	4.50	%	8.86	%	10/7/2030	5,955	5,903	5,955	1.37
Cliffwater LLC	(4) (5) (6)	S +	4.50	%	8.86	%	10/7/2030	1,000	(8)	—	—
Spectrum Automotive Holdings, Corp.	(4) (5) (6)	S +	5.25	%	9.58	%	6/29/2027	305	(5)	—	—
Spectrum Automotive Holdings, Corp.	(4) (5)	S +	5.25	%	9.58	%	6/29/2028	8,022	7,853	8,022	1.84
Spectrum Automotive Holdings, Corp.	(4) (5)	S +	5.25	%	9.58	%	6/29/2028	2,237	2,188	2,237	0.51
									24,736	25,085	5.75
Healthcare, Education and Childcare
Coding Solutions Acquistion Inc.	(4) (5)	S +	5.00	%	9.33	%	8/7/2031	4,408	4,370	4,386	1.00
Coding Solutions Acquistion Inc.	(4) (5) (6)	S +	5.00	%	9.33	%	8/7/2031	672	(5)	(3)	—
Coding Solutions Acquistion Inc.	(4) (5) (6)	S +	5.00	%	9.33	%	8/7/2031	420	363	365	0.08
Gateway US Holdings, Inc.	(4) (5)	S +	4.75	%	9.08	%	9/22/2028	3,211	3,211	3,211	0.74
Gateway US Holdings, Inc.	(4) (5) (6)	S +	4.75	%	9.08	%	9/22/2028	131	—	—	—
Gateway US Holdings, Inc.	(4) (5)	S +	4.75	%	9.08	%	9/22/2028	167	167	167	0.04
Gateway US Holdings, Inc.	(4) (5)	S +	4.75	%	9.08	%	9/22/2028	737	726	737	0.17
Medvet Associates LLC	(4) (5)	S +	4.75	%	9.11	%	6/25/2031	8,000	7,962	7,960	1.82
Medvet Associates LLC	(4) (5) (6)	S +	4.75	%	9.11	%	6/25/2031	2,000	—	(10)	—
Model N, Inc.	(4) (5) (6)	S +	5.00	%	9.33	%	6/27/2031	774	(4)	(4)	—
Model N, Inc.	(4) (5) (6)	S +	5.00	%	9.33	%	6/27/2031	1,452	—	(7)	—
Model N, Inc.	(4) (5)	S +	5.00	%	9.33	%	6/27/2031	7,097	7,064	7,062	1.62
Next Holdco, LLC	(4) (5)	S +	5.75	%	10.27	%	11/12/2030	5,063	4,996	5,063	1.16
Next Holdco, LLC	(4) (5) (6)	S +	5.75	%	10.27	%	11/12/2030	1,308	(16)	—	—
Next Holdco, LLC	(4) (5) (6)	S +	5.75	%	10.27	%	11/9/2029	491	(6)	—	—
PetVet Care Centers, LLC	(4) (5)	S +	6.00	%	10.36	%	11/15/2030	10,598	10,504	10,333	2.37

Table of Contents

Investments-non-controlled/non-affiliated (1)	Footnotes	Reference Rate and Spread					Interest Rate (2)		Maturity Date		Par Amount/ Units	Cost (3)	Fair Value	% of Net Assets
PPC Flexible Packaging	(4) (5)	S +	6.00	%			10.48	%	9/30/2028		4,018	3,959	4,018	0.92
												3,959	4,018	0.92
Ecological
Rock Star Mergersub, LLC	(4) (5)	S +	4.75	%			9.15	%	12/15/2031		3,091	3,076	3,076	0.70
Rock Star Mergersub, LLC	(4) (5) (6)	S +	4.75	%			9.15	%	12/15/2031		420	47	47	0.01
Rock Star Mergersub, LLC	(4) (5) (6)	S +	4.75	%			9.15	%	12/15/2031		989	—	(5)	—
												3123	3,118	0.71
Finance
Beacon Pointe Advisors, LLC	(4) (5)	S +	4.75	%			9.49	%	12/29/2028		660	657	660	0.15
Beacon Pointe Advisors, LLC	(4) (5)	S +	4.75	%			9.11	%	12/29/2028		5,898	5,855	5,898	1.35
Beacon Pointe Advisors, LLC	(4) (5)	S +	4.75	%			9.49	%	12/29/2028		2,313	2,296	2,313	0.53
Beacon Pointe Advisors, LLC	(4) (5) (6)	S +	4.75	%			9.49	%	12/29/2027		627	(3)	—	—
Cliffwater LLC	(4) (5)	S +	4.50	%			8.86	%	10/7/2030		5,955	5,903	5,955	1.37
Cliffwater LLC	(4) (5) (6)	S +	4.50	%			8.86	%	10/7/2030		1,000	(8)	—	—
Spectrum Automotive Holdings, Corp.	(4) (5) (6)	S +	5.25	%			9.58	%	6/29/2027		305	(5)	—	—
Spectrum Automotive Holdings, Corp.	(4) (5)	S +	5.25	%			9.58	%	6/29/2028		8,022	7,853	8,022	1.84
Spectrum Automotive Holdings, Corp.	(4) (5)	S +	5.25	%			9.58	%	6/29/2028		2,237	2,188	2,237	0.51
												24,736	25,085	5.75
Healthcare, Education and Childcare
Coding Solutions Acquistion Inc.	(4) (5)	S +	5.00	%			9.33	%	8/7/2031		4,408	4,370	4,386	1.00
Coding Solutions Acquistion Inc.	(4) (5) (6)	S +	5.00	%			9.33	%	8/7/2031		672	(5)	(3)	—
Coding Solutions Acquistion Inc.	(4) (5) (6)	S +	5.00	%			9.33	%	8/7/2031		420	363	365	0.08
Gateway US Holdings, Inc.	(4) (5)	S +	4.75	%			9.08	%	9/22/2028		3,211	3,211	3,211	0.74
Gateway US Holdings, Inc.	(4) (5) (6)	S +	4.75	%			9.08	%	9/22/2028		131	—	—	—
Gateway US Holdings, Inc.	(4) (5)	S +	4.75	%			9.08	%	9/22/2028		167	167	167	0.04
Gateway US Holdings, Inc.	(4) (5)	S +	4.75	%			9.08	%	9/22/2028		737	726	737	0.17
Medvet Associates LLC	(4) (5)	S +	4.75	%			9.11	%	6/25/2031		8,000	7,962	7,960	1.82
Medvet Associates LLC	(4) (5) (6)	S +	4.75	%			9.11	%	6/25/2031		2,000	—	(10)	—
Model N, Inc.	(4) (5) (6)	S +	5.00	%			9.33	%	6/27/2031		774	(4)	(4)	—
Model N, Inc.	(4) (5) (6)	S +	5.00	%			9.33	%	6/27/2031		1,452	—	(7)	—
Model N, Inc.	(4) (5)	S +	5.00	%			9.33	%	6/27/2031		7,097	7,064	7,062	1.62
Next Holdco, LLC	(4) (5)	S +	5.75	%			10.27	%	11/12/2030		5,063	4,996	5,063	1.16
Next Holdco, LLC	(4) (5) (6)	S +	5.75	%			10.27	%	11/12/2030		1,308	(16)	—	—
Next Holdco, LLC	(4) (5) (6)	S +	5.75	%			10.27	%	11/9/2029		491	(6)	—	—
PetVet Care Centers, LLC	(4) (5)	S +	6.00	%			10.36	%	11/15/2030		10,598	10,504	10,333	2.37
PetVet Care Centers, LLC	(4) (5) (6)	S +	6.00	%			10.36	%	11/15/2030		1,396	—	(35)	(0.01)
PetVet Care Centers, LLC	(4) (5) (6)	S +	6.00	%			10.36	%	11/15/2029		1,396	(11)	(35)	(0.01)
TecoStar Holdings, Inc.	(4) (5)	S +	8.50	%	(4.50	% PIK)	13.18	%	7/6/2029		4,236	4,155	4,236	0.97
												43,476	43,426	9.95
High Tech
CentralSquare Technologies, LLC	(4) (5) (6)	S +	5.75	%			10.63	%	4/12/2030		867	(10)	(4)	—
CentralSquare Technologies, LLC	(4) (5)	S +	6.25	%	(3.38	% PIK)	10.63	%	4/12/2030		7,801	7,715	7,762	1.78
Eagan Sub, Inc.	(4) (5) (6)	S +	5.25	%			9.59	%	6/1/2029		2,900	(32)	—	—
Eagan Sub, Inc.	(4) (5)	S +	5.25	%			9.59	%	6/3/2030		14,319	14,139	14,318	3.28
Everbridge Holdings, LLC	(4) (5) (6)	S +	5.00	%			9.59	%	7/2/2031		1,833	717	714	0.16
Everbridge Holdings, LLC	(4) (5) (6)	S +	5.00	%			9.59	%	7/2/2031		733	(2)	(2)	—
Everbridge Holdings, LLC	(4) (5)	S +	5.00	%			9.59	%	7/2/2031		7,333	7,316	7,315	1.68
Greenway Health, LLC	(4) (5)	S +	6.75	%			11.08	%	4/1/2029		9,089	8,935	9,179	2.11
Kaseya, Inc.	(4) (5)	S +	5.50	%			10.09	%	6/25/2029		9	9	9	—
Kaseya, Inc.	(4) (5)	S +	5.50	%			10.09	%	6/25/2029		2,543	2,505	2,543	0.58
Kaseya, Inc.	(4) (5) (6)	S +	5.50	%			10.09	%	6/25/2029		144	28	30	0.01
Kaseya, Inc.	(4) (5) (6)	S +	5.50	%			9.83	%	6/25/2029		154	37	39	0.01
PDI TA Holdings, Inc.	(4) (5) (6)	S +	5.50	%			10.00	%	2/3/2031		402	221	223	0.05
PDI TA Holdings, Inc.	(4) (5)	S +	5.50	%			10.09	%	2/3/2031		1,716	1,701	1,712	0.39
PDI TA Holdings, Inc.	(4) (5) (6)	S +	5.50	%			10.09	%	2/3/2031		173	(2)	—	—
												43,277	43,838	10.05
Insurance
Integrity Marketing Acquisition, LLC	(4) (5)	S +	5.00	%			9.51	%	8/25/2028		5,686	5,659	5,657	1.30
MAI Capital Management Intermediate, LLC	(4) (5)	S +	4.75	%			9.08	%	8/29/2031		2,765	2,752	2,751	0.63
MAI Capital Management Intermediate, LLC	(4) (5) (6)	S +	4.75	%			9.08	%	8/29/2031		1,625	512	507	0.11
MAI Capital Management Intermediate, LLC	(4) (5) (6)	S +	4.75	%			9.08	%	8/29/2031		610	78	78	0.02
Peter C. Foy & Associates Insurance Services, LLC	(4) (5)	S +	6.50	%			10.86	%	11/1/2028		99	98	99	0.02
Peter C. Foy & Associates Insurance Services, LLC	(4) (5)	S +	5.50	%			10.59	%	11/1/2028		6,485	6,391	6,485	1.49
Peter C. Foy & Associates Insurance Services, LLC	(4) (5)	S +	5.50	%			9.83	%	11/1/2028		1,784	1,758	1,784	0.41
Peter C. Foy & Associates Insurance Services, LLC	(4) (5) (6)	S +	5.50	%			10.59	%	11/1/2027		310	(4)	—	—
RSC Acquisition, Inc.	(4) (5)	S +	4.75	%			9.08	%	11/1/2029		6,937	6,864	6,902	1.58
Shelf Bidco Ltd.	(4) (5) (8)	S +	5.00	%			9.65	%	12/31/2031		8,409	8,368	8,367	1.92
THG Acquisition, LLC	(4) (5)	S +	4.75	%			9.11	%	10/31/2031		75	75	75	0.02
THG Acquisition, LLC	(4) (5) (6)	S +	4.75	%			9.11	%	10/31/2031		17	—	—	—
THG Acquisition, LLC	(4) (5) (6)	S +	4.75	%			9.11	%	10/31/2031		8	1	1	—
												32,552	32,706	7.50
Media: Diversified & Production
Aurelia Netherlands Midco 2 B.V.	(4) (5) (8)	E +	5.75	%			8.93	%	5/1/2031	EUR	11,569	12,129	11,860	2.72

Table of Contents

Investments-non-controlled/non-affiliated (1)	Footnotes	Reference Rate and Spread					Interest Rate (2)		Maturity Date		Par Amount/ Units	Cost (3)	Fair Value	% of Net Assets
												43,476	43,426	9.95
High Tech
CentralSquare Technologies, LLC	(4) (5) (6)	S +	5.75	%			10.63	%	4/12/2030		867	(10)	(4)	—
CentralSquare Technologies, LLC	(4) (5)	S +	6.25	%	(3.38	% PIK)	10.63	%	4/12/2030		7,801	7,715	7,762	1.78
Eagan Sub, Inc.	(4) (5) (6)	S +	5.25	%			9.59	%	6/1/2029		2,900	(32)	—	—
Eagan Sub, Inc.	(4) (5)	S +	5.25	%			9.59	%	6/3/2030		14,319	14,139	14,318	3.28
Everbridge Holdings, LLC	(4) (5) (6)	S +	5.00	%			9.59	%	7/2/2031		1,833	717	714	0.16
Everbridge Holdings, LLC	(4) (5) (6)	S +	5.00	%			9.59	%	7/2/2031		733	(2)	(2)	—
Everbridge Holdings, LLC	(4) (5)	S +	5.00	%			9.59	%	7/2/2031		7,333	7,316	7,315	1.68
Greenway Health, LLC	(4) (5)	S +	6.75	%			11.08	%	4/1/2029		9,089	8,935	9,179	2.11
Kaseya, Inc.	(4) (5)	S +	5.50	%			10.09	%	6/25/2029		9	9	9	—
Kaseya, Inc.	(4) (5)	S +	5.50	%			10.09	%	6/25/2029		2,543	2,505	2,543	0.58
Kaseya, Inc.	(4) (5) (6)	S +	5.50	%			10.09	%	6/25/2029		144	28	30	0.01
Kaseya, Inc.	(4) (5) (6)	S +	5.50	%			9.83	%	6/25/2029		154	37	39	0.01
PDI TA Holdings, Inc.	(4) (5) (6)	S +	5.50	%			10.00	%	2/3/2031		402	221	223	0.05
PDI TA Holdings, Inc.	(4) (5)	S +	5.50	%			10.09	%	2/3/2031		1,716	1,701	1,712	0.39
PDI TA Holdings, Inc.	(4) (5) (6)	S +	5.50	%			10.09	%	2/3/2031		173	(2)	—	—
												43,277	43,838	10.05
Insurance
Integrity Marketing Acquisition, LLC	(4) (5)	S +	5.00	%			9.51	%	8/25/2028		5,686	5,659	5,657	1.30
MAI Capital Management Intermediate, LLC	(4) (5)	S +	4.75	%			9.08	%	8/29/2031		2,765	2,752	2,751	0.63
MAI Capital Management Intermediate, LLC	(4) (5) (6)	S +	4.75	%			9.08	%	8/29/2031		1,625	512	507	0.11
MAI Capital Management Intermediate, LLC	(4) (5) (6)	S +	4.75	%			9.08	%	8/29/2031		610	78	78	0.02
Peter C. Foy & Associates Insurance Services, LLC	(4) (5)	S +	6.50	%			10.86	%	11/1/2028		99	98	99	0.02
Peter C. Foy & Associates Insurance Services, LLC	(4) (5)	S +	5.50	%			10.59	%	11/1/2028		6,485	6,391	6,485	1.49
Peter C. Foy & Associates Insurance Services, LLC	(4) (5)	S +	5.50	%			9.83	%	11/1/2028		1,784	1,758	1,784	0.41
Peter C. Foy & Associates Insurance Services, LLC	(4) (5) (6)	S +	5.50	%			10.59	%	11/1/2027		310	(4)	—	—
RSC Acquisition, Inc.	(4) (5)	S +	4.75	%			9.08	%	11/1/2029		6,937	6,864	6,902	1.58
Shelf Bidco Ltd.	(4) (5) (8)	S +	5.00	%			9.65	%	12/31/2031		8,409	8,368	8,367	1.92
THG Acquisition, LLC	(4) (5)	S +	4.75	%			9.11	%	10/31/2031		75	75	75	0.02
THG Acquisition, LLC	(4) (5) (6)	S +	4.75	%			9.11	%	10/31/2031		17	—	—	—
THG Acquisition, LLC	(4) (5) (6)	S +	4.75	%			9.11	%	10/31/2031		8	1	1	—
												32,552	32,706	7.50
Media: Diversified & Production
Aurelia Netherlands Midco 2 B.V.	(4) (5) (8)	E +	5.75	%			8.93	%	5/1/2031	EUR	11,569	12,129	11,860	2.72
Circana Group, L.P.	(4) (5)	S +	5.00	%			9.59	%	12/1/2028	EUR	7,019	6,867	6,949	1.59
Circana Group, L.P.	(4) (5) (6)	S +	5.00	%			9.35	%	12/1/2027		488	88	93	0.02
												19,084	18,902	4.33
Printing and Publishing
Recorded Books Inc.	(4) (5) (6)	S +	5.75	%			10.26	%	8/31/2028		1,160	(15)	(3)	—
Recorded Books Inc.	(4) (5)	S +	5.75	%			10.26	%	9/3/2030		14,196	13,982	14,161	3.25
												13,967	14,158	3.25
Retail Stores
New Look Vision Group, Inc.	(4) (5) (8)	S +	6.00	%	(2.00	% PIK)	10.48	%	5/26/2028		145	140	144	0.03
New Look Vision Group, Inc.	(4) (5) (7) (8)	C +	6.00	%	(2.00	% PIK)	9.49	%	5/26/2028	CAD	6,203	4,371	4,280	0.98
New Look Vision Group, Inc.	(4) (5) (6) (8)	C +	5.50	%			9.03	%	5/26/2026	CAD	850	188	134	0.03
New Look Vision Group, Inc.	(4) (5) (7) (8)	C +	5.50	%			8.99	%	5/26/2028	CAD	415	292	282	0.07
New Look Vision Group, Inc.	(4) (5) (8)	S +	5.50	%			9.98	%	5/26/2028		1,287	1,236	1,255	0.29
New Look Vision Group, Inc.	(4) (5) (7) (8)	C +	5.50	%			8.99	%	5/26/2028	CAD	797	561	540	0.12
												6,788	6,635	1.52
Services: Business
Baker Tilly Advisory Group, LP	(4) (5) (6)	S +	4.75	%			9.11	%	6/3/2030		1,828	(12)	—	—
Baker Tilly Advisory Group, LP	(4) (5) (6)	S +	4.75	%			9.11	%	6/3/2031		1,305	(2)	—	—
Baker Tilly Advisory Group, LP	(4) (5)	S +	4.75	%			9.11	%	6/3/2031		8,646	8,587	8,646	1.98
FR Vision Holdings, Inc.	(4) (5) (6)	S +	5.50	%			10.12	%	1/21/2030		580	(5)	—	—
FR Vision Holdings, Inc.	(4) (5) (6) (7)	S +	5.50	%			10.12	%	1/20/2031		2,316	967	975	0.22
FR Vision Holdings, Inc.	(4) (5)	S +	5.50	%			10.12	%	1/20/2031		7,144	7,079	7,144	1.64
GC Waves Holdings, Inc.	(4) (5)	S +	4.75	%			9.21	%	10/4/2030		7,374	7,222	7,301	1.67
GI Apple Midco LLC	(4) (5) (6)	S +	6.75	%			11.11	%	4/19/2029		1,133	420	437	0.10
GI Apple Midco LLC	(4) (5)	S +	6.75	%			11.11	%	4/19/2030		7,336	7,215	7,409	1.70
GI Apple Midco LLC	(4) (5) (6)	S +	6.75	%			11.11	%	4/19/2030		1,617	170	192	0.04
Jensen Hughes Inc.	(4) (5) (6)	S +	5.00	%			9.74	%	8/6/2031		1,467	(3)	(15)	—
Jensen Hughes Inc.	(4) (5) (6)	S +	5.00	%			9.74	%	8/6/2031		587	(6)	(6)	—
Jensen Hughes Inc.	(4) (5)	S +	5.00	%			9.74	%	8/6/2031		5,204	5,153	5,152	1.18
Jensen Hughes Inc.	(4) (5) (6)	S +	5.00	%			9.74	%	8/6/2031		342	—	(3)	—
PT Intermediate Holdings III, LLC	(4) (5) (6)	S +	5.00	%	(1.75	% PIK)	9.33	%	4/9/2030		232	—	(1)	—
PT Intermediate Holdings III, LLC	(4) (5)	S +	5.00	%	(1.75	% PIK)	9.33	%	4/9/2030		12,347	12,169	12,286	2.82
Rimkus Consulting Group Inc.	(4) (5) (6)	S +	5.25	%			9.84	%	4/1/2030		463	(3)	(2)	—
Rimkus Consulting Group Inc.	(4) (5) (7)	S +	5.25	%			9.84	%	4/1/2031		3,453	3,429	3,435	0.79
Rimkus Consulting Group Inc.	(4) (5) (6)	S +	5.25	%			9.77	%	4/1/2031		867	93	88	0.02
Speed Midco 3 S.a r.l.	(4) (5) (8)	E +	4.95	%			8.11	%	6/5/2031	EUR	1,983	2,145	2,049	0.47
Speed Midco 3 S.a r.l.	(4) (5) (8)	SN +	4.95	%			9.90	%	6/5/2031	GBP	491	623	613	0.14
Speed Midco 3 S.a r.l.	(4) (5) (8)	S +	4.95	%			9.20	%	6/5/2031		7,219	7,187	7,201	1.65

Table of Contents

Investments-non-controlled/non-affiliated (1)	Footnotes	Reference Rate and Spread					Interest Rate (2)		Maturity Date		Par Amount/ Units	Cost (3)		Fair Value		% of Net Assets
Printing and Publishing
Recorded Books Inc.	(4) (5) (6)	S +	5.75	%			10.26	%	8/31/2028		1,160	(15)		(3)		—
Recorded Books Inc.	(4) (5)	S +	5.75	%			10.26	%	9/3/2030		14,196	13,982		14,161		3.25
												13,967		14,158		3.25
Retail Stores
New Look Vision Group, Inc.	(4) (5) (8)	S +	6.00	%	(2.00	% PIK)	10.48	%	5/26/2028		145	140		144		0.03
New Look Vision Group, Inc.	(4) (5) (7) (8)	C +	6.00	%	(2.00	% PIK)	9.49	%	5/26/2028	CAD	6,203	4,371		4,280		0.98
New Look Vision Group, Inc.	(4) (5) (6) (8)	C +	5.50	%			9.03	%	5/26/2026	CAD	850	188		134		0.03
New Look Vision Group, Inc.	(4) (5) (7) (8)	C +	5.50	%			8.99	%	5/26/2028	CAD	415	292		282		0.07
New Look Vision Group, Inc.	(4) (5) (8)	S +	5.50	%			9.98	%	5/26/2028		1,287	1,236		1,255		0.29
New Look Vision Group, Inc.	(4) (5) (7) (8)	C +	5.50	%			8.99	%	5/26/2028	CAD	797	561		540		0.12
												6,788		6,635		1.52
Services: Business
Baker Tilly Advisory Group, LP	(4) (5) (6)	S +	4.75	%			9.11	%	6/3/2030		1,828	(12)		—		—
Baker Tilly Advisory Group, LP	(4) (5) (6)	S +	4.75	%			9.11	%	6/3/2031		1,305	(2)		—		—
Baker Tilly Advisory Group, LP	(4) (5)	S +	4.75	%			9.11	%	6/3/2031		8,646	8,587		8,646		1.98
FR Vision Holdings, Inc.	(4) (5) (6)	S +	5.50	%			10.12	%	1/21/2030		580	(5)		—		—
FR Vision Holdings, Inc.	(4) (5) (6) (7)	S +	5.50	%			10.12	%	1/20/2031		2,316	967		975		0.22
FR Vision Holdings, Inc.	(4) (5)	S +	5.50	%			10.12	%	1/20/2031		7,144	7,079		7,144		1.64
GC Waves Holdings, Inc.	(4) (5)	S +	4.75	%			9.21	%	10/4/2030		7,374	7,222		7,301		1.67
GI Apple Midco LLC	(4) (5) (6)	S +	6.75	%			11.11	%	4/19/2029		1,133	420		437		0.10
GI Apple Midco LLC	(4) (5)	S +	6.75	%			11.11	%	4/19/2030		7,336	7,215		7,409		1.70
GI Apple Midco LLC	(4) (5) (6)	S +	6.75	%			11.11	%	4/19/2030		1,617	170		192		0.04
Jensen Hughes Inc.	(4) (5) (6)	S +	5.00	%			9.74	%	8/6/2031		1,467	(3)		(15)		—
Jensen Hughes Inc.	(4) (5) (6)	S +	5.00	%			9.74	%	8/6/2031		587	(6)		(6)		—
Jensen Hughes Inc.	(4) (5)	S +	5.00	%			9.74	%	8/6/2031		5,204	5,153		5,152		1.18
Jensen Hughes Inc.	(4) (5) (6)	S +	5.00	%			9.74	%	8/6/2031		342	—		(3)		—
PT Intermediate Holdings III, LLC	(4) (5) (6)	S +	5.00	%	(1.75	% PIK)	9.33	%	4/9/2030		232	—		(1)		—
PT Intermediate Holdings III, LLC	(4) (5)	S +	5.00	%	(1.75	% PIK)	9.33	%	4/9/2030		12,347	12,169		12,286		2.82
Rimkus Consulting Group Inc.	(4) (5) (6)	S +	5.25	%			9.84	%	4/1/2030		463	(3)		(2)		—
Rimkus Consulting Group Inc.	(4) (5) (7)	S +	5.25	%			9.84	%	4/1/2031		3,453	3,429		3,435		0.79
Rimkus Consulting Group Inc.	(4) (5) (6)	S +	5.25	%			9.77	%	4/1/2031		867	93		88		0.02
Speed Midco 3 S.a r.l.	(4) (5) (8)	E +	4.95	%			8.11	%	6/5/2031	EUR	1,983	2,145		2,049		0.47
Speed Midco 3 S.a r.l.	(4) (5) (8)	SN +	4.95	%			9.90	%	6/5/2031	GBP	491	623		613		0.14
Speed Midco 3 S.a r.l.	(4) (5) (8)	S +	4.95	%			9.20	%	6/5/2031		7,219	7,187		7,201		1.65
STV Group, Inc.	(4) (5) (6)	S +	5.00	%			9.36	%	3/20/2031		1,250	—		(6)		—
STV Group, Inc.	(4) (5) (7)	S +	5.00	%			9.36	%	3/20/2031		4,342	4,302		4,320		0.99
STV Group, Inc.	(4) (5) (6)	P +	5.00	%			11.50	%	3/20/2030		875	117		121		0.03
USIC Holdings Inc.	(4) (5)	S +	5.50	%			10.09	%	9/10/2031		8,430	8,389		8,388		1.92
USIC Holdings Inc.	(4) (5) (6)	S +	5.25	%			9.84	%	9/10/2031		1,073	240		240		0.05
USIC Holdings Inc.	(4) (5) (6)	S +	5.50	%			10.09	%	9/10/2031		510	33		30		0.01
												75,509		75,994		17.42
Services: Consumer
Bradyifs Holdings, LLC	(4) (5)	S +	5.00	%			9.52	%	10/31/2029		13,370	13,261		13,370		3.07
Bradyifs Holdings, LLC	(4) (5) (6)	S +	5.00	%			9.40	%	10/31/2029		393	82		85		0.02
Kleinfelder Group, Inc.(The)	(4) (5) (6)	S +	5.00	%			9.35	%	9/1/2030		2,464	—		—		—
Kleinfelder Group, Inc.(The)	(4) (5)	S +	5.00	%			9.35	%	11/28/2025		12,436	12,382		12,436		2.85
Kleinfelder Group, Inc.(The)	(4) (5) (6)	P +	5.00	%			11.50	%	8/4/2028		1,643	349		361		0.08
												26,074		26,252		6.02
Technology & Electronics
Chase Intermediate, LLC	(4) (5) (6)	S +	4.75	%			9.11	%	10/30/2028		8,649	3,492		3,496		0.80
Chase Intermediate, LLC	(4) (5) (6)	S +	4.75	%			9.11	%	10/30/2028		433	(3)		(1)		—
Granicus, Inc.	(4) (5) (6)	S +	5.25	%			10.34	%	1/17/2031		384	(2)		—		—
Granicus, Inc.	(4) (5)	S +	5.75	%	(2.25	% PIK)	10.34	%	1/17/2031		2,744	2,732		2,744		0.63
Granicus, Inc.	(4) (5)	S +	5.25	%	(2.25	% PIK)	9.84	%	1/17/2031		407	407		405		0.09
												6,626		6,644		1.52
Total First Lien Debt												$	414,659	$	417,230	95.63	%
Second Lien Debt
High Tech
Polaris Newco LLC	(4) (5)	S +	9.00	%			13.61	%	6/4/2029		6,200	6,070		6,200		1.42
												6,070		6,200		1.42
Total Second Lien Debt												$	6,070	$	6,200	1.42	%
Total Investments - non-controlled/non-affiliated												$	420,729	$	423,430	97.05	%
Total Portfolio Investments												$	420,729	$	423,430	97.05	%

Table of Contents


Investments-non-controlled/non-affiliated (1)	Footnotes	Reference Rate and Spread					Interest Rate (2)		Maturity Date	Par Amount/ Units	Cost (3)		Fair Value		% of Net Assets
USIC Holdings Inc.	(4) (5)	S +	5.50	%			10.09	%	9/10/2031	8,430	8,389		8,388		1.92
USIC Holdings Inc.	(4) (5) (6)	S +	5.25	%			9.84	%	9/10/2031	1,073	240		240		0.05
USIC Holdings Inc.	(4) (5) (6)	S +	5.50	%			10.09	%	9/10/2031	510	33		30		0.01
											75,509		75,994		17.42
Services: Consumer
Bradyifs Holdings, LLC	(4) (5)	S +	5.00	%			9.52	%	10/31/2029	13,370	13,261		13,370		3.07
Bradyifs Holdings, LLC	(4) (5) (6)	S +	5.00	%			9.40	%	10/31/2029	393	82		85		0.02
Kleinfelder Group, Inc.(The)	(4) (5) (6)	S +	5.00	%			9.35	%	9/1/2030	2,464	—		—		—
Kleinfelder Group, Inc.(The)	(4) (5)	S +	5.00	%			9.35	%	11/28/2025	12,436	12,382		12,436		2.85
Kleinfelder Group, Inc.(The)	(4) (5) (6)	P +	5.00	%			11.50	%	8/4/2028	1,643	349		361		0.08

											26,074		26,252		6.02
Technology & Electronics
Chase Intermediate, LLC	(4) (5) (6)	S +	4.75	%			9.11	%	10/30/2028	8,649	3,492		3,496		0.80
Chase Intermediate, LLC	(4) (5) (6)	S +	4.75	%			9.11	%	10/30/2028	433	(3)		(1)		—
Granicus, Inc.	(4) (5) (6)	S +	5.25	%			10.34	%	1/17/2031	384	(2)		—		—
Granicus, Inc.	(4) (5)	S +	5.75	%	(2.25	% PIK)	10.34	%	1/17/2031	2,744	2,732		2,744		0.63
Granicus, Inc.	(4) (5)	S +	5.25	%	(2.25	% PIK)	9.84	%	1/17/2031	407	407		405		0.09

											6,626		6,644		1.52

Total First Lien Debt											$	414,659	$	417,230	95.63	%

Second Lien Debt
High Tech
Polaris Newco LLC	(4) (5)	S +	9.00	%			13.61	%	6/4/2029	6,200	6,070		6,200		1.42
											6,070		6,200		1.42

Total Second Lien Debt											$	6,070	$	6,200	1.42	%


Total Investments - non-controlled/non-affiliated											$	420,729	$	423,430	97.05	%
Total Portfolio Investments											$	420,729	$	423,430	97.05	%

(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to SOFR including SOFR adjustment if any, ("S"), SONIA (“SN”), CDOR ("C"), which generally resets periodically. S loans are typically indexed to 12 month, 6 month, 3 month or 1 month S rates. For each such loan, the Company has provided the interest rate in effect on the date presented.

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

(4)Investment valued using unobservable inputs (Level 3). See Note 5.

(5)Loan includes interest rate floor feature.

Investments—non-controlled/non-affiliated

Commitment Type

CommitmentExpiration Date

Unfunded

Total Commitment Fair Value

AI Titan Parent Inc.

Delayed Draw Term Loan

8/29/2031

1,557

(8)

AI Titan Parent Inc.

Revolver

8/29/2031

973

(5)

Associations, Inc.

2024 2nd Amendment Revolver

7/3/2028

143

—

Associations, Inc.

2024 Special Purpose Delayed Draw Term Loan

7/3/2028

297

—

Baker Tilly Advisory Group, LP

Delayed Draw Term Loan

6/3/2031

1,305

—

Baker Tilly Advisory Group, LP

Revolver

6/3/2030

1,829

—

BCPE HIPH Parent, Inc.

2023 Delayed Draw Term Loan

10/7/2030

111

(1)

Beacon Pointe Advisors, LLC

2021 Revolver

12/29/2027

627

—

Bradyifs Holdings, LLC

2024 Delayed Draw Term Loan

10/31/2029

309

—

Broadcast Music, Inc.

Revolver

2/8/2030

892

—

CentralSquare Technologies, LLC

2024 Revolver

4/12/2030

867

(4)

Chase Intermediate, LLC

2023 Delayed Draw Term Loan

10/30/2028

5,132

(13)

Chase Intermediate, LLC

2023 Revolver

10/30/2028

433

(1)

Circana Group, L.P.

2024 Revolver

12/1/2027

391

(4)

Cliffwater LLC

Revolver

10/7/2030

1,000

—

Coding Solutions Acquistion Inc.

2024 Delayed Draw Term Loan

8/7/2031

672

(3)

Coding Solutions Acquistion Inc.

2024 Revolver

8/7/2031

—

Eagan Sub, Inc.

2023 Revolver

6/1/2029

2,900

—

Everbridge Holdings, LLC

Delayed Draw Term Loan

7/2/2031

1,115

(3)

Everbridge Holdings, LLC

Revolver

7/2/2031

733

(2)

Evergreen IX Borrower 2023 LLC

Revolver

10/1/2029

599

—

Farsound Aviation Limited

2024 Delayed Draw Term Loan

9/5/2031

952

—

FloWorks International

2024 Delayed Draw Term Loan

11/26/2031

—

FR Vision Holdings, Inc.

Delayed Draw Term Loan

1/20/2031

1,341

—

FR Vision Holdings, Inc.

Revolver

1/21/2030

580

—

Gateway US Holdings, Inc.

Revolver

9/22/2028

131

—

GI Apple Midco LLC

Delayed Draw Term Loan

4/19/2030

1,441

GI Apple Midco LLC

Revolver

4/19/2029

696

—

Granicus, Inc.

2024 Revolver

1/17/2031

384

—

Jensen Hughes Inc.

2024 1st Lien Delayed Draw Term Loan

8/6/2031

342

(3)

Jensen Hughes Inc.

2024 Delayed Draw Term Loan

8/6/2031

1,467

(15)

Table of Contents

Jensen Hughes Inc.	2024 Revolver	8/6/2031	587	(6)
Kaseya, Inc.	2022 Delayed Draw Term Loan	6/25/2029	114	—
Kaseya, Inc.	2022 Revolver	6/25/2029	115	—
Kleinfelder Group, Inc.(The)	2023 Delayed Draw Term Loan	9/1/2030	2,464	—
Kleinfelder Group, Inc.(The)	Revolver	8/4/2028	1,281	—
MAI Capital Management Intermediate, LLC	Delayed Draw Term Loan	8/29/2031	1,110	(6)
MAI Capital Management Intermediate, LLC	Revolver	8/29/2031	529	(3)
Mammoth Holdings, LLC	2023 Revolver	11/15/2029	909	—
Mantech International CP	2024 Delayed Draw Term Loan	9/14/2029	566	—
Mantech International CP	2024 Revolver Tranche A	9/14/2028	444	—
Medvet Associates LLC	Delayed Draw Term Loan	6/25/2031	2,000	(10)
Model N, Inc.	2024 Delayed Draw Term Loan	6/27/2031	1,452	(7)
Model N, Inc.	2024 Revolver	6/27/2031	774	(4)
New Look Vision Group, Inc.	CAD Revolver	5/26/2026	420	(146)
Next Holdco, LLC	Delayed Draw Term Loan	11/12/2030	1,308	—
Next Holdco, LLC	Revolver	11/9/2029	491	—
NRO Holdings III Corp.	Delayed Draw Term Loan	7/15/2031	2,080	(21)
NRO Holdings III Corp.	Revolver	7/15/2030	960	(10)
Ohio Transmission Corporation	2023 Delayed Draw Term Loan	12/19/2030	965	—
Ohio Transmission Corporation	2023 Revolver	12/19/2029	750	—
PDI TA Holdings, Inc.	2024 Delayed Draw Term Loan	2/3/2031	177	—
PDI TA Holdings, Inc.	2024 Revolver	2/3/2031	173	—
Peter C. Foy & Associates Insurance Services, LLC	2021 1st Lien Revolver	11/1/2027	310	—
PetVet Care Centers, LLC	2023 Delayed Draw Term Loan	11/15/2030	1,396	(35)
PetVet Care Centers, LLC	2023 Revolver	11/15/2029	1,396	(35)
Poly-Wood, LLC	Delayed Draw Term Loan	3/20/2030	1,350	—
Poly-Wood, LLC	Revolver	3/20/2030	1,350	—
PT Intermediate Holdings III, LLC	2024 Delayed Draw Term Loan	4/9/2030	232	(1)
Recorded Books Inc.	2023 Revolver	8/31/2028	1,160	(3)
Rimkus Consulting Group Inc.	Delayed Draw Term Loan	4/1/2031	775	(4)
Rimkus Consulting Group Inc.	Revolver	4/1/2030	463	(2)
Rock Star Mergersub, LLC	Delayed Draw Term Loan	12/15/2031	989	(5)
Rock Star Mergersub, LLC	Revolver	12/15/2031	371	(2)
Spectrum Automotive Holdings, Corp.	2021 Revolver	6/29/2027	305	—
STS Aviation Group	Delayed Draw Term Loan	10/8/2031	20	—
STS Aviation Group	Revolver	10/8/2030	4	—
STV Group, Inc.	2024 Delayed Draw Term Loan	3/20/2031	1,250	(6)
STV Group, Inc.	2024 Revolver	3/20/2030	750	(4)
THG Acquisition, LLC	2024 Delayed Draw Term Loan	10/31/2031	17	—
THG Acquisition, LLC	2024 Revolver	10/31/2031	8	—
Truck-Lite Co., LLC	2024 Delayed Draw Term Loan	2/13/2031	1,156	—
Truck-Lite Co., LLC	2024 Revolver	2/13/2030	1,156	—
USIC Holdings Inc.	2024 Revolver	9/10/2031	828	(4)

(5)Loan includes interest rate floor feature.

Investments—non-

controlled/non-

affiliated

Commitment Type

Commitment
Expiration Date

Unfunded

Total Commitment Fair Value

AI Titan Parent Inc.

Delayed Draw Term Loan

8/29/2031

1,557

(8)

AI Titan Parent Inc.

Revolver

8/29/2031

973

(5)

Associations, Inc.

2024 2nd Amendment Revolver

7/3/2028

143

—

Associations, Inc.

2024 Special Purpose Delayed Draw Term Loan

7/3/2028

297

—

Baker Tilly Advisory Group, LP

Delayed Draw Term Loan

6/3/2031

1,305

—

Baker Tilly Advisory Group, LP

Revolver

6/3/2030

1,829

—

BCPE HIPH Parent, Inc.

2023 Delayed Draw Term Loan

10/7/2030

111

(1)

Beacon Pointe Advisors, LLC

2021 Revolver

12/29/2027

627

—

Bradyifs Holdings, LLC

2024 Delayed Draw Term Loan

10/31/2029

309

—

Broadcast Music, Inc.

Revolver

2/8/2030

892

—

CentralSquare Technologies, LLC

2024 Revolver

4/12/2030

867

(4)

Chase Intermediate, LLC

2023 Delayed Draw Term Loan

10/30/2028

5,132

(13)

Chase Intermediate, LLC

2023 Revolver

10/30/2028

433

(1)

Circana Group, L.P.

2024 Revolver

12/1/2027

391

(4)

Cliffwater LLC

Revolver

10/7/2030

1,000

—

Coding Solutions Acquisition Inc.

2024 Delayed Draw Term Loan

8/7/2031

672

(3)

Coding Solutions Acquisition Inc.

2024 Revolver

8/7/2031

—

Eagan Sub, Inc.

2023 Revolver

6/1/2029

2,900

—

Everbridge Holdings, LLC

Delayed Draw Term Loan

7/2/2031

1,115

(3)

Everbridge Holdings, LLC

Revolver

7/2/2031

733

(2)

Evergreen IX Borrower 2023 LLC

Revolver

10/1/2029

599

—

Farsound Aviation Limited

2024 Delayed Draw Term Loan

9/5/2031

952

—

FloWorks International

2024 Delayed Draw Term Loan

11/26/2031

—

FR Vision Holdings, Inc.

Delayed Draw Term Loan

1/20/2031

1,341

—

FR Vision Holdings, Inc.

Revolver

1/21/2030

580

—

Gateway US Holdings, Inc.

Revolver

9/22/2028

131

—

GI Apple Midco LLC

Delayed Draw Term Loan

4/19/2030

1,441

GI Apple Midco LLC

Revolver

4/19/2029

696

—

Granicus, Inc.

2024 Revolver

1/17/2031

384

—

Jensen Hughes Inc.

2024 1st Lien Delayed Draw Term Loan

8/6/2031

342

(3)

Jensen Hughes Inc.

2024 Delayed Draw Term Loan

8/6/2031

1,467

(15)

Jensen Hughes Inc.

2024 Revolver

8/6/2031

587

(6)

Kaseya, Inc.

2022 Delayed Draw Term Loan

6/25/2029

114

—

Kaseya, Inc.

2022 Revolver

6/25/2029

115

—

Kleinfelder Group, Inc.(The)

2023 Delayed Draw Term Loan

9/1/2030

2,464

—

Kleinfelder Group, Inc.(The)

Revolver

8/4/2028

1,281

—

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MAI Capital Management Intermediate, LLC	Delayed Draw Term Loan	8/29/2031	1,110	(6)
MAI Capital Management Intermediate, LLC	Revolver	8/29/2031	529	(3)
Mammoth Holdings, LLC	2023 Revolver	11/15/2029	909	—
Mantech International CP	2024 Delayed Draw Term Loan	9/14/2029	566	—
Mantech International CP	2024 Revolver Tranche A	9/14/2028	444	—
Medvet Associates LLC	Delayed Draw Term Loan	6/25/2031	2,000	(10)
Model N, Inc.	2024 Delayed Draw Term Loan	6/27/2031	1,452	(7)
Model N, Inc.	2024 Revolver	6/27/2031	774	(4)
New Look Vision Group, Inc.	CAD Revolver	5/26/2026	420	(146)
Next Holdco, LLC	Delayed Draw Term Loan	11/12/2030	1,308	—
Next Holdco, LLC	Revolver	11/9/2029	491	—
NRO Holdings III Corp.	Delayed Draw Term Loan	7/15/2031	2,080	(21)
NRO Holdings III Corp.	Revolver	7/15/2030	960	(10)
Ohio Transmission Corporation	2023 Delayed Draw Term Loan	12/19/2030	965	—
Ohio Transmission Corporation	2023 Revolver	12/19/2029	750	—
PDI TA Holdings, Inc.	2024 Delayed Draw Term Loan	2/3/2031	177	—
PDI TA Holdings, Inc.	2024 Revolver	2/3/2031	173	—
Peter C. Foy & Associates Insurance Services, LLC	2021 1st Lien Revolver	11/1/2027	310	—
PetVet Care Centers, LLC	2023 Delayed Draw Term Loan	11/15/2030	1,396	(35)
PetVet Care Centers, LLC	2023 Revolver	11/15/2029	1,396	(35)
Poly-Wood, LLC	Delayed Draw Term Loan	3/20/2030	1,350	—
Poly-Wood, LLC	Revolver	3/20/2030	1,350	—
PT Intermediate Holdings III, LLC	2024 Delayed Draw Term Loan	4/9/2030	232	(1)
Recorded Books Inc.	2023 Revolver	8/31/2028	1,160	(3)
Rimkus Consulting Group Inc.	Delayed Draw Term Loan	4/1/2031	775	(4)
Rimkus Consulting Group Inc.	Revolver	4/1/2030	463	(2)
Rock Star Mergersub, LLC	Delayed Draw Term Loan	12/15/2031	989	(5)
Rock Star Mergersub, LLC	Revolver	12/15/2031	371	(2)
Spectrum Automotive Holdings, Corp.	2021 Revolver	6/29/2027	305	—
STS Aviation Group	Delayed Draw Term Loan	10/8/2031	20	—
STS Aviation Group	Revolver	10/8/2030	4	—
STV Group, Inc.	2024 Delayed Draw Term Loan	3/20/2031	1,250	(6)
STV Group, Inc.	2024 Revolver	3/20/2030	750	(4)
THG Acquisition, LLC	2024 Delayed Draw Term Loan	10/31/2031	17	—
THG Acquisition, LLC	2024 Revolver	10/31/2031	8	—
Truck-Lite Co., LLC	2024 Delayed Draw Term Loan	2/13/2031	1,156	—
Truck-Lite Co., LLC	2024 Revolver	2/13/2030	1,156	—
USIC Holdings Inc.	2024 Revolver	9/10/2031	828	(4)
USIC Holdings Inc.	2024 Specified Delayed Draw Term Loan	9/10/2031	477	(2)
			64,714	(364)

(7)Position or portion thereof unsettled as of December 31, 2024.

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(8)The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2024, non-qualifying assets totaled 8.93% of the Company’s total assets.

(9)As of December 31, 2024, the estimated net unrealized gain for federal tax purposes was $2.5 million based on a tax basis of $394.8 million. As of December 31, 2024, the estimated aggregate gross unrealized loss for federal income tax purposes was $1.4 million and the estimated aggregate gross unrealized gain for federal income tax purposes was $3.9 million.

ADDITIONAL INFORMATION

Foreign currency forward contracts

Counterparty

Currency
Purchased

Currency Sold

Settlement

Unrealized Appreciation
(Depreciation)

City National Bank

Euro 44,698

U.S. Dollar 47,023

2/28/2025

(649)

City National Bank

U.S. Dollar 18,667

Euro 17,736

2/28/2025

265

State Street Bank & Trust Company

U.S. Dollar 6,028

Canadian Dollar 8,600

3/20/2025

State Street Bank & Trust Company

U.S. Dollar 14,546

Euro 13,800

3/20/2025

214

State Street Bank & Trust Company

U.S. Dollar 635

Great Britain Pound 500

3/20/2025

City National Bank

Euro 50,000

U.S. Dollar 56,103

3/31/2025

(4,147)

City National Bank

Euro 50,000

U.S. Dollar 56,309

6/30/2025

(4,085)

City National Bank

Euro 50,000

U.S. Dollar 56,514

9/30/2025

(4,008)

City National Bank

Euro 50,000

U.S. Dollar 56,745

12/31/2025

(3,944)

City National Bank

Euro 43,581

U.S. Dollar 49,662

3/31/2026

(3,400)

Macquarie Bank Limited

Euro 50,000

U.S. Dollar 56,270

6/30/2026

(2,914)

Macquarie Bank Limited

Euro 50,000

U.S. Dollar 56,500

9/30/2026

(2,857)

Natwest Markets PLC

Euro 100

U.S. Dollar 109

12/31/2026

(1)

Natwest Markets PLC

Euro 50,147

U.S. Dollar 54,720

12/31/2026

(629)

(26,106)

See accompanying notes to the consolidated financial statements.

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Notes to the Consolidated Financial Statements

(in thousands, except per share amounts)

(Unaudited)

Note 1. Organization

OHA Senior Private Lending Fund (U) LLC (the “Company”) was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. (the “Adviser”) is the investment adviser of the Company. The Adviser is registered as an investment adviser with the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940. The Company is a closed-end investment company that has filed an election to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”).

The Company’s investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. Subject to any restrictions imposed under the 1940 Act, any related RIC asset diversification requirements and any guidelines and limitations set forth herein, the Company’s investments are expected to primarily consist of senior secured first lien loans and unitranche loans but may include second lien loans or other assets. The Company will seek target position sizes of 2% to 5% of net asset value (“NAV”) and seek to allocate (a) greater than or equal to 80% of NAV to first lien and unitranche loans and (b) less than or equal to 20% of NAV to second lien loans. The Company’s investment mandate is structured to allow for co-investment across Oak Hill Advisors, L.P,’s (together with its affiliated investment advisors and predecessor firms, “OHA”) entire platform, based on existing SEC exemptive relief under Rule 17d-1 under the 1940 Act and any additional SEC exemptive relief obtained in the future.

The Company will have a finite life. The term of the Company will end, and the Company will commence winding up, on the fifth (5th) anniversary of the last calendar day of the investment period of the Company (the “Investment Period”) (including any extensions of such Investment Period), unless extended for up to two (2) consecutive one (1) year periods, in each case, as approved by both the Board of Managers (the “Board”) and members of the Company (“Members”) holding a majority of the outstanding limited liability company interests of the Company (“Shares”).

The Investment Period commenced on the settlement date of the Company’s initial investment (January 4, 2023) and will end on the third-anniversary thereof; provided, however, that the Investment Period may be extended by up to an additional two (2) consecutive one-year periods, each subject to the approval of a majority of the outstanding Shares. Members have the right to terminate the Investment Period and, in certain circumstances, dissolve the Company, as a result of a Cause Event (as defined in the Amended and Restated Limited Liability Company Agreement of the Company (as amended or restated from time to time, the “LLC Agreement”)). The Investment Period may also be suspended or terminate early if a “Key Person Event” (as defined in the LLC Agreement) occurs and is not cured. The Company has discretion as to when it calls capital from Members during the Investment Period (and under certain limited circumstances thereafter). As a result, assuming the Investment Period ends on January 4, 2026 and no extension of the term, the Company’s term will end on January 4, 2031.

Note 2. Significant Accounting Policies

Basis of Presentation

The Company’s consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). The Company is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”). These consolidated financial statements reflect adjustments that in the opinion of management are necessary for the fair statement of the financial position and results of operations for the periods presented herein. The Company commenced operations on December 15, 2022 and its fiscal year ends on December 31.

Basis of Consolidation

As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the

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Company. The Company consolidated the results of its wholly-owned subsidiaries, ULEND Holding S. à r.l. and ULEND Investment S. à r.l. All intercompany transactions have been eliminated in consolidation.

Segment Reporting

In accordance with ASC Topic 280 - Segment Reporting (“ASC 280”), the Company has determined that it has a

single operating and reporting segment. As a result, the Company's segment accounting policies are the same as described

herein and the Company does not have any intra-segment sales and transfers of assets.

Basis of Accounting

ASC 946 states that consolidation by the Company of an investee that is not an investment company is not appropriate, except when the Company holds a controlling interest in an operating company that provides all or substantially all of its services directly to the Company or to its portfolio companies. None of the portfolio investments made by the Company qualify for this exception.

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents

Cash and cash equivalents represent cash held in banks, cash on hand, and liquid investments with original maturities of three months or less. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure. As of ~~March~~June 3130, 2025 and December 31, 2024, the Company did not hold any cash equivalents. As of ~~March~~June 3130, 2025 and December 31, 2024, approximately $10.35 million and $0.8 million of the cash and cash equivalents balances were denominated in a foreign currency, respectively.

Investment Related Transactions, Revenue Recognition and Expenses

Investment transactions and the related revenue and expenses are recorded on a trade-date basis. Realized gains or losses are recorded upon the sale or liquidation of investments and are calculated as the difference between the net proceeds from the sale or liquidation, if any, and the cost basis of the investment using the specific identification method. Unrealized appreciation or depreciation reflects the difference between the fair value of the investments and the cost basis of the investments. Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized fees and unamortized discounts are recorded as interest income.

In the general course of its business, the Company receives certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees and loan waiver amendment fees, and commitment fees, and are recorded as other income in investment income when earned.

Certain investments may have contractual payment-in-kind (“PIK”) interest. PIK represents accrued interest that is added to the principal amount of the investment on the interest payment date rather than being paid in cash and generally becomes due at maturity or upon the investment being called by the issuer. PIK is recorded as interest income.

Expenses are recorded on an accrual basis.

Non-Accrual Loans

Loans or debt securities are placed on non-accrual status when there is reasonable doubt that principal or interest will be collected. Accrued interest generally is reversed when a loan or debt security is placed on non-accrual status.

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Interest payments received on non-accrual loans or debt securities may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans and debt securities are restored to accrual status when past due principal and interest are paid and, in management’s judgment, principal and interest payments are likely to remain current. The Company may make exceptions to this treatment if a loan has sufficient collateral value and is in the process of collection. As of ~~March~~June 3130, 2025 and December 31, 2024, there were no loans placed on non-accrual status.

Valuation of Portfolio Investments

Pursuant to Rule 2a-5 under the 1940 Act, the Board designated the Adviser as the Company’s “valuation designee” to determine the valuation of the Company’s investments. The Adviser shall value the investments owned by the Company in accordance with the Adviser’s valuation policies and procedures, subject at all times to the oversight of the Board. The Adviser values the Company’s investments in accordance with ASC 820, which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date. ASC 820 prioritizes the use of observable market prices derived from such prices over entity-specific inputs. Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material.

Investments that are listed or traded on an exchange and are freely transferable are valued at either the closing price (in the case of securities and futures) or the mean of the closing bid and offer (in the case of options) on the principal exchange on which the investment is listed or traded. Investments for which other market quotations are readily available will typically be valued at such market quotations. Market quotations are obtained from an independent pricing service, where available. If a price cannot be obtained from an independent pricing service or if the independent pricing service is not deemed to be current with the market, certain investments held by the Company will be valued on the basis of prices provided by principal market makers.

With respect to unquoted portfolio investments, the Company will value each investment considering, among other measures, discounted cash flow models, comparisons of financial ratios of peer companies that are public, and other factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Company will use the pricing indicated by the external event to corroborate and/or assist us in our valuation. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material.

With respect to the valuation of investments, the Company undertakes a multi-step valuation process in connection with determining the fair value of our investments for which reliable market quotations are not readily available, which includes, among other procedures, the following:

•The valuation process begins with each investment being preliminarily valued by the Adviser’s valuation team in consultation with the Adviser’s investment professionals responsible for each portfolio investment;

•Generally, investments that constitute a material portion of the Company’s portfolio are periodically reviewed by an independent valuation firm. The independent valuation firms provide a final range of values on such investments to the Adviser. The independent valuation firms also provide analyses to support their valuation methodology and calculations;

•The Adviser’s valuation committee with respect to the Company (the “Valuation Committee”) reviews each valuation recommendation to confirm they have been calculated in accordance with the Company’s valuation policy and when applicable, compares such valuations to the independent valuation firms’ valuation ranges to ensure the Adviser’s valuations are reasonable;

•The Valuation Committee then determines fair value marks for each of the Company’s portfolio investments; and

•The Board and Audit Committee periodically review the valuation process and provide oversight in accordance with the requirements of Rule 2a-5 under the 1940 Act.

As part of the valuation process, the Company will take into account relevant factors in determining the fair value of the Company’s investments for which reliable market quotations are not readily available, many of which are loans,

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including and in combination, as relevant: the estimated enterprise value of a portfolio company, analysis of discounted cash flows, publicly traded comparable companies and comparable transactions; the nature and realizable value of any collateral; the portfolio company’s ability to make payments based on its earnings and cash flow; the markets in which the portfolio company does business; and overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future.

The Company has and will continue to engage independent valuation firms to provide assistance regarding the determination of the fair value of the Company’s portfolio securities for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment, and the Adviser and the Company may reasonably rely on that assistance. However, the Adviser is responsible for the ultimate valuation of the portfolio investments at fair value as determined in good faith pursuant to the Company’s valuation policy, the Board’s oversight and a consistently applied valuation process.

The Company applies ASC 820, which establishes a framework for measuring fair value in accordance with GAAP and required disclosures of fair value measurements. The fair value of a financial instrument is the amount that would be received in an orderly transaction between market participants at the measurement date. The Company determines the fair value of investments consistent with its valuation policy. The Company discloses the fair value of its investments in a hierarchy which prioritizes and ranks the level of market observability used in the determination of fair value. In accordance with ASC 820, these levels are summarized below:

•Level 1 — Valuations based on quoted prices (unadjusted) in active markets for identical assets or liabilities at the measurement date.

•Level 2 — Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

•Level 3 — Valuations based on inputs that are unobservable and significant to the fair value measurement.

A financial instrument’s level within the hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuations of Level 2 investments are generally based on quotations received from pricing services, dealers or brokers where there is sufficient quote depth. Consideration is given to the source and nature of the quotations and the relationship of recent market activity to the quotations provided.

Transfers between levels, if any, are recognized at the beginning of the reporting period in which the transfers occur. The Company evaluates the source of inputs used in the determination of fair value, including any markets in which the investments, or similar investments, are trading. When the fair value of an investment is determined using inputs from a pricing service (or principal market makers), the Company considers various criteria in determining whether the investment should be classified as a Level 2 or Level 3 investment. Criteria considered includes the pricing methodologies of the pricing services (or principal market makers) to determine if the inputs to the valuation are observable or unobservable, as well as the number of prices obtained and an assessment of the quality of the prices obtained. The level of an investment within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires significant judgment.

The fair value assigned to these investments is based upon available information and may fluctuate from period to period. In addition, it does not necessarily represent the amount that might ultimately be realized upon sale. Due to inherent uncertainty of valuation, the estimated fair value of investments may differ from the value that would have been used had a ready market for the security existed, and the difference could be material.

Receivables/Payables From Investments Sold/Purchased

Receivables/payables from investments sold/purchased consist of amounts receivable to or payable by the Company for transactions that have not settled at the reporting date. As of ~~March~~June 3130, 2025, the Company had $0.10 million of payables for investments purchased and had $0.01 million of receivables for investments sold. As of December 31, 2024, the Company had $0.0 million of payables for investments purchased and had $0.1 million of receivables for investments sold.

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Foreign Currency Transactions

Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates effective on the last business day of the period; and (ii) purchases and sales of investments, borrowings and repayments of such borrowings, income, and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates.

The Company includes net changes in fair values on investments held resulting from foreign exchange rate fluctuations in translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations, if any. Foreign security and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.

Foreign Currency Forward Contracts

The Company may enter into foreign currency forward contracts to reduce the exposure to foreign currency exchange rate fluctuations of the Company and its Members. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. Forward foreign currency contracts are marked-to-market at the applicable forward rate. Unrealized gain (loss) on foreign currency forward contracts is recorded on the consolidated statements of assets and liabilities on a gross basis, not taking into account collateral posted which is recorded separately, if applicable. Notional amounts of foreign currency forward contract assets and liabilities are presented separately on the schedules of investments. Purchases and settlements of foreign currency forward contracts having the same settlement date and counterparty are generally settled net and any realized gains or losses are recognized on the settlement date.

Organization and Offering Expenses

Organizational costs, primarily for legal expenses associated with the establishment of the Company, are expensed as incurred.

Costs associated with the offering of Shares of the Company will be capitalized as deferred offering expenses and included as other assets on the Consolidated Statement of Assets and Liabilities and amortized over a twelve-month period from incurrence. As of ~~March~~June 3130, 2025 and December 31, 2024, all offering costs were fully amortized. For the three and six months ended June 30, 2025 the Company did not have any amortized offering costs. For the three and six months ended June 30, 2024, the Company did not have any amortized offering costs.

The Adviser agreed to incur organizational and start-up costs on behalf of the Company. The Company has repaid the Adviser for initial organization and start-up costs incurred prior to the commencement of our operations up to a maximum of $750,000.

Operating Expense Cap

The Adviser has agreed to pay any annual operating expenses of the Company (excluding (i) third-party legal expenses incurred in connection with investments and the ordinary course operation of the Company and (ii) the management fee and incentive fees paid to the Adviser) that would cause such operating expenses to exceed 0.40% per annum of the Company’s average net assets in respect of the relevant year (the “Operating Expense Cap”). Any operating expenses in excess of the aforementioned Operating Expense Cap shall be borne by the Adviser (including through waiver of income based incentive fees) and shall not be subject to recoupment.

Operating expenses subject to the Operating Expense Cap include, but are not limited to, the Company’s total professional fees, Board fees, administration fees, and other general and administrative expenses (including the Company’s allocable portion of compensation (including salaries, bonuses and benefits), overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement.

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Income Taxes

The Company has elected to be regulated as a BDC under the 1940 Act. The Company elected to be treated as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”), beginning with its fiscal year (or period) ending December 31, 2022. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its Members as distributions. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company’s investors and would not be reflected in the consolidated financial statements of the Company.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. There were no material uncertain tax positions through ~~March~~June 3130, 2025. As applicable, the Company’s prior year remains subject to examination by U.S. federal, state and local tax authorities.

To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its Members, for each taxable year, at least 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses.

In addition, based on the excise tax distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (1) 98% of its ordinary income for the calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed.

Distributions

Distributions to Members are recorded on the record date. The amount to be distributed, if any, is determined by the Board each quarter, and is generally based upon the earnings estimated by the Adviser. The Company intends to distribute net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, at least annually out of the assets legally available for such distributions. However, the Company may decide in the future to retain such capital gains for investment, incur a corporate-level tax on such capital gains, and elect to treat such capital gains as deemed distributions to Members.

Recent Accounting Pronouncements

The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the FASB. ASUs not listed were assessed by the Company and either determined to be not applicable or not expected to have a material effect on the accompanying consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”),” which intends to improve the transparency of income tax disclosures. ASU No. 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact to its consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”),” which enhances disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker (the “CODM”). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by ASC 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported

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measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for the fiscal years beginning after December 15, 2023, and interim periods beginning with the quarter ended March 31, 2025. Early adoption is permitted and retrospective adoption is required for all prior periods presented. The Company has adopted ASU 2023-07 effective December 31, 2024 and concluded that the application of this guidance did not have any material impact on its consolidated financial statements. See Note 7 for more information on the effects of the adoption of ASU 2023-07.

In November 2024, the FASB issued ASU 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (“ASU 2024-03”)", which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning with the first quarter ended March 31, 2028. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements.

Note 3. Fees, Expenses, Agreements and Related Party Transactions

Investment Advisory Agreement

On November 14, 2022, the Company entered into an investment advisory agreement with the Adviser (the “Advisory Agreement”), pursuant to which the Adviser manages the Company on a day-to-day basis. The Adviser is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring the Company’s investments and monitoring its investments and portfolio companies on an ongoing basis.

The Advisory Agreement is effective for an initial two-year term and will remain in effect from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Company’s outstanding voting securities and, in each case, a majority of the Company’s independent Board members. The Company may terminate the Advisory Agreement, without payment of any penalty, upon 60 days’ written notice. The Advisory Agreement will automatically terminate in the event of its assignment within the meaning of the 1940 Act and related SEC guidance and interpretations.

The Company pays the Adviser a fee for its services under the Advisory Agreement consisting of two components: a management fee and an incentive fee. The cost of both the management fee and the incentive fee will ultimately be borne by the Members. Substantial additional fees and expenses may also be charged by OHA Private Credit Advisors II, L.P., in its capacity as the administrator to the Company (the “Administrator”).

Management Fee

The management fee is payable monthly in arrears at an annual rate of 0.65% of the value of our net assets as of the beginning of the first calendar day of the applicable month. For purposes of the Advisory Agreement, net assets means our total assets (which does not include unfunded capital commitments) less the fair value of our liabilities, determined on a consolidated basis in accordance with GAAP.

For the three months ended ~~March~~June 3130, 2025 and ~~March~~June 3130, 2024, management fees were $0.78 million and $0.7 million, respectively, of which none were waived. For the six months ended June 30, 2025 and June 30, 2024, management fees were $1.5 million and $1.3 million, respectively, of which none were waived. As of ~~March~~June 3130, 2025 and December 31, 2024, $0.78 million and $0.8 million, respectively, remained payable related to the base management fee accrued in management fee payable on the ~~consolidated~~Consolidated ~~statement~~Statements of ~~assets~~Assets and ~~liabilities~~Liabilities.

Incentive Fee

The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on a percentage of our income and a portion is based on a percentage of our capital gains, each as described below.

~~Incentive Fee Based on Income~~31

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any expense of securitizations, and interest expense or other financing fees and any distributions paid on preferred shares, but excluding the incentive fee and Member servicing and/or distribution fees). Pre-Incentive Fee ~~Net~~Based ~~Investment~~on Income Returns includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind (“PIK”) interest and zero-coupon securities), accrued income that we have not yet received in cash. Pre-Incentive Fee Net Investment Income Returns does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

The first part of the incentive fee is based on income, whereby the Company pays the Adviser annually in arrears 12.5% of its Pre-Incentive Fee Net Investment Income Returns (as defined below) for the relevant calendar year subject to a 5.75% annualized hurdle rate (the “Hurdle Rate”). “Pre-Incentive Fee Net Investment Income Returns” means dividends, cash interest or other distributions or other cash income and any third-party fees received from portfolio companies (such as upfront fees, commitment fees, origination fee, amendment fees, ticking fees and break-up fees, as well as prepayments premiums, but excluding fees for providing managerial assistance and fees earned by the Adviser or an affiliate in its capacity as an administrative agent, syndication agent, collateral agent, loan servicer or other similar capacity) accrued during the month, minus operating expenses for the month (including the management fee, taxes, any expenses payable under the Advisory Agreement and an administration agreement with our administrator (the “Administration Agreement”), any expense of securitizations, and interest expense or other financing fees and any distributions paid on preferred shares, but excluding the incentive fee and Member servicing and/or distribution fees). Pre-Incentive Fee Net Investment Income Returns includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind (“PIK”) interest and zero-coupon securities), accrued income that we have not yet received in cash. Pre-Incentive Fee Net Investment Income Returns does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

The Company pays the Adviser an incentive fee with respect to the Company’s Pre-Incentive Fee Net Investment Income Returns as follows:

•No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar year in which the Company’s Pre-Incentive Fee Net Investment Income Returns does not exceed an annualized Hurdle Rate of 5.75%;

•100% of Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the Hurdle Rate but is less than 6.57143% in any calendar year. This portion of the Pre-Incentive Fee Net Investment Income Returns (which exceeds the Hurdle Rate but is less than 6.57143%) is referred to as the “catch-up.” The “catch-up” is meant to provide the Adviser with approximately 12.5% of the Company’s Pre-Incentive Fee Net Investment Income Returns as if a Hurdle Rate did not apply if Pre-Incentive Fee Net Investment Income Returns exceeds 6.57143% in any calendar year; and

•12.5% of the Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds 6.57143% in any calendar year, which reflects that once the Hurdle Rate is reached and the catch-up is achieved, 12.5% of all Pre-Incentive Fee Net Investment Income Returns is paid to the Adviser.

For the three months ended ~~March~~June 3130, 2025 and ~~March~~June 3130, 2024, income based incentive fees (before waivers) were $1.3 million and $1.3 million, respectively. For the six months ended June 30, 2025 and June 30, 2024, income based incentive fees (before waivers) were $2.5 million and $2.8 million, respectively. For the three and six months ended ~~March~~June 3130, 2025 and ~~March~~June 3130, 2024, $0.0 million and $0.0 million of income incentive fees, respectively, were waived in accordance with the annual Operating Expense Cap. As of ~~March~~June 3130, 2025 and December 31, 2024, $12.35 million and $5.2 million related to the income based incentive fee had accrued and remained payable on the ~~consolidated~~Consolidated ~~statement~~Statements of ~~assets~~Assets and ~~liabilities~~Liabilities, respectively.

Incentive Fee Based on Capital Gains

The second component of the incentive fee, the capital gains incentive fee, is payable at the end of each calendar year in arrears. The amount payable equals:

•12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with GAAP.

There were no capital gains based incentive fees for the three and six months ended ~~March 31~~June 30, 2025 and ~~March~~June 3130, 2024. As of ~~March~~June 3130, 2025 and December 31, 2024, $0.0 million and $0.0 million, respectively, remained payable related to the capital gains based incentive fee accrued in capital gains incentive fee payable on the ~~consolidated~~Consolidated ~~statement~~Statements of ~~assets~~Assets and ~~liabilities~~Liabilities.

~~Administration Agreement~~32

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financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Administrator that perform duties for the Company; and (iii) any internal audit group personnel of OHA or any of its affiliates, subject to the limitations described in the Advisory Agreement and the Administration Agreement. In addition, pursuant to the terms of the Administration Agreement, the Administrator may delegate its obligations under the Administration Agreement to an affiliate or to a third party and we will reimburse the Administrator for any services performed for us by such affiliate or third party. The Administrator hired a sub-administrator to assist in the provision of administrative services. The sub-administrator will receive compensation for its sub-administrative services under a sub-administration agreement.

Under the Administration Agreement, the Administrator provides, or oversees the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of NAV, compliance monitoring (including diligence and oversight of our other service providers), preparing reports to Members and reports filed with the SEC and other regulators, preparing materials and coordinating meetings of our Board, managing the payment of expenses, the payment and receipt of funds for investments and the performance of administrative and professional services rendered by others and providing office space, equipment and office services. We will reimburse the Administrator for the reasonable fees, costs and expenses incurred by the Administrator in performing its obligations under the Administration Agreement. Such reimbursement will include the Company’s allocable portion of compensation, Overhead (as defined below) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to: (i) the Company’s chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Administrator that perform duties for the Company; and (iii) any internal audit group personnel of OHA or any of its affiliates, subject to the limitations described in the Advisory Agreement and the Administration Agreement. In addition, pursuant to the terms of the Administration Agreement, the Administrator may delegate its obligations under the Administration Agreement to an affiliate or to a third party and we will reimburse the Administrator for any services performed for us by such affiliate or third party. The Administrator hired a sub-administrator to assist in the provision of administrative services. The sub-administrator will receive compensation for its sub-administrative services under a sub-administration agreement.

The amount of the reimbursement payable to the Administrator will be the lesser of (1) the Administrator’s actual costs incurred in providing such services and (2) the amount that we estimate we would be required to pay alternative service providers for comparable services in the same geographic location. The Administrator will be required to allocate the cost of such services to us based on factors such as assets, revenues, time allocations and/or other reasonable metrics. We will not reimburse the Administrator for any services for which it receives a separate fee, or for rent, depreciation, utilities, capital equipment or other administrative items allocated to a controlling person of the Administrator.

For the three months ended ~~March~~June 3130, 2025 and ~~March~~June 3130, 2024, there were $0.21 million and $0.1 million, respectively, in expenses related to the Administrator that were included in other general and administrative expenses on the ~~consolidated~~Consolidated ~~statements~~Statements of ~~operations~~Operations and the payable included in accrued expenses and other liabilities in the ~~consolidated~~Consolidated ~~statements~~Statements of ~~assets~~Assets and Liabilities. For the six months ended June 30, 2025 and June 30, 2024, there were $0.3 million and $0.3 million, respectively, in expenses related to the Administrator that were included in other general and administrative expenses on the Consolidated Statements of Operations and the payable included in accrued expenses and other liabilities in the Consolidated Statements of Assets and Liabilities.

The sub-administrator is paid its compensation for performing its sub-administrative services under the sub-administration agreement. For the three months ended ~~March~~June 3130, 2025 and ~~March~~June 3130, 2024, there were $0.1 million and $0.0 million, respectively, in expenses related to the sub-administrator which is included in administrative service expenses on the Consolidated Statements of Operations and the payable included in accrued expenses and other liabilities in the Consolidated Statements of Assets and Liabilities. For the six months ended June 30, 2025 and June 30, 2024, there were $0.2 million and $0.1 million, respectively, in expenses related to the sub-administrator which is included in administrative service expenses on the ~~consolidated~~Consolidated ~~statements~~Statements of ~~operations~~Operations and the payable included in accrued expenses and other liabilities in the ~~consolidated~~Consolidated ~~statements~~Statements of ~~assets~~Assets and ~~liabilities~~Liabilities.

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Note 4. Investments

The composition of the Company’s investment portfolio at cost and fair value as of ~~March~~June 3130, 2025 and December 31, 2024 was as follows:

	March 31, 2025						December 31, 2024
	June 30, 2025						December 31, 2024
	Amortized Cost		Fair Value		% of Total Investments at Fair Value		Amortized Cost		Fair Value		% of Total Investments at Fair Value
First lien debt	$	~~419~~421,~~174~~399	$	~~421~~424,~~940~~187	98.6	%	$	414,659	$	417,230	98.5	%
Second lien debt	6,~~075~~180		6,~~076~~082		1.4		6,070		6,200		1.5
Total investments	$	~~425~~427,~~249~~579	$	~~428~~430,~~016~~269	100.0	%	$	420,729	$	423,430	100.0	%

The industry composition of investments based on fair value as of ~~March~~June 3130, 2025 and December 31, 2024 were as follows:


	June 30, 2025
Services: Business	18.8	%
High Tech	13.8
Healthcare, Education and Childcare	11.5
Capital Equipment	6.5
Services: Consumer	6.3
Finance	5.8
Insurance	5.7
Chemicals, Plastics and Rubber	5.3
Media: Diversified & Production	5.3
Consumer Goods: Durable	4.8
Aerospace and Defense	3.3
Printing and Publishing	3.3
Automobile	3.3
Retail Stores	1.6
Construction & Building	1.6
Buildings and Real Estate	1.4
Containers, Packaging and Glass	1.0
Ecological	0.7
Telecommunications	—

Total	100.0	%

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	March 31, 2025
Services: Business	17.9	%
Healthcare, Education and Childcare	11.5
High Tech	11.1
Insurance	7.7
Capital Equipment	6.5
Services: Consumer	6.0
Finance	5.8
Chemicals, Plastics and Rubber	5.4
Consumer Goods: Durable	4.9
Media: Diversified & Production	4.6
Printing and Publishing	3.5
Aerospace and Defense	3.4
Automobile	3.3
Technology & Electronics	2.2
Construction & Building	1.6
Retail Stores	1.5
Buildings and Real Estate	1.4
Containers, Packaging and Glass	1.0
Ecological	0.7
Total	100.0	%


	December 31, 2024
Services: Business	17.9	%
High Tech	11.8
Healthcare, Education and Childcare	10.3
Insurance	7.7
Capital Equipment	6.3
Services: Consumer	6.2
Finance	5.9
Chemicals, Plastics and Rubber	5.5
Consumer Goods: Durable	4.9
Media: Diversified & Production	4.5
Aerospace and Defense	3.4
Printing and Publishing	3.3
Automobile	3.3
Construction & Building	1.6
Technology & Electronics	1.6
Retail Stores	1.6
Buildings and Real Estate	1.4
Broadcasting and Entertainment	1.2
Containers, Packaging and Glass	0.9
Ecological	0.7
Total	100.0	%

33The geographic composition of investments at cost and fair value as of June 30, 2025 and December 31, 2024 was as follows:

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	June 30, 2025
		Amortized Cost		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
United States		$	384,673	$	386,032	89.7	%	79.0	%
United Kingdom		13,517		13,502		3.1		2.8
Germany		12,630		13,513		3.1		2.8
Switzerland		9,960		10,194		2.4		2.1
Canada		6,799		7,028		1.7		1.4
Total		$	427,579	$	430,269	100.0	%	88.1	%

The geographic composition of investments at cost and fair value as of March 31, 2025 and December 31, 2024 was as follows:

	March 31, 2025
		AmortizedCost		FairValue		% of TotalInvestmentsat Fair Value		Fair Value as % of Net Assets
United States		$	382,833	$	385,458	90.1	%	85.6	%
United Kingdom		13,536		13,522		3.2		3.0
Germany		12,136		12,434		2.9		2.8
Switzerland		9,958		9,970		2.3		2.2
Canada		6,786		6,632		1.5		1.5
Total		$	425,249	$	428,016	100.0	%	95.1	%


	December 31, 2024
		Amortized Cost		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
United States		$	378,303	$	381,519	90.1	%	87.4	%
United Kingdom		13,554		13,553		3.2		3.1
Germany		12,129		11,860		2.8		2.7
Switzerland		9,955		9,863		2.3		2.3
Canada		6,788		6,635		1.6		1.5
Total		$	420,729	$	423,430	100.0	%	97.0	%

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Note 5. Fair Value of Investments

The following tables present the fair value hierarchy of investments as of ~~March~~June 3130, 2025 and December 31, 2024, categorized by the ASC 820 valuation hierarchy, as previously described:

March 31, 2025

June 30, 2025

Assets

Level 1

Level 2

Level 3

Total

First Lien Debt

—

4,~~976~~866

~~416~~419,~~964~~321

~~421~~424,~~940~~187

Second Lien Debt

—

6,~~076~~082

Total investments

—

4,~~976~~866

~~423~~425,~~040~~403

~~428~~430,~~016~~269


	December 31, 2024
Assets		Level 1		Level 2		Level 3		Total
First Lien Debt		$	—	$	5,130	$	412,100	$	417,230
Second Lien Debt		—		—		6,200		6,200
Total investments		$	—	$	5,130	$	418,300	$	423,430

The following tables present the change in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value for the three months ended ~~March~~June 3130, 2025 and ~~March~~June 3130, 2024:

3436

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	For the Three Months Ended
	March 31, 2025
	June 30, 2025
	First Lien Debt		Second Lien Debt		Total Investments
Fair value, beginning of period	$	~~412~~416,~~100~~964	~~6,200~~$	6,076	~~418,300~~$	423,040
Purchases of investments(1)	1512,~~204~~852		—99		1512,~~204~~951
Proceeds from principal repayments and sales of investments	(11,~~126~~620)		—		(11,~~126~~620)
Accretion of discount/amortization of premium	~~248~~473		56		~~253~~479
Net realized gain (loss)	14		—		14
Net change in unrealized appreciation (depreciation)	~~524~~638		(~~129~~99)		~~395~~539
Transfers into Level 3 (2)	—		—		—
Transfers out of Level 3 (2)	—		—		—
Fair value, end of period	$	~~416~~419,~~964~~321	$	6,~~076~~082	$	~~423~~425,~~040~~403
Net change in unrealized appreciation (depreciation) related to financial instruments still held as of March 31, 2025	$	323	$	(129)	$	194
Net change in unrealized appreciation (depreciation) related to financial instruments still held as of June 30, 2025	$	71	$	(99)	$	(28)

	For the Three Months Ended
	March 31, 2024
	June 30, 2024
	First Lien Debt		Second Lien Debt		Total Investments
Fair value, beginning of period	$	~~318~~317,~~189~~236	~~6,107~~$	6,200	~~324,296~~$	323,436
Purchases of investments(1)	4968,~~258~~054		—		4968,~~258~~054
Proceeds from principal repayments and sales of investments	(502,~~794~~768)		—		(502,~~794~~768)
Accretion of discount/amortization of premium	~~1,386~~273		5		~~1,391~~278
Net realized gain (loss)	~~100~~4		—		~~100~~4
Net change in unrealized appreciation (depreciation)	(~~903~~211)		88(5)		(~~815~~216)
Transfers into Level 3 (2)	—		—		—
Transfers out of Level 3 (2)	—		—		—
Fair value, end of period	$	~~317~~382,~~236~~588	$	6,200	$	~~323~~388,~~436~~788
Net change in unrealized appreciation (depreciation) related to financial instruments still held as of March 31, 2024	$	356	$	88	$	444
Net change in unrealized appreciation (depreciation) related to financial instruments still held as of June 30, 2024	$	399	$	(5)	$	394

(1)Purchases include PIK interest, if applicable.

(2)Transfers between levels are recognized at the beginning of the year in which the transfer occurred. For the three months ended ~~March~~June 3130, 2025 and ~~March~~June 3130, 2024, there were no transfers into or out of Level 3.

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The following tables present the change in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value for the six months ended June 30, 2025 and June 30, 2024:


	For the Six Months Ended
	June 30, 2025
	First Lien Debt		Second Lien Debt		Total Investments
Fair value, beginning of period	$	412,100	$	6,200	$	418,300
Purchases of investments(1)	28,056		99		28,155
Proceeds from principal repayments and sales of investments	(22,746)		—		(22,746)
Accretion of discount/amortization of premium	721		11		732
Net realized gain (loss)	28		—		28
Net change in unrealized appreciation (depreciation)	1,162		(228)		934
Transfers into Level 3 (2)	—		—		—
Transfers out of Level 3 (2)	—		—		—
Fair value, end of period	$	419,321	$	6,082	$	425,403
Net change in unrealized appreciation (depreciation) related to financial instruments still held as of June 30, 2025	$	394

Filing Compare · OHA Senior Private Lending Fund (U) LLC