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Software Interest Rate 9.71% Reference Rate and Spread S + 5.25% Maturity 07/30/272024-12-3100016747602024-01-012024-03-310001674760us-gaap:FairValueInputsLevel3Memberck0001674760:ValuationTechniqueCollateralAnalysisMemberck0001674760:BankLoansCorporateDebtAndOtherDebtObligationsMemberck0001674760:FirstLienOrSeniorSecuredDebtMemberck0001674760:MeasurementInputRecoveryRateMember2024-12-310001674760ck0001674760:InvestmentsAtFairValueMemberck0001674760:CapitalMarketsMemberck0001674760:IndustryConcentrationRiskMember2024-01-012024-12-310001674760Debt Investments United States 1st Lien/Senior Secured Debt Good Feet Worldwide LLC Specialty Retail Reference Rate and Spread S + 5.25% Maturity 12/10/272024-12-310001674760ck0001674760:InvestmentsAtFairValueMemberck0001674760:IndustryConcentrationRiskMemberck0001674760:FinancialServicesMember2025-01-012025-03-310001674760Debt Investments United States 1st Lien/Senior Secured Debt VRC Companies, LLC (dba Vital Records Control) Commercial Services & Supplies Reference Rate and Spread S + 5.50% Maturity 06/29/272025-03-310001674760us-gaap:FairValueInputsLevel3Memberck0001674760:FirstLienOrSeniorSecuredDebtMember2025-01-012025-03-310001674760Debt Investments United States 1st Lien/Senior Secured Debt Inova Payroll LLC Professional Services Interest Rate 10.69% Reference Rate and Spread S + 6.25% Maturity 12/31/25 Two2025-03-310001674760ck0001674760:SecondLienOrSeniorSecuredDebtMember2024-12-310001674760ck0001674760:ITSBuyerIncDbaITSLogisticsMemberck0001674760:FirstLienOrSeniorSecuredDebtMember2025-03-3100016747602nd Lien/Senior Secured Debt - 4.8%2024-12-310001674760ck0001674760:ForeignCurrencyMember2025-01-012025-03-310001674760Debt Investments United States 1st Lien/Senior Secured Debt Streamland Media Midco LLC Entertainment Interest Rate 10.06% Reference Rate and Spread S + 5.50% Maturity 04/02/292025-03-310001674760Debt Investments United States 1st Lien/Senior Secured Debt Acuity Specialty Products, Inc. (dba Zep Inc.) Chemicals Interest Rate 8.25% Reference Rate and Spread S + 4.00% Maturity 10/02/282024-12-310001674760us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2023-12-310001674760ck0001674760:BeveragesMember2025-03-310001674760ck0001674760:FirstLienOrSeniorSecuredDebtMemberck0001674760:HelixSleepIncMember2025-03-310001674760ck0001674760:SpecialtyRetailMember2025-03-310001674760ck0001674760:FirstLienOrSeniorSecuredDebtMember2024-12-310001674760Equity Securities United States Common Stock Streamland Media Holdings LLC Entertainment Initial Acquisition Date 03/31/252025-03-310001674760ck0001674760:ForeignCurrencyMember2025-03-310001674760Non-Controlled Affiliated Investments Collaborative Imaging, LLC (dba Texas Radiology Associates)2024-01-012024-12-310001674760ck0001674760:FirstLienOrLastOutUnitrancheMember2025-03-310001674760us-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2025-03-310001674760Common Stock - 2.1%2025-03-3100016747601st Lien/Last-Out Unitranche - 40.7%2024-12-310001674760Debt Investments United States 1st Lien/Senior Secured Debt Helix Sleep, Inc. 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Financial Services Interest Rate 12.42% Reference Rate and Spread S + 8.00% Maturity 06/01/262025-03-310001674760Warrants - 0.0%2024-12-310001674760Non-Controlled Affiliated Investments Elah Holdings, Inc.2025-03-310001674760us-gaap:CommonStockMember2025-01-012025-03-310001674760ck0001674760:SecondLienOrSeniorSecuredDebtMemberck0001674760:WineDotComIncMember2025-03-310001674760ck0001674760:PantheonSilverLLCMember2024-12-172024-12-170001674760ck0001674760:AirFreightAndLogisticsMember2024-12-310001674760ck0001674760:HAIHospitalityIncMemberck0001674760:FirstLienOrSeniorSecuredDebtMember2025-03-310001674760ck0001674760:InvestmentsAtFairValueMemberck0001674760:IndustryConcentrationRiskMemberck0001674760:AirFreightAndLogisticsMember2025-01-012025-03-310001674760Debt Investments United States 1st Lien/Senior Secured Debt CorePower Yoga LLC Diversified Consumer Services Reference Rate and Spread S + 6.00% Maturity 05/14/262025-03-310001674760Non-Controlled Affiliated Investments Goldman Sachs Financial Square Government Fund2025-01-012025-03-310001674760ck0001674760:MoneyMarketFundAtFairValueMember2025-03-310001674760us-gaap:FairValueInputsLevel3Memberck0001674760:FirstLienOrLastOutUnitrancheMemberck0001674760:ValuationTechniqueCollateralAnalysisMemberck0001674760:BankLoansCorporateDebtAndOtherDebtObligationsMembersrt:MinimumMemberck0001674760:MeasurementInputRecoveryRateMember2025-03-310001674760ck0001674760:GroundTransportationMemberck0001674760:InvestmentsAtFairValueMemberck0001674760:IndustryConcentrationRiskMember2025-01-012025-03-310001674760ck0001674760:DiversifiedConsumerServicesMember2025-03-310001674760Debt Investments United States 1st Lien/Senior Secured Debt KBP BRANDS, LLC Hotels, Restaurants & Leisure Interest Rate 10.56% Reference Rate and Spread S + 6.00%(Incl. 0.50% PIK) Maturity 05/26/27 One2025-03-310001674760ck0001674760:FirstLienOrSeniorSecuredDebtMemberck0001674760:CDMFitnessHoldingsLLCMember2024-12-310001674760Debt Investments United States Unsecured Debt Wine.com, Inc. 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Household Durables Interest Rate 10.95% Reference Rate and Spread S + 6.50% Maturity 10/12/262025-03-310001674760us-gaap:MoneyMarketFundsMember2025-03-310001674760Debt Investments United States 2nd Lien/Senior Secured Debt Wine.com, LLC Beverages Interest Rate 16.75% Reference Rate and Spread S + 12.00% PIK Maturity 04/03/272024-12-310001674760us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0001674760:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMemberck0001674760:FirstLienOrSeniorSecuredDebtMembersrt:MinimumMember2024-12-310001674760Debt Investments United States 1st Lien/Senior Secured Debt Streamland Media Midco LLC Entertainment Interest Rate 14.09% Reference Rate and Spread S + 9.50% (Incl. 2.75% PIK) Maturity 03/31/252024-12-310001674760Debt Investments United States 1st Lien/Senior Secured Debt Convenient Payments Acquisition, Inc. (dba IntelliPay) Software Interest Rate 10.97% Reference Rate and Spread S + 6.50% Maturity 09/24/26 One2024-12-310001674760ck0001674760:AirFreightAndLogisticsMember2025-03-310001674760Non-Controlled Affiliated Investments2023-12-310001674760ck0001674760:SoftwareMember2025-03-310001674760ck0001674760:InvestmentsAtFairValueMemberck0001674760:IndustryConcentrationRiskMemberck0001674760:ChemicalsMember2024-01-012024-12-310001674760Debt Investments United States 1st Lien/Senior Secured Debt CDM Fitness Holdings, LLC Consumer Staples Distribution & Retail Interest Rate 10.70% Reference Rate and Spread S + 6.25% Maturity 06/17/262025-03-310001674760ck0001674760:JPMorganTermLoanFacilityMember2024-12-170001674760Non-Controlled Affiliated Investments Elah Holdings, Inc.2025-01-012025-03-310001674760ck0001674760:OctagonTowersLLCMemberck0001674760:FirstLienOrLastOutUnitrancheMember2025-03-310001674760Debt Investments United States 1st Lien/Senior Secured Debt PF Atlantic Holdco 2, LLC Hotels, Restaurants & Leisure Reference Rate and Spread S + 5.50% Maturity 11/12/272025-03-310001674760Non-Controlled Affiliated Investments Goldman Sachs Financial Square Government Fund2023-12-3100016747602024-01-012024-12-310001674760us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0001674760:FirstLienOrLastOutUnitrancheMemberck0001674760:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMember2024-12-310001674760ck0001674760:IglooIncMemberck0001674760:FirstLienOrSeniorSecuredDebtMember2025-03-310001674760Debt Investments United States 1st Lien/Senior Secured Debt SPay, Inc. 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Capital Markets Initial Acquisition Date 05/09/182025-03-310001674760us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2024-03-310001674760Non-Controlled Affiliated Investments Goldman Sachs Financial Square Government Fund2025-03-310001674760ck0001674760:BeveragesMember2024-12-310001674760us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2024-12-310001674760Debt Investments United States 1st Lien/Senior Secured Debt Curio Brands, LLC Household Products Interest Rate 9.48% Reference Rate and Spread S + 5.00% Maturity 12/21/272024-12-310001674760ck0001674760:InvestmentsAtFairValueMemberck0001674760:ConsumerStaplesDistributionAndRetailMemberck0001674760:IndustryConcentrationRiskMember2024-01-012024-12-310001674760us-gaap:FairValueInputsLevel3Memberus-gaap:UnsecuredDebtMember2024-01-012024-03-310001674760ck0001674760:FirstLienOrSeniorSecuredDebtMember2025-03-310001674760Equity Securities United States Warrants KDOR Holdings Inc. (dba Senneca Holdings) Building Products Initial Acquisition Date 06/22/202024-12-310001674760Debt Investments United States 1st Lien/Last-Out Unitranche Doxim, Inc. Financial Services Interest Rate 11.42% Reference Rate and Spread S + 7.00% Maturity 06/01/262025-03-310001674760Debt Investments United States 1st Lien/Last-Out Unitranche Peppertree Towers LLC Wireless Telecommunication Services Interest Rate 10.80% Reference Rate and Spread S + 6.50% Maturity 09/01/272025-03-310001674760Common Stock - 0.9%2024-12-310001674760Debt Investments United States 1st Lien/Last-Out Unitranche Peppertree Towers LLC Wireless Telecommunication Services Interest Rate 10.83% Reference Rate and Spread S + 6.50% Maturity 09/01/272024-12-310001674760ck0001674760:InvestmentsAtFairValueMemberck0001674760:ProfessionalServicesMemberck0001674760:IndustryConcentrationRiskMember2024-01-012024-12-310001674760ck0001674760:InvestmentsAtFairValueMembercountry:USus-gaap:GeographicConcentrationRiskMember2025-01-012025-03-310001674760us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberck0001674760:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberck0001674760:SecondLienOrSeniorSecuredDebtMember2025-03-310001674760Equity Securities United States Warrants KDOR Holdings Inc. (dba Senneca Holdings) Building Products Initial Acquisition Date 05/29/202025-03-310001674760us-gaap:FairValueInputsLevel3Member2025-03-310001674760Debt Investments United States 1st Lien/Senior Secured Debt KBP BRANDS, LLC Hotels, Restaurants & Leisure Interest Rate 10.56% Reference Rate and Spread S + 6.00%(Incl. 0.50% PIK) Maturity 05/26/272025-03-310001674760ck0001674760:InvestmentsAtFairValueMemberck0001674760:IndustryConcentrationRiskMemberck0001674760:HouseholdDurablesMember2024-01-012024-12-310001674760ck0001674760:FirstLienOrSeniorSecuredDebtMemberck0001674760:CurioBrandsLLCMember2024-12-310001674760ck0001674760:CapitalMarketsMember2025-03-310001674760Equity Securities United States Preferred Stock Wine.com, LLC Beverages Initial Acquisition Date 03/03/212024-12-310001674760ck0001674760:O2025Q2DividendsMembersrt:ScenarioForecastMember2025-07-292025-07-290001674760ck0001674760:FirstLienOrLastOutUnitrancheMember2024-12-310001674760Debt Investments United States 1st Lien/Senior Secured Debt Celero Commerce LLC Financial Services Reference Rate and Spread S + 5.50% Maturity 10/23/252024-12-310001674760ck0001674760:InvestmentsAtFairValueMemberck0001674760:DiversifiedConsumerServicesMemberck0001674760:IndustryConcentrationRiskMember2025-01-012025-03-310001674760us-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001674760us-gaap:FairValueInputsLevel3Member2023-12-310001674760Debt Investments United States 1st Lien/Senior Secured Debt Convenient Payments Acquisition, Inc. (dba IntelliPay) Software Interest Rate 10.97% Reference Rate and Spread S + 6.50% Maturity 09/24/262024-12-310001674760us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberck0001674760:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMemberck0001674760:SecondLienOrSeniorSecuredDebtMember2024-12-310001674760ck0001674760:FirstLienOrSeniorSecuredDebtMemberck0001674760:CDMFitnessHoldingsLLCMember2025-03-310001674760Debt Investments United States 1st Lien/Senior Secured Debt VRC Companies, LLC (dba Vital Records Control) Commercial Services & Supplies Reference Rate and Spread S + 5.50% Maturity 06/29/272024-12-310001674760Debt Investments United States 1st Lien/Senior Secured Debt ITS Buyer Inc (dba ITS Logistics) Air Freight & Logistics Reference Rate and Spread S + 5.50% Maturity 06/14/262024-12-310001674760Debt Investments United States 1st Lien/Senior Secured Debt CorePower Yoga LLC Diversified Consumer Services Interest Rate 10.48% Reference Rate and Spread S + 7.25% (Incl. 1.25% PIK) Maturity 05/14/262025-03-310001674760Debt Investments United States 1st Lien/Senior Secured Debt Streamland Media Midco LLC Entertainment Interest Rate 11.06% Reference Rate and Spread S + 6.50% Maturity 04/02/292025-03-310001674760us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0001674760:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMemberck0001674760:FirstLienOrSeniorSecuredDebtMember2025-03-310001674760ck0001674760:ConsumerFinanceMember2025-03-310001674760ck0001674760:InvestmentsAtFairValueMemberck0001674760:IndustryConcentrationRiskMemberck0001674760:ITServicesMember2024-01-012024-12-310001674760Debt Investments United States 1st Lien/Senior Secured Debt SPay, Inc. (dba Stack Sports) Interactive Media & Services Interest Rate 13.96% Reference Rate and Spread S + 9.25% (Incl. 3.50% PIK) Maturity 06/15/262024-12-310001674760Equity Securities United States Warrants KDOR Holdings Inc. (dba Senneca Holdings) Building Products Initial Acquisition Date 05/29/20 One2024-12-310001674760ck0001674760:FirstLienOrSeniorSecuredDebtMemberck0001674760:CurioBrandsLLCMember2025-03-3100016747601st Lien/Last-Out Unitranche - 42.7%2025-03-310001674760ck0001674760:FirstLienOrSeniorSecuredDebtMemberck0001674760:GoodFeetWorldwideLLCMember2025-03-310001674760ck0001674760:FirstLienOrSeniorSecuredDebtMemberck0001674760:HelixSleepIncMember2024-12-310001674760ck0001674760:FirstLienOrSeniorSecuredDebtMemberck0001674760:ITSBuyerIncDbaITSLogisticsMember2024-12-310001674760ck0001674760:ConsumerStaplesDistributionAndRetailMember2024-12-310001674760ck0001674760:FirstLienOrLastOutUnitrancheMember2024-12-310001674760ck0001674760:JPMorganTermLoanFacilityMember2025-01-012025-03-310001674760Debt Investments United States 1st Lien/Senior Secured Debt SugarCRM Inc. Software Reference Rate and Spread S + 5.25% Maturity 07/30/272024-12-310001674760Debt Investments United States 1st Lien/Senior Secured Debt Convenient Payments Acquisition, Inc. (dba IntelliPay) Software Interest Rate 10.94% Reference Rate and Spread S + 6.50% Maturity 09/24/262025-03-310001674760us-gaap:FairValueInputsLevel3Memberck0001674760:InvestmentAdviserDidNotDevelopUnobservableInputsMember2024-12-310001674760ck0001674760:InvestmentsAtFairValueMemberck0001674760:ProfessionalServicesMemberck0001674760:IndustryConcentrationRiskMember2025-01-012025-03-310001674760ck0001674760:JPMorganTermLoanFacilityMemberus-gaap:FederalFundsEffectiveSwapRateMember2025-01-012025-03-310001674760Debt Investments United States 1st Lien/Senior Secured Debt PF Atlantic Holdco 2, LLC Hotels, Restaurants & Leisure Interest Rate 10.01% Reference Rate and Spread S + 5.50% Maturity 11/12/272024-12-310001674760Equity Securities United States Common Stock Elah Holdings, Inc. Capital Markets Initial Acquisition Date 05/09/182024-01-012024-12-310001674760ck0001674760:FinancialServicesMember2024-12-310001674760ck0001674760:InvestmentsAtFairValueMemberck0001674760:IndustryConcentrationRiskMemberck0001674760:ConsumerFinanceMember2024-01-012024-12-310001674760Debt Investments United States 1st Lien/Last-Out Unitranche Ej2 Communications, Inc. (dba Flashpoint) IT Services Interest Rate 12.28% Reference Rate and Spread S + 7.72% (Incl. 3.53% PIK) Maturity 06/30/272025-03-310001674760Debt Investments United States 1st Lien/Senior Secured Debt Marquis Software Solutions Inc Consumer Finance Interest Rate 9.67% Reference Rate and Spread S + 5.25% Maturity 11/29/26 One2025-03-310001674760us-gaap:CommonStockMember2024-12-310001674760us-gaap:ForeignExchangeForwardMember2025-01-012025-03-310001674760us-gaap:FairValueInputsLevel3Memberck0001674760:FirstLienOrLastOutUnitrancheMember2025-03-310001674760United States - 0.9%2024-12-310001674760us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-03-310001674760us-gaap:FairValueInputsLevel3Memberck0001674760:FirstLienOrSeniorSecuredDebtMember2024-03-310001674760Non-Controlled Affiliated Investments Collaborative Imaging, LLC (dba Texas Radiology Associates)2023-12-3100016747602024-12-310001674760us-gaap:FairValueInputsLevel3Memberck0001674760:SecondLienOrSeniorSecuredDebtMember2024-01-012024-03-310001674760ck0001674760:InvestmentsAtFairValueMemberck0001674760:IndustryConcentrationRiskMemberck0001674760:HouseholdProductsMember2024-01-012024-12-310001674760Debt Investments United States 1st Lien/Last-Out Unitranche Doxim, Inc. Financial Services Interest Rate 10.82% Reference Rate and Spread S + 6.40% Maturity 06/01/26 One2025-03-310001674760ck0001674760:SecondLienOrSeniorSecuredDebtMember2025-03-310001674760us-gaap:PreferredStockMember2025-03-310001674760us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001674760:FirstLienOrLastOutUnitrancheMemberck0001674760:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMember2025-03-310001674760us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:CommonStockMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:EquitySecuritiesMember2024-12-310001674760ck0001674760:FirstLienOrSeniorSecuredDebtMemberck0001674760:PFAtlanticHoldco2LLCMember2025-03-310001674760ck0001674760:InvestmentsAtFairValueMemberck0001674760:IndustryConcentrationRiskMemberck0001674760:ITServicesMember2025-01-012025-03-310001674760Debt Investments United States 1st Lien/Senior Secured Debt Lithium Technologies, Inc. Interactive Media & Services Reference Rate and Spread S + 11.00% PIK Maturity 01/03/252025-03-310001674760Debt Investments United States 1st Lien/Senior Secured Debt CDM Fitness Holdings, LLC Consumer Staples Distribution & Retail Reference Rate and Spread S + 6.25% Maturity 06/17/262024-12-310001674760Non-Controlled Affiliated Investments Goldman Sachs Financial Square Government Fund2024-01-012024-12-310001674760Debt Investments United States 1st Lien/Senior Secured Debt HAI Hospitality, Inc. Hotels, Restaurants & Leisure Reference Rate and Spread S + 5.50% Maturity 12/06/28 One2024-12-310001674760us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:CommonStockMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:EquitySecuritiesMember2025-03-310001674760Debt Investments United States 1st Lien/Senior Secured Debt Igloo Inc. Software Interest Rate 10.78% Reference Rate and Spread S + 6.00% Maturity 12/23/26 Two2024-12-310001674760Debt Investments United States 1st Lien/Senior Secured Debt ITS Buyer Inc (dba ITS Logistics) Air Freight & Logistics Interest Rate 10.05% Reference Rate and Spread S + 5.50% Maturity 06/14/262025-03-310001674760ck0001674760:FirstLienOrSeniorSecuredDebtMemberck0001674760:VrcCompaniesLlcDbaVitalRecordsControlMember2024-12-310001674760ck0001674760:OneMonthSOFRMember2024-12-310001674760Debt Investments United States 1st Lien/Senior Secured Debt VRC Companies, LLC (dba Vital Records Control) Commercial Services & Supplies Interest Rate 10.35% Reference Rate and Spread S + 5.50% Maturity 06/29/272024-12-310001674760ck0001674760:JPMorganTermLoanFacilityMember2024-12-310001674760Debt Investments United States 1st Lien/Senior Secured Debt Good Feet Worldwide LLC Specialty Retail Interest Rate 9.48% Reference Rate and Spread S + 5.25% Maturity 12/10/27 One2024-12-310001674760ck0001674760:SixMonthSOFRMember2024-12-310001674760Debt Investments United States 2nd Lien/Senior Secured Debt Wine.com, LLC Beverages Interest Rate 16.79% Reference Rate and Spread S + 12.00% PIK Maturity 04/03/272024-12-310001674760ck0001674760:InvestmentsAtFairValueMemberck0001674760:IndustryConcentrationRiskMemberck0001674760:HotelsRestaurantsLeisureMember2025-01-012025-03-310001674760Investments in Affiliated Money Market Fund - 0.4.2%2025-03-310001674760Debt Investments United States 1st Lien/Senior Secured Debt CDM Fitness Holdings, LLC Consumer Staples Distribution & Retail Interest Rate 10.73% Reference Rate and Spread S + 6.25% Maturity 06/17/262024-12-310001674760Debt Investments United States 1st Lien/Senior Secured Debt StreetMasters Intermediate, Inc. Professional Services Interest Rate 9.97% Reference Rate and Spread S + 5.50% Maturity 12/24/26 One2024-12-310001674760ck0001674760:InvestmentsAtFairValueMembercountry:USus-gaap:GeographicConcentrationRiskMember2024-01-012024-12-310001674760Debt Investments United States 1st Lien/Senior Secured Debt StreetMasters Intermediate, Inc. Professional Services Reference Rate and Spread S + 5.50% Maturity 12/24/262024-12-310001674760us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2025-03-3100016747602nd Lien/Senior Secured Debt - 5.3%2025-03-310001674760Debt Investments United States 1st Lien/Senior Secured Debt Curio Brands, LLC Household Products Reference Rate and Spread S + 5.00% Maturity 12/21/272024-12-310001674760us-gaap:FairValueInputsLevel1Member2024-12-310001674760us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberck0001674760:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001674760:SecondLienOrSeniorSecuredDebtMember2025-03-310001674760ck0001674760:SpecialtyRetailMemberck0001674760:InvestmentsAtFairValueMemberck0001674760:IndustryConcentrationRiskMember2025-01-012025-03-310001674760ck0001674760:GroundTransportationMember2024-12-310001674760Equity Securities United States Preferred Stock Wine.com, LLC Beverages Initial Acquisition Date 11/14/182024-12-310001674760ck0001674760:InvestmentsAtFairValueMemberck0001674760:IndustryConcentrationRiskMemberck0001674760:SoftwareMember2024-01-012024-12-310001674760Debt Investments - 165.6%2024-12-310001674760us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberck0001674760:BankLoansCorporateDebtAndOtherDebtObligationsMemberck0001674760:FirstLienOrSeniorSecuredDebtMemberus-gaap:MeasurementInputRevenueMultipleMember2024-12-310001674760ck0001674760:InvestmentsAtFairValueMemberck0001674760:InteractiveMediaServicesMemberck0001674760:IndustryConcentrationRiskMember2025-01-012025-03-310001674760ck0001674760:SpecialtyRetailMember2024-12-310001674760ck0001674760:InvestmentsAtFairValueMemberus-gaap:GeographicConcentrationRiskMember2025-01-012025-03-310001674760ck0001674760:InvestmentsAtFairValueMemberck0001674760:IndustryConcentrationRiskMemberck0001674760:BuildingProductsMember2024-01-012024-12-310001674760us-gaap:FairValueInputsLevel3Member2025-01-012025-03-310001674760Debt Investments United States 1st Lien/Senior Secured Debt Igloo Inc. Software Interest Rate 10.78% Reference Rate and Spread S + 6.00% Maturity 12/23/26 One2024-12-310001674760Equity Securities United States Warrants KDOR Holdings Inc. (dba Senneca Holdings) Building Products Initial Acquisition Date 05/29/202024-12-310001674760Debt Investments United States 1st Lien/Senior Secured Debt CDM Fitness Holdings, LLC Consumer Staples Distribution & Retail Reference Rate and Spread S + 6.25% Maturity 06/17/262025-03-3100016747601st Lien/Last-Out Unitranche - 40.0%2025-03-310001674760ck0001674760:FirstLienOrSeniorSecuredDebtMemberck0001674760:KeystonePurchaserLLCDbaBridgewayMember2024-12-310001674760Unsecured Debt - 0.0%2025-03-310001674760ck0001674760:InvestmentAdvisoryAgreementMember2025-03-310001674760ck0001674760:WirelessTelecommunicationServicesMember2024-12-310001674760Debt Investments United States 1st Lien/Last-Out Unitranche Doxim, Inc. Financial Services Interest Rate 10.86% Reference Rate and Spread S + 6.40% Maturity 06/01/262024-12-310001674760us-gaap:FairValueInputsLevel3Member2024-12-310001674760ck0001674760:InvestmentsAtFairValueMemberck0001674760:IndustryConcentrationRiskMemberck0001674760:HotelsRestaurantsLeisureMember2024-01-012024-12-310001674760Debt Investments United States Unsecured Debt Wine.com, Inc. 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Hotels, Restaurants & Leisure Reference Rate and Spread S + 5.50% Maturity 12/06/282024-12-310001674760ck0001674760:InvestmentsAtFairValueMemberck0001674760:DiversifiedConsumerServicesMemberck0001674760:IndustryConcentrationRiskMember2024-01-012024-12-310001674760Debt Investments United States 1st Lien/Senior Secured Debt Keystone Purchaser LLC (dba Bridgeway) Ground Transportation Interest Rate 10.22% Reference Rate and Spread S + 5.75% Maturity 05/07/272024-12-310001674760us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0001674760:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberck0001674760:SecondLienOrSeniorSecuredDebtMember2024-12-310001674760Debt Investments United States 1st Lien/Senior Secured Debt Helix Sleep, Inc. Household Durables Interest Rate 11.45% Reference Rate and Spread S + 7.00% Maturity 10/12/262025-03-310001674760us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberck0001674760:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMemberck0001674760:FirstLienOrSeniorSecuredDebtMember2025-03-310001674760ck0001674760:InvestmentsAtFairValueMemberck0001674760:IndustryConcentrationRiskMemberus-gaap:EntertainmentMember2025-01-012025-03-310001674760us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberck0001674760:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMemberck0001674760:FirstLienOrSeniorSecuredDebtMember2024-12-310001674760Debt Investments United States 1st Lien/Senior Secured Debt CorePower Yoga LLC Diversified Consumer Services Interest Rate 10.54% Reference Rate and Spread S + 6.00% Maturity 05/14/262024-12-310001674760ck0001674760:ITServicesMember2024-12-310001674760Debt Investments United States Unsecured Debt Wine.com, Inc. Beverages Reference Rate and Spread S + 15.00% PIK Maturity 04/03/27 Two2024-12-310001674760Debt Investments United States 1st Lien/Senior Secured Debt Marquis Software Solutions Inc Consumer Finance Interest Rate 9.67% Reference Rate and Spread S + 5.25% Maturity 11/29/262025-03-310001674760ck0001674760:BuildingProductsMember2025-03-310001674760ck0001674760:HouseholdProductsMember2025-03-310001674760Debt Investments United States 1st Lien/Senior Secured Debt KBP BRANDS, LLC Hotels, Restaurants & Leisure Interest Rate 10.56% Reference Rate and Spread S + 6.00%(Incl. 0.50% PIK) Maturity 05/26/27 Two2025-03-310001674760Equity Securities United States Warrants KDOR Holdings Inc. (dba Senneca Holdings) Building Products Initial Acquisition Date 05/29/20 One2025-01-012025-03-310001674760ck0001674760:InteractiveMediaServicesMember2024-12-310001674760us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0001674760:BankLoansCorporateDebtAndOtherDebtObligationsMemberck0001674760:FirstLienOrSeniorSecuredDebtMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMember2024-12-3100016747602025-02-262025-02-260001674760Debt Investments United States 1st Lien/Senior Secured Debt Inova Payroll LLC Professional Services Interest Rate 10.69% Reference Rate and Spread S + 6.25% Maturity 12/31/252025-03-310001674760us-gaap:FairValueInputsLevel3Memberck0001674760:SecondLienOrSeniorSecuredDebtMember2023-12-3100016747601st Lien/Senior Secured Debt - 93.5%2025-03-310001674760us-gaap:DebtMember2024-01-012024-12-310001674760us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001674760:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001674760:SecondLienOrSeniorSecuredDebtMember2025-03-310001674760United States - 0.1%2024-12-310001674760Debt Investments United States 1st Lien/Senior Secured Debt Keystone Purchaser LLC (dba Bridgeway) Ground Transportation Interest Rate 10.32% Reference Rate and Spread S + 5.75% Maturity 05/07/272025-03-310001674760us-gaap:UnsecuredDebtMember2024-12-310001674760Non-Controlled Affiliated Investments2024-12-310001674760ck0001674760:InvestmentsAtFairValueMemberck0001674760:IndustryConcentrationRiskMemberus-gaap:EntertainmentMember2024-01-012024-12-310001674760Total Investments - 166.5%2024-12-310001674760ck0001674760:FirstLienOrSeniorSecuredDebtMember2024-12-310001674760Debt Investments United States 1st Lien/Senior Secured Debt Marquis Software Solutions Inc Consumer Finance Interest Rate 9.71% Reference Rate and Spread S + 5.25% Maturity 11/29/26 Two2024-12-310001674760us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001674760ck0001674760:InvestmentsAtFairValueMemberck0001674760:InteractiveMediaServicesMemberck0001674760:IndustryConcentrationRiskMember2024-01-012024-12-310001674760Debt Investments United States 1st Lien/Senior Secured Debt ITS Buyer Inc (dba ITS Logistics) Air Freight & Logistics Reference Rate and Spread S + 5.50% Maturity 06/14/262025-03-310001674760Debt Investments United States 1st Lien/Senior Secured Debt Acuity Specialty Products, Inc. (dba Zep Inc.) Chemicals Interest Rate 8.30% Reference Rate and Spread S + 4.00% Maturity 10/02/282025-03-310001674760Debt Investments United States 1st Lien/Senior Secured Debt SPay, Inc. (dba Stack Sports) Interactive Media & Services Interest Rate 13.99% Reference Rate and Spread S + 9.25% (Incl. 3.50% PIK) Maturity 06/15/262024-12-310001674760ck0001674760:StreamlandMediaMidcoLLCMemberck0001674760:FirstLienOrSeniorSecuredDebtMember2025-03-310001674760Debt Investments United States 1st Lien/Senior Secured Debt Marquis Software Solutions Inc Consumer Finance Interest Rate 9.71% Reference Rate and Spread S + 5.25% Maturity 11/29/26 One2024-12-310001674760United States - 141.5%2025-03-310001674760Investments and Investments in Affiliated Money Market Fund - 166.6%2024-12-310001674760Debt Investments United States 2nd Lien/Senior Secured Debt Wine.com, LLC Beverages Interest Rate 16.56% Reference Rate and Spread S + 12.00% PIK Maturity 04/03/27 One2025-03-310001674760ck0001674760:InteractiveMediaServicesMember2025-03-310001674760ck0001674760:FirstLienOrSeniorSecuredDebtMemberck0001674760:SplashCarWashIncMember2024-12-310001674760Debt Investments United States 1st Lien/Senior Secured Debt Inova Payroll LLC Professional Services Interest Rate 10.69% Reference Rate and Spread S + 6.25% Maturity 12/31/25 One2025-03-310001674760Debt Investments United States 1st Lien/Senior Secured Debt Igloo Inc. Software Interest Rate 10.78% Reference Rate and Spread S + 6.00% Maturity 12/23/262024-12-310001674760us-gaap:UnsecuredDebtMember2025-03-310001674760United States - 2.1%2025-03-310001674760ck0001674760:InvestmentAdvisoryAgreementMember2025-01-012025-03-310001674760ck0001674760:SpvMember2025-01-012025-03-3100016747602025-01-012025-03-310001674760ck0001674760:IglooIncMemberck0001674760:FirstLienOrSeniorSecuredDebtMember2024-12-310001674760Debt Investments United States 1st Lien/Senior Secured Debt Curio Brands, LLC Household Products Interest Rate 9.47% Reference Rate and Spread S + 5.00% Maturity 12/21/272025-03-310001674760ck0001674760:JPMorganTermLoanFacilityMembersrt:MaximumMember2024-12-170001674760ck0001674760:InvestmentsAtFairValueMemberck0001674760:IndustryConcentrationRiskMember2025-01-012025-03-310001674760ck0001674760:FirstLienOrSeniorSecuredDebtMemberck0001674760:SugarCRMIncMember2025-03-310001674760ck0001674760:HotelsRestaurantsLeisureMember2025-03-310001674760ck0001674760:K2TowersIILLCMemberck0001674760:FirstLienOrLastOutUnitrancheMember2024-12-310001674760Equity Securities - 0.9%2024-12-310001674760ck0001674760:InvestmentsAtFairValueMemberck0001674760:IndustryConcentrationRiskMemberck0001674760:SoftwareMember2025-01-012025-03-310001674760ck0001674760:ThreeMonthSOFRMember2024-12-310001674760Preferred Stock - 0.00%2024-12-310001674760Debt Investments United States Unsecured Debt Wine.com, Inc. 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Software Interest Rate 10.68% Reference Rate and Spread S + 6.00% Maturity 12/23/262025-03-310001674760us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2023-12-310001674760ck0001674760:K2TowersIILLCMemberck0001674760:FirstLienOrLastOutUnitrancheMember2025-03-310001674760us-gaap:FairValueInputsLevel3Memberck0001674760:FirstLienOrLastOutUnitrancheMember2023-12-310001674760Equity Securities United States Preferred Stock Wine.com, LLC Beverages Initial Acquisition Date 03/03/212025-01-012025-03-310001674760Preferred Stock - 0.0%2025-03-310001674760ck0001674760:SecondLienOrSeniorSecuredDebtMember2024-12-310001674760ck0001674760:FirstLienOrSeniorSecuredDebtMemberck0001674760:SugarCRMIncMember2024-12-310001674760Debt Investments United States 1st Lien/Senior Secured Debt Curio Brands, LLC Household Products Interest Rate 9.48% Reference Rate and Spread S + 5.00% Maturity 12/21/27 One2024-12-310001674760Debt Investments United States 1st Lien/Senior Secured Debt Keystone Purchaser LLC (dba Bridgeway) Ground Transportation Interest Rate 10.22% Reference Rate and Spread S + 5.75% Maturity 05/07/27 One2024-12-310001674760ck0001674760:SilverMergerSubLLCMember2024-12-172024-12-170001674760us-gaap:DebtMember2025-01-012025-03-310001674760ck0001674760:InvestmentsAtFairValueMemberck0001674760:IndustryConcentrationRiskMemberck0001674760:BuildingProductsMember2025-01-012025-03-310001674760ck0001674760:ConsumerStaplesDistributionAndRetailMember2025-03-310001674760Debt Investments United States 1st Lien/Senior Secured Debt VRC Companies, LLC (dba Vital Records Control) Commercial Services & Supplies Interest Rate 10.05% Reference Rate and Spread S + 5.50% Maturity 06/29/272025-03-310001674760us-gaap:FairValueInputsLevel3Memberus-gaap:UnsecuredDebtMember2024-03-310001674760Debt Investments United States 1st Lien/Senior Secured Debt Keystone Purchaser LLC (dba Bridgeway) Ground Transportation Reference Rate and Spread S + 5.75% Maturity 05/07/272024-12-310001674760ck0001674760:SecondLienOrSeniorSecuredDebtMember2024-12-3100016747602025-03-310001674760Debt Investments United States 1st Lien/Senior Secured Debt KBP BRANDS, LLC Hotels, Restaurants & Leisure Interest Rate 10.10% Reference Rate and Spread S + 5.50% Maturity 05/26/272024-12-310001674760Investments in Affiliated Money Market Fund - 4.2%2025-03-310001674760Debt Investments United States 1st Lien/Senior Secured Debt Splash Car Wash Inc Diversified Consumer Services Interest Rate 11.01% Reference Rate and Spread S + 6.50% Maturity 06/30/26 One2024-12-310001674760us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberck0001674760:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMemberck0001674760:SecondLienOrSeniorSecuredDebtMember2025-03-310001674760us-gaap:DebtMember2024-12-310001674760Debt Investments United States 1st Lien/Senior Secured Debt Inova Payroll LLC Professional Services Interest Rate 10.72% Reference Rate and Spread S + 6.25% Maturity 12/31/252024-12-310001674760us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2024-03-310001674760us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001674760:BankLoansCorporateDebtAndOtherDebtObligationsMembersrt:MinimumMemberck0001674760:FirstLienOrSeniorSecuredDebtMemberus-gaap:MeasurementInputRevenueMultipleMember2024-12-310001674760us-gaap:FairValueInputsLevel3Memberck0001674760:SecondLienOrSeniorSecuredDebtMember2025-03-310001674760us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2024-03-310001674760United States - 4.2%2025-03-310001674760us-gaap:FairValueInputsLevel3Member2024-03-310001674760ck0001674760:FirstLienOrSeniorSecuredDebtMember2024-12-310001674760Debt Investments United States 1st Lien/Senior Secured Debt Good Feet Worldwide LLC Specialty Retail Interest Rate 9.42% Reference Rate and Spread S + 5.00% Maturity 12/10/27 One2025-03-310001674760ck0001674760:HAIHospitalityIncMemberck0001674760:FirstLienOrSeniorSecuredDebtMember2024-12-310001674760us-gaap:FairValueInputsLevel3Memberus-gaap:UnsecuredDebtMember2023-12-310001674760ck0001674760:SecondLienOrSeniorSecuredDebtMemberck0001674760:WineDotComIncMember2024-12-310001674760Unsecured Debt - 0.00%2025-03-310001674760ck0001674760:SilverMergerSubLLCMember2024-12-170001674760ck0001674760:InvestmentsAtFairValueMemberck0001674760:IndustryConcentrationRiskMember2024-01-012024-12-310001674760us-gaap:FairValueInputsLevel3Member2024-01-012024-03-310001674760Debt Investments United States 1st Lien/Senior Secured Debt Curio Brands, LLC Household Products Interest Rate 9.47% Reference Rate and Spread S + 5.00% Maturity 12/21/27 One2025-03-310001674760us-gaap:RevolvingCreditFacilityMember2025-03-310001674760us-gaap:OtherLiabilitiesMember2024-12-310001674760Debt Investments United States 1st Lien/Senior Secured Debt HAI Hospitality, Inc. 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Software Interest Rate 10.68% Reference Rate and Spread S + 6.00% Maturity 12/23/26 One2025-03-310001674760us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0001674760:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMemberck0001674760:SecondLienOrSeniorSecuredDebtMember2025-03-3100016747601st Lien/Senior Secured Debt - 96.2%2025-03-310001674760Equity Securities United States Common Stock Country Fresh Holding Company Inc. Food Products Initial Acquisition Date 04/29/192024-01-012024-12-310001674760Debt Investments United States 1st Lien/Senior Secured Debt SugarCRM Inc. Software Interest Rate 9.42% Reference Rate and Spread S + 5.00% Maturity 07/30/272025-03-310001674760ck0001674760:GroundTransportationMember2025-03-310001674760Debt Investments United States 2nd Lien/Senior Secured Debt Chase Industries, Inc. (dba Senneca Holdings) Building Products PIK Reference Rate and Spread 10.00% Maturity 05/11/20272024-12-310001674760currency:USD2024-01-012024-12-310001674760Non-Controlled Affiliated Investments Elah Holdings, Inc.2023-12-310001674760ck0001674760:InvestmentsAtFairValueMemberck0001674760:IndustryConcentrationRiskMemberck0001674760:BeveragesMember2025-01-012025-03-310001674760us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberck0001674760:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMemberck0001674760:SecondLienOrSeniorSecuredDebtMember2024-12-310001674760us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2024-01-012024-03-310001674760ck0001674760:FirstLienOrSeniorSecuredDebtMember2025-03-310001674760us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberus-gaap:CommonStockMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:EquitySecuritiesMember2025-03-310001674760Equity Securities United States Preferred Stock Wine.com, LLC Beverages Initial Acquisition Date 11/14/182025-01-012025-03-310001674760us-gaap:FairValueInputsLevel3Memberck0001674760:ValuationTechniqueCollateralAnalysisMemberck0001674760:BankLoansCorporateDebtAndOtherDebtObligationsMemberck0001674760:FirstLienOrSeniorSecuredDebtMemberck0001674760:MeasurementInputRecoveryRateMembersrt:MaximumMember2024-12-310001674760Debt Investments United States 1st Lien/Senior Secured Debt Convenient Payments Acquisition, Inc. (dba IntelliPay) Software Reference Rate and Spread S + 6.50% Maturity 09/24/262024-12-310001674760us-gaap:FairValueInputsLevel3Memberck0001674760:FirstLienOrLastOutUnitrancheMember2024-03-310001674760ck0001674760:ProfessionalServicesMember2024-12-310001674760ck0001674760:InvestmentsAtFairValueMemberck0001674760:IndustryConcentrationRiskMemberck0001674760:HouseholdDurablesMember2025-01-012025-03-310001674760ck0001674760:SixMonthSOFRMember2025-03-310001674760ck0001674760:InvestmentsAtFairValueMemberck0001674760:IndustryConcentrationRiskMemberck0001674760:FinancialServicesMember2024-01-012024-12-310001674760us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0001674760:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMemberck0001674760:FirstLienOrSeniorSecuredDebtMembersrt:MaximumMember2025-03-310001674760ck0001674760:WirelessTelecommunicationServicesMember2025-03-310001674760Non-Controlled Affiliated Investments2025-03-310001674760Debt Investments United States 1st Lien/Senior Secured Debt Splash Car Wash Inc Diversified Consumer Services Interest Rate 11.09% Reference Rate and Spread S + 6.50% Maturity 06/30/262024-12-310001674760Investments and Investments in Affiliated Money Market Fund - 147.8%2025-03-310001674760ck0001674760:BuildingProductsMember2024-12-310001674760us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberck0001674760:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMemberck0001674760:SecondLienOrSeniorSecuredDebtMember2025-03-310001674760Debt Investments United States 1st Lien/Senior Secured Debt Marquis Software Solutions Inc Consumer Finance Interest Rate 9.67% Reference Rate and Spread S + 5.25% Maturity 11/29/26 Two2025-03-310001674760us-gaap:OtherLiabilitiesMember2025-03-310001674760ck0001674760:InvestmentsAtFairValueMemberck0001674760:IndustryConcentrationRiskMemberck0001674760:WirelessTelecommunicationServicesMember2025-01-012025-03-310001674760Equity Securities United States Common Stock Elah Holdings, Inc. Capital Markets Initial Acquisition Date 05/09/182024-12-310001674760ck0001674760:FirstLienOrSeniorSecuredDebtMemberck0001674760:ConvenientPaymentsAcquisitionIncDbaIntelliPayMember2025-03-310001674760ck0001674760:FormerInvestmentAdvisoryAgreementMemberck0001674760:IncentiveFeeCapEqualToCumulativeNetReturnMember2025-01-012025-03-310001674760Debt Investments United States 1st Lien/Senior Secured Debt CDM Fitness Holdings, LLC Consumer Staples Distribution & Retail Interest Rate 10.70% Reference Rate and Spread S + 6.25% Maturity 06/17/26 One2025-03-310001674760us-gaap:DebtMember2025-03-310001674760Equity Securities United States Common Stock Country Fresh Holding Company Inc. Food Products Initial Acquisition Date 04/29/192024-12-310001674760ck0001674760:CommercialServicesSuppliesMember2024-12-310001674760Equity Securities United States Common Stock Streamland Media Holdings LLC Entertainment Initial Acquisition Date 03/31/252025-01-012025-03-310001674760Debt Investments United States 1st Lien/Senior Secured Debt Inova Payroll LLC Professional Services Interest Rate 10.72% Reference Rate and Spread S + 6.25% Maturity 12/31/25 One2024-12-310001674760Debt Investments United States 1st Lien/Senior Secured Debt PF Atlantic Holdco 2, LLC Hotels, Restaurants & Leisure Interest Rate 9.95% Reference Rate and Spread S + 5.50% Maturity 11/12/272025-03-310001674760Debt Investments United States 1st Lien/Senior Secured Debt PF Atlantic Holdco 2, LLC Hotels, Restaurants & Leisure Interest Rate 10.01% Reference Rate and Spread S + 5.50% Maturity 11/12/27 One2024-12-310001674760Debt Investments United States 1st Lien/Senior Secured Debt KBP BRANDS, LLC Hotels, Restaurants & Leisure Interest Rate 10.09% Reference Rate and Spread S + 5.50% Maturity 05/26/272024-12-310001674760us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2024-01-012024-03-310001674760ck0001674760:AffiliatedInvestmentMember2025-01-012025-03-310001674760Equity Securities United States Common Stock Elah Holdings, Inc. Capital Markets Initial Acquisition Date 05/09/182025-01-012025-03-310001674760Debt Investments United States 1st Lien/Senior Secured Debt Helix Sleep, Inc. Household Durables Interest Rate 10.96% Reference Rate and Spread S + 6.50% Maturity 10/12/262025-03-310001674760ck0001674760:CommercialServicesSuppliesMember2025-03-310001674760ck0001674760:FirstLienOrSeniorSecuredDebtMemberck0001674760:VrcCompaniesLlcDbaVitalRecordsControlMember2025-03-310001674760Non-Controlled Affiliated Investments Elah Holdings, Inc.2024-12-3100016747602023-12-310001674760Non-Controlled Affiliated Investments2024-01-012024-12-310001674760Debt Investments United States 1st Lien/Senior Secured Debt Good Feet Worldwide LLC Specialty Retail Interest Rate 9.42% Reference Rate and Spread S + 5.00% Maturity 12/10/272025-03-310001674760ck0001674760:InvestmentsAtFairValueMemberck0001674760:IndustryConcentrationRiskMemberck0001674760:CommercialServicesSuppliesMember2024-01-012024-12-310001674760Debt Investments United States 1st Lien/Last-Out Unitranche Ej2 Communications, Inc. (dba Flashpoint) IT Services Interest Rate 12.31% Reference Rate and Spread S + 7.72% (Incl. 3.53% PIK) Maturity 06/30/27 One2024-12-310001674760Debt InveDebt Investments United States 1st Lien/Senior Secured Debt Streamland Media Midco LLC Entertainment Interest Rate 14.09% Reference Rate and Spread S + 9.50% (Incl. 2.75% PIK) Maturity 03/31/25 Three2024-12-310001674760ck0001674760:FirstLienOrLastOutUnitrancheMember2025-03-3100016747601st Lien/Senior Secured Debt - 120.1%2024-12-310001674760ck0001674760:FirstLienOrSeniorSecuredDebtMemberck0001674760:PFAtlanticHoldco2LLCMember2024-12-310001674760ck0001674760:JpmorganRevolvingCreditFacilityMemberus-gaap:FederalFundsEffectiveSwapRateMember2025-01-012025-03-310001674760Equity Securities United States Warrants KDOR Holdings Inc. (dba Senneca Holdings) Building Products Initial Acquisition Date 05/29/202025-01-012025-03-310001674760ck0001674760:FirstLienOrSeniorSecuredDebtMemberck0001674760:MarquisSoftwareSolutionsIncMember2024-12-310001674760Debt Investments United States 1st Lien/Senior Secured Debt Igloo Inc. Software Interest Rate 10.68% Reference Rate and Spread S + 6.00% Maturity 12/23/26 Two2025-03-310001674760ck0001674760:SecondLienOrSeniorSecuredDebtMember2025-03-310001674760us-gaap:FairValueInputsLevel3Memberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310001674760us-gaap:CommonStockMember2024-12-310001674760ck0001674760:ProfessionalServicesMember2025-03-310001674760us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:EquitySecuritiesMember2024-12-310001674760us-gaap:FairValueInputsLevel3Memberck0001674760:FirstLienOrLastOutUnitrancheMember2024-12-310001674760us-gaap:PreferredStockMember2024-12-310001674760Equity Securities United States Warrants KDOR Holdings Inc. (dba Senneca Holdings) Building Products Initial Acquisition Date 05/29/202024-01-012024-12-310001674760Debt Investments United States 1st Lien/Last-Out Unitranche Doxim, Inc. Financial Services Interest Rate 12.42% Reference Rate and Spread S + 8.00% Maturity 06/01/26 One2025-03-310001674760ck0001674760:GroundTransportationMemberck0001674760:InvestmentsAtFairValueMemberck0001674760:IndustryConcentrationRiskMember2024-01-012024-12-310001674760Debt Investments United States 1st Lien/Senior Secured Debt Curio Brands, LLC Household Products Reference Rate and Spread S + 5.00% Maturity 12/21/272025-03-310001674760ck0001674760:InvestmentsAtFairValueMemberck0001674760:IndustryConcentrationRiskMemberck0001674760:WirelessTelecommunicationServicesMember2024-01-012024-12-310001674760ck0001674760:SilverMergerSubLLCMember2025-01-012025-03-310001674760ck0001674760:FirstLienOrSeniorSecuredDebtMemberck0001674760:ConvenientPaymentsAcquisitionIncDbaIntelliPayMember2024-12-310001674760ck0001674760:ChemicalsMember2024-12-310001674760us-gaap:WarrantMember2025-03-310001674760Debt Investments United States 1st Lien/Last-Out Unitranche Ej2 Communications, Inc. (dba Flashpoint) IT Services Interest Rate 12.31% Reference Rate and Spread S + 7.72% (Incl. 3.53% PIK) Maturity 06/30/272024-12-310001674760Debt Investments United States 1st Lien/Senior Secured Debt Helix Sleep, Inc. Household Durables Interest Rate 11.26% Reference Rate and Spread S + 6.50% Maturity 10/12/262024-12-310001674760ck0001674760:PantheonSilverLLCMember2024-12-170001674760ck0001674760:SpecialtyRetailMemberck0001674760:InvestmentsAtFairValueMemberck0001674760:IndustryConcentrationRiskMember2024-01-012024-12-310001674760us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2025-01-012025-03-310001674760Non-Controlled Affiliated Investments Goldman Sachs Financial Square Government Fund2024-12-310001674760Debt Investments United States 1st Lien/Senior Secured Debt ITS Buyer Inc (dba ITS Logistics) Air Freight & Logistics Interest Rate 10.35% Reference Rate and Spread S + 5.50% Maturity 06/14/262024-12-310001674760Debt Investments United States 1st Lien/Last-Out Unitranche Doxim, Inc. Financial Services Interest Rate 12.46% Reference Rate and Spread S + 8.00% Maturity 06/01/26 2024-12-310001674760Debt Investments United States 1st Lien/Senior Secured Debt SugarCRM Inc. Software Reference Rate and Spread S + 5.00% Maturity 07/30/272025-03-310001674760Debt Investments United States 2nd Lien/Senior Secured Debt Chase Industries, Inc. (dba Senneca Holdings) Building Products Maturity 11/11/20272025-03-310001674760us-gaap:ForeignExchangeForwardMember2024-01-012024-03-310001674760ck0001674760:JpmorganRevolvingCreditFacilityMember2025-03-310001674760Debt Investments United States 1st Lien/Senior Secured Debt PF Atlantic Holdco 2, LLC Hotels, Restaurants & Leisure Reference Rate and Spread S + 5.50% Maturity 11/12/272024-12-310001674760ck0001674760:HouseholdDurablesMember2024-12-310001674760ck0001674760:InvestmentsAtFairValueMemberck0001674760:IndustryConcentrationRiskMemberck0001674760:AirFreightAndLogisticsMember2024-01-012024-12-310001674760us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberck0001674760:FirstLienOrLastOutUnitrancheMemberck0001674760:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMember2025-03-310001674760ck0001674760:JpmorganRevolvingCreditFacilityMember2025-01-012025-03-310001674760ck0001674760:FirstLienOrSeniorSecuredDebtMemberck0001674760:GoodFeetWorldwideLLCMember2024-12-310001674760Debt Investments United States 1st Lien/Last-Out Unitranche Octagon Towers LLC Wireless Telecommunication Services Interest Rate 10.52% Reference Rate and Spread S + 6.08% Maturity 03/30/272025-03-310001674760Debt Investments United States 1st Lien/Last-Out Unitranche K2 Towers II, LLC Wireless Telecommunication Services Interest Rate 11.09% Reference Rate and Spread S + 6.50% Maturity 05/02/292024-12-310001674760Equity Securities United States Preferred Stock Wine.com, LLC Beverages Initial Acquisition Date 03/03/212025-03-310001674760Investments in Affiliated Money Market Fund United States Goldman Sachs Financial Square Government Fund - Institutional Shares2024-12-310001674760ck0001674760:InvestmentsAtFairValueMemberck0001674760:IndustryConcentrationRiskMemberck0001674760:ChemicalsMember2025-01-012025-03-310001674760us-gaap:FairValueInputsLevel3Memberck0001674760:FirstLienOrLastOutUnitrancheMember2024-01-012024-03-310001674760ck0001674760:CapitalMarketsMember2024-12-310001674760Debt Investments United States 1st Lien/Last-Out Unitranche Ej2 Communications, Inc. (dba Flashpoint) IT Services Interest Rate 12.28% Reference Rate and Spread S + 7.72% (Incl. 3.53% PIK) Maturity 06/30/27 One2025-03-310001674760Warrants - 0.0%2025-03-3100016747602024-02-272024-02-270001674760Debt Investments United States 1st Lien/Senior Secured Debt Good Feet Worldwide LLC Specialty Retail Reference Rate and Spread S + 5.00% Maturity 12/10/272025-03-310001674760us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2024-12-310001674760Debt Investments United States 1st Lien/Senior Secured Debt HAI Hospitality, Inc. Hotels, Restaurants & Leisure Interest Rate 10.67% Reference Rate and Spread S + 5.50% Maturity 12/06/282024-12-310001674760us-gaap:InvestmentUnaffiliatedIssuerMember2025-03-310001674760us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2025-03-3100016747602025-05-130001674760Debt Investments - 141.5%2025-03-310001674760Debt Investments United States 1st Lien/Senior Secured Debt Helix Sleep, Inc. 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended March 31, 2025

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

Commission file number: 814-01215

Silver Capital Holdings LLC

(Exact Name of Registrant as Specified in Its Charter)


Delaware	81-3233378
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

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

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

Not Applicable

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

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

     Title of each class

     Trading Symbol(s)

     Name of each exchange
on which registered

     None

     None

     None

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

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

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


Large accelerated filer:	☐	Accelerated filer:	☐	Non-accelerated filer:	☒	Smaller reporting company:	☐
Emerging growth company:	☒

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

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

As of May 13, 2025, there were 14,884,897 limited liability company common units outstanding.

SILVER CAPITAL HOLDINGS LLC

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2025


	INDEX	PAGE
	Cautionary Statement Regarding Forward-Looking Statements	3
PART I.	FINANCIAL INFORMATION	4
ITEM 1.	Financial Statements (Unaudited)	4
	Consolidated Statements of Financial Condition	4
	Consolidated Statements of Operations	5
	Consolidated Statements of Changes in Members' Capital	6
	Consolidated Statements of Cash Flows	7
	Consolidated Schedules of Investments	8
	Notes to the Consolidated Financial Statements	16
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	37
ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	50
ITEM 4.	Controls and Procedures	51

PART II.	OTHER INFORMATION	51
ITEM 1.	Legal Proceedings	51
ITEM 1A.	Risk Factors	51
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	51
ITEM 3.	Defaults Upon Senior Securities	51
ITEM 4.	Mine Safety Disclosures	51
ITEM 5.	Other Information	51
ITEM 6.	Exhibits	51

SIGNATURES		53

Table of Contents

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “target,” “estimate,” “intend,” “continue” or “believe” or the negatives of, or other variations on, these terms or comparable terminology. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. We believe that it is important to communicate our future expectations to our investors. Our forward-looking statements include information in this report regarding general domestic and global economic conditions, our future financing plans, our ability to operate as a business development company (“BDC”) and the expected performance of, and the yield on, our portfolio companies. There may be events in the future, however, that we are not able to predict accurately or control. The factors listed under “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2024, as well as any cautionary language in this report, provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. The occurrence of the events described in these risk factors and elsewhere in this report could have a material adverse effect on our business, results of operations and financial position. Any forward-looking statement made by us in this report speaks only as of the date of this report. Factors or events that could cause our actual results to differ from our forward-looking statements may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. You are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the U.S. Securities and Exchange Commission (the “SEC”), including annual reports on Form 10-K, registration statements on Form N-2, quarterly reports on Form 10-Q and current reports on Form 8-K. The safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which preclude civil liability for certain forward-looking statements, do not apply to the forward-looking statements in this quarterly report because we are an investment company. The following factors are among those that may cause actual results to differ materially from our forward-looking statements:

•

our future operating results;

•

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

•

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

•

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

•

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

•

our business prospects and the prospects of our portfolio companies;

•

the impact of investments that we expect to make;

•

the impact of increased competition;

•

our contractual arrangements and relationships with third parties;

•

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

•

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

•

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

•

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

•

our ability to make distributions;

•

the adequacy of our cash resources and working capital;

•

changes in interest rates;

•

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

•

the impact of future acquisitions and divestitures;

•

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

•

our ability to maintain our status as a BDC;

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

the effect of global climate change on our portfolio companies;

•

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

•

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

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Silver Capital Holdings LLC

Consolidated Statements of Financial Condition

(in thousands, except unit and per unit amounts)


	March 31, 2025 (Unaudited)			December 31, 2024
Assets
Investments, at fair value
Non-controlled/non-affiliated investments (cost of $579,715 and $660,307)	$	508,854		$	579,141
Non-controlled affiliated investments (cost of $3,354 and $3,354)		3,354			3,354
Total investments, at fair value (amortized cost of $583,069 and $663,661)	$	512,208		$	582,495
Investments in affiliated money market fund (cost of $14,989 and $288)		14,989			288
Cash		104,211			79,248
Interest and dividends receivable		6,732			5,705
Deferred financing costs		844			840
Other assets		267			87
Total assets	$	639,251		$	668,663
Liabilities
Debt	$	268,132		$	293,132
Interest and other debt expenses payable		4,534			2,822
Management fees payable		882			957
Incentive fees payable		4,678			4,420
Distribution payable		—			5,359
Secured borrowings		1,861			1,818
Accrued expenses and other liabilities		2,395			4,130
Payable for units subscribed (Note 12)		—			6,315
Total liabilities	$	282,482		$	318,953
Commitments and contingencies (Note 8)
Members’ capital
Preferred units (0 units issued and outstanding)	$	—		$	—
Units (14,884,897 and 14,884,897 units issued and outstanding as of March 31, 2025 and December 31, 2024)		506,006			506,006
Distributable earnings (loss)		(149,237	)		(156,296	)
Total members’ capital	$	356,769		$	349,710
Total liabilities and members’ capital	$	639,251		$	668,663
Net asset value per unit	$	23.97		$	23.49

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

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Silver Capital Holdings LLC

Consolidated Statements of Operations

(in thousands, except unit and per unit amounts)

(Unaudited)


	For the Three Months Ended
	March 31, 2025			March 31, 2024
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	15,506		$	13,202
Payment-in-kind income		2,321			2,511
Other income		193			152
From non-controlled affiliated investments:
Dividend income		76			507
Total investment income	$	18,096		$	16,372
Expenses:
Interest and other debt expenses	$	4,960		$	1,063
Management fees		882			1,526
Incentive fees		660			1,149
Professional fees		202			251
Directors’ fees		51			50
Other general and administrative expenses		284			292
Total expenses	$	7,039		$	4,331
Net investment income	$	11,057		$	12,041
Net realized and unrealized gains (losses):
Net realized gain (loss) from:
Non-controlled/non-affiliated investments	$	(14,292	)	$	(5	)
Non-controlled affiliated investments		—			605
Foreign currency transactions		—			(12	)
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliated investments		10,294			(6,103	)
Non-controlled affiliated investments		—			(626	)
Foreign currency forward contracts		—			50
Foreign currency translations		—			591
Net realized and unrealized gains (losses)	$	(3,998	)	$	(5,500	)
(Provision) benefit for taxes on unrealized appreciation/depreciation on investments		—			(28	)
Net increase (decrease) in members’ capital from operations	$	7,059		$	6,513
Weighted average units outstanding		14,884,897			10,687,877
Basic and diluted net investment income per unit	$	0.74		$	1.13
Basic and diluted earnings per unit	$	0.47		$	0.61

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

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Silver Capital Holdings LLC

Consolidated Statements of Changes in Members’ Capital

(in thousands, except unit and per unit amounts)

(Unaudited)


	For the Three Months Ended
	March 31, 2025			March 31, 2024

Members’ capital at beginning of period	$	349,710		$	405,334
Increase (decrease) in members’ capital from operations:
Net investment income	$	11,057		$	12,041
Net realized gain (loss)		(14,292	)		588
Net change in unrealized appreciation (depreciation)		10,294			(6,088	)
(Provision) benefit for unrealized appreciation/depreciation on investments		—			(28	)
Net increase (decrease) in members’ capital from operations	$	7,059		$	6,513
Total increase (decrease) in members’ capital	$	7,059		$	6,513
Members’ capital at end of period	$	356,769		$	411,847

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

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Silver Capital Holdings LLC

Consolidated Statements of Cash Flows

(in thousands, except unit and per unit amounts)

(Unaudited)


	For the Three Months Ended
	March 31, 2025			March 31, 2024

Cash flows from operating activities:
Net increase (decrease) in members’ capital from operations:	$	7,059		$	6,513
Adjustments to reconcile net increase (decrease) in members’ capital from operations to net cash provided by (used for) operating activities:
Purchases of investments		(4,989	)		(225	)
Payment-in-kind interest capitalized		(2,467	)		(2,257	)
Investments in affiliated money market fund, net		(14,701	)		16,760
Proceeds from sales of investments and principal repayments		74,827			26,270
Net realized (gain) loss on investments		14,292			(600	)
Net change in unrealized (appreciation) depreciation on investments		(10,294	)		6,729
Amortization of premium and accretion of discount, net		(1,039	)		(499	)
Amortization of deferred financing costs		82			173
Change in operating assets and liabilities:
(Increase) decrease in interest and dividends receivable		(1,027	)		(163	)
(Increase) decrease in other assets		(180	)		(92	)
Increase (decrease) in interest and other debt expenses payable		1,626			(821	)
(Decrease) increase in management fees payable		(75	)		(12	)
(Decrease) increase in incentive fees payable		258			1,149
Increase (decrease) in accrued expenses and other liabilities		(1,462	)		54
Increase (decrease) in payable for units subscribed		(6,315	)		—
Net cash provided by operating activities	$	55,595		$	52,979
Cash flows from financing activities:
Distributions paid	$	(5,359	)	$	(13,579	)
Financing costs paid		(273	)		—
Repayments of debt		(25,000	)		(36,219	)
Net cash provided by (used for) financing activities	$	(30,632	)	$	(49,798	)
Net increase in cash		24,963			3,181
Effect of foreign exchange rate changes on cash and cash equivalents		—			(50	)
Cash, beginning of period		79,248			11,340
Cash, end of period	$	104,211		$	14,471
Supplemental and non-cash activities
Interest expense paid	$	3,251		$	1,676
Accrued but unpaid deferred financing cost	$	86		$	—
Exchange of investments	$	23,491		$	2,053

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

Table of Contents

Silver Capital Holdings LLC

Consolidated Schedule of Investments as of March 31, 2025

(in thousands, except unit and per unit amounts)

(Unaudited)


Investment (1)	Industry (2)	Interest Rate (3)	Reference Rate and Spread (3)	Maturity	Par(4)		Cost			Fair Value			Footnotes
Debt Investments - 141.5%
United States - 141.5%
1st Lien/Senior Secured Debt - 93.5%
ITS Buyer Inc (dba ITS Logistics)	Air Freight & Logistics	10.05%	S + 5.50%	06/14/26	$	25,685	$	25,476		$	25,428		(5) (6)
ITS Buyer Inc (dba ITS Logistics)	Air Freight & Logistics		S + 5.50%	06/14/26		4,613		(37	)		(46	)	(5) (6) (7)
Acuity Specialty Products, Inc. (dba Zep Inc.)	Chemicals	8.30%	S + 4.00%	10/02/28		34,442		34,442			34,097		(5) (6) (8)
VRC Companies, LLC (dba Vital Records Control)	Commercial Services & Supplies	10.05%	S + 5.50%	06/29/27		14,948		14,850			14,799		(5) (6) (8)
VRC Companies, LLC (dba Vital Records Control)	Commercial Services & Supplies		S + 5.50%	06/29/27		443		(3	)		(4	)	(6) (7) (8)
Marquis Software Solutions Inc	Consumer Finance	9.67%	S + 5.25%	11/29/26		9,244		8,925			8,874		(5) (6)
Marquis Software Solutions Inc	Consumer Finance	9.67%	S + 5.25%	11/29/26		1,076		544			538		(5) (6) (7)
Marquis Software Solutions Inc	Consumer Finance	9.67%	S + 5.25%	11/29/26		381		368			366		(5) (6)
CDM Fitness Holdings, LLC	Consumer Staples Distribution & Retail	10.70%	S + 6.25%	06/17/26		25,996		25,784			25,736		(5) (6)
CDM Fitness Holdings, LLC	Consumer Staples Distribution & Retail		S + 6.25%	06/17/26		1,083		(9	)		(11	)	(5) (6) (7)
CDM Fitness Holdings, LLC	Consumer Staples Distribution & Retail	10.70%	S + 6.25%	06/17/26		538		192			192		(5) (6) (7)
CorePower Yoga LLC	Diversified Consumer Services	10.48%	S + 7.25% (Incl. 1.25% PIK)	05/14/26		17,244		17,158			16,813		(5) (6) (8)
CorePower Yoga LLC	Diversified Consumer Services		S + 6.00%	05/14/26		1,070		(5	)		(27	)	(6) (7) (8)
Streamland Media Midco LLC	Entertainment	10.06%	S + 5.50%	04/02/29		10,504		10,301			10,294		(6) (8)
Streamland Media Midco LLC	Entertainment		S + 5.50%	04/02/29		1,514		—			(30	)	(6) (7) (8)
Keystone Purchaser LLC (dba Bridgeway)	Ground Transportation	10.32%	S + 5.75%	05/07/27		18,912		18,743			18,723		(5) (6)
Keystone Purchaser LLC (dba Bridgeway)	Ground Transportation	10.32%	S + 5.75%	05/07/27		2,590		2,567			2,564		(5) (6)
Keystone Purchaser LLC (dba Bridgeway)	Ground Transportation	10.32%	S + 5.75%	05/07/27		2,342		381			378		(5) (6) (7)
HAI Hospitality, Inc.	Hotels, Restaurants & Leisure	9.89%	S + 5.50%	12/06/28		9,270		9,186			9,178		(5) (6)
HAI Hospitality, Inc.	Hotels, Restaurants & Leisure		S + 5.50%	12/06/28		4,362		(39	)		(44	)	(5) (6) (7)
HAI Hospitality, Inc.	Hotels, Restaurants & Leisure		S + 5.50%	12/06/28		1,636		(15	)		(16	)	(5) (6) (7)
KBP BRANDS, LLC	Hotels, Restaurants & Leisure	10.56%	S + 6.00% (Incl. 0.50% PIK)	05/26/27		20,425		20,243			20,016		(5) (6)
KBP BRANDS, LLC	Hotels, Restaurants & Leisure	10.56%	S + 6.00% (Incl. 0.50% PIK)	05/26/27		10,536		10,442			10,325		(5) (6)
KBP BRANDS, LLC	Hotels, Restaurants & Leisure	10.56%	S + 6.00% (Incl. 0.50% PIK)	05/26/27		1,281		1,269			1,255		(5) (6)
PF Atlantic Holdco 2, LLC	Hotels, Restaurants & Leisure	9.95%	S + 5.50%	11/12/27		11,259		11,156			11,146		(5) (6)
PF Atlantic Holdco 2, LLC	Hotels, Restaurants & Leisure	9.95%	S + 5.50%	11/12/27		8,931		8,850			8,842		(5) (6)
PF Atlantic Holdco 2, LLC	Hotels, Restaurants & Leisure		S + 5.50%	11/12/27		1,539		(14	)		(15	)	(5) (6) (7)
Helix Sleep, Inc.	Household Durables	10.95%	S + 6.50%	10/12/26		9,965		9,880			9,865		(5) (6)
Helix Sleep, Inc.	Household Durables		S + 6.50%	10/12/26		1,372		(12	)		(14	)	(5) (6) (7)
Helix Sleep, Inc.	Household Durables	10.96%	S + 6.50%	10/12/26		549		544			544		(5) (6)
Helix Sleep, Inc.	Household Durables	11.45%	S + 7.00%	10/12/26		398		395			397		(5) (6)
Curio Brands, LLC	Household Products	9.47%	S + 5.00%	12/21/27		13,472		13,287			13,270		(5) (6)
Curio Brands, LLC	Household Products	9.47%	S + 5.00%	12/21/27		3,235		3,191			3,187		(5) (6)
Curio Brands, LLC	Household Products		S + 5.00%	12/21/27		1,426		(19	)		(21	)	(5) (6) (7)
Lithium Technologies, Inc.	Interactive Media & Services		S + 11.00% PIK	01/03/25		72,618		64,001			17,791		(6) (8) (9) (10)
Inova Payroll LLC	Professional Services	10.69%	S + 6.25%	12/31/25		9,557		9,487			9,461		(5) (6)
Inova Payroll LLC	Professional Services	10.69%	S + 6.25%	12/31/25		920		913			910		(5) (6)
Inova Payroll LLC	Professional Services	10.69%	S + 6.25%	12/31/25		587		485			484		(5) (6) (7)
Convenient Payments Acquisition, Inc. (dba IntelliPay)	Software	10.94%	S + 6.50%	09/24/26		5,404		5,358			5,350		(5) (6)
Convenient Payments Acquisition, Inc. (dba IntelliPay)	Software	10.94%	S + 6.50%	09/24/26		1,996		1,979			1,976		(5) (6)
Convenient Payments Acquisition, Inc. (dba IntelliPay)	Software		S + 6.50%	09/24/26		881		(7	)		(9	)	(5) (6) (7)
Igloo Inc.	Software	10.68%	S + 6.00%	12/23/26		4,182		4,146			4,140		(5) (6)
Igloo Inc.	Software	10.68%	S + 6.00%	12/23/26		1,072		677			676		(5) (6) (7)
Igloo Inc.	Software	10.68%	S + 6.00%	12/23/26		791		784			783		(5) (6)
SugarCRM Inc.	Software	9.42%	S + 5.00%	07/30/27		26,637		26,397			26,370		(5) (6)

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

Table of Contents

Silver Capital Holdings LLC

Consolidated Schedule of Investments as of March 31, 2025 (continued)

(in thousands, except unit and per unit amounts)

(Unaudited)


Investment (1)	Industry (2)	Interest Rate (3)	Reference Rate and Spread (3)	Maturity	Par(4)		Cost			Fair Value			Footnotes
SugarCRM Inc.	Software		S + 5.00%	07/30/27	$	2,128	$	(19	)	$	(21	)	(5) (6) (7)
Good Feet Worldwide LLC	Specialty Retail	9.42%	S + 5.00%	12/10/27		17,218		16,981			16,959		(5) (6)
Good Feet Worldwide LLC	Specialty Retail	9.42%	S + 5.00%	12/10/27		2,152		2,123			2,120		(5) (6)
Good Feet Worldwide LLC	Specialty Retail		S + 5.00%	12/10/27		1,112		(15	)		(17	)	(5) (6) (7)
Total 1st Lien/Senior Secured Debt								381,311			333,572
1st Lien/Last-Out Unitranche (11) - 42.7%
Streamland Media Midco LLC	Entertainment	11.06%	S + 6.50%	04/02/29	$	10,094	$	9,488		$	9,488		(6) (8)
Doxim, Inc.	Financial Services	10.82%	S + 6.40%	06/01/26		30,617		30,441			29,698		(5) (6) (8)
Doxim, Inc.	Financial Services	10.82%	S + 6.40%	06/01/26		23,681		23,546			22,970		(5) (6) (8)
Doxim, Inc.	Financial Services	11.42%	S + 7.00%	06/01/26		5,723		5,686			5,566		(5) (6) (8)
Doxim, Inc.	Financial Services	12.42%	S + 8.00%	06/01/26		4,484		4,453			4,406		(5) (6) (8)
Doxim, Inc.	Financial Services	12.42%	S + 8.00%	06/01/26		3,330		3,308			3,272		(5) (6) (8)
Ej2 Communications, Inc. (dba Flashpoint)	IT Services	12.28%	S + 7.72% (Incl. 3.53% PIK)	06/30/27		27,792		27,547			27,514		(5) (6)
Ej2 Communications, Inc. (dba Flashpoint)	IT Services	12.28%	S + 7.72% (Incl. 3.53% PIK)	06/30/27		3,797		3,763			3,759		(5) (6)
K2 Towers II, LLC	Wireless Telecommunication Services	10.79%	S + 6.50%	05/02/29		20,469		18,710			18,698		(5) (6) (7)
Octagon Towers LLC	Wireless Telecommunication Services	10.52%	S + 6.08%	03/30/27		16,913		16,570			16,550		(5) (6) (7)
Peppertree Towers LLC	Wireless Telecommunication Services	10.80%	S + 6.50%	09/01/27		11,745		10,421			10,410		(5) (6) (7)
Total 1st Lien/Last-Out Unitranche								153,933			152,331
2nd Lien/Senior Secured Debt - 5.3%
Wine.com, LLC	Beverages	16.56%	S + 12.00% PIK	04/03/27	$	7,397	$	7,625		$	7,619		(6) (8)
Wine.com, LLC	Beverages	16.58%	S + 12.00% PIK	04/03/27		2,141		1,662			3,760		(6) (7) (8) (12)
Chase Industries, Inc. (dba Senneca Holdings)	Building Products			11/11/27		16,405		—			—		(6) (8) (13)
Chase Industries, Inc. (dba Senneca Holdings)	Building Products		10.00% PIK	11/11/27		12,850		11,531			7,517		(6) (8) (9)
Total 2nd Lien/Senior Secured Debt								20,818			18,896
Unsecured Debt -0.0%
Wine.com, Inc.	Beverages		S + 15.00% PIK	04/03/27	$	22,428	$	—		$	—		(6) (8) (9) (12)
Wine.com, Inc.	Beverages		S + 15.00% PIK	04/03/27		12,936		4,042			—		(6) (8) (9) (12)
Wine.com, Inc.	Beverages		S + 15.00% PIK	04/03/27		7,867		9,489			—		(6) (8) (9)
Total Unsecured Debt								13,531			—
Total United States							$	569,593		$	504,799
Total Debt Investments							$	569,593		$	504,799

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

Table of Contents

Silver Capital Holdings LLC

Consolidated Schedule of Investments as of March 31, 2025 (continued)

(in thousands, except unit and per unit amounts)

(Unaudited)


Investment (1)	Industry (2)	Interest Rate(3)	Initial Acquisition Date(14)	Shares(4)		Cost		Fair Value		Footnotes
Equity Securities - 2.1%
United States - 2.1%
Common Stock - 2.1%
Elah Holdings, Inc.	Capital Markets		05/09/18		69,386	$	3,354	$	3,354	(6) (8) (13) (15)
Streamland Media Holdings LLC	Entertainment		03/31/25		100,941		4,055		4,055	(6) (8) (13)
Total Common Stock							7,409		7,409
Preferred Stock - 0.0%
Wine.com, LLC	Beverages		11/14/18		337,425	$	2,900	$	—	(6) (8) (13)
Wine.com, LLC	Beverages		03/03/21		78,199		1,933		—	(6) (8) (13)
Total Preferred Stock							4,833		—
Warrants - 0.0%
KDOR Holdings Inc. (dba Senneca Holdings)	Building Products		05/29/20		2,974	$	1,096	$	—	(6) (8) (13)
KDOR Holdings Inc. (dba Senneca Holdings)	Building Products		05/29/20		311		115		—	(6) (8) (13)
KDOR Holdings Inc. (dba Senneca Holdings)	Building Products		06/22/20		62		23		—	(6) (8) (13)
Total Warrants							1,234		—
Total United States						$	13,476	$	7,409
Total Equity Securities						$	13,476	$	7,409
Total Investments - 143.6%						$	583,069	$	512,208
Investments in Affiliated Money Market Fund - 4.2%
United States - 4.2%
Goldman Sachs Financial Square Government Fund - Institutional Shares					14,988,614	$	14,989	$	14,989	(16) (17)
Total United States						$	14,989	$	14,989
Total Investments in Affiliated Money Market Fund						$	14,989	$	14,989
Total Investments and Investments in Affiliated Money Market Fund - 147.8%						$	598,058	$	527,197

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

Table of Contents

Silver Capital Holdings LLC

Consolidated Schedule of Investments as of March 31, 2025 (continued)

(in thousands, except unit and per unit amounts)

(Unaudited)

(1)

Percentages are based on net assets.

(2)

For Industry subtotal and percentage, see Note 4 "Investments".

(3)

Represents the actual interest rate for partially or fully funded debt in effect as of the reporting date. Certain investments are subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by the larger of the floor or the SOFR including SOFR adjustment, if any, ("S") at the borrower's option, which reset periodically based on the terms of the credit agreement. S loans are typically indexed to 12 month, 6 month, 3 month or 1 month S rates. As of March 31, 2025, 1 month S was 4.32%, 3 month S was 4.29% and 6 month S was 4.19%. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at March 31, 2025.

(4)

Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars ("$" or "USD").

(5)

All, or a portion of, the assets are pledged as collateral for the term loan facility with JPMorgan Chase Bank, National Association (as amended, restated, supplemented or otherwise modified from time to time, the “JPM Term Loan Facility”). See Note 6 “Debt”.

(6)

The fair value of the investment was determined using significant unobservable inputs. See Note 5 “Fair Value Measurement”.

(7)

Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value, if applicable, is the result of the capitalized discount on the loan. See Note 8 "Commitments and Contingencies".

(8)

Represents co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission (the "SEC"). See Note 3 “Significant Agreements and Related Party Transactions”.

(9)

The investment is on non-accrual status. See Note 2 "Significant Accounting Policies".

(10)

The Company is in discussions with the investment to exit or restructure the position.

(11)

In exchange for the greater risk of loss, the “last-out” portion of the Company's unitranche loan investment generally earns a higher interest rate than the “first-out” portions. The “first-out” portion would generally receive priority with respect to payment of principal, interest and any other amounts due thereunder over the “last-out” portion.

(12)

The Company sold a participating interest of the portfolio company’s second lien senior secured loan and unsecured debt. As the transaction did not qualify for sale accounting in accordance with GAAP (as defined below), the Company recorded a corresponding $1,861 secured borrowing at fair value, which is included in “secured borrowings” in the accompanying Consolidated Statements of Financial Condition. As of March 31, 2025, the interest rate in effect for the secured borrowing was 16.58% and S + 15% PIK for the second lien senior secured loan and unsecured debt, respectively. See Note 2 "Significant Accounting Policies".

(13)

Non-income producing security.

(14)

Securities exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be “restricted securities”. As of March 31, 2025, the aggregate fair value of these securities is $7,409 or 2.1% of the Company's net assets. The initial acquisition dates have been included for such securities.

(15)

As defined in the Investment Company Act of 1940, as amended (the “Investment Company Act”), the investment is deemed to be an “affiliated person” of the Company because the Company owns, either directly or indirectly, 5% or more of the portfolio company’s outstanding voting securities. See Note 3 “Significant Agreements and Related Party Transactions”.

(16)

The investment is otherwise deemed to be an “affiliated person” of the Company. See Note 3 “Significant Agreements and Related Party Transactions”.

(17)

The annualized seven-day yield as of March 31, 2025 is 4.25%.

PIK – Payment-In-Kind

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

Table of Contents

Silver Capital Holdings LLC

Consolidated Schedule of Investments as of December 31, 2024

(in thousands, except unit and per unit amounts)


Investment (1)	Industry (2)	Interest Rate (3)	Reference Rate and Spread (3)	Maturity	Par(4)		Cost			Fair Value			Footnotes
Debt Investments - 165.6%
United States - 165.6%
1st Lien/Senior Secured Debt - 120.1%
ITS Buyer Inc (dba ITS Logistics)	Air Freight & Logistics	10.35%	S + 5.50%	06/14/26	$	25,756	$	25,505		$	25,498		(5)
ITS Buyer Inc (dba ITS Logistics)	Air Freight & Logistics		S + 5.50%	06/14/26		4,613		(45	)		(46	)	(5) (6)
Acuity Specialty Products, Inc. (dba Zep Inc.)	Chemicals	8.25%	S + 4.00%	10/02/28		34,529		34,529			34,184		(5) (7) (8)
VRC Companies, LLC (dba Vital Records Control)	Commercial Services & Supplies	10.35%	S + 5.50%	06/29/27		14,987		14,879			14,837		(5) (7) (8)
VRC Companies, LLC (dba Vital Records Control)	Commercial Services & Supplies		S + 5.50%	06/29/27		443		(3	)		(4	)	(6) (7) (8)
Marquis Software Solutions Inc	Consumer Finance	9.71%	S + 5.25%	11/29/26		9,292		8,928			8,921		(5)
Marquis Software Solutions Inc	Consumer Finance	9.71%	S + 5.25%	11/29/26		1,076		539			538		(5) (6)
Marquis Software Solutions Inc	Consumer Finance	9.71%	S + 5.25%	11/29/26		383		368			368		(5)
CDM Fitness Holdings, LLC	Consumer Staples Distribution & Retail	10.73%	S + 6.25%	06/17/26		26,062		25,808			25,801		(5)
CDM Fitness Holdings, LLC	Consumer Staples Distribution & Retail		S + 6.25%	06/17/26		1,083		(11	)		(11	)	(5) (6)
CDM Fitness Holdings, LLC	Consumer Staples Distribution & Retail	10.73%	S + 6.25%	06/17/26		538		191			192		(5) (6)
CorePower Yoga LLC	Diversified Consumer Services	11.73%	S + 7.25% (Incl. 1.25% PIK)	05/14/26		17,230		17,125			16,540		(5) (7) (8)
CorePower Yoga LLC	Diversified Consumer Services	10.54%	S + 6.00%	05/14/26		1,070		632			595		(6) (7) (8)
Splash Car Wash Inc	Diversified Consumer Services	11.09%	S + 6.50%	06/30/26		15,728		15,574			15,570		(5)
Splash Car Wash Inc	Diversified Consumer Services	11.01%	S + 6.50%	06/30/26		2,003		582			581		(5) (6)
Splash Car Wash Inc	Diversified Consumer Services	11.01%	S + 6.50%	06/30/26		668		661			661		(5)
Streamland Media Midco LLC	Entertainment	14.09%	S + 9.50% (Incl. 2.75% PIK)	03/31/25		28,293		28,309			17,683		(7) (8) (9)
Streamland Media Midco LLC	Entertainment	14.09%	S + 9.50% (Incl. 2.75% PIK)	03/31/25		1,574		1,575			1,889		(7) (8)
Streamland Media Midco LLC	Entertainment	14.09%	S + 9.50% (Incl. 2.75% PIK)	03/31/25		1,574		1,574			1,574		(7) (8)
Streamland Media Midco LLC	Entertainment	14.09%	S + 9.50% (Incl. 2.75% PIK)	03/31/25		509		509			524		(7) (8)
Streamland Media Midco LLC	Entertainment	14.09%	S + 9.50% (Incl. 2.75% PIK)	03/31/25		509		509			509		(7) (8)
Celero Commerce LLC	Financial Services	10.18%	S + 5.50%	10/23/25		18,477		18,433			18,431		(5)
Celero Commerce LLC	Financial Services		S + 5.50%	10/23/25		947		(2	)		(2	)	(5) (6)
Keystone Purchaser LLC (dba Bridgeway)	Ground Transportation	10.22%	S + 5.75%	05/07/27		18,961		18,774			18,771		(5) (8)
Keystone Purchaser LLC (dba Bridgeway)	Ground Transportation	10.22%	S + 5.75%	05/07/27		2,597		2,571			2,571		(5) (8)
Keystone Purchaser LLC (dba Bridgeway)	Ground Transportation		S + 5.75%	05/07/27		2,342		(23	)		(23	)	(5) (6) (8)
HAI Hospitality, Inc.	Hotels, Restaurants & Leisure	10.67%	S + 5.50%	12/06/28		9,270		9,179			9,177		(5) (8)
HAI Hospitality, Inc.	Hotels, Restaurants & Leisure		S + 5.50%	12/06/28		4,362		(43	)		(44	)	(5) (6) (8)
HAI Hospitality, Inc.	Hotels, Restaurants & Leisure		S + 5.50%	12/06/28		1,636		(16	)		(16	)	(5) (6) (8)
KBP BRANDS, LLC	Hotels, Restaurants & Leisure	10.10%	S + 5.50%	05/26/27		21,752		21,538			21,535		(5) (8)
KBP BRANDS, LLC	Hotels, Restaurants & Leisure	10.09%	S + 5.50%	05/26/27		10,557		10,453			10,452		(5) (8)
PF Atlantic Holdco 2, LLC	Hotels, Restaurants & Leisure	10.01%	S + 5.50%	11/12/27		11,288		11,176			11,175		(5) (8)
PF Atlantic Holdco 2, LLC	Hotels, Restaurants & Leisure	10.01%	S + 5.50%	11/12/27		8,955		8,866			8,865		(5) (8)
PF Atlantic Holdco 2, LLC	Hotels, Restaurants & Leisure		S + 5.50%	11/12/27		1,539		(15	)		(15	)	(5) (6) (8)
Helix Sleep, Inc.	Household Durables	11.18%	S + 6.50%	10/12/26		10,029		9,931			9,929		(5)
Helix Sleep, Inc.	Household Durables		S + 6.50%	10/12/26		1,372		(13	)		(14	)	(5) (6)
Helix Sleep, Inc.	Household Durables	11.26%	S + 6.50%	10/12/26		553		547			547		(5)
Helix Sleep, Inc.	Household Durables	11.54%	S + 6.50%	10/12/26		401		397			397		(5)
Curio Brands, LLC	Household Products	9.48%	S + 5.00%	12/21/27		13,509		13,309			13,306		(5)
Curio Brands, LLC	Household Products	9.48%	S + 5.00%	12/21/27		3,244		3,196			3,195		(5)
Curio Brands, LLC	Household Products		S + 5.00%	12/21/27		1,426		(21	)		(21	)	(5) (6)
Lithium Technologies, Inc.	Interactive Media & Services		S + 11.00% PIK	01/03/25		70,660		64,001			22,611		(7) (8) (10)
SPay, Inc. (dba Stack Sports)	Interactive Media & Services	13.99%	S + 9.25% (Incl. 3.50% PIK)	06/15/26		22,196		22,583			20,642		(5) (7) (8) (9)
SPay, Inc. (dba Stack Sports)	Interactive Media & Services	13.96%	S + 9.25% (Incl. 3.50% PIK)	06/15/26		1,620		1,614			1,506		(5) (7) (8)
SPay, Inc. (dba Stack Sports)	Interactive Media & Services	13.92%	S + 9.25% (Incl. 3.50% PIK)	06/15/26		810		826			754		(5) (7) (8) (9)

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

Table of Contents

Silver Capital Holdings LLC

Consolidated Schedule of Investments as of December 31, 2024 (continued)

(in thousands, except unit and per unit amounts)

     Investment (1)

     Industry (2)

     Interest 
Rate (3)

     Reference Rate 
and Spread (3)

     Maturity

     Par(4)

     Cost

     Fair
Value

     Footnotes

Inova Payroll LLC

Professional Services

10.72%

S + 6.25%

12/31/25

9,781

9,686

9,683

(5)

Inova Payroll LLC

Professional Services

Silver Capital Holdings LLC 10-Q