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Term Loan Reference Rate and Spread 3M SOFR + 4.75% Floor 0.75% Interest Rate 8.45% Initial Acquisition Date 3/8/2023 Maturity Date 10/29/20302026-03-310001860424The Ultimus Group Midco, LLC Type Revolver One2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services Renaissance Holding Corp. 2024-2 Term Loan (First Lien) Reference Rate and Spread 1M SOFR + 4.00% Floor 0.50% Interest Rate 7.67% Initial Acquisition Date 6/11/2025 Maturity Date 4/5/20302026-01-012026-03-310001860424The Ultimus Group Midco, LLC Type Delayed Draw Term Loan2025-01-012025-12-310001860424ck0001860424:OnexFalconDirectLendingBdcSpvLlcMemberck0001860424:SpvFacilityMember2021-10-0400018604246-Month SOFR2026-03-310001860424us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services CoolSys, Inc. Closing Date Initial Term Loan Reference Rate and Spread 3M SOFR + 4.75% Floor 0.75% Interest Rate 8.78% Initial Acquisition Date 5/1/2024 Maturity Date 8/11/20282025-01-012025-12-310001860424VTC Buyer Corp. Type Revolver2026-03-310001860424Deerfield Dakota Holding, LLC Type Revolver2026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Consumer Goods: Durable BCDI Meteor Acquisition, LLC Initial Term Loan Reference Rate and Spread 1M SOFR + 7.00% Floor 1.00% Interest Rate 10.77% Initial Acquisition Date 12/29/2022 Maturity Date 6/29/20282026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Amplity Parent, Inc. Restatement Date Term Loan (First Lien) Reference Rate and Spread 3M SOFR + 6.00% Floor 1.00% Interest Rate 12.32% (2.50% PIK) Initial Acquisition Date 2/4/2022 Maturity Date 1/31/20272025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Construction & Building CP Atlas Buyer, Inc. Term Loan B Reference Rate and Spread 1M SOFR + 5.25% Interest Rate 8.92% Initial Acquisition Date 7/1/2025 Maturity Date 7/8/20302026-03-310001860424Non-controlled/Non-affiliated investments Equity Transportation: Cargo Mascarene VTC Investment Holdings LLC Class A-1 Equity2026-03-3100018604241-Month SOFR2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Medallia, Inc. Initial USD Term Loan Reference Rate and Spread 6M SOFR + 6.00% Floor 0.75% Interest Rate 9.70% (4.00% PIK) Initial Acquisition Date 10/29/2021 Maturity Date 10/29/20282025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Beverage, Food & Tobacco SPLAT Super HoldCo, LLC Delayed Draw Term Loan Reference Rate and Spread 1M SOFR + 5.00% Initial Acquisition Date 8/4/2025 Maturity Date 7/2/20322025-12-310001860424us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMemberck0001860424:ValuationTechniqueEnterpriseValueWaterfallMembersrt:MaximumMemberus-gaap:DebtSecuritiesMember2025-12-310001860424Amplity Parent, Inc. Type Revolver2026-01-012026-03-310001860424us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001860424:OnexFalconDirectLendingBdcSpvLlcMemberck0001860424:SpvFacilityMembersrt:MaximumMember2021-10-042021-10-040001860424Non-controlled/Non-affiliated investments Debt Investments Business Services Montana Buyer Inc. Revolving Loan Reference Rate and Spread PRIME + 4.00% Floor 0.75% Initial Acquisition Date 7/22/2022 Maturity Date 7/22/20282025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services Denali Intermediate Holdings, Inc. Initial Term Loan Reference Rate and Spread 1M SOFR + 5.50% Floor 0.75% Interest Rate 9.18% Initial Acquisition Date 8/26/2025 Maturity Date 8/26/20322026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services Montana Buyer Inc. Initial Term Loan Reference Rate and Spread 1M SOFR + 4.75% Floor 0.75% Interest Rate 8.47% Initial Acquisition Date 7/22/2022 Maturity Date 7/22/20292025-01-012025-12-310001860424Milestone Technologies, Inc. Type Delayed Draw Term Loan2026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Equity Sovereign & Public Finance S4T Holdings Corp. (Vistria ESS Holdings, LLC) Equity Units Initial Acquisition Date 12/27/20212025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services The Ultimus Group Midco, LLC Initial Delayed Draw Term Loan Reference Rate and Spread 3M SOFR + 4.75% Floor 0.75% Initial Acquisition Date 7/1/2025 Maturity Date 7/1/20322025-12-310001860424ck0001860424:ConsumerServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services Denali Intermediate Holdings, Inc. Initial Term Loan Reference Rate and Spread 1M SOFR + 5.50% Floor 0.75% Interest Rate 9.23% Initial Acquisition Date 8/26/2025 Maturity Date 8/26/20322025-12-310001860424ck0001860424:AdministrationAgreementMember2025-01-012025-03-310001860424us-gaap:SubsequentEventMember2026-05-060001860424us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMemberck0001860424:HighTechIndustriesMember2025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Financial Services OneZero Financial Systems, LLC Revolving Loan Reference Rate and Spread 3M SOFR + 5.0% Floor 0.75% Initial Acquisition Date 10/7/2024 Maturity Date 10/7/20312025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Consumer Goods: Non-durable Connect America.com, LLC Term Loan B Reference Rate and Spread 3M SOFR + 5.75% Floor 1.75% Interest Rate 9.42% Initial Acquisition Date 10/11/2024 Maturity Date 10/11/20292025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Equity Business Services Milestone Technologies, Inc. (Maverick Acquisition Holdings, LP) Common Equity Initial Acquisition Date 12/7/20222026-01-012026-03-310001860424ck0001860424:ConsumerGoodsDurableMember2025-12-310001860424us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:DebtSecuritiesMember2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Amplity Parent, Inc. Revolving Credit Facility Reference Rate and Spread 1M SOFR + 6.00% Floor 1.00% Interest Rate 12.27% (2.50% PIK) Initial Acquisition Date 2/4/2022 Maturity Date 1/31/20272026-01-012026-03-310001860424ck0001860424:WholesaleMember2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Financial Services The Edelman Financial Engines Center, LLC 2024 Refinancing Term Loan (Second Lien) Reference Rate and Spread 1M SOFR + 5.25% Interest Rate 8.97% Initial Acquisition Date 5/23/2024 Maturity Date 10/6/20282025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Wholesale IMB Midco LLC Revolving Loan Reference Rate and Spread 3M SOFR + 7.00% Floor 1.00% Initial Acquisition Date 10/1/2021 Maturity Date 4/27/20282025-01-012025-12-310001860424Deerfield Dakota Holding, LLC Type Revolver2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Celerion Buyer, Inc. Revolving Loan Reference Rate and Spread 3M SOFR +5.00% Floor 0.75% Initial Acquisition Date 11/7/2022 Maturity Date 11/3/20282025-12-310001860424us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-03-310001860424ck0001860424:HealthcareAndPharmaceuticalsMember2025-12-310001860424OneZero Financial Systems, LLC Type Delayed Draw Term Loan2025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Flexera Software LLC Amendment No. 1 Term Loan Reference Rate and Spread 3M SOFR + 4.50% Floor 0.50% Interest Rate 8.19% Initial Acquisition Date 12/29/2025 Maturity Date 8/16/20322025-12-310001860424us-gaap:InvestmentUnaffiliatedIssuerMemberck0001860424:SovereignAndPublicFinanceMemberus-gaap:EquitySecuritiesMember2025-12-310001860424Funded Commitment2025-12-310001860424Non-controlled/Non-affiliated investments Equity Business Services Milestone Technologies, Inc. (Maverick Acquisition Holdings, LP) Common Equity Initial Acquisition Date 12/7/20222025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Flexera Software LLC Amendment No. 1 Term Loan Reference Rate and Spread 3M SOFR + 4.50% Floor 0.50% Interest Rate 8.19% Initial Acquisition Date 12/29/2025 Maturity Date 8/16/20322025-01-012025-12-310001860424us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001860424:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:EquitySecuritiesMember2025-12-310001860424Milestone Technologies, Inc. Type Revolver2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Automotive DexKo Global Inc. Closing Date Dollar Term Loan (First Lien) Reference Rate and Spread 1M SOFR + 3.75% Floor 0.50% Interest Rate 7.58% Initial Acquisition Date 2/10/2025 Maturity Date 10/4/20282025-01-012025-12-310001860424us-gaap:InvestmentUnaffiliatedIssuerMemberck0001860424:SovereignAndPublicFinanceMemberus-gaap:DebtSecuritiesMember2025-12-310001860424ck0001860424:OnexFalconDirectLendingBdcSpvLlcMemberck0001860424:SpvFacilityMember2022-04-052022-06-270001860424VTC Buyer Corp. Type Delayed Draw Term Loan2026-01-012026-03-310001860424us-gaap:FairValueInputsLevel3Memberck0001860424:ValuationTechniqueYieldAnalysisMemberck0001860424:MeasurementInputMarketYieldMembersrt:MinimumMemberus-gaap:DebtSecuritiesMember2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Automotive Innovative Xcessories Services LLC Term Loan B Reference Rate and Spread 1M SOFR + 5.50% Floor 1.00% Interest Rate 9.22% Initial Acquisition Date 8/15/2025 Maturity Date 9/5/20292025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments High Tech Industries FINThrive Software Intermediate Holdings, Inc. Tranche A Term Loan 3M SOFR + 5.25% Interest Rate 8.94% Initial Acquisition Date 3/7/2025 Maturity Date 12/15/20282026-03-310001860424ck0001860424:OnexFalconDirectLendingBdcSpvLlcMemberck0001860424:SpvFacilityMember2022-07-142022-07-140001860424us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001860424:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:DebtSecuritiesMember2025-12-310001860424us-gaap:AdditionalPaidInCapitalMember2026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Sovereign & Public Finance S4T Holdings Corp. Delayed Draw Term Loan Reference Rate and Spread 1M SOFR + 4.75% Floor 1.00% Interest Rate 8.47% Initial Acquisition Date 12/27/2021 Maturity Date 12/28/20262025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Planview Parent, Inc. 2024-B Incremental Term Loan (First Lien) Reference Rate and Spread 3M SOFR + 3.50% Interest Rate 7.20% Initial Acquisition Date 9/2/2025 Maturity Date 12/17/20272026-03-310001860424ck0001860424:ConsumerServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services Axiom Global Inc. Amendment No. 4 Refinancing Term Loan Reference Rate and Spread 3M SOFR + 4.50% Floor 0.75% Interest Rate 8.27% Initial Acquisition Date 8/1/2024 Maturity Date 10/2/20282026-03-310001860424ck0001860424:ConsumerGoodsNonDurableMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Financial Services OneZero Financial Systems, LLC Revolving Loan Reference Rate and Spread 3M SOFR + 5.0% Floor 0.75% Initial Acquisition Date 10/7/2024 Maturity Date 10/7/20312026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Chemicals CP Iris Holdco I, Inc. Initial Term Loan (First Lien) Reference Rate and Spread 1M SOFR + 4.00% Interest Rate 7.72% Initial Acquisition Date 10/17/2025 Maturity Date 10/27/20322025-01-012025-12-310001860424The Ultimus Group Midco, LLC Type Revolver2025-12-310001860424ck0001860424:ContainersPackagingGlassMember2025-12-310001860424ck0001860424:OfferDateJanuaryTenTwoThousandTwentyFiveMember2025-01-012025-03-310001860424us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001860424:OnexCreditFinanceIICorporationMembersrt:MinimumMember2023-05-052023-05-050001860424Celerion Buyer Inc. Type Revolver2025-12-310001860424ck0001860424:OnexCreditFinanceIICorporationMember2026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Consumer Goods: Non-durable Connect America.com, LLC Term Loan B Reference Rate and Spread 3M SOFR + 5.75% Floor 1.75% Interest Rate 9.45% Initial Acquisition Date 10/11/2024 Maturity Date 10/11/20292026-01-012026-03-310001860424Flexera Software LLC Type Revolver2025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Flexera Software LLC Revolving Loan Reference Rate and Spread 3M SOFR + 4.50% Floor 0.50% Acquisition Date 8/15/2025 Maturity Date 8/16/20322026-01-012026-03-310001860424us-gaap:FoodAndBeverageMember2026-03-310001860424ck0001860424:TransportationCargoMember2025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Amplity Parent, Inc. Revolving Credit Facility Reference Rate and Spread 1M SOFR + 6.00% Floor 1.00% Interest Rate 12.27% (2.50% PIK) Initial Acquisition Date 2/4/2022 Maturity Date 1/31/20272026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Construction & Building CP Atlas Buyer, Inc. Term Loan B Reference Rate and Spread 1M SOFR + 5.25% Interest Rate 8.92% Initial Acquisition Date 7/1/2025 Maturity Date 7/8/20302026-01-012026-03-310001860424us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMemberck0001860424:ValuationTechniqueEnterpriseValueWaterfallMembersrt:MaximumMemberus-gaap:DebtSecuritiesMember2026-03-310001860424ck0001860424:ConsumerGoodsNonDurableMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-12-310001860424us-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Planview Parent, Inc. 2024-B Incremental Term Loan (First Lien) Reference Rate and Spread 3M SOFR + 3.50% Interest Rate 7.20% Initial Acquisition Date 9/2/2025 Maturity Date 12/17/20272026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Financial Services OneZero Financial Systems, LLC Delayed Draw Term Loan Reference Rate and Spread 3M SOFR + 5.00% Floor 0.75% Interest Rate 8.84% Initial Acquisition Date 10/7/2024 Maturity Date 10/7/20312025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Consumer Services Wash & Wax Systems LLC Revolving Loan Reference Rate and Spread 3M SOFR +5.50% Floor 1.00% Interest Rate 9.28% Initial Acquisition Date 4/30/2025 Maturity Date 4/30/20282025-01-012025-12-310001860424ck0001860424:SovereignAndPublicFinanceMember2025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Wholesale IMB Midco LLC Revolving Loan Reference Rate and Spread 3M SOFR + 1.15% Floor 1.00% Interest Rate 4.81% Initial Acquisition Date 10/1/2021 Maturity Date 4/27/20282026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Construction & Building CP Atlas Buyer, Inc. Term Loan B Reference Rate and Spread 1M SOFR + 5.25% Interest Rate 8.97% Initial Acquisition Date 7/1/2025 Maturity Date 7/8/20302025-01-012025-12-310001860424us-gaap:FairValueInputsLevel3Member2026-03-310001860424Total Commitment2025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Transportation: Cargo VTC Buyer Corp. Term A Loan Reference Rate and Spread 3M SOFR + 5.25% Floor 1.00% Interest Rate 8.92% Initial Acquisition Date 7/15/2025 Maturity Date 7/15/20312026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Automotive DexKo Global Inc. Closing Date Dollar Term Loan (First Lien) Reference Rate and Spread 1M SOFR + 3.75% Floor 0.50% Interest Rate 7.58% Initial Acquisition Date 2/10/2025 Maturity Date 10/4/20282025-12-310001860424us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2025-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Construction & Building Cornerstone Building Brands, Inc. Tranche B Term Loan Reference Rate and Spread 1M SOFR + 3.25% Interest Rate 7.10% Initial Acquisition Date 3/7/2025 Maturity Date 4/12/20282025-12-310001860424ck0001860424:FinancialServicesMember2025-12-310001860424us-gaap:BaseRateMemberck0001860424:SumitomoMitsuiBankingCorporationMemberck0001860424:AfterReinvestmentPeriodMembersrt:MaximumMember2024-10-032024-10-030001860424Non-controlled/Non-affiliated investments Debt Investments Business Services Milestone Technologies, Inc. Delayed Draw Term Loan Reference Rate and Spread 3M SOFR + 5.00% Floor 1.00% Initial Acquisition Date 8/22/2025 Maturity Date 8/22/20312025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Financial Services Apex Group Treasury LLC 2025 Refinancing USD Term Loan Reference Rate and Spread 3M SOFR + 3.50% Interest Rate 7.17% Initial Acquisition Date 2/25/2026 Maturity Date 2/27/20322026-01-012026-03-310001860424SPLAT Super HoldCo, LLC Type Delayed Draw Term Loan2025-12-310001860424us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2024-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Consumer Goods: Durable BCDI Meteor Acquisition, LLC Initial Term Loan Reference Rate and Spread 3M SOFR + 7.00% Floor 1.00% Interest Rate 10.77% Initial Acquisition Date 12/29/2022 Maturity Date 6/29/20282025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Cotiviti, Inc. Initial Floating Rate Term Loan Reference Rate and Spread 1M SOFR +2.75% Interest Rate 6.42% Initial Acquisition Date 2/26/2026 Maturity Date 5/1/20312026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Transportation: Cargo VTC Buyer Corp. Designated DDTL Reference Rate and Spread 3M SOFR + 5.25% Floor 1.00% Interest Rate 8.92% Initial Acquisition Date 7/15/2025 Maturity Date 7/15/20312026-03-310001860424ck0001860424:OnexUSHoldingsLLCMember2026-01-292026-01-290001860424us-gaap:CommonStockMember2025-12-310001860424srt:MaximumMember2026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Consumer Goods: Non-durable Wellful Inc. Tranche A Term Loan Reference Rate and Spread 1M SOFR + 5.00% Floor 1.00% Interest Rate 8.83% Initial Acquisition Date 12/31/2024 Maturity Date 4/19/20302025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Insurance Foundation Risk Partners, Corp. Delayed Draw Term Loan Reference Rate and Spread 3M SOFR + 4.75% Floor 0.75% Interest Rate 8.45% Initial Acquisition Date 3/8/2023 Maturity Date 10/29/20302026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Beverage, Food & Tobacco Golden State Foods LLC Initial Term Loan Reference Rate and Spread 3M SOFR + 4.00% Interest Rate 7.67% Initial Acquisition Date 9/16/2025 Maturity Date 12/4/20312025-01-012025-12-3100018604241-Month SOFR2025-12-310001860424ck0001860424:ForestProductsAndPaperMember2026-03-310001860424ck0001860424:OnexUSHoldingsLLCMember2026-01-012026-03-310001860424Unfunded Commitment2025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services Denali Intermediate Holdings, Inc. Revolving Credit Loan Reference Rate and Spread 1M SOFR + 5.50% Floor 0.75% Initial Acquisition Date 8/26/2025 Maturity Date 8/26/20322026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Wholesale IMB Midco LLC Term Loan A Reference Rate and Spread 6M SOFR + 6.00% Floor 1.00% Interest Rate 9.45% (4.00% PIK) Acquisition Date 5/20/2024 Maturity Date 4/27/20282025-12-310001860424ck0001860424:ConsumerServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-12-310001860424Non-controlled/Non-affiliated investments Equity Wholesale IMB Holdco LLC Class A Common Units Initial Acquisition Date 10/1/20212026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Non-controlled/Non-affiliated investments Debt Investments Transportation: Cargo Offen, Inc Initial Term Loan Reference Rate and Spread 3M SOFR + 5.00% Floor 0.75% Interest Rate 8.67% Initial Acquisition Date 7/18/2025 Maturity Date 7/22/20302026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Blue River PetCare, L.L.C. 2026 Additional Term Loan Reference Rate and Spread 1M SOFR + 5.00% Interest Rate 8.67% Initial Acquisition Date 2/12/2026 Maturity Date 8/1/20292026-03-310001860424us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberck0001860424:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2025-12-310001860424ck0001860424:ConstructionBuildingMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2026-03-310001860424ck0001860424:InsuranceMember2025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Automotive DexKo Global Inc. Closing Date Dollar Term Loan (First Lien) Reference Rate and Spread 3M SOFR + 3.75% Floor 0.50% Interest Rate 7.68% Initial Acquisition Date 2/10/2025 Maturity Date 10/4/20282026-01-012026-03-310001860424ck0001860424:ConsumerGoodsDurableMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Celerion Buyer, Inc. Term Loan (First Lien) Reference Rate and Spread 3M SOFR +5.00% Floor 0.75% Interest Rate 8.67% Initial Acquisition Date 11/7/2022 Maturity Date 11/5/20292026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services Renaissance Holding Corp. 2024-2 Term Loan (First Lien) Reference Rate and Spread 3M SOFR + 4.00% Floor 0.50% Interest Rate 7.72% Initial Acquisition Date 6/11/2025 Maturity Date 4/5/20302025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Construction & Building Mannington Mills, Inc. Term Loan B Reference Rate and Spread 3M SOFR + 4.75% Interest Rate 8.45% Initial Acquisition Date 3/10/2025 Maturity Date 3/25/20322026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Paradigm Parent, LLC Initial Term Loan Reference Rate and Spread 3M SOFR + 4.50% Interest Rate 8.82% Initial Acquisition Date 7/24/2025 Maturity Date 4/16/20322025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Consumer Services Wash & Wax Systems LLC Revolving Loan Reference Rate and Spread 3M SOFR +5.50% Floor 1.00% Interest Rate 9.19% Initial Acquisition Date 4/30/2025 Maturity Date 4/30/20282026-03-310001860424Offen, Inc Type Revolver2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals RxB Holdings, Inc. Term Loan Reference Rate and Spread 1M SOFR + 5.00% Interest Rate 8.73% Initial Acquisition Date 12/19/2025 Maturity Date 12/23/20302025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Non-controlled/Non-affiliated investments Debt Investments Transportation: Cargo Offen, Inc Initial Revolving Loan Reference Rate and Spread 1M SOFR + 5.00% Floor 0.75% Interest Rate 8.67% Initial Acquisition Date 7/18/2025 Maturity Date 7/23/20292026-01-012026-03-310001860424ck0001860424:AutomotiveMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2026-03-310001860424Milestone Technologies, Inc. Type Delayed Draw Term Loan2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Automotive Innovative Xcessories Services LLC Term Loan B Reference Rate and Spread 3M SOFR + 5.50% Floor 1.00% Interest Rate 9.17% Initial Acquisition Date 8/15/2025 Maturity Date 9/5/20292026-03-310001860424us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembersrt:MaximumMember2023-05-052023-05-050001860424Non-controlled/Non-affiliated investments Debt Investments Business Services Montana Buyer Inc. Revolving Loan Reference Rate and Spread PRIME + 4.00% Floor 0.75% Initial Acquisition Date 7/22/2022 Maturity Date 7/22/20282026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Equity Wholesale IMB Holdco LLC Class A Common Units Initial Acquisition Date 10/1/20212026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Non-controlled/Non-affiliated investments Debt Investments Transportation: Cargo VTC Buyer Corp. Advance Revolver Reference Rate and Spread 3M SOFR + 5.25% Floor 1.00% Initial Acquisition Date 7/15/2025 Maturity Date 7/15/20312025-01-012025-12-3100018604242026-05-040001860424ck0001860424:ConsumerGoodsDurableMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-12-310001860424Non-controlled/Non-affiliated investments Equity Business Services Milestone Technologies, Inc. (Maverick Acquisition Holdings, LP) Common Equity Initial Acquisition Date 12/7/20222025-12-310001860424us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Financial Services OneZero Financial Systems, LLC Delayed Draw Term Loan Reference Rate and Spread 3M SOFR + 5.00% Floor 0.75% Interest Rate 8.84% Initial Acquisition Date 10/7/2024 Maturity Date 10/7/20312025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Sovereign & Public Finance S4T Holdings Corp. Delayed Draw Term Loan Reference Rate and Spread 1M SOFR + 4.75% Floor 1.00% Interest Rate 8.42% Initial Acquisition Date 12/27/2021 Maturity Date 12/28/20262026-01-012026-03-310001860424Denali Intermediate Holdings, Inc. Type Revolver2026-01-012026-03-310001860424Jackson Paper Manufacturing Company Type Revolver2026-03-310001860424CP Iris Holdco I, Inc. Type Delayed Draw Term Loan2025-01-012025-12-310001860424OneZero Financial Systems, LLC Type Revolver2026-03-310001860424VTC Buyer Corp. Type Delayed Draw Term Loan2026-03-310001860424us-gaap:InvestmentUnaffiliatedIssuerMemberck0001860424:ChemicalsMemberus-gaap:DebtSecuritiesMember2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services Milestone Technologies, Inc. Revolving Loan Reference Rate and Spread 3M SOFR + 5.00% Floor 1.00% Initial Acquisition Date 8/22/2025 Maturity Date 8/22/20312025-12-310001860424ck0001860424:WholesaleMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-12-310001860424us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0001860424:DebtSecuritiesOneMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMember2025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Insurance Foundation Risk Partners, Corp. Term Loan Reference Rate and Spread 3M SOFR + 4.75% Floor 0.75% Interest Rate 8.45% Initial Acquisition Date 3/8/2023 Maturity Date 10/29/20302026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Non-controlled/Non-affiliated investments Debt Investments Transportation: Cargo VTC Buyer Corp. Designated DDTL Reference Rate and Spread 3M SOFR + 5.25% Floor 1.00% Interest Rate 9.01% Initial Acquisition Date 7/15/2025 Maturity Date 7/15/20312025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services Axiom Global Inc. Amendment No. 4 Refinancing Term Loan Reference Rate and Spread 3M SOFR + 4.50% Floor 0.75% Interest Rate 8.44% Initial Acquisition Date 8/1/2024 Maturity Date 10/2/20282025-01-012025-12-310001860424us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:DebtSecuritiesMember2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Insurance Foundation Risk Partners, Corp. Delayed Draw Term Loan Reference Rate and Spread 3M SOFR + 4.75% Floor 0.75% Interest Rate 8.42% Initial Acquisition Date 3/8/2023 Maturity Date 10/29/20302025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Beverage, Food & Tobacco SPLAT Super HoldCo, LLC Initial Term Loan Reference Rate and Spread 1M SOFR + 5.00% Interest Rate 8.72% Initial Acquisition Date 8/4/2025 Maturity Date 7/2/20322025-12-310001860424ck0001860424:OfferDateJanuaryNineTwoThousandTwentySixMember2026-01-012026-03-310001860424Montana Buyer Inc. Type Revolver2026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Commscope, LLC Initial Term Loan Reference Rate and Spread 1M SOFR + 4.75% Floor 2.00% Interest Rate 8.47% Initial Acquisition Date 10/30/2024 Maturity Date 12/17/20292025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Environmental Industries Northstar Group Services, Inc. Term B Loan (2024) Reference Rate and Spread 3M SOFR + 4.75% Floor 0.50% Interest Rate 8.59% Initial Acquisition Date 5/27/2025 Maturity Date 5/31/20302025-12-310001860424ck0001860424:AfterTheTwelveMonthAnniversaryOfClosingDateMemberck0001860424:OnexFalconDirectLendingBdcSpvLlcMember2024-10-032024-10-030001860424ck0001860424:MediaAdvertisingPrintingPublishingMember2025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Consumer Goods: Non-durable Connect America.com, LLC Term Loan B Reference Rate and Spread 3M SOFR + 5.75% Floor 1.75% Interest Rate 9.42% Initial Acquisition Date 10/11/2024 Maturity Date 10/11/20292025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments High Tech Industries FINThrive Software Intermediate Holdings, Inc. Tranche A Term Loan 3M SOFR + 5.25% Interest Rate 8.94% Initial Acquisition Date 3/7/2025 Maturity Date 12/15/20282025-12-310001860424ck0001860424:OnexFalconDirectLendingBdcSpvLlcMemberck0001860424:PriorToTwoYearAnniversaryOfClosingDateMember2024-10-032024-10-030001860424ck0001860424:ConsumerGoodsNonDurableMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Consumer Goods: Durable BCDI Meteor Acquisition, LLC Initial Term Loan Reference Rate and Spread 3M SOFR + 7.00% Floor 1.00% Interest Rate 10.77% Initial Acquisition Date 12/29/2022 Maturity Date 6/29/20282025-12-310001860424us-gaap:FairValueInputsLevel3Member2025-01-012025-03-310001860424ck0001860424:SumitomoMitsuiBankingCorporationMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001860424:ReinvestmentPeriodMember2024-10-032024-10-030001860424Non-controlled/Non-affiliated investments Debt Investments Insurance Foundation Risk Partners, Corp. Delayed Draw Term Loan Reference Rate and Spread 3M SOFR + 4.75% Floor 0.75% Interest Rate 8.42% Initial Acquisition Date 3/8/2023 Maturity Date 10/29/20302025-01-012025-12-310001860424Amplity Parent, Inc. Type Revolver2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments High Tech Industries FINThrive Software Intermediate Holdings, Inc. Tranche B Term Loan 3M SOFR + 4.00% Interest Rate 7.69% Initial Acquisition Date 1/13/2025 Maturity Date 12/15/20282026-03-310001860424Offen, Inc Type Revolver2025-01-012025-12-310001860424us-gaap:FairValueInputsLevel3Memberck0001860424:DebtSecuritiesOneMemberck0001860424:ValuationTechniqueYieldAnalysisMemberck0001860424:MeasurementInputMarketYieldMember2025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Non-controlled/Non-affiliated investments Debt Investments Transportation: Cargo VTC Buyer Corp. Designated DDTL Reference Rate and Spread 3M SOFR + 5.25% Floor 1.00% Interest Rate 9.01% Initial Acquisition Date 7/15/2025 Maturity Date 7/15/20312025-12-310001860424IMB Midco LLC Type Revolver2026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Bullhorn, Inc. Amendment No. 1 Term Loan Reference Rate and Spread 1M SOFR + 5.00% Floor 1.00% Interest Rate 8.72% Initial Acquisition Date 11/10/2021 Maturity Date 10/01/20292025-12-310001860424ck0001860424:FederalFundsRateMember2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Specialty Pharma III Inc. Revolving Loan Reference Rate and Spread 3M SOFR + 4.75% Floor 0.50% Initial Acquisition Date 12/23/2025 Maturity Date 12/23/20322025-12-310001860424Wash & Wax Systems LLC Type Revolver2026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Beverage, Food & Tobacco SPLAT Super HoldCo, LLC Initial Term Loan Reference Rate and Spread 1M SOFR + 5.00% Interest Rate 8.72% Initial Acquisition Date 8/4/2025 Maturity Date 7/2/20322025-01-012025-12-310001860424Amplity Parent, Inc. Type Revolver2025-12-310001860424Apryse Software Corp. Type Revolver2026-01-012026-03-310001860424The Ultimus Group Midco, LLC Type Delayed Draw Term Loan2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services The Ultimus Group Midco, LLC Initial Term Loan Reference Rate and Spread 3M SOFR + 4.75% Floor 0.75% Interest Rate 8.45% Initial Acquisition Date 7/1/2025 Maturity Date 7/1/20322026-03-310001860424us-gaap:FairValueInputsLevel3Member2026-01-012026-03-310001860424ck0001860424:ContainersPackagingGlassMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-12-310001860424ck0001860424:OnexFalconDirectLendingBdcSpvLlcMemberck0001860424:OnOrPriorToTwelveMonthAnniversaryOfClosingDateMember2024-10-032024-10-030001860424Wash & Wax Systems LLC Type Revolver2025-12-310001860424us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001860424:OnexCreditFinancingCorporationMember2022-09-082022-09-080001860424Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals RxB Holdings, Inc. Term Loan Reference Rate and Spread 1M SOFR + 5.00% Interest Rate 8.73% Initial Acquisition Date 12/19/2025 Maturity Date 12/23/20302025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Apryse Software Corp Term Loan Reference Rate and Spread 3M SOFR + 4.75% Interest Rate 8.46% Initial Acquisition Date 6/25/2025 Maturity Date 6/26/20322026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Flexera Software LLC Revolving Loan Reference Rate and Spread 3M SOFR + 4.50% Floor 0.50% Acquisition Date 8/15/2025 Maturity Date 8/16/20322026-03-310001860424Jackson Paper Manufacturing Company Type Revolver2025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Financial Services OneZero Financial Systems, LLC Revolving Loan Reference Rate and Spread 3M SOFR + 5.0% Floor 0.75% Initial Acquisition Date 10/7/2024 Maturity Date 10/7/20312025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Construction & Building Park River Holdings, Inc. 2025 Refinancing Term Loan Reference Rate and Spread 3M SOFR + 4.50% Floor 0.75% Interest Rate 8.49% Initial Acquisition Date 9/25/2025 Maturity Date 3/15/20312025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Equity Sovereign & Public Finance S4T Holdings Corp. (Vistria ESS Holdings, LLC) Equity Units Initial Acquisition Date 12/27/20212026-01-012026-03-310001860424VTC Buyer Corp. Type Revolver2025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services Denali Intermediate Holdings, Inc. Revolving Credit Loan Reference Rate and Spread 1M SOFR + 5.50% Floor 0.75% Initial Acquisition Date 8/26/2025 Maturity Date 8/26/20322025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Amplity Parent, Inc. Restatement Date Term Loan (First Lien) Reference Rate and Spread 1M SOFR + 6.00% Floor 1.00% Interest Rate 12.27% (2.50% PIK) Initial Acquisition Date 2/4/2022 Maturity Date 1/31/20272026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Specialty Pharma III Inc. Revolving Loan Reference Rate and Spread 3M SOFR + 4.75% Floor 0.50% Interest Rate 8.42% Initial Acquisition Date 12/23/2025 Maturity Date 12/23/20322026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Apryse Software Corp Term Loan Reference Rate and Spread 3M SOFR + 4.75% Interest Rate 8.44% Acquisition Date 6/25/2025 Maturity Date 6/26/20322025-01-012025-12-310001860424us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001860424ck0001860424:InvestmentAdvisoryAgreementMember2026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments High Tech Industries OID-OL Intermediate I, LLC Initial First Out Term Loan (First Lien) Reference Rate and Spread 3M SOFR + 6.00% Interest Rate 9.84%Initial Acquisition Date 6/11/2025 Maturity Date 2/1/20292025-01-012025-12-310001860424ck0001860424:AerospaceAndDefenseMember2026-03-310001860424Non-controlled/Non-affiliated investments Equity Wholesale IMB Holdco LLC Series Z Units Initial Acquisition Date 5/20/20242025-01-012025-12-310001860424ck0001860424:ContainersPackagingGlassMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Construction & Building Park River Holdings, Inc. 2025 Refinancing Term Loan Reference Rate and Spread 3M SOFR + 4.50% Floor 0.75% Interest Rate 8.49% Initial Acquisition Date 9/25/2025 Maturity Date 3/15/20312025-12-3100018604242023-10-012023-10-010001860424country:BM2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Amplity Parent, Inc. Restatement Date Term Loan (First Lien) Reference Rate and Spread 1M SOFR + 6.00% Floor 1.00% Interest Rate 12.27% (2.50% PIK) Initial Acquisition Date 2/4/2022 Maturity Date 1/31/20272026-03-310001860424us-gaap:CommonStockMember2024-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Forest Products & Paper Jackson Paper Manufacturing Company Initial Term Loan Reference Rate and Spread 1M SOFR + 6.50% Floor 1.00% Interest Rate 10.47% Initial Acquisition Date 10/1/2021 Maturity Date 8/26/20282025-01-012025-12-310001860424us-gaap:InvestmentUnaffiliatedIssuerMemberck0001860424:EnvironmentalIndustriesMemberus-gaap:DebtSecuritiesMember2025-12-310001860424us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0001860424:DebtSecuritiesOneMemberus-gaap:MeasurementInputDiscountRateMember2025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Environmental Industries Northstar Group Services, Inc. Term B Loan (2024) Reference Rate and Spread 3M SOFR + 4.75% Floor 0.50% Interest Rate 8.59% Initial Acquisition Date 5/27/2025 Maturity Date 5/31/20302025-01-012025-12-310001860424Milestone Technologies, Inc. Type Revolver2026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Flexera Software LLC Revolving Loan Reference Rate and Spread 3M SOFR + 4.50% Floor 0.50% Acquisition Date 8/15/2025 Maturity Date 8/16/20322025-12-310001860424Non-controlled/Non-affiliated investments Equity Consumer Goods: Non-durable Connect America.com, LLC Common Equity Initial Acquisition Date 12/15/20222025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services ONBE, Inc. Initial Term Loan Reference Rate and Spread 1M SOFR + 5.50% Interest Rate 9.22% Initial Acquisition Date 7/25/2024 Maturity Date 7/25/20312025-12-310001860424srt:MaximumMember2023-10-012023-10-010001860424Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Amplity Parent, Inc. Restatement Date Term Loan (First Lien) Reference Rate and Spread 3M SOFR + 6.00% Floor 1.00% Interest Rate 12.32% (2.50% PIK) Initial Acquisition Date 2/4/2022 Maturity Date 1/31/20272025-01-012025-12-310001860424ck0001860424:ConsumerGoodsNonDurableMember2025-12-310001860424us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2025-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Wholesale IMB Midco LLC Revolving Loan Reference Rate and Spread 3M SOFR + 7.00% Floor 1.00% Initial Acquisition Date 10/1/2021 Maturity Date 4/27/20282025-12-310001860424Celerion Buyer Inc. Type Revolver2026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services AmSpec Parent, LLC Term Loan Reference Rate and Spread 3M SOFR + 3.50% Interest Rate 7.17% Initial Acquisition Date 6/23/2025 Maturity Date 12/22/20312025-12-310001860424us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMemberck0001860424:ValuationTechniqueEnterpriseValueWaterfallMembersrt:MaximumMemberus-gaap:EquitySecuritiesMember2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Planview Parent, Inc. 2024-B Incremental Term Loan (First Lien) Reference Rate and Spread 3M SOFR + 3.50% Interest Rate 7.17% Initial Acquisition Date 9/2/2025 Maturity Date 12/17/20272025-12-310001860424us-gaap:CashDistributionMember2025-01-012025-03-310001860424Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Flexera Software LLC Revolving Loan Reference Rate and Spread 3M SOFR + 4.50% Floor 0.50% Acquisition Date 8/15/2025 Maturity Date 8/16/20322025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Equity Consumer Services Wash & Wax Holdings LLC Class A Common Share Initial Acquisition Date 4/30/20252026-01-012026-03-310001860424us-gaap:FairValueInputsLevel3Memberck0001860424:ValuationTechniqueYieldAnalysisMembersrt:MinimumMemberck0001860424:MeasurementInputMarketYieldMemberus-gaap:DebtSecuritiesMember2025-12-310001860424us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Retail Victra Holdings, LLC Fifth Amendment Incremental Term Loan Reference Rate and Spread 3M SOFR + 3.75% Floor 0.75% Interest Rate 7.42% Initial Acquisition Date 3/3/2025 Maturity Date 3/30/20292025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Automotive RealTruck Group, Inc. Second Amendment Incremental Term Loan Reference Rate and Spread 1M SOFR + 5.00% Floor 0.75% Interest Rate 8.83% Initial Acquisition Date 3/7/2025 Maturity Date 1/31/20282025-12-310001860424Specialty Pharma III Inc. Type Revolver2026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Wholesale IMB Midco LLC Term Loan A Reference Rate and Spread 3M SOFR + 5.00% Floor 1.00% Interest Rate 8.82% (4.00% PIK) Acquisition Date 5/20/2024 Maturity Date 4/27/20282026-03-310001860424ck0001860424:BusinessServicesMember2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Consumer Services Wash & Wax Systems LLC Revolving Loan Reference Rate and Spread 3M SOFR +5.50% Floor 1.00% Interest Rate 9.28% Initial Acquisition Date 4/30/2025 Maturity Date 4/30/20282025-12-310001860424us-gaap:InvestmentUnaffiliatedIssuerMemberck0001860424:SovereignAndPublicFinanceMemberus-gaap:DebtSecuritiesMember2026-03-310001860424CP Iris Holdco I, Inc. Type Delayed Draw Term Loan2026-03-310001860424ck0001860424:SovereignAndPublicFinanceMember2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Automotive Burgess Point Purchaser Corporation Initial Term Loan (First Lien) Reference Rate and Spread 3M SOFR + 5.25% Interest Rate 9.19% Initial Acquisition Date 11/25/2024 Maturity Date 7/25/20292025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Chemicals Hexion Holdings Corporation 2024 Refinancing Term Loan Reference Rate and Spread 1M SOFR + 4.00% Floor 0.50% Interest Rate 7.73% Initial Acquisition Date 12/19/2024 Maturity Date 3/15/20292025-01-012025-12-3100018604242025-01-012025-12-310001860424ck0001860424:ConsumerServicesMember2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Aerospace & Defense LSF12 Phoenix Holdco, LLC Term Loan Reference Rate and Spread 3M SOFR + 4.50% Interest Rate 8.20% Initial Acquisition Date 3/5/2026 Maturity Date 3/25/20332026-03-310001860424ck0001860424:MediaAdvertisingPrintingPublishingMember2026-03-310001860424us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2025-03-310001860424us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-12-310001860424Jackson Paper Manufacturing Company Type Revolver2026-01-012026-03-310001860424Flexera Software LLC Type Revolver2026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Non-controlled/Non-affiliated investments Debt Investments Transportation: Cargo Keystone Purchaser, LLC Term Loan Reference Rate and Spread 6M SOFR + 5.75% Floor 1.00% Interest Rate 9.77% Initial Acquisition Date 2/1/2022 Maturity Date 5/7/20272026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments High Tech Industries FINThrive Software Intermediate Holdings, Inc. Tranche A Term Loan 3M SOFR + 5.25% Interest Rate 8.94% Initial Acquisition Date 3/7/2025 Maturity Date 12/15/20282026-01-012026-03-310001860424Offen, Inc Type Revolver2025-12-310001860424ck0001860424:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-12-310001860424ck0001860424:ChemicalsMember2026-03-3100018604243-Month SOFR2026-03-310001860424srt:MaximumMember2023-01-012023-03-310001860424Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Cornerstone OnDemand, Inc. Initial Term Loan (First Lien) 1M SOFR + 3.75% Floor 0.50% Interest Rate 7.58% Initial Acquisition Date 6/4/2024 Maturity Date 10/16/20282025-12-310001860424Apryse Software Corp. Type Revolver2025-12-310001860424Expired Commitment2025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services Milestone Technologies, Inc. Delayed Draw Term Loan Reference Rate and Spread 3M SOFR + 5.00% Floor 1.00% Initial Acquisition Date 8/22/2025 Maturity Date 8/22/20312026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Specialty Pharma III Inc. Initial Term Loan Reference Rate and Spread 3M SOFR + 4.75% Floor 0.50% Interest Rate 8.44% Initial Acquisition Date 12/23/2025 Maturity Date 12/23/20322026-03-310001860424ck0001860424:FinancialServicesMember2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Paradigm Parent, LLC Initial Term Loan Reference Rate and Spread 3M SOFR + 4.50% Interest Rate 8.20% Initial Acquisition Date 7/24/2025 Maturity Date 4/16/20322026-03-310001860424ck0001860424:SumitomoMitsuiBankingCorporationMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001860424:AfterReinvestmentPeriodMembersrt:MinimumMember2024-10-032024-10-030001860424ck0001860424:OnexFalconInvestmentAdvisorsLlcMember2025-12-310001860424Blue River PetCare, L.L.C. Type Delayed Draw Term Loan2026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Non-controlled/Non-affiliated investments Debt Investments Transportation: Cargo Offen, Inc Initial Revolving Loan Reference Rate and Spread 1M SOFR + 5.00% Floor 0.75% Initial Acquisition Date 7/18/2025 Maturity Date 7/23/20292025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments High Tech Industries OID-OL Intermediate I, LLC Initial First Out Term Loan (First Lien) Reference Rate and Spread 3M SOFR + 6.00% Interest Rate 9.67% Initial Acquisition Date 6/11/2025 Maturity Date 2/1/20292026-03-310001860424ck0001860424:SMBCFacilityMember2025-12-310001860424us-gaap:AdditionalPaidInCapitalMember2025-03-310001860424Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Apryse Software Corp Revolving Credit Facility Reference Rate and Spread 3M SOFR + 4.75% Acquisition Date 6/25/2025 Maturity Date 6/26/20322025-12-310001860424Blue River PetCare, L.L.C. Type Revolver2026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services Milestone Technologies, Inc. Delayed Draw Term Loan Reference Rate and Spread 3M SOFR + 5.00% Floor 1.00% Initial Acquisition Date 8/22/2025 Maturity Date 8/22/20312025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Chemicals CP Iris Holdco I, Inc. Delayed Draw Term Loan (First Lien) Reference Rate and Spread 1M SOFR + 4.00% Initial Acquisition Date 10/17/2025 Maturity Date 10/27/20322025-12-310001860424Montana Buyer Inc. Type Revolver2025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Consumer Services Wash & Wax Systems LLC Revolving Loan Reference Rate and Spread 3M SOFR +5.50% Floor 1.00% Interest Rate 9.19% Initial Acquisition Date 4/30/2025 Maturity Date 4/30/20282026-01-012026-03-3100018604242021-01-012021-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Construction & Building LBM Acquisition, LLC Amendment No. 4 Refinancing Term Loan (First Lien) Reference Rate and Spread 1M SOFR + 5.00% Floor 0.75% Interest Rate 8.73% Initial Acquisition Date 8/20/2025 Maturity Date 6/6/20312025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Non-controlled/Non-affiliated investments Debt Investments Transportation: Cargo Offen, Inc Initial Revolving Loan Reference Rate and Spread 1M SOFR + 5.00% Floor 0.75% Interest Rate 8.67% Initial Acquisition Date 7/18/2025 Maturity Date 7/23/20292026-03-310001860424Non-controlled/Non-affiliated investments Equity Wholesale IMB Holdco LLC Series P Units Initial Acquisition Date 5/15/20232026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Medallia, Inc. Initial Term Loan Reference Rate and Spread 6M SOFR + 6.00% Floor 0.75% Interest Rate 9.70% (4.00% PIK) Initial Acquisition Date 10/29/2021 Maturity Date 10/29/20282026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Celerion Buyer, Inc. Term Loan (First Lien) Reference Rate and Spread 3M SOFR +5.00% Floor 0.75% Interest Rate 8.89% Initial Acquisition Date 11/7/2022 Maturity Date 11/5/20292025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Retail Victra Holdings, LLC Fifth Amendment Incremental Term Loan Reference Rate and Spread 3M SOFR + 3.75% Floor 0.75% Interest Rate 7.42% Initial Acquisition Date 3/3/2025 Maturity Date 3/30/20292025-01-012025-12-310001860424Prime Rate2025-12-310001860424us-gaap:CashDistributionMemberck0001860424:DistributionDeclaredDateMarchFourTwoThousandTwentySixMember2026-01-012026-03-310001860424ck0001860424:SumitomoMitsuiBankingCorporationMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001860424:ReinvestmentPeriodMembersrt:MaximumMember2024-10-032024-10-030001860424Denali Intermediate Holdings, Inc. Type Revolver2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Apryse Software Corp Revolving Credit Facility Reference Rate and Spread 3M SOFR + 4.75% Acquisition Date 6/25/2025 Maturity Date 6/26/20322025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Specialty Pharma III Inc. Initial Term Loan Reference Rate and Spread 3M SOFR + 4.75% Floor 0.50% Interest Rate 8.44% Initial Acquisition Date 12/23/2025 Maturity Date 12/23/20322025-01-012025-12-310001860424Milestone Technologies, Inc. Type Revolver2025-12-310001860424ck0001860424:MediaAdvertisingPrintingPublishingMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2026-03-310001860424us-gaap:EquitySecuritiesMember2025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Financial Services Deerfield Dakota Holding, LLC Initial Term Loan Reference Rate and Spread 3M SOFR + 5.0% Floor 0.75% Interest Rate 9.45% (2.75% PIK) Initial Acquisition Date 9/12/2025 Maturity Date 9/13/20322026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Non-controlled/Non-affiliated investments Debt Investments Transportation: Cargo VTC Buyer Corp. Future Expansion DDTL Reference Rate and Spread 3M SOFR + 5.25% Floor 1.00% % Interest Rate 8.92% Initial Acquisition Date 7/15/2025 Maturity Date 7/15/20312026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Containers, Packaging & Glass Valcour Packaging, LLC Tranche A-1 Term Loan Reference Rate and Spread 1M SOFR + 5.25% Floor 1.00% Interest Rate 8.93% Initial Acquisition Date 10/17/2024 Maturity Date 10/4/20282026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services Montana Buyer Inc. Initial Term Loan Reference Rate and Spread 1M SOFR + 4.75% Floor 0.75% Interest Rate 8.42% Initial Acquisition Date 7/22/2022 Maturity Date 7/22/20292026-01-012026-03-310001860424us-gaap:InvestmentUnaffiliatedIssuerMemberck0001860424:HealthcareAndPharmaceuticalsMemberus-gaap:DebtSecuritiesMember2026-03-310001860424IMB Midco LLC Type Revolver2025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services ONBE, Inc. Initial Term Loan Reference Rate and Spread 1M SOFR + 5.50% Interest Rate 9.17% Initial Acquisition Date 7/25/2024 Maturity Date 7/25/20312026-03-310001860424Denali Intermediate Holdings, Inc. Type Revolver2025-12-310001860424IMB Midco LLC Type Revolver2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Consumer Services Wash & Wax Systems LLC Initial Term Loan Reference Rate and Spread 3M SOFR +5.50% Floor 1.00% Interest Rate 9.17% Initial Acquisition Date 4/30/2025 Maturity Date 4/30/20282026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Consumer Goods: Durable Hy Cite Enterprises, LLC Term Loan Reference Rate and Spread 3M SOFR + 8.00% Floor 1.50% Interest Rate 12.14% Initial Acquisition Date 11/12/2021 Maturity Date 11/10/20262025-01-012025-12-310001860424country:US2025-12-310001860424Specialty Pharma III Inc. Type Revolver2025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Medallia, Inc. Initial Term Loan Reference Rate and Spread 6M SOFR + 6.00% Floor 0.75% Interest Rate 9.70% (4.00% PIK) Initial Acquisition Date 10/29/2021 Maturity Date 10/29/20282026-03-310001860424ck0001860424:BusinessServicesMember2025-12-310001860424us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMemberck0001860424:MeasurementInputTransactionPriceMemberck0001860424:ValuationTechniqueRecentTransactionsMember2025-12-310001860424us-gaap:DebtSecuritiesMember2025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services Milestone Technologies, Inc. Revolving Loan Reference Rate and Spread 3M SOFR + 5.00% Floor 1.00% Initial Acquisition Date 8/22/2025 Maturity Date 8/22/20312025-01-012025-12-310001860424us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2026-03-3100018604243-Month SOFR2025-12-310001860424ck0001860424:WholesaleMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Transportation: Cargo VTC Buyer Corp. Advance Revolver Reference Rate and Spread 3M SOFR + 5.25% Floor 1.00% Interest Rate 8.91% Initial Acquisition Date 7/15/2025 Maturity Date 7/15/20312026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Financial Services Deerfield Dakota Holding, LLC Initial Revolving Credit Reference Rate and Spread 3M SOFR + 3.00% Floor 0.75% Initial Acquisition Date 9/12/2025 Maturity Date 9/13/20322025-01-012025-12-310001860424ck0001860424:ConsumerServicesMember2025-12-310001860424ck0001860424:SumitomoMitsuiBankingCorporationMemberus-gaap:BaseRateMemberck0001860424:AfterReinvestmentPeriodMembersrt:MinimumMember2024-10-032024-10-0300018604242025-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Consumer Goods: Non-durable Wellful Inc. Tranche A Term Loan Reference Rate and Spread 3M SOFR + 5.00% Floor 1.00% Interest Rate 8.96% Initial Acquisition Date 12/31/2024 Maturity Date 4/19/20302026-01-012026-03-310001860424us-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001860424Jackson Paper Manufacturing Company Type Revolver2025-12-310001860424Milestone Technologies, Inc. Type Revolver2025-01-012025-12-310001860424OneZero Financial Systems, LLC Type Revolver2025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Financial Services Apex Group Treasury LLC 2025 Refinancing USD Term Loan Reference Rate and Spread 3M SOFR + 3.50% Interest Rate 7.17% Initial Acquisition Date 2/25/2026 Maturity Date 2/27/20322026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Flexera Software LLC Amendment No. 1 Term Loan Reference Rate and Spread 3M SOFR + 4.50% Floor 0.50% Interest Rate 8.15% Initial Acquisition Date 12/29/2025 Maturity Date 8/16/20322026-01-012026-03-310001860424ck0001860424:OnexFalconInvestmentAdvisorsLlcMember2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Insurance Foundation Risk Partners, Corp. Term Loan Reference Rate and Spread 3M SOFR + 4.75% Floor 0.75% Interest Rate 8.42% Initial Acquisition Date 3/8/2023 Maturity Date 10/29/20302025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Non-controlled/Non-affiliated investments Debt Investments Transportation: Cargo VTC Buyer Corp. Future Expansion DDTL Reference Rate and Spread 3M SOFR + 5.25% Floor 1.00% Interest Rate 8.99 % Initial Acquisition Date 7/15/2025 Maturity Date 7/15/20312025-01-012025-12-310001860424us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMemberck0001860424:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:EquitySecuritiesMember2025-01-012025-12-310001860424OneZero Financial Systems, LLC Type Delayed Draw Term Loan2026-01-012026-03-310001860424Specialty Pharma III Inc. Type Revolver2025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Wholesale IMB Midco LLC Term Loan B Reference Rate and Spread 8.00% Interest Rate 8.00% PIK Initial Acquisition Date 5/20/2024 Maturity Date 4/27/20282025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Non-controlled/Non-affiliated investments Debt Investments Transportation: Cargo Offen, Inc Initial Term Loan Reference Rate and Spread 3M SOFR + 5.00% Floor 0.75% Interest Rate 8.67% Initial Acquisition Date 7/18/2025 Maturity Date 7/22/20302026-03-310001860424VTC Buyer Corp. Type Delayed Draw Term Loan2025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Forest Products & Paper Jackson Paper Manufacturing Company Initial Term Loan Reference Rate and Spread 1M SOFR + 6.25% Floor 1.00% Interest Rate 10.02% Initial Acquisition Date 10/1/2021 Maturity Date 8/26/20262026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Financial Services The Edelman Financial Engines Center, LLC 2024 Refinancing Term Loan (Second Lien) Reference Rate and Spread 1M SOFR + 5.25% Interest Rate 8.92% Initial Acquisition Date 5/23/2024 Maturity Date 10/6/20282026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services Denali Intermediate Holdings, Inc. Revolving Credit Loan Reference Rate and Spread 1M SOFR + 5.50% Floor 0.75% Initial Acquisition Date 8/26/2025 Maturity Date 8/26/20322026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services Milestone Technologies, Inc. Term Loan Reference Rate and Spread 3M SOFR + 5.00% Floor 1.00% Interest Rate 8.70% Initial Acquisition Date 8/22/2025 Maturity Date 8/22/20312026-03-310001860424Celerion Buyer Inc. Type Delayed Draw Term Loan2025-01-012025-12-3100018604242025-01-012025-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Financial Services The Edelman Financial Engines Center, LLC 2024 Refinancing Term Loan (Second Lien) Reference Rate and Spread 1M SOFR + 5.25% Interest Rate 8.97% Initial Acquisition Date 5/23/2024 Maturity Date 10/6/20282025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Celerion MMS Bidco LLC Term Loan (First Lien) Reference Rate and Spread 6M SOFR +5.38% Floor 1.00% Interest Rate 9.07% Initial Acquisition Date 6/30/2022 Maturity Date 6/30/20292025-12-310001860424ck0001860424:SMBCFacilityMember2026-03-310001860424ck0001860424:OnexUSHoldingsLLCMember2026-01-290001860424ck0001860424:HighTechIndustriesMember2026-03-310001860424us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2026-01-012026-03-310001860424us-gaap:CommonStockMember2025-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals RxB Holdings, Inc. Term Loan Reference Rate and Spread 1M SOFR + 5.00% Interest Rate 8.67% Initial Acquisition Date 12/19/2025 Maturity Date 12/23/20302026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Consumer Services Wash & Wax Holdings LLC HoldCoTerm Loan Reference Rate and Spread 12.00% Interest Rate 12.00% PIK Initial Acquisition Date 4/30/2025 Maturity Date 7/30/20282025-01-012025-12-310001860424ck0001860424:HighTechIndustriesMember2025-12-3100018604242024-12-310001860424Non-controlled/Non-affiliated investments Debt Investments High Tech Industries OID-OL Intermediate I, LLC Initial First Out Term Loan (First Lien) Reference Rate and Spread 3M SOFR + 6.00% Interest Rate 9.67% Initial Acquisition Date 6/11/2025 Maturity Date 2/1/20292026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services The Ultimus Group Midco, LLC Initial Delayed Draw Term Loan Reference Rate and Spread 3M SOFR + 4.75% Floor 0.75% Initial Acquisition Date 7/1/2025 Maturity Date 7/1/20322026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Construction & Building Mannington Mills, Inc. Term Loan B Reference Rate and Spread 3M SOFR + 4.75% Interest Rate 8.42% Initial Acquisition Date 3/10/2025 Maturity Date 3/25/20322025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Flexera Software LLC Amendment No. 1 Term Loan Reference Rate and Spread 3M SOFR + 4.50% Floor 0.50% Interest Rate 8.15% Initial Acquisition Date 12/29/2025 Maturity Date 8/16/20322026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Automotive Innovative Xcessories Services LLC Term Loan B Reference Rate and Spread 1M SOFR + 5.50% Floor 1.00% Interest Rate 9.22% Initial Acquisition Date 8/15/2025 Maturity Date 9/5/20292025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Forest Products & Paper Jackson Paper Manufacturing Company Revolving Loan Reference Rate and Spread 1M SOFR + 6.25% Floor 1.00% Initial Acquisition Date 10/1/2021 Maturity Date 8/26/20262026-01-012026-03-310001860424Montana Buyer Inc. Type Revolver2025-12-310001860424Non-controlled/Non-affiliated investments Equity Transportation: Cargo Mascarene VTC Investment Holdings LLC Class A-1 Equity2026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services Denali Intermediate Holdings, Inc. Initial Term Loan Reference Rate and Spread 1M SOFR + 5.50% Floor 0.75% Interest Rate 9.18% Initial Acquisition Date 8/26/2025 Maturity Date 8/26/20322026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Apryse Software Corp Revolving Credit Facility Reference Rate and Spread 3M SOFR + 4.75% Acquisition Date 6/25/2025 Maturity Date 6/26/20322026-03-310001860424ck0001860424:RevolverMember2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Consumer Goods: Durable Hy Cite Enterprises, LLC Term Loan Reference Rate and Spread 3M SOFR + 8.00% Floor 1.50% Interest Rate 12.14% Initial Acquisition Date 11/12/2021 Maturity Date 11/10/20262025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Celerion Buyer, Inc. Term Loan (First Lien) Reference Rate and Spread 3M SOFR +5.00% Floor 0.75% Interest Rate 8.89% Initial Acquisition Date 11/7/2022 Maturity Date 11/5/20292025-01-012025-12-310001860424Apryse Software Corp. Type Revolver2026-03-310001860424us-gaap:FoodAndBeverageMember2025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Financial Services OneZero Financial Systems, LLC Initial Term Loan Reference Rate and Spread 3M SOFR + 5.00% Floor 0.75% Interest Rate 8.84% Initial Acquisition Date 10/7/2024 Maturity Date 10/7/20312025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services Montana Buyer Inc. Initial Term Loan Reference Rate and Spread 1M SOFR + 4.75% Floor 0.75% Interest Rate 8.42% Initial Acquisition Date 7/22/2022 Maturity Date 7/22/20292026-03-310001860424SPLAT Super HoldCo, LLC Type Delayed Draw Term Loan2025-01-012025-12-310001860424us-gaap:FairValueInputsLevel3Memberck0001860424:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:DebtSecuritiesMember2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services Montana Buyer Inc. Revolving Loan Reference Rate and Spread FFR + 3.75% Floor 0.75% Interest Rate 10.10% Initial Acquisition Date 7/22/2022 Maturity Date 7/22/20282026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Sovereign & Public Finance S4T Holdings Corp. Delayed Draw Term Loan Reference Rate and Spread 1M SOFR + 4.75% Floor 1.00% Interest Rate 8.47% Initial Acquisition Date 12/27/2021 Maturity Date 12/28/20262025-12-310001860424us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2025-12-310001860424us-gaap:FairValueInputsLevel3Memberck0001860424:DebtSecuritiesOneMembersrt:WeightedAverageMemberck0001860424:ValuationTechniqueYieldAnalysisMemberck0001860424:MeasurementInputMarketYieldMember2025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Non-controlled/Non-affiliated investments Debt Investments Transportation: Cargo Offen, Inc Initial Revolving Loan Reference Rate and Spread 1M SOFR + 5.00% Floor 0.75% Initial Acquisition Date 7/18/2025 Maturity Date 7/23/20292025-12-310001860424Non-controlled/Non-affiliated investments Equity Wholesale IMB Holdco LLC Series Z Units Initial Acquisition Date 5/20/20242026-03-310001860424us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001860424:OnexCreditFinancingCorporationMember2026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Automotive RealTruck Group, Inc. Second Amendment Incremental Term Loan Reference Rate and Spread 1M SOFR + 5.00% Floor 0.75% Interest Rate 8.83% Initial Acquisition Date 3/7/2025 Maturity Date 1/31/20282025-01-012025-12-310001860424us-gaap:AdditionalPaidInCapitalMember2025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Forest Products & Paper Jackson Paper Manufacturing Company Revolving Loan Reference Rate and Spread 1M SOFR + 6.50% Floor 1.00% Initial Acquisition Date 10/1/2021 Maturity Date 8/26/20282025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Containers, Packaging & Glass Valcour Packaging, LLC Tranche A-1 Term Loan Reference Rate and Spread 1M SOFR + 5.25% Floor 1.00% Interest Rate 8.99% Initial Acquisition Date 10/17/2024 Maturity Date 10/4/20282025-01-012025-12-310001860424ck0001860424:ThreeMonthSofrMember2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Financial Services The Edelman Financial Engines Center, LLC 2024 Refinancing Term Loan (Second Lien) Reference Rate and Spread 1M SOFR + 5.25% Interest Rate 8.92% Initial Acquisition Date 5/23/2024 Maturity Date 10/6/20282026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Non-controlled/Non-affiliated investments Debt Investments Transportation: Cargo VTC Buyer Corp. Advance Revolver Reference Rate and Spread 3M SOFR + 5.25% Floor 1.00% Initial Acquisition Date 7/15/2025 Maturity Date 7/15/20312025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Blue River PetCare, L.L.C. 2026 Additional Revolving Commitment Reference Rate and Spread 1M SOFR + 5.00% Initial Acquisition Date 2/12/2026 Maturity Date 8/1/20292026-01-012026-03-310001860424AmSpec Parent, LLC Type Delayed Draw Term Loan2025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Consumer Goods: Durable BCDI Meteor Acquisition, LLC Initial Term Loan Reference Rate and Spread 1M SOFR + 7.00% Floor 1.00% Interest Rate 10.77% Initial Acquisition Date 12/29/2022 Maturity Date 6/29/20282026-03-310001860424Flexera Software LLC Type Revolver2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments High Tech Industries FINThrive Software Intermediate Holdings, Inc. Tranche B Term Loan 3M SOFR + 4.00% Interest Rate 7.69% Initial Acquisition Date 1/13/2025 Maturity Date 12/15/20282025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Consumer Services Wash & Wax Holdings LLC HoldCoTerm Loan Reference Rate and Spread 12.00% Interest Rate 12.00% PIK Initial Acquisition Date 4/30/2025 Maturity Date 7/30/20282026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Paradigm Parent, LLC Initial Term Loan Reference Rate and Spread 3M SOFR + 4.50% Interest Rate 8.82% Initial Acquisition Date 7/24/2025 Maturity Date 4/16/20322025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Transportation: Cargo AIT Worldwide Logistics Holdings, Inc. Add-on Term Loan B Reference Rate and Spread 3M SOFR + 4.00% Floor 0.75% Interest Rate 7.89% Initial Acquisition Date 11/14/2024 Maturity Date 4/8/20302025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Non-controlled/Non-affiliated investments Debt Investments Transportation: Cargo VTC Buyer Corp. Term A Loan Reference Rate and Spread 3M SOFR + 5.25% Floor 1.00% Interest Rate 9.15% Initial Acquisition Date 7/15/2025 Maturity Date 7/15/20312025-01-012025-12-310001860424Blue River PetCare, L.L.C. Type Revolver2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Wholesale IMB Midco LLC Revolving Loan Reference Rate and Spread 3M SOFR + 1.15% Floor 1.00% Interest Rate 4.81% Initial Acquisition Date 10/1/2021 Maturity Date 4/27/20282026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Medallia, Inc. Initial USD Term Loan Reference Rate and Spread 6M SOFR + 6.00% Floor 0.75% Interest Rate 9.70% (4.00% PIK) Initial Acquisition Date 10/29/2021 Maturity Date 10/29/20282025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Beverage, Food & Tobacco Golden State Foods LLC Initial Term Loan Reference Rate and Spread 3M SOFR + 4.00% Interest Rate 7.67% Initial Acquisition Date 9/16/2025 Maturity Date 12/4/20312025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Financial Services OneZero Financial Systems, LLC Initial Term Loan Reference Rate and Spread 3M SOFR + 5.00% Floor 0.75% Interest Rate 8.66% Initial Acquisition Date 10/7/2024 Maturity Date 10/7/20312026-03-310001860424ck0001860424:FinancialServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Cotiviti, Inc. Initial Floating Rate Term Loan Reference Rate and Spread 1M SOFR +2.75% Interest Rate 6.42% Initial Acquisition Date 2/26/2026 Maturity Date 5/1/20312026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Sovereign & Public Finance S4T Holdings Corp. Delayed Draw Term Loan Reference Rate and Spread 1M SOFR + 4.75% Floor 1.00% Interest Rate 8.42% Initial Acquisition Date 12/27/2021 Maturity Date 12/28/20262026-03-310001860424us-gaap:BaseRateMemberck0001860424:SumitomoMitsuiBankingCorporationMembersrt:MinimumMemberck0001860424:ReinvestmentPeriodMember2024-10-032024-10-030001860424us-gaap:FairValueInputsLevel3Memberck0001860424:ValuationTechniqueYieldAnalysisMemberck0001860424:MeasurementInputMarketYieldMemberus-gaap:DebtSecuritiesMember2026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services CoolSys, Inc. Closing Date Initial Term Loan Reference Rate and Spread 3M SOFR + 6.00% Floor 0.75% Interest Rate 9.68% (3.5% PIK) Initial Acquisition Date 5/1/2024 Maturity Date 2/11/20302026-03-310001860424ck0001860424:DistributionDeclaredDateMarchFiveTwoThousandTwentyFiveMemberus-gaap:CashDistributionMember2025-01-012025-03-310001860424Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Commscope, LLC Initial Term Loan Reference Rate and Spread 1M SOFR + 4.75% Floor 2.00% Interest Rate 8.47% Initial Acquisition Date 10/30/2024 Maturity Date 12/17/20292025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Construction & Building Mannington Mills, Inc. Term Loan B Reference Rate and Spread 3M SOFR + 4.75% Interest Rate 8.45% Initial Acquisition Date 3/10/2025 Maturity Date 3/25/20322026-03-310001860424us-gaap:FairValueInputsLevel3Memberck0001860424:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberus-gaap:EquitySecuritiesMember2025-12-310001860424us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2024-12-310001860424ck0001860424:RevolverMember2025-12-310001860424ck0001860424:ThreeMonthSofrMember2025-12-310001860424us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:DebtSecuritiesMember2025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments High Tech Industries FINThrive Software Intermediate Holdings, Inc. Tranche B Term Loan 3M SOFR + 4.00% Interest Rate 7.69% Initial Acquisition Date 1/13/2025 Maturity Date 12/15/20282026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals RxB Holdings, Inc. Term Loan Reference Rate and Spread 1M SOFR + 5.00% Interest Rate 8.67% Initial Acquisition Date 12/19/2025 Maturity Date 12/23/20302026-01-012026-03-310001860424ck0001860424:OneMonthSofrMember2025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services Milestone Technologies, Inc. Term Loan Reference Rate and Spread 3M SOFR + 5.00% Floor 1.00% Interest Rate 8.70% Initial Acquisition Date 8/22/2025 Maturity Date 8/22/20312026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments High Tech Industries OID-OL Intermediate I, LLC Initial First Out Term Loan (First Lien) Reference Rate and Spread 3M SOFR + 6.00% Interest Rate 9.84%Initial Acquisition Date 6/11/2025 Maturity Date 2/1/20292025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Bullhorn, Inc. Amendment No. 1 Term Loan Reference Rate and Spread 1M SOFR + 5.00% Floor 1.00% Interest Rate 8.67% Initial Acquisition Date 11/10/2021 Maturity Date 10/01/20292026-03-310001860424us-gaap:DelayedDrawTermLoanMember2026-03-310001860424us-gaap:InvestmentUnaffiliatedIssuerMemberck0001860424:TransportationCargoMemberus-gaap:EquitySecuritiesMember2025-12-3100018604242026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Forest Products & Paper Jackson Paper Manufacturing Company Initial Term Loan Reference Rate and Spread 1M SOFR + 6.25% Floor 1.00% Interest Rate 10.02% Initial Acquisition Date 10/1/2021 Maturity Date 8/26/20262026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments High Tech Industries FINThrive Software Intermediate Holdings, Inc. Tranche A Term Loan 3M SOFR + 5.25% Interest Rate 8.94% Initial Acquisition Date 3/7/2025 Maturity Date 12/15/20282025-01-012025-12-310001860424ck0001860424:WholesaleMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-12-310001860424srt:MinimumMember2023-10-012023-10-010001860424us-gaap:EquitySecuritiesMember2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services The Ultimus Group Midco, LLC Initial Term Loan Reference Rate and Spread 3M SOFR + 4.75% Floor 0.75% Interest Rate 8.42% Initial Acquisition Date 7/1/2025 Maturity Date 7/1/20322025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services ONBE, Inc. Initial Term Loan Reference Rate and Spread 1M SOFR + 5.50% Interest Rate 9.22% Initial Acquisition Date 7/25/2024 Maturity Date 7/25/20312025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Equity Wholesale IMB Holdco LLC Series P Units Initial Acquisition Date 5/15/20232025-01-012025-12-310001860424Flexera Software LLC Type Revolver2025-01-012025-12-310001860424us-gaap:FairValueInputsLevel3Memberck0001860424:ValuationTechniqueYieldAnalysisMemberck0001860424:MeasurementInputMarketYieldMembersrt:MaximumMemberus-gaap:DebtSecuritiesMember2025-12-310001860424us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMemberus-gaap:DebtSecuritiesMember2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services The Ultimus Group Midco, LLC Initial Term Loan Reference Rate and Spread 3M SOFR + 4.75% Floor 0.75% Interest Rate 8.42% Initial Acquisition Date 7/1/2025 Maturity Date 7/1/20322025-12-310001860424us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001860424:ValuationTechniqueYieldAnalysisMemberck0001860424:MeasurementInputMarketYieldMemberus-gaap:DebtSecuritiesMember2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Financial Services OneZero Financial Systems, LLC Delayed Draw Term Loan Reference Rate and Spread 3M SOFR + 5.00% Floor 0.75% Interest Rate 8.66% Initial Acquisition Date 10/7/2024 Maturity Date 10/7/20312026-03-310001860424ck0001860424:InsuranceMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-12-310001860424ck0001860424:OnexCreditFinanceIICorporationMember2023-05-052023-05-050001860424Non-controlled/Non-affiliated investments Debt Investments Business Services Renaissance Holding Corp. 2024-2 Term Loan (First Lien) Reference Rate and Spread 1M SOFR + 4.00% Floor 0.50% Interest Rate 7.67% Initial Acquisition Date 6/11/2025 Maturity Date 4/5/20302026-03-310001860424Wash & Wax Systems LLC Type Revolver2025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Celerion Buyer, Inc. Revolving Loan Reference Rate and Spread 3M SOFR +5.00% Floor 0.75% Initial Acquisition Date 11/7/2022 Maturity Date 11/3/20282025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Wholesale IMB Midco LLC Term Loan A Reference Rate and Spread 6M SOFR + 6.00% Floor 1.00% Interest Rate 9.45% (4.00% PIK) Acquisition Date 5/20/2024 Maturity Date 4/27/20282025-01-012025-12-310001860424us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001860424:OnexFalconDirectLendingBdcSpvLlcMemberck0001860424:SpvFacilityMember2026-01-012026-03-310001860424us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001860424:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:DebtSecuritiesMember2025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services The Ultimus Group Midco, LLC Initial Delayed Draw Term Loan Reference Rate and Spread 3M SOFR + 4.75% Floor 0.75% Initial Acquisition Date 7/1/2025 Maturity Date 7/1/20322026-03-310001860424ck0001860424:OnexFalconDirectLendingBdcSpvLlcMemberck0001860424:PriorToOneYearAnniversaryOfClosingDateMember2024-10-032024-10-030001860424Non-controlled/Non-affiliated investments Debt Investments Non-controlled/Non-affiliated investments Debt Investments Transportation: Cargo Keystone Purchaser, LLC Term Loan Reference Rate and Spread 1M SOFR + 5.75% Floor 1.00% Interest Rate 9.77% Initial Acquisition Date 2/1/2022 Maturity Date 5/7/20272025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services The Ultimus Group Midco, LLC Initial Term Loan Reference Rate and Spread 3M SOFR + 4.75% Floor 0.75% Interest Rate 8.45% Initial Acquisition Date 7/1/2025 Maturity Date 7/1/20322026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Wholesale IMB Midco LLC Term Loan B Reference Rate and Spread 8.00% Interest Rate 8.00% PIK Initial Acquisition Date 5/20/2024 Maturity Date 4/27/20282026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services Denali Intermediate Holdings, Inc. Initial Term Loan Reference Rate and Spread 1M SOFR + 5.50% Floor 0.75% Interest Rate 9.23% Initial Acquisition Date 8/26/2025 Maturity Date 8/26/20322025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Wholesale IMB Midco LLC Term Loan A Reference Rate and Spread 3M SOFR + 5.00% Floor 1.00% Interest Rate 8.82% (4.00% PIK) Acquisition Date 5/20/2024 Maturity Date 4/27/20282026-01-012026-03-310001860424Deerfield Dakota Holding, LLC Type Revolver2025-01-012025-12-310001860424ck0001860424:AdministrationAgreementMember2026-01-012026-03-310001860424ck0001860424:BeverageFoodAndTobaccoMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Non-controlled/Non-affiliated investments Debt Investments Transportation: Cargo VTC Buyer Corp. Future Expansion DDTL Reference Rate and Spread 3M SOFR + 5.25% Floor 1.00% % Interest Rate 8.92% Initial Acquisition Date 7/15/2025 Maturity Date 7/15/20312026-03-310001860424Non-controlled/Non-affiliated investments Equity Wholesale IMB Holdco LLC Class A Common Units Initial Acquisition Date 10/1/20212025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Insurance Foundation Risk Partners, Corp. Delayed Draw Term Loan Reference Rate and Spread 3M SOFR + 4.75% Floor 0.75% Interest Rate 8.45% Initial Acquisition Date 3/8/2023 Maturity Date 10/29/20302026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Flexera Software LLC Initial USD Term Loan Reference Rate and Spread 3M SOFR + 4.50% Floor 0.50% Interest Rate 8.15% Initial Acquisition Date 8/15/2025 Maturity Date 8/16/20322026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Transportation: Cargo VTC Buyer Corp. Advance Revolver Reference Rate and Spread 3M SOFR + 5.25% Floor 1.00% Interest Rate 8.91% Initial Acquisition Date 7/15/2025 Maturity Date 7/15/20312026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Financial Services Deerfield Dakota Holding, LLC Initial Term Loan Reference Rate and Spread 3M SOFR + 3.00% Floor 0.75% Interest Rate 9.42% (2.75% PIK) Initial Acquisition Date 9/12/2025 Maturity Date 9/13/20322025-12-310001860424country:GB2025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Chemicals CP Iris Holdco I, Inc. Delayed Draw Term Loan (First Lien) Reference Rate and Spread 1M SOFR + 4.00% Initial Acquisition Date 10/17/2025 Maturity Date 10/27/20322025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services Milestone Technologies, Inc. Delayed Draw Term Loan Reference Rate and Spread 3M SOFR + 5.00% Floor 1.00% Initial Acquisition Date 8/22/2025 Maturity Date 8/22/20312026-03-310001860424ck0001860424:OnexFalconDirectLendingBdcSpvLlcMemberck0001860424:SpvFacilityMember2023-04-040001860424Non-controlled/Non-affiliated investments Debt Investments Business Services Montana Buyer Inc. Initial Term Loan Reference Rate and Spread 1M SOFR + 4.75% Floor 0.75% Interest Rate 8.47% Initial Acquisition Date 7/22/2022 Maturity Date 7/22/20292025-12-310001860424us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001860424:OnexCreditFinanceIICorporationMember2023-05-052023-05-050001860424country:US2026-03-310001860424us-gaap:CommonStockMember2026-03-310001860424ck0001860424:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Consumer Goods: Durable Hy Cite Enterprises, LLC Term Loan Reference Rate and Spread 3M SOFR + 8.00% Floor 1.50% Interest Rate 11.91% Initial Acquisition Date 11/12/2021 Maturity Date 11/10/20262026-03-310001860424srt:MinimumMember2026-01-012026-03-310001860424ck0001860424:SumitomoMitsuiBankingCorporationMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001860424:AfterReinvestmentPeriodMember2024-10-032024-10-030001860424ck0001860424:ForestProductsAndPaperMember2025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services CoolSys, Inc. Closing Date Initial Term Loan Reference Rate and Spread 3M SOFR + 6.00% Floor 0.75% Interest Rate 9.68% (3.5% PIK) Initial Acquisition Date 5/1/2024 Maturity Date 2/11/20302026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Financial Services OneZero Financial Systems, LLC Initial Term Loan Reference Rate and Spread 3M SOFR + 5.00% Floor 0.75% Interest Rate 8.84% Initial Acquisition Date 10/7/2024 Maturity Date 10/7/20312025-12-310001860424Celerion Buyer Inc. Type Revolver2026-03-310001860424ck0001860424:ConstructionBuildingMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-12-310001860424us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:DebtSecuritiesMember2026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Non-controlled/Non-affiliated investments Debt Investments Transportation: Cargo Keystone Purchaser, LLC Term Loan Reference Rate and Spread 6M SOFR + 5.75% Floor 1.00% Interest Rate 9.77% Initial Acquisition Date 2/1/2022 Maturity Date 5/7/20272026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Automotive DexKo Global Inc. Closing Date Dollar Term Loan (First Lien) Reference Rate and Spread 3M SOFR + 3.75% Floor 0.50% Interest Rate 7.68% Initial Acquisition Date 2/10/2025 Maturity Date 10/4/20282026-03-310001860424us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMemberck0001860424:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:EquitySecuritiesMember2026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Flexera Software LLC Initial USD Term Loan Reference Rate and Spread 3M SOFR + 4.50% Floor 0.50% Interest Rate 8.15% Initial Acquisition Date 8/15/2025 Maturity Date 8/16/20322026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services AmSpec Parent, LLC Term Loan Reference Rate and Spread 3M SOFR + 3.50% Interest Rate 7.17% Initial Acquisition Date 6/23/2025 Maturity Date 12/22/20312025-01-012025-12-310001860424us-gaap:FairValueInputsLevel3Memberck0001860424:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2026-03-310001860424us-gaap:AdditionalPaidInCapitalMember2024-12-310001860424Amplity Parent, Inc. Type Revolver2025-01-012025-12-310001860424CP Iris Holdco I, Inc. Type Delayed Draw Term Loan2025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services Milestone Technologies, Inc. Term Loan Reference Rate and Spread 3M SOFR + 5.00% Floor 1.00% Interest Rate 8.67% Initial Acquisition Date 8/22/2025 Maturity Date 8/22/20312025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services Milestone Technologies, Inc. Revolving Loan Reference Rate and Spread 3M SOFR + 5.00% Floor 1.00% Initial Acquisition Date 8/22/2025 Maturity Date 8/22/20312026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Celerion Buyer, Inc. Revolving Loan Reference Rate and Spread 3M SOFR +5.00% Floor 0.75% Initial Acquisition Date 11/7/2022 Maturity Date 11/3/20282026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Cornerstone OnDemand, Inc. Initial Term Loan (First Lien) 1M SOFR + 3.75% Floor 0.50% Interest Rate 7.53% Initial Acquisition Date 6/4/2024 Maturity Date 10/16/20282026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Apryse Software Corp Revolving Credit Facility Reference Rate and Spread 3M SOFR + 4.75% Acquisition Date 6/25/2025 Maturity Date 6/26/20322026-01-012026-03-310001860424us-gaap:FairValueInputsLevel3Memberck0001860424:ValuationTechniqueYieldAnalysisMemberck0001860424:MeasurementInputMarketYieldMemberus-gaap:DebtSecuritiesMember2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Non-controlled/Non-affiliated investments Debt Investments Transportation: Cargo Keystone Purchaser, LLC Term Loan Reference Rate and Spread 1M SOFR + 5.75% Floor 1.00% Interest Rate 9.77% Initial Acquisition Date 2/1/2022 Maturity Date 5/7/20272025-12-310001860424The Ultimus Group Midco, LLC Type Revolver2025-01-012025-12-310001860424us-gaap:RetailMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Financial Services Deerfield Dakota Holding, LLC Initial Revolving Credit Reference Rate and Spread 1M SOFR + 5.25% Floor 0.75% Interest Rate 8.93% Initial Acquisition Date 9/12/2025 Maturity Date 9/13/20322026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals MMS Bidco LLC Term Loan (First Lien) Reference Rate and Spread 6M SOFR +5.38% Floor 1.00% Interest Rate 9.07% Initial Acquisition Date 6/30/2022 Maturity Date 6/30/20292026-01-012026-03-310001860424Montana Buyer Inc. Type Revolver2026-03-310001860424us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:DebtSecuritiesMember2026-03-310001860424us-gaap:FairValueInputsLevel2Memberus-gaap:DebtSecuritiesMember2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services The Ultimus Group Midco, LLC Revolving Credit Loan Reference Rate and Spread 3M SOFR + 4.75% Floor 0.75% Initial Acquisition Date 7/1/2025 Maturity Date 7/1/20322026-01-012026-03-310001860424us-gaap:FairValueInputsLevel3Memberck0001860424:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:DebtSecuritiesMember2025-01-012025-12-310001860424SPLAT Super HoldCo, LLC Type Delayed Draw Term Loan2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Forest Products & Paper Jackson Paper Manufacturing Company Revolving Loan Reference Rate and Spread 1M SOFR + 6.25% Floor 1.00% Initial Acquisition Date 10/1/2021 Maturity Date 8/26/20262026-03-310001860424Offen, Inc Type Revolver2026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Transportation: Cargo AIT Worldwide Logistics Holdings, Inc. Add-on Term Loan B Reference Rate and Spread 3M SOFR + 4.00% Floor 0.75% Interest Rate 7.89% Initial Acquisition Date 11/14/2024 Maturity Date 4/8/20302025-12-310001860424us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2024-12-310001860424Non-controlled/Non-affiliated investments Equity Consumer Goods: Non-durable Connect America.com, LLC Common Equity Initial Acquisition Date 12/15/20222026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Automotive RealTruck Group, Inc. Second Amendment Incremental Term Loan Reference Rate and Spread 3M SOFR + 5.00% Floor 0.75% Interest Rate 8.93% Initial Acquisition Date 3/7/2025 Maturity Date 1/31/20282026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Financial Services OneZero Financial Systems, LLC Delayed Draw Term Loan Reference Rate and Spread 3M SOFR + 5.00% Floor 0.75% Interest Rate 8.66% Initial Acquisition Date 10/7/2024 Maturity Date 10/7/20312026-01-012026-03-310001860424Celerion Buyer Inc. Type Revolver2025-01-012025-12-310001860424us-gaap:DelayedDrawTermLoanMember2025-12-310001860424ck0001860424:AerospaceAndDefenseMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services Renaissance Holding Corp. 2024-2 Term Loan (First Lien) Reference Rate and Spread 3M SOFR + 4.00% Floor 0.50% Interest Rate 7.72% Initial Acquisition Date 6/11/2025 Maturity Date 4/5/20302025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Celerion Buyer, Inc. Term Loan (First Lien) Reference Rate and Spread 3M SOFR +5.00% Floor 0.75% Interest Rate 8.67% Initial Acquisition Date 11/7/2022 Maturity Date 11/5/20292026-03-310001860424Apryse Software Corp. Type Revolver2025-01-012025-12-310001860424VTC Buyer Corp. Type Revolver2025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Bullhorn, Inc. Amendment No. 1 Term Loan Reference Rate and Spread 1M SOFR + 5.00% Floor 1.00% Interest Rate 8.67% Initial Acquisition Date 11/10/2021 Maturity Date 10/01/20292026-01-012026-03-310001860424AmSpec Parent, LLC Type Delayed Draw Term Loan2025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Blue River PetCare, L.L.C. 2026 Additional Term Loan Reference Rate and Spread 1M SOFR + 5.00% Interest Rate 8.67% Initial Acquisition Date 2/12/2026 Maturity Date 8/1/20292026-01-012026-03-310001860424us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0001860424:DebtSecuritiesOneMemberus-gaap:MeasurementInputDiscountRateMember2025-01-012025-12-310001860424ck0001860424:OneMonthSofrMember2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Celerion Buyer, Inc. Revolving Loan Reference Rate and Spread 3M SOFR +5.00% Floor 0.75% Initial Acquisition Date 11/7/2022 Maturity Date 11/3/20282026-03-310001860424us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001860424:ValuationTechniqueYieldAnalysisMemberck0001860424:MeasurementInputMarketYieldMemberus-gaap:DebtSecuritiesMember2025-12-310001860424ck0001860424:OnexCreditFinancingCorporationMember2022-09-080001860424Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Amplity Parent, Inc. Revolving Credit Facility Reference Rate and Spread 3M SOFR + 6.00% Floor 1.00% Interest Rate 12.32% (2.50% PIK) Initial Acquisition Date 2/4/2022 Maturity Date 1/31/20272025-01-012025-12-310001860424us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2025-01-012025-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services Milestone Technologies, Inc. Revolving Loan Reference Rate and Spread 3M SOFR + 5.00% Floor 1.00% Initial Acquisition Date 8/22/2025 Maturity Date 8/22/20312026-03-310001860424us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2025-01-012025-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Financial Services Deerfield Dakota Holding, LLC Initial Term Loan Reference Rate and Spread 3M SOFR + 5.0% Floor 0.75% Interest Rate 9.45% (2.75% PIK) Initial Acquisition Date 9/12/2025 Maturity Date 9/13/20322026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services Denali Intermediate Holdings, Inc. Revolving Credit Loan Reference Rate and Spread 1M SOFR + 5.50% Floor 0.75% Initial Acquisition Date 8/26/2025 Maturity Date 8/26/20322025-12-310001860424Specialty Pharma III Inc. Type Revolver2026-03-310001860424ck0001860424:OnexFalconDirectLendingBdcSpvLlcMemberck0001860424:SpvFacilityMember2026-01-012026-03-310001860424ck0001860424:ConstructionBuildingMember2025-12-310001860424ck0001860424:SixMonthSofrMember2026-03-310001860424ck0001860424:ChemicalsMember2025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Media: Advertising, Printing & Publishing Summer (BC) Bidco B LLC Extended Facility B (USD) Reference Rate and Spread 3M SOFR + 5.00% Interest Rate 8.96% Initial Acquisition Date 2/7/2025 Maturity Date 2/15/20292026-01-012026-03-310001860424ck0001860424:OnexFalconDirectLendingBdcSpvLlcMemberck0001860424:SpvFacilityMember2021-10-052022-04-040001860424us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001860424:OnexUSHoldingsLLCMember2026-01-292026-01-290001860424ck0001860424:ConsumerGoodsNonDurableMember2026-03-310001860424ck0001860424:RevolvingOcfIiLoanMember2025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Flexera Software LLC Initial USD Term Loan Reference Rate and Spread 3M SOFR + 4.50% Floor 0.50% Interest Rate 8.35% Initial Acquisition Date 8/15/2025 Maturity Date 8/16/20322025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Construction & Building LBM Acquisition, LLC Amendment No. 4 Refinancing Term Loan (First Lien) Reference Rate and Spread 1M SOFR + 5.00% Floor 0.75% Interest Rate 8.73% Initial Acquisition Date 8/20/2025 Maturity Date 6/6/20312025-01-012025-12-310001860424us-gaap:CommonStockMember2025-01-012025-03-310001860424SPLAT Super HoldCo, LLC Type Delayed Draw Term Loan2026-01-012026-03-310001860424ck0001860424:EnvironmentalIndustriesMember2025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Financial Services OneZero Financial Systems, LLC Revolving Loan Reference Rate and Spread 3M SOFR + 5.0% Floor 0.75% Initial Acquisition Date 10/7/2024 Maturity Date 10/7/20312026-01-012026-03-310001860424Deerfield Dakota Holding, LLC Type Revolver2025-12-310001860424us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001860424:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Cornerstone OnDemand, Inc. Initial Term Loan (First Lien) 1M SOFR + 3.75% Floor 0.50% Interest Rate 7.58% Initial Acquisition Date 6/4/2024 Maturity Date 10/16/20282025-01-012025-12-310001860424Celerion Buyer Inc. Type Delayed Draw Term Loan2025-12-310001860424us-gaap:InvestmentUnaffiliatedIssuerMemberck0001860424:SovereignAndPublicFinanceMemberus-gaap:EquitySecuritiesMember2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Celerion MMS Bidco LLC Term Loan (First Lien) Reference Rate and Spread 6M SOFR +5.38% Floor 1.00% Interest Rate 9.07% Initial Acquisition Date 6/30/2022 Maturity Date 6/30/20292025-01-012025-12-310001860424us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMemberus-gaap:DebtSecuritiesMember2025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Construction & Building Cornerstone Building Brands, Inc. Tranche B Term Loan Reference Rate and Spread 3M SOFR + 3.25% Interest Rate 7.02% Initial Acquisition Date 3/7/2025 Maturity Date 4/12/20282026-03-310001860424ck0001860424:ForestProductsAndPaperMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Specialty Pharma III Inc. Revolving Loan Reference Rate and Spread 3M SOFR + 4.75% Floor 0.50% Initial Acquisition Date 12/23/2025 Maturity Date 12/23/20322025-01-012025-12-3100018604246-Month SOFR2025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Specialty Pharma III Inc. Revolving Loan Reference Rate and Spread 3M SOFR + 4.75% Floor 0.50% Interest Rate 8.42% Initial Acquisition Date 12/23/2025 Maturity Date 12/23/20322026-03-310001860424Non-controlled/Non-affiliated investments Equity Wholesale IMB Holdco LLC Series P Units Initial Acquisition Date 5/15/20232025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Construction & Building Mannington Mills, Inc. Term Loan B Reference Rate and Spread 3M SOFR + 4.75% Interest Rate 8.42% Initial Acquisition Date 3/10/2025 Maturity Date 3/25/20322025-01-012025-12-310001860424us-gaap:FairValueInputsLevel2Member2025-12-310001860424Non-controlled/Non-affiliated investments Equity Consumer Services Wash & Wax Holdings LLC Class A Common Share Initial Acquisition Date 4/30/20252026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Blue River PetCare, L.L.C. 2026 Additional Revolving Commitment Reference Rate and Spread 1M SOFR + 5.00% Initial Acquisition Date 2/12/2026 Maturity Date 8/1/20292026-03-310001860424us-gaap:DebtSecuritiesMember2026-03-310001860424us-gaap:FairValueInputsLevel3Memberck0001860424:ValuationTechniqueYieldAnalysisMemberck0001860424:MeasurementInputMarketYieldMemberus-gaap:DebtSecuritiesMember2025-01-012025-12-310001860424ck0001860424:ConsumerServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Automotive Burgess Point Purchaser Corporation Initial Term Loan (First Lien) Reference Rate and Spread 3M SOFR + 5.25% Interest Rate 9.02% Initial Acquisition Date 11/25/2024 Maturity Date 7/25/20292026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Wholesale IMB Midco LLC Term Loan B Reference Rate and Spread 8.00% Interest Rate 8.00% PIK Initial Acquisition Date 5/20/2024 Maturity Date 4/27/20282025-12-310001860424us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMemberck0001860424:HighTechIndustriesMember2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Consumer Goods: Non-durable Wellful Inc. Tranche A Term Loan Reference Rate and Spread 1M SOFR + 5.00% Floor 1.00% Interest Rate 8.83% Initial Acquisition Date 12/31/2024 Maturity Date 4/19/20302025-01-012025-12-310001860424Denali Intermediate Holdings, Inc. Type Revolver2025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Equity Consumer Goods: Non-durable Connect America.com, LLC Common Equity Initial Acquisition Date 12/15/20222026-01-012026-03-310001860424us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Financial Services Deerfield Dakota Holding, LLC Initial Revolving Credit Reference Rate and Spread 1M SOFR + 5.25% Floor 0.75% Interest Rate 8.93% Initial Acquisition Date 9/12/2025 Maturity Date 9/13/20322026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Automotive Burgess Point Purchaser Corporation Initial Term Loan (First Lien) Reference Rate and Spread 3M SOFR + 5.25% Interest Rate 9.19% Initial Acquisition Date 11/25/2024 Maturity Date 7/25/20292025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Media: Advertising, Printing & Publishing Summer (BC) Bidco B LLC Extended Facility B (USD) Reference Rate and Spread 3M SOFR + 5.00% Interest Rate 8.93% Initial Acquisition Date 2/7/2025 Maturity Date 2/15/20292025-01-012025-12-310001860424us-gaap:FairValueInputsLevel2Memberus-gaap:DebtSecuritiesMember2025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Containers, Packaging & Glass Valcour Packaging, LLC Tranche A-1 Term Loan Reference Rate and Spread 1M SOFR + 5.25% Floor 1.00% Interest Rate 8.99% Initial Acquisition Date 10/17/2024 Maturity Date 10/4/20282025-12-310001860424us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001860424:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:DebtSecuritiesMember2026-03-310001860424us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Blue River PetCare, L.L.C. 2026 Additional DDTL Reference Rate and Spread 1M SOFR + 5.00% Initial Acquisition Date 2/12/2026 Maturity Date 8/1/20292026-01-012026-03-310001860424ck0001860424:AutomotiveMember2026-03-310001860424ck0001860424:OnexCreditFinancingCorporationMember2022-09-082022-09-080001860424Non-controlled/Non-affiliated investments Debt Investments Construction & Building Cornerstone Building Brands, Inc. Tranche B Term Loan Reference Rate and Spread 1M SOFR + 3.25% Interest Rate 7.10% Initial Acquisition Date 3/7/2025 Maturity Date 4/12/20282025-01-012025-12-310001860424ck0001860424:SumitomoMitsuiBankingCorporationMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001860424:ReinvestmentPeriodMembersrt:MinimumMember2024-10-032024-10-030001860424ck0001860424:AutomotiveMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-12-310001860424us-gaap:FairValueInputsLevel3Member2025-03-310001860424us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:DebtSecuritiesMember2025-01-012025-12-310001860424ck0001860424:InsuranceMember2026-03-310001860424us-gaap:InvestmentUnaffiliatedIssuerMemberck0001860424:TransportationCargoMemberus-gaap:EquitySecuritiesMember2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Consumer Goods: Non-durable Connect America.com, LLC Term Loan B Reference Rate and Spread 3M SOFR + 5.75% Floor 1.75% Interest Rate 9.45% Initial Acquisition Date 10/11/2024 Maturity Date 10/11/20292026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Financial Services Deerfield Dakota Holding, LLC Initial Revolving Credit Reference Rate and Spread 3M SOFR + 3.00% Floor 0.75% Initial Acquisition Date 9/12/2025 Maturity Date 9/13/20322025-12-310001860424us-gaap:InvestmentUnaffiliatedIssuerMemberck0001860424:ChemicalsMemberus-gaap:DebtSecuritiesMember2025-12-310001860424us-gaap:FairValueInputsLevel3Memberck0001860424:ValuationTechniqueYieldAnalysisMemberck0001860424:MeasurementInputMarketYieldMembersrt:MaximumMemberus-gaap:DebtSecuritiesMember2026-03-310001860424ck0001860424:AutomotiveMember2025-12-310001860424us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2025-01-012025-03-310001860424us-gaap:InvestmentUnaffiliatedIssuerMemberck0001860424:BusinessServicesMemberus-gaap:DebtSecuritiesMember2025-12-310001860424Non-controlled/Non-affiliated investments Equity Consumer Services Wash & Wax Holdings LLC Class A Common Share Initial Acquisition Date 4/30/20252025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Apryse Software Corp Term Loan Reference Rate and Spread 3M SOFR + 4.75% Interest Rate 8.46% Initial Acquisition Date 6/25/2025 Maturity Date 6/26/20322026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Equity Sovereign & Public Finance S4T Holdings Corp. (Vistria ESS Holdings, LLC) Equity Units Initial Acquisition Date 12/27/20212026-03-310001860424us-gaap:RetailMember2025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services CoolSys, Inc. Closing Date Initial Term Loan Reference Rate and Spread 3M SOFR + 4.75% Floor 0.75% Interest Rate 8.78% Initial Acquisition Date 5/1/2024 Maturity Date 8/11/20282025-12-310001860424Non-controlled/Non-affiliated investments Equity Wholesale IMB Holdco LLC Series P Units Initial Acquisition Date 5/15/20232026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Equity Consumer Services Wash & Wax Holdings LLC Class A Common Share Initial Acquisition Date 4/30/20252025-01-012025-12-310001860424us-gaap:InvestmentUnaffiliatedIssuerMemberck0001860424:HealthcareAndPharmaceuticalsMemberus-gaap:DebtSecuritiesMember2025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Media: Advertising, Printing & Publishing Summer (BC) Bidco B LLC Extended Facility B (USD) Reference Rate and Spread 3M SOFR + 5.00% Interest Rate 8.96% Initial Acquisition Date 2/7/2025 Maturity Date 2/15/20292026-03-3100018604242026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Aerospace & Defense LSF12 Phoenix Holdco, LLC Term Loan Reference Rate and Spread 3M SOFR + 4.50% Interest Rate 8.20% Initial Acquisition Date 3/5/2026 Maturity Date 3/25/20332026-01-012026-03-310001860424ck0001860424:InsuranceMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Construction & Building CP Atlas Buyer, Inc. Term Loan B Reference Rate and Spread 1M SOFR + 5.25% Interest Rate 8.97% Initial Acquisition Date 7/1/2025 Maturity Date 7/8/20302025-12-310001860424ck0001860424:OnexFalconDirectLendingBdcSpvLlcMemberck0001860424:SpvFacilityMember2022-06-282022-07-130001860424us-gaap:FairValueInputsLevel3Memberck0001860424:DebtSecuritiesOneMemberck0001860424:ValuationTechniqueYieldAnalysisMemberck0001860424:MeasurementInputMarketYieldMember2025-12-310001860424us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Chemicals Hexion Holdings Corporation 2024 Refinancing Term Loan Reference Rate and Spread 1M SOFR + 4.00% Floor 0.50% Interest Rate 7.73% Initial Acquisition Date 12/19/2024 Maturity Date 3/15/20292025-12-310001860424Milestone Technologies, Inc. Type Delayed Draw Term Loan2025-12-310001860424us-gaap:FairValueInputsLevel3Member2025-12-310001860424ck0001860424:SumitomoMitsuiBankingCorporationMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001860424:AfterReinvestmentPeriodMembersrt:MaximumMember2024-10-032024-10-030001860424IMB Midco LLC Type Revolver2025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments High Tech Industries FINThrive Software Intermediate Holdings, Inc. Tranche B Term Loan 3M SOFR + 4.00% Interest Rate 7.69% Initial Acquisition Date 1/13/2025 Maturity Date 12/15/20282025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Chemicals CP Iris Holdco I, Inc. Initial Term Loan (First Lien) Reference Rate and Spread 1M SOFR + 4.00% Interest Rate 7.72% Initial Acquisition Date 10/17/2025 Maturity Date 10/27/20322025-12-310001860424Non-controlled/Non-affiliated investments Equity Sovereign & Public Finance S4T Holdings Corp. (Vistria ESS Holdings, LLC) Equity Units Initial Acquisition Date 12/27/20212025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Automotive Innovative Xcessories Services LLC Term Loan B Reference Rate and Spread 3M SOFR + 5.50% Floor 1.00% Interest Rate 9.17% Initial Acquisition Date 8/15/2025 Maturity Date 9/5/20292026-01-012026-03-310001860424us-gaap:InvestmentUnaffiliatedIssuerMember2026-01-012026-03-310001860424us-gaap:FairValueInputsLevel3Memberck0001860424:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:DebtSecuritiesMember2026-01-012026-03-310001860424ck0001860424:ConsumerGoodsDurableMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2026-03-310001860424us-gaap:FairValueInputsLevel3Memberck0001860424:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Chemicals Hexion Holdings Corporation 2024 Refinancing Term Loan Reference Rate and Spread 1M SOFR + 4.00% Floor 0.50% Interest Rate 7.67% Initial Acquisition Date 12/19/2024 Maturity Date 3/15/20292026-01-012026-03-310001860424CP Iris Holdco I, Inc. Type Delayed Draw Term Loan2026-01-012026-03-310001860424us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Consumer Services Wash & Wax Systems LLC Initial Term Loan Reference Rate and Spread 3M SOFR +5.50% Floor 1.00% Interest Rate 9.34% Initial Acquisition Date 4/30/2025 Maturity Date 4/30/20282025-12-310001860424us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:DebtSecuritiesMember2025-12-310001860424us-gaap:InvestmentUnaffiliatedIssuerMemberck0001860424:TransportationCargoMemberus-gaap:DebtSecuritiesMember2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Cornerstone OnDemand, Inc. Initial Term Loan (First Lien) 1M SOFR + 3.75% Floor 0.50% Interest Rate 7.53% Initial Acquisition Date 6/4/2024 Maturity Date 10/16/20282026-03-310001860424Wash & Wax Systems LLC Type Revolver2026-03-310001860424us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001860424:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:DebtSecuritiesMember2026-03-310001860424ck0001860424:MediaAdvertisingPrintingPublishingMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Non-controlled/Non-affiliated investments Debt Investments Transportation: Cargo Offen, Inc Initial Term Loan Reference Rate and Spread 1M SOFR + 5.00% Floor 0.75% Interest Rate 8.82% Initial Acquisition Date 7/18/2025 Maturity Date 7/22/20302025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Forest Products & Paper Jackson Paper Manufacturing Company Initial Term Loan Reference Rate and Spread 1M SOFR + 6.50% Floor 1.00% Interest Rate 10.47% Initial Acquisition Date 10/1/2021 Maturity Date 8/26/20282025-12-310001860424ck0001860424:OnexFalconDirectLendingBdcSpvLlcMemberck0001860424:SpvFacilityMembersrt:MaximumMember2021-10-042021-10-040001860424ck0001860424:TransportationCargoMember2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services Montana Buyer Inc. Revolving Loan Reference Rate and Spread FFR + 3.75% Floor 0.75% Interest Rate 10.10% Initial Acquisition Date 7/22/2022 Maturity Date 7/22/20282026-01-012026-03-310001860424ck0001860424:ConsumerGoodsDurableMember2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Consumer Services Wash & Wax Systems LLC Initial Term Loan Reference Rate and Spread 3M SOFR +5.50% Floor 1.00% Interest Rate 9.17% Initial Acquisition Date 4/30/2025 Maturity Date 4/30/20282026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Specialty Pharma III Inc. Initial Term Loan Reference Rate and Spread 3M SOFR + 4.75% Floor 0.50% Interest Rate 8.44% Initial Acquisition Date 12/23/2025 Maturity Date 12/23/20322025-12-310001860424us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:DebtSecuritiesMember2025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services The Ultimus Group Midco, LLC Revolving Credit Loan Reference Rate and Spread 3M SOFR + 4.75% Floor 0.75% Initial Acquisition Date 7/1/2025 Maturity Date 7/1/20322025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Equity Wholesale IMB Holdco LLC Class A Common Units Initial Acquisition Date 10/1/20212025-01-012025-12-310001860424us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001860424:OnexFalconDirectLendingBdcSpvLlcMembersrt:MinimumMemberck0001860424:SpvFacilityMember2021-10-042021-10-040001860424ck0001860424:OnexFalconDirectLendingBdcSpvLlcMemberck0001860424:SpvFacilityMember2022-07-142023-01-130001860424Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Paradigm Parent, LLC Initial Term Loan Reference Rate and Spread 3M SOFR + 4.50% Interest Rate 8.20% Initial Acquisition Date 7/24/2025 Maturity Date 4/16/20322026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Equity Wholesale IMB Holdco LLC Series Z Units Initial Acquisition Date 5/20/20242026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Consumer Services Wash & Wax Holdings LLC HoldCoTerm Loan Reference Rate and Spread 12.00% Interest Rate 12.00% PIK Initial Acquisition Date 4/30/2025 Maturity Date 7/30/20282026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Transportation: Cargo VTC Buyer Corp. Term A Loan Reference Rate and Spread 3M SOFR + 5.25% Floor 1.00% Interest Rate 8.92% Initial Acquisition Date 7/15/2025 Maturity Date 7/15/20312026-03-310001860424OneZero Financial Systems, LLC Type Revolver2025-12-310001860424us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMemberck0001860424:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:DebtSecuritiesMember2025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Transportation: Cargo VTC Buyer Corp. Designated DDTL Reference Rate and Spread 3M SOFR + 5.25% Floor 1.00% Interest Rate 8.92% Initial Acquisition Date 7/15/2025 Maturity Date 7/15/20312026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Consumer Goods: Durable Hy Cite Enterprises, LLC Term Loan Reference Rate and Spread 3M SOFR + 8.00% Floor 1.50% Interest Rate 11.91% Initial Acquisition Date 11/12/2021 Maturity Date 11/10/20262026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services Montana Buyer Inc. Revolving Loan Reference Rate and Spread PRIME + 4.00% Floor 0.75% Initial Acquisition Date 7/22/2022 Maturity Date 7/22/20282025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services The Ultimus Group Midco, LLC Initial Delayed Draw Term Loan Reference Rate and Spread 3M SOFR + 4.75% Floor 0.75% Initial Acquisition Date 7/1/2025 Maturity Date 7/1/20322025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services ONBE, Inc. Initial Term Loan Reference Rate and Spread 1M SOFR + 5.50% Interest Rate 9.17% Initial Acquisition Date 7/25/2024 Maturity Date 7/25/20312026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Amplity Parent, Inc. Revolving Credit Facility Reference Rate and Spread 3M SOFR + 6.00% Floor 1.00% Interest Rate 12.32% (2.50% PIK) Initial Acquisition Date 2/4/2022 Maturity Date 1/31/20272025-12-310001860424ck0001860424:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Consumer Services Wash & Wax Systems LLC Initial Term Loan Reference Rate and Spread 3M SOFR +5.50% Floor 1.00% Interest Rate 9.34% Initial Acquisition Date 4/30/2025 Maturity Date 4/30/20282025-01-012025-12-310001860424us-gaap:CashDistributionMember2026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Financial Services OneZero Financial Systems, LLC Initial Term Loan Reference Rate and Spread 3M SOFR + 5.00% Floor 0.75% Interest Rate 8.66% Initial Acquisition Date 10/7/2024 Maturity Date 10/7/20312026-01-012026-03-310001860424us-gaap:FairValueInputsLevel2Member2026-03-310001860424ck0001860424:ConstructionBuildingMember2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Insurance Foundation Risk Partners, Corp. Term Loan Reference Rate and Spread 3M SOFR + 4.75% Floor 0.75% Interest Rate 8.42% Initial Acquisition Date 3/8/2023 Maturity Date 10/29/20302025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Equity Business Services Milestone Technologies, Inc. (Maverick Acquisition Holdings, LP) Common Equity Initial Acquisition Date 12/7/20222026-03-3100018604242025-12-310001860424us-gaap:InvestmentUnaffiliatedIssuerMemberck0001860424:TransportationCargoMemberus-gaap:DebtSecuritiesMember2025-12-310001860424ck0001860424:FinancialServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-12-310001860424VTC Buyer Corp. Type Delayed Draw Term Loan2025-01-012025-12-310001860424us-gaap:PrimeRateMember2025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Media: Advertising, Printing & Publishing Summer (BC) Bidco B LLC Extended Facility B (USD) Reference Rate and Spread 3M SOFR + 5.00% Interest Rate 8.93% Initial Acquisition Date 2/7/2025 Maturity Date 2/15/20292025-12-310001860424ck0001860424:OnexFalconDirectLendingBdcSpvLlcMembersrt:MinimumMemberck0001860424:SpvFacilityMember2021-10-042021-10-040001860424us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMemberck0001860424:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:EquitySecuritiesMember2025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Non-controlled/Non-affiliated investments Debt Investments Transportation: Cargo VTC Buyer Corp. Term A Loan Reference Rate and Spread 3M SOFR + 5.25% Floor 1.00% Interest Rate 9.15% Initial Acquisition Date 7/15/2025 Maturity Date 7/15/20312025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Planview Parent, Inc. 2024-B Incremental Term Loan (First Lien) Reference Rate and Spread 3M SOFR + 3.50% Interest Rate 7.17% Initial Acquisition Date 9/2/2025 Maturity Date 12/17/20272025-01-012025-12-310001860424OneZero Financial Systems, LLC Type Delayed Draw Term Loan2025-12-310001860424us-gaap:CommonStockMember2026-01-012026-03-310001860424us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Construction & Building Cornerstone Building Brands, Inc. Tranche B Term Loan Reference Rate and Spread 3M SOFR + 3.25% Interest Rate 7.02% Initial Acquisition Date 3/7/2025 Maturity Date 4/12/20282026-01-012026-03-310001860424us-gaap:FairValueInputsLevel3Member2024-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Containers, Packaging & Glass Valcour Packaging, LLC Tranche A-1 Term Loan Reference Rate and Spread 1M SOFR + 5.25% Floor 1.00% Interest Rate 8.93% Initial Acquisition Date 10/17/2024 Maturity Date 10/4/20282026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals MMS Bidco LLC Term Loan (First Lien) Reference Rate and Spread 6M SOFR +5.38% Floor 1.00% Interest Rate 9.07% Initial Acquisition Date 6/30/2022 Maturity Date 6/30/20292026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Automotive RealTruck Group, Inc. Second Amendment Incremental Term Loan Reference Rate and Spread 3M SOFR + 5.00% Floor 0.75% Interest Rate 8.93% Initial Acquisition Date 3/7/2025 Maturity Date 1/31/20282026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Consumer Services Wash & Wax Holdings LLC HoldCoTerm Loan Reference Rate and Spread 12.00% Interest Rate 12.00% PIK Initial Acquisition Date 4/30/2025 Maturity Date 7/30/20282025-12-310001860424Non-controlled/Non-affiliated investments Equity Transportation: Cargo Mascarene VTC Investment Holdings LLC Class A-1 Equity Initial Acquisition Date 7/8/20252025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Consumer Goods: Non-durable Wellful Inc. Tranche A Term Loan Reference Rate and Spread 3M SOFR + 5.00% Floor 1.00% Interest Rate 8.96% Initial Acquisition Date 12/31/2024 Maturity Date 4/19/20302026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Beverage, Food & Tobacco SPLAT Super HoldCo, LLC Delayed Draw Term Loan Reference Rate and Spread 1M SOFR + 5.00% Initial Acquisition Date 8/4/2025 Maturity Date 7/2/20322025-01-012025-12-310001860424us-gaap:RevolvingCreditFacilityMember2024-10-030001860424Non-controlled/Non-affiliated investments Debt Investments Business Services Milestone Technologies, Inc. Term Loan Reference Rate and Spread 3M SOFR + 5.00% Floor 1.00% Interest Rate 8.67% Initial Acquisition Date 8/22/2025 Maturity Date 8/22/20312025-01-012025-12-310001860424ck0001860424:OnexCreditFinanceIICorporationMember2023-05-050001860424OneZero Financial Systems, LLC Type Delayed Draw Term Loan2026-03-310001860424VTC Buyer Corp. Type Revolver2026-01-012026-03-310001860424ck0001860424:ContainersPackagingGlassMember2026-03-310001860424us-gaap:AdditionalPaidInCapitalMember2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Automotive Burgess Point Purchaser Corporation Initial Term Loan (First Lien) Reference Rate and Spread 3M SOFR + 5.25% Interest Rate 9.02% Initial Acquisition Date 11/25/2024 Maturity Date 7/25/20292026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Equity Transportation: Cargo Mascarene VTC Investment Holdings LLC Class A-1 Equity Initial Acquisition Date 7/8/20252025-12-310001860424The Ultimus Group Midco, LLC Type Delayed Draw Term Loan2026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Business Services The Ultimus Group Midco, LLC Revolving Credit Loan Reference Rate and Spread 3M SOFR + 4.75% Floor 0.75% Initial Acquisition Date 7/1/2025 Maturity Date 7/1/20322025-12-310001860424us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2026-01-012026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Chemicals Hexion Holdings Corporation 2024 Refinancing Term Loan Reference Rate and Spread 1M SOFR + 4.00% Floor 0.50% Interest Rate 7.67% Initial Acquisition Date 12/19/2024 Maturity Date 3/15/20292026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Automotive DexKo Global Inc. Closing Date Dollar Term Loan (First Lien) Reference Rate and Spread 1M SOFR + 3.75% Floor 0.50% Interest Rate 7.68% Initial Acquisition Date 2/10/2025 Maturity Date 10/4/20282026-01-012026-03-3100018604242023-01-012023-09-300001860424us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001860424:ValuationTechniqueEnterpriseValueWaterfallMemberus-gaap:EquitySecuritiesMember2026-03-310001860424ck0001860424:HealthcareAndPharmaceuticalsMember2026-03-310001860424ck0001860424:WholesaleMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2026-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Forest Products & Paper Jackson Paper Manufacturing Company Revolving Loan Reference Rate and Spread 1M SOFR + 6.50% Floor 1.00% Initial Acquisition Date 10/1/2021 Maturity Date 8/26/20282025-01-012025-12-310001860424Non-controlled/Non-affiliated investments Equity Wholesale IMB Holdco LLC Series Z Units Initial Acquisition Date 5/20/20242025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Wholesale IMB Midco LLC Term Loan B Reference Rate and Spread 8.00% Interest Rate 8.00% PIK Initial Acquisition Date 5/20/2024 Maturity Date 4/27/20282026-03-310001860424ck0001860424:InvestmentAdvisoryAgreementMember2025-01-012025-03-310001860424Non-controlled/Non-affiliated investments Debt Investments Non-controlled/Non-affiliated investments Debt Investments Transportation: Cargo VTC Buyer Corp. Future Expansion DDTL Reference Rate and Spread 3M SOFR + 5.25% Floor 1.00% Interest Rate 8.99 % Initial Acquisition Date 7/15/2025 Maturity Date 7/15/20312025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Non-controlled/Non-affiliated investments Debt Investments Transportation: Cargo Offen, Inc Initial Term Loan Reference Rate and Spread 1M SOFR + 5.00% Floor 0.75% Interest Rate 8.82% Initial Acquisition Date 7/18/2025 Maturity Date 7/22/20302025-12-310001860424Non-controlled/Non-affiliated investments Debt Investments Financial Services Deerfield Dakota Holding, LLC Initial Term Loan Reference Rate and Spread 3M SOFR + 3.00% Floor 0.75% Interest Rate 9.42% (2.75% PIK) Initial Acquisition Date 9/12/2025 Maturity Date 9/13/20322025-01-012025-12-310001860424ck0001860424:SixMonthSofrMember2025-12-31xbrli:purexbrli:sharesck0001860424:Segmentiso4217:USDxbrli:sharesiso4217:USD

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the Quarterly Period Ended March 31, 2026

☐ 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: 814-01405

Onex Direct Lending BDC Fund

(Exact Name of Registrant as Specified in its Charter)


Delaware	86-3687484
(State or Other Jurisdiction of	(I.R.S. Employer
Incorporation or Organization)	Identification No.)

930 Sylvan Avenue

Englewood Cliffs, NJ 07632

(Address of principal executive offices) (Zip Code)

(201) 541-2121

(Registrant’s telephone number, including area code)

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	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 Exchange Act). Yes ☐ No ☒

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The issuer had 8,870,352 common shares of beneficial interest, $0.001 par value per share, outstanding as of May 4, 2026.

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TABLE OF CONTENTS


			Page

PART I	FINANCIAL INFORMATION		3

	Item 1.	Consolidated Financial Statements	3

		Consolidated Statements of Assets and Liabilities as of March 31, 2026 and December 31, 2025 (Unaudited)	3

		Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (Unaudited)	4

		Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2026 and 2025 (Unaudited)	5

		Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (Unaudited)	6

		Consolidated Schedules of Investments as of March 31, 2026 and December 31, 2025 (Unaudited)	7

		Notes to Consolidated Financial Statements (Unaudited)	19

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	37

	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	54

	Item 4.	Controls and Procedures	55

PART II	OTHER INFORMATION		55

	Item 1.	Legal Proceedings	55

	Item 1A.	Risk Factors	56

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	56

	Item 3.	Defaults Upon Senior Securities	56

	Item 4.	Mine Safety Disclosures	56

	Item 5.	Other Information	56

	Item 6.	Exhibits	57

Signatures			58

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This quarterly report on Form 10-Q (the “Quarterly Report”) contains forward-looking statements that involve substantial known and unknown risks, uncertainties and other factors. Undue reliance should not be placed on such statements. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our company, our current and prospective portfolio investments, our industry, our beliefs and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including:

•

our future operating results;

•

our business prospects and the prospects of the companies in which we may invest;

•

the impact of the investments that we expect to make;

•

our ability to raise sufficient capital to execute our investment strategy;

•

the impact of geo-political conditions, including revolution, insurgency, terrorism or war, including those arising out of the ongoing conflicts in Ukraine and Iran, as well as political and social unrest in various countries such as Venezuela and in the Middle East and North Africa regions;

•

general economic, logistical and political trends and other external factors, including inflation and supply chain and labor market disruptions;

•

turmoil in Ukraine and Russia and in the Middle East and the potential for volatility in energy prices and its impact on the industries in which we invest;

•

the ability of our portfolio companies to achieve their objectives;

•

our current and expected financing arrangements and investments;

•

changes in the general interest rate environment;

•

the adequacy of our cash resources, financing sources and working capital;

•

the timing and amount of cash flows, distributions and dividends, if any, from our portfolio companies;

•

our contractual arrangements and relationships with third parties;

•

actual and potential conflicts of interest with Onex Credit Advisor, LLC (the “Adviser”) and its affiliates, and its senior investment team;

•

the elevating levels of inflation, and its impact on our portfolio companies and on the industries in which we may invest;

•

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

•

our use of financial leverage, including the use of borrowed money to finance a portion of our investments;

•

the ability of the Adviser to locate suitable investments for us and to monitor and administer our investments;

•

the impact of any future acquisitions or divestitures;

•

the ability of the Adviser or its affiliates to attract and retain highly talented professionals;

•

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

•

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

•

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

•

the risks, uncertainties, and other factors we identify elsewhere in this Quarterly Report and under “Item 1A. Risk Factors” in our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 6, 2026, and in our other filings with the SEC that we make from time to time.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of the assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be

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inaccurate. We have based the forward-looking statements included in this report on information available to us on the date of this report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

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PART I – FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements.

Onex Direct Lending BDC Fund

Consolidated Statements of Assets and Liabilities

(Unaudited)


	March 31, 2026			December 31, 2025
Assets:
Non-controlled/non-affiliated investments, at fair value (amortized cost of $414,055,669 and $438,839,857, respectively)	$	352,232,987		$	395,375,030
Cash and cash equivalents		13,786,607			9,776,258
Restricted cash		1,999,351			1,976,387
Interest and other receivables		2,697,381			3,593,687
Receivable for investments sold		14,609,598			4,852,353
Deferred financing costs (net of $796,160 and $664,684 in amortized expenses, respectively)		1,871,340			2,002,816
Prepaid expenses		190,634			271,099
Total Assets		387,387,898			417,847,630
Liabilities:
Credit facility (Note 5)		214,000,000			219,000,000
Payable for investments purchased		2,949,765			—
Management fee payable (Note 3)		514,307			613,484
Administration fee payable (Note 3)		618,655			918,514
Interest payable		2,282,627			2,392,591
Accrued expenses and other liabilities		667,065			821,253
Total Liabilities		221,032,419			223,745,842
Commitments and Contingencies (Note 10)		—			—
Net Assets	$	166,355,479		$	194,101,788
Net Assets:
Common shares, $0.001 par value (unlimited shares authorized, 8,870,352 and 9,326,142 shares issued and outstanding, respectively)	$	8,871		$	9,326
Additional paid-in capital		229,968,600			239,453,143
Accumulated distributable earnings (losses)		(63,621,992	)		(45,360,681	)
Net Assets	$	166,355,479		$	194,101,788
Net Asset Value Per Share	$	18.75		$	20.81

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

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Onex Direct Lending BDC Fund

Consolidated Statements of Operations

(Unaudited)


	Three Months Ended March 31,
	2026			2025
Investment Income
Non-controlled, non-affiliated investments:
Interest income	$	9,163,377		$	13,009,748
Payment-in-kind interest income		444,666			859,906
Dividend income		—			103,602
Other income		1,389			5,313
Total Investment Income		9,609,432			13,978,569
Expenses:
Management fee		514,307			765,741
Incentive fee		—			134,826
Administration fee		206,516			340,898
Professional fees		349,647			286,361
Trustees’ fees		46,902			46,431
Interest and credit facility expense		3,359,650			4,315,184
Other general and administrative expense		221,754			230,385
Total Expenses before Excise Tax		4,698,776			6,119,826
Net Investment Income (Loss) before Excise Tax		4,910,656			7,858,743
Excise tax expense (benefit)		(48,975	)		23,111
Net Investment Income (Loss) after Excise Tax		4,959,631			7,835,632
Realized and unrealized gain (loss)
Net realized gains (losses) on investments:
Non-controlled, non-affiliated investments		(78,776	)		832,327
Net change in unrealized appreciation (depreciation) on investments:
Non-controlled, non-affiliated investments		(18,357,855	)		(8,287,360	)
Net realized and unrealized gain (loss)		(18,436,631	)		(7,455,033	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(13,477,000	)	$	380,599
Net investment income (loss) per common share —Basic and Diluted	$	0.55		$	0.71
Net increase (decrease) in net assets resulting from operations per common share—Basic and Diluted	$	(1.49	)	$	0.03
Weighted Average Common Shares Outstanding—Basic and Diluted (Note 7)		9,066,308			11,056,433

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

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Onex Direct Lending BDC Fund

Consolidated Statements of Changes in Net Assets

(Unaudited)


	Common Shares									Total Distributable
Three Months Ended March 31, 2026	Number of Shares			Par Value			Capital in Excess of Par			Earnings (Losses)			Total Net Assets
Balance as of December 31, 2025		9,326,142		$	9,326		$	239,453,143		$	(45,360,681	)	$	194,101,788
Net investment income (loss)		—			—			—			4,959,631			4,959,631
Net realized gain (loss) on investments		—			—			—			(78,776	)		(78,776	)
Net change in unrealized appreciation (depreciation) on investments		—			—			—			(18,357,855	)		(18,357,855	)
Issuance of common shares		—			—			—			—			—
Redemption of common shares		(466,307	)		(466	)		(9,703,383	)		—			(9,703,849	)
Distributions to shareholders		—			—			—			(4,784,311	)		(4,784,311	)
Shares issued in connection with dividend reinvestment plan		10,517			11			218,840			—			218,851
Balance as of March 31, 2026		8,870,352		$	8,871		$	229,968,600		$	(63,621,992	)	$	166,355,479

	Common Shares									Total Distributable
Three Months Ended March 31, 2025	Number of Shares			Par Value			Capital in Excess of Par			Earnings (Losses)			Total Net Assets
Balance as of December 31, 2024		11,221,763		$	11,223		$	281,147,301		$	(18,651,463	)	$	262,507,061
Net investment income (loss)		—			—			—			7,835,632			7,835,632
Net realized gain (loss) on investments		—			—			—			832,327			832,327
Net change in unrealized appreciation (depreciation) on investments		—			—			—			(8,287,360	)		(8,287,360	)
Issuance of common shares		151,338			151			3,539,652			—			3,539,803
Redemption of common shares		(575,562	)		(576	)		(13,461,817	)		—			(13,462,393	)
Distributions to shareholders		—			—			—			(5,938,647	)		(5,938,647	)
Shares issued in connection with dividend reinvestment plan		21,994			22			514,391			—			514,413
Balance as of March 31, 2025		10,819,533		$	10,820		$	271,739,527		$	(24,209,511	)	$	247,540,836

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

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Onex Direct Lending BDC Fund

Consolidated Statements of Cash Flows

(Unaudited)


	Three Months Ended March 31,
	2026			2025
Cash Flows from Operating Activities:
Net increase (decrease) in net assets resulting from operations	$	(13,477,000	)	$	380,599
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net realized (gains)/losses on investments		78,776			(832,327	)
Net change in unrealized (appreciation) depreciation on investments		18,357,855			8,287,360
Net accretion of discount on investments		(580,805	)		(938,393	)
Amortization of deferred financing costs		131,476			131,476
Payment-in-kind interest income		(444,666	)		(859,906	)
Purchases and drawdowns of investments		(11,763,735	)		(74,871,132	)
Sales and repayments of investments		37,494,618			63,658,972
(Increase) decrease in operating assets:
Interest and other receivables		896,306			3,598,790
Receivable for investments sold		(9,757,245	)		(2,271,932	)
Prepaid expenses		80,465			78,691
Increase (decrease) in operating liabilities:
Management fee payable		(99,177	)		(64,875	)
Incentive fee payable		—			(902,413	)
Administration fee payable		(299,859	)		(198,396	)
Interest payable		(109,964	)		(1,084,608	)
Payable for investments purchased		2,949,765			(15,377,835	)
Accrued expenses and other liabilities		(154,188	)		(2,732,456	)
Net cash provided by (used in) operating activities		23,302,622			(23,998,385	)
Cash Flows from Financing Activities:
Proceeds from issuance of common shares		—			3,539,803
Redemption of common shares		(9,703,849	)		(13,462,393	)
Distributions to shareholders		(4,565,460	)		(5,424,234	)
Borrowings on credit facility		18,000,000			70,000,000
Payments on credit facility		(23,000,000	)		(40,000,000	)
Net cash provided by (used in) financing activities		(19,269,309	)		14,653,176
Net increase (decrease) in cash and cash equivalents		4,033,313			(9,345,209	)
Cash and cash equivalents and restricted cash, beginning of period		11,752,645			24,299,183
Cash and cash equivalents and restricted cash, end of period	$	15,785,958		$	14,953,974

Supplemental and Non-Cash Information
Cash paid for interest	$	3,338,138		$	5,268,316
Reinvestments of distributions		218,851			514,413
Non-cash restructuring of portfolio investment		496,237			—

Reconciliation of Cash and Cash Equivalents and Restricted Cash
Cash and cash equivalents	$	13,786,607		$	14,103,359
Restricted cash		1,999,351			850,615
Total cash and cash equivalents and restricted cash	$	15,785,958		$	14,953,974

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

Table of Contents

Onex Direct Lending BDC Fund

Consolidated Schedule of Investments

March 31, 2026

(Unaudited)


Portfolio Company (1)	Investment Type	Reference Rate and Spread (2)	Floor			Interest Rate (2)			Initial Acquisition Date	Maturity Date	Par/Shares		Amortized Cost (3)			Fair Value (4)			% of Net Assets (17)			Footnotes
Non-controlled/non-affiliated Investments
Debt Investments
Aerospace & Defense
LSF12 Phoenix Holdco, LLC	Term Loan	3M SOFR + 4.50%		—			8.20	%	3/5/2026	3/25/2033	$	3,000,000	$	2,940,000		$	2,973,750			1.8	%	(12)
Total Aerospace & Defense														2,940,000			2,973,750			1.8	%
Automotive
Burgess Point Purchaser Corporation	Initial Term Loan (First Lien)	3M SOFR + 5.25%		—			9.02	%	11/25/2024	7/25/2029		4,911,026		4,699,020			4,296,263			2.6	%	(5) (12)
DexKo Global Inc.	Closing Date Dollar Term Loan (First Lien)	3M SOFR + 3.75%		0.50	%		7.68	%	2/10/2025	10/4/2028		5,086,394		4,901,505			4,995,500			3.0	%	(5) (12)
Innovative Xcessories Services LLC	Term Loan B	3M SOFR + 5.50%		1.00	%		9.17	%	8/15/2025	9/5/2029		992,500		975,358			992,604			0.6	%	(5) (12)
RealTruck Group, Inc.	Second Amendment Incremental Term Loan	3M SOFR + 5.00%		0.75	%		8.93	%	3/7/2025	1/31/2028		6,788,413		6,770,089			4,712,279			2.8	%	(5) (12)
Total Automotive														17,345,972			14,996,646			9.0	%
Business Services
Axiom Global Inc.	Amendment No. 4 Refinancing Term Loan	3M SOFR + 4.50%		0.75	%		8.27	%	8/1/2024	10/2/2028		14,737,500		14,647,194			14,426,539			8.7	%	(5)
CoolSys, Inc.	Closing Date Initial Term Loan	3M SOFR + 6.00%		0.75	%	9.68% (3.5% PIK)			5/1/2024	2/11/2030		9,067,435		9,008,412			7,662,844			4.6	%	(5) (9) (12)
Denali Intermediate Holdings, Inc.	Initial Term Loan	1M SOFR + 5.50%		0.75	%		9.18	%	8/26/2025	8/26/2032		6,346,680		6,290,804			6,130,893			3.7	%	(5)
Denali Intermediate Holdings, Inc.	Revolving Credit Loan	1M SOFR + 5.50%		0.75	%		—		8/26/2025	8/26/2032		—		(5,820	)		(21,633	)		0.0	%	(7) (8) (11) 13)
Milestone Technologies, Inc.	Term Loan	3M SOFR + 5.00%		1.00	%		8.70	%	8/22/2025	8/22/2031		5,789,009		5,743,267			5,651,230			3.4	%	(5)
Milestone Technologies, Inc.	Delayed Draw Term Loan	3M SOFR + 5.00%		1.00	%		—		8/22/2025	8/22/2031		—		—			(20,517	)		0.0	%	(7) (8) (13)
Milestone Technologies, Inc.	Revolving Loan	3M SOFR + 5.00%		1.00	%		—		8/22/2025	8/22/2031		—		(842	)		(15,388	)		0.0	%	(7) (8) (11) (13)
Montana Buyer Inc.	Initial Term Loan	1M SOFR + 4.75%		0.75	%		8.42	%	7/22/2022	7/22/2029		8,812,252		8,713,734			8,776,122			5.3	%	(5)
Montana Buyer Inc.	Revolving Loan	FFR + 3.75%		0.75	%		10.10	%	7/22/2022	7/22/2028		—		(7,904	)		(4,216	)		0.0	%	(7) (8) (11) 13)
ONBE, Inc.	Initial Term Loan	1M SOFR + 5.50%		—			9.17	%	7/25/2024	7/25/2031		4,937,500		4,855,724			4,840,725			2.9	%	(5)
Renaissance Holding Corp.	2024-2 Term Loan (First Lien)	1M SOFR + 4.00%		0.50	%		7.67	%	6/11/2025	4/5/2030		5,532,030		5,076,577			3,977,889			2.4	%	(5) (12)
The Ultimus Group Midco, LLC	Initial Term Loan	3M SOFR + 4.75%		0.75	%		8.45	%	7/1/2025	7/1/2032		4,320,000		4,280,082			4,233,600			2.5	%	(5)
The Ultimus Group Midco, LLC	Initial Delayed Draw Term Loan	3M SOFR + 4.75%		0.75	%		—		7/1/2025	7/1/2032		—		(6,446	)		(28,872	)		0.0	%	(7) (8) (11) (13)
The Ultimus Group Midco, LLC	Revolving Credit Loan	3M SOFR + 4.75%		0.75	%		—		7/1/2025	7/1/2032		—		(4,833	)		(10,827	)		0.0	%	(7) (8) (11) (13)
Total Business Services														58,589,949			55,598,389			33.4	%
Chemicals
Hexion Holdings Corporation	2024 Refinancing Term Loan	1M SOFR + 4.00%		0.50	%		7.67	%	12/19/2024	3/15/2029		1,187,558		1,183,691			1,138,821			0.7	%	(5) (12)
Total Chemicals														1,183,691			1,138,821			0.7	%
Construction & Building
Cornerstone Building Brands, Inc.	Tranche B Term Loan	3M SOFR + 3.25%		—			7.02	%	3/7/2025	4/12/2028		1,462,480		1,368,946			836,224			0.5	%	(5) (12)
CP Atlas Buyer, Inc.	Term Loan B	1M SOFR + 5.25%		—			8.92	%	7/1/2025	7/8/2030		8,457,500		8,156,311			7,823,188			4.7	%	(5) (12)
Mannington Mills, Inc.	Term Loan B	3M SOFR + 4.75%		—			8.45	%	3/10/2025	3/25/2032		4,410,272		4,366,289			4,344,118			2.6	%	(5) (12)
Total Construction & Building														13,891,546			13,003,530			7.8	%
Consumer Goods: Durable

Table of Contents


Portfolio Company (1)	Investment Type	Reference Rate and Spread (2)	Floor			Interest Rate (2)			Initial Acquisition Date	Maturity Date	Par/Shares		Amortized Cost (3)			Fair Value (4)			% of Net Assets (17)			Footnotes
BCDI Meteor Acquisition, LLC	Initial Term Loan	1M SOFR + 7.00%		1.00	%		10.77	%	12/29/2022	6/29/2028		23,781,250		23,499,091			23,493,496			14.1	%	(5)
Hy Cite Enterprises, LLC	Term Loan	3M SOFR + 8.00%		1.50	%		11.91	%	11/12/2021	11/10/2026		16,312,205		16,249,845			16,312,205			9.8	%	(5)
Total Consumer Goods: Durable														39,748,936			39,805,701			23.9	%
Consumer Goods: Non-durable
Connect America.com, LLC	Term Loan B	3M SOFR + 5.75%		1.75	%		9.45	%	10/11/2024	10/11/2029		4,962,500		4,962,500			4,503,469			2.7	%	(5)
Wellful Inc.	Tranche A Term Loan	3M SOFR + 5.00%		1.00	%		8.96	%	12/31/2024	4/19/2030		7,478,362		7,478,362			7,384,882			4.4	%	(5) (12)
Total Consumer Goods: Non-durable														12,440,862			11,888,351			7.1	%
Consumer Services
Wash & Wax Holdings LLC	HoldCo Term Loan	12.00%		—		12.00% PIK			4/30/2025	7/30/2028		2,410,833		2,410,833			2,394,922			1.4	%
Wash & Wax Systems LLC	Initial Term Loan	3M SOFR + 5.50%		1.00	%		9.17	%	4/30/2025	4/30/2028		3,441,947		3,441,947			3,422,673			2.1	%	(5)
Wash & Wax Systems LLC	Revolving Loan	3M SOFR + 5.50%		1.00	%		9.19	%	4/30/2025	4/30/2028		143,966		143,966			142,757			0.1	%	(7) (8) (13)
Total Consumer Services														5,996,746			5,960,352			3.6	%
Containers, Packaging & Glass
Valcour Packaging, LLC	Tranche A-1 Term Loan	1M SOFR + 5.25%		1.00	%		8.93	%	10/17/2024	10/4/2028		234,521		236,573			231,589			0.1	%	(12)
Total Containers, Packaging & Glass														236,573			231,589			0.1	%
Financial Services
Apex Group Treasury LLC	2025 Refinancing USD Term Loan	3M SOFR + 3.50%		—			7.17	%	2/25/2026	2/27/2032		1,994,962		1,777,296			1,823,725			1.1	%	(5) (12)
Deerfield Dakota Holding, LLC	Initial Term Loan	3M SOFR + 3.00%		0.75	%	9.45% (2.75% PIK)			9/12/2025	9/13/2032		8,100,998		8,028,344			7,874,980			4.7	%	(5) (12)
Deerfield Dakota Holding, LLC	Initial Revolving Credit	1M SOFR + 5.25%		0.75	%		8.93	%	9/12/2025	9/13/2032		150,000		143,090			129,075			0.1	%	(7) (8) (12) (13)
OneZero Financial Systems, LLC	Initial Term Loan	3M SOFR + 5.00%		0.75	%		8.66	%	10/7/2024	10/7/2031		1,903,846		1,888,658			1,872,813			1.1	%	(5)
OneZero Financial Systems, LLC	Delayed Draw Term Loan	3M SOFR + 5.00%		0.75	%		8.66	%	10/7/2024	10/7/2031		112,327		111,026			106,860			0.1	%	(7) (8) (13)
OneZero Financial Systems, LLC	Revolving Loan	3M SOFR + 5.00%		0.75	%		—		10/7/2024	10/7/2031		—		(1,895	)		(3,918	)		0.0	%	(7) (8) (11) (13)
The Edelman Financial Engines Center, LLC	2024 Refinancing Term Loan (Second Lien)	1M SOFR + 5.25%		—			8.92	%	5/23/2024	10/6/2028		2,000,000		1,997,708			1,985,500			1.2	%	(5) (12)
Total Financial Services														13,944,227			13,789,035			8.3	%
Forest Products & Paper
Jackson Paper Manufacturing Company	Initial Term Loan	1M SOFR + 6.25%		1.00	%		10.02	%	10/1/2021	8/26/2028		10,729,630		10,706,511			10,640,574			6.4	%	(5)
Jackson Paper Manufacturing Company

Onex Direct Lending BDC Fund 10-Q