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(dba Harrington Industrial Plastics) Industry Trading Companies & Distributors Interest Rate 9.91% Reference Rate and Spread S + 5.75% Maturity 10/07/302025-09-300001772704us-gaap:UnsecuredDebtMember2024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Bullhorn, Inc. Industry Professional Services Interest Rate 9.36% Reference Rate and Spread S + 5.00% Maturity 10/01/292024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% CivicPlus LLC Software Interest Rate 10.41% Reference Rate and Spread S + 5.75% Maturity 08/24/272024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Pluralsight, Inc. Professional Services Interest Rate 11.70% Reference Rate and Spread S + 7.50% PIK Maturity 08/22/292025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% DECA Dental Holdings LLC Industry Health Care Providers & Services Interest Rate 10.18% Reference Rate and Spread S + 5.75% Maturity 08/28/282024-12-310001772704us-gaap:WarrantMember2024-12-310001772704Non-Controlled Affiliates MedeAnalytics Group Holdings, LLC2025-09-300001772704Investment Equity Securities - 3.1% United States - 3.1% Common Stock - 1.0% Thrasio Holdings, Inc. Industry Broadline Retail Initial Acquisition Date 06/18/20242025-09-300001772704us-gaap:PrimeRateMember2024-01-012024-12-310001772704ck0001772704:FirstLienOrLastOutUnitrancheMemberck0001772704:EdbParentLlcMember2024-12-310001772704ck0001772704:GovdeliveryHoldingLlcMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-09-300001772704Non-Controlled Affiliates MedeAnalytics Group Holdings, LLC2024-12-310001772704ck0001772704:StreamlandMediaMidcoLLCMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-09-300001772704Investment Equity Securities - 3.1% United States - 3.1% Preferred Stock - 2.1% Diligent Corporation Industry Professional Services Initial Acquisition Date 04/06/20212025-01-012025-09-300001772704ck0001772704:FirstLienOrSeniorSecuredDebtMemberck0001772704:ElemicaParentIncMember2025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0%1st Lien/Senior Secured Debt - 145.3% Heartland Home Services, Inc. (fka Helios Buyer, Inc.) Industry Diversified Consumer Services Interest Rate 10.16% Reference Rate and Spread S + 6.00% Maturity 12/15/262025-09-300001772704us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Interest Rate 9.06% Reference Rate and Spread S + 5.00% Maturity 12/06/292025-09-300001772704us-gaap:FairValueInputsLevel3Memberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% GovDelivery Holdings, LLC (dba Granicus, Inc.) Industry Software Interest Rate 9.84% Reference Rate and Spread S + 5.25% (Incl.2.25% PIK) Maturity 01/17/312024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Pluralsight, Inc. Professional Services Interest Rate 8.70% Reference Rate and Spread S + 4.50% (Incl. 1.50% PIK) Maturity 08/22/29 One2025-09-300001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Pioneer Buyer I, LLC Industry Software Interest Rate 10.83% Reference Rate and Spread S + 6.50% Maturity 11/01/282024-12-310001772704ck0001772704:AdmiralBuyerIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% WebPT, Inc. Industry Health Care Technology Interest Rate 10.55% Reference Rate and Spread S + 6.25% Maturity 01/18/28 One2025-09-300001772704us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% CORA Health Holdings Corp Industry Health Care Providers & Services Interest Rate 10.100% Reference Rate and Spread S + 5.75% Maturity 06/15/27 One2025-09-300001772704Non-Controlled Affiliates Pluralsight, Inc.2025-01-012025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Premier Imaging, LLC (dba Lucid Health) Industry Health Care Providers & Services Interest Rate 10.87% Reference Rate and Spread S + 6.00% Maturity 03/31/262024-12-310001772704us-gaap:PreferredStockMember2024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% CivicPlus LLC Software Reference Rate and Spread S + 5.75% Maturity 08/24/272024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% BSI3 Menu Buyer, Inc (dba Kydia) Industry Financial Services Reference Rate and Spread S + 6.00% Maturity 01/25/282025-09-300001772704us-gaap:UnsecuredDebtMembercountry:US2024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Premier Imaging, LLC (dba Lucid Health) Industry Health Care Providers & Services Interest Rate 10.26% Reference Rate and Spread S + 6.00% Maturity 03/31/26 Two2025-09-300001772704Investment Equity Securities - 3.1% United States - 3.1% Common Stock - 1.0% Streamland Media Holdings LLC Industry Entertainment Initial Acquisition Date 03/31/20252025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Riverpoint Medical, LLC Industry Health Care Equipment & Supplies Interest Rate 8.75% Reference Rate and Spread S + 4.75% Maturity 06/21/27 One2025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% SpendMend Holdings LLC Industry Health Care Providers & Services Interest Rate 9.15% Reference Rate and Spread S + 5.00% Maturity 03/01/28 One2025-09-300001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Whitewater Holding Company LLC Industry Diversified Consumer Services Interest Rate 10.48% Reference Rate and Spread S + 6.00% Maturity 12/21/272024-12-310001772704Investment Debt Investments – 185.2% Canada - 2.9% 1st Lien/Senior Secured Debt - 2.9% Everest Clinical Research Corporation Industry Professional Services Interest Rate 9.98.% Reference Rate and Spread S + 5.50% Maturity 11/06/262024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Intelligent Medical Objects, Inc. Industry Health Care Technology Interest Rate 9.57% Reference Rate and Spread S + 5.00% Maturity 05/11/282024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% WebPT, Inc. Industry Health Care Technology Interest Rate 11.22% Reference Rate and Spread S + 6.25% Maturity 01/18/282024-12-310001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Fullsteam Operations LLC Industry Financial Services Interest Rate 12.91% Reference Rate and spread S + 8.25% Maturity 11/27/29 One2024-12-310001772704us-gaap:CommonStockMembercountry:US2024-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2024-12-3100017727042024-07-012024-09-300001772704Investment Debt Investments - 185.2% United States - 181.2% Unsecured Debt - 1.4% mPulse Mobile, Inc. (dba Zipari Inc.) Industry Health Care Technology Maturity 09/05/312024-12-310001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Elemica Parent, Inc. Industry Chemicals Interest Rate 10.31% Reference Rate and Spread S + 5.50% Maturity 09/18/262024-12-310001772704ck0001772704:RiverpointMedicalLlcMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Chronicle Bidco Inc. (dba Lexitas) Industry Professional Services Interest Rate 10.76% Reference Rate and Spread S + 6.25% Maturity 05/18/292024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Bullhorn, Inc. Industry Professional Services Interest Rate 9.36% Reference Rate and Spread S + 5.00% Maturity 10/01/29 Three2024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% GovDelivery Holdings, LLC (dba Granicus, Inc.) Industry Software Interest Rate 10.06% Reference Rate and Spread S + 5.75% (Incl. 2.25% PIK) Maturity 01/17/312025-09-300001772704us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2025-09-300001772704ck0001772704:FirstLienOrLastOutUnitrancheMemberus-gaap:FairValueInputsLevel3Member2024-09-300001772704us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-09-300001772704Non-Controlled Affiliates Thrasio, LLC2024-12-310001772704ck0001772704:SpecialtyRetailMember2025-09-300001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Harrington Industrial Plastics, LLC Industry Trading Companies & Distributors Interest Rate 10.11% Reference Rate and Spread S + 5.75% Maturity 10/07/302024-12-310001772704Investment Equity Securities - 3.1% United States - 3.1% Preferred Stock - 2.1% FS WhiteWater Holdings, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Initial Acquisition Date 10/02/20242025-01-012025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Pacvue Intermediate LLC (fka Assembly Intermediate LLC) Industry Diversified Consumer Services Reference Rate and Spread S + 5.25% Maturity 10/19/272025-09-300001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Pioneer Buyer I, LLC Industry Software Reference Rate and Spread S + 6.50% Maturity 11/01/272024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Interest Rate 11.98% Reference Rate and Spread S + 7.50% Maturity 07/18/28 Two2024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Gainsight, Inc. Software Interest Rate 10.66% Reference Rate and Spread S + 6.00% Maturity 07/30/272024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% USN Opco LLC (dba Global Nephrology Solutions) Industry Health Care Providers & Services Reference Rate and Spread S + 5.50% Maturity 12/21/262025-09-300001772704ck0001772704:PacvueIntermediateLLCMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704ck0001772704:GainsightIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-09-300001772704Investment Debt Investments - 153.4% United States – 149.0% 2nd Lien/Senior Secured Debt – 0.3% Sweep Midco LLC Industry Commercial Services & Supplies Interest Rate 0.00% Reference Rate and Spread 0 Maturity 03/12/362025-09-300001772704us-gaap:FairValueInputsLevel3Memberus-gaap:UnsecuredDebtMember2024-09-300001772704ck0001772704:IMOInvestorHoldingsIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-09-300001772704us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2023-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% AQ Helios Buyer, Inc. (dba SurePoint) Industry Software Interest Rate 12.32% Reference Rate and Spread S + 8.00% Maturity 12/31/262025-09-300001772704us-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310001772704us-gaap:CommonStockMembercountry:US2025-09-300001772704us-gaap:FairValueInputsLevel3Memberus-gaap:UnsecuredDebtMember2025-09-300001772704ck0001772704:JpmRevolvingCreditFacilityMember2024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Kaseya Inc. Industry IT Services Interest Rate 10.09% Reference Rate and Spread S + 5.50% Maturity 06/25/292024-12-310001772704Non-Controlled Affiliates MedeAnalytics Group Holdings, LLC2025-01-012025-09-300001772704ck0001772704:HealthCareTechnologyMember2025-09-300001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Helios Buyer, Inc. (dba Heartland) Industry Diversified Consumer Services Interest Rate 10.43% Reference Rate and Spread S + 6.00% Maturity 12/15/262024-12-310001772704ck0001772704:CapitolImagingAcquisitionCorpMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704Investment Equity Securities - 4.8% United States - 4.8% Common Stock - 1.7% Southeast Mechanical, LLC (dba. SEM Holdings, LLC) Industry Diversified Consumer Services Initial Acquisition Date 07/06/20222024-01-012024-12-310001772704ck0001772704:SundanceGroupHoldingsIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704Investment Equity Securities - 4.8% United States - 4.8% Preferred Stock - 3.1% MedeAnalytics, Inc. Industry Health Care Technology Initial Acquisition Date 10/09/202024-01-012024-12-310001772704Investment Debt Investments - 185.2% United States - 181.2% 2nd Lien/Senior Secured Debt – 0.3% Sweep Midco LLC Industry Commercial Services & Supplies Maturity 03/12/20342024-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Volt Bidco, Inc. (dba Power Factors) Industry Independent Power and Renewable Electricity Producers Interest Rate 10.83% Reference Rate and Spread S + 6.50% Maturity 08/11/27 Two2024-12-310001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Governmentjobs.com, Inc. (dba NeoGov) Industry Software Reference Rate and Spread S + 5.00% Maturity 12/02/20272024-12-310001772704ck0001772704:HealthCareProvidersAndServicesMember2024-12-310001772704ck0001772704:FirstLienOrSeniorSecuredDebtMembercountry:US2024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Bullhorn, Inc. Industry Professional Services Interest Rate 9.16% Reference Rate and Spread S + 5.00% Maturity 10/01/29 Four2025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% HealthEdge Software, Inc. Industry Health Care Technology Interest Rate 9.13% Reference Rate and Spread S + 4.75% Maturity 07/16/312024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Premier Imaging, LLC (dba Lucid Health) Industry Health Care Providers & Services Interest Rate 10.26% Reference Rate and Spread S + 6.00% Maturity 03/31/26 Three2025-09-300001772704ck0001772704:OneMayTwoThousandTwentyFourMember2024-01-012024-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Bullhorn, Inc. Industry Professional Services Interest Rate 9.16% Reference Rate and Spread S + 5.00% Maturity 10/01/29 Two2025-09-300001772704us-gaap:DebtMemberck0001772704:JpmRevolvingCreditFacilityMember2025-09-300001772704Non-Controlled Affiliates Southeast Mechanical LLC Dba SEM Holdings LLC2024-01-012024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% USN Opco LLC (dba Global Nephrology Solutions) Industry Health Care Providers & Services Interest Rate 9.96% Reference Rate and Spread S + 5.50% Maturity 12/21/262025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% GHA Buyer Inc. (dba Cedar Gate) Industry Health Care Technology Interest Rate 9.83% Reference Rate and Spread S + 5.50% Maturity 06/24/26 One2024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Kaseya Inc. Industry IT Services Interest Rate 9.83% Reference Rate and Spread S + 5.50% Maturity 06/25/292024-12-310001772704ck0001772704:FirstLienOrLastOutUnitrancheMember2025-09-300001772704us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% USN Opco LLC (dba Global Nephrology Solutions) Industry Health Care Providers & Services Interest Rate 9.98% Reference Rate and Spread S + 5.50% Maturity 12/21/262024-12-310001772704us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001772704us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-09-300001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Interest Rate 9.83% Reference Rate and Spread S + 5.50% Maturity 05/08/282024-12-310001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% CorePower Yoga LLC Industry Diversified Consumer Services Interest Rate 11.73% Reference Rate and Spread S + 7.25% (Incl. 1.25% PIK) Maturity 05/14/262024-12-310001772704ck0001772704:TradingCompaniesAndDistributorsMember2024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% 3SI Security Systems, Inc. Industry Commercial Services & Supplies Interest Rate 10.09% Reference Rate and Spread S + 6.00% Maturity 12/16/262025-09-300001772704us-gaap:FairValueInputsLevel3Memberck0001772704:FirstLienOrLastOutUnitrancheMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-09-300001772704us-gaap:InvestmentUnaffiliatedIssuerMember2025-07-012025-09-300001772704Investment Equity Securities - 4.8% United States - 4.8% Common Stock - 1.7% Whitewater Holding Company LLC Industry Diversified Consumer Services Initial Acquisition Date 12/21/20212024-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2024-01-012024-09-300001772704Investment Debt Investments - 153.4% United States – 149.0% 2nd Lien/Senior Secured Debt – 0.3% Sweep Midco LLC Industry Commercial Services & Supplies Interest Rate 0.00% Reference Rate and Spread 0 Maturity 03/12/342025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% AQ Helios Buyer, Inc. (dba SurePoint) Industry Software Interest Rate 11.32% Reference Rate and Spread S + 7.00% Maturity 12/31/262025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Interest Rate 11.98% Reference Rate and Spread S + 7.50% Maturity 07/18/28 One2024-12-310001772704us-gaap:FairValueInputsLevel3Memberck0001772704:FirstLienOrSeniorSecuredDebtMember2023-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% GHA Buyer Inc. (dba Cedar Gate) Industry Health Care Technology Interest Rate 9.50% Reference Rate and Spread S + 5.50% Maturity 06/24/26 Two2025-09-300001772704us-gaap:EntertainmentMember2025-09-300001772704ck0001772704:FirstLienSeniorSecuredDebtMembercountry:US2025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Sweep Purchaser LLC Industry Commercial Services & Supplies Interest Rate 9.75% Reference Rate and Spread S + 5.75 Maturity 06/30/272025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo) Industry Health Care Providers & Services Interest Rate 10.74% Reference Rate and Spread S + 6.00% Maturity 08/15/252024-12-310001772704ck0001772704:ThreeMonthSnMember2025-01-012025-09-300001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Elemica Parent, Inc. Industry Chemicals Interest Rate 10.28% Reference Rate and Spread S + 5.50% Maturity 09/18/262024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Pacvue Intermediate LLC (fka Assembly Intermediate LLC) Industry Diversified Consumer Services Interest Rate 9.25% Reference Rate and Spread S + 5.25% Maturity 10/19/272025-09-300001772704ck0001772704:JpmorganRevolvingCreditFacilityMember2024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Superman Holdings, LLC (dba Foundation Software) Industry Construction & Engineering Interest Rate 8.50% Reference Rate and Spread S + 4.50% Maturity 08/29/31 One2025-09-300001772704us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2024-01-012024-09-300001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Superman Holdings, LLC (dba Foundation Software) Industry Construction & Engineering Reference Rate and Spread S + 4.50% Maturity 08/29/312024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Honor HN Buyer, Inc Industry Health Care Providers & Services Interest Rate 10.23% Reference Rate and Spread S + 5.75% Maturity 10/15/27 Two2024-12-310001772704ck0001772704:MufgRevolvingCreditFacilityMember2025-09-300001772704us-gaap:DebtMember2025-09-300001772704us-gaap:FairValueMeasurementsRecurringMember2025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% One GI LLC Industry Health Care Providers & Services Interest Rate 10.99% Reference Rate and Spread S + 6.75% Maturity 12/22/252025-09-300001772704Non-Controlled Affiliates SEM Holdings, LLC (dba Southeast Mechanical, LLC)2024-12-310001772704ck0001772704:SecondLienOrSeniorSecuredDebtMember2024-12-310001772704ck0001772704:GsAcquisitioncoIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2025-09-300001772704ck0001772704:FSWhiteWaterBorrowerLlcMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-09-300001772704country:USus-gaap:InvestmentAffiliatedIssuerMember2025-09-300001772704ck0001772704:VrcCompaniesLlcMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% AQ Helios Buyer, Inc. (dba SurePoint) Software Interest Rate 12.65% Reference Rate and Spread S + 8.00% Maturity 12/31/26 One2024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Total Vision LLC Industry Health Care Providers & Services Reference Rate and Spread S + 6.00% Maturity 07/15/262024-12-310001772704ck0001772704:FirstLienSeniorSecuredDebtMembercountry:GB2025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% USN Opco LLC (dba Global Nephrology Solutions) Industry Health Care Providers & Services Interest Rate 9.96% Reference Rate and Spread S + 5.50% Maturity 12/21/26 One2025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% NFM & J, L.P. (dba the Facilities Group) Professional Services Interest Rate 12.00% Reference Rate and Spread P + 4.75% Maturity 11/30/272025-09-300001772704Non-Controlled Affiliates Pluralsight, Inc.2025-09-300001772704country:GBus-gaap:DebtSecuritiesMember2025-09-300001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Southeast Mechanical, LLC (dba. SEM Holdings, LLC) Industry Diversified Consumer Services Interest Rate 10.47% Reference Rate and Spread S + 6.00% Maturity 07/06/27 One2024-12-310001772704ck0001772704:WebptIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:UnsecuredDebtMember2023-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Pluralsight, Inc. Professional Services Interest Rate 9.01% Reference Rate and Spread S + 4.50% (Incl. 1.50% PIK) Maturity 08/22/29 One2024-12-310001772704us-gaap:FairValueInputsLevel1Member2024-12-310001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% MerchantWise Solutions, LLC (dba HungerRush) Industry Financial Services Interest Rate 11.83% Reference Rate and S + 7.50% (Incl. 4.50% PIK) Maturity 06/01/28 One2024-12-310001772704ck0001772704:ForeignCurrencyMember2024-01-012024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% GHA Buyer Inc. (dba Cedar Gate) Industry Health Care Technology Interest Rate 9.50% Reference Rate and Spread S + 5.50% Maturity 06/24/262025-09-300001772704ck0001772704:SoutheastMechanicalLlcMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-09-300001772704ck0001772704:UsnOpcoLlcMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-09-300001772704us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-09-300001772704country:GBus-gaap:DebtSecuritiesMember2024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Heartland Home Services, Inc. (fka Helios Buyer, Inc.) Industry Diversified Consumer Services Interest Rate 10.10% Reference Rate and Spread S + 6.00% Maturity 12/15/262025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Volt Bidco, Inc. (dba Power Factors) Industry Independent Power and Renewable Electricity Producers Reference Rate and Spread S + 6.50% Maturity 08/11/272024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% CFS Management, LLC (dba Center for Sight Management) Industry Health Care Providers & Services Interest Rate 12.76% Reference Rate and Spread S + 8.50% (Incl. 2.25% PIK) Maturity 09/30/262025-09-300001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% BSI3 Menu Buyer, Inc (dba Kydia) Industry Financial Services Interest Rate 10.47% Reference Rate and Spread S + 6.00% Maturity 01/25/282024-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:UnsecuredDebtMember2024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% WebPT, Inc. Industry Health Care Technology Interest Rate 11.12% Reference Rate and Spread S + 6.25% Maturity 01/18/282024-12-310001772704ck0001772704:JpmorganRevolvingCreditFacilityMembersrt:MaximumMember2025-01-012025-09-300001772704us-gaap:PreferredStockMembercountry:US2025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% CORA Health Holdings Corp Industry Health Care Providers & Services Interest Rate 10.100% Reference Rate and Spread S + 5.75% Maturity 06/15/272025-09-300001772704country:USus-gaap:EquitySecuritiesMember2025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Elemica Parent, Inc. Industry Chemicals Interest Rate 9.83% Reference Rate and Spread S + 5.50% Maturity 09/18/262025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% HowlCO LLC (dba Lone Wolf) Real Estate Mgmt. & Development Interest Rate 10.97% Reference Rate and Spread S + 6.50% (Incl. 3.50% PIK) Maturity 10/22/272025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Summit Buyer, LLC (dba Classic Collision) Industry Specialty Retail Interest Rate 0.00% Reference Rate and Spread S + 5.00% Maturity 05/31/302025-09-300001772704ck0001772704:CodingSolutionsAcquisitionIncDbaCorrohealthMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-09-300001772704Investment Equity Securities - 4.8% United States - 4.8% Common Stock - 1.7% Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings) Industry Software Initial Acquisition Date 03/10/20212024-12-310001772704ck0001772704:SecondIncentiveFeeMember2025-01-012025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Volt Bidco, Inc. (dba Power Factors) Industry Independent Power and Renewable Electricity Producers Interest Rate 10.50% Reference Rate and Spread S + 6.50%PIK Maturity 08/11/27 One2025-09-300001772704ck0001772704:SundanceGroupHoldingsIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-09-300001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Sweep Purchaser LLC Industry Commercial Services & Supplies Interest Rate 10.24% Reference Rate and Spread S + 5.75% Maturity 06/30/272024-12-310001772704ck0001772704:VoltBidcoIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-09-300001772704ck0001772704:FirstLienOrSeniorSecuredDebtMemberck0001772704:SummitBuyerLLCMember2025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% HS4 AcquisitionCo, Inc. (dba HotSchedules & Fourth) Industry Hotels, Restaurants & Leisure Interest Rate 10.19% Reference Rate and Spread S + 5.75% Maturity 07/09/25 One2024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Capitol Imaging Acquisition Corp. Industry Health Care Providers & Services Reference Rate and Spread S + 6.50% Maturity 10/01/252024-12-310001772704ck0001772704:GovernmentjobsComIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704Investment Debt Investments – 153.4% United Kingdom - 1.3% 1st Lien/Senior Secured Debt - 1.3% Clearcourse Partnership Acquireco Finance Limited Industry IT Services Interest Rate 12.22% Reference Rate and Spread SN + 8.00% (Incl. 0.50% PIK) Maturity 07/25/28 One2025-09-300001772704ck0001772704:CodingSolutionsAcquisitionIncDbaCorrohealthMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704Non-Controlled Affiliates Thrasio, LLC2024-01-012024-12-310001772704Investment Equity Securities - 4.8% United States - 4.8% Preferred Stock - 3.1% Governmentjobs.com, Inc. (dba NeoGov) Industry Software Initial Acquisition Date 12/02/212024-01-012024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% One GI LLC Industry Health Care Providers & Services Interest Rate 11.01% Reference Rate and Spread S + 6.75% Maturity 12/22/25 Three2025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Businessolver.com, Inc. Industry Health Care Technology Interest Rate 9.60% Reference Rate and Spread S + 5.50% Maturity 12/01/272025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Interest Rate 9.15% Reference Rate and Spread S + 5.00% Maturity 12/21/29 Three2025-09-300001772704us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2024-12-310001772704Investment Equity Securities - 3.1% United States - 3.1% Preferred Stock - 2.1% Diligent Corporation Industry Professional Services Initial Acquisition Date 04/06/20212025-09-300001772704ck0001772704:HotelsRestaurantsAndLeisureMember2024-12-310001772704us-gaap:PreferredStockMember2024-12-310001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Charger Debt Merger Sub, LLC (dba Classic Collision) Industry Specialty Retail Interest Rate 9.08% Reference Rate and Spread S + 4.75% Maturity 06/02/312024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% USN Opco LLC (dba Global Nephrology Solutions) Industry Health Care Providers & Services Interest Rate 9.98% Reference Rate and Spread S + 5.50% Maturity 12/21/26 Three2024-12-310001772704Investment Debt Investments – 185.2% Canada - 2.9% 1st Lien/Senior Secured Debt - 2.9% Rodeo Buyer Company (dba Absorb Software) Industry Professional Services Interest Rate 10.71.% Reference Rate and Spread S + 6.25% Maturity 05/25/272024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% HealthEdge Software, Inc. Industry Health Care Technology Interest Rate 9.15% Reference Rate and Spread S + 4.75% Maturity 07/16/312024-12-310001772704us-gaap:DebtSecuritiesMembercountry:US2025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% CORA Health Holdings Corp Industry Health Care Providers & Services Interest Rate 10.74% Reference Rate and Spread S + 5.75% Maturity 06/15/272024-12-310001772704Investment Debt Investments - 185.2% United Kingdom - 1.1% 1st Lien/Senior Secured Debt - 1.1% Clearcourse Partnership Acquireco Finance Limited Industry IT Services Interest Rate 13.70% Reference Rate and Spread SN + 8.75% (Incl. 9.85% PIK) Maturity 07/25/282024-12-310001772704Investment Debt Investments - 185.2% United Kingdom - 1.1% 1st Lien/Senior Secured Debt - 1.1% Clearcourse Partnership Acquireco Finance Limited Industry IT Services Interest Rate 13.70% Reference Rate and Spread SN + 8.75% (Incl. 9.85% PIK) Maturity 07/25/28 One2024-12-310001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Assembly Intermediate LLC Industry Diversified Consumer Services Reference Rate and Spread S + 5.25% Maturity 10/19/272024-12-310001772704ck0001772704:TradingCompaniesAndDistributorsMember2025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% iCIMS, Inc Industry Professional Services Interest Rate 10.07% Reference Rate and Spread S + 5.75% Maturity 08/18/282025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo) Industry Health Care Providers & Services Interest Rate 10.76% Reference Rate and Spread S + 6.00% Maturity 08/15/252024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Kaseya Inc. Industry IT Services Interest Rate 10.09% Reference Rate and Spread S + 5.50% Maturity 06/25/29 Two2024-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704Investment Equity Securities - 3.1% United States - 3.1% Warrants - 0.0% CloudBees, Inc. Industry Software Initial Acquisition Date 11/24/20212025-01-012025-09-300001772704Investment Equity Securities - 4.8% United States - 4.8% Common Stock - 1.7% Volt Bidco, Inc. (dba Power Factors) Industry Independent Power and Renewable Electricity Producers Initial Acquisition Date 08/11/20212024-12-310001772704us-gaap:EquitySecuritiesMember2025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Volt Bidco, Inc. (dba Power Factors) Industry Independent Power and Renewable Electricity Producers Interest Rate 10.50% Reference Rate and Spread S + 6.50%PIK Maturity 08/11/272025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Businessolver.com, Inc. Industry Health Care Technology Interest Rate 9.60% Reference Rate and Spread S + 5.50% Maturity 12/01/27 One2025-09-300001772704ck0001772704:ThreeMonthSOFRMember2025-01-012025-09-300001772704us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704ck0001772704:FSWhiteWaterBorrowerLlcMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704ck0001772704:SoftwareMember2025-09-300001772704us-gaap:MoneyMarketFundsMembercountry:USus-gaap:InvestmentAffiliatedIssuerMember2025-09-300001772704Non-Controlled Affiliates MedeAnalytics Inc2024-01-012024-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001772704:FirstLienOrSeniorSecuredDebtMembersrt:MaximumMember2025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% HS4 AcquisitionCo, Inc. (dba HotSchedules & Fourth) Industry Hotels, Restaurants & Leisure Interest Rate 10.19% Reference Rate and Spread S + 5.75% Maturity 07/09/252024-12-310001772704country:USus-gaap:InvestmentAffiliatedIssuerMember2024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Experity, Inc. Industry Health Care Technology Interest Rate 10.00% Reference Rate and Spread S + 6.00% (Incl. 3.25% PIK) Maturity 02/24/282025-09-300001772704ck0001772704:ThirdIncentiveFeeMember2025-01-012025-09-300001772704us-gaap:FairValueInputsLevel3Memberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-01-012024-09-300001772704ck0001772704:JpmorganRevolvingCreditFacilityMember2025-09-300001772704us-gaap:ValuationTechniqueDiscountedCashFlowMemberck0001772704:FirstLienOrLastOutUnitrancheMemberus-gaap:FairValueInputsLevel3Memberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMember2025-09-300001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Acuity Specialty Products, Inc. (dba Zep Inc.) Industry Chemicals Interest Rate 8.25% Reference Rate and Spread S + 4.00% Maturity 10/02/282024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% MerchantWise Solutions, LLC (dba HungerRush) Industry Financial Services Interest Rate 11.50% Reference Rate and S + 7.50% (Incl. 4.50% PIK) Maturity 06/01/282025-09-300001772704ck0001772704:HealthCareTechnologyMember2024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Diligent Corporation Industry Professional Services Interest Rate 9.20% Reference Rate and Spread S + 5.00% Maturity 08/02/302025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Southeast Mechanical, LLC Industry Diversified Consumer Services Interest Rate 10.28% Reference Rate and Spread S + 6.00% Maturity 07/06/272025-09-300001772704ck0001772704:HealthedgeSoftwareIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704ck0001772704:SweepPurchaserLlcMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% USN Opco LLC (dba Global Nephrology Solutions) Industry Health Care Providers & Services Interest Rate 9.98% Reference Rate and Spread S + 5.50% Maturity 12/21/26 Two2024-12-310001772704ck0001772704:SecondLienSeniorSecuredDebtMembercountry:US2025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% GovDelivery Holdings, LLC (dba Granicus, Inc.) Industry Software Interest Rate 9.56% Reference Rate and Spread S + 5.75% (Incl. 2.25% PIK) Maturity 01/17/312025-09-300001772704ck0001772704:MufgRevolvingCreditFacilityMemberus-gaap:FederalFundsEffectiveSwapRateMember2025-01-012025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC) Industry Entertainment Interest Rate 10.10% Reference Rate and Spread S + 6.00% Maturity 12/31/272025-09-300001772704Non-Controlled Affiliates Southeast Mechanical LLC Dba SEM Holdings LLC2023-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% CFS Management, LLC (dba Center for Sight Management) Industry Health Care Providers & Services Interest Rate 12.76% Reference Rate and Spread S + 8.50% (Incl. 2.25% PIK) Maturity 09/30/26 Two2025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% GHA Buyer Inc. (dba Cedar Gate) Industry Health Care Technology Interest Rate 9.83% Reference Rate and Spread S + 5.50% Maturity 06/24/262024-12-310001772704us-gaap:PrimeRateMember2025-01-012025-09-300001772704ck0001772704:BusinessolverComIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-09-300001772704ck0001772704:HeartlandHomeServicesIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-09-300001772704Investment Equity Securities - 4.8% United States - 4.8% Common Stock - 1.7% Pluralsight, Inc. Industry Professional Services Initial Acquisition Date 08/22/20242024-01-012024-12-310001772704ck0001772704:AbacusDataHoldingsIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:UnsecuredDebtMember2024-01-012024-09-300001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% GovDelivery Holdings, LLC (dba Granicus, Inc.) Industry Software Reference Rate and Spread S + 5.25% (Incl.2.25% PIK) Maturity 01/17/312024-12-310001772704us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2025-09-300001772704us-gaap:FairValueInputsLevel3Memberck0001772704:MeasurementInputRecoveryRateMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberck0001772704:FirstLienOrSeniorSecuredDebtMemberck0001772704:ValuationTechniqueCollateralAnalysisMember2024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% CFS Management, LLC (dba Center for Sight Management) Industry Health Care Providers & Services Interest Rate 12.76% Reference Rate and Spread S + 8.50% (Incl. 2.25% PIK) Maturity 09/30/26 One2025-09-300001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Checkmate Finance Merger Sub, LLC Industry Entertainment Reference Rate and Spread S + 6.50% Maturity 12/31/272024-12-310001772704Investment Equity Securities - 3.1% United States - 3.1% Warrants - 0.0% CloudBees, Inc. Industry Software Initial Acquisition Date 11/24/20212025-09-300001772704ck0001772704:BusinessolverComIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001772704:SecondLienOrSeniorSecuredDebtMember2024-12-310001772704Non-Controlled Affiliates MedeAnalytics Inc2024-12-310001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% GS AcquisitionCo, Inc. (dba Insightsoftware) Industry Financial Services Reference Rate and Spread S + 5.25% Maturity 05/25/282024-12-310001772704ck0001772704:CivicplusLlcMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704us-gaap:MoneyMarketFundsMember2025-09-300001772704ck0001772704:RodeoBuyerCompanyMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704us-gaap:CommonStockMember2024-01-012024-12-310001772704ck0001772704:RiverpointMedicalLlcMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-09-300001772704us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2025-09-300001772704ck0001772704:ITServicesMember2025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Pluralsight, Inc. Professional Services Reference Rate and Spread S + 4.50% (Incl. 1.50% PIK) Maturity 08/22/292024-12-310001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% 3SI Security Systems, Inc. Industry Commercial Services & Supplies Interest Rate 10.64% Reference Rate and Spread S + 6.00% Maturity 12/16/262024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Pioneer Buyer I, LLC Industry Software Interest Rate 10.00% Reference Rate and Spread S + 6.00% Maturity 11/01/282025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% DECA Dental Holdings LLC Industry Health Care Providers & Services Interest Rate 9.85% Reference Rate and Spread S + 5.75% Maturity 08/28/28 One2025-09-300001772704ck0001772704:PluralsightIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo) Industry Health Care Providers & Services Interest Rate 10.74% Reference Rate and Spread S + 6.00% Maturity 08/15/25 Two2024-12-310001772704ck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704ck0001772704:FirstLienSeniorSecuredDebtMembercountry:CA2024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Wellness AcquisitionCo, Inc. (dba SPINS) Industry IT Services Interest Rate 9.96% Reference Rate and Spread S + 5.50% Maturity 01/20/27 One2024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Eptam Plastics, Ltd. Industry Health Care Equipment & Supplies Interest Rate 9.76% Reference Rate and Spread S + 5.50% Maturity 12/06/27 One2025-09-300001772704ck0001772704:ThreeMonthSOFRMember2024-01-012024-12-3100017727042023-12-310001772704ck0001772704:FirstLienOrLastOutUnitrancheMemberus-gaap:FairValueInputsLevel3Member2024-12-310001772704ck0001772704:FirstLienLast-OutUnitrancheMembercountry:US2025-09-300001772704ck0001772704:WebptIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-09-300001772704us-gaap:DebtMember2024-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberck0001772704:FirstLienOrLastOutUnitrancheMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMember2024-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMembersrt:MaximumMember2025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Eptam Plastics, Ltd. Industry Health Care Equipment & Supplies Interest Rate 9.96% Reference Rate and Spread S + 5.50% Maturity 12/06/25 One2024-12-310001772704ck0001772704:TotalVisionLlcMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704ck0001772704:ChemicalsMember2024-12-310001772704ck0001772704:FirstLienOrSeniorSecuredDebtMembercountry:CA2024-12-310001772704ck0001772704:IMOInvestorHoldingsIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% MRI Software LLC Real Estate Mgmt. & Development Interest Rate 9.08% Reference Rate and Spread S + 4.75% Maturity 02/10/272024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Pluralsight, Inc. Professional Services Interest Rate 9.01% Reference Rate and Spread S + 4.50% (Incl. 1.50% PIK) Maturity 08/22/292024-12-310001772704us-gaap:EntertainmentMember2024-12-310001772704Investment Equity Securities - 3.1% United States - 3.1% Common Stock - 1.0% MedeAnalytics Group Holdings, LLC Industry Health Care Technology Initial Acquisition Date 04/21/20232025-09-300001772704Investment Debt Investments - 185.2% United States - 181.2%% 1st Lien/Senior Secured Debt - 177.4% GovDelivery Holdings, LLC (dba Granicus, Inc.) Industry Software Interest Rate 10.34% Reference Rate and Spread S + 5.75% (Incl.2.25% PIK) Maturity 01/17/312024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% One GI LLC Industry Health Care Providers & Services Interest Rate 11.24% Reference Rate and Spread S + 6.75% Maturity 12/22/252024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% MRI Software LLC Real Estate Mgmt. & Development Interest Rate 8.75% Reference Rate and Spread S + 4.75% Maturity 02/10/282025-09-300001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Assembly Intermediate LLC Industry Diversified Consumer Services Interest Rate 9.58% Reference Rate and Spread S + 5.25% Maturity 10/19/272024-12-310001772704Investment Equity Securities - 4.8% United States - 4.8% Common Stock - 1.7% Thrasio, LLC Industry Broadline Retail Initial Acquisition Date 06/18/242024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings) Software Interest Rate 11.17% Reference Rate and Spread S + 6.25% Maturity 03/10/272024-12-310001772704srt:MinimumMemberck0001772704:JpmorganRevolvingCreditFacilityMember2025-01-012025-09-300001772704Investment Debt Investments – 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Thrasio, LLC Industry Broadline Retail Interest Rate 14.89% Reference Rate and Spread S + 10.26% PIK Maturity 06/18/292024-12-310001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Whitewater Holding Company LLC Industry Diversified Consumer Services Interest Rate 10.23% Reference Rate and Spread S + 5.75% Maturity 12/21/27 Three2024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% CFS Management, LLC (dba Center for Sight Management) Industry Health Care Providers & Services Interest Rate 12.76% Reference Rate and Spread S + 8.50% (Incl. 2.25% PIK) Maturity 09/30/26 Three2025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Riverpoint Medical, LLC Industry Health Care Equipment & Supplies Interest Rate 9.58% Reference Rate and Spread S + 5.25% Maturity 06/21/27 One2024-12-310001772704Investment Equity Securities - 3.1% United States - 3.1% Preferred Stock - 2.1% CloudBees, Inc. Industry Software Initial Acquisition Date 11/24/20212025-09-300001772704Non-Controlled Affiliates Pluralsight, Inc.2024-01-012024-12-310001772704ck0001772704:CorepowerYogaLlcMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-09-300001772704us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2024-12-310001772704us-gaap:FairValueMeasurementsRecurringMember2024-01-012024-12-310001772704country:US2024-12-310001772704us-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMember2024-12-310001772704ck0001772704:SecondLienSeniorSecuredDebtMembercountry:US2024-12-310001772704Investment Equity Securities - 4.8% United States - 4.8% Preferred Stock - 3.1% Diligent Corporation Industry Professional Services Initial Acquisition Date 04/06/212024-01-012024-12-310001772704us-gaap:FairValueInputsLevel3Member2023-12-310001772704ck0001772704:ChessComLlcMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Diligent Corporation Industry Professional Services Reference Rate and Spread S + 5.00% Maturity 08/02/302024-12-310001772704ck0001772704:RodeoBuyerCompanyMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-09-300001772704us-gaap:CommonStockMember2024-12-310001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Helios Buyer, Inc. (dba Heartland) Industry Diversified Consumer Services Interest Rate 10.36% Reference Rate and Spread S + 6.00% Maturity 12/15/262024-12-310001772704ck0001772704:PluralsightIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-09-300001772704Investment Debt Investments – 185.2% Canada - 2.9% 1st Lien/Senior Secured Debt - 2.9% 1272775 B.C. LTD. (dba Everest Clinical Research) Industry Professional Services Interest Rate Reference Rate and Spread S + 5.50% Maturity 11/06/262024-12-310001772704Investment Debt Investments - 153.4% United States – 149.0% 1st Lien/Last-Out Unitranche (13) - 2.8% EDB Parent, LLC (dba Enterprise DB) Industry Software Interest Rate 11.31% Reference Rate and Spread S + 7.00% Maturity 07/07/28 One2025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Interest Rate 9.15% Reference Rate and Spread S + 5.00% Maturity 12/21/29 One2025-09-300001772704ck0001772704:RealEstateManagementAndDevelopmentMember2025-09-300001772704us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-09-300001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Sundance Group Holdings, Inc. (dba NetDocuments) Industry Software Interest Rate 9.08% Reference Rate and Spread S + 4.75% Maturity 07/02/292024-12-310001772704us-gaap:InvestmentAffiliatedIssuerMember2024-12-310001772704ck0001772704:BullhornIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Riverpoint Medical, LLC Industry Health Care Equipment & Supplies Reference Rate and Spread S + 4.75% Maturity 06/21/272025-09-300001772704ck0001772704:TheCenterForOrthopedicAndResearchExcellenceIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Interest Rate 9.15% Reference Rate and Spread S + 5.00% Maturity 12/21/292025-09-300001772704ck0001772704:GhaBuyerIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704ck0001772704:BroadlineRetailMember2024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% SpendMend, LLC Industry Health Care Providers & Services Interest Rate 9.48% Reference Rate and Spread S + 5.00% Maturity 03/01/282024-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMembersrt:MaximumMember2024-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Diligent Corporation Industry Professional Services Interest Rate 10.09% Reference Rate and Spread S + 5.00% Maturity 08/02/302024-12-310001772704Investment Debt Investments – 153.4.% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Superman Holdings, LLC (dba Foundation Software) Industry Construction & Engineering Interest Rate 8.50% Reference Rate and Spread S + 4.50% Maturity 08/29/312025-09-300001772704us-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001772704ck0001772704:ZaryaHoldCoIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704Investment Debt Investments – 153.4% Canada - 3.1% 1st Lien/Senior Secured Debt - 3.1% Everest Clinical Research Corporation (fka 1272775 B.C. LTD.) Industry Professional Services Reference Rate and Spread S + 5.25% Maturity 11/06/282025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings) Software Reference Rate and Spread S + 6.00% Maturity 03/10/272025-09-300001772704us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2024-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Coding Solutions Acquisition, Inc. (dba CorroHealth) Industry Health Care Providers & Services Reference Rate and Spread S + 5.00% Maturity 08/07/312024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Sundance Group Holdings, Inc. (dba NetDocuments) Industry Software Interest Rate 8.50% Reference Rate and Spread S + 4.50% Maturity 07/02/29 One2025-09-300001772704us-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMember2025-09-300001772704us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMembersrt:MaximumMember2024-12-310001772704ck0001772704:FirstLienLast-OutUnitrancheMembercountry:US2024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% One GI LLC Industry Health Care Providers & Services Interest Rate 11.21% Reference Rate and Spread S + 6.75% Maturity 12/22/25 Three2024-12-310001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% VRC Companies, LLC (dba Vital Records Control) Industry Commercial Services & Supplies Reference Rate and Spread S + 5.50% Maturity 06/29/272024-12-310001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Elemica Parent, Inc. Industry Chemicals Interest Rate 10.31% Reference Rate and Spread S + 5.50% Maturity 09/18/26 One2024-12-310001772704ck0001772704:SixAugustTwoThousandTwentyFiveMember2025-01-012025-09-300001772704ck0001772704:PioneerBuyerILlcMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-09-300001772704ck0001772704:CommercialServicesAndSuppliesMember2024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% CFS Management, LLC (dba Center for Sight Management) Industry Health Care Providers & Services Interest Rate 13.09% Reference Rate and Spread S + 8.50% (Incl. 2.25% PIK) Maturity 09/30/26 One2024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% BSI3 Menu Buyer, Inc (dba Kydia) Industry Financial Services Interest Rate 10.28% Reference Rate and Spread S + 6.00% Maturity 01/25/282025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo) Industry Health Care Providers & Services Interest Rate 10.66% Reference Rate and Spread S + 6.00% Maturity 08/15/252024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% GHA Buyer Inc. (dba Cedar Gate) Industry Health Care Technology Reference Rate and Spread S + 5.50% Maturity 06/24/262025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Total Vision LLC Industry Health Care Providers & Services Interest Rate 10.78% Reference Rate and Spread S + 6.00% Maturity 07/15/262024-12-310001772704Investment Equity Securities - 3.1% United States - 3.1% Common Stock - 1.0% Pluralsight, Inc. Industry Professional Services Initial Acquisition Date 08/22/20242025-01-012025-09-300001772704ck0001772704:RealEstateManagementAndDevelopmentMember2024-12-310001772704ck0001772704:FirstLienOrSeniorSecuredDebtMemberck0001772704:DiligentCorporationMember2025-09-300001772704ck0001772704:BroadlineRetailMember2025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0%1st Lien/Senior Secured Debt - 145.3% Heartland Home Services, Inc. (fka Helios Buyer, Inc.) Industry Diversified Consumer Services Interest Rate 10.10% Reference Rate and Spread S + 6.00% Maturity 12/15/26 One2025-09-300001772704Non-Controlled Affiliates Goldman Sachs Financial Square Government Fund2024-01-012024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Honor HN Buyer, Inc Industry Health Care Providers & Services Interest Rate 9.90% Reference Rate and Spread S + 5.75% Maturity 10/15/27 One2025-09-300001772704us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% CivicPlus LLC Software Interest Rate 10.41% Reference Rate and Spread S + 5.75% Maturity 08/24/27 One2024-12-310001772704ck0001772704:WellnessAcquisitioncoIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704ck0001772704:ConstructionAndEngineeringMember2024-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2023-12-310001772704Investment Equity Securities - 4.8% United States - 4.8% Common Stock - 1.7% Thrasio, LLC Industry Broadline Retail Initial Acquisition Date 06/18/242024-01-012024-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2025-01-012025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% LS Clinical Services Holdings, Inc (dba CATO) Industry Pharmaceuticals Interest Rate 11.25% Reference Rate and Spread S + 7.25% (Incl. 10.25% PIK) Maturity 12/17/292025-09-300001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Superman Holdings, LLC (dba Foundation Software) Industry Construction & Engineering Interest Rate 8.86% Reference Rate and Spread S + 4.50% Maturity 08/29/312024-12-310001772704Non-Controlled Affiliates Southeast Mechanical LLC Dba SEM Holdings LLC2024-12-310001772704ck0001772704:FirstLienOrSeniorSecuredDebtMembercountry:GB2024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Eptam Plastics, Ltd. Industry Health Care Equipment & Supplies Interest Rate 9.96% Reference Rate and Spread S + 5.50% Maturity 12/06/25 Two2024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Acquia, Inc. Software Interest Rate 11.73% Reference Rate and Spread S + 7.00% Maturity 10/31/252024-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2024-12-310001772704us-gaap:WarrantMember2024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Experity, Inc. Industry Health Care Technology Interest Rate 10.32% Reference Rate and Spread S + 6.00% (Incl. 3.25% PIK) Maturity 02/24/28 One2024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Experity, Inc. Industry Health Care Technology Interest Rate 10.32% Reference Rate and Spread S + 6.00% (Incl. 3.25% PIK) Maturity 02/24/282024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Riverpoint Medical, LLC Industry Health Care Equipment & Supplies Interest Rate 9.53% Reference Rate and Spread S + 5.25% Maturity 06/21/272024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Interest Rate 9.00% Reference Rate and Spread S + 5.00% Maturity 12/06/292025-09-300001772704ck0001772704:AffiliatedInvestmentMember2025-01-012025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Volt Bidco, Inc. (dba Power Factors) Industry Independent Power and Renewable Electricity Producers Reference Rate and Spread S + 6.50%PIK Maturity 08/11/272025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Bullhorn, Inc. Industry Professional Services Interest Rate 9.16% Reference Rate and Spread S + 5.00% Maturity 10/01/29 Five2025-09-300001772704ck0001772704:FirstLienOrLastOutUnitrancheMember2025-09-300001772704us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Zarya Intermediate, LLC (dba iOFFICE) Real Estate Mgmt. & Development Interest Rate 11.01% Reference Rate and Spread S + 6.50% Maturity 07/01/27 One2024-12-310001772704Non-Controlled Affiliates Goldman Sachs Financial Square Government Fund2025-01-012025-09-300001772704us-gaap:FairValueInputsLevel3Memberck0001772704:FirstLienOrLastOutUnitrancheMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMember2025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% GHA Buyer Inc. (dba Cedar Gate) Industry Health Care Technology Interest Rate 9.50% Reference Rate and Spread S + 5.50% Maturity 06/24/26 One2025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% LS Clinical Services Holdings, Inc (dba CATO) Industry Pharmaceuticals Interest Rate 11.25% Reference Rate and Spread S + 7.25% (Incl. 10.25% PIK) Maturity 06/18/292025-09-300001772704us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704ck0001772704:AqHeliosBuyerIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704Investment Equity Securities - 3.1% United States - 3.1% Common Stock - 1.0% Streamland Media Holdings LLC Industry Entertainment Initial Acquisition Date 03/31/20252025-01-012025-09-300001772704ck0001772704:OneMonthSOFRMember2024-01-012024-12-310001772704ck0001772704:FirstLienSeniorSecuredDebtMembercountry:CA2025-09-300001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Governmentjobs.com, Inc. (dba NeoGov) Industry Software Reference Rate and Spread S + 5.00% Maturity 12/01/20282024-12-310001772704us-gaap:CommonStockMember2025-01-012025-09-300001772704us-gaap:FairValueInputsLevel3Memberck0001772704:SecondLienOrSeniorSecuredDebtMember2024-09-300001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Whitewater Holding Company LLC Industry Diversified Consumer Services Interest Rate 10.23% Reference Rate and Spread S + 5.75% Maturity 12/21/27 Two2024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Streamland Media Midco LLC Industry Entertainment Interest Rate 10.00% Reference Rate and Spread S + 5.50% (Incl. 9.07%PIK) Maturity 04/02/292025-09-300001772704ck0001772704:UsnOpcoLlcMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2024-09-300001772704ck0001772704:FirstLienOrLastOutUnitrancheMember2024-12-310001772704ck0001772704:RubrikIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Streamland Media Midco LLC Industry Entertainment Interest Rate 14.09% Reference Rate and Spread S + 9.50% (Incl. 2.75% PIK) Maturity 03/31/25 One2024-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% CloudBees, Inc. Software Interest Rate 11.47% Reference Rate and Spread S + 7.00% (Incl. 2.50% PIK) Maturity 11/24/26 One2024-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:UnsecuredDebtMember2025-01-012025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Pluralsight, Inc. Professional Services Reference Rate and Spread S + 4.50% (Incl. 1.50% PIK) Maturity 08/22/29 One2025-09-300001772704ck0001772704:SpendMendHoldingsLLCMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704Investment Equity Securities - 4.8% United States - 4.8% Preferred Stock - 3.1% CloudBees, Inc. Industry Software Initial Acquisition Date 11/24/212024-12-310001772704ck0001772704:PddsHoldcoIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Acquia, Inc. Software Interest Rate 10.43% Reference Rate and Spread S + 6.00% Maturity 10/30/262025-09-300001772704us-gaap:FinancialServicesSectorMember2024-12-310001772704ck0001772704:SupermanHoldingsLlcMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-09-300001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% CorePower Yoga LLC Industry Diversified Consumer Services Interest Rate 10.54% Reference Rate and Spread S + 6.00% Maturity 05/14/262024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Zarya Intermediate, LLC (dba iOFFICE) Real Estate Mgmt. & Development Reference Rate and Spread S + 6.50% Maturity 07/01/272024-12-310001772704ck0001772704:IndependentPowerAndRenewableElectricityProducersMember2024-12-310001772704us-gaap:CommonStockMember2024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Gainsight, Inc. Industry Software Reference Rate and Spread S + 6.25% Maturity 07/30/272025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% CORA Health Holdings Corp Industry Health Care Providers & Services Interest Rate 10.74% Reference Rate and Spread S + 5.75% Maturity 06/15/27 One2024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Diligent Corporation Industry Professional Services Interest Rate 10.09% Reference Rate and Spread S + 5.00% Maturity 08/02/30 One2024-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2024-12-310001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Rubrik, Inc. Industry Software Interest Rate 11.67% Reference Rate and Spread S + 7.00% Maturity 08/17/282024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% WebPT, Inc. Industry Health Care Technology Interest Rate 10.86% Reference Rate and Spread S + 6.25% Maturity 01/18/28 One2024-12-310001772704Investment Debt Investments – 153.4% Canada - 3.1% 1st Lien/Senior Secured Debt - 3.1% Everest Clinical Research Corporation (fka 1272775 B.C. LTD.) Industry Professional Services Interest Rate 9.40.% Reference Rate and Spread S + 5.25% Maturity 11/06/282025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Wellness AcquisitionCo, Inc. (dba SPINS) Industry IT Services Interest Rate 9.96% Reference Rate and Spread S + 5.50% Maturity 01/20/272024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Sweep Purchaser LLC Industry Commercial Services & Supplies Interest Rate 9.91% Reference Rate and Spread S + 5.75% Maturity 06/30/272025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% CloudBees, Inc. Software Interest Rate 11.47% Reference Rate and Spread S + 7.00% (Incl. 2.50% PIK) Maturity 11/24/262024-12-310001772704ck0001772704:AbacusDataHoldingsIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-09-300001772704ck0001772704:Bsi3MenuBuyerIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704country:CA2025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Riverpoint Medical, LLC Industry Health Care Equipment & Supplies Interest Rate 9.58% Reference Rate and Spread S + 5.25% Maturity 06/21/272024-12-310001772704Non-Controlled Affiliates Goldman Sachs Financial Square Government Fund2025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Pluralsight, Inc. Professional Services Interest Rate 8.70% Reference Rate and Spread S + 4.50% (Incl. 1.50% PIK) Maturity 08/22/292025-09-300001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Whitewater Holding Company LLC Industry Diversified Consumer Services Reference Rate and Spread S + 5.75% Maturity 12/21/272024-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2025-01-012025-09-300001772704Non-Controlled Affiliates SEM Holdings, LLC (dba Southeast Mechanical, LLC)2025-09-300001772704us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-07-012024-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Eptam Plastics, Ltd. Industry Health Care Equipment & Supplies Interest Rate 9.76% Reference Rate and Spread S + 5.50% Maturity 12/06/272025-09-300001772704ck0001772704:ChemicalsMember2025-09-300001772704ck0001772704:SecondLienOrSeniorSecuredDebtMember2025-09-300001772704ck0001772704:PharmaceuticalsMember2025-09-300001772704us-gaap:FairValueInputsLevel2Memberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-09-300001772704ck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Whitewater Holding Company LLC Industry Diversified Consumer Services Interest Rate 10.23% Reference Rate and Spread S + 5.75% Maturity 12/21/272024-12-310001772704ck0001772704:FirstLienOrSeniorSecuredDebtMember2025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% DECA Dental Holdings LLC Industry Health Care Providers & Services Interest Rate 9.85% Reference Rate and Spread S + 5.75% Maturity 08/26/272025-09-3000017727042025-07-012025-09-3000017727042024-01-012024-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% GovDelivery Holdings, LLC (dba Granicus, Inc.) Industry Software Reference Rate and Spread P + 5.75% Maturity 01/17/312025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% One GI LLC Industry Health Care Providers & Services Interest Rate 11.21% Reference Rate and Spread S + 6.75% Maturity 12/22/252024-12-310001772704country:GB2025-09-300001772704Non-Controlled Affiliates MedeAnalytics Inc2023-12-310001772704us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-07-012025-09-300001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Total Vision LLC Industry Health Care Providers & Services Interest Rate 10.89% Reference Rate and Spread S + 6.00% Maturity 07/15/262024-12-310001772704ck0001772704:FirstLienOrLastOutUnitrancheMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-09-300001772704ck0001772704:EightAugustTwoThousandTwentyFourMember2024-01-012024-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Zarya HoldCo, Inc. (dba Eptura) Real Estate Mgmt. & Development Reference Rate and Spread S + 6.50% Maturity 07/01/272025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Eptam Plastics, Ltd. Industry Health Care Equipment & Supplies Interest Rate 9.76% Reference Rate and Spread S + 5.50% Maturity 12/06/27 Two2025-09-300001772704us-gaap:FairValueInputsLevel3Memberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Bullhorn, Inc. Industry Professional Services Interest Rate 9.36% Reference Rate and Spread S + 5.00% Maturity 10/01/29 Two2024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% USN Opco LLC (dba Global Nephrology Solutions) Industry Health Care Providers & Services Interest Rate 9.98% Reference Rate and Spread S + 5.50% Maturity 12/21/26 One2024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Diligent Corporation Industry Professional Services Reference Rate and Spread S + 5.00% Maturity 08/02/302025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% GS AcquisitionCo, Inc. (dba Insightsoftware) Industry Financial Services Interest Rate 9.25% Reference Rate and Spread S + 5.25% Maturity 05/25/28 One2025-09-300001772704ck0001772704:JpmRevolvingCreditFacilityMember2025-09-300001772704ck0001772704:MufgRevolvingCreditFacilityMember2024-01-012024-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Diligent Corporation Industry Professional Services Interest Rate 9.20% Reference Rate and Spread S + 5.00% Maturity 08/02/30 One2025-09-300001772704us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001772704Investment Debt Investments - 185.2% United States - 181.2% 2nd Lien/Senior Secured Debt – 0.3% Sweep Midco LLC Industry Commercial Services & Supplies Maturity 03/12/20362024-12-310001772704ck0001772704:ClearcoursePartnershipAcquirecoFinanceLimitedMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.) Industry Health Care Technology Reference Rate and Spread S + 5.00% Maturity 05/11/282025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Diligent Corporation Industry Professional Services Interest Rate 9.20% Reference Rate and Spread S + 5.00% Maturity 08/02/30 Two2025-09-300001772704us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2024-01-012024-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% GS AcquisitionCo, Inc. (dba Insightsoftware) Industry Financial Services Interest Rate 9.25% Reference Rate and Spread S + 5.25% Maturity 05/25/282025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% One GI LLC Industry Health Care Providers & Services Interest Rate 11.01% Reference Rate and Spread S + 6.75% Maturity 12/22/252025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Coding Solutions Acquisition, Inc. (dba CorroHealth) Industry Health Care Providers & Services Interest Rate 9.25% Reference Rate and Spread S + 5.00% Maturity 08/07/312024-12-310001772704us-gaap:WarrantMember2025-09-300001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Last-Out Unitranche (14) - 2.1% EDB Parent, LLC (dba Enterprise DB) Industry Software Interest Rate 11.26% Reference Rate and Spread S + 6.75% Maturity 07/07/20282024-12-310001772704Investment Equity Securities - 4.8% United States - 4.8% Common Stock - 1.7% Southeast Mechanical, LLC (dba. SEM Holdings, LLC) Industry Diversified Consumer Services Initial Acquisition Date 07/06/20222024-12-310001772704ck0001772704:NfmJLPMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Aria Systems, Inc. Industry Financial Services Interest Rate 12.47% Reference Rate and Spread S + 8.00% Maturity 06/30/262024-12-310001772704Investment Equity Securities - 4.8% United States - 4.8% Warrants - 0.0% CloudBees, Inc. Industry Software Initial Acquisition Date 11/24/20212024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% AQ Helios Buyer, Inc. (dba SurePoint) Industry Software Interest Rate 12.32% Reference Rate and Spread S + 8.00% Maturity 12/31/26 One2025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Honor HN Buyer, Inc Industry Health Care Providers & Services Interest Rate 10.23% Reference Rate and Spread S + 5.75% Maturity 10/15/27 One2024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.) Industry Health Care Technology Interest Rate 8.80% Reference Rate and Spread S + 5.00% Maturity 05/11/292025-09-300001772704ck0001772704:AqHeliosBuyerIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Bullhorn, Inc. Industry Professional Services Interest Rate 9.16% Reference Rate and Spread S + 5.00% Maturity 10/01/29 One2025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% One GI LLC Industry Health Care Providers & Services Interest Rate 11.01% Reference Rate and Spread S + 6.75% Maturity 12/22/25 Two2025-09-300001772704Non-Controlled Affiliates Thrasio Holdings, Inc.2024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Businessolver.com, Inc. Industry Health Care Technology Interest Rate 9.93% Reference Rate and Spread S + 5.50% Maturity 12/01/272024-12-310001772704us-gaap:EquitySecuritiesMember2024-12-310001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Charger Debt Merger Sub, LLC (dba Classic Collision) Industry Specialty Retail Reference Rate and Spread S + 4.75% Maturity 05/31/302024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Argos Health Holdings, Inc Industry Health Care Providers & Services Interest Rate 9.57% Reference Rate and Spread S + 5.25% Maturity 12/03/292025-09-300001772704us-gaap:FairValueInputsLevel3Memberck0001772704:InvestmentAdviserDidNotDevelopUnobservableInputsMember2024-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001772704:SecondLienOrSeniorSecuredDebtMember2024-12-310001772704ck0001772704:SweepPurchaserLlcMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704us-gaap:FairValueInputsLevel3Memberck0001772704:FirstLienOrLastOutUnitrancheMember2025-01-012025-09-300001772704ck0001772704:TwentySixFebruaryTwoThousandTwentyFiveMember2025-01-012025-09-3000017727042025-01-012025-09-300001772704ck0001772704:SixMonthSOFRMember2025-01-012025-09-300001772704us-gaap:MoneyMarketFundsMember2024-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMembersrt:MaximumMember2025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% HowlCO LLC (dba Lone Wolf) Real Estate Mgmt. & Development Interest Rate 11.24% Reference Rate and Spread S + 6.50% (Incl. 3.50% PIK) Maturity 10/22/272024-12-310001772704ck0001772704:ITServicesMember2024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Pluralsight, Inc. Professional Services Reference Rate and Spread S + 7.50% PIK Maturity 08/22/292024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Capitol Imaging Acquisition Corp. Industry Health Care Providers & Services Interest Rate 11.35% Reference Rate and Spread S + 6.50% Maturity 10/01/262024-12-310001772704us-gaap:FairValueInputsLevel3Member2025-01-012025-09-300001772704us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:UnsecuredDebtMember2025-09-300001772704us-gaap:FairValueInputsLevel2Memberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704us-gaap:PreferredStockMember2025-09-300001772704us-gaap:DebtMember2019-05-022019-05-020001772704us-gaap:FairValueInputsLevel3Memberck0001772704:FirstLienOrLastOutUnitrancheMember2025-09-3000017727042024-06-300001772704us-gaap:RelatedPartyMemberus-gaap:AssetManagementArrangementMember2024-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Intelligent Medical Objects, Inc. Industry Health Care Technology Interest Rate 9.36% Reference Rate and Spread S + 5.00% Maturity 05/11/292024-12-310001772704ck0001772704:ChessComLlcMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2025-09-300001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Reference Rate and Spread S + 5.50% Maturity 05/08/282024-12-310001772704ck0001772704:FirstLienOrSeniorSecuredDebtMemberck0001772704:LsClinicalServicesHoldingsIncMember2024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Bullhorn, Inc. Industry Professional Services Interest Rate 9.36% Reference Rate and Spread S + 5.00% Maturity 10/01/29 One2024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo) Industry Health Care Providers & Services Interest Rate 10.67% Reference Rate and Spread S + 6.00% Maturity 08/15/252024-12-310001772704ck0001772704:FirstLienOrSeniorSecuredDebtMemberck0001772704:DiligentCorporationMember2024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% CFS Management, LLC (dba Center for Sight Management) Industry Health Care Providers & Services Interest Rate 13.09% Reference Rate and Spread S + 8.50% (Incl. 2.25% PIK) Maturity 09/30/26 Two2024-12-310001772704us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-09-300001772704ck0001772704:FirstLienOrSeniorSecuredDebtMemberck0001772704:HonorHnBuyerIncMember2024-12-310001772704ck0001772704:EsoSolutionsIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704ck0001772704:ExperityIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% CloudBees, Inc. Industry Software Interest Rate 11.28% Reference Rate and Spread S + 7.00% (Incl. 2.50% PIK) Maturity 11/24/262025-09-300001772704ck0001772704:GsAcquisitioncoIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-09-300001772704Investment Debt Investments – 153.4% United Kingdom - 1.3% 1st Lien/Senior Secured Debt - 1.3% Clearcourse Partnership Acquireco Finance Limited Industry IT Services Interest Rate 12.22% Reference Rate and Spread SN + 8.00% (Incl. 0.50% PIK) Maturity 07/25/282025-09-300001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Helios Buyer, Inc. (dba Heartland) Industry Diversified Consumer Services Interest Rate 10.46% Reference Rate and Spread S + 6.00% Maturity 12/15/262024-12-310001772704us-gaap:DebtSecuritiesMembercountry:CA2024-12-310001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Last-Out Unitranche (14) - 2.1% EDB Parent, LLC (dba Enterprise DB) Industry Software Interest Rate 11.26% Reference Rate and Spread S + 6.75% Maturity 07/07/2028 One2024-12-310001772704Investment Equity Securities - 3.1% United States - 3.1% Common Stock - 1.0% Volt Bidco, Inc. (dba Power Factors) Industry Independent Power and Renewable Electricity Producers Initial Acquisition Date 08/11/20212025-01-012025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Elemica Parent, Inc. Industry Chemicals Interest Rate 9.88% Reference Rate and Spread S + 5.50% Maturity 09/18/262025-09-300001772704Investment Equity Securities - 3.1% United States - 3.1% Common Stock - 1.0% Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings) Industry Software Initial Acquisition Date 03/10/20212025-09-300001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Streamland Media Midco LLC Industry Entertainment Interest Rate 14.09% Reference Rate and Spread S + 9.50% (Incl. 2.75% PIK) Maturity 03/31/25 Four2024-12-310001772704us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-09-300001772704us-gaap:FairValueMeasurementsRecurringMember2024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Interest Rate 11.98% Reference Rate and Spread S + 7.50% Maturity 07/18/282024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Riverpoint Medical, LLC Industry Health Care Equipment & Supplies Interest Rate 9.58% Reference Rate and Spread S + 5.25% Maturity 06/21/27 Two2024-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2025-01-012025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Zarya Intermediate, LLC (dba iOFFICE) Real Estate Mgmt. & Development Interest Rate 11.01% Reference Rate and Spread S + 6.50% Maturity 07/01/272024-12-310001772704us-gaap:WarrantMembercountry:US2025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Honor HN Buyer, Inc Industry Health Care Providers & Services Interest Rate 10.23% Reference Rate and Spread S + 5.75% Maturity 10/15/272024-12-310001772704Investment Equity Securities - 4.8% United States - 4.8% Preferred Stock - 3.1% Governmentjobs.com, Inc. (dba NeoGov) Industry Software Initial Acquisition Date 12/02/212024-12-310001772704Investment Equity Securities - 3.1% United States - 3.1% Common Stock - 1.0% Pluralsight, Inc. Industry Professional Services Initial Acquisition Date 08/22/20242025-09-300001772704us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Honor HN Buyer, Inc Industry Health Care Providers & Services Interest Rate 9.90% Reference Rate and Spread S + 5.75% Maturity 10/15/272025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% ESO Solutions, Inc. Industry Health Care Technology Interest Rate 10.95% Reference Rate and Spread S + 6.75% Maturity 05/03/27 One2025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Gainsight, Inc. Software Interest Rate 10.66% Reference Rate and Spread S + 6.00% Maturity 07/30/27 One2024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Eptam Plastics, Ltd. Industry Health Care Equipment & Supplies Interest Rate 9.96% Reference Rate and Spread S + 5.50% Maturity 12/06/25 Four2024-12-310001772704Non-Controlled Affiliates Goldman Sachs Financial Square Government Fund2024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% VRC Companies, LLC (dba Vital Records Control) Industry Commercial Services & Supplies Reference Rate and Spread S + 5.25% Maturity 06/29/272025-09-300001772704Investment Debt Investments - 185.2% United States - 181.2% Unsecured Debt - 1.4% CivicPlus LLC Industry Software Interest Rate 16.08% Reference Rate and Spread S + 11.75% PIK Maturity 06/09/342024-12-310001772704us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMemberck0001772704:FirstLienOrSeniorSecuredDebtMembersrt:MaximumMember2024-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:UnsecuredDebtMember2024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% WebPT, Inc. Industry Health Care Technology Interest Rate 10.55% Reference Rate and Spread S + 6.25% Maturity 01/18/282025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Coding Solutions Acquisition, Inc. (dba CorroHealth) Industry Health Care Providers & Services Reference Rate and Spread S + 5.00% Maturity 08/07/312025-09-300001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% GS AcquisitionCo, Inc. (dba Insightsoftware) Industry Financial Services Interest Rate 9.58% Reference Rate and Spread S + 5.25% Maturity 05/25/282024-12-310001772704ck0001772704:MufgRevolvingCreditFacilityMember2025-01-012025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% AQ Helios Buyer, Inc. (dba SurePoint) Industry Software Interest Rate 11.35% Reference Rate and Spread S + 7.00% Maturity 12/31/262025-09-300001772704Investment Debt Investments - 153.4% United States – 149.0% 1st Lien/Last-Out Unitranche (13) - 2.8% EDB Parent, LLC (dba Enterprise DB) Industry Software Interest Rate 11.31% Reference Rate and Spread S + 7.00% Maturity 07/07/282025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% DECA Dental Holdings LLC Industry Health Care Providers & Services Interest Rate 10.18% Reference Rate and Spread S + 5.75% Maturity 08/28/28 One2024-12-310001772704us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMemberck0001772704:FirstLienOrSeniorSecuredDebtMembersrt:MaximumMember2025-09-300001772704ck0001772704:OneMonthSOFRMember2025-01-012025-09-3000017727042025-11-120001772704Investment Equity Securities - 3.1% United States - 3.1% Preferred Stock - 2.1% FS WhiteWater Holdings, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Initial Acquisition Date 10/02/20242025-09-300001772704ck0001772704:MufgRevolvingCreditFacilityMember2024-12-310001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Superman Holdings, LLC (dba Foundation Software) Industry Construction & Engineering Reference Rate and Spread S + 4.50% Maturity 08/29/31 One2024-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2024-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2024-12-310001772704Investment Equity Securities - 3.1% United States - 3.1% Common Stock - 1.0% SEM Holdings, LLC (dba Southeast Mechanical, LLC) Industry Diversified Consumer Services Initial Acquisition Date 07/06/20222025-09-300001772704us-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Pacvue Intermediate LLC (fka Assembly Intermediate LLC) Industry Diversified Consumer Services Interest Rate 9.25% Reference Rate and Spread S + 5.25% Maturity 10/19/27 One2025-09-300001772704ck0001772704:SixMonthSOFRMember2024-01-012024-12-310001772704us-gaap:FairValueInputsLevel3Memberck0001772704:SecondLienOrSeniorSecuredDebtMember2025-09-300001772704us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% CloudBees, Inc. Industry Software Interest Rate 11.28% Reference Rate and Spread S + 7.00% (Incl. 2.50% PIK) Maturity 11/24/26 One2025-09-3000017727042024-12-310001772704ck0001772704:FirstLienOrLastOutUnitrancheMember2024-12-310001772704Investment Equity Securities - 3.1% United States - 3.1% Common Stock - 1.0% Whitewater Holding Company LLC Industry Diversified Consumer Services Initial Acquisition Date 12/21/20212025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Pluralsight, Inc. Professional Services Reference Rate and Spread S + 4.50% (Incl. 1.50% PIK) Maturity 08/22/292025-09-300001772704ck0001772704:ForeignCurrencyMember2025-01-012025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% MerchantWise Solutions, LLC (dba HungerRush) Industry Financial Services Interest Rate 11.50% Reference Rate and S + 7.50% (Incl. 4.50% PIK) Maturity 06/01/28 One2025-09-300001772704ck0001772704:CommercialServicesAndSuppliesMember2025-09-300001772704ck0001772704:GoldmanSachsFinancialSquareGovernmentFundMember2024-12-310001772704ck0001772704:FirstLienOrLastOutUnitrancheMemberck0001772704:EdbParentLlcMember2025-09-300001772704ck0001772704:GhaBuyerIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Zarya HoldCo, Inc. (dba Eptura) Real Estate Mgmt. & Development Interest Rate 10.70% Reference Rate and Spread S + 6.50% Maturity 07/01/272025-09-300001772704ck0001772704:FirstLienOrSeniorSecuredDebtMember2025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% DECA Dental Holdings LLC Industry Health Care Providers & Services Interest Rate 9.85% Reference Rate and Spread S + 5.75% Maturity 08/28/282025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% ESO Solutions, Inc Industry Health Care Technology Interest Rate 11.27% Reference Rate and Spread S + 6.75% Maturity 05/03/272024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Heartland Home Services, Inc. (fka Helios Buyer, Inc.) Industry Diversified Consumer Services Interest Rate 9.85% Reference Rate and Spread S + 5.75% Maturity 12/15/262025-09-300001772704ck0001772704:ProfessionalServicesMember2025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Bullhorn, Inc. Industry Professional Services Interest Rate 9.16% Reference Rate and Spread S + 5.00% Maturity 10/01/292025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% HealthEdge Software, Inc. Industry Health Care Technology Reference Rate and Spread S + 4.75% Maturity 07/16/312024-12-310001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Interest Rate 9.89% Reference Rate and Spread S + 5.50% Maturity 05/08/282024-12-310001772704ck0001772704:SoutheastMechanicalLlcMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% VRC Companies, LLC (dba Vital Records Control) Industry Commercial Services & Supplies Interest Rate 9.56% Reference Rate and Spread S + 5.25% Maturity 06/29/272025-09-300001772704us-gaap:FairValueInputsLevel2Member2025-09-300001772704ck0001772704:JpmorganRevolvingCreditFacilityMember2024-07-012024-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Coding Solutions Acquisition, Inc. (dba CorroHealth) Industry Health Care Providers & Services Reference Rate and Spread S + 5.00% Maturity 08/07/31 One2025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Eptam Plastics, Ltd. Industry Health Care Equipment & Supplies Interest Rate 10.50% Reference Rate and Spread S + 6.00% Maturity 12/06/252024-12-310001772704us-gaap:EquitySecuritiesMembercountry:US2024-12-310001772704ck0001772704:ExperityIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-09-300001772704ck0001772704:JpmorganRevolvingCreditFacilityMember2025-01-012025-09-300001772704ck0001772704:FullsteamOperationsLlcMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704Investment Equity Securities - 4.8% United States - 4.8% Common Stock - 1.7% MedeAnalytics, Inc. Industry Health Care Technology Initial Acquisition Date 04/21/20232024-01-012024-12-310001772704ck0001772704:JpmorganRevolvingCreditFacilityMember2025-07-012025-09-300001772704us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2024-12-310001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Helios Buyer, Inc. (dba Heartland) Industry Diversified Consumer Services Interest Rate 10.18% Reference Rate and Spread S + 5.75% Maturity 12/15/262024-12-310001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Streamland Media Midco LLC Industry Entertainment Interest Rate 14.09% Reference Rate and Spread S + 9.50% (Incl. 2.75% PIK) Maturity 03/31/25 Two2024-12-310001772704ck0001772704:SecondLienOrSeniorSecuredDebtMembercountry:US2024-12-310001772704Non-Controlled Affiliates Thrasio Holdings, Inc.2025-01-012025-09-300001772704us-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001772704ck0001772704:TwentySevenFebruaryTwoThousandTwentyFourMember2024-01-012024-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Southeast Mechanical, LLC Industry Diversified Consumer Services Reference Rate and Spread S + 6.00% Maturity 07/06/272025-09-300001772704Investment Equity Securities - 3.1% United States - 3.1% Common Stock - 1.0% Volt Bidco, Inc. (dba Power Factors) Industry Independent Power and Renewable Electricity Producers Initial Acquisition Date 08/11/20212025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics) Industry Trading Companies & Distributors Interest Rate 9.91% Reference Rate and Spread S + 5.75% Maturity 10/07/30 One2025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Superman Holdings, LLC (dba Foundation Software) Industry Construction & Engineering Reference Rate and Spread S + 4.50% Maturity 08/29/312025-09-300001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Fullsteam Operations LLC Industry Financial Services Interest Rate 12.91% Reference Rate and spread S + 8.25% Maturity 11/27/292024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Total Vision LLC Industry Health Care Providers & Services Interest Rate 10.62% Reference Rate and Spread S + 6.00% Maturity 07/15/262024-12-310001772704ck0001772704:SevenMayTwoThousandTwentyFiveMember2025-01-012025-09-300001772704country:CA2024-12-310001772704country:GB2024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Volt Bidco, Inc. (dba Power Factors) Industry Independent Power and Renewable Electricity Producers Interest Rate 10.50% Reference Rate and Spread S + 6.50%PIK Maturity 08/11/27 Two2025-09-300001772704country:US2025-09-300001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Harrington Industrial Plastics, LLC Industry Trading Companies & Distributors Interest Rate 10.11% Reference Rate and Spread S + 5.75% Maturity 10/07/30 One2024-12-310001772704us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% One GI LLC Industry Health Care Providers & Services Interest Rate 11.21% Reference Rate and Spread S + 6.75% Maturity 12/22/25 One2024-12-310001772704us-gaap:FinancialServicesSectorMember2025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Bullhorn, Inc. Industry Professional Services Interest Rate 9.16% Reference Rate and Spread S + 5.00% Maturity 10/01/29 Three2025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% iCIMS, Inc Industry Professional Services Interest Rate 10.34% Reference Rate and Spread S + 5.75% Maturity 08/18/282024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% SpendMend Holdings LLC Industry Health Care Providers & Services Interest Rate 9.15% Reference Rate and Spread S + 5.00% Maturity 03/01/28 Two2025-09-300001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Sundance Group Holdings, Inc. (dba NetDocuments) Industry Software Interest Rate 9.08% Reference Rate and Spread S + 4.75% Maturity 07/02/29 One2024-12-3100017727042024-09-300001772704us-gaap:FairValueInputsLevel3Member2024-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Wellness AcquisitionCo, Inc. (dba SPINS) Industry IT Services Reference Rate and Spread S + 5.50% Maturity 01/20/272024-12-310001772704ck0001772704:ForeignCurrencyMember2024-12-310001772704ck0001772704:FourthIncentiveFeeMember2025-01-012025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Riverpoint Medical, LLC Industry Health Care Equipment & Supplies Interest Rate 8.75% Reference Rate and Spread S + 4.75% Maturity 06/21/27 Two2025-09-300001772704Investment Equity Securities - 4.8% United States - 4.8% Common Stock - 1.7% Pluralsight, Inc. Industry Professional Services Initial Acquisition Date 08/22/20242024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Summit Buyer, LLC (dba Classic Collision) Industry Specialty Retail Interest Rate 9.00% Reference Rate and Spread S + 5.00% Maturity 06/02/312025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% HowlCO LLC (dba Lone Wolf) Real Estate Mgmt. & Development Interest Rate 10.93% Reference Rate and Spread S + 6.50% (Incl. 3.50% PIK) Maturity 10/22/272025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Southeast Mechanical, LLC Industry Diversified Consumer Services Interest Rate 10.28% Reference Rate and Spread S + 6.00% Maturity 07/06/27 One2025-09-300001772704Investment Debt Investments – 153.4% Canada -3.1% 1st Lien/Senior Secured Debt - 3.1% Everest Clinical Research Corporation Industry Professional Services Interest Rate 9.40.% Reference Rate and Spread S + 5.25% Maturity 11/06/282025-09-300001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Governmentjobs.com, Inc. (dba NeoGov) Industry Software Interest Rate 9.33% Reference Rate and Spread S + 5.00% Maturity 12/01/20282024-12-310001772704us-gaap:PreferredStockMembercountry:US2024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Riverpoint Medical, LLC Industry Health Care Equipment & Supplies Interest Rate 8.75% Reference Rate and Spread S + 4.75% Maturity 06/21/272025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% HowlCO LLC (dba Lone Wolf) Real Estate Mgmt. & Development Interest Rate 11.28% Reference Rate and Spread S + 6.50% (Incl. 3.50% PIK) Maturity 10/22/272024-12-310001772704ck0001772704:ChronicleBidcoIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% NFM & J, L.P. (dba the Facilities Group) Professional Services Interest Rate 10.06% Reference Rate and Spread S + 5.75% Maturity 11/30/272025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% MedeAnalytics, Inc. Industry Health Care Technology Reference Rate and Spread 3.00% PIK Maturity 10/23/282024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Reference Rate and Spread S + 5.00% Maturity 12/06/292025-09-300001772704us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:UnsecuredDebtMember2024-12-310001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Southeast Mechanical, LLC (dba. SEM Holdings, LLC) Industry Diversified Consumer Services Interest Rate 10.47% Reference Rate and Spread S + 6.00% Maturity 07/06/272024-12-310001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Whitewater Holding Company LLC Industry Diversified Consumer Services Interest Rate 10.23% Reference Rate and Spread S + 5.75% Maturity 12/21/27 One2024-12-310001772704us-gaap:FairValueInputsLevel2Member2024-12-310001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Fullsteam Operations LLC Industry Financial Services Reference Rate and spread S + 8.25% Maturity 11/27/292024-12-310001772704Investment Debt Investments – 153.4.% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Sweep Purchaser LLC Industry Commercial Services & Supplies Interest Rate 9.91% Reference Rate and Spread S + 5.75% PIK Maturity 06/30/272025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% GHA Buyer Inc. (dba Cedar Gate) Industry Health Care Technology Reference Rate and Spread S + 5.50% Maturity 06/24/262024-12-310001772704us-gaap:UnsecuredDebtMember2024-12-310001772704Investment Debt Investments – 185.2% Canada - 2.9% 1st Lien/Senior Secured Debt - 2.9% Rodeo Buyer Company (dba Absorb Software) Industry Professional Services Reference Rate and Spread S + 6.25% Maturity 05/25/272024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% NFM & J, L.P. (dba the Facilities Group) Professional Services Interest Rate 10.44% Reference Rate and Spread S + 5.75% Maturity 11/30/272024-12-310001772704us-gaap:PreferredStockMember2025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Elemica Parent, Inc. Industry Chemicals Interest Rate 9.97% Reference Rate and Spread S + 5.50% Maturity 09/18/262025-09-300001772704us-gaap:UnsecuredDebtMember2025-09-300001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Helios Buyer, Inc. (dba Heartland) Industry Diversified Consumer Services Interest Rate 10.43% Reference Rate and Spread S + 6.00% Maturity 12/15/26 One2024-12-310001772704us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:UnsecuredDebtMember2025-09-300001772704ck0001772704:GoldmanSachsFinancialSquareGovernmentFundMember2025-09-300001772704ck0001772704:HealthCareEquipmentAndSuppliesMember2025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% DECA Dental Holdings LLC Industry Health Care Providers & Services Interest Rate 10.20% Reference Rate and Spread S + 5.75% Maturity 08/26/272024-12-310001772704ck0001772704:MufgRevolvingCreditFacilityMember2024-07-012024-09-300001772704Investment Debt Investments - 153.4% United States – 149.0% 1st Lien/Last-Out Unitranche (13) - 2.8% Streamland Media Midco LLC Industry Entertainment Reference Rate and Spread S + 5.50% (Incl. 9.06% PIK) Maturity 04/02/292025-09-300001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Sweep Purchaser LLC Industry Commercial Services & Supplies Interest Rate 10.24% Reference Rate and Spread S + 5.75% PIK Maturity 06/30/272024-12-310001772704ck0001772704:HealthCareEquipmentAndSuppliesMember2024-12-310001772704us-gaap:CommonStockMember2025-09-300001772704ck0001772704:NfmJLPMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-09-300001772704us-gaap:DebtMember2025-01-012025-09-300001772704ck0001772704:FirstLienSeniorSecuredDebtMembercountry:US2024-12-310001772704Investment Equity Securities - 4.8% United States - 4.8% Common Stock - 1.7% Whitewater Holding Company LLC Industry Diversified Consumer Services Initial Acquisition Date 12/21/20212024-01-012024-12-310001772704Investment Equity Securities - 3.1% United States - 3.1% Common Stock - 1.0% SEM Holdings, LLC (dba Southeast Mechanical, LLC) Industry Diversified Consumer Services Initial Acquisition Date 07/06/20222025-01-012025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Bullhorn, Inc. Industry Professional Services Reference Rate and Spread S + 5.00% Maturity 10/01/292024-12-310001772704us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% WebPT, Inc. Industry Health Care Technology Interest Rate 10.86% Reference Rate and Spread S + 6.25% Maturity 01/18/282024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% CivicPlus LLC Software Interest Rate 10.41% Reference Rate and Spread S + 5.75% Maturity 08/24/27 Two2024-12-310001772704ck0001772704:KaseyaIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704us-gaap:UnsecuredDebtMembercountry:US2025-09-300001772704us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-12-310001772704ck0001772704:ThreeMonthSnMember2024-01-012024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Streamland Media Midco LLC Industry Entertainment Interest Rate 9.76% Reference Rate and Spread S + 6.50% (Incl. 10.06% PIK) Maturity 04/02/292025-09-300001772704us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2025-09-300001772704ck0001772704:SoftwareMember2024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings) Software Interest Rate 10.29% Reference Rate and Spread S + 6.00% Maturity 03/10/272025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC) Industry Entertainment Reference Rate and Spread S + 6.00% Maturity 12/31/272025-09-300001772704Investment Equity Securities - 4.8% United States - 4.8% Preferred Stock - 3.1% Whitewater Holding Company LLC Industry Diversified Consumer Services Initial Acquisition Date 10/02/242024-12-310001772704us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMemberus-gaap:UnsecuredDebtMember2024-12-310001772704Non-Controlled Affiliates Goldman Sachs Financial Square Government Fund2023-12-310001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Elemica Parent, Inc. Industry Chemicals Interest Rate 10.12% Reference Rate and Spread S + 5.50% Maturity 09/18/262024-12-310001772704Investment Debt Investments – 153.4% Canada - 3.1% 1st Lien/Senior Secured Debt - 3.1% Rodeo Buyer Company (dba Absorb Software) Industry Professional Services Interest Rate 10.51% Reference Rate and Spread S + 6.25% Maturity 05/25/272025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Eptam Plastics, Ltd. Industry Health Care Equipment & Supplies Interest Rate 9.76% Reference Rate and Spread S + 5.50% Maturity 12/06/27 Three2025-09-300001772704ck0001772704:ClearcoursePartnershipAcquirecoFinanceLimitedMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704ck0001772704:EverestClinicalResearchCorporationMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Checkmate Finance Merger Sub, LLC Industry Entertainment Interest Rate 10.92% Reference Rate and Spread S + 6.50% Maturity 12/31/272024-12-310001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Southeast Mechanical, LLC (dba. SEM Holdings, LLC) Industry Diversified Consumer Services Interest Rate 10.48% Reference Rate and Spread S + 6.00% Maturity 07/06/272024-12-310001772704ck0001772704:GainsightIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Eptam Plastics, Ltd. Industry Health Care Equipment & Supplies Interest Rate 10.18% Reference Rate and Spread S + 6.00% Maturity 12/06/272025-09-300001772704Investment Equity Securities - 3.1% United States - 3.1% Common Stock - 1.0% Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings) Industry Software Initial Acquisition Date 03/10/20212025-01-012025-09-300001772704ck0001772704:SpecialtyRetailMember2024-12-310001772704ck0001772704:FirstLienOrSeniorSecuredDebtMemberck0001772704:SummitBuyerLLCMember2024-12-310001772704Non-Controlled Affiliates Thrasio Holdings, Inc.2025-09-300001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Elemica Parent, Inc. Industry Chemicals Interest Rate 10.17% Reference Rate and Spread S + 5.50% Maturity 09/18/262024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings) Software Reference Rate and Spread S + 6.25% Maturity 03/10/272024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Volt Bidco, Inc. (dba Power Factors) Industry Independent Power and Renewable Electricity Producers Interest Rate 10.83% Reference Rate and Spread S + 6.50% Maturity 08/11/27 One2024-12-310001772704ck0001772704:Hs4AcquisitioncoIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% iCIMS, Inc Industry Professional Services Interest Rate 10.07% Reference Rate and Spread S + 5.75% Maturity 08/18/28 One2025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% GHA Buyer Inc. (dba Cedar Gate) Industry Health Care Technology Interest Rate 9.83% Reference Rate and Spread S + 5.50% Maturity 06/24/26 Two2024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% SpendMend, LLC Industry Health Care Providers & Services Reference Rate and Spread S + 5.00% Maturity 03/01/282024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Acquia, Inc. Software Interest Rate 11.75% Reference Rate and Spread S + 7.00% Maturity 10/31/252024-12-310001772704Investment Equity Securities - 4.8% United States - 4.8% Preferred Stock - 3.1% CloudBees, Inc. Industry Software Initial Acquisition Date 11/24/212024-01-012024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo) Industry Health Care Providers & Services Interest Rate 10.74% Reference Rate and Spread S + 6.00% Maturity 08/15/25 One2024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% HowlCO LLC (dba Lone Wolf) Real Estate Mgmt. & Development Interest Rate 10.93% Reference Rate and Spread S + 6.50% (Incl. 3.50% PIK) Maturity 10/22/27 One2025-09-300001772704us-gaap:DebtSecuritiesMember2025-09-300001772704us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2025-09-300001772704ck0001772704:PioneerBuyerILlcMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001772704:MeasurementInputRecoveryRateMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberck0001772704:FirstLienOrSeniorSecuredDebtMemberck0001772704:ValuationTechniqueCollateralAnalysisMember2024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% iCIMS, Inc Industry Professional Services Interest Rate 10.38% Reference Rate and Spread S + 5.75% Maturity 08/18/282024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Thrasio, LLC Industry Broadline Retail Interest Rate 14.58% Reference Rate and Spread S + 10.26% PIK Maturity 06/18/292025-09-300001772704ck0001772704:FirstLienOrLastOutUnitrancheMemberus-gaap:FairValueInputsLevel3Member2023-12-310001772704ck0001772704:GovdeliveryHoldingLlcMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% One GI LLC Industry Health Care Providers & Services Interest Rate 11.21% Reference Rate and Spread S + 6.75% Maturity 12/22/25 Two2024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Premier Imaging, LLC (dba Lucid Health) Industry Health Care Providers & Services Interest Rate 10.59% Reference Rate and Spread S + 6.00% Maturity 03/31/26 One2024-12-310001772704ck0001772704:FirstLienOrSeniorSecuredDebtMember2025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Experity, Inc. Industry Health Care Technology Reference Rate and Spread S + 6.00% (Incl. 3.25% PIK) Maturity 02/24/282025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% LS Clinical Services Holdings, Inc (dba CATO) Industry Pharmaceuticals Interest Rate 11.84% Reference Rate and Spread S + 7.25% (Incl. 7.84% PIK) Maturity 06/16/272024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Eptam Plastics, Ltd. Industry Health Care Equipment & Supplies Interest Rate 9.96% Reference Rate and Spread S + 5.50% Maturity 12/06/25 Three2024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Kaseya Inc. Industry IT Services Interest Rate 10.09% Reference Rate and Spread S + 5.50% Maturity 06/25/29 One2024-12-310001772704Investment Equity Securities - 4.8% United States - 4.8% Preferred Stock - 3.1% Diligent Corporation Industry Professional Services Initial Acquisition Date 04/06/212024-12-310001772704us-gaap:DebtMember2024-01-012024-12-310001772704ck0001772704:ZaryaHoldCoIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-09-300001772704us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Elemica Parent, Inc. Industry Chemicals Interest Rate 9.97% Reference Rate and Spread S + 5.50% Maturity 09/18/26 One2025-09-300001772704us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001772704:JpmorganRevolvingCreditFacilityMember2025-01-012025-09-300001772704ck0001772704:HeartlandHomeServicesIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704us-gaap:DebtMemberck0001772704:JpmRevolvingCreditFacilityMember2024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% AQ Helios Buyer, Inc. (dba SurePoint) Software Interest Rate 11.67% Reference Rate and Spread S + 7.00% Maturity 12/31/262024-12-310001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% AQ Helios Buyer, Inc. (dba SurePoint) Software Interest Rate 12.65 % Reference Rate and Spread S + 8.00% Maturity 12/31/262024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% ESO Solutions, Inc. Industry Health Care Technology Interest Rate 10.95% Reference Rate and Spread S + 6.75% Maturity 05/03/272025-09-300001772704us-gaap:FairValueInputsLevel3Memberck0001772704:SecondLienOrSeniorSecuredDebtMember2024-01-012024-09-300001772704ck0001772704:MufgRevolvingCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2025-01-012025-09-300001772704ck0001772704:ConstructionAndEngineeringMember2025-09-300001772704Investment Debt Investments – 153.4% Canada - 3.1% 1st Lien/Senior Secured Debt - 3.1% Rodeo Buyer Company (dba Absorb Software) Industry Professional Services Reference Rate and Spread S + 6.25% Maturity 05/25/272025-09-300001772704us-gaap:FairValueInputsLevel3Member2024-01-012024-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Zarya HoldCo, Inc. (dba Eptura) Real Estate Mgmt. & Development Interest Rate 10.70% Reference Rate and Spread S + 6.50% Maturity 07/01/27 One2025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% AQ Helios Buyer, Inc. (dba SurePoint) Software Interest Rate 11.65% Reference Rate and Spread S + 7.00% Maturity 12/31/262024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% MedeAnalytics Parent, Inc. Industry Health Care Technology Reference Rate and Spread 3.00%PIK Maturity 10/23/282025-09-300001772704ck0001772704:Bsi3MenuBuyerIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Acquia, Inc. Software Interest Rate 10.45% Reference Rate and Spread S + 6.00% Maturity 10/30/262025-09-300001772704us-gaap:FairValueInputsLevel3Member2025-09-300001772704us-gaap:FairValueInputsLevel3Memberus-gaap:IncomeApproachValuationTechniqueMember2025-09-300001772704us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001772704:SecondLienOrSeniorSecuredDebtMember2025-09-300001772704ck0001772704:HonorHnBuyerIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-09-300001772704Investment Debt Investments – 185.2% Canada - 2.9% 1st Lien/Senior Secured Debt - 2.9% 1272775 B.C. LTD. (dba Everest Clinical Research) Industry Professional Services Interest Rate 9.98% Reference Rate and Spread S + 5.50% Maturity 11/06/262024-12-310001772704Investment Equity Securities - 4.8% United States - 4.8% Preferred Stock - 3.1% Whitewater Holding Company LLC Industry Diversified Consumer Services Initial Acquisition Date 10/02/242024-01-012024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Gainsight, Inc. Industry Software Interest Rate 10.60% Reference Rate and Spread S + 6.25% Maturity 07/30/272025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Honor HN Buyer, Inc Industry Health Care Providers & Services Interest Rate 9.90% Reference Rate and Spread S + 5.75% Maturity 10/15/27 Two2025-09-300001772704ck0001772704:FirstLienSeniorSecuredDebtMembercountry:GB2024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Eptam Plastics, Ltd. Industry Health Care Equipment & Supplies Interest Rate 9.96% Reference Rate and Spread S + 5.50% Maturity 12/06/252024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% One GI LLC Industry Health Care Providers & Services Interest Rate 11.01% Reference Rate and Spread S + 6.75% Maturity 12/22/25 One2025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Premier Imaging, LLC (dba Lucid Health) Industry Health Care Providers & Services Interest Rate 10.59% Reference Rate and Spread S + 6.00% Maturity 03/31/26 Two2024-12-310001772704ck0001772704:FirstLienOrSeniorSecuredDebtMemberck0001772704:BCPEHIPHParentIncMember2025-09-300001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Streamland Media Midco LLC Industry Entertainment Interest Rate 14.09% Reference Rate and Spread S + 9.50% (Incl. 2.75% PIK) Maturity 03/31/25 Three2024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% NFM & J, L.P. (dba the Facilities Group) Professional Services Interest Rate 10.56% Reference Rate and Spread S + 5.75% Maturity 11/30/272024-12-310001772704ck0001772704:VoltBidcoIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704us-gaap:InvestmentUnaffiliatedIssuerMember2024-01-012024-09-300001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% BSI3 Menu Buyer, Inc (dba Kydia) Industry Financial Services Reference Rate and Spread S + 6.00% Maturity 01/25/282024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% NFM & J, L.P. (dba the Facilities Group) Professional Services Reference Rate and Spread S + 4.75% Maturity 11/30/272024-12-310001772704ck0001772704:DiversifiedConsumerServicesMember2024-12-310001772704us-gaap:DebtSecuritiesMembercountry:US2024-12-310001772704us-gaap:InvestmentUnaffiliatedIssuerMember2024-07-012024-09-300001772704ck0001772704:BullhornIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Premier Imaging, LLC (dba Lucid Health) Industry Health Care Providers & Services Interest Rate 10.26% Reference Rate and Spread S + 6.00% Maturity 03/31/262025-09-300001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Fullsteam Operations LLC Industry Financial Services Interest Rate 12.91% Reference Rate and spread S + 8.25% Maturity 11/27/29 Two2024-12-310001772704ck0001772704:EverestClinicalResearchCorporationMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-09-300001772704us-gaap:FairValueInputsLevel3Memberck0001772704:SecondLienOrSeniorSecuredDebtMember2025-01-012025-09-300001772704ck0001772704:JpmorganRevolvingCreditFacilityMember2024-01-012024-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Total Vision LLC Industry Health Care Providers & Services Interest Rate 10.88% Reference Rate and Spread S + 6.00% Maturity 07/15/262024-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2025-09-300001772704us-gaap:SubsequentEventMemberck0001772704:O2025Q3DividendsMember2025-11-052025-11-050001772704Investment Equity Securities - 3.1% United States - 3.1% Common Stock - 1.0% Thrasio Holdings, Inc. Industry Broadline Retail Initial Acquisition Date 06/18/20242025-01-012025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Honor HN Buyer, Inc Industry Health Care Providers & Services Interest Rate 12.00% Reference Rate and Spread P + 4.75% Maturity 10/15/272025-09-300001772704us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMembersrt:MaximumMember2024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Intelligent Medical Objects, Inc. Industry Health Care Technology Interest Rate 9.91% Reference Rate and Spread S + 5.00% Maturity 05/11/292024-12-310001772704ck0001772704:SecondLienOrSeniorSecuredDebtMember2024-12-310001772704Investment Equity Securities - 3.1% United States - 3.1% Common Stock - 1.0% Whitewater Holding Company LLC Industry Diversified Consumer Services Initial Acquisition Date 12/21/20212025-01-012025-09-300001772704ck0001772704:AffiliatedInvestmentMember2024-01-012024-12-310001772704Investment Equity Securities - 4.8% United States - 4.8% Common Stock - 1.7% Total Vision LLC Industry Health Care Providers & Services Initial Acquisition Date 07/15/20212024-12-310001772704ck0001772704:JpmorganRevolvingCreditFacilityMemberus-gaap:FederalFundsEffectiveSwapRateMember2025-01-012025-09-300001772704us-gaap:WarrantMembercountry:US2024-12-310001772704us-gaap:DebtSecuritiesMembercountry:CA2025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Volt Bidco, Inc. (dba Power Factors) Industry Independent Power and Renewable Electricity Producers Interest Rate 10.83% Reference Rate and Spread S + 6.50% Maturity 08/11/272024-12-310001772704us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:UnsecuredDebtMember2024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% LS Clinical Services Holdings, Inc (dba CATO) Industry Pharmaceuticals Interest Rate 12.03% Reference Rate and Spread S + 7.25% (Incl. 8.03% PIK) Maturity 12/16/272024-12-310001772704ck0001772704:FirstLienOrLastOutUnitrancheMember2024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.) Industry Health Care Technology Interest Rate 9.03% Reference Rate and Spread S + 5.00% Maturity 05/11/292025-09-300001772704ck0001772704:IndependentPowerAndRenewableElectricityProducersMember2025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% SpendMend, LLC Industry Health Care Providers & Services Interest Rate 9.55% Reference Rate and Spread S + 5.00% Maturity 03/01/282024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Interest Rate 9.15% Reference Rate and Spread S + 5.00% Maturity 12/21/29 Four2025-09-300001772704ck0001772704:FirstLienOrLastOutUnitrancheMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMember2024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Businessolver.com, Inc. Industry Health Care Technology Interest Rate 9.93% Reference Rate and Spread S + 5.50% Maturity 12/01/27 One2024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Honor HN Buyer, Inc Industry Health Care Providers & Services Interest Rate 12.25% Reference Rate and Spread P+ 4.75% Maturity 10/15/272024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% ESO Solutions, Inc Industry Health Care Technology Interest Rate 11.38% Reference Rate and Spread S + 6.75% Maturity 05/03/272024-12-310001772704us-gaap:FairValueInputsLevel3Member2024-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704us-gaap:FairValueInputsLevel3Memberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-01-012025-09-3000017727042025-06-300001772704ck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Aria Systems, LLC Industry Financial Services Interest Rate 12.28% Reference Rate and Spread S + 8.00% Maturity 06/30/262025-09-300001772704ck0001772704:HealthCareProvidersAndServicesMember2025-09-300001772704Investment Debt Investments – 153.4.% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Elemica Parent, Inc. Industry Chemicals Interest Rate 9.98% Reference Rate and Spread S + 5.50% Maturity 09/18/262025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Eptam Plastics, Ltd. Industry Health Care Equipment & Supplies Interest Rate 9.76% Reference Rate and Spread S + 5.50% Maturity 12/06/27 Four2025-09-300001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Rubrik, Inc. Industry Software Interest Rate 11.67% Reference Rate and Spread S + 7.00% Maturity 08/17/28 One2024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Coding Solutions Acquisition, Inc. (dba CorroHealth) Industry Health Care Providers & Services Interest Rate 9.33% Reference Rate and Spread S + 5.00% Maturity 08/07/312024-12-310001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Streamland Media Midco LLC Industry Entertainment Interest Rate 14.09% Reference Rate and Spread S + 9.50% (Incl. 2.75% PIK) Maturity 03/31/252024-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2025-09-300001772704ck0001772704:ProfessionalServicesMember2024-12-310001772704us-gaap:FairValueInputsLevel1Member2025-09-300001772704ck0001772704:DiversifiedConsumerServicesMember2025-09-300001772704Investment Equity Securities - 4.8% United States - 4.8% Warrants - 0.0% CloudBees, Inc. Industry Software Initial Acquisition Date 11/24/20212024-01-012024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Sundance Group Holdings, Inc. (dba NetDocuments) Industry Software Interest Rate 8.50% Reference Rate and Spread S + 4.50% Maturity 07/02/292025-09-300001772704us-gaap:CommonStockMember2025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Summit Buyer, LLC (dba Classic Collision) Industry Specialty Retail Interest Rate 9.00% Reference Rate and Spread S + 5.00% Maturity 06/02/31 One2025-09-300001772704Investment Equity Securities - 3.1% United States - 3.1% Preferred Stock - 2.1% MedeAnalytics Group Holdings, LLC Industry Health Care Technology Initial Acquisition Date 10/09/20202025-01-012025-09-300001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Assembly Intermediate LLC Industry Diversified Consumer Services Interest Rate 9.58% Reference Rate and Spread S + 5.25% Maturity 10/19/27 One2024-12-310001772704Investment Equity Securities - 4.8% United States - 4.8% Common Stock - 1.7% Volt Bidco, Inc. (dba Power Factors) Industry Independent Power and Renewable Electricity Producers Initial Acquisition Date 08/11/20212024-01-012024-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2024-12-310001772704Investment Debt Investments – 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Thrasio, LLC Industry Broadline Retail Reference Rate and Spread S + 10.26% PIK Maturity 06/18/292024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Bullhorn, Inc. Industry Professional Services Interest Rate 9.36% Reference Rate and Spread S + 5.00% Maturity 10/01/29 Four2024-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2025-09-300001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% VRC Companies, LLC (dba Vital Records Control) Industry Commercial Services & Supplies Interest Rate 10.35% Reference Rate and Spread S + 5.50% Maturity 06/29/272024-12-310001772704us-gaap:FairValueInputsLevel3Memberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704Investment Debt Investments - 153.4% United States – 149.0% Unsecured Debt - 0.6% mPulse Mobile, Inc. (dba Zipari Inc.) Industry Health Care Technology Interest Rate 0.00% Reference Rate and Spread 0 Maturity 09/05/312025-09-300001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% MerchantWise Solutions, LLC (dba HungerRush) Industry Financial Services Interest Rate 11.83% Reference Rate and S + 7.50% (Incl. 4.50% PIK) Maturity 06/01/282024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% CFS Management, LLC (dba Center for Sight Management) Industry Health Care Providers & Services Interest Rate 13.09% Reference Rate and Spread S + 8.50% (Incl. 2.25% PIK) Maturity 09/30/262024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Coding Solutions Acquisition, Inc. (dba CorroHealth) Industry Health Care Providers & Services Interest Rate 9.16% Reference Rate and Spread S + 5.00% Maturity 08/07/312025-09-300001772704ck0001772704:PacvueIntermediateLLCMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-09-300001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% Chronicle Bidco Inc. (dba Lexitas) Industry Professional Services Interest Rate 10.76% Reference Rate and Spread S + 6.25% Maturity 05/18/29 One2024-12-310001772704Investment Debt Investments – 153.4% United States - 149.0%1st Lien/Senior Secured Debt - 145.3% Heartland Home Services, Inc. (fka Helios Buyer, Inc.) Industry Diversified Consumer Services Interest Rate 10.10% Reference Rate and Spread S + 6.00% Maturity 12/15/26 Two2025-09-300001772704us-gaap:FairValueInputsLevel3Memberck0001772704:SecondLienOrSeniorSecuredDebtMember2024-12-310001772704Investment Debt Investments - 185.2% United States -181.2% 1st Lien/Senior Secured Debt -177.4% CFS Management, LLC (dba Center for Sight Management) Industry Health Care Providers & Services Interest Rate 13.09% Reference Rate and Spread S + 8.50% (Incl. 2.25% PIK) Maturity 09/30/26 Three2024-12-310001772704ck0001772704:IcimsIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-09-300001772704us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2024-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% NFM & J, L.P. (dba the Facilities Group) Professional Services Interest Rate 10.16% Reference Rate and Spread S + 5.75% Maturity 11/30/272025-09-300001772704Investment Equity Securities - 3.1% United States - 3.1% Common Stock - 1.0% MedeAnalytics Group Holdings, LLC Industry Health Care Technology Initial Acquisition Date 04/21/20232025-01-012025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Streamland Media Midco LLC Industry Entertainment Interest Rate 9.82% Reference Rate and spread S + 5.50% Maturity 04/02/292025-09-300001772704ck0001772704:IcimsIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMembersrt:MaximumMember2025-09-300001772704ck0001772704:AcquiaIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704Investment Equity Securities - 4.8% United States - 4.8% Common Stock - 1.7% Total Vision LLC Industry Health Care Providers & Services Initial Acquisition Date 07/15/20212024-01-012024-12-310001772704us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704ck0001772704:SupermanHoldingsLlcMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704us-gaap:RelatedPartyMemberus-gaap:AssetManagementArrangementMember2025-09-300001772704Investment Equity Securities - 4.8% United States - 4.8% Common Stock - 1.7% Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings) Industry Software Initial Acquisition Date 03/10/20212024-01-012024-12-310001772704ck0001772704:MufgRevolvingCreditFacilityMember2024-05-030001772704us-gaap:InvestmentAffiliatedIssuerMember2025-09-300001772704Investment Debt Investments – 153.4% United States - 149.0% 1st Lien/Senior Secured Debt - 145.3% Thrasio, LLC Industry Broadline Retail Reference Rate and Spread S + 10.00% PIK Maturity 06/18/292025-09-300001772704Investment Debt Investments - 185.2% United States - 181.2% 1st Lien/Senior Secured Debt - 177.4% Charger Debt Merger Sub, LLC (dba Classic Collision) Industry Specialty Retail Interest Rate 9.16% Reference Rate and Spread S + 4.75% Maturity 06/02/312024-12-310001772704Investment Equity Securities - 3.1% United States - 3.1% Preferred Stock - 2.1% CloudBees, Inc. 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Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Premier Imaging, LLC (dba Lucid Health) Industry Health Care Providers & Services Interest Rate 9.93% Reference Rate and Spread S + 6.00% (Incl. 3.27% PIK) Maturity 03/31/26 Two2025-12-310001772704ck0001772704:SixMonthSOFRMember2025-01-012025-12-310001772704ck0001772704:InvestmentsAtFairValueMemberck0001772704:IndustryConcentrationRiskMemberck0001772704:DiversifiedConsumerServicesMember2026-01-012026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% USN Opco LLC (dba Global Nephrology Solutions) Industry Health Care Providers & Services Reference Rate and Spread S + 5.50% Maturity 12/21/262025-12-310001772704us-gaap:InvestmentAffiliatedIssuerMember2025-12-310001772704ck0001772704:NfmJLPMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Sundance Group Holdings, Inc. (dba NetDocuments) Software Reference Rate and Spread S + 4.75% Maturity 07/02/292026-03-310001772704us-gaap:CommonStockMembercountry:US2026-03-310001772704Investment Debt Investments – 152.1% Canada - 3.1% 1st Lien/Senior Secured Debt - 3.1% Rodeo Buyer Company (dba Absorb Software) Industry Professional Services Reference Rate and Spread S + 6.25% Maturity 05/25/272026-03-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2025-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% NFM & J, L.P. (dba the Facilities Group) Professional Services Interest Rate 9.69% Reference Rate and Spread S + 5.75% Maturity 11/30/272025-12-310001772704ck0001772704:StreamlandMediaMidcoLLCMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% CFS Management, LLC (dba Center for Sight Management) Industry Health Care Providers & Services Interest Rate 12.46% Reference Rate and Spread S + 8.50% (Incl. 2.25% PIK) Maturity 09/30/26 One2026-03-310001772704ck0001772704:ITServicesMember2026-03-310001772704ck0001772704:FirstLienOrLastOutUnitrancheMember2025-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMembersrt:MaximumMember2026-03-310001772704us-gaap:DebtMember2025-01-012025-12-310001772704us-gaap:WarrantMember2026-03-310001772704Investment Equity Securities - 2.7% United States - 2.7% Common Stock - 0.4% Whitewater Holding Company LLC Industry Diversified Consumer Services Initial Acquisition Date 12/21/20212026-03-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Pluralsight, Inc. Professional Services Interest Rate 8.17% Reference Rate and Spread S + 4.50% (Incl. 1.50% PIK) Maturity 08/22/292026-03-310001772704us-gaap:WarrantMembercountry:US2026-03-310001772704ck0001772704:JpmorganRevolvingCreditFacilityMembersrt:MaximumMember2026-01-012026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings) Software Reference Rate and Spread S + 6.00% Maturity 03/10/272025-12-310001772704ck0001772704:ThreeMonthSnMember2026-01-012026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Pacvue Intermediate LLC (fka Assembly Intermediate LLC) Industry Diversified Consumer Services Reference Rate and Spread S + 5.25% Maturity 10/19/272026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Sweep Purchaser LLC Industry Commercial Services & Supplies Interest Rate 9.45% Reference Rate and Spread S + 5.75% Maturity 06/30/272026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% SpendMend Holdings LLC Industry Health Care Providers & Services Interest Rate 8.85% Reference Rate and Spread S + 5.00% Maturity 03/01/28 Two2026-03-3100017727042025-01-012025-12-310001772704ck0001772704:FirstLienLast-OutUnitrancheMembercountry:US2026-03-310001772704us-gaap:FairValueInputsLevel1Member2026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% WebPT, Inc. Industry Health Care Technology Interest Rate 10.18% Reference Rate and Spread S + 6.25% Maturity 01/18/282025-12-310001772704us-gaap:FairValueInputsLevel3Member2025-01-012025-03-310001772704ck0001772704:FirstLienSeniorSecuredDebtMembercountry:CA2025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.) Industry Health Care Technology Interest Rate 8.60% Reference Rate and Spread S + 5.00% Maturity 05/11/292026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Thrasio, LLC Industry Broadline Retail Interest Rate 11.93% Reference Rate and Spread S + 8.00% PIK Maturity 06/18/292026-03-310001772704us-gaap:MoneyMarketFundsMembercountry:USus-gaap:InvestmentAffiliatedIssuerMember2026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Volt Bidco, Inc. (dba Power Factors) Industry Independent Power and Renewable Electricity Producers Interest Rate 10.20% Reference Rate and Spread S + 6.50%PIK Maturity 08/11/272026-03-310001772704ck0001772704:UsnOpcoLlcMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-12-310001772704ck0001772704:FirstLienSeniorSecuredDebtMembercountry:GB2026-03-310001772704ck0001772704:SecondLienOrSeniorSecuredDebtMember2026-03-310001772704ck0001772704:InvestmentsAtFairValueMemberus-gaap:CommercialAndIndustrialSectorMemberck0001772704:IndustryConcentrationRiskMember2025-01-012025-12-310001772704ck0001772704:VoltBidcoIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Elemica Parent, Inc. Industry Chemicals Interest Rate 9.49% Reference Rate and Spread S + 5.50% Maturity 09/18/262025-12-310001772704Investment Equity Securities - 2.7% United States - 2.7% Common Stock - 0.4% Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings) Industry Software Initial Acquisition Date 03/10/20212026-03-310001772704ck0001772704:AbacusDataHoldingsIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-12-310001772704ck0001772704:ThreeMonthSnMember2025-01-012025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% VRC Companies, LLC (dba Vital Records Control) Industry Commercial Services & Supplies Interest Rate 9.34% Reference Rate and Spread S + 5.25% Maturity 06/29/272025-12-310001772704ck0001772704:FirstLienOrSeniorSecuredDebtMemberck0001772704:SummitBuyerLLCMember2026-03-310001772704ck0001772704:SundanceGroupHoldingsIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-12-310001772704ck0001772704:SpecialtyRetailMember2025-12-310001772704ck0001772704:AbacusDataHoldingsIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2026-03-310001772704Investment Equity Securities - 2.9% United States - 2.9% Common Stock - 0.4% Volt Bidco, Inc. (dba Power Factors) Industry Independent Power and Renewable Electricity Producers Initial Acquisition Date 08/11/20212025-12-310001772704ck0001772704:InvestmentsAtFairValueMemberck0001772704:IndustryConcentrationRiskMemberck0001772704:HealthCareProvidersAndServicesMember2026-01-012026-03-310001772704us-gaap:ConstructionSectorMember2025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Premier Imaging, LLC (dba Lucid Health) Industry Health Care Providers & Services Interest Rate 9.96% Reference Rate and Spread S + 6.00% (Incl. 3.27% PIK) Maturity 10/31/27 One2026-03-310001772704ck0001772704:GoldmanSachsFinancialSquareGovernmentFundMember2026-03-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMembersrt:MaximumMember2025-12-310001772704us-gaap:HealthcareSectorMemberck0001772704:InvestmentsAtFairValueMemberck0001772704:IndustryConcentrationRiskMember2026-01-012026-03-310001772704ck0001772704:IMOInvestorHoldingsIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-12-310001772704us-gaap:DebtMember2026-03-310001772704Investment Debt Investments – 158.5% United Kingdom - 1.5% 1st Lien/Senior Secured Debt - 1.5% Clearcourse Partnership Acquireco Finance Limited Industry IT Services Interest Rate 11.47% Reference Rate and Spread SN + 7.50% (Incl. 0.50% PIK) Maturity 07/25/282025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Volt Bidco, Inc. (dba Power Factors) Industry Independent Power and Renewable Electricity Producers Reference Rate and Spread S + 6.50% PIK Maturity 08/11/272025-12-310001772704ck0001772704:InvestmentsAtFairValueMemberck0001772704:IndustryConcentrationRiskMember2025-01-012025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Streamland Media Midco LLC Industry Entertainment Interest Rate 8.43% Reference Rate and spread S + 4.50% Maturity 04/02/292025-12-310001772704Investment Equity Securities - 2.9% United States - 2.9% Common Stock - 0.4% Whitewater Holding Company LLC Industry Diversified Consumer Services Initial Acquisition Date 12/21/20212025-01-012025-12-310001772704us-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2025-03-310001772704Investment Equity Securities - 2.9% United States - 2.9% Preferred Stock - 2.4% CloudBees, Inc. Industry Software Initial Acquisition Date 11/24/20212025-01-012025-12-310001772704ck0001772704:PharmaceuticalsMember2026-03-310001772704Investment Equity Securities - 2.9% United States - 2.9% Common Stock - 0.4% MedeAnalytics Group Holdings, LLC Industry Health Care Technology Initial Acquisition Date 04/21/20232025-12-310001772704us-gaap:SoftwareAndSoftwareDevelopmentCostsMemberck0001772704:InvestmentsAtFairValueMemberck0001772704:IndustryConcentrationRiskMember2025-01-012025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Riverpoint Medical, LLC Industry Health Care Equipment & Supplies Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 06/21/27 Two2025-12-310001772704ck0001772704:JpmorganRevolvingCreditFacilityMemberus-gaap:FederalFundsEffectiveSwapRateMember2026-01-012026-03-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMemberck0001772704:FirstLienOrSeniorSecuredDebtMembersrt:MaximumMember2025-12-310001772704ck0001772704:ForeignCurrencyMember2026-03-310001772704ck0001772704:InvestmentsAtFairValueMemberck0001772704:PharmaceuticalsMemberck0001772704:IndustryConcentrationRiskMember2025-01-012025-12-310001772704ck0001772704:ChessComLlcMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2026-03-310001772704ck0001772704:ITServicesMember2025-12-310001772704us-gaap:FairValueInputsLevel3Member2026-01-012026-03-310001772704us-gaap:WarrantMembercountry:US2025-12-310001772704us-gaap:PreferredStockMember2026-03-310001772704ck0001772704:WebptIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2026-03-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-12-310001772704Investment Equity Securities - 2.9% United States - 2.9% Preferred Stock - 2.4% MedeAnalytics Group Holdings, LLC Industry Health Care Technology Initial Acquisition Date 10/09/20202025-01-012025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Eptam Plastics, Ltd. Industry Health Care Equipment & Supplies Interest Rate 9.27% Reference Rate and Spread S + 5.50% Maturity 12/06/27 Two2026-03-310001772704us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001772704:SecondLienOrSeniorSecuredDebtMember2025-12-310001772704us-gaap:DebtSecuritiesMember2026-03-310001772704us-gaap:CommonStockMember2026-03-310001772704us-gaap:FairValueInputsLevel3Memberck0001772704:MeasurementInputRecoveryRateMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberck0001772704:FirstLienOrSeniorSecuredDebtMemberck0001772704:ValuationTechniqueCollateralAnalysisMember2025-12-310001772704Investment Equity Securities - 2.9% United States - 2.9% Common Stock - 0.4% Thrasio Holdings, Inc. Industry Broadline Retail Initial Acquisition Date 06/18/20242025-01-012025-12-310001772704ck0001772704:InvestmentsAtFairValueMemberus-gaap:FinancialServicesSectorMemberck0001772704:IndustryConcentrationRiskMember2026-01-012026-03-310001772704us-gaap:FairValueInputsLevel3Memberck0001772704:FirstLienOrSeniorSecuredDebtMember2026-03-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2025-12-310001772704ck0001772704:AffiliatedInvestmentMember2026-01-012026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Diligent Corporation Industry Professional Services Interest Rate 8.82% Reference Rate and Spread S + 5.00% Maturity 08/02/30 One2025-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Acquia, Inc. Software Interest Rate 8.80% Reference Rate and Spread S + 5.00% Maturity 10/30/26 One2026-03-310001772704ck0001772704:TradingCompaniesAndDistributorsMember2025-12-310001772704us-gaap:MoneyMarketFundsMember2025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% GS AcquisitionCo, Inc. (dba Insightsoftware) Industry Financial Services Interest Rate 8.95% Reference Rate and Spread S + 5.25% Maturity 05/25/28 One2026-03-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:UnsecuredDebtMember2024-12-310001772704us-gaap:DebtMember2026-01-012026-03-310001772704Non-Controlled Affiliates Pluralsight, Inc.2026-01-012026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% NFM & J, L.P. (dba the Facilities Group) Professional Services Interest Rate 11.50% Reference Rate and Spread P + 4.75% Maturity 11/30/282026-03-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-12-310001772704us-gaap:FairValueInputsLevel3Memberck0001772704:FirstLienOrSeniorSecuredDebtMember2024-12-310001772704Investment Debt Investments – 158.5.% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Superman Holdings, LLC (dba Foundation Software) Industry Construction & Engineering Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 08/29/312025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Pluralsight, Inc. Professional Services Interest Rate 8.17% Reference Rate and Spread S + 4.50% (Incl. 1.50% PIK) Maturity 08/22/29 One2026-03-310001772704us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2025-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2025-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:UnsecuredDebtMember2025-12-310001772704country:USus-gaap:InvestmentAffiliatedIssuerMember2025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Gainsight, Inc. Software Reference Rate and Spread S + 5.50% Maturity 07/30/272026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% CFS Management, LLC (dba Center for Sight Management) Industry Health Care Providers & Services Interest Rate 12.43% Reference Rate and Spread S + 8.50% (Incl. 2.25% PIK) Maturity 09/30/262025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Aria Systems, LLC Industry Financial Services Interest Rate 11.83% Reference Rate and Spread S + 8.00% Maturity 06/30/262025-12-310001772704ck0001772704:SecondIncentiveFeeMember2026-01-012026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% AQ Helios Buyer, Inc. (dba SurePoint) Software Interest Rate 11.94% Reference Rate and Spread S + 8.00% Maturity 12/31/262026-03-310001772704us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% One GI LLC Industry Health Care Providers & Services Interest Rate 10.57% Reference Rate and Spread S + 6.75% Maturity 12/22/25 Two2025-12-310001772704us-gaap:FairValueInputsLevel3Member2025-12-310001772704Investment Equity Securities - 2.7% United States - 2.7% Common Stock - 0.4% Volt Bidco, Inc. (dba Power Factors) Industry Independent Power and Renewable Electricity Producers Initial Acquisition Date 08/11/20212026-01-012026-03-310001772704Investment Equity Securities - 2.7% United States - 2.7% Common Stock - 0.4% SEM Holdings, LLC (dba Southeast Mechanical, LLC) Industry Diversified Consumer Services Initial Acquisition Date 07/06/20222026-01-012026-03-310001772704ck0001772704:DiversifiedConsumerServicesMember2026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% SpendMend Holdings LLC Industry Health Care Providers & Services Interest Rate 8.82% Reference Rate and Spread S + 5.00% Maturity 03/01/28 One2025-12-310001772704us-gaap:DebtMember2019-05-022019-05-020001772704Investment Equity Securities - 2.7% United States - 2.7% Preferred Stock - 2.3% MedeAnalytics Group Holdings, LLC Industry Health Care Technology Initial Acquisition Date 10/09/20202026-01-012026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% BSI3 Menu Buyer, Inc (dba Kydia) Industry Financial Services Interest Rate 9.83% Reference Rate and Spread S + 6.00% Maturity 01/25/282025-12-310001772704ck0001772704:InvestmentsAtFairValueMemberck0001772704:IndustryConcentrationRiskMemberck0001772704:ProfessionalServicesMember2025-01-012025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% NFM & J, L.P. (dba the Facilities Group) Professional Services Interest Rate 9.52% Reference Rate and Spread S + 5.75% Maturity 11/30/282026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Honor HN Buyer, Inc Industry Health Care Providers & Services Interest Rate 11.50% Reference Rate and Spread P + 4.75% Maturity 10/15/272026-03-310001772704ck0001772704:InvestmentsAtFairValueMemberus-gaap:FinancialServicesSectorMemberck0001772704:IndustryConcentrationRiskMember2025-01-012025-12-310001772704ck0001772704:FirstLienOrSeniorSecuredDebtMember2025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Superman Holdings, LLC (dba Foundation Software) Industry Construction & Engineering Interest Rate 8.20% Reference Rate and Spread S + 4.50% Maturity 08/29/312026-03-310001772704us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Southeast Mechanical, LLC Industry Diversified Consumer Services Interest Rate 9.83% Reference Rate and Spread S + 6.00% Maturity 07/06/272025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% One GI LLC Industry Health Care Providers & Services Reference Rate and Spread S + 6.75% Maturity 12/22/25 One2026-03-310001772704Investment Debt Investments - 158.5% United States – 153.9% 1st Lien/Last-Out Unitranche (14) - 3.1% EDB Parent, LLC (dba Enterprise DB) Industry Software Interest Rate 10.84% Reference Rate and Spread S + 7.00% Maturity 07/07/282025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% CFS Management, LLC (dba Center for Sight Management) Industry Health Care Providers & Services Interest Rate 12.43% Reference Rate and Spread S + 8.50% (Incl. 2.25% PIK) Maturity 09/30/26 Two2025-12-310001772704ck0001772704:GovdeliveryHoldingLlcMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 12/06/292026-03-3100017727042026-05-120001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Experity, Inc. Industry Health Care Technology Interest Rate 8.70% Reference Rate and Spread S + 5.00% (Incl. 2.25% PIK) Maturity 02/22/302026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% CFS Management, LLC (dba Center for Sight Management) Industry Health Care Providers & Services Interest Rate 12.43% Reference Rate and Spread S + 8.50% (Incl. 2.25% PIK) Maturity 09/30/26 Three2025-12-310001772704us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMemberck0001772704:FirstLienOrSeniorSecuredDebtMembersrt:MaximumMember2026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% LS Clinical Services Holdings, Inc (dba CATO) Industry Pharmaceuticals Interest Rate 10.92% Reference Rate and Spread S + 7.25% (Incl. 6.25% PIK) Maturity 12/17/292025-12-310001772704srt:MinimumMemberck0001772704:JpmorganRevolvingCreditFacilityMember2026-01-012026-03-310001772704us-gaap:FairValueMeasurementsRecurringMember2026-01-012026-03-310001772704ck0001772704:SixMonthSOFRMember2026-01-012026-03-310001772704ck0001772704:InvestmentsAtFairValueMemberus-gaap:ChemicalsSectorMemberck0001772704:IndustryConcentrationRiskMember2025-01-012025-12-310001772704ck0001772704:EverestClinicalResearchCorporationMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-12-310001772704ck0001772704:SweepPurchaserLlcMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Interest Rate 9.07% Reference Rate and Spread S + 5.25% Maturity 12/21/29 Two2025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% MerchantWise Solutions, LLC (dba HungerRush) Industry Financial Services Interest Rate 11.17% Reference Rate and S + 7.50% (Incl. 4.50% PIK) Maturity 06/01/282025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% NFM & J, L.P. (dba the Facilities Group) Professional Services Interest Rate 9.67% Reference Rate and Spread S + 5.75% Maturity 11/30/272025-12-310001772704Investment Equity Securities - 2.9% United States - 2.9% Common Stock - 0.4% Whitewater Holding Company LLC Industry Diversified Consumer Services Initial Acquisition Date 12/21/20212025-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2026-03-310001772704ck0001772704:InvestmentsAtFairValueMemberck0001772704:IndustryConcentrationRiskMemberck0001772704:ITServicesMember2025-01-012025-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:UnsecuredDebtMember2025-03-310001772704us-gaap:FairValueMeasurementsRecurringMember2025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% HowlCO LLC (dba Lone Wolf) Real Estate Mgmt. & Development Interest Rate 10.30% Reference Rate and Spread S + 6.50% (Incl. 3.50% PIK) Maturity 10/22/272026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Eptam Plastics, Ltd. Industry Health Care Equipment & Supplies Interest Rate 9.32% Reference Rate and Spread S + 5.50% Maturity 12/06/27 Two2025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Streamland Media Midco LLC Industry Entertainment Interest Rate 9.46% Reference Rate and Spread S + 5.50% (Incl. 1.00% PIK) Maturity 04/02/292026-03-310001772704us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Experity, Inc. Industry Health Care Technology Reference Rate and Spread S + 5.00% (Incl. 2.25% PIK) Maturity 02/22/302025-12-310001772704ck0001772704:SupermanHoldingsLlcMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Eptam Plastics, Ltd. Industry Health Care Equipment & Supplies Interest Rate 9.84% Reference Rate and Spread S + 6.00% Maturity 12/06/272026-03-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:IncomeApproachValuationTechniqueMember2026-03-310001772704Investment Equity Securities - 2.7% United States - 2.7% Common Stock - 0.4% Pluralsight, Inc. Industry Professional Services Initial Acquisition Date 08/22/20242026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Eptam Plastics, Ltd. Industry Health Care Equipment & Supplies Interest Rate 9.32% Reference Rate and Spread S + 5.50% Maturity 12/06/27 One2025-12-310001772704us-gaap:WarrantMember2025-12-310001772704Non-Controlled Affiliates Pluralsight, Inc.2024-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics) Industry Trading Companies & Distributors Interest Rate 9.47% Reference Rate and Spread S + 5.75% Maturity 10/07/30 One2025-12-310001772704ck0001772704:FirstLienOrSeniorSecuredDebtMemberck0001772704:DiligentCorporationMember2026-03-310001772704ck0001772704:AdmiralBuyerIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-12-310001772704ck0001772704:SundanceGroupHoldingsIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2026-03-310001772704ck0001772704:ZaryaHoldCoIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-12-310001772704us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2026-03-310001772704ck0001772704:VrcCompaniesLlcMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-12-310001772704us-gaap:CommonStockMembercountry:US2025-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2025-12-310001772704us-gaap:FairValueInputsLevel2Memberck0001772704:FirstLienOrSeniorSecuredDebtMember2026-03-310001772704us-gaap:EntertainmentMember2026-03-310001772704ck0001772704:Bsi3MenuBuyerIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-12-310001772704us-gaap:MoneyMarketFundsMembercountry:USus-gaap:InvestmentAffiliatedIssuerMember2025-12-310001772704ck0001772704:FirstLienOrSeniorSecuredDebtMemberck0001772704:HonorHnBuyerIncMember2026-03-310001772704ck0001772704:Non-ControlledAffiliatesMember2026-01-012026-03-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Acquia, Inc. Software Interest Rate 9.59% Reference Rate and Spread S + 5.50% Maturity 10/30/262025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Zarya HoldCo, Inc. (dba Eptura) Real Estate Mgmt. & Development Reference Rate and Spread S + 6.50% Maturity 07/01/272025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% SpendMend Holdings LLC Industry Health Care Providers & Services Interest Rate 8.82% Reference Rate and Spread S + 5.00% Maturity 03/01/28 Two2025-12-310001772704ck0001772704:FirstLienOrSeniorSecuredDebtMembercountry:GB2026-03-310001772704us-gaap:CommonStockMember2026-01-012026-03-310001772704ck0001772704:BroadlineRetailMember2026-03-310001772704ck0001772704:FirstLienOrLastOutUnitrancheMemberck0001772704:EdbParentLlcMember2026-03-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2024-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Elemica Parent, Inc. Industry Chemicals Interest Rate 9.56% Reference Rate and Spread S + 5.50% Maturity 09/18/262025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% One GI LLC Industry Health Care Providers & Services Interest Rate 10.57% Reference Rate and Spread S + 6.75% Maturity 12/22/25 One2025-12-310001772704us-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001772704ck0001772704:InvestmentsAtFairValueMemberck0001772704:IndustryConcentrationRiskMemberus-gaap:EnergySectorMember2026-01-012026-03-310001772704ck0001772704:FirstLienSeniorSecuredDebtMembercountry:US2026-03-310001772704ck0001772704:Bsi3MenuBuyerIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Pacvue Intermediate LLC (fka Assembly Intermediate LLC) Industry Diversified Consumer Services Interest Rate 8.95% Reference Rate and Spread S + 5.25% Maturity 10/19/272026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% One GI LLC Industry Health Care Providers & Services Interest Rate 10.57% Reference Rate and Spread S + 6.75% Maturity 12/22/25 Four2025-12-310001772704Investment Equity Securities - 2.9% United States - 2.9% Common Stock - 0.4% SEM Holdings, LLC (dba Southeast Mechanical, LLC) Industry Diversified Consumer Services Initial Acquisition Date 07/06/20222025-01-012025-12-310001772704ck0001772704:TradingCompaniesAndDistributorsMember2026-03-310001772704ck0001772704:IcimsIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-12-310001772704Non-Controlled Affiliates SEM Holdings, LLC (dba Southeast Mechanical, LLC)2025-01-012025-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Riverpoint Medical, LLC Industry Health Care Equipment & Supplies Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 06/21/27 One2025-12-310001772704ck0001772704:RiverpointMedicalLlcMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-12-310001772704ck0001772704:CodingSolutionsAcquisitionIncDbaCorrohealthMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% MedeAnalytics Parent, Inc. Industry Health Care Technology Reference Rate and Spread 3.00% PIK Maturity 10/23/282025-12-3100017727042025-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Honor HN Buyer, Inc Industry Health Care Providers & Services Interest Rate 9.60% Reference Rate and Spread S + 5.75% Maturity 10/15/272026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Volt Bidco, Inc. (dba Power Factors) Industry Independent Power and Renewable Electricity Producers Interest Rate 10.17% Reference Rate and Spread S + 6.50%PIK Maturity 08/11/27 Three2026-03-310001772704us-gaap:FairValueInputsLevel3Memberck0001772704:MeasurementInputRecoveryRateMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberck0001772704:FirstLienOrSeniorSecuredDebtMemberck0001772704:ValuationTechniqueCollateralAnalysisMember2026-03-310001772704Investment Equity Securities - 2.7% United States - 2.7% Common Stock - 0.4% Thrasio Holdings, Inc. Industry Broadline Retail Initial Acquisition Date 06/18/20242026-01-012026-03-310001772704ck0001772704:SecondLienOrSeniorSecuredDebtMember2025-12-310001772704us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:UnsecuredDebtMember2026-03-310001772704Non-Controlled Affiliates Pluralsight, Inc.2025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Streamland Media Midco LLC Industry Entertainment Interest Rate 9.43% Reference Rate and Spread S + 5.50% (Incl. 1.00% PIK) Maturity 04/02/292025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% CFS Management, LLC (dba Center for Sight Management) Industry Health Care Providers & Services Interest Rate 12.46% Reference Rate and Spread S + 8.50% (Incl. 2.25% PIK) Maturity 09/30/262026-03-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMemberus-gaap:WarrantMember2025-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Pluralsight, Inc. Professional Services Interest Rate 8.32% Reference Rate and Spread S + 4.50% (Incl. 1.50% PIK) Maturity 08/22/29 One2025-12-310001772704Investment Debt Investments - 152.1% United States – 147.5% 2nd Lien/Senior Secured Debt – 0.2% Sweep Midco LLC Industry Commercial Services & Supplies Maturity 03/12/362026-03-310001772704ck0001772704:StreamlandMediaMidcoLLCMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2026-03-310001772704Investment Equity Securities - 2.9% United States - 2.9% Common Stock - 0.4% Volt Bidco, Inc. (dba Power Factors) Industry Independent Power and Renewable Electricity Producers Initial Acquisition Date 08/11/20212025-01-012025-12-310001772704us-gaap:FairValueMeasurementsRecurringMember2025-01-012025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Riverpoint Medical, LLC Industry Health Care Equipment & Supplies Interest Rate 8.20% Reference Rate and Spread S + 4.50% Maturity 06/21/27 One2026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Interest Rate 9.10% Reference Rate and Spread S + 5.25% Maturity 12/21/29 Two2026-03-310001772704us-gaap:FairValueInputsLevel3Memberck0001772704:InvestmentAdviserDidNotDevelopUnobservableInputsMember2025-12-310001772704ck0001772704:JpmorganRevolvingCreditFacilityMember2026-03-310001772704ck0001772704:PharmaceuticalsMember2025-12-310001772704ck0001772704:InvestmentsAtFairValueMemberck0001772704:SpecialtyRetailMemberck0001772704:IndustryConcentrationRiskMember2026-01-012026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Sundance Group Holdings, Inc. (dba NetDocuments) Software Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 07/02/292025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% CFS Management, LLC (dba Center for Sight Management) Industry Health Care Providers & Services Interest Rate 12.46% Reference Rate and Spread S + 8.50% (Incl. 2.25% PIK) Maturity 09/30/26 Three2026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Premier Imaging, LLC (dba Lucid Health) Industry Health Care Providers & Services Interest Rate 9.93% Reference Rate and Spread S + 6.00% (Incl. 3.27% PIK) Maturity 03/31/26 Three2025-12-310001772704Non-Controlled Affiliates Pluralsight, Inc.2026-03-310001772704us-gaap:FairValueInputsLevel3Member2025-03-310001772704Non-Controlled Affiliates Thrasio Holdings, Inc.2026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% One GI LLC Industry Health Care Providers & Services Interest Rate 10.57% Reference Rate and Spread S + 6.75% Maturity 12/22/25 Three2025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Superman Holdings, LLC (dba Foundation Software) Industry Construction & Engineering Reference Rate and Spread S + 4.50% Maturity 08/29/312026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Eptam Plastics, Ltd. Industry Health Care Equipment & Supplies Interest Rate 9.27% Reference Rate and Spread S + 5.50% Maturity 12/06/272026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Pacvue Intermediate LLC (fka Assembly Intermediate LLC) Industry Diversified Consumer Services Interest Rate 8.92% Reference Rate and Spread S + 5.25% Maturity 10/19/27 One2025-12-310001772704Investment Equity Securities - 2.9% United States - 2.9% Common Stock - 0.4% Thrasio Holdings, Inc. Industry Broadline Retail Initial Acquisition Date 06/18/20242025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Riverpoint Medical, LLC Industry Health Care Equipment & Supplies Interest Rate 8.20% Reference Rate and Spread S + 4.50% Maturity 06/21/27 Two2026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.) Industry Health Care Technology Interest Rate 8.57% Reference Rate and Spread S + 5.00% Maturity 05/11/292026-03-310001772704ck0001772704:ZaryaHoldCoIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2026-03-310001772704us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2026-03-310001772704ck0001772704:HeartlandHomeServicesIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMembersrt:MaximumMember2025-12-310001772704ck0001772704:InvestmentsAtFairValueMemberus-gaap:CommercialAndIndustrialSectorMemberck0001772704:IndustryConcentrationRiskMember2026-01-012026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% GS AcquisitionCo, Inc. (dba Insightsoftware) Industry Financial Services Interest Rate 8.92% Reference Rate and Spread S + 5.25% Maturity 05/25/28 One2025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Argos Health Holdings, Inc Industry Health Care Providers & Services Interest Rate 8.88% Reference Rate and Spread S + 5.00% Maturity 12/03/292025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% CloudBees, Inc. Software Interest Rate 10.83% Reference Rate and Spread S + 7.00% (Incl. 2.50% PIK) Maturity 11/24/26 One2025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% CORA Health Holdings Corp Industry Health Care Providers & Services Interest Rate 9.72% Reference Rate and Spread S + 5.75% Maturity 06/15/27 One2025-12-310001772704ck0001772704:IMOInvestorHoldingsIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2026-03-310001772704us-gaap:EquitySecuritiesMembercountry:US2026-03-310001772704ck0001772704:JpmRevolvingCreditFacilityMember2026-03-310001772704us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2026-03-310001772704us-gaap:HealthcareSectorMember2026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% MerchantWise Solutions, LLC (dba HungerRush) Industry Financial Services Interest Rate 11.20% Reference Rate and S + 7.50% (Incl. 4.50% PIK) Maturity 06/01/282026-03-310001772704us-gaap:FairValueInputsLevel3Memberck0001772704:SecondLienOrSeniorSecuredDebtMember2026-03-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Streamland Media Midco LLC Industry Entertainment Interest Rate 9.46% Reference Rate and Spread S + 5.50% (Incl. 1.00% PIK) Maturity 04/02/29 One2026-03-310001772704Investment Equity Securities - 2.9% United States - 2.9% Warrants - 0.1% CloudBees, Inc. Industry Software Initial Acquisition Date 11/24/20212025-01-012025-12-310001772704ck0001772704:InvestmentsAtFairValueMemberck0001772704:IndustryConcentrationRiskMemberck0001772704:ITServicesMember2026-01-012026-03-310001772704us-gaap:HealthcareSectorMember2025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Sweep Purchaser LLC Industry Commercial Services & Supplies Interest Rate 9.58% Reference Rate and Spread S + 5.75% Maturity 06/30/272025-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2025-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Honor HN Buyer, Inc Industry Health Care Providers & Services Interest Rate 9.60% Reference Rate and Spread S + 5.75% Maturity 10/15/27 One2026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% CloudBees, Inc. Software Interest Rate 10.83% Reference Rate and Spread S + 7.00% (Incl. 2.50% PIK) Maturity 11/24/262025-12-310001772704Investment Equity Securities - 2.9% United States - 2.9% Common Stock - 0.4% Pluralsight, Inc. Industry Professional Services Initial Acquisition Date 08/22/20242025-01-012025-12-310001772704us-gaap:UnsecuredDebtMembercountry:US2026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% BSI3 Menu Buyer, Inc (dba Kydia) Industry Financial Services Interest Rate 9.83% Reference Rate and Spread S + 6.00% Maturity 01/25/28 One2025-12-310001772704Non-Controlled Affiliates Goldman Sachs Financial Square Government Fund2025-01-012025-12-310001772704Non-Controlled Affiliates SEM Holdings, LLC (dba Southeast Mechanical, LLC)2024-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2026-01-012026-03-310001772704ck0001772704:PluralsightIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2026-03-310001772704Non-Controlled Affiliates Goldman Sachs Financial Square Government Fund2025-12-310001772704us-gaap:ChemicalsSectorMember2025-12-310001772704Investment Debt Investments – 152.1% Canada - 3.1% 1st Lien/Senior Secured Debt - 3.1% Everest Clinical Research Corporation (fka 1272775 B.C. LTD.) Industry Professional Services Interest Rate 8.35% Reference Rate and Spread S + 4.50% Maturity 11/06/282026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% AQ Helios Buyer, Inc. (dba SurePoint) Software Interest Rate 10.99% Reference Rate and Spread S + 7.00% Maturity 12/31/262025-12-310001772704Investment Debt Investments - 152.1% United States – 147.5% Unsecured Debt - 0.7% mPulse Mobile, Inc. (dba Zipari Inc.) Industry Health Care Technology Initial Acquisition Date 09/05/24 Maturity 02/25/332026-01-012026-03-310001772704Investment Equity Securities - 2.7% United States - 2.7% Warrants - 0.0% CloudBees, Inc. Industry Software Initial Acquisition Date 11/24/20212026-01-012026-03-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:UnsecuredDebtMember2025-12-310001772704us-gaap:EquitySecuritiesMember2026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% NFM & J, L.P. (dba the Facilities Group) Professional Services Interest Rate 11.50% Reference Rate and Spread P + 4.75% Maturity 11/30/272025-12-310001772704ck0001772704:SoutheastMechanicalLlcMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-12-310001772704ck0001772704:UsnOpcoLlcMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% AQ Helios Buyer, Inc. (dba SurePoint) Software Interest Rate 11.99% Reference Rate and Spread S + 8.00% Maturity 12/31/262025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Riverpoint Medical, LLC Industry Health Care Equipment & Supplies Reference Rate and Spread S + 4.50% Maturity 06/21/272025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Interest Rate 9.07% Reference Rate and Spread S + 5.25% Maturity 12/21/29 Three2025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Diligent Corporation Industry Professional Services Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 08/02/302026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Interest Rate 8.70% Reference Rate and Spread S + 5.00% Maturity 12/06/292026-03-310001772704us-gaap:UnsecuredDebtMember2025-12-310001772704Investment Debt Investments – 158.5% Canada - 3.1% 1st Lien/Senior Secured Debt - 3.1% Rodeo Buyer Company (dba Absorb Software) Industry Professional Services Reference Rate and Spread S + 6.25% Maturity 05/25/272025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Heartland Home Services, Inc. (fka Helios Buyer, Inc.) Industry Diversified Consumer Services Interest Rate 9.77% Reference Rate and Spread S + 6.00% Maturity 12/15/26 Two2025-12-310001772704ck0001772704:FSWhiteWaterBorrowerLlcMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Honor HN Buyer, Inc Industry Health Care Providers & Services Interest Rate 9.57% Reference Rate and Spread S + 5.75% Maturity 10/15/27 One2025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% One GI LLC Industry Health Care Providers & Services Reference Rate and Spread S + 6.75% Maturity 12/22/25 Three2026-03-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Zarya HoldCo, Inc. (dba Eptura) Real Estate Mgmt. & Development Interest Rate 10.17% Reference Rate and Spread S + 6.50% Maturity 07/01/27 One2026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings) Software Interest Rate 10.29% Reference Rate and Spread S + 6.00% Maturity 03/10/272025-12-310001772704us-gaap:FairValueMeasurementsRecurringMember2026-03-310001772704ck0001772704:ChessComLlcMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-12-310001772704us-gaap:PrimeRateMember2026-01-012026-03-310001772704ck0001772704:RodeoBuyerCompanyMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Diligent Corporation Industry Professional Services Reference Rate and Spread S + 5.00% Maturity 08/02/302026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% DECA Dental Holdings LLC Industry Health Care Providers & Services Interest Rate 9.52% Reference Rate and Spread S + 5.75% Maturity 08/28/28 One2025-12-310001772704us-gaap:CommonStockMember2026-03-310001772704us-gaap:FairValueInputsLevel3Memberck0001772704:FirstLienOrLastOutUnitrancheMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Premier Imaging, LLC (dba Lucid Health) Industry Health Care Providers & Services Interest Rate 9.96% Reference Rate and Spread S + 6.00% (Incl. 3.27% PIK) Maturity 10/31/27 Two2026-03-310001772704ck0001772704:SummitBuyerLLCMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-12-310001772704ck0001772704:HealthCareProvidersAndServicesMember2025-12-310001772704us-gaap:RealEstateSectorMember2026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Thrasio, LLC Industry Broadline Retail Reference Rate and Spread S + 10.00% PIK Maturity 06/18/292025-12-310001772704Investment Equity Securities - 2.7% United States - 2.7% Common Stock - 0.4% MedeAnalytics Group Holdings, LLC Industry Health Care Technology Initial Acquisition Date 04/21/20232026-01-012026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% LS Clinical Services Holdings, Inc (dba CATO) Industry Pharmaceuticals Interest Rate 12.45% Reference Rate and Spread S + 8.75% (Incl. 6.25% PIK) Maturity 06/18/292026-03-310001772704ck0001772704:SpendMendHoldingsLLCMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.) Industry Health Care Technology Reference Rate and Spread S + 5.00% Maturity 05/11/282026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% CFS Management, LLC (dba Center for Sight Management) Industry Health Care Providers & Services Interest Rate 12.43% Reference Rate and Spread S + 8.50% (Incl. 2.25% PIK) Maturity 09/30/26 One2025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Volt Bidco, Inc. (dba Power Factors) Industry Independent Power and Renewable Electricity Producers Interest Rate 10.17% Reference Rate and Spread S + 6.50%PIK Maturity 08/11/272025-12-310001772704ck0001772704:InvestmentsAtFairValueMemberus-gaap:GeographicConcentrationRiskMember2026-01-012026-03-310001772704us-gaap:CommonStockMember2025-12-310001772704Investment Debt Investments – 158.5.% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Sweep Purchaser LLC Industry Commercial Services & Supplies Interest Rate 9.58% Reference Rate and Spread S + 5.75% PIK Maturity 06/30/272025-12-310001772704ck0001772704:AffiliatedInvestmentMember2025-01-012025-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2026-03-310001772704ck0001772704:InvestmentsAtFairValueMemberck0001772704:IndustryConcentrationRiskMemberck0001772704:HealthCareEquipmentAndSuppliesMember2026-01-012026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Sweep Purchaser LLC Industry Commercial Services & Supplies Interest Rate 9.42% Reference Rate and Spread S + 5.75 Maturity 06/30/272025-12-310001772704us-gaap:CommercialAndIndustrialSectorMember2025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Summit Buyer, LLC (dba Classic Collision) Industry Specialty Retail Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 06/02/312025-12-310001772704Non-Controlled Affiliates SEM Holdings, LLC (dba Southeast Mechanical, LLC)2026-03-310001772704Investment Equity Securities - 2.7% United States - 2.7% Common Stock - 0.4% Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings) Industry Software Initial Acquisition Date 03/10/20212026-01-012026-03-310001772704Investment Equity Securities - 2.9% United States - 2.9% Common Stock - 0.4% MedeAnalytics Group Holdings, LLC Industry Health Care Technology Initial Acquisition Date 04/21/20232025-01-012025-12-310001772704us-gaap:WarrantMember2026-03-310001772704ck0001772704:InvestmentsAtFairValueMemberus-gaap:ConstructionSectorMemberck0001772704:IndustryConcentrationRiskMember2025-01-012025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Honor HN Buyer, Inc Industry Health Care Providers & Services Interest Rate 11.50% Reference Rate and Spread P + 4.75% Maturity 10/15/272025-12-310001772704ck0001772704:Non-ControlledAffiliatesMember2026-03-310001772704us-gaap:ConstructionSectorMember2026-03-310001772704Investment Equity Securities - 2.9% United States - 2.9% Preferred Stock - 2.4% Diligent Corporation Industry Professional Services Initial Acquisition Date 04/06/20212025-01-012025-12-310001772704ck0001772704:InvestmentsAtFairValueMemberck0001772704:BroadlineRetailMemberck0001772704:IndustryConcentrationRiskMember2025-01-012025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Heartland Home Services, Inc. (fka Helios Buyer, Inc.) Industry Diversified Consumer Services Interest Rate 9.80% Reference Rate and Spread S + 6.00% Maturity 12/15/262026-03-310001772704us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001772704:JpmorganRevolvingCreditFacilityMember2026-01-012026-03-310001772704ck0001772704:ForeignCurrencyMember2025-01-012025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Diligent Corporation Industry Professional Services Interest Rate 8.76% Reference Rate and Spread S + 5.00% Maturity 08/02/302025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% 3SI Security Systems, Inc. Industry Commercial Services & Supplies Reference Rate and Spread S + 6.50% Maturity 12/16/262026-03-310001772704us-gaap:EnergySectorMember2025-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% iCIMS, Inc Industry Professional Services Interest Rate 9.42% Reference Rate and Spread S + 5.75% Maturity 08/18/28 One2026-03-310001772704ck0001772704:WebptIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-12-310001772704us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2026-03-310001772704us-gaap:FairValueInputsLevel3Memberck0001772704:SecondLienOrSeniorSecuredDebtMember2025-03-310001772704us-gaap:FairValueInputsLevel3Memberck0001772704:MeasurementInputRecoveryRateMembersrt:WeightedAverageMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberck0001772704:FirstLienOrSeniorSecuredDebtMemberck0001772704:ValuationTechniqueCollateralAnalysisMember2026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Zarya HoldCo, Inc. (dba Eptura) Real Estate Mgmt. & Development Interest Rate 10.17% Reference Rate and Spread S + 6.50% Maturity 07/01/272026-03-310001772704Investment Equity Securities - 2.9% United States - 2.9% Preferred Stock - 2.4% FS WhiteWater Holdings, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Initial Acquisition Date 10/02/20242025-12-310001772704ck0001772704:InvestmentsAtFairValueMemberus-gaap:GeographicConcentrationRiskMembercountry:CA2026-01-012026-03-310001772704ck0001772704:TradingCompaniesAndDistributorsMemberck0001772704:InvestmentsAtFairValueMemberck0001772704:IndustryConcentrationRiskMember2026-01-012026-03-310001772704Investment Equity Securities - 2.9% United States - 2.9% Common Stock - 0.4% Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings) Industry Software Initial Acquisition Date 03/10/20212025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Pacvue Intermediate LLC (fka Assembly Intermediate LLC) Industry Diversified Consumer Services Interest Rate 8.92% Reference Rate and Spread S + 5.25% Maturity 10/19/272025-12-310001772704us-gaap:DebtMemberck0001772704:JpmRevolvingCreditFacilityMember2026-03-310001772704Investment Equity Securities - 2.9% United States - 2.9% Common Stock - 0.4% Streamland Media Holdings LLC Industry Entertainment Initial Acquisition Date 03/31/20252025-01-012025-12-310001772704ck0001772704:EsoSolutionsIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2026-03-310001772704ck0001772704:CodingSolutionsAcquisitionIncDbaCorrohealthMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Experity, Inc. Industry Health Care Technology Interest Rate 8.67% Reference Rate and Spread S + 5.00% (Incl. 2.25% PIK) Maturity 02/22/302025-12-310001772704ck0001772704:ExperityIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2026-03-310001772704Investment Equity Securities - 2.7% United States - 2.7% Common Stock - 0.4% Pluralsight, Inc. Industry Professional Services Initial Acquisition Date 08/22/20242026-01-012026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% GovDelivery Holdings, LLC (dba Granicus, Inc.) Software Reference Rate and Spread S + 5.50% (Incl. 2.00% PIK) Maturity 01/17/312025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Eptam Plastics, Ltd. Industry Health Care Equipment & Supplies Interest Rate 9.27% Reference Rate and Spread S + 5.50% Maturity 12/06/27 One2026-03-310001772704Investment Debt Investments – 158.5% Canada - 3.1% 1st Lien/Senior Secured Debt - 3.1% Rodeo Buyer Company (dba Absorb Software) Industry Professional Services Interest Rate 10.22% Reference Rate and Spread S + 6.25% Maturity 05/25/272025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Pluralsight, Inc. Professional Services Reference Rate and Spread S + 4.50% (Incl. 1.50% PIK) Maturity 08/22/292026-03-310001772704Non-Controlled Affiliates Goldman Sachs Financial Square Government Fund2024-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Heartland Home Services, Inc. (fka Helios Buyer, Inc.) Industry Diversified Consumer Services Interest Rate 9.77% Reference Rate and Spread S + 6.00% Maturity 12/15/26 One2025-12-310001772704Investment Debt Investments - 152.1% United States – 147.5% 1st Lien/Last-Out Unitranche Streamland Media Midco LLC Industry Entertainment Reference Rate and Spread S + 6.50% (Incl. 5.50% PIK) Maturity 04/02/292026-03-310001772704us-gaap:FairValueInputsLevel3Memberck0001772704:FirstLienOrLastOutUnitrancheMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMember2026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Pluralsight, Inc. Professional Services Reference Rate and Spread S + 4.50% (Incl. 1.50% PIK) Maturity 08/22/29 One2025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Interest Rate 9.07% Reference Rate and Spread S + 5.25% Maturity 12/21/292025-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2025-12-310001772704ck0001772704:InvestmentsAtFairValueMemberus-gaap:ConstructionSectorMemberck0001772704:IndustryConcentrationRiskMember2026-01-012026-03-310001772704ck0001772704:FirstLienOrSeniorSecuredDebtMember2025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Acquia, Inc. Software Interest Rate 8.80% Reference Rate and Spread S + 5.00% Maturity 10/30/262026-03-310001772704Investment Equity Securities - 2.7% United States - 2.7% Common Stock - 0.4% Streamland Media Holdings LLC Industry Entertainment Initial Acquisition Date 03/31/20252026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Interest Rate 9.10% Reference Rate and Spread S + 5.25% Maturity 12/21/29 One2026-03-310001772704us-gaap:DebtSecuritiesMembercountry:US2025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Heartland Home Services, Inc. (fka Helios Buyer, Inc.) Industry Diversified Consumer Services Interest Rate 9.80% Reference Rate and Spread S + 6.00% Maturity 12/15/26 Two2026-03-310001772704ck0001772704:VoltBidcoIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% CORA Health Holdings Corp Industry Health Care Providers & Services Interest Rate 9.57% Reference Rate and Spread S + 5.75% Maturity 06/15/29 One2026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Pluralsight, Inc. Professional Services Interest Rate 8.32% Reference Rate and Spread S + 4.50% (Incl. 1.50% PIK) Maturity 08/22/292025-12-310001772704Investment Debt Investments – 152.1% United Kingdom - 1.5% 1st Lien/Senior Secured Debt - 1.5% Clearcourse Partnership Acquireco Finance Limited Industry IT Services Interest Rate 11.22% Reference Rate and Spread SN + 7.50% (Incl. 0.50% PIK) Maturity 07/25/282026-03-310001772704ck0001772704:JpmorganRevolvingCreditFacilityMember2025-12-310001772704ck0001772704:SpendMendHoldingsLLCMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001772704:SecondLienOrSeniorSecuredDebtMember2026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 12/06/292025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% ESO Solutions, Inc. Industry Health Care Technology Interest Rate 10.44% Reference Rate and Spread S + 6.75% Maturity 05/03/272026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Pluralsight, Inc. Professional Services Reference Rate and Spread S + 7.50% PIK Maturity 08/22/292025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% One GI LLC Industry Health Care Providers & Services Reference Rate and Spread S + 6.75% Maturity 12/22/25 Two2026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Reference Rate and Spread S + 5.00% Maturity 12/06/292025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% WebPT, Inc. Industry Health Care Technology Interest Rate 10.05% Reference Rate and Spread S + 6.25% (Incl 3.13% PIK) Maturity 01/18/302026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% HowlCO LLC (dba Lone Wolf) Real Estate Mgmt. & Development Interest Rate 10.51% Reference Rate and Spread S + 6.50% (Incl. 3.50% PIK) Maturity 10/22/20272025-12-310001772704us-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% WebPT, Inc. Industry Health Care Technology Interest Rate 10.17% Reference Rate and Spread S + 6.25% Maturity 01/18/282025-12-310001772704ck0001772704:ProfessionalServicesMember2026-03-310001772704ck0001772704:DiversifiedConsumerServicesMember2025-12-310001772704ck0001772704:InvestmentsAtFairValueMemberck0001772704:IndustryConcentrationRiskMemberus-gaap:RealEstateSectorMember2026-01-012026-03-310001772704ck0001772704:O2026Q2DividendsMembersrt:ScenarioForecastMember2026-04-012026-06-300001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Interest Rate 9.10% Reference Rate and Spread S + 5.25% Maturity 12/21/29 Four2026-03-310001772704ck0001772704:InvestmentsAtFairValueMemberck0001772704:PharmaceuticalsMemberck0001772704:IndustryConcentrationRiskMember2026-01-012026-03-310001772704ck0001772704:ThreeMonthSOFRMember2026-01-012026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% USN Opco LLC (dba Global Nephrology Solutions) Industry Health Care Providers & Services Interest Rate 9.49% Reference Rate and Spread S + 5.50% Maturity 12/21/26 One2025-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2026-01-012026-03-3100017727042025-12-310001772704us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001772704us-gaap:FairValueInputsLevel3Memberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% DECA Dental Holdings LLC Industry Health Care Providers & Services Interest Rate 9.52% Reference Rate and Spread S + 5.75% Maturity 08/26/272025-12-310001772704Investment Equity Securities - 2.9% United States - 2.9% Preferred Stock - 2.4% FS WhiteWater Holdings, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Initial Acquisition Date 10/02/20242025-01-012025-12-310001772704us-gaap:UnsecuredDebtMember2025-12-310001772704Investment Equity Securities - 2.7% United States - 2.7% Preferred Stock - 2.3% CloudBees, Inc. Industry Software Initial Acquisition Date 11/24/20212026-01-012026-03-310001772704us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:UnsecuredDebtMember2025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Diligent Corporation Industry Professional Services Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 08/02/30 One2026-03-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001772704:SecondLienOrSeniorSecuredDebtMember2025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% WebPT, Inc. Industry Health Care Technology Reference Rate and Spread S + 6.25% (Incl. 3.13% PIK) Maturity 01/18/302026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics) Industry Trading Companies & Distributors Interest Rate 9.47% Reference Rate and Spread S + 5.75% Maturity 10/07/302025-12-310001772704Investment Debt Investments – 158.5% Canada -3.1% 1st Lien/Senior Secured Debt - 3.1% Everest Clinical Research Corporation Industry Professional Services Interest Rate 8.32% Reference Rate and Spread S + 4.50% Maturity 11/06/282025-12-310001772704ck0001772704:Non-ControlledAffiliatesMember2024-12-310001772704us-gaap:FairValueInputsLevel2Member2026-03-310001772704Investment Debt Investments – 152.1% United Kingdom - 1.5% 1st Lien/Senior Secured Debt - 1.5% Clearcourse Partnership Acquireco Finance Limited Industry IT Services Interest Rate 11.22% Reference Rate and Spread SN + 7.50% (Incl. 0.50% PIK) Maturity 07/25/28 One2026-03-310001772704Investment Debt Investments - 158.5% United States – 153.9% 2nd Lien/Senior Secured Debt – 0.3% Sweep Midco LLC Industry Commercial Services & Supplies Maturity 03/12/342025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Zarya HoldCo, Inc. (dba Eptura) Real Estate Mgmt. & Development Interest Rate 10.16% Reference Rate and Spread S + 6.50% Maturity 07/01/272026-03-310001772704ck0001772704:SecondLienOrSeniorSecuredDebtMember2026-03-310001772704Investment Debt Investments – 158.5% United Kingdom - 1.5% 1st Lien/Senior Secured Debt - 1.5% Clearcourse Partnership Acquireco Finance Limited Industry IT Services Interest Rate 11.47% Reference Rate and Spread SN + 7.50% (Incl. 0.50% PIK) Maturity 07/25/28 One2025-12-310001772704us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-01-012026-03-310001772704ck0001772704:InvestmentsAtFairValueMemberus-gaap:EntertainmentMemberck0001772704:IndustryConcentrationRiskMember2026-01-012026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Southeast Mechanical, LLC Industry Diversified Consumer Services Reference Rate and Spread S + 6.00% Maturity 07/06/272026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Volt Bidco, Inc. (dba Power Factors) Industry Independent Power and Renewable Electricity Producers Interest Rate 10.17% Reference Rate and Spread S + 6.50%PIK Maturity 08/11/27 One2025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% GovDelivery Holdings, LLC (dba Granicus, Inc.) Software Interest Rate 8.67% Reference Rate and Spread S + 5.00% (Incl. 2.00% PIK) Maturity 01/17/312026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Southeast Mechanical, LLC Industry Diversified Consumer Services Reference Rate and Spread S + 6.00% Maturity 07/06/272025-12-310001772704Investment Debt Investments - 152.1% United States – 147.5% 1st Lien/Last-Out Unitranche EDB Parent, LLC (dba Enterprise DB) Industry Software Interest Rate 10.67% Reference Rate and Spread S + 7.00% Maturity 07/07/28 One2026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% ESO Solutions, Inc. Industry Health Care Technology Interest Rate 10.58% Reference Rate and Spread S + 6.75% Maturity 05/03/272025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% USN Opco LLC (dba Global Nephrology Solutions) Industry Health Care Providers & Services Interest Rate 9.49% Reference Rate and Spread S + 5.50% Maturity 12/21/262025-12-310001772704us-gaap:EquitySecuritiesMember2025-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2026-01-012026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% GovDelivery Holdings, LLC (dba Granicus, Inc.) Software Interest Rate 8.84% Reference Rate and Spread S + 5.50% (Incl. 2.00% PIK) Maturity 01/17/312025-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2026-03-310001772704ck0001772704:FirstLienOrLastOutUnitrancheMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMember2025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Eptam Plastics, Ltd. Industry Health Care Equipment & Supplies Interest Rate 9.27% Reference Rate and Spread S + 5.50% Maturity 12/06/27 Four2026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% LS Clinical Services Holdings, Inc (dba CATO) Industry Pharmaceuticals Interest Rate 10.92% Reference Rate and Spread S + 7.25% (Incl. 6.25% PIK) Maturity 06/18/292025-12-310001772704Investment Debt Investments - 158.5% United States – 153.9% Unsecured Debt - 0.7% mPulse Mobile, Inc. (dba Zipari Inc.) Industry Health Care Technology Initial Acquisition Date 09/05/24 Maturity 02/25/332025-12-310001772704Investment Debt Investments – 152.1% Canada - 3.1% 1st Lien/Senior Secured Debt - 3.1% Everest Clinical Research Corporation Industry Professional Services Interest Rate 8.35% Reference Rate and Spread S + 4.50% Maturity 11/06/282026-03-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2026-03-310001772704ck0001772704:IcimsIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Superman Holdings, LLC (dba Foundation Software) Industry Construction & Engineering Interest Rate 8.20% Reference Rate and Spread S + 4.50% Maturity 08/29/31 One2026-03-310001772704ck0001772704:HonorHnBuyerIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% AQ Helios Buyer, Inc. (dba SurePoint) Software Interest Rate 10.94% Reference Rate and Spread S + 8.00% Maturity 12/31/26 One2026-03-310001772704ck0001772704:SupermanHoldingsLlcMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-12-310001772704Non-Controlled Affiliates SEM Holdings, LLC (dba Southeast Mechanical, LLC)2026-01-012026-03-310001772704us-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2019-05-020001772704us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0001772704:FirstLienOrLastOutUnitrancheMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMember2025-12-310001772704ck0001772704:FirstIncentiveFeeMember2026-01-012026-03-310001772704ck0001772704:EverestClinicalResearchCorporationMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2026-03-310001772704ck0001772704:InvestmentsAtFairValueMembercountry:USus-gaap:GeographicConcentrationRiskMember2025-01-012025-12-310001772704Non-Controlled Affiliates Thrasio Holdings, Inc.2025-12-310001772704us-gaap:UnsecuredDebtMember2026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Interest Rate 8.73% Reference Rate and Spread S + 5.00% Maturity 12/06/292025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Premier Imaging, LLC (dba Lucid Health) Industry Health Care Providers & Services Interest Rate 9.96% Reference Rate and Spread S + 6.00% (Incl. 3.27% PIK) Maturity 10/31/272026-03-310001772704Investment Equity Securities - 2.7% United States - 2.7% Preferred Stock - 2.3% Diligent Corporation Industry Professional Services Initial Acquisition Date 04/06/20212026-03-310001772704ck0001772704:PacvueIntermediateLLCMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% WebPT, Inc. Industry Health Care Technology Interest Rate 10.05% Reference Rate and Spread S + 6.25% (Incl 3.13% PIK) Maturity 01/18/30 One2026-03-310001772704country:USck0001772704:FirstLienOrLastOutUnitrancheMember2026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% One GI LLC Industry Health Care Providers & Services Reference Rate and Spread S + 6.75% Maturity 12/22/252026-03-310001772704Investment Equity Securities - 2.7% United States - 2.7% Preferred Stock - 2.3% FS WhiteWater Holdings, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Initial Acquisition Date 10/02/20242026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Heartland Home Services, Inc. (fka Helios Buyer, Inc.) Industry Diversified Consumer Services Interest Rate 9.80% Reference Rate and Spread S + 6.00% Maturity 12/15/26 One2026-03-310001772704us-gaap:DebtSecuritiesMembercountry:CA2025-12-310001772704ck0001772704:InvestmentsAtFairValueMemberck0001772704:IndustryConcentrationRiskMemberck0001772704:HealthCareEquipmentAndSuppliesMember2025-01-012025-12-310001772704us-gaap:UnsecuredDebtMember2026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% CORA Health Holdings Corp Industry Health Care Providers & Services Interest Rate 9.72% Reference Rate and Spread S + 5.75% Maturity 06/15/272025-12-310001772704Investment Debt Investments – 158.5% Canada - 3.1% 1st Lien/Senior Secured Debt - 3.1% Everest Clinical Research Corporation (fka 1272775 B.C. LTD.) Industry Professional Services Interest Rate 8.32% Reference Rate and Spread S + 4.50% Maturity 11/06/282025-12-310001772704ck0001772704:GsAcquisitioncoIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-12-310001772704us-gaap:PreferredStockMembercountry:US2026-03-310001772704us-gaap:DebtSecuritiesMember2025-12-310001772704ck0001772704:PluralsightIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-12-310001772704Investment Equity Securities - 2.7% United States - 2.7% Common Stock - 0.4% SEM Holdings, LLC (dba Southeast Mechanical, LLC) Industry Diversified Consumer Services Initial Acquisition Date 07/06/20222026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC) Industry Entertainment Interest Rate 9.79% Reference Rate and Spread S + 6.00% Maturity 12/31/272025-12-310001772704Non-Controlled Affiliates MedeAnalytics Group Holdings, LLC2025-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2026-03-310001772704ck0001772704:FirstLienOrLastOutUnitrancheMember2026-03-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001772704:FirstLienOrSeniorSecuredDebtMembersrt:MaximumMember2026-03-310001772704ck0001772704:FirstLienOrSeniorSecuredDebtMember2026-03-3100017727042026-01-012026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% WebPT, Inc. Industry Health Care Technology Interest Rate 10.17% Reference Rate and Spread S + 6.25% Maturity 01/18/28 One2025-12-310001772704us-gaap:SoftwareAndSoftwareDevelopmentCostsMember2025-12-310001772704us-gaap:SoftwareAndSoftwareDevelopmentCostsMemberck0001772704:InvestmentsAtFairValueMemberck0001772704:IndustryConcentrationRiskMember2026-01-012026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Riverpoint Medical, LLC Industry Health Care Equipment & Supplies Interest Rate 8.20% Reference Rate and Spread S + 4.50% Maturity 06/21/272026-03-310001772704us-gaap:FairValueInputsLevel3Memberck0001772704:FirstLienOrSeniorSecuredDebtMember2026-01-012026-03-310001772704Investment Debt Investments - 158.5% United States – 153.9% 1st Lien/Last-Out Unitranche (14) - 3.1% EDB Parent, LLC (dba Enterprise DB) Industry Software Interest Rate 10.84% Reference Rate and Spread S + 7.00% Maturity 07/07/28 One2025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Interest Rate 9.07% Reference Rate and Spread S + 5.25% Maturity 12/21/29 Four2025-12-310001772704ck0001772704:GsAcquisitioncoIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Southeast Mechanical, LLC Industry Diversified Consumer Services Interest Rate 9.78% Reference Rate and Spread S + 6.00% Maturity 07/06/27 One2026-03-310001772704ck0001772704:InvestmentsAtFairValueMemberck0001772704:IndustryConcentrationRiskMemberck0001772704:ProfessionalServicesMember2026-01-012026-03-310001772704ck0001772704:TwentyFiveFebruaryTwoThousandTwentySixMember2026-01-012026-03-310001772704ck0001772704:HealthCareEquipmentAndSuppliesMember2026-03-310001772704ck0001772704:HealthCareProvidersAndServicesMember2026-03-310001772704us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMemberus-gaap:WarrantMember2026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Heartland Home Services, Inc. (fka Helios Buyer, Inc.) Industry Diversified Consumer Services Interest Rate 9.77% Reference Rate and Spread S + 6.00% Maturity 12/15/262025-12-310001772704us-gaap:FinancialServicesSectorMember2026-03-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:UnsecuredDebtMember2026-03-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMemberus-gaap:WarrantMember2026-03-310001772704us-gaap:FairValueInputsLevel3Memberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-12-310001772704ck0001772704:OneMonthSOFRMember2025-01-012025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% USN Opco LLC (dba Global Nephrology Solutions) Industry Health Care Providers & Services Reference Rate and Spread S + 5.50% Maturity 12/21/262026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Coding Solutions Acquisition, Inc. (dba CorroHealth) Industry Health Care Providers & Services Reference Rate and Spread S + 5.00% Maturity 08/07/312025-12-310001772704us-gaap:CommonStockMember2025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Superman Holdings, LLC (dba Foundation Software) Industry Construction & Engineering Reference Rate and Spread S + 4.50% Maturity 08/29/312025-12-310001772704us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% GovDelivery Holdings, LLC (dba Granicus, Inc.) Software Reference Rate and Spread S + 5.50% (Incl. 2.00% PIK) Maturity 01/17/312026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC) Industry Entertainment Reference Rate and Spread S + 6.00% Maturity 12/31/272025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Sundance Group Holdings, Inc. (dba NetDocuments) Software Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 07/02/29 One2025-12-310001772704ck0001772704:RodeoBuyerCompanyMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-12-310001772704IInvestment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Eptam Plastics, Ltd. Industry Health Care Equipment & Supplies Interest Rate 9.32% Reference Rate and Spread S + 5.50% Maturity 12/06/27 Three2025-12-310001772704ck0001772704:FirstLienOrSeniorSecuredDebtMembercountry:US2026-03-310001772704Non-Controlled Affiliates Goldman Sachs Financial Square Government Fund2026-03-310001772704country:GBus-gaap:DebtSecuritiesMember2026-03-310001772704Non-Controlled Affiliates Thrasio Holdings, Inc.2024-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Volt Bidco, Inc. (dba Power Factors) Industry Independent Power and Renewable Electricity Producers Interest Rate 10.20% Reference Rate and Spread S + 6.50%PIK Maturity 08/11/27 One2026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% WebPT, Inc. Industry Health Care Technology Interest Rate 10.26% Reference Rate and Spread S + 6.25% Maturity 01/18/282025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% VRC Companies, LLC (dba Vital Records Control) Industry Commercial Services & Supplies Reference Rate and Spread S + 5.25% Maturity 06/29/272025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Diligent Corporation Industry Professional Services Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 08/02/30 Two2026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% CORA Health Holdings Corp Industry Health Care Providers & Services Interest Rate 9.57% Reference Rate and Spread S + 5.75% (Incl. 4.04% PIK) Maturity 06/15/292026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% MedeAnalytics Parent, Inc. Industry Health Care Technology Reference Rate and Spread 3.00% PIK Maturity 10/23/282026-03-310001772704us-gaap:HealthcareSectorMemberck0001772704:InvestmentsAtFairValueMemberck0001772704:IndustryConcentrationRiskMember2025-01-012025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Premier Imaging, LLC (dba Lucid Health) Industry Health Care Providers & Services Interest Rate 9.96% Reference Rate and Spread S + 6.00% (Incl. 3.27% PIK) Maturity 10/31/27 Three2026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Summit Buyer, LLC (dba Classic Collision) Industry Specialty Retail Interest Rate 8.69% Reference Rate and Spread S + 5.00% Maturity 06/02/312025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% DECA Dental Holdings LLC Industry Health Care Providers & Services Interest Rate 9.55% Reference Rate and Spread S + 5.75% Maturity 08/28/28 One2026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% GovDelivery Holdings, LLC (dba Granicus, Inc.) Software Interest Rate 9.34% Reference Rate and Spread S + 5.50% (Incl. 2.00% PIK) Maturity 01/17/312025-12-310001772704ck0001772704:SecondLienSeniorSecuredDebtMembercountry:US2025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% HowlCO LLC (dba Lone Wolf) Real Estate Mgmt. & Development Interest Rate 10.30% Reference Rate and Spread S + 6.50% (Incl. 3.50% PIK) Maturity 10/22/27 One2026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Diligent Corporation Industry Professional Services Interest Rate 8.82% Reference Rate and Spread S + 5.00% Maturity 08/02/302025-12-310001772704ck0001772704:FirstLienOrSeniorSecuredDebtMember2025-12-310001772704Non-Controlled Affiliates MedeAnalytics Group Holdings, LLC2026-01-012026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Coding Solutions Acquisition, Inc. (dba CorroHealth) Industry Health Care Providers & Services Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 08/07/312026-03-310001772704ck0001772704:FirstLienLast-OutUnitrancheMembercountry:US2025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Southeast Mechanical, LLC Industry Diversified Consumer Services Interest Rate 9.83% Reference Rate and Spread S + 6.00% Maturity 07/06/27 One2025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Eptam Plastics, Ltd. Industry Health Care Equipment & Supplies Interest Rate 9.32% Reference Rate and Spread S + 5.50% Maturity 12/06/27 Four2025-12-310001772704Non-Controlled Affiliates Thrasio Holdings, Inc.2025-01-012025-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:UnsecuredDebtMember2026-01-012026-03-310001772704ck0001772704:PacvueIntermediateLLCMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-12-310001772704us-gaap:FairValueInputsLevel3Memberck0001772704:SecondLienOrSeniorSecuredDebtMember2025-12-310001772704Investment Debt Investments - 152.1% United States – 147.5% Unsecured Debt - 0.7% mPulse Mobile, Inc. (dba Zipari Inc.) Industry Health Care Technology Initial Acquisition Date 09/05/24 Maturity 02/25/332026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% GovDelivery Holdings, LLC (dba Granicus, Inc.) Software Interest Rate 9.17% Reference Rate and Spread S + 5.50% (Incl. 2.00% PIK) Maturity 01/17/312026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% ESO Solutions, Inc. Industry Health Care Technology Interest Rate 10.54% Reference Rate and Spread S + 6.75% Maturity 05/03/272025-12-310001772704ck0001772704:FSWhiteWaterBorrowerLlcMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-12-310001772704ck0001772704:InvestmentsAtFairValueMembercountry:GBus-gaap:GeographicConcentrationRiskMember2026-01-012026-03-310001772704ck0001772704:SecondLienOrSeniorSecuredDebtMember2025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% WebPT, Inc. Industry Health Care Technology Interest Rate 10.05% Reference Rate and Spread S + 6.25% (Incl 3.13% PIK) Maturity 01/18/30 Two2026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Honor HN Buyer, Inc Industry Health Care Providers & Services Interest Rate 9.57% Reference Rate and Spread S + 5.75% Maturity 10/15/272025-12-310001772704country:USus-gaap:EquitySecuritiesMember2025-12-310001772704us-gaap:FairValueInputsLevel3Member2024-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2025-12-310001772704ck0001772704:TradingCompaniesAndDistributorsMemberck0001772704:InvestmentsAtFairValueMemberck0001772704:IndustryConcentrationRiskMember2025-01-012025-12-310001772704Investment Equity Securities - 2.9% United States - 2.9% Common Stock - 0.4% Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings) Industry Software Initial Acquisition Date 03/10/20212025-01-012025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% AQ Helios Buyer, Inc. (dba SurePoint) Software Interest Rate 10.94% Reference Rate and Spread S + 7.00% Maturity 12/31/262026-03-310001772704ck0001772704:FirstLienOrLastOutUnitrancheMemberus-gaap:FairValueInputsLevel3Member2025-01-012025-03-310001772704us-gaap:InvestmentUnaffiliatedIssuerMember2026-01-012026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% VRC Companies, LLC (dba Vital Records Control) Industry Commercial Services & Supplies Reference Rate and Spread S + 5.25% Maturity 06/29/272026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Summit Buyer, LLC (dba Classic Collision) Industry Specialty Retail Interest Rate 10.75% Reference Rate and Spread P + 4.00% Maturity 05/31/302026-03-310001772704ck0001772704:InvestmentsAtFairValueMemberus-gaap:EntertainmentMemberck0001772704:IndustryConcentrationRiskMember2025-01-012025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Zarya HoldCo, Inc. (dba Eptura) Real Estate Mgmt. & Development Interest Rate 10.32% Reference Rate and Spread S + 6.50% Maturity 07/01/272025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Argos Health Holdings, Inc Industry Health Care Providers & Services Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 12/03/292026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Pluralsight, Inc. Professional Services Reference Rate and Spread S + 4.50% (Incl. 1.50% PIK) Maturity 08/22/292025-12-310001772704us-gaap:FairValueInputsLevel3Memberck0001772704:SecondLienOrSeniorSecuredDebtMember2026-01-012026-03-310001772704ck0001772704:FirstLienOrSeniorSecuredDebtMemberck0001772704:ElemicaParentIncMember2025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% USN Opco LLC (dba Global Nephrology Solutions) Industry Health Care Providers & Services Interest Rate 9.27% Reference Rate and Spread S + 5.50% Maturity 12/21/26 Two2026-03-310001772704Investment Equity Securities - 2.7% United States - 2.7% Preferred Stock - 2.3% FS WhiteWater Holdings, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Initial Acquisition Date 10/02/20242026-01-012026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Reference Rate and Spread S + 5.25% Maturity 12/21/292026-03-310001772704us-gaap:FinancialServicesSectorMember2025-12-310001772704Non-Controlled Affiliates Goldman Sachs Financial Square Government Fund2026-01-012026-03-310001772704us-gaap:CommercialAndIndustrialSectorMember2026-03-310001772704ck0001772704:InvestmentsAtFairValueMemberus-gaap:GeographicConcentrationRiskMembercountry:CA2025-01-012025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Riverpoint Medical, LLC Industry Health Care Equipment & Supplies Reference Rate and Spread S + 4.50% Maturity 06/21/272026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Interest Rate 9.10% Reference Rate and Spread S + 5.25% Maturity 12/21/292026-03-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2026-03-310001772704us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001772704:SecondLienOrSeniorSecuredDebtMember2026-03-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:UnsecuredDebtMember2026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% CFS Management, LLC (dba Center for Sight Management) Industry Health Care Providers & Services Interest Rate 12.46% Reference Rate and Spread S + 8.50% (Incl. 2.25% PIK) Maturity 09/30/26 Two2026-03-310001772704ck0001772704:JpmorganRevolvingCreditFacilityMember2026-01-012026-03-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2025-01-012025-03-310001772704us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% DECA Dental Holdings LLC Industry Health Care Providers & Services Interest Rate 9.55% Reference Rate and Spread S + 5.75% Maturity 08/26/272026-03-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-12-310001772704ck0001772704:SecondLienSeniorSecuredDebtMembercountry:US2026-03-310001772704ck0001772704:GovdeliveryHoldingLlcMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2026-03-310001772704ck0001772704:HealthCareEquipmentAndSuppliesMember2025-12-310001772704ck0001772704:FirstLienSeniorSecuredDebtMembercountry:US2025-12-310001772704Non-Controlled Affiliates SEM Holdings, LLC (dba Southeast Mechanical, LLC)2025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% USN Opco LLC (dba Global Nephrology Solutions) Industry Health Care Providers & Services Interest Rate 9.49% Reference Rate and Spread S + 5.50% Maturity 12/21/26 Two2025-12-310001772704ck0001772704:BroadlineRetailMember2025-12-310001772704ck0001772704:FirstLienOrLastOutUnitrancheMember2026-03-310001772704ck0001772704:GoldmanSachsFinancialSquareGovernmentFundMember2025-12-310001772704us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMembersrt:MaximumMember2026-03-310001772704us-gaap:PreferredStockMember2025-12-310001772704ck0001772704:JpmorganRevolvingCreditFacilityMember2025-01-012025-12-310001772704us-gaap:FairValueInputsLevel3Memberck0001772704:SecondLienOrSeniorSecuredDebtMember2024-12-310001772704ck0001772704:FirstLienOrSeniorSecuredDebtMembercountry:CA2026-03-310001772704ck0001772704:FirstLienOrLastOutUnitrancheMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-03-310001772704Investment Debt Investments – 152.1% Canada - 3.1% 1st Lien/Senior Secured Debt - 3.1% Rodeo Buyer Company (dba Absorb Software) Industry Professional Services Interest Rate 10.07% Reference Rate and Spread S + 6.25% Maturity 05/25/272026-03-310001772704Investment Equity Securities - 2.9% United States - 2.9% Common Stock - 0.4% SEM Holdings, LLC (dba Southeast Mechanical, LLC) Industry Diversified Consumer Services Initial Acquisition Date 07/06/20222025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Eptam Plastics, Ltd. Industry Health Care Equipment & Supplies Interest Rate 9.32% Reference Rate and Spread S + 5.50% Maturity 12/06/272025-12-310001772704Non-Controlled Affiliates MedeAnalytics Group Holdings, LLC2025-01-012025-12-310001772704ck0001772704:JpmRevolvingCreditFacilityMember2025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Reference Rate and Spread S + 5.00% Maturity 12/06/292026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% VRC Companies, LLC (dba Vital Records Control) Industry Commercial Services & Supplies Interest Rate 8.92% Reference Rate and Spread S + 5.25% Maturity 06/29/272026-03-310001772704us-gaap:FairValueInputsLevel3Member2026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Premier Imaging, LLC (dba Lucid Health) Industry Health Care Providers & Services Interest Rate 9.93% Reference Rate and Spread S + 6.00% (Incl. 3.27% PIK) Maturity 03/31/262025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% One GI LLC Industry Health Care Providers & Services Reference Rate and Spread S + 6.75% Maturity 12/22/25 Four2026-03-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Aria Systems, LLC Industry Financial Services Interest Rate 13.78% Reference Rate and Spread S + 10.00% (Incl. 2.00% PIK) Maturity 06/30/262026-03-310001772704us-gaap:PrimeRateMember2025-01-012025-12-310001772704ck0001772704:FirstLienSeniorSecuredDebtMembercountry:GB2025-12-310001772704ck0001772704:EsoSolutionsIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-12-310001772704us-gaap:FairValueInputsLevel3Memberck0001772704:FirstLienOrLastOutUnitrancheMember2024-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Pluralsight, Inc. Professional Services Reference Rate and Spread S + 7.50% PIK Maturity 08/22/292026-03-310001772704ck0001772704:ProfessionalServicesMember2025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Honor HN Buyer, Inc Industry Health Care Providers & Services Interest Rate 9.57% Reference Rate and Spread S + 5.75% Maturity 10/15/27 Two2025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Summit Buyer, LLC (dba Classic Collision) Industry Specialty Retail Interest Rate 10.75% Reference Rate and Spread P + 4.00% Maturity 05/31/302025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics) Industry Trading Companies & Distributors Interest Rate 9.42% Reference Rate and Spread S + 5.75% Maturity 10/07/302026-03-310001772704ck0001772704:SpecialtyRetailMember2026-03-310001772704ck0001772704:InvestmentsAtFairValueMemberus-gaap:GeographicConcentrationRiskMembercountry:US2026-01-012026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% LS Clinical Services Holdings, Inc (dba CATO) Industry Pharmaceuticals Interest Rate 12.45% Reference Rate and Spread S + 8.75% (Incl. 6.25% PIK) Maturity 12/17/292026-03-310001772704ck0001772704:InvestmentsAtFairValueMemberck0001772704:IndustryConcentrationRiskMember2026-01-012026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Sundance Group Holdings, Inc. (dba NetDocuments) Software Interest Rate 8.45% Reference Rate and Spread S + 4.75% Maturity 07/02/292026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% iCIMS, Inc Industry Professional Services Interest Rate 9.42% Reference Rate and Spread S + 5.75% Maturity 08/18/282026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% GS AcquisitionCo, Inc. (dba Insightsoftware) Industry Financial Services Interest Rate 8.95% Reference Rate and Spread S + 5.25% Maturity 05/25/282026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Thrasio, LLC Industry Broadline Retail Interest Rate 13.84% Reference Rate and Spread S + 10.00% PIK Maturity 06/18/292025-12-310001772704ck0001772704:InvestmentsAtFairValueMemberck0001772704:IndustryConcentrationRiskMemberck0001772704:DiversifiedConsumerServicesMember2025-01-012025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Pacvue Intermediate LLC (fka Assembly Intermediate LLC) Industry Diversified Consumer Services Reference Rate and Spread S + 5.25% Maturity 10/19/272025-12-310001772704ck0001772704:InvestmentsAtFairValueMemberck0001772704:IndustryConcentrationRiskMemberus-gaap:RealEstateSectorMember2025-01-012025-12-310001772704ck0001772704:GainsightIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-12-310001772704us-gaap:FairValueInputsLevel3Memberck0001772704:FirstLienOrLastOutUnitrancheMember2025-03-310001772704us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Summit Buyer, LLC (dba Classic Collision) Industry Specialty Retail Interest Rate 8.70% Reference Rate and Spread S + 5.00% Maturity 06/02/31 One2026-03-310001772704us-gaap:CommonStockMember2025-01-012025-12-310001772704ck0001772704:FirstLienOrLastOutUnitrancheMember2025-12-310001772704ck0001772704:InvestmentsAtFairValueMembercountry:GBus-gaap:GeographicConcentrationRiskMember2025-01-012025-12-310001772704Investment Equity Securities - 2.7% United States - 2.7% Warrants - 0.0% CloudBees, Inc. Industry Software Initial Acquisition Date 11/24/20212026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% NFM & J, L.P. (dba the Facilities Group) Professional Services Interest Rate 9.52% Reference Rate and Spread S + 5.75% Maturity 11/30/28 One2026-03-310001772704Non-Controlled Affiliates Thrasio Holdings, Inc.2026-01-012026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% USN Opco LLC (dba Global Nephrology Solutions) Industry Health Care Providers & Services Interest Rate 9.27% Reference Rate and Spread S + 5.50% Maturity 12/21/26 One2026-03-310001772704ck0001772704:InvestmentsAtFairValueMemberck0001772704:SpecialtyRetailMemberck0001772704:IndustryConcentrationRiskMember2025-01-012025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Pacvue Intermediate LLC (fka Assembly Intermediate LLC) Industry Diversified Consumer Services Interest Rate 8.95% Reference Rate and Spread S + 5.25% Maturity 10/19/27 One2026-03-310001772704Investment Equity Securities - 2.7% United States - 2.7% Common Stock - 0.4% Thrasio Holdings, Inc. Industry Broadline Retail Initial Acquisition Date 06/18/20242026-03-310001772704ck0001772704:FirstLienOrSeniorSecuredDebtMember2026-03-310001772704us-gaap:FairValueInputsLevel1Member2025-12-310001772704ck0001772704:RiverpointMedicalLlcMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2026-03-310001772704Non-Controlled Affiliates Pluralsight, Inc.2025-01-012025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Reference Rate and Spread S + 5.25% Maturity 12/21/292025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.) Industry Health Care Technology Reference Rate and Spread S + 5.00% Maturity 05/11/282025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Heartland Home Services, Inc. (fka Helios Buyer, Inc.) Industry Diversified Consumer Services Interest Rate 9.55% Reference Rate and Spread S + 5.75% Maturity 12/15/262026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings) Software Interest Rate 9.54% Reference Rate and Spread S + 6.00% Maturity 03/10/272026-03-310001772704ck0001772704:NfmJLPMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-12-310001772704ck0001772704:FirstLienOrLastOutUnitrancheMember2025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Riverpoint Medical, LLC Industry Health Care Equipment & Supplies Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 06/21/272025-12-310001772704Investment Debt Investments – 152.1% Canada - 3.1% 1st Lien/Senior Secured Debt - 3.1% Everest Clinical Research Corporation (fka 1272775 B.C. LTD.) Industry Professional Services Reference Rate and Spread S + 4.50% Maturity 11/06/282026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Interest Rate 9.10% Reference Rate and Spread S + 5.25% Maturity 12/21/29 Three2026-03-310001772704ck0001772704:FirstLienOrLastOutUnitrancheMemberck0001772704:EdbParentLlcMember2025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Gainsight, Inc. Software Reference Rate and Spread S + 5.75% Maturity 07/30/272025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings) Software Reference Rate and Spread S + 6.00% Maturity 03/10/272026-03-310001772704us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2025-12-310001772704Investment Debt Investments - 158.5% United States – 153.9% Unsecured Debt - 0.7% mPulse Mobile, Inc. (dba Zipari Inc.) Industry Health Care Technology Initial Acquisition Date 09/05/24 Maturity 02/25/332025-01-012025-12-310001772704Investment Equity Securities - 2.7% United States - 2.7% Common Stock - 0.4% MedeAnalytics Group Holdings, LLC Industry Health Care Technology Initial Acquisition Date 04/21/20232026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Thrasio, LLC Industry Broadline Retail Reference Rate and Spread S + 10.26% PIK Maturity 06/18/292026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% BSI3 Menu Buyer, Inc (dba Kydia) Industry Financial Services Reference Rate and Spread S + 6.00% Maturity 01/25/282026-03-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2026-03-310001772704ck0001772704:FirstLienOrSeniorSecuredDebtMemberck0001772704:DiligentCorporationMember2025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Coding Solutions Acquisition, Inc. (dba CorroHealth) Industry Health Care Providers & Services Reference Rate and Spread S + 5.00% Maturity 08/07/312026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% SpendMend Holdings LLC Industry Health Care Providers & Services Interest Rate 8.85% Reference Rate and Spread S + 5.00% Maturity 03/01/28 One2026-03-310001772704ck0001772704:TwentySixFebruaryTwoThousandTwentyFiveMember2025-01-012025-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% iCIMS, Inc Industry Professional Services Interest Rate 9.59% Reference Rate and Spread S + 5.75% Maturity 08/18/282025-12-310001772704us-gaap:PreferredStockMember2026-03-310001772704ck0001772704:Non-ControlledAffiliatesMember2025-12-310001772704Investment Equity Securities - 2.9% United States - 2.9% Preferred Stock - 2.4% Diligent Corporation Industry Professional Services Initial Acquisition Date 04/06/20212025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Premier Imaging, LLC (dba Lucid Health) Industry Health Care Providers & Services Interest Rate 9.93% Reference Rate and Spread S + 6.00% (Incl. 3.27% PIK) Maturity 03/31/26 One2025-12-310001772704us-gaap:FairValueInputsLevel3Memberck0001772704:FirstLienOrLastOutUnitrancheMemberus-gaap:MarketApproachValuationTechniqueMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001772704us-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2025-01-012025-03-310001772704ck0001772704:InvestmentsAtFairValueMemberck0001772704:IndustryConcentrationRiskMemberus-gaap:EnergySectorMember2025-01-012025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Coding Solutions Acquisition, Inc. (dba CorroHealth) Industry Health Care Providers & Services Interest Rate 8.72% Reference Rate and Spread S + 5.00% Maturity 08/07/312025-12-310001772704us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0001772704:FirstLienOrLastOutUnitrancheMembersrt:WeightedAverageMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMember2026-03-310001772704us-gaap:FairValueInputsLevel3Memberck0001772704:FirstLienOrLastOutUnitrancheMember2025-12-310001772704us-gaap:SoftwareAndSoftwareDevelopmentCostsMember2026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Elemica Parent, Inc. Industry Chemicals Interest Rate 9.50% Reference Rate and Spread S + 5.50% Maturity 09/18/262025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% SpendMend Holdings LLC Industry Health Care Providers & Services Interest Rate 8.82% Reference Rate and Spread S + 5.00% Maturity 03/01/282025-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2026-03-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2024-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC) Industry Entertainment Reference Rate and Spread S + 6.00% Maturity 12/31/272026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% USN Opco LLC (dba Global Nephrology Solutions) Industry Health Care Providers & Services Interest Rate 9.27% Reference Rate and Spread S + 5.50% Maturity 12/21/262026-03-310001772704us-gaap:UnsecuredDebtMembercountry:US2025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% AQ Helios Buyer, Inc. (dba SurePoint) Software Interest Rate 10.93% Reference Rate and Spread S + 7.00% Maturity 12/31/262026-03-310001772704us-gaap:DebtMember2025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Experity, Inc. Industry Health Care Technology Reference Rate and Spread S + 5.00% (Incl. 2.25% PIK) Maturity 02/22/302026-03-310001772704us-gaap:RelatedPartyMember2026-03-310001772704ck0001772704:FirstLienOrLastOutUnitrancheMember2026-03-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Summit Buyer, LLC (dba Classic Collision) Industry Specialty Retail Interest Rate 8.70% Reference Rate and Spread S + 5.00% Maturity 06/02/312026-03-310001772704ck0001772704:SoutheastMechanicalLlcMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2026-03-310001772704ck0001772704:ExperityIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% GS AcquisitionCo, Inc. (dba Insightsoftware) Industry Financial Services Interest Rate 8.92% Reference Rate and Spread S + 5.25% Maturity 05/25/282025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Heartland Home Services, Inc. (fka Helios Buyer, Inc.) Industry Diversified Consumer Services Interest Rate 9.52% Reference Rate and Spread S + 5.75% Maturity 12/15/262025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% MerchantWise Solutions, LLC (dba HungerRush) Industry Financial Services Interest Rate 11.17% Reference Rate and S + 7.50% (Incl. 4.50% PIK) Maturity 06/01/28 One2025-12-310001772704ck0001772704:SweepPurchaserLlcMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Elemica Parent, Inc. Industry Chemicals Interest Rate 9.56% Reference Rate and Spread S + 5.50% Maturity 09/18/26 One2025-12-310001772704us-gaap:EnergySectorMember2026-03-310001772704us-gaap:FairValueInputsLevel3Memberck0001772704:FirstLienOrLastOutUnitrancheMember2026-03-310001772704Investment Debt Investments - 158.5% United States – 153.9% 2nd Lien/Senior Secured Debt – 0.3% Sweep Midco LLC Industry Commercial Services & Supplies Maturity 03/12/362025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Gainsight, Inc. Software Interest Rate 9.32% Reference Rate and Spread S + 5.50% Maturity 07/30/272026-03-310001772704Investment Debt Investments - 158.5% United States – 153.9% 1st Lien/Last-Out Unitranche (14) - 3.1% Streamland Media Midco LLC Industry Entertainment Reference Rate and Spread S + 6.50% (Incl. 5.50% PIK) Maturity 04/02/292025-12-310001772704country:USus-gaap:InvestmentAffiliatedIssuerMember2026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Gainsight, Inc. Software Interest Rate 9.72% Reference Rate and Spread S + 5.75% Maturity 07/30/272025-12-310001772704us-gaap:FairValueInputsLevel3Memberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-01-012025-03-310001772704ck0001772704:InvestmentsAtFairValueMemberck0001772704:IndustryConcentrationRiskMemberck0001772704:HealthCareProvidersAndServicesMember2025-01-012025-12-3100017727042024-12-310001772704us-gaap:PreferredStockMembercountry:US2025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics) Industry Trading Companies & Distributors Interest Rate 9.42% Reference Rate and Spread S + 5.75% Maturity 10/07/30 One2026-03-310001772704ck0001772704:AqHeliosBuyerIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% AQ Helios Buyer, Inc. (dba SurePoint) Software Interest Rate 11.99% Reference Rate and Spread S + 8.00% Maturity 12/31/26 One2025-12-310001772704us-gaap:DebtSecuritiesMembercountry:CA2026-03-310001772704Investment Debt Investments – 158.5% Canada - 3.1% 1st Lien/Senior Secured Debt - 3.1% Everest Clinical Research Corporation (fka 1272775 B.C. LTD.) Industry Professional Services Reference Rate and Spread S + 4.50% Maturity 11/06/282025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Eptam Plastics, Ltd. Industry Health Care Equipment & Supplies Interest Rate 9.27% Reference Rate and Spread S + 5.50% Maturity 12/06/27 Three2026-03-310001772704Non-Controlled Affiliates MedeAnalytics Group Holdings, LLC2024-12-3100017727042025-01-012025-03-310001772704Investment Equity Securities - 2.9% United States - 2.9% Warrants - 0.1% CloudBees, Inc. Industry Software Initial Acquisition Date 11/24/20212025-12-310001772704ck0001772704:Non-ControlledAffiliatesMember2025-01-012025-12-310001772704ck0001772704:ThreeMonthSOFRMember2025-01-012025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Zarya HoldCo, Inc. (dba Eptura) Real Estate Mgmt. & Development Interest Rate 10.32% Reference Rate and Spread S + 6.50% Maturity 07/01/27 One2025-12-310001772704us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMemberus-gaap:WarrantMember2025-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001772704:FirstLienOrSeniorSecuredDebtMembersrt:MaximumMember2026-03-310001772704ck0001772704:FourthIncentiveFeeMember2026-01-012026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% HowlCO LLC (dba Lone Wolf) Real Estate Mgmt. & Development Interest Rate 10.59% Reference Rate and Spread S + 6.50% (Incl. 3.50% PIK) Maturity 10/22/27 One2025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Sweep Purchaser LLC Industry Commercial Services & Supplies Interest Rate 9.52% Reference Rate and Spread S + 5.75% Maturity 06/30/272026-03-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2025-12-310001772704Investment Equity Securities - 2.7% United States - 2.7% Common Stock - 0.4% Streamland Media Holdings LLC Industry Entertainment Initial Acquisition Date 03/31/20252026-01-012026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% 3SI Security Systems, Inc. Industry Commercial Services & Supplies Interest Rate 10.59% Reference Rate and Spread S + 6.50% Maturity 12/16/262025-12-310001772704ck0001772704:VrcCompaniesLlcMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2026-03-310001772704ck0001772704:OneMonthSOFRMember2026-01-012026-03-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% HowlCO LLC (dba Lone Wolf) Real Estate Mgmt. & Development Interest Rate 10.33% Reference Rate and Spread S + 6.50% (Incl. 3.50% PIK) Maturity 10/22/272026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Streamland Media Midco LLC Industry Entertainment Interest Rate 9.70% Reference Rate and Spread S + 5.50% (Incl. 1.00% PIK) Maturity 04/02/292025-12-310001772704us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2025-12-310001772704ck0001772704:FirstLienOrSeniorSecuredDebtMember2026-03-310001772704us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001772704:MeasurementInputRecoveryRateMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberck0001772704:FirstLienOrSeniorSecuredDebtMemberck0001772704:ValuationTechniqueCollateralAnalysisMember2025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Heartland Home Services, Inc. (fka Helios Buyer, Inc.) Industry Diversified Consumer Services Interest Rate 9.72% Reference Rate and Spread S + 6.00% Maturity 12/15/262025-12-310001772704ck0001772704:FirstLienSeniorSecuredDebtMembercountry:CA2026-03-310001772704Investment Debt Investments - 152.1% United States – 147.5% 1st Lien/Last-Out Unitranche EDB Parent, LLC (dba Enterprise DB) Industry Software Interest Rate 10.67% Reference Rate and Spread S + 7.00% Maturity 07/07/282026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Coding Solutions Acquisition, Inc. (dba CorroHealth) Industry Health Care Providers & Services Reference Rate and Spread S + 5.00% Maturity 08/07/31 One2025-12-310001772704ck0001772704:AdmiralBuyerIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.) Industry Health Care Technology Interest Rate 8.57% Reference Rate and Spread S + 5.00% Maturity 05/11/292025-12-310001772704us-gaap:InvestmentAffiliatedIssuerMember2026-03-310001772704us-gaap:DebtSecuritiesMembercountry:US2026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC) Industry Entertainment Interest Rate 9.80% Reference Rate and Spread S + 6.00% Maturity 12/31/272026-03-310001772704Investment Debt Investments – 158.5.% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Superman Holdings, LLC (dba Foundation Software) Industry Construction & Engineering Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 08/29/31 One2025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Volt Bidco, Inc. (dba Power Factors) Industry Independent Power and Renewable Electricity Producers Interest Rate 10.20% Reference Rate and Spread S + 6.50%PIK Maturity 08/11/27 Two2026-03-310001772704ck0001772704:GainsightIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2026-03-310001772704Investment Equity Securities - 2.7% United States - 2.7% Preferred Stock - 2.3% CloudBees, Inc. Industry Software Initial Acquisition Date 11/24/20212026-03-310001772704ck0001772704:FirstLienOrLastOutUnitrancheMemberus-gaap:FairValueInputsLevel3Member2026-01-012026-03-310001772704ck0001772704:InvestmentsAtFairValueMemberck0001772704:BroadlineRetailMemberck0001772704:IndustryConcentrationRiskMember2026-01-012026-03-310001772704us-gaap:FairValueInputsLevel3Memberck0001772704:FirstLienOrLastOutUnitrancheMemberus-gaap:MarketApproachValuationTechniqueMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Acquia, Inc. Software Interest Rate 9.61% Reference Rate and Spread S + 5.50% Maturity 10/30/262025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Eptam Plastics, Ltd. Industry Health Care Equipment & Supplies Interest Rate 9.85% Reference Rate and Spread S + 6.00% Maturity 12/06/272025-12-310001772704ck0001772704:ForeignCurrencyMember2026-01-012026-03-310001772704us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Streamland Media Midco LLC Industry Entertainment Interest Rate 9.17% Reference Rate and spread S + 5.50% (Incl. 1.00% PIK) Maturity 04/02/292026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Diligent Corporation Industry Professional Services Reference Rate and Spread S + 5.00% Maturity 08/02/302025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% BSI3 Menu Buyer, Inc (dba Kydia) Industry Financial Services Interest Rate 9.78% Reference Rate and Spread S + 6.00% Maturity 01/25/282026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.) Industry Health Care Technology Interest Rate 8.99% Reference Rate and Spread S + 5.00% Maturity 05/11/292025-12-310001772704us-gaap:MoneyMarketFundsMember2026-03-310001772704us-gaap:PreferredStockMember2025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% MerchantWise Solutions, LLC (dba HungerRush) Industry Financial Services Interest Rate 11.20% Reference Rate and S + 7.50% (Incl. 4.50% PIK) Maturity 06/01/28 One2026-03-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2024-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001772704:FirstLienOrSeniorSecuredDebtMembersrt:MaximumMember2025-12-310001772704ck0001772704:ForeignCurrencyMember2025-12-310001772704Investment Equity Securities - 2.9% United States - 2.9% Common Stock - 0.4% Streamland Media Holdings LLC Industry Entertainment Initial Acquisition Date 03/31/20252025-12-310001772704Investment Equity Securities - 2.9% United States - 2.9% Common Stock - 0.4% Pluralsight, Inc. Industry Professional Services Initial Acquisition Date 08/22/20242025-12-310001772704us-gaap:RelatedPartyMember2025-12-310001772704us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Coding Solutions Acquisition, Inc. (dba CorroHealth) Industry Health Care Providers & Services Reference Rate and Spread S + 5.00% Maturity 08/07/31 One2026-03-310001772704ck0001772704:HeartlandHomeServicesIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2026-03-310001772704us-gaap:EntertainmentMember2025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% iCIMS, Inc Industry Professional Services Interest Rate 9.61% Reference Rate and Spread S + 5.75% Maturity 08/18/282025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Interest Rate 9.07% Reference Rate and Spread S + 5.25% Maturity 12/21/29 One2025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Pluralsight, Inc. Professional Services Reference Rate and Spread S + 4.50% (Incl. 1.50% PIK) Maturity 08/22/29 One2026-03-3100017727042026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Heartland Home Services, Inc. (fka Helios Buyer, Inc.) Industry Diversified Consumer Services Interest Rate 9.69% Reference Rate and Spread S + 6.00% Maturity 12/15/262026-03-310001772704Investment Equity Securities - 2.7% United States - 2.7% Common Stock - 0.4% Whitewater Holding Company LLC Industry Diversified Consumer Services Initial Acquisition Date 12/21/20212026-01-012026-03-310001772704Investment Equity Securities - 2.9% United States - 2.9% Preferred Stock - 2.4% CloudBees, Inc. Industry Software Initial Acquisition Date 11/24/20212025-12-310001772704ck0001772704:ThirdIncentiveFeeMember2026-01-012026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Southeast Mechanical, LLC Industry Diversified Consumer Services Interest Rate 9.78% Reference Rate and Spread S + 6.00% Maturity 07/06/272026-03-310001772704ck0001772704:InvestmentsAtFairValueMemberus-gaap:GeographicConcentrationRiskMember2025-01-012025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% SpendMend Holdings LLC Industry Health Care Providers & Services Interest Rate 8.85% Reference Rate and Spread S + 5.00% Maturity 03/01/282026-03-310001772704us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2025-12-310001772704us-gaap:RealEstateSectorMember2025-12-310001772704Investment Equity Securities - 2.7% United States - 2.7% Preferred Stock - 2.3% Diligent Corporation Industry Professional Services Initial Acquisition Date 04/06/20212026-01-012026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% ESO Solutions, Inc. Industry Health Care Technology Interest Rate 10.43% Reference Rate and Spread S + 6.75% Maturity 05/03/272026-03-310001772704us-gaap:FairValueInputsLevel3Memberck0001772704:SecondLienOrSeniorSecuredDebtMember2025-01-012025-03-310001772704country:GBus-gaap:DebtSecuritiesMember2025-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001772704:BankLoansCorporateDebtAndOtherDebtObligationsMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2026-03-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:UnsecuredDebtMember2025-01-012025-03-310001772704us-gaap:DebtMemberck0001772704:JpmRevolvingCreditFacilityMember2025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Sweep Purchaser LLC Industry Commercial Services & Supplies Interest Rate 9.52% Reference Rate and Spread S + 5.75% PIK Maturity 06/30/272026-03-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% DECA Dental Holdings LLC Industry Health Care Providers & Services Interest Rate 9.55% Reference Rate and Spread S + 5.75% Maturity 08/28/282026-03-310001772704us-gaap:WarrantMember2025-12-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2025-01-012025-03-310001772704Investment Equity Securities - 2.7% United States - 2.7% Common Stock - 0.4% Volt Bidco, Inc. (dba Power Factors) Industry Independent Power and Renewable Electricity Producers Initial Acquisition Date 08/11/20212026-03-310001772704ck0001772704:AqHeliosBuyerIncMemberck0001772704:FirstLienOrSeniorSecuredDebtMember2026-03-310001772704us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2026-03-310001772704Investment Debt Investments - 152.1% United States – 147.5% 2nd Lien/Senior Secured Debt – 0.2% Sweep Midco LLC Industry Commercial Services & Supplies Maturity 03/12/342026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% AQ Helios Buyer, Inc. (dba SurePoint) Software Interest Rate 11.05% Reference Rate and Spread S + 7.00% Maturity 12/31/262025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% DECA Dental Holdings LLC Industry Health Care Providers & Services Interest Rate 9.52% Reference Rate and Spread S + 5.75% Maturity 08/28/282025-12-310001772704Investment Debt Investments – 152.1% United States - 147.5% 1st Lien/Senior Secured Debt - 143.6% Honor HN Buyer, Inc Industry Health Care Providers & Services Interest Rate 9.60% Reference Rate and Spread S + 5.75% Maturity 10/15/27 Two2026-03-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% One GI LLC Industry Health Care Providers & Services Interest Rate 10.57% Reference Rate and Spread S + 6.75% Maturity 12/22/252025-12-310001772704Investment Debt Investments – 158.5.% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Elemica Parent, Inc. Industry Chemicals Interest Rate 9.52% Reference Rate and Spread S + 5.50% Maturity 09/18/262025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% HowlCO LLC (dba Lone Wolf) Real Estate Mgmt. & Development Interest Rate 10.59% Reference Rate and Spread S + 6.50% (Incl. 3.50% PIK) Maturity 10/22/272025-12-310001772704Investment Debt Investments – 158.5% United States - 153.9% 1st Lien/Senior Secured Debt - 149.8% Volt Bidco, Inc. (dba Power Factors) Industry Independent Power and Renewable Electricity Producers Interest Rate 10.17% Reference Rate and Spread S + 6.50%PIK Maturity 08/11/27 Two2025-12-31xbrli:purexbrli:sharesiso4217:USDxbrli:sharesiso4217:GBPck0001772704:Segmentiso4217:USD

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended ~~September~~March 3031, ~~2025~~2026

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

Commission file number: 814-01307

Goldman Sachs Private Middle Market Credit II LLC

(Exact Name of Registrant as Specified in Its Charter)



Delaware	83-3053002
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

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

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

Not Applicable

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

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

     Title of each class

     Trading Symbol(s)

     Name of each exchange
on which registered

     None

     None

     None

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

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

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


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

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

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

As of ~~November~~May 12, ~~2025~~2026, there were 13,854,750 limited liability company common units outstanding.

Table of Contents

GOLDMAN SACHS PRIVATE MIDDLE MARKET CREDIT II LLC

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED ~~SEPTEMBER~~MARCH 3031, ~~2025~~2026

	INDEX	PAGE
	Cautionary Statement Regarding Forward-Looking Statements	3
PART I.	FINANCIAL INFORMATION	4
ITEM 1.	Financial Statements (Unaudited)	4
	Consolidated Statements of Financial Condition	4
	Consolidated Statements of Operations	5
	Consolidated Statements of Changes in Members’ Capital	6
	Consolidated Statements of Cash Flows	7
	Consolidated Schedules of Investments	8
	Notes to the Consolidated Financial Statements	2322
ITEM 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	4139
ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	5349
ITEM 4.	Controls and Procedures	5350
PART II.	OTHER INFORMATION	5451
ITEM 1.	Legal Proceedings	5451
ITEM 1A.	Risk Factors	5451
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	5451
ITEM 3.	Defaults Upon Senior Securities	5451
ITEM 4.	Mine Safety Disclosures	5451
ITEM 5.	Other Information	5451
ITEM 6.	Exhibits	5451
SIGNATURES		5653

Table of Contents

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “target,” “estimate,” “intend,” “continue” or “believe” or the negatives of, or other variations on, these terms or comparable terminology. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. We believe that it is important to communicate our future expectations to our investors. Our forward-looking statements include information in this report regarding general domestic and global economic conditions, our future financing plans, our ability to operate as a business development company (“BDC”) and the expected performance of, and the yield on, our portfolio companies. There may be events in the future, however, that we are not able to predict accurately or control. The factors listed under “Risk Factors” in our annual report on Form 10-K for the year ended December 31, ~~2024~~2025, as well as any cautionary language in this report, provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. The occurrence of the events described in these risk factors and elsewhere in this report could have a material adverse effect on our business, results of operations and financial position. Any forward-looking statement made by us in this report speaks only as of the date of this report. Factors or events that could cause our actual results to differ from our forward-looking statements may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. You are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the U.S. Securities and Exchange Commission (the “SEC”), including annual reports on Form 10-K, registration statements on Form N-2, quarterly reports on Form 10-Q and current reports on Form 8-K. The safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which preclude civil liability for certain forward-looking statements, do not apply to the forward-looking statements in this quarterly report, because we are an investment company. The following factors are among those that may cause actual results to differ materially from our forward-looking statements:

•

our future operating results;

•

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

•

changes in political, economic, social or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, including the effect of any pandemic or epidemic ~~and a prolonged United States government shutdown~~;

•

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

•

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

•

our business prospects and the prospects of our portfolio companies;

•

the impact of investments that we expect to make;

•

the impact of increased competition;

•

our contractual arrangements and relationships with third parties;

•

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

•

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

•

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

•

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

•

our ability to make distributions;

•

the adequacy of our cash resources and working capital;

•

changes in interest rates;

•

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

•

the impact of future acquisitions and divestitures;

•

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

•

our ability to maintain our status as a BDC;

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

the effect of global climate change on our portfolio companies;

•

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

•

the impact to us and our portfolio companies of rapid technological advances, including artificial intelligence; and

•

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

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Goldman Sachs Private Middle Market Credit II LLC

Consolidated Statements of Financial Condition

(in thousands, except unit and per unit amounts)

	September 30, 2025 (Unaudited)			December 31, 2024
	March 31, 2026 (Unaudited)			December 31, 2025
Assets
Investments, at fair value
Non-controlled/non-affiliated investments (cost of $1,616,708 and $2,045,971)	$	1,572,444		$	2,006,266
Non-controlled/non-affiliated investments (cost of $1,484,767 and $1,517,244)	$	1,416,796		$	1,467,569
Non-controlled affiliated investments (cost of $78,751 and $78,439)		71,336			80,815
Non-controlled affiliated investments (cost of $72,617 and $79,234)		52,447			66,776
Total investments, at fair value (cost of $1,695,459 and $2,124,410)	$	1,643,780		$	2,087,081
Total investments, at fair value (cost of $1,557,384 and $1,596,478)	$	1,469,243		$	1,534,345
Investments in affiliated money market fund (cost of $148,322 and $84,647)		148,322			84,647
Investments in affiliated money market fund (cost of $122,393 and $124,974)		122,393			124,974
Cash		7019,~~486~~091			2722,~~340~~089
Interest and dividends receivable		1211,~~250~~806			1715,~~732~~285
Deferred financing costs		31,~~055~~506			52,~~353~~272
Other assets		~~204~~1,901			~~564~~508
Total assets	$	1,~~878~~625,~~097~~940		$	21,~~222~~699,~~717~~473
Liabilities
Debt	$	~~731~~582,~~880~~194		$	1627,~~000,612~~892
Interest and other debt expenses payable		139,~~565~~026			1910,~~968~~795
Management fees payable		43,~~024~~532			43,~~153~~716
Incentive fees payable		7577,~~464~~751			6377,~~988~~983
Distribution payable		—			3225,~~132~~077
Accrued expenses and other liabilities		24,~~813~~060			3,~~535~~318
Total liabilities	$	~~827~~676,~~746~~563		$	1748,~~124,388~~781
Commitments and contingencies (Note 7)
Members’ capital
Preferred units (0 units issued and outstanding)	$	—		$	—
Common units (13,854,750 and 13,854,750 units issued and outstanding as of September 30, 2025 and December 31, 2024)		1,263,752			1,313,752
Common units (13,854,750 and 13,854,750 units issued and outstanding as of March 31, 2026 and December 31, 2025)		1,263,120			1,263,120
Distributable earnings (loss)		(~~213~~313,~~401~~743	)		(~~215~~312,~~423~~428	)
Total members’ capital	$	1949,~~050,351~~377		$	1950,~~098,329~~692
Total liabilities and members’ capital	$	1,~~878~~625,~~097~~940		$	21,~~222~~699,~~717~~473
Net asset value per unit	$	7568.8152		$	7968.2762

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

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Goldman Sachs Private Middle Market Credit II LLC

Consolidated Statements of Operations

(in thousands, except unit and per unit amounts)

(Unaudited)

	For the Three Months Ended						~~For the Nine Months Ended~~
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
	March 31, 2026			March 31, 2025
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	4130,~~776~~635		$	6148,~~820~~052		$	~~134,950~~		$	~~195,483~~
Payment-in-kind income		45,~~446~~082			5,~~817~~755			~~14,728~~			~~18,404~~
Other income		~~365~~242			~~307~~334			~~1,008~~			~~1,192~~
From non-controlled affiliated investments:
Dividend income		1,~~256~~044			~~2,024~~835			~~3,214~~			~~5,540~~
Interest income		~~788~~805			~~797~~957			~~2,496~~			~~1,660~~
Payment-in-kind income		~~643~~50			55463			~~1,746~~			55
Other income		1812			510			40			16
Total investment income	$	4937,~~292~~870		$	7056,~~825~~406		$	~~158,182~~		$	~~222,350~~
Expenses:
Interest and other debt expenses	$	1410,~~754~~053		$	2717,~~376~~665		$	~~47,322~~		$	~~86,292~~
Management fees		43,~~024~~532			4,~~248~~150			~~12,342~~			~~13,086~~
Incentive fees		~~2,876~~(232	)		4,~~612~~381			~~11,476~~			~~7,398~~
Professional fees		~~340~~503			~~390~~370			~~1,155~~			~~1,407~~
Directors’ fees		8884			7274			~~236~~			~~217~~
Other general and administrative expenses		~~545~~650			~~546~~630			~~1,665~~			~~1,835~~
Total expenses	$	2214,~~627~~590		$	3727,~~244~~270		$	~~74,196~~		$	~~110,235~~
Net investment income	$	2623,~~665~~280		$	3329,~~581~~136		$	~~83,986~~		$	~~112,115~~
Net realized and unrealized gains (losses):
Net realized gain (loss) from:
Non-controlled/non-affiliated investments	$	~~4,865~~(40	)	$	(718,~~689~~881	)	$	~~(4,347~~	)	$	~~(111,645~~	)
Foreign currency and other transactions		211,367			59235			~~532~~			~~126~~
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliated investments		(1018,~~315~~296	)		655,~~958~~338			~~(4,559~~	)		~~42,619~~
Non-controlled affiliated investments		(47,~~972~~712	)		~~169~~(825	)		~~(9,791~~	)		~~443~~
Foreign currency translations		9560			(~~1,180~~143	)		~~(363~~	)		~~(1,059~~	)
Net realized and unrealized gains (losses)	$	(1024,~~306~~621	)	$	(64,~~683~~276	)	$	~~(18,528~~	)	$	~~(69,516~~	)
(Provision) benefit for taxes on realized gain/loss on investments	$	~~(61~~26	)	$	(~~174~~30	)	$	~~(425~~	)	$	44
(Provision) benefit for taxes on unrealized appreciation/depreciation on investments		—			(590	)		—			(721	)
Net increase (decrease) in members’ capital from operations	$	(1,315	)	$	24,830
Net increase in members’ capital from operations	$	16,298		$	26,134		$	65,033		$	41,922
Weighted average units outstanding		13,854,750			13,854,750
Weighted average units outstanding		13,854,750			13,854,750			13,854,750			13,854,750
Basic and diluted net investment income per unit	$	1.68		$	2.10
Basic and diluted net investment income per unit	$	1.92		$	2.42		$	6.06		$	8.09
Basic and diluted earnings (loss) per unit	$	(0.09	)	$	1.79
Basic and diluted earnings (loss) per unit	$	1.18		$	1.89		$	4.70		$	3.03

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

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Goldman Sachs Private Middle Market Credit II LLC

Consolidated Statements of Changes in Members’ Capital

(in thousands, except unit and per unit amounts)

(Unaudited)

	For the Three Months Ended						~~For the Nine Months Ended~~
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
	March 31, 2026			March 31, 2025
Members’ capital at beginning of period	$	1950,~~114,256~~692		$	1,~~151~~098,~~377~~329		$	~~1,098,329~~		$	~~1,183,278~~
Increase in members’ capital from operations:
Net investment income	$	2623,~~665~~280		$	3329,~~581~~136		$	~~83,986~~		$	~~112,115~~
Net realized gain (loss)		41,~~886~~327			(718,~~630~~646	)		~~(3,815~~	)		~~(111,519~~	)
Net change in unrealized appreciation (depreciation)		(1525,~~192~~948	)		644,~~947~~370			~~(14,713~~	)		~~42,003~~
(Provision) benefit for taxes on realized gain/loss on investments		~~(61~~26	)		(~~174~~30	)		~~(425~~	)		44
(Provision) benefit for unrealized appreciation/depreciation on investments		—			(590	)		—			(721	)
Net increase in members’ capital from operations	$	(1,315	)	$	24,830
Net increase in members’ capital from operations	$	16,298		$	26,134		$	65,033		$	41,922
Total increase (decrease) in members’ capital	$	(1,315	)	$	24,830
Distributions to unitholders from:
Members’ capital at end of period	$	949,377		$	1,123,159
Distributable earnings	$	(30,203	)	$	(38,528	)	$	(63,011	)	$	(78,957	)
Capital gains		—			—			—			(7,260	)
Return of capital		(50,000	)		—			(50,000	)		—
Total distributions to unitholders	$	(80,203	)	$	(38,528	)	$	(113,011	)	$	(86,217	)
Total increase in members’ capital	$	(63,905	)	$	(12,394	)	$	(47,978	)	$	(44,295	)
Members’ capital at end of period	$	1,050,351		$	1,138,983		$	1,050,351		$	1,138,983
Distributions per unit	$	5.79		$	2.78		$	8.16		$	6.22

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

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Goldman Sachs Private Middle Market Credit II LLC

Consolidated Statements of Cash Flows

(in thousands, except unit and per unit amounts)

(Unaudited)

	For the Nine Months Ended
	For the Three Months Ended
	September 30, 2025			September 30, 2024
	March 31, 2026			March 31, 2025
Cash flows from operating activities:
Net increase in members’ capital from operations:	$	65,033		$	41,922
Net increase (decrease) in members’ capital from operations:	$	(1,315	)	$	24,830
Adjustments to reconcile net increase (decrease) in members’ capital from operations to net cash provided by (used for) operating activities:
Purchases of investments		(409,~~617~~514	)		(~~229~~20,~~906~~183	)
Payment-in-kind interest capitalized		(165,~~499~~181	)		(236,~~156~~172	)
Investments in affiliated money market fund, net		~~(63~~2,~~675~~581	)		55(5,~~314~~228	)
Proceeds from sales of investments and principal repayments		~~489~~55,~~453~~006			~~528~~134,~~117~~434
Net realized (gain) loss on investments		~~4,347~~40			~~111~~8,~~645~~881
Net change in unrealized (appreciation) depreciation on investments		1426,~~350~~008			(434,~~062~~513	)
Net change in unrealized (appreciation) depreciation on foreign currency transactions		~~(29~~39	)		34(21	)
Amortization of premium and accretion of discount, net		(71,~~733~~257	)		(102,~~503~~342	)
Amortization of deferred financing costs		~~2,342~~766			~~2,405~~783
Change in operating assets and liabilities:
(Increase) decrease in interest and dividends receivable		53,~~482~~479			~~1,418~~436
(Increase) decrease in other assets		~~360~~(1,393	)		(~~1,366~~741	)
Increase (decrease) in interest and other debt expenses payable		(61,~~403~~769	)		(54,~~851~~339	)
Increase (decrease) in management fees payable		(~~129~~184	)		(~~240~~3	)
Increase (decrease) in incentive fees payable		~~11,476~~(232	)		74,~~398~~381
Increase (decrease) in accrued expenses and other liabilities		~~(722~~742	)		~~(459~~1,356	)
Net cash provided by (used for) operating activities	$	~~457~~67,~~036~~816		$	~~433~~131,~~710~~559
Cash flows from financing activities:
Distributions paid	$	(~~145~~25,~~143~~077	)	$	(~~136~~32,~~886~~132	)
Financing costs paid		~~(44~~—	)		(7840	)
Repayments of debt		(~~268~~45,~~732~~698	)		(~~298~~108,~~993~~841	)
Net cash provided by (used for) financing activities	$	(~~413~~70,~~919~~775	)	$	(~~435~~141,~~957~~013	)
Net increase (decrease) in cash	$	43(2,~~117~~959	)	$	(29,~~247~~454	)
Effect of foreign exchange rate changes on cash		29(39	)		~~(34~~21	)
Cash, beginning of period		2722,~~340~~089			2327,~~308~~340
Cash, end of period	$	7019,~~486~~091		$	2117,~~027~~907
Supplemental and non-cash activities
Interest expense paid	$	4610,~~982~~392		$	8519,~~667~~164
Exchange of investments	$	~~15,956~~—		$	~~205~~15,~~855~~956

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

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Goldman Sachs Private Middle Market Credit II LLC

Consolidated Schedule of Investments as of ~~September~~March 3031, ~~2025~~2026

(in thousands, except unit and per unit amounts)

(Unaudited)

Investment (1)	Industry (2)	InterestRate (3)	Reference Rate andSpread (3)	Maturity		Par (45)		Cost			FairValue			Footnotes
Debt Investments - 153.4%
Debt Investments - 152.1%
Canada - 3.1%
1st Lien/Senior Secured Debt - 3.1%
Everest Clinical Research Corporation	Professional Services	98.4035%	S + 54.2550%	11/06/28	$		54,~~300~~389	$	54,~~266~~365		$	54,~~274~~345		(~~5) (~~6) (7) (8) (9)
Everest Clinical Research Corporation (fka 1272775 B.C. LTD.)	Professional Services	98.4035%	S + 54.2550%	11/06/28			76,~~957~~586		76,~~930~~566			76,~~917~~520		(~~5) (~~6) (7) (8) (9)
Everest Clinical Research Corporation (fka 1272775 B.C. LTD.)	Professional Services		S + 54.2550%	11/06/28			1,160		(54	)		(612	)	(~~5) (~~6) (7) (8) (9) (10)
Rodeo Buyer Company (dba Absorb Software)	Professional Services	10.5107%	S + 6.25%	05/25/27			19,155		19,~~032~~067			1918,~~011~~963		(~~5) (~~6) (7) (8) (9)
Rodeo Buyer Company (dba Absorb Software)	Professional Services		S + 6.25%	05/25/27			3,065		(1812	)		(2331	)	(56) (78) (89) (910)
Total 1st Lien/Senior Secured Debt									3229,~~205~~982			3229,~~173~~785
Total Canada								$	3229,~~205~~982		$	3229,~~173~~785
United Kingdom - 1.3%
United Kingdom - 1.5%
1st Lien/Senior Secured Debt - 1.3%
1st Lien/Senior Secured Debt - 1.5%
Clearcourse Partnership Acquireco Finance Limited	IT Services	1211.22%	SN + 87.0050% (Incl. 0.50% PIK)	07/25/28	GBP		6,~~848~~976	$	8,~~267~~455		$	8,~~933~~910		(~~5) (~~6) (7) (8) (9)
Clearcourse Partnership Acquireco Finance Limited	IT Services	1211.22%	SN + 87.0050% (Incl. 0.50% PIK)	07/25/28	GBP		54,~~467~~118		45,~~976~~139			5,~~216~~260		(~~5) (~~6) (7) (8) (9)
Total 1st Lien/Senior Secured Debt									13,~~243~~594			14,~~149~~170
Total United Kingdom								$	13,~~243~~594		$	14,~~149~~170
United States - 149.0%
United States - 147.5%
1st Lien/Senior Secured Debt - 145.3%
1st Lien/Senior Secured Debt - 143.6%
Thrasio, LLC	Broadline Retail		S + 10.0026% ~~PIK~~	06/18/29	$		1516,~~383~~346	$	11,402		$	913,~~191~~894		(~~5) (~~6) (7) (108) (11) (12)
Thrasio, LLC	Broadline Retail	1411.5893%	S + 108.2600% ~~PIK~~	06/18/29			4,~~995~~729		4,~~986~~722			4,~~870~~682		(56) (78) (1011)
Elemica Parent, Inc.	Chemicals	9.98%	S + 5.50%	09/18/26			3,401		3,389			3,350		(5) (6) (7)
3SI Security Systems, Inc.	Commercial Services & Supplies		S + 6.50%	12/16/26			1,826		1,812			1,173		(7) (8) (12)
Elemica Parent, Inc.	Chemicals	9.88%	S + 5.50%	09/18/26			1,333		1,326			1,313		(5) (6) (7)
Sweep Purchaser LLC	Commercial Services & Supplies	9.52%	S + 5.75% PIK	06/30/27			20,668		20,600			20,410		(6) (7) (8)
Elemica Parent, Inc.	Chemicals	9.97%	S + 5.50%	09/18/26			665		662			655		(5) (6) (7)
Sweep Purchaser LLC	Commercial Services & Supplies	9.52%	S + 5.75%	06/30/27			9,428		9,408			9,334		(6) (7) (8)
Elemica Parent, Inc.	Chemicals	9.97%	S + 5.50%	09/18/26			498		495			491		(5) (6) (7)
Sweep Purchaser LLC	Commercial Services & Supplies	9.45%	S + 5.75%	06/30/27			4,201		826			798		(6) (8) (10)
Elemica Parent, Inc.	Chemicals	9.83%	S + 5.50%	09/18/26			470		457			452		(5) (6) (7) (9)
VRC Companies, LLC (dba Vital Records Control)	Commercial Services & Supplies	8.92%	S + 5.25%	06/29/27			28,655		28,551			28,583		(6) (7) (8)
3SI Security Systems, Inc.	Commercial Services & Supplies	10.09%	S + 6.00%	12/16/26			1,852		1,834			1,759		(6) (7)
VRC Companies, LLC (dba Vital Records Control)	Commercial Services & Supplies		S + 5.25%	06/29/27			858		(3	)		(2	)	(6) (7) (8) (10)
Sweep Purchaser LLC	Commercial Services & Supplies	9.91%	S + 5.75% PIK	06/30/27			19,803		19,709			19,605		(5) (6) (7)
Superman Holdings, LLC (dba Foundation Software)	Construction & Engineering	8.20%	S + 4.50%	08/29/31			29,900		29,777			29,527		(6) (7) (8)
Sweep Purchaser LLC	Commercial Services & Supplies	9.91%	S + 5.75%	06/30/27			9,476		9,449			9,429		(5) (6) (7)
Superman Holdings, LLC (dba Foundation Software)	Construction & Engineering	8.20%	S + 4.50%	08/29/31			9,760		9,700			9,638		(6) (7) (8)
Sweep Purchaser LLC	Commercial Services & Supplies	9.75%	S + 5.75%	06/30/27			4,201		820			819		(5) (7) (9)
Superman Holdings, LLC (dba Foundation Software)	Construction & Engineering		S + 4.50%	08/29/31			4,365		(17	)		(55	)	(6) (7) (8) (10)
VRC Companies, LLC (dba Vital Records Control)	Commercial Services & Supplies	9.56%	S + 5.25%	06/29/27			28,805		28,661			28,661		(5) (6) (7)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services	9.10%	S + 5.25%	12/21/29			12,662		12,505			12,536		(6) (7) (8)
VRC Companies, LLC (dba Vital Records Control)	Commercial Services & Supplies		S + 5.25%	06/29/27			858		(4	)		(4	)	(5) (6) (7) (9)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services	9.10%	S + 5.25%	12/21/29			4,251		4,196			4,209		(6) (7) (8)
Superman Holdings, LLC (dba Foundation Software)	Construction & Engineering	8.50%	S + 4.50%	08/29/31			30,052		29,919			29,902		(5) (6) (7)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services	9.10%	S + 5.25%	12/21/29			4,224		4,171			4,181		(6) (7) (8)
Superman Holdings, LLC (dba Foundation Software)	Construction & Engineering	8.50%	S + 4.50%	08/29/31			9,809		6,225			6,212		(5) (6) (7) (9)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services	9.10%	S + 5.25%	12/21/29			2,366		2,333			2,343		(6) (7) (8)
Superman Holdings, LLC (dba Foundation Software)	Construction & Engineering		S + 4.50%	08/29/31			4,365		(18	)		(22	)	(5) (6) (7) (9)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services		S + 5.25%	12/21/29			2,100		(24	)		(21	)	(6) (7) (8) (10)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services	9.1510%	S + 5.0025%	12/21/29			121,~~741~~711		121,~~566~~680			121,~~614~~694		(56) (67) (78)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services	9.15%	S + 5.00%	12/21/29			4,277		4,216			4,235		(5) (6) (7)
Heartland Home Services, Inc. (fka Helios Buyer, Inc.)	Diversified Consumer Services	9.80%	S + 6.00%	12/15/26			16,976		16,933			16,552		(6) (7) (8)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services	9.15%	S + 5.00%	12/21/29			4,250		4,191			4,207		(5) (6) (7)
Heartland Home Services, Inc. (fka Helios Buyer, Inc.)	Diversified Consumer Services	9.55%	S + 5.75%	12/15/26			14,220		14,198			13,829		(6) (7) (8)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services	9.15%	S + 5.00%	12/21/29			2,381		2,344			2,357		(5) (6) (7)
Heartland Home Services, Inc. (fka Helios Buyer, Inc.)	Diversified Consumer Services	9.80%	S + 6.00%	12/15/26			13,029		13,008			12,703		(6) (7) (8)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services		S + 5.00%	12/21/29			2,100		(27	)		(21	)	(5) (6) (7) (9)
Heartland Home Services, Inc. (fka Helios Buyer, Inc.)	Diversified Consumer Services	9.80%	S + 6.00%	12/15/26			7,039		7,017			6,863		(6) (7) (8)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services	9.15%	S + 5.00%	12/21/29			1,722		1,687			1,704		(5) (6) (7)
Heartland Home Services, Inc. (fka Helios Buyer, Inc.)	Diversified Consumer Services	9.69%	S + 6.00%	12/15/26			2,263		1,990			1,939		(6) (8) (10)
Heartland Home Services, Inc. (fka Helios Buyer, Inc.)	Diversified Consumer Services	10.10%	S + 6.00%	12/15/26			17,065		16,993			16,468		(5) (6) (7)
Pacvue Intermediate LLC (fka Assembly Intermediate LLC)	Diversified Consumer Services	8.95%	S + 5.25%	10/19/27			39,908		39,665			39,509		(6) (7) (8)

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

Table of Contents

Goldman Sachs Private Middle Market Credit II LLC

Consolidated Schedule of Investments as of ~~September~~March 3031, ~~2025~~2026 (continued)

(in thousands, except unit and per unit amounts)

(Unaudited)

Investment (1)	Industry (2)	Interest Rate (3)	Reference Rate and Spread (3)	Maturity		Par (45)		Cost			FairValue			Footnotes
Heartland Home Services, Inc. (fka Helios Buyer, Inc.)	Diversified Consumer Services	9.85%	S + 5.75%	12/15/26	$		14,294	$	14,257		$	13,758		(5) (6) (7)
Pacvue Intermediate LLC (fka Assembly Intermediate LLC)	Diversified Consumer Services	8.95%	S + 5.25%	10/19/27	$		7,982	$	7,930		$	7,902		(6) (7) (8)
Heartland Home Services, Inc. (fka Helios Buyer, Inc.)	Diversified Consumer Services	10.10%	S + 6.00%	12/15/26			13,097		13,063			12,638		(5) (6) (7)
Pacvue Intermediate LLC (fka Assembly Intermediate LLC)	Diversified Consumer Services		S + 5.25%	10/19/27			3,991		(21	)		(40	)	(6) (8) (10)
Heartland Home Services, Inc. (fka Helios Buyer, Inc.)	Diversified Consumer Services	10.10%	S + 6.00%	12/15/26			7,076		7,039			6,828		(5) (6) (7)
Southeast Mechanical, LLC	Diversified Consumer Services	9.78%	S + 6.00%	07/06/27			9,529		9,473			9,457		(6) (7) (8) (11)
Heartland Home Services, Inc. (fka Helios Buyer, Inc.)	Diversified Consumer Services	10.16%	S + 6.00%	12/15/26			2,263		915			845		(5) (7) (9)
Southeast Mechanical, LLC	Diversified Consumer Services	9.78%	S + 6.00%	07/06/27			6,698		6,652			6,648		(6) (8) (11)
Pacvue Intermediate LLC (fka Assembly Intermediate LLC)	Diversified Consumer Services	9.25%	S + 5.25%	10/19/27			39,908		39,593			39,908		(5) (6) (7)
Southeast Mechanical, LLC	Diversified Consumer Services		S + 6.00%	07/06/27			1,700		(9	)		(13	)	(6) (8) (10) (11)
Pacvue Intermediate LLC (fka Assembly Intermediate LLC)	Diversified Consumer Services	9.25%	S + 5.25%	10/19/27			7,982		7,914			7,982		(5) (6) (7)
Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC)	Entertainment	9.80%	S + 6.00%	12/31/27			21,726		21,580			21,617		(6) (7) (8)
Pacvue Intermediate LLC (fka Assembly Intermediate LLC)	Diversified Consumer Services		S + 5.25%	10/19/27			3,991		(28	)		—		(5) (7) (9)
Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC)	Entertainment		S + 6.00%	12/31/27			2,831		(17	)		(14	)	(6) (7) (8) (10)
Southeast Mechanical, LLC	Diversified Consumer Services	10.28%	S + 6.00%	07/06/27			9,578		9,501			9,506		(5) (6) (7) (10)
Streamland Media Midco LLC	Entertainment	9.46%	S + 5.50% (Incl. 1.00% PIK)	04/02/29			7,793		7,684			7,325		(6) (7) (8)
Southeast Mechanical, LLC	Diversified Consumer Services	10.28%	S + 6.00%	07/06/27			6,732		6,669			6,681		(5) (7) (10)
Streamland Media Midco LLC	Entertainment	9.17%	S + 5.50% (Incl. 1.00% PIK)	04/02/29			1,541		1,198			1,198		(6) (8) (10)
Southeast Mechanical, LLC	Diversified Consumer Services		S + 6.00%	07/06/27			1,700		(12	)		(13	)	(5) (7) (9) (10)
Streamland Media Midco LLC	Entertainment	9.46%	S + 5.50% (Incl. 1.00% PIK)	04/02/29			1,099		1,099			1,033		(6) (7) (8)
Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC)	Entertainment	10.10%	S + 6.00%	12/31/27			25,500		25,284			25,372		(5) (6) (7)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	8.70%	S + 5.00%	12/06/29			21,576		21,417			21,468		(6) (7) (8)
Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC)	Entertainment		S + 6.00%	12/31/27			2,831		(22	)		(14	)	(5) (6) (7) (9)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services		S + 5.00%	12/06/29			2,881		(13	)		(14	)	(6) (7) (8) (10)
Streamland Media Midco LLC	Entertainment	9.76%	S + 6.50% (Incl. 10.06% PIK)	04/02/29			7,465		7,341			7,166		(5) (6) (7)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	8.67%	S + 5.00%	12/06/29			941		930			936		(6) (7) (8)
Streamland Media Midco LLC	Entertainment	10.00%	S + 5.50% (Incl. 9.07% PIK)	04/02/29			1,038		1,038			996		(5) (6) (7)
Aria Systems, LLC	Financial Services	13.78%	S + 10.00% (Incl. 2.00% PIK)	06/30/26			24,340		24,315			24,097		(6) (7) (8)
Streamland Media Midco LLC	Entertainment	9.82%	S + 5.50%	04/02/29			823		549			549		(5) (6) (7) (9)
BSI3 Menu Buyer, Inc (dba Kydia)	Financial Services	9.78%	S + 6.00%	01/25/28			48,084		47,791			47,483		(6) (7) (8)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	9.00%	S + 5.00%	12/06/29			21,686		21,508			21,578		(5) (6) (7)
BSI3 Menu Buyer, Inc (dba Kydia)	Financial Services		S + 6.00%	01/25/28			1,924		(11	)		(24	)	(6) (8) (10)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services		S + 5.00%	12/06/29			2,881		(15	)		(14	)	(5) (6) (7) (9)
GS AcquisitionCo, Inc. (dba Insightsoftware)	Financial Services	8.95%	S + 5.25%	05/25/28			22,091		21,986			19,882		(6) (7)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	9.06%	S + 5.00%	12/06/29			946		933			941		(5) (6) (7)
GS AcquisitionCo, Inc. (dba Insightsoftware)	Financial Services	8.95%	S + 5.25%	05/25/28			914		475			388		(6) (7) (10)
Aria Systems, LLC	Financial Services	12.28%	S + 8.00%	06/30/26			24,190		24,113			24,069		(5) (6) (7)
MerchantWise Solutions, LLC (dba HungerRush)	Financial Services	11.20%	S + 7.50% (Incl. 4.50% PIK)	06/01/28			18,802		18,651			15,512		(6) (7) (8)
BSI3 Menu Buyer, Inc (dba Kydia)	Financial Services	10.28%	S + 6.00%	01/25/28			48,084		47,717			47,603		(5) (6) (7)
MerchantWise Solutions, LLC (dba HungerRush)	Financial Services	11.20%	S + 7.50% (Incl. 4.50% PIK)	06/01/28			3,949		3,916			3,258		(6) (7) (8)
BSI3 Menu Buyer, Inc (dba Kydia)	Financial Services		S + 6.00%	01/25/28			1,924		(13	)		(19	)	(5) (7) (9)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.84%	S + 6.00%	12/06/27			8,292		8,277			7,670		(6) (7) (8) (13)
GS AcquisitionCo, Inc. (dba Insightsoftware)	Financial Services	9.25%	S + 5.25%	05/25/28			22,209		22,079			22,098		(5) (6)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.27%	S + 5.50%	12/06/27			6,029		6,028			5,532		(6) (7) (8) (13)
GS AcquisitionCo, Inc. (dba Insightsoftware)	Financial Services	9.25%	S + 5.25%	05/25/28			914		299			300		(5) (6) (9)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.27%	S + 5.50%	12/06/27			2,858		2,855			2,622		(6) (7) (8) (13)
MerchantWise Solutions, LLC (dba HungerRush)	Financial Services	11.50%	S + 7.50% (Incl. 4.50% PIK)	06/01/28			18,381		18,201			16,727		(5) (6) (7)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.27%	S + 5.50%	12/06/27			2,838		2,835			2,603		(6) (7) (8) (13)
MerchantWise Solutions, LLC (dba HungerRush)	Financial Services	11.50%	S + 7.50% (Incl. 4.50% PIK)	06/01/28			3,860		3,820			3,513		(5) (6) (7)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.27%	S + 5.50%	12/06/27			2,600		2,599			2,385		(6) (7) (8) (13)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	109.1827%	S + 65.0050%	12/06/27			81,~~335~~365		81,~~309~~364			81,~~148~~252		(56) (67) (78) (1213)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.76%	S + 5.50%	12/06/27			6,061		6,055			5,864		(5) (6) (7) (12)
Riverpoint Medical, LLC	Health Care Equipment & Supplies	8.20%	S + 4.50%	06/21/27			12,227		12,182			12,135		(6) (7) (8)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.76%	S + 5.50%	12/06/27			2,873		2,867			2,780		(5) (6) (7) (12)
Riverpoint Medical, LLC	Health Care Equipment & Supplies	8.20%	S + 4.50%	06/21/27			8,657		8,631			8,592		(6) (7) (8)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.76%	S + 5.50%	12/06/27			2,852		2,847			2,760		(5) (6) (7) (12)
Riverpoint Medical, LLC	Health Care Equipment & Supplies	8.20%	S + 4.50%	06/21/27			4,277		4,247			4,245		(6) (7) (8)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.76%	S + 5.50%	12/06/27			2,613		2,610			2,528		(5) (6) (7) (12)
Riverpoint Medical, LLC	Health Care Equipment & Supplies		S + 4.50%	06/21/27			1,806		(5	)		(14	)	(6) (7) (8) (10)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.76%	S + 5.50%	12/06/27			1,365		1,363			1,320		(5) (6) (7) (12)
Argos Health Holdings, Inc	Health Care Providers & Services	8.67%	S + 5.00%	12/03/29			19,102		18,917			18,911		(6) (7) (8)
Riverpoint Medical, LLC	Health Care Equipment & Supplies	8.75%	S + 4.75%	06/21/27			13,139		13,072			13,007		(5) (6) (7)
CFS Management, LLC (dba Center for Sight Management)	Health Care Providers & Services	12.46%	S + 8.50% (Incl. 2.25% PIK)	09/30/26			19,462		19,462			16,251		(6) (7) (8)
Riverpoint Medical, LLC	Health Care Equipment & Supplies	8.75%	S + 4.75%	06/21/27			9,302		9,264			9,209		(5) (6) (7)
CFS Management, LLC (dba Center for Sight Management)	Health Care Providers & Services	12.46%	S + 8.50% (Incl. 2.25% PIK)	09/30/26			4,925		4,925			4,113		(6) (7) (8)
Riverpoint Medical, LLC	Health Care Equipment & Supplies	8.75%	S + 4.75%	06/21/27			4,596		4,552			4,550		(5) (6) (7)
CFS Management, LLC (dba Center for Sight Management)	Health Care Providers & Services	12.46%	S + 8.50% (Incl. 2.25% PIK)	09/30/26			1,897		1,897			1,584		(6) (7) (8)
Riverpoint Medical, LLC	Health Care Equipment & Supplies		S + 4.75%	06/21/27			1,806		(6	)		(18	)	(5) (6) (7) (9)
CFS Management, LLC (dba Center for Sight Management)	Health Care Providers & Services	12.46%	S + 8.50% (Incl. 2.25% PIK)	09/30/26			324		324			270		(6) (7) (8)
Argos Health Holdings, Inc	Health Care Providers & Services	9.57%	S + 5.25%	12/03/29			19,202		18,996			19,010		(5) (6) (7)
Coding Solutions Acquisition, Inc. (dba CorroHealth)	Health Care Providers & Services	8.67%	S + 5.00%	08/07/31			9,458		9,395			9,363		(6) (7) (8)
CFS Management, LLC (dba Center for Sight Management)	Health Care Providers & Services	12.76%	S + 8.50% (Incl. 2.25% PIK)	09/30/26			19,060		19,060			16,582		(5) (6) (7)
Coding Solutions Acquisition, Inc. (dba CorroHealth)	Health Care Providers & Services		S + 5.00%	08/07/31			821		(9	)		(8	)	(6) (7) (8) (10)
CFS Management, LLC (dba Center for Sight Management)	Health Care Providers & Services	12.76%	S + 8.50% (Incl. 2.25% PIK)	09/30/26			4,817		4,817			4,191		(5) (6) (7)
Coding Solutions Acquisition, Inc. (dba CorroHealth)	Health Care Providers & Services		S + 5.00%	08/07/31			366		(7	)		(4	)	(6) (7) (8) (10)
CFS Management, LLC (dba Center for Sight Management)	Health Care Providers & Services	12.76%	S + 8.50% (Incl. 2.25% PIK)	09/30/26			1,858		1,858			1,616		(5) (6) (7)
CORA Health Holdings Corp	Health Care Providers & Services	9.57%	S + 5.75% (Incl. 4.04% PIK)	06/15/29			20,540		20,475			17,716		(6) (7) (8)
CFS Management, LLC (dba Center for Sight Management)	Health Care Providers & Services	12.76%	S + 8.50% (Incl. 2.25% PIK)	09/30/26			317		317			276		(5) (6) (7)
CORA Health Holdings Corp	Health Care Providers & Services	9.57%	S + 5.75%	06/15/29			337		336			290		(6) (7) (8)
Coding Solutions Acquisition, Inc. (dba CorroHealth)	Health Care Providers & Services	9.16%	S + 5.00%	08/07/31			9,506		9,438			9,411		(5) (6) (7)
DECA Dental Holdings LLC	Health Care Providers & Services	9.55%	S + 5.75%	08/28/28			18,774		18,624			17,366		(6) (7) (8)

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

Table of Contents

Goldman Sachs Private Middle Market Credit II LLC

Consolidated Schedule of Investments as of ~~September~~March 3031, ~~2025~~2026 (continued)

(in thousands, except unit and per unit amounts)

(Unaudited)

Investment (1)	Industry (2)	Interest Rate (3)	Reference Rate and Spread (3)	Maturity	Par (45)		Cost			FairValue			Footnotes
Coding Solutions Acquisition, Inc. (dba CorroHealth)	Health Care Providers & Services		S + 5.00%	08/07/31	$	821	$	(10	)	$	(8	)	(5) (6) (7) (9)
DECA Dental Holdings LLC	Health Care Providers & Services	9.55%	S + 5.75%	08/28/28	$	1,976	$	1,961		$	1,828		(6) (7) (8)
Coding Solutions Acquisition, Inc. (dba CorroHealth)	Health Care Providers & Services		S + 5.00%	08/07/31		366		(7	)		(4	)	(5) (6) (7) (9)
DECA Dental Holdings LLC	Health Care Providers & Services	9.55%	S + 5.75%	08/26/27		1,552		1,544			1,436		(6) (7) (8)
CORA Health Holdings Corp	Health Care Providers & Services	10.10%	S + 5.75%	06/15/27		20,441		20,351			17,171		(5) (6) (7)
Honor HN Buyer, Inc	Health Care Providers & Services	9.60%	S + 5.75%	10/15/27		21,157		21,030			21,104		(6) (7) (8)
CORA Health Holdings Corp	Health Care Providers & Services	10.10%	S + 5.75%	06/15/27		338		336			284		(5) (6) (7)
Honor HN Buyer, Inc	Health Care Providers & Services	9.60%	S + 5.75%	10/15/27		19,090		18,939			19,042		(6) (8)
DECA Dental Holdings LLC	Health Care Providers & Services	9.85%	S + 5.75%	08/28/28		18,872		18,694			18,117		(5) (6) (7)
Honor HN Buyer, Inc	Health Care Providers & Services	9.60%	S + 5.75%	10/15/27		13,381		13,293			13,347		(6) (8)
DECA Dental Holdings LLC	Health Care Providers & Services	9.85%	S + 5.75%	08/28/28		1,987		1,969			1,907		(5) (6) (7)
Honor HN Buyer, Inc	Health Care Providers & Services	11.50%	P + 4.75%	10/15/27		2,542		304			311		(6) (8) (10)
DECA Dental Holdings LLC	Health Care Providers & Services	9.85%	S + 5.75%	08/26/27		1,552		1,542			1,490		(5) (6) (7)
One GI LLC	Health Care Providers & Services		S + 6.75%	12/22/25		20,282		20,103			16,074		(6) (7) (8) (12) (14)
Honor HN Buyer, Inc	Health Care Providers & Services	9.90%	S + 5.75%	10/15/27		21,268		21,102			21,214		(5) (6) (7)
One GI LLC	Health Care Providers & Services		S + 6.75%	12/22/25		9,968		9,880			7,900		(6) (7) (8) (12) (14)
Honor HN Buyer, Inc	Health Care Providers & Services	9.90%	S + 5.75%	10/15/27		19,188		18,990			19,140		(5) (7)
One GI LLC	Health Care Providers & Services		S + 6.75%	12/22/25		8,433		8,358			6,683		(6) (7) (8) (12) (14)
Honor HN Buyer, Inc	Health Care Providers & Services	9.90%	S + 5.75%	10/15/27		13,450		13,335			13,416		(5) (7)
One GI LLC	Health Care Providers & Services		S + 6.75%	12/22/25		5,472		5,423			4,336		(6) (7) (8) (12) (14)
Honor HN Buyer, Inc	Health Care Providers & Services	12.00%	P + 4.75%	10/15/27		2,542		300			311		(5) (7) (9)
One GI LLC	Health Care Providers & Services		S + 6.75%	12/22/25		3,246		3,218			2,573		(6) (7) (8) (12) (14)
One GI LLC	Health Care Providers & Services	11.01%	S + 6.75%	12/22/25		20,389		20,367			18,554		(5) (6) (7)
Premier Imaging, LLC (dba Lucid Health)	Health Care Providers & Services	9.96%	S + 6.00% (Incl. 3.27% PIK)	10/31/27		17,944		17,944			13,279		(6) (7) (8)
One GI LLC	Health Care Providers & Services	11.01%	S + 6.75%	12/22/25		10,021		10,008			9,119		(5) (6) (7)
Premier Imaging, LLC (dba Lucid Health)	Health Care Providers & Services	9.96%	S + 6.00% (Incl. 3.27% PIK)	10/31/27		11,731		11,731			8,681		(6) (7) (8)
One GI LLC	Health Care Providers & Services	11.01%	S + 6.75%	12/22/25		8,477		8,468			7,714		(5) (6) (7)
Premier Imaging, LLC (dba Lucid Health)	Health Care Providers & Services	9.96%	S + 6.00% (Incl. 3.27% PIK)	10/31/27		4,967		4,967			3,675		(6) (7) (8)
One GI LLC	Health Care Providers & Services	11.01%	S + 6.75%	12/22/25		5,500		5,492			5,005		(5) (6) (7)
Premier Imaging, LLC (dba Lucid Health)	Health Care Providers & Services	9.96%	S + 6.00% (Incl. 3.27% PIK)	10/31/27		3,147		3,147			2,329		(6) (7) (8)
One GI LLC	Health Care Providers & Services	10.99%	S + 6.75%	12/22/25		3,246		3,243			2,954		(5) (6) (7)
SpendMend Holdings LLC	Health Care Providers & Services	8.85%	S + 5.00%	03/01/28		11,813		11,737			11,694		(6) (7) (8)
Premier Imaging, LLC (dba Lucid Health)	Health Care Providers & Services	10.26%	S + 6.00%	03/31/26		18,949		18,949			14,259		(5) (6) (7)
SpendMend Holdings LLC	Health Care Providers & Services	8.85%	S + 5.00%	03/01/28		3,251		3,229			3,219		(6) (7) (8)
Premier Imaging, LLC (dba Lucid Health)	Health Care Providers & Services	10.26%	S + 6.00%	03/31/26		12,387		12,387			9,321		(5) (6) (7)
SpendMend Holdings LLC	Health Care Providers & Services	8.85%	S + 5.00%	03/01/28		1,605		257			251		(6) (7) (8) (10)
Premier Imaging, LLC (dba Lucid Health)	Health Care Providers & Services	10.26%	S + 6.00%	03/31/26		5,245		5,245			3,947		(5) (6) (7)
USN Opco LLC (dba Global Nephrology Solutions)	Health Care Providers & Services	9.27%	S + 5.50%	12/21/26		19,374		19,319			19,180		(6) (7) (8)
Premier Imaging, LLC (dba Lucid Health)	Health Care Providers & Services	10.26%	S + 6.00%	03/31/26		3,332		3,332			2,507		(5) (6) (7)
USN Opco LLC (dba Global Nephrology Solutions)	Health Care Providers & Services	9.27%	S + 5.50%	12/21/26		8,378		8,358			8,294		(6) (7) (8)
SpendMend Holdings LLC	Health Care Providers & Services	9.15%	S + 5.00%	03/01/28		11,874		11,780			11,815		(5) (6) (7)
USN Opco LLC (dba Global Nephrology Solutions)	Health Care Providers & Services	9.27%	S + 5.50%	12/21/26		6,735		6,721			6,667		(6) (7) (8)
SpendMend Holdings LLC	Health Care Providers & Services	9.15%	S + 5.00%	03/01/28		3,268		3,240			3,252		(5) (6) (7)
USN Opco LLC (dba Global Nephrology Solutions)	Health Care Providers & Services		S + 5.50%	12/21/26		2,812		(7	)		(28	)	(6) (8) (10)
SpendMend Holdings LLC	Health Care Providers & Services	9.15%	S + 5.00%	03/01/28		1,605		255			259		(5) (6) (7) (9)
ESO Solutions, Inc.	Health Care Technology	10.43%	S + 6.75%	05/03/27		36,294		36,135			36,022		(6) (7) (8)
USN Opco LLC (dba Global Nephrology Solutions)	Health Care Providers & Services	9.96%	S + 5.50%	12/21/26		19,476		19,384			18,989		(5) (6) (7)
ESO Solutions, Inc.	Health Care Technology	10.44%	S + 6.75%	05/03/27		3,292		3,016			3,004		(6) (7) (8) (10)
USN Opco LLC (dba Global Nephrology Solutions)	Health Care Providers & Services	9.96%	S + 5.50%	12/21/26		8,421		8,388			8,211		(5) (6) (7)
Experity, Inc.	Health Care Technology	8.70%	S + 5.00% (Incl. 2.25% PIK)	02/22/30		22,538		22,387			22,200		(6) (7) (8)
USN Opco LLC (dba Global Nephrology Solutions)	Health Care Providers & Services	9.96%	S + 5.50%	12/21/26		6,770		6,747			6,601		(5) (6) (7)
Experity, Inc.	Health Care Technology		S + 5.00% (Incl. 2.25% PIK)	02/22/30		3,023		(19	)		(45	)	(6) (7) (8) (10)
USN Opco LLC (dba Global Nephrology Solutions)	Health Care Providers & Services		S + 5.50%	12/21/26		2,812		(13	)		(70	)	(5) (7) (9)
IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.)	Health Care Technology	8.57%	S + 5.00%	05/11/29		11,015		10,904			10,850		(6) (7) (8)
Businessolver.com, Inc.	Health Care Technology	9.60%	S + 5.50%	12/01/27		16,234		16,167			16,153		(5) (6) (7)
IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.)	Health Care Technology		S + 5.00%	05/11/28		1,396		(11	)		(21	)	(6) (7) (8) (10)
Businessolver.com, Inc.	Health Care Technology	9.60%	S + 5.50%	12/01/27		2,436		1,991			1,984		(5) (6) (7) (9)
IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.)	Health Care Technology	8.60%	S + 5.00%	05/11/29		984		973			969		(6) (7) (8)
ESO Solutions, Inc.	Health Care Technology	10.95%	S + 6.75%	05/03/27		36,294		36,066			36,113		(5) (6) (7)
MedeAnalytics Parent, Inc.	Health Care Technology		3.00% PIK	10/23/28		10,204		6,057			5,676		(6) (7) (8) (12)
ESO Solutions, Inc.	Health Care Technology	10.95%	S + 6.75%	05/03/27		3,292		3,274			3,276		(5) (6) (7)
WebPT, Inc.	Health Care Technology	10.05%	S + 6.25% (Incl 3.13% PIK)	01/18/30		12,874		12,741			11,201		(6) (7) (8)
Experity, Inc.	Health Care Technology	10.00%	S + 6.00% (Incl. 3.25% PIK)	02/24/28		22,254		22,213			22,087		(5) (6) (7)
WebPT, Inc.	Health Care Technology	10.05%	S + 6.25% (Incl 3.13% PIK)	01/18/30		12,604		12,539			10,966		(6) (7) (8)
Experity, Inc.	Health Care Technology		S + 6.00% (Incl. 3.25% PIK)	02/24/28		3,023		(5	)		(23	)	(5) (6) (7) (9)
WebPT, Inc.	Health Care Technology		S + 6.25% (Incl 3.13% PIK)	01/18/30		2,146		(10	)		(279	)	(6) (7) (8) (10)
GHA Buyer Inc. (dba Cedar Gate)	Health Care Technology	9.50%	S + 5.50%	06/24/26		14,188		14,145			14,188		(5) (6) (7)
WebPT, Inc.	Health Care Technology	10.05%	S + 6.25% (Incl 3.13% PIK)	01/18/30		1,832		1,821			1,593		(6) (7) (8)
GHA Buyer Inc. (dba Cedar Gate)	Health Care Technology	9.50%	S + 5.50%	06/24/26		2,482		2,479			2,482		(5) (6) (7)
Volt Bidco, Inc. (dba Power Factors)	Independent Power and Renewable Electricity Producers	10.20%	S + 6.50% PIK	08/11/27		36,402		36,223			34,764		(6) (7) (8)
GHA Buyer Inc. (dba Cedar Gate)	Health Care Technology		S + 5.50%	06/24/26		1,749		(5	)		—		(5) (7) (9)
Volt Bidco, Inc. (dba Power Factors)	Independent Power and Renewable Electricity Producers	10.20%	S + 6.50% PIK	08/11/27		6,943		6,943			6,630		(6) (7) (8)
GHA Buyer Inc. (dba Cedar Gate)	Health Care Technology	9.50%	S + 5.50%	06/24/26		927		926			927		(5) (6) (7)
Volt Bidco, Inc. (dba Power Factors)	Independent Power and Renewable Electricity Producers	10.20%	S + 6.50% PIK	08/11/27		4,375		4,022			3,825		(6) (8) (10)
IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.)	Health Care Technology	8.80%	S + 5.00%	05/11/29		11,073		10,944			10,906		(5) (6) (7)
Volt Bidco, Inc. (dba Power Factors)	Independent Power and Renewable Electricity Producers	10.17%	S + 6.50% PIK	08/11/27		3,343		1,588			1,454		(6) (8) (10)
IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.)	Health Care Technology	9.03%	S + 5.00%	05/11/29		1,401		1,384			1,380		(5) (6) (7)
LS Clinical Services Holdings, Inc (dba CATO)	Pharmaceuticals	12.45%	S + 8.75% (Incl. 6.25% PIK)	12/17/29		17,877		17,743			13,363		(6) (7) (8)
IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.)	Health Care Technology		S + 5.00%	05/11/28		1,396		(14	)		(21	)	(5) (6) (7) (9)
LS Clinical Services Holdings, Inc (dba CATO)	Pharmaceuticals	12.45%	S + 8.75% (Incl. 6.25% PIK)	06/18/29		1,118		1,111			836		(6) (7) (8)
MedeAnalytics Parent, Inc.	Health Care Technology		3.00% PIK	10/23/28		10,051		6,057			6,659		(5) (6) (7) (10) (11)
Diligent Corporation	Professional Services	8.67%	S + 5.00%	08/02/30		44,850		44,596			44,402		(6) (7) (8)

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

Table of Contents

Goldman Sachs Private Middle Market Credit II LLC

Consolidated Schedule of Investments as of ~~September~~March 3031, ~~2025~~2026 (continued)

(in thousands, except unit and per unit amounts)

(Unaudited)

Investment (1)	Industry (2)	Interest Rate (3)	Reference Rate and Spread (3)	Maturity		Par (45)		Cost			FairValue			Footnotes
WebPT, Inc.	Health Care Technology	10.55%	S + 6.25%	01/18/28	$		12,637	$	12,470		$	11,626		(5) (6) (7)
Diligent Corporation	Professional Services	8.67%	S + 5.00%	08/02/30	$		7,689	$	7,645		$	7,612		(6) (7) (8)
WebPT, Inc.	Health Care Technology	10.55%	S + 6.25%	01/18/28			12,371		12,290			11,382		(5) (6) (7)
Diligent Corporation	Professional Services		S + 5.00%	08/02/30			5,473		(29	)		(55	)	(6) (7) (8) (10)
WebPT, Inc.	Health Care Technology	10.61%	S + 6.25%	01/18/28			2,146		1,857			1,698		(5) (6) (7) (9)
Diligent Corporation	Professional Services	8.67%	S + 5.00%	08/02/30			5,255		1,129			1,104		(6) (8) (10)
WebPT, Inc.	Health Care Technology	10.60%	S + 6.25%	01/18/28			1,802		1,789			1,658		(5) (6) (7)
iCIMS, Inc.	Professional Services	9.42%	S + 5.75%	08/18/28			21,171		21,017			19,901		(6) (7) (8)
Volt Bidco, Inc. (dba Power Factors)	Independent Power and Renewable Electricity Producers	10.50%	S + 6.50% PIK	08/11/27			34,571		34,332			31,460		(5) (6) (7)
iCIMS, Inc.	Professional Services	9.42%	S + 5.75%	08/18/28			1,860		247			149		(6) (7) (8) (10)
Volt Bidco, Inc. (dba Power Factors)	Independent Power and Renewable Electricity Producers	10.50%	S + 6.50% PIK	08/11/27			6,594		6,594			6,000		(5) (6) (7)
NFM & J, L.P. (dba the Facilities Group)	Professional Services	9.52%	S + 5.75%	11/30/28			15,132		15,017			15,057		(6) (7) (8)
Volt Bidco, Inc. (dba Power Factors)	Independent Power and Renewable Electricity Producers	10.50%	S + 6.50% PIK	08/11/27			4,070		3,820			3,454		(5) (7) (9)
NFM & J, L.P. (dba the Facilities Group)	Professional Services	9.52%	S + 5.75%	11/30/28			14,886		14,786			14,811		(6) (7) (8)
Volt Bidco, Inc. (dba Power Factors)	Independent Power and Renewable Electricity Producers		S + 6.50% PIK	08/11/27			3,343		(23	)		(301	)	(5) (7) (9)
NFM & J, L.P. (dba the Facilities Group)	Professional Services	11.50%	P + 4.75%	11/30/28			2,696		1,150			1,155		(6) (7) (8) (10)
LS Clinical Services Holdings, Inc (dba CATO)	Pharmaceuticals	11.25%	S + 7.25% (Incl. 10.25% PIK)	12/17/29			16,999		16,851			13,684		(5) (6) (7)
Pluralsight, Inc.	Professional Services		S + 7.50% PIK	08/22/29			15,887		14,160			4,488		(6) (7) (8) (11) (12)
LS Clinical Services Holdings, Inc (dba CATO)	Pharmaceuticals	11.25%	S + 7.25% (Incl. 10.25% PIK)	06/18/29			1,841		1,826			1,482		(5) (6) (7)
Pluralsight, Inc.	Professional Services	8.17%	S + 4.50% (Incl. 1.50% PIK)	08/22/29			8,908		8,843			8,463		(6) (7) (8) (11)
Bullhorn, Inc.	Professional Services	9.16%	S + 5.00%	10/01/29			13,386		13,276			13,386		(5) (6) (7)
Pluralsight, Inc.	Professional Services		S + 4.50% (Incl. 1.50% PIK)	08/22/29			5,474		—			(274	)	(6) (8) (10) (11)
Bullhorn, Inc.	Professional Services	9.16%	S + 5.00%	10/01/29			2,384		2,374			2,384		(5) (6) (7)
Pluralsight, Inc.	Professional Services	8.17%	S + 4.50% (Incl. 1.50% PIK)	08/22/29			4,454		4,454			4,231		(6) (7) (8) (11)
Bullhorn, Inc.	Professional Services	9.16%	S + 5.00%	10/01/29			693		88			92		(5) (6) (7) (9)
Pluralsight, Inc.	Professional Services		S + 4.50% (Incl. 1.50% PIK)	08/22/29			2,189		—			(109	)	(6) (8) (10) (11)
Bullhorn, Inc.	Professional Services	9.16%	S + 5.00%	10/01/29			620		615			620		(5) (6) (7)
HowlCO LLC (dba Lone Wolf)	Real Estate Mgmt. & Development	10.30%	S + 6.50% (Incl. 3.50% PIK)	10/22/27			34,579		34,391			31,467		(6) (7) (8) (9)
Bullhorn, Inc.	Professional Services	9.16%	S + 5.00%	10/01/29			278		275			278		(5) (6) (7)
HowlCO LLC (dba Lone Wolf)	Real Estate Mgmt. & Development	10.33%	S + 6.50% (Incl. 3.50% PIK)	10/22/27			11,089		11,043			10,091		(6) (7) (8) (9)
Bullhorn, Inc.	Professional Services	9.16%	S + 5.00%	10/01/29			221		219			221		(5) (6) (7)
HowlCO LLC (dba Lone Wolf)	Real Estate Mgmt. & Development	10.30%	S + 6.50% (Incl. 3.50% PIK)	10/22/27			10,607		10,568			9,652		(6) (7) (8) (9)
Diligent Corporation	Professional Services	9.20%	S + 5.00%	08/02/30			52,988		52,660			52,590		(5) (6) (7)
Zarya HoldCo, Inc. (dba Eptura)	Real Estate Mgmt. & Development	10.17%	S + 6.50%	07/01/27			78,934		78,934			78,145		(6) (7) (8)
Diligent Corporation	Professional Services	9.20%	S + 5.00%	08/02/30			9,084		9,027			9,015		(5) (6) (7)
Zarya HoldCo, Inc. (dba Eptura)	Real Estate Mgmt. & Development	10.16%	S + 6.50%	07/01/27			8,383		1,198			1,114		(6) (8) (10)
Diligent Corporation	Professional Services		S + 5.00%	08/02/30			5,473		(32	)		(41	)	(5) (6) (7) (9)
Zarya HoldCo, Inc. (dba Eptura)	Real Estate Mgmt. & Development	10.17%	S + 6.50%	07/01/27			2,030		2,013			2,010		(6) (7) (8)
Diligent Corporation	Professional Services	9.20%	S + 5.00%	08/02/30			5,255		547			539		(5) (6) (7) (9)
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)	Software	9.54%	S + 6.00%	03/10/27			2,565		2,553			2,334		(6) (7) (8)
iCIMS, Inc.	Professional Services	10.07%	S + 5.75%	08/18/28			21,171		20,989			20,218		(5) (6) (7)
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)	Software		S + 6.00%	03/10/27			1,100		(4	)		(99	)	(6) (7) (8) (10)
iCIMS, Inc.	Professional Services	10.07%	S + 5.75%	08/18/28			1,860		505			437		(5) (6) (7) (9)
Acquia, Inc.	Software	8.80%	S + 5.00%	10/30/26			24,940		24,883			24,317		(6) (7) (8)
NFM & J, L.P. (dba the Facilities Group)	Professional Services	10.06%	S + 5.75%	11/30/27			15,211		15,082			15,135		(5) (6) (7)
Acquia, Inc.	Software	8.80%	S + 5.00%	10/30/26			1,933		1,929			1,885		(6) (7) (8)
NFM & J, L.P. (dba the Facilities Group)	Professional Services	10.16%	S + 5.75%	11/30/27			14,963		14,852			14,889		(5) (6) (7)
AQ Helios Buyer, Inc. (dba SurePoint)	Software	10.94%	S + 7.00%	12/31/26			35,280		35,170			34,222		(6) (7) (8)
NFM & J, L.P. (dba the Facilities Group)	Professional Services	12.00%	P + 4.75%	11/30/27			2,696		407			413		(5) (6) (7) (9)
AQ Helios Buyer, Inc. (dba SurePoint)	Software	11.94%	S + 8.00%	12/31/26			5,900		5,900			5,826		(6) (7) (8)
Pluralsight, Inc.	Professional Services	11.70%	S + 7.50% PIK	08/22/29			14,844		13,992			14,250		(5) (6) (7) (10)
AQ Helios Buyer, Inc. (dba SurePoint)	Software	10.93%	S + 7.00%	12/31/26			4,160		3,317			3,203		(6) (7) (8) (10)
Pluralsight, Inc.	Professional Services	8.70%	S + 4.50% (Incl. 1.50% PIK)	08/22/29			8,872		8,800			8,783		(5) (6) (7) (10)
AQ Helios Buyer, Inc. (dba SurePoint)	Software	11.94%	S + 8.00%	12/31/26			2,127		2,127			2,100		(6) (7) (8)
Pluralsight, Inc.	Professional Services		S + 4.50% (Incl. 1.50% PIK)	08/22/29			5,474		—			(55	)	(5) (6) (7) (9) (10)
Gainsight, Inc.	Software	9.32%	S + 5.50%	07/30/27			26,421		26,311			26,157		(6) (7) (8)
Pluralsight, Inc.	Professional Services	8.70%	S + 4.50% (Incl. 1.50% PIK)	08/22/29			4,436		4,436			4,391		(5) (6) (7) (10)
Gainsight, Inc.	Software		S + 5.50%	07/30/27			5,182		(19	)		(52	)	(6) (7) (8) (10)
Pluralsight, Inc.	Professional Services		S + 4.50% (Incl. 1.50% PIK)	08/22/29			2,189		—			(22	)	(5) (6) (7) (9) (10)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software	9.17%	S + 5.50% (Incl. 2.00% PIK)	01/17/31			11,948		11,861			11,888		(6) (7) (8)
HowlCO LLC (dba Lone Wolf)	Real Estate Mgmt. & Development	10.93%	S + 6.50% (Incl. 3.50% PIK)	10/22/27			33,969		33,729			31,931		(5) (6) (7) (8)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software	8.67%	S + 5.00% (Incl. 2.00% PIK)	01/17/31			1,770		1,754			1,726		(6) (7) (8)
HowlCO LLC (dba Lone Wolf)	Real Estate Mgmt. & Development	10.97%	S + 6.50% (Incl. 3.50% PIK)	10/22/27			10,893		10,835			10,240		(5) (6) (7) (8)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software		S + 5.50% (Incl. 2.00% PIK)	01/17/31			1,645		(11	)		(12	)	(6) (8) (10)
HowlCO LLC (dba Lone Wolf)	Real Estate Mgmt. & Development	10.93%	S + 6.50% (Incl. 3.50% PIK)	10/22/27			10,420		10,370			9,795		(5) (6) (7) (8)
Sundance Group Holdings, Inc. (dba NetDocuments)	Software	8.45%	S + 4.75%	07/02/29			50,988		50,528			50,350		(6) (7) (8)
MRI Software LLC	Real Estate Mgmt. & Development	8.75%	S + 4.75%	02/10/27			15,779		15,712			15,681		(6)
Sundance Group Holdings, Inc. (dba NetDocuments)	Software		S + 4.75%	07/02/29			6,866		(48	)		(86	)	(6) (7) (8) (10)
Zarya HoldCo, Inc. (dba Eptura)	Real Estate Mgmt. & Development	10.70%	S + 6.50%	07/01/27			79,337		79,337			78,544		(5) (6) (7)
Summit Buyer, LLC (dba Classic Collision)	Specialty Retail	8.70%	S + 5.00%	06/02/31			16,860		16,725			16,776		(6) (7) (8)
Zarya HoldCo, Inc. (dba Eptura)	Real Estate Mgmt. & Development		S + 6.50%	07/01/27			8,383		—			(84	)	(5) (7) (9)
Summit Buyer, LLC (dba Classic Collision)	Specialty Retail	8.70%	S + 5.00%	06/02/31			9,244		8,471			8,491		(6) (7) (8) (10)
Zarya HoldCo, Inc. (dba Eptura)	Real Estate Mgmt. & Development	10.70%	S + 6.50%	07/01/27			2,040		2,017			2,020		(5) (6) (7)
Summit Buyer, LLC (dba Classic Collision)	Specialty Retail	10.75%	P + 4.00%	05/31/30			2,178		514			518		(6) (7) (8) (10)
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)	Software	10.29%	S + 6.00%	03/10/27			2,565		2,547			2,340		(5) (6) (7)
BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics)	Trading Companies & Distributors	9.42%	S + 5.75%	10/07/30			19,441		19,086			19,246		(6) (7) (8)
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)	Software		S + 6.00%	03/10/27			1,100		(7	)		(96	)	(5) (6) (7) (9)
BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics)	Trading Companies & Distributors	9.42%	S + 5.75%	10/07/30			10,897		10,695			10,788		(6) (7) (8)
Acquia, Inc.	Software	10.43%	S + 6.00%	10/30/26			24,940		24,837			24,691		(5) (6) (7)
Total 1st Lien/Senior Secured Debt									1,431,351			1,363,167
Acquia, Inc.	Software	10.45%	S + 6.00%	10/30/26			1,933		1,926			1,914		(5) (6) (7)

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

Table of Contents

Goldman Sachs Private Middle Market Credit II LLC

Consolidated Schedule of Investments as of ~~September~~March 3031, ~~2025~~2026 (continued)

(in thousands, except unit and per unit amounts)

(Unaudited)

Investment (1)	Industry (2)	Interest Rate (3)	Reference Rate and Spread (3)	~~Maturity~~InitialAcquisitionDate(4)	~~Par (4)~~Maturity	Par (5)		~~Cost~~	Cost		~~FairValue~~	FairValue		~~Footnotes~~	Footnotes
AQ Helios Buyer, Inc. (dba SurePoint)	Software	11.32%	S + 7.00%	12/31/26	$	35,280		$	35,102		$	34,486		(5) (6) (7)
1st Lien/Last-Out Unitranche (15) - 3.0%
AQ Helios Buyer, Inc. (dba SurePoint)	Software	12.32%	S + 8.00%	12/31/26		5,900			5,900			5,841		(5) (6) (7)
Streamland Media Midco LLC	Entertainment		S + 6.50% (Incl. 5.50% PIK)		04/02/29	$	7,563		$	6,428		$	3,914		(6) (7) (8) (12)
AQ Helios Buyer, Inc. (dba SurePoint)	Software	11.35%	S + 7.00%	12/31/26		4,160			3,310			3,234		(5) (6) (7) (9)
EDB Parent, LLC (dba Enterprise DB)	Software	10.67%	S + 7.00%		07/07/28		17,879			17,669			17,656		(6) (7) (8)
AQ Helios Buyer, Inc. (dba SurePoint)	Software	12.32%	S + 8.00%	12/31/26		2,127			2,127			2,105		(5) (6) (7)
EDB Parent, LLC (dba Enterprise DB)	Software	10.67%	S + 7.00%		07/07/28		6,958			6,820			6,733		(6) (8) (10)
CloudBees, Inc.	Software	11.28%	S + 7.00% (Incl. 2.50% PIK)	11/24/26		27,760			27,338			27,760		(5) (6) (7)
Total 1st Lien/Last-Out Unitranche										30,917			28,303
CloudBees, Inc.	Software	11.28%	S + 7.00% (Incl. 2.50% PIK)	11/24/26		11,861			11,667			11,861		(5) (6) (7)
2nd Lien/Senior Secured Debt - 0.2%
Gainsight, Inc.	Software	10.60%	S + 6.25%	07/30/27		26,421			26,272			26,289		(5) (6) (7)
Sweep Midco LLC	Commercial Services & Supplies				03/12/36	$	14,704		$	—		$	—		(6) (7) (8) (16)
Gainsight, Inc.	Software		S + 6.25%	07/30/27		5,182			(26	)		(26	)	(5) (6) (7) (9)
Sweep Midco LLC	Commercial Services & Supplies				03/12/34		5,052			3,789			1,907		(6) (7) (8) (16)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software	10.06%	S + 5.75% (Incl. 2.25% PIK)	01/17/31		11,876			11,782			11,876		(5) (6) (7)
Total 2nd Lien/Senior Secured Debt										3,789			1,907
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software	9.56%	S + 5.25% (Incl. 2.25% PIK)	01/17/31		1,759			1,742			1,750		(5) (6) (7)
Unsecured Debt - 0.7%
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software		P + 4.25%	01/17/31		1,645			(12	)		(8	)	(5) (6) (7) (9)
mPulse Mobile, Inc. (dba Zipari Inc.)	Health Care Technology			09/05/24	02/25/33	$	7,649		$	6,559		$	6,654		(7) (8) (16)
Pioneer Buyer I, LLC	Software	10.00%	S + 6.00%	11/01/28		18,161			18,019			18,116		(5) (6) (7)
Total Unsecured Debt										6,559			6,654
Pioneer Buyer I, LLC	Software		S + 6.00%	11/01/27		2,518			(18	)		(6	)	(5) (6) (7) (9)
Total United States									$	1,472,616		$	1,400,031
Sundance Group Holdings, Inc. (dba NetDocuments)	Software	8.50%	S + 4.50%	07/02/29		51,247			50,725			50,734		(5) (6) (7)
Total Debt Investments									$	1,516,192		$	1,443,986
Sundance Group Holdings, Inc. (dba NetDocuments)	Software	8.50%	S + 4.50%	07/02/29		6,866			1,539			1,526		(5) (6) (7) (9)
Summit Buyer, LLC (dba Classic Collision)	Specialty Retail	9.00%	S + 5.00%	06/02/31		16,945			16,800			16,945		(5) (6) (7)
Summit Buyer, LLC (dba Classic Collision)	Specialty Retail	9.00%	S + 5.00%	06/02/31		9,285			6,495			6,562		(5) (6) (7) (9)
Summit Buyer, LLC (dba Classic Collision)	Specialty Retail		S + 5.00%	05/31/30		2,178			(17	)		—		(5) (6) (7) (9)
BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics)	Trading Companies & Distributors	9.91%	S + 5.75%	10/07/30		19,540			19,154			19,149		(5) (6) (7)
BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics)	Trading Companies & Distributors	9.91%	S + 5.75%	10/07/30		15,476			10,686			10,643		(5) (6) (7) (9)
Total 1st Lien/Senior Secured Debt									1,567,746			1,525,544
1st Lien/Last-Out Unitranche (13) - 2.8%
Streamland Media Midco LLC	Entertainment		S + 5.50% (Incl. 9.06% PIK)	04/02/29	$	7,209		$	6,428		$	5,281		(5) (6) (7) (11)
EDB Parent, LLC (dba Enterprise DB)	Software	11.31%	S + 7.00%	07/07/28		17,879			17,628			17,610		(5) (6) (7)
EDB Parent, LLC (dba Enterprise DB)	Software	11.31%	S + 7.00%	07/07/28		6,958			6,670			6,566		(5) (6) (7) (9)
Total 1st Lien/Last-Out Unitranche									30,726			29,457
2nd Lien/Senior Secured Debt - 0.3%
Sweep Midco LLC	Commercial Services & Supplies			03/12/36	$	14,704		$	—		$	—		(5) (6) (7) (14)
Sweep Midco LLC	Commercial Services & Supplies			03/12/34		5,052			3,789			2,854		(5) (6) (7) (14)
Total 2nd Lien/Senior Secured Debt									3,789			2,854
Unsecured Debt - 0.6%
mPulse Mobile, Inc. (dba Zipari Inc.)	Health Care Technology			09/05/31	$	7,649		$	6,558		$	6,654		(6) (7) (14)
Total Unsecured Debt									6,558			6,654
Total United States								$	1,608,819		$	1,564,509
Total Debt Investments								$	1,654,267		$	1,610,831

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

Table of Contents

Goldman Sachs Private Middle Market Credit II LLC

Consolidated Schedule of Investments as of ~~September~~March 3031, ~~2025~~2026 (continued)

(in thousands, except unit and per unit amounts)

(Unaudited)

Investment (1)	Industry (2)	InitialAcquisitionDate(154)	Shares (45)		Cost		FairValue		Footnotes
Equity Securities - 3.1%
Equity Securities - 2.7%
United States - 3.1%
United States - 2.7%
Common Stock - 1.0%
Common Stock - 0.4%
Thrasio Holdings, Inc.	Broadline Retail	06/18/24		235,056	$	—	$	—	(56) (78) (1011) (1416)
SEM Holdings, LLC (dba Southeast Mechanical, LLC)	Diversified Consumer Services	07/06/22		1,000		1,000		~~1,534~~980	(56) (78) (1011) (1416)
Whitewater Holding Company LLC	Diversified Consumer Services	12/21/21		21,000		2,100		1,~~833~~760	(56) (78) (1416)
Streamland Media Holdings LLC	Entertainment	03/31/25		68,561		2,755		—	(56) (78) (1416)
MedeAnalytics Group Holdings, LLC	Health Care Technology	04/21/23		373		—		—	(56) (78) (1016) ~~(14)~~
Volt Bidco, Inc. (dba Power Factors)	Independent Power and Renewable Electricity Producers	08/11/21		3,044		3,091		~~1,207~~716	(56) (78) (1416)
Pluralsight, Inc.	Professional Services	08/22/24		4,378,896		11,920		~~5,561~~—	(56) (78) (1011) (1416)
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)	Software	03/10/21		26,555		2,655		64	(56) (78) (1416)
Total Common Stock						23,521		103,~~199~~520
Preferred Stock - 2.1%
Preferred Stock - 2.3%
FS WhiteWater Holdings, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services	10/02/24		695	$	92	$	~~112~~121	(56) (78) (1416)
MedeAnalytics Group Holdings, LLC	Health Care Technology	10/09/20		—		—		—	(56) (78) (1016) (1417) ~~(16)~~
Diligent Corporation	Professional Services	04/06/21		4,400		4,290		67,~~833~~196	(56) (78) (1416)
CloudBees, Inc.	Software	11/24/21		1,038,917		11,623		1514,~~615~~005	(56) (78) (1416)
Total Preferred Stock						16,005		2221,~~560~~322
Warrants - 0.0%
CloudBees, Inc.	Software	11/24/21		300,946	$	1,666	$	~~190~~415	(56) (78) (1416)
Total Warrants						1,666		~~190~~415
Total United States					$	41,192	$	3225,~~949~~257
Total Equity Securities					$	41,192	$	3225,~~949~~257
Total Investments - 156.5%					$	1,695,459	$	1,643,780
Total Investments - 154.8%					$	1,557,384	$	1,469,243
Investments in Affiliated Money Market Fund - 14.1%
Investments in Affiliated Money Market Fund - 12.9%
United States - 14.1%
United States - 12.9%
Goldman Sachs Financial Square Government Fund - Institutional Shares				~~148~~122,~~322~~393,~~004~~185	$	~~148~~122,~~322~~393	$	~~148~~122,~~322~~393	(67) (1718) (1819)
Total Investments in Affiliated Money Market Fund						~~148~~122,~~322~~393		~~148~~122,~~322~~393
Total United States					$	~~148~~122,~~322~~393	$	~~148~~122,~~322~~393
Total Investments and Investments in Affiliated Money Market Fund - 170.6%					$	1,843,781	$	1,792,102
Total Investments and Investments in Affiliated Money Market Fund - 167.7%					$	1,679,777	$	1,591,636

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

Table of Contents

Goldman Sachs Private Middle Market Credit II LLC

Consolidated Schedule of Investments as of ~~September~~March 3031, ~~2025~~2026 (continued)

(in thousands, except unit and per unit amounts)

(Unaudited)

(1)

Percentages are based on net assets.

(2)

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

(3)

Represents the actual interest rate for partially or fully funded debt in effect as of the reporting date. Certain investments are subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by the larger of the floor or the reference to either SOFR including SOFR adjustment, if any, ("S"), SONIA ("SN"), or alternate base rate (commonly based on the U.S. Prime Rate ("P"), unless otherwise noted) at the borrower’s option, which reset periodically based on the terms of the credit agreement. S loans are typically indexed to 12 month, 6 month, 3 month or 1 month S rates. As of ~~September~~March 3031, ~~2025~~2026, 1 month S was 43.1366%, 3 month S was 3.9868%, 6 month S was 3.8570%, 3 month SN was 3.9773%, and P was 76.2575%. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at ~~September~~March 3031, ~~2025~~2026.

(4)

~~Par~~Securities ~~amount~~exempt isfrom ~~presented~~registration ~~for~~under ~~debt~~the ~~investments~~Securities Act of 1933, ~~while~~as amended (the ~~number~~"Securities ofAct"), ~~shares~~and ormay ~~units~~be ~~owned~~deemed isto ~~presented~~be ~~for~~“restricted ~~equity investments~~securities”. ~~Par~~As ~~amount~~ofMarch is31, ~~denominated~~2026, ~~inU.S.~~the ~~Dollars~~aggregate ("fair value of these securities is $"31,911 or ~~USD")~~3.4% ~~unless~~of ~~otherwise~~the ~~noted,~~Company’s ~~Great~~net ~~British~~assets. ~~Pounds~~The ~~(“GBP”)~~initial acquisition dates have been included for such securities.

(5)

~~Represents~~Par ~~co-investments~~amount ~~made~~is ~~with~~presented ~~Company’s~~for ~~affiliates~~debt ininvestments, ~~accordance~~while ~~with~~ the ~~terms~~number of ~~the~~shares ~~exemptive~~or ~~relief~~units ~~received~~owned ~~from~~is ~~the~~presented Ufor equity investments.S. ~~Securities~~Par ~~and~~amount ~~ExchangeCommission~~is denominated inU.S. Dollars ("~~SEC~~$"). ~~See~~or ~~Note~~“USD”), 3unless ~~“Significant~~otherwise ~~Agreements~~noted, ~~and~~Great ~~Related~~British ~~Party~~Pounds ~~Transactions~~(“GBP”).

(6)

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

(7)

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

(8)

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

(9)

The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940 as amended (the “Investment Company Act”). The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of ~~September~~March 3031, ~~2025~~2026, the aggregate fair value of these ~~securities~~non-qualifying assets is $9895,~~288~~165 or 5.29% of the Company’s total assets.

(10)

Position or portion thereof is an unfunded commitment, and no interest is being earned on the unfunded portion. The unfunded commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on asuch loan. The negative fair value, if applicable, is the result of the capitalized discount on asuch loan. See Note 7 "Commitments and Contingencies".

(11)

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

(12)

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

(13)

The investment includes an exit fee that is receivable upon repayment of the loan. See Note 2 “Significant Accounting Policies."

(14)

The Company is in discussions with the investment to extend the maturity date through an amendment.

(15)

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

(16)

Non-income producing security.

(17)

Securities exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be “restricted securities”. As ofSeptember 30, 2025, the aggregate fair value of these securities is $32,949 or 3.1% of the Company’s net assets. The initial acquisition dates have been included for such securities.

Amount rounds to less than $1.

(18)

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

(19)

The annualized seven-day yield as of ~~September~~March 3031, ~~2025~~2026 is 43.0356%.

PIK – Payment-In-Kind

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

Table of Contents

Goldman Sachs Private Middle Market Credit II LLC

Consolidated Schedule of Investments as of December 31, ~~2024~~2025

(in thousands, except unit and per unit amounts)

Investment (1)	Industry (2)	InterestRate (3)	Reference Rate andSpread (3)	Maturity		Par (45)		Cost			FairValue			Footnotes
Debt Investments - 185.2%
Debt Investments - 158.5%
Canada - 2.9%
Canada - 3.1%
1st Lien/Senior Secured Debt - 2.9%
1st Lien/Senior Secured Debt - 3.1%
1272775 B.C. LTD. (dba Everest Clinical Research)	Professional Services	9.98%	S + 5.50%	11/06/26	$		8,022	$	7,978		$	7,982		(5) (6) (7) (8)
Everest Clinical Research Corporation	Professional Services	8.32%	S + 4.50%	11/06/28	$		4,402	$	4,377		$	4,380		(6) (7) (8) (9)
1272775 B.C. LTD. (dba Everest Clinical Research)	Professional Services		S + 5.50%	11/06/26			1,160		(4	)		(6	)	(5) (6) (7) (8) (9)
Everest Clinical Research Corporation (fka 1272775 B.C. LTD.)	Professional Services	8.32%	S + 4.50%	11/06/28			6,608		6,586			6,574		(6) (7) (8) (9)
Everest Clinical Research Corporation	Professional Services	9.98%	S + 5.50%	11/06/26			5,341		5,285			5,314		(5) (6) (7) (8)
Everest Clinical Research Corporation (fka 1272775 B.C. LTD.)	Professional Services		S + 4.50%	11/06/28			1,160		(5	)		(6	)	(6) (7) (8) (9) (10)
Rodeo Buyer Company (dba Absorb Software)	Professional Services	10.7122%	S + 6.25%	05/25/27			19,155		1819,~~981~~050			19,~~011~~059		(~~5) (~~6) (7) (8) (9)
Rodeo Buyer Company (dba Absorb Software)	Professional Services		S + 6.25%	05/25/27			3,065		(2515	)		(2315	)	(56) (68) (79) (910)
Total 1st Lien/Senior Secured Debt									3229,~~215~~993			3229,~~278~~992
Total Canada								$	3229,~~215~~993		$	3229,~~278~~992
United Kingdom - 1.1%
United Kingdom - 1.5%
1st Lien/Senior Secured Debt - 1.1%
1st Lien/Senior Secured Debt - 1.5%
Clearcourse Partnership Acquireco Finance Limited	IT Services	1311.7047%	SN + 87.7550% (Incl. 90.8550% PIK)	07/25/28	GBP		6,~~415~~923	$	78,~~680~~376		$	79,~~790~~052		(~~5) (~~6) (7) (8) (9)
Clearcourse Partnership Acquireco Finance Limited	IT Services	1311.7047%	SN + 87.7550% (Incl. 90.8550% PIK)	07/25/28	GBP		54,~~211~~087		45,~~626~~094			45,~~545~~344		(~~5) (~~6) (7) (8) (9)
Total 1st Lien/Senior Secured Debt									1213,~~306~~470			1214,~~335~~396
Total United Kingdom								$	1213,~~306~~470		$	1214,~~335~~396
United States - 181.2%
United States - 153.9%
1st Lien/Senior Secured Debt - 177.4%
1st Lien/Senior Secured Debt - 149.8%
Thrasio, LLC	Broadline Retail		S + 10.2600% PIK	06/18/29	$		1316,~~762~~346	$	11,402		$	12,~~008~~300		(6) (7) (8) (1011) (1112)
Thrasio, LLC	Broadline Retail	1413.8984%	S + 10.2600% PIK	06/18/29			45,~~469~~308		45,~~459~~300			45,~~457~~255		(6) (78) (1011)
Acuity Specialty Products, Inc. (dba Zep Inc.)	Chemicals	8.25%	S + 4.00%	10/02/28			15,256		15,256			15,103		(6) (7) (8)
Elemica Parent, Inc.	Chemicals	9.52%	S + 5.50%	09/18/26			3,392		3,383			3,358		(6) (7) (8)
Elemica Parent, Inc.	Chemicals	109.2849%	S + 5.50%	09/18/26			31,~~429~~329		31,~~406~~324			31,~~360~~316		(6) (7) (8)
Elemica Parent, Inc.	Chemicals	109.1756%	S + 5.50%	09/18/26			~~1,343~~663		~~1,331~~661			~~1,316~~656		(6) (7) (8)
Elemica Parent, Inc.	Chemicals	109.3156%	S + 5.50%	09/18/26			~~670~~497		~~665~~495			~~657~~492		(6) (7) (8)
Elemica Parent, Inc.	Chemicals	109.3150%	S + 5.50%	09/18/26			~~502~~470		~~497~~437			~~492~~434		(6) (7) (8) (10)
Elemica Parent, Inc.	Chemicals	10.12%	S + 5.50%	09/18/26			470		467			461		(6) (7) (8)
3SI Security Systems, Inc.	Commercial Services & Supplies	10.59%	S + 6.50%	12/16/26			1,852		1,837			1,574		(7) (8)
3SI Security Systems, Inc.	Commercial Services & Supplies	10.64%	S + 6.00%	12/16/26			1,930		1,901			1,852		(7) (8)
Sweep Purchaser LLC	Commercial Services & Supplies	9.58%	S + 5.75% PIK	06/30/27			20,242		20,160			20,039		(6) (7) (8)
Sweep Purchaser LLC	Commercial Services & Supplies	109.2458%	S + 5.75% ~~PIK~~	06/30/27			189,~~501~~452		189,~~368~~429			189,~~315~~405		(6) (7) (8)
Sweep Purchaser LLC	Commercial Services & Supplies	109.2442%	S + 5.75%	06/30/27			94,~~548~~201		~~9,511~~823			~~9,501~~819		(6) (78) (810)
Sweep Purchaser LLC	Commercial Services & Supplies		S + 5.75%	06/30/27			4,201		(29	)		(21	)	(6) (7) (9)
VRC Companies, LLC (dba Vital Records Control)	Commercial Services & Supplies	9.34%	S + 5.25%	06/29/27			28,730		28,606			28,586		(6) (7) (8)
VRC Companies, LLC (dba Vital Records Control)	Commercial Services & Supplies	~~10.35%~~	S + 5.5025%	06/29/27			~~29,031~~858		~~28,828~~(3	)		~~28,740~~(4	)	(6) (7) (8) (10)
VRC Companies, LLC (dba Vital Records Control)	Commercial Services & Supplies		S + 5.50%	06/29/27			858		(6	)		(9	)	(6) (7) (8) (9)
Superman Holdings, LLC (dba Foundation Software)	Construction & Engineering	8.17%	S + 4.50%	08/29/31			29,976		29,848			29,826		(6) (7) (8)
Superman Holdings, LLC (dba Foundation Software)	Construction & Engineering	8.8617%	S + 4.50%	08/29/31			309,~~279~~784		309,~~133~~723			309,~~128~~736		(6) (7) (8)
Superman Holdings, LLC (dba Foundation Software)	Construction & Engineering		S + 4.50%	08/29/31			94,~~856~~365		(2318	)		(4922	)	(6) (7) (8) (910)
Superman Holdings, LLC (dba Foundation Software)	Construction & Engineering		S + 4.50%	08/29/31			4,365		(21	)		(22	)	(6) (7) (8) (9)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services	9.07%	S + 5.25%	12/21/29			12,702		12,536			12,575		(6) (7) (8)
Assembly Intermediate LLC	Diversified Consumer Services	9.58%	S + 5.25%	10/19/27			39,908		39,490			39,908		(6) (7) (8)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services	9.07%	S + 5.25%	12/21/29			4,264		4,206			4,222		(6) (7) (8)
Assembly Intermediate LLC	Diversified Consumer Services	9.58%	S + 5.25%	10/19/27			7,982		7,892			7,982		(6) (7) (8)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services	9.07%	S + 5.25%	12/21/29			4,237		4,181			4,194		(6) (7) (8)
Assembly Intermediate LLC	Diversified Consumer Services		S + 5.25%	10/19/27			3,991		(38	)		—		(6) (7) (9)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services	9.07%	S + 5.25%	12/21/29			2,374		2,338			2,350		(6) (7) (8)
CorePower Yoga LLC	Diversified Consumer Services	11.73%	S + 7.25% (Incl. 1.25% PIK)	05/14/26			10,194		10,132			9,786		(6) (7) (8)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services		S + 5.25%	12/21/29			2,100		(25	)		(21	)	(6) (7) (8) (10)
CorePower Yoga LLC	Diversified Consumer Services	10.54%	S + 6.00%	05/14/26			633		374			352		(6) (7) (8) (9)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services	9.07%	S + 5.25%	12/21/29			1,716		1,683			1,699		(6) (7) (8)
Helios Buyer, Inc. (dba Heartland)	Diversified Consumer Services	10.43%	S + 6.00%	12/15/26			17,200		17,084			16,598		(6) (7) (8)
Heartland Home Services, Inc. (fka Helios Buyer, Inc.)	Diversified Consumer Services	9.77%	S + 6.00%	12/15/26			17,021		16,963			16,510		(6) (7) (8)

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

Table of Contents

Goldman Sachs Private Middle Market Credit II LLC

Consolidated Schedule of Investments as of December 31, ~~2024~~2025 (continued)

(in thousands, except unit and per unit amounts)

Investment (1)	Industry (2)	Interest Rate (3)	Reference Rate and Spread (3)	Maturity		Par (45)		Cost			FairValue			Footnotes
Helios Buyer, Inc. (dba Heartland)	Diversified Consumer Services	10.18%	S + 5.75%	12/15/26	$		14,405	$	14,346		$	13,829		(6) (7) (8)
Heartland Home Services, Inc. (fka Helios Buyer, Inc.)	Diversified Consumer Services	9.52%	S + 5.75%	12/15/26	$		14,257	$	14,228		$	13,794		(6) (7) (8)
Helios Buyer, Inc. (dba Heartland)	Diversified Consumer Services	10.43%	S + 6.00%	12/15/26			13,199		13,144			12,737		(6) (7) (8)
Heartland Home Services, Inc. (fka Helios Buyer, Inc.)	Diversified Consumer Services	9.77%	S + 6.00%	12/15/26			13,063		13,035			12,671		(6) (7) (8)
Helios Buyer, Inc. (dba Heartland)	Diversified Consumer Services	10.46%	S + 6.00%	12/15/26			7,131		7,073			6,882		(6) (7) (8)
Heartland Home Services, Inc. (fka Helios Buyer, Inc.)	Diversified Consumer Services	9.77%	S + 6.00%	12/15/26			7,057		7,028			6,846		(6) (7) (8)
Helios Buyer, Inc. (dba Heartland)	Diversified Consumer Services	10.36%	S + 6.00%	12/15/26			2,199		558			496		(6) (7) (9)
Heartland Home Services, Inc. (fka Helios Buyer, Inc.)	Diversified Consumer Services	9.72%	S + 6.00%	12/15/26			2,263		972			911		(6) (8) (10)
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)	Diversified Consumer Services	10.47%	S + 6.00%	07/06/27			9,653		9,545			9,580		(6) (7) (8) (10)
Pacvue Intermediate LLC (fka Assembly Intermediate LLC)	Diversified Consumer Services	8.92%	S + 5.25%	10/19/27			39,908		39,629			39,908		(6) (7) (8)
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)	Diversified Consumer Services	10.47%	S + 6.00%	07/06/27			6,783		6,696			6,732		(6) (7) (10)
Pacvue Intermediate LLC (fka Assembly Intermediate LLC)	Diversified Consumer Services	8.92%	S + 5.25%	10/19/27			7,982		7,922			7,982		(6) (7) (8)
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)	Diversified Consumer Services	10.48%	S + 6.00%	07/06/27			1,700		1,512			1,517		(6) (7) (9) (10)
Pacvue Intermediate LLC (fka Assembly Intermediate LLC)	Diversified Consumer Services		S + 5.25%	10/19/27			3,991		(24	)		—		(6) (8) (10)
Whitewater Holding Company LLC	Diversified Consumer Services	10.23%	S + 5.75%	12/21/27			15,312		15,147			15,159		(6) (7) (8)
Southeast Mechanical, LLC	Diversified Consumer Services	9.83%	S + 6.00%	07/06/27			9,554		9,487			9,482		(6) (7) (8) (11)
Whitewater Holding Company LLC	Diversified Consumer Services	10.23%	S + 5.75%	12/21/27			5,140		5,081			5,089		(6) (7) (8)
Southeast Mechanical, LLC	Diversified Consumer Services	9.83%	S + 6.00%	07/06/27			6,715		6,661			6,665		(6) (8) (11)
Whitewater Holding Company LLC	Diversified Consumer Services	10.23%	S + 5.75%	12/21/27			5,107		5,052			5,056		(6) (7) (8)
Southeast Mechanical, LLC	Diversified Consumer Services		S + 6.00%	07/06/27			1,700		(11	)		(13	)	(6) (8) (10) (11)
Whitewater Holding Company LLC	Diversified Consumer Services	10.48%	S + 6.00%	12/21/27			2,861		2,824			2,847		(6) (7) (8)
Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC)	Entertainment	9.79%	S + 6.00%	12/31/27			25,500		25,306			25,372		(6) (7) (8)
Whitewater Holding Company LLC	Diversified Consumer Services		S + 5.75%	12/21/27			2,100		(21	)		(21	)	(6) (7) (8) (9)
Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC)	Entertainment		S + 6.00%	12/31/27			2,831		(19	)		(14	)	(6) (7) (8) (10)
Whitewater Holding Company LLC	Diversified Consumer Services	10.23%	S + 5.75%	12/21/27			2,069		2,030			2,048		(6) (7) (8)
Streamland Media Midco LLC	Entertainment	9.43%	S + 5.50% (Incl. 1.00% PIK)	04/02/29			7,632		7,516			7,250		(6) (7) (8)
Checkmate Finance Merger Sub, LLC	Entertainment	10.92%	S + 6.50%	12/31/27			27,529		27,225			27,184		(6) (7) (8)
Streamland Media Midco LLC	Entertainment	8.70%	S + 5.50% (Incl. 1.00% PIK)	04/02/29			1,078		1,077			1,023		(6) (7) (8) (10)
Checkmate Finance Merger Sub, LLC	Entertainment		S + 6.50%	12/31/27			2,831		(29	)		(35	)	(6) (7) (8) (9)
Streamland Media Midco LLC	Entertainment	8.43%	S + 4.50%	04/02/29			838		563			563		(6) (7) (8) (10)
Streamland Media Midco LLC	Entertainment	14.09%	S + 9.50% (Incl. 2.75% PIK)	03/31/25			19,217		19,228			12,011		(6) (7) (8) (12)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	8.67%	S + 5.00%	12/06/29			21,631		21,462			21,523		(6) (7) (8)
Streamland Media Midco LLC	Entertainment	14.09%	S + 9.50% (Incl. 2.75% PIK)	03/31/25			1,069		1,069			1,069		(6) (7) (8)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services		S + 5.00%	12/06/29			2,881		(14	)		(14	)	(6) (7) (8) (10)
Streamland Media Midco LLC	Entertainment	14.09%	S + 9.50% (Incl. 2.75% PIK)	03/31/25			1,069		1,069			1,283		(6) (7) (8)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	8.73%	S + 5.00%	12/06/29			943		932			939		(6) (7) (8)
Streamland Media Midco LLC	Entertainment	14.09%	S + 9.50% (Incl. 2.75% PIK)	03/31/25			346		346			356		(6) (7) (8)
Aria Systems, LLC	Financial Services	11.83%	S + 8.00%	06/30/26			24,143		24,091			24,022		(6) (7) (8)
Streamland Media Midco LLC	Entertainment	14.09%	S + 9.50% (Incl. 2.75% PIK)	03/31/25			346		346			346		(6) (7) (8)
BSI3 Menu Buyer, Inc (dba Kydia)	Financial Services	9.83%	S + 6.00%	01/25/28			48,084		47,754			47,723		(6) (7) (8)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	9.83%	S + 5.50%	05/08/28			21,852		21,711			21,743		(6) (7) (8)
BSI3 Menu Buyer, Inc (dba Kydia)	Financial Services	9.83%	S + 6.00%	01/25/28			1,924		309			306		(6) (8) (10)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services		S + 5.50%	05/08/28			2,881		(18	)		(14	)	(6) (7) (8) (9)
GS AcquisitionCo, Inc. (dba Insightsoftware)	Financial Services	8.92%	S + 5.25%	05/25/28			22,150		22,033			21,485		(6) (7)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	9.89%	S + 5.50%	05/08/28			953		938			948		(6) (7) (8)
GS AcquisitionCo, Inc. (dba Insightsoftware)	Financial Services	8.92%	S + 5.25%	05/25/28			914		333			311		(6) (7) (10)
Aria Systems, Inc.	Financial Services	12.47%	S + 8.00%	06/30/26			24,329		24,180			24,208		(6) (7) (8)
MerchantWise Solutions, LLC (dba HungerRush)	Financial Services	11.17%	S + 7.50% (Incl. 4.50% PIK)	06/01/28			18,593		18,427			16,919		(6) (7) (8)
BSI3 Menu Buyer, Inc (dba Kydia)	Financial Services	10.47%	S + 6.00%	01/25/28			48,084		47,610			46,161		(6) (7) (8)
MerchantWise Solutions, LLC (dba HungerRush)	Financial Services	11.17%	S + 7.50% (Incl. 4.50% PIK)	06/01/28			3,905		3,868			3,553		(6) (7) (8)
BSI3 Menu Buyer, Inc (dba Kydia)	Financial Services		S + 6.00%	01/25/28			1,924		(18	)		(77	)	(6) (7) (9)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.85%	S + 6.00%	12/06/27			8,314		8,293			8,043		(6) (7) (8) (13)
Fullsteam Operations LLC	Financial Services	12.91%	S + 8.25%	11/27/29			3,045		2,953			3,045		(6) (7) (8)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.32%	S + 5.50%	12/06/27			6,045		6,041			5,803		(6) (7) (8) (13)
Fullsteam Operations LLC	Financial Services	12.91%	S + 8.25%	11/27/29			958		933			958		(6) (7) (8)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.32%	S + 5.50%	12/06/27			2,866		2,861			2,751		(6) (7) (8) (13)
Fullsteam Operations LLC	Financial Services	12.91%	S + 8.25%	11/27/29			426		415			426		(6) (7) (8)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.32%	S + 5.50%	12/06/27			2,845		2,841			2,731		(6) (7) (8) (13)
Fullsteam Operations LLC	Financial Services		S + 8.25%	11/27/29			170		(4	)		—		(6) (7) (8) (9)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.32%	S + 5.50%	12/06/27			2,606		2,605			2,502		(6) (7) (8) (13)
GS AcquisitionCo, Inc. (dba Insightsoftware)	Financial Services	9.58%	S + 5.25%	05/25/28			22,385		22,218			22,273		(6) (8)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.32%	S + 5.50%	12/06/27			1,365		1,364			1,310		(6) (7) (8) (13)
GS AcquisitionCo, Inc. (dba Insightsoftware)	Financial Services		S + 5.25%	05/25/28			914		(7	)		(5	)	(6) (8) (9)
Riverpoint Medical, LLC	Health Care Equipment & Supplies	8.17%	S + 4.50%	06/21/27			12,531		12,476			12,437		(6) (7) (8)
MerchantWise Solutions, LLC (dba HungerRush)	Financial Services	11.83%	S + 7.50% (Incl. 4.50% PIK)	06/01/28			19,396		19,165			18,038		(6) (7) (8)
Riverpoint Medical, LLC	Health Care Equipment & Supplies	8.17%	S + 4.50%	06/21/27			8,872		8,840			8,806		(6) (7) (8)
MerchantWise Solutions, LLC (dba HungerRush)	Financial Services	11.83%	S + 7.50% (Incl. 4.50% PIK)	06/01/28			4,031		3,978			3,749		(6) (7) (8)
Riverpoint Medical, LLC	Health Care Equipment & Supplies	8.17%	S + 4.50%	06/21/27			4,383		4,347			4,350		(6) (7) (8)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	10.50%	S + 6.00%	12/06/25			8,399		8,346			8,189		(6) (7) (8)
Riverpoint Medical, LLC	Health Care Equipment & Supplies		S + 4.50%	06/21/27			1,806		(6	)		(14	)	(6) (7) (8) (10)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.96%	S + 5.50%	12/06/25			6,109		6,093			5,926		(6) (7) (8)
Argos Health Holdings, Inc	Health Care Providers & Services	8.88%	S + 5.00%	12/03/29			19,152		18,957			18,961		(6) (7) (8)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.96%	S + 5.50%	12/06/25			2,895		2,882			2,809		(6) (7) (8)
CFS Management, LLC (dba Center for Sight Management)	Health Care Providers & Services	12.43%	S + 8.50% (Incl. 2.25% PIK)	09/30/26			19,261		19,261			16,083		(6) (7) (8)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.96%	S + 5.50%	12/06/25			2,875		2,863			2,788		(6) (7) (8)
CFS Management, LLC (dba Center for Sight Management)	Health Care Providers & Services	12.43%	S + 8.50% (Incl. 2.25% PIK)	09/30/26			4,871		4,871			4,068		(6) (7) (8)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.96%	S + 5.50%	12/06/25			2,634		2,626			2,555		(6) (7) (8)
CFS Management, LLC (dba Center for Sight Management)	Health Care Providers & Services	12.43%	S + 8.50% (Incl. 2.25% PIK)	09/30/26			1,877		1,877			1,568		(6) (7) (8)
Eptam Plastics, Ltd.	Health Care Equipment & Supplies	9.96%	S + 5.50%	12/06/25			1,365		1,361			1,324		(6) (7) (8)
CFS Management, LLC (dba Center for Sight Management)	Health Care Providers & Services	12.43%	S + 8.50% (Incl. 2.25% PIK)	09/30/26			318		318			265		(6) (7) (8)
Riverpoint Medical, LLC	Health Care Equipment & Supplies	9.58%	S + 5.25%	06/21/27			13,240		13,148			13,108		(6) (7) (8)
Coding Solutions Acquisition, Inc. (dba CorroHealth)	Health Care Providers & Services	8.72%	S + 5.00%	08/07/31			9,482		9,417			9,387		(6) (7) (8)

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

Table of Contents

Goldman Sachs Private Middle Market Credit II LLC

Consolidated Schedule of Investments as of December 31, ~~2024~~2025 (continued)

(in thousands, except unit and per unit amounts)

Investment (1)	Industry (2)	Interest Rate (3)	Reference Rate and Spread (3)	Maturity	Par (45)		Cost			FairValue			Footnotes
Riverpoint Medical, LLC	Health Care Equipment & Supplies	9.58%	S + 5.25%	06/21/27	$	9,376	$	9,323		$	9,282		(6) (7) (8)
Coding Solutions Acquisition, Inc. (dba CorroHealth)	Health Care Providers & Services		S + 5.00%	08/07/31	$	821	$	(10	)	$	(8	)	(6) (7) (8) (10)
Riverpoint Medical, LLC	Health Care Equipment & Supplies	9.58%	S + 5.25%	06/21/27		4,631		4,570			4,584		(6) (7) (8)
Coding Solutions Acquisition, Inc. (dba CorroHealth)	Health Care Providers & Services		S + 5.00%	08/07/31		366		(7	)		(4	)	(6) (7) (8) (10)
Riverpoint Medical, LLC	Health Care Equipment & Supplies	9.53%	S + 5.25%	06/21/27		1,806		352			343		(6) (7) (8) (9)
CORA Health Holdings Corp	Health Care Providers & Services	9.72%	S + 5.75%	06/15/27		20,390		20,312			17,586		(6) (7) (8)
Argos Health Holdings, Inc	Health Care Providers & Services	10.90%	S + 6.25%	12/03/27		19,351		19,145			18,674		(6) (7) (8)
CORA Health Holdings Corp	Health Care Providers & Services	9.72%	S + 5.75%	06/15/27		337		336			291		(6) (7) (8)
Capitol Imaging Acquisition Corp.	Health Care Providers & Services	11.35%	S + 6.50%	10/01/26		39,118		38,853			38,922		(6) (8)
DECA Dental Holdings LLC	Health Care Providers & Services	9.52%	S + 5.75%	08/28/28		18,823		18,659			17,411		(6) (7) (8)
Capitol Imaging Acquisition Corp.	Health Care Providers & Services		S + 6.50%	10/01/25		9,170		(29	)		(46	)	(6) (9)
DECA Dental Holdings LLC	Health Care Providers & Services	9.52%	S + 5.75%	08/28/28		1,981		1,965			1,833		(6) (7) (8)
CFS Management, LLC (dba Center for Sight Management)	Health Care Providers & Services	13.09%	S + 8.50% (Incl. 2.25% PIK)	09/30/26		18,876		18,876			16,988		(6) (7) (8)
DECA Dental Holdings LLC	Health Care Providers & Services	9.52%	S + 5.75%	08/26/27		1,552		1,543			1,436		(6) (7) (8)
CFS Management, LLC (dba Center for Sight Management)	Health Care Providers & Services	13.09%	S + 8.50% (Incl. 2.25% PIK)	09/30/26		4,760		4,760			4,284		(6) (7) (8)
Honor HN Buyer, Inc	Health Care Providers & Services	9.57%	S + 5.75%	10/15/27		21,212		21,066			21,159		(6) (7) (8)
CFS Management, LLC (dba Center for Sight Management)	Health Care Providers & Services	13.09%	S + 8.50% (Incl. 2.25% PIK)	09/30/26		1,839		1,839			1,656		(6) (7) (8)
Honor HN Buyer, Inc	Health Care Providers & Services	9.57%	S + 5.75%	10/15/27		19,139		18,965			19,091		(6) (8)
CFS Management, LLC (dba Center for Sight Management)	Health Care Providers & Services	13.09%	S + 8.50% (Incl. 2.25% PIK)	09/30/26		314		311			282		(6) (7) (8)
Honor HN Buyer, Inc	Health Care Providers & Services	9.57%	S + 5.75%	10/15/27		13,415		13,314			13,382		(6) (8)
Coding Solutions Acquisition, Inc. (dba CorroHealth)	Health Care Providers & Services	9.25%	S + 5.00%	08/07/31		8,625		8,566			8,495		(6) (7) (8)
Honor HN Buyer, Inc	Health Care Providers & Services	11.50%	P + 4.75%	10/15/27		2,542		302			311		(6) (8) (10)
Coding Solutions Acquisition, Inc. (dba CorroHealth)	Health Care Providers & Services		S + 5.00%	08/07/31		1,314		(19	)		(20	)	(6) (7) (8) (9)
One GI LLC	Health Care Providers & Services	10.57%	S + 6.75%	12/22/25		20,336		20,336			18,506		(6) (7) (8) (14)
Coding Solutions Acquisition, Inc. (dba CorroHealth)	Health Care Providers & Services	9.33%	S + 5.00%	08/07/31		821		707			706		(6) (7) (8) (9)
One GI LLC	Health Care Providers & Services	10.57%	S + 6.75%	12/22/25		9,995		9,994			9,095		(6) (7) (8) (14)
CORA Health Holdings Corp	Health Care Providers & Services	10.74%	S + 5.75%	06/15/27		20,435		20,306			17,165		(6) (7) (8)
One GI LLC	Health Care Providers & Services	10.57%	S + 6.75%	12/22/25		8,455		8,455			7,694		(6) (7) (8) (14)
CORA Health Holdings Corp	Health Care Providers & Services	10.74%	S + 5.75%	06/15/27		340		338			286		(6) (7) (8)
One GI LLC	Health Care Providers & Services	10.57%	S + 6.75%	12/22/25		5,486		5,486			4,992		(6) (7) (8) (14)
DECA Dental Holdings LLC	Health Care Providers & Services	10.18%	S + 5.75%	08/28/28		19,020		18,799			18,449		(6) (7) (8)
One GI LLC	Health Care Providers & Services	10.57%	S + 6.75%	12/22/25		3,246		3,246			2,954		(6) (7) (8) (14)
DECA Dental Holdings LLC	Health Care Providers & Services	10.18%	S + 5.75%	08/28/28		2,002		1,980			1,942		(6) (7) (8)
Premier Imaging, LLC (dba Lucid Health)	Health Care Providers & Services	9.93%	S + 6.00% (Incl. 3.27% PIK)	03/31/26		19,125		19,125			14,296		(6) (7) (8)
DECA Dental Holdings LLC	Health Care Providers & Services	10.20%	S + 5.75%	08/26/27		1,552		1,538			1,505		(6) (7) (8)
Premier Imaging, LLC (dba Lucid Health)	Health Care Providers & Services	9.93%	S + 6.00% (Incl. 3.27% PIK)	03/31/26		12,503		12,503			9,346		(6) (7) (8)
Honor HN Buyer, Inc	Health Care Providers & Services	10.23%	S + 5.75%	10/15/27		21,433		21,211			21,380		(6) (7) (8)
Premier Imaging, LLC (dba Lucid Health)	Health Care Providers & Services	9.93%	S + 6.00% (Incl. 3.27% PIK)	03/31/26		5,294		5,294			3,957		(6) (7) (8)
Honor HN Buyer, Inc	Health Care Providers & Services	10.23%	S + 5.75%	10/15/27		19,334		19,072			19,286		(6) (7)
Premier Imaging, LLC (dba Lucid Health)	Health Care Providers & Services	9.93%	S + 6.00% (Incl. 3.27% PIK)	03/31/26		3,354		3,354			2,507		(6) (7) (8)
Honor HN Buyer, Inc	Health Care Providers & Services	10.23%	S + 5.75%	10/15/27		13,554		13,402			13,520		(6) (7)
SpendMend Holdings LLC	Health Care Providers & Services	8.82%	S + 5.00%	03/01/28		11,843		11,759			11,784		(6) (7) (8)
Honor HN Buyer, Inc	Health Care Providers & Services	12.25%	P + 4.75%	10/15/27		2,542		294			311		(6) (7) (9)
SpendMend Holdings LLC	Health Care Providers & Services	8.82%	S + 5.00%	03/01/28		3,259		3,235			3,243		(6) (7) (8)
One GI LLC	Health Care Providers & Services	11.21%	S + 6.75%	12/22/25		20,550		20,455			19,317		(6) (7) (8)
SpendMend Holdings LLC	Health Care Providers & Services	8.82%	S + 5.00%	03/01/28		1,605		256			260		(6) (7) (8) (10)
One GI LLC	Health Care Providers & Services	11.21%	S + 6.75%	12/22/25		10,099		10,044			9,493		(6) (7) (8)
USN Opco LLC (dba Global Nephrology Solutions)	Health Care Providers & Services	9.49%	S + 5.50%	12/21/26		19,425		19,351			19,134		(6) (7) (8)
One GI LLC	Health Care Providers & Services	11.21%	S + 6.75%	12/22/25		8,544		8,505			8,031		(6) (7) (8)
USN Opco LLC (dba Global Nephrology Solutions)	Health Care Providers & Services	9.49%	S + 5.50%	12/21/26		8,400		8,373			8,274		(6) (7) (8)
One GI LLC	Health Care Providers & Services	11.21%	S + 6.75%	12/22/25		5,542		5,508			5,210		(6) (7) (8)
USN Opco LLC (dba Global Nephrology Solutions)	Health Care Providers & Services	9.49%	S + 5.50%	12/21/26		6,752		6,734			6,651		(6) (7) (8)
One GI LLC	Health Care Providers & Services	11.24%	S + 6.75%	12/22/25		3,246		3,233			3,052		(6) (7) (8)
USN Opco LLC (dba Global Nephrology Solutions)	Health Care Providers & Services		S + 5.50%	12/21/26		2,812		(10	)		(42	)	(6) (8) (10)
Premier Imaging, LLC (dba Lucid Health)	Health Care Providers & Services	10.87%	S + 6.00%	03/31/26		18,321		18,322			14,061		(6) (7) (8)
ESO Solutions, Inc.	Health Care Technology	10.58%	S + 6.75%	05/03/27		36,294		36,101			36,113		(6) (7) (8)
Premier Imaging, LLC (dba Lucid Health)	Health Care Providers & Services	10.59%	S + 6.00%	03/31/26		11,975		11,975			9,191		(6) (7) (8)
ESO Solutions, Inc.	Health Care Technology	10.54%	S + 6.75%	05/03/27		3,292		2,948			2,947		(6) (7) (8) (10)
Premier Imaging, LLC (dba Lucid Health)	Health Care Providers & Services	10.59%	S + 6.00%	03/31/26		5,070		5,070			3,891		(6) (7) (8)
Experity, Inc.	Health Care Technology	8.67%	S + 5.00% (Incl. 2.25% PIK)	02/22/30		22,412		22,253			22,244		(6) (7) (8)
Premier Imaging, LLC (dba Lucid Health)	Health Care Providers & Services	10.59%	S + 6.00%	03/31/26		2,924		2,924			2,244		(6) (7) (8)
Experity, Inc.	Health Care Technology		S + 5.00% (Incl. 2.25% PIK)	02/22/30		3,023		(20	)		(23	)	(6) (7) (8) (10)
SpendMend, LLC	Health Care Providers & Services	9.48%	S + 5.00%	03/01/28		11,966		11,845			11,847		(6) (7) (8)
IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.)	Health Care Technology	8.57%	S + 5.00%	05/11/29		11,044		10,924			10,934		(6) (7) (8)
SpendMend, LLC	Health Care Providers & Services	9.55%	S + 5.00%	03/01/28		5,289		3,247			3,240		(6) (7) (8) (9)
IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.)	Health Care Technology		S + 5.00%	05/11/28		1,396		(12	)		(14	)	(6) (7) (8) (10)
SpendMend, LLC	Health Care Providers & Services		S + 5.00%	03/01/28		1,605		(16	)		(16	)	(6) (7) (8) (9)
IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.)	Health Care Technology	8.99%	S + 5.00%	05/11/29		1,118		1,105			1,107		(6) (7) (8)
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)	Health Care Providers & Services	10.74%	S + 6.00%	08/15/25		16,218		16,169			15,975		(6) (7) (8)
MedeAnalytics Parent, Inc.	Health Care Technology		3.00% PIK	10/23/28		10,128		6,057			6,761		(6) (7) (8) (11) (12)
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)	Health Care Providers & Services	10.67%	S + 6.00%	08/15/25		8,771		8,739			8,640		(6) (7) (8)
WebPT, Inc.	Health Care Technology	10.17%	S + 6.25%	01/18/28		12,606		12,455			10,967		(6) (7) (8)
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)	Health Care Providers & Services	10.74%	S + 6.00%	08/15/25		7,020		6,992			6,915		(6) (7) (8)
WebPT, Inc.	Health Care Technology	10.17%	S + 6.25%	01/18/28		12,340		12,267			10,736		(6) (7) (8)
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)	Health Care Providers & Services	10.66%	S + 6.00%	08/15/25		3,897		3,879			3,839		(6) (7)
WebPT, Inc.	Health Care Technology	10.26%	S + 6.25%	01/18/28		2,146		1,859			1,591		(6) (7) (8) (10)
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)	Health Care Providers & Services	10.74%	S + 6.00%	08/15/25		3,824		3,811			3,766		(6) (7) (8)
WebPT, Inc.	Health Care Technology	10.18%	S + 6.25%	01/18/28		1,799		1,787			1,565		(6) (7) (8)
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)	Health Care Providers & Services	10.76%	S + 6.00%	08/15/25		2,361		1,882			1,853		(6) (7) (8) (9)
Volt Bidco, Inc. (dba Power Factors)	Independent Power and Renewable Electricity Producers	10.17%	S + 6.50% PIK	08/11/27		35,499		35,290			32,659		(6) (7) (8)
Total Vision LLC	Health Care Providers & Services	10.89%	S + 6.00%	07/15/26		15,210		15,089			14,449		(6) (7) (8)
Volt Bidco, Inc. (dba Power Factors)	Independent Power and Renewable Electricity Producers	10.17%	S + 6.50% PIK	08/11/27		6,771		6,771			6,229		(6) (7) (8)

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

Table of Contents

Goldman Sachs Private Middle Market Credit II LLC

Consolidated Schedule of Investments as of December 31, ~~2024~~2025 (continued)

(in thousands, except unit and per unit amounts)

Investment (1)	Industry (2)	Interest Rate (3)	Reference Rate and Spread (3)	Maturity		Par (45)		Cost			FairValue			Footnotes
Total Vision LLC	Health Care Providers & Services	10.62%	S + 6.00%	07/15/26	$		8,800	$	8,720		$	8,360		(6) (7) (8)
Volt Bidco, Inc. (dba Power Factors)	Independent Power and Renewable Electricity Producers	10.17%	S + 6.50% PIK	08/11/27	$		4,172	$	3,922		$	3,589		(6) (8) (10)
Total Vision LLC	Health Care Providers & Services	10.78%	S + 6.00%	07/15/26			4,460		4,430			4,237		(6) (7) (8)
Volt Bidco, Inc. (dba Power Factors)	Independent Power and Renewable Electricity Producers		S + 6.50% PIK	08/11/27			3,343		(20	)		(267	)	(6) (8) (10)
Total Vision LLC	Health Care Providers & Services	10.88%	S + 6.00%	07/15/26			2,229		2,214			2,118		(6) (7) (8)
LS Clinical Services Holdings, Inc (dba CATO)	Pharmaceuticals	10.92%	S + 7.25% (Incl. 6.25% PIK)	12/17/29			17,444		17,304			13,607		(6) (7) (8)
Total Vision LLC	Health Care Providers & Services		S + 6.00%	07/15/26			1,150		(7	)		(58	)	(6) (7) (9)
LS Clinical Services Holdings, Inc (dba CATO)	Pharmaceuticals	10.92%	S + 7.25% (Incl. 6.25% PIK)	06/18/29			1,889		1,875			1,473		(6) (7) (8)
USN Opco LLC (dba Global Nephrology Solutions)	Health Care Providers & Services	9.98%	S + 5.50%	12/21/26			19,629		19,482			18,942		(6) (7) (8)
Diligent Corporation	Professional Services	8.82%	S + 5.00%	08/02/30			52,988		52,673			52,590		(6) (7) (8)
USN Opco LLC (dba Global Nephrology Solutions)	Health Care Providers & Services	9.98%	S + 5.50%	12/21/26			8,486		8,433			8,189		(6) (7) (8)
Diligent Corporation	Professional Services	8.82%	S + 5.00%	08/02/30			9,084		9,030			9,015		(6) (7) (8)
USN Opco LLC (dba Global Nephrology Solutions)	Health Care Providers & Services	9.98%	S + 5.50%	12/21/26			6,823		6,787			6,584		(6) (7) (8)
Diligent Corporation	Professional Services		S + 5.00%	08/02/30			5,473		(30	)		(41	)	(6) (7) (8) (10)
USN Opco LLC (dba Global Nephrology Solutions)	Health Care Providers & Services	9.98%	S + 5.50%	12/21/26			2,812		822			744		(6) (7) (9)
Diligent Corporation	Professional Services	8.76%	S + 5.00%	08/02/30			5,255		1,206			1,196		(6) (7) (8) (10)
Businessolver.com, Inc.	Health Care Technology	9.93%	S + 5.50%	12/01/27			16,360		16,272			16,237		(6) (7) (8)
iCIMS, Inc.	Professional Services	9.61%	S + 5.75%	08/18/28			21,171		21,003			20,218		(6) (7) (8)
Businessolver.com, Inc.	Health Care Technology	9.93%	S + 5.50%	12/01/27			2,448		577			566		(6) (7) (8) (9)
iCIMS, Inc.	Professional Services	9.59%	S + 5.75%	08/18/28			1,860		488			418		(6) (7) (8) (10)
ESO Solutions, Inc.	Health Care Technology	11.27%	S + 6.75%	05/03/27			36,294		35,969			35,931		(6) (7) (8)
NFM & J, L.P. (dba the Facilities Group)	Professional Services	9.67%	S + 5.75%	11/30/27			15,172		15,057			15,096		(6) (7) (8)
ESO Solutions, Inc.	Health Care Technology	11.38%	S + 6.75%	05/03/27			3,292		2,278			2,272		(6) (7) (8) (9)
NFM & J, L.P. (dba the Facilities Group)	Professional Services	9.69%	S + 5.75%	11/30/27			14,925		14,826			14,850		(6) (7) (8)
Experity, Inc.	Health Care Technology	10.32%	S + 6.00% (Incl. 3.25% PIK)	02/24/28			21,712		21,659			21,549		(6) (7) (8)
NFM & J, L.P. (dba the Facilities Group)	Professional Services	11.50%	P + 4.75%	11/30/27			2,696		993			998		(6) (7) (8) (10)
Experity, Inc.	Health Care Technology	10.32%	S + 6.00% (Incl. 3.25% PIK)	02/24/28			3,023		511			496		(6) (7) (8) (9)
Pluralsight, Inc.	Professional Services		S + 7.50% PIK	08/22/29			15,293		14,160			11,775		(6) (7) (8) (11) (12)
GHA Buyer Inc. (dba Cedar Gate)	Health Care Technology	9.83%	S + 5.50%	06/24/26			14,293		14,209			14,150		(6) (7) (8)
Pluralsight, Inc.	Professional Services	8.32%	S + 4.50% (Incl. 1.50% PIK)	08/22/29			8,884		8,816			8,795		(6) (7) (8) (11)
GHA Buyer Inc. (dba Cedar Gate)	Health Care Technology	9.83%	S + 5.50%	06/24/26			2,500		2,495			2,475		(6) (7) (8)
Pluralsight, Inc.	Professional Services		S + 4.50% (Incl. 1.50% PIK)	08/22/29			5,474		—			(55	)	(6) (7) (8) (10) (11)
GHA Buyer Inc. (dba Cedar Gate)	Health Care Technology		S + 5.50%	06/24/26			1,749		(10	)		(17	)	(6) (7) (9)
Pluralsight, Inc.	Professional Services	8.32%	S + 4.50% (Incl. 1.50% PIK)	08/22/29			4,442		4,442			4,398		(6) (7) (8) (11)
GHA Buyer Inc. (dba Cedar Gate)	Health Care Technology	9.83%	S + 5.50%	06/24/26			934		931			925		(6) (7) (8)
Pluralsight, Inc.	Professional Services		S + 4.50% (Incl. 1.50% PIK)	08/22/29			2,189		—			(22	)	(6) (7) (8) (10) (11)
HealthEdge Software, Inc.	Health Care Technology	9.13%	S + 4.75%	07/16/31			24,850		24,613			24,601		(6) (7) (8)
HowlCO LLC (dba Lone Wolf)	Real Estate Mgmt. & Development	10.59%	S + 6.50% (Incl. 3.50% PIK)	10/22/27			34,273		34,058			31,874		(6) (7) (8) (9)
HealthEdge Software, Inc.	Health Care Technology	9.15%	S + 4.75%	07/16/31			10,963		10,857			10,854		(6) (7) (8)
HowlCO LLC (dba Lone Wolf)	Real Estate Mgmt. & Development	10.51%	S + 6.50% (Incl. 3.50% PIK)	10/22/27			10,991		10,938			10,222		(6) (7) (8) (9)
HealthEdge Software, Inc.	Health Care Technology		S + 4.75%	07/16/31			3,297		(31	)		(33	)	(6) (7) (8) (9)
HowlCO LLC (dba Lone Wolf)	Real Estate Mgmt. & Development	10.59%	S + 6.50% (Incl. 3.50% PIK)	10/22/27			10,513		10,468			9,777		(6) (7) (8) (9)
Intelligent Medical Objects, Inc.	Health Care Technology	9.36%	S + 5.00%	05/11/29			11,158		11,006			10,879		(6) (7) (8)
Zarya HoldCo, Inc. (dba Eptura)	Real Estate Mgmt. & Development	10.32%	S + 6.50%	07/01/27			79,136		79,136			78,344		(6) (7) (8)
Intelligent Medical Objects, Inc.	Health Care Technology	9.91%	S + 5.00%	05/11/29			1,411		1,391			1,376		(6) (7) (8)
Zarya HoldCo, Inc. (dba Eptura)	Real Estate Mgmt. & Development		S + 6.50%	07/01/27			8,383		—			(84	)	(6) (8) (10)
Intelligent Medical Objects, Inc.	Health Care Technology	9.57%	S + 5.00%	05/11/28			1,396		25			7		(6) (7) (8) (9)
Zarya HoldCo, Inc. (dba Eptura)	Real Estate Mgmt. & Development	10.32%	S + 6.50%	07/01/27			2,035		2,015			2,015		(6) (7) (8)
MedeAnalytics, Inc.	Health Care Technology		3.00% PIK	10/23/28			9,751		6,057			6,680		(6) (7) (8) (10) (11)
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)	Software	10.29%	S + 6.00%	03/10/27			2,565		2,550			2,340		(6) (7) (8)
PDDS Holdco, Inc. (dba Planet DDS)	Health Care Technology	11.98%	S + 7.50%	07/18/28			22,055		21,765			22,000		(6) (7) (8)
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)	Software		S + 6.00%	03/10/27			1,100		(6	)		(96	)	(6) (7) (8) (10)
PDDS Holdco, Inc. (dba Planet DDS)	Health Care Technology	11.98%	S + 7.50%	07/18/28			7,351		6,636			6,618		(6) (7) (8) (9)
Acquia, Inc.	Software	9.59%	S + 5.50%	10/30/26			24,940		24,860			24,691		(6) (7) (8)
PDDS Holdco, Inc. (dba Planet DDS)	Health Care Technology	11.98%	S + 7.50%	07/18/28			2,145		2,131			2,140		(6) (7) (8)
Acquia, Inc.	Software	9.61%	S + 5.50%	10/30/26			1,933		1,927			1,914		(6) (7) (8)
PDDS Holdco, Inc. (dba Planet DDS)	Health Care Technology	11.98%	S + 7.50%	07/18/28			1,705		491			507		(6) (7) (9)
AQ Helios Buyer, Inc. (dba SurePoint)	Software	10.99%	S + 7.00%	12/31/26			35,280		35,135			34,574		(6) (7) (8)
WebPT, Inc.	Health Care Technology	10.86%	S + 6.25%	01/18/28			12,701		12,484			12,129		(6) (7) (8)
AQ Helios Buyer, Inc. (dba SurePoint)	Software	11.99%	S + 8.00%	12/31/26			5,900		5,900			5,841		(6) (7) (8)
WebPT, Inc.	Health Care Technology	10.86%	S + 6.25%	01/18/28			12,434		12,328			11,874		(6) (7) (8)
AQ Helios Buyer, Inc. (dba SurePoint)	Software	11.05%	S + 7.00%	12/31/26			4,160		3,314			3,245		(6) (7) (8) (10)
WebPT, Inc.	Health Care Technology	11.12%	S + 6.25%	01/18/28			2,146		1,118			1,038		(6) (7) (8) (9)
AQ Helios Buyer, Inc. (dba SurePoint)	Software	11.99%	S + 8.00%	12/31/26			2,127		2,127			2,105		(6) (7) (8)
WebPT, Inc.	Health Care Technology	11.22%	S + 6.25%	01/18/28			1,811		1,794			1,729		(6) (7) (8)
CloudBees, Inc.	Software	10.83%	S + 7.00% (Incl. 2.50% PIK)	11/24/26			14,336		14,157			14,336		(6) (7) (8)
HS4 AcquisitionCo, Inc. (dba HotSchedules & Fourth)	Hotels, Restaurants & Leisure	10.19%	S + 5.75%	07/09/25			25,947		25,890			25,817		(6) (7) (8)
CloudBees, Inc.	Software	10.83%	S + 7.00% (Incl. 2.50% PIK)	11/24/26			6,125		6,045			6,125		(6) (7) (8)
HS4 AcquisitionCo, Inc. (dba HotSchedules & Fourth)	Hotels, Restaurants & Leisure	10.19%	S + 5.75%	07/09/25			5,382		5,365			5,355		(6) (7) (8)
Gainsight, Inc.	Software	9.72%	S + 5.75%	07/30/27			26,421		26,291			26,157		(6) (7) (8)
HS4 AcquisitionCo, Inc. (dba HotSchedules & Fourth)	Hotels, Restaurants & Leisure	10.19%	S + 5.75%	07/09/25			2,186		1,471			1,465		(6) (7) (8) (9)
Gainsight, Inc.	Software		S + 5.75%	07/30/27			5,182		(23	)		(52	)	(6) (7) (8) (10)
Volt Bidco, Inc. (dba Power Factors)	Independent Power and Renewable Electricity Producers	10.83%	S + 6.50%	08/11/27			31,886		31,559			29,973		(6) (7) (8)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software	9.34%	S + 5.50% (Incl. 2.00% PIK)	01/17/31			11,915		11,825			11,915		(6) (7) (8)
Volt Bidco, Inc. (dba Power Factors)	Independent Power and Renewable Electricity Producers	10.83%	S + 6.50%	08/11/27			6,081		6,081			5,717		(6) (7) (8)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software	8.84%	S + 5.00% (Incl. 2.00% PIK)	01/17/31			1,765		1,749			1,730		(6) (7) (8)
Volt Bidco, Inc. (dba Power Factors)	Independent Power and Renewable Electricity Producers	10.83%	S + 6.50%	08/11/27			3,876		3,523			3,291		(6) (7) (9)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software		S + 5.50% (Incl. 2.00% PIK)	01/17/31			1,645		(12	)		(4	)	(6) (7) (8) (10)
Volt Bidco, Inc. (dba Power Factors)	Independent Power and Renewable Electricity Producers		S + 6.50%	08/11/27			3,343		(32	)		(201	)	(6) (7) (9)
Sundance Group Holdings, Inc. (dba NetDocuments)	Software	8.17%	S + 4.50%	07/02/29			51,117		50,626			50,606		(6) (7) (8)
Kaseya Inc.	IT Services	10.09%	S + 5.50%	06/25/29			17,176		16,998			17,176		(6) (7) (8)
Sundance Group Holdings, Inc. (dba NetDocuments)	Software	8.17%	S + 4.50%	07/02/29			6,866		1,237			1,221		(6) (7) (8) (10)

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

Table of Contents

Goldman Sachs Private Middle Market Credit II LLC

Consolidated Schedule of Investments as of December 31, ~~2024~~2025 (continued)

(in thousands, except unit and per unit amounts)

Investment (1)	Industry (2)	Interest Rate (3)	Reference Rate and Spread (3)	~~Maturity~~InitialAcquisitionDate(4)	~~Par (4)~~Maturity	Par (5)		~~Cost~~	Cost		~~FairValue~~	FairValue		~~Footnotes~~	Footnotes
Kaseya Inc.	IT Services	9.83%	S + 5.50%	06/25/29	$	1,013		$	245		$	255		(6) (7) (8) (9)
Summit Buyer, LLC (dba Classic Collision)	Specialty Retail	8.67%	S + 5.00%		06/02/31	$	16,903		$	16,762		$	16,903		(6) (7) (8)
Kaseya Inc.	IT Services	10.09%	S + 5.50%	06/25/29		948			191			197		(6) (7) (8) (9)
Summit Buyer, LLC (dba Classic Collision)	Specialty Retail	8.69%	S + 5.00%		06/02/31		9,266			7,547			7,616		(6) (7) (8) (10)
Kaseya Inc.	IT Services	10.09%	S + 5.50%	06/25/29		63			62			63		(6) (7) (8)
Summit Buyer, LLC (dba Classic Collision)	Specialty Retail	10.75%	P + 4.00%		05/31/30		2,178			513			529		(6) (7) (8) (10)
Wellness AcquisitionCo, Inc. (dba SPINS)	IT Services	9.96%	S + 5.50%	01/20/27		19,792			19,635			19,693		(6) (7) (8)
BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics)	Trading Companies & Distributors	9.47%	S + 5.75%		10/07/30		19,490			19,120			19,295		(6) (7) (8)
Wellness AcquisitionCo, Inc. (dba SPINS)	IT Services	9.96%	S + 5.50%	01/20/27		3,686			1,622			1,633		(6) (7) (8) (9)
BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics)	Trading Companies & Distributors	9.47%	S + 5.75%		10/07/30		10,925			10,713			10,815		(6) (7) (8)
Wellness AcquisitionCo, Inc. (dba SPINS)	IT Services		S + 5.50%	01/20/27		2,400			(17	)		(12	)	(6) (7) (9)
Total 1st Lien/Senior Secured Debt										1,470,655			1,424,099
LS Clinical Services Holdings, Inc (dba CATO)	Pharmaceuticals	12.03%	S + 7.25% (Incl. 8.03% PIK)	12/16/27		15,732			15,545			13,844		(6) (7) (8)
1st Lien/Last-Out Unitranche (15) - 3.1%
LS Clinical Services Holdings, Inc (dba CATO)	Pharmaceuticals	11.84%	S + 7.25% (Incl. 7.84% PIK)	06/16/27		2,111			1,689			1,459		(6) (7) (8) (9)
Streamland Media Midco LLC	Entertainment		S + 6.50% (Incl. 5.50% PIK)		04/02/29	$	7,389		$	6,428		$	5,099		(6) (7) (8) (12)
Bullhorn, Inc.	Professional Services	9.36%	S + 5.00%	10/01/29		13,386			13,260			13,386		(6) (7) (8)
EDB Parent, LLC (dba Enterprise DB)	Software	10.84%	S + 7.00%		07/07/28		17,879			17,648			17,700		(6) (7) (8)
Bullhorn, Inc.	Professional Services	9.36%	S + 5.00%	10/01/29		2,384			2,373			2,384		(6) (7) (8)
EDB Parent, LLC (dba Enterprise DB)	Software	10.84%	S + 7.00%		07/07/28		6,958			6,745			6,675		(6) (8) (10)
Bullhorn, Inc.	Professional Services		S + 5.00%	10/01/29		693			(6	)		—		(6) (7) (8) (9)
Total 1st Lien/Last-Out Unitranche										30,821			29,474
Bullhorn, Inc.	Professional Services	9.36%	S + 5.00%	10/01/29		620			614			620		(6) (7) (8)
2nd Lien/Senior Secured Debt - 0.3%
Bullhorn, Inc.	Professional Services	9.36%	S + 5.00%	10/01/29		278			275			278		(6) (7) (8)
Sweep Midco LLC	Commercial Services & Supplies				03/12/36	$	14,704		$	—		$	—		(6) (7) (8) (16)
Bullhorn, Inc.	Professional Services	9.36%	S + 5.00%	10/01/29		221			219			221		(6) (7) (8)
Sweep Midco LLC	Commercial Services & Supplies				03/12/34		5,052			3,789			2,526		(6) (7) (8) (16)
Chronicle Bidco Inc. (dba Lexitas)	Professional Services	10.76%	S + 6.25%	05/18/29		41,906			40,710			41,487		(6) (7) (8)
Total 2nd Lien/Senior Secured Debt										3,789			2,526
Chronicle Bidco Inc. (dba Lexitas)	Professional Services	10.76%	S + 6.25%	05/18/29		3,676			500			551		(6) (7) (8) (9)
Unsecured Debt - 0.7%
Diligent Corporation	Professional Services	10.09%	S + 5.00%	08/02/30		52,988			52,622			52,590		(6) (7) (8)
mPulse Mobile, Inc. (dba Zipari Inc.)	Health Care Technology			09/05/24	02/25/33	$	7,649		$	6,558		$	6,654		(7) (8) (16)
Diligent Corporation	Professional Services	10.09%	S + 5.00%	08/02/30		9,084			9,021			9,015		(6) (7) (8)
Total Unsecured Debt										6,558			6,654
Diligent Corporation	Professional Services		S + 5.00%	08/02/30		5,473			(37	)		(41	)	(6) (7) (8) (9)
Total United States									$	1,511,823		$	1,462,753
Diligent Corporation	Professional Services		S + 5.00%	08/02/30		5,255			(35	)		(39	)	(6) (7) (8) (9)
Total Debt Investments									$	1,555,286		$	1,507,141
iCIMS, Inc.	Professional Services	10.38%	S + 5.75%	08/18/28		21,171			20,950			20,218		(6) (7) (8)
iCIMS, Inc.	Professional Services	10.34%	S + 5.75%	08/18/28		1,860			352			288		(6) (7) (8) (9)
NFM & J, L.P. (dba the Facilities Group)	Professional Services	10.56%	S + 5.75%	11/30/27		15,329			15,159			15,253		(6) (7) (8)
NFM & J, L.P. (dba the Facilities Group)	Professional Services	10.44%	S + 5.75%	11/30/27		15,080			14,930			15,005		(6) (7) (8)
NFM & J, L.P. (dba the Facilities Group)	Professional Services		P + 4.75%	11/30/27		2,696			(27	)		(13	)	(6) (7) (8) (9)
Pluralsight, Inc.	Professional Services		S + 7.50% PIK	08/22/29		13,560			12,743			13,154		(6) (7) (8) (10) (11)
Pluralsight, Inc.	Professional Services	9.01%	S + 4.50% (Incl. 1.50% PIK)	08/22/29		8,791			8,709			8,703		(6) (7) (8) (10)
Pluralsight, Inc.	Professional Services		S + 4.50% (Incl.1.50% PIK)	08/22/29		5,474			—			(55	)	(6) (7) (8) (9) (10)
Pluralsight, Inc.	Professional Services	9.01%	S + 4.50% (Incl.1.50% PIK)	08/22/29		4,396			4,396			4,352		(6) (7) (8) (10)
Pluralsight, Inc.	Professional Services		S + 4.50% (Incl.1.50% PIK)	08/22/29		2,189			—			(22	)	(6) (7) (8) (9) (10)
HowlCO LLC (dba Lone Wolf)	Real Estate Mgmt. & Development	11.24%	S + 6.50% (Incl. 3.50% PIK)	10/22/27		33,083			32,862			31,098		(5) (6) (7) (8)
HowlCO LLC (dba Lone Wolf)	Real Estate Mgmt. & Development	11.28%	S + 6.50% (Incl. 3.50% PIK)	10/22/27		10,606			10,560			9,970		(5) (6) (7) (8)
HowlCO LLC (dba Lone Wolf)	Real Estate Mgmt. & Development	11.24%	S + 6.50% (Incl. 3.50% PIK)	10/22/27		10,148			10,112			9,539		(5) (6) (7) (8)
MRI Software LLC	Real Estate Mgmt. & Development	9.08%	S + 4.75%	02/10/27		15,904			15,803			15,864		(8)
Zarya Intermediate, LLC (dba iOFFICE)	Real Estate Mgmt. & Development	11.01%	S + 6.50%	07/01/27		79,941			79,941			79,142		(6) (7) (8)
Zarya Intermediate, LLC (dba iOFFICE)	Real Estate Mgmt. & Development		S + 6.50%	07/01/27		8,383			—			(84	)	(6) (7) (9)
Zarya Intermediate, LLC (dba iOFFICE)	Real Estate Mgmt. & Development	11.01%	S + 6.50%	07/01/27		2,056			2,024			2,035		(6) (7) (8)
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)	Software	11.17%	S + 6.25%	03/10/27		7,193			7,122			6,923		(6) (7) (8)
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)	Software		S + 6.25%	03/10/27		1,100			(10	)		(41	)	(6) (7) (8) (9)
Acquia, Inc.	Software	11.73%	S + 7.00%	10/31/25		24,940			24,820			24,691		(6) (7) (8)
Acquia, Inc.	Software	11.75%	S + 7.00%	10/31/25		1,933			1,075			1,063		(6) (7) (8) (9)

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

Table of Contents

Goldman Sachs Private Middle Market Credit II LLC

Consolidated Schedule of Investments as of December 31, ~~2024~~2025 (continued)

(in thousands, except unit and per unit amounts)

Investment (1)	Industry (2)	~~Interest Rate~~ InitialAcquisitionDate(34)	~~Reference Rate and Spread (3)~~	~~Maturity~~Shares (5)	~~Par (4)~~		Cost	~~Cost~~		FairValue	~~FairValue~~		Footnotes	~~Footnotes~~
AQ Helios Buyer, Inc. (dba SurePoint)	Software	11.65%	S + 7.00%	12/31/26	$	35,280		$	35,008		$	33,957		(6) (7) (8)
Equity Securities - 2.9%
AQ Helios Buyer, Inc. (dba SurePoint)	Software	12.65%	S + 8.00%	12/31/26		5,900			5,900			5,782		(6) (7) (8)
United States - 2.9%
AQ Helios Buyer, Inc. (dba SurePoint)	Software	11.67%	S + 7.00%	12/31/26		4,160			2,468			2,340		(6) (7) (8) (9)
Common Stock - 0.4%
AQ Helios Buyer, Inc. (dba SurePoint)	Software	12.65%	S + 8.00%	12/31/26		2,127			2,127			2,084		(6) (7) (8)
Thrasio Holdings, Inc.	Broadline Retail	06/18/24			235,056		$	—		$	—		(6) (8) (11) (16)
CivicPlus LLC	Software	10.41%	S + 5.75%	08/24/27		6,001			5,936			5,941		(6) (7) (8)
SEM Holdings, LLC (dba Southeast Mechanical, LLC)	Diversified Consumer Services	07/06/22			1,000			1,000			1,435		(6) (8) (11) (16)
CivicPlus LLC	Software	10.41%	S + 5.75%	08/24/27		5,945			5,881			5,886		(6) (7) (8)
Whitewater Holding Company LLC	Diversified Consumer Services	12/21/21			21,000			2,100			1,751		(6) (8) (16)
CivicPlus LLC	Software	10.41%	S + 5.75%	08/24/27		2,795			2,764			2,767		(6) (7) (8)
Streamland Media Holdings LLC	Entertainment	03/31/25			68,561			2,755			—		(6) (8) (16)
CivicPlus LLC	Software		S + 5.75%	08/24/27		1,112			(11	)		(11	)	(6) (7) (8) (9)
MedeAnalytics Group Holdings, LLC	Health Care Technology	04/21/23			373			—			—		(6) (8) (11) (16)
CloudBees, Inc.	Software	11.47%	S + 7.00% (Incl. 2.50% PIK)	11/24/26		27,239			26,557			27,239		(6) (7) (8)
Volt Bidco, Inc. (dba Power Factors)	Independent Power and Renewable Electricity Producers	08/11/21			3,044			3,091			724		(6) (8) (16)
CloudBees, Inc.	Software	11.47%	S + 7.00% (Incl. 2.50% PIK)	11/24/26		11,638			11,326			11,638		(6) (7) (8)
Pluralsight, Inc.	Professional Services	08/22/24			4,378,896			11,920			—		(6) (8) (11) (16)
Gainsight, Inc.	Software	10.66%	S + 6.00%	07/30/27		49,986			49,667			49,736		(6) (7) (8)
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)	Software	03/10/21			26,555			2,655			64		(6) (8) (16)
Gainsight, Inc.	Software	10.66%	S + 6.00%	07/30/27		5,182			2,661			2,672		(6) (7) (8) (9)
Total Common Stock								23,521			3,974
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software	10.34%	S + 5.75% (Incl. 2.25% PIK)	01/17/31		11,761			11,658			11,644		(6) (7) (8)
Preferred Stock - 2.4%
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software	9.84%	S + 5.25% (Incl. 2.25% PIK)	01/17/31		1,742			1,723			1,725		(6) (7) (8)
FS WhiteWater Holdings, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services	10/02/24			695		$	92		$	116		(6) (8) (16)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software		S + 5.25% (Incl. 2.25% PIK)	01/17/31		1,645			(14	)		(16	)	(6) (7) (8) (9)
MedeAnalytics Group Holdings, LLC	Health Care Technology	10/09/20			—			—			—		(6) (8) (11) (16) (17)
Governmentjobs.com, Inc. (dba NeoGov)	Software	9.33%	S + 5.00%	12/01/28		51,913			51,723			51,394		(6) (7) (8)
Diligent Corporation	Professional Services	04/06/21			4,400			4,290			7,016		(6) (8) (16)
Governmentjobs.com, Inc. (dba NeoGov)	Software		S + 5.00%	12/01/28		11,671			(8	)		(117	)	(6) (7) (9)
CloudBees, Inc.	Software	11/24/21			1,038,917			11,623			15,875		(6) (8) (16)
Governmentjobs.com, Inc. (dba NeoGov)	Software		S + 5.00%	12/02/27		6,115			(28	)		(61	)	(6) (7) (8) (9)
Total Preferred Stock								16,005			23,007
Pioneer Buyer I, LLC	Software	10.83%	S + 6.50%	11/01/28		18,161			17,988			18,116		(6) (7) (8)
Warrants - 0.1%
Pioneer Buyer I, LLC	Software		S + 6.50%	11/01/27		2,518			(24	)		(6	)	(6) (7) (8) (9)
CloudBees, Inc.	Software	11/24/21			300,946		$	1,666		$	223		(6) (8) (16)
Rubrik, Inc.	Software	11.67%	S + 7.00%	08/17/28		4,387			4,353			4,387		(6) (7) (8)
Total Warrants								1,666			223
Rubrik, Inc.	Software	11.67%	S + 7.00%	08/17/28		613			576			581		(6) (7) (8) (9)
Total United States							$	41,192		$	27,204
Sundance Group Holdings, Inc. (dba NetDocuments)	Software	9.08%	S + 4.75%	07/02/29		51,635			51,026			51,118		(6) (7) (8)
Total Equity Securities							$	41,192		$	27,204
Sundance Group Holdings, Inc. (dba NetDocuments)	Software	9.08%	S + 4.75%	07/02/29		6,866			2,756			2,754		(6) (7) (8) (9)
Total Investments - 161.4%							$	1,596,478		$	1,534,345
Charger Debt Merger Sub, LLC (dba Classic Collision)	Specialty Retail	9.08%	S + 4.75%	06/02/31		17,074			16,913			16,903		(6) (7) (8)
Investments in Affiliated Money Market Fund - 13.1%
Charger Debt Merger Sub, LLC (dba Classic Collision)	Specialty Retail	9.16%	S + 4.75%	06/02/31		9,327			3,581			3,548		(6) (7) (8) (9)
United States - 13.1%
Charger Debt Merger Sub, LLC (dba Classic Collision)	Specialty Retail		S + 4.75%	05/31/30		2,178			(20	)		(22	)	(6) (7) (8) (9)
Goldman Sachs Financial Square Government Fund - Institutional Shares					124,973,865		$	124,974		$	124,974		(7) (18) (19)
Harrington Industrial Plastics, LLC	Trading Companies & Distributors	10.11%	S + 5.75%	10/07/30		19,689			19,258			19,492		(6) (7) (8)
Total Investments in Affiliated Money Market Fund								124,974			124,974
Harrington Industrial Plastics, LLC	Trading Companies & Distributors	10.11%	S + 5.75%	10/07/30		15,560			10,736			10,880		(6) (7) (8) (9)
Total United States							$	124,974		$	124,974
Total 1st Lien/Senior Secured Debt									1,988,342			1,947,934
Total Investments and Investments in Affiliated Money Market Fund - 174.5%							$	1,721,452		$	1,659,319
1st Lien/Last-Out Unitranche (13) - 2.1%
EDB Parent, LLC (dba Enterprise DB)	Software	11.26%	S + 6.75%	07/07/28	$	17,879		$	17,570		$	17,521		(6) (7) (8)
EDB Parent, LLC (dba Enterprise DB)	Software	11.26%	S + 6.75%	07/07/28		6,958			5,260			5,121		(6) (7) (8) (9)
Total 1st Lien/Last-Out Unitranche									22,830			22,642
2nd Lien/Senior Secured Debt - 0.3%
Sweep Midco LLC	Commercial Services & Supplies			03/12/36	$	14,704		$	—		$	—		(6) (7) (8) (14)
Sweep Midco LLC	Commercial Services & Supplies			03/12/34		5,052			3,789			3,587		(6) (7) (8) (14)
Total 2nd Lien/Senior Secured Debt									3,789			3,587
Unsecured Debt - 1.4%
mPulse Mobile, Inc. (dba Zipari Inc.)	Health Care Technology			09/05/31	$	7,649		$	6,559		$	6,559		(7) (8) (14)
CivicPlus LLC	Software	16.08%	S + 11.75% PIK	06/09/34		8,626			8,472			8,410		(6) (7) (8)
Total Unsecured Debt									15,031			14,969
Total United States								$	2,029,992		$	1,989,132
Total Debt Investments								$	2,074,513		$	2,033,745

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

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Goldman Sachs Private Middle Market Credit II LLC

Consolidated Schedule of Investments as of December 31, ~~2024~~2025 (continued)

(in thousands, except unit and per unit amounts)

(1)

Investment (1)	Industry (2)	InitialAcquisitionDate(15)	Shares (4)		Cost		FairValue		Footnotes
Equity Securities - 4.8%
United States - 4.8%
Common Stock - 1.7%
Thrasio, LLC	Broadline Retail	06/18/24		235,056	$	—	$	—	(6) (7) (10) (14)
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)	Diversified Consumer Services	07/06/22		1,000		1,000		1,623	(6) (7) (10) (14)
Whitewater Holding Company LLC	Diversified Consumer Services	12/21/21		21,000		2,100		1,749	(6) (7) (14)
Total Vision LLC	Health Care Providers & Services	07/15/21		115,714		2,150		956	(6) (7) (14)
MedeAnalytics, Inc.	Health Care Technology	04/21/23		373		—		—	(6) (7) (10) (14)
Volt Bidco, Inc. (dba Power Factors)	Independent Power and Renewable Electricity Producers	08/11/21		3,044		3,091		2,007	(6) (7) (14)
Pluralsight, Inc.	Professional Services	08/22/24		4,378,896		11,920		12,086	(6) (7) (10) (14)
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)	Software	03/10/21		26,555		2,655		54	(6) (7) (14)
Total Common Stock						22,916		18,475
Preferred Stock - 3.1%
Whitewater Holding Company LLC	Diversified Consumer Services	10/02/24		695	$	92	$	96	(6) (7) (14)
MedeAnalytics, Inc.	Health Care Technology	10/09/20		—		—		—	(6) (7) (10) (14) (16)
Diligent Corporation	Professional Services	04/06/21		4,400		4,290		6,325	(6) (7) (14)
CloudBees, Inc.	Software	11/24/21		1,038,917		11,623		15,251	(6) (7) (14)
Governmentjobs.com, Inc. (dba NeoGov)	Software	12/02/21		9,549		9,310		12,810	(6) (7) (14)
Total Preferred Stock						25,315		34,482
Warrants - 0.0%
CloudBees, Inc.	Software	11/24/21		300,946	$	1,666	$	379	(6) (7) (14)
Total Warrants						1,666		379
Total United States					$	49,897	$	53,336
Total Equity Securities					$	49,897	$	53,336
Total Investments - 190.0%					$	2,124,410	$	2,087,081
Investments in Affiliated Money Market Fund - 7.7%
United States - 7.7%
Goldman Sachs Financial Square Government Fund - Institutional Shares				84,647,380	$	84,647	$	84,647	(8) (17) (18)
Total Investments in Affiliated Money Market Fund						84,647		84,647
Total United States					$	84,647	$	84,647
Total Investments and Investments in Affiliated Money Market Fund - 197.7%					$	2,209,057	$	2,171,728

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

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Goldman Sachs Private Middle Market Credit II LLC

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

(in thousands, except unit and per unit amounts)

Percentages are based on net assets.

(2)

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

(3)

Represents the actual interest rate for partially or fully funded debt in effect as of the reporting date. Certain investments are subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by the larger of the floor or the reference to either SOFR including SOFR adjustment, if any, ("S"), SONIA ("SN"), or alternate base rate (commonly based on the U.S. Prime Rate ("P"), unless otherwise noted) at the borrower'’s option, which reset periodically based on the terms of the credit agreement. S loans are typically indexed to 12 month, 6 month, 3 month or 1 month S rates. As of December 31, ~~2024~~2025, 1 month S was 43.3369%, 3 month S was 43.3165%, 6 month S was 43.2557%, 3 month SN was 43.7073%, and P was 76.5075%. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, ~~2024~~2025.

(4)

~~Par~~Securities ~~amount~~exempt isfrom ~~presented~~registration ~~for~~under ~~debt~~the ~~investments~~Securities Act of 1933, ~~while~~as amended (the ~~number~~"Securities ofAct"), ~~shares~~and ormay ~~units~~be ~~owned~~deemed to be “restricted securities”. As ofDecember 31, 2025, the aggregate fair value of these securities is ~~presented~~$33,858 ~~for~~or ~~equity~~3.6% ~~investments~~of the Company’s net assets. ~~Par~~The ~~amount~~initial isacquisition ~~denominated~~dates inhave ~~USD~~been ~~unless~~included ~~otherwise~~for ~~noted,~~such ~~GBP~~securities.

(5)

~~The~~Par ~~investment~~amount is ~~not~~presented afor ~~qualifying~~debt ~~asset under Section 55(a) of the Investment Company Act. The Company may not acquire any non-qualifying asset unless~~investments, atwhile the ~~time~~number of ~~acquisition,~~shares ~~qualifying~~or ~~assets~~units ~~represent~~owned atis ~~least~~presented ~~70%~~for ofequity ~~the Company’s total assets~~investments. AsPar ofamount ~~December~~is ~~31,~~denominated ~~2024,~~inU.S. ~~the~~Dollars ~~aggregate~~("$" ~~fair~~or ~~value of these securities is $95~~USD"),~~220~~ orunless ~~4.3%~~otherwise ofnoted ~~the~~as ~~Company’s~~Great ~~total~~British ~~assets~~Pounds (“GBP”).

(6)

(7)

(8)

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

(9)

~~All,~~The orinvestment is not a ~~portion~~qualifying asset under Section 55(a) of, the ~~assets~~Investment ~~are~~Company ~~pledged~~Act asof ~~collateral~~1940 ~~for~~as amended (the ~~revolving~~“Investment ~~credit~~Company ~~facility~~Act”). ~~with~~The ~~JPMorgan~~Company ~~Chase~~may ~~Bank,~~not ~~National~~acquire ~~Association~~any ~~(as~~non-qualifying ~~amended~~asset unless, ~~restated~~at the time of acquisition, ~~supplemented~~qualifying orassets ~~otherwise~~represent ~~modified~~at ~~from~~least ~~time~~70% toof ~~time~~the Company’s total assets. As of December 31, 2025, the ~~“JPM~~aggregate ~~Revolving~~fair ~~Credit~~value ~~Facility”)~~of these non-qualifying assets is $96,261 or 5.7% ~~See~~of ~~Note~~the 6Company’s ~~“Debt”~~total assets.

(10)

Position or portion thereof is an unfunded ~~loan~~ commitment, and no interest is being earned on the unfunded portion. The unfunded ~~loan~~ commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on ~~the~~such loan. The negative fair value, if applicable, is the result of the capitalized discount on ~~the~~such loan. See Note 7 "Commitments and Contingencies".

(11)

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

(12)

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

(13)

The investment includes an exit fee that is receivable upon repayment of the loan. See Note 2 “Significant Accounting Policies."

(14)

The Company is in discussions with the investment to extend the maturity date through an amendment.

(15)

(16)

Non-income producing security.

(17)

Securities exempt from registration under the Securities Act of 1933, as amended and may be deemed to be “restricted securities”. As of December 31, 2024, the aggregate fair value of these securities is $53,336 or 4.9% of the Company's net assets. The initial acquisition dates have been included for such securities.

Amount rounds to less than $1.

(18)

The annualized seven-day yield as of December 31, 2024 is 4.42%.

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

(19)

The annualized seven-day yield as of December 31, 2025 is 3.67%.

PIK – Payment-In-Kind

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

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Goldman Sachs Private Middle Market Credit II LLC

Notes to the Consolidated Financial Statements

(in thousands, except unit and per unit amounts)

(Unaudited)

1. ORGANIZATION

Goldman Sachs Private Middle Market Credit II LLC (the “Company”, which term refers to either Goldman Sachs Private Middle Market Credit II LLC or Goldman Sachs Private Middle Market Credit II LLC, together with its consolidated subsidiaries, as the context may require) was formed on December 20, 2018 as a Delaware limited liability company and commenced operations on April 11, 2019. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “Investment Company Act”). In addition, the Company has elected to be treated as a regulated investment company (“RIC”), and the Company expects to qualify annually for tax treatment as a RIC, under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ended December 31, 2019.

The Company’s investment objective is to generate current income and, to a lesser extent, capital appreciation primarily through direct originations of secured debt, including first lien debt, unitranche debt, including last-out portions of such loans, and second lien debt, and unsecured debt, including mezzanine debt, as well as through select equity investments.

Goldman Sachs Asset Management, L.P. (“GSAM”), a Delaware limited partnership and an affiliate of Goldman Sachs & Co. LLC (including its predecessors, “GS & Co.”), is the investment adviser (the "Investment Adviser") of the Company. The term “Goldman Sachs” refers to The Goldman Sachs Group, Inc. (“GS Group Inc.”), together with GS & Co., GSAM and its other subsidiaries.

On March 25, 2019 (the “Initial Closing Date”), the Company began accepting subscription agreements (“Subscription Agreements”) from investors acquiring common units of the Company’s limited liability company interests (“Units”) in the Company’s private offering. Under the terms of the Subscription Agreements, investors are required to make capital contributions up to the undrawn amount of their capital commitment to purchase Units each time the Company delivers a drawdown notice. On February 26, 2020, the Company’s board of directors (the “Board of Directors” or the “Board”) approved an extension of the final date on which the Company accepted Subscription Agreements (the “Final Closing Date”) to September 26, 2020.

The investment period commenced on the Initial Closing Date and will continue until the third anniversary of the Final Closing Date in the Company’s private offering, provided that it may be extended by the Board of Directors, in its discretion, for one additional twelve-month period, and, with the approval of a majority-in-interest of the unitholders of the Company (the “Unitholders”), for up to one additional year thereafter. In addition, the Board of Directors may terminate the investment period at any time in its discretion. On August 2, 2023, the Board approved and authorized an extension of the investment period of the Company for an additional twelve-month period, which ended on September 26, 2024.

Following the end of the investment period, the Company will have the right to issue drawdowns only (i) to pay, and/or establish reserves for, actual or anticipated Company expenses, liabilities, including the payment or repayment of indebtedness for borrowed money (including through the issuance of notes and other evidence of indebtedness), other indebtedness, financings or extensions of credit, or other obligations, contingent or otherwise, including the Management Fee (as defined below), whether incurred before or after the end of the investment period, (ii) to fulfill investment commitments made or approved by the investment committee of the Goldman Sachs Asset Management Private Credit Team prior to the expiration of the investment period, (iii) to engage in hedging transactions or (iv) to make additional investments in existing portfolio companies (including transactions to hedge interest rate or currency risks related to such additional investment).

The term of the Company will expire on the five-year anniversary of the expiration of the investment period, subject to the Board of Directors’ right to liquidate the Company at any time and to extend the term of the Company for up to two successive one-year periods. Upon the request of the Board of Directors and the approval of a majority-in-interest of the Unitholders, the term of the Company may be further extended.

Credit Alternatives GP LLC (the “Initial Member”), an affiliate of the Investment Adviser, made a capital contribution to the Company of one hundred dollars on April 11, 2019 and served as the sole initial member of the Company. The Company cancelled the Initial Member’s interest in the Company on May 3, 2019, the first date on which investors (other than the Initial Member) made their initial capital contribution to purchase Units.

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2. SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The Company’s functional currency is USD and these consolidated financial statements have been prepared in that currency. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to Regulation S-X. This requires the Company to make certain estimates and assumptions that may affect the amounts reported in the consolidated financial statements and accompanying notes. These consolidated financial statements reflect normal and recurring adjustments that in the opinion of the Company are necessary for the fair statement of the results for the periods presented. Actual results may differ from the estimates and assumptions included in the consolidated financial statements.

Certain financial information that is included in annual consolidated financial statements, including certain financial statement disclosures, prepared in accordance with GAAP, is not required for interim reporting purposes and has been condensed or omitted herein. These consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes related thereto for the year ended December 31, ~~2024~~2025, included in the Company’s annual report on Form 10-K, which was filed with the U.S. Securities and Exchange Commission (the "SEC") on March 43, ~~2025~~2026. The results for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 are not necessarily indicative of the results to be expected for the full fiscal year, any other interim period, or any future year or period.

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

Basis of Consolidation

As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the financial position and results of operations of its wholly-owned subsidiaries, PMMC II Blocker III LLC, Goldman Sachs Private Middle Market Credit II SPV II LLC (“SPV”), PMMC II Blocker IV LLC, PMMC II Blocker V LLC and PMMC II Blocker VI LLC. All significant intercompany transactions and balances have been eliminated in consolidation.

Revenue Recognition

The Company records its investment transactions on a trade date basis, which is the date when the Company assumes the risks for gains and losses related to that instrument. Realized gains and losses are based on the specific identification method.

Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Discounts and premiums to par value on investments purchased are accreted and amortized into interest income over the life of the respective investment using the effective interest method. Loan origination fees, original issue discount (“OID”) and market discounts or premiums are capitalized and amortized into interest income using the effective interest method or straight-line method, as applicable. Exit fees that are receivable upon repayment of a loan or debt security are amortized into interest income over the life of the respective investment. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income, for which the Company has earned the following:

	For the Three Months Ended				~~For the Nine Months Ended~~
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
	March 31, 2026		March 31, 2025
Prepayment premiums	$	80	$	504	$	348	$	504
Accelerated amortization of upfront loan origination fees and unamortized discounts	$	280	$	856
Accelerated amortization of upfront loan origination fees and unamortized discounts	$	777	$	1,979	$	3,714	$	4,564

Fees received from portfolio companies (directors’ fees, consulting fees, administrative fees, tax advisory fees and other similar compensation) are paid to the Company, unless, to the extent required by applicable law or exemptive relief, if any, therefrom, the Company only receives its allocable portion of such fees when invested in the same portfolio company as another Account (as defined below) managed by the Investment Adviser.

Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies. Interest and dividend income are presented net of withholding tax, if any.

Certain investments may have contractual payment-in-kind (“PIK”) interest or dividends. PIK represents accrued interest or accumulated dividends that are added to the principal amount or shares (if equity) of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or upon the investment being called by the issuer. PIK is recorded as interest or dividend income, as applicable. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are generally reversed through interest or dividend income.

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Certain structuring fees, amendment fees, syndication fees and commitment fees are recorded as other income when earned. Administrative agent fees received by the Company are recorded as other income when the services are rendered over time.

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Non-Accrual Investments

Investments are placed on non-accrual status when it is probable that principal, interest or dividends will not be collected according to contractual terms. Accrued interest or dividends generally are reversed when an investment is placed on non-accrual status. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual investments are restored to accrual status when past due principal and interest or dividends are paid and, in management’s judgment, principal and interest or dividend payments are likely to remain current. The Company may make exceptions to this treatment if an investment has sufficient collateral value and is in the process of collection. As of ~~September~~March 3031, ~~2025~~2026, the Company had certain investments held in ~~three~~six portfolio companies on non-accrual status, which represented 15.46% and 14.35% of total investments (excluding investments in money market funds, if any) at amortized cost and at fair value. As of December 31, ~~2024~~2025, the Company had certain investments held in ~~three~~four portfolio companies on non-accrual status, which represented 12.4% and 12.53% of total investments (excluding investments in money market funds, if any) at amortized cost and at fair value.

Investments

The Company carries its investments in accordance with ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), issued by the FASB, which defines fair value, establishes a framework for measuring fair value and requires disclosures about fair value measurements. Fair value is generally based on quoted market prices provided by independent price sources. In the absence of quoted market prices, investments are measured at fair value as determined by the Investment Adviser, as the valuation designee (the "Valuation Designee") designated by the Board of Directors, pursuant to Rule 2a-5 under the Investment Company Act.

Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material. See Note 5 “Fair Value Measurement”.

The Company generally invests in illiquid securities, including debt and equity investments, of middle-market companies. The Board of Directors has designated to the Investment Adviser day-to-day responsibilities for implementing and maintaining internal controls and procedures related to the valuation of the Company’s portfolio investments. Under valuation procedures approved by the Board of Directors and adopted by the Valuation Designee, market quotations are generally used to assess the value of the investments for which market quotations are readily available (as defined in Rule 2a-5). The Investment Adviser obtains these market quotations from independent pricing sources. If market quotations are not readily available, the Investment Adviser prices securities at the bid prices obtained from at least two brokers or dealers, if available; otherwise, the Investment Adviser obtains prices from a principal market maker or a primary market dealer. To assess the continuing appropriateness of pricing sources and methodologies, the Investment Adviser regularly performs price verification procedures and issues challenges as necessary to independent pricing sources or brokers, and any differences are reviewed in accordance with the valuation procedures. If the Valuation Designee believes any such market quotation does not reflect the fair value of an investment, it may independently value such investment in accordance with valuation procedures for investments for which market quotations are not readily available.

With respect to investments for which market quotations are not readily available, or for which market quotations are deemed not reflective of the fair value, the valuation procedures approved by the Board of Directors and adopted by the Valuation Designee, contemplate a multi-step valuation process conducted by the Investment Adviser each quarter and more frequently as needed. As the Valuation Designee, the Investment Adviser is primarily responsible for the valuation of the Company’s assets, subject to the oversight of the Board of Directors, as described below:

(1)

The quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of the Investment Adviser responsible for the valuation of the portfolio investment;

(2)

The Valuation Designee also engages independent valuation firms (the “Independent Valuation Advisors”) to provide independent valuations of the investments for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of an investment. The Independent Valuation Advisors independently value such investments using quantitative and qualitative information. The Independent Valuation Advisors also provide analyses to support their valuation methodology and calculations. The Independent Valuation Advisors provide an opinion on a final range of values on such investments to the Valuation Designee. The Independent Valuation Advisors define fair value in accordance with ASC 820 and utilize valuation approaches including the market approach, the income approach or both. A portion of the portfolio is reviewed on a quarterly basis, and all investments in the portfolio for which market quotations are not readily available, or are readily available, but deemed not reflective of the fair value of an investment, are reviewed at least annually by an Independent Valuation Advisor;

(3)

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The Independent Valuation Advisors' preliminary valuations are reviewed by the Investment Adviser and the Valuation Oversight Group (the “VOG”), a team that is part of the controllers group of Goldman Sachs. The Independent Valuation Advisors' valuation ranges are compared to the Investment Adviser’s valuations to ensure the Investment Adviser’s valuations are reasonable. The VOG presents the valuations to the Asset Management Private Investment Valuation and Side Pocket Working Group of the Asset Management Valuation Committee (the “Asset Management Private Investment Valuation and Side Pocket Working Group”), which is comprised of a number of representatives from different functions and areas of expertise related to GSAM’s business and controls who are independent of the investment decision making process;

(4)

The Asset Management Private Investment Valuation and Side Pocket Working Group reviews and preliminarily approves the fair valuations and makes fair valuation recommendations to the Asset Management Valuation Committee;

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(5)

The Asset Management Valuation Committee reviews the valuation information provided by the Asset Management Private Investment Valuation and Side Pocket Working Group, the VOG, the investment professionals of the Investment Adviser responsible for valuations, and the Independent Valuation Advisors. The Asset Management Valuation Committee then assesses such valuation recommendations; and

(6)

Through the Asset Management Valuation Committee, the Valuation Designee discusses the valuations, provides written reports to the Board of Directors on at least a quarterly basis, and, within the meaning of the Investment Company Act, determines the fair value of the investments in good faith, based on the inputs of the Asset Management Valuation Committee, the Asset Management Private Investment Valuation and Side Pocket Working Group, the VOG, the investment professionals of the Investment Adviser responsible for valuations, and the Independent Valuation Advisors.

Money Market Funds

Investments in money market funds are valued at net asset value (“NAV”) per share. See Note 3 “Significant Agreements and Related Party Transactions.”

Cash

Cash consists of deposits held at State Street Bank and Trust Company (a “Custodian”). As of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, the Company held $7019,~~486~~091 and $2722,~~340~~089 in cash. Foreign currency of $~~642~~1,258 and $~~702~~557 (acquisition cost of $~~643~~1,299 and $~~732~~559) is included in cash as of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025.

Foreign Currency Translation

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

The Company does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included within the net realized and unrealized gains or losses on investments. Fluctuations arising from the translation of non-investment assets and liabilities, if any, are included with the net change in unrealized appreciation (depreciation) on foreign currency translations in the Consolidated Statements of Operations.

Foreign securities and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices to be more volatile than those of comparable U.S. companies or U.S. government securities.

Income Taxes

The Company recognizes tax positions in its consolidated financial statements only when it is more likely than not that the position will be sustained upon examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized upon settlement. The Company reports any interest expense related to income tax matters in income tax expense and any income tax penalties in expenses in the Consolidated Statements of Operations.

The Company’s tax positions have been reviewed based on applicable statutes of limitation for tax assessments, which may vary by jurisdiction, and based on such review, the Company has concluded that no additional provision for income tax is required in the consolidated financial statements. The Company is subject to potential examination by certain taxing authorities in various jurisdictions. The Company’s tax positions are subject to ongoing interpretation of laws and regulations by taxing authorities.

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The Company has elected to be treated as a RIC commencing with its taxable year ended December 31, 2019. So long as the Company maintains its qualification for tax treatment as a RIC, it will generally not be required to pay corporate-level U.S. federal income tax on any ordinary income or capital gains that it distributes at least annually to its Unitholders as dividends. As a result, any U.S. federal income tax liability related to income earned and distributed by the Company represents obligations of the Company’s Unitholders and will not be reflected in the consolidated financial statements of the Company.

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To maintain its tax treatment as a RIC, the Company must meet specified source-of-income and asset diversification requirements and timely distribute to its Unitholders for each taxable year at least 90% of its investment company taxable income (generally, its net ordinary income plus the excess of its realized net short-term capital gains over realized net long-term capital losses, determined without regard to the dividends paid deduction). In order for the Company not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income. If the Company chooses to do so, this generally would increase expenses and reduce the amount available to be distributed to Unitholders without reducing the Company’s required distribution. The Company will accrue excise tax on estimated undistributed taxable income as required.

Certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state corporate level income taxes. Income tax expense, if any, is included under the income category for which it applies in the Consolidated Statements of Operations.

Distributions

Distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined in accordance with GAAP. The Company may pay distributions in excess of its taxable net investment income. This excess would be a tax-free return of capital in the period and reduce the Unitholder’s tax basis in its Units. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to common Units or distributable earnings, as appropriate, in the period that the differences arise. Temporary and permanent differences are primarily attributable to differences in the tax treatment of certain loans and the tax characterization of income and non-deductible expenses. These differences are generally determined in conjunction with the preparation of the Company’s annual RIC tax return. Distributions to common Unitholders are recorded on the record date. The amount to be paid out as a distribution is determined by the Board of Directors each quarter and is generally based upon the earnings estimated by the Investment Adviser. The Company may pay distributions to its Unitholders in a year in excess of its net ordinary income and capital gains for that year and, accordingly, a portion of such distributions may constitute a return of capital for U.S. federal income tax purposes. The Company intends to timely distribute to its Unitholders substantially all of its annual taxable income for each year, except that the Company may retain certain net capital gains for reinvestment and, depending upon the level of the Company’s taxable income earned in a year, the Company may choose to carry forward taxable income for distribution in the following year and pay any applicable tax. The specific tax characteristics of the Company’s distributions will be reported to Unitholders after the end of the calendar year. All distributions will be subject to available funds, and no assurance can be given that the Company will be able to declare such distributions in future periods.

Deferred Financing Costs

Deferred financing costs consist of fees and expenses paid in connection with the closing of, and amendments to, the JPM Revolving Credit Facility ~~and the revolving credit facility between the Company and MUFG Bank Ltd~~. (as amended, restated, supplemented or otherwise modified from time to time, the “MUFG Revolving Credit Facility” and together with the JPM Revolving Credit Facility, the “Revolving Credit Facilities”). These costs are amortized using the straight-line method over the respective terms of the Revolving Credit Facilities. Deferred financing costs related to the Revolving Credit Facilities are presented separately as an asset on the Company’s Consolidated Statements of Financial Condition.

Segment Reporting

In accordance with ASC 280 – Segment reporting, the Company has determined that it operates through a single operating and reporting segment with the investment objectives to generate current income and, to a lesser extent, capital appreciation through direct origination of secured debt, unsecured debt and select equity investments. The chief operating decision maker (the “CODM”) is comprised of the Company’s chief executive officers, chief financial officer and chief operating officer. The CODM uses Net increase (decrease) in members’ capital from operations in the Company’s Consolidated Statements of Operations to assess the Company’s performance and allocate resources. The evaluation and assessment of this metric is used in implementing investment policy decisions, managing the Company’s portfolio, evaluation of the Company’s distribution policy and assessing the performance of the portfolio. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying Consolidated Statements of Financial Condition as “Total assets” and the significant segment expenses are listed on the accompanying Consolidated Statements of Operations.

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New Accounting Pronouncements

In November 2024, the FASB issued ASU No. 2024-03, “Disaggregation of Income Statement Expenses.” This ASU requires additional disaggregation of certain expenses within the footnotes to the consolidated financial statements. This ASU is effective for the annual periods beginning in January 2027, and interim periods beginning in January 2028 under a prospective approach. Early adoption and retrospective application are permitted. Since this ASU only requires additional disclosures, adoption of this ASU will not have an impact on the Company’s ~~consolidated~~ financial ~~statements~~condition, results of operations or cash flows.

3. SIGNIFICANT AGREEMENTS AND RELATED PARTY TRANSACTIONS

Investment Advisory Agreement

The Company entered into an investment advisory agreement, effective as of February 27, 2019 (the “Investment Advisory Agreement”) with the Investment Adviser, pursuant to which the Investment Adviser manages the Company’s investment program and related activities.

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Management Fee

The Company pays the Investment Adviser a management fee (the “Management Fee”), payable quarterly in arrears, equal to 0.375% (i.e., an annual rate of 1.50%) of the average of the NAV of the Company (including un-invested cash and cash equivalents) at the end of the then-current calendar quarter and the prior calendar quarter (and, in the case of the Company’s first quarter, the average of the NAV of the Company at the end of such quarter and zero). The Management Fee for any partial quarter will be appropriately prorated. The Investment Adviser waives a portion of its management fee payable by the Company in an amount equal to the management fees it earns as an investment adviser for any affiliated money market funds in which the Company invests.

For the three ~~and nine~~ months ended ~~September~~March 3031, 2026 and 2025, Management Fees amounted to $43,~~024~~532 and $124,~~342~~150. As of ~~September~~March 3031, ~~2025~~2026, $43,~~024~~532 remained payable. ~~For the three and nine months ended September 30, 2024, Management Fees amounted to $4,248 and $13,086.~~

Incentive Fee

Pursuant to the Investment Advisory Agreement, the Company pays to the Investment Adviser an incentive fee (the “Incentive Fee”) as follows:

First, no Incentive Fee is payable to the Investment Adviser until the Company has made cumulative distributions pursuant to this clause (a) equal to aggregate Contributed Capital (as defined below);

Second, no Incentive Fee is payable to the Investment Adviser until the Company has made cumulative distributions pursuant to this clause (b) equal to a 7% return per annum, compounded annually, on aggregate unreturned Contributed Capital, from the date each capital contribution is made through the date such capital has been returned;

Third, subject to clauses (a) and (b), the Investment Adviser is entitled to an Incentive Fee equal to 100% of all amounts designated by the Company as proceeds intended for distribution and Incentive Fee payments, until such time as the cumulative Incentive Fee paid to the Investment Adviser pursuant to this clause (c) is equal to 15% of the amount by which the sum of (i) cumulative distributions to Unitholders pursuant to clauses (a) and (b) above and (ii) the cumulative Incentive Fee previously paid to the Investment Adviser pursuant to this clause exceeds Contributed Capital; and

Fourth, at any time that clause (c) has been satisfied, the Investment Adviser is entitled to an Incentive Fee equal to 15% of all amounts designated by the Company as proceeds intended for distribution and Incentive Fee payments.

The Incentive Fee is calculated on a cumulative basis and the amount of the Incentive Fee payable prior to a proposed distribution will be determined and, if applicable, paid in accordance with the foregoing formula each time amounts are to be distributed to the Unitholders. The Incentive Fee is a fee owed by the Company to the Investment Adviser and is not paid out of distributions made to Unitholders.

“Contributed Capital” is the aggregate amount of capital contributions that have been made by all Unitholders in respect of their Units to the Company. All distributions (or deemed distributions), including investment income (i.e. proceeds received in respect of interest payments, dividends and fees) and proceeds attributable to the repayment or disposition of any Investment, to Unitholders will be considered a return of Contributed Capital. Unreturned Contributed Capital equals aggregate Contributed Capital minus cumulative distributions, but is never less than zero.

The term “proceeds intended for distribution and Incentive Fee payments” includes proceeds from the full or partial realization of the Company’s investments and income from investing activities and may include return of capital, ordinary income and capital gains.

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If, at the termination of the Company, the Investment Adviser has received aggregate payments of Incentive Fees in excess of the amount the Investment Adviser would have received had the Incentive Fees been determined upon such termination, then the Investment Adviser will reimburse the Company for the difference between the amount of Incentive Fees actually received and the amount determined at termination (the “Investment Adviser Reimbursement Obligation”). However, the Investment Adviser will not be required to reimburse the Company an amount greater than the aggregate Incentive Fees paid to the Investment Adviser, reduced by the excess (if any) of (a) the aggregate federal, state and local income tax liability the Investment Adviser incurred in connection with the payment of such Incentive Fees (assuming the highest marginal applicable federal and New York city and state income tax rates applied to such payments), over (b) an amount equal to the U.S. federal and state tax benefits available to the Investment Adviser by virtue of the payment made by the Investment Adviser pursuant to its Investment Adviser Reimbursement Obligation (assuming that, to the extent such payments are deductible by the Investment Adviser, the benefit of such deductions will be computed using the then highest marginal applicable federal and New York city and state income tax rates).

If the Investment Advisory Agreement is terminated prior to the termination of the Company (other than the Investment Adviser voluntarily terminating the agreement), the Company will pay to the Investment Adviser a final Incentive Fee payment (the “Final Incentive Fee Payment”). The Final Incentive Fee Payment will be calculated as of the date the Investment Advisory Agreement is terminated and will equal the amount of Incentive Fee that would be payable to the Investment Adviser if (a) all investments were liquidated for their current value (but without taking into account any unrealized appreciation of any Investment), and any unamortized deferred Investment-related fees would be deemed accelerated, (b) the proceeds from such liquidation were used to pay all of the Company’s outstanding liabilities, and (c) the remainder was distributed to Unitholders and paid as Incentive Fee in accordance with the Incentive Fee waterfall described above for determining the amount of the Incentive Fee, subject to the Incentive Fee Cap. The Company will make the Final Incentive Fee Payment in cash on or immediately following the date the Investment Advisory Agreement is so terminated. The Investment Adviser Reimbursement Obligation will be determined as of the date of the termination of the Investment Advisory Agreement for purposes of the Final Incentive Fee Payment.

For the three ~~and nine~~ months ended ~~September~~March 3031, 2026 and 2025, the Company accrued unvested Incentive Fees of $~~2,876~~(232) and $114,~~476~~381. As of ~~September~~March 3031, ~~2025~~2026, $7577,~~464~~751 remained payable in accordance with the terms of the Investment Advisory Agreement. ~~For the three and nine months ended September 30, 2024, the Company accrued unvested Incentive Fees of $4,612 and $7,398.~~

Expense Limitation

Pursuant to the Investment Advisory Agreement, Company expenses borne by the Company in the ordinary course on an annual basis (excluding Management Fee, Incentive Fee, organizational and start-up expenses and leverage-related expenses) will not exceed an amount equal to 0.5% of the aggregate amount of commitments to the Company by holders of its common Units; provided, however, that expenses incurred outside of the ordinary course, including litigation and similar expenses, are not subject to such cap. For the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 and ~~September 30~~2025, ~~2024,~~ there have been no reimbursements from the Investment Adviser pursuant to this provision.

Administration and Custodian Fees

The Company has entered into an administration agreement (the “Administration Agreement”) with State Street Bank and Trust Company (in such capacity, the “Administrator”) under which the Administrator provides various accounting and administrative services to the Company. The Company ~~pays the Administrator fees for its services as it determines to be commercially reasonable in its sole discretion. The Company~~ also reimburses the Administrator for all reasonable expenses. To the extent that the Administrator outsources any of its functions, the Administrator pays any compensation associated with such functions. The Administrator also serves as the Company’s Custodian. Administration and Custodian fees are included in the Consolidated Statements of Operations asin Other general and administrative expenses.

For the three ~~and nine~~ months ended ~~September~~March 3031, 2026 and 2025, the Company incurred expenses for services provided by the Administrator and the Custodian of $~~324~~292 and $~~1,005~~344. As of ~~September~~March 3031, ~~2025~~2026, $~~345~~508 remained payable. ~~For the three and nine months ended September 30, 2024, the Company incurred expenses for services provided by the Administrator and the Custodian of $364 and $1,126.~~

Transfer Agent Fees

State Street Bank and Trust Company serves as the Company’s transfer agent (in such capacity, the “Transfer Agent”), registrar and disbursing agent. Transfer Agent fees are included in the Consolidated Statements of Operations asin Other general and administrative expenses. For the three ~~and nine~~ months ended ~~September~~March 3031, 2026 and 2025, the Company incurred expenses for services provided by the Transfer Agent of $3035 and $8929. As of ~~September~~March 3031, ~~2025~~2026, $1238 remained payable. ~~For the three and nine months ended September 30, 2024, the Company incurred expenses for services provided by the Transfer Agent of $30 and $96.~~

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Affiliates

The following table presents the Company’s affiliated investments (including investments in money market funds, if any):

	BeginningFair ValueBalance		GrossAdditions(1)		GrossReductions(2)			NetRealizedGain(Loss)		Net Change inUnrealizedAppreciation(Depreciation)			EndingFair ValueBalance		Dividend,Interestand OtherIncome
For the Nine Months Ended September 30, 2025
For the Three Months Ended March 31, 2026
Non-Controlled Affiliates
Goldman Sachs Financial Square Government Fund	$	84124,~~647~~974	$	~~756~~164,~~796~~139	$	(~~693~~166,~~121~~720	)	$	—	$	—		$	~~148~~122,~~322~~393	$	31,~~214~~044
SEM Holdings, LLC (dba Southeast Mechanical, LLC)		1917,~~452~~569		5921		(~~1,655~~42	)		—		(~~148~~476	)		17,~~708~~072		~~1,404~~423
MedeAnalytics Group Holdings, LLC		6,~~680~~761		—		—(6,057	)		—		(21704	)		~~6,659~~—		—
Pluralsight, Inc.		3824,~~218~~891		~~1,414~~72		(33	)		—		(68,~~691~~131	)		3216,~~908~~799		~~2,347~~289
Thrasio Holdings, Inc.		1617,~~465~~555		~~527~~—		—(578	)		—		(21,~~931~~599	)		1418,~~061~~576		~~531~~155
Total Non-Controlled Affiliates	$	~~165~~191,~~462~~750	$	~~758~~164,~~796~~232	$	(~~694~~173,~~809~~430	)	$	—	$	(97,~~791~~712	)	$	~~219~~174,~~658~~840	$	71,~~496~~911
For the Year Ended December 31, 2024
For the Year Ended December 31, 2025
Non-Controlled Affiliates
Goldman Sachs Financial Square Government Fund	$	~~255~~84,~~824~~647	$	1998,~~068,974~~921	$	(1958,~~240,151~~594	)	$	—	$	—		$	84124,~~647~~974	$	74,~~260~~382
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)		14,794		5,224		(542	)		—		(24	)		19,452		1,906
SEM Holdings, LLC (dba Southeast Mechanical, LLC)		19,452		81		(1,697	)		—		(267	)		17,569		1,848
MedeAnalytics, Inc.		6,277		—		(18	)		—		421			6,680		—
MedeAnalytics Group Holdings, LLC		6,680		—		—			—		81			6,761		—
Pluralsight, Inc.		—38,218		371,~~768~~636		—(66	)		—		~~450~~(14,897	)		3824,~~218~~891		~~474~~2,653
Thrasio, LLC		—		15,861		—			—		604			16,465		365
Thrasio Holdings, Inc.		16,465		841		—			—		249			17,555		719
Total Non-Controlled Affiliates	$	~~276~~165,~~895~~462	$	1,~~127~~001,~~827~~479	$	(1960,~~240,711~~357	)	$	—	$	1(14,~~451~~834	)	$	~~165~~191,~~462~~750	$	109,~~005~~602

(1)

Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

(2)

Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

Due to Affiliates

The Investment Adviser pays certain general and administrative expenses on behalf of the Company in the ordinary course of business. As of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, there were $1,~~125~~024 and $191,147 included within Accrued expenses and other liabilities that were paid by the Investment Adviser and its affiliates on behalf of the Company.

Co-Investment Activity

In certain circumstances, the Company and certain other client accounts managed by the Investment Adviser (collectively with the Company, the “Accounts”, which may include proprietary accounts of Goldman Sachs) can make negotiated co-investments pursuant to an exemptive order from the SEC permitting it to do so. On May 21, 2025, the SEC granted the exemptive relief (the “Relief”) to the Investment Adviser, the BDCs advised by the Investment Adviser and certain other affiliated applicants, which superseded the prior co-investment exemptive relief received on November 16, 2022, as amended on June 25, 2024 (the “Prior Relief”). If the Investment Adviser forms other funds in the future, the Company may co-invest alongside such other affiliates, subject to compliance with the Relief, applicable regulations and regulatory guidance, as well as applicable allocation procedures. Any such co-investments are subject to the applicable conditions of the Relief. Under the Relief, expenses of a single Account will be covered by that Account alone if those expenses were incurred solely by that Account due to its unique circumstances, such as legal and compliance expenses. Under the terms of the Relief, a “required majority” (as defined in Section 57(o) of the Investment Company Act) of the Company’s independent directors must make certain conclusions in connection with certain co-investment transactions, including co-investment transactions in which an affiliate of the Company is an existing investor in the portfolio company, non-pro rata incremental investments and non-pro rata dispositions of investments, and the Board is required to maintain oversight of the Company’s participation in the co-investment program. Furthermore, the Relief requires that any transaction fee (as described in the Relief) received by the Investment Adviser and/or a participant in connection with a co-investment transaction will be distributed to the participants on a pro rata basis based on the amounts they invested or committed, as the case may be, in such co-investment transaction.

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4. INVESTMENTS

The Company’s investments (excluding investments in money market funds, if any) consisted of the following:

September 30, 2025

December 31, 2024

March 31, 2026

December 31, 2025

Investment Type

Cost

Fair Value

Cost

Fair Value

1st Lien/Senior Secured Debt

1,~~613~~474,~~194~~927

1,~~571~~407,~~866~~122

21,~~032~~514,~~863~~118

1,~~992~~468,~~547~~487

1st Lien/Last-Out Unitranche

30,~~726~~917

2928,~~457~~303

2230,~~830~~821

2229,~~642~~474

2nd Lien/Senior Secured Debt

3,789

21,~~854~~907

3,789

32,~~587~~526

Unsecured Debt

6,~~558~~559

6,654

156,~~031~~558

146,~~969~~654

Preferred Stock

16,005

2221,~~560~~322

2516,~~315~~005

3423,~~482~~007

Common Stock

23,521

103,~~199~~520

2223,~~916~~521

183,~~475~~974

Warrants

1,666

~~190~~415

1,666

~~379~~223

Total investments

1,~~695~~557,~~459~~384

1,~~643~~469,~~780~~243

21,~~124~~596,~~410~~478

21,~~087~~534,~~081~~345

The Company uses the Global Industry Classification Standard (“GICS”) for classifying the industry groupings of its investments. The industry composition of the Company’s investments as a percentage of fair value and net assets was as follows:

	September 30, 2025						December 31, 2024
	March 31, 2026						December 31, 2025
Industry	Fair Value			Net Assets			Fair Value			Net Assets
Health Care Providers & Services		1617.25	%		2527.51	%		1817.13	%		3427.59	%
Software		1613.18			2521.23			1814.48			3523.09
Professional Services		1210.37			1916.26			11.95			2218.65
Health Care Technology		9.1			14.2			10.2			19.4
Diversified Consumer Services		9.7			15.1			9.3			15.1
Real Estate Mgmt. & Development		9.0			14.1			7.1			13.4
Financial Services		9.1			14.0			8.9			14.4
Diversified Consumer Services		8.7			13.6			7.7			14.6
Real Estate Mgmt. & Development		9.0			14.0			8.6			13.9
Financial Services		8.3			13.0			6.8			12.9
Health Care Technology		7.4			11.5			7.3			11.7
Commercial Services & Supplies		34.82			6.06			34.01			56.6
Health Care Equipment & Supplies		3.12			45.80			23.42			45.61
Independent Power and Renewable Electricity Producers		23.52			45.0			12.98			34.75
Entertainment		2.4			3.7			2.0			3.8
Construction & Engineering		2.7			4.1			2.6			4.2
Construction & Engineering		2.2			3.5			1.4			2.7
Entertainment		2.4			3.7			2.6			4.1
Trading Companies & Distributors		12.80			23.91			12.50			23.82
Specialty Retail		1.48			2.27			1.06			12.96
Pharmaceuticals		0.9			1.4			0.7			1.4
Broadline Retail		1.3			2.0			1.1			1.9
IT Services		0.9			1.3			2.5			4.7
Pharmaceuticals		1.0			1.5			1.0			1.6
Broadline Retail		0.9			1.3			0.8			1.5
IT Services		1.0			1.5			0.9			1.5
Chemicals		~~0.4~~—			~~0.6~~—			1.0.4			10.97
Hotels, Restaurants & Leisure		—			—			1.6			3.0
Total		100.0	%		154.8	%		100.0	%		161.4	%
Total		100.0	%		156.5	%		100.0	%		190.0	%

The geographic composition of the Company’s investments at fair value was as follows:

Geographic	~~September~~March 3031, ~~2025~~2026			December 31, ~~2024~~2025
United States		97.20	%		97.91	%
Canada		12.90			12.50
United Kingdom		01.90			0.69
Total		100.0	%		100.0	%

5. FAIR VALUE MEASUREMENT

The fair value of a financial instrument is the amount that would be received to sell an asset or would be paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price).

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

Basis of Fair Value Measurement

Level 1 – Inputs to the valuation methodology are quoted prices available in active markets for identical instruments as of the reporting date. The types of financial instruments included in Level 1 include unrestricted securities, including equities and derivatives, listed in active markets.

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Level 2 – Inputs to the valuation methodology are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date. The types of financial instruments in this category include less liquid and restricted securities listed in active markets, securities traded in other than active markets, government and agency securities and certain over-the-counter derivatives where the fair value is based on observable inputs.

Level 3 – Inputs to the valuation methodology are unobservable and significant to overall fair value measurement. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category include investments in privately held entities and certain over-the-counter derivatives where the fair value is based on unobservable inputs.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Note 2 “Significant Accounting Policies” should be read in conjunction with the information outlined below.

The following table presents the valuation techniques and the nature of significant inputs generally used in determining the fair value of Level 2 and Level 3 Instruments.


Level 2 Instruments	Valuation Techniques and Significant Inputs
Equity and Fixed Income	The types of instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency include commercial paper, most government agency obligations, most corporate debt securities, certain mortgage-backed securities, certain bank loans, less liquid publicly listed equities, certain state and municipal obligations, certain money market instruments and certain loan commitments. Valuations of Level 2 Equity and Fixed Income instruments can be verified to quoted prices, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency. Consideration is given to the nature of the quotations (e.g. indicative or firm) and the relationship of recent market activity to the prices provided from alternative pricing sources.
Derivative Contracts	Over-the-counter (“OTC”) derivatives (both centrally cleared and bilateral) are valued using market transactions and other market evidence whenever possible, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources with reasonable levels of price transparency. Where models are used, the selection of a particular model to value an OTC derivative depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. The Company generally uses similar models to value similar instruments. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.


Level 3 Instruments	Valuation Techniques and Significant Inputs
Bank Loans, Corporate Debt, and Other Debt Obligations	Valuations are generally based on discounted cash flow techniques, for which the significant inputs are the amount and timing of expected future cash flows, market yields and recovery assumptions. The significant inputs are generally determined based on relative value analyses, which incorporate comparisons both to credit default swaps that reference the same underlying credit risk and to other debt instruments for the same issuer for which observable prices or broker quotes are available. Other valuation methodologies are used as appropriate including market comparables, transactions in similar instruments and recovery/liquidation analysis.
Equity	Recent third-party investments or pending transactions are considered to be the best evidence for any change in fair value. When these are not available, the following valuation methodologies are used, as appropriate and available: (i) Transactions in similar instruments; (ii) Discounted cash flow techniques; (iii) Third party appraisals; and (iv) Industry multiples and public comparables. Evidence includes recent or pending reorganizations (for example, merger proposals, tender offers and debt restructurings) and significant changes in financial metrics, including: (i) Current financial performance as compared to projected performance; (ii) Capitalization rates and multiples; and (iii) Market yields implied by transactions of similar or related assets.

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The tables below present the ranges of significant unobservable inputs used to value the Company’s Level 3 assets as of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025. These ranges represent the significant unobservable inputs that were used in the valuation of each type of instrument, but they do not represent a range of values for any one instrument. For example, the lowest discount rate in ~~1st~~First Lien/Senior Secured Debt is appropriate for valuing that specific debt investment but may not be appropriate for valuing any other debt investments in this asset class. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Company’s Level 3 assets.

Level 3 Instruments	FairValue(1)(2)		ValuationTechniques(3)	SignificantUnobservableInputs	Range(4) of SignificantUnobservable Inputs	WeightedAverage(5)
As of September 30, 2025
As of March 31, 2026
Bank Loans, Corporate Debt, and Other Debt Obligations
1st Lien/Senior Secured Debt	$	1,~~487~~259,~~903~~674	Discounted cash flows	Discount Rate	8.14% - 2620.83%	10.8%
	$	3013,~~034~~894	~~Comparable~~Collateral ~~multiples~~analysis	~~EV/EBITDA(6)~~Recovery Rate	—	785.0x0%
	$	15103,~~850~~120	Comparable multiples	EV/~~Revenue~~EBITDA(6)	07.4x3x - 08.8x5x	07.6x8x
1st Lien/Last-Out Unitranche	$	24,176	Discounted cash flows	Discount Rate	—	11.1%
	$	10,164	Comparable multiples	EV/Revenue	0.3x - 0.9x	0.6x
	$	5,281	Comparable multiples	EV/EBITDA(6)	—	8.9x
1st Lien/Last-Out Unitranche	$	24,389	Discounted cash flows	Discount Rate	—	11.1%
2nd Lien/Senior Secured Debt	$	2,854	Comparable multiples	EV/EBITDA(6)	—	9.0x
	$	3,914	Comparable multiples	EV/EBITDA(6)	—	9.2x
Unsecured Debt	$	6,654	Discounted cash flows	Discount Rate	—	13.3%
2nd Lien/Senior Secured Debt	$	1,907	Comparable multiples	EV/EBITDA(6)	—	9.0x
Unsecured Debt	$	6,654	Discounted cash flows	Discount Rate	—	16.3%
Equity
Preferred Stock	$	67,~~945~~317	Comparable multiples	EV/EBITDA(6)	1312.0x3x - 20.0x	19.9x
	$	1514,~~615~~005	Comparable multiples	EV/Revenue	—	3.8x0x
Common Stock	$	32,~~431~~804	Comparable multiples	EV/EBITDA(6)	3.5x - 1312.0x3x	11.3x1x
	$	~~6,768~~716	Comparable multiples	EV/Revenue	~~1.5x - 7.3x~~—	26.5x8x
Warrants	$	~~190~~415	Comparable multiples	EV/Revenue	—	3.8x0x
As of December 31, 2024
As of December 31, 2025
Bank Loans, Corporate Debt, and Other Debt Obligations
1st Lien/Senior Secured Debt	$	1,~~896~~380,~~625~~870	Discounted cash flows	Discount Rate	8.32% - 3320.03%	11.61%
	$	1846,~~734~~760	Comparable multiples	EV/~~Revenue~~EBITDA(6)	04.4x8x - 18.0x2x	07.8x6x
	$	~~181~~6,761	~~Collateral~~Comparable ~~analysis~~multiples	~~Recovery Rate~~EV/Revenue	—	170.5%3x
1st Lien/Last-Out Unitranche	$	22,642	Discounted cash flows	Discount Rate	—	12.2%
	$	12,300	Collateral analysis	Recovery Rate	—	75.3%
2nd Lien/Senior Secured Debt	$	3,587	Comparable multiples	EV/EBITDA(6)	—	9.5x
1st Lien/Last-Out Unitranche	$	24,375	Discounted cash flows	Discount Rate	—	11.3%
Unsecured Debt	$	14,969	Discounted cash flows	Discount Rate	10.8% - 17.3%	14.5%
	$	5,099	Comparable multiples	EV/EBITDA(6)	—	8.7x
2nd Lien/Senior Secured Debt	$	2,526	Comparable multiples	EV/EBITDA(6)	—	9.0x
Unsecured Debt	$	6,654	Discounted cash flows	Discount Rate	—	14.7%
Equity
Preferred Stock	$	197,~~231~~132	Comparable multiples	EV/EBITDA(6)	13.5x0x - 20.8x0x	2019.5x9x
	$	15,~~251~~875	Comparable multiples	EV/Revenue	—	43.2x9x
Common Stock	$	43,~~382~~250	Comparable multiples	EV/EBITDA(6)	73.0x5x - 13.5x0x	1011.6x3x
	$	~~14,093~~724	Comparable multiples	EV/Revenue	~~1.5x - 10.0x~~—	27.7x3x
Warrants	$	~~379~~223	Comparable multiples	EV/Revenue	—	43.2x9x

(1)

As of ~~September~~March 3031, ~~2025~~2026, ~~included within Level 3 assets of $1,628,099 is an amount of $22,398 for which~~ the ~~Investment Adviser did not develop the unobservable inputs (examples include single source broker quotations, third party pricing, and prior transactions). The~~ income approach was used in the determination of fair value for $1,~~518~~290,~~733~~717 or 9590.27% of Level 3 bank loans, corporate debt, and other debt obligations.

(2)

As of December 31, ~~2024~~2025, included within Level 3 assets of $21,~~071~~534,~~217~~345 is an amount of $6121,~~143~~796 for which the Investment Adviser did not develop the unobservable inputs (examples include single source broker quotations, third party pricing, and ~~prior~~transaction ~~transactions~~prices). The income approach was used in the determination of fair value for $1,~~934~~411,~~236~~899 or 9593.97% of Level 3 bank loans, corporate debt, and other debt obligations.

(3)

The fair value of any one instrument may be determined using multiple valuation techniques. For example, market comparable and discounted cash flows may be used together to determine fair value. Therefore, the Level 3 balance encompasses both of these techniques.

(4)

The range for an asset category consisting of a single investment, if any, is not meaningful and therefore has been excluded.

(5)

Weighted average for an asset category consisting of multiple investments is calculated by weighting the significant unobservable input by the relative fair value of the investment. Weighted average for an asset category consisting of a single investment represents the significant unobservable input used in the fair value of the investment.

(6)

Enterprise value of portfolio company as a multiple of earnings before interest, taxes, depreciation and amortization (“EBITDA”).

As noted above, the income and market approaches were used in the determination of fair value of certain Level 3 assets as of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025. The significant unobservable inputs used in the income approach are the discount rate or market yield used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments. An increase in the discount rate or market yield would result in a decrease in the fair value. Included in the consideration and selection of discount rates or market yields is risk of default, rating of the investment, call provisions and comparable company investments. The significant unobservable inputs used in the market approach are based on market comparable transactions and market multiples of publicly traded comparable companies. Increases in market comparable transactions or market multiples would result in an increase in the fair value.

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The following is a summary of the Company’s assets categorized within the fair value hierarchy:

	September 30, 2025								December 31, 2024
	March 31, 2026								December 31, 2025
Assets	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
1st Lien/Senior Secured Debt	$	—	$	1520,~~681~~270	$	1,~~556~~386,~~185~~852	$	1,~~571~~407,~~866~~122	$	—	$	~~15,864~~—	$	1,~~976~~468,~~683~~487	$	1,~~992~~468,~~547~~487
1st Lien/Last-Out Unitranche		—		—		2928,~~457~~303		2928,~~457~~303		—		—		2229,~~642~~474		2229,~~642~~474
2nd Lien/Senior Secured Debt		—		—		21,~~854~~907		21,~~854~~907		—		—		32,~~587~~526		32,~~587~~526
Unsecured Debt		—		—		6,654		6,654		—		—		146,~~969~~654		146,~~969~~654
Preferred Stock		—		—		2221,~~560~~322		2221,~~560~~322		—		—		3423,~~482~~007		3423,~~482~~007
Common Stock		—		—		103,~~199~~520		103,~~199~~520		—		—		183,~~475~~974		183,~~475~~974
Warrants		—		—		~~190~~415		~~190~~415		—		—		~~379~~223		~~379~~223
Investments in Affiliated Money Market Fund		~~148~~122,~~322~~393		—		—		~~148~~122,~~322~~393		84124,~~647~~974		—		—		84124,~~647~~974
Total	$	~~148~~122,~~322~~393	$	1520,~~681~~270	$	1,~~628~~448,~~099~~973	$	1,~~792~~591,~~102~~636	$	84124,~~647~~974	$	~~15,864~~—	$	21,~~071~~534,~~217~~345	$	21,~~171~~659,~~728~~319

The following table presents a summary of changes in fair value of Level 3 assets by investment type:

Assets	BeginningBalance		Purchases(1)		NetRealizedGain (Loss)			Net Change inUnrealizedAppreciation(Depreciation)			Sales andSettlements (1)			NetAmortizationof Premium/Discount		TransfersIn (2)		TransfersOut (2)			Ending Balance		Net Change inUnrealizedAppreciation(Depreciation)for assets stillheld
For the Nine Months Ended September 30, 2025
For the Three Months Ended March 31, 2026
1st Lien/Senior Secured Debt	$	1,~~976~~468,~~683~~487	$	6214,~~480~~266	$	(~~9,212~~40	)	$	(~~919~~20,554	)	$	(~~480~~54,~~334~~735	)	$	71,~~487~~224	$	—	$	—(21,796	)	$	1,~~556~~386,~~185~~852	$	(920,~~259~~338	)
1st Lien/Last-Out Unitranche		2229,~~642~~474		~~7,837~~75		—			(1,~~081~~267	)		—			5921		—		—			2928,~~457~~303		(1,~~081~~267	)
2nd Lien/Senior Secured Debt		32,~~587~~526		—		—			(~~733~~619	)		—			—		—		—			21,~~854~~907		(~~733~~619	)
Unsecured Debt		146,~~969~~654		—		—			~~158~~—			~~(8,626~~—	)		~~153~~—		—		—			6,654		95(1	)
Preferred Stock		3423,~~482~~007		—		~~4,951~~—			(21,~~612~~685	)		~~(14,261~~—	)		—		—		—			2221,~~560~~322		~~888~~(1,685	)
Common Stock		183,~~475~~974		~~2,755~~—		~~(86~~—	)		(~~8,881~~454	)		~~(2,064~~—	)		—		—		—			103,~~199~~520		(~~10,075~~454	)
Warrants		~~379~~223		—		—			~~(189~~192	)		—			—		—		—			~~190~~415		~~(189~~192	)
Total assets	$	21,~~071~~534,~~217~~345	$	7314,~~072~~341	$	(~~4,347~~40	)	$	(1424,~~257~~387	)	$	(~~505~~54,~~285~~735	)	$	71,~~699~~245	$	—	$	—(21,796	)	$	1,~~628~~448,~~099~~973	$	(2024,~~354~~172	)
For the Nine Months Ended September 30, 2024
For the Three Months Ended March 31, 2025
1st Lien/Senior Secured Debt	$	21,~~332~~976,~~364~~683	$	~~433~~32,~~561~~522	$	(~~117~~8,~~325~~881	)	$	465,~~594~~149		$	(~~702~~150,~~892~~348	)	$	102,~~318~~310	$	~~29,648~~—	$	—		$	21,~~032~~857,~~268~~435	$	(31,~~364~~614	)
1st Lien/Last-Out Unitranche		2022,~~410~~642		17,~~528~~034	—	—			71(19	)	—	—			5419		—		—			2229,~~063~~676		71(19	)
2nd Lien/Senior Secured Debt		—3,587	—	~~3,789~~	—	—			~~(101~~240	)	—	—		—	—		—		—			3,~~688~~827		~~(101~~240	)
Unsecured Debt		614,~~566~~969	—	~~8,119~~	—	—			~~(57~~93	)	—	—			172		—		—			1415,~~645~~064		~~(57~~93	)
Preferred Stock		4034,~~562~~482	—	—	—	~~778~~			~~1,683~~815		—	~~(9,742~~	)	—	—		—		—			3335,~~281~~297		~~1,975~~815
Common Stock		1218,~~522~~475		112,~~920~~755	—	~~4,902~~			(51,~~460~~632	)	—	~~(4,902~~	)	—	—		—		—			1819,~~982~~598		(41,~~703~~632	)
Warrants		~~220~~379	—	—	—	—			~~105~~36		—	—		—	—		—		—			~~325~~415		~~105~~36
Total assets	$	2,~~412~~071,~~644~~217	$	~~458~~42,~~917~~311	$	(~~111~~8,~~645~~881	)	$	424,~~835~~682		$	(~~717~~150,~~536~~348	)	$	102,~~389~~331	$	~~29,648~~—	$	—		$	21,~~125~~961,~~252~~312	$	(62,~~074~~081	)

(1)

Purchases may include PIK, securities received in corporate actions and restructurings. Sales and Settlements may include securities delivered in corporate actions and restructuring of investments.

(2)

Transfers in (out) of Level 3 are due to a decrease (increase) in the quantity and reliability of broker quotes obtained by the Investment Adviser.

Debt Not Carried at Fair Value

The fair value of the Company’s debt, which would have been categorized as Level 3 within the fair value hierarchy as of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, approximates its carrying value because the JPM Revolving Credit Facility has variable interest based on selected short-term rates.

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6. DEBT

On May 2, 2019, the Initial Member approved the application of the reduced asset coverage requirements in Section 61(a)(2) of the Investment Company Act to the Company and such election became effective the following day. As a result of this approval, the Company is currently allowed to borrow amounts such that its asset coverage ratio, as defined in the Investment Company Act, is at least 150% after such borrowing (if certain requirements are met). As of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, the Company’s asset coverage ratio based on the aggregate amount outstanding of senior securities was ~~244~~263% and ~~210~~251%.

The Company’s outstanding debt was as follows:

September 30, 2025

December 31, 2024

March 31, 2026

December 31, 2025

AggregateBorrowingAmountCommitted

AmountAvailable

CarryingValue

AggregateBorrowingAmountCommitted

AmountAvailable

CarryingValue

JPM Revolving Credit Facility(1)

1581,~~250,000~~754

~~518,646~~—

~~731~~582,~~880~~194

1627,~~250,000~~354

~~249,527~~—

1627,~~000,612~~892

(1)

Provides, under certain circumstances, a total borrowing capacity of $2,000,000. The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of ~~September~~March 3031, ~~2025~~2026, the Company had outstanding borrowings denominated in USD of $~~726~~576,~~500~~900 and in GBP of GBP 4,000. As of December 31, ~~2024~~2025, the Company had outstanding borrowings denominated in USD of $~~995~~622,500, ~~in CAD of CAD 150~~ and in GBP of GBP 4,000.

The weighted average interest rate of the aggregate borrowings outstanding for the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026 was 65.5995% and for the year ended December 31, ~~2024~~2025 was 76.9452%. The ~~weighted~~ average debt of the aggregate borrowings outstanding for the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026 was $~~833~~608,~~805~~273 and for the year ended December 31, ~~2024~~2025 was $1790,~~249,042~~456.

MUFG Revolving Credit Facility

The Company entered into the MUFG Revolving Credit Facility on May 7, 2019 with MUFG Bank Ltd., as administrative agent (the “Administrative Agent”), lead arranger, letter of credit issuer and lender. The Company amended the MUFG Revolving Credit Facility on numerous occasions between July 31, 2019 and May 4, 2023. The MUFG Revolving Credit Facility matured on May 3, 2024 and was terminated in accordance with its terms.

Subject to availability under the “Borrowing Base,” the maximum principal amount of the MUFG Revolving Credit Facility was $50,050 until May 3, 2024. The Borrowing Base was calculated based on the unfunded capital commitments of the investors meeting various eligibility requirements (subject to investor concentration limits) multiplied by specified advance rates. The stated maturity date of the MUFG Revolving Credit Facility was May 3, 2024, following the Company’s exercise of its maturity extension on October 5, 2023.

As of September 30, 2025 and December 31, 2024, there were no amounts outstanding under the MUFG Revolving Credit Facility.

Proceeds from the MUFG Revolving Credit Facility were used for investments, working capital, expenses and general corporate purposes (including to pay dividends or distributions).

Under the MUFG Revolving Credit Facility, the Company had the ability to elect, for loans denominated in U.S. Dollars, either Term SOFR with a one-, three- or, if available, six-month tenor or the alternative base rate at the time of draw-down (and with respect to loans denominated in non-U.S. Dollar currencies, the applicable benchmark specified in the MUFG Revolving Credit Facility), and loans denominated in U.S. Dollars may have been converted from one rate to another at any time, subject to certain conditions. The interest rate on obligations under the MUFG Revolving Credit Facility was (A) Term Loan plus a credit adjustment spread for the applicable tenor (or other listed offered rate, depending upon the currency of borrowing) plus 2.75% per annum or (B) an alternative base rate (the greatest of the prime rate set by MUFG Bank, Ltd., the federal funds rate plus 0.50%, and Term SOFR with a one-month tenor plus 1.00% (“ABR”)) plus 1.75% per annum. The Company paid a 0.35% annualized fee on a quarterly basis on committed but undrawn amounts under the MUFG Revolving Credit Facility.

Amounts drawn under the MUFG Revolving Credit Facility may have been prepaid at any time without premium or penalty, subject to applicable breakage costs. Loans were subject to mandatory prepayment for amounts exceeding the Borrowing Base or the lenders’ aggregate commitment and to the extent required to comply with the Investment Company Act, as applied to BDCs. Transfers of interests in the Company by investors were subject to certain restrictions under the MUFG Revolving Credit Facility. In addition, any transfer of Units from a Unitholder whose undrawn commitments were included in the Borrowing Base to a Unitholder that was not eligible to be included in the Borrowing Base (or that was eligible to be included in the Borrowing Base at a lower advance rate) may have triggered mandatory prepayment obligations.

Table of Contents

The MUFG Revolving Credit Facility was secured by a perfected first priority security interest in the unfunded capital commitments of the Company’s investors (with certain exceptions) and the proceeds thereof, including an assignment of the right to make capital calls, receive and apply capital contributions, and enforce remedies and claims related thereto, and a pledge of the collateral account into which capital call proceeds were deposited. Additionally, under the MUFG Revolving Credit Facility, in certain circumstances after an event of default, the Administrative Agent would have been able to require investors to fund their capital commitments directly to the Administrative Agent for the purposes of repaying the loans, but lenders could not seek recourse against a Unitholder in excess of such Unitholder’s obligation to contribute capital to the Company.

The MUFG Revolving Credit Facility contained customary representations, warranties, and affirmative and negative covenants, including without limitation, representations and covenants regarding treatment as a RIC under the Code and as a BDC under the Investment Company Act and restrictions on the Company’s ability to make certain distributions, to incur additional indebtedness, to incur any liens on the collateral and to permit certain transfers of Unitholders’ ownership interest in the Units. The MUFG Revolving Credit Facility included customary conditions precedent to the draw-down of loans and customary events of default.

Costs of $6,051 were incurred in connection with obtaining and amending the MUFG Revolving Credit Facility and exercising its right under the accordion feature, which have been recorded as deferred financing costs in the Consolidated Statements of Financial Condition and are being amortized over the life of the MUFG Revolving Credit Facility using the straight-line method. As of September 30, 2025 and December 31, 2024, outstanding deferred financing costs were $0 and $0.

The following table presents the summary information of the MUFG Revolving Credit Facility:

	For the Three Months Ended				For the Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Borrowing interest expense	$	—	$	—	$	—	$	—
Facility fees		—		—		—		27
Amortization of financing costs		—		9		—		82
Total	$	—	$	9	$	—	$	109
Weighted average interest rate	—%		—%		—%		—%
Average outstanding balance	$	—	$	—	$	—	$	—

JPM Revolving Credit Facility

On September 24, 2020, SPV entered into the JPM Revolving Credit Facility. JPMorgan Chase Bank, National Association (“JPM”) serves as administrative agent, U.S. Bank Trust Company, National Association serves as collateral agent and collateral administrator, U.S. Bank National Association serves as securities intermediary and the Company serves as portfolio manager under the JPM Revolving Credit Facility. The Company amended the JPM Revolving Credit Facility on numerous occasions between February 12, 2021 and November 22, 2024.

Borrowings under the JPM Revolving Credit Facility bear interest (at SPV’s election) at a per annum rate equal to (x) Term SOFR (or the applicable benchmark for loans denominated in non-U.S. Dollar currencies) plus a credit spread adjustment of 0.15% (or other listed offered rate, depending upon the currency of borrowing) in effect and, (y) to the extent Term SOFR is unavailable, a rate per annum equal to the greater of (i) the prime rate of JPM in effect on such day and (ii) the Federal Funds Effective Rate in effect on such day plus 0.50%, in each case, plus the applicable margin. The applicable margin is 2.05% per annum. SPV will also pay a commitment fee of 0.55% per annum on the average daily unused amount of the financing commitments until the last day of the reinvestment period (as defined in the JPM Revolving Credit Facility), and an administrative fee of 0.20% per annum on the average daily commitment until the maturity date. The JPM Revolving Credit Facility is a multicurrency facility. As of ~~September~~March 3031, ~~2025~~2026, the total commitments under the JPM Revolving Credit Facility were $1581,~~250,000~~754. The JPM Revolving Credit Facility also has an accordion feature, subject to the satisfaction of various conditions, which could bring total commitments under the JPM Revolving Credit Facility to $2,000,000. All amounts outstanding under the JPM Revolving Credit Facility must be repaid by September 24, 2026, the stated scheduled termination date of the JPM Revolving Credit Facility, subject to a six-month extension of the maturity date with the consent of the administrative agent at such time.

SPV’s obligations to the lenders under the JPM Revolving Credit Facility are secured by a first priority security interest in all of SPV’s portfolio of investments and cash. The obligations of SPV under the JPM Revolving Credit Facility are non-recourse to the Company, and the Company’s exposure under the JPM Revolving Credit Facility is limited to the value of the Company’s investment in SPV.

In connection with the JPM Revolving Credit Facility, SPV has made certain customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. The JPM Revolving Credit Facility contains customary events of default for similar financing transactions, including if a change of control of SPV occurs or if the Company is no longer the portfolio manager of SPV. Upon the occurrence and during the continuation of an event of default, JPM may declare the outstanding advances and all other obligations under the JPM Revolving Credit Facility immediately due and payable. As of ~~September~~March 3031, ~~2025~~2026, the Company was in compliance with all of these covenants.

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Costs of $15,065 were incurred in connection with obtaining the JPM Revolving Credit Facility, which have been recorded as deferred financing costs in the Consolidated Statements of Financial Condition and are being amortized over the life of the JPM Revolving Credit Facility using the straight-line method. As of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, outstanding deferred financing costs were $31,~~055~~506 and $52,~~353~~272.

The following table presents ~~the~~ summary information ofregarding the JPM Revolving Credit Facility:

For the Three Months Ended

~~For the Nine Months Ended~~

September 30, 2025

September 30, 2024

September 30, 2025

September 30, 2024

March 31, 2026

March 31, 2025

Borrowing interest expense

128,~~571~~918

2515,~~045~~516

~~41,115~~

~~79,600~~

Facility fees

~~1,400~~369

1,~~543~~366

~~3,865~~

~~4,260~~

Amortization of financing costs

~~783~~766

~~779~~783

~~2,342~~

~~2,323~~

Total

1410,~~754~~053

2717,~~367~~665

~~47,322~~

~~86,183~~

Weighted average interest rate

65.5895

86.1661

~~6.59~~

~~8.15~~

Average outstanding balance

~~757~~608,~~980~~273

1952,~~221,035~~277

~~833,805~~

~~1,304,347~~

7. COMMITMENTS AND CONTINGENCIES

Capital Commitments

The Company had aggregate capital commitments and undrawn capital commitments from investors as follows:

	September 30, 2025							December 31, 2024
	March 31, 2026							December 31, 2025
	CapitalCommitments		UnfundedCapitalCommitments		% of CapitalCommitmentsFunded			CapitalCommitments		UnfundedCapitalCommitments		% of CapitalCommitmentsFunded
Common Units	$	1,475,812	$	132,823		91	%	$	1,475,812	$	132,823		91	%

Portfolio Company Commitments

The Company may enter into investment commitments through executed credit agreements or commitment letters. In many circumstances for executed commitment letters, borrower acceptance and final terms are subject to transaction-related contingencies. As of ~~September~~March 3031, ~~2025~~2026, the Company believed that it had adequate financial resources to satisfy its unfunded commitments. The Company had the following unfunded commitments by investment types:

	Unfunded Commitment Balances(1)
	September 30, 2025		December 31, 2024
1st Lien/Senior Secured Debt
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)	$	1,100	$	1,100
Admiral Buyer, Inc. (dba Fidelity Payment Services)		2,881		2,881
AQ Helios Buyer, Inc. (dba SurePoint)		832		1,664
BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics)		4,524		4,524
BSI3 Menu Buyer, Inc (dba Kydia)		1,924		1,924
Bullhorn, Inc.		601		693
Businessolver.com, Inc.		440		1,863
Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC)		2,831		2,831
Clearcourse Partnership Acquireco Finance Limited		1,916		1,784
Coding Solutions Acquisition, Inc. (dba CorroHealth)		1,187		1,417
Diligent Corporation		10,151		10,729
Elemica Parent, Inc.		11		—
Everest Clinical Research Corporation (fka 1272775 B.C. LTD.)		1,160		1,160
Experity, Inc.		3,023		2,505
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)		2,100		2,100
Gainsight, Inc.		5,182		2,484
GHA Buyer Inc. (dba Cedar Gate)		1,749		1,749
GovDelivery Holdings, LLC (dba Granicus, Inc.)		1,645		1,645
GS AcquisitionCo, Inc. (dba Insightsoftware)		609		914
Heartland Home Services, Inc. (fka Helios Buyer, Inc.)		1,339		1,626
Honor HN Buyer, Inc		2,224		2,224
iCIMS, Inc.		1,339		1,488
IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.)		1,396		1,354
NFM & J, L.P. (dba the Facilities Group)		2,269		2,696
Pacvue Intermediate LLC (fka Assembly Intermediate LLC)		3,991		3,991

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	Unfunded Commitment Balances(1)
	September 30, 2025		December 31, 2024
	March 31, 2026		December 31, 2025
Pioneer Buyer I, LLC	$	2,518	$	2,518
1st Lien/Senior Secured Debt
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)	$	1,100	$	1,100
Admiral Buyer, Inc. (dba Fidelity Payment Services)		2,881		2,881
AQ Helios Buyer, Inc. (dba SurePoint)		832		832
BSI3 Menu Buyer, Inc (dba Kydia)		1,924		1,603
Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC)		2,831		2,831
Coding Solutions Acquisition, Inc. (dba CorroHealth)		1,187		1,187
Diligent Corporation		9,573		9,494
ESO Solutions, Inc.		263		329
Everest Clinical Research Corporation (fka 1272775 B.C. LTD.)		1,160		1,160
Experity, Inc.		3,023		3,023
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)		2,100		2,100
Gainsight, Inc.		5,182		5,182
GovDelivery Holdings, LLC (dba Granicus, Inc.)		1,645		1,645
GS AcquisitionCo, Inc. (dba Insightsoftware)		434		575
Heartland Home Services, Inc. (fka Helios Buyer, Inc.)		268		1,284
Honor HN Buyer, Inc		2,224		2,224
iCIMS, Inc.		1,599		1,358
IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.)		1,396		1,396
NFM & J, L.P. (dba the Facilities Group)		1,528		1,685
Pacvue Intermediate LLC (fka Assembly Intermediate LLC)		3,991		3,991
Pluralsight, Inc.		7,663		7,663
Riverpoint Medical, LLC		1,806		1,~~445~~806
Rodeo Buyer Company (dba Absorb Software)		3,065		3,065
Southeast Mechanical, LLC		1,700		~~170~~1,700
SpendMend Holdings LLC		1,337		31,~~601~~338
Streamland Media Midco LLC		~~274~~343		—275
Summit Buyer, LLC (dba Classic Collision)		42,~~902~~356		73,~~864~~299
Sundance Group Holdings, Inc. (dba NetDocuments)		56,~~271~~866		45,~~043~~576
Superman Holdings, LLC (dba Foundation Software)		74,~~913~~365		144,~~221~~365
Sweep Purchaser LLC		3,361		43,~~201~~361
USN Opco LLC (dba Global Nephrology Solutions)		2,812		12,~~970~~812
Volt Bidco, Inc. (dba Power Factors)		32,~~593~~091		3,~~696~~593
VRC Companies, LLC (dba Vital Records Control)		858		858
WebPT, Inc.		~~276~~2,146		~~1,012~~276
Zarya HoldCo, Inc. (dba Eptura)		87,~~384~~185		8,383
Acquia, Inc.		—		851
Elemica Parent, Inc.		—		31
Capitol Imaging Acquisition Corp.		—		9,170
Total 1st Lien/Senior Secured Debt	$	93,095	$	94,281
Chronicle Bidco Inc. (dba Lexitas)		—		3,088
CivicPlus LLC		—		1,112
CorePower Yoga LLC		—		256
ESO Solutions, Inc.		—		988
Fullsteam Operations LLC		—		170
Governmentjobs.com, Inc. (dba NeoGov)		—		17,785
HealthEdge Software, Inc.		—		3,297
HS4 AcquisitionCo, Inc. (dba HotSchedules & Fourth)		—		710
Kaseya Inc.		—		1,509
LS Clinical Services Holdings, Inc (dba CATO)		—		399
PDDS Holdco, Inc. (dba Planet DDS)		—		1,908
Rubrik, Inc.		—		32
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)		—		472
Total Vision LLC		—		1,150
Wellness AcquisitionCo, Inc. (dba SPINS)		—		4,435
Total 1st Lien/Senior Secured Debt	$	112,157	$	169,388
1st Lien/Last-Out Unitranche
EDB Parent, LLC (dba Enterprise DB)	$	~~288~~138	$	~~1,698~~214
Total 1st Lien/Last-Out Unitranche	$	~~288~~138	$	~~1,698~~214
Total	$	~~112~~93,~~445~~233	$	~~171~~94,~~086~~495

(1)

Unfunded commitments denominated in currencies other than USD have been converted to USD using the exchange rate as of the applicable reporting date.

Contingencies

In the normal course of business, the Company enters into contracts that provide a variety of general indemnifications. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. Currently, no such claims exist or are expected to arise and, accordingly, the Company has not accrued any liability in connection with such indemnifications.

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8. MEMBERS’ CAPITAL

Capital Drawdowns

The Company did not issue a capital drawdown for the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025.

Distributions

The following table reflects the distributions declared on the Company’s common Units:

Date Declared	Record Date	Payment Date	Amount Per Unit
For the Nine Months Ended September 30, 2025
For the Three Months Ended March 31, 2026
February 25, 2026	April 2, 2026	May 8, 2026	$	2.72	(1)
For the Three Months Ended March 31, 2025
February 26, 2025	April 2, 2025	May 7, 2025	$	2.37
May 7, 2025	July 2, 2025	July 31, 2025	$	5.79	(1)
August 6, 2025	October 2, 2025	November 4, 2025	$	6.41	(2)
For the Nine Months Ended September 30, 2024
February 27, 2024	April 2, 2024	May 8, 2024	$	3.44	(3)
May 1, 2024	July 2, 2024	August 5, 2024	$	2.78
August 8, 2024	October 2, 2024	November 4, 2024	$	2.62

(1)

~~(1)~~ $32.6172 is considered a return of capital distribution.

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(2) $4.33 is considered a return of capital distribution.

(3) $0.53 is considered a capital gains distribution.

9. EARNINGS (LOSS) PER UNIT

The following information sets forth the computation of basic and diluted earnings (loss) per Unit:

	For the Three Months Ended					~~For the Nine Months Ended~~
	September 30,2025			September 30, 2024		September 30,2025		September 30, 2024
	March 31,2026			March 31, 2025
Net increase (decrease) in Members’ Capital from operations	$	16(1,~~298~~315	)	$	2624,~~134~~830	$	~~65,033~~	$	~~41,922~~
Weighted average Units outstanding		13,854,750			13,854,750		~~13,854,750~~		~~13,854,750~~
Basic and diluted earnings (loss) per unit	$	1(0.1809	)	$	1.8979	$	~~4.70~~	$	~~3.03~~

Diluted earnings (loss) per Unit equal basic earnings (loss) per Unit because there were no common Unit equivalents outstanding during the period presented.

10. FINANCIAL HIGHLIGHTS

The following table presents the schedule of financial highlights of the Company:

	For the Nine Months Ended
	For the Three Months Ended
	September 30, 2025			September 30, 2024
	March 31,2026			March 31, 2025
Per Unit Data:(1)
NAV, beginning of period	$	7968.2762		$	8579.4127
Net investment income		61.0668			82.0910
Net realized and unrealized gains (losses)(2)		(1.3378	)		(50.0230	)
(Provision) benefit for taxes on realized and unrealized gains (losses) on investments	—(3)	~~(0.03~~	)		~~(0.05~~—	)
Net increase in Members’ Capital from operations(2)	$	4(0.7010	)	$	31.0280
Distributions recorded:
Total increase (decrease) in Members’ Capital	$	(0.10	)	$	1.80
From net investment income		(4.55	)		(5.70	)
NAV, end of period	$	68.52		$	81.07
From capital gains		—			(0.52	)
From return of capital		(3.61	)		—
Total distributions recorded		(8.16	)		(6.22	)
Total increase (decrease) in Members’ Capital	$	(3.46	)	$	(3.20	)
NAV, end of period	$	75.81		$	82.21
Units outstanding, end of period		13,854,750			13,854,750
Weighted average units outstanding		13,854,750			13,854,750
Total return based on NAV(3)		5.93	%		3.54	%
Total return based on NAV(4)		(0.15	)%		2.27	%
Supplemental Data/Ratio:(4)
Supplemental Data/Ratio:(5)
Members’ Capital, end of period	$	1949,~~050,351~~377		$	1,~~138~~123,~~983~~159
Ratio of expenses (without incentive fees and interest and other debt expenses) to average Members’ Capital		12.8704	%		1.8891	%
Ratio of interest and other debt expenses to average Members’ Capital		54.7329	%		96.8145	%
Ratio of incentive fees to average Members’ Capital		1(0.0402	)%		0.6339	%
Ratio of total expenses to average Members’ Capital		86.6431	%		128.3275	%
Ratio of net investment income to average Members’ Capital		109.5286	%		1211.9684	%
Portfolio turnover		31	%		192	%

(1)

The per Unit data was derived by using the weighted average Units outstanding during the applicable period, except for distributions recorded, which reflects the actual amount of distributions recorded per Unit for the applicable period.

(2)

The amount shown may not correspond for the period as it includes the effect of the timing of capital drawdowns and distributions.

(3)

Amount rounds to less than $0.01.

(4)

Calculated as the change in NAV per Unit during the period plus dividends recorded per Unit, divided by the beginning NAV per Unit.

(5)

Ratios are annualized, except for, as applicable, unvested Incentive Fees.

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11. SUBSEQUENT EVENTS

Subsequent events after the date of the Consolidated Statements of Financial Condition have been evaluated through the date the consolidated financial statements were issued. Other than the items discussed below, the Company has concluded that there is no impact requiring adjustment or disclosure in the consolidated financial statements.

OnThe ~~November~~Company 5,will ~~2025,~~pay ~~the Board of Directors declared~~ a distribution equal to an amount up to the Company's taxable earnings per Unit, including net investment income (if positive) for the period beginning ~~October~~April 1, ~~2025~~2026 through ~~December~~June 3130, ~~2025~~2026, which will be payable on or about ~~January~~July 2829, 2026 to Unitholders of record as of ~~December~~July 312, ~~2025~~2026.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and other parts of this report contain forward-looking information that involves risks and uncertainties. References to “we,” “us,” “our,” and the “Company,” mean Goldman Sachs Private Middle Market Credit II LLC or Goldman Sachs Private Middle Market Credit II LLC, together with its consolidated subsidiaries, as the context may require. The terms “GSAM,” “Goldman Sachs Asset Management,” our “Adviser” or our “Investment Adviser” refer to Goldman Sachs Asset Management, L.P., a Delaware limited partnership. The term “GS Group Inc.” refers to The Goldman Sachs Group, Inc. “GS & Co.” refers to Goldman Sachs & Co. LLC and its predecessors. The term “Goldman Sachs” refers to GS Group Inc., together with GS & Co., GSAM and its other subsidiaries and affiliates. The discussion and analysis contained in this section refer to our financial condition, results of operations and cash flows. The information contained in this section should be read in conjunction with the consolidated financial statements and notes thereto appearing elsewhere in this report. Please see “Cautionary Statement Regarding Forward-Looking Statements” for a discussion of the uncertainties, risks and assumptions associated with this discussion and analysis. Our actual results could differ materially from those anticipated by such forward-looking information due to factors discussed under “Cautionary Statement Regarding Forward-Looking Statements” appearing elsewhere in this report.

OVERVIEW

We are a specialty finance company focused on lending to middle-market companies. We are a closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “Investment Company Act”). In addition, we have elected to be treated as a regulated investment company (“RIC”), and we expect to qualify annually for tax treatment as a RIC, under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with our taxable year ended December 31, 2019. From our commencement of investment operations on April 11, 2019 through ~~September~~March 3031, ~~2025~~2026, we have originated approximately $4.45 billion in aggregate principal amount of debt and equity investments prior to any subsequent exits and repayments. We seek to generate current income and, to a lesser extent, capital appreciation primarily through direct originations of secured debt, including first lien, unitranche debt, including last-out portions of such loans, and second lien debt, and unsecured debt, including mezzanine debt, as well as through select equity investments.

“Unitranche” loans are first lien loans that extend deeper in a borrower’s capital structure than traditional first lien debt and may provide for a waterfall of cash flow priority between different lenders in such loan. In a number of instances, we may find another lender to provide the “first-out” portion of a unitranche loan while we retain the “last-out” portion of such loan, in which case, the “first-out” portion of the loan would generally receive priority with respect to the payment of principal, interest and any other amounts due thereunder as compared to the “last-out” portion that we would continue to hold. In exchange for taking greater risk of loss, the “last-out” portion generally earns a higher interest rate than the “first-out” portion of the loan. We use the term “mezzanine” to refer to debt that ranks senior in right of payment only to a borrower’s equity securities and ranks junior in right of payment to all of such borrower’s other indebtedness. We may make multiple investments in the same portfolio company.

We expect to invest, under normal circumstances, at least 80% of our net assets (plus any borrowings for investment purposes), directly or indirectly in private middle-market credit obligations and related instruments. We define “credit obligations and related instruments” for this purpose as any fixed-income instrument, including loans to, and bonds and preferred stock of, portfolio companies and other instruments that provide exposure to such fixed-income instruments. “Middle market” is used to refer to companies with between $5 million and $200 million of annual earnings before interest expense, income tax expense, depreciation and amortization (“EBITDA”) excluding certain one-time and non-recurring items that are outside the operations of these companies. While, as a result of fluctuations in the net asset value (“NAV”) of one asset relative to other assets, private middle-market credit obligations and related instruments may represent less than 80% of our net assets (plus any borrowings for investment purposes) at any time, we may not invest, under normal circumstances, more than 20% of our net assets (plus any borrowings for investment purposes) in securities and other instruments that are not private middle-market credit obligations and related instruments. To the extent we determine to invest indirectly in private middle-market credit obligations and related instruments, we may invest through certain synthetic instruments, including derivatives that have similar economic characteristics to private middle-market credit obligations. For purposes of determining compliance with our 80% policy, each applicable derivative instrument will be valued based upon its market value. We will notify our unitholders (the “Unitholders”) at least 60 days prior to any change to the 80% investment policy described above.

We may also originate “covenant-lite” loans, which are loans with fewer financial maintenance covenants than other obligations, or no financial maintenance covenants. Such covenant-lite loans may not include terms that allow the lender to monitor the performance of the borrower or to declare a default if certain criteria are breached. These flexible covenants (or the absence of covenants) could permit borrowers to experience a significant downturn in their results of operations without triggering any default that would permit holders of their debt (such as us) to accelerate indebtedness or negotiate terms and pricing. In the event of default, covenant-lite loans may recover less value than traditional loans as the lender may not have an opportunity to negotiate with the borrower prior to such default.

We expect to directly or indirectly invest at least 70% of our total assets in middle-market companies domiciled in the United States. However, we may from time to time invest opportunistically in large U.S. companies, non-U.S. companies, stressed or distressed debt, structured products, private equity or other opportunities, subject to limits imposed by the Investment Company Act.

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While our investment program is expected to focus primarily on debt investments, our investments may include equity features, such as a direct investment in the equity or convertible securities of a portfolio company or warrants or options to buy a minority interest in a portfolio company. Any warrants we may receive with debt securities will generally require only a nominal cost to exercise, so as a portfolio company appreciates in value, we may achieve additional investment return from these equity investments. We may structure the warrants to provide provisions protecting our rights as a minority-interest holder, as well as puts, or rights to sell such securities back to the portfolio company, upon the occurrence of specified events. In many cases, we may also obtain registration rights in connection with these equity investments, which may include demand and “piggyback” registration rights.

For a discussion of the competitive landscape we face, please see “Item 1A. Risk Factors—Risks Relating to Competition—We operate in a highly competitive market for investment opportunities” and “Item 1. Business—Competitive Advantages” in our annual report on Form 10-K for the year ended December 31, ~~2024~~2025.

KEY COMPONENTS OF OPERATIONS

Investments

Our level of investment activity can and does vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle-market companies, the level of merger and acquisition activity for such companies, the general economic environment, the amount of capital we have available to us and the competitive environment for the type of investments we make.

As a BDC, we may not acquire any assets other than “qualifying assets” specified in the Investment Company Act, unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets (with certain limited exceptions). Qualifying assets include investments in “eligible portfolio companies.” Pursuant to rules adopted by the Securities and Exchange Commission (the “SEC”), “eligible portfolio companies” include certain companies that do not have any securities listed on a national securities exchange and public companies whose securities are listed on a national securities exchange but whose market capitalization is less than $250 million.

Revenues

We generate revenues in the form of interest income on debt investments and, to a lesser extent, capital gains and distributions, if any, on equity securities that we may acquire in portfolio companies. Some of our investments may provide for deferred interest payments or payment-in-kind (“PIK”) income. The principal amount of the debt investments and any accrued but unpaid interest generally becomes due at the maturity date.

We generate revenues primarily through receipt of interest income from the investments we hold. In addition, we may generate revenue in the form of commitment, origination, structuring, syndication, exit fees or diligence fees, fees for providing managerial assistance and consulting fees. Portfolio company fees (directors’ fees, consulting fees, administrative fees, tax advisory fees and other similar compensation) will be paid to us, unless, to the extent required by applicable law or exemptive relief, if any, therefrom, we receive our allocable portion of such fees when invested in the same portfolio company as other client accounts managed by our Investment Adviser (collectively with us, the “Accounts”), which other Accounts could receive their allocable portion of such fee. We do not expect to receive material fee income as it is not our principal investment strategy. We record contractual prepayment premiums on loans and debt securities as interest income.

Expenses

Our primary operating expenses include the payment of the management fee (the “Management Fee”) and the incentive fee (the “Incentive Fee”) to our Investment Adviser, legal and professional fees, interest and other debt expenses and other operating and overhead related expenses. The Management Fee and Incentive Fee compensate our Investment Adviser for its work in identifying, evaluating, negotiating, closing and monitoring our investments. Pursuant to an investment advisory agreement with the Investment Adviser (the “Investment Advisory Agreement”), Company expenses borne by us in the ordinary course on an annual basis (excluding Management Fees, Incentive Fees, organizational and start-up expenses and leverage-related expenses) will not exceed an amount equal to 0.5% of the aggregate amount of commitments to us by holders of common units of our limited liability company interests (“Units”); provided, however, that expenses incurred outside of the ordinary course, including litigation and similar expenses, are not subject to such cap. We bear all other expenses of our operations and transactions in accordance with our Investment Advisory Agreement and ~~administration agreement (the “~~Administration Agreement”), including:

• our operational and organizational expenses;

• fees and expenses, including travel expenses, incurred by our Investment Adviser or payable to third parties related to our investments, including, among others, professional fees (including the fees and expenses of consultants and experts) and fees and expenses from evaluating, monitoring, researching and performing due diligence on investments and prospective investments;

• interest, fees and other expenses payable on indebtedness for borrowed money (including through the issuance of notes and other evidence of indebtedness), other indebtedness, financings or extensions of credit, if any, incurred by us;

• fees and expenses incurred by us in connection with membership in investment company organizations;

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• brokers’ commissions;

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• fees and expenses associated with calculating our NAV (including the costs and expenses of any independent valuation firm);

• legal, auditing or accounting expenses;

• taxes or governmental fees;

• the fees and expenses of our ~~administrator~~Administrator (as defined below), transfer agent, or sub-transfer agent;

• the cost of preparing unit certificates or any other expenses, including clerical expenses of issue or repurchase of our Units;

• the expenses of and fees for registering or qualifying our Units for sale and of maintaining our registration or qualifying and registering us as a broker or a dealer;

• the fees and expenses of our directors who are not affiliated with our Investment Adviser;

• the cost of preparing and distributing reports, proxy statements and notices to our Unitholders, the SEC and other regulatory authorities;

• costs of holding Unitholder meetings;

• the fees or disbursements of custodians of our assets, including expenses incurred in the performance of any obligations enumerated by limited liability company agreement or other organizational documents insofar as they govern agreements with any such custodian;

• insurance premiums; and

• costs incurred in connection with any claim, litigation, arbitration, mediation, government investigation or dispute in connection with our business and the amount of any judgment or settlement paid in connection therewith, or the enforcement of our rights against any person and indemnification or contribution expenses payable by us to any person and other extraordinary expenses not incurred in the ordinary course of our business.

Our Investment Adviser will not be required to pay expenses of activities which are primarily intended to result in sales of Units.

We expect our general and administrative expenses to be relatively stable or decline as a percentage of total assets during periods of asset growth and to increase during periods of asset declines.

Leverage

The revolving credit facility with JPMorgan Chase Bank, National Association (as amended, restated, supplemented or otherwise modified from time to time, the “JPM Revolving Credit Facility”), allows us to borrow money and lever our investment portfolio, subject to the limitations of the Investment Company Act, with the objective of increasing our yield. This is known as “leverage” and could increase or decrease returns to our Unitholders. The use of leverage involves significant risks. As a BDC, with certain limited exceptions, we are only permitted to borrow amounts such that our asset coverage ratio, as defined in the Investment Company Act, equals at least 150% after such borrowing (if certain requirements are met). The revolving credit facility between us and MUFG Bank Ltd. (as amended, restated, supplemented or otherwise modified from time to time, the “MUFG Revolving Credit Facility”) matured on May 3, 2024 and was terminated in accordance with its terms. As of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, our asset coverage ratio based on the aggregate amount outstanding of our senior securities ~~(which includes the JPM Revolving Credit Facility and the MUFG Revolving Credit Facility (together, the “Revolving Credit Facilities”), as applicable)~~ was ~~244~~263% and ~~210~~251%. Short-term credits necessary for the settlement of securities transactions and arrangements with respect to securities lending will not be considered borrowings for these purposes. Practices and investments that may involve leverage but are not considered borrowings are not subject to the Investment Company Act’s asset coverage requirement. The amount of leverage that we employ will depend on the assessment by our Investment Adviser and our Board of Directors of market conditions and other factors at the time of any proposed borrowing.

PORTFOLIO AND INVESTMENT ACTIVITY

Our portfolio (excluding investments in money market funds, if any) consisted of the following:

	As of
	September 30, 2025				December 31, 2024
	March 31, 2026				December 31, 2025
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	($ in millions)
First Lien/Senior Secured Debt	$	1,~~613~~474.1992	$	1,~~571~~407.8712	$	21,~~032~~514.8612	$	1,~~992~~468.5549
First Lien/Last-Out Unitranche		30.7292		2928.4630		2230.8382		2229.6448
Second Lien/Senior Secured Debt		3.79		21.8591		3.79		32.5953
Unsecured Debt		6.56		6.65		156.0356		146.9765
Preferred Stock		16.0100		2221.5632		2516.3200		3423.4801
Common Stock		23.52		103.2052		2223.9152		183.4797
Warrants		1.67		0.1942		1.67		0.3822
Total investments	$	1,~~695~~557.4638	$	1,~~643~~469.7824	$	21,~~124~~596.4148	$	21,~~087~~534.0835

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The weighted average yield of our portfolio by asset type (excluding investments in money market funds, if any), at amortized cost and fair value, was as follows:

	As of
	September 30, 2025						December 31, 2024
	March 31, 2026						December 31, 2025
	AmortizedCost			Fair Value			AmortizedCost			Fair Value
Weighted Average Yield(1)
First Lien/Senior Secured Debt(2)		109.4	%		11.96	%		109.8	%		1311.37	%
First Lien/Last-Out Unitranche(2)(3)		9.83	%		10.32	%		139.34	%		139.68	%
Second Lien/Senior Secured Debt(2)		—			—			—			—
Unsecured Debt(2)		—			—			~~9.3~~—	%		~~9.3~~—	%
Preferred Stock(4)		—			—			—			—
Common Stock(4)		—			—			—			—
Warrants(4)		—			—			—			—
Total Portfolio		109.01	%		11.53	%		109.5	%		1211.94	%

(1)

The weighted average yield of our portfolio does not represent the total return to our Unitholders.

(2)

Computed based on (a) the annual actual interest rate or yield earned plus amortization of fees and discounts on the performing debt and other income producing investments as of the reporting date, divided by (b) the total investments (including investments on non-accrual status and non-income producing investments) at amortized cost or fair value.

(3)

The calculation includes incremental yield earned on the “last-out” portion of the unitranche loan investments.

(4)

Computed based on (a) the stated coupon rate, if any, for each income-producing investment, divided by (b) the total investments (including investments on non-accrual and non-income producing investments) at amortized cost or fair value.

The decrease in the total portfolio weighted average yield at fair value and the decrease in weighted average yield at fair value within First Lien/Senior Secured Debt were primarily due to the restructuring of Streamland Media Midco LLC.

Within First Lien/Last-Out Unitranche, the decrease in weighted average yield at amortized cost and fair value was driven by the Streamland Media Midco LLC Last-Out Term Loan being placed on non-accrual status. Within Unsecured Debt, the decrease in weighted average yield at amortized cost and fair value was primarily driven by the exit of CivicPlus LLC.

The following table presents certain selected information regarding our investment portfolio (excluding investments in money market funds, if any):

	As of
	September 30, 2025				December 31, 2024
	March 31, 2026				December 31, 2025
Number of portfolio companies			6155				7656
Percentage of performing debt bearing a floating rate(1)			100.0	%			100.0	%
Percentage of performing debt bearing a fixed rate(1)(2)		—%				—%
Weighted average leverage (net debt/EBITDA)(3)		6.2x				6.2x0x
Weighted average interest coverage(3)		1.8x				1.7x9x
Median EBITDA(3)	$	5760.1828 million			$	5556.6784 million

(1)	Measured on a fair value basis. Excludes investments, if any, placed on non-accrual status.
(2)	Includes income producing preferred stock investments, if applicable.
(3)	For a particular portfolio company, we calculate the level of contractual indebtedness net of cash (“net debt”) owed by the portfolio company and compare that amount to measures of cash flow available to service the net debt. To calculate net debt, we include debt that is both senior and pari passu to the tranche of debt owned by us but exclude debt that is legally and contractually subordinated in ranking to the debt owned by us. We believe this calculation method assists in describing the risk of our portfolio investments, as it takes into consideration contractual rights of repayment of the tranche of debt owned by us relative to other senior and junior creditors of a portfolio company. We typically calculate cash flow available for debt service at a portfolio company by taking EBITDA for the trailing twelve-month period. Weighted average net debt to EBITDA is weighted based on the fair value of our debt investments, excluding investments where net debt to EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.
	For a particular portfolio company, we also calculate the level of contractual interest expense owed by the portfolio company and compare that amount to EBITDA (“interest coverage ratio”). We believe this calculation method assists in describing the risk of our portfolio investments, as it takes into consideration contractual interest obligations of the portfolio company. Weighted average interest coverage is weighted based on the fair value of our performing debt investments, excluding investments where interest coverage may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.
	Median EBITDA is based on our debt investments, excluding investments where net debt to EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.
	Portfolio company statistics are derived from the most recently available financial statements of each portfolio company as of the reported end date. Statistics of the portfolio companies have not been independently verified by us and may reflect a normalized or adjusted amount.
	As of September 30, 2025 and December 31, 2024, investments where net debt to EBITDA may not be the appropriate measure of credit risk represented 16.4% and 19.6% of total debt investments at fair value.
	As of March 31, 2026 and December 31, 2025, investments where net debt to EBITDA may not be the appropriate measure of credit risk represented 15.1% and 15.7% of total debt investments at fair value.

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Our Investment Adviser monitors, on an ongoing basis, the financial trends of each portfolio company to determine if it is meeting its respective business plan and to assess the appropriate course of action for each portfolio company. Our Investment Adviser has several methods of evaluating and monitoring the performance and fair value of our investments, which may include the following: (i) assessment of success in adhering to the portfolio company’s business plan and compliance with covenants; (ii) periodic or regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor to discuss financial position, requirements and accomplishments; (iii) comparisons to our other portfolio companies in the industry, if any; (iv) attendance at and participation in Board meetings or presentations by portfolio companies; and (v) review of monthly and quarterly financial statements and financial projections of portfolio companies.

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As part of the monitoring process, our Investment Adviser also employs an investment rating system to categorize our investments. In addition to various risk management and monitoring tools, our Investment Adviser grades the credit risk of all investments on a scale of 1 to 4 no less frequently than quarterly. This system is intended primarily to reflect the underlying risk of a portfolio investment relative to our initial cost basis in respect of such portfolio investment (i.e., at the time of origination or acquisition), although it may also take into account in certain circumstances the performance of the portfolio company’s business, the collateral coverage of the investment and other relevant factors. The grading system for our investments is as follows:

• Grade 1 investments involve the least amount of risk to our initial cost basis. The trends and risk factors for this investment since origination or acquisition are generally favorable, which may include the performance of the portfolio company or a potential exit;

• Grade 2 investments involve a level of risk to our initial cost basis that is similar to the risk to our initial cost basis at the time of origination or acquisition. This portfolio company is generally performing as expected and the risk factors to our ability to ultimately recoup the cost of our investment are neutral to favorable. All investments or acquired investments in new portfolio companies are initially assessed a grade of 2;

• Grade 3 investments indicate that the risk to our ability to recoup the initial cost basis of such investment has increased materially since origination or acquisition, including as a result of factors such as declining performance and non-compliance with debt covenants; however, payments are generally not more than 120 days past due; and

• Grade 4 investments indicate that the risk to our ability to recoup the initial cost basis of such investment has substantially increased since origination or acquisition, and the portfolio company likely has materially declining performance. For debt investments with an investment grade of 4, in most cases, most or all of the debt covenants are out of compliance and payments are substantially delinquent. For investments graded 4, it is anticipated that we will not recoup our initial cost basis and may realize a substantial loss of our initial cost basis upon exit.

Our Investment Adviser grades the investments in our portfolio at least each quarter and it is possible that the grade of a portfolio investment may be reduced or increased over time. For investments with a grade of 3 or 4, our Investment Adviser enhances its level of scrutiny over the monitoring of such portfolio company. The following table shows the composition of our portfolio (excluding investments in money market funds, if any) on the 1 to 4 grading scale:

	As of
	September 30, 2025					December 31, 2024
	March 31, 2026					December 31, 2025
Investment Performance Rating	Fair Value		Percentage ofTotal			Fair Value		Percentage ofTotal
	(in millions)					(in millions)
Grade 1	$	—		—	%	$	—		—	%
Grade 2		1,~~528~~299.9247		9388.05	%		1,~~993~~366.8702		9589.50	%
Grade 3		88115.1705		57.48	%		74129.4486		38.65	%
Grade 4		2654.6972		13.67	%		1838.7746		02.95	%
Total Investments	$	1,~~643~~469.7824		100.0	%	$	21,~~087~~534.0834		100.0	%

The ~~decrease~~increase in investments with a ~~grade~~Grade 24 investment performance rating was primarily driven by ~~the exit of~~ investments with an aggregate fair value of $~~411~~44.958 million ~~and investments with aggregate fair value of $38.51~~ being downgraded from a ~~grade~~Grade ~~2 investment rating to a grade~~ 3 investment performance rating due to financial underperformance., ~~The~~partially ~~increase~~offset inby ~~investments~~the ~~with~~upgrade aof ~~grade~~the ~~4 investment performance rating was primarily driven by~~ investments with an aggregate fair value of $12.013 million ~~being downgraded~~ from aGrade ~~grade~~4 ~~3 investment rating~~ to aGrade ~~grade~~3 4 investment performance rating due to improved financial ~~underperformance~~performance.

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The following table shows the amortized cost of our performing and non-accrual investments (excluding investments in money market funds, if any):

	As of
	September 30, 2025					December 31, 2024
	March 31, 2026					December 31, 2025
	Amortized Cost		Percentage ofTotal			Amortized Cost		Percentage ofTotal
	(in millions)					(in millions)
Performing	$	1,~~671~~470.5754		9894.64	%	$	21,~~094~~558.2143		9897.6	%
Non-accrual		2386.8984		15.46	%		3038.2005		12.4
Total Investments	$	1,~~695~~557.4638		100.0	%	$	21,~~124~~596.4148		100.0	%

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Investments are placed on non-accrual status when it is probable that principal, interest or dividends will not be collected according to the contractual terms. Accrued interest or dividends generally are reversed when an investment is placed on non-accrual status. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment. We may make exceptions to this treatment if the loan has sufficient collateral value and is in the process of collection. Non-accrual investments are restored to accrual status when past due principal and interest or dividends are paid and, in management’s judgment, principal and interest or dividend payments are likely to remain current.

The following table shows our investment activity by investment type(1):

	For the Three Months Ended
	September 30, 2025			September 30, 2024
	March 31, 2026			March 31, 2025
	($ in millions)
Amount of investments committed at cost:
First Lien/Senior Secured Debt	$	0.69		$	3.22
First Lien/Senior Secured Debt	$	0.82		$	191.49
Total	$	0.69		$	3.22
Unsecured Debt		—			6.56
Total	$	0.82		$	198.05
Proceeds from investments sold or repaid:
First Lien/Senior Secured Debt	$	~~122~~46.2264		$	~~294~~123.5213
Preferred Stock		14.26			9.74
Total	$	46.64		$	123.13
Common Stock		2.06			4.90
Net increase (decrease) in portfolio	$	(45.95	)	$	(119.91	)
Total	$	138.54		$	309.16
Number of existing portfolio companies with new investment commitments		1			1
Net increase (decrease) in portfolio	$	(137.72	)	$	(111.11	)
Total new investment commitment amount in existing portfolio companies	$	0.69		$	3.22
Number of existing portfolio companies with new investment commitments		1			10
Weighted average remaining term for new investment commitments (in years)(2)		3.0			4.0
Total new investment commitment amount in existing portfolio companies	$	0.82		$	198.05
Percentage of new debt investment commitments at floating interest rates		100.0	%		100.0	%
Weighted average remaining term for new investment commitments (in years)(2)		3.5			5.9
Percentage of new debt investment commitments at fixed interest rates(3)		—	%	—%
Percentage of new debt investment commitments at floating interest rates		—	%		100.0	%
Weighted average yield on new debt and income producing investment commitments(4)		9.2	%		12.3	%
Percentage of new debt investment commitments at fixed interest rates(3)		—	%		—	%
Weighted average yield on new investment commitments(5)		9.2	%		12.3	%
Weighted average yield on new debt and income producing investment commitments(4)		9.8	%		9.9	%
Weighted average yield on debt and income producing investments sold or repaid(6)		10.0	%		10.5	%
Weighted average yield on new investment commitments(5)		9.8	%		9.5	%
Weighted average yield on investments sold or repaid(7)		10.0	%		10.5	%
Weighted average yield on debt and income producing investments sold or repaid(6)		10.4	%		11.5	%
Weighted average yield on investments sold or repaid(7)		9.2	%		10.4	%

(1)

New investment commitments are shown net of capitalized fees, expenses and original issue discount (“OID”) that occurred at the initial closing. Figures for new investment commitments may also include positions originated during the period but not held at the reporting date. Figures for investments sold or repaid, excludes unfunded commitments that may have expired or otherwise been terminated without receipt of cash proceeds or other consideration.

(2)

Calculated as of the end of the relevant period and the maturity date of the individual investments.

(3)

May include preferred stock investments.

(4)

Computed based on (a) the annual actual interest rate on new debt and income producing investment commitments, divided by (b) the total new debt and income producing investment commitments. The calculation includes incremental yield earned on the “last-out” portion of the unitranche loan investments and excludes investments that are on non-accrual status. The annual actual interest rate used is as of the respective quarter end date when the investment activity occurred.

(5)

Computed based on (a) the annual actual interest rate on new investment commitments, divided by (b) the total new investment commitments (including investments on non-accrual status and non-income producing investments). The calculation includes incremental yield earned on the “last-out” portion of the unitranche loan investments. The annual actual interest rate used is as of the respective quarter end date when the investment activity occurred.

(6)

Computed based on (a) the annual actual interest rate on debt and income producing investments sold or paid down, divided by (b) the total debt and income producing investments sold or paid down. The calculation includes incremental yield earned on the “last-out” portion of the unitranche loan investments and excludes prepayment premiums earned on exited investments and investments that are on non-accrual status.

(7)

Computed based on (a) the annual actual interest rate on investments sold or paid down, divided by (b) the total investments sold or paid down (including investments on non-accrual status and non-income producing investments). The calculation includes incremental yield earned on the “last-out” portion of the unitranche loan investments and excludes prepayment premiums earned on exited investments.

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RESULTS OF OPERATIONS

Our operating results were as follows:

	For the Three Months Ended						~~For the Nine Months Ended~~
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
	March 31, 2026			March 31, 2025
	($ in millions)
Total investment income	$	4937.2987		$	7056.8241		$	~~158.19~~		$	~~222.35~~
Net expenses		(2214.6359	)		(3727.2427	)		~~(74.20~~	)		~~(110.23~~	)
Net investment income		2623.6628			3329.5814			~~83.99~~			~~112.12~~
Net realized gain (loss) on investments		4(0.8704	)		(718.6988	)		~~(4.35~~	)		~~(111.65~~	)
Net unrealized appreciation (depreciation) on investments		(1526.2901	)		664.1351			~~(14.35~~	)		~~43.06~~
Net realized and unrealized gains (losses) on foreign currency translations and other transactions		01.1242			(10.1209	)		~~0.17~~			~~(0.93~~	)
Income tax (provision) benefit, realized and unrealized gain/loss		(0.0603	)		(0.7703	)		~~(0.43~~	)		~~(0.68~~	)
Net increase in members’ capital from operations	$	16.30		$	26.13		$	65.03		$	41.92
Net increase (decrease) in members’ capital from operations	$	(1.32	)	$	24.83

Net increase (decrease) in members’ capital from operations can vary from period to period as a result of various factors, including acquisitions, the level of new investment commitments, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation in the investment portfolio.

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Investment Income

Our investment income was as follows:

	For the Three Months Ended				~~For the Nine Months Ended~~
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
	March 31, 2026		March 31, 2025
	($ in millions)
Interest income	$	4231.5644	$	6249.6201	$	~~137.45~~	$	~~197.14~~
Payment-in-kind income		5.0913		56.8722		~~16.47~~		~~18.46~~
Dividend income		1.2604		20.0284		~~3.22~~		~~5.54~~
Other income		0.3826		0.3134		~~1.05~~		~~1.21~~
Total investment income	$	4937.2987	$	7056.8241	$	~~158.19~~	$	~~222.35~~

In the table above:

•

Interest income from investments, which includes prepayment premiums and accelerated accretion of upfront loan origination fees, decreased from $6249.6201 ~~and $197.14~~ million for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025 to $4231.5644 million ~~and $137.45 million~~ for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026. The decrease was primarily ~~driven~~due byto a decline in base interest rates in addition to the decrease in the size of our portfolio. The amortized cost of our portfolio decreased from $2,~~143~~009.6379 million as of ~~September~~March 3031, ~~2024~~2025 to $1,~~695~~557.4638 million as of ~~September~~March 3031, ~~2025~~2026.

Expenses

Our expenses were as follows:

	For the Three Months Ended					~~For the Nine Months Ended~~
	September 30, 2025			September 30, 2024		September 30, 2025		September 30, 2024
	March 31, 2026			March 31, 2025
	($ in millions)
Interest and other debt expenses	$	1410.7505		$	2717.3867	$	~~47.32~~	$	~~86.29~~
Management fees		43.0253			4.2515		~~12.34~~		~~13.09~~
Incentive fees		2(0.8823	)		4.6138		~~11.48~~		~~7.40~~
Professional fees		0.3450			0.3937		~~1.16~~		~~1.41~~
Directors’ fees		0.0908			0.07		~~0.23~~		~~0.21~~
Other general and administrative expenses		0.5566			0.5463		~~1.67~~		~~1.83~~
Total expenses	$	2214.6359		$	3727.2427	$	~~74.20~~	$	~~110.23~~

In the table above:

•

Interest and other debt expenses decreased from $2717.3867 million ~~and~~for the three months ended March 31, 2025 to $8610.2905 million for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2026. toThe ~~$14.75~~decrease ~~million~~was ~~and~~primarily driven by the decrease in weighted average daily borrowings from $47952.3228 ~~million~~ for the three ~~and nine~~ months ended ~~September~~March 3031, 2025 to $608.27 ~~The~~million ~~decrease~~for ~~was~~the ~~primarily~~three months ended March 31, 2026.

•

47Management Fees decreased from $4.15 million for the three months ended March 31, 2025 to $3.53 million for the three months ended March 31, 2026. The decrease was primarily driven by a decrease in members' capital.

•

~~Table~~Incentive Fees decreased from $4.38 million for the three months ended March 31, 2025 to $(0.23) million for the three months ended March 31, 2026. The decrease was primarily driven by the decrease in results of ~~Contents~~operations before incentive fees from $29.21 million for the three months ended March 31, 2025 to $(1.55) million for the three months ended March 31, 2026.

driven by the decrease in weighted average daily borrowings from $1,221.04 million and $1,304.35 million for the three and nine months ended September 30, 2024 to $757.98 million and $833.81 million for the three and nine months ended September 30, 2025.

Incentive Fees decreased from $4.61 million for the three months ended September 30, 2024 to $2.88 million for the three months ended September 30, 2025 and increased from $7.40 million for the nine months ended September 30, 2024 to $11.48 million for the nine months ended September 30, 2025. These movements were primarily driven by results of operations before incentive fees, which decreased from $30.74 million for the three months ended September 30, 2024 to $19.17 million for the three months ended September 30, 2025, and increased from $49.32 million for the nine months ended September 30, 2024 to $76.51 million for the nine months ended September 30, 2025.

Net Realized Gains (Losses) and Net Change in Unrealized Appreciation (Depreciation) on Investments

The realized gains and losses on fully exited and partially exited investments in portfolio companies consisted of the following:

	For the Three Months Ended						~~For the Nine Months Ended~~
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
	March 31, 2026			March 31, 2025
	($ in millions)
Lobos Parent, Inc. (dba NeoGov)	$	4.95		$	—		$	4.95		$	—
Streamland Media Midco LLC	$	—		$	(8.88	)
Foundation Software - Class B		—			4.90			—			4.90
Diligent Corporation		(0.04	)		—
Other, net		(0.08	)		0.84			(0.09	)		1.18
Net realized gain (loss) on investments	$	(0.04	)	$	(8.88	)
Sweep Purchaser LLC		—			—			—			(15.74	)
Streamland Media Midco LLC (1)		—			—			(8.88	)		—
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo)		—			—			(0.33	)		—
Thrasio, LLC		—			—			—			(24.56	)
Zodiac Intermediate, LLC (dba Zipari)		—			(38.25	)		—			(38.25	)
Pluralsight, Inc.		—			(39.18	)		—			(39.18	)
Net realized gain (loss) on investments	$	4.87		$	(71.69	)	$	(4.35	)	$	(111.65	)

~~(1) Formerly~~For ~~known~~the asthree ~~Picture~~months ~~Head~~ended March 31, 2025, net realized losses were primarily driven by the restructuring of our first lien debt investment in Streamland Media Midco LLC in March 2025, which resulted in a realized loss of $8.88 million.

For the three months ended September 30, 2025, net realized gains were primarily driven by the repayment of our preferred stock investment in Lobos Parent Inc. (dba Neogov) which resulted in a realized gain of $4.95 million.

For the nine months ended September 30, 2025, net realized losses were primarily driven by the restructuring of our first lien debt investment in Streamland Media Midco LLC in March 2025, which resulted in a realized loss of $8.88 million, partially offset by the aforementioned repayment of our preferred stock investment in Lobos Parent Inc. (dba Neogov) which resulted in net realized gains of $4.95 million.

For the three months ended September 30, 2024, net realized losses were primarily driven by the restructuring of our first lien debt investments in Pluralsight, Inc. and the sale of Zodiac Intermediate, LLC (dba Zipari) to mPulse Mobile, Inc. (dba Zipari Inc.), which resulted in a realized loss of $(39.18) million and $(38.25) million.

For the nine months ended September 30, 2024, in addition to the aforementioned restructures, net realized losses were also driven by the restructuring of our first lien debt investments in Thrasio, LLC and Sweep Purchaser, LLC, which resulted in a loss of $(24.56) million in June 2024 and $(15.74) million in March 2024.

Any changes in fair value are recorded as a change in unrealized appreciation (depreciation) on investments. For further details on the valuation process, refer to Note 2 “Significant Accounting Policies—Investments” in our consolidated financial statements. Net change in unrealized appreciation (depreciation) on investments was as follows:

	For the Three Months Ended						For the Nine Months Ended
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
	($ in millions)
Unrealized appreciation	$	5.20		$	80.67		$	15.77		$	66.68
Unrealized depreciation		(20.49	)		(14.54	)		(30.12	)		(23.62	)
Net change in unrealized appreciation (depreciation) on investments	$	(15.29	)	$	66.13		$	(14.35	)	$	43.06

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	For the Three Months Ended
	March 31, 2026			March 31, 2025
	($ in millions)
Unrealized appreciation	$	4.11		$	10.34
Unrealized depreciation		(30.12	)		(5.83	)
Net change in unrealized appreciation (depreciation) on investments	$	(26.01	)	$	4.51

The net change in unrealized appreciation (depreciation) on investments consisted of the following:

	For the ThreeMonths EndedSeptember 30, 2025			For the NineMonths EndedSeptember 30, 2025
	For the ThreeMonths EndedMarch 31, 2026
	($ in millions)
Portfolio Company:
Total Vision Holdings, LLC	$	1.93		$	1.19
Volt Bidco, Inc. (dba Power Factors)	$	1.64
Total Vision LLC		1.73			1.34
Thrasio, LLC		1.60
Argos Health Holdings, Inc		0.42			0.49
Premier Imaging, LLC (dba Lucid Health)		0.35
BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics)		0.33			(0.43	)
Heartland Home Services, Inc. (fka Helios Buyer, Inc.)		0.23
Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC)		0.19			0.14
USN Opco LLC (dba Global Nephrology Solutions)		0.15
BSI3 Menu Buyer, Inc (dba Kydia)		(0.04	)		1.39
GS AcquisitionCo, Inc. (dba Insightsoftware)		(1.62	)
Thrasio, LLC		(0.08	)		(2.93	)
CloudBees, Inc.		(1.94	)
Clearcourse Partnership Acquireco Finance Limited		(0.31	)		0.88
MerchantWise Solutions, LLC (dba HungerRush)		(1.97	)
Volt Bidco, Inc. (dba Power Factors)		(0.66	)		(2.56	)
One GI LLC		(5.14	)
One GI LLC		(1.48	)		(1.59	)
Pluralsight, Inc.		(8.13	)
Streamland Media Midco LLC (1)		(1.49	)		5.63
Other, net (1)		(11.18	)
Streamland Media Holdings LLC		(2.25	)		(2.76	)
Total	$	(26.01	)
Lobos Parent, Inc. (dba NeoGov)		(4.18	)		(3.50	)
Other, net (2)		(4.68	)		(4.95	)
Pluralsight, Inc.		(4.72	)		(6.69	)
Total	$	(15.29	)	$	(14.35	)

(1)

~~Formerly~~Includes ~~known~~gross asunrealized ~~Picture~~appreciation ~~Head~~of ~~Midco~~$0.14 ~~LLC~~million and gross unrealized depreciation of $(11.32) million

~~Includes~~Net ~~gross~~change in unrealized appreciation of(depreciation) ~~$0.60~~in ~~million~~our ~~and~~investments ~~$4.71~~for ~~million~~the three months ended March 31, ~~and~~2026 ~~gross~~was primarily driven by market volatility during the period. The unrealized depreciation was further impacted by the financial underperformance of ~~$(5.28)~~certain ~~million~~portfolio companies, most notably Pluralsight, Inc. and ~~$(9~~One GI LLC.66 These declines were partially offset by unrealized appreciation on Volt Bidco, Inc. (dba Power Factors) ~~million~~and Thrasio, LLC, reflecting improved performance.

Net change in unrealized appreciation (depreciation) in our investments for the three months ended September 30, 2025 was primarily driven by the financial underperformance of Pluralsight, Inc., Streamland Media Holdings LLC and the reversal of unrealized appreciation resulting from the repayment of the preferred stock investment in Lobos Parent, Inc. (dba NeoGov).


	For the Three Months Ended March 31, 2025
	($ in millions)
Portfolio Company:
Streamland Media Midco LLC	$	6.97
Coding Solutions Acquisition, Inc. (dba CorroHealth)		3.19
BSI3 Menu Buyer, Inc (dba Kydia)		0.96
Clearcourse Partnership Acquireco Finance Limited		0.38
Governmentjobs.com, Inc. (dba NeoGov)		0.32
Harrington Industrial Plastics, LLC		(0.54	)
Other, net (1)

Filing Compare · Goldman Sachs Private Middle Market Credit II LLC