{"url_path":"/sec/cik-0001825265/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-13","source_url":"https://www.sec.gov/Archives/edgar/data/1825265/0001193125-26-221923-index.html","accession_number":"0001193125-26-221923","cik":"0001825265","ticker":null,"issuer_name":"TCW Direct Lending VIII LLC","edgar_url":"https://www.sec.gov/Archives/edgar/data/1825265/0001193125-26-221923-index.html","primary_entity_key":"0001825265","primary_entity_name":"TCW Direct Lending VIII LLC"},"word_count":6898,"has_tables":true,"body_markdown":"10-Q\n\n0001825265--12-31Q1falsehttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#InvestmentUnaffiliatedIssuerMemberhttp://fasb.org/us-gaap/2025#InvestmentUnaffiliatedIssuerMemberhttp://fasb.org/us-gaap/2025#InvestmentUnaffiliatedIssuerMemberhttp://fasb.org/us-gaap/2025#InvestmentUnaffiliatedIssuerMemberhttp://fasb.org/us-gaap/2025#InvestmentUnaffiliatedIssuerMemberhttp://fasb.org/us-gaap/2025#InvestmentUnaffiliatedIssuerMemberhttp://fasb.org/us-gaap/2025#InvestmentUnaffiliatedIssuerMemberhttp://fasb.org/us-gaap/2025#InvestmentUnaffiliatedIssuerMember10 days66.6766.67http://fasb.org/us-gaap/2025#RealizedInvestmentGainsLosseshttp://fasb.org/us-gaap/2025#RealizedInvestmentGainsLosseshttp://fasb.org/us-gaap/2025#RealizedInvestmentGainsLosseshttp://tcw.com/20260331#NetChangeInUnrealizedAppreciationDepreciationhttp://tcw.com/20260331#NetChangeInUnrealizedAppreciationDepreciationhttp://tcw.com/20260331#NetChangeInUnrealizedAppreciationDepreciationhttp://fasb.org/us-gaap/2025#RealizedAndUnrealizedGainLossInvestmentAndDerivativeOperatingBeforeTaxhttp://fasb.org/us-gaap/2025#RealizedAndUnrealizedGainLossInvestmentAndDerivativeOperatingBeforeTaxhttp://fasb.org/us-gaap/2025#RealizedAndUnrealizedGainLossInvestmentAndDerivativeOperatingBeforeTaxhttp://tcw.com/20260331#NetChangeInUnrealizedAppreciationDepreciationhttp://tcw.com/20260331#NetChangeInUnrealizedAppreciationDepreciationhttp://tcw.com/20260331#NetChangeInUnrealizedAppreciationDepreciationhttp://fasb.org/us-gaap/2025#RealizedAndUnrealizedGainLossInvestmentAndDerivativeOperatingBeforeTaxhttp://fasb.org/us-gaap/2025#RealizedAndUnrealizedGainLossInvestmentAndDerivativeOperatingBeforeTaxhttp://fasb.org/us-gaap/2025#RealizedAndUnrealizedGainLossInvestmentAndDerivativeOperatingBeforeTax1http://fasb.org/srt/2025#ChiefExecutiveOfficerMember0001825265Debt Investments, Paper & Forest Products, Pallet Logistics of America, LLC, Acquisition Date 11/22/24 Term Loan - 10.67% inc PIK (SOFR + 7.00%, 1.00% Floor, 0.50% PIK) Net Assets 2.8% Maturity 11/22/292026-03-3100018252652025-03-310001825265Debt Investments, Specialty Retail D&D Buyer, LLC, Acquisition Date 10/04/23 Term Loan - 10.27% (SOFR + 6.50%, 2.00% Floor) Net Assets 4.0% Maturity 10/04/282025-12-310001825265us-gaap:BaseRateMemberck0001825265:SubscriptionBasedCreditFacilityMember2022-03-082022-03-080001825265Debt Investments, Hotels, Restaurants & Leisure Five Star Buyer, Inc., Acquisition Date 05/11/23 Term Loan - 12.98% inc PIK (SOFR + 9.00%, 1.50% Floor, 2.00% PIK) Net Assets 2.3% Maturity 02/23/282025-12-310001825265Debt Investments, Automobile Components Fenix Intermediate, LLC, Acquisition Date 03/28/24 Term Loan B – 10.70% (SOFR + 7.00%, 1.75% Floor) Net Assets 3.4% Maturity 03/28/292026-03-310001825265ck0001825265:ADANBLLCMemberck0001825265:RevolverMember2026-03-310001825265ck0001825265:SubscriptionBasedCreditFacilityMember2022-03-080001825265us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMemberck0001825265:ConstructionAndEngineeringMember2025-12-310001825265Debt Investments, Software CF Newco, Inc., Acquisition Date 12/09/24 Term Loan - 9.74% (SOFR + 6.00%, 1.50% Floor) Net Assets 2.7% Maturity 12/10/292025-12-310001825265Debt Investments, Hotels, Restaurants & Leisure Five Star Buyer, Inc., Acquisition Date 05/11/23 Delayed Draw Term Loan - 12.98% inc PIK (SOFR + 9.00%, 1.50% Floor, 2.00% PIK) Net Assets 0.1% Maturity 02/23/282026-01-012026-03-310001825265ck0001825265:SubscriptionBasedCreditFacilityMember2025-12-310001825265Debt Investments, Containers & Packaging Hoffmaster Group, Inc., Acquisition Date 03/15/24 Incremental Term Loan - 8.67% (SOFR + 5.00%, 2.00% Floor) Net Assets 2.2% Maturity 05/24/282026-01-012026-03-310001825265Debt Investments, Containers & Packaging Hoffmaster Group, Inc., Acquisition Date 03/15/24 Incremental Term Loan - 10.10% (SOFR + 6.25%, 2.00% Floor) Net Assets 2.2% Maturity 02/24/282025-12-310001825265ck0001825265:ComprehensiveLogisticsCoLlcMemberck0001825265:RevolverMember2026-03-310001825265Debt Investments, Paper & Forest Products, Pallet Logistics of America, LLC, Acquisition Date 11/22/24 Revolver - 10.67% (SOFR + 7.00%, 1.00% Floor) Net Assets 0.2% Maturity 11/29/292026-03-310001825265Debt Investments, Oil, Gas & Consumable Fuels HOP Energy, LLC, Acquisition Date 06/17/22 Term Loan - 12.78% inc PIK (SOFR + 9.00%, 2.00% Floor, all PIK) Net Assets 1.2% Maturity 12/09/272026-01-012026-03-310001825265Debt Investments, Professional Services, Alorica Inc., Acquisition Date 12/21/22 Term Loan – 10.59% (SOFR + 6.88%, 1.50% Floor) Net Assets 3.8% Maturity 12/21/272025-12-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMemberus-gaap:EquitySecuritiesMember2025-12-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:DebtSecuritiesMember2025-12-310001825265Equity Investments, Automobile Components, SUP Parent Holdings, LLC, Acquisition Date 08/13/25 Common Units Net Assets 1.2%2025-01-012025-12-310001825265ck0001825265:DDBuyerLlc1Memberck0001825265:RevolverMember2025-12-310001825265Debt Investments, Automobile Components Fenix Intermediate, LLC, Acquisition Date 03/28/24 Term Loan B – 10.43% (SOFR + 6.75%, 1.75% Floor) Net Assets 3.5% Maturity 03/28/292025-12-310001825265Debt Investments, Automobile Components Fenix Intermediate, LLC, Acquisition Date 03/28/24 Delayed Draw Term Loan B-1 - 10.70% (SOFR + 7.00%, 1.75% Floor) Net Assets 0.2% Maturity 03/28/292026-03-310001825265us-gaap:InvestmentUnaffiliatedIssuerMemberck0001825265:InformationTechnologyServicesMemberus-gaap:DebtSecuritiesMember2025-12-310001825265Debt Investments, Ground Transportation RPM Purchaser, Inc., Acquisition Date 09/11/23 Term Loan B - 10.08% (SOFR + 6.25%, 2.00% Floor) Net Assets 3.4% Maturity 09/11/282025-12-310001825265ck0001825265:AssetBasedCreditFacilityTermLoanMember2025-08-220001825265Debt Investments, Personal Care Products, Viva 5 Group, LLC, Acquisition Date 05/21/25 Revolver - 10.22% (SOFR + 6.50%, 2.25% Floor) Net Assets 0.1% Maturity 05/21/302025-01-012025-12-310001825265Debt Investments, Consumer Discretionary Textiles, Apparel & Luxury Goods Helix Sleep, Inc., Acquisition Date 11/07/25 Term Loan - 9.16% (SOFR + 5.50%, 1.00% Floor) Net Assets 2.0% Maturity 11/07/302026-01-012026-03-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001825265:DebtSecuritiesTwoMembersrt:MaximumMember2025-12-310001825265ck0001825265:HelixSleepIncMemberck0001825265:RevolverMember2026-03-310001825265Debt Investments, Commercial Services & Supplies CSAT Holdings LLC, Acquisition Date 06/30/23 Term Loan – 14.43%inc PIK (SOFR + 10.50%, 2.00% Floor, 2.25% PIK) Net Assets 3.5% Maturity 06/30/282025-12-310001825265us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberck0001825265:DebtSecuritiesOneMemberus-gaap:IncomeApproachValuationTechniqueMember2026-03-310001825265Debt Investments, Oil, Gas & Consumable Fuels HOP Energy, LLC, Acquisition Date 06/17/22 Term Loan - 12.78% inc PIK (SOFR + 9.00%, 2.00% Floor, all PIK) Net Assets 1.2% Maturity 12/09/272026-03-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001825265:DebtSecuritiesOneMember2025-12-310001825265Aggregate Fair Value of These Securities2026-01-012026-03-310001825265Debt Investments, Hotels, Restaurants & Leisure ADAN-B LLC (24 Hour Fitness), Acquisition Date 12/31/25 Term Loan - 9.46% (SOFR + 5.75%, 1.50% Floor) Net Assets 0.2% Maturity 12/31/302026-01-012026-03-310001825265Debt Investments, Food Products Baxters North America, Inc., Acquisition Date 05/31/23 Term Loan - 10.70% (SOFR + 6.88%, 1.75% Floor) Net Assets 4.1% Maturity 05/31/282025-01-012025-12-310001825265ck0001825265:CommonCommitmentMember2025-12-310001825265ck0001825265:GroundTransportationMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2026-03-310001825265Debt Investments, Health Care Equipment & Supplies ConnectAmerica.com, LLC, Acquisition Date 10/11/24 Last Out Term Loan - 9.45% (SOFR + 5.75%, 1.75% Floor) Net Assets 6.0% Maturity 10/11/292026-03-310001825265us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2026-03-310001825265us-gaap:DebtSecuritiesMember2026-03-310001825265us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:DebtSecuritiesMember2025-12-310001825265ck0001825265:RevolverMemberck0001825265:PalletLogisticsOfAmericaLlc1Member2026-03-310001825265us-gaap:RetainedEarningsMember2025-03-310001825265us-gaap:FairValueInputsLevel2Memberus-gaap:DebtSecuritiesMember2026-03-310001825265Debt Investments, Transportation Infrastructure, CG Buyer, LLC, Acquisition Date 07/19/23 Delayed Draw Term Loan – 10.22% (SOFR + 6.50%, 1.50% Floor) Net Assets 0.1% Maturity 07/19/282025-12-310001825265ck0001825265:HoffmasterGroupIncMemberck0001825265:RevolverMember2025-12-310001825265Debt Investments, Leisure Products Lumos Holdings US Acquisition Co. Acquisition Date 08/05/25 Term Loan – 9.16% (SOFR + 5.50%, 1.50% Floor) Net Assets 7.2% Maturity Date 08/05/302026-01-012026-03-310001825265us-gaap:CashEquivalentsMember2025-12-310001825265Debt Investments, Oil, Gas & Consumable Fuels HOP Energy, LLC, Acquisition Date 06/17/22 Term Loan - 12.83% inc PIK (SOFR + 9.00%, 2.00% Floor, all PIK) Net Assets 1.3% Maturity 12/09/272025-12-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2025-12-310001825265Debt Investments, Commercial Services & Supplies Power Acquisition LLC, Acquisition Date 07/22/25 Term Loan B - 10.67% (SOFR + 7.00%, 1.50% Floor) Net Assets 0.3% Maturity 01/22/302026-01-012026-03-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2025-12-310001825265Debt Investments, Metals & Mining Material Sciences Corporation, Acquisition Date 03/14/25 Term Loan – 10.17% (SOFR + 6.50%, 2.00% Floor) Net Assets 6.3% Maturity Date 03/14/302025-01-012025-12-3100018252652026-03-310001825265Debt Investments, Commercial Services & Supplies Power Acquisition LLC, Acquisition Date 07/11/25 Incremental Term Loan B - 9.86% (SOFR + 6.00%, 1.50% Floor) Net Assets 0.3% Maturity 01/22/302025-12-310001825265ck0001825265:EnergyEquipmentAndServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2026-03-310001825265Equity Investments, Automobile Components, SUP Parent Holdings, LLC, Acquisition Date 08/13/25 Common Units Net Assets 1.2%2025-12-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001825265:MeasurementInputIndicativeBidMemberus-gaap:DebtSecuritiesMember2025-12-3100018252652026-05-130001825265ck0001825265:ProfessionalServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-12-310001825265Debt Investments, Hotels, Restaurants & Leisure ADAN-B LLC (24 Hour Fitness), Acquisition Date 04/30/25 & 12/31/25 Term Loan - 9.42% (SOFR + 5.75%, 1.50% Floor) Net Assets 6.8% Maturity 12/31/302025-12-310001825265Debt Investments, Specialty Retail D&D Buyer, LLC, Acquisition Date 08/20/25 4th Amendment Delayed Draw Term Loan - 10.49% (SOFR + 6.50%, 2.00% Floor) Net Assets 1.4% Maturity 10/04/282025-12-310001825265Debt Investments, Personal Care Products, Viva 5 Group, LLC, Acquisition Date 05/21/25 Revolver - 10.17% (SOFR + 6.50%, 2.25% Floor) Net Assets 0.1% Maturity 05/21/302026-03-310001825265Debt Investments, Oil, Gas & Consumable Fuels HOP Energy, LLC, Acquisition Date 01/14/25 Term Loan C- 13.83% inc PIK (SOFR + 10.00%, 2.00% Floor, all PIK) Net Assets 0.6% Maturity 12/09/272025-12-310001825265ck0001825265:AxvorIntermediateLLCDQSMemberck0001825265:RevolverMember2025-12-310001825265Debt Investments, Trading Companies & Distributors, Cinelease, LLC, Acquisition Date 08/07/25 ABL Term Loan - 11.82% (SOFR + 7.50%, 2.50% Floor) Net Assets 2.0% Maturity 07/31/302025-12-310001825265ck0001825265:CommercialServicesAndSuppliesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-12-310001825265ck0001825265:TermLoanMember2026-03-310001825265us-gaap:InvestmentUnaffiliatedIssuerMemberck0001825265:HotelsRestaurantsLeisureMemberus-gaap:DebtSecuritiesMember2025-12-310001825265us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:DebtSecuritiesMember2026-03-310001825265ck0001825265:AssetBasedCreditFacilityAmendmentFourMemberus-gaap:SubsequentEventMember2026-04-010001825265us-gaap:SubsequentEventMemberck0001825265:AssetBasedCreditFacilityTermLoanMember2026-04-010001825265us-gaap:MemberUnitsMember2026-01-012026-03-310001825265Debt Investments, Professional Services, Alorica Inc., Acquisition Date 12/21/22 Term Loan – 10.54% (SOFR + 6.88%, 1.50% Floor) Net Assets 3.8% Maturity 12/21/272026-03-310001825265Debt Investments, Automobile Components Fenix Intermediate, LLC, Acquisition Date 03/28/24 Term Loan B – 10.43% (SOFR + 6.75%, 1.75% Floor) Net Assets 3.5% Maturity 03/28/292025-01-012025-12-310001825265us-gaap:MemberUnitsMember2024-12-310001825265us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberck0001825265:DebtSecuritiesOneMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMemberus-gaap:DebtSecuritiesMember2026-03-310001825265Debt Investments, Health Care Equipment & Supplies ConnectAmerica.com, LLC, Acquisition Date 10/11/24 Last Out Term Loan - 9.42% (SOFR + 5.75%, 1.75% Floor) Net Assets 6.1% Maturity 10/11/292025-01-012025-12-310001825265Debt Investments, Personal Care Products, Viva 5 Group, LLC, Acquisition Date 05/21/25 Term Loan - 10.17% (SOFR + 6.50%, 2.25% Floor) Net Assets 6.1% Maturity 05/21/302026-03-310001825265us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2025-12-310001825265us-gaap:CommonStockMember2021-05-272021-05-270001825265Debt Investments, Transportation Infrastructure, CG Buyer, LLC, Acquisition Date 07/19/23 Term Loan – 10.22% (SOFR + 6.50%, 1.50% Floor) Net Assets 2.4% Maturity 07/19/282025-12-310001825265country:US2025-12-310001825265Debt Investments, Commercial Services & Supplies Power Acquisition LLC, Acquisition Date 07/11/25 Incremental Term Loan B - 9.86% (SOFR + 6.00%, 1.50% Floor) Net Assets 0.3% Maturity 01/22/302025-01-012025-12-310001825265Debt Investments, Ground Transportation RPM Purchaser, Inc., Acquisition Date 09/11/23 Delayed Draw Term Loan B - 10.08% (SOFR + 6.25%, 2.00% Floor) Net Assets 1.0% Maturity 09/11/282025-01-012025-12-310001825265us-gaap:FairValueInputsLevel1Memberus-gaap:DebtSecuritiesMember2026-03-310001825265Debt Investments, Commercial Services & Supplies Comprehensive Logistics Co., LLC, Acquisition Date 03/26/24 Term Loan - 11.32% (SOFR + 7.50%, 2.00% Floor) Net Assets 4.2% Maturity 03/26/262025-01-012025-12-310001825265us-gaap:SubsequentEventMember2026-04-010001825265us-gaap:InvestmentUnaffiliatedIssuerMemberck0001825265:HotelsRestaurantsLeisureMemberus-gaap:DebtSecuritiesMember2026-03-310001825265ck0001825265:AssetBasedCreditFacilityMemberus-gaap:SubsequentEventMember2026-04-010001825265Debt Investments, Machinery Mark Andy, Inc., Acquisition Date 06/16/23 Term Loan – 12.57% inc PIK (SOFR + 8.75%, 1.50% Floor, 5.75% PIK) Net Assets 2.6% Maturity Date 06/16/282025-01-012025-12-310001825265Debt Investments, Hotels, Restaurants & Leisure Red Robin International, Inc., Acquisition Date 04/11/22 Revolver - 11.29% (SOFR + 7.50%, 1.00% Floor) Net Assets 0.1% Maturity 09/03/272026-01-012026-03-310001825265ck0001825265:ContainersAndPackagingMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2026-03-310001825265Debt Investments, Specialty Retail D&D Buyer, LLC, Acquisition Date 10/04/23 Revolver - 10.27% (SOFR + 6.50%, 2.00% Floor) Net Assets 0.4% Maturity 10/04/282025-01-012025-12-310001825265ck0001825265:SubscriptionBasedCreditFacilityMember2026-03-060001825265us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2024-12-3100018252652024-12-310001825265Debt Investments, Construction & Engineering Sunland Asphalt & Construction, LLC, Acquisition Date 06/16/23 Delayed Draw Term Loan - 10.77% (SOFR + 7.00%, 1.75% Floor) Net Assets 2.4% Maturity 06/16/282026-03-310001825265Debt Investments, Building Products Eastern Metal Supply Borrower, LLC, Acquisition Date 01/06/26 Term Loan – 9.45% (SOFR + 5.75%, 1.00% Floor) % of Net Assets 8.2% Maturity 01/06/312026-03-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberck0001825265:DebtSecuritiesOneMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2026-03-310001825265ck0001825265:AdviserMember2025-12-310001825265Debt Investments, Containers & Packaging The HC Companies, Inc., Acquisition Date 08/01/23 Term Loan - 12.17%inc PIK (SOFR + 8.50%, 2.00% Floor, 1.00%PIK) Net Assets 4.5% Maturity 08/01/282025-12-310001825265Debt Investments, Hotels, Restaurants & Leisure CEC Entertainment, LLC Acquisition Date 09/26/25 Term Loan - 9.70% (SOFR + 6.00%, 2.00% Floor) Net Assets 5.5% Maturity 09/26/302026-03-310001825265us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMemberck0001825265:AutomobileComponentsMember2026-03-310001825265Debt Investments, Health Care Equipment & Supplies ConnectAmerica.com, LLC, Acquisition Date 10/11/24 Last Out Term Loan - 9.45% (SOFR + 5.75%, 1.75% Floor) Net Assets 6.0% Maturity 10/11/292026-01-012026-03-310001825265ck0001825265:AssetBasedCreditFacilityAmendmentOneMember2026-03-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2026-03-310001825265us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMemberck0001825265:ConsumerDiscretionaryTextilesApparelAndLuxuryGoodsMember2026-03-310001825265us-gaap:MemberUnitsMember2025-12-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberus-gaap:DebtSecuritiesMember2026-03-310001825265us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-12-310001825265Debt Investments, Construction & Engineering Sunland Asphalt & Construction, LLC, Acquisition Date 06/16/23 Delayed Draw Term Loan - 10.32% (SOFR + 6.50%, 1.75% Floor) Net Assets 1.0% Maturity 06/16/282025-12-310001825265us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001825265:SubscriptionBasedCreditFacilityMember2022-03-082022-03-080001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001825265:MeasurementInputIndicativeBidMembersrt:MaximumMemberus-gaap:DebtSecuritiesMember2026-03-310001825265Debt Investments, Machinery Mark Andy, Inc., Acquisition Date 06/16/23 Term Loan – 12.60% inc PIK (SOFR + 8.75%, 1.50% Floor, 5.75% PIK) Net Assets 2.3% Maturity Date 06/16/282026-01-012026-03-310001825265Debt Investments, Containers & Packaging The HC Companies, Inc., Acquisition Date 08/01/23 Term Loan - 12.17%inc PIK (SOFR + 8.50%, 2.00% Floor, 1.00%PIK) Net Assets 4.5% Maturity 08/01/282025-01-012025-12-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:DebtSecuritiesMember2025-12-310001825265ck0001825265:RevolverMemberck0001825265:Viva5GroupLLCMember2025-12-310001825265ck0001825265:EnergyEquipmentAndServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2026-03-310001825265Debt Investments, Automobile Components, Superior Industries International, Inc., Acquisition Date 12/08/25 Take Back Term Loan - 13.67%inc PIK (SOFR + 10.00%, 3.50% Floor, all PIK) Net Assets 1.0% Maturity 12/08/302026-01-012026-03-310001825265Debt Investments, Commercial Services & Supplies Power Acquisition LLC, Acquisition Date 01/22/25 Term Loan B - 10.67% (SOFR + 7.00%, 1.50% Floor) Net Assets 4.2% Maturity 01/22/302026-01-012026-03-310001825265us-gaap:RevolvingCreditFacilityMember2026-03-310001825265us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:DebtSecuritiesMember2026-03-310001825265us-gaap:InvestmentUnaffiliatedIssuerMemberck0001825265:ConsumerDiscretionaryTextilesApparelAndLuxuryGoodsMemberus-gaap:DebtSecuritiesMember2025-12-310001825265us-gaap:RetainedEarningsMember2025-12-310001825265Equity Investments, Trading Companies & Distributors Cinelease, LLC, Acquisition Date 08/07/25 Warrant, expires 07/31/35 Net Assets 0.2%2026-01-012026-03-310001825265ck0001825265:AssetBasedCreditFacilityAmendmentFourMemberus-gaap:SubsequentEventMember2026-04-012026-04-010001825265us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001825265:DebtSecuritiesTwoMember2026-03-310001825265Debt Investments, Oil, Gas & Consumable Fuels HOP Energy, LLC, Acquisition Date 01/14/25 Term Loan C- 13.78% inc PIK (SOFR + 10.00%, 2.00% Floor, all PIK) Net Assets 0.6% Maturity 12/09/272026-01-012026-03-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2025-12-310001825265Debt Investments, Automobile Components Fenix Intermediate, LLC, Acquisition Date 03/28/24 Term Loan B – 10.70% (SOFR + 7.00%, 1.75% Floor) Net Assets 3.4% Maturity 03/28/292026-01-012026-03-310001825265us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2026-03-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2026-03-310001825265ck0001825265:AdviserMember2025-01-012025-03-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001825265:MeasurementInputIndicativeBidMemberck0001825265:DebtSecuritiesOneMembersrt:MaximumMember2025-12-310001825265us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-12-310001825265Debt Investments, Software CF Newco, Inc., Acquisition Date 12/09/24 Term Loan - 9.74% (SOFR + 6.00%, 1.50% Floor) Net Assets 2.7% Maturity 12/10/292025-01-012025-12-310001825265Debt Investments, Construction & Engineering Sunland Asphalt & Construction, LLC, Acquisition Date 06/16/23 Term Loan B - 10.32% (SOFR + 6.50%, 1.75% Floor) Net Assets 2.4% Maturity 06/16/282025-12-310001825265ck0001825265:FenixIntermediateLlcMemberck0001825265:DelayedDrawTermLoanB-2Member2025-12-310001825265ck0001825265:PersonalCareProductsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-12-310001825265ck0001825265:AxvorIntermediateLLCDQSMemberus-gaap:DelayedDrawTermLoanMember2025-12-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberck0001825265:DebtSecuritiesOneMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001825265Debt Investments, Food Products Signature Brands, LLC, Acquisition Date 02/29/24 Delayed Draw Term Loan A - 10.43% inc PIK (SOFR + 6.50%, 1.75% Floor, all PIK) Net Assets 0.3% Maturity 05/04/282026-03-310001825265ck0001825265:TradingCompaniesDistributorsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-12-310001825265Debt Investments, Oil, Gas & Consumable Fuels HOP Energy, LLC, Acquisition Date 04/27/25 Delayed Draw Term Loan B - 13.83% inc PIK (SOFR + 10.00%, 2.00% Floor, all PIK) Net Assets 0.1% Maturity 12/09/272025-01-012025-12-310001825265us-gaap:InvestmentUnaffiliatedIssuerMemberck0001825265:FoodProductsMemberus-gaap:DebtSecuritiesMember2026-03-310001825265us-gaap:CommonStockMember2023-04-032023-04-030001825265ck0001825265:PaperForestProductsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2026-03-310001825265ck0001825265:SubscriptionBasedCreditFacilityMember2026-03-310001825265ck0001825265:RpmPurchaserIncMemberck0001825265:DelayedDrawTermLoanBMember2025-12-310001825265Debt Investments, Construction & Engineering Sunland Asphalt & Construction, LLC, Acquisition Date 06/16/23 Term Loan B - 10.32% (SOFR + 6.50%, 1.75% Floor) Net Assets 2.4% Maturity 06/16/282025-01-012025-12-310001825265ck0001825265:SpecialtyRetailMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2026-03-310001825265Debt Investments, Oil, Gas & Consumable Fuels HOP Energy, LLC, Acquisition Date 04/27/25 Delayed Draw Term Loan B - 13.78% inc PIK (SOFR + 10.00%, 2.00% Floor, all PIK) Net Assets 0.1% Maturity 12/09/272026-03-310001825265Debt Investments, Specialty Retail, Follett Higher Education Group, Inc., Acquisition Date 02/01/22 Term Loan - 10.77% (SOFR + 7.00%, 2.00% Floor) Net Assets 3.9% Maturity 02/01/282026-01-012026-03-310001825265us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001825265:DebtSecuritiesTwoMember2026-03-310001825265us-gaap:FairValueInputsLevel3Member2025-03-310001825265Debt Investments, Metals & Mining Material Sciences Corporation, Acquisition Date 03/14/25 Term Loan – 10.17% (SOFR + 6.50%, 2.00% Floor) Net Assets 6.3% Maturity Date 03/14/302025-12-310001825265Debt Investments, Hotels, Restaurants & Leisure Red Robin International, Inc., Acquisition Date 04/11/22 Revolver - 11.40% (SOFR + 7.50%, 1.00% Floor) Net Assets 0.2% Maturity 03/04/272025-12-310001825265Equity Investments, Commercial Services & Supplies CSAT Investment Holdings LLC, Acquisition Date 03/05/25 Warrant, expires 03/05/32 Net Assets 0.2%2025-01-012025-12-310001825265Debt Investments, Metals & Mining Material Sciences Corporation, Acquisition Date 03/14/25 Term Loan – 10.20% (SOFR + 6.50%, 2.00% Floor) Net Assets 6.3% Maturity Date 03/14/302026-03-310001825265ck0001825265:RevolverMemberck0001825265:CsatHoldingsLlcMember2026-03-310001825265Debt Investments, Transportation Infrastructure, CG Buyer, LLC, Acquisition Date 07/19/23 Delayed Draw Term Loan - 9.67% (SOFR + 6.00%, 1.50% Floor) Net Assets 0.1% Maturity 07/19/282026-01-012026-03-310001825265Debt Investments, Food Products Signature Brands, LLC, Acquisition Date 05/05/25 9th Amendment Term Loan A - 17.50% inc PIK (17.50%, Fixed Coupon, all PIK) Net Assets 1.0% Maturity 05/04/282026-03-310001825265Debt Investments, Specialty Retail D&D Buyer, LLC, Acquisition Date 10/04/23 Delayed Draw Term Loan - 10.42% (SOFR + 6.50%, 2.00% Floor) Net Assets 1.0% Maturity 10/04/282025-12-310001825265us-gaap:MemberUnitsMember2025-01-012025-03-310001825265Debt Investments, Oil, Gas & Consumable Fuels HOP Energy, LLC, Acquisition Date 01/14/25 Term Loan C- 13.78% inc PIK (SOFR + 10.00%, 2.00% Floor, all PIK) Net Assets 0.6% Maturity 12/09/272026-03-310001825265ck0001825265:TradingCompaniesDistributorsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2026-03-310001825265Debt Investments, Hotels, Restaurants & Leisure Red Robin International, Inc., Acquisition Date 04/11/22 Term Loan - 11.50% (SOFR + 7.50%, 1.00% Floor) Net Assets 1.4% Maturity 03/04/272025-01-012025-12-310001825265Debt Investments, Hotels, Restaurants & Leisure Five Star Buyer, Inc., Acquisition Date 05/11/23 Term Loan - 12.98% inc PIK (SOFR + 9.00%, 1.50% Floor, 2.00% PIK) Net Assets 2.3% Maturity 02/23/282025-01-012025-12-310001825265Debt Investments, Hotels, Restaurants & Leisure Five Star Buyer, Inc., Acquisition Date 05/11/23 Delayed Draw Term Loan - 12.98% inc PIK (SOFR + 9.00%, 1.50% Floor, 2.00% PIK) Net Assets 0.1% Maturity 02/23/282026-03-310001825265Debt Investments, Automobile Components Fenix Intermediate, LLC, Acquisition Date 03/28/24 Delayed Draw Term Loan B-1 - 10.70% (SOFR + 7.00%, 1.75% Floor) Net Assets 0.2% Maturity 03/28/292026-01-012026-03-310001825265Debt Investments, Specialty Retail Follett Higher Education Group, Inc., Acquisition Date 07/28/25 Incremental Term Loan - 10.82% (SOFR + 7.00%, 2.00% Floor) Net Assets 0.3% Maturity 02/28/262025-12-310001825265ck0001825265:HelixSleepIncMemberck0001825265:RevolverMember2025-12-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001825265:DebtSecuritiesTwoMember2026-03-310001825265ck0001825265:HydrosourceLogisticsLlcMemberck0001825265:RevolverMember2025-12-310001825265ck0001825265:HydrosourceLogisticsLlcMemberck0001825265:RevolverMember2026-03-310001825265ck0001825265:RpmPurchaserIncMemberck0001825265:DelayedDrawTermLoanBMember2026-03-310001825265Debt Investments, Specialty Retail Follett Higher Education Group, Inc., Acquisition Date 02/01/22 Term Loan - 10.82% (SOFR + 7.00%, 2.00% Floor) Net Assets 8.9% Maturity 02/01/282025-12-310001825265ck0001825265:HoffmasterGroupIncMemberck0001825265:RevolverMember2026-03-310001825265Debt Investments, Containers & Packaging The HC Companies, Inc., Acquisition Date 05/21/24 Incremental Term Loan - 12.17%inc PIK (SOFR + 8.50%, 2.00% Floor,1.00%PIK) Net Assets 2.6% Maturity 08/01/282026-01-012026-03-310001825265Debt Investments, Food Products Baxters North America, Inc., Acquisition Date 05/31/23 Term Loan - 10.70% (SOFR + 6.88%, 1.75% Floor) Net Assets 4.1% Maturity 05/31/282025-12-310001825265Debt Investments, Construction & Engineering Sunland Asphalt & Construction, LLC, Acquisition Date 06/16/23 Delayed Draw Term Loan - 10.77% (SOFR + 7.00%, 1.75% Floor) Net Assets 1.0% Maturity 06/16/282026-01-012026-03-310001825265us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberck0001825265:MeasurementInputIndicativeBidMemberck0001825265:DebtSecuritiesOneMember2025-12-310001825265Debt Investments, Professional Services, Alorica Inc., Acquisition Date 12/21/22 Term Loan – 10.59% (SOFR + 6.88%, 1.50% Floor) Net Assets 3.8% Maturity 12/21/272025-01-012025-12-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001825265:DebtSecuritiesOneMember2026-03-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberck0001825265:DebtSecuritiesOneMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001825265ck0001825265:GreatKitchensFoodCompanyIncMemberck0001825265:RevolverMember2026-03-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2025-01-012025-03-310001825265us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMemberck0001825265:AutomobileComponentsMember2026-03-310001825265us-gaap:CashEquivalentsMemberus-gaap:FairValueInputsLevel2Member2026-03-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:DebtSecuritiesMember2026-03-310001825265us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2025-12-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001825265:MeasurementInputIndicativeBidMembersrt:MaximumMemberus-gaap:DebtSecuritiesMember2025-12-310001825265ck0001825265:AssetBasedCreditFacilityMember2025-08-222025-08-220001825265Debt Investments, Personal Care Products, Viva 5 Group, LLC, Acquisition Date 05/21/25 Term Loan - 10.17% (SOFR + 6.50%, 2.25% Floor) Net Assets 6.1% Maturity 05/21/302026-01-012026-03-310001825265Debt Investments, Transportation Infrastructure, CG Buyer, LLC, Acquisition Date 07/19/23 Delayed Draw Term Loan – 10.22% (SOFR + 6.50%, 1.50% Floor) Net Assets 0.1% Maturity 07/19/282025-01-012025-12-310001825265Debt Investments, Specialty Retail D&D Buyer, LLC, Acquisition Date 10/04/23 Revolver - 10.27% (SOFR + 6.50%, 2.00% Floor) Net Assets 0.4% Maturity 10/04/282025-12-310001825265ck0001825265:CommercialServicesAndSuppliesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2026-03-310001825265Debt Investments, Automobile Components Fenix Intermediate, LLC, Acquisition Date 03/28/24 Delayed Draw Term Loan B-1 - 10.43% (SOFR + 6.75%, 1.75% Floor) Net Assets 0.2% Maturity 03/28/292025-12-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberck0001825265:MeasurementInputIndicativeBidMemberus-gaap:DebtSecuritiesMember2026-03-310001825265ck0001825265:DDBuyerLlc1Memberck0001825265:RevolverMember2026-03-310001825265Debt Investments, Food Products Signature Brands, LLC, Acquisition Date 05/05/23 Term Loan - 13.58% inc PIK (SOFR + 9.50%, 1.75% Floor, all PIK) Net Assets 2.7% Maturity 05/04/282025-12-310001825265Debt Investments, Software CF Newco, Inc., Acquisition Date 12/11/25 Amendment No. 1 Term Loan - 9.99% (SOFR + 6.25%, 1.50% Floor) Net Assets 1.3% Maturity 12/10/292025-01-012025-12-310001825265Debt Investments, Leisure Products Lumos Holdings US Acquisition Co. Acquisition Date 08/05/25 Term Loan – 9.40% (SOFR + 5.50%, 1.50% Floor) Net Assets 7.1% Maturity Date 08/05/302025-01-012025-12-310001825265Debt Investments, Energy Equipment & Services HydroSource Logistics, LLC, Acquisition Date 04/05/24 Term Loan - 12.46% (SOFR + 8.50%, 2.00% Floor) Net Assets 3.1% Maturity 04/04/292026-01-012026-03-310001825265Debt Investments, Machinery Mark Andy, Inc., Acquisition Date 06/16/23 Term Loan – 12.57% inc PIK (SOFR + 8.75%, 1.50% Floor, 5.75% PIK) Net Assets 2.6% Maturity Date 06/16/282025-12-310001825265ck0001825265:AssetBasedCreditFacilityMember2025-08-220001825265Debt Investments, Machinery Triarc Tanks Bidco, LLC, Acquisition Date 10/03/22 Term Loan – 10.96% (SOFR + 7.00%, 1.00% Floor) Net Assets 1.7% Maturity Date 10/03/262026-01-012026-03-310001825265Aggregate Fair Value of These Securities2025-01-012025-12-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:DebtSecuritiesMember2026-03-310001825265Debt Investments, Hotels, Restaurants & Leisure Five Star Buyer, Inc., Acquisition Date 05/11/23 Term Loan - 12.98% inc PIK (SOFR + 9.00%, 1.50% Floor, 2.00% PIK) Net Assets 2.3% Maturity 02/23/282026-03-310001825265us-gaap:FairValueInputsLevel1Member2026-03-310001825265ck0001825265:SignatureBrandsLlc1Memberck0001825265:NinthAmendmentDelayedDrawTermLoanAMember2025-12-310001825265Equity Investments, Automobile Components, SUP Parent Holdings, LLC, Acquisition Date 08/13/25 Common Units Net Assets 1.2%2026-01-012026-03-310001825265Debt Investments, Automobile Components, Superior Industries International, Inc., Acquisition Date 12/08/25 Take Back Term Loan - 13.67%inc PIK (SOFR + 10.00%, 3.50% Floor, all PIK) Net Assets 1.0% Maturity 12/08/302026-03-310001825265ck0001825265:SubscriptionBasedCreditFacilityMember2026-03-062026-03-060001825265ck0001825265:AdviserMember2025-03-310001825265Debt Investments, Health Care Equipment & Supplies ConnectAmerica.com, LLC, Acquisition Date 10/11/24 Last Out Term Loan - 9.42% (SOFR + 5.75%, 1.75% Floor) Net Assets 6.1% Maturity 10/11/292025-12-310001825265us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001825265:DebtSecuritiesTwoMember2026-03-310001825265Debt Investments, Information Technology Services Corcentric, Inc., Acquisition Date 05/09/23 Term Loan – 10.96% (SOFR + 7.00%, 2.00% Floor) Net Assets 4.6% Maturity Date 05/09/272026-01-012026-03-310001825265Debt Investments, Hotels, Restaurants & Leisure CEC Entertainment, LLC Acquisition Date 09/26/25 Term Loan - 9.67% (SOFR + 6.00%, 2.00% Floor) Net Assets 5.6% Maturity 09/26/302025-12-310001825265Debt Investments, Specialty Retail Follett Higher Education Group, Inc., Acquisition Date 02/01/22 Term Loan - 10.82% (SOFR + 7.00%, 2.00% Floor) Net Assets 8.9% Maturity 02/01/282025-01-012025-12-310001825265us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberck0001825265:DebtSecuritiesOneMemberus-gaap:IncomeApproachValuationTechniqueMember2026-03-310001825265Debt Investments, Food Products Great Kitchens Food Company, Inc, Acquisition Date 05/31/24 Term Loan - 9.72% (SOFR + 6.00%, 1.25% Floor) Net Assets 4.5% Maturity 05/31/292025-01-012025-12-3100018252652021-05-272026-03-310001825265ck0001825265:EnergyEquipmentAndServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-12-310001825265Debt Investments, Software, CF Newco, Inc., Acquisition Date 12/09/24 Term Loan - 9.66% (SOFR + 6.00%, 1.50% Floor) Net Assets 2.7% Maturity 12/10/292026-03-310001825265Debt Investments, Information Technology Services Corcentric, Inc., Acquisition Date 05/09/23 Term Loan – 10.93% (SOFR + 7.00%, 2.00% Floor) Net Assets 4.7% Maturity Date 05/09/272025-01-012025-12-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMemberus-gaap:DebtSecuritiesMember2025-12-3100018252652025-01-012025-03-310001825265Debt Investments, Personal Care Products, The Vitamin Shoppe, LLC, Acquisition Date 03/23/26 Term Loan - 9.92% (SOFR + 6.25%, 2.00% Floor) Net Assets 6.0% Maturity 03/23/312026-01-012026-03-310001825265ck0001825265:NinthAmendmentDelayedDrawTermLoanAMemberck0001825265:SignatureBrandsLlc1Member2026-03-310001825265us-gaap:InvestmentUnaffiliatedIssuerMemberck0001825265:SoftwareMemberus-gaap:DebtSecuritiesMember2026-03-310001825265Debt Investments, Oil, Gas & Consumable Fuels HOP Energy, LLC, Acquisition Date 02/29/24 Term Loan B -13.78% inc PIK (SOFR + 10.00%, 2.00% Floor, all PIK) Net Assets 0.0% Maturity 12/09/272026-01-012026-03-310001825265Debt Investments, Oil, Gas & Consumable Fuels HOP Energy, LLC, Acquisition Date 02/29/24 Term Loan B -13.83% inc PIK (SOFR + 10.00%, 2.00% Floor, all PIK) Net Assets 0.0% Maturity 12/09/272025-01-012025-12-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberck0001825265:MeasurementInputIndicativeBidMemberus-gaap:EquitySecuritiesMember2026-03-310001825265Debt Investments, Food Products Signature Brands, LLC, Acquisition Date 05/05/25 9th Amendment Term Loan A - 17.50% inc PIK (17.50%, Fixed Coupon, all PIK) Net Assets 0.9% Maturity 05/04/282025-12-310001825265Debt Investments, Paper & Forest Products, Pallet Logistics of America, LLC, Acquisition Date 11/22/24 Revolver - 10.67% (SOFR + 7.00%, 1.00% Floor) Net Assets 0.2% Maturity 11/29/292026-01-012026-03-310001825265Debt Investments, Information Technology Services Corcentric, Inc., Acquisition Date 05/09/23 Term Loan – 10.93% (SOFR + 7.00%, 2.00% Floor) Net Assets 4.7% Maturity Date 05/09/272025-12-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:EquitySecuritiesMember2025-12-310001825265Equity Investments, Trading Companies & Distributors Cinelease, LLC, Acquisition Date 08/07/25 Warrant, expires 07/31/35 Net Assets 0.2%2026-03-310001825265Debt Investments, Hotels, Restaurants & Leisure CEC Entertainment, LLC Acquisition Date 09/26/25 Term Loan - 9.67% (SOFR + 6.00%, 2.00% Floor) Net Assets 5.6% Maturity 09/26/302025-01-012025-12-310001825265ck0001825265:OilGasConsumableFuelsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2026-03-310001825265Debt Investments, Oil, Gas & Consumable Fuels HOP Energy, LLC, Acquisition Date 02/29/24 Term Loan B -13.78% inc PIK (SOFR + 10.00%, 2.00% Floor, all PIK) Net Assets 0.0% Maturity 12/09/272026-03-310001825265Debt Investments, Hotels, Restaurants & Leisure ADAN-B LLC (24 Hour Fitness), Acquisition Date 04/30/25 & 12/31/25 Term Loan - 9.46% (SOFR + 5.75%, 1.50% Floor) Net Assets 0.2% Maturity 12/31/302026-03-310001825265Debt Investments, Hotels, Restaurants & Leisure Red Robin International, Inc., Acquisition Date 04/11/22 Term Loan - 11.43% (SOFR + 7.50%, 1.00% Floor) Net Assets 1.4% Maturity 09/03/272026-03-310001825265Debt Investments, Oil, Gas & Consumable Fuels HOP Energy, LLC, Acquisition Date 02/29/24 Term Loan B -13.83% inc PIK (SOFR + 10.00%, 2.00% Floor, all PIK) Net Assets 0.0% Maturity 12/09/272025-12-310001825265us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2025-12-310001825265Debt Investments, Software, CF Newco, Inc., Acquisition Date 12/09/24 Term Loan - 9.66% (SOFR + 6.00%, 1.50% Floor) Net Assets 2.7% Maturity 12/10/292026-01-012026-03-310001825265Debt Investments, Hotels, Restaurants & Leisure ADAN-B LLC (24 Hour Fitness), Acquisition Date 12/31/25 Term Loan - 9.45% (SOFR + 5.75%, 1.50% Floor) Net Assets 6.8% Maturity 12/31/302026-01-012026-03-310001825265us-gaap:FairValueInputsLevel3Member2025-01-012025-03-310001825265us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMemberck0001825265:AutomobileComponentsMember2025-12-310001825265Debt Investments, Household Durables, Lenox Holdings, Inc., Acquisition Date 07/08/22 Term Loan - 12.92% (SOFR + 8.75%,1.00%,Floor), Net Assets 4.0%, Maturity Date 12/31/262025-12-310001825265ck0001825265:OtherThanGovernmentSecuritiesMember2025-01-012025-12-310001825265ck0001825265:IncentiveFeeThereafterMember2026-01-012026-03-310001825265Debt Investments, Commercial Services & Supplies CSAT Holdings LLC, Acquisition Date 06/30/23 Term Loan – 14.43%inc PIK (SOFR + 10.50%, 2.00% Floor, 2.25% PIK) Net Assets 3.5% Maturity 06/30/282025-01-012025-12-310001825265Debt Investments, Energy Equipment & Services HydroSource Logistics, LLC, Acquisition Date 04/14/25 3rd Amendment Term Loan - 12.43% (SOFR + 8.50%, 2.00% Floor) Net Assets 4.9% Maturity 04/04/292025-01-012025-12-310001825265ck0001825265:CineleaseLLCMemberck0001825265:ABLTermLoanMember2026-03-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMemberus-gaap:EquitySecuritiesMember2026-03-310001825265country:US2026-03-310001825265Debt Investments, Transportation Infrastructure, CG Buyer, LLC, Acquisition Date 07/19/23 Term Loan - 9.67% (SOFR + 6.00%, 1.50% Floor) Net Assets 2.4% Maturity 07/19/282026-03-310001825265Debt Investments, Consumer Discretionary Textiles, Apparel & Luxury Goods Helix Sleep, Inc., Acquisition Date 11/07/25 Term Loan - 9.37% (SOFR + 5.50%, 1.00% Floor) Net Assets 2.0% Maturity 11/07/302025-01-012025-12-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:DebtSecuritiesMember2025-12-310001825265ck0001825265:DDBuyerLlcMemberck0001825265:FifthAmendmentDelayedDrawTermLoanMember2025-12-310001825265Debt Investments, Specialty Retail D&D Buyer, LLC, Acquisition Date 10/04/23 Delayed Draw Term Loan - 10.42% (SOFR + 6.50%, 2.00% Floor) Net Assets 1.0% Maturity 10/04/282025-01-012025-12-310001825265Debt Investments, Food Products Signature Brands, LLC, Acquisition Date 05/05/23 Term Loan - 13.58% inc PIK (SOFR + 9.50%, 1.75% Floor, all PIK) Net Assets 2.7% Maturity 05/04/282025-01-012025-12-310001825265Debt Investments, Personal Care Products, Viva 5 Group, LLC, Acquisition Date 05/21/25 Term Loan - 10.22% (SOFR + 6.50%, 2.25% Floor) Net Assets 6.2% Maturity 05/21/302025-12-310001825265Debt Investments, Specialty Retail D&D Buyer, LLC, Acquisition Date 08/20/25 4th Amendment Delayed Draw Term Loan - 10.49% (SOFR + 6.50%, 2.00% Floor) Net Assets 1.4% Maturity 10/04/282025-01-012025-12-310001825265us-gaap:RetainedEarningsMember2026-03-310001825265Debt Investments, Commercial Services & Supplies Power Acquisition LLC, Acquisition Date 07/22/25 Term Loan B - 10.67% (SOFR + 7.00%, 1.50% Floor) Net Assets 0.3% Maturity 01/22/302026-03-310001825265us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberck0001825265:MeasurementInputIndicativeBidMemberus-gaap:DebtSecuritiesMember2026-03-310001825265Equity Investments, Energy Equipment & Services HydroSource Logistics, LLC, Acquisition Date 04/05/24 Warrant, expires 4/4/34 Net Assets 3.5%2025-01-012025-12-310001825265us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberck0001825265:MeasurementInputIndicativeBidMemberus-gaap:DebtSecuritiesMember2025-12-310001825265us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:DebtSecuritiesMember2025-12-310001825265ck0001825265:AssetBasedCreditFacilityTermLoanMember2026-03-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001825265:DebtSecuritiesTwoMember2026-03-310001825265ck0001825265:GroundTransportationMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-12-310001825265us-gaap:FairValueInputsLevel3Member2025-12-310001825265ck0001825265:CreditFacilitiesMember2026-01-012026-03-3100018252652026-01-012026-03-310001825265us-gaap:CashEquivalentsMemberus-gaap:FairValueInputsLevel1Member2025-12-310001825265Debt Investments, Professional Services, Alorica Inc., Acquisition Date 12/21/22 Term Loan – 10.54% (SOFR + 6.88%, 1.50% Floor) Net Assets 3.8% Maturity 12/21/272026-01-012026-03-310001825265ck0001825265:CommercialServicesAndSuppliesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2026-03-310001825265Debt Investments, Food Products Signature Brands, LLC, Acquisition Date 05/05/25 9th Amendment Term Loan A - 17.50% inc PIK (17.50%, Fixed Coupon, all PIK) Net Assets 0.9% Maturity 05/04/282025-01-012025-12-310001825265Debt Investments, Commercial Services & Supplies Power Acquisition LLC, Acquisition Date 01/22/25 Term Loan B - 9.86% (SOFR + 6.00%, 1.50% Floor) Net Assets 4.1% Maturity 01/22/302025-12-310001825265Debt Investments, Food Products Signature Brands, LLC, Acquisition Date 05/05/23 Term Loan - 13.43% inc PIK (SOFR + 9.50%, 1.75% Floor, all PIK) Net Assets 2.8% Maturity 05/04/282026-01-012026-03-310001825265ck0001825265:HealthCareEquipmentSuppliesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-12-310001825265us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2026-03-310001825265us-gaap:CashEquivalentsMemberus-gaap:FairValueInputsLevel2Member2025-12-310001825265ck0001825265:CineleaseLLCMemberck0001825265:ABLTermLoanMember2025-12-310001825265Debt Investments, Commercial Services & Supplies Axvor Intermediate, LLC (DQS), Acquisition Date 03/24/26 Term Loan – 9.93% (SOFR + 6.25%, 2.00% Floor) Net Assets 6.5% Maturity 03/24/312026-01-012026-03-310001825265Debt Investments, Containers & Packaging The HC Companies, Inc., Acquisition Date 08/01/23 Term Loan - 12.17%inc PIK (SOFR + 8.50%, 2.00% Floor, 1.00%PIK) Net Assets 4.5% Maturity 08/01/282026-03-310001825265Debt Investments, Leisure Products Lumos Holdings US Acquisition Co. Acquisition Date 08/05/25 Term Loan – 9.16% (SOFR + 5.50%, 1.50% Floor) Net Assets 7.2% Maturity Date 08/05/302026-03-310001825265Debt Investments, Machinery Triarc Tanks Bidco, LLC, Acquisition Date 10/03/22 Term Loan – 10.93% (SOFR + 7.00%, 1.00% Floor) Net Assets 1.7% Maturity Date 10/03/262025-12-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2025-12-310001825265us-gaap:InvestmentUnaffiliatedIssuerMemberck0001825265:HouseholdDurablesMemberus-gaap:DebtSecuritiesMember2026-03-310001825265ck0001825265:LeisureProductsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-12-310001825265Debt Investments, Commercial Services & Supplies CSAT Holdings LLC, Acquisition Date 06/30/23 Term Loan – 14.46%inc PIK (SOFR + 10.50%, 2.00% Floor, 2.25% PIK) Net Assets 3.6% Maturity 06/30/282026-01-012026-03-310001825265Equity Investments, Commercial Services & Supplies CSAT Investment Holdings LLC, Acquisition Date 03/05/25 Warrant, expires 03/05/32 Net Assets 0.2%2025-12-310001825265Equity Investments, Commercial Services & Supplies CSAT Investment Holdings LLC, Acquisition Date 03/05/25 Warrant, expires 03/05/32 Net Assets 0.1%2026-03-310001825265Equity Investments, Commercial Services & Supplies CSAT Investment Holdings LLC, Acquisition Date 03/05/25 Warrant, expires 03/05/32 Net Assets 0.1%2026-01-012026-03-310001825265Debt Investments, Energy Equipment & Services HydroSource Logistics, LLC, Acquisition Date 04/05/24 Term Loan - 12.46% (SOFR + 8.50%, 2.00% Floor) Net Assets 3.1% Maturity 04/04/292026-03-310001825265ck0001825265:ProfessionalServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2026-03-310001825265us-gaap:CommonStockMember2024-01-182024-01-180001825265us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMemberck0001825265:AutomobileComponentsMember2025-12-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:DebtSecuritiesMember2025-12-310001825265Debt Investments, Household Durables, Lenox Holdings, Inc., Acquisition Date 07/08/22 Term Loan - 12.68% (SOFR + 8.75%,1.00%,Floor), Net Assets 4.0%, Maturity Date 12/31/262026-01-012026-03-310001825265Debt Investments, Household Durables, Lenox Holdings, Inc., Acquisition Date 07/08/22 Term Loan - 12.92% (SOFR + 8.75%,1.00%,Floor), Net Assets 4.0%, Maturity Date 12/31/262025-01-012025-12-310001825265Debt Investments, Personal Care Products, Viva 5 Group, LLC, Acquisition Date 05/21/25 Term Loan - 10.22% (SOFR + 6.50%, 2.25% Floor) Net Assets 6.2% Maturity 05/21/302025-01-012025-12-310001825265Debt Investments, Specialty Retail, D&D Buyer, LLC, Acquisition Date 10/04/23 Term Loan - 9.55% (SOFR + 5.75%, 2.00% Floor) Net Assets 7.2% Maturity 10/04/292026-01-012026-03-310001825265Debt Investments, Hotels, Restaurants & Leisure Five Star Buyer, Inc., Acquisition Date 05/11/23 Delayed Draw Term Loan - 12.98% inc PIK (SOFR + 9.00%, 1.50% Floor, 2.00% PIK) Net Assets 0.1% Maturity 02/23/282025-12-310001825265Debt Investments, Leisure Products Lumos Holdings US Acquisition Co. Acquisition Date 08/05/25 Term Loan – 9.40% (SOFR + 5.50%, 1.50% Floor) Net Assets 7.1% Maturity Date 08/05/302025-12-310001825265Debt Investments, Hotels, Restaurants & Leisure ADAN-B LLC (24 Hour Fitness), Acquisition Date 04/30/25 Term Loan - 9.46% (SOFR + 5.75%, 1.50% Floor) Net Assets 0.2% Maturity 12/31/302026-01-012026-03-310001825265Debt Investments, Energy Equipment & Services HydroSource Logistics, LLC, Acquisition Date 04/05/24 Revolver - 12.43% (SOFR + 8.50%, 2.00% Floor) Net Assets 0.3% Maturity 04/04/292026-03-310001825265Debt Investments, Energy Equipment & Services HydroSource Logistics, LLC, Acquisition Date 04/05/24 Term Loan - 12.43% (SOFR + 8.50%, 2.00% Floor) Net Assets 3.1% Maturity 04/04/292025-01-012025-12-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:CashEquivalentsMember2026-03-310001825265us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001825265:AssetBasedCreditFacilityMember2022-09-132022-09-130001825265Equity Investments, Automobile Components, SUP Parent Holdings, LLC, Acquisition Date 08/13/25 Common Units Net Assets 1.2%2026-03-310001825265ck0001825265:AdviserMember2026-01-012026-03-310001825265ck0001825265:TermLoanMember2025-12-310001825265us-gaap:CommonStockMember2022-11-142022-11-140001825265Debt Investments, Energy Equipment & Services HydroSource Logistics, LLC, Acquisition Date 04/14/25 3rd Amendment Term Loan - 12.46% (SOFR + 8.50%, 2.00% Floor) Net Assets 4.9% Maturity 04/04/292026-01-012026-03-310001825265Debt Investments, Energy Equipment & Services HydroSource Logistics, LLC, Acquisition Date 04/14/25 3rd Amendment Term Loan - 12.46% (SOFR + 8.50%, 2.00% Floor) Net Assets 4.9% Maturity 04/04/292026-03-3100018252652025-12-310001825265Debt Investments, Specialty Retail D&D Buyer, LLC, Acquisition Date 10/04/23 Term Loan - 10.27% (SOFR + 6.50%, 2.00% Floor) Net Assets 4.0% Maturity 10/04/282025-01-012025-12-310001825265ck0001825265:EnergyEquipmentAndServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-12-310001825265ck0001825265:SubscriptionBasedCreditFacilityAmendmentMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2025-03-072025-03-070001825265ck0001825265:AxvorIntermediateLLCDQSMemberus-gaap:DelayedDrawTermLoanMember2026-03-310001825265Debt Investments, Ground Transportation RPM Purchaser, Inc., Acquisition Date 09/11/23 Delayed Draw Term Loan B - 10.08% (SOFR + 6.25%, 2.00% Floor) Net Assets 1.0% Maturity 09/11/282025-12-310001825265ck0001825265:TradingCompaniesDistributorsMemberus-gaap:EquitySecuritiesMember2025-12-310001825265ck0001825265:AssetBasedCreditFacilityAmendmentTwoMember2025-08-220001825265Debt Investments, Energy Equipment & Services HydroSource Logistics, LLC, Acquisition Date 04/14/25 3rd Amendment Term Loan - 12.43% (SOFR + 8.50%, 2.00% Floor) Net Assets 4.9% Maturity 04/04/292025-12-310001825265ck0001825265:AssetBasedCreditFacilityMember2022-09-130001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001825265:DebtSecuritiesTwoMembersrt:MaximumMember2025-12-310001825265Debt Investments, Specialty Retail, Follett Higher Education Group, Inc., Acquisition Date 02/01/22 Term Loan - 10.77% (SOFR + 7.00%, 2.00% Floor) Net Assets 3.9% Maturity 02/01/282026-03-310001825265us-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001825265ck0001825265:CommonUndrawnCommitmentMember2025-12-310001825265ck0001825265:CommercialServicesAndSuppliesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-12-310001825265us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:EquitySecuritiesMember2025-12-310001825265us-gaap:FairValueInputsLevel1Memberus-gaap:DebtSecuritiesMember2025-12-310001825265us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMemberck0001825265:InformationTechnologyServicesMember2026-03-310001825265us-gaap:MemberUnitsMember2026-03-310001825265us-gaap:CommonStockMember2023-07-242023-07-240001825265ck0001825265:SubscriptionBasedCreditFacilityAmendmentMember2025-03-070001825265Debt Investments, Hotels, Restaurants & Leisure Red Robin International, Inc., Acquisition Date 04/11/22 Term Loan - 11.50% (SOFR + 7.50%, 1.00% Floor) Net Assets 1.4% Maturity 03/04/272025-12-310001825265ck0001825265:RevolverMemberck0001825265:CFNewcoIncMember2025-12-310001825265Debt Investments, Ground Transportation RPM Purchaser, Inc., Acquisition Date 09/11/23 Delayed Draw Term Loan B - 10.08% (SOFR + 6.25%, 2.00% Floor) Net Assets 1.0% Maturity 09/11/282026-03-310001825265ck0001825265:RevolverMemberck0001825265:Viva5GroupLLCMember2026-03-310001825265us-gaap:BaseRateMemberck0001825265:AssetBasedCreditFacilityMember2022-09-132022-09-130001825265ck0001825265:CreditFacilitiesMember2025-01-012025-03-310001825265Debt Investments, Hotels, Restaurants & Leisure Five Star Buyer, Inc., Acquisition Date 05/11/23 Delayed Draw Term Loan - 12.98% inc PIK (SOFR + 9.00%, 1.50% Floor, 2.00% PIK) Net Assets 0.1% Maturity 02/23/282025-01-012025-12-310001825265us-gaap:DebtSecuritiesMember2025-12-310001825265Debt Investments, Trading Companies & Distributors, Cinelease, LLC, Acquisition Date 08/07/25 ABL Term Loan - 11.17% (SOFR + 7.50%, 2.50% Floor) Net Assets 2.2% Maturity 07/31/302026-03-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2025-01-012025-03-310001825265Debt Investments, Commercial Services & Supplies Axvor Intermediate, LLC (DQS), Acquisition Date 03/24/26 Term Loan – 9.93% (SOFR + 6.25%, 2.00% Floor) Net Assets 6.5% Maturity 03/24/312026-03-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberck0001825265:MeasurementInputIndicativeBidMemberus-gaap:DebtSecuritiesMember2025-12-310001825265us-gaap:CommonStockMember2026-03-310001825265Debt Investments, Software, CF Newco, Inc., Acquisition Date 12/11/25 Amendment No. 1 Term Loan - 9.91% (SOFR + 6.25%, 1.50% Floor) Net Assets 1.2% Maturity 12/10/292026-01-012026-03-310001825265us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberck0001825265:MeasurementInputIndicativeBidMemberus-gaap:EquitySecuritiesMember2026-03-310001825265Debt Investments, Software CF Newco, Inc., Acquisition Date 12/09/24 Revolver - 9.74% (SOFR + 6.00%, 1.50% Floor) Net Assets 0.2% Maturity 12/10/292025-01-012025-12-310001825265us-gaap:InvestmentUnaffiliatedIssuerMemberck0001825265:BuildingProductsMemberus-gaap:DebtSecuritiesMember2026-03-310001825265ck0001825265:AssetBasedCreditFacilityAmendmentMember2023-08-112023-08-110001825265ck0001825265:FiveStarBuyerInc1Memberck0001825265:RevolverMember2025-12-310001825265Debt Investments, Building Products Eastern Metal Supply Borrower, LLC, Acquisition Date 01/06/26 Term Loan – 9.45% (SOFR + 5.75%, 1.00% Floor) % of Net Assets 8.2% Maturity 01/06/312026-01-012026-03-310001825265ck0001825265:LeisureProductsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2026-03-310001825265Debt Investments, Containers & Packaging Hoffmaster Group, Inc., Acquisition Date 02/24/23 Term Loan - 10.10% (SOFR + 6.25%, 2.00% Floor) Net Assets 2.5% Maturity 02/24/282025-12-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMemberus-gaap:EquitySecuritiesMember2025-12-310001825265ck0001825265:SubscriptionBasedCreditFacilityMember2022-03-082022-03-080001825265us-gaap:FairValueInputsLevel3Memberus-gaap:CashEquivalentsMember2025-12-310001825265us-gaap:CommonStockMember2022-07-082022-07-080001825265Debt Investments, Containers & Packaging Hoffmaster Group, Inc., Acquisition Date 03/15/24 Incremental Term Loan - 8.67% (SOFR + 5.00%, 2.00% Floor) Net Assets 2.2% Maturity 05/24/282026-03-310001825265ck0001825265:AssetBasedCreditFacilityMember2022-09-132022-09-130001825265Debt Investments, Containers & Packaging Hoffmaster Group, Inc., Acquisition Date 02/24/23 Term Loan - 10.10% (SOFR + 6.25%, 2.00% Floor) Net Assets 2.5% Maturity 02/24/282025-01-012025-12-310001825265Debt Investments, Machinery Triarc Tanks Bidco, LLC, Acquisition Date 10/03/22 Term Loan – 10.96% (SOFR + 7.00%, 1.00% Floor) Net Assets 1.7% Maturity Date 10/03/262026-03-310001825265ck0001825265:FirstAmericanGovernmentObligationFundYieldClassXMember2026-03-310001825265Debt Investments, Metals & Mining Material Sciences Corporation, Acquisition Date 03/14/25 Term Loan – 10.20% (SOFR + 6.50%, 2.00% Floor) Net Assets 6.3% Maturity Date 03/14/302026-01-012026-03-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2025-12-310001825265Debt Investments, Software, CF Newco, Inc., Acquisition Date 12/09/24 Revolver - 9.66% (SOFR + 6.00%, 1.50% Floor) Net Assets 0.2% Maturity 12/10/292026-03-310001825265Debt Investments, Containers & Packaging The HC Companies, Inc., Acquisition Date 08/01/23 Term Loan - 12.17%inc PIK (SOFR + 8.50%, 2.00% Floor, 1.00%PIK) Net Assets 4.5% Maturity 08/01/282026-01-012026-03-310001825265Debt Investments, Ground Transportation RPM Purchaser, Inc., Acquisition Date 09/11/23 Delayed Draw Term Loan B - 10.08% (SOFR + 6.25%, 2.00% Floor) Net Assets 1.0% Maturity 09/11/282026-01-012026-03-310001825265us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:EquitySecuritiesMember2025-12-310001825265Debt Investments, Hotels, Restaurants & Leisure ADAN-B LLC (24 Hour Fitness), Acquisition Date 04/30/25 & 12/31/25 Term Loan - 9.45% (SOFR + 5.75%, 1.50% Floor) Net Assets 6.8% Maturity 12/31/302026-03-310001825265Debt Investments, Paper & Forest Products, Pallet Logistics of America, LLC, Acquisition Date 11/22/24 Revolver - 10.79% (SOFR + 7.00%, 1.00% Floor) Net Assets 0.2% Maturity 11/29/292025-01-012025-12-310001825265us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001825265:SubscriptionBasedCreditFacilityMembersrt:MaximumMember2022-03-082022-03-080001825265Debt Investments, Commercial Services & Supplies CSAT Holdings LLC, Acquisition Date 06/30/23 Revolver- 14.33%inc PIK (SOFR + 10.50%, 2.00% Floor, 2.25% PIK) Net Assets 0.3% Maturity 06/30/282025-01-012025-12-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberck0001825265:MeasurementInputIndicativeBidMemberck0001825265:DebtSecuritiesTwoMember2026-03-310001825265ck0001825265:CommonCommitmentMember2026-03-310001825265Debt Investments, Specialty Retail Follett Higher Education Group, Inc., Acquisition Date 07/28/25 Incremental Term Loan - 10.82% (SOFR + 7.00%, 2.00% Floor) Net Assets 0.3% Maturity 02/28/262025-01-012025-12-310001825265Debt Investments, Commercial Services & Supplies CSAT Holdings LLC, Acquisition Date 06/30/23 Revolver- 14.28%inc PIK (SOFR + 10.50%, 2.00% Floor) Net Assets 0.3% Maturity 06/30/282026-03-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberus-gaap:DebtSecuritiesMember2025-12-310001825265ck0001825265:CommonUndrawnCommitmentMember2026-03-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:DebtSecuritiesMember2026-03-310001825265Debt Investments, Paper & Forest Products, Pallet Logistics of America, LLC, Acquisition Date 11/22/24 Term Loan - 10.67% inc PIK (SOFR + 7.00%, 1.00% Floor, 0.50% PIK) Net Assets 2.8% Maturity 11/22/292026-01-012026-03-310001825265Debt Investments, Hotels, Restaurants & Leisure Five Star Buyer, Inc., Acquisition Date 05/11/23 Term Loan - 12.98% inc PIK (SOFR + 9.00%, 1.50% Floor, 2.00% PIK) Net Assets 2.3% Maturity 02/23/282026-01-012026-03-3100018252652026-01-212026-01-210001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberck0001825265:MeasurementInputIndicativeBidMemberck0001825265:DebtSecuritiesOneMember2025-12-310001825265Debt Investments, Consumer Discretionary Textiles, Apparel & Luxury Goods Helix Sleep, Inc., Acquisition Date 11/07/25 Term Loan - 9.16% (SOFR + 5.50%, 1.00% Floor) Net Assets 2.0% Maturity 11/07/302026-03-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001825265:DebtSecuritiesTwoMember2025-12-310001825265ck0001825265:RevolverMemberck0001825265:CsatHoldingsLlcMember2025-12-310001825265Debt Investments, Hotels, Restaurants & Leisure ADAN-B LLC (24 Hour Fitness), Acquisition Date 04/30/25 Term Loan - 9.45% (SOFR + 5.75%, 1.50% Floor) Net Assets 6.8% Maturity 12/31/302026-01-012026-03-310001825265Debt Investments, Oil, Gas & Consumable Fuels HOP Energy, LLC, Acquisition Date 04/27/25 Delayed Draw Term Loan B - 13.83% inc PIK (SOFR + 10.00%, 2.00% Floor, all PIK) Net Assets 0.1% Maturity 12/09/272025-12-310001825265us-gaap:RevolvingCreditFacilityMember2025-12-310001825265Debt Investments, Hotels, Restaurants & Leisure ADAN-B LLC (24 Hour Fitness), Acquisition Date 12/31/25 Term Loan - 9.42% (SOFR + 5.75%, 1.50% Floor) Net Assets 6.8% Maturity 12/31/302025-01-012025-12-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2026-03-310001825265ck0001825265:RevolvingCreditLinesMember2026-03-310001825265us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2026-03-310001825265Debt Investments, Food Products Signature Brands, LLC, Acquisition Date 05/05/23 Term Loan - 13.43% inc PIK (SOFR + 9.50%, 1.75% Floor, all PIK) Net Assets 2.8% Maturity 05/04/282026-03-310001825265Debt Investments, Containers & Packaging Hoffmaster Group, Inc., Acquisition Date 03/15/24 Incremental Term Loan - 10.10% (SOFR + 6.25%, 2.00% Floor) Net Assets 2.2% Maturity 02/24/282025-01-012025-12-310001825265Debt Investments, Commercial Services & Supplies Power Acquisition LLC, Acquisition Date 01/22/25 Term Loan B - 9.86% (SOFR + 6.00%, 1.50% Floor) Net Assets 4.1% Maturity 01/22/302025-01-012025-12-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2026-03-310001825265Debt Investments, Transportation Infrastructure, CG Buyer, LLC, Acquisition Date 07/19/23 Delayed Draw Term Loan - 9.67% (SOFR + 6.00%, 1.50% Floor) Net Assets 0.1% Maturity 07/19/282026-03-310001825265ck0001825265:RedRobinInternationalIncMemberck0001825265:RevolverMember2025-12-310001825265ck0001825265:MetalsAndMiningMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-12-310001825265Debt Investments, Automobile Components, Superior Industries International, Inc., Acquisition Date 12/08/25 Take Back Term Loan - 13.78%inc PIK (SOFR + 10.00%, 3.50% Floor, all PIK) Net Assets 1.0% Maturity 12/08/302025-01-012025-12-310001825265us-gaap:FairValueInputsLevel3Member2026-01-012026-03-310001825265ck0001825265:TradingCompaniesDistributorsMemberus-gaap:EquitySecuritiesMember2026-03-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2025-03-310001825265ck0001825265:OilGasConsumableFuelsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-12-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001825265:DebtSecuritiesTwoMember2025-12-310001825265us-gaap:FairValueInputsLevel2Member2025-12-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberus-gaap:EquitySecuritiesMember2026-03-310001825265Debt Investments, Oil, Gas & Consumable Fuels HOP Energy, LLC, Acquisition Date 06/17/22 Term Loan - 12.83% inc PIK (SOFR + 9.00%, 2.00% Floor, all PIK) Net Assets 1.3% Maturity 12/09/272025-01-012025-12-310001825265us-gaap:EquitySecuritiesMember2026-03-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2026-01-012026-03-310001825265Debt Investments, Household Durables, Lenox Holdings, Inc., Acquisition Date 07/08/22 Term Loan - 12.68% (SOFR + 8.75%,1.00%,Floor), Net Assets 4.0%, Maturity Date 12/31/262026-03-310001825265ck0001825265:HealthCareEquipmentSuppliesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2026-03-310001825265Debt Investments, Personal Care Products, The Vitamin Shoppe, LLC, Acquisition Date 03/23/26 Term Loan - 9.92% (SOFR + 6.25%, 2.00% Floor) Net Assets 6.0% Maturity 03/23/312026-03-310001825265Debt Investments, Food Products Baxters North America, Inc., Acquisition Date 05/31/23 Term Loan - 10.59% (SOFR + 6.88%, 1.75% Floor) Net Assets 4.0% Maturity 05/31/282026-03-310001825265ck0001825265:ContainersAndPackagingMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-12-310001825265ck0001825265:FirstAmericanGovernmentObligationFundYieldClassXMember2025-12-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2026-03-310001825265Debt Investments, Software, CF Newco, Inc., Acquisition Date 12/09/24 Revolver - 9.66% (SOFR + 6.00%, 1.50% Floor) Net Assets 0.2% Maturity 12/10/292026-01-012026-03-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2025-03-310001825265ck0001825265:RevolvingCreditLinesMember2025-12-310001825265us-gaap:MemberUnitsMember2025-03-310001825265Debt Investments, Containers & Packaging The HC Companies, Inc., Acquisition Date 05/21/24 Incremental Term Loan - 12.17%inc PIK (SOFR + 8.50%, 2.00% Floor,1.00%PIK) Net Assets 2.7% Maturity 08/01/282025-12-310001825265us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2026-03-310001825265us-gaap:EquitySecuritiesMember2025-12-310001825265us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001825265:DebtSecuritiesTwoMember2025-12-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberck0001825265:DebtSecuritiesOneMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2025-12-310001825265us-gaap:CommonStockMember2024-03-192024-03-190001825265ck0001825265:FiveStarBuyerInc1Memberck0001825265:RevolverMember2026-03-310001825265Debt Investments, Construction & Engineering Sunland Asphalt & Construction, LLC, Acquisition Date 06/16/23 Delayed Draw Term Loan - 10.32% (SOFR + 6.50%, 1.75% Floor) Net Assets 1.0% Maturity 06/16/282025-01-012025-12-310001825265Debt Investments, Energy Equipment & Services HydroSource Logistics, LLC, Acquisition Date 04/05/24 Revolver - 12.46% (SOFR + 8.50%, 2.00% Floor) Net Assets 0.3% Maturity 04/04/292025-01-012025-12-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001825265:DebtSecuritiesTwoMember2025-12-310001825265us-gaap:FairValueInputsLevel3Member2024-12-310001825265Debt Investments, Automobile Components Fenix Intermediate, LLC, Acquisition Date 03/28/24 Delayed Draw Term Loan B-1 - 10.43% (SOFR + 6.75%, 1.75% Floor) Net Assets 0.2% Maturity 03/28/292025-01-012025-12-310001825265Debt Investments, Containers & Packaging Hoffmaster Group, Inc., Acquisition Date 02/24/23 Term Loan - 8.67% (SOFR + 5.00%, 2.00% Floor) Net Assets 2.5% Maturity 05/24/282026-03-310001825265Debt Investments, Consumer Discretionary Textiles, Apparel & Luxury Goods Helix Sleep, Inc., Acquisition Date 11/07/25 Term Loan - 9.37% (SOFR + 5.50%, 1.00% Floor) Net Assets 2.0% Maturity 11/07/302025-12-310001825265Debt Investments, Energy Equipment & Services HydroSource Logistics, LLC, Acquisition Date 04/05/24 Revolver - 12.46% (SOFR + 8.50%, 2.00% Floor) Net Assets 0.3% Maturity 04/04/292025-12-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001825265:DebtSecuritiesTwoMember2026-03-310001825265us-gaap:RetainedEarningsMember2025-01-012025-03-310001825265Debt Investments, Paper & Forest Products, Pallet Logistics of America, LLC, Acquisition Date 11/22/24 Revolver - 10.79% (SOFR + 7.00%, 1.00% Floor) Net Assets 0.2% Maturity 11/29/292025-12-310001825265ck0001825265:SoftwareMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-12-310001825265Debt Investments, Automobile Components, Superior Industries International, Inc., Acquisition Date 12/08/25 Take Back Term Loan - 13.78%inc PIK (SOFR + 10.00%, 3.50% Floor, all PIK) Net Assets 1.0% Maturity 12/08/302025-12-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:DebtSecuritiesMember2025-12-310001825265us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2026-03-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001825265:MeasurementInputIndicativeBidMembersrt:MaximumMemberck0001825265:DebtSecuritiesTwoMember2026-03-310001825265us-gaap:InvestmentUnaffiliatedIssuerMemberck0001825265:FoodProductsMemberus-gaap:DebtSecuritiesMember2025-12-310001825265us-gaap:CashEquivalentsMember2026-03-310001825265us-gaap:CommonStockMember2022-01-212022-01-210001825265Debt Investments, Hotels, Restaurants & Leisure Red Robin International, Inc., Acquisition Date 04/11/22 Revolver - 11.40% (SOFR + 7.50%, 1.00% Floor) Net Assets 0.2% Maturity 03/04/272025-01-012025-12-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberck0001825265:DebtSecuritiesOneMemberus-gaap:IncomeApproachValuationTechniqueMember2026-03-310001825265ck0001825265:HouseholdDurablesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-12-310001825265Debt Investments, Software, CF Newco, Inc., Acquisition Date 12/11/25 Amendment No. 1 Term Loan - 9.91% (SOFR + 6.25%, 1.50% Floor) Net Assets 1.2% Maturity 12/10/292026-03-310001825265Debt Investments, Food Products Great Kitchens Food Company, Inc, Acquisition Date 05/31/24 Term Loan - 9.72% (SOFR + 6.00%, 1.25% Floor) Net Assets 4.5% Maturity 05/31/292025-12-310001825265ck0001825265:AssetBasedCreditFacilityTermLoanMember2024-02-020001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2026-03-310001825265Debt Investments, Software CF Newco, Inc., Acquisition Date 12/11/25 Amendment No. 1 Term Loan - 9.99% (SOFR + 6.25%, 1.50% Floor) Net Assets 1.3% Maturity 12/10/292025-12-310001825265Debt Investments, Food Products Signature Brands, LLC, Acquisition Date 05/05/25 9th Amendment Term Loan A - 17.50% inc PIK (17.50%, Fixed Coupon, all PIK) Net Assets 1.0% Maturity 05/04/282026-01-012026-03-310001825265ck0001825265:ADANBLLCMemberck0001825265:RevolverMember2025-12-310001825265Debt Investments, Ground Transportation RPM Purchaser, Inc., Acquisition Date 09/11/23 Term Loan B - 10.08% (SOFR + 6.25%, 2.00% Floor) Net Assets 3.4% Maturity 09/11/282025-01-012025-12-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001825265:MeasurementInputIndicativeBidMemberus-gaap:DebtSecuritiesMember2026-03-310001825265Debt Investments, Hotels, Restaurants & Leisure Red Robin International, Inc., Acquisition Date 04/11/22 Term Loan - 11.43% (SOFR + 7.50%, 1.00% Floor) Net Assets 1.4% Maturity 09/03/272026-01-012026-03-310001825265Equity Investments, Trading Companies & Distributors Cinelease, LLC, Acquisition Date 08/07/25 Warrant, expires 07/31/35 Net Assets 0.0%2025-12-310001825265ck0001825265:MachineryMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-12-310001825265Debt Investments, Commercial Services & Supplies CSAT Holdings LLC, Acquisition Date 06/30/23 Revolver- 14.28%inc PIK (SOFR + 10.50%, 2.00% Floor) Net Assets 0.3% Maturity 06/30/282026-01-012026-03-310001825265Debt Investments, Hotels, Restaurants & Leisure Red Robin International, Inc., Acquisition Date 04/11/22 Revolver - 11.29% (SOFR + 7.50%, 1.00% Floor) Net Assets 0.1% Maturity 09/03/272026-03-310001825265us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:DebtSecuritiesMember2026-03-310001825265ck0001825265:AssetBasedCreditFacilityMember2024-02-020001825265us-gaap:CashEquivalentsMemberus-gaap:FairValueInputsLevel1Member2026-03-310001825265Debt Investments, Commercial Services & Supplies CSAT Holdings LLC, Acquisition Date 06/30/23 Term Loan – 14.46%inc PIK (SOFR + 10.50%, 2.00% Floor, 2.25% PIK) Net Assets 3.6% Maturity 06/30/282026-03-310001825265ck0001825265:TransportationInfrastructureMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-12-310001825265Debt Investments, Ground Transportation RPM Purchaser, Inc., Acquisition Date 09/11/23 Term Loan B - 10.03% (SOFR + 6.25%, 2.00% Floor) Net Assets 3.3% Maturity 09/11/282026-03-310001825265Equity Investments, Energy Equipment & Services HydroSource Logistics, LLC, Acquisition Date 04/05/24 Warrant, expires 4/4/34 Net Assets 3.5%2025-12-310001825265ck0001825265:MetalsAndMiningMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2026-03-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMemberck0001825265:DebtSecuritiesTwoMember2026-03-310001825265us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMemberck0001825265:ConstructionAndEngineeringMember2026-03-310001825265ck0001825265:OtherThanGovernmentSecuritiesMember2026-01-012026-03-310001825265Equity Investments, Energy Equipment & Services HydroSource Logistics, LLC, Acquisition Date 04/05/24 Warrant, expires 4/4/34 Net Assets 4.2%2026-03-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2026-03-310001825265Debt Investments, Trading Companies & Distributors, Cinelease, LLC, Acquisition Date 08/07/25 ABL Term Loan - 11.82% (SOFR + 7.50%, 2.50% Floor) Net Assets 2.0% Maturity 07/31/302025-01-012025-12-310001825265Debt Investments, Information Technology Services Corcentric, Inc., Acquisition Date 05/09/23 Term Loan – 10.96% (SOFR + 7.00%, 2.00% Floor) Net Assets 4.6% Maturity Date 05/09/272026-03-310001825265Debt Investments, Food Products Signature Brands, LLC, Acquisition Date 02/29/24 Delayed Draw Term Loan A - 10.43% inc PIK (SOFR + 6.50%, 1.75% Floor, all PIK) Net Assets 0.3% Maturity 05/04/282026-01-012026-03-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2025-12-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2026-01-012026-03-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2026-03-310001825265Debt Investments, Transportation Infrastructure, CG Buyer, LLC, Acquisition Date 07/19/23 Term Loan – 10.22% (SOFR + 6.50%, 1.50% Floor) Net Assets 2.4% Maturity 07/19/282025-01-012025-12-310001825265ck0001825265:AssetBasedCreditFacilityMember2025-12-310001825265ck0001825265:AssetBasedCreditFacilityAmendmentTwoMember2025-08-222025-08-220001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:DebtSecuritiesMember2026-03-310001825265us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001825265:DebtSecuritiesTwoMember2025-12-310001825265us-gaap:CommonStockMember2023-12-132023-12-130001825265Debt Investments, Paper & Forest Products, Pallet Logistics of America, LLC, Acquisition Date 11/22/24 Term Loan - 10.79% inc PIK (SOFR + 7.00%, 1.00% Floor, 0.50% PIK) Net Assets 2.8% Maturity 11/22/292025-12-310001825265Debt Investments, Containers & Packaging The HC Companies, Inc., Acquisition Date 05/21/24 Incremental Term Loan - 12.17%inc PIK (SOFR + 8.50%, 2.00% Floor,1.00%PIK) Net Assets 2.7% Maturity 08/01/282025-01-012025-12-310001825265ck0001825265:RevolverMemberck0001825265:CFNewcoIncMember2026-03-310001825265Debt Investments, Commercial Services & Supplies Comprehensive Logistics Co., LLC, Acquisition Date 03/26/24 Term Loan - 11.32% (SOFR + 7.50%, 2.00% Floor) Net Assets 4.2% Maturity 03/26/262025-12-310001825265ck0001825265:PaperForestProductsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-12-310001825265ck0001825265:AssetBasedCreditFacilityMember2026-03-310001825265ck0001825265:AdviserMember2026-03-310001825265us-gaap:FairValueInputsLevel2Memberus-gaap:DebtSecuritiesMember2025-12-310001825265ck0001825265:TransportationInfrastructureMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2026-03-310001825265ck0001825265:FenixIntermediateLlcMemberck0001825265:DelayedDrawTermLoanB-2Member2026-03-310001825265ck0001825265:RevolverMemberck0001825265:PalletLogisticsOfAmericaLlc1Member2025-12-310001825265Equity Investments, Trading Companies & Distributors Cinelease, LLC, Acquisition Date 08/07/25 Warrant, expires 07/31/35 Net Assets 0.0%2025-01-012025-12-310001825265Debt Investments, Machinery Mark Andy, Inc., Acquisition Date 06/16/23 Term Loan – 12.60% inc PIK (SOFR + 8.75%, 1.50% Floor, 5.75% PIK) Net Assets 2.3% Maturity Date 06/16/282026-03-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2024-12-310001825265Debt Investments, Food Products Baxters North America, Inc., Acquisition Date 05/31/23 Term Loan - 10.59% (SOFR + 6.88%, 1.75% Floor) Net Assets 4.0% Maturity 05/31/282026-01-012026-03-310001825265Debt Investments, Ground Transportation RPM Purchaser, Inc., Acquisition Date 09/11/23 Term Loan B - 10.03% (SOFR + 6.25%, 2.00% Floor) Net Assets 3.3% Maturity 09/11/282026-01-012026-03-310001825265ck0001825265:ComprehensiveLogisticsCoLlcMemberck0001825265:RevolverMember2025-12-310001825265us-gaap:FairValueInputsLevel1Member2025-12-310001825265Debt Investments, Specialty Retail, D&D Buyer, LLC, Acquisition Date 10/04/23 Term Loan - 9.55% (SOFR + 5.75%, 2.00% Floor) Net Assets 7.2% Maturity 10/04/292026-03-310001825265Equity Investments, Energy Equipment & Services HydroSource Logistics, LLC, Acquisition Date 04/05/24 Warrant, expires 4/4/34 Net Assets 4.2%2026-01-012026-03-310001825265Debt Investments, Food Products Signature Brands, LLC, Acquisition Date 02/29/24 Delayed Draw Term Loan A - 10.58% inc PIK (SOFR + 6.50%, 1.75% Floor, all PIK) Net Assets 0.2% Maturity 05/04/282025-12-310001825265ck0001825265:GreatKitchensFoodCompanyIncMemberck0001825265:RevolverMember2025-12-310001825265Debt Investments, Software CF Newco, Inc., Acquisition Date 12/09/24 Revolver - 9.74% (SOFR + 6.00%, 1.50% Floor) Net Assets 0.2% Maturity 12/10/292025-12-310001825265Debt Investments, Construction & Engineering Sunland Asphalt & Construction, LLC, Acquisition Date 06/16/23 Delayed Draw Term Loan - 10.77% (SOFR + 7.00%, 1.75% Floor) Net Assets 2.4% Maturity 06/16/282026-01-012026-03-310001825265Debt Investments, Hotels, Restaurants & Leisure ADAN-B LLC (24 Hour Fitness), Acquisition Date 04/30/25 Term Loan - 9.42% (SOFR + 5.75%, 1.50% Floor) Net Assets 6.8% Maturity 12/31/302025-01-012025-12-310001825265us-gaap:RetainedEarningsMember2026-01-012026-03-310001825265Debt Investments, Energy Equipment & Services HydroSource Logistics, LLC, Acquisition Date 04/05/24 Term Loan - 12.43% (SOFR + 8.50%, 2.00% Floor) Net Assets 3.1% Maturity 04/04/292025-12-310001825265us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberck0001825265:MeasurementInputIndicativeBidMemberck0001825265:DebtSecuritiesTwoMember2026-03-310001825265Debt Investments, Machinery Triarc Tanks Bidco, LLC, Acquisition Date 10/03/22 Term Loan – 10.93% (SOFR + 7.00%, 1.00% Floor) Net Assets 1.7% Maturity Date 10/03/262025-01-012025-12-310001825265Debt Investments, Oil, Gas & Consumable Fuels HOP Energy, LLC, Acquisition Date 04/27/25 Delayed Draw Term Loan B - 13.78% inc PIK (SOFR + 10.00%, 2.00% Floor, all PIK) Net Assets 0.1% Maturity 12/09/272026-01-012026-03-310001825265Debt Investments, Containers & Packaging The HC Companies, Inc., Acquisition Date 05/21/24 Incremental Term Loan - 12.17%inc PIK (SOFR + 8.50%, 2.00% Floor,1.00%PIK) Net Assets 2.6% Maturity 08/01/282026-03-310001825265ck0001825265:AxvorIntermediateLLCDQSMemberck0001825265:RevolverMember2026-03-310001825265Debt Investments, Commercial Services & Supplies Power Acquisition LLC, Acquisition Date 01/22/25 Term Loan B - 10.67% (SOFR + 7.00%, 1.50% Floor) Net Assets 4.2% Maturity 01/22/302026-03-310001825265ck0001825265:DDBuyerLlcMemberck0001825265:FifthAmendmentDelayedDrawTermLoanMember2026-03-310001825265us-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001825265Debt Investments, Trading Companies & Distributors, Cinelease, LLC, Acquisition Date 08/07/25 ABL Term Loan - 11.17% (SOFR + 7.50%, 2.50% Floor) Net Assets 2.2% Maturity 07/31/302026-01-012026-03-310001825265Debt Investments, Personal Care Products, Viva 5 Group, LLC, Acquisition Date 05/21/25 Revolver - 10.17% (SOFR + 6.50%, 2.25% Floor) Net Assets 0.1% Maturity 05/21/302026-01-012026-03-310001825265Debt Investments, Hotels, Restaurants & Leisure CEC Entertainment, LLC Acquisition Date 09/26/25 Term Loan - 9.70% (SOFR + 6.00%, 2.00% Floor) Net Assets 5.5% Maturity 09/26/302026-01-012026-03-310001825265ck0001825265:AssetBasedCreditFacilityAmendmentMember2026-03-310001825265ck0001825265:PersonalCareProductsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2026-03-310001825265Debt Investments, Construction & Engineering Sunland Asphalt & Construction, LLC, Acquisition Date 06/16/23 Delayed Draw Term Loan - 10.77% (SOFR + 7.00%, 1.75% Floor) Net Assets 1.0% Maturity 06/16/282026-03-310001825265us-gaap:FairValueInputsLevel2Member2026-03-310001825265ck0001825265:SubscriptionBasedCreditFacilityMember2025-03-072025-03-070001825265Debt Investments, Commercial Services & Supplies CSAT Holdings LLC, Acquisition Date 06/30/23 Revolver- 14.33%inc PIK (SOFR + 10.50%, 2.00% Floor, 2.25% PIK) Net Assets 0.3% Maturity 06/30/282025-12-310001825265Debt Investments, Transportation Infrastructure, CG Buyer, LLC, Acquisition Date 07/19/23 Term Loan - 9.67% (SOFR + 6.00%, 1.50% Floor) Net Assets 2.4% Maturity 07/19/282026-01-012026-03-310001825265Debt Investments, Personal Care Products, Viva 5 Group, LLC, Acquisition Date 05/21/25 Revolver - 10.22% (SOFR + 6.50%, 2.25% Floor) Net Assets 0.1% Maturity 05/21/302025-12-310001825265Debt Investments, Oil, Gas & Consumable Fuels HOP Energy, LLC, Acquisition Date 01/14/25 Term Loan C- 13.83% inc PIK (SOFR + 10.00%, 2.00% Floor, all PIK) Net Assets 0.6% Maturity 12/09/272025-01-012025-12-310001825265ck0001825265:AdviserMember2022-01-012022-12-310001825265ck0001825265:MachineryMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2026-03-310001825265ck0001825265:SpecialtyRetailMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-12-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001825265:MeasurementInputIndicativeBidMembersrt:MaximumMemberus-gaap:EquitySecuritiesMember2026-03-310001825265Debt Investments, Food Products Signature Brands, LLC, Acquisition Date 02/29/24 Delayed Draw Term Loan A - 10.58% inc PIK (SOFR + 6.50%, 1.75% Floor, all PIK) Net Assets 0.2% Maturity 05/04/282025-01-012025-12-310001825265Debt Investments, Containers & Packaging Hoffmaster Group, Inc., Acquisition Date 02/24/23 Term Loan - 8.67% (SOFR + 5.00%, 2.00% Floor) Net Assets 2.5% Maturity 05/24/282026-01-012026-03-310001825265Debt Investments, Paper & Forest Products, Pallet Logistics of America, LLC, Acquisition Date 11/22/24 Term Loan - 10.79% inc PIK (SOFR + 7.00%, 1.00% Floor, 0.50% PIK) Net Assets 2.8% Maturity 11/22/292025-01-012025-12-310001825265ck0001825265:RedRobinInternationalIncMemberck0001825265:RevolverMember2026-03-310001825265us-gaap:FairValueInputsLevel3Member2026-03-310001825265Debt Investments, Energy Equipment & Services HydroSource Logistics, LLC, Acquisition Date 04/05/24 Revolver - 12.43% (SOFR + 8.50%, 2.00% Floor) Net Assets 0.3% Maturity 04/04/292026-01-012026-03-310001825265us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberck0001825265:DebtSecuritiesTwoMember2026-03-310001825265us-gaap:RetainedEarningsMember2024-12-31iso4217:USDxbrli:sharesxbrli:pureck0001825265:Personsxbrli:sharesck0001825265:UsdShareck0001825265:Segmentck0001825265:SubscriptionAgreementiso4217:USD\n\n \n\n \n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWASHINGTON, DC 20549\n\n \n\nFORM 10-Q\n\n \n\n(Mark One)\n\n \n\n☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n☐For the quarterly period ended March 31, 2026\n\n## OR\n\n☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n## For the transition period from to\n\n## Commission file number 814-01420\n\n##  \n\nTCW DIRECT LENDING VIII LLC\n\n## (Exact Name of Registrant as Specified in Its Charter)\n\n##  \n\n \n\nDelaware\n\n86-3307898\n\n(State or Other Jurisdiction of Incorporation or Organization)\n\n(I.R.S. Employer Identification No.)\n\n \n\n## 200 Clarendon Street, Boston, MA\n\n## 02116\n\n(Address of Principal Executive Offices)\n\n(Zip Code)\n\n \n\n## Registrant’s Telephone Number, Including Area Code: (617) 936-2275\n\n## Not applicable\n\nFormer Name, Former Address and Former Fiscal Year, If Changed Since Last Report.\n\n \n\n## Securities registered pursuant to Section 12(b) of the Act.\n\n \n\nTitle of each class\n\nTrading\n\n Symbol(s)\n\nName of each exchange\n\non which registered\n\nNone\n\nNot applicable\n\n## Not applicable\n\n \n\nIndicate 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 ☐\n\nIndicate 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 ☐\n\nIndicate 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.\n\n \n\nLarge accelerated filer\n\n☐\n\nAccelerated filer\n\n☐\n\nNon-accelerated filer\n\n☒\n\nSmaller reporting company\n\n☐\n\nEmerging growth company\n\n☒\n\n \n\n \n\n \n\nIf 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. ☐\n\nIndicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934). Yes ☐ No ☒\n\nAs of March 31, 2026, there was no established public market for the Registrant’s common units. The number of the Registrant’s common units outstanding at May 13, 2026 was 6,310,260.\n\nAuditor Firm Id: 34 Auditor Name: Deloitte & Touche LLP Auditor Location: Los Angeles, CA, U.S.A.\n\n \n\n \n\n \n\nTCW DIRECT LENDING VIII LLC\n\nFORM 10-Q FOR THE QUARTER ENDED March 31, 2026\n\nTable of Contents\n\n \n\n \n\n \n\nPAGE\n\n \n\nINDEX\n\n \n\nNO.\n\nPART I.\n\nFINANCIAL INFORMATION"}