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11/07/302025-01-012025-12-310001916608Debt Investment, Health Care Equipment & Supplies, Connect America.com, LLC., Acquisition Date - 10/11/24, Investment - Last Out Term Loan - 9.42% (SOFR + 5.75%, 1.75% Floor), % of Net Assets - 4.2%, Maturity Date - 10/11/292025-01-012025-12-310001916608Debt Investment, Ground Transportation, RPM Purchaser, Inc., Acquisition Date - 09/11/23, Investment - Term Loan B - 10.08% (SOFR + 6.25%, 2.00% Floor), % of Net Assets - 3.1%, Maturity Date - 09/11/282025-01-012025-12-310001916608us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-03-310001916608us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2026-01-012026-03-310001916608us-gaap:FairValueInputsLevel2Memberus-gaap:DebtSecuritiesMember2025-12-310001916608Debt Investment, Commercial Services & Supplies, Power Acquisition LLC, Acquisition Date - 01/22/25, Investment - 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Holdings US Acquisition Co. 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05/21/24, Investment Incremental Term Loan - 12.17% inc PIK (SOFR + 8.50%, 2.00% Floor, 1.00% PIK) % of Net Assets - 0.7% Maturity Date - 08/01/282025-12-310001916608Debt Investment, Containers & Packaging, The HC Companies, Inc., Acquisition Date 08/01/23 Investment Term Loan - 12.17% inc PIK (SOFR + 8.50%, 2.00% Floor, 1.00% PIK) % of Net Assets 4.0% Maturity Date 08/01/282026-01-012026-03-310001916608Debt Investment, Food Products, Baxters North America, Inc., Acquisition Date 05/31/23 Investment Term Loan - 10.59% (SOFR + 6.88%, 1.75% Floor) % of Net Assets 3.4% Maturity Date 05/31/282026-01-012026-03-310001916608us-gaap:InvestmentUnaffiliatedIssuerMemberck0001916608:FoodProductsMemberus-gaap:DebtSecuritiesMember2025-12-310001916608Debt Investment, Specialty Retail, D&D Buyer, LLC, Acquisition Date 10/04/23 Investment Term Loan - 9.55% (SOFR + 5.75%, 2.00% Floor) % of Net Assets 5.1% Maturity Date 10/04/292026-01-012026-03-310001916608Equity Investment, Energy Equipment & Services HydroSource Logistics, LLC Acquisition Date - 04/05/24 Investment Warrant, expires 4/4/34 % of Net Assets – 2.9%2026-01-012026-03-310001916608Debt Investment, Food Products, Baxters North America, Inc., Acquisition Date - 05/31/23, Investment - Term Loan - 10.70% (SOFR + 6.88%, 1.75% Floor), % of Net Assets - 3.5%, Maturity Date - 05/31/282025-01-012025-12-310001916608us-gaap:InvestmentUnaffiliatedIssuerMemberck0001916608:HotelsRestaurantAndLeisureMemberus-gaap:DebtSecuritiesMember2025-12-310001916608us-gaap:CapitalUnitsMember2025-03-310001916608country:US2026-03-310001916608Equity Investment , Commercial Services & Supplies, CSAT Investment Holdings LLC , Acquisition Date - 03/05/25 Investment Warrant, expires 3/5/32 % of Net Assets – 0.2%2025-12-310001916608ck0001916608:HealthCareEquipmentAndSuppliesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2026-03-310001916608Debt Investment, Automobile Components, Superior Industries International, Inc. , Acquisition Date - 12/08/25, Investment - Take Back Term Loan - 13.78% inc PIK (SOFR + 10.00%, 3.50% Floor, all PIK), Net Assets – 0.7%, Maturity Date - 12/08/302025-12-310001916608Debt Investment, Energy Equipment & Services, HydroSource Logistics, LLC, Acquisition Date - 04/05/24, Investment - Term Loan - 12.43% (SOFR + 8.50%, 2.00% Floor), % of Net Assets - 2.4% Maturity Date - 04/04/292025-12-310001916608ck0001916608:ADAN-BLLCMemberck0001916608:RevolverMember2026-03-310001916608ck0001916608:FenixIntermediateLlcTwoMemberck0001916608:DelayedDrawTermLoanB-2Member2025-12-310001916608Debt Investment, Commercial Services & Supplies, Axvor Intermediate, LLC (DQS) Acquisition Date - 03/24/26, Investment - Term Loan - 9.93% (SOFR + 6.25%, 2.00% Floor), % of Net Assets – 4.2%, Maturity Date - 03/24/312026-03-310001916608us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-3100019166082025-03-310001916608Debt Investment, Hotels, Restaurants & Leisure, ADAN-B LLC (24 Hour Fitness) , Acquisition Date - 12/31/25 Investment - Revolver - 9.46% (SOFR + 5.75%, 1.50% Floor), % of Net Assets - 0.1%, Maturity Date - 12/31/302026-01-012026-03-3100019166082022-04-012022-06-300001916608ck0001916608:RevolverMemberck0001916608:HydrosourceLogisticsLlcMember2025-12-310001916608Debt Investment, Commercial Services & Supplies, Power Acquisition LLC, Acquisition Date - 07/11/25, Investment - Incremental Term Loan B -- 9.86% (SOFR + 6.00%, 1.50% Floor), % of Net Assets - 0.2% Maturity Date - 01/22/302025-01-012025-12-310001916608Debt Investment, Consumer Discretionary Textiles, Apparel & Luxury Goods, Helix Sleep, Inc, Acquisition Date 11/07/25 Investment Term Loan - 9.16% (SOFR + 5.50%, 1.00% Floor) % of Net Assets 1.3% Maturity Date 11/07/302026-01-012026-03-310001916608Debt Investment, Machinery, Mark Andy, Inc., Acquisition Date - 06/16/23, Investment - Term Loan - 12.57% inc PIK (SOFR + 8.75%, 1.50% Floor, 5.75% PIK), % of Net Assets – 2.7%, Maturity Date - 06/16/282025-01-012025-12-310001916608ck0001916608:RevolverMemberck0001916608:PalletLogisticsOfAmericaLLCMember2025-12-310001916608us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:DebtSecuritiesMember2025-12-310001916608Debt Investment, Food Products, Great Kitchens Food Company, Inc.., Acquisition Date - 05/31/24, Investment - Term Loan - 9.72% (SOFR + 6.00%, 1.25% Floor), % of Net Assets - 3.1%, Maturity Date - 05/31/292025-01-012025-12-310001916608ck0001916608:CommonCommitmentMember2026-03-310001916608Debt Investment, Energy Equipment & Services, HydroSource Logistics, LLC, Acquisition Date - 04/05/24, Investment - Revolver- 12.46% (SOFR + 8.50%, 2.00% Floor), % of Net Assets - 0.2% Maturity Date - 04/04/292025-12-310001916608ck0001916608:SignatureBrandsLlcMemberck0001916608:NinthAmendmentDelayedDrawTermLoanAMember2025-12-3100019166082022-07-012022-09-300001916608ck0001916608:CommonCommitmentMember2025-12-310001916608us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberus-gaap:DebtSecuritiesMember2026-03-310001916608Debt Investment, Commercial Services & Supplies, CSAT Holdings LLC, Acquisition Date - 06/30/2023, Investment Term Loan - 14.43% inc PIK (SOFR + 10.50%, 2.00% Floor, 2.25% PIK), % of Net Assets - 3.7%, Maturity Date - 06/30/20282025-01-012025-12-310001916608ck0001916608:ValuationYieldAnalysisAndMarketApproachMemberus-gaap:DebtSecuritiesMember2026-03-310001916608us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2025-12-310001916608us-gaap:InvestmentUnaffiliatedIssuerMemberck0001916608:EnergyEquipmentAndServicesMemberus-gaap:DebtSecuritiesMember2025-12-310001916608Debt Investment, Professional Services, Alorica Inc., Acquisition Date 12/21/22 Investment Term Loan - 10.54% (SOFR + 6.88%, 1.50% Floor) % of Net Assets 4.3% Maturity Date 12/21/272026-03-310001916608us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001916608:DebtSecuritiesTwoMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMember2025-12-310001916608Debt Investment, Containers & Packaging, Hoffmaster Group, Inc., Acquisition Date 02/24/23 Investment Term Loan - 8.67% (SOFR + 5.00%, 2.00% Floor) % of Net Assets 2.8% Maturity Date 05/24/282026-03-310001916608us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMember2026-03-310001916608Equity Investment, Automobile Components SUP Parent Holdings, LLC Acquisition Date - 08/13/25 Investment Common Units % of Net Assets – 0.8%2025-12-310001916608us-gaap:InvestmentUnaffiliatedIssuerMemberck0001916608:CommercialServicesAndSuppliesMemberus-gaap:EquitySecuritiesMember2026-03-310001916608ck0001916608:IncentiveFeeTwoMember2026-01-012026-03-310001916608us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001916608:DebtSecuritiesTwoMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001916608Debt Investment, Hotels, Restaurants & Leisure, Five Star Buyer, Inc, Acquisition Date - 05/11/23, Investment - Delayed Draw Term Loan - 12.98% inc PIK (SOFR + 9.00%, 1.50% Floor, 2.00% PIK), % of Net Assets - 0.1%, Maturity Date - 02/23/282026-03-310001916608Debt Investment, Construction & Engineering, Sunland Asphalt & Construction, LLC, Acquisition Date 06/16/23 Investment Term Loan B - 10.32% (SOFR + 6.50%, 1.75% Floor) % of Net Assets 2.4% Maturity Date 06/16/282025-12-310001916608Debt Investment, Commercial Services & Supplies, CSAT Holdings LLC, Acquisition Date 06/30/23 Investment Revolver - 14.28% (SOFR + 10.50%, 2.00% Floor) % of Net Assets 0.3% Maturity Date 06/30/282026-03-310001916608Debt Investment, Transportation Infrastructure, CG Buyer, LLC, Acquisition Date 07/19/23 Investment Delayed Draw Term Loan - 10.22% (SOFR + 6.50%, 1.50% Floor) % of Net Assets 0.1% Maturity Date 07/19/282025-12-310001916608us-gaap:RetainedEarningsMember2025-03-310001916608ck0001916608:VitaminShoppeLLCMember2026-03-310001916608us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2025-03-310001916608us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberck0001916608:DebtSecuritiesOneMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2026-03-310001916608us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:EquityFundsMemberus-gaap:MarketApproachValuationTechniqueMemberck0001916608:MeasurementInputIndicativeBidMember2026-03-310001916608us-gaap:CashEquivalentsMember2025-12-310001916608us-gaap:FairValueInputsLevel1Member2025-12-310001916608us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMemberus-gaap:DebtSecuritiesMember2026-03-310001916608Debt Investment, Leisure Products, Lumos Holdings US Acquisition Co. (Life Fitness), Acquisition Date 08/05/25 Investment Term Loan - 9.16% (SOFR + 5.50%, 1.50% Floor) % of Net Assets 4.7% Maturity Date 08/05/302026-01-012026-03-310001916608Debt Investment, Energy Equipment & Services, HydroSource Logistics, LLC, Acquisition Date - 04/05/24, Investment - Revolver- 12.46% (SOFR + 8.50%, 2.00% Floor), % of Net Assets - 0.2% Maturity Date - 04/04/292025-01-012025-12-310001916608Debt Investment, Commercial Services & Supplies, Power Acquisition LLC, Acquisition Date 01/22/25 Investment Term Loan B - 10.67% (SOFR + 7.00%, 1.50% Floor) % of Net Assets 2.7% Maturity Date 01/22/302026-03-310001916608us-gaap:InvestmentUnaffiliatedIssuerMemberck0001916608:DebtSecuritiesAndEquitySecuritiesMember2026-03-310001916608us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMemberck0001916608:PersonalCareProductsMember2025-12-310001916608Debt Investment, Health Care Equipment & Supplies, Connect America.com, LLC., Acquisition Date - 10/11/24, Investment - Last Out Term Loan - 9.42% (SOFR + 5.75%, 1.75% Floor), % of Net Assets - 4.2%, Maturity Date - 10/11/292025-12-310001916608ck0001916608:SignatureBrandsLlcMemberck0001916608:NinthAmendmentDelayedDrawTermLoanAMember2026-01-012026-03-310001916608us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:DebtSecuritiesMember2026-03-310001916608us-gaap:InvestmentUnaffiliatedIssuerMemberck0001916608:HotelsRestaurantAndLeisureMemberus-gaap:DebtSecuritiesMember2026-03-310001916608Debt Investment, Energy Equipment & Services, HydroSource Logistics, LLC, Acquisition Date - 04/14/25, Investment - 3rd Amendment Term Loan - 12.43% (SOFR + 8.50%, 2.00% Floor), % of Net Assets - 3.1% Maturity Date - 04/04/292025-01-012025-12-3100019166082022-01-012022-03-310001916608ck0001916608:AxvorIntermediateLLCMemberus-gaap:DelayedDrawTermLoanMember2025-12-310001916608ck0001916608:DebtSecuritiesOneMemberck0001916608:ValuationYieldAnalysisMember2026-03-310001916608Debt Investment, Automobile Components, Fenix Intermediate LLC, Acquisition Date 03/28/24 Investment Delayed Draw Term Loan B-1 - 10.70% (SOFR + 7.00%, 1.75% Floor) % of Net Assets 0.2% Maturity Date 03/28/292026-03-310001916608us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberck0001916608:DebtSecuritiesOneMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2025-12-310001916608Debt Investment, Food Products, Baxters North America, Inc., Acquisition Date - 05/31/23, Investment - Term Loan - 10.70% (SOFR + 6.88%, 1.75% Floor), % of Net Assets - 3.5%, Maturity Date - 05/31/282025-12-310001916608us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MaximumMemberus-gaap:DebtSecuritiesMemberck0001916608:MeasurementInputIndicativeBidMember2025-12-310001916608ck0001916608:ConstructionAndEngineeringMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-12-310001916608ck0001916608:HelixSleepIncMemberck0001916608:RevolverMember2025-12-310001916608us-gaap:CapitalUnitsMember2025-12-3100019166082026-01-012026-03-310001916608Debt Investment, Energy Equipment & Services, HydroSource Logistics, LLC, Acquisition Date 04/05/24 Investment Revolver – 12.43% (SOFR + 8.50%, 2.00% Floor) % of Net Assets 0.2% Maturity Date 04/04/292026-01-012026-03-310001916608ck0001916608:FenixIntermediateLlcTwoMemberck0001916608:DelayedDrawTermLoanB-2Member2026-01-012026-03-3100019166082024-12-310001916608us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:EquityFundsMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001916608Debt Investment, Food Products, Signature Brands, LLC, Acquisition Date - 05/05/25, Investment - 9th Amendment Term Loan A - 17.50% inc PIK (17.50%, Fixed Coupon, all PIK), % of Net Assets - 0.9%, Maturity Date - 05/04/282025-12-310001916608us-gaap:InvestmentUnaffiliatedIssuerMemberck0001916608:DebtSecuritiesAndEquitySecuritiesMember2025-12-310001916608us-gaap:EquitySecuritiesMember2025-12-310001916608Debt Investment, Software, CF Newco, Inc., Acquisition Date 12/09/24 Investment Revolver - 9.74% (SOFR + 6.00%, 1.50% Floor) % of Net Assets 0.1% Maturity Date 12/10/292025-01-012025-12-310001916608ck0001916608:MacquarieTransactionsMember2026-01-012026-03-310001916608Debt Investment, Transportation Infrastructure, CG Buyer, LLC., Acquisition Date - 07/19/23, Investment -Term Loan - 10.22% (SOFR + 6.50%, 1.50% Floor), % of Net Assets – 2.5%, Maturity Date - 07/19/282025-12-310001916608us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001916608:DebtSecuritiesTwoMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-3100019166082025-12-310001916608Debt Investment, Paper & Forest Products, Pallet Logistics of America, LLC, Acquisition Date 11/22/24 Investment Term Loan - 10.67% (SOFR + 7.00%, 1.00% Floor0.50% PIK) % of Net Assets 1.9% Maturity Date 11/22/292026-01-012026-03-310001916608ck0001916608:OtherThanGovernmentSecuritiesMember2026-01-012026-03-310001916608us-gaap:FairValueInputsLevel2Member2025-12-310001916608us-gaap:InvestmentUnaffiliatedIssuerMemberck0001916608:LeisureProductsMemberus-gaap:DebtSecuritiesMember2025-12-310001916608us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:DebtSecuritiesMember2025-12-310001916608us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2026-03-310001916608us-gaap:InvestmentUnaffiliatedIssuerMemberck0001916608:LeisureProductsMemberus-gaap:DebtSecuritiesMember2026-03-310001916608us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2026-03-310001916608us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:DebtSecuritiesMemberck0001916608:MeasurementInputIndicativeBidMember2025-12-310001916608us-gaap:RetainedEarningsMember2026-03-310001916608Debt Investment, Food Products, Signature Brands, LLC, Acquisition Date - 05/05/23, Investment - Term Loan - 13.58% inc PIK (SOFR + 9.50%, 1.75% Floor, all PIK), % of Net Assets - 2.8%, Maturity Date - 05/04/282025-12-310001916608us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2024-12-310001916608ck0001916608:DelayedDrawTermLoanBMemberck0001916608:RpmPurchaserIncMember2026-01-012026-03-310001916608us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-12-310001916608Debt Investment, Specialty Retail, D&D Buyer, LLC., Acquisition Date - 10/04/23, Investment - Term Loan - 10.27% (SOFR + 6.50%, 2.00% Floor), % of Net Assets – 2.9%, Maturity Date - 10/04/282025-01-012025-12-310001916608us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberck0001916608:DebtSecuritiesOneMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001916608us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:DebtSecuritiesMemberck0001916608:MeasurementInputIndicativeBidMember2026-03-310001916608ck0001916608:ABLTermLoanMemberck0001916608:CineleaseLLCMember2026-03-310001916608Debt Investment, Containers & Packaging, Hoffmaster Group, Inc, Acquisition Date - 02/24/23, Investment - Term Loan - 10.10% SOFR + 6.25%, 2.00% Floor) % of Net Assets - 2.9% Maturity Date - 02/24/282025-12-310001916608us-gaap:FairValueInputsLevel1Memberus-gaap:CashEquivalentsMember2025-12-310001916608us-gaap:FairValueInputsLevel1Memberus-gaap:DebtSecuritiesMember2025-12-310001916608Debt Investment, Containers & Packaging, Hoffmaster Group, Inc., Acquisition Date 03/15/24 Investment Incremental Term Loan - 8.67% (SOFR + 5.00%, 2.00% Floor) % of Net Assets 0.4% Maturity Date 05/24/282026-03-310001916608us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMemberck0001916608:MachineryMember2025-12-310001916608us-gaap:InvestmentUnaffiliatedIssuerMemberck0001916608:TradingCompaniesDistributorsMemberus-gaap:EquitySecuritiesMember2025-12-310001916608Debt Investment, Commercial Services & Supplies, Axvor Intermediate, LLC (DQS) Acquisition Date - 03/24/26, Investment - Term Loan - 9.93% (SOFR + 6.25%, 2.00% Floor), % of Net Assets – 4.2%, Maturity Date - 03/24/312026-01-012026-03-310001916608ck0001916608:ConsumerDiscretionaryTextilesApparelLuxuryGoodsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-12-310001916608Debt Investment, Containers & Packaging, The HC Companies, Inc., Acquisition Date 05/21/24 Investment Incremental Term Loan - 12.50% inc PIK (SOFR + 8.50%, 2.00% Floor, 1.00% PIK) % of Net Assets 0.7% Maturity Date 08/01/282026-03-310001916608Debt Investment, Energy Equipment & Services, HydroSource Logistics, LLC, Acquisition Date 04/14/25 Investment 3rd Amendment Term Loan - 12.46% (SOFR + 8.50%, 2.00% Floor) % of Net Assets 3% Maturity Date 04/04/292026-03-310001916608us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2026-03-310001916608Debt Investment, Transportation Infrastructure, CG Buyer, LLC, Acquisition Date 07/19/23 Investment Delayed Draw Term Loan - 10.22% (SOFR + 6.50%, 1.50% Floor) % of Net Assets 0.1% Maturity Date 07/19/282025-01-012025-12-310001916608us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:DebtSecuritiesMemberck0001916608:MeasurementInputIndicativeBidMember2025-12-310001916608Debt Investment, Trading Companies & Distributors, Cinelease, LLC, Acquisition Date 08/07/25 Investment ABL Term Loan - 11.17% (SOFR + 7.50%, 2.50% Floor) % of Net Assets 1.5% Maturity Date 07/31/302026-03-310001916608Debt Investment, Construction & Engineering, Sunland Asphalt & Construction, LLC, Acquisition Date 06/16/23 Investment Delayed Draw Term Loan - 10.32% (SOFR + 6.50%, 1.75% Floor) % of Net Assets 1.0% Maturity Date 06/16/282025-01-012025-12-310001916608ck0001916608:RevolverMemberck0001916608:HydrosourceLogisticsLlcMember2026-03-310001916608ck0001916608:RevolverMemberck0001916608:PalletLogisticsOfAmericaLLCMember2026-03-310001916608us-gaap:InvestmentUnaffiliatedIssuerMemberck0001916608:CommercialServicesAndSuppliesMemberus-gaap:EquitySecuritiesMember2025-12-310001916608Equity Investment, Trading Companies & Distributors Cinelease, LLC. Acquisition Date - 08/07/25 Investment Warrant, expires 7/31/35 % of Net Assets – 0.1%2026-01-012026-03-310001916608Debt Investment, Energy Equipment & Services, HydroSource Logistics, LLC, Acquisition Date 04/05/24 Investment Revolver – 12.43% (SOFR + 8.50%, 2.00% Floor) % of Net Assets 0.2% Maturity Date 04/04/292026-03-310001916608Debt Investment, Containers & Packaging, Hoffmaster Group, Inc., Acquisition Date 02/24/23 Investment Term Loan - 8.67% (SOFR + 5.00%, 2.00% Floor) % of Net Assets 2.8% Maturity Date 05/24/282026-01-012026-03-3100019166082026-05-130001916608ck0001916608:SoftwareMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-12-310001916608us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:DebtSecuritiesMemberck0001916608:MeasurementInputIndicativeBidMember2025-12-3100019166082025-01-012025-12-3100019166082022-12-310001916608us-gaap:FairValueInputsLevel3Memberck0001916608:DebtSecuritiesTwoMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001916608ck0001916608:RevolverMemberck0001916608:HydrosourceLogisticsLlcMember2026-01-012026-03-310001916608Debt Investment, Commercial Services & Supplies, CSAT Holdings LLC, Acquisition Date - 06/30/2023, Investment Term Loan - 14.43% inc PIK (SOFR + 10.50%, 2.00% Floor, 2.25% PIK), % of Net Assets - 3.7%, Maturity Date - 06/30/20282025-12-310001916608Debt Investment, Ground Transportation, RPM Purchaser, Inc., Acquisition Date 09/11/23 Investment Term Loan B - 10.03% (SOFR + 6.25%, 2.00% Floor) % of Net Assets 2.9% Maturity Date 09/11/282026-01-012026-03-310001916608Debt Investment, Containers & Packaging, The HC Companies, Inc., Acquisition Date - 08/01/2023 Investment Term Loan - 12.17% inc PIK (SOFR + 8.50%, 2.00% Floor, 1.00% PIK) % of Net Assets - 4.2% Maturity Date - 08/01/20282025-01-012025-12-310001916608Debt Investment, Specialty Retail, D&D Buyer, LLC., Acquisition Date - 10/04/23, Investment - Revolver - 10.27% (SOFR + 6.50%, 2.00% Floor), % of Net Assets – 0.3%, Maturity Date - 10/04/282025-12-310001916608Debt Investment, Food Products, Signature Brands, LLC, Acquisition Date 05/05/25 Investment 9th Amendment Term Loan A - 17.50% inc PIK (17.50%, Fixed Coupon, all PIK) % of Net Assets 1.0% Maturity Date 05/04/282026-01-012026-03-310001916608Debt Investment, Commercial Services & Supplies, CSAT Holdings LLC, Acquisition Date 06/30/23 Investment Term Loan - 14.46% inc PIK (SOFR + 10.50%, 2.00% Floor, 2.25% PIK) % of Net Assets 3.6% Maturity Date 06/30/282026-01-012026-03-310001916608Debt Investment, Machinery, Mark Andy, LLC. Acquisition Date 06/16/23 Investment Term Loan - 12.60% inc PIK (SOFR + 8.75%, 1.50% Floor 5.75% PIK) % of Net Assets 2.3% Maturity Date 06/16/282026-03-310001916608Debt Investment, Machinery, Mark Andy, LLC. Acquisition Date 06/16/23 Investment Term Loan - 12.60% inc PIK (SOFR + 8.75%, 1.50% Floor 5.75% PIK) % of Net Assets 2.3% Maturity Date 06/16/282026-01-012026-03-310001916608Debt Investment, Transportation Infrastructure, CG Buyer, LLC, Acquisition Date 07/19/23 Investment Delayed Draw Term Loan - 9.67% (SOFR + 6.00%, 1.50% Floor) % of Net Assets 0.1% Maturity Date 07/19/282026-01-012026-03-310001916608Debt Investment, Paper & Forest Products, Pallet Logistics of America, LLC, Acquisition Date 11/22/24 Investment Revolver - 10.79% (SOFR + 7.00%, 1.00% Floor) % of Net Assets 0.1% Maturity Date 11/29/292025-12-310001916608Debt Investment, Hotels, Restaurants & Leisure, Five Star Buyer, Inc, Acquisition Date - 05/11/23, Investment - Delayed Draw Term Loan - 12.98% inc PIK (SOFR + 9.00%, 1.50% Floor, 2.00% PIK), % of Net Assets - 0.1%, Maturity Date - 02/23/282026-01-012026-03-310001916608Debt Investment, Commercial Services & Supplies, CSAT Holdings LLC, Acquisition Date - 06/30/2023, Investment Revolver - 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12/11/25 Investment Amendment No. 1 Term Loan - 9.99% (SOFR + 6.25%, 1.50% Floor) % of Net Assets 0.9% Maturity Date 12/10/292025-01-012025-12-310001916608us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberck0001916608:DebtSecuritiesOneMemberck0001916608:MeasurementInputIndicativeBidMember2025-12-310001916608us-gaap:InvestmentUnaffiliatedIssuerMemberck0001916608:EnergyEquipmentAndServicesMemberus-gaap:EquitySecuritiesMember2026-03-310001916608us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2026-03-310001916608ck0001916608:ADAN-BLLCMemberck0001916608:RevolverMember2026-01-012026-03-310001916608Debt Investment, Ground Transportation, RPM Purchaser, Inc., Acquisition Date 09/11/23 Investment Term Loan B - 10.03% (SOFR + 6.25%, 2.00% Floor) % of Net Assets 0.9% Maturity Date 09/11/282026-03-310001916608ck0001916608:VivaFiveGroupLLCMemberck0001916608:RevolverMember2025-12-3100019166082026-03-310001916608us-gaap:InvestmentUnaffiliatedIssuerMemberck0001916608:TradingCompaniesDistributorsMemberus-gaap:DebtSecuritiesMember2026-03-310001916608us-gaap:RetainedEarningsMember2026-01-012026-03-310001916608Debt Investment, Hotels, Restaurants & Leisure, Five Star Buyer, Inc, Acquisition Date - 05/11/23, Investment - Term Loan - 12.98% inc PIK (SOFR + 9.00%, 1.50% Floor, 2.00% PIK), % of Net Assets - 2.7%, Maturity Date - 02/23/282025-01-012025-12-3100019166082022-07-212026-03-310001916608us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMemberck0001916608:MetalsAndMiningMember2025-12-310001916608Debt Investment, Hotels, Restaurants & Leisure, CEC Entertainment, LLC, Acquisition Date 09/26/25 Investment Term Loan - 9.70% (SOFR + 6.00%, 2.00% Floor) % of Net Assets 3.7% Maturity Date 09/26/302026-01-012026-03-3100019166082022-07-210001916608us-gaap:CashEquivalentsMember2026-03-310001916608us-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001916608Debt Investment, Commercial Services & Supplies, Comprehensive Logistics Co., LLC., Acquisition Date - 03/26/24, Investment - Term Loan - 11.32% (SOFR + 7.50%, 2.00% Floor), % of Net Assets – 3.2%, Maturity Date - 03/26/262025-12-310001916608Debt Investment, Personal Care Products, Viva 5 Group, LLC, Acquisition Date 05/21/25 Investment Term Loan - 10.17% (SOFR + 6.50%, 2.25% Floor) % of Net Assets 4.0% Maturity Date 05/21/302026-01-012026-03-310001916608us-gaap:CapitalUnitsMember2026-03-310001916608us-gaap:FairValueInputsLevel3Memberck0001916608:DebtSecuritiesTwoMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2025-12-310001916608us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2025-01-012025-03-310001916608Equity Investment, Energy Equipment & Services HydroSource Logistics, LLC Acquisition Date - 04/05/24 Investment Warrant, expires 4/4/34 % of Net Assets – 2.5%2025-01-012025-12-310001916608ck0001916608:SignatureBrandsLlcMemberck0001916608:NinthAmendmentDelayedDrawTermLoanAMember2026-03-310001916608ck0001916608:RevolverMemberck0001916608:AxvorIntermediateLLCTwoMember2025-12-310001916608us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:EquityFundsMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-03-310001916608ck0001916608:ProfessionalServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2026-03-310001916608us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:EquityFundsMemberus-gaap:MeasurementInputRevenueMultipleMember2026-03-310001916608Debt Investment, Personal Care Products, Viva 5 Group, LLC, Acquisition Date 05/21/25 Investment Term Loan - 10.17% (SOFR + 6.50%, 2.25% Floor) % of Net Assets 4.0% Maturity Date 05/21/302026-03-310001916608Debt Investment, Paper & Forest Products, Pallet Logistics of America, LLC, Acquisition Date 11/22/24 Investment Term Loan - 10.67% (SOFR + 7.00%, 1.00% Floor0.50% PIK) % of Net Assets 1.9% Maturity Date 11/22/292026-03-310001916608us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMemberus-gaap:DebtSecuritiesMember2025-12-310001916608us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2026-01-012026-03-310001916608Debt Investment, Transportation Infrastructure, CG Buyer, LLC, Acquisition Date 07/19/23 Investment Term Loan - 9.67% (SOFR + 6.00%, 1.50% Floor) % of Net Assets 2.5% Maturity Date 07/19/282026-01-012026-03-310001916608us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-03-310001916608us-gaap:InvestmentUnaffiliatedIssuerMemberck0001916608:ContainersAndPackagingMemberus-gaap:DebtSecuritiesMember2025-12-3100019166082022-10-012022-12-310001916608us-gaap:InvestmentUnaffiliatedIssuerMemberck0001916608:SpecialtyRetailMemberus-gaap:DebtSecuritiesMember2026-03-310001916608us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMember2025-12-310001916608Debt Investment, Automobile Components, Superior Industries International, Inc. , Acquisition Date - 12/08/25, Investment - Take Back Term Loan - 13.67% inc PIK (SOFR + 10.00%, 3.50% Floor, all PIK), % of Net Assets – 0.7%, Maturity Date - 12/08/302026-03-310001916608Debt Investment, Food Products, Signature Brands, LLC, Acquisition Date - 05/05/23, Investment - Term Loan - 13.58% inc PIK (SOFR + 9.50%, 1.75% Floor, all PIK), % of Net Assets - 2.8%, Maturity Date - 05/04/282025-01-012025-12-310001916608us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:DebtSecuritiesMember2026-03-310001916608ck0001916608:FiveStarBuyerIncMemberck0001916608:RevolverMember2026-03-310001916608Debt Investment, Hotels, Restaurants & Leisure, ADAN-B LLC (24 Hour Fitness), Acquisition Date - 12/31/25 Investment - Term Loan - 9.42% (SOFR + 5.75%, 1.50% Floor), % of Net Assets - 4.7%, Maturity Date - 12/31/302025-01-012025-12-310001916608ck0001916608:RevolverMemberck0001916608:ComprehensiveLogisticsCoLlcMember2026-03-310001916608Equity Investment, Automobile Components SUP Parent Holdings, LLC Acquisition Date - 08/13/25 Investment Common Units % of Net Assets – 0.8%2026-03-3100019166082022-09-152022-09-150001916608ck0001916608:AutomobileComponentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2026-03-310001916608us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberus-gaap:DebtSecuritiesMember2025-12-310001916608ck0001916608:MacquarieTransactionsMember2025-12-310001916608Debt Investment, Commercial Services & Supplies, Power Acquisition LLC, Acquisition Date - 07/11/25, Investment - Incremental Term Loan B -- 9.86% (SOFR + 6.00%, 1.50% Floor), % of Net Assets - 0.2% Maturity Date - 01/22/302025-12-310001916608Debt Investment, Paper & Forest Products, Pallet Logistics of America, LLC, Acquisition Date - 11/22/24, Investment - Term Loan - 10.79% inc PIK (SOFR + 7.00%, 1.00% Floor, 0.50% PIK), % of Net Assets – 1.9%, Maturity Date - 11/22/292025-01-012025-12-310001916608Debt Investment, Energy Equipment & Services, HydroSource Logistics, LLC, Acquisition Date 04/14/25 Investment 3rd Amendment Term Loan - 12.46% (SOFR + 8.50%, 2.00% Floor) % of Net Assets 3% Maturity Date 04/04/292026-01-012026-03-310001916608Debt Investment, Software, CF Newco, Inc., Acquisition Date 12/09/24 Investment Revolver - 9.66% (SOFR + 6.00%, 1.50% Floor) % of Net Assets 0.1% Maturity Date 12/10/292026-01-012026-03-310001916608us-gaap:FairValueInputsLevel3Member2025-03-310001916608us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberck0001916608:DebtSecuritiesOneMemberck0001916608:MeasurementInputIndicativeBidMember2026-03-310001916608Debt Investment, Specialty Retail, D&D Buyer, LLC., Acquisition Date - 10/04/23, Investment - Delayed Draw Term Loan - 10.42% (SOFR + 6.50%, 2.00% Floor), % of Net Assets – 0.7%, Maturity Date - 10/04/282025-12-310001916608ck0001916608:AutomobileComponentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-12-310001916608ck0001916608:FirstAmericanGovernmentObligationFundYieldClassXMember2025-12-310001916608us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberck0001916608:DebtSecuritiesTwoMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001916608us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberck0001916608:DebtSecuritiesOneMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001916608ck0001916608:AutomobileComponentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-12-310001916608ck0001916608:MacquarieTransactionsMember2025-01-012025-03-310001916608Equity Investment, Trading Companies & Distributors Cinelease, LLC. Acquisition Date - 08/07/25 Investment Warrant, expires 7/31/35 % of Net Assets – 0.1%2026-03-310001916608us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001916608us-gaap:DebtSecuritiesMember2026-03-310001916608Equity Investment, Trading Companies & Distributors Cinelease, LLC. Acquisition Date - 08/07/25 Investment Warrant, expires 7/31/35 % of Net Assets – 0.0%2025-12-310001916608us-gaap:RetainedEarningsMember2024-12-310001916608ck0001916608:InvestmentAdvisoryAndManagementAgreementMember2026-01-012026-03-310001916608us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MaximumMemberck0001916608:MeasurementInputIndicativeBidMember2026-03-310001916608us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2026-03-310001916608Debt Investment, Transportation Infrastructure, CG Buyer, LLC, Acquisition Date 07/19/23 Investment Term Loan - 9.67% (SOFR + 6.00%, 1.50% Floor) % of Net Assets 2.5% Maturity Date 07/19/282026-03-310001916608us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:DebtSecuritiesMember2026-03-310001916608Debt Investment, Hotels, Restaurants & Leisure, ADAN-B LLC (24 Hour Fitness), Acquisition Date - 12/31/25 Investment - Term Loan - 9.45% (SOFR + 5.75%, 1.50% Floor), % of Net Assets - 4.5%, Maturity Date - 12/31/302026-01-012026-03-310001916608us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:DebtSecuritiesMember2026-03-310001916608ck0001916608:IncentiveFeeThereafterMember2026-01-012026-03-310001916608ck0001916608:VivaFiveGroupLLCMemberck0001916608:RevolverMember2026-03-310001916608ck0001916608:DAndDBuyerLlcTwoMemberck0001916608:FifthAmendmentDelayedDrawTermLoanMember2026-03-310001916608us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMemberck0001916608:PaperAndForestProductsMember2025-12-310001916608Debt Investment, Containers & Packaging, Hoffmaster Group, Inc, Acquisition Date - 03/15/24, Investment - Incremental Term Loan - 10.10% (SOFR + 6.25%, 2.00% Floor), % of Net Assets - 0.4% Maturity Date - 02/24/282025-01-012025-12-310001916608Debt Investment, Energy Equipment & Services, HydroSource Logistics, LLC, Acquisition Date - 04/14/25, Investment - 3rd Amendment Term Loan - 12.43% (SOFR + 8.50%, 2.00% Floor), % of Net Assets - 3.1% Maturity Date - 04/04/292025-12-310001916608Debt Investment, Professional Services, Alorica Inc., Acquisition Date 12/21/22 Investment Term Loan - 10.54% (SOFR + 6.88%, 1.50% Floor) % of Net Assets 4.3% Maturity Date 12/21/272026-01-012026-03-310001916608ck0001916608:GreatKitchensFoodCompanyIncMemberck0001916608:RevolverMember2026-01-012026-03-310001916608ck0001916608:OtherThanGovernmentSecuritiesMember2025-01-012025-12-310001916608Debt Investment, Containers & Packaging, The HC Companies, Inc., Acquisition Date - 08/01/2023 Investment Term Loan - 12.17% inc PIK (SOFR + 8.50%, 2.00% Floor, 1.00% PIK) % of Net Assets - 4.2% Maturity Date - 08/01/20282025-12-310001916608us-gaap:InvestmentUnaffiliatedIssuerMemberck0001916608:EnergyEquipmentAndServicesMemberus-gaap:DebtSecuritiesMember2026-03-310001916608Debt Investment, Hotels, Restaurants & Leisure, CEC Entertainment, LLC , Acquisition Date - 09/26/2025, Investment - Term Loan - 9.67% (SOFR + 6.00%, 2.00% Floor), % of Net Assets - 3.8%, Maturity Date - 09/26/302025-01-012025-12-310001916608Debt Investment, Building Products, Eastern Metal Supply Borrower, LLC Acquisition Date - 01/06/26, Investment - Term Loan - 9.45% (SOFR + 5.75%, 1.00% Floor), % of Net Assets – 5.2%, Maturity Date - 01/06/312026-03-310001916608Debt Investment, Paper & Forest Products, Pallet Logistics of America, LLC, Acquisition Date 11/22/24 Investment Revolver - 10.67% (SOFR + 7.00%, 1.00% Floor 5.75% PIK) of Net Assets 2.3% Maturity Date 11/29/292026-01-012026-03-310001916608us-gaap:FairValueInputsLevel1Memberus-gaap:CashEquivalentsMember2026-03-310001916608ck0001916608:CFNewcoIncMemberck0001916608:RevolverMember2026-01-012026-03-310001916608us-gaap:InvestmentUnaffiliatedIssuerMember2026-01-012026-03-310001916608us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberck0001916608:DebtSecuritiesOneMemberus-gaap:IncomeApproachValuationTechniqueMember2026-03-310001916608ck0001916608:GreatKitchensFoodCompanyIncMemberck0001916608:RevolverMember2025-12-310001916608us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2025-12-310001916608ck0001916608:CsatHoldingsLlcMemberck0001916608:RevolverMember2026-01-012026-03-310001916608us-gaap:InvestmentUnaffiliatedIssuerMemberck0001916608:FoodProductsMemberus-gaap:DebtSecuritiesMember2026-03-310001916608Debt Investment, Hotels, Restaurants & Leisure, ADAN-B LLC (24 Hour Fitness), Acquisition Date - 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(Life Fitness), Acquisition Date 08/05/25 Investment Term Loan - 9.40% (SOFR + 5.50%, 1.50% Floor) % of Net Assets 4.9% Maturity Date 08/05/302025-01-012025-12-310001916608ck0001916608:InvestmentAdvisoryAndManagementAgreementMember2022-09-150001916608us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberck0001916608:DebtSecuritiesOneMemberck0001916608:MeasurementInputIndicativeBidMember2025-12-310001916608Debt Investment, Food Products, Signature Brands, LLC, Acquisition Date 05/05/25 Investment 9th Amendment Term Loan A - 17.50% inc PIK (17.50%, Fixed Coupon, all PIK) % of Net Assets 1.0% Maturity Date 05/04/282026-03-310001916608ck0001916608:HoffmasterGroupIncMemberck0001916608:RevolverMember2025-12-310001916608ck0001916608:DAndDBuyerLlcTwoMemberck0001916608:FifthAmendmentDelayedDrawTermLoanMember2026-01-012026-03-310001916608us-gaap:InvestmentUnaffiliatedIssuerMemberck0001916608:GroundTransportationMemberus-gaap:DebtSecuritiesMember2026-03-310001916608ck0001916608:DelayedDrawTermLoanBMemberck0001916608:RpmPurchaserIncMember2025-12-310001916608us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:DebtSecuritiesMember2025-12-310001916608Debt Investment, Health Care Equipment & Supplies, Connect America.com, LLC, Acquisition Date 10/11/24 Investment Last Out Term Loan - 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12/08/25, Investment - Take Back Term Loan - 13.78% inc PIK (SOFR + 10.00%, 3.50% Floor, all PIK), Net Assets – 0.7%, Maturity Date - 12/08/302025-01-012025-12-310001916608ck0001916608:AutomobileComponentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2026-03-310001916608Debt Investment, Specialty Retail, D&D Buyer, LLC, Acquisition Date 10/04/23 Investment Term Loan - 9.55% (SOFR + 5.75%, 2.00% Floor) % of Net Assets 5.1% Maturity Date 10/04/292026-03-310001916608us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:DebtSecuritiesMember2026-03-310001916608us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2024-12-310001916608Debt Investment, Food Products, Signature Brands, LLC, Acquisition Date 02/29/24 Investment Delayed Draw Term Loan A - 10.43% inc PIK (SOFR + 6.50%, 1.75% Floor, all PIK) % of Net Assets 0.3% Maturity Date 05/04/282026-03-310001916608Debt Investment, Personal Care Products, Viva 5 Group, LLC, Acquisition Date 05/21/25 Investment Term Loan - 10.22% (SOFR + 6.50%, 2.25% Floor) % of Net Assets 4.2% Maturity Date 05/21/302025-12-310001916608Debt Investment, Construction & Engineering, Sunland Asphalt & Construction, LLC, Acquisition Date 06/16/23 Investment Term Loan B - 10.77% (SOFR + 7.00%, 1.75% Floor) % of Net Assets 2.4% Maturity Date 06/16/282026-03-310001916608Debt Investment, Commercial Services & Supplies, Comprehensive Logistics Co., LLC., Acquisition Date - 03/26/24, Investment - Term Loan - 11.32% (SOFR + 7.50%, 2.00% Floor), % of Net Assets – 3.2%, Maturity Date - 03/26/262025-01-012025-12-310001916608Debt Investment, Automobile Components, Fenix Intermediate LLC, Acquisition Date - 03/28/24, Investment - Delayed Draw Term Loan B-1 - 10.43% (SOFR + 6.75%, 1.75% Floor), Net Assets – 0.2%, Maturity Date - 03/28/292025-01-012025-12-310001916608us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMemberck0001916608:MachineryMember2026-03-310001916608ck0001916608:SoftwareMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2026-03-310001916608ck0001916608:RevolverMemberck0001916608:AxvorIntermediateLLCTwoMember2026-01-012026-03-310001916608us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2025-12-310001916608Debt Investment, Construction & Engineering, Sunland Asphalt & Construction, LLC, Acquisition Date 06/16/23 Investment Term Loan B - 10.32% (SOFR + 6.50%, 1.75% Floor) % of Net Assets 2.4% Maturity Date 06/16/282025-01-012025-12-310001916608Debt Investment, Containers & Packaging, The HC Companies, Inc., Acquisition Date 05/21/24 Investment Incremental Term Loan - 12.50% inc PIK (SOFR + 8.50%, 2.00% Floor, 1.00% PIK) % of Net Assets 0.7% Maturity Date 08/01/282026-01-012026-03-310001916608ck0001916608:AxvorIntermediateLLCMemberus-gaap:DelayedDrawTermLoanMember2026-01-012026-03-310001916608Debt Investment, Commercial Services & Supplies, Power Acquisition LLC, Acquisition Date 07/11/25 Investment Term Loan B - 10.67% (SOFR + 7.00%, 1.50% Floor) % of Net Assets 0.2% Maturity Date 01/22/302026-01-012026-03-310001916608Equity Investment, Trading Companies & Distributors Cinelease, LLC. Acquisition Date - 08/07/25 Investment Warrant, expires 7/31/35 % of Net Assets – 0.0%2025-01-012025-12-310001916608us-gaap:InvestmentUnaffiliatedIssuerMemberck0001916608:TradingCompaniesDistributorsMemberus-gaap:EquitySecuritiesMember2026-03-310001916608ck0001916608:CFNewcoIncMemberck0001916608:RevolverMember2025-12-3100019166082024-08-122024-08-120001916608Debt Investment, Food Products, Baxters North America, Inc., Acquisition Date 05/31/23 Investment Term Loan - 10.59% (SOFR + 6.88%, 1.75% Floor) % of Net Assets 3.4% Maturity Date 05/31/282026-03-310001916608Debt Investment, Hotels, Restaurants & Leisure, ADAN-B LLC (24 Hour Fitness), Acquisition Date - 4/30/2025 & 12/31/25, Investment - Term Loan - 9.45% (SOFR + 5.75%, 1.50% Floor), % of Net Assets - 4.5%, Maturity Date - 12/31/302026-03-310001916608Debt Investment, Containers & Packaging, Hoffmaster Group, Inc., Acquisition Date 03/15/24 Investment Incremental Term Loan - 8.67% (SOFR + 5.00%, 2.00% Floor) % of Net Assets 0.4% Maturity Date 05/24/282026-01-012026-03-310001916608ck0001916608:DAndDBuyerLlcMemberck0001916608:RevolverMember2025-12-310001916608ck0001916608:ConstructionAndEngineeringMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2026-03-310001916608us-gaap:InvestmentUnaffiliatedIssuerMemberck0001916608:TradingCompaniesDistributorsMemberus-gaap:DebtSecuritiesMember2025-12-3100019166082025-01-012025-03-310001916608us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberck0001916608:DebtSecuritiesOneMemberus-gaap:IncomeApproachValuationTechniqueMember2026-03-310001916608ck0001916608:IncentiveFeeThirdMember2026-01-012026-03-31xbrli:purexbrli:sharesck0001916608:Segmentiso4217:USDxbrli:sharesiso4217: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\nFor 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 814-01566\n\n##  \n\nTCW STAR DIRECT LENDING LLC\n\n## (Exact Name of Registrant as Specified in Its Charter)\n\n##  \n\n \n\nDelaware\n\n88-1126955\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 3,753,190.\n\n \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 STAR DIRECT LENDING 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"}