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(dba Quorum Software) Industry IT Services Reference Rate and Spread S + 4.50% Maturity 06/03/322025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:NcwsIntermediateIncMember2026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:UFTBuyerLLCMember2026-03-310001948368ck0001948368:FirstLienOrLastOutUnitrancheMember2025-12-310001948368us-gaap:FairValueInputsLevel3Memberck0001948368:FirstLienOrLastOutUnitrancheMember2026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:SupermanHoldingsLlcMember2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% CURiO Brands LLC Industry Household Products Interest Rate 8.92% Reference Rate and Spread S + 5.25% Maturity 04/02/312025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% CURiO Brands LLC Industry Household Products Reference Rate and Spread S + 5.25% Maturity 04/02/31 One2025-12-310001948368us-gaap:FairValueMeasurementsRecurringMember2025-12-310001948368ck0001948368:ConsumerStaplesDistributionAndRetailMember2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% VisionSafe Holdings, Inc. Industry Aerospace & Defense Interest Rate 9.39% Reference Rate and Spread S + 5.50% Maturity 04/19/302025-12-310001948368us-gaap:FairValueInputsLevel3Member2024-12-310001948368us-gaap:RetailSectorMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Runway Bidco, LLC (dba Redwood Software) Industry Software Interest Rate 8.70% Reference Rate and Spread S + 5.00% Maturity 12/17/312026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:VisionsafeHoldingsIncMember2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% DFS Holding Company, Inc. Industry Distributors Interest Rate 11.17% Reference Rate and Spread S + 7.50% (Incl. 5.00% PIK) Maturity 01/31/292025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Omega Midwest Buyer, LLC (dba Omega Fitness Holdings) Industry Hotels, Restaurants & Leisure Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 12/31/312025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Octane Purchaser, Inc. (dba Office Ally) Industry Health Care Technology Reference Rate and Spread S + 4.25% Maturity 05/19/322026-03-310001948368us-gaap:FairValueInputsLevel3Member2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:OmegaMidwestBuyerLLCMember2026-03-310001948368ck0001948368:InvestmentCompanyRatioOfInterestAndOtherDebtExpensesToAverageNetAssetsMember2026-01-012026-03-310001948368us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Vamos Bidco, Inc. (dba VIP) Industry Software Reference Rate and Spread S + 4.75% Maturity 01/30/32 One2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Convenient Payments Acquisition, Inc. Industry Software Interest Rate 9.73% Reference Rate and Spread S + 6.00% Maturity 12/31/26 One2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:SupremeFitnessGroupNYHoldingsLLCMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Hamilton Thorne, Inc. Industry Health Care Equipment & Supplies Interest Rate 7.26% Reference Rate and Spread E + 5.25% Maturity 11/28/31 One2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Supreme Fitness Group NY Holdings, LLC Industry Hotels, Restaurants & Leisure Interest Rate 8.66% Reference Rate and Spread S + 5.00% Maturity 04/14/312026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% AI Titan Parent, Inc. (dba Prometheus) Industry Software Reference Rate and Spread S + 4.50% Maturity 08/29/312025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 10.32% Reference Rate and Spread S + 6.50% Maturity 08/01/292025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Coding Solutions Acquisition, Inc. (dba CorroHealth) Industry Health Care Providers & Services Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 08/07/312026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:PDDSHoldcoIncDbaPlanetDDSMember2025-12-310001948368us-gaap:CommonStockMember2026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:AiTitanParentIncMember2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:BuckeyeAcquirorLLCMember2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:PearlAcquisitionBuyerIncMember2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% USA DeBusk, LLC Industry Commercial Services & Supplies Interest Rate 9.00% Reference Rate and Spread S + 5.25% Maturity 04/30/312025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Apple Bidco Holdings, Inc. (dba Raptor Technologies) Industry Software Interest Rate 8.20% Reference Rate and Spread S + 4.50% Maturity 01/22/33 One2026-03-310001948368ck0001948368:AccruedExpensesAndOtherLiabilitiesMember2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% UFT Buyer LLC (dba United Flow Technologies) Industry Trading Companies & Distributors Reference Rate and Spread S + 4.50% Maturity 12/06/32 One2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberus-gaap:FairValueInputsLevel2Member2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:NewtekMerchantSolutionsLLCMember2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% One, Inc. Software Corporation Industry Software Reference Rate and Spread S + 4.50% Maturity 12/06/32 One2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Last-Out Unitranche - 11.6% Tarpon Towers II LLC Industry Wireless Telecommunication Services Interest Rate 8.30% Reference Rate and Spread S + 4.58% Maturity 02/01/292025-12-310001948368country:USck0001948368:FirstLienLast-OutUnitrancheMember2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:VasaFitnessBuyerIncMember2025-12-310001948368ck0001948368:InvestmentsAtFairValueMemberus-gaap:InsuranceSectorMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-12-310001948368ck0001948368:InvestmentsAtFairValueMemberck0001948368:WirelessTelecommunicationServicesMemberck0001948368:IndustryConcentrationRiskMember2026-01-012026-03-310001948368ck0001948368:ConsumerStaplesDistributionAndRetailMemberck0001948368:InvestmentsAtFairValueMemberck0001948368:IndustryConcentrationRiskMember2026-01-012026-03-310001948368ck0001948368:EnergyEquipmentAndServicesMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% PT Intermediate Holdings III, LLC (dba Parts Town) Industry Trading Companies & Distributors Interest Rate 8.45% Reference Rate and Spread S + 4.75% (Incl. 1.75% PIK) Maturity 04/09/302026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% ABC Investment Holdco Inc. (dba ABC Plumbing) Industry Diversified Consumer Services Interest Rate 9.89% Reference Rate and Spread S + 6.00% Maturity 04/26/292025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Wildcat Solutions Holdings, LLC (dba O6 Environmental) Industry Commercial Services & Supplies Reference Rate and Spread S + 4.75% Maturity 08/05/32 One2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% AI Titan Parent, Inc. (dba Prometheus) Industry Software Interest Rate 8.32% Reference Rate and Spread S + 4.50% Maturity 08/29/312025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:EdkoLLCMember2025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% AAG KP Borrower LLC (dba KUIU) Industry Textiles, Apparel & Luxury Goods Interest Rate 8.76% Reference Rate and Spread S + 5.00% Maturity 12/05/312026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:OmegaMidwestBuyerLLCMember2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Rotation Buyer, LLC (dba Rotating Machinery Services) Industry Machinery Interest Rate 8.57% Reference Rate and Spread S + 4.75% Maturity 12/26/312025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% PAS Parent Inc. (dba Pace Analytical) Industry Professional Services Interest Rate 8.22% Reference Rate and Spread S + 4.50% Maturity 08/18/322025-12-310001948368ck0001948368:ForeignCurrencyMember2026-01-012026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Splash Car Wash, Inc. Industry Diversified Consumer Services Reference Rate and Spread S + 5.00% Maturity 03/17/312025-12-310001948368us-gaap:FinancialServicesSectorMember2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% PPW Aero Buyer, Inc. (dba Pursuit Aerospace) Industry Aerospace & Defense Reference Rate and Spread S + 5.00% Maturity 09/30/312025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Frontline Road Safety Operations, LLC Industry Commercial Services & Supplies Interest Rate 8.42% Reference Rate and Spread S + 4.75% (Incl. 2.00% PIK) Maturity 03/04/32 Two2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Edko, LLC Industry Commercial Services & Supplies Reference Rate and Spread S + 4.75% Maturity 10/02/312026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:RecordedBooksIncMember2025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Eagle Family Foods Group LLC Industry Food Products Interest Rate 8.79% Reference Rate and Spread S + 5.00% Maturity 08/12/302026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Highfive Dental Holdco, LLC Industry Health Care Providers & Services Interest Rate 9.52% Reference Rate and Spread S + 5.75% Maturity 06/13/28 One2026-03-310001948368ck0001948368:EIPConsolidatedLlcMemberck0001948368:FirstLienOrLastOutUnitrancheMember2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:BCTOBluebillBuyerIncDbaRenMember2025-12-310001948368us-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% TM Restaurant Group LLC Industry Hotels, Restaurants & Leisure Interest Rate 11.08% Reference Rate and Spread S + 7.25% Maturity 07/26/282025-12-310001948368ck0001948368:InvestmentsAtFairValueMemberus-gaap:ContainerAndPackagingSectorMemberck0001948368:IndustryConcentrationRiskMember2026-01-012026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Octane Purchaser, Inc. (dba Office Ally) Industry Health Care Technology Reference Rate and Spread S + 4.25% Maturity 05/19/322025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Convenient Payments Acquisition, Inc. Industry Software Interest Rate 9.67% Reference Rate and Spread S + 6.00% Maturity 12/31/26 One2026-03-310001948368Investment Equity Securities - 0.3% United States - 0.3% Common Stock - 0.3% VisionSafe Parent, LLC Industry Aerospace & Defense Initial Acquisition Date 04/19/242025-01-012025-12-310001948368ck0001948368:FebruaryTwentySixTwoThousandTwentyFiveMember2026-03-310001948368Non-Controlled Affiliates ABC Investment Holdco Inc. (dba ABC Plumbing)2024-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Onyx CenterSource, Inc. Industry Software Interest Rate 9.39% Reference Rate and Spread S + 5.25% Maturity 12/14/292025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% VASA Fitness Buyer, Inc. Industry Diversified Consumer Services Reference Rate and Spread S + 6.25% Maturity 08/15/302026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Burgess Pigment Co. Industry Chemicals Reference Rate and Spread S +5.00% Maturity 03/19/31 One2026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:UsSignalCompanyLlcMember2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Accommodations Plus Technologies LLC Industry Software Reference Rate and Spread S + 5.25% Maturity 05/28/322025-12-310001948368ck0001948368:InvestmentsInAffiliatedMoneyMarketFundMember2026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMember2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Last-Out Unitranche - 11.6% EIP Consolidated, LLC (dba Everest Infrastructure) Industry Wireless Telecommunication Services Interest Rate 10.08% Reference Rate and Spread S + 6.25% Maturity 12/07/282025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Last-Out Unitranche - 11.6% K2 Towers II, LLC Industry Wireless Telecommunication Services Interest Rate 8.37% Reference Rate and Spread S + 4.67% Maturity 12/06/282025-12-310001948368country:USck0001948368:FirstLienLast-OutUnitrancheMember2026-03-310001948368us-gaap:RevolvingCreditFacilityMember2023-02-100001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% DFS Holding Company, Inc. Industry Distributors Interest Rate 11.17% Reference Rate and Spread S + 7.50% (Incl. 5.00% PIK) Maturity 01/31/29 One2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Wildcat Solutions Holdings, LLC (dba O6 Environmental) Industry Commercial Services & Supplies Interest Rate 8.51% Reference Rate and Spread S + 4.75% Maturity 08/05/322025-12-310001948368Non-Controlled Affiliates Goldman Sachs Financial Square Government Fund - Institutional Shares2025-12-310001948368us-gaap:AerospaceSectorMemberck0001948368:InvestmentsAtFairValueMemberck0001948368:IndustryConcentrationRiskMember2026-01-012026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% KPA Parent Holdings, Inc. Industry Software Reference Rate and Spread S + 4.50% Maturity 03/12/32 One2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Sundance Group Holdings, Inc. (dba NetDocuments) Industry Software Reference Rate and Spread S + 4.75% Maturity 07/02/29 One2025-12-3100019483681 Month BBSW Member2026-01-012026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Spotless Brands, LLC Industry Diversified Consumer Services Interest Rate 9.62% Reference Rate and Spread S + 5.75% Maturity 07/25/282025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Circustrix Holdings, LLC (dba SkyZone) Industry Leisure Products Interest Rate 10.47% Reference Rate and Spread S + 6.75% Maturity 07/18/28 One2025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5%PAS Parent Inc. (dba Pace Analytical) Industry Professional Services Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 08/18/322026-03-310001948368us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Reference Rate and Spread S + 6.50% Maturity 08/01/292025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:SunshineCadenceHoldcoLlcMember2025-12-310001948368ck0001948368:FirstLienOrLastOutUnitrancheMember2025-12-310001948368us-gaap:MediaContentMember2026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:IrisSpecialtyAcquisitionLLCDbaIntegratedSpecialtyCoveragesMember2026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:EnviroSmartLLCDbaESIntegratedMember2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Omega Midwest Buyer, LLC (dba Omega Fitness Holdings) Industry Hotels, Restaurants & Leisure Reference Rate and Spread S + 4.75% Maturity 12/31/312025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Trystar, LLC Industry Electrical Equipment Interest Rate 8.09% Reference Rate and Spread S + 4.25% Maturity 08/06/312025-12-310001948368us-gaap:PreferredStockMember2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Reference Rate and Spread S + 5.00% Maturity 12/06/29 One2025-12-310001948368ck0001948368:WirelessTelecommunicationServicesMember2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% PPW Aero Buyer, Inc. (dba Pursuit Aerospace) Industry Aerospace & Defense Reference Rate and Spread S + 5.00% Maturity 09/30/31 One2025-12-310001948368Investment Equity Securities - 0.3% United States - 0.3% Common Stock - 0.3% Peppertree Towers, LLC Industry Wireless Telecommunication Services Initial Acquisition Date 12/18/252026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Zeppelin US Buyer Inc. (dba Global Critical Logistics) Industry Air Freight & Logistics Reference Rate and Spread S + 4.75% Maturity 07/30/322025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% US Signal Company, LLC Industry IT Services Interest Rate 9.27% Reference Rate and Spread S + 5.50% Maturity 09/04/292026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Spotless Brands, LLC Industry Diversified Consumer Services Interest Rate 9.49% Reference Rate and Spread S + 5.75% Maturity 07/25/282026-03-310001948368ck0001948368:TextilesApparelLuxuryGoodsMember2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages) Industry Insurance Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 11/22/322025-12-310001948368ck0001948368:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:FairValueInputsLevel3Memberck0001948368:FirstLienOrSeniorSecuredDebtMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMember2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% VisionSafe Holdings, Inc. Industry Aerospace & Defense Reference Rate and Spread S + 5.50% Maturity 04/19/302025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:WildcatSolutionsHoldingsLLCDbaO6EnvironmentalMember2025-12-310001948368ck0001948368:InvestmentsAtFairValueMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:ArtifactBidcoIncMember2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:TrystarLlcMember2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) Industry IT Services Interest Rate 8.97% Reference Rate and Spread S + 5.25% Maturity 10/02/29 Two2025-12-310001948368us-gaap:CommercialAndIndustrialSectorMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Oliver Packaging and Equipment Company, LLC (fka Buffalo Merger Sub, LLC) Industry Containers & Packaging Reference Rate and Spread S + 5.25% Maturity 11/01/302026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Crewline Buyer, Inc. (dba New Relic) Industry Software Reference Rate and Spread S + 6.75% Maturity 11/08/302026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Convenient Payments Acquisition, Inc. Industry Software Reference Rate and Spread S + 6.00% Maturity 12/31/262026-03-310001948368us-gaap:FairValueInputsLevel3Memberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% SpecialtyCare, Inc. Industry Health Care Providers & Services Interest Rate 8.66% Reference Rate and Spread S + 5.00% Maturity 12/18/292026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Spotless Brands, LLC Industry Diversified Consumer Services Interest Rate 9.36% Reference Rate and Spread S + 5.50% Maturity 07/25/282025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:EagleFamilyFoodsGroupLLCMember2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% EnviroSmart, LLC (dba ES Integrated) Industry Commercial Services & Supplies Interest Rate 8.74% Reference Rate and Spread S + 4.75% Maturity 09/24/312025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Splash Car Wash, Inc. Industry Diversified Consumer Services Reference Rate and Spread S +5.00% Maturity 03/17/312026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Summit Buyer, LLC (dba Classic Collision) Industry Specialty Retail Interest Rate 8.69% Reference Rate and Spread S + 5.00% Maturity 06/02/312025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Westwood Professional Services Inc. Industry Professional Services Interest Rate 8.20% Reference Rate and Spread S + 4.50% Maturity 09/19/312026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:BlastBidcoIncMember2026-03-310001948368us-gaap:FairValueMeasurementsRecurringMember2026-01-012026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Sunshine Cadence HoldCo, LLC (dba Cadence Education) Industry Diversified Consumer Services Interest Rate 8.65% Reference Rate and Spread S + 5.00% Maturity 05/01/312026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% VisionSafe Holdings, Inc. Industry Aerospace & Defense Reference Rate and Spread S + 5.50% Maturity 04/18/302026-03-310001948368ck0001948368:BurgessPigmentCoMemberck0001948368:FirstLienOrSeniorSecuredDebtMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.) Industry Commercial Services & Supplies Interest Rate 8.66% Reference Rate and Spread S + 5.00% Maturity 08/22/312026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% ABC Investment Holdco Inc. (dba ABC Plumbing) Industry Diversified Consumer Services Interest Rate 9.81% Reference Rate and Spread S + 6.00% Maturity 04/26/292025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Engage2Excel, Inc. Industry Professional Services Interest Rate 10.37% Reference Rate and Spread S + 6.50% Maturity 07/01/292025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Kene Acquisition, Inc. (dba Entrust) Industry Commercial Services & Supplies Reference Rate and Spread S + 4.75% Maturity 12/17/322025-12-310001948368ck0001948368:FirstLienOrLastOutUnitrancheMemberck0001948368:K2TowersIiiLlcMember2025-12-310001948368ck0001948368:InvestmentsAtFairValueMemberus-gaap:RetailSectorMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMember2026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:NewtekMerchantSolutionsLLCMember2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% ML Holdco, LLC (dba MeridianLink) Industry Software Reference Rate and Spread S + 4.50% Maturity 10/25/322025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Supreme Fitness Group NY Holdings, LLC Industry Hotels, Restaurants & Leisure Reference Rate and Spread S + 5.00% Maturity 04/14/312025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Recorded Books Inc. (dba RBMedia) Industry Media Interest Rate 9.59% Reference Rate and Spread S + 5.75% Maturity 09/03/302025-12-310001948368ck0001948368:FebruaryTwentySixTwoThousandTwentyFiveMember2025-01-012025-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) Industry IT Services Reference Rate and Spread S + 5.25% Maturity 10/02/292025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Last-Out Unitranche - (11) - 9.0% Peppertree Towers, LLC Industry Wireless Telecommunication Services Interest Rate 8.28% Reference Rate and Spread S + 4.58% Maturity 05/15/292026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:TropicalBidcoLLCMember2025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Crewline Buyer, Inc. (dba New Relic) Industry Software Interest Rate 10.42% Reference Rate and Spread S + 6.75% Maturity 11/08/302026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:AAGKPBorrowerLLCMember2026-03-310001948368ck0001948368:PhillipStreetMiddleMarketLendingInvestmentsLlcMember2023-02-100001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Highfive Dental Holdco, LLC Industry Health Care Providers & Services Interest Rate 9.57% Reference Rate and Spread S + 5.75% Maturity 06/13/282025-12-310001948368us-gaap:InvestmentUnaffiliatedIssuerMember2026-01-012026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% KPA Parent Holdings, Inc. Industry Software Interest Rate 8.22% Reference Rate and Spread S + 4.50% Maturity 03/12/322025-12-310001948368us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberus-gaap:EquityMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% KPA Parent Holdings, Inc. Industry Software Reference Rate and Spread S + 4.50% Maturity 03/12/322026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% QBS Parent, Inc. (dba Quorum Software) Industry IT Services Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 06/03/322025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Last-Out Unitranche - (11) - 9.0% EIP Consolidated, LLC (dba Everest Infrastructure) Industry Wireless Telecommunication Services Interest Rate 9.92% Reference Rate and Spread S + 6.25% Maturity 12/07/282026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% USA DeBusk, LLC Industry Commercial Services & Supplies Interest Rate 9.12% Reference Rate and Spread S + 5.25% Maturity 04/30/312025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% VASA Fitness Buyer, Inc. Industry Diversified Consumer Services Reference Rate and Spread S + 6.25% Maturity 08/15/302025-12-310001948368ck0001948368:ForeignCurrencyMember2025-01-012025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Summit Buyer, LLC (dba Classic Collision) Industry Specialty Retail Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 06/02/312025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages) Industry Insurance Interest Rate 8.19% Reference Rate and Spread S + 4.50% Maturity 11/22/322026-03-310001948368ck0001948368:AffiliatedInvestmentMember2026-01-012026-03-310001948368us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Recorded Books Inc. (dba RBMedia) Industry Media Reference Rate and Spread S + 5.75% Maturity 09/03/302026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Last-Out Unitranche - (11) - 9.0% K2 Towers II, LLC Industry Wireless Telecommunication Services Interest Rate 8.28% Reference Rate and Spread S + 4.58% Maturity 05/02/292026-03-310001948368us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2025-01-012025-03-3100019483682026-01-012026-03-310001948368ck0001948368:HealthCareEquipmentAndSuppliesMemberck0001948368:InvestmentsAtFairValueMemberck0001948368:IndustryConcentrationRiskMember2026-01-012026-03-310001948368ck0001948368:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:FairValueInputsLevel3Memberck0001948368:FirstLienOrSeniorSecuredDebtMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% NCWS Intermediate, Inc. (dba National Carwash Solutions) Industry Trading Companies & Distributors Interest Rate 8.93% Reference Rate and Spread S + 5.25% Maturity 12/31/292026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% CURiO Brands LLC Industry Household Products Interest Rate 8.70% Reference Rate and Spread S + 5.25% Maturity 04/02/312026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% TEI Intermediate LLC (dba Triumvirate Environmental) Industry Commercial Services & Supplies Interest Rate 8.85% Reference Rate and Spread S + 5.25% (Incl. 2.88% PIK) Maturity 12/15/312026-03-310001948368country:US2025-12-310001948368ck0001948368:ConvenientPaymentsAcquisitionIncMemberck0001948368:FirstLienOrSeniorSecuredDebtMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% US Signal Company, LLC Industry IT Services Interest Rate 9.27% Reference Rate and Spread S + 5.50% Maturity 09/04/29 One2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Recorded Books Inc. (dba RBMedia) Industry Media Reference Rate and Spread S + 5.75% Maturity 09/03/30 One2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% VASA Fitness Buyer, Inc. Industry Diversified Consumer Services Interest Rate 10.02% Reference Rate and Spread S + 6.25% Maturity 08/15/302026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Omega Midwest Buyer, LLC (dba Omega Fitness Holdings) Industry Hotels, Restaurants & Leisure Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 12/31/31 One2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:VamosBidcoIncDbaVIPMember2026-03-310001948368ck0001948368:InvestmentAffiliatedIssuerNoncontrollingIncludedMoneyMarketFundsMember2025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Interest Rate 8.70% Reference Rate and Spread S + 5.00% Maturity 12/06/29 One2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Spotless Brands, LLC Industry Diversified Consumer Services Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 07/25/282026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:UFTBuyerLLCMember2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Pearl Acquisition Buyer, Inc. (dba Alliance Technical Group) Industry Energy Equipment & Services Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 12/31/322025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Project Accelerate Parent, LLC (dba ABC Fitness) Industry Financial Services Interest Rate 8.97% Reference Rate and Spread S + 5.25% Maturity 02/24/312025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Last-Out Unitranche - 11.6% Skyway Towers Intermediate LLC Industry Wireless Telecommunication Services Interest Rate 8.74% Reference Rate and Spread S + 5.03% Maturity 12/22/282025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% BCTO Bluebill Buyer, Inc. (dba Ren) Industry Financial Services Interest Rate 8.34% Reference Rate and Spread S + 4.50% Maturity 07/30/322025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:PASParentIncDbaPaceAnalyticalMember2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% eShipping, LLC Industry Air Freight & Logistics Interest Rate 8.19% Reference Rate and Spread S + 4.50% Maturity 12/23/322025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% USA DeBusk, LLC Industry Commercial Services & Supplies Reference Rate and Spread S + 5.25% Maturity 04/30/302025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Celero Commerce LLC Industry Financial Services Interest Rate 8.70% Reference Rate and Spread S + 5.00% Maturity 02/28/312026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Reference Rate and Spread S + 5.00% Maturity 12/06/292025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:SupremeFitnessGroupNYHoldingsLLCMember2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% AI Titan Parent, Inc. (dba Prometheus) Industry Software Interest Rate 8.22% Reference Rate and Spread S + 4.50% Maturity 08/29/312025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:EdkoLLCMember2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% eShipping, LLC Industry Air Freight & Logistics Interest Rate 8.19% Reference Rate and Spread S + 4.50% Maturity 12/23/32 One2025-12-310001948368ck0001948368:InvestmentsAtFairValueMemberck0001948368:IndustryConcentrationRiskMemberus-gaap:InsuranceSectorMember2026-01-012026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Wildcat Solutions Holdings, LLC (dba O6 Environmental) Industry Commercial Services & Supplies Reference Rate and Spread S + 4.75% Maturity 08/05/322026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Sunshine Cadence HoldCo, LLC (dba Cadence Education) Industry Diversified Consumer Services Reference Rate and Spread S + 5.00% Maturity 05/01/302025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:CodingSolutionsAcquisitionIncMember2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% NC Topco, LLC (dba NContracts) Industry Software Reference Rate and Spread S + 4.50% Maturity 09/01/312025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Ark Data Centers, LLC Industry IT Services Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 11/27/302025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:TrystarLlcMember2026-03-310001948368ck0001948368:HouseholdProductsMember2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Wildcat Solutions Holdings, LLC (dba O6 Environmental) Industry Commercial Services & Supplies Reference Rate and Spread S + 4.75% Maturity 08/05/32 One2025-12-310001948368Investment Debt Investments - 168.7% United States - 168.7% 1st Lien/Senior Secured Debt - 159.5% ML Holdco, LLC (dba MeridianLink) Industry Software Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 10/25/322026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Pearl Acquisition Buyer, Inc. (dba Alliance Technical Group) Industry Energy Equipment & Services Interest Rate 8.20% Reference Rate and Spread S + 4.50% Maturity 12/31/32 One2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Artifact Bidco, Inc. (dba Avetta) Industry Software Reference Rate and Spread S + 4.15% Maturity 07/26/30 One2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:BCTOBluebillBuyerIncDbaRenMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% ML Holdco, LLC (dba MeridianLink) Industry Software Reference Rate and Spread S + 4.50% Maturity 10/25/322026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) Industry IT Services Interest Rate 8.92% Reference Rate and Spread S + 5.25% Maturity 10/02/29 One2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Recorded Books Inc. (dba RBMedia) Industry Media Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 09/03/30 One2026-03-310001948368ck0001948368:OnAndAfterThePriorCalendarQuarter1Member2026-01-012026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% eShipping, LLC Industry Air Freight & Logistics Interest Rate 10.25% Reference Rate and Spread P + 3.50% Maturity 12/23/322026-03-310001948368ck0001948368:TradingCompaniesAndDistributorsMember2026-03-310001948368ck0001948368:Engage2ExcelIncMemberck0001948368:FirstLienOrSeniorSecuredDebtMember2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% CI (Quercus) Intermediate Holdings, LLC (dba SavATree) Industry Diversified Consumer Services Reference Rate and Spread S + 5.00% Maturity 06/06/312025-12-310001948368country:USus-gaap:InvestmentAffiliatedIssuerMember2025-12-310001948368us-gaap:EquitySecuritiesMember2025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Sonar Acquisitionco, Inc. (dba SimPRO) Industry Construction & Engineering Interest Rate 8.86% Reference Rate and Spread B + 4.75% Maturity 10/24/302026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 10.27% Reference Rate and Spread S + 6.50% Maturity 08/01/29 Two2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Trystar, LLC Industry Electrical Equipment Interest Rate 8.09% Reference Rate and Spread S + 4.25% Maturity 08/06/31 Two2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Rotation Buyer, LLC (dba Rotating Machinery Services) Industry Machinery Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 12/26/312025-12-310001948368us-gaap:AerospaceSectorMember2025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% USA DeBusk, LLC Industry Commercial Services & Supplies Interest Rate 8.94% Reference Rate and Spread S + 5.25% Maturity 04/30/302026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Hamilton Thorne, Inc. Industry Health Care Equipment & Supplies Interest Rate 7.26% Reference Rate and Spread E + 5.25% Maturity 11/28/312026-03-310001948368us-gaap:FairValueInputsLevel3Member2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Valet Waste Holdings, Inc. (dba Valet Living) Industry Commercial Services & Supplies Reference Rate and Spread S + 6.00% Maturity 05/01/292025-12-310001948368us-gaap:DebtSecuritiesMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Accommodations Plus Technologies LLC Industry Software Interest Rate 8.94% Reference Rate and Spread S + 5.25% Maturity 05/28/32 One2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Circustrix Holdings, LLC (dba SkyZone) Industry Leisure Products Interest Rate 10.42% Reference Rate and Spread S + 6.75% Maturity 07/18/28 Two2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Spotless Brands, LLC Industry Diversified Consumer Services Interest Rate 9.62% Reference Rate and Spread S + 5.75% Maturity 07/25/28 One2025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% AAG KP Borrower LLC (dba KUIU) Industry Textiles, Apparel & Luxury Goods Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 12/05/312026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:RecordedBooksIncMember2026-03-3100019483682026-03-310001948368ck0001948368:FirstLienOrLastOutUnitrancheMember2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:HamiltonThorneIncMember2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Interest Rate 9.72% Reference Rate and Spread S + 6.00% Maturity 09/30/312025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Celero Commerce LLC Industry Financial Services Reference Rate and Spread S + 5.00% Maturity 02/28/312025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% PT Intermediate Holdings III, LLC (dba Parts Town) Industry Trading Companies & Distributors Reference Rate and Spread S + 5.00% (Incl. 1.75% PIK) Maturity 04/09/302025-12-310001948368us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Vamos Bidco, Inc. (dba VIP) Industry Software Reference Rate and Spread S + 4.75% Maturity 01/30/322026-03-310001948368ck0001948368:FebruaryTwentyFiveTwoThousandTwentySixMember2026-01-012026-03-310001948368us-gaap:MachineryAndEquipmentMemberck0001948368:InvestmentsAtFairValueMemberck0001948368:IndustryConcentrationRiskMember2026-01-012026-03-310001948368us-gaap:EquitySecuritiesMembercountry:US2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% PAS Parent Inc. (dba Pace Analytical) Industry Professional Services Reference Rate and Spread S + 4.50% Maturity 08/18/322026-03-3100019483681 Month BBSW Member2025-01-012025-12-310001948368Investment Equity Securities - 0.3% United States - 0.3% Common Stock - 0.3% Peppertree Towers, LLC Industry Wireless Telecommunication Services Initial Acquisition Date 12/18/252025-01-012025-12-310001948368ck0001948368:ForeignCurrencyMember2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Last-Out Unitranche - 11.6% Tarpon Towers II LLC Industry Wireless Telecommunication Services Interest Rate 8.30% Reference Rate and Spread S + 4.58% Maturity 02/01/29 One2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Runway Bidco, LLC (dba Redwood Software) Industry Software Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 12/17/312025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% PPW Aero Buyer, Inc. (dba Pursuit Aerospace) Industry Aerospace & Defense Interest Rate 8.91% Reference Rate and Spread P + 4.00% Maturity 09/30/312026-03-310001948368ck0001948368:AirFreightAndLogisticsMember2025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% EnviroSmart, LLC (dba ES Integrated) Industry Commercial Services & Supplies Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 09/24/312026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Ideal Components Acquisition, LLC (dba Ideal Tridon) Industry Machinery Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 06/30/322026-03-310001948368ck0001948368:FirstLienOrLastOutUnitrancheMemberck0001948368:SkywayTowersIntermediateLlcMember2026-03-3100019483683 Month BBSW Member2026-01-012026-03-310001948368us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberus-gaap:EquityMember2025-12-3100019483683 Month Euribor Member2025-01-012025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Trystar, LLC Industry Electrical Equipment Reference Rate and Spread S + 4.25% Maturity 08/06/312026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% TEI Intermediate LLC (dba Triumvirate Environmental) Industry Commercial Services & Supplies Interest Rate 8.61% Reference Rate and Spread S + 4.75% Maturity 12/15/312025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Singlewire Software, LLC Industry Software Interest Rate 8.45% Reference Rate and Spread S + 4.75% Maturity 05/10/302026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% PT Intermediate Holdings III, LLC (dba Parts Town) Industry Trading Companies & Distributors Interest Rate 8.67% Reference Rate and Spread S + 5.00% (Incl. 1.75% PIK) Maturity 04/09/302025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Kene Acquisition, Inc. (dba Entrust) Industry Commercial Services & Supplies Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 12/17/32 One2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:AbcInvestmentHoldcoIncMember2025-12-310001948368us-gaap:DebtSecuritiesMember2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:OliverPackagingAndEquipmentCompanyLLCMember2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Last-Out Unitranche - 11.6% Peppertree Towers, LLC Industry Wireless Telecommunication Services Interest Rate 8.58% Reference Rate and Spread S + 4.58% Maturity 05/15/292025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Zeppelin US Buyer Inc. (dba Global Critical Logistics) Industry Air Freight & Logistics Reference Rate and Spread S + 4.75% Maturity 08/02/32 One2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 12/06/292026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:RotationBuyerLLCMember2025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% CURiO Brands LLC Industry Household Products Reference Rate and Spread S + 5.00% Maturity 04/02/31 One2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Wellness AcquisitionCo, Inc. (dba SPINS) Industry IT Services Reference Rate and Spread S + 4.75% Maturity 01/22/292026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% NCWS Intermediate, Inc. (dba National Carwash Solutions) Industry Trading Companies & Distributors Interest Rate 9.17% Reference Rate and Spread S + 5.50% (Incl. 2.25% PIK) Maturity 12/31/29 One2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Coding Solutions Acquisition, Inc. (dba CorroHealth) Industry Health Care Providers & Services Reference Rate and Spread S + 5.00% Maturity 08/07/312025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% NC Topco, LLC (dba NContracts) Industry Software Interest Rate 8.42 Reference Rate and Spread S + 4.75% Maturity 09/02/312026-03-310001948368us-gaap:FairValueInputsLevel3Memberck0001948368:FirstLienOrLastOutUnitrancheMember2025-01-012025-03-310001948368us-gaap:InvestmentAffiliatedIssuerMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Highfive Dental Holdco, LLC Industry Health Care Providers & Services Interest Rate 9.52% Reference Rate and Spread S + 5.75% Maturity 06/13/282026-03-310001948368Non-Controlled Affiliates Goldman Sachs Financial Square Government Fund - Institutional Shares2026-01-012026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% eShipping, LLC Industry Air Freight & Logistics Reference Rate and Spread S + 4.50% Maturity 12/23/32 One2025-12-310001948368Investment Equity Securities - 0.3% United States - 0.3% Common Stock - 0.3% RPC ABC Investment Holdings LLC (dba ABC Plumbing) Industry Diversified Consumer Services Initial Acquisition Date 04/26/242026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Octane Purchaser, Inc. (dba Office Ally) Industry Health Care Technology Interest Rate 7.92% Reference Rate and Spread S + 4.25% Maturity 05/19/322026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% UFT Buyer LLC (dba United Flow Technologies) Industry Trading Companies & Distributors Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 12/06/322026-03-310001948368us-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001948368Non-Controlled Affiliates Goldman Sachs Financial Square Government Fund - Institutional Shares2025-01-012025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% TL Sapphire Holdings, Inc. (dba SouthernCarlson) Industry Trading Companies & Distributors Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 01/24/33 One2026-03-310001948368us-gaap:FairValueInputsLevel3Memberck0001948368:FirstLienOrSeniorSecuredDebtMember2025-01-012025-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% TL Sapphire Holdings, Inc. (dba SouthernCarlson) Industry Trading Companies & Distributors Reference Rate and Spread S + 5.00% Maturity 01/24/33 Two2025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% TL Sapphire Holdings, Inc. (dba SouthernCarlson) Industry Trading Companies & Distributors Interest Rate 10.75% Reference Rate and Spread P + 4.00% Maturity 01/24/332026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:WestwoodProfessionalServicesIncMember2026-03-310001948368us-gaap:DebtMember2025-01-012025-12-310001948368Investment Equity Securities - 0.3% United States - 0.3% Common Stock - 0.3% RPC ABC Investment Holdings LLC (dba ABC Plumbing) Industry Diversified Consumer Services Initial Acquisition Date 04/26/242025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Splash Car Wash, Inc. Industry Diversified Consumer Services Interest Rate 8.70% Reference Rate and Spread S + 5.00% Maturity 03/17/322026-03-310001948368ck0001948368:FirstLienOrLastOutUnitrancheMemberck0001948368:PeppertreeTowersLLCMember2025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% EnviroSmart, LLC (dba ES Integrated) Industry Commercial Services & Supplies Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 09/24/31 One2026-03-310001948368ck0001948368:TarponTowersIiLlcMemberck0001948368:FirstLienOrLastOutUnitrancheMember2026-03-310001948368ck0001948368:InvestmentsAtFairValueMemberus-gaap:FoodAndBeverageMemberck0001948368:IndustryConcentrationRiskMember2026-01-012026-03-310001948368Investment Equity Securities - 0.3% United States - 0.3% Common Stock - 0.3% RPC ABC Investment Holdings LLC (dba ABC Plumbing) Industry Diversified Consumer Services Initial Acquisition Date 04/26/242025-01-012025-12-310001948368us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquityMember2026-03-310001948368us-gaap:AerospaceSectorMemberck0001948368:InvestmentsAtFairValueMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% TL Sapphire Holdings, Inc. (dba SouthernCarlson) Industry Trading Companies & Distributors Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 01/24/332026-03-310001948368us-gaap:FinancialServicesSectorMemberck0001948368:InvestmentsAtFairValueMemberck0001948368:IndustryConcentrationRiskMember2026-01-012026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 12/06/292025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Pearl Acquisition Buyer, Inc. (dba Alliance Technical Group) Industry Energy Equipment & Services Reference Rate and Spread S + 4.50% Maturity 12/31/322026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.) Industry Construction & Engineering Interest Rate 8.32% Reference Rate and Spread S + 4.50% Maturity 10/15/312025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Kene Acquisition, Inc. (dba Entrust) Industry Commercial Services & Supplies Interest Rate 8.44% Reference Rate and Spread S + 4.75% Maturity 12/17/322025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Westwood Professional Services Inc. Industry Professional Services Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 09/19/31 One2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Frontline Road Safety Operations, LLC Industry Commercial Services & Supplies Interest Rate 8.47% Reference Rate and Spread S + 4.75% (Incl. 2.00% PIK) Maturity 03/04/322025-12-310001948368ck0001948368:InvestmentsAtFairValueMemberck0001948368:HotelsRestaurantsLeisureMemberck0001948368:IndustryConcentrationRiskMember2026-01-012026-03-310001948368ck0001948368:InvestmentsAtFairValueMemberck0001948368:DistributorsMemberck0001948368:IndustryConcentrationRiskMember2026-01-012026-03-310001948368ck0001948368:InvestmentsAtFairValueMemberck0001948368:TradingCompaniesAndDistributorsMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:AdvancedCoolingTechnologiesIncMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Circustrix Holdings, LLC (dba SkyZone) Industry Leisure Products Interest Rate 10.42% Reference Rate and Spread S + 6.75% Maturity 07/18/28 One2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% ABC Investment Holdco Inc. (dba ABC Plumbing) Industry Diversified Consumer Services Interest Rate 9.67% Reference Rate and Spread S + 6.00% Maturity 04/26/292025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages) Industry Insurance Interest Rate 8.20% Reference Rate and Spread S + 4.50% Maturity 11/22/322026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Pearl Acquisition Buyer, Inc. (dba Alliance Technical Group) Industry Energy Equipment & Services Interest Rate 8.20% Reference Rate and Spread S + 4.50% Maturity 12/31/322026-03-310001948368ck0001948368:InvestmentAffiliatedIssuerNoncontrollingIncludedMoneyMarketFundsMember2024-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Mandrake Bidco, Inc. (dba Miratech) Industry Machinery Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 08/20/312026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Wildcat Solutions Holdings, LLC (dba O6 Environmental) Industry Commercial Services & Supplies Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 08/05/322026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:AdmiralBuyerIncMember2025-12-310001948368ck0001948368:InvestmentsAtFairValueMemberck0001948368:ElectricalEquipmentMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:NcwsIntermediateIncMember2025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Trystar, LLC Industry Electrical Equipment Reference Rate and Spread S + 4.50% Maturity 08/06/312026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% NCWS Intermediate, Inc. (dba National Carwash Solutions) Industry Trading Companies & Distributors Interest Rate 9.17% Reference Rate and Spread S + 5.50% (Incl. 2.25% PIK) Maturity 12/31/29 One2026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:QBSParentIncMember2025-12-3100019483686 Month SOFR Member2026-01-012026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% VASA Fitness Buyer, Inc. Industry Diversified Consumer Services Interest Rate 10.08% Reference Rate and Spread S + 6.25% Maturity 08/15/302025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 10.32% Reference Rate and Spread S + 6.50% Maturity 08/01/29 Two2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:WildcatSolutionsHoldingsLLCDbaO6EnvironmentalMember2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Pearl Acquisition Buyer, Inc. (dba Alliance Technical Group) Industry Energy Equipment & Services Reference Rate and Spread S + 4.50% Maturity 12/31/322025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Last-Out Unitranche - (11) - 9.0% Skyway Towers Intermediate LLC Industry Wireless Telecommunication Services Interest Rate 8.70% Reference Rate and Spread S + 5.03% Maturity 12/22/28 One2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% TEI Intermediate LLC (dba Triumvirate Environmental) Industry Commercial Services & Supplies Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 12/15/312026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:CircustrixHoldingsLlcMember2025-12-310001948368us-gaap:FinancialServicesSectorMemberck0001948368:InvestmentsAtFairValueMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-12-310001948368us-gaap:SoftwareDevelopmentMemberck0001948368:InvestmentsAtFairValueMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-12-310001948368us-gaap:FairValueInputsLevel3Member2025-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Interest Rate 8.70% Reference Rate and Spread S + 5.00% Maturity 12/06/292026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% NC Topco, LLC (dba NContracts) Industry Software Interest Rate 8.22% Reference Rate and Spread S + 4.50% Maturity 09/01/312025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Hamilton Thorne, Inc. Industry Health Care Equipment & Supplies Reference Rate and Spread E + 5.25% Maturity 11/28/312025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Octane Purchaser, Inc. (dba Office Ally) Industry Health Care Technology Reference Rate and Spread S + 4.25% Maturity 05/19/32 One2025-12-310001948368us-gaap:FairValueInputsLevel3Memberck0001948368:FirstLienOrSeniorSecuredDebtMember2025-03-3100019483683 Month Prime Rate Member2025-01-012025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Runway Bidco, LLC (dba Redwood Software) Industry Software Reference Rate and Spread S + 5.00% Maturity 12/17/31 One2026-03-310001948368ck0001948368:InvestmentsInAffiliatedMoneyMarketFundMember2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:HighfiveDentalHoldcoLlcMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Reference Rate and Spread S + 4.50% Maturity 07/24/332026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Valet Waste Holdings, Inc. (dba Valet Living) Industry Commercial Services & Supplies Interest Rate 9.72% Reference Rate and Spread S + 6.00% Maturity 05/01/29 One2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% NC Topco, LLC (dba NContracts) Industry Software Reference Rate and Spread S + 4.50% Maturity 09/01/31 One2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Superman Holdings, LLC (dba Foundation Software) Industry Construction & Engineering Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 08/29/31 One2025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Reference Rate and Spread S + 6.00% Maturity 09/30/312026-03-310001948368ck0001948368:HouseholdProductsMemberck0001948368:InvestmentsAtFairValueMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Recorded Books Inc. (dba RBMedia) Industry Media Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 09/03/302026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Runway Bidco, LLC (dba Redwood Software) Industry Software Reference Rate and Spread S + 5.00% Maturity 12/17/312025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Fullsteam Operations LLC Industry Financial Services Interest Rate 8.89% Reference Rate and Spread S + 5.25% Maturity 08/08/312026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 10.27% Reference Rate and Spread S + 6.50% Maturity 08/01/29 Three2026-03-310001948368Investment Equity Securities - 0.3% United States - 0.3% Common Stock - 0.3% VisionSafe Parent, LLC Industry Aerospace & Defense Initial Acquisition Date 04/19/242026-01-012026-03-310001948368us-gaap:MachineryAndEquipmentMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Mandrake Bidco, Inc. (dba Miratech) Industry Machinery Reference Rate and Spread S + 4.50% Maturity 08/20/302026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Kene Acquisition, Inc. (dba Entrust) Industry Commercial Services & Supplies Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 12/17/322025-12-3100019483683 Month SOFR Member2026-01-012026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:IdealComponentsAcquisitionLLCMember2026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:SpotlessBrandsLlcMember2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:PtIntermediateHoldingsIiiLlcMember2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:AAGKPBorrowerLLCMember2025-12-310001948368ck0001948368:HealthCareEquipmentAndSuppliesMember2025-12-3100019483682025-01-012025-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5%QBS Parent, Inc. (dba Quorum Software) Industry IT Services Reference Rate and Spread S + 4.50% Maturity 06/03/322026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Newtek Merchant Solutions, LLC (dba NewtekOne) Industry Financial Services Interest Rate 9.17% Reference Rate and Spread S + 5.50% Maturity 09/26/302026-03-3100019483683 Month Euribor Member2026-01-012026-03-310001948368ck0001948368:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberck0001948368:FirstLienOrLastOutUnitrancheMember2025-12-310001948368us-gaap:CommonStockMember2025-01-012025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:BlastBidcoIncMember2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% AAG KP Borrower LLC (dba KUIU) Industry Textiles, Apparel & Luxury Goods Reference Rate and Spread S + 5.00% Maturity 12/05/312025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Edko, LLC Industry Commercial Services & Supplies Interest Rate 8.45% Reference Rate and Spread S + 4.75% Maturity 10/02/312026-03-310001948368Non-Controlled Affiliates Goldman Sachs Financial Square Government Fund - Institutional Shares2026-03-3100019483681 Month SOFR Member2026-01-012026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:SunshineCadenceHoldcoLlcMember2026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:WellnessAcquisitionCoIncDbaSPINSMember2025-12-310001948368us-gaap:HealthcareSectorMemberck0001948368:InvestmentsAtFairValueMemberck0001948368:IndustryConcentrationRiskMember2026-01-012026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) Industry IT Services Interest Rate 8.92% Reference Rate and Spread S + 5.25% Maturity 10/02/292026-03-310001948368us-gaap:RetailSectorMember2025-12-3100019483683 Month BBSW Member2025-01-012025-12-310001948368ck0001948368:PriorToCalendarQuarterEndMember2026-01-012026-03-310001948368ck0001948368:SpecialtyCareIncMemberck0001948368:FirstLienOrSeniorSecuredDebtMember2025-12-310001948368ck0001948368:ConvenientPaymentsAcquisitionIncMemberck0001948368:FirstLienOrSeniorSecuredDebtMember2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% PAS Parent Inc. (dba Pace Analytical) Industry Professional Services Reference Rate and Spread S + 4.50% Maturity 08/18/322025-12-310001948368Investment Equity Securities - 0.3% United States - 0.3% Common Stock - 0.3% Preferred Stock - 0.0% RPC ABC Investment Holdings LLC (dba ABC Plumbing) Industry Diversified Consumer Services Initial Acquisition Date 1/09/262026-01-012026-03-310001948368ck0001948368:TEIIntermediateLLCMemberck0001948368:FirstLienOrSeniorSecuredDebtMember2026-03-310001948368ck0001948368:InvestmentCompanyExpenseRatioToAverageNetAssetsMember2025-01-012025-03-310001948368ck0001948368:InvestmentsAtFairValueMemberck0001948368:TextilesApparelLuxuryGoodsMemberck0001948368:IndustryConcentrationRiskMember2026-01-012026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:RotationBuyerLLCMember2026-03-310001948368ck0001948368:AirFreightAndLogisticsMember2026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:EnviroSmartLLCDbaESIntegratedMember2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Arrow Buyer, Inc. (dba Archer Technologies) Industry Software Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 07/01/30 Two2025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 9.52% Reference Rate and Spread S + 5.75% Maturity 08/01/292026-03-310001948368us-gaap:InsuranceSectorMember2026-03-310001948368ck0001948368:HealthCareTechnologyMemberck0001948368:InvestmentsAtFairValueMemberck0001948368:IndustryConcentrationRiskMember2026-01-012026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.) Industry Commercial Services & Supplies Interest Rate 9.23% Reference Rate and Spread S + 5.50% (Incl. 2.75% PIK) Maturity 08/22/312025-12-3100019483682025-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Interest Rate 8.70% Reference Rate and Spread S + 5.00% Maturity 07/24/31 One2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% CI (Quercus) Intermediate Holdings, LLC (dba SavATree) Industry Diversified Consumer Services Reference Rate and Spread S +5.00% Maturity 06/06/312026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:PearlAcquisitionBuyerIncMember2025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Supreme Fitness Group NY Holdings, LLC Industry Hotels, Restaurants & Leisure Interest Rate 8.66% Reference Rate and Spread S + 5.00% Maturity 04/14/31 One2026-03-310001948368ck0001948368:FirstLienSeniorSecuredDebtMembercountry:US2025-12-310001948368ck0001948368:HealthCareEquipmentAndSuppliesMemberck0001948368:InvestmentsAtFairValueMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Vamos Bidco, Inc. (dba VIP) Industry Software Interest Rate 8.45% Reference Rate and Spread S + 4.75% Maturity 01/30/322026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% ABC Investment Holdco Inc. (dba ABC Plumbing) Industry Diversified Consumer Services Reference Rate and Spread S + 6.00% Maturity 04/26/292026-03-310001948368us-gaap:MachineryAndEquipmentMemberck0001948368:InvestmentsAtFairValueMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Wellness AcquisitionCo, Inc. (dba SPINS) Industry IT Services Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 01/22/29 Two2025-12-310001948368ck0001948368:HealthCareTechnologyMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% KPA Parent Holdings, Inc. Industry Software Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 03/12/322026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:UsSignalCompanyLlcMember2025-12-310001948368ck0001948368:TextilesApparelLuxuryGoodsMemberck0001948368:InvestmentsAtFairValueMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-12-310001948368us-gaap:FairValueInputsLevel3Memberck0001948368:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberck0001948368:FirstLienOrSeniorSecuredDebtMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMember2026-03-310001948368us-gaap:FairValueInputsLevel1Memberck0001948368:InvestmentsInAffiliatedMoneyMarketFundMember2025-12-310001948368ck0001948368:InvestmentsAtFairValueMemberck0001948368:IndustryConcentrationRiskMember2026-01-012026-03-310001948368us-gaap:RevolvingCreditFacilityMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Interest Rate 8.70% Reference Rate and Spread S + 5.00% Maturity 07/24/302026-03-310001948368us-gaap:ContainerAndPackagingSectorMember2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:GuidepointSecurityHoldingsLLCMember2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Hamilton Thorne, Inc. Industry Health Care Equipment & Supplies Interest Rate 9.07% Reference Rate and Spread S + 5.25% Maturity 11/28/312025-12-310001948368us-gaap:FairValueInputsLevel3Memberck0001948368:FirstLienOrLastOutUnitrancheMember2025-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Newtek Merchant Solutions, LLC (dba NewtekOne) Industry Financial Services Interest Rate 9.22% Reference Rate and Spread S + 5.50% Maturity 09/26/302025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:TmRestaurantGroupLlcMember2025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% QBS Parent, Inc. (dba Quorum Software) Industry IT Services Interest Rate 8.20% Reference Rate and Spread S + 4.50% Maturity 06/03/322026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:AccommodationsPlusTechnologiesLLCMember2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:RunwayBidcoLlcMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Hamilton Thorne, Inc. Industry Health Care Equipment & Supplies Interest Rate 8.92% Reference Rate and Spread S + 5.25% Maturity 11/28/312026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% TL Sapphire Holdings, Inc. (dba SouthernCarlson) Industry Trading Companies & Distributors Reference Rate and Spread S + 5.00% Maturity 01/24/332025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% EnviroSmart, LLC (dba ES Integrated) Industry Commercial Services & Supplies Interest Rate 8.55% Reference Rate and Spread S + 4.75% Maturity 09/24/312025-12-310001948368us-gaap:FairValueInputsLevel3Memberck0001948368:FirstLienOrSeniorSecuredDebtMember2026-03-310001948368country:USus-gaap:InvestmentAffiliatedIssuerMember2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Sunshine Cadence HoldCo, LLC (dba Cadence Education) Industry Diversified Consumer Services Interest Rate 8.90% Reference Rate and Spread S + 5.00% Maturity 05/01/312025-12-310001948368us-gaap:CommonStockMember2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:SummitBuyerLLCMember2026-03-310001948368Investment Equity Securities - 0.3% United States - 0.3% Common Stock - 0.3% RPC ABC Investment Holdings LLC (dba ABC Plumbing) Industry Diversified Consumer Services Initial Acquisition Date 04/26/242026-01-012026-03-310001948368ck0001948368:FirstLienOrLastOutUnitrancheMemberck0001948368:K2TowersIiiLlcMember2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Ark Data Centers, LLC Industry IT Services Interest Rate 8.72% Reference Rate and Spread S + 4.75% Maturity 11/27/302025-12-310001948368ck0001948368:InvestmentsAtFairValueMemberus-gaap:RetailSectorMemberck0001948368:IndustryConcentrationRiskMember2026-01-012026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Apple Bidco Holdings, Inc. (dba Raptor Technologies) Industry Software Reference Rate and Spread S + 4.50% Maturity 12/01/32 One2025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% AI Titan Parent, Inc. (dba Prometheus) Industry Software Reference Rate and Spread S + 4.50% Maturity 08/29/312026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Project Accelerate Parent, LLC (dba ABC Fitness) Industry Financial Services Reference Rate and Spread S + 5.25% Maturity 02/24/312026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% TL Sapphire Holdings, Inc. (dba SouthernCarlson) Industry Trading Companies & Distributors Reference Rate and Spread S + 5.00% Maturity 01/24/33 Two2026-03-310001948368ck0001948368:InvestmentsAtFairValueMemberus-gaap:ConsumerSectorMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:FrontlineRoadSafetyOperationsLLCMember2025-12-310001948368us-gaap:FairValueInputsLevel3Memberck0001948368:InvestmentAdviserDidNotDevelopUnobservableInputsMember2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Sunshine Cadence HoldCo, LLC (dba Cadence Education) Industry Diversified Consumer Services Interest Rate 8.96% Reference Rate and Spread S + 5.00% Maturity 05/01/312025-12-310001948368ck0001948368:TLSapphireHoldingsIncMemberck0001948368:FirstLienOrSeniorSecuredDebtMember2026-03-310001948368ck0001948368:TextilesApparelLuxuryGoodsMember2025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% UFT Buyer LLC (dba United Flow Technologies) Industry Trading Companies & Distributors Interest Rate 8.75% Reference Rate and Spread S + 5.00% (Incl. 2.75% PIK) Maturity 12/06/322026-03-310001948368us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2026-01-012026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Blast Bidco Inc. (dba Bazooka Candy Brands) Industry Consumer Staples Distribution & Retail Interest Rate 9.67% Reference Rate and Spread S + 6.00% Maturity 10/04/302025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Coding Solutions Acquisition, Inc. (dba CorroHealth) Industry Health Care Providers & Services Reference Rate and Spread S + 5.00% Maturity 08/07/31 One2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:OliverPackagingAndEquipmentCompanyLLCMember2026-03-310001948368us-gaap:CommonStockMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 10.27% Reference Rate and Spread S + 6.50% Maturity 08/01/292026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Eagle Family Foods Group LLC Industry Food Products Interest Rate 8.79% Reference Rate and Spread S + 5.00% Maturity 08/12/302025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:ZeppelinUSBuyerIncMember2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Singlewire Software, LLC Industry Software Reference Rate and Spread S + 4.75% Maturity 05/10/302025-12-310001948368us-gaap:FairValueMeasurementsRecurringMember2025-01-012025-12-310001948368us-gaap:FairValueInputsLevel1Member2025-12-310001948368ck0001948368:GoldmanSachsFinancialSquareGovernmentFundInstitutionalSharesMember2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Last-Out Unitranche - 11.6% EIP Consolidated, LLC (dba Everest Infrastructure) Industry Wireless Telecommunication Services Interest Rate 10.09% Reference Rate and Spread S + 6.25% Maturity 12/07/282025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Interest Rate 8.70% Reference Rate and Spread S + 5.00% Maturity 07/24/312026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Convenient Payments Acquisition, Inc. Industry Software Interest Rate 9.73% Reference Rate and Spread S + 6.00% Maturity 12/31/262025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Ark Data Centers, LLC Industry IT Services Interest Rate 8.71% Reference Rate and Spread S + 4.75% Maturity 11/27/302025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Circustrix Holdings, LLC (dba SkyZone) Industry Leisure Products Interest Rate 10.47% Reference Rate and Spread S + 6.75% Maturity 07/18/28 Two2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Fullsteam Operations LLC Industry Financial Services Reference Rate and Spread S + 5.25% Maturity 08/08/312025-12-310001948368us-gaap:DebtMember2026-01-012026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% US Signal Company, LLC Industry IT Services Interest Rate 9.52% Reference Rate and Spread S + 5.50% Maturity 09/04/292025-12-310001948368ck0001948368:InvestmentCompanyRatioOfInterestAndOtherDebtExpensesToAverageNetAssetsMember2025-01-012025-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.) Industry Construction & Engineering Interest Rate 8.40% Reference Rate and Spread S + 4.50% Maturity 10/15/312025-12-310001948368us-gaap:DebtSecuritiesMembercountry:US2025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Superman Holdings, LLC (dba Foundation Software) Industry Construction & Engineering Interest Rate 8.20% Reference Rate and Spread S + 4.50% Maturity 08/29/31 One2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% One, Inc. Software Corporation Industry Software Reference Rate and Spread S + 4.50% Maturity 12/06/322025-12-310001948368us-gaap:ConstructionMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Sundance Group Holdings, Inc. (dba NetDocuments) Industry Software Interest Rate 8.45% Reference Rate and Spread S + 4.75% Maturity 7/02/292026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:SonarAcquisitioncoIncMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Superman Holdings, LLC (dba Foundation Software) Industry Construction & Engineering Interest Rate 8.20% Reference Rate and Spread S + 4.50% Maturity 08/29/312026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% ABC Investment Holdco Inc. (dba ABC Plumbing) Industry Diversified Consumer Services Interest Rate 9.67% Reference Rate and Spread S + 6.00% Maturity 04/26/292026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Reference Rate and Spread S + 5.00% Maturity 12/06/292026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Fullsteam Operations LLC Industry Financial Services Interest Rate 9.11% Reference Rate and Spread S + 5.25% Maturity 08/08/312025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% UFT Buyer LLC (dba United Flow Technologies) Industry Trading Companies & Distributors Interest Rate 8.27% Reference Rate and Spread S + 4.50% Maturity 12/06/322025-12-310001948368ck0001948368:InvestmentsAtFairValueMemberck0001948368:HotelsRestaurantsLeisureMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-12-310001948368ck0001948368:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberck0001948368:FirstLienOrLastOutUnitrancheMember2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Vamos Bidco, Inc. (dba VIP) Industry Software Reference Rate and Spread S + 4.75% Maturity 01/30/322025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Ark Data Centers, LLC Industry IT Services Interest Rate 8.45% Reference Rate and Spread S + 4.75% Maturity 11/27/302026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Sonar Acquisitionco, Inc. (dba SimPRO) Industry Construction & Engineering Interest Rate 8.60% Reference Rate and Spread B + 5.00% Maturity 10/24/302025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Pearl Acquisition Buyer, Inc. (dba Alliance Technical Group) Industry Energy Equipment & Services Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 12/31/32 One2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Recorded Books Inc. (dba RBMedia) Industry Media Reference Rate and Spread S + 5.75% Maturity 09/03/302025-12-3100019483682025-10-282025-10-280001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Kene Acquisition, Inc. (dba Entrust) Industry Commercial Services & Supplies Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 12/17/32 Two2025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Burgess Pigment Co. Industry Chemicals Reference Rate and Spread S +5.00% Maturity 03/19/312026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:OctanePurchaserIncMember2025-12-310001948368ck0001948368:TradingCompaniesAndDistributorsMember2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:CrewlineBuyerIncMember2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:PDDSHoldcoIncDbaPlanetDDSMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% CI (Quercus) Intermediate Holdings, LLC (dba SavATree) Industry Diversified Consumer Services Interest Rate 8.70% Reference Rate and Spread S + 5.00% Maturity 06/06/312026-03-310001948368ck0001948368:HotelsRestaurantsLeisureMember2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:SplashCarWashIncMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Last-Out Unitranche - (11) - 9.0% Skyway Towers Intermediate LLC Industry Wireless Telecommunication Services Interest Rate 8.70% Reference Rate and Spread S + 5.03% Maturity 12/22/282026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:PASParentIncDbaPaceAnalyticalMember2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:FrontlineRoadSafetyOperationsLLCMember2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 10.32% Reference Rate and Spread S + 6.50% Maturity 08/01/29 One2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Ideal Components Acquisition, LLC (dba Ideal Tridon) Industry Machinery Reference Rate and Spread S + 5.00% Maturity 06/30/322025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% eShipping, LLC Industry Air Freight & Logistics Interest Rate 8.20% Reference Rate and Spread S + 4.50% Maturity 12/23/322026-03-310001948368ck0001948368:HealthCareTechnologyMemberck0001948368:InvestmentsAtFairValueMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-12-310001948368us-gaap:FairValueInputsLevel3Memberus-gaap:IncomeApproachValuationTechniqueMember2026-03-310001948368us-gaap:MoneyMarketFundsMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Celero Commerce LLC Industry Financial Services Reference Rate and Spread S + 5.00% Maturity 02/28/312026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Last-Out Unitranche - (11) - 9.0% K2 Towers II, LLC Industry Wireless Telecommunication Services Interest Rate 8.34% Reference Rate and Spread S + 4.67% Maturity 12/06/282026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Singlewire Software, LLC Industry Software Interest Rate 8.59% Reference Rate and Spread S + 4.75% Maturity 05/10/302025-12-3100019483682026-05-120001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics) Industry Trading Companies & Distributors Interest Rate 9.42% Reference Rate and Spread S + 5.75% Maturity 10/07/30 One2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Artifact Bidco, Inc. (dba Avetta) Industry Software Reference Rate and Spread S + 4.15% Maturity 07/28/312025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:VamosBidcoIncDbaVIPMember2025-12-310001948368us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Arrow Buyer, Inc. (dba Archer Technologies) Industry Software Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 07/01/30 One2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:EShippingLLCMember2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% SpecialtyCare, Inc. Industry Health Care Providers & Services Interest Rate 8.84% Reference Rate and Spread S + 5.00% Maturity 12/18/292025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:QBSParentIncMember2026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:ArtifactBidcoIncMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% NCWS Intermediate, Inc. (dba National Carwash Solutions) Industry Trading Companies & Distributors Interest Rate 9.17% Reference Rate and Spread S + 5.50% (Incl. 2.25% PIK) Maturity 12/31/292026-03-310001948368us-gaap:RevolvingCreditFacilityMember2025-12-310001948368us-gaap:FairValueInputsLevel2Member2026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:NCTopcoLLCMember2025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Octane Purchaser, Inc. (dba Office Ally) Industry Health Care Technology Reference Rate and Spread S + 4.25% Maturity 05/19/32 Two2026-03-310001948368ck0001948368:ForeignCurrencyMember2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Rubix Foods, LLC Industry Food Products Interest Rate 8.47% Reference Rate and Spread S + 4.75% Maturity 04/30/312025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Apple Bidco Holdings, Inc. (dba Raptor Technologies) Industry Software Reference Rate and Spread S + 4.50% Maturity 12/01/32 Two2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:SpotlessBrandsLlcMember2026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:VasaFitnessBuyerIncMember2026-03-310001948368us-gaap:FairValueInputsLevel3Member2026-01-012026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 12/06/29 One2025-12-310001948368us-gaap:CommonStockMember2025-12-310001948368us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2024-12-310001948368ck0001948368:ConsumerStaplesDistributionAndRetailMember2025-12-310001948368Investment Equity Securities - 0.3% United States - 0.3% Common Stock - 0.3% Preferred Stock - 0.0% RPC ABC Investment Holdings LLC (dba ABC Plumbing) Industry Diversified Consumer Services Initial Acquisition Date 1/09/262026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Businessolver.com, Inc. Industry Health Care Technology Reference Rate and Spread S + 4.50% Maturity 12/03/32 One2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% CI (Quercus) Intermediate Holdings, LLC (dba SavATree) Industry Diversified Consumer Services Interest Rate 8.70% Reference Rate and Spread S + 5.00% Maturity 06/06/31 One2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Fullsteam Operations LLC Industry Financial Services Reference Rate and Spread S + 5.25% Maturity 08/08/31 One2025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Wellness AcquisitionCo, Inc. (dba SPINS) Industry IT Services Interest Rate 8.45% Reference Rate and Spread S + 4.75% Maturity 01/22/292026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMember2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:MandrakeBidcoIncMember2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Onyx CenterSource, Inc. Industry Software Interest Rate 9.39% Reference Rate and Spread S + 5.25% Maturity 12/14/29 One2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Westwood Professional Services Inc. Industry Professional Services Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 09/19/312025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% SpecialtyCare, Inc. Industry Health Care Providers & Services Reference Rate and Spread S + 5.00% Maturity 12/18/292026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Rotation Buyer, LLC (dba Rotating Machinery Services) Industry Machinery Interest Rate 8.43% Reference Rate and Spread S + 4.75% Maturity 12/26/312025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Frontline Road Safety Operations, LLC Industry Commercial Services & Supplies Interest Rate 8.42% Reference Rate and Spread S + 4.75% (Incl. 2.00% PIK) Maturity 03/04/32 One2026-03-310001948368ck0001948368:FirstLienSeniorSecuredDebtMembercountry:US2026-03-310001948368Non-Controlled Affiliates RPC ABC Investment Holdco Inc. (dba ABC Plumbing)2025-12-310001948368ck0001948368:ITServicesMember2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Trystar, LLC Industry Electrical Equipment Interest Rate 8.09% Reference Rate and Spread S + 4.25% Maturity 08/06/31 One2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:VisionsafeHoldingsIncMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Coding Solutions Acquisition, Inc. (dba CorroHealth) Industry Health Care Providers & Services Reference Rate and Spread S + 5.00% Maturity 08/07/31 One2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Frontline Road Safety Operations, LLC Industry Commercial Services & Supplies Interest Rate 8.47% Reference Rate and Spread S + 4.75% (Incl. 2.00% PIK) Maturity 03/04/32 One2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Trystar, LLC Industry Electrical Equipment Reference Rate and Spread S + 4.25% Maturity 08/06/312025-12-310001948368us-gaap:ValuationTechniqueDiscountedCashFlowMemberck0001948368:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:FairValueInputsLevel3Memberck0001948368:FirstLienOrSeniorSecuredDebtMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMember2026-03-310001948368us-gaap:MoneyMarketFundsMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-310001948368ck0001948368:InvestmentsAtFairValueMemberus-gaap:MediaContentMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-12-3100019483681 Month SOFR Member2025-01-012025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Rubix Foods, LLC Industry Food Products Reference Rate and Spread S + 4.75% Maturity 04/30/312025-12-310001948368us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquityMember2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% VASA Fitness Buyer, Inc. Industry Diversified Consumer Services Interest Rate 10.07% Reference Rate and Spread S + 6.25% Maturity 08/15/302025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Trystar, LLC Industry Electrical Equipment Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 08/06/312026-03-310001948368us-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:CircustrixHoldingsLlcMember2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Businessolver.com, Inc. Industry Health Care Technology Reference Rate and Spread S + 4.50% Maturity 12/03/322025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Hamilton Thorne, Inc. Industry Health Care Equipment & Supplies Reference Rate and Spread E + 5.25% Maturity 11/28/312026-03-310001948368ck0001948368:EnergyEquipmentAndServicesMember2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Edko, LLC Industry Commercial Services & Supplies Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 10/02/312025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Eagle Family Foods Group LLC Industry Food Products Reference Rate and Spread S + 5.00% Maturity 08/12/302026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:PtIntermediateHoldingsIiiLlcMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Reference Rate and Spread S + 5.00% Maturity 12/06/29 One2026-03-310001948368ck0001948368:InvestmentsAtFairValueMemberus-gaap:CommercialAndIndustrialSectorMemberck0001948368:IndustryConcentrationRiskMember2026-01-012026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:GeoTopCoCorporationMember2025-12-310001948368srt:MinimumMemberck0001948368:PhillipStreetMiddleMarketLendingInvestmentsLlcMember2023-02-100001948368ck0001948368:AverageEndOfSuchQuarterAndZeroMember2026-01-012026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Sundance Group Holdings, Inc. (dba NetDocuments) Industry Software Reference Rate and Spread S + 4.75% Maturity 07/02/292026-03-310001948368ck0001948368:InvestmentsAtFairValueMemberck0001948368:AirFreightAndLogisticsMemberck0001948368:IndustryConcentrationRiskMember2026-01-012026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Newtek Merchant Solutions, LLC (dba NewtekOne) Industry Financial Services Reference Rate and Spread S + 5.50% Maturity 09/26/302026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% VisionSafe Holdings, Inc. Industry Aerospace & Defense Interest Rate 9.16% Reference Rate and Spread S + 5.50% Maturity 04/18/302026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% PPW Aero Buyer, Inc. (dba Pursuit Aerospace) Industry Aerospace & Defense Reference Rate and Spread S + 5.00% Maturity 09/30/312026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Sunshine Cadence HoldCo, LLC (dba Cadence Education) Industry Diversified Consumer Services Interest Rate 8.66% Reference Rate and Spread S + 5.00% Maturity 05/01/312026-03-310001948368us-gaap:FairValueInputsLevel3Memberck0001948368:FirstLienOrSeniorSecuredDebtMember2025-12-310001948368us-gaap:ConstructionMember2025-12-310001948368us-gaap:FairValueInputsLevel3Memberck0001948368:FirstLienOrLastOutUnitrancheMember2026-01-012026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5 1st Lien/Senior Secured Debt - 159.5% Trystar, LLC Industry Electrical Equipment Reference Rate and Spread S + 4.25% Maturity 08/06/31 One2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% VASA Fitness Buyer, Inc. Industry Diversified Consumer Services Interest Rate 10.03% Reference Rate and Spread S + 6.25% Maturity 08/15/302026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.) Industry Construction & Engineering Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 10/15/31 Two2026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:CeleroCommerceLLCMember2026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMember2026-03-310001948368us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics) Industry Trading Companies & Distributors Interest Rate 9.47% Reference Rate and Spread S + 5.75% Maturity 10/07/30 One2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:CiQuercusIntermediateHoldingsLlcMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Trystar, LLC Industry Electrical Equipment Interest Rate 7.92% Reference Rate and Spread S + 4.25% Maturity 08/06/31 One2026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:ArkDataCentersLLCMember2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Artifact Bidco, Inc. (dba Avetta) Industry Software Interest Rate 7.82% Reference Rate and Spread S + 4.15% Maturity 07/28/312025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Spotless Brands, LLC Industry Diversified Consumer Services Interest Rate 9.45% Reference Rate and Spread S + 5.75% Maturity 07/25/282026-03-310001948368ck0001948368:InvestmentsAtFairValueMemberus-gaap:ConsumerSectorMemberck0001948368:IndustryConcentrationRiskMember2026-01-012026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:AppleBidcoHoldingsIncMember2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:OnwardAcquireCoIncMember2026-03-310001948368ck0001948368:InvestmentsAtFairValueMemberck0001948368:ITServicesMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:RunwayBidcoLlcMember2025-12-310001948368ck0001948368:InvestmentsAtFairValueMemberck0001948368:DistributorsMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Valet Waste Holdings, Inc. (dba Valet Living) Industry Commercial Services & Supplies Interest Rate 9.72% Reference Rate and Spread S + 6.00% Maturity 05/01/292025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Ideal Components Acquisition, LLC (dba Ideal Tridon) Industry Machinery Interest Rate 8.72% Reference Rate and Spread S + 5.00% Maturity 06/30/322025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Trystar, LLC Industry Electrical Equipment Reference Rate and Spread S + 4.50% Maturity 08/06/312025-12-310001948368ck0001948368:EnergyEquipmentAndServicesMemberck0001948368:InvestmentsAtFairValueMemberck0001948368:IndustryConcentrationRiskMember2026-01-012026-03-310001948368Non-Controlled Affiliates ABC Investment Holdco Inc. (dba ABC Plumbing)2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.) Industry Commercial Services & Supplies Interest Rate 8.73% Reference Rate and Spread S + 5.00% Maturity 08/22/312025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:HighfiveDentalHoldcoLlcMember2025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% ABC Investment Holdco Inc. (dba ABC Plumbing) Industry Diversified Consumer Services Interest Rate 9.70% Reference Rate and Spread S + 6.00% Maturity 04/26/292026-03-310001948368us-gaap:HealthcareSectorMemberck0001948368:InvestmentsAtFairValueMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-12-310001948368ck0001948368:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberck0001948368:FirstLienOrLastOutUnitrancheMember2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:ValetWasteHoldingsIncMember2026-03-310001948368us-gaap:DebtMember2026-03-310001948368us-gaap:HealthcareSectorMember2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Last-Out Unitranche - 11.6% Towerco IV Holdings, LLC Industry Wireless Telecommunication Services Interest Rate 7.58% Reference Rate and Spread S + 3.75% Maturity 08/31/282025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Sonar Acquisitionco, Inc. (dba SimPRO) Industry Construction & Engineering Reference Rate and Spread B + 4.75% Maturity 10/24/302026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% QBS Parent, Inc. (dba Quorum Software) Industry IT Services Interest Rate 8.22% Reference Rate and Spread S + 4.50% Maturity 06/03/32 One2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Summit Buyer, LLC (dba Classic Collision) Industry Specialty Retail Reference Rate and Spread S + 5.00% Maturity 06/02/312026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Summit Buyer, LLC (dba Classic Collision) Industry Specialty Retail Interest Rate 8.70% Reference Rate and Spread S + 5.00% Maturity 06/02/31 One2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Vamos Bidco, Inc. (dba VIP) Industry Software Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 01/30/322025-12-3100019483682025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Last-Out Unitranche - (11) - 9.0% Tarpon Towers II LLC Industry Wireless Telecommunication Services Interest Rate 8.25% Reference Rate and Spread S + 4.58% Maturity 02/01/292026-03-310001948368us-gaap:ConsumerSectorMember2025-12-3100019483682026-01-162026-01-160001948368ck0001948368:ElectricalEquipmentMember2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Newtek Merchant Solutions, LLC (dba NewtekOne) Industry Financial Services Reference Rate and Spread S + 5.50% Maturity 09/26/302025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) Industry IT Services Interest Rate 8.92% Reference Rate and Spread S + 5.25% Maturity 10/02/29 Two2026-03-310001948368us-gaap:PreferredStockMember2026-03-310001948368us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:PreferredStockMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquityMember2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% BCTO Bluebill Buyer, Inc. (dba Ren) Industry Financial Services Reference Rate and Spread S + 4.50% Maturity 07/30/322025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 10.32% Reference Rate and Spread S + 6.50% Maturity 08/01/29 Three2025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% DFS Holding Company, Inc. Industry Distributors Interest Rate 11.20% Reference Rate and Spread S + 7.50% (Incl. 5.00% PIK) Maturity 01/31/29 One2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Kene Acquisition, Inc. (dba Entrust) Industry Commercial Services & Supplies Interest Rate 8.44% Reference Rate and Spread S + 4.75% Maturity 12/17/32 One2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:MandrakeBidcoIncMember2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:ProjectAccelerateParentLlcDbaAbcFitnessMember2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Businessolver.com, Inc. Industry Health Care Technology Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 12/03/322025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Runway Bidco, LLC (dba Redwood Software) Industry Software Reference Rate and Spread S + 5.00% Maturity 12/17/31 One2025-12-3100019483686 Month SOFR Member2025-01-012025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Sonar Acquisitionco, Inc. (dba SimPRO) Industry Construction & Engineering Interest Rate 8.62% Reference Rate and Spread S + 5.00% Maturity 10/24/302025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% SpecialtyCare, Inc. Industry Health Care Providers & Services Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 12/18/292026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:FullsteamOperationsLlcMember2026-03-310001948368us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberck0001948368:BankLoansCorporateDebtAndOtherDebtObligationsMemberck0001948368:FirstLienOrSeniorSecuredDebtMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMember2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:AqSunshineIncMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% PT Intermediate Holdings III, LLC (dba Parts Town) Industry Trading Companies & Distributors Reference Rate and Spread S + 4.75% Maturity 04/09/302026-03-310001948368ck0001948368:InvestmentsAtFairValueMemberus-gaap:FoodAndBeverageMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Advanced Cooling Technologies, Inc. Industry Aerospace & Defense Reference Rate and Spread S + 4.50% Maturity 02/27/332026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Engage2Excel, Inc. Industry Professional Services Interest Rate 10.91% Reference Rate and Spread S + 6.50% Maturity 07/01/292025-12-310001948368us-gaap:MachineryAndEquipmentMember2025-12-310001948368ck0001948368:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:FairValueInputsLevel3Memberck0001948368:FirstLienOrSeniorSecuredDebtMembersrt:WeightedAverageMemberck0001948368:MeasurementInputRecoveryRateMemberck0001948368:ValuationTechniqueCollateralAnalysisMember2025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Oliver Packaging and Equipment Company, LLC (fka Buffalo Merger Sub, LLC) Industry Containers & Packaging Interest Rate 8.92% Reference Rate and Spread S + 5.25% Maturity 11/01/302026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:OneIncSoftwareCorporationMember2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Zeppelin US Buyer Inc. (dba Global Critical Logistics) Industry Air Freight & Logistics Reference Rate and Spread S + 4.75% Maturity 08/02/32 One2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Trystar, LLC Industry Electrical Equipment Reference Rate and Spread S + 4.50% Maturity 08/06/31 One2025-12-310001948368us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberck0001948368:BankLoansCorporateDebtAndOtherDebtObligationsMemberck0001948368:FirstLienOrSeniorSecuredDebtMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMember2025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% TM Restaurant Group LLC Industry Hotels, Restaurants & Leisure Interest Rate 11.08% Reference Rate and Spread S + 7.25% Maturity 07/26/282026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Celero Commerce LLC Industry Financial Services Interest Rate 8.72% Reference Rate and Spread S + 5.00% Maturity 02/28/312026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% AAG KP Borrower LLC (dba KUIU) Industry Textiles, Apparel & Luxury Goods Reference Rate and Spread S + 5.00% Maturity 12/05/31 One2025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Fullsteam Operations LLC Industry Financial Services Reference Rate and Spread S + 5.25% Maturity 08/08/31 One2026-03-310001948368us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2025-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:AbcInvestmentHoldcoIncMember2026-03-310001948368ck0001948368:InvestmentAffiliatedIssuerNoncontrollingIncludedMoneyMarketFundsMember2026-03-310001948368ck0001948368:GoldmanSachsFinancialSquareGovernmentFundInstitutionalSharesMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Last-Out Unitranche - (11) - 9.0% Tarpon Towers II LLC Industry Wireless Telecommunication Services Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 02/01/292026-03-3100019483683 Month Prime Rate Member2026-01-012026-03-310001948368us-gaap:RevolvingCreditFacilityMember2026-01-012026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:RubixFoodsLLCMember2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:GeoTopCoCorporationMember2026-03-310001948368us-gaap:HealthcareSectorMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Advanced Cooling Technologies, Inc. Industry Aerospace & Defense Reference Rate and Spread S + 4.50% Maturity 02/27/33 One2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Summit Buyer, LLC (dba Classic Collision) Industry Specialty Retail Reference Rate and Spread S + 5.00% Maturity 06/02/312025-12-310001948368ck0001948368:FebruaryTwentyFiveTwoThousandTwentySixMember2025-01-012025-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Celero Commerce LLC Industry Financial Services Interest Rate 8.60% Reference Rate and Spread S + 5.00% Maturity 02/28/312025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Tropical Bidco, LLC (dba Tropical Cheese) Industry Food Products Reference Rate and Spread S + 4.75% Maturity 12/11/302025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Ark Data Centers, LLC Industry IT Services Interest Rate 8.45% Reference Rate and Spread S + 4.75% Maturity 11/27/30 One2026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:CURiOBrandsLLCMember2026-03-310001948368ck0001948368:FirstLienOrLastOutUnitrancheMemberck0001948368:PeppertreeTowersLLCMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Engage2Excel, Inc. Industry Professional Services Interest Rate 10.99% Reference Rate and Spread S + 7.25% Maturity 07/01/29 One2026-03-310001948368ck0001948368:HealthCareTechnologyMember2025-12-310001948368us-gaap:SoftwareDevelopmentMember2025-12-310001948368IInvestment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% BCTO Bluebill Buyer, Inc. (dba Ren) Industry Financial Services Reference Rate and Spread S + 4.50% Maturity 07/30/322026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Zeppelin US Buyer Inc. (dba Global Critical Logistics) Industry Air Freight & Logistics Reference Rate and Spread S + 4.75% Maturity 08/02/322026-03-310001948368ck0001948368:Engage2ExcelIncMemberck0001948368:FirstLienOrSeniorSecuredDebtMember2025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Artifact Bidco, Inc. (dba Avetta) Industry Software Reference Rate and Spread S + 4.15% Maturity 07/28/312026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Accommodations Plus Technologies LLC Industry Software Reference Rate and Spread S + 5.25% Maturity 05/28/322026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Artifact Bidco, Inc. (dba Avetta) Industry Software Reference Rate and Spread S + 4.15% Maturity 07/26/30 One2026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:SpecialtyCareIncMember2026-03-310001948368Non-Controlled Affiliates ABC Investment Holdco Inc. (dba ABC Plumbing)2025-01-012025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% CURiO Brands LLC Industry Household Products Reference Rate and Spread S + 5.00% Maturity 04/02/312026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Arrow Buyer, Inc. (dba Archer Technologies) Industry Software Interest Rate 8.70% Reference Rate and Spread S + 5.00% Maturity 07/01/30 Two2026-03-310001948368ck0001948368:ElectricalEquipmentMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Businessolver.com, Inc. Industry Health Care Technology Interest Rate 8.20% Reference Rate and Spread S + 4.50% Maturity 12/03/322026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Wellness AcquisitionCo, Inc. (dba SPINS) Industry IT Services Interest Rate 8.45% Reference Rate and Spread S + 4.75% Maturity 01/22/29 One2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Coding Solutions Acquisition, Inc. (dba CorroHealth) Industry Health Care Providers & Services Reference Rate and Spread S + 5.00% Maturity 08/07/312026-03-310001948368ck0001948368:LeisureProductsMemberck0001948368:InvestmentsAtFairValueMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-12-310001948368ck0001948368:JanuarySixteenthTwoThousandAndTwentySixMember2026-01-012026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% CI (Quercus) Intermediate Holdings, LLC (dba SavATree) Industry Diversified Consumer Services Interest Rate 8.69% Reference Rate and Spread S + 5.00% Maturity 06/06/312025-12-310001948368us-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Supreme Fitness Group NY Holdings, LLC Industry Hotels, Restaurants & Leisure Reference Rate and Spread S + 5.00% Maturity 04/14/312026-03-310001948368ck0001948368:BuckeyeAcquirorLLCMemberck0001948368:FirstLienOrSeniorSecuredDebtMember2026-03-310001948368us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0001948368:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMemberck0001948368:FirstLienOrLastOutUnitrancheMembersrt:MaximumMember2026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:FullsteamOperationsLlcMember2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Celero Commerce LLC Industry Financial Services Interest Rate 8.70% Reference Rate and Spread S + 5.00% Maturity 02/28/312025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Accommodations Plus Technologies LLC Industry Software Interest Rate 8.94% Reference Rate and Spread S + 5.25% Maturity 05/28/322025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% USA DeBusk, LLC Industry Commercial Services & Supplies Interest Rate 8.93% Reference Rate and Spread S + 5.25% Maturity 04/30/312026-03-310001948368Non-Controlled Affiliates Goldman Sachs Financial Square Government Fund - Institutional Shares2024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:LegendsHospitalityHoldingCompanyLLCMember2025-12-310001948368ck0001948368:InvestmentAffiliatedIssuerNoncontrollingIncludedMoneyMarketFundsMember2025-01-012025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% UFT Buyer LLC (dba United Flow Technologies) Industry Trading Companies & Distributors Interest Rate 8.20% Reference Rate and Spread S + 4.50% Maturity 12/06/322026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% eShipping, LLC Industry Air Freight & Logistics Reference Rate and Spread S + 4.50% Maturity 12/23/322026-03-310001948368ck0001948368:DistributorsMember2025-12-310001948368ck0001948368:HealthCareEquipmentAndSuppliesMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Sundance Group Holdings, Inc. (dba NetDocuments) Industry Software Interest Rate 8.45% Reference Rate and Spread S + 4.75% Maturity 7/02/29 One2026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:NCTopcoLLCMember2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% TEI Intermediate LLC (dba Triumvirate Environmental) Industry Commercial Services & Supplies Interest Rate 8.62% Reference Rate and Spread S + 4.75% Maturity 12/15/312025-12-310001948368ck0001948368:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0001948368:FirstLienOrSeniorSecuredDebtMemberus-gaap:MeasurementInputDiscountRateMember2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:IdealComponentsAcquisitionLLCMember2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Interest Rate 8.77% Reference Rate and Spread S + 5.00% Maturity 12/06/292025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Highfive Dental Holdco, LLC Industry Health Care Providers & Services Reference Rate and Spread S + 5.75% Maturity 06/13/282025-12-310001948368us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-01-012026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:CodingSolutionsAcquisitionIncMember2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Circustrix Holdings, LLC (dba SkyZone) Industry Leisure Products Interest Rate 10.47% Reference Rate and Spread S + 6.75% Maturity 07/18/282025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Westwood Professional Services Inc. Industry Professional Services Reference Rate and Spread S + 4.50% Maturity 09/19/312026-03-310001948368ck0001948368:FirstLienOrLastOutUnitrancheMember2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% CI (Quercus) Intermediate Holdings, LLC (dba SavATree) Industry Diversified Consumer Services Reference Rate and Spread S + 5.00% Maturity 06/06/31 One2025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Edko, LLC Industry Commercial Services & Supplies Reference Rate and Spread S + 4.75% Maturity 10/02/31 One2026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:ProjectAccelerateParentLlcDbaAbcFitnessMember2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:PPWAeroBuyerIncDbaPursuitAerospaceMember2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Apple Bidco Holdings, Inc. (dba Raptor Technologies) Industry Software Reference Rate and Spread S + 4.50% Maturity 12/01/322025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMember2025-12-310001948368ck0001948368:InvestmentsAtFairValueMemberus-gaap:ConstructionMemberck0001948368:IndustryConcentrationRiskMember2026-01-012026-03-310001948368us-gaap:EquitySecuritiesMember2026-03-310001948368ck0001948368:FirstLienOrLastOutUnitrancheMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Spotless Brands, LLC Industry Diversified Consumer Services Interest Rate 9.17% Reference Rate and Spread S + 5.50% Maturity 07/25/282026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Summit Buyer, LLC (dba Classic Collision) Industry Specialty Retail Interest Rate 10.75% Reference Rate and Spread P + 4.00% Maturity 05/31/302025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics) Industry Trading Companies & Distributors Interest Rate 9.42% Reference Rate and Spread S + 5.75% Maturity 10/07/302026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% PAS Parent Inc. (dba Pace Analytical) Industry Professional Services Reference Rate and Spread S + 4.50% Maturity 08/18/312026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Hamilton Thorne, Inc. Industry Health Care Equipment & Supplies Interest Rate 7.32% Reference Rate and Spread E + 5.25% Maturity 11/28/31 One2025-12-310001948368us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquityMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Wellness AcquisitionCo, Inc. (dba SPINS) Industry IT Services Interest Rate 8.45% Reference Rate and Spread S + 4.75% Maturity 01/22/29 Two2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Onward AcquireCo, Inc. (dba OneStream) Industry Software Reference Rate and Spread S + 4.75% Maturity 04/01/33 Two2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 10.32% Reference Rate and Spread S + 6.50% Maturity 08/01/29 Four2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Convenient Payments Acquisition, Inc. Industry Software Reference Rate and Spread S + 6.00% Maturity 12/31/262025-12-310001948368ck0001948368:O2026Q1DividendsMember2026-01-012026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Interest Rate 8.73% Reference Rate and Spread S + 5.00% Maturity 12/06/292025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Wellness AcquisitionCo, Inc. (dba SPINS) Industry IT Services Reference Rate and Spread S + 4.75% Maturity 01/22/292025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Recorded Books Inc. (dba RBMedia) Industry Media Reference Rate and Spread S + 5.75% Maturity 09/03/30 One2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:ValetWasteHoldingsIncMember2025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Reference Rate and Spread S + 4.50% Maturity 07/24/33 One2026-03-310001948368ck0001948368:LeisureProductsMember2026-03-310001948368ck0001948368:InvestmentsAtFairValueMemberck0001948368:WirelessTelecommunicationServicesMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-12-310001948368ck0001948368:ConsumerStaplesDistributionAndRetailMemberck0001948368:InvestmentsAtFairValueMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% One, Inc. Software Corporation Industry Software Interest Rate 8.26% Reference Rate and Spread S + 4.50% Maturity 12/06/322025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Oliver Packaging and Equipment Company, LLC (fka Buffalo Merger Sub, LLC) Industry Containers & Packaging Reference Rate and Spread S + 5.25% Maturity 11/01/302025-12-310001948368ck0001948368:InvestmentsAtFairValueMemberus-gaap:CommercialAndIndustrialSectorMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-12-310001948368us-gaap:ConsumerSectorMember2026-03-310001948368ck0001948368:InvestmentsAtFairValueMemberck0001948368:ProfessionalServicesMemberck0001948368:IndustryConcentrationRiskMember2026-01-012026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Valet Waste Holdings, Inc. (dba Valet Living) Industry Commercial Services & Supplies Interest Rate 9.67% Reference Rate and Spread S + 6.00% Maturity 05/01/292026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Singlewire Software, LLC Industry Software Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 05/10/302025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:BusinessolverComIncMember2026-03-310001948368us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2026-01-012026-03-310001948368ck0001948368:InvestmentAffiliatedIssuerNoncontrollingIncludedMoneyMarketFundsMember2026-01-012026-03-310001948368us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001948368Investment Equity Securities - 0.3% United States - 0.3% Common Stock - 0.3% VisionSafe Parent, LLC Industry Aerospace & Defense Initial Acquisition Date 04/19/242025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Tropical Bidco, LLC (dba Tropical Cheese) Industry Food Products Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 12/11/302025-12-310001948368us-gaap:ContainerAndPackagingSectorMember2026-03-310001948368Investment Equity Securities - 0.3% United States - 0.3% Common Stock - 0.3% Peppertree Towers, LLC Industry Wireless Telecommunication Services Initial Acquisition Date 12/18/252025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Wellness AcquisitionCo, Inc. (dba SPINS) Industry IT Services Interest Rate 8.45% Reference Rate and Spread S + 4.75% Maturity 01/22/29 Three2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% CI (Quercus) Intermediate Holdings, LLC (dba SavATree) Industry Diversified Consumer Services Interest Rate 8.68% Reference Rate and Spread S + 5.00% Maturity 06/06/312025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 10.60% Reference Rate and Spread S + 6.50% Maturity 08/01/292026-03-310001948368ck0001948368:K2TowersIILLCMemberck0001948368:FirstLienOrLastOutUnitrancheMember2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% ML Holdco, LLC (dba MeridianLink) Industry Software Interest Rate 8.37% Reference Rate and Spread S + 4.50% Maturity 10/25/322025-12-310001948368us-gaap:CommonStockMembercountry:US2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:WestwoodProfessionalServicesIncMember2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:SundanceGroupHoldingsIncMember2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Superman Holdings, LLC (dba Foundation Software) Industry Construction & Engineering Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 08/29/312025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 12/06/29 One2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Blast Bidco Inc. (dba Bazooka Candy Brands) Industry Consumer Staples Distribution & Retail Interest Rate 9.70% Reference Rate and Spread S + 6.00% Maturity 10/04/302026-03-310001948368us-gaap:CommonStockMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Reference Rate and Spread S + 4.50% Maturity 07/24/322026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:BusinessolverComIncMember2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% TEI Intermediate LLC (dba Triumvirate Environmental) Industry Commercial Services & Supplies Interest Rate 8.85% Reference Rate and Spread S + 5.25% (Incl. 2.88% PIK) Maturity 12/15/312025-12-310001948368ck0001948368:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:FairValueInputsLevel3Memberck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:MeasurementInputRecoveryRateMemberck0001948368:ValuationTechniqueCollateralAnalysisMember2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% UFT Buyer LLC (dba United Flow Technologies) Industry Trading Companies & Distributors Reference Rate and Spread S + 4.50% Maturity 12/06/322025-12-310001948368us-gaap:MediaContentMember2025-12-310001948368ck0001948368:TLSapphireHoldingsIncMemberck0001948368:FirstLienOrSeniorSecuredDebtMember2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 9.57% Reference Rate and Spread S + 5.75% Maturity 08/01/292025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Interest Rate 9.63% Reference Rate and Spread S + 6.00% Maturity 09/30/312026-03-310001948368ck0001948368:AffiliatedInvestmentMember2025-01-012025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Spotless Brands, LLC Industry Diversified Consumer Services Interest Rate 8.86% Reference Rate and Spread S + 5.00% Maturity 07/25/282025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Wellness AcquisitionCo, Inc. (dba SPINS) Industry IT Services Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 01/22/292025-12-3100019483682024-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:MLHoldcoLLCDbaMeridianLinkMember2026-03-310001948368us-gaap:ValuationTechniqueDiscountedCashFlowMemberck0001948368:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:FairValueInputsLevel3Memberck0001948368:FirstLienOrSeniorSecuredDebtMemberus-gaap:MeasurementInputDiscountRateMember2026-03-310001948368Investment Equity Securities - 0.3% United States - 0.3% Common Stock - 0.3% VisionSafe Parent, LLC Industry Aerospace & Defense Initial Acquisition Date 04/19/242026-03-310001948368us-gaap:CommercialAndIndustrialSectorMember2025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Singlewire Software, LLC Industry Software Interest Rate 8.45% Reference Rate and Spread S + 4.75% Maturity 05/10/30 One2026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:OneIncSoftwareCorporationMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Rotation Buyer, LLC (dba Rotating Machinery Services) Industry Machinery Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 12/26/312026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:OnyxCenterSourceIncMember2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages) Industry Insurance Reference Rate and Spread S + 4.50% Maturity 11/22/322025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Reference Rate and Spread S + 6.00% Maturity 09/30/312025-12-310001948368Non-Controlled Affiliates RPC ABC Investment Holdco Inc. (dba ABC Plumbing)2026-01-012026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:SonarAcquisitioncoIncMember2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% eShipping, LLC Industry Air Freight & Logistics Reference Rate and Spread S + 4.50% Maturity 12/23/322025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:AqSunshineIncMember2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Edko, LLC Industry Commercial Services & Supplies Reference Rate and Spread S + 4.75% Maturity 10/02/312025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% TM Restaurant Group LLC Industry Hotels, Restaurants & Leisure Interest Rate 11.08% Reference Rate and Spread S + 7.25% Maturity 07/26/28 One2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Artifact Bidco, Inc. (dba Avetta) Industry Software Reference Rate and Spread S + 4.15% Maturity 07/26/302025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:AiTitanParentIncMember2026-03-310001948368us-gaap:DebtMember2025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% NC Topco, LLC (dba NContracts) Industry Software Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 09/02/312026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Artifact Bidco, Inc. (dba Avetta) Industry Software Reference Rate and Spread S + 4.15% Maturity 07/26/302026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Summit Buyer, LLC (dba Classic Collision) Industry Specialty Retail Interest Rate 8.70% Reference Rate and Spread S + 5.00% Maturity 06/02/312026-03-310001948368ck0001948368:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputDiscountRateMemberck0001948368:FirstLienOrLastOutUnitrancheMember2026-03-310001948368us-gaap:FoodAndBeverageMember2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:UsaDebuskLlcMember2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:SundanceGroupHoldingsIncMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Trystar, LLC Industry Electrical Equipment Interest Rate 7.92% Reference Rate and Spread S + 4.25% Maturity 08/06/312026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Tropical Bidco, LLC (dba Tropical Cheese) Industry Food Products Reference Rate and Spread S + 4.75% Maturity 12/11/302026-03-3100019483682023-01-012023-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Tropical Bidco, LLC (dba Tropical Cheese) Industry Food Products Interest Rate 8.45% Reference Rate and Spread S + 4.75% Maturity 12/11/302026-03-3100019483682022-10-062022-10-060001948368us-gaap:RevolvingCreditFacilityMemberus-gaap:DebtMember2026-03-310001948368us-gaap:EquitySecuritiesMembercountry:US2025-12-310001948368us-gaap:FairValueInputsLevel3Memberck0001948368:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberck0001948368:FirstLienOrLastOutUnitrancheMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Runway Bidco, LLC (dba Redwood Software) Industry Software Reference Rate and Spread S + 5.00% Maturity 12/17/312026-03-310001948368IInvestment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% BCTO Bluebill Buyer, Inc. (dba Ren) Industry Financial Services Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 07/30/322026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:MLHoldcoLLCDbaMeridianLinkMember2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Mandrake Bidco, Inc. (dba Miratech) Industry Machinery Interest Rate 8.34% Reference Rate and Spread S + 4.50% Maturity 08/20/312025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 07/24/302025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Highfive Dental Holdco, LLC Industry Health Care Providers & Services Reference Rate and Spread S + 5.75% Maturity 06/13/28 One2025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% PPW Aero Buyer, Inc. (dba Pursuit Aerospace) Industry Aerospace & Defense Interest Rate 8.70% Reference Rate and Spread S + 5.00% Maturity 09/30/312026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% One, Inc. Software Corporation Industry Software Reference Rate and Spread S + 4.50% Maturity 12/06/32 One2026-03-310001948368ck0001948368:FirstIncentiveFeeMember2026-01-012026-03-310001948368Investment Equity Securities - 0.3% United States - 0.3% Common Stock - 0.3% Peppertree Towers, LLC Industry Wireless Telecommunication Services Initial Acquisition Date 12/18/252026-01-012026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Mandrake Bidco, Inc. (dba Miratech) Industry Machinery Reference Rate and Spread S + 4.50% Maturity 08/20/302025-12-310001948368ck0001948368:AccruedExpensesAndOtherLiabilitiesMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Ideal Components Acquisition, LLC (dba Ideal Tridon) Industry Machinery Reference Rate and Spread S + 5.00% Maturity 06/30/322026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Zeppelin US Buyer Inc. (dba Global Critical Logistics) Industry Air Freight & Logistics Reference Rate and Spread S + 4.75% Maturity 08/02/322025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Kene Acquisition, Inc. (dba Entrust) Industry Commercial Services & Supplies Reference Rate and Spread S + 4.75% Maturity 12/17/32 One2025-12-310001948368ck0001948368:ITServicesMember2025-12-310001948368country:US2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Circustrix Holdings, LLC (dba SkyZone) Industry Leisure Products Interest Rate 10.42% Reference Rate and Spread S + 6.75% Maturity 07/18/282026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:SinglewireSoftwareLlcMember2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:EShippingLLCMember2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Recorded Books Inc. (dba RBMedia) Industry Media Interest Rate 9.57% Reference Rate and Spread S + 5.75% Maturity 09/03/302025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Omega Midwest Buyer, LLC (dba Omega Fitness Holdings) Industry Hotels, Restaurants & Leisure Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 12/31/312026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:UsaDebuskLlcMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Rotation Buyer, LLC (dba Rotating Machinery Services) Industry Machinery Interest Rate 8.45% Reference Rate and Spread S + 4.75% Maturity 12/26/31 One2026-03-310001948368ck0001948368:IncentiveFeesAndInterestAndOtherDebtExpensesMember2025-01-012025-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% AI Titan Parent, Inc. (dba Prometheus) Industry Software Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 08/29/31 One2026-03-310001948368us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Zeppelin US Buyer Inc. (dba Global Critical Logistics) Industry Air Freight & Logistics Reference Rate and Spread S + 4.75% Maturity 08/02/32 Two2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Oliver Packaging and Equipment Company, LLC (fka Buffalo Merger Sub, LLC) Industry Containers & Packaging Interest Rate 9.15% Reference Rate and Spread S + 5.25% Maturity 11/01/302025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Crewline Buyer, Inc. (dba New Relic) Industry Software Reference Rate and Spread S + 6.75% Maturity 11/08/302025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% EnviroSmart, LLC (dba ES Integrated) Industry Commercial Services & Supplies Interest Rate 8.44% Reference Rate and Spread S + 4.75% Maturity 09/24/312025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Superman Holdings, LLC (dba Foundation Software) Industry Construction & Engineering Reference Rate and Spread S + 4.50% Maturity 08/29/312026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Last-Out Unitranche - 11.6% K2 Towers II, LLC Industry Wireless Telecommunication Services Interest Rate 8.23% Reference Rate and Spread S + 4.58% Maturity 05/02/292025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMember2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Superman Holdings, LLC (dba Foundation Software) Industry Construction & Engineering Reference Rate and Spread S + 4.50% Maturity 08/29/312025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Westwood Professional Services Inc. Industry Professional Services Interest Rate 8.20% Reference Rate and Spread S + 4.50% Maturity 09/19/31 One2026-03-310001948368ck0001948368:HouseholdProductsMember2025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Sonar Acquisitionco, Inc. (dba SimPRO) Industry Construction & Engineering Interest Rate 8.79% Reference Rate and Spread B + 4.75% Maturity 10/24/302026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Hamilton Thorne, Inc. Industry Health Care Equipment & Supplies Interest Rate 7.32% Reference Rate and Spread E + 5.25% Maturity 11/28/312025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 9.52% Reference Rate and Spread S + 5.75% Maturity 08/01/29 One2026-03-310001948368ck0001948368:ProfessionalServicesMember2026-03-310001948368us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquityMember2026-03-310001948368us-gaap:InsuranceSectorMember2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Westwood Professional Services Inc. Industry Professional Services Reference Rate and Spread S + 4.50% Maturity 09/19/312025-12-310001948368us-gaap:FairValueInputsLevel3Memberck0001948368:FirstLienOrSeniorSecuredDebtMember2024-12-310001948368us-gaap:FoodAndBeverageMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Ideal Components Acquisition, LLC (dba Ideal Tridon) Industry Machinery Interest Rate 8.70% Reference Rate and Spread S + 5.00% Maturity 06/30/322026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Arrow Buyer, Inc. (dba Archer Technologies) Industry Software Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 07/01/302025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.) Industry Commercial Services & Supplies Interest Rate 8.73% Reference Rate and Spread S + 5.00% Maturity 08/22/302025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% AAG KP Borrower LLC (dba KUIU) Industry Textiles, Apparel & Luxury Goods Interest Rate 8.76% Reference Rate and Spread S + 5.00% Maturity 12/05/312025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:AppleBidcoHoldingsIncMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Rubix Foods, LLC Industry Food Products Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 04/30/312026-03-310001948368ck0001948368:InvestmentsAtFairValueMemberus-gaap:ContainerAndPackagingSectorMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages) Industry Insurance Reference Rate and Spread S + 4.50% Maturity 11/22/32 One2025-12-310001948368ck0001948368:TarponTowersIiLlcMemberck0001948368:FirstLienOrLastOutUnitrancheMember2025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Zeppelin US Buyer Inc. (dba Global Critical Logistics) Industry Air Freight & Logistics Interest Rate 8.45% Reference Rate and Spread S + 4.75% Maturity 08/02/322026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Rubix Foods, LLC Industry Food Products Reference Rate and Spread S + 4.75% Maturity 04/30/312026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.) Industry Commercial Services & Supplies Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 08/22/302026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Singlewire Software, LLC Industry Software Reference Rate and Spread S + 4.75% Maturity 05/10/302026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Project Accelerate Parent, LLC (dba ABC Fitness) Industry Financial Services Interest Rate 8.92% Reference Rate and Spread S + 5.25% Maturity 02/24/312026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Frontline Road Safety Operations, LLC Industry Commercial Services & Supplies Reference Rate and Spread S + 4.75% (Incl. 2.00% PIK) Maturity 03/04/322025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Octane Purchaser, Inc. (dba Office Ally) Industry Health Care Technology Reference Rate and Spread S + 4.25% Maturity 05/19/32 One2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.) Industry Construction & Engineering Interest Rate 8.29% Reference Rate and Spread S + 4.50% Maturity 10/15/312025-12-3100019483683 Month SOFR Member2025-01-012025-12-310001948368us-gaap:FairValueMeasurementsRecurringMember2026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:RubixFoodsLLCMember2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% SpecialtyCare, Inc. Industry Health Care Providers & Services Reference Rate and Spread S + 5.00% Maturity 12/18/292025-12-310001948368ck0001948368:LeisureProductsMember2025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.) Industry Construction & Engineering Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 10/15/312026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% CI (Quercus) Intermediate Holdings, LLC (dba SavATree) Industry Diversified Consumer Services Reference Rate and Spread S +5.00% Maturity 06/06/31 One2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Frontline Road Safety Operations, LLC Industry Commercial Services & Supplies Reference Rate and Spread S + 4.75% (Incl. 2.00% PIK) Maturity 03/04/322026-03-310001948368us-gaap:FairValueInputsLevel3Memberck0001948368:FirstLienOrLastOutUnitrancheMember2024-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Wellness AcquisitionCo, Inc. (dba SPINS) Industry IT Services Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 01/22/29 One2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:SummitBuyerLLCMember2025-12-310001948368us-gaap:ValuationTechniqueDiscountedCashFlowMemberck0001948368:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:FairValueInputsLevel3Memberck0001948368:FirstLienOrSeniorSecuredDebtMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMember2025-12-310001948368ck0001948368:EagleFamilyFoodsGroupLLCMemberck0001948368:FirstLienOrSeniorSecuredDebtMember2025-12-310001948368us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquityMember2025-12-310001948368ck0001948368:WirelessTelecommunicationServicesMember2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:PPWAeroBuyerIncDbaPursuitAerospaceMember2025-12-310001948368us-gaap:FairValueInputsLevel1Memberck0001948368:InvestmentsInAffiliatedMoneyMarketFundMember2026-03-310001948368ck0001948368:HouseholdProductsMemberck0001948368:InvestmentsAtFairValueMemberck0001948368:IndustryConcentrationRiskMember2026-01-012026-03-310001948368ck0001948368:InvestmentsAtFairValueMemberck0001948368:TradingCompaniesAndDistributorsMemberck0001948368:IndustryConcentrationRiskMember2026-01-012026-03-310001948368ck0001948368:FirstLienOrLastOutUnitrancheMemberck0001948368:SkywayTowersIntermediateLlcMember2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% CURiO Brands LLC Industry Household Products Reference Rate and Spread S + 5.25% Maturity 04/02/312025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% eShipping, LLC Industry Air Freight & Logistics Reference Rate and Spread S + 4.50% Maturity 12/23/32 One2026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:TmRestaurantGroupLlcMember2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Supreme Fitness Group NY Holdings, LLC Industry Hotels, Restaurants & Leisure Interest Rate 8.99% Reference Rate and Spread S + 5.00% Maturity 04/14/312025-12-310001948368ck0001948368:ProfessionalServicesMember2025-12-310001948368us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquityMember2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Last-Out Unitranche - 11.6% Skyway Towers Intermediate LLC Industry Wireless Telecommunication Services Interest Rate 8.74% Reference Rate and Spread S + 5.03% Maturity 12/22/28 One2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) Industry IT Services Interest Rate 8.97% Reference Rate and Spread S + 5.25% Maturity 10/02/292025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberus-gaap:FairValueInputsLevel2Member2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Eagle Family Foods Group LLC Industry Food Products Reference Rate and Spread S + 5.00% Maturity 08/12/302025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 10.27% Reference Rate and Spread S + 6.50% Maturity 08/01/29 One2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% US Signal Company, LLC Industry IT Services Reference Rate and Spread S + 5.50% Maturity 09/04/292025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:SupermanHoldingsLlcMember2026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:SinglewireSoftwareLlcMember2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Supreme Fitness Group NY Holdings, LLC Industry Hotels, Restaurants & Leisure Interest Rate 8.94% Reference Rate and Spread S + 5.00% Maturity 04/14/312025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Apple Bidco Holdings, Inc. (dba Raptor Technologies) Industry Software Interest Rate 8.20% Reference Rate and Spread S + 4.50% Maturity 01/22/332026-03-310001948368ck0001948368:FirstIncentiveFeeMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Recorded Books Inc. (dba RBMedia) Industry Media Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 08/31/292026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% PAS Parent Inc. (dba Pace Analytical) Industry Professional Services Reference Rate and Spread S + 4.50% Maturity 08/18/312025-12-310001948368ck0001948368:TEIIntermediateLLCMemberck0001948368:FirstLienOrSeniorSecuredDebtMember2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) Industry IT Services Interest Rate 8.97% Reference Rate and Spread S + 5.25% Maturity 10/02/29 One2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:CURiOBrandsLLCMember2025-12-310001948368us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquityMember2025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Sunshine Cadence HoldCo, LLC (dba Cadence Education) Industry Diversified Consumer Services Reference Rate and Spread S + 5.00% Maturity 05/01/302026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Rotation Buyer, LLC (dba Rotating Machinery Services) Industry Machinery Interest Rate 8.45% Reference Rate and Spread S + 4.75% Maturity 12/26/312026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Onward AcquireCo, Inc. (dba OneStream) Industry Software Reference Rate and Spread S + 4.75% Maturity 04/01/33 One2026-03-310001948368ck0001948368:InvestmentsAtFairValueMemberck0001948368:ITServicesMemberck0001948368:IndustryConcentrationRiskMember2026-01-012026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 9.57% Reference Rate and Spread S + 5.75% Maturity 08/01/29 One2025-12-310001948368us-gaap:FairValueInputsLevel3Memberck0001948368:FirstLienOrSeniorSecuredDebtMember2026-01-012026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Splash Car Wash, Inc. Industry Diversified Consumer Services Reference Rate and Spread S + 5.00% Maturity 03/17/322025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% NC Topco, LLC (dba NContracts) Industry Software Reference Rate and Spread S + 4.50% Maturity 09/02/31 One2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Blast Bidco Inc. (dba Bazooka Candy Brands) Industry Consumer Staples Distribution & Retail Reference Rate and Spread S + 6.00% Maturity 10/05/292026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Convenient Payments Acquisition, Inc. Industry Software Interest Rate 9.67% Reference Rate and Spread S + 6.00% Maturity 12/31/262026-03-310001948368ck0001948368:LeisureProductsMemberck0001948368:InvestmentsAtFairValueMemberck0001948368:IndustryConcentrationRiskMember2026-01-012026-03-310001948368ck0001948368:FirstLienOrLastOutUnitrancheMember2026-03-310001948368ck0001948368:KeneAcquisitionIncMemberck0001948368:FirstLienOrSeniorSecuredDebtMember2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Splash Car Wash, Inc. Industry Diversified Consumer Services Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 03/17/322025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Splash Car Wash, Inc. Industry Diversified Consumer Services Reference Rate and Spread S +5.00% Maturity 03/17/322026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Zeppelin US Buyer Inc. (dba Global Critical Logistics) Industry Air Freight & Logistics Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 08/02/322025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% AAG KP Borrower LLC (dba KUIU) Industry Textiles, Apparel & Luxury Goods Reference Rate and Spread S + 5.00% Maturity 12/05/31 One2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Sundance Group Holdings, Inc. (dba NetDocuments) Industry Software Reference Rate and Spread S + 4.75% Maturity 07/02/292025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:AdmiralBuyerIncMember2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% SpecialtyCare, Inc. Industry Health Care Providers & Services Interest Rate 8.99% Reference Rate and Spread S + 5.00% Maturity 12/18/292025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Frontline Road Safety Operations, LLC Industry Commercial Services & Supplies Interest Rate 8.47% Reference Rate and Spread S + 4.75% (Incl. 2.00% PIK) Maturity 03/04/32 Two2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:KPAParentHoldingsIncMember2026-03-310001948368us-gaap:ValuationTechniqueDiscountedCashFlowMemberck0001948368:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberck0001948368:FirstLienOrLastOutUnitrancheMembersrt:MaximumMember2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) Industry IT Services Reference Rate and Spread S + 5.25% Maturity 10/02/29 One2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Wildcat Solutions Holdings, LLC (dba O6 Environmental) Industry Commercial Services & Supplies Reference Rate and Spread S + 4.75% Maturity 08/05/322025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Frontline Road Safety Operations, LLC Industry Commercial Services & Supplies Interest Rate 8.42% Reference Rate and Spread S + 4.75% (Incl. 2.00% PIK) Maturity 03/04/322026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:ZeppelinUSBuyerIncMember2025-12-310001948368ck0001948368:K2TowersIILLCMemberck0001948368:FirstLienOrLastOutUnitrancheMember2025-12-310001948368ck0001948368:EnergyEquipmentAndServicesMemberck0001948368:InvestmentsAtFairValueMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:CeleroCommerceLLCMember2025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% One, Inc. Software Corporation Industry Software Interest Rate 8.20% Reference Rate and Spread S + 4.50% Maturity 12/06/322026-03-310001948368us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberck0001948368:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberck0001948368:FirstLienOrLastOutUnitrancheMember2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% NCWS Intermediate, Inc. (dba National Carwash Solutions) Industry Trading Companies & Distributors Interest Rate 9.17% Reference Rate and Spread S + 5.50% (Incl. 2.25% PIK) Maturity 12/31/292025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Onward AcquireCo, Inc. (dba OneStream) Industry Software Reference Rate and Spread S + 4.75% Maturity 04/01/332026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Omega Midwest Buyer, LLC (dba Omega Fitness Holdings) Industry Hotels, Restaurants & Leisure Interest Rate 8.45% Reference Rate and Spread S + 4.75% Maturity 12/31/31 One2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) Industry IT Services Interest Rate 8.92% Reference Rate and Spread S + 5.25% Maturity 10/02/29 Three2026-03-310001948368us-gaap:AerospaceSectorMember2026-03-310001948368ck0001948368:HotelsRestaurantsLeisureMember2026-03-310001948368ck0001948368:InvestmentsAtFairValueMemberck0001948368:AirFreightAndLogisticsMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages) Industry Insurance Reference Rate and Spread S + 4.50% Maturity 11/22/322026-03-310001948368us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberck0001948368:BankLoansCorporateDebtAndOtherDebtObligationsMemberck0001948368:FirstLienOrSeniorSecuredDebtMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% USA DeBusk, LLC Industry Commercial Services & Supplies Interest Rate 8.92% Reference Rate and Spread S + 5.25% Maturity 04/30/302026-03-310001948368ck0001948368:TowercoIvHoldingsLlcMemberck0001948368:FirstLienOrLastOutUnitrancheMember2025-12-310001948368us-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2022-10-060001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% USA DeBusk, LLC Industry Commercial Services & Supplies Interest Rate 9.06% Reference Rate and Spread S + 5.25% Maturity 04/30/302025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% KPA Parent Holdings, Inc. Industry Software Reference Rate and Spread S + 4.50% Maturity 03/12/322025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:KPAParentHoldingsIncMember2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% TM Restaurant Group LLC Industry Hotels, Restaurants & Leisure Reference Rate and Spread S + 7.25% Maturity 07/26/282025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Octane Purchaser, Inc. (dba Office Ally) Industry Health Care Technology Interest Rate 7.97% Reference Rate and Spread S + 4.25% Maturity 05/19/322025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Reference Rate and Spread S + 6.50% Maturity 08/01/292026-03-310001948368us-gaap:RevolvingCreditFacilityMember2025-01-012025-03-310001948368us-gaap:CommonStockMembercountry:US2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Apple Bidco Holdings, Inc. (dba Raptor Technologies) Industry Software Reference Rate and Spread S + 4.50% Maturity 01/22/332026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Blast Bidco Inc. (dba Bazooka Candy Brands) Industry Consumer Staples Distribution & Retail Reference Rate and Spread S + 6.00% Maturity 10/05/292025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:IrisSpecialtyAcquisitionLLCDbaIntegratedSpecialtyCoveragesMember2025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:CrewlineBuyerIncMember2026-03-310001948368ck0001948368:CiQuercusIntermediateHoldingsLlcMemberck0001948368:FirstLienOrSeniorSecuredDebtMember2025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.) Industry Commercial Services & Supplies Interest Rate 9.17% Reference Rate and Spread S + 5.50% (Incl. 2.75% PIK) Maturity 08/22/312026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% US Signal Company, LLC Industry IT Services Interest Rate 9.28% Reference Rate and Spread S + 5.50% Maturity 09/04/292026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:SplashCarWashIncMember2025-12-310001948368us-gaap:CommonStockMember2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Edko, LLC Industry Commercial Services & Supplies Reference Rate and Spread S + 4.75% Maturity 10/02/31 One2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Coding Solutions Acquisition, Inc. (dba CorroHealth) Industry Health Care Providers & Services Interest Rate 8.72% Reference Rate and Spread S + 5.00% Maturity 08/07/312025-12-310001948368us-gaap:InvestmentAffiliatedIssuerMember2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Crewline Buyer, Inc. (dba New Relic) Industry Software Interest Rate 10.59% Reference Rate and Spread S + 6.75% Maturity 11/08/302025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Arrow Buyer, Inc. (dba Archer Technologies) Industry Software Interest Rate 8.70% Reference Rate and Spread S + 5.00% Maturity 07/01/302026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% One, Inc. Software Corporation Industry Software Reference Rate and Spread S + 4.50% Maturity 12/06/322026-03-310001948368ck0001948368:InvestmentsAtFairValueMemberck0001948368:ElectricalEquipmentMemberck0001948368:IndustryConcentrationRiskMember2026-01-012026-03-310001948368ck0001948368:PhillipStreetMiddleMarketLendingInvestmentsLlcMembersrt:MaximumMember2023-02-100001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Arrow Buyer, Inc. (dba Archer Technologies) Industry Software Interest Rate 8.70% Reference Rate and Spread S + 5.00% Maturity 07/01/30 One2026-03-310001948368ck0001948368:InvestmentsAtFairValueMemberck0001948368:ProfessionalServicesMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 07/24/31 One2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Vamos Bidco, Inc. (dba VIP) Industry Software Reference Rate and Spread S + 4.75% Maturity 01/30/32 One2025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% NCWS Intermediate, Inc. (dba National Carwash Solutions) Industry Trading Companies & Distributors Interest Rate 8.94% Reference Rate and Spread S + 5.25% Maturity 12/31/292025-12-310001948368ck0001948368:InvestmentCompanyExpenseRatioToAverageNetAssetsMember2026-01-012026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:TropicalBidcoLLCMember2026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:GuidepointSecurityHoldingsLLCMember2025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Businessolver.com, Inc. Industry Health Care Technology Reference Rate and Spread S + 4.50% Maturity 12/03/322026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Engage2Excel, Inc. Industry Professional Services Interest Rate 10.99% Reference Rate and Spread S + 7.25% Maturity 07/01/292026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 07/24/312025-12-310001948368Investment Debt Investments - 168.5% United States - 168.7% 1st Lien/Senior Secured Debt - 159.5% KPA Parent Holdings, Inc. Industry Software Reference Rate and Spread S + 4.50% Maturity 03/12/32 One2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Accommodations Plus Technologies LLC Industry Software Interest Rate 8.94% Reference Rate and Spread S + 5.25% Maturity 05/28/32 One2025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Artifact Bidco, Inc. (dba Avetta) Industry Software Interest Rate 7.85% Reference Rate and Spread S + 4.15% Maturity 07/28/312026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Fullsteam Operations LLC Industry Financial Services Reference Rate and Spread S + 5.25% Maturity 08/08/312026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% TL Sapphire Holdings, Inc. (dba SouthernCarlson) Industry Trading Companies & Distributors Reference Rate and Spread S + 5.00% Maturity 01/24/33 One2025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% TEI Intermediate LLC (dba Triumvirate Environmental) Industry Commercial Services & Supplies Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 12/15/31 One2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Valet Waste Holdings, Inc. (dba Valet Living) Industry Commercial Services & Supplies Interest Rate 9.67% Reference Rate and Spread S + 6.00% Maturity 05/01/29 One2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) Industry IT Services Reference Rate and Spread S + 5.25% Maturity 10/02/292026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Accommodations Plus Technologies LLC Industry Software Interest Rate 8.94% Reference Rate and Spread S + 5.25% Maturity 05/28/322026-03-310001948368us-gaap:CommonStockMember2026-01-012026-03-310001948368us-gaap:FinancialServicesSectorMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Omega Midwest Buyer, LLC (dba Omega Fitness Holdings) Industry Hotels, Restaurants & Leisure Interest Rate 8.45% Reference Rate and Spread S + 4.75% Maturity 12/31/312026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Sonar Acquisitionco, Inc. (dba SimPRO) Industry Construction & Engineering Reference Rate and Spread S + 5.00% Maturity 10/24/302025-12-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Project Accelerate Parent, LLC (dba ABC Fitness) Industry Financial Services Reference Rate and Spread S + 5.25% Maturity 02/24/312025-12-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.) Industry Construction & Engineering Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 10/15/31 One2026-03-310001948368us-gaap:DebtSecuritiesMembercountry:US2026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:AccommodationsPlusTechnologiesLLCMember2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% QBS Parent, Inc. (dba Quorum Software) Industry IT Services Interest Rate 8.22% Reference Rate and Spread S + 4.50% Maturity 06/03/322025-12-310001948368us-gaap:FairValueInputsLevel3Memberck0001948368:InvestmentAdviserDidNotDevelopUnobservableInputsMember2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% Ideal Components Acquisition, LLC (dba Ideal Tridon) Industry Machinery Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 06/30/322025-12-310001948368us-gaap:SoftwareDevelopmentMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% Trystar, LLC Industry Electrical Equipment Interest Rate 7.92% Reference Rate and Spread S + 4.25% Maturity 08/06/31 Two2026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:LegendsHospitalityHoldingCompanyLLCMember2026-03-310001948368Investment Debt Investments - 188.7% United States - 188.7% 1st Lien/Senior Secured Debt - 177.1% US Signal Company, LLC Industry IT Services Interest Rate 9.37% Reference Rate and Spread S + 5.50% Maturity 09/04/292025-12-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:OctanePurchaserIncMember2026-03-310001948368Investment Debt Investments - 168.5% United States - 168.5% 1st Lien/Senior Secured Debt - 159.5% DFS Holding Company, Inc. Industry Distributors Interest Rate 11.20% Reference Rate and Spread S + 7.50% (Incl. 5.00% PIK) Maturity 01/31/292026-03-310001948368us-gaap:FairValueInputsLevel3Member2025-01-012025-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:ArkDataCentersLLCMember2025-12-310001948368ck0001948368:IncentiveFeesAndInterestAndOtherDebtExpensesMember2026-01-012026-03-310001948368ck0001948368:InvestmentsAtFairValueMemberus-gaap:MediaContentMemberck0001948368:IndustryConcentrationRiskMember2026-01-012026-03-310001948368us-gaap:DebtMember2022-10-062022-10-060001948368us-gaap:FairValueInputsLevel2Member2025-12-310001948368us-gaap:FairValueInputsLevel1Member2026-03-310001948368us-gaap:FairValueInputsLevel3Memberck0001948368:BankLoansCorporateDebtAndOtherDebtObligationsMemberck0001948368:FirstLienOrSeniorSecuredDebtMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMember2026-03-310001948368ck0001948368:FirstLienOrSeniorSecuredDebtMemberck0001948368:HamiltonThorneIncMember2026-03-310001948368ck0001948368:InvestmentsAtFairValueMemberus-gaap:ConstructionMemberck0001948368:IndustryConcentrationRiskMember2025-01-012025-12-31iso4217:AUDiso4217:EURxbrli:purexbrli:sharesiso4217:USDxbrli:sharesck0001948368:Companyck0001948368:Segmentiso4217:USD\n\n \n\n \n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n \n\nFORM 10-Q\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\nor\n\n☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nCommission file number: 814-01579\n\n \n\nPhillip Street BDC LLC\n\n(Exact Name of Registrant as Specified in Its Charter)\n\n \n\nDelaware\n\n92-0758632\n\n(State or Other Jurisdiction of\n\nIncorporation or Organization)\n\n(I.R.S. Employer\n\nIdentification No.)\n\n \n\n \n\n200 West Street, New York, New York\n\n10282\n\n(Address of Principal Executive Offices)\n\n(Zip Code)\n\nRegistrant’s Telephone Number, Including Area Code: (312) 655-4419\n\nPhillip Street Middle Market Lending Fund LLC\n\nFormer Name, Former Address and Former Fiscal Year, If Changed Since Last Report.\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n \n\n \n\nTitle of each class\n\n \n\nTrading Symbol(s)\n\n \n\nName of each exchange\n\non which registered\n\nNone\n\n \n\nNone\n\n \n\nNone\n\n \n\n \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\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 Act). YES ☐ NO ☒\n\nAs of May 12, 2026, there were 27,827,482 limited liability company common units outstanding.\n\n \n\n[Table of Contents](#toc_page)\n\n \n\nPhillip Street BDC LLC\n\nQUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2026\n\n \n\n \n\nINDEX\n\nPAGE\n\n \n\n[Cautionary Statement Regarding Forward-Looking Statements](#cautionarystatement)\n\n3\n\n[PART I.](#part1)\n\n[FINANCIAL INFORMATION](#financialinformation)\n\n4"}