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| Delaware                                                       |  | 13‐4077194                     |
|----------------------------------------------------------------|--|--------------------------------------|
| (State or Other Jurisdiction of Incorporation or Organization) |  | (I.R.S. Employer Identification No.) |
| 1 Vanderbilt, 16th Floor                 |  |       |
|------------------------------------------|--|------------|
| New York, New York                       |  | 10017      |
| (Address of Principal Executive Offices) |  | (Zip Code) |

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|                Title of Each Class |          |                Trading Symbol(s) |          | Name of Each Exchange on WhichRegistered |
|-----------------------------------------|--------------------|---------------------------------------|--------------------|------------------------------------------|
| None                                    |     | N/A                                   |     | N/A                                      |

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

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|                                                                                                                       | Page |
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|                                                                                                                       |      |
| PART I                                                                                                                     | 5    |
| Item 1. Business                                                                                                           | 5    |
| Item 1A. Risk Factors                                                                                                      | 19   |
| Item 1B. Unresolved Staff Comments                                                                                         | 55   |
| Item 2. Properties                                                                                                         | 55   |
| Item 3. Legal Proceedings                                                                                                  | 55   |
| Item 4. Mine Safety Disclosures                                                                                            | 55   |
| Part II.                                                                                                                   | 56   |
| Item 5. Market for Registrants’ Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 56   |
| Item 6. Reserved.                                                                                                          | 57   |
| Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations                        | 57   |
| Item 7A. Quantitative and Qualitative Disclosures About Market Risk                                                        | 70   |
| Item 8. Financial Statements and Supplementary Data                                                                        | 72   |
| Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure                               | 96   |
| Item 9A. Controls and Procedures                                                                                           | 96   |
| Item 9B. Other Information.                                                                                                | 96   |
| Part III                                                                                                                   | 97   |
| Item 10. Directors, Executive Officers and Corporate Governance.                                                           | 97   |
| Item 11. Executive Compensation.                                                                                           | 103  |
| Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.                   | 103  |
| Item 13. Certain Relationships and Related Transactions, and Director Independence.                                        | 104  |
| Item 14. Principal Accountant Fees and Services.                                                                           | 114  |
| Part IV                                                                                                                    | 115  |
| Item 15. Exhibits and Financial Statement Schedules.                                                                       | 115  |

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|  | • | We are a new company with a limited operating history and there is no assurance that we will achieve our investment objective. |
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|  | • | We are subject to risks associated with the current interest rate environment and to the extent we use debt to finance our investments, changes in interest rates will affect our cost of capital and net                investment income. |
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|  | • | We operate in a highly competitive market for investment opportunities, which could reduce returns and result in losses. |
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|  | • | Rising interest rates could make it more difficult for portfolio companies to make periodic payments on their loans. |
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|  | • | We are subject to risks associated with the discontinuation of LIBOR, which will affect our cost of capital and net investment income. |
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|  | • | We are dependent upon OHA Private Credit Advisors II, L.P. (the “Adviser”) for our success and upon its access to the investment professionals and partners and its affiliates. |
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|  | • | Our business model depends to a significant extent upon strong referral relationships with sponsors and investing in companies backed by private equity sponsors. Any inability of the Adviser to maintain or                develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business. |
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|  | • | We can provide no assurance that we will be able to replicate the historical results achieved by other entities managed or sponsored by members of the Adviser’s investment committee, or by the Adviser or its                affiliates. |
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|  | • | Our financial condition, results of operations and cash flows will depend on our ability to manage our business effectively. |
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|  | • | There are significant potential conflicts of interest that could affect our investment returns, including related to obligations of the Adviser, in the valuation of investments and any arrangements with the                Adviser. |
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|  | • | We and the Adviser could be the target of litigation or regulatory investigations. |
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|  | • | We are subject to certain risks related to our ability to qualify as a RIC and to related to regulations governing our operation as a business development company |
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|  | • | Investors in our Shares may fail to fund their Capital Commitments (as defined below) when due. |
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|  | • | We intend to finance our investments with borrowed money, which will accelerate and increase the potential for gain or loss on amounts invested and could increase the risk of investing in us. |
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|  | • | We are subject to risks associated with any credit facility. |
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|  | • | The Investment Period could be extended. |
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|  | • | The majority of our portfolio investments will be recorded at fair value as determined by the Adviser as the Valuation Designee and, as a result, there could be uncertainty as to the value of our portfolio                investments. |
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|  | • | Our Board of Managers (the “Board”) could change our investment objective, operating policies and strategies without prior notice or Member approval. |
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|  | • | The Fund may terminate the advisory agreement (the “Advisory Agreement”), without payment or penalty, upon 60 days written notice or the Administration Agreement, without payment of any penalty, upon 120                days’ written notice. We can provide no assurance that we could find a suitable replacement within that time, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of                operations. |
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|  | • | We incur significant costs as a result of having securities registered under the Exchange Act. |
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|  | • | Economic recessions or downturns could impair our portfolio companies and defaults by our portfolio companies will harm our operating results. |
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|  | • | Our investments in debt, leveraged portfolio companies, private and middle-market portfolio companies are risky, and we could lose all or part of our investment. |
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|  | • | We would be subject to risks if we are required to assume operation of portfolio companies upon default. |
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|  | • | The lack of liquidity in our investments could adversely affect our business. |
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|  | • | Price declines and illiquidity in the corporate debt markets could adversely affect the fair value of our portfolio investments, reducing our net asset value through increased net unrealized depreciation. |
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|  | • | Portfolio companies could prepay loans, which could reduce our yields if capital returned is not invested in transactions with equal or greater expected yields. |
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|  | • | We are subject to credit and default risk and portfolio companies could be unable to repay or refinance outstanding principal on their loans at or prior to maturity. |
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|  | • | We have not yet identified the portfolio company investments we will acquire. |
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|  | • | Our portfolio could be concentrated in a limited number of portfolio companies and industries, which will subject us to a risk of significant loss if any of these companies defaults on its obligations under                any of its debt instruments or if there is a downturn in a particular industry. |
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|  | • | We could hold the debt securities of leveraged companies that could, due to the significant volatility of such companies, enter into bankruptcy proceedings. |
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|  | • | Our failure to make follow-on investments in our portfolio companies could impair the value of our portfolio. |
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|  | • | Because we generally will not hold controlling equity interests in our portfolio companies, we generally will not be able to exercise control over our portfolio companies or to prevent decisions by management                of our portfolio companies that could decrease the value of our investments. |
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|  | • | Our portfolio companies could incur debt that ranks equally with, or senior to, our investments in such companies and such portfolio companies could fail to generate sufficient cash flow to service their debt                obligations to us. |
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|  | • | The disposition of our investments could result in contingent liabilities. |
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|  | • | The Adviser’s liability is limited, and we have agreed to indemnify the Adviser against certain liabilities, which could lead the Adviser to act in a riskier manner on our behalf than it would when acting for                its own account. |
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|  | • | We could be subject to risks to the extent we invest in non-U.S. companies. |
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|  | • | We could be subject to risks if we engage in hedging transactions and could become subject to risks if we invest in foreign securities. |
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|  | • | We could suffer losses from our equity investments. |
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|  | • | We could be subject to lender liability claims with respect to our portfolio company investments. |
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|  | • | There are restrictions on the ability of holders of our Shares to transfer Shares in excess of the restrictions typically associated with a private placement of securities, and these additional restrictions                further limit the liquidity of an investment in our Shares. |
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|  | • | Investing in our Shares could involve an above average degree of risk. |
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|  | • | There is a risk that investors in our equity securities may not receive distributions or that our distributions will not grow over time and a portion of our distributions could be a return of capital. |
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| Item 1. | Business |
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|  | • | Changes in Financing Markets are Driving Growth in Private Lending. Secular changes largely set in motion by regulatory response to the global financial crisis of 2008-2009 have led to market                supply / demand dynamics that have resulted in borrowers and private equity sponsors increasingly accessing the benefits of private financings. Increased regulation, industry consolidation, and general risk aversion have caused traditional                banks to retreat from lending markets. As of December 31, 2022, banks made up approximately 24% of the traditional U.S. lending market, compared to the 30% share of the market they maintained in 2004. While bank retrenchment created a                financing void, demand for capital continues to grow, evidenced by elevated private equity deal activity and “dry powder” (i.e., uncalled capital commitments), as well as M&A financing needs more broadly. The supply / demand imbalance                has created an opportunity for providers of private lending solutions, like OHA, to step in and directly originate financing solutions with attractive terms for investors. Capital available for private lending has grown accordingly causing                the private lending market to develop in a large and viable alternative source of financing. |
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|  | • | Changes in Corporate Borrower Behavior. With this backdrop, corporate borrowers also increasingly seek the advantages of private lending solutions, compared to traditional lending markets. These                benefits include greater structuring flexibility, transaction privacy, certainty of pricing and terms, speed of execution and smaller, more manageable lender groups. In recent years, this growth has been particularly pronounced among larger                companies and their sponsors seeking customized financing solutions unavailable in traditional financing markets. These borrowers often favor engagement with select trusted lending partners, like OHA, to address their ongoing and often                complex financing needs with streamlined private solutions irrespective of market environment. OHA believes that as companies and private equity sponsors become more aware of the depth in the private debt space that has been created by                scaled providers, like OHA, they will increasingly weigh this option against public market alternatives for larger companies. OHA believes that its integrated investment activities and engagement with borrowers as a “one-stop” shop across                public and private market financing needs position it to capitalize on these evolving borrower behaviors. |
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|  | • | Strength of Private Credit During Volatile Market Environments. Periods of market volatility, such as the dislocation caused by the COVID-19 pandemic and                the increased market turbulence and uncertain economic backdrop in 2022, appear to accentuate the advantages of private credit and reinforce the secular trends that drive the growth of the asset class. The availability of capital in the                liquid credit market is highly sensitive to market conditions and often becomes constrained during more volatile market environments. This is a consequence of liquid or syndicated loan new issuance relying to a large extent on the creation                of CLOs, retail fund flows and other technical forces as banks retrenched from traditional lending markets. Private lending, in contrast, has proven to be a stable and reliable source of capital through periods of volatility, which often                expands the opportunity set for private financing. These dynamics are expected to position the Fund to secure favorable pricing and rigorous structural protection to drive value for Fund investors. Moreover, OHA believes that both normally                functioning and challenged market environments have the potential to offer attractive private lending opportunities. |
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|  | • | Privately Originated, Senior Secured Loans Offer Attractive Investment Characteristics. As the market landscape has evolved over the past several years, investors continue to search for asset                classes with defensive characteristics that also produce high, current income. While there is inherent risk in investing in any security, senior secured debt is at the top of the capital structure and thus has priority claims in payment                among an issuer’s security holders (i.e., senior secured debt holder are due to receive payment before junior creditors and equity holders). These investments are secured by the issuer’s assets and                often include restrictive covenants for the purpose of investor protections. Additionally, private credit investments will generally offer higher coupons and total return potential than what is available in the liquid credit markets,                primarily due to illiquidity and complexity premia. Senior secured loans also generally consist of floating rate cash interest coupons, which OHA believes can be another attractive return attribute in a rising interest rate environment. |
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|  | • | Deep Credit Investment Experience: OHA has been a credit specialist for more than 30 years. Over that time, it has invested in thousands of companies, accumulating an extensive “library of                knowledge” that it believes offers differentiated views on issuers, industries and markets. OHA has also developed deep strategic relationships and robust networks with management teams and private equity sponsors, with a focus on larger                companies that are increasingly seeking private credit solutions. OHA believes these historical relationships will remain significant drivers of its private credit investment deal flow. |
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|  | • | Significant Private Credit Investment Expertise: OHA has a long history of private credit investing starting in 2002 that has been tested through several credit cycles. OHA believes that this                experience demonstrates its ability to generate attractive risk-adjusted returns with an emphasis on downside protection from private lending. OHA manages numerous investment programs that focus on senior secured corporate private credit                investments primarily in North America and Europe. These investment programs seek to capitalize on OHA’s significant and successful history investing in private first lien and unitranche financings, as well as second lien loans and other                corporate secured debt. These client solutions include other pooled investment vehicles and single investor mandates structured to solve the various objectives and requirements of OHA’s global investor base. Further, these investment                programs and OHA’s broader investment platform provide significant capacity to drive and commit to private financing solutions in scale. |
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|  | • | Highly Experienced Team: The Fund benefits from the full capabilities of OHA’s more than 100 investment professionals globally, under the leadership of the Fund’s Investment Committee. The members                of the Investment Committee have worked at OHA for over 20 years on average and have navigated and capitalized on numerous market cycles. Further, the deep continuity of OHA’s senior team has helped institutionalize a highly disciplined                investment process. OHA believes that the consistency of this process has contributed to the consistency of its investment results across its corporate credit strategies. This robust process harnesses the complementary skillsets of                industry, asset-class, transaction, documentation and workout specialists to enhance sourcing, due diligence, structuring and ongoing monitoring of investments. OHA further believes that the                continuity of its team and execution of its time-tested investment process should position it to source and execute on highly attractive opportunities, often on a proprietary basis, on behalf of Fund investors. See “Portfolio Management”                for a more detailed discussion. |
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|  | • | Industry-Specialist Investment Team Model: A central component of the Adviser’s and OHA’s investment process is deep and experienced industry-focused investment teams. These teams are typically                comprised of three to six professionals and are charged with having a deep understanding of all relevant companies in their sectors. OHA believes that the depth of their expertise meaningfully enhances all aspects of its investment process,                contributing to attractive returns with minimal credit losses over time. OHA believes that sponsors and management teams view its industry teams as possessing differentiated perspectives on industry and company-specific matters, deal                structures, pricing and other important transaction dynamics. OHA believes this facilitates early discussions with such sponsors and companies, which OHA believes enables OHA to drive key deal terms, access greater size in transactions and,                in certain cases, achieve more favorable economics. A deep understanding of industries and companies also positions OHA to suggest proactively creative financing solutions that can drive significant potential value for borrowers, private                equity sponsors and, in turn, the Fund’s investors. Finally, OHA believes that its sector knowledge also meaningfully enhances the quality of its due diligence. OHA often has a prior relationship with a corporate borrower or its management                team, deep knowledge of its competitors and/or ongoing dialogue with key customers, suppliers, industry consultants and other contacts that can offer differentiated perspectives. |
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|  | • | Scaled, “One-stop Shop”: OHA believes that the size and breadth of its $57 billion platform solving diverse, often complex financing needs of corporate borrowers across both private and liquid                markets is a distinct sourcing advantage. The resulting frequent dialogue and active engagement contribute to proprietary deal flow with significant repeat lender roles for OHA. These capabilities help maximize the number of opportunities                that OHA sources which it considers critical given the highly selective nature of its investment process. OHA’s industry teams are responsible for investments in the private and liquid credit markets, which includes working closely with the                Firm’s private credit specialists. This framework allows the relevant investment professional to serve as a single point of contact for a borrower that can deliver OHA’s scale and flexible solutions across the range of the corporate                borrower’s financing needs over time. In many cases, OHA believes that management teams and sponsors do not know which financing solution will ultimately prove optimal and/or actionable as they assess their options. OHA can seamlessly                partner across a full range of private, liquid or hybrid liquid/private solutions, positioning it to be a true partner of choice that can customize the best credit solution, regardless of the structure or complexity. In turn, OHA believes                that it is viewed as a trusted, creative and thoughtful long-term lending partner, strongly positioning it when sponsors and management teams seek partners for proprietary financings or when assembling a small lending group. OHA’s                flexibility on structure, combined with size to drive transactions, enable it to be a “one-stop shop” which is particularly relevant for Larger Borrowers who access both private and syndicated markets. |
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|  | • | Transaction Leadership: OHA has demonstrated experience leading private credit transactions which it attributes to the competitive advantages described above. OHA’s scale, company- and                sector-specific insights, underwriting strength, and structuring expertise position it to engage in complex situations and deliver customized financing solutions that address the unique financing needs of corporate borrowers. Since 2018,                OHA has held a leadership position in the vast majority of its private lending investments. Being a sole or primary lender in size fosters and enhances a partnership mentality with the corporate borrower that is differentiated from                traditional lending relationships. OHA believes that its ability to lead transactions is a potential source of incremental return as it allows OHA to influence deal terms and structures to the benefit                of the Fund. |
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|  | • | Larger Borrower Focus: OHA typically focuses on investments in companies with EBITDA of $75 million or greater, which has been a consistent aspect of OHA’s investment process throughout its                history. OHA believes this focus and positioning to work with Larger Borrowers benefits the Fund in several ways. OHA believes that credit profiles of Larger Borrowers generally benefit from greater business diversification, stronger market                positions, experienced management teams and a greater ability to navigate challenging markets. At the same time, many larger companies have complex financing needs to which OHA’s capabilities and solutions are well suited. In addition, OHA                believes that fewer capital providers possess the required scale to effectively operate in this segment of the private credit market. In turn, scaled private lending platforms, like OHA, focused on Larger Borrowers currently face less                competition than in the market for smaller companies. In particular, OHA observes that demand for private unitranche financings from Larger Borrowers continues to grow significantly, presenting OHA with many attractive investment                opportunities in these well-structured facilities. OHA believes that this expanding universe of borrowers offers opportunities to secure more favorable pricing and rigorous structural protections on behalf of investors relative to the                public markets where Larger Borrowers historically addressed their financing needs. |
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|  | • | Downside Protection: OHA believes that a key driver of success in private credit investing is the ability to limit credit mistakes and preserve capital. Accordingly, a focus on downside protection                has been a core tenet of the Firm’s investment process since inception. This time-tested approach employs a highly disciplined bottom-up, “private equity-style” due diligence process, combined with rigorous transaction structuring to                mitigate risk. OHA’s extensive structuring expertise and flexibility combined with its trusted financing partner relationships position it to negotiate highly structured financing solutions that address the unique risks presented by a                borrower. OHA believes that this focus on downside protection is evidenced by the low losses across its corporate credit strategies, historically including its private lending strategies. Most                recently, OHA believes that its resilience through the COVID-19 pandemic reflects OHA’s underwriting rigor and focus on downside protection. |
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|  | • | Significant Workout and Restructuring Expertise: OHA believes that the expertise gained as a leading distressed investor since 1990 offers a competitive advantage in the execution of its private                credit strategy. Since 1990, OHA has made approximately $20 billion in distressed investments. OHA seeks to capitalize on this capability when evaluating and structuring private credit investments to ensure that the transaction                documentation offers protection across a broad range of outcomes. OHA believes its expertise as a distressed investor also enhances its ability to move with conviction to seize on opportunities resulting from market volatility in its                performing investment activities, including private credit. OHA believes that its distressed investment expertise also provides it with a distinct advantage monitoring and managing investments. Should one of OHA’s performing credit                investments encounter difficulty, the relevant industry team will leverage OHA’s extensive workout capabilities. The distressed team will work with the industry team to re-evaluate the company and capital structure from a distressed                investing perspective and implement a strategy to optimize results. |
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|  | • | Single Issuer Limitation: 15% of NAV |
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|  | • | Geographical Limitations (based on NAV): |
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|  | o | U.S.-based issuer: > 80% |
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|  | o | Non-U.S.-based issuer: < 20% |
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| Item 1A. | Risk Factors |
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|  | • | The Fund is Subject to General Risks.  A fundamental risk associated with the Fund’s investment strategy is that the companies in whose debt the Fund invests will be unable to                make regular payments (e.g., principal and interest payments) when due, or at all, or otherwise fail to perform.  Portfolio companies could deteriorate as a result of, among other factors, an adverse development in their business, poor                performance by their management teams, a change in the competitive environment, an economic downturn or legal, tax or regulatory changes.  Portfolio companies that the Adviser expects to remain stable may in fact operate at a loss or have                significant variations in operating results, may require substantial additional capital to support their operations or to maintain their competitive position, or may otherwise have a weak financial condition or be experiencing financial                distress. |
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|  | • | The Fund’s Portfolio Companies May be Highly Leveraged.  Portfolio companies may be highly leveraged, and there may be no restriction on the amount of debt a portfolio company                can incur.  Substantial indebtedness may add additional risk with respect to a portfolio company, and could (i) limit its ability to borrow money for its working capital, capital expenditures, debt service requirements, strategic                initiatives or other purposes; (ii) require it to dedicate a substantial portion of its cash flow from operations to the repayment of its indebtedness, thereby reducing funds available to it for other purposes; (iii) make it more highly                leveraged than some of its competitors, which may place it at a competitive disadvantage; and/or (iv) subject it to restrictive financial and operating covenants, which may preclude it from favorable business activities or the financing of                future operations or other capital needs.  In some cases, proceeds of debt incurred by a portfolio company could be paid as a dividend to members rather than retained by the portfolio company for its working capital.  Leveraged companies                are often more sensitive to declines in revenues, increases in expenses, and adverse business, political, or financial developments or economic factors such as a significant rise in interest rates, a severe downturn in the economy or                deterioration in the condition of such companies or their industries.  A leveraged company’s income and net assets will tend to increase or decrease at a greater rate than if borrowed money were not used. |
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|  | • | The Fund is Subject to Risks Relating to Issuer/Borrower Fraud.  Of paramount concern in originating loans is the possibility of material misrepresentation or omission on the                part of borrowers or guarantors.  Such inaccuracy or incompleteness may adversely affect the valuation of the collateral underlying the loans or may adversely affect the ability of the Fund or its affiliates to perfect or effectuate a lien                on the collateral securing the loan.  The Fund or its affiliates will rely upon the accuracy and completeness of representations made by borrowers to the extent reasonable, but cannot guarantee such accuracy or completeness. |
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|  | • | The Fund is Subject to Risks Due to its Reliance on Fund Management.  The Adviser generally will seek to monitor the performance of                investments in operating companies either through interaction with the board of the applicable company and/or by maintaining an ongoing dialogue with the company’s management and/or sponsor team.  However, the Fund generally will not be in                a position to control any borrower by virtue of investing in its debt and the portfolio company’s management will be primarily responsible for the operations of the company on a day-to-day basis.  Although it is the intent of the Fund to                invest in companies with strong management teams, there can be no assurance that the existing management team, or any new one, will be able to operate the company successfully.  In addition, the Fund is subject to the risk that a borrower                in which it invests may make business decisions with which the Fund disagrees and the management of such borrower, as representatives of the common equity holders, may take risks or otherwise act in ways that do not serve the interests of                the debt investors, including the Fund.  Furthermore, in exercising its investment discretion, the Adviser may in certain circumstances commit funds of the Fund to other entities that will be given a mandate to make certain investments                consistent with the Fund’s investment objective and that may earn a performance-based fee on those investments.  Once such a commitment is made, such entities will have full control over the investment of such funds, and the Adviser will                cease to have such control. |
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|  | • | The Fund is Subject to Risks Relating to Environmental Matters.  Ordinary operation or the occurrence of an accident with respect to the portfolio companies in which the Fund                invest could cause major environmental damage, which may result in significant financial distress to the Fund’ investments and any portfolio company holding such assets, even if covered by insurance.  Certain environmental laws and                regulations may require that an owner or operator of an asset address prior environmental contamination, which could involve substantial cost and other liabilities.  The Fund (and the Fund investors) may therefore be exposed to substantial                risk of loss from environmental claims arising in respect of its investments.  Furthermore, changes in environmental laws or regulations or the environmental condition of an investment may create liabilities that did not exist at the time                of its acquisition and that could not have been foreseen.  Even in cases where the Fund are indemnified by the seller with respect to an investment against liabilities arising out of violations of environmental laws and regulations, there                can be no assurance as to the financial viability of the seller to satisfy such indemnities or the ability of the Fund to achieve enforcement of such indemnities.  See also “– Risk Arising from Provision of                  Managerial Assistance; Control Person Liability” below. |
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|  | • | The Value of Certain Portfolio Investments May Not be Readily Determinable. The Fund expects that many of its portfolio investments will take the form of securities that are not                publicly traded. The fair value of loans, securities and other investments that are not publicly traded may not be readily determinable, and will be valued at fair value as determined in good faith by the Adviser, including to reflect                significant events affecting the value of the Fund’s investments. Most, if not all, of the Fund’s investments (other than cash and cash equivalents) will be classified as Level 3 assets under Topic 820 of the U.S. Financial Accounting                Standards Board’s Accounting Standards Codification, as amended, Fair Value Measurements and Disclosures (“ASC Topic 820”). This means that the Fund’s portfolio valuations will be based on unobservable inputs and the Fund’s assumptions                about how market participants would price the asset or liability in question. The Fund expects that inputs into the determination of fair value of portfolio investments will require significant management judgment or estimation. Even if                observable market data are available, such information may be the result of consensus pricing information or broker quotes, which include a disclaimer that the broker would not be held to such a price in an actual transaction. The                non-binding nature of consensus pricing and/or quotes accompanied by disclaimers materially reduces the reliability of such information. The Fund expects to retain the services of one or more independent service providers to review the                valuation of these loans and securities. The types of factors that may be taken into account in determining the fair value of investments generally include, as appropriate, comparison to publicly-traded securities including such factors as                yield, maturity and measures of credit quality, the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flow, the                markets in which the portfolio company does business and other relevant factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of                time and may be based on estimates, determinations of fair value may differ materially from the values that would have been used if a ready market for these loans and securities existed. The Fund’s net asset value could be adversely                affected if determinations regarding the fair value of the Fund’s investments were materially higher than the values that the Fund ultimately realizes upon the disposal of such loans and securities. In addition, the method of calculating                the management fee and incentive fee may result in conflicts of interest between the Adviser, on the one hand, and investors on the other hand, with respect to the valuation of investments. |
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|  | • | The Fund May Elect Not to or May be Unable to Make Follow-On Investments in Portfolio Companies. Following an initial investment in a                portfolio company, the Fund may make additional investments in that portfolio company as “follow-on” investments, in order to: |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | increase or maintain in whole or in part the Fund’s equity ownership percentage; |
|--|---------|----------------------------------------------------------------------------------------|
|  | • | exercise warrants, options or convertible securities that were acquired in the original or subsequent financing; or |
|--|---------|---------------------------------------------------------------------------------------------------------------------|
|  | • | attempt to preserve or enhance the value of the Fund’s investment. |
|--|---------|--------------------------------------------------------------------------|
|  | • | The Fund May Be Subject to Risks Due to Not Holding Controlling Equity Interests in Portfolio Companies. The Fund does not generally intend to take controlling equity positions                in the Fund’s portfolio companies. To the extent that the Fund does not hold a controlling equity interest in a portfolio company, it will be subject to the risk that such portfolio company may make business decisions with which the Fund                disagrees, and the members and management of such portfolio company may take risks or otherwise act in ways that are adverse to the Fund’s interests. Due to the lack of liquidity for the debt and equity investments that the Fund typically                holds in portfolio companies, the Fund may not be able to dispose of its investments in the event it disagrees with the actions of a portfolio company, and may therefore suffer a decrease in the value of its investments. |
|--|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | The Fund is Subject to Risks Relating to Defaults by Portfolio Companies. A portfolio company’s failure to satisfy financial or operating covenants imposed by the Fund or other                lenders could lead to defaults and, potentially, acceleration of the time when the loans are due and foreclosure on the portfolio company’s assets representing collateral for its obligations. This could trigger cross defaults under other                agreements and jeopardize the portfolio company’s ability to meet its obligations under the debt that the Fund holds and the value of any equity securities the Fund owns. The Fund may incur expenses to the extent necessary to seek recovery                upon default or to negotiate new terms with a defaulting portfolio company. |
|--|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | The Fund is Subject to Risks Relating to Third Party Litigation. The Fund’s investment activities subject it to the normal risks of                becoming involved in litigation initiated by third parties. This risk is somewhat greater where the Fund exercises control or influence over a company’s direction. The expense of defending against claims by third parties and paying any                amounts pursuant to settlements or judgments would, absent willful misfeasance or gross negligence by the Adviser, be borne by the Fund (to the extent not borne by the portfolio companies) and would reduce net assets or could require Fund                investors to return to the Fund distributed capital and earnings. The Adviser and others are indemnified in connection with such litigation, subject to certain conditions. |
|--|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | • | the higher interest rates on PIK instruments reflect the payment deferral and increased credit risk associated with these instruments, and PIK instruments generally represent a significantly higher credit risk than coupon loans; |
|--|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | OID and PIK instruments may have unreliable valuations because the accruals require judgments about collectability of the deferred payments and the value of any associated collateral; |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | the use of PIK and OID securities may provide certain benefits to the Fund’s adviser, including increased management fees and incentive compensation; |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | an election to defer PIK interest payments by adding them to the principal on such instruments increases our future investment income which increases our net assets and, as such, increases the Adviser’s future base management fees which,                thus, increases the Adviser’s future income incentive fees at a compounding rate; |
|--|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | market prices of PIK instruments and other zero coupon instruments are affected to a greater extent by interest rate changes, and may be more volatile than instruments that pay interest periodically in cash. While PIK instruments are                usually less volatile than zero coupon debt instruments, PIK instruments are generally more volatile than cash pay securities; |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | the deferral of PIK interest on an instrument increases the loan-to-value ratio, which is a measure of the riskiness of a loan, with respect to such instrument; |
|--|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | even if the conditions for income accrual under GAAP are satisfied, a borrower could still default when actual payment is due upon the maturity of such loan; |
|--|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | for accounting purposes, cash distributions to investors representing OID income do not come from paid-in capital, although they may be paid from the offering proceeds. Thus, although a distribution of OID income may come from the cash                invested by investors, the 1940 Act does not require that investors be given notice of this fact; |
|--|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | the required recognition of OID or PIK interest for U.S. federal income tax purposes may have a negative impact on liquidity, as it represents a non-cash component of our investment company taxable income that may require cash                distributions to Members in order to maintain our ability to maintain tax treatment as a RIC for US federal income tax purposes; and |
|--|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | OID may create a risk of non-refundable cash payments to the Adviser based on non-cash accruals that may never be realized. |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------|

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| Item 1B. | Unresolved Staff Comments |
|----------|---------------------------|
| Item 2. | Properties |
|---------|------------|
| Item 3. | Legal Proceedings |
|---------|-------------------|
| Item 4. | Mine Safety Disclosures |
|---------|-------------------------|

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| Item 5. | Market for Registrants’ Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities |
|---------|--------------------------------------------------------------------------------------------------------------------|

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| Item 6. | Reserved. |
|---------|-----------|
| Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
|---------|---------------------------------------------------------------------------------------------|

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|                                     |   | For the period ended |    |
|------------------------------------------|--------|----------------------|---------|
| (dollar amounts in thousands)            |   | December 31, 2022    |    |
|                                     |   |                      |    |
| Total investments, beginning of period   |   | $                    | -       |   |
| New investments purchased                |   |                 | 149,464 |   |
| Net accretion of discount on investments |   |                 | -       |   |
| Net realized gain (loss) on investments  |   |                 | -       |   |
| Investments sold or repaid               |   |                 | -       |   |
| Total investments, end of period         |   |                 | 149,464 |   |

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|                                                                                       |        | As of             |   |
|---------------------------------------------------------------------------------------|--------|-------------------|--------|
|                                                                                  |   | December 31, 2022 |   |
| Weighted average yield on debt and income producing investments, at amortized cost(1) |   |              | 11.1   | % |
| Weighted average yield on debt and income producing investments, at fair value(1)     |   |              | 11.1   | % |
| Number of portfolio companies                                                         |   |              | 20     |   |
| Weighted average EBITDA (2)                                                           |   |              | 221    |   |
| Average loan-to-value (LTV) (3)                                                       |   |              | 46     | % |
| Percentage of debt investments bearing a floating rate, at fair value                 |   |              | 100.0  | % |
| Percentage of debt investments bearing a fixed rate, at fair value                    |   |              | 0.0    | % |
|  | (1) | Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts or less the annual amortization of premiums, as applicable, on income producing securities, divided by (b) the                total relevant investments at amortized cost or fair value, as applicable. Actual yields earned over the life of each investment could differ materially from the yields presented above. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (2) | Includes all private debt investments for which fair value is determined by the Board in conjunction with a third-party valuation firm and excludes quoted assets. Amounts are weighted based on fair market                value of each respective investment. Amounts were derived from the most recently available financial information provided by the portfolio company and may reflect a normalized or adjusted amount. Accordingly, we make no representation or                warranty in respect of this information. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | (3) | Includes all private debt investments for which fair value is determined by our Board in conjunction with a third-party valuation firm and excludes quoted assets. Average loan-to-value represents the net                ratio of loan-to-value for each portfolio company, weighted based on the fair value of total applicable private debt investments. Loan-to-value is calculated as the current total net debt of all loan tranches outstanding divided by the                estimated enterprise value of the portfolio company as of the most recent quarter end. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|              |   |           |    |   |        |   |    | % of Total     |   |
|-------------------|--------|-----------|---------|--------|--------|--------|---------|----------------|--------|
|              |   | Amortized |    |   | Fair   |   |    | Investments at |   |
|              |   | Cost      |    |   | Value  |   |    | Fair Value     |   |
| First lien debt   |   | $         | 149,464 |   |   | $      | 149,586 |           |   |   | 100.0 | % |
| Total investments |   | $         | 149,464 |   |   | $      | 149,586 |           |   |   | 100.0 | % |

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|                                 |   | December 31, 2022 |   |
|--------------------------------------|--------|-------------------|--------|
| Insurance                            |   |              | 21.3   | % |
| Services: Business                   |   |              | 12.4   | % |
| Finance                              |   |              | 11.3   | % |
| Consumer Goods: Durable              |   |              | 9.4    | % |
| Services: Consumer                   |   |              | 9.3    | % |
| Chemicals, Plastics, and Rubber      |   |              | 9.2    | % |
| Healthcare, Education, and Childcare |   |              | 9.1    | % |
| Media: Diversified & Production  |   |              | 4.6    | % |
| Retail Stores                        |   |              | 4.5    | % |
| High Tech                            |   |              | 4.4    | % |
| Aerospace and Defense                |   |              | 2.4    | % |
| Broadcasting and Entertainment       |   |              | 2.1    | % |
| Total                                |   |              | 100.0  | % |
|          |   | December 31, 2022 |   |
|---------------|--------|-------------------|--------|
| United States |   |              | 96.3   | % |
| Canada        |   |              | 3.7    | % |
| Total         |   |              | 100.0  | % |
|                                                            |   | Period Ended            |   |
|-----------------------------------------------------------------|--------|-------------------------|--------|
| (Amounts in thousands)                                          |   |  December 31, 2022 |   |
| Total investment income                                         |   | $                       | -      |   |
| Net expenses                                                    |   |                    | 442    |   |
| Net investment income (loss)                                    |   |                    | (442   | ) |
| Net unrealized appreciation (depreciation)                      |   |                    | 808    |   |
| Net realized gain (loss)                                        |   |                    | 924    |   |
| Net increase (decrease) in net assets resulting from operations |   | $                       | 1,290  |   |

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|                    |   | Period Ended      |   |
|-------------------------|--------|-------------------|--------|
|                    |   | December 31, 2022 |   |
| Interest income         |   | $                 | -      |   |
| Other income            |   |              | -      |   |
| Total investment income |   | $                 | -      |   |
|                             |   | Period Ended      |   |
|----------------------------------|--------|-------------------|--------|
|                             |   | December 31, 2022 |   |
| Management fees                  |   | $                 | 33     |   |
| Income based incentive fee       |   |              | -      |   |
| Capital gains incentive fee      |   |              | -      |   |
| Professional fees                |   |              | 203    |   |
| Board of Managers fees           |   |              | 33     |   |
| Administrative services expenses |   |              | 9      |   |
| Organization costs               |   |              | 129    |   |
| Amortization of offering costs   |   |              | 35     |   |
| Total expenses                   |   | $                 | 442    |   |

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|                                                                       |   | Period Ended      |   |
|----------------------------------------------------------------------------|--------|-------------------|--------|
|                                                                       |   | December 31, 2022 |   |
| Net change in unrealized gain (loss) on investments                        |   | $                 | 122    |   |
| Net change in unrealized gain (loss) on foreign currency forward contracts |   |              | 686    |   |
| Net change in unrealized gain (loss) on foreign currency translation       |   |              | -      |   |
| Net change in unrealized appreciation (depreciation)                       |   | $                 | 808    |   |

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|                                                           |   | Period Ended      |   |
|----------------------------------------------------------------|--------|-------------------|--------|
|                                                           |   | December 31, 2022 |   |
| Net realized gain (loss) on investments                        |   | $                 | -      |   |
| Net realized gain (loss) on foreign currency forward contracts |   |              | -      |   |
| Net realized gain (loss) on foreign currency translation       |   |              | 924    |   |
| Net realized gain (loss)                                       |   | $                 | 924    |   |

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|                               |   |  Period Ended December 31, 2022 |   |          |  |   |               |   |
|------------------------------------|--------|--------------------------------------|--------|---------------|--|--------|--------------------|--------|
|                               |   |                                 |   | Number of     |  |   | Aggregate Offering |   |
|                               |   |  Common Share                   |   | Common Shares |  |   | Price              |   |
|  Capital Drawdown Notice Date |   |  Issuance Date                  |   | Issued        |  |   | ($ in millions)    |   |
| December 6, 2022                   |   | December 22, 2022                    |   | 18,647,373    |  |        | $10.00             |   |

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| • | The valuation process begins with each investment being preliminarily valued by the Adviser’s valuation team in consultation with the Adviser’s investment professionals responsible for each portfolio                investment; |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | In addition, independent valuation firms retained by the Company prepare quarter-end valuations of each such investment that was (i) originated or purchased prior to the first calendar day of the quarter and                (ii) is not a de minimis investment, as determined by the Adviser. The independent valuation firms provide a final range of values on such investments to the Adviser. The independent valuation firms also provide analyses to support their                valuation methodology and calculations; |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The Adviser’s valuation committee with respect to the Company (the “Valuation Committee”) reviews each valuation recommendation to confirm they have been calculated in accordance with the Company’s valuation                policy and compares such valuations to the independent valuation firms’ valuation ranges to ensure the Adviser’s valuations are reasonable; |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The Adviser’s Valuation Committee then determines fair value marks for each of the Company’s portfolio investments; and |
|---------|-------------------------------------------------------------------------------------------------------------------------------------|

| • | The Board and Audit Committee periodically review the valuation process and provide oversight in accordance with the requirements of Rule 2a-5 under the 1940 Act. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| • | Level 1: Inputs to the valuation methodology that reflect unadjusted quoted prices available in active markets for identical assets or liabilities as of the reporting date. |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 2:  Inputs to the valuation methodology other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting                  date. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 3:  Inputs to the valuation methodology are unobservable and significant to overall fair value measurement. |
|---------|------------------------------------------------------------------------------------------------------------------------|
| Item 7A. | Quantitative and Qualitative Disclosures About Market Risk |
|----------|------------------------------------------------------------|

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| Change in Interest Rates |   | Interest Income |   |   | Interest Expense |   |   | Net Income |   |
|--------------------------|--------|-----------------|--------|--------|------------------|--------|--------|------------|--------|
| Up 300 basis points      |   | $               | 4.7    |   |             | $      | -      |       |   | $ | 4.7 |   |
| Up 200 basis points      |   | $               | 3.1    |   |             | $      | -      |       |   | $ | 3.1 |   |
| Up 100 basis points      |   | $               | 1.6    |   |             | $      | -      |       |   | $ | 1.6 |   |
| Down 100 basis points    |   | $               | (1.6   | )      |             | $      | -      |       |   | $ | (1.6 | ) |
| Down 200 basis points    |   | $               | (3.1   | )      |             | $      | -      |       |   | $ | (3.1 | ) |

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| Item 8. | Financial Statements and Supplementary Data |
|---------|---------------------------------------------|

| Report of Independent Registered Public Accounting Firm                                                                    | 73 |
|----------------------------------------------------------------------------------------------------------------------------|----|
|                                                                                                                            |    |
| Statements of Assets and Liabilities as of December 31, 2022                                                               | 74 |
|                                                                                                                            |    |
| Statement of Operations for the period December 15, 2022 (commencement of operations) through December 31, 2022            | 75 |
|                                                                                                                            |    |
| Statement of Changes in Net Assets for the period December 15, 2022 (commencement of operations) through December 31, 2022 | 76 |
|                                                                                                                            |    |
| Statement of Cash Flows for the period December 15, 2022 (commencement of operations) through December 31, 2022            | 77 |
|                                                                                                                            |    |
| Schedule of Investments as of December 31, 2022                                                                            | 78 |
|                                                                                                                            |    |
| Notes to Financial Statements                                                                                              | 83 |

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|                                                                                           |   | December 31, 2022 |    |
|------------------------------------------------------------------------------------------------|--------|-------------------|---------|
|                                                                                           |   |              |    |
| ASSETS                                                                                         |   |
| Investments at fair value                                                                      |   |
| Non-controlled/non-affiliated investments (cost of $149,464 at December 31, 2022)              |   | $                 | 149,586 |   |
| Cash and cash equivalents                                                                      |   |              | 187,398 |   |
| Deferred offering costs                                                                        |   |              | 382     |   |
| Unrealized appreciation on foreign currency forward contracts                                  |   |              | 686     |   |
| Total assets                                                                                   |   | $                 | 338,052 |   |
|                                                                                           |   |              |    |   |
| LIABILITIES                                                                                    |   |
| Payable for investments purchased                                                              |   |              | 149,464 |   |
| Management fees payable                                                                        |   |              | 33      |   |
| Board of Managers fee payable                                                                  |   |              | 33      |   |
| Accrued expenses and other liabilities                                                         |   |              | 757     |   |
| Total liabilities                                                                              |   | $                 | 150,287 |   |
|                                                                                           |   |              |    |   |
| Commitments and contingencies (Note 7)                                                         |   |
|                                                                                           |   |              |    |   |
| NET ASSETS                                                                                     |   |
| Common shares, $0.01 par value (18,648,373 shares issued and outstanding at December 31, 2022) |   |              | 186     |   |
| Additional paid in capital                                                                     |   |              | 186,232 |   |
| Distributable earnings (loss)                                                                  |   |              | 1,347   |   |
| Total net assets                                                                               |   | $                 | 187,765 |   |
| Total liabilities and net assets                                                               |   | $                 | 338,052 |   |
| Net asset value per share                                                                      |   | $                 | 10.07   |   |

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|                                                            |   | For the period from December 15, 2022 (commencement of operations) toDecember 31, 2022 |    |
|-----------------------------------------------------------------|--------|----------------------------------------------------------------------------------------|---------|
| Investment income:                                              |   |
| From non-controlled/non-affiliated investments:                 |   |
| Interest income                                                 |   | $                                                                                      | — |   |
| Total investment income                                         |   |                                                                                   | — |   |
|                                                            |   |                                                                                   |    |   |
| Expenses:                                                       |   |
| Management fees                                                 |   |                                                                                   | 33      |   |
| Professional fees                                               |   |                                                                                   | 203     |   |
| Board of Managers fees                                          |   |                                                                                   | 33      |   |
| Administrative service expenses                                 |   |                                                                                   | 9       |   |
| Organization costs                                              |   |                                                                                   | 129     |   |
| Amortization of offering costs                                  |   |                                                                                   | 35      |   |
| Total expenses                                                  |   |                                                                                   | 442     |   |
| Net investment loss                                             |   |                                                                                   | (442    | ) |
|                                                            |   |                                                                                   |    |   |
| Realized and unrealized gain (loss):                            |   |
| Net change in unrealized appreciation (depreciation):           |   |
| Non-controlled/non-affiliated investments                       |   |                                                                                   | 122     |   |
| Foreign currency forward contracts                              |   |                                                                                   | 686     |   |
| Net unrealized appreciation (depreciation)                      |   |                                                                                   | 808     |   |
| Realized gain (loss):                                           |   |
| Non-controlled/non-affiliated investments                       |   |                                                                                   | — |   |
| Foreign currency transactions                                   |   |                                                                                   | 924     |   |
| Net realized gain (loss)                                        |   |                                                                                   | 924     |   |
| Net realized and unrealized gain (loss)                         |   |                                                                                   | 1,732   |   |
| Net increase (decrease) in net assets resulting from operations |   | $                                                                                      | 1,290   |   |

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|                                                            |   | For the period from December 15, 2022 (commencement of operations) toDecember 31, 2022 |    |
|-----------------------------------------------------------------|--------|----------------------------------------------------------------------------------------|---------|
| Operations:                                                     |   |
| Net investment loss                                             |   | $                                                                                      | (442    | ) |
| Net realized gain (loss)                                        |   |                                                                                   | 924     |   |
| Net change in unrealized appreciation (depreciation)            |   |                                                                                   | 808     |   |
| Net increase (decrease) in net assets resulting from operations |   |                                                                                   | 1,290   |   |
|                                                            |   |                                                                                   |    |   |
| Share transactions:                                             |   |
| Proceeds from shares sold                                       |   | $                                                                                      | 186,475 |   |
| Net increase (decrease) from share transactions                 |   | $                                                                                      | 186,475 |   |
| Total increase (decrease) in net assets                         |   | $                                                                                      | 187,765 |   |
| Net Assets, beginning of period                                 |   |                                                                                   | — |   |
| Net Assets, end of period                                       |   | $                                                                                      | 187,765 |   |

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|                                                                                                                                            |   | For the period from December 15, 2022 (commencement of operations) toDecember 31, 2022 |     |
|-------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------|----------|
| Cash flows from operating activities:                                                                                                           |   |
| Net increase (decrease) in net assets resulting from operations                                                                                 |   | $                                                                                      | 1,290    |   |
| Adjustments to reconcile net increase (decrease) in net assets resultingfrom operations to net cash provided by (used in) operating activities: |   |
| Net unrealized (appreciation) depreciation on investments                                                                                       |   |                                                                                   | (122     | ) |
| Net unrealized (appreciation) depreciation on foreign currency forward contracts                                                                |   |                                                                                   | (686     | ) |
| Net unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies                                       |   |                                                                                   | —  |   |
| Net realized (gain) loss on investments                                                                                                         |   |                                                                                   | —  |   |
| Net realized (gain) loss on foreign currency                                                                                                    |   |                                                                                   | (924     | ) |
| Net accretion of discount and amortization of premium                                                                                           |   |                                                                                   | —  |   |
| Purchases of investments                                                                                                                        |   |                                                                                   | (149,464 | ) |
| Proceeds from sale of investments and principal repayments                                                                                      |   |                                                                                   | —  |   |
| Increase (decrease) in liabilities:                                                                                                             |   |
| Payable for investments purchased                                                                                                               |   |                                                                                   | 149,464  |   |
| Management fee payable                                                                                                                          |   |                                                                                   | 33       |   |
| Directors and Trustees fees payable                                                                                                             |   |                                                                                   | 33       |   |
| Accrued expenses and other liabilities                                                                                                          |   |                                                                                   | 757      |   |
| Net cash provided by (used in) operating activities                                                                                             |   |                                                                                   | 381      |   |
|                                                                                                                                            |   |                                                                                   |     |   |
| Cash flows from financing activities:                                                                                                           |   |
| Proceeds from issuance of common shares                                                                                                         |   |                                                                                   | 186,475  |   |
| Proceeds received from foreign currency settlement                                                                                              |   |                                                                                   | 924      |   |
| Deferred offering costs paid                                                                                                                    |   |                                                                                   | (382     | ) |
| Net cash provided by (used in) financing activities                                                                                             |   |                                                                                   | 187,017  |   |
| Net increase (decrease) in cash and cash equivalents                                                                                            |   |                                                                                   | 187,398  |   |
| Effect of foreign exchange rate changes on cash and cash equivalents                                                                            |   |                                                                                   | —  |   |
| Cash and cash equivalents, beginning of period                                                                                                  |   |                                                                                   | —  |   |
| Cash and cash equivalents, end of period                                                                                                        |   | $                                                                                      | 187,398  |   |

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|  Investments-non-controlled/non-affiliated(1) |   | Reference Rate and Spread |    | Interest Rate(2) |   |  MaturityDate |   | ParAmount/Units |   |   | Cost(3) |   |   | FairValue |   |   | % ofNet Assets |   |
|----------------------------------------------------|--------|---------------------------|---------|------------------|--------|--------------------|--------|-----------------|--------|--------|---------|--------|--------|-----------|--------|--------|----------------|--------|
| Investments—non-controlled/non-affiliated    |   |
| First Lien Debt                                    |   |
| Aerospace and Defense                              |   |
| Mantech International CP(5)(6)(7)(8)               |   |                      | S+5.75% |             |   | 9.58               | %      | 9/14/2029       |   | $      | 879     |   |   | $         | (18    | )      |           | $      | (18 | ) |   |   | (0.01 | )% |
| Mantech International CP(5)(7)(8)                  |   |                      | S+5.75% |             |   | 9.58               | %      | 9/14/2029       |   |   | 3,599   |   |   |      | 3,527  |   |           |   | 3,527 |   |   |   | 1.88 |   |
| Mantech International CP(5)(6)(7)(8)               |   |                      | S+5.75% |             |   | 9.58               | %      | 9/14/2028       |   |   | 444     |   |   |      | 10     |   |           |   | 10 |   |   |   | 0.01 |   |
|                                               |   |
|                                               |   |                      |    |             |   |               |   |            |   |   |    |   |   |      | 3,519  |   |           |   | 3,519 |   |   |   | 1.88 |   |
|                                               |   |
| Broadcasting and Entertainment                     |   |
| Global Music Rights(5)(7)(8)                       |   |                      | L+5.50% |             |   | 10.23              | %      | 8/27/2028       |   |   | 3,182   |   |   |      | 3,142  |   |           |   | 3,142 |   |   |   | 1.67 |   |
| Global Music Rights(5)(6)(7)(8)                    |   |                      | L+5.50% |             |   | 10.23              | %      | 8/27/2027       |   |   | 286     |   |   |      | (3     | )      |           |   | (3 | ) |   |   | — |   |
|                                               |   |
|                                               |   |                      |    |             |   |               |   |            |   |   |    |   |   |      | 3,139  |   |           |   | 3,139 |   |   |   | 1.67 |   |
|                                               |   |
| Chemicals, Plastics and Rubber                     |   |
| Meridian Adhesives Group, Inc.(5)(6)(7)(8)         |   |                      | S+7.00% |             |   | 11.54              | %      | 9/3/2029        |   |   | 1,800   |   |   |      | 1,092  |   |           |   | 1,092 |   |   |   | 0.58 |   |
| Meridian Adhesives Group, Inc.(5)(7)(8)            |   |                      | S+7.00% |             |   | 11.54              | %      | 9/3/2029        |   |   | 13,202  |   |   |      | 12,674 |   |           |   | 12,674 |   |   |   | 6.75 |   |
|                                               |   |
|                                               |   |                      |    |             |   |               |   |            |   |   |    |   |   |      | 13,766 |   |           |   | 13,766 |   |   |   | 7.33 |   |
|                                               |   |
| Consumer Goods: Durable                            |   |
| Marcone Yellowstone Buyer, Inc. (5)(7)(8)          |   |                      | S+6.25% |             |   | 10.98              | %      | 6/23/2028       |   |   | 2,306   |   |   |      | 2,237  |   |           |   | 2,237 |   |   |   | 1.19 |   |
| Marcone Yellowstone Buyer, Inc. (5)(7)(8)          |   |                      | L+6.25% |             |   | 10.98              | %      | 6/23/2028       |   |   | 6,941   |   |   |      | 6,732  |   |           |   | 6,732 |   |   |   | 3.59 |   |
| Marcone Yellowstone Buyer, Inc. (5)(7)(8)          |   |                      | L+6.25% |             |   | 10.90              | %      | 6/23/2028       |   |   | 3,242   |   |   |      | 3,145  |   |           |   | 3,145 |   |   |   | 1.67 |   |
| Marcone Yellowstone Buyer, Inc. (5)(7)(8)          |   |                      | S+6.50% |             |   | 11.04              | %      | 6/23/2028       |   |   | 1,335   |   |   |      | 1,309  |   |           |   | 1,309 |   |   |   | 0.70 |   |
| Marcone Yellowstone Buyer, Inc. (5)(6)(7)(8)       |   |                      | S+6.50% |             |   | 10.98              | %      | 6/23/2028       |   |   | 465     |   |   |      | (9     | )      |           |   | (9 | ) |   |   | (0.00 | ) |
| Marcone Yellowstone Buyer, Inc. (5)(7)(8)          |   |                      | L+6.25% |             |   | 10.90              | %      | 6/23/2028       |   |   | 680     |   |   |      | 659    |   |           |   | 659 |   |   |   | 0.35 |   |
|                                               |   |
|                                               |   |                      |    |             |   |               |   |            |   |   |    |   |   |      | 14,073 |   |           |   | 14,073 |   |   |   | 7.50 |   |
|                                               |   |
| Finance                                            |   |
| Beacon Pointe Advisors, LLC(5)(6)(7)(8)            |   |                      | S+5.25% |             |   | —            |        | 12/20/2026      |   |   | 627     |   |   |      | (6     | )      |           |   | (6 | ) |   |   | — |   |
| Beacon Pointe Advisors, LLC(5)(6)(7)(8)            |   |                      | S+5.25% |             |   | 9.57               | %      | 12/20/2028      |   |   | 3,131   |   |   |      | 1,424  |   |           |   | 1,424 |   |   |   | 0.76 |   |
| Beacon Pointe Advisors, LLC(5)(7)(8)               |   |                      | S+5.25% |             |   | 9.38               | %      | 12/20/2028      |   |   | 6,019   |   |   |      | 5,959  |   |           |   | 5,959 |   |   |   | 3.17 |   |
| Spectrum Automotive Holdings, Corp.(5)(6)(7)(8)    |   |                      | L+5.75% |             |   | 10.48              | %      | 6/29/2028       |   |   | 2,276   |   |   |      | 1,544  |   |           |   | 1,544 |   |   |   | 0.82 |   |
| Spectrum Automotive Holdings, Corp.(5)(7)(8)       |   |                      | L+5.75% |             |   | 10.48              | %      | 6/29/2028       |   |   | 8,189   |   |   |      | 7,943  |   |           |   | 7,943 |   |   |   | 4.23 |   |
| Spectrum Automotive Holdings, Corp.(5)(6)(7)(8)    |   |                      | L+5.75% |             |   | 10.48              | %      | 6/29/2027       |   |   | 305     |   |   |      | (9     | )      |           |   | (9 | ) |   |   | — |   |
|                                               |   |
|                                               |   |                      |    |             |   |               |   |            |   |   |    |   |   |      | 16,855 |   |           |   | 16,855 |   |   |   | 8.98 |   |
|                                               |   |
| Healthcare, Education and Childcare                |   |
| Gateway US Holdings, Inc.(5)(7)(8)                 |   |                      | S+6.50% |             |   | 11.23              | %      | 9/22/2024       |   |   | 3,243   |   |   |      | 3,146  |   |           |   | 3,146 |   |   |   | 1.68 |   |
| Gateway US Holdings, Inc.(5)(6)(7)(8)              |   |                      | S+6.50% |             |   | 11.23              | %      | 9/22/2024       |   |   | 169     |   |   |      | 137    |   |           |   | 137 |   |   |   | 0.07 |   |
| Gateway US Holdings, Inc.(5)(6)(7)(8)              |   |                      | S+6.50% |             |   | 11.23              | %      | 9/22/2024       |   |   | 131     |   |   |      | 68     |   |           |   | 68 |   |   |   | 0.04 |   |
| Touchstone  Acquisition, Inc.(5)(7)(8)        |   |                      | L+6.00% |             |   | 10.55              | %      | 12/29/2028      |   |   | 10,501  |   |   |      | 10,238 |   |           |   | 10,238 |   |   |   | 5.45 |   |
|                                               |   |
|                                               |   |                      |    |             |   |               |   |            |   |   |    |   |   |      | 13,589 |   |           |   | 13,589 |   |   |   | 7.24 |   |
|                                               |   |
| High Tech                                          |   |
| AxiomSL Group, Inc.(5)(7)(8)                       |   |                      | L+5.75% |             |   | 10.13              | %      | 12/3/2027       |   |   | 4,426   |   |   |      | 4,116  |   |           |   | 4,249 |   |   |   | 2.26 |   |
| AxiomSL Group, Inc.(5)(6)(7)(8)                    |   |                      | L+5.75% |             |   | 10.13              | %      | 12/3/2027       |   |   | 290     |   |   |      | (20    | )      |           |   | (11 | ) |   |   | (0.01 | ) |
| AxiomSL Group, Inc.(5)(6)(7)(8)                    |   |                      | L+5.75% |             |   | 10.13              | %      | 12/3/2025       |   |   | 316     |   |   |      | (22    | )      |           |   | (13 | ) |   |   | (0.01 | ) |
| Kaseya, Inc.(5)(7)(8)                              |   |                      | S+5.75% |             |   | 10.33              | %      | 6/25/2029       |   |   | 2,502   |   |   |      | 2,452  |   |           |   | 2,427 |   |   |   | 1.29 |   |
| Kaseya, Inc.(5)(6)(7)(8)                           |   |                      | S+5.75% |             |   | 10.33              | %      | 6/25/2029       |   |   | 154     |   |   |      | (3     | )      |           |   | (4 | ) |   |   | — |   |

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Table of Contents

| Investments-non-controlled/non-affiliated(1)                      |   | Reference Rate and Spread |    | Interest Rate(2) |   | Maturity                    Date |   | Par Amount/ Units |   |      | Cost(3) |   |   | Fair                    Value |    |   | % of                    Net Assets |   |
|-------------------------------------------------------------------|--------|---------------------------|---------|------------------|--------|----------------------------------|--------|-------------------|--------|-----------|---------|--------|--------|-------------------------------|---------|--------|------------------------------------|--------|
| Investments—non-controlled/non-affiliated(continued)        |   |
| Kaseya, Inc.(5)(6)(7)(8)                                          |   |                      | S+5.75% |             |   | 10.33                            | %      | 6/25/2029         |   | $         | 154     |   |   | $                             | (3      | )      |                               | $      | (5 | ) |   |   | — | % |
|                                                              |   |
|                                                              |   |                      |    |             |   |                             |   |              |   |      |    |   |   |                          | 6,520   |   |                               |   | 6,643 |   |   |   | 3.53 |   |
|                                                              |   |                      |    |             |   |                             |   |              |   |      |    |   |   |                          |    |   |                               |   |   |   |   |   |   |   |
| Insurance                                                         |   |
| Galway Borrower, LLC(5)(7)(8)                                     |   |                      | L+5.25% |             |   | 9.98                             | %      | 9/29/2028         |   |      | 13,799  |   |   |                          | 13,316  |   |                               |   | 13,316 |   |   |   | 7.09 |   |
| Galway Borrower, LLC(5)(6)(7)(8)                                  |   |                      | L+5.25% |             |   | 8.99                             | %      | 9/29/2028         |   |      | 132     |   |   |                          | (5      | )      |                               |   | (5 | ) |   |   | — |   |
| Galway Borrower, LLC(5)(6)(7)(8)                                  |   |                      | L+5.25% |             |   | —                          |        | 9/30/2027         |   |      | 908     |   |   |                          | (32     | )      |                               |   | (32 | ) |   |   | (0.02 | ) |
| Peter C. Foy & Associates Insurance Services, LLC(5)(7)(8)    |   |                      | L+6.00% |             |   | 11.21                            | %      | 11/1/2028         |   |      | 6,619   |   |   |                          | 6,486   |   |                               |   | 6,486 |   |   |   | 3.45 |   |
| Peter C. Foy & Associates Insurance Services, LLC(5)(7)(8)    |   |                      | L+6.00% |             |   | 11.21                            | %      | 11/1/2028         |   |      | 1,821   |   |   |                          | 1,785   |   |                               |   | 1,785 |   |   |   | 0.95 |   |
| Peter C. Foy & Associates Insurance Services, LLC(5)(6)(7)(8) |   |                      | L+6.00% |             |   | 11.21                            | %      | 11/1/2027         |   |      | 310     |   |   |                          | (6      | )      |                               |   | (6 | ) |   |   | — |   |
| RSC Acquisition, Inc.(5)(7)(8)                                    |   |                      | L+5.50% |             |   | 10.23                            | %      | 10/30/2026        |   |      | 7,082   |   |   |                          | 6,940   |   |                               |   | 6,940 |   |   |   | 3.70 |   |
| THG Acquisition, LLC(5)(7)(8)                                     |   |                      | L+5.50% |             |   | 9.88                             | %      | 12/2/2026         |   |      | 6,011   |   |   |                          | 3,376   |   |                               |   | 3,376 |   |   |   | 1.80 |   |
| THG Acquisition, LLC(5)(6)(7)(8)                                  |   |                      | L+5.75% |             |   | 10.12                            | %      | 12/2/2025         |   |      | 481     |   |   |                          | (10     | )      |                               |   | (10 | ) |   |   | (0.01 | ) |
|                                                              |   |
|                                                              |   |                      |    |             |   |                             |   |              |   |      |    |   |   |                          | 31,850  |   |                               |   | 31,850 |   |   |   | 16.96 |   |
|                                                              |   |                      |    |             |   |                             |   |              |   |      |    |   |   |                          |    |   |                               |   |   |   |   |   |   |   |
| Media: Diversified & Production                               |   |
| The NPD Group, Inc.(5)(6)(7)(8)                                   |   |                      | L+5.75% |             |   | 10.32                            | %      | 12/1/2027         |   |      | 488     |   |   |                          | 44      |   |                               |   | 44 |   |   |   | 0.02 |   |
| The NPD Group, Inc.(5)(7)(8)                                      |   |                      | L+5.75% |             |   | 10.32                            | %      | 12/1/2028         |   |      | 7,114   |   |   |                          | 6,900   |   |                               |   | 6,900 |   |   |   | 3.67 |   |
|                                                              |   |
|                                                              |   |                      |    |             |   |                             |   |              |   |      |    |   |   |                          | 6,944   |   |                               |   | 6,944 |   |   |   | 3.69 |   |
|                                                              |   |
| Retail Stores                                                     |   |
| New Look Vision Group, Inc.(4)(5)(7)(8)                           |   |                      | L+5.50% |             |   | 10.38                            | %      | 5/26/2028         |   | CAD 1,656 |    |   |   | 244                           |    |   |                               | 244    |   |   |   | 0.13 |   |
| New Look Vision Group, Inc.(4)(5)(6)(7)(8)                        |   |                      | L+5.50% |             |   | 10.38                            | %      | 5/26/2026         |   | CAD 850   |    |   |   | 393                           |    |   |                               | 392    |   |   |   | 0.21 |   |
| New Look Vision Group, Inc.(4)(5)(7)(8)                           |   |                      | L+5.50% |             |   | 10.38                            | %      | 5/26/2028         |   | CAD 6,173 |    |   |   | 4,271                         |    |   |                               | 4,271  |   |   |   | 2.27 |   |
| New Look Vision Group, Inc.(4)(5)(6)(7)(8)                        |   |                      | L+5.50% |             |   | 10.23                            | %      | 5/26/2028         |   |      | 872     |   |   |                          | 97      |   |                               |   | 97 |   |   |   | 0.05 |   |
| New Look Vision Group, Inc.(4)(5)(7)(8)                           |   |                      | L+5.50% |             |   | 10.38                            | %      | 5/26/2028         |   | CAD 814   |    |   |   | 563                           |    |   |                               | 563    |   |   |   | 0.30 |   |
| New Look Vision Group, Inc.(4)(5)(7)(8)                           |   |                      | L+5.50% |             |   | 10.23                            | %      | 5/26/2028         |   |      | 1,313   |   |   |                          | 1,241   |   |                               |   | 1,241 |   |   |   | 0.66 |   |
|                                                              |   |
|                                                              |   |                      |    |             |   |                             |   |              |   |      |    |   |   |                          | 6,809   |   |                               |   | 6,808 |   |   |   | 3.62 |   |
|                                                              |   |                      |    |             |   |                             |   |              |   |      |    |   |   |                          |    |   |                               |   |   |   |   |   |   |   |
| Services: Business                                                |   |
| GC Waves Holdings, Inc.(5)(6)(7)(8)                               |   |                      | L+5.50% |             |   | 9.88                             | %      | 8/13/2026         |   |      | 7,118   |   |   |                          | 6,905   |   |                               |   | 6,905 |   |   |   | 3.68 |   |
| Geosyntec Consultants (5)(6)(7)(8)                                |   |                      | S+5.25% |             |   | —                          |        | 5/18/2029         |   |      | 198     |   |   |                          | (4      | )      |                               |   | (4 | ) |   |   | — |   |
| Geosyntec Consultants(5)(6)(7)(8)                                 |   |                      | S+5.25% |             |   | —                          |        | 5/18/2027         |   |      | 73      |   |   |                          | (2      | )      |                               |   | (2 | ) |   |   | — |   |
| Geosyntec Consultants(5)(7)(8)                                    |   |                      | S+5.25% |             |   | 9.57                             | %      | 5/18/2029         |   |      | 471     |   |   |                          | 461     |   |                               |   | 461 |   |   |   | 0.25 |   |
| PT Intermediate Holdings III, LLC(5)(6)(7)(8)                     |   |                      | L+5.50% |             |   | 10.23                            | %      | 11/1/2028         |   |      | 2,649   |   |   |                          | 2,596   |   |                               |   | 2,596 |   |   |   | 1.38 |   |
| PT Intermediate Holdings III, LLC(5)(7)(8)                        |   |                      | L+5.50% |             |   | 10.23                            | %      | 11/1/2028         |   |      | 8,714   |   |   |                          | 8,540   |   |                               |   | 8,540 |   |   |   | 4.55 |   |
|                                                              |   |
|                                                              |   |                      |    |             |   |                             |   |              |   |      |    |   |   |                          | 18,496  |   |                               |   | 18,496 |   |   |   | 9.86 |   |
|                                                              |   |
| Services: Consumer                                                |   |
| Crash Champions, LLC(5)(7)(8)                                     |   |                      | S+7.00% |             |   | 11.55                            | %      | 8/1/2029          |   |      | 8,210   |   |   |                          | 7,964   |   |                               |   | 7,964 |   |   |   | 4.25 |   |
| Crash Champions, LLC(5)(6)(7)(8)                                  |   |                      | S+6.25% |             |   | 10.79                            | %      | 8/1/2028          |   |      | 632     |   |   |                          | (35     | )      |                               |   | (35 | ) |   |   | (0.02 | ) |
| Crash Champions, LLC(5)(7)(8)                                     |   |                      | S+7.00% |             |   | 11.55                            | %      | 8/1/2029          |   |      | 1,843   |   |   |                          | 1,787   |   |                               |   | 1,787 |   |   |   | 0.95 |   |
| Crash Champions, LLC(5)(7)(8)                                     |   |                      | S+6.25% |             |   | 11.55                            | %      | 8/1/2029          |   |      | 4,317   |   |   |                          | 4,188   |   |                               |   | 4,188 |   |   |   | 2.23 |   |
|                                                              |   |
|                                                              |   |                      |    |             |   |                             |   |              |   |      |    |   |   |                          | 13,904  |   |                               |   | 13,904 |   |   |   | 7.41 |   |
|                                                              |   |                      |    |             |   |                             |   |              |   |      |    |   |   |                          |    |   |                               |   |   |   |   |   |   |   |
| Total First Lien Debt                                             |   |                      |    |             |   |                             |   |              |   |      |    |   |   | $                             | 149,464 |   |                               | $      | 149,586 |   |   |   | 79.67 | % |
|                                                              |   |
| Total Investments—non-controlled/non-affiliated             |   |                      |    |             |   |                             |   |              |   |      |    |   |   | $                             | 149,464 |   |                               | $      | 149,586 |   |   |   | 79.67 | % |
|                                                              |   |
| Total Portfolio Investments                                       |   |                      |    |             |   |                             |   |              |   |      |    |   |   | $                             | 149,464 |   |                               | $      | 149,586 |   |   |   | 79.67 | % |

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Table of Contents

| (1) | Unless otherwise indicated, issuers of debt investments held by the Fund (which such term “Fund” shall include the Fund’s subsidiaries for purposes of this Schedule of Investments) are denominated in dollars. All debt investments are                    income producing unless otherwise indicated. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either LIBOR (“L”) or SOFR including SOFR adjustment, if any, (“S”), which generally resets periodically. L and S loans are                        typically indexed to 12 month, 6 month, 3 month or 1 month L or S rates. As of December 31, 2022, rates for the 3 month and 1 month L are 4.77% and 4.39%, respectively. As of December 31, 2022, rates for the 3 month and 1 month S                        were 3.62% and 4.06%, respectively. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method in accordance with accounting principles generally accepted                            in the United States of America (“U.S. GAAP”). |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least                            70% of the Company’s total assets. As of December 31, 2022, non-qualifying assets totaled 4.6% of the Company’s total assets. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Investment valued using unobservable inputs (Level 3). See Note 5. |
|-----|--------------------------------------------------------------------|

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Table of Contents

| (6) | Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from                    unamortized fees, which are capitalized to the investment cost. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Fund’s                    unfunded commitments: |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Investments—non-controlled/non-affiliated       |   | Commitment Type        |   | Commitment Expiration Date |   | Unfunded |   | Total Commitment Fair Value |
|-------------------------------------------------------|--------|------------------------|--------|----------------------------|--------|----------|--------|-----------------------------|
| AxiomSL Group, Inc                                    |   | Revolver               |   | 12/03/2025                 |   | 316      |   | (13)                        |
| AxiomSL Group, Inc                                    |   | Delayed Draw Term loan |   | 12/03/2027                 |   | 290      |   | (12)                        |
| Beacon Pointe Advisors,LLC                            |   | Revolver               |   | 12/20/2026                 |   | 627      |   | (6)                         |
| Beacon Pointe Advisors,LLC                            |   | Delayed Draw Term loan |   | 12/20/2028                 |   | 1,675    |   | 1,425                       |
| Crash Champions, LLC                                  |   | Revolver               |   | 08/01/2028                 |   | 632      |   | (35)                        |
| Galway Borrower LLC                                   |   | Revolver               |   | 09/30/2027                 |   | 908      |   | (32)                        |
| Galway Borrower LLC                                   |   | Delayed Draw Term loan |   | 09/29/2028                 |   | 132      |   | (5)                         |
| Gateway US Holdings, Inc                              |   | Revolver               |   | 09/22/2024                 |   | 59       |   | 68                          |
| Gateway US Holdings, Inc                              |   | Delayed Draw Term loan |   | 09/22/2024                 |   | 27       |   | 137                         |
| Geosyntec Consultants                                 |   | Delayed Draw Term loan |   | 05/18/2029                 |   | 198      |   | (4)                         |
| Geosyntec Consultants                                 |   | Revolver               |   | 05/18/2027                 |   | 73       |   | (1)                         |
| Global Music Rights                                   |   | Revolver               |   | 08/27/2027                 |   | 286      |   | (4)                         |
| Kaseya Inc.                                           |   | Revolver               |   | 06/25/2029                 |   | 153      |   | (5)                         |
| Kaseya Inc.                                           |   | Delayed Draw Term loan |   | 06/25/2029                 |   | 153      |   | (5)                         |
| Mantech International CP                              |   | Delayed Draw Term loan |   | 09/14/2029                 |   | 879      |   | (18)                        |
| Mantech International CP                              |   | Revolver               |   | 09/14/2028                 |   | 425      |   | 10                          |
| Marcone Yellowstone Buyer Inc                         |   | Delayed Draw Term loan |   | 06/23/2028                 |   | 465      |   | (9)                         |
| Meridian Adhesives Group Inc                          |   | Delayed Draw Term loan |   | 09/03/2029                 |   | 636      |   | 1,092                       |
| New Look Vision Group Inc                             |   | Revolver               |   | 05/26/2026                 |   | 196      |   | 397                         |
| New Look Vision Group Inc                             |   | Delayed Draw Term loan |   | 05/26/2028                 |   | 728      |   | 97                          |
| New Look Vision Group Inc                             |   | Delayed Draw Term loan |   | 05/26/2028                 |   | 902      |   | 253                         |
| Peter C. Foy & Associates Insurance Services, LLC |   | Revolver               |   | 11/01/2027                 |   | 310      |   | (6)                         |
| Spectrum Automotive Holdings Corp                     |   | Delayed Draw Term loan |   | 06/29/2028                 |   | 664      |   | 1,544                       |
| Spectrum Automotive Holdings Corp                     |   | Revolver               |   | 06/29/2027                 |   | 305      |   | (9)                         |
| The NPD Group, Inc.                                   |   | Revolver               |   | 12/01/2027                 |   | 430      |   | 44                          |
| THG Acquisition, LLC                                  |   | Delayed Draw Term loan |   | 12/02/2026                 |   | 2,515    |   | 3,376                       |
| THG Acquisition, LLC                                  |   | Revolver               |   | 12/02/2025                 |   | 481      |   | (10)                        |
| Total                                                 |   |                   |   |                       |   | $14,465  |   | $8,269                      |

| (7) | Position or portion thereof unsettled as of December 31, 2022. |
|-----|----------------------------------------------------------------|

| (8) | Loan includes interest rate floor feature. |
|-----|--------------------------------------------|

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| ADDITIONAL INFORMATION             |
|------------------------------------|
|                               |
| Foreign currency forward contracts |

|  Counterparty                    |   |  Currency Purchased |   |  Currency Sold |   |  Settlement         |   | Unrealized Appreciation (Depreciation) |   |
|---------------------------------------|--------|--------------------------|--------|---------------------|--------|--------------------------|--------|----------------------------------------|--------|
| State Street Bank & Trust Company |   | Euro 187,903             |   | U.S. Dollar 188,589 |   | 01/31/23                 |   | $                                      | 686    |   |
|                                  |   |                     |   |                |   |      |   | $                                      | 686    |   |

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|  | • | The valuation process begins with each investment being preliminarily valued by the Adviser’s valuation team in consultation with the Adviser’s investment professionals responsible for each portfolio                investment; |
|--|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | Generally investments that constitute a material portion of the Company’s portfolio are periodically reviewed by an independent valuation firm. The independent valuation firms provide a final range of values                on such investments to the Adviser. The independent valuation firms also provide analyses to support their valuation methodology and calculations; |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | The Adviser’s valuation committee with respect to the Company (the “Valuation Committee”) reviews each valuation recommendation to confirm they have been calculated in accordance with the Company’s valuation                policy and when applicable, compares such valuations to the independent valuation firms’ valuation ranges to ensure the Adviser’s valuations are reasonable; |
|--|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | The Adviser’s Valuation Committee then determines fair value marks for each of the Company’s portfolio investments; and |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------------|
|  | • | The Board and Audit Committee periodically review the valuation process and provide oversight in accordance with the requirements of Rule 2a-5 under the 1940 Act. |
|--|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | ● | Level 1 — Valuations based on quoted prices (unadjusted) in active markets for identical assets or liabilities at the measurement date. |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------|
|  | ● | Level 2 — Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. |
|--|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | ● | Level 3 — Valuations based on inputs that are unobservable and significant to the fair value measurement. |
|--|---------|-----------------------------------------------------------------------------------------------------------------|

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|  | • | No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar year in which the Fund’s Pre-Incentive Fee Net Investment Income Returns does not exceed the Hurdle Rate; |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | 100% of Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the Hurdle Rate but is less than 6.57143% in any calendar year. This                portion of the Pre-Incentive Fee Net Investment Income Returns (which exceeds the Hurdle Rate but is less than 6.57143%) is referred to as the “catch-up.” The “catch-up” is meant to provide the Adviser with approximately 12.5% of the Fund’s                Pre-Incentive Fee Net Investment Income Returns as if a Hurdle Rate did not apply if Pre-Incentive Fee Net Investment Income Returns exceeds 6.57143% in any calendar year; and |
|--|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | 12.5% of the Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds 6.57143% in any calendar year, which reflects that once the Hurdle Rate is reached and the catch-up is achieved, 12.5% of all Pre-Incentive Fee Net                Investment Income Returns is paid to the Adviser. |
|--|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | • | 12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any                previously paid incentive fee on capital gains as calculated in accordance with GAAP. |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|              |   | December 31, 2022 |    |
|-------------------|--------|-------------------|---------|
|              |   | AmortizedCost     |    |   | Fair value |   |   | % of Total Investments at Fair Value |   |
|              |   |              |    |   |   |   |   |   |   |
| First lien debt   |   | $                 | 149,464 |   |   | $ | 149,586 |   |   |   | 100.00% |  |
| Total investments |   | $                 | 149,464 |   |   | $ | 149,586 |   |   |   | 100.00% |  |

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|                                 |   | December 31, 2022 |   |
|--------------------------------------|--------|-------------------|--------|
| Insurance                            |   |              | 21.3   | % |
| Services: Business                   |   |              | 12.4   | % |
| Finance                              |   |              | 11.3   | % |
| Consumer Goods: Durable              |   |              | 9.4    | % |
| Services: Consumer                   |   |              | 9.3    | % |
| Chemicals, Plastics, and Rubber      |   |              | 9.2    | % |
| Healthcare, Education, and Childcare |   |              | 9.1    | % |
| Media: Diversified & Production  |   |              | 4.6    | % |
| Retail Stores                        |   |              | 4.5    | % |
| High Tech                            |   |              | 4.4    | % |
| Aerospace and Defense                |   |              | 2.4    | % |
| Broadcasting and Entertainment       |   |              | 2.1    | % |
| Total                                |   |              | 100.00 | % |
| Country       |   | AmortizedCost |    |   | Fair Value |   |    | % of TotalInvestments atFair Value |   |   | Fair Valueas % of NetAssets |   |
|---------------|--------|---------------|---------|--------|------------|--------|---------|------------------------------------|--------|--------|-----------------------------|--------|
| United States |   | $             | 143,993 |   |       | $      | 144,116 |                               |   |   | 96.3                        | %      |   |   | 76.8 | % |
| Canada        |   |          | 5,471   |   |       |   | 5,470   |                               |   |   | 3.7                         |   |   |   | 2.9 |   |
| Total         |   | $             | 149,464 |   |       | $      | 149,586 |                               |   |   | 100.0                       | %      |   |   | 79.7 | % |
| Assets            |        | Level 1 |         |        | Level 2 |        |         | Level 3 |        |   | Total   |   |
|-------------------|--------|---------|---------|--------|---------|--------|---------|---------|--------|---|---------|--------|
| First Lien Debt   |   | $       | — |   |    |   | — |    |   | $ | 149,586 |   |   | $ | 149,586 |   |
| Total investments |   | $       | — |   |    | $      | — |    |   | $ | 149,586 |   |   | $ | 149,586 |   |

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|                                                                                                                     |   | First Lien DebtFor the period endedDecember 31, 2022 |    |
|--------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------|---------|
| Fair value, beginning of period                                                                                          |   | $                                                    | — |   |
| Purchases of investments                                                                                                 |   |                                                 | 149,464 |   |
| Proceeds from principal repayments and sales of investments                                                              |   |                                                 | — |   |
| Accretion of discount/amortization of premium                                                                            |   |                                                 | — |   |
| Net realized gain (loss)                                                                                                 |   |                                                 | — |   |
| Net change in unrealized appreciation (depreciation)                                                                     |   |                                                 | 122     |   |
| Transfers into Level 3 (1)                                                                                               |   |                                                 | — |   |
| Transfers out of Level 3 (1)                                                                                             |   |                                                 | — |   |
| Fair value, end of period                                                                                                |   | $                                                    | 149,586 |   |
| Net change in unrealized appreciation (depreciation) related to financial instruments still held as of December 31, 2022 |   |                                                 | 122     |   |
|              |   | Fair Value as ofDecember 31, 2022 |    | ValuationTechniques | UnobservableInput    |               | Range/Input(Weighted Average)(1) |   |
|-------------------|--------|-----------------------------------|---------|---------------------|----------------------|--------------------|----------------------------------|--------|
| Assets:           |   |                              |    |                |                 |               |                             |   |
| First lien debt   |   | $                                 | 149,586 |                | Discounted cash flow | Comparative Yields |                             |   | 9.3% - 11.6% (10.5 | %) |
| Total investments |   | $                                 | 149,586 |                |                 |               |                             |   |   |   |

|  | (1) | Weighted averages are calculated based on fair value of investments |
|--|-----|---------------------------------------------------------------------|

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| December 31, 2022                   |
|-------------------------------------|
| Counterparty                        |   | GrossAmount ofAssets |   |   | Gross Amount of (Liabilities) |   |   | Net amounts presented in the Statements of Assets and Liabilities |   |   | Collateral Received/Pledged(1) |   |   | NetAmounts(2) |   |
| State Street Bank and Trust Company |   | $ | 686 |   |   | $ | — |   |   | $ | 686 |   |   | $ | — |   |   | $ | 686 |   |
|                                |   | $ | 686 |   |   | $ | — |   |   | $ | 686 |   |   | $ | — |   |   | $ | 686 |   |
|                                                                                |   | Period Ended December 31, 2022 |    |
|-------------------------------------------------------------------------------------|--------|--------------------------------|---------|
| Net change in unrealized gain (loss) on foreign currency forward contracts          |   | $                              | 686     |   |
| Realized gain (loss) on foreign currency forward contracts                          |   |                           | — |   |
| Total net realized and unrealized gain (loss) on foreign currency forward contracts |   | $                              | 686     |   |

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|                                                       |   | December 31, 2022 |   |
|------------------------------------------------------------|--------|-------------------|--------|
| Paid in capital excess of par value                        |   | $                 | (57    | ) |
| Distributable income in excess of net investment income(1) |   |              | 981    |   |
| Accumulated realized gains(1)                              |   |              | (924   | ) |
|  | (1) | Amounts are included in distributable earnings (accumulated loss) on the Statements of Assets and Liabilities. |
|--|-----|----------------------------------------------------------------------------------------------------------------|
|                                |   | December 31, 2022 |   |
|-------------------------------------|--------|-------------------|--------|
| Undistributed ordinary income       |   | $                 | 1,132  |   |
| Net tax appreciation/(depreciation) |   |              | 122    |   |
| Undistributed capital gains         |   |              | 411    |   |
| Other temporary differences         |   |              | (318   | ) |

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| Paid Distributions attributable to: |   | December 31, 2022 |    |
|-------------------------------------|--------|-------------------|---------|
| Ordinary income                     |   | $                 | -       |   |
| Return of capital                   |   |              | -       |   |
| Long term gain                      |   |              | -       |   |
| Total taxable distributions         |   | $                 |  - |   |
|              |   | Gross appreciation |   |   | Gross (depreciation) |   |   | Netappreciation/(depreciation) |   |   | Cost |   |
|-------------------|--------|--------------------|--------|--------|----------------------|--------|--------|--------------------------------|--------|--------|------|--------|
| December 31, 2022 |   | $                  | 151    |   |                 | $      | (29    | )                              |   | $      | 122  |   |   | $ | 150,149 |   |
|                                                  |   | December 31, 2022 |    |
|-------------------------------------------------------|--------|-------------------|---------|
| Per share data:(1)                                    |   |
| Net asset value, beginning of period                  |   | $                 | — |   |
| Net investment income (loss) (2)                      |   |              | (0.14   | ) |
| Net realized and unrealized gains (losses) (3)        |   |              | 0.21    |   |
| Net increase (decrease) in net investment operations  |   |              | 0.07    |   |
| Impact of issuance of common stock                    |   |              | 10.00   |   |
| Net asset value, end of period                        |   | $                 | 10.07   |   |
|                                                  |   |              |    |   |
| Total Return (4)                                      |   |              | 0.69    | % |
|                                                  |   |              |    |   |
| Ratios and supplemental data:                         |   |
| Net assets, end of period                             |   | $                 | 187,765 |   |
|                                                  |   |              |    |   |
| Ratio of gross expenses to average net assets(5)      |   |              | 6.02    | % |
| Net investment income (loss) to average net assets(5) |   |              | (6.02   | )% |

----

| (1) | The per share data was derived by using the weighted average shares outstanding during year ended December 31, 2022. |
|-----|----------------------------------------------------------------------------------------------------------------------|
| (2) | Calculated based on average shares outstanding during the period. |
|-----|-------------------------------------------------------------------|
| (3) | The amount shown for a unit outstanding does not correspond with the aggregate realized and unrealized gain (loss) on investments for the period due to the timing of capital share transactions of fund shares in relation to fluctuating                market values of investments of the Fund. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Total return based on net asset value calculated as the change in Net Asset Value per share during the respective periods, assuming distributions, if any, are reinvested on the effects of the performance of the Fund during the period. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | Annualized. |
|-----|-------------|

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| ITEM 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure |
|---------|--------------------------------------------------------------------------------------|

| ITEM 9A. | Controls and Procedures |
|----------|-------------------------|

| ITEM 9B. | Other Information |
|----------|-------------------|

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| Item 10. |  Directors, Executive Officers and Corporate Governance. |
|----------|---------------------------------------------------------------|

| Name                      |   | Year of Birth |   | Position |   | Length of Time Served |   | Principal Occupation During Past 5 Years                                                                                           |   | Other Memberships Held by Board Member                                                                                                                                                                                                                                                                                                                                                                 |
|---------------------------|--------|---------------|--------|----------|--------|-----------------------|--------|------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Interested Board Members  |   |          |   |     |   |                  |   |                                                                                                                               |   |                                                                                                                                                                                                                                                                                                                                                                                                   |
| Eric Muller               |   | 1972          |   | Member   |   | Since 2022            |   | Portfolio Manager & Partner at Oak Hill Advisors (2018 – Present); Partner at Goldman Sachs (2006 – 2018)          |   | Trustee, T. Rowe Price OHA Private Credit Fund (2022 – Present); Investment Committee Member, Boston University Endowment (2018 – Present); Dean’s Advisory Board Member, Boston University Questrom School of Business (2015 – Present);                Co-Chairman, Board of Trustees for StreetSquash (2012 – Present)                                                |
| Alan M. Schrager          |   | 1968          |   | Chairman |   | Since 2022            |   | Portfolio Manager & Senior Partner at Oak Hill Advisors (2003 – Present)                                                 |   | Trustee, T. Rowe Price OHA Private Credit Fund (2022 – Present); Board Member, Expro Group Holdings (2018 – Present); Board Member, New Heights Youth Inc. (2016 – Present); Board Member for Churchill Capital V (2022 – Present); Board                Member for Churchill Capital VI (2022 – Present); Board Member for Churchill Capital VII (2022 – Present) |
| Independent Board Members |   |          |   |     |   |                  |   |                                                                                                                               |   |                                                                                                                                                                                                                                                                                                                                                                                                   |
| Kathleen M. Burke         |   | 1963          |   | Member   |   | Since 2022            |   | Managing Director at Snowbridge Advisors (2016 – Present); Advisor at Pacific General Holdings (April 2022 – Present). |   | Trustee, T. Rowe Price OHA Private Credit Fund (2022 – Present)                                                                                                                                                                                                                                                                                                                                  |
| Mark Manoff               |   | 1956          |   | Member   |   | Since 2022            |   | Co-founder and CEO at Verrian, Inc (2019-2021); Vice Chair at Ernst & Young (1978-2021).                                       |   | Trustee, T. Rowe Price OHA Private Credit Fund (2022 – Present); Trustee, University of Maryland Smith Business School Advisory Board (2012 – Present); Trustee, Roundabout Theatre (2000 – 2020); Trustee, the                First Tee (2011 – 2011).                                                                                                                        |
| Jonathan Morgan |   | 1963 |   | Member |   | Since 2022 |   | Managing Member at Sound Fund Advisors LLC (2011 - Present). |   | Trustee, T. Rowe Price OHA Private Credit Fund (2022 – Present); Director, Angel Oak Mortgage, Inc. (Jan 2022 – Present); Trustee, The Frank Foundation (2016 – Present); Trustee, Talmadge Hill Community Church                (2019 – Present); Trustee, The Weekapaug Chapel (2020 – present); Trustee, Kids Empowered by Your Support (2016-2021). |
|-----------------|--------|------|--------|--------|--------|------------|--------|--------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Name           |   | Year of Birth |   | Position                 |   | Length of Time Served |   | Principal Occupation During Past 5 Years                                                                                                                                                         |
|----------------|--------|---------------|--------|--------------------------|--------|-----------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|           |   |          |   |                     |   |                  |   |                                                                                                                                                                                             |
| Andy Winer     |   | 1968          |   | Chief Operating Officer  |   | Since 2022            |   | Portfolio Manager at Sound Point Capital (2016 – 2022)                                                                                                                                     |
|           |   |          |   |                     |   |                  |   |                                                                                                                                                                                             |
| Gerard Waldt   |   | 1984          |   | Chief Financial Officer  |   | Since 2022            |   | Deputy Chief Financial Officer at Bain Capital Specialty Finance (2018 – 2022); Controller and Interim Chief Accounting Officer at Hercules Capital (2016 – 2018)                    |
|           |   |          |   |                     |   |                  |   |                                                                                                                                                                                             |
| Grove Stafford |   | 1977          |   | Chief Compliance Officer |   | Since 2022            |   | Executive Director, Chief Compliance Officer and Head of IM Private Funds Compliance at Morgan Stanley (2018-2022); Vice President and Assistant General Counsel at Resource America (2006-2018) |
|           |   |          |   |                     |   |                  |   |                                                                                                                                                                                             |
| Gregory Rubin  |   | 1971          |   | Vice President           |   | Since 2022            |   | Partner and General Counsel, Global Head of Legal and Compliance at Oak Hill Advisors, L.P. (2007 – Present)                                                                               |

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| Item 11. | Executive Compensation. |
|----------|-------------------------|

|                 |   |   |              |   |   | Annual CommitteeChair Cash Retainer |   |
|----------------------|--------|--------|-------------------|--------|--------|-------------------------------------|--------|
| Annual Cash Retainer |   |   | Board Meeting Fee |   |   | Committee Meeting Fee               |   |   | Audit |   |   | Nominating and Governance |   |   | Independent Board Members |   |
| $                    | 50,000 |   |              | $      | 1,000  |                                |   | $ | 1,000 |   |   | $ | 7,500 |   |   | $ | 1,250 |   |   | $ | 1,250 |   |

| Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. |
|----------|-------------------------------------------------------------------------------------------------|

|  | • | each person known to us to be expected to beneficially own more than 5% of the outstanding Shares; |
|--|---------|----------------------------------------------------------------------------------------------------|
|  | • | each of our Board members and each executive officers; and |
|--|---------|------------------------------------------------------------|
|  | • | all of our Board members and executive officers as a group. |
|--|---------|-------------------------------------------------------------|

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|                                                     | Shares Beneficially Owned |
|----------------------------------------------------------|---------------------------|
| Name and Address                                         | Number                    |   | Percentage |
| Interested Board Members                                 |                      |   |   |
| Eric Muller                                              | 0                         |   | N/A |
| Alan M. Schrager                                         | 0                         |   | N/A |
| Independent Board Members(1)                             |                      |   |   |
| Kathleen M. Burke                                        | 0                         |   | N/A |
| Mark Manoff                                              | 0                         |   | N/A |
| Jonathan Morgan                                          | 0                         |   | N/A |
| Executive Officers who are not Board Members(1)          |                      |   |   |
| Gregory S. Rubin                                         | 0                         |   | N/A |
| Grove Stafford                                           | 0                         |   | N/A |
| Gerard Waldt                                             | 0                         |   | N/A |
| Andy Winer                                               | 0                         |   | N/A |
| Other                                                    |                      |   | N/A |
| All officers and Board members as a group (nine persons) | 0                         |   | N/A |

----

| * | Less than 1%. |
|---|---------------|
| (1) | The address for all of the Fund’s officers and Members is 1 Vanderbilt Avenue, 16th Floor, New York, NY 10017, c/o OHA Private Credit Advisors II, L.P., 1 Vanderbilt Avenue, 16th Floor, New York, NY  10017. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | The address for OHA Private Credit Advisors II, L.P. is 1 Vanderbilt Avenue, 16th Floor, New York, NY  10017. |
|-----|--------------------------------------------------------------------------------------------------------------------|
| Name and Address             | Dollar Range of Equity Securities in Fund(1)(2) |
|------------------------------|-------------------------------------------------|
| Interested Board Members     |                                            |
| Eric Muller                  | None                                            |
| Alan M. Schrager             | None                                            |
| Independent Board Members(1) |                                            |
| Kathleen M. Burke            | None                                            |
| Mark Manoff                  | None                                            |
| Jonathan Morgan              | None                                            |

----

| (1) | Beneficial ownership has been determined in accordance with Rule 16a-1(a)(2) of the Exchange Act. |
|-----|---------------------------------------------------------------------------------------------------|
| (2) | The dollar range of equity securities beneficially owned are: none, $1 – $10,000, $10,001 – $50,000, $50,001 – $100,000 or over $100,000. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Item 13. | Certain Relationships and Related Transactions, and Director Independence. |
|----------|----------------------------------------------------------------------------|

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| Item14. |  Principal Accountant Fees and Services. |
|---------|-----------------------------------------------|

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| Item 15. | Exhibits and Financial Statement Schedules. |
|----------|---------------------------------------------|

|   | Report of Independent Registered Public Accounting Firm                                                                    |
|--------|----------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                       |
|   | Statements of Assets and Liabilities as of December 31, 2022                                                               |
|   |                                                                                                                       |
|   | Statement of Operations for the period December 15, 2022 (commencement of operations) through December 31, 2022            |
|   |                                                                                                                       |
|   | Statement of Changes in Net Assets for the period December 15, 2022 (commencement of operations) through December 31, 2022 |
|   |                                                                                                                       |
|   | Statement of Cash Flows for the period December 15, 2022 (commencement of operations)  through December 31, 2022      |
|   |                                                                                                                       |
|   | Schedule of Investments as of December 31, 2022                                                                            |
|   |                                                                                                                       |
|   | Notes to Financial Statements                                                                                              |
| Exhibit Number | Description of Exhibits                                                                                                                                                                                     |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.1            | Amended and Restated LLC Agreement (incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form 10 (File No. 000-56496)                                                  |
| 10.1           | Investment Advisory Agreement (incorporated by reference to Exhibit 10.1 to the Company’s Registration Statement on Form 10 (File No. 000-56496)                                                      |
| 10.2           | Administration Agreement (incorporated by reference to Exhibit 10.2 to the Company’s Registration Statement on Form 10 (File No. 000-56496)                                                           |
| 10.3           | Form of Subscription Agreement (incorporated by reference to Exhibit 10.3 to the Company’s Registration Statement on Form 10 (File No. 000-56496)                                                     |
| 10.4           | Custody Agreements (incorporated by reference to Exhibit 10.4 to the Company’s Registration Statement on Form 10 (File No. 000-56496)                                                                 |
| 14             | Code of Ethics of the Adviser and the Fund (incorporated by reference to Exhibit 10.4 to the Company’s Registration Statement on Form 10 (File No. 000-56496)                                         |
| 31.1*          | Certification of Chief Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) under Securities Exchange Act of 1934, as adopted pursuant to              Section 302 of the Sarbanes-Oxley Act of 2002 |
| 31.2*          | Certification of Chief Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) under Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of              2002 |
| 32.1*          | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002                                                           |
| 32.2*          | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002                                                           |

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|                 | OHA SENIOR PRIVATE LENDING FUND (U) LLC |
|----------------------|-----------------------------------------|
|                 |                                    |
| Date: March 16, 2023 | /s/ Eric Muller                         |
|                 | Eric Muller                             |
|                 | Chief Executive Officer                 |
| Name                  | Title                                                    |
|-----------------------|----------------------------------------------------------|
| /s/ Eric Muller       | Chief Executive Officer and Member                       |
| Eric Muller           |                                                     |
|                  |                                                     |
| /s/ Gerard Waldt      | Chief Financial Officer and Principal Accounting Officer |
| Gerard Waldt          |                                                     |
|                  |                                                     |
| /s/ Kathleen M. Burke | Member                                                   |
| Kathleen M. Burke     |                                                     |
|                  |                                                     |
| /s/ Mark Manoff       | Member                                                   |
| Mark Manoff           |                                                     |
|                  |                                                     |
| /s/ Jonathan Morgan   | Member                                                   |
| Jonathan Morgan       |                                                     |
|                  |                                                     |
| /s/ Alan M. Schrager  | Chairman of the Board and Member                         |
| Alan M. Schrager      |                                                     |

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