# EDGAR Filing Document

**Accession Number:** 0001841514
**File Stem:** 0000950170-25-108128
**Filing Date:** 2025-8
**Character Count:** 226553
**Document Hash:** 3e77b0b98930c9602c87d053af6c62c7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-108128.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0000950170-25-108128

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 72

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Commonwealth Credit Partners BDC I, Inc.
- **CENTRAL INDEX KEY:** 0001841514

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01387
- **FILM NUMBER:** 251212510

**BUSINESS ADDRESS:**
- **STREET 1:** C/O COMVEST CAPITAL ADVISORS, LLC
- **STREET 2:** 360 S. ROSEMARY, SUITE 1700
- **CITY:** WEST PALM BEACH
- **STATE:** FL
- **ZIP:** 33401
- **BUSINESS PHONE:** 561.727.2100

**MAIL ADDRESS:**
- **STREET 1:** C/O COMVEST CAPITAL ADVISORS, LLC
- **STREET 2:** 360 S. ROSEMARY, SUITE 1700
- **CITY:** WEST PALM BEACH
- **STATE:** FL
- **ZIP:** 33401

?xml version='1.0' encoding='ASCII'? 10-Q

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

------

**FORM** 10-Q

------

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

**For the quarterly period ended** **June 30,** 2025

**OR** 

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

**Commission file number:** 814-01387

------

Commonwealth Credit Partners BDC I, Inc.

**(Exact name of registrant as specified in its charter)** 

------

---

| | |
|:---|:---|
| Delaware | 86-3335466 |
| **(State or Other Jurisdiction of**<br>**Incorporation or Organization)** | **(I.R.S. Employer**<br>**Identification No.)** |

---

---

| | |
|:---|:---|
| 360 S Rosemary**,** Suite 1700**,**<br>West Palm Beach**,** FL | 33401 |
| **(Address of Principal Executive Office)** | **(Zip Code)** |

---

**(**561**)** 727-2000

**(Registrant's telephone number, including area code)** 

------

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

---

| | | |
|:---|:---|:---|
| **Title of Each Class**<br>| &nbsp;&nbsp;&nbsp;**Trading**<br>**Symbol(s)**<br>| &nbsp;&nbsp;&nbsp;**Name of Each Exchange**<br>**on Which Registered**<br>|
| **None** | **None** | **None** |

---

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

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

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

---

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

---

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

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

There were 619,157 issued and outstanding shares of the issuer's common stock, $.001 par value per share, on August 13, 2025.

------

**Commonwealth Credit Partners BDC I, Inc.** 

**Quarterly Report on Form 10-Q** 

**TABLE OF CONTENTS** 

---

| | | |
|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;Page |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>PART I—FINANCIAL INFORMATION</u>](#toc372653_1) | &nbsp;&nbsp;&nbsp;&nbsp;[<u>PART I—FINANCIAL INFORMATION</u>](#toc372653_1) | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 1.</u>](#toc372653_2) | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Financial Statements</u>](#toc372653_2) | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 2.</u>](#toc372653_3) | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#toc372653_3) | &nbsp;&nbsp;44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 3.</u>](#toc372653_4) | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#toc372653_4) | &nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 4.</u>](#toc372653_5) | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Controls and Procedures</u>](#toc372653_5) | &nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>PART II—OTHER INFORMATION</u>](#toc372653_6) | &nbsp;&nbsp;&nbsp;&nbsp;[<u>PART II—OTHER INFORMATION</u>](#toc372653_6) | &nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 1.</u>](#toc372653_7) | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Legal Proceedings</u>](#toc372653_7) | &nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Item 1A.</u> | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Risk Factors</u>](#risk_factors) | &nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 2.</u>](#toc372653_9) | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#toc372653_9) | &nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 3.</u>](#toc372653_10) | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Defaults upon Senior Securities</u>](#toc372653_10) | &nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 4.</u>](#toc372653_11) | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Mine Safety Disclosures</u>](#toc372653_11) | &nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 5.</u>](#toc372653_12) | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Other Information</u>](#toc372653_12) | &nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 6.</u>](#toc372653_13) | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Exhibits</u>](#toc372653_13) | &nbsp;&nbsp;56 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>SIGNATURES</u>](#toc372653_14) | &nbsp;&nbsp;&nbsp;&nbsp;[<u>SIGNATURES</u>](#toc372653_14) | &nbsp;&nbsp;57 |

---

------

**PART I—FINANCIAL INFORMATION** 

**ITEM 1. FINANCIAL STATEMENTS** 

**COMMONWEALTH CREDIT PARTNERS BDC I, INC.** 

**CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES** 

**(amounts in thousands except share and per share data)** 

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025 (Unaudited)** | **December 31, 2024** |
| **Assets** |  |  |
| Investments, at fair value: |  |  |
| &nbsp;&nbsp;Non-controlled, non-affiliated investments (amortized cost of $643,575 and $644,734, respectively) | $629688 | $634625 |
| &nbsp;&nbsp;Non-controlled, affiliated investments (amortized cost of $18,911 and $18,335, respectively) | 9189 | 9586 |
| &nbsp;&nbsp;Total investments, at fair value (amortized cost of $662,486 and $663,069, respectively) | 638877 | 644211 |
| Cash and cash equivalents | 4244 | 5334 |
| Receivables: |  |  |
| &nbsp;&nbsp;Interest receivable | 7816 | 7197 |
| Prepaid expenses and other assets | 1150 | 1234 |
| &nbsp;&nbsp;**Total Assets** | $652087 | $657976 |
| **Liabilities** |  |  |
| Credit facility (net of deferred financing costs of $2 and $18, respectively) | $111398 | $111082 |
| Payables: |  |  |
| &nbsp;&nbsp;Management fee payable (Note 4) | 1592 | 1622 |
| &nbsp;&nbsp;Interest payable | 615 | 629 |
| &nbsp;&nbsp;Incentive fee payable (Note 4) | 398 | 406 |
| Accrued other general and administrative expenses | 688 | 468 |
| &nbsp;&nbsp;**Total Liabilities** | $114691 | $114207 |
| Commitments and contingencies (Note 7) |  |  |
| **Net Assets** |  |  |
| Common Shares, $0.001 par value; 1,000,000 shares authorized; 586,764 and 582,249 shares issued and outstanding, respectively | $1 | $1 |
| Additional paid-in capital | 573895 | 569695 |
| Total distributable earnings (accumulated deficit) | (36500) | (25927) |
| &nbsp;&nbsp;**Total Net Assets** | $537396 | $543769 |
| &nbsp;&nbsp;**Total Liabilities and Net Assets** | $652087 | $657976 |
| &nbsp;&nbsp;**Net Asset Value Per Common Share** | $915.86 | $933.91 |

---

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

------

**COMMONWEALTH CREDIT PARTNERS BDC I, INC.** 

**CONSOLIDATED STATEMENTS OF OPERATIONS** 

**(amounts in thousands except share and per share data)** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Income:** |  |  |  |  |
| Investment income from non-controlled, non-affiliated investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | $15786 | $19321 | $32267 | $38526 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid in kind interest income | 724 | 37 | 1482 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fee income | 476 | 413 | 1148 | 809 |
| Investment income from non-controlled, affiliated investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 36 |  | 72 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid in kind interest income | 246 |  | 373 |  |
| **Total Investment Income** | 17268 | 19771 | 35342 | 39403 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive fees | 398 | 388 | 795 | 781 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | 1592 | 1551 | 3181 | 3123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 1779 | 1659 | 3588 | 3779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 314 | 186 | 570 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;Directors' fees | 23 | 19 | 44 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other general and administrative expenses | 527 | 339 | 778 | 661 |
| **Total Expenses** | 4633 | 4142 | 8956 | 8776 |
| **Net Investment Income (Loss)** | 12635 | 15629 | 26386 | 30627 |
| **Realized and unrealized gains (losses) on investments and foreign currency transactions** |  |  |  |  |
| Net realized gains (losses): |  |  |  |  |
| &nbsp;&nbsp;Non-controlled, non-affiliated investments | (4479) | 52 | (4208) | (6268) |
| **Total net realized gains (losses)** | (4479) | 52 | (4208) | (6268) |
| Net change in unrealized gains (losses): |  |  |  |  |
| &nbsp;&nbsp;Non-controlled, non-affiliated investments | (738) | (2856) | (3777) | 1556 |
| &nbsp;&nbsp;Non-controlled, affiliated investments | (581) | (924) | (973) | (2531) |
| **Total net change in unrealized gains (losses)** | (1319) | (3780) | (4750) | (975) |
| **Total realized and unrealized gains (losses)** | (5798) | (3728) | (8958) | (7243) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $6837 | $11901 | $17428 | $23384 |
| **Per Common Share Data:** |  |  |  |  |
| Basic and diluted net investment income/(loss) per common share | $21.61 | $27.83 | $45.21 | $55.20 |
| Basic and diluted net increase/(decrease) in net assets resulting from operations per common share | $11.69 | $21.19 | $29.86 | $42.15 |
| Weighted Average Common Shares Outstanding - Basic and Diluted | 584772 | 561617 | 583584 | 554828 |

---

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

------

**COMMONWEALTH CREDIT PARTNERS BDC I, INC.** 

**CONSOLIDATED STATEMENTS OF CHANGE IN NET ASSETS** 

**(amounts in thousands except share and per share data)** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Increase (Decrease) in Net Assets Resulting from Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $12635 | $15629 | $26386 | $30627 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) on investments | (4479) | 52 | (4208) | (6268) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized gains (losses) on investments | (1319) | (3780) | (4750) | (975) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | 6837 | 11901 | 17428 | 23384 |
| **Decrease in Net Assets Resulting from Stockholder Distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from net investment income | (12862) | (15150) | (28001) | (28289) |
| **Decrease in Net Assets Resulting from Stockholder Distributions** | (12862) | (15150) | (28001) | (28289) |
| **Increase in Net Assets Resulting from Capital Share Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | 1929 | 15150 | 4200 | 28289 |
| **Increase in Net Assets Resulting from Capital Share Transactions** | 1929 | 15150 | 4200 | 28289 |
| **Total Increase (Decrease) in Net Assets** | (4096) | 11901 | (6373) | 23384 |
| Net Assets, Beginning of Period | 541492 | 538141 | 543769 | 526658 |
| **Net Assets, End of Period** | $537396 | $550042 | $537396 | $550042 |

---

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

------

**COMMONWEALTH CREDIT PARTNERS BDC I, INC.** 

**CONSOLIDATED STATEMENTS OF CASH FLOWS** 

**(amounts in thousands)** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|  | **2025** | **2024** |
| **Cash Flows from Operating Activities:** |  |  |
| Net increase (decrease) in net assets resulting from operations | $17428 | $23384 |
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized (gains)/losses on investments | 4208 | 6268 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (gains)/losses on investments | 4750 | 975 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net accretion of discount on investments | (1751) | (1556) |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid in kind interest income | (1855) | (68) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of portfolio investments | (52268) | (84722) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 16 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales/restructurings or repayments of portfolio investments | 52250 | 69752 |
| Increase/(decrease) in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase)/decrease in interest receivable | (619) | (4173) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase)/decrease in prepaid expenses and other assets | 84 | (4783) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase/(decrease) in management fees payable, net | (30) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase/(decrease) in interest payable | (14) | (145) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase/(decrease) in incentive fee payable, net | (8) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase/(decrease) in directors fee payable |  | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase/(decrease) in accrued other general and administrative expenses | 220 | 316 |
| **Net cash provided by (used in) Operating Activities** | 22411 | 5270 |
| **Cash Flows provided by (used in) Financing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings on credit facility | 42400 | 44000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments on credit facility | (42100) | (54000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions paid in cash | (23801) |  |
| **Net cash provided by (used in) Financing Activities** | (23501) | (10000) |
| **Net increase (decrease) in cash and cash equivalents** | (1090) | (4730) |
| Cash and cash equivalents, beginning of period | 5334 | 8887 |
| **Cash and cash equivalents, end of period** | $4244 | $4157 |
| **Supplemental and Non-Cash Information:** |  |  |
| Interest paid during the period | $3602 | $3924 |
| Reinvestment of distributions during the period | $4200 | $28289 |

---

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

------

**COMMONWEALTH CREDIT PARTNERS BDC I, INC.** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**(amounts in thousands, except per share data)** 

**June 30, 2025**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company - Investment** <sup>(3)(7)</sup> | **Industry** | **Spread Above Index** | **Interest Rate** <sup>(5)(10)</sup> | **Maturity Date** | **Principal / Shares**<sup>(14)</sup> | **Amortized Cost** | **Fair Value** | **Percentage of Net Assets** <sup>(2)</sup> |
| **Debt Investments** |  |  |  |  |  |  |  |  |
| **First Lien Senior Secured** |  |  |  |  |  |  |  |  |
| 190 Octane Financing, LLC - Delayed Draw Term Loan | Consumer Services | SOFR + 5.50% (1.00% floor) + 1.50% PIK | 11.34% | 5/10/2027 | $4866 | $4829 | $4433 | 0.8% |
| 190 Octane Financing, LLC - Revolving Credit Line (4) | Consumer Services | SOFR + 5.50% (1.00% floor) + 1.50% PIK | 11.34% | 5/10/2027 | 681 | 672 | 579 | 0.1% |
| 190 Octane Financing, LLC - Term Loan | Consumer Services | SOFR + 5.50% (1.00% floor) + 1.50% PIK | 11.34% | 5/10/2027 | 8417 | 8342 | 7668 | 1.4% |
| Abea Acquisition, Inc. - Delayed Draw Term Loan | Consumer Services | SOFR + 6.50% (1.00% floor) | 10.93% | 11/30/2026 | 1391 | 1383 | 1352 | 0.3% |
| Abea Acquisition, Inc. - Term Loan | Consumer Services | SOFR + 6.50% (1.00% floor) | 10.93% | 11/30/2026 | 11086 | 11023 | 10775 | 2.0% |
| AccessOne Medcard, Inc. - Term Loan | Financial Services | SOFR + 6.00% (0.50% floor) | 10.43% | 8/20/2026 | 11514 | 11460 | 11468 | 2.1% |
| ACT Acquisition Intermediate Holdco, LLC - Delayed Draw Term Loan | Media & Entertainment | SOFR + 6.75% (1.00% floor) | 11.19% | 12/4/2028 | 1427 | 1405 | 1427 | 0.3% |
| ACT Acquisition Intermediate Holdco, LLC - Revolving Credit Line (4) | Media & Entertainment | SOFR + 6.75% (1.00% floor) | 11.19% | 12/4/2028 | 77 | 66 | 77 | -% |
| ACT Acquisition Intermediate Holdco, LLC - Term Loan | Media & Entertainment | SOFR + 6.75% (1.00% floor) | 11.19% | 12/4/2028 | 6480 | 6373 | 6480 | 1.2% |
| AIDC IntermediateCo 2, LLC - Term Loan | Software & Services | SOFR + 5.50% (1.00% floor) | 9.83% | 7/22/2027 | 28007 | 27714 | 27839 | 5.2% |
| Allbridge, LLC - Delayed Draw Term Loan (4) | Telecommunication Services | SOFR + 5.75% (1.00% floor) | 10.05% | 6/5/2030 | - | (1) | - | -% |
| Allbridge, LLC - Revolving Credit Line (4) | Telecommunication Services | SOFR + 5.75% (1.00% floor) | 10.05% | 6/5/2030 | - | (2) | - | -% |
| Allbridge, LLC - Term Loan | Telecommunication Services | SOFR + 5.75% (1.00% floor) | 10.05% | 6/5/2030 | 2147 | 2124 | 2147 | 0.4% |
| Allied OMS Intermediate Company, LLC - Delayed Draw Term Loan (4) | Health Care Equipment & Services | SOFR + 5.25% (1.00% floor) | 9.51% | 12/12/2030 | - | (16) | (33) | -% |
| Allied OMS Intermediate Company, LLC - Revolving Credit Line (4) | Health Care Equipment & Services | SOFR + 5.25% (1.00% floor) | 9.51% | 12/12/2030 | - | (11) | (11) | -% |
| Allied OMS Intermediate Company, LLC - Term Loan | Health Care Equipment & Services | SOFR + 5.25% (1.00% floor) | 9.51% | 12/12/2030 | 9133 | 9042 | 9041 | 1.7% |
| Atlas US Buyer, LLC - Delayed Draw Term Loan | Financial Services | SOFR + 6.00% (0.75% floor) + 0.50% PIK | 10.93% | 12/31/2027 | 3304 | 3285 | 3152 | 0.6% |
| Atlas US Buyer, LLC - Revolving Credit Line (4) | Financial Services | SOFR + 6.00% (0.75% floor) + 0.50% PIK | 10.93% | 12/31/2027 | 516 | 508 | 457 | 0.1% |
| Atlas US Buyer, LLC - Term Loan | Financial Services | SOFR + 6.00% (0.75% floor) + 0.50% PIK | 10.93% | 12/31/2027 | 9362 | 9290 | 8931 | 1.7% |
| Batteries Plus Holding Corporation - Revolving Credit Line (4) | Technology Hardware & Equipment | SOFR + 6.75% (1.00% floor) | 11.18% | 6/27/2028 | 137 | 104 | 137 | -% |
| Batteries Plus Holding Corporation - Term Loan | Technology Hardware & Equipment | SOFR + 6.75% (1.00% floor) | 11.18% | 6/27/2028 | 16211 | 15938 | 16211 | 3.0% |

---

------

**COMMONWEALTH CREDIT PARTNERS BDC I, INC.** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)**

**(amounts in thousands, except per share data)** 

**June 30, 2025**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company - Investment** <sup>(3)(7)</sup> | **Industry** | **Spread Above Index** | **Interest Rate** <sup>(5)(10)</sup> | **Maturity Date** | **Principal / Shares**<sup>(14)</sup> | **Amortized Cost** | **Fair Value** | **Percentage of Net Assets** <sup>(2)</sup> |
| **Debt Investments** |  |  |  |  |  |  |  |  |
| **First Lien Senior Secured** |  |  |  |  |  |  |  |  |
| BHP Management Holdings, LLC - Delayed Draw Term Loan | Health Care Equipment & Services | SOFR + 4.50% (1.00% floor) | 8.95% | 10/27/2028 | $7427 | $7329 | $7427 | 1.4% |
| BHP Management Holdings, LLC - Term Loan | Health Care Equipment & Services | SOFR + 4.50% (1.00% floor) | 8.95% | 10/27/2028 | 12865 | 12703 | 12865 | 2.4% |
| Billhighway, LLC - Delayed Draw Term Loan (4) | Software & Services | SOFR + 6.75% (1.00% floor) | 11.18% | 2/8/2029 | 223 | 217 | 223 | -% |
| Billhighway, LLC - Revolving Credit Line (4) | Software & Services | SOFR + 6.75% (1.00% floor) | 11.18% | 2/8/2029 | - | (3) | - | -% |
| Billhighway, LLC - Term Loan | Software & Services | SOFR + 6.75% (1.00% floor) | 11.18% | 2/8/2029 | 3540 | 3501 | 3540 | 0.7% |
| Cardiology Management Holdings, LLC - Delayed Draw Term Loan A | Health Care Equipment & Services | SOFR + 5.75% (1.00% floor) | 10.20% | 1/31/2029 | 5001 | 4937 | 4981 | 0.9% |
| Cardiology Management Holdings, LLC - Delayed Draw Term Loan B | Health Care Equipment & Services | SOFR + 5.75% (1.00% floor) | 10.20% | 1/31/2029 | 4896 | 4820 | 4876 | 0.9% |
| Cardiology Management Holdings, LLC - Term Loan | Health Care Equipment & Services | SOFR + 5.75% (1.00% floor) | 10.20% | 1/31/2029 | 7087 | 6996 | 7059 | 1.3% |
| CAS Acquisition, LLC - Revolving Credit Line (4) | Financial Services | SOFR + 6.00% (1.00% floor) | 10.42% | 4/2/2030 | 117 | 110 | 117 | -% |
| CAS Acquisition, LLC - Term Loan | Financial Services | SOFR + 6.00% (1.00% floor) | 10.43% | 4/2/2030 | 20835 | 20680 | 20835 | 3.9% |
| CheckedUp, Inc - Delayed Draw Term Loan | Media & Entertainment | SOFR + 5.50% (1.00% floor) | 9.93% | 10/20/2027 | 2506 | 2483 | 2486 | 0.5% |
| CheckedUp, Inc - Revolving Credit Line (4) | Media & Entertainment | SOFR + 5.50% (1.00% floor) | 9.93% | 10/20/2027 | 1037 | 1022 | 1022 | 0.2% |
| CheckedUp, Inc - Term Loan | Media & Entertainment | SOFR + 5.50% (1.00% floor) | 9.93% | 10/20/2027 | 8937 | 8856 | 8865 | 1.6% |
| CTM Group, Inc. - Revolving Credit Line PIK | Media & Entertainment | SOFR + 4.75% (1.00% floor) + 2.75% PIK | 11.43% | 11/30/2026 | 23 | 23 | 21 | -% |
| CTM Group, Inc. - Revolving Credit Line | Media & Entertainment | SOFR + 4.75% (1.00% floor) + 2.75% PIK | 11.43% | 11/30/2026 | 1108 | 1098 | 1002 | 0.2% |
| CTM Group, Inc. - Term Loan | Media & Entertainment | SOFR + 4.75% (1.00% floor) + 2.75% PIK | 11.43% | 11/30/2026 | 19602 | 19403 | 17720 | 3.3% |
| Discovery SL Management, LLC - Delayed Draw Term Loan A | Health Care Equipment & Services | SOFR + 5.50% (1.00% floor) | 9.82% | 3/18/2030 | 431 | 427 | 429 | 0.1% |
| Discovery SL Management, LLC - Delayed Draw Term Loan B (4) | Health Care Equipment & Services | SOFR + 5.50% (1.00% floor) | 9.82% | 3/18/2030 | 435 | 424 | 424 | 0.1% |
| Discovery SL Management, LLC - Revolving Credit Line (4) | Health Care Equipment & Services | SOFR + 5.50% (1.00% floor) | 9.82% | 3/18/2030 | - | (3) | (2) | -% |
| Discovery SL Management, LLC - Term Loan | Health Care Equipment & Services | SOFR + 5.50% (1.00% floor) | 9.82% | 3/18/2030 | 2579 | 2554 | 2564 | 0.5% |
| Drive Assurance Corporation - Delayed Draw Term Loan (1)(4) | Insurance | SOFR + 7.00% (2.00% floor) | 11.33% | 7/10/2030 | - | (2) | - | -% |
| Drive Assurance Corporation - Term Loan (1) | Insurance | SOFR + 7.00% (2.00% floor) | 11.33% | 7/10/2030 | 6222 | 6170 | 6222 | 1.2% |
| Engineered Films Acquisition Inc. - Revolving Credit Line (4) | Capital Goods | SOFR + 5.25% (1.00% floor) | 9.69% | 4/30/2029 | 905 | 883 | 875 | 0.2% |
| Engineered Films Acquisition Inc. - Term Loan | Capital Goods | SOFR + 5.25% (1.00% floor) | 9.69% | 4/30/2029 | 19453 | 19284 | 19259 | 3.6% |
| EPS Operations, LLC - Revolving Credit Line | Media & Entertainment | SOFR + 6.00% (1.00% floor) | 10.33% | 2/24/2028 | 1774 | 1751 | 1760 | 0.3% |
| EPS Operations, LLC - Term Loan | Media & Entertainment | SOFR + 6.00% (1.00% floor) | 10.33% | 2/24/2028 | 17237 | 16985 | 17099 | 3.2% |

---

------

**COMMONWEALTH CREDIT PARTNERS BDC I, INC.** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)**

**(amounts in thousands, except per share data)** 

**June 30, 2025**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company - Investment** <sup>(3)(7)</sup> | **Industry** | **Spread Above Index** | **Interest Rate** <sup>(5)(10)</sup> | **Maturity Date** | **Principal / Shares**<sup>(14)</sup> | **Amortized Cost** | **Fair Value** | **Percentage of Net Assets** <sup>(2)</sup> |
| **Debt Investments** |  |  |  |  |  |  |  |  |
| **First Lien Senior Secured** |  |  |  |  |  |  |  |  |
| Fiesta Holdings, LLC - Revolving Credit Line B (4) | Consumer Services | SOFR + 5.25% (1.00% floor) | 9.53% | 10/23/2029 | $- | $(7) | $- | -% |
| Fiesta Holdings, LLC - Term Loan B | Consumer Services | SOFR + 5.25% (1.00% floor) | 9.53% | 10/23/2029 | 7829 | 7754 | 7829 | 1.5% |
| Hasa Acquisition, LLC - Delayed Draw Term Loan (4)(11) | Capital Goods | SOFR + 4.75% (1.00% floor) | 9.03% | 1/10/2029 | 124 | 95 | 103 | -% |
| Hasa Acquisition, LLC - Revolving Credit Line (4)(11) | Capital Goods | SOFR + 4.75% (1.00% floor) | 9.03% | 1/10/2029 | 823 | 796 | 803 | 0.1% |
| Hasa Acquisition, LLC - Term Loan (11) | Capital Goods | SOFR + 4.75% (1.00% floor) | 9.03% | 1/10/2029 | 14304 | 14049 | 14118 | 2.6% |
| Hasa Acquisition, LLC - Term Loan B (11) | Capital Goods | SOFR + 4.75% (1.00% floor) | 9.03% | 1/10/2029 | 996 | 981 | 983 | 0.2% |
| Hornblower Sub LLC - Revolving Credit Line (11) | Transportation | SOFR + 5.50% (1.00% floor) | 9.80% | 7/3/2029 | 626 | 621 | 626 | 0.1% |
| Hornblower Sub LLC - Term Loan (11) | Transportation | SOFR + 5.50% (1.00% floor) | 9.78% | 7/3/2029 | 3967 | 3935 | 3967 | 0.7% |
| Juvare, LLC - Delayed Draw Term Loan (4) | Software & Services | SOFR + 5.25% (0.50% floor) | 9.53% | 5/1/2031 | - | - | (5) | -% |
| Juvare, LLC - Revolving Credit Line (4) | Software & Services | SOFR + 5.25% (0.50% floor) | 9.53% | 5/1/2031 | - | (8) | (8) | -% |
| Juvare, LLC - Term Loan | Software & Services | SOFR + 5.25% (0.50% floor) | 9.53% | 5/1/2031 | 10056 | 10006 | 10006 | 1.9% |
| Kemper Sports Management, LLC - Delayed Draw Term Loan | Consumer Services | SOFR + 5.00% (1.00% floor) | 9.33% | 10/11/2029 | 4518 | 4458 | 4518 | 0.8% |
| Kemper Sports Management, LLC - Revolving Credit Line (4) | Consumer Services | SOFR + 5.00% (1.00% floor) | 9.33% | 10/11/2029 | - | (21) | - | -% |
| Kemper Sports Management, LLC - Term Loan | Consumer Services | SOFR + 5.00% (1.00% floor) | 9.33% | 10/11/2029 | 18619 | 18351 | 18619 | 3.5% |
| Kent Water Sports Holdings, LLC - Delayed Draw Term Loan First-Out (13) | Consumer Durables & Apparel | SOFR + 10.00% (1.00% floor) PIK | 14.44% | 10/18/2027 | 6893 | 6198 | 6893 | 1.3% |
| Kent Water Sports Holdings, LLC - Delayed Draw Term Loan Last-Out (12)(13) | Consumer Durables & Apparel | SOFR + 13.50% (1.00% floor) PIK | 17.94% | 10/18/2027 | 17393 | 12713 | 2296 | 0.4% |
| MerchantWise Solutions, LLC - Delayed Draw Term Loan | Software & Services | SOFR + 3.00% (0.75% floor) + 4.50% PIK | 11.80% | 6/1/2028 | 2369 | 2343 | 1928 | 0.4% |
| MerchantWise Solutions, LLC - Term Loan | Software & Services | SOFR + 3.00% (0.75% floor) + 4.50% PIK | 11.80% | 6/1/2028 | 11279 | 11162 | 9181 | 1.7% |
| Military Retail Solutions, LLC - Delayed Draw Term Loan (4)(11) | Consumer Staples Distribution & Retail | SOFR + 5.25% (1.00% floor) | 9.58% | 6/28/2029 | - | (15) | (17) | -% |
| Military Retail Solutions, LLC - Revolving Credit Line (4)(11) | Consumer Staples Distribution & Retail | SOFR + 5.25% (1.00% floor) | 9.58% | 6/28/2029 | - | (15) | (8) | -% |
| Military Retail Solutions, LLC - Term Loan (11) | Consumer Staples Distribution & Retail | SOFR + 5.25% (1.00% floor) | 9.58% | 6/28/2029 | 15805 | 15542 | 15663 | 2.9% |
| Narcote, LLC - Revolving Credit Line (1)(4) | Materials | SOFR + 7.00% (1.00% floor) | 11.44% | 3/30/2027 | - | (8) | - | -% |
| Narcote, LLC - Term Loan A (1)(8) | Materials | SOFR + 7.00% (1.00% floor) | 11.44% | 3/30/2027 | 2665 | 2645 | 2665 | 0.5% |
| Narcote, LLC - Term Loan B (1)(8) | Materials | SOFR + 7.00% (1.00% floor) | 11.44% | 3/30/2027 | 4442 | 4409 | 4442 | 0.8% |
| Narcote, LLC - Term Loan C (1) | Materials | SOFR + 7.00% (1.00% floor) | 11.44% | 3/30/2027 | 468 | 465 | 468 | 0.1% |

---

------

**COMMONWEALTH CREDIT PARTNERS BDC I, INC.** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)**

**(amounts in thousands, except per share data)** 

**June 30, 2025**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company - Investment** <sup>(3)(7)</sup> | **Industry** | **Spread Above Index** | **Interest Rate** <sup>(5)(10)</sup> | **Maturity Date** | **Principal / Shares**<sup>(14)</sup> | **Amortized Cost** | **Fair Value** | **Percentage of Net Assets** <sup>(2)</sup> |
| **Debt Investments** |  |  |  |  |  |  |  |  |
| **First Lien Senior Secured** |  |  |  |  |  |  |  |  |
| National Debt Relief, LLC - Delayed Draw Term Loan | Financial Services | SOFR + 6.50% (2.50% floor) | 10.94% | 2/7/2028 | $10943 | $10871 | $10910 | 2.0% |
| National Debt Relief, LLC - Revolving Credit Line | Financial Services | SOFR + 6.50% (2.50% floor) | 10.94% | 2/7/2028 | 2189 | 2175 | 2182 | 0.4% |
| National Debt Relief, LLC - Term Loan | Financial Services | SOFR + 6.50% (2.50% floor) | 10.94% | 2/7/2028 | 13131 | 13045 | 13092 | 2.4% |
| Oak Dental Partners - Revolving Credit Line (4) | Health Care Equipment & Services | SOFR + 6.50% (2.00% floor) | 10.94% | 3/22/2028 | 344 | 333 | 325 | 0.1% |
| Oak Dental Partners - Term Loan | Health Care Equipment & Services | SOFR + 6.50% (2.00% floor) | 10.94% | 3/22/2028 | 16811 | 16548 | 16441 | 3.1% |
| OAO Acquisitions, Inc. - Delayed Draw Term Loan | Capital Goods | SOFR + 5.50% (1.25% floor) | 9.81% | 12/27/2029 | 1313 | 1297 | 1313 | 0.2% |
| OAO Acquisitions, Inc. - Revolving Credit Line (4) | Capital Goods | SOFR + 5.50% (1.25% floor) | 9.81% | 12/27/2029 | - | (7) | - | -% |
| OAO Acquisitions, Inc. - Term Loan | Capital Goods | SOFR + 5.50% (1.25% floor) | 9.81% | 12/27/2029 | 6243 | 6172 | 6243 | 1.2% |
| OmniMax International, LLC - Delayed Draw Term Loan | Capital Goods | SOFR + 5.75% (1.00% floor) | 10.06% | 12/6/2030 | 841 | 825 | 826 | 0.2% |
| OmniMax International, LLC - Term Loan | Capital Goods | SOFR + 5.75% (1.00% floor) | 10.03% | 12/6/2030 | 2723 | 2672 | 2674 | 0.5% |
| OneCare Media, LLC - Revolving Credit Line (4)(12) | Media & Entertainment | SOFR + 4.50% (1.00% floor) | 0.00% | 9/29/2026 | - | (6) | (351) | (0.1)% |
| OneCare Media, LLC - Term Loan A (12) | Media & Entertainment | SOFR + 4.50% (1.00% floor) | 8.93% | 9/29/2026 | 10144 | 9423 | 4372 | 0.8% |
| OneCare Media, LLC - Term Loan B (12) | Media & Entertainment | SOFR + 4.50% (1.00% floor) | 8.93% | 9/29/2026 | 2252 | 2091 | 971 | 0.2% |
| OneCare Media, LLC - Term Loan C (12) | Media & Entertainment | SOFR + 4.50% (1.00% floor) | 8.93% | 9/29/2026 | 1408 | 1307 | 607 | 0.1% |
| OneCare Media, LLC - Term Loan D (12) | Media & Entertainment | SOFR + 4.50% (1.00% floor) | 8.93% | 9/29/2026 | 856 | 794 | 369 | 0.1% |
| OpCo Borrower, LLC - Term Loan | Health Care Equipment & Services | SOFR + 5.75% (1.00% floor) | 10.03% | 4/26/2029 | 2090 | 2057 | 2090 | 0.4% |
| OpCo Borrower, LLC - Term Loan B | Health Care Equipment & Services | SOFR + 6.25% (1.00% floor) | 10.58% | 4/26/2029 | 3273 | 3240 | 3273 | 0.6% |
| Pansophic Learning US, LLC - Delayed Draw Term Loan | Consumer Services | SOFR + 5.75% (1.00% floor) | 10.08% | 5/15/2029 | 1688 | 1656 | 1681 | 0.3% |
| Pansophic Learning US, LLC - Revolving Credit Line (4) | Consumer Services | SOFR + 5.75% (1.00% floor) | 10.08% | 5/15/2029 | - | (20) | (5) | -% |
| Pansophic Learning US, LLC - Term Loan | Consumer Services | SOFR + 5.75% (1.00% floor) | 10.08% | 5/15/2029 | 13490 | 13242 | 13436 | 2.5% |
| PDDS Holdco, Inc. - Delayed Draw Term Loan (4)(11) | Software & Services | SOFR + 7.50% (0.75% floor) | 11.95% | 7/18/2028 | 3536 | 3522 | 3485 | 0.6% |
| PDDS Holdco, Inc. - Term Loan (11) | Software & Services | SOFR + 7.50% (0.75% floor) | 11.95% | 7/18/2028 | 14348 | 14085 | 14161 | 2.6% |
| PJW Ultimate Holdings, LLC - Revolving Credit Line (4) | Consumer Services | SOFR + 5.50% (1.00% floor) | 9.83% | 11/17/2029 | - | (12) | (19) | -% |
| PJW Ultimate Holdings, LLC - Term Loan B | Consumer Services | SOFR + 5.50% (1.00% floor) | 9.83% | 11/17/2029 | 13752 | 13653 | 13628 | 2.5% |
| Priority Holdings, LLC - Term Loan | Financial Services | SOFR + 4.75% (0.50% floor) | 9.08% | 5/16/2031 | 3948 | 3931 | 3948 | 0.7% |

---

------

**COMMONWEALTH CREDIT PARTNERS BDC I, INC.** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)**

**(amounts in thousands, except per share data)** 

**June 30, 2025**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company - Investment** <sup>(3)(7)</sup> | **Industry** | **Spread Above Index** | **Interest Rate** <sup>(5)(10)</sup> | **Maturity Date** | **Principal / Shares**<sup>(14)</sup> | **Amortized Cost** | **Fair Value** | **Percentage of Net Assets** <sup>(2)</sup> |
| **Debt Investments** |  |  |  |  |  |  |  |  |
| **First Lien Senior Secured** |  |  |  |  |  |  |  |  |
| Restaurant Holding Company, LLC - Term Loan (9) | Consumer Services | SOFR + 6.25% (1.00% floor) | 10.69% | 2/25/2028 | $20597 | $20355 | $20597 | 3.8% |
| Rushmore Intermediate II, LLC - Delayed Draw Term Loan | Health Care Equipment & Services | SOFR + 7.00% (1.00% floor) | 11.45% | 11/1/2027 | 1262 | 1250 | 1252 | 0.2% |
| Rushmore Intermediate II, LLC - Delayed Draw Term Loan 2nd Amend | Health Care Equipment & Services | SOFR + 7.00% (1.00% floor) | 11.45% | 11/1/2027 | 1169 | 1146 | 1160 | 0.2% |
| Rushmore Intermediate II, LLC - Delayed Draw Term Loan 4th Amend | Health Care Equipment & Services | SOFR + 7.00% (1.00% floor) | 11.45% | 11/1/2027 | 489 | 481 | 485 | 0.1% |
| Rushmore Intermediate II, LLC - Revolving Credit Line (4) | Health Care Equipment & Services | SOFR + 7.00% (1.00% floor) | 11.46% | 11/1/2027 | 1075 | 1065 | 1064 | 0.2% |
| Rushmore Intermediate II, LLC - Term Loan | Health Care Equipment & Services | SOFR + 7.00% (1.00% floor) | 11.45% | 11/1/2027 | 12096 | 11987 | 11999 | 2.2% |
| Rushmore Intermediate II, LLC - Term Loan B | Health Care Equipment & Services | SOFR + 7.00% (1.00% floor) | 11.45% | 11/1/2027 | 1125 | 1108 | 1116 | 0.2% |
| S4T Holdings Corp. - Delayed Draw Term Loan | Commercial & Professional Services | SOFR + 5.00% (1.00% floor) | 9.33% | 12/28/2026 | 7577 | 7516 | 7516 | 1.4% |
| S4T Holdings Corp. - Term Loan | Commercial & Professional Services | SOFR + 5.00% (1.00% floor) | 9.33% | 12/28/2026 | 25364 | 25189 | 25161 | 4.7% |
| Select Rehabilitation, LLC - Term Loan A | Health Care Equipment & Services | SOFR + 5.00% (5.00% floor) | 10.00% | 12/29/2028 | 6500 | 6500 | 6500 | 1.2% |
| Select Rehabilitation, LLC - Term Loan B (12) | Health Care Equipment & Services | FIXED 7.60% PIK | 7.60% PIK | 12/29/2028 | 13232 | 6639 | 6643 | 1.2% |
| Senior Support Holdings (Franchise) Acquisition, Inc. - Delayed Draw Term Loan | Health Care Equipment & Services | SOFR + 5.25% (1.00% floor) | 9.53% | 3/20/2030 | 1839 | 1806 | 1828 | 0.3% |
| Senior Support Holdings (Franchise) Acquisition, Inc. - Term Loan | Health Care Equipment & Services | SOFR + 5.25% (1.00% floor) | 9.57% | 3/20/2030 | 4237 | 4167 | 4211 | 0.8% |
| Spartan CP, LLC - Delayed Draw Term Loan | Consumer Services | SOFR + 5.75% (1.00% floor) | 10.08% | 6/28/2029 | 2492 | 2449 | 2455 | 0.5% |
| Spartan CP, LLC - Revolving Credit Line (4) | Consumer Services | SOFR + 5.75% (1.00% floor) | 10.08% | 6/28/2029 | - | (8) | (8) | -% |
| Spartan CP, LLC - Term Loan | Consumer Services | SOFR + 5.75% (1.00% floor) | 10.08% | 6/28/2029 | 5462 | 5455 | 5380 | 1.0% |
| Total Fleet Buyer, LLC - Revolving Credit Line (4) | Capital Goods | SOFR + 4.50% (1.00% floor) | 8.60% | 7/15/2030 | - | (20) | (3) | -% |
| Total Fleet Buyer, LLC - Term Loan | Capital Goods | SOFR + 4.50% (1.00% floor) | 8.60% | 7/15/2030 | 6825 | 6721 | 6811 | 1.3% |
| Total Fleet Buyer, LLC - Term Loan B | Capital Goods | SOFR + 4.50% (1.00% floor) | 8.82% | 7/15/2030 | 1560 | 1533 | 1557 | 0.3% |

---

------

**COMMONWEALTH CREDIT PARTNERS BDC I, INC.** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)**

**(amounts in thousands, except per share data)** 

**June 30, 2025**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company - Investment** <sup>(3)(7)</sup> | **Industry** | **Spread Above Index** | **Interest Rate** <sup>(5)(10)</sup> | **Maturity Date** | **Principal / Shares**<sup>(14)</sup> | **Amortized Cost** | **Fair Value** | **Percentage of Net Assets** <sup>(2)</sup> |
| **Debt Investments** |  |  |  |  |  |  |  |  |
| **First Lien Senior Secured** |  |  |  |  |  |  |  |  |
| VardimanBlack Holdings, LLC - Delayed Draw Term Loan (4) | Health Care Equipment & Services | SOFR + 2.00% (0.50% floor) PIK + 5.00% Fixed | 11.42% | 3/18/2027 | 2367 | 2318 | 2610 | 0.5% |
| VardimanBlack Holdings, LLC - Term Loan | Health Care Equipment & Services | SOFR + 2.00% (0.50% floor) PIK + 5.00% Fixed | 11.42% | 3/18/2027 | 20842 | 18936 | 20842 | 3.9% |
| Vecta Holdings, LLC - Revolving Credit Line (4)(12) | Commercial & Professional Services | SOFR + 6.50% (1.00% floor) | 10.92% | 12/30/2027 | 750 | 732 | 619 | 0.1% |
| Vecta Holdings, LLC - Term Loan (12) | Commercial & Professional Services | SOFR + 6.50% (1.00% floor) | 10.92% | 12/30/2027 | 8097 | 7840 | 6883 | 1.3% |
| West Creek Financial SPV- Debt Facility VI, LLC - Delayed Draw Term Loan (1)(4) | Financial Services | SOFR + 6.75% (1.00% floor) | 11.19% | 8/31/2027 | 1107 | 1087 | 1095 | 0.2% |
| West Creek Financial SPV- Debt Facility VI, LLC - Revolving Credit Line (1) | Financial Services | SOFR + 6.75% (1.00% floor) | 11.19% | 8/31/2027 | 1444 | 1428 | 1434 | 0.3% |
| West Creek Financial SPV- Debt Facility VI, LLC - Term Loan (1) | Financial Services | SOFR + 6.75% (1.00% floor) | 11.19% | 8/31/2027 | 5101 | 5041 | 5066 | 0.9% |
| Whitestone Home Furnishings, LLC - Term Loan | Consumer Durables & Apparel | SOFR + 5.25% (1.00% floor) | 9.58% | 8/20/2026 | 14096 | 14018 | 14096 | 2.6% |
| **Total First Lien Senior Secured** |  |  |  |  | **674200** | **652258** | **632890** | **117.7%** |
| **Total Debt Investments** |  |  |  |  | $**674200** | $**652258** | $**632890** | **117.7%** |
| **Equity Investments** <sup>(6)(15)</sup> |  |  |  |  |  |  |  |  |
| **Preferred Equity** |  |  |  |  |  |  |  |  |
| Allied OMS Intermediate Company, LLC - Preferred Units | Health Care Equipment & Services | NA | NA | NA | 12041 | $634 | $634 | 0.1% |
| Atlas US Holdings, LP - Class X Preferred Units | Financial Services | NA | 15.00% PIK | NA | 285441 | 342 | 297 | 0.1% |
| Atlas US Holdings, LP - Class B-2 Units | Financial Services | NA | NA | NA | 857787 | 873 | - | -% |
| EEP-EPS Fund I-A, LP - Series A-1 Preferred Units | Media & Entertainment | NA | NA | NA | 887237 | 887 | 586 | 0.1% |
| Sea-K Investors, LLC - Preferred Equity (11)(12)(13) | Consumer Durables & Apparel | NA | 15.00% PIK | NA | 3495 | - | - | -% |
| VardimanBlack Holdings, LLC - Preferred Equity (11)(12) | Health Care Equipment & Services | NA | 6.00% PIK | NA | 9268770 | 2908 | 146 | -% |
| **Total Preferred Equity** |  |  |  |  |  | **5644** | **1663** | **0.2%** |

---

------

**COMMONWEALTH CREDIT PARTNERS BDC I, INC.** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)**

**(amounts in thousands, except per share data)** 

**June 30, 2025**

**(Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Company - Investment** <sup>(3)(7)</sup> | **Industry** | **Principal / Shares**<sup>(14)</sup> | **Amortized Cost** | **Fair Value** | **Percentage of Net Assets** <sup>(2)</sup> |
| **Equity Investments** <sup>(6)(15)</sup> |  |  |  |  |  |
| **Common Equity** |  |  |  |  |  |
| 190 Octane Holdings, LLC - Series A-1 units (11) | Consumer Services<br> NA | 223551 | $377 | $7 | -% |
| Cardiology Partners Co., L.P. - Class O2 Units | Health Care Equipment & Services<br> NA | 142509 | 143 | 135 | -% |
| CTM Acquisition, LLC - Class A Units | Media & Entertainment<br> NA | 664865 | 665 | - | -% |
| Firebirds Intermediate Holdings I, LLC - Class A Units | Consumer Services<br> NA | 590012 | 590 | 431 | 0.1% |
| Firebirds Intermediate Holdings I, LLC - Class B Units | Consumer Services<br> NA | 590012 | - | - | -% |
| Kemper Sports Management Holdings, LLC Equity (11) | Consumer Services<br> NA | 420992 | 421 | 1132 | 0.2% |
| Oak Dental Partners Holding Company, LLC - Class C Units (11) | Health Care Equipment & Services<br> NA | 53 | 344 | 511 | 0.1% |
| Rushmore Lender Co-Invest Blocker, LLC - Common Stock | Health Care Equipment & Services<br> NA | 661505 | 695 | 847 | 0.2% |
| SDB Partners Holdco, LLC - Class A (11) | Health Care Equipment & Services<br> NA | 19103095 | - | - | -% |
| Sea-K Investors, LLC - Common Stock (11)(13) | Consumer Durables & Apparel<br> NA | 97 | - | - | -% |
| Senior Support Holdings, LP - Class A-1 (11) | Health Care Equipment & Services<br> NA | 449 | 449 | 497 | 0.1% |
| Senior Support Holdings, LP - Class B (11) | Health Care Equipment & Services<br> NA | 449 | - | 43 | -% |
| TVG OCM III (FT) Blocker, LLC - Class B Units | Media & Entertainment<br> NA | 2610 | 743 | - | -% |
| Vistria ESS Holdings, LLC - Equity Units | Commercial & Professional Services<br> NA | 326 | 157 | 721 | 0.1% |
| **Total Common Equity** |  |  | **4584** | **4324** | **0.8%** |
| **Total Equity Investments** |  |  | **10228** | **5987** | **1.0%** |
| **Total Investments** |  |  | $**662486** | $**638877** | **118.7%** |
| **Cash Equivalents** |  |  |  |  |  |
| First American Government Obligations Fund - X Class, 4.47% | Cash Equivalents<br> NA | 3779 | $3779 | $3779 | 0.7% |
| **Total Cash Equivalents** |  |  | **3779** | **3779** | **0.7%** |
| **Total Investments and Cash Equivalents** |  |  | $**666265** | $**642656** | **119.4%** |
| Liabilities in Excess of Other Assets |  |  |  | $(105260) | (19.4)% |
| **Net Assets** |  |  |  | $**537396** | **100.0%** |

---

------

**COMMONWEALTH CREDIT PARTNERS BDC I, INC.** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)**

**(amounts in thousands, except per share data)** 

**June 30, 2025**

**(Unaudited)**

(1)The Company deemed this asset to be a "non-qualifying asset" under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act"). Qualifying assets must represent at least 70.0% of the Company's total assets at the time of acquisition of any additional non-qualifying assets. As of June 30, 2025, 3.28% of the Company's total assets are represented by investments at fair value that are considered non-qualifying assets.

(2)Percentages are based on net assets as of June 30, 2025.

(3)The fair value of investments with respect to securities for which market quotations are not readily available are valued using significant unobservable inputs (See Note 3 – Fair Value of Financial Instruments).

(4)For investments in revolving credit facilities and delayed draw commitments, the cost basis of the funded investments purchased is offset by any costs/netbacks received for any unfunded portion on the total balance committed. The fair value is also adjusted for the price appreciation or depreciation on the unfunded portion. As a result, the purchase of commitments not completely funded may result in a negative fair value until it is called and funded. Please refer to Note 7 - Commitments and Contingencies for details of these unfunded commitments.

(5)The majority of the investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate ("SOFR") and which reset monthly, quarterly, semiannually, or annually. For each, the Company has provided the spread over the reference rate and the current interest rate in effect at the reporting date. As of June 30, 2025, the reference rates for the Company's variable rate loans were the 1 month SOFR at 4.32%, the 3 month SOFR at 4.29%, and the 6 month SOFR at 4.15%. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable.

(6)Equity and member interests are non-income-producing unless otherwise noted.

(7)All investments domiciled in the United States unless otherwise noted.

(8)Domiciled in Canada.

(9)Domiciled in Puerto Rico.

(10)Positions that have a SOFR reference rate, from time to time have an additional spread adjustment. This spread adjustment ranges from 0.10% - 0.25% depending on the contractual arrangement. These spread adjustments have been included in the all-in rate shown.

(11)Ownership of this investment is through a wholly-owned and consolidated subsidiary.

(12)Investment is on non-accrual status.

(13)Investment is deemed a non-controlled affiliated investment. Non-controlled affiliated investments generally are defined by the 1940 Act as investments in portfolio companies in which the Company owns between 5% and 25% of the voting securities. See Note 5 in the accompanying notes to the consolidated financial statements for additional information on transactions in which the portfolio company was a non-controlled affiliated investment.

(14)The total principal amount (in thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments.

------

**COMMONWEALTH CREDIT PARTNERS BDC I, INC.** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)**

**(amounts in thousands, except per share data)** 

**June 30, 2025**

**(Unaudited)**

(15)Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be "restricted security" under the Securities Act. As of June 30, 2025, the aggregate fair value of these securities is $5,987, or 1.0% of the Company's net assets. The initial acquisition dates of the restricted securities are as follows:

---

| | |
|:---|:---|
| **Portfolio Company — Investment**<sup>(15)</sup> | **Initial Acquisition Date** |
| 190 Octane Holdings, LLC - Series A-1 units | July 1, 2022 |
| Allied OMS Intermediate Company, LLC - Preferred Units | June 11, 2025 |
| Atlas US Holdings, LP - Class B-2 Units | May 4, 2022 |
| Atlas US Holdings, LP - Class X Preferred Units | May 17, 2023 |
| Cardiology Partners Co., L.P. - Class O2 Units | January 31, 2023 |
| CTM Acquisition, LLC - Class A Units | February 28, 2023 |
| EEP-EPS Fund I-A, LP - Series A-1 Preferred Units | February 24, 2023 |
| Firebirds Intermediate Holdings I, LLC - Class A Units | March 22, 2023 |
| Firebirds Intermediate Holdings I, LLC - Class B Units | March 22, 2023 |
| Kemper Sports Management Holdings, LLC Equity | January 12, 2023 |
| Oak Dental Partners Holding Company, LLC - Class C Units | March 23, 2023 |
| Rushmore Lender Co-Invest Blocker, LLC - Common Stock | November 1, 2021 |
| SDB Partners Holdco, LLC - Class A | March 29, 2024 |
| Sea-K Investors, LLC - Common Stock | November 6, 2023 |
| Sea-K Investors, LLC - Preferred Equity | November 6, 2023 |
| Senior Support Holdings, LP - Class A-1 | March 20, 2024 |
| Senior Support Holdings, LP - Class B | March 20, 2024 |
| TVG OCM III (FT) Blocker, LLC - Class B Units | September 29, 2021 |
| VardimanBlack Holdings, LLC - Preferred Equity | March 29, 2024 |
| Vistria ESS Holdings, LLC - Equity Units | December 27, 2021 |

---

The following table shows the portfolio composition by industry grouping based on fair value at June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Industry** | **Investments and Cash Equivalents at<br>Fair Value** | **Percentage of<br>Total Portfolio** |
| Health Care Equipment & Services | $134272 | 20.9% |
| Consumer Services | 114488 | 17.8% |
| Financial Services | 82984 | 12.9% |
| Software & Services | 70350 | 11.0% |
| Media & Entertainment | 64513 | 10.0% |
| Capital Goods | 55562 | 8.6% |
| Commercial & Professional Services | 40900 | 6.4% |
| Consumer Durables & Apparel | 23285 | 3.6% |
| Technology Hardware & Equipment | 16348 | 2.6% |
| Consumer Staples Distribution & Retail | 15638 | 2.4% |
| Materials | 7575 | 1.2% |
| Insurance | 6222 | 1.0% |
| Transportation | 4593 | 0.7% |
| Cash Equivalents | 3779 | 0.6% |
| Telecommunication Services | 2147 | 0.3% |
|  | $642656 | 100.0% |

---

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

------

**COMMONWEALTH CREDIT PARTNERS BDC I, INC.** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**(amounts in thousands, except per share data)** 

**December 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company - Investment (3)(7)(13)** | **Industry** | **Spread Above Index** | **Interest Rate (5)(8)** | **Maturity Date** | **Principal / Shares (12)** | **Amortized Cost** | **Fair Value** | **Percentage of Net Assets (2)** |
| **Debt Investments** |  |  |  |  |  |  |  |  |
| **First Lien Senior Secured** |  |  |  |  |  |  |  |  |
| 190 Octane Financing, LLC - Delayed Draw Term Loan | Consumer Services | SOFR + 5.50% (1.00% floor) + 1.50% PIK | 11.41% | 5/10/2027 | $4842 | $4795 | $4450 | 0.8% |
| 190 Octane Financing, LLC - Revolving Credit Line (4) | Consumer Services | SOFR + 5.50% (1.00% floor) + 1.50% PIK | 11.41% | 5/10/2027 | 676 | 665 | 583 | 0.1% |
| 190 Octane Financing, LLC - Term Loan | Consumer Services | SOFR + 5.50% (1.00% floor) + 1.50% PIK | 11.41% | 5/10/2027 | 8375 | 8279 | 7697 | 1.4% |
| Abea Acquisition, Inc. - Delayed Draw Term Loan | Consumer Services | SOFR + 6.50% (1.00% floor) | 10.96% | 11/30/2026 | 1391 | 1380 | 1350 | 0.2% |
| Abea Acquisition, Inc. - Term Loan | Consumer Services | SOFR + 6.50% (1.00% floor) | 10.96% | 11/30/2026 | 11086 | 10997 | 10753 | 2.0% |
| AccessOne Medcard, Inc. - Term Loan | Financial Services | SOFR + 6.00% (0.50% floor) | 10.46% | 8/20/2026 | 11574 | 11494 | 11470 | 2.1% |
| ACT Acquisition Intermediate Holdco, LLC - Delayed Draw Term Loan | Media & Entertainment | SOFR + 6.75% (1.00% floor) | 11.22% | 12/4/2028 | 1434 | 1408 | 1434 | 0.3% |
| ACT Acquisition Intermediate Holdco, LLC - Revolving Credit Line (4) | Media & Entertainment | SOFR + 6.75% (1.00% floor) | 11.22% | 12/4/2028 | 77 | 64 | 77 | —% |
| ACT Acquisition Intermediate Holdco, LLC - Term Loan | Media & Entertainment | SOFR + 6.75% (1.00% floor) | 11.22% | 12/4/2028 | 6513 | 6390 | 6513 | 1.2% |
| AIDC IntermediateCo 2, LLC - Term Loan | Software & Services | SOFR + 5.25% (1.00% floor) | 9.59% | 7/22/2027 | 28150 | 27787 | 28150 | 5.2% |
| Allbridge, LLC - Delayed Draw Term Loan (4) | Telecommunication Services | SOFR + 5.75% (1.00% floor) | 10.08% | 6/5/2030 |  | (1) |  | —% |
| Allbridge, LLC - Revolving Credit Line (4) | Telecommunication Services | SOFR + 5.75% (1.00% floor) | 10.08% | 6/5/2030 |  | (2) |  | —% |
| Allbridge, LLC - Term Loan | Telecommunication Services | SOFR + 5.75% (1.00% floor) | 10.08% | 6/5/2030 | 2158 | 2133 | 2158 | 0.4% |
| Atlas US Buyer, LLC - Delayed Draw Term Loan | Financial Services | SOFR + 6.00% (0.75% floor) + 0.50% PIK | 11.12% | 12/31/2027 | 3312 | 3289 | 3213 | 0.6% |
| Atlas US Buyer, LLC - Revolving Credit Line (4) | Financial Services | SOFR + 6.00% (0.75% floor) + 0.50% PIK | 11.12% | 12/31/2027 | 515 | 505 | 476 | 0.1% |
| Atlas US Buyer, LLC - Term Loan | Financial Services | SOFR + 6.00% (0.75% floor) + 0.50% PIK | 11.12% | 12/31/2027 | 9385 | 9298 | 9104 | 1.7% |
| Batteries Plus Holding Corporation - Revolving Credit Line (4) | Technology Hardware & Equipment | SOFR + 6.75% (1.00% floor) | 11.21% | 6/27/2028 |  | (38) |  | —% |
| Batteries Plus Holding Corporation - Term Loan | Technology Hardware & Equipment | SOFR + 6.75% (1.00% floor) | 11.21% | 6/27/2028 | 16294 | 15977 | 16294 | 3.0% |
| BHP Management Holdings, LLC - Delayed Draw Term Loan | Health Care Equipment & Services | SOFR + 5.00% (1.00% floor) | 9.48% | 10/27/2028 | 7465 | 7351 | 7465 | 1.4% |
| BHP Management Holdings, LLC - Term Loan | Health Care Equipment & Services | SOFR + 5.00% (1.00% floor) | 9.48% | 10/27/2028 | 12931 | 12742 | 12931 | 2.4% |
| Billhighway, LLC - Delayed Draw Term Loan (4) | Software & Services | SOFR + 6.75% (1.00% floor) | 11.21% | 2/8/2029 | 223 | 216 | 223 | —% |
| Billhighway, LLC - Revolving Credit Line (4) | Software & Services | SOFR + 6.75% (1.00% floor) | 11.21% | 2/8/2029 |  | (4) |  | —% |
| Billhighway, LLC - Term Loan | Software & Services | SOFR + 6.75% (1.00% floor) | 11.21% | 2/8/2029 | 3540 | 3495 | 3540 | 0.7% |
| Cardiology Management Holdings, LLC - Delayed Draw Term Loan A | Health Care Equipment & Services | SOFR + 6.25% (1.00% floor) | 10.58% | 1/31/2029 | 5027 | 4952 | 4997 | 0.9% |
| Cardiology Management Holdings, LLC - Delayed Draw Term Loan B (4) | Health Care Equipment & Services | SOFR + 6.25% (1.00% floor) | 10.58% | 1/31/2029 | 164 | 131 | 135 | —% |
| Cardiology Management Holdings, LLC - Term Loan | Health Care Equipment & Services | SOFR + 6.25% (1.00% floor) | 10.58% | 1/31/2029 | 7123 | 7017 | 7080 | 1.3% |

---

------

**COMMONWEALTH CREDIT PARTNERS BDC I, INC.** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)**

**(amounts in thousands, except per share data)** 

**December 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company - Investment (3)(7)(13)** | **Industry** | **Spread Above Index** | **Interest Rate (5)(8)** | **Maturity Date** | **Principal / Shares (12)** | **Amortized Cost** | **Fair Value** | **Percentage of Net Assets (2)** |
| **Debt Investments** |  |  |  |  |  |  |  |  |
| **First Lien Senior Secured** |  |  |  |  |  |  |  |  |
| CAS Acquisition, LLC - Revolving Credit Line (4) | Financial Services | SOFR + 6.50% (1.00% floor) | 10.96% | 3/29/2027 | $— | $(9) | $— | —% |
| CAS Acquisition, LLC - Term Loan | Financial Services | SOFR + 6.50% (1.00% floor) | 10.96% | 3/29/2027 | 21108 | 20906 | 21108 | 3.9% |
| CheckedUp, Inc - Delayed Draw Term Loan | Media & Entertainment | SOFR + 5.50% (1.00% floor) | 9.96% | 10/20/2027 | 2518 | 2491 | 2518 | 0.5% |
| CheckedUp, Inc - Revolving Credit Line (4) | Media & Entertainment | SOFR + 5.50% (1.00% floor) | 9.95% | 10/20/2027 | 754 | 736 | 754 | 0.1% |
| CheckedUp, Inc - Term Loan | Media & Entertainment | SOFR + 5.50% (1.00% floor) | 9.96% | 10/20/2027 | 8983 | 8883 | 8983 | 1.7% |
| CTM Group, Inc. - Revolving Credit Line PIK | Media & Entertainment | SOFR + 4.75% (1.00% floor) + 2.75% PIK | 11.39% | 11/30/2026 | 7 | 6 | 6 | —% |
| CTM Group, Inc. - Revolving Credit Line (4) | Media & Entertainment | SOFR + 4.75% (1.00% floor) + 2.75% PIK | 11.39% | 11/30/2026 | 813 | 798 | 710 | 0.1% |
| CTM Group, Inc. - Term Loan | Media & Entertainment | SOFR + 4.75% (1.00% floor) + 2.75% PIK | 11.41% | 11/30/2026 | 19298 | 19032 | 17503 | 3.2% |
| Discovery SL Management, LLC - Delayed Draw Term Loan A | Consumer Services | SOFR + 5.50% (1.00% floor) | 9.88% | 3/18/2030 | 434 | 429 | 431 | 0.1% |
| Discovery SL Management, LLC - Delayed Draw Term Loan B (4) | Consumer Services | SOFR + 5.50% (1.00% floor) | 9.88% | 3/18/2030 |  | (9) | (11) | —% |
| Discovery SL Management, LLC - Revolving Credit Line (4) | Consumer Services | SOFR + 5.50% (1.00% floor) | 9.88% | 3/18/2030 |  | (4) | (2) | —% |
| Discovery SL Management, LLC - Term Loan | Consumer Services | SOFR + 5.50% (1.00% floor) | 9.88% | 3/18/2030 | 2592 | 2564 | 2577 | 0.5% |
| Drive Assurance Corporation - Delayed Draw Term Loan (1)(4) | Insurance | SOFR + 7.00% (2.00% floor) | 11.36% | 7/10/2030 |  | (2) |  | —% |
| Drive Assurance Corporation - Term Loan (1) | Insurance | SOFR + 7.00% (2.00% floor) | 11.36% | 7/10/2030 | 6414 | 6353 | 6414 | 1.2% |
| Engineered Films Acquisition Inc. - Revolving Credit Line (4) | Capital Goods | SOFR + 7.00% (1.00% floor) | 11.47% | 4/29/2027 | 905 | 877 | 881 | 0.2% |
| Engineered Films Acquisition Inc. - Term Loan | Capital Goods | SOFR + 7.00% (1.00% floor) | 11.47% | 4/29/2027 | 19793 | 19574 | 19634 | 3.6% |
| EPS Operations, LLC - Revolving Credit Line (4) | Media & Entertainment | SOFR + 6.00% (1.00% floor) | 10.36% | 2/24/2028 |  | (28) | (14) | —% |
| EPS Operations, LLC - Term Loan | Media & Entertainment | SOFR + 6.00% (1.00% floor) | 10.36% | 2/24/2028 | 17325 | 17025 | 17187 | 3.2% |
| Fiesta Holdings, LLC - Revolving Credit Line B (4) | Consumer Services | SOFR + 5.25% (1.00% floor) | 9.88% | 10/23/2029 |  | (8) | (11) | —% |
| Fiesta Holdings, LLC - Term Loan B | Consumer Services | SOFR + 5.25% (1.00% floor) | 9.88% | 10/23/2029 | 7869 | 7787 | 7751 | 1.4% |
| Firebirds Buyer, LLC - Delayed Draw Term Loan (4) | Consumer Services | SOFR + 6.25% (2.00% floor) | 10.71% | 3/22/2028 | 691 | 671 | 691 | 0.1% |
| Firebirds Buyer, LLC - Revolving Credit Line (4) | Consumer Services | SOFR + 6.25% (2.00% floor) | 10.71% | 3/22/2028 | 518 | 496 | 518 | 0.1% |
| Firebirds Buyer, LLC - Term Loan | Consumer Services | SOFR + 6.25% (2.00% floor) | 10.71% | 3/22/2028 | 22404 | 21998 | 22404 | 4.1% |
| Hasa Acquisition, LLC - Delayed Draw Term Loan (4)(9) | Capital Goods | SOFR + 4.50% (1.00% floor) | 9.07% | 1/10/2029 |  | (33) | (16) | —% |
| Hasa Acquisition, LLC - Revolving Credit Line (4)(9) | Capital Goods | SOFR + 4.50% (1.00% floor) | 9.07% | 1/10/2029 |  | (31) | (16) | —% |
| Hasa Acquisition, LLC - Term Loan (9) | Capital Goods | SOFR + 4.50% (1.00% floor) | 9.07% | 1/10/2029 | 14377 | 14085 | 14234 | 2.6% |
| Hasa Acquisition, LLC - Term Loan B (9) | Capital Goods | SOFR + 4.50% (1.00% floor) | 8.99% | 1/10/2029 | 1001 | 984 | 991 | 0.2% |

---

------

**COMMONWEALTH CREDIT PARTNERS BDC I, INC.** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)**

**(amounts in thousands, except per share data)** 

**December 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company - Investment (3)(7)(13)** | **Industry** | **Spread Above Index** | **Interest Rate (5)(8)** | **Maturity Date** | **Principal / Shares (12)** | **Amortized Cost** | **Fair Value** | **Percentage of Net Assets (2)** |
| **Debt Investments** |  |  |  |  |  |  |  |  |
| **First Lien Senior Secured** |  |  |  |  |  |  |  |  |
| Hornblower Sub LLC - Revolving Credit Line (4)(9) | Transportation | SOFR + 5.50% (0.50% floor) | 10.02% | 7/3/2029 | $313 | $307 | $311 | 0.1% |
| Hornblower Sub LLC - Term Loan (9) | Transportation | SOFR + 5.50% (1.00% floor) | 10.11% | 7/3/2029 | 3987 | 3949 | 3975 | 0.7% |
| Kemper Sports Management, LLC - Delayed Draw Term Loan | Consumer Services | SOFR + 5.25% (1.00% floor) | 9.71% | 10/11/2029 | 4518 | 4451 | 4518 | 0.8% |
| Kemper Sports Management, LLC - Revolving Credit Line (4)(7) | Consumer Services | SOFR + 5.25% (1.00% floor) | 9.71% | 10/11/2029 |  | (24) |  | —% |
| Kemper Sports Management, LLC - Term Loan | Consumer Services | SOFR + 5.25% (1.00% floor) | 9.71% | 10/11/2029 | 18619 | 18320 | 18619 | 3.4% |
| Kent Water Sports Holdings, LLC - Delayed Draw Term Loan First-Out (11) | Consumer Durables & Apparel | SOFR + 10.00% (1.00% floor) PIK | 14.85% | 10/18/2027 | 6256 | 5622 | 6256 | 1.2% |
| Kent Water Sports Holdings, LLC - Delayed Draw Term Loan Last-Out (10)(11) | Consumer Durables & Apparel | SOFR + 13.50% (1.00% floor) PIK | 18.35% | 10/18/2027 | 15067 | 12713 | 3330 | 0.6% |
| MerchantWise Solutions, LLC - Delayed Draw Term Loan | Software & Services | SOFR + 3.00% (0.75% floor) + 4.50% PIK | 11.83% | 6/1/2028 | 2502 | 2470 | 2089 | 0.4% |
| MerchantWise Solutions, LLC - Term Loan | Software & Services | SOFR + 3.00% (0.75% floor) + 4.50% PIK | 11.83% | 6/1/2028 | 12039 | 11889 | 10052 | 1.8% |
| Military Retail Solutions, LLC - Delayed Draw Term Loan (4)(9) | Consumer Staples Distribution & Retail | SOFR + 5.25% (1.00% floor) | 9.61% | 6/28/2029 |  | (17) | (15) | —% |
| Military Retail Solutions, LLC - Revolving Credit Line (4)(9) | Consumer Staples Distribution & Retail | SOFR + 5.25% (1.00% floor) | 9.61% | 6/28/2029 |  | (16) | (7) | —% |
| Military Retail Solutions, LLC - Term Loan (9) | Consumer Staples Distribution & Retail | SOFR + 5.25% (1.00% floor) | 9.61% | 6/28/2029 | 15885 | 15590 | 15758 | 2.9% |
| Mollie Funding II, LLC - Delayed Draw Term Loan (1)(4) | Financial Services | SOFR + 8.00% (1.00% floor) | 12.47% | 6/11/2027 | 1935 | 1902 | 1875 | 0.3% |
| Mollie Funding II, LLC - Revolving Credit (1)(4) | Financial Services | SOFR + 8.00% (1.00% floor) | 12.47% | 6/11/2027 | 1183 | 1159 | 1147 | 0.2% |
| Mollie Funding II, LLC - Term Loan (1) | Financial Services | SOFR + 8.00% (1.00% floor) | 12.47% | 6/11/2027 | 5806 | 5717 | 5667 | 1.0% |
| Narcote, LLC - Revolving Credit Line (1)(4) | Materials | SOFR + 7.00% (1.00% floor) | 11.47% | 3/30/2027 |  | (11) |  | —% |
| Narcote, LLC - Term Loan A (1) | Materials | SOFR + 7.00% (1.00% floor) | 11.47% | 3/30/2027 | 2694 | 2668 | 2694 | 0.5% |
| Narcote, LLC - Term Loan B (1) | Materials | SOFR + 7.00% (1.00% floor) | 11.47% | 3/30/2027 | 4489 | 4446 | 4489 | 0.8% |
| Narcote, LLC - Term Loan C (1) | Materials | SOFR + 7.00% (1.00% floor) | 11.47% | 3/30/2027 | 473 | 468 | 473 | 0.1% |
| National Debt Relief, LLC - Delayed Draw Term Loan | Financial Services | SOFR + 6.50% (2.50% floor) | 10.97% | 2/7/2028 | 10943 | 10847 | 10866 | 2.0% |
| National Debt Relief, LLC - Revolving Credit Line | Financial Services | SOFR + 6.50% (2.50% floor) | 10.97% | 2/7/2028 | 2189 | 2171 | 2173 | 0.4% |
| National Debt Relief, LLC - Term Loan | Financial Services | SOFR + 6.50% (2.50% floor) | 10.97% | 2/7/2028 | 13131 | 13016 | 13039 | 2.4% |
| Oak Dental Partners - Delayed Draw Term Loan (4) | Health Care Equipment & Services | SOFR + 6.50% (2.00% floor) | 11.47% | 3/22/2028 |  | (17) | (54) | —% |
| Oak Dental Partners - Revolving Credit Line (4) | Health Care Equipment & Services | SOFR + 6.50% (2.00% floor) | 10.97% | 3/22/2028 | 344 | 330 | 322 | 0.1% |
| Oak Dental Partners - Term Loan | Health Care Equipment & Services | SOFR + 6.50% (2.00% floor) | 11.47% | 3/22/2028 | 16897 | 16587 | 16458 | 3.0% |

---

------

**COMMONWEALTH CREDIT PARTNERS BDC I, INC.** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)**

**(amounts in thousands, except per share data)** 

**December 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company - Investment (3)(7)(13)** | **Industry** | **Spread Above Index** | **Interest Rate (5)(8)** | **Maturity Date** | **Principal / Shares (12)** | **Amortized Cost** | **Fair Value** | **Percentage of Net Assets (2)** |
| **Debt Investments** |  |  |  |  |  |  |  |  |
| **First Lien Senior Secured** |  |  |  |  |  |  |  |  |
| OAO Acquisitions, Inc. - Delayed Draw Term Loan | Capital Goods | SOFR + 5.50% (1.25% floor) | 9.89% | 12/27/2029 | $1316 | $1299 | $1316 | 0.2% |
| OAO Acquisitions, Inc. - Revolving Credit Line (4) | Capital Goods | SOFR + 5.50% (1.25% floor) | 9.98% | 12/27/2029 |  | (8) |  | —% |
| OAO Acquisitions, Inc. - Term Loan | Capital Goods | SOFR + 5.50% (1.25% floor) | 9.98% | 12/27/2029 | 6274 | 6195 | 6274 | 1.2% |
| OmniMax International, LLC - Delayed Draw Term Loan (4) | Capital Goods | SOFR + 5.75% (1.00% floor) | 10.03% | 12/6/2030 |  | (8) | (17) | —% |
| OmniMax International, LLC - Term Loan | Capital Goods | SOFR + 5.75% (1.00% floor) | 10.03% | 12/6/2030 | 2730 | 2675 | 2675 | 0.5% |
| OneCare Media, LLC - Revolving Credit Line (4)(10) | Media & Entertainment | SOFR + 4.50% (1.00% floor) | 8.96% | 9/29/2026 |  | (5) | (247) | —% |
| OneCare Media, LLC - Term Loan A (10) | Media & Entertainment | SOFR + 4.50% (1.00% floor) | 8.96% | 9/29/2026 | 10144 | 9801 | 6076 | 1.1% |
| OneCare Media, LLC - Term Loan B (10) | Media & Entertainment | SOFR + 4.50% (1.00% floor) | 8.96% | 9/29/2026 | 2252 | 2175 | 1349 | 0.2% |
| OneCare Media, LLC - Term Loan C (10) | Media & Entertainment | SOFR + 4.50% (1.00% floor) | 8.96% | 9/29/2026 | 1408 | 1360 | 843 | 0.2% |
| OneCare Media, LLC - Term Loan D (10) | Media & Entertainment | SOFR + 4.50% (1.00% floor) | 8.96% | 9/29/2026 | 856 | 826 | 513 | 0.1% |
| OpCo Borrower, LLC - Term Loan | Health Care Equipment & Services | SOFR + 6.00% (1.00% floor) | 10.62% | 4/26/2029 | 2161 | 2122 | 2150 | 0.4% |
| Pansophic Learning US, LLC - Delayed Draw Term Loan (4) | Consumer Services | SOFR + 5.75% (1.00% floor) | 10.37% | 5/15/2029 | 1127 | 1099 | 1107 | 0.2% |
| Pansophic Learning US, LLC - Revolving Credit Line | Consumer Services | SOFR + 5.75% (1.00% floor) | 10.26% | 5/15/2029 | 1133 | 1110 | 1119 | 0.2% |
| Pansophic Learning US, LLC - Term Loan | Consumer Services | SOFR + 5.75% (1.00% floor) | 10.15% | 5/15/2029 | 13558 | 13279 | 13395 | 2.5% |
| PDDS Holdco, Inc. - Delayed Draw Term Loan (4)(9) | Software & Services | SOFR + 7.50% (0.75% floor) | 11.98% | 7/18/2028 | 2844 | 2827 | 2774 | 0.5% |
| PDDS Holdco, Inc. - Term Loan (9) | Software & Services | SOFR + 7.50% (0.75% floor) | 11.98% | 7/18/2028 | 14348 | 14043 | 14090 | 2.6% |
| PJW Ultimate Holdings, LLC - Delayed Draw Term Loan | Consumer Services | SOFR + 6.00% (1.00% floor) | 10.46% | 11/17/2026 | 4077 | 4038 | 4028 | 0.7% |
| PJW Ultimate Holdings, LLC - Revolving Credit Line (4) | Consumer Services | SOFR + 6.00% (1.00% floor) | 10.46% | 11/17/2026 | 1187 | 1171 | 1162 | 0.2% |
| PJW Ultimate Holdings, LLC - Term Loan | Consumer Services | SOFR + 6.00% (1.00% floor) | 10.46% | 11/17/2026 | 9766 | 9680 | 9649 | 1.8% |
| Priority Holdings, LLC - Term Loan | Financial Services | SOFR + 4.75% (0.50% floor) | 9.11% | 5/16/2031 | 3990 | 3971 | 3990 | 0.7% |
| Restaurant Holding Company, LLC - Delayed Draw Term Loan (4) | Consumer Services | SOFR + 6.25% (1.00% floor) | 10.72% | 2/25/2028 |  | (14) |  | —% |
| Restaurant Holding Company, LLC - Term Loan | Consumer Services | SOFR + 6.25% (1.00% floor) | 10.72% | 2/25/2028 | 20871 | 20579 | 20871 | 3.8% |
| Rushmore Intermediate II, LLC - Delayed Draw Term Loan | Health Care Equipment & Services | SOFR + 7.00% (1.00% floor) | 11.48% | 11/1/2027 | 1262 | 1247 | 1249 | 0.2% |
| Rushmore Intermediate II, LLC - Delayed Draw Term Loan 2nd Amend | Health Care Equipment & Services | SOFR + 7.00% (1.00% floor) | 11.48% | 11/1/2027 | 1169 | 1141 | 1157 | 0.2% |
| Rushmore Intermediate II, LLC - Delayed Draw Term Loan 4th Amend | Health Care Equipment & Services | SOFR + 7.00% (1.00% floor) | 11.48% | 11/1/2027 | 489 | 479 | 484 | 0.1% |

---

------

**COMMONWEALTH CREDIT PARTNERS BDC I, INC.** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)**

**(amounts in thousands, except per share data)** 

**December 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company - Investment (3)(7)(13)** | **Industry** | **Spread Above Index** | **Interest Rate (5)(8)** | **Maturity Date** | **Principal / Shares (12)** | **Amortized Cost** | **Fair Value** | **Percentage of Net Assets (2)** |
| **Debt Investments** |  |  |  |  |  |  |  |  |
| **First Lien Senior Secured** |  |  |  |  |  |  |  |  |
| Rushmore Intermediate II, LLC - Revolving Credit Line (4) | Health Care Equipment & Services | SOFR + 7.00% (1.00% floor) | 11.48% | 11/1/2027 | $— | $(13) | $(13) | —% |
| Rushmore Intermediate II, LLC - Term Loan | Health Care Equipment & Services | SOFR + 7.00% (1.00% floor) | 11.48% | 11/1/2027 | 12096 | 11960 | 11975 | 2.2% |
| Rushmore Intermediate II, LLC - Term Loan B | Health Care Equipment & Services | SOFR + 7.00% (1.00% floor) | 11.48% | 11/1/2027 | 1125 | 1104 | 1114 | 0.2% |
| S4T Holdings Corp. - Delayed Draw Term Loan | Commercial & Professional Services | SOFR + 6.00% (1.00% floor) | 10.47% | 12/28/2026 | 7615 | 7533 | 7615 | 1.4% |
| S4T Holdings Corp. - Term Loan | Commercial & Professional Services | SOFR + 6.00% (1.00% floor) | 10.47% | 12/28/2026 | 25496 | 25259 | 25496 | 4.7% |
| Select Rehabilitation, LLC - Term Loan (10) | Health Care Equipment & Services | SOFR + 8.50% (1.00% floor) | 12.96% | 10/19/2027 | 19697 | 18724 | 15225 | 2.8% |
| Senior Support Holdings (Franchise) Acquisition, Inc. - Delayed Draw Term Loan (4) | Health Care Equipment & Services | SOFR + 5.25% (1.00% floor) | 9.60% | 3/20/2030 |  | (16) |  | —% |
| Senior Support Holdings (Franchise) Acquisition, Inc. - Term Loan | Health Care Equipment & Services | SOFR + 5.25% (1.00% floor) | 9.60% | 3/20/2030 | 4258 | 4182 | 4258 | 0.8% |
| Spartan CP, LLC - Delayed Draw Term Loan (4) | Consumer Services | SOFR + 5.75% (1.00% floor) | 10.11% | 6/28/2029 | 1344 | 1309 | 1344 | 0.2% |
| Spartan CP, LLC - Revolving Credit Line (4) | Consumer Services | SOFR + 5.75% (1.00% floor) | 10.11% | 6/28/2029 |  | (9) |  | —% |
| Spartan CP, LLC - Term Loan | Consumer Services | SOFR + 5.75% (1.00% floor) | 10.11% | 6/28/2029 | 5489 | 5387 | 5489 | 1.0% |
| Total Fleet Buyer, LLC - Revolving Credit Line (4) | Capital Goods | SOFR + 4.50% (1.00% floor) | 8.95% | 7/15/2030 |  | (22) |  | —% |
| Total Fleet Buyer, LLC - Term Loan | Capital Goods | SOFR + 4.50% (1.00% floor) | 8.95% | 7/15/2030 | 6859 | 6745 | 6859 | 1.3% |
| VardimanBlack Holdings, LLC - Delayed Draw Term Loan (4) | Health Care Equipment & Services | SOFR + 2.00% PIK + 5.00% Fixed | 11.65% | 3/18/2027 | 2089 | 2023 | 2328 | 0.4% |
| VardimanBlack Holdings, LLC - Term Loan | Health Care Equipment & Services | SOFR + 2.00% PIK + 5.00% Fixed | 11.65% | 3/18/2027 | 20173 | 17799 | 20173 | 3.7% |
| Vecta Holdings, LLC - Revolving Credit Line (4) | Commercial & Professional Services | SOFR + 6.50% (1.00% floor) | 11.16% | 12/30/2027 | 742 | 731 | 607 | 0.1% |
| Vecta Holdings, LLC - Term Loan | Commercial & Professional Services | SOFR + 6.50% (1.00% floor) | 11.15% | 12/30/2027 | 8017 | 7911 | 6767 | 1.2% |
| West Creek Financial SPV- Debt Facility VI, LLC - Delayed Draw Term Loan (1)(4) | Financial Services | SOFR + 6.75% (1.00% floor) | 11.22% | 8/31/2027 | 866 | 842 | 854 | 0.2% |
| West Creek Financial SPV- Debt Facility VI, LLC - Revolving Credit Line (1)(4) | Financial Services | SOFR + 6.75% (1.00% floor) | 11.22% | 8/31/2027 | 1059 | 1039 | 1049 | 0.2% |
| West Creek Financial SPV- Debt Facility VI, LLC - Term Loan (1) | Financial Services | SOFR + 6.75% (1.00% floor) | 11.22% | 8/31/2027 | 5101 | 5026 | 5066 | 0.9% |
| Whitestone Home Furnishings, LLC - Term Loan | Consumer Durables & Apparel | SOFR + 6.00% (1.00% floor) | 10.46% | 8/20/2026 | 14357 | 14242 | 14386 | 2.6% |
| **Total First Lien Senior Secured** |  |  |  |  | **668674** | **653266** | **635952** | **116.8%** |
| **Total Debt Investments** |  |  |  |  | $**668674** | $**653266** | $**635952** | **116.8%** |

---

------

**COMMONWEALTH CREDIT PARTNERS BDC I, INC.** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)**

**(amounts in thousands, except per share data)** 

**December 31, 2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company - Investment (3)(7)(13)** | **Industry** | **Interest Rate (5)(8)** | **Principal / Shares (12)** | **Amortized Cost** | **Fair Value** | **Percentage of Net Assets (2)** |
| **Equity Investments (6)(14)** |  |  |  |  |  |  |
| **Preferred Equity** |  |  |  |  |  |  |
| Atlas US Holdings, LP - Class X Preferred Units | Financial Services<br> NA | 15.00% PIK<br> NA | 299552 | $300 | $410 | 0.1% |
| Atlas US Holdings, LP - Class B-2 Units | Financial Services<br> NA | NA | 857787 | 873 | 26 | —% |
| EEP-EPS Fund I-A, LP - Series A-1 Preferred Units | Media & Entertainment<br> NA | NA | 887237 | 887 | 621 | 0.1% |
| Sea-K Investors, LLC - Preferred Stock (9)(10)(11) | Consumer Durables & Apparel<br> NA | 15.00% PIK<br> NA | 3495 |  |  | —% |
| VardimanBlack Holdings, LLC - Preferred Equity (9)(10) | Health Care Equipment & Services<br> NA | 6.00% PIK<br> NA | 9268770 | 2908 | 2469 | 0.5% |
| **Total Preferred Equity** |  |  |  | $**4968** | $**3526** | **0.7%** |
| **Common Equity** |  |  |  |  |  |  |
| 190 Octane Holdings, LLC - Series A-1 units (9) | Consumer Services<br> NA | NA | 223551 | $377 | $43 | —% |
| Cardiology Partners Co., L.P. - Class O2 Units | Health Care Equipment & Services<br> NA | NA | 142509 | 143 | 124 | —% |
| CTM Acquisition, LLC - Class A Units | Media & Entertainment<br> NA | NA | 664865 | 665 | 40 | —% |
| Firebirds Intermediate Holdings I, LLC - Class A Units | Consumer Services<br> NA | NA | 590012 | 590 | 508 | 0.1% |
| Firebirds Intermediate Holdings I, LLC - Class B Units | Consumer Services<br> NA | NA | 590012 |  |  | —% |
| Kemper Sports Management Holdings, LLC Equity (9) | Consumer Services<br> NA | NA | 610763 | 611 | 1521 | 0.3% |
| Oak Dental Partners Holding Company, LLC - Class C Units (9) | Health Care Equipment & Services<br> NA | NA | 45 | 344 | 401 | 0.1% |
| Rushmore Lender Co-Invest Blocker, LLC - Common Stock | Health Care Equipment & Services<br> NA | NA | 611207 | 627 | 831 | 0.2% |
| SDB Partners Holdco, LLC - Class A (9) | Health Care Equipment & Services<br> NA | NA | 19103095 |  |  | —% |
| Sea-K Investors, LLC - Common Stock (9)(11) | Consumer Durables & Apparel<br> NA | NA | 97 |  |  | —% |
| Senior Support Holdings, LP - Class A-1 (9) | Health Care Equipment & Services<br> NA | NA | 409 | 409 | 446 | 0.1% |
| Senior Support Holdings, LP - Class B (9) | Health Care Equipment & Services<br> NA | NA | 409 |  | 69 | —% |
| TVG OCM III (FT) Blocker, LLC - Class B Units | Media & Entertainment<br> NA | NA | 2610 | 743 |  | —% |
| Vistria ESS Holdings, LLC - Equity Units | Commercial & Professional Services<br> NA | NA | 326 | 326 | 750 | 0.1% |
| **Total Common Equity** |  |  |  | **4835** | **4733** | **0.9%** |
| **Total Equity Investments** |  |  |  | **9803** | **8259** | **1.6%** |
| **Total Investments** |  |  |  | $**663069** | $**644211** | **118.4%** |

---

------

**COMMONWEALTH CREDIT PARTNERS BDC I, INC.** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)**

**(amounts in thousands, except per share data)** 

**December 31, 2024**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Company - Investment (3)(7)(13)** | **Industry** | **Principal / Shares (12)** | **Amortized Cost** | **Fair Value** | **Percentage of Net Assets (2)** |
| **Cash Equivalents** |  |  |  |  |  |
| First American Government Obligations Fund - X Class, 4.47% | Cash Equivalents<br> NA | 4857 | $4857 | $4857 | 0.9% |
| **Total Cash Equivalents** |  |  | **4857** | **4857** | **0.9%** |
| **Total Investments and Cash Equivalents** |  |  | $**667926** | $**649068** | **119.3%** |
| Liabilities in Excess of Other Assets |  |  |  | $(105299) | (19.3)% |
| **Net Assets** |  |  |  | $**543769** | **100.0%** |

---

(1)The Company deemed this asset to be a "non-qualifying asset" under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act"). Qualifying assets must represent at least 70.0% of the Company's total assets at the time of acquisition of any additional non-qualifying assets. As of December 31, 2024, 4.50% of the Company's total assets are represented by investments at fair value that are considered non-qualifying assets.

(2)Percentages are based on net assets as of December 31, 2024.

(3)The fair value of investments with respect to securities for which market quotations are not readily available are valued using significant unobservable inputs (See Note 3 - Fair Value of Financial Instruments).

(4)For investments in revolving credit facilities and delayed draw commitments, the cost basis of the funded investments purchased is offset by any costs/netbacks received for any unfunded portion on the total balance committed. The fair value is also adjusted for the price appreciation or depreciation on the unfunded portion. As a result, the purchase of commitments not completely funded may result in a negative fair value until it is called and funded. Please refer to Note 7 - Commitments and Contingencies for details of these unfunded commitments.

(5)The majority of the investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate ("SOFR") and which reset monthly, quarterly, semiannually, or annually. For each, the Company has provided the spread over the reference rate and the current interest rate in effect at the reporting date. As of December 31, 2024, the reference rates for the Company's variable rate loans were the 1 month SOFR at 4.33%, the 3 month SOFR at 4.31%, and the 6 month SOFR at 4.25%. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable.

(6)Equity and member interests are non-income-producing unless otherwise noted.

(7)All investments domiciled in the United States unless otherwise noted.

(8)Positions that have a SOFR reference rate, from time to time have an additional spread adjustment. This spread adjustment ranges from 0.00% - 0.25% depending on the contractual arrangement. These spread adjustments have been included in the all-in rate shown.

(9)Ownership of this investment is through a wholly-owned and consolidated subsidiary.

(10)Investment is on non-accrual status.

(11)Investment is deemed a non-controlled affiliated investment. Non-controlled affiliated investments generally are defined by the 1940 Act as investments in portfolio companies in which the Company owns between 5% and 25% of the voting securities. See Note 5 in the accompanying notes to the consolidated financial statements for additional information on transactions in which the portfolio company was a non-controlled affiliated investment.

(12)The total principal amount (in thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments.

(13)The Company updated certain descriptions of its portfolio companies presented in the consolidated financial statements as of December 31, 2024, to align with the legal issuer name, where applicable. These updates had no impact on the Consolidated Statements of Assets and Liabilities as of December 31, 2024.

------

**COMMONWEALTH CREDIT PARTNERS BDC I, INC.** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)**

**(amounts in thousands, except per share data)** 

**December 31, 2024**

(14)Security acquired in transaction exempt from registration under the Securities Act of 1933, and may be deemed to be "restricted security" under the Securities Act. As of December 31, 2024 the aggregate fair value of these securities is $8,259, or 1.6% of the Company's net assets. The initial acquisition dates of the restricted securities are as follows:

---

| | |
|:---|:---|
| **Portfolio Company — Investment**<sup>(14)</sup> | **Initial Acquisition Date** |
| 190 Octane Holdings, LLC - Series A-1 units | July 1, 2022 |
| Atlas US Holdings, LP - Class B-2 Units | May 4, 2022 |
| Atlas US Holdings, LP - Class X Preferred Units | May 17, 2023 |
| Cardiology Partners Co., L.P. - Class O2 Units | January 31, 2023 |
| CTM Acquisition, LLC - Class A Units | February 28, 2023 |
| EEP-EPS Fund I-A, LP - Series A-1 Preferred Units | February 24, 2023 |
| Firebirds Intermediate Holdings I, LLC - Class A Units | March 22, 2023 |
| Firebirds Intermediate Holdings I, LLC - Class B Units | March 22, 2023 |
| Kemper Sports Management Holdings, LLC Equity | January 12, 2023 |
| Oak Dental Partners Holding Company, LLC - Class C Units | March 23, 2023 |
| Rushmore Lender Co-Invest Blocker, LLC - Common Stock | November 1, 2021 |
| SDB Partners Holdco, LLC - Class A | March 29, 2024 |
| Sea-K Investors, LLC - Common Stock | November 6, 2023 |
| Sea-K Investors, LLC - Preferred Stock | November 6, 2023 |
| Senior Support Holdings, LP - Class A-1 | March 20, 2024 |
| Senior Support Holdings, LP - Class B | March 20, 2024 |
| TVG OCM III (FT) Blocker, LLC - Class B Units | September 29, 2021 |
| VardimanBlack Holdings, LLC - Preferred Equity | March 29, 2024 |
| Vistria ESS Holdings, LLC - Equity Units | December 27, 2021 |

---

------

**COMMONWEALTH CREDIT PARTNERS BDC I, INC.** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)**

**(amounts in thousands, except per share data)** 

**December 31, 2024**

The following table shows the portfolio composition by industry grouping based on fair value at December 31, 2024:

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| | | |
|:---|:---|:---|
| **Industry**<sup>(1)</sup> | **Investments and Cash Equivalents at<br>Fair Value** | **Percentage of<br>Total Portfolio** |
| Consumer Services | $142554 | 22.0% |
| Health Care Equipment & Services | 113774 | 17.5% |
| Financial Services | 91533 | 14.1% |
| Media & Entertainment | 64866 | 10.0% |
| Software & Services | 60918 | 9.4% |
| Capital Goods | 52815 | 8.1% |
| Commercial & Professional Services | 41235 | 6.5% |
| Consumer Durables & Apparel | 23972 | 3.7% |
| Technology Hardware & Equipment | 16294 | 2.5% |
| Consumer Staples Distribution & Retail | 15736 | 2.4% |
| Materials | 7656 | 1.2% |
| Insurance | 6414 | 1.0% |
| Cash Equivalents | 4857 | 0.7% |
| Transportation | 4286 | 0.7% |
| Telecommunication Services | 2158 | 0.3% |
|  | $649068 | 100% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The company reclassified certain industry groupings of its portfolio companies presented in the consolidated financial statements as of December 31, 2024 to align with Global Industry Classification Standards ("GICS"), where applicable. These reclassifications had no impact on the Consolidated Statements of Assets and Liabilities as of December 31, 2024.

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

------

**COMMONWEALTH CREDIT PARTNERS BDC I, INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**(in thousands, except share and per share amounts, percentages, and as otherwise indicated)** 

**June 30, 2025**

**(Unaudited)** 

**Note 1—Organization** 

Commonwealth Credit Partners BDC I, Inc. ("we", "us", "our", or the "Company") is an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a business development company (a "BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"), and has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). The Company was formed on January 15, 2021 ("Inception Date") as a Delaware corporation. The Company commenced investment operations on August 17, 2021.

The Company is managed by Commonwealth Credit Advisors LLC (the "Investment Adviser"), a Delaware limited liability company and an affiliate of Comvest Capital Advisors LLC, Comvest Credit Advisors LLC and Comvest Credit Managers, LLC (collectively "Comvest Partners"). The Investment Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended. The Investment Adviser oversees the management of the Company's activities and is responsible for making investment decisions with respect to the Company's portfolio.

The Company's investment objective is to generate both current income and capital appreciation by investing in middle-market companies in a wide range of industries primarily structured as senior credit facilities, and to a lesser extent, junior credit facilities. The Company also may purchase interests in loans through secondary market transactions.

The Company conducts private placements of shares of its common stock, par value $0.001 per share (the "Shares"), to investors in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). Each investor in the private placement made a capital commitment (the "Capital Commitments") to purchase Shares pursuant to a subscription agreement (a "Subscription Agreement"). Investors are required to make capital contributions to purchase additional Shares (the "Drawdown Purchase Price") each time the Company delivers a drawdown notice (the "Drawdown Notice"), which is delivered at least ten business days prior to the required funding date, in an aggregate amount not to exceed their respective Capital Commitments.

The Company has established CCP BDC Blocker I, LLC, CCP BDC Blocker II, LLC, and CCP Blocker III, LLC, wholly-owned direct subsidiaries. These subsidiaries allow the Company to hold equity securities of portfolio companies organized as pass-through entities while continuing to satisfy the requirements of a RIC under the Code. Each of these subsidiaries has elected to be treated as a corporation for tax purposes.

On February 7, 2022, the Company established CCP BDC California LLC (together with CCP BDC Blocker I, LLC, CCP BDC Blocker II, LLC, and CCP Blocker III, LLC, the "Subsidiaries"), a California limited liability company that is a disregarded entity for tax purposes, to acquire investments in the state of California, as required by California law.

**Note 2—Summary of Significant Accounting Policies** 

*Basis of Presentation* 

The Company's consolidated financial statements have been prepared in conformity with U.S. Generally Accepted Accounting Principles ("GAAP") and include the accounts of the Subsidiaries. The Company is an investment company following accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services—Investment Companies ("ASC 946"). The Company consolidates its Subsidiaries.

The Company's consolidated financial statements reflect all adjustments and reclassifications which, in the opinion of management, are necessary for the fair presentation of the results of operations and financial condition for the periods presented. All intercompany transactions have been eliminated. Revenues are recognized when earned and expenses when incurred. The financial results of the Company's portfolio investments are not consolidated in the financial statements.

Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on previously reported net investment income, net assets, or changes in net assets. Specifically, reclassifications were made within the presentation of investment income, specifically Payment-in-Kind ("PIK") income, has been separately disclosed for enhanced transparency.

------

The Company's consolidated interim financial statements are prepared in accordance with GAAP and pursuant to the requirements for reporting on Form 10-Q and Article 6 of Regulation S-X. Accordingly, the Company's consolidated interim financial statements do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, the consolidated financial statements reflect all adjustments and reclassifications consisting solely of normal accruals that are necessary for the fair presentation of financial results as of and for the periods presented. The unaudited interim consolidated financial statements and notes thereto should be read in conjunction with the consolidated financial statements and notes thereto in the Company's Form 10-K for the year ended December 31, 2024, as filed with the U.S. Securities and Exchange Commission (the "SEC").

*Use of Estimates* 

The preparation of consolidated interim financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in these consolidated interim financial statements. Actual results could differ from those estimates.

*Valuation of Portfolio Investments* 

The Investment Adviser applies fair value accounting in accordance with GAAP. Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Investments are reflected on the Company's Consolidated Statements of Assets and Liabilities at fair value, with changes in unrealized gains and losses resulting from changes in fair value reflected in the Company's Consolidated Statements of Operations as "Net change in unrealized gains (losses) of investments" and realizations of portfolio investments reflected in the Company's Consolidated Statements of Operations as "Net realized gains (losses) on investments".

The Investment Adviser values the Company's portfolio investments on a quarterly basis, or more frequently if required under the 1940 Act. For purposes of the 1940 Act, the Company's board of directors ("Board") has designated the Investment Adviser as the Company's valuation designee under Rule 2a-5 under the 1940 Act (the "Valuation Designee"). The Board provides oversight of the Investment Adviser's fair value determinations of the Company's portfolio investments on a quarterly basis in good faith, including investments that are not publicly traded and those whose market prices are not readily available. Security transactions are accounted for on a trade date basis.

Given that the Company's assets are currently treated as "plan assets" under the Employee Retirement Income Security Act of 1974, as amended ("ERISA") and Section 4975 of the Code, one or more independent valuation firms (each a "Valuation Agent") are engaged to independently value the Company's investments, in consultation with the Investment Adviser. The Company's quarterly valuation procedures, which are the procedures that are followed by such Valuation Agent to the extent the Company's assets are treated as "plan assets" under ERISA and/or Section 4975 of the Code, are set forth in more detail below:

1)Investments for which market quotations are readily available on an exchange are valued at such market quotations based on the closing price indicated from independent pricing services.

2)Investments for which indicative prices are obtained from various pricing services and/or brokers or dealers are valued through a multi-step valuation process, as described below, to determine whether the quote(s) obtained is representative of fair value in accordance with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Bond quotes are obtained through independent pricing services. Internal reviews are performed by the personnel of the Valuation Agent, in consultation with the investment professionals of the Investment Adviser, to ensure that the quote obtained is representative of fair value in accordance with GAAP and if so, the quote is used. If the Valuation Agent is unable to sufficiently validate the quote(s) internally and if the investment's par value exceeds a certain materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) For investments other than bonds, the personnel of the Valuation Agent, in consultation with the investment professionals of the Investment Adviser, look at the number of quotes readily available and perform the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Investments for which two or more quotes are received from a pricing service are valued using the mean of the mean of the bid and ask of the quotes obtained. If quotes from pricing services differ by +/- five points or if the spread between the bid and ask for a quote is greater than 10 points, the personnel of the Valuation Agent, in consultation with the investment professionals of the Investment Adviser, will evaluate the reasonableness of the quote, and if the quote is determined to not be representative of fair value, the personnel of the Valuation Agent, in consultation with the investment professionals of the Investment Adviser, will use one or more of the methodologies outlined below to determine fair value;

ii) Investments for which one quote is received from a pricing service are validated by the Valuation Agent, in consultation with the investment professionals of the Investment Adviser. The personnel of the Valuation Agent, in consultation with the investment professionals of the Investment Adviser, analyze the market quotes obtained using an array of valuation

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methods (further described below) to validate the fair value. For assets where a supporting analysis is prepared, the Valuation Agent will document the selection and appropriateness of the indices selected for yield comparison and a conclusion documenting how the yield comparison analysis supports the proposed mark. The quarterly portfolio company monitoring reports which detail the qualitative and quantitative performance of the portfolio company will also be included. If the Valuation Agent, in consultation with the investment professionals of the Investment Adviser, is unable to sufficiently validate the quote internally and if the investment's par value exceeds a certain materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below).

3)Investments for which quotations are not readily available through exchanges, pricing services, brokers, or dealers are valued through a multi- step valuation process:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Each portfolio company or investment is initially valued by the personnel of the Valuation Agent, in consultation with the investment professionals of the Investment Adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Preliminary valuation conclusions will then be documented and discussed with the Company's senior management.

For investments in revolving credit facilities and delayed draw commitments, the cost basis of the funded investments purchased is offset by any costs/netbacks received for any unfunded portion on the total balance committed. The fair value is also adjusted for the price appreciation or depreciation on the unfunded portion. As a result, the purchase of commitments not completely funded may result in a negative fair value until it is called and funded.

The values assigned to investments are based upon available information and do not necessarily represent amounts which might ultimately be realized, since such amounts depend on future circumstances and cannot be reasonably determined until the individual positions are liquidated. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company's investments may fluctuate from period to period and the fluctuations could be material.

In the event Benefit Plan Investors do not hold 25% or more of the Company's outstanding Shares, or the Company's Shares are listed on a national securities exchange, then (i) personnel of the Investment Adviser may undertake the roles to be performed by the personnel of the Valuation Agent, as described above and (ii) if an investment falls into category (3) above for four consecutive quarters and if the investment's par value or its fair value exceeds a certain materiality threshold, then at least once each fiscal year, the valuation for each portfolio investment for which the Company does not have a readily available market quotation will be reviewed by an independent valuation firm engaged by the Board.

For all valuations, the Valuation Committee of the Board, which consists solely of directors who are not "interested persons" of the Company, as such term is used under the 1940 Act (the "Independent Directors"), will review these preliminary valuations and the Board, a majority of whom are Independent Directors, will discuss the Investment Adviser's valuations; provided, however, that to the extent the Company's assets are treated as "plan assets" under ERISA, and/or Section 4975 of the Code, the Valuation Agent will determine valuations using only those valuation methodologies reviewed and approved by the Valuation Committee and the Board, and, absent manifest error, the Board will accept such valuations prepared by the Valuation Agent in accordance therewith.

*Investment Classification* 

The Company classifies its investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, "Control" is defined as the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company. In addition, in accordance with Section 2(a)(9) of the 1940 Act, any person who owns beneficially, either directly or through one or more controlled companies, more than 25% of the voting securities of a company shall be presumed to control such company. Any person who does not so own more than 25% of the voting securities of any company and/or does not have the power to exercise control over the management or policies of such portfolio company shall be presumed not to control such company. Consistent with the 1940 Act, "affiliated investments" are defined as those investments in companies in which the Company owns 5% or more of the voting securities. Consistent with the 1940 Act, "non-affiliated investments" are defined as investments that are neither control investments nor affiliated investments. As of June 30, 2025 and as of December 31, 2024, the Company did not "control" and was not an "affiliated person" of any of its portfolio companies, each as defined in the 1940 Act, except as noted as of June 30, 2025 and December 31, 2024 in the consolidated schedules of investments.

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*Cash and Cash Equivalents* 

Cash and cash equivalents include cash held in banks and short-term, liquid investments in a money market deposit account. Cash and cash equivalents, other than money market fund shares, are carried at cost which approximates fair value. The Company's deposits at financial institutions for its cash and cash equivalents may exceed FDIC insured limits under applicable law.

The Company considers all highly liquid investments with a maturity of three months or less, when acquired, to be cash equivalents. As of June 30, 2025 and December 31, 2024, the Company held cash and cash equivalents in the form of money market fund shares held in First American Government Obligations Fund and other cash and cash equivalents with a fair value of $3.78 million and $4.86 million, respectively, representing 0.70% and 0.89%, respectively, of the Company's net assets. Cash equivalents in the form of money market fund shares are valued at their reported net asset value (generally $1 per share) on the measurement date, and are categorized within Level 1 of the fair value hierarchy under ASC 820, as inputs in the valuation are observable.

*Organizational Expenses and Offering Costs* 

The Company bore the organizational expenses and offering costs incurred in connection with the formation of the Company and the offering of its Shares, including the out-of-pocket expenses of the Investment Adviser and its agents and affiliates. In addition, the Company will reimburse the Investment Adviser for the organizational expenses and offering costs it incurs on the Company's behalf. For the period from the Inception Date through June 30, 2025, the Company had incurred $0.48 million of organizational costs. If actual organizational expenses and offering costs incurred exceed $0.75 million, the Investment Adviser or its affiliate bear the excess costs.

Organizational expenses consist of costs incurred to establish the Company and enable it legally to do business. Organization costs are expensed as incurred. Offering costs consist of costs incurred in connection with the offering of Shares of the Company. Offering costs are capitalized as a deferred charge and amortized to expense on a straight-line basis over 12 months from the Inception Date. There were no organizational or offering costs for the three and six months ended June 30, 2025 and June 30, 2024. As of June 30, 2025 and December 31, 2024, no offering costs were deferred.

*Deferred Financing Costs* 

Financing costs incurred in connection with the Company's credit facilities are capitalized and amortized into expense using the straight-line method, which approximates the effective yield method over the life of the respective facility. See Note 6 – Borrowings.

*Revenue Recognition* 

*Interest Income* 

Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Discount and premium on investments purchased are accreted/amortized over the expected life of the respective investment using the effective yield method. Loan origination fees, original issue discount ("OID") and market discounts or premiums are capitalized and amortized into interest income using the effective interest method. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income. The Company may have loans in its portfolio that contain a PIK interest provision. PIK interest is accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest is added to the principal balance on the capitalization date and is generally due at maturity or when deemed by the issuer. For the three months ended June 30, 2025 and June 30, 2024, the Company recognized PIK interest from investments of $0.97 million and $0.04 million, respectively, which is included in "Paid in Kind Interest Income" on the Consolidated Statements of Operations. For the six months ended June 30, 2025 and June 30, 2024, the Company recognized PIK interest from investments of $1.86 million and $0.07 million, respectively, which is included in "Paid in Kind Interest Income" on the Consolidated Statements of Operations.

*Fee Income* 

Fee income, such as structuring fees, loan monitoring, amendment, syndication, commitment, termination, and other loan fees are recognized as income when earned, either upon receipt or amortized into fee income. Upon the re-payment of a loan or debt security, any prepayment penalties and unamortized loan fees are recorded as fee income.

*Non-accrual* 

Investments may be placed on non-accrual status when principal or interest payments are past due and/or when there is reasonable doubt that principal or interest will be collected. Accrued cash and PIK interest are generally reversed when an investment is placed on non-accrual status. Interest payments received on non-accrual investments may be recognized as income or applied to principal depending

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upon management's judgment of the ultimate outcome. Non-accrual investments are restored to accrual status when past due principal and interest is paid and, in management's judgment, are likely to remain current.

*Net Realized Gain or Loss and Net Change in Unrealized Gain or Loss* 

Investment transactions are accounted for on the trade date. Gain or loss on the sale of investments is calculated using the specific identification method. Net change in unrealized gain or loss will reflect the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized gain or loss, when a gain or loss is realized.

*Income Taxes* 

The Company has elected to be treated for federal income tax purposes, and intends to qualify annually, as a RIC under Subchapter M of the Code and intends to operate in a manner so as to qualify for the tax treatment applicable to RICs. Generally, a corporation can qualify as a RIC if it distributes dividends for federal income tax purposes to stockholders in an amount generally equal to at least 90% of "investment company taxable income," as defined in the Code, and determined without regard to any deduction for dividends paid. Distributions declared prior to the filing of the previous year's tax return and paid up to twelve months after the previous tax year can be carried back to the prior tax year in determining the distributions paid in such tax year. The tax character of distributions is determined based on the total amount of taxable income for the full tax year and cannot be confirmed until after the close of the tax year. Accordingly, the tax character of the Company's distributions as reported in the consolidated statements of change in net assets may be re-characterized later based on taxable income for the full tax year. The Company intends to make sufficient distributions to maintain its ability to be subject to be taxed as a RIC each year. The Company will be subject to a 4.0% nondeductible U.S. federal excise tax on certain undistributed income unless the Company distributes, in a timely manner as required by the Code, an amount at least equal to the sum of (1) 98.0% of its respective net ordinary income earned for the calendar year and (2) 98.2% of its respective capital gain net income for the one-year period ending October 31 in the calendar year, plus any net ordinary income or capital gain net income not distributed in previous years.

The Company evaluates tax positions taken or expected to be taken in the course of preparing the Company's tax returns to determine whether it is "more-likely-than-not" (i.e., greater than 50-percent) that each such tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes will be included in income tax expense, if any. The Company did not record any tax provision in the current period. However, management's conclusions regarding tax positions taken may be subject to review and adjusted at a later date based on factors including, but not limited to, examination by tax authorities, on-going analysis of and changes to tax laws, regulations and interpretations thereof.

*Segment Reporting*

In accordance with ASC Topic 280 - Segment Reporting ("ASC 280"), the Company has determined that it has a single operating and reporting segment. As a result, the Company's segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets.

The Company operates through a single operating and reporting segment with an investment objective to generate current income and capital appreciation primarily by investing in middle-market companies. The chief operating decision maker (the "CODM") is comprised of the Company's chief executive officer and chief financial officer. The CODM assesses the performance and makes operating decisions for the Company primarily based on the Company's change in net assets resulting from operations. In addition to other factors and metrics, the CODM utilizes the Company's net assets, total return, and ratios of expenses to average net assets as a key metric in reviewing the performance of the Company. As the Company's operations comprise a single reporting segment, the segment assets are reflected on the accompanying Consolidated Statement of Assets and Liabilities as "total assets" and the significant segment expenses are listed on the Consolidated Statement of Operations.

*Recent Accounting Standards Update* 

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 aims to enhance the transparency and decision-usefulness of income tax disclosures, particularly regarding the rate reconciliation and income taxes paid. The amendments require additional disaggregation of the effective tax rate reconciliation, including specific categories such as state and local taxes, foreign tax effects, tax credits, valuation allowance changes, and others, if individually significant. There is also a requirement for the disclosure of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign jurisdictions. Any individual jurisdiction comprising 5% or more of total payments must be disclosed separately. Furthermore, there is disaggregation of pre-tax income and income tax expense between domestic and foreign sources.

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The Company is a public business entity, and the guidance is effective for annual periods beginning after December 15, 2024 (i.e., fiscal year 2025). Early adoption is permitted. The Company is currently evaluating the impact of the new disclosure requirements on its consolidated financial statements and related disclosures. ASU 2023-09 does not change the recognition and measurement of income taxes. The Company does not expect a material impact on its income tax expense or net income as a result of adopting ASU 2023-09.

**Note 3—Fair Value of Financial Instruments** 

Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure ("ASC 820") establishes a fair value hierarchy that prioritizes and ranks the inputs to valuation techniques used in measuring investments at fair value. The hierarchy classifies the inputs used in measuring fair value into three levels as follows:

• Level 1—Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date.

• Level 2—Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability.

• Level 3—Unobservable inputs that reflect the Company's own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but are instead derived from particular valuation techniques.

The determination of where an asset or liability falls in the above hierarchy requires significant judgment and factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Investment Adviser evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter.

Determinations of fair value involve subjective judgments and estimates. Accordingly, the notes to the consolidated financial statements refer to the uncertainty with respect to the possible effect of such valuations, and any change in such valuations on the consolidated financial statements.

The following table presents fair value measurements of investments and cash equivalents, by major class, as of June 30, 2025, according to the fair value hierarchy:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** |
|  | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| First Lien Senior Secured | $— | $— | $632890 | $632890 |
| Equity |  |  | 5987 | 5987 |
| Cash Equivalents | 3779 |  |  | 3779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $3779 | $— | $638877 | $642656 |

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The following table presents fair value measurements of investments and cash equivalents, by major class, as of December 31, 2024, according to the fair value hierarchy:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** |
|  | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| First Lien Senior Secured | $— | $— | $635952 | $635952 |
| Equity |  |  | 8259 | 8259 |
| Cash Equivalents | 4857 |  |  | 4857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $4857 | $— | $644211 | $649068 |

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The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the six months ended June 30, 2025:

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| | | | |
|:---|:---|:---|:---|
|  | **First Lien<br>Senior<br>Secured** | **Equity** | **Total** |
| Balance as of December 31, 2024 | $635952 | $8259 | $644211 |
| Purchases and other adjustments to cost | 53339 | 784 | 54123 |
| Sales and repayments | (51621) | (629) | (52250) |
| Net realized gain/(loss) on investments | (4479) | 271 | (4208) |
| Net change in unrealized gain/(loss) on investments | (2052) | (2698) | (4750) |
| Net accretion of discount on investments | 1751 |  | 1751 |
| Balance as of June 30, 2025 | $632890 | $5987 | $638877 |
| Net change in unrealized gain/loss for the period relating to those Level 3 assets that were still held by the Company at the end of the period: | $(5255) | $(2698) | $(7953) |

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The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the six months ended June 30, 2024:

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| | | | |
|:---|:---|:---|:---|
|  | **First Lien<br>Senior<br>Secured** | **Equity** | **Total** |
| Balance as of December 31, 2023 | $612403 | $6173 | $618576 |
| Purchases and other adjustments to cost | 84197 | 593 | 84790 |
| Sales and repayments | (69752) |  | (69752) |
| Transfers in <sup>(a)</sup> | 16555 | 2908 | 19463 |
| Transfers out <sup>(a)</sup> | (19463) |  | (19463) |
| Net realized gain/(loss) on investments | (6268) |  | (6268) |
| Net change in unrealized gain/(loss) on investments | 219 | (1194) | (975) |
| Net accretion of discount on investments | 1556 |  | 1556 |
| Balance as of June 30, 2024 | $619447 | $8480 | $627927 |
| Net change in unrealized gain/loss for the period relating to those Level 3 assets that were still held by the Company at the end of the period: | $(3023) | $(1194) | $(4217) |

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(a)During the six months ended June 30, 2024, as a result of an investment restructuring, $9.27 million of senior secured debt was exchanged for equity with a fair market value of $2.91 million.

Purchases represent the acquisition of new investments at cost and PIK capitalization. Sales and repayments represent principal payments received during the period. For the three and six months ended June 30, 2025 and June 30, 2024, there were no transfers between levels of the fair value hierarchy.

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*Significant Unobservable Inputs* 

The following table summarizes the significant unobservable inputs used to value Level 3 investments as of June 30, 2025. The table is not intended to be all-inclusive, but instead identifies the significant unobservable inputs relevant to the determination of fair values.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Selected Input Range** | **Selected Input Range** | **Selected Input Range** |  |  |  |
| **Asset Category** | **Fair Value** | **Primary Valuation<br>Technique** | **Unobservable<br>Inputs** | **Minimum** |  | **Maximum** |  | **Weighted<br>Average (a)** |  |
| First Lien Senior Secured | $564639 | Discounted Cash Flow | Discount Rate | 8.1 | % | 21.0 | % | 10.8 | % |
| Equity | 1051 | Discounted Cash Flow | Discount Rate | 9.4 | % | 11.8 | % | 10.6 | % |
| First Lien Senior Secured | 50065 | Market Comparables | EBITDA Multiple | 0.9 | x | 11.8 | x | 8.8 | x |
| Equity | 3455 | Market Comparables | EBITDA Multiple | 0.9 | x | 14.8 | x | 11.8 | x |
| First Lien Senior Secured | 9189 | Market Comparables | Revenue Multiple | 0.6 | x | 0.6 | x | 0.6 | x |
| Equity | 847 | Market Comparables | Revenue Multiple | 0.6 | x | 3.1 | x | 3.1 | x |
| First Lien Senior Secured | 8997 | Recent Transaction | Recent Transaction | NA |  | NA |  | NA |  |
| Equity | 634 | Recent Transaction | Recent Transaction | NA |  | NA |  | NA |  |
| Total | $638877 |  |  |  |  |  |  |  |  |

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(a)Weighted averages are calculated based on fair value of investments.

The following table summarizes the significant unobservable inputs used to value Level 3 investments as of December 31, 2024. The table is not intended to be all-inclusive, but instead identifies the significant unobservable inputs relevant to the determination of fair values.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Selected Input Range** | **Selected Input Range** |  |
| **Asset Category** | **Fair Value** | **Primary Valuation<br>Technique** | **Unobservable<br>Inputs** | **Minimum** | **Maximum** | **Weighted<br>Average (a)** |
| First Lien Senior Secured | $580106 | Discounted Cash Flow | Discount Rate | 8.2% | 22.0% | 11.3% |
| Equity | 401 | Discounted Cash Flow | Discount Rate | 26.9% | 26.9% | 26.9% |
| First Lien Senior Secured | 46260 | Market Comparables | EBITDA Multiple | 5.5x | 12.5x | 9.5x |
| Equity | 7027 | Market Comparables | EBITDA Multiple | 5.5x | 15.8x | 12.2x |
| First Lien Senior Secured | 9586 | Market Comparables | Revenue Multiple | 0.5x | 0.7x | 0.6x |
| Equity | 831 | Market Comparables | Revenue Multiple | 0.5x | 3.6x | 3.5x |
| Total | $644211 |  |  |  |  |  |

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(a)Weighted averages are calculated based on fair value of investments.

There were no significant changes in valuation approach or technique as of June 30, 2025 and December 31, 2024.

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

The income and market approaches were used in the determination of fair value of certain Level 3 assets as of June 30, 2025 and December 31, 2024. The significant unobservable inputs used in the income approach are the discount rate or market yield used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments and any other end of term fees, as applicable. Included in the consideration and selection of discount rates are factors such as risk of default, interest rate risk, and changes in credit quality. The significant unobservable inputs used in the market approach are based on market comparable transactions and market multiples of publicly traded comparable companies. Increases or decreases in the valuation multiples in isolation may result in higher or lower fair value measurement, respectively, and increases or decreases in the discount rate in isolation may result in lower or higher fair value measurement, respectively.

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As of June 30, 2025 and December 31, 2024, the Company had five and four portfolio companies on a non-accrual status, respectively. Refer to Note 2 – Summary of Significant Accounting Policies for additional details regarding the Company's non-accrual policy. The following table shows the amortized cost and fair value of the Company's performing and non-accrual investments as of June 30, 2025 and December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Amortized Cost** | **Fair Value** | **Amortized Cost** | **Fair Value** |
| Performing | $618045 | $616322 | $614567 | $614653 |
| Non-accrual | 44441 | 22555 | 48502 | 29558 |
| Total | $662486 | $638877 | $663069 | $644211 |

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For discussion of the fair value measurement of the Company's borrowings, refer to Note 6 – Borrowings.

**Note 4—Related Party Transactions** 

*Investment Advisory Agreement*

On June 29, 2023, the Company entered into an amended and restated investment advisory and management agreement (the "Investment Advisory Agreement") with the Investment Adviser, following approval by the Company's stockholders by unanimous written consent. The terms of the Investment Advisory Agreement became effective on July 1, 2023, and did not impact Management Fees (as defined below) paid in prior periods. The Company pays the Investment Adviser a fee for its services under the Investment Advisory Agreement consisting of an annual base management fee ("Management Fee") and an incentive management fee (the "Incentive Fee"), each payable quarterly.

*Management Fee* 

During the Investment Period (as defined in the Investment Advisory Agreement), the Management Fee will be calculated at an annual rate of 1.00% with respect to the Company's Adjusted Average Assets Invested (defined below) in respect of the relevant quarterly period, in the manner set forth in the table below. During the Investment Period, "Adjusted Average Assets Invested" shall mean (a) the average of the sum of the Company's (i) Drawn Capital Commitments and (ii) the aggregate dollar amount of distributions issued to stockholders in-kind pursuant to the Company's dividend reinvestment plan ("DRIP") as of the latest declaration date of any such distribution, excluding any amounts of such distribution received in cash by stockholders that have opted out of the DRIP, and (iii) outstanding principal on borrowings, in the case of clause (i) and clause (iii), as of the last business day of each month included in the relevant quarterly period less (b) the sum of the Company's (iv) cumulative net unrealized losses, if any, and (v) cumulative net realized losses, if any, in the case of clause (iv) and clause (v), as of the last business day of the relevant quarter. For the avoidance of doubt, the quarterly Management Fees payable to the Investment Adviser are specifically set forth below.

After the Investment Period, the Management Fee will be calculated at an annual rate of 1.00% with respect to the Company's Adjusted Average Assets Invested, except that after the Investment Period, "Adjusted Average Assets Invested" shall mean (a) the fair value of the Company's investments, as of the last business day of each month included in the relevant quarterly period less (b) the sum of the Company's cumulative net realized and unrealized losses, if any, as of the last business day of the relevant quarter.

Any Management Fees payable pursuant to the Investment Advisory Agreement will be calculated based on the Company's Adjusted Average Assets Invested in respect of the most recently completed calendar quarter. Management Fees for any partial quarter will be appropriately prorated. For the avoidance of doubt, the quarterly Management Fees payable to the Investment Adviser shall be calculated based on the lower of the actual Adjusted Average Assets Invested as of the end of any quarter and the target Adjusted Average Assets Invested for that quarter, as specifically set forth in the table below:

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The table set forth below shows the following quarterly fee percentages shall be payable with respect to the Company's Target Adjusted Average Assets through the end of the Investment Period:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Quarter Ending** | **Quarter** | **Target Adjusted<br>Average Assets<br>Invested ($ in<br>millions)** <sup>1</sup> | **Quarterly<br>Management Fee<br>Percentage** | **Quarterly Dollar<br>Amount ($ in<br>millions)** <sup>2</sup> |
| September 30, 2021 | 1 | $80 | 1% | $0.20 |
| December 31, 2021 | 2 | $160 | 1% | $0.40 |
| March 31, 2022 | 3 | $240 | 1% | $0.60 |
| June 30, 2022 | 4 | $320 | 1% | $0.80 |
| September 30, 2022 | 5 | $400 | 1% | $1.00 |
| December 31, 2022 | 6 | $480 | 1% | $1.20 |
| March 31, 2023 | 7 | $560 | 1% | $1.40 |
| June 30, 2023 | 8 | $640 | 1% | $1.60 |
| September 30, 2023 | 9 | $650 | 1% | $1.63 |
| December 31, 2023 | 10 | $650 | 1% | $1.63 |
| March 31, 2024 | 11 | $726 | 1% | $1.82 |
| June 30, 2024 | 12 | $740 | 1% | $1.85 |
| September 30, 2024 | 13 | $751 | 1% | $1.88 |
| December 31, 2024 | 14 | $754 | 1% | $1.88 |
| March 31, 2025 | 15 | $756 | 1% | $1.89 |
| June 30, 2025 | 16 and beyond <sup>3</sup> | $758 | 1% | $1.90 |

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------

(1)The Management Fee paid at the end of any quarter shall be calculated based on the lower of the actual Adjusted Average Assets Invested in respect of the quarter and the target Adjusted Average Assets Invested for that quarter. The target Adjusted Average Assets have been increased to include amounts from the DRIP not received in cash and will continue to increase beyond the period provided for in the schedule above.

(2)Reflects dollar amount of Management Fees payable for the applicable quarter based on the Company's target Adjusted Average Assets Invested as of the end of such quarter.

(3)Effective after the quarter ended June 30, 2025, Target Adjusted Average Assets Invested increases each quarter to include reinvested dividends from the DRIP.

For the three and six months ended June 30, 2025, the Company incurred $1.59 million and $3.18 million, respectively, in Management Fees under the Investment Advisory Agreement. For the three and six months ended June 30, 2024, the Company incurred $1.55 million and $3.12 million, respectively, in Management Fees under the Investment Advisory Agreement.

There were no management fee waivers for the three and six months ended June 30, 2025 and June 30, 2024.

*Incentive Fee* 

If, as of the last day of the relevant quarter, the Company's Total Return (as defined below) in respect of the relevant Measurement Period (as defined below) equals or exceeds the "Hurdle Amount" (as defined below), which represents an annualized total return of 7.25%, the Investment Adviser will be paid an Incentive Fee calculated at an annual rate of 0.25% (0.0625% per quarter) with respect to the Company's Incentive Fee Average Assets Invested (as defined below) on a cumulative basis for the Measurement Period less the aggregate amount of any previously paid Incentive Fees with respect to the Measurement Period.

If, as of the last day of the relevant quarter, the Company's Total Return in respect of the relevant Measurement Period is less than the Hurdle Amount, the Investment Adviser shall not receive the Incentive Fee in respect of the relevant quarter.

"Total Return" means the sum of the Company's net investment income with legal and other expenses incurred in connection with the Company's formation and organization and the offering of its Shares (amortized ratably over a three-year period for the purposes of this calculation) in respect of the relevant Measurement Period and the Company's realized and unrealized capital gains less realized and unrealized capital losses in respect of the relevant Measurement Period.

For the avoidance of doubt, the Total Return calculation will not take into account the deduction of the 0.25% Incentive Fee but will take into account the deduction of the 1.00% Management Fee during the Investment Period and the 1.00% Management Fee after the Investment Period.

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"Hurdle Amount" means 7.25% times the average of the "Drawn Capital Commitments" (as defined below) and the aggregate dollar amount of distributions issued to stockholders in-kind pursuant to the Company's DRIP, less return of capital distributions for each quarter during the Measurement Period, (i) multiplied by the number of quarters in the Measurement Period, and (ii) divided by (4) four.

"Drawn Capital Commitments" means the simple average of the drawn Capital Commitments as of the last business day of each month included in the relevant quarterly period.

"Measurement Period" means the period from the Inception Date through the end of the most recently completed calendar quarter.

"Incentive Fee Average Assets Invested" during the Investment Period means (a) the average of the sum of the Company's (i) Drawn Capital Commitments and (ii) the aggregate dollar amount of distributions issued to stockholders in-kind pursuant to the Company's DRIP as of the latest declaration date of any such distribution, excluding any amounts of such distribution received in cash by stockholders that have opted out of the DRIP, and (iii) outstanding principal on borrowings, in the case of clause (i) and (iii), as of the last business day of each month included in the Measurement Period less (b) the Company's net realized and unrealized losses, if any. After the Investment Period, Incentive Fee Average Assets Invested means (a) the fair value of the Company's investments, as of the last business day of each month included in the relevant quarterly period less (b) the sum of the Company's cumulative net realized and unrealized losses, if any, as of the last business day of the relevant quarter.

For the three and six months ended June 30, 2025, the Company incurred $0.40 million and $0.80 million, respectively, in incentive fees under the Investment Advisory Agreement. For the three and six months ended June 30, 2024, the Company incurred $0.39 million and $0.78 million, respectively, in incentive fees under the Investment Advisory Agreement.

There were no incentive fee waivers for the three and six months ended June 30, 2025 and June 30, 2024.

*Administration Agreement* 

The Company has entered into an administration agreement (the "Administration Agreement") with Commonwealth Credit Advisors LLC, a Delaware limited liability company (in such capacity, the "Administrator"), under which the Administrator provides administrative services for the Company, including arranging office facilities for the Company and providing office equipment and clerical, bookkeeping and recordkeeping services at such facilities. Under the Administration Agreement, the Administrator also performs, or oversees the performance of, the Company's required administrative services, which includes being responsible for the financial records which the Company is required to maintain and preparing reports to the Company's stockholders and reports filed with the SEC and providing the services of the Company's chief financial officer, chief compliance officer and their respective staffs. In addition, the Administrator will assist the Company in determining and in publishing the Company's net asset value, overseeing the preparation and filing of tax returns and the preparation and dissemination of reports to the Company's stockholders, and generally overseeing the payment of the Company's expenses and the performance of administrative and professional services rendered to the Company by others. The Administrator may also provide on the Company's behalf managerial assistance to the Company's portfolio companies.

The Administrator has hired a third-party sub-administrator (the "Sub-Administrator") to assist with the provision of administration services. For the three months ended June 30, 2025 and June 30, 2024, the Company incurred $0.09 million and $0.13 million, respectively, in administrative service fees under the Administration Agreement, payable to the Sub-Administrator. For the six months ended June 30, 2025 and June 30, 2024, the Company incurred $0.17 million and $0.21 million, respectively, in administrative service fees under the Administration Agreement, payable to the Sub-Administrator. Administration service fees are included in other general and administrative expenses on the Statements of Operations.

*Management Consulting Services*

Operating Advisory Group, LLC ("OAG"), is a consulting firm that exclusively provides management consulting services, substantially all of which are provided to portfolio companies of Comvest Partners' affiliated funds investing in a control equity strategy. An affiliate of the Investment Adviser also engages OAG to provide assistance with certain discrete diligence and other matters in connection with the Company's investing activities. For the three months ended June 30, 2025 and June 30, 2024, OAG charged $1.08 thousand and $4.00 thousand, respectively, for due diligence services which were paid by portfolio companies of the Company. For the six months ended June 30, 2025 and June 30, 2024, OAG charged $1.08 thousand and $8.00 thousand, respectively, for due diligence services which were paid by portfolio companies of the Company. In addition, for the three months ended June 30, 2025 and June 30, 2024, OAG charged the Company $0.00 thousand and $0.40 thousand, respectively, for diligence expenses which were paid by the Company. For the six months ended June 30, 2025 and June 30, 2024, OAG charged the Company $0.00 thousand and $0.40 thousand, respectively, for diligence expenses which were paid by the Company. While neither the Company nor any of its affiliates or personnel own or share

------

in any portion of the economics received by OAG, an affiliate of the Investment Adviser has been granted an option to acquire the shares of OAG's parent company at a nominal value.

*Co-Investment Relief* 

The 1940 Act generally prohibits BDCs from entering into negotiated co-investments with affiliates absent an order from the SEC. On August 2, 2021, the SEC granted the Company exemptive relief (the "Order") that allows it to enter into certain negotiated co-investment transactions alongside other funds managed by the Investment Adviser or its affiliates ("Affiliated Funds") in a manner consistent with its investment objective, positions, policies, strategies, and restrictions as well as regulatory requirements and other pertinent factors, subject to compliance with the conditions of the Order. Pursuant to the Order, the Company is permitted to co-invest with its affiliates if, among other things, a "required majority" (as defined in Section 57(o) of the 1940 Act) of the Company's Independent Directors make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transactions, including the consideration to be paid, are reasonable and fair to the Company and the Company's stockholders and do not involve overreaching in respect of the Company or the Company's stockholders on the part of any person concerned, and (2) the transaction is consistent with the interests of the Company's stockholders and is consistent with the Company's investment objective and strategies.

**Note 5—Transactions with Non-controlled Affiliated Investments**

A non-controlled affiliated investment is an investment in which the Company has an ownership interest of 5% or more of its voting securities. A controlled affiliate investment is an investment which the Company has an ownership interest of more than 25% of its voting securities. Please see the Company's consolidated schedule of investments for the type of investment, principal amount/shares, interest rate including the spread, and the maturity date. Transactions related to the Company's investments with affiliates for the six months ended June 30, 2025 were as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Type of Asset** | **Amount of <br>interest included <br>in income** | **Beginning <br>Fair Value at <br>December 31, 2024** | **Gross <br>additions**<sup>(1)</sup> | **Gross <br>reductions**<sup>(2)</sup> | **Realized <br>Gain/(Loss)** | **Change in <br>Unrealized <br>Gain (Loss)** | **Fair Value at <br>June 30, 2025** |
| **Non-controlled, affiliated investments:** |  |  |  |  |  |  |  |  |
| Kent Water Sports Holdings, LLC - Delayed Draw Loan Last-Out | First Lien Senior Secured | $— | $3330 | $— | $— | $— | $(1034) | $2296 |
| Kent Water Sports Holdings, LLC - Delayed Draw Loan First-Out | First Lien Senior Secured | 445 | 6256 | 638 | (62) |  | 61 | $6893 |
| Sea-K Investors, LLC | Preferred Equity |  |  |  |  |  |  |  |
| Sea-K Investors, LLC | Common Equity |  |  |  |  |  |  |  |
| Total Non-controlled, affiliated Investments |  | $445 | $9586 | $638 | $(62) | $— | $(973) | $9189 |

---

(1)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities, and the movement of an existing portfolio company into this category from a different category.

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

Note 6—Borrowings

*Goldman Credit Facility* 

On August 11, 2021, the Company entered into a credit agreement (together with the exhibits and schedules thereto, the "Goldman Credit Facility") as the borrower and Goldman Sachs Bank USA ("Goldman Sachs") as the lender. The Goldman Credit Facility is structured as a revolving credit facility secured by the capital commitments of the Company's subscribed investors and certain related assets. On September 27, 2021, the Goldman Credit Facility was amended, pursuant to which the maximum loan amount was increased to the lesser of $130.00 million and the borrowing base (the "Borrowing Base").

The Goldman Credit Facility is uncommitted and matures on the earlier of (i) the date on which either the Company or lender provide written notice of termination to the other party and (ii) the date that is 30 days prior to the last date on which the Company may issue

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capital drawdowns to its investors. Under the Goldman Credit Facility, the Company is permitted to borrow up to the lesser of $130.00 million and the Borrowing Base. The "Borrowing Base" is based upon the unfunded capital commitments of certain subscribed investors in the Company that have been approved by Goldman Sachs and meet certain criteria. The advance rate for such investors is currently 90%. The Borrowing Base was $130.00 million at June 30, 2025. The Goldman Credit Facility contains certain customary affirmative and negative covenants and events of default. The Goldman Credit Facility bears interest at a rate Term SOFR + 2.82% per annum.

The weighted average annualized interest cost (excluding amortization of deferred financing costs and other fees) for all borrowings for the three months ended June 30, 2025 and June 30, 2024 was 7.14% and 8.14%, respectively. The weighted average annualized interest cost (excluding amortization of deferred financing costs and other fees) for all borrowings for the six months ended June 30, 2025 and June 30, 2024 was 7.14% and 8.14%, respectively. The average daily debt outstanding for the three months ended June 30, 2025 and June 30, 2024 was $96.35 million and $79.24 million, respectively. The average daily debt outstanding for the six months ended June 30, 2025 and June 30, 2024 was $97.71 million and $90.08 million, respectively. The maximum debt outstanding for the three months ended June 30, 2025 and June 30, 2024 was $111.40 million and $109.80 million, respectively. The maximum debt outstanding for the six months ended June 30, 2025 and June 30, 2024 was $111.40 million and $109.80 million, respectively.

The following table represents borrowings as of June 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Aggregate<br>Borrowing Capacity** | **Total Principal <br>Outstanding** | **Less Deferred <br>Financing Costs** | **Amount per Statements of <br>Assets and Liabilities** |
| Goldman Credit Facility | $130000 | $111400 | $2 | $111398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $130000 | $111400 | $2 | $111398 |

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The following table represents borrowings as of December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Aggregate<br>Borrowing Capacity** | **Total Principal <br>Outstanding** | **Less Deferred <br>Financing Costs** | **Amount per Statements of <br>Assets and Liabilities** |
| Goldman Credit Facility | $130000 | $111100 | $18 | $111082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $130000 | $111100 | $18 | $111082 |

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The following table represents interest and debt fees for the three months ended June 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest Rate**<sup>(2)</sup> | **Interest Expense** | **Deferred Financing Costs** <sup>(1)</sup> | **Other Fees** <sup>(1)</sup> |
| Goldman Credit Facility | SOFR + 2.82% | $1738 | $8 | $33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  | $1738 | $8 | $33 |

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The following table represents interest and debt fees for the six months ended June 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest Rate**<sup>(2)</sup> | **Interest Expense** | **Deferred Financing Costs** <sup>(1)</sup> | **Other Fees** <sup>(1)</sup> |
| Goldman Credit Facility | SOFR + 2.82% | $3507 | $16 | $65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  | $3507 | $16 | $65 |

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(1)Amortization of deferred financing costs and other fees are included in "interest expense" on the Consolidated Statements of Operations.

(2)As of June 30, 2025, the 1-month SOFR rate was 4.32%.

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The following table represents interest and debt fees for the three months ended June 30, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest Rate**<sup>(2)</sup> | **Interest Expense** | **Deferred Financing Costs** <sup>(1)</sup> | **Other Fees** <sup>(1)</sup> |
| Goldman Credit Facility | SOFR + 2.82% | $1630 | $8 | $21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  | $1630 | $8 | $21 |

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The following table represents interest and debt fees for the six months ended June 30, 2024:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest Rate**<sup>(2)</sup> | **Interest Expense** | **Deferred Financing Costs** <sup>(1)</sup> |  | **Other Fees** <sup>(1)</sup> |
| Goldman Credit Facility | SOFR + 2.82% | $3709 | $16 | $| $54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  | $3709 | $16 |  | $54 |

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(1)Amortization of deferred financing costs and other fees are included in "interest expense" on the Consolidated Statements of Operations.

(2)As of June 30, 2024, the 1-month SOFR rate was 5.34%.

At June 30, 2025 and December 31, 2024, the carrying amount of the Company's secured borrowings on the Goldman Sachs Credit Facility approximated their fair value in accordance with ASC 820. As of June 30, 2025 and December 31, 2024, the Company's borrowings are deemed to be a Level 3 measurement, as defined in Note 3 – Fair Value of Financial Instruments.

**Note 7—Commitments and Contingencies** 

*Commitments* 

In the ordinary course of business, the Company may enter into future funding commitments. As of June 30, 2025 and December 31, 2024, the Company had unfunded commitments on delayed draw term loans and revolving credit lines of $35.19 million and $48.71 million, respectively. The Company maintains sufficient cash on hand, unfunded Capital Commitments, and available borrowings from the Goldman Credit Facility to fund such unfunded commitments.

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As of June 30, 2025, the Company's unfunded commitments consisted of the following:

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Company Name** | **Investment Type** | **Commitment Type** | **Unfunded Commitments** |
| 190 Octane Financing, LLC | First Lien Senior Secured | Revolving Credit Line | $468 |
| ACT Acquisition Intermediate Holdco, LLC | First Lien Senior Secured | Revolving Credit Line | 697 |
| Allbridge, LLC | First Lien Senior Secured | Delayed Draw Term Loan | 201 |
| Allbridge, LLC | First Lien Senior Secured | Revolving Credit Line | 201 |
| Allied OMS Intermediate Company, LLC | First Lien Senior Secured | Delayed Draw Term Loan | 3321 |
| Allied OMS Intermediate Company, LLC | First Lien Senior Secured | Revolving Credit Line | 1107 |
| Atlas US Buyer, LLC | First Lien Senior Secured | Revolving Credit Line | 766 |
| Batteries Plus Holding Corporation | First Lien Senior Secured | Revolving Credit Line | 2021 |
| Billhighway, LLC | First Lien Senior Secured | Delayed Draw Term Loan | 367 |
| Billhighway, LLC | First Lien Senior Secured | Revolving Credit Line | 295 |
| CAS Acquisition, LLC | First Lien Senior Secured | Revolving Credit Line | 1050 |
| CheckedUp, Inc | First Lien Senior Secured | Revolving Credit Line | 848 |
| Discovery SL Management, LLC | First Lien Senior Secured | Delayed Draw Term Loan | 1378 |
| Discovery SL Management, LLC | First Lien Senior Secured | Revolving Credit Line | 363 |
| Drive Assurance Corporation | First Lien Senior Secured | Delayed Draw Term Loan | 377 |
| Engineered Films Acquisition Inc. | First Lien Senior Secured | Revolving Credit Line | 2111 |
| Fiesta Holdings, LLC | First Lien Senior Secured | Revolving Credit Line | 749 |
| Hasa Acquisition, LLC | First Lien Senior Secured | Delayed Draw Term Loan | 1491 |
| Hasa Acquisition, LLC | First Lien Senior Secured | Revolving Credit Line | 730 |
| Juvare, LLC | First Lien Senior Secured | Delayed Draw Term Loan | 905 |
| Juvare, LLC | First Lien Senior Secured | Revolving Credit Line | 1547 |
| Kemper Sports Management, LLC | First Lien Senior Secured | Revolving Credit Line | 1676 |
| Military Retail Solutions, LLC | First Lien Senior Secured | Revolving Credit Line | 918 |
| Military Retail Solutions, LLC | First Lien Senior Secured | Delayed Draw Term Loan | 1835 |
| Narcote, LLC | First Lien Senior Secured | Revolving Credit Line | 1360 |
| Oak Dental Partners | First Lien Senior Secured | Revolving Credit Line | 516 |
| OAO Acquisitions, Inc. | First Lien Senior Secured | Revolving Credit Line | 659 |
| OneCare Media, LLC | First Lien Senior Secured | Revolving Credit Line | 617 |
| Pansophic Learning US, LLC | First Lien Senior Secured | Revolving Credit Line | 1133 |
| PDDS Holdco, Inc. | First Lien Senior Secured | Delayed Draw Term Loan | 347 |
| PJW Ultimate Holdings, LLC | First Lien Senior Secured | Revolving Credit Line | 2139 |
| Rushmore Intermediate II, LLC | First Lien Senior Secured | Revolving Credit Line | 269 |
| Spartan CP, LLC | First Lien Senior Secured | Revolving Credit Line | 502 |
| Total Fleet Buyer, LLC | First Lien Senior Secured | Revolving Credit Line | 1390 |
| VardimanBlack Holdings, LLC | First Lien Senior Secured | Delayed Draw Term Loan | 87 |
| Vecta Holdings, LLC | First Lien Senior Secured | Revolving Credit Line | 124 |
| West Creek Financial SPV - Debt Facility VI, LLC | First Lien Senior Secured | Delayed Draw Term Loan | 626 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total |  |  | $35191 |

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As of December 31, 2024, the Company's unfunded commitments consisted of the following:

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Company Name** | **Investment Type** | **Commitment Type** | **Unfunded Commitments** |
| 190 Octane Financing, LLC | First Lien Senior Secured | Revolving Credit Line | $468 |
| ACT Acquisition Intermediate Holdco, LLC | First Lien Senior Secured | Revolving Credit Line | 697 |
| Allbridge, LLC | First Lien Senior Secured | Delayed Draw Term Loan | 201 |
| Allbridge, LLC | First Lien Senior Secured | Revolving Credit Line | 201 |
| Atlas US Buyer, LLC | First Lien Senior Secured | Revolving Credit Line | 766 |
| Batteries Plus Holding Corporation | First Lien Senior Secured | Revolving Credit Line | 2158 |
| Billhighway, LLC | First Lien Senior Secured | Delayed Draw Term Loan | 367 |
| Billhighway, LLC | First Lien Senior Secured | Revolving Credit Line | 295 |
| Cardiology Management Holdings, LLC | First Lien Senior Secured | Delayed Draw Term Loan | 4732 |
| CAS Acquisition, LLC | First Lien Senior Secured | Revolving Credit Line | 1167 |
| CheckedUp, Inc | First Lien Senior Secured | Revolving Credit Line | 1131 |
| CTM Group, Inc. | First Lien Senior Secured | Revolving Credit Line | 295 |
| Discovery SL Management, LLC | First Lien Senior Secured | Delayed Draw Term Loan | 1814 |
| Discovery SL Management, LLC | First Lien Senior Secured | Revolving Credit Line | 363 |
| Drive Assurance Corporation | First Lien Senior Secured | Delayed Draw Term Loan | 377 |
| Engineered Films Acquisition Inc. | First Lien Senior Secured | Revolving Credit Line | 2111 |
| EPS Operations, LLC | First Lien Senior Secured | Revolving Credit Line | 1774 |
| Fiesta Holdings, LLC | First Lien Senior Secured | Revolving Credit Line | 749 |
| Firebirds Buyer, LLC | First Lien Senior Secured | Delayed Draw Term Loan | 691 |
| Firebirds Buyer, LLC | First Lien Senior Secured | Revolving Credit Line | 864 |
| Hasa Acquisition, LLC | First Lien Senior Secured | Delayed Draw Term Loan | 1616 |
| Hasa Acquisition, LLC | First Lien Senior Secured | Revolving Credit Line | 1553 |
| Hornblower Sub LLC | First Lien Senior Secured | Revolving Credit Line | 313 |
| Kemper Sports Management, LLC | First Lien Senior Secured | Revolving Credit Line | 1676 |
| Military Retail Solutions, LLC | First Lien Senior Secured | Revolving Credit Line | 918 |
| Military Retail Solutions, LLC | First Lien Senior Secured | Delayed Draw Term Loan | 1835 |
| Mollie Funding II, LLC | First Lien Senior Secured | Delayed Draw Term Loan | 576 |
| Mollie Funding II, LLC | First Lien Senior Secured | Revolving Credit Line | 334 |
| Narcote, LLC | First Lien Senior Secured | Revolving Credit Line | 1360 |
| Oak Dental Partners | First Lien Senior Secured | Delayed Draw Term Loan | 2066 |
| Oak Dental Partners | First Lien Senior Secured | Revolving Credit Line | 516 |
| OAO Acquisitions, Inc. | First Lien Senior Secured | Revolving Credit Line | 659 |
| OmniMax International, LLC | First Lien Senior Secured | Delayed Draw Term Loan | 843 |
| OneCare Media, LLC | First Lien Senior Secured | Revolving Credit Line | 617 |
| Pansophic Learning US, LLC | First Lien Senior Secured | Delayed Draw Term Loan | 566 |
| PDDS Holdco, Inc. | First Lien Senior Secured | Delayed Draw Term Loan | 1038 |
| PJW Ultimate Holdings, LLC | First Lien Senior Secured | Revolving Credit Line | 952 |
| Restaurant Holding Company, LLC | First Lien Senior Secured | Delayed Draw Term Loan | 2136 |
| Rushmore Intermediate II, LLC | First Lien Senior Secured | Revolving Credit Line | 1344 |
| Senior Support Holdings (Franchise) Acquisition, Inc. | First Lien Senior Secured | Delayed Draw Term Loan | 1839 |
| Spartan CP, LLC | First Lien Senior Secured | Delayed Draw Term Loan | 1159 |
| Spartan CP, LLC | First Lien Senior Secured | Revolving Credit Line | 502 |
| Total Fleet Buyer, LLC | First Lien Senior Secured | Revolving Credit Line | 1390 |
| VardimanBlack Holdings, LLC | First Lien Senior Secured | Delayed Draw Term Loan | 303 |
| Vecta Holdings, LLC | First Lien Senior Secured | Revolving Credit Line | 124 |
| West Creek Financial SPV - Debt Facility VI, LLC | First Lien Senior Secured | Delayed Draw Term Loan | 866 |
| West Creek Financial SPV - Debt Facility VI, LLC | First Lien Senior Secured | Revolving Credit Line | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  |  | $48707 |

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The unrealized appreciation or depreciation associated with unfunded portfolio company commitments is recorded in the consolidated financial statements and reflected as an adjustment to the valuation of the related security in the Consolidated Schedule of Investments as of June 30, 2025 and December 31, 2024. The par amount of the unfunded portfolio company commitments is not recognized by the Company until the commitment is funded.

The Company's investment portfolio may contain debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. In instances where the underlying company experiences material adverse effects that would impact the financial condition

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or business outlook of the company, there is relief to the Company from funding obligations for previously made commitments. Unfunded portfolio company commitments may expire without being drawn upon, and therefore, do not necessarily represent future cash requirements or future earning assets for the Company. The Company believes that it maintains sufficient liquidity in the form of cash, financing capacity and unfunded capital commitments ("Capital Commitments") from its investors to cover any outstanding unfunded portfolio company commitments it may be required to fund.

*Litigation and Regulatory Matters* 

In the ordinary course of its business, the Company, its wholly-owned direct subsidiaries, the Investment Adviser and the Administrator may become subject to litigation, claims, and regulatory matters. The Company has no knowledge of material legal or regulatory proceedings pending or known to be contemplated against the Company, Investment Adviser and Administrator at this time.

*Indemnifications* 

In the ordinary course of its business, the Company may enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that lead to the execution of these provisions against the Company. Based on its history and experience, management believes that the likelihood of a material such event is remote.

**Note 8—Capital** 

*Investor Commitments* 

As of June 30, 2025, the Company had $656.57 million in Capital Commitments, of which $186.57 million was unfunded. As of December 31, 2024 the Company had $656.57 million in Capital Commitments, of which $186.57 million was unfunded.

*Capital Drawdowns* 

There were no Shares issued related to capital drawdowns for the three and six months ended June 30, 2025.

The following table summarizes the total Shares issued and net proceeds (in thousands) through the DRIP for the three and six months ended June 30, 2025:

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| | | |
|:---|:---|:---|
| **Share Issue Date** | **Shares Issued** | **Net Proceeds** |
| &nbsp;&nbsp;March 26, 2025 | 2431 | $2271 |
| &nbsp;&nbsp;June 27, 2025 | 2084 | $1929 |
| Total Shares Issued | 4515 | $4200 |

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There were no Shares issued related to capital drawdowns for the three and six months ended June 30, 2024.

The following table summarizes the total Shares issued and net proceeds (in thousands) through the DRIP for the three and six months ended June 30, 2024:

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| | | |
|:---|:---|:---|
| **Share Issue Date** | **Shares Issued** | **Net Proceeds** |
| &nbsp;&nbsp;March 28, 2024 | 13657 | $13139 |
| &nbsp;&nbsp;June 28, 2024 | 15796 | 15150 |
| Total Shares Issued | 29453 | $28289 |

---

As of June 30, 2025 and December 31, 2024, 5,872 and 5,827, respectively, of the Company's Shares were owned by Comvest Group Holdings SPV II LLC, a wholly owned subsidiary of an affiliate of Comvest Partners.

*Distributions and Dividends*

Distributions declared for the three and six months ended June 30, 2025 totaled approximately $12.9 million and $28.00 million, respectively. Distributions declared for the three and six months ended June 30, 2024 totaled approximately $15.15 million and $28.29 million, respectively.

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The following table reflects distributions declared per share that have been declared by our Board for the three and six months ended June 30, 2025:

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| | | | |
|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Per Share Amount** |
| March 26, 2025 | March 26, 2025 | March 27, 2025 | $26.00 |
| June 26, 2025 | June 26, 2025 | June 27, 2025 | $22.00 |

---

The following table reflects distributions declared per share that have been declared by our Board for the three and six months ended June 30, 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Per Share Amount** |
| March 28, 2024 | March 28, 2024 | March 28, 2024 | $24.00 |
| June 27, 2024 | June 27, 2024 | June 28, 2024 | $27.00 |

---

Distributions to the Company's stockholders are recorded on the record date as set by the Company's Board. The Company intends to make distributions to its stockholders that will be sufficient to enable the Company to qualify and maintain its status as a RIC. The Company intends to distribute approximately all of its net investment income on a quarterly basis and substantially all of its taxable income on an annual basis, except that the Company may retain certain net capital gains for reinvestment.

The Company has adopted a DRIP that provides for reinvestment of any distributions declared on behalf of its stockholders, unless a stockholder elects to receive cash.

The Company applies the following in implementing the DRIP. The Company uses only newly-issued Shares to implement the DRIP. The number of Shares issued to a stockholder that has not elected to have its distributions in cash shall be determined by dividing the total dollar amount of the distribution payable to such participant by the net asset value per share as of the last day of the Company's fiscal quarter immediately preceding the date such distribution was declared (the "Reference NAV"); provided that in the event a distribution is declared on the last day of a fiscal quarter, the Reference NAV shall be deemed to be the net asset value per share as of such day. In addition, dividend reinvestment will be made net of any applicable U.S. withholding taxes.

**Note 9—Net Assets** 

The following table reflects the net assets activity for the three months ended June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares - par** | **Additional paid in capital** | **Total distributable earnings (loss)** | **Total net assets** |
| Balance as of March 31, 2025 | 584680 | $1 | $571966 | $(30475) | $541492 |
| Reinvestment of distributions <sup>(1)</sup> | 2084 |  | 1929 |  | 1929 |
| Distributions to stockholders |  |  |  | (12862) | (12862) |
| Net investment income (loss) |  |  |  | 12635 | 12635 |
| Net realized gain (loss) from investment transactions |  |  |  | (4479) | (4479) |
| Net change in unrealized gain (loss) on investments |  |  |  | (1319) | (1319) |
| Balance as of June 30, 2025 | 586764 | $1 | $573895 | $(36500) | $537396 |

---

(1)Par value is less than $1.

------

The following table reflects the net assets activity for the six months ended June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares - par** | **Additional paid in capital** | **Total distributable earnings (loss)** | **Total net assets** |
| Balance as of December 31, 2024 | 582249 | $1 | $569695 | $(25927) | $543769 |
| Reinvestment of distributions <sup>(1)</sup> | 4515 |  | 4200 |  | 4200 |
| Distributions to stockholders |  |  |  | (28001) | (28001) |
| Net investment income (loss) |  |  |  | 26386 | 26386 |
| Net realized gain (loss) from investment transactions |  |  |  | (4208) | (4208) |
| Net change in unrealized gain (loss) on investments |  |  |  | (4750) | (4750) |
| Balance as of June 30, 2025 | 586764 | $1 | $573895 | $(36500) | $537396 |

---

(1)Par value is less than $1.

The following table reflects the net assets activity for the three months ended June 30, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares - par** | **Additional paid in capital** | **Total distributable earnings (loss)** | **Total net assets** |
| Balance as of March 31, 2024 | 561096 | $1 | $549493 | $(11353) | $538141 |
| Reinvestment of distributions <sup>(1)</sup> | 15796 |  | 15150 |  | 15150 |
| Distributions to stockholders |  |  |  | (15150) | (15150) |
| Net investment income (loss) |  |  |  | 15629 | 15629 |
| Net realized gain (loss) from investment transactions |  |  |  | 52 | 52 |
| Net change in unrealized gain (loss) on investments |  |  |  | (3780) | (3780) |
| Balance as of June 30, 2024 | 576892 | 1 | 564643 | (14602) | 550042 |

---

(1)Par value is less than $1.

The following table reflects the net assets activity for the six months ended June 30, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares - par** | **Additional paid in capital** | **Total distributable earnings (loss)** | **Total net assets** |
| Balance as of December 31, 2023 | 547439 | $1 | $536354 | $(9697) | $526658 |
| Reinvestment of distributions <sup>(1)</sup> | 29453 |  | 28289 |  | 28289 |
| Distributions to stockholders |  |  |  | (28289) | (28289) |
| Net investment income (loss) |  |  |  | 30627 | 30627 |
| Net realized gain (loss) from investment transactions |  |  |  | (6268) | (6268) |
| Net change in unrealized gain (loss) on investments |  |  |  | (975) | (975) |
| Balance as of June 30, 2024 | 576892 | $1 | $564643 | $(14602) | $550042 |

---

(1)Par value is less than $1.

------

**Note 10—Earnings Per Share** 

Basic earnings per Share is computed by dividing earnings available to common stockholders by the weighted average number of Shares outstanding during the period. Other potentially dilutive Shares, and the related impact to earnings, are considered when calculating earnings per Share on a diluted basis. As of June 30, 2025 and December 31, 2024, there are no dilutive securities. The following information sets forth the computation of the weighted average basic and diluted net change in net assets per Share resulting from operations for the three and six months ended June 30, 2025 and June 30, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net increase (decrease) in net assets resulting from operations | $6837 | $11901 | $17428 | $23384 |
| Weighted average Shares outstanding - basic and diluted | 584772 | 561617 | 583584 | 554828 |
| Earnings (loss) per share of Shares - basic and diluted | $11.69 | $21.19 | $29.86 | $42.15 |

---

**Note 11—Financial Highlights** 

The following is a schedule of financial highlights for the six months ended June 30, 2025 and June 30, 2024:

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|  | **2025** | **2024** |
| **<u>Per Share Operating Performance</u>** |  |  |
| Net Asset Value, Beginning of Period | $933.91 | $962.04 |
| Results of Operations: <sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | 45.21 | 55.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) on Investments | (15.26) | (12.78) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 29.95 | 42.42 |
| Distributions to Stockholders |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from Net Investment Income<sup>(7)</sup> | (48.00) | (51.00) |
| Net Decrease in Net Assets Resulting from Distributions | (48.00) | (51.00) |
| Net Asset Value, End of Period | $915.86 | $953.46 |
| Shares Outstanding, End of Period | 586764 | 576892 |
| Total Return<sup>(3)</sup> | 3.19% | 4.44% |
| Net assets, end of period | $537396 | $550042 |
| **<u>Ratio/Supplemental Data</u>** |  |  |
| Weighted-average Shares outstanding | 583584 | 554828 |
| Ratio of net investment income (loss) to average net assets without waiver<sup>(2)</sup> | 9.84% | 11.53% |
| Ratio of net investment income (loss) to average net assets with waiver<sup>(2)</sup> | 9.84% | 11.53% |
| Ratio of total expenses to average net assets without waiver<sup>(2)(5)</sup> | 3.34% | 3.30% |
| Ratio of total expenses to average net assets with waiver<sup>(2)(5)</sup> | 3.34% | 3.30% |
| Asset coverage ratio <sup>(6)</sup> | 579.76% | 702.50% |
| Portfolio turnover rate <sup>(4)</sup> | 8.17% | 11.11% |

---

(1)The per common share data was derived by using weighted average Shares outstanding.

(2)Ratios, excluding nonrecurring expenses, such as organization and offering costs, are annualized.

(3)Total return is calculated assuming a purchase of Shares at the current net asset value on the first day and a sale at the current net asset value on the last day of the period reported.

(4)Portfolio turnover rate is calculated using the lesser of year-to-date purchases or sales over the average of the invested assets at fair value. Portfolio turnover rate is not annualized.

(5)Ratio of total expenses to average net assets is calculated using total operating expenses over average net assets.

(6)Asset coverage ratio is presented as of June 30, 2025 and June 30, 2024, respectively.

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(7)The tax character of distributions is determined based on the total amount of taxable income for the full tax year and cannot be confirmed until after the close of the tax year. Accordingly, the tax character of the Company's distributions as denoted herein may be re-characterized later based on taxable income for the full tax year.

**Note 12 - Subsequent Events** 

The Company has evaluated subsequent events through the filing of this Form 10-Q and has determined that there have been no subsequent events that require recognition or disclosure in these consolidated financial statements, except as noted below.

As disclosed in the Company's Form 8-K filed on August 11, 2025, Comvest Credit Partners ("CCP"), the parent company of the Investment Adviser, and Manulife Wealth & Asset Management ("Manulife") entered into a definitive agreement on August, 6, 2025 for Manulife to acquire 75% of CCP's private credit business (the "CCP/Manulife Transaction"). The CCP/Manulife Transaction is expected to close in the fourth quarter of 2025, subject to customary closing conditions and approvals. It is expected that Manulife's existing senior credit team managing $3.7 billion in assets under management ("AUM") will align with the CCP team to create a stand-alone $18.4 billion AUM private credit asset management platform. If the CCP/Manulife Transaction occurs, it is expected that the new private credit business will be co-branded as Manulife \| Comvest. The new business will be led by Robert O'Sullivan, Co-Founder and CEO of CCP, Director of the Company, and Chairman of the Board. It is expected that the CCP/Manulife Transaction will strengthen CCP's position in the private credit market and support its continued growth in the founder-owned and sponsor-backed segments. There can be no assurances that the CCP/Manulife Transaction will take place, or if it does, what the impact will be on CCP or us.

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

The following discussion and analysis should be read in conjunction with the accompanying consolidated financial statements of Commonwealth Credit Partners BDC I, Inc. (collectively, "we", "us", "our", or the "Company") and the notes thereto and other financial information included elsewhere in this Quarterly Report on Form 10-Q. We are externally managed by our adviser, Commonwealth Credit Advisors LLC (the "Investment Adviser").

*Forward Looking Statements* 

Forward looking statements are identified by their use of such terms and phrases such as "anticipate", "believe", "continue", "could", "estimate", "expect", "intend", "may", "plan", "potential", "project", "seek", "should", "target", "will", "would" or similar expressions. Actual results could differ materially from those projected in the forward-looking statements for any reason, including the factors set forth in Item 1A.—Risk Factors contained in our annual report on Form 10-K for the year ended December 31, 2024 and in this quarterly report on Form 10-Q. We have based the forward-looking statements included in this Form 10-Q on information available to us on the date of this Form 10-Q. We assume no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Although we undertake no obligation to revise or update any forward-looking statements, you are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the U.S. Securities and Exchange Commission (the "SEC"), including annual reports on Form 10-K, registration statements on Form 10, quarterly reports on Form 10-Q and current reports on Form 8-K.

In addition to factors previously disclosed in our SEC reports and those identified elsewhere in this report, including the "Risk Factors" section, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance:

• the Company's future operating results, business prospects, the adequacy of the Company's cash resources and working capital, and the impact of inflation, the imposition of tariffs and rising interest rates;

• the general economy, including the impact of interest and inflation rates, on the industries in which the Company invests;

• global economic, political and market conditions, including downgrades of the U.S. credit rating, Russia's invasion of Ukraine and the conflict in the Middle East, may adversely affect the Company's business, results of operations and financial condition, including the Company's revenue growth and profitability;

• the Company's ability to make investments consistent with its investment objectives, including with respect to the size, nature and terms of those investments;

• the ability of the Company's portfolio companies to achieve their objectives;

• the ability of the Investment Adviser and its affiliates to retain talented professionals; and

• future changes in laws or regulations and conditions in the Company's operating areas.

*Overview* 

The Company is an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the "1940 Act") and has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually thereafter, as a RIC under Subchapter M of the Code. The Company was formed on January 15, 2021 ("Inception Date") as a Delaware corporation. The Company commenced investment operations on August 17, 2021.

The Company is managed by the Investment Adviser, a Delaware limited liability company and an affiliate of Comvest Capital Advisors LLC, Comvest Credit Advisors LLC and Comvest Credit Managers, LLC (collectively, "Comvest Partners"). The Investment Adviser is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended ("Advisers Act"). The Investment Adviser oversees the management of the Company's activities and is responsible for making investment decisions with respect to the Company's portfolio.

The Company's investment objective is to generate both current income and capital appreciation by investing in middle-market companies in a wide range of industries primarily structured as senior credit facilities, and to a lesser extent, junior credit facilities. The Company also may purchase interests in loans through secondary market transactions.

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*Portfolio and Investment Activity* 

During the six months ended June 30, 2025, we made $54.12 million of investments in new or existing portfolio companies and had $52.25 million in aggregate amount of sales, restructurings, and repayments, resulting in a increase of net investments of $1.87 million for the period. The total portfolio of debt investments at fair value consisted of 98.95% bearing variable interest rates and 1.05% bearing fixed interest rates.

Our portfolio composition, based on fair value at June 30, 2025 was as follows:

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| | | |
|:---|:---|:---|
|  | **Percentage of Total<br>Portfolio** | **Weighted Average<br>Current Yield for<br>Total Portfolio** |
| First Lien Senior Secured | 98.5% | 10.4% |
| Equity | 0.9 |  |
| Cash equivalents | 0.6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | 100.0% | 10.4% |

---

Our portfolio composition, based on fair value at December 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Percentage of Total<br>Portfolio** | **Weighted Average<br>Current Yield for<br>Total Portfolio** |
| First Lien Senior Secured | 98.0% | 10.8% |
| Equity | 1.3 |  |
| Cash equivalents | 0.7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 100.0% | 10.8% |

---

The following table shows the asset mix of our new investment fundings for the six months ended June 30, 2025:

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| | | |
|:---|:---|:---|
|  | **Asset Mix<br>(In thousands)** | **Percentage** |
| First Lien Senior Secured | $53339 | 98.6% |
| Equity | 784 | 1.4% |
| Total | $54123 | 100.0% |

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*Portfolio Asset Quality* 

Our Investment Adviser employs an investment rating system to categorize our investments. In addition to various risk management and monitoring tools, our Investment Adviser grades the credit risk of all debt investments on a scale of 1 to 6 no less frequently than quarterly. This system is intended primarily to reflect the underlying risk of a portfolio debt investment relative to the inherent risk at the time the original debt investment was made (i.e., at the time of acquisition), although it may also take into account under certain circumstances the performance of the portfolio company's business, the collateral coverage of the investment and other relevant factors.

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| | |
|:---|:---|
| **Loan**<br>**Rating** | **Summary Description** |
| 1 | &nbsp;&nbsp;Investments that are performing at or above expectations. No issues or foreseen issues on performance, covenants, liquidity, etc. The credit is expected to be repaid at or prior to maturity through available cash flow or to be refinanced. |
| 2 | &nbsp;&nbsp;Investments that are performing substantially within our expectations, with the risks remaining neutral or favorable. All new loans are initially rated 2. The credit is expected to be repaid at or prior to maturity through available cash flow or to be refinanced by a third party. |
| 3 | &nbsp;&nbsp;Investments that are performing below our expectations and that require closer monitoring, but where we expect no loss of investment return or principal. |
| 4 | &nbsp;&nbsp;Investments that are performing below our expectations and for which risk has increased since the original investment. Although the loan is underperforming, there is not a high likelihood of any loss of principal or interest but there may be a possibility for equity returns, one-time fees or capitalized interest (if applicable) to be implied. |
| 5 | &nbsp;&nbsp;Investments that are performing substantially below our expectations and whose risks have increased substantially since the original investment. Typically, the borrower will be in default, or the loan will have been modified to address a default or the loan may be past due. |

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---

| | |
|:---|:---|
| **Loan**<br>**Rating** | **Summary Description** |
| 6 | &nbsp;&nbsp;Investments that are performing poorly; it is unlikely that the enterprise or asset values currently exceed the debt and/or material reduction in enterprise value is reasonably foreseen. |

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The Investment Adviser focuses on downside protection by leveraging existing rights available under the credit documents; however, for investments that are significantly underperforming, which may need to be restructured, the Investment Adviser's workout team partners with the investment team and all material amendments, waivers and restructurings require the approval of a majority of the Investment Committee.

As of June 30, 2025, the weighted average risk rating of our investments based on fair value was 2.45. As of June 30, 2025, the Company had five portfolio companies on non-accrual status. Refer to Note 2 – Summary of Significant Accounting Policies for additional details regarding the Company's non-accrual policy.

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| | | |
|:---|:---|:---|
| **Internal Performance Rating** | **Investments at Fair Value<br>(In thousands)** | **Percentage of Total<br>Investments** |
| 1 | $— | 0.0% |
| 2 | 474606 | 74.3% |
| 3 | 64942 | 10.2% |
| 4 | 84276 | 13.1% |
| 5 | 6643 | 1.1% |
| 6 | 8410 | 1.3% |
| Total | $638877 | 100.0% |

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As of December 31, 2024, the weighted average risk rating of our investments based on fair value was 2.47. As of December 31, 2024, the Company had four portfolio companies on non-accrual status. Refer to Note 2 – Summary of Significant Accounting Policies for additional details regarding the Company's non-accrual policy.

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| | | |
|:---|:---|:---|
| **Internal Performance Rating** | **Investments at Fair Value<br>(In thousands)** | **Percentage of Total<br>Investments** |
| 1 | $33861 | 5.2% |
| 2 | 395234 | 61.4% |
| 3 | 128729 | 20.0% |
| 4 | 56829 | 8.8% |
| 5 | 26228 | 4.1% |
| 6 | 3330 | 0.5% |
| Total | $644211 | 100.0% |

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The following table shows the amortized cost and fair value of our performing and non-accrual investments as of June 30, 2025 and December 31, 2024.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Amortized Cost** | **Fair Value** | **Amortized Cost** | **Fair Value** |
| Performing | $618045 | $616322 | $614567 | $614653 |
| Non-accrual | 44441 | 22555 | 48502 | 29558 |
| Total | $662486 | $638877 | $663069 | $644211 |

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A summary of our non-accrual assets as of June 30, 2025 and December 31, 2024, is provided below. Under U.S. Generally Accepted Accounting Principles ("GAAP"), we will not recognize cash and PIK interest income on such investments for financial reporting purposes.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **Portfolio Company** | **Date of Non-Accrual Status** | **Amortized Cost** | **Fair Value** | **Amortized Cost** | **Fair Value** |
| Kent Water Sports Holdings, LLC<sup>(1)</sup> | 10/1/2023 | $12713 | $2296 | $12713 | $3330 |
| OneCare Media, LLC | 10/1/2024 | 13609 | 5968 | 14157 | 8534 |
| Select Rehabilitation, LLC | 10/1/2024 | 6639 | 6643 | 18724 | 15225 |
| VardimanBlack Holdings, LLC<sup>(1)</sup> | 10/1/2023 | 2908 | 146 | 2908 | 2469 |
| Vecta Holdings, LLC | 4/1/2025 | 8572 | 7502 | - | - |
| Total |  | $44441 | $22555 | $48502 | $29558 |

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(1)Only certain positions are on non-accrual status.

The following table shows the weighted average rate, spread over the reference rate of floating rate, fees of debt investments originated and restructured, and the weighted average rate of sales and payoffs of portfolio companies during the three months ended June 30, 2025.

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| | |
|:---|:---|
| Weighted average rate of new investment fundings and restructurings | 9.06% |
| Weighted average spread over Reference Rate of new floating rate investment fundings and restructurings | 5.27% |
| Weighted average OID fees of new investment funding and restructurings | 0.54% |
| Weighted average rate of sales and payoffs of portfolio investments | 10.71% |

---

The following table shows the weighted average rate, spread over the reference rate of floating rate, fees of debt investments originated and restructured, and the weighted average rate of sales and payoffs of portfolio companies during the three months ended June 30, 2024.

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| | |
|:---|:---|
| Weighted average rate of new investment fundings and restructurings | 10.84% |
| Weighted average spread over Reference Rate of new floating rate investment fundings and restructurings | 5.50% |
| Weighted average OID fees of new investment funding and restructurings | 1.89% |
| Weighted average rate of sales and payoffs of portfolio investments | 11.48% |

---

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The amount of the portfolio in each risk rating may vary substantially from period to period resulting primarily from changes in the composition of the portfolio as a result of new investment, restructuring, repayment and exit activities. In addition, changes in the risk ratings may be made to reflect our expectation of performance and changes in investment values.

**RESULTS OF OPERATIONS** 

Our operating results for the three and six months ended June 30, 2025 and June 30, 2024 were as follows (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Total investment income | $17268 | $19771 | $35342 | $39403 |
| Less: Net expenses | 4633 | 4142 | 8956 | 8776 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 12635 | 15629 | 26386 | 30627 |
| Net realized gains (losses) | (4479) | 52 | (4208) | (6268) |
| Net change in unrealized gains (losses) | (1319) | (3780) | (4750) | (975) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | $6837 | $11901 | $17428 | $23384 |

---

*Investment Income*

Investment income for the three and six months ended June 30, 2025 and June 30, 2024 was driven by deployment of capital, interest income from our investments, and change in invested balance. The composition of our investment income for the three and six months ended June 30, 2025 and June 30, 2024 was as follows (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Investment income from non-controlled, non-affiliated investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 15786 | 19321 | 32267 | 38526 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid in kind interest income | 724 | 37 | 1482 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fee income | 476 | 413 | 1148 | 809 |
| Investment income from non-controlled, affiliated investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 36 |  | 72 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid in kind interest income | 246 |  | 373 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $17268 | $19771 | $35342 | $39403 |

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*Operating Expenses* 

The composition of our operating expenses for the three and six months ended June 30, 2025 and June 30, 2024 was as follows (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Incentive fees | $398 | $388 | $795 | $781 |
| Management fees, net | 1592 | 1551 | 3181 | 3123 |
| Interest expense | 1779 | 1659 | 3588 | 3779 |
| Professional fees | 314 | 186 | 570 | 391 |
| Directors' fees | 23 | 19 | 44 | 41 |
| Other general and administrative expenses | 527 | 339 | 778 | 661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | $4633 | $4142 | $8956 | $8776 |

---

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

Net realized gains (losses) and net change in unrealized gains (losses) on investments for the three and six months ended June 30, 2025 and June 30, 2024 were as follows (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net realized gains (losses) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments | $(4479) | $52 | $(4208) | $(6268) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net realized gains (losses) | (4479) | 52 | (4208) | (6268) |
| Net change in unrealized gains (losses) on investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments | (738) | (2856) | (3777) | 1556 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, affiliated investments | (581) | (924) | (973) | (2531) |
| Total net change in unrealized gains (losses) on investments | (1319) | (3780) | (4750) | (975) |
| Net realized and unrealized gains (losses) | $(5798) | $(3728) | $(8958) | $(7243) |

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During the three and six months ended June 30, 2025, an investment restructuring resulted in the exchange of $18.35 million of senior secured debt for two new tranches of senior secured debt with a fair market value of $13.14 million, leading to a realized loss of $4.48 million.

During the six months ended June 30, 2024, there was a transfer from senior secured debt to equity as a result of an investment restructuring, in which $9.27 million of senior secured debt was exchanged for equity with a fair market value of $2.91 million, resulting in a realized loss of $6.36 million.

**Recent Developments** 

None.

**Liquidity and Capital Resources** 

We generate cash from (1) drawing down capital in respect of our shares of common stock ("Shares"), (2) cash flows from investments and operations and (3) borrowings from banks or other lenders.

As of June 30, 2025, we are party to the Goldman Credit Facility, as described in Note 6 – Borrowings.

Our primary uses of cash are (1) to originate investments in portfolio companies and other investments to comply with certain portfolio diversification requirements, (2) to fund the cost of operations (including expenses, the Management Fee and, to the extent permitted under the 1940 Act, any indemnification obligations), (3) debt service of any borrowings and (4) cash distributions to our stockholders.

Operating liquidity is our ability to meet our short-term liquidity needs. The following table presents our operating liquidity position as of June 30, 2025 and December 31, 2024:

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| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **June 30, 2025** | **December 31, 2024** |
| Cash and cash equivalents | $4244 | $5334 |
| Unfunded portfolio company commitments | (35191) | (48707) |
| Undrawn capital commitments | 186571 | 186571 |
| Outstanding principal on credit facility | (111400) | (111100) |
| Total operational liquidity | $44224 | $32098 |

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**Taxation as a RIC** 

We have elected to be treated, and intend to qualify annually thereafter, as a RIC under Subchapter M of the Code. As a RIC, we generally will not be subject to corporate-level U.S. federal income taxes on any income that we distribute as dividends for U.S. federal income tax purposes to our stockholders. To maintain our qualification as a RIC, we must, among other things, meet certain

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source-of-income and asset diversification requirements. In addition, in order to maintain RIC tax treatment, we must distribute to our stockholders, for each tax year, an amount equal to at least 90% of our "investment company taxable income," which is generally our net ordinary income plus the excess, if any, of realized net short-term capital gain over realized net long-term capital loss and determined without regard to any deduction for dividends paid.

Additionally, in order to avoid the imposition of a U.S. federal excise tax, we are required to distribute, in respect of each calendar year, dividends to our stockholders of an amount at least equal to the sum of 98% of our calendar year net ordinary income (taking into account certain deferrals and elections); 98.2% of our capital gain net income (adjusted for certain ordinary losses) for the one year period ending on October 31 of such calendar year; and any net ordinary income and capital gain net income for preceding calendar years that were not distributed during such calendar years and on which we previously did not incur any U.S. federal income tax. If we fail to qualify as a RIC for any reason and become subject to corporate tax, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions.

**Related Party Transactions and Agreements** 

We entered into a number of business relationships with affiliated or related parties, including the Investment Advisory Agreement and Administration Agreement. In addition, we, the Investment Adviser and certain of the Investment Adviser's affiliates have been granted exemptive relief by the SEC to co-invest with other funds and accounts sponsored or managed by the Investment Adviser or its affiliates in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. For additional information, see Note 4 *—* Related Party Transactions to the consolidated financial statements.

**Distributions and Dividends** 

We have adopted a dividend reinvestment plan ("DRIP"), pursuant to which we reinvest all cash dividends declared by the Board on behalf of our stockholders who do not elect to receive their dividends in cash. As a result, if the Board authorizes, and we declare, a cash dividend or other distribution, then our stockholders who have not opted out of our DRIP will have their cash distributions (net of applicable withholding tax) automatically reinvested in additional Shares, rather than receiving the cash dividend or other distribution. Stockholders who receive dividends and other distributions in the form of Shares generally are subject to the same U.S. federal tax consequences as investors who elect to receive their distributions in cash.

Distributions declared for the three and six months ended June 30, 2025 totaled approximately $12.86 million and $28.00 million, respectively. Distributions declared for the three and six months ended June 30, 2024 totaled approximately $15.15 million and $28.29 million, respectively.

The following tables reflect distributions, including dividends and returns of capital, if any, per share that have been declared by our Board for the six months ended June 30, 2025 and June 30, 2024, respectively:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Year 2025** | **Date Declared** | **Record Date** | **Payment Date** | **Per Share Amount** |
| First Quarter | March 26, 2025 | March 26, 2025 | March 27, 2025 | $26.00 |
| Second Quarter | June 26, 2025 | June 26, 2025 | June 27, 2025 | $22.00 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Year 2024** | **Date Declared** | **Record Date** | **Payment Date** | **Per Share Amount** |
| First Quarter | March 28, 2024 | March 28, 2024 | March 28, 2024 | $24.00 |
| Second Quarter | June 27, 2024 | June 27, 2024 | June 28, 2024 | $27.00 |

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We intend to pay quarterly distributions to our stockholders in amounts sufficient to qualify as and maintain our status as a RIC. We intend to distribute approximately all of our net investment income on a quarterly basis and substantially all of our taxable income on an annual basis, except that we may retain certain net capital gains for reinvestment.

**Borrowings** 

We are only allowed to borrow money such that our asset coverage, which, as defined in the 1940 Act, measures the ratio of total assets less total liabilities not represented by senior securities to total borrowings, equals at least 150% after such borrowing, with certain limited exceptions. At our organizational meeting on June 29, 2021, the Board approved a proposal that, effective June 29, 2021, permits us to reduce our asset coverage ratio to 150%. As a result, in addition to the foregoing 1940 Act restriction on leverage, we do not currently expect to borrow in excess of the lesser of 20% of our Aggregate Committed Capital and $130.00 million. We may in the future, though, determine to utilize a greater amount of leverage, including for investment purposes. As of June 30, 2025 and December 31, 2024, we had $111.40 million and $111.10 million, respectively, par value of outstanding borrowings and our asset

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coverage ratio of total assets to total borrowings was 579.76% and 586.76%, respectively, compliant with the minimum asset coverage level of 150% generally required for a BDC by the 1940 Act.

*Goldman Credit Facility* 

On August 11, 2021, we entered into a credit agreement (together with the exhibits and schedules thereto, the "Goldman Credit Facility") as the borrower and Goldman Sachs Bank USA ("Goldman Sachs") as the lender. The Goldman Credit Facility is structured as a revolving credit facility secured by the Capital Commitments of the Company's subscribed investors and certain related assets. On September 27, 2021, the Goldman Credit Facility was amended, pursuant to which the maximum loan amount was increased to the lesser of $130.00 million and the borrowing base (the "Borrowing Base").

The Goldman Credit Facility is uncommitted and matures on the earlier of (i) the date on which either the Company or lender provide written notice of termination to the other party and (ii) the date that is 30 days prior to the last date on which the Company may issue capital drawdowns to its investors. Under the Goldman Credit Facility, the Company is permitted to borrow up to the lesser of $130 million and the Borrowing Base. The Borrowing Base is based upon the unfunded capital commitments of certain subscribed investors in the Company that have been approved by Goldman Sachs and meet certain criteria. The advance rate for such investors is currently 90% but may be subject to modification. The Goldman Credit Facility contains certain customary affirmative and negative covenants and events of default.

The Goldman Credit Facility bears interest at a rate of Term SOFR plus 2.82% per annum.

*Contractual Obligations* 

The following table shows our payment obligations for repayment of debt and other contractual obligations as of June 30, 2025 (dollars in thousands):

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| | | |
|:---|:---|:---|
|  | **Total Aggregate Borrowing Capacity**<sup>(1)</sup> | **Total Principal Outstanding** |
| Goldman Sachs Credit Facility | $130000 | $111400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $130000 | $111400 |

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(1)As of June 30, 2025, we had $18.60 million in unused borrowing capacity under the Goldman Credit Facility, subject to borrowing base limits.

*Off-Balance Sheet Arrangements* 

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources.

*Commitments* 

In the ordinary course of business, we may enter into future funding commitments. As of June 30, 2025, we had unfunded commitments on revolving credit lines and delayed draw loans of $35.19 million. We maintain sufficient financial resources to satisfy unfunded commitments, including cash on hand, undrawn capital commitments from our investors, and available borrowings to fund such unfunded commitments. Please refer to Note 7 – Commitments and Contingencies in the notes to our consolidated financial statements for further detail of these unfunded commitments.

*Significant Accounting Estimates and Critical Accounting Policies* 

Our discussion and analysis of our financial condition and results of operations is based on our consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, we will evaluate our estimates, including those related to the matters described below. Actual results could differ from those estimates.

While our significant accounting policies are also described in Note 2 of notes to our consolidated financial statements appearing elsewhere in this report, we believe the following accounting policies require the most significant judgment in the preparation of our consolidated financial statements.

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*Valuation of Portfolio Investments* 

The Investment Adviser values our portfolio investments on a quarterly basis, or more frequently if required under the 1940 Act. For purposes of the 1940 Act, the Board has designated the Investment Adviser as the Company's valuation designee under Rule 2a-5 under the 1940 Act (the "Valuation Designee"). The Board provides oversight of the Investment Adviser's fair value determinations of our portfolio investments on a quarterly basis in good faith, including investments that are not publicly traded, those whose market prices are not readily available. Security transactions are accounted for on a trade date basis.

To the extent (i) Benefit Plan Investors hold 25% or more of our outstanding Shares and (ii) our Shares are not listed on a national securities exchange, one or more independent valuation firms (each a "Valuation Agent") are engaged to independently value our investments, in consultation with the Investment Adviser. Our quarterly valuation procedures, which are the procedures that will be followed by such Valuation Agent to the extent (i) Benefit Plan Investors hold 25% or more of our outstanding Shares, and (ii) our Shares are not listed on a national securities exchange, are described under Note 2 – Summary of Significant Account Policies.

The income and market approaches were used in the determination of fair value of certain Level 3 assets as of June 30, 2025. The significant unobservable inputs used in the income approach are the discount rate or market yield used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments and any other end of term fees, as applicable. Included in the consideration and selection of discount rates are factors such as risk of default, interest rate risk, and changes in credit quality. The significant unobservable inputs used in the market approach are based on market comparable transactions and market multiples of publicly traded comparable companies.

For investments in revolving credit facilities and delayed draw commitments, the cost basis of the funded investments purchased is offset by any costs/netbacks received for any unfunded portion on the total balance committed. The fair value is also adjusted for the price appreciation or depreciation on the unfunded portion. As a result, the purchase of commitments not completely funded may result in a negative fair value until it is called and funded.

The values assigned to investments are based upon available information and do not necessarily represent amounts which might ultimately be realized, since such amounts depend on future circumstances and cannot be reasonably determined until the individual positions are liquidated. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period and the fluctuations could be material.

In the event Benefit Plan Investors do not hold 25% or more of our outstanding Shares, or our Shares are listed on a national securities exchange, then (i) personnel of the Investment Adviser will undertake the roles to be performed by the personnel of the Valuation Agent, as described above and (ii) if an investment falls into category (3) above for four consecutive quarters and if the investment's par value or its fair value exceeds a certain materiality threshold, then at least once each fiscal year, the valuation for each portfolio investment for which we do not have a readily available market quotation will be reviewed by an independent valuation firm engaged by our Board.

For all valuations, the Valuation Committee of our Board, which consists solely of directors who are not "interested persons" of the Company, as such term is used under the 1940 Act (the "Independent Directors"), will review these preliminary valuations and our Board, a majority of whom are Independent Directors, will discuss the Investment Adviser's valuations; provided, however, that to the extent our assets are treated as "plan assets" under ERISA and/or Section 4975 of the Code, the Valuation Agent will determine valuations using only those valuation methodologies reviewed and approved by the Valuation Committee and our Board, and our Board, absent manifest error, will accept such valuations prepared by the Valuation Agent in accordance therewith.

*Revenue Recognition* 

*Interest Income* 

Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Discount and premium on investments purchased are accreted/amortized over the expected life of the respective investment using the effective yield method. Loan origination fees, original issue discount ("OID") and market discounts or premiums are capitalized and amortized into interest income using the effective interest method. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income. The Company may have loans in its portfolio that contain a payment-in-kind ("PIK") interest provision. PIK interest is accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest is added to the principal balance on the capitalized date and is generally due at maturity or when deemed by the issuer.

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*Fee Income* 

Fee income, such as structuring fees, loan monitoring, amendment, syndication fees, commitment, termination, and other loan fees are recognized as income when earned, either upon receipt or amortized into fee income. Upon the re-payment of a loan or debt security, any prepayment penalties and unamortized loan fees are recorded as fee income.

*Non-accrual* 

Investments may be placed on non-accrual status when principal or interest payments are past due and/or when there is reasonable doubt that principal or interest will be collected. Accrued interest is generally reversed when an investment is placed on non-accrual status. Interest payments received on non-accrual investments may be recognized as income or applied to principal depending upon management's judgment of the ultimate outcome. Non-accrual investments are restored to accrual status when past due principal and interest is paid and, in management's judgment, are likely to remain current.

See "*Portfolio Asset Quality*" above for a summary of our non-accrual assets as of June 30, 2025.

*Net Realized Gain or Loss and Net Change in Unrealized Gain or Loss* 

Investment transactions are accounted for on the trade date. Gain or loss on the sale of investments is calculated using the specific identification method. Net change in unrealized gain or loss will reflect the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized gain or loss, when a gain or loss is realized.

**ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK** 

We are subject to certain financial market risks, such as interest rate fluctuations. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. A prolonged reduction in interest rates will reduce our gross investment income and could result in a decrease in our net investment income if such decreases in SOFR are not offset by a corresponding increase in the spread over SOFR that we earn on any portfolio investments, a decrease in our operating expenses, including with respect to our income incentive fee, or a decrease in the interest rate of our floating interest rate liabilities tied to SOFR. As of June 30, 2025, 100% of our debt investments at fair value represent floating-rate investments with a reference rate floor and none of our debt investments at fair value represent fixed-rate investments. Additionally, our Goldman Credit Facility is also subject to floating interest rates and are currently paid based on floating SOFR rates.

The following table estimates the potential changes in net cash flow generated from interest income and expenses, should interest rates increase by 100, 200 and 300 basis points, or decrease by 100 and 200 basis points. Interest income is calculated as revenue from interest generated from our portfolio of investments held as of June 30, 2025. Interest expense is calculated based on the terms of our outstanding revolving credit facility and subscription line. For our Goldman Credit Facility, we use the outstanding balance as of June 30, 2025. Interest expense on this balance is calculated using the interest rate as of June 30, 2025, adjusted for the hypothetical changes in rates, as shown below.

Assuming that the interim and unaudited Consolidated Statements of Assets and Liabilities as of June 30, 2025 was to remain constant and that we took no actions to alter our interest rate sensitivity as of such date, the following table shows the annualized impact of hypothetical base rate changes in interest rates. Actual results could differ significantly from those estimated in the table.

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| | | | |
|:---|:---|:---|:---|
| **Change in Interest Rates** | **Net Increase<br>(Decrease) in <br>Interest Income<br>(in thousands)** | **Net Increase<br>(Decrease) in <br>Interest Expense<br>(in thousands)** | **Net Increase<br>(Decrease) in Net<br>Investment Income<br>(in thousands)** |
| Down 100 basis points | $(6742) | $(1114) | $(5628) |
| Down 200 basis points | (13484) | (2228) | (11256) |
| Down 300 basis points | (20226) | (3342) | (16884) |
| Up 100 basis points | 6742 | 1114 | 5628 |
| Up 200 basis points | 13484 | 2228 | 11256 |
| Up 300 basis points | 20226 | 3342 | 16884 |

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Because we may borrow money to make investments, our net investment income may be dependent on the difference between the rate at which we borrow funds and the rate at which we invest these funds. In periods of increasing interest rates, our cost of funds would

------

increase, which may reduce our net investment income. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

**ITEM 4. CONTROLS AND PROCEDURES** 

*Evaluation of disclosure controls and procedures* 

As required by Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended (the "1934 Act") we evaluated, under the supervision and with the participation of our management, including our Chief Executive Officer and our Chief Financial Officer, the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the 1934 Act) as of June 30, 2025. Based on the foregoing evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that, as of June 30, 2025, our disclosure controls and procedures were effective to accomplish their objectives at the reasonable assurance level that we would meet our disclosure obligations.

*Changes in internal control over financial reporting* 

There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) or 15d-15(f) under the 1934 Act) that occurred during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**PART II—OTHER INFORMATION** 

**ITEM 1. LEGAL PROCEEDINGS** 

We, and our wholly-owned direct subsidiaries, the Investment Adviser and the Administrator are not currently subject to any material legal proceedings as of June 30, 2025. From time to time, we our wholly-owned direct subsidiaries, the Investment Adviser and the Administrator may be a party to certain legal proceedings incidental to the normal course of our business including the enforcement of our rights under contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our business, financial condition or results of operations.

**ITEM 1A. RISK FACTORS** 

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Item 1A. — Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the "Annual Report"), which could materially affect our business, financial condition and/or operating results. The risks described in the Annual Report are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may materially affect our business, our structure, our financial condition, our investments and/or operating results. There have been no material changes during the six months ended June 30, 2025 to the risk factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K, except as provided below.

*Changes to trade policies, treaties and tariffs may materially affect our business, financial condition and results of operations.*

There have been significant changes to United States trade policies, treaties and tariffs, and in the future there may be additional significant changes. These and any future developments, and continued uncertainty surrounding trade policies, treaties and tariffs, may have a material effect on global economic conditions, inflation and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the United States. Any of these factors could depress economic activity and restrict our portfolio companies' access to suppliers or customers, increase their supply-chain costs and expenses and could have material effects on our business, financial condition and results of operations.

**ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS** 

Previously disclosed by the Company on its current reports on Form 8-K.

**ITEM 3. DEFAULTS UPON SENIOR SECURITIES** 

Not applicable.

**ITEM 4. MINE SAFETY DISCLOSURES** 

Not applicable.

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**ITEM 5. OTHER INFORMATION** 

***Rule 10b5-1 Trading Plans***

During the fiscal quarter ended June 30, 2025, none of our directors or executive officers adopted or terminated any contract, instruction, or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement."

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**ITEM 6. EXHIBITS** 

The following exhibits are filed as part of this report, or hereby incorporated by reference to exhibits previously filed with the United States Securities and Exchange Commission:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Exhibit**<br>**Number** | &nbsp;&nbsp;&nbsp;**Description of Document** |
| &nbsp;&nbsp;3.1 | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Amended and Restated Certificate of Incorporation(1)</u>](https://www.sec.gov/Archives/edgar/data/1841514/000119312521208583/d865124dex31.htm) |
| &nbsp;&nbsp;3.2 | &nbsp;&nbsp;&nbsp;&nbsp;[<u>By-Laws(1)</u>](https://www.sec.gov/Archives/edgar/data/1841514/000119312521208583/d865124dex32.htm) |
| &nbsp;&nbsp;31.1\* | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Certification of the Chief Executive Officer pursuant to Rule 13a-14 (a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](ck0001841514-ex31_1.htm) |
| &nbsp;&nbsp;31.2\* | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Certification of the Chief Financial Officer pursuant to Rule 13a-14 (a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](ck0001841514-ex31_2.htm) |
| &nbsp;&nbsp;32.1\*\* | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes- Oxley Act of 2002.</u>](ck0001841514-ex32_1.htm) |
| &nbsp;&nbsp;32.2\*\* | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](ck0001841514-ex32_2.htm) |
| &nbsp;&nbsp;101.INS | &nbsp;&nbsp;&nbsp;&nbsp;Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document. |
| &nbsp;&nbsp;101.SCH | &nbsp;&nbsp;&nbsp;&nbsp;Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents. |
| &nbsp;&nbsp;104 | &nbsp;&nbsp;&nbsp;&nbsp;Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |

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\* Filed herewith.

\* \* Furnished herewith.

(1) Incorporated by reference to the Exhibits accompanying the Company's Form 10 Registration Statement filed on July 6, 2021.

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**SIGNATURES** 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | Commonwealth Credit Partners BDC I, Inc. | Commonwealth Credit Partners BDC I, Inc. |
| Date: August 13, 2025 | By: | /s/ Robert O'Sullivan |
|  | Name:<br>Title: | Robert O'Sullivan<br>Chief Executive Officer |
| Date: August 13, 2025 | By: | /s/ Cecilio M. Rodriguez |
|  | Name:<br>Title: | Cecilio M. Rodriguez<br>Chief Financial Officer |

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w

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## Exhibit 31.1

EXHIBIT 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

I, Robert O'Sullivan, Chief Executive Officer of Commonwealth Credit Partners BDC I, Inc., certify that:

1. I have reviewed this quarterly report on Form 10-Q of Commonwealth Credit Partners BDC I, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in the Securities Exchange Act of 1934, as amended (the "Exchange Act"), in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in the Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| |
|:---|
| Date: August 13, 2025 |
| /s/ Robert O'Sullivan  |
| Robert O'Sullivan |
| Chief Executive Officer |

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## Exhibit 31.2

EXHIBIT 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

I, Cecilio M. Rodriguez, Chief Financial Officer of Commonwealth Credit Partners BDC I, Inc., certify that:

1. I have reviewed this quarterly report on Form 10-Q of Commonwealth Credit Partners BDC I, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in the Securities Exchange Act of 1934, as amended (the "Exchange Act"), Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in the Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| Date: August 13, 2025 |
| /s/ Cecilio M. Rodriguez <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cecilio M. Rodriguez<br>Chief Financial Officer |

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## Exhibit 32.1

Exhibit 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. 1350)

In connection with the quarterly report on Form 10-Q of Commonwealth Credit Partners BDC I, Inc. (the "Company") for the period ended June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Robert O'Sullivan, Chief Executive Officer of the Company, hereby certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 13, 2025

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| |
|:---|
| /s/ Robert O'Sullivan |
| Robert O'Sullivan |
| Chief Executive Officer |

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## Exhibit 32.2

Exhibit 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. 1350)

In connection with the quarterly report on Form 10-Q of Commonwealth Credit Partners BDC I, Inc. (the "Company") for the period ended June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Cecilio M. Rodriguez, Chief Financial Officer of the Company, hereby certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 13, 2025

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;/s/ Cecilio M. Rodriguez |
| Cecilio M. Rodriguez |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer |

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