# EDGAR Filing Document

**Accession Number:** 0001885968
**File Stem:** 0001193125-26-219405
**Filing Date:** 2026-5
**Character Count:** 391879
**Document Hash:** 52470e0b423a79269f77f1a15f0ffc90
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-219405.hdr.sgml**: 20260512

**ACCESSION NUMBER**: 0001193125-26-219405

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 59

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260512

**DATE AS OF CHANGE**: 20260512

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T Series BDC LLC
- **CENTRAL INDEX KEY:** 0001885968

**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:** 814-01453
- **FILM NUMBER:** 26968557

**BUSINESS ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **STREET 2:** 23RD FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **BUSINESS PHONE:** (212) 761-4000

**MAIL ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **STREET 2:** 23RD FLOOR
- **CITY:** NEW YORK
- **STATE:** NY

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** T Series Middle Market Loan Fund LLC
- **DATE OF NAME CHANGE:** 20211005

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** T Series Middle Market Investment Loan Fund LLC
- **DATE OF NAME CHANGE:** 20211001

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

[**<u>**Table of Contents**</u>**](#toc_page)

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

______________________________________________________________________________________________________

**FORM** 10-Q

☑ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF**

**<u>THE SECURITIES EXCHANGE ACT OF 1934</u>**

For the Quarterly Period Ended March 31, 2026

**<u>OR</u>**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF**

**THE SECURITIES EXCHANGE ACT OF 1934**

For the transition period from _____ to _____

Commission File Number 814-01453

T Series BDC LLC

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| Delaware | 87-3271290 |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| 1585 Broadway |  |
| New York**,** NY | 10036 |
| (Address of principal executive offices) | (Zip Code) |

---

**1 (**212**)-**761-4000

(Registrant's telephone number, including area code)

T Series Middle Market Loan Fund LLC

(Former name, former address and former fiscal year, if changed since last report)

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

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol** | **Name of each exchange on which registered** |

---

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 preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes ☒ No ☐

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 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 ☒

The number of the registrant's limited liability company common units outstanding at May 12, 2026 was 66,592,629.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2026**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **Part I. Financial Information** | **Part I. Financial Information** |  |
| Item 1. | [<u>Consolidated Financial Statements (Unaudited)</u>](#item_1_consolidated_financial_statements) | [<u>3</u>](#item_1_consolidated_financial_statements) |
|  | [<u>Consolidated Statements of Financial Condition</u>](#consolidated_statements_of_financial_con) | [<u>3</u>](#consolidated_statements_of_financial_con) |
|  | [<u>Consolidated Statements of Operations</u>](#consolidated_statements_of_operations) | [<u>4</u>](#consolidated_statements_of_operations) |
|  | [<u>Consolidated Statements of Changes in Members' Capital</u>](#consolidated_statements_of_changes_in) | [<u>5</u>](#consolidated_statements_of_changes_in) |
|  | [<u>Consolidated Statements of Cash Flows</u>](#consolidated_statements_of_cash_flows) | [<u>6</u>](#consolidated_statements_of_cash_flows) |
|  | [<u>Consolidated Schedules of Investments</u>](#sch_invt) | [<u>7</u>](#sch_invt) |
|  | [<u>Notes to the Consolidated Financial Statements</u>](#notes_consolidated_financial_statements) | [<u>56</u>](#notes_consolidated_financial_statements) |
| Item 2. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#managements_discussion_and_analysis) | [<u>71</u>](#managements_discussion_and_analysis) |
| Item 3. | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#quantitative_and_qualitative_disclosures) | [<u>80</u>](#quantitative_and_qualitative_disclosures) |
| Item 4. | [<u>Controls and Procedures</u>](#controls_and_procedures) | [<u>81</u>](#controls_and_procedures) |
| **Part II. Other Information** | **Part II. Other Information** |  |
| Item 1. | [<u>Legal Proceedings</u>](#legal_proceedings) | [<u>82</u>](#legal_proceedings) |
| Item 1A. | [<u>Risk Factors</u>](#risk_factors) | [<u>82</u>](#risk_factors) |
| Item 2. | [<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#unregistered_sales_of_equity_securities) | [<u>82</u>](#unregistered_sales_of_equity_securities) |
| Item 3. | [<u>Defaults Upon Senior Securities</u>](#defaults_upon_senior_securities) | [<u>82</u>](#defaults_upon_senior_securities) |
| Item 4. | [<u>Mine Safety Disclosures</u>](#mine_safety_disclosures) | [<u>82</u>](#mine_safety_disclosures) |
| Item 5. | [<u>Other Information</u>](#other_information) | [<u>82</u>](#other_information) |
| Item 6. | [<u>Exhibits</u>](#exhibits) | [<u>83</u>](#exhibits) |
| [<u>SIGNATURES</u>](#signatures) | [<u>SIGNATURES</u>](#signatures) | [<u>84</u>](#signatures) |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**Part I. Financial Statements**

**Item 1. Consolidated Financial Statements**

**T Series BDC LLC**

**Consolidated Statements of Financial Condition**

*(In thousands, except unit and per unit amounts)*

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **March 31, 2026** | **December 31, 2025** |
|  | **(Unaudited)** | **(Audited)** |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments, at fair value (amortized cost of $2,190,174 and $2,219,206) | $2136500 | $2172438 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/affiliated investments, at fair value (amortized cost of $20,570 and $14,778) | 17408 | 13510 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments, at fair value (cost of $2,210,744 and $2,233,984) | 2153908 | 2185948 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 64929 | 47217 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated money market fund (cost of $11,648 and $23,676) | 11648 | 23676 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred financing costs | 12373 | 13254 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and dividend receivable from non-controlled/non-affiliated investments | 12048 | 13237 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and dividend receivable from non-controlled/affiliated investments | 192 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold/repaid | 41454 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 64 | 140 |
| **Total assets** | $2296616 | $2283926 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt | $1092755 | $1112958 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution payable | 30499 | 29579 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees payable | 1075 | 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income based incentive fees payable | 2019 | 2792 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and other financing costs payable | 10993 | 12216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 2158 | 1618 |
| **Total liabilities** | $1139499 | $1160219 |
| Commitments and contingencies (Note 7) |  |  |
| **Members' Capital** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common units (64,890,977 and 61,623,231 common units issued and outstanding) | $65 | $62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital in excess of par value | 1249686 | 1190236 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributable earnings (loss) | (92634) | (66591) |
| **Total members' capital** | $1157117 | $1123707 |
| **Total liabilities and members' capital** | $2296616 | $2283926 |
| **Net asset value per unit** | $17.83 | $18.24 |

---

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

------

[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Statements of Operations (Unaudited)**

*(In thousands, except unit and per unit amounts)*

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2025** |
| **Investment Income:** |  |  |
| **From non-controlled/non-affiliated investments:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | $48679 | $48963 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind income | 1860 | 3843 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 542 | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 603 | 881 |
| **From non-controlled/affiliated investments:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 100 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind income | 150 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 7 | 2 |
| **Total investment income** | 51941 | 54191 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and other financing expenses | 17311 | 18790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | 1075 | 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income based incentive fees | 2019 | 2788 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 1213 | 663 |
| &nbsp;&nbsp;&nbsp;&nbsp;Directors' fees | 55 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and other expenses | 367 | 818 |
| **Total expenses** | 22040 | 24166 |
| **Net investment income before taxes** | 29901 | 30025 |
| &nbsp;&nbsp;&nbsp;&nbsp;Excise tax expense | 38 | 18 |
| **Net investment income after taxes** | 29863 | 30007 |
| **Net realized and unrealized gain (loss) on investment transactions:** |  |  |
| Realized gain (loss): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | (16783) | (3660) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency and other transactions | 3 | 1 |
| Net realized gain (loss) | (16780) | (3659) |
| Net change in unrealized appreciation (depreciation): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | (6702) | (6003) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/affiliated investments | (1894) | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Translation of assets and liabilities in foreign currencies | (31) | 29 |
| Net change in unrealized appreciation (depreciation) | (8627) | (5856) |
| **Net realized and unrealized gain (loss)** | (25407) | (9515) |
| **Net increase (decrease) in members' capital resulting from operations** | $4456 | $20492 |
| Earnings (loss) per unit (basic and diluted) | $0.07 | $0.36 |
| Weighted average units outstanding (basic and diluted) | 63276928 | 56659886 |

---

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

------

[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Statements of Changes in Members' Capital (Unaudited)**

*(In thousands and per unit amount)*

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2025** |
| **Members' Capital at beginning of period:** | $1123707 | $1041965 |
| **Increase (decrease) in members' capital resulting from operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 29863 | 30007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (16780) | (3659) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (8627) | (5856) |
| **Net increase (decrease) in members' capital resulting from operations** | 4456 | 20492 |
| **Distributions to unitholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributable earnings | (30499) | (30648) |
| **Total distributions to unitholders** | (30499) | (30648) |
| **Capital transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of common units | 30000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | 29453 | 32827 |
| **Net increase (decrease) in Members' Capital resulting from capital transactions** | 59453 | 32827 |
| **Total increase (decrease) in Members' Capital** | 33410 | 22671 |
| **Members' Capital at end of period** | $1157117 | $1064636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions per unit | $0.47 | $0.54 |

---

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

------

[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Statements of Cash Flows (Unaudited)**

*(In thousands)*

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2025** |
| **Cash flows from operating activities:** |  |  |
| Net increase (decrease) in members' capital resulting from operations | $4456 | $20492 |
| Adjustments to reconcile net increase (decrease) in members' capital resulting from operations to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on investments | 8596 | 5885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies | 31 | (29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on investments | 16783 | 3660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on foreign currency transactions | (3) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated money market fund, net | 12028 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net accretion of discount and amortization of premium on investments | (1988) | (1834) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest and dividend capitalized | (2313) | (3932) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 882 | 904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments and change in payable for investments purchased | (109122) | (76431) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of investments and principal repayments and change in receivable for investments sold/repaid | 78626 | 68155 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in interest and dividend receivable from non-controlled/non-affiliated investments | 1189 | 2551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in interest and dividend receivable from non-controlled/affiliated investments | 62 | (116) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in prepaid expenses and other assets | 76 | (98) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Decrease) increase in payable to affiliates |  | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Decrease) increase in management fees payable | 19 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Decrease) increase in incentive fees payable | (773) | (101) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Decrease) increase in interest payable | (1223) | (317) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Decrease) increase in accrued expenses and other liabilities | 510 | (997) |
| **Net cash provided by (used in) operating activities** | 7836 | 17966 |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings on debt | 73000 | 35000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments on debt | (93000) | (42000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of Common Units | 30000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred financing costs paid |  | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax withholding paid | (124) | (187) |
| **Net cash provided by (used in) financing activities** | 9876 | (7203) |
| **Net increase (decrease) in cash and cash equivalents** | 17712 | 10763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of foreign exchange rate changes on cash |  | 30 |
| Cash and cash equivalents, at beginning of period | 47217 | 48590 |
| **Cash and cash equivalents, at end of period** | $64929 | $59383 |
| **Supplemental information and non-cash activities:** |  |  |
| Excise tax paid | $150 | $178 |
| Accrued but unpaid dividends | $30499 | $30648 |
| Interest and financing costs paid | $17652 | $17604 |
| Dividend reinvestments | $29453 | $32827 |
| Non-cash purchases of investments | $(11739) | $(14132) |
| Non-cash sales of investments | $11739 | $14132 |

---

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

------

[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Schedules of Investments (Unaudited)**

**March 31, 2026**

*(In thousands, except unit amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1)</sup> | **Footnotes** | **Investment** | **Reference Rate and<br>Spread** | **Reference Rate and<br>Spread** | **Interest<br>Rate**<sup>(2)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(3)</sup> | **Cost**<sup>(4)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| **Debt Investments - non-controlled/non-affiliated** |  |  |  |  |  |  |  |  |  |  |
| **Aerospace & Defense** |  |  |  |  |  |  |  |  |  |  |
| AA&D Midco, Inc. | (5) (7) (10) | First Lien Debt | S + | 4.75% | 8.40% | 11/29/2030 | 15190 | $15046 | $15038 | 1.30% |
| AA&D Midco, Inc. | (5) (7) (10) | First Lien Debt | S + | 4.75% | 8.40% | 11/29/2030 | 2397 | 2374 | 2373 | 0.21 |
| AA&D Midco, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.40% | 11/29/2030 | 835 | 814 | 813 | 0.07 |
| Jonathan Acquisition Company | (5) (6) (9) | First Lien Debt | S + | 4.50% | 8.20% | 11/12/2029 | 3555 | 3506 | 3492 | 0.30 |
| Jonathan Acquisition Company | (5) (6) (17) | First Lien Debt | P + | 3.50% | 10.25% | 05/11/2029 | 44 | 38 | 36 | 0.00 |
| ManTech International CP | (5) (7) (9) | First Lien Debt | S + | 4.50% | 8.17% | 09/14/2029 | 17922 | 17730 | 17922 | 1.55 |
| ManTech International CP | (5) (7) | First Lien Debt | S + | 4.50% | 8.17% | 09/14/2029 | 254 | 249 | 254 | 0.02 |
| ManTech International CP | (5) (7) (17) | First Lien Debt | P + | 3.50% | 10.25% | 09/14/2028 |  | (22) |  |  |
| Zenith Acquisitionco, LLC | (5) (8) (11) | First Lien Debt | S + | 4.50% | 8.18% | 01/13/2033 | 5379 | 5353 | 5353 | 0.46 |
| Zenith Acquisitionco, LLC | (5) (8) (17) | First Lien Debt | S + | 4.50% | 8.18% | 01/13/2033 | 124 | 118 | 118 | 0.01 |
| Zenith Acquisitionco, LLC | (5) (8) (17) | First Lien Debt | S + | 4.50% | 8.18% | 01/13/2033 |  | (5) | (5) | 0.00 |
|  |  |  |  |  |  |  |  | 45201 | 45394 | 3.92 |
| **Air Freight & Logistics** |  |  |  |  |  |  |  |  |  |  |
| RoadOne IntermodaLogistics | (5) (6) (9) | First Lien Debt | S + | 6.75% | 10.45% | 12/29/2028 | 329 | 324 | 312 | 0.03 |
| RoadOne IntermodaLogistics | (5) (6) | First Lien Debt | S + | 6.75% | 10.45% | 12/29/2028 | 30 | 29 | 29 |  |
| RoadOne IntermodaLogistics | (5) (6) (17) | First Lien Debt | S + | 6.75% | 10.45% | 12/29/2028 | 60 | 59 | 57 |  |
|  |  |  |  |  |  |  |  | 412 | 398 | 0.03 |
| **Automobile Components** |  |  |  |  |  |  |  |  |  |  |
| Continental Acquisition Holdings, Inc. | (5) (6) (10) (12) (13) | First Lien Debt | S + | 7.00% PIK | 10.85% | 07/20/2028 | 6473 | 6415 | 2806 | 0.24 |
| OEConnection, LLC | (5) (8) (10) | First Lien Debt | S + | 4.50% | 8.18% | 12/23/2032 | 2958 | 2943 | 2890 | 0.25 |
| OEConnection, LLC | (5) (8) (17) | First Lien Debt | S + | 4.50% | 8.18% | 12/23/2032 |  | (4) | (40) | (0) |
| OEConnection, LLC | (5) (8) (17) | First Lien Debt | S + | 4.50% | 8.18% | 12/23/2032 |  | (2) | (10) |  |
| Randy's Holdings, Inc. | (5) (6) (9) | First Lien Debt | S + | 5.00% | 8.67% | 11/01/2029 | 12612 | 12390 | 12454 | 1.08 |
| Randy's Holdings, Inc. | (5) (6) (17) | First Lien Debt | S + | 5.00% | 8.67% | 11/01/2029 | 3947 | 3854 | 3864 | 0.33 |
| Randy's Holdings, Inc. | (5) (6) (17) | First Lien Debt | S + | 5.00% | 8.67% | 11/01/2029 | 83 | 57 | 62 | 0.01 |
| Sonny's Enterprises, LLC | (5) (6) (9) | First Lien Debt | S + | 5.50% | 9.31% | 08/05/2028 | 11146 | 11005 | 10839 | 0.94 |
| Sonny's Enterprises, LLC | (5) (6) | First Lien Debt | S + | 5.50% | 9.31% | 08/05/2028 | 2659 | 2630 | 2586 | 0.22 |
| Sonny's Enterprises, LLC | (5) (6) (17) | First Lien Debt | S + | 5.50% | 9.31% | 08/05/2027 | 1922 | 1904 | 1857 | 0.16 |
|  |  |  |  |  |  |  |  | 41192 | 37308 | 3.23 |
| **Automobiles** |  |  |  |  |  |  |  |  |  |  |
| COP Collisionright Parent, LLC | (5) (6) (9) | First Lien Debt | S + | 4.75% | 8.42% | 01/29/2030 | 6722 | 6630 | 6671 | 0.58 |
| COP Collisionright Parent, LLC | (5) (6) (17) | First Lien Debt | S + | 4.75% | 8.42% | 01/29/2030 | 4043 | 3980 | 4001 | 0.35 |
| COP Collisionright Parent, LLC | (5) (6) (17) | First Lien Debt | S + | 4.75% | 8.42% | 01/29/2030 | 157 | 143 | 149 | 0.01 |
| Drivecentric Holdings, LLC | (5) (7) (11) | First Lien Debt | S + | 4.50% | 8.19% | 08/15/2031 | 16566 | 16430 | 16566 | 1.43 |
| Drivecentric Holdings, LLC | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.19% | 08/15/2031 |  | (5) |  |  |
| Drivecentric Holdings, LLC | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.19% | 08/15/2031 |  | (16) |  |  |
| LeadVenture, Inc. | (5) (7) (11) | First Lien Debt | S + | 5.00% | 8.70% | 06/23/2032 | 4367 | 4307 | 4284 | 0.37 |
| LeadVenture, Inc. | (5) (7) (17) | First Lien Debt | S + | 5.00% | 8.70% | 06/23/2032 | 341 | 333 | 325 | 0.03 |
| LeadVenture, Inc. | (5) (7) (17) | First Lien Debt | S + | 5.00% | 8.70% | 06/23/2032 | 19 | 13 | 11 | 0.00 |

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------

[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Schedules of Investments (Unaudited)**

**March 31, 2026**

*(In thousands, except unit amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1)</sup> | **Footnotes** | **Investment** | **Reference Rate and<br>Spread** | **Reference Rate and<br>Spread** | **Interest<br>Rate**<sup>(2)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(3)</sup> | **Cost**<sup>(4)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| Vehlo Purchaser, LLC | (5) (7) (11) | First Lien Debt | S + | 5.50% | 9.17% | 05/24/2028 | 9665 | 9599 | 9495 | 0.82 |
| Vehlo Purchaser, LLC | (5) (7) (11) | First Lien Debt | S + | 5.50% | 9.17% | 05/24/2028 | 1311 | 1301 | 1288 | 0.11 |
| Vehlo Purchaser, LLC | (5) (7) (17) | First Lien Debt | S + | 5.50% | 9.17% | 05/24/2028 |  | (20) | (53) |  |
|  |  |  |  |  |  |  |  | 42695 | 42737 | 3.70 |
| **Banks** |  |  |  |  |  |  |  |  |  |  |
| Computer Services, Inc. | (5) (6) (9) | First Lien Debt | S + | 4.50% | 8.20% | 11/17/2031 | 3243 | 3228 | 3202 | 0.28 |
| Computer Services, Inc. | (5) (6) (17) | First Lien Debt | S + | 4.50% | 8.20% | 11/17/2031 |  | (4) | (19) |  |
|  |  |  |  |  |  |  |  | 3224 | 3183 | 0.28 |
| **Beverages** |  |  |  |  |  |  |  |  |  |  |
| Vamos Bidco, Inc. | (5) (8) (9) | First Lien Debt | S + | 4.75% | 8.45% | 01/30/2032 | 2680 | 2656 | 2612 | 0.23 |
| Vamos Bidco, Inc. | (5) (8) (17) | First Lien Debt | S + | 4.75% | 8.45% | 01/30/2032 |  | (4) | (28) |  |
| Vamos Bidco, Inc. | (5) (8) (17) | First Lien Debt | S + | 4.75% | 8.45% | 01/30/2032 |  | (3) | (8) |  |
|  |  |  |  |  |  |  |  | 2649 | 2576 | 0.23 |
| **Building Products** |  |  |  |  |  |  |  |  |  |  |
| Project Potter Buyer, LLC | (5) (6) (11) | First Lien Debt | S + | 5.25% | 8.95% | 04/23/2027 | 8794 | 8791 | 8784 | 0.76 |
| Project Potter Buyer, LLC | (5) (6) (17) | First Lien Debt | S + | 5.25% | 8.95% | 04/23/2027 |  |  | (1) |  |
|  |  |  |  |  |  |  |  | 8791 | 8783 | 0.76 |
| **Chemicals** |  |  |  |  |  |  |  |  |  |  |
| Tank Holding Corp. | (7) (9) | First Lien Debt | S + | 5.75% | 9.55% | 03/31/2028 | 26312 | 26082 | 23410 | 2.02 |
| Tank Holding Corp. | (7) | First Lien Debt | S + | 5.75% | 9.55% | 03/31/2028 | 1009 | 993 | 899 | 0.08 |
| Tank Holding Corp. | (7) (17) | First Lien Debt | S + | 5.75% | 9.55% | 03/31/2028 |  | (9) | (147) | (0.01) |
| V Global Holdings, LLC | (5) (7) (11) | First Lien Debt | S + | 6.25% (incl. 3.70% PIK) | 10.05% | 01/02/2029 | 7799 | 7739 | 7066 | 0.61 |
| V Global Holdings, LLC | (5) (7) (17) | First Lien Debt | S + | 6.25% (incl. 3.70% PIK) | 9.53% | 01/02/2029 | 400 | 395 | 298 | 0.03 |
|  |  |  |  |  |  |  |  | 35200 | 31526 | 2.73 |
| **Commercial Services & Supplies** |  |  |  |  |  |  |  |  |  |  |
| Astra Service Partners, LLC | (5) (7) (9) (10) | First Lien Debt | S + | 4.50% | 8.20% | 11/26/2032 | 9015 | 8950 | 9015 | 0.78 |
| Astra Service Partners, LLC | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.20% | 11/26/2032 | 593 | 580 | 593 | 0.05 |
| Atlas US Finco, Inc. | (5) (6) (9) (14) | First Lien Debt | S + | 4.75% | 8.42% | 12/10/2029 | 19745 | 19473 | 19547 | 1.69 |
| Atlas US Finco, Inc. | (5) (6) (14) (17) | First Lien Debt | S + | 4.75% | 8.42% | 12/11/2028 |  | (9) | (9) |  |
| AWP Group Holdings, Inc. | (5) (6) (9) (10) | First Lien Debt | S + | 4.50% | 8.17% | 12/23/2030 | 10344 | 9956 | 10344 | 0.89 |
| AWP Group Holdings, Inc. | (5) (6) (17) | First Lien Debt | S + | 4.50% | 8.17% | 12/23/2030 | 1092 | 1077 | 1092 | 0.09 |
| AWP Group Holdings, Inc. | (5) (6) (17) | First Lien Debt | S + | 4.50% | 8.17% | 12/23/2030 | 474 | 464 | 474 | 0.04 |
| BPG Holdings IV Corp. | (5) (7) (10) | First Lien Debt | S + | 7.00% (incl. 5.00% PIK) | 10.70% | 07/30/2029 | 8601 | 8281 | 7049 | 0.61 |
| Consor Intermediate II, LLC | (5) (7) (11) | First Lien Debt | S + | 4.50% | 8.20% | 05/12/2031 | 3360 | 3338 | 3360 | 0.29 |
| Consor Intermediate II, LLC | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.20% | 05/12/2031 |  | (7) |  |  |
| Consor Intermediate II, LLC | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.20% | 05/12/2031 | 150 | 146 | 150 | 0.01 |
| CRCI Longhorn Holdings, Inc. | (5) (7) (10) | First Lien Debt | S + | 4.75% | 8.42% | 08/27/2031 | 3485 | 3457 | 3472 | 0.30 |
| CRCI Longhorn Holdings, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.42% | 08/27/2031 |  | (3) | (3) |  |
| CRCI Longhorn Holdings, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.42% | 08/27/2031 |  | (5) | (2) |  |
| Energy Labs Holdings Corp. | (5) (6) (9) | First Lien Debt | S + | 5.00% | 8.77% | 04/07/2028 | 391 | 389 | 383 | 0.03 |
| Energy Labs Holdings Corp. | (5) (6) | First Lien Debt | S + | 5.00% | 8.77% | 04/07/2028 | 115 | 113 | 112 | 0.01 |
| Energy Labs Holdings Corp. | (5) (6) (17) | First Lien Debt | S + | 5.00% | 8.77% | 04/07/2028 | 43 | 42 | 41 | 0.00 |
| Firebird Acquisition Corp, Inc. | (5) (7) (10) | First Lien Debt | S + | 5.00% (incl. 2.75% PIK) | 8.67% | 02/02/2032 | 868 | 864 | 868 | 0.08 |
| Firebird Acquisition Corp, Inc. | (5) (7) (17) | First Lien Debt | S + | 5.00% (incl. 2.75% PIK) | 8.67% | 02/02/2032 | 278 | 276 | 278 | 0.02 |

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------

[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Schedules of Investments (Unaudited)**

**March 31, 2026**

*(In thousands, except unit amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1)</sup> | **Footnotes** | **Investment** | **Reference Rate and<br>Spread** | **Reference Rate and<br>Spread** | **Interest<br>Rate**<sup>(2)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(3)</sup> | **Cost**<sup>(4)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| Firebird Acquisition Corp, Inc. | (5) (7) (17) | First Lien Debt | S + | 5.00% (incl. 2.75% PIK) | 8.67% | 02/02/2032 |  | (1) |  |  |
| FLS Holding, Inc. | (5) (6) (11) (14) | First Lien Debt | S + | 5.25% | 9.10% | 12/15/2028 | 19883 | 19699 | 16977 | 1.47 |
| FLS Holding, Inc. | (5) (6) (9) (14) | First Lien Debt | S + | 5.25% | 9.10% | 12/15/2028 | 4662 | 4619 | 3981 | 0.34 |
| FLS Holding, Inc. | (5) (6) (14) (17) | First Lien Debt | S + | 5.25% | 9.10% | 12/17/2027 | 1898 | 1888 | 1617 | 0.14 |
| Hercules Borrower, LLC | (5) (7) (11) | First Lien Debt | S + | 4.75% | 8.42% | 12/15/2028 | 4947 | 4921 | 4897 | 0.42 |
| HSI Halo Acquisition, Inc. | (5) (7) (11) | First Lien Debt | S + | 5.00% | 8.67% | 06/30/2031 | 14459 | 14343 | 14401 | 1.24 |
| HSI Halo Acquisition, Inc. | (5) (7) (17) | First Lien Debt | S + | 5.00% | 8.67% | 06/30/2031 | 1297 | 1284 | 1287 | 0.11 |
| HSI Halo Acquisition, Inc. | (5) (7) (17) | First Lien Debt | S + | 5.00% | 8.67% | 06/28/2030 |  | (12) | (7) |  |
| Iris Buyer, LLC | (5) (6) (10) (14) | First Lien Debt | S + | 5.25% | 8.92% | 10/02/2030 | 3013 | 2955 | 2991 | 0.26 |
| Iris Buyer, LLC | (5) (6) (10) (14) | First Lien Debt | S + | 5.25% | 8.92% | 10/02/2030 | 277 | 271 | 275 | 0.02 |
| Iris Buyer, LLC | (5) (6) (10) (14) (17) | First Lien Debt | S + | 5.25% | 8.92% | 10/02/2029 |  | (7) | (3) | (0.00) |
| Procure Acquireco, Inc. (Procure Analytics) | (5) (7) (11) | First Lien Debt | S + | 4.75% | 8.45% | 12/20/2028 | 17349 | 17189 | 17349 | 1.50 |
| Procure Acquireco, Inc. (Procure Analytics) | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.45% | 12/20/2028 | 973 | 964 | 973 | 0.08 |
| Procure Acquireco, Inc. (Procure Analytics) | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.45% | 12/20/2028 |  | (9) |  |  |
| Railpros Parent, LLC | (5) (7) (9) | First Lien Debt | S + | 4.25% | 7.92% | 05/24/2032 | 4085 | 4048 | 4054 | 0.35 |
| Railpros Parent, LLC | (5) (7) (17) | First Lien Debt | S + | 4.25% | 7.92% | 05/24/2032 | 379 | 372 | 370 | 0.03 |
| Railpros Parent, LLC | (5) (7) (17) | First Lien Debt | S + | 4.25% | 7.92% | 05/24/2032 |  | (6) | (5) |  |
| Routeware, Inc. | (5) (6) (9) | First Lien Debt | S + | 5.25% | 8.94% | 09/18/2031 | 1591 | 1578 | 1571 | 0.14 |
| Routeware, Inc. | (5) (6) (17) | First Lien Debt | S + | 5.25% | 8.94% | 09/18/2031 | 173 | 170 | 164 | 0.01 |
| Routeware, Inc. | (5) (6) (17) | First Lien Debt | S + | 5.25% | 8.94% | 09/18/2031 | 34 | 33 | 32 | 0.00 |
| Sherlock Buyer Corp. | (5) (6) (11) | First Lien Debt | S + | 5.75% | 9.45% | 12/06/2030 | 23928 | 23693 | 22643 | 1.96 |
| Sherlock Buyer Corp. | (5) (6) (17) | First Lien Debt | S + | 5.75% | 9.45% | 12/07/2029 |  | (20) | (154) | (0.01) |
| Surewerx Purchaser III, Inc. | (5) (7) (14) | First Lien Debt | S + | 5.25% | 8.94% | 12/28/2029 | 1188 | 1166 | 1188 | 0.10 |
| Surewerx Purchaser III, Inc. | (5) (7) (14) | First Lien Debt | C + | 5.25% | 7.51% | 12/28/2029 | C$315 | 228 | 226 | 0.02 |
| Surewerx Purchaser III, Inc. | (5) (7) (14) (17) | First Lien Debt | S + | 5.25% | 8.94% | 12/28/2029 |  | (2) |  |  |
| Surewerx Purchaser III, Inc. | (5) (7) (14) (17) | First Lien Debt | S + | 5.25% | 8.94% | 12/28/2028 | 69 | 66 | 69 | 0.01 |
| Sweep Midco, LLC | (5) (11) (16) | Second Lien Debt |  |  |  | 03/12/2034 | 580 | 290 | 372 | 0.03 |
| Sweep Midco, LLC | (5) (11) (16) | Second Lien Debt |  |  |  | 03/12/2036 | 1686 |  |  |  |
| Sweep Purchaser, LLC | (5) (6) (11) | First Lien Debt | S + | 5.75% PIK | 9.53% | 06/30/2027 | 2388 | 2388 | 2388 | 0.21 |
| Sweep Purchaser, LLC | (5) (6) (11) | First Lien Debt | S + | 5.75% | 9.53% | 06/30/2027 | 1081 | 1081 | 1081 | 0.09 |
| Tamarack Intermediate, LLC | (5) (7) (10) | First Lien Debt | S + | 5.00% | 8.67% | 03/12/2029 | 16957 | 16796 | 16872 | 1.46 |
| Tamarack Intermediate, LLC | (5) (7) (17) | First Lien Debt | S + | 5.00% | 8.67% | 03/12/2029 | 1751 | 1723 | 1741 | 0.15 |
| Tamarack Intermediate, LLC | (5) (7) (17) | First Lien Debt | S + | 5.00% | 8.67% | 03/12/2029 |  | (21) | (13) |  |
| Transit Technologies, LLC | (5) (7) (11) | First Lien Debt | S + | 5.00% | 8.59% | 08/20/2031 | 4179 | 4143 | 4116 | 0.36 |
| Transit Technologies, LLC | (5) (7) (17) | First Lien Debt | S + | 5.00% | 8.59% | 08/20/2031 | 318 | 311 | 298 | 0.03 |
| Transit Technologies, LLC | (5) (7) (17) | First Lien Debt | S + | 5.00% | 8.59% | 08/20/2030 |  | (4) | (8) |  |
| Vensure Employer Services, Inc. | (5) (8) | First Lien Debt | S + | 5.00% | 8.70% | 09/29/2031 | 2528 | 2507 | 2502 | 0.22 |
| Vensure Employer Services, Inc. | (5) (8) (17) | First Lien Debt | S + | 5.00% | 8.70% | 09/29/2031 |  | (1) | (1) |  |

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------

[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Schedules of Investments (Unaudited)**

**March 31, 2026**

*(In thousands, except unit amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1)</sup> | **Footnotes** | **Investment** | **Reference Rate and<br>Spread** | **Reference Rate and<br>Spread** | **Interest<br>Rate**<sup>(2)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(3)</sup> | **Cost**<sup>(4)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| VRC Companies, LLC | (5) (6) (10) | First Lien Debt | S + | 5.50% | 8.98% | 06/29/2027 | 33566 | 33424 | 33566 | 2.90 |
| VRC Companies, LLC | (5) (6) | First Lien Debt | S + | 5.50% | 8.98% | 06/29/2027 | 986 | 981 | 986 | 0.09 |
| VRC Companies, LLC | (5) (6) (17) | First Lien Debt | S + | 5.50% | 8.98% | 06/29/2027 |  |  |  |  |
|  |  |  |  |  |  |  |  | 220430 | 215560 | 18.62 |
| **Construction & Engineering** |  |  |  |  |  |  |  |  |  |  |
| Arcoro Holdings Corp. | (5) (6) (11) | First Lien Debt | S + | 5.50% | 9.20% | 03/28/2030 | 8543 | 8419 | 8353 | 0.72 |
| Arcoro Holdings Corp. | (5) (6) (17) | First Lien Debt | S + | 5.50% | 9.20% | 03/28/2030 |  | (17) | (29) |  |
| KPSKY Acquisition, Inc. | (5) (7) (9) | First Lien Debt | S + | 5.50% | 9.27% | 10/19/2028 | 7862 | 7785 | 7169 | 0.62 |
| LJ Avalon Holdings, LLC | (5) (6) (9) (11) | First Lien Debt | S + | 4.50% | 8.15% | 02/01/2030 | 4079 | 4025 | 4079 | 0.35 |
| LJ Avalon Holdings, LLC | (5) (6) | First Lien Debt | S + | 4.50% | 8.15% | 02/01/2030 | 5751 | 5685 | 5733 | 0.50 |
| LJ Avalon Holdings, LLC | (5) (6) (17) | First Lien Debt | S + | 4.50% | 8.15% | 02/01/2029 |  | (9) |  |  |
| Superman Holdings, LLC | (5) (7) (9) | First Lien Debt | S + | 4.50% | 8.20% | 08/29/2031 | 6599 | 6572 | 6549 | 0.57 |
| Superman Holdings, LLC | (5) (7) (9) | First Lien Debt | S + | 4.50% | 8.20% | 08/29/2031 | 2163 | 2147 | 2146 | 0.19 |
| Superman Holdings, LLC | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.20% | 08/29/2031 |  | (4) | (7) |  |
|  |  |  |  |  |  |  |  | 34603 | 33993 | 2.95 |
| **Consumer Staples Distribution & Retail** |  |  |  |  |  |  |  |  |  |  |
| PDI TA Holdings, Inc. | (5) (7) (9) | First Lien Debt | S + | 6.00% (incl. 2.50% PIK) | 9.67% | 02/03/2031 | 3122 | 3098 | 3052 | 0.26 |
| PDI TA Holdings, Inc. | (5) (7) (17) | First Lien Debt | S + | 6.00% (incl. 2.50% PIK) | 9.67% | 02/03/2031 | 243 | 241 | 237 | 0.02 |
|  |  |  |  |  |  |  |  | 3339 | 3289 | 0.28 |
| **Containers & Packaging** |  |  |  |  |  |  |  |  |  |  |
| BP Purchaser, LLC | (5) (7) (11) | First Lien Debt | S + | 7.50% (incl. 1.00% PIK) | 11.44% | 12/11/2028 | 28111 | 27865 | 22029 | 1.90 |
| **Distributors** |  |  |  |  |  |  |  |  |  |  |
| ABB Concise Optical Group, LLC | (5) (7) (11) | First Lien Debt | S + | 7.50% | 11.36% | 02/23/2028 | 17008 | 16841 | 16370 | 1.41 |
| PT Intermediate Holdings III, LLC | (5) (7) (9) (10) (11) | First Lien Debt | S + | 4.75% (incl. 1.00% PIK) | 8.45% | 04/09/2030 | 32360 | 32118 | 32360 | 2.80 |
| PT Intermediate Holdings III, LLC | (5) (7) (17) | First Lien Debt | S + | 4.75% (incl. 1.00% PIK) | 8.45% | 04/09/2030 |  | (2) |  |  |
|  |  |  |  |  |  |  |  | 48957 | 48730 | 4.21 |
| **Diversified Consumer Services** |  |  |  |  |  |  |  |  |  |  |
| Any Hour, LLC | (5) (8) (11) | First Lien Debt | S + | 5.75% (incl. 3.25% PIK) | 9.45% | 05/23/2030 | 10594 | 10476 | 9504 | 0.82 |
| Any Hour, LLC | (5) (8) | First Lien Debt | S + | 5.75% (incl. 3.25% PIK) | 9.45% | 05/23/2030 | 300 | 297 | 269 | 0.02 |
| Any Hour, LLC | (5) (8) (17) | First Lien Debt | S + | 5.75% (incl. 3.25% PIK) | 9.45% | 05/23/2030 | 1430 | 1414 | 1268 | 0.11 |
| Any Hour, LLC | (5) (8) | Unsecured Debt |  | 13.00% PIK | 13.00% | 05/23/2031 | 3370 | 3327 | 3001 | 0.26 |
| Apex Service Partners, LLC | (5) (6) (9) | First Lien Debt | S + | 5.00% | 8.67% | 10/24/2030 | 21934 | 21636 | 21934 | 1.90 |
| Apex Service Partners, LLC | (5) (6) (9) (11) | First Lien Debt | S + | 5.00% | 8.67% | 10/24/2030 | 5220 | 5136 | 5220 | 0.45 |
| Apex Service Partners, LLC | (5) (6) (17) | First Lien Debt | S + | 5.00% | 8.67% | 10/24/2029 | 804 | 784 | 804 | 0.07 |
| DA Blocker Corp. | (5) (7) (9) (14) | First Lien Debt | S + | 4.75% | 8.45% | 02/10/2032 | 5290 | 5244 | 5185 | 0.45 |
| DA Blocker Corp. | (5) (7) (14) (17) | First Lien Debt | S + | 4.75% | 8.45% | 02/10/2032 |  | (7) | (33) |  |
| DA Blocker Corp. | (5) (7) (14) (17) | First Lien Debt | S + | 4.75% | 8.45% | 02/10/2032 | 22 | 17 | 11 | 0.00 |
| Eclipse Buyer, Inc. | (5) (8) (10) | First Lien Debt | S + | 4.50% | 8.18% | 09/08/2031 | 943 | 935 | 936 | 0.08 |
| Eclipse Buyer, Inc. | (5) (8) (17) | First Lien Debt | S + | 4.50% | 8.18% | 09/08/2031 |  | (1) | (1) |  |
| Eclipse Buyer, Inc. | (5) (8) (17) | First Lien Debt | S + | 4.50% | 8.18% | 09/08/2031 |  | (1) | (1) |  |
| Essential Services Holding Corporation | (5) (7) (11) | First Lien Debt | S + | 5.50% (incl. 2.75% PIK) | 9.17% | 06/17/2031 | 11375 | 11285 | 11160 | 0.96 |

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------

[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Schedules of Investments (Unaudited)**

**March 31, 2026**

*(In thousands, except unit amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1)</sup> | **Footnotes** | **Investment** | **Reference Rate and<br>Spread** | **Reference Rate and<br>Spread** | **Interest<br>Rate**<sup>(2)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(3)</sup> | **Cost**<sup>(4)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| Essential Services Holding Corporation | (5) (7) (17) | First Lien Debt | S + | 5.50% (incl. 2.75% PIK) | 9.17% | 06/17/2031 |  | (8) | (42) |  |
| Essential Services Holding Corporation | (5) (7) (17) | First Lien Debt | S + | 5.50% (incl. 2.75% PIK) | 9.17% | 06/17/2030 | 558 | 548 | 531 | 0.05 |
| EVDR Purchaser, Inc. | (5) (7) (9) | First Lien Debt | S + | 4.75% | 8.42% | 02/14/2031 | 4056 | 4026 | 4044 | 0.35 |
| EVDR Purchaser, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.42% | 02/14/2031 |  | (2) | (1) |  |
| EVDR Purchaser, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.42% | 02/14/2031 | 59 | 56 | 58 | 0.01 |
| Express Wash Acquisition Company, LLC | (5) (6) (9) (10) | First Lien Debt | S + | 6.25% | 9.90% | 04/10/2031 | 3941 | 3863 | 3891 | 0.34 |
| Express Wash Acquisition Company, LLC | (5) (6) (17) | First Lien Debt | S + | 6.25% | 9.90% | 04/10/2031 |  | (4) | (3) |  |
| FPG Intermediate Holdco, LLC | (5) (6) | First Lien Debt | S + | 5.00% PIK | 8.70% | 07/02/2029 | 3242 | 3191 | 2684 | 0.23 |
| FPG Intermediate Holdco, LLC | (5) (6) | First Lien Debt | S + | 5.00% PIK | 8.70% | 07/02/2029 | 1106 | 1106 | 1106 | 0.10 |
| GarageCo Intermediate II, LLC | (5) (7) (11) | First Lien Debt | S + | 4.25% | 7.91% | 08/02/2032 | 1202 | 1191 | 1184 | 0.10 |
| GarageCo Intermediate II, LLC | (5) (7) (17) | First Lien Debt | S + | 4.25% | 7.91% | 08/02/2032 |  | (8) | (26) |  |
| GarageCo Intermediate II, LLC | (5) (7) (17) | First Lien Debt | S + | 4.25% | 7.91% | 08/02/2032 |  | (5) | (8) |  |
| Heartland Home Services | (5) (7) (9) | First Lien Debt | S + | 5.75% | 9.55% | 12/15/2026 | 20912 | 20874 | 20505 | 1.77 |
| Kodiak Buyer, LLC | (5) (7) (11) | First Lien Debt | S + | 4.25% | 7.95% | 07/26/2032 | 1227 | 1216 | 1225 | 0.11 |
| Kodiak Buyer, LLC | (5) (7) (17) | First Lien Debt | S + | 4.25% | 7.95% | 07/26/2032 |  | (2) | (1) |  |
| Kodiak Buyer, LLC | (5) (7) (17) | First Lien Debt | S + | 4.25% | 7.95% | 07/23/2032 |  | (3) | (1) |  |
| LHS Borrower, LLC | (5) (7) (11) | First Lien Debt | S + | 5.25% | 8.92% | 09/04/2031 | 3821 | 3768 | 3754 | 0.32 |
| LHS Borrower, LLC | (5) (7) (17) | First Lien Debt | S + | 5.25% | 8.92% | 09/04/2031 | 76 | 72 | 71 | 0.01 |
| Lightspeed Solution, LLC | (5) (7) (10) | First Lien Debt | S + | 6.00% | 9.67% | 03/01/2028 | 18561 | 18427 | 18154 | 1.57 |
| Lightspeed Solution, LLC | (5) (7) (9) | First Lien Debt | S + | 6.00% | 9.67% | 03/01/2028 | 1101 | 1093 | 1077 | 0.09 |
| Project Accelerate Parent, LLC | (5) (7) (9) | First Lien Debt | S + | 5.25% | 8.92% | 02/24/2031 | 1290 | 1280 | 1290 | 0.11 |
| Project Accelerate Parent, LLC | (5) (7) (17) | First Lien Debt | S + | 5.25% | 8.92% | 02/24/2031 |  | (1) |  |  |
| Vertex Service Partners, LLC | (5) (7) (9) | First Lien Debt | S + | 6.00% | 9.70% | 11/08/2030 | 1670 | 1640 | 1635 | 0.14 |
| Vertex Service Partners, LLC | (5) (7) (17) | First Lien Debt | S + | 6.00% | 9.70% | 11/08/2030 | 3269 | 3209 | 3195 | 0.28 |
| Vertex Service Partners, LLC | (5) (7) (17) | First Lien Debt | S + | 6.00% | 9.70% | 11/08/2030 | 332 | 325 | 323 | 0.03 |
|  |  |  |  |  |  |  |  | 126394 | 123902 | 10.73 |
| **Electrical Equipment** |  |  |  |  |  |  |  |  |  |  |
| Accel International Holdings, Inc. | (5) (8) (9) | First Lien Debt | S + | 4.50% | 8.17% | 04/26/2032 | 4189 | 4170 | 4189 | 0.36 |
| Accel International Holdings, Inc. | (5) (8) (17) | First Lien Debt | S + | 4.50% | 8.17% | 04/26/2032 |  | (3) |  |  |
| Spark Buyer, LLC | (5) (7) (11) | First Lien Debt | S + | 5.25% | 8.90% | 10/15/2031 | 926 | 914 | 847 | 0.07 |
| Spark Buyer, LLC | (5) (7) (17) | First Lien Debt | S + | 5.25% | 8.90% | 10/15/2031 |  | (2) | (32) |  |
| Spark Buyer, LLC | (5) (7) (17) | First Lien Debt | S + | 5.25% | 8.90% | 10/15/2031 | 84 | 82 | 69 | 0.01 |
|  |  |  |  |  |  |  |  | 5161 | 5073 | 0.44 |
| **Electronic Equipment, Instruments & Components** |  |  |  |  |  |  |  |  |  |  |
| Abracon Group Holdings, LLC | (5) (7) (11) (13) | First Lien Debt | S + | 6.60% (incl. 4.60% PIK) | 10.32% | 07/06/2028 | 13473 | 13356 | 6467 | 0.56 |
| Abracon Group Holdings, LLC | (5) (7) (13) | First Lien Debt | S + | 6.60% (incl. 4.60% PIK) | 10.32% | 07/06/2028 | 901 | 894 | 433 | 0.04 |
| Dwyer Instruments, Inc. | (5) (7) (9) (10) | First Lien Debt | S + | 4.75% | 8.45% | 07/20/2029 | 17365 | 17168 | 17234 | 1.49 |
| Dwyer Instruments, Inc. | (5) (7) (9) | First Lien Debt | S + | 4.75% | 8.45% | 07/20/2029 | 7600 | 7510 | 7543 | 0.65 |
| Dwyer Instruments, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.45% | 07/20/2029 | 803 | 786 | 789 | 0.07 |
| Infinite Bidco, LLC | (5) (8) (9) | First Lien Debt | S + | 6.25% | 9.91% | 03/02/2028 | 2454 | 2422 | 2443 | 0.21 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Schedules of Investments (Unaudited)**

**March 31, 2026**

*(In thousands, except unit amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1)</sup> | **Footnotes** | **Investment** | **Reference Rate and<br>Spread** | **Reference Rate and<br>Spread** | **Interest<br>Rate**<sup>(2)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(3)</sup> | **Cost**<sup>(4)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| Infinite Bidco, LLC | (8) (9) | Second Lien Debt | S + | 7.00% | 10.93% | 03/02/2029 | 4300 | 3916 | 3913 | 0.34 |
| Magneto Components Buyco, LLC | (5) (7) (9) (10) | First Lien Debt | S + | 6.00% | 9.70% | 12/05/2030 | 23912 | 23598 | 23912 | 2.07 |
| Magneto Components Buyco, LLC | (5) (7) (17) | First Lien Debt | S + | 6.00% | 9.70% | 12/05/2029 |  | (44) |  |  |
| NDT Global Holding, Inc. | (5) (8) (9) (14) | First Lien Debt | S + | 4.50% | 8.17% | 06/04/2032 | 1995 | 1977 | 1965 | 0.17 |
| NDT Global Holding, Inc. | (5) (8) (14) (17) | First Lien Debt | S + | 4.50% | 8.17% | 06/04/2032 | 391 | 385 | 378 | 0.03 |
| NDT Global Holding, Inc. | (5) (8) (14) (17) | First Lien Debt | S + | 4.50% | 8.17% | 06/04/2032 | 22 | 18 | 16 | 0.00 |
| NSI Holdings, Inc. | (5) (7) (9) | First Lien Debt | S + | 4.50% | 8.20% | 11/17/2031 | 1241 | 1231 | 1241 | 0.11 |
| NSI Holdings, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.20% | 11/17/2031 |  | (1) |  |  |
| NSI Holdings, Inc. | (5) (7) (17) | First Lien Debt | P + | 3.75% | 10.50% | 11/17/2031 |  | (2) |  |  |
| Pamlico Avant Holdings, LP | (5) (7) (9) (10) | First Lien Debt | S + | 4.50% | 8.20% | 12/31/2032 | 9689 | 9595 | 9544 | 0.82 |
| Pamlico Avant Holdings, LP | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.20% | 12/31/2032 |  | (13) | (20) | (0.00) |
|  |  |  |  |  |  |  |  | 82796 | 75858 | 6.56 |
| **Financial Services** |  |  |  |  |  |  |  |  |  |  |
| Applitools, Inc. | (5) (7) (10) (14) | First Lien Debt | S + | 6.25% PIK | 9.92% | 05/25/2029 | 8164 | 8114 | 7102 | 0.61 |
| Applitools, Inc. | (5) (7) (14) (17) | First Lien Debt | S + | 6.25% | 9.92% | 05/25/2028 |  | (7) | (117) | (0.01) |
| BCTO Bluebill Midco, Inc. | (5) (7) (11) | First Lien Debt | S + | 4.50% | 8.17% | 07/30/2032 | 7778 | 7706 | 7622 | 0.66 |
| BCTO Bluebill Midco, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.17% | 07/30/2032 |  | (9) | (19) |  |
| Cerity Partners, LLC | (5) (7) (9) | First Lien Debt | S + | 4.50% | 8.20% | 07/28/2031 | 7635 | 7558 | 7635 | 0.66 |
| Cerity Partners, LLC | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.20% | 07/28/2031 |  | (4) |  |  |
| Cerity Partners, LLC | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.20% | 07/28/2031 | 293 | 289 | 293 | 0.03 |
| Cliffwater, LLC | (5) (7) (11) | First Lien Debt | S + | 4.75% | 8.42% | 04/22/2032 | 4521 | 4481 | 4453 | 0.38 |
| Cliffwater, LLC | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.42% | 04/22/2032 |  | (4) | (7) |  |
| GC Waves Holdings, Inc. | (5) (7) (9) (11) | First Lien Debt | S + | 4.50% | 8.17% | 10/04/2030 | 7283 | 7225 | 7264 | 0.63 |
| GC Waves Holdings, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.17% | 10/04/2030 | 3805 | 3732 | 3795 | 0.33 |
| GC Waves Holdings, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.17% | 10/04/2030 |  | (4) | (1) |  |
| MAI Capital Management Intermediate, LLC | (5) (7) (11) | First Lien Debt | S + | 4.75% | 8.45% | 08/29/2031 | 1920 | 1905 | 1882 | 0.16 |
| MAI Capital Management Intermediate, LLC | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.45% | 08/29/2031 | 1752 | 1736 | 1711 | 0.15 |
| MAI Capital Management Intermediate, LLC | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.45% | 08/29/2031 | 188 | 184 | 177 | 0.02 |
| PMA Parent Holdings, LLC | (5) (7) (11) | First Lien Debt | S + | 4.75% | 8.45% | 01/31/2031 | 3028 | 2994 | 2991 | 0.26 |
| PMA Parent Holdings, LLC | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.45% | 01/31/2031 |  | (3) | (3) |  |
| SitusAMC Holdings Corporation | (5) (7) (11) | First Lien Debt | S + | 5.50% | 9.20% | 05/14/2031 | 21825 | 21723 | 21825 | 1.89 |
| Smarsh, Inc. | (5) (7) (11) | First Lien Debt | S + | 4.75% | 8.45% | 02/16/2029 | 5625 | 5573 | 5550 | 0.48 |
| Smarsh, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.45% | 02/16/2029 | 119 | 115 | 105 | 0.01 |
| Smarsh, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.45% | 02/16/2029 | 171 | 166 | 161 | 0.01 |
| Trintech, Inc. | (5) (7) (9) (10) | First Lien Debt | S + | 4.75% | 8.42% | 01/28/2033 | 9368 | 9276 | 9276 | 0.80 |
| Trintech, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.42% | 01/28/2033 |  | (8) | (8) | (0.00) |
| Trintech, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.42% | 01/28/2033 |  | (11) | (11) |  |
|  |  |  |  |  |  |  |  | 82727 | 81676 | 7.07 |
| **Ground Transportation** |  |  |  |  |  |  |  |  |  |  |
| eShipping, LLC | (5) (7) (9) | First Lien Debt | S + | 4.50% | 8.20% | 12/23/2032 | 5696 | 5668 | 5639 | 0.49 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Schedules of Investments (Unaudited)**

**March 31, 2026**

*(In thousands, except unit amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1)</sup> | **Footnotes** | **Investment** | **Reference Rate and<br>Spread** | **Reference Rate and<br>Spread** | **Interest<br>Rate**<sup>(2)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(3)</sup> | **Cost**<sup>(4)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| eShipping, LLC | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.20% | 12/23/2032 |  | (5) | (21) |  |
| eShipping, LLC | (5) (7) (17) | First Lien Debt | P + | 3.50% | 10.25% | 12/23/2032 | 67 | 62 | 56 | 0.00 |
| SV Newco 2, Inc. | (5) (7) (9) (14) | First Lien Debt | S + | 4.75% | 8.45% | 06/02/2031 | 14276 | 14111 | 14250 | 1.23 |
| SV Newco 2, Inc. | (5) (7) (14) (17) | First Lien Debt | S + | 4.75% | 8.45% | 06/02/2031 | 8982 | 8871 | 8963 | 0.77 |
| SV Newco 2, Inc. | (5) (7) (14) (17) | First Lien Debt | S + | 4.75% | 8.45% | 06/02/2031 | 547 | 490 | 538 | 0.05 |
|  |  |  |  |  |  |  |  | 29197 | 29425 | 2.54 |
| **Health Care Equipment & Supplies** |  |  |  |  |  |  |  |  |  |  |
| PerkinElmer U.S., LLC | (5) (6) (9) (10) | First Lien Debt | S + | 4.75% | 8.43% | 03/13/2029 | 16282 | 16015 | 16159 | 1.40 |
| Tidi Legacy Products, Inc. | (5) (6) (9) (10) | First Lien Debt | S + | 4.50% | 8.17% | 12/19/2029 | 3017 | 2976 | 3017 | 0.26 |
| Tidi Legacy Products, Inc. | (5) (6) | First Lien Debt | S + | 4.50% | 8.17% | 12/19/2029 | 808 | 795 | 808 | 0.07 |
| Tidi Legacy Products, Inc. | (5) (6) (17) | First Lien Debt | S + | 4.50% | 8.17% | 12/19/2029 |  | (7) |  |  |
| YI, LLC | (5) (6) (9) | First Lien Debt | S + | 5.75% | 9.43% | 12/03/2029 | 8589 | 8472 | 8580 | 0.74 |
| YI, LLC | (5) (6) (17) | First Lien Debt | S + | 5.75% | 9.43% | 12/03/2029 |  | (17) | (1) |  |
|  |  |  |  |  |  |  |  | 28234 | 28563 | 2.47 |
| **Health Care Providers & Services** |  |  |  |  |  |  |  |  |  |  |
| Advarra Holdings, Inc. | (5) (7) (9) | First Lien Debt | S + | 4.50% | 8.17% | 09/15/2031 | 23148 | 22830 | 22801 | 1.97 |
| Advarra Holdings, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.17% | 09/15/2031 |  | (4) | (28) |  |
| Blue River PetCare, LLC | (5) (9) | First Lien Debt | S + | 5.00% | 8.67% | 08/01/2029 | 1367 | 1367 | 1367 | 0.12 |
| Blue River PetCare, LLC | (5) (17) | First Lien Debt | S + | 5.00% | 8.67% | 08/01/2029 |  | (8) | (8) |  |
| Blue River PetCare, LLC | (5) (17) | First Lien Debt | S + | 5.00% | 8.67% | 08/01/2029 | 62 | 59 | 59 | 0.01 |
| DCA Investment Holdings, LLC | (5) (7) (9) (13) | First Lien Debt | S + | 6.50% | 12.08% | 04/03/2028 | 20230 | 20008 | 16315 | 1.41 |
| DCA Investment Holdings, LLC | (5) (7) (9) (13) | First Lien Debt | S + | 6.50% | 12.08% | 04/03/2028 | 3221 | 3187 | 2598 | 0.22 |
| Gateway US Holdings, Inc. | (5) (7) (10) (14) | First Lien Debt | S + | 4.75% | 8.45% | 09/22/2028 | 5194 | 5173 | 5168 | 0.45 |
| Gateway US Holdings, Inc. | (5) (7) (14) | First Lien Debt | S + | 4.75% | 8.45% | 09/22/2028 | 1464 | 1459 | 1457 | 0.13 |
| Gateway US Holdings, Inc. | (5) (7) (14) (17) | First Lien Debt | S + | 4.75% | 8.45% | 09/22/2028 |  | (1) | (1) |  |
| Heartland Veterinary Partners, LLC | (5) (6) (11) | First Lien Debt | S + | 4.75% | 8.51% | 06/12/2028 | 5830 | 5816 | 5830 | 0.50 |
| Heartland Veterinary Partners, LLC | (5) (6) (11) | Second Lien Debt |  | 14.50% (incl. 7.00% PIK) | 14.50% | 09/11/2028 | 2896 | 2875 | 2896 | 0.25 |
| Heartland Veterinary Partners, LLC | (5) (6) (17) | First Lien Debt | S + | 4.75% | 8.51% | 06/12/2028 | 13816 | 13752 | 13816 | 1.19 |
| Heartland Veterinary Partners, LLC | (5) (6) (9) | Second Lien Debt |  | 14.50% (incl. 7.00% PIK) | 14.50% | 09/11/2028 | 1126 | 1118 | 1126 | 0.10 |
| Heartland Veterinary Partners, LLC | (5) (6) (17) | First Lien Debt | S + | 4.75% | 8.51% | 06/12/2028 |  | (2) |  |  |
| iCIMS, Inc. | (5) (7) (9) | First Lien Debt | S + | 5.75% | 9.42% | 08/18/2028 | 7282 | 7229 | 7093 | 0.61 |
| iCIMS, Inc. | (5) (7) (17) | First Lien Debt | S + | 5.75% | 9.42% | 08/18/2028 | 22 | 21 | 18 | 0.00 |
| Imagine 360, LLC | (5) (7) (10) | First Lien Debt | S + | 4.75% | 8.45% | 10/02/2028 | 6002 | 5963 | 6002 | 0.52 |
| Imagine 360, LLC | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.45% | 10/02/2028 |  | (3) |  |  |
| Imagine 360, LLC | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.45% | 10/02/2028 |  | (3) |  |  |
| Invictus Buyer, LLC | (5) (7) (11) | First Lien Debt | S + | 4.50% | 8.20% | 06/03/2031 | 3989 | 3958 | 3979 | 0.34 |
| Invictus Buyer, LLC | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.20% | 06/03/2031 |  | (6) | (4) |  |
| Invictus Buyer, LLC | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.20% | 06/03/2031 |  | (5) | (1) |  |
| Merative, LP | (5) (7) (11) | First Lien Debt | S + | 4.50% | 8.20% | 09/30/2032 | 9858 | 9811 | 9808 | 0.85 |
| Merative, LP | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.20% | 09/30/2032 |  | (3) | (6) |  |
| Merative, LP | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.20% | 09/30/2032 |  | (5) | (5) |  |
| mPulse Mobile, Inc. | (5) (7) (11) | First Lien Debt | S + | 4.75% | 8.45% | 02/25/2033 | 9064 | 8979 | 8815 | 0.76 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Schedules of Investments (Unaudited)**

**March 31, 2026**

*(In thousands, except unit amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1)</sup> | **Footnotes** | **Investment** | **Reference Rate and<br>Spread** | **Reference Rate and<br>Spread** | **Interest<br>Rate**<sup>(2)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(3)</sup> | **Cost**<sup>(4)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| mPulse Mobile, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.45% | 02/25/2033 |  | (4) | (24) |  |
| mPulse Mobile, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.45% | 02/25/2033 |  | (12) | (36) |  |
| Pareto Health Intermediate Holdings, Inc. | (5) (6) | First Lien Debt | S + | 5.00% | 8.71% | 06/03/2030 | 29147 | 28780 | 29041 | 2.51 |
| Pareto Health Intermediate Holdings, Inc. | (5) (6) (17) | First Lien Debt | S + | 5.00% | 8.71% | 06/01/2029 |  | (32) | (8) |  |
| PPV Intermediate Holdings, LLC | (5) (7) (9) | First Lien Debt | S + | 5.75% | 9.67% | 08/31/2029 | 16196 | 15801 | 15913 | 1.38 |
| PPV Intermediate Holdings, LLC | (5) (7) (9) | First Lien Debt | S + | 5.75% | 9.42% | 08/31/2029 | 6012 | 5971 | 5906 | 0.51 |
| Stepping Stones Healthcare Services, LLC | (5) (7) (9) | First Lien Debt | S + | 4.75% | 8.45% | 01/05/2033 | 7155 | 7110 | 7110 | 0.61 |
| Stepping Stones Healthcare Services, LLC | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.45% | 01/05/2033 |  | (10) |  |  |
| Stepping Stones Healthcare Services, LLC | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.45% | 01/05/2033 |  | (7) | (7) |  |
| TA Polaris Buyer, Inc. | (5) (8) (10) | First Lien Debt | S + | 4.50% | 8.18% | 12/12/2032 | 14919 | 14847 | 14700 | 1.27 |
| TA Polaris Buyer, Inc. | (5) (8) (17) | First Lien Debt | S + | 4.50% | 8.18% | 12/12/2032 | 1927 | 1907 | 1836 | 0.16 |
| TA Polaris Buyer, Inc. | (5) (8) (17) | First Lien Debt | S + | 4.50% | 8.18% | 12/12/2032 |  | (9) | (27) |  |
| Tivity Health, Inc. | (5) (7) (9) | First Lien Debt | S + | 5.00% | 8.67% | 06/28/2029 | 2626 | 2605 | 2613 | 0.23 |
| Vardiman Black Holdings, LLC | (5) (8) (13) | First Lien Debt | S + | 7.00% PIK | 10.77% | 03/18/2027 | 10566 | 10566 | 7555 | 0.65 |
| Vardiman Black Holdings, LLC | (5) (8) (12) (13) | First Lien Debt | S + | 7.00% PIK | 10.77% | 03/18/2027 | 1187 | 1174 | 932 | 0.08 |
|  |  |  |  |  |  |  |  | 202252 | 194599 | 16.83 |
| **Health Care Technology** |  |  |  |  |  |  |  |  |  |  |
| Hyland Software, Inc. | (5) (7) (10) | First Lien Debt | S + | 5.00% | 8.70% | 09/19/2030 | 19823 | 19611 | 19803 | 1.71 |
| Hyland Software, Inc. | (5) (7) (17) | First Lien Debt | S + | 5.00% | 8.70% | 09/19/2029 |  | (8) | (1) |  |
|  |  |  |  |  |  |  |  | 19603 | 19802 | 1.71 |
| **Industrial Conglomerates** |  |  |  |  |  |  |  |  |  |  |
| Aptean, Inc. | (5) (7) (9) (10) | First Lien Debt | S + | 4.75% | 8.42% | 01/30/2031 | 21430 | 21274 | 21430 | 1.85 |
| Aptean, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.42% | 01/30/2031 |  | (1) |  |  |
| Aptean, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.42% | 01/30/2031 | 382 | 371 | 382 | 0.03 |
| Goose Borrower, LP | (5) (7) (10) | First Lien Debt | S + | 4.75% | 8.42% | 03/02/2033 | 12369 | 12245 | 12246 | 1.06 |
| Goose Borrower, LP | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.42% | 03/02/2033 |  | (22) | (22) |  |
| Raptor Merger Sub Debt, LLC | (5) (7) (10) | First Lien Debt | S + | 5.50% | 9.20% | 04/01/2030 | 23820 | 23432 | 23820 | 2.06 |
| Raptor Merger Sub Debt, LLC | (5) (7) (17) | First Lien Debt | S + | 5.50% | 9.20% | 04/01/2030 | 431 | 402 | 431 | 0.04 |
|  |  |  |  |  |  |  |  | 57701 | 58287 | 5.04 |
| **Insurance Services** |  |  |  |  |  |  |  |  |  |  |
| Amerilife Holdings, LLC | (5) (7) (9) | First Lien Debt | S + | 5.00% | 8.67% | 08/31/2029 | 22202 | 21947 | 21980 | 1.90 |
| Amerilife Holdings, LLC | (5) (7) | First Lien Debt | S + | 5.00% | 8.67% | 08/31/2029 | 2390 | 2377 | 2366 | 0.20 |
| Amerilife Holdings, LLC | (5) (7) (17) | First Lien Debt | S + | 5.00% | 8.67% | 08/31/2028 | 473 | 450 | 445 | 0.04 |
| Fetch, Inc. | (5) (7) (10) (11) | First Lien Debt | S + | 4.75% | 8.45% | 03/31/2033 | 17000 | 16830 | 16830 | 1.45 |
| Fetch, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.45% | 03/31/2033 |  | (25) | (25) |  |
| Fetch, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.45% | 03/31/2033 |  | (30) | (30) | (0.00) |
| Foundation Risk Partners Corp. | (5) (7) (9) | First Lien Debt | S + | 4.75% | 8.45% | 10/29/2030 | 6213 | 6102 | 6213 | 0.54 |
| Foundation Risk Partners Corp. | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.45% | 10/29/2030 | 8472 | 8373 | 8472 | 0.73 |
| Foundation Risk Partners Corp. | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.45% | 10/29/2029 | 200 | 193 | 200 | 0.02 |
| Galway Borrower, LLC | (5) (7) (9) (10) | First Lien Debt | S + | 4.50% | 8.20% | 09/29/2028 | 11811 | 11689 | 11641 | 1.01 |
| Galway Borrower, LLC | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.20% | 09/29/2028 | 10142 | 10090 | 9993 | 0.86 |

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------

[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Schedules of Investments (Unaudited)**

**March 31, 2026**

*(In thousands, except unit amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1)</sup> | **Footnotes** | **Investment** | **Reference Rate and<br>Spread** | **Reference Rate and<br>Spread** | **Interest<br>Rate**<sup>(2)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(3)</sup> | **Cost**<sup>(4)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| Galway Borrower, LLC | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.20% | 09/29/2028 | 164 | 160 | 158 | 0.01 |
| Higginbotham Insurance Agency, Inc. | (5) (6) (9) (11) | First Lien Debt | S + | 4.50% | 8.17% | 06/11/2031 | 12757 | 12706 | 12757 | 1.10 |
| Higginbotham Insurance Agency, Inc. | (5) (6) (17) | First Lien Debt | S + | 4.50% | 8.17% | 06/11/2031 |  | (3) |  |  |
| High Street Buyer, Inc. | (5) (7) | First Lien Debt | S + | 4.50% | 8.20% | 04/14/2028 | 27485 | 27241 | 27375 | 2.37 |
| Inszone Mid, LLC | (5) (6) (9) (10) | First Lien Debt | S + | 5.25% | 8.95% | 11/30/2029 | 6774 | 6682 | 6723 | 0.58 |
| Inszone Mid, LLC | (5) (6) (17) | First Lien Debt | S + | 5.25% | 8.95% | 11/30/2029 | 10049 | 9905 | 9967 | 0.86 |
| Inszone Mid, LLC | (5) (6) (17) | First Lien Debt | S + | 5.25% | 8.95% | 11/30/2029 |  | (16) | (10) |  |
| Integrity Marketing Acquisition, LLC | (5) (7) (9) (10) | First Lien Debt | S + | 5.00% | 8.67% | 08/25/2028 | 29265 | 29265 | 29265 | 2.53 |
| Integrity Marketing Acquisition, LLC | (5) (7) (17) | First Lien Debt | S + | 5.00% | 8.67% | 08/25/2028 |  |  |  |  |
| Iris Specialty Acquisiton, LLC | (5) (8) (9) (10) | First Lien Debt | S + | 4.50% | 8.20% | 11/22/2032 | 10593 | 10543 | 10514 | 0.91 |
| Iris Specialty Acquisiton, LLC | (5) (8) (17) | First Lien Debt | S + | 4.50% | 8.20% | 11/22/2032 |  | (4) | (13) |  |
| Iris Specialty Acquisiton, LLC | (5) (8) (17) | First Lien Debt | S + | 4.50% | 8.20% | 11/22/2032 | 357 | 350 | 345 | 0.03 |
| Long Term Care Group, Inc. | (5) (7) (11) (12) | First Lien Debt | S + | 6.00% | 9.93% | 09/08/2027 | 12452 | 12382 | 11238 | 0.97 |
| Majesco, Inc. | (5) (8) (9) (10) | First Lien Debt | S + | 4.50% | 8.20% | 01/07/2033 | 10310 | 10285 | 10285 | 0.89 |
| Majesco, Inc. | (5) (8) (17) | First Lien Debt | S + | 4.50% | 8.20% | 01/07/2033 |  | (2) | (2) |  |
| One, Inc. Software Corporation | (5) (7) (9) (10) | First Lien Debt | S + | 4.50% | 8.20% | 12/06/2032 | 10219 | 10120 | 10066 | 0.87 |
| One, Inc. Software Corporation | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.20% | 12/06/2032 |  | (9) | (29) |  |
| One, Inc. Software Corporation | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.20% | 12/06/2032 |  | (7) | (12) |  |
| Patriot Growth Insurance Services, LLC | (5) (7) (10) | First Lien Debt | S + | 5.00% | 8.85% | 10/16/2028 | 2969 | 2958 | 2969 | 0.26 |
| Patriot Growth Insurance Services, LLC | (5) (7) (9) | First Lien Debt | S + | 5.00% | 8.85% | 10/16/2028 | 4384 | 4345 | 4384 | 0.38 |
| World Insurance Associates, LLC | (5) (6) (9) (10) (11) | First Lien Debt | S + | 5.00% | 8.70% | 04/03/2030 | 30876 | 30598 | 30784 | 2.66 |
|  |  |  |  |  |  |  |  | 245495 | 244849 | 21.17 |
| **Interactive Media & Services** |  |  |  |  |  |  |  |  |  |  |
| FMG Suite Holdings, LLC | (5) (7) (11) | First Lien Debt | S + | 4.75% | 8.42% | 09/09/2032 | 5919 | 5864 | 5830 | 0.50 |
| FMG Suite Holdings, LLC | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.42% | 09/09/2032 |  | (7) | (24) |  |
| FMG Suite Holdings, LLC | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.42% | 09/09/2032 |  | (9) | (14) |  |
| Triple Lift, Inc. | (5) (7) (9) | First Lien Debt | S + | 5.75% | 9.59% | 05/05/2028 | 4560 | 4523 | 4255 | 0.37 |
|  |  |  |  |  |  |  |  | 10371 | 10047 | 0.87 |
| **IT Services** |  |  |  |  |  |  |  |  |  |  |
| Apollo Acquisition, Inc. | (5) (7) (11) | First Lien Debt | S + | 5.00% | 8.67% | 12/30/2031 | 4781 | 4739 | 4714 | 0.41 |
| Apollo Acquisition, Inc. | (5) (7) (17) | First Lien Debt | S + | 5.00% | 8.67% | 12/30/2031 | 18 | 7 | (17) |  |
| Apollo Acquisition, Inc. | (5) (7) (17) | First Lien Debt | S + | 5.00% | 8.67% | 12/30/2030 |  | (6) | (11) |  |
| Bridgepointe Technologies, LLC | (5) (6) (9) | First Lien Debt | S + | 5.00% | 8.70% | 12/31/2027 | 4642 | 4578 | 4642 | 0.40 |
| Bridgepointe Technologies, LLC | (5) (6) (17) | First Lien Debt | S + | 5.00% | 8.70% | 12/31/2027 | 9642 | 9523 | 9642 | 0.83 |
| Catalis Intermediate, Inc. | (5) (7) (11) | First Lien Debt | S + | 5.50% | 9.35% | 08/04/2027 | 23094 | 22929 | 22801 | 1.97 |
| Catalis Intermediate, Inc. | (5) (7) (9) | First Lien Debt | S + | 5.50% | 9.35% | 08/04/2027 | 5196 | 5164 | 5130 | 0.44 |
| Catalis Intermediate, Inc. | (5) (7) (17) | First Lien Debt | S + | 5.50% | 9.35% | 08/04/2027 | 350 | 333 | 314 | 0.03 |
| Cyber US Bidco, LLC | (5) (7) (9) | First Lien Debt | S + | 5.00% | 8.70% | 12/30/2032 | 8093 | 8014 | 7951 | 0.69 |
| Cyber US Bidco, LLC | (5) (7) (17) | First Lien Debt | S + | 5.00% | 8.70% | 12/30/2032 |  | (8) | (28) |  |
| Cyber US Bidco, LLC | (5) (7) (14) (17) | First Lien Debt | S + | 5.00% | 8.70% | 12/30/2032 |  | (7) | (12) |  |
| GI DI Cornfield Acquisition, LLC | (5) (11) | First Lien Debt | S + | 4.50% | 8.27% | 03/09/2029 | 12287 | 12172 | 12249 | 1.06 |
| GI DI Cornfield Acquisition, LLC | (5) (11) | First Lien Debt | S + | 4.50% | 8.27% | 03/09/2029 | 6333 | 6307 | 6314 | 0.55 |
| Redwood Services Group, LLC | (5) (7) (10) | First Lien Debt | S + | 5.00% | 8.70% | 06/15/2029 | 10479 | 10373 | 10400 | 0.90 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Schedules of Investments (Unaudited)**

**March 31, 2026**

*(In thousands, except unit amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1)</sup> | **Footnotes** | **Investment** | **Reference Rate and<br>Spread** | **Reference Rate and<br>Spread** | **Interest<br>Rate**<sup>(2)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(3)</sup> | **Cost**<sup>(4)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| Redwood Services Group, LLC | (5) (7) | First Lien Debt | S + | 5.00% | 8.70% | 06/15/2029 | 7630 | 7555 | 7568 | 0.65 |
| Ridge Trail US Bidco, Inc. | (5) (7) (9) (14) | First Lien Debt | S + | 4.50% | 8.20% | 09/30/2031 | 13529 | 13361 | 13529 | 1.17 |
| Ridge Trail US Bidco, Inc. | (5) (7) (14) (17) | First Lien Debt | S + | 4.50% | 8.20% | 09/30/2031 | 161 | 132 | 161 | 0.01 |
| Ridge Trail US Bidco, Inc. | (5) (7) (14) (17) | First Lien Debt | S + | 4.50% | 8.20% | 03/31/2031 | 425 | 407 | 425 | 0.04 |
| Thrive Buyer, Inc. (Thrive Networks) | (5) (7) (9) | First Lien Debt | S + | 5.00% (incl 2.50% PIK) | 8.70% | 02/02/2032 | 8273 | 8201 | 8211 | 0.71 |
| Thrive Buyer, Inc. (Thrive Networks) | (5) (7) (17) | First Lien Debt | S + | 5.00% (incl 2.50% PIK) | 8.70% | 02/02/2032 | 1899 | 1876 | 1878 | 0.16 |
| Thrive Buyer, Inc. (Thrive Networks) | (5) (7) (17) | First Lien Debt | S + | 5.00% (incl 2.50% PIK) | 8.70% | 02/02/2032 | 343 | 334 | 335 | 0.03 |
| Victors Purchaser, LLC | (5) (8) (9) | First Lien Debt | S + | 4.50% | 8.20% | 12/23/2032 | 2271 | 2254 | 2271 | 0.20 |
| Victors Purchaser, LLC | (5) (8) (17) | First Lien Debt | S + | 4.50% | 8.20% | 12/23/2032 |  | (1) |  |  |
| Victors Purchaser, LLC | (5) (8) (17) | First Lien Debt | S + | 4.50% | 8.20% | 12/23/2032 |  | (2) |  |  |
|  |  |  |  |  |  |  |  | 118235 | 118467 | 10.25 |
| **Life Sciences Tools & Services** |  |  |  |  |  |  |  |  |  |  |
| Model N, Inc. | (5) (7) (11) | First Lien Debt | S + | 4.75% | 8.45% | 06/27/2031 | 13346 | 13239 | 13225 | 1.14 |
| Model N, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.45% | 06/27/2031 |  | (10) | (25) |  |
| Model N, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.45% | 06/27/2031 |  | (11) | (14) |  |
|  |  |  |  |  |  |  |  | 13218 | 13186 | 1.14 |
| **Machinery** |  |  |  |  |  |  |  |  |  |  |
| Answer Acquisition, LLC | (5) (6) (9) | First Lien Debt | S + | 6.00% | 9.69% | 06/30/2028 | 24078 | 23962 | 22010 | 1.90 |
| Answer Acquisition, LLC | (5) (6) (17) | First Lien Debt | S + | 6.00% | 9.69% | 06/30/2028 | 1100 | 1088 | 864 | 0.07 |
| Chase Intermediate, LLC | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.42% | 10/30/2028 | 4155 | 4106 | 4062 | 0.35 |
| Chase Intermediate, LLC | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.42% | 10/30/2028 | 78 | 76 | 75 | 0.01 |
| MHE Intermediate Holdings, LLC | (5) (6) (9) | First Lien Debt | S + | 6.00% | 9.82% | 07/21/2027 | 6302 | 6279 | 6270 | 0.54 |
| MHE Intermediate Holdings, LLC | (5) (6) (9) | First Lien Debt | S + | 6.00% | 9.82% | 07/21/2027 | 1923 | 1912 | 1914 | 0.17 |
|  |  |  |  |  |  |  |  | 37423 | 35195 | 3.04 |
| **Multi-Utilities** |  |  |  |  |  |  |  |  |  |  |
| Vessco Midco Holdings, LLC | (5) (7) (11) | First Lien Debt | S + | 4.50% | 8.23% | 07/24/2031 | 3725 | 3702 | 3690 | 0.32 |
| Vessco Midco Holdings, LLC | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.23% | 07/24/2031 | 522 | 513 | 499 | 0.04 |
| Vessco Midco Holdings, LLC | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.23% | 07/24/2031 |  | (1) | (2) |  |
|  |  |  |  |  |  |  |  | 4214 | 4187 | 0.36 |
| **Pharmaceuticals** |  |  |  |  |  |  |  |  |  |  |
| Caerus US 1, Inc. | (5) (7) (9) (14) | First Lien Debt | S + | 5.00% | 8.70% | 05/25/2029 | 7870 | 7784 | 7840 | 0.68 |
| Caerus US 1, Inc. | (5) (7) (14) | First Lien Debt | S + | 5.00% | 8.70% | 05/25/2029 | 1152 | 1138 | 1147 | 0.10 |
| Caerus US 1, Inc. | (5) (7) (14) (17) | First Lien Debt | S + | 5.00% | 8.70% | 05/25/2029 | 678 | 670 | 675 | 0.06 |
| Real Chemistry Intermediate III, Inc. | (5) (8) (11) | First Lien Debt | S + | 4.50% | 8.20% | 04/12/2032 | 2925 | 2912 | 2881 | 0.25 |
| Real Chemistry Intermediate III, Inc. | (5) (8) (17) | First Lien Debt | S + | 4.50% | 8.20% | 04/12/2032 | 871 | 866 | 852 | 0.07 |
| Real Chemistry Intermediate III, Inc. | (5) (8) (17) | First Lien Debt | S + | 4.50% | 8.20% | 04/12/2032 |  | (3) | (10) |  |
| Specialty Pharma III, Inc. | (5) (8) (9) (10) | First Lien Debt | S + | 4.75% | 8.44% | 12/23/2032 | 7412 | 7376 | 7338 | 0.63 |
| Specialty Pharma III, Inc. | (5) (8) (17) | First Lien Debt | S + | 4.75% | 8.44% | 12/23/2032 | 120 | 115 | 110 | 0.01 |
|  |  |  |  |  |  |  |  | 20858 | 20833 | 1.80 |
| **Professional Services** |  |  |  |  |  |  |  |  |  |  |
| Accordion Partners, LLC | (5) (7) (9) | First Lien Debt | S + | 5.00% | 8.68% | 11/17/2031 | 14690 | 14620 | 14632 | 1.26 |
| Accordion Partners, LLC | (5) (7) | First Lien Debt | S + | 5.00% | 8.68% | 11/17/2031 | 2540 | 2513 | 2510 | 0.22 |
| Accordion Partners, LLC | (5) (7) (17) | First Lien Debt | S + | 5.00% | 8.68% | 11/17/2031 |  | (10) | (7) |  |
| Aprio Advisory Group, LLC | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.42% | 08/01/2031 |  | (23) | (25) |  |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Schedules of Investments (Unaudited)**

**March 31, 2026**

*(In thousands, except unit amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1)</sup> | **Footnotes** | **Investment** | **Reference Rate and<br>Spread** | **Reference Rate and<br>Spread** | **Interest<br>Rate**<sup>(2)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(3)</sup> | **Cost**<sup>(4)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| Aprio Advisory Group, LLC | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.42% | 08/01/2031 | 139 | 135 | 137 | 0.01 |
| Ascend Partner Services, LLC | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.13% | 08/11/2031 | 251 | 247 | 243 | 0.02 |
| Bullhorn, Inc. | (5) (6) (17) | First Lien Debt | S + | 5.00% | 8.67% | 10/01/2029 | 1955 | 1948 | 1947 | 0.17 |
| Bullhorn, Inc. | (5) (6) (17) | First Lien Debt | S + | 5.00% | 8.67% | 10/01/2029 | 16 | 15 | 15 | 0.00 |
| Carr, Riggs and Ingram Capital, LLC | (5) (8) (9) | First Lien Debt | S + | 4.25% | 7.94% | 11/18/2031 | 569 | 565 | 565 | 0.05 |
| Carr, Riggs and Ingram Capital, LLC | (5) (8) (17) | First Lien Debt | S + | 4.25% | 7.94% | 11/18/2031 | 94 | 93 | 92 | 0.01 |
| Carr, Riggs and Ingram Capital, LLC | (5) (8) (17) | First Lien Debt | S + | 4.25% | 7.94% | 11/18/2031 | 88 | 87 | 87 | 0.01 |
| ComPsych Investment Corp. | (5) (7) (11) | First Lien Debt | S + | 4.75% | 8.42% | 07/22/2031 | 2300 | 2290 | 2288 | 0.20 |
| ComPsych Investment Corp. | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.42% | 07/22/2031 |  | (1) | (3) |  |
| Deerfield Dakota Holding, LLC | (5) (7) (11) | First Lien Debt | S + | 5.75% (incl. 2.75% PIK) | 9.45% | 09/13/2032 | 15738 | 15592 | 15568 | 1.35 |
| Deerfield Dakota Holding, LLC | (5) (7) (17) | First Lien Debt | S + | 5.75% (incl. 2.75% PIK) | 9.45% | 09/13/2032 | 291 | 278 | 276 | 0.02 |
| GPS Merger Sub, LLC | (5) (6) (10) | First Lien Debt | S + | 5.25% | 8.92% | 10/02/2029 | 4217 | 4169 | 4183 | 0.36 |
| GPS Merger Sub, LLC | (5) (6) (17) | First Lien Debt | S + | 5.25% | 8.92% | 10/02/2029 | 137 | 131 | 132 | 0.01 |
| GPS Merger Sub, LLC | (5) (6) (17) | First Lien Debt | S + | 5.25% | 8.92% | 10/02/2029 |  | (8) | (6) |  |
| IG Investment Holdings, LLC | (5) (7) (9) | First Lien Debt | S + | 5.00% | 8.67% | 09/22/2028 | 889 | 883 | 886 | 0.08 |
| IG Investment Holdings, LLC | (5) (7) (17) | First Lien Debt | S + | 5.00% | 8.67% | 09/22/2028 |  | (1) |  |  |
| KENG Acquisition, Inc. | (5) (6) (9) | First Lien Debt | S + | 4.50% | 8.17% | 08/01/2029 | 2420 | 2382 | 2384 | 0.21 |
| KENG Acquisition, Inc. | (5) (6) | First Lien Debt | S + | 4.50% | 8.17% | 08/01/2029 | 2147 | 2113 | 2116 | 0.18 |
| KENG Acquisition, Inc. | (5) (6) (17) | First Lien Debt | S + | 4.50% | 8.17% | 08/01/2029 |  | (10) | (14) |  |
| UHY Advisors, Inc. | (5) (7) (9) | First Lien Debt | S + | 4.75% | 8.42% | 11/21/2031 | 437 | 434 | 436 | 0.04 |
| UHY Advisors, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.42% | 11/21/2031 | 68 | 66 | 67 | 0.01 |
| UHY Advisors, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.42% | 11/21/2031 | 60 | 59 | 59 | 0.01 |
| Verdantas, LLC | (5) (7) (9) | First Lien Debt | S + | 4.75% | 8.45% | 05/06/2031 | 16203 | 16011 | 16057 | 1.39 |
| Verdantas, LLC | (5) (7) | First Lien Debt | S + | 4.75% | 8.45% | 05/06/2031 | 684 | 674 | 678 | 0.06 |
| Verdantas, LLC | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.45% | 05/06/2030 | 421 | 403 | 405 | 0.04 |
| WIPFLI Advisory, LLC | (5) (7) (9) | First Lien Debt | S + | 4.50% | 8.16% | 10/01/2032 | 3385 | 3369 | 3351 | 0.29 |
| WIPFLI Advisory, LLC | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.16% | 10/01/2032 |  | (3) | (13) |  |
| WIPFLI Advisory, LLC | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.16% | 10/01/2032 |  | (4) | (8) | (0.00) |
|  |  |  |  |  |  |  |  | 69017 | 69038 | 6.00 |
| **Real Estate Management & Development** |  |  |  |  |  |  |  |  |  |  |
| Associations, Inc. | (5) (6) | First Lien Debt | S + | 6.50% | 10.43% | 07/03/2028 | 2582 | 2580 | 2582 | 0.22 |
| Associations, Inc. | (5) (6) (17) | First Lien Debt | S + | 6.50% | 10.43% | 07/03/2028 | 97 | 97 | 97 | 0.01 |
| Associations, Inc. | (5) (6) (17) | First Lien Debt | S + | 6.50% | 10.43% | 07/03/2028 |  |  |  |  |
| Inhabitiq, Inc. | (5) (7) (11) | First Lien Debt | S + | 4.50% | 8.17% | 01/12/2032 | 3419 | 3404 | 3419 | 0.30 |
| Inhabitiq, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.17% | 01/12/2032 |  | (2) |  |  |
| Inhabitiq, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.17% | 01/12/2032 |  | (2) |  |  |
| MRI Software, LLC | (5) (6) (9) | First Lien Debt | S + | 4.75% | 8.45% | 02/10/2028 | 22445 | 22428 | 22346 | 1.93 |
| MRI Software, LLC | (5) (6) | First Lien Debt | S + | 4.75% | 8.45% | 02/10/2028 | 1496 | 1490 | 1489 | 0.13 |
| MRI Software, LLC | (5) (6) (17) | First Lien Debt | S + | 4.75% | 8.45% | 02/10/2028 | 351 | 348 | 345 | 0.03 |
| Zarya Intermediate, LLC | (5) (6) (11) (14) | First Lien Debt | S + | 6.50% | 10.17% | 07/01/2027 | 26692 | 26692 | 26276 | 2.27 |
| Zarya Intermediate, LLC | (5) (6) (14) (17) | First Lien Debt | S + | 6.50% | 10.17% | 07/01/2027 | 401 | 401 | 357 | 0.03 |
|  |  |  |  |  |  |  |  | 57436 | 56911 | 4.92 |
| **Software** |  |  |  |  |  |  |  |  |  |  |

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------

[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Schedules of Investments (Unaudited)**

**March 31, 2026**

*(In thousands, except unit amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1)</sup> | **Footnotes** | **Investment** | **Reference Rate and<br>Spread** | **Reference Rate and<br>Spread** | **Interest<br>Rate**<sup>(2)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(3)</sup> | **Cost**<sup>(4)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| Anaplan, Inc. | (5) (7) (9) (10) | First Lien Debt | S + | 4.50% | 8.17% | 06/21/2029 | 21409 | 21207 | 21248 | 1.84 |
| Appfire Technologies, LLC | (5) (6) (9) | First Lien Debt | S + | 4.75% | 8.45% | 03/09/2028 | 1174 | 1170 | 1174 | 0.10 |
| Appfire Technologies, LLC | (5) (6) (17) | First Lien Debt | S + | 4.75% | 8.45% | 03/09/2028 | 3 | 2 | 3 | 0.00 |
| Appfire Technologies, LLC | (5) (6) (17) | First Lien Debt | S + | 4.75% | 8.45% | 03/09/2028 |  | (1) |  |  |
| Apryse Software Corp. | (5) (8) (9) | First Lien Debt | S + | 4.75% | 8.46% | 06/28/2032 | 3694 | 3660 | 3626 | 0.31 |
| Apryse Software Corp. | (5) (8) (17) | First Lien Debt | S + | 4.75% | 8.46% | 06/28/2032 |  | (3) | (6) |  |
| Archduke Buyer, Inc. | (5) (8) (10) | First Lien Debt | S + | 5.50% | 9.17% | 12/03/2032 | 7553 | 7480 | 7422 | 0.64 |
| Archduke Buyer, Inc. | (5) (8) (17) | First Lien Debt | S + | 5.50% | 9.17% | 12/03/2032 |  | (5) | (9) |  |
| Artifact Bidco, Inc. | (5) (8) (9) | First Lien Debt | S + | 4.25% | 7.85% | 07/28/2031 | 10567 | 10481 | 10567 | 0.91 |
| Artifact Bidco, Inc. | (5) (8) (17) | First Lien Debt | S + | 4.25% | 7.85% | 07/28/2031 |  | (10) |  |  |
| Artifact Bidco, Inc. | (5) (8) (17) | First Lien Debt | S + | 4.25% | 7.85% | 07/26/2030 |  | (13) |  |  |
| AuditBoard, Inc. | (5) (7) (11) | First Lien Debt | S + | 4.50% | 8.20% | 07/14/2031 | 12000 | 11903 | 11833 | 1.02 |
| AuditBoard, Inc. | (5) (7) (10) | First Lien Debt | S + | 4.50% | 8.20% | 07/14/2031 | 5714 | 5665 | 5635 | 0.49 |
| AuditBoard, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.20% | 07/14/2031 |  | (17) | (32) |  |
| Banyan Software Holdings, LLC | (5) (6) (11) | First Lien Debt | S + | 5.50% | 9.17% | 01/02/2031 | 3013 | 2988 | 2990 | 0.26 |
| Banyan Software Holdings, LLC | (5) (6) | First Lien Debt | S + | 5.50% | 9.17% | 01/02/2031 | 4061 | 3982 | 3959 | 0.34 |
| Banyan Software Holdings, LLC | (5) (6) (17) | First Lien Debt | S + | 5.50% | 9.17% | 01/02/2031 | 43 | 41 | 41 | 0.00 |
| Bottomline Technologies, Inc. | (5) (7) (10) | First Lien Debt | S + | 4.50% | 8.20% | 05/14/2029 | 18050 | 17857 | 18038 | 1.56 |
| Bottomline Technologies, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.20% | 05/15/2028 |  | (9) | (1) |  |
| Coupa Holdings, LLC | (5) (7) (9) | First Lien Debt | S + | 5.25% | 8.92% | 02/27/2030 | 17403 | 17124 | 17403 | 1.50 |
| Coupa Holdings, LLC | (5) (7) (17) | First Lien Debt | S + | 5.25% | 8.92% | 02/27/2030 |  | (5) |  |  |
| Coupa Holdings, LLC | (5) (7) (17) | First Lien Debt | S + | 5.25% | 8.92% | 02/27/2029 |  | (7) |  |  |
| Cyara AcquisitionCo, LLC | (5) (6) | First Lien Debt | S + | 5.75% | 9.45% | 06/28/2029 | 14098 | 13877 | 13816 | 1.19 |
| Cyara AcquisitionCo, LLC | (5) (6) (17) | First Lien Debt | S + | 5.75% | 9.45% | 06/28/2029 |  | (13) | (18) |  |
| Diligent Corporation | (5) (7) | First Lien Debt | S + | 5.00% | 8.67% | 08/02/2030 | 24117 | 23983 | 23725 | 2.05 |
| Diligent Corporation | (5) (7) (17) | First Lien Debt | S + | 5.00% | 8.67% | 08/02/2030 |  | (18) | (57) |  |
| Diligent Corporation | (5) (7) (17) | First Lien Debt | S + | 5.00% | 8.67% | 08/02/2030 | 518 | 505 | 479 | 0.04 |
| E-Discovery AcquireCo, LLC | (5) (6) (9) | First Lien Debt | S + | 6.25% | 9.86% | 08/29/2029 | 7936 | 7817 | 7770 | 0.67 |
| E-Discovery AcquireCo, LLC | (5) (6) (17) | First Lien Debt | S + | 6.25% | 9.86% | 08/29/2029 | 503 | 492 | 483 | 0.04 |
| Emburse, Inc. | (5) (7) (9) | First Lien Debt | S + | 4.25% | 7.95% | 05/28/2032 | 5342 | 5330 | 5302 | 0.46 |
| Emburse, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.25% | 7.95% | 05/28/2032 |  | (1) | (7) |  |
| Emburse, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.25% | 7.95% | 05/28/2032 |  | (2) | (7) |  |
| Espresso Bidco, Inc. | (5) (7) (9) | First Lien Debt | S + | 5.75% (incl. 3.13% PIK) | 9.45% | 03/25/2032 | 5163 | 5096 | 5060 | 0.44 |
| Espresso Bidco, Inc. | (5) (7) (17) | First Lien Debt | S + | 5.75% (incl. 3.13% PIK) | 9.45% | 03/25/2032 | 1277 | 1259 | 1250 | 0.11 |
| Espresso Bidco, Inc. | (5) (7) (17) | First Lien Debt | S + | 5.75% (incl. 3.13% PIK) | 9.45% | 03/25/2032 |  | (8) | (12) |  |
| Everbridge Holdings, LLC | (5) (7) (11) | First Lien Debt | S + | 5.00% | 8.66% | 07/02/2031 | 21136 | 21051 | 21136 | 1.83 |
| Everbridge Holdings, LLC | (5) (7) (17) | First Lien Debt | S + | 5.00% | 8.66% | 07/02/2031 | 2409 | 2392 | 2409 | 0.21 |
| Everbridge Holdings, LLC | (5) (7) (17) | First Lien Debt | S + | 5.00% | 8.66% | 07/02/2031 |  | (9) |  |  |
| Formstack Acquisition, Co. | (5) (6) (11) | First Lien Debt | S + | 5.25% | 8.95% | 03/28/2030 | 9252 | 9151 | 9092 | 0.79 |
| Formstack Acquisition, Co. | (5) (6) | First Lien Debt | S + | 5.25% | 8.95% | 03/28/2030 | 904 | 895 | 888 | 0.08 |
| Formstack Acquisition, Co. | (5) (6) (17) | First Lien Debt | S + | 5.25% | 8.95% | 03/28/2030 | 394 | 375 | 361 | 0.03 |
| Fullsteam Operations, LLC | (5) (7) (11) | First Lien Debt | S + | 5.25% | 8.89% | 08/08/2031 | 6058 | 6002 | 5908 | 0.51 |
| Fullsteam Operations, LLC | (5) (7) (17) | First Lien Debt | S + | 5.25% | 8.89% | 08/08/2031 |  | (9) | (50) |  |
| Fullsteam Operations, LLC | (5) (7) (17) | First Lien Debt | S + | 5.25% | 8.89% | 08/08/2031 |  | (6) | (17) |  |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Schedules of Investments (Unaudited)**

**March 31, 2026**

*(In thousands, except unit amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1)</sup> | **Footnotes** | **Investment** | **Reference Rate and<br>Spread** | **Reference Rate and<br>Spread** | **Interest<br>Rate**<sup>(2)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(3)</sup> | **Cost**<sup>(4)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| Granicus, Inc. | (5) (7) (9) (10) | First Lien Debt | S + | 5.50% (incl. 2.00% PIK) | 9.17% | 01/17/2031 | 13057 | 12965 | 13057 | 1.13 |
| Granicus, Inc. | (5) (7) | First Lien Debt | S + | 5.50% (incl. 2.00% PIK) | 9.17% | 01/17/2031 | 1934 | 1927 | 1934 | 0.17 |
| Granicus, Inc. | (5) (7) (17) | First Lien Debt | P + | 4.25% | 11.00% | 01/17/2031 |  | (12) |  |  |
| GS AcquisitionCo, Inc. | (5) (6) (9) | First Lien Debt | S + | 5.25% | 8.95% | 05/25/2028 | 10075 | 10045 | 9973 | 0.86 |
| GS AcquisitionCo, Inc. | (5) (7) | First Lien Debt | S + | 5.25% | 8.95% | 05/25/2028 | 497 | 494 | 492 | 0.04 |
| GS AcquisitionCo, Inc. | (5) (6) (17) | First Lien Debt | S + | 5.25% | 8.95% | 05/25/2028 | 726 | 722 | 712 | 0.06 |
| Hootsuite, Inc. | (5) (7) (9) (11) (14) | First Lien Debt | S + | 5.50% | 9.18% | 05/22/2030 | 17685 | 17487 | 17287 | 1.49 |
| Hootsuite, Inc. | (5) (7) (14) (17) | First Lien Debt | S + | 5.50% | 9.18% | 05/22/2030 | 240 | 219 | 195 | 0.02 |
| Icefall Parent, Inc. | (5) (6) (11) | First Lien Debt | S + | 4.50% | 8.20% | 01/25/2030 | 5147 | 5075 | 5147 | 0.44 |
| Icefall Parent, Inc. | (5) (6) (17) | First Lien Debt | S + | 4.50% | 8.20% | 01/25/2030 |  | (6) |  |  |
| IQN Holding Corp. | (5) (7) (10) | First Lien Debt | S + | 5.75% (incl. 3.125% PIK) | 9.45% | 05/02/2029 | 8125 | 8085 | 8125 | 0.70 |
| IQN Holding Corp. | (5) (7) | First Lien Debt | S + | 5.75% (incl. 3.125% PIK) | 9.45% | 05/02/2029 | 2664 | 2643 | 2664 | 0.23 |
| IQN Holding Corp. | (5) (7) (17) | First Lien Debt | S + | 5.25% | 8.95% | 05/02/2028 | 374 | 372 | 374 | 0.03 |
| Jawbreaker Parent, Inc. | (5) (8) (9) (10) | First Lien Debt | S + | 4.75% | 8.45% | 01/31/2033 | 10731 | 10626 | 10626 | 0.92 |
| Jawbreaker Parent, Inc. | (5) (8) (17) | First Lien Debt | S + | 4.75% | 8.45% | 01/31/2033 |  | (60) | (60) | (0.01) |
| Jawbreaker Parent, Inc. | (5) (8) (17) | First Lien Debt | S + | 4.75% | 8.45% | 01/31/2033 |  | (20) | (20) |  |
| LegitScript, LLC | (5) (7) (10) | First Lien Debt | S + | 5.75% | 9.42% | 06/24/2029 | 18661 | 18459 | 18428 | 1.59 |
| LegitScript, LLC | (5) (7) | First Lien Debt | S + | 5.75% | 9.42% | 06/24/2029 | 493 | 488 | 487 | 0.04 |
| LegitScript, LLC | (5) (7) (17) | First Lien Debt | S + | 5.75% | 9.42% | 06/24/2028 | 1318 | 1295 | 1280 | 0.11 |
| LogRhythm, Inc. | (5) (6) (11) | First Lien Debt | S + | 7.50% | 11.17% | 07/02/2029 | 2727 | 2669 | 2564 | 0.22 |
| LogRhythm, Inc. | (5) (6) (17) | First Lien Debt | S + | 7.50% | 11.17% | 07/02/2029 |  | (5) | (16) |  |
| Montana Buyer, Inc. | (5) (7) (10) | First Lien Debt | S + | 4.75% | 8.42% | 07/22/2029 | 8377 | 8284 | 8377 | 0.72 |
| Montana Buyer, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.42% | 07/22/2028 |  | (7) |  |  |
| Nasuni Corporation | (5) (7) (10) | First Lien Debt | S + | 5.00% | 8.70% | 09/10/2030 | 14047 | 13892 | 13857 | 1.20 |
| Nasuni Corporation | (5) (7) (17) | First Lien Debt | S + | 5.00% | 8.70% | 09/10/2030 |  | (19) | (28) |  |
| Netwrix Corporation And Concept Searching, Inc. | (5) (7) (9) | First Lien Debt | S + | 4.50% | 8.17% | 06/11/2029 | 4997 | 4971 | 4922 | 0.43 |
| Netwrix Corporation And Concept Searching, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.17% | 06/11/2029 |  | (1) | (5) |  |
| Oak Purchaser, Inc. | (5) (7) (9) | First Lien Debt | S + | 5.50% | 9.25% | 05/31/2028 | 5113 | 5089 | 5010 | 0.43 |
| Oak Purchaser, Inc. | (5) (7) | First Lien Debt | S + | 5.50% | 9.25% | 05/31/2028 | 4307 | 4281 | 4195 | 0.36 |
| Oak Purchaser, Inc. | (5) (7) (17) | First Lien Debt | P + | 4.50% | 11.25% | 05/31/2028 | 60 | 56 | 42 | 0.00 |
| Onit, Inc. | (5) (7) (11) | First Lien Debt | S + | 4.75% | 8.38% | 01/27/2032 | 9194 | 9130 | 9194 | 0.79 |
| Onit, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.38% | 01/27/2032 |  | (10) |  |  |
| Onit, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.38% | 01/27/2032 |  | (6) |  |  |
| Optimizely North America, Inc. | (5) (7) (9) (14) | First Lien Debt | S + | 5.00% | 8.67% | 10/30/2031 | 1511 | 1498 | 1466 | 0.13 |
| Optimizely North America, Inc. | (5) (7) (9) (14) | First Lien Debt | E + | 5.25% | 7.16% | 10/30/2031 | 556 | 599 | 622 | 0.05 |
| Optimizely North America, Inc. | (5) (7) (9) (14) | First Lien Debt | SA + | 5.50% | 9.23% | 10/30/2031 | £185 | 239 | 237 | 0.02 |
| Optimizely North America, Inc. | (5) (7) (14) (17) | First Lien Debt | S + | 5.00% | 8.67% | 10/30/2031 |  | (2) | (7) |  |
| Project Leopard Holdings, Inc. | (8) (11) | First Lien Debt | S + | 5.25% | 9.02% | 07/20/2029 | 9675 | 9297 | 5940 | 0.51 |
| Revalize, Inc. | (5) (6) (9) | First Lien Debt | S + | 6.50% (incl. 1.75% PIK) | 10.35% | 04/16/2029 | 11566 | 11538 | 10530 | 0.91 |
| Revalize, Inc. | (5) (6) (17) | First Lien Debt | S + | 6.50% (incl. 1.75% PIK) | 10.35% | 04/16/2029 | 498 | 495 | 371 | 0.03 |
| Riskonnect Parent, LLC | (5) (7) (9) | First Lien Debt | S + | 4.75% | 8.50% | 12/07/2028 | 6156 | 6085 | 6125 | 0.53 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Schedules of Investments (Unaudited)**

**March 31, 2026**

*(In thousands, except unit amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1)</sup> | **Footnotes** | **Investment** | **Reference Rate and<br>Spread** | **Reference Rate and<br>Spread** | **Interest<br>Rate**<sup>(2)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(3)</sup> | **Cost**<sup>(4)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| Riskonnect Parent, LLC | (5) (7) (9) | First Lien Debt | S + | 4.75% | 8.50% | 12/07/2028 | 4728 | 4671 | 4704 | 0.41 |
| Riskonnect Parent, LLC | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.50% | 12/07/2028 | 30 | 20 | 26 | 0.00 |
| Runway Bidco, LLC | (5) (8) (9) | First Lien Debt | S + | 5.00% | 8.70% | 12/17/2031 | 1442 | 1430 | 1406 | 0.12 |
| Runway Bidco, LLC | (5) (8) (17) | First Lien Debt | S + | 5.00% | 8.70% | 12/17/2031 |  | (2) | (9) |  |
| Runway Bidco, LLC | (5) (8) (17) | First Lien Debt | S + | 5.00% | 8.70% | 12/17/2031 |  | (2) | (5) |  |
| Saturn Borrower, Inc. | (5) (6) (9) | First Lien Debt | S + | 6.00% | 9.70% | 11/10/2028 | 3241 | 3206 | 3172 | 0.27 |
| Saturn Borrower, Inc. | (5) (6) (17) | First Lien Debt | S + | 6.00% | 9.70% | 11/10/2028 |  | (6) | (25) |  |
| Saturn Borrower, Inc. | (5) (6) (17) | First Lien Debt | S + | 6.00% | 9.70% | 11/10/2028 | 139 | 134 | 128 | 0.01 |
| Securonix, Inc. | (5) (7) (10) | First Lien Debt | S + | 7.25% (incl. 3.75% PIK) | 10.90% | 04/05/2029 | 22029 | 21865 | 18654 | 1.61 |
| Securonix, Inc. | (5) (7) (17) | First Lien Debt | S + | 7.25% (incl. 3.75% PIK) | 10.90% | 04/05/2029 |  | (25) | (579) | (0.05) |
| Trunk Acquisition, Inc. | (5) (6) (11) | First Lien Debt | S + | 5.75% | 9.52% | 02/19/2030 | 11466 | 11422 | 11406 | 0.99 |
| Trunk Acquisition, Inc. | (5) (6) (17) | First Lien Debt | S + | 5.75% | 9.52% | 02/19/2030 | 453 | 450 | 451 | 0.04 |
| Trunk Acquisition, Inc. | (5) (6) (17) | First Lien Debt | S + | 5.75% | 9.52% | 02/19/2030 |  | (2) | (6) |  |
| Vanco Payment Solutions, LLC | (5) (7) (10) | First Lien Debt | S + | 4.75% | 8.45% | 12/01/2031 | 7431 | 7360 | 7282 | 0.63 |
| Vanco Payment Solutions, LLC | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.45% | 12/01/2031 |  | (3) | (7) |  |
|  |  |  |  |  |  |  |  | 421044 | 412097 | 35.60 |
| **Transportation Infrastructure** |  |  |  |  |  |  |  |  |  |  |
| Jeppesen Holdings, LLC | (5) (8) (9) | First Lien Debt | S + | 4.75% | 8.42% | 11/01/2032 | 11752 | 11696 | 11635 | 1.01 |
| Jeppesen Holdings, LLC | (5) (8) (17) | First Lien Debt | S + | 4.75% | 8.42% | 11/01/2032 |  | (3) | (6) |  |
|  |  |  |  |  |  |  |  | 11693 | 11629 | 1.01 |
| **Wireless Telecommunication Services** |  |  |  |  |  |  |  |  |  |  |
| CCI Buyer, Inc. | (5) (7) (9) | First Lien Debt | S + | 5.00% | 8.70% | 05/13/2032 | 7521 | 7453 | 7405 | 0.64 |
| CCI Buyer, Inc. | (5) (7) (17) | First Lien Debt | S + | 5.00% | 8.70% | 05/13/2032 |  | (4) | (7) |  |
| Mobile Communications America, Inc. | (5) (6) (10) | First Lien Debt | S + | 4.75% | 8.40% | 10/16/2029 | 2495 | 2471 | 2495 | 0.22 |
| Mobile Communications America, Inc. | (5) (6) (17) | First Lien Debt | S + | 4.75% | 8.40% | 10/16/2029 | 648 | 639 | 648 | 0.06 |
| Mobile Communications America, Inc. | (5) (6) (17) | First Lien Debt | S + | 4.75% | 8.40% | 10/16/2029 |  | (4) |  |  |
|  |  |  |  |  |  |  |  | 10555 | 10541 | 0.92 |
| **Total Debt Investments - non-controlled/non-affiliated** |  |  |  |  |  |  |  | $2168182 | $2119671 | 183.31% |
| **Debt Investments - non-controlled/affiliated** |  |  |  |  |  |  |  |  |  |  |
| **Distributors** |  |  |  |  |  |  |  |  |  |  |
| Alpine Acquisition Corp. II | (5) (6) (18) | First Lien Debt | S + | 5.25% | 8.81% | 01/14/2031 | 5439 | 5439 | 5439 | 0.47 |
| Alpine Acquisition Corp. II | (5) (6) (17) (18) | First Lien Debt | S + | 5.25% | 8.81% | 01/14/2031 |  | (2) | (2) |  |
| Alpine Acquisition Corp. II | (5) (6) (17) (18) | First Lien Debt | S + | 5.25% | 8.81% | 01/14/2031 |  | (45) | (45) |  |
|  |  |  |  |  |  |  |  | 5392 | 5392 | 0.47 |
| **Professional Services** |  |  |  |  |  |  |  |  |  |  |
| KWOR Acquisition, Inc. | (5) (6) (18) | Second Lien Debt | S + | 6.25% (incl. 5.25% PIK) | 9.92% | 02/28/2030 | 3107 | 3107 | 3107 | 0.27 |

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[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Schedules of Investments (Unaudited)**

**March 31, 2026**

*(In thousands, except unit amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1)</sup> | **Footnotes** | **Investment** | **Reference Rate and<br>Spread** | **Reference Rate and<br>Spread** | **Interest<br>Rate**<sup>(2)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(3)</sup> | **Cost**<sup>(4)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| KWOR Acquisition, Inc. | (5) (6) (17) (18) | First Lien Debt | S + | 5.25% | 8.92% | 02/28/2030 |  | (37) |  |  |
| KWOR Acquisition, Inc. | (5) (6) (17) (18) | First Lien Debt | S + | 5.25% | 8.92% | 02/28/2030 |  | (53) |  | 0.00 |
| KWOR Acquisition, Inc. | (5) (6) (18) | Unsecured Debt | S + | 8.00% PIK | 11.67% | 02/28/2030 | 3252 | 3252 | 2609 | 0.23 |
|  |  |  |  |  |  |  |  | 6269 | 5716 | 0.50 |
| **Total Debt Investments - non-controlled/affiliated** |  |  |  |  |  |  |  | $11661 | $11108 | 0.97% |
| **Total Debt Investments** |  |  |  |  |  |  |  | $2179843 | $2130779 | 184.28% |

---

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[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Schedules of Investments (Unaudited)**

**March 31, 2026**

*(In thousands, except unit amounts)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments**<sup>(1)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Acquisition Date** | **Par<br>Amount/<br>Shares**<sup>(3)</sup> | **Cost**<sup>(4)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| **Equity Investments - non-controlled/non-affiliated** |  |  |  |  |  |  |  |  |
| **Automobile Components** |  |  |  |  |  |  |  |  |
| Continental Group Holdings, LP | (5) (15) (16) | Common Equity |  | 07/16/2025 | 7758 |  |  | —% |
| **Commercial Services & Supplies** |  |  |  |  |  |  |  |  |
| Firebird Acquisition Corp, Inc. | (5) (15) (16) | Common Equity |  | 01/17/2025 | 50000 | 48 | 69 | 0.01 |
| Procure Acquiom Financial, LLC (Procure Analytics) | (5) (15) (16) | Common Equity |  | 12/20/2021 | 500000 | 500 | 858 | 0.07 |
| Surewerx Topco, LP | (5) (14) (15) (16) | Common Equity |  | 12/28/2022 | 104 | 104 | 124 | 0.01 |
|  |  |  |  |  |  | 652 | 1051 | 0.09 |
| **Containers & Packaging** |  |  |  |  |  |  |  |  |
| BP Purchaser, LLC | (5) (15) (16) | Common Equity |  | 12/10/2021 | 1383156 | 1379 |  |  |
| BP Purchaser, LLC Rights | (5) (15) (16) | Common Equity |  | 03/12/2024 | 1666989 | 75 |  |  |
|  |  |  |  |  |  | 1454 |  |  |
| **Diversified Consumer Services** |  |  |  |  |  |  |  |  |
| Eclipse Topco, Inc. | (5) (15) | Preferred Equity | 12.50% PIK | 09/05/2024 | 45 | 536 | 453 | 0.04 |
| FPG Parent, LLC | (5) (15) (16) | Common Equity |  | 07/25/2025 | 8121 |  |  |  |
| Leaf Home, LLC | (5) (15) | Preferred Equity | 14.00% PIK | 09/05/2025 | 250000 | 253 | 323 | 0.03 |
| LUV Car Wash | (5) (15) (16) | Common Equity |  | 04/06/2022 | 1260 | 1260 | 852 | 0.07 |
|  |  |  |  |  |  | 2049 | 1628 | 0.14 |
| **Electrical Equipment** |  |  |  |  |  |  |  |  |
| Sparkstone Electrical Group | (5) (15) (16) | Common Equity |  | 10/15/2024 | 1500 | 150 | 62 | 0.01 |
| **Financial Services** |  |  |  |  |  |  |  |  |
| Applitools, Inc. | (5) (14) (15) (16) | Common Equity |  | 07/18/2025 | 2182564 | 1248 | 779 | 0.07 |
| **Health Care Providers & Services** |  |  |  |  |  |  |  |  |
| mPulse Mobile, Inc. | (5) (15) (16) | Common Equity |  | 12/17/2021 | 105978 | 780 | 671 | 0.06 |
| SDB Holdco, LLC | (5) (13) (15) (16) | Common Equity |  | 03/29/2024 | 9100924 |  |  |  |
| Vardiman Black Holdings, LLC | (5) (13) (15) | Preferred Equity | 6.00% PIK | 03/29/2024 | 4415744 | 3296 |  |  |
|  |  |  |  |  |  | 4076 | 671 | 0.06 |
| **Insurance Services** |  |  |  |  |  |  |  |  |
| Amerilife Holdings, LLC | (5) (15) (16) | Common Equity |  | 09/01/2022 | 14856 | 410 | 745 | 0.06 |
| Frisbee Holdings, LP (Fetch) | (5) (15) (16) | Common Equity |  | 10/31/2022 | 18287 | 233 | 668 | 0.06 |
| Integrity Marketing Acquisition, LLC | (5) (15) | Preferred Equity | 10.50% PIK | 12/21/2021 | 1000000 | 1547 | 990 | 0.09 |
|  |  |  |  |  |  | 2190 | 2403 | 0.21 |
| **Interactive Media & Services** |  |  |  |  |  |  |  |  |
| FMG Suite Holdings, LLC | (5) (15) (16) | Common Equity |  | 09/09/2025 | 250 |  |  |  |
| FMG Suite Holdings, LLC | (5) (15) | Preferred Equity | 8.00% PIK | 09/09/2025 | 250 | 261 | 256 | 0.02 |
|  |  |  |  |  |  | 261 | 256 | 0.02 |
| **Professional Services** |  |  |  |  |  |  |  |  |
| Verdantas, LLC | (5) (15) (16) | Common Equity |  | 05/03/2024 | 3984 | 4 | 6 | 0.00 |
| Verdantas, LLC | (5) (15) | Preferred Equity | 10.00% PIK | 05/03/2024 | 394416 | 477 | 586 | 0.05 |

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[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Schedules of Investments (Unaudited)**

**March 31, 2026**

*(In thousands, except unit amounts)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments**<sup>(1)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Acquisition Date** | **Par<br>Amount/<br>Shares**<sup>(3)</sup> | **Cost**<sup>(4)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
|  |  |  |  |  |  |  | 481 | 592 | 0.05 |
| **Software** |  |  |  |  |  |  |  |  |  |
| Fullsteam Operations, LLC | (5) (15) (16) | Common Equity |  |  | 11/27/2023 | 11270 | 380 | 941 | 0.08 |
| Knockout Intermediate Holdings I, Inc. | (5) (7) (15) | Preferred Equity |  | 10.75% PIK | 06/25/2022 | 1119 | 1720 | 1560 | 0.13 |
| Revalize, Inc. | (5) (6) (15) | Preferred Equity |  | 10.00% PIK | 12/14/2021 | 2154 | 3621 | 3183 | 0.28 |
| Reveal Data Solutions | (5) (15) (16) | Common Equity |  |  | 08/29/2023 | 186769 | 243 | 185 | 0.02 |
| RSK Holdings, Inc. (Riskonnect) | (5) (7) (15) | Preferred Equity |  | 10.50% PIK | 07/07/2022 | 2123800 | 3467 | 3518 | 0.30 |
|  |  |  |  |  |  |  | 9431 | 9387 | 0.81 |
| **Total Equity Investments - non-controlled/non-affiliated** |  |  |  |  |  |  | $21992 | $16829 | 1.45% |
| **Equity Investments - non-controlled/affiliated** |  |  |  |  |  |  |  |  |  |
| **Distributors** |  |  |  |  |  |  |  |  |  |
| 48Forty TopCo, LLC | (5) (15) (16) (18) | Common Equity |  |  | 01/14/2026 | 1554 |  |  |  |
| 48Forty TopCo, LLC | (5) (15) (18) | Preferred Equity |  |  | 01/14/2026 | 1554 | 6300 | 6300 | 0.54 |
|  |  |  |  |  |  |  | 6300 | 6300 | 0.54 |
| **Professional Services** |  |  |  |  |  |  |  |  |  |
| KWOR Intermediate I, Inc. | (5) (15) (16) (18) | Common Equity |  |  | 02/28/2025 | 1796 | 689 |  |  |
| KWOR Intermediate I, Inc. | (5) (13) (15) (18) | Preferred Equity | S + | 8.00% PIK | 02/28/2025 | 1920386 | 1920 |  |  |
|  |  |  |  |  |  |  | 2609 |  |  |
| **Total Equity Investments - non-controlled/affiliated** |  |  |  |  |  |  | $8909 | $6300 | 0.54% |
| **Total Equity Investments** |  |  |  |  |  |  | $30901 | $23129 | 2.00% |
| **Total Portfolio Investments** |  |  |  |  |  |  | $2210744 | $2153908 | 186.14% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Cash and Cash Equivalents and Short Term Investments** |  |  |  |  |
| J.P. Morgan US Government Money Market Fund - Institutional Shares | 3.50% | $11648 | $11648 | 1.01% |
| Cash and Cash Equivalents |  | 64929 | 64929 | 5.61% |
| **Total Cash and Cash Equivalents and Short Term Investments** |  | $76577 | $76577 | 6.62% |
| **Total Portfolio Investments, Cash and Cash Equivalents, and Short Term Investments** |  | $2287321 | $2230485 | 192.76% |

---

(1)Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term "Company" shall include the Company's consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments (including preferred equity investments) are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the "1940 Act"), the Company would be deemed to "control" a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of March 31, 2026, the Company does not "control" any of these portfolio companies. Under the 1940 Act, the Company would be deemed an "affiliated person" of a portfolio company if the Company owns 5% or more of the portfolio company's outstanding voting securities. As of March 31, 2026, the Company is an "affiliated person" of two of its portfolio companies, as indicated below.

(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either CORRA ("C"), EURIBOR ("E"), SOFR ("S") or SONIA ("SA") or an alternate base rate (commonly based on the Federal Funds Rate ("F") or the U.S. Prime Rate ("P")), each of which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of March 31, 2026. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at March 31, 2026. As of March 31, 2026, the reference rates for our variable rate loans were the C at 2.27%, 1-month E at 1.89%, 1-month S at 3.66%, the 3-month S at 3.68% 6-month S at 3.70% SA at 3.73% and the P at 6.75% .

(3)Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars ("$" or "USD") unless otherwise noted, Euro ("€"), Great British Pound ("£"), or Canadian dollar ("CAD").

(4)The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

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[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Schedules of Investments (Unaudited)**

**March 31, 2026**

*(In thousands, except unit amounts)*

(5)These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Company's Valuation Designee (the "Valuation Designee") under the supervision of the Board of Directors (the "Board of Directors" or the "Board") (see Note 2 and Note 5 for further information), pursuant to the Company's valuation policy.

(6)Loan includes interest rate floor of 1.00%.

(7)Loan includes interest rate floor of 0.75%.

(8)Loan includes interest rate floor of 0.50%.

(9)Assets or a portion thereof are pledged as collateral for the JPM Funding Facility (as defined below). See Note 6 "Debt" for further information.

(10)Assets or a portion thereof are pledged as collateral for the Barclays Funding Facility (as defined below). See Note 6 "Debt" for further information.

(11)Assets or a portion thereof are pledged as collateral for the BNP Funding Facility (as defined below). See Note 6 "Debt" for further information.

(12)The investment includes an exit fee that is receivable upon certain conditions being met. See Note 2 "Significant Accounting Policies" for further information.

(13)Investment was on non-accrual status as of March 31, 2026.

(14)The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company's total assets. As of March 31, 2026, non-qualifying assets represented 7.09% of total assets as calculated in accordance with regulatory requirements.

(15)Securities exempt from registration under the Securities Act of 1933, as amended, and may be deemed to be "restricted securities." As of March 31, 2026, the aggregate fair value of these securities is $23,129 or 2.00% of the Company's net assets. The initial acquisition dates have been included for such securities.

(16)Non-income producing security.

(17)Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company's unfunded commitments as of March 31, 2026:

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[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Schedules of Investments (Unaudited)**

**March 31, 2026**

*(In thousands, except unit amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments — non-controlled/non-affiliated** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** | **Fair Value** |
| **First Lien Debt** |  |  |  |  |
| AA&D Midco, Inc. | Revolver | 11/29/2030 | $1430 | $(14) |
| AWP Group Holdings, Inc. | Delayed Draw Term Loan | 08/23/2026 | 257 |  |
| AWP Group Holdings, Inc. | Revolver | 12/23/2030 | 255 |  |
| Accel International Holdings, Inc. | Revolver | 04/26/2032 | 721 |  |
| Accordion Partners, LLC | Delayed Draw Term Loan | 12/17/2027 | 5004 | (20) |
| Accordion Partners, LLC | Revolver | 11/17/2031 | 1735 | (7) |
| Advarra Holdings, Inc. | Delayed Draw Term Loan | 09/14/2026 | 1851 | (28) |
| Amerilife Holdings, LLC | Delayed Draw Term Loan | 06/17/2026 | 95 | (1) |
| Amerilife Holdings, LLC | Revolver | 08/31/2028 | 2365 | (24) |
| Answer Acquisition, LLC | Revolver | 06/30/2028 | 1650 | (142) |
| Any Hour, LLC | Revolver | 05/23/2030 | 139 | (14) |
| Apex Service Partners, LLC | Revolver | 10/24/2029 | 947 |  |
| Apollo Acquisition, Inc. | Delayed Draw Term Loan | 06/04/2027 | 2471 | (34) |
| Apollo Acquisition, Inc. | Revolver | 12/30/2030 | 796 | (11) |
| Appfire Technologies, LLC | Delayed Draw Term Loan | 06/28/2026 | 297 |  |
| Appfire Technologies, LLC | Revolver | 03/09/2028 | 122 |  |
| Applitools, Inc. | Revolver | 05/25/2028 | 900 | (117) |
| Aprio Advisory Group, LLC | Delayed Draw Term Loan | 12/23/2027 | 4792 | (25) |
| Aprio Advisory Group, LLC | Revolver | 08/01/2031 | 278 | (1) |
| Apryse Software Corp. | Revolver | 06/28/2032 | 306 | (6) |
| Aptean, Inc. | Delayed Draw Term Loan | 02/14/2027 | 304 |  |
| Aptean, Inc. | Revolver | 01/30/2031 | 1289 |  |
| Archduke Buyer, Inc. | Revolver | 12/03/2032 | 547 | (9) |
| Arcoro Holdings Corp. | Revolver | 03/28/2030 | 1304 | (29) |
| Artifact Bidco, Inc. | Delayed Draw Term Loan | 05/22/2027 | 2586 |  |
| Artifact Bidco, Inc. | Revolver | 07/26/2030 | 1847 |  |
| Ascend Partner Services, LLC | Delayed Draw Term Loan | 08/09/2027 | 249 | (4) |
| Associations, Inc. | Delayed Draw Term Loan | 07/03/2028 | 106 |  |
| Associations, Inc. | Revolver | 07/03/2028 | 163 |  |
| Astra Service Partners, LLC | Delayed Draw Term Loan | 11/26/2027 | 2372 |  |
| Atlas US Finco, Inc. | Revolver | 12/11/2028 | 885 | (9) |
| AuditBoard, Inc. | Revolver | 07/14/2031 | 2286 | (32) |
| BCTO Bluebill Midco, Inc. | Revolver | 07/30/2032 | 972 | (19) |
| Banyan Software Holdings, LLC | Delayed Draw Term Loan | 10/08/2027 | 9616 | (72) |
| Banyan Software Holdings, LLC | Revolver | 01/02/2031 | 283 | (2) |
| Blue River PetCare, LLC | Delayed Draw Term Loan | 02/11/2028 | 3419 | (8) |
| Blue River PetCare, LLC | Revolver | 08/01/2029 | 559 | (3) |
| Bottomline Technologies, Inc. | Revolver | 05/15/2028 | 1333 | (1) |
| Bridgepointe Technologies, LLC | Delayed Draw Term Loan | 07/03/2026 | 400 |  |
| Bullhorn, Inc. | Delayed Draw Term Loan | 05/11/2026 | 163 | (1) |
| Bullhorn, Inc. | Revolver | 10/01/2029 | 102 |  |
| CCI Buyer, Inc. | Revolver | 05/13/2032 | 441 | (7) |
| COP Collisionright Parent, LLC | Delayed Draw Term Loan | 04/04/2027 | 1600 | (12) |
| COP Collisionright Parent, LLC | Revolver | 01/29/2030 | 943 | (7) |

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[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Schedules of Investments (Unaudited)**

**March 31, 2026**

*(In thousands, except unit amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments — non-controlled/non-affiliated** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** | **Fair Value** |
| CRCI Longhorn Holdings, Inc. | Delayed Draw Term Loan | 08/27/2026 | 882 | (3) |
| CRCI Longhorn Holdings, Inc. | Revolver | 08/27/2031 | 588 | (2) |
| Caerus US 1, Inc. | Revolver | 05/25/2029 | 176 | (1) |
| Carr, Riggs and Ingram Capital, LLC | Delayed Draw Term Loan | 11/18/2026 | 197 | (1) |
| Carr, Riggs and Ingram Capital, LLC | Revolver | 11/18/2031 | 45 |  |
| Catalis Intermediate, Inc. | Revolver | 08/04/2027 | 2514 | (32) |
| Cerity Partners, LLC | Delayed Draw Term Loan | 12/20/2027 | 1605 |  |
| Cerity Partners, LLC | Delayed Draw Term Loan | 01/21/2027 | 14 |  |
| Cerity Partners, LLC | Revolver | 07/28/2031 | 440 |  |
| Chase Intermediate, LLC | Delayed Draw Term Loan | 04/10/2027 | 883 | (16) |
| Chase Intermediate, LLC | Revolver | 10/30/2028 | 129 | (2) |
| Cliffwater, LLC | Revolver | 04/22/2032 | 433 | (6) |
| ComPsych Investment Corp. | Delayed Draw Term Loan | 07/23/2027 | 667 | (3) |
| Computer Services, Inc. | Delayed Draw Term Loan | 11/15/2027 | 1489 | (19) |
| Consor Intermediate II, LLC | Delayed Draw Term Loan | 11/10/2026 | 1331 |  |
| Consor Intermediate II, LLC | Revolver | 05/12/2031 | 451 |  |
| Coupa Holdings, LLC | Delayed Draw Term Loan | 06/03/2027 | 699 |  |
| Coupa Holdings, LLC | Revolver | 02/27/2029 | 536 |  |
| Cyara AcquisitionCo, LLC | Revolver | 06/28/2029 | 887 | (18) |
| Cyber US Bidco, LLC | Delayed Draw Term Loan | 01/02/2029 | 1591 | (28) |
| Cyber US Bidco, LLC | Revolver | 12/30/2032 | 699 | (12) |
| DA Blocker Corp. | Delayed Draw Term Loan | 02/10/2027 | 1653 | (33) |
| DA Blocker Corp. | Revolver | 02/10/2032 | 529 | (11) |
| Deerfield Dakota Holding, LLC | Revolver | 09/13/2032 | 1166 | (13) |
| Diligent Corporation | Delayed Draw Term Loan | 04/30/2026 | 3530 | (57) |
| Diligent Corporation | Revolver | 08/02/2030 | 1835 | (30) |
| Drivecentric Holdings, LLC | Delayed Draw Term Loan | 07/22/2027 | 1125 |  |
| Drivecentric Holdings, LLC | Revolver | 08/15/2031 | 2059 |  |
| Dwyer Instruments, Inc. | Revolver | 07/20/2029 | 1003 | (8) |
| E-Discovery AcquireCo, LLC | Revolver | 08/29/2029 | 440 | (9) |
| EVDR Purchaser, Inc. | Delayed Draw Term Loan | 08/14/2026 | 309 | (1) |
| EVDR Purchaser, Inc. | Revolver | 02/14/2031 | 127 |  |
| Eclipse Buyer, Inc. | Delayed Draw Term Loan | 09/06/2026 | 160 | (1) |
| Eclipse Buyer, Inc. | Revolver | 09/08/2031 | 81 | (1) |
| Emburse, Inc. | Delayed Draw Term Loan | 05/28/2027 | 954 | (7) |
| Emburse, Inc. | Revolver | 05/28/2032 | 954 | (7) |
| Energy Labs Holdings Corp. | Delayed Draw Term Loan | 05/24/2026 | 36 | (1) |
| Energy Labs Holdings Corp. | Revolver | 04/07/2028 | 49 | (1) |
| Espresso Bidco, Inc. | Delayed Draw Term Loan | 03/25/2027 | 112 | (2) |
| Espresso Bidco, Inc. | Revolver | 03/25/2032 | 615 | (12) |
| Essential Services Holding Corporation | Delayed Draw Term Loan | 06/17/2026 | 2231 | (42) |
| Essential Services Holding Corporation | Revolver | 06/17/2030 | 836 | (16) |
| Everbridge Holdings, LLC | Delayed Draw Term Loan | 07/02/2026 | 3783 |  |
| Everbridge Holdings, LLC | Revolver | 07/02/2031 | 2489 |  |
| Express Wash Acquisition Company, LLC | Revolver | 04/10/2031 | 234 | (3) |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Schedules of Investments (Unaudited)**

**March 31, 2026**

*(In thousands, except unit amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments — non-controlled/non-affiliated** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** | **Fair Value** |
| FLS Holding, Inc. | Revolver | 12/17/2027 | 24 | (4) |
| FMG Suite Holdings, LLC | Delayed Draw Term Loan | 09/09/2027 | 1604 | (24) |
| FMG Suite Holdings, LLC | Revolver | 09/09/2032 | 962 | (14) |
| FPG Intermediate Holdco, LLC | Delayed Draw Term Loan | 07/26/2027 | 593 |  |
| Fetch, Inc. | Delayed Draw Term Loan | 10/02/2028 | 5000 | (25) |
| Fetch, Inc. | Revolver | 03/31/2033 | 3000 | (30) |
| Firebird Acquisition Corp, Inc. | Delayed Draw Term Loan | 01/31/2027 | 221 |  |
| Firebird Acquisition Corp, Inc. | Revolver | 02/02/2032 | 150 |  |
| Formstack Acquisition, Co. | Revolver | 03/28/2030 | 1481 | (26) |
| Foundation Risk Partners Corp. | Delayed Draw Term Loan | 02/26/2027 | 150 |  |
| Foundation Risk Partners Corp. | Revolver | 10/29/2029 | 869 |  |
| Fullsteam Operations, LLC | Delayed Draw Term Loan | 08/09/2027 | 2019 | (50) |
| Fullsteam Operations, LLC | Revolver | 08/08/2031 | 673 | (17) |
| GC Waves Holdings, Inc. | Delayed Draw Term Loan | 10/06/2027 | 417 | (1) |
| GC Waves Holdings, Inc. | Revolver | 10/04/2030 | 312 | (1) |
| GPS Merger Sub, LLC | Delayed Draw Term Loan | 10/04/2027 | 410 | (3) |
| GPS Merger Sub, LLC | Revolver | 10/02/2029 | 745 | (6) |
| GS AcquisitionCo, Inc. | Revolver | 05/25/2028 | 658 | (7) |
| Galway Borrower, LLC | Delayed Draw Term Loan | 02/07/2028 | 1184 | (3) |
| Galway Borrower, LLC | Revolver | 09/29/2028 | 267 | (4) |
| GarageCo Intermediate II, LLC | Delayed Draw Term Loan | 08/02/2027 | 1768 | (27) |
| GarageCo Intermediate II, LLC | Revolver | 08/02/2032 | 530 | (8) |
| Gateway US Holdings, Inc. | Revolver | 09/22/2028 | 213 | (1) |
| Goose Borrower, LP | Revolver | 03/02/2033 | 2194 | (22) |
| Granicus, Inc. | Revolver | 01/17/2031 | 1798 |  |
| HSI Halo Acquisition, Inc. | Delayed Draw Term Loan | 06/28/2026 | 1307 | (5) |
| HSI Halo Acquisition, Inc. | Revolver | 06/28/2030 | 1743 | (7) |
| Heartland Veterinary Partners, LLC | Delayed Draw Term Loan | 11/08/2027 | 4879 |  |
| Heartland Veterinary Partners, LLC | Revolver | 06/12/2028 | 1211 |  |
| Higginbotham Insurance Agency, Inc. | Delayed Draw Term Loan | 12/10/2027 | 974 |  |
| Higginbotham Insurance Agency, Inc. | Delayed Draw Term Loan | 09/30/2026 | 106 |  |
| Hootsuite, Inc. | Revolver | 05/22/2030 | 1760 | (40) |
| Hyland Software, Inc. | Revolver | 09/19/2029 | 961 | (1) |
| IG Investment Holdings, LLC | Revolver | 09/22/2028 | 101 |  |
| IQN Holding Corp. | Revolver | 05/02/2028 | 267 |  |
| Icefall Parent, Inc. | Revolver | 01/25/2030 | 506 |  |
| Imagine 360, LLC | Delayed Draw Term Loan | 09/20/2026 | 859 |  |
| Imagine 360, LLC | Revolver | 10/02/2028 | 532 |  |
| Inhabitiq, Inc. | Delayed Draw Term Loan | 01/11/2027 | 957 |  |
| Inhabitiq, Inc. | Revolver | 01/12/2032 | 598 |  |
| Inszone Mid, LLC | Delayed Draw Term Loan | 10/18/2027 | 877 | (7) |
| Inszone Mid, LLC | Revolver | 11/30/2029 | 1331 | (10) |
| Integrity Marketing Acquisition, LLC | Revolver | 08/25/2028 | 290 |  |
| Invictus Buyer, LLC | Delayed Draw Term Loan | 06/03/2026 | 1688 | (4) |
| Invictus Buyer, LLC | Revolver | 06/03/2031 | 625 | (2) |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Schedules of Investments (Unaudited)**

**March 31, 2026**

*(In thousands, except unit amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments — non-controlled/non-affiliated** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** | **Fair Value** |
| Iris Buyer, LLC | Revolver | 10/02/2029 | 429 | (3) |
| Iris Specialty Acquisiton, LLC | Delayed Draw Term Loan | 11/20/2028 | 1785 | (13) |
| Iris Specialty Acquisiton, LLC | Revolver | 11/22/2032 | 1214 | (9) |
| Jawbreaker Parent, Inc. | Delayed Draw Term Loan | 04/20/2026 | 5131 | (50) |
| Jawbreaker Parent, Inc. | Delayed Draw Term Loan | 01/30/2029 | 2069 | (10) |
| Jawbreaker Parent, Inc. | Revolver | 01/31/2033 | 2069 | (20) |
| Jeppesen Holdings, LLC | Revolver | 11/01/2032 | 588 | (6) |
| Jonathan Acquisition Company | Revolver | 05/11/2029 | 393 | (7) |
| KENG Acquisition, Inc. | Revolver | 08/01/2029 | 900 | (14) |
| Kodiak Buyer, LLC | Delayed Draw Term Loan | 07/26/2027 | 429 | (1) |
| Kodiak Buyer, LLC | Revolver | 07/23/2032 | 343 | (1) |
| LHS Borrower, LLC | Revolver | 09/04/2031 | 217 | (4) |
| LJ Avalon Holdings, LLC | Delayed Draw Term Loan | 02/17/2028 | 1263 | (9) |
| LJ Avalon Holdings, LLC | Revolver | 02/01/2029 | 897 |  |
| LeadVenture, Inc. | Delayed Draw Term Loan | 06/23/2027 | 494 | (9) |
| LeadVenture, Inc. | Revolver | 06/23/2032 | 399 | (8) |
| LegitScript, LLC | Revolver | 06/24/2028 | 1677 | (21) |
| LogRhythm, Inc. | Revolver | 07/02/2029 | 273 | (16) |
| MAI Capital Management Intermediate, LLC | Delayed Draw Term Loan | 06/11/2027 | 302 | (6) |
| MAI Capital Management Intermediate, LLC | Revolver | 08/29/2031 | 319 | (6) |
| MRI Software, LLC | Revolver | 02/10/2028 | 1054 | (5) |
| Magneto Components Buyco, LLC | Revolver | 12/05/2029 | 3930 |  |
| Majesco, Inc. | Revolver | 01/07/2033 | 897 | (2) |
| ManTech International CP | Revolver | 09/14/2028 | 2613 |  |
| Merative, LP | Delayed Draw Term Loan | 09/30/2027 | 1129 | (6) |
| Merative, LP | Revolver | 09/30/2032 | 988 | (5) |
| Mobile Communications America, Inc. | Delayed Draw Term Loan | 06/23/2027 | 418 |  |
| Mobile Communications America, Inc. | Revolver | 10/16/2029 | 412 |  |
| Model N, Inc. | Delayed Draw Term Loan | 06/26/2026 | 2765 | (25) |
| Model N, Inc. | Revolver | 06/27/2031 | 1475 | (13) |
| Montana Buyer, Inc. | Revolver | 07/22/2028 | 978 |  |
| NDT Global Holding, Inc. | Delayed Draw Term Loan | 06/04/2027 | 499 | (7) |
| NDT Global Holding, Inc. | Revolver | 06/04/2032 | 423 | (6) |
| NSI Holdings, Inc. | Delayed Draw Term Loan | 11/15/2026 | 263 |  |
| NSI Holdings, Inc. | Revolver | 11/17/2031 | 263 |  |
| Nasuni Corporation | Revolver | 09/10/2030 | 1724 | (28) |
| Netwrix Corporation And Concept Searching, Inc. | Revolver | 06/11/2029 | 316 | (5) |
| OEConnection, LLC | Delayed Draw Term Loan | 12/26/2028 | 1735 | (40) |
| OEConnection, LLC | Revolver | 12/23/2032 | 457 | (11) |
| Oak Purchaser, Inc. | Delayed Draw Term Loan | 08/30/2027 | 1287 | (26) |
| Oak Purchaser, Inc. | Revolver | 05/31/2028 | 840 | (17) |
| One, Inc. Software Corporation | Delayed Draw Term Loan | 12/06/2027 | 1965 | (29) |
| One, Inc. Software Corporation | Revolver | 12/06/2032 | 786 | (12) |
| Onit, Inc. | Delayed Draw Term Loan | 01/27/2027 | 2292 |  |
| Onit, Inc. | Revolver | 01/27/2032 | 764 |  |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Schedules of Investments (Unaudited)**

**March 31, 2026**

*(In thousands, except unit amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments — non-controlled/non-affiliated** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** | **Fair Value** |
| Optimizely North America, Inc. | Revolver | 10/30/2031 | 225 | (7) |
| PDI TA Holdings, Inc. | Revolver | 02/03/2031 | 17 |  |
| PMA Parent Holdings, LLC | Revolver | 01/31/2031 | 245 | (3) |
| PT Intermediate Holdings III, LLC | Delayed Draw Term Loan | 04/08/2026 | 1880 |  |
| Pamlico Avant Holdings, LP | Revolver | 12/31/2032 | 1311 | (20) |
| Pareto Health Intermediate Holdings, Inc. | Revolver | 06/01/2029 | 3104 | (8) |
| Procure Acquireco, Inc. (Procure Analytics) | Delayed Draw Term Loan | 10/31/2026 | 165 |  |
| Procure Acquireco, Inc. (Procure Analytics) | Revolver | 12/20/2028 | 1190 |  |
| Project Accelerate Parent, LLC | Revolver | 02/24/2031 | 188 |  |
| Project Potter Buyer, LLC | Revolver | 04/23/2027 | 535 | (1) |
| Railpros Parent, LLC | Delayed Draw Term Loan | 05/24/2027 | 884 | (7) |
| Railpros Parent, LLC | Revolver | 05/24/2032 | 632 | (5) |
| Randy's Holdings, Inc. | Delayed Draw Term Loan | 06/30/2026 | 142 | (2) |
| Randy's Holdings, Inc. | Delayed Draw Term Loan | 12/20/2027 | 2522 | (32) |
| Randy's Holdings, Inc. | Revolver | 11/01/2029 | 1569 | (20) |
| Raptor Merger Sub Debt, LLC | Revolver | 04/01/2030 | 1417 |  |
| Real Chemistry Intermediate III, Inc. | Delayed Draw Term Loan | 10/11/2027 | 429 | (6) |
| Real Chemistry Intermediate III, Inc. | Revolver | 04/12/2032 | 650 | (10) |
| Redwood Services Group, LLC | Delayed Draw Term Loan | 01/03/2027 | 651 | (5) |
| Revalize, Inc. | Revolver | 04/16/2029 | 922 | (83) |
| Ridge Trail US Bidco, Inc. | Delayed Draw Term Loan | 03/30/2027 | 4564 |  |
| Ridge Trail US Bidco, Inc. | Revolver | 03/31/2031 | 1150 |  |
| Riskonnect Parent, LLC | Revolver | 12/07/2028 | 884 | (4) |
| RoadOne IntermodaLogistics | Revolver | 12/29/2028 | 7 |  |
| Routeware, Inc. | Delayed Draw Term Loan | 09/18/2026 | 565 | (7) |
| Routeware, Inc. | Revolver | 09/18/2031 | 136 | (2) |
| Runway Bidco, LLC | Delayed Draw Term Loan | 12/17/2026 | 362 | (9) |
| Runway Bidco, LLC | Revolver | 12/17/2031 | 181 | (5) |
| SV Newco 2, Inc. | Delayed Draw Term Loan | 03/22/2028 | 1800 | (3) |
| SV Newco 2, Inc. | Revolver | 06/02/2031 | 4608 | (8) |
| Saturn Borrower, Inc. | Delayed Draw Term Loan | 01/24/2027 | 1191 | (25) |
| Saturn Borrower, Inc. | Revolver | 11/10/2028 | 397 | (9) |
| Securonix, Inc. | Revolver | 04/05/2029 | 3782 | (580) |
| Sherlock Buyer Corp. | Revolver | 12/07/2029 | 2876 | (154) |
| Smarsh, Inc. | Delayed Draw Term Loan | 01/31/2027 | 953 | (13) |
| Smarsh, Inc. | Revolver | 02/16/2029 | 632 | (8) |
| Sonny's Enterprises, LLC | Revolver | 08/05/2027 | 477 | (13) |
| Spark Buyer, LLC | Delayed Draw Term Loan | 10/15/2026 | 375 | (32) |
| Spark Buyer, LLC | Revolver | 10/15/2031 | 103 | (9) |
| Specialty Pharma III, Inc. | Revolver | 12/23/2032 | 837 | (8) |
| Stepping Stones Healthcare Services, LLC | Delayed Draw Term Loan | 01/05/2028 | 4290 |  |
| Stepping Stones Healthcare Services, LLC | Revolver | 01/05/2033 | 1612 | (7) |
| Superman Holdings, LLC | Revolver | 08/29/2031 | 967 | (7) |
| Surewerx Purchaser III, Inc. | Delayed Draw Term Loan | 06/29/2026 | 122 |  |
| Surewerx Purchaser III, Inc. | Revolver | 12/28/2028 | 197 |  |

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------

[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Schedules of Investments (Unaudited)**

**March 31, 2026**

*(In thousands, except unit amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments — non-controlled/non-affiliated** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** | **Fair Value** |
| TA Polaris Buyer, Inc. | Delayed Draw Term Loan | 12/12/2028 | 4289 | (63) |
| TA Polaris Buyer, Inc. | Revolver | 12/12/2032 | 1865 | (27) |
| Tamarack Intermediate, LLC | Delayed Draw Term Loan | 07/01/2027 | 325 | (2) |
| Tamarack Intermediate, LLC | Revolver | 03/12/2029 | 2602 | (13) |
| Tank Holding Corp. | Revolver | 03/31/2028 | 1333 | (147) |
| Thrive Buyer, Inc. (Thrive Networks) | Delayed Draw Term Loan | 01/31/2027 | 972 | (7) |
| Thrive Buyer, Inc. (Thrive Networks) | Revolver | 02/02/2032 | 729 | (5) |
| Tidi Legacy Products, Inc. | Revolver | 12/19/2029 | 585 |  |
| Transit Technologies, LLC | Delayed Draw Term Loan | 08/20/2026 | 587 | (9) |
| Transit Technologies, LLC | Delayed Draw Term Loan | 08/20/2027 | 366 | (6) |
| Transit Technologies, LLC | Revolver | 08/20/2030 | 545 | (8) |
| Trintech, Inc. | Delayed Draw Term Loan | 01/28/2028 | 1561 | (8) |
| Trintech, Inc. | Revolver | 01/28/2033 | 1171 | (11) |
| Trunk Acquisition, Inc. | Delayed Draw Term Loan | 12/20/2026 | 80 |  |
| Trunk Acquisition, Inc. | Revolver | 02/19/2030 | 1072 | (6) |
| UHY Advisors, Inc. | Delayed Draw Term Loan | 11/22/2026 | 373 | (1) |
| UHY Advisors, Inc. | Revolver | 11/21/2031 | 57 |  |
| V Global Holdings, LLC | Revolver | 01/02/2029 | 693 | (65) |
| VRC Companies, LLC | Revolver | 06/29/2027 | 293 |  |
| Vamos Bidco, Inc. | Delayed Draw Term Loan | 01/30/2027 | 1125 | (28) |
| Vamos Bidco, Inc. | Revolver | 01/30/2032 | 337 | (8) |
| Vanco Payment Solutions, LLC | Revolver | 12/01/2031 | 351 | (7) |
| Vehlo Purchaser, LLC | Revolver | 05/24/2028 | 3016 | (53) |
| Vensure Employer Services, Inc. | Delayed Draw Term Loan | 03/06/2028 | 170 | (1) |
| Verdantas, LLC | Revolver | 05/06/2030 | 1333 | (12) |
| Vertex Service Partners, LLC | Delayed Draw Term Loan | 10/01/2026 | 201 | (4) |
| Vertex Service Partners, LLC | Revolver | 11/08/2030 | 101 | (2) |
| Vessco Midco Holdings, LLC | Delayed Draw Term Loan | 07/24/2026 | 43 |  |
| Vessco Midco Holdings, LLC | Delayed Draw Term Loan | 05/03/2028 | 1972 | (19) |
| Vessco Midco Holdings, LLC | Revolver | 07/24/2031 | 189 | (2) |
| Victors Purchaser, LLC | Delayed Draw Term Loan | 12/23/2027 | 368 |  |
| Victors Purchaser, LLC | Revolver | 12/23/2032 | 302 |  |
| WIPFLI Advisory, LLC | Delayed Draw Term Loan | 04/01/2028 | 1269 | (13) |
| WIPFLI Advisory, LLC | Revolver | 10/01/2032 | 846 | (8) |
| YI, LLC | Revolver | 12/03/2029 | 1373 | (1) |
| Zarya Intermediate, LLC | Revolver | 07/01/2027 | 2406 | (37) |
| Zenith Acquisitionco, LLC | Delayed Draw Term Loan | 01/13/2033 | 2565 | (7) |
| Zenith Acquisitionco, LLC | Revolver | 01/13/2033 | 1009 | (5) |
| eShipping, LLC | Delayed Draw Term Loan | 12/23/2027 | 2149 | (21) |
| eShipping, LLC | Revolver | 12/23/2032 | 1008 | (10) |
| iCIMS, Inc. | Revolver | 08/18/2028 | 134 | (3) |
| mPulse Mobile, Inc. | Delayed Draw Term Loan | 08/26/2027 | 865 | (24) |
| mPulse Mobile, Inc. | Revolver | 02/25/2033 | 1298 | (36) |
| **Total First Lien Debt Unfunded Commitments — non-controlled/non-affiliated** |  |  | $**298698** | $**(3647)** |

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------

[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Schedules of Investments (Unaudited)**

**March 31, 2026**

*(In thousands, except unit amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments — non-controlled/non-affiliated** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** | **Fair Value** |
| **First Lien Debt — non-controlled/affiliated** |  |  |  |  |
| Alpine Acquisition Corp. II | Delayed Draw Term Loan | 01/14/2028 | 233 | (2) |
| Alpine Acquisition Corp. II | Revolver | 01/14/2031 | 932 | (45) |
| KWOR Acquisition, Inc. | Delayed Draw Term Loan | 02/28/2027 | 1946 |  |
| KWOR Acquisition, Inc. | Revolver | 02/28/2030 | 1427 |  |
| **Total First Lien Debt Unfunded Commitments — non-controlled/affiliated** |  |  | $**4538** | $**(47)** |
| **Total Unfunded Commitments** |  |  | $**303236** | $**(3694)** |

---

(18)As defined in the 1940 Act, the Company is deemed to be an "affiliated person" of the portfolio company as the Company owns, either directly or indirectly, 5% or more of the portfolio company's voting securities ("non-controlled affiliate"). Transactions related to investments in non-controlled affiliates for the three months ended March 31, 2026 were as follows:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value as of December 31, 2025** | **Gross Additions** <sup>(c)</sup> | **Gross Reductions** <sup>(d)</sup> | **Net Change in Unrealized Gains (Losses)** | **Net Realized Gain (Loss)** | **Fair Value as of March 31, 2026** | **Interest, Dividend and Other Income** |
| KWOR Acquisition, Inc.<sup>(a)</sup> | $13510 | $191 | $(6090) | $(1894) | $— | $5716 | $216 |
| Alpine Acquisition Corp. II <sup>(b)</sup> |  | 11692 |  |  |  | 11692 | 41 |
| **Total** | $13510 | $11883 | $(6090) | $(1894) | $— | $17408 | $257 |

---

(a)Inclusive of positions titled KWOR Intermediate I, Inc.

(b)Inclusive of positions titled 48Forty TopCo, LLC.

(c)Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, payment-in-kind ("PIK") interest, the accretion of discounts, 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.

(d)Gross reductions may 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.

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

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[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Schedules of Investments**

**December 31, 2025**

*(In thousands, except unit and per unit amounts)*

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments**<sup>(1)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest<br>Rate**<sup>(2)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(3)</sup> | **Cost**<sup>(4)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| **Debt Investments - non-controlled/non-affiliated** |  |  |  |  |  |  |  |  |  |  |
| **Aerospace & Defense** |  |  |  |  |  |  |  |  |  |  |
| GB Eagle Buyer, Inc. | (5) (7) (9) (10) | First Lien Debt | S + | 4.50% | 8.35% | 11/29/2030 | 10280 | $10179 | $10179 | 0.91% |
| GB Eagle Buyer, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.35% | 11/29/2030 |  | (12) | (12) |  |
| GB Eagle Buyer, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.35% | 11/29/2030 |  | (15) | (15) |  |
| Jonathan Acquisition Company | (5) (6) (9) | First Lien Debt | S + | 4.50% | 8.34% | 11/12/2029 | 3564 | 3512 | 3512 | 0.31 |
| Jonathan Acquisition Company | (5) (6) (17) | First Lien Debt | S + | 4.50% | 8.34% | 05/11/2029 |  | (6) | (6) |  |
| ManTech International CP | (5) (7) (9) | First Lien Debt | S + | 4.50% | 8.29% | 09/14/2029 | 17967 | 17762 | 17967 | 1.60 |
| ManTech International CP | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.29% | 09/14/2029 |  | (4) |  |  |
| ManTech International CP | (5) (7) (17) | First Lien Debt | P + | 3.50% | 10.25% | 09/14/2028 |  | (24) |  |  |
|  |  |  |  |  |  |  |  | 31392 | 31625 | 2.82 |
| **Air Freight & Logistics** |  |  |  |  |  |  |  |  |  |  |
| AGI-CFI Holdings, Inc. | (5) (7) (11) | First Lien Debt | S + | 4.75% | 8.57% | 06/11/2027 | 10831 | 10758 | 10776 | 0.96 |
| RoadOne IntermodaLogistics | (5) (6) (9) | First Lien Debt | S + | 6.25% | 9.95% | 12/29/2028 | 330 | 324 | 317 | 0.03 |
| RoadOne IntermodaLogistics | (5) (6) | First Lien Debt | S + | 6.25% | 9.95% | 12/29/2028 | 30 | 30 | 29 |  |
| RoadOne IntermodaLogistics | (5) (6) (17) | First Lien Debt | S + | 6.25% | 9.95% | 12/29/2028 | 60 | 59 | 57 | 0.01 |
|  |  |  |  |  |  |  |  | 11171 | 11179 | 1.00 |
| **Automobile Components** |  |  |  |  |  |  |  |  |  |  |
| Continental Battery Company | (5) (10) (12) (13) | First Lien Debt | S + | 7.00% PIK | 11.29% | 07/20/2028 | 6473 | 6415 | 2740 | 0.24 |
| OEConnection, LLC | (5) (7) (10) | First Lien Debt | S + | 4.50% | 8.23% | 12/23/2032 | 2958 | 2943 | 2943 | 0.26 |
| OEConnection, LLC | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.23% | 12/23/2032 |  | (4) | (4) |  |
| OEConnection, LLC | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.23% | 12/23/2032 |  | (2) | (2) |  |
| Randy's Holdings, Inc. | (5) (6) (9) | First Lien Debt | S + | 5.00% | 8.71% | 11/01/2029 | 12644 | 12409 | 12518 | 1.11 |
| Randy's Holdings, Inc. | (5) (6) (17) | First Lien Debt | S + | 5.00% | 8.71% | 11/01/2029 | 3338 | 3249 | 3284 | 0.29 |
| Randy's Holdings, Inc. | (5) (6) (17) | First Lien Debt | S + | 5.00% | 8.71% | 11/01/2029 |  | (27) | (17) |  |
| Sonny's Enterprises, LLC | (5) (6) (9) | First Lien Debt | S + | 5.50% | 9.52% | 08/05/2028 | 11175 | 11020 | 10859 | 0.97 |
| Sonny's Enterprises, LLC | (5) (6) | First Lien Debt | S + | 5.50% | 9.52% | 08/05/2028 | 2667 | 2633 | 2591 | 0.23 |
| Sonny's Enterprises, LLC | (5) (6) (17) | First Lien Debt | S + | 5.50% | 9.52% | 08/05/2027 | 963 | 940 | 895 | 0.08 |
|  |  |  |  |  |  |  |  | 39576 | 35807 | 3.18 |
| **Automobiles** |  |  |  |  |  |  |  |  |  |  |
| COP Collisionright Parent, LLC | (5) (6) (9) | First Lien Debt | S + | 4.75% | 8.59% | 01/29/2030 | 6739 | 6643 | 6722 | 0.60 |
| COP Collisionright Parent, LLC | (5) (6) (17) | First Lien Debt | S + | 4.75% | 8.59% | 01/29/2030 | 4054 | 3987 | 4039 | 0.36 |
| COP Collisionright Parent, LLC | (5) (6) (17) | First Lien Debt | S + | 4.75% | 8.59% | 01/29/2030 | 157 | 142 | 155 | 0.01 |
| Drivecentric Holdings, LLC | (5) (7) (11) | First Lien Debt | S + | 4.50% | 8.19% | 08/15/2031 | 16566 | 16424 | 16566 | 1.47 |
| Drivecentric Holdings, LLC | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.19% | 08/15/2031 |  | (5) |  |  |
| Drivecentric Holdings, LLC | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.19% | 08/15/2031 |  | (16) |  |  |
| LeadVenture, Inc. | (5) (7) (11) | First Lien Debt | S + | 5.25% | 8.92% | 06/23/2032 | 4378 | 4316 | 4378 | 0.39 |
| LeadVenture, Inc. | (5) (7) (17) | First Lien Debt | S + | 5.25% | 8.92% | 06/23/2032 | 275 | 267 | 275 | 0.02 |
| LeadVenture, Inc. | (5) (7) (17) | First Lien Debt | S + | 5.25% | 8.92% | 06/23/2032 | 84 | 78 | 84 | 0.01 |
| Turbo Buyer, Inc. | (5) (6) | First Lien Debt | S + | 6.00% | 9.82% | 06/02/2026 | 972 | 967 | 972 | 0.09 |
| Vehlo Purchaser, LLC | (5) (7) (11) | First Lien Debt | S + | 5.50% | 9.22% | 05/24/2028 | 9689 | 9616 | 9618 | 0.86 |
| Vehlo Purchaser, LLC | (5) (7) (11) | First Lien Debt | S + | 5.50% | 9.22% | 05/24/2028 | 1314 | 1303 | 1314 | 0.12 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Schedules of Investments**

**December 31, 2025**

*(In thousands, except unit and per unit amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments**<sup>(1)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest<br>Rate**<sup>(2)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(3)</sup> | **Cost**<sup>(4)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| Vehlo Purchaser, LLC | (5) (7) (17) | First Lien Debt | S + | 5.50% | 9.22% | 05/24/2028 |  | (23) |  |  |
|  |  |  |  |  |  |  |  | 43699 | 44123 | 3.93 |
| **Banks** |  |  |  |  |  |  |  |  |  |  |
| Computer Services, Inc. | (5) (6) (9) | First Lien Debt | S + | 4.50% | 8.17% | 11/17/2031 | 3251 | 3235 | 3235 | 0.29 |
| Computer Services, Inc. | (5) (6) (17) | First Lien Debt | S + | 4.50% | 8.17% | 11/17/2031 |  | (3) | (3) |  |
|  |  |  |  |  |  |  |  | 3232 | 3232 | 0.29 |
| **Beverages** |  |  |  |  |  |  |  |  |  |  |
| Vamos Bidco, Inc. | (5) (8) (9) | First Lien Debt | S + | 4.75% | 8.42% | 01/30/2032 | 2686 | 2662 | 2666 | 0.24 |
| Vamos Bidco, Inc. | (5) (8) (17) | First Lien Debt | S + | 4.75% | 8.42% | 01/30/2032 |  | (5) | (8) |  |
| Vamos Bidco, Inc. | (5) (8) (17) | First Lien Debt | S + | 4.75% | 8.42% | 01/30/2032 |  | (3) | (3) |  |
|  |  |  |  |  |  |  |  | 2654 | 2655 | 0.24 |
| **Building Products** |  |  |  |  |  |  |  |  |  |  |
| Project Potter Buyer, LLC | (5) (6) (11) | First Lien Debt | S + | 5.25% | 8.92% | 04/23/2027 | 8817 | 8814 | 8817 | 0.78 |
| Project Potter Buyer, LLC | (5) (6) (17) | First Lien Debt | S + | 5.25% | 8.92% | 04/23/2027 |  |  |  |  |
|  |  |  |  |  |  |  |  | 8814 | 8817 | 0.78 |
| **Chemicals** |  |  |  |  |  |  |  |  |  |  |
| Tank Holding Corp. | (7) (9) | First Lien Debt | S + | 6.00% | 9.59% | 03/31/2028 | 26380 | 26124 | 24104 | 2.15 |
| Tank Holding Corp. | (7) | First Lien Debt | S + | 6.00% | 9.59% | 03/31/2028 | 1011 | 994 | 923 | 0.08 |
| Tank Holding Corp. | (7) (17) | First Lien Debt | S + | 6.00% | 9.59% | 03/31/2028 |  | (10) | (115) |  |
| V Global Holdings, LLC | (5) (7) (11) | First Lien Debt | S + | 6.25% (incl. 3.70% PIK) | 9.77% | 01/02/2029 | 7737 | 7672 | 7125 | 0.63 |
| V Global Holdings, LLC | (5) (7) (17) | First Lien Debt | S + | 6.25% (incl. 3.70% PIK) | 9.77% | 01/02/2029 | 455 | 450 | 369 | 0.03 |
|  |  |  |  |  |  |  |  | 35230 | 32406 | 2.89 |
| **Commercial Services & Supplies** |  |  |  |  |  |  |  |  |  |  |
| Astra Service Partners, LLC | (5) (7) (9) (10) | First Lien Debt | S + | 4.50% | 8.34% | 11/26/2032 | 9015 | 8948 | 8948 | 0.80 |
| Astra Service Partners, LLC | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.34% | 11/26/2032 |  | (11) | (11) |  |
| Atlas US Finco, Inc. | (5) (6) (11) (14) | First Lien Debt | S + | 4.75% | 8.61% | 12/09/2029 | 16822 | 16549 | 16822 | 1.50 |
| Atlas US Finco, Inc. | (5) (6) (9) (14) | First Lien Debt | S + | 4.75% | 8.61% | 12/10/2029 | 2972 | 2959 | 2972 | 0.26 |
| Atlas US Finco, Inc. | (5) (6) (14) (17) | First Lien Debt | S + | 4.75% | 8.61% | 12/09/2028 |  | (10) |  |  |
| BPG Holdings IV Corp. | (5) (7) (10) | First Lien Debt | S + | 7.00% (incl. 5.00% PIK) | 10.67% | 07/30/2029 | 8622 | 8283 | 6782 | 0.60 |
| Consor Intermediate II, LLC | (5) (7) (11) | First Lien Debt | S + | 4.50% | 8.17% | 05/12/2031 | 3369 | 3345 | 3365 | 0.30 |
| Consor Intermediate II, LLC | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.17% | 05/12/2031 |  | (8) | (2) |  |
| Consor Intermediate II, LLC | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.17% | 05/12/2031 | 120 | 116 | 120 | 0.01 |
| CRCI Longhorn Holdings, Inc. | (5) (7) (10) | First Lien Debt | S + | 4.75% | 8.47% | 08/27/2031 | 3494 | 3464 | 3494 | 0.31 |
| CRCI Longhorn Holdings, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.47% | 08/27/2031 |  | (4) |  |  |
| CRCI Longhorn Holdings, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.47% | 08/27/2031 |  | (5) |  |  |
| Energy Labs Holdings Corp. | (5) (6) (9) | First Lien Debt | S + | 5.00% | 8.82% | 04/07/2028 | 392 | 389 | 383 | 0.03 |
| Energy Labs Holdings Corp. | (5) (6) | First Lien Debt | S + | 5.00% | 8.82% | 04/07/2028 | 115 | 114 | 112 | 0.01 |
| Energy Labs Holdings Corp. | (5) (6) (17) | First Lien Debt | S + | 5.00% | 8.82% | 04/07/2028 | 28 | 27 | 26 |  |
| Firebird Acquisition Corp, Inc. | (5) (7) (10) | First Lien Debt | S + | 5.00% (incl. 2.75% PIK) | 8.84% | 02/02/2032 | 864 | 860 | 864 | 0.08 |
| Firebird Acquisition Corp, Inc. | (5) (7) (17) | First Lien Debt | S + | 5.00% (incl. 2.75% PIK) | 8.84% | 02/02/2032 | 202 | 201 | 202 | 0.02 |
| Firebird Acquisition Corp, Inc. | (5) (7) (17) | First Lien Debt | S + | 5.00% (incl. 2.75% PIK) | 8.84% | 02/02/2032 |  | (1) |  |  |
| FLS Holding, Inc. | (5) (6) (11) (14) | First Lien Debt | S + | 5.25% | 9.07% | 12/15/2028 | 19883 | 19685 | 16945 | 1.51 |
| FLS Holding, Inc. | (5) (6) (9) (14) | First Lien Debt | S + | 5.25% | 9.07% | 12/15/2028 | 4662 | 4616 | 3973 | 0.35 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Schedules of Investments**

**December 31, 2025**

*(In thousands, except unit and per unit amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments**<sup>(1)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest<br>Rate**<sup>(2)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(3)</sup> | **Cost**<sup>(4)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| FLS Holding, Inc. | (5) (6) (14) (17) | First Lien Debt | S + | 5.25% | 9.07% | 12/17/2027 | 1898 | 1886 | 1614 | 0.14 |
| Hercules Borrower, LLC | (5) (7) (11) | First Lien Debt | S + | 4.75% | 8.42% | 12/15/2028 | 4959 | 4931 | 4909 | 0.44 |
| HSI Halo Acquisition, Inc. | (5) (7) (11) | First Lien Debt | S + | 5.00% | 8.84% | 06/30/2031 | 14496 | 14375 | 14438 | 1.28 |
| HSI Halo Acquisition, Inc. | (5) (7) (17) | First Lien Debt | S + | 5.00% | 8.84% | 06/30/2031 | 1301 | 1286 | 1290 | 0.11 |
| HSI Halo Acquisition, Inc. | (5) (7) (17) | First Lien Debt | S + | 5.00% | 8.84% | 06/28/2030 |  | (13) | (7) |  |
| Iris Buyer, LLC | (5) (6) (10) (14) | First Lien Debt | S + | 5.25% | 9.09% | 10/02/2030 | 3021 | 2959 | 3013 | 0.27 |
| Iris Buyer, LLC | (5) (6) (10) (14) | First Lien Debt | S + | 5.25% | 9.09% | 10/02/2030 | 278 | 272 | 277 | 0.02 |
| Iris Buyer, LLC | (5) (6) (10) (14) (17) | First Lien Debt | S + | 5.25% | 9.09% | 10/02/2029 |  | (7) | (1) |  |
| Procure Acquireco, Inc. (Procure Analytics) | (5) (7) (11) | First Lien Debt | S + | 4.75% | 8.42% | 12/20/2028 | 17394 | 17221 | 17394 | 1.55 |
| Procure Acquireco, Inc. (Procure Analytics) | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.42% | 12/20/2028 | 976 | 965 | 976 | 0.09 |
| Procure Acquireco, Inc. (Procure Analytics) | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.42% | 12/20/2028 |  | (10) |  |  |
| Railpros Parent, LLC | (5) (7) (9) | First Lien Debt | S + | 4.25% | 8.13% | 05/24/2032 | 4095 | 4057 | 4054 | 0.36 |
| Railpros Parent, LLC | (5) (7) (17) | First Lien Debt | S + | 4.25% | 8.13% | 05/24/2032 |  | (6) | (13) |  |
| Railpros Parent, LLC | (5) (7) (17) | First Lien Debt | S + | 4.25% | 8.13% | 05/24/2032 |  | (6) | (6) |  |
| Routeware, Inc. | (5) (6) (9) | First Lien Debt | S + | 5.25% | 8.95% | 09/18/2031 | 1591 | 1577 | 1586 | 0.14 |
| Routeware, Inc. | (5) (6) (17) | First Lien Debt | S + | 5.25% | 8.95% | 09/18/2031 | 97 | 93 | 94 | 0.01 |
| Routeware, Inc. | (5) (6) (17) | First Lien Debt | S + | 5.25% | 8.95% | 09/18/2031 | 34 | 33 | 34 |  |
| Sherlock Buyer Corp. | (5) (6) (11) | First Lien Debt | S + | 5.75% | 9.42% | 12/06/2030 | 23993 | 23747 | 23236 | 2.07 |
| Sherlock Buyer Corp. | (5) (6) (17) | First Lien Debt | S + | 5.75% | 9.42% | 12/07/2029 |  | (21) | (91) |  |
| Surewerx Purchaser III, Inc. | (5) (7) (10) (14) | First Lien Debt | S + | 5.25% | 8.92% | 12/28/2029 | 1191 | 1168 | 1189 | 0.11 |
| Surewerx Purchaser III, Inc. | (5) (7) (14) | First Lien Debt | C + | 5.25% | 7.51% | 12/28/2029 | C$316 | 228 | 230 | 0.02 |
| Surewerx Purchaser III, Inc. | (5) (7) (14) (17) | First Lien Debt | S + | 5.25% | 8.92% | 12/28/2029 |  | (2) |  |  |
| Surewerx Purchaser III, Inc. | (5) (7) (14) (17) | First Lien Debt | S + | 5.25% | 8.92% | 12/28/2028 |  | (3) |  |  |
| Sweep Midco, LLC | (5) (11) | Second Lien Debt |  |  |  | 03/12/2034 | 580 | 290 | 390 | 0.03 |
| Sweep Midco, LLC | (5) (11) | Second Lien Debt |  |  |  | 03/12/2036 | 1686 |  |  |  |
| Sweep Purchaser, LLC | (5) (6) (11) | First Lien Debt | S + | 5.75% PIK | 9.58% | 06/30/2027 | 2339 | 2339 | 2339 | 0.21 |
| Sweep Purchaser, LLC | (5) (6) (11) | First Lien Debt | S + | 5.75% | 9.58% | 06/30/2027 | 1084 | 1084 | 1084 | 0.10 |
| Tamarack Intermediate, LLC | (5) (7) (10) | First Lien Debt | S + | 5.00% | 8.90% | 03/12/2029 | 17001 | 16828 | 16959 | 1.51 |
| Tamarack Intermediate, LLC | (5) (7) (17) | First Lien Debt | S + | 5.00% | 8.90% | 03/12/2029 | 1756 | 1726 | 1750 | 0.16 |
| Tamarack Intermediate, LLC | (5) (7) (17) | First Lien Debt | S + | 5.00% | 8.90% | 03/12/2029 |  | (23) | (7) |  |
| Transit Technologies, LLC | (5) (7) (11) | First Lien Debt | S + | 5.00% | 8.59% | 08/20/2031 | 4179 | 4142 | 4164 | 0.37 |
| Transit Technologies, LLC | (5) (7) (17) | First Lien Debt | S + | 5.00% | 8.59% | 08/20/2031 | 319 | 312 | 316 | 0.03 |
| Transit Technologies, LLC | (5) (7) (17) | First Lien Debt | S + | 5.00% | 8.59% | 08/20/2030 |  | (4) |  |  |
| Vensure Employer Services, Inc. | (5) (8) | First Lien Debt | S + | 5.00% | 8.70% | 09/29/2031 | 2438 | 2417 | 2438 | 0.22 |
| Vensure Employer Services, Inc. | (5) (8) (17) | First Lien Debt | S + | 5.00% | 8.70% | 09/29/2031 |  | (1) |  |  |
| VRC Companies, LLC | (5) (7) (10) | First Lien Debt | S + | 5.50% | 9.31% | 06/29/2027 | 33652 | 33484 | 33652 | 2.99 |
| VRC Companies, LLC | (5) (7) | First Lien Debt | S + | 5.50% | 9.31% | 06/29/2027 | 989 | 982 | 989 | 0.09 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Schedules of Investments**

**December 31, 2025**

*(In thousands, except unit and per unit amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments**<sup>(1)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest<br>Rate**<sup>(2)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(3)</sup> | **Cost**<sup>(4)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| VRC Companies, LLC | (5) (7) (17) | First Lien Debt | S + | 5.50% | 9.31% | 06/29/2027 |  |  |  |  |
|  |  |  |  |  |  |  |  | 207823 | 203285 | 18.10 |
| **Construction & Engineering** |  |  |  |  |  |  |  |  |  |  |
| Arcoro Holdings Corp. | (5) (6) (11) | First Lien Debt | S + | 5.50% | 9.17% | 03/28/2030 | 8565 | 8434 | 8418 | 0.75 |
| Arcoro Holdings Corp. | (5) (6) (17) | First Lien Debt | S + | 5.50% | 9.17% | 03/28/2030 |  | (18) | (22) |  |
| KPSKY Acquisition, Inc. | (5) (7) (9) | First Lien Debt | S + | 5.50% | 9.44% | 10/19/2028 | 7882 | 7798 | 7166 | 0.64 |
| LJ Avalon Holdings, LLC | (5) (6) (9) (11) | First Lien Debt | S + | 4.50% | 8.46% | 02/01/2030 | 4089 | 4032 | 4089 | 0.36 |
| LJ Avalon Holdings, LLC | (5) (6) (17) | First Lien Debt | S + | 4.50% | 8.46% | 02/01/2030 | 3642 | 3598 | 3642 | 0.32 |
| LJ Avalon Holdings, LLC | (5) (6) (17) | First Lien Debt | S + | 4.50% | 8.46% | 02/01/2029 |  | (10) |  |  |
| Superman Holdings, LLC | (5) (7) (9) | First Lien Debt | S + | 4.50% | 8.17% | 08/29/2031 | 6616 | 6587 | 6616 | 0.59 |
| Superman Holdings, LLC | (5) (7) (9) | First Lien Debt | S + | 4.50% | 8.17% | 08/29/2031 | 2168 | 2152 | 2168 | 0.19 |
| Superman Holdings, LLC | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.17% | 08/29/2031 |  | (4) |  |  |
|  |  |  |  |  |  |  |  | 32569 | 32077 | 2.85 |
| **Consumer Staples Distribution & Retail** |  |  |  |  |  |  |  |  |  |  |
| PDI TA Holdings, Inc. | (5) (7) (9) | First Lien Debt | S + | 5.50% | 9.34% | 02/03/2031 | 3117 | 3092 | 3070 | 0.27 |
| PDI TA Holdings, Inc. | (5) (7) (17) | First Lien Debt | S + | 5.50% | 9.34% | 02/03/2031 | 191 | 189 | 186 | 0.02 |
|  |  |  |  |  |  |  |  | 3281 | 3256 | 0.29 |
| **Containers & Packaging** |  |  |  |  |  |  |  |  |  |  |
| BP Purchaser, LLC | (5) (7) (11) | First Lien Debt | S + | 5.50% | 9.48% | 12/11/2028 | 28122 | 27856 | 21985 | 1.96 |
| **Distributors** |  |  |  |  |  |  |  |  |  |  |
| 48Forty Solutions, LLC | (5) (9) (13) | First Lien Debt | S + | 6.00% | 10.48% | 11/30/2029 | 26098 | 25821 | 10700 | 0.95 |
| 48Forty Solutions, LLC | (5) (13) (17) | First Lien Debt | S + | 6.00% | 10.48% | 11/30/2029 | 3131 | 3038 | 817 | 0.07 |
| ABB Concise Optical Group, LLC | (5) (7) (11) | First Lien Debt | S + | 7.50% | 11.34% | 02/23/2028 | 17008 | 16822 | 16370 | 1.46 |
| PT Intermediate Holdings III, LLC | (5) (7) (9) (10) (11) | First Lien Debt | S + | 5.00% (incl. 1.75% PIK) | 8.67% | 04/09/2030 | 32219 | 31964 | 32219 | 2.87 |
| PT Intermediate Holdings III, LLC | (5) (7) (17) | First Lien Debt | S + | 5.00% (incl. 1.75% PIK) | 8.67% | 04/09/2030 |  | (2) |  |  |
|  |  |  |  |  |  |  |  | 77643 | 60106 | 5.35 |
| **Diversified Consumer Services** |  |  |  |  |  |  |  |  |  |  |
| Any Hour, LLC | (5) (8) (11) | First Lien Debt | S + | 5.25% | 8.92% | 05/23/2030 | 10515 | 10392 | 10046 | 0.89 |
| Any Hour, LLC | (5) (8) (17) | First Lien Debt | S + | 5.25% | 8.92% | 05/23/2030 | 298 | 279 | 159 | 0.01 |
| Any Hour, LLC | (5) (8) (17) | First Lien Debt | S + | 5.25% | 8.92% | 05/23/2030 | 1309 | 1292 | 1239 | 0.11 |
| Any Hour, LLC | (5) | Other Debt |  | 13.00% PIK | 13.00% | 05/23/2031 | 3264 | 3219 | 3100 | 0.28 |
| Apex Service Partners, LLC | (5) (6) (9) | First Lien Debt | S + | 5.00% | 8.82% | 10/24/2030 | 21989 | 21677 | 21975 | 1.96 |
| Apex Service Partners, LLC | (5) (6) (9) (11) | First Lien Debt | S + | 5.00% | 8.82% | 10/24/2030 | 5234 | 5145 | 5230 | 0.47 |
| Apex Service Partners, LLC | (5) (6) (17) | First Lien Debt | S + | 5.00% | 8.82% | 10/24/2029 | 459 | 438 | 458 | 0.04 |
| DA Blocker Corp. | (5) (7) (9) (14) | First Lien Debt | S + | 4.75% | 8.42% | 02/10/2032 | 5290 | 5243 | 5277 | 0.47 |
| DA Blocker Corp. | (5) (7) (14) (17) | First Lien Debt | S + | 4.75% | 8.42% | 02/10/2032 |  | (7) | (4) |  |
| DA Blocker Corp. | (5) (7) (14) (17) | First Lien Debt | S + | 4.75% | 8.42% | 02/10/2032 |  | (5) | (1) |  |
| Eclipse Buyer, Inc. | (5) (8) (10) | First Lien Debt | S + | 4.50% | 8.25% | 09/08/2031 | 943 | 935 | 943 | 0.08 |
| Eclipse Buyer, Inc. | (5) (8) (17) | First Lien Debt | S + | 4.50% | 8.25% | 09/08/2031 |  | (1) |  |  |
| Eclipse Buyer, Inc. | (5) (8) (17) | First Lien Debt | S + | 4.50% | 8.25% | 09/08/2031 |  | (1) |  |  |
| Essential Services Holding Corporation | (5) (7) (11) | First Lien Debt | S + | 5.00% | 8.88% | 06/17/2031 | 11375 | 11281 | 11344 | 1.01 |
| Essential Services Holding Corporation | (5) (7) (17) | First Lien Debt | S + | 5.00% | 8.88% | 06/17/2031 |  | (9) | (6) |  |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Schedules of Investments**

**December 31, 2025**

*(In thousands, except unit and per unit amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments**<sup>(1)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest<br>Rate**<sup>(2)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(3)</sup> | **Cost**<sup>(4)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| Essential Services Holding Corporation | (5) (7) (17) | First Lien Debt | S + | 5.00% | 8.88% | 06/17/2030 | 558 | 547 | 554 | 0.05 |
| EVDR Purchaser, Inc. | (5) (7) (9) | First Lien Debt | S + | 4.50% | 8.23% | 02/14/2031 | 4066 | 4034 | 4059 | 0.36 |
| EVDR Purchaser, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.23% | 02/14/2031 |  | (2) | (1) |  |
| EVDR Purchaser, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.23% | 02/14/2031 | 37 | 34 | 37 |  |
| Express Wash Acquisition Company, LLC | (5) (6) (9) (10) | First Lien Debt | S + | 6.25% | 10.18% | 04/10/2031 | 3951 | 3870 | 3911 | 0.35 |
| Express Wash Acquisition Company, LLC | (5) (6) (17) | First Lien Debt | S + | 6.25% | 10.18% | 04/10/2031 |  | (4) | (2) |  |
| FPG Intermediate Holdco, LLC | (5) (6) | First Lien Debt | S + | 5.00% PIK | 8.84% | 07/02/2029 | 3172 | 3118 | 3014 | 0.27 |
| FPG Intermediate Holdco, LLC | (5) (6) (17) | First Lien Debt | S + | 5.00% PIK | 8.84% | 07/02/2029 | 646 | 646 | 646 | 0.06 |
| FPG Intermediate Holdco, LLC | (5) (6) | First Lien Debt | S + | 5.00% PIK | 8.84% | 06/29/2029 | 436 | 436 | 436 | 0.04 |
| GarageCo Intermediate II, LLC | (5) (7) (11) | First Lien Debt | S + | 4.25% | 8.10% | 08/02/2032 | 1202 | 1191 | 1190 | 0.11 |
| GarageCo Intermediate II, LLC | (5) (7) (17) | First Lien Debt | S + | 4.25% | 8.10% | 08/02/2032 |  | (8) | (18) |  |
| GarageCo Intermediate II, LLC | (5) (7) (17) | First Lien Debt | S + | 4.25% | 8.10% | 07/30/2032 |  | (5) | (5) |  |
| Heartland Home Services | (5) (7) (9) | First Lien Debt | S + | 5.75% | 9.52% | 12/15/2026 | 20966 | 20916 | 20469 | 1.82 |
| Kodiak Buyer, LLC | (5) (7) (11) | First Lien Debt | S + | 4.50% | 8.17% | 07/26/2032 | 1227 | 1216 | 1227 | 0.11 |
| Kodiak Buyer, LLC | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.17% | 07/26/2032 |  | (2) |  |  |
| Kodiak Buyer, LLC | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.17% | 07/23/2032 |  | (3) |  |  |
| LHS Borrower, LLC | (5) (7) (11) | First Lien Debt | S + | 5.25% | 8.97% | 09/04/2031 | 3836 | 3780 | 3778 | 0.34 |
| LHS Borrower, LLC | (5) (7) (17) | First Lien Debt | P + | 4.25% | 11.00% | 09/04/2031 | 35 | 31 | 31 |  |
| Lightspeed Solution, LLC | (5) (7) (10) | First Lien Debt | S + | 6.00% | 9.72% | 03/01/2028 | 18561 | 18411 | 18441 | 1.64 |
| Lightspeed Solution, LLC | (5) (7) (9) | First Lien Debt | S + | 6.00% | 9.72% | 03/01/2028 | 1101 | 1092 | 1094 | 0.10 |
| Project Accelerate Parent, LLC | (5) (7) (9) | First Lien Debt | S + | 5.25% | 8.97% | 02/24/2031 | 1293 | 1283 | 1293 | 0.12 |
| Project Accelerate Parent, LLC | (5) (7) (17) | First Lien Debt | S + | 5.25% | 8.97% | 02/24/2031 |  | (1) |  |  |
| Vertex Service Partners, LLC | (5) (7) (9) | First Lien Debt | S + | 6.00% (incl. 4.25% PIK) | 9.67% | 11/08/2030 | 1657 | 1625 | 1626 | 0.14 |
| Vertex Service Partners, LLC | (5) (7) (17) | First Lien Debt | S + | 6.00% (incl. 4.25% PIK) | 9.67% | 11/08/2030 | 3242 | 3181 | 3171 | 0.28 |
| Vertex Service Partners, LLC | (5) (7) (17) | First Lien Debt | S + | 6.00% | 9.67% | 11/08/2030 | 85 | 78 | 77 | 0.01 |
|  |  |  |  |  |  |  |  | 125342 | 124788 | 11.12 |
| **Electrical Equipment** |  |  |  |  |  |  |  |  |  |  |
| Accel International Holdings, Inc. | (5) (8) (9) | First Lien Debt | S + | 4.50% | 8.22% | 04/26/2032 | 4189 | 4170 | 4189 | 0.37 |
| Accel International Holdings, Inc. | (5) (8) (17) | First Lien Debt | S + | 4.50% | 8.22% | 04/26/2032 |  | (3) |  |  |
| Spark Buyer, LLC | (5) (7) (11) | First Lien Debt | S + | 5.25% | 9.13% | 10/15/2031 | 928 | 916 | 858 | 0.08 |
| Spark Buyer, LLC | (5) (7) (17) | First Lien Debt | S + | 5.25% | 9.13% | 10/15/2031 |  | (2) | (28) |  |
| Spark Buyer, LLC | (5) (7) (17) | First Lien Debt | S + | 5.25% | 9.13% | 10/15/2031 | 64 | 61 | 50 |  |
|  |  |  |  |  |  |  |  | 5142 | 5069 | 0.45 |
| **Electronic Equipment, Instruments & Components** |  |  |  |  |  |  |  |  |  |  |
| Abracon Group Holdings, LLC | (5) (7) (11) | First Lien Debt | S + | 6.60% (incl. 4.60% PIK) | 10.54% | 07/06/2028 | 13316 | 13197 | 9321 | 0.83 |
| Abracon Group Holdings, LLC | (5) (7) | First Lien Debt | S + | 6.60% (incl. 4.60% PIK) | 10.54% | 07/06/2028 | 891 | 884 | 623 | 0.06 |
| Dwyer Instruments, Inc. | (5) (7) (9) (10) | First Lien Debt | S + | 4.75% | 8.42% | 07/20/2029 | 20486 | 20238 | 20383 | 1.81 |
| Dwyer Instruments, Inc. | (5) (7) (9) | First Lien Debt | S + | 4.75% | 8.42% | 07/20/2029 | 8966 | 8852 | 8920 | 0.79 |
| Dwyer Instruments, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.42% | 07/20/2029 | 761 | 740 | 751 | 0.07 |
| Infinite Bidco, LLC | (5) (8) (9) | First Lien Debt | S + | 6.25% | 10.14% | 03/02/2028 | 2460 | 2424 | 2460 | 0.22 |
| Infinite Bidco, LLC | (8) (9) | Second Lien Debt | S + | 7.00% | 10.89% | 03/02/2029 | 4300 | 3890 | 4066 | 0.36 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Schedules of Investments**

**December 31, 2025**

*(In thousands, except unit and per unit amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments**<sup>(1)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest<br>Rate**<sup>(2)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(3)</sup> | **Cost**<sup>(4)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| Magneto Components Buyco, LLC | (5) (7) (9) (10) | First Lien Debt | S + | 6.00% | 9.67% | 12/05/2030 | 23972 | 23644 | 23972 | 2.13 |
| Magneto Components Buyco, LLC | (5) (7) (17) | First Lien Debt | S + | 6.00% | 9.67% | 12/05/2029 |  | (47) |  |  |
| NDT Global Holding, Inc. | (5) (8) (9) (14) | First Lien Debt | S + | 4.50% | 8.22% | 06/04/2032 | 2394 | 2371 | 2370 | 0.21 |
| NDT Global Holding, Inc. | (5) (8) (14) (17) | First Lien Debt | S + | 4.50% | 8.22% | 06/04/2032 | 469 | 462 | 459 | 0.04 |
| NDT Global Holding, Inc. | (5) (8) (14) (17) | First Lien Debt | S + | 4.50% | 8.22% | 06/04/2032 |  | (5) | (5) |  |
| NSI Holdings, Inc. | (5) (7) (9) | First Lien Debt | S + | 4.50% | 8.32% | 11/17/2031 | 1245 | 1234 | 1245 | 0.11 |
| NSI Holdings, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.32% | 11/17/2031 |  | (1) |  |  |
| NSI Holdings, Inc. | (5) (17) | First Lien Debt | P + | 3.75% | 10.50% | 11/17/2031 |  | (2) |  |  |
| Pamlico Avant Holdings, LP | (5) (7) (9) (10) | First Lien Debt | S + | 4.50% | 8.17% | 12/31/2032 | 9689 | 9592 | 9592 | 0.85 |
| Pamlico Avant Holdings, LP | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.17% | 12/31/2032 | 131 | 118 | 118 | 0.01 |
|  |  |  |  |  |  |  |  | 87591 | 84275 | 7.49 |
| **Financial Services** |  |  |  |  |  |  |  |  |  |  |
| Applitools, Inc. | (5) (7) (10) (14) | First Lien Debt | S + | 6.25% PIK | 9.92% | 05/25/2029 | 7966 | 7913 | 7827 | 0.70 |
| Applitools, Inc. | (5) (7) (14) (17) | First Lien Debt | S + | 6.25% | 9.92% | 05/25/2028 |  | (7) | (16) |  |
| BCTO Bluebill Midco, Inc. | (5) (7) (11) | First Lien Debt | S + | 4.50% | 8.34% | 07/30/2032 | 7778 | 7703 | 7700 | 0.69 |
| BCTO Bluebill Midco, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.34% | 07/30/2032 |  | (9) | (10) |  |
| Cerity Partners, LLC | (5) (7) (9) (10) | First Lien Debt | S + | 4.50% | 8.20% | 07/28/2031 | 7436 | 7359 | 7418 | 0.66 |
| Cerity Partners, LLC | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.20% | 07/28/2031 |  | (6) | (5) |  |
| Cerity Partners, LLC | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.20% | 07/28/2031 | 117 | 113 | 115 | 0.01 |
| Cliffwater, LLC | (5) (7) (11) | First Lien Debt | S + | 4.75% | 8.47% | 04/22/2032 | 4533 | 4491 | 4499 | 0.40 |
| Cliffwater, LLC | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.47% | 04/22/2032 |  | (4) | (3) |  |
| GC Waves Holdings, Inc. | (5) (7) (9) (11) | First Lien Debt | S + | 4.50% | 8.22% | 10/04/2030 | 8929 | 8852 | 8929 | 0.79 |
| GC Waves Holdings, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.22% | 10/04/2030 | 4463 | 4369 | 4461 | 0.40 |
| GC Waves Holdings, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.22% | 10/04/2030 |  | (5) |  |  |
| MAI Capital Management Intermediate, LLC | (5) (7) (11) | First Lien Debt | S + | 4.75% | 8.42% | 08/29/2031 | 1925 | 1909 | 1906 | 0.17 |
| MAI Capital Management Intermediate, LLC | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.42% | 08/29/2031 | 1632 | 1615 | 1611 | 0.14 |
| MAI Capital Management Intermediate, LLC | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.42% | 08/29/2031 | 94 | 90 | 89 | 0.01 |
| PMA Parent Holdings, LLC | (5) (7) (11) | First Lien Debt | S + | 4.75% | 8.42% | 01/31/2031 | 3028 | 2993 | 2998 | 0.27 |
| PMA Parent Holdings, LLC | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.42% | 01/31/2031 |  | (3) | (2) |  |
| SitusAMC Holdings Corporation | (5) (7) (11) | First Lien Debt | S + | 5.50% | 9.17% | 05/14/2031 | 21880 | 21774 | 21880 | 1.95 |
| Smarsh, Inc. | (5) (7) (11) | First Lien Debt | S + | 4.75% | 8.42% | 02/16/2029 | 5625 | 5569 | 5625 | 0.50 |
| Smarsh, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.42% | 02/16/2029 |  | (4) |  |  |
| Smarsh, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.42% | 02/16/2029 | 311 | 305 | 311 | 0.03 |
| Trintech, Inc. | (5) (6) (9) (10) | First Lien Debt | S + | 5.50% | 9.22% | 07/25/2029 | 22808 | 22506 | 22694 | 2.02 |
| Trintech, Inc. | (5) (6) (17) | First Lien Debt | S + | 5.50% | 9.22% | 07/25/2029 | 571 | 548 | 561 | 0.05 |
|  |  |  |  |  |  |  |  | 98071 | 98588 | 8.79 |
| **Ground Transportation** |  |  |  |  |  |  |  |  |  |  |
| eShipping, LLC | (5) (7) (9) | First Lien Debt | S + | 4.50% | 8.19% | 12/23/2032 | 5696 | 5667 | 5667 | 0.50 |
| eShipping, LLC | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.19% | 12/23/2032 |  | (5) | (5) |  |
| eShipping, LLC | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.19% | 12/23/2032 | 134 | 129 | 129 | 0.01 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Schedules of Investments**

**December 31, 2025**

*(In thousands, except unit and per unit amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments**<sup>(1)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest<br>Rate**<sup>(2)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(3)</sup> | **Cost**<sup>(4)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| SV Newco 2, Inc. | (5) (7) (9) (14) | First Lien Debt | S + | 4.75% | 8.42% | 06/02/2031 | 14310 | 14138 | 14291 | 1.27 |
| SV Newco 2, Inc. | (5) (7) (14) (17) | First Lien Debt | S + | 4.75% | 8.42% | 06/02/2031 | 9004 | 8888 | 8989 | 0.80 |
| SV Newco 2, Inc. | (5) (7) (14) (17) | First Lien Debt | S + | 4.75% | 8.42% | 06/02/2031 |  | (60) | (7) |  |
|  |  |  |  |  |  |  |  | 28757 | 29064 | 2.58 |
| **Health Care Equipment & Supplies** |  |  |  |  |  |  |  |  |  |  |
| PerkinElmer U.S., LLC | (5) (6) (9) (10) | First Lien Debt | S + | 4.75% | 8.48% | 03/13/2029 | 16282 | 15995 | 16200 | 1.44 |
| Tidi Legacy Products, Inc. | (5) (6) (9) (10) | First Lien Debt | S + | 4.50% | 8.22% | 12/19/2029 | 3025 | 2981 | 3025 | 0.27 |
| Tidi Legacy Products, Inc. | (5) (6) | First Lien Debt | S + | 4.50% | 8.22% | 12/19/2029 | 810 | 797 | 810 | 0.07 |
| Tidi Legacy Products, Inc. | (5) (6) (17) | First Lien Debt | S + | 4.50% | 8.22% | 12/19/2029 |  | (8) |  |  |
| YI, LLC | (5) (6) (9) | First Lien Debt | S + | 5.75% | 9.49% | 12/03/2029 | 8611 | 8487 | 8611 | 0.77 |
| YI, LLC | (5) (6) (17) | First Lien Debt | S + | 5.75% | 9.49% | 12/03/2029 |  | (18) |  |  |
|  |  |  |  |  |  |  |  | 28234 | 28646 | 2.55 |
| **Health Care Providers & Services** |  |  |  |  |  |  |  |  |  |  |
| Advarra Holdings, Inc. | (5) (6) (9) | First Lien Debt | S + | 4.50% | 8.22% | 09/15/2031 | 23207 | 22876 | 23092 | 2.05 |
| Advarra Holdings, Inc. | (5) (6) (17) | First Lien Debt | S + | 4.50% | 8.22% | 09/15/2031 |  | (4) | (9) |  |
| DCA Investment Holdings, LLC | (5) (7) (9) (13) | First Lien Debt | S + | 6.50% | 12.08% | 04/03/2028 | 20230 | 20008 | 16477 | 1.47 |
| DCA Investment Holdings, LLC | (5) (7) (9) (13) | First Lien Debt | S + | 6.50% | 12.08% | 04/03/2028 | 3221 | 3187 | 2624 | 0.23 |
| Gateway US Holdings, Inc. | (5) (7) (10) (14) | First Lien Debt | S + | 4.75% | 8.42% | 09/22/2028 | 5207 | 5184 | 5181 | 0.46 |
| Gateway US Holdings, Inc. | (5) (7) (14) | First Lien Debt | S + | 4.75% | 8.42% | 09/22/2028 | 1468 | 1463 | 1460 | 0.13 |
| Gateway US Holdings, Inc. | (5) (7) (14) (17) | First Lien Debt | S + | 4.75% | 8.42% | 09/22/2028 |  | (1) | (1) |  |
| Heartland Veterinary Partners, LLC | (5) (6) (11) | First Lien Debt | S + | 4.75% | 8.42% | 06/12/2028 | 5845 | 5830 | 5845 | 0.52 |
| Heartland Veterinary Partners, LLC | (5) (6) (11) | Second Lien Debt |  | 14.50% (incl. 7.00% PIK) | 14.50% | 09/11/2028 | 2847 | 2823 | 2847 | 0.25 |
| Heartland Veterinary Partners, LLC | (5) (6) (17) | First Lien Debt | S + | 4.75% | 8.42% | 06/12/2028 | 13270 | 13203 | 13238 | 1.18 |
| Heartland Veterinary Partners, LLC | (5) (6) (9) | Second Lien Debt |  | 14.50% (incl. 7.00% PIK) | 14.50% | 09/11/2028 | 1107 | 1098 | 1107 | 0.10 |
| Heartland Veterinary Partners, LLC | (5) (6) (17) | First Lien Debt | S + | 4.75% | 8.42% | 06/12/2028 |  | (3) |  |  |
| iCIMS, Inc. | (5) (7) (9) | First Lien Debt | S + | 5.75% | 9.61% | 08/18/2028 | 7282 | 7224 | 7270 | 0.65 |
| iCIMS, Inc. | (5) (7) (17) | First Lien Debt | S + | 5.75% | 9.61% | 08/18/2028 | 42 | 41 | 41 |  |
| Imagine 360, LLC | (5) (7) (10) | First Lien Debt | S + | 4.75% | 8.42% | 10/02/2028 | 6017 | 5974 | 6017 | 0.54 |
| Imagine 360, LLC | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.42% | 10/02/2028 |  | (3) |  |  |
| Imagine 360, LLC | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.42% | 10/02/2028 |  | (4) |  |  |
| Intelerad Medical Systems Incorporated | (5) (6) (11) (14) | First Lien Debt | S + | 6.50% | 10.49% | 08/21/2026 | 12833 | 12761 | 12673 | 1.13 |
| Intelerad Medical Systems Incorporated | (5) (6) (14) | First Lien Debt | S + | 6.50% | 10.49% | 08/21/2026 | 894 | 892 | 883 | 0.08 |
| Invictus Buyer, LLC | (5) (7) (11) | First Lien Debt | S + | 4.50% | 8.17% | 06/03/2031 | 3999 | 3966 | 3999 | 0.36 |
| Invictus Buyer, LLC | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.17% | 06/03/2031 |  | (7) |  |  |
| Invictus Buyer, LLC | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.17% | 06/03/2031 |  | (5) |  |  |
| Merative, LP | (5) (7) (11) | First Lien Debt | S + | 4.50% | 8.17% | 09/30/2032 | 9882 | 9834 | 9833 | 0.88 |
| Merative, LP | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.17% | 09/30/2032 |  | (3) | (6) |  |
| Merative, LP | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.17% | 09/30/2032 |  | (5) | (5) |  |
| mPulse Mobile, Inc. | (5) (7) (11) | First Lien Debt | S + | 4.75% | 8.42% | 08/26/2032 | 9087 | 8999 | 8996 | 0.80 |
| mPulse Mobile, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.42% | 08/26/2032 |  | (4) | (9) |  |
| mPulse Mobile, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.42% | 08/26/2032 |  | (12) | (13) |  |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Schedules of Investments**

**December 31, 2025**

*(In thousands, except unit and per unit amounts)*

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments**<sup>(1)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest<br>Rate**<sup>(2)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(3)</sup> | **Par<br>Amount/<br>Shares**<sup>(3)</sup> | **Cost**<sup>(4)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| Pareto Health Intermediate Holdings, Inc. | (5) (6) (9) | First Lien Debt | S + | 4.75% | 8.35% | 06/03/2030 |  | 24162 | 23827 | 24162 | 2.15 |
| Pareto Health Intermediate Holdings, Inc. | (5) (6) (17) | First Lien Debt | S + | 4.75% | 8.35% | 06/03/2030 |  |  | (1) |  |  |
| Pareto Health Intermediate Holdings, Inc. | (5) (6) (17) | First Lien Debt | S + | 4.75% | 8.35% | 06/01/2029 |  |  | (31) |  |  |
| PPV Intermediate Holdings, LLC | (5) (7) (9) | First Lien Debt | S + | 5.75% | 9.57% | 08/31/2029 |  | 16237 | 15817 | 16197 | 1.44 |
| PPV Intermediate Holdings, LLC | (5) (7) (9) | First Lien Debt | S + | 6.00% | 9.57% | 08/31/2029 |  | 6027 | 5984 | 6012 | 0.54 |
| Stepping Stones Healthcare Services, LLC | (5) (7) (9) | First Lien Debt | S + | 5.00% | 8.67% | 01/02/2029 |  | 2557 | 2538 | 2557 | 0.23 |
| Stepping Stones Healthcare Services, LLC | (5) (7) (17) | First Lien Debt | S + | 5.00% | 8.67% | 01/02/2029 |  | 1285 | 1270 | 1285 | 0.11 |
| Stepping Stones Healthcare Services, LLC | (5) (17) | First Lien Debt | P + | 4.00% | 10.75% | 12/30/2026 |  | 375 | 373 | 375 | 0.03 |
| TA Polaris Buyer, Inc. | (5) (8) (10) | First Lien Debt | S + | 4.50% | 8.23% | 12/13/2032 |  | 14919 | 14845 | 14845 | 1.32 |
| TA Polaris Buyer, Inc. | (5) (8) (17) | First Lien Debt | S + | 4.50% | 8.23% | 12/13/2032 |  |  | (15) | (15) |  |
| TA Polaris Buyer, Inc. | (5) (8) (17) | First Lien Debt | S + | 4.50% | 8.23% | 12/13/2032 |  |  | (9) | (9) |  |
| Tivity Health, Inc. | (5) (7) (9) | First Lien Debt | S + | 5.00% | 8.72% | 06/28/2029 |  | 2632 | 2610 | 2632 | 0.23 |
| Vardiman Black Holdings, LLC | (5) (8) | First Lien Debt | S + | 7.00% PIK | 10.77% | 03/18/2027 |  | 10466 | 10466 | 8635 | 0.77 |
| Vardiman Black Holdings, LLC | (5) (8) (12) (17) | First Lien Debt | S + | 7.00% PIK | 10.77% | 03/18/2027 |  | 1183 | 1170 | 1067 | 0.09 |
|  |  |  |  |  |  |  |  |  | 204156 | 199283 | 17.74 |
| **Health Care Technology** |  |  |  |  |  |  |  |  |  |  |  |
| Hyland Software, Inc. | (5) (7) (10) | First Lien Debt | S + | 5.00% | 8.67% | 09/19/2030 |  | 19873 | 19651 | 19873 | 1.77 |
| Hyland Software, Inc. | (5) (7) (17) | First Lien Debt | S + | 5.00% | 8.67% | 09/19/2029 |  |  | (9) |  |  |
|  |  |  |  |  |  |  |  |  | 19642 | 19873 | 1.77 |
| **Industrial Conglomerates** |  |  |  |  |  |  |  |  |  |  |  |
| Aptean, Inc. | (5) (7) (9) (10) | First Lien Debt | S + | 4.75% | 8.57% | 01/30/2031 |  | 21461 | 21298 | 21434 | 1.91 |
| Aptean, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.57% | 01/30/2031 |  |  | (1) |  |  |
| Aptean, Inc. | (5) (7) (17) | First Lien Debt | P + | 3.75% | 10.50% | 01/30/2031 |  | 477 | 465 | 475 | 0.04 |
| Excelitas Technologies Corp. | (5) (7) (9) (11) | First Lien Debt | S + | 5.25% | 8.97% | 08/13/2029 |  | 34831 | 34436 | 34657 | 3.08 |
| Excelitas Technologies Corp. | (5) (7) (11) | First Lien Debt | E + | 5.25% | 7.15% | 08/13/2029 | € | 6487 | 6636 | 7581 | 0.67 |
| Excelitas Technologies Corp. | (5) (7) (17) | First Lien Debt | S + | 5.25% | 8.97% | 08/14/2028 |  |  | (32) | (18) |  |
| Raptor Merger Sub Debt, LLC | (5) (7) (10) | First Lien Debt | S + | 5.50% | 9.17% | 04/01/2029 |  | 23881 | 23465 | 23881 | 2.13 |
| Raptor Merger Sub Debt, LLC | (5) (7) (17) | First Lien Debt | S + | 5.50% | 9.17% | 04/01/2029 |  | 308 | 276 | 308 | 0.03 |
|  |  |  |  |  |  |  |  |  | 86543 | 88318 | 7.86 |
| **Insurance Services** |  |  |  |  |  |  |  |  |  |  |  |
| Amerilife Holdings, LLC | (5) (7) (9) | First Lien Debt | S + | 5.00% | 8.79% | 08/31/2029 |  | 22259 | 21987 | 22092 | 1.97 |
| Amerilife Holdings, LLC | (5) (7) | First Lien Debt | S + | 5.00% | 8.79% | 08/31/2029 |  | 2397 | 2382 | 2378 | 0.21 |
| Amerilife Holdings, LLC | (5) (7) (17) | First Lien Debt | S + | 5.00% | 8.79% | 08/31/2028 |  | 473 | 448 | 452 | 0.04 |
| Fetch Insurance Services, LLC | (5) | Other Debt |  | 12.75% (incl. 3.75% PIK) | 12.75% | 10/31/2027 |  | 1772 | 1752 | 1772 | 0.16 |
| Foundation Risk Partners Corp. | (5) (7) (9) | First Lien Debt | S + | 4.75% | 8.42% | 10/29/2030 |  | 6229 | 6112 | 6229 | 0.55 |
| Foundation Risk Partners Corp. | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.42% | 10/29/2030 |  | 8436 | 8333 | 8436 | 0.75 |
| Foundation Risk Partners Corp. | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.42% | 10/29/2029 |  | 267 | 260 | 267 | 0.02 |
| Galway Borrower, LLC | (5) (7) (9) (10) | First Lien Debt | S + | 4.50% | 8.17% | 09/29/2028 |  | 11841 | 11707 | 11841 | 1.05 |
| Galway Borrower, LLC | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.17% | 09/29/2028 |  | 10161 | 10107 | 10161 | 0.90 |
| Galway Borrower, LLC | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.17% | 09/29/2028 |  | 75 | 71 | 75 | 0.01 |
| Higginbotham Insurance Agency, Inc. | (5) (6) (9) (11) | First Lien Debt | S + | 4.50% | 8.22% | 06/11/2031 |  | 12789 | 12736 | 12789 | 1.14 |
| Higginbotham Insurance Agency, Inc. | (5) (6) (17) | First Lien Debt | S + | 4.50% | 8.22% | 06/11/2031 |  |  | (3) | (2) |  |
| High Street Buyer, Inc. | (5) (7) | First Lien Debt | S + | 4.50% | 8.17% | 04/14/2028 |  | 27555 | 27283 | 27486 | 2.45 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Schedules of Investments**

**December 31, 2025**

*(In thousands, except unit and per unit amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments**<sup>(1)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest<br>Rate**<sup>(2)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(3)</sup> | **Cost**<sup>(4)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| Inszone Mid, LLC | (5) (6) (9) (10) | First Lien Debt | S + | 5.25% | 8.92% | 11/30/2029 | 6791 | 6694 | 6774 | 0.60 |
| Inszone Mid, LLC | (5) (6) (17) | First Lien Debt | S + | 5.25% | 8.92% | 11/30/2029 | 10014 | 9862 | 9985 | 0.89 |
| Inszone Mid, LLC | (5) (6) (17) | First Lien Debt | S + | 5.25% | 8.92% | 11/30/2029 |  | (17) | (3) |  |
| Integrity Marketing Acquisition, LLC | (5) (7) (9) (10) | First Lien Debt | S + | 5.00% | 8.82% | 08/25/2028 | 29339 | 29339 | 29339 | 2.61 |
| Integrity Marketing Acquisition, LLC | (5) (7) (17) | First Lien Debt | S + | 5.00% | 8.82% | 08/25/2028 |  |  |  |  |
| Iris Specialty Acquisiton, LLC | (5) (8) (9) (10) | First Lien Debt | S + | 4.50% | 8.17% | 11/22/2032 | 10593 | 10541 | 10541 | 0.94 |
| Iris Specialty Acquisiton, LLC | (5) (8) (17) | First Lien Debt | S + | 4.50% | 8.17% | 11/22/2032 |  | (4) | (4) |  |
| Iris Specialty Acquisiton, LLC | (5) (8) (17) | First Lien Debt | S + | 4.50% | 8.17% | 11/22/2032 |  | (8) | (8) |  |
| Long Term Care Group, Inc. | (5) (7) (11) (12) | First Lien Debt | S + | 6.00% | 10.13% | 09/08/2027 | 12481 | 12400 | 11420 | 1.02 |
| One, Inc. Software Corporation | (5) (7) (9) (10) | First Lien Debt | S + | 4.50% | 8.17% | 12/06/2032 | 10219 | 10118 | 10118 | 0.90 |
| One, Inc. Software Corporation | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.17% | 12/06/2032 |  | (10) | (10) |  |
| One, Inc. Software Corporation | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.17% | 12/06/2032 |  | (8) | (8) |  |
| Patriot Growth Insurance Services, LLC | (5) (7) (10) | First Lien Debt | S + | 5.00% | 8.82% | 10/16/2028 | 2977 | 2965 | 2977 | 0.26 |
| Patriot Growth Insurance Services, LLC | (5) (7) (9) | First Lien Debt | S + | 5.00% | 8.82% | 10/16/2028 | 4396 | 4353 | 4396 | 0.39 |
| World Insurance Associates, LLC | (5) (6) (9) (10) (11) | First Lien Debt | S + | 5.00% | 8.67% | 04/03/2030 | 30954 | 30661 | 30954 | 2.75 |
|  |  |  |  |  |  |  |  | 220061 | 220447 | 19.61 |
| **Interactive Media & Services** |  |  |  |  |  |  |  |  |  |  |
| FMG Suite Holdings, LLC | (5) (7) (11) | First Lien Debt | S + | 4.75% | 8.57% | 09/09/2032 | 5934 | 5877 | 5875 | 0.52 |
| FMG Suite Holdings, LLC | (5) (17) | First Lien Debt | S + | 4.75% | 8.57% | 09/09/2032 |  | (8) | (16) |  |
| FMG Suite Holdings, LLC | (5) (17) | First Lien Debt | S + | 4.75% | 8.57% | 09/09/2032 |  | (9) | (10) |  |
| Triple Lift, Inc. | (5) (7) (9) | First Lien Debt | S + | 5.75% | 9.59% | 05/05/2028 | 4571 | 4531 | 4289 | 0.38 |
|  |  |  |  |  |  |  |  | 10391 | 10138 | 0.90 |
| **IT Services** |  |  |  |  |  |  |  |  |  |  |
| Apollo Acquisition, Inc. | (5) (7) (11) | First Lien Debt | S + | 5.00% | 8.72% | 12/30/2031 | 5312 | 5265 | 5312 | 0.47 |
| Apollo Acquisition, Inc. | (5) (7) (17) | First Lien Debt | S + | 5.00% | 8.72% | 12/30/2031 | 20 | 7 | 20 |  |
| Apollo Acquisition, Inc. | (5) (7) (17) | First Lien Debt | S + | 5.00% | 8.72% | 12/30/2030 |  | (8) |  |  |
| Catalis Intermediate, Inc. | (5) (7) (11) | First Lien Debt | S + | 5.50% | 9.32% | 08/04/2027 | 23154 | 22961 | 22863 | 2.03 |
| Catalis Intermediate, Inc. | (5) (7) (9) | First Lien Debt | S + | 5.50% | 9.32% | 08/04/2027 | 5210 | 5172 | 5144 | 0.46 |
| Catalis Intermediate, Inc. | (5) (7) (17) | First Lien Debt | S + | 5.50% | 9.32% | 08/04/2027 | 350 | 330 | 314 | 0.03 |
| Cyber US Bidco, LLC | (5) (7) (9) | First Lien Debt | S + | 5.00% | 8.67% | 12/30/2032 | 8113 | 8032 | 8032 | 0.71 |
| Cyber US Bidco, LLC | (5) (7) (17) | First Lien Debt | S + | 5.00% | 8.67% | 12/30/2032 |  | (8) | (8) |  |
| Cyber US Bidco, LLC | (5) (7) (14) (17) | First Lien Debt | S + | 5.00% | 8.67% | 12/30/2032 |  | (7) | (7) |  |
| GI DI Cornfield Acquisition, LLC | (5) (11) | First Lien Debt | S + | 4.50% | 8.32% | 03/09/2028 | 12287 | 12173 | 12287 | 1.09 |
| GI DI Cornfield Acquisition, LLC | (5) (11) | First Lien Debt | S + | 4.50% | 8.32% | 03/09/2028 | 6333 | 6305 | 6333 | 0.56 |
| Redwood Services Group, LLC | (5) (7) (10) (11) | First Lien Debt | S + | 5.25% | 8.93% | 06/15/2029 | 10505 | 10393 | 10453 | 0.93 |
| Redwood Services Group, LLC | (5) (7) | First Lien Debt | S + | 5.25% | 8.93% | 06/15/2029 | 7645 | 7565 | 7603 | 0.68 |
| Ridge Trail US Bidco, Inc. | (5) (7) (9) (14) | First Lien Debt | S + | 4.50% | 8.10% | 09/30/2031 | 13564 | 13388 | 13564 | 1.21 |
| Ridge Trail US Bidco, Inc. | (5) (7) (14) (17) | First Lien Debt | S + | 4.50% | 8.10% | 09/30/2031 |  | (29) |  |  |
| Ridge Trail US Bidco, Inc. | (5) (7) (14) (17) | First Lien Debt | S + | 4.50% | 8.10% | 03/31/2031 | 425 | 406 | 425 | 0.04 |
| Thrive Buyer, Inc. (Thrive Networks) | (5) (7) (9) | First Lien Debt | S + | 4.50% | 8.42% | 02/02/2032 | 10147 | 10056 | 10071 | 0.90 |
| Thrive Buyer, Inc. (Thrive Networks) | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.42% | 02/02/2032 | 2329 | 2303 | 2303 | 0.20 |
| Thrive Buyer, Inc. (Thrive Networks) | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.42% | 02/02/2032 | 212 | 200 | 202 | 0.02 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Schedules of Investments**

**December 31, 2025**

*(In thousands, except unit and per unit amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments**<sup>(1)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest<br>Rate**<sup>(2)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(3)</sup> | **Cost**<sup>(4)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| Victors Purchaser, LLC | (5) (8) (9) | First Lien Debt | S + | 4.50% | 8.19% | 12/23/2032 | 2271 | 2254 | 2270 | 0.20 |
| Victors Purchaser, LLC | (5) (8) (17) | First Lien Debt | S + | 4.50% | 8.19% | 12/23/2032 |  | (1) |  |  |
| Victors Purchaser, LLC | (5) (8) (17) | First Lien Debt | S + | 4.50% | 8.19% | 12/23/2032 | 26 | 24 | 26 |  |
|  |  |  |  |  |  |  |  | 106781 | 107207 | 9.53 |
| **Life Sciences Tools & Services** |  |  |  |  |  |  |  |  |  |  |
| Model N, Inc. | (5) (7) (11) | First Lien Debt | S + | 4.75% | 8.42% | 06/27/2031 | 13380 | 13269 | 13380 | 1.19 |
| Model N, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.42% | 06/27/2031 |  | (11) |  |  |
| Model N, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.42% | 06/27/2031 |  | (12) |  |  |
|  |  |  |  |  |  |  |  | 13246 | 13380 | 1.19 |
| **Machinery** |  |  |  |  |  |  |  |  |  |  |
| Answer Acquisition, LLC | (5) (6) (9) | First Lien Debt | S + | 6.00% | 9.82% | 06/30/2028 | 24141 | 24012 | 21780 | 1.94 |
| Answer Acquisition, LLC | (5) (6) (17) | First Lien Debt | S + | 6.00% | 9.82% | 06/30/2028 | 825 | 812 | 556 | 0.05 |
| Chase Intermediate, LLC | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.59% | 10/30/2028 | 4166 | 4113 | 4121 | 0.37 |
| Chase Intermediate, LLC | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.59% | 10/30/2028 | 78 | 76 | 77 | 0.01 |
| MHE Intermediate Holdings, LLC | (5) (6) (9) | First Lien Debt | S + | 6.00% | 9.99% | 07/21/2027 | 6302 | 6275 | 6302 | 0.56 |
| MHE Intermediate Holdings, LLC | (5) (6) (9) | First Lien Debt | S + | 6.00% | 9.99% | 07/21/2027 | 1928 | 1915 | 1928 | 0.17 |
|  |  |  |  |  |  |  |  | 37203 | 34764 | 3.10 |
| **Multi-Utilities** |  |  |  |  |  |  |  |  |  |  |
| AWP Group Holdings, Inc. | (5) (6) (9) (10) | First Lien Debt | S + | 4.50% | 8.22% | 12/23/2030 | 10370 | 9965 | 10370 | 0.92 |
| AWP Group Holdings, Inc. | (5) (6) (17) | First Lien Debt | S + | 4.50% | 8.22% | 12/23/2030 | 1096 | 1080 | 1096 | 0.10 |
| AWP Group Holdings, Inc. | (5) (6) (17) | First Lien Debt | S + | 4.50% | 8.22% | 12/23/2030 | 346 | 336 | 346 | 0.03 |
| Vessco Midco Holdings, LLC | (5) (7) (11) | First Lien Debt | S + | 4.50% | 8.49% | 07/24/2031 | 3725 | 3701 | 3707 | 0.33 |
| Vessco Midco Holdings, LLC | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.49% | 07/24/2031 | 468 | 458 | 460 | 0.04 |
| Vessco Midco Holdings, LLC | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.49% | 07/24/2031 |  | (1) | (1) |  |
|  |  |  |  |  |  |  |  | 15539 | 15978 | 1.42 |
| **Pharmaceuticals** |  |  |  |  |  |  |  |  |  |  |
| Caerus US 1, Inc. | (5) (7) (9) (14) | First Lien Debt | S + | 5.00% | 8.67% | 05/25/2029 | 7890 | 7798 | 7878 | 0.70 |
| Caerus US 1, Inc. | (5) (7) (14) | First Lien Debt | S + | 5.00% | 8.67% | 05/25/2029 | 1155 | 1140 | 1153 | 0.10 |
| Caerus US 1, Inc. | (5) (7) (14) (17) | First Lien Debt | S + | 5.00% | 8.67% | 05/25/2029 | 673 | 664 | 671 | 0.06 |
| Real Chemistry Intermediate III, Inc. | (5) (8) (11) | First Lien Debt | S + | 4.50% | 8.17% | 04/12/2032 | 2925 | 2912 | 2910 | 0.26 |
| Real Chemistry Intermediate III, Inc. | (5) (8) (17) | First Lien Debt | S + | 4.50% | 8.17% | 04/12/2032 | 709 | 704 | 702 | 0.06 |
| Real Chemistry Intermediate III, Inc. | (5) (8) (17) | First Lien Debt | S + | 4.50% | 8.17% | 04/12/2032 |  | (3) | (3) |  |
| Specialty Pharma III, Inc. | (5) (8) (9) (10) | First Lien Debt | P + | 4.75% | 11.50% | 12/23/2032 | 7412 | 7375 | 7375 | 0.66 |
| Specialty Pharma III, Inc. | (5) (17) | First Lien Debt | P + | 4.75% | 11.50% | 12/23/2032 |  | (5) | (5) |  |
|  |  |  |  |  |  |  |  | 20585 | 20681 | 1.84 |
| **Professional Services** |  |  |  |  |  |  |  |  |  |  |
| Accordion Partners, LLC | (5) (7) (9) | First Lien Debt | S + | 5.00% | 8.70% | 11/17/2031 | 14690 | 14617 | 14668 | 1.31 |
| Accordion Partners, LLC | (5) (7) (17) | First Lien Debt | S + | 5.00% | 8.70% | 11/17/2031 | 978 | 953 | 962 | 0.09 |
| Accordion Partners, LLC | (5) (7) (17) | First Lien Debt | S + | 5.00% | 8.70% | 11/17/2031 |  | (11) |  |  |
| Aprio Advisory Group, LLC | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.70% | 08/01/2031 |  | (24) | (24) |  |
| Aprio Advisory Group, LLC | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.70% | 08/01/2031 |  | (4) | (4) |  |
| Ascend Partner Services, LLC | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.54% | 08/11/2031 | 202 | 198 | 197 | 0.02 |
| Bridgepointe Technologies, LLC | (5) (6) (9) | First Lien Debt | S + | 5.00% | 8.67% | 12/31/2027 | 4654 | 4581 | 4654 | 0.41 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Schedules of Investments**

**December 31, 2025**

*(In thousands, except unit and per unit amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments**<sup>(1)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest<br>Rate**<sup>(2)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(3)</sup> | **Cost**<sup>(4)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| Bridgepointe Technologies, LLC | (5) (6) (17) | First Lien Debt | S + | 5.00% | 8.67% | 12/31/2027 | 9560 | 9426 | 9560 | 0.85 |
| Bullhorn, Inc. | (5) (6) (17) | First Lien Debt | S + | 5.00% | 8.72% | 10/01/2029 | 1955 | 1948 | 1955 | 0.17 |
| Bullhorn, Inc. | (5) (6) (17) | First Lien Debt | S + | 5.00% | 8.72% | 10/01/2029 | 16 | 15 | 16 |  |
| Carr, Riggs and Ingram Capital, LLC | (5) (8) (9) | First Lien Debt | S + | 4.25% | 7.92% | 11/18/2031 | 571 | 566 | 569 | 0.05 |
| Carr, Riggs and Ingram Capital, LLC | (5) (8) (17) | First Lien Debt | S + | 4.25% | 7.92% | 11/18/2031 | 78 | 77 | 77 | 0.01 |
| Carr, Riggs and Ingram Capital, LLC | (5) (8) (17) | First Lien Debt | S + | 4.25% | 7.92% | 11/18/2031 |  | (1) |  |  |
| ComPsych Investment Corp. | (5) (7) (11) | First Lien Debt | S + | 4.75% | 8.61% | 07/22/2031 | 2306 | 2296 | 2306 | 0.21 |
| ComPsych Investment Corp. | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.61% | 07/22/2031 |  | (1) |  |  |
| Deerfield Dakota Holding, LLC | (5) (7) (11) | First Lien Debt | S + | 5.75% (incl. 2.75% PIK) | 9.42% | 09/13/2032 | 15672 | 15522 | 15538 | 1.38 |
| Deerfield Dakota Holding, LLC | (5) (7) (17) | First Lien Debt | S + | 5.75% (incl. 2.75% PIK) | 9.42% | 09/13/2032 |  | (14) | (12) |  |
| GPS Merger Sub, LLC | (5) (6) (10) | First Lien Debt | S + | 5.25% | 8.97% | 10/02/2029 | 4228 | 4176 | 4190 | 0.37 |
| GPS Merger Sub, LLC | (5) (6) (17) | First Lien Debt | S + | 5.25% | 8.97% | 10/02/2029 |  | (3) | (5) |  |
| GPS Merger Sub, LLC | (5) (6) (17) | First Lien Debt | S + | 5.25% | 8.97% | 10/02/2029 |  | (8) | (6) |  |
| IG Investment Holdings, LLC | (5) (7) (9) | First Lien Debt | S + | 5.00% | 8.84% | 09/22/2028 | 891 | 884 | 891 | 0.08 |
| IG Investment Holdings, LLC | (5) (7) (17) | First Lien Debt | S + | 5.00% | 8.84% | 09/22/2028 |  | (1) |  |  |
| IQN Holding Corp. | (5) (7) (10) | First Lien Debt | S + | 5.75% (incl. 3.13% PIK) | 9.42% | 05/02/2029 | 8082 | 8040 | 8082 | 0.72 |
| IQN Holding Corp. | (5) (7) | First Lien Debt | S + | 5.75% (incl. 3.13% PIK) | 9.42% | 05/02/2029 | 2643 | 2621 | 2643 | 0.24 |
| IQN Holding Corp. | (5) (7) (17) | First Lien Debt | S + | 5.75% (incl. 3.13% PIK) | 9.42% | 05/02/2028 | 417 | 415 | 417 | 0.04 |
| KENG Acquisition, Inc. | (5) (6) (9) | First Lien Debt | S + | 4.50% | 8.34% | 08/01/2029 | 2426 | 2386 | 2414 | 0.21 |
| KENG Acquisition, Inc. | (5) (6) | First Lien Debt | S + | 4.50% | 8.34% | 08/01/2029 | 2153 | 2115 | 2143 | 0.19 |
| KENG Acquisition, Inc. | (5) (6) (17) | First Lien Debt | S + | 4.50% | 8.34% | 08/01/2029 |  | (11) | (5) |  |
| UHY Advisors, Inc. | (5) (7) (9) | First Lien Debt | S + | 4.75% | 8.57% | 11/21/2031 | 438 | 434 | 438 | 0.04 |
| UHY Advisors, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.57% | 11/21/2031 | 53 | 51 | 53 |  |
| UHY Advisors, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.57% | 11/21/2031 | 34 | 33 | 34 |  |
| Verdantas, LLC | (5) (7) (9) | First Lien Debt | S + | 4.75% | 8.42% | 05/06/2031 | 16244 | 16044 | 16244 | 1.45 |
| Verdantas, LLC | (5) (7) | First Lien Debt | S + | 4.75% | 8.42% | 05/06/2031 | 686 | 676 | 686 | 0.06 |
| Verdantas, LLC | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.42% | 05/06/2030 | 561 | 542 | 561 | 0.05 |
| WIPFLI Advisory, LLC | (5) (7) (9) | First Lien Debt | S + | 4.50% | 8.49% | 10/01/2032 | 3385 | 3368 | 3368 | 0.30 |
| WIPFLI Advisory, LLC | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.49% | 10/01/2032 |  | (3) | (3) |  |
| WIPFLI Advisory, LLC | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.49% | 10/01/2032 |  | (4) | (4) |  |
|  |  |  |  |  |  |  |  | 91899 | 92603 | 8.25 |
| **Real Estate Management & Development** |  |  |  |  |  |  |  |  |  |  |
| Associations, Inc. | (5) (6) | First Lien Debt | S + | 6.50% | 10.66% | 07/03/2028 | 2588 | 2586 | 2588 | 0.23 |
| Associations, Inc. | (5) (6) (17) | First Lien Debt | S + | 6.50% | 10.66% | 07/03/2028 | 87 | 87 | 87 | 0.01 |
| Associations, Inc. | (5) (6) (17) | First Lien Debt | S + | 6.50% | 10.66% | 07/03/2028 |  |  |  |  |
| Inhabitiq, Inc. | (5) (7) (11) | First Lien Debt | S + | 4.50% | 8.22% | 01/12/2032 | 3427 | 3412 | 3427 | 0.30 |
| Inhabitiq, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.22% | 01/12/2032 |  | (2) |  |  |
| Inhabitiq, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.22% | 01/12/2032 |  | (3) |  |  |
| MRI Software, LLC | (5) (6) (9) | First Lien Debt | S + | 4.75% | 8.42% | 02/10/2028 | 22504 | 22485 | 22446 | 2.00 |
| MRI Software, LLC | (5) (6) | First Lien Debt | S + | 4.75% | 8.42% | 02/10/2028 | 1500 | 1494 | 1496 | 0.13 |
| MRI Software, LLC | (5) (6) (17) | First Lien Debt | S + | 4.75% | 8.42% | 02/10/2028 | 281 | 278 | 277 | 0.02 |
| Zarya Intermediate, LLC | (5) (6) (11) (14) | First Lien Debt | S + | 6.50% | 10.32% | 07/01/2027 | 26760 | 26760 | 26760 | 2.38 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Schedules of Investments**

**December 31, 2025**

*(In thousands, except unit and per unit amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments**<sup>(1)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest<br>Rate**<sup>(2)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(3)</sup> | **Cost**<sup>(4)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| Zarya Intermediate, LLC | (5) (6) (14) (17) | First Lien Debt | S + | 6.50% | 10.32% | 07/01/2027 |  |  |  |  |
|  |  |  |  |  |  |  |  | 57097 | 57081 | 5.07 |
| **Software** |  |  |  |  |  |  |  |  |  |  |
| Anaplan, Inc. | (5) (7) (9) (10) | First Lien Debt | S + | 4.50% | 8.32% | 06/21/2029 | 21463 | 21247 | 21463 | 1.91 |
| Appfire Technologies, LLC | (5) (6) (9) | First Lien Debt | S + | 4.75% | 8.42% | 03/09/2028 | 1140 | 1137 | 1140 | 0.10 |
| Appfire Technologies, LLC | (5) (6) (17) | First Lien Debt | S + | 4.75% | 8.42% | 03/09/2028 | 36 | 35 | 36 |  |
| Appfire Technologies, LLC | (5) (6) (17) | First Lien Debt | S + | 4.75% | 8.42% | 03/09/2028 | 26 | 25 | 26 |  |
| Apryse Software Corp. | (5) (8) (9) | First Lien Debt | S + | 4.75% | 8.44% | 06/28/2032 | 3694 | 3659 | 3665 | 0.33 |
| Apryse Software Corp. | (5) (8) (17) | First Lien Debt | S + | 4.75% | 8.44% | 06/28/2032 |  | (3) | (2) |  |
| Archduke Buyer, Inc. | (5) (8) (10) | First Lien Debt | S + | 5.50% | 9.27% | 12/03/2032 | 7553 | 7478 | 7478 | 0.67 |
| Archduke Buyer, Inc. | (5) (8) (17) | First Lien Debt | S + | 5.50% | 9.27% | 12/03/2032 |  | (5) | (5) |  |
| Artifact Bidco, Inc. | (5) (8) (9) | First Lien Debt | S + | 4.25% | 7.82% | 07/28/2031 | 10566 | 10478 | 10566 | 0.94 |
| Artifact Bidco, Inc. | (5) (17) | First Lien Debt | S + | 4.25% | 7.82% | 07/28/2031 |  | (10) |  |  |
| Artifact Bidco, Inc. | (5) (17) | First Lien Debt | S + | 4.25% | 7.82% | 07/26/2030 |  | (14) |  |  |
| AuditBoard, Inc. | (5) (7) (11) | First Lien Debt | S + | 4.50% | 8.17% | 07/14/2031 | 12000 | 11899 | 11915 | 1.06 |
| AuditBoard, Inc. | (5) (7) (10) | First Lien Debt | S + | 4.50% | 8.17% | 07/14/2031 | 5714 | 5663 | 5674 | 0.50 |
| AuditBoard, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.17% | 07/14/2031 |  | (18) | (16) |  |
| Banyan Software Holdings, LLC | (5) (6) (11) | First Lien Debt | S + | 5.50% | 9.22% | 01/02/2031 | 3021 | 2994 | 3021 | 0.27 |
| Banyan Software Holdings, LLC | (5) (6) | First Lien Debt | S + | 5.50% | 9.22% | 01/02/2031 | 3550 | 3469 | 3488 | 0.31 |
| Banyan Software Holdings, LLC | (5) (6) (17) | First Lien Debt | S + | 5.50% | 9.22% | 01/02/2031 |  | (3) |  |  |
| Bottomline Technologies, Inc. | (5) (7) (10) | First Lien Debt | S + | 4.50% | 8.17% | 05/14/2029 | 18096 | 17889 | 18096 | 1.61 |
| Bottomline Technologies, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.17% | 05/15/2028 |  | (11) |  |  |
| Coupa Holdings, LLC | (5) (7) (9) | First Lien Debt | S + | 5.25% | 9.09% | 02/27/2030 | 17447 | 17152 | 17447 | 1.55 |
| Coupa Holdings, LLC | (5) (7) (17) | First Lien Debt | S + | 5.25% | 9.09% | 02/27/2030 |  | (5) |  |  |
| Coupa Holdings, LLC | (5) (7) (17) | First Lien Debt | S + | 5.25% | 9.09% | 02/27/2029 |  | (7) |  |  |
| Cyara AcquisitionCo, LLC | (5) (6) | First Lien Debt | S + | 5.75% | 9.42% | 06/28/2029 | 14098 | 13863 | 14098 | 1.25 |
| Cyara AcquisitionCo, LLC | (5) (6) (17) | First Lien Debt | S + | 5.75% | 9.42% | 06/28/2029 |  | (14) |  |  |
| Diligent Corporation | (5) (7) | First Lien Debt | S + | 5.00% | 8.82% | 08/02/2030 | 24117 | 23976 | 24101 | 2.14 |
| Diligent Corporation | (5) (7) (17) | First Lien Debt | S + | 5.00% | 8.82% | 08/02/2030 |  | (19) | (3) |  |
| Diligent Corporation | (5) (7) (17) | First Lien Debt | S + | 5.00% | 8.82% | 08/02/2030 | 553 | 540 | 551 | 0.05 |
| E-Discovery AcquireCo, LLC | (5) (6) (9) | First Lien Debt | S + | 6.25% | 10.07% | 08/29/2029 | 7955 | 7830 | 7951 | 0.71 |
| E-Discovery AcquireCo, LLC | (5) (6) (17) | First Lien Debt | S + | 6.25% | 10.07% | 08/29/2029 | 503 | 491 | 503 | 0.04 |
| Emburse, Inc. | (5) (7) (9) | First Lien Debt | S + | 4.25% | 7.92% | 05/28/2032 | 5342 | 5330 | 5329 | 0.47 |
| Emburse, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.25% | 7.92% | 05/28/2032 |  | (1) | (2) |  |
| Emburse, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.25% | 7.92% | 05/28/2032 |  | (2) | (2) |  |
| Espresso Bidco, Inc. | (5) (7) (9) | First Lien Debt | S + | 5.75% (incl. 3.13% PIK) | 9.42% | 03/25/2032 | 5123 | 5054 | 5046 | 0.45 |
| Espresso Bidco, Inc. | (5) (7) (17) | First Lien Debt | S + | 5.75% (incl. 3.13% PIK) | 9.42% | 03/25/2032 |  | (9) | (21) |  |
| Espresso Bidco, Inc. | (5) (7) (17) | First Lien Debt | S + | 5.75% (incl. 3.13% PIK) | 9.42% | 03/25/2032 |  | (8) | (9) |  |
| Everbridge Holdings, LLC | (5) (7) (11) | First Lien Debt | S + | 5.00% | 8.98% | 07/02/2031 | 22076 | 21984 | 22076 | 1.96 |
| Everbridge Holdings, LLC | (5) (7) (17) | First Lien Debt | S + | 5.00% | 8.98% | 07/02/2031 | 2516 | 2498 | 2516 | 0.22 |
| Everbridge Holdings, LLC | (5) (7) (17) | First Lien Debt | S + | 5.00% | 8.98% | 07/02/2031 |  | (10) |  |  |
| Formstack Acquisition, Co. | (5) (6) (11) | First Lien Debt | S + | 5.50% | 9.17% | 03/28/2030 | 9270 | 9163 | 9204 | 0.82 |
| Formstack Acquisition, Co. | (5) (6) (17) | First Lien Debt | S + | 5.50% | 9.17% | 03/28/2030 | 910 | 885 | 883 | 0.08 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Schedules of Investments**

**December 31, 2025**

*(In thousands, except unit and per unit amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments**<sup>(1)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest<br>Rate**<sup>(2)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(3)</sup> | **Cost**<sup>(4)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| Formstack Acquisition, Co. | (5) (6) (17) | First Lien Debt | S + | 5.50% | 9.17% | 03/28/2030 | 300 | 280 | 287 | 0.03 |
| Fullsteam Operations, LLC | (5) (7) (11) | First Lien Debt | S + | 5.25% | 9.12% | 08/08/2031 | 6058 | 6000 | 5994 | 0.53 |
| Fullsteam Operations, LLC | (5) (7) (17) | First Lien Debt | S + | 5.25% | 9.12% | 08/08/2031 |  | (9) | (21) |  |
| Fullsteam Operations, LLC | (5) (7) (17) | First Lien Debt | S + | 5.25% | 9.12% | 08/08/2031 |  | (6) | (7) |  |
| Granicus, Inc. | (5) (7) (9) (10) | First Lien Debt | S + | 5.50% (incl. 2.00% PIK) | 9.34% | 01/17/2031 | 13022 | 12926 | 13022 | 1.16 |
| Granicus, Inc. | (5) (7) | First Lien Debt | S + | 5.50% (incl. 2.00% PIK) | 9.34% | 01/17/2031 | 1929 | 1921 | 1929 | 0.17 |
| Granicus, Inc. | (5) (17) | First Lien Debt | P + | 4.25% | 11.00% | 01/17/2031 |  | (13) |  |  |
| GS AcquisitionCo, Inc. | (5) (6) (9) | First Lien Debt | S + | 5.25% | 8.92% | 05/25/2028 | 10101 | 10069 | 10101 | 0.90 |
| GS AcquisitionCo, Inc. | (5) (7) (17) | First Lien Debt | S + | 5.25% | 8.92% | 05/25/2028 | 498 | 493 | 498 | 0.04 |
| GS AcquisitionCo, Inc. | (5) (6) (17) | First Lien Debt | S + | 5.25% | 8.92% | 05/25/2028 | 512 | 508 | 512 | 0.05 |
| Hootsuite, Inc. | (5) (9) (11) (14) | First Lien Debt | S + | 5.50% | 9.23% | 05/22/2030 | 17730 | 17521 | 17508 | 1.56 |
| Hootsuite, Inc. | (5) (14) (17) | First Lien Debt | S + | 5.50% | 9.23% | 05/22/2030 | 1200 | 1178 | 1175 | 0.10 |
| Icefall Parent, Inc. | (5) (6) (11) | First Lien Debt | S + | 4.50% | 8.17% | 01/25/2030 | 5147 | 5071 | 5147 | 0.46 |
| Icefall Parent, Inc. | (5) (6) (17) | First Lien Debt | S + | 4.50% | 8.17% | 01/25/2030 |  | (7) |  |  |
| LegitScript, LLC | (5) (7) (10) | First Lien Debt | S + | 5.75% | 9.47% | 06/24/2029 | 18710 | 18494 | 18710 | 1.67 |
| LegitScript, LLC | (5) (7) | First Lien Debt | S + | 5.75% | 9.47% | 06/24/2029 | 495 | 489 | 495 | 0.04 |
| LegitScript, LLC | (5) (7) (17) | First Lien Debt | S + | 5.75% | 9.47% | 06/24/2028 | 1078 | 1053 | 1078 | 0.10 |
| LogRhythm, Inc. | (5) (6) (11) | First Lien Debt | S + | 7.50% | 11.34% | 07/02/2029 | 2727 | 2665 | 2618 | 0.23 |
| LogRhythm, Inc. | (5) (6) (17) | First Lien Debt | S + | 7.50% | 11.34% | 07/02/2029 |  | (6) | (11) |  |
| Montana Buyer, Inc. | (5) (7) (10) | First Lien Debt | S + | 4.75% | 8.47% | 07/22/2029 | 8399 | 8299 | 8399 | 0.75 |
| Montana Buyer, Inc. | (5) (17) | First Lien Debt | P + | 4.75% | 11.50% | 07/22/2028 |  | (8) |  |  |
| Nasuni Corporation | (5) (7) (9) | First Lien Debt | S + | 5.00% | 8.67% | 09/10/2030 | 8276 | 8173 | 8276 | 0.74 |
| Nasuni Corporation | (5) (7) (17) | First Lien Debt | S + | 5.00% | 8.67% | 09/10/2030 |  | (20) |  |  |
| Netwrix Corporation And Concept Searching, Inc. | (5) (7) (9) | First Lien Debt | S + | 4.50% | 8.32% | 06/11/2029 | 5010 | 4983 | 4984 | 0.44 |
| Netwrix Corporation And Concept Searching, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.50% | 8.32% | 06/11/2029 |  | (2) | (2) |  |
| Oak Purchaser, Inc. | (5) (7) (9) | First Lien Debt | S + | 5.50% | 9.37% | 05/31/2028 | 5113 | 5087 | 5074 | 0.45 |
| Oak Purchaser, Inc. | (5) (7) | First Lien Debt | S + | 5.50% | 9.37% | 05/31/2028 | 4307 | 4277 | 4266 | 0.38 |
| Oak Purchaser, Inc. | (5) (7) (17) | First Lien Debt | P + | 4.50% | 11.25% | 05/31/2028 | 60 | 55 | 53 |  |
| Onit, Inc. | (5) (7) (11) | First Lien Debt | S + | 4.75% | 8.56% | 01/27/2032 | 9194 | 9129 | 9194 | 0.82 |
| Onit, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.56% | 01/27/2032 |  | (10) |  |  |
| Onit, Inc. | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.56% | 01/27/2032 |  | (7) |  |  |
| Optimizely North America, Inc. | (5) (7) (9) (14) | First Lien Debt | S + | 5.00% | 8.72% | 10/30/2031 | 1515 | 1502 | 1485 | 0.13 |
| Optimizely North America, Inc. | (5) (7) (9) (14) | First Lien Debt | E + | 5.25% | 7.15% | 10/30/2031 | 558 | 601 | 642 | 0.06 |
| Optimizely North America, Inc. | (5) (7) (9) (14) | First Lien Debt | SA + | 5.50% | 9.22% | 10/30/2031 | £186 | 240 | 245 | 0.02 |
| Optimizely North America, Inc. | (5) (7) (14) (17) | First Lien Debt | S + | 5.00% | 8.72% | 10/30/2031 |  | (2) | (5) |  |
| Project Leopard Holdings, Inc. | (8) (11) (14) | First Lien Debt | S + | 5.25% | 9.19% | 07/20/2029 | 9700 | 9297 | 8330 | 0.74 |
| Revalize, Inc. | (5) (6) (9) | First Lien Debt | S + | 6.50% (incl. 1.75% PIK) | 10.32% | 04/16/2029 | 11516 | 11485 | 10909 | 0.97 |
| Revalize, Inc. | (5) (6) (17) | First Lien Debt | S + | 6.50% (incl. 1.75% PIK) | 10.32% | 04/16/2029 | 994 | 990 | 919 | 0.08 |
| Riskonnect Parent, LLC | (5) (7) (9) | First Lien Debt | S + | 4.75% | 8.62% | 12/07/2028 | 6172 | 6095 | 6172 | 0.55 |
| Riskonnect Parent, LLC | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.62% | 12/07/2028 | 4740 | 4677 | 4740 | 0.42 |
| Riskonnect Parent, LLC | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.62% | 12/07/2028 | 168 | 157 | 168 | 0.01 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Schedules of Investments**

**December 31, 2025**

*(In thousands, except unit and per unit amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments**<sup>(1)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest<br>Rate**<sup>(2)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(3)</sup> | **Cost**<sup>(4)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| Runway Bidco, LLC | (5) (8) (9) | First Lien Debt | S + | 5.00% | 8.67% | 12/17/2031 | 1446 | 1433 | 1442 | 0.13 |
| Runway Bidco, LLC | (5) (8) (17) | First Lien Debt | S + | 5.00% | 8.67% | 12/17/2031 |  | (2) | (1) |  |
| Runway Bidco, LLC | (5) (8) (17) | First Lien Debt | S + | 5.00% | 8.67% | 12/17/2031 |  | (2) | (1) |  |
| Saturn Borrower, Inc. | (5) (6) (9) | First Lien Debt | S + | 6.00% | 9.67% | 11/10/2028 | 3249 | 3211 | 3223 | 0.29 |
| Saturn Borrower, Inc. | (5) (6) (17) | First Lien Debt | S + | 6.00% | 9.67% | 11/10/2028 |  | (7) | (10) |  |
| Saturn Borrower, Inc. | (5) (6) (17) | First Lien Debt | S + | 6.00% | 9.67% | 11/10/2028 | 136 | 130 | 131 | 0.01 |
| Securonix, Inc. | (5) (7) (10) | First Lien Debt | S + | 7.75% (incl. 3.75% PIK) | 11.19% | 04/05/2029 | 21820 | 21644 | 18701 | 1.66 |
| Securonix, Inc. | (5) (7) (17) | First Lien Debt | S + | 7.75% (incl. 3.75% PIK) | 11.19% | 04/05/2029 |  | (27) | (541) |  |
| Trunk Acquisition, Inc. | (5) (6) (11) | First Lien Debt | S + | 5.75% | 9.57% | 02/19/2030 | 11495 | 11449 | 11495 | 1.02 |
| Trunk Acquisition, Inc. | (5) (6) (17) | First Lien Debt | S + | 5.75% | 9.57% | 02/19/2030 | 455 | 451 | 455 | 0.04 |
| Trunk Acquisition, Inc. | (5) (6) (17) | First Lien Debt | S + | 5.75% | 9.57% | 02/19/2030 |  | (2) |  |  |
| Vanco Payment Solutions, LLC | (5) (7) (10) | First Lien Debt | S + | 4.75% | 8.42% | 12/01/2031 | 7449 | 7376 | 7376 | 0.66 |
| Vanco Payment Solutions, LLC | (5) (7) (17) | First Lien Debt | S + | 4.75% | 8.42% | 12/01/2031 |  | (4) | (4) |  |
|  |  |  |  |  |  |  |  | 393875 | 391363 | 34.85 |
| **Transportation Infrastructure** |  |  |  |  |  |  |  |  |  |  |
| Jeppesen Holdings, LLC | (5) (8) (9) | First Lien Debt | S + | 4.75% | 8.59% | 11/01/2032 | 11752 | 11695 | 11695 | 1.04 |
| Jeppesen Holdings, LLC | (5) (8) (17) | First Lien Debt | S + | 4.75% | 8.59% | 11/01/2032 |  | (3) | (3) |  |
|  |  |  |  |  |  |  |  | 11692 | 11692 | 1.04 |
| **Wireless Telecommunication Services** |  |  |  |  |  |  |  |  |  |  |
| CCI Buyer, Inc. | (5) (7) (9) | First Lien Debt | S + | 5.00% | 8.67% | 05/13/2032 | 7540 | 7469 | 7529 | 0.67 |
| CCI Buyer, Inc. | (5) (7) (17) | First Lien Debt | S + | 5.00% | 8.67% | 05/13/2032 |  | (4) | (1) |  |
| Mobile Communications America, Inc. | (5) (6) (10) | First Lien Debt | S + | 4.75% | 8.69% | 10/16/2029 | 2502 | 2476 | 2502 | 0.22 |
| Mobile Communications America, Inc. | (5) (6) (17) | First Lien Debt | S + | 4.75% | 8.69% | 10/16/2029 | 650 | 641 | 650 | 0.06 |
| Mobile Communications America, Inc. | (5) (6) (17) | First Lien Debt | S + | 4.75% | 8.69% | 10/16/2029 | 82 | 78 | 82 | 0.01 |
|  |  |  |  |  |  |  |  | 10660 | 10762 | 0.96 |
| **Total Debt Investments - non-controlled/non-affiliated** |  |  |  |  |  |  |  | $**2197447** | $**2154553** | **191.79%** |
| **Debt Investments - non-controlled/affiliated** |  |  |  |  |  |  |  |  |  |  |
| **Professional Services** |  |  |  |  |  |  |  |  |  |  |
| KWOR Acquisition, Inc. | (5) (6) (18) | Second Lien Debt | S + | 6.25% (incl. 5.25% PIK) | 10.07% | 02/28/2030 | 8991 | 8991 | 8991 | 0.80 |
| KWOR Acquisition, Inc. | (5) (6) (17) (18) | First Lien Debt | S + | 6.25% (incl. 5.25% PIK) | 10.07% | 02/28/2030 | 49 | 8 | 49 |  |
| KWOR Acquisition, Inc. | (5) (6) (17) (18) | First Lien Debt | S + | 6.25% (incl. 5.25% PIK) | 10.07% | 02/28/2030 | 71 | 12 | 71 | 0.01 |
| KWOR Acquisition, Inc. | (5) (18) | Other Debt | S + | 8.00% PIK | 12.20% | 02/28/2030 | 3157 | 3157 | 3157 | 0.28 |
| **Total Debt Investments - non-controlled/affiliated** |  |  |  |  |  |  |  | $**12168** | $**12268** | **1.09%** |
| **Total Debt Investments** |  |  |  |  |  |  |  | $**2209615** | $**2166821** | **192.88%** |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Schedules of Investments**

**December 31, 2025**

*(In thousands, except unit and per unit amounts)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments**<sup>(1)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Acquisition Date** | **Par<br>Amount/<br>Shares**<sup>(3)</sup> | **Cost**<sup>(4)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| **Equity Investments - non-controlled/non-affiliated** |  |  |  |  |  |  |  |  |
| **Automobile Components** |  |  |  |  |  |  |  |  |
| Continental Battery Company | (5) (15) (16) | Common Equity |  | 07/16/2025 | 7758 |  |  |  |
| **Commercial Services & Supplies** |  |  |  |  |  |  |  |  |
| Firebird Acquisition Corp, Inc. | (5) (15) (16) | Common Equity |  | 02/03/2025 | 50000 | 48 | 58 | 0.01 |
| Procure Acquiom Financial, LLC (Procure Analytics) | (5) (15) (16) | Common Equity |  | 12/20/2021 | 500000 | 500 | 867 | 0.08 |
| Surewerx Topco, LP | (5) (14) (15) (16) | Common Equity |  | 12/28/2022 | 104 | 104 | 117 | 0.01 |
|  |  |  |  |  |  | 652 | 1042 | 0.10 |
| **Containers & Packaging** |  |  |  |  |  |  |  |  |
| BP Purchaser, LLC | (5) (15) (16) | Common Equity |  | 12/10/2021 | 1383156 | 1379 |  |  |
| BP Purchaser, LLC Rights | (5) (15) (16) | Common Equity |  | 03/12/2024 | 1666989 | 75 |  |  |
|  |  |  |  |  |  | 1454 |  |  |
| **Distributors** |  |  |  |  |  |  |  |  |
| 48Forty Solutions, LLC | (5) (9) (11) (15) (16) | Common Equity |  | 11/01/2024 | 3969 |  |  |  |
| **Diversified Consumer Services** |  |  |  |  |  |  |  |  |
| Eclipse Topco, Inc. | (5) (15) | Preferred Equity | 12.50% PIK | 09/05/2024 | 45 | 503 | 453 | 0.04 |
| FPG Parent, LLC | (5) (15) (16) | Common Equity |  | 07/18/2025 | 8121 |  |  |  |
| Leaf Home, LLC | (5) (15) | Preferred Equity | 14.00% PIK | 09/04/2025 | 250000 | 253 | 322 | 0.03 |
| LUV Car Wash | (5) (15) (16) | Common Equity |  | 04/06/2022 | 1260 | 1260 | 887 | 0.08 |
|  |  |  |  |  |  | 2016 | 1662 | 0.15 |
| **Electrical Equipment** |  |  |  |  |  |  |  |  |
| Sparkstone Electrical Group | (5) (15) (16) | Common Equity |  | 10/15/2024 | 1500 | 150 | 65 | 0.01 |
| **Financial Services** |  |  |  |  |  |  |  |  |
| Applitools, Inc. | (5) (14) (15) (16) | Common Equity |  | 07/18/2025 | 2182564 | 1248 | 1060 | 0.09 |
| **Health Care Providers & Services** |  |  |  |  |  |  |  |  |
| mPulse Mobile, Inc. | (5) (15) (16) | Common Equity |  | 12/17/2021 | 105978 | 780 | 796 | 0.07 |
| SDB Holdco, LLC | (5) (15) (16) | Common Equity |  | 03/29/2024 | 9100924 |  |  |  |
| Vardiman Black Holdings, LLC | (5) (15) | Preferred Equity | 6.00% PIK | 03/29/2024 | 4415744 | 3296 |  |  |
|  |  |  |  |  |  | 4076 | 796 | 0.07 |
| **Insurance Services** |  |  |  |  |  |  |  |  |
| Amerilife Holdings, LLC | (5) (15) (16) | Common Equity |  | 09/01/2022 | 14856 | 410 | 890 | 0.08 |
| Frisbee Holdings, LP (Fetch) | (5) (15) (16) | Common Equity |  | 10/31/2022 | 18287 | 233 | 656 | 0.06 |
| Integrity Marketing Acquisition, LLC | (5) (15) | Preferred Equity | 10.50% | 12/21/2021 | 1000000 | 1507 | 1370 | 0.12 |
|  |  |  |  |  |  | 2150 | 2916 | 0.26 |
| **Interactive Media & Services** |  |  |  |  |  |  |  |  |
| FMG Suite Holdings, LLC | (5) (15) (16) | Common Equity |  | 09/09/2025 | 250000 |  |  |  |
| FMG Suite Holdings, LLC | (5) (15) | Preferred Equity | 8.00% PIK | 09/09/2025 | 250 | 256 | 256 | 0.02 |
|  |  |  |  |  |  | 256 | 256 | 0.02 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Schedules of Investments**

**December 31, 2025**

*(In thousands, except unit and per unit amounts)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments**<sup>(1)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Acquisition Date** | **Par<br>Amount/<br>Shares**<sup>(3)</sup> | **Cost**<sup>(4)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| **Professional Services** |  |  |  |  |  |  |  |  |  |
| Verdantas, LLC | (5) (15) (16) | Common Equity |  |  | 05/03/2024 | 3984 | 4 | 6 |  |
| Verdantas, LLC | (5) (15) | Preferred Equity |  | 10.00% | 05/03/2024 | 394416 | 466 | 581 | 0.05 |
|  |  |  |  |  |  |  | 470 | 587 | 0.05 |
| **Software** |  |  |  |  |  |  |  |  |  |
| Fullsteam Operations, LLC | (5) (15) (16) | Common Equity |  |  | 11/27/2023 | 11270 | 380 | 941 | 0.08 |
| Knockout Intermediate Holdings I, Inc. | (5) (15) | Preferred Equity | S+ | 10.75% | 06/25/2022 | 1119 | 1576 | 1620 | 0.14 |
| Revalize, Inc. | (5) (15) | Preferred Equity | S+ | 10.00% | 12/14/2021 | 2154 | 3621 | 3183 | 0.28 |
| Reveal Data Solutions | (5) (15) (16) | Common Equity |  |  | 08/29/2023 | 186769 | 243 | 226 | 0.02 |
| RSK Holdings, Inc. (Riskonnect) | (5) (15) | Preferred Equity | S+ | 10.50% | 07/07/2022 | 2123800 | 3467 | 3531 | 0.31 |
|  |  |  |  |  |  |  | 9287 | 9501 | 0.83 |
| **Total Equity Investments - non-controlled/non-affiliated** |  |  |  |  |  |  | $**21759** | $**17885** | **1.58%** |
| **Equity Investments - non-controlled/affiliated** |  |  |  |  |  |  |  |  |  |
| **Professional Services** |  |  |  |  |  |  |  |  |  |
| KWOR Intermediate I, Inc. | (5) (15) (16) (18) | Common Equity |  |  | 02/28/2025 | 1796 | 690 |  |  |
| KWOR Intermediate I, Inc. | (5) (15) (18) | Preferred Equity | S + | 8.00% PIK | 02/28/2025 | 1920386 | 1920 | 1242 | 0.11 |
|  |  |  |  |  |  |  | 2610 | 1242 | 0.11 |
| **Total Equity Investments - non-controlled/affiliated** |  |  |  |  |  |  | $**2610** | $**1242** | **0.11%** |
| **Total Equity Investments** |  |  |  |  |  |  | $**24369** | $**19127** | **1.69%** |
| **Total Portfolio Investments** |  |  |  |  |  |  | $**2233984** | $**2185948** | **194.57%** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Cash and Cash Equivalents and Short Term Investments** |  |  |  |  |
| J.P. Morgan US Government Money Market Fund - Institutional Shares | 3.62% | $23676 | $23676 | 2.11% |
| Cash and Cash Equivalents |  | 47217 | 47217 | 4.20% |
| **Total Cash and Cash Equivalents and Short Term Investments** |  | $70893 | $70893 | 6.31% |
| **Total Portfolio Investments, Cash and Cash Equivalents, and Short Term Investments** |  | $**2304877** | $**2256841** | **200.84%** |

---

(1)Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term "Company" shall include the Company's consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments (including preferred equity investments) are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the 1940 Act, the Company would be deemed to "control" a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2025, the Company does not "control" any of these portfolio companies. Under the 1940 Act, the Company would be deemed an "affiliated person" of a portfolio company if the Company owns 5% or more of the portfolio company's outstanding voting securities. As of December 31, 2025, the Company is an "affiliated person" of one of its portfolio companies, as indicated below.

(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either CORRA ("C"), EURIBOR ("E"), SOFR ("S") or SONIA ("SA") or an alternate base rate (commonly based on the Federal Funds Rate ("F") or the U.S. Prime Rate ("P")), each of which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2025. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2025. As of December 31, 2025, the reference rates for our variable rate loans were the C at 2.26%, 1-month E at 1.94%, 1-month S at 3.69%, the 3-month S at 3.65%, 6-month S at 3.57%, SA at 3.72% and the P at 6.75%.

(3)Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars ("$" or "USD") unless otherwise noted, Euro ("€"), Great British Pound ("GBP"), or Canadian dollar ("CAD").

(4)The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

(5)These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Company's Valuation Designee (the "Valuation Designee") under the supervision of the Board of Directors (see Note 2 and Note 5), pursuant to the Company's valuation policy.

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[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Schedules of Investments**

**December 31, 2025**

*(In thousands, except unit and per unit amounts)*

(6)Loan includes interest rate floor of 1.00%.

(7)Loan includes interest rate floor of 0.75%.

(8)Loan includes interest rate floor of 0.50%.

(9)Assets or a portion thereof are pledged as collateral for the JPM Funding Facility (as defined below). See Note 6 "Debt".

(10)Assets or a portion thereof are pledged as collateral for the Barclays Funding Facility (as defined below). See Note 6 "Debt".

(11)Assets or a portion thereof are pledged as collateral for the BNP Funding Facility (as defined below). See Note 6 "Debt".

(12)The investment includes an exit fee that is receivable upon certain conditions being met. See Note 2 "Significant Accounting Policies".

(13)Investment was on non-accrual status as of December 31, 2025.

(14)The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2025, non-qualifying assets represented 8.21% of total assets as calculated in accordance with regulatory requirements.

(15)Securities exempt from registration under the Securities Act of 1933, as amended, and may be deemed to be "restricted securities." As of December 31, 2025, the aggregate fair value of these securities is $19,127 or 1.70% of the Company's net assets. The initial acquisition dates have been included for such securities.

(16)Non-income producing security.

(17)Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, result from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company's unfunded commitments as of December 31, 2025:

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[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Schedules of Investments**

**December 31, 2025**

*(In thousands, except unit and per unit amounts)*

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investments — non-controlled/non-affiliated** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** | **Fair Value** |
| **First Lien Debt** |  |  |  |  |
| 48Forty Solutions, LLC | Revolver | 11/30/2029 | 790 | (466) |
| AWP Group Holdings, Inc. | Delayed Draw Term Loan | 08/23/2026 | 257 |  |
| AWP Group Holdings, Inc. | Revolver | 12/23/2030 | 383 |  |
| Accel International Holdings, Inc. | Revolver | 04/26/2032 | 721 |  |
| Accordion Partners, LLC | Delayed Draw Term Loan | 12/17/2027 | 6567 | (16) |
| Accordion Partners, LLC | Revolver | 11/17/2031 | 1735 |  |
| Advarra Holdings, Inc. | Delayed Draw Term Loan | 09/14/2026 | 1851 | (9) |
| Amerilife Holdings, LLC | Delayed Draw Term Loan | 06/17/2026 | 95 | (1) |
| Amerilife Holdings, LLC | Revolver | 08/31/2028 | 2365 | (18) |
| Answer Acquisition, LLC | Revolver | 06/30/2028 | 1925 | (188) |
| Any Hour, LLC | Delayed Draw Term Loan | 05/23/2026 | 2815 | (126) |
| Any Hour, LLC | Revolver | 05/23/2030 | 249 | (11) |
| Apex Service Partners, LLC | Revolver | 10/24/2029 | 1292 | (1) |
| Apollo Acquisition, Inc. | Delayed Draw Term Loan | 06/04/2027 | 2739 |  |
| Apollo Acquisition, Inc. | Revolver | 12/30/2030 | 883 |  |
| Appfire Technologies, LLC | Delayed Draw Term Loan | 06/28/2026 | 300 |  |
| Appfire Technologies, LLC | Revolver | 03/09/2028 | 96 |  |
| Applitools, Inc. | Revolver | 05/25/2028 | 900 | (16) |
| Aprio Advisory Group, LLC | Delayed Draw Term Loan | 12/23/2027 | 4792 | (24) |
| Aprio Advisory Group, LLC | Revolver | 08/01/2031 | 417 | (4) |
| Apryse Software Corp. | Revolver | 06/28/2032 | 306 | (3) |
| Aptean, Inc. | Delayed Draw Term Loan | 02/14/2027 | 326 |  |
| Aptean, Inc. | Revolver | 01/30/2031 | 1194 | (1) |
| Archduke Buyer, Inc. | Revolver | 12/03/2032 | 547 | (6) |
| Arcoro Holdings Corp. | Revolver | 03/28/2030 | 1304 | (22) |
| Artifact Bidco, Inc. | Delayed Draw Term Loan | 05/22/2027 | 2586 |  |
| Artifact Bidco, Inc. | Revolver | 07/26/2030 | 1847 |  |
| Ascend Partner Services, LLC | Delayed Draw Term Loan | 08/09/2027 | 298 | (3) |
| Associations, Inc. | Delayed Draw Term Loan | 07/03/2028 | 116 |  |
| Associations, Inc. | Revolver | 07/03/2028 | 163 |  |
| Astra Service Partners, LLC | Delayed Draw Term Loan | 11/26/2027 | 2965 | (11) |
| Atlas US Finco, Inc. | Revolver | 12/09/2028 | 885 |  |
| AuditBoard, Inc. | Revolver | 07/14/2031 | 2286 | (16) |
| BCTO Bluebill Midco, Inc. | Revolver | 07/30/2032 | 972 | (10) |
| Banyan Software Holdings, LLC | Delayed Draw Term Loan | 10/08/2027 | 10137 | (54) |
| Banyan Software Holdings, LLC | Revolver | 01/02/2031 | 326 |  |
| Bottomline Technologies, Inc. | Revolver | 05/15/2028 | 1333 |  |
| Bridgepointe Technologies, LLC | Delayed Draw Term Loan | 07/03/2026 | 5 |  |
| Bridgepointe Technologies, LLC | Delayed Draw Term Loan | 07/03/2026 | 500 |  |
| Bullhorn, Inc. | Delayed Draw Term Loan | 05/11/2026 | 162 |  |
| Bullhorn, Inc. | Revolver | 10/01/2029 | 102 |  |
| CCI Buyer, Inc. | Revolver | 05/13/2032 | 441 | (1) |

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[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Schedules of Investments**

**December 31, 2025**

*(In thousands, except unit and per unit amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments — non-controlled/non-affiliated** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** | **Fair Value** |
| COP Collisionright Parent, LLC | Delayed Draw Term Loan | 04/04/2027 | 1600 | (4) |
| COP Collisionright Parent, LLC | Revolver | 01/29/2030 | 943 | (2) |
| CRCI Longhorn Holdings, Inc. | Delayed Draw Term Loan | 08/27/2026 | 882 |  |
| CRCI Longhorn Holdings, Inc. | Revolver | 08/27/2031 | 588 |  |
| Caerus US 1, Inc. | Revolver | 05/25/2029 | 181 |  |
| Carr, Riggs and Ingram Capital, LLC | Delayed Draw Term Loan | 11/18/2026 | 213 | (1) |
| Carr, Riggs and Ingram Capital, LLC | Revolver | 11/18/2031 | 133 |  |
| Catalis Intermediate, Inc. | Revolver | 08/04/2027 | 2514 | (32) |
| Cerity Partners, LLC | Delayed Draw Term Loan | 01/21/2027 | 1836 | (5) |
| Cerity Partners, LLC | Revolver | 07/28/2031 | 616 | (2) |
| Chase Intermediate, LLC | Delayed Draw Term Loan | 04/10/2027 | 883 | (8) |
| Chase Intermediate, LLC | Revolver | 10/30/2028 | 129 | (1) |
| Cliffwater, LLC | Revolver | 04/22/2032 | 433 | (3) |
| ComPsych Investment Corp. | Delayed Draw Term Loan | 07/23/2027 | 667 |  |
| Computer Services, Inc. | Delayed Draw Term Loan | 11/15/2027 | 1489 | (4) |
| Consor Intermediate II, LLC | Delayed Draw Term Loan | 05/10/2026 | 1331 | (1) |
| Consor Intermediate II, LLC | Revolver | 05/12/2031 | 481 | (1) |
| Coupa Holdings, LLC | Delayed Draw Term Loan | 06/03/2027 | 699 |  |
| Coupa Holdings, LLC | Revolver | 02/27/2029 | 536 |  |
| Cyara AcquisitionCo, LLC | Revolver | 06/28/2029 | 887 |  |
| Cyber US Bidco, LLC | Delayed Draw Term Loan | 01/02/2029 | 1591 | (8) |
| Cyber US Bidco, LLC | Revolver | 12/30/2032 | 699 | (7) |
| DA Blocker Corp. | Delayed Draw Term Loan | 02/10/2027 | 1653 | (4) |
| DA Blocker Corp. | Revolver | 02/10/2032 | 551 | (1) |
| Deerfield Dakota Holding, LLC | Revolver | 09/13/2032 | 1457 | (13) |
| Diligent Corporation | Delayed Draw Term Loan | 04/30/2026 | 3529 | (2) |
| Diligent Corporation | Revolver | 08/02/2030 | 1800 | (1) |
| Drivecentric Holdings, LLC | Delayed Draw Term Loan | 07/22/2027 | 1125 |  |
| Drivecentric Holdings, LLC | Revolver | 08/15/2031 | 2059 |  |
| Dwyer Instruments, Inc. | Revolver | 07/20/2029 | 1363 | (7) |
| E-Discovery AcquireCo, LLC | Revolver | 08/29/2029 | 440 |  |
| EVDR Purchaser, Inc. | Delayed Draw Term Loan | 08/14/2026 | 309 |  |
| EVDR Purchaser, Inc. | Revolver | 02/14/2031 | 148 |  |
| Eclipse Buyer, Inc. | Delayed Draw Term Loan | 09/06/2026 | 160 |  |
| Eclipse Buyer, Inc. | Revolver | 09/08/2031 | 81 |  |
| Emburse, Inc. | Delayed Draw Term Loan | 05/28/2027 | 954 | (2) |
| Emburse, Inc. | Revolver | 05/28/2032 | 954 | (2) |
| Energy Labs Holdings Corp. | Delayed Draw Term Loan | 05/24/2026 | 36 | (1) |
| Energy Labs Holdings Corp. | Revolver | 04/07/2028 | 64 | (1) |
| Espresso Bidco, Inc. | Delayed Draw Term Loan | 03/25/2027 | 1385 | (21) |
| Espresso Bidco, Inc. | Revolver | 03/25/2032 | 615 | (9) |
| Essential Services Holding Corporation | Delayed Draw Term Loan | 06/17/2026 | 2231 | (6) |
| Essential Services Holding Corporation | Revolver | 06/17/2030 | 836 | (2) |
| Everbridge Holdings, LLC | Delayed Draw Term Loan | 07/02/2026 | 3942 |  |

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------

[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Schedules of Investments**

**December 31, 2025**

*(In thousands, except unit and per unit amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments — non-controlled/non-affiliated** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** | **Fair Value** |
| Everbridge Holdings, LLC | Revolver | 07/02/2031 | 2593 |  |
| Excelitas Technologies Corp. | Revolver | 08/14/2028 | 3612 | (18) |
| Express Wash Acquisition Company, LLC | Revolver | 04/10/2031 | 234 | (2) |
| FLS Holding, Inc. | Revolver | 12/17/2027 | 24 | (4) |
| FMG Suite Holdings, LLC | Delayed Draw Term Loan | 09/09/2027 | 1604 | (16) |
| FMG Suite Holdings, LLC | Revolver | 09/09/2032 | 962 | (10) |
| FPG Intermediate Holdco, LLC | Delayed Draw Term Loan | 07/26/2027 | 593 |  |
| Firebird Acquisition Corp, Inc. | Delayed Draw Term Loan | 01/31/2027 | 297 |  |
| Firebird Acquisition Corp, Inc. | Revolver | 02/02/2032 | 150 |  |
| Formstack Acquisition, Co. | Delayed Draw Term Loan | 03/30/2026 | 2805 | (20) |
| Formstack Acquisition, Co. | Revolver | 03/28/2030 | 1575 | (11) |
| Foundation Risk Partners Corp. | Delayed Draw Term Loan | 02/26/2027 | 208 |  |
| Foundation Risk Partners Corp. | Revolver | 10/29/2029 | 802 |  |
| Fullsteam Operations, LLC | Delayed Draw Term Loan | 08/09/2027 | 2019 | (21) |
| Fullsteam Operations, LLC | Revolver | 08/08/2031 | 673 | (7) |
| GB Eagle Buyer, Inc. | Delayed Draw Term Loan | 11/12/2027 | 2397 | (12) |
| GB Eagle Buyer, Inc. | Revolver | 11/29/2030 | 1598 | (16) |
| GC Waves Holdings, Inc. | Delayed Draw Term Loan | 10/06/2027 | 712 | (2) |
| GC Waves Holdings, Inc. | Revolver | 10/04/2030 | 382 |  |
| GPS Merger Sub, LLC | Delayed Draw Term Loan | 10/04/2027 | 546 | (5) |
| GPS Merger Sub, LLC | Revolver | 10/02/2029 | 745 | (6) |
| GS AcquisitionCo, Inc. | Delayed Draw Term Loan | 03/26/2026 | 842 |  |
| GS AcquisitionCo, Inc. | Revolver | 05/25/2028 | 871 |  |
| Galway Borrower, LLC | Delayed Draw Term Loan | 02/06/2026 | 107 |  |
| Galway Borrower, LLC | Revolver | 09/29/2028 | 356 |  |
| GarageCo Intermediate II, LLC | Delayed Draw Term Loan | 08/02/2027 | 1768 | (18) |
| GarageCo Intermediate II, LLC | Revolver | 07/30/2032 | 530 | (5) |
| Gateway US Holdings, Inc. | Revolver | 09/22/2028 | 213 | (1) |
| Granicus, Inc. | Revolver | 01/17/2031 | 1797 |  |
| HSI Halo Acquisition, Inc. | Delayed Draw Term Loan | 06/28/2026 | 1307 | (5) |
| HSI Halo Acquisition, Inc. | Revolver | 06/28/2030 | 1743 | (7) |
| Heartland Veterinary Partners, LLC | Delayed Draw Term Loan | 11/08/2027 | 5460 | (32) |
| Heartland Veterinary Partners, LLC | Revolver | 06/12/2028 | 1211 |  |
| Higginbotham Insurance Agency, Inc. | Delayed Draw Term Loan | 12/10/2027 | 974 | (3) |
| Higginbotham Insurance Agency, Inc. | Delayed Draw Term Loan | 09/30/2026 | 106 |  |
| Hootsuite, Inc. | Revolver | 05/22/2030 | 800 | (10) |
| Hyland Software, Inc. | Revolver | 09/19/2029 | 961 |  |
| IG Investment Holdings, LLC | Revolver | 09/22/2028 | 101 |  |
| IQN Holding Corp. | Revolver | 05/02/2028 | 225 |  |
| Icefall Parent, Inc. | Revolver | 01/25/2030 | 506 |  |
| Imagine 360, LLC | Delayed Draw Term Loan | 09/20/2026 | 859 |  |
| Imagine 360, LLC | Revolver | 10/02/2028 | 532 |  |
| Inhabitiq, Inc. | Delayed Draw Term Loan | 01/11/2027 | 957 |  |
| Inhabitiq, Inc. | Revolver | 01/12/2032 | 598 |  |

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[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Schedules of Investments**

**December 31, 2025**

*(In thousands, except unit and per unit amounts)*

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investments — non-controlled/non-affiliated** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** | **Fair Value** |
| Inszone Mid, LLC | Delayed Draw Term Loan | 10/18/2027 | 938 | (5) |
| Inszone Mid, LLC | Revolver | 11/30/2029 | 1331 | (3) |
| Integrity Marketing Acquisition, LLC | Revolver | 08/25/2028 | 290 |  |
| Invictus Buyer, LLC | Delayed Draw Term Loan | 06/03/2026 | 1688 |  |
| Invictus Buyer, LLC | Revolver | 06/03/2031 | 625 |  |
| Iris Buyer, LLC | Revolver | 10/02/2029 | 429 | (1) |
| Iris Specialty Acquisiton, LLC | Delayed Draw Term Loan | 11/20/2028 | 1785 | (4) |
| Iris Specialty Acquisiton, LLC | Revolver | 11/22/2032 | 1571 | (8) |
| Jeppesen Holdings, LLC | Revolver | 11/01/2032 | 588 | (3) |
| Jonathan Acquisition Company | Revolver | 05/11/2029 | 436 | (6) |
| KENG Acquisition, Inc. | Revolver | 08/01/2029 | 900 | (5) |
| Kodiak Buyer, LLC | Delayed Draw Term Loan | 07/26/2027 | 429 |  |
| Kodiak Buyer, LLC | Revolver | 07/23/2032 | 343 |  |
| LHS Borrower, LLC | Revolver | 09/04/2031 | 258 | (4) |
| LJ Avalon Holdings, LLC | Delayed Draw Term Loan | 02/12/2027 | 938 |  |
| LJ Avalon Holdings, LLC | Revolver | 02/01/2029 | 897 |  |
| LeadVenture, Inc. | Delayed Draw Term Loan | 06/23/2027 | 560 |  |
| LeadVenture, Inc. | Revolver | 06/23/2032 | 335 |  |
| LegitScript, LLC | Revolver | 06/24/2028 | 1917 |  |
| LogRhythm, Inc. | Revolver | 07/02/2029 | 273 | (11) |
| MAI Capital Management Intermediate, LLC | Delayed Draw Term Loan | 06/11/2027 | 427 | (4) |
| MAI Capital Management Intermediate, LLC | Revolver | 08/29/2031 | 413 | (4) |
| MRI Software, LLC | Revolver | 02/10/2028 | 1124 | (3) |
| Magneto Components Buyco, LLC | Revolver | 12/05/2029 | 3930 |  |
| ManTech International CP | Delayed Draw Term Loan | 02/17/2026 | 510 |  |
| ManTech International CP | Revolver | 09/14/2028 | 2613 |  |
| Merative, LP | Delayed Draw Term Loan | 09/30/2027 | 1129 | (6) |
| Merative, LP | Revolver | 09/30/2032 | 988 | (5) |
| Mobile Communications America, Inc. | Delayed Draw Term Loan | 06/23/2027 | 417 |  |
| Mobile Communications America, Inc. | Revolver | 10/16/2029 | 329 |  |
| Model N, Inc. | Delayed Draw Term Loan | 06/26/2026 | 2765 |  |
| Model N, Inc. | Revolver | 06/27/2031 | 1475 |  |
| Montana Buyer, Inc. | Revolver | 07/22/2028 | 978 |  |
| NDT Global Holding, Inc. | Delayed Draw Term Loan | 06/04/2027 | 597 | (6) |
| NDT Global Holding, Inc. | Revolver | 06/04/2032 | 533 | (5) |
| NSI Holdings, Inc. | Delayed Draw Term Loan | 11/15/2026 | 263 |  |
| NSI Holdings, Inc. | Revolver | 11/17/2031 | 263 |  |
| Nasuni Corporation | Revolver | 09/10/2030 | 1724 |  |
| Netwrix Corporation And Concept Searching, Inc. | Revolver | 06/11/2029 | 316 | (2) |
| OEConnection, LLC | Delayed Draw Term Loan | 12/26/2028 | 1736 | (4) |
| OEConnection, LLC | Revolver | 12/23/2032 | 457 | (2) |
| Oak Purchaser, Inc. | Delayed Draw Term Loan | 08/30/2027 | 1287 | (10) |
| Oak Purchaser, Inc. | Revolver | 05/31/2028 | 840 | (6) |
| One, Inc. Software Corporation | Delayed Draw Term Loan | 12/06/2027 | 1965 | (10) |

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[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Schedules of Investments**

**December 31, 2025**

*(In thousands, except unit and per unit amounts)*

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investments — non-controlled/non-affiliated** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** | **Fair Value** |
| One, Inc. Software Corporation | Revolver | 12/06/2032 | 786 | (8) |
| Onit, Inc. | Delayed Draw Term Loan | 01/27/2027 | 2292 |  |
| Onit, Inc. | Revolver | 01/27/2032 | 764 |  |
| Optimizely North America, Inc. | Revolver | 10/30/2031 | 225 | (4) |
| PDI TA Holdings, Inc. | Revolver | 02/03/2031 | 69 | (1) |
| PMA Parent Holdings, LLC | Revolver | 01/31/2031 | 245 | (2) |
| PT Intermediate Holdings III, LLC | Delayed Draw Term Loan | 04/08/2026 | 1880 |  |
| Pamlico Avant Holdings, LP | Revolver | 12/31/2032 | 1180 | (12) |
| Pareto Health Intermediate Holdings, Inc. | Delayed Draw Term Loan | 06/20/2026 | 377 |  |
| Pareto Health Intermediate Holdings, Inc. | Revolver | 06/01/2029 | 2713 |  |
| Procure Acquireco, Inc. (Procure Analytics) | Delayed Draw Term Loan | 10/31/2026 | 165 |  |
| Procure Acquireco, Inc. (Procure Analytics) | Revolver | 12/20/2028 | 1190 |  |
| Project Accelerate Parent, LLC | Revolver | 02/24/2031 | 188 |  |
| Project Potter Buyer, LLC | Revolver | 04/23/2027 | 535 |  |
| Railpros Parent, LLC | Delayed Draw Term Loan | 05/24/2027 | 1263 | (13) |
| Railpros Parent, LLC | Revolver | 05/24/2032 | 632 | (6) |
| Randy's Holdings, Inc. | Delayed Draw Term Loan | 06/30/2026 | 762 | (8) |
| Randy's Holdings, Inc. | Delayed Draw Term Loan | 12/20/2027 | 2522 | (13) |
| Randy's Holdings, Inc. | Revolver | 11/01/2029 | 1651 | (17) |
| Raptor Merger Sub Debt, LLC | Revolver | 04/01/2029 | 1540 |  |
| Real Chemistry Intermediate III, Inc. | Delayed Draw Term Loan | 10/11/2027 | 592 | (3) |
| Real Chemistry Intermediate III, Inc. | Revolver | 04/12/2032 | 650 | (3) |
| Redwood Services Group, LLC | Delayed Draw Term Loan | 01/03/2027 | 651 | (3) |
| Revalize, Inc. | Revolver | 04/16/2029 | 426 | (22) |
| Ridge Trail US Bidco, Inc. | Delayed Draw Term Loan | 03/30/2027 | 4724 |  |
| Ridge Trail US Bidco, Inc. | Revolver | 03/31/2031 | 1150 |  |
| Riskonnect Parent, LLC | Delayed Draw Term Loan | 03/01/2026 | 231 |  |
| Riskonnect Parent, LLC | Revolver | 12/07/2028 | 746 |  |
| RoadOne IntermodaLogistics | Revolver | 12/29/2028 | 7 |  |
| Routeware, Inc. | Delayed Draw Term Loan | 09/18/2026 | 642 | (2) |
| Routeware, Inc. | Revolver | 09/18/2031 | 136 |  |
| Runway Bidco, LLC | Delayed Draw Term Loan | 12/17/2026 | 362 | (1) |
| Runway Bidco, LLC | Revolver | 12/17/2031 | 181 |  |
| SV Newco 2, Inc. | Delayed Draw Term Loan | 03/22/2028 | 1800 | (2) |
| SV Newco 2, Inc. | Revolver | 06/02/2031 | 5155 | (7) |
| Saturn Borrower, Inc. | Delayed Draw Term Loan | 01/24/2027 | 1191 | (10) |
| Saturn Borrower, Inc. | Revolver | 11/10/2028 | 400 | (3) |
| Securonix, Inc. | Revolver | 04/05/2029 | 3782 | (541) |
| Sherlock Buyer Corp. | Revolver | 12/07/2029 | 2876 | (91) |
| Smarsh, Inc. | Delayed Draw Term Loan | 01/31/2027 | 1072 |  |
| Smarsh, Inc. | Revolver | 02/16/2029 | 493 |  |
| Sonny's Enterprises, LLC | Revolver | 08/05/2027 | 1436 | (41) |
| Spark Buyer, LLC | Delayed Draw Term Loan | 10/15/2026 | 375 | (28) |
| Spark Buyer, LLC | Revolver | 10/15/2031 | 124 | (9) |

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[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Schedules of Investments**

**December 31, 2025**

*(In thousands, except unit and per unit amounts)*

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investments — non-controlled/non-affiliated** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** | **Fair Value** |
| Specialty Pharma III, Inc. | Revolver | 12/23/2032 | 956 | (5) |
| Stepping Stones Healthcare Services, LLC | Delayed Draw Term Loan | 04/25/2026 | 906 |  |
| Stepping Stones Healthcare Services, LLC | Revolver | 12/30/2026 | 250 |  |
| Superman Holdings, LLC | Revolver | 08/29/2031 | 967 |  |
| Surewerx Purchaser III, Inc. | Delayed Draw Term Loan | 06/29/2026 | 122 |  |
| Surewerx Purchaser III, Inc. | Revolver | 12/28/2028 | 267 |  |
| TA Polaris Buyer, Inc. | Delayed Draw Term Loan | 12/12/2028 | 6216 | (16) |
| TA Polaris Buyer, Inc. | Revolver | 12/13/2032 | 1865 | (9) |
| Tamarack Intermediate, LLC | Delayed Draw Term Loan | 07/01/2027 | 325 | (1) |
| Tamarack Intermediate, LLC | Revolver | 03/12/2029 | 2602 | (7) |
| Tank Holding Corp. | Revolver | 03/31/2028 | 1333 | (115) |
| Thrive Buyer, Inc. (Thrive Networks) | Delayed Draw Term Loan | 01/31/2027 | 1200 | (9) |
| Thrive Buyer, Inc. (Thrive Networks) | Revolver | 02/02/2032 | 1112 | (8) |
| Tidi Legacy Products, Inc. | Revolver | 12/19/2029 | 585 |  |
| Transit Technologies, LLC | Delayed Draw Term Loan | 08/20/2026 | 587 |  |
| Transit Technologies, LLC | Delayed Draw Term Loan | 08/20/2027 | 366 | (3) |
| Transit Technologies, LLC | Revolver | 08/20/2030 | 546 |  |
| Trintech, Inc. | Revolver | 07/25/2029 | 1429 | (7) |
| Trunk Acquisition, Inc. | Delayed Draw Term Loan | 12/20/2026 | 80 |  |
| Trunk Acquisition, Inc. | Revolver | 02/19/2030 | 1071 |  |
| UHY Advisors, Inc. | Delayed Draw Term Loan | 11/22/2026 | 389 |  |
| UHY Advisors, Inc. | Revolver | 11/21/2031 | 83 |  |
| V Global Holdings, LLC | Revolver | 01/02/2029 | 638 | (51) |
| VRC Companies, LLC | Revolver | 06/29/2027 | 293 |  |
| Vamos Bidco, Inc. | Delayed Draw Term Loan | 01/30/2027 | 1125 | (8) |
| Vamos Bidco, Inc. | Revolver | 01/30/2032 | 338 | (3) |
| Vanco Payment Solutions, LLC | Revolver | 12/01/2031 | 351 | (4) |
| Vardiman Black Holdings, LLC | Delayed Draw Term Loan | 03/29/2026 | 41 | (4) |
| Vehlo Purchaser, LLC | Revolver | 05/24/2028 | 3016 |  |
| Vensure Employer Services, Inc. | Delayed Draw Term Loan | 09/27/2026 | 39 |  |
| Verdantas, LLC | Revolver | 05/06/2030 | 1193 |  |
| Vertex Service Partners, LLC | Delayed Draw Term Loan | 10/01/2026 | 201 | (10) |
| Vertex Service Partners, LLC | Revolver | 11/08/2030 | 347 | (6) |
| Vessco Midco Holdings, LLC | Delayed Draw Term Loan | 07/24/2026 | 98 |  |
| Vessco Midco Holdings, LLC | Delayed Draw Term Loan | 05/03/2028 | 1972 | (5) |
| Vessco Midco Holdings, LLC | Revolver | 07/24/2031 | 189 | (1) |
| Victors Purchaser, LLC | Delayed Draw Term Loan | 12/23/2027 | 368 |  |
| Victors Purchaser, LLC | Revolver | 12/23/2032 | 276 |  |
| WIPFLI Advisory, LLC | Delayed Draw Term Loan | 04/01/2028 | 1269 | (3) |
| WIPFLI Advisory, LLC | Revolver | 10/01/2032 | 846 | (4) |
| YI, LLC | Revolver | 12/03/2029 | 1373 |  |
| Zarya Intermediate, LLC | Revolver | 07/01/2027 | 2807 |  |
| eShipping, LLC | Delayed Draw Term Loan | 12/23/2027 | 2149 | (5) |
| eShipping, LLC | Revolver | 12/23/2032 | 940 | (5) |

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[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Consolidated Schedules of Investments**

**December 31, 2025**

*(In thousands, except unit and per unit amounts)*

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investments — non-controlled/non-affiliated** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** | **Fair Value** |
| iCIMS, Inc. | Revolver | 08/18/2028 | 114 | (1) |
| mPulse Mobile, Inc. | Delayed Draw Term Loan | 08/26/2027 | 865 | (9) |
| mPulse Mobile, Inc. | Revolver | 08/26/2032 | 1298 | (13) |
| **Total First Lien Debt Unfunded Commitments — non-controlled/non-affiliated** |  |  | $**291545** | $**(2668)** |
| KWOR Acquisition, Inc. | Delayed Draw Term Loan | 02/28/2027 | 1947 |  |
| KWOR Acquisition, Inc. | Revolver | 02/28/2030 | 1427 |  |
| **Total First Lien Debt Unfunded Commitments — non-controlled/affiliated** |  |  | $**3374** |  |
| **Total Unfunded Commitments** |  |  | $**294919** | $**(2668)** |

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(18)As defined in the 1940 Act, the Company is deemed to be an "affiliated person" of the portfolio company as the Company owns, either directly or indirectly, 5% or more of the portfolio company's voting securities ("non-controlled affiliate"). Transactions related to investments in non-controlled affiliates for the year ended December 31, 2025 were as follows:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value<br>as of<br>December 31, 2024** | **Gross<br>Additions** <sup>(b)</sup> | **Gross<br>Reductions** <sup>(c)</sup> | **Net Change<br>in Unrealized<br>Gains (Losses)** | **Net Realized<br>Gain (Loss)** | **Fair Value<br>as of<br>December 31, 2025** | **Interest,<br>Dividend<br>and Other<br>Income** |
| KWOR Acquisition, Inc.<sup>(a)</sup> | $— | $14778 | $— | $(1268) | $— | $13510 | $1262 |
| **Total** | $— | $14778 | $— | $(1268) | $— | $13510 | $1262 |

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(a)Inclusive of positions titled KWOR Intermediate I, Inc.

(b)Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, payment-in-kind ("PIK") interest, the accretion of discounts, 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.

(c)Gross reductions may 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.

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

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[**<u>**Table of Contents**</u>**](#toc_page)

**T Series BDC LLC**

**Notes to the Consolidated Financial Statements (Unaudited)**

**March 31, 2026**

*(In thousands, except unit and per unit amounts)*

**(1)** **ORGANIZATION**

T Series BDC LLC, formerly known as T Series Middle Market Loan Fund LLC (the "Company"), is a non-diversified, externally managed specialty finance company focused on lending to middle market companies. The Company has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). In addition, for U.S. federal income tax purposes, the Company has elected to be treated, and intends to comply with the requirements 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 is not a subsidiary of or consolidated with Morgan Stanley.

The Company was formed as a Delaware limited liability company on September 14, 2021 and commenced investment operations on November 4, 2021. The Company is externally managed by MS Capital Partners Adviser Inc., an indirect wholly owned subsidiary of Morgan Stanley (the "Adviser" or "Investment Adviser").

The Company's investment objective is to achieve attractive risk-adjusted returns via current income and, to a lesser extent, capital appreciation by investing primarily in directly originated senior secured term loans issued by U.S. middle-market companies backed by private equity sponsors, including first lien senior secured term loans, second lien senior secured term loans, with the balance of its investments expected to be in higher-yielding assets such as mezzanine debt, unsecured debt, equity investments and other opportunistic asset purchases.

The Company has conducted and from time to time may conduct private offerings of common units (the "Common Units") to investors in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). Each investor at any closing of a private offering makes a capital commitment to purchase Common Units pursuant to a subscription agreement entered into with the Company (a "Subscription Agreement"). Investors are required to fund drawdowns to purchase Common Units up to the amount of their respective capital commitments each time the Company delivers a notice to the investors.

**(2)** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

**Basis of Presentation**

The Company's functional currency is U.S. Dollars ("USD") and these consolidated financial statements have been prepared in that currency. The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") and pursuant to Regulation S-X. As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification ("ASC") Topic 946, Financial Services – Investment Companies ("ASC 946") issued by the Financial Accounting Standards Board ("FASB").

The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments and reclassifications, consisting solely of normal recurring accruals considered necessary for the fair presentation of consolidated financial statements for the interim period presented, have been included. The current period's results of operations will not necessarily be indicative of results that the Company may ultimately achieve for the year ending December 31, 2026.

**Use of Estimates**

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Such amounts could differ from those estimates and such differences could be material. Management's estimates are based on historical experiences and other factors, including expectations of future events that management believes to be reasonable under the circumstances. Assumptions and estimates regarding the valuation of investments involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the consolidated financial statements.

**Consolidation**

As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the Company's wholly owned subsidiaries in the consolidated financial statements. All intercompany balances and transactions have been eliminated in consolidation.

As of March 31, 2026, the Company has formed wholly owned subsidiaries for the purpose of holding certain investments in portfolio companies made by the Company. The Company's wholly owned subsidiaries were formed as Delaware limited liability companies and included: T Series CA SPV LLC ("CA SPV"), T Series Equity Holdings LLC ("Equity Holdings"), T Series Financing SPV LLC ("Financing SPV"), T Series Financing II SPV LLC ("Financing SPV II") and T Series Financing III SPV LLC ("Financing SPV III", collectively with CA SPV, Equity Holdings, Financing SPV and Financing SPV II, the "subsidiaries"). The Company consolidates its wholly owned subsidiaries in these consolidated financial statements from the date of the respective subsidiary's formation.

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**Cash and Cash Equivalents**

Cash and cash equivalents consist of demand deposits and highly liquid investments with original maturities of three months or less. Cash and cash equivalents are carried at cost, which approximates fair value. The Company deposits its cash and cash equivalents with multiple financial institutions and, at times, may exceed the Federal Deposit Insurance Corporation insured limit.

**Money Market Funds** 

Investments in money market funds are valued at net asset value per share and are included in "Investments in unaffiliated money market fund" in the Consolidated Statements of Financial Condition.

**Foreign Currency Translation**

Investments denominated in foreign currencies are translated into U.S. Dollars based upon currency exchange rates effective on the last business day of the current reporting period. Net changes in fair value of investments due to foreign exchange rates fluctuation are recorded as change in unrealized appreciation (depreciation) from translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations. Investment and non-investment activities denominated in foreign currencies, including purchase and sales of investments, borrowings and repayments of debt, income and expenses, are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates.

**Investments**

Investment transactions are recorded on the trade date. Receivables/payables from investments sold/purchased on the Consolidated Statements of Financial Condition consist of amounts receivable to or payable by the Company for transactions that have not settled at the reporting date. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

The Company applies fair value to its investments in accordance with ASC Topic 820, Fair Value Measurements ("ASC 820") issued by the FASB. The Board of Directors (the "Board of Directors" or the "Board") has delegated to the Investment Adviser as the valuation designee (the "Valuation Designee") the responsibility of determining the fair value of the Company's investment portfolio, subject to oversight of the Board of Directors, pursuant to Rule 2a-5 under the 1940 Act. As such, the Valuation Designee is charged with determining the fair value of the Company's investment portfolio, subject to oversight of the Board of Directors. ASC 820 defines fair value as "the price 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." Fair value is a market-based measurement, not an entity-specific measurement. For some investments, observable market transactions or market information might be available. For other investments, observable market transactions and market information might not be available. However, the objective of a fair value measurement in both cases is the same—to estimate the price when an orderly transaction to sell the investment would take place between market participants at the measurement date under current market conditions (that is, an exit price at the measurement date from the perspective of a market participant). Refer to Note 5 "Fair Value Measurements" for the Company's framework for determining fair value, fair value hierarchies, and the composition of the Company's portfolio.

**Revenue Recognition**

*Interest Income*

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective investment using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Exit fees that are receivable upon repayment of a loan or debt security are amortized into interest income over the life of the respective investment. Upon prepayment of a loan or debt investment, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.

*PIK Income*

The Company has debt investments in its portfolio that contain payment-in-kind ("PIK") provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in PIK income on the Consolidated Statements of Operations. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through PIK income. This non-cash source of income is included when determining what must be paid out to unitholders in the form of distributions in order for the Company to continue to qualify as a RIC, even though the Company has not yet collected cash.

*Dividend Income*

Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies. Dividend income is presented net of withholding tax, if any.

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*Other Income*

The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment and syndication fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized in income when earned or when the services are rendered and there is no uncertainty or contingency related to the amount to be received.

*Non-Accrual Investments*

Investments are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is reversed when an investment is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the 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 regarding collectability. Non-accrual investments are restored to accrual status when past due principal and interest are paid current and, in management's judgment, are likely to remain current. Management may determine to not place an investment on non-accrual status if the investment has sufficient collateral value and is in the process of collection.

As of March 31, 2026 and December 31, 2025 the Company had certain investments in five and three portfolio companies, respectively, that were on non-accrual status. The amortized cost of investments on non-accrual status as of March 31, 2026 and December 31, 2025 was $60,816 and $58,469, respectively.

**Deferred Financing Costs**

The Company records upfront fees, legal and other direct costs incurred in connection with the Company's issuance of revolving debt facilities as deferred financing costs. These costs are deferred and amortized over the life of the related revolving credit facilities using the straight-line method. Deferred financing costs related to revolving credit facilities are presented separately as an asset on the Company's Consolidated Statements of Financial Condition. The amortization of such deferred financing costs are presented on the Consolidated Statements of Operations as interest expense and other financing expenses.

**Income Taxes**

The Company has elected to be treated as a RIC under Subchapter M of the Code. So long as the Company maintains its status as a RIC, it generally will not pay corporate U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its unitholders as dividends.

In order to continue to qualify as a RIC, the Company must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then the Company is generally required to pay income taxes only on the portion of its taxable income and gains it does not distribute.

The minimum distribution requirements applicable to RICs require the Company to distribute to its unitholders at least 90% of its investment company taxable income (the "ICTI"), as defined by the Code, each year. Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward ICTI in excess of current year distributions into the next tax year. Any such carryover ICTI must be distributed before the end of that next tax year through a dividend declared prior to filing the final tax return related to the year which generated such ICTI.

In addition, based on the excise distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner an amount at least equal to the sum of (1) 98.00% of its ordinary income for each calendar year, (2) 98.20% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in the preceding year. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. For the three months ended March 31, 2026 and for the three months ended March 31, 2025, the Company accrued $38, and $18, respectively, of U.S. federal excise taxes.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are "more likely than not" to be sustained by the applicable tax authority. All penalties and interest associated with income taxes, if any, are included in income tax expense.

**Segment Reporting** 

The Company operates through a single operating and reporting segment with an investment objective to generate current income and, to a lesser extent, capital appreciation, primarily from directly originated senior secured term loans. The Company's chief operating decision maker (the "CODM") includes the Chief Executive Officer, Co-Presidents, Chief Financial Officer, and Chief Operating Officer. The CODM uses the net increase (decrease) in net assets resulting from operations to assess the performance and makes operating decisions of the Company. The evaluation of this metric is used in determining the Company's distribution policy, portfolio construction and deployment, and strategic initiatives. Segment assets are reflected on the accompanying Consolidated Statements of Assets and Liabilities as "total assets" and the significant segment expenses are listed on the accompanying Consolidated Statements of Operations.

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**Recent Accounting Pronouncements**

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 requires disclosure of certain costs and expenses on an interim and annual basis in the notes to the financial statements. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The disclosures required under the guidance can be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to any or all periods presented in the financial statements. The Company is currently evaluating the impact that this guidance will have on its consolidated financial statement disclosures.

**(3)** **RELATED PARTY TRANSACTIONS**

**Investment Advisory Agreement**

On October 13, 2021, the Board of Directors, including a majority of the directors who are not "interested persons" as defined in Section 2(a)(19) of the 1940 Act (the "Independent Directors"), approved the investment advisory agreement with the Investment Adviser (the "Original Investment Advisory Agreement") in accordance with, and on the basis of an evaluation satisfactory to such directors as required by, Section 15(c) of the 1940 Act. The Original Investment Advisory Agreement had an initial term of two years and continued thereafter from year to year if approved annually by the Board of Directors.

In February 2026, following the approval of the Board of Directors and the Company's unitholders, the Company entered into an amended and restated investment advisory agreement effective as of January 1, 2026 (the "Amended and Restated Investment Advisory Agreement" and together with the Original Investment Advisory Agreement, the "Investment Advisory Agreement"). The Amended and Restated Investment Advisory Agreement will have an initial term of two years and will continue thereafter from year to year if approved annually by a majority of the Company's unitholders or a majority of the Board of Directors including a majority of Independent Directors.

Pursuant to the Investment Advisory Agreement, the Company pays the Investment Adviser a fee for investment advisory and management services consisting of two components — a base management fee and an incentive fee. The cost of both the base management fee and the incentive fee are ultimately borne by the unitholders.

*Base Management Fee*

The base management fee is calculated at an annual rate of 0.5% of the Company's average called capital commitments, at the end of the then-current quarter and the prior calendar quarter (and, in the case of our first quarter, called capital commitments as of such quarter-end). Called capital commitments is defined in the Investment Advisory Agreement as the aggregate purchase price paid to purchase Common Units of the Company by all unitholders pursuant to a Subscription Agreement. Called capital commitments do not include assets acquired through the use of leverage. The Investment Adviser does not receive any fees on unused capital commitments. The base management fee for any partial quarter was appropriately prorated.

For the three months ended March 31, 2026 and March 31, 2025, base management fees were $1,075 and $1,056, respectively. As of March 31, 2026 and December 31, 2025, $1,075 and $1,056 was payable to the Investment Adviser relating to base management fees.

*Incentive Fee*

The Company pays the Investment Adviser an incentive fee consisting of two parts. The first part is determined and paid quarterly based on the Company's pre-incentive fee net investment income and the second part is determined and payable in arrears based on net capital gains as of the end of each quarter or upon termination of the Investment Advisory Agreement.

Pre-incentive fee net investment income is defined as interest income, distribution income and any other income accrued during the calendar quarter, minus operating expenses for the quarter, including the base management fee, expenses payable to the Administrator under the Administration Agreement, any interest expense and distributions paid on any issued and outstanding preferred units, but excluding the incentive fee. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as debt instruments with PIK interest and zero coupon securities), accrued income that the Company has not yet received in cash. The Investment Adviser is not obligated to return any incentive fee it receives on PIK interest that is later determined to be uncollectible in cash.

Pursuant to the Original Investment Advisory Agreement, the Company paid the Investment Adviser an incentive fee with respect to the Company's pre-incentive fee net investment income as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•No incentive fee based on pre-incentive fee net investment income in any calendar quarter in which pre-incentive fee net investment income does not exceed a hurdle rate of 1.5% (6.0% annualized);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•100% of pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 1.6393% in any quarter (6.5572% annualized). The Company refers to this portion of the pre-incentive fee net investment income (which exceeds the hurdle rate but is less than 1.6393%) as the "catch-up". The "catch-up" is meant to provide the Investment Adviser with approximately 8.5% of the Company's pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeds 1.6393% in any calendar quarter; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•8.5% of the pre-incentive fee net investment income, if any, that exceeds 1.6393% in any calendar quarter (6.5572% annualized), which reflects that once the hurdle rate is reached and the catch-up is achieved, 8.5% of all pre-incentive fee net investment income is paid to the Investment Adviser.

Pursuant to the Amended and Restated Investment Advisory Agreement, the Company pays the Investment Adviser an incentive fee with respect to the Company's pre-incentive fee net investment income as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•No incentive fee based on pre-incentive fee net investment income in any calendar quarter in which pre-incentive fee net investment income does not exceed the product of the Hurdle Rate (as defined below) and the value of our net assets as of the end of the immediately preceding calendar quarter after making appropriate adjustments for our subscriptions (which shall include all issuances by us of our Common Units, including issuances pursuant to our distribution reinvestment plan) and distributions during the applicable calendar quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•2.50% (10% annualized) of the portion of the pre-incentive fee net investment income that exceeds the product of the Floating Rate (as defined below) and the value of the Company's net assets as of the end of the immediately preceding calendar quarter after making appropriate adjustments for the Company's subscriptions (which shall include all issuances by the Company of its Common Units, including issuances pursuant to its distribution reinvestment plan) and distributions during the applicable calendar quarter.

For purposes of calculation of the incentive fee with respect to pre-incentive fee net investment income pursuant to the Amended and Restated Investment Advisory Agreement, the following terms have the following meaning:

"Hurdle Rate" for any calendar quarter means one fourth of the sum of 3.50% and the Floating Rate.

"Floating Rate" means, initially, the average three-month SOFR calculated based on SOFR as of the end of the then-current quarter and the end of the immediately preceding calendar quarter; provided that if a Floating Rate Transition Event (as defined in the Amended and Restated Investment Advisory Agreement) and its related Floating Rate Replacement Date (as defined in the Amended and Restated Investment Advisory Agreement) have occurred with respect to SOFR, then "Floating Rate" means an alternative or successor rate, or replacement rate thereof. In the event that the Floating Rate is a negative value, then the Floating Rate shall be zero.

PIK interest and original issue discount ("OID") will increase our pre-incentive fee net investment income and make it easier to surpass the Hurdle Rate.

Under the Original Investment Advisory Agreement, the Company paid the Adviser an incentive fee on capital gains calculated and payable in arrears in cash as of the end of each quarter or upon the termination of the Original Investment Advisory Agreement in an amount equal to 8.5% of the Company's realized capital gains, if any, on a quarterly basis from the date of the Company's election to be regulated as a BDC through the end of a given quarter or upon the termination of the Original Investment Advisory Agreement, computed net of all realized capital losses, unrealized capital losses, and unrealized capital depreciation as of the end of such quarter or upon termination of the Original Investment Advisory Agreement.

Under the Amended and Restated Investment Advisory Agreement, the Company pays the Adviser an incentive fee on capital gains calculated and payable in arrears in cash as of the end of each quarter or upon the termination of the Amended and Restated Investment Advisory Agreement in an amount equal to 2.5% of the Company's realized capital gains, if any, on a quarterly basis from the date of the Company's election to be regulated as a BDC through the end of a given quarter or upon the termination of the Amended and Restated Investment Advisory Agreement, computed net of all realized capital losses, unrealized capital losses, and unrealized capital depreciation as of the end of such quarter or upon termination of the Amended and Restated Investment Advisory Agreement.

For the purpose of computing the incentive fee on capital gains, the calculation methodology will look through derivative financial instruments or swaps as if the Company owned the reference assets directly. Our Board of Directors monitors the mix and performance of our investments over time and seeks to satisfy itself that the Adviser is acting in our interests and that our fee structure appropriately incentivizes the Adviser to do so.

Under U.S. GAAP, the Company is required to accrue an incentive fee on capital gains, including unrealized capital appreciation even though such unrealized capital appreciation is not included in calculating the incentive fee payable under the Investment Advisory Agreement. If such amount is positive at the end of a period, then the Company records an incentive fee on capital gains equal to 2.50% (10% annualized) of such amount, less the aggregate amount of any previously paid capital gain incentive fees. If such amount is negative, no accrual is recorded for such period.

For the three months ended March 31, 2026 and March 31, 2025, income based incentive fees were $2,019 and $2,788, respectively.

For both the three months ended March 31, 2026 and March 31, 2025, there were no capital gain incentive fees accrued to the Investment Adviser. Incentive fees on Cumulative Capital Gains crystallize at calendar year-end.

As of March 31, 2026 and December 31, 2025, there were $2,019 and $2,792, respectively, of income based incentive fees and no capital gains incentive fees payable to the Investment Adviser.

**Administration Agreement**

MS Private Credit Administrative Services LLC, an indirect, wholly owned subsidiary of Morgan Stanley (the "Administrator") is the administrator of the Company pursuant to an administration agreement (the "Administration Agreement"). Pursuant to the Administration Agreement, the Administrator provides services and receives reimbursements from the Company for its costs and expenses and the Company's allocable portion of overhead costs incurred by the Administrator in performing its obligations under the Administration Agreement. Reimbursement under the Administration Agreement

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occurs quarterly in arrears. The Administration Agreement will continue from year to year if approved annually by the Board, including a majority of the Independent Directors. The Administration Agreement was most recently re-approved in August 2025.

For the three months ended March 31, 2026 and March 31, 2025, no expenses were incurred under the Administration Agreement.

**Indemnification Agreements**

The Company has entered into indemnification agreements with its directors and officers. The indemnification agreements are intended to provide the directors and officers the maximum indemnification permitted under Delaware law and the 1940 Act, and are generally consistent with the indemnification provisions of the Company's Amended and Restated Limited Liability Company Agreement, as amended. Each indemnification agreement provides that the Company will indemnify the director or officer who is a party to the agreement (an "Indemnitee"), including the advancement of legal expenses, if, by reason of his or her corporate status, the Indemnitee is, or is threatened to be, made a party to or a witness in any threatened, pending, or completed proceeding, to the maximum extent permitted by Delaware law and the 1940 Act.

**(4)** **INVESTMENTS**

The information in the tables below is presented on an aggregate portfolio basis, without regard to whether the investments are non-controlled, non-affiliated; non-controlled, affiliated; or controlled, affiliated investments. Detailed information with respect to the Company's non-controlled, non-affiliated; non-controlled, affiliated; and controlled, affiliated investments is contained in the accompanying consolidated financial statements, including the Consolidated Schedules of Investments.

The composition of the Company's investment portfolio at cost and fair value was as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Cost** | **Fair Value** | **% of<br>Total<br>Investments<br>at Fair Value** | **Cost** | **Fair Value** | **% of<br>Total<br>Investments<br>at Fair Value** |
| First Lien Debt | $2161958 | $2113755 | 98.1% | $2184395 | $2141391 | 98.0% |
| Second Lien Debt | 11306 | 11414 | 0.5 | 17092 | 17401 | 0.8 |
| Other Debt Investments | 6579 | 5610 | 0.3 | 8128 | 8029 | 0.4 |
| Equity | 30901 | 23129 | 1.1 | 24369 | 19127 | 0.9 |
| **Total** | $2210744 | $2153908 | 100.0% | $2233984 | $2185948 | 100.0% |

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The industry composition of investments at fair value was as follows:

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| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Aerospace & Defense | 2.1% | 1.5% |
| Air Freight & Logistics <sup>(1)</sup> |  | 0.5 |
| Automobile Components | 1.7 | 1.6 |
| Automobiles | 2.0 | 2.0 |
| Banks | 0.1 | 0.2 |
| Beverages | 0.1 | 0.1 |
| Building Products | 0.4 | 0.4 |
| Chemicals | 1.5 | 1.5 |
| Commercial Services & Supplies | 10.1 | 9.4 |
| Construction & Engineering | 1.6 | 1.4 |
| Consumer Staples Distribution & Retail | 0.2 | 0.2 |
| Containers & Packaging | 1.0 | 1.0 |
| Distributors | 2.8 | 2.8 |
| Diversified Consumer Services | 5.8 | 5.8 |
| Electrical Equipment | 0.2 | 0.2 |
| Electronic Equipment, Instruments & Components | 3.5 | 3.9 |
| Financial Services | 3.8 | 4.5 |
| Ground Transportation | 1.4 | 1.3 |
| Health Care Equipment & Supplies | 1.3 | 1.3 |
| Health Care Providers & Services | 9.1 | 9.2 |
| Health Care Technology | 0.9 | 0.9 |
| Industrial Conglomerates | 2.7 | 4.0 |
| Insurance Services | 11.5 | 10.2 |
| Interactive Media & Services | 0.5 | 0.5 |
| IT Services | 5.5 | 4.9 |
| Life Sciences Tools & Services | 0.6 | 0.6 |
| Machinery | 1.6 | 1.6 |
| Multi-Utilities | 0.2 | 0.7 |
| Pharmaceuticals | 1.0 | 1.0 |
| Professional Services | 3.5 | 4.9 |
| Real Estate Management & Development | 2.6 | 2.6 |
| Software | 19.7 | 18.3 |
| Transportation Infrastructure | 0.5 | 0.5 |
| Wireless Telecommunication Services | 0.5 | 0.5 |
| Total | 100.0% | 100.0% |

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(1) Amount rounds to zero.

The geographic composition of investments at cost and fair value was as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Cost** | **Fair Value** | **% of<br>Total<br>Investments<br>at Fair Value** | **% of Total Net Assets at Fair Value** | **Cost** | **Fair Value** | **% of<br>Total <br>Investments<br>at Fair Value** | **% of Total Net Assets at Fair Value** |
| Australia | $19464 | $19538 | 0.9% | 1.7% | $19498 | $19794 | 0.9% | 1.8% |
| Canada | 49371 | 49464 | 2.3 | 4.3 | 63459 | 63688 | 2.9 | 5.7 |
| United Kingdom | 9592 | 9662 | 0.4 | 0.8 | 9602 | 9702 | 0.4 | 0.9 |
| United States | 2132317 | 2075244 | 96.4 | 179.3 | 2141425 | 2092764 | 95.8 | 186.2 |
| **Total** | $2210744 | $2153908 | 100.0% | 186.1% | $2233984 | $2185948 | 100.0% | 194.6% |

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**(5)** **FAIR VALUE MEASUREMENTS**

ASC 820 establishes a hierarchical disclosure framework which ranks the observability of inputs used in measuring financial instruments at fair value. The observability of inputs is impacted by a number of factors, including the type of financial instruments and their specific characteristics. Financial instruments with readily available quoted prices, or for which fair value can be measured from quoted prices in active markets, generally will have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value.

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The three-level hierarchy for fair value measurements is defined as follows:

*Level 1*—inputs to the valuation methodology are quoted prices available in active markets for identical financial instruments as of the measurement date. The types of financial instruments in this category include unrestricted securities, including equities and derivatives, listed in active markets. The Company will not adjust the quoted price for these instruments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.

*Level 2*—inputs to the valuation methodology are quoted prices in markets that are not active or for which all significant inputs are either directly or indirectly observable as of the measurement date. The types of financial instruments in this category include less liquid and restricted securities listed in active markets, securities traded in markets that are not active, and certain over-the-counter derivatives where the fair value is based on observable inputs.

*Level 3*—inputs to the valuation methodology are unobservable and significant to the overall fair value measurement, and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment or estimation. The types of financial instruments in this category include investments in privately held entities, first and second lien debt, non-investment grade residual interests in securitizations and certain over-the-counter derivatives where the fair value is based on unobservable inputs.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument.

Pursuant to the framework set forth above, the Company values securities traded in active markets on the measurement date by multiplying the exchange closing price of such traded securities/instruments by the quantity of shares or amount of the instrument held. The Company may also obtain quotes with respect to certain investments from pricing services, brokers or dealers' quotes, or counterparty marks in order to value liquid assets that are not traded in active markets. Pricing services aggregate, evaluate and report pricing from a variety of sources including observed trades of identical or similar securities, broker or dealer quotes, model-based valuations and internal fundamental analysis and research. When doing so, the Company determines whether the quote obtained is sufficient according to U.S. GAAP to determine the fair value of the security. If determined adequate, the Company uses the quote obtained.

The valuation of investments which are illiquid or for which the pricing source, agent, service, and/or broker (as applicable) does not provide a valuation or methodology or provides a valuation or methodology that, in the judgment of the Valuation Designee or the Board, does not represent fair value, will each be valued as determined in good faith by the Valuation Designee, based on, among other things, the input of the Valuation Firms (as defined below).

As part of the valuation process, the Valuation Designee takes into account relevant factors and appropriate techniques in determining the fair value of the Company's investments, with the assistance of the independent valuation firms ("Valuation Firms"). The valuation techniques may vary by investment but include comparable public market valuations, comparable precedent transaction valuations and the discounted cash flow analyses.

Non-controlled debt investments are generally fair valued using the discounted cash flow technique. Expected cash flows are projected based on contractual terms and discounted back to the measurement date based on a discount rate. Discount rate is determined based upon an assessment of current and expected yields for similar investments and risk profiles. Non-controlled equity investments are generally fair valued using a market approach and/or an income approach. The market approach typically utilizes market value multiples of comparable publicly traded companies. The income approach typically utilizes a discounted cash flow analysis of the portfolio company. The Valuation Designee, under the supervision of the Board of Directors, undertakes a multi-step valuation process each quarter, as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•With respect to each portfolio company or investment for which market quotations are readily available, those investments will typically be valued at the average bid price of those market quotations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•With respect to each portfolio company or investment for which market quotations are not readily available, the Valuation Designee will engage one or more Valuation Firms to provide a preliminary independent valuations of the investments to the Valuation Designee. The Valuation Firms independently value such investments using quantitative and qualitative information according to the valuation methodologies in the Investment Adviser's valuation policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Valuation Designee reviews the recommended valuations and determines the fair value of each investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Valuation Designee provides to the valuation committee, which is comprised of members of the Investment Adviser's senior management, its valuation recommendation along with valuation-related information for each portfolio company or investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Each quarter, the Company's audit committee (the "Audit Committee") reviews the valuation assessments provided by the Valuation Designee and provides the Board with a report of the results of such review; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Board and Audit Committee each oversee the Valuation Designee and the valuation process.

Investment performance data utilized will be the most recently available as of the measurement date, which in many cases may reflect up to a one quarter lag in information.

The Board is ultimately responsible for the determination, in good faith, of the fair value of the Company's portfolio investments.

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The following tables present the fair value hierarchy of investments:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| First Lien Debt | $— | $30102 | $2083653 | $2113755 | $— | $33242 | $2108149 | $2141391 |
| Second Lien Debt |  | 3913 | 7501 | 11414 |  | 4066 | 13335 | 17401 |
| Other Debt Investments | **—** | **—** | 5610 | 5610 | **—** | **—** | 8029 | 8029 |
| Equity |  |  | 23129 | 23129 |  |  | 19127 | 19127 |
| Total | $— | $34015 | $2119893 | $2153908 | $— | $37308 | $2148640 | $2185948 |
| Cash equivalents | $64929 | $**—** | $— | $64929 | $47217 | $— | $— | $47217 |
| Unaffiliated money market fund | $11648 | $— | $— | $11648 | $23676 | $— | $— | $23676 |

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The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended March 31, 2026:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **First Lien<br>Debt** | **Second Lien<br>Debt** | **Other Debt<br>Investments** | **Equity** | **Total<br>Investments** |
| **Fair value, beginning of period** | $2108149 | $13335 | $8029 | $19127 | $2148640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments<sup>(1)</sup> | 114784 |  |  | 6300 | 121084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from principal repayments and sales of investments<sup>(2)</sup> | (123986) | (5970) | (1789) |  | (131745) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of discount/amortization of premium | 1882 | 3 | 22 |  | 1907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind | 1708 | 155 | 217 | 233 | 2313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (2102) | (22) | (869) | (2530) | (5523) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) | (16783) |  |  |  | (16783) |
| **Fair value, end of period** | $2083653 | $7501 | $5610 | $23129 | $2119893 |
| Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2026 | $(995) | $(22) | $(848) | $(2530) | $(4396) |

---

(1)Purchases may include investments received in corporate actions and restructurings.

(2)Sales may include investments received in corporate actions and restructurings.

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended March 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **First Lien<br>Debt** | **Second Lien<br>Debt** | **Other Debt<br>Investments** | **Equity** | **Total<br>Investments** |
| **Fair value, beginning of period** | $1934010 | $4065 | $4527 | $19829 | $1962431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments<sup>(1)</sup> | 76420 | 8642 | 2881 | 2657 | 90600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from principal repayments and sales of investments<sup>(2)</sup> | (80117) |  |  | (2102) | (82219) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of discount/amortization of premium | 1755 | 3 | 4 |  | 1762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind | 3713 | 63 | 109 | 47 | 3932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (3050) | (104) | (34) | (1391) | (4579) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) | (4524) |  |  | 865 | (3659) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers into/out of Level 3<sup>(3)</sup> | 27855 |  |  |  | 27855 |
| **Fair value, end of period** | $1956062 | $12669 | $7487 | $19905 | $1996123 |
| Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2025 | $(2717) | $(104) | $(34) | $(954) | $(3809) |

---

(1)Purchases may include investments received in corporate actions and restructurings.

(2)Sales may include investments received in corporate actions and restructurings.

(3)Transfer of portfolio investments within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the respective period. Generally, reclassifications are primarily due to increase/decrease of price transparency.

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[**<u>**Table of Contents**</u>**](#toc_page)

The following tables present quantitative information about the significant unobservable inputs of the Company's Level 3 financial instruments as of March 31, 2026 and December 31, 2025, respectively. The tables are not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company's determination of fair value.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |  |
|  | **Fair** | **Valuation** | **Significant<br>Unobservable** | **Range**<sup>(2)</sup> | **Range**<sup>(2)</sup> | **Range**<sup>(2)</sup> |  | **Weighted** |  |
|  | **Value** | **Technique**<sup>(1)</sup> | **Input** | **Low** |  | **High** |  | **Average**<sup>(3)</sup> |  |
| Investments in first lien debt | $2022486 | Yield Analysis | Discount Rate | 7.64 | % | 46.61 | % | 9.78 | % |
|  | 61167 | Market Approach | EBITDA Multiple | 8.00x |  | 11.25 | x | 9.35 | x |
| Investments in second lien debt | 4022 | Yield Analysis | Discount Rate |  |  |  |  | 13.02 | % |
|  | 3479 | Market Approach | EBITDA Multiple | 8.00 | x | 10.00 | x | 8.21 | x |
| Investments in other securities: |  |  |  |  |  |  |  |  |  |
| Other debt | 3001 | Yield Analysis | Discount Rate |  |  |  |  | 16.45 | % |
|  | 2609 | Market Approach | EBITDA Multiple |  |  |  |  | 8.00 | x |
| Preferred equity | 8143 | Yield Analysis | Discount Rate | 9.98 | % | 15.00 | % | 12.35 | % |
|  | 9025 | Market Approach | EBITDA Multiple | 8.00 | x | 18.00 | x | 12.92 | x |
| Common equity | 3385 | Market Approach | EBITDA Multiple | 8.00 | x | 17.25 | x | 14.88 | x |
|  | 2576 | Income Approach | Revenue Multiple | 4.50 | x | 21.00 | x | 14.49 | x |
| Total investments | $2119893 |  |  |  |  |  |  |  |  |

---

(1)During the three months ended March 31, 2026, three debt investments with a combined fair value of $47.8 million transitioned from yield analysis approach to a market approach using an EBITDA multiple.

(2)For an asset category that contains a single investment, the range is not included.

(3)Weighted average for an asset category consisting of multiple investments is calculated by weighting the significant unobservable input by the relative fair value of the investment. Weighted average for an asset category consisting of a single investment represents the significant unobservable input used in the fair value of the investment.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Fair** | **Valuation** | **Significant<br>Unobservable** | **Range**<sup>(2)</sup> | **Range**<sup>(2)</sup> | **Weighted** |
|  | **Value** | **Technique**<sup>(1)</sup> | **Input** | **Low** | **High** | **Average**<sup>(3)</sup> |
| Investments in first lien debt | $2095083 | Yield Analysis | Discount Rate | 7.48% | 39.21% | 9.55% |
|  | 13066 | Market Approach | EBITDA Multiple | 7.75x | 10.00x | 8.94x |
| Investments in second lien debt | 3955 | Yield Analysis | Discount Rate |  |  | 12.27% |
|  | 9380 | Market Approach | EBITDA Multiple | 7.75x | 10.00x | 7.84x |
| Investments in other investments: |  |  |  |  |  |  |
| Other debt | 4872 | Yield Analysis | Discount Rate | 13.70% | 14.95% | 14.49% |
|  | 3157 | Market Approach | EBITDA Multiple |  |  | 7.75x |
| Preferred equity | 8536 | Income Approach | Discount Rate | 12.09% | 15.66% | 13.91% |
|  | 4022 | Market Approach | EBITDA Multiple | 7.75x | 15.43x | 12.02x |
| Common equity | 3546 | Market Approach | EBITDA Multiple | 3.90x | 24.60x | 13.21x |
|  | 3023 | Market Approach | Revenue Multiple | 5.00x | 22.25x | 14.48x |
| Total investments | $2148640 |  |  |  |  |  |

---

(1)During the year ended December 31, 2025, one unsecured debt position with a fair value of $13.34 million transitioned from an income approach to a yield analysis valuation technique.

(2)For an asset category that contains a single investment, the range is not included.

(3)Weighted average for an asset category consisting of multiple investments is calculated by weighting the significant unobservable input by the relative fair value of the investment. Weighted average for an asset category consisting of a single investment represents the significant unobservable input used in the fair value of the investment.

As noted above, the significant unobservable input used in yield analysis is discount rate based on comparable market yields. Significant increases in discount rates in isolation would result in a significantly lower fair value measurement. The significant unobservable input used in the market approach is the comparable company multiple. The multiple is used to estimate the enterprise value of the underlying investment. An increase/decrease in the multiple would result in an increase/decrease, respectively, in the fair value. The significant unobservable inputs used in the income approach are the comparative yield or discount rate. The comparative yield and discount rate are used to discount the estimated future cash flows expected to be received from the underlying investment. An increase/decrease in the comparative yield or discount rate would result in a decrease/increase, respectively, in the fair value.

***Financial instruments disclosed but not carried at fair value***

The Company's debt, including its credit facilities, is presented at carrying cost on the Consolidated Statements of Financial Condition. The fair value of the Company's credit facilities is estimated in accordance with the Company's valuation policy. The carrying value and fair value of the Company's debt were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|  | **Level** | **Carrying Value** | **Fair Value** | **Carrying Value** | **Fair Value** |
| Barclays Funding Facility | 3 | $452053 | $452053 | $452199 | $452199 |
| BNP Funding Facility | 3 | 256000 | 256000 | 227000 | 227000 |
| JPM Funding Facility | 3 | 384702 | 384702 | 433759 | 433759 |
| **Total** |  | $1092755 | $1092755 | $1112958 | $1112958 |

---

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[**<u>**Table of Contents**</u>**](#toc_page)

The carrying amounts of the Company's assets and liabilities, other than investments at fair value and debt, approximate fair value. These financial instruments are categorized as Level 3 within the hierarchy.

**(6)** **DEBT**

The Company's outstanding debt obligations were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Aggregate<br>Principal<br>Committed** | **Outstanding<br>Principal** | **Unused<br>Portion** | **Aggregate<br>Principal<br>Committed** | **Outstanding<br>Principal** | **Unused<br>Portion** |
| Barclays Funding Facility<sup>(1)</sup> | $600000 | $452053 | $147947 | $600000 | $452199 | $147801 |
| BNP Funding Facility | 500000 | 256000 | 244000 | 500000 | 227000 | 273000 |
| JPM Funding Facility<sup>(2)</sup> | 500000 | 384702 | 115298 | 500000 | 433759 | 66241 |
| **Total** | $1600000 | $1092755 | $507245 | $1600000 | $1112958 | $487042 |

---

(1)Under the Barclays Funding Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of March 31, 2026 and December 31, 2025, the Company had borrowings denominated in Euros (EUR) of 6,555 and 6,555, respectively.

(2)Under the JPM Funding Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of March 31, 2026 and December 31, 2025, the Company had borrowings denominated in Canadian Dollars (CAD) of 350 and 350, Euros (EUR) of 557 and 557, and British Pound Sterling (GBP) of 186 and 186, respectively.

The Company's summary information of its debt obligations were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2025** |
| Combined weighted average interest rate <sup>(1)</sup> | 5.64% | 6.64% |
| Combined weighted average effective interest rate <sup>(2)</sup> | 5.97% | 6.99% |
| Combined weighted average debt outstanding | $1107454 | $1026099 |

---

(1)Excludes unused fees and financing costs.

(2)Excludes unused fees.

As of March 31, 2026 and December 31, 2025, the Company was in compliance with all covenants and other requirements for each of the credit facilities.

*CBA Subscription Facility*

On November 5, 2021, the Company initially entered into a revolving credit agreement (as amended, restated, supplemented or otherwise modified from time to time, the "CBA Subscription Facility") between the Company and Commonwealth Bank of Australia as administrative agent, lead arranger, letter of credit issuer and a lender. The CBA Subscription Facility initially allowed the Company to borrow up to $425,000 at any one time outstanding, including a current $100,000 temporary increase in the facility that expired on January 25, 2023 at which point $325,000 was available under the facility. The CBA Subscription Facility had a maturity date of May 1, 2025. On March 4, 2025, the Company provided written notice (the "Payoff and Termination Letter") to terminate the CBA Subscription Facility. In connection with the Payoff and Termination Letter, the Company terminated $75,000 of revolving commitments under the CBA Subscription Facility.

The CBA Subscription Facility bore interest at a rate of: (i) with respect to Eurocurrency Rate Loans (as defined in the CBA Subscription Facility), 1.90%; (ii) with respect to RFR Loans (as defined in the CBA Subscription Facility) in Sterling, SONIA, plus 1.90%, plus a SONIA spread adjustment set forth in the CBA Subscription Facility; (iii) with respect to Daily Simple RFR Loans (as defined in the CBA Subscription Facility) in Canadian Dollars or Term CORRA Loans (as defined in the CBA Subscription Facility), as applicable, plus 1.90% plus a CORRA spread adjustment set forth in the CBA Subscription Facility; (iv) with respect to Daily Simple RFR Loans (as defined in the CBA Subscription Facility) in Dollars or Term SOFR Loans (as defined in the CBA Subscription Facility), SOFR or Term SOFR, as applicable, plus 1.90% plus a SOFR spread adjustment set forth in the CBA Subscription Facility; (v) with respect to Reference Rate Loans (as defined in the CBA Subscription Facility), (x) the greatest of (1) the prime rate, (2) the federal funds rate plus 0.50%, and (y) Term SOFR plus 1.00%, provided that the reference rate would not be less than 2.00%, plus (y) 0.90%, each as calculated in accordance with the CBA Subscription Facility.

The summary information of the CBA Subscription Facility is as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2025** <sup>(1)</sup> |
| Borrowing interest expense | $— | $68 |
| Facility unused commitment fees |  | 36 |
| Amortization of deferred financing costs |  | 66 |
| Total | $— | $170 |
| Weighted average interest rate | —% | 6.36% |
| Weighted average effective interest rate | —% | n/m |
| Weighted average outstanding balance | $— | $4267 |

---

(1)For the three months ended March 31, 2025, calculated for the period from December 31, 2024 through March 4, 2025 (termination date).

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[**<u>**Table of Contents**</u>**](#toc_page)

*Barclays Funding Facility*

On March 7, 2022, Financing SPV entered into a credit and security agreement (as amended, restated, supplemented or otherwise modified from time to time, the "Barclays Credit and Security Agreement") with Financing SPV, as the borrower, the lenders party thereto (the "Lenders"), Barclays Bank PLC ("Barclays"), as the administrative agent for the Lenders, the Company, as the servicer and retention provider, and State Street Bank & Trust Company, as collateral administrator, collateral agent and securities intermediary, pursuant to which the Lenders have agreed to extend credit to Financing SPV in an aggregate principal amount up to $600,000 at any one time outstanding, with up to an additional $150,000 available pursuant to an accordion feature (the "Barclays Funding Facility").

The Barclays Funding Facility is a revolving funding facility with a reinvestment period ending June 9, 2028 and a final maturity date of the earlier of (i) June 9, 2035 and (ii) on or after June 9, 2030, the date selected by Barclays as administrative agent in its sole discretion pursuant to written notice to Financing SPV. Advances under the Barclays Funding Facility are available in US dollars, British Pounds, Euros or Canadian dollars and such advances bear interest at a rate equal to an applicable margin plus, at Financing SPV's option, either (a) a rate based on Term SOFR, Daily Simple SONIA (or if Daily Simple SONIA is not available the Central Bank Rate), EURIBOR or CORRA, as applicable (or, if such rate is not available, a benchmark replacement) (each as defined in the Credit and Securities Agreement) or (b) a "base rate" (which with respect to US dollars is a rate per annum equal to the greater of a prime rate and the federal funds rate plus 0.50%; with respect to Canadian dollars is a rate per annum equal to the PRIMCAN Index and with respect to British Pounds and Euros is equal to the annual rate of interest announced from time to time by Barclays (or an affiliate thereof) as being its reference rate then in effect for determining interest rates on commercial loans made by it in the United Kingdom (with respect to GBP advances) or the Euro Zone (with respect to Euro advances), as applicable). The applicable margin with respect to advances under the Barclays Funding Facility is 1.90% per annum.

The obligations of Financing SPV under the Barclays Funding Facility are secured by all of the assets held by Financing SPV (the "Collateral"), including certain corporate loans and corporate debt securities that the Company has originated or acquired, or will originate or acquire, from time to time (the "Portfolio Investments"), to be sold, contributed or otherwise transferred by the Company to Financing SPV pursuant to the terms of the Sale and Contribution Agreement dated as of March 7, 2022 (the "Sale and Contribution Agreement" and, together with the Barclays Credit and Security Agreement, the "Barclays Agreements") between the Company and Financing SPV, entered into in connection with the Barclays Funding Facility. Under the Barclays Agreements, the Company and Financing SPV, as applicable, have made customary representations and warranties regarding the Portfolio Investments, as well as their businesses, and are required to comply with various covenants, servicing procedures, limitations on disposition of Portfolio Investments, reporting requirements and other customary requirements for similar revolving funding facilities.

The summary information of the Barclays Funding Facility is as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2025** |
| Borrowing interest expense | $6257 | $7408 |
| Facility unused commitment fees | 185 | 187 |
| Amortization of deferred financing costs | 318 | 291 |
| Total | $6760 | $7886 |
| Weighted average interest rate | 5.55% | 6.57% |
| Weighted average effective interest rate | 5.83% | 6.83% |
| Weighted average outstanding balance | $451288 | $450999 |

---

*BNP Funding Facility*

On October 12, 2022, the Company entered into a revolving credit and security agreement (the "BNP Credit and Security Agreement") with Financing SPV II, as the borrower, BNP Paribas ("BNP"), as the administrative agent and lender, the Company, as the equityholder and as the servicer, and State Street Bank and Trust Company, as collateral agent, pursuant to which BNP has agreed to extend credit to Financing SPV II in an aggregate principal amount up to $500,000 at any one time outstanding (the "BNP Funding Facility").

The BNP Funding Facility is a revolving funding facility with a reinvestment period ending August 21, 2027 and a final maturity date of August 21, 2029. Subject to certain conditions, the reinvestment period and final maturity are both subject to a one-year extension. Advances under the BNP Funding Facility are available in US dollars, pound sterling, Euros or Canadian dollars, and subject to certain exceptions, the interest charged on the BNP Funding Facility is based on Term SOFR (USD), SONIA (GBP), EURIBOR (EUR), or CORRA (CAD) as applicable (or, if any such index is not available, a benchmark replacement), plus a margin of 2.25% during the reinvestment period and 2.75% following the reinvestment period, with an additional margin of 0.10% for non-US dollar advances.

The obligations of Financing SPV II under the BNP Funding Facility are secured by all of the assets held by Financing SPV II, including certain loans to be contributed or transferred by the Company to Financing SPV II pursuant to the terms of the Contribution Agreement (the "Contribution Agreement" and, together with the BNP Credit and Security Agreement, the "BNP Agreements") between Financing SPV II and the Company entered into in connection with the BNP Funding Facility, pursuant to which the Company will sell to Financing SPV II certain loans it has originated or acquired, or will originate or acquire (the "Loans") from time to time. Under the BNP Agreements, the Company and Financing SPV II, as applicable, have made representations and warranties regarding the Loans, as well as their businesses, and are required to comply with various covenants, servicing procedures, limitations on disposition of Loans, reporting requirements and other customary requirements for similar revolving funding facilities. The BNP Credit and Security Agreement includes usual and customary events of default for revolving funding facilities of this nature, including allowing BNP, upon a default, to accelerate and foreclose on the Loans and to pursue the rights under the Loans directly with the obligors thereof. In connection with the entry into the BNP Funding Facility, Financing SPV II also entered into various supporting documentation, including an account control agreement.

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[**<u>**Table of Contents**</u>**](#toc_page)

The summary information of the BNP Funding Facility is as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2025** |
| Borrowing interest expense | $3336 | $3534 |
| Facility unused commitment fees | 531 | 307 |
| Amortization of deferred financing costs | 259 | 244 |
| Total | $4126 | $4085 |
| Weighted average interest rate | 5.93% | 6.58% |
| Weighted average effective interest rate | 6.39% | 7.03% |
| Weighted average outstanding balance | $224978 | $214967 |

---

*JPM Funding Facility*

On February 23, 2023, Financing SPV III, a wholly owned subsidiary of the Company, entered into a loan and security agreement (as amended the "Loan and Security Agreement") among Financing SPV III, as borrower, the Company, as parent and servicer, U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator, U.S. Bank National Association, as securities intermediary, the lenders party thereto (collectively, the "JPM Lenders"), and JPMorgan Chase Bank, National Association, as administrative agent (in such capacity, the "Administrative Agent"), pursuant to which the JPM Lenders have agreed to extend credit to Financing SPV III in an aggregate principal amount up to $500,000 at any one time outstanding ("JPM Funding Facility").

The Loan and Security Agreement provides for a senior secured revolving credit facility of up to $500,000 (the "Maximum Commitment") with a three-year reinvestment period (the "Availability Period") and a stated maturity date of June 12, 2029. Subject to certain conditions, including Lender and Administrative Agent consent, at any time during the Availability Period, Financing SPV III may propose one or more increases in the Maximum Commitment. Advances under the Loan and Security Agreement will be denominated in U.S. dollars, pound sterling, Euros and/or Canadian dollars, with an interest rate based on Term SOFR (USD), SONIA (GBP), EURIBOR (EUR), CORRA (CAD), or the AUD Screen Rate (AUD), as applicable (or, if any such index is not available, a benchmark replacement), plus a margin of 1.90% (with an additional margin of 0.1193% for pound sterling advances) (each, as defined in the Loan and Security Agreement).

The obligations of Financing SPV III under the Loan and Security Agreement are secured by all of the assets held by Financing SPV III, including certain loans the Company has originated or acquired (the "Loans") that may from time to time be contributed or transferred by the Company to Financing SPV III pursuant to the terms of a Contribution Agreement, dated as of February 23, 2023 (the "Contribution Agreement" and together with the Loan and Security Agreement, the "JPM Agreements"), between the Company, as contributor, and Financing SPV III, as the contributee. Under the JPM Agreements, the Company and Financing SPV III, as applicable, have made representations and warranties regarding the Loans, as well as their businesses, and are required to comply with various covenants, servicing procedures, limitations on disposition of the Loans, reporting requirements and other customary requirements for similar revolving funding facilities.

The summary information of the JPM Funding Facility is as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2025** |
| Borrowing interest expense | $6025 | $6055 |
| Facility unused commitment fees | 95 | 291 |
| Amortization of deferred financing costs | 305 | 303 |
| Total | $6425 | $6649 |
| Weighted average interest rate | 5.59% | 6.81% |
| Weighted average effective interest rate | 5.87% | 7.15% |
| Weighted average outstanding balance | $431188 | $355866 |

---

**(7)** **COMMITMENTS AND CONTINGENCIES**

In the normal course of business, the Company may enter into contracts that provide a variety of general indemnifications. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. Currently, no such claims exist or are expected to arise, and accordingly, the Company has not accrued any liability in connection with such indemnifications.

The Company's investment portfolio contains 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. As of March 31, 2026 and December 31, 2025, the Company had $303,236 and $294,919, respectively, of unfunded commitments to fund delayed draw and revolving senior secured loans, respectively.

As of March 31, 2026 and December 31, 2025, the Company had $1,000,010 and $1,000,010, respectively, in total capital commitments from common unitholders, respectively, of which $125,000 and $155,000, respectively, were uncalled.

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**(8)** **MEMBERS' CAPITAL**

The following table shows the components of net distributable earnings (accumulated losses) as shown on the Consolidated Statements of Financial Condition:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **March 31, 2026** | **December 31, 2025** |
| Net distributable earnings (accumulated losses), beginning of period | $(66591) | $(24853) |
| Net investment income (loss) | 29863 | 119922 |
| Net realized gain (loss) | (16780) | (10924) |
| Net unrealized appreciation (depreciation) | (8627) | (30102) |
| Distributions to unitholders | (30499) | (120588) |
| Tax reclassification of members' capital |  | (46) |
| **Net distributable earnings (accumulated losses), end of period** | $(92634) | $(66591) |

---

The following table summarizes the total Common Units issued and proceeds from the Company's capital drawdowns delivered pursuant to the Subscription Agreements for the three months ended March 31, 2026:

---

| | | |
|:---|:---|:---|
| **Unit Issuance Date** | **Common Units Issued** | **Amount** |
| March 25, 2026 | 1652893 | $30000 |
| **Total** | 1652893 | $30000 |

---

There were no capital drawdowns delivered pursuant to the Subscription Agreements for the three months ended March 31, 2025.

The following table summarizes the Company's distributions declared and payable for the three months ended March 31, 2026 and for the three months ended March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Per Unit<br>Amount** | **Total Amount** |
| **For the Three Months Ended March 31, 2026** |  |  |  |  |
| February 26, 2026 | March 31, 2026 | April 06, 2026 | $0.47 | $30499 |
| **Total Distributions** |  |  | $0.47 | $30499 |
| **For the Three Months Ended March 31, 2025** |  |  |  |  |
| February 27, 2025 | March 31, 2025 | April 03, 2025 | $0.54 | $30648 |
| **Total Distributions** |  |  | $0.54 | $30648 |

---

The Company adopted an "opt out" distribution reinvestment plan. As a result, unless unitholders elect to "opt out" of the DRIP, unitholders will have their cash dividends or distributions (net of applicable withholding tax) automatically reinvested in additional Common Units, rather than receiving cash. Unitholders who receive distributions in the form of Common Units will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions; however, those unitholders will not receive cash with which to pay any applicable taxes. Units issued under the DRIP will not reduce a unitholder's outstanding capital commitment.

The following table summarizes the units issued to unitholders who participated in the DRIP for the three months ended March 31, 2026 and the value of such units as of the payment dates:

---

| | | |
|:---|:---|:---|
| **Payment Date** | **DRIP Units Issued** | **DRIP Units Value** |
| January 06, 2026 | 1614853 | $29453 |
| **Total** | 1614853 | $29453 |

---

The following table summarizes the units issued to unitholders who participated in the DRIP for the three months ended March 31, 2025 and the value of such units as of the payment dates:

---

| | | |
|:---|:---|:---|
| **Payment Date** | **DRIP Units Issued** | **DRIP Units Value** |
| January 06, 2025 | 1733215 | $32827 |
| **Total** | 1733215 | $32827 |

---

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**(9)** **EARNINGS (LOSS) PER UNIT**

The following table sets forth the computation of basic and diluted earnings (loss) per Common Unit:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2025** |
| Net increase in Members' Capital from operations | $4456 | $20492 |
| Weighted average Common Units outstanding | 63276928 | 56659886 |
| Basic and diluted earnings (loss) per Common Unit | $0.07 | $0.36 |

---

**(10)** **CONSOLIDATED FINANCIAL HIGHLIGHTS**

The following are the financial highlights (dollar amounts in thousands, except per unit amounts):

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2025** |
| **Per Unit Data:**<sup>(1)</sup> |  |  |
| Net asset value, beginning of period | $18.24 | $18.94 |
| Net investment income (loss) | 0.47 | 0.53 |
| Net unrealized and realized gain (loss)<sup>(2)</sup> | (0.41) | (0.17) |
| Net increase (decrease) in net assets resulting from operations | 0.06 | 0.36 |
| Dividends declared | (0.47) | (0.54) |
| Total increase (decrease) in net assets | (0.41) | (0.18) |
| Net asset value, end of period | $17.83 | $18.76 |
| Units outstanding, end of period | 64890977 | 56756176 |
| Weighted average units outstanding | 63276928 | 56659886 |
| Total return based on net asset value<sup>(3)</sup> | 0.27% | 1.90% |
| **Ratio/Supplemental Data:** |  |  |
| Members' Capital, end of period | $1157117 | $1064636 |
| Ratio of total expenses to average Members' Capital<sup>(4)</sup> | 7.23% | 8.27% |
| Ratio of net investment income to average Members' Capital<sup>(4)</sup> | 11.03% | 12.02% |
| Ratio of total contributed capital to total committed capital, end of period | 87.50% | 84.50% |
| Asset coverage ratio<sup>(5)</sup> | 206.00% | 206.00% |
| Portfolio turnover rate | 5.04% | 3.33% |

---

(1)The per unit data was derived by using the weighted average units outstanding during the period.

(2)The amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions.

(3)Total return (not annualized) is calculated assuming a purchase of Common Units at the opening of the first day of the period and a sale on the closing of the last business day of the period. Distributions, if any, are assumed for purposes of this calculation, to be reinvested at prices obtained under the Company's DRIP.

(4)Amounts are annualized except for incentive fees, organization and offering costs and other expenses for which expense support was provided, as applicable.

(5)Effective October 14, 2021, in accordance with Section 61(a)(2) of the 1940 Act, with certain limited exceptions, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. Prior to October 14, 2021, in accordance with the 1940 Act, with certain limited exceptions, the Company was allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing.

**(11)** **SUBSEQUENT EVENTS**

Subsequent events have been evaluated through the date the consolidated financial statements were issued. There have been no subsequent events that require recognition or disclosure through the date the consolidated financial statements were issued, except as disclosed below.

On May 5, 2026, the Board declared a distribution equal to an amount up to the Company's taxable earnings per Common Unit, including net investment income (if positive) for the period April 1, 2026 through June 30, 2026, payable on or about July 6, 2026 to unitholders of record as of June 30, 2026.

Effective as of May 6, 2026, the Company amended its certificate of formation to change the Company's name from T Series Middle Market Loan Fund LLC to T Series BDC LLC. The Company effected the name change by filing a Certificate of Amendment of the Certificate of Formation (the "Certificate of Formation Amendment") with the Secretary of State of the State of Delaware and entering into a First Amendment to the Second Amended and Restated Limited Liability Company Agreement (the "LLCA Amendment"). A copy of the Certificate of Formation Amendment and LLCA Amendment are filed as Exhibits 3.1and 3.2 to this report, respectively.

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**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (dollar amounts in thousands, except per unit amounts, unless otherwise indicated)**

In this Quarterly Report on Form 10-Q, or this "Report", except where context suggests otherwise, the terms "Company," "we," "our" or "us" refers to T Series BDC LLC (formerly known as T Series Middle Market Loan Fund LLC) and its consolidated subsidiaries. This Report, including the documents we incorporate by reference into this Report, contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and you should not place undue reliance on such statements. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current and prospective portfolio investments, our industry, our beliefs and opinions and our assumptions. Words such as "anticipates," "expects," "intends," "plans," "will," "may," "continue," "believes," "seeks," "estimates," "would," "could," "should," "targets," "projects," "potential", "predicts" and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our future operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our business prospects and the prospects of our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•risk associated with possible disruptions in our operations or the economy generally, including disruptions from the impact of global health events and natural disasters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•uncertainty and changes in the general interest rate environment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•general economic, political and industry trends and other external factors, including government shutdowns and uncertainty surrounding the financial and political stability of the United States and other countries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the effect of an inflationary economic environment on our portfolio companies, our financial condition and our results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of interruptions in the supply chain on our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•disruptions related to tariffs and other trade or sanctions issues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our contractual arrangements and relationships with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•actual and potential conflicts of interest with MS Capital Partners Adviser Inc., our investment adviser (the "Adviser" or "Investment Adviser"), and its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the dependence of our future success on the general economy and its effect on the industries in which we invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of our portfolio companies to achieve their objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the use of borrowed money to finance a portion of our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the adequacy of our financing sources and working capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the timing and amount of cash flows, distributions and dividends, if any, from the operations of our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of our Adviser to locate suitable investments for us and to monitor and administer our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of our Adviser and its affiliates to attract and retain highly talented professionals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to maintain our qualification as a business development company ("BDC"), and as a regulated investment company (a "RIC"), under the Internal Revenue Code of 1986, as amended (the "Code");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact on our business of U.S. and international financial reform legislation, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•currency fluctuations, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars, could adversely affect the results of our investments in foreign companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the effect of changes in tax laws and regulations and interpretations thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the risks, uncertainties and other factors we identify under "Part I, Item 1A. Risk Factors" in our most recent Annual Report on Form 10-K and elsewhere in this Report.

The information contained in this section should be read in conjunction with "Item 1. Consolidated Financial Statements." Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of the assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Report should not be regarded as a representation by us that our plans and objectives will be achieved. *This discussion contains forward-looking statements, which relate to future events or our future performance or financial condition and involves numerous risks and uncertainties, including, but not*

*limited to, those set forth in "Risk Factors" in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, or the Form 10-K, and Part II, Item 1A of and elsewhere in this Report. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Report. Moreover, we assume no duty and do not undertake to update the forward-looking statements.* You are advised to consult

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any additional disclosures that we make directly to you or through reports that we have filed or in the future file with the Securities and Exchange Commission, (the "SEC"), including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

You should understand that under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports we file under the Exchange Act.

**OVERVIEW**

We are a non-diversified, externally managed specialty finance company focused on lending to middle-market companies. We have elected to be regulated as a BDC under the Investment Company of 1940 Act, amended (the "1940 Act"). In addition, for U.S. federal income tax purposes, we have elected to be treated, and intend to comply with the requirements to qualify annually, as a RIC under Subchapter M of the Code. We are classified as a non-diversified investment company within the meaning of the 1940 Act, which means that we are not limited by the 1940 Act with respect to the proportion of our assets that we may invest in securities of a single issuer. We are externally managed by our Adviser, an indirect, wholly owned subsidiary of Morgan Stanley.

Our investment objective is to achieve attractive risk-adjusted returns via current income and, to a lesser extent, capital appreciation by investing primarily in directly originated senior secured term loans issued by U.S. middle-market companies in which private equity sponsors have a controlling equity stake in the portfolio company. For purposes of this Report, "middle-market companies" refers to companies that, in general, generate annual earnings before interest, tax, depreciation and amortization ("EBITDA") in the range of approximately $15 million to $200 million, although not all of our portfolio companies will meet this criterion.

We invest primarily in directly originated senior secured term loans including first lien senior secured term loans and second lien senior secured term loans, higher-yielding assets such as mezzanine debt, unsecured debt, equity investments and other opportunistic asset purchases. Typical middle-market senior loans may be issued by middle-market companies in the context of leveraged buyouts ("LBOs"), acquisitions, debt refinancings, recapitalizations, and other similar transactions. We generally expect our debt investments to have a stated term of five to eight years and typically bear interest at a floating rate usually determined on the basis of a benchmark (such as the Secured Overnight Financing Rate, or SOFR).

We generate revenues primarily in the form of interest income from investments we hold. In addition, we generate income from dividends or distributions of income on any direct equity investments, capital gains on the sale of loans and equity investments and various other loan origination and other fees, including commitment, origination, amendment, structuring, syndication or due diligence fees, fees for providing managerial assistance and consulting fees.

Pursuant to the exemptive relief granted by the SEC to us to our Adviser on June 3, 2025 (the "Order"), we are able to enter into certain negotiated co-investment transactions alongside certain Regulated Funds and Affiliated Entities (each as defined in the Order), in a manner consistent with our investment objective, positions, policies, strategies, and restrictions as well as regulatory requirements and other pertinent factors, subject to compliance with the Order. The Order contains certain conditions and requires the Board to maintain oversight of our participation in the co-investment program. The Order also requires a "required majority" (as defined in Section 57(o) of the 1940 Act) of our eligible directors to make certain conclusions pursuant to Section 57(f) of the 1940 Act in connection with certain co-investment transactions, including co-investment transactions in which an affiliate is an existing investor in the portfolio company, non-pro rata follow on investments and non-pro rata dispositions on investments.

**KEY COMPONENTS OF OUR RESULTS OF OPERATIONS**

***Investments***

Our level of investment activity can and does vary substantially from period to period depending on many factors, including the amount of debt available to middle-market companies, the general economic environment and the competitive environment for the type of investments we make.

***Revenue***

We generate revenue primarily in the form of interest income on debt investments we hold. In addition, we generate income from dividends or distributions of income on direct equity investments, capital gains on the sales of loans and equity securities and various loan origination and other fees. Our debt investments generally have a stated term of five to eight years and typically bear interest at a floating rate usually determined on the basis of a benchmark such as SOFR. Interest on these debt investments is generally paid quarterly. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we may receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity also reflects the proceeds of sales of securities. We may also generate revenue in the form of commitment, origination, amendment, structuring, syndication or due diligence fees, fees for providing managerial assistance and consulting fees.

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***Expenses***

Our primary operating expenses include the payment of: (i) investment advisory fees, including base management fees and incentive fees, to our Investment Adviser pursuant to the investment advisory agreement between us and our Investment Adviser; (ii) costs and other expenses and our allocable portion of overhead incurred by our MS Private Credit Administrative Services LLC (the "Administrator") in performing its administrative obligations under the administration agreement (the "Administration Agreement") between us and the Administrator; and (iii) other operating expenses as detailed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•initial organization costs and offering costs incurred prior to the filing of our election to be regulated as a BDC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs associated with any private offerings of our Common Units, and any other securities offerings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•calculating individual asset values and our net asset value (including the cost and expenses of any third-party valuation services);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•out of pocket expenses, including travel expenses, incurred by the Investment Adviser, or members of its investment team or payable to third parties, in evaluating, developing, negotiating, structuring and performing due diligence on prospective portfolio companies, including any investments that are not ultimately made (including, without limitation, any reverse termination fees and any liquidated damages, commitment fees that become payable in connection with any proposed investment that is not ultimately made, forfeited deposits or similar payments) and monitoring actual portfolio companies and, if necessary, enforcing our rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•base management fees and any incentive fee payable under the Investment Advisory Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•certain costs and expenses relating to distributions paid by us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•administration fees payable under the Administration Agreement and any sub-administration agreements, including related expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•arrangement, debt service and other costs of borrowings, senior securities or other financing arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the allocated costs incurred by the Investment Adviser in providing managerial assistance to those portfolio companies that request it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•amounts payable to third parties relating to, or associated with, sourcing, evaluating, making, holding, settling, clearing, monitoring, holding or disposing of prospective or actual investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the costs associated with subscriptions to data service, research-related subscriptions and expenses and quotation equipment and services used in making or holding investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•dues and expenses incurred in connection with membership industry or trade organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•distribution payment agent, transfer agent and custodial fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs of derivatives and hedging;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•federal, state and local registration fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any fees payable to rating agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•U.S. federal, state and local taxes, including any excise taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs incurred in connection with the formation or maintenance of entities or vehicles to hold the our assets for tax or other purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•independent director fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs of preparing consolidated financial statements and maintaining books and records, costs of preparing tax returns, costs of 1940 Act compliance, Sarbanes-Oxley Act compliance and attestation and costs of filing reports or other documents with the SEC (or other regulatory bodies), and other reporting and compliance costs, including the compensation of professionals responsible for the preparation or review of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the costs of any reports, proxy statements or other notices to our unitholders (including printing and mailing costs), the costs of any unitholders' meetings, and costs and expenses of preparation for the foregoing and related matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the costs of specialty and custom software for monitoring risk, compliance and overall investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any fidelity bond required by applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any necessary insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any extraordinary expenses (such as litigation or indemnification payments or amounts payable pursuant to any agreement to provide indemnification entered into by the Company),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•direct fees and expenses associated with independent audits, agency, consulting and legal costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•cost of winding up; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all other expenses incurred by either the Administrator or us in connection with administering our business, and reimbursing third-party expenses incurred by the Administrator in carrying out its administrative services including, but not limited to, the fees and expenses associated with performing compliance functions.

We reimburse the Administrator or its affiliates for amounts paid or costs borne that properly constitute Company expenses as set forth in the Administration Agreement or otherwise. We expect our general and administrative expenses to be relatively stable or to decline as a percentage of total assets during periods of asset growth and to increase during periods of asset declines.

**PORTFOLIO AND INVESTMENT ACTIVITY**

Our portfolio is presented below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** |
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Cost** | **Fair Value** | **% of Total<br>Investments<br>at Fair Value** | **Cost** | **Fair Value** | **% of Total<br>Investments<br>at Fair Value** |
| First Lien Debt | $2161958 | $2113755 | 98.1% | $2184395 | $2141391 | 97.9% |
| Second Lien Debt | 11306 | 11414 | 0.5 | 17092 | 17401 | 0.8 |
| Other Debt Investments | 6579 | 5610 | 0.3 | 8128 | 8029 | 0.4 |
| Equity | 30901 | 23129 | 1.1 | 24369 | 19127 | 0.9 |
| **Total** | $2210744 | $2153908 | 100.0% | $2233984 | $2185948 | 100.0% |

---

Our debt portfolio displayed the following characteristics of each of our investments unless<sup>(1),(2)</sup>otherwise noted:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **March 31, 2026** | **December 31, 2025** |
| Number of portfolio companies | 203 | 202 |
| Number of industries | 34 | 34 |
| Number of new investment commitments in portfolio companies | 5 | 40 |
| Number of investments commitments exited or fully repaid | 4 | 10 |
| Percentage of debt investments bearing a floating rate, at fair value | 99.7% | 99.6% |
| Percentage of debt investments bearing a fixed rate, at fair value | 0.3% | 0.4% |
| Weighted average yield on debt and income producing investments, at cost<sup>(3)</sup> | 9.0% | 9.1% |
| Weighted average yield on debt and income producing investments, at fair value<sup>(3)</sup> | 9.2% | 9.3% |
| Weighted average yield on total portfolio, at cost<sup>(4)</sup> | 8.9% | 9.0% |
| Weighted average yield on total portfolio, at fair value<sup>(4)</sup> | 9.1% | 9.2% |
| Weighted average 12-month EBITDA | $171.3 | $171.7 |
| Median 12-month EBITDA | 94.4 | 93.0 |
| Weighted average net leverage through tranche<sup>(5)</sup> | 6.0x | 6.1x |
| Weighted average interest coverage<sup>(6)</sup> | 1.7x | 1.7x |
| Weighted average loan to value<sup>(7)</sup> | 39.8% | 41.2% |
| Percentage of debt investments with one or more financial covenants | 50.2% | 47.9% |
| Percentage of our debt investments that are sponsor backed | 98.6% | 98.4% |
| Percentage of loans and other debt in support of LBOs and acquisitions | 60.2% | 65.2% |
| Percentage of our debt portfolio subject to business cycle volatility | 5.4% | 5.3% |
| Average position size of our investment, at fair value (in millions) | $10.6 | $10.8 |

---

(1)Calculated as a percentage of gross debt commitments (funded and unfunded). Weighted average EBITDA, net leverage through the tranche in which the Company is a lender and loan to value exclude recurring revenue investments, which are investments in portfolio companies to which the Company lends based on a multiple of recurring revenue generated by the portfolio company and not based on a multiple of EBITDA.

(2)Amounts were derived from investment due diligence information provided by the portfolio company. Such amounts have not been independently estimated by us, and accordingly, we take no responsibility for such numbers and make no representation or warranty in respect of this information.

(3)Computed as (a) the annual stated spread, plus reference rate, as applicable, plus the annual accretion of discounts, as applicable on debt securities divided by (b) total debt investments (at fair value or cost, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented herein.

(4)Computed as (a) the annual stated spread, plus reference rate, as applicable, plus the annual accretion of discounts, as applicable on all investments of the Company divided by (b) total investments (at fair value or cost, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented herein.

(5)Net leverage is the ratio of total debt minus cash divided by EBITDA and taking into account leverage through the tranche in which the Company is a lender, excluding recurring revenue investments.

(6)Interest coverage for a particular portfolio company is calculated by taking credit agreement EBITDA and dividing by annualized latest reported interest expense. Total interest coverage is calculated on a weighted average basis based on total gross debt commitments (funded and unfunded). Calculation excludes recurring revenue deals which are investments in portfolio companies to which the Company lends based on a multiple of recurring revenue generated by the portfolio company and not based on a multiple of EBITDA. Portfolio company statistics are derived from the most recently available financial statements of each portfolio company as of the reported end date. Statistics of the portfolio companies have not been independently verified by us and may reflect a normalized or adjusted amount.

(7)Calculated using total outstanding debt through the tranche in which the Company is a lender divided by total enterprise value from the private equity sponsor or market comparables.

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**Investment Activity**

Our investment activity is presented below (information presented herein is at amortized cost unless otherwise indicated):

---

| | | |
|:---|:---|:---|
|  | **As of and For the Three Months Ended** | **As of and For the Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2025** |
| **New investments committed** |  |  |
| Gross principal balance<sup>(1)</sup> | $127348 | $74788 |
| **Net new investments committed** | $127348 | $74788 |
| **Investments, at cost** |  |  |
| Investments, beginning of period | $2233984 | $2048601 |
| &nbsp;&nbsp;&nbsp;&nbsp;New investments purchased | 109122 | 76620 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net accretion of discount on investments | 1988 | 1834 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind | 2313 | 3932 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (16783) | (3660) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold or repaid | (119880) | (68182) |
| **Investments, end of period** | $2210744 | $2059145 |
| **Principal amount of investments funded** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First lien debt investments | $110209 | $77328 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity <sup>(2)</sup> |  | 48 |
| **Total** | $110209 | $77376 |
| **Amount of investments sold/fully repaid, at principal** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First lien debt | $88792 | $28873 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other debt investments | 1789 | 784 |
| **Total** | $90581 | $29657 |

---

(1)Includes new investment commitments, excluding sale/repayments and including unfunded investment commitments.

(2)Represents dollar amount of equity funded.

***Investment Performance Rating***

As part of the monitoring process, our Investment Adviser has developed risk policies pursuant to which it regularly assesses the risk profile of each of our debt investments. Our Investment Adviser has developed a classification system to group investments into four categories. The investments are evaluated regularly and assigned a category based on certain credit metrics. Our Investment Adviser's ratings do not constitute any rating of investments by a nationally recognized statistical rating organization or represent or reflect any third-party assessment of any of our investments. Please see below for a description of the four categories of the Investment Adviser's Internal Risk Rating system:

Risk Rating 1 — In the opinion of our Investment Adviser, investments in Risk Rating 1 involve the least amount of risk relative to our initial cost basis at the time of origination or acquisition. Risk Rating 1 investment performance is above our initial underwriting expectations and the business trends and risk factors are generally favorable, which trends or factors may include the performance of the portfolio company or the likelihood of a potential exit.

Risk Rating 2 — In the opinion of our Investment Adviser, investments in Risk Rating 2 involve a level of risk relative to our initial cost basis at the time of origination or acquisition. Risk Rating 2 investments are generally performing in line with our initial underwriting expectations and risk factors to ultimately recoup the cost of our principal investment are neutral to favorable. All new originated or acquired investments are initially included in Risk Rating 2.

Risk Rating 3 — In the opinion of our Investment Adviser, investments in Risk Rating 3 indicate that the risk to our ability to recoup the initial cost basis at the time of origination or acquisition has increased materially since the origination or acquisition of the investment, such as declining financial performance and non-compliance with debt covenants; however, principal and interest payments are not more than 120 days past due.

Risk Rating 4 — In the opinion of our Investment Adviser, investments in Risk Rating 4 involve a borrower performing substantially below expectations and indicate that the loan's risk has increased substantially since origination or acquisition. Most or all of the debt covenants are out of compliance, and payments are substantially delinquent. For Risk Rating 4 investments, it is anticipated that we will not recoup our initial cost basis and may realize a substantial loss of our initial cost basis at the time of origination or acquisition upon exit.

The distribution of our portfolio on the Investment Adviser's Internal Risk Rating System as of March 31, 2026 and December 31, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|  | **Fair Value** | **% of<br>Portfolio** | **Fair Value** | **% of<br>Portfolio** |
| Risk rating 1 | $— | —% | $972 | 0.0% |
| Risk rating 2 | 2035109 | 94.5 | 2080283 | 95.2 |
| Risk rating 3 | 81693 | 3.8 | 71335 | 3.3 |
| Risk rating 4 | 37106 | 1.7 | 33358 | 1.5 |
| **Total** | $2153908 | 100.0% | $2185948 | 100.0% |

---

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[**<u>**Table of Contents**</u>**](#toc_page)

The table below presents the amortized cost of our performing and non-accrual debt investments as of the following periods:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|  | **Amortized Cost** | **% of Total** | **Amortized Cost** | **% of Total** |
| Performing | $2149928 | 97.2% | $2175515 | 97.4% |
| Non-accrual <sup>(1)</sup> | 60816 | 2.8 | 58469 | 2.6 |
| **Total** | $2210744 | 100.0% | $2233984 | 100.0% |

---

<sup>(1) As of March 31, 2026 and December 31, 2025, the Company had certain investments in five and three portfolio companies, respectively, that were on non-accrual status.</sup>

Investments are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is reversed when an investment is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the investment is placed on non-accrual status. We may determine to not place an investment on non-accrual status if the investment has sufficient collateral value and is in the process of collection.

**CONSOLIDATED RESULTS OF OPERATIONS**

The following table represents our operating results:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2025** |
| Total investment income | $51941 | $54191 |
| Less: Total expenses | 22040 | 24166 |
| Net investment income before taxes | 29901 | 30025 |
| Less: Excise tax expense | 38 | 18 |
| Net investment income after taxes | 29863 | 30007 |
| Net realized gain (loss) | (16780) | (3659) |
| Net change in unrealized appreciation (depreciation) | (8627) | (5856) |
| **Net increase (decrease) in Members' Capital resulting from operations** | $4456 | $20492 |

---

***Investment Income***

Investment income was as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2025** |
| **Investment income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | $48779 | $49036 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind | 2010 | 3883 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 542 | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 610 | 883 |
| **Total Investment Income** | $51941 | $54191 |

---

In the table above, total investment income decreased from $54,191 for the three months ended March 31, 2025 to $51,941 for the three months ended March 31, 2026. This was due to a decrease in our weighted average yield at cost of 9.0% at March 31, 2026 as compared to 10.2% at March 31, 2025, which was primarily driven by the reduction in base rates and repricing on our existing portfolio.

Additionally, for the three months ended March 31, 2026 we recorded $537 of non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts, etc.) as compared to $375 for the same period in the prior year, primarily as a result of prepayments.

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[**<u>**Table of Contents**</u>**](#toc_page)

***Expenses***

Expenses were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2025** |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and other financing expenses | $17311 | $18790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | 1075 | 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income based incentive fees | 2019 | 2788 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 1213 | 663 |
| &nbsp;&nbsp;&nbsp;&nbsp;Directors' fees | 55 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and other expenses | 367 | 818 |
| **Total expenses** | $22040 | $24166 |
| Excise tax expense | $38 | $18 |

---

*Interest Expense and Other Financing Expenses*

In the table above, interest and other financing expenses, including unused commitment fees, amortization of debt issuance costs and deferred financing costs, decreased from $18,790 for the three months ended March 31, 2025 to $17,311 for the three months ended March 31, 2026. The decrease was primarily driven by the reduction in base rates, repricing of existing applicable margins and lower unused fees. This was partially offset by higher average debt outstanding which increased to $1,107,454 from $1,026,099 for the three months ended March 31, 2026 and March 31, 2025, respectively.

*Management Fees*

Management fees were $1,075 and $1,056 for the three months ended March 31, 2026 and three months ended March 31, 2025, respectively.

*Incentive Fees*

The income-based incentive fees were $2,019 and $2,788 for the three months ended March 31, 2026 and March 31, 2025, respectively. The decrease was due to the change in fee terms for the income based incentive fees, pursuant to the Amended and Restated Investment Advisory Agreement (as defined in Note 3. "Related Party Transactions"). See "Item 1. Consolidated Financial Statements and Supplementary Data—Notes to Consolidated Financial Statements—Note 3. Related Party Transactions" for additional information.

*Professional Fees and Other Expenses*

Professional fees include legal, audit, tax, valuation and other professional fees incurred related to the management of our Company. Other general and administrative expenses include insurance, filing, research, subscriptions and other costs.

***Net Realized Gain (Loss) and Unrealized Gain (Loss) on Investments***

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2025** |
| **Realized and unrealized gains (losses) on investment transactions:** |  |  |
| Net realized gain (loss): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | $(16783) | $(3660) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency and other transactions | 3 | 1 |
| Net realized gain (loss) | (16780) | (3659) |
| Net change in unrealized appreciation (depreciation): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | (6702) | (6003) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/affiliated investments | (1894) | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Translation of assets and liabilities in foreign currencies | (31) | 29 |
| Net change in unrealized appreciation (depreciation) | (8627) | (5856) |
| **Net realized and unrealized gains (losses)** | $(25407) | $(9515) |

---

For the three months ended March 31, 2026 and the three months ended March 31, 2025, net realized loss on our investments was $16,780 and $3,659, respectively, which was primarily due to the restructuring of certain portfolio companies.

For the three months ended March 31, 2026 and the three months ended March 31, 2025, net change in unrealized depreciation on our investments of $8,627 and $5,856, respectively, was primarily the result of the changes in spreads in the secondary markets as well as financial performance in certain portfolio companies.

See "Item 1. Consolidated Financial Statements and Supplementary Data—Notes to Consolidated Financial Statements—Note 5. Fair Value Measurements" for additional information.

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[**<u>**Table of Contents**</u>**](#toc_page)

**FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES**

We generate cash from the net proceeds of offerings of our Common Units, net borrowings from our credit facilities, and from cash flows from interest and fees earned from our investments and principal repayments and proceeds from sales of our investments. We may also fund a portion of our investments through borrowings from banks and issuances of senior securities, including before we have fully invested the proceeds of the private offering of our Common Units. Our primary use of cash are investments in portfolio companies, payments of our expenses and payment of cash distributions to our unitholders. As of March 31, 2026, we had three revolving credit facilities outstanding, as described in "—*Debt"* below. We may also from time to time enter into new credit facilities, increase the size of existing credit facilities or issue debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors.

As of March 31, 2026, we had approximately $76.6 million of cash and cash equivalents, and short term investments (including investments in money market funds), which taken together with our approximately $507.2 million of availability under our credit facilities (subject to borrowing base availability) and our approximately $125.0 million of uncalled capital commitments to purchase Common Units, we expect to be sufficient for our investing activities and to conduct our operations in the near term. As of March 31, 2026, we believed we had adequate financial resources to satisfy the unfunded portfolio company commitments of $303.2 million.

***Unregistered Sales of Equity Securities***

As of March 31, 2026, we had received aggregate capital commitments of $1,000 million.

The following table summarizes the total Common Units issued and proceeds received from the Company's capital drawdown delivered pursuant to the Subscription Agreements for the three months ended March 31, 2026.

---

| | | |
|:---|:---|:---|
| **Unit Issuance Date** | **Common Units Issued** | **Amount** |
| March 25, 2026 | 1652893 | $30000 |
| **Total** | 1652893 | $30000 |

---

There were no capital drawdowns delivered pursuant to the Subscription Agreements for the three months ended March 31, 2025.

***Distributions and Distribution Reinvestment***

The following table summarizes our distributions declared and payable for the three months ended March 31, 2026 and March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Per Unit<br>Amount** | **Total Amount** |
| **For the Three Months Ended March 31, 2026** |  |  |  |  |
| February 26, 2026 | March 31, 2026 | April 06, 2026 | $0.47 | $30499 |
| **Total Distributions** |  |  | $0.47 | $30499 |
| **For the Three Months Ended March 31, 2025** |  |  |  |  |
| February 27, 2025 | March 31, 2025 | April 03, 2025 | $0.54 | $30648 |
| **Total Distributions** |  |  | $0.54 | $30648 |

---

We have adopted an "opt out" distribution reinvestment plan. As a result, if our Board of Directors authorizes, and we declare, a cash distribution, our unitholders will have their cash distributions automatically reinvested in additional units of same class of units to which the distribution relates unless they specifically "opt out" of the DRIP and elect to receive distributions in cash.

The following table summarizes the Common Units issued to unitholders who participated in the DRIP for the three months ended March 31, 2026 and the value of such units as of the payment dates:

---

| | | |
|:---|:---|:---|
| **Payment Date** | **DRIP Units Issued** | **DRIP Units Value** |
| January 06, 2026 | 1614853 | $29453 |
| **Total** | 1614853 | $29453 |

---

The following table summarizes the Common Units issued to unitholders who participated in the DRIP for the three months ended March 31, 2025 and the value of such units as of the payment dates:

---

| | | |
|:---|:---|:---|
| **Payment Date** | **DRIP Units Issued** | **DRIP Units Value** |
| January 06, 2025 | 1733215 | $32827 |
| **Total** | 1733215 | $32827 |

---

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***Debt***

Our outstanding debt obligations were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Aggregate<br>Principal<br>Committed** | **Outstanding<br>Principal** | **Unused<br>Portion** | **Aggregate<br>Principal<br>Committed** | **Outstanding<br>Principal** | **Unused<br>Portion** |
| Barclays Funding Facility<sup>(1)</sup> | $600000 | $452053 | $147947 | $600000 | $452199 | $147801 |
| BNP Funding Facility | 500000 | 256000 | 244000 | 500000 | 227000 | 273000 |
| JPM Funding Facility<sup>(2)</sup> | 500000 | 384702 | 115298 | 500000 | 433759 | 66241 |
| **Total** | $1600000 | $1092755 | $507245 | $1600000 | $1112958 | $487042 |

---

(1)Under the Barclays Funding Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of March 31, 2026 and December 31, 2025, the Company had borrowings denominated in Euros (EUR) of 6,555 and 6,555.

(2)Under the JPM Funding Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of March 31, 2026 and December 31, 2025, the Company had borrowings denominated in Canadian Dollars (CAD) of 350 and 350, Euros (EUR) of 557 and 557, and British Pound Sterling (GBP) of 186 and 186, respectively.

For further details, see Note 6. "Debt" in the Notes to Consolidated Financial Statements.

**RECENT DEVELOPMENTS**

On May 5, 2026, the Board declared a distribution equal to an amount up to the Company's taxable earnings per Common Unit, including net investment income (if positive) for the period April 1, 2026 through June 30, 2026, payable on or about July 6, 2026 to unitholders of record as of June 30, 2026.

Effective as of May 6, 2026, we amended our certificate of formation to change our name from T Series Middle Market Loan Fund LLC to T Series BDC LLC. We effected the name change by filing a Certificate of Amendment of the Certificate of Formation (the "Certificate of Formation Amendment") with the Secretary of State of the State of Delaware and entering into a First Amendment to the Second Amended and Restated Limited Liability Company Agreement (the "LLCA Amendment"). A copy of the Certificate of Formation Amendment and LLCA Amendment are filed as Exhibit 3.1 and 3.2 to this Report, respectively.

**CRITICAL ACCOUNTING ESTIMATES**

The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting estimates including those relating to the valuation of our investment portfolio, should be read in connection with our consolidated financial statements in Part I, Item 1, of this Report, including Note 2 "Significant Accounting Policies."

We consider the most significant accounting policies to be those related to our Investments, Revenue Recognition, Deferred Financing Costs and Debt Issuance Costs and Income Taxes. The valuation of investments is our most significant critical estimate. The most significant input is the discount rate used in yield analysis that is based on comparable market yields. Significant increases in the discount rates in isolation would result in a significantly lower fair value measurement. For a further discussion and disclosure of key inputs and considerations related to this estimate, refer to "Note 5—Fair Value Measurements" included in the notes to the consolidated financial statements.

**RELATED PARTY TRANSACTIONS**

We have entered into a number of business relationships with affiliated or related parties, including the following (which are defined in the notes to the accompanying consolidated financial statements if not defined herein):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Investment Advisory Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Administration Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Indemnification Agreement.

For further details, see Note 3. "Related Party Transactions" to our consolidated financial statements included in this Report.

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**Item 3. Quantitative and Qualitative Disclosures About Market Risk**

We are subject to financial market risks, including valuation risk, market risk and interest rate risk.

***Valuation Risk***

We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of portfolio companies. During periods of market dislocation, we will seek to invest prudently in the secondary loan market to provide our investors better risk adjusted returns while adhering to our core investment tenets. Most of our investments will not have a readily available market price. To ensure accurate valuations, our investments are valued at fair value in good faith by the Company's Board of Directors, based on, among other things, the input of the Investment Adviser, including our Valuation Designee, our Audit Committee and independent third-party valuation firms engaged at the direction of the Board of Directors, or Valuation Designee, and in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each investment while employing a consistently applied valuation process for the investments we hold. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented, and such differences could be material.

***Market Risk***

The market value of a security may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price originally paid for it or less than it was worth at an earlier time. Market risk may affect a single issuer, industry, sector of the economy or the market as a whole. Global economies and financial markets are increasingly interconnected, which increases the probabilities that conditions in one country or region might adversely impact issuers in a different country or region. Conditions affecting the general economy, including political, social, or economic instability at the local, regional, or global level, may also affect the market value of a security. Health crises, such as pandemic and epidemic diseases, as well as other incidents that interrupt the expected course of events, such as natural disasters, war or civil disturbance, acts of terrorism, international conflicts, trade policies and tariffs, government shutdowns, power outages and other unforeseeable and external events, and the public response to or fear of such diseases or events, have and may in the future have an adverse effect on a company's investments and net asset value and can lead to increased market volatility. *See "Part I, Item 1A. Risk Factors—General Risk Factors—We are operating in a period of capital markets volatility and economic uncertainty. These market conditions, when they occur, have materially and adversely affected debt and equity capital markets in the United States, and any future volatility or instability in capital markets may have a negative impact on our business and operations.*" and "*Part I, Item 1A. Risk Factors—General Risk Factors—Terrorist attacks, acts of war, natural disasters, outbreaks or pandemics, may impact our portfolio companies and our Adviser and harm our business, operating results and financial condition*" of our most recent Annual Report on Form 10-K.

***Interest Rate Risk***

We are subject to financial market risks, and most significantly, changes in interest rates. Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we expect to fund a portion of our investments with borrowings, our net investment income is expected to be affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

As of March 31, 2026, approximately 99.7 % of our debt investments were at floating rates. Based on our Consolidated Statements of Financial Condition as of March 31, 2026, the following table shows the annualized impact on net income of hypothetical reference rate changes in interest rates (considering interest rate floors and ceilings for floating rate debt instruments assuming no changes in our investments and borrowing structure as of March 31, 2026) (dollar amounts in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **Interest** | **Interest** | **Net** |
| **Basis Point Change - Interest Rates** | **Income** | **Expense** | **Income** |
| Up 300 basis points | $64429 | $(32760) | $31669 |
| Up 200 basis points | $43024 | $(21840) | $21184 |
| Up 100 basis points | $21619 | $(10920) | $10699 |
| Up 25 basis points | $5566 | $(2730) | $2836 |
| Down 25 basis points | $(5137) | $2730 | $(2407) |
| Down 100 basis points | $(21191) | $10920 | $(10271) |
| Down 200 basis points | $(42583) | $21840 | $(20743) |
| Down 300 basis points | $(62702) | $32760 | $(29942) |

---

We may hedge against interest rate fluctuations by using standard hedging instruments such as futures, options and forward contracts or our credit facilities, subject to the requirements of the 1940 Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in benefits of lower interest rates or higher exchange rates with respect to our portfolio of investments with fixed interest rates or investments denominated in foreign currencies. During the periods covered by this Report, we did not engage in interest rate hedging activities.

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[**<u>**Table of Contents**</u>**](#toc_page)

**Item 4. Controls and Procedures.**

***Evaluation of Disclosure Controls and Procedures***

As of March 31, 2026 (the end of the period covered by this Report), we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer (Principal Executive Officer) and our Chief Financial Officer (Principal Financial Officer), of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15 of the Securities Exchange Act of 1934, as amended (the "Exchange Act")). Based on that evaluation, our Chief Executive Officer (Principal Executive Officer) and our Chief Financial Officer (Principal Financial Officer) have concluded that our current disclosure controls and procedures are effective in timely alerting them of material information relating to the Company that is required to be disclosed by us in the reports we file or submit under the Exchange Act.

***Changes in Internal Controls Over Financial Reporting***

There have been no changes in our internal control over financial reporting that occurred for the quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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[**<u>**Table of Contents**</u>**](#toc_page)

**PART II**

**Item 1. Legal Proceedings**

The Company, the Investment Adviser and the Administrator may become party to certain lawsuits in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Each of the Company, the Investment Adviser and the Administrator is not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against the Company. See also "*Note 1 to Consolidated Financial Statements in Part I, Item 1. Consolidated Financial Statements and Supplementary Data*" of this Form 10-Q.

**Item 1A. Risk Factors**

In addition to the other information set forth in this Report, you should carefully consider the risk factors set forth below and the risk factors previously disclosed under Item 1A of our Annual Report on Form 10-K, which could materially affect our business, financial condition and/or operating results. The risks disclosed below and in the Annual Report on Form 10-K 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 also materially and adversely affect our business, financial condition and/or operating results.

***We may be subject to risks associated with our investments in the commercial services and supplies industry. We could invest in portfolio companies in the commercial services and supply industry and a downturn in the industry could significantly impact the aggregate returns we realize on such investments.*** 

For example, the operating results and financial condition of our portfolio companies in the commercial services and supplies industry could be adversely affected due to a number of factors, including but not limited to a decrease in demand for their services or supplies relating to seasonality or market forces and various other factors. In addition, there are risks involved with sales, marketing, managerial and related capabilities of our portfolio companies in the commercial services and supplies industry. For example, recruiting and training a workforce is expensive and time-consuming and could delay the provision of commercial services, result in diminished services, or delay the delivery of supplies. If our portfolio companies in the commercial services and supplies industry fail to devote resources and attention to sell and market their services or products effectively, they could fail to generate sufficient revenues and reach or sustain profitability and to repay interest or principal on our debt investments. Any of these factors could affect our portfolio company investments and, in turn, materially adversely affect our business, financial condition and results of operations.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.**

***Sales of Unregistered Securities***

Refer to "Part I, Item 1. Consolidated Financial Statements—Notes to the Consolidated Financial Statements—Note 8. Members' Capital" in this Report and our Current Report on Form 8-K filed on March 26, 2026 for issuance of our Common Units during the three months ended March 31, 2026. Such issuance was part of our private offering of Common Units pursuant to Section 4(a)(2) of the Securities Act and Regulation D thereunder.

***Issuer Purchases of Equity Securities***

None

**Item 3. Defaults Upon Senior Securities.**

Not applicable.

**Item 4. Mine Safety Disclosures**

Not applicable.

**Item 5. Other Information**

***Certificate of Amendment*** 

Effective as of May 6, 2026, the Company amended its certificate of formation to change the Company's name from T Series Middle Market Loan Fund LLC to T Series BDC LLC. The Company effected the name change by filing a Certificate of Amendment of the Certificate of Formation (the "Certificate of Formation Amendment") with the Secretary of State of the State of Delaware and entering into a First Amendment to the Second Amended and Restated Limited Liability Company Agreement (the "LLCA Amendment"). A copy of the Certificate of Formation Amendment and LLCA Amendment are filed as Exhibit 3.1 and 3.2 to this Report, respectively.

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

During the quarter ended March 31, 2026, none of the Company's 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 SEC:

---

| | |
|:---|:---|
| 3.1\*<br>| [<u>Certificate of Amendment of Certificate of Formation, dated as of May 6, 2026.</u>](ck0001885968-ex3_1.htm)<br>|
| 3.2\*<br>| [<u>First Amendment to Second Amended and Restated Limited Liability Company Agreement.</u>](ck0001885968-ex3_2.htm)<br>|
| 31.1\* | [<u>Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.</u>](ck0001885968-ex31_1.htm) |
| 31.2\* | [<u>Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.</u>](ck0001885968-ex31_2.htm) |
| 32.1\*\* | [<u>Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](ck0001885968-ex32_1.htm) |
| 32.2\*\* | [<u>Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](ck0001885968-ex32_2.htm) |
| 101.INS\* | 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. |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents. |
| 104\* | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

\* Filed herewith

\*\* Furnished herewith.

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this Report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| Dated: May 12, 2026 | By: | /s/ Michael Occi |
|  |  | Michael Occi<br>Director and Chief Executive Officer<br>(Principal Executive Officer) |
| Dated: May 12, 2026 | By: | /s/ David Pessah |
|  |  | David Pessah<br>Chief Financial Officer<br>(Principal Financial Officer) |

---

------

## Exhibit 3.1

**Exhibit 3.1**

**CERTIFICATE OF AMENDMENT**

**OF**

**CERTIFICATE OF FORMATION**

**OF**

**T Series Middle Market Loan Fund LLC**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The name of the limited liability company is T Series Middle Market Loan Fund LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The Certificate of Formation of the limited liability company is hereby amended by deleting Item 1 thereof in its entirety and inserting in lieu thereof the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Name</u>. The name of the limited liability company formed hereby is T Series BDC LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.This Certificate of Amendment shall be effective upon its filing with the Office of the Secretary of State of the State of Delaware.

IN WITNESS WHEREOF, the undersigned has executed this Certificate of Amendment of the Certificate of Formation of T Series Middle Market Loan Fund LLC as of the 6th day of May, 2026.

**T Series Middle Market Loan Fund LLC**

By: <u>/s/ Orit Mizrachi</u>____________

Name: Orit Mizrachi

Title: Co-President

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## Exhibit 3.2

**Exhibit 3.2**

**<u>FIRST AMENDMENT TO</u>**

**<u>Second AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT</u>**

**<u>OF</u>**

**<u>T Series BDC LLC</u>**

This FIRST AMENDMENT (the "<u>Amendment</u>") to the Second Amended and Restated Limited Liability Company Agreement (the "<u>Agreement</u>"), dated as of February 27, 2026, of T Series BDC LLC, a Delaware limited liability company (the "<u>Company</u>"), is entered into as of May 6, 2026 (the "<u>Effective Time</u>").

WHEREAS, Section 11.1 of the Agreement provides that the Agreement may be amended with the consent of the Board and, in certain circumstances, with the prior written consent of a majority-in-interest of the Common Unitholders (as defined in the Agreement), *provided* that no Preferred Units have been issued and are outstanding; and

WHEREAS, the Company has received the prior unanimous written consent of each of its Board of Directors and the Common Unitholders to this Amendment and the Company has not issued any Preferred Units as of the date hereof.

NOW, THEREFORE, the Agreement is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Defined Terms</u>. Unless otherwise indicated, capitalized terms shall have the meanings ascribed to them in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Amendment to Section 2.1 of the Agreement.</u> Subsections (a) and (c) of Section 2.1 of the Agreement are hereby amended and restated in their entirety as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) *Formation*. The Company was formed as a limited liability company with the name MS BDC 4 LLC under the Delaware Limited Liability Company Act (6 Del. C. §18-214, et seq.) (as amended from time to time, the "**Delaware Act**") pursuant to a Certificate of Formation of the Company, which was filed with the Secretary of State of the State of Delaware on September 14, 2021 (as amended from time to time hereafter, the "**Certificate**"). The Company changed its name to "T Series Middle Market Investment Loan Fund LLC" on September 21, 2021, to "T Series Middle Market Loan Fund LLC" on October 4, 2021, and to "T Series BDC LLC" on May 6, 2026 pursuant to amendments to the Certificate filed with Secretary of State of the State of Delaware on September 21, 2021, October 4, 2021, and May 6, 2026, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) *Name*. The name of the Company is "T Series BDC LLC."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Except as expressly amended hereby, the Agreement remains in full force and effect.

[Remainder of Page Intentionally Blank]

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# IN WITNESS WHEREOF , the undersigned have duly executed this Amendment as of the date first above written.
**Company:**

**T Series BDC LLC**

By: <u>/s/ Orit Mizrachi</u>______________________

Name: Orit Mizrachi

Title: Chief Operating Officer and Co-President

*[Signature Page to First Amendment to the Second Amended and Restated <br>Limited Liability Company Agreement of T Series BDC LLC]*

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## Exhibit 31.1

Exhibit 31.1

CERTIFICATION BY THE CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Michael Occi, certify that:

1. I have reviewed this quarterly report on Form 10-Q of T SERIES BDC LLC;

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 Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rule 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, if any, 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.

---

| |
|:---|
| Dated: May 12, 2026 |
| /s/ Michael Occi |
| Michael Occi<br>Director and Chief Executive Officer<br>(Principal Executive Officer) |

---

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## Exhibit 31.2

Exhibit 31.2

CERTIFICATION BY THE CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, David Pessah, certify that:

1. I have reviewed this quarterly report on Form 10-Q of T SERIES BDC LLC;

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 Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rule 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, if any, 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.

---

| |
|:---|
| Dated: May 12, 2026 |
| /s/ David Pessah |
| David Pessah<br>Chief Financial Officer<br>(Principal Financial Officer) |

---

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## Exhibit 32.1

Exhibit 32.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER, SECTION 906

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Michael Occi, the Chief Executive Officer (Principal Executive Officer) of T SERIES BDC LLC (the "Company"), hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Form 10-Q of the Company for the quarter ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Form 10-Q"), 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;•the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| Dated: May 12, 2026 |
| /s/ Michael Occi |
| Michael Occi |
| Director and Chief Executive Officer |
| (Principal Executive Officer) |

---

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## Exhibit 32.2

Exhibit 32.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER, SECTION 906

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, David Pessah, the Chief Financial Officer (Principal Financial Officer) of T SERIES BDC LLC (the "Company"), hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Form 10-Q of the Company for the quarter ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Form 10-Q"), 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;•the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: May 12, 2026

---

| |
|:---|
| /s/ David Pessah |
| David Pessah<br>Chief Financial Officer<br>(Principal Financial Officer) |

---

------