# EDGAR Filing Document

**Accession Number:** 0001955010
**File Stem:** 0001955010-25-000009
**Filing Date:** 2025-8
**Character Count:** 262930
**Document Hash:** 7974f5c6034f4b489b1932f1f73c2a39
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001955010-25-000009.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001955010-25-000009

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 63

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** OHA Senior Private Lending Fund (U) LLC
- **CENTRAL INDEX KEY:** 0001955010

**ORGANIZATION NAME:**
- **EIN:** 883063992
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01586
- **FILM NUMBER:** 251194719

**BUSINESS ADDRESS:**
- **STREET 1:** ONE VANDERBILT, 16TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 212-326-1500

**MAIL ADDRESS:**
- **STREET 1:** ONE VANDERBILT, 16TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

?xml version='1.0' encoding='ASCII'? brhc-20250630

<u>[**Table of Contents**](#i5acb21e8c4584166800d0238689abfc9_10)</u>

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

____________________

**Form 10-Q**

____________________

⌧**&nbsp;&nbsp;&nbsp;&nbsp;QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

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

**or**

□**&nbsp;&nbsp;&nbsp;&nbsp;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: 814-01586**

____________________

**OHA SENIOR PRIVATE LENDING FUND (U) LLC**

**(Exact name of Registrant as specified in its Charter)**

____________________

---

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

---

**(212) 326-1500**

**(Registrant's Telephone Number, Including Area Code)**

**Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report: N/A**

**Securities registered pursuant to Section 12(b) of the Act: None**

____________________

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the 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.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large accelerated filer | ◻ | Accelerated filer | ◻ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Securities Exchange Act of 1934). Yes □ No ⌧

As of June 30, 2025, there was no established public market for the registrant's common shares of beneficial interest. The number of the registrant's common shares, $0.01 par value per share, outstanding as of August 7, 2025 was 44,724,135.

------

<u>[**Table of Contents**](#i5acb21e8c4584166800d0238689abfc9_10)</u>

**OHA SENIOR PRIVATE LENDING FUND (U) LLC**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| | **Page** |
| **PART I FINANCIAL INFORMATION** | |
| &nbsp;&nbsp;<u>[Item 1. Consolidated Financial Statements](#i5acb21e8c4584166800d0238689abfc9_16)</u> | [1](#i5acb21e8c4584166800d0238689abfc9_16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Assets and Liabilities as of](#i5acb21e8c4584166800d0238689abfc9_22)[June 30](#i5acb21e8c4584166800d0238689abfc9_22)[, 2025 (Unaudited) and December 31, 2024](#i5acb21e8c4584166800d0238689abfc9_22)</u> | [2](#i5acb21e8c4584166800d0238689abfc9_22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Operations for the three](#i5acb21e8c4584166800d0238689abfc9_25)[and six](#i5acb21e8c4584166800d0238689abfc9_25)[months ended](#i5acb21e8c4584166800d0238689abfc9_25)[June 30](#i5acb21e8c4584166800d0238689abfc9_25)[, 2025 and 2024 (Unaudited)](#i5acb21e8c4584166800d0238689abfc9_25)</u> | [3](#i5acb21e8c4584166800d0238689abfc9_25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Changes in Net Assets for the three](#i5acb21e8c4584166800d0238689abfc9_28)[and six](#i5acb21e8c4584166800d0238689abfc9_28)[months ended](#i5acb21e8c4584166800d0238689abfc9_28)[June 3](#i5acb21e8c4584166800d0238689abfc9_28)[0](#i5acb21e8c4584166800d0238689abfc9_28)[, 2025 and 2024 (Unaudited)](#i5acb21e8c4584166800d0238689abfc9_28)</u> | [4](#i5acb21e8c4584166800d0238689abfc9_28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Cash Flows](#i5acb21e8c4584166800d0238689abfc9_31)[for the six months ended](#i5acb21e8c4584166800d0238689abfc9_31)[June 30](#i5acb21e8c4584166800d0238689abfc9_31)[, 2025 and 2024 (Unaudited)](#i5acb21e8c4584166800d0238689abfc9_31)</u> | [5](#i5acb21e8c4584166800d0238689abfc9_31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Schedules of Investments as of](#i5acb21e8c4584166800d0238689abfc9_34)[June 30](#i5acb21e8c4584166800d0238689abfc9_34)[, 2025 (Unaudited) and December 31, 2024](#i5acb21e8c4584166800d0238689abfc9_34)</u> | [6](#i5acb21e8c4584166800d0238689abfc9_34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Notes to the Consolidated Financial Statements (Unaudited)](#i5acb21e8c4584166800d0238689abfc9_40)</u> | [25](#i5acb21e8c4584166800d0238689abfc9_40) |
| &nbsp;&nbsp;<u>[Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](#i5acb21e8c4584166800d0238689abfc9_85)</u> | [46](#i5acb21e8c4584166800d0238689abfc9_85) |
| &nbsp;&nbsp;<u>[Item 3. Quantitative and Qualitative Disclosures About Market Risk](#i5acb21e8c4584166800d0238689abfc9_121)</u> | [65](#i5acb21e8c4584166800d0238689abfc9_121) |
| &nbsp;&nbsp;<u>[Item 4. Controls and Procedures](#i5acb21e8c4584166800d0238689abfc9_124)</u> | [66](#i5acb21e8c4584166800d0238689abfc9_124) |
| **[PART II](#i5acb21e8c4584166800d0238689abfc9_127) OTHER INFORMATION** | [66](#i5acb21e8c4584166800d0238689abfc9_127) |
| &nbsp;&nbsp;<u>[Item 1. Legal Proceedings](#i5acb21e8c4584166800d0238689abfc9_130)</u> | [66](#i5acb21e8c4584166800d0238689abfc9_130) |
| &nbsp;&nbsp;<u>[Item 1A. Risk Factors](#i5acb21e8c4584166800d0238689abfc9_133)</u> | [67](#i5acb21e8c4584166800d0238689abfc9_133) |
| &nbsp;&nbsp;<u>[Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#i5acb21e8c4584166800d0238689abfc9_136)</u> | [67](#i5acb21e8c4584166800d0238689abfc9_136) |
| &nbsp;&nbsp;<u>[Item 3. Defaults Upon Senior Securities](#i5acb21e8c4584166800d0238689abfc9_139)</u> | [67](#i5acb21e8c4584166800d0238689abfc9_139) |
| &nbsp;&nbsp;<u>[Item 4. Mine Safety Disclosures](#i5acb21e8c4584166800d0238689abfc9_142)</u> | [67](#i5acb21e8c4584166800d0238689abfc9_142) |
| &nbsp;&nbsp;<u>[Item 5. Other Information](#i5acb21e8c4584166800d0238689abfc9_145)</u> | [67](#i5acb21e8c4584166800d0238689abfc9_145) |
| &nbsp;&nbsp;<u>[Item 6. Exhibits and Financial Statement Schedules](#i5acb21e8c4584166800d0238689abfc9_148)</u> | [68](#i5acb21e8c4584166800d0238689abfc9_148) |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Signatures](#i5acb21e8c4584166800d0238689abfc9_151)</u>** | [69](#i5acb21e8c4584166800d0238689abfc9_151) |

---

------

<u>[**Table of Contents**](#i5acb21e8c4584166800d0238689abfc9_10)</u>

**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS**

*Some of the statements in this Quarterly Report on Form 10-Q constitute forward-looking statements because they relate to future events or our future performance or financial condition. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about OHA Senior Private Lending Fund (U) LLC (the "Company", "we", "us" or "our"), our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Forward-looking statements may include, among other things, statements as to our future operating results, our business prospects and the prospects of our portfolio companies, the impact of the investments that we expect to make, the ability of our portfolio companies to achieve their objectives, our expected financings and investments, the adequacy of our cash resources and working capital, and the timing of cash flows, if any, from the operations of our portfolio companies. Words such as "expect," "anticipate," "target," "goals," "project," "intend," "plan," "believe," "seek," "estimate," "continue," "forecast," "may," "will," "would," "should," "potential," variations of such words, and similar expressions indicate a forward-looking statement, although not all forward-looking statements include these words. Readers are cautioned that the forward-looking statements contained in this Quarterly Report on Form 10-Q are only predictions, are not guarantees of future performance, and are subject to risks, events, uncertainties and assumptions that are difficult to predict. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the items discussed in Item 1A entitled "Risk Factors" in Part II of this Quarterly Report on Form 10-Q and in Item 1A entitled "Risk Factors" in Part I of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, or in other reports we may file with the Securities and Exchange Commission (the "SEC") from time to time. Other factors that could cause our actual results and financial condition to differ materially include, but are not limited to, changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, risks associated with possible disruption due to terrorism in our operations or the economy generally, the impact of geo-political conditions, including revolution, insurgency, terrorism or war and future changes in laws or regulations and conditions in our operating areas.*

*Any forward-looking statements included in this Quarterly Report on Form 10-Q are based on our current expectations, estimates, forecasts, information and projections about the industry in which we operate and the beliefs and assumptions of our management as of the date of this Quarterly Report on Form 10-Q. 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. We assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless we are required to do so by law. Investors should not place undue reliance on these forward-looking statements, which apply only as of the date of this report. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, investors are advised to consult any additional disclosures that we may make directly to investors or through reports that we in the future may file with the SEC, including subsequent annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.*

*Investors should understand that under Sections 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.*

------

<u>[**Table of Contents**](#i5acb21e8c4584166800d0238689abfc9_10)</u>

**PART I - FINANCIAL INFORMATION**

**Item 1. Consolidated Financial Statements**

**OHA Senior Private Lending Fund (U) LLC**

**Consolidated Statements of Assets and Liabilities**

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

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **June 30, 2025** | **December 31, 2024** |
| **ASSETS** | **(Unaudited)** | |
| Investments at fair value: |  |  |
| &nbsp;&nbsp;Non-controlled/non-affiliated investments (cost of $427,579 and $420,729 at June 30, 2025 and December 31, 2024, respectively) | $430269 | $423430 |
| Cash and cash equivalents | 28405 | 42218 |
| Collateral receivable on forward currency exchange contracts | 600 |  |
| Interest receivable | 4359 | 3831 |
| Unrealized appreciation on foreign currency forward contracts | 28751 |  |
| Receivable for investments sold | 73 | 55 |
| **Total assets** | $492457 | $469534 |
| **LIABILITIES** |  |  |
| Payable for investments purchased | 2 |  |
| Collateral payable on forward currency exchange contracts |  | 160 |
| Management fees payable | 751 | 751 |
| Income incentive fee payable | 2525 | 5221 |
| Unrealized depreciation on foreign currency forward contracts |  | 26106 |
| Accrued expenses and other liabilities | 917 | 1006 |
| **Total liabilities** | $4195 | $33244 |
| Commitments and contingencies (Note 7) |  |  |
| **NET ASSETS** |  |  |
| Common shares, $0.01 par value (44,724,135 and 44,724,135 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively) | 447 | 447 |
| Additional paid in capital | 459283 | 459283 |
| Distributable earnings (loss) | 28532 | (23440) |
| **Total net assets** | $488262 | $436290 |
| **Total liabilities and net assets** | $492457 | $469534 |
| **Net asset value per share** | $10.92 | $9.76 |

---

See accompanying notes to the consolidated financial statements.

------

<u>[**Table of Contents**](#i5acb21e8c4584166800d0238689abfc9_10)</u>

**OHA Senior Private Lending Fund (U) LLC**

**Consolidated Statements of Operations**

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

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
| | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| **Investment income:** | | | | |
| &nbsp;&nbsp;From non-controlled/non-affiliated investments: |  |  |  |  |
| &nbsp;&nbsp;Interest income | $11305 | $10882 | $22590 | $22976 |
| &nbsp;&nbsp;Other income | 176 | 648 | 368 | 1845 |
| **Total investment income** | 11481 | 11530 | 22958 | 24821 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;Management fees | 751 | 665 | 1465 | 1342 |
| &nbsp;&nbsp;Income incentive fee | 1267 | 1320 | 2526 | 2778 |
| &nbsp;&nbsp;Professional fees | 266 | 182 | 498 | 364 |
| &nbsp;&nbsp;Board of Managers fees | 52 | 52 | 104 | 105 |
| &nbsp;&nbsp;Administrative service expenses | 59 | 4 | 218 | 119 |
| &nbsp;&nbsp;Other general & administrative | 219 | 68 | 463 | 598 |
| **Total expenses** | 2614 | 2291 | 5274 | 5306 |
| **Total investment income before taxes** | $8867 | $9239 | $17684 | $19515 |
| &nbsp;&nbsp;Excise tax expense |  |  |  | 71 |
| **Net investment income** | $8867 | $9239 | $17684 | $19444 |
| **Realized and unrealized gain (loss):** |  |  |  |  |
| Realized gain (loss): |  |  |  |  |
| &nbsp;&nbsp;Non-controlled/non-affiliated investments | 13 | 4 | $27 | 104 |
| &nbsp;&nbsp;Foreign currency transactions | 793 | (1286) | 955 | (790) |
| &nbsp;&nbsp;Foreign currency forward contracts | 694 | (4888) | (2044) | (18404) |
| **Net realized gain (loss)** | $1500 | $(6170) | $(1062) | $(19090) |
| Net change in unrealized appreciation (depreciation): |  |  |  |  |
| &nbsp;&nbsp;Non-controlled/non-affiliated investments | (77) | (216) | (11) | (1031) |
| &nbsp;&nbsp;Foreign currency forward contracts | 36828 | 1478 | 54857 | 3263 |
| **Net unrealized appreciation (depreciation)** | 36751 | 1262 | 54846 | 2232 |
| **Net realized and unrealized gain (loss)** | 38251 | (4908) | 53784 | (16858) |
| **Net increase (decrease) in net assets resulting from operations** | $47118 | $4331 | $71468 | $2586 |
| Weighted average common shares outstanding | 44724135 | 38954613 | 44724135 | 38954613 |

---

See accompanying notes to the consolidated financial statements.

------

<u>[**Table of Contents**](#i5acb21e8c4584166800d0238689abfc9_10)</u>

**OHA Senior Private Lending Fund (U) LLC**

**Consolidated Statements of Changes in Net Assets**

**(in thousands)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
| | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| **Operations:** | | | | |
| Net investment income | $8867 | $9239 | $17684 | $19444 |
| Net realized gain (loss) | 1500 | (6170) | (1062) | (19090) |
| Net change in unrealized appreciation (depreciation) | 36751 | 1262 | 54846 | 2232 |
| **Net increase (decrease) in net assets resulting from operations** | $47118 | $4331 | $71468 | $2586 |
| **Share transactions:** |  |  |  |  |
| Common shares issued | $— | $— | $— | $— |
| Distributions to common shareholders | (8944) | (9769) | (19496) | (17394) |
| **Net increase (decrease) from share transactions** | $(8944) | $(9769) | $(19496) | $(17394) |
| **Total increase (decrease) in net assets** | $38174 | $(5438) | $51972 | $(14808) |
| **Net Assets, beginning of period** | 450088 | 410643 | 436290 | 420013 |
| **Net Assets, end of period** | $488262 | $405205 | $488262 | $405205 |

---

See accompanying notes to the consolidated financial statements.

------

<u>[**Table of Contents**](#i5acb21e8c4584166800d0238689abfc9_10)</u>

**OHA Senior Private Lending Fund (U) LLC**

 **Consolidated Statements of Cash Flows**

**(in thousands)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **For the Six Months Ended** | **For the Six Months Ended** |
| | **June 30, 2025** | **June 30, 2024** |
| **Cash flows from operating activities:** | | |
| Net increase (decrease) in net assets resulting from operations | $71468 | $2586 |
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;Net unrealized (appreciation) depreciation on investments | 11 | 1031 |
| &nbsp;&nbsp;Net unrealized (appreciation) depreciation on foreign currency forward contracts | (54857) | (3263) |
| &nbsp;&nbsp;Net realized (gain) loss on investments | (27) | (104) |
| &nbsp;&nbsp;Net realized (gain) loss on foreign currency transactions | (955) | 790 |
| &nbsp;&nbsp;Net realized (gain) loss on foreign currency forward contracts | 2044 | 18404 |
| &nbsp;&nbsp;Payment-in-kind interest capitalized | (785) | (278) |
| &nbsp;&nbsp;Net accretion of discount and amortization of premium | (749) | (1669) |
| &nbsp;&nbsp;Purchases of investments | (30620) | (117033) |
| &nbsp;&nbsp;Proceeds from sale of investments and principal repayments | 25331 | 53561 |
| &nbsp;&nbsp;Proceeds from settlement of foreign currency forward contracts | (2044) | (18404) |
| **Increase (decrease) in assets and liabilities:** |  |  |
| &nbsp;&nbsp;Interest receivable | (528) | (687) |
| &nbsp;&nbsp;Receivable for investments sold | (18) | 1825 |
| &nbsp;&nbsp;Payable for investments purchased | 2 | 7491 |
| &nbsp;&nbsp;Collateral on forward currency exchange contracts | (760) | (23160) |
| &nbsp;&nbsp;Management fee payable |  | (350) |
| &nbsp;&nbsp;Income incentive fee payable | (2696) | 746 |
| &nbsp;&nbsp;Capital gains incentive fee payable |  | (1183) |
| &nbsp;&nbsp;Accrued expenses and other liabilities | (89) | (87) |
| **Net cash provided by (used in) operating activities** | 4728 | (79784) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;Distributions paid in cash | (19496) | (17394) |
| &nbsp;&nbsp;Proceeds received from foreign currency settlement | 955 | (790) |
| **Net cash provided by (used in) financing activities** | (18541) | (18184) |
| **Net increase (decrease) in cash and cash equivalents** | (13813) | (97968) |
| Cash and cash equivalents, beginning of period | 42218 | 117255 |
| **Cash and cash equivalents, end of period** | $28405 | $19287 |
| **Supplemental disclosure of cash flow information:** |  |  |
| Distributions declared during the period | $19496 | $17394 |

---

See accompanying notes to the consolidated financial statements.

------

<u>[**Table of Contents**](#i5acb21e8c4584166800d0238689abfc9_10)</u>

**OHA Senior Private Lending Fund (U) LLC**

**Consolidated Schedule of Investments**

**June 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non- affiliated(1)** | **Footnotes** | **Reference<br>Rate and<br>Spread** | **Reference<br>Rate and<br>Spread** | **Reference<br>Rate and<br>Spread** | **Interest**<br>**Rate(2)** | **Maturity<br>Date** | **Par<br>Amount/<br>Units** | **Cost(3)** | **Fair<br>Value** | **% of<br>Net Assets** |
| **Investments—non-controlled/non-affiliated** | | | | | | | | | | |
| **First Lien Debt** | | | | | | | | | | |
| **Aerospace and Defense** | | | | | | | | | | |
| Evergreen IX Borrower 2023 LLC | (4) (5) | S + | 4.75% |  | 9.05% | 9/30/2030 | $5349 | $5284 | $5349 | 1.10% |
| Evergreen IX Borrower 2023 LLC | (4) (5) (6) | S + | 4.75% |  | 9.05% | 10/1/2029 | 599 | (6) |  |  |
| Farsound Aviation Limited | (4) (5) (8) | S + | 5.25% |  | 9.57% | 12/3/2031 | 5238 | 5189 | 5186 | 1.06 |
| Farsound Aviation Limited | (4) (5) (6) (8) | S + | 5.25% |  | 9.57% | 12/3/2031 | 952 |  | (9) |  |
| Mantech International CP | (4) (5) | S + | 5.00% |  | 9.28% | 9/14/2029 | 3697 | 3645 | 3697 | 0.76 |
| Mantech International CP | (4) (5) (6) | S + | 5.00% |  | 9.28% | 9/14/2029 | 176 | (2) |  |  |
| Mantech International CP | (4) (5) (6) | S + | 5.00% |  | 9.28% | 9/14/2028 | 444 | (5) |  |  |
| STS Aviation Group | (4) (5) (6) | S + | 5.00% |  | 9.30% | 10/8/2031 | 20 |  |  |  |
| STS Aviation Group | (4) (5) | S + | 5.00% |  | 9.30% | 10/8/2031 | 72 | 71 | 71 | 0.01 |
| STS Aviation Group | (4) (5) (6) | S + | 5.00% |  | 9.30% | 10/8/2030 | 8 | 5 | 5 |  |
|  |  |  |  |  |  |  |  | 14181 | 14299 | 2.93 |
| **Automobile** |  |  |  |  |  |  |  |  |  |  |
| Mammoth Holdings, LLC | (4) (5) (6) | S + | 6.00% |  | 10.30% | 11/15/2029 | 909 | 176 | 173 | 0.04 |
| Mammoth Holdings, LLC | (4) (5) | S + | 6.00% |  | 10.30% | 11/15/2030 | 7164 | 7104 | 7092 | 1.45 |
| Mammoth Holdings, LLC | (4) (5) | S + | 6.00% |  | 10.21% | 11/15/2030 | 1800 | 1786 | 1782 | 0.37 |
| Wheels Bidco, Inc. | (4) (5) | S + | 5.50% |  | 9.76% | 11/3/2031 | 5000 | 4953 | 4950 | 1.01 |
|  |  |  |  |  |  |  |  | 14019 | 13997 | 2.87 |
| **Buildings and Real Estate** |  |  |  |  |  |  |  |  |  |  |
| Associations, Inc. | (4) (5) (6) | S + | 6.50% |  | 11.09% | 7/3/2028 | 286 | 251 | 251 | 0.05 |
| Associations, Inc. | (4) (5) (6) | S + | 6.50% |  | 11.02% | 7/3/2028 | 356 | 117 | 117 | 0.03 |
| Associations, Inc. | (4) (5) | S + | 6.50% |  | 11.02% | 7/3/2028 | 4570 | 4568 | 4570 | 0.94 |
| Associations, Inc. | (4) (5) |  |  | (14.25% PIK) | 14.25% | 5/3/2030 | 303 | 302 | 303 | 0.06 |
| Associations, Inc. | (4) (5) |  |  | (14.25% PIK) | 14.25% | 5/3/2030 | 793 | 792 | 793 | 0.16 |
|  |  |  |  |  |  |  |  | 6030 | 6034 | 1.24 |
| **Capital Equipment** |  |  |  |  |  |  |  |  |  |  |
| AI Titan Parent Inc. | (4) (5) (6) | S + | 4.50% |  | 8.83% | 8/29/2031 | 1557 |  | (8) |  |
| AI Titan Parent Inc. | (4) (5) (6) | S + | 4.50% |  | 8.83% | 8/29/2031 | 973 | (4) | (5) |  |
| AI Titan Parent Inc. | (4) (5) | S + | 4.50% |  | 8.83% | 8/29/2031 | 7786 | 7750 | 7747 | 1.59 |
| Ohio Transmission Corporation | (4) (5) (6) | S + | 5.50% |  | 9.80% | 12/19/2029 | 1000 | 493 | 500 | 0.10 |
| Ohio Transmission Corporation | (4) (5) (6) | S + | 5.50% |  | 9.80% | 12/19/2030 | 1492 | 817 | 829 | 0.17 |
| Ohio Transmission Corporation | (4) (5) | S + | 5.50% |  | 9.80% | 12/19/2030 | 7486 | 7423 | 7486 | 1.53 |

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<u>[**Table of Contents**](#i5acb21e8c4584166800d0238689abfc9_10)</u>

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non- affiliated(1)** | **Footnotes** | **Reference<br>Rate and<br>Spread** | **Reference<br>Rate and<br>Spread** | **Reference<br>Rate and<br>Spread** | **Interest**<br>**Rate(2)** | **Maturity<br>Date** | **Par<br>Amount/<br>Units** | **Cost(3)** | **Fair<br>Value** | **% of<br>Net Assets** |
| Truck-Lite Co., LLC | (4) (5) | S + | 5.75% |  | 10.06% | 2/13/2032 | 11291 | 11195 | 11235 | 2.30 |
| Truck-Lite Co., LLC | (4) (5) (6) | S + | 5.75% |  | 10.06% | 2/13/2031 | 1156 | (9) | (6) |  |
| Truck-Lite Co., LLC | (4) (5) (6) | S + | 5.75% |  | 10.06% | 2/13/2032 | 416 | (3) | (2) |  |
|  |  |  |  |  |  |  |  | 27662 | 27776 | 5.69 |
| **Chemicals, Plastics and Rubber** |  |  |  |  |  |  |  |  |  |  |
| ASP Unifax Holdings, Inc. | (5) | S + | 7.75% | (4.75% PIK) | 12.05% | 9/28/2029 | 5182 | 4994 | 4866 | 1.00 |
| BCPE HIPH Parent, Inc. | (4) (5) (6) | S + | 5.75% |  | 10.08% | 10/7/2030 | 1026 | 894 | 908 | 0.18 |
| BCPE HIPH Parent, Inc. | (4) (5) | S + | 5.75% |  | 10.08% | 10/7/2030 | 3006 | 2948 | 2984 | 0.61 |
| Meridian Adhesives Group, Inc. | (4) (5) | S + | 6.00% |  | 10.30% | 9/3/2029 | 12973 | 12606 | 12973 | 2.66 |
| Meridian Adhesives Group, Inc. | (4) (5) | S + | 6.00% |  | 10.30% | 9/3/2029 | 1254 | 1219 | 1254 | 0.26 |
|  |  |  |  |  |  |  |  | 22661 | 22985 | 4.71 |
| **Construction & Building** |  |  |  |  |  |  |  |  |  |  |
| FloWorks International | (4) (5) | S + | 4.75% |  | 9.08% | 11/26/2031 | 89 | 88 | 88 | 0.02 |
| FloWorks International | (4) (5) (6) | S + | 4.75% |  | 9.08% | 11/26/2031 | 11 |  |  |  |
| NRO Holdings III Corp. | (4) (5) | S + | 5.25% |  | 9.51% | 7/15/2031 | 6606 | 6547 | 6573 | 1.34 |
| NRO Holdings III Corp. | (4) (5) (6) | S + | 5.25% |  | 9.51% | 7/15/2031 | 2080 |  | (11) |  |
| NRO Holdings III Corp. | (4) (5) (6) | S + | 5.25% |  | 9.57% | 7/15/2030 | 1050 | 141 | 145 | 0.03 |
|  |  |  |  |  |  |  |  | 6776 | 6795 | 1.39 |
| **Consumer Goods: Durable** |  |  |  |  |  |  |  |  |  |  |
| Marcone Yellowstone Buyer, Inc. | (4) (5) | S + | 7.00% | (3.25% PIK) | 11.44% | 6/23/2028 | 679 | 666 | 640 | 0.13 |
| Marcone Yellowstone Buyer, Inc. | (4) (5) | S + | 7.25% | (3.25% PIK) | 11.69% | 6/23/2028 | 1330 | 1314 | 1264 | 0.26 |
| Marcone Yellowstone Buyer, Inc. | (4) (5) | S + | 7.00% | (3.25% PIK) | 11.44% | 6/23/2028 | 6930 | 6804 | 6532 | 1.34 |
| Marcone Yellowstone Buyer, Inc. | (4) (5) | S + | 7.00% | (3.25% PIK) | 11.44% | 6/23/2028 | 2303 | 2261 | 2170 | 0.44 |
| Marcone Yellowstone Buyer, Inc. | (4) (5) | S + | 7.00% | (3.25% PIK) | 11.44% | 6/23/2028 | 3228 | 3172 | 3043 | 0.62 |
| Poly-Wood, LLC | (4) (5) (6) | S + | 4.88% |  | 9.20% | 3/20/2030 | 1350 |  | (7) |  |
| Poly-Wood, LLC | (4) (5) (6) | S + | 4.88% |  | 9.20% | 3/20/2030 | 1350 | (12) | (7) |  |
| Poly-Wood, LLC | (4) (5) | S + | 4.88% |  | 9.20% | 3/20/2030 | 7110 | 7043 | 7074 | 1.45 |
|  |  |  |  |  |  |  |  | 21248 | 20709 | 4.24 |
| **Containers, Packaging and Glass** |  |  |  |  |  |  |  |  |  |  |
| Ascend Buyer LLC | (4) (5) | S + | 5.75% |  | 10.05% | 9/29/2028 | 179 | 178 | 178 | 0.03 |
| Ascend Buyer LLC | (4) (5) (6) | S + | 5.75% |  | 10.05% | 9/29/2028 | 358 | (2) | (2) |  |
| PPC Flexible Packaging | (4) (5) | S + | 6.00% |  | 10.30% | 9/29/2028 | 3997 | 3946 | 3997 | 0.82 |
|  |  |  |  |  |  |  |  | 4122 | 4173 | 0.85 |
| **Ecological** |  |  |  |  |  |  |  |  |  |  |
| Rock Star Mergersub, LLC | (4) (5) | S + | 4.75% |  | 9.05% | 12/15/2031 | 3091 | 3076 | 3076 | 0.63 |
| Rock Star Mergersub, LLC | (4) (5) (6) | S + | 4.75% |  | 9.03% | 12/15/2031 | 420 | 58 | 57 | 0.01 |
| Rock Star Mergersub, LLC | (4) (5) (6) | S + | 4.75% |  | 9.05% | 12/15/2031 | 989 |  | (5) |  |
|  |  |  |  |  |  |  |  | 3134 | 3128 | 0.64 |
| **Finance** |  |  |  |  |  |  |  |  |  |  |
| Arax MidCo, LLC | (4) (5) | S + | 5.00% |  | 9.33% | 4/11/2029 | 37 | 37 | 37 | 0.01 |

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<u>[**Table of Contents**](#i5acb21e8c4584166800d0238689abfc9_10)</u>

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non- affiliated(1)** | **Footnotes** | **Reference<br>Rate and<br>Spread** | **Reference<br>Rate and<br>Spread** | **Reference<br>Rate and<br>Spread** | **Interest**<br>**Rate(2)** | **Maturity<br>Date** | **Par<br>Amount/<br>Units** | **Cost(3)** | **Fair<br>Value** | **% of<br>Net Assets** |
| Arax MidCo, LLC | (4) (5) (6) | S + | 5.00% |  | 9.33% | 4/11/2029 | 63 |  |  |  |
| Beacon Pointe Advisors, LLC | (4) (5) (7) | S + | 4.75% |  | 9.08% | 12/29/2028 | 5867 | 5829 | 5867 | 1.20 |
| Beacon Pointe Advisors, LLC | (4) (5) | S + | 4.75% |  | 9.08% | 12/29/2028 | 2307 | 2292 | 2307 | 0.47 |
| Beacon Pointe Advisors, LLC | (4) (5) (6) | S + | 4.75% |  | 9.08% | 12/29/2027 | 627 | (2) |  |  |
| Beacon Pointe Advisors, LLC | (4) (5) (7) | S + | 4.75% |  | 9.08% | 12/29/2028 | 657 | 654 | 657 | 0.13 |
| Cliffwater LLC | (4) (5) | S + | 5.00% |  | 9.28% | 4/22/2032 | 5925 | 5877 | 5896 | 1.21 |
| Cliffwater LLC | (4) (5) (6) | S + | 5.00% |  | 9.28% | 4/22/2032 | 1009 | (8) | (5) |  |
| Cliffwater LLC | (4) (5) | S + | 5.00% |  | 9.28% | 4/22/2032 | 91 | 91 | 91 | 0.02 |
| Spectrum Automotive Holdings, Corp. | (4) (5) (6) | S + | 5.25% |  | 9.58% | 6/29/2027 | 305 | (4) | (2) |  |
| Spectrum Automotive Holdings, Corp. | (4) (5) | S + | 5.25% |  | 9.58% | 6/29/2028 | 7981 | 7833 | 7941 | 1.63 |
| Spectrum Automotive Holdings, Corp. | (4) (5) | S + | 5.25% |  | 9.58% | 6/29/2028 | 2225 | 2183 | 2214 | 0.45 |
|  |  |  |  |  |  |  |  | 24782 | 25003 | 5.12 |
| **Healthcare, Education and Childcare** |  |  |  |  |  |  |  |  |  |  |
| Coding Solutions Acquisition Inc. | (4) (5) | S + | 5.00% |  | 9.33% | 8/7/2031 | 4543 | 4506 | 4498 | 0.92 |
| Coding Solutions Acquisition Inc. | (4) (5) (6) | S + | 5.00% |  | 9.33% | 8/7/2031 | 514 | (5) | (5) |  |
| Coding Solutions Acquisition Inc. | (4) (5) (6) | S + | 5.00% |  | 9.33% | 8/7/2031 | 420 | (4) | (4) |  |
| Crown Health Care Laundry Services, LLC | (4) (5) (6) | S + | 4.75% |  | 9.08% | 5/28/2031 | 14 |  |  |  |
| Crown Health Care Laundry Services, LLC | (4) (5) (6) | S + | 4.75% |  | 9.08% | 5/28/2031 | 12 |  |  |  |
| Crown Health Care Laundry Services, LLC | (4) (5) | S + | 4.75% |  | 9.08% | 5/28/2031 | 74 | 74 | 74 | 0.02 |
| Gateway US Holdings, Inc. | (4) (5) | S + | 4.75% |  | 9.05% | 9/22/2028 | 3211 | 3211 | 3211 | 0.66 |
| Gateway US Holdings, Inc. | (4) (5) (6) | S + | 4.75% |  | 9.05% | 9/22/2028 | 131 |  |  |  |
| Gateway US Holdings, Inc. | (4) (5) | S + | 4.75% |  | 9.05% | 9/22/2028 | 167 | 167 | 167 | 0.03 |
| Gateway US Holdings, Inc. | (4) (5) | S + | 4.75% |  | 9.05% | 9/22/2028 | 738 | 728 | 738 | 0.15 |
| Medvet Associates LLC | (4) (5) | S + | 4.75% |  | 9.08% | 6/25/2031 | 8000 | 7964 | 8000 | 1.64 |
| Medvet Associates LLC | (4) (5) (6) | S + | 4.75% |  | 9.08% | 6/25/2031 | 2000 |  |  |  |
| Modernizing Medicine Inc. | (4) (5) | S + | 5.25% | (2.75% PIK) | 9.55% | 4/30/2032 | 92 | 91 | 91 | 0.02 |
| Modernizing Medicine Inc. | (4) (5) (6) | S + | 5.25% | (2.75% PIK) | 9.55% | 4/30/2032 | 9 |  |  |  |
| Mountain Parent,Inc. | (4) (5) (6) | S + | 4.75% |  | 9.05% | 6/27/2031 | 774 | (3) | (4) |  |
| Mountain Parent,Inc. | (4) (5) (6) | S + | 4.75% |  | 9.05% | 6/27/2031 | 1452 |  | (7) |  |
| Mountain Parent,Inc. | (4) (5) | S + | 4.75% |  | 9.05% | 6/27/2031 | 7062 | 7030 | 7026 | 1.44 |
| Next Holdco, LLC | (4) (5) (6) | S + | 5.25% |  | 9.55% | 11/9/2029 | 491 | (5) | (3) |  |
| Next Holdco, LLC | (4) (5) | S + | 5.25% |  | 9.55% | 11/12/2030 | 5037 | 4975 | 5012 | 1.03 |
| Next Holdco, LLC | (5) (4) (6) | S + | 5.25% |  | 9.55% | 11/12/2030 | 1308 | (15) | (7) |  |
| Packaging Coordinators Midco, Inc. | (4) (5) | S + | 4.75% |  | 9.02% | 1/22/2032 | 6128 | 6113 | 6051 | 1.24 |
| Packaging Coordinators Midco, Inc. | (5) (4) (6) | S + | 4.75% |  | 9.02% | 1/22/2032 | 2581 |  | (32) | (0.01) |
| Packaging Coordinators Midco, Inc. | (4) (5) (6) | S + | 4.75% |  | 9.02% | 1/22/2032 | 617 | (1) | (8) |  |
| Packaging Coordinators Midco, Inc. | (4) (5) (6) | S + | 4.75% |  | 9.02% | 1/22/2032 | 673 | (3) | (9) |  |
| PetVet Care Centers, LLC | (4) (5) | S + | 6.00% |  | 10.33% | 11/15/2030 | 10544 | 10457 | 10228 | 2.09 |
| PetVet Care Centers, LLC | (4) (5) (6) | S + | 6.00% |  | 10.33% | 11/15/2030 | 1396 |  | (42) | (0.01) |
| PetVet Care Centers, LLC | (4) (5) (6) | S + | 6.00% |  | 10.33% | 11/15/2029 | 1396 | (9) | (42) | (0.01) |

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<u>[**Table of Contents**](#i5acb21e8c4584166800d0238689abfc9_10)</u>

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non- affiliated(1)** | **Footnotes** | **Reference<br>Rate and<br>Spread** | **Reference<br>Rate and<br>Spread** | **Reference<br>Rate and<br>Spread** | **Interest**<br>**Rate(2)** | **Maturity<br>Date** | | **Par<br>Amount/<br>Units** | **Cost(3)** | **Fair<br>Value** | **% of<br>Net Assets** |
| TecoStar Holdings, Inc. | (4) (5) | S + | 8.00% |  | 12.21% | 7/6/2029 |  | 4285 | 4211 | 4285 | 0.88 |
| Tyber Medical LLC | (4) (5) (6) | S + | 5.00% |  | 9.32% | 6/14/2032 |  | 17 |  |  |  |
| Tyber Medical LLC | (4) (5) (6) | S + | 5.00% |  | 9.32% | 6/12/2031 |  | 8 | 3 | 3 |  |
| Tyber Medical LLC | (4) (5) (6) | S + | 5.00% |  | 9.32% | 6/12/2031 |  | 3 |  |  |  |
| Tyber Medical LLC | (4) (5) | S + | 5.00% |  | 9.32% | 6/14/2032 |  | 59 | 59 | 59 | 0.01 |
| Tyber Medical LLC | (4) (5) | E + | 5.00% |  | 6.95% | 6/14/2032 | EUR | 12 | 14 | 14 |  |
|  |  |  |  |  |  |  |  |  | 49558 | 49294 | 10.10 |
| **High Tech** |  |  |  |  |  |  |  |  |  |  |  |
| Banyan Software Holdings LLC | (4) (5) | S + | 5.50% |  | 9.83% | 1/2/2031 |  | 61 | 61 | 60 | 0.01 |
| Banyan Software Holdings LLC | (4) (5) (6) | S + | 5.25% |  | 9.57% | 1/2/2031 |  | 7 | 1 | 1 |  |
| Banyan Software Holdings LLC | (4) (5) (6) | S + | 5.50% |  | 9.83% | 1/2/2031 |  | 33 | 20 | 20 |  |
| CentralSquare Technologies, LLC | (4) (5) (6) | S + | 5.50% |  | 10.32% | 4/12/2030 |  | 867 | (9) |  |  |
| CentralSquare Technologies, LLC | (4) (5) | S + | 6.00% | (3.25% PIK) | 10.32% | 4/12/2030 |  | 7900 | 7821 | 7900 | 1.62 |
| Chase Intermediate, LLC | (4) (5) (6) | S + | 4.75% |  | 9.03% | 10/30/2028 |  | 8612 | 8571 | 8612 | 1.76 |
| Chase Intermediate, LLC | (4) (5) (6) | S + | 4.75% |  | 9.03% | 10/30/2028 |  | 433 | 45 | 48 | 0.01 |
| Chase Intermediate, LLC | (4) (5) (6) | S + | 4.75% |  | 9.07% | 10/30/2028 |  | 200 | 14 | 14 |  |
| Eagan Sub, Inc. | (4) (5) (6) | S + | 5.25% |  | 9.55% | 6/1/2029 |  | 2900 | (29) |  |  |
| Eagan Sub, Inc. | (4) (5) | S + | 5.25% |  | 9.55% | 6/3/2030 |  | 14246 | 14080 | 14246 | 2.92 |
| Everbridge Holdings, LLC | (4) (5) (6) | S + | 5.00% |  | 9.29% | 7/2/2031 |  | 1830 | 714 | 715 | 0.15 |
| Everbridge Holdings, LLC | (4) (5) (6) | S + | 5.00% |  | 9.29% | 7/2/2031 |  | 733 | (1) |  |  |
| Everbridge Holdings, LLC | (4) (5) | S + | 5.00% |  | 9.29% | 7/2/2031 |  | 7297 | 7280 | 7297 | 1.50 |
| Granicus, Inc. | (4) (5) (6) | P + | 4.25% |  | 11.75% | 1/17/2031 |  | 384 | 52 | 54 | 0.01 |
| Granicus, Inc. | (4) (5) | S + | 5.75% | (2.25% PIK) | 10.03% | 1/17/2031 |  | 2762 | 2751 | 2762 | 0.57 |
| Granicus, Inc. | (4) (5) | S + | 5.25% | (2.25% PIK) | 9.53% | 1/17/2031 |  | 409 | 409 | 409 | 0.08 |
| Greenway Health, LLC | (4) (5) | S + | 6.75% |  | 11.05% | 4/1/2029 |  | 9043 | 8905 | 9043 | 1.85 |
| PDI TA Holdings, Inc. | (4) (5) | S + | 5.50% |  | 9.78% | 2/3/2031 |  | 177 | 175 | 177 | 0.04 |
| PDI TA Holdings, Inc. | (4) (5) | S + | 5.50% |  | 9.78% | 2/3/2031 |  | 1931 | 1915 | 1931 | 0.40 |
| PDI TA Holdings, Inc. | (4) (5) (6) | S + | 5.50% |  | 9.78% | 2/3/2031 |  | 173 | 68 | 69 | 0.01 |
|  |  |  |  |  |  |  |  |  | 52843 | 53358 | 10.93 |
| **Insurance** |  |  |  |  |  |  |  |  |  |  |  |
| Integrity Marketing Acquisition, LLC | (4) (5) | S + | 5.00% |  | 9.33% | 8/25/2028 |  | 5657 | 5634 | 5657 | 1.16 |
| MAI Capital Management Intermediate, LLC | (4) (5) | S + | 4.75% |  | 9.05% | 8/29/2031 |  | 2765 | 2752 | 2751 | 0.56 |
| MAI Capital Management Intermediate, LLC | (4) (5) (6) | S + | 4.75% |  | 9.05% | 8/29/2031 |  | 1625 | 640 | 635 | 0.13 |
| MAI Capital Management Intermediate, LLC | (4) (5) (6) | S + | 4.75% |  | 9.05% | 8/29/2031 |  | 610 | 134 | 134 | 0.03 |
| RSC Acquisition, Inc. | (4) (5) | S + | 4.75% |  | 9.05% | 11/1/2029 |  | 6901 | 6847 | 6901 | 1.41 |
| Shelf Bidco Ltd. | (4) (5) (7) (8) | S + | 5.00% |  | 9.28% | 8/21/2031 |  | 8367 | 8328 | 8325 | 1.70 |
| THG Acquisition, LLC | (4) (5) | S + | 4.50% |  | 8.83% | 10/31/2031 |  | 75 | 74 | 74 | 0.02 |
| THG Acquisition, LLC | (4) (5) (6) | S + | 4.50% |  | 8.83% | 10/31/2031 |  | 17 | 1 | 1 |  |
| THG Acquisition, LLC | (4) (5) (6) | S + | 4.75% |  | 9.08% | 10/31/2031 |  | 8 | 1 | 1 |  |
|  |  |  |  |  |  |  |  |  | 24411 | 24479 | 5.01 |

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<u>[**Table of Contents**](#i5acb21e8c4584166800d0238689abfc9_10)</u>

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non- affiliated(1)** | **Footnotes** | **Reference<br>Rate and<br>Spread** | **Reference<br>Rate and<br>Spread** | **Reference<br>Rate and<br>Spread** | **Interest**<br>**Rate(2)** | **Maturity<br>Date** | | **Par<br>Amount/<br>Units** | **Cost(3)** | **Fair<br>Value** | **% of<br>Net Assets** |
| **Media: Diversified & Production** | | | | | | | | | | | |
| Aurelia Netherlands Midco 2 B.V. | (4) (5) (8) | E + | 4.75% |  | 6.83% | 5/29/2031 | EUR | 11569 | 12630 | 13513 | 2.77 |
| Circana Group, L.P. | (4) (5) (6) | S + | 4.50% |  | 8.83% | 12/1/2028 |  | 1014 | (10) | (5) |  |
| Circana Group, L.P. | (4) (5) | S + | 4.50% |  | 8.83% | 12/1/2029 |  | 9376 | 9237 | 9329 | 1.91 |
|  |  |  |  |  |  |  |  |  | 21857 | 22837 | 4.68 |
| **Printing and Publishing** |  |  |  |  |  |  |  |  |  |  |  |
| Recorded Books Inc. | (4) (5) (6) | S + | 5.75% |  | 10.08% | 6/15/2028 |  | 1160 | (13) |  |  |
| Recorded Books Inc. | (4) (5) | S + | 5.75% |  | 10.08% | 12/15/2028 |  | 14124 | 13926 | 14124 | 2.89 |
|  |  |  |  |  |  |  |  |  | 13913 | 14124 | 2.89 |
| **Retail Stores** |  |  |  |  |  |  |  |  |  |  |  |
| New Look Vision Group, Inc. | (4) (5) (7) (8) | C + | 5.50% |  | 10.50% | 5/26/2028 | CAD | 6204 | 4393 | 4536 | 0.93 |
| New Look Vision Group, Inc. | (4) (5) (6) (8) | C + | 5.50% |  | 8.51% | 5/26/2026 | CAD | 850 | 175 | 188 | 0.04 |
| New Look Vision Group, Inc. | (4) (5) (7) (8) | C + | 5.50% |  | 8.50% | 5/26/2028 | CAD | 413 | 292 | 302 | 0.06 |
| New Look Vision Group, Inc. | (4) (5) (8) | S + | 5.50% |  | 9.95% | 5/26/2028 |  | 1280 | 1237 | 1277 | 0.26 |
| New Look Vision Group, Inc. | (4) (5) (7) (8) | C + | 5.50% |  | 8.50% | 5/26/2028 | CAD | 793 | 561 | 580 | 0.12 |
| New Look Vision Group, Inc. | (4) (5) (8) | S + | 5.50% |  | 9.95% | 5/26/2028 |  | 145 | 141 | 145 | 0.03 |
|  |  |  |  |  |  |  |  |  | 6799 | 7028 | 1.44 |
| **Services: Business** |  |  |  |  |  |  |  |  |  |  |  |
| Baker Tilly Advisory Group, LP | (4) (5) (6) | S + | 4.50% |  | 8.83% | 6/3/2030 |  | 1828 | (11) |  |  |
| Baker Tilly Advisory Group, LP | (4) (5) | S + | 4.75% |  | 9.08% | 6/3/2031 |  | 9905 | 9841 | 9905 | 2.03 |
| Baker Tilly Advisory Group, LP | (4) (5) (6) | S + | 4.50% |  | 8.83% | 6/3/2031 |  | 1369 |  | (7) |  |
| Baker Tilly Advisory Group, LP | (4) (5) | S + | 4.50% |  | 8.83% | 6/3/2031 |  | 3165 | 3149 | 3149 | 0.64 |
| Baker Tilly Advisory Group, LP | (4) (5) (6) | S + | 4.50% |  | 9.08% | 6/3/2031 |  | 445 | (2) |  |  |
| FR Vision Holdings, Inc. | (4) (5) (6) | S + | 5.00% |  | 9.27% | 1/21/2030 |  | 580 | (5) |  |  |
| FR Vision Holdings, Inc. | (4) (5) (6) | S + | 5.00% |  | 9.27% | 1/20/2031 |  | 2311 | 1386 | 1398 | 0.29 |
| FR Vision Holdings, Inc. | (4) (5) | S + | 5.00% |  | 9.27% | 1/20/2031 |  | 7108 | 7048 | 7108 | 1.46 |
| GC Waves Holdings, Inc. | (4) (5) | S + | 4.75% |  | 9.18% | 10/4/2030 |  | 7338 | 7196 | 7301 | 1.49 |
| GI Apple Midco LLC | (4) (5) (6) | S + | 6.75% |  | 11.08% | 4/19/2029 |  | 1133 | 9 | 19 |  |
| GI Apple Midco LLC | (4) (5) | S + | 6.75% |  | 11.08% | 4/19/2030 |  | 7299 | 7187 | 7262 | 1.49 |
| GI Apple Midco LLC | (4) (5) (6) | S + | 6.75% |  | 11.08% | 4/19/2030 |  | 175 | 175 | 175 | 0.04 |
| Jensen Hughes Inc. | (4) (5) (6) | S + | 5.00% |  | 9.28% | 9/2/2031 |  | 1467 | (3) | (15) |  |
| Jensen Hughes Inc. | (4) (5) (6) | S + | 5.00% |  | 9.28% | 9/2/2031 |  | 587 | (5) | (6) |  |
| Jensen Hughes Inc. | (4) (5) | S + | 5.00% |  | 9.28% | 9/2/2031 |  | 5204 | 5156 | 5152 | 1.05 |
| Jensen Hughes Inc. | (4) (5) (6) | S + | 5.00% |  | 9.28% | 9/2/2031 |  | 342 |  | (3) |  |
| PT Intermediate Holdings III, LLC | (4) (5) (6) | S + | 5.00% |  | 9.30% | 4/9/2030 |  | 232 |  | (2) |  |
| PT Intermediate Holdings III, LLC | (4) (5) | S + | 5.00% | (1.75% PIK) | 9.30% | 4/9/2030 |  | 12456 | 12291 | 12332 | 2.53 |
| Rimkus Consulting Group Inc. | (4) (5) (6) | S + | 5.25% |  | 9.55% | 4/1/2030 |  | 463 | 113 | 113 | 0.02 |
| Rimkus Consulting Group Inc. | (4) (5) | S + | 5.25% |  | 9.55% | 4/1/2031 |  | 3435 | 3413 | 3418 | 0.70 |
| Rimkus Consulting Group Inc. | (4) (5) (6) | S + | 5.25% |  | 9.55% | 4/1/2031 |  | 866 | 184 | 180 | 0.04 |

---

------

<u>[**Table of Contents**](#i5acb21e8c4584166800d0238689abfc9_10)</u>

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non- affiliated(1)** | **Footnotes** | **Reference<br>Rate and<br>Spread** | **Reference<br>Rate and<br>Spread** | **Interest**<br>**Rate(2)** | **Maturity<br>Date** | | **Par<br>Amount/<br>Units** | **Cost(3)** | **Fair<br>Value** | **% of<br>Net Assets** |
| Speed Midco 3 S.a r.l. | (4) (5) (8) | E + | 4.95% | 7.33% | 5/16/2029 | EUR | 1983 | 2146 | 2322 | 0.48 |
| Speed Midco 3 S.a r.l. | (4) (5) (8) | SN + | 4.95% | 9.41% | 5/16/2029 | GBP | 491 | 624 | 671 | 0.14 |
| Speed Midco 3 S.a r.l. | (4) (5) (8) | S + | 4.95% | 9.17% | 5/16/2029 |  | 7219 | 7190 | 7201 | 1.47 |
| STV Group, Inc. | (4) (5) (6) | S + | 4.75% | 9.07% | 3/20/2031 |  | 1250 |  |  |  |
| STV Group, Inc. | (4) (5) | S + | 4.75% | 9.07% | 3/20/2031 |  | 4320 | 4283 | 4320 | 0.88 |
| STV Group, Inc. | (4) (5) (6) | S + | 4.75% | 9.07% | 3/20/2030 |  | 875 | (7) |  |  |
| USIC Holdings Inc. | (4) (5) | S + | 5.50% | 9.83% | 9/10/2031 |  | 8388 | 8349 | 8346 | 1.71 |
| USIC Holdings Inc. | (4) (5) (6) | S + | 5.25% | 9.58% | 9/10/2031 |  | 1073 | 486 | 485 | 0.10 |
| USIC Holdings Inc. | (4) (5) (6) | S + | 5.50% | 9.83% | 9/10/2031 |  | 509 | 168 | 165 | 0.03 |
|  |  |  |  |  |  |  |  | 80361 | 80989 | 16.59 |
| **Services: Consumer** |  |  |  |  |  |  |  |  |  |  |
| Bradyifs Holdings, LLC | (4) (5) | S + | 5.00% | 9.28% | 10/31/2029 |  | 13303 | 13203 | 13303 | 2.72 |
| Bradyifs Holdings, LLC | (4) (5) (6) | S + | 5.00% | 9.32% | 10/31/2029 |  | 393 | 127 | 129 | 0.03 |
| The Kleinfelder Group, Inc. | (4) (5) | S + | 5.00% | 9.28% | 9/18/2030 |  | 12373 | 12348 | 12373 | 2.53 |
| The Kleinfelder Group, Inc. | (4) (5) (6) | S + | 5.00% | 9.28% | 9/18/2028 |  | 1643 | (11) |  |  |
| The Kleinfelder Group, Inc. | (4) (5) (6) | S + | 5.00% | 9.28% | 9/18/2030 |  | 2464 | 1314 | 1314 | 0.27 |
| W.A. Kendall and Company, LLC | (4) (5) (6) | S + | 5.50% | 9.80% | 4/22/2030 |  | 2 |  |  |  |
| W.A. Kendall and Company, LLC | (4) (5) (6) | S + | 5.50% | 9.80% | 4/22/2030 |  | 54 |  |  |  |
| W.A. Kendall and Company, LLC | (4) (5) | S + | 5.50% | 9.80% | 4/22/2030 |  | 36 | 36 | 36 | 0.01 |
| W.A. Kendall and Company, LLC | (4) (5) (6) | S + | 5.88% | 10.32% | 4/22/2030 |  | 7 | 2 | 2 |  |
|  |  |  |  |  |  |  |  | 27019 | 27157 | 5.56 |
| **Telecommunications** |  |  |  |  |  |  |  |  |  |  |
| Omni Fiber, LLC | (4) (5) | S + | 5.25% | 9.53% | 7/3/2029 |  | 6 | 6 | 6 |  |
| Omni Fiber, LLC | (4) (5) | S + | 5.25% | 9.55% | 7/3/2029 |  | 12 | 12 | 12 |  |
| Omni Fiber, LLC | (4) (5) (6) | S + | 5.25% | 9.54% | 7/3/2029 |  | 82 | 5 | 4 |  |
|  |  |  |  |  |  |  |  | 23 | 22 |  |
| **Total First Lien Debt** |  |  |  |  |  |  |  | $421399 | $424187 | 86.88% |
| **Second Lien Debt** |  |  |  |  |  |  |  |  |  |  |
| **High Tech** |  |  |  |  |  |  |  |  |  |  |
| Polaris Newco LLC | (4) (5) | S + | 9.00% | 13.43% | 6/4/2029 |  | 6200 | 6081 | 5983 | 1.22 |
|  |  |  |  |  |  |  |  | 6081 | 5983 | 1.22 |
| **Services: Consumer** |  |  |  |  |  |  |  |  |  |  |
| BCPE Empire Holdings, Inc. | (4) (5) | S + | 5.25% | 9.57% | 12/31/2031 |  | 100 | 99 | 99 | 0.02 |
|  |  |  |  |  |  |  |  | 99 | 99 | 0.02 |

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------

<u>[**Table of Contents**](#i5acb21e8c4584166800d0238689abfc9_10)</u>

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non- affiliated(1)** | **Footnotes** | **Reference<br>Rate and<br>Spread** | **Interest**<br>**Rate(2)** | **Maturity<br>Date** | **Par<br>Amount/<br>Units** | **Cost(3)** | **Fair<br>Value** | **% of<br>Net Assets** |
| **Total Second Lien Debt** |  |  |  |  |  | $6180 | $6082 | 1.24% |
| **Total Investments—non-controlled/non-affiliated** |  |  |  |  |  | $427579 | $430269 | 88.12% |
| **Total Portfolio Investments** |  |  |  |  |  | $427579 | $430269 | 88.12% |

---

(1)Unless otherwise indicated, issuers of debt investments held by the Company (which such term "Company" shall include the Company's subsidiaries for purposes of this Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated.

(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either EURIBOR ("E"), or SOFR including SOFR adjustment if any, ("S"), CDOR ("C"), SONIA ("SN"), or alternate base rate (commonly based on the U.S. Prime Rate ("P"), unless otherwise noted) at the borrower's option which generally resets periodically. S loans are typically indexed to 12 month, 6 month, 3 month or 1 month S rates. For each such loan, the Company has provided the interest rate in effect on the date presented.

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

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

(5)Loan includes interest rate floor feature.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investments—non-**<br>**controlled/non-**<br>**affiliated** | **Commitment Type** | **Commitment**<br>**Expiration Date** | **Unfunded** | **Total Commitment Fair**<br>**Value** |
| AI Titan Parent Inc. | Delayed Draw Term Loan | 8/29/2031 | $1557 | $(8) |
| AI Titan Parent Inc. | Revolver | 8/29/2031 | 973 | (5) |
| Arax MidCo, LLC | 2025 Delayed Draw Term Loan | 4/11/2029 | 63 |  |
| Ascend Buyer LLC | 2025 4th Amendment Revolver | 9/29/2028 | 358 | (2) |
| Associations, Inc. | 2024 Special Purpose Delayed Draw Term Loan | 7/3/2028 | 239 |  |
| Associations, Inc. | 2024 2nd Amendment Revolver | 7/3/2028 | 35 |  |
| Baker Tilly Advisory Group, LP | 2025 Delayed Draw Term Loan | 6/3/2031 | 1369 | (7) |
| Baker Tilly Advisory Group, LP | 2025 Revolver | 6/3/2031 | 445 |  |
| Baker Tilly Advisory Group, LP | Revolver | 6/3/2030 | 1828 |  |
| Banyan Software Holdings LLC | 2024 1st Lien Delayed Draw Term Loan | 1/2/2031 | 13 |  |
| Banyan Software Holdings LLC | 2024 Revolver | 1/2/2031 | 6 |  |
| BCPE HIPH Parent, Inc. | 2023 Delayed Draw Term Loan | 10/7/2030 | 111 | (1) |
| Beacon Pointe Advisors, LLC | 2021 Revolver | 12/29/2027 | 627 |  |
| Bradyifs Holdings, LLC | 2024 Delayed Draw Term Loan | 10/31/2029 | 264 |  |
| CentralSquare Technologies, LLC | 2024 Revolver | 4/12/2030 | 867 |  |
| Chase Intermediate, LLC | 2023 Revolver | 10/30/2028 | 385 |  |
| Chase Intermediate, LLC | 2025 Delayed Draw Term Loan | 10/30/2028 | 186 |  |
| Circana Group, L.P. | 2025 Revolver | 12/1/2028 | 1014 | (5) |
| Cliffwater LLC | Revolver | 4/22/2032 | 1009 | (5) |

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<u>[**Table of Contents**](#i5acb21e8c4584166800d0238689abfc9_10)</u>

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| | | | | |
|:---|:---|:---|:---|:---|
| Coding Solutions Acquisition Inc. | 2024 Delayed Draw Term Loan | 8/7/2031 | 514 | (5) |
| Coding Solutions Acquisition Inc. | 2024 Revolver | 8/7/2031 | 420 | (4) |
| Crown Health Care Laundry Services, LLC | 2025 Revolver | 5/28/2031 | 14 |  |
| Crown Health Care Laundry Services, LLC | 2025 Delayed Draw Term Loan | 5/28/2031 | 12 |  |
| Eagan Sub, Inc. | 2023 Revolver | 6/1/2029 | 2901 |  |
| Everbridge Holdings, LLC | Delayed Draw Term Loan | 7/2/2031 | 1115 |  |
| Everbridge Holdings, LLC | Revolver | 7/2/2031 | 733 |  |
| Evergreen IX Borrower 2023 LLC | Revolver | 10/1/2029 | 599 |  |
| Farsound Aviation Limited | 2024 Delayed Draw Term Loan | 12/3/2031 | 952 | (10) |
| FloWorks International | 2024 Delayed Draw Term Loan | 11/26/2031 | 11 |  |
| FR Vision Holdings, Inc. | Delayed Draw Term Loan | 1/20/2031 | 914 |  |
| FR Vision Holdings, Inc. | Revolver | 1/21/2030 | 580 |  |
| Gateway US Holdings, Inc. | Revolver | 9/22/2028 | 131 |  |
| GI Apple Midco LLC | Revolver | 4/19/2029 | 1109 | (6) |
| Granicus, Inc. | 2024 Revolver | 1/17/2031 | 330 |  |
| Jensen Hughes Inc. | 2024 Delayed Draw Term Loan | 9/2/2031 | 1467 | (15) |
| Jensen Hughes Inc. | 2024 Revolver | 9/2/2031 | 587 | (6) |
| Jensen Hughes Inc. | 2024 1st Lien Delayed Draw Term Loan | 9/2/2031 | 342 | (3) |
| MAI Capital Management Intermediate, LLC | Delayed Draw Term Loan | 8/29/2031 | 982 | (5) |
| MAI Capital Management Intermediate, LLC | Revolver | 8/29/2031 | 473 | (2) |
| Mammoth Holdings, LLC | 2023 Revolver | 11/15/2029 | 727 | (7) |
| Mantech International CP | 2024 Revolver Tranche A | 9/14/2028 | 444 |  |
| Mantech International CP | 2024 Delayed Draw Term Loan | 9/14/2029 | 176 |  |
| Medvet Associates LLC | Delayed Draw Term Loan | 6/25/2031 | 2000 |  |
| Modernizing Medicine Inc. | Revolver | 4/30/2032 | 9 |  |
| Mountain Parent, Inc. | 2024 Delayed Draw Term Loan | 6/27/2031 | 1452 | (7) |
| Mountain Parent, Inc. | 2024 Revolver | 6/27/2031 | 774 | (4) |
| New Look Vision Group, Inc. | CAD Revolver | 5/26/2026 | 439 | (115) |
| Next Holdco, LLC | Delayed Draw Term Loan | 11/12/2030 | 1308 | (7) |
| Next Holdco, LLC | Revolver | 11/9/2029 | 491 | (2) |
| NRO Holdings III Corp. | Delayed Draw Term Loan | 7/15/2031 | 2081 | (10) |
| NRO Holdings III Corp. | Revolver | 7/15/2030 | 900 | (5) |
| Ohio Transmission Corporation | 2023 Delayed Draw Term Loan | 12/19/2030 | 663 |  |
| Ohio Transmission Corporation | 2023 Revolver | 12/19/2029 | 500 |  |
| Omni Fiber, LLC | 2025 Incremental Delayed Draw Term Loan | 7/3/2029 | 77 | (1) |
| Packaging Coordinators Midco, Inc. | 2025 Delayed Draw Term Loan | 1/22/2032 | 2581 | (32) |
| Packaging Coordinators Midco, Inc. | 2025 Revolver | 1/22/2032 | 617 | (8) |
| Packaging Coordinators Midco, Inc. | 2025 Multicurrency Delayed Draw Term Loan | 1/22/2032 | 673 | (8) |
| PDI TA Holdings, Inc. | 2024 Revolver | 2/3/2031 | 104 |  |
| PetVet Care Centers, LLC | 2023 Delayed Draw Term Loan | 11/15/2030 | 1396 | (42) |
| PetVet Care Centers, LLC | 2023 Revolver | 11/15/2029 | 1396 | (42) |

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<u>[**Table of Contents**](#i5acb21e8c4584166800d0238689abfc9_10)</u>

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| | | | | |
|:---|:---|:---|:---|:---|
| Poly-Wood, LLC | Delayed Draw Term Loan | 3/20/2030 | 1350 | (7) |
| Poly-Wood, LLC | Revolver | 3/20/2030 | 1350 | (7) |
| PT Intermediate Holdings III, LLC | 2024 Delayed Draw Term Loan | 4/9/2030 | 232 | (2) |
| Recorded Books Inc. | 2023 Revolver | 6/15/2028 | 1160 |  |
| Rimkus Consulting Group Inc. | Delayed Draw Term Loan | 4/1/2031 | 682 | (3) |
| Rimkus Consulting Group Inc. | Revolver | 4/1/2030 | 347 | (2) |
| Rock Star Mergersub, LLC | Delayed Draw Term Loan | 12/15/2031 | 989 | (5) |
| Rock Star Mergersub, LLC | Revolver | 12/15/2031 | 361 | (2) |
| Spectrum Automotive Holdings, Corp. | 2021 Revolver | 6/29/2027 | 305 | (2) |
| STS Aviation Group | Delayed Draw Term Loan | 10/8/2031 | 20 |  |
| STS Aviation Group | Revolver | 10/8/2030 | 3 |  |
| STV Group, Inc. | 2024 Delayed Draw Term Loan | 3/20/2031 | 1250 |  |
| STV Group, Inc. | 2024 Revolver | 3/20/2030 | 875 |  |
| The Kleinfelder Group, Inc. | Revolver | 9/18/2028 | 1643 |  |
| The Kleinfelder Group, Inc. | 2023 Delayed Draw Term Loan | 9/18/2030 | 1150 |  |
| THG Acquisition, LLC | 2024 Delayed Draw Term Loan | 10/31/2031 | 16 |  |
| THG Acquisition, LLC | 2024 Revolver | 10/31/2031 | 8 |  |
| Truck-Lite Co., LLC | 2025 Replacement Revolver | 2/13/2032 | 1156 | (6) |
| Truck-Lite Co., LLC | 2025 Tranche A Delayed Draw Term Loan | 2/13/2032 | 416 | (2) |
| Tyber Medical LLC | Delayed Draw Term Loan | 6/14/2032 | 17 |  |
| Tyber Medical LLC | USD Revolver | 6/12/2031 | 5 |  |
| Tyber Medical LLC | Multicurrency Revolver | 6/12/2031 | 3 |  |
| USIC Holdings Inc. | 2024 Revolver | 9/10/2031 | 582 | (3) |
| USIC Holdings Inc. | 2024 Specified Delayed Draw Term Loan | 9/10/2031 | 341 | (2) |
| W.A. Kendall and Company, LLC | 2025 7th Amendment Delayed Draw Term Loan | 4/22/2030 | 54 |  |
| W.A. Kendall and Company, LLC | 2025 7th Amendment Revolver | 4/22/2030 | 5 |  |
| W.A. Kendall and Company, LLC | 2024 Delayed Draw Term Loan | 4/22/2030 | 2 |  |
|  |  |  | $58665 | $(422) |

---

(7)Position or portion thereof unsettled for the six months ended June 30, 2025.

(8)The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (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. For the six months ended June 30, 2025, non-qualifying assets totaled 8.69% of the Company's total assets.

(9)As of June 30, 2025, the estimated net unrealized gain for federal tax purposes was $2.5 million based on a tax basis of $456.5 million. As of June 30, 2025, the estimated aggregate gross unrealized loss for federal income tax purposes was $1.5 million and the estimated aggregate gross unrealized gain for federal income tax purposes was $4.0 million.

------

<u>[**Table of Contents**](#i5acb21e8c4584166800d0238689abfc9_10)</u>

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| | | | | |
|:---|:---|:---|:---|:---|
| **ADDITIONAL INFORMATION** | **ADDITIONAL INFORMATION** | **ADDITIONAL INFORMATION** | **ADDITIONAL INFORMATION** | **ADDITIONAL INFORMATION** |
| **Foreign currency forward contracts** | **Foreign currency forward contracts** | **Foreign currency forward contracts** | **Foreign currency forward contracts** | **Foreign currency forward contracts** |
| **Counterparty** | **Currency<br>Purchased** | **Currency Sold** | **Settlement** | **Unrealized Appreciation<br>(Depreciation)** |
| State Street Bank & Trust Company | U.S. Dollar 6,086 | Canadian Dollar 8,300 | 9/18/2025 | $(31) |
| State Street Bank & Trust Company | U.S. Dollar 15,995 | Euro 13,700 | 9/18/2025 | (213) |
| State Street Bank & Trust Company | U.S. Dollar 681 | Great Britain Pound 500 | 9/18/2025 | (5) |
| City National Bank | Euro 50,000 | U.S. Dollar 56,514 | 9/30/2025 | 2683 |
| City National Bank | Euro 50,000 | U.S. Dollar 56,745 | 12/31/2025 | 2789 |
| City National Bank | Euro 43,581 | U.S. Dollar 49,662 | 3/31/2026 | 2485 |
| Macquarie Bank Limited | Euro 50,000 | U.S. Dollar 56,270 | 6/30/2026 | 3823 |
| Macquarie Bank Limited | Euro 50,000 | U.S. Dollar 56,500 | 9/30/2026 | 3799 |
| Natwest Markets PLC | Euro 100 | U.S. Dollar 109 | 12/31/2026 | 12 |
| Natwest Markets PLC | Euro 50,147 | U.S. Dollar 54,720 | 12/31/2026 | 5964 |
| Natwest Markets PLC | Euro 32,195 | U.S. Dollar 35,347 | 3/31/2027 | 3744 |
| Natwest Markets PLC | Euro 42,696 | U.S. Dollar 48,238 | 6/30/2027 | 3780 |
| Natwest Markets PLC | Euro 41,650 | U.S. Dollar 50,971 | 9/30/2027 | (79) |
|  |  |  |  | $28751 |

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See accompanying notes to the consolidated financial statements.

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<u>[**Table of Contents**](#i5acb21e8c4584166800d0238689abfc9_10)</u>

**OHA Senior Private Lending Fund (U) LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands)**

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated (1)** | **Footnotes** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest Rate (2)** | **Maturity Date** | **Par Amount/ Units** | **Cost (3)** | **Fair Value** | **% of Net Assets** |
| **Investments—<br> non-controlled/non-affiliated** | | | | | | | | | | | |
| **First Lien Debt** | | | | | | | | | | | |
| **Aerospace and Defense** | | | | | | | | | | | |
| Evergreen IX Borrower 2023 LLC | (4) (5) | S + | 4.75% |  |  | 9.08% | 9/30/2030 | $5376 | $5306 | $5376 | 1.23% |
| Evergreen IX Borrower 2023 LLC | (4) (5) (6) | S + | 4.75% |  |  | 9.08% | 10/1/2029 | 599 | (7) |  |  |
| Farsound Aviation Limited | (4) (5) (8) | P + | 5.25% |  |  | 9.78% | 12/3/2031 | 5238 | 5186 | 5186 | 1.19 |
| Farsound Aviation Limited | (4) (5) (6) (8) | P + | 5.25% |  |  | 9.78% | 12/3/2031 | 952 |  |  |  |
| Mantech International CP | (4) (5) (7) | S + | 5.00% |  |  | 9.59% | 9/14/2029 | 3733 | 3675 | 3733 | 0.85 |
| Mantech International CP | (4) (5) (6) | S + | 5.00% |  |  | 9.59% | 9/14/2029 | 566 | (8) |  |  |
| Mantech International CP | (4) (5) (6) | S + | 5.00% |  |  | 9.59% | 9/14/2028 | 444 | (6) |  |  |
| STS Aviation Group | (4) (5) (6) | S + | 5.00% |  |  | 9.48% | 10/8/2031 | 20 |  |  |  |
| STS Aviation Group | (4) (5) | S + | 5.00% |  |  | 9.48% | 10/8/2031 | 72 | 72 | 72 | 0.02 |
| STS Aviation Group | (4) (5) (6) | S + | 5.00% |  |  | 9.48% | 10/8/2030 | 8 | 4 | 4 |  |
|  |  |  |  |  |  |  |  |  | 14222 | 14371 | 3.29 |
| **Automobile** |  |  |  |  |  |  |  |  |  |  |  |
| Mammoth Holdings, LLC | (4) (5) (6) | S + | 6.00% |  |  | 10.64% | 11/15/2029 | 909 | (7) |  |  |
| Mammoth Holdings, LLC | (4) (5) | S + | 6.00% |  |  | 10.33% | 11/15/2030 | 7200 | 7136 | 7200 | 1.65 |
| Mammoth Holdings, LLC | (4) (5) | S + | 6.00% |  |  | 10.64% | 11/15/2030 | 1809 | 1794 | 1809 | 0.42 |
| Wheels Bidco, Inc. | (4) (5) | S + | 5.50% |  |  | 10.07% | 11/3/2031 | 5000 | 4951 | 4950 | 1.13 |
|  |  |  |  |  |  |  |  |  | 13874 | 13959 | 3.20 |
| **Broadcasting and Entertainment** |  |  |  |  |  |  |  |  |  |  |  |
| Broadcast Music, Inc. | (4) (5) (7) | S + | 5.75% |  |  | 10.39% | 2/8/2030 | 4883 | 4818 | 4883 | 1.12 |
| Broadcast Music, Inc. | (4) (5) (6) | S + | 5.75% |  |  | 10.39% | 2/8/2030 | 892 | (11) |  |  |
|  |  |  |  |  |  |  |  |  | 4807 | 4883 | 1.12 |
| **Buildings and Real Estate** |  |  |  |  |  |  |  |  |  |  |  |
| Associations, Inc. | (4) (5) (6) | S + | 6.50% |  |  | 11.28% | 7/3/2028 | 286 | 143 | 143 | 0.03 |
| Associations, Inc. | (4) (5) (6) | S + | 6.50% |  |  | 11.32% | 7/3/2028 | 357 | 59 | 60 | 0.01 |
| Associations, Inc. | (4) (5) | S + | 6.50% |  |  | 11.32% | 7/3/2028 | 4593 | 4590 | 4593 | 1.05 |
| Associations, Inc. | (4) (5) |  |  | (14.25 | % PIK) | 14.25% | 5/3/2030 | 282 | 282 | 282 | 0.07 |
| Associations, Inc. | (4) (5) |  |  | (14.25 | % PIK) | 14.25% | 5/3/2030 | 739 | 738 | 739 | 0.17 |
|  |  |  |  |  |  |  |  |  | 5812 | 5817 | 1.33 |

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<u>[**Table of Contents**](#i5acb21e8c4584166800d0238689abfc9_10)</u>

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated (1)** | **Footnotes** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest Rate (2)** | **Maturity Date** | **Par Amount/ Units** | **Cost (3)** | **Fair Value** | **% of Net Assets** |
| **Capital Equipment** | | | | | | | | | |
| AI Titan Parent Inc. | (4) (5) (6) | S + | 4.75% | 9.11% | 8/29/2031 | 1557 |  | (8) |  |
| AI Titan Parent Inc. | (4) (5) (6) | S + | 4.75% | 9.11% | 8/29/2031 | 973 | (5) | (5) |  |
| AI Titan Parent Inc. | (4) (5) | S + | 4.75% | 9.11% | 8/29/2031 | 7786 | 7748 | 7747 | 1.78 |
| Ohio Transmission Corporation | (4) (5) (6) | S + | 5.50% | 9.83% | 12/19/2029 | 1000 | 242 | 250 | 0.06 |
| Ohio Transmission Corporation | (4) (5) (6) | S + | 5.50% | 9.83% | 12/19/2030 | 1496 | 518 | 531 | 0.12 |
| Ohio Transmission Corporation | (4) (5) | S + | 5.50% | 9.83% | 12/19/2030 | 7524 | 7457 | 7524 | 1.72 |
| Truck-Lite Co., LLC | (4) (5) (6) | S + | 5.75% | 10.27% | 2/13/2031 | 1156 | (10) |  |  |
| Truck-Lite Co., LLC | (4) (5) (6) | S + | 5.75% | 10.27% | 2/13/2030 | 1156 | (10) |  |  |
| Truck-Lite Co., LLC | (4) (5) | S + | 5.75% | 10.27% | 2/13/2031 | 10609 | 10513 | 10609 | 2.43 |
|  |  |  |  |  |  |  | 26453 | 26648 | 6.11 |
| **Chemicals, Plastics and Rubber** |  |  |  |  |  |  |  |  |  |
| ASP Unifrax Holdings, Inc. | (5) | S + | 7.75% | 12.35% | 9/28/2029 | 5061 | 4856 | 5130 | 1.18 |
| BCPE HIPH Parent, Inc. | (4) (5) (6) | S + | 5.75% | 10.11% | 10/7/2030 | 1031 | 896 | 912 | 0.21 |
| BCPE HIPH Parent, Inc. | (4) (5) | S + | 5.75% | 10.11% | 10/7/2030 | 3022 | 2959 | 2999 | 0.69 |
| Meridian Adhesives Group, Inc. | (4) (5) | S + | 5.75% | 11.57% | 9/1/2028 | 100 | 100 | 100 | 0.02 |
| Meridian Adhesives Group, Inc. | (4) (5) | S + | 5.75% | 10.08% | 9/3/2029 | 12940 | 12536 | 12940 | 2.96 |
| Meridian Adhesives Group, Inc. | (4) (5) | S + | 5.75% | 10.08% | 9/3/2029 | 1260 | 1222 | 1260 | 0.29 |
|  |  |  |  |  |  |  | 22569 | 23341 | 5.35 |
| **Construction & Building** |  |  |  |  |  |  |  |  |  |
| FloWorks International | (4) (5) | S + | 4.75% | 9.27% | 11/26/2031 | 89 | 89 | 88 | 0.02 |
| FloWorks International | (4) (5) (6) | S + | 4.75% | 9.27% | 11/26/2031 | 11 |  |  |  |
| NRO Holdings III Corp. | (4) (5) | S + | 5.25% | 9.91% | 7/15/2031 | 6639 | 6576 | 6573 | 1.51 |
| NRO Holdings III Corp. | (4) (5) (6) | S + | 5.25% | 9.91% | 7/15/2031 | 2080 |  | (21) | (0.01) |
| NRO Holdings III Corp. | (4) (5) (6) | S + | 5.25% | 9.59% | 7/15/2030 | 1050 | 80 | 80 | 0.02 |
|  |  |  |  |  |  |  | 6745 | 6720 | 1.54 |
| **Consumer Goods: Durable** |  |  |  |  |  |  |  |  |  |
| Marcone Yellowstone Buyer, Inc. | (4) (5) | S + | 7.00% | 11.74% | 6/23/2028 | 3177 | 3112 | 3026 | 0.69 |
| Marcone Yellowstone Buyer, Inc. | (4) (5) | S + | 7.00% | 11.74% | 6/23/2028 | 668 | 653 | 636 | 0.15 |
| Marcone Yellowstone Buyer, Inc. | (4) (5) | S + | 6.50% | 11.99% | 6/23/2028 | 1309 | 1290 | 1256 | 0.29 |
| Marcone Yellowstone Buyer, Inc. | (4) (5) | S + | 7.00% | 11.74% | 6/23/2028 | 6817 | 6673 | 6493 | 1.49 |
| Marcone Yellowstone Buyer, Inc. | (4) (5) | S + | 7.00% | 11.74% | 6/23/2028 | 2265 | 2217 | 2158 | 0.49 |
| Poly-Wood, LLC | (4) (5) (6) | S + | 5.75% | 10.11% | 3/20/2030 | 1350 |  |  |  |
| Poly-Wood, LLC | (4) (5) (6) | S + | 5.75% | 10.11% | 3/20/2030 | 1350 | (13) |  |  |
| Poly-Wood, LLC | (4) (5) | S + | 5.75% | 10.11% | 3/20/2030 | 7146 | 7074 | 7146 | 1.64 |
|  |  |  |  |  |  |  | 21006 | 20715 | 4.75 |
| **Containers, Packaging and Glass** |  |  |  |  |  |  |  |  |  |

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<u>[**Table of Contents**](#i5acb21e8c4584166800d0238689abfc9_10)</u>

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated (1)** | **Footnotes** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest Rate (2)** | **Maturity Date** | **Par Amount/ Units** | **Cost (3)** | **Fair Value** | **% of Net Assets** |
| PPC Flexible Packaging | (4) (5) | S + | 6.00% |  |  | 10.48% | 9/30/2028 | 4018 | 3959 | 4018 | 0.92 |
|  |  |  |  |  |  |  |  |  | 3959 | 4018 | 0.92 |
| **Ecological** |  |  |  |  |  |  |  |  |  |  |  |
| Rock Star Mergersub, LLC | (4) (5) | S + | 4.75% |  |  | 9.15% | 12/15/2031 | 3091 | 3076 | 3076 | 0.70 |
| Rock Star Mergersub, LLC | (4) (5) (6) | S + | 4.75% |  |  | 9.15% | 12/15/2031 | 420 | 47 | 47 | 0.01 |
| Rock Star Mergersub, LLC | (4) (5) (6) | S + | 4.75% |  |  | 9.15% | 12/15/2031 | 989 |  | (5) |  |
|  |  |  |  |  |  |  |  |  | 3123 | 3118 | 0.71 |
| **Finance** |  |  |  |  |  |  |  |  |  |  |  |
| Beacon Pointe Advisors, LLC | (4) (5) | S + | 4.75% |  |  | 9.49% | 12/29/2028 | 660 | 657 | 660 | 0.15 |
| Beacon Pointe Advisors, LLC | (4) (5) | S + | 4.75% |  |  | 9.11% | 12/29/2028 | 5898 | 5855 | 5898 | 1.35 |
| Beacon Pointe Advisors, LLC | (4) (5) | S + | 4.75% |  |  | 9.49% | 12/29/2028 | 2313 | 2296 | 2313 | 0.53 |
| Beacon Pointe Advisors, LLC | (4) (5) (6) | S + | 4.75% |  |  | 9.49% | 12/29/2027 | 627 | (3) |  |  |
| Cliffwater LLC | (4) (5) | S + | 4.50% |  |  | 8.86% | 10/7/2030 | 5955 | 5903 | 5955 | 1.37 |
| Cliffwater LLC | (4) (5) (6) | S + | 4.50% |  |  | 8.86% | 10/7/2030 | 1000 | (8) |  |  |
| Spectrum Automotive Holdings, Corp. | (4) (5) (6) | S + | 5.25% |  |  | 9.58% | 6/29/2027 | 305 | (5) |  |  |
| Spectrum Automotive Holdings, Corp. | (4) (5) | S + | 5.25% |  |  | 9.58% | 6/29/2028 | 8022 | 7853 | 8022 | 1.84 |
| Spectrum Automotive Holdings, Corp. | (4) (5) | S + | 5.25% |  |  | 9.58% | 6/29/2028 | 2237 | 2188 | 2237 | 0.51 |
|  |  |  |  |  |  |  |  |  | 24736 | 25085 | 5.75 |
| **Healthcare, Education and Childcare** |  |  |  |  |  |  |  |  |  |  |  |
| Coding Solutions Acquistion Inc. | (4) (5) | S + | 5.00% |  |  | 9.33% | 8/7/2031 | 4408 | 4370 | 4386 | 1.00 |
| Coding Solutions Acquistion Inc. | (4) (5) (6) | S + | 5.00% |  |  | 9.33% | 8/7/2031 | 672 | (5) | (3) |  |
| Coding Solutions Acquistion Inc. | (4) (5) (6) | S + | 5.00% |  |  | 9.33% | 8/7/2031 | 420 | 363 | 365 | 0.08 |
| Gateway US Holdings, Inc. | (4) (5) | S + | 4.75% |  |  | 9.08% | 9/22/2028 | 3211 | 3211 | 3211 | 0.74 |
| Gateway US Holdings, Inc. | (4) (5) (6) | S + | 4.75% |  |  | 9.08% | 9/22/2028 | 131 |  |  |  |
| Gateway US Holdings, Inc. | (4) (5) | S + | 4.75% |  |  | 9.08% | 9/22/2028 | 167 | 167 | 167 | 0.04 |
| Gateway US Holdings, Inc. | (4) (5) | S + | 4.75% |  |  | 9.08% | 9/22/2028 | 737 | 726 | 737 | 0.17 |
| Medvet Associates LLC | (4) (5) | S + | 4.75% |  |  | 9.11% | 6/25/2031 | 8000 | 7962 | 7960 | 1.82 |
| Medvet Associates LLC | (4) (5) (6) | S + | 4.75% |  |  | 9.11% | 6/25/2031 | 2000 |  | (10) |  |
| Model N, Inc. | (4) (5) (6) | S + | 5.00% |  |  | 9.33% | 6/27/2031 | 774 | (4) | (4) |  |
| Model N, Inc. | (4) (5) (6) | S + | 5.00% |  |  | 9.33% | 6/27/2031 | 1452 |  | (7) |  |
| Model N, Inc. | (4) (5) | S + | 5.00% |  |  | 9.33% | 6/27/2031 | 7097 | 7064 | 7062 | 1.62 |
| Next Holdco, LLC | (4) (5) | S + | 5.75% |  |  | 10.27% | 11/12/2030 | 5063 | 4996 | 5063 | 1.16 |
| Next Holdco, LLC | (4) (5) (6) | S + | 5.75% |  |  | 10.27% | 11/12/2030 | 1308 | (16) |  |  |
| Next Holdco, LLC | (4) (5) (6) | S + | 5.75% |  |  | 10.27% | 11/9/2029 | 491 | (6) |  |  |
| PetVet Care Centers, LLC | (4) (5) | S + | 6.00% |  |  | 10.36% | 11/15/2030 | 10598 | 10504 | 10333 | 2.37 |
| PetVet Care Centers, LLC | (4) (5) (6) | S + | 6.00% |  |  | 10.36% | 11/15/2030 | 1396 |  | (35) | (0.01) |
| PetVet Care Centers, LLC | (4) (5) (6) | S + | 6.00% |  |  | 10.36% | 11/15/2029 | 1396 | (11) | (35) | (0.01) |
| TecoStar Holdings, Inc. | (4) (5) | S + | 8.50% | (4.50 | % PIK) | 13.18% | 7/6/2029 | 4236 | 4155 | 4236 | 0.97 |

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<u>[**Table of Contents**](#i5acb21e8c4584166800d0238689abfc9_10)</u>

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated (1)** | **Footnotes** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest Rate (2)** | **Maturity Date** | | **Par Amount/ Units** | **Cost (3)** | **Fair Value** | **% of Net Assets** |
|  |  |  |  |  |  |  |  |  |  | 43476 | 43426 | 9.95 |
| **High Tech** |  |  |  |  |  |  |  |  |  |  |  |  |
| CentralSquare Technologies, LLC | (4) (5) (6) | S + | 5.75% |  |  | 10.63% | 4/12/2030 |  | 867 | (10) | (4) |  |
| CentralSquare Technologies, LLC | (4) (5) | S + | 6.25% | (3.38 | % PIK) | 10.63% | 4/12/2030 |  | 7801 | 7715 | 7762 | 1.78 |
| Eagan Sub, Inc. | (4) (5) (6) | S + | 5.25% |  |  | 9.59% | 6/1/2029 |  | 2900 | (32) |  |  |
| Eagan Sub, Inc. | (4) (5) | S + | 5.25% |  |  | 9.59% | 6/3/2030 |  | 14319 | 14139 | 14318 | 3.28 |
| Everbridge Holdings, LLC | (4) (5) (6) | S + | 5.00% |  |  | 9.59% | 7/2/2031 |  | 1833 | 717 | 714 | 0.16 |
| Everbridge Holdings, LLC | (4) (5) (6) | S + | 5.00% |  |  | 9.59% | 7/2/2031 |  | 733 | (2) | (2) |  |
| Everbridge Holdings, LLC | (4) (5) | S + | 5.00% |  |  | 9.59% | 7/2/2031 |  | 7333 | 7316 | 7315 | 1.68 |
| Greenway Health, LLC | (4) (5) | S + | 6.75% |  |  | 11.08% | 4/1/2029 |  | 9089 | 8935 | 9179 | 2.11 |
| Kaseya, Inc. | (4) (5) | S + | 5.50% |  |  | 10.09% | 6/25/2029 |  | 9 | 9 | 9 |  |
| Kaseya, Inc. | (4) (5) | S + | 5.50% |  |  | 10.09% | 6/25/2029 |  | 2543 | 2505 | 2543 | 0.58 |
| Kaseya, Inc. | (4) (5) (6) | S + | 5.50% |  |  | 10.09% | 6/25/2029 |  | 144 | 28 | 30 | 0.01 |
| Kaseya, Inc. | (4) (5) (6) | S + | 5.50% |  |  | 9.83% | 6/25/2029 |  | 154 | 37 | 39 | 0.01 |
| PDI TA Holdings, Inc. | (4) (5) (6) | S + | 5.50% |  |  | 10.00% | 2/3/2031 |  | 402 | 221 | 223 | 0.05 |
| PDI TA Holdings, Inc. | (4) (5) | S + | 5.50% |  |  | 10.09% | 2/3/2031 |  | 1716 | 1701 | 1712 | 0.39 |
| PDI TA Holdings, Inc. | (4) (5) (6) | S + | 5.50% |  |  | 10.09% | 2/3/2031 |  | 173 | (2) |  |  |
|  |  |  |  |  |  |  |  |  |  | 43277 | 43838 | 10.05 |
| **Insurance** |  |  |  |  |  |  |  |  |  |  |  |  |
| Integrity Marketing Acquisition, LLC | (4) (5) | S + | 5.00% |  |  | 9.51% | 8/25/2028 |  | 5686 | 5659 | 5657 | 1.30 |
| MAI Capital Management Intermediate, LLC | (4) (5) | S + | 4.75% |  |  | 9.08% | 8/29/2031 |  | 2765 | 2752 | 2751 | 0.63 |
| MAI Capital Management Intermediate, LLC | (4) (5) (6) | S + | 4.75% |  |  | 9.08% | 8/29/2031 |  | 1625 | 512 | 507 | 0.11 |
| MAI Capital Management Intermediate, LLC | (4) (5) (6) | S + | 4.75% |  |  | 9.08% | 8/29/2031 |  | 610 | 78 | 78 | 0.02 |
| Peter C. Foy & Associates Insurance Services, LLC | (4) (5) | S + | 6.50% |  |  | 10.86% | 11/1/2028 |  | 99 | 98 | 99 | 0.02 |
| Peter C. Foy & Associates Insurance Services, LLC | (4) (5) | S + | 5.50% |  |  | 10.59% | 11/1/2028 |  | 6485 | 6391 | 6485 | 1.49 |
| Peter C. Foy & Associates Insurance Services, LLC | (4) (5) | S + | 5.50% |  |  | 9.83% | 11/1/2028 |  | 1784 | 1758 | 1784 | 0.41 |
| Peter C. Foy & Associates Insurance Services, LLC | (4) (5) (6) | S + | 5.50% |  |  | 10.59% | 11/1/2027 |  | 310 | (4) |  |  |
| RSC Acquisition, Inc. | (4) (5) | S + | 4.75% |  |  | 9.08% | 11/1/2029 |  | 6937 | 6864 | 6902 | 1.58 |
| Shelf Bidco Ltd. | (4) (5) (8) | S + | 5.00% |  |  | 9.65% | 12/31/2031 |  | 8409 | 8368 | 8367 | 1.92 |
| THG Acquisition, LLC | (4) (5) | S + | 4.75% |  |  | 9.11% | 10/31/2031 |  | 75 | 75 | 75 | 0.02 |
| THG Acquisition, LLC | (4) (5) (6) | S + | 4.75% |  |  | 9.11% | 10/31/2031 |  | 17 |  |  |  |
| THG Acquisition, LLC | (4) (5) (6) | S + | 4.75% |  |  | 9.11% | 10/31/2031 |  | 8 | 1 | 1 |  |
|  |  |  |  |  |  |  |  |  |  | 32552 | 32706 | 7.50 |
| **Media: Diversified & Production** |  |  |  |  |  |  |  |  |  |  |  |  |
| Aurelia Netherlands Midco 2 B.V. | (4) (5) (8) | E + | 5.75% |  |  | 8.93% | 5/1/2031 | EUR | 11569 | 12129 | 11860 | 2.72 |
| Circana Group, L.P. | (4) (5) | S + | 5.00% |  |  | 9.59% | 12/1/2028 | EUR | 7019 | 6867 | 6949 | 1.59 |
| Circana Group, L.P. | (4) (5) (6) | S + | 5.00% |  |  | 9.35% | 12/1/2027 |  | 488 | 88 | 93 | 0.02 |
|  |  |  |  |  |  |  |  |  |  | 19084 | 18902 | 4.33 |

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<u>[**Table of Contents**](#i5acb21e8c4584166800d0238689abfc9_10)</u>

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated (1)** | **Footnotes** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest Rate (2)** | **Maturity Date** | | **Par Amount/ Units** | **Cost (3)** | **Fair Value** | **% of Net Assets** |
| **Printing and Publishing** | | | | | | | | | | | | |
| Recorded Books Inc. | (4) (5) (6) | S + | 5.75% |  |  | 10.26% | 8/31/2028 |  | 1160 | (15) | (3) |  |
| Recorded Books Inc. | (4) (5) | S + | 5.75% |  |  | 10.26% | 9/3/2030 |  | 14196 | 13982 | 14161 | 3.25 |
|  |  |  |  |  |  |  |  |  |  | 13967 | 14158 | 3.25 |
| **Retail Stores** |  |  |  |  |  |  |  |  |  |  |  |  |
| New Look Vision Group, Inc. | (4) (5) (8) | S + | 6.00% | (2.00 | % PIK) | 10.48% | 5/26/2028 |  | 145 | 140 | 144 | 0.03 |
| New Look Vision Group, Inc. | (4) (5) (7) (8) | C + | 6.00% | (2.00 | % PIK) | 9.49% | 5/26/2028 | CAD | 6203 | 4371 | 4280 | 0.98 |
| New Look Vision Group, Inc. | (4) (5) (6) (8) | C + | 5.50% |  |  | 9.03% | 5/26/2026 | CAD | 850 | 188 | 134 | 0.03 |
| New Look Vision Group, Inc. | (4) (5) (7) (8) | C + | 5.50% |  |  | 8.99% | 5/26/2028 | CAD | 415 | 292 | 282 | 0.07 |
| New Look Vision Group, Inc. | (4) (5) (8) | S + | 5.50% |  |  | 9.98% | 5/26/2028 |  | 1287 | 1236 | 1255 | 0.29 |
| New Look Vision Group, Inc. | (4) (5) (7) (8) | C + | 5.50% |  |  | 8.99% | 5/26/2028 | CAD | 797 | 561 | 540 | 0.12 |
|  |  |  |  |  |  |  |  |  |  | 6788 | 6635 | 1.52 |
| **Services: Business** |  |  |  |  |  |  |  |  |  |  |  |  |
| Baker Tilly Advisory Group, LP | (4) (5) (6) | S + | 4.75% |  |  | 9.11% | 6/3/2030 |  | 1828 | (12) |  |  |
| Baker Tilly Advisory Group, LP | (4) (5) (6) | S + | 4.75% |  |  | 9.11% | 6/3/2031 |  | 1305 | (2) |  |  |
| Baker Tilly Advisory Group, LP | (4) (5) | S + | 4.75% |  |  | 9.11% | 6/3/2031 |  | 8646 | 8587 | 8646 | 1.98 |
| FR Vision Holdings, Inc. | (4) (5) (6) | S + | 5.50% |  |  | 10.12% | 1/21/2030 |  | 580 | (5) |  |  |
| FR Vision Holdings, Inc. | (4) (5) (6) (7) | S + | 5.50% |  |  | 10.12% | 1/20/2031 |  | 2316 | 967 | 975 | 0.22 |
| FR Vision Holdings, Inc. | (4) (5) | S + | 5.50% |  |  | 10.12% | 1/20/2031 |  | 7144 | 7079 | 7144 | 1.64 |
| GC Waves Holdings, Inc. | (4) (5) | S + | 4.75% |  |  | 9.21% | 10/4/2030 |  | 7374 | 7222 | 7301 | 1.67 |
| GI Apple Midco LLC | (4) (5) (6) | S + | 6.75% |  |  | 11.11% | 4/19/2029 |  | 1133 | 420 | 437 | 0.10 |
| GI Apple Midco LLC | (4) (5) | S + | 6.75% |  |  | 11.11% | 4/19/2030 |  | 7336 | 7215 | 7409 | 1.70 |
| GI Apple Midco LLC | (4) (5) (6) | S + | 6.75% |  |  | 11.11% | 4/19/2030 |  | 1617 | 170 | 192 | 0.04 |
| Jensen Hughes Inc. | (4) (5) (6) | S + | 5.00% |  |  | 9.74% | 8/6/2031 |  | 1467 | (3) | (15) |  |
| Jensen Hughes Inc. | (4) (5) (6) | S + | 5.00% |  |  | 9.74% | 8/6/2031 |  | 587 | (6) | (6) |  |
| Jensen Hughes Inc. | (4) (5) | S + | 5.00% |  |  | 9.74% | 8/6/2031 |  | 5204 | 5153 | 5152 | 1.18 |
| Jensen Hughes Inc. | (4) (5) (6) | S + | 5.00% |  |  | 9.74% | 8/6/2031 |  | 342 |  | (3) |  |
| PT Intermediate Holdings III, LLC | (4) (5) (6) | S + | 5.00% | (1.75 | % PIK) | 9.33% | 4/9/2030 |  | 232 |  | (1) |  |
| PT Intermediate Holdings III, LLC | (4) (5) | S + | 5.00% | (1.75 | % PIK) | 9.33% | 4/9/2030 |  | 12347 | 12169 | 12286 | 2.82 |
| Rimkus Consulting Group Inc. | (4) (5) (6) | S + | 5.25% |  |  | 9.84% | 4/1/2030 |  | 463 | (3) | (2) |  |
| Rimkus Consulting Group Inc. | (4) (5) (7) | S + | 5.25% |  |  | 9.84% | 4/1/2031 |  | 3453 | 3429 | 3435 | 0.79 |
| Rimkus Consulting Group Inc. | (4) (5) (6) | S + | 5.25% |  |  | 9.77% | 4/1/2031 |  | 867 | 93 | 88 | 0.02 |
| Speed Midco 3 S.a r.l. | (4) (5) (8) | E + | 4.95% |  |  | 8.11% | 6/5/2031 | EUR | 1983 | 2145 | 2049 | 0.47 |
| Speed Midco 3 S.a r.l. | (4) (5) (8) | SN + | 4.95% |  |  | 9.90% | 6/5/2031 | GBP | 491 | 623 | 613 | 0.14 |
| Speed Midco 3 S.a r.l. | (4) (5) (8) | S + | 4.95% |  |  | 9.20% | 6/5/2031 |  | 7219 | 7187 | 7201 | 1.65 |
| STV Group, Inc. | (4) (5) (6) | S + | 5.00% |  |  | 9.36% | 3/20/2031 |  | 1250 |  | (6) |  |
| STV Group, Inc. | (4) (5) (7) | S + | 5.00% |  |  | 9.36% | 3/20/2031 |  | 4342 | 4302 | 4320 | 0.99 |
| STV Group, Inc. | (4) (5) (6) | P + | 5.00% |  |  | 11.50% | 3/20/2030 |  | 875 | 117 | 121 | 0.03 |

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated (1)** | **Footnotes** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest Rate (2)** | **Maturity Date** | **Par Amount/ Units** | **Cost (3)** | **Fair Value** | **% of Net Assets** |
| USIC Holdings Inc. | (4) (5) | S + | 5.50% |  |  | 10.09% | 9/10/2031 | 8430 | 8389 | 8388 | 1.92 |
| USIC Holdings Inc. | (4) (5) (6) | S + | 5.25% |  |  | 9.84% | 9/10/2031 | 1073 | 240 | 240 | 0.05 |
| USIC Holdings Inc. | (4) (5) (6) | S + | 5.50% |  |  | 10.09% | 9/10/2031 | 510 | 33 | 30 | 0.01 |
|  |  |  |  |  |  |  |  |  | 75509 | 75994 | 17.42 |
| **Services: Consumer** |  |  |  |  |  |  |  |  |  |  |  |
| Bradyifs Holdings, LLC | (4) (5) | S + | 5.00% |  |  | 9.52% | 10/31/2029 | 13370 | 13261 | 13370 | 3.07 |
| Bradyifs Holdings, LLC | (4) (5) (6) | S + | 5.00% |  |  | 9.40% | 10/31/2029 | 393 | 82 | 85 | 0.02 |
| Kleinfelder Group, Inc.(The) | (4) (5) (6) | S + | 5.00% |  |  | 9.35% | 9/1/2030 | 2464 |  |  |  |
| Kleinfelder Group, Inc.(The) | (4) (5) | S + | 5.00% |  |  | 9.35% | 11/28/2025 | 12436 | 12382 | 12436 | 2.85 |
| Kleinfelder Group, Inc.(The) | (4) (5) (6) | P + | 5.00% |  |  | 11.50% | 8/4/2028 | 1643 | 349 | 361 | 0.08 |
|  |  |  |  |  |  |  |  |  | 26074 | 26252 | 6.02 |
| **Technology & Electronics** |  |  |  |  |  |  |  |  |  |  |  |
| Chase Intermediate, LLC | (4) (5) (6) | S + | 4.75% |  |  | 9.11% | 10/30/2028 | 8649 | 3492 | 3496 | 0.80 |
| Chase Intermediate, LLC | (4) (5) (6) | S + | 4.75% |  |  | 9.11% | 10/30/2028 | 433 | (3) | (1) |  |
| Granicus, Inc. | (4) (5) (6) | S + | 5.25% |  |  | 10.34% | 1/17/2031 | 384 | (2) |  |  |
| Granicus, Inc. | (4) (5) | S + | 5.75% | (2.25 | % PIK) | 10.34% | 1/17/2031 | 2744 | 2732 | 2744 | 0.63 |
| Granicus, Inc. | (4) (5) | S + | 5.25% | (2.25 | % PIK) | 9.84% | 1/17/2031 | 407 | 407 | 405 | 0.09 |
|  |  |  |  |  |  |  |  |  | 6626 | 6644 | 1.52 |
| **Total First Lien Debt** |  |  |  |  |  |  |  |  | $414659 | $417230 | 95.63% |
| **Second Lien Debt** |  |  |  |  |  |  |  |  |  |  |  |
| **High Tech** |  |  |  |  |  |  |  |  |  |  |  |
| Polaris Newco LLC | (4) (5) | S + | 9.00% |  |  | 13.61% | 6/4/2029 | 6200 | 6070 | 6200 | 1.42 |
|  |  |  |  |  |  |  |  |  | 6070 | 6200 | 1.42 |
| **Total Second Lien Debt** |  |  |  |  |  |  |  |  | $6070 | $6200 | 1.42% |
| **Total Investments - non-controlled/non-affiliated** |  |  |  |  |  |  |  |  | $420729 | $423430 | 97.05% |
| **Total Portfolio Investments** |  |  |  |  |  |  |  |  | $420729 | $423430 | 97.05% |

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(1)Unless otherwise indicated, issuers of debt investments held by the Company (which such term "Company" shall include the Company's subsidiaries for purposes of this Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated.

(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to SOFR including SOFR adjustment if any, ("S"), SONIA ("SN"), CDOR ("C"), which generally resets periodically. S loans are typically indexed to 12 month, 6 month, 3 month or 1 month S rates. For each such loan, the Company has provided the interest rate in effect on the date presented.

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

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

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(5)Loan includes interest rate floor feature.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investments—non-**<br>**controlled/non-**<br>**affiliated** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded** | **Total Commitment Fair Value** |
| AI Titan Parent Inc. | Delayed Draw Term Loan | 8/29/2031 | 1557 | (8) |
| AI Titan Parent Inc. | Revolver | 8/29/2031 | 973 | (5) |
| Associations, Inc. | 2024 2nd Amendment Revolver | 7/3/2028 | 143 |  |
| Associations, Inc. | 2024 Special Purpose Delayed Draw Term Loan | 7/3/2028 | 297 |  |
| Baker Tilly Advisory Group, LP | Delayed Draw Term Loan | 6/3/2031 | 1305 |  |
| Baker Tilly Advisory Group, LP | Revolver | 6/3/2030 | 1829 |  |
| BCPE HIPH Parent, Inc. | 2023 Delayed Draw Term Loan | 10/7/2030 | 111 | (1) |
| Beacon Pointe Advisors, LLC | 2021 Revolver | 12/29/2027 | 627 |  |
| Bradyifs Holdings, LLC | 2024 Delayed Draw Term Loan | 10/31/2029 | 309 |  |
| Broadcast Music, Inc. | Revolver | 2/8/2030 | 892 |  |
| CentralSquare Technologies, LLC | 2024 Revolver | 4/12/2030 | 867 | (4) |
| Chase Intermediate, LLC | 2023 Delayed Draw Term Loan | 10/30/2028 | 5132 | (13) |
| Chase Intermediate, LLC | 2023 Revolver | 10/30/2028 | 433 | (1) |
| Circana Group, L.P. | 2024 Revolver | 12/1/2027 | 391 | (4) |
| Cliffwater LLC | Revolver | 10/7/2030 | 1000 |  |
| Coding Solutions Acquisition Inc. | 2024 Delayed Draw Term Loan | 8/7/2031 | 672 | (3) |
| Coding Solutions Acquisition Inc. | 2024 Revolver | 8/7/2031 | 52 |  |
| Eagan Sub, Inc. | 2023 Revolver | 6/1/2029 | 2900 |  |
| Everbridge Holdings, LLC | Delayed Draw Term Loan | 7/2/2031 | 1115 | (3) |
| Everbridge Holdings, LLC | Revolver | 7/2/2031 | 733 | (2) |
| Evergreen IX Borrower 2023 LLC | Revolver | 10/1/2029 | 599 |  |
| Farsound Aviation Limited | 2024 Delayed Draw Term Loan | 9/5/2031 | 952 |  |
| FloWorks International | 2024 Delayed Draw Term Loan | 11/26/2031 | 11 |  |
| FR Vision Holdings, Inc. | Delayed Draw Term Loan | 1/20/2031 | 1341 |  |
| FR Vision Holdings, Inc. | Revolver | 1/21/2030 | 580 |  |
| Gateway US Holdings, Inc. | Revolver | 9/22/2028 | 131 |  |
| GI Apple Midco LLC | Delayed Draw Term Loan | 4/19/2030 | 1441 | 14 |
| GI Apple Midco LLC | Revolver | 4/19/2029 | 696 |  |
| Granicus, Inc. | 2024 Revolver | 1/17/2031 | 384 |  |
| Jensen Hughes Inc. | 2024 1st Lien Delayed Draw Term Loan | 8/6/2031 | 342 | (3) |
| Jensen Hughes Inc. | 2024 Delayed Draw Term Loan | 8/6/2031 | 1467 | (15) |
| Jensen Hughes Inc. | 2024 Revolver | 8/6/2031 | 587 | (6) |
| Kaseya, Inc. | 2022 Delayed Draw Term Loan | 6/25/2029 | 114 |  |
| Kaseya, Inc. | 2022 Revolver | 6/25/2029 | 115 |  |
| Kleinfelder Group, Inc.(The) | 2023 Delayed Draw Term Loan | 9/1/2030 | 2464 |  |
| Kleinfelder Group, Inc.(The) | Revolver | 8/4/2028 | 1281 |  |

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<u>[**Table of Contents**](#i5acb21e8c4584166800d0238689abfc9_10)</u>

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| | | | | |
|:---|:---|:---|:---|:---|
| MAI Capital Management Intermediate, LLC | Delayed Draw Term Loan | 8/29/2031 | 1110 | (6) |
| MAI Capital Management Intermediate, LLC | Revolver | 8/29/2031 | 529 | (3) |
| Mammoth Holdings, LLC | 2023 Revolver | 11/15/2029 | 909 |  |
| Mantech International CP | 2024 Delayed Draw Term Loan | 9/14/2029 | 566 |  |
| Mantech International CP | 2024 Revolver Tranche A | 9/14/2028 | 444 |  |
| Medvet Associates LLC | Delayed Draw Term Loan | 6/25/2031 | 2000 | (10) |
| Model N, Inc. | 2024 Delayed Draw Term Loan | 6/27/2031 | 1452 | (7) |
| Model N, Inc. | 2024 Revolver | 6/27/2031 | 774 | (4) |
| New Look Vision Group, Inc. | CAD Revolver | 5/26/2026 | 420 | (146) |
| Next Holdco, LLC | Delayed Draw Term Loan | 11/12/2030 | 1308 |  |
| Next Holdco, LLC | Revolver | 11/9/2029 | 491 |  |
| NRO Holdings III Corp. | Delayed Draw Term Loan | 7/15/2031 | 2080 | (21) |
| NRO Holdings III Corp. | Revolver | 7/15/2030 | 960 | (10) |
| Ohio Transmission Corporation | 2023 Delayed Draw Term Loan | 12/19/2030 | 965 |  |
| Ohio Transmission Corporation | 2023 Revolver | 12/19/2029 | 750 |  |
| PDI TA Holdings, Inc. | 2024 Delayed Draw Term Loan | 2/3/2031 | 177 |  |
| PDI TA Holdings, Inc. | 2024 Revolver | 2/3/2031 | 173 |  |
| Peter C. Foy & Associates Insurance Services, LLC | 2021 1st Lien Revolver | 11/1/2027 | 310 |  |
| PetVet Care Centers, LLC | 2023 Delayed Draw Term Loan | 11/15/2030 | 1396 | (35) |
| PetVet Care Centers, LLC | 2023 Revolver | 11/15/2029 | 1396 | (35) |
| Poly-Wood, LLC | Delayed Draw Term Loan | 3/20/2030 | 1350 |  |
| Poly-Wood, LLC | Revolver | 3/20/2030 | 1350 |  |
| PT Intermediate Holdings III, LLC | 2024 Delayed Draw Term Loan | 4/9/2030 | 232 | (1) |
| Recorded Books Inc. | 2023 Revolver | 8/31/2028 | 1160 | (3) |
| Rimkus Consulting Group Inc. | Delayed Draw Term Loan | 4/1/2031 | 775 | (4) |
| Rimkus Consulting Group Inc. | Revolver | 4/1/2030 | 463 | (2) |
| Rock Star Mergersub, LLC | Delayed Draw Term Loan | 12/15/2031 | 989 | (5) |
| Rock Star Mergersub, LLC | Revolver | 12/15/2031 | 371 | (2) |
| Spectrum Automotive Holdings, Corp. | 2021 Revolver | 6/29/2027 | 305 |  |
| STS Aviation Group | Delayed Draw Term Loan | 10/8/2031 | 20 |  |
| STS Aviation Group | Revolver | 10/8/2030 | 4 |  |
| STV Group, Inc. | 2024 Delayed Draw Term Loan | 3/20/2031 | 1250 | (6) |
| STV Group, Inc. | 2024 Revolver | 3/20/2030 | 750 | (4) |
| THG Acquisition, LLC | 2024 Delayed Draw Term Loan | 10/31/2031 | 17 |  |
| THG Acquisition, LLC | 2024 Revolver | 10/31/2031 | 8 |  |
| Truck-Lite Co., LLC | 2024 Delayed Draw Term Loan | 2/13/2031 | 1156 |  |
| Truck-Lite Co., LLC | 2024 Revolver | 2/13/2030 | 1156 |  |
| USIC Holdings Inc. | 2024 Revolver | 9/10/2031 | 828 | (4) |
| USIC Holdings Inc. | 2024 Specified Delayed Draw Term Loan | 9/10/2031 | 477 | (2) |
|  |  |  | 64714 | (364) |

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(7)Position or portion thereof unsettled as of December 31, 2024.

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(8)The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (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, 2024, non-qualifying assets totaled 8.93% of the Company's total assets.

(9)As of December 31, 2024, the estimated net unrealized gain for federal tax purposes was $2.5 million based on a tax basis of $394.8 million. As of December 31, 2024, the estimated aggregate gross unrealized loss for federal income tax purposes was $1.4 million and the estimated aggregate gross unrealized gain for federal income tax purposes was $3.9 million.

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| | | | | |
|:---|:---|:---|:---|:---|
| **ADDITIONAL INFORMATION** | **ADDITIONAL INFORMATION** | **ADDITIONAL INFORMATION** | **ADDITIONAL INFORMATION** | **ADDITIONAL INFORMATION** |
| **Foreign currency forward contracts** | **Foreign currency forward contracts** | **Foreign currency forward contracts** | **Foreign currency forward contracts** | **Foreign currency forward contracts** |
| **Counterparty** | **Currency<br>Purchased** | **Currency Sold** | **Settlement** | **Unrealized Appreciation<br>(Depreciation)** |
| City National Bank | Euro 44,698 | U.S. Dollar 47,023 | 2/28/2025 | $(649) |
| City National Bank | U.S. Dollar 18,667 | Euro 17,736 | 2/28/2025 | 265 |
| State Street Bank & Trust Company | U.S. Dollar 6,028 | Canadian Dollar 8,600 | 3/20/2025 | 40 |
| State Street Bank & Trust Company | U.S. Dollar 14,546 | Euro 13,800 | 3/20/2025 | 214 |
| State Street Bank & Trust Company | U.S. Dollar 635 | Great Britain Pound 500 | 3/20/2025 | 9 |
| City National Bank | Euro 50,000 | U.S. Dollar 56,103 | 3/31/2025 | (4147) |
| City National Bank | Euro 50,000 | U.S. Dollar 56,309 | 6/30/2025 | (4085) |
| City National Bank | Euro 50,000 | U.S. Dollar 56,514 | 9/30/2025 | (4008) |
| City National Bank | Euro 50,000 | U.S. Dollar 56,745 | 12/31/2025 | (3944) |
| City National Bank | Euro 43,581 | U.S. Dollar 49,662 | 3/31/2026 | (3400) |
| Macquarie Bank Limited | Euro 50,000 | U.S. Dollar 56,270 | 6/30/2026 | (2914) |
| Macquarie Bank Limited | Euro 50,000 | U.S. Dollar 56,500 | 9/30/2026 | (2857) |
| Natwest Markets PLC | Euro 100 | U.S. Dollar 109 | 12/31/2026 | (1) |
| Natwest Markets PLC | Euro 50,147 | U.S. Dollar 54,720 | 12/31/2026 | (629) |
|  |  |  |  | $(26106) |

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See accompanying notes to the consolidated financial statements.

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**Notes to the Consolidated Financial Statements** 

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

**(Unaudited)**

**Note 1. Organization**

OHA Senior Private Lending Fund (U) LLC (the "Company") was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. (the "Adviser") is the investment adviser of the Company. The Adviser is registered as an investment adviser with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940. The Company is a closed-end investment company that has filed an election to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act").

The Company's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. Subject to any restrictions imposed under the 1940 Act, any related RIC asset diversification requirements and any guidelines and limitations set forth herein, the Company's investments are expected to primarily consist of senior secured first lien loans and unitranche loans but may include second lien loans or other assets. The Company will seek target position sizes of 2% to 5% of net asset value ("NAV") and seek to allocate (a) greater than or equal to 80% of NAV to first lien and unitranche loans and (b) less than or equal to 20% of NAV to second lien loans. The Company's investment mandate is structured to allow for co-investment across Oak Hill Advisors, L.P,'s (together with its affiliated investment advisors and predecessor firms, "OHA") entire platform, based on existing SEC exemptive relief under Rule 17d-1 under the 1940 Act and any additional SEC exemptive relief obtained in the future.

The Company will have a finite life. The term of the Company will end, and the Company will commence winding up, on the fifth (5th) anniversary of the last calendar day of the investment period of the Company (the "Investment Period") (including any extensions of such Investment Period), unless extended for up to two (2) consecutive one (1) year periods, in each case, as approved by both the Board of Managers (the "Board") and members of the Company ("Members") holding a majority of the outstanding limited liability company interests of the Company ("Shares").

The Investment Period commenced on the settlement date of the Company's initial investment (January 4, 2023) and will end on the third-anniversary thereof; provided, however, that the Investment Period may be extended by up to an additional two (2) consecutive one-year periods, each subject to the approval of a majority of the outstanding Shares. Members have the right to terminate the Investment Period and, in certain circumstances, dissolve the Company, as a result of a Cause Event (as defined in the Amended and Restated Limited Liability Company Agreement of the Company (as amended or restated from time to time, the "LLC Agreement")). The Investment Period may also be suspended or terminate early if a "Key Person Event" (as defined in the LLC Agreement) occurs and is not cured. The Company has discretion as to when it calls capital from Members during the Investment Period (and under certain limited circumstances thereafter). As a result, assuming the Investment Period ends on January 4, 2026 and no extension of the term, the Company's term will end on January 4, 2031.

**Note 2. Significant Accounting Policies**

***Basis of Presentation***

The Company's consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP"). The Company is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, Financial Services – Investment Companies ("ASC 946"). These consolidated financial statements reflect adjustments that in the opinion of management are necessary for the fair statement of the financial position and results of operations for the periods presented herein. The Company commenced operations on December 15, 2022 and its fiscal year ends on December 31.

***Basis of Consolidation***

&nbsp;&nbsp;&nbsp;&nbsp; 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

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Company. The Company consolidated the results of its wholly-owned subsidiaries, ULEND Holding S. à r.l. and ULEND Investment S. à r.l. All intercompany transactions have been eliminated in consolidation.

***Segment Reporting***

In accordance with ASC Topic 280 - Segment Reporting ("ASC 280"), the Company has determined that it has a

single operating and reporting segment. As a result, the Company's segment accounting policies are the same as described

herein and the Company does not have any intra-segment sales and transfers of assets.

***Basis of Accounting***

ASC 946 states that consolidation by the Company of an investee that is not an investment company is not appropriate, except when the Company holds a controlling interest in an operating company that provides all or substantially all of its services directly to the Company or to its portfolio companies. None of the portfolio investments made by the Company qualify for this exception.

***Use of Estimates***

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

***Cash and Cash Equivalents***

Cash and cash equivalents represent cash held in banks, cash on hand, and liquid investments with original maturities of three months or less. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure. As of June 30, 2025 and December 31, 2024, the Company did not hold any cash equivalents. As of June 30, 2025 and December 31, 2024, approximately $0.5 million and $0.8 million of the cash and cash equivalents balances were denominated in a foreign currency, respectively.

***Investment Related Transactions, Revenue Recognition and Expenses***

Investment transactions and the related revenue and expenses are recorded on a trade-date basis. Realized gains or losses are recorded upon the sale or liquidation of investments and are calculated as the difference between the net proceeds from the sale or liquidation, if any, and the cost basis of the investment using the specific identification method. Unrealized appreciation or depreciation reflects the difference between the fair value of the investments and the cost basis of the investments. 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 security using the effective interest method. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized fees and unamortized discounts are recorded as interest income.

In the general course of its business, the Company receives certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees and loan waiver amendment fees, and commitment fees, and are recorded as other income in investment income when earned.

Certain investments may have contractual payment-in-kind ("PIK") interest. PIK represents accrued interest that is added to the principal amount of the investment on the interest payment date rather than being paid in cash and generally becomes due at maturity or upon the investment being called by the issuer. PIK is recorded as interest income.

Expenses are recorded on an accrual basis.

***Non-Accrual Loans***

Loans or debt securities are placed on non-accrual status when there is reasonable doubt that principal or interest will be collected. Accrued interest generally is reversed when a loan or debt security is placed on non-accrual status.

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Interest payments received on non-accrual loans or debt securities may be recognized as income or applied to principal depending upon management's judgment. Non-accrual loans and debt securities are restored to accrual status when past due principal and interest are paid and, in management's judgment, principal and interest payments are likely to remain current. The Company may make exceptions to this treatment if a loan has sufficient collateral value and is in the process of collection. As of June 30, 2025 and December 31, 2024, there were no loans placed on non-accrual status.

***Valuation of Portfolio Investments***

Pursuant to Rule 2a-5 under the 1940 Act, the Board designated the Adviser as the Company's "valuation designee" to determine the valuation of the Company's investments. The Adviser shall value the investments owned by the Company in accordance with the Adviser's valuation policies and procedures, subject at all times to the oversight of the Board. The Adviser values the Company's investments in accordance with ASC 820, which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date. ASC 820 prioritizes the use of observable market prices derived from such prices over entity-specific inputs. Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material.

Investments that are listed or traded on an exchange and are freely transferable are valued at either the closing price (in the case of securities and futures) or the mean of the closing bid and offer (in the case of options) on the principal exchange on which the investment is listed or traded. Investments for which other market quotations are readily available will typically be valued at such market quotations. Market quotations are obtained from an independent pricing service, where available. If a price cannot be obtained from an independent pricing service or if the independent pricing service is not deemed to be current with the market, certain investments held by the Company will be valued on the basis of prices provided by principal market makers.

With respect to unquoted portfolio investments, the Company will value each investment considering, among other measures, discounted cash flow models, comparisons of financial ratios of peer companies that are public, and other factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Company will use the pricing indicated by the external event to corroborate and/or assist us in our valuation. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material.

With respect to the valuation of investments, the Company undertakes a multi-step valuation process in connection with determining the fair value of our investments for which reliable market quotations are not readily available, which includes, among other procedures, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The valuation process begins with each investment being preliminarily valued by the Adviser's valuation team in consultation with the Adviser's investment professionals responsible for each portfolio investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Generally, investments that constitute a material portion of the Company's portfolio are periodically reviewed by an independent valuation firm. The independent valuation firms provide a final range of values on such investments to the Adviser. The independent valuation firms also provide analyses to support their valuation methodology and calculations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser's valuation committee with respect to the Company (the "Valuation Committee") reviews each valuation recommendation to confirm they have been calculated in accordance with the Company's valuation policy and when applicable, compares such valuations to the independent valuation firms' valuation ranges to ensure the Adviser's valuations are reasonable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Valuation Committee then determines fair value marks for each of the Company's portfolio investments; and

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

As part of the valuation process, the Company will take into account relevant factors in determining the fair value of the Company's investments for which reliable market quotations are not readily available, many of which are loans,

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including and in combination, as relevant: the estimated enterprise value of a portfolio company, analysis of discounted cash flows, publicly traded comparable companies and comparable transactions; the nature and realizable value of any collateral; the portfolio company's ability to make payments based on its earnings and cash flow; the markets in which the portfolio company does business; and overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future.

The Company has and will continue to engage independent valuation firms to provide assistance regarding the determination of the fair value of the Company's portfolio securities for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment, and the Adviser and the Company may reasonably rely on that assistance. However, the Adviser is responsible for the ultimate valuation of the portfolio investments at fair value as determined in good faith pursuant to the Company's valuation policy, the Board's oversight and a consistently applied valuation process.

The Company applies ASC 820, which establishes a framework for measuring fair value in accordance with GAAP and required disclosures of fair value measurements. The fair value of a financial instrument is the amount that would be received in an orderly transaction between market participants at the measurement date. The Company determines the fair value of investments consistent with its valuation policy. The Company discloses the fair value of its investments in a hierarchy which prioritizes and ranks the level of market observability used in the determination of fair value. In accordance with ASC 820, these levels are summarized below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 — Valuations based on quoted prices (unadjusted) in active markets for identical assets or liabilities at the measurement date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 — Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 — Valuations based on inputs that are unobservable and significant to the fair value measurement.

A financial instrument's level within the hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuations of Level 2 investments are generally based on quotations received from pricing services, dealers or brokers where there is sufficient quote depth. Consideration is given to the source and nature of the quotations and the relationship of recent market activity to the quotations provided.

Transfers between levels, if any, are recognized at the beginning of the reporting period in which the transfers occur. The Company evaluates the source of inputs used in the determination of fair value, including any markets in which the investments, or similar investments, are trading. When the fair value of an investment is determined using inputs from a pricing service (or principal market makers), the Company considers various criteria in determining whether the investment should be classified as a Level 2 or Level 3 investment. Criteria considered includes the pricing methodologies of the pricing services (or principal market makers) to determine if the inputs to the valuation are observable or unobservable, as well as the number of prices obtained and an assessment of the quality of the prices obtained. The level of an investment within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment.

The fair value assigned to these investments is based upon available information and may fluctuate from period to period. In addition, it does not necessarily represent the amount that might ultimately be realized upon sale. Due to inherent uncertainty of valuation, the estimated fair value of investments may differ from the value that would have been used had a ready market for the security existed, and the difference could be material.

***Receivables/Payables From Investments Sold/Purchased***

Receivables/payables from investments sold/purchased consist of amounts receivable to or payable by the Company for transactions that have not settled at the reporting date. As of June 30, 2025, the Company had $0.0 million of payables for investments purchased and had $0.1 million of receivables for investments sold. As of December 31, 2024, the Company had $0.0 million of payables for investments purchased and had $0.1 million of receivables for investments sold.

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***Foreign Currency Transactions***

Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates effective on the last business day of the period; and (ii) purchases and sales of investments, borrowings and repayments of such borrowings, income, and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates.

The Company includes net changes in fair values on investments held resulting from foreign exchange rate fluctuations in translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations, if any. Foreign security and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.

***Foreign Currency Forward Contracts***

The Company may enter into foreign currency forward contracts to reduce the exposure to foreign currency exchange rate fluctuations of the Company and its Members. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. Forward foreign currency contracts are marked-to-market at the applicable forward rate. Unrealized gain (loss) on foreign currency forward contracts is recorded on the consolidated statements of assets and liabilities on a gross basis, not taking into account collateral posted which is recorded separately, if applicable. Notional amounts of foreign currency forward contract assets and liabilities are presented separately on the schedules of investments. Purchases and settlements of foreign currency forward contracts having the same settlement date and counterparty are generally settled net and any realized gains or losses are recognized on the settlement date.

***Organization and Offering Expenses***

Organizational costs, primarily for legal expenses associated with the establishment of the Company, are expensed as incurred.

Costs associated with the offering of Shares of the Company will be capitalized as deferred offering expenses and included as other assets on the Consolidated Statement of Assets and Liabilities and amortized over a twelve-month period from incurrence. As of June 30, 2025 and December 31, 2024, all offering costs were fully amortized. For the three and six months ended June 30, 2025 the Company did not have any amortized offering costs. For the three and six months ended June 30, 2024, the Company did not have any amortized offering costs.

The Adviser agreed to incur organizational and start-up costs on behalf of the Company. The Company has repaid the Adviser for initial organization and start-up costs incurred prior to the commencement of our operations up to a maximum of $750,000.

***Operating Expense Cap***

The Adviser has agreed to pay any annual operating expenses of the Company (excluding (i) third-party legal expenses incurred in connection with investments and the ordinary course operation of the Company and (ii) the management fee and incentive fees paid to the Adviser) that would cause such operating expenses to exceed 0.40% per annum of the Company's average net assets in respect of the relevant year (the "Operating Expense Cap"). Any operating expenses in excess of the aforementioned Operating Expense Cap shall be borne by the Adviser (including through waiver of income based incentive fees) and shall not be subject to recoupment.

Operating expenses subject to the Operating Expense Cap include, but are not limited to, the Company's total professional fees, Board fees, administration fees, and other general and administrative expenses (including the Company's allocable portion of compensation (including salaries, bonuses and benefits), overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement.

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***Income Taxes***

The Company has elected to be regulated as a BDC under the 1940 Act. The Company elected to be treated as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code"), beginning with its fiscal year (or period) ending December 31, 2022. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its Members as distributions. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company's investors and would not be reflected in the consolidated financial statements of the Company.

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. Tax positions not deemed to meet the "more-likely-than-not" threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. There were no material uncertain tax positions through June 30, 2025. As applicable, the Company's prior year remains subject to examination by U.S. federal, state and local tax authorities.

To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its Members, for each taxable year, at least 90% of its "investment company taxable income" for that year, which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses.

In addition, based on the excise tax distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (1) 98% of its ordinary income for the calendar year, (2) 98.2% 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 prior years. 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.

***Distributions***

Distributions to Members are recorded on the record date. The amount to be distributed, if any, is determined by the Board each quarter, and is generally based upon the earnings estimated by the Adviser. The Company intends to distribute net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, at least annually out of the assets legally available for such distributions. However, the Company may decide in the future to retain such capital gains for investment, incur a corporate-level tax on such capital gains, and elect to treat such capital gains as deemed distributions to Members.

***Recent Accounting Pronouncements***

The Company considers the applicability and impact of all accounting standard updates ("ASU") issued by the FASB. ASUs not listed were assessed by the Company and either determined to be not applicable or not expected to have a material effect on the accompanying consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09")," which intends to improve the transparency of income tax disclosures. ASU No. 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact to its consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07")," which enhances disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker (the "CODM"). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by ASC 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported

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measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for the fiscal years beginning after December 15, 2023, and interim periods beginning with the quarter ended March 31, 2025. Early adoption is permitted and retrospective adoption is required for all prior periods presented. The Company has adopted ASU 2023-07 effective December 31, 2024 and concluded that the application of this guidance did not have any material impact on its consolidated financial statements. See Note 7 for more information on the effects of the adoption of ASU 2023-07.

In November 2024, the FASB issued ASU 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures ("ASU 2024-03")", which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning with the first quarter ended March 31, 2028. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements.

**Note 3. Fees, Expenses, Agreements and Related Party Transactions**

***Investment Advisory Agreement***

On November 14, 2022, the Company entered into an investment advisory agreement with the Adviser (the "Advisory Agreement"), pursuant to which the Adviser manages the Company on a day-to-day basis. The Adviser is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring the Company's investments and monitoring its investments and portfolio companies on an ongoing basis.

The Advisory Agreement is effective for an initial two-year term and will remain in effect from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Company's outstanding voting securities and, in each case, a majority of the Company's independent Board members. The Company may terminate the Advisory Agreement, without payment of any penalty, upon 60 days' written notice. The Advisory Agreement will automatically terminate in the event of its assignment within the meaning of the 1940 Act and related SEC guidance and interpretations.

The Company pays the Adviser a fee for its services under the Advisory Agreement consisting of two components: a management fee and an incentive fee. The cost of both the management fee and the incentive fee will ultimately be borne by the Members. Substantial additional fees and expenses may also be charged by OHA Private Credit Advisors II, L.P., in its capacity as the administrator to the Company (the "Administrator").

***Management Fee***

The management fee is payable monthly in arrears at an annual rate of 0.65% of the value of our net assets as of the beginning of the first calendar day of the applicable month. For purposes of the Advisory Agreement, net assets means our total assets (which does not include unfunded capital commitments) less the fair value of our liabilities, determined on a consolidated basis in accordance with GAAP.

For the three months ended June 30, 2025 and June 30, 2024, management fees were $0.8 million and $0.7 million, respectively, of which none were waived. For the six months ended June 30, 2025 and June 30, 2024, management fees were $1.5 million and $1.3 million, respectively, of which none were waived. As of June 30, 2025 and December 31, 2024, $0.8 million and $0.8 million, respectively, remained payable related to the base management fee accrued in management fee payable on the Consolidated Statements of Assets and Liabilities.

***Incentive Fee***

The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on a percentage of our income and a portion is based on a percentage of our capital gains, each as described below.

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*Incentive Fee Based on Income*

The first part of the incentive fee is based on income, whereby the Company pays the Adviser annually in arrears 12.5% of its Pre-Incentive Fee Net Investment Income Returns (as defined below) for the relevant calendar year subject to a 5.75% annualized hurdle rate (the "Hurdle Rate"). "Pre-Incentive Fee Net Investment Income Returns" means dividends, cash interest or other distributions or other cash income and any third-party fees received from portfolio companies (such as upfront fees, commitment fees, origination fee, amendment fees, ticking fees and break-up fees, as well as prepayments premiums, but excluding fees for providing managerial assistance and fees earned by the Adviser or an affiliate in its capacity as an administrative agent, syndication agent, collateral agent, loan servicer or other similar capacity) accrued during the month, minus operating expenses for the month (including the management fee, taxes, any expenses payable under the Advisory Agreement and an administration agreement with our administrator (the "Administration Agreement"), any expense of securitizations, and interest expense or other financing fees and any distributions paid on preferred shares, but excluding the incentive fee and Member servicing and/or distribution fees). Pre-Incentive Fee Net Investment Income Returns includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind ("PIK") interest and zero-coupon securities), accrued income that we have not yet received in cash. Pre-Incentive Fee Net Investment Income Returns does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

The Company pays the Adviser an incentive fee with respect to the Company's Pre-Incentive Fee Net Investment Income Returns as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar year in which the Company's Pre-Incentive Fee Net Investment Income Returns does not exceed an annualized Hurdle Rate of 5.75%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 100% of Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the Hurdle Rate but is less than 6.57143% in any calendar year. This portion of the Pre-Incentive Fee Net Investment Income Returns (which exceeds the Hurdle Rate but is less than 6.57143%) is referred to as the "catch-up." The "catch-up" is meant to provide the Adviser with approximately 12.5% of the Company's Pre-Incentive Fee Net Investment Income Returns as if a Hurdle Rate did not apply if Pre-Incentive Fee Net Investment Income Returns exceeds 6.57143% in any calendar year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 12.5% of the Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds 6.57143% in any calendar year, which reflects that once the Hurdle Rate is reached and the catch-up is achieved, 12.5% of all Pre-Incentive Fee Net Investment Income Returns is paid to the Adviser.

For the three months ended June 30, 2025 and June 30, 2024, income based incentive fees (before waivers) were $1.3 million and $1.3 million, respectively. For the six months ended June 30, 2025 and June 30, 2024, income based incentive fees (before waivers) were $2.5 million and $2.8 million, respectively. For the three and six months ended June 30, 2025 and June 30, 2024, $0.0 million and $0.0 million of income incentive fees, respectively, were waived in accordance with the annual Operating Expense Cap. As of June 30, 2025 and December 31, 2024, $2.5 million and $5.2 million related to the income based incentive fee had accrued and remained payable on the Consolidated Statements of Assets and Liabilities, respectively.

*Incentive Fee Based on Capital Gains*

The second component of the incentive fee, the capital gains incentive fee, is payable at the end of each calendar year in arrears. The amount payable equals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with GAAP.

There were no capital gains based incentive fees for the three and six months ended June 30, 2025 and June 30, 2024. As of June 30, 2025 and December 31, 2024, $0.0 million and $0.0 million, respectively, remained payable related to the capital gains based incentive fee accrued in capital gains incentive fee payable on the Consolidated Statements of Assets and Liabilities.

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***Administration Agreement***

Under the Administration Agreement, the Administrator provides, or oversees the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of NAV, compliance monitoring (including diligence and oversight of our other service providers), preparing reports to Members and reports filed with the SEC and other regulators, preparing materials and coordinating meetings of our Board, managing the payment of expenses, the payment and receipt of funds for investments and the performance of administrative and professional services rendered by others and providing office space, equipment and office services. We will reimburse the Administrator for the reasonable fees, costs and expenses incurred by the Administrator in performing its obligations under the Administration Agreement. Such reimbursement will include the Company's allocable portion of compensation, Overhead (as defined below) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to: (i) the Company's chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Administrator that perform duties for the Company; and (iii) any internal audit group personnel of OHA or any of its affiliates, subject to the limitations described in the Advisory Agreement and the Administration Agreement. In addition, pursuant to the terms of the Administration Agreement, the Administrator may delegate its obligations under the Administration Agreement to an affiliate or to a third party and we will reimburse the Administrator for any services performed for us by such affiliate or third party. The Administrator hired a sub-administrator to assist in the provision of administrative services. The sub-administrator will receive compensation for its sub-administrative services under a sub-administration agreement.

The amount of the reimbursement payable to the Administrator will be the lesser of (1) the Administrator's actual costs incurred in providing such services and (2) the amount that we estimate we would be required to pay alternative service providers for comparable services in the same geographic location. The Administrator will be required to allocate the cost of such services to us based on factors such as assets, revenues, time allocations and/or other reasonable metrics. We will not reimburse the Administrator for any services for which it receives a separate fee, or for rent, depreciation, utilities, capital equipment or other administrative items allocated to a controlling person of the Administrator.

For the three months ended June 30, 2025 and June 30, 2024, there were $0.1 million and $0.1 million, respectively, in expenses related to the Administrator that were included in other general and administrative expenses on the Consolidated Statements of Operations and the payable included in accrued expenses and other liabilities in the Consolidated Statements of Assets and Liabilities. For the six months ended June 30, 2025 and June 30, 2024, there were $0.3 million and $0.3 million, respectively, in expenses related to the Administrator that were included in other general and administrative expenses on the Consolidated Statements of Operations and the payable included in accrued expenses and other liabilities in the Consolidated Statements of Assets and Liabilities.

The sub-administrator is paid its compensation for performing its sub-administrative services under the sub-administration agreement. For the three months ended June 30, 2025 and June 30, 2024, there were $0.1 million and $0.0 million, respectively, in expenses related to the sub-administrator which is included in administrative service expenses on the Consolidated Statements of Operations and the payable included in accrued expenses and other liabilities in the Consolidated Statements of Assets and Liabilities. For the six months ended June 30, 2025 and June 30, 2024, there were $0.2 million and $0.1 million, respectively, in expenses related to the sub-administrator which is included in administrative service expenses on the Consolidated Statements of Operations and the payable included in accrued expenses and other liabilities in the Consolidated Statements of Assets and Liabilities.

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**Note 4. Investments**

The composition of the Company's investment portfolio at cost and fair value as of June 30, 2025 and December 31, 2024 was as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Amortized Cost** | **Fair Value** | **% of Total Investments at Fair Value** | **Amortized Cost** | **Fair Value** | **% of Total Investments at Fair Value** |
| First lien debt | $421399 | $424187 | 98.6% | $414659 | $417230 | 98.5% |
| Second lien debt | 6180 | 6082 | 1.4 | 6070 | 6200 | 1.5 |
| **Total investments** | $427579 | $430269 | 100.0% | $420729 | $423430 | 100.0% |

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The industry composition of investments based on fair value as of June 30, 2025 and December 31, 2024 were as follows:

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| | |
|:---|:---|
| | **June 30, 2025** |
| Services: Business | 18.8% |
| High Tech | 13.8 |
| Healthcare, Education and Childcare | 11.5 |
| Capital Equipment | 6.5 |
| Services: Consumer | 6.3 |
| Finance | 5.8 |
| Insurance | 5.7 |
| Chemicals, Plastics and Rubber | 5.3 |
| Media: Diversified & Production | 5.3 |
| Consumer Goods: Durable | 4.8 |
| Aerospace and Defense | 3.3 |
| Printing and Publishing | 3.3 |
| Automobile | 3.3 |
| Retail Stores | 1.6 |
| Construction & Building | 1.6 |
| Buildings and Real Estate | 1.4 |
| Containers, Packaging and Glass | 1.0 |
| Ecological | 0.7 |
| Telecommunications |  |
| **Total** | 100.0% |

---

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<u>[**Table of Contents**](#i5acb21e8c4584166800d0238689abfc9_10)</u>

---

| | |
|:---|:---|
| | **December 31, 2024** |
| Services: Business | 17.9% |
| High Tech | 11.8 |
| Healthcare, Education and Childcare | 10.3 |
| Insurance | 7.7 |
| Capital Equipment | 6.3 |
| Services: Consumer | 6.2 |
| Finance | 5.9 |
| Chemicals, Plastics and Rubber | 5.5 |
| Consumer Goods: Durable | 4.9 |
| Media: Diversified & Production | 4.5 |
| Aerospace and Defense | 3.4 |
| Printing and Publishing | 3.3 |
| Automobile | 3.3 |
| Construction & Building | 1.6 |
| Technology & Electronics | 1.6 |
| Retail Stores | 1.6 |
| Buildings and Real Estate | 1.4 |
| Broadcasting and Entertainment | 1.2 |
| Containers, Packaging and Glass | 0.9 |
| Ecological | 0.7 |
| **Total** | 100.0% |

---

The geographic composition of investments at cost and fair value as of June 30, 2025 and December 31, 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| | **Amortized<br>Cost** | **Fair<br>Value** | **% of Total<br>Investments<br>at Fair Value** | **Fair Value as % of Net Assets** |
| United States | $384673 | $386032 | 89.7% | 79.0% |
| United Kingdom | 13517 | 13502 | 3.1 | 2.8 |
| Germany | 12630 | 13513 | 3.1 | 2.8 |
| Switzerland | 9960 | 10194 | 2.4 | 2.1 |
| Canada | 6799 | 7028 | 1.7 | 1.4 |
| **Total** | $427579 | $430269 | 100.0% | 88.1% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Amortized<br>Cost** | **Fair<br>Value** | **% of Total<br>Investments<br>at Fair Value** | **Fair Value as % of Net Assets** |
| United States | $378303 | $381519 | 90.1% | 87.4% |
| United Kingdom | 13554 | 13553 | 3.2 | 3.1 |
| Germany | 12129 | 11860 | 2.8 | 2.7 |
| Switzerland | 9955 | 9863 | 2.3 | 2.3 |
| Canada | 6788 | 6635 | 1.6 | 1.5 |
| **Total** | $420729 | $423430 | 100.0% | 97.0% |

---

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<u>[**Table of Contents**](#i5acb21e8c4584166800d0238689abfc9_10)</u>

 **Note 5. Fair Value of Investments**

The following tables present the fair value hierarchy of investments as of June 30, 2025 and December 31, 2024, categorized by the ASC 820 valuation hierarchy, as previously described:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|<br>**Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| First Lien Debt | $— | $4866 | $419321 | $424187 |
| Second Lien Debt |  |  | 6082 | 6082 |
| **Total investments** | $— | $4866 | $425403 | $430269 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|<br>**Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| First Lien Debt | $— | $5130 | $412100 | $417230 |
| Second Lien Debt |  |  | 6200 | 6200 |
| **Total investments** | $— | $5130 | $418300 | $423430 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The following tables present the change in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value for the three months ended June 30, 2025 and June 30, 2024:

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<u>[**Table of Contents**](#i5acb21e8c4584166800d0238689abfc9_10)</u>

---

| | | | |
|:---|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** |
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| | **First Lien Debt** | **Second Lien Debt** | **Total Investments** |
| Fair value, beginning of period | $416964 | $6076 | $423040 |
| Purchases of investments<sup>(1)</sup> | 12852 | 99 | 12951 |
| Proceeds from principal repayments and sales of investments | (11620) |  | (11620) |
| Accretion of discount/amortization of premium | 473 | 6 | 479 |
| Net realized gain (loss) | 14 |  | 14 |
| Net change in unrealized appreciation (depreciation) | 638 | (99) | 539 |
| Transfers into Level 3 <sup>(2)</sup> |  |  |  |
| Transfers out of Level 3 <sup>(2)</sup> |  |  |  |
| **Fair value, end of period** | $419321 | $6082 | $425403 |
| Net change in unrealized appreciation (depreciation) related to financial instruments still held as of June 30, 2025 | $71 | $(99) | $(28) |

---

---

| | | | |
|:---|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** |
| | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** |
| | **First Lien Debt** | **Second Lien Debt** | **Total Investments** |
| Fair value, beginning of period | $317236 | $6200 | $323436 |
| Purchases of investments<sup>(1)</sup> | 68054 |  | 68054 |
| Proceeds from principal repayments and sales of investments | (2768) |  | (2768) |
| Accretion of discount/amortization of premium | 273 | 5 | 278 |
| Net realized gain (loss) | 4 |  | 4 |
| Net change in unrealized appreciation (depreciation) | (211) | (5) | (216) |
| Transfers into Level 3 <sup>(2)</sup> |  |  |  |
| Transfers out of Level 3 <sup>(2)</sup> |  |  |  |
| **Fair value, end of period** | $382588 | $6200 | $388788 |
| Net change in unrealized appreciation (depreciation) related to financial instruments still held as of June 30, 2024 | $399 | $(5) | $394 |

---

<sup>(1)</sup> Purchases include PIK interest, if applicable.

<sup>(2)</sup> Transfers between levels are recognized at the beginning of the year in which the transfer occurred. For the three months ended June 30, 2025 and June 30, 2024, there were no transfers into or out of Level 3.

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<u>[**Table of Contents**](#i5acb21e8c4584166800d0238689abfc9_10)</u>

The following tables present the change in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value for the six months ended June 30, 2025 and June 30, 2024:

---

| | | | |
|:---|:---|:---|:---|
| | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| | **First Lien Debt** | **Second Lien Debt** | **Total Investments** |
| Fair value, beginning of period | $412100 | $6200 | $418300 |
| Purchases of investments<sup>(1)</sup> | 28056 | 99 | 28155 |
| Proceeds from principal repayments and sales of investments | (22746) |  | (22746) |
| Accretion of discount/amortization of premium | 721 | 11 | 732 |
| Net realized gain (loss) | 28 |  | 28 |
| Net change in unrealized appreciation (depreciation) | 1162 | (228) | 934 |
| Transfers into Level 3 <sup>(2)</sup> |  |  |  |
| Transfers out of Level 3 <sup>(2)</sup> |  |  |  |
| **Fair value, end of period** | $419321 | $6082 | $425403 |
| Net change in unrealized appreciation (depreciation) related to financial instruments still held as of June 30, 2025 | $394 | $(228) | $165 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
| | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** |
| | **First Lien Debt** | **Second Lien Debt** | **Total Investments** |
| Fair value, beginning of period | $318189 | $6107 | $324296 |
| Purchases of investments<sup>(1)</sup> | 117311 |  | 117311 |
| Proceeds from principal repayments and sales of investments | (53561) |  | (53561) |
| Accretion of discount/amortization of premium | 1659 | 10 | 1669 |
| Net realized gain (loss) | 104 |  | 104 |
| Net change in unrealized appreciation (depreciation) | (1114) | 83 | (1031) |
| Transfers into Level 3 <sup>(2)</sup> |  |  |  |
| Transfers out of Level 3 <sup>(2)</sup> |  |  |  |
| **Fair value, end of period** | $382588 | $6200 | $388788 |
| Net change in unrealized appreciation (depreciation) related to financial instruments still held as of June 30, 2024 | $755 | $83 | $839 |

---

<sup>(1)</sup> Purchases include PIK interest, if applicable.

<sup>(2)</sup> Transfers between levels are recognized at the beginning of the year in which the transfer occurred. For the six months ended June 30, 2025 and June 30, 2024, there were no transfers into or out of Level 3.

**Significant Unobservable Inputs**

In accordance with ASC 820, the following tables provide quantitative information about the significant unobservable inputs of the Company's Level 3 investments as of June 30, 2025 and December 31, 2024. The tables are not

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<u>[**Table of Contents**](#i5acb21e8c4584166800d0238689abfc9_10)</u>

intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company's determination of fair value.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| | **Fair Value** | **Valuation Techniques** | **Unobservable Input** | **Range/Input**<br>**(Weighted Average)**<sup>(1)</sup> |
| **Assets:** | | | | |
| First lien debt | $416065 | Discounted cash flow | Comparative Yields | 7.2% - 14.5% (9.2%) |
| First lien debt | 3256 | Precedent Transaction | Transaction Price | N/A |
| Total first lien debt | 419321 |  |  |  |
| Second lien debt | 6082 | Discounted cash flow | Comparative Yields | 9.2% - 13.9% (9.3%) |
| Total investments | $425403 |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Fair Value** | **Valuation Techniques** | **Unobservable Input** | **Range/Input**<br>**(Weighted Average)**<sup>(1)</sup> |
| **Assets:** | | | | |
| First lien debt | $389496 | Discounted cash flow | Comparative Yields | 7.3% - 15.3% (9.6%) |
| First lien debt | 22604 | Precedent Transaction | Transaction Price | N/A |
| Total first lien debt | 412100 |  |  |  |
| Second lien debt | 6200 | Discounted cash flow | Comparative Yields | 13.0% |
| Total investments | $418300 |  |  |  |

---

<sup>(1)</sup> Weighted averages are calculated based on fair value of investments.

The Company used the income approach to determine the fair value of certain Level 3 assets as of June 30, 2025 and December 31, 2024. The significant unobservable inputs used in the income approach is the comparative yield and discount rate. The comparative yield and discount rate is 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.

**Note 6: Derivatives**

The Company enters into derivative financial instruments in the normal course of business from time to time to achieve certain risk management objectives, including managing its interest rate and foreign currency risk exposures. For derivative contracts, the Company enters into netting arrangements with its counterparties. In accordance with authoritative guidance, the Company offsets fair value amounts recognized for derivative instruments with the same counterparty under a master netting arrangement.

The Company may enter into forward currency exchange contracts to reduce the exposure to foreign currency exchange rate fluctuations of the Company and its Members, as described in Note 2. The fair value of derivative contracts open as of June 30, 2025 and December 31, 2024 is included on the Consolidated Schedules of Investments by contract. The Company had $0.6 million and $0.0 million collateral receivable as of June 30, 2025 and December 31, 2024, respectively, and had $0.0 million and $0.2 million collateral payable as of June 30, 2025 and December 31, 2024, respectively. Collateral amounts posted are included in collateral on forward currency exchange contracts on the Consolidated Statements of Assets and Liabilities. Collateral payable is included in collateral payable on forward currency exchange contracts on the Consolidated Statements of Assets and Liabilities.

For the three months ended June 30, 2025 and June 30, 2024, the Company's average U.S. dollar notional exposure to forward currency exchange contracts was $494.1 million and $421.4 million, respectively. For the six months ended June 30, 2025 and June 30, 2024, the Company's average U.S. dollar notional exposure to forward currency exchange contracts was $500.8 million and $423.0 million, respectively.

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<u>[**Table of Contents**](#i5acb21e8c4584166800d0238689abfc9_10)</u>

The following tables present both gross and net information about derivative instruments eligible for offset in the Consolidated Statements of Assets and Liabilities.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Counterparty** | **Gross Amount of Assets** | **Gross Amount of<br>(Liabilities)** | **Net amounts presented in the<br>Statements of<br>Assets and Liabilities** | **Collateral**<br>**Received/Pledged**<sup>(1)</sup> | **Net**<br>**Amounts**<sup>(2)</sup> |
| State Street Bank and Trust Company | $28751 | $— | $28751 | $— | $28751 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Counterparty** | **Gross Amount of Assets** | **Gross Amount of<br>(Liabilities)** | **Net amounts presented in the <br>Statements of<br>Assets and Liabilities** | **Collateral**<br>**Received/Pledged**<sup>(1)</sup> | **Net**<br>**Amounts**<sup>(2)</sup> |
| State Street Bank and Trust Company | $— | $(26106) | $(26106) | $— | $(26106) |

---

<sup>(1)</sup> Amount excludes excess cash collateral paid.

<sup>(2)</sup> Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual setoff rights under the agreement. Net amount excludes any over-collateralized amounts, if applicable.

The effect of transactions in derivative instruments on the Consolidated Statements of Operations for the three months ended June 30, 2025 and June 30, 2024 were as follows:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **June 30, 2025** | **June 30, 2024** |
| Realized gain (loss) on foreign currency forward contracts | $694 | $(4888) |
| Net change in unrealized gain (loss) on foreign currency forward contracts | 36828 | 1478 |
| Total net realized and unrealized gain (loss) on foreign currency forward contracts | $37522 | $(3410) |

---

The effect of transactions in derivative instruments on the Consolidated Statements of Operations for the six months ended June 30, 2025 and June 30, 2024 were as follows:

---

| | | |
|:---|:---|:---|
| | **Six Months Ended** | **Six Months Ended** |
| | **June 30, 2025** | **June 30, 2024** |
| Realized gain (loss) on foreign currency forward contracts | $(2044) | $(18404) |
| Net change in unrealized gain (loss) on foreign currency forward contracts | 54857 | 3263 |
| Total net realized and unrealized gain (loss) on foreign currency forward contracts | $52813 | $(15141) |

---

**Note 7: Commitments and Contingencies**

In the normal course of business, the Company enters 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 may contain debt investments which are in the form of lines of credit or delayed draw commitments, which require the Company to provide funding when requested by portfolio companies in

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<u>[**Table of Contents**](#i5acb21e8c4584166800d0238689abfc9_10)</u>

accordance with underlying loan agreements. As of June 30, 2025 and December 31, 2024, the Company had the following unfunded delayed draw term loans and revolvers:

---

| | | |
|:---|:---|:---|
| | **Par Value as of** | **Par Value as of** |
| | **June 30, 2025** | **December 31, 2024** |
| Unfunded delayed draw commitments | $29037 | $35950 |
| Unfunded revolving commitments | 29628 | 28764 |
| **Total unfunded commitments** | $58665 | $64714 |

---

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of June 30, 2025, management is not aware of any pending or threatened material litigation.

*Investor Commitments*

As of June 30, 2025, the Company had $618.4 million in total capital commitments from investors, $158.1 million of which was undrawn. As of December 31, 2024, the Company had $543.8 million in total capital commitments from investors, $83.5 million of which was undrawn.

**Note 8**: **Segment Reporting** 

The Company operates through a single operating and reporting segment with an investment objective to generate both current income and capital appreciation through debt and equity investments. The CODM is comprised of the Company's lead portfolio managers and internal members of the Board (including the chief executive officer), chief financial officer and chief operating officer, and the CODM assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company's net increase in stockholders' equity resulting from operations ("GAAP net income"). In addition to numerous other factors and metrics, the CODM utilizes GAAP net income as a key metric in determining the amount of dividends to be distributed to the Company's shareholders. As the Company's operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated balance sheet as "total assets" and the significant segment expenses are listed on the accompanying Consolidated Statements of Operations.

**Note 9. Net Assets**

***Subscriptions and Drawdowns***

As of June 30, 2025 and December 31, 2024, the Company had 44,724,135 Shares issued and outstanding with a par value of $0.01 per Share. The Company has entered into subscription agreements with investors providing for the private placement of the Company's Shares. Under the terms of the subscription agreements, investors are required to fund drawdowns to purchase the Company's Shares up to the amount of their respective capital commitment on an as-needed basis each time the Adviser delivers a drawdown notice to such investors.

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<u>[**Table of Contents**](#i5acb21e8c4584166800d0238689abfc9_10)</u>

The following table summarizes capital activity for the three months ended June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares** | **Shares** | **Capital in Excess of Par Value** | **Accumulated Net Investment Income (Loss)** | **Accumulated Net Realized Gain (Loss)** | **Accumulated Net Unrealized Appreciation (Depreciation)** | |
| | **Shares** | **Amount** | **Capital in Excess of Par Value** | **Accumulated Net Investment Income (Loss)** | **Accumulated Net Realized Gain (Loss)** | **Accumulated Net Unrealized Appreciation (Depreciation)** |<br>**Total Net Assets** |
| Balance, beginning of period | 44724135 | $447 | $459283 | $5443 | $(9775) | $(5310) | $450088 |
| Common Shares issued |  |  |  |  |  |  |  |
| Distribution reinvestment |  |  |  |  |  |  |  |
| Repurchase of Shares |  |  |  |  |  |  |  |
| Net investment income (loss) |  |  |  | 8867 |  |  | 8867 |
| Net realized gain (loss) |  |  |  |  | 1500 |  | 1500 |
| Net change in unrealized appreciation (depreciation) on investments |  |  |  |  |  | (77) | (77) |
| Net change in unrealized currency gain (losses) on non-investment assets and liabilities |  |  |  |  |  | 36828 | 36828 |
| Distributions declared |  |  |  | (8944) |  |  | (8944) |
| Tax reclassification of shareholders' equity in accordance with GAAP |  |  |  |  |  |  |  |
| **Balance, end of period** | 44724135 | $447 | $459283 | $5366 | $(8275) | $31441 | $488262 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes capital activity for the three months ended June 30, 2024:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares** | **Shares** | **Capital in Excess of Par Value** | **Accumulated Net Investment Income (Loss)** | **Accumulated Net Realized Gain (Loss)** | **Accumulated Net Unrealized Appreciation (Depreciation)** | |
| | **Shares** | **Amount** | **Capital in Excess of Par Value** | **Accumulated Net Investment Income (Loss)** | **Accumulated Net Realized Gain (Loss)** | **Accumulated Net Unrealized Appreciation (Depreciation)** |<br>**Total Net Assets** |
| Balance, beginning of period | 38954613 | $390 | $398535 | $9102 | $(1359) | $3975 | $410643 |
| Common Shares issued |  |  |  |  |  |  |  |
| Distribution reinvestment |  |  |  |  |  |  |  |
| Repurchase of Shares |  |  |  |  |  |  |  |
| Net investment income (loss) |  |  |  | 9239 |  |  | 9239 |
| Net realized gain (loss) |  |  |  |  | (6170) |  | (6170) |
| Net change in unrealized appreciation (depreciation) on investments |  |  |  |  |  | (216) | (216) |
| Net change in unrealized currency gain (losses) on non-investment assets and liabilities |  |  |  |  |  | 1478 | 1478 |
| Distributions declared |  |  |  | (9769) |  |  | (9769) |
| Tax reclassification of shareholders' equity in accordance with GAAP |  |  |  |  |  |  |  |
| **Balance, end of period** | 38954613 | $390 | $398535 | $8572 | $(7529) | $5237 | $405205 |

---

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<u>[**Table of Contents**](#i5acb21e8c4584166800d0238689abfc9_10)</u>

The following table summarizes capital activity for the six months ended June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares** | **Shares** | **Capital in Excess of Par Value** | **Accumulated Net Investment Income (Loss)** | **Accumulated Net Realized Gain (Loss)** | **Accumulated Net Unrealized Appreciation (Depreciation)** | |
| | **Shares** | **Amount** | **Capital in Excess of Par Value** | **Accumulated Net Investment Income (Loss)** | **Accumulated Net Realized Gain (Loss)** | **Accumulated Net Unrealized Appreciation (Depreciation)** |<br>**Total Net Assets** |
| Balance, beginning of period | 44724135 | $447 | $459283 | $7178 | $(7213) | $(23405) | $436290 |
| Common Shares issued |  |  | $— |  |  |  |  |
| Distribution reinvestment |  |  |  |  |  |  |  |
| Repurchase of Shares |  |  |  |  |  |  |  |
| Net investment income (loss) |  |  |  | 17684 |  |  | 17684 |
| Net realized gain (loss) |  |  |  |  | (1062) |  | (1062) |
| Net change in unrealized appreciation (depreciation) on investments |  |  |  |  |  | (11) | (11) |
| Net change in unrealized currency gain (losses) on non-investment assets and liabilities |  |  |  |  |  | 54857 | 54857 |
| Distributions declared |  |  |  | (19496) |  |  | (19496) |
| Tax reclassification of shareholders' equity in accordance with GAAP |  |  |  |  |  |  |  |
| **Balance, end of period** | 44724135 | $447 | $459283 | $5366 | $(8275) | $31441 | $488262 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes capital activity for the six months ended June 30, 2024:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares** | **Shares** | **Capital in Excess of Par Value** | **Accumulated Net Investment Income (Loss)** | **Accumulated Net Realized Gain (Loss)** | **Accumulated Net Unrealized Appreciation (Depreciation)** | |
| | **Shares** | **Amount** | **Capital in Excess of Par Value** | **Accumulated Net Investment Income (Loss)** | **Accumulated Net Realized Gain (Loss)** | **Accumulated Net Unrealized Appreciation (Depreciation)** |<br>**Total Net Assets** |
| Balance, beginning of period | 38954613 | $390 | $398535 | $6522 | $11561 | $3005 | $420013 |
| Common Shares issued |  |  |  |  |  |  |  |
| Distribution reinvestment |  |  |  |  |  |  |  |
| Repurchase of Shares |  |  |  |  |  |  |  |
| Net investment income (loss) |  |  |  | 19444 |  |  | 19444 |
| Net realized gain (loss) |  |  |  |  | (19090) |  | (19090) |
| Net change in unrealized appreciation (depreciation) on investments |  |  |  |  |  | (1031) | (1031) |
| Net change in unrealized currency gain (losses) on non-investment assets and liabilities |  |  |  |  |  | 3263 | 3263 |
| Distributions declared |  |  |  | (17394) |  |  | (17394) |
| Tax reclassification of shareholders' equity in accordance with GAAP |  |  |  |  |  |  |  |
| **Balance, end of period** | 38954613 | $390 | $398535 | $8572 | $(7529) | $5237 | $405205 |

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The Company's distributions are recorded on the record date. The following table summarizes distributions declared during the six months ended June 30, 2025:

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<u>[**Table of Contents**](#i5acb21e8c4584166800d0238689abfc9_10)</u>

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| | | | | |
|:---|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Amount** <br>**Per Share**  | **Total Distributions** |
| March 4, 2025 | March 12, 2025 | March 14, 2025 | $0.23 | $10552 |
| April 28, 2025 | April 28, 2025 | May 16, 2025 | $0.20 | $8944 |
| **Total** |  |  |  | $19496 |

---

The following table summarizes distributions declared during the six months ended June 30, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Amount <br>Per Share** | **Total Distributions** |
| March 6, 2024 | March 6, 2024 | March 22, 2024 | $0.20 | $7625 |
| May 2, 2024 | May 8, 2024 | May 22, 2024 | $0.25 | $9769 |
| **Total** |  |  |  | $17394 |

---

The U.S. federal income tax characterization of distributions declared and paid for the fiscal year will be determined at fiscal year-end based upon our investment company taxable income for the full fiscal year and distributions paid during the full year.

Sources of distributions, other than net investment income and realized gains on a GAAP basis, include required adjustments to GAAP net investment income in the current period to determine taxable income available for distributions.

**Note 10. Financial Highlights**

The following are financial highlights for Shares outstanding for the six months ended June 30, 2025 and June 30, 2024:

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| | | |
|:---|:---|:---|
| | **For the Six Months Ended** | **For the Six Months Ended** |
| | **June 30, 2025** | **June 30, 2024** |
| **Per Share data**:<sup>(1)</sup> | | |
| Net asset value, beginning of period | $9.76 | $10.78 |
| Net investment income (loss)  | 0.40 | 0.50 |
| Net realized and unrealized gains (losses) <sup>(2)</sup> | 1.20 | (0.43) |
| Net increase (decrease) in net assets resulting from operations | 1.60 | 0.07 |
| Impact of issuance of Shares |  |  |
| Shareholder distributions from income <sup>(3)</sup> | (0.44) | (0.45) |
| Net asset value, end of period | $10.92 | $10.40 |
| Total Return <sup>(4)</sup> | 16.92% | (3.51)% |
| **Ratios and supplemental data:** |  |  |
| Net assets, end of period | $488262 | $405205 |
| Portfolio turnover rate<sup>(5)</sup> | 5.83% | 22.56% |
| Ratio of expenses before management and incentive fees to average net assets<sup>(6)(7)</sup> | 0.57% | 0.61% |
| Ratio of expenses after management and incentive fees before waivers to average net assets<sup>(6)(7)</sup> | 2.33% | 2.63% |
| Ratio of expenses after waivers to average net assets<sup>(6)(7)</sup> | 2.33% | 2.63% |
| Net investment income (loss) to average net assets before waivers<sup>(6)(7)</sup> | 7.80% | 9.50% |
| Net investment income (loss) to average net assets after waivers<sup>(6)(7)</sup> | 7.80% | 9.50% |

---

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

(2)The amount shown for a Share outstanding may not correspond with the aggregate realized and unrealized gain (loss) on investments for the period due to the timing of capital share transactions of fund Shares in relation to fluctuating market values of investments of the Company.

(3)The per Share data for distributions was derived by using the actual Shares outstanding at the date of the relevant transactions.

(4)Total return based on net asset value calculated as the change in net asset value per Share during the respective periods, assuming distributions, if any, are reinvested on the effects of the performance of the Company during the period. Total return has not been annualized.

(5)Portfolio turnover rate is calculated using the lesser of year-to-date sales and year-to-date purchases over the average of the investments assets at fair value for the period reported.

(6)Annualized.

(7)The Adviser has agreed to waive income incentive fee in accordance with the annual Operating Expense Cap overage.

**Note 11. Subsequent Events**

The Company's management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. Other than as disclosed below, there have been no subsequent events that occurred during such period that would require disclosure in this Form 10-Q or would be required to be recognized in the consolidated financial statements as of and for the six months ended June 30, 2025.

On July 30, 2025, the Company declared a distribution of $0.20 per Share, all of which is payable on August 15, 2025 to Members of record as of July 30, 2025.

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**Item 2.&nbsp;&nbsp;&nbsp;&nbsp;Management's Discussion and Analysis of Financial Condition and Results of Operations**

*The information contained in this section should be read in conjunction with "Item 1. Financial Statements." This discussion contains forward-looking statements, which relate to future events 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, 2024 and Part II, Item 1A of this Form 10-Q and elsewhere in this Form 10-Q.*

**Overview**

The Company is a Delaware limited liability company formed on June 27, 2022. We are an externally managed, closed-end, diversified management investment company that elected to be regulated as a business development company under the 1940 Act. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. In addition, for U.S. federal income tax purposes, we elected to be treated as a RIC under Subchapter M of the Code. We were formed to make investments and generate returns in the form of current income and long-term capital appreciation.

The Company's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. The Company will target investments in well-established, larger companies generally with earnings before interest, taxes, depreciation and amortization ("EBITDA") of $75 million or greater ("Larger Borrowers"), consistent with OHA's investment history and proven investment process. We believe that credit profiles of Larger Borrowers generally benefit from greater business diversification, stronger market positions, experienced management teams and a greater ability to navigate challenging markets.

Subject to any restrictions imposed under the 1940 Act, any related RIC asset diversification requirements and any guidelines and limitations set forth herein, the Company's investments are expected to primarily consist of senior secured first lien loans and unitranche loans but may include second lien loans or other assets. The Company will seek target position sizes of 2% to 5% of NAV and seek to allocate (a) greater than or equal to 80% of NAV to first lien and unitranche loans and (b) less than or equal to 20% of NAV to second lien loans. The Company's investment mandate is structured so as to allow for co-investment across OHA's entire platform, based on existing SEC exemptive relief under Rule 17d-1 under the 1940 Act and any additional SEC exemptive relief obtained in the future.

**Key Components of Our Results of Operations**

**Investments**

We focus primarily on senior secured loans and securities of private U.S. companies. The level of investment activity (both the number of investments and the size of each investment) can and will vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to private companies, the level of merger and acquisition activity for such companies, the general economic environment and the competitive environment for the types of investments we make.

**Revenues**

We generate revenue in the form of interest and fee income on debt investments, capital gains, and dividend income from our equity investments in our portfolio companies. Our senior and subordinated debt investments are expected to bear interest at a fixed or floating rate. As of June 30, 2025, 99.7% of our debt investments based on fair value in our portfolio were at floating rates. Interest on debt securities is generally payable quarterly or semiannually. In some cases, some of our investments may provide for deferred interest payments or PIK interest. The principal amount of the debt securities and any accrued but unpaid PIK interest generally will become due at the maturity date. In addition, we may generate revenue in the form of commitment and other fees in connection with transactions. Original issue discounts and market discounts or premiums will be capitalized, and we will accrete or amortize such amounts as interest income. We will record prepayment premiums on loans and debt securities as interest income. Dividend income, if any, will be recognized on an accrual basis to the extent that we expect to collect such amounts.

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**Expenses**

Our primary operating expenses include the payment of fees to the Adviser under the Advisory Agreement, our allocable portion of Overhead expenses under the Administration Agreement and other operating costs described below.

Except as specifically provided below, all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory services to us, and the base compensation, bonus and benefits, rent, utilities, insurance, payroll taxes, bonuses, employee benefits, furnishings, telecommunications and certain information services and certain office expenses, including office supplies and equipment and other similar expenses and the other routine overhead expenses, of such personnel allocable to such services, (individually and collectively, "Overhead") will be provided and paid for by the Adviser. We will bear all other reasonable costs and expenses of our operations, administration and transactions, including, but not limited to:

1)investment advisory fees, including management fees and incentive fees, to the Adviser, pursuant to the Advisory Agreement;

2)the Company's allocable portion of Overhead and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to: (i) the Company's chief compliance officer, chief financial officer, chief operating officer, and their respective staffs; (ii) investor relations, legal, operations, treasury and any other non-investment professionals at the Administrator that perform duties for the Company; and (iii) any personnel of OHA or any of its affiliates providing non-investment related services to the Company; and

3)all other expenses of the Company's operations, administration and transactions including, without limitation, those relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)organization and offering fees, costs and expenses associated with this offering (including legal, accounting (including expenses of in-house legal, accounting, tax and other professionals of the Adviser, inclusive of their allocated Overhead), printing, mailing, subscription processing and filing fees costs and expenses (including "blue sky" laws and regulations) and other offering fees costs and expenses, including fees, costs and expenses associated with technology integration between the Company's systems and those of participating intermediaries, diligence expenses of participating intermediaries, fees, costs and expenses in connection with preparing the preparation of the Company's governing documents, offering memoranda, sales materials and other marketing expenses, design and website fees, costs and expenses, fees, costs and expenses of the Company's transfer agent, fees, costs and expenses to attend retail seminars sponsored by participating intermediaries and fees, costs, expenses and reimbursements for travel, meals, accommodations, entertainment and other similar expenses related to meetings or events with prospective investors, intermediaries, registered investment advisors or financial or other advisors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)all taxes, fees, costs, and expenses, retainers and/or other payments of accountants, legal counsel, advisors (including tax advisors), administrators, auditors (including, for the avoidance of doubt, the Company's financial audit, and with respect to any additional auditing required under The Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and any applicable legislation implemented by an EEA member state in connection with such Directive (the "AIFMD")), investment bankers, administrative agents, paying agents, depositaries, custodians, trustees, sub-custodians, consultants (including individuals consulted through expert network consulting firms), engineers, senior advisors, industry experts, operating partners, deal sourcers (including personnel dedicated to but not employed by the Administrator and its affiliates in the credit-focused business of the Adviser), and other professionals (including, for the avoidance of doubt, the costs and charges allocable with respect to the provision of internal legal, tax, accounting, technology, portfolio reconciliation, portfolio compliance and reporting or other services or that are otherwise related to the implementation, maintenance and supervision of the procedures relating to the books and records of the Company and any personnel related thereto, inclusive of their allocated Overhead (including secondees and temporary personnel or consultants that may be engaged on short- or long-term arrangements) as deemed appropriate by the Administrator, with the oversight of the Board, where such internal personnel perform services that would be paid by the Company if outside service providers provided the same services); fees, costs, and expenses herein include (x) fees, costs and expenses for time spent by its in-house attorneys and tax advisors that provide legal advice and/or services to the Company or its portfolio companies on matters related to potential or actual investments and transactions and the ongoing operations of the Company and (y) fees, costs and expenses incurred to provide administrative and accounting services to the Company or its portfolio companies, and fees, costs, expenses and charges incurred directly by the Company or affiliates in connection such services (including overhead related thereto), in each case, (I) that are specifically charged or specifically allocated or

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attributed by the Administrator, with the oversight of the Board, to the Company or its portfolio companies and (II) provided that any such amounts shall not be greater than what would be paid to an unaffiliated third party for substantially similar advice and/or services of the same skill and expertise, in accordance with the Adviser's expense allocation policy);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)all fees, costs and expenses of calculating the Company's NAV, including the cost of any third-party valuation services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)all fees, costs and expenses of effecting any sales of the Shares and other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)any fees, costs and expenses payable under any managing dealer and selected intermediary agreements, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)all interest and fees, costs and expenses arising out of all borrowings, guarantees and other financings or derivative transactions (including interest, fees and related legal expenses) made or entered into by the Company, including, but not limited to, the arranging thereof and related legal expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)all fees, costs and expenses of any loan servicers and other service providers and of any custodians, lenders, investment banks and other financing sources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)all fees, costs and expenses incurred in connection with the formation or maintenance of entities or vehicles to hold the Company's assets for tax or other purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)all fees, costs and expenses of derivatives and hedging;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)all fees, costs and expenses, including travel, entertainment, lodging and meal expenses, incurred by the 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 such expenses related to potential investments that were not consummated, and, if necessary, enforcing the Company's rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)all fees, costs and expenses (including the allocable portions of Overhead and out-of-pocket expenses such as travel expenses) or an appropriate portion thereof of employees of the Adviser to the extent such expenses relate to attendance at meetings of the Board or any committees thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)all fees, costs and expenses, if any, incurred by or on behalf of the Company in developing, negotiating and structuring prospective or potential investments that are not ultimately made, including, without limitation any legal, tax, administrative, accounting, travel, meals, accommodations and entertainment, advisory, consulting and printing expenses, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)all allocated fees, costs and expenses incurred by the Administrator in providing managerial assistance to those portfolio companies that request it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)all brokerage fees, costs and expenses, hedging fees, costs and expenses, prime brokerage fees, costs and expenses, custodial fees, costs and expenses, agent bank and other bank service fees, costs and expenses; private placement fees, costs and expenses, commissions, appraisal fees, commitment fees and underwriting fees, costs and expenses; fees, costs and expenses of any lenders, investment banks and other financing sources, and other investment costs, fees and expenses actually incurred in connection with evaluating, making, holding, settling, clearing, monitoring or disposing of actual investments (including, without limitation, travel, meals, accommodations and entertainment expenses and any expenses related to attending trade association and/or industry meetings, conferences or similar meetings, any costs or expenses relating to currency conversion in the case of investments denominated in a currency other than U.S. dollars) and expenses arising out of trade settlements (including any delayed compensation expenses);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)investment fees, costs and expenses, including all fees, costs and expenses incurred in sourcing, evaluating, developing, negotiating, structuring, trading (including trading errors), settling, monitoring and holding prospective or actual investments or investment strategies including, without limitation, any financing, legal, filing, auditing, tax, accounting, compliance, loan administration, travel, meals, accommodations and entertainment,

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advisory, consulting, engineering, data-related and other professional fees, costs and expenses in connection therewith (to the extent the Adviser is not reimbursed by a prospective or actual issuer of the applicable investment or other third parties or capitalized as part of the acquisition price of the transaction) and any fees, costs and expenses related to the organization or maintenance of any vehicle through which the Company directly or indirectly participates in the acquisition, holding and/or disposition of investments or which otherwise facilitate the Company's investment activities, including without limitation any travel and accommodations expenses related to such vehicle and the salary and benefits of any personnel (including personnel of the Adviser or its affiliates) and/or in connection with the maintenance and operation of such vehicle, or other overhead expenses (including any fees, costs and expenses associated with the leasing of office space (which may be made with one or more affiliates of the Adviser as lessor in connection therewith));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi)all transfer agent, dividend agent and custodial fees, costs and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)all federal and state registration fees, franchise fees, any stock exchange listing fees and fees payable to rating agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii)Independent Board members' fees and expenses including travel, entertainment, lodging and meal expenses, and any legal counsel or other advisors retained by, or at the discretion or for the benefit of, the independent Board members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix)costs of preparing financial statements and maintaining books and records, costs of Sarbanes-Oxley Act of 2002 compliance and attestation and costs of preparing and filing reports or other documents with the SEC, Financial Industry Regulatory Authority, U.S. Commodity Futures Trading Commission ("CFTC") and other regulatory bodies and other reporting and compliance costs, including registration and exchange listing and the costs associated with reporting and compliance obligations under the 1940 Act and any other applicable federal and state securities laws, and the compensation of professionals responsible for the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx)all fees, costs and expenses associated with the preparation and issuance of the Company's periodic reports and related statements (*e.g*., financial statements and tax returns) and other internal and third-party printing (including a flat service fee), publishing (including time spent performing such printing and publishing services) and reporting-related expenses (including other notices and communications) in respect of the Company and its activities (including internal expenses, charges and/or related costs incurred, charged or specifically attributed or allocated by the Company or the Adviser or its affiliates in connection with such provision of services thereby);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi)all fees, costs and expenses of any reports, proxy statements or other notices to Members (including printing and mailing costs) and the costs of Board member meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii)all proxy voting fees, costs and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii)all fees, costs and expenses associated with an exchange listing (to the extent applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv)any and all taxes and/or tax-related interest, fees or other governmental charges (including any penalties incurred where the Adviser lacks sufficient information from third parties to file a timely and complete tax return) levied against the Company and all fees, costs and expenses incurred in connection with any tax audit, investigation, litigation, settlement or review of the Company and the amount of any judgments, fines, remediation or settlements paid in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv)all fees, costs and expenses of any litigation, arbitration or audit involving the Company any vehicle or its portfolio companies and the amount of any judgments, assessments fines, remediations or settlements paid in connection therewith, Board members and officers, liability or other insurance (including costs of title insurance) and indemnification (including advancement of any fees, costs or expenses to persons entitled to indemnification) or extraordinary expense or liability relating to the affairs of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi)all fees, costs and expenses associated with the Company's information, obtaining and maintaining technology (including any and all fees, costs and expenses of any investment, books and records, portfolio compliance and reporting systems such as "Wall Street Office," "Everest" (Allvue), "Trinity" and similar systems and services, including consultant, software licensing, data management and recovery services fees and any tools, programs, subscriptions or other systems providing market data, analytical, database, news or third-party research or information

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services and the costs of any related professional service providers), third party or proprietary hardware/software, data-related communication, market data and research (including news and quotation equipment and services and including costs allocated by the Adviser's or its affiliates' internal and third-party research group (which are generally based on time spent, assets under management, usage rates, proportionate holdings or a combination thereof or other reasonable methods determined by the Administrator) and expenses and fees (including compensation costs) charged or specifically attributed or allocated by Adviser and/or its affiliates for data-related services provided to the Company and/or its portfolio companies (including in connection with prospective investments), each including expenses, charges, fees and/or related costs of an internal nature; reporting costs (which includes notices and other communications and internally allocated charges), and dues and expenses incurred in connection with membership in industry or trade organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii)all fees, costs and expenses of specialty and custom software for monitoring risk, compliance and the overall portfolio, including any development costs incurred prior to the filing of the Company's election to be treated as a BDC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii)all fees, costs and expenses associated with individual or group Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix)all insurance fees, costs and expenses (including fidelity bond, Board members and officers errors and omissions liability insurance and other insurance premiums incurred for the benefit of the Adviser);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx)all fees, costs and expenses of winding up and liquidating the Company's assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxi)all fees, costs and expenses related to compliance-related matters (such as developing and implementing specific policies and procedures in order to comply with certain regulatory requirements) and regulatory filings; notices or disclosures related to the Company's activities (including, without limitation, expenses relating to the preparation and filing of filings required under the Securities Act, TIC Form SLT filings, Internal Revenue Service filings under FATCA and FBAR reporting requirements applicable to the Company or reports to be filed with the CFTC, reports, disclosures, filings and notifications prepared in connection with the laws and/or regulations of jurisdictions in which the Company engages in activities, including any notices, reports and/or filings required under the AIFMD, European Securities and Markets Authority and any related regulations, and other regulatory filings, notices or disclosures of the Adviser relating to the Company and its affiliates relating to the Company, and their activities) and/or other regulatory filings, notices or disclosures of the Adviser and its affiliates relating to the Company including those pursuant to applicable disclosure laws and expenses relating to FOIA requests, but excluding, for the avoidance of doubt, any expenses incurred for general compliance and regulatory matters that are not related to the Company and its activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxii)all fees, costs and expenses (including travel) in connection with the diligence and oversight of the Company's service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiii)all fees, costs and expenses, including travel, meals, accommodations, entertainment and other similar expenses, incurred by the Adviser or its affiliates for meetings with existing investors and any intermediaries, registered investment advisors, financial and other advisors representing such existing investors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiv)all other fees, costs and expenses incurred by the Administrator in connection with administering the Company's business.

OHA has agreed to pay any organizational expenses of the Company (excluding any expenses incurred in connection with a subscription facility) in excess of $750,000 and has agreed to pay any annual operating expenses of the Company (excluding (i) third-party legal expenses incurred in connection with investments and the ordinary course operation of the Company and (ii) the management fee and incentive fees paid to the Adviser) that would cause such operating expenses to exceed 0.40% per annum of the Company's average net assets in respect of the relevant year.

**Portfolio and Investment Activity**

As of June 30, 2025 and December 31, 2024, based on fair value, our portfolio consisted of 98.6% and 98.5% first lien debt investments, respectively, and 1.4% and 1.5% second lien debt investments, respectively.

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As of June 30, 2025 and December 31, 2024, we had investments in 68 and 61 portfolio companies with an aggregate fair value of approximately $430.3 million and $423.4 million, respectively.

Our investment activity for the three months ended June 30, 2025 and June 30, 2024 is presented below (information presented herein is at amortized cost unless otherwise indicated):

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| | | |
|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** |
| | **June 30, 2025** | **June 30, 2024** |
| Total investments, beginning of period | $425249 | $318792 |
| New investments purchased<sup>(1)</sup> | 16144 | 68054 |
| Net accretion of discount on investments | 378 | 278 |
| Net realized gain (loss) on investments | 13 | 4 |
| Investments sold or repaid | (14205) | (2768) |
| **Total investments, end of period** | $427579 | $384360 |

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<sup>(1)</sup> Purchases include PIK interest, if applicable.

Our investment activity for the six months ended June 30, 2025 and June 30, 2024 is presented below (information presented herein is at amortized cost unless otherwise indicated):

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| | | |
|:---|:---|:---|
| | **For the Six Months Ended** | **For the Six Months Ended** |
| | **June 30, 2025** | **June 30, 2024** |
| Total investments, beginning of period | $420729 | $318837 |
| New investments purchased<sup>(1)</sup> | 31405 | 117311 |
| Net accretion of discount on investments | 749 | 1669 |
| Net realized gain (loss) on investments | 27 | 104 |
| Investments sold or repaid | (25331) | (53561) |
| **Total investments, end of period** | 427579 | 384360 |

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<sup>(1)</sup> Purchases include PIK interest, if applicable.

The following table presents certain selected information regarding our investment portfolio:

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| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **June 30, 2025** | **December 31, 2024** |
| Weighted average yield on debt and income producing investments, at amortized cost <sup>(1)</sup> | 10.3% | 10.8% |
| Weighted average yield on debt and income producing investments, at fair value <sup>(1)</sup> | 10.2% | 10.7% |
| Number of portfolio companies | 68 | 61 |
| Weighted average EBITDA <sup>(2)</sup> | $267.0 | $239.0 |
| Average loan-to-value (LTV) <sup>(3)</sup> | 42.3% | 40.8% |
| Percentage of debt investments bearing a floating rate, at fair value | 99.7% | 99.8% |
| Percentage of debt investments bearing a fixed rate, at fair value | 0.3% | 0.2% |

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(1)Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts or less the annual amortization of premiums, as applicable, on income producing securities, divided by (b) the total relevant investments at amortized cost or fair value, as applicable. Actual yields earned over the life of each investment could differ materially from the yields presented above.

(2)Includes all private debt investments for which fair value is determined by the Adviser as valuation designee in conjunction with a third-party valuation firm and excludes structured products. Amounts are weighted based on fair market value of each respective investment. Amounts were derived from the most recently available financial

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information provided by the portfolio company and may reflect a normalized or adjusted amount. Accordingly, we make no representation or warranty in respect of this information. Amounts in millions.

(3)Includes all private debt investments for which fair value is determined by our Adviser as valuation designee in conjunction with a third-party valuation firm and excludes quoted assets. Average loan-to-value represents the net ratio of loan-to-value for each portfolio company, weighted based on the fair value of total applicable private debt investments. Loan-to-value is calculated as the current total net debt of all loan tranches outstanding divided by the estimated enterprise value of the portfolio company as of the most recent year end.

Our investments consisted of the following:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Amortized Cost** | **Fair Value** | **Amortized Cost** | **Fair Value** |
| First lien debt | $421399 | $424187 | $414659 | $417230 |
| Second lien debt | 6180 | 6082 | 6070 | 6200 |
| **Total investments** | $427579 | $430269 | $420729 | $423430 |

---

As of June 30, 2025 and December 31, 2024 there were no investments on non-accrual status.

The tables below describe investments by industry composition based on fair value as of June 30, 2025 and December 31, 2024:

---

| | |
|:---|:---|
| | **June 30, 2025** |
| Services: Business | 18.8% |
| High Tech | 13.8 |
| Healthcare, Education and Childcare | 11.5 |
| Capital Equipment | 6.5 |
| Services: Consumer | 6.3 |
| Finance | 5.8 |
| Insurance | 5.7 |
| Chemicals, Plastics and Rubber | 5.3 |
| Media: Diversified & Production | 5.3 |
| Consumer Goods: Durable | 4.8 |
| Aerospace and Defense | 3.3 |
| Printing and Publishing | 3.3 |
| Automobile | 3.3 |
| Retail Stores | 1.6 |
| Construction & Building | 1.6 |
| Buildings and Real Estate | 1.4 |
| Containers, Packaging and Glass | 1.0 |
| Ecological | 0.7 |
| Telecommunications |  |
| Total | 100.0% |

---

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<u>[**Table of Contents**](#i5acb21e8c4584166800d0238689abfc9_10)</u>

---

| | |
|:---|:---|
| | **December 31, 2024** |
| Services: Business | 17.9% |
| High Tech | 11.8 |
| Healthcare, Education and Childcare | 10.3 |
| Insurance | 7.7 |
| Capital Equipment | 6.3 |
| Services: Consumer | 6.2 |
| Finance | 5.9 |
| Chemicals, Plastics and Rubber | 5.5 |
| Consumer Goods: Durable | 4.9 |
| Media: Diversified & Production | 4.5 |
| Aerospace and Defense | 3.4 |
| Printing and Publishing | 3.3 |
| Automobile | 3.3 |
| Construction & Building | 1.6 |
| Technology & Electronics | 1.6 |
| Retail Stores | 1.6 |
| Buildings and Real Estate | 1.4 |
| Broadcasting and Entertainment | 1.2 |
| Containers, Packaging and Glass | 0.9 |
| Ecological | 0.7 |
| **Total** | 100% |

---

The tables below describe investments by geographic composition based on fair value as of June 30, 2025 and December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| | **Amortized<br>Cost** | **Fair<br>Value** | **% of Total<br>Investments<br>at Fair Value** | **Fair Value as % of Net Assets** |
| United States | $384673 | $386032 | 89.7% | 79.0% |
| United Kingdom | 13517 | 13502 | 3.1 | 2.8 |
| Germany | 12630 | 13513 | 3.1 | 2.8 |
| Switzerland | 9960 | 10194 | 2.4 | 2.1 |
| Canada | 6799 | 7028 | 1.7 | 1.4 |
| **Total** | $427579 | $430269 | 100.0% | 88.1% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Amortized<br>Cost** | **Fair<br>Value** | **% of Total<br>Investments<br>at Fair Value** | **Fair Value as % of Net Assets** |
| United States | $378303 | $381519 | 90.1% | 87.4% |
| United Kingdom | 13554 | 13553 | 3.2 | 3.1 |
| Germany | 12129 | 11860 | 2.8 | 2.7 |
| Switzerland | 9955 | 9863 | 2.3 | 2.3 |
| Canada | 6788 | 6635 | 1.6 | 1.5 |
| **Total** | $420729 | $423430 | 100.0% | 97.0% |

---

Our Adviser has developed a risk rating methodology for a systematic approach to portfolio monitoring. The Adviser assesses the risk profile of each of our debt investments and rates each of them based on the following categories, which we

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<u>[**Table of Contents**](#i5acb21e8c4584166800d0238689abfc9_10)</u>

refer to as "Risk Ratings." The Adviser reviews the ratings on a quarterly basis and adjusts any scores as appropriate to align with the below definitions.

***Risk Ratings Definitions***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Risk Rating 1 -** Investments with a score of 1 contain the lowest amount of risk in our portfolio. Borrower is performing above expectations, and the trends and risk factors are generally favorable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Risk Rating 2** - Investments with a score of 2 contain an acceptable level of risk that is similar to the risk at the time of origination or acquisition. Borrower is performing in-line with expectations, and the risk factors are neutral to favorable. Investments are assigned a score of 2 at the time of origination or acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Risk Rating 3** - Investments with a score of 3 mean the borrower is performing below expectations and that the loan's risk has increased somewhat since origination or acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Risk Rating 4** - Investments with a score of 4 mean the borrower is performing materially below expectations and indicates that the loan's risk has increased materially since origination or acquisition. In addition to the borrower being generally out of compliance with debt covenants, loan payments may be past due (but generally not more than 120 days past due).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Risk Rating 5** - Investments with a score of 5 mean the borrower is performing substantially below expectations and indicates that the loan's risk has increased substantially since origination, acquisition or restructure. Most or all of the debt covenants are out of compliance and payments are substantially delinquent.

The below table summarizes the Risk Ratings as of June 30, 2025 and December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Fair Value** | **% of Fair Value** | **Fair Value** | **% of Fair Value** |
| Risk Rating 1 | $94599 | 22.0% | $77027 | 18.2% |
| Risk Rating 2 | 294657 | 68.5 | 328923 | 77.7 |
| Risk Rating 3 | 41013 | 9.5 | 17480 | 4.1 |
| Risk Rating 4 |  |  |  |  |
| Risk Rating 5 |  |  |  |  |
| **Total investments** | $430269 | 100.0% | $423430 | 100.0% |

---

The weighted average Risk Rating of our debt investment portfolio was 1.88 and 1.86 as of June 30, 2025 and December 31, 2024, respectively.

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<u>[**Table of Contents**](#i5acb21e8c4584166800d0238689abfc9_10)</u>

**Results of Operations**

The following table represents the operating results:

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** |
| | **June 30, 2025** | **June 30, 2024** |
| Total investment income | $11481 | $11530 |
| Net expenses | 2614 | 2291 |
| Net investment income (loss) | 8867 | 9239 |
| Net realized gain (loss) | 1500 | (6170) |
| Net unrealized appreciation (depreciation) | 36751 | 1262 |
| **Net increase (decrease) in net assets resulting from operations** | $47118 | $4331 |

---

---

| | | |
|:---|:---|:---|
| | **For the Six Months Ended** | **For the Six Months Ended** |
| | **June 30, 2025** | **June 30, 2024** |
| Total investment income | $22958 | $24821 |
| Net expenses | 5274 | 5377 |
| Net investment income (loss) | 17684 | 19444 |
| Net realized gain (loss) | (1062) | (19090) |
| Net unrealized appreciation (depreciation) | 54846 | 2232 |
| **Net increase (decrease) in net assets resulting from operations** | $71468 | $2586 |

---

Net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including the level of new investment commitments, expenses, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio.

***Investment Income***

Investment income was as follows:

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** |
| | **June 30, 2025** | **June 30, 2024** |
| Interest income | $11305 | $10882 |
| Other income | 176 | 648 |
| **Total investment income** | $11481 | $11530 |

---

---

| | | |
|:---|:---|:---|
| | **For the Six Months Ended** | **For the Six Months Ended** |
| | **June 30, 2025** | **June 30, 2024** |
| Interest income | $22590 | $22976 |
| Other income | 368 | 1845 |
| **Total investment income** | $22958 | $24821 |

---

For the three months ended June 30, 2025 and June 30, 2024, total investment income was approximately $11.5 million and $11.5 million, respectively. For the six months ended June 30, 2025 and June 30, 2024, total investment income was approximately $23.0 million and $24.8 million, respectively. The size of our investment portfolio at fair value was approximately $430.3 million and $388.8 million, respectively. Our weighted average yield on debt and income producing investments at fair value was 10.2% and 12.2%, respectively.

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<u>[**Table of Contents**](#i5acb21e8c4584166800d0238689abfc9_10)</u>

***Expenses***

Expenses were as follows:

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** |
| | **June 30, 2025** | **June 30, 2024** |
| Management fees | 751 | $665 |
| Income incentive fee | 1267 | 1320 |
| Professional fees | 266 | 182 |
| Board of Managers fees | 52 | 52 |
| Administrative services expenses | 59 | 4 |
| Other general & administrative | 219 | 68 |
| **Total expenses before taxes** | 2614 | $2291 |
| Excise tax |  |  |
| **Total expenses** | 2614 | 2291 |

---

---

| | | |
|:---|:---|:---|
| | **For the Six Months Ended** | **For the Six Months Ended** |
| | **June 30, 2025** | **June 30, 2024** |
| Management fees | $1465 | $1342 |
| Income incentive fee | 2526 | 2778 |
| Professional fees | 498 | 364 |
| Board of Managers fees | 104 | 105 |
| Administrative services expenses | 218 | 119 |
| Other general & administrative | 463 | 598 |
| **Total expenses before taxes** | 5274 | 5306 |
| Excise tax |  | 71 |
| **Total expenses** | $5274 | $5377 |

---

*Management Fees*

For the three months ended June 30, 2025 and June 30, 2024, management fees were approximately $0.8 million and $0.7 million, respectively. As of June 30, 2025 and December 31, 2024, $0.8 million and $0.8 million, respectively, remained payable. For the six months ended June 30, 2025 and June 30, 2024, management fees were approximately $1.5 million and $1.3 million, respectively. Management fees are payable monthly in arrears at an annual rate of 0.65% of the value of our net assets as of the beginning of the first calendar day of the applicable month.

*Income Based Incentive Fees*

For the three months ended June 30, 2025 and June 30, 2024, income based incentive fees were approximately $1.3 million and $1.3 million, respectively, before incentive fees waivers. For the three months ended June 30, 2025 and June 30, 2024, the Adviser waived $0.0 million and $0.0 million in income incentive fees in accordance with the annual Operating Expense Cap (as defined in Note 2).

For the six months ended June 30, 2025 and June 30, 2024, income based incentive fees were approximately $2.5 million and $2.8 million, respectively, before incentive fees waivers. For the six months ended June 30, 2025 and June 30, 2024, the Adviser waived $0.0 million and $0.0 million in income incentive fees in accordance with the annual Operating Expense Cap (as defined in Note 2). As of June 30, 2025 and December 31, 2024, approximately $2.5 million and $5.2 million, respectively, of income based incentive fees remained payable.

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*Capital Gains Incentive Fees*

For the three and six months ended June 30, 2025 and June 30, 2024, the Company incurred no capital gains incentive fees. The accrual for any capital gains incentive fee under GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reduction of previously recorded expense if such cumulative amount is less in the prior period. If such cumulative amount is negative, then there is no accrual.

*Other Expenses*

Organization costs and offering costs include expenses incurred in our initial formation and offering. Professional fees include legal, audit, tax, valuation, other professional fees incurred related to the management of the Company. Administrative service expenses represent fees paid to the Administrator for our allocable portion of Overhead and other expenses incurred by the Administrator in performing its obligations under the administration agreement, including our allocable portion of the cost of certain of our executive officers, their respective staff and other non-investment professionals that perform duties for us. Other general and administrative expenses include insurance, filing, research, our sub-administrator, and other costs.

Total other expenses were approximately $0.6 million and $0.3 million for the three months ended June 30, 2025 and June 30, 2024, primarily comprised of approximately $0.3 million and $0.2 million of professional fees (including legal, audit, and tax) and approximately $0.2 million and $0.1 million of other general and administrative expenses (including insurance, research, and other allocated costs), respectively.

Total other expenses were approximately $1.3 million and $1.2 million for the six months ended June 30, 2025 and June 30, 2024, primarily comprised of approximately $0.5 million and $0.4 million of professional fees (including legal, audit, and tax) and approximately $0.5 million and $0.6 million of other general and administrative expenses (including insurance, research, and other allocated costs), respectively.

Under the terms of the Administration Agreement and the Advisory Agreement, we reimburse the Administrator and Adviser, respectively, for services performed for us. In addition, pursuant to the terms of these agreements, the Administrator and Adviser may delegate its obligations under these agreements to an affiliate or to a third party and we reimburse the Administrator and Adviser for any services performed for us by such affiliate or third party. For the three months ended June 30, 2025 and June 30, 2024, the Administrator charged $0.1 million and $0.0 million, respectively, for certain costs and expenses allocable to the Company under the terms of the Administration Agreement. For the six months ended June 30, 2025 and June 30, 2024, the Administrator charged $0.3 million and $0.3 million, respectively, for certain costs and expenses allocable to the Company under the terms of the Administration Agreement.

***Income Taxes, Including Excise Taxes***

We have elected to be treated as a RIC under Subchapter M of the Code, and we intend to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, we must, among other things, distribute to our Members in each taxable year generally at least 90% of the sum of our investment company taxable income, as defined by the Code (without regard to the deduction for distributions paid), and net tax-exempt income for that taxable year. To maintain our tax treatment as a RIC, we, among other things, intend to make the requisite distributions to our Members, which generally relieve us from corporate-level U.S. federal income taxes.

Depending on the level of taxable income earned in a tax year, we may carry forward taxable income (including net capital gains, if any) in excess of current year distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that we determine that our estimated current year annual taxable income will be in excess of estimated current year distributions from such income, we will accrue excise tax on estimated excess taxable income.

For the three months ended June 30, 2025 and June 30, 2024, we incurred no U.S. federal excise tax. For the six months ended June 30, 2025, we did not incur U.S. federal excise tax. For the six months ended June 30, 2024, we incurred $0.1 million of U.S. federal excise tax.

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<u>[**Table of Contents**](#i5acb21e8c4584166800d0238689abfc9_10)</u>

***Net Realized Gain (Loss)***

The realized gains and losses were comprised of the following:

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** |
| | **June 30, 2025** | **June 30, 2024** |
| Net realized gain (loss) on investments | $13 | $4 |
| Net realized gain (loss) on foreign currency transactions | 793 | (1286) |
| Net realized gain (loss) on foreign currency forward contracts | 694 | (4888) |
| **Net realized gain (loss)** | $1500 | $(6170) |

---

For the three months ended June 30, 2025 and June 30, 2024, we generated a net realized gain of approximately $1.5 million and a net realized loss of $6.2 million, respectively, which was primarily comprised of realized activity on foreign currency forward contracts and foreign currency transactions during these periods. For the three months ended June 30, 2025 and June 30, 2024, the net realized movement on foreign currency forward contracts was mainly due to EUR forward contracts.

---

| | | |
|:---|:---|:---|
| | **For the Six Months Ended** | **For the Six Months Ended** |
| | **June 30, 2025** | **June 30, 2024** |
| Net realized gain (loss) on investments | $27 | $104 |
| Net realized gain (loss) on foreign currency transactions | 955 | (790) |
| Net realized gain (loss) on foreign currency forward contracts | (2044) | (18404) |
| **Net realized gain (loss)** | $(1062) | $(19090) |

---

For the six months ended June 30, 2025 and June 30, 2024, we generated a net realized loss of approximately $1.1 million and of $19.1 million, respectively, which was primarily comprised of realized activity on foreign currency forward contracts during these periods. For the six months ended June 30, 2025 and June 30, 2024, the net realized movement on foreign currency forward contracts was mainly due to EUR forward contracts.

***Net Change in Unrealized Gain (Loss)***

Net change in unrealized gain (loss) was comprised of the following:

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** |
| | **June 30, 2025** | **June 30, 2024** |
| Net change in unrealized gain (loss) on investments | $(77) | $(216) |
| Net change in unrealized gain (loss) on foreign currency forward contracts | 36828 | 1478 |
| **Net change in unrealized appreciation (depreciation)** | $36751 | $1262 |

---

For the three months ended June 30, 2025 and June 30, 2024, net unrealized gains were driven by appreciation on foreign currency forwards partially offset by unrealized losses on investments due to negative valuation adjustments.

---

| | | |
|:---|:---|:---|
| | **For the Six Months Ended** | **For the Six Months Ended** |
| | **June 30, 2025** | **June 30, 2024** |
| Net change in unrealized gain (loss) on investments | $(11) | $(1031) |
| Net change in unrealized gain (loss) on foreign currency forward contracts | 54857 | 3263 |
| **Net change in unrealized appreciation (depreciation)** | $54846 | $2232 |

---

For the six months ended June 30, 2025 and June 30, 2024, net unrealized gains were driven by appreciation on the foreign currency forwards partially offset by unrealized losses on investments due to negative valuation adjustments.

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<u>[**Table of Contents**](#i5acb21e8c4584166800d0238689abfc9_10)</u>

**Financial Condition, Liquidity, and Capital Resources**

Our liquidity and capital resources are generated primarily from the proceeds of capital drawdowns of our privately placed capital commitments, cash flows from interest, dividends and fees earned from our investments and principal repayments. The primary uses of our cash are investments in portfolio companies and other investments to comply with certain portfolio diversification requirements, the cost of operations (including paying our Adviser and Administrator or its affiliates), and cash distributions to the holders of our Shares.

There were no outstanding borrowings as of June 30, 2025 and December 31, 2024. We seek to carefully consider our unfunded commitments for the purpose of planning our ongoing financial leverage.

As of June 30, 2025, cash taken together with our uncalled capital commitments of $158.1 million, is expected to be sufficient for our investing activities and to conduct our operations.

As of June 30, 2025, we had approximately $28.4 million in cash. During the six months ended June 30, 2025, we provided approximately $4.7 million in cash for operating activities, primarily due to an increase of $71.5 million in net assets resulting from operations and sales and principal repayments of $25.3 million partially offset by investment purchases of $30.6 million and unrealized appreciation on foreign currency forward contracts of $54.9 million. Cash used in financing activities was approximately $18.5 million during the six months ended June 30, 2025, which was primarily due to $19.5 million of distributions paid.

As of June 30, 2024, we had approximately $19.3 million in cash. During the six months ended June 30, 2024, we used $79.8 million in cash for operating activities, primarily due to investment purchases of $117.0 million partially offset by sales and principal repayments of $53.6 million. Cash used in financing activities was approximately $18.2 million during the six months ended June 30, 2024, which was primarily due to $17.4 million of distributions paid.

***Equity***

*Subscriptions and Drawdowns*

As of June 30, 2025 and December 31, 2024, we had 44,724,135 and 44,724,135, respectively of Shares issued and outstanding with a par value of $0.01 per Share.

We have entered into subscription agreements with investors providing for the private placement of our Shares. Under the terms of the subscription agreements, each investor is required to fund drawdowns to purchase our Shares up to the amount of their respective Capital Commitment on an as-needed basis each time our Adviser delivers a capital call notice to such investor.

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<u>[**Table of Contents**](#i5acb21e8c4584166800d0238689abfc9_10)</u>

The following table summarizes capital activity during the three months ended June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares** | **Shares** | **Capital in Excess of Par Value** | **Accumulated Net Investment Income (Loss)** | **Accumulated Net Realized Gain (Loss)** | **Accumulated Net Unrealized Appreciation (Depreciation)** | |
| | **Shares** | **Amount** | **Capital in Excess of Par Value** | **Accumulated Net Investment Income (Loss)** | **Accumulated Net Realized Gain (Loss)** | **Accumulated Net Unrealized Appreciation (Depreciation)** |<br>**Total Net Assets** |
| Balance, beginning of period | 44724135 | $447 | $459283 | $5443 | $(9775) | $(5310) | $450088 |
| Common Shares issued |  |  |  |  |  |  |  |
| Distribution reinvestment |  |  |  |  |  |  |  |
| Repurchase of Shares |  |  |  |  |  |  |  |
| Net investment income (loss) |  |  |  | 8867 |  |  | 8867 |
| Net realized gain (loss) |  |  |  |  | 1500 |  | 1500 |
| Net change in unrealized appreciation (depreciation) |  |  |  |  |  | (77) | (77) |
| Net change in unrealized currency gain (losses) on non-investment assets and liabilities |  |  |  |  |  | 36828 | 36828 |
| Distributions declared |  |  |  | (8944) |  |  | (8944) |
| Tax reclassification of shareholders' equity in accordance with GAAP |  |  |  |  |  |  |  |
| **Balance, end of period** | 44724135 | $447 | $459283 | $5366 | $(8275) | $31441 | $488262 |

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<u>[**Table of Contents**](#i5acb21e8c4584166800d0238689abfc9_10)</u>

The following table summarizes capital activity during the three months ended June 30, 2024:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares** | **Shares** | **Capital in Excess of Par Value** | **Accumulated Net Investment Income (Loss)** | **Accumulated Net Realized Gain (Loss)** | **Accumulated Net Unrealized Appreciation (Depreciation)** | |
| | **Shares** | **Amount** | **Capital in Excess of Par Value** | **Accumulated Net Investment Income (Loss)** | **Accumulated Net Realized Gain (Loss)** | **Accumulated Net Unrealized Appreciation (Depreciation)** |<br>**Total Net Assets** |
| Balance, beginning of period | 38954613 | $390 | $398535 | $9102 | $(1359) | $3975 | $410643 |
| Common Shares issued |  |  |  |  |  |  |  |
| Distribution reinvestment |  |  |  |  |  |  |  |
| Repurchase of Shares |  |  |  |  |  |  |  |
| Net investment income (loss) |  |  |  | 9239 |  |  | 9239 |
| Net realized gain (loss) |  |  |  |  | (6170) |  | (6170) |
| Net change in unrealized appreciation (depreciation) |  |  |  |  |  | (216) | (216) |
| Net change in unrealized currency gain (losses) on non-investment assets and liabilities |  |  |  |  |  | 1478 | 1478 |
| Distributions declared |  |  |  | (9769) |  |  | (9769) |
| Tax reclassification of shareholders' equity in accordance with GAAP |  |  |  |  |  |  |  |
| **Balance, end of period** | 38954613 | $390 | $398535 | $8572 | $(7529) | $5237 | $405205 |

---

The following table summarizes capital activity during the six months ended June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares** | **Shares** | **Capital in Excess of Par Value** | **Accumulated Net Investment Income (Loss)** | **Accumulated Net Realized Gain (Loss)** | **Accumulated Net Unrealized Appreciation (Depreciation)** | |
| | **Shares** | **Amount** | **Capital in Excess of Par Value** | **Accumulated Net Investment Income (Loss)** | **Accumulated Net Realized Gain (Loss)** | **Accumulated Net Unrealized Appreciation (Depreciation)** |<br>**Total Net Assets** |
| Balance, beginning of period | 44724135 | $447 | $459283 | $7178 | $(7213) | $(23405) | $436290 |
| Common Shares issued |  |  |  |  |  |  |  |
| Distribution reinvestment |  |  |  |  |  |  |  |
| Repurchase of Shares |  |  |  |  |  |  |  |
| Net investment income (loss) |  |  |  | 17684 |  |  | 17684 |
| Net realized gain (loss) |  |  |  |  | (1062) |  | (1062) |
| Net change in unrealized appreciation (depreciation) |  |  |  |  |  | (11) | (11) |
| Net change in unrealized currency gain (losses) on non-investment assets and liabilities |  |  |  |  |  | 54857 | 54857 |
| Distributions declared |  |  |  | (19496) |  |  | (19496) |
| Tax reclassification of shareholders' equity in accordance with GAAP |  |  |  |  |  |  |  |
| **Balance, end of period** | 44724135 | $447 | $459283 | $5366 | $(8275) | $31441 | $488262 |

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<u>[**Table of Contents**](#i5acb21e8c4584166800d0238689abfc9_10)</u>

The following table summarizes capital activity during the six months ended June 30, 2024:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares** | **Shares** | **Capital in Excess of Par Value** | **Accumulated Net Investment Income (Loss)** | **Accumulated Net Realized Gain (Loss)** | **Accumulated Net Unrealized Appreciation (Depreciation)** | |
| | **Shares** | **Amount** | **Capital in Excess of Par Value** | **Accumulated Net Investment Income (Loss)** | **Accumulated Net Realized Gain (Loss)** | **Accumulated Net Unrealized Appreciation (Depreciation)** |<br>**Total Net Assets** |
| Balance, beginning of period | 38954613 | $390 | $398535 | $6522 | $11561 | $3005 | $420013 |
| Common Shares issued |  |  |  |  |  |  |  |
| Distribution reinvestment |  |  |  |  |  |  |  |
| Repurchase of Shares |  |  |  |  |  |  |  |
| Net investment income (loss) |  |  |  | 19444 |  |  | 19444 |
| Net realized gain (loss) |  |  |  |  | (19090) |  | (19090) |
| Net change in unrealized appreciation (depreciation) |  |  |  |  |  | (1031) | (1031) |
| Net change in unrealized currency gain (losses) on non-investment assets and liabilities |  |  |  |  |  | 3263 | 3263 |
| Distributions declared |  |  |  | (17394) |  |  | (17394) |
| Tax reclassification of shareholders' equity in accordance with GAAP |  |  |  |  |  |  |  |
| **Balance, end of period** | 38954613 | $390 | $398535 | $8572 | $(7529) | $5237 | $405205 |

---

*Distributions*

We expect to pay quarterly distributions. Any distributions we make will be at the discretion of our Board, considering factors such as our earnings, cash flow, capital needs and general financial condition and the requirements of Delaware law. As a result, our distribution rates and payment frequency may vary from time to time.

The Company's distributions are recorded on the record date. The following table summarizes distributions declared during six months ended June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Amount** <br>**Per Share**  | **Total Distributions** |
| March 4, 2025 | March 12, 2025 | March 14, 2025 | $0.23 | $10552 |
| April 28, 2025 | April 28, 2025 | May 16, 2025 | $0.20 | $8944 |
| **Total** |  |  |  | $19496 |

---

The following table summarizes distributions declared during the six months ended June 30, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Amount <br>Per Share** | **Total Distributions** |
| March 6, 2024 | March 6, 2024 | March 22, 2024 | $0.20 | $7625 |
| May 2, 2024 | May 8, 2024 | May 22, 2024 | $0.25 | $9769 |
| **Total** |  |  |  | $17394 |

---

**Off-Balance Sheet Arrangements**

*Portfolio Company Commitments*

Our investment portfolio contains and is expected to continue to contain debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies

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in accordance with underlying loan agreements. As of June 30, 2025 and December 31, 2024, the Company had the following unfunded delayed draw term loans and revolvers:

---

| | | |
|:---|:---|:---|
| | **Par Value as of** | **Par Value as of** |
| | **June 30, 2025** | **December 31, 2024** |
| Unfunded delayed draw commitments | $29037 | $35950 |
| Unfunded revolving commitments | 29628 | 28764 |
| **Total unfunded commitments** | $58665 | $64714 |

---

*Investor Commitments*

As of June 30, 2025, the Company had $618.4 million in total capital commitments from investors, $158.1 million of which was undrawn. As of December 31, 2024, the Company had $543.8 million in total capital commitments from investors, $83.5 million of which was undrawn.

*Other Commitments and Contingencies* 

From time to time, we may become a party to certain legal proceedings incidental to the normal course of our business. As of June 30, 2025, management was not aware of any pending or threatened litigation.

**Related Party Transactions**

We have entered into a number of business relationships with affiliated or related parties, including the Advisory Agreement and the Administration Agreement.

In addition to the aforementioned agreements, we rely on exemptive relief that has been granted to us, our Adviser, and certain of our Adviser's affiliates by the SEC to co-invest with other funds managed by our Adviser or its affiliates in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors.

**Recent Developments**

On July 30, 2025, the Company declared a distribution of $0.20 per Share, all of which is payable on August 15, 2025 to Members of record as of July 30, 2025.

**Critical Accounting Policies and Estimates**

The preparation of the 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.

***Investments at Fair Value***

Investment transactions are recorded on the trade 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 is required to report its investments for which current market values are not readily available at fair value. The Company values its investments in accordance with ASC 820, which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date. ASC 820 prioritizes the use of observable market prices derived from such prices over entity-specific inputs. Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material.

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Investments that are listed or traded on an exchange and are freely transferable are valued at either the closing price (in the case of securities and futures) or the mean of the closing bid and offer (in the case of options) on the principal exchange on which the investment is listed or traded. Investments for which other market quotations are readily available will typically be valued at those market quotations. To validate market quotations, the Company will utilize a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Where it is possible to obtain reliable, independent market quotations from a third-party vendor, the Company will use these quotations to determine the value of its investments. The Company utilizes mid-market pricing (i.e., mid-point of average bid and ask prices) to value these investments. The Adviser obtains these market quotations from independent pricing services, if available; otherwise from one or more broker quotes. To assess the continuing appropriateness of pricing sources and methodologies, the Adviser regularly performs price verification procedures and issues challenges as necessary to independent pricing services or brokers, and any differences are reviewed in accordance with the valuation procedures. The Adviser does not adjust the prices unless it has a reason to believe market quotations are not reflective of the fair value of an investment.

Where prices or inputs are not available or, in the judgment of the Adviser, not reliable, valuation approaches based on the facts and circumstances of the particular investment will be utilized. Securities that are not publicly traded or for which market prices are not readily available, as will be the case for a substantial portion of the Company's investments, are valued at fair value as determined in good faith by the Adviser as the Company's valuation designee under Rule 2a-5 under the 1940 Act, pursuant to the Company's valuation policy, and under the oversight of the Board, based on, among other things, the input of independent valuation firms retained by the Company to review the Company's investments. These valuation approaches involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the investments or market and the investments' complexity.

With respect to the quarterly valuation of investments, the Company undertakes a multi-step valuation process each quarter in connection with determining the fair value of our investments for which reliable market quotations are not readily available as of the last calendar day of each quarter, which includes, among other procedures, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The valuation process begins with each investment being preliminarily valued by the Adviser's valuation team in consultation with the Adviser's investment professionals responsible for each portfolio investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In addition, independent valuation firms retained by the Company prepare quarter-end valuations of each such investment that was (i) originated or purchased prior to the first calendar day of the quarter and (ii) is not a de minimis investment, as determined by the Adviser. The independent valuation firms provide a final range of values on such investments to the Adviser. The independent valuation firms also provide analyses to support their valuation methodology and calculations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser's valuation committee with respect to the Company (the "Valuation Committee") reviews each valuation recommendation to confirm they have been calculated in accordance with the Company's valuation policy and compares such valuations to the independent valuation firms' valuation ranges to ensure the Adviser's valuations are reasonable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser's Valuation Committee then determines fair value marks for each of the Company's portfolio investments; and

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

As part of the valuation process, the Company will take into account relevant factors in determining the fair value of our investments for which reliable market quotations are not readily available, many of which are loans, including and in combination, as relevant, of: (i) the estimated enterprise value of a portfolio company, generally based on an analysis of discounted cash flows, publicly traded comparable companies and comparable transactions, (ii) the nature and realizable value of any collateral, (iii) the portfolio company's ability to make payments based on its earnings and cash flow, (iv) the markets in which the portfolio company does business, and (v) overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase transaction, public offering or subsequent equity or debt sale occurs, the Adviser will consider whether the pricing indicated by the external event corroborates its valuation.

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The Company has and will continue to engage independent valuation firms to provide assistance regarding the determination of the fair value of the Company's portfolio securities for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment each quarter, and the Company and the Adviser may reasonably rely on that assistance. However, the Adviser is responsible for the ultimate valuation of the portfolio investments at fair value as determined in good faith pursuant to the Company's valuation policy, the Board's oversight and a consistently applied valuation process.

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date.

The fair value hierarchy under ASC 820 prioritizes the inputs to valuation methodology used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these securities. The three levels of the fair value hierarchy are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1: Inputs to the valuation methodology that reflect unadjusted quoted prices available in active markets for identical assets or liabilities as of the reporting date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2: Inputs to the valuation methodology other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3: Inputs to the valuation methodology are unobservable and significant to overall fair value measurement.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the overall fair value measurement. The Adviser's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment.

The Company's accounting policy on the fair value of our investments is critical because the determination of fair value involves subjective judgments and estimates. Accordingly, the notes to the Company's financial statements express the uncertainty with respect to the possible effect of these valuations, and any change in these valuations, on the financial statements. The SEC adopted Rule 2a-5 under the 1940 Act which establishes requirements for determining fair value in good faith for purposes of the 1940 Act. We are in compliance with the requirements of Rule 2a-5.

**Item 3.&nbsp;&nbsp;&nbsp;&nbsp;Quantitative and Qualitative Disclosures About Market Risk**

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

***Valuation Risk***

We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of private companies. Most of our investments will not have a readily available market price, and therefore, we will value these investments at fair value as determined in good faith by the Adviser as the Company's valuation designee under Rule 2a-5 under the 1940 Act, based on, among other things, the input of independent third-party valuation firm(s) retained by the Company, 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 portfolio investment while employing a consistently applied valuation process for the types of investments we make. 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.

***Interest Rate Risk***

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. We may fund portions of our investments with borrowings on a short term basis, and at such time, our net investment income will be affected by the difference between the rate at which we invest and the rate at which we borrow. Accordingly, we cannot assure investors that a significant change in market interest rates will not have a material adverse effect on our net investment income.

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As of June 30, 2025, 99.7% of our debt investments based on fair value in our portfolio were at floating rates. Based on our Consolidated Statements of Assets and Liabilities as of June 30, 2025, the following table shows the annualized impact on net income of hypothetical base rate changes in interest rates (considering base rate floors and ceilings for floating rate instruments assuming no changes in our investment and borrowing structure) (dollar amounts in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|<br>Change in Interest Rates | **Interest Income** | **Interest Expense** | **Net Income** |
| Up 300 basis points | $13386 | $— | $13386 |
| Up 200 basis points | $8924 | $— | $8924 |
| Up 100 basis points | $4462 | $— | $4462 |
| Down 100 basis points | $(4462) | $— | $(4462) |
| Down 200 basis points | $(8214) | $— | $(8214) |

---

We may in the future hedge against interest rate fluctuations by using hedging instruments such as interest rate swaps, futures, options and forward contracts, subject to the requirements of the 1940 Act and applicable commodities laws. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions that we may enter into in the future, such as interest rate swap agreements, may also limit our ability to participate in the benefits of changes in interest rates with respect to our portfolio investments.

**Item 4.&nbsp;&nbsp;&nbsp;&nbsp;Controls and Procedures**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(1) Evaluation of Disclosure Controls and Procedures***

In accordance with Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report and determined that our disclosure controls and procedures are effective as of the end of the period covered by this Quarterly Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(2) Changes in Internal Controls over Financial Reporting***

There have been no changes in our internal control over financial reporting that occurred during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**Part II.&nbsp;&nbsp;&nbsp;&nbsp;Other Information**

**Item 1.&nbsp;&nbsp;&nbsp;&nbsp;Legal Proceedings**

We are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under loans to or other contracts with our portfolio companies.

Our business is also subject to extensive regulation, which may result in regulatory proceedings against us. While the outcome of any such future legal or regulatory proceedings cannot be predicted with certainty, we do not expect that any such future proceedings will have a material effect upon our financial condition or results of operations.

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of June 30, 2025, management is not aware of any pending or threatened material litigation.

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**Item 1A.&nbsp;&nbsp;&nbsp;&nbsp;Risk Factors**

In addition to the other information set forth in this Quarterly Report, you should carefully consider the risk factors set forth in "Item 1A Risk Factors" in our annual report on Form 10-K for the year ended December 31, 2024, which could

materially affect our business, financial condition and/or operating results. Additional risks and uncertainties not currently

known to us or that we currently deem to be immaterial also may materially affect our business, financial condition and/or

operating results. Except as set forth below, there have been no material changes during the six months ended June 30, 2025 to the risk factors set forth in "Item 1A Risk Factors" in our annual report on Form 10-K for the year ended December 31, 2024.

***The Company is Subject to Risks Related to Changes to U.S. Tariff and Import or Export Regulations.*** The U.S. has recently enacted and proposed to enact significant new tariffs. Additionally, the new Presidential Administration has directed various federal agencies to further evaluate key aspects of U.S. trade policy and there has been ongoing discussion and commentary regarding potential significant changes to U.S. trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the U.S. Any of these factors could depress economic activity and restrict the Company's portfolio companies' access to suppliers or customers and have a material adverse effect on their business, financial condition and results of operations, which in turn would negatively impact the Company's business.

**Item 2.&nbsp;&nbsp;&nbsp;&nbsp;Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities**

***Sales of Unregistered Securities and Use of Proceeds***

Refer to "Item 1. Financial Statements—Notes to the Financial Statements—Note 9. Net Assets—Subscriptions and Drawdowns" in this Quarterly Report for the issuance of our Shares for the six months ended June 30, 2025 and proceeds received in connection with such issuances. Such issuances, if any, were part of our private offering and were exempt from the registration requirements of the Securities Act pursuant to Section 4(a)(2) of the Securities Act and Regulation D thereunder.

***Purchases of Equity Securities by the Issuer and Affiliated Purchasers***

None.

**Item 3.&nbsp;&nbsp;&nbsp;&nbsp;Defaults Upon Senior Securities**

None.

**Item 4.&nbsp;&nbsp;&nbsp;&nbsp;Mine Safety Disclosures**

Not applicable.

**Item 5. Other Information**

During the fiscal quarter ended June 30, 2025, none of the Board members 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.&nbsp;&nbsp;&nbsp;&nbsp;Exhibits** 

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description of Exhibits** |
| [3.1](https://www.sec.gov/Archives/edgar/data/1955010/000114036122042801/ny20005840x1_ex3-1.htm) | [Amended and Restated LLC Agreement (incorporated by reference to Exhibit 3.1 to the Company's Registration Statement on Form 10 (File No. 000-56496))](https://www.sec.gov/Archives/edgar/data/1955010/000114036122042801/ny20005840x1_ex3-1.htm) |
| [3.2](https://www.sec.gov/ix?doc=/Archives/edgar/data/1955010/000114036124031421/ef20031652_8k.htm) | [First Amendment to the Amended and Restated Limited Liability Company Agreement (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K (File No. 000-56496)](https://www.sec.gov/ix?doc=/Archives/edgar/data/1955010/000114036124031421/ef20031652_8k.htm) |
| [10.1](https://www.sec.gov/Archives/edgar/data/1955010/000114036122042801/ny20005840x1_ex10-1.htm) | [Investment Advisory Agreement (incorporated by reference to Exhibit 10.1 to the Company's Registration Statement on Form 10 (File No. 000-56496)](https://www.sec.gov/Archives/edgar/data/1955010/000114036122042801/ny20005840x1_ex10-1.htm) |
| [10.2](https://www.sec.gov/Archives/edgar/data/1955010/000114036122042801/ny20005840x1_ex10-2.htm) | [Administration Agreement (incorporated by reference to Exhibit 10.2 to the Company's Registration Statement on Form 10 (File No. 000-56496)](https://www.sec.gov/Archives/edgar/data/1955010/000114036122042801/ny20005840x1_ex10-2.htm) |
| [10.3](https://www.sec.gov/Archives/edgar/data/1955010/000114036122042801/ny20005840x1_ex10-3.htm) | [Form of Subscription Agreement (incorporated by reference to Exhibit 10.3 to the Company's Registration Statement on Form 10 (File No. 000-56496)](https://www.sec.gov/Archives/edgar/data/1955010/000114036122042801/ny20005840x1_ex10-3.htm) |
| [10.4](https://www.sec.gov/Archives/edgar/data/1955010/000114036122042801/ny20005840x1_ex10-4.htm) | [Custody Agreements (incorporated by reference to Exhibit 10.4 to the Company's Registration Statement on Form 10 (File No. 000-56496)](https://www.sec.gov/Archives/edgar/data/1955010/000114036122042801/ny20005840x1_ex10-4.htm) |
| [24](https://www.sec.gov/Archives/edgar/data/1955010/000195501025000002/ulend-powerofattorneyforfi.htm) | Power of Attorney ([incorporated by reference to Exhibit 24.1 to the Company's Annual Report on Form 10-K (File No. 814-01586](https://www.sec.gov/Archives/edgar/data/1955010/000195501025000002/ulend-powerofattorneyforfi.htm)) |
| [31.1\*](exhibit311_ulendxceosec302.htm) | [Certification of Chief Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) under Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](exhibit311_ulendxceosec302.htm) |
| [31.2\*](exhibit312_ulendxcfosec302.htm) | [Certification of Chief Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) under Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](exhibit312_ulendxcfosec302.htm) |
| [32.1\*](exhibit321_ulendxceosec906.htm) | [Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](exhibit321_ulendxceosec906.htm) |
| [32.2\*](exhibit322_ulendxcfosec906.htm) | [Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](exhibit322_ulendxcfosec906.htm) |
| 101.INS | Inline XBRL Instance Document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104\* | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

\*Filed herewith

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | |
|:---|:---|
| | OHA SENIOR PRIVATE LENDING FUND (U) LLC |
| Date: August 7, 2025 | /s/ Eric Muller |
| | Eric Muller |
| | Chief Executive Officer |
| Date: August 7, 2025 | /s/ Thomas Hansen |
| | Thomas Hansen |
| | Chief Financial Officer |

---

## Exhibit 31.1

**CERTIFICATION PURSUANT TO**

**RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Eric Muller, Chief Executive Officer of OHA Senior Private Lending Fund (U) LLC, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of OHA Senior Private Lending Fund (U) LLC (the "registrant");

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 and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;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 trustees (or persons performing the equivalent function):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;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.

---

| | | |
|:---|:---|:---|
| Date: August 7, 2025 | By: | /s/ Eric Muller |
|  |  | Eric Muller |
|  |  | Chief Executive Officer |

---

## Exhibit 31.2

**CERTIFICATION PURSUANT TO**

**RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Thomas Hansen, Chief Financial Officer of OHA Senior Private Lending Fund (U) LLC, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of OHA Senior Private Lending Fund (U) LLC (the "registrant");

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 and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;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 trustees (or persons performing the equivalent function):

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

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| | | |
|:---|:---|:---|
| Date: August 7, 2025 | By: | /s/ Thomas Hansen |
|  |  | Thomas Hansen |
|  |  | Chief Financial Officer |

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## Exhibit 32.1

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report on Form 10-Q of OHA Senior Private Lending Fund (U) LLC (the "Company") for the quarterly period ended June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Eric Muller, as Chief Executive Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

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

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

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| | | |
|:---|:---|:---|
| <br>Date: August 7, 2025 | By: | /s/ Eric Muller |
|  |  | Eric Muller |
|  |  | Chief Executive Officer |

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## Exhibit 32.2

**CERTIFICATION OF FINANCIAL OFFICER PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report on Form 10-Q of OHA Senior Private Lending Fund (U) LLC (the "Company") for the quarterly period ended June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Thomas Hansen, as Chief Financial Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

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

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

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| | | |
|:---|:---|:---|
| Date: August 7, 2025 | By: | /s/ Thomas Hansen |
|  |  | Thomas Hansen |
|  |  | Chief Financial Officer |

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