# EDGAR Filing Document

**Accession Number:** 0001901164
**File Stem:** 0001901164-26-000013
**Filing Date:** 2026-5
**Character Count:** 419473
**Document Hash:** d2e1c6745a05ff41e70c6f9d54116a74
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001901164-26-000013.hdr.sgml**: 20260506

**ACCESSION NUMBER**: 0001901164-26-000013

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 78

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260506

**DATE AS OF CHANGE**: 20260506

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price OHA Select Private Credit Fund
- **CENTRAL INDEX KEY:** 0001901164

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

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01561
- **FILM NUMBER:** 26949354

**BUSINESS ADDRESS:**
- **STREET 1:** C/O OAK HILL ADVISORS, L.P.
- **STREET 2:** 1 VANDERBILT, 16TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 212-326-1500

**MAIL ADDRESS:**
- **STREET 1:** C/O OAK HILL ADVISORS, L.P.
- **STREET 2:** 1 VANDERBILT, 16TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** T. Rowe Price OHA Private Credit Fund
- **DATE OF NAME CHANGE:** 20220412

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** OHA Private Credit Fund
- **DATE OF NAME CHANGE:** 20220308

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** OHA Private Credit Fund LLC
- **DATE OF NAME CHANGE:** 20211223

?xml version='1.0' encoding='ASCII'? oha-20260331

**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 March 31, 2026**

**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: 814-01561**

____________________

**T. ROWE PRICE OHA SELECT PRIVATE CREDIT FUND** 

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

____________________

---

| | |
|:---|:---|
| **Delaware** | **88-6521578** |
| **(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**

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

**Class S common shares of beneficial interest, par value $0.01**

**Class D common shares of beneficial interest, par value $0.01**

**Class I common shares of beneficial interest, par value $0.01**

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. (Check one):

---

| | | | |
|:---|:---|:---|:---|
| &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 ⌧

There were 4,802,186, 7,467,624 and 49,990,570 of Class S, Class D, and Class I shares of the registrant's common shares, respectively, outstanding as of May 6, 2026. Common shares outstanding exclude May 1, 2026 subscriptions since the issuance price is not yet finalized at the date of this filing.

------

**T. ROWE PRICE OHA SELECT PRIVATE CREDIT FUND**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | | **Page** |
| **<u>[PART I](#i285e376dfe144efea30dbcd5983acf32_169)</u>** | **<u>[FINANCIAL INFORMATION](#i285e376dfe144efea30dbcd5983acf32_169)</u>** | [5](#i285e376dfe144efea30dbcd5983acf32_19) |
| <u>[Item 1.](#i285e376dfe144efea30dbcd5983acf32_22)</u> | <u>[Consolidated Financial Statements](#i285e376dfe144efea30dbcd5983acf32_19)</u> | [5](#i285e376dfe144efea30dbcd5983acf32_19) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Assets and Liabilities as of](#i285e376dfe144efea30dbcd5983acf32_25)[March 31, 2026](#i285e376dfe144efea30dbcd5983acf32_25)[(Unaudited) and December 31, 202](#i285e376dfe144efea30dbcd5983acf32_25)[5](#i285e376dfe144efea30dbcd5983acf32_25)</u> | [5](#i285e376dfe144efea30dbcd5983acf32_25) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Operations for the three](#i285e376dfe144efea30dbcd5983acf32_28)[months ended](#i285e376dfe144efea30dbcd5983acf32_28)[March 31, 2026](#i285e376dfe144efea30dbcd5983acf32_28)[and 202](#i285e376dfe144efea30dbcd5983acf32_28)[5](#i285e376dfe144efea30dbcd5983acf32_28)[(Unaudited)](#i285e376dfe144efea30dbcd5983acf32_28)</u> | [7](#i285e376dfe144efea30dbcd5983acf32_28) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Changes in Net Assets for the three](#i285e376dfe144efea30dbcd5983acf32_31)[months ended](#i285e376dfe144efea30dbcd5983acf32_31)[March 31, 2026](#i285e376dfe144efea30dbcd5983acf32_31)[and 202](#i285e376dfe144efea30dbcd5983acf32_31)</u>5<u>[(Unaudited)](#i285e376dfe144efea30dbcd5983acf32_181)</u> | [8](#i285e376dfe144efea30dbcd5983acf32_31) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Cash Flows for the](#i285e376dfe144efea30dbcd5983acf32_34)[three months](#i285e376dfe144efea30dbcd5983acf32_31)[ended](#i285e376dfe144efea30dbcd5983acf32_31)[March 31, 2026](#i285e376dfe144efea30dbcd5983acf32_31)[and 202](#i285e376dfe144efea30dbcd5983acf32_31)</u>5<u>[(Unaudited)](#i285e376dfe144efea30dbcd5983acf32_184)</u> | [9](#i285e376dfe144efea30dbcd5983acf32_34) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Schedules of Investments as of](#i285e376dfe144efea30dbcd5983acf32_37)[March 31, 2026](#i285e376dfe144efea30dbcd5983acf32_37)[(Unaudited) and December 31, 202](#i285e376dfe144efea30dbcd5983acf32_37)[5](#i285e376dfe144efea30dbcd5983acf32_37)</u> | [29](#i285e376dfe144efea30dbcd5983acf32_37) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Notes to Consolidated Financial Statements (Unaudited)](#i285e376dfe144efea30dbcd5983acf32_43)</u> | [47](#i285e376dfe144efea30dbcd5983acf32_43) |
| <u>[Item 2.](#i285e376dfe144efea30dbcd5983acf32_91)</u> | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i285e376dfe144efea30dbcd5983acf32_91)</u> | [82](#i285e376dfe144efea30dbcd5983acf32_91) |
| <u>[Item 3.](#i285e376dfe144efea30dbcd5983acf32_118)</u> | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i285e376dfe144efea30dbcd5983acf32_118)</u> | [105](#i285e376dfe144efea30dbcd5983acf32_118) |
| <u>[Item 4.](#i285e376dfe144efea30dbcd5983acf32_121)</u> | <u>[Controls and Procedures](#i285e376dfe144efea30dbcd5983acf32_121)</u> | [106](#i285e376dfe144efea30dbcd5983acf32_121) |
| **<u>[PART II](#i285e376dfe144efea30dbcd5983acf32_124)</u>** | **<u>[OTHER INFORMATION](#i285e376dfe144efea30dbcd5983acf32_124)</u>** | [106](#i285e376dfe144efea30dbcd5983acf32_124) |
| <u>[Item 1.](#i285e376dfe144efea30dbcd5983acf32_127)</u> | <u>[Legal Proceedings](#i285e376dfe144efea30dbcd5983acf32_127)</u> | [106](#i285e376dfe144efea30dbcd5983acf32_127) |
| <u>[Item 1A.](#i285e376dfe144efea30dbcd5983acf32_130)</u> | <u>[Risk Factors](#i285e376dfe144efea30dbcd5983acf32_130)</u> | [107](#i285e376dfe144efea30dbcd5983acf32_130) |
| <u>[Item 2.](#i285e376dfe144efea30dbcd5983acf32_91)</u> | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i285e376dfe144efea30dbcd5983acf32_133)</u> | [107](#i285e376dfe144efea30dbcd5983acf32_133) |
| <u>[Item 3.](#i285e376dfe144efea30dbcd5983acf32_136)</u> | <u>[Defaults Upon Senior Securities](#i285e376dfe144efea30dbcd5983acf32_136)</u> | [108](#i285e376dfe144efea30dbcd5983acf32_136) |
| <u>[Item 4.](#i285e376dfe144efea30dbcd5983acf32_139)</u> | <u>[Mine Safety Disclosures](#i285e376dfe144efea30dbcd5983acf32_139)</u> | [108](#i285e376dfe144efea30dbcd5983acf32_139) |
| <u>[Item 5.](#i285e376dfe144efea30dbcd5983acf32_142)</u> | <u>[Other Information](#i285e376dfe144efea30dbcd5983acf32_142)</u> | [108](#i285e376dfe144efea30dbcd5983acf32_142) |
| <u>[Item 6.](#i285e376dfe144efea30dbcd5983acf32_145)</u> | <u>[Exhibits](#i285e376dfe144efea30dbcd5983acf32_145)</u> | [108](#i285e376dfe144efea30dbcd5983acf32_145) |
|  | <u>[Signatures](#i285e376dfe144efea30dbcd5983acf32_151)</u> | [111](#i285e376dfe144efea30dbcd5983acf32_151) |

---

------

**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 T. Rowe Price OHA Select Private Credit Fund (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, 2025 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.*

------

**PART I - FINANCIAL INFORMATION**

**Item 1.&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Financial Statements**

**T. Rowe Price OHA Select Private Credit Fund Consolidated Statements of Assets and Liabilities**

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

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
|  | **March 31, 2026** | **December 31, 2025** |
| **ASSETS** | **(Unaudited)** | |
| &nbsp;&nbsp;&nbsp;Investments at fair value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments (cost of $3,038,758 and $2,905,803 at March 31, 2026 and December 31, 2025, respectively) | $2983663 | $2893559  |
| &nbsp;&nbsp;&nbsp;Cash, cash equivalents and restricted cash | 123972 | 140859  |
| &nbsp;&nbsp;&nbsp;Subscription receivable |  | 950  |
| &nbsp;&nbsp;&nbsp;Interest receivable  | 21226 | 21267  |
| &nbsp;&nbsp;&nbsp;Deferred financing costs | 11123 | 12197  |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 9194 | 1476  |
| &nbsp;&nbsp;&nbsp;Derivative assets, at fair value (Note 5) | 2990 | 10981 |
| **Total assets** | $3152168 | $3081289 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Debt (net of unamortized debt issuance costs of $2,186 and $2,366, at March 31, 2026 and December 31, 2025, respectively) | $1468910 | $1441856  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 3353 | 3259  |
| &nbsp;&nbsp;&nbsp;Interest and debt fee payable | 8203 | 9417  |
| &nbsp;&nbsp;&nbsp;Distribution payable | 14280 | 13465  |
| &nbsp;&nbsp;&nbsp;Management fee payable | 5010 | 4753  |
| &nbsp;&nbsp;&nbsp;Income incentive fee payable | 5025 | 5391  |
| &nbsp;&nbsp;&nbsp;Distribution and/or shareholder servicing fees payable  | 136 | 124  |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 6599 | 4038  |
| &nbsp;&nbsp;&nbsp;Due to counterparty | 2250 | 10740 |
| **Total liabilities** | $1513766 | $1493043 |
| Commitments and contingencies (Note 9) |  |  |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;Common shares, $0.01 par value (62,662,687 and 59,072,291 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively) | $627 | $591  |
| &nbsp;&nbsp;Additional paid in capital | 1710593 | 1615011  |
| &nbsp;&nbsp;Distributable earnings (loss) | (72818) | (27356) |
| **Total net assets** | $1638402 | $1588246 |
| **Total liabilities and net assets** | $3152168 | $3081289 |

---

See accompanying notes to consolidated financial statements.

------

**T. Rowe Price OHA Select Private Credit Fund Consolidated Statements of Assets and Liabilities**

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

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **March 31, 2026** | **December 31, 2025** |
| **NET ASSET VALUE PER SHARE** | **(Unaudited)** | |
| **Class I Shares:** | | |
| Net assets | $1318638  | $1301167  |
| Common shares outstanding ($0.01 par value, unlimited shares authorized) | 50432911  | 48394834  |
| Net asset value per share | $26.15  | $26.89  |
| **Class S Shares:** |  |  |
| Net assets | $130989  | $124339  |
| Common shares outstanding ($0.01 par value, unlimited shares authorized) | 5009853  | 4624605  |
| Net asset value per share | $26.15  | $26.89  |
| **Class D Shares:** |  |  |
| Net assets | $188775  | $162740  |
| Common shares outstanding ($0.01 par value, unlimited shares authorized) | 7219923 | 6052852  |
| Net asset value per share | $26.15  | $26.89  |

---

See accompanying notes to consolidated financial statements.

------

**T. Rowe Price OHA Select Private Credit Fund Consolidated Statements of Operations**

**(in thousands)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2025** |
| **Investment income from non-controlled / non-affiliated investments:** | |  |
| &nbsp;&nbsp;Interest and dividend income | $67160  | $54107  |
| &nbsp;&nbsp;PIK income | 4803  | 2218  |
| &nbsp;&nbsp;Other income | 1498  | 1263  |
| **Total investment income** | 73461  | 57588  |
| **Expenses:** |  |  |
| &nbsp;&nbsp;Interest and debt fee expense | $23194  | $17966  |
| &nbsp;&nbsp;Management fees | 5010  | 3783  |
| &nbsp;&nbsp;Income incentive fee | 5025  | 4144  |
| &nbsp;&nbsp;Distribution and shareholder servicing fees  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 270  | 126  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class D | 113  | 2  |
| &nbsp;&nbsp;Professional fees | 599  | 464  |
| &nbsp;&nbsp;Board of Trustees fees | 97  | 97  |
| &nbsp;&nbsp;Administrative service expenses | 791  | 513  |
| &nbsp;&nbsp;Other general & administrative expenses | 2249  | 765  |
| &nbsp;&nbsp;Amortization of deferred offering costs | —  | 159  |
| &nbsp;&nbsp;**Total expenses before fee waivers and expense support** | 37348  | 28019  |
| &nbsp;&nbsp;Expense support  | —  | —  |
| &nbsp;&nbsp;Recoupment of expense support | —  | 1020  |
| &nbsp;&nbsp;Management fees waiver | —  | —  |
| &nbsp;&nbsp;Income incentive fee waiver | —  | —  |
| **Total expenses net of fee waivers and expense support** | 37348  | 29039  |
| **Net investment income** | 36113  | 28549  |
| **Realized and unrealized gain (loss):** |  |  |
| Realized gain (loss): |  |  |
| &nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | 501  | (2497) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (57) | (317) |
| &nbsp;&nbsp;&nbsp;Foreign currency forward contracts | 2804  | (1354) |
| **Net realized gain (loss)** | 3248  | (4168) |
| Net change in unrealized appreciation (depreciation): |  |  |
| &nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | (42851) | (10075) |
| &nbsp;&nbsp;&nbsp;Foreign currency translation | (125) | 6  |
| &nbsp;&nbsp;&nbsp;Foreign currency forward contracts | 135  | (89) |
| **Net change in unrealized appreciation (depreciation)** | (42841) | (10158) |
| **Net realized and unrealized gain (loss)** | (39593) | (14326) |
| **Net increase (decrease) in net assets resulting from operations** | $(3480) | $14223  |

---

See accompanying notes to consolidated financial statements.

------

**T. Rowe Price OHA Select Private Credit Fund Consolidated Statements of Changes in Net Assets (in thousands)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2025** |
| **Operations:** |  |  |
| &nbsp;&nbsp;Net investment income | $36113  | $28549  |
| &nbsp;&nbsp;Net realized gain (loss) | 3248  | (4168) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (42841) | (10158) |
| Net increase (decrease) in net assets resulting from operations | (3480) | 14223  |
| **Distributions to common shareholders:**  |  |  |
| &nbsp;&nbsp;Class I total  | (34335) | (29381) |
| &nbsp;&nbsp;Class S total | (3074) | (1384) |
| &nbsp;&nbsp;Class D total | (4573) | (53) |
| Net decrease in net assets resulting from distributions  | (41982) | (30818) |
| **Share transactions:** |  |  |
| **Class I:** |  |  |
| &nbsp;&nbsp;Proceeds from shares sold | 53076  | 35413  |
| &nbsp;&nbsp;Repurchase of shares | (3436) | —  |
| &nbsp;&nbsp;Distribution reinvestment | 4695  | 3286  |
| Net increase (decrease) in net assets from share transactions | 54335  | 38699  |
| **Class S:** |  |  |
| &nbsp;&nbsp;Proceeds from shares sold | 10283  | 22770  |
| &nbsp;&nbsp;Repurchase of shares  | (1796) | —  |
| &nbsp;&nbsp;Distribution reinvestment | 1748  | 780  |
| Net increase (decrease) in net assets from share transactions | 10235  | 23550  |
| **Class D:** |  |  |
| &nbsp;&nbsp;Proceeds from shares sold | 28461  | 6530  |
| &nbsp;&nbsp;Repurchase of shares | —  | —  |
| &nbsp;&nbsp;Distribution reinvestment | 2587  | —  |
| Net increase (decrease) in net assets from share transactions | 31048  | 6530  |
| **Total increase (decrease) in net assets** | 50156  | 52184  |
| **Net assets, beginning of period** | 1588246  | 1200629  |
| **Net assets, end of period** | $1638402  | $1252813  |

---

See accompanying notes to consolidated financial statements.

------

**T. Rowe Price OHA Select Private Credit Fund Consolidated Statements of Cash Flows (in thousands)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** |
| | **March 31, 2026** | **March 31, 2025** |
| **Cash flows from operating activities:** | | |
| Net increase (decrease) in net assets resulting from operations | $(3480) | $14223  |
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |  |  |
| Net unrealized (appreciation) depreciation on investments | 42851  | 10075  |
| Net unrealized (appreciation) depreciation on foreign currency forward contracts | (135) | 89  |
| Net unrealized (appreciation) depreciation on foreign currency | 125  | (6) |
| Net realized (gain) loss on investments | (501) | 2497  |
| Net realized (gain) loss on foreign currency | 57  | 317  |
| Net realized (gain) loss on foreign currency forward contracts | (2804) | 1354  |
| Payment-in-kind interest | (3740) | (2829) |
| Net accretion of discount and amortization of premium | (2208) | (2266) |
| Amortization of deferred financing costs and debt issuance costs  | 1254  | 758  |
| Amortization of deferred offering costs | —  | 159  |
| Purchases of investments | (220968) | (184498) |
| Proceeds from sale of investments and principal repayments | 94462  | 59710  |
| Net proceeds from settlement of foreign currency forward contracts | 2804  | (1354) |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;Interest receivable | 41  | 6515  |
| &nbsp;&nbsp;Due to counterparty | (8490) | 2160  |
| &nbsp;&nbsp;Management fee payable | 257  | 289  |
| &nbsp;&nbsp;Incentive fee payable  | (366) | (334) |
| &nbsp;&nbsp;Distribution and/or shareholder servicing fees payable  | 12  | 18  |
| &nbsp;&nbsp;Receivable for investments sold | (7718) | 9274  |
| &nbsp;&nbsp;Payable for investments purchased | 94  | 44734  |
| &nbsp;&nbsp;Interest and debt fee payable | (1214) | (14118) |
| &nbsp;&nbsp;Accrued expenses and other liabilities | 2561  | 1091  |
| Net cash provided by (used in) operating activities | (107106) | (52142) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;Borrowings of debt | 55000  | 60000  |
| &nbsp;&nbsp;Repayments of debt  | (20000) | (50000) |
| &nbsp;&nbsp;Payments of financing costs | —  | (984) |
| &nbsp;&nbsp;Proceeds from issuance of common shares net of change in subscription receivable | 101800  | 64713  |
| &nbsp;&nbsp;Repurchase of shares | (5232) | —  |
| &nbsp;&nbsp;Distributions paid in cash | (41167) | (21594) |
| &nbsp;&nbsp;Proceeds (payments) from foreign currency settlements | (57) | (317) |
| Net cash provided by (used in) financing activities | 90344  | 51818  |
| Net increase (decrease) in cash, cash equivalents and restricted cash | (16762) | (324) |
| Effect of foreign currency exchange rates | (125) | 6  |
| Cash, cash equivalents and restricted cash, beginning of period | 140859  | 62157  |
| Cash, cash equivalents and restricted cash, end of period | $123972  | $61839  |
| Supplemental information and non-cash activities: |  |  |
| &nbsp;&nbsp;Interest paid during the period | $27640  | $30851  |
| &nbsp;&nbsp;Cash paid for excise taxes during the period | $—  | $125  |
| &nbsp;&nbsp;Distributions declared and payable  | $14280  | $19471  |
| &nbsp;&nbsp;Distributions reinvested during the period | $9030  | $4066  |

---

See accompanying notes to consolidated financial statements.

------

**T. Rowe Price OHA Select Private Credit Fund Consolidated Schedule of Investments** 

**March 31, 2026 (in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-<br>non-controlled/<br>non-affiliated** <sup>(1)</sup> | **Footnotes** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest Rate** <sup>(2)</sup> | **Maturity Date** | **Par Amount/ Units** | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **Investments—**<br>&nbsp;&nbsp;&nbsp;&nbsp;**non-controlled/non-affiliated** |  |  |  |  |  |  |  |  |  |  |
| **First Lien Debt** |  |  |  |  |  |  |  |  |  |  |
| **Aerospace and Defense** |  |  |  |  |  |  |  |  |  |  |
| Evergreen IX Borrower 2023 LLC | (4) (5) | S + | 4.75% |  | 8.45% | 9/30/2030 | $5713 | $5690 | $5713 | 0.35% |
| Evergreen IX Borrower 2023 LLC | (4) (5) (7) | S + | 4.75% |  | 8.45% | 9/30/2030 | 7765 | 7676 | 7765 | 0.47 |
| Evergreen IX Borrower 2023 LLC | (4) (5) (6) | S + | 4.75% |  | 8.45% | 10/1/2029 | 876 | (8) |  |  |
| Farsound Aviation Limited | (4) (5) (9) | S + | 5.25% |  | 8.92% | 12/3/2031 | 17076 | 16932 | 16969 | 1.04 |
| Farsound Aviation Limited | (4) (5) (6) (9) | S + | 5.25% |  | 8.92% | 12/3/2031 | 3105 |  | (19) |  |
| Mantech International CP | (4) (5) (7) | S + | 4.50% |  | 8.17% | 9/14/2029 | 26231 | 25902 | 26231 | 1.60 |
| Mantech International CP | (4) (5) (8) | S + | 4.50% |  | 8.17% | 9/14/2029 | 384 | 374 | 384 | 0.02 |
| Mantech International CP | (4) (5) (6) | S + | 4.50% |  | 8.17% | 9/14/2028 | 3238 | (31) |  |  |
| STS Aviation Group | (4) (5) (6) | S + | 5.00% |  | 8.64% | 10/8/2031 | 1100 |  | (8) |  |
| STS Aviation Group | (4) (5) (8) | S + | 5.00% |  | 8.64% | 10/8/2031 | 3920 | 3904 | 3891 | 0.24 |
| STS Aviation Group | (4) (5) (6) | S + | 5.00% |  | 8.64% | 10/8/2030 | 440 | 345 | 343 | 0.02 |
|  |  |  |  |  |  |  |  | 60784 | 61269 | 3.74 |
| **Automobile** |  |  |  |  |  |  |  |  |  |  |
| FleetPride, Inc. | (4) (5) | S + | 5.50% |  | 9.17% | 10/28/2031 | 46563 | 46233 | 46214 | 2.82 |
| Mammoth Holdings, LLC | (4) (5) (6) | S + | 6.00% |  | 9.70% | 11/15/2029 | 3636 | (19) | (73) |  |
| Mammoth Holdings, LLC | (4) (5) (7) | S + | 6.00% |  | 9.70% | 11/15/2030 | 28437 | 28228 | 27868 | 1.70 |
| Mammoth Holdings, LLC | (4) (5) | S + | 6.00% |  | 9.65% | 11/15/2030 | 7147 | 7096 | 7004 | 0.43 |
| NCWS Intermediate, Inc. | (4) (5) (6) | S + | 5.50% | (2.25% PIK) | 9.17% | 12/31/2029 | 4198 | 471 | 239 | 0.01 |
| NCWS Intermediate, Inc. | (4) (5) | S + | 5.50% | (2.25% PIK) | 9.17% | 12/31/2029 | 61243 | 60822 | 57721 | 3.52 |
| NCWS Intermediate, Inc. | (4) (5) (6) | S + | 5.25% | (2.25% PIK) | 8.92% | 12/31/2029 | 6972 | 2072 | 1719 | 0.11 |
| Quality Collision Group, LLC | (4) (5) | S + | 5.50% |  | 9.17% | 3/30/2033 | 15000 | 14887 | 14887 | 0.91 |
| Quality Collision Group, LLC | (4) (5) (6) | S + | 5.50% |  | 9.17% | 3/30/2033 | 3750 |  | (28) |  |
| Quality Collision Group, LLC | (4) (5) (6) | S + | 5.50% |  | 9.17% | 3/30/2033 | 1250 | (9) | (9) |  |
| Wheels Bidco, Inc. | (4) (5) (7) | S + | 5.25% |  | 8.91% | 11/3/2031 | 50000 | 49577 | 50000 | 3.05 |
|  |  |  |  |  |  |  |  | 209358 | 205542 | 12.55 |
| **Banking** |  |  |  |  |  |  |  |  |  |  |
| Higginbotham Insurance Agency, Inc. | (4) (5) | S + | 4.50% |  | 8.17% | 6/11/2031 | 10391 | 10391 | 10391 | 0.63 |
| Higginbotham Insurance Agency, Inc. | (4) (5) (6) | S + | 4.50% |  | 8.17% | 6/11/2031 | 840 | (2) |  |  |
| Higginbotham Insurance Agency, Inc. | (4) (5) (6) | S + | 4.50% |  | 8.17% | 6/11/2031 | 1317 |  |  |  |
|  |  |  |  |  |  |  |  | 10389 | 10391 | 0.63 |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-<br>non-controlled/<br>non-affiliated** <sup>(1)</sup> | **Footnotes** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest Rate** <sup>(2)</sup> | **Maturity Date** | **Par Amount/ Units** | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **Buildings and Real Estate** |  |  |  |  |  |  |  |  |  |  |
| Associations, Inc. | (4) (5) (6) | S + | 6.50% |  | 10.42% | 7/3/2028 | 775 |  |  |  |
| Associations, Inc. | (4) (5) (6) | S + | 6.50% |  | 10.42% | 7/3/2028 | 962 | 460 | 460 | 0.03 |
| Associations, Inc. | (4) (5) |  |  | (14.25% PIK) | 14.25% | 5/3/2030 | 913 | 912 | 913 | 0.05 |
| Associations, Inc. | (4) (5) |  |  | (14.25% PIK) | 14.25% | 5/3/2030 | 2391 | 2388 | 2392 | 0.15 |
| Associations, Inc. | (4) (5) (7) | S + | 6.50% |  | 10.42% | 7/3/2028 | 12288 | 12284 | 12288 | 0.75 |
| Service Logic | (4) (5) | S + | 4.75% | (2.25% PIK) | 8.42% | 12/16/2032 | 16502 | 16462 | 16461 | 1.00 |
| Service Logic | (4) (5) (6) | S + | 4.75% | (2.25% PIK) | 8.42% | 12/16/2032 | 4527 |  | (11) |  |
| Service Logic | (4) (5) (6) | P + | 3.50% |  | 10.25% | 12/16/2032 | 2263 | 653 | 658 | 0.04 |
|  |  |  |  |  |  |  |  | 33159 | 33161 | 2.02 |
| **Capital Equipment** |  |  |  |  |  |  |  |  |  |  |
| AI Titan Parent Inc. | (4) (5) (6) | S + | 4.50% |  | 8.17% | 8/29/2031 | 5726 | 1283 | 1274 | 0.08 |
| AI Titan Parent Inc. | (4) (5) (6) | S + | 4.50% |  | 8.17% | 8/29/2031 | 3579 | (14) | (9) |  |
| AI Titan Parent Inc. | (4) (5) | S + | 4.50% |  | 8.17% | 8/29/2031 | 28632 | 28515 | 28560 | 1.74 |
| Helix Acquisition Holdings, Inc. | (4) (5) (7) | S + | 7.00% |  | 10.77% | 3/31/2030 | 12391 | 12224 | 12391 | 0.76 |
| Infinite Bidco LLC | (4) | S + | 3.75% |  | 7.68% | 3/2/2028 | 5935 | 5536 | 5651 | 0.34 |
| Infinite Bidco LLC | (4) | S + | 6.25% |  | 9.91% | 3/2/2028 | 11236 | 11099 | 10899 | 0.67 |
| Ohio Transmission Corporation | (4) (5) (6) | S + | 5.75% |  | 9.45% | 12/19/2029 | 1357 | 806 | 814 | 0.05 |
| Ohio Transmission Corporation | (4) (5) (6) | S + | 5.75% |  | 9.45% | 12/19/2030 | 832 | (6) |  |  |
| Ohio Transmission Corporation | (4) (5) (7) | S + | 5.75% |  | 9.45% | 12/19/2030 | 11260 | 11171 | 11260 | 0.69 |
| Pike Corp | (4) (5) | S + | 4.50% |  | 8.18% | 12/20/2032 | 25471 | 25410 | 25408 | 1.55 |
| Pike Corp | (4) (5) (6) | S + | 4.50% |  | 8.18% | 12/20/2032 | 3692 | (9) | (9) |  |
| Pike Corp | (4) (5) (6) | S + | 4.50% |  | 8.18% | 12/20/2032 | 5537 | (13) | (14) |  |
| Truck-Lite Co., LLC | (4) (5) | S + | 4.75% |  | 8.44% | 2/13/2032 | 895 | 888 | 891 | 0.05 |
| Truck-Lite Co., LLC | (4) (5) | S + | 4.75% |  | 8.42% | 2/13/2032 | 41548 | 41222 | 41340 | 2.52 |
| Truck-Lite Co., LLC | (4) (5) (6) | S + | 4.75% |  | 8.42% | 2/13/2031 | 4284 | (28) | (21) |  |
| Truck-Lite Co., LLC | (4) (5) (6) | S + | 4.75% |  | 8.42% | 2/13/2032 | 5304 | (12) | (26) |  |
| Truck-Lite Co., LLC | (4) (5) | S + | 4.75% |  | 8.42% | 2/13/2032 | 1103 | 1098 | 1097 | 0.07 |
| Truck-Lite Co., LLC | (4) (5) (6) | S + | 4.75% |  | 8.42% | 2/13/2032 | 10665 | 4163 | 4162 | 0.25 |
|  |  |  |  |  |  |  |  | 143333 | 143668 | 8.77 |
| **Cargo Transport** |  |  |  |  |  |  |  |  |  |  |
| LaserShip, Inc. | (4) | S + | 6.25% |  | 9.95% | 1/2/2029 | 5736 | 5479 | 5813 | 0.35 |
| LaserShip, Inc. | (4) | S + | 5.50% | (4.00% PIK) | 9.46% | 8/10/2029 | 8402 | 6633 | 6212 | 0.38 |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-<br>non-controlled/<br>non-affiliated** <sup>(1)</sup> | **Footnotes** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest Rate** <sup>(2)</sup> | **Maturity Date** | **Par Amount/ Units** | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| LaserShip, Inc. | (4) | S + | 8.00% | (4.00% PIK) | 11.70% | 1/2/2029 | 30168 | 27476 | 22452 | 1.37 |
|  |  |  |  |  |  |  |  | 39588 | 34477 | 2.10 |
| **Chemicals, Plastics and Rubber** |  |  |  |  |  |  |  |  |  |  |
| ASP Unifrax Holdings, Inc. | (4) | S + | 7.75% | (4.75% PIK) | 11.75% | 9/28/2029 | 30648 | 29244 | 17393 | 1.06 |
| BCPE HIPH Parent, Inc. | (4) (5) | S + | 5.75% |  | 9.42% | 10/7/2030 | 1988 | 1954 | 1978 | 0.12 |
| BCPE HIPH Parent, Inc. | (4) (5) (7) | S + | 5.75% |  | 9.42% | 10/7/2030 | 6162 | 6095 | 6131 | 0.38 |
| Meridian Adhesives Group, Inc. | (4) (5) (7) | S + | 6.00% |  | 9.70% | 9/3/2029 | 9636 | 9453 | 9636 | 0.59 |
| Meridian Adhesives Group, Inc. | (4) (5) | S + | 6.00% |  | 9.70% | 9/3/2029 | 1618 | 1588 | 1618 | 0.10 |
| Peaches Acquisition Corporation | (4) (5) | S + | 7.50% | (1.00% PIK) | 12.17% | 8/1/2028 | 9638 | 9585 | 8409 | 0.51 |
| Vantage Specialty Chemicals | (4) (5) | S + | 6.75% | (2.75% PIK) | 10.45% | 8/29/2029 | 18108 | 17717 | 17429 | 1.06 |
| Vantage Specialty Chemicals | (4) (5) (6) | S + | 6.25% |  | 9.89% | 3/1/2029 | 1552 | 278 | 252 | 0.02 |
|  |  |  |  |  |  |  |  | 75914 | 62846 | 3.84 |
| **Construction & Building** |  |  |  |  |  |  |  |  |  |  |
| FloWorks International | (4) (5) | S + | 4.75% |  | 8.42% | 11/26/2031 | 14960 | 14896 | 14885 | 0.91 |
| FloWorks International | (4) (5) | S + | 4.75% |  | 8.42% | 11/26/2031 | 1889 | 1877 | 1879 | 0.11 |
| NEFCO Construction Supply (NFO) | (4) (5) | S + | 4.50% |  | 8.24% | 1/13/2033 | 9624 | 9600 | 9600 | 0.58 |
| NEFCO Construction Supply (NFO) | (4) (5) (6) | P + | 3.50% |  | 10.25% | 1/13/2033 | 1375 | 272 | 272 | 0.02 |
| NEFCO Construction Supply (NFO) | (4) (5) (6) | S + | 4.50% |  | 8.24% | 1/13/2033 | 2062 |  | (5) |  |
| NRO Holdings III Corp. | (4) (5) | S + | 5.25% |  | 8.92% | 7/15/2031 | 27338 | 27116 | 27202 | 1.66 |
| NRO Holdings III Corp. | (4) (5) (6) | S + | 5.25% |  | 8.87% | 7/15/2031 | 8654 | 5351 | 5349 | 0.33 |
| NRO Holdings III Corp. | (4) (5) (6) | S + | 5.25% |  | 8.92% | 7/15/2030 | 4378 | 1594 | 1604 | 0.10 |
| Orion Advisor Solutions, Inc. | (4) (5) (6) | S + | 4.50% |  | 8.22% | 11/26/2032 | 7302 | 1455 | 1433 | 0.09 |
| Orion Advisor Solutions, Inc. | (4) (5) | S + | 4.50% |  | 8.20% | 11/26/2032 | 22198 | 22118 | 22115 | 1.35 |
| RFI Buyer, Inc. | (4) (5) | S + | 4.50% |  | 8.27% | 8/5/2030 | 8215 | 8178 | 8174 | 0.50 |
| RFI Buyer, Inc. | (4) (5) (6) | S + | 4.50% |  | 8.26% | 8/5/2030 | 11765 | 4378 | 4319 | 0.26 |
|  |  |  |  |  |  |  |  | 96835 | 96827 | 5.91 |
| **Consumer Goods: Durable** |  |  |  |  |  |  |  |  |  |  |
| Marcone Yellowstone Buyer, Inc. | (4) (5) | S + | 7.00% | (3.25% PIK) | 10.81% | 6/23/2028 | 4458 | 4422 | 3990 | 0.24 |
| Marcone Yellowstone Buyer, Inc. | (4) (5) | S + | 7.00% | (3.25% PIK) | 10.81% | 6/23/2028 | 7910 | 7866 | 7079 | 0.43 |
| Marcone Yellowstone Buyer, Inc. | (4) (5) (7) | S + | 7.00% | (3.25% PIK) | 10.81% | 6/23/2028 | 17110 | 16916 | 15313 | 0.94 |
| Marcone Yellowstone Buyer, Inc. | (4) (5) (7) | S + | 7.00% | (3.25% PIK) | 10.81% | 6/23/2028 | 5685 | 5621 | 5089 | 0.31 |
| Poly-Wood, LLC | (4) (5) (6) | S + | 4.88% |  | 8.54% | 3/20/2030 | 3144 | 1443 | 1451 | 0.09 |
| Poly-Wood, LLC | (4) (5) | S + | 4.88% |  | 8.54% | 3/20/2030 | 1485 | 1479 | 1478 | 0.09 |
| Poly-Wood, LLC | (4) (5) (7) | S + | 4.88% |  | 8.54% | 3/20/2030 | 16432 | 16297 | 16350 | 1.00 |
|  |  |  |  |  |  |  |  | 54044 | 50750 | 3.10 |
| **Containers, Packaging and Glass** |  |  |  |  |  |  |  |  |  |  |
| Ascend Buyer LLC | (4) (5) | S + | 5.25% |  | 8.95% | 9/29/2028 | 177 | 176 | 177 | 0.01 |
| Ascend Buyer LLC | (4) (5) (6) | S + | 5.25% |  | 8.95% | 9/29/2028 | 358 | 49 | 50 |  |

---

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-<br>non-controlled/<br>non-affiliated** <sup>(1)</sup> | **Footnotes** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest Rate** <sup>(2)</sup> | **Maturity Date** |  | **Par Amount/ Units** | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| PPC Flexible Packaging | (4) (5) (7) | S + | 5.25% |  | 8.95% | 9/29/2028 |  | 3967 | 3924 | 3967 | 0.24 |
| ThermoSafe | (4) (5) (6) | S + | 4.75% |  | 8.41% | 11/3/2032 |  | 5700 |  | (29) |  |
| ThermoSafe | (4) (5) | S + | 4.75% |  | 8.41% | 11/3/2032 |  | 9500 | 9455 | 9453 | 0.58 |
| ThermoSafe | (4) (5) (6) | S + | 4.75% |  | 8.41% | 11/3/2032 |  | 1900 | 124 | 124 | 0.01 |
|  |  |  |  |  |  |  |  |  | 13728 | 13742 | 0.84 |
| **Ecological** |  |  |  |  |  |  |  |  |  |  |  |
| Rock Star Mergersub, LLC | (4) (5) | S + | 5.25% | (2.88% PIK) | 8.85% | 12/15/2031 |  | 15680 | 15614 | 15641 | 0.95 |
| Rock Star Mergersub, LLC | (4) (5) (6) | S + | 4.75% |  | 8.42% | 12/15/2031 |  | 2102 | 566 | 576 | 0.04 |
| Rock Star Mergersub, LLC | (4) (5) (6) | S + | 4.75% |  | 8.42% | 12/15/2031 |  | 4945 | 3220 | 3214 | 0.20 |
|  |  |  |  |  |  |  |  |  | 19400 | 19431 | 1.19 |
| **Finance** |  |  |  |  |  |  |  |  |  |  |  |
| Arax MidCo, LLC | (4) (5) | S + | 5.25% |  | 8.96% | 3/24/2032 |  | 8783 | 8761 | 8761 | 0.53 |
| Arax MidCo, LLC | (4) (5) (6) | S + | 5.25% |  | 8.96% | 3/24/2032 |  | 5415 |  | (14) |  |
| Arax MidCo, LLC | (4) (5) (6) | S + | 5.25% |  | 8.96% | 3/24/2032 |  | 802 | (2) | (2) |  |
| Beacon Pointe Advisors, LLC | (4) (5) | S + | 4.50% |  | 8.17% | 12/29/2028 |  | 9928 | 9877 | 9928 | 0.61 |
| Beacon Pointe Advisors, LLC | (4) (5) (7) | S + | 4.50% |  | 8.17% | 12/29/2028 |  | 9977 | 9849 | 9977 | 0.61 |
| Beacon Pointe Advisors, LLC | (4) (5) | S + | 4.50% |  | 8.17% | 12/29/2028 |  | 3913 | 3863 | 3913 | 0.24 |
| Beacon Pointe Advisors, LLC | (4) (5) (6) | S + | 4.50% |  | 8.17% | 12/29/2027 |  | 1075 | (10) |  |  |
| Beacon Pointe Advisors, LLC | (4) (5) | S + | 4.50% |  | 8.17% | 12/29/2028 |  | 1117 | 1109 | 1117 | 0.07 |
| Cerity Partners Equity Holding LLC | (4) (5) (6) | S + | 4.50% |  | 8.17% | 7/28/2031 |  | 6055 |  | (15) |  |
| Cerity Partners Equity Holding LLC | (4) (5) (6) | S + | 4.50% |  | 8.17% | 7/28/2031 |  | 545 | 217 | 217 | 0.01 |
| Shelby Automotive Holdings Corp. | (4) (5) | S + | 5.25% |  | 8.92% | 6/29/2028 |  | 14937 | 14808 | 14863 | 0.91 |
| Spectrum Automotive Holdings, Corp. | (4) (5) (6) | S + | 5.25% |  | 8.92% | 6/29/2027 |  | 1564 | (8) | (8) |  |
| Spectrum Automotive Holdings, Corp. | (4) (5) (7) | S + | 5.25% |  | 8.92% | 6/29/2028 |  | 40581 | 40238 | 40378 | 2.46 |
| Spectrum Automotive Holdings, Corp. | (4) (5) | S + | 5.25% |  | 8.92% | 6/29/2028 |  | 11315 | 11212 | 11258 | 0.69 |
|  |  |  |  |  |  |  |  |  | 99914 | 100373 | 6.13 |
| **Healthcare, Education and Childcare** |  |  |  |  |  |  |  |  |  |  |  |
| 123Dentist Inc. | (4) (5) (8) (9) | C + | 5.00% |  | 7.28% | 8/10/2029 | CAD | 5938 | 4326 | 4255 | 0.26 |
| 123Dentist Inc. | (4) (5) (8) (9) | C + | 5.00% |  | 7.28% | 8/9/2029 | CAD | 945 | 681 | 677 | 0.04 |
| 123Dentist Inc. | (4) (5) (6) (9) | C + | 4.75% |  | 7.03% | 8/10/2029 | CAD | 7493 | 2048 | 1999 | 0.12 |
| AmeriVet Partners Management, Inc. | (4) (5) (7) (8) | S + | 5.50% |  | 9.35% | 2/25/2028 |  | 9185 | 9185 | 8886 | 0.54 |
| Blue River PetCare | (4) (5) | S + | 5.00% |  | 8.67% | 8/1/2029 |  | 3400 | 3400 | 3400 | 0.21 |
| Blue River PetCare | (4) (5) | S + | 5.00% |  | 8.67% | 8/1/2029 |  | 1683 | 1683 | 1683 | 0.10 |
| Blue River PetCare | (4) (5) (6) | S + | 5.00% |  | 8.67% | 8/1/2029 |  | 12954 | (31) |  |  |
| Blue River PetCare | (4) (5) (6) | S + | 5.00% |  | 8.67% | 8/1/2029 |  | 2354 | 224 | 236 | 0.01 |
| CNSI Holdings, LLC | (4) (5) (7) | S + | 5.50% |  | 9.20% | 12/17/2029 |  | 9045 | 8996 | 9045 | 0.55 |
| CNSI Holdings, LLC | (4) (5) (7) | S + | 5.50% |  | 9.20% | 12/17/2029 |  | 12751 | 12644 | 12751 | 0.78 |

---

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-<br>non-controlled/<br>non-affiliated** <sup>(1)</sup> | **Footnotes** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest Rate** <sup>(2)</sup> | **Maturity Date** |  | **Par Amount/ Units** | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| CNSI Holdings, LLC | (4) (5) (6) | S + | 5.50% |  | 9.20% | 12/17/2029 |  | 2999 | (20) |  |  |
| CNSI Holdings, LLC | (4) (5) (7) | S + | 5.50% |  | 9.20% | 12/17/2029 |  | 12040 | 11901 | 12040 | 0.74 |
| Coding Solutions Acquisition Inc. | (4) (5) (6) | S + | 5.00% |  | 8.67% | 8/7/2031 |  | 13472 | (29) | (135) | (0.01) |
| Coding Solutions Acquisition Inc. | (4) (5) | S + | 5.00% |  | 8.67% | 8/7/2031 |  | 10251 | 10160 | 10148 | 0.62 |
| Coding Solutions Acquisition Inc. | (4) (5) | S + | 5.00% |  | 8.67% | 8/7/2031 |  | 11426 | 11338 | 11312 | 0.69 |
| Coding Solutions Acquisition Inc. | (4) (5) (6) | S + | 5.00% |  | 8.67% | 8/7/2031 |  | 442 | (5) | (4) |  |
| Coding Solutions Acquisition Inc. | (4) (5) (6) | S + | 5.00% |  | 8.67% | 8/7/2031 |  | 992 | (8) | (10) |  |
| Color Intermediate, LLC | (4) (5) (7) | S + | 4.75% |  | 8.55% | 10/4/2029 |  | 5798 | 5673 | 5798 | 0.35 |
| Cotiviti | (4) |  |  | (7.63% PIK) | 7.63% | 5/1/2031 |  | 8000 | 7872 | 7480 | 0.46 |
| Crown Health Care Laundry Services, LLC | (4) (5) (6) | S + | 4.75% |  | 8.42% | 5/28/2031 |  | 4186 | (18) | (21) |  |
| Crown Health Care Laundry Services, LLC | (4) (5) (6) | S + | 4.75% |  | 8.42% | 5/28/2031 |  | 3585 | 1188 | 1175 | 0.07 |
| Crown Health Care Laundry Services, LLC | (4) (5) | S + | 4.75% |  | 8.42% | 5/28/2031 |  | 21960 | 21863 | 21850 | 1.33 |
| Gateway US Holdings, Inc. | (4) (5) (7) | S + | 4.75% |  | 8.45% | 9/22/2028 |  | 7939 | 7928 | 7899 | 0.48 |
| Gateway US Holdings, Inc. | (4) (5) (6) | S + | 4.75% |  | 8.45% | 9/22/2028 |  | 325 |  | (2) |  |
| Gateway US Holdings, Inc. | (4) (5) | S + | 4.75% |  | 8.45% | 9/22/2028 |  | 414 | 414 | 412 | 0.03 |
| Gateway US Holdings, Inc. | (4) (5) | S + | 4.75% |  | 8.45% | 9/22/2028 |  | 1824 | 1822 | 1815 | 0.11 |
| Medvet Associates LLC | (4) (5) (7) | S + | 4.75% |  | 8.42% | 6/25/2031 |  | 56000 | 55776 | 56000 | 3.42 |
| Medvet Associates LLC | (4) (5) (6) | S + | 4.75% |  | 8.42% | 6/25/2031 |  | 14000 |  |  |  |
| Modernizing Medicine Inc. | (4) (5) | S + | 4.75% | (2.25% PIK) | 8.45% | 4/30/2032 |  | 12721 | 12666 | 12721 | 0.78 |
| Modernizing Medicine Inc. | (4) (5) (6) | S + | 4.75% | (2.25% PIK) | 8.45% | 4/30/2032 |  | 1166 | (5) |  |  |
| Mountain Parent, Inc. | (4) (5) | S + | 4.75% |  | 8.45% | 6/27/2031 |  | 27893 | 27781 | 27753 | 1.69 |
| Mountain Parent, Inc. | (4) (5) (6) | S + | 4.75% |  | 8.45% | 6/27/2031 |  | 3082 | (12) | (15) |  |
| Mountain Parent, Inc. | (4) (5) (6) | S + | 4.75% |  | 8.45% | 6/27/2031 |  | 5779 |  | (29) |  |
| National Resilience LLC | (4) (5) | S + | 8.25% |  | 11.95% | 11/21/2030 |  | 21697 | 20876 | 20829 | 1.27 |
| National Resilience LLC | (4) (5) (6) | S + | 8.25% |  | 11.95% | 11/21/2030 |  | 12398 | (461) | (496) | (0.03) |
| National Resilience LLC | (4) (5) (6) | S + | 8.25% |  | 11.95% | 11/21/2030 |  | 8266 | 949 | 950 | 0.06 |
| National Resilience LLC | (4) (5) |  |  | (8.00% PIK) | 8.00% | 11/21/2030 |  | 7639 | 7798 | 7639 | 0.47 |
| Next Holdco, LLC | (4) (5) (7) | S + | 5.25% |  | 8.89% | 11/12/2030 |  | 11737 | 11651 | 11678 | 0.71 |
| Next Holdco, LLC | (4) (5) (6) | S + | 5.25% |  | 8.89% | 11/9/2029 |  | 1153 | (9) | (6) |  |
| Next Holdco, LLC | (4) (5) | S + | 5.25% |  | 8.89% | 11/12/2030 |  | 2962 | 2949 | 2947 | 0.18 |
| Packaging Coordinators Midco, Inc. | (4) (5) (6) | S + | 5.00% |  | 8.67% | 10/15/2032 |  | 3850 | (45) | (29) |  |
| Packaging Coordinators Midco, Inc. | (4) (5) (6) | S + | 5.00% |  | 8.67% | 10/15/2032 |  | 1521 |  | (11) |  |
| Packaging Coordinators Midco, Inc. | (4) (5) (6) | S + | 5.00% |  | 8.67% | 10/15/2032 |  | 1559 | (7) | (12) |  |
| Packaging Coordinators Midco, Inc. | (4) (5) (6) | S + | 5.00% |  | 8.67% | 10/15/2032 |  | 840 | 441 | 438 | 0.03 |
| Packaging Coordinators Midco, Inc. | (4) (5) | S + | 5.00% |  | 8.67% | 10/15/2032 |  | 36608 | 36142 | 36333 | 2.22 |
| Packaging Coordinators Midco, Inc. | (4) (5) (6) | S + | 5.00% |  | 8.67% | 10/15/2032 |  | 5836 | (62) | (44) |  |
| Packaging Coordinators Midco, Inc. | (4) (5) (8) | SN + | 5.00% |  | 8.73% | 10/15/2032 | GBP | 2513 | 3294 | 3289 | 0.20 |
| PetVet Care Centers, LLC | (4) (5) | S + | 6.00% |  | 9.67% | 11/15/2030 |  | 24415 | 24237 | 22462 | 1.37 |

---

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-<br>non-controlled/<br>non-affiliated** <sup>(1)</sup> | **Footnotes** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest Rate** <sup>(2)</sup> | **Maturity Date** |  | **Par Amount/ Units** | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| PetVet Care Centers, LLC | (4) (5) (6) | S + | 6.00% |  | 9.68% | 11/15/2029 |  | 3258 | 635 | 391 | 0.02 |
| PPV Intermediate Holdings LLC | (4) (5) (6) | S + | 5.25% |  | 8.92% | 8/31/2029 |  | 9961 | 3869 | 3879 | 0.24 |
| PPV Intermediate Holdings LLC | (4) (5) (7) | S + | 5.75% |  | 9.42% | 8/31/2029 |  | 40333 | 39947 | 40333 | 2.46 |
| PPV Intermediate Holdings LLC | (4) (5) (6) | S + | 5.75% |  | 9.41% | 8/31/2029 |  | 2732 | 1001 | 1025 | 0.06 |
| PPV Intermediate Holdings LLC | (4) (5) | S + | 6.00% |  | 9.67% | 8/31/2029 |  | 3179 | 3178 | 3179 | 0.19 |
| Surmodics, Inc. | (4) (5) | S + | 5.00% |  | 8.69% | 11/19/2032 |  | 11064 | 10985 | 10982 | 0.67 |
| Surmodics, Inc. | (4) (5) (6) | S + | 5.00% |  | 8.69% | 11/19/2032 |  | 2371 |  | (18) |  |
| Surmodics, Inc. | (4) (5) (6) | S + | 5.00% |  | 8.69% | 11/19/2031 |  | 1264 | (9) | (9) |  |
| TecoStar Holdings, Inc. | (4) (5) | S + | 8.00% |  | 11.65% | 7/6/2029 |  | 16924 | 16620 | 16924 | 1.03 |
| Tyber Medical LLC | (4) (5) | E + | 5.00% |  | 7.03% | 6/12/2031 | EUR | 442 | 521 | 507 | 0.03 |
| Tyber Medical LLC | (4) (5) (6) | S + | 5.00% |  | 8.64% | 6/14/2032 |  | 3683 |  | (18) |  |
| Tyber Medical LLC | (4) (5) (6) | S + | 5.00% |  | 8.64% | 6/12/2031 |  | 1719 | 999 | 998 | 0.06 |
| Tyber Medical LLC | (4) (5) (6) | S + | 5.00% |  | 8.64% | 6/12/2031 |  | 213 | (1) | (1) |  |
| Tyber Medical LLC | (4) (5) | S + | 5.00% |  | 8.64% | 6/14/2032 |  | 12982 | 12923 | 12917 | 0.79 |
| Tyber Medical LLC | (4) (5) | E + | 5.00% |  | 7.30% | 6/14/2032 | EUR | 2596 | 2994 | 2977 | 0.18 |
|  |  |  |  |  |  |  |  |  | 420856 | 419152 | 25.58 |
| **High Tech** |  |  |  |  |  |  |  |  |  |  |  |
| Banyan Software Holdings, LLC | (4) (5) | S + | 5.50% |  | 9.17% | 1/2/2031 |  | 15065 | 15003 | 15065 | 0.92 |
| Banyan Software Holdings, LLC | (4) (5) (6) | S + | 5.50% |  | 9.17% | 1/2/2031 |  | 1630 | 211 | 217 | 0.01 |
| Banyan Software Holdings, LLC | (4) (5) | S + | 5.50% |  | 9.17% | 1/2/2031 |  | 8081 | 8048 | 8081 | 0.49 |
| Banyan Software Holdings, LLC | (4) (5) | S + | 5.50% |  | 9.17% | 1/2/2031 |  | 13619 | 13503 | 13619 | 0.83 |
| Banyan Software Holdings, LLC | (4) (5) (6) | S + | 5.25% |  | 8.92% | 1/2/2031 |  | 11294 | 1838 | 1789 | 0.11 |
| Bottomline Technologies Inc. | (4) (5) (6) | S + | 4.50% |  | 8.20% | 5/15/2028 |  | 972 | (13) |  |  |
| Bottomline Technologies Inc. | (4) (5) (7) | S + | 4.50% |  | 8.20% | 5/14/2029 |  | 13337 | 13116 | 13337 | 0.81 |
| CentralSquare Technologies, LLC | (4) (5) (6) | S + | 5.75% |  | 9.42% | 4/12/2030 |  | 1929 | (16) |  |  |
| CentralSquare Technologies, LLC | (4) (5) | S + | 5.75% |  | 9.42% | 4/12/2030 |  | 17641 | 17491 | 17641 | 1.08 |
| Chase Intermediate, LLC | (4) (5) | S + | 4.75% |  | 8.42% | 10/30/2028 |  | 17563 | 17497 | 17475 | 1.07 |
| Chase Intermediate, LLC | (4) (5) (6) | S + | 4.75% |  | 8.45% | 10/30/2028 |  | 890 | 332 | 332 | 0.02 |
| Chase Intermediate, LLC | (4) (5) (6) | S + | 4.75% |  | 8.42% | 10/30/2028 |  | 21185 | 1372 | 1343 | 0.08 |
| Community Brands ParentCo, LLC | (4) (5) | S + | 5.25% |  | 8.95% | 7/1/2031 |  | 2797 | 2786 | 2776 | 0.17 |
| Community Brands ParentCo, LLC | (4) (5) (6) | S + | 5.25% |  | 8.95% | 7/1/2031 |  | 1579 | 220 | 220 | 0.01 |
| Community Brands ParentCo, LLC | (4) (5) (7) | S + | 5.25% |  | 8.95% | 7/1/2031 |  | 33746 | 33538 | 33493 | 2.04 |
| CSAT Solutions Holding LLC | (4) (5) (8) | S + | 10.50% | (2.25% PIK) | 14.42% | 6/30/2028 |  | 8467 | 8422 | 8467 | 0.52 |
| CSAT Solutions Holding LLC | (4) (5) (6) | S + | 10.50% | (2.25% PIK) | 14.28% | 6/30/2028 |  | 1159 | 690 | 695 | 0.04 |
| Diligent Corporation | (4) (5) (7) | S + | 5.00% |  | 8.67% | 8/2/2030 |  | 38948 | 38728 | 38656 | 2.36 |
| Diligent Corporation | (4) (5) (6) | S + | 5.00% |  | 8.67% | 8/2/2030 |  | 4848 | (25) | (36) |  |
| Diligent Corporation | (4) (5) (7) | S + | 5.00% |  | 8.67% | 8/2/2030 |  | 6677 | 6639 | 6627 | 0.40 |
| Diligent Corporation | (4) (5) (6) | S + | 5.00% |  | 8.67% | 8/2/2030 |  | 2565 | 551 | 545 | 0.03 |

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-<br>non-controlled/<br>non-affiliated** <sup>(1)</sup> | **Footnotes** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest Rate** <sup>(2)</sup> | **Maturity Date** |  | **Par Amount/ Units** | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| Drive Centric Holdings, LLC | (4) (5) (6) | S + | 4.50% |  | 8.19% | 8/15/2031 |  | 4118 | (16) |  |  |
| Drive Centric Holdings, LLC | (4) (5) | S + | 4.50% |  | 8.19% | 8/15/2031 |  | 30883 | 30757 | 30883 | 1.88 |
| Eagan Sub, Inc. | (4) (5) | S + | 4.25% |  | 7.92% | 9/8/2032 |  | 31790 | 31715 | 31710 | 1.94 |
| Eagan Sub, Inc. | (4) (5) (6) | S + | 4.25% |  | 7.92% | 9/8/2032 |  | 7947 |  | (20) |  |
| Eagan Sub, Inc. | (4) (5) (6) | S + | 4.25% |  | 7.92% | 9/8/2032 |  | 4239 | (10) | (11) |  |
| Everbridge Holdings, LLC | (4) (5) (7) | S + | 5.00% |  | 8.66% | 7/2/2031 |  | 15586 | 15553 | 15586 | 0.95 |
| Everbridge Holdings, LLC | (4) (5) (6) | S + | 5.00% |  | 8.66% | 7/2/2031 |  | 3926 | 1524 | 1527 | 0.09 |
| Everbridge Holdings, LLC | (4) (5) (6) | S + | 5.00% |  | 8.66% | 7/2/2031 |  | 1578 | (3) |  |  |
| Finastra USA, Inc. | (4) | S + | 4.00% |  | 7.67% | 9/15/2032 |  | 21084 | 20466 | 19850 | 1.21 |
| Flexera Software, Inc. | (4) (5) | S + | 4.50% |  | 8.15% | 8/16/2032 |  | 21427 | 21402 | 21320 | 1.30 |
| Flexera Software, Inc. | (4) (5) | E + | 4.50% |  | 6.45% | 8/16/2032 | EUR | 6467 | 7565 | 7413 | 0.45 |
| Flexera Software, Inc. | (4) (5) (6) | S + | 4.50% |  | 8.15% | 8/16/2032 |  | 1644 | (2) | (8) |  |
| Granicus, Inc. | (4) (5) (6) | S + | 5.00% | (2.00% PIK) | 8.67% | 1/17/2031 |  | 702 | (2) |  |  |
| Granicus, Inc. | (4) (5) | S + | 5.50% | (2.00% PIK) | 9.17% | 1/17/2031 |  | 5098 | 5080 | 5098 | 0.31 |
| Granicus, Inc. | (4) (5) | S + | 5.00% | (2.00% PIK) | 8.67% | 1/17/2031 |  | 14862 | 14862 | 14862 | 0.91 |
| Granicus, Inc. | (4) (5) (6) | S + | 5.00% | (2.00% PIK) | 8.67% | 1/17/2031 |  | 2123 |  |  |  |
| Greenway Health, LLC | (4) (5) (7) | S + | 6.75% |  | 10.45% | 4/1/2029 |  | 11995 | 11843 | 11995 | 0.73 |
| Ministry Brands Purchaser, LLC | (4) (5) | S + | 5.50% |  | 9.27% | 12/29/2028 |  | 1551 | 1526 | 1532 | 0.09 |
| Ministry Brands Purchaser, LLC | (4) (5) | S + | 5.50% |  | 9.27% | 12/29/2028 |  | 157 | 154 | 155 | 0.01 |
| Ministry Brands Purchaser, LLC | (4) (5) (6) | P + | 4.50% |  | 11.25% | 12/30/2027 |  | 155 | 11 | 11 |  |
| Jeppesen | (4) (5) | S + | 4.75% |  | 8.42% | 11/1/2032 |  | 27960 | 27860 | 27611 | 1.69 |
| Jeppesen | (4) (5) (6) | S + | 4.75% |  | 8.42% | 11/1/2032 |  | 1450 | (5) | (18) |  |
| Majesco, LLC | (4) (5) | S + | 4.50% |  | 8.20% | 1/7/2033 |  | 45103 | 45049 | 45047 | 2.75 |
| Majesco, LLC | (4) (5) (6) | S + | 4.50% |  | 8.20% | 1/7/2033 |  | 3922 | (5) | (5) |  |
| Maverick Bidco, Inc. (Mitratech) | (4) (5) | S + | 4.75% |  | 8.42% | 12/2/2031 |  | 34587 | 34504 | 34501 | 2.11 |
| Maverick Bidco, Inc. (Mitratech) | (4) (5) (6) | S + | 4.75% |  | 8.42% | 12/2/2031 |  | 1383 | (7) | (3) |  |
| Maverick Bidco, Inc. (Mitratech) | (4) (5) (6) | S + | 4.75% |  | 8.42% | 12/2/2031 |  | 1729 |  | (4) |  |
| Modena Buyer LLC | (4) | S + | 4.25% |  | 7.92% | 7/1/2031 |  | 7960 | 7714 | 7171 | 0.44 |
| MRI Software LLC | (4) (5) (6) | S + | 4.75% |  | 8.45% | 2/10/2028 |  | 2669 | 659 | 647 | 0.04 |
| MRI Software LLC | (4) (5) | S + | 4.75% |  | 8.45% | 2/10/2028 |  | 2913 | 2913 | 2891 | 0.18 |
| MRI Software LLC | (4) (5) (7) | S + | 4.75% |  | 8.45% | 2/10/2028 |  | 10517 | 10506 | 10438 | 0.64 |
| MRI Software LLC | (4) (5) (7) | S + | 4.75% |  | 8.45% | 2/10/2028 |  | 33852 | 33812 | 33598 | 2.05 |
| PDI TA Holdings, Inc. | (4) (5) (7) | S + | 5.75% | (2.25% PIK) | 9.67% | 2/3/2031 |  | 5900 | 5871 | 5796 | 0.35 |
| PDI TA Holdings, Inc. | (4) (5) (6) | S + | 5.50% | (2.25% PIK) | 9.17% | 2/3/2031 |  | 317 | 293 | 290 | 0.02 |
| Polaris Newco LLC | (4) | S + | 4.00% |  | 7.93% | 6/2/2028 |  | 5776 | 5507 | 5100 | 0.31 |
| Revalize, Inc. | (4) (5) (6) | S + | 6.25% | (0.50% PIK) | 10.10% | 4/16/2029 |  | 307 | 105 | 88 | 0.01 |
| Revalize, Inc. | (4) (5) (7) (8) | S + | 6.50% | (1.75% PIK) | 10.35% | 4/16/2029 |  | 2042 | 2023 | 1915 | 0.12 |

---

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-<br>non-controlled/<br>non-affiliated** <sup>(1)</sup> | **Footnotes** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest Rate** <sup>(2)</sup> | **Maturity Date** |  | **Par Amount/ Units** | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| Revalize, Inc. | (4) (5) (7) (8) | S + | 6.50% | (1.75% PIK) | 10.35% | 4/16/2029 |  | 453 | 448 | 425 | 0.03 |
| SolarWinds Holdings, Inc. | (4) | S + | 4.00% |  | 7.67% | 4/16/2032 |  | 9950 | 9769 | 8482 | 0.52 |
|  |  |  |  |  |  |  |  |  | 529372 | 526215 | 32.12 |
| **Insurance** |  |  |  |  |  |  |  |  |  |  |  |
| Beyond Risk | (4) (5) | S + | 4.75% |  | 8.42% | 3/11/2033 |  | 7318 | 7282 | 7282 | 0.44 |
| Beyond Risk | (4) (5) (6) | S + | 4.75% |  | 8.42% | 3/11/2033 |  | 2815 |  | (14) |  |
| Beyond Risk | (4) (5) (6) | S + | 4.75% |  | 8.42% | 3/11/2033 |  | 1267 | (6) | (7) |  |
| Integrity Marketing Acquisition, LLC | (4) (5) (6) | S + | 5.00% |  | 8.67% | 8/25/2028 |  | 65 |  |  |  |
| Integrity Marketing Acquisition, LLC | (4) (5) (6) | S + | 5.00% |  | 8.67% | 8/25/2028 |  | 20 |  |  |  |
| Integrity Marketing Acquisition, LLC | (4) (5) | S + | 5.00% |  | 8.67% | 8/25/2028 |  | 11701 | 11655 | 11701 | 0.71 |
| Shelf Bidco Ltd. | (4) (5) (9) | S + | 5.00% |  | 8.67% | 8/21/2031 |  | 58128 | 57884 | 58128 | 3.55 |
| THG Acquisition, LLC | (4) (5) | S + | 4.75% |  | 8.42% | 10/31/2031 |  | 14838 | 14782 | 14764 | 0.90 |
| THG Acquisition, LLC | (4) (5) (6) | S + | 4.75% |  | 8.42% | 10/31/2031 |  | 3334 | 1270 | 1258 | 0.08 |
| THG Acquisition, LLC | (4) (5) (6) | S + | 4.75% |  | 8.42% | 10/31/2031 |  | 1671 | 404 | 402 | 0.03 |
| Trucordia Insurance Holdings LLC | (4) | S + | 3.25% |  | 6.92% | 6/17/2032 |  | 2027 | 2023 | 1875 | 0.11 |
|  |  |  |  |  |  |  |  |  | 95294 | 95389 | 5.82 |
| **Media: Diversified & Production** |  |  |  |  |  |  |  |  |  |  |  |
| Aurelia Netherlands Midco 2 B.V. | (4) (5) (9) | E + | 4.75% |  | 6.77% | 5/29/2031 | EUR | 54814 | 59880 | 62841 | 3.83 |
| Circana Group, L.P. | (4) (5) (6) | S + | 4.25% |  | 7.95% | 12/1/2028 |  | 6055 | (27) |  |  |
| Circana Group, L.P. | (4) (5) (7) | S + | 4.25% |  | 7.95% | 12/3/2029 |  | 43810 | 43480 | 43810 | 2.67 |
| Iconic Purchaser Corporation | (4) (5) (7) | S + | 6.50% | (6.50% PIK) | 10.12% | 11/16/2028 |  | 4305 | 4124 | 4046 | 0.25 |
| Iconic Purchaser Corporation | (4) (5) (7) | S + | 6.50% | (6.50% PIK) | 10.12% | 11/16/2028 |  | 4305 | 4222 | 3917 | 0.24 |
| Iconic Purchaser Corporation | (4) (5) (6) | S + | 6.50% | (6.50% PIK) | 10.12% | 11/16/2028 |  | 292 | (5) | (23) |  |
|  |  |  |  |  |  |  |  |  | 111674 | 114591 | 6.99 |
| **Printing and Publishing** |  |  |  |  |  |  |  |  |  |  |  |
| Recorded Books Inc. | (4) (5) | S + | 5.00% |  | 8.67% | 9/3/2030 |  | 5837 | 5792 | 5837 | 0.35 |
| Recorded Books Inc. | (4) (5) (6) | S + | 5.00% |  | 8.67% | 9/3/2030 |  | 1765 | (16) |  |  |
| Recorded Books Inc. | (4) (5) (6) | S + | 5.00% |  | 8.67% | 9/3/2030 |  | 735 | (6) |  |  |
| Recorded Books Inc. | (4) (5) (6) | S + | 5.00% |  | 8.68% | 8/31/2029 |  | 3763 | 1721 | 1750 | 0.11 |
| Recorded Books Inc. | (4) (5) (7) | S + | 5.00% |  | 8.67% | 9/3/2030 |  | 18810 | 18594 | 18810 | 1.15 |
|  |  |  |  |  |  |  |  |  | 26085 | 26397 | 1.61 |
| **Retail Stores** |  |  |  |  |  |  |  |  |  |  |  |
| D&D Buyer LLC | (4) (5) | S + | 5.75% |  | 9.55% | 10/4/2029 |  | 30533 | 30256 | 30533 | 1.86 |
| D&D Buyer LLC | (4) (5) (6) | S + | 5.75% |  | 9.55% | 10/4/2029 |  | 1974 | (2) |  |  |
| Follett Corporation | (4) (5) | S + | 7.00% |  | 10.77% | 2/1/2028 |  | 10251 | 10238 | 10046 | 0.61 |
| New Look Vision Group, Inc. | (4) (5) (7) (9) | C + | 5.25% |  | 7.56% | 5/26/2028 | CAD | 8146 | 5893 | 5837 | 0.36 |
| New Look Vision Group, Inc. | (4) (5) (6) (9) | C + | 5.25% |  | 7.56% | 5/26/2028 | CAD | 1125 | 271 | 232 | 0.01 |
| New Look Vision Group, Inc. | (4) (5) (8) (9) | C + | 5.25% |  | 7.56% | 5/26/2028 | CAD | 542 | 397 | 389 | 0.02 |

---

------

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-<br>non-controlled/<br>non-affiliated** <sup>(1)</sup> | **Footnotes** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest Rate** <sup>(2)</sup> | **Maturity Date** |  | **Par Amount/ Units** | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| New Look Vision Group, Inc. | (4) (5) (7) (9) | S + | 5.25% |  | 8.95% | 5/26/2028 |  | 346 | 335 | 346 | 0.02 |
| New Look Vision Group, Inc. | (4) (5) (7) (9) | C + | 5.25% |  | 7.56% | 5/26/2028 | CAD | 1041 | 753 | 746 | 0.05 |
| New Look Vision Group, Inc. | (4) (5) (9) | S + | 5.25% |  | 8.95% | 5/26/2028 |  | 39 | 38 | 39 |  |
| TC Signature Holdings, LLC | (4) (5) |  |  | (10.43% PIK) | 10.43% | 5/4/2028 |  | 890 | 877 | 890 | 0.06 |
| TC Signature Holdings, LLC | (4) (5) |  |  | (17.50% PIK) | 17.50% | 5/4/2028 |  | 3037 | 2998 | 3036 | 0.19 |
| TC Signature Holdings, LLC | (4) (5) (6) |  |  | (13.43% PIK) | 13.43% | 5/4/2028 |  | 1034 | (3) |  |  |
| TC Signature Holdings, LLC | (4) (5) |  |  | (13.43% PIK) | 13.43% | 5/4/2028 |  | 16116 | 16049 | 9670 | 0.59 |
|  |  |  |  |  |  |  |  |  | 68100 | 61764 | 3.77 |
| **Services: Business** |  |  |  |  |  |  |  |  |  |  |  |
| ARAMSCO, Inc. | (4) | S + | 4.75% |  | 8.45% | 10/10/2030 |  | 1889 | 1762 | 1308 | 0.08 |
| Baker Tilly Advisory Group, LP | (4) (5) (6) | S + | 4.50% |  | 8.17% | 6/3/2031 |  | 5083 | (10) | (25) |  |
| Baker Tilly Advisory Group, LP | (4) (5) | S + | 4.50% |  | 8.17% | 6/3/2031 |  | 29116 | 29002 | 28971 | 1.77 |
| Baker Tilly Advisory Group, LP | (4) (5) (6) | S + | 4.50% |  | 8.17% | 6/3/2030 |  | 6786 | (32) |  |  |
| Baker Tilly Advisory Group, LP | (4) (5) (7) | S + | 4.75% |  | 8.42% | 6/3/2031 |  | 18412 | 18301 | 18412 | 1.12 |
| Brand Industrial Services, Inc. | (4) (10) |  |  |  | 10.38% | 8/1/2030 |  | 15898 | 15088 | 14529 | 0.89 |
| Cheval Blanc Holdings Company | (4) (5) (9) |  |  | (14.75% PIK) | 14.75% | 10/30/2030 |  | 10901 | 10631 | 10574 | 0.65 |
| Deerfield Dakota Holding LLC | (4) (5) | S + | 5.75% | (2.75% PIK) | 9.45% | 9/13/2032 |  | 39811 | 39627 | 39612 | 2.42 |
| Deerfield Dakota Holding LLC | (4) (5) (6) | S + | 5.25% | (2.75% PIK) | 8.93% | 9/13/2032 |  | 3686 | 720 | 719 | 0.04 |
| Dun & Bradstreet Corp. | (4) (5) (6) | S + | 5.50% |  | 9.18% | 8/26/2032 |  | 4055 | 10 |  |  |
| Dun & Bradstreet Corp. | (4) (5) (7) | S + | 5.50% |  | 9.18% | 8/26/2032 |  | 40444 | 40547 | 40444 | 2.47 |
| Eclipse Buyer Inc. | (4) (5) (6) | S + | 4.50% |  | 8.18% | 9/8/2031 |  | 3854 | (15) | (19) |  |
| Eclipse Buyer Inc. | (4) (5) | S + | 4.50% |  | 8.18% | 9/8/2031 |  | 22738 | 22551 | 22625 | 1.38 |
| Eclipse Buyer Inc. | (4) (5) (6) | S + | 4.50% |  | 8.18% | 9/6/2031 |  | 1955 | (15) | (10) |  |
| FR Vision Holdings, Inc. | (4) (5) | S + | 5.00% |  | 8.67% | 1/20/2031 |  | 1556 | 1549 | 1549 | 0.09 |
| FR Vision Holdings, Inc. | (4) (5) (6) | S + | 5.00% |  | 8.67% | 1/20/2031 |  | 3544 | 342 | 327 | 0.02 |
| FR Vision Holdings, Inc. | (4) (5) (6) | S + | 5.00% |  | 8.67% | 1/21/2030 |  | 1431 | (9) | (7) |  |
| FR Vision Holdings, Inc. | (4) (5) | S + | 5.00% |  | 8.67% | 1/20/2031 |  | 5661 | 5620 | 5633 | 0.34 |
| FR Vision Holdings, Inc. | (4) (5) | S + | 5.00% |  | 8.67% | 1/20/2031 |  | 17390 | 17259 | 17303 | 1.06 |
| GC Waves Holdings, Inc. | (4) (5) (7) | S + | 4.50% |  | 8.17% | 10/4/2030 |  | 14311 | 14153 | 14275 | 0.87 |
| GC Waves Holdings, Inc. | (4) (5) (6) | S + | 4.50% |  | 8.17% | 10/4/2030 |  | 676 |  | (2) |  |
| GC Waves Holdings, Inc. | (4) (5) (6) | S + | 4.50% |  | 8.17% | 10/4/2030 |  | 7495 | 2394 | 2381 | 0.15 |
| GI Apple Midco LLC | (4) (5) (6) | S + | 6.75% |  | 10.42% | 4/19/2029 |  | 1322 | 580 | 595 | 0.04 |
| GI Apple Midco LLC | (4) (5) (7) | S + | 6.75% |  | 10.42% | 4/19/2030 |  | 14521 | 14381 | 14521 | 0.89 |
| GI Apple Midco LLC | (4) (5) | S + | 6.75% |  | 10.42% | 4/19/2030 |  | 203 | 201 | 203 | 0.01 |
| IG Investment Holdings, LLC | (4) (5) (7) | S + | 5.00% |  | 8.67% | 9/22/2028 |  | 28936 | 28858 | 28936 | 1.77 |
| IG Investment Holdings, LLC | (4) (5) (6) | S + | 5.00% |  | 8.67% | 9/22/2028 |  | 698 | (3) |  |  |
| Jensen Hughes Inc. | (4) (5) (6) | S + | 5.00% |  | 8.65% | 9/2/2031 |  | 3666 | 694 | 686 | 0.04 |
| Jensen Hughes Inc. | (4) (5) (6) | S + | 5.00% |  | 8.65% | 9/2/2031 |  | 1467 | (11) | (7) |  |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-<br>non-controlled/<br>non-affiliated** <sup>(1)</sup> | **Footnotes** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest Rate** <sup>(2)</sup> | **Maturity Date** | **Par Amount/ Units** | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| Jensen Hughes Inc. | (4) (5) | S + | 5.00% |  | 8.65% | 9/2/2031 | 12944 | 12837 | 12879 | 0.79 |
| Jensen Hughes Inc. | (4) (5) (6) | S + | 5.00% |  | 8.65% | 9/2/2031 | 856 |  | (4) |  |
| JS Held, LLC | (4) (5) (6) | S + | 4.75% |  | 8.45% | 12/1/2026 | 452 | 226 | 226 | 0.01 |
| JS Held, LLC | (4) (5) | S + | 4.75% |  | 8.60% | 6/1/2028 | 12439 | 12439 | 12439 | 0.76 |
| NAVEX TopCo Inc | (4) (5) | S + | 5.00% |  | 8.68% | 10/14/2032 | 6442 | 6427 | 6426 | 0.39 |
| NAVEX TopCo Inc | (4) (5) (6) | S + | 5.00% |  | 8.68% | 10/14/2031 | 143 |  |  |  |
| NAVEX TopCo Inc | (4) (5) (6) | S + | 5.00% |  | 8.68% | 10/14/2032 | 3062 |  | (8) |  |
| OEConnection LLC | (4) (5) | S + | 4.50% |  | 8.17% | 12/23/2032 | 3331 | 3323 | 3322 | 0.20 |
| OEConnection LLC | (4) (5) (6) | S + | 4.50% |  | 8.17% | 12/23/2032 | 1955 |  | (5) |  |
| OEConnection LLC | (4) (5) (6) | S + | 4.50% |  | 8.17% | 12/23/2032 | 515 | (1) | (1) |  |
| Pave America LLC | (4) (5) (6) | S + | 4.75% |  | 8.45% | 8/27/2032 | 5625 | 1962 | 1959 | 0.12 |
| Pave America LLC | (4) (5) (8) | S + | 5.25% | (2.88% PIK) | 8.95% | 8/27/2032 | 21824 | 21726 | 21715 | 1.33 |
| Pave America LLC | (4) (5) (6) (8) | S + | 5.25% | (2.88% PIK) | 8.91% | 8/27/2032 | 7505 | 2207 | 2180 | 0.13 |
| PT Intermediate Holdings III, LLC | (4) (5) (7) (8) | S + | 4.75% |  | 8.45% | 4/9/2030 | 35708 | 35687 | 35708 | 2.18 |
| PT Intermediate Holdings III, LLC | (4) (5) (6) | S + | 4.75% |  | 8.45% | 4/9/2030 | 710 | (1) |  |  |
| Rimkus Consulting Group Inc. | (4) (5) (6) | S + | 5.25% |  | 8.91% | 4/1/2030 | 1193 | 293 | 286 | 0.02 |
| Rimkus Consulting Group Inc. | (4) (5) | S + | 5.25% |  | 8.91% | 4/1/2031 | 8794 | 8735 | 8706 | 0.53 |
| Rimkus Consulting Group Inc. | (4) (5) (6) (8) | S + | 5.25% |  | 8.91% | 4/1/2031 | 2231 | 528 | 508 | 0.03 |
| Sciens Building Solutions (Java Buyer) | (4) (5) (6) | S + | 4.75% |  | 8.45% | 12/15/2030 | 1110 | (5) | (3) |  |
| Sciens Building Solutions (Java Buyer) | (4) (5) (6) | S + | 4.75% |  | 8.42% | 12/15/2030 | 3130 | 609 | 603 | 0.04 |
| Sciens Building Solutions (Java Buyer) | (4) (5) | S + | 4.75% |  | 8.45% | 12/15/2030 | 6660 | 6644 | 6643 | 0.41 |
| STV Group, Inc. | (4) (5) | S + | 4.75% |  | 8.42% | 3/20/2031 | 11167 | 11068 | 11167 | 0.68 |
| STV Group, Inc. | (4) (5) (6) | S + | 4.75% |  | 8.42% | 3/20/2030 | 2279 | (17) |  |  |
| USIC Holdings Inc. | (4) (5) | S + | 5.50% |  | 9.17% | 9/10/2031 | 41623 | 41451 | 41415 | 2.53 |
| USIC Holdings Inc. | (4) (5) (6) | S + | 5.25% |  | 11.00% | 9/10/2031 | 5365 | 4638 | 4633 | 0.28 |
| USIC Holdings Inc. | (4) (5) (6) | S + | 5.50% |  | 9.17% | 9/10/2031 | 2536 | 1702 | 1689 | 0.10 |
| Vision Solutions, Inc. | (4) | S + | 4.00% |  | 7.93% | 4/24/2028 | 9991 | 9548 | 7768 | 0.47 |
| Ya Intermediate Holdings II, LLC | (4) (5) (6) | S + | 5.00% |  | 8.69% | 10/1/2031 | 6101 | 1095 | 1058 | 0.06 |
| Ya Intermediate Holdings II, LLC | (4) (5) (6) | S + | 5.00% |  | 8.67% | 10/1/2031 | 2933 | 847 | 841 | 0.05 |
| Ya Intermediate Holdings II, LLC | (4) (5) | S + | 5.00% |  | 8.85% | 10/1/2031 | 14483 | 14363 | 14339 | 0.87 |
|  |  |  |  |  |  |  |  | 462506 | 460022 | 28.08 |
| **Services: Consumer** |  |  |  |  |  |  |  |  |  |  |
| Crash Champions, LLC | (4) (8) (10) | S + | 4.75% |  | 8.42% | 2/23/2029 | 4750 | 4332 | 4145 | 0.25 |
| Denali Midco 2 LLC | (4) (5) | S + | 5.25% |  | 8.92% | 12/22/2028 | 421 | 420 | 421 | 0.03 |
| Denali Midco 2 LLC | (4) (5) | S + | 5.25% |  | 8.92% | 12/22/2028 | 1436 | 1431 | 1436 | 0.09 |
| Denali Midco 2 LLC | (4) (5) | S + | 5.25% |  | 8.92% | 12/22/2028 | 1698 | 1692 | 1698 | 0.10 |
| Denali Midco 2 LLC | (4) (5) | S + | 5.25% |  | 8.92% | 12/22/2028 | 6301 | 6280 | 6301 | 0.38 |
| Denali Midco 2 LLC | (4) (5) | S + | 5.25% |  | 8.92% | 12/22/2028 | 1962 | 1955 | 1962 | 0.12 |

---

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---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-<br>non-controlled/<br>non-affiliated** <sup>(1)</sup> | **Footnotes** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest Rate** <sup>(2)</sup> | **Maturity Date** | **Par Amount/ Units** | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| Denali Midco 2 LLC | (4) (5) | S + | 5.25% |  | 8.92% | 12/22/2028 | 842 | 839 | 842 | 0.05 |
| Denali Midco 2 LLC | (4) (5) (6) | S + | 5.25% |  | 8.92% | 12/22/2028 | 6353 | 4761 | 4820 | 0.29 |
| Denali Midco 2 LLC | (4) (5) | S + | 5.25% |  | 8.92% | 12/22/2028 | 3444 | 3420 | 3444 | 0.21 |
| The Kleinfelder Group, Inc. | (4) (5) (7) | S + | 5.00% |  | 8.67% | 9/18/2030 | 14484 | 14479 | 14448 | 0.88 |
| The Kleinfelder Group, Inc. | (4) (5) (6) | S + | 5.00% |  | 8.67% | 9/18/2028 | 1938 | (10) | (5) |  |
| The Kleinfelder Group, Inc. | (4) (5) | S + | 4.50% |  | 8.17% | 9/18/2030 | 1539 | 1539 | 1535 | 0.09 |
| Nuevoco2, LLC | (4) (5) | S + | 6.00% |  | 9.82% | 6/1/2029 | 98 | 97 | 97 | 0.01 |
| Nuevoco2, LLC | (4) (5) (7) | S + | 6.00% |  | 9.82% | 6/1/2029 | 14638 | 14541 | 14528 | 0.89 |
| Nuevoco2, LLC | (4) (5) | S + | 6.00% |  | 9.67% | 6/1/2029 | 7357 | 7310 | 7302 | 0.45 |
| W.A. Kendall and Company, LLC | (4) (5) (6) | S + | 5.75% |  | 9.71% | 4/22/2030 | 1624 | 305 | 312 | 0.02 |
| W.A. Kendall and Company, LLC | (4) (5) | S + | 5.75% |  | 9.81% | 4/22/2030 | 1076 | 1072 | 1076 | 0.07 |
| W.A. Kendall and Company, LLC | (4) (5) (6) | S + | 5.88% |  | 9.84% | 4/22/2030 | 223 | 161 | 162 | 0.01 |
| W.A. Kendall and Company, LLC | (4) (5) | S + | 5.75% |  | 9.81% | 4/22/2030 | 66 | 65 | 66 |  |
| W.A. Kendall and Company, LLC | (4) (5) | S + | 5.75% |  | 9.77% | 4/22/2030 | 892 | 892 | 892 | 0.05 |
| W.A. Kendall and Company, LLC | (4) (5) | S + | 5.88% |  | 9.90% | 4/22/2030 | 926 | 926 | 926 | 0.06 |
| W.A. Kendall and Company, LLC | (4) (5) | S + | 5.75% |  | 9.77% | 4/22/2030 | 1353 | 1353 | 1353 | 0.08 |
| Wrench Group LLC | (4) (5) | S + | 4.75% |  | 8.45% | 9/3/2032 | 39188 | 39004 | 38992 | 2.38 |
| Wrench Group LLC | (4) (5) (6) | S + | 4.75% |  | 8.45% | 9/3/2032 | 5357 |  | (27) |  |
| Wrench Group LLC | (4) (5) (6) | S + | 4.75% |  | 8.45% | 9/3/2031 | 5357 | (24) | (27) |  |
|  |  |  |  |  |  |  |  | 106840 | 106699 | 6.51 |
| **Telecommunications** |  |  |  |  |  |  |  |  |  |  |
| CCI Buyer, Inc. | (4) (5) (6) | S + | 5.00% |  | 8.70% | 5/13/2032 | 2036 | (9) | (5) |  |
| CCI Buyer, Inc. | (4) (5) | S + | 5.00% |  | 8.70% | 5/13/2032 | 34690 | 34533 | 34603 | 2.11 |
| Omni Fiber, LLC | (4) (5) | S + | 5.25% |  | 8.90% | 7/3/2029 | 2208 | 2190 | 2186 | 0.13 |
| Omni Fiber, LLC | (4) (5) | S + | 5.25% |  | 8.95% | 7/3/2029 | 4417 | 4413 | 4372 | 0.27 |
| Omni Fiber, LLC | (4) (5) (6) | S + | 5.25% |  | 8.91% | 7/3/2029 | 30475 | 16123 | 15949 | 0.98 |
|  |  |  |  |  |  |  |  | 57250 | 57105 | 3.49 |
| **Utilities: Water** |  |  |  |  |  |  |  |  |  |  |
| United Flow Technologies | (4) (5) (6) | S + | 4.50% |  | 8.20% | 12/6/2032 | 5780 | 670 | 644 | 0.04 |
| United Flow Technologies | (4) (5) | S + | 5.00% | (2.75% PIK) | 8.70% | 12/6/2032 | 15893 | 15817 | 15813 | 0.96 |
| United Flow Technologies | (4) (5) (6) | S + | 4.50% |  | 8.17% | 12/6/2032 | 2168 | 134 | 134 | 0.01 |
|  |  |  |  |  |  |  |  | 16621 | 16591 | 1.01 |
| **Total First Lien Debt** |  |  |  |  |  |  |  | $**2751044** | $**2716402** | **165.80%** |
| **Second Lien Debt** |  |  |  |  |  |  |  |  |  |  |
| **Aerospace and Defense** |  |  |  |  |  |  |  |  |  |  |
| Peraton Corp. | (4) (7) | S + | 8.00% |  | 11.77% | 2/1/2029 | 6534 | 6513 | 4476 | 0.27 |

---

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-<br>non-controlled/<br>non-affiliated** <sup>(1)</sup> | **Footnotes** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest Rate** <sup>(2)</sup> | **Maturity Date** |  | **Par Amount/ Units** | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| Peraton Corp. | (4) (7) | S + | 7.75% |  | 11.52% | 2/1/2029 |  | 3266 | 3165 | 2368 | 0.15 |
|  |  |  |  |  |  |  |  |  | 9678 | 6844 | 0.42 |
| **Banking** |  |  |  |  |  |  |  |  |  |  |  |
| Orion Advisor Solutions, Inc. | (4) (5) | S + | 5.75% |  | 9.42% | 12/31/2030 |  | 4044 | 3965 | 4044 | 0.25 |
| Orion Advisor Solutions, Inc. | (4) | S + | 5.50% |  | 9.15% | 10/10/2033 |  | 4500 | 4457 | 4264 | 0.26 |
|  |  |  |  |  |  |  |  |  | 8422 | 8308 | 0.51 |
| **Capital Equipment** |  |  |  |  |  |  |  |  |  |  |  |
| Infinite Bidco LLC | (4) (7) | S + | 7.00% |  | 10.93% | 3/2/2029 |  | 6120 | 5562 | 5659 | 0.34 |
|  |  |  |  |  |  |  |  |  | 5562 | 5659 | 0.34 |
| **Cargo Transport** |  |  |  |  |  |  |  |  |  |  |  |
| LaserShip, Inc. | (4) | S + | 5.50% | (4.00% PIK) | 9.46% | 8/10/2029 |  | 105 | 32 | 26 |  |
|  |  |  |  |  |  |  |  |  | 32 | 26 |  |
| **Construction & Building** |  |  |  |  |  |  |  |  |  |  |  |
| IPS/CP Iris Holdco | (4) (5) | S + | 7.00% |  | 10.67% | 10/27/2033 |  | 12600 | 12417 | 12411 | 0.76 |
|  |  |  |  |  |  |  |  |  | 12417 | 12411 | 0.76 |
| **Containers, Packaging and Glass** |  |  |  |  |  |  |  |  |  |  |  |
| Berlin Packaging LLC | (4) (5) | E + | 6.50% |  | 8.62% | 6/7/2032 | EUR | 14057 | 15353 | 15710 | 0.96 |
| Berlin Packaging LLC | (4) (5) | S + | 6.00% |  | 9.96% | 6/7/2032 |  | 1097 | 1095 | 1064 | 0.07 |
| Berlin Packaging LLC | (4) (5) | E + | 6.50% |  | 8.62% | 6/7/2032 | EUR | 2386 | 2606 | 2667 | 0.16 |
|  |  |  |  |  |  |  |  |  | 19054 | 19441 | 1.19 |
| **High Tech** |  |  |  |  |  |  |  |  |  |  |  |
| Gainwell Acquisition Corp. | (4) (5) (7) | S + | 8.00% |  | 11.75% | 10/2/2028 |  | 1260 | 1239 | 1216 | 0.07 |
| Finastra USA, Inc. | (4) | S + | 7.00% |  | 10.67% | 9/15/2033 |  | 30900 | 30486 | 26728 | 1.63 |
| Polaris Newco LLC | (4) (5) (7) | S + | 9.00% |  | 12.77% | 6/4/2029 |  | 59935 | 58474 | 46150 | 2.82 |
|  |  |  |  |  |  |  |  |  | 90199 | 74094 | 4.52 |
| **Services: Business** |  |  |  |  |  |  |  |  |  |  |  |
| DG Investment Intermediate Holdings 2 Inc. | (4) | S + | 5.50% |  | 9.17% | 7/29/2033 |  | 8441 | 8401 | 8272 | 0.50 |
| Vision Solutions, Inc. | (4) | S + | 7.25% |  | 11.18% | 4/23/2029 |  | 11400 | 10744 | 8173 | 0.50 |
|  |  |  |  |  |  |  |  |  | 19145 | 16445 | 1.00 |
| **Services: Consumer** |  |  |  |  |  |  |  |  |  |  |  |
| All My Sons Moving and Storage of Kansas LLC | (4) (5) (7) | S + | 7.75% |  | 11.53% | 10/25/2029 |  | 1740 | 1700 | 1731 | 0.11 |
| BCPE Empire Holdings, Inc. | (4) (5) | S + | 5.25% |  | 8.92% | 12/31/2031 |  | 38700 | 38357 | 38313 | 2.34 |
| Crash Champions, LLC | (4) (10) |  |  |  | 8.75% | 2/15/2029 |  | 19650 | 17962 | 17623 | 1.07 |
|  |  |  |  |  |  |  |  |  | 58019 | 57667 | 3.52 |
| **Total Second Lien Debt** |  |  |  |  |  |  |  |  | $**222528** | $**200895** | **12.26%** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-<br>non-controlled/<br>non-affiliated** <sup>(1)</sup> | **Footnotes** | **Reference Rate and Spread** | **Interest Rate** <sup>(2)</sup> | **Maturity Date** |  | **Par Amount/ Units** | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **Asset Backed Securities** |  |  |  |  |  |  |  |  |  |
| **Telecommunications** |  |  |  |  |  |  |  |  |  |
| Vertical Bridge, LLC | (4) (10) |  | 8.87% | 3/15/2056 |  | 16100 | 16100 | 16033 | 0.98 |
| **Total Asset Backed Securities** |  |  |  |  |  |  | $**16100** | $**16033** | **0.98%** |
| **Preferred Equity** |  |  |  |  |  |  |  |  |  |
| **Automobile** |  |  |  |  |  |  |  |  |  |
| FleetPride, Inc. | (5) | (14.50% PIK) | 14.50% |  |  | 4 | 3136 | 3126 | 0.19 |
| FleetPride, Inc. | (5) |  |  |  |  | 2 | 321 | 321 | 0.02 |
|  |  |  |  |  |  |  | 3457 | 3447 | 0.21 |
| **Finance** |  |  |  |  |  |  |  |  |  |
| Kymora Ltd. | (5) (9) |  |  |  | EUR | 16 | 9322 | 10646 | 0.65 |
|  |  |  |  |  |  |  | 9322 | 10646 | 0.65 |
| **High Tech** |  |  |  |  |  |  |  |  |  |
| Aptean, Inc. | (5) | (13.50% PIK) | 13.50% |  |  | 21414 | 21234 | 21414 | 1.31 |
|  |  |  |  |  |  |  | 21234 | 21414 | 1.31 |
| **Media: Diversified & Production** |  |  |  |  |  |  |  |  |  |
| Iconic Purchaser Corporation | (5) (7) | (5.00% PIK) | 5.00% |  |  | 1 | 526 | 202 | 0.01 |
|  |  |  |  |  |  |  | 526 | 202 | 0.01 |
| **Services: Business** |  |  |  |  |  |  |  |  |  |
| Eclipse Buyer Inc. | (5) | (12.50% PIK) | 12.50% |  |  | 7350 | 7229 | 7277 | 0.44 |
|  |  |  |  |  |  |  | 7229 | 7277 | 0.44 |
| **Total Preferred Equity** |  |  |  |  |  |  | $**41768** | $**42986** | **2.62%** |
| **Common Stocks** |  |  |  |  |  |  |  |  |  |
| **Aerospace and Defense** |  |  |  |  |  |  |  |  |  |
| Oakswift Holdings Ltd. | (5) (9) |  |  |  |  | 4854 | 4854 | 4854 | 0.30 |
| Oakswift Holdings Ltd. | (5) (9) |  |  |  |  | 2582 |  |  |  |
|  |  |  |  |  |  |  | 4854 | 4854 | 0.30 |
| **High Tech** |  |  |  |  |  |  |  |  |  |
| CSAT Solutions Holding LLC | (5) (8) |  |  |  |  | 338 | 238 | 320 | 0.02 |
|  |  |  |  |  |  |  | 238 | 320 | 0.02 |
| **Media: Diversified & Production** |  |  |  |  |  |  |  |  |  |
| Iconic Purchaser Corporation | (5) (7) |  |  |  |  | 2 | 555 | 178 | 0.01 |
|  |  |  |  |  |  |  | 555 | 178 | 0.01 |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-<br>non-controlled/<br>non-affiliated** <sup>(1)</sup> | **Footnotes** | **Reference Rate and Spread** | **Interest Rate** <sup>(2)</sup> | **Maturity Date** | **Par Amount/ Units** | **Cost** <sup>(3)</sup> | **Fair Value** | **% of Net Assets** |
| **Services: Business** |  |  |  |  |  |  |  |  |
| Cheval Blanc Holdings Company | (5) (9) |  |  |  | 1671 | 1671 | 1995 | 0.12 |
|  |  |  |  |  |  | 1671 | 1995 | 0.12 |
| **Total Common Stocks** |  |  |  |  |  | $**7318** | $**7347** | **0.45%** |
| **Total Investments—non-controlled/non-affiliated** |  |  |  |  |  | $**3038758** | $**2983663** | **182.11%** |
| **Total Portfolio Investments** |  |  |  |  |  | $**3038758** | $**2983663** | **182.11%** |

---

(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"), EURIBOR ("E"), 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 accounting principles generally accepted in the United States of America ("U.S. GAAP").

(4)Loan includes interest rate floor feature.

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

(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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments—**<br>**non-controlled/non-affiliated** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded** | **Total Commitment Fair Value** |
| 123Dentist Inc. | 2025 CAD Fixed Delayed Draw Term Loan | 08/10/2029 | $3396 | $(950) |
| AI Titan Parent Inc. | Delayed Draw Term Loan | 08/29/2031 | 4438 | (11) |
| AI Titan Parent Inc. | Revolver | 08/29/2031 | 3579 | (9) |
| Arax MidCo, LLC | 2026 Delayed Draw Term Loan | 03/24/2032 | 5415 | (14) |
| Arax MidCo, LLC | 2026 Revolver | 03/24/2032 | 802 | (2) |
| Ascend Buyer LLC | 2025 4th Amendment Revolver | 09/29/2028 | 308 |  |
| Associations, Inc. | 2024 2nd Amendment Revolver | 07/03/2028 | 775 |  |
| Associations, Inc. | 2024 Special Purpose Delayed Draw Term Loan | 07/03/2028 | 502 |  |
| Baker Tilly Advisory Group, LP | Revolver | 06/03/2030 | 6786 |  |
| Baker Tilly Advisory Group, LP | 2025 Delayed Draw Term Loan | 06/03/2031 | 5083 | (25) |
| Banyan Software Holdings, LLC | 2025 2nd Amendment Delayed Draw Term Loan | 01/02/2031 | 9448 | (47) |
| Banyan Software Holdings, LLC | 2024 Revolver | 01/02/2031 | 1413 |  |
| Beacon Pointe Advisors, LLC | 2021 Revolver | 12/29/2027 | 1075 |  |
| Beyond Risk | 2026 Delayed Draw Term Loan | 03/11/2033 | 2815 | (14) |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments—**<br>**non-controlled/non-affiliated** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded** | **Total Commitment Fair Value** |
| Beyond Risk | 2026 Revolver | 03/11/2033 | 1267 | (6) |
| Blue River PetCare | 2026 Additional Delayed Draw Term Loan | 08/01/2029 | 12954 |  |
| Blue River PetCare | Revolver | 08/01/2029 | 2119 |  |
| Bottomline Technologies Inc. | Revolver | 05/15/2028 | 973 |  |
| CCI Buyer, Inc. | 2025 Revolver | 05/13/2032 | 2036 | (5) |
| CentralSquare Technologies, LLC | 2024 Revolver | 04/12/2030 | 1929 |  |
| Cerity Partners Equity Holding LLC | 2025 Tranche B Delayed Draw Term Loan | 07/28/2031 | 6055 | (15) |
| Cerity Partners Equity Holding LLC | 2025 6th Amendment Incremental Revolver | 07/28/2031 | 327 | (1) |
| Chase Intermediate, LLC | 2025 Delayed Draw Term Loan | 10/30/2028 | 19736 | (99) |
| Chase Intermediate, LLC | 2023 Revolver | 10/30/2028 | 554 | (3) |
| Circana Group, L.P. | 2025 Revolver | 12/01/2028 | 6055 |  |
| CNSI Holdings, LLC | Revolver | 12/17/2029 | 2999 |  |
| Coding Solutions Acquisition Inc. | 2025 Incremental Delayed Draw Term Loan | 08/07/2031 | 13472 | (135) |
| Coding Solutions Acquisition Inc. | 2024 Revolver | 08/07/2031 | 992 | (10) |
| Coding Solutions Acquisition Inc. | 2024 Delayed Draw Term Loan | 08/07/2031 | 442 | (4) |
| Community Brands ParentCo, LLC | Revolver | 07/01/2031 | 1347 | (10) |
| Crown Health Care Laundry Services, LLC | 2025 Revolver | 05/28/2031 | 4186 | (21) |
| Crown Health Care Laundry Services, LLC | 2025 Delayed Draw Term Loan | 05/28/2031 | 2392 | (12) |
| CSAT Solutions Holding LLC | Revolver | 06/30/2028 | 464 |  |
| D&D Buyer LLC | Revolver | 10/04/2029 | 1974 |  |
| Deerfield Dakota Holding LLC | 2025 Revolver | 09/13/2032 | 2949 | (15) |
| Denali Midco 2 LLC | 2023 Incremental Delayed Draw Term Loan 5 | 12/22/2028 | 1534 |  |
| Diligent Corporation | 2024 Delayed Draw Term Loan | 08/02/2030 | 4848 | (36) |
| Diligent Corporation | 2024 Revolver | 08/02/2030 | 2000 | (15) |
| Drive Centric Holdings, LLC | Revolver | 08/15/2031 | 4118 |  |
| Dun & Bradstreet Corp. | 2025 Revolver | 08/26/2032 | 4055 |  |
| Eagan Sub, Inc. | Delayed Draw Term Loan | 09/08/2032 | 7947 | (20) |
| Eagan Sub, Inc. | Revolver | 09/08/2032 | 4239 | (11) |
| Eclipse Buyer Inc. | 2024 Delayed Draw Term Loan | 09/08/2031 | 3854 | (19) |
| Eclipse Buyer Inc. | 2024 Revolver | 09/06/2031 | 1955 | (10) |
| Everbridge Holdings, LLC | Delayed Draw Term Loan | 07/02/2031 | 2399 |  |
| Everbridge Holdings, LLC | Revolver | 07/02/2031 | 1578 |  |
| Evergreen IX Borrower 2023 LLC | Revolver | 10/01/2029 | 876 |  |
| Farsound Aviation Limited | 2024 Delayed Draw Term Loan | 12/03/2031 | 3105 | (19) |
| Flexera Software, Inc. | 2025 Revolver | 08/16/2032 | 1644 | (8) |
| FR Vision Holdings, Inc. | Delayed Draw Term Loan | 01/20/2031 | 3199 | (16) |
| FR Vision Holdings, Inc. | Revolver | 01/21/2030 | 1431 | (7) |
| Gateway US Holdings, Inc. | Revolver | 09/22/2028 | 325 | (2) |
| GC Waves Holdings, Inc. | 2025 7th Amendment Delayed Draw Term Loan | 10/04/2030 | 5095 | (13) |

---

------

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investments—**<br>**non-controlled/non-affiliated** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded** | **Total Commitment Fair Value** |
| GC Waves Holdings, Inc. | Revolver | 10/04/2030 | 676 | (2) |
| GI Apple Midco LLC | Revolver | 04/19/2029 | 727 |  |
| Granicus, Inc. | 2024 7th Amendment Delayed Draw Term Loan | 01/17/2031 | 2123 |  |
| Granicus, Inc. | 2024 Revolver | 01/17/2031 | 702 |  |
| Higginbotham Insurance Agency, Inc. | 2025 6th Amendment Tranche A DDTL | 06/11/2031 | 1316 |  |
| Higginbotham Insurance Agency, Inc. | 2025 6th Amendment Tranche B DDTL | 06/11/2031 | 840 |  |
| Iconic Purchaser Corporation | Revolver | 11/16/2028 | 292 | (23) |
| IG Investment Holdings, LLC | 2024 Refinancing Revolver | 09/22/2028 | 698 |  |
| Integrity Marketing Acquisition, LLC | 2024 15th Amendment Delayed Draw Term Loan | 08/25/2028 | 65 |  |
| Integrity Marketing Acquisition, LLC | 2024 15th Amendment Incremental Revolver | 08/25/2028 | 20 |  |
| Jensen Hughes Inc. | 2024 Delayed Draw Term Loan | 09/02/2031 | 2961 | (15) |
| Jensen Hughes Inc. | 2024 Revolver | 09/02/2031 | 1467 | (7) |
| Jensen Hughes Inc. | 2024 1st Lien Delayed Draw Term Loan | 09/02/2031 | 856 | (4) |
| Jeppesen | Revolver | 11/01/2032 | 1450 | (18) |
| JS Held, LLC | 2019 Revolver | 12/01/2026 | 226 |  |
| Majesco, LLC | 2026 Revolver | 01/07/2033 | 3922 | (5) |
| Mammoth Holdings, LLC | 2023 Revolver | 11/15/2029 | 3636 | (73) |
| Mantech International CP | 2025 Tranche A Revolver | 09/14/2028 | 3238 |  |
| Maverick Bidco, Inc. (Mitratech) | 2025 Delayed Draw Term Loan | 12/02/2031 | 1729 | (4) |
| Maverick Bidco, Inc. (Mitratech) | 2025 Revolver | 12/02/2031 | 1383 | (4) |
| Medvet Associates LLC | Delayed Draw Term Loan | 06/25/2031 | 14000 |  |
| Ministry Brands Purchaser, LLC | Revolver | 12/30/2027 | 142 | (2) |
| Modernizing Medicine Inc. | Revolver | 04/30/2032 | 1166 |  |
| Mountain Parent, Inc. | 2024 Delayed Draw Term Loan | 06/27/2031 | 5779 | (29) |
| Mountain Parent, Inc. | 2024 Revolver | 06/27/2031 | 3082 | (15) |
| MRI Software LLC | 2020 Revolver | 02/10/2028 | 2002 | (15) |
| National Resilience LLC | Delayed Draw Term Loan | 11/21/2030 | 12398 | (496) |
| National Resilience LLC | Specified Delayed Draw Term Loan | 11/21/2030 | 7316 |  |
| NAVEX TopCo Inc | Delayed Draw Term Loan | 10/14/2032 | 3062 | (8) |
| NAVEX TopCo Inc | Revolver | 10/14/2031 | 143 |  |
| NCWS Intermediate, Inc. | 2024 Revolver | 12/31/2029 | 4853 | (279) |
| NCWS Intermediate, Inc. | 2024 Delayed Draw Term Loan | 12/31/2029 | 3718 | (214) |
| NEFCO Construction Supply (NFO) | Delayed Draw Term Loan | 01/13/2033 | 2062 | (5) |
| NEFCO Construction Supply (NFO) | Revolver | 01/13/2033 | 1100 | (3) |
| New Look Vision Group, Inc. | CAD Revolver | 05/26/2028 | 574 | (163) |
| Next Holdco, LLC | Revolver | 11/09/2029 | 1153 | (6) |
| NRO Holdings III Corp. | Delayed Draw Term Loan | 07/15/2031 | 3261 | (16) |
| NRO Holdings III Corp. | Revolver | 07/15/2030 | 2752 | (14) |
| OEConnection LLC | 2025 Delayed Draw Term Loan | 12/23/2032 | 1954 | (5) |

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------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments—**<br>**non-controlled/non-affiliated** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded** | **Total Commitment Fair Value** |
| OEConnection LLC | 2025 Revolver | 12/23/2032 | 515 | (1) |
| Ohio Transmission Corporation | 2023 Delayed Draw Term Loan | 12/19/2030 | 832 |  |
| Ohio Transmission Corporation | 2023 Revolver | 12/19/2029 | 543 |  |
| Omni Fiber, LLC | 2025 Incremental Delayed Draw Term Loan | 07/03/2029 | 14224 | (142) |
| Orion Advisor Solutions, Inc. | 2025 Delayed Draw Term Loan | 11/26/2032 | 5842 | (22) |
| Packaging Coordinators Midco, Inc. | 2025 Refinancing Delayed Draw Term Loan | 10/15/2032 | 5836 | (44) |
| Packaging Coordinators Midco, Inc. | 2025 Revolver | 10/15/2032 | 3850 | (29) |
| Packaging Coordinators Midco, Inc. | 2025 Delayed Draw Term Loan (205mm) | 10/15/2032 | 1559 | (12) |
| Packaging Coordinators Midco, Inc. | 2025 Delayed Draw Term Loan (200mm) | 10/15/2032 | 1521 | (11) |
| Packaging Coordinators Midco, Inc. | 2025 Initial Dollar SP Delayed Draw Term Loan | 10/15/2032 | 396 | (3) |
| Pave America LLC | 2025 Delayed Draw Term Loan | 08/27/2032 | 5287 | (26) |
| Pave America LLC | 2025 Revolver | 08/27/2032 | 3637 | (18) |
| PDI TA Holdings, Inc. | 2024 Revolver | 02/03/2031 | 21 |  |
| PetVet Care Centers, LLC | 2023 Revolver | 11/15/2029 | 2606 | (208) |
| Pike Corp | 2025 Delayed Draw Term Loan | 12/20/2032 | 5537 | (14) |
| Pike Corp | 2025 Revolver | 12/20/2032 | 3691 | (9) |
| Poly-Wood, LLC | Revolver | 03/20/2030 | 1677 | (8) |
| PPV Intermediate Holdings LLC | 2024 2nd Amendment Delayed Draw Term Loan | 08/31/2029 | 6057 | (15) |
| PPV Intermediate Holdings LLC | Revolver | 08/31/2029 | 1707 |  |
| PT Intermediate Holdings III, LLC | 2024 Delayed Draw Term Loan | 04/09/2030 | 710 |  |
| Quality Collision Group, LLC | Delayed Draw Term Loan | 03/30/2033 | 3750 | (28) |
| Quality Collision Group, LLC | Revolver | 03/30/2033 | 1250 | (10) |
| Recorded Books Inc. | 2023 Revolver | 08/31/2029 | 2013 |  |
| Recorded Books Inc. | 2025 Delayed Draw Term Loan B | 09/03/2030 | 1765 |  |
| Recorded Books Inc. | 2025 Delayed Draw Term Loan A | 09/03/2030 | 735 |  |
| Revalize, Inc. | Revolver | 04/16/2029 | 199 | (12) |
| RFI Buyer, Inc. | 2025 4th Amendment Delayed Draw Term Loan | 08/05/2030 | 7387 | (37) |
| Rimkus Consulting Group Inc. | Delayed Draw Term Loan | 04/01/2031 | 1701 | (17) |
| Rimkus Consulting Group Inc. | Revolver | 04/01/2030 | 895 | (9) |
| Rock Star Mergersub, LLC | Delayed Draw Term Loan | 12/15/2031 | 1718 | (4) |
| Rock Star Mergersub, LLC | Revolver | 12/15/2031 | 1521 | (4) |
| Sciens Building Solutions (Java Buyer) | 2026 Incremental Delayed Draw Term Loan | 12/15/2030 | 2520 | (6) |
| Sciens Building Solutions (Java Buyer) | 2026 Revolver | 12/15/2030 | 1110 | (3) |
| Service Logic | Delayed Draw Term Loan | 12/16/2032 | 4527 | (11) |
| Service Logic | Revolver | 12/16/2032 | 1599 | (4) |
| Spectrum Automotive Holdings, Corp. | 2021 Revolver | 06/29/2027 | 1564 | (8) |
| STS Aviation Group | Delayed Draw Term Loan | 10/08/2031 | 1100 | (8) |
| STS Aviation Group | Revolver | 10/08/2030 | 93 | (1) |
| STV Group, Inc. | 2024 Revolver | 03/20/2030 | 2279 |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investments—**<br>**non-controlled/non-affiliated** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded** | **Total Commitment Fair Value** |
| Surmodics, Inc. | Delayed Draw Term Loan | 11/19/2032 | 2371 | (18) |
| Surmodics, Inc. | Revolver | 11/19/2031 | 1264 | (9) |
| TC Signature Holdings, LLC | 2025 9th Amendment Delayed Draw Term Loan | 05/04/2028 | 1034 |  |
| The Kleinfelder Group, Inc. | Revolver | 09/18/2028 | 1938 | (5) |
| ThermoSafe | Delayed Draw Term Loan | 11/03/2032 | 5700 | (28) |
| ThermoSafe | Revolver | 11/03/2032 | 1767 | (9) |
| THG Acquisition, LLC | 2024 Delayed Draw Term Loan | 10/31/2031 | 2060 | (10) |
| THG Acquisition, LLC | 2024 Revolver | 10/31/2031 | 1260 | (7) |
| Truck-Lite Co., LLC | 2025 Tranche B Delayed Draw Term Loan | 02/13/2032 | 6449 | (32) |
| Truck-Lite Co., LLC | 2025 Tranche C Delayed Draw Term Loan | 02/13/2032 | 5304 | (27) |
| Truck-Lite Co., LLC | 2025 Replacement Revolver | 02/13/2031 | 4284 | (21) |
| Tyber Medical LLC | Delayed Draw Term Loan | 06/14/2032 | 3683 | (18) |
| Tyber Medical LLC | USD Revolver | 06/12/2031 | 712 | (4) |
| Tyber Medical LLC | Multicurrency Revolver | 06/12/2031 | 213 | (1) |
| United Flow Technologies | Delayed Draw Term Loan | 12/06/2032 | 5107 | (26) |
| United Flow Technologies | Revolver | 12/06/2032 | 2023 | (10) |
| USIC Holdings Inc. | 2024 Specified Delayed Draw Term Loan | 09/10/2031 | 834 | (4) |
| USIC Holdings Inc. | 2024 Revolver | 09/10/2031 | 705 | (4) |
| Vantage Specialty Chemicals | 2025 Revolver | 03/01/2029 | 1242 | (47) |
| W.A. Kendall and Company, LLC | 2025 7th Amendment Delayed Draw Term Loan | 04/22/2030 | 1312 |  |
| W.A. Kendall and Company, LLC | Revolver | 04/22/2030 | 61 |  |
| Wrench Group LLC | 2025 Delayed Draw Term Loan | 09/03/2032 | 5357 | (27) |
| Wrench Group LLC | 2025 Revolver | 09/03/2031 | 5357 | (27) |
| Ya Intermediate Holdings II, LLC | Delayed Draw Term Loan | 10/01/2031 | 4982 | (50) |
| Ya Intermediate Holdings II, LLC | Revolver | 10/01/2031 | 2063 | (21) |
|  |  |  | $454959 | $(4138) |

---

(7)Assets or a portion thereof are pledged as collateral under the Company's various revolving credit facilities and debt securitizations and, as such, are not directly available to the creditors of the Company to satisfy any obligations of the Company other than the obligations under each of the respective facilities and debt securitizations. See Note 6 "Debt".

(8)Position or portion thereof unsettled as of March 31, 2026.

(9)The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company's total assets. As of March 31, 2026, non-qualifying assets totaled 5.7% of the Company's total assets.

(10)All or a portion of this security was acquired in a transaction exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be "restricted securities" under the Securities Act. As of March 31, 2026, the aggregate fair value of these securities is $52.3 million, or 3.2% of the Company's net assets.

As of March 31, 2026, the estimated net unrealized loss for federal tax purposes was $51.5 million based on an estimated tax basis of $3,038.2 million. As of March 31, 2026, the estimated

aggregate gross unrealized loss for federal income tax purposes was $71.4 million and the estimated aggregate gross unrealized gain for federal income tax purposes was $19.9 million.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 3,469 | Great Britain Pound 2,600 | 6/18/2026 | $42  |
| State Street Bank & Trust Company | U.S. Dollar 105,086 | Euro 90,750 | 6/18/2026 | 208  |
| State Street Bank & Trust Company | U.S. Dollar 14,670 | Canadian Dollar 20,000 | 6/18/2026 | 290  |
|  |  |  |  | $540  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** |
| **Counterparty** | **Hedged Instrument** | **Company Receives** | **Company Pays** | **Maturity Date** | **Notional Amount** | **Fair Market Value** |
| Morgan Stanley | 2024A Notes | 7.77% | SOFR + 3.7080% | 9/9/2028 | $300000  | $2450  |

---

------

**T. Rowe Price OHA Select Private Credit Fund Consolidated Schedule of Investments** 

**December 31, 2025 (in thousands)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/**<br>**non-affiliated (1)** | **Footnotes** | **Reference Rate**<br>**and Spread** | **Reference Rate**<br>**and Spread** | **Reference Rate**<br>**and Spread** | **Interest**<br>**Rate (2)** | **Maturity**<br>**Date** | **Par<br>Amount<br>/Units** | **Cost (3)** | **Fair<br>Value** | **%<br>of Net<br>Assets** |
| **Investments—<br> non-controlled/non-affiliated** | | | | | | | | | | |
| **First Lien Debt** | | | | | | | | | | |
| **Aerospace and Defense** | | | | | | | | | | |
| Evergreen IX Borrower 2023 LLC | (4) (5) | S + | 4.75% |  | 8.42% | 9/30/2030 | $5727 | $5704 | $5728 | 0.36% |
| Evergreen IX Borrower 2023 LLC | (4) (5) (7) | S + | 4.75% |  | 8.42% | 9/30/2030 | 7785 | 7691 | 7785 | 0.49 |
| Evergreen IX Borrower 2023 LLC | (4) (5) (6) | S + | 4.75% |  | 8.42% | 10/1/2029 | 877 | (8) |  |  |
| Farsound Aviation Limited | (4) (5) (9) | S + | 5.25% |  | 9.09% | 12/3/2031 | 17076 | 16933 | 16905 | 1.06 |
| Farsound Aviation Limited | (4) (5) (6) (9) | S + | 5.25% |  | 9.09% | 12/3/2031 | 3105 |  | (31) |  |
| Mantech International CP | (4) (5) (7) | S + | 4.50% |  | 8.29% | 9/14/2029 | 26297 | 25947 | 26297 | 1.66 |
| Mantech International CP | (4) (5) (6) | S + | 4.50% |  | 8.29% | 9/14/2029 | 771 | (14) |  |  |
| Mantech International CP | (4) (5) (6) | S + | 4.50% |  | 8.29% | 9/14/2028 | 3238 | (34) |  |  |
| STS Aviation Group | (4) (5) (6) | S + | 5.00% |  | 8.84% | 10/8/2031 | 1100 |  | (8) |  |
| STS Aviation Group | (4) (5) | S + | 5.00% |  | 8.84% | 10/8/2031 | 3930 | 3913 | 3901 | 0.24 |
| STS Aviation Group | (4) (5) (6) | S + | 5.00% |  | 8.84% | 10/8/2030 | 440 | 312 | 310 | 0.02 |
|  |  |  |  |  |  |  |  | $60444 | $60887 | 3.83 |
| **Automobile** |  |  |  |  |  |  |  |  |  |  |
| FleetPride, Inc. | (4) (5) | S + | 5.50% |  | 9.36% | 10/28/2031 | 46563 | 46222 | 46214 | 2.91 |
| Mammoth Holdings, LLC | (4) (5) (6) | S + | 6.00% |  | 9.72% | 11/15/2029 | 3636 | 870 | 818 | 0.05 |
| Mammoth Holdings, LLC | (4) (5) (7) | S + | 6.00% |  | 9.67% | 11/15/2030 | 28509 | 28291 | 27939 | 1.76 |
| Mammoth Holdings, LLC | (4) (5) | S + | 6.00% |  | 9.94% | 11/15/2030 | 7166 | 7112 | 7022 | 0.44 |
| NCWS Intermediate, Inc. | (4) (5) (6) | S + | 5.50% | (2.25% PIK) | 9.17% | 12/31/2029 | 4198 | 468 | 236 | 0.02 |
| NCWS Intermediate, Inc. | (4) (5) | S + | 5.50% | (2.25% PIK) | 9.17% | 12/31/2029 | 60901 | 60455 | 57399 | 3.61 |
| NCWS Intermediate, Inc. | (4) (5) (6) | S + | 5.25% |  | 8.94% | 12/31/2029 | 6972 | 786 | 436 | 0.03 |
| Wheels Bidco, Inc. | (4) (5) | S + | 5.50% |  | 9.40% | 11/3/2031 | 50000 | 49562 | 50000 | 3.15 |
|  |  |  |  |  |  |  |  | 193766 | 190064 | 11.97 |
| **Banking** |  |  |  |  |  |  |  |  |  |  |
| Higginbotham Insurance Agency, Inc. | (4) (5) | S + | 4.50% |  | 8.22% | 6/11/2031 | 10417 | 10417 | 10417 | 0.66 |
| Higginbotham Insurance Agency, Inc. | (4) (5) (6) | S + | 4.50% |  | 8.22% | 6/11/2031 | 840 | (2) | (2) |  |
| Higginbotham Insurance Agency, Inc. | (4) (5) (6) | S + | 4.50% |  | 8.22% | 6/11/2031 | 1317 |  |  |  |
|  |  |  |  |  |  |  |  | 10415 | 10415 | 0.66 |
| **Buildings and Real Estate** |  |  |  |  |  |  |  |  |  |  |
| Associations, Inc. | (4) (5) (6) | S + | 6.50% |  | 10.66% | 7/3/2028 | 775 |  |  |  |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/**<br>**non-affiliated (1)** | **Footnotes** | **Reference Rate**<br>**and Spread** | **Reference Rate**<br>**and Spread** | **Reference Rate**<br>**and Spread** | **Interest**<br>**Rate (2)** | **Maturity**<br>**Date** | **Par<br>Amount<br>/Units** | **Cost (3)** | **Fair<br>Value** | **%<br>of Net<br>Assets** |
| Associations, Inc. | (4) (5) (6) | S + | 6.50% |  | 10.66% | 7/3/2028 | 963 | 412 | 413 | 0.03 |
| Associations, Inc. | (4) (5) (8) |  |  | (14.25% PIK) | 14.25% | 5/3/2030 | 882 | 880 | 882 | 0.05 |
| Associations, Inc. | (4) (5) (8) |  |  | (14.25% PIK) | 14.25% | 5/3/2030 | 2309 | 2306 | 2309 | 0.14 |
| Associations, Inc. | (4) (5) (7) | S + | 6.50% |  | 10.66% | 7/3/2028 | 12319 | 12315 | 12319 | 0.78 |
| Service Logic | (4) (5) | S + | 4.50% |  | 8.21% | 12/16/2032 | 16410 | 16369 | 16369 | 1.03 |
| Service Logic | (4) (5) (6) | S + | 4.50% |  | 8.21% | 12/16/2032 | 4527 |  | (11) |  |
| Service Logic | (4) (5) (6) | S + | 4.50% |  | 8.21% | 12/16/2032 | 2263 | (11) | (6) |  |
|  |  |  |  |  |  |  |  | 32271 | 32275 | 2.03 |
| **Capital Equipment** |  |  |  |  |  |  |  |  |  |  |
| AI Titan Parent Inc. | (4) (5) (6) | S + | 4.50% |  | 8.32% | 8/29/2031 | 5726 | 1283 | 1274 | 0.08 |
| AI Titan Parent Inc. | (4) (5) (6) | S + | 4.50% |  | 8.22% | 8/29/2031 | 3579 | (14) | (9) |  |
| AI Titan Parent Inc. | (4) (5) | S + | 4.50% |  | 8.22% | 8/29/2031 | 28632 | 28511 | 28560 | 1.80 |
| Helix Acquisition Holdings, Inc. | (4) (5) (7) | S + | 7.00% |  | 10.82% | 3/31/2030 | 12391 | 12215 | 12391 | 0.78 |
| Infinite Bidco LLC | (4) | S + | 3.75% |  | 7.85% | 3/2/2028 | 5950 | 5504 | 5893 | 0.37 |
| Infinite Bidco LLC | (4) | S + | 6.25% |  | 10.14% | 3/2/2028 | 11265 | 11111 | 11294 | 0.71 |
| Ohio Transmission Corporation | (4) (5) (6) | S + | 5.75% |  | 9.42% | 12/19/2029 | 1356 | 941 | 950 | 0.06 |
| Ohio Transmission Corporation | (4) (5) (6) | S + | 5.75% |  | 9.42% | 12/19/2030 | 832 | (6) |  |  |
| Ohio Transmission Corporation | (4) (5) (7) | S + | 5.75% |  | 9.42% | 12/19/2030 | 11289 | 11196 | 11289 | 0.71 |
| Pike Corp | (4) (5) | S + | 4.50% |  | 8.20% | 12/20/2032 | 25471 | 25408 | 25408 | 1.60 |
| Pike Corp | (4) (5) (6) | S + | 4.50% |  | 8.20% | 12/20/2032 | 3692 | (9) | (9) |  |
| Pike Corp | (4) (5) (6) | S + | 4.50% |  | 8.20% | 12/20/2032 | 5537 | (14) | (14) |  |
| Truck-Lite Co., LLC | (4) (5) (6) | S + | 4.75% |  | 8.45% | 2/13/2032 | 1540 | 885 | 890 | 0.05 |
| Truck-Lite Co., LLC | (4) (5) | S + | 4.75% |  | 8.48% | 2/13/2032 | 41653 | 41316 | 41444 | 2.61 |
| Truck-Lite Co., LLC | (4) (5) (6) | S + | 4.75% |  | 8.48% | 2/13/2031 | 4284 | (30) | (21) |  |
| Truck-Lite Co., LLC | (4) (5) (6) | S + | 4.75% |  | 8.48% | 2/13/2032 | 5304 | (12) | (27) |  |
| Truck-Lite Co., LLC | (4) (5) | S + | 4.75% |  | 8.48% | 2/13/2032 | 1106 | 1100 | 1100 | 0.07 |
| Truck-Lite Co., LLC | (4) (5) (6) | S + | 4.75% |  | 8.48% | 2/13/2032 | 10676 | 4172 | 4173 | 0.26 |
|  |  |  |  |  |  |  |  | 143557 | 144586 | 9.10 |
| **Cargo Transport** |  |  |  |  |  |  |  |  |  |  |
| LaserShip, Inc. | (4) | S + | 6.25% |  | 9.92% | 1/2/2029 | 5737 | 5459 | 5812 | 0.37 |
| LaserShip, Inc. | (4) | S + | 5.50% | (4.00% PIK) | 9.43% | 8/10/2029 | 8219 | 6351 | 6185 | 0.39 |
| LaserShip, Inc. | (4) | S + | 8.00% | (4.00% PIK) | 11.67% | 1/2/2029 | 29869 | 26972 | 22576 | 1.42 |
|  |  |  |  |  |  |  |  | 38782 | 34573 | 2.18 |
| **Chemicals, Plastics and Rubber** |  |  |  |  |  |  |  |  |  |  |
| ASP Unifax Holdings, Inc. | (4) (8) | S + | 7.75% | (4.75% PIK) | 11.75% | 9/28/2029 | 30286 | 28804 | 24229 | 1.52 |
| BCPE HIPH Parent, Inc. | (4) (5) | S + | 5.75% |  | 9.47% | 10/7/2030 | 1993 | 1958 | 1983 | 0.12 |
| BCPE HIPH Parent, Inc. | (4) (5) (7) (8) | S + | 5.75% |  | 9.47% | 10/7/2030 | 6177 | 6107 | 6147 | 0.39 |
| Meridian Adhesives Group, Inc. | (4) (5) (7) | S + | 6.00% |  | 9.67% | 9/3/2029 | 9636 | 9442 | 9636 | 0.61 |

---

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---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/**<br>**non-affiliated (1)** | **Footnotes** | **Reference Rate**<br>**and Spread** | **Reference Rate**<br>**and Spread** | **Reference Rate**<br>**and Spread** | **Interest**<br>**Rate (2)** | **Maturity**<br>**Date** | **Par<br>Amount<br>/Units** | **Cost (3)** | **Fair<br>Value** | **%<br>of Net<br>Assets** |
| Meridian Adhesives Group, Inc. | (4) (5) (8) | S + | 6.00% |  | 9.67% | 9/3/2029 | 1622 | 1590 | 1622 | 0.10 |
| Peaches Acquisition Corporation | (4) (5) (8) | S + | 8.50% | (1.00% PIK) | 12.17% | 8/1/2028 | 9638 | 9580 | 8770 | 0.55 |
| Vantage Specialty Chemicals | (4) (5) | S + | 6.75% | (2.75% PIK) | 10.42% | 8/29/2029 | 18029 | 17613 | 17578 | 1.11 |
| Vantage Specialty Chemicals | (4) (5) (6) | S + | 6.75% |  | 10.42% | 3/1/2029 | 1552 | (35) | (39) |  |
|  |  |  |  |  |  |  |  | 75059 | 69926 | 4.40 |
| **Construction & Building** |  |  |  |  |  |  |  |  |  |  |
| FloWorks International | (4) (5) | S + | 4.75% |  | 8.57% | 11/26/2031 | 14998 | 14932 | 14923 | 0.94 |
| FloWorks International | (4) (5) | S + | 4.75% |  | 8.57% | 11/26/2031 | 1889 | 1876 | 1879 | 0.12 |
| NRO Holdings III Corp. | (4) (5) | S + | 5.25% |  | 9.15% | 7/15/2031 | 27408 | 27177 | 27271 | 1.72 |
| NRO Holdings III Corp. | (4) (5) (6) | S + | 5.25% |  | 9.01% | 7/15/2031 | 8667 | 5363 | 5363 | 0.34 |
| NRO Holdings III Corp. | (4) (5) (6) | S + | 5.25% |  | 8.99% | 7/15/2030 | 4378 | 3407 | 3418 | 0.21 |
| RFI Buyer, Inc. | (4) (5) | S + | 4.50% |  | 8.42% | 8/5/2030 | 8235 | 8196 | 8194 | 0.51 |
| RFI Buyer, Inc. | (4) (5) (6) | S + | 4.50% |  | 8.42% | 8/5/2030 | 11765 |  | (59) |  |
|  |  |  |  |  |  |  |  | 60951 | 60989 | 3.84 |
| **Consumer Goods: Durable** |  |  |  |  |  |  |  |  |  |  |
| Marcone Yellowstone Buyer, Inc. | (4) (5) | S + | 7.00% | (3.25% PIK) | 11.13% | 6/23/2028 | 4421 | 4381 | 3957 | 0.25 |
| Marcone Yellowstone Buyer, Inc. | (4) (5) | S + | 7.00% | (3.25% PIK) | 11.13% | 6/23/2028 | 7844 | 7796 | 7021 | 0.44 |
| Marcone Yellowstone Buyer, Inc. | (4) (5) (7) | S + | 7.00% | (3.25% PIK) | 11.13% | 6/23/2028 | 16969 | 16755 | 15187 | 0.96 |
| Marcone Yellowstone Buyer, Inc. | (4) (5) (7) | S + | 7.00% | (3.25% PIK) | 11.13% | 6/23/2028 | 5639 | 5568 | 5047 | 0.32 |
| IPS/CP Iris Holdco | (4) (5) (6) | S + | 7.00% |  | 10.72% | 10/27/2032 | 824 | (8) | (3) |  |
| IPS/CP Iris Holdco | (4) | S + | 4.00% |  | 7.72% | 10/27/2032 | 6676 | 6610 | 6651 | 0.42 |
| Orion Advisor Solutions, Inc. | (4) (5) (6) | S + | 4.50% |  | 8.34% | 11/26/2032 | 7302 |  | (28) |  |
| Orion Advisor Solutions, Inc. | (4) (5) | S + | 4.50% |  | 8.34% | 11/26/2032 | 22198 | 22116 | 22115 | 1.39 |
| Poly-Wood, LLC | (4) (5) (6) | S + | 4.88% |  | 8.59% | 3/20/2030 | 3144 | (6) | (16) |  |
| Poly-Wood, LLC | (4) (5) (6) | S + | 4.88% |  | 8.59% | 3/20/2030 | 3144 | (25) | (16) |  |
| Poly-Wood, LLC | (4) (5) (8) | S + | 4.88% |  | 8.59% | 3/20/2030 | 1489 | 1482 | 1481 | 0.09 |
| Poly-Wood, LLC | (4) (5) (7) (8) | S + | 4.88% |  | 8.59% | 3/20/2030 | 16474 | 16332 | 16392 | 1.03 |
|  |  |  |  |  |  |  |  | 81001 | 77788 | 4.90 |
| **Containers, Packaging and Glass** |  |  |  |  |  |  |  |  |  |  |
| Ascend Buyer LLC | (4) (5) | S + | 5.25% |  | 8.92% | 9/29/2028 | 178 | 177 | 178 | 0.01 |
| Ascend Buyer LLC | (4) (5) (6) | S + | 5.25% |  | 8.94% | 9/29/2028 | 358 | 49 | 50 |  |
| PPC Flexible Packaging | (4) (5) (7) | S + | 5.25% |  | 8.92% | 9/29/2028 | 3977 | 3930 | 3977 | 0.25 |
| ThermoSafe | (4) (5) (6) | S + | 4.75% |  | 8.60% | 11/3/2032 | 5700 |  | (29) |  |
| ThermoSafe | (4) (5) (8) | S + | 4.75% |  | 8.60% | 11/3/2032 | 9500 | 9453 | 9453 | 0.60 |
| ThermoSafe | (4) (5) (6) | S + | 4.75% |  | 8.60% | 11/3/2032 | 1900 | (9) | (10) |  |
|  |  |  |  |  |  |  |  | 13600 | 13619 | 0.86 |
| **Ecological** |  |  |  |  |  |  |  |  |  |  |
| Rock Star Mergersub, LLC | (4) (5) | S + | 5.25% | (2.88% PIK) | 8.85% | 12/15/2031 | 15568 | 15499 | 15529 | 0.98 |

---

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---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/**<br>**non-affiliated (1)** | **Footnotes** | **Reference Rate**<br>**and Spread** | **Reference Rate**<br>**and Spread** | **Reference Rate**<br>**and Spread** | **Interest**<br>**Rate (2)** | **Maturity**<br>**Date** |  | **Par<br>Amount<br>/Units** | **Cost (3)** | **Fair<br>Value** | **%<br>of Net<br>Assets** |
| Rock Star Mergersub, LLC | (4) (5) (6) | S + | 4.75% |  | 8.61% | 12/15/2031 |  | 2102 | 572 | 576 | 0.03 |
| Rock Star Mergersub, LLC | (4) (5) (6) | S + | 4.75% |  | 8.63% | 12/15/2031 |  | 4945 | 628 | 618 | 0.04 |
|  |  |  |  |  |  |  |  |  | 16699 | 16723 | 1.05 |
| **Finance** |  |  |  |  |  |  |  |  |  |  |  |
| Arax MidCo, LLC | (4) (5) | S + | 5.00% |  | 8.99% | 4/11/2029 |  | 8550 | 8521 | 8507 | 0.54 |
| Arax MidCo, LLC | (4) (5) (6) | S + | 5.00% |  | 8.99% | 4/11/2029 |  | 9907 |  | (49) |  |
| Beacon Pointe Advisors, LLC | (4) (5) | S + | 4.50% |  | 8.23% | 12/29/2028 |  | 9953 | 9899 | 9953 | 0.63 |
| Beacon Pointe Advisors, LLC | (4) (5) (7) | S + | 4.50% |  | 8.22% | 12/29/2028 |  | 10003 | 9864 | 10003 | 0.63 |
| Beacon Pointe Advisors, LLC | (4) (5) | S + | 4.50% |  | 8.22% | 12/29/2028 |  | 3924 | 3869 | 3923 | 0.25 |
| Beacon Pointe Advisors, LLC | (4) (5) (6) | S + | 4.50% |  | 8.22% | 12/29/2027 |  | 1075 | (11) |  |  |
| Beacon Pointe Advisors, LLC | (4) (5) | S + | 4.50% |  | 8.22% | 12/29/2028 |  | 1120 | 1111 | 1120 | 0.07 |
| Cerity Partners Equity Holding LLC | (4) (5) (6) | S + | 4.50% |  | 8.17% | 7/28/2031 |  | 6055 |  | (15) |  |
| Cerity Partners Equity Holding LLC | (4) (5) (6) | S + | 4.50% |  | 8.17% | 7/28/2031 |  | 545 | 86 | 86 |  |
| Shelby Automotive Holdings Corp. | (4) (5) | S + | 5.25% |  | 8.97% | 6/29/2028 |  | 14975 | 14833 | 14975 | 0.94 |
| Spectrum Automotive Holdings, Corp. | (4) (5) (6) | S + | 4.25% |  | 11.00% | 6/29/2027 |  | 1564 | (10) |  |  |
| Spectrum Automotive Holdings, Corp. | (4) (5) (7) | S + | 5.25% |  | 8.97% | 6/29/2028 |  | 40687 | 40309 | 40687 | 2.56 |
| Spectrum Automotive Holdings, Corp. | (4) (5) | S + | 5.25% |  | 8.97% | 6/29/2028 |  | 11344 | 11230 | 11344 | 0.71 |
|  |  |  |  |  |  |  |  |  | 99701 | 100534 | 6.33 |
| **Healthcare, Education and Childcare** |  |  |  |  |  |  |  |  |  |  |  |
| 123Dentist Inc. | (4) (5) (8) (9) | C + | 5.00% |  | 7.27% | 8/10/2029 | CAD | 5953 | 4337 | 4343 | 0.27 |
| 123Dentist Inc. | (4) (5) (8) (9) | C + | 5.00% |  | 7.27% | 8/9/2029 | CAD | 947 | 682 | 691 | 0.04 |
| 123Dentist Inc. | (4) (5) (6) (9) | C + | 4.75% |  | 7.02% | 8/10/2029 | CAD | 7500 | 984 | 973 | 0.06 |
| AmeriVet Partners Management, Inc. | (4) (5) (7) | S + | 5.50% |  | 9.62% | 2/25/2028 |  | 9209 | 9209 | 8955 | 0.56 |
| Antylia Scientific | (4) | S + | 4.00% |  | 7.99% | 5/27/2032 |  | 12200 | 11951 | 12128 | 0.76 |
| CNSI Holdings, LLC | (4) (5) (7) | S + | 5.50% |  | 9.17% | 12/17/2029 |  | 9069 | 9017 | 9069 | 0.57 |
| CNSI Holdings, LLC | (4) (5) (6) | S + | 5.50% |  | 9.17% | 12/17/2029 |  | 26444 |  |  |  |
| CNSI Holdings, LLC | (4) (5) (7) | S + | 5.50% |  | 9.17% | 12/17/2029 |  | 12785 | 12669 | 12785 | 0.80 |
| CNSI Holdings, LLC | (4) (5) (6) | S + | 5.50% |  | 9.17% | 12/17/2029 |  | 2999 | (23) |  |  |
| CNSI Holdings, LLC | (4) (5) (7) | S + | 5.50% |  | 9.17% | 12/17/2029 |  | 12071 | 11922 | 12071 | 0.76 |
| Coding Solutions Acquisition Inc. | (4) (5) (6) | S + | 5.00% |  | 8.72% | 8/7/2031 |  | 13472 | (30) | (135) | (0.01) |
| Coding Solutions Acquisition Inc. | (4) (5) | S + | 5.00% |  | 8.72% | 8/7/2031 |  | 10277 | 10182 | 10174 | 0.64 |
| Coding Solutions Acquisition Inc. | (4) (5) | S + | 5.00% |  | 8.72% | 8/7/2031 |  | 11455 | 11364 | 11341 | 0.71 |
| Coding Solutions Acquisition Inc. | (4) (5) (6) | S + | 5.00% |  | 8.72% | 8/7/2031 |  | 442 | (5) | (4) |  |
| Coding Solutions Acquisition Inc. | (4) (5) (6) | S + | 5.00% |  | 8.72% | 8/7/2031 |  | 992 | (8) | (10) |  |
| Color Intermediate, LLC | (4) (5) (7) | S + | 4.75% |  | 8.52% | 10/4/2029 |  | 5813 | 5680 | 5813 | 0.37 |
| Cotiviti | (4) |  |  | (7.63% PIK) | 7.63% | 5/1/2031 |  | 8000 | 7867 | 7770 | 0.49 |
| Crown Health Care Laundry Services, LLC | (4) (5) (6) | S + | 4.75% |  | 8.48% | 5/28/2031 |  | 4186 | (19) | (21) |  |

---

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/**<br>**non-affiliated (1)** | **Footnotes** | **Reference Rate**<br>**and Spread** | **Reference Rate**<br>**and Spread** | **Reference Rate**<br>**and Spread** | **Interest**<br>**Rate (2)** | **Maturity**<br>**Date** |  | **Par<br>Amount<br>/Units** | **Cost (3)** | **Fair<br>Value** | **%<br>of Net<br>Assets** |
| Crown Health Care Laundry Services, LLC | (4) (5) (6) | S + | 4.75% |  | 8.48% | 5/28/2031 |  | 3588 |  | (18) |  |
| Crown Health Care Laundry Services, LLC | (4) (5) | S + | 4.75% |  | 8.48% | 5/28/2031 |  | 22015 | 21914 | 21905 | 1.38 |
| Gateway US Holdings, Inc. | (4) (5) (7) (8) | S + | 4.75% |  | 8.42% | 9/22/2028 |  | 7959 | 7944 | 7959 | 0.50 |
| Gateway US Holdings, Inc. | (4) (5) (6) | S + | 4.75% |  | 8.42% | 9/22/2028 |  | 325 | (1) |  |  |
| Gateway US Holdings, Inc. | (4) (5) (8) | S + | 4.75% |  | 8.42% | 9/22/2028 |  | 415 | 415 | 415 | 0.03 |
| Gateway US Holdings, Inc. | (4) (5) (8) | S + | 4.75% |  | 8.42% | 9/22/2028 |  | 1828 | 1826 | 1828 | 0.11 |
| Medvet Associates LLC | (4) (5) (7) | S + | 4.75% |  | 8.47% | 6/25/2031 |  | 56000 | 55767 | 56000 | 3.53 |
| Medvet Associates LLC | (4) (5) (6) | S + | 4.75% |  | 8.47% | 6/25/2031 |  | 14000 |  |  |  |
| Modernizing Medicine Inc. | (4) (5) (8) | S + | 4.75% | (2.25% PIK) | 8.42% | 4/30/2032 |  | 12650 | 12593 | 12650 | 0.80 |
| Modernizing Medicine Inc. | (4) (5) (6) | S + | 4.75% | (2.25% PIK) | 8.42% | 4/30/2032 |  | 1166 | (5) |  |  |
| Mountain Parent, Inc. | (4) (5) | S + | 4.75% |  | 8.42% | 6/27/2031 |  | 27964 | 27848 | 27824 | 1.75 |
| Mountain Parent, Inc. | (4) (5) (6) | S + | 4.75% |  | 8.42% | 6/27/2031 |  | 3082 | (12) | (15) |  |
| Mountain Parent, Inc. | (4) (5) (6) | S + | 4.75% |  | 8.42% | 6/27/2031 |  | 5779 |  | (29) |  |
| National Resilience LLC | (4) (5) | S + | 8.25% |  | 12.12% | 11/21/2030 |  | 21697 | 20844 | 20829 | 1.31 |
| National Resilience LLC | (4) (5) (6) | S + | 8.25% |  | 12.12% | 11/21/2030 |  | 12398 | (485) | (496) | (0.03) |
| National Resilience LLC | (4) (5) (6) | S + | 8.25% |  | 12.12% | 11/21/2030 |  | 8266 |  |  |  |
| National Resilience LLC | (4) (5) |  |  | (8.00% PIK) | 8.00% | 7/23/2035 |  | 7639 | 7639 | 7639 | 0.48 |
| Next Holdco, LLC | (4) (5) (7) | S + | 5.25% |  | 9.09% | 11/12/2030 |  | 11767 | 11677 | 11708 | 0.74 |
| Next Holdco, LLC | (4) (5) (6) | S + | 5.25% |  | 9.09% | 11/9/2029 |  | 1153 | (10) | (6) |  |
| Next Holdco, LLC | (4) (5) | S + | 5.25% |  | 9.09% | 11/12/2030 |  | 2970 | 2956 | 2955 | 0.19 |
| Packaging Coordinators Midco, Inc. | (4) (5) (6) | S + | 4.75% |  | 8.59% | 7/9/2032 |  | 3850 | (47) | (29) |  |
| Packaging Coordinators Midco, Inc. | (4) (5) (6) | S + | 4.75% |  | 8.34% | 7/9/2032 |  | 1521 |  | (11) |  |
| Packaging Coordinators Midco, Inc. | (4) (5) (6) | S + | 4.75% |  | 8.34% | 7/9/2032 |  | 1559 | (8) | (12) |  |
| Packaging Coordinators Midco, Inc. | (4) (5) (6) | S + | 4.50% |  | 8.34% | 7/9/2032 |  | 841 | 209 | 206 | 0.01 |
| Packaging Coordinators Midco, Inc. | (4) (5) (8) | S + | 4.75% |  | 8.59% | 7/9/2032 |  | 36700 | 36220 | 36425 | 2.29 |
| Packaging Coordinators Midco, Inc. | (4) (5) (6) | S + | 4.75% |  | 8.59% | 7/9/2032 |  | 5836 | (64) | (44) |  |
| Packaging Coordinators Midco, Inc. | (4) (5) | SN + | 4.75% |  | 8.47% | 7/9/2032 | GBP | 2526 | 3309 | 3372 | 0.21 |
| PetVet Care Centers, LLC | (4) (5) | S + | 6.00% |  | 9.72% | 11/15/2030 |  | 24478 | 24291 | 22764 | 1.43 |
| PetVet Care Centers, LLC | (4) (5) (6) | S + | 6.00% |  | 9.84% | 11/15/2029 |  | 3258 | 307 | 98 | 0.01 |
| PPV Intermediate Holdings LLC | (4) (5) (6) (8) | S + | 5.25% |  | 9.07% | 8/31/2029 |  | 9970 | 3876 | 3888 | 0.24 |
| PPV Intermediate Holdings LLC | (4) (5) (7) (8) | S + | 5.75% |  | 9.57% | 8/31/2029 |  | 40436 | 40024 | 40436 | 2.55 |
| PPV Intermediate Holdings LLC | (4) (5) (6) | S + | 5.75% |  | 9.63% | 8/31/2029 |  | 2732 | 316 | 341 | 0.02 |
| PPV Intermediate Holdings LLC | (4) (5) (8) | S + | 6.00% |  | 9.82% | 8/31/2029 |  | 3187 | 3186 | 3187 | 0.20 |
| Surmodics, Inc. | (4) (5) (8) | S + | 5.00% |  | 8.88% | 11/19/2032 |  | 11064 | 10983 | 10982 | 0.69 |
| Surmodics, Inc. | (4) (5) (6) | S + | 5.00% |  | 8.88% | 11/19/2032 |  | 2371 |  | (18) |  |
| Surmodics, Inc. | (4) (5) (6) | S + | 5.00% |  | 8.88% | 11/19/2031 |  | 1264 | (9) | (10) |  |
| TecoStar Holdings, Inc. | (4) (5) | S + | 8.00% |  | 11.93% | 7/6/2029 |  | 16924 | 16610 | 16924 | 1.07 |
| Tyber Medical LLC | (4) (5) | E + | 5.00% |  | 7.02% | 6/12/2031 | EUR | 245 | 288 | 287 | 0.02 |

---

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/**<br>**non-affiliated (1)** | **Footnotes** | **Reference Rate**<br>**and Spread** | **Reference Rate**<br>**and Spread** | **Reference Rate**<br>**and Spread** | **Interest**<br>**Rate (2)** | **Maturity**<br>**Date** |  | **Par<br>Amount<br>/Units** | **Cost (3)** | **Fair<br>Value** | **%<br>of Net<br>Assets** |
| Tyber Medical LLC | (4) (5) (6) | S + | 5.00% |  | 8.73% | 6/14/2032 |  | 3683 |  | (18) |  |
| Tyber Medical LLC | (4) (5) (6) | S + | 5.00% |  | 8.73% | 6/12/2031 |  | 1719 | 802 | 802 | 0.05 |
| Tyber Medical LLC | (4) (5) (6) | S + | 5.00% |  | 8.73% | 6/12/2031 |  | 447 | (2) | (2) |  |
| Tyber Medical LLC | (4) (5) | S + | 5.00% |  | 8.73% | 6/14/2032 |  | 13014 | 12954 | 12949 | 0.82 |
| Tyber Medical LLC | (4) (5) | E + | 5.00% |  | 7.11% | 6/14/2032 | EUR | 2603 | 3001 | 3042 | 0.19 |
|  |  |  |  |  |  |  |  |  | 422935 | 422650 | 26.61 |
| **High Tech** |  |  |  |  |  |  |  |  |  |  |  |
| Banyan Software Holdings, LLC | (4) (5) | S + | 5.50% |  | 9.22% | 1/2/2031 |  | 15103 | 15038 | 15103 | 0.95 |
| Banyan Software Holdings, LLC | (4) (5) (6) | S + | 5.50% |  | 9.22% | 1/2/2031 |  | 1630 | (7) |  |  |
| Banyan Software Holdings, LLC | (4) (5) | S + | 5.50% |  | 9.22% | 1/2/2031 |  | 8102 | 8067 | 8101 | 0.51 |
| Banyan Software Holdings, LLC | (4) (5) | S + | 5.50% |  | 9.22% | 1/2/2031 |  | 13653 | 13532 | 13653 | 0.86 |
| Banyan Software Holdings, LLC | (4) (5) (6) | S + | 5.25% |  | 8.98% | 1/2/2031 |  | 11299 | 1332 | 1282 | 0.08 |
| Bottomline Technologies Inc. | (4) (5) (6) | S + | 4.50% |  | 8.17% | 5/15/2028 |  | 972 | (15) |  |  |
| Bottomline Technologies Inc. | (4) (5) (7) | S + | 4.50% |  | 8.17% | 5/14/2029 |  | 13370 | 13134 | 13370 | 0.84 |
| CentralSquare Technologies, LLC | (4) (5) (6) | S + | 5.75% |  | 9.47% | 4/12/2030 |  | 1929 | (17) |  |  |
| CentralSquare Technologies, LLC | (4) (5) | S + | 5.75% |  | 9.47% | 4/12/2030 |  | 17684 | 17525 | 17684 | 1.11 |
| Chase Intermediate, LLC | (4) (5) | S + | 4.75% |  | 8.59% | 10/30/2028 |  | 17608 | 17536 | 17520 | 1.10 |
| Chase Intermediate, LLC | (4) (5) (6) | S + | 4.75% |  | 8.42% | 10/30/2028 |  | 890 | 331 | 332 | 0.02 |
| Chase Intermediate, LLC | (4) (5) (6) | S + | 4.75% |  | 8.59% | 10/30/2028 |  | 21189 | 1368 | 1347 | 0.09 |
| Community Brands ParentCo, LLC | (4) (5) (6) | S + | 5.25% |  | 8.92% | 7/1/2031 |  | 2797 | 164 | 161 | 0.01 |
| Community Brands ParentCo, LLC | (4) (5) (6) | S + | 5.25% |  | 8.97% | 7/1/2031 |  | 1579 | 88 | 93 | 0.01 |
| Community Brands ParentCo, LLC | (4) (5) (7) | S + | 5.25% |  | 8.92% | 7/1/2031 |  | 16031 | 15904 | 15951 | 1.00 |
| CSAT Solutions Holding LLC | (4) (5) (8) | S + | 10.50% | (2.25% PIK) | 14.43% | 6/30/2028 |  | 8474 | 8425 | 8474 | 0.53 |
| CSAT Solutions Holding LLC | (4) (5) (6) | S + | 10.50% | (2.25% PIK) | 14.43% | 6/30/2028 |  | 1159 | 766 | 773 | 0.05 |
| Diligent Corporation | (4) (5) (7) | S + | 5.00% |  | 8.82% | 8/2/2030 |  | 38948 | 38718 | 38850 | 2.45 |
| Diligent Corporation | (4) (5) (6) | S + | 5.00% |  | 8.82% | 8/2/2030 |  | 4848 | (27) | (12) |  |
| Diligent Corporation | (4) (5) (7) | S + | 5.00% |  | 8.82% | 8/2/2030 |  | 6677 | 6637 | 6660 | 0.42 |
| Diligent Corporation | (4) (5) (6) | S + | 5.00% |  | 8.70% | 8/2/2030 |  | 2565 | 588 | 596 | 0.04 |
| Drive Centric Holdings, LLC | (4) (5) (6) | S + | 4.50% |  | 8.19% | 8/15/2031 |  | 4118 | (17) |  |  |
| Drive Centric Holdings, LLC | (4) (5) | S + | 4.50% |  | 8.19% | 8/15/2031 |  | 30883 | 30753 | 30883 | 1.94 |
| Eagan Sub, Inc. | (4) (5) | S + | 4.25% |  | 7.99% | 9/8/2032 |  | 31790 | 31713 | 31710 | 2.00 |
| Eagan Sub, Inc. | (4) (5) (6) | S + | 4.25% |  | 7.99% | 9/8/2032 |  | 7947 |  | (20) |  |
| Eagan Sub, Inc. | (4) (5) (6) | S + | 4.25% |  | 7.99% | 9/8/2032 |  | 4239 | (10) | (11) |  |
| Everbridge Holdings, LLC | (4) (5) (7) | S + | 5.00% |  | 8.98% | 7/2/2031 |  | 15625 | 15591 | 15625 | 0.98 |
| Everbridge Holdings, LLC | (4) (5) (6) | S + | 5.00% |  | 8.98% | 7/2/2031 |  | 3930 | 1528 | 1531 | 0.10 |
| Everbridge Holdings, LLC | (4) (5) (6) | S + | 5.00% |  | 8.98% | 7/2/2031 |  | 1578 | (3) |  |  |
| Finastra USA, Inc. | (4) | S + | 4.00% |  | 7.72% | 9/15/2032 |  | 15000 | 14855 | 14712 | 0.93 |
| Flexera Software, Inc. | (4) (5) | S + | 4.50% |  | 8.35% | 8/16/2032 |  | 21427 | 21402 | 21320 | 1.34 |

---

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/**<br>**non-affiliated (1)** | **Footnotes** | **Reference Rate**<br>**and Spread** | **Reference Rate**<br>**and Spread** | **Reference Rate**<br>**and Spread** | **Interest**<br>**Rate (2)** | **Maturity**<br>**Date** |  | **Par<br>Amount<br>/Units** | **Cost (3)** | **Fair<br>Value** | **%<br>of Net<br>Assets** |
| Flexera Software, Inc. | (4) (5) | E + | 4.50% |  | 6.43% | 8/16/2032 | EUR | 6467 | 7565 | 7557 | 0.48 |
| Flexera Software, Inc. | (4) (5) (6) | S + | 4.50% |  | 8.35% | 8/16/2032 |  | 1644 | (2) | (8) |  |
| Granicus, Inc. | (4) (5) (6) | S + | 5.00% | (2.00% PIK) | 8.84% | 1/17/2031 |  | 702 | (3) |  |  |
| Granicus, Inc. | (4) (5) | S + | 5.50% | (2.00% PIK) | 9.34% | 1/17/2031 |  | 5084 | 5065 | 5084 | 0.32 |
| Granicus, Inc. | (4) (5) | S + | 5.00% | (2.00% PIK) | 8.84% | 1/17/2031 |  | 14822 | 14822 | 14822 | 0.93 |
| Granicus, Inc. | (4) (5) (6) | S + | 5.00% | (2.00% PIK) | 8.84% | 1/17/2031 |  | 2123 |  |  |  |
| Greenway Health, LLC | (4) (5) (7) | S + | 6.75% |  | 10.42% | 4/1/2029 |  | 12026 | 11863 | 12026 | 0.76 |
| Ministry Brands Purchaser, LLC | (4) (5) | S + | 5.50% |  | 9.32% | 12/29/2028 |  | 1555 | 1528 | 1536 | 0.10 |
| Ministry Brands Purchaser, LLC | (4) (5) | S + | 5.50% |  | 9.32% | 12/29/2028 |  | 157 | 155 | 155 | 0.01 |
| Ministry Brands Purchaser, LLC | (4) (5) (6) | P + | 4.50% |  | 11.25% | 12/30/2027 |  | 155 | 11 | 11 |  |
| Jeppesen | (4) (5) | S + | 4.75% |  | 8.59% | 11/1/2032 |  | 27960 | 27857 | 27855 | 1.75 |
| Jeppesen | (4) (5) (6) | S + | 4.75% |  | 8.59% | 11/1/2032 |  | 1450 | (5) | (5) |  |
| Maverick Bidco, Inc. (Mitratech) | (4) (5) | S + | 4.75% |  | 8.54% | 12/2/2031 |  | 34587 | 34502 | 34501 | 2.17 |
| Maverick Bidco, Inc. (Mitratech) | (4) (5) (6) | S + | 4.75% |  | 8.54% | 12/2/2031 |  | 1383 | (7) | (3) |  |
| Maverick Bidco, Inc. (Mitratech) | (4) (5) (6) | S + | 4.75% |  | 8.54% | 12/2/2031 |  | 1729 |  | (4) |  |
| Modena Buyer LLC | (4) | S + | 4.25% |  | 8.09% | 7/1/2031 |  | 7980 | 7724 | 7954 | 0.50 |
| MRI Software LLC | (4) (5) (6) | S + | 4.75% |  | 8.42% | 2/10/2028 |  | 2669 | 524 | 514 | 0.03 |
| MRI Software LLC | (4) (5) | S + | 4.75% |  | 8.42% | 2/10/2028 |  | 2920 | 2920 | 2898 | 0.18 |
| MRI Software LLC | (4) (5) (7) | S + | 4.75% |  | 8.42% | 2/10/2028 |  | 10545 | 10523 | 10466 | 0.66 |
| MRI Software LLC | (4) (5) (7) | S + | 4.75% |  | 8.42% | 2/10/2028 |  | 33942 | 33884 | 33688 | 2.12 |
| PDI TA Holdings, Inc. | (4) (5) (7) | S + | 5.50% |  | 9.34% | 2/3/2031 |  | 5915 | 5885 | 5915 | 0.37 |
| PDI TA Holdings, Inc. | (4) (5) (6) | S + | 5.50% |  | 9.34% | 2/3/2031 |  | 317 | 230 | 232 | 0.02 |
| Polaris Newco LLC | (4) | S + | 3.75% |  | 7.85% | 6/2/2028 |  | 5792 | 5493 | 5598 | 0.35 |
| Revalize, Inc. | (4) (5) (6) | S + | 5.75% |  | 9.57% | 4/16/2029 |  | 306 | 211 | 198 | 0.01 |
| Revalize, Inc. | (4) (5) (7) (8) | S + | 6.50% | (1.75% PIK) | 10.32% | 4/16/2029 |  | 2033 | 2010 | 1927 | 0.12 |
| Revalize, Inc. | (4) (5) (7) (8) | S + | 6.50% | (1.75% PIK) | 10.32% | 4/16/2029 |  | 451 | 444 | 427 | 0.03 |
| SolarWinds Holdings, Inc. | (4) | S + | 4.00% |  | 7.70% | 4/16/2032 |  | 9975 | 9788 | 9981 | 0.63 |
|  |  |  |  |  |  |  |  |  | 457886 | 459013 | 28.90 |
| **Insurance** |  |  |  |  |  |  |  |  |  |  |  |
| Integrity Marketing Acquisition, LLC | (4) (5) (6) | S + | 5.00% |  | 8.82% | 8/25/2028 |  | 66 |  |  |  |
| Integrity Marketing Acquisition, LLC | (4) (5) (6) | S + | 5.00% |  | 8.82% | 8/25/2028 |  | 20 |  |  |  |
| Integrity Marketing Acquisition, LLC | (4) (5) | S + | 5.00% |  | 8.82% | 8/25/2028 |  | 11730 | 11681 | 11731 | 0.74 |
| Shelf Bidco Ltd. | (4) (5) (8) (9) | S + | 5.00% |  | 8.88% | 8/21/2031 |  | 58275 | 58032 | 58275 | 3.67 |
| THG Acquisition, LLC | (4) (5) | S + | 4.75% |  | 8.47% | 10/31/2031 |  | 14876 | 14816 | 14801 | 0.93 |
| THG Acquisition, LLC | (4) (5) (6) | S + | 4.75% |  | 8.47% | 10/31/2031 |  | 3337 | 965 | 953 | 0.06 |
| THG Acquisition, LLC | (4) (5) (6) | S + | 4.75% |  | 8.47% | 10/31/2031 |  | 1671 | 213 | 211 | 0.01 |
| Trucordia Insurance Holdings LLC | (4) (8) | S + | 3.25% |  | 6.97% | 6/17/2032 |  | 2032 | 2028 | 2022 | 0.13 |
|  |  |  |  |  |  |  |  |  | 87735 | 87993 | 5.54 |

---

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---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/**<br>**non-affiliated (1)** | **Footnotes** | **Reference Rate**<br>**and Spread** | **Reference Rate**<br>**and Spread** | **Reference Rate**<br>**and Spread** | **Interest**<br>**Rate (2)** | **Maturity**<br>**Date** |  | **Par<br>Amount<br>/Units** | **Cost (3)** | **Fair<br>Value** | **%<br>of Net<br>Assets** |
| **Media: Diversified & Production** |  |  |  |  |  |  |  |  |  |  |  |
| Aurelia Netherlands Midco 2 B.V. | (4) (5) (9) | E + | 4.75% |  | 6.78% | 5/29/2031 | EUR | 54814 | 59819 | 64215 | 4.04 |
| Circana Group, L.P. | (4) (5) (6) | S + | 4.25% |  | 7.97% | 12/1/2028 |  | 6055 | (30) |  |  |
| Circana Group, L.P. | (4) (5) (7) | S + | 4.25% |  | 7.97% | 12/3/2029 |  | 43810 | 43461 | 43810 | 2.76 |
| Iconic Purchaser Corporation | (4) (5) (7) | S + | 6.50% | (6.50% PIK) | 10.12% | 11/16/2028 |  | 4305 | 4110 | 4186 | 0.26 |
| Iconic Purchaser Corporation | (4) (5) (7) | S + | 6.50% | (6.50% PIK) | 10.12% | 11/16/2028 |  | 4304 | 4216 | 4047 | 0.26 |
| Iconic Purchaser Corporation | (4) (5) (6) | S + | 6.50% | (6.50% PIK) | 10.12% | 11/16/2028 |  | 292 | (6) | (11) |  |
|  |  |  |  |  |  |  |  |  | 111570 | 116247 | 7.32 |
| **Printing and Publishing** |  |  |  |  |  |  |  |  |  |  |  |
| Recorded Books Inc. | (4) (5) | S + | 5.75% |  | 9.59% | 9/3/2030 |  | 5852 | 5804 | 5852 | 0.37 |
| Recorded Books Inc. | (4) (5) (6) | S + | 5.75% |  | 9.57% | 9/3/2030 |  | 1765 | (16) |  |  |
| Recorded Books Inc. | (4) (5) (6) | S + | 5.75% |  | 9.57% | 9/3/2030 |  | 735 | (7) |  |  |
| Recorded Books Inc. | (4) (5) (6) | S + | 5.75% |  | 9.57% | 8/31/2028 |  | 3763 | (32) |  |  |
| Recorded Books Inc. | (4) (5) (7) | S + | 5.75% |  | 9.57% | 9/3/2030 |  | 18858 | 18632 | 18858 | 1.19 |
|  |  |  |  |  |  |  |  |  | 24381 | 24710 | 1.56 |
| **Retail Stores** |  |  |  |  |  |  |  |  |  |  |  |
| D&D Buyer LLC | (4) (5) | S + | 6.50% |  | 10.27% | 10/4/2028 |  | 18361 | 18191 | 18361 | 1.16 |
| D&D Buyer LLC | (4) (5) | S + | 6.50% |  | 10.42% | 10/4/2028 |  | 4492 | 4459 | 4492 | 0.28 |
| D&D Buyer LLC | (4) (5) (6) | S + | 6.50% |  | 10.29% | 10/4/2028 |  | 1974 | 1172 | 1184 | 0.07 |
| D&D Buyer LLC | (4) (5) | S + | 6.50% |  | 10.49% | 10/4/2028 |  | 6692 | 6602 | 6692 | 0.42 |
| Follett Corporation | (4) (5) | S + | 7.00% |  | 10.82% | 2/1/2028 |  | 789 | 770 | 789 | 0.05 |
| Follett Corporation | (4) (5) | S + | 7.00% |  | 10.82% | 2/1/2028 |  | 10351 | 10334 | 10144 | 0.64 |
| New Look Vision Group, Inc. | (4) (5) (7) (9) | C + | 5.25% |  | 7.51% | 5/26/2028 | CAD | 8162 | 5887 | 5955 | 0.37 |
| New Look Vision Group, Inc. | (4) (5) (6) (9) | C + | 5.25% |  | 7.49% | 5/26/2028 | CAD | 1125 | 282 | 261 | 0.02 |
| New Look Vision Group, Inc. | (4) (5) (8) (9) | C + | 5.25% |  | 7.51% | 5/26/2028 | CAD | 544 | 396 | 397 | 0.03 |
| New Look Vision Group, Inc. | (4) (5) (7) (9) | S + | 5.25% |  | 8.92% | 5/26/2028 |  | 347 | 335 | 347 | 0.02 |
| New Look Vision Group, Inc. | (4) (5) (7) (9) | C + | 5.25% |  | 7.51% | 5/26/2028 | CAD | 1044 | 753 | 761 | 0.05 |
| New Look Vision Group, Inc. | (4) (5) (9) | S + | 5.25% |  | 8.92% | 5/26/2028 |  | 39 | 38 | 39 |  |
| TC Signature Holdings, LLC | (4) (5) (8) |  |  | (10.58% PIK) | 10.58% | 5/4/2028 |  | 867 | 852 | 867 | 0.05 |
| TC Signature Holdings, LLC | (4) (5) |  |  | (17.50% PIK) | 17.50% | 5/4/2028 |  | 2862 | 2819 | 2862 | 0.18 |
| TC Signature Holdings, LLC | (4) (5) (6) | S + | 6.50% |  | 10.48% | 5/4/2028 |  | 1551 | (7) |  |  |
| TC Signature Holdings, LLC | (4) (5) (8) |  |  | (13.58% PIK) | 13.58% | 5/4/2028 |  | 15583 | 15509 | 9350 | 0.59 |
|  |  |  |  |  |  |  |  |  | 68392 | 62501 | 3.93 |
| **Services: Business** |  |  |  |  |  |  |  |  |  |  |  |
| ARAMSCO, Inc. | (4) | S + | 4.75% |  | 8.42% | 10/10/2030 |  | 1894 | 1761 | 1284 | 0.08 |
| Baker Tilly Advisory Group, LP | (4) (5) (6) | S + | 4.25% |  | 7.97% | 6/3/2031 |  | 8781 | (2) | (44) |  |
| Baker Tilly Advisory Group, LP | (4) (5) | S + | 4.25% |  | 7.97% | 6/3/2031 |  | 25490 | 25380 | 25363 | 1.60 |
| Baker Tilly Advisory Group, LP | (4) (5) (6) | S + | 4.25% |  | 7.97% | 6/3/2030 |  | 6786 | (34) |  |  |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/**<br>**non-affiliated (1)** | **Footnotes** | **Reference Rate**<br>**and Spread** | **Reference Rate**<br>**and Spread** | **Reference Rate**<br>**and Spread** | **Interest**<br>**Rate (2)** | **Maturity**<br>**Date** | **Par<br>Amount<br>/Units** | **Cost (3)** | **Fair<br>Value** | **%<br>of Net<br>Assets** |
| Baker Tilly Advisory Group, LP | (4) (5) (7) | S + | 4.75% |  | 8.47% | 6/3/2031 | 18458 | 18343 | 18458 | 1.16 |
| Brand Industrial Services, Inc. | (4) (10) |  |  |  | 10.38% | 8/1/2030 | 15898 | 15053 | 15590 | 0.98 |
| Cheval Blanc Holdings Company | (4) (5) (9) |  |  | (14.75% PIK) | 14.75% | 10/30/2030 | 10901 | 10624 | 10574 | 0.67 |
| Deerfield Dakota Holding LLC | (4) (5) | S + | 5.75% | (2.75% PIK) | 9.42% | 9/13/2032 | 39645 | 39455 | 39446 | 2.48 |
| Deerfield Dakota Holding LLC | (4) (5) (6) | S + | 5.75% | (2.75% PIK) | 9.42% | 9/13/2032 | 3686 | (18) | (18) |  |
| Dun & Bradstreet Corp. | (4) (5) (6) | S + | 5.50% |  | 9.23% | 8/26/2032 | 4055 | 11 |  |  |
| Dun & Bradstreet Corp. | (4) (5) (8) | S + | 5.50% |  | 9.23% | 8/26/2032 | 40545 | 40652 | 40545 | 2.55 |
| Eclipse Buyer Inc. | (4) (5) (6) | S + | 4.50% |  | 8.25% | 9/8/2031 | 3854 | (16) | (19) |  |
| Eclipse Buyer Inc. | (4) (5) | S + | 4.50% |  | 8.25% | 9/8/2031 | 22738 | 22544 | 22625 | 1.42 |
| Eclipse Buyer Inc. | (4) (5) (6) | S + | 4.50% |  | 8.25% | 9/6/2031 | 1955 | (16) | (10) |  |
| ENTRUST Solutions Group | (4) (5) (8) | S + | 4.75% |  | 8.42% | 12/17/2032 | 9007 | 8985 | 8984 | 0.57 |
| ENTRUST Solutions Group | (4) (5) | S + | 4.75% |  | 8.42% | 12/17/2032 | 4690 | 4678 | 4678 | 0.29 |
| ENTRUST Solutions Group | (4) (5) (6) | S + | 4.75% |  | 8.44% | 12/17/2032 | 1408 | 245 | 245 | 0.02 |
| FR Vision Holdings, Inc. | (4) (5) (8) | S + | 5.00% |  | 8.87% | 1/20/2031 | 1560 | 1553 | 1552 | 0.10 |
| FR Vision Holdings, Inc. | (4) (5) (6) | S + | 5.00% |  | 8.87% | 1/20/2031 | 3544 | 193 | 176 | 0.01 |
| FR Vision Holdings, Inc. | (4) (5) (6) | S + | 5.00% |  | 8.87% | 1/21/2030 | 1431 | (10) | (7) |  |
| FR Vision Holdings, Inc. | (4) (5) (8) | S + | 5.00% |  | 8.87% | 1/20/2031 | 5676 | 5633 | 5647 | 0.36 |
| FR Vision Holdings, Inc. | (4) (5) (8) | S + | 5.00% |  | 8.87% | 1/20/2031 | 17434 | 17298 | 17347 | 1.09 |
| GC Waves Holdings, Inc. | (4) (5) (7) | S + | 4.50% |  | 8.22% | 10/4/2030 | 14347 | 14181 | 14312 | 0.90 |
| GC Waves Holdings, Inc. | (4) (5) (6) | S + | 4.50% |  | 8.22% | 10/4/2030 | 676 |  | (2) |  |
| GC Waves Holdings, Inc. | (4) (5) (6) | S + | 4.50% |  | 8.22% | 10/4/2030 | 7499 | 381 | 363 | 0.02 |
| GI Apple Midco LLC | (4) (5) (6) | S + | 6.75% |  | 10.47% | 4/19/2029 | 1322 | 579 | 595 | 0.04 |
| GI Apple Midco LLC | (4) (5) (7) | S + | 6.75% |  | 10.47% | 4/19/2030 | 14558 | 14410 | 14558 | 0.92 |
| GI Apple Midco LLC | (4) (5) | S + | 6.75% |  | 10.47% | 4/19/2030 | 204 | 201 | 204 | 0.01 |
| IG Investment Holdings, LLC | (4) (5) (7) | S + | 5.00% |  | 8.84% | 9/22/2028 | 29009 | 28925 | 29009 | 1.83 |
| IG Investment Holdings, LLC | (4) (5) (6) | S + | 5.00% |  | 8.84% | 9/22/2028 | 698 | (4) |  |  |
| Jensen Hughes Inc. | (4) (5) (6) | S + | 5.00% |  | 8.82% | 9/2/2031 | 3668 | 695 | 688 | 0.04 |
| Jensen Hughes Inc. | (4) (5) (6) | S + | 5.00% |  | 8.93% | 9/2/2031 | 1467 | (12) | (7) |  |
| Jensen Hughes Inc. | (4) (5) | S + | 5.00% |  | 8.93% | 9/2/2031 | 12977 | 12866 | 12912 | 0.81 |
| Jensen Hughes Inc. | (4) (5) (6) | S + | 5.00% |  | 8.93% | 9/2/2031 | 856 |  | (4) |  |
| JS Held, LLC | (4) (5) (6) | S + | 4.75% |  | 8.57% | 12/1/2026 | 452 |  |  |  |
| JS Held, LLC | (4) (5) | S + | 4.75% |  | 8.57% | 6/1/2028 | 12471 | 12471 | 12471 | 0.79 |
| NAVEX TopCo Inc | (4) (5) | S + | 5.00% |  | 8.91% | 10/14/2032 | 6442 | 6426 | 6426 | 0.40 |
| NAVEX TopCo Inc | (4) (5) (6) | S + | 5.00% |  | 8.91% | 10/14/2031 | 143 |  |  |  |
| NAVEX TopCo Inc | (4) (5) (6) | S + | 5.00% |  | 8.91% | 10/14/2032 | 3062 |  | (8) |  |
| OEConnection LLC | (4) (5) | S + | 4.50% |  | 8.23% | 12/23/2032 | 3331 | 3322 | 3322 | 0.21 |
| OEConnection LLC | (4) (5) (6) | S + | 4.50% |  | 8.23% | 12/23/2032 | 1954 |  | (5) |  |
| OEConnection LLC | (4) (5) (6) | S + | 4.50% |  | 8.23% | 12/23/2032 | 515 | (1) | (1) |  |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/**<br>**non-affiliated (1)** | **Footnotes** | **Reference Rate**<br>**and Spread** | **Reference Rate**<br>**and Spread** | **Reference Rate**<br>**and Spread** | **Interest**<br>**Rate (2)** | **Maturity**<br>**Date** | **Par<br>Amount<br>/Units** | **Cost (3)** | **Fair<br>Value** | **%<br>of Net<br>Assets** |
| Pave America LLC | (4) (5) (6) | S + | 4.75% |  | 8.42% | 8/27/2032 | 5625 | 1661 | 1659 | 0.10 |
| Pave America LLC | (4) (5) | S + | 5.25% | (2.88% PIK) | 8.92% | 8/27/2032 | 21722 | 21620 | 21613 | 1.36 |
| Pave America LLC | (4) (5) (6) | S + | 4.75% | (2.88% PIK) | 8.62% | 8/27/2032 | 7494 | 2196 | 2169 | 0.14 |
| PT Intermediate Holdings III, LLC | (4) (5) (7) (8) | S + | 5.00% | (1.75% PIK) | 8.67% | 4/9/2030 | 35553 | 35531 | 35553 | 2.24 |
| PT Intermediate Holdings III, LLC | (4) (5) (6) | S + | 5.00% | (1.75% PIK) | 8.67% | 4/9/2030 | 710 | (1) |  |  |
| Rimkus Consulting Group Inc. | (4) (5) (6) | S + | 5.25% |  | 9.24% | 4/1/2030 | 1193 | 292 | 286 | 0.02 |
| Rimkus Consulting Group Inc. | (4) (5) | S + | 5.25% |  | 9.24% | 4/1/2031 | 8816 | 8755 | 8728 | 0.55 |
| Rimkus Consulting Group Inc. | (4) (5) (6) | S + | 5.25% |  | 9.24% | 4/1/2031 | 2232 | 529 | 510 | 0.03 |
| STV Group, Inc. | (4) (5) (6) | S + | 4.75% |  | 8.47% | 3/20/2031 | 3256 | (4) |  |  |
| STV Group, Inc. | (4) (5) | S + | 4.75% |  | 8.47% | 3/20/2031 | 11196 | 11093 | 11196 | 0.70 |
| STV Group, Inc. | (4) (5) (6) | S + | 4.75% |  | 8.47% | 3/20/2030 | 2279 | (17) |  |  |
| USIC Holdings Inc. | (4) (5) | S + | 5.50% |  | 9.32% | 9/10/2031 | 41728 | 41549 | 41520 | 2.61 |
| USIC Holdings Inc. | (4) (5) (6) | S + | 5.25% |  | 9.07% | 9/10/2031 | 5365 | 2491 | 2487 | 0.16 |
| USIC Holdings Inc. | (4) (5) (6) | S + | 5.50% |  | 9.32% | 9/10/2031 | 2540 | 1416 | 1403 | 0.09 |
| Vision Solutions, Inc. | (4) | S + | 4.00% |  | 8.10% | 4/24/2028 | 10518 | 10002 | 9816 | 0.62 |
| Ya Intermediate Holdings II, LLC | (4) (5) (6) (8) | S + | 5.00% |  | 8.69% | 10/1/2031 | 6104 | 896 | 861 | 0.05 |
| Ya Intermediate Holdings II, LLC | (4) (5) (6) | S + | 5.00% |  | 10.75% | 10/1/2031 | 2933 | 734 | 728 | 0.05 |
| Ya Intermediate Holdings II, LLC | (4) (5) (8) | S + | 5.00% |  | 8.85% | 10/1/2031 | 14520 | 14395 | 14375 | 0.90 |
|  |  |  |  |  |  |  |  | 459890 | 460153 | 28.97 |
| **Services: Consumer** |  |  |  |  |  |  |  |  |  |  |
| Crash Champions, LLC | (4) (8) (10) | S + | 4.75% |  | 8.57% | 2/23/2029 | 4762 | 4271 | 4532 | 0.28 |
| Denali Midco 2 LLC | (4) (5) | S + | 5.25% |  | 8.97% | 12/22/2028 | 421 | 419 | 421 | 0.03 |
| Denali Midco 2 LLC | (4) (5) | S + | 5.25% |  | 8.97% | 12/22/2028 | 1436 | 1430 | 1436 | 0.09 |
| Denali Midco 2 LLC | (4) (5) | S + | 5.25% |  | 8.97% | 12/22/2028 | 1697 | 1691 | 1698 | 0.11 |
| Denali Midco 2 LLC | (4) (5) | S + | 5.25% |  | 8.97% | 12/22/2028 | 6301 | 6277 | 6301 | 0.40 |
| Denali Midco 2 LLC | (4) (5) | S + | 5.25% |  | 8.97% | 12/22/2028 | 1962 | 1954 | 1962 | 0.12 |
| Denali Midco 2 LLC | (4) (5) | S + | 5.25% |  | 8.97% | 12/22/2028 | 842 | 839 | 842 | 0.05 |
| Denali Midco 2 LLC | (4) (5) (6) | S + | 5.25% |  | 8.98% | 12/22/2028 | 6365 | 1952 | 1998 | 0.12 |
| Denali Midco 2 LLC | (4) (5) | S + | 5.25% |  | 8.97% | 12/22/2028 | 3450 | 3424 | 3450 | 0.22 |
| The Kleinfelder Group, Inc. | (4) (5) (7) | S + | 5.00% |  | 8.84% | 9/18/2030 | 14522 | 14516 | 14522 | 0.91 |
| The Kleinfelder Group, Inc. | (4) (5) (6) | S + | 5.00% |  | 8.84% | 9/18/2028 | 1938 | (10) |  |  |
| The Kleinfelder Group, Inc. | (4) (5) (6) | S + | 5.00% |  | 8.84% | 9/18/2030 | 2899 | 1542 | 1542 | 0.10 |
| Nuevoco2, LLC | (4) (5) | S + | 6.00% |  | 9.99% | 6/1/2029 | 98 | 98 | 98 | 0.01 |
| Nuevoco2, LLC | (4) (5) (7) | S + | 6.00% |  | 9.99% | 6/1/2029 | 14676 | 14572 | 14566 | 0.92 |
| Nuevoco2, LLC | (4) (5) | S + | 6.00% |  | 9.99% | 6/1/2029 | 7376 | 7325 | 7321 | 0.46 |
| W.A. Kendall and Company, LLC | (4) (5) (6) | S + | 5.75% |  | 9.58% | 4/22/2030 | 1625 | 306 | 313 | 0.02 |
| W.A. Kendall and Company, LLC | (4) (5) (8) | S + | 5.75% |  | 10.38% | 4/22/2030 | 1079 | 1074 | 1079 | 0.07 |
| W.A. Kendall and Company, LLC | (4) (5) (6) | S + | 5.88% |  | 9.90% | 4/22/2030 | 223 | 124 | 125 | 0.01 |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/**<br>**non-affiliated (1)** | **Footnotes** | **Reference Rate**<br>**and Spread** | **Reference Rate**<br>**and Spread** | **Reference Rate**<br>**and Spread** | **Interest**<br>**Rate (2)** | **Maturity**<br>**Date** | **Par<br>Amount<br>/Units** | **Cost (3)** | **Fair<br>Value** | **%<br>of Net<br>Assets** |
| W.A. Kendall and Company, LLC | (4) (5) | S + | 5.75% |  | 9.97% | 4/22/2030 | 66 | 66 | 66 |  |
| W.A. Kendall and Company, LLC | (4) (5) | S + | 5.75% |  | 9.77% | 4/22/2030 | 895 | 895 | 895 | 0.06 |
| W.A. Kendall and Company, LLC | (4) (5) | S + | 5.88% |  | 9.98% | 4/22/2030 | 929 | 929 | 929 | 0.06 |
| W.A. Kendall and Company, LLC | (4) (5) (8) | S + | 5.75% |  | 10.01% | 4/22/2030 | 1357 | 1357 | 1357 | 0.08 |
| Wrench Group LLC | (4) (5) | S + | 4.75% |  | 8.42% | 9/3/2032 | 39286 | 39096 | 39089 | 2.46 |
| Wrench Group LLC | (4) (5) (6) | S + | 4.75% |  | 8.42% | 9/3/2032 | 5357 |  | (27) |  |
| Wrench Group LLC | (4) (5) (6) | S + | 4.75% |  | 8.42% | 9/3/2031 | 5357 | (25) | (27) |  |
|  |  |  |  |  |  |  |  | 104122 | 104488 | 6.58 |
| **Telecommunications** |  |  |  |  |  |  |  |  |  |  |
| CCI Buyer, Inc. | (4) (5) (6) | S + | 5.00% |  | 8.67% | 5/13/2032 | 2036 | (10) | (5) |  |
| CCI Buyer, Inc. | (4) (5) | S + | 5.00% |  | 8.67% | 5/13/2032 | 34777 | 34615 | 34690 | 2.18 |
| Omni Fiber, LLC | (4) (5) | S + | 5.25% |  | 9.21% | 7/3/2029 | 2208 | 2189 | 2186 | 0.14 |
| Omni Fiber, LLC | (4) (5) | S + | 5.25% |  | 9.43% | 7/3/2029 | 4417 | 4413 | 4372 | 0.28 |
| Omni Fiber, LLC | (4) (5) (6) | S + | 5.25% |  | 9.13% | 7/3/2029 | 30475 | 10071 | 9854 | 0.62 |
|  |  |  |  |  |  |  |  | 51278 | 51097 | 3.22 |
| **Utilities: Water** |  |  |  |  |  |  |  |  |  |  |
| United Flow Technologies | (4) (5) (6) | S + | 4.50% |  | 8.27% | 12/6/2032 | 5780 |  | (29) |  |
| United Flow Technologies | (4) (5) | S + | 4.50% |  | 8.27% | 12/6/2032 | 15752 | 15674 | 15673 | 0.98 |
| United Flow Technologies | (4) (5) (6) | S + | 4.50% |  | 8.27% | 12/6/2032 | 2168 | (11) | (11) |  |
|  |  |  |  |  |  |  |  | 15663 | 15633 | 0.98 |
| **Total First Lien Debt** |  |  |  |  |  |  |  | $2630098 | $2616864 | 164.76% |
| **Second Lien Debt** |  |  |  |  |  |  |  |  |  |  |
| **Aerospace and Defense** |  |  |  |  |  |  |  |  |  |  |
| Peraton Corp. | (4) (7) | S + | 8.00% |  | 11.92% | 2/1/2029 | 6534 | 6512 | 5186 | 0.33 |
| Peraton Corp. | (4) (7) | S + | 7.75% |  | 11.67% | 2/1/2029 | 3266 | 3157 | 2589 | 0.16 |
|  |  |  |  |  |  |  |  | 9669 | 7775 | 0.49 |
| **Banking** |  |  |  |  |  |  |  |  |  |  |
| Orion Advisor Solutions, Inc. | (4) (5) | S + | 5.75% |  | 9.65% | 12/31/2030 | 4044 | 3961 | 4045 | 0.25 |
| Orion Advisor Solutions, Inc. | (4) | S + | 5.50% |  | 9.43% | 10/10/2033 | 4500 | 4456 | 4545 | 0.29 |
|  |  |  |  |  |  |  |  | 8417 | 8590 | 0.54 |
| **Capital Equipment** |  |  |  |  |  |  |  |  |  |  |
| Infinite Bidco LLC | (4) (7) | S + | 7.00% |  | 11.10% | 3/2/2029 | 6120 | 5524 | 5873 | 0.37 |
|  |  |  |  |  |  |  |  | 5524 | 5873 | 0.37 |
| **Cargo Transport** |  |  |  |  |  |  |  |  |  |  |
| LaserShip, Inc. | (4) | S + | 5.50% | (4.00% PIK) | 9.43% | 8/10/2029 | 104 | 29 | 28 |  |
|  |  |  |  |  |  |  |  | 29 | 28 |  |

---

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/**<br>**non-affiliated (1)** | **Footnotes** | **Reference Rate**<br>**and Spread** | **Reference Rate**<br>**and Spread** | **Reference Rate**<br>**and Spread** | **Interest**<br>**Rate (2)** | **Maturity**<br>**Date** |  | **Par<br>Amount<br>/Units** | **Cost (3)** | **Fair<br>Value** | **%<br>of Net<br>Assets** |
| **Construction & Building** |  |  |  |  |  |  |  |  |  |  |  |
| IPS/CP Iris Holdco | (4) (5) | S + | 7.00% |  | 10.72% | 10/27/2033 |  | 12600 | 12414 | 12411 | 0.78 |
|  |  |  |  |  |  |  |  |  | 12414 | 12411 | 0.78 |
| **Containers, Packaging and Glass** |  |  |  |  |  |  |  |  |  |  |  |
| Berlin Packaging LLC | (4) (5) | E + | 6.50% |  | 8.52% | 6/7/2032 | EUR | 14057 | 15352 | 16468 | 1.04 |
| Berlin Packaging LLC | (4) (5) | S + | 6.00% |  | 9.93% | 6/7/2032 |  | 1097 | 1095 | 1094 | 0.07 |
| Berlin Packaging LLC | (4) (5) | E + | 6.50% |  | 8.52% | 6/7/2032 | EUR | 2386 | 2606 | 2796 | 0.17 |
|  |  |  |  |  |  |  |  |  | 19053 | 20358 | 1.28 |
| **High Tech** |  |  |  |  |  |  |  |  |  |  |  |
| Gainwell Acquisition Corp. | (4) (5) (7) | S + | 8.00% |  | 12.04% | 10/2/2028 |  | 1260 | 1237 | 1235 | 0.08 |
| Finastra USA, Inc. | (4) | S + | 7.00% |  | 10.72% | 9/15/2033 |  | 30900 | 30477 | 30346 | 1.91 |
| Polaris Newco LLC | (4) (5) (7) | S + | 9.00% |  | 12.92% | 6/4/2029 |  | 59935 | 58385 | 55852 | 3.51 |
|  |  |  |  |  |  |  |  |  | 90099 | 87433 | 5.50 |
| **Services: Business** |  |  |  |  |  |  |  |  |  |  |  |
| DG Investment Intermediate Holdings 2 Inc. | (4) | S + | 5.50% |  | 9.22% | 7/31/2033 |  | 10200 | 10151 | 10238 | 0.65 |
| Vision Solutions, Inc. | (4) | S + | 7.25% |  | 11.35% | 4/23/2029 |  | 11400 | 10701 | 10830 | 0.68 |
|  |  |  |  |  |  |  |  |  | 20852 | 21068 | 1.33 |
| **Services: Consumer** |  |  |  |  |  |  |  |  |  |  |  |
| All My Sons Moving and Storage of Kansas LLC | (4) (5) (7) | S + | 7.75% |  | 11.68% | 10/25/2029 |  | 1740 | 1698 | 1731 | 0.11 |
| BCPE Empire Holdings, Inc. | (4) (5) | S + | 5.25% |  | 9.07% | 12/31/2031 |  | 38700 | 38345 | 38313 | 2.41 |
| Crash Champions, LLC | (4) (10) |  |  |  | 8.75% | 2/15/2029 |  | 19650 | 17842 | 19327 | 1.22 |
|  |  |  |  |  |  |  |  |  | 57885 | 59371 | 3.74 |
| **Telecommunications** |  |  |  |  |  |  |  |  |  |  |  |
| Vertical Bridge, LLC | (4) (10) |  |  |  | 8.87% | 5/15/2054 |  | 2900 | 2900 | 2993 | 0.19 |
|  |  |  |  |  |  |  |  |  | 2900 | 2993 | 0.19 |
| **Total Second Lien Debt** |  |  |  |  |  |  |  |  | $226842 | $225900 | 14.22% |
| **Preferred Equity** |  |  |  |  |  |  |  |  |  |  |  |
| **Automobile** |  |  |  |  |  |  |  |  |  |  |  |
| FleetPride, Inc. | (4) (5) |  |  | (14.50% PIK) | 14.50% |  |  | 4 | 3136 | 3126 | 0.20 |
| FleetPride, Inc. | (4) (5) |  |  |  |  |  |  | 2 | 321 | 321 | 0.02 |
|  |  |  |  |  |  |  |  |  | 3457 | 3447 | 0.22 |
| **Finance** |  |  |  |  |  |  |  |  |  |  |  |
| Kymora Ltd. | (5) (9) |  |  |  |  |  | EUR | 16 | 9321 | 10643 | 0.67 |
|  |  |  |  |  |  |  |  |  | 9321 | 10643 | 0.67 |
| **High Tech** |  |  |  |  |  |  |  |  |  |  |  |
| Aptean, Inc. | (5) |  |  | (13.50% PIK) | 13.50% |  |  | 21414 | 21234 | 21414 | 1.35 |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/**<br>**non-affiliated (1)** | **Footnotes** | **Reference Rate**<br>**and Spread** | **Interest**<br>**Rate (2)** | **Maturity**<br>**Date** | **Par<br>Amount<br>/Units** | **Cost (3)** | **Fair<br>Value** | **%<br>of Net<br>Assets** |
|  |  |  |  |  |  | 21234 | 21414 | 1.35 |
| **Media: Diversified & Production** |  |  |  |  |  |  |  |  |
| Iconic Purchaser Corporation | (5) (7) | (5.00% PIK) | 5.00% |  | 1 | 526 | 541 | 0.03 |
|  |  |  |  |  |  | 526 | 541 | 0.03 |
| **Services: Business** |  |  |  |  |  |  |  |  |
| Eclipse Buyer Inc. | (4) (5) | (12.50% PIK) | 12.50% |  | 7128 | 7007 | 7056 | 0.45 |
|  |  |  |  |  |  | 7007 | 7056 | 0.45 |
| **Total Preferred Equity** |  |  |  |  |  | $41545 | $43101 | 2.72% |
| **Common Stocks** |  |  |  |  |  |  |  |  |
| **Aerospace and Defense** |  |  |  |  |  |  |  |  |
| Oakswift Holdings Ltd. | (5) (9) |  |  |  | 4854 | 4854 | 4854 | 0.31 |
| Oakswift Holdings Ltd. | (5) (9) |  |  |  | 2582 |  |  |  |
|  |  |  |  |  |  | 4854 | 4854 | 0.31 |
| **High Tech** |  |  |  |  |  |  |  |  |
| CSAT Solutions Holding LLC | (5) (8) |  |  |  | 337 | 238 | 370 | 0.02 |
|  |  |  |  |  |  | 238 | 370 | 0.02 |
| **Media: Diversified & Production** |  |  |  |  |  |  |  |  |
| Iconic Purchaser Corporation | (5) (7) |  |  |  | 2 | 555 | 554 | 0.04 |
|  |  |  |  |  |  | 555 | 554 | 0.04 |
| **Services: Business** |  |  |  |  |  |  |  |  |
| Cheval Blanc Holdings Company | (5) (9) |  |  |  | 1671 | 1671 | 1916 | 0.12 |
|  |  |  |  |  |  | 1671 | 1916 | 0.12 |
| **Total Common Stocks** |  |  |  |  |  | $7318 | $7694 | 0.49% |
| **Total Investments—non-controlled/non-affiliated** |  |  |  |  |  | $**2905803** | $**2893559** | **182.19%** |
| **Total Portfolio Investments** |  |  |  |  |  | $**2905803**  | $**2893559**  | **182.19%** |

---

(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"), EURIBOR ("E"), 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 accounting principles generally accepted in the United States of America ("U.S. GAAP").

(4)Loan includes interest rate floor feature.

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

(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—**<br>**non-controlled/non-affiliated** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded** | **Total Commitment Fair Value** |
| 123Dentist Inc. | 2025 CAD Fixed Delayed Draw Term Loan | 08/10/2029 | $4467 | $(1227) |
| AI Titan Parent Inc. | Delayed Draw Term Loan | 08/29/2031 | 4438 | (11) |
| AI Titan Parent Inc. | Revolver | 08/29/2031 | 3579 | (9) |
| Arax MidCo, LLC | 2025 Delayed Draw Term Loan | 04/11/2029 | 9907 | (50) |
| Ascend Buyer LLC | 2025 4th Amendment Revolver | 09/29/2028 | 308 |  |
| Associations, Inc. | 2024 2nd Amendment Revolver | 07/03/2028 | 775 |  |
| Associations, Inc. | 2024 Special Purpose Delayed Draw Term Loan | 07/03/2028 | 550 |  |
| Baker Tilly Advisory Group, LP | 2025 Delayed Draw Term Loan | 06/03/2031 | 8781 | (44) |
| Baker Tilly Advisory Group, LP | Revolver | 06/03/2030 | 6786 |  |
| Banyan Software Holdings, LLC | 2025 Delayed Draw Term Loan | 01/02/2031 | 9961 | (50) |
| Banyan Software Holdings, LLC | 2024 Revolver | 01/02/2031 | 1630 |  |
| Beacon Pointe Advisors, LLC | 2021 Revolver | 12/29/2027 | 1075 |  |
| Bottomline Technologies Inc. | Revolver | 05/15/2028 | 973 |  |
| CCI Buyer, Inc. | 2025 Revolver | 05/13/2032 | 2036 | (5) |
| CentralSquare Technologies, LLC | 2024 Revolver | 04/12/2030 | 1929 |  |
| Cerity Partners Equity Holding LLC | 2025 Tranche B Delayed Draw Term Loan | 07/28/2031 | 6055 | (15) |
| Cerity Partners Equity Holding LLC |  | 07/28/2031 | 458 | (1) |
| Chase Intermediate, LLC | 2025 Delayed Draw Term Loan | 10/30/2028 | 19736 | (99) |
| Chase Intermediate, LLC | 2023 Revolver | 10/30/2028 | 554 | (3) |
| Circana Group, L.P. | 2025 Revolver | 12/01/2028 | 6055 |  |
| CNSI Holdings, LLC | 2024 Delayed Draw Term Loan | 12/17/2029 | 26444 |  |
| CNSI Holdings, LLC | Revolver | 12/17/2029 | 2999 |  |
| Coding Solutions Acquisition Inc. | 2025 Incremental Delayed Draw Term Loan | 08/07/2031 | 13472 | (135) |
| Coding Solutions Acquisition Inc. | 2024 Revolver | 08/07/2031 | 992 | (10) |
| Coding Solutions Acquisition Inc. | 2024 Delayed Draw Term Loan | 08/07/2031 | 442 | (4) |
| Community Brands ParentCo, LLC | Delayed Draw Term Loan | 07/01/2031 | 2622 | (13) |
| Community Brands ParentCo, LLC | Revolver | 07/01/2031 | 1479 | (7) |
| Crown Health Care Laundry Services, LLC | 2025 Revolver | 05/28/2031 | 4186 | (21) |
| Crown Health Care Laundry Services, LLC | 2025 Delayed Draw Term Loan | 05/28/2031 | 3588 | (18) |
| CSAT Solutions Holding LLC | Revolver | 06/30/2028 | 386 |  |
| D&D Buyer LLC | Revolver | 10/04/2028 | 789 |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| Deerfield Dakota Holding LLC | 2025 Revolver | 09/13/2032 | 3686 | (18) |
| Denali Midco 2 LLC | 2023 Incremental Delayed Draw Term Loan 5 | 12/22/2028 | 4367 |  |
| Diligent Corporation | 2024 Delayed Draw Term Loan | 08/02/2030 | 4848 | (12) |
| Diligent Corporation | 2024 Revolver | 08/02/2030 | 1962 | (5) |
| Drive Centric Holdings, LLC | Revolver | 08/15/2031 | 4118 |  |
| Dun & Bradstreet Corp. | 2025 Revolver | 08/26/2032 | 4055 |  |
| Eagan Sub, Inc. | Delayed Draw Term Loan | 09/08/2032 | 7947 | (20) |
| Eagan Sub, Inc. | Revolver | 09/08/2032 | 4239 | (11) |
| Eclipse Buyer Inc. | 2024 Delayed Draw Term Loan | 09/08/2031 | 3854 | (19) |
| Eclipse Buyer Inc. | 2024 Revolver | 09/06/2031 | 1955 | (10) |
| ENTRUST Solutions Group | 2025 1st Amendment Incremental Revolver | 02/07/2031 | 1160 | (3) |
| Everbridge Holdings, LLC | Delayed Draw Term Loan | 07/02/2031 | 2399 |  |
| Everbridge Holdings, LLC | Revolver | 07/02/2031 | 1578 |  |
| Evergreen IX Borrower 2023 LLC | Revolver | 10/01/2029 | 876 |  |
| Farsound Aviation Limited | 2024 Delayed Draw Term Loan | 12/03/2031 | 3105 | (31) |
| Flexera Software, Inc. | 2025 Revolver | 08/16/2032 | 1644 | (8) |
| FR Vision Holdings, Inc. | Delayed Draw Term Loan | 01/20/2031 | 3350 | (17) |
| FR Vision Holdings, Inc. | Revolver | 01/21/2030 | 1431 | (7) |
| Gateway US Holdings, Inc. | Revolver | 09/22/2028 | 325 |  |
| GC Waves Holdings, Inc. | 2025 7th Amendment Delayed Draw Term Loan | 10/04/2030 | 7118 | (18) |
| GC Waves Holdings, Inc. | Revolver | 08/13/2026 | 676 | (2) |
| GI Apple Midco LLC | Revolver | 04/19/2029 | 727 |  |
| Granicus, Inc. | 2024 7th Amendment Delayed Draw Term Loan | 01/17/2031 | 2123 |  |
| Granicus, Inc. | 2024 Revolver | 01/17/2031 | 702 |  |
| Higginbotham Insurance Agency, Inc. | 2025 6th Amendment Tranche B DDTL | 06/11/2031 | 1317 |  |
| Higginbotham Insurance Agency, Inc. | 2025 6th Amendment Tranche B DDTL | 06/11/2031 | 840 | (2) |
| Iconic Purchaser Corporation | Revolver | 11/16/2028 | 292 | (11) |
| IG Investment Holdings, LLC | 2024 Refinancing Revolver | 09/22/2028 | 698 |  |
| Integrity Marketing Acquisition, LLC | 2024 15th Amendment Delayed Draw Term Loan | 08/25/2028 | 66 |  |
| Integrity Marketing Acquisition, LLC | 2024 15th Amendment Incremental Revolver | 08/25/2028 | 20 |  |
| IPS/CP Iris Holdco | 2025 Delayed Draw Term Loan | 10/27/2032 | 824 | (3) |
| Jensen Hughes Inc. | 2024 Delayed Draw Term Loan | 09/02/2031 | 2961 | (15) |
| Jensen Hughes Inc. | 2024 Revolver | 09/02/2031 | 1467 | (7) |
| Jensen Hughes Inc. | 2024 1st Lien Delayed Draw Term Loan | 09/02/2031 | 856 | (4) |
| Jeppesen | Revolver | 11/01/2032 | 1450 | (5) |
| JS Held, LLC | 2019 Revolver | 12/01/2026 | 452 |  |
| Mammoth Holdings, LLC | 2023 Revolver | 11/15/2029 | 2745 | (55) |
| Mantech International CP | 2025 Tranche A Revolver | 09/14/2028 | 3238 |  |
| Mantech International CP | 2025 1st Lien Delayed Draw Term Loan | 09/14/2029 | 771 |  |
| Maverick Bidco, Inc. (Mitratech) | 2025 Delayed Draw Term Loan | 12/02/2031 | 1729 | (4) |

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| | | | | |
|:---|:---|:---|:---|:---|
| Maverick Bidco, Inc. (Mitratech) | 2025 Revolver | 12/02/2031 | 1383 | (3) |
| Medvet Associates LLC | Delayed Draw Term Loan | 06/25/2031 | 14000 |  |
| Ministry Brands Purchaser, LLC | Revolver | 12/30/2027 | 142 | (2) |
| Modernizing Medicine Inc. | Revolver | 04/30/2032 | 1166 |  |
| Mountain Parent, Inc. | 2024 Delayed Draw Term Loan | 06/27/2031 | 5779 | (29) |
| Mountain Parent, Inc. | 2024 Revolver | 06/27/2031 | 3082 | (15) |
| MRI Software LLC | 2020 Revolver | 02/10/2028 | 2135 | (16) |
| National Resilience LLC | Delayed Draw Term Loan | 11/21/2030 | 12398 | (496) |
| National Resilience LLC | Specified Delayed Draw Term Loan | 11/21/2030 | 8266 |  |
| NAVEX TopCo Inc | Delayed Draw Term Loan | 10/14/2032 | 3062 | (8) |
| NAVEX TopCo Inc | Revolver | 10/14/2031 | 143 |  |
| NCWS Intermediate, Inc. | 2024 Revolver | 12/31/2029 | 6136 | (353) |
| NCWS Intermediate, Inc. | 2024 Delayed Draw Term Loan | 12/31/2029 | 3720 | (214) |
| New Look Vision Group, Inc. | CAD Revolver | 05/26/2028 | 559 | (151) |
| Next Holdco, LLC | Revolver | 11/09/2029 | 1153 | (6) |
| NRO Holdings III Corp. | Delayed Draw Term Loan | 07/15/2031 | 3261 | (16) |
| NRO Holdings III Corp. | Revolver | 07/15/2030 | 938 | (5) |
| OEConnection LLC | 2025 Delayed Draw Term Loan | 12/23/2032 | 1954 | (5) |
| OEConnection LLC | 2025 Revolver | 12/23/2032 | 515 | (1) |
| Ohio Transmission Corporation | 2023 Delayed Draw Term Loan | 12/19/2030 | 832 |  |
| Ohio Transmission Corporation | 2023 Revolver | 12/19/2029 | 407 |  |
| Omni Fiber, LLC | 2025 Incremental Delayed Draw Term Loan | 07/03/2029 | 20317 | (203) |
| Orion Advisor Solutions, Inc. | 2025 Delayed Draw Term Loan | 11/26/2032 | 7302 | (27) |
| Packaging Coordinators Midco, Inc. | 2025 Refinancing Delayed Draw Term Loan | 07/10/2032 | 5836 | (44) |
| Packaging Coordinators Midco, Inc. | 2025 Revolver | 07/09/2032 | 3850 | (29) |
| Packaging Coordinators Midco, Inc. | 2025 Delayed Draw Term Loan (205mm) | 07/09/2032 | 1559 | (12) |
| Packaging Coordinators Midco, Inc. | 2025 Delayed Draw Term Loan (200mm) | 07/09/2032 | 1521 | (11) |
| Packaging Coordinators Midco, Inc. | 2025 Initial Dollar SP Delayed Draw Term Loan | 07/09/2032 | 629 | (5) |
| Pave America LLC | 2025 Delayed Draw Term Loan | 08/27/2032 | 5287 | (26) |
| Pave America LLC | 2025 Revolver | 08/27/2032 | 3937 | (20) |
| PDI TA Holdings, Inc. | 2024 Revolver | 02/03/2031 | 84 |  |
| PetVet Care Centers, LLC | 2023 Revolver | 11/15/2029 | 2932 | (205) |
| Pike Corp | 2025 Delayed Draw Term Loan | 12/20/2032 | 5537 | (14) |
| Pike Corp | 2025 Revolver | 12/20/2032 | 3691 | (9) |
| Poly-Wood, LLC | Delayed Draw Term Loan | 03/20/2030 | 3144 | (15) |
| Poly-Wood, LLC | Revolver | 03/20/2030 | 3144 | (16) |
| PPV Intermediate Holdings LLC | 2024 2nd Amendment Delayed Draw Term Loan | 08/31/2029 | 6057 | (15) |
| PPV Intermediate Holdings LLC | Revolver | 08/31/2029 | 2390 |  |
| PT Intermediate Holdings III, LLC | 2024 Delayed Draw Term Loan | 04/09/2030 | 710 |  |
| Recorded Books Inc. | 2023 Revolver | 08/31/2028 | 3763 |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| Recorded Books Inc. | 2025 Delayed Draw Term Loan B | 09/03/2030 | 1765 |  |
| Recorded Books Inc. | 2025 Delayed Draw Term Loan A | 09/03/2030 | 735 |  |
| Revalize, Inc. | Revolver | 04/16/2029 | 92 | (5) |
| RFI Buyer, Inc. | 2025 4th Amendment Delayed Draw Term Loan | 08/05/2030 | 11765 | (59) |
| Rimkus Consulting Group Inc. | Delayed Draw Term Loan | 04/01/2031 | 1701 | (17) |
| Rimkus Consulting Group Inc. | Revolver | 04/01/2030 | 895 | (9) |
| Rock Star Mergersub, LLC | Delayed Draw Term Loan | 12/15/2031 | 4315 | (11) |
| Rock Star Mergersub, LLC | Revolver | 12/15/2031 | 1521 | (4) |
| Service Logic | Delayed Draw Term Loan | 12/16/2032 | 4527 | (11) |
| Service Logic | Revolver | 12/16/2032 | 2263 | (6) |
| Spectrum Automotive Holdings, Corp. | 2021 Revolver | 06/29/2027 | 1564 |  |
| STS Aviation Group | Delayed Draw Term Loan | 10/08/2031 | 1100 | (8) |
| STS Aviation Group | Revolver | 10/08/2030 | 126 | (1) |
| STV Group, Inc. | 2024 Delayed Draw Term Loan | 03/20/2031 | 3256 |  |
| STV Group, Inc. | 2024 Revolver | 03/20/2030 | 2279 |  |
| Surmodics, Inc. | Delayed Draw Term Loan | 11/19/2032 | 2371 | (18) |
| Surmodics, Inc. | Revolver | 11/19/2031 | 1264 | (9) |
| TC Signature Holdings, LLC | 2025 9th Amendment Delayed Draw Term Loan | 05/04/2028 | 1552 |  |
| The Kleinfelder Group, Inc. | Revolver | 09/18/2028 | 1938 |  |
| The Kleinfelder Group, Inc. | 2023 Delayed Draw Term Loan | 09/18/2030 | 1356 |  |
| ThermoSafe | Delayed Draw Term Loan | 11/03/2032 | 5700 | (28) |
| ThermoSafe | Revolver | 11/03/2032 | 1900 | (10) |
| THG Acquisition, LLC | 2024 Delayed Draw Term Loan | 10/31/2031 | 2368 | (12) |
| THG Acquisition, LLC | 2024 Revolver | 10/31/2031 | 1451 | (7) |
| Truck-Lite Co., LLC | 2025 Tranche B Delayed Draw Term Loan | 02/13/2032 | 6449 | (32) |
| Truck-Lite Co., LLC | 2025 Tranche C Delayed Draw Term Loan | 02/13/2032 | 5304 | (27) |
| Truck-Lite Co., LLC | 2025 Replacement Revolver | 02/13/2031 | 4284 | (22) |
| Truck-Lite Co., LLC | 2025 Tranche A Delayed Draw Term Loan | 02/13/2032 | 643 | (3) |
| Tyber Medical LLC | Delayed Draw Term Loan | 06/14/2032 | 3683 | (18) |
| Tyber Medical LLC | USD Revolver | 06/12/2031 | 909 | (5) |
| Tyber Medical LLC | Multicurrency Revolver | 06/12/2031 | 447 | (2) |
| United Flow Technologies | Delayed Draw Term Loan | 12/06/2032 | 5780 | (29) |
| United Flow Technologies | Revolver | 12/06/2032 | 2168 | (11) |
| USIC Holdings Inc. | 2024 Revolver | 09/10/2031 | 2851 | (14) |
| USIC Holdings Inc. | 2024 Specified Delayed Draw Term Loan | 09/10/2031 | 1124 | (6) |
| Vantage Specialty Chemicals | 2025 Revolver | 03/01/2029 | 1552 | (39) |
| W.A. Kendall and Company, LLC | 2025 7th Amendment Delayed Draw Term Loan | 04/22/2030 | 1312 |  |
| W.A. Kendall and Company, LLC | Revolver | 04/22/2030 | 98 |  |
| Wrench Group LLC | 2025 Delayed Draw Term Loan | 09/03/2032 | 5357 | (27) |
| Wrench Group LLC | 2025 Revolver | 09/03/2031 | 5357 | (27) |

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| | | | | |
|:---|:---|:---|:---|:---|
| Ya Intermediate Holdings II, LLC | Delayed Draw Term Loan | 10/01/2031 | 5182 | (52) |
| Ya Intermediate Holdings II, LLC | Revolver | 10/01/2031 | 2176 | (22) |
|  |  |  | $500624 | $(4531) |

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(7)Assets or a portion thereof are pledged as collateral under the Company's various revolving credit facilities and debt securitizations and, as such, are not directly available to the creditors of the Company to satisfy any obligations of the Company other than the obligations under each of the respective facilities and debt securitizations. See Note 6 "Debt".

(8)Position or portion thereof unsettled as of December 31, 2025.

(9)The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2025 non-qualifying assets totaled 5.9% of the Company's total assets.

(10) All or a portion of this security was acquired in a transaction exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be "restricted securities" under the Securities Act. As of December 31, 2025, the aggregate fair value of these securities is $42.4 million, or 2.7% of the Company's net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December 31, 2025, the estimated net unrealized loss for federal tax purposes was $11.0 million based on an estimated tax basis of $2,904.9 million. As of December 31, 2025, the estimated aggregate gross unrealized loss for federal income tax purposes was $36.2 million and the estimated aggregate gross unrealized gain for federal income tax purposes was $25.2 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)** |
| State Street Bank & Trust Company | U.S. Dollar 14,026 | Canadian Dollar 19,200 | 3/19/2026 | $(20) |
| State Street Bank & Trust Company | U.S. Dollar 4,031 | Great Britain Pound 3,000 | 3/19/2026 | (2) |
| State Street Bank & Trust Company | U.S. Dollar 106,808 | Euro 90,350 | 3/19/2026 | 427  |
|  |  |  |  | $405  |

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** |
| **Counterparty** | **Hedged Instrument** | **Company Receives** | **Company Pays** | **Maturity Date** | **Notional Amount** | **Fair Market Value** |
| Morgan Stanley | 2024A Notes | 7.77% | SOFR + 3.7080% | 9/9/2028 | $300000  | $10576  |

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------

**T. Rowe Price OHA Select Private Credit Fund**

**Notes to Consolidated Financial Statements**

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

**(Unaudited)**

**Note 1. Organization**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price OHA Select Private Credit Fund (the "Company") was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC (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, predominantly in the form of current income, with select investments capturing long-term capital appreciation, while maintaining a strong focus on downside protection. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. Under normal circumstances, the Company will invest directly or indirectly at least 80% of its total assets (net assets plus borrowings for investment purposes) in private credit.

The Company will offer on a continuous basis up to $2.5 billion of common shares of beneficial interest pursuant to an offering registered with the Securities and Exchange Commission (the "Offering"). The Company will offer to sell any combination of three classes of common shares, Class S shares, Class D shares, and Class I shares, with a dollar value up to the maximum offering amount. The share classes will have different ongoing shareholder servicing and/or distribution fees. The purchase price per share for each class of common shares equals the net asset value ("NAV") per share, as of the effective date of the monthly share purchase date. T. Rowe Price Investment Services, Inc. (the "Managing Dealer") will use its best efforts to sell shares but is not obligated to purchase or sell any specific amount of shares in the Offering. The Company may also engage in private offerings of its common shares. As of March 31, 2026 and December 31, 2025, the Company had 50,432,911 and 48,394,834, respectively, of Class I shares issued and outstanding, and received net proceeds for the quarter ended March 31, 2026 and the year ended December 31, 2025, inclusive of distributions reinvested through the Company's distribution reinvestment plan and net of repurchases of shares, of $54.3 million and $466.7 million, respectively, as payment for such shares. As of March 31, 2026 and December 31, 2025, the Company had 5,009,853 and 4,624,605, respectively, of Class S shares issued and outstanding, and received net proceeds for the quarter ended March 31, 2026 and the year ended December 31, 2025, inclusive of distributions reinvested through the Company's distribution reinvestment plan, of $10.2 million and $46.1 million, respectively, as payment for such shares. As of March 31, 2026 and December 31, 2025, the Company had 7,219,923 and 6,052,852, respectively, of Class D shares issued and outstanding, and received net proceeds for the quarter ended March 31, 2026 and the year ended December 31, 2025, inclusive of distributions reinvested through the Company's distribution reinvestment plan, of $31.0 million and $163.4 million, respectively, as payment for such shares.

**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 ("U.S. GAAP"). The Company is an investment company and accordingly will follow 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 November 14, 2022 and its fiscal year ends on December 31. Certain prior period information has been reclassified to conform to the current period presentation and this had no effect on the Company's consolidated financial position or the consolidated results of operations as previously reported.

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***Basis of Consolidation***

As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company.

The Company consolidated the results of its wholly owned subsidiaries, TRP OHA SPV Funding I, LLC, TRP OHA Servicer I, LLC, TRP OHA SPV Funding II, LLC, TRP OHA Servicer II, LLC, OCREDIT Holding S.à r.l, OCREDIT Investment S.à r.l, and OCREDIT UNI 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.

***Use of Estimates***

The preparation of the financial statements in conformity with U.S. 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 financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

***Cash, Cash Equivalents and Restricted Cash***

Cash, cash equivalents, and restricted cash 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, cash equivalents and restricted cash with high credit-quality institutions to minimize credit risk exposure. As of March 31, 2026 and December 31, 2025, the Company had $14.5 million and $23.8 million of restricted cash, respectively. Restricted cash is collected and held by the trustee who has been appointed as custodian of the assets securing certain of the Company's financing transactions. The Company deems that certain money market funds, U.S. Treasury bills, repurchase agreements, and other high-quality, short-term debt securities would qualify as cash equivalents. As of March 31, 2026 and December 31, 2025, $56.9 million and $49.1 million were held in a money market fund, respectively. As of March 31, 2026 and December 31, 2025, approximately $0.7 million and $2.0 million of the cash, cash equivalents, and restricted cash 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. Interest

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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 March 31, 2026 and December 31, 2025, there were no loans placed on non-accrual status.

***Valuation of Portfolio Investments***

Pursuant to Rule 2a-5 under the 1940 Act, the Company's board of trustees (the "Board") designated the Adviser as the Company's "valuation designee" to determine the valuation of the Company's investments. The Adviser values 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 Topic 820, Fair Value Measurement ("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 or primary market dealers. Generally, investments marked in this manner will be marked at the mean of the bid and ask of the independent broker quotes obtained. To validate market quotations, the Company utilizes a number of factors to determine if the quotations are representative of fair value, including the source and number of quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available will be valued at a price that reflects such security's fair value, as determined in good faith pursuant to procedures adopted by, and under the oversight of, the Board, based on, among other things, the input of the Adviser, the Audit Committee and independent valuation firms engaged at the direction of the Board to review the Company's investments.

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 in valuation.

With respect to the valuation of investments, the Company undertakes a multi-step valuation process in connection with determining the fair value of its 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;&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;&nbsp;&nbsp;&nbsp;&nbsp;• Generally, investments that constitute a material portion of the Company's portfolio are periodically reviewed by independent valuation firms. 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;&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;&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;&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.

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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, 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 U.S. 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;&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;&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;&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 include 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 March 31, 2026 and December 31, 2025, the Company had $9.2 million and $1.5 million of receivables for investments sold, respectively. As of March 31, 2026 and December 31, 2025, the Company had $3.4 million and $3.3 million of payables for investments purchased, respectively.

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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 shareholders. 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 consolidated 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.

***Financial and Derivative Instruments***

The Company recognizes all derivative instruments as assets or liabilities at fair value in its consolidated financial statements, pursuant to ASC Topic 815 Derivatives and Hedging, further clarified by the FASB's issuance of the Accounting Standards Update ("ASU") No. 2017-12, Derivatives and Hedging, which was adopted in 2025 by the Company. For all derivative instruments designated in a hedge accounting relationship, the entire change in the fair value of the hedging instrument shall be recorded in the same line item of the Consolidated Statements of Operations as the hedged item. The Company uses certain interest rate swaps as derivative instruments to hedge the Company's fixed rate debt, and therefore both the periodic payment and the change in fair value for the effective hedge, if applicable, will be recognized as components of interest expense in the Consolidated Statements of Operations. For derivative contracts entered into by the Company that are not designated in a hedge accounting relationship, the Company presents changes in the fair value through current period earnings.

In the normal course of business, the Company has commitments and risks resulting from its investment transactions, which may include those involving derivative instruments. Derivative instruments are measured in terms of the notional contract amount and derive their value based upon one or more underlying instruments. While the notional amount gives some indication of the Company's derivative activity, it generally is not exchanged, but is only used as the basis on which interest and other payments are exchanged. Derivative instruments are subject to various risks similar to non-derivative instruments including market, credit, liquidity, and operational risks. The Company manages these risks on an aggregate basis as part of its risk management process.

***Organization and Offering Expenses***

The Adviser agreed to incur organizational and offering costs on behalf of the Company and did not seek reimbursement of incurred organizational and offering costs until the Company elected to be regulated as a BDC under the 1940 Act on June 30, 2023. All such organizational and offering costs have been reimbursed by the Company.

Organizational costs, primarily for legal expenses associated with the establishment of the Company, are expensed as incurred. The Company did not incur organizational costs during the three months ended March 31, 2026 and March 31, 2025.

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Costs associated with the offering of common shares of the Company will be capitalized as deferred offering expenses and included as a deferred offering cost asset on the Consolidated Statements of Assets and Liabilities and amortized over a twelve-month period from incurrence. As of March 31, 2026 and December 31, 2025, the Company had no capitalized deferred offering costs. For the three months ended March 31, 2026 and March 31, 2025, the Company incurred amortization of deferred offering costs of $0.0 million and $0.2 million, respectively.

***Income Taxes***

The Company was a disregarded entity for U.S. federal income tax purposes until June 29, 2023, when it became a C Corporation. The Company elected to be regulated as a BDC under the 1940 Act on June 30, 2023. In addition, for U.S. federal income tax purposes, the Company has elected, and intends to qualify annually, to be treated as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), beginning with its fiscal year ending December 31, 2023. 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 shareholders 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 financial statements of the Company. Income earned or loss incurred by the Company prior to qualifying as a RIC is not attributable to the shareholders of the RIC. As such, income or loss from this period is excluded from the RIC's taxable income calculation.

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 shareholders, 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. The Company did not incur excise tax expense for the three months ended March 31, 2026 and March 31, 2025.

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 March 31, 2026. As applicable, the Company's prior year remains subject to examination by U.S. federal, state and local tax authorities.

***Distributions***

Distributions to shareholders will be recorded on the record date. The amount to be distributed, if any, will be determined by the Board each month, and is generally based upon the earnings estimated by the Adviser. The Company has made the election to be regulated as a BDC under the 1940 Act and intends to distribute net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, monthly 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 shareholders.

Certain distributions reported by the Company as Section 163(j) interest dividends may be treated as interest income by the shareholders for purposes of the tax rules applicable to interest expense limitations under Section 163(j) of the Code. Such treatment by the shareholders is generally subject to holding period requirements and other potential limitations, although the holding period requirements are generally not applicable to dividends declared by money market funds and certain other funds that declare dividends daily and pay such dividends on a monthly or more frequent basis. The amount that the Company is eligible to report as a Section 163(j) dividend for a tax year is generally limited to the excess of the Company's business interest income over the sum of the Company's (i) business interest expense and (ii) other deductions properly allocable to its business interest income.

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***Distribution Reinvestment Plan***

The Company has adopted a distribution reinvestment plan that provides for the reinvestment of cash distributions. Shareholders who have not opted out of the Company's distribution reinvestment plan will have their cash distributions (net of applicable withholding taxes) automatically reinvested in additional shares, rather than receiving the cash distribution.

***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 adopted ASU 2023-09 effective December 31, 2025 and concluded that the application of this guidance did not have any material impact on its consolidated financial statements.

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 March 20, 2024, the Company entered into an Amended and Restated Investment Advisory Agreement (the "Amended and Restated Advisory Agreement") with the Adviser. The Amended and Restated Advisory Agreement amended and restated the Advisory Agreement dated as of November 10, 2022, by and between the Company and the Adviser, 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 Amended and Restated 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 independent trustees. The Company may terminate the Amended and Restated Advisory Agreement, without payment of any penalty, upon 60 days' written notice. The Amended and Restated 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 Amended and Restated 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 shareholders. Substantial additional fees and expenses may also be charged by OHA Private Credit Advisors LLC, in its capacity as the administrator to the Company (the "Administrator").

***Management Fee***

The management fee will be payable monthly in arrears at an annual rate of 1.25% of the value of the Company's net assets as of the beginning of the first calendar day of the applicable month. For purposes of the Amended and Restated Advisory Agreement, net assets means the Company's total assets less the fair value of its liabilities, determined on a consolidated basis in accordance with U.S. GAAP. For the first calendar month in which the Company has operations, net assets will be measured as the beginning net assets as of the date on which the Company breaks escrow.

For the three months ended March 31, 2026, the Company incurred management fees of $5.0 million, of which none were waived. For the three months ended March 31, 2025, the Company incurred management fees of $3.8 million, of

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which none were waived. As of March 31, 2026 and December 31, 2025, $5.0 million and $4.8 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 the Company's income and a portion is based on a percentage of the Company's capital gains, each as described below.

*Incentive Fee Based on Income*

The first part of the incentive fee will be based on income, whereby the Company pays the Adviser quarterly in arrears 12.5% of its Pre-Incentive Fee Net Investment Income Returns (as defined below) for the relevant calendar quarter subject to a 1.25% per quarter (5.0% 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 Amended and Restated Advisory Agreement and an amended and restated administration agreement with the Administrator (the "Amended and Restated Administration Agreement"), any expense of securitizations, and interest expense or other financing fees and any dividends paid on preferred shares, but excluding the incentive fee and shareholder 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 PIK interest and zero-coupon securities), accrued income that the Company has 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;&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 the Hurdle Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&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 a rate of return of 1.43% (5.72% annualized). This portion of the Pre-Incentive Fee Net Investment Income Returns (which exceeds the Hurdle Rate but is less than 1.43%) 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 5.72% in any calendar year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 12.5% of the Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds 1.43% 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.

*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;&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 U.S. GAAP.

For the three months ended March 31, 2026, the Company incurred income incentive fees of $5.0 million, of which none were waived. For the three months ended March 31, 2025, the Company incurred income incentive fees of $4.1 million, of which none were waived. As of March 31, 2026 and December 31, 2025, $5.0 million and $5.4 million,

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respectively, remained payable related to the income incentive fee accrued in income incentive fee payable on the Consolidated Statements of Assets and Liabilities.

For the three months ended March 31, 2026 and March 31, 2025, the Company incurred no capital gains incentive fees.

***Expense Support and Conditional Reimbursement Agreement***

On August 17, 2023, the Company entered into an expense support and conditional reimbursement agreement with the Adviser (the "Expense Support Agreement"). Pursuant to the Expense Support Agreement, on a monthly basis, the Adviser is obligated to advance all of the Company's Other Operating Expenses (as defined hereafter) (each, a "Required Expense Payment") to the extent that such expenses exceed 1.00% (on an annualized basis) of the Company's NAV.

"Other Operating Expenses" means the Company's total organization and offering expenses, professional fees, trustee fees, administration fees, and other general and administrative expenses (including the Company's allocable portion of compensation (including salaries, bonuses and benefits), Overhead (excluding, for the avoidance of doubt, rent or depreciation, utilities, capital equipment or other administrative items of the Administrator) and other expenses paid for and/or advanced by the Administrator on behalf of the Company in connection with the provision of its administrative obligations under the Amended and Restated Administration Agreement, excluding base management and incentive fees owed to the Adviser, shareholder servicing and/or distribution fees, interest expense, financing fees and costs, interest expense and extraordinary expenses).

Any Required Expense Payment must be paid by the Adviser to the Company in any combination of cash or other immediately available funds and/or offset against amounts due from the Company to the Adviser or its affiliates.

The Adviser may elect to pay certain additional expenses on behalf of the Company (each, a "Voluntary Expense Payment" and together with a Required Expense Payment, the "Expense Payments"), provided that no portion of the payment will be used to pay any interest expense or distribution and/or shareholder servicing fees of the Company. Any Expense Payment that the Adviser has committed to pay must be paid by the Adviser to the Company in any combination of cash or other immediately available funds no later than forty-five days after such commitment was made in writing, and/or offset against amounts due from the Company to the Adviser or its affiliates.

Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company's shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess being hereinafter referred to as "Excess Operating Funds"), the Company shall pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Company shall be referred to herein as a "Reimbursement Payment."

"Available Operating Funds" means the sum of (i) the Company's net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) the Company's net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above). The amount of the Reimbursement Payment for any calendar month will equal the lesser of (i) the Excess Operating Funds in such quarter and (ii) the aggregate amount of all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such calendar month that have not been previously reimbursed by the Company to the Adviser; provided that the Adviser may waive its right to receive all or a portion of any Reimbursement Payment in any particular calendar month, in which case such waived amount will remain unreimbursed Expense Payments reimbursable in future months pursuant to the terms of the Advisory Agreement.

No Reimbursement Payment for any quarter will be made if: (1) the "Effective Rate of Distributions Per Share" (as defined below) declared by us at the time of such Reimbursement Payment is less than the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Reimbursement Payment relates, (2) our "Operating Expense Ratio" (as defined below) at the time of such Reimbursement Payment is greater than the Operating Expense Ratio at the time the Expense Payment was made to which such Reimbursement Payment relates, or (3) the Company's Other Operating Expenses at the time of such Reimbursement Payment exceeds 1.00% of the Company's NAV. Pursuant to the Expense Support Agreement, "Effective Rate of Distributions Per Share" means the annualized rate (based on a 365-day year) of regular cash distributions per share exclusive of returns of capital, distribution rate reductions due to distribution and shareholder servicing fees, and declared special dividends or special distributions, if any. The "Operating

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Expense Ratio" is calculated by dividing Operating Expenses, less organizational and offering expenses, base management and incentive fees owed to the Adviser, shareholder servicing and/or distribution fees, interest expense, financing fees and costs and extraordinary expenses by our net assets. "Operating Expenses" means all of the Company's operating costs and expenses incurred, as determined in accordance with generally accepted accounting principles for investment companies.

The Company's obligation to make a Reimbursement Payment shall automatically become a liability of the Company on the last business day of the applicable calendar month, except to the extent the Adviser has waived its right to receive such payment for the applicable month. The Reimbursement Payment for any calendar month shall be paid by the Company to the Adviser in any combination of cash or other immediately available funds as promptly as possible following such calendar month and in no event later than forty-five days after the end of such calendar month.

The following table presents a summary of expense support and the related recoupment of expense support for the three months ended March 31, 2026 and March 31, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| **For the Three Months Ended** | **Expense Support from the Advisor** | **Payable to Advisor**  | **Recoupment of Expense Support**  | **Unreimbursed Expense Support** |
| March 31, 2026 | $— | $— | $— | $— |
| March 31, 2025 | $— | $1020 | $1020 | $688 |

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***Administration Agreement***

On March 20, 2024, the Company entered into the Amended and Restated Administration Agreement with the Administrator. The Amended and Restated Administration Agreement amended and restated the Administration Agreement dated as of November 10, 2022. Under the Amended and Restated 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 the Company's other service providers), preparing reports to shareholders and reports filed with the SEC and other regulators, preparing materials and coordinating meetings of the Company's 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. The Company will reimburse the Administrator for the reasonable fees, costs and expenses paid for and/or advanced by the Administrator on behalf of the Company in connection with the provision of its obligations under the Amended and Restated Administration Agreement. Such reimbursement will include the Company's allocable portion of compensation, Overhead and other expenses paid for and/or advanced by the Administrator on behalf of the Company in connection with the provision of its administrative obligations under the Amended and Restated 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 Amended and Restated Advisory Agreement and Amended and Restated Administration Agreement. In addition, pursuant to the terms of the Amended and Restated Administration Agreement, the Administrator may delegate its obligations under the Amended and Restated Administration Agreement to an affiliate or to a third party and the Company will reimburse the Administrator for any services performed for the Company by such affiliate or third party. The Administrator has 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 the Company estimates it 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 the Company based on factors such as assets, revenues, time allocations and/or other reasonable metrics. The Company 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.

The Company incurred expenses related to the Administrator of $0.6 million and $0.6 million for the three months ended March 31, 2026 and March 31, 2025, respectively, which is included in other general and administrative expenses on the Consolidated Statement of Operations. For the three months ended March 31, 2026 and March 31, 2025, there were $2.6 million and $1.1 million of expenses related to the Administrator that were payable are included in "accrued expenses and other liabilities" in the Consolidated Statements of Assets and Liabilities, respectively.

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The sub-administrator is compensated for performing its sub-administrative services under the sub-administration agreement. For the three months ended March 31, 2026 and March 31, 2025, the Company incurred expenses related to the sub-administrator of $0.8 million and $0.5 million, respectively, which is included in administrative service expenses on the Consolidated Statement of Operations and the payable included in "accrued expenses and other liabilities" in the Consolidated Statements of Assets and Liabilities, respectively.

***Managing Dealer Agreement***

On August 18, 2023, the Company entered into a managing dealer agreement (the "Managing Dealer Agreement") with the Managing Dealer. Under the terms of the Managing Dealer Agreement, the Managing Dealer will serve as the managing dealer for the Offering. The Managing Dealer receives distribution and/or shareholder servicing fees monthly in arrears at an annual rate of 0.85% and 0.25% of the value of the Company's net assets attributable to Class S shares and Class D shares as of the beginning of the first calendar day of the month, respectively. No distribution and/or shareholding servicing fees will be paid with respect to Class I shares. The distribution and/or shareholder servicing fees will be payable to the Managing Dealer, but the Managing Dealer anticipates that all or a portion of the shareholder servicing fees will be retained by, or reallowed (paid) to, participating broker-dealers. The Company or the Adviser may also pay directly, or reimburse the Managing Dealer if the Managing Dealer pays on the Company's behalf, any organization and offering expenses (other than any upfront selling commissions and shareholder servicing and/or distribution fees), placement fees or brokerage commissions and certain other fees and expenses.

The Company will cease paying the distribution and/or shareholder servicing fees on the Class S shares and Class D shares on the earlier to occur of the following: (i) a listing of Class I shares, (ii) a merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of the Company's assets or (iii) the date following the completion of the primary portion of the Offering on which, in the aggregate, underwriting compensation from all sources in connection with the Offering, including the distribution and/or shareholder servicing fees and other underwriting compensation, is equal to 10% of the gross proceeds from the Offering.

In addition, at the end of the month in which the Managing Dealer in conjunction with the transfer agent determines that total transaction or other fees, including upfront placement fees or brokerage commissions, and shareholder servicing and/or distribution fees paid with respect to any single share held in a shareholder's account would exceed, in the aggregate, 10% of the gross proceeds from the sale of such share (or a lower limit as determined by the Managing Dealer or the applicable selling agent), the Company will cease paying the shareholder servicing and/or distribution fee on either (i) each such share that would exceed such limit or (ii) all Class S shares and Class D shares in such shareholder's account. At the end of such month, the applicable Class S shares and Class D shares in such shareholder's account will convert into a number of Class I shares (including any fractional shares), with an equivalent aggregate NAV as such Class S and Class D shares.

The Managing Dealer is a broker-dealer registered with the SEC and is a member of the Financial Industry Regulatory Authority, or FINRA.

The Managing Dealer Agreement may be terminated at any time, without the payment of any penalty, by vote of a majority of the Company's trustees who are not "interested persons", as defined in the 1940 Act, of the Company and who have no direct or indirect financial interest in the operation of the Company's distribution plan or the Managing Dealer Agreement or by vote of a majority of the outstanding voting securities of the Company, on not more than 60 days' written notice to the Managing Dealer or the Adviser. The Managing Dealer Agreement will automatically terminate in the event of its assignment, as defined in the 1940 Act.

Either party may terminate the Managing Dealer Agreement upon 60 days' written notice to the other party or immediately upon notice to the other party in the event such other party failed to comply with a material provision of the Managing Dealer Agreement. The Company's obligations under the Managing Dealer Agreement to pay the shareholder servicing and/or distribution fees with respect to the Class S and Class D shares distributed shall survive termination of the agreement until such shares are no longer outstanding (including such shares that have been converted into Class I shares, as described above).

***Distribution and Servicing Plan***

The Board approved a distribution and servicing plan (the "Distribution and Servicing Plan") for the Company. The following table shows the shareholder servicing and/or distribution fees the Company pays the Managing Dealer with respect to the Class S, Class D and Class I shares, on an annualized basis as a percentage of the Company's NAV for such class.

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| | |
|:---|:---|
| | **Shareholder Servicing and/or Distribution Fee as a % of NAV** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S shares | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class D shares | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I shares | —% |

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The shareholder servicing and/or distribution fees are paid monthly in arrears, calculated using the NAV of the applicable class as of the beginning of the first calendar day of the month and subject to FINRA and other limitations on underwriting compensation.

The Managing Dealer will reallow (pay) all or a portion of the shareholder servicing and/or distribution fees to participating brokers and servicing brokers for ongoing shareholder services performed by such brokers, and will waive shareholder servicing and/or distribution fees to the extent a broker is not eligible to receive it for failure to provide such services. Because the shareholder servicing and/or distribution fees with respect to Class S or Class D shares are calculated based on the aggregate net asset value for all of the outstanding shares of each such class, it reduces the net asset value with respect to all shares of each such class, including shares issued under the Company's distribution reinvestment plan.

Eligibility to receive the shareholder servicing and/or distribution fee is conditioned on a broker providing the following ongoing services with respect to the Class S or Class D shares: assistance with recordkeeping, answering investor inquiries regarding the Company, including regarding distribution payments and reinvestments, helping investors understand their investments upon their request, and assistance with share repurchase requests. If the applicable broker is not eligible to receive the shareholder servicing and/or distribution fee due to failure to provide these services, the Managing Dealer will waive the shareholder servicing fee and/or distribution that broker would have otherwise been eligible to receive. The shareholder servicing and/or distribution fees are ongoing fees that are not paid at the time of purchase.

For the three months ended March 31, 2026 and March 31, 2025, the Company accrued distribution and shareholder servicing fees for Class S shares of $0.3 million and $0.1 million, respectively. For the three months ended March 31, 2026 and March 31, 2025, the Company accrued distribution and shareholder servicing fees for Class D shares of $0.1 million and $0.0 million, respectively.

**Note 4. Investments**

The composition of the Company's investment portfolio at cost and fair value as of March 31, 2026 and December 31, 2025 was as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Amortized Cost** | **Fair Value** | **% of Total Investments at Fair Value** | **Amortized Cost** | **Fair Value** | **% of Total Investments at Fair Value** |
| First Lien Debt | $2751044 | $2716402 | 91.2% | $2630098 | $2616864 | 90.4% |
| Second Lien Debt | 222528 | 200895 | 6.7% | 226842 | 225900 | 7.8% |
| Preferred Equity | 41768 | 42986 | 1.4% | 41545 | 43101 | 1.5% |
| Common Stocks | 7318 | 7347 | 0.2% | 7318 | 7694 | 0.3% |
| Asset Backed Securities | 16100 | 16033 | 0.5% |  |  | —% |
| **Total** | $3038758 | $2983663 | 100.0% | $2905803 | $2893559 | 100.0% |

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The industry composition of investments based on fair value as of March 31, 2026 and December 31, 2025 were as follows:

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| | |
|:---|:---|
| | **March 31, 2026** |
| High Tech | 20.7% |
| Services: Business | 16.3% |
| Healthcare, Education and Childcare | 14.0% |
| Automobile | 7.0% |
| Services: Consumer | 5.5% |
| Capital Equipment | 5.0% |
| Media: Diversified & Production | 3.9% |
| Finance | 3.7% |
| Construction & Building | 3.7% |
| Insurance | 3.2% |
| Telecommunications | 2.5% |
| Aerospace and Defense | 2.4% |
| Chemicals, Plastics and Rubber | 2.1% |
| Retail Stores | 2.1% |
| Consumer Goods: Durable | 1.7% |
| Cargo Transport | 1.2% |
| Containers, Packaging and Glass | 1.1% |
| Buildings and Real Estate | 1.1% |
| Printing and Publishing | 0.9% |
| Ecological | 0.7% |
| Banking | 0.6% |
| Utilities: Water | 0.6% |
| **Total** | 100.0% |

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| | |
|:---|:---|
| | **December 31, 2025** |
| High Tech | 19.6% |
| Services: Business | 16.9% |
| Healthcare, Education and Childcare | 14.6% |
| Automobile | 6.7% |
| Services: Consumer | 5.7% |
| Capital Equipment | 5.2% |
| Finance | 4.2% |
| Media: Diversified & Production | 4.1% |
| Construction & Building | 3.5% |
| Insurance | 3.0% |
| Aerospace and Defense | 2.5% |
| Chemicals, Plastics and Rubber | 2.4% |
| Retail Stores | 2.2% |
| Telecommunications | 1.9% |
| Consumer Goods: Durable | 1.7% |
| Cargo Transport | 1.2% |
| Containers, Packaging and Glass | 1.2% |
| Buildings and Real Estate | 1.1% |
| Printing and Publishing | 0.9% |
| Ecological | 0.6% |
| Utilities: Water | 0.5% |
| Banking | 0.3% |
| **Total** | 100.0% |

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The geographic composition of investments at cost and fair value as of March 31, 2026 and December 31, 2025 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| | **Amortized Cost** | **Fair Value** | **% of Total Investments at Fair Value** | **Fair Value as % of Net Assets** |
| United States | $2862842 | $2803155 | 93.9% | 171.1% |
| United Kingdom | 74816 | 75078 | 2.5% | 4.6% |
| Germany | 59880 | 62841 | 2.1% | 3.8% |
| Canada | 27044 | 27089 | 0.9% | 1.7% |
| Greece | 9322 | 10646 | 0.4% | 0.6% |
| Ireland | 4854 | 4854 | 0.2% | 0.3% |
| **Total** | $3038758 | $2983663 | 100.0% | 182.1% |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Amortized Cost** | **Fair Value** | **% of Total Investments at Fair Value** | **Fair Value as % of Net Assets** |
| United States | $2730855 | $2712441 | 93.7% | 170.8% |
| United Kingdom | 74965 | 75149 | 2.6% | 4.7% |
| Germany | 59819 | 64215 | 2.2% | 4.0% |
| Canada | 25989 | 26257 | 0.9% | 1.7% |
| Greece | 9321 | 10643 | 0.4% | 0.7% |
| Ireland | 4854 | 4854 | 0.2% | 0.3% |
| **Total** | $2905803 | $2893559 | 100.0% | 182.2% |

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**Note 5. Fair Value Measurements**

The following tables present the fair value hierarchy of investments and derivatives as of March 31, 2026 and December 31, 2025, categorized by the ASC 820 valuation hierarchy, as previously described:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| First Lien Debt | $— | $146128 | $2570274 | $2716402 |
| Second Lien Debt |  | 77589 | 123306 | 200895 |
| Preferred Equity |  |  | 42986 | 42986 |
| Common Stocks |  |  | 7347 | 7347 |
| Asset Backed Securities |  | 16033 |  | 16033 |
| &nbsp;&nbsp;Total Investments at fair value | $— | $239750 | $2743913 | $2983663 |
| Interest rate swap |  | 2450 |  | 2450 |
| Foreign currency forward contracts |  | 540 |  | 540 |
| **Total** | $— | $242740 | $2743913 | $2986653 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| First Lien Debt | $— | $174024 | $2442840 | $2616864 |
| Second Lien Debt |  | 91955 | 133945 | 225900 |
| Preferred Equity |  |  | 43101 | 43101 |
| Common Stocks |  |  | 7694 | 7694 |
| &nbsp;&nbsp;Total Investments at fair value | $— | $265979 | $2627580 | $2893559 |
| Interest rate swap |  | 10576 |  | 10576 |
| Foreign currency forward contracts |  | 405 |  | 405 |
| **Total** | $— | $276960 | $2627580 | $2904540 |

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The following tables present the change in the fair value of financial instruments for the three months ended March 31, 2026 and March 31, 2025, for which Level 3 inputs were used to determine the fair value:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** |
| | **First Lien Debt** | **Second Lien Debt** | **Preferred Equity** | **Common Stocks** | **Total Investments** |
| Fair value, beginning of period | $2442840 | $133945 | $43101 | $7694 | $2627580 |
| Purchases of investments <sup>(1)</sup> | 199930 |  | 223 |  | 200153 |
| Proceeds from principal repayments and sales of investments | (68234) |  |  |  | (68234) |
| Accretion of discount/amortization of premium | 1162 | 113 |  |  | 1275 |
| Net realized gain (loss) | 191 |  |  |  | 191 |
| Net change in unrealized appreciation (depreciation) | (5615) | (10752) | (338) | (347) | (17052) |
| Transfers into Level 3 <sup>(2)</sup> |  |  |  |  |  |
| Transfers out of Level 3 <sup>(2)</sup> |  |  |  |  |  |
| **Fair value, end of period** | $2570274 | $123306 | $42986 | $7347 | $2743913 |
| Net change in unrealized appreciation (depreciation) related to financial instruments still held as March 31, 2026 | $(5483) | $(10750) | $(337) | $(346) | $(16916) |

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<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 transfers occur. For the three months ended March 31, 2026, there were no transfers into or out of Level 3.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** |
| | **First Lien Debt** | **Second Lien Debt** | **Equity Investments** | **Total Investments** |
| Fair value, beginning of period | $1928818 | $50358 | $6176 | $1985352 |
| Purchases of investments <sup>(1)</sup> | 120790 | 29093 | 21792 | 171675 |
| Proceeds from principal repayments and sales of investments | (55527) | (5544) |  | (61071) |
| Accretion of discount/amortization of premium | 1807 | 184 |  | 1991 |
| Net realized gain (loss) | (2497) |  |  | (2497) |
| Net change in unrealized appreciation (depreciation) | (645) | (385) | 176 | (854) |
| Transfers into Level 3 <sup>(2)</sup> |  |  |  |  |
| Transfers out of Level 3 <sup>(2)</sup> | (22334) |  |  | (22334) |
| **Fair value, end of period** | $1970412  | $73706  | $28144  | $2072262  |
| Net change in unrealized appreciation (depreciation) related to financial instruments still held as of March 31, 2025 | $(714) | $(254) | $176  | $(792) |

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<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 transfers occur. For the three months ended March 31, 2025, transfers from Level 3 to Level 2 were primarily due to increased price transparency.

**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 March 31, 2026 and December 31, 2025. The tables are not intended to

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| | **Fair Value** | **Valuation Techniques** | **Unobservable Input** | **Range/Input (Weighted Average)** <sup>(1)</sup> |
| First Lien Debt | $2500612  | Discounted cash flow | Comparative Yield | 7.6% - 16.6% (9.1%) |
| First Lien Debt | 22005 | Market Comparable Companies | EBITDA Multiple | 6x - 7x (6.6x) |
| First Lien Debt | 40018 | Precedent transactions | Transaction Price | N/A |
| First Lien Debt | 7639 | Discounted cash flow | Discount Rate | 8.0% |
| Total First Lien Debt  | $2570274 |  |  |  |
| Second Lien Debt | 123306 | Discounted cash flow | Comparative Yield | 9.3% - 23.4% (15.0%) |
| Total Second Lien Debt | $123306 |  |  |  |
| Preferred Equity | 31817 | Discounted cash flow | Comparative Yield | 12.6% - 17.7% (13.7%) |
| Preferred Equity | 523 | Market Comparable Companies | EBITDA Multiple | 8.1x - 9.0x (8.5x) |
| Preferred Equity | 10646 | Discounted cash flow | Discount Rate | 15.5% |
| Total Preferred Equity | $42986 |  |  |  |
| Common Stocks | 2173 | Market Comparable Companies | EBITDA Multiple | 9.0x - 11.5x (11.3x) |
| Common Stocks | 320 | Precedent transactions | Transaction Price | N/A |
| Common Stocks | 4854 | Discounted cash flow | Discount Rate | 23.3% |
| Total Common Stocks | $7347 |  |  |  |
| **Total** | $2743913 |  |  |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Fair Value** | **Valuation Techniques** | **Unobservable Input** | **Range/Input (Weighted Average)** <sup>(1)</sup> |
| First Lien Debt | $2272969  | Discounted cash flow | Comparative Yield | 7.4% - 16.2% (9.0%) |
| First Lien Debt | 13079 | Market Comparable Companies | EBITDA Multiple | 7.0x |
| First Lien Debt | 149153 | Precedent transactions | Transaction Price | N/A |
| First Lien Debt | 7639 | Discounted cash flow | EBITDA Multiple | 12.0x |
| Total First Lien Debt  | $2442840 |  |  |  |
| Second Lien Debt | 133945 | Discounted cash flow | Comparative Yield | 9.0% - 15.1% (11.9%) |
| Total Second Lien Debt | $133945 |  |  |  |
| Preferred Equity | 32137 | Discounted cash flow | Comparative Yield | 12.6% - 20.6% (13.8%) |
| Preferred Equity | 321 | Market Comparable Companies | EBITDA Multiple | 10.0x |
| Preferred Equity | 10643 | Discounted cash flow | EBITDA Multiple | 7.0x |
| Total Preferred Equity | $43101 |  |  |  |
| Common Stocks | 2470 | Market Comparable Companies | EBITDA Multiple | 10.0x - 12.5x (11.9x) |
| Common Stocks | 370 | Precedent transactions | Transaction Price | N/A |
| Common Stocks | 4854 | Discounted cash flow | Discount Rate | 23.9% |
| Total Common Stocks | $7694 |  |  |  |
| **Total** | $2627580 |  |  |  |

---

<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 March 31, 2026 and December 31, 2025. 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. An increase/decrease in the EBITDA multiple would result in an increase/decrease, respectively, in the fair value.

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

The following table presents the fair value of the Company's debt obligations as of March 31, 2026 and December 31, 2025:

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| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **March 31, 2026** | **December 31, 2025** |
| JPM Credit Facility  | $756146 | $776146 |
| BNP Credit Facility  | 316500 | 261500 |
| 2024A Senior Notes  | 302450 | 310576 |
| CIBC Credit Facility  | 96000 | 96000 |
| **Total Debt** | $1471096 | $1444222 |

---

The carrying values of the debt obligations (Note 6) generally approximate their respective fair values. Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company's marketplace credit ratings, if applicable, or market quotes, if available.

Excluding the impact of unamortized deferred financing costs, the carrying value of the 2024A Senior Notes approximate their respective fair value due to their inclusion of the effective portion of the fair value of the interest rate swap, as further discussed in Note 7. Derivative Instruments to these consolidated financial statements.

The carrying value of other financial assets and liabilities approximates their fair value based on the short term nature of these items.

The fair value of the debt obligations within the credit facilities and the 2024A Senior Notes would be categorized as Level 2 and Level 3, respectively, under the ASC 820-10 hierarchy.

**Note 6. Debt**

In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. As of March 31, 2026 and December 31, 2025, the Company's asset coverage was 211.4% and 210.0%, respectively.

The following tables present the Company's outstanding borrowings as of March 31, 2026 and December 31, 2025:

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| | | | |
|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| | **Total Principal Amount Committed** | **Principal Amount Outstanding** | **Carrying Value** |
| JPM Credit Facility <sup>(1)</sup> | $1030000 | $756146 | $756146 |
| BNP Credit Facility <sup>(1)</sup> | 500000 | 316500 | 316500 |
| 2024A Senior Notes <sup>(2)</sup> | 300000 | 300000 | 300264 |
| CIBC Credit Facility <sup>(1)</sup> | 250000 | 96000 | 96000 |
| **Total Debt** | $2080000 | $1468646 | $1468910 |

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---

| | | | |
|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Total Principal Amount Committed** | **Principal Amount Outstanding** | **Carrying Value** |
| JPM Credit Facility <sup>(1)</sup> | $1030000 | $776146 | $776146 |
| BNP Credit Facility <sup>(1)</sup> | 500000 | 261500 | 261500 |
| 2024A Senior Notes <sup>(2)</sup> | 300000 | 300000 | 308210 |
| CIBC Credit Facility <sup>(1)</sup> | 250000 | 96000 | 96000 |
| **Total Debt** | $2080000 | $1433646 | $1441856 |

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<sup>(1)</sup> Carrying value of these debt obligations generally approximate fair value due to their variable interest rates.

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<sup>(2)</sup> Carrying value represents aggregate principal amount outstanding less unamortized debt issuance costs. As of March 31, 2026, carrying value is also inclusive of an incremental adjustment of $2.5 million in the carrying value of the 2024A Senior Notes resulting from a hedge accounting relationship.

For the three months ended March 31, 2026, the Company had total average borrowings of $1,416.9 million, at a weighted average interest rate of 6.0%. For the three months ended March 31, 2025, the Company had total average borrowings of $947.0 million, at a weighted average interest rate of 7.0%.

A summary of contractual maturities of our debt obligations was as follows as of March 31, 2026:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |
| | **Total** | **Less than 1 year** | **1-3 years** | **3-5 years** | **More than 5 years** |
| JPM Credit Facility | $756146  | $—  | $—  | $756146  | $—  |
| BNP Credit Facility | 316500  | —  | 316500  | —  | —  |
| 2024A Senior Notes | 300000  | —  | 300000  |  | —  |
| CIBC Credit Facility | 96000  | —  | —  | 96000 | —  |
| **Total Debt Obligations** | $1468646  | $—  | $616500  | $852146  | $—  |

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**JPM Credit Facility**

On November 15, 2022, the Company entered into a senior secured revolving credit agreement (as amended, the "JPM Credit Agreement" or the "JPM Credit Facility") as Borrower, with JPMorgan Chase Bank, N.A., as Administrative Agent and Collateral Agent, and the lenders party thereto. The original facility amount under the JPM Credit Agreement was $50.0 million.

On August 29, 2023, the Company entered into Amendment No. 1 (the "Amendment") to the JPM Credit Agreement, and the amended facility amount under the Amendment is $475.0 million.

On October 10, 2024, the Company entered into the commitment increase agreement (the "Commitment Increase Agreement"), among the Company, as borrower, JPMorgan Chase Bank, N.A., as an increasing lender, administrative agent, swingline lender and an issuing bank, BNP Paribas, as an increasing lender, Canadian Imperial Bank of Commerce, as an increasing lender, State Street Bank and Trust Company, as an increasing lender and as a swingline lender, Bank of America, N.A., as an assuming lender, and Barclays Bank PLC, as a swingline lender and an issuing bank, pursuant to Section 2.08(e) of the JPM Credit Agreement. The Commitment Increase Agreement provides for, among other things, an increase in the total aggregate commitments from lenders under the revolving credit facility governed by the JPM Credit Agreement from $475.0 million to $665.0 million.

On November 25, 2024, the Company entered into the second commitment increase agreement (the "Second Commitment Increase Agreement"), dated as of November 25, 2024, among the Company, JPMorgan Chase Bank, N.A., as administrative agent, Barclays Bank PLC, as an increasing lender, The Bank of New York Mellon, as an increasing lender, and Wells Fargo Bank, National Association, as an increasing lender, pursuant to Section 2.08(e) of the JPM Credit Agreement. The Second Commitment Increase Agreement provides for, among other things, an increase in the total aggregate commitments from lenders under the revolving credit facility governed by the JPM Credit Agreement from $665.0 million to $795.0 million.

On February 28, 2025, the Company entered into a third commitment increase agreement (the "Third Commitment Increase Agreement") among the Company, JPMorgan Chase Bank, N.A., as administrative agent, Morgan Stanley Bank, N.A., as an increasing lender and Sumitomo Mitsui Banking Corporation, as an assuming lender, pursuant to Section 2.08(e) of the JPM Credit Agreement. The Third Commitment Increase Agreement provides for, among other things, an increase in the total aggregate commitments from lenders under the revolving credit facility governed by the JPM Credit Agreement from $795.0 million to $955.0 million. Pursuant to the accordion feature in the JPM Credit Agreement, the aggregate amount of all commitments thereunder may be further increased up to $1,000 million.

On May 2, 2025, the Company entered into Amendment No. 2 to the JPM Credit Agreement, which provided for, among other things, (i) a four-year revolving credit facility with a one-year term out period in an initial total facility amount up to $955.0 million, (ii) an extension the revolving period from August 29, 2027 to May 2, 2029, (iii) an extension of the scheduled maturity date from August 29, 2028 to May 2, 2030, (iv) an amendment of the accordion provision to

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permit increases to the total facility amount to any amount up to $1,432.5 million, and (v) a reset of the minimum shareholders' equity test.

On August 20, 2025, the Company entered into a fourth commitment increase agreement (the "Fourth Commitment Increase Agreement") among the Company, JPMorgan Chase Bank, N.A., as administrative agent, U.S. Bank National Association, as an increasing lender, pursuant to Section 2.08(e) of the JPM Credit Agreement. The Fourth Commitment Increase Agreement provides for, among other things, an increase in the total aggregate commitments from lenders under the revolving credit facility governed by the JPM Credit Agreement from $955.0 million to $1,030.0 million. Pursuant to the accordion feature in the JPM Credit Agreement, the aggregate amount of all commitments thereunder may be further increased up to $1,432.5 million.

The JPM Credit Facility includes customary affirmative and negative covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature. As of March 31, 2026, the Company was in compliance with these covenants.

Borrowings under the JPM Credit Facility bear interest at SOFR plus 1.75%. The Company pays an unused commitment fee of 37.5 basis points (0.375%) per annum. The stated maturity date was extended from November 15, 2027 to August 29, 2028 as part of the Amendment.

As of March 31, 2026 and December 31, 2025, there were $756.1 million and $776.1 million of borrowings outstanding under the JPM Credit Facility, respectively.

For the three months ended March 31, 2026 and March 31, 2025, the components of interest expense related to the JPM Credit Facility were as follows:

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| | | |
|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** |
| | **March 31, 2026** | **March 31, 2025** |
| Borrowing interest expense | $10565  | $6104  |
| Unused facility fee | 259  | 408  |
| Amortization of deferred financing costs | 623  | 381  |
| Total interest and debt financing expense | $11447  | $6893  |

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For the three months ended March 31, 2026 and March 31, 2025, the weighted average interest rate on the aggregate principal amount of indebtedness outstanding under the JPM Credit Facility was 5.6% and 6.4%, respectively.

**BNP Credit Facility**

On June 30, 2023, the Company entered into an amended and restated revolving credit and security agreement (the "BNP Credit Agreement" or "BNP Credit Facility") with the Company, as Equityholder, TRP OHA SPV Funding I, LLC ("Borrower"), as borrower, BNP Paribas ("BNP"), as administrative agent, TRP OHA Servicer I, LLC, as servicer, The Bank of New York Mellon Trust Company, National Association ("BNYM"), as collateral agent, and the lenders party thereto. The facility amount under the BNP Credit Agreement is $400.0 million.

Proceeds of the loans under the BNP Credit Agreement may be used to acquire certain qualifying loans and such other uses as permitted under the BNP Credit Agreement. The period from the closing date until June 30, 2026 is referred to as the reinvestment period and during such reinvestment period, the Borrower may request drawdowns under the BNP Credit Agreement. The final maturity date is the earliest of: (a) the business day designated by the Borrower as the final maturity date upon not less than three business days' prior written notice to the Administrative Agent, the Collateral Agent, the Lenders, the Custodian and the Collateral Administrator, (b) June 30, 2028, and (c) the date on which the Administrative Agent provides notice of the declaration of the final maturity date after the occurrence of an event of default. The BNP Credit Agreement includes customary affirmative and negative covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature. As of March 31, 2026, the Company was in compliance with these covenants.

Assets that are pledged as collateral for the BNP Credit Facility are not directly available to the creditors of the Company to satisfy any obligations of the Company other than the Company's obligations under the BNP Revolving Credit Facility.

Through August 5, 2024, borrowings under the BNP Credit Facility bore interest at SOFR plus 3.00% and the Company accrued the following unused commitment fees effective from December 31, 2023, the six month anniversary of the BNP Credit Facility's closing date: 300 basis points (3.00%) if the unused amount is greater than 75% of the facility

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amount, 125 basis points (1.25%) if the unused amount is between 50% and 75% of the facility amount, 100 basis points (1.00%) if the unused amount is between 25% and 50% of the facility amount, and 0 basis points (0.00%) if the unused amount is less than 25% of the facility amount.

On August 6, 2024, TRP OHA SPV Funding I, LLC, a wholly owned subsidiary of the Company, entered into the Second Amendment (the "Second Amendment") to the BNP Credit Agreement. The Second Amendment, among other things, (i) reduced the applicable margin for advances to 2.25% per annum prior to the end of the reinvestment period and 2.75% per annum thereafter, and (ii) changed the unused commitment fee to 225 basis points (2.25%) if the unused amount is greater than or equal to 75% of the facility amount, 175 basis points (1.75%) if the unused amount is between 50% and 75% of the facility amount, 150 basis points (1.50%) if the unused amount is greater than 25% and less than or equal to 50% of the facility amount, and 0 basis points (0.00%) if the unused amount is less than or equal to 25% of the facility amount. The stated maturity date is June 30, 2028.

On November 25, 2025, TRP OHA SPV Funding I, LLC entered into the Third Amendment (the "Third Amendment") to the BNP Credit Agreement. The Third Amendment, among other things, (i) increased the maximum facility amount from $400.0 million to $500.0 million, (ii) reduced the applicable margin for advances to 1.85% per annum prior to the end of the reinvestment period and 2.35% per annum thereafter, and (iii) changed the unused commitment fee (A) during the period from and including the date that is the three-month anniversary of the closing date to and excluding the date that is the six-month anniversary of the closing date to 125 basis points (1.25%) if the unused amount is greater than 50% of the facility amount, 100 basis points (1.00%) if the unused amount is less than or equal to 50% of the facility amount and greater than 25% of the facility amount, and 0 basis points (0.00%) if the unused amount is less than or equal to 25% of the facility amount, (B) during the period from and including the six-month anniversary of the closing date to but excluding the Third Amendment date to the applicable margin if the unused amount is greater than or equal to 75% of the facility amount, 125 basis points (1.25%) if the unused amount is less than 75% of the facility amount and greater than 50% of the facility amount, 100 basis points (1.00%) if the unused amount is less than or equal to 50% of the facility amount and greater than 25% of the facility amount, and 0 basis points (0.00%) if the unused amount is less than or equal to 25% of the facility amount, and (C) during the period from and including the Third Amendment date to but excluding the facility termination date to the applicable margin if the unused amount is greater than or equal to 40% of the facility amount, to 75 basis points (0.75%) if the unused amount is less than 40% of the facility amount or greater than 20% of the facility amount, and 0 basis points (0.00%) if the unused amount is less than or equal to 20% of the facility amount.

As of March 31, 2026 and December 31, 2025, there were $316.5 million and $261.5 million of borrowings outstanding under the BNP Credit Facility, respectively.

For the three months ended March 31, 2026 and March 31, 2025, the components of interest expense related to the BNP Credit Facility were as follows:

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| | | |
|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** |
| | **March 31, 2026** | **March 31, 2025** |
| Borrowing interest expense | $3628  | $4238  |
| Unused facility fee | 354  | 150  |
| Amortization of deferred financing costs | 356  | 104  |
| Total interest and debt financing expense | $4338  | $4492  |

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For the three months ended March 31, 2026 and March 31, 2025, the weighted average interest rate on the aggregate principal amount of indebtedness outstanding under the BNP Credit Facility was 5.6% and 6.7%, respectively.

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**2024A Senior Notes Unsecured Notes**

On March 7, 2024, the Company entered into a Master Note Purchase Agreement (the "2024 Note Purchase Agreement") governing the issuance of $300.0 million in aggregate principal amount of Series 2024A Senior Notes, due March 7, 2029, with a fixed interest rate of 7.77% per year (the "2024A Notes"), to qualified institutional investors in a private placement. Interest on the 2024A Notes will be due semiannually on January 15 and July 15 each year, beginning on January 15, 2025. The interest rate is subject to increase (up to a maximum increase of 2.00% above the stated rate) in the event that, subject to certain exceptions, the 2024A Notes cease to have an investment grade rating and the Company's minimum secured debt ratio exceeds certain thresholds. The 2024A Notes may be redeemed in whole or in part at any time or from time to time at the Company's option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium. In addition, the Company is obligated to offer to prepay the 2024A Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The 2024A Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.

The 2024 Note Purchase Agreement contains customary terms and conditions for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as (i) information reporting, (ii) maintenance of the Company's status as a BDC within the meaning of the 1940 Act, (iii) a minimum net worth of $300.0 million, and (iv) a minimum asset coverage ratio of 1.50 to 1.00. The 2024 Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, certain cross-defaults or cross-acceleration under other indebtedness of the Company, certain judgments and orders and certain events of bankruptcy.

The balance of unamortized debt issuance costs related to the 2024A Notes was $2.2 million and $3.1 million as of March 31, 2026 and December 31, 2025, respectively.

On February 6, 2025, the Company entered into an interest rate swap to align the interest rates of its liabilities with the Company's investment portfolio, which consists of predominantly floating rate loans. The notional amount of the interest rate swap is $300.0 million and the interest rate swap matures on September 9, 2028. As a result of the swap, the Company's effective interest rate on the 2024A Notes is SOFR plus 3.708%. As of March 31, 2026, the interest rate swap had a fair value of $2.5 million, which is reflected as a derivative asset at fair value on the Consolidated Statements of Assets and Liabilities.

For the three months ended March 31, 2026 and March 31, 2025, the components of interest expense related to the 2024A Notes were as follows:

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| | | |
|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** |
| | **March 31, 2026** | **March 31, 2025** |
| Borrowing interest expense | $5532  | $6297  |
| Amortization of debt issuance costs | 180  | 179  |
| Total interest and debt financing expense | $5712  | $6476  |

---

These amounts are included in the interest expense in the Company's Consolidated Statements of Operations. Please see Note 7 for further information about the Company's interest rate swap.

As of March 31, 2026 and December 31, 2025, the components of the carrying value of the 2024A Notes and the stated interest rates were as follows:

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| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **March 31, 2026** | **December 31, 2025** |
| Principal amount of debt | $300000  | $300000  |
| Debt issuance costs  | (2186) | (2366) |
| Fair value of an effective hedge | 2450  | 10576  |
| Carrying value of debt | $300264  | $308210  |

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For the three months ended March 31, 2026 and March 31, 2025, the weighted average interest rate on the aggregate principal amount of indebtedness outstanding for the 2024A Senior Notes was 7.5% and 8.00%, respectively.

**CIBC Credit Facility Agreement**

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On November 5, 2024 (the "Effective Date"), the Company, entered into a loan and servicing agreement (the "CIBC Loan Agreement" or the "CIBC Credit Facility"), among TRP OHA SPV Funding II, LLC, as borrower, the Company, as transferor, TRP OHA Servicer II, LLC, as servicer, The Bank of New York Mellon Trust Company, National Association, as securities intermediary, collateral custodian, collateral agent and collateral administrator, the lenders party thereto, and Canadian Imperial Bank of Commerce ("CIBC"), as administrative agent (the "Administrative Agent"). The facility amount under the CIBC Loan Agreement is $250.0 million (the "Maximum Commitment").

Proceeds of the loans under the CIBC Loan Agreement may be used to acquire certain qualifying loans and such other uses as permitted under the CIBC Loan Agreement. The period from the closing date until November 5, 2027 is referred to as the reinvestment period and during such reinvestment period, the Borrower may request drawdowns under the CIBC Loan Agreement. The final maturity date is the earliest of: (a) the business day designated by the Borrower as the final maturity date upon not less than three business days' prior written notice to the Administrative Agent, the Collateral Agent and the Lenders, (b) November 5, 2029, and (c) the date on which the Administrative Agent or the required lenders provide notice of the declaration of the final maturity date after the occurrence of an event of default. The CIBC Loan Agreement includes customary affirmative and negative covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature. As of March 31, 2026, the Company was in compliance with these covenants.

Assets that are pledged as collateral under the CIBC Loan Agreement are not available to the creditors of the Company to satisfy any obligations of the Company other than the Company's obligations under the CIBC Loan Agreement.

Borrowings under the CIBC Loan Agreement bear interest at (a) in the case of borrowings denominated in USD, either Daily Simple SOFR or Term SOFR, at the election of the Borrower, plus 2.10%, (b) in the case of borrowings denominated in GBP, Daily Simple SONIA plus 2.10%, (c) the case of borrowings denominated in CAD, Term CORRA plus 2.10% or (d) the case of borrowings denominated in EUR, EURIBOR plus 2.10%. The Company is to pay an unused commitment fee of 50 basis points (0.50%) per annum on certain unused amounts subject to a 50% minimum utilization beginning May 5, 2025. The stated maturity date is November 5, 2029.

On June 4, 2025, TRP OHA SPV Funding II, LLC, a wholly-owned subsidiary of the Company, entered into the first amendment to the CIBC Loan Agreement (the "First Amendment"). The First Amendment, among other things, (i) reduced the applicable spread for advances to 1.85% per annum and (ii) extended the ramp-up period to November 5, 2025.

As of March 31, 2026 and December 31, 2025, there were $96.0 million and $96.0 million of borrowings outstanding under the CIBC Credit Facility, respectively.

For the three months ended March 31, 2026 and March 31, 2025, the components of interest expense related to the CIBC Credit Facility were as follows:

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| | | |
|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** |
| | **March 31, 2026** | **March 31, 2025** |
| Borrowing interest expense | $1328  | $11  |
| Unused facility fee | 274  | —  |
| Amortization of deferred financing costs | 95  | 94  |
| Total interest and debt financing expense | $1697  | $105  |

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For the three months ended March 31, 2026 and March 31, 2025, the weighted average interest rate on the aggregate principal amount of indebtedness outstanding under the CIBC Credit Facility was 5.6% and 6.5%, respectively.

**Note 7: 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.

*Foreign Currency Forwards* 

The Company may enter into forward currency exchange contracts to reduce the exposure to foreign currency exchange rate fluctuations of the Company and its shareholders, as described in Note 2. The fair value of derivative contracts open as of March 31, 2026 and December 31, 2025 is included on the Consolidated Schedules of Investments by

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contract. The Company had no collateral payable as of March 31, 2026 and December 31, 2025. 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.

During the three months ended March 31, 2026 and March 31, 2025, the average notional exposure for foreign currency forward contracts was $125.5 million and $65.8 million, respectively.

*Interest Rate Swaps*

The Company enters into interest rate swap transactions from time to time to hedge fixed rate debt obligations and certain fixed rate debt investments. The Company's interest rate swaps are all with one counterparty and are centrally cleared through a registered commodities exchange. Refer to the Consolidated Schedule of Investments for additional disclosure regarding these interest rate swaps.

The following table presents the amounts paid and received on the Company's interest rate swap transactions, excluding upfront fees, as of March 31, 2026 and December 31, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **As of <br>March 31, 2026** | **As of <br>March 31, 2026** | **As of <br>March 31, 2026** |
| |<br>**Maturity Date** |<br>**Notional Amount** | **Paid** | **Received** | **Net** |
| Interest rate swap | 9/8/2028 | $300000  | $(46961) | $44711  | $(2250) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  |<br>**Maturity Date** |<br>**Notional Amount** | **Paid** | **Received** | **Net** |
| Interest rate swap | 9/9/2028 | $300000  | $(42401) | $31661  | $(10740) |

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For the three months ended March 31, 2026 and March 31, 2025, the Company recognized $(8.1) million and $2.1 million, respectively, of unrealized gains (losses) on interest rate swaps designated as hedging instruments is included in the Derivatives at Fair value balance on the Consolidated Statements of Assets and Liabilities. For the three months ended March 31, 2026 and March 31, 2025, this amount is offset by an increase (decrease) of $(8.1) million and $2.1 million, respectively, for a change in the carrying value of the 2024A Notes. The Company did not enter into any interest rate swaps until February 6, 2025. See Note 6 for further information regarding interest rate swap contracts.

The Company is required under the terms of its derivatives agreements to pledge assets as collateral to secure its obligations underlying the derivatives. The amount of collateral required varies over time based on the mark-to-market value, notional amount and remaining term of the derivatives, and may exceed the amount owed by the Company on a mark-to-market basis. Any failure by the Company to fulfill any collateral requirement (e.g., a so-called "margin call") may result in a default. In the event of a default by a counterparty, the Company would be an unsecured creditor to the extent of any such overcollateralization.

The Company may enter into other derivative instruments and incur other exposures with the same or other counterparties in the future.

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The following tables present both gross and net information about derivative instruments in the Consolidated Statements of Assets and Liabilities as of March 31, 2026 and December 31, 2025.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Counterparty** | **Gross**<br>**Amount**<br>**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 | $540  | $—  | $540  | $—  | $540  |
| Morgan Stanley | $2450  | $—  | $2450  | $(2250) | $200  |
| Total | $2990  | $—  | $2990  | $(2250) | $740  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Counterparty** | **Gross**<br>**Amount**<br>**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 | $405  | $—  | $405  | $—  | $405  |
| Morgan Stanley | $10576  | $—  | $10576  | $(10740) | $(164) |
| Total | $10981  | $—  | $10981  | $(10740) | $241  |

---

<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 set off 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 during the three months ended March 31, 2026 was as follows:

---

| | |
|:---|:---|
| | **For the Three Months Ended** |
| | **March 31, 2026** |
| Realized gain (loss) on foreign currency forward contracts | $2804  |
| Net change in unrealized gain (loss) on foreign currency forward contracts | 135  |
| **Total net realized and unrealized gain (loss) on foreign currency forward contracts** | $2939  |

---

The effect of transactions in derivative instruments on the Consolidated Statements of Operations during the three months ended March 31, 2025 was as follows:

---

| | |
|:---|:---|
| | **For the Three Months Ended** |
| | **March 31, 2025** |
| Realized gain (loss) on foreign currency forward contracts | $(1354) |
| Net change in unrealized gain (loss) on foreign currency forward contracts | (89) |
| **Total net realized and unrealized gain (loss) on foreign currency forward contracts** | $(1443) |

---

**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 preferred equity. 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: 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 accordance with underlying loan agreements. As of March 31, 2026 and December 31, 2025, the Company had the following unfunded delayed draw term loans and revolvers:

---

| | | |
|:---|:---|:---|
| | **Par Value as of** | **Par Value as of** |
| | **March 31, 2026** | **December 31, 2025** |
| Unfunded delayed draw commitments | $298766  | $347454  |
| Unfunded revolving commitments | 156193  | 153170  |
| **Total unfunded commitments** | $454959  | $500624  |

---

From time to time, we may become a party to certain legal proceedings incidental to the normal course of our business. As of March 31, 2026, management was not aware of any pending or threatened litigation.

**Note 10. Net Assets**

As of March 31, 2026 and December 31, 2025, the Company had 50,432,911 and 48,394,834 of Class I shares issued and outstanding with a par value of $0.01 per share, respectively. As of March 31, 2026 and December 31, 2025, the Company had 5,009,853 and 4,624,605 of Class S shares issued and outstanding with a par value of $0.01 per share, respectively. As of March 31, 2026 and December 31, 2025, the Company had 7,219,923 and 6,052,852 of Class D shares issued and outstanding with a par value of $0.01 per share.

------

The following table summarizes capital activity for the three months ended March 31, 2026:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Common Shares** | **Common Shares** | **Capital in Excess of Par Value** | **Accumulated Net Investment Income (Loss)** | **Accumulated Net Realized Gain (Loss)** | **Accumulated Net Unrealized Appreciation (Depreciation)** | **Total Net Assets** |
| | **Shares** | **Amount** | **Capital in Excess of Par Value** | **Accumulated Net Investment Income (Loss)** | **Accumulated Net Realized Gain (Loss)** | **Accumulated Net Unrealized Appreciation (Depreciation)** | **Total Net Assets** |
| Balance, beginning of period | 59072291  | $591  | $1615011  | $(9855) | $(5793) | $(11708) | $1588246  |
| Common shares issued  | 3445862  | 35  | 91785  | —  | —  | —  | 91820  |
| Distribution reinvestment | 339142  | 3  | 9027  | —  | —  | —  | 9030  |
| Repurchase of common shares | (194608) | (2) | (5230) | —  | —  | —  | (5232) |
| Net investment income (loss) | —  | —  | —  | 36113  | —  | —  | 36113  |
| Net realized gain (loss) | —  | —  | —  | —  | 3248  | —  | 3248  |
| Net change in unrealized appreciation (depreciation) on investments  | —  | —  | —  | —  | —  | (42851) | (42851) |
| Net change in unrealized currency gain (losses) on non-investment assets and liabilities | —  | —  | —  | —  | —  | 10  | 10  |
| Distributions declared  | —  | —  | —  | (41982) | —  | —  | (41982) |
| Tax reclassification of shareholders' equity in accordance with U.S. GAAP | —  | —  | —  | —  | —  | —  | —  |
| **Balance, end of period** | 62662687  | $627  | $1710593  | $(15724) | $(2545) | $(54549) | $1638402  |

---

------

The following table summarizes capital activity for the three months ended March 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Common Shares** | **Common Shares** | **Capital in Excess of Par Value** | **Accumulated Net Investment Income (Loss)** | **Accumulated Net Realized Gain (Loss)** | **Accumulated Net Unrealized Appreciation (Depreciation)** | **Total Net Assets** |
| | **Shares** | **Amount** | **Capital in Excess of Par Value** | **Accumulated Net Investment Income (Loss)** | **Accumulated Net Realized Gain (Loss)** | **Accumulated Net Unrealized Appreciation (Depreciation)** | **Total Net Assets** |
| Balance, beginning of period | 43472573  | $435  | $1197185  | $(85) | $413  | $2681  | $1200629  |
| Common shares issued  | 2356405  | 24  | 64689  | —  | —  |  | 64713  |
| Distribution reinvestment | 147779  | 1  | 4065  | —  | —  | —  | 4066  |
| Repurchase of common shares | —  | —  | —  | —  | —  | —  | —  |
| Net investment income (loss) | —  | —  | —  | 28549  | —  | —  | 28549  |
| Net realized gain (loss) | —  | —  | —  | —  | (4168) | —  | (4168) |
| Net change in unrealized appreciation (depreciation) on investments  | —  | —  | —  | —  | —  | (10075) | (10075) |
| Net change in unrealized currency gain (losses) on non-investment assets and liabilities | —  | —  | —  | —  | —  | (83) | (83) |
| Distributions declared  | —  | —  | —  | (30818) | —  | —  | (30818) |
| Tax reclassification of shareholders' equity in accordance with U.S. GAAP | —  | —  | —  | —  | —  | —  | —  |
| **Balance, end of period** | 45976757  | $460  | $1265939  | $(2354) | $(3755) | $(7477) | $1252813  |

---

------

The following table summarizes transactions in common shares during the three months ended March 31, 2026:

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Amount** |
| **Class I:** | | |
| &nbsp;&nbsp;Proceeds from shares sold | 1989555  | $53076  |
| &nbsp;&nbsp;Repurchase of shares | (127815) | (3436) |
| &nbsp;&nbsp;Distribution reinvestment | 176337  | 4695  |
| **Net increase (decrease)** | 2038077  | 54335  |
| **Class S:** |  |  |
| &nbsp;&nbsp;Proceeds from shares sold | 386417  | 10283  |
| &nbsp;&nbsp;Repurchase of shares | (66793) | (1796) |
| &nbsp;&nbsp;Distribution reinvestment | 65625  | 1748  |
| **Net increase (decrease)** | 385249  | 10235  |
| **Class D:** |  |  |
| &nbsp;&nbsp;Proceeds from shares sold | 1069890  | 28461  |
| &nbsp;&nbsp;Repurchase of shares | —  | —  |
| &nbsp;&nbsp;Distribution reinvestment | 97180  | 2587  |
| **Net increase (decrease)** | 1167070  | 31048  |
| **Total increase (decrease)** | 3590396  | $95618  |

---

The following table summarizes transactions in common shares during the three months ended March 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Amount** |
| **Class I:** |  |  |
| &nbsp;&nbsp;Proceeds from shares sold | 1289722  | $35413  |
| &nbsp;&nbsp;Repurchase of shares | —  | —  |
| &nbsp;&nbsp;Distribution reinvestment | 119435  | 3286  |
| **Net increase (decrease)** | 1409157  | $38699  |
| **Class S:** |  |  |
| &nbsp;&nbsp;Proceeds from shares sold | 828321  | 22770  |
| &nbsp;&nbsp;Repurchase of shares | —  | —  |
| &nbsp;&nbsp;Distribution reinvestment | 28344  | 780  |
| **Net increase (decrease)** | 856665  | $23550  |
| **Class D:** |  |  |
| &nbsp;&nbsp;Proceeds from shares sold | 238362  | 6530  |
| &nbsp;&nbsp;Repurchase of shares | —  | —  |
| &nbsp;&nbsp;Distribution reinvestment | —  | —  |
| **Net increase (decrease)** | 238362  | $6530  |
| **Total increase (decrease)** | 2504184  | $68779  |

---

The Company determines NAV per share as of the last day of each calendar month. Share issuances related to monthly subscriptions are effective the first business day of each month. Shares are issued at an offering price equivalent to the most

------

recent NAV per share available. The following table summarizes each month-end NAV per share for Class S, Class D, and Class I common shares for the three months ended March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  | **NAV Per Share** | **NAV Per Share** | **NAV Per Share** |
|  | **Class S** | **Class D**  | **Class I** |
| January 31, 2026 | $26.69  | $26.69  | $26.69  |
| February 28, 2026 | $26.33  | $26.33  | $26.33  |
| March 31, 2026 | $26.15  | $26.15  | $26.15  |

---

The following table summarizes each month-end NAV per share for Class S, Class D, and Class I common shares for the periods in which there were common share issuances during the three months ended March 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **NAV Per Share** | **NAV Per Share** | **NAV Per Share** |
| | **Class S** | **Class D** | **Class I** |
| January 31, 2025 | $27.50  | $—  | $27.50  |
| February 28, 2025 | $27.40  | $—  | $27.40  |
| March 31, 2025 | $27.25  | $27.25  | $27.25  |

---

*Distributions*

Distributions are recorded on the record date. The following tables summarize distributions declared during the three months ended March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Class I** | **Class I** | **Class I** | **Class I** |
|<br>**Date Declared** |<br>**Record Date** |<br>**Payment Date** | **Regular Distribution**<br>**Per Share**<sup>(1)</sup> | **Variable Supplemental Distribution Per Share** | **Special Distribution** <br>**Per Share**<sup>(2)</sup> | **Total Distributions** |
| January 30, 2026 | January 30, 2026 | March 4, 2026 | $0.20  | $0.03  | $—  | $11228  |
| February 27, 2026 | February 27, 2026 | March 31, 2026 | 0.20  | 0.03  | —  | 11507  |
| March 23, 2026 | March 31, 2026 | April 29, 2026 | 0.20  | 0.03  | —  | 11600  |
| **Total** |  |  | $0.60  | $0.09  | $—  | $34335  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Class S** | **Class S** | **Class S** | **Class S** |
|<br>Date Declared |<br>**Record Date** |<br>**Payment Date** | **Regular Distribution**<br>**Per Share**<sup>(1)</sup> | **Variable Supplemental Distribution Per Share** | **Special Distribution** <br>**Per Share**<sup>(2)</sup> | **Total Distributions** |
| January 30, 2026 | January 30, 2026 | March 4, 2026 | $0.18  | $0.03  | $—  | $987  |
| February 27, 2026 | February 27, 2026 | March 31, 2026 | 0.18  | 0.03  | —  | 1023  |
| March 23, 2026 | March 31, 2026 | April 29, 2026 | 0.18  | 0.03  | —  | 1064  |
| **Total** |  |  | $0.54  | $0.09  | $—  | $3074  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Class D** | **Class D** | **Class D** | **Class D** |
|<br>**Date Declared** |<br>**Record Date** |<br>**Payment Date** | **Regular Distribution**<br>**Per Share**<sup>(1)</sup> | **Variable Supplemental Distribution Per Share** | **Special Distribution** <br>**Per Share**<sup>(2)</sup> | **Total Distributions** |
| January 30, 2026 | January 30, 2026 | March 4, 2026 | $0.19  | $0.03  | $—  | $1438  |
| February 27, 2026 | February 27, 2026 | March 31, 2026 | $0.19  | $0.03  | $—  | $1513  |
| March 23, 2026 | March 31, 2026 | April 29, 2026 | $0.19  | $0.03  | $—  | $1622  |
| **Total** |  |  | $0.57  | $0.09  | $—  | $4573  |

---

------

<sup>(1)</sup> Base distributions per share are net of distribution and/or shareholder servicing fees.

<sup>(2)</sup> There were zero capital gain distributions for the three months ended March 31, 2026.

The following table summarizes distributions declared during the three months ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Class I** | **Class I** | **Class I** | **Class I** |
|<br>**Date Declared** |<br>**Record Date** |<br>**Payment Date** | **Regular Distribution**<br>**Per Share**<sup>(1)</sup> | **Variable Supplemental Distribution Per Share** | **Special Distribution** <br>**Per Share** <sup>(2)</sup> | **Total Distributions** |
| January 27, 2025 | January 31, 2025 | March 3, 2025 | $0.20  | $0.03  | $—  | $9688  |
| February 26, 2025 | February 28, 2025 | April 1, 2025 | 0.20  | 0.03  | —  | 9750  |
| March 26, 2025 | March 31, 2025 | April 30, 2025 | 0.20  | 0.03  | —  | 9943  |
| **Total** |  |  | $0.60  | $0.09  | $—  | $29381  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Class S** | **Class S** | **Class S** | **Class S** |
|<br>**Date Declared** |<br>**Record Date** |<br>**Payment Date** | **Regular Distribution**<br>**Per Share**<sup>(1)</sup> | **Variable Supplemental Distribution Per Share** | **Special Distribution** <br>**Per Share** <sup>(2)</sup> | **Total Distributions** |
| January 27, 2025 | January 31, 2025 | March 3, 2025 | $0.18  | $0.03  | $—  | $392  |
| February 26, 2025 | February 28, 2025 | April 1, 2025 | $0.18  | $0.03  | $—  | $464  |
| March 26, 2025 | March 31, 2025 | April 30, 2025 | $0.18  | $0.03  | $—  | $528  |
| **Total** |  |  | $0.54  | $0.09  | $—  | $1384  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Class D**<sup>(3)</sup> | **Class D**<sup>(3)</sup> | **Class D**<sup>(3)</sup> | **Class D**<sup>(3)</sup> |
|<br>**Date Declared** |<br>**Record Date** |<br>**Payment Date** | **Regular Distribution**<br>**Per Share**<sup>(1)</sup> | **Variable Supplemental Distribution Per Share** | **Special Distribution** <br>**Per Share** <sup>(2)</sup> | **Total Distributions** |
| March 26, 2025 | March 31, 2025 | April 30, 2025 | $0.19  | $0.03  | $—  | $53  |
| **Total** |  |  | $0.19  | $0.03  | $—  | $53  |

---

<sup>(1)</sup> Base distributions per share are net of distribution and/or shareholder servicing fees.

<sup>(2)</sup> There were zero capital gain distributions for the three months ended March 31, 2025.

<sup>(3)</sup> Class D inception date is March 3, 2025.

*Distribution Reinvestment Plan*

The Company has adopted a distribution reinvestment plan, pursuant to which the Company will reinvest all cash distributions declared by the Board on behalf of our shareholders who do not elect to receive their distributions in cash. As a result, if the Board authorizes, and we declare, a cash distribution or other distribution, then our shareholders who have not opted out of our distribution reinvestment plan will have their cash distributions (net of applicable withholding taxes) automatically reinvested in additional shares as described below, rather than receiving the cash distribution or other distribution. Distributions on fractional shares will be credited to each participating shareholder's account to three decimal places.

*Character of Distributions*

The federal income tax characterization of distributions declared and paid for the fiscal year will be determined at fiscal year-end based on the Company's investment company taxable income for the full fiscal year and distributions paid during the full year.

The Company may fund its cash distributions to shareholders from any source of funds available to the Company, including but not limited to offering proceeds, net investment income from operations, capital gains proceeds from the sale

------

of assets, borrowings, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies and expense support from the Adviser, which is subject to recoupment.

Through March 31, 2026, a portion of the Company's distributions resulted from expense support from the Adviser, and future distributions may result from expense support from the Adviser, each of which is subject to repayment by the Company within three years from the date of payment. The purpose of this arrangement avoids distributions being characterized as a return of capital for U.S. federal income tax purposes. Shareholders should understand that any such distribution is not based solely on the Company's investment performance, and can only be sustained if the Company achieves positive investment performance in future periods and/or the Adviser continues to provide expense support. Shareholders should also understand that the Company's future repayments of expense support will reduce the distributions that they would otherwise receive. There can be no assurance that the Company will achieve the performance necessary to sustain these distributions, or be able to pay distributions at all.

Sources of distributions, other than net investment income and realized gains on a U.S. GAAP basis, include required adjustments to U.S. GAAP net investment income in the current period to determine taxable income available for distributions. The following table reflects the sources of cash distributions on a U.S. GAAP basis that the Company declared on its common shares during the three months ended March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class S** | **Class S** | **Class D**  | **Class D**  | **Class I** | **Class I** |
|<br>**Source of Distribution** | **Per Share**  | **Amount** | **Per Share**  | **Amount** | **Per Share**  | **Amount** |
| Net investment income | $0.63  | $3074  | $0.66  | $4573  | $0.69  | $34335  |
| Net realized gain | —  | —  | —  | —  | —  | —  |
| **Total** | $0.63  | $3074  | $0.66  | $4573  | $0.69  | $34335  |

---

The following table reflects the sources of cash distributions on a U.S. GAAP basis that the Company declared on its common shares during the three months ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class S** | **Class S** | **Class D**  | **Class D**  | **Class I** | **Class I** |
| <br>**Source of Distribution** | **Per Share**  | **Amount** | **Per Share**  | **Amount** | **Per Share**  | **Amount** |
| Net investment income | $0.63  | $1384  | $0.22  | $53  | $0.69  | $29381  |
| Net realized gain | —  | —  | —  | —  | —  | —  |
| **Total** | $0.63  | $1384  | $0.22  | $53  | $0.69  | $29381  |

---

*Share Repurchase Program*

We have commenced a share repurchase program in which we intend to offer to repurchase, in each quarter, up to 5% of our Common Shares outstanding (by number of shares) as of the close of the previous calendar quarter. Our Board of Trustees may amend or suspend the share repurchase program at any time if it deems such action to be in our best interest and the best interest of our shareholders, such as when a repurchase offer would place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on the Company as a whole, or should we otherwise determine that investing our liquid assets in originated loans or other illiquid investments rather than repurchasing our shares is in the best interests of the Company as a whole. As a result, share repurchases may not be available each quarter. We intend to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act. All shares purchased by us pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under our share repurchase program, to the extent we offer to repurchase shares in any particular quarter, we expect to repurchase shares pursuant to quarterly tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV.

The following table sets forth information regarding repurchases of shares of our common stock during the three months ended March 31, 2026 (dollars in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Repurchase Request Deadline** | **Percentage Outstanding Shares the Company Offered to Repurchase** <sup>(1)</sup> | **Repurchase Pricing Date** | **Amount Repurchased (all classes)** | **Number of Shares Repurchased (all classes)** | **Percentage of Outstanding Shares Purchased** <sup>(1)</sup> |
| March 16, 2026 | 5.00% | March 31, 2026 | $25806  | 987826  | 1.58% |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Percentage is based on total shares as of the close of the previous calendar quarter. All repurchase requests were satisfied in full. Repurchase requests submitted by March 16, 2026 were satisfied in the second quarter of 2026.

**Note 11. Consolidated Financial Highlights**

The following are consolidated financial highlights for Class I, Class S and Class D common shares outstanding for the three months ended March 31, 2026 and March 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
|  | **Class I** | **Class S** | **Class D** |
| **Per Share Data:** <sup>(1)</sup> |  |  | |
| Net asset value, beginning of period | $26.89  | $26.89  | $26.89  |
| Net investment income | 0.59  | 0.54  | 0.58  |
| Net unrealized and realized gain (loss) <sup>(2)</sup> | (0.64) | (0.65) | (0.66) |
| Net increase (decrease) in net assets resulting from operations <sup>(3)</sup> | (0.05) | (0.11) | (0.08) |
| Distributions declared | (0.69) | (0.63) | (0.66) |
| Total increase (decrease) in net assets <sup>(3)</sup> | (0.74) | (0.74) | (0.74) |
| Net asset value, end of period | $26.15  | $26.15  | $26.15  |
| Shares outstanding, end of period | 50432911  | 5009853  | 7219923  |
| Total return based on NAV <sup>(4)</sup> | (0.21)% | (0.42%) | (0.27%) |
| **Ratios:** |  |  |  |
| Portfolio turnover ratio <sup>(5)</sup> | 3.18% | 3.18% | 3.18% |
| Ratio of expenses before management fee, incentive fees, waivers and expense recoupment to average net assets <sup>(6)</sup> | 27.34% | 30.81% | 28.36% |
| Ratio of expenses after management and incentive fees before waivers and expense recoupment to average net assets <sup>(6)</sup> | 37.53% | 40.99% | 38.54% |
| Ratio of expenses after management fee, incentive fees, waivers and expense recoupment to average net assets <sup>(6)</sup> | 37.53% | 40.99% | 38.54% |
| Ratio of net investment income to average net assets before waivers and expense recoupment <sup>(6)</sup> | 37.06% | 33.59% | 36.03% |
| Ratio of net investment income to average net assets after waivers and expense recoupment <sup>(6)</sup> | 37.06% | 33.59% | 36.03% |
| **Supplemental Data:** |  |  |  |
| Net assets, end of period | $1318638  | $130989  | $188775  |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
|  | **Class I** | **Class S**  | **Class D**<sup>(7)</sup> |
| **Per Share Data:** <sup>(1)</sup> |  |  |  |
| Net asset value, beginning of period | $27.62  | $27.62  | $27.40  |
| Net investment income | 0.64  | 0.58  | 0.64  |
| Net unrealized and realized gain (loss) <sup>(2)</sup> | (0.32) | (0.32) | (0.57) |
| Net increase (decrease) in net assets resulting from operations <sup>(3)</sup> | 0.32  | 0.26  | 0.07  |
| Distributions declared | (0.69) | (0.63) | (0.22) |
| Total increase (decrease) in net assets <sup>(3)</sup> | (0.37) | (0.37) | (0.15) |
| Net asset value, end of period | $27.25  | $27.25  | $27.25  |
| Shares outstanding, end of period | 43228970  | 2509425  | 238362  |
| Total return based on NAV <sup>(4)</sup> | 1.16% | 0.94% | 0.27% |
| **Ratios:** |  |  |  |
| Portfolio turnover ratio <sup>(5)</sup> | 2.82% | 2.82% | 2.82% |
| Ratio of expenses before management fee, incentive fees, waivers and expense recoupment to average net assets <sup>(6)</sup> | 6.59% | 7.43% | 6.75% |
| Ratio of expenses after management and incentive fees before waivers and expense recoupment to average net assets <sup>(6)</sup> | 9.21% | 10.05% | 9.27% |
| Ratio of expenses after management fee, incentive fees, waivers and expense recoupment to average net assets <sup>(6)</sup> | 9.54% | 10.42% | 10.23% |
| Ratio of net investment income to average net assets before waivers and expense recoupment <sup>(6)</sup> | 9.80% | 8.97% | 9.92% |
| Ratio of net investment income to average net assets after waivers and recoupment <sup>(6)</sup> | 9.47% | 8.60% | 8.96% |
| **Supplemental Data:** |  |  |  |
| Net assets, end of period | $1177939  | $68379  | $6495  |

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(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 does not correspond with the aggregate realized and unrealized gain (loss) on investments for the period due to the timing of capital share transactions of fund shares in relation to fluctuating market values of investments of the Company.

(3) Net increase in net assets resulting from operations per share in these financial highlights may be different from the net increase (decrease) in net assets per share on the Consolidated Statements of Operations due to changes in the number of weighted average shares outstanding and the effects of rounding.

(4)Total return based on net asset value is calculated as the change in net asset value per share during the period, assuming distributions that have been declared 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 investment assets at fair value for the years reported.

(6)Annualized.

(7)Class D was not effective until March 3, 2025.

**Note 12. Subsequent Events**

The Company's management evaluated subsequent events through the date of issuance of these financial statements. Other than as disclosed below, there have been no subsequent events that occurred that would require disclosure in, or would be required to be recognized in, these financial statements, except as discussed below.

*Subscriptions*

The Company received $15.3 million of net proceeds relating to the issuance of Class I, Class S and Class D shares for subscriptions effective April 1, 2026.

The Company received $8.2 million of net proceeds relating to the issuance of Class I, Class S and Class D shares for subscriptions effective May 1, 2026, excluding distributions reinvested through the Company's distribution reinvestment plan since the issuance price is not yet finalized at the date of this filing.

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*Share Repurchases*

On February 13, 2026, the Company offered to purchase up to 5% of its outstanding Common Shares as of December 31, 2025 at a price equal to the NAV per share as of March 31, 2026. The offer expired on March 16, 2026. A total of 987,826 Shares were validly tendered, and the Company paid a total of $25.8 million to the shareholders on May 1, 2026.

On May 4, 2026, the Company offered to purchase up to 5% of its outstanding Common Shares as of March 31, 2026 at a price equal to the NAV per share as of June 30, 2026. The offer expires on June 2, 2026.

*Distribution Declarations*

On April 24, 2026 the Company declared a total distribution of $0.20 per Class I share, $0.18 per Class S share and $0.19 per Class D share, all of which is payable on or about May 29, 2026 to shareholders of record as of April 30, 2026.

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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. Consolidated 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. Actual results could differ materially from those implied or expressed in any forward-looking statements. Dollar amounts are in thousands, except per share data, percentages and as otherwise noted.

**Overview**

The Company was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. We are an externally managed, closed-end, non-diversified management investment company that elected to be regulated as a business development company under the 1940 Act on June 30, 2023. The Adviser is registered under the Investment Advisers Act of 1940. In addition, for U.S. federal income tax purposes, we have elected to be treated as a RIC under Subchapter M of the Code. We have an indefinite term.

The Company's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments capturing long-term capital appreciation, while maintaining a strong focus on downside protection. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. Under normal circumstances, the Company will invest directly or indirectly at least 80% of its total assets (net assets plus borrowings for investment purposes) in private credit. We were formed to make investments and generate returns in the form of current income and long-term capital appreciation. From inception through March 31, 2026, we have invested approximately $4.2 billion in aggregate cost of debt investments prior to any subsequent exits or repayments, including the $521.4 million of debt investments acquired through an in-kind contribution on June 30, 2023.

While most of our investments will be in U.S. companies, from time to time, we also expect to invest in European and other non-U.S. companies. Our portfolio may also include equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. Under normal circumstances, we will invest directly or indirectly at least 80% of our total assets (net assets plus borrowings for investment purposes) in private credit.

**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 preferred equity in our portfolio companies. Our senior and subordinated debt investments are expected to bear interest at a fixed or floating rate. As of March 31, 2026 and December 31, 2025, 96.9% and 97.5% of our debt investments based on fair value in our portfolio were at floating rates, respectively. 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 Amended and Restated Advisory Agreement, our allocable portion of overhead expenses under the Amended and Restated 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, salaries, 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 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 Amended and Restated Advisory Agreement;

2)the Company's allocable portion of Overhead (excluding, for the avoidance of doubt, rent or depreciation, utilities, capital equipment or other administrative items of the Administrator) and other expenses paid for and/or advanced by the Administrator on behalf of the Company in connection with the provision of its administrative obligations under the Amended and Restated Administration Agreement, including but not limited to: (i) the Company's chief compliance officer, chief financial officer, chief legal officer, chief operating 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 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)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 escrow agent, transfer agent and sub-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, but excluding the shareholder servicing fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)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

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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 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)all fees, costs, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)all fees, costs, expenses of effecting any sales and repurchases of the shares and other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)all fees, costs and expenses incurred in connection with the formation or maintenance of entities or vehicles, including special purpose vehicles, to hold the Company's assets for tax or other purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)all fees, costs and expenses of derivatives and hedging;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11)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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12)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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13)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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14)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);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15)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, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16)all transfer agent, sub-transfer agent, dividend agent and custodial fees, costs and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17)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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18)Independent trustees' 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 trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19)costs of preparing financial statements and maintaining books and records, costs of Sarbanes-Oxley Act 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20)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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21)all fees, costs and expenses of any reports, proxy statements or other notices to shareholders (including printing and mailing costs) and the costs of any shareholder or Trustee meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22)all proxy voting fees, costs and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23)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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24)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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25)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, trustees 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26)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

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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 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27)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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28)all fees, costs and expenses associated with individual or group shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29)all insurance fees, costs and expenses (including fidelity bond, trustees and officers errors and omissions liability insurance);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30)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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31)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), but excluding, for the avoidance of doubt, any expenses incurred for general administrative, compliance and regulatory matters of the Adviser, the Administrator and their affiliates that are not related to the Company and its activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32)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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33)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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34)all other fees, costs and expenses incurred by the Administrator in connection with administering the Company's business.

In addition to the compensation paid to the Adviser pursuant to the Amended and Restated Advisory Agreement, the Company shall reimburse the Adviser for all expenses of the Company incurred by the Adviser as well as the actual cost of goods and services used for or by the Company and obtained from entities not affiliated with the Adviser. The Adviser or its affiliates may be reimbursed for the administrative services performed by it or such affiliates on behalf of the Company pursuant to any separate administration or co-administration agreement with the Adviser; however, no reimbursement shall be permitted for services for which the Adviser is entitled to compensation by way of a separate fee. Excluded from the allowable reimbursement shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) rent or depreciation, utilities, capital equipment, and other administrative items of the Adviser; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) salaries, fringe benefits, travel expenses and other administrative items incurred or allocated to any Controlling Person of the Adviser. The term "Controlling Person" includes, but is not limited to, a person, whatever his or her title, who performs functions for the Adviser similar to those of (a) the chairman or other member of a board of directors, (b) executive officers or (c) those holding 10% or more equity interest in the Adviser, or a person having the power to direct or cause the direction of the Adviser, whether through the ownership of voting securities, by contract or otherwise.

The Adviser agreed to incur organizational and offering costs on behalf of the Company and did not seek reimbursement of incurred organizational and offering costs until after the Company elected to be regulated as a BDC on June 30, 2023. All such organizational and offering costs have been reimbursed by the Company. As of March 31, 2026 and December 31, 2025, the Company had no offering costs or organizational costs payable to the Adviser.

Pursuant to the Expense Support Agreement, the Adviser is obligated to advance all of our Other Operating Expenses (including organizational and offering expenses) to the effect that such expenses do not exceed 1.00% (on an annualized basis) of the Company's NAV. We are obligated to reimburse the Adviser for such advanced expenses only if certain conditions are met. From time to time, the Adviser, in such capacity or in its capacity as the Administrator, or its affiliates may pay third-party providers of goods or services. We will reimburse the Adviser, in such capacity or in its capacity as the Administrator, or such affiliates thereof for any such amounts paid on our behalf. From time to time, the Adviser, in such capacity or in its capacity as the Administrator, may defer or waive fees and/or rights to be reimbursed for expenses. All of the foregoing expenses will ultimately be borne by our shareholders, subject to the cap on organization and offering expenses described above.

**Portfolio and Investment Activity**

As of March 31, 2026, based on fair value, our portfolio consisted of 91.2% first lien debt investments, 6.7% second lien debt investments, 1.4% preferred equity, 0.5% asset backed securities, and 0.2% common stocks. As of December 31, 2025, based on fair value, our portfolio consisted of 90.4% first lien debt investments, 7.8% second lien debt investments, 1.5% preferred equity and 0.3% common stock investments.

As of March 31, 2026 and December 31, 2025, we had investments in 139 and 135 portfolio companies, respectively, with an aggregate fair value of approximately $2,983.7 million and $2,893.6 million, respectively.

Our investment activity for the three months ended March 31, 2026 and March 31, 2025 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** |
| | **March 31, 2026** | **March 31, 2025** |
| Total investments, beginning of period | $2905803  | $2051457  |
| New investments purchased <sup>(1)</sup> | 224708  | 187327  |
| Net accretion of discount on investments | 2208  | 2266  |
| Net realized gain (loss) on investments | 501  | (2497) |
| Investments sold or repaid | (94462) | (59710) |
| **Total investments, end of period** | $3038758  | $2178843  |

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

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

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| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **March 31, 2026** | **December 31, 2025** |
| Weighted average yield on debt and income producing investments, at amortized cost<sup>(1)</sup> | 10.0% | 10.0% |
| Weighted average yield on debt and income producing investments, at fair value<sup>(1)</sup> | 10.2% | 10.0% |
| Number of portfolio companies | 139  | 135  |
| Weighted average EBITDA <sup>(2)</sup> | $258.0  | $312.0  |
| Average loan-to-value (LTV) <sup>(3)</sup> | 46.3% | 44.9% |
| Percentage of debt investments bearing a floating rate, at fair value | 96.9% | 97.5% |
| Percentage of debt investments bearing a fixed rate, at fair value | 3.1% | 2.5% |

---

<sup>(1)</sup> 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.

<sup>(2)</sup> Includes all private debt investments for which fair value is determined by the Board 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 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.

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

Our investments consisted of the following as of March 31, 2026 and December 31, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Amortized Cost** | **Fair Value** | **% of Total Investments at Fair Value** | **Amortized Cost** | **Fair Value** | **% of Total Investments at Fair Value** |
| First Lien Debt | $2751044 | $2716402 | 91.2% | $2630098 | $2616864 | 90.4% |
| Second Lien Debt | 222528 | 200895 | 6.7% | 226842 | 225900 | 7.8% |
| Preferred Equity | 41768 | 42986 | 1.4% | 41545 | 43101 | 1.5% |
| Common Stocks | 7318 | 7347 | 0.2% | 7318 | 7694 | 0.3% |
| Asset Backed Securities | 16100 | 16033 | 0.5% |  |  | — % |
| **Total** | $3038758 | $2983663 | 100.0% | $2905803 | $2893559 | 100.0% |

---

As of March 31, 2026 and December 31, 2025, there were no investments on non-accrual status.

The tables below describe investments by industry composition based on fair value as of March 31, 2026 and

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December 31, 2025:

---

| | |
|:---|:---|
| | **March 31, 2026** |
| High Tech | 20.7% |
| Services: Business | 16.3% |
| Healthcare, Education and Childcare | 14.0% |
| Automobile | 7.0% |
| Services: Consumer | 5.5% |
| Capital Equipment | 5.0% |
| Media: Diversified & Production | 3.9% |
| Finance | 3.7% |
| Construction & Building | 3.7% |
| Insurance | 3.2% |
| Telecommunications | 2.5% |
| Aerospace and Defense | 2.4% |
| Chemicals, Plastics and Rubber | 2.1% |
| Retail Stores | 2.1% |
| Consumer Goods: Durable | 1.7% |
| Cargo Transport | 1.2% |
| Containers, Packaging and Glass | 1.1% |
| Buildings and Real Estate | 1.1% |
| Printing and Publishing | 0.9% |
| Ecological | 0.7% |
| Banking | 0.6% |
| Utilities: Water | 0.6% |
| **Total** | 100.0% |

---

------

---

| | |
|:---|:---|
| | **December 31, 2025** |
| High Tech | 19.6% |
| Services: Business | 16.9% |
| Healthcare, Education and Childcare | 14.6% |
| Automobile | 6.7% |
| Services: Consumer | 5.7% |
| Capital Equipment | 5.2% |
| Finance | 4.2% |
| Media: Diversified & Production | 4.1% |
| Construction & Building | 3.5% |
| Insurance | 3.0% |
| Aerospace and Defense | 2.5% |
| Chemicals, Plastics and Rubber | 2.4% |
| Retail Stores | 2.2% |
| Telecommunications | 1.9% |
| Consumer Goods: Durable | 1.7% |
| Cargo Transport | 1.2% |
| Containers, Packaging and Glass | 1.2% |
| Buildings and Real Estate | 1.1% |
| Printing and Publishing | 0.9% |
| Ecological | 0.6% |
| Utilities: Water | 0.5% |
| Banking | 0.3% |
| **Total** | 100.0% |

---

The tables below describe investments by geographic composition based on fair value as of March 31, 2026 and December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Amortized Cost** | **Fair Value** | **% of Total Investments at Fair Value** | **Fair Value as % of Net Assets** |
| United States | $2862842 | $2803155 | 93.9% | 171.1% |
| United Kingdom | 74816 | 75078 | 2.5% | 4.6% |
| Germany | 59880 | 62841 | 2.1% | 3.8% |
| Canada | 27044 | 27089 | 0.9% | 1.7% |
| Greece | 9322 | 10646 | 0.4% | 0.6% |
| Ireland | 4854 | 4854 | 0.2% | 0.3% |
| **Total** | $3038758 | $2983663 | 100.0% | 182.1% |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Amortized Cost** | **Fair Value** | **% of Total Investments at Fair Value** | **Fair Value as % of Net Assets** |
| United States | $2730855 | $2712441 | 93.7% | 170.8% |
| United Kingdom | 74965 | 75149 | 2.6% | 4.7% |
| Germany | 59819 | 64215 | 2.2% | 4.0% |
| Canada | 25989 | 26257 | 0.9% | 1.7% |
| Greece | 9321 | 10643 | 0.4% | 0.7% |
| Ireland | 4854 | 4854 | 0.2% | 0.3% |
| **Total** | $2905803  | $2893559  | 100.0% | 182.2% |

---

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 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, acquisition, amendment, or restructure. Borrower is performing in-line with expectations, and the risk factors are neutral to favorable.

&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, acquisition, amendment, or restructure.

&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, acquisition, amendment, or restructure. 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, amendment, 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 March 31, 2026 and December 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| | **Fair Value** | **% of Fair Value** | **Fair Value** | **% of Fair Value** |
| Risk Rating 1 | $246250  | 8.2% | $233605  | 8.1% |
| Risk Rating 2 | 2349710  | 78.8% | 2312818  | 79.9% |
| Risk Rating 3 | 348394  | 11.7% | 334057  | 11.5% |
| Risk Rating 4 | 39309  | 1.3% | 13079  | 0.5% |
| Risk Rating 5 | —  | — % | —  | — % |
| **Total investments** | $2983663  | 100.0% | $2893559  | 100.0% |

---

As of March 31, 2026 and December 31, 2025, the weighted average Risk Rating of our debt investment portfolio was 2.06 and 2.04, respectively.

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**Results of Operations**

The following table represents the operating results:

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| | | |
|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** |
| (Amounts in thousands) | **March 31, 2026** | **March 31, 2025** |
| Total investment income | $73461  | $57588  |
| Total expenses, net of fee waivers and expense support | 37348  | 29039  |
| Net investment income (loss)  | 36113  | 28549  |
| Net realized gain (loss) | 3248  | (4168) |
| Net unrealized appreciation (depreciation) | (42841) | (10158) |
| **Net increase (decrease) in net assets resulting from operations** | $(3480) | $14223  |

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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:

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| | | |
|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** |
| | **March 31, 2026** | **March 31, 2025** |
| Interest and dividend income  | $67160  | $54107  |
| PIK income | 4803  | 2218  |
| Other income | 1498  | 1263  |
| **Total investment income** | $73461  | $57588  |

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For the three months ended March 31, 2026 and March 31, 2025, total investment income was approximately $73.5 million and $57.6 million, respectively. As of March 31, 2026 and December 31, 2025, the size of our investment portfolio at fair value was approximately $2,983.7 million and $2,893.6 million, respectively, and the weighted average yield on debt and income producing investments at fair value was 10.2% and 10.0%, respectively.

***Expenses***

Expenses were as follows:

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---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** |
| | **March 31, 2026** | **March 31, 2025** |
| Interest and debt fee expense | $23194  | $17966  |
| Management fees | 5010  | 3783  |
| Income incentive fee | 5025  | 4144  |
| Distribution and shareholder servicing fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S | 270  | 126  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class D | 113  | 2  |
| Professional fees | 599  | 464  |
| Board of Trustees fees | 97  | 97  |
| Administrative services expenses | 791  | 513  |
| Other general & administrative expenses | 2249  | 765  |
| Amortization of deferred offering costs | —  | 159  |
| **Total expenses before fee waivers and expense support** | $37348  | $28019  |
| Expense support | —  | —  |
| Recoupment of expense support | —  | 1020  |
| Management fees waiver | —  | —  |
| Income incentive fee waiver | —  | —  |
| **Total expenses net of fee waivers and expense support** | $37348  | $29039  |

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*Interest and debt fee expense*

For the three months ended March 31, 2026, interest and debt fee expense was $23.2 million, primarily due to $1,416.9 million of average borrowings under existing credit facilities and unsecured notes, at a weighted average interest rate of 6.0%.

For the three months ended March 31, 2025, interest and debt fee expense was $18.0 million, primarily due to $947.0 million of average borrowings under existing credit facilities, at a weighted average interest rate of 7.0%.

*Management Fees*

Management fees are payable monthly in arrears at an annual rate of 1.25% of the value of our net assets as of the beginning of the first calendar day of the applicable month.

For the three months ended March 31, 2026, the Company incurred management fees of $5.0 million, none of which were waived.

For the three months ended March 31, 2025, the Company incurred management fees of $3.8 million, none of which were waived.

*Income Based and Capital Gains Incentive Fees*

For the three months ended March 31, 2026, the Company incurred an income incentive fee of $5.0 million, none of which was waived. For the three months ended March 31, 2026, the Company incurred no capital gains incentive fee.

For the three months ended March 31, 2025, the Company incurred an income incentive fee of $4.1 million, none of which was waived. For the three months ended March 31, 2025, the Company incurred no capital gains incentive fee.

*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 paid for and/or advanced by the Administrator on behalf of the Company in connection with the provision of its obligations under the Amended and Restated Administration Agreement, including our allocable portion of the cost of

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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 $3.7 million and $2.0 million for the three months ended March 31, 2026 and March 31, 2025, respectively. Total other expenses were primarily comprised of approximately $0.6 million and $0.5 million of professional fees (including legal, audit, and tax), approximately $2.2 million and $0.8 million of other general and administrative expenses (including insurance, research, and other allocated costs), approximately $0.8 million and $0.5 million of administrative service expenses, and approximately $0.0 million and $0.2 million of amortization of deferred offering costs for the three months ended March 31, 2026 and March 31, 2025, respectively.

Under the terms of the Amended and Restated Administration Agreement and Amended and Restated 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.

We entered into an Expense Support Agreement with the Adviser. For additional information see "Note 3. Fees, Expenses, Agreements and Related Party Transactions" to the consolidated financial statements.

The following table presents a summary of expense support and the related recoupment of expense support for the three months ended March 31, 2026 and March 31, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| **For the Three Months Ended** | **Expense Support from the Advisor** | **Payable to Advisor**  | **Recoupment of Expense Support** | **Unreimbursed Expense Support** |
| March 31, 2026 | $— | $— | $— | $— |
| March 31, 2025 | $— | $1020 | $1020 | $688 |

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***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 shareholders 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 dividends 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 shareholders, 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 March 31, 2026 and March 31, 2025, we did not incur U.S. federal excise tax.

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

The realized gains and losses were comprised of the following:

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| | | |
|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** |
| | **March 31, 2026** | **March 31, 2025** |
| &nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | $501  | $(2497) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (57) | (317) |
| &nbsp;&nbsp;&nbsp;Foreign currency forward contracts | 2804  | (1354) |
| **Net realized gain (loss)** | $3248  | $(4168) |

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For the three months ended March 31, 2026, we had net realized gains of approximately $3.2 million, which were primarily due to net realized gains on foreign currency forward contracts of $2.8 million For the three months ended March 31, 2025, we had net realized losses of approximately $4.2 million, which were primarily due to net realized losses on non-controlled/non-affiliated investments of $2.5 million.

***Net Change in Unrealized Appreciation (Depreciation)***

Net change in unrealized appreciation (depreciation) was comprised of the following:

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| | | |
|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** |
| | **March 31, 2026** | **March 31, 2025** |
| Net change in unrealized appreciation (depreciation) on investments | $(42851) | $(10075) |
| Net change in unrealized appreciation (depreciation) on foreign currency translation | (125) | 6  |
| Net change in unrealized appreciation (depreciation) on foreign currency forward contracts | 135  | (89) |
| **Net change in unrealized appreciation (depreciation)** | $(42841) | $(10158) |

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For the three months ended March 31, 2026, we generated $42.8 million of net unrealized losses, which were primarily due to net unrealized losses on investments of $42.9 million driven by negative valuation adjustments. For the three months ended March 31, 2025, we generated $10.2 million of net unrealized losses, which were primarily due to net unrealized losses on investments of $10.1 million, driven by negative valuation adjustments.

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

Our liquidity and capital resources are generated primarily from proceeds of our continuous offering of common shares, proceeds from net borrowings on our credit facilities, 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.

As of March 31, 2026, we had approximately $124.0 million in cash, cash equivalents, and restricted cash. During the three months ended March 31, 2026, we used approximately $107.1 million in cash for operating activities, primarily due to investment purchases of $221.0 million, partially offset by sales and principal repayments of $94.5 million, and a net decrease in assets resulting from operations of $(3.5) million. Cash provided by financing activities was approximately $90.3 million during the three months ended March 31, 2026, which was primarily the result of $101.8 million from the issuance of common shares and $55.0 million of debt borrowings, partially offset by repayments of debt of $20.0 million and distributions paid in cash of $41.2 million.

As of March 31, 2025, we had approximately $61.8 million in cash, cash equivalents and restricted cash. During the three months ended March 31, 2025, we used approximately $52.1 million in cash for operating activities, primarily due to investment purchases of $184.5 million, partially offset by sales and principal repayments of $59.7 million, and a net increase in assets resulting from operations of $14.2 million. Cash provided by financing activities was approximately $51.8 million during the three months ended March 31, 2025, which was primarily the result of $64.7 million from the issuance of common shares and $60.0 million of debt borrowings, partially offset by net repayments of debt of $50.0 million and distributions in cash of $21.6 million.

***Borrowings***

As of March 31, 2026, we had an aggregate amount of $1,468.9 million of debt outstanding and our asset coverage ratio was 211.4%. As of December 31, 2025, we had an aggregate amount of $1,441.9 million of debt outstanding and our asset coverage ratio was 210.0%.

The following tables present the Company's outstanding borrowings as of March 31, 2026 and December 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
|  | **Total Principal Amount Committed** | **Principal Amount Outstanding** | **Carrying Value** | **Fair Value** |
| JPM Credit Facility <sup>(1)(2)</sup> | $1030000 | $756146 | $756146 | $756146 |
| BNP Credit Facility <sup>(1)(2)</sup> | 500000 | 316500 | 316500 | 316500 |
| 2024A Senior Notes <sup>(3)(4)</sup> | 300000 | 300000 | 300264 | 302450 |
| CIBC Credit Facility <sup>(1)(2)</sup> | 250000 | 96000 | 96000 | 96000 |
| **Total Debt** | $2080000  | $1468646  | $1468910  | $1471096  |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Total Principal Amount Committed** | **Principal Amount Outstanding** | **Carrying Value** | **Fair Value** |
| JPM Credit Facility <sup>(1)(2)</sup> | $1030000 | $776146 | $776146 | $776146 |
| BNP Credit Facility <sup>(1)(2)</sup> | 500000 | 261500 | 261500 | 261500 |
| 2024A Senior Notes <sup>(3)(4)</sup> | 300000 | 300000 | 308210 | 310576 |
| CIBC Credit Facility <sup>(1)(2)</sup> | 250000 | 96000 | 96000 | 96000 |
| **Total Debt** | $2080000 | $1433646 | $1441856 | $1444222 |

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<sup>(1)</sup> The fair value of these debt obligations would be categorized as Level 2 under ASC 820-10.

<sup>(2)</sup> Carrying value of these debt obligations generally approximate fair value due to their variable interest rates.

<sup>(3)</sup> Carrying value represents aggregate principal amount outstanding less unamortized debt issuance costs. As of March 31, 2026, carrying value is also inclusive of an incremental $2.5 million adjustment in the carrying value of the 2024A Senior Notes resulting from a hedge accounting relationship.

<sup>(4)</sup> The fair value of these debt obligations would be categorized as Level 3 under ASC 820-10.

We seek to carefully consider our unfunded commitments for the purpose of planning our ongoing financial leverage.

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***Equity***

The following table summarizes capital activity for the three months ended March 31, 2026:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Common Shares** | **Common Shares** | **Capital in Excess of Par Value** | **Accumulated Net Investment Income (Loss)** | **Accumulated Net Realized Gain (Loss)** | **Accumulated Net Unrealized Appreciation (Depreciation)** | **Total Net Assets** |
| | **Shares** | **Amount** | **Capital in Excess of Par Value** | **Accumulated Net Investment Income (Loss)** | **Accumulated Net Realized Gain (Loss)** | **Accumulated Net Unrealized Appreciation (Depreciation)** | **Total Net Assets** |
| Balance, beginning of period | 59072291  | $591  | $1615011  | $(9855) | $(5793) | $(11708) | $1588246  |
| Common shares issued  | 3445862  | 35  | 91785  | —  | —  | —  | 91820  |
| Distribution reinvestment | 339142  | 3  | 9027  | —  | —  | —  | 9030  |
| Repurchase of common shares | (194608) | (2) | (5230) | —  | —  | —  | (5232) |
| Net investment income (loss) | —  | —  | —  | 36113  | —  | —  | 36113  |
| Net realized gain (loss) | —  | —  | —  | —  | 3248  | —  | 3248  |
| Net change in unrealized appreciation (depreciation) on investments  | —  | —  | —  | —  | —  | (42851) | (42851) |
| Net change in unrealized currency gain (losses) on non-investment assets and liabilities | —  | —  | —  | —  | —  | 10  | 10  |
| Distributions declared  | —  | —  | —  | (41982) | —  | —  | (41982) |
| Tax reclassification of shareholders' equity in accordance with U.S. GAAP | —  | —  | —  | —  | —  | —  | —  |
| **Balance, end of period** | 62662687  | $627  | $1710593  | $(15724) | $(2545) | $(54549) | $1638402  |

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The following table summarizes capital activity for the three months ended March 31, 2025:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Common Shares** | **Common Shares** | **Capital in Excess of Par Value** | **Accumulated Net Investment Income (Loss)** | **Accumulated Net Realized Gain (Loss)** | **Accumulated Net Unrealized Appreciation (Depreciation)** | **Total Net Assets** |
| | **Shares** | **Amount** | **Capital in Excess of Par Value** | **Accumulated Net Investment Income (Loss)** | **Accumulated Net Realized Gain (Loss)** | **Accumulated Net Unrealized Appreciation (Depreciation)** | **Total Net Assets** |
| Balance, beginning of period | 43472573  | $435  | $1197185  | $(85) | $413  | $2681  | $1200629  |
| Common shares issued  | 2356405  | 24  | 64689  | —  | —  |  | 64713  |
| Distribution reinvestment | 147779  | 1  | 4065  | —  | —  | —  | 4066  |
| Repurchase of common shares | —  | —  | —  | —  | —  | —  | —  |
| Net investment income (loss) | —  | —  | —  | 28549  | —  | —  | 28549  |
| Net realized gain (loss) | —  | —  | —  | —  | (4168) | —  | (4168) |
| Net change in unrealized appreciation (depreciation) on investments  | —  | —  | —  | —  | —  | (10075) | (10075) |
| Net change in unrealized currency gain (losses) on non-investment assets and liabilities | —  | —  | —  | —  | —  | (83) | (83) |
| Distributions declared  | —  | —  | —  | (30818) | —  | —  | (30818) |
| Tax reclassification of shareholders' equity in accordance with U.S. GAAP | —  | —  | —  | —  | —  | —  | —  |
| **Balance, end of period** | 45976757  | $460  | $1265939  | $(2354) | $(3755) | $(7477) | $1252813  |

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As of March 31, 2026, we had 50,432,911 Class I shares, 5,009,853 Class S shares and 7,219,923 Class D shares issued and outstanding with a par value of $0.01 per share.

As of March 31, 2025, we had 43,228,970 Class I shares, 2,509,425 Class S shares and 238,362 Class D shares issued and outstanding with a par value of $0.01 per share.

The following table summarizes transactions in common shares during the three months ended March 31, 2026:

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| | | |
|:---|:---|:---|
|  | **Shares** | **Amount** |
| **Class I:** |  |  |
| &nbsp;&nbsp;Proceeds from shares sold | 1989555  | $53076  |
| &nbsp;&nbsp;Repurchase of shares | (127815) | (3436) |
| &nbsp;&nbsp;Distribution reinvestment | 176337  | 4695  |
| **Net increase (decrease)** | 2038077  | 54335  |
| **Class S:** |  |  |
| &nbsp;&nbsp;Proceeds from shares sold | 386417  | 10283  |
| &nbsp;&nbsp;Repurchase of shares | (66793) | (1796) |
| &nbsp;&nbsp;Distribution reinvestment | 65625  | 1748  |
| **Net increase (decrease)** | 385249  | 10235  |
| **Class D:** |  |  |
| Proceeds from shares sold | 1069890  | 28461  |
| Repurchase of shares | —  | —  |
| Distribution reinvestment | 97180  | 2587  |
| **Net increase (decrease)** | 1167070  | 31048  |
| **Total increase (decrease)** | 3590396  | $95618  |

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The following table summarizes transactions in common shares during the three months ended March 31, 2025:

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| | | |
|:---|:---|:---|
|  | **Shares** | **Amount** |
| **Class I:** |  |  |
| &nbsp;&nbsp;Proceeds from shares sold | 1289722  | $35413  |
| &nbsp;&nbsp;Repurchase of shares | —  | —  |
| &nbsp;&nbsp;Distribution reinvestment | 119435  | 3286  |
| **Net increase (decrease)** | 1409157  | 38699  |
| **Class S:** |  |  |
| &nbsp;&nbsp;Proceeds from shares sold | 828321  | 22770  |
| &nbsp;&nbsp;Repurchase of shares | —  | —  |
| &nbsp;&nbsp;Distribution reinvestment | 28344  | 780  |
| **Net increase (decrease)** | 856665  | 23550  |
| **Class D:** |  |  |
| Proceeds from shares sold | 238362  | 6530  |
| Repurchase of shares | —  | —  |
| Distribution reinvestment | —  | —  |
| **Net increase (decrease)** | 238362  | 6530  |
| **Total increase (decrease)** | 2504184  | $68779  |

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*Distributions*

We expect to pay regular monthly distributions. Any distributions we make will be at the discretion of our Board, who will consider, among other things, our earnings, cash flow, capital needs and general financial condition, as well as our desire to comply with the RIC requirements, which generally require us to make aggregate annual distributions to our shareholders of at least 90% of our net investment income. As a result, our distribution rates and payment frequency may vary from time to time and there is no assurance we will pay distributions in any particular amount, if at all.

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The per share amount of distributions on Class S, Class D and Class I shares will generally differ because of different class-specific shareholder servicing and/or distribution fees that are deducted from the gross distributions for each share class.

The Company's distributions are recorded on the record date. The following tables summarize distributions declared during the three months ended March 31, 2026:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Class I** | **Class I** | **Class I** | **Class I** |
|<br>**Date Declared** |<br>**Record Date** |<br>**Payment Date** | **Regular Distribution**<br>**Per Share**<sup>(1)</sup> | **Variable Supplemental Distribution Per Share** | **Special Distribution** <br>**Per Share**<sup>(2)</sup> | **Total Distributions** |
| January 30, 2026 | January 30, 2026 | March 4, 2026 | $0.20  | $0.03  | $—  | $11228  |
| February 27, 2026 | February 27, 2026 | March 31, 2026 | 0.20  | 0.03  | —  | 11507  |
| March 23, 2026 | March 31, 2026 | April 29, 2026 | 0.20  | 0.03  | —  | 11600  |
| **Total** |  |  | $0.60  | $0.09  | $—  | $34335  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Class S** | **Class S** | **Class S** | **Class S** |
|<br>**Date Declared** |<br>**Record Date** |<br>**Payment Date** | **Regular Distribution**<br>**Per Share**<sup>(1)</sup> | **Variable Supplemental Distribution**<br>**Per Share** | **Special Distribution** <br>**Per Share**<sup>(2)</sup> | **Total Distributions** |
| January 30, 2026 | January 30, 2026 | March 4, 2026 | $0.18  | $0.03  | $—  | $987  |
| February 27, 2026 | February 27, 2026 | March 31, 2026 | 0.18  | 0.03  | —  | 1023  |
| March 23, 2026 | March 31, 2026 | April 29, 2026 | 0.18  | 0.03  | —  | 1064  |
| **Total** |  |  | $0.54  | $0.09  | $—  | $3074  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Class D** | **Class D** | **Class D** | **Class D** |
|<br>**Date Declared** |<br>**Record Date** |<br>**Payment Date** | **Regular Distribution**<br>**Per Share**<sup>(1)</sup> | **Variable Supplemental Distribution**<br>**Per Share** | **Special Distribution** <br>**Per Share**<sup>(2)</sup> | **Total Distributions** |
| January 30, 2026 | January 30, 2026 | March 4, 2026 | $0.19  | $0.03  | $—  | $1438  |
| February 27, 2026 | February 27, 2026 | March 31, 2026 | $0.19  | $0.03  | $—  | $1513  |
| March 23, 2026 | March 31, 2026 | April 29, 2026 | $0.19  | $0.03  | $—  | $1622  |
| **Total** |  |  | $0.57  | $0.09  | $—  | $4573  |

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<sup>(1)</sup> Base distributions per share are net of distribution and/or shareholder servicing fees.

<sup>(2)</sup> There were zero capital gain distributions for the three months ended March 31, 2026.

The following table summarizes distributions declared during the three months ended March 31, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Class I** | **Class I** | **Class I** | **Class I** |
|<br>**Date Declared** |<br>**Record Date** |<br>**Payment Date** | **Regular Distribution**<br>**Per Share**<sup>(1)</sup> | **Variable Supplemental Distribution Per Share** | **Special Distribution** <br>**Per Share**<sup>(2)</sup> | **Total Distributions** |
| January 27, 2025 | January 31, 2025 | March 3, 2025 | $0.20  | $0.03  | $—  | $9688  |
| February 26, 2025 | February 28, 2025 | April 1, 2025 | 0.20  | 0.03  | —  | 9750  |
| March 26, 2025 | March 31, 2025 | April 30, 2025 | 0.20  | 0.03  | —  | 9943  |
| **Total** |  |  | $0.60  | $0.09  | $—  | $29381  |

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------

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Class S** | **Class S** | **Class S** | **Class S** |
|<br>**Date Declared** |<br>**Record Date** |<br>**Payment Date** | **Regular Distribution**<br>**Per Share**<sup>(1)</sup> | **Variable Supplemental Distribution Per Share** | **Special Distribution** <br>**Per Share**<sup>(2)</sup> | **Total Distributions** |
| January 27, 2025 | January 31, 2025 | March 3, 2025 | $0.18  | $0.03  | $—  | $391  |
| February 26, 2025 | February 28, 2025 | April 1, 2025 | 0.18  | 0.03  | —  | 464  |
| March 26, 2025 | March 31, 2025 | April 30, 2025 | 0.18  | 0.03  | —  | 528  |
| **Total** |  |  | $0.54  | $0.09  | $—  | $1384  |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Class D**<sup>(3)</sup> | **Class D**<sup>(3)</sup> | **Class D**<sup>(3)</sup> | **Class D**<sup>(3)</sup> |
|<br>**Date Declared** |<br>**Record Date** |<br>**Payment Date** | **Regular Distribution**<br>**Per Share**<sup>(1)</sup> | **Variable Supplemental Distribution Per Share** | **Special Distribution** <br>**Per Share**<sup>(2)</sup> | **Total Distributions** |
| March 26, 2025 | March 31, 2025 | April 30, 2025 | $0.19  | $0.03  | $—  | $53  |
| **Total** |  |  | $0.19  | $0.03  | $—  | $53  |

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<sup>(1)</sup> Base distributions per share are net of distribution and/or shareholder servicing fees.

<sup>(2)</sup> There were zero capital gain distributions for the three months ended March 31, 2025.

<sup>(3)</sup> Class D inception date is March 3, 2025.

We intend to operate in a manner so as to continuously qualify as a RIC under Subchapter M of the Code. To qualify for and maintain RIC tax treatment, among other things, we must distribute to our shareholders in respect of each taxable year of an amount generally at least equal to 90% of the sum of our net ordinary income and net short-term capital gains in excess of our net long-term capital losses. In order to avoid the imposition of certain excise taxes imposed on RICs, we must distribute to our shareholders in respect of each calendar year of an amount at least equal to the sum of: (1) 98% of our net ordinary income (taking into account certain deferrals and elections) for such calendar year; (2) 98.2% of our capital gains in excess of capital losses, adjusted for certain ordinary losses, generally for the one-year period ending on October 31 of such calendar year; and (3) the sum of any net ordinary income plus capital gain net income for preceding years that were recognized but not distributed during such years and on which we paid no federal income tax.

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 U.S. GAAP basis, include required adjustments to U.S. GAAP net investment income in the current period to determine taxable income available for distributions. The following table reflects the sources of cash distributions on a U.S. GAAP basis that the Company declared on its common shares during the three months ended March 31, 2026:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class S**  | **Class S**  | **Class D**  | **Class D**  | **Class I** | **Class I** |
|<br>**Source of Distribution** | **Per Share**  | **Amount** | **Per Share**  | **Amount** | **Per Share**  | **Amount** |
| Net investment income | $0.63  | $3074  | $0.66  | $4573  | $0.69  | $34335  |
| Net realized gain | —  | —  | —  | —  | —  | —  |
| **Total** | $0.63  | $3074  | $0.66  | $4573  | $0.69  | $34335  |

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The following table reflects the sources of cash distributions on a U.S. GAAP basis that the Company declared on its common shares during the three months ended March 31, 2025:

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class S** | **Class S** | **Class D**  | **Class D**  | **Class I** | **Class I** |
| <br>**Source of Distribution** | **Per Share**  | **Amount** | **Per Share**  | **Amount** | **Per Share**  | **Amount** |
| Net investment income | $0.63  | $1384  | $0.22  | $53  | $0.69  | $29381  |
| Net realized gain | —  | —  | —  | —  | —  | —  |
| **Total** | $0.63  | $1384  | $0.22  | $53  | $0.69  | $29381  |

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*Distribution Reinvestment Plan*

We have adopted a distribution reinvestment plan, which is an "opt-out" distribution reinvestment plan.

Under this plan, shareholders (other than those located in specific states, who are clients of selected participating brokers, as outlined below, or who have elected to "opt out" of the plan) will have their cash distributions (net of applicable withholding taxes) automatically reinvested in additional shares of the same class of our common shares to which the distribution relates. If a shareholder elects to "opt out," that shareholder will receive cash distributions. The purchase price for shares purchased under our distribution reinvestment plan will be equal to the then current NAV per share of the relevant class of common shares. Shareholders will not pay transaction related charges when purchasing shares under our distribution reinvestment plan, but all outstanding Class S and Class D shares, including those purchased under our distribution reinvestment plan, will be subject to ongoing servicing fees. 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.

*Share Repurchase Program*

Subject to the discretion of the Board, we have commenced a share repurchase program pursuant to which we intend to conduct quarterly repurchase offers to allow our shareholders to tender their shares at a price equal to the NAV per share for the applicable class of shares on each date of repurchase. Our Board may amend, suspend or terminate the share repurchase program at any time if it deems such action to be in our best interest and the best interest of our shareholders. As a result, share repurchases may not be available each quarter.

Under our share repurchase program, to the extent we offer to repurchase shares in any particular quarter, we intend to limit the number of shares to be repurchased to no more than 5% of our outstanding common shares as of the last day of the immediately preceding quarter. In the event the number of shares tendered exceeds the repurchase offer amount, shares will be repurchased on a pro rata basis. All unsatisfied repurchase requests can be resubmitted in the next quarterly tender offer, or upon the recommencement of the share repurchase program, as applicable. We may choose to offer to repurchase fewer shares than described above, or none at all.

We expect to repurchase shares pursuant to tender offers each quarter using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV. The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived, at our discretion, in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders. We intend to conduct the repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, and the 1940 Act. All shares purchased by us pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

During the three months ended March 31, 2026, there were 194,608 shares validly tendered and repurchased. During the three months ended March 31, 2025, there were 11,878 shares validly tendered and repurchased.

**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 March 31, 2026 and December 31, 2025, the Company had the following unfunded delayed draw term loans and revolvers:

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| | | |
|:---|:---|:---|
| | **Par Value as of** | **Par Value as of** |
| | **March 31, 2026** | **December 31, 2025** |
| Unfunded delayed draw commitments | $298766  | $347454  |
| Unfunded revolving commitments | 156193  | 153170  |
| **Total unfunded commitments** | $454959  | $500624  |

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*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 March 31, 2026, 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 Amended and Restated Advisory Agreement, the Expense Support Agreement and the Amended and Restated 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**

*Subscriptions*

The Company received $15.3 million of net proceeds relating to the issuance of Class I, Class S and Class D shares for subscriptions effective April 1, 2026.

The Company received $8.2 million of net proceeds relating to the issuance of Class I, Class S and Class D shares for subscriptions effective May 1, 2026, excluding distributions reinvested through the Company's distribution reinvestment plan since the issuance price is not yet finalized at the date of this filing.

*Share Repurchases*

On February 13, 2026, the Company offered to purchase up to 5% of its outstanding Common Shares as of December 31, 2025 at a price equal to the NAV per share as of March 31, 2026. The offer expired on March 16, 2026. A total of 987,826 Shares were validly tendered, and the Company paid a total of $25.8 million to the shareholders on May 1, 2026.

On May 4, 2026, the Company offered to purchase up to 5% of its outstanding Common Shares as of March 31, 2026 at a price equal to the NAV per share as of June 30, 2026. The offer expires on June 2, 2026.

*Distribution Declarations*

On April 24, 2026 the Company declared a total distribution of $0.20 per Class I share, $0.18 per Class S share and $0.19 per Class D share, all of which is payable on or about May 29, 2026 to shareholders of record as of April 30, 2026.

**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

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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.

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.

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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.

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. This establishes requirements for determining fair value in good faith for purposes of the 1940 Act. We are in compliance with Rule 2a-5's valuation requirements.

**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

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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 shareholders that a significant change in market interest rates will not have a material adverse effect on our net investment income.

As of March 31, 2026, 96.9% of our debt investments based on fair value in our portfolio were at floating rates. Based on our Consolidated Statement of Assets and Liabilities as of March 31, 2026, 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):

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| | | | |
|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
|<br>**Change in Interest Rates** | **Interest Income** | **Interest Expense** <sup>(1)</sup> | **Net Income** |
| Up 300 basis points | $97171  | $(44059) | $53112  |
| Up 200 basis points | $64781  | $(29373) | $35408  |
| Up 100 basis points | $32390  | $(14686) | $17704  |
| Down 100 basis points | $(32390) | $14686  | $(17704) |
| Down 200 basis points | $(64781) | $29373  | $(35408) |

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<sup>(1)</sup> Includes the impact to interest expense related to the interest rate swap.

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;***(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;***(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 - 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 March 31, 2026, management is not aware of any pending or threatened material litigation.

**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, 2025, 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 three months ended March 31, 2026 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, 2025.

***The Company's Investments are Illiquid and There are Restrictions on Withdrawal.*** An investment in the Company is suitable only for certain sophisticated investors that have no need for immediate liquidity in respect of their investment and who can accept the risks associated with investing in illiquid investments.

Our shares are illiquid investments for which there is not and will likely not be a secondary market. Liquidity for our shares will be limited to participation in our share repurchase program, which we have no obligation to maintain. When we make quarterly repurchase offers pursuant to the share repurchase program, we will offer to repurchase shares at a price that is estimated to be equal to our NAV per share on the last day of such quarter, which may be lower than the price that you paid for our shares. As a result, to the extent an investor paid a price that includes the related sales load and to the extent the investor has the ability to sell the investor's shares pursuant to our share repurchase program, the price at which the investor may sell shares may be lower than the amount the investor paid in connection with the purchase of shares.

Shareholders may seek, and certain financial intermediaries may recommend to their clients that they seek, to repurchase some or all of our Shares that they hold. Economic or other external events may also result in a significant volume of repurchase requests in a given period or on a sustained basis across periods. Most of our assets consist of instruments that cannot generally be readily liquidated without impacting our ability to realize full value upon their disposition. Therefore, we may not always have sufficient liquid resources to make repurchase offers. If we determine to sell assets to satisfy repurchase requests, we may not be able to realize the return on such assets that we may have been able to achieve had we sold at a more favorable time or held such assets to their maturity, and our results of operations and financial condition could be materially adversely affected.

Significant repurchase requests, whether for a single period or for a sustained period, by shareholders could adversely affect our ability to conduct our investment program, strain our capacity to source investment opportunities and/or deploy capital promptly on attractive terms and/or increase operational complexity and/or expenses. In addition, shareholders seeking liquidity may experience delays in fully liquidating their investments and will remain subject to NAV fluctuations during such periods. Additionally, the presence of large shareholders or platform concentrations may increase the likelihood of oversubscription in future repurchase offers, further constraining liquidity available to other shareholders.

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

*Unregistered Sales of Equity Securities*

Other than the shares issued pursuant to our distribution reinvestment plan, we did not sell any unregistered equity securities.

*Share Repurchases*

We have commenced a share repurchase program in which we intend to offer to repurchase, in each quarter, up to 5% of our Common Shares outstanding (by number of shares) as of the close of the previous calendar quarter. Our Board of Trustees may amend or suspend the share repurchase program at any time if it deems such action to be in our best interest and the best interest of our shareholders, such as when a repurchase offer would place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on the Company as a whole, or should we otherwise

------

determine that investing our liquid assets in originated loans or other illiquid investments rather than repurchasing our shares is in the best interests of the Company as a whole. As a result, share repurchases may not be available each quarter. We intend to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act. All shares purchased by us pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under our share repurchase program, to the extent we offer to repurchase shares in any particular quarter, we expect to repurchase shares pursuant to quarterly tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV.

During the three months ended March 31, 2026, there were 194,608 shares validly tendered and repurchased.

**Item 3. Defaults Upon Senior Securities**

None.

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

Not applicable.

**Item 5.&nbsp;&nbsp;&nbsp;&nbsp;Other Information**

During the fiscal quarter ended March 31, 2026, none of the trustees 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."

**Item 6.&nbsp;&nbsp;&nbsp;&nbsp;Exhibits**

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| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description of Exhibits** |
| 3.1 | [Second Amended and Restated Declaration of Trust (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K (File No. 814-01561))](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001901164/000114036124014637/ef20024265_8k.htm) |
| 3.2 | [Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to the Company's Current Report on Form 8-K (File No. 814-01561))](https://www.sec.gov/Archives/edgar/data/1901164/000114036124014637/ef20024265_ex3-2.htm) |
| 4.1 | [Distribution Reinvestment Plan](https://www.sec.gov/Archives/edgar/data/1901164/000113322823001691/trpospcf-html6203_ex99e.htm) [(incorporated by reference to Exhibit (e) to the Company's Registration Statement on Form N-2 (File No. 333-266378)](https://www.sec.gov/Archives/edgar/data/1901164/000113322823001691/trpospcf-html6203_ex99e.htm)) |
| [10.](https://www.sec.gov/Archives/edgar/data/1901164/000162828023028587/exhibit102_investmentadv.htm)1 | [Form of Subscription Agreement](https://www.sec.gov/ix?doc=/Archives/edgar/data/1901164/000162828023032940/ck0001901164-20230925.htm#ic10d32979dac4b1390933e4c11d001da_160)[(](https://www.sec.gov/ix?doc=/Archives/edgar/data/1901164/000162828023032940/ck0001901164-20230925.htm#ic10d32979dac4b1390933e4c11d001da_160)[incorporated by reference to Exhibit (d) to the Company's Registration Statement on Form N-2 (File No. 333-266378)](https://www.sec.gov/ix?doc=/Archives/edgar/data/1901164/000162828023032940/ck0001901164-20230925.htm#ic10d32979dac4b1390933e4c11d001da_160)) |
| 10.2 | [Amended and Restated Investment Advisory Agreement dated as of March 20, 2024 by and between T. Rowe Price OHA Select Private Credit Fund and OHA Private Credit Advisors LLC (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K (File No. 814-01561))](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001901164/000114036124014637/ef20024265_8k.htm) |
| 10.3 | [Amended and Restated Administration Agreement dated as of March 20, 2024 by and between T. Rowe Price OHA Select Private Credit Fund and OHA Private Credit Advisors LLC (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K (File No. 814-01561))](https://www.sec.gov/Archives/edgar/data/1901164/000114036124014637/ef20024265_ex10-2.htm) |
| 10.4 | [Custody Agreement dated as of October 13, 2022 by and between T. Rowe Price OHA Select Private Credit Fund and State Street Bank and Trust Company (incorporated by reference to Exhibit (j) to the Company's Registration Statement on Form N-2 (File No. 333-266378)](https://www.sec.gov/Archives/edgar/data/1901164/000113322823001691/trpospcf-html6203_ex99j.htm)) |
| 10.5 | [Managing Dealer Agreement by and between T. Rowe Price OHA Select Private Credit Fund and T. Rowe Price Investment Services, Inc. (incorporated by reference to Exhibit (h)(1) to the Company's Registration Statement on Form N-2 (File No. 333-266378)](https://www.sec.gov/Archives/edgar/data/1901164/000162828023030146/exhibit99h1-nx2a2.htm)) |
| 10.6 | [Transfer Agency Services Agreement dated as of November 7, 2022 by and among T. Rowe Price OHA Select Private Credit Fund, DST Systems, Inc. and OHA Private Credit Advisors LLC](https://www.sec.gov/Archives/edgar/data/1901164/000113322823001691/trpospcf-html6203_ex99k3.htm)[(](https://www.sec.gov/Archives/edgar/data/1901164/000113322823001691/trpospcf-html6203_ex99k3.htm)[incorporated by reference to Exhibit (k)(3) to the Company's Registration Statement on Form N-2 (File No. 333-266378)](https://www.sec.gov/Archives/edgar/data/1901164/000113322823001691/trpospcf-html6203_ex99k3.htm)) |
| 10.7 | [Distribution and Shareholder Servicing Plan](https://www.sec.gov/Archives/edgar/data/1901164/000113322823001691/trpospcf-html6203_ex99h2.htm)[(](https://www.sec.gov/Archives/edgar/data/1901164/000113322823001691/trpospcf-html6203_ex99h2.htm)[incorporated by reference to Exhibit (h)(2) to the Company's Registration Statement on Form N-2 (File No. 333-266378)](https://www.sec.gov/Archives/edgar/data/1901164/000113322823001691/trpospcf-html6203_ex99h2.htm)) |

---

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---

| | |
|:---|:---|
| [10.](https://www.sec.gov/Archives/edgar/data/1901164/000162828023028587/exhibit108_multipleclass.htm)8 | [Multiple Class Plan (incorporated by reference to Exhibit 10.8 to Amendment No. 1 to the Company's Quarterly Report on Form 10-Q for the Period Ended June 30, 2023 (File No. 814-01561))](https://www.sec.gov/Archives/edgar/data/1901164/000162828023028587/exhibit108_multipleclass.htm) |
| [10.](https://www.sec.gov/Archives/edgar/data/1901164/000162828023028587/exhibit109_seniorsecured.htm)9 | [Senior Secured Revolving Credit Agreement dated as of November 15, 2022 by and among T. Rowe Price OHA Select Private Credit Fund as Borrower, JPMorgan Chase Bank, N.A. as Administrative Agent and Collateral Agent, and the Lenders party thereto (incorporated by reference to Exhibit 10.9 to Amendment No. 1 to the Company's Quarterly Report on Form 10-Q for the Period Ended June 30, 2023 (File No. 814-01561))](https://www.sec.gov/Archives/edgar/data/1901164/000162828023028587/exhibit109_seniorsecured.htm) |
| [10.1](https://www.sec.gov/Archives/edgar/data/1901164/000162828023028587/exhibit1010_amendedandre.htm)0 | [Amended and Restated Revolving Credit and Security Agreement dated as of June 30, 2023 by and among T. Rowe Price OHA Select Private Credit Fund as Equityholder, TRP OHA SPV Funding I, LLC as Borrower, BNP Paribas as Administrative Agent, TRP OHA Servicer I, LLC as Servicer, The Bank of New York Mellon Trust Company, National Association as Collateral Agent, and the Lenders party thereto (incorporated by reference to Exhibit 10.10 to Amendment No. 1 to the Company's Quarterly Report on Form 10-Q for the Period Ended June 30, 2023 (File No. 814-01561))](https://www.sec.gov/Archives/edgar/data/1901164/000162828023028587/exhibit1010_amendedandre.htm) |
| 10.11 | [Amendment No.1 to Senior Secured Revolving Credit Agreement, dated as of August 29, 2023, by and among T. Rowe Price OHA Select Private Credit Fund, as Borrower, the lenders party thereto and JPMorgan Chase Bank, N.A. as Administrative Agent and Collateral Agent (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on August 31, 2023 (File No. 814-01561))](https://www.sec.gov/Archives/edgar/data/1901164/000114036123042111/brhc20058203_ex10-1.htm) |
| [10.1](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001901164/000119312524066961/d788857d8k.htm)2 | [Master Note Purchase Agreement, dated March 7, 2024, by and among T. Rowe Price OHA Select Private Credit Fund and the Purchasers party thereto (incorporated by reference to Exhibit 10.12 to the Company's Annual Report on Form 10-K filed on March 13, 2024 (File No. 814-01561))](https://www.sec.gov/Archives/edgar/data/1901164/000119312524066961/d788857dex101.htm) |
| 10.13 | [Second Amendment to Revolving Credit and Security Agreement, dated as of August 6, 2024, by and among TRP OHA SPV Funding I, LLC, as borrower, BNP Paribas as administrative agent, The Bank of New York Mellon Trust Company, National Association, as collateral agent, T. Rowe Price OHA Select Private Credit Fund, as equityholder, TRP OHA Servicer I, LLC, as servicer, and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on August 9, 2024 (File No. 814-01561))](https://www.sec.gov/Archives/edgar/data/1901164/000114036124036621/ef20033850_ex10-1.htm) |
| 10.14 | [Commitment Increase Agreement, dated as of October 10, 2024, by and among T. Rowe Price OHA Select Private Credit Fund, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the issuing banks and lenders party thereto (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on October 15, 2024 (File No. 814-01561))](https://www.sec.gov/Archives/edgar/data/1901164/000114036124043421/ef20037216_ex10-1.htm) |
| 10.15 | Loan and Servicing Agreement, dated as of November 5, 2024, by and among TRP OHA SPV Funding II, LLC, as borrower, the Company, as transferor, TRP OHA Servicer II, LLC, as servicer, The Bank of New York Mellon Trust Company, National Association, as securities intermediary, collateral custodian, collateral agent and collateral administrator, the lenders party thereto, and Canadian Imperial Bank of Commerce, as administrative agent [(incorporated by reference to Exhibit 10.17 to Amendment No. 1 to the Company's Quarterly Report on Form 10-Q for the Period Ended September 30, 2024 (File No. 814-01561))](https://www.sec.gov/Archives/edgar/data/1901164/000190116424000012/cibc-trpohaspvfundingiixlo.htm) |
| 10.16 | [First Amendment to Loan and Servicing Agreement dated as of June 4, 2025, by and among TRP OHA SPV Funding II, LLC, as borrower, Canadian Imperial Bank of Commerce, as administrative agent and as a lender, and TRP OHA Servicer II, LLC, as servicer (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on June 10, 2025 (File No. 814-01561))](https://www.sec.gov/Archives/edgar/data/1901164/000114036125022077/ef20050440_ex10-1.htm) |
| 10.17 | [Commitment Increase Agreement, dated as of November 25, 2024, by and among T. Rowe Price OHA Select Private Credit Fund, as Borrower, the lenders party thereto and JPMorgan Chase Bank, N.A. as Administrative Agent (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on November 26, 2024 (File No. 814-01561))](https://www.sec.gov/Archives/edgar/data/1901164/000114036124047880/ef20039266_ex10-1.htm) |
| 10.18 | [Commitment Increase Agreement, dated as of February 28, 2025, by and among T. Rowe Price OHA Select Private Credit Fund, as Borrower, the lenders party thereto and JPMorgan Chase Bank, N.A. as Administrative Agent (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on March 3, 2025 (File No. 814-01561))](https://www.sec.gov/Archives/edgar/data/1901164/000114036125006772/ef20044756_ex10-1.htm) |
| 10.19 | [Amended and Restated Senior Secured Revolving Credit Agreement among](https://www.sec.gov/Archives/edgar/data/1901164/000190116425000004/ocred-amendedandrestatedcr.htm)[T. Rowe Price OHA Select Private Credit Fund](https://www.sec.gov/Archives/edgar/data/1901164/000190116425000004/ocred-amendedandrestatedcr.htm)[, as borrower, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent and as collateral agent](https://www.sec.gov/Archives/edgar/data/1901164/000190116425000004/ocred-amendedandrestatedcr.htm) (incorporated by reference to Exhibit 10.20 to the Company's Quarterly Report on Form 10-Q for the Period Ended March 31, 2025 (File No. 814-01561)) |
| 10.20 | [Commitment Increase Agreement, dated as of August 20, 2025, by and among T. Rowe Price OHA Select Private Credit Fund, as Borrower, the lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on August 26, 2025 (File No. 814-01561))](https://www.sec.gov/Archives/edgar/data/1901164/000114036125032724/ef20054415_ex10-1.htm) |
| 10.21 | Third Amendment to Revolving Credit and Security Agreement, dated as of November 25, 2025, by and among TRP OHA SPV Funding I, LLC, as borrower, BNP Paribas as administrative agent, The Bank of New York Mellon Trust Company, National Association, as collateral agent, T. Rowe Price OHA Select Private Credit Fund, as equityholder, TRP OHA Servicer I, LLC, as servicer, and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on December 1, 2025 (File No. 814-01561)) |

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| | |
|:---|:---|
| 24.1 | Powers of Attorney ([incorporated by reference to Exhibit 24.1 to the Company's Annual Report on Form 10-K filed on March 12, 2025 (File No. 814-01561](https://www.sec.gov/Archives/edgar/data/1901164/000190116425000002/ocredit-powerofattorneyfor.htm))) |
| [31.1](ex311_ocreditxcertificatio.htm)\* | [Certification of](ex311_ocreditxcertificatio.htm)[Principal](ex311_ocreditxcertificatio.htm)[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](ex311_ocreditxcertificatio.htm) |
| [31.2](exhibit312_ocreditxcfomarc.htm)\* | [Certification of](exhibit312_ocreditxcfomarc.htm)[Principal](exhibit312_ocreditxcfomarc.htm)[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_ocreditxcfomarc.htm) |
| [32.1](exhibit321_ocreditxceomarc.htm)\* | [Certification of](exhibit321_ocreditxceomarc.htm)[Principal](exhibit321_ocreditxceomarc.htm)[Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](exhibit321_ocreditxceomarc.htm) |
| [32.2\*](exhibit322_ocreditxxcfomar.htm) | [Certification of](exhibit322_ocreditxxcfomar.htm)[Principal](exhibit322_ocreditxxcfomar.htm)[Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](exhibit322_ocreditxxcfomar.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. |
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| 104\* | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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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.

---

| | |
|:---|:---|
| | T. ROWE PRICE OHA SELECT PRIVATE CREDIT FUND |
| Date: May 6, 2026 | /s/ Eric Muller |
| | Eric Muller |
| | Chief Executive Officer (Principal Executive Officer) |
| Date: May 6, 2026 | /s/ Amaka Dike |
| | Amaka Dike  |
| | Chief Financial Officer (Principal 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, Principal Executive Officer of T. Rowe Price OHA Select Private Credit Fund, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of T. Rowe Price OHA Select Private Credit Fund (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

&nbsp;&nbsp;&nbsp;&nbsp;necessary to make the statements made, in light of the circumstances under which such statements were made, not

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

&nbsp;&nbsp;&nbsp;&nbsp;all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods

&nbsp;&nbsp;&nbsp;&nbsp;presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure and procedures (as

&nbsp;&nbsp;&nbsp;&nbsp;defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over reporting (as defined in Exchange Act

&nbsp;&nbsp;&nbsp;&nbsp;Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be

designed under our supervision, to ensure that material information relating to the registrant, including its

consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in

which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting

to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting

and the preparation of financial statements for external purposes in accordance with generally accepted accounting

principles;

(b) 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

(c) 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

&nbsp;&nbsp;&nbsp;&nbsp;financial reporting, to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons

&nbsp;&nbsp;&nbsp;&nbsp;performing the equivalent function):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial

reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and

report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in

the registrant's internal control over financial reporting.

------

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| | | |
|:---|:---|:---|
| Date: May 6, 2026 | By: | /s/ Eric Muller |
|  |  | Eric Muller<br>Principal 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, Amaka Dike, Principal Financial Officer of T. Rowe Price OHA Select Private Credit Fund, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of T. Rowe Price OHA Select Private Credit Fund (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

&nbsp;&nbsp;&nbsp;&nbsp;necessary to make the statements made, in light of the circumstances under which such statements were made, not

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

&nbsp;&nbsp;&nbsp;&nbsp;all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods

&nbsp;&nbsp;&nbsp;&nbsp;presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure and procedures (as

&nbsp;&nbsp;&nbsp;&nbsp;defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over reporting (as defined in Exchange Act

&nbsp;&nbsp;&nbsp;&nbsp;Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be

designed under our supervision, to ensure that material information relating to the registrant, including its

consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in

which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting

to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting

and the preparation of financial statements for external purposes in accordance with generally accepted accounting

principles;

(b) 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

(c) 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):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial

reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and

report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in

the registrant's internal control over financial reporting.

------

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| | | |
|:---|:---|:---|
| Date: May 6, 2026 | By: | /s/ Amaka Dike |
|  |  | Amaka Dike |
|  |  | Principal Financial Officer |

---

## Exhibit 32.1

**CERTIFICATION OF PRINCIPAL 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 T. Rowe Price OHA Select Private Credit Fund (the "Company") for the quarterly period ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Eric Muller, as Principal 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:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;results of operations of the Company.

---

| | | |
|:---|:---|:---|
| <br>Date: May 6, 2026 | By: | /s/ Eric Muller |
|  |  | Eric Muller |
|  |  | Principal Executive Officer |

---

## Exhibit 32.2

**CERTIFICATION OF PRINCIPAL 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 T. Rowe Price OHA Select Private Credit Fund (the "Company") for the quarterly period ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Amaka Dike, as Principal 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:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: May 6, 2026 | By: | /s/ Amaka Dike |
|  |  | Amaka Dike |
|  |  | Principal Financial Officer |

---

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