# EDGAR Filing Document

**Accession Number:** 0002020354
**File Stem:** 0001193125-26-219870
**Filing Date:** 2026-5
**Character Count:** 223252
**Document Hash:** 4099afc7e2178355738b3d183a16e6db
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-219870.hdr.sgml**: 20260512

**ACCESSION NUMBER**: 0001193125-26-219870

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 67

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260512

**DATE AS OF CHANGE**: 20260512

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** West Bay BDC LLC
- **CENTRAL INDEX KEY:** 0002020354

**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:** 814-01758
- **FILM NUMBER:** 26969921

**BUSINESS ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282
- **BUSINESS PHONE:** 312-655-4419

**MAIL ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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**FORM** 10-Q

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☒ 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

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

Commission file number: 814-01758

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West Bay BDC LLC

(Exact Name of Registrant as Specified in Its Charter)

------

---

| | |
|:---|:---|
| Delaware | 99-1657525 |
| (State or Other Jurisdiction of<br>Incorporation or Organization) | (I.R.S. Employer<br>Identification No.) |
| 200 West Street, New York, New York | 10282 |
| (Address of Principal Executive Offices) | (Zip Code) |

---

Registrant's Telephone Number, Including Area Code: (312) 655-4419

Not Applicable

Former Name, Former Address and Former Fiscal Year, If Changed Since Last Report.

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

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange**<br>**on which registered** |
| **None** | **None** | **None** |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the 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 the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer: ☐ Accelerated filer: ☐ Non-accelerated filer: ☒ Smaller reporting company: ☐ <br> 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 Act). YES ☐ NO ☒

As of May 12, 2026, there were 14,487,726 of the limited liability company's common units outstanding.

------

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

**West Bay BDC LLC**

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

---

| | | |
|:---|:---|:---|
|  | **INDEX** | **PAGE** |
|  | [<u>Cautionary Statement Regarding Forward-Looking Statements</u>](#cautionary_statement_regarding_forwardlo) | 3 |
| [**<u>PART I.</u>**](#parti) | [**<u>FINANCIAL INFORMATION</u>**](#parti) |  |
| ITEM 1. | [<u>Financial Statements (Unaudited)</u>](#financial_statements) | 4 |
|  | [<u>Statements of Financial Condition</u>](#sal_10k) | 4 |
|  | [<u>Statements of Operations</u>](#item_8_sop_10k) | 5 |
|  | [<u>Statements of Changes in Members' Capital</u>](#item_8_scna_10k) | 6 |
|  | [<u>Statements of Cash Flows</u>](#item_8_scf_10k) | 7 |
|  | [<u>Schedule of Investments</u>](#item_8_soi_10k) | 8 |
|  | [<u>Notes to the Financial Statements</u>](#item_8_fs_footnotes_10k) | 17 |
| ITEM 2. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item_7_mdna) | 32 |
| ITEM 3. | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#item3_quantitative_risk) | 43 |
| ITEM 4. | [<u>Controls and Procedures</u>](#controls) | 43 |
| [**<u>PART II</u>**](#other_info) | [**<u>OTHER INFORMATION</u>**](#other_info) |  |
| ITEM 1. | [<u>Legal Proceedings</u>](#legal_proceedings) | 44 |
| ITEM 1A. | [<u>Risk Factors</u>](#risk_factors) | 44 |
| ITEM 2. | [<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#unregistered_equity) | 44 |
| ITEM 3. | [<u>Defaults Upon Senior Securities</u>](#defaults_under_equity) | 44 |
| ITEM 4. | [<u>Mine Safety Disclosures</u>](#mine_safety_disclosures) | 44 |
| ITEM 5 | [<u>Other Information</u>](#other_information) | 44 |
| ITEM 6. | [<u>Exhibits</u>](#exhibits) | 44 |
| [<u>SIGNATURES</u>](#signatures) |  | 46 |

---

------

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

**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS** 

This report contains forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as "may," "will," "should," "expect," "anticipate," "project," "target," "estimate," "intend," "continue" or "believe" or the negatives of, or other variations on, these terms or comparable terminology. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. We believe that it is important to communicate our future expectations to our investors. Our forward-looking statements include information in this report regarding general domestic and global economic conditions, our future financing plans, our ability to operate as a business development company ("BDC") and the expected performance of, and the yield on, our portfolio companies. There may be events in the future, however, that we are not able to predict accurately or control. The factors listed under "Risk Factors" in our annual report on Form 10-K for the year ended December 31, 2025, as well as any cautionary language in this report, provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. The occurrence of the events described in these risk factors and elsewhere in this report could have a material adverse effect on our business, results of operations and financial position. Any forward-looking statement made by us in this report speaks only as of the date of this report. Factors or events that could cause our actual results to differ from our forward-looking statements may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. You are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the U.S. Securities and Exchange Commission (the "SEC"), including annual reports on Form 10-K, registration statements on Form N-2, quarterly reports on Form 10-Q and current reports on Form 8-K. The safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which preclude civil liability for certain forward-looking statements, do not apply to the forward-looking statements in this quarterly report because we are an investment company. The following factors are among those that may cause actual results to differ materially from our forward-looking statements:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•disruptions in the capital markets, market conditions, and general economic uncertainty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in political, economic, social or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, including the effect of any pandemic or epidemic;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•United States trade policy developments, tariffs and other trade restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•uncertainty surrounding the financial and political stability of the United States, the United Kingdom, the European Union, Latin America and Asia, the war between Russia and Ukraine and conflict in the Middle East;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of investments that we expect to make;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of increased competition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our contractual arrangements and relationships with third parties, including our ability to enter into transactions involving derivatives and contracting with certain investors;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the relative and absolute performance of Goldman Sachs Asset Management, L.P. (the "Investment Adviser");

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to make distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the adequacy of our cash resources and working capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in interest rates;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of future acquisitions and divestitures;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to maintain our status as a BDC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to maintain our status under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code") as a regulated investment company ("RIC") and our qualification for tax treatment as a RIC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•actual and potential conflicts of interest with the Investment Adviser and its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of the Investment Adviser to attract and retain highly talented professionals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact on our business from new or amended legislation or regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the availability of credit and/or our ability to access the equity and capital markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•currency fluctuations, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of changing inflation and interest rates and the risk of recession on our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the effect of global climate change on our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact to us and our portfolio companies of rapid technological advances, including artificial intelligence; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the increased public scrutiny of and regulation related to corporate social responsibility.

------

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

**PART I. FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS**

**West Bay BDC LLC**

**Statements of Financial Condition**

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

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
|  | **(Unaudited)** |  |
| **Assets** |  |  |
| Investments, at fair value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments (cost of $481,568 and $432,148) | $478080 | $431488 |
| Investments in affiliated money market fund (cost of $5,329 and $12,276) | 5329 | 12276 |
| Cash | 4889 | 7355 |
| Interest and dividends receivable | 2280 | 1815 |
| Deferred financing costs | 1888 | 953 |
| Other assets | 17146 | 882 |
| **Total assets** | $509612 | $454769 |
| **Liabilities** |  |  |
| Debt | $254000 | $244000 |
| Management fees payable | 803 | 591 |
| Interest and other debt expenses payable | 692 | 1417 |
| Distribution payable |  | 3376 |
| Accrued expenses and other liabilities | 400 | 315 |
| **Total liabilities** | $255895 | $249699 |
| Commitments and contingencies (Note 7) |  |  |
| **Members' capital** |  |  |
| Preferred units (no units issued and outstanding) | $— | $— |
| Common units (14,487,726 and 11,833,087 units issued and outstanding as of March 31, 2026 and December 31, 2025) | 252715 | 206365 |
| Distributable earnings (loss) | 1002 | (1295) |
| **Total members' capital** | $253717 | $205070 |
| **Total liabilities and members' capital** | $509612 | $454769 |
| Net asset value per unit | $17.51 | $17.33 |

---

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

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

**West Bay BDC LLC**

**Statements of Operations** 

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

**(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;&nbsp;&nbsp;Interest income | $10485 | $1225 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 189 | 52 |
| From non-controlled affiliated investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 20 | 144 |
| **Total investment income** | $10694 | $1421 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and other debt expenses | $4117 | $666 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | 803 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 428 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;Directors' fees | 31 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering costs |  | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other general and administrative expenses | 190 | 139 |
| **Total expenses** | $5569 | $1558 |
| **Net investment income (loss)** | $5125 | $(137) |
| **Net realized and unrealized gains (losses):** |  |  |
| Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | $— | $— |
| Net change in unrealized appreciation (depreciation) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | (2828) | (141) |
| **Net realized and unrealized gains (losses)** | $(2828) | $(141) |
| **Net increase (decrease) in members' capital from operations** | $2297 | $(278) |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average units outstanding | 12511495 | 3679140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted net investment income (loss) per unit | $0.41 | $(0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted earnings (loss) per unit | $0.18 | $(0.08) |

---

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

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

**West Bay BDC LLC** 

**Statements of Changes in Members' Capital** 

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

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2025** |
| **Members' capital at beginning of period** | $205070 | $62311 |
| **Net increase (decrease) in members' capital from operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $5125 | $(137) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (2828) | (141) |
| **Net increase (decrease) in members' capital from operations** | $2297 | $(278) |
| **Capital transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common units | $46350 | $23175 |
| **Net increase in members' capital from capital transactions** | $46350 | $23175 |
| **Total increase (decrease) in members' capital** | $48647 | $22897 |
| **Members' capital at end of period** | $253717 | $85208 |

---

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

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

**West Bay BDC LLC**

**Statements of Cash Flows** 

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

**(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 members' capital from operations: | $2297 | $(278) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net increase (decrease) in members' capital from operations to net cash provided by (used for) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (74118) | (51349) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest capitalized | (233) | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated money market fund, net | 6947 | 38072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of investments and principal repayments | 25223 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on investments | 2828 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of premium and accretion of discount, net | (292) | (34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 316 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred offering costs |  | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in interest and dividends receivable | (465) | (183) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in other assets | (16264) | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in interest and other debt expenses payable | (725) | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in management fees payable | 212 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in accrued organization costs |  | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in accrued expenses and other liabilities | 85 | (113) |
| **Net cash provided by (used for) operating activities** | $(54189) | $(12550) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common units | $46350 | $23175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering costs paid |  | (36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions paid | (3376) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financing costs paid | (1251) | (54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings on debt | 63000 | 68000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments of debt | (53000) | (45000) |
| **Net cash provided by (used for) financing activities** | $51723 | $46085 |
| Net increase (decrease) in cash | $(2466) | $33535 |
| Cash, beginning of period | 7355 | 2054 |
| Cash, end of period | $4889 | $35589 |
| **Supplemental and non-cash activities** |  |  |
| Interest expense paid | $3792 | $110 |

---

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

------

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

**West Bay BDC LLC**

**Schedule of Investments as of March 31, 2026**

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

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<sup>(1)</sup> | **Industry**<sup>(2)</sup> | **Interest<br>Rate**<sup>(3)</sup> | **Reference Rate and<br>Spread**<sup>(3)</sup> | **Maturity** | **Par/Shares**<sup>(4)</sup> | **Par/Shares**<sup>(4)</sup> | **Cost** | **Fair<br>Value** |
| **Debt Investments - 188.4%** |  |  |  |  |  |  |  |  |
| **United States - 188.4%** |  |  |  |  |  |  |  |  |
| **1st Lien/Senior Secured Debt - 188.4%** |  |  |  |  |  |  |  |  |
| Advanced Cooling Technologies, Inc. | Aerospace & Defense |  | S + 4.50% | 02/27/33 | $— | 19320 | $— | $—<br> <sup>(5) (6)</sup> |
| Advanced Cooling Technologies, Inc. | Aerospace & Defense |  | S + 4.50% | 02/27/33 |  | 3780 |  | —<br> <sup>(5) (6)</sup> |
| PPW Aero Buyer, Inc. (dba Pursuit Aerospace) | Aerospace & Defense | 8.70% | S + 5.00% | 09/30/31 |  | 5687 | 5634 | 5659<br> <sup>(5) (7)</sup> |
| PPW Aero Buyer, Inc. (dba Pursuit Aerospace) | Aerospace & Defense |  | S + 5.00% | 09/30/31 |  | 2303 | (11) | (11) <sup>(5) (6) (7)</sup> |
| PPW Aero Buyer, Inc. (dba Pursuit Aerospace) | Aerospace & Defense | 8.91% | P + 4.00% | 09/30/31 |  | 1356 | 250 | 255<br> <sup>(5) (6) (7)</sup> |
| Auctane, Inc. | Air Freight & Logistics |  | S + 4.75% | 12/31/32 |  | 28000 |  | —<br> <sup>(5) (6)</sup> |
| eShipping, LLC | Air Freight & Logistics | 8.20% | S + 4.50% | 12/23/32 |  | 8434 | 8393 | 8349<br> <sup>(5) (7)</sup> |
| eShipping, LLC | Air Freight & Logistics |  | S + 4.50% | 12/23/32 |  | 3183 | (8) | (32) <sup>(5) (6) (7)</sup> |
| eShipping, LLC | Air Freight & Logistics | 10.25% | P + 3.50% | 12/23/32 |  | 1029 | 59 | 54<br> <sup>(5) (6) (7)</sup> |
| eShipping, LLC | Air Freight & Logistics |  | S + 4.50% | 12/23/32 |  | 562 | (3) | (6) <sup>(5) (6) (7)</sup> |
| Zeppelin US Buyer Inc. (dba Global Critical Logistics) | Air Freight & Logistics | 8.45% | S + 4.75% | 08/02/32 |  | 7394 | 7325 | 7320<br> <sup>(5) (7)</sup> |
| Zeppelin US Buyer Inc. (dba Global Critical Logistics) | Air Freight & Logistics |  | S + 4.75% | 08/02/32 |  | 2263 | (10) | (23) <sup>(5) (6) (7)</sup> |
| Zeppelin US Buyer Inc. (dba Global Critical Logistics) | Air Freight & Logistics |  | S + 4.75% | 08/02/32 |  | 881 | (8) | (9) <sup>(5) (6) (7)</sup> |
| Zeppelin US Buyer Inc. (dba Global Critical Logistics) | Air Freight & Logistics |  | S + 4.75% | 08/02/32 |  | 251 | (2) | (2) <sup>(5) (6) (7)</sup> |
| Burgess Pigment Co. | Chemicals |  | S + 5.00% | 03/19/31 |  | 22900 |  | —<br> <sup>(5) (6)</sup> |
| Burgess Pigment Co. | Chemicals |  | S + 5.00% | 03/19/31 |  | 2516 |  | —<br> <sup>(5) (6)</sup> |
| Edko, LLC | Commercial Services & Supplies | 8.45% | S + 4.75% | 10/02/31 |  | 11870 | 11760 | 11752<br> <sup>(5) (7)</sup> |
| Edko, LLC | Commercial Services & Supplies |  | S + 4.75% | 10/02/31 |  | 4231 | (19) | (42) <sup>(5) (6) (7)</sup> |
| Edko, LLC | Commercial Services & Supplies |  | S + 4.75% | 10/02/31 |  | 2116 | (19) | (21) <sup>(5) (6) (7)</sup> |
| EnviroSmart, LLC (dba ES Integrated) | Commercial Services & Supplies | 8.71% | S + 5.00% | 09/24/31 |  | 2924 | 2890 | 2887<br> <sup>(5) (7)</sup> |
| EnviroSmart, LLC (dba ES Integrated) | Commercial Services & Supplies | 8.67% | S + 5.00% | 09/24/31 |  | 1677 | 709 | 708<br> <sup>(5) (6) (7)</sup> |
| EnviroSmart, LLC (dba ES Integrated) | Commercial Services & Supplies | 8.67% | S + 5.00% | 09/24/31 |  | 840 | 263 | 262<br> <sup>(5) (6) (7)</sup> |
| Frontline Road Safety Operations, LLC | Commercial Services & Supplies | 8.42% | S + 4.75% (Incl. 2.00% PIK) | 03/04/32 |  | 16709 | 16567 | 16501<br> <sup>(5) (7)</sup> |
| Frontline Road Safety Operations, LLC | Commercial Services & Supplies | 8.42% | S + 4.75% (Incl. 2.00% PIK) | 03/04/32 |  | 4903 | 4859 | 4842<br> <sup>(5) (7)</sup> |
| Frontline Road Safety Operations, LLC | Commercial Services & Supplies | 8.42% | S + 4.75% (Incl. 2.00% PIK) | 03/04/32 |  | 4166 | 4130 | 4114<br> <sup>(5) (7)</sup> |
| Frontline Road Safety Operations, LLC | Commercial Services & Supplies |  | S + 4.75% (Incl. 2.00% PIK) | 03/04/32 |  | 2790 | (24) | (35) <sup>(5) (6) (7)</sup> |
| Saber Parent Holdings Corp. (dba Service Logic) | Commercial Services & Supplies | 8.42% | S + 4.75% (Incl. 2.25% PIK) | 12/16/32 |  | 7655 | 7618 | 7579<br> <sup>(5) (7)</sup> |
| Saber Parent Holdings Corp. (dba Service Logic) | Commercial Services & Supplies |  | S + 4.75% | 12/16/32 |  | 2100 | (5) | (21) <sup>(5) (6) (7)</sup> |
| Saber Parent Holdings Corp. (dba Service Logic) | Commercial Services & Supplies | 10.25% | P + 3.50% | 12/16/32 |  | 1050 | 303 | 298<br> <sup>(5) (6) (7)</sup> |
| Wildcat Solutions Holdings, LLC (dba O6 Environmental) | Commercial Services & Supplies | 8.42% | S + 4.75% | 08/05/32 |  | 3373 | 3342 | 3340<br> <sup>(5) (7)</sup> |
| Wildcat Solutions Holdings, LLC (dba O6 Environmental) | Commercial Services & Supplies |  | S + 4.75% | 08/05/32 |  | 1030 | (5) | (10) <sup>(5) (6) (7)</sup> |
| Wildcat Solutions Holdings, LLC (dba O6 Environmental) | Commercial Services & Supplies |  | S + 4.75% | 08/05/32 |  | 901 | (8) | (9) <sup>(5) (6) (7)</sup> |
| Curriculum Associates, LLC | Diversified Consumer Services | 8.17% | S + 4.50% | 05/07/32 |  | 16902 | 16808 | 16733<br> <sup>(5) (7)</sup> |
| Curriculum Associates, LLC | Diversified Consumer Services | 8.17% | S + 4.50% | 05/07/32 |  | 11098 | 6609 | 6548<br> <sup>(5) (6) (7)</sup> |
| Splash Car Wash, Inc. | Diversified Consumer Services | 8.70% | S + 5.00% | 03/17/32 |  | 9425 | 9361 | 9354<br> <sup>(5) (7)</sup> |
| Splash Car Wash, Inc. | Diversified Consumer Services |  | S + 5.00% | 03/17/32 |  | 4761 | (17) | (36) <sup>(5) (6) (7)</sup> |
| Splash Car Wash, Inc. | Diversified Consumer Services |  | S + 5.00% | 03/17/31 |  | 1339 | (8) | (10) <sup>(5) (6) (7)</sup> |
| BCTO Bluebill Buyer, Inc. (dba Ren) | Financial Services | 8.17% | S + 4.50% | 07/30/32 |  | 9099 | 9015 | 8962<br> <sup>(5) (7)</sup> |

---

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

------

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

**West Bay BDC LLC**

**Schedule of Investments as of March 31, 2026 (continued)**

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

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment** <sup>(1)</sup> | **Industry** <sup>(2)</sup> | **Interest<br>Rate** <sup>(3)</sup> | **Reference Rate and<br>Spread** <sup>(3)</sup> | **Maturity** | **Par/Shares**<sup>(4)</sup> | **Par/Shares**<sup>(4)</sup> | **Cost** | **Fair<br>Value** |
| BCTO Bluebill Buyer, Inc. (dba Ren) | Financial Services |  | S + 4.50% | 07/30/32 | $— | 1137 | $(10) | $(17) <sup>(5) (6) (7)</sup> |
| Celero Commerce LLC | Financial Services | 8.70% | S + 5.00% | 02/28/31 |  | 7786 | 7736 | 7728<br> <sup>(5) (7)</sup> |
| Celero Commerce LLC | Financial Services | 8.72% | S + 5.00% | 02/28/31 |  | 1854 | 513 | 505<br> <sup>(5) (6) (7)</sup> |
| Celero Commerce LLC | Financial Services |  | S + 5.00% | 02/28/31 |  | 618 | (4) | (5) <sup>(5) (6) (7)</sup> |
| Computer Services, Inc. | Financial Services | 8.20% | S + 4.50% | 11/17/31 |  | 21023 | 21020 | 20813<br> <sup>(5) (7)</sup> |
| Computer Services, Inc. | Financial Services |  | S + 4.50% | 11/17/31 |  | 2151 | (5) | (21) <sup>(5) (6) (7)</sup> |
| Computer Services, Inc. | Financial Services |  | S + 4.50% | 11/17/31 |  | 1336 | (3) | (13) <sup>(5) (6) (7)</sup> |
| Fullsteam Operations LLC | Financial Services | 8.89% | S + 5.25% | 08/08/31 |  | 13384 | 13262 | 13217<br> <sup>(5) (7)</sup> |
| Fullsteam Operations LLC | Financial Services |  | S + 5.25% | 08/08/31 |  | 4461 | (20) | (56) <sup>(5) (6) (7)</sup> |
| Fullsteam Operations LLC | Financial Services |  | S + 5.25% | 08/08/31 |  | 1487 | (13) | (19) <sup>(5) (6) (7)</sup> |
| Envero Midco 2 LLC (dba Sun World) | Food Products |  | S + 4.75% | 03/02/33 |  | 17817 |  | —<br> <sup>(5) (6)</sup> |
| Envero Midco 2 LLC (dba Sun World) | Food Products |  | S + 4.75% | 03/02/33 |  | 6144 |  | —<br> <sup>(5) (6)</sup> |
| Envero Midco 2 LLC (dba Sun World) | Food Products |  | S + 4.75% | 03/02/33 |  | 2457 |  | —<br> <sup>(5) (6)</sup> |
| Rubix Foods, LLC | Food Products | 8.42% | S + 4.75% | 04/30/31 |  | 13050 | 12935 | 12789<br> <sup>(5) (7)</sup> |
| Rubix Foods, LLC | Food Products |  | S + 4.75% | 04/30/31 |  | 1015 | (9) | (20) <sup>(5) (6) (7)</sup> |
| Tropical Bidco, LLC (dba Tropical Cheese) | Food Products | 8.45% | S + 4.75% | 12/11/30 |  | 9964 | 9834 | 9864<br> <sup>(5) (7)</sup> |
| Tropical Bidco, LLC (dba Tropical Cheese) | Food Products |  | S + 4.75% | 12/11/30 |  | 1158 | (14) | (12) <sup>(5) (6) (7)</sup> |
| SpecialtyCare, Inc. | Health Care Providers & Services | 8.66% | S + 5.00% | 12/18/29 |  | 25221 | 25171 | 25095<br> <sup>(5) (7)</sup> |
| SpecialtyCare, Inc. | Health Care Providers & Services |  | S + 5.00% | 12/18/29 |  | 1777 | (6) | (9) <sup>(5) (6) (7)</sup> |
| SpecialtyCare, Inc. | Health Care Providers & Services | 8.67% | S + 5.00% | 12/18/29 |  | 875 | 222 | 223<br> <sup>(5) (6) (7)</sup> |
| Businessolver.com, Inc. | Health Care Technology | 8.20% | S + 4.50% | 12/03/32 |  | 21815 | 21776 | 21542<br> <sup>(5) (7)</sup> |
| Businessolver.com, Inc. | Health Care Technology |  | S + 4.50% | 12/03/32 |  | 3267 | (8) | (41) <sup>(5) (6) (7)</sup> |
| Businessolver.com, Inc. | Health Care Technology |  | S + 4.50% | 12/03/32 |  | 1455 | (7) | (18) <sup>(5) (6) (7)</sup> |
| Octane Purchaser, Inc. (dba Office Ally) | Health Care Technology | 7.92% | S + 4.25% | 05/19/32 |  | 2139 | 2130 | 2113<br> <sup>(5) (7)</sup> |
| Octane Purchaser, Inc. (dba Office Ally) | Health Care Technology |  | S + 4.25% | 05/19/32 |  | 1126 |  | (14) <sup>(5) (6) (7)</sup> |
| Octane Purchaser, Inc. (dba Office Ally) | Health Care Technology |  | S + 4.25% | 05/19/32 |  | 500 |  | —<br> <sup>(5) (6)</sup> |
| Octane Purchaser, Inc. (dba Office Ally) | Health Care Technology |  | S + 4.25% | 05/19/32 |  | 450 | (2) | (6) <sup>(5) (6) (7)</sup> |
| PDDS Holdco, Inc. (dba Planet DDS) | Health Care Technology | 9.63% | S + 6.00% | 09/30/31 |  | 11517 | 11409 | 11286<br> <sup>(5) (7)</sup> |
| PDDS Holdco, Inc. (dba Planet DDS) | Health Care Technology |  | S + 6.00% | 09/30/31 |  | 1645 | (15) | (33) <sup>(5) (6) (7)</sup> |
| CURiO Brands LLC | Household Products | 8.70% | S + 5.00% | 04/02/31 |  | 5478 | 5430 | 5423<br> <sup>(5) (7)</sup> |
| CURiO Brands LLC | Household Products |  | S + 5.00% | 04/02/31 |  | 897 | (4) | (9) <sup>(5) (6) (7)</sup> |
| CURiO Brands LLC | Household Products |  | S + 5.00% | 04/02/31 |  | 449 | (4) | (4) <sup>(5) (6) (7)</sup> |
| AQ Sunshine, Inc. (dba Relation Insurance) | Insurance |  | S + 4.50% | 07/24/33 |  | 19390 |  | —<br> <sup>(5) (6)</sup> |
| AQ Sunshine, Inc. (dba Relation Insurance) | Insurance |  | S + 4.50% | 07/24/33 |  | 4628 |  | —<br> <sup>(5) (6)</sup> |
| AQ Sunshine, Inc. (dba Relation Insurance) | Insurance |  | S + 4.50% | 07/24/32 |  | 2314 |  | —<br> <sup>(5) (6)</sup> |
| Ark Data Centers, LLC | IT Services | 8.45% | S + 4.75% | 11/27/30 |  | 15867 | 15607 | 15311<br> <sup>(5) (7)</sup> |
| Ark Data Centers, LLC | IT Services | 8.41% | S + 4.75% | 11/27/30 |  | 9333 | 2055 | 1820<br> <sup>(5) (6) (7)</sup> |
| Ark Data Centers, LLC | IT Services | 8.45% | S + 4.75% | 11/27/30 |  | 2800 | 2289 | 2235<br> <sup>(5) (6) (7)</sup> |
| Wellness AcquisitionCo, Inc. (dba SPINS) | IT Services | 8.45% | S + 4.75% | 01/22/29 |  | 4809 | 4799 | 4761<br> <sup>(5) (7)</sup> |
| Wellness AcquisitionCo, Inc. (dba SPINS) | IT Services | 8.45% | S + 4.75% | 01/22/29 |  | 2167 | 2157 | 2146<br> <sup>(5) (7)</sup> |
| Wellness AcquisitionCo, Inc. (dba SPINS) | IT Services |  | S + 4.75% | 01/22/29 |  | 550 | (1) | (5) <sup>(5) (6) (7)</sup> |
| Wellness AcquisitionCo, Inc. (dba SPINS) | IT Services | 8.45% | S + 4.75% | 01/22/29 |  | 461 | 456 | 456<br> <sup>(5) (7)</sup> |
| Wellness AcquisitionCo, Inc. (dba SPINS) | IT Services | 8.45% | S + 4.75% | 01/22/29 |  | 377 | 374 | 373<br> <sup>(5) (7)</sup> |
| Ideal Components Acquisition, LLC (dba Ideal Tridon) | Machinery | 8.70% | S + 5.00% | 06/30/32 |  | 7283 | 7216 | 7210<br> <sup>(5) (7)</sup> |
| Ideal Components Acquisition, LLC (dba Ideal Tridon) | Machinery |  | S + 5.00% | 06/30/32 |  | 1344 | (6) | (13) <sup>(5) (6) (7)</sup> |
| Ideal Components Acquisition, LLC (dba Ideal Tridon) | Machinery | 8.67% | S + 5.00% | 06/30/32 |  | 1120 | 139 | 138<br> <sup>(5) (6) (7)</sup> |
| Rotation Buyer, LLC (dba Rotating Machinery Services) | Machinery | 8.45% | S + 4.75% | 12/26/31 |  | 11011 | 10916 | 10873<br> <sup>(5) (7)</sup> |
| Rotation Buyer, LLC (dba Rotating Machinery Services) | Machinery | 8.42% | S + 4.75% | 12/26/31 |  | 2845 | 688 | 667<br> <sup>(5) (6) (7)</sup> |

---

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

------

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

**West Bay BDC LLC**

**Schedule of Investments as of March 31, 2026 (continued)**

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

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment** <sup>(1)</sup> | **Industry** <sup>(2)</sup> | **Interest<br>Rate** <sup>(3)</sup> | **Reference Rate and<br>Spread** <sup>(3)</sup> | **Maturity** | **Par/Shares**<sup>(4)</sup> | **Par/Shares**<sup>(4)</sup> | **Cost** | **Fair<br>Value** |
| Rotation Buyer, LLC (dba Rotating Machinery Services) | Machinery | 8.45% | S + 4.75% | 12/26/31 | $— | 1426 | $336 | $330<br> <sup>(5) (6) (7)</sup> |
| Atwell, LLC | Professional Services |  | S + 4.75% | 04/25/33 |  | 1899 |  | —<br> <sup>(5) (6)</sup> |
| Atwell, LLC | Professional Services |  | S + 4.75% | 04/25/33 |  | 563 |  | —<br> <sup>(5) (6)</sup> |
| Atwell, LLC | Professional Services |  | S + 4.75% | 04/25/33 |  | 300 |  | —<br> <sup>(5) (6)</sup> |
| PAS Parent Inc. (dba Pace Analytical) | Professional Services | 8.17% | S + 4.50% | 08/18/32 |  | 15886 | 15793 | 15767<br> <sup>(5) (7)</sup> |
| PAS Parent Inc. (dba Pace Analytical) | Professional Services |  | S + 4.50% | 08/18/32 |  | 8581 | (39) | (64) <sup>(5) (6) (7)</sup> |
| PAS Parent Inc. (dba Pace Analytical) | Professional Services |  | S + 4.50% | 08/18/31 |  | 3428 | (28) | (26) <sup>(5) (6) (7)</sup> |
| Accommodations Plus Technologies LLC | Software | 8.94% | S + 5.25% | 05/28/32 |  | 9685 | 9578 | 9540<br> <sup>(5) (7)</sup> |
| Accommodations Plus Technologies LLC | Software | 8.94% | S + 5.25% | 05/28/32 |  | 9419 | 9315 | 9278<br> <sup>(5) (7)</sup> |
| Accommodations Plus Technologies LLC | Software |  | S + 5.25% | 05/28/32 |  | 1845 | (17) | (28) <sup>(5) (6) (7)</sup> |
| Apple Bidco Holdings, Inc. (dba Raptor Technologies) | Software | 8.20% | S + 4.50% | 01/22/33 |  | 14713 | 14641 | 14529<br> <sup>(5) (7)</sup> |
| Apple Bidco Holdings, Inc. (dba Raptor Technologies) | Software |  | S + 4.50% | 01/22/33 |  | 4401 | (11) | (55) <sup>(5) (6) (7)</sup> |
| Apple Bidco Holdings, Inc. (dba Raptor Technologies) | Software | 8.20% | S + 4.50% | 01/22/33 |  | 1886 | 305 | 291<br> <sup>(5) (6) (7)</sup> |
| Convenient Payments Acquisition, Inc. | Software | 9.67% | S + 6.00% | 12/31/26 |  | 2531 | 2522 | 2506<br> <sup>(5) (7)</sup> |
| Convenient Payments Acquisition, Inc. | Software | 9.67% | S + 6.00% | 12/31/26 |  | 330 | 328 | 326<br> <sup>(5) (7)</sup> |
| Convenient Payments Acquisition, Inc. | Software |  | S + 6.00% | 12/31/26 |  | 197 | (1) | (2) <sup>(5) (6) (7)</sup> |
| Edition Holdings, Inc. (dba Enverus) | Software | 8.17% | S + 4.50% | 12/20/32 |  | 21612 | 21534 | 21396<br> <sup>(5) (7)</sup> |
| Edition Holdings, Inc. (dba Enverus) | Software |  | S + 4.50% | 12/20/32 |  | 4512 | (8) | (45) <sup>(5) (6) (7)</sup> |
| Edition Holdings, Inc. (dba Enverus) | Software |  | S + 4.50% | 12/20/32 |  | 1876 | (7) | (19) <sup>(5) (6) (7)</sup> |
| HighLevel, Inc. | Software | 8.17% | S + 4.50% | 02/23/33 |  | 23579 | 23462 | 23461<br> <sup>(5)</sup> |
| HighLevel, Inc. | Software |  | S + 4.50% | 02/23/33 |  | 3371 | (17) | (17) <sup>(5) (6)</sup> |
| HighLevel, Inc. | Software |  | S + 4.50% | 02/23/33 |  | 1050 | (5) | (5) <sup>(5) (6)</sup> |
| KPA Parent Holdings, Inc. | Software | 8.17% | S + 4.50% | 03/12/32 |  | 10214 | 10123 | 10060<br> <sup>(5) (7)</sup> |
| KPA Parent Holdings, Inc. | Software |  | S + 4.50% | 03/12/32 |  | 1459 | (6) | (22) <sup>(5) (6) (7)</sup> |
| KPA Parent Holdings, Inc. | Software |  | S + 4.50% | 03/12/32 |  | 1021 | (9) | (15) <sup>(5) (6) (7)</sup> |
| Lobos Parent, Inc. (dba NEOGOV) | Software | 8.20% | S + 4.50% | 09/27/32 |  | 13188 | 13095 | 12891<br> <sup>(5) (7)</sup> |
| Lobos Parent, Inc. (dba NEOGOV) | Software |  | S + 4.50% | 09/27/32 |  | 3059 | (11) | (69) <sup>(5) (6) (7)</sup> |
| Lobos Parent, Inc. (dba NEOGOV) | Software |  | S + 4.50% | 09/26/31 |  | 1585 | (11) | (36) <sup>(5) (6) (7)</sup> |
| Lobos Parent, Inc. (dba NEOGOV) | Software |  | S + 4.50% | 09/26/31 |  | 713 | (5) | (16) <sup>(5) (6) (7)</sup> |
| ML Holdco, LLC (dba MeridianLink) | Software | 8.17% | S + 4.50% | 10/25/32 |  | 6405 | 6375 | 6341<br> <sup>(5) (7)</sup> |
| ML Holdco, LLC (dba MeridianLink) | Software |  | S + 4.50% | 10/25/32 |  | 1666 | (4) | (17) <sup>(5) (6) (7)</sup> |
| One, Inc. Software Corporation | Software | 8.20% | S + 4.50% | 12/06/32 |  | 14875 | 14731 | 14652<br> <sup>(5) (7)</sup> |
| One, Inc. Software Corporation | Software |  | S + 4.50% | 12/06/32 |  | 2861 | (14) | (43) <sup>(5) (6) (7)</sup> |
| One, Inc. Software Corporation | Software |  | S + 4.50% | 12/06/32 |  | 1144 | (11) | (17) <sup>(5) (6) (7)</sup> |
| Onward AcquireCo, Inc. (dba OneStream) | Software |  | S + 4.75% | 04/01/33 |  | 15625 |  | —<br> <sup>(5) (6)</sup> |
| Onward AcquireCo, Inc. (dba OneStream) | Software |  | S + 4.75% | 04/01/33 |  | 6696 |  | —<br> <sup>(5) (6)</sup> |
| Onward AcquireCo, Inc. (dba OneStream) | Software |  | S + 4.75% | 04/01/33 |  | 2790 |  | —<br> <sup>(5) (6)</sup> |

---

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

------

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

**West Bay BDC LLC**

**Schedule of Investments as of March 31, 2026 (continued)**

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

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment** <sup>(1)</sup> | **Industry** <sup>(2)</sup> | **Interest<br>Rate** <sup>(3)</sup> | **Reference Rate and<br>Spread** <sup>(3)</sup> | **Maturity** | **Par/Shares**<sup>(4)</sup> | **Par/Shares**<sup>(4)</sup> | **Cost** | **Fair<br>Value** |
| Sundance Group Holdings, Inc. (dba NetDocuments) | Software | 8.45% | S + 4.75% | 07/02/29 | $— | 10059 | $10036 | $9934<br> <sup>(5) (7)</sup> |
| Sundance Group Holdings, Inc. (dba NetDocuments) | Software | 8.45% | S + 4.75% | 07/02/29 |  | 5450 | 5420 | 5382<br> <sup>(5) (7)</sup> |
| Sundance Group Holdings, Inc. (dba NetDocuments) | Software |  | S + 4.75% | 07/02/29 |  | 606 | (3) | (8) <sup>(5) (6) (7)</sup> |
| AAG KP Borrower LLC (dba KUIU) | Textiles, Apparel & Luxury Goods | 8.67% | S + 5.00% | 12/05/31 |  | 11490 | 11311 | 11318<br> <sup>(5) (7)</sup> |
| AAG KP Borrower LLC (dba KUIU) | Textiles, Apparel & Luxury Goods | 8.67% | S + 5.00% | 12/05/31 |  | 1556 | 714 | 713<br> <sup>(5) (6) (7)</sup> |
| AAG KP Borrower LLC (dba KUIU) | Textiles, Apparel & Luxury Goods |  | S + 5.00% | 12/05/31 |  | 126 | (2) | (2) <sup>(5) (6) (7)</sup> |
| TL Sapphire Holdings, Inc. (dba SouthernCarlson) | Trading Companies & Distributors | 8.67% | S + 5.00% | 01/24/33 |  | 6211 | 6151 | 6149<br> <sup>(5)</sup> |
| TL Sapphire Holdings, Inc. (dba SouthernCarlson) | Trading Companies & Distributors | 8.67% | S + 5.00% | 01/24/33 |  | 1090 | 515 | 518<br> <sup>(5) (6)</sup> |
| TL Sapphire Holdings, Inc. (dba SouthernCarlson) | Trading Companies & Distributors | 10.75% | P + 4.00% | 01/24/33 |  | 1046 | 87 | 86<br> <sup>(5) (6)</sup> |
| TL Sapphire Holdings, Inc. (dba SouthernCarlson) | Trading Companies & Distributors |  | S + 5.00% | 01/24/33 |  | 262 | (3) | (3) <sup>(5) (6)</sup> |
| UFT Buyer LLC (dba United Flow Technologies) | Trading Companies & Distributors | 8.70% | S + 5.00% (Incl. 2.75% PIK) | 12/06/32 |  | 5248 | 5198 | 5183<br> <sup>(5) (7)</sup> |
| UFT Buyer LLC (dba United Flow Technologies) | Trading Companies & Distributors | 8.20% | S + 4.50% | 12/06/32 |  | 1909 | 212 | 199<br> <sup>(5) (6) (7)</sup> |
| UFT Buyer LLC (dba United Flow Technologies) | Trading Companies & Distributors | 8.17% | S + 4.50% | 12/06/32 |  | 716 | 41 | 39<br> <sup>(5) (6) (7)</sup> |
| Airwavz Solutions, Inc. | Wireless Telecommunication Services | 9.02% | S + 5.25% | 03/31/27 |  | 1965 | 1093 | 1086<br> <sup>(5) (6) (7)</sup> |
| Airwavz Solutions, Inc. | Wireless Telecommunication Services | 9.02% | S + 5.25% | 03/31/27 |  | 1960 | 1948 | 1940<br> <sup>(5) (7)</sup> |
| Airwavz Solutions, Inc. | Wireless Telecommunication Services | 9.02% | S + 5.25% | 03/31/27 |  | 1960 | 1948 | 1940<br> <sup>(5) (7)</sup> |
| Airwavz Solutions, Inc. | Wireless Telecommunication Services | 9.02% | S + 5.25% | 03/31/27 |  | 1225 | 1218 | 1213<br> <sup>(5) (7)</sup> |
| Airwavz Solutions, Inc. | Wireless Telecommunication Services |  | S + 5.25% | 03/31/27 |  | 246 | (1) | (2) <sup>(5) (6) (7)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total 1st Lien/Senior Secured Debt** |  |  |  |  |  |  | 481568 | 478080 |
| **2nd Lien/Senior Secured Debt - 0.0%** |  |  |  |  |  |  |  |  |
| Tiger Acquisition, LLC (dba Sabre Industries) | Wireless Telecommunication Services |  | S + 5.25% | 05/01/34 | $— | 16222 | $— | $—<br> <sup>(5) (6)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total 2nd Lien/Senior Secured Debt** |  |  |  |  |  |  | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total United States** |  |  |  |  |  |  | $**481568** | $**478080** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Debt Investments** |  |  |  |  |  |  | $**481568** | $**478080** |
| &nbsp;&nbsp;&nbsp;**Investments in Affiliated Money Market Fund - 2.1%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**United States - 2.1%** |  |  |  |  |  |  |  |  |
| Goldman Sachs Financial Square Government Fund - Institutional Shares |  |  |  |  |  | 5328554 | $5329 | $5329<br> <sup>(8) (9)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total United States** |  |  |  |  |  |  | $**5329** | $**5329** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments in Affiliated Money Market Fund** |  |  |  |  |  |  | $5329 | $5329 |
| **Total Investments and Investments in Affiliated Money Market Fund - 190.5%** |  |  |  |  |  |  | $**486897** | $**483409** |

---

------

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

**West Bay BDC LLC**

**Schedule of Investments as of March 31, 2026 (continued)**

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

**(Unaudited)**

<sup>(1)</sup> Percentages are based on members' capital.

<sup>(2)</sup> For Industry subtotal and percentage, see Note 4 "Investments."

<sup>(3)</sup> Represents the actual interest rate for partially or fully funded debt in effect as of the reporting date. Certain investments are subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by the larger of the floor or the reference to either SOFR, including SOFR adjustment, if any, ("S") or alternate base rate (commonly based on the U.S. Prime Rate ("P"), at the borrower's option, which reset periodically based on the terms of the credit agreement. S loans are typically indexed to 12 month, 6 month, 3 month or 1 month S rates. As of March 31, 2026, 1 month S was 3.66%, 3 month S was 3.68%, 6 month S was 3.70% and P was 6.75%. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at March 31, 2026.

<sup>(4)</sup> Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars ("$" or "USD").

<sup>(5)</sup> Represents co-investments made with the Company's affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission (the "SEC"). See Note 3 "Significant Agreements and Related Party Transactions".

<sup>(6)</sup> Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value, if applicable, is the result of the capitalized discount on the loan. See Note 7 "Commitments and Contingencies".

<sup>(7)</sup> The fair value of the investment was determined using significant unobservable inputs. See Note 5 "Fair Value Measurement".

<sup>(8)</sup> The investment is otherwise deemed to be an "affiliated person" of the Company. See Note 3 "Significant Agreements and Related Party Transactions".

---

| | |
|:---|:---|
| <sup>(9)</sup> | The annualized seven-day yield as of March 31, 2026 is 3.56%. |
|  | PIK – Payment-In-Kind |

---

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

------

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

**West Bay BDC LLC**

**Schedule of Investments as of December 31, 2025**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<sup>(1)</sup> | **Industry**<sup>(2)</sup> | **Interest<br>Rate**<sup>(3)</sup> | **Reference Rate and<br>Spread**<sup>(3)</sup> | **Maturity** | **Par/Shares**<sup>(4)</sup> | **Cost** | **Fair<br>Value** |
| **Debt Investments - 210.4%** |  |  |  |  |  |  |  |
| **United States - 210.4%** |  |  |  |  |  |  |  |
| **1st Lien/Senior Secured Debt - 210.4%** |  |  |  |  |  |  |  |
| PPW Aero Buyer, Inc. (dba Pursuit Aerospace) | Aerospace & Defense | 8.67% | S + 5.00% | 09/30/31 | $5702 | $5647 | $5673<br> <sup>(5) (6)</sup> |
| PPW Aero Buyer, Inc. (dba Pursuit Aerospace) | Aerospace & Defense |  | S + 5.00% | 09/30/31 | 2303 | (11) | (12) <sup>(5) (6) (7)</sup> |
| PPW Aero Buyer, Inc. (dba Pursuit Aerospace) | Aerospace & Defense |  | S + 5.00% | 09/30/31 | 1356 | (13) | (7) <sup>(5) (6) (7)</sup> |
| eShipping, LLC | Air Freight & Logistics | 8.19% | S + 4.50% | 12/23/32 | 8434 | 8392 | 8391<br> <sup>(5)</sup> |
| eShipping, LLC | Air Freight & Logistics |  | S + 4.50% | 12/23/32 | 3183 | (8) | (8) <sup>(5) (7)</sup> |
| eShipping, LLC | Air Freight & Logistics | 8.19% | S + 4.50% | 12/23/32 | 1029 | 124 | 123<br> <sup>(5) (7)</sup> |
| eShipping, LLC | Air Freight & Logistics |  | S + 4.50% | 12/23/32 | 562 | (3) | (3) <sup>(5) (7)</sup> |
| Zeppelin US Buyer Inc. (dba Global Critical Logistics) | Air Freight & Logistics | 8.42% | S + 4.75% | 08/02/32 | 7394 | 7323 | 7320<br> <sup>(5)</sup> |
| Zeppelin US Buyer Inc. (dba Global Critical Logistics) | Air Freight & Logistics |  | S + 4.75% | 08/02/32 | 2263 | (11) | (11) <sup>(5) (7)</sup> |
| Zeppelin US Buyer Inc. (dba Global Critical Logistics) | Air Freight & Logistics |  | S + 4.75% | 07/30/32 | 881 | (8) | (9) <sup>(5) (7)</sup> |
| Zeppelin US Buyer Inc. (dba Global Critical Logistics) | Air Freight & Logistics |  | S + 4.75% | 08/02/32 | 251 | (2) | (3) <sup>(5) (7)</sup> |
| Edko, LLC | Commercial Services & Supplies | 8.42% | S + 4.75% | 10/02/31 | 11900 | 11785 | 11781<br> <sup>(5)</sup> |
| Edko, LLC | Commercial Services & Supplies |  | S + 4.75% | 10/02/31 | 4231 | (20) | (21) <sup>(5) (7)</sup> |
| Edko, LLC | Commercial Services & Supplies |  | S + 4.75% | 10/02/31 | 2116 | (20) | (21) <sup>(5) (7)</sup> |
| EnviroSmart, LLC (dba ES Integrated) | Commercial Services & Supplies | 8.44% | S + 4.75% | 09/24/31 | 2931 | 2896 | 2902<br> <sup>(5) (6)</sup> |
| EnviroSmart, LLC (dba ES Integrated) | Commercial Services & Supplies | 8.55% | S + 4.75% | 09/24/31 | 1679 | 526 | 529<br> <sup>(5) (6) (7)</sup> |
| EnviroSmart, LLC (dba ES Integrated) | Commercial Services & Supplies | 8.74% | S + 4.75% | 09/24/31 | 840 | 158 | 159<br> <sup>(5) (6) (7)</sup> |
| Frontline Road Safety Operations, LLC | Commercial Services & Supplies | 8.47% | S + 4.75% (Incl. 2.00% PIK) | 03/04/32 | 16616 | 16468 | 16449<br> <sup>(5) (6)</sup> |
| Frontline Road Safety Operations, LLC | Commercial Services & Supplies | 8.47% | S + 4.75% (Incl. 2.00% PIK) | 03/04/32 | 4875 | 4830 | 4827<br> <sup>(5) (6)</sup> |
| Frontline Road Safety Operations, LLC | Commercial Services & Supplies | 8.47% | S + 4.75% (Incl. 2.00% PIK) | 03/04/32 | 4144 | 4106 | 4102<br> <sup>(5) (6)</sup> |
| Frontline Road Safety Operations, LLC | Commercial Services & Supplies |  | S + 4.75% (Incl. 2.00% PIK) | 03/04/32 | 2790 | (25) | (28) <sup>(5) (6) (7)</sup> |
| Kene Acquisition, Inc. (dba Entrust) | Commercial Services & Supplies | 8.42% | S + 4.75% | 12/17/32 | 15468 | 15420 | 15419<br> <sup>(5)</sup> |
| Kene Acquisition, Inc. (dba Entrust) | Commercial Services & Supplies | 8.42% | S + 4.75% | 12/17/32 | 4454 | 4430 | 4429<br> <sup>(5)</sup> |
| Kene Acquisition, Inc. (dba Entrust) | Commercial Services & Supplies |  | S + 4.75% | 12/17/32 | 2922 | (10) | (10) <sup>(5) (7)</sup> |
| Kene Acquisition, Inc. (dba Entrust) | Commercial Services & Supplies | 8.42% | S + 4.75% | 12/17/32 | 2741 | 2713 | 2713<br> <sup>(5)</sup> |
| Kene Acquisition, Inc. (dba Entrust) | Commercial Services & Supplies | 8.44% | S + 4.75% | 12/17/32 | 1142 | 199 | 199<br> <sup>(5) (7)</sup> |
| Kene Acquisition, Inc. (dba Entrust) | Commercial Services & Supplies |  | S + 4.75% | 12/17/32 | 817 | (5) | (5) <sup>(5) (7)</sup> |
| Kene Acquisition, Inc. (dba Entrust) | Commercial Services & Supplies | 8.44% | S + 4.75% | 12/17/32 | 417 | 71 | 71<br> <sup>(5) (7)</sup> |
| Saber Parent Holdings Corp. (dba Service Logic) | Commercial Services & Supplies | 8.21% | S + 4.50% | 12/16/32 | 7613 | 7575 | 7574<br> <sup>(5)</sup> |
| Saber Parent Holdings Corp. (dba Service Logic) | Commercial Services & Supplies |  | S + 4.50% | 12/16/32 | 2100 | (5) | (5) <sup>(5) (7)</sup> |
| Saber Parent Holdings Corp. (dba Service Logic) | Commercial Services & Supplies |  | S + 4.50% | 12/16/32 | 1050 | (5) | (5) <sup>(5) (7)</sup> |
| Wildcat Solutions Holdings, LLC (dba O6 Environmental) | Commercial Services & Supplies | 8.51% | S + 4.75% | 08/05/32 | 3373 | 3341 | 3340<br> <sup>(5) (6)</sup> |
| Wildcat Solutions Holdings, LLC (dba O6 Environmental) | Commercial Services & Supplies |  | S + 4.75% | 08/05/32 | 1030 | (5) | (10) <sup>(5) (6) (7)</sup> |
| Wildcat Solutions Holdings, LLC (dba O6 Environmental) | Commercial Services & Supplies |  | S + 4.75% | 08/05/32 | 901 | (9) | (9) <sup>(5) (6) (7)</sup> |
| Curriculum Associates, LLC | Diversified Consumer Services | 8.47% | S + 4.75% | 05/07/32 | 16902 | 16805 | 16818<br> <sup>(5)</sup> |
| Curriculum Associates, LLC | Diversified Consumer Services | 8.49% | S + 4.75% | 05/07/32 | 11098 | 6607 | 6603<br> <sup>(5) (7)</sup> |
| Splash Car Wash, Inc. | Diversified Consumer Services | 8.67% | S + 5.00% | 03/17/32 | 8591 | 8536 | 8527<br> <sup>(5) (6)</sup> |
| Splash Car Wash, Inc. | Diversified Consumer Services |  | S + 5.00% | 03/17/31 | 1339 | (9) | (10) <sup>(5) (6) (7)</sup> |

---

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

------

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

**West Bay BDC LLC**

**Schedule of Investments as of December 31, 2025 (continued)** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment** <sup>(1)</sup> | **Industry** <sup>(2)</sup> | **Interest<br>Rate** <sup>(3)</sup> | **Reference Rate and<br>Spread** <sup>(3)</sup> | **Maturity** | **Par/Shares**<sup>(4)</sup> | **Par/Shares**<sup>(4)</sup> | **Cost** | **Fair<br>Value** |
| Splash Car Wash, Inc. | Diversified Consumer Services |  | S + 5.00% | 03/17/32 | $— | 857 | $(7) | $(6) <sup>(5) (6) (7)</sup> |
| BCTO Bluebill Buyer, Inc. (dba Ren) | Financial Services | 8.34% | S + 4.50% | 07/30/32 |  | 9099 | 9012 | 9008<br> <sup>(5) (6)</sup> |
| BCTO Bluebill Buyer, Inc. (dba Ren) | Financial Services |  | S + 4.50% | 07/30/32 |  | 1137 | (11) | (11) <sup>(5) (6) (7)</sup> |
| Celero Commerce LLC | Financial Services | 8.70% | S + 5.00% | 02/28/31 |  | 7786 | 7734 | 7728<br> <sup>(5) (6)</sup> |
| Celero Commerce LLC | Financial Services | 8.60% | S + 5.00% | 02/28/31 |  | 1854 | 211 | 204<br> <sup>(5) (6) (7)</sup> |
| Celero Commerce LLC | Financial Services |  | S + 5.00% | 02/28/31 |  | 618 | (4) | (5) <sup>(5) (6) (7)</sup> |
| Computer Services, Inc. | Financial Services | 8.17% | S + 4.50% | 11/17/31 |  | 21076 | 21073 | 21073<br> <sup>(5)</sup> |
| Computer Services, Inc. | Financial Services |  | S + 4.50% | 11/17/31 |  | 2151 | (5) | (5) <sup>(5) (7)</sup> |
| Computer Services, Inc. | Financial Services |  | S + 4.50% | 11/17/31 |  | 1336 | (3) | (3) <sup>(5) (7)</sup> |
| Fullsteam Operations LLC | Financial Services | 9.11% | S + 5.25% | 08/08/31 |  | 13384 | 13257 | 13251<br> <sup>(5) (6)</sup> |
| Fullsteam Operations LLC | Financial Services |  | S + 5.25% | 08/08/31 |  | 4461 | (21) | (45) <sup>(5) (6) (7)</sup> |
| Fullsteam Operations LLC | Financial Services |  | S + 5.25% | 08/08/31 |  | 1487 | (14) | (15) <sup>(5) (6) (7)</sup> |
| Rubix Foods, LLC | Food Products | 8.47% | S + 4.75% | 04/30/31 |  | 13082 | 12963 | 12952<br> <sup>(5)</sup> |
| Rubix Foods, LLC | Food Products |  | S + 4.75% | 04/30/31 |  | 1015 | (9) | (10) <sup>(5) (7)</sup> |
| Tropical Bidco, LLC (dba Tropical Cheese) | Food Products | 8.42% | S + 4.75% | 12/11/30 |  | 6991 | 6900 | 6921<br> <sup>(5) (6)</sup> |
| Tropical Bidco, LLC (dba Tropical Cheese) | Food Products |  | S + 4.75% | 12/11/30 |  | 1158 | (14) | (12) <sup>(5) (6) (7)</sup> |
| SpecialtyCare, Inc. | Health Care Providers & Services | 8.99% | S + 5.00% | 12/18/29 |  | 25285 | 25231 | 25158<br> <sup>(5) (6)</sup> |
| SpecialtyCare, Inc. | Health Care Providers & Services |  | S + 5.00% | 12/18/29 |  | 1777 | (6) | (9) <sup>(5) (6) (7)</sup> |
| SpecialtyCare, Inc. | Health Care Providers & Services | 8.84% | S + 5.00% | 12/18/29 |  | 876 | 222 | 223<br> <sup>(5) (6) (7)</sup> |
| Businessolver.com, Inc. | Health Care Technology | 8.17% | S + 4.50% | 12/03/32 |  | 21815 | 21775 | 21775<br> <sup>(5)</sup> |
| Businessolver.com, Inc. | Health Care Technology |  | S + 4.50% | 12/03/32 |  | 3267 | (8) | (8) <sup>(5) (7)</sup> |
| Businessolver.com, Inc. | Health Care Technology |  | S + 4.50% | 12/03/32 |  | 1455 | (7) | (7) <sup>(5) (7)</sup> |
| Octane Purchaser, Inc. (dba Office Ally) | Health Care Technology | 7.97% | S + 4.25% | 05/19/32 |  | 2139 | 2129 | 2129<br> <sup>(5)</sup> |
| Octane Purchaser, Inc. (dba Office Ally) | Health Care Technology |  | S + 4.25% | 05/19/32 |  | 1126 |  | (6) <sup>(5) (7)</sup> |
| Octane Purchaser, Inc. (dba Office Ally) | Health Care Technology |  | S + 4.25% | 05/19/32 |  | 450 | (2) | (2) <sup>(5) (7)</sup> |
| PDDS Holdco, Inc. (dba Planet DDS) | Health Care Technology | 9.72% | S + 6.00% | 09/30/31 |  | 11517 | 11405 | 11401<br> <sup>(5) (6)</sup> |
| PDDS Holdco, Inc. (dba Planet DDS) | Health Care Technology |  | S + 6.00% | 09/30/31 |  | 1645 | (16) | (17) <sup>(5) (6) (7)</sup> |
| CURiO Brands LLC | Household Products | 8.92% | S + 5.25% | 04/02/31 |  | 5492 | 5442 | 5437<br> <sup>(5)</sup> |
| CURiO Brands LLC | Household Products |  | S + 5.25% | 04/02/31 |  | 897 | (4) | (9) <sup>(5) (7)</sup> |
| CURiO Brands LLC | Household Products |  | S + 5.25% | 04/02/31 |  | 449 | (4) | (5) <sup>(5) (7)</sup> |
| Ark Data Centers, LLC | IT Services | 8.42% | S + 4.75% | 11/27/30 |  | 15867 | 15596 | 15391<br> <sup>(5) (6)</sup> |
| Ark Data Centers, LLC | IT Services | 8.71% | S + 4.75% | 11/27/30 |  | 9333 | 2050 | 1867<br> <sup>(5) (6) (7)</sup> |
| Ark Data Centers, LLC | IT Services | 8.72% | S + 4.75% | 11/27/30 |  | 2800 | 1260 | 1223<br> <sup>(5) (6) (7)</sup> |
| Wellness AcquisitionCo, Inc. (dba SPINS) | IT Services | 8.42% | S + 4.75% | 01/22/29 |  | 4822 | 4810 | 4798<br> <sup>(5) (6)</sup> |
| Wellness AcquisitionCo, Inc. (dba SPINS) | IT Services |  | S + 4.75% | 01/22/29 |  | 550 | (1) | (3) <sup>(5) (6) (7)</sup> |
| Wellness AcquisitionCo, Inc. (dba SPINS) | IT Services | 8.42% | S + 4.75% | 01/22/29 |  | 462 | 457 | 460<br> <sup>(5) (6)</sup> |
| Wellness AcquisitionCo, Inc. (dba SPINS) | IT Services | 8.42% | S + 4.75% | 01/22/29 |  | 378 | 375 | 376<br> <sup>(5) (6)</sup> |

---

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

------

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

**West Bay BDC LLC**

**Schedule of Investments as of December 31, 2025 (continued)** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment** <sup>(1)</sup> | **Industry** <sup>(2)</sup> | **Interest<br>Rate** <sup>(3)</sup> | **Reference Rate and<br>Spread** <sup>(3)</sup> | **Maturity** | **Par/Shares**<sup>(4)</sup> | **Par/Shares**<sup>(4)</sup> | **Cost** | **Fair<br>Value** |
| Ideal Components Acquisition, LLC (dba Ideal Tridon) | Machinery | 8.67% | S + 5.00% | 06/30/32 | $— | 7301 | $7232 | $7228<br> <sup>(5)</sup> |
| Ideal Components Acquisition, LLC (dba Ideal Tridon) | Machinery |  | S + 5.00% | 06/30/32 |  | 1344 | (6) | (13) <sup>(5) (7)</sup> |
| Ideal Components Acquisition, LLC (dba Ideal Tridon) | Machinery | 8.72% | S + 5.00% | 06/30/32 |  | 1120 | 139 | 138<br> <sup>(5) (7)</sup> |
| Rotation Buyer, LLC (dba Rotating Machinery Services) | Machinery | 8.42% | S + 4.75% | 12/26/31 |  | 11039 | 10941 | 10928<br> <sup>(5) (6)</sup> |
| Rotation Buyer, LLC (dba Rotating Machinery Services) | Machinery | 8.57% | S + 4.75% | 12/26/31 |  | 2847 | 689 | 676<br> <sup>(5) (6) (7)</sup> |
| Rotation Buyer, LLC (dba Rotating Machinery Services) | Machinery | 8.43% | S + 4.75% | 12/26/31 |  | 1426 | 450 | 448<br> <sup>(5) (6) (7)</sup> |
| PAS Parent Inc. (dba Pace Analytical) | Professional Services | 8.22% | S + 4.50% | 08/18/32 |  | 15926 | 15830 | 15847<br> <sup>(5) (6)</sup> |
| PAS Parent Inc. (dba Pace Analytical) | Professional Services |  | S + 4.50% | 08/18/32 |  | 8581 | (41) | (43) <sup>(5) (6) (7)</sup> |
| PAS Parent Inc. (dba Pace Analytical) | Professional Services |  | S + 4.50% | 08/18/31 |  | 3428 | (30) | (17) <sup>(5) (6) (7)</sup> |
| Accommodations Plus Technologies LLC | Software | 8.94% | S + 5.25% | 05/28/32 |  | 9709 | 9599 | 9598<br> <sup>(5)</sup> |
| Accommodations Plus Technologies LLC | Software | 8.94% | S + 5.25% | 05/28/32 |  | 9443 | 9335 | 9335<br> <sup>(5)</sup> |
| Accommodations Plus Technologies LLC | Software |  | S + 5.25% | 05/28/32 |  | 1845 | (18) | (18) <sup>(5) (7)</sup> |
| Apple Bidco Holdings, Inc. (dba Raptor Technologies) | Software |  | S + 4.50% | 12/01/32 |  | 14713 |  | —<br> <sup>(5) (7)</sup> |
| Apple Bidco Holdings, Inc. (dba Raptor Technologies) | Software |  | S + 4.50% | 12/01/32 |  | 4401 |  | —<br> <sup>(5) (7)</sup> |
| Apple Bidco Holdings, Inc. (dba Raptor Technologies) | Software |  | S + 4.50% | 12/01/32 |  | 1886 |  | —<br> <sup>(5) (7)</sup> |
| Convenient Payments Acquisition, Inc. | Software | 9.73% | S + 6.00% | 12/31/26 |  | 2538 | 2525 | 2519<br> <sup>(5) (6)</sup> |
| Convenient Payments Acquisition, Inc. | Software | 9.73% | S + 6.00% | 12/31/26 |  | 330 | 329 | 328<br> <sup>(5) (6)</sup> |
| Convenient Payments Acquisition, Inc. | Software |  | S + 6.00% | 12/31/26 |  | 197 | (1) | (2) <sup>(5) (6) (7)</sup> |
| Edition Holdings, Inc. (dba Enverus) | Software | 8.20% | S + 4.50% | 12/20/32 |  | 18452 | 18383 | 18383<br> <sup>(5)</sup> |
| Edition Holdings, Inc. (dba Enverus) | Software |  | S + 4.50% | 12/20/32 |  | 5002 | (9) | (9) <sup>(5) (7)</sup> |
| Edition Holdings, Inc. (dba Enverus) | Software |  | S + 4.50% | 12/20/32 |  | 2670 | (5) | (5) <sup>(5) (7)</sup> |
| Edition Holdings, Inc. (dba Enverus) | Software |  | S + 4.50% | 12/20/32 |  | 1876 | (7) | (7) <sup>(5) (7)</sup> |
| KPA Parent Holdings, Inc. | Software | 8.22% | S + 4.50% | 03/12/32 |  | 10214 | 10120 | 10111<br> <sup>(5) (6)</sup> |
| KPA Parent Holdings, Inc. | Software |  | S + 4.50% | 03/12/32 |  | 1459 | (7) | (15) <sup>(5) (6) (7)</sup> |
| KPA Parent Holdings, Inc. | Software |  | S + 4.50% | 03/12/32 |  | 1021 | (9) | (10) <sup>(5) (6) (7)</sup> |
| Lobos Parent, Inc. (dba NEOGOV) | Software | 8.17% | S + 4.50% | 09/27/32 |  | 13077 | 12982 | 12979<br> <sup>(5) (6)</sup> |
| Lobos Parent, Inc. (dba NEOGOV) | Software |  | S + 4.50% | 09/27/32 |  | 3170 | (11) | (24) <sup>(5) (6) (7)</sup> |
| Lobos Parent, Inc. (dba NEOGOV) | Software |  | S + 4.50% | 09/26/31 |  | 1585 | (11) | (12) <sup>(5) (6) (7)</sup> |
| Lobos Parent, Inc. (dba NEOGOV) | Software |  | S + 4.50% | 09/26/31 |  | 713 | (5) | (5) <sup>(5) (6) (7)</sup> |
| ML Holdco, LLC (dba MeridianLink) | Software | 8.37% | S + 4.50% | 10/25/32 |  | 6405 | 6374 | 6373<br> <sup>(5)</sup> |
| ML Holdco, LLC (dba MeridianLink) | Software |  | S + 4.50% | 10/25/32 |  | 1666 | (4) | (4) <sup>(5) (7)</sup> |
| One, Inc. Software Corporation | Software | 8.26% | S + 4.50% | 12/06/32 |  | 14875 | 14727 | 14726<br> <sup>(5)</sup> |
| One, Inc. Software Corporation | Software |  | S + 4.50% | 12/06/32 |  | 2861 | (14) | (14) <sup>(5) (7)</sup> |
| One, Inc. Software Corporation | Software |  | S + 4.50% | 12/06/32 |  | 1144 | (11) | (11) <sup>(5) (7)</sup> |
| Sundance Group Holdings, Inc. (dba NetDocuments) | Software |  | S + 4.75% | 07/02/29 |  | 5450 |  | —<br> <sup>(5) (7)</sup> |
| Sundance Group Holdings, Inc. (dba NetDocuments) | Software |  | S + 4.75% | 07/02/29 |  | 606 |  | —<br> <sup>(5) (7)</sup> |
| AAG KP Borrower LLC (dba KUIU) | Textiles, Apparel & Luxury Goods | 8.76% | S + 5.00% | 12/05/31 |  | 12198 | 12001 | 11999<br> <sup>(5)</sup> |

---

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

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**West Bay BDC LLC**

**Schedule of Investments as of December 31, 2025 (continued)** 

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

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment** <sup>(1)</sup> | **Industry** <sup>(2)</sup> | **Interest<br>Rate** <sup>(3)</sup> | **Reference Rate and<br>Spread** <sup>(3)</sup> | **Maturity** | **Par/Shares**<sup>(4)</sup> | **Par/Shares**<sup>(4)</sup> | **Cost** | **Fair<br>Value** |
| AAG KP Borrower LLC (dba KUIU) | Textiles, Apparel & Luxury Goods |  | S + 5.00% | 12/05/31 | $— | 1556 | $(23) | $(23) <sup>(5) (7)</sup> |
| AAG KP Borrower LLC (dba KUIU) | Textiles, Apparel & Luxury Goods |  | S + 5.00% | 12/05/31 |  | 126 | (2) | (2) <sup>(5) (7)</sup> |
| TL Sapphire Holdings, Inc. (dba SouthernCarlson) | Trading Companies & Distributors |  | S + 5.00% | 01/24/33 |  | 6211 |  | —<br> <sup>(5) (7)</sup> |
| TL Sapphire Holdings, Inc. (dba SouthernCarlson) | Trading Companies & Distributors |  | S + 5.00% | 01/24/33 |  | 1308 |  | —<br> <sup>(5) (7)</sup> |
| TL Sapphire Holdings, Inc. (dba SouthernCarlson) | Trading Companies & Distributors |  | S + 5.00% | 01/24/33 |  | 1090 |  | —<br> <sup>(5) (7)</sup> |
| UFT Buyer LLC (dba United Flow Technologies) | Trading Companies & Distributors | 8.27% | S + 4.50% | 12/06/32 |  | 5202 | 5150 | 5150<br> <sup>(5)</sup> |
| UFT Buyer LLC (dba United Flow Technologies) | Trading Companies & Distributors |  | S + 4.50% | 12/06/32 |  | 1909 | (9) | (10) <sup>(5) (7)</sup> |
| UFT Buyer LLC (dba United Flow Technologies) | Trading Companies & Distributors |  | S + 4.50% | 12/06/32 |  | 716 | (7) | (7) <sup>(5) (7)</sup> |
| Airwavz Solutions, Inc. | Wireless Telecommunication Services | 9.07% | S + 5.25% | 03/31/27 |  | 1965 | 919 | 914<br> <sup>(5) (6) (7)</sup> |
| Airwavz Solutions, Inc. | Wireless Telecommunication Services | 9.07% | S + 5.25% | 03/31/27 |  | 1960 | 1945 | 1940<br> <sup>(5) (6)</sup> |
| Airwavz Solutions, Inc. | Wireless Telecommunication Services | 9.07% | S + 5.25% | 03/31/27 |  | 1960 | 1945 | 1940<br> <sup>(5) (6)</sup> |
| Airwavz Solutions, Inc. | Wireless Telecommunication Services | 9.07% | S + 5.25% | 03/31/27 |  | 1225 | 1216 | 1213<br> <sup>(5) (6)</sup> |
| Airwavz Solutions, Inc. | Wireless Telecommunication Services |  | S + 5.25% | 03/31/27 |  | 246 | (2) | (3) <sup>(5) (6) (7)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total 1st Lien/Senior Secured Debt** |  |  |  |  |  |  | 432148 | 431488 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total United States** |  |  |  |  |  |  | $**432148** | $**431488** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Debt Investments** |  |  |  |  |  |  | $**432148** | $**431488** |
| &nbsp;&nbsp;&nbsp;**Investments in Affiliated Money Market Fund - 6.0%** |  |  |  |  |  |  |  |  |
| **United States - 6.0%** |  |  |  |  |  |  |  |  |
| Goldman Sachs Financial Square Government Fund - Institutional Shares |  |  |  |  |  | 12276448 | $12276 | $12276<br> <sup>(8) (9)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total United States** |  |  |  |  |  |  | $**12276** | $**12276** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments in Affiliated Money Market Fund** |  |  |  |  |  |  | $12276 | $12276 |
| **Total Investments and Investments in Affiliated Money Market Fund - 216.4%** |  |  |  |  |  |  | $**444424** | $**443764** |

---

<sup>(1)</sup> Percentages are based on members' capital.

<sup>(2)</sup> For Industry subtotal and percentage, see Note 4 "Investments."

<sup>(3)</sup> Represents the actual interest rate for partially or fully funded debt in effect as of the reporting date. Certain investments are subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by the larger of the floor or the reference to either SOFR, including SOFR adjustment, if any, ("S") at the borrower's option, which reset periodically based on the terms of the credit agreement. S loans are typically indexed to 12 month, 6 month, 3 month or 1 month S rates. As of December 31, 2025, 1 month S was 3.69% , 3 month S was 3.65% and 6 month S was 3.57%. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2025.

<sup>(4)</sup> Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars ("$" or "USD").

<sup>(5)</sup> Represents co-investments made with the Company's affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission (the "SEC"). See Note 3 "Significant Agreements and Related Party Transactions".

<sup>(6)</sup> The fair value of the investment was determined using significant unobservable inputs. See Note 5 "Fair Value Measurement".

<sup>(7)</sup> Position or portion thereof is an unfunded commitment, and no interest is being earned on the unfunded portion. The unfunded commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on a loan. The negative fair value, if applicable, is the result of the capitalized discount on a loan. See Note 7 "Commitments and Contingencies".

<sup>(8)</sup> The investment is otherwise deemed to be an "affiliated person" of the Company. See Note 3 "Significant Agreements and Related Party Transactions".

<sup>(9)</sup> The annualized seven-day yield as of December 31, 2025 is 3.67%.PIK – Payment-In-Kind

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

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**West Bay BDC LLC**

**Notes to the Financial Statements**

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

**(Unaudited)**

**1. ORGANIZATION** 

West Bay BDC LLC (the "Company") is a Delaware limited liability company that was formed on February 26, 2024. The Company has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "Investment Company Act"). In addition, the Company has elected to be treated as a regulated investment company ("RIC"), and the Company expects to qualify annually for tax treatment as a RIC, under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), commencing with its taxable year ended December 31, 2024.

The Company's investment objective is to generate current income and, to a lesser extent, long-term capital appreciation primarily through direct originations of secured debt, including first lien, unitranche, and last-out portions of such loans, second lien debt, unsecured debt, including mezzanine debt, and select equity investments.

Goldman Sachs Asset Management, L.P. ("GSAM"), a Delaware limited partnership and an affiliate of Goldman Sachs & Co. LLC (including its predecessors, "GS & Co."), is the investment adviser (the "Investment Adviser") of the Company. The term "Goldman Sachs" refers to The Goldman Sachs Group, Inc. ("GS Group Inc."), together with GS & Co., GSAM and its other subsidiaries.

The Company is conducting a private offering, in which investors will make a capital commitment (a "Commitment") to purchase common units of the Company's limited liability company interests (the "Units"). Each investor will enter into a subscription agreement with the Company, pursuant to which the investor will agree to purchase Units for an aggregate purchase price equal to its Commitment. Each investor will be required to purchase the Units each time the Company delivers a drawdown notice at least ten business days on which banks are open for business in the state of Qatar ("Qatari Business Days") prior to the required funding date. The private offering and sale of Units will be made in reliance on one or more exemptions from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), including Section 4(a)(2) of the Securities Act and Regulation D and Regulation S under the Securities Act.

On May 1, 2024 (the "Inception Date"), the Company received a capital commitment of $10 from an affiliate of the Investment Adviser (the "Initial Member"). The Initial Member was the sole owner of the Company's interests until the period beginning on the first date on which investors in the Company, other than the Initial Member, were required to make the initial capital contributions to purchase Units, and Units were issued in respect thereof (the "Initial Drawdown Date").

On September 23, 2024, the Company began accepting subscription agreements ("Subscription Agreements") from investors acquiring Units of the Company in the Company's private offering. Under the terms of the Subscription Agreements, investors are required to make capital contributions up to the undrawn amount of their Commitment to purchase Units each time the Company delivers a drawdown notice. On November 27, 2024, the Company commenced investment operations.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

**Basis of Presentation** 

The Company's functional currency is USD and these financial statements have been prepared in that currency. The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and pursuant to Regulation S-X. This requires the Company to make estimates and assumptions that may affect the amounts reported in the financial statements and accompanying notes. These financial statements reflect normal and recurring adjustments that in the opinion of the Company are necessary for the fair statement of the results for the periods presented. Actual results could differ from those estimates.

Certain financial information that is included in annual financial statements, including certain financial statement disclosures, prepared in accordance with GAAP, is not required for interim reporting purposes and has been condensed or omitted herein. These financial statements should be read in conjunction with the Company's audited financial statements and notes related thereto for the year ended December 31, 2025, included in the Company's annual report on Form 10-K, which was filed with the SEC on March 3, 2026. The results for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the full fiscal year, any other interim period or any future year or period.

Certain prior period information has been reclassified or conformed to the current period presentation and has no effect on the Company's financial position or the results of operations as previously reported.

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As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification ("ASC") Topic 946, *Financial Services—Investment Companies* issued by the Financial Accounting Standards Board ("FASB").

**Revenue Recognition** 

The Company records its investment transactions on a trade date basis, which is the date when the Company assumes the risks for gains and losses related to that instrument. Realized gains and losses are based on the specific identification method.

Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Discounts and premiums to par value on investments purchased are accreted and amortized, respectively, into interest income over the life of the respective investment using the effective interest method. Loan origination fees, original issue discount ("OID") and market discounts or premiums are capitalized and amortized into interest income using the effective interest method or straight-line method, as applicable. Exit fees that are receivable upon repayment of a loan or debt security are amortized into interest income over the life of the respective investment. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income, for which the Company has earned the following:

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| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2025** |
| Accelerated amortization of upfront loan origination fees and unamortized discounts | $131 | $—<br><sup>(1)</sup> |

---

<sup>(1)</sup> Amount rounds to less than $1.

Fees received from portfolio companies (directors' fees, consulting fees, administrative fees, tax advisory fees and other similar compensation) are paid to the Company, unless, to the extent required by applicable law or exemptive relief, if any, therefrom, the Company only receives its allocable portion of such fees when invested in the same portfolio company as another Account (as defined below) managed by the Investment Adviser.

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

Certain investments may have contractual payment-in-kind ("PIK") interest or dividends. PIK represents accrued interest or accumulated dividends that are added to the principal amount or shares (if equity) of the investment on the respective interest or dividend payment dates, 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 or dividend income, as applicable. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are generally reversed through interest or dividend income, respectively.

Certain structuring fees, amendment fees, syndication fees and commitment fees are recorded as other income when earned. Administrative agent fees received by the Company are recorded as other income when the services are rendered over time.

**Non-Accrual Investments** 

Investments are placed on non-accrual status when it is probable that principal, interest or dividends will not be collected according to the contractual terms. Accrued interest or dividends generally are reversed when an investment is placed on non-accrual status. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management's judgment. Non-accrual investments are restored to accrual status when past due principal and interest or dividends are paid and, in management's judgment, principal and interest or dividend payments are likely to remain current. The Company may make exceptions to this treatment if an investment has sufficient collateral value and is in the process of collection. As of March 31, 2026 and December 31, 2025, the Company did not have any investments on non-accrual status.

**Investments** 

The Company carries its investments in accordance with ASC Topic 820, Fair Value Measurements and Disclosures ("ASC 820"), issued by the FASB, which defines fair value, establishes a framework for measuring fair value and requires disclosures about fair value measurements. Fair value is generally based on quoted market prices provided by independent price sources. In the absence of quoted market prices, investments are measured at fair value as determined by the Investment Adviser, as the valuation designee (the "Valuation Designee") designated by the board of directors of the Company (the "Board of Directors" or the "Board"), pursuant to Rule 2a-5 under the Investment Company Act.

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. See Note 5 "Fair Value Measurement".

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The Company generally invests in illiquid securities, including debt and equity investments, of private companies. The Board of Directors has designated to the Investment Adviser day-to-day responsibilities for implementing and maintaining internal controls and procedures related to the valuation of the Company's portfolio investments. Under valuation procedures approved by the Board of Directors and adopted by the Valuation Designee, market quotations are generally used to assess the value of the investments for which market quotations are readily available (as defined in Rule 2a-5). The Investment Adviser obtains these market quotations from independent pricing sources. If market quotations are not readily available, the Investment Adviser prices securities at the bid prices obtained from at least two brokers or dealers, if available; otherwise, the Investment Adviser obtains prices from a principal market maker or a primary market dealer. To assess the continuing appropriateness of pricing sources and methodologies, the Investment Adviser regularly performs price verification procedures and issues challenges as necessary to independent pricing sources or brokers, and any differences are reviewed in accordance with the valuation procedures. If the Valuation Designee believes any such market quotation does not reflect the fair value of an investment, it may independently value such investment in accordance with valuation procedures for investments for which market quotations are not readily available.

With respect to investments for which market quotations are not readily available, or for which market quotations are deemed not reflective of the fair value, the valuation procedures approved by the Board of Directors and approved by the Valuation Designee, contemplate a multi-step valuation process conducted by the Investment Adviser each quarter and more frequently as needed. As the Valuation Designee, the Investment Adviser is primarily responsible for the valuation of the Company's assets, subject to the oversight of the Board of Directors, as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of the Investment Adviser responsible for the valuation of the portfolio investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The Valuation Designee also engages independent valuation firms (the "Independent Valuation Advisors") to provide independent valuations of the investments for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of an investment. The Independent Valuation Advisors independently value such investments using quantitative and qualitative information. The Independent Valuation Advisors also provide analyses to support their valuation methodology and calculations. The Independent Valuation Advisors provide an opinion on a final range of values on such investments to the Valuation Designee. The Independent Valuation Advisors define fair value in accordance with ASC 820 and utilize valuation approaches including the market approach, the income approach or both. A portion of the portfolio is reviewed on a quarterly basis, and all investments in the portfolio for which market quotations are not readily available, or are readily available, but deemed not reflective of the fair value of an investment, are reviewed at least annually by an Independent Valuation Advisor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.The Independent Valuation Advisors' preliminary valuations are reviewed by the Investment Adviser and the Valuation Oversight Group (the "VOG"), a team that is part of the controllers group of Goldman Sachs. The Independent Valuation Advisors' valuation ranges are compared to the Investment Adviser's valuations to ensure the Investment Adviser's valuations are reasonable. The VOG presents the valuations to the Asset Management Private Investment Valuation and Side Pocket Working Group of the Asset Management Valuation Committee (the "Asset Management Private Investment Valuation and Side Pocket Working Group"), which is comprised of a number of representatives from different functions and areas of expertise related to GSAM's business and controls who are independent of the investment decision making process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The Asset Management Private Investment Valuation and Side Pocket Working Group reviews and preliminarily approves the fair valuations of the investments and makes fair valuation recommendations to the Asset Management Valuation Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The Asset Management Valuation Committee reviews the valuation information provided by the Asset Management Private Investment Valuation and Side Pocket Working Group, the VOG, the investment professionals of the Investment Adviser responsible for valuations, and the Independent Valuation Advisors. The Asset Management Valuation Committee then assesses such valuation recommendations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Through the Asset Management Valuation Committee, the Valuation Designee, discusses the valuations, provides written reports to the Board of Directors on at least a quarterly basis, and, within the meaning of the Investment Company Act, determines the fair value of the investments in good faith, based on the inputs of the Asset Management Valuation Committee, the Asset Management Private Investment Valuation and Side Pocket Working Group, the VOG, the investment professionals of the Investment Adviser responsible for valuations, and the Independent Valuation Advisors.

**Money Market Funds**

Investments in money market funds are valued at net asset value ("NAV") per share. See Note 3 "Significant Agreements and Related Party Transactions."

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**Cash** 

Cash consists of deposits held at State Street Bank and Trust Company (in such capacity, the "Custodian"). As of March 31, 2026 and December 31, 2025, the Company held an aggregate cash balance of $4,889 and $7,355.

**Income Taxes**

The Company has elected to be treated as a RIC, commencing with its taxable year ended December 31, 2024. So long as the Company maintains its qualification for tax treatment as a RIC, it will generally not be required to pay corporate-level U.S. federal income tax on any ordinary income or capital gains that it distributes at least annually to its unitholders (the **"**Unitholders") as dividends. As a result, any U.S. federal income tax liability related to income earned and distributed by the Company represents obligations of the Company's Unitholders and will not be reflected in the financial statements of the Company.

To maintain its tax treatment as a RIC, the Company must meet specified source-of-income and asset diversification requirements and timely distribute to its Unitholders for each taxable year at least 90% of its investment company taxable income (generally, its net ordinary income plus the excess of its realized net short-term capital gains over realized net long-term capital losses, determined without regard to the dividends paid deduction). In order for the Company not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income. If the Company chooses to do so, this generally would increase expenses and reduce the amount available to be distributed to Unitholders without reducing the Company's required distribution. The Company will accrue excise tax on estimated undistributed taxable income as required.

**Distributions** 

Distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined in accordance with GAAP. The Company may pay distributions in excess of its taxable net investment income. This excess would be a tax-free return of capital in the period and reduce a Unitholder's tax basis in its Units. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent they are charged or credited to Units or distributable earnings, as appropriate, in the period that the differences arise. Temporary and permanent differences are primarily attributable to differences in the tax treatment of certain loans and the tax characterization of income and non-deductible expenses. These differences are generally determined in conjunction with the preparation of the Company's annual RIC tax return. Distributions to Unitholders are recorded on the record date. The amount to be paid out as a distribution is determined by the Board of Directors each quarter and is generally based upon the earnings estimated by the Investment Adviser. The Company may pay distributions to its Unitholders in a year in excess of its net ordinary income and capital gains for that year and, accordingly, a portion of such distributions may constitute a return of capital for U.S. federal income tax purposes. The Company intends to timely distribute to its Unitholders substantially all of its annual taxable income for each year, except that the Company may retain certain net capital gains for reinvestment and, depending upon the level of the Company's taxable income earned in a year, the Company may choose to carry forward taxable income for distribution in the following year and pay any applicable tax. The specific tax characteristics of the Company's distributions will be reported to Unitholders after the end of the calendar year. All distributions will be subject to available funds, and no assurance can be given that the Company will be able to declare such distributions in future periods.

**Deferred Financing Costs** 

Deferred financing costs consist of fees and expenses paid in connection with the closing of and amendments to the revolving credit facility with Standard Chartered Bank (as amended, supplemented or otherwise modified and in effect from time to time, the "SCB Revolving Credit Facility"). These costs are amortized using the straight-line method over the term of the SCB Revolving Credit Facility. Deferred financing costs related to the SCB Revolving Credit Facility are presented separately as an asset on the Company's Statements of Financial Condition.

**Organization Costs**

Organization costs include costs relating to the formation and organization of the Company. These costs were expensed as incurred. Upon the Initial Drawdown Date, the Company's Unitholders bore such costs.

**Offering Costs**

Offering costs consist primarily of fees incurred in connection with the continuous offering of Units, including legal, printing and other costs, as well as costs associated with the preparation of the Company's registration statement on Form 10. Offering costs are recognized as a deferred charge and are amortized on a straight-line basis over 12 months beginning on the Inception Date.

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**Expense Reimbursement**

The Investment Adviser will reimburse the Company for any initial offering costs and organization costs borne by the Company in excess of $2,250 in the aggregate (the "Organizational Expenses Cap"). As of the date of this report, the Company has not incurred initial offering costs and organization costs in excess of the Organizational Expenses Cap.

Ordinary Operating Expenses (as defined below) ultimately borne by the Company will not exceed (i) $2,000 for the twelve-month period beginning on the Initial Drawdown Date and ending on the day before the one-year anniversary thereof (or if such day does not occur on a calendar quarter-end, the following calendar quarter-end), (ii) $3,250 for the twelve-month period immediately following the period set forth in clause (i), (iii) $3,250 for the twelve-month period immediately following the period set forth in clause (ii) and (iv) $5,000 for each twelve-month period thereafter (collectively, the "Operating Expenses Cap"). The Investment Adviser will reimburse the Company for any Ordinary Operating Expenses borne by the Company in excess of the Operating Expense Cap.

On the Initial Drawdown Date, Company expenses incurred prior to the Initial Drawdown Date (i) will be borne by the Unitholders in proportion to the relative number of Units they hold on the Initial Drawdown Date (after taking into account any Units issued on the Initial Drawdown Date) and (ii) to the extent they constitute Ordinary Operating Expenses, will be taken into account in calculating the cap under clause (i) of the Operating Expenses Cap.

"Ordinary Operating Expenses" means the operating expenses of the Company, excluding (i) offering costs and organization costs, (ii) interest, fees and other expenses payable on certain financings, (iii) taxes, (iv) the Management Fee (as defined below), (v) brokers' commissions and (vi) costs incurred in connection with any claim, litigation, arbitration, mediation, government investigation or dispute in connection with the Company's business and the amount of any judgment or settlement paid in connection therewith, or the enforcement of the Company's rights against any person and indemnification or contribution expenses payable by the Company to any person and other extraordinary expenses not incurred in the ordinary course of the Company's business.

**Segment Reporting**

In accordance with ASC 280 – Segment reporting, the Company has determined that it operates through a single operating and reporting segment with the investment objectives to generate current income and, to a lesser extent, capital appreciation through direct origination of secured debt, unsecured debt and select equity investments. The chief operating decision maker (the "CODM") is comprised of the Company's chief executive officers, chief financial officer and chief operating officer. The CODM uses Net increase (decrease) in members' capital from operations in the Company's Statements of Operations to assess the Company's performance and allocate resources. The evaluation and assessment of this metric is used in implementing investment policy decisions, managing the Company's portfolio, evaluation of the Company's distribution policy and assessing the performance of the portfolio. As the Company's operations comprise of a single reporting segment, the segment assets are reflected on the accompanying Statements of Financial Condition as "Total assets" and the significant segment expenses are listed on the accompanying Statements of Operations.

**New Accounting Pronouncements**

In November 2024, the FASB issued ASU No. 2024-03, "Disaggregation of Income Statement Expenses." This ASU requires additional disaggregation of certain expenses within the footnotes to the financial statements. This ASU is effective for the annual periods beginning in January 2027, and interim periods beginning in January 2028 under a prospective approach. Early adoption and retrospective application are permitted. Since this ASU only requires additional disclosures, adoption of this ASU will not have an impact on the Company's financial condition, results of operations or cash flows.

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**3. SIGNIFICANT AGREEMENTS AND RELATED PARTY TRANSACTIONS** 

**Investment Management and Advisory Agreement** 

The Company entered into an investment management and advisory agreement effective as of September 23, 2024 (the "Investment Management Agreement") with the Investment Adviser, pursuant to which the Investment Adviser manages the Company's investment program and related activities.

*Management Fee* 

The Company pays the Investment Adviser a management fee (the "Management Fee"), accrued and payable quarterly in arrears. The Management Fee is calculated at an annual rate of 1.40% (0.35% per quarter) of the average NAV of the Company at the end of each of the two most recently completed calendar quarters. The Management Fee for the Company's first quarter (i.e., the period beginning on the Initial Drawdown Date and ending on the last day of the quarter in which the Initial Drawdown Date occurred) is equal to 0.35% (i.e., an annual rate of 1.40%) of the average of the Company's NAV at the end of such quarter and zero (i.e., the Company's NAV attributable to third-party investors immediately prior to the Initial Drawdown Date). The Management Fee for any partial quarter will be appropriately prorated. The Investment Adviser waives a portion of its Management Fee payable by the Company in an amount equal to any fees paid to the Investment Adviser or an affiliate thereof in respect of any investment by the Company in money markets or similar funds sponsored or managed by the Investment Adviser or an affiliate thereof that are borne by the Company. To the extent that the Private Credit Business of Goldman Sachs Asset Management (the "Team") receives from portfolio companies of the Company or otherwise any transaction or monitoring fees or any fees for services rendered or having an officer or employee hold board seats with respect to such portfolio companies in connection with the Company's investment in such portfolio companies, in each case that are retained by the Team (e.g., excluding any fees that are shared with the Company and potentially other clients of or investment vehicles managed by the Investment Adviser), one hundred percent (100%) of the Company's allocable portion of any such fees (which, in the case of any board of director fees, shall only include cash compensation paid to employees of the Team (but excluding consultants) for such service) will be credited against future Management Fees.

For each additional $500 million of new or increased Commitments (excluding any new or increased Commitments made by the Investment Adviser and/or any of its affiliates) accepted by the Company on a date subsequent to the date of the Company's initial closing on capital commitments from investors, the quarterly Management Fee rate will be reduced by 0.0125% (i.e., an annual rate reduction of 0.05%). The Management Fee rate will be subject to a quarterly floor of 0.3125% (i.e., an annual rate of 1.25%). If such new or additional $500 million Commitment is made on a day other than the first day of a calendar quarter, such reduced Management Fee rate shall be applied on a prorated basis (based on calendar days) for such quarter.

In addition, for the six-month period beginning on the first day of the calendar quarter occurring on or immediately following the one-year anniversary of the dissolution date of the Company (such period, the "Six-Month Period"), the Management Fee rate will be reduced by 50% (e.g., if the Company is subject to a quarterly Management Fee rate of 0.35% immediately prior to the Six-Month Period, then during the Six-Month Period, the Company will be subject to a quarterly Management Fee rate of 0.175%). Thereafter, the Company shall no longer be subject to a Management Fee.

For the three months ended March 31, 2026 and 2025, Management Fees amounted to $803 and $253. As of March 31, 2026, $803 remained payable.

**Administration and Custodian Fees** 

The Company has entered into an administration agreement with State Street Bank and Trust Company (in such capacity, the "Administrator") under which the Administrator provides various accounting and administrative services to the Company. The Company also reimburses the Administrator for all reasonable expenses. To the extent that the Administrator outsources any of its functions, the Administrator will pay any compensation associated with such functions. The Administrator also serves as the Company's Custodian. Administration and Custodian fees are included in the Statements of Operations in Other general and administrative expenses.

For the three months ended March 31, 2026 and 2025, the Company incurred expenses for services provided by the Administrator and the Custodian of $109 and $70. As of March 31, 2026, $165 remained payable.

**Transfer Agent Fees** 

The Company has entered into a transfer agency agreement (the "Transfer Agency Agreement") with State Street Bank and Trust Company, pursuant to which State Street Bank and Trust Company serves as the Company's transfer agent (the "Transfer Agent") and disbursing agent. Transfer Agent fees are included in the Statements of Operations in Other general and administrative expenses.

For the three months ended March 31, 2026 and 2025, the Company incurred expenses for services provided by the Transfer Agent of $13 and $13. As of March 31, 2026, $26 remained payable.

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**Affiliates** 

GSAM Holdings, LLC owned 422,458 and 345,138 of the Company's Units as of March 31, 2026 and December 31, 2025. The following table presents the Company's affiliated investments (including investments in money market funds, if any):

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Fair Value Balance** | **Gross<br>Additions** <sup>(1)</sup> | **Gross<br>Reductions**<sup>(2)</sup> | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Ending<br>Fair Value<br>Balance** | **Dividend,<br>Interest<br>and Other<br>Income** |
| ***For the Three Months Ended March 31, 2026*** |  |  |  |  |  |  |  |
| **Non-Controlled Affiliates** |  |  |  |  |  |  |  |
| Goldman Sachs Financial Square Government Fund - Institutional Shares | $12276 | $19881 | $(26828) | $— | $— | $5329 | $20 |
| **Total Non-Controlled Affiliates** | $**12276** | $**19881** | $**(26828)** | $**—** | $**—** | $**5329** | $**20** |
| ***For the Year Ended December 31, 2025*** |  |  |  |  |  |  |  |
| **Non-Controlled Affiliates** |  |  |  |  |  |  |  |
| Goldman Sachs Financial Square Government Fund - Institutional Shares | $68997 | $409878 | $(466599) | $— | $— | $12276 | $348 |
| **Total Non-Controlled Affiliates** | $**68997** | $**409878** | $**(466599)** | $**—** | $**—** | $**12276** | $**348** |

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<sup>(1)</sup> Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

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

**Due to Affiliates**

The Investment Adviser pays certain general and administrative expenses on behalf of the Company in the ordinary course of business. As of March 31, 2026 and December 31, 2025, there were $49 and $24, respectively, included within Accrued expenses and other liabilities that were paid by the Investment Adviser and its affiliates on behalf of the Company.

**Co-investment Activity**

In certain circumstances, the Company and certain other client accounts managed by the Investment Adviser (collectively with the Company, the "Accounts", which may include proprietary accounts of Goldman Sachs) can make negotiated co-investments pursuant to an exemptive order from the SEC permitting it to do so. On May 21, 2025, the SEC granted the exemptive relief (the "Relief") to the Investment Adviser, the BDCs advised by the Investment Adviser and certain other affiliated applicants, which superseded the prior co-investment exemptive relief received on November 16, 2022, as amended on June 25, 2024 (the "Prior Relief"). If the Investment Adviser forms other funds in the future, the Company may co-invest alongside such other affiliates, subject to compliance with the Relief, applicable regulations and regulatory guidance, as well as applicable allocation procedures. Any such co-investments are subject to the applicable conditions of the Relief. Under the Relief, expenses of a single Account will be covered by that Account alone if those expenses were incurred solely by that Account due to its unique circumstances, such as legal and compliance expenses. Under the terms of the Relief, a "required majority" (as defined in Section 57(o) of the Investment Company Act) of the Company's independent directors must make certain conclusions in connection with certain co-investment transactions, including co-investment transactions in which an affiliate of the Company is an existing investor in the portfolio company, non-pro rata incremental investments and non-pro rata dispositions of investments, and the Board is required to maintain oversight of the Company's participation in the co-investment program. Furthermore, the Relief requires that any transaction fee (as described in the Relief) received by the Investment Adviser and/or a participant in connection with a co-investment transaction will be distributed to the participants on a pro rata basis based on the amounts they invested or committed, as the case may be, in such co-investment transaction.

**4. INVESTMENTS** 

The Company's investments (excluding investments in money market funds, if any) consisted of the following:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** | **As of** |
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| **Investment Type** | **Cost** | **Fair Value** | **Cost** | **Fair Value** |
| 1st Lien/Senior Secured Debt | $481568 | $478080 | $432148 | $431488 |
| 2nd Lien/Senior Secured Debt |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**481568** | $**478080** | $**432148** | $**431488** |

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The Company uses the Global Industry Classification Standard ("GICS") for classifying the industry groupings of its investments. The industry composition of the Company's investments as a percentage of fair value and net assets was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** | **As of** |
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| **Industry** | **Fair Value** | **Net Assets** | **Fair Value** | **Net Assets** |
| Software | 29.3% | 55.3% | 19.5% | 41.1% |
| Commercial Services & Supplies | 10.9 | 20.6 | 17.2 | 36.3 |
| Financial Services | 10.7 | 20.1 | 11.9 | 24.9 |
| Health Care Technology | 7.3 | 13.7 | 8.2 | 17.2 |
| Diversified Consumer Services | 6.8 | 12.8 | 7.4 | 15.6 |
| IT Services | 5.7 | 10.7 | 5.6 | 11.8 |
| Health Care Providers & Services | 5.3 | 10.0 | 5.9 | 12.4 |
| Food Products | 4.7 | 8.9 | 4.6 | 9.7 |
| Machinery | 4.0 | 7.6 | 4.5 | 9.5 |
| Professional Services | 3.3 | 6.2 | 3.6 | 7.7 |
| Air Freight & Logistics | 3.3 | 6.2 | 3.7 | 7.7 |
| Trading Companies & Distributors | 2.6 | 4.8 | 1.2 | 2.5 |
| Textiles, Apparel & Luxury Goods | 2.5 | 4.7 | 2.8 | 5.8 |
| Wireless Telecommunication Services | 1.3 | 2.4 | 1.4 | 2.9 |
| Aerospace & Defense | 1.2 | 2.3 | 1.3 | 2.7 |
| Household Products | 1.1 | 2.1 | 1.2 | 2.6 |
| Insurance | — <sup>(1)</sup> | — <sup>(1)</sup> |  |  |
| Chemicals | — <sup>(1)</sup> | — <sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **100.0%** | **188.4%** | **100.0%** | **210.4%** |

---

<sup>(1)</sup> Amount rounds to less than 0.1%.

The geographic composition of the Company's investments at fair value was as follows:

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| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
| **Geographic** | **March 31, 2026** | **December 31, 2025** |
| United States | 100.0% | 100.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **100.0%** | **100.0%** |

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**5. FAIR VALUE MEASUREMENT**

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

The fair value hierarchy under ASC 820 prioritizes the inputs to valuation techniques 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:

**Basis of Fair Value Measurement** 

Level 1 – Inputs to the valuation methodology are quoted prices available in active markets for identical instruments as of the reporting date. The types of financial instruments included in Level 1 include unrestricted securities, including equities and derivatives, listed in active markets.

Level 2 – Inputs to the valuation methodology are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date. The types of financial instruments in this category include less liquid and restricted securities listed in active markets, securities traded in other than active markets, government and agency securities and certain over-the-counter derivatives where the fair value is based on observable inputs.

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

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Note 2 "Significant Accounting Policies" should be read in conjunction with the information outlined below.

The following table presents the valuation techniques and the nature of significant inputs generally used in determining the fair value of Level 2 and Level 3 Instruments.

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| | |
|:---|:---|
| **Level 2 Instruments** | &nbsp;&nbsp;**Valuation Techniques and Significant Inputs** |
| **Equity and Fixed Income** | The types of instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency include commercial paper, most government agency obligations, most corporate debt securities, certain mortgage-backed securities, certain bank loans, less liquid publicly listed equities, certain state and municipal obligations, certain money market instruments and certain loan commitments.<br>Valuations of Level 2 Equity and Fixed Income instruments can be verified to quoted prices, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency. Consideration is given to the nature of the quotations (e.g. indicative or firm) and the relationship of recent market activity to the prices provided from alternative pricing sources. |
| **Derivative Contracts** | Over-the-counter ("OTC") derivatives (both centrally cleared and bilateral) are valued using market transactions and other market evidence whenever possible, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources with reasonable levels of price transparency. Where models are used, the selection of a particular model to value an OTC derivative depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. The Company generally uses similar models to value similar instruments. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence. |

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| | |
|:---|:---|
| **Level 3 Instruments** | &nbsp;&nbsp;**Valuation Techniques and Significant Inputs** |
| **Bank Loans, Corporate** <br>**Debt, and Other Debt Obligations** | Valuations are generally based on discounted cash flow techniques, for which the significant inputs are the amount and timing of expected future cash flows, market yields and recovery assumptions. The significant inputs are generally determined based on relative value analyses, which incorporate comparisons both to credit default swaps that reference the same underlying credit risk and to other debt instruments for the same issuer for which observable prices or broker quotes are available. Other valuation methodologies are used as appropriate including market comparables, transactions in similar instruments and recovery/liquidation analysis. |
| **Equity** | Recent third-party investments or pending transactions are considered to be the best evidence for any change in fair value. When these are not available, the following valuation methodologies are used, as appropriate and available: (i) Transactions in similar instruments; (ii) Discounted cash flow techniques; (iii) Third party appraisals; and (iv) Industry multiples and public comparables.<br>Evidence includes recent or pending reorganizations (for example, merger proposals, tender offers and debt restructurings) and significant changes in financial metrics, including: (i) Current financial performance as compared to projected performance; (ii) Capitalization rates and multiples; and (iii) Market yields implied by transactions of similar or related assets. |

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The following table presents the ranges of significant unobservable inputs used to value the Company's Level 3 assets as of March 31, 2026 and December 31, 2025. These ranges represent the significant unobservable inputs that were used in the valuation of each type of instrument, but they do not represent a range of values for any one instrument. For example, the lowest discount rate in 1st Lien/Senior Secured Debt is appropriate for valuing that specific debt investment, but may not be appropriate for valuing any other debt investments in this asset class. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Company's Level 3 assets.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Level 3 Instruments** | **Fair Value**<sup>(1)(2)</sup> | **Fair Value**<sup>(1)(2)</sup> | **Valuation Techniques**<sup>(3)</sup> | **Significant Unobservable Inputs** | **Range of Significant Unobservable Inputs**<sup>(4)</sup> | **Weighted Average**<sup>(5)</sup> |
| ***As of March 31, 2026*** |  |  |  |  |  |  |
| **Bank Loans, Corporate Debt, and Other Debt Obligations** | **Bank Loans, Corporate Debt, and Other Debt Obligations** | **Bank Loans, Corporate Debt, and Other Debt Obligations** | **Bank Loans, Corporate Debt, and Other Debt Obligations** |  |  |  |
| 1st Lien/Senior Secured Debt | $— | 447891 | Discounted cash flows | Discount Rate | 8.2% - 9.7% | 8.7% |
| ***As of December 31, 2025*** |  |  |  |  |  |  |
| **Bank Loans, Corporate Debt, and Other Debt Obligations** | **Bank Loans, Corporate Debt, and Other Debt Obligations** | **Bank Loans, Corporate Debt, and Other Debt Obligations** | **Bank Loans, Corporate Debt, and Other Debt Obligations** |  |  |  |
| 1st Lien/Senior Secured Debt | $— | 204030 | Discounted cash flows | Discount Rate | 8.3% - 9.8% | 8.9% |

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<sup>(1)</sup> As of March 31, 2026, included within Level 3 Assets of $478,080 is an amount of $30,189 for which the Investment Adviser did not develop the unobservable inputs (examples include single source broker quotations, third party pricing, and prior transactions). The income approach was used in the determination of fair value for $447,891 or 93.7% of Level 3 bank loans, corporate debt, and other debt obligations.

<sup>(2)</sup> As of December 31, 2025, included within Level 3 assets of $431,488 is an amount of $227,458 for which the Investment Adviser did not develop the unobservable inputs (examples include single source broker quotations, third party pricing, and transaction prices). The income approach was used in the determination of fair value for $204,030, or 47.3 %, of Level 3 bank loans, corporate debt, and other debt obligations.

<sup>(3)</sup> The fair value of any one instrument may be determined using multiple valuation techniques. For example, market comparable and discounted cash flows may be used together to determine fair value. Therefore, the Level 3 balance encompasses both of these techniques.

<sup>(4)</sup> The range for an asset category consisting of a single investment, if any, is not meaningful and therefore has been excluded.

<sup>(5)</sup> Weighted average for an asset category consisting of multiple investments is calculated by weighting the significant unobservable input by the relative fair value of the investment. Weighted average for an asset category consisting of a single investment represents the significant unobservable input used in the fair value of the investment.

The following is a summary of the Company's assets categorized within the fair value hierarchy:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** |
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| 1st Lien/Senior Secured Debt | $— | $— | $478080 | $478080 | $— | $— | $431488 | $431488 |
| 2nd Lien/Senior Secured Debt |  |  |  |  |  |  |  |  |
| Investments in Affiliated Money Market Fund | 5329 |  |  | 5329 | 12276 |  |  | 12276 |
| **Total** | $**5329** | $**—** | $**478080** | $**483409** | $**12276** | $**—** | $**431488** | $**443764** |

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The following table presents a summary of changes in fair value of Level 3 assets by investment type:

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Assets** | **Beginning<br>Balance** | **Purchases**<sup>(1)</sup> | **Net<br>Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Sales and<br>Settlements**<sup>(1)</sup> | **Net<br>Amortization<br>of Premium/<br>Discount** | **Transfers<br>In** <sup>(2)</sup> | **Transfers<br>Out** <sup>(2)</sup> | **Ending Balance** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>for assets still<br>held** |
| ***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*** | ***For the Three Months Ended March 31, 2026*** |  |  |  |  |  |
| 1st Lien/Senior Secured Debt | $431488 | $74351 | $— | $(2828) | $(25223) | $292 | $— | $— | $478080 | $(2830) |
| 2nd Lien/Senior Secured Debt |  |  |  |  |  |  |  |  |  |  |
| **Total assets** | $**431488** | $**74351** | $**—** | $**(2828)** | $**(25223)** | $**292** | $**—** | $**—** | $**478080** | $**(2830)** |
| ***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*** | ***For the Three Months Ended March 31, 2025*** | ***For the Three Months Ended March 31, 2025*** |  |  |  |  |  |
| 1st Lien/Senior Secured Debt | $34104 | $51377 | $— | $(141) | $(156) | $34 | $— | $— | $85218 | $(141) |
| **Total assets** | $**34104** | $**51377** | $**—** | $**(141)** | $**(156)** | $**34** | $**—** | $**—** | $**85218** | $**(141)** |

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<sup>(1)</sup> Purchases may include PIK, securities received in corporate actions and restructurings. Sales and Settlements may include securities delivered in corporate actions and restructuring of investments.

<sup>(2)</sup> Transfers in (out) of Level 3, if any, are due to a decrease (increase) in the quantity and reliability of broker quotes obtained by the Investment Adviser.

**Debt Not Carried at Fair Value**

The fair value of the Company's debt, which would have been categorized as Level 3 within the fair value hierarchy as of March 31, 2026 and December 31, 2025, approximates its carrying value because the SCB Revolving Credit Facility has variable interest based on selected short-term rates.

**6. DEBT**

On May 1, 2024, the Initial Member approved the application of the reduced asset coverage requirements in Section 61(a)(2) of the Investment Company Act to the Company and such election became effective the following day. As a result of this approval, the Company is currently allowed to borrow amounts such that its asset coverage ratio, as defined in the Investment Company Act, is at least 150% after such borrowing (if certain requirements are met). As of March 31, 2026 and December 31, 2025, the Company's asset coverage ratio based on the aggregate amount outstanding of senior securities was 200% and 184%.

The Company's outstanding debt was as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** |
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Aggregate<br>Borrowing<br>Amount<br>Committed** | **Amount<br>Available** | **Carrying<br>Value** | **Aggregate<br>Borrowing<br>Amount<br>Committed** | **Amount<br>Available** | **Carrying<br>Value** |
| SCB Revolving Credit Facility | $400000 | $146000 | $254000 | $300000 | $56000 | $244000 |
| **Total debt** | $**400000** | $**146000** | $**254000** | $**300000** | $**56000** | $**244000** |

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**SCB Revolving Credit Facility**

The Company entered into the SCB Revolving Credit Facility on September 25, 2024 with Standard Chartered Bank Ltd., as administrative agent (the "Administrative Agent"), lead arranger, sole bookrunner, letter of credit issuer and lender. The Company entered into the first amendment (the "Amendment") to the SCB Revolving Credit Facility on January 30, 2026. The Amendment, among other things, (i) increased the maximum commitment amount to $400,000, (ii) extended the stated maturity date from September 25, 2026 to September 24, 2027 and (iii) decreased the applicable margin (a) with respect to Term SOFR Loans, alternative currency term rate loans, daily CORRA loans, daily SONIA loans and letters of credit, to 1.85% per annum, and (b) with respect to base rate loans, to 0.85% per annum.

Subject to availability under the Borrowing Base (as defined in the SCB Revolving Credit Facility), the maximum principal amount of the SCB Revolving Credit Facility is $400,000. The Borrowing Base is calculated based on the unfunded capital commitments of the Unitholders (subject to various eligibility requirements) multiplied by the specified advance rate of 75%. The stated maturity date of the SCB Revolving Credit Facility is September 24, 2027. Proceeds from the SCB Revolving Credit Facility can be used for investments, working capital, expenses and other undertakings of the Company.

Under the SCB Revolving Credit Facility, the Company has the ability to elect, for loans denominated in U.S. Dollars, either Term SOFR with a one- or three- months tenor or the alternative base rate at the time of draw-down (and with respect to loans denominated in non-U.S. Dollar currencies, the applicable benchmark specified in the SCB Revolving Credit Facility), and loans denominated in U.S. Dollars may be converted from one rate to another at any time, subject to certain conditions. The interest rate on obligations under the SCB Revolving Credit Facility is (A) Term SOFR Loan for the applicable tenor (or other listed offered rate, depending upon the currency of borrowing) plus 1.85% per annum or (B) an alternative base rate (the greatest of the prime rate set by the Administrative Agent, the federal funds rate plus 0.50%, and Term SOFR with a one-month tenor plus 1.00%) plus 0.85% per annum, with a floor of 0%.

Amounts drawn under the SCB Revolving Credit Facility may be prepaid at any time without premium or penalty. Loans are subject to mandatory prepayment for amounts exceeding the Borrowing Base, the lenders' aggregate commitment, the letters of credit sublimit or 102% of the alternative currency sublimit, and to the extent required to comply with the Investment Company Act, as applied to BDCs. Transfers of interests in the Company by Unitholders are subject to certain restrictions under the SCB Revolving Credit Facility. In addition, any transfer of Units from a Unitholder whose undrawn commitments were included in the Borrowing Base to a Unitholder that was not eligible to be included in the Borrowing Base (or that was eligible to be included in the Borrowing Base at a lower advance rate) may trigger mandatory prepayment obligations.

The SCB Revolving Credit Facility is secured by a perfected first priority security interest in the unfunded capital commitments of the Company's Unitholders and the proceeds thereof, including an assignment of the right to make capital calls, receive and apply capital contributions, and enforce remedies and claims related thereto, and a pledge of the collateral account into which capital call proceeds were deposited. Additionally, under the SCB Revolving Credit Facility, in certain circumstances after an event of default, the Administrative Agent would be able to require Unitholders to fund their capital commitments directly to the Administrative Agent for the purposes of repaying the loans, but lenders could not seek recourse against a Unitholder in excess of such Unitholder's obligation to contribute capital to the Company.

The SCB Revolving Credit Facility contains customary representations, warranties, and affirmative and negative covenants, including without limitation, representations and covenants regarding treatment as a RIC under the Code and as a BDC under the Investment Company Act and restrictions on the Company's ability to make certain distributions, to incur additional indebtedness, to incur any liens on the collateral and to permit certain transfers of Unitholders' ownership interest in the Units. The SCB Revolving Credit Facility includes customary conditions precedent to the draw-down of loans and customary events of default. As of March 31, 2026, the Company was in compliance with these covenants.

Costs of $3,852 were incurred in connection with obtaining the SCB Revolving Credit Facility, which have been recorded as deferred financing costs in the Statements of Financial Condition and are being amortized over the life of the SCB Revolving Credit Facility using the straight-line method. As of March 31, 2026 and December 31, 2025, outstanding deferred financing costs were $1,888 and $953.

The following table presents summary information regarding the SCB Revolving Credit Facility:

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| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2025** |
| Borrowing interest expense | $3726 | $144 |
| Facility fees | 75 | 195 |
| Amortization of financing costs | 316 | 327 |
| **Total** | $**4117** | $**666** |
| Weighted average interest rate | 5.67% | 6.43% |
| Average outstanding balance | $266700 | $9067 |

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**7. COMMITMENTS AND CONTINGENCIES** 

**Capital Commitments** 

The Company had aggregate capital commitments and undrawn capital commitments from investors as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** |
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Capital<br>Commitments** | **Unfunded<br>Capital<br>Commitments** | **% of Capital<br>Commitments<br>Funded** | **Capital<br>Commitments** | **Unfunded<br>Capital<br>Commitments** | **% of Capital<br>Commitments<br>Funded** |
| Common Units | $927010 | $672075 | 28% | $927010 | $718425 | 23% |

---

**Portfolio Company Commitments** 

The Company may enter into investment commitments through executed credit agreements or commitment letters. In many circumstances for executed commitment letters, borrower acceptance and final terms are subject to transaction-related contingencies. The Company may commit to fund an investment whereby one of the Accounts has committed to issue standby letters of credit (each Account acting in such capacity, an "LC Issuer"). In the event a letter of credit is funded, the LC Issuer or its designee would be obligated under the relevant credit agreement to fund a portion of the letter of credit on behalf of the Company. The Company would be obligated to reimburse the LC Issuer or its designee as set forth in the relevant credit agreement. As of March 31, 2026, the Company believed that it had adequate financial resources to satisfy its unfunded commitments. The Company had the following unfunded commitments by investment types:

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---

| | | |
|:---|:---|:---|
|  | **Unfunded Commitment Balances** | **Unfunded Commitment Balances** |
|  | **As of** | **As of** |
|  | **March 31, 2026** | **December 31, 2025** |
| **1st Lien/Senior Secured Debt** |  |  |
| AAG KP Borrower LLC (dba KUIU) | $946 | $1682 |
| Accommodations Plus Technologies LLC | 1845 | 1845 |
| Advanced Cooling Technologies, Inc. | 22984 |  |
| Airwavz Solutions, Inc. | 1106 | 1277 |
| Apple Bidco Holdings, Inc. (dba Raptor Technologies) | 5973 | 20906 |
| AQ Sunshine, Inc. (dba Relation Insurance) | 26157 |  |
| Ark Data Centers, LLC | 7654 | 8680 |
| Atwell, LLC | 2732 |  |
| Auctane, Inc. | 27580 |  |
| BCTO Bluebill Buyer, Inc. (dba Ren) | 1137 | 1137 |
| Burgess Pigment Co. | 25162 |  |
| Businessolver.com, Inc. | 4722 | 4722 |
| Celero Commerce LLC | 1953 | 2254 |
| Computer Services, Inc. | 3487 | 3488 |
| Convenient Payments Acquisition, Inc. | 197 | 197 |
| CURiO Brands LLC | 1346 | 1346 |
| Curriculum Associates, LLC | 4439 | 4439 |
| Edition Holdings, Inc. (dba Enverus) | 6388 | 9548 |
| Edko, LLC | 6347 | 6347 |
| Envero Midco 2 LLC (dba Sun World) | 26154 |  |
| EnviroSmart, LLC (dba ES Integrated) | 1516 | 1805 |
| eShipping, LLC | 4710 | 4645 |
| Frontline Road Safety Operations, LLC | 2790 | 2790 |
| Fullsteam Operations LLC | 5948 | 5949 |
| HighLevel, Inc. | 4421 |  |
| Ideal Components Acquisition, LLC (dba Ideal Tridon) | 2315 | 2315 |
| KPA Parent Holdings, Inc. | 2480 | 2481 |
| Lobos Parent, Inc. (dba NEOGOV) | 5357 | 5469 |
| ML Holdco, LLC (dba MeridianLink) | 1666 | 1666 |
| Octane Purchaser, Inc. (dba Office Ally) | 2074 | 1576 |
| One, Inc. Software Corporation | 4005 | 4005 |
| Onward AcquireCo, Inc. (dba OneStream) | 24947 |  |
| PAS Parent Inc. (dba Pace Analytical) | 12009 | 12009 |
| PDDS Holdco, Inc. (dba Planet DDS) | 1645 | 1645 |
| PPW Aero Buyer, Inc. (dba Pursuit Aerospace) | 3397 | 3659 |
| Rotation Buyer, LLC (dba Rotating Machinery Services) | 3220 | 3106 |
| Rubix Foods, LLC | 1015 | 1015 |
| Saber Parent Holdings Corp. (dba Service Logic) | 2842 | 3150 |
| SpecialtyCare, Inc. | 2425 | 2424 |
| Splash Car Wash, Inc. | 6100 | 2196 |
| Sundance Group Holdings, Inc. (dba NetDocuments) | 606 | 6020 |
| TL Sapphire Holdings, Inc. (dba SouthernCarlson) | 1778 | 8528 |
| Tropical Bidco, LLC (dba Tropical Cheese) | 1158 | 1158 |
| UFT Buyer LLC (dba United Flow Technologies) | 2354 | 2625 |
| Wellness AcquisitionCo, Inc. (dba SPINS) | 550 | 550 |
| Wildcat Solutions Holdings, LLC (dba O6 Environmental) | 1931 | 1931 |
| Zeppelin US Buyer Inc. (dba Global Critical Logistics) | 3395 | 3395 |
| Kene Acquisition, Inc. (dba Entrust) |  | 5023 |
| **Total 1st Lien/Senior Secured Debt** | $**284963** | $**159003** |
| **2nd Lien/Senior Secured Debt** |  |  |
| Tiger Acquisition, LLC (dba Sabre Industries) | 16060 |  |
| **Total 2nd Lien/Senior Secured Debt** | $**16060** | $**—** |
| **Total** | $**301023** | $**159003** |

---

**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.

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**8. MEMBERS' CAPITAL** 

**Capital Drawdowns**

The following table summarizes the total Units issued and proceeds related to capital drawdowns:

---

| | | |
|:---|:---|:---|
| **Unit Issue Date** | **Units Issued** | **Proceeds Received** |
| ***For the Three Months Ended March 31, 2026*** |  |  |
| March 9, 2026 <sup>(1)</sup> | 2654639 | $46350 |
| **Total capital drawdowns** | 2654639 | $46350 |
| ***For the Three Months Ended March 31, 2025*** |  |  |
| March 26, 2025 | 1337678 | $23175 |
| **Total capital drawdowns** | 1337678 | $23175 |

---

<sup>(1)</sup> The Unit issuance was effective March 9, 2026, with the NAV per Unit and number of Units sold being determined on March 13, 2026.

**Distributions** 

The following table reflects the distributions declared on the Units:

---

| | | | |
|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Amount Per Unit** |
| ***For the Three Months Ended March 31, 2026*** | ***For the Three Months Ended March 31, 2026*** |  |  |
| February 25, 2026 | April 2, 2026 | April 29, 2026 | 0.34 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2025** |
| Net increase (decrease) in Members' Capital from operations | $2297 | $(278) |
| Weighted average Units outstanding | 12511495 | 3679140 |
| Basic and diluted earnings (loss) per Unit | $0.18 | $(0.08) |

---

Diluted earnings (loss) per Unit equal basic earnings per Unit because there were no Unit equivalents outstanding during the periods presented.

**10. FINANCIAL HIGHLIGHTS** 

The following table presents the schedule of financial highlights of the Company:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2025** |
| **Per Unit Data:**<sup>(1)</sup> |  |  |
| Members' Capital, beginning of period | $17.33 | $17.36 |
| Net investment income (loss) | 0.41 | (0.04) |
| Net realized and unrealized gains (losses)<sup>(2)</sup> | (0.23) | (0.03) |
| Net increase (decrease) in Members' Capital from operations<sup>(2)</sup> | $0.18 | $(0.07) |
| Members' Capital, end of period | $17.51 | $17.29 |
| Units outstanding, end of period | 14487726 | 4927640 |
| Weighted average units outstanding | 12511495 | 3679140 |
| Total return based on Members' Capital<sup>(3)</sup> | 1.04% | (0.40%) |
| **Supplemental Data/Ratio**<sup>(4)</sup>**:** |  |  |
| Members' Capital, end of period. | $253717 | $85208 |
| Ratio of total expenses (without interest and other debt expenses) to average Members' Capital | 2.70% | 5.68% |
| Ratio of interest and other debt expenses to average Members' Capital | 7.66% | 4.24% |
| Ratio of total expenses to average Members' Capital | 10.36% | 9.92% |
| Ratio of net investment income (loss) to average Members' Capital | 9.53% | (0.88%) |
| Portfolio turnover | 6% | —%<sup>(5)</sup> |

---

<sup>(1)</sup> The per Unit data was derived by using the weighted average Units outstanding during the applicable period, except for distributions recorded, which reflects the actual amount of distribution recorded per Unit for the applicable period.

<sup>(2)</sup> The amount shown may not correspond for the period as it includes the effect of the timing of capital drawdowns and distributions.

<sup>(3)</sup> Calculated as the change in members' capital per Unit during the period plus distributions recorded per Unit, divided by the beginning members' capital per Unit.

<sup>(4)</sup> Ratios are annualized, except for, as applicable, organization costs.

<sup>(5)</sup> Amount rounds to less than 1%.

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**11. SUBSEQUENT EVENTS** 

Subsequent events after the date of the Statements of Financial Condition have been evaluated through the date the unaudited financial statements were issued. Other than the items discussed below, the Company has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

*Distributions*

The Company will pay a distribution equal to an amount up to the Company's taxable earnings per Unit, including net investment income (if positive) for the period beginning April 1, 2026 through June 30, 2026, which will be payable on or about July 29, 2026 to Unitholders of record as of July 2, 2026.

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

*The following discussion and other parts of this report contain forward-looking information that involves risks and uncertainties. References to "we," "us," "our," and the "Company," mean West Bay BDC LLC, as the context may require. The terms "GSAM," "Goldman Sachs Asset Management," our "Adviser" or our "Investment Adviser" refer to Goldman Sachs Asset Management, L.P., a Delaware limited partnership. The term "GS Group Inc." refers to The Goldman Sachs Group, Inc. "GS & Co." refers to Goldman Sachs & Co. LLC and its predecessors. The term "Goldman Sachs" refers to GS Group Inc., together with GS & Co., GSAM and its other subsidiaries and affiliates. The discussion and analysis contained in this section refer to our financial condition, results of operations and cash flows. The information contained in this section should be read in conjunction with the financial statements and notes thereto appearing elsewhere in this report. Please see "Cautionary Statement Regarding Forward-Looking Statements" for a discussion of the uncertainties, risks and assumptions associated with this discussion and analysis. Our actual results could differ materially from those anticipated by such forward-looking information due to factors discussed under "Cautionary Statement Regarding Forward-Looking Statements" appearing elsewhere in this report.*

**OVERVIEW**

We are a specialty finance company that is a non-diversified, closed-end management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "Investment Company Act"). In addition, we have elected to be treated as a regulated investment company ("RIC"), and we expect to qualify annually for tax treatment as a RIC, under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), commencing with our taxable year ended December 31, 2024. From our inception on May 1, 2024 through March 31, 2026, we originated approximately $836.0 million in aggregate principal amount of debt investments prior to any subsequent exits and repayments.

Our investment objective is to generate current income and, to a lesser extent, long-term capital appreciation. Our investment strategy is consistent with that of the broader Goldman Sachs Asset Management Private Credit platform, with a focus on capital preservation and capital appreciation, and includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Leveraging Goldman Sachs Asset Management Private Credit's position within GSAM;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Direct origination with borrowers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Prudent investment selection with intensive due diligence and credit analysis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Provision of large-sized commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Structuring expertise with a focus on risk mitigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Rigorous portfolio management; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Focus on companies with attractive business fundamentals.

We hold primarily directly originated, first lien senior secured, floating rate debt of companies located in the United States. We may also invest, to a lesser extent, in second lien, unsecured or subordinated loans, payment-in-kind ("PIK") debt and equity and equity-like instruments, and in very limited circumstances, we may hold loans or other investments of issuers that are not located in the United States in connection with certain post-closing modifications of existing investments. For a discussion of our investment objectives and guidelines, see "*Item 1. Business—Investments*" in our annual report on Form 10-K for the year ended December 31, 2025.

We invest primarily in private companies based in the United States. We focus our lending across a spectrum of directly sourced opportunities in companies ranging from lower middle market to large capitalization in size. We may invest in companies of any size or capitalization. Subject to the limitations of the Investment Company Act, we may invest in loans or other securities, the proceeds of which may refinance or otherwise repay debt or securities of companies whose debt is owned by other Goldman Sachs credit funds or affiliates. We also intend to invest alongside institutional and retail-focused private credit Accounts, which may include proprietary accounts of Goldman Sachs. See "*Item 1. Business—Allocation of Investment Opportunities—Co-Investments Alongside Goldman Sachs and Other Accounts, and the Relief*" in our annual report on Form 10-K for the year ended December 31, 2025. In addition, we expect to acquire or originate revolving credit facilities from time to time in connection with our investments in other assets.

We employ leverage as market conditions permit and at the discretion of the Investment Adviser, subject to the terms of the LLC Agreement (as defined below) and the limitations set forth in the Investment Company Act, which currently allows us to borrow up to $2 of debt for each $1 of equity. We intend to use leverage in the form of borrowings, including loans from financial institutions as well as the issuance of debt securities. In determining whether to borrow money, we will analyze the maturity, covenant package and rate structure of the proposed borrowings as well as the risks of such borrowings compared to our investment outlook. We would expect any such leverage, if incurred, to increase the total capital available for investment by the Company.

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For a discussion of the competitive landscape we face, please see "*Item 1A. Risk Factors—Risks Relating to Competition—We operate in a highly competitive market for investment opportunities*" and "*Item 1. Business—Competitive Advantages*" in our annual report on Form 10-K for the year ended December 31, 2025.

**KEY COMPONENTS OF OPERATIONS** 

***Investments***

Our level of investment activity can and does vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to companies, the level of merger and acquisition activity for such companies, the general economic environment, the amount of capital we have available to us and the competitive environment for the type of investments we make.

As a BDC, we generally will be prohibited from acquiring assets other than qualifying assets unless, after giving effect to any acquisition, at least 70% of our total assets are qualifying assets. Qualifying assets generally include securities of eligible portfolio companies, cash, cash equivalents, U.S. government securities and high-quality debt instruments maturing in one year or less from the time of investment. Under the Investment Company Act and the rules thereunder, "eligible portfolio companies" include (i) private U.S. operating companies, (ii) public U.S. operating companies whose securities are not listed on a national securities exchange (e.g., the New York Stock Exchange) or registered under the Exchange Act, and (iii) public U.S. operating companies having a market capitalization of less than $250 million. Public U.S. operating companies whose securities are quoted on the over-the-counter bulletin board and through OTC Markets are not listed on a national securities exchange and therefore are eligible portfolio companies.

***Revenues*** 

We generate revenues in the form of interest income on debt investments and, to a lesser extent, fee income and capital gains and distributions, if any, on equity securities that we may acquire in portfolio companies. Some of our investments may provide for deferred interest payments or PIK income. The principal amount of the debt investments and any accrued but unpaid interest generally becomes due at the maturity date.

We generate revenues primarily through receipt of interest income from the investments we hold. In addition, we may generate revenue in the form of commitment, origination, structuring, syndication, exit fees or diligence fees, fees for providing managerial assistance and consulting fees. Portfolio company fees (directors' fees, consulting fees, administrative fees, tax advisory fees and other similar compensation) will be paid to us, unless, to the extent required by applicable law or exemptive relief, if any, therefrom, we receive our allocable portion of such fees when invested in the same portfolio company as other Accounts. We do not expect to receive material fee income as it is not our principal investment strategy. We record contractual prepayment premiums on loans and debt securities as interest income.

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

***Expenses*** 

We will bear and be responsible for all of the costs and expenses. Our primary operating expenses include the payment of the management fee (the "Management Fee") to our Investment Adviser, legal and professional fees, interest and other debt expenses and other operating expenses. The Management Fee compensates our Investment Adviser for its work in identifying, evaluating, negotiating, closing and monitoring our investments. We bear all of our other costs and expenses in accordance with the LLC Agreement (as defined below) and the administration agreement (the "Administration Agreement"), including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our operational, offering and organizational expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fees and expenses, including travel expenses, reasonably incurred by our Investment Adviser or payable to third parties related to our investments, including, among others, professional fees (including, without limitation, the fees and expenses of consultants and experts) and fees and expenses relating to evaluating, monitoring, researching and performing due diligence on investments and prospective investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•interest, fees and other expenses payable on indebtedness for borrowed money (including through the issuance of notes and other evidence of indebtedness), other indebtedness, financings or extensions of credit, if any, incurred by us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fees and expenses incurred by us in connection with membership in investment company organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•brokers' commissions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fees and expenses associated with calculating our net asset value ("NAV") (including the costs and expenses of any independent valuation firm);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•legal, auditing or accounting expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•taxes or governmental fees;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the fees and expenses of our Administrator (as defined below), transfer agent and/or sub-transfer agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the cost of preparing unit certificates or any other expenses, including clerical expenses of issue, redemption or repurchase of our common units of our limited liability company interests (the "Units");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the expenses of and fees for registering or qualifying our Units for sale and of maintaining our registration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the fees and expenses of our directors who are not affiliated with our Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the cost of preparing and distributing reports, proxy statements and notices to our unitholders ("Unitholders"), the U.S. Securities and Exchange Commission (the "SEC") and other regulatory authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs of holding Unitholder meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the fees or disbursements of custodians of our assets, including expenses incurred in the performance of any obligations enumerated by limited liability company agreement or other organizational documents insofar as they govern agreements with any such custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•insurance premiums; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs incurred in connection with any claim, litigation, arbitration, mediation, government investigation or dispute in connection with our business and the amount of any judgment or settlement paid in connection therewith, or the enforcement of our rights against any person and indemnification or contribution expenses payable by us to any person and other extraordinary expenses not incurred in the ordinary course of our business.

To the extent that expenses incurred by us are related to the Company and to one or more Co-Investing GS Direct Lending Funds (as defined below), expenses will be allocated among us and such Co-Investing GS Direct Lending Funds in accordance with the Investment Adviser's policies and procedures, which requires that expenses be allocated in a manner that the Investment Adviser reasonably determines is fair and equitable.

The Investment Adviser will reimburse us for any initial offering costs and Organizational Expenses (as defined below) borne by us in excess of $2.25 million in the aggregate (the "Organizational Expenses Cap"). As of the date of this report, we have not incurred initial offering costs and Organizational Expenses in excess of the Organizational Expenses Cap.

Ordinary Operating Expenses (as defined below) ultimately borne by us will not exceed (i) $2.0 million for the twelve-month period beginning on the first date on which investors in the Company, other than the Initial Member, were required to make the initial capital contributions to purchase Units, and Units were issued in respect thereof (the "Initial Drawdown Date") and ending on the day before the one-year anniversary thereof (or if such day does not occur on a calendar quarter-end, the following calendar quarter-end), (ii) $3.25 million for the twelve-month period immediately following the period set forth in clause (i), (iii) $3.25 million for the twelve-month period immediately following the period set forth in clause (ii) and (iv) $5.0 million for each twelve-month period thereafter (collectively, the "Operating Expenses Cap"). The Investment Adviser will reimburse us for any Ordinary Operating Expenses in excess of the Operating Expenses Cap.

On the Initial Drawdown Date, Company expenses incurred prior to the Initial Drawdown Date (i) were borne by the Unitholders in proportion to the relative number of Units they held on the Initial Drawdown Date (after taking into account any Units issued on the Initial Drawdown Date) and (ii) to the extent they constitute Ordinary Operating Expenses, were taken into account in calculating the cap under clause (i) of the Operating Expenses Cap.

"Co-Investing GS Direct Lending Funds" means GS Credit and any other BDCs, funds and accounts managed or advised by the Investment Adviser or its Affiliates that co-invest alongside the Company.

"Organizational Expenses" means expenses incurred in respect of legal, tax or accounting services pertaining to the organization and formation of the Company, the drafting of the LLC Agreement (as defined below), any administration, custody and transfer agent agreements and audit fees relating to the initial registration statement and auditing the initial seed capital statement of assets and liabilities.

"Ordinary Operating Expenses" mean our operating expenses, excluding (i) offering costs and organization costs, (ii) interest, fees and other expenses payable on certain financings, (iii) taxes, (iv) the Management Fee, (v) brokers' commissions and (vi) costs incurred in connection with any claim, litigation, arbitration, mediation, government investigation or dispute in connection with our business and the amount of any judgment or settlement paid in connection therewith, or the enforcement of our rights against any person and indemnification or contribution expenses payable by us to any person and other extraordinary expenses not incurred in the ordinary course of the Company's business.

We expect our general and administrative expenses to be relatively stable or decline as a percentage of total assets during periods of asset growth and to increase during periods of asset declines.

Our initial offering costs (other than the Organizational Expenses) were amortized to expense over a twelve-month period on a straight-line basis, beginning on May 1, 2024. The effect of this accounting treatment was not material to our financial statements.

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***Leverage*** 

As a BDC, we are permitted, under specified conditions, to issue multiple classes of indebtedness and one class of units senior to our Units, if our asset coverage ratio, as defined under the Investment Company Act, is at least equal to 150% immediately after each such issuance. The Small Business Credit Availability Act modified the applicable provisions of the Investment Company Act to reduce the required asset coverage ratio applicable to BDCs from 200% to 150%, subject to certain approval and disclosure requirements. Our Board and Initial Member approved the application of the 150% asset coverage ratio to us in accordance with the requirements of the Investment Company Act. While the leverage we employ may be greater or less than these levels from time to time, we intend to comply with the limitations set forth in the Investment Company Act, which currently allows us to borrow up to $2 of debt for each $1 of equity. In addition, except in limited circumstances, while any indebtedness and senior securities remain outstanding, we must make provisions to prohibit any distribution to our Unitholders or the repurchase of such securities or stock unless we meet the applicable asset coverage ratios at the time of the distribution or repurchase. We may also borrow amounts up to 5% of the value of our total assets for temporary or emergency purposes without regard to asset coverage. A loan is presumed to be made for temporary purposes if it is repaid within 60 days and is not extended or renewed; otherwise, it is presumed not to be for temporary purposes. For a discussion of the risks associated with leverage, see "*Item 1A. Risk Factors—Risks Relating to Legal and Regulatory Matters—Regulations governing our operations as a BDC affect our ability to, and the way in which we, raise additional capital. These constraints may hinder our Investment Adviser's ability to take advantage of attractive investment opportunities and to achieve our investment objective*" in our annual report on Form 10-K for the year ended December 31, 2025.

We intend to employ leverage as market conditions permit and at the discretion of the Investment Adviser, subject to the terms of the LLC Agreement and the limitations set forth in the Investment Company Act, which currently allows us to borrow up to $2 of debt for each $1 of equity. We intend to use leverage in the form of borrowings, including loans from financial institutions as well as the issuance of debt securities. In determining whether to borrow money, we will analyze the maturity, covenant package and rate structure of the proposed borrowings as well as the risks of such borrowings compared to our investment outlook. We would expect any such leverage, if incurred, to increase the total capital available for investment by the Company. The use of leverage magnifies returns, including losses. See "*Item 1A. Risk Factors*" in our annual report on Form 10-K for the year ended December 31, 2025.

**PORTFOLIO AND INVESTMENT ACTIVITY** 

Our portfolio (excluding investments in money market funds, if any) consisted of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** | **As of** |
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|  | **Amortized Cost** | **Fair Value** | **Amortized Cost** | **Fair Value** |
|  | ***($ in millions)*** | ***($ in millions)*** | ***($ in millions)*** | ***($ in millions)*** |
| First Lien/Senior Secured Debt | $481.57 | $478.08 | $432.15 | $431.49 |
| Second Lien/Senior Secured Debt |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total investments** | $**481.57** | $**478.08** | $**432.15** | $**431.49** |

---

The weighted average yield of our portfolio by asset type (excluding investments in money market funds, if any), at amortized cost and at fair value, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** | **As of** |
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|  | **Amortized Cost** | **Fair Value** | **Amortized Cost** | **Fair Value** |
| **Weighted Average Yield**<sup>(1)</sup> |  |  |  |  |
| First Lien/Senior Secured Debt<sup>(2)</sup> | 8.6% | 8.8% | 8.7% | 8.7% |
| Second Lien/Senior Secured Debt<sup>(2)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Portfolio** | **8.6%** | **8.8%** | **8.7%** | **8.7%** |

---

<sup>(1)</sup> The weighted average yield of our portfolio does not represent the total return to our Unitholders.

<sup>(2)</sup> Computed based on (a) the annual actual interest rate or yield earned plus amortization of fees and discounts on the performing debt and other income producing investments as of the reporting date, divided by (b) the total investments (including investments on non-accrual status and non-income producing investments) at amortized cost or fair value.

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The following table presents certain selected information regarding our investment portfolio (excluding investments in money market funds, if any):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** | **As of** | **As of** |  |
|  | **March 31, 2026** | **March 31, 2026** |  | **December 31, 2025** | **December 31, 2025** |  |
| Number of portfolio companies |  | 48 |  |  | 40 |  |
| Percentage of performing debt bearing a floating rate<sup>(1)</sup> |  | 100.0 | % |  | 100.0 | % |
| Percentage of performing debt bearing a fixed rate<sup>(1)(2)</sup> |  |  | % |  |  | % |
| Weighted average leverage (net debt/EBITDA)<sup>(3)</sup> |  | 6.2 | x |  | 6.3 | x |
| Weighted average interest coverage<sup>(3)</sup> |  | 2.0 | x |  | 1.9 | x |
| Median EBITDA<sup>(3)</sup> | $80.62 million | 80.62 million |  | $75.94 million | 75.94 million |  |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Measured on a fair value basis. Excludes investments, if any, placed on non-accrual status. |
| <sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Includes income producing preferred stock investments, if applicable.  |
| <sup>(3)</sup> | For a particular portfolio company, we calculate the level of contractual indebtedness net of cash ("net debt") owed by the portfolio company and compare that amount to measures of cash flow available to service the net debt. To calculate net debt, we include debt that is both senior and pari passu to the tranche of debt owned by us but exclude debt that is legally and contractually subordinated in ranking to the debt owned by us. We believe this calculation method assists in describing the risk of our portfolio investments, as it takes into consideration contractual rights of repayment of the tranche of debt owned by us relative to other senior and junior creditors of a portfolio company. We typically calculate cash flow available for debt service at a portfolio company by taking EBITDA for the trailing twelve-month period. Weighted average net debt to EBITDA is weighted based on the fair value of our debt investments, excluding investments where net debt to EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.  |
|  | For a particular portfolio company, we also calculate the level of contractual interest expense owed by the portfolio company and compare that amount to EBITDA. We believe this calculation method assists in describing the risk of our portfolio investments, as it takes into consideration contractual interest obligations of the portfolio company. Weighted average interest coverage is weighted based on the fair value of our performing debt investments, excluding investments where interest coverage may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.  |
|  | Median EBITDA is based on our debt investments, excluding investments where net debt to EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue. |
|  | Portfolio company statistics are derived from the most recently available financial statements of each portfolio company as of the reported end date. Statistics of the portfolio companies have not been independently verified by us and may reflect a normalized or adjusted amount. |
|  | As of March 31, 2026 and December 31, 2025, investments where net debt to EBITDA may not be the appropriate measure of credit risk represented 3.6% and 4.0% of total debt investments at fair value.  |

---

Our Investment Adviser monitors the financial trends of each portfolio company on an ongoing basis to determine if it is meeting its respective business plan and to assess the appropriate course of action for each portfolio company. Our Investment Adviser has several methods of evaluating and monitoring the performance and fair value of our investments, which may include: (i) assessment of success in adhering to the portfolio company's business plan and compliance with covenants; (ii) periodic or regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor, to discuss financial position, requirements and accomplishments; (iii) comparisons to our other portfolio companies in the industry, if any; (iv) attendance at and participation in Board meetings or presentations by portfolio companies; and (v) review of monthly and quarterly financial statements and financial projections of portfolio companies.

As part of the monitoring process, our Investment Adviser also employs an investment rating system to categorize our investments. In addition to various risk management and monitoring tools, our Investment Adviser grades the credit risk of all investments on a scale of 1 to 4 no less frequently than quarterly. This system is intended primarily to reflect the underlying risk of a portfolio investment relative to our initial cost basis in respect of such portfolio investment (i.e., at the time of origination or acquisition), although it may also take into account in certain circumstances the performance of the portfolio company's business, the collateral coverage of the investment and other relevant factors. The grading system for our investments is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Grade 1* investments involve the least amount of risk to our initial cost basis. The trends and risk factors for this investment since origination or acquisition are generally favorable, which may include the performance of the portfolio company or a potential exit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Grade 2* investments involve a level of risk to our initial cost basis that is similar to the risk to our initial cost basis at the time of origination or acquisition. This portfolio company is generally performing as expected and the risk factors to our ability to ultimately recoup the cost of our investment are neutral to favorable. All investments or acquired investments in new portfolio companies are initially assessed a grade of 2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Grade 3* investments indicate that the risk to our ability to recoup the initial cost basis of such investment has increased materially since origination or acquisition, including as a result of factors such as declining performance and non-compliance with debt covenants; however, payments are generally not more than 120 days past due; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Grade 4* investments indicate that the risk to our ability to recoup the initial cost basis of such investment has substantially increased since origination or acquisition, and the portfolio company likely has materially declining performance. For debt investments with an investment grade of 4, in most cases, most or all of the debt covenants are out of compliance and payments are substantially delinquent. For investments graded 4, it is anticipated that we will not recoup our initial cost basis and may realize a substantial loss of our initial cost basis upon exit.

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Our Investment Adviser grades the investments in our portfolio at least quarterly and it is possible that the grade of a portfolio investment may be reduced or increased over time. For investments graded 3 or 4, our Investment Adviser enhances its level of scrutiny over the monitoring of such portfolio company. The following table shows the composition of our portfolio (excluding investments in money market funds, if any) on the 1 to 4 grading scale:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** | **As of** |
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| **Investment Performance Rating** | **Fair Value** | **Percentage of<br>Total** | **Fair Value** | **Percentage of<br>Total** |
|  | ***(in millions)*** |  | ***(in millions)*** |  |
| Grade 1 | $— | —% | $— | —% |
| Grade 2 | 478.08 | 100.0 | 431.49 | 100.0 |
| Grade 3 |  |  |  |  |
| Grade 4 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** | $**478.08** | **100.0%** | $**431.49** | **100.0%** |

---

The following table shows the amortized cost of our performing and non-accrual investments (excluding investments in money market funds, if any):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** | **As of** |
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|  | **Amortized Cost** | **Percentage of<br>Total** | **Amortized Cost** | **Percentage of<br>Total** |
|  | ***(in millions)*** |  | ***(in millions)*** |  |
| Performing | $481.57 | 100.0% | $432.15 | 100.0% |
| Non-accrual |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** | $**481.57** | **100.0%** | $**432.15** | **100.0%** |

---

Investments are placed on non-accrual status when it is probable that principal, interest or dividends will not be collected according to the contractual terms. Accrued interest or dividends generally are reversed when an investment is placed on non-accrual status. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management's judgment. We may make exceptions to this treatment if the loan has sufficient collateral value and is in the process of collection. Non-accrual investments are restored to accrual status when past due principal and interest or dividends are paid and, in management's judgment, principal and interest or dividend payments are likely to remain current.

The following table shows our investment activity by investment type<sup>(1)</sup>:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2025** |
|  | ***($ in millions)*** | ***($ in millions)*** |
| **Amount of investments committed at cost**: |  |  |
| First Lien/Senior Secured Debt | $203.94 | $70.73 |
| Second Lien/Senior Secured Debt | 16.06 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**220.00** | $**70.73** |
| **Proceeds from investments sold or repaid:** |  |  |
| First Lien/Senior Secured Debt | $23.77 | $0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**23.77** | $**0.03** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase in portfolio** | $**196.23** | $**70.70** |
| **Number of new portfolio companies with new investment commitments** | 9 | 6 |
| **Total new investment commitment amount in new portfolio companies** | $199.64 | $70.73 |
| **Average new investment commitment amount in new portfolio companies** | $22.18 | $11.79 |
| **Number of existing portfolio companies with new investment commitments** | 5 |  |
| **Total new investment commitment amount in existing portfolio companies** | $20.36 | $— |
| **Weighted average remaining term for new investment commitments (in years)**<sup>(2)</sup> | 6.6 | 6.0 |
| **Percentage of new debt investment commitments at floating interest rates** | 100.0% | 100.0% |
| **Percentage of new debt investment commitments at fixed interest rates**<sup>(3)</sup> | —% | —% |
| **Weighted average yield on new debt and income producing investment commitments**<sup>(4)</sup> | 8.6% | 9.5% |
| **Weighted average yield on new investment commitments**<sup>(5)</sup> | 8.6% | 9.5% |
| **Weighted average yield on debt and income producing investments sold or repaid**<sup>(6)</sup> | 8.4% | 9.0% |
| **Weighted average yield on investments sold or repaid**<sup>(7)</sup> | 8.4% | 9.0% |

---

<sup>(1)</sup> New investment commitments are shown net of capitalized fees, expenses and original issue discount ("OID") that occurred at the initial closing. Figures for new investment commitments may also include positions originated during the period but not held at the reporting date. Figures for investments sold or repaid, excludes unfunded commitments that may have expired or otherwise been terminated without receipt of cash proceeds or other consideration.

<sup>(2)</sup> Calculated as of the end of the relevant period and the maturity date of the individual investments.

<sup>(3)</sup> May include preferred stock investments.

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<sup>(4)</sup> Computed based on (a) the annual actual interest rate on new debt and income producing investment commitments, divided by (b) the total new debt and income producing investment commitments. The calculation includes incremental yield earned on the "last-out" portion of the unitranche loan investments and excludes investments that are on non-accrual status. The annual actual interest rate used is as of the respective quarter end date when the investment activity occurred.

<sup>(5)</sup> Computed based on (a) the annual actual interest rate on new investment commitments, divided by (b) the total new investment commitments (including investments on non-accrual status and non-income producing investments). The calculation includes incremental yield earned on the "last-out" portion of the unitranche loan investments. The annual actual interest rate used is as of the respective quarter end date when the investment activity occurred.

<sup>(6)</sup> Computed based on (a) the annual actual interest rate on debt and income producing investments sold or paid down, divided by (b) the total debt and income producing investments sold or paid down. The calculation includes incremental yield earned on the "last-out" portion of the unitranche loan investments and excludes prepayment premiums earned on exited investments and investments that are on non-accrual status.

<sup>(7)</sup> Computed based on (a) the annual actual interest rate on investments sold or paid down, divided by (b) the total investments sold or paid down (including investments on non-accrual status and non-income producing investments). The calculation includes incremental yield earned on the "last-out" portion of the unitranche loan investments and excludes prepayment premiums earned on exited investments.

**RESULTS OF OPERATIONS** 

Our operating results were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2025** |
|  | ***($ in millions)*** | ***($ in millions)*** |
| Total investment income | $10.70 | $1.42 |
| Total expenses | (5.57) | (1.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $**5.13** | $**(0.14)** |
| Net realized gain (loss) on investments |  |  |
| Net unrealized appreciation (depreciation) on investments | (2.83) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) | $**(2.83)** | $**(0.14)** |
| **Net increase (decrease) in members' capital from operations** | $**2.30** | $**(0.28)** |

---

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

**Investment Income** 

Our investment income was as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2025** |
|  | ***($ in millions)*** | ***($ in millions)*** |
| Interest | $10.49 | $1.23 |
| Dividend income | 0.02 | 0.14 |
| Other income | 0.19 | 0.05 |
| **Total investment income** | $**10.70** | $**1.42** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Interest income for the three months ended March 31, 2026 and 2025 were $10.49 million and $1.23 million. The increase was driven by our deployment of capital into income producing investments.

**Expenses**

Our expenses were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2025** |
|  | ***($ in millions)*** | ***($ in millions)*** |
| Interest and other debt expenses | $4.12 | $0.67 |
| Management fees | 0.80 | 0.25 |
| Professional fees | 0.43 | 0.15 |
| Directors' fees | 0.03 | 0.03 |
| Offering costs |  | 0.32 |
| Other general and administrative expenses | 0.19 | 0.14 |
| **Total expenses** | $**5.57** | $**1.56** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Interest and other debt expenses for the three months ended March 31, 2026 and 2025 were $4.12 million and $0.67 million. The increase was primarily driven by an increase in our aggregate borrowings outstanding during the periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Management Fees for the three months ended March 31, 2026 and 2025 were $0.80 million and $0.25 million. The increase was primarily driven by an increase in members' capital.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We have incurred offering costs related to our formation, organization and offering of our Units. Offering costs are amortized on a straight-line basis over 12 months beginning on the date of commencement of operations. For the three months ended March 31, 2025, we accrued offering costs of $0.32 million.

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

For the three months ended March 31, 2026 and 2025, there were no realized gains or losses.

Any changes in fair value are recorded as a change in unrealized appreciation (depreciation) on investments. For further details on the valuation process, refer to Note 2 "Significant Accounting Policies—Investments" in our financial statements. Net change in unrealized appreciation (depreciation) on investments were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2025** |
|  | ***($ in millions)*** | ***($ in millions)*** |
| Unrealized appreciation | $0.02 | $— |
| Unrealized depreciation | (2.85) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net change in unrealized appreciation (depreciation) on investments** | $**(2.83)** | $**(0.14)** |

---

The net change in unrealized appreciation (depreciation) on investments consisted of the following:

---

| | |
|:---|:---|
|  | **For the Three Months Ended** |
|  | **March 31, 2026** |
|  | ***($ in millions)*** |
| **Portfolio company:** |  |
| Tropical Bidco, LLC (dba Tropical Cheese) | $0.01 |
| AAG KP Borrower LLC (dba KUIU) | 0.01 |
| Apple Bidco Holdings, Inc. (dba Raptor Technologies) | (0.17) |
| Edition Holdings, Inc. (dba Enverus) | (0.19) |
| Computer Services, Inc. | (0.23) |
| Businessolver.com, Inc. | (0.28) |
| Lobos Parent, Inc. (dba NEOGOV) | (0.28) |
| Other, net <sup>(1)</sup> | (1.70) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**(2.83)** |

---

<sup>(1)</sup> For the three months ended March 31, 2026, Other, net includes gross unrealized appreciation of $0.00 million and gross unrealized depreciation of $(1.70) million.

Net change in unrealized appreciation (depreciation) in our investments for the three months ended March 31, 2026 was primarily driven by market volatility during the period.

---

| | |
|:---|:---|
|  | **For the Three<br>Months Ended<br>March 31, 2025** |
|  | ***($ in millions)*** |
| **Portfolio Company:** |  |
| Ark Data Centers, LLC | $(0.10) |
| Rotation Buyer, LLC (dba Rotating Machinery Services) | (0.02) |
| Airwavz Solutions, Inc. | (0.01) |
| Other, net <sup>(1)</sup> | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**(0.14)** |

---

<sup>(1)</sup> For the three months ended March 31, 2025, Other, net includes gross unrealized appreciation of $0.00 million and gross unrealized depreciation of $(0.01) million.

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**FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES**

We expect to generate cash primarily from the net proceeds of any future offerings of our Units, drawdowns of capital commitments, future borrowings and cash flows from operations. Subject to the terms of our Second Amended and Restated Limited Liability Company Agreement (as amended and/or restated or otherwise modified from time to time, the "LLC Agreement"), to the extent we determine that additional capital would allow us to take advantage of additional investment opportunities, if the market for debt financing presents attractively priced debt financing opportunities, or if our Board of Directors otherwise determines that leveraging our portfolio would be in our best interest and the best interests of our Unitholders, we may enter into credit facilities or issue other senior securities. Subject to the terms of the LLC Agreement, we would expect any such credit facilities may be secured by certain of our assets and may contain advance rates based upon pledged collateral. The pricing and other terms of any such facilities would depend upon market conditions when we enter into any such facilities as well as the performance of our business, among other factors. As a BDC, with certain limited exceptions, we are only permitted to borrow amounts such that our asset coverage ratio, as defined in the Investment Company Act, is at least 150% after such borrowing (if certain requirements are met). As of March 31, 2026 and December 31, 2025, our asset coverage ratio based on the aggregate amount outstanding of senior securities was 200% and 184%. We may also refinance or repay any of our indebtedness at any time based on our financial condition and market conditions.

We may enter into investment commitments through executed credit agreements or signed commitment letters, that may ultimately become investment transactions in the future. We regularly evaluate and carefully consider our unfunded commitments using GSAM's proprietary risk management framework for the purpose of planning our capital resources and ongoing liquidity, including our financial leverage.

An affiliate of the Investment Adviser made a capital commitment to us of $10,000 on May 1, 2024 (inception) and served as our initial member (the "Initial Member"). We began accepting subscription agreements ("Subscription Agreements") from investors acquiring Units in our private offering. Under the terms of the Subscription Agreements, investors are required to make capital contributions up to the amount of their undrawn capital commitment to purchase Units each time we deliver a drawdown notice. As of the dates indicated, we had aggregate capital commitments and undrawn capital commitments from investors as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** |
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Capital<br>Commitments<br>*($ in millions)*** | **Unfunded<br>Capital<br>Commitments<br>*($ in millions)*** | **% of Capital<br>Commitments<br>Funded** | **Capital<br>Commitments<br>($ in millions)** | **Unfunded<br>Capital<br>Commitments<br>($ in millions)** | **% of Capital<br>Commitments<br>Funded** |
| Common Units | $927.01 | $672.08 | 28% | $927.01 | $718.43 | 23% |

---

The following table summarizes the total Units issued and proceeds related to capital drawdowns:

---

| | | |
|:---|:---|:---|
| **Unit Issue Date** | **Units Issued** | **Proceeds Received<br>*($ in millions)*** |
| ***For the Three Months Ended March 31, 2026*** |  |  |
| March 9, 2026 <sup>(1)</sup> | 2654639 | $46.35 |
| **Total capital drawdowns** | 2654639 | $46.35 |
| ***For the Three Months Ended March 31, 2025*** |  |  |
| *March 26, 2025* | 1337678 | $23.18 |
| **Total capital drawdowns** | 1337678 | $23.18 |

---

<sup>(1)</sup> The Unit issuance was effective March 9, 2026, with the NAV per Unit and number of Units sold being determined on March 13, 2026.

***Contractual Obligations*** 

We have entered into certain contracts under which we have future commitments. Under the Investment Management Agreement, pursuant to which GSAM has agreed to serve as our Investment Adviser, we pay a Management Fee equal to a percentage of value of our average NAV at the end of the then-current calendar quarter and the prior calendar quarter. Under the Administration Agreement, pursuant to which State Street Bank and Trust Company (the "Administrator") will be responsible for providing us with various accounting and administrative services necessary to conduct our day-to-day operations, we pay our Administrator such fees as may be agreed between us and our Administrator that we determine are commercially reasonable in our sole discretion. Either party or the Unitholders, by a vote of a majority of our outstanding voting securities, may terminate the Investment Management Agreement without penalty, in accordance with the terms of the LLC Agreement. Either party may terminate the Administration Agreement without penalty upon at least 30 days' written notice to the other party. The following table shows our contractual obligations as of March 31, 2026:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Payments Due by Periods ($ in millions)** | **Payments Due by Periods ($ in millions)** | **Payments Due by Periods ($ in millions)** | **Payments Due by Periods ($ in millions)** |
|  | **Total** | **Less Than<br>1 Year** | **1 – 3<br>Years** | **3 – 5<br>Years** | **More Than<br>5 Years** |
| SCB Revolving Credit Facility | $254.00 | $— | $254.00 | $— | $— |

---

------

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

***SCB Revolving Credit Facility***

We entered into a revolving credit facility on September 25, 2024 with Standard Chartered Bank Ltd., as administrative agent (the "Administrative Agent"), lead arranger, sole bookrunner, letter of credit issuer and lender (as amended, supplemented or otherwise modified and in effect from time to time, the "SCB Revolving Credit Facility"). We entered into the first amendment (the "Amendment") to the SCB Revolving Credit Facility on January 30, 2026. The Amendment, among other things, (i) increased the maximum commitment amount to $400,000, (ii) extended the stated maturity date from September 25, 2026 to September 24, 2027 and (iii) decreased the applicable margin (a) with respect to Term SOFR Loans, alternative currency term rate loans, daily CORRA loans, daily SONIA loans and letters of credit, to 1.85% per annum, and (b) with respect to base rate loans, to 0.85% per annum.

Subject to availability under the Borrowing Base (as defined in the SCB Revolving Credit Facility), the maximum principal amount of the SCB Revolving Credit Facility is $400 million. The Borrowing Base is calculated based on the unfunded capital commitments of the Unitholders (subject to various eligibility requirements) multiplied by the specified advance rate of 75%. The stated maturity date of the SCB Revolving Credit Facility is September 24, 2027.

Under the SCB Revolving Credit Facility, we have the ability to elect, for loans denominated in U.S. dollars, either Term SOFR with a one- or three- months tenor or the alternative base rate at the time of draw-down (and with respect to loans denominated in non-U.S. dollar currencies, the applicable benchmark specified in the SCB Revolving Credit Facility), and loans denominated in U.S. dollars may be converted from one rate to another at any time, subject to certain conditions. The interest rate on obligations under the SCB Revolving Credit Facility is (A) Term SOFR for the applicable tenor (or other listed offered rate, depending upon the currency of borrowing) plus 1.85% per annum or (B) an alternative base rate (the greatest of the prime rate set by the Administrative Agent, the federal funds rate plus 0.50%, and Term SOFR with a one-month tenor plus 1.00%) plus 0.85% per annum, with a floor of 0%.

For further details on our SCB Revolving Credit Facility, see Note 6 "Debt—SCB Revolving Credit Facility" to our financial statements included in this report.

***Off-Balance Sheet Arrangements***

We may become a party to investment commitments and to financial instruments with off-balance sheet risk in the normal course of our business to fund investments and to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the balance sheet. We may commit to fund an investment whereby one of the Accounts has committed to issue standby letters of credit (each Account acting in such capacity, an "LC Issuer"). In the event a letter of credit is funded, the LC Issuer will be obligated under the relevant credit agreement to fund a portion of the letter of credit on behalf of us. We would be obligated to reimburse the LC Issuer as set forth in the relevant credit agreement. As of March 31, 2026, we believed that we had adequate financial resources to satisfy our unfunded commitments. Our unfunded commitments to provide funds to portfolio companies were as follows:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **March 31, 2026** | **December 31, 2025** |
|  | ***($ in millions)*** | ***($ in millions)*** |
| **Unfunded Commitments** |  |  |
| First Lien/Senior Secured Debt | $284.96 | $159.00 |
| Second Lien/Senior Secured Debt | 16.06 |  |
| **Total** | $**301.02** | $**159.00** |

---

**Hedging**

Subject to applicable provisions of the Investment Company Act and applicable Commodity Futures Trading Commission (the "CFTC") regulations, we may enter into hedging transactions in a manner consistent with SEC guidance. To the extent that any of our loans are denominated in a currency other than U.S. dollars, we may enter into currency hedging contracts to reduce our exposure to fluctuations in currency exchange rates. We may also enter into interest rate hedging agreements. Such hedging activities, which will be subject to compliance with applicable legal requirements, may include the use of futures, options, swaps and forward contracts. Costs incurred in entering into such contracts or in settling them, if any, will be borne by us. Our Investment Adviser has claimed relief from CFTC registration and regulation as a commodity pool operator pursuant to CFTC Rule 4.5 with respect to our operations, with the result that we will be limited in our ability to use futures contracts or options on futures contracts or engage in swap transactions. Specifically, CFTC Rule 4.5 imposes strict limitations on using such derivatives other than for hedging purposes, whereby the use of derivatives not used solely for hedging purposes is generally limited to situations where (i) the aggregate initial margin and premiums required to establish such positions does not exceed five percent of the liquidation value of our portfolio, after taking into account unrealized profits and unrealized losses on any such contracts it has entered into; or (ii) the aggregate net notional value of such derivatives does not exceed 100% of the liquidation value of our portfolio. Moreover, we anticipate entering into transactions involving such derivatives to a very limited extent solely for hedging purposes or otherwise within the limitations of CFTC Rule 4.5.

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Rule 18f-4 under the Investment Company Act includes limitations on the ability of a BDC (or a registered investment company) to use derivatives and other transactions that create future payment or delivery obligations (including reverse repurchase agreements and similar financing transactions). Under the rule, BDCs that make significant use of derivatives are subject to a value-at-risk leverage limit, a derivatives risk management program, testing requirements and requirements related to board reporting. These requirements apply unless the BDC qualifies as a "limited derivatives user," as defined in Rule 18f-4. Under the rule, a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. Under Rule 18f-4, when we trade reverse repurchase agreements or similar financing transactions, including certain tender option bonds, we need to aggregate the amount of any other senior securities representing indebtedness (e.g., bank borrowings, if applicable) when calculating our asset coverage ratio. We currently operate as a "limited derivatives user" and these requirements may limit our ability to use derivatives and/or enter into certain other financial contracts.

**CRITICAL ACCOUNTING POLICIES AND ESTIMATES**

Our discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of these financial statements requires management 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 materially.

For a description of our critical accounting policies, see Note 2 "Significant Accounting Policies" to our financial statements included in this report. We consider the most significant accounting policies to be those related to our Valuation of Portfolio Investments, Revenue Recognition, Non-Accrual Investments, Distribution Policy and Income Taxes. We consider the most significant critical estimate to be the fair value measurement of investments. The critical accounting policies and estimates should be read in connection with our risk factors listed under "Risk Factors" in our annual report on Form 10-K for the year ended December 31, 2025.

***Fair Value Measurement of Investments*** 

Consistent with GAAP and the Investment Company Act, we conduct a valuation of our investments, pursuant to which our NAV is determined. Our investments are valued on a quarterly basis, or more frequently if required under the Investment Company Act. The determination of fair value involves subjective judgments and estimates. The majority of investments are not quoted or traded in an active market and as such their fair values are determined using valuation techniques, primarily discounted cash flows, market multiples, and recent comparable transactions. The most significant inputs in applying the discounted cash flow approach and the market multiples approach are the selected discount rates and multiples, respectively. The selection of these inputs is based on a combination of factors that are specific to the underlying portfolio companies such as financial performance and certain factors that are observable in the market such as current interest rates and comparable public company trading multiples. Accordingly, the notes to our financial statements express the uncertainty with respect to the possible effect of these valuations and any change in these valuations on the financial statements. For further details of our investments and fair value measurement accounting policy, see Note 2 "Significant Accounting Policies—Investments" and Note 5 "Fair Value Measurement."

**RECENT DEVELOPMENTS**

*Distributions*

We will pay a distribution equal to an amount up to our taxable earnings per Unit, including net investment income (if positive) for the period beginning April 1, 2026 through June 30, 2026, which will be payable on or about July 29, 2026 to Unitholders of record as of July 2, 2026.

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

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

As of March 31, 2026 and December 31, 2025, on a fair value basis, 100.0% and 100.0% of our performing debt investments bore interest at a floating rate. Additionally, our borrowings under the SCB Revolving Credit Facility bear interest at a floating rate.

We regularly measure our exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities.

Based on our March 31, 2026 Statements of Financial Condition, the following table shows the annual impact on net income of base rate changes in interest rates (considering interest rate floors for variable rate instruments) assuming no changes in our investment and borrowing structure:

---

| | | | |
|:---|:---|:---|:---|
| **As of March 31, 2026<br><u>Basis Point Change</u>** | **Interest<br>Income** | **Interest<br>Expense** | **Net<br>Income** |
| ***($ in millions)*** |  |  |  |
| Up 300 basis points | 11.59 | (7.09) | 4.50 |
| Up 200 basis points | 7.73 | (4.73) | 3.00 |
| Up 100 basis points | 3.86 | (2.36) | 1.50 |
| Up 75 basis points | 2.90 | (1.77) | 1.13 |
| Up 50 basis points | 1.93 | (1.18) | 0.75 |
| Up 25 basis points | 0.97 | (0.59) | 0.38 |
| Down 25 basis points | (0.97) | 0.59 | (0.38) |
| Down 50 basis points | (1.93) | 1.18 | (0.75) |
| Down 75 basis points | (2.90) | 1.77 | (1.13) |
| Down 100 basis points | (3.86) | 2.36 | (1.50) |
| Down 200 basis points | (7.73) | 4.73 | (3.00) |
| Down 300 basis points | (11.13) | 7.09 | (4.04) |

---

**ITEM 4. CONTROLS AND PROCEDURES**

***Evaluation of Disclosure Controls and Procedures.*** As of the end of the period covered by this report, our management carried out an evaluation, under the supervision and with the participation of our Co-Chief Executive Officers and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Based on that evaluation, our Co-Chief Executive Officers and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of March 31, 2026. In designing and evaluating our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and management necessarily applies its judgment in evaluating the benefits of possible controls and procedures relative to their costs.

***Changes in Internal Control over Financial Reporting***. There have been no changes in our internal control over financial reporting that occurred during our most recently completed fiscal quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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**PART II. OTHER INFORMATION**

**ITEM 1. LEGAL PROCEEDINGS.**

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. We are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us.

**ITEM 1A. RISK FACTORS.**

An investment in our securities involves a high degree of risk. There have been no material changes to the risk factors previously reported under Item 1A. "Risk Factors" of our annual report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on March 3, 2026. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may materially affect our business, financial condition and/or operating results.

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

The following table summarizes the total Units issued and proceeds related to capital drawdowns:

---

| | | |
|:---|:---|:---|
| **Unit Issue Date** | **Units Issued** | **Proceeds Received<br>*($ in millions)*** |
| ***For the Three Months Ended March 31, 2026*** |  |  |
| March 9, 2026 <sup>(1)</sup> | 2654639 | $46.35 |
| **Total capital drawdowns** | 2654639 | $46.35 |
| ***For the Three Months Ended March 31, 2025*** |  |  |
| *March 26, 2025* | 1337678 | $23.18 |
| **Total capital drawdowns** | 1337678 | $23.18 |

---

<sup>(1)</sup> The Unit issuance was effective March 9, 2026, with the NAV per Unit and number of Units sold being determined on March 13, 2026.

Each of the above issuances and sales of the common Units was exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), pursuant to Section 4(a)(2) thereof, and Regulation D or Regulation S thereunder, as applicable. Each purchaser of common Units was required to represent that it is (i) either an "accredited investor" as defined in Rule 501 of Regulation D under the Securities Act or, in the case of the common Units sold outside the United States, not a "U.S. person" in accordance with Regulation S under the Securities Act and (ii) acquiring the common Units for investment and not with a view to resell or distribute. We did not engage in general solicitation or advertising and did not offer securities to the public in connection with such issuance and sale.

**ITEM 3. DEFAULTS UPON SENIOR SECURITIES.**

Not applicable.

**ITEM 4. MINE SAFETY DISCLOSURES**.

Not applicable.

**ITEM 5. OTHER INFORMATION**.

None.

**ITEM 6. EXHIBITS.**

The exhibits filed as part of this Quarterly Report on Form 10-Q are set forth on the Index to Exhibits, which is incorporated herein by reference

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

---

| | |
|:---|:---|
| **EXHIBIT NO.**  | **EXHIBIT** |
| 3.1 | [<u>Certificate of Formation (incorporated by reference to Exhibit 3.1 to the Company's Registration Statement on Form 10 (File No. 000-56660) filed on May 29, 2024).</u>](https://www.sec.gov/Archives/edgar/data/2020354/000119312524148413/d789251dex31.htm) |
| 3.2 | [<u>Second Amended and Restated Limited Liability Company Agreement (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K (File No. 814-01758) filed on September 27, 2024).</u>](https://www.sec.gov/Archives/edgar/data/2020354/000119312524227982/d823812dex31.htm) |
| 10.1 | [<u>First Amendment to Revolving Credit Agreement, dated as of January 30, 2026, by and among the Company and Standard Chartered Bank Ltd., as administrative agent, lead arranger, sole bookrunner, letter of credit issuer and lender (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K (File No. 814-01758) filed on February 3, 2026).</u>](https://www.sec.gov/Archives/edgar/data/2020354/000119312526035680/d87819dex101.htm) |
| 31.1\* | [<u>Certification of Co-Chief Executive Officer pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](ck0002020354-ex31_1.htm) |
| 31.2\* | [<u>Certification of Co-Chief Executive Officer pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](ck0002020354-ex31_2.htm) |
| 31.3\* | [<u>Certification of Chief Financial Officer pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](ck0002020354-ex31_3.htm) |
| 32.1\* | [<u>Certification of Co-Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](ck0002020354-ex32_1.htm) |
| 32.2\* | [<u>Certification of Co-Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](ck0002020354-ex32_2.htm) |
| 32.3\* | [<u>Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](ck0002020354-ex32_3.htm) |
| 101.INS\* | <u>Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document</u> |
| 101.SCH\* | <u>Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents</u> |
| 104\* | <u>Cover Page Interactive Data File (embedded within the Inline XBRL document)</u> |

---

\* Filed herewith.

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**SIGNATURES**

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

---

| | |
|:---|:---|
|  | **WEST BAY BDC LLC** |
| Date: May 12, 2026 | /s/ Vivek Bantwal |
|  | Name: Vivek Bantwal |
|  | Title: Co-Chief Executive Officer  |
|  | (Co-Principal Executive Officer) |
| Date: May 12, 2026 | /s/ David Miller |
|  | Name: David Miller |
|  | Title: Co-Chief Executive Officer  |
|  | (Co-Principal Executive Officer) |

---

---

| | |
|:---|:---|
| Date: May 12, 2026 | /s/ Stanley Matuszewski |
|  | Name: Stanley Matuszewski |
|  | Title: Chief Financial Officer and Treasurer |
|  | (Principal Financial Officer) |

---

------

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER** 

**UNDER SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Vivek Bantwal, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of West Bay BDC LLC;

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

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

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

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

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

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

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

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

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

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

Date: May 12, 2026

---

| |
|:---|
| /s/ Vivek Bantwal |
| Vivek Bantwal<br>Co-Chief Executive Officer <br>(Co-Principal Executive Officer) |

---

------

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER** 

**UNDER SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, David Miller, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of West Bay BDC LLC;

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

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

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

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

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

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

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

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

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

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

Date: May 12, 2026

---

| |
|:---|
| /s/ David Miller |
| David Miller<br>Co-Chief Executive Officer<br>(Co-Principal Executive Officer) |

---

------

## Exhibit 31.3

**Exhibit 31.3**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER** 

**UNDER SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Stanley Matuszewski, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of West Bay BDC LLC;

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

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

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

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

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

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

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

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

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

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

Date: May 12, 2026

---

| |
|:---|
| /s/ Stanley Matuszewski |
| Stanley Matuszewski<br>Chief Financial Officer and Treasurer<br>(Principal Financial Officer) |

---

------

## Exhibit 32.1

**Exhibit 32.1**

**Certification of Co-Chief Executive Officer** 

**Pursuant to** 

**18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** 

In connection with the Quarterly Report on Form 10-Q of West Bay BDC LLC (the "Company") for the quarter ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Vivek Bantwal, as Co-Chief Executive Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

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

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

Date: May 12, 2026

---

| |
|:---|
| /s/ Vivek Bantwal |
| Vivek Bantwal<br>Co-Chief Executive Officer <br>(Co-Principal Executive Officer) |

---

------

## Exhibit 32.2

**Exhibit 32.2**

**Certification of Co-Chief Executive Officer**

**Pursuant to** 

**18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** 

In connection with the Quarterly Report on Form 10-Q of West Bay BDC LLC (the "Company") for the quarter ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), David Miller, as Co-Chief Executive Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

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

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

Date: May 12, 2026

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|:---|
| /s/ David Miller |
| David Miller<br>Co-Chief Executive Officer<br>(Co-Principal Executive Officer) |

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## Exhibit 32.3

**Exhibit 32.3**

**Certification of Chief Financial Officer** 

**Pursuant to** 

**18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** 

In connection with the Quarterly Report on Form 10-Q of West Bay BDC LLC (the "Company") for the quarter ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Stanley Matuszewski, as Chief Financial Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

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

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

Date: May 12, 2026

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| |
|:---|
| /s/ Stanley Matuszewski |
| Stanley Matuszewski<br>Chief Financial Officer and Treasurer<br>(Principal Financial Officer) |

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