26North BDC, Inc.

10-K

Annual Report

CIK: 1950976

File #: 000-56594

Period End: Dec 31, 2025

Fiscal Year: 2025

View on EDGAR

Balance Sheet

219 line items · 2 periods

XBRL

Item	Dec 31, 2025	Dec 31, 2024
Assets
Investments at fair value	1,417,789,000	666,141,000
Debt Investments \| CPEX Purchaser, LLC\|First Lien Senior Secured Delayed Draw Term Loan\|SoftwareSOFR + 6.000\|10.345%\|2/29/2024\| 3/1/2030	—	1,931,000
Debt Investments \|Runway Bidco, LLC\| First Lien Senior Secured Term Loan\|SoftwareSOFR + 5.000\|9.329%\|12/17/2024\| 12/17/2031	—	20,056,000
Debt Investments \|Penn TRGRP Holdings LLC\| First Lien Senior Secured Delayed Draw Term Loan\|Diversified Financial ServicesSOFR + 7.750\|12.079%\|10/20/2023\| 9/27/2030	—	1,844,000
Debt Investments \| CPEX Purchaser, LLC\| First Lien Senior Secured Revolving Loan\|SoftwareSOFR + 6.000\|2/29/2024\| 3/1/2030	—	(123,000)
Debt Investments \| Alert SRC Newco LLC \|First Lien Senior Secured Delayed Draw Term Loan\|Commercial Services & SuppliesSOFR + 5.000\|12/11/2024\|12/11/2030	—	(109,000)
Debt Investments \|United Flow Technologies Intermediate HoldCo II, LLC\| First Lien Senior Secured Delayed Draw Term Loan\|Multi-UtilitiesSOFR + 5.250\|9.886\|6/21/2024\|6/23/2031	—	1,314,000
Debt Investments \|Zone & Company Software Consulting, LLC\| First Lien Senior Secured Delayed Draw Term Loan\| Diversified Financial ServicesSOFR + 6.000\|9/13/2024\|9/13/2030	(148,000)	(178,000)
Debt Investments \| Ascend Partner Services LLC \|First Lien Senior Secured Revolving Loan\|Professional ServicesSOFR + 4.500\|8.838%\|8/9/2024\| 8/11/2031	—	1,227,000
Debt Investments \| FH DMI Buyer, Inc.\| First Lien Senior Secured Delayed Draw Term Loan\|Health Care Equipment & SuppliesSOFR + 5.000\|10/11/2024\| 10/11/2030	—	(102,000)
Non-controlled/non-affiliated Investments	1,352,732,000	666,141,000
Debt Investments \|Thunder Buyer, Inc.\| First Lien Senior Secured Term Loan\|Life Sciences Tools & ServicesSOFR + 5.000\|9.647\|10/17/2024\|10/17/2030	—	16,336,000
Debt Investments \| CData Software, Inc.\|First Lien Senior Secured Revolving Loan\|IT ServicesSOFR + 5.750\|7/18/2024\|7/18/2030	—	(65,000)
Debt Investments \|LogRhythm, Inc.\|First Lien Senior Secured Term Loan\|IT ServicesSOFR + 7.500\|11.857%\|7/2/2024\| 7/2/2029	—	53,308,000
Debt Investments \|Serrano Parent, LLC\| First Lien Senior Secured Term Loan\|IT ServicesSOFR + 6.500\|10.920\|10/18/2023\|5/13/2030	—	27,731,000
Debt Investments \|Azurite Intermediate Holdings, Inc.\| First Lien Senior Secured Revolving Loan\|IT ServicesSOFR + 6.500\|3/19/2024\|3/19/2031	—	(21,000)
Debt Investments \| Adelaide Borrower, LLC \|First Lien Senior Secured Delayed Draw Term Loan\|Multi-UtilitiesSOFR + 6.250\| 5/8/2024\| 5/8/2030	0	(40,000)
Debt Investments \|Azurite Intermediate Holdings, Inc.\| First Lien Senior Secured Term Loan\|IT ServicesSOFR + 6.500\|10.857%\|3/19/2024\| 3/19/2031	—	5,651,000
Debt Investments \|Thunder Buyer, Inc.\|First Lien Senior Secured Revolving Loan\|Life Sciences Tools & ServicesSOFR + 5.000\|10/17/2024\|10/17/2030	—	(59,000)
Debt Investments \| AMI Buyer, Inc. \|First Lien Senior Secured Term Loan\|Semiconductors & Semiconductor EquipmentSOFR + 5.250\|9.693%\|10/17/2024\|10/17/2031	—	35,869,000
Debt Investments \| CData Software, Inc.\|First Lien Senior Secured Term Loan\|IT ServicesSOFR + 6.250\|10.575%\|7/18/2024\|7/18/2030	—	32,709,000
Debt Investments \| CB Buyer, Inc\|First Lien Senior Secured Delayed Draw Term Loan\|SoftwareSOFR + 5.250\|7/1/2024\|7/1/2031	—	(15,000)
Debt Investments \| Alegeus Technologies Holdings Corp. \|First Lien Senior Secured Term Loan\|Health Care TechnologySOFR + 6.750\|11.304%\| 11/22/2024\| 11/5/2029	—	67,783,000
Debt Investments \| CB Buyer, Inc\|First Lien Senior Secured Term Loan\|SoftwareSOFR + 5.250\|9.607%\|7/1/2024\|7/1/2031	—	21,325,000
Debt Investments \|Zone & Company Software Consulting, LLC\| First Lien Senior Secured Payment Delayed Draw Term Loan\| Diversified Financial ServicesSOFR + 6.500\|10.859\|9/13/2024\|9/13/2030	—	400,000
Common Equity	3,245,000	400,000
Debt Investments \|Penn TRGRP Holdings LLC\|First Lien Senior Secured Term Loan\|Diversified Financial ServicesSOFR + 7.750\|12.079%\|10/20/2023\| 9/27/2030	—	24,847,000
Debt Investments \| Coding Solutions Acquisition, Inc. \|First Lien Senior Secured Payment Delayed Draw Term Loan\|Health Care TechnologySOFR + 5.000\|8/7/2024\|8/7/2031	—	(71,000)
Debt Investments \| CB Buyer, Inc\|First Lien Senior Secured Revolving Loan\|SoftwareSOFR + 5.250\|7/1/2024\|7/1/2031	—	(6,000)
First Lien Senior Secured	1,308,356,000	665,741,000
Debt Investments \|Sapphire Software Buyer, Inc.\| First Lien Senior Secured Revolving Loan\|IT ServicesSOFR + 5.000\|9/30/2024\|9/30/2031	(27,000)	(37,000)
Debt Investments \| Guardian Restoration Partners Buyer, LLC\|First Lien Senior Secured Delayed Draw Term Loan\|Diversified Consumer ServicesSOFR + 4.750\|10.010%\|11/1/2024\|11/3/2031	—	2,584,000
Debt Investments \|Runway Bidco, LLC\| First Lien Senior Secured Revolving Loan\|SoftwareSOFR + 5.000\|12/17/2024\|12/17/2031	(25,000)	(25,000)
Debt Investments \| Ascend Partner Services LLC \|First Lien Senior Secured Term Loan\|Professional ServicesSOFR + 4.500\|8.857%\|8/9/2024\|8/11/2031	—	5,993,000
Common Equity\|Excalibur Parent Holdings, L.P., LLC\|Common Stock\| IT Services\|7/2/2024	—	0
Debt Investments \|Zone & Company Software Consulting, LLC\| First Lien Senior Secured Term Loan\| Diversified Financial ServicesSOFR + 6.500\|10.859\|9/13/2024\|9/13/2030	—	45,894,000
Debt Investments \| Adelaide Borrower, LLC \|First Lien Senior Secured Revolving Loan\|Multi-UtilitiesSOFR + 6.250\| 5/8/2024\| 5/8/2030	—	(25,000)
Debt Investments \|Xactly Corporation\| First Lien Senior Secured Revolving Loan\|Professional ServicesSOFR + 6.250\|7/12/2024\|7/30/2027	0	(8,000)
Debt Investments \| Adelaide Borrower, LLC \|First Lien Senior Secured Term Loan\|Multi-UtilitiesSOFR + 6.250\|10.549%\| 5/8/2024\| 5/8/2030	—	23,502,000
Debt Investments \| Guardian Restoration Partners Buyer, LLC \|First Lien Senior Secured Revolving Loan\|Diversified Consumer ServicesSOFR + 4.750\|11/1/2024\|11/3/2031	—	(15,000)
Debt Investments \| Ascend Partner Services LLC \|First Lien Senior Secured Delayed Draw Term Loan\|Professional ServicesSOFR + 4.500\|8/9/2024\|8/11/2031	—	(104,000)
Debt Investments \| CData Software, Inc.\|First Lien Senior Secured Payment Delayed Draw Term Loan\|IT ServicesSOFR + 6.250\|10.575%\|7/18/2024\|7/18/2030	—	1,620,000
Debt Investments \|Zone & Company Software Consulting, LLC\|First Lien Senior Secured Revolving Loan\| Diversified Financial ServicesSOFR + 6.000\|9/13/2024\|9/13/2030	(79,000)	(95,000)
Debt Investments \| Icefall Parent, Inc.\|First Lien Senior Secured Term Loan\|Diversified Financial ServicesSOFR + 6.500\|10.857%\|1/26/2024\| 1/25/2030	—	24,563,000
Common Equity\| FH DMI Buyer, Inc \|Common Stock\| Health Care Equipment & Supplies\|10/11/2024	—	400,000
Debt Investments \| AMI Buyer, Inc. \|First Lien Senior Secured Revolving Loan\|Semiconductors & Semiconductor EquipmentSOFR + 5.250\|9.693%\|10/17/2024\|10/17/2031	—	1,208,000
Debt Investments \| Coding Solutions Acquisition, Inc. \|First Lien Senior Secured Term Loan\|Health Care TechnologySOFR + 5.000\|9.245%\|8/7/2024\|8/7/2031	—	30,796,000
Debt Investments \|United Flow Technologies Intermediate HoldCo II, LLC\| First Lien Senior Secured Term Loan\|Multi-UtilitiesSOFR + 5.250\|9.579\|6/21/2024\|6/23/2031	—	27,327,000
Debt Investments \| Alert SRC Newco LLC \|First Lien Senior Secured Revolving Loan\|Commercial Services & SuppliesSOFR + 5.000\|12/11/2024\|12/11/2030	(22,000)	(33,000)
Non-controlled/non-affiliated Investments - Common Equity	—	400,000
Debt Investments \| Homecare Software Solutions, LLC\|First Lien Senior Secured Term Loan\|Health Care TechnologySOFR + 5.550\|9.925%(incl. 2.925%PIK)\|9/26/2024\| 6/16/2031	—	27,628,000
Debt Investments \| Coding Solutions Acquisition, Inc. \|First Lien Senior Secured Revolving Loan\|Health Care TechnologySOFR + 5.000\|9.318%\|8/7/2024\|8/7/2031	—	2,561,000
Debt Investments \|United Flow Technologies Intermediate HoldCo II, LLC\| First Lien Senior Secured Revolving Loan\|Multi-UtilitiesSOFR + 5.250\|6/21/2024\|6/23/2030	—	(39,000)
Debt Investments \| Baxter Planning Systems, LLC\|First Lien Senior Secured Delayed Draw Term Loan\|Air Freight & LogisticsSOFR + 5.750\|5/20/2024\|5/20/2031	(15,000)	(15,000)
Debt Investments \| FH DMI Buyer, Inc.\| First Lien Senior Secured Revolving Loan\|Health Care Equipment & SuppliesSOFR + 5.000%\|10/11/2024\|10/11/2030	—	(31,000)
Debt Investments \| FH DMI Buyer, Inc.\|First Lien Senior Secured Term Loan\|Health Care Equipment & SuppliesSOFR + 5.000\|9.329%\|10/11/2024\| 10/11/2030	—	12,068,000
Debt Investments \|Thunder Buyer, Inc.\| First Lien Senior Secured Delayed Draw Term Loan\|Life Sciences Tools & ServicesSOFR + 5.000\|10/17/2024\|10/17/2030	—	(110,000)
Debt Investments \| CPEX Purchaser, LLC\|First Lien Senior Secured Term Loan\|SoftwareSOFR + 6.000\|10.345%\|2/29/2024\|3/1/2030	—	32,634,000
Debt Investments \| Icefall Parent, Inc.\|First Lien Senior Secured Revolving Loan\|Diversified Financial ServicesSOFR + 6.500\|1/26/2024\|1/25/2030	—	(36,000)
Debt Investments \|Sapphire Software Buyer, Inc.\| First Lien Senior Secured Term Loan\|IT ServicesSOFR + 5.000\|9.745% (incl. 3.000%PIK)\|9/30/2024\| 9/30/2031	—	30,077,000
Debt Investments \| Guardian Restoration Partners Buyer, LLC\|First Lien Senior Secured Term Loan\|Diversified Consumer ServicesSOFR + 4.750\|9.079%\|11/1/2024\| 11/3/2031	—	4,708,000
Debt Investments \| Baxter Planning Systems, LLC\|First Lien Senior Secured Term Loan\|Air Freight & LogisticsSOFR + 6.250\|10.677% (incl.3.375% PIK)\|5/20/2024\|5/20/2031	—	8,180,000
Debt Investments \|LogRhythm, Inc.\|First Lien Senior Secured Revolving Loan\|IT ServicesSOFR + 7.500\|7/2/2024\| 7/2/2029	(219,000)	(151,000)
Debt Investments \|Runway Bidco, LLC\| First Lien Senior Secured Delayed Draw Term Loan\|SoftwareSOFR + 5.000\|12/17/2024\|12/17/2031	(50,000)	(50,000)
Debt Investments \| Baxter Planning Systems, LLC\|First Lien Senior Secured Revolving Loan\|Air Freight & LogisticsSOFR + 5.750\|5/20/2024\|5/20/2031	(15,000)	(15,000)
Debt Investments \| CData Software, Inc.\|First Lien Senior Secured Delayed Draw Term Loan\|IT ServicesSOFR + 5.750\|7/18/2024\|7/18/2030	—	(54,000)
Debt Investments \|Penn TRGRP Holdings LLC\| First Lien Senior Secured Revolving Loan\|Diversified Financial ServicesSOFR + 6.750\|10/20/2023\|9/27/2030	—	(58,000)
Debt Investments \| Alert SRC Newco LLC \|First Lien Senior Secured Term Loan\|Commercial Services & SuppliesSOFR + 5.000\|9.452%\|12/11/2024\| 12/11/2030	—	22,128,000
Debt Investments \|Azurite Intermediate Holdings, Inc.\| First Lien Senior Secured Delayed Draw Term Loan\|IT ServicesSOFR + 6.500\|10.857%\|3/19/2024\| 3/19/2031	—	12,844,000
Non-controlled/non-affiliated Investments - Debt Investments	1,328,698,000	665,741,000
Debt Investments \|Metropolis Capital Holdings, LLC\|First Lien Senior Secured Term Loan\|Real Estate Management & DevelopmentSOFR + 6.000\|10.457%\|5/16/2024\| 5/16/2031	—	13,709,000
Debt Investments \|Xactly Corporation\| First Lien Senior Secured Term Loan\|Professional ServicesSOFR + 6.250\|10.864\|7/12/2024\|7/30/2027	—	25,076,000
Debt Investments \| CB Buyer, Inc\|First Lien Senior Secured Delayed Draw Term Loan\|SoftwareSOFR + 5.250\|8.922%\|7/1/2024\|7/1/2031	233,000	—
Debt Investments \|Univista Intermediate Holdco, LLC\| First Lien Last Out Term Loan\|InsuranceSOFR + 6.531\|10.227%\|1/10/2025\|1/10/2030	20,342,000	—
Debt Investments \|SingleStore Inc\| First Lien Senior Secured Term Loan\|SoftwareSOFR + 6.250\|10.144%\|10/16/2025\| 10/16/2031	29,590,000	—
Equity\|Philz Coffee, Inc. \| Common Stock\| Hotels, Restaurants & Leisure\| 8/5/2025	2,593,000	—
Debt Investments \|Plus Bidco, LLC\| First Lien Senior Secured Revolving Loan\|Food ProductsSOFR + 4.750\|8.585%\|8/26/2025\|8/26/2032	307,000	—
Debt Investments \|Azurite Intermediate Holdings, Inc.\| First Lien Senior Secured Revolving Loan\|IT ServicesSOFR + 6.000\|3/19/2024\|3/19/2031	(5,000)	—
Preferred Equity	20,789,000	—
Equity\| FH DMI Buyer, Inc \|Common Stock\| Health Care Equipment & Supplies\|10/11/2024	652,000	—
Debt Investments \|SingleStore Inc\| First Lien Senior Secured Delayed Draw Term Loan\|SoftwareSOFR + 6.250\|10/16/2025\| 10/16/2031	(34,000)	—
Debt Investments \| Archduke Buyer, Inc. \|First Lien Senior Secured Term Loan\|SoftwareSOFR + 5.500\|9.273%\|12/3/2025\|12/3/2032	20,173,000	—
Debt Investments \| AMI Buyer, Inc. \|First Lien Senior Secured Term Loan\|Semiconductors & Semiconductor EquipmentSOFR + 5.000\|8.902%\|10/17/2024\|10/17/2031	35,962,000	—
Debt Investments \|Project Alliance Buyer LLC\| First Lien Senior Secured Revolving Loan\| PharmaceuticalSOFR + 5.000\|8/27/2025\| 8/27/2031	(69,000)	—
Debt Investments \|Syndigo LLC\| First Lien Senior Secured Revolving Loan\|Food & Staples RetailingSOFR + 5.000\|8/29/2025\|9/2//2032	(35,000)	—
Debt Investments \| CI (MG) GROUP, LLC \|First Lien Senior Secured Delayed Draw Term Loan\|Diversified Consumer ServicesSOFR + 5.500\|9.172%\|3/27/2025\|3/27/2030	6,893,000	—
Debt Investments \|Azurite Intermediate Holdings, Inc.\| First Lien Senior Secured Delayed Draw Term Loan\|IT ServicesSOFR + 6.000\|9.716%\|3/19/2024\| 3/19/2031	12,941,000	—
Debt Investments \| Alert SRC Newco LLC \|First Lien Senior Secured Delayed Draw Term Loan \|Commercial Services & SuppliesSOFR + 5.000\|8.843\|9/19/2025\|12/11/2030	239,000	—
Debt Investments \| CB Buyer, Inc\|First Lien Senior Secured Revolving Loan\|SoftwareSOFR + 5.250\|8.971\|7/1/2024\|7/1/2031	138,000	—
Debt Investments \| FH DMI Buyer Inc \|First Lien Senior Secured Revolving Loan\|Health Care Equipment & SuppliesSOFR + 4.750%\|12/23/2025\|10/11/2030	(10,000)	—
Debt Investments \| Alert SRC Newco LLC \|First Lien Senior Secured Delayed Draw Term Loan \|Commercial Services & Supplies SOFR + 5.000\|8.773\|12/11/2024\|12/11/2030	7,160,000	—
Debt Investments \| Cpex Purchaser, LLC \|First Lien Senior Secured Delayed Draw Term Loan\|SoftwareSOFR + 5.500\|9.375\|3/26/2025\|3/1/2030	1,995,000	—
Debt Investments \| FH DMI Buyer Inc \|First Lien Senior Secured Revolving Loan\|Health Care Equipment & SuppliesSOFR + 5.000%\|10/11/2024\|10/11/2030	(20,000)	—
Debt Investments \|Univista Intermediate Holdco, LLC\| First Lien First Out Term Loan\|InsuranceSOFR + 3.850\|7.566%\|1/10/2025\|1/10/2030	18,420,000	—
Debt Investments \| Four Winds Interactive LLC \|First Lien Senior Secured Revolving Loan\|Interactive Media & ServicesSOFR + 5.750\|2/20/2025\|2/20/2030	(97,000)	—
Debt Investments \| Cpex Purchaser, LLC \|First Lien Senior Secured Term Loan\|SoftwareSOFR + 5.500\|9.221%\|3/26/2025\|3/1/2030	1,621,000	—
Debt Investments \|Peachtree Buyer, Inc.\|First Lien Senior Secured Delayed Draw Term Loan\|Construction & Engineering SOFR + 4.500\|12/11/2025\|12/12/2033	(81,000)	—
Debt Investments \|Zone & Company Software Consulting, LLC\| First Lien Senior Secured Delayed Draw Term Loan\| Diversified Financial ServicesSOFR + 6.500\|10.236%\|9/13/2024\|9/13/2030	2,079,000	—
Debt Investments \| FH DMI Buyer Inc \|First Lien Senior Secured Delayed Draw Term Loan \|Health Care Equipment & SuppliesSOFR + 5.000\|8.672%\|10/11/2024\|10/11/2030	6,721,000	—
Debt Investments \| Aprio Advisory Group LLC \|First Lien Senior Secured Revolving Loan\|Professional ServicesSOFR + 4.750\|12/23/2025\|8/1/2031	(31,000)	—
Debt Investments \|Sapphire Software Buyer, Inc.\| First Lien Senior Secured Term Loan\|IT ServicesSOFR + 5.000\|8.872%\|9/30/2024\| 9/30/2031	30,155,000	—
Debt Investments \|UFT Buyer LLC\| First Lien Senior Secured Delayed Draw Term Loan\|Multi-UtilitiesSOFR + 4.500\|12/3/2025\|12/6/2032	(49,000)	—
Debt Investments \| AMI Buyer, Inc. \|First Lien Senior Secured Revolving Loan\|Semiconductors & Semiconductor EquipmentSOFR + 5.000\|10/17/2024\|10/17/2031	(26,000)	—
Debt Investments \|Azurite Intermediate Holdings, Inc.\| First Lien Senior Secured Term Loan\|IT ServicesSOFR + 6.000\|9.716%\|3/19/2024\| 3/19/2031	5,694,000	—
Non-controlled/non-affiliated Investments - Equity	24,034,000	—
Debt Investments \| CI (MG) GROUP, LLC \|First Lien Senior Secured Term Loan\|Diversified Consumer ServicesSOFR + 5.500\|9.172%\|3/27/2025\|3/27/2030	28,230,000	—
Debt Investments \| Celerion Buyer, Inc. \|First Lien Senior Secured Revolving Loan\|PharmaceuticalsSOFR + 5.000\|12/22/2025\|11/3/2028	(2,000)	—
Debt Investments \|RH Buyer, Inc.\| First Lien Senior Secured Term Loan\|Aerospace & DefenseSOFR + 6.500\|10.482%\|1/17/2025\|1/17/2031	58,836,000	—
Debt Investments \| CData Software, Inc.\| First Lien Senior Secured Delayed Draw Term Loan\|IT ServicesSOFR + 5.750\|9.436%\|7/18/2024\|7/18/2030	1,631,000	—
Debt Investments \| Four Winds Interactive LLC \|First Lien Senior Secured Term Loan\|Interactive Media & ServicesSOFR + 5.750\|9.422%\|2/20/2025\|2/20/2030	36,542,000	—
Debt Investments \| Celerion Buyer, Inc. \|First Lien Senior Secured Term Loan\|PharmaceuticalsSOFR + 5.000\|8.686%\|12/22/2025\|11/3/2029	29,740,000	—
Debt Investments \|Serrano Parent, LLC\| First Lien Senior Secured Term Loan\|IT ServicesSOFR + 6.500\|10.630%\|10/18/2023\|5/13/2030	27,165,000	—
Debt Investments \| Icefall Parent, Inc.\|First Lien Senior Secured Term Loan\|Diversified Financial ServicesSOFR + 4.500\|8.172%\|1/26/2024\| 1/25/2030	24,033,000	—
Debt Investments \| CData Software, Inc.\|First Lien Senior Secured Delayed Draw Term Loan\|IT ServicesSOFR + 5.250\|7/18/2024\|7/18/2030	(46,000)	—
Debt Investments \| Guardian Restoration Partners Buyer \|First Lien Senior Secured Revolving Loan\|Diversified Consumer ServicesSOFR + 5.000\|8.722%\|11/1/2024\|11/3/2031	970,000	—
Debt Investments \| FH DMI Buyer Inc \|First Lien Senior Secured Term Loan\|Health Care Equipment & SuppliesSOFR + 5.000\|8.672%\|10/11/2024\|10/11/2030	12,039,000	—
Debt Investments \|Peachtree Buyer, Inc.\|First Lien Senior Secured Term Loan\|Construction & Engineering SOFR + 4.500\|8.172%\|12/11/2025\|12/12/2032	23,293,000	—
Debt Investments \|PROS Parent, Inc.\| First Lien Senior Secured Revolving Loan\| Airlines SOFR + 4.750\|12/8/2025\| 12/9/2032	(6,000)	—
Debt Investments \| Adelaide Borrower, LLC \|First Lien Senior Secured Revolving Loan\|Multi-UtilitiesSOFR + 6.250\|9.983\| 5/8/2024\| 5/8/2030	600,000	—
Debt Investments \| Gainsight Inc \|First Lien Senior Secured Term Loan\|SoftwareSOFR + 5.750\|9.722%\|4/1/2025\|7/30/2027	36,252,000	—
Dreyfus Treasury Obligations Cash Management Money Market Fund - Short-Term Investments	65,057,000	—
Debt Investments \|Zone & Company Software Consulting, LLC\| First Lien Senior Secured Term Loan\| Diversified Financial ServicesSOFR + 6.500\|10.236%\|9/13/2024\|9/13/2030	46,010,000	—
Equity\| Excalibur Parent Holdings, L.P., LLC\|Common Stock\| IT Services\|7/2/2024	0	—
First Lien Last Out Unitranche Debt	20,342,000	—
Debt Investments \|Philz Coffee, Inc.\| First Lien Senior Secured Term Revolving Loan\|Hotels, Restaurants & LeisureSOFR + 4.750\|8/5/2025\|8/6/2031	(118,000)	—
Debt Investments \|UFT Buyer LLC\| First Lien Senior Secured Revolving Loan\|Multi-UtilitiesSOFR + 4.500\|12/3/2025\|12/6/2032	(18,000)	—
Debt Investments \| Alegeus Technologies Holdings Corp. \|First Lien Senior Secured Term Loan\|Health Care TechnologySOFR + 6.500\|10.340%\| 11/22/2024\| 11/5/2029	67,446,000	—
Debt Investments \|LogRhythm, Inc.\|First Lien Senior Secured Term Loan\|IT ServicesSOFR + 7.500\|11.340\|7/2/2024\| 7/2/2029	52,622,000	—
Debt Investments \| CData Software, Inc.\| First Lien Senior Secured Revolving Loan\|IT ServicesSOFR + 5.250\|7/18/2024\|7/18/2030	(55,000)	—
Debt Investments \| Cpex Purchaser, LLC \|First Lien Senior Secured Term Loan\|SoftwareSOFR + 6.000\|10.120%\|2/29/2024\|3/1/2030	33,042,000	—
Debt Investments \| Homecare Software Solutions LLC \|First Lien Senior Secured Term Loan\|Health Care TechnologySOFR + 5.550 (Incl. 2.925% PIK)\|9.277%\|9/26/2024\|6/16/2031	28,772,000	—
Debt Investments \| Guardian Restoration Partners Buyer \|First Lien Senior Secured Term Loan\|Diversified Consumer ServicesSOFR + 5.000\|8.672%\|11/1/2024\|11/3/2031	4,672,000	—
Debt Investments \| Icefall Parent, Inc.\|First Lien Senior Secured Revolving Loan\|Diversified Financial ServicesSOFR + 4.500\|1/26/2024\|1/25/2030	(12,000)	—
Debt Investments \| Adelaide Borrower, LLC \|First Lien Senior Secured Term Loan\|Multi-UtilitiesSOFR + 6.750% (Incl. 3.375% PIK)\|10.422%\| 5/8/2024\| 5/8/2030	24,090,000	—
Debt Investments \| CB Buyer, Inc\|First Lien Senior Secured Term Loan\|SoftwareSOFR + 5.250\|8.922%\|7/1/2024\|7/1/2031	23,034,000	—
Debt Investments \| Grand River Aseptic Manufacturing, Inc. \|First Lien Senior Secured Revolving Loan\|PharmaceuticalsSOFR + 5.000\|3/10/2025\|3/10/2031	(136,000)	—
Debt Investments \|Unlimited Technology Holdings, LLC\| First Lien Senior Secured Revolving Loan\|Health Care TechnologySOFR + 4.500\|3/12/2025\|3/12/2032	(6,000)	—
Debt Investments \|Thunder Buyer, Inc.\| First Lien Senior Secured Delayed Draw Term Loan\|Life Sciences Tools & ServicesSOFR + 4.750\|8.726%\|10/17/2024\|10/17/2030	297,000	—
Debt Investments \| Goldeneye Parent, LLC \|First Lien Senior Secured Revolving Loan\|Life Sciences Tools & ServicesSOFR + 4.750\|3/31/2025\|3/31/2032	(9,000)	—
Debt Investments \| Guardian Restoration Partners Buyer \|First Lien Senior Secured Delayed Draw Term Loan\|Diversified Consumer ServicesSOFR + 5.000\|8.672%\|11/1/2024\|11/3/2031	6,512,000	—
Debt Investments \|Penn TRGRP Holdings LLC\| First Lien Senior Secured Delayed Draw Term Loan\|Diversified Financial ServicesSOFR + 7.750\|11.422%\|10/20/2023\| 9/27/2030	3,476,000	—
Debt Investments \|Plus Bidco, LLC\| First Lien Senior Secured Term Loan\|Food ProductsSOFR + 4.750\|8.585%\|8/26/2025\|8/26/2032	43,731,000	—
Debt Investments \|PROS Parent, Inc.\| First Lien Senior Secured Term Loan\| Airlines SOFR + 4.750\|8.488%\|12/8/2025\| 12/9/2032	20,165,000	—
Debt Investments \|Syndigo LLC\| First Lien Senior Secured Term Loan\|Food & Staples RetailingSOFR + 5.000\|8.822%\|8/29/2025\|9/2//2032	25,735,000	—
Debt Investments \| Ascend Partner Services LLC \|First Lien Senior Secured Term Loan\|Professional ServicesSOFR + 4.500\|8.544%\|8/9/2024\|8/11/2031	5,933,000	—
Debt Investments \| Baxter Planning Systems, LLC\|First Lien Senior Secured Term Loan\|Air Freight & LogisticsSOFR + 6.250(incl.3.375% PIK)\|10.090%\|5/20/2024\|5/20/2031	8,463,000	—
Debt Investments \|Thunder Buyer, Inc.\| First Lien Senior Secured Revolving Loan\|Life Sciences Tools & ServicesSOFR + 4.750\|8.726%\|10/17/2024\|10/17/2030	732,000	—
Debt Investments \|RTI Surgical, Inc.\| First Lien Senior Secured Revolving Loan \|Life Sciences Tools & ServicesSOFR + 4.750\|9/24/2025\| 9/25/2032	(102,000)	—
Debt Investments \| FH DMI Buyer Inc \|First Lien Senior Secured Delayed Draw Term Loan \|Health Care Equipment & SuppliesSOFR + 4.750\|12/23/2025\|10/11/2030	(75,000)	—
Debt Investments \| Coding Solutions Acquisition Inc \|First Lien Senior Secured Term Loan\|Health Care TechnologySOFR + 5.000\|8.716%\|8/7/2024\|8/7/2031	34,371,000	—
Debt Investments \| Aprio Advisory Group LLC \|First Lien Senior Secured Delayed Draw Term Loan\|Professional ServicesSOFR + 4.750\|12/23/2025\|8/1/2031	(387,000)	—
Debt Investments \| Alert SRC Newco LLC \|First Lien Senior Secured Term Loan\|Commercial Services & SuppliesSOFR + 5.000\|8.853%\|12/11/2024\| 12/11/2030	22,018,000	—
Debt Investments \|Peachtree Buyer, Inc.\|First Lien Senior Secured Revolving Loan\|Construction & Engineering SOFR + 4.500\|8.172%\|12/11/2025\|12/12/2034	759,000	—
Debt Investments \| Celerion Buyer, Inc. \|First Lien Senior Secured Term Loan\|PharmaceuticalsSOFR + 5.000\|8.887%\|12/22/2025\|11/3/2029	1,694,000	—
Debt Investments \|Plus Bidco, LLC\| First Lien Senior Secured Delayed Draw Term Loan\|Food ProductsSOFR + 4.750\|8/26/2025\|8/26/2032	(126,000)	—
Debt Investments \| Ascend Partner Services LLC \|First Lien Senior Secured Revolving Loan\|Professional ServicesSOFR + 4.500\|\|8/9/2024\| 8/11/2031	(21,000)	—
Short-Term Investments	65,057,000	—
Debt Investments \| Four Winds Interactive LLC \|First Lien Senior Secured Delayed Draw Term Loan\|Interactive Media & ServicesSOFR + 5.750\|2/20/2025\|2/20/2030	(145,000)	—
Debt Investments \| Coding Solutions Acquisition Inc \|First Lien Senior Secured Revolving Loan\|Health Care TechnologySOFR + 5.000\|8/7/2024\|8/7/2031	0	—
Debt Investments \|Project Alliance Buyer LLC\| First Lien Senior Secured Term Loan\| PharmaceuticalSOFR + 5.000\|8.822%\|8/27/2025\| 8/27/2031	23,809,000	—
Debt Investments \| FH DMI Buyer Inc \|First Lien Senior Secured Term Loan\|Health Care Equipment & SuppliesSOFR + 4.750\|8.422%\|12/23/2025\|10/11/2030	5,530,000	—
Debt Investments \|UFT Buyer LLC \| First Lien Senior Secured Term Loan\|Multi-UtilitiesSOFR + 4.500\|8.272%\|12/3/2025\|12/6/2032	13,278,000	—
Debt Investments \|Thunder Buyer, Inc.\| First Lien Senior Secured Term Loan\|Life Sciences Tools & ServicesSOFR + 4.750\|8.422%\|10/17/2024\|10/17/2030	16,170,000	—
Debt Investments \| Dcert Buyer, Inc. \|First Lien Senior Secured Term Loan\|SoftwareSOFR + 5.750\|9.466%\|7/29/2025\|7/10/2030	49,367,000	—
Debt Investments \| Coding Solutions Acquisition Inc \|First Lien Senior Secured Delayed Draw Term Loan\|Health Care TechnologySOFR + 5.000\|8/7/2024\|8/7/2031	0	—
Equity\|Great Dane Intermediate Holding I LLC \|Preferred Equity\| Software\|14.00% PIK\|7/21/2025	20,789,000	—
Debt Investments \| CI (MG) GROUP, LLC \|First Lien Senior Secured Revolving Loan\|Diversified Consumer ServicesSOFR + 5.500\|9.172%\|3/27/2025\|3/27/2030	1,739,000	—
Debt Investments \| Ascend Partner Services LLC \|First Lien Senior Secured Delayed Draw Term Loan\|Professional ServicesSOFR + 4.500\|8.318%\|8/7/2025\|8/11/2031	1,218,000	—
Debt Investments \|SingleStore Inc\| First Lien Senior Secured Revolving Loan\|SoftwareSOFR + 6.250\|10/16/2025\| 10/16/2031	(35,000)	—
Debt Investments \| Celerion Buyer, Inc. \|First Lien Senior Secured Term Loan\|PharmaceuticalsSOFR + 5.000\|8.687%\|12/22/2025\|11/3/2029	4,197,000	—
Debt Investments \| Cpex Purchaser, LLC \|First Lien Senior Secured Delayed Draw Term Loan\|SoftwareSOFR + 6.000\|10.001%\|2/29/2024\|3/1/2030	3,727,000	—
Money Market Fund Investments	65,057,000	—
Debt Investments \|Runway Bidco, LLC\| First Lien Senior Secured Term Loan\|SoftwareSOFR + 5.000\|8.672%\|12/17/2024\| 12/17/2031	19,906,000	—
Debt Investments \|Xactly Corporation\| First Lien Senior Secured Term Loan\|Professional ServicesSOFR + 6.250\|10.172%\|7/12/2024\|7/30/2027	25,202,000	—
Debt Investments \| Cpex Purchaser, LLC \|First Lien Senior Secured Revolving Loan\|SoftwareSOFR + 6.000\|9.755%\|2/29/2024\|3/1/2030	11,968,000	—
Debt Investments \|RTI Surgical, Inc.\| First Lien Senior Secured Term Loan\|Life Sciences Tools & ServicesSOFR + 4.750\|8.466%\|9/24/2025\| 9/25/2032	50,347,000	—
Debt Investments \| Dcert Buyer, Inc. \|First Lien Senior Secured Revolving Loan\|SoftwareSOFR + 5.750\|7/29/2025\|7/10/2030	(54,000)	—
Debt Investments \|RH Buyer, Inc.\| First Lien Senior Secured Revolving Loan\|Aerospace & DefenseSOFR + 6.500\|10.436%\|1/17/2025\|1/17/2031	4,075,000	—
Debt Investments \|Unlimited Technology Holdings, LLC\| First Lien Senior Secured Term Loan\|Health Care TechnologySOFR + 4.500\|8.172%\|3/12/2025\|3/12/2032	17,080,000	—
Debt Investments \|Penn TRGRP Holdings LLC\| First Lien Senior Secured Revolving Loan\|Diversified Financial ServicesSOFR + 6.750\|10.422\| 10/20/2023\|9/27/2030	2,057,000	—
Debt Investments \|Penn TRGRP Holdings LLC\|First Lien Senior Secured Term Loan\|Diversified Financial ServicesSOFR + 7.750\|11.422%\|10/20/2023\| 9/27/2030	24,720,000	—
Debt Investments \| Archduke Buyer, Inc. \|First Lien Senior Secured Revolving Loan\|SoftwareSOFR + 5.500\|12/3/2025\|12/3/2032	(30,000)	—
Debt Investments \| Goldeneye Parent, LLC \|First Lien Senior Secured Term Loan\|Life Sciences Tools & ServicesSOFR + 4.750\|8.466%\|3/31/2025\|3/31/2032	12,650,000	—
Debt Investments \| Coding Solutions Acquisition Inc \|First Lien Senior Secured Term Loan\|Health Care TechnologySOFR + 5.500\|8.716%\|5/15/2025\|8/7/2031	1,239,000	—
Debt Investments \| Ascend Partner Services LLC \|First Lien Senior Secured Delayed Draw Term Loan\|Professional ServicesSOFR + 4.500\|8.312%\|8/9/2024\|8/11/2031	9,941,000	—
Debt Investments \|Philz Coffee, Inc.\| First Lien Senior Secured Delayed Draw Term Loan\|Hotels, Restaurants & LeisureSOFR + 4.750\|8/5/2025\|8/6/2031	(177,000)	—
Debt Investments \|Philz Coffee, Inc.\| First Lien Senior Secured Term Loan\|Hotels, Restaurants & LeisureSOFR + 4.750\|8.422%\|8/5/2025\|8/6/2031	23,061,000	—
Debt Investments \| Grand River Aseptic Manufacturing, Inc. \|First Lien Senior Secured Term Loan\|PharmaceuticalsSOFR + 5.000\|8.738%\|3/10/2025\|3/10/2031	43,674,000	—
Debt Investments \| Coding Solutions Acquisition Inc \|First Lien Senior Secured Delayed Draw Term Loan\|Health Care TechnologySOFR + 5.000\|5/15/2025\|8/7/2031	0	—
Debt Investments \| CData Software, Inc.\|First Lien Senior Secured Term Loan\|IT ServicesSOFR + 5.750\|9.436%\|7/18/2024\|7/18/2030	32,792,000	—
Cash and cash equivalents	5,949,000	12,923,000
Interest and other income receivable from non-controlled/non-affiliated investments	8,849,000	3,509,000
Deferred financing costs	4,762,000	4,891,000
Prepaid assets	475,000	468,000
Dividend receivable from non-controlled/non-affiliated investments	8,000	—
Subscriptions receivable	0	55,000
Total Assets	1,437,832,000	687,987,000
Liabilities
Debt	779,160,000	328,390,000
Payable for securities purchased	35,630,000	—
Interest payable	6,881,000	3,667,000
Management fees payable	2,475,000	1,107,000
Advisory Agreement - Advisor	2,500,000	1,100,000
Expense reimbursement payable	1,800,000	558,000
Investment income incentive fees payable	1,668,000	733,000
Advisory Agreement - Advisor	—	0
Other liabilities and accrued expenses	1,350,000	846,000
Accrued administrative services expense payable	739,000	516,000
Capital gains incentive fees payable	0	47,000
Advisor	0	47,000
Total Liabilities	829,703,000	335,864,000
Net Assets
Common stock, $0.001 par value (1,000,000,000 shares authorized, 24,073,296 and 13,909,942 shares issued and outstanding, respectively)	24,000	14,000
Additional paid-in capital	603,807,000	347,648,000
Distributable earnings (loss)	4,298,000	4,461,000
Total Net Assets	608,129,000	352,123,000
Total Liabilities and Net Assets	1,437,832,000	687,987,000
Net asset value per share	25.26	25.31