UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended March 31, 2025

OR

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

Commission file number: 814-01387

Commonwealth Credit Partners BDC I, Inc.

(Exact name of registrant as specified in its charter)

Delaware	86-3335466
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

360 S Rosemary, Suite 1700, West Palm Beach, FL	33401
(Address of Principal Executive Office)	(Zip Code)

(561) 727-2000

(Registrant’s telephone number, including area code)

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

Title of Each Class	Trading Symbol(s)	Name of Each Exchange 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 past 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	☐
		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

There were 584,680 issued and outstanding shares of the issuer’s common stock, $.001 par value per share, on May 12, 2025.

Commonwealth Credit Partners BDC I, Inc.

Quarterly Report on Form 10-Q

TABLE OF CONTENTS

		Page
PART I—FINANCIAL INFORMATION		1
Item 1.	Financial Statements	1
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	41
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	50
Item 4.	Controls and Procedures	51
PART II—OTHER INFORMATION		51
Item 1.	Legal Proceedings	51
Item 1A.	Risk Factors	51
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	52
Item 3.	Defaults upon Senior Securities	52
Item 4.	Mine Safety Disclosures	52
Item 5.	Other Information	52
Item 6.	Exhibits	53
SIGNATURES		54

PART I—FINANCIAL INFORMATION

ITEM1. FINANCIAL STATEMENTS

COMMONWEALTH CREDIT PARTNERS BDC I, INC.

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(amounts in thousands except share and per share data)

	March 31, 2025 (Unaudited)			December 31, 2024
Assets
Investments, at fair value:
Non-controlled, non-affiliated investments (amortized cost of $638,251 and $644,734, respectively)	$	625,102		$	634,625
Non-controlled, affiliated investments (amortized cost of $18,665 and $18,335, respectively)		9,524			9,586
Total investments, at fair value (amortized cost of $656,916 and $663,069, respectively)		634,626			644,211
Cash and cash equivalents		3,484			5,334
Receivables:
Interest receivable		6,884			7,197
Prepaid expenses and other assets		2,696			1,234
Total Assets	$	647,690		$	657,976
Liabilities
Credit facility (net of deferred financing costs of $10 and $18, respectively)	$	102,890		$	111,082
Payables:
Management fee payable (Note 4)		1,589			1,622
Interest payable		590			629
Incentive fee payable (Note 4)		397			406
Accrued other general and administrative expenses		732			468
Total Liabilities	$	106,198		$	114,207
Commitments and contingencies (Note 7)
Net Assets
Common Shares, $0.001 par value; 1,000,000 shares authorized; 584,680 and 582,249 shares issued and outstanding, respectively	$	1		$	1
Additional paid-in capital		571,966			569,695
Total distributable earnings (accumulated deficit)		(30,475	)		(25,927	)
Total Net Assets	$	541,492		$	543,769
Total Liabilities and Net Assets	$	647,690		$	657,976
Net Asset Value Per Common Share	$	926.13		$	933.91

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

1

COMMONWEALTH CREDIT PARTNERS BDC I, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(amounts in thousands except share and per share data)

(Unaudited)

	For the Three Months Ended March 31,
	2025			2024
Income:
Investment income from non-controlled, non-affiliated investments:
Interest income	$	17,239		$	19,236
Fee income		672			396
Investment income from non-controlled, affiliated investments:
Interest income		163			—
Total Investment Income		18,074			19,632
Expenses:
Incentive fees		397			393
Management fees, net		1,589			1,572
Interest expense		1,809			2,120
Professional fees		256			205
Directors' fees		21			22
Other general and administrative expenses		251			323
Total Expenses		4,323			4,635
Net Investment Income (Loss)		13,751			14,997
Realized and unrealized gains (losses) on investments and foreign currency transactions
Net realized gains (losses):
Non-controlled, non-affiliated investments		271			(6,319	)
Total net realized gains (losses)		271			(6,319	)
Net change in unrealized gains (losses):
Non-controlled, non-affiliated investments		(3,039	)		4,412
Non-controlled, affiliated investments		(392	)		(1,607	)
Total net change in unrealized gains (losses)		(3,431	)		2,805
Total realized and unrealized gains (losses)		(3,160	)		(3,514	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	10,591		$	11,483
Per Common Share Data:
Basic and diluted net investment income/(loss) per common share	$	23.61		$	27.36
Basic and diluted net increase/(decrease) in net assets resulting from operations per common share	$	18.19		$	20.95
Weighted Average Common Shares Outstanding - Basic and Diluted		582,384			548,039

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

2

COMMONWEALTH CREDIT PARTNERS BDC I, INC.

CONSOLIDATED STATEMENTS OF CHANGE IN NET ASSETS

(amounts in thousands except share and per share data)

(Unaudited)

	For the Three Months Ended March 31,
	2025			2024
Increase (Decrease) in Net Assets Resulting from Operations:
Net investment income (loss)	$	13,751		$	14,997
Net realized gains (losses) on investments		271			(6,319	)
Net change in unrealized gains (losses) on investments		(3,431	)		2,805
Net Increase (Decrease) in Net Assets Resulting from Operations		10,591			11,483
Decrease in Net Assets Resulting from Stockholder Distributions
Distributions from net investment income		(15,139	)		(13,139	)
Net Decrease in Net Assets Resulting from Stockholder Distributions		(15,139	)		(13,139	)
Increase in Net Assets Resulting from Capital Share Transactions
Reinvestment of distributions		2,271			13,139
Net Increase in Net Assets Resulting from Capital Share Transactions		2,271			13,139
Total Increase (Decrease) in Net Assets		(2,277	)		11,483
Net Assets, Beginning of Period		543,769			526,658
Net Assets, End of Period	$	541,492		$	538,141

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

3

COMMONWEALTH CREDIT PARTNERS BDC I, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(amounts in thousands)

(Unaudited)

	For the Three Months Ended March 31,
	2025			2024
Cash Flows from Operating Activities:
Net increase (decrease) in net assets resulting from operations	$	10,591		$	11,483
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net realized (gains)/losses on investments		(271	)		6,319
Net change in unrealized (gains)/losses on investments		3,431			(2,805	)
Net accretion of discount on investments		(992	)		(890	)
Non-cash investment income		(885	)		(31	)
Purchases of portfolio investments		(12,924	)		(31,644	)
Amortization of deferred financing costs		8			8
Sales/restructurings or repayments of portfolio investments		21,226			10,136
Increase/(decrease) in operating assets and liabilities:
(Increase)/decrease in interest receivable		313			(761	)
(Increase)/decrease in prepaid expenses and other assets		(1,462	)		(168	)
Increase/(decrease) in management fees payable, net		(33	)		43
Increase/(decrease) in interest payable		(39	)		66
Increase/(decrease) in incentive fee payable, net		(9	)		14
Increase/(decrease) in accrued other general and administrative expenses		264			109
Net cash provided by (used in) Operating Activities		19,218			(8,121	)
Cash Flows provided by (used in) Financing Activities:
Borrowings on credit facility		12,900			15,000
Payments on credit facility		(21,100	)		(6,000	)
Distributions paid in cash		(12,868	)		—
Net cash provided by (used in) Financing Activities		(21,068	)		9,000
Net increase (decrease) in cash and cash equivalents		(1,850	)		879
Cash and cash equivalents, beginning of period		5,334			8,887
Cash and cash equivalents, end of period	$	3,484		$	9,766
Supplemental and Non-Cash Information:
Interest paid during the period	$	1,848		$	2,054
Reinvestment of distributions during the period	$	2,271		$	13,139

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

4

COMMONWEALTH CREDIT PARTNERS BDC I, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

(amounts in thousands, except per share data)

March 31, 2025

(Unaudited)

Portfolio Company - Investment (3)(7)	Industry	Spread Above Index	Interest Rate (5)(10)	Maturity Date	Principal / Shares(14)		Amortized Cost			Fair Value		Percentage of Net Assets (2)
Debt Investments
First Lien Senior Secured
190 Octane Financing, LLC - Delayed Draw Term Loan	Consumer Services	SOFR + 5.50% (1.00% floor) + 1.50% PIK	11.37%	5/10/2027	$	4,860	$	4,819		$	4,525		0.8	%
190 Octane Financing, LLC - Revolving Credit Line (4)	Consumer Services	SOFR + 5.50% (1.00% floor) + 1.50% PIK	11.37%	5/10/2027		678		669			599		0.1	%
190 Octane Financing, LLC - Term Loan	Consumer Services	SOFR + 5.50% (1.00% floor) + 1.50% PIK	11.37%	5/10/2027		8,407		8,322			7,827		1.4	%
Abea Acquisition, Inc. - Delayed Draw Term Loan	Consumer Services	SOFR + 6.50% (1.00% floor)	10.92%	11/30/2026		1,391		1,381			1,366		0.3	%
Abea Acquisition, Inc. - Term Loan	Consumer Services	SOFR + 6.50% (1.00% floor)	10.92%	11/30/2026		11,086		11,011			10,886		2.0	%
AccessOne Medcard, Inc. - Term Loan	Financial Services	SOFR + 6.00% (0.50% floor)	10.42%	8/20/2026		11,544		11,480			11,521		2.1	%
ACT Acquisition Intermediate Holdco, LLC - Delayed Draw Term Loan	Media & Entertainment	SOFR + 6.75% (1.00% floor)	11.19%	12/4/2028		1,430		1,407			1,430		0.3	%
ACT Acquisition Intermediate Holdco, LLC - Revolving Credit Line (4)	Media & Entertainment	SOFR + 6.75% (1.00% floor)	11.19%	12/4/2028		-		(13	)		-		0.0	%
ACT Acquisition Intermediate Holdco, LLC - Term Loan	Media & Entertainment	SOFR + 6.75% (1.00% floor)	11.19%	12/4/2028		6,496		6,383			6,496		1.2	%
AIDC IntermediateCo 2, LLC - Term Loan	Software & Services	SOFR + 5.50% (1.00% floor)	9.82%	7/22/2027		28,079		27,757			28,022		5.2	%
Allbridge, LLC - Delayed Draw Term Loan (4)	Telecommunication Services	SOFR + 5.75% (1.00% floor)	10.05%	6/5/2030		-		(1	)		-		0.0	%
Allbridge, LLC - Revolving Credit Line (4)	Telecommunication Services	SOFR + 5.75% (1.00% floor)	10.05%	6/5/2030		-		(2	)		-		0.0	%
Allbridge, LLC - Term Loan	Telecommunication Services	SOFR + 5.75% (1.00% floor)	10.05%	6/5/2030		2,152		2,129			2,150		0.4	%
Atlas US Buyer, LLC - Delayed Draw Term Loan	Financial Services	SOFR + 6.00% (0.75% floor) + 0.50% PIK	10.93%	12/31/2027		3,308		3,288			3,172		0.6	%
Atlas US Buyer, LLC - Revolving Credit Line (4)	Financial Services	SOFR + 6.00% (0.75% floor) + 0.50% PIK	10.93%	12/31/2027		515		507			463		0.1	%
Atlas US Buyer, LLC - Term Loan	Financial Services	SOFR + 6.00% (0.75% floor) + 0.50% PIK	10.93%	12/31/2027		9,373		9,296			8,989		1.7	%
Batteries Plus Holding Corporation - Revolving Credit Line (4)	Technology Hardware & Equipment	SOFR + 6.75% (1.00% floor)	11.17%	6/27/2028		468		433			468		0.1	%
Batteries Plus Holding Corporation - Term Loan	Technology Hardware & Equipment	SOFR + 6.75% (1.00% floor)	11.17%	6/27/2028		16,253		15,961			16,253		3.0	%
BHP Management Holdings, LLC - Delayed Draw Term Loan	Health Care Equipment & Services	SOFR + 4.50% (1.00% floor)	8.95%	10/27/2028		7,446		7,341			7,446		1.4	%
BHP Management Holdings, LLC - Term Loan	Health Care Equipment & Services	SOFR + 4.50% (1.00% floor)	8.95%	10/27/2028		12,898		12,723			12,898		2.4	%
Billhighway, LLC - Delayed Draw Term Loan (4)	Software & Services	SOFR + 6.75% (1.00% floor)	11.17%	2/8/2029		223		216			223		0.0	%
Billhighway, LLC - Revolving Credit Line (4)	Software & Services	SOFR + 6.75% (1.00% floor)	11.17%	2/8/2029		-		(3	)		-		0.0	%
Billhighway, LLC - Term Loan	Software & Services	SOFR + 6.75% (1.00% floor)	11.17%	2/8/2029		3,540		3,499			3,540		0.7	%
Cardiology Management Holdings, LLC - Delayed Draw Term Loan A	Health Care Equipment & Services	SOFR + 6.25% (1.00% floor)	10.70%	1/31/2029		5,014		4,945			4,964		0.9	%
Cardiology Management Holdings, LLC - Delayed Draw Term Loan B (4)	Health Care Equipment & Services	SOFR + 6.25% (1.00% floor)	10.70%	1/31/2029		164		132			115		0.0	%

5

COMMONWEALTH CREDIT PARTNERS BDC I, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

(amounts in thousands, except per share data)

March 31, 2025

(Unaudited)

Portfolio Company - Investment (3)(7)	Industry	Spread Above Index	Interest Rate (5)(10)	Maturity Date	Principal / Shares(14)		Amortized Cost			Fair Value			Percentage of Net Assets (2)
Debt Investments
First Lien Senior Secured
Cardiology Management Holdings, LLC - Term Loan	Health Care Equipment & Services	SOFR + 6.25% (1.00% floor)	10.70%	1/31/2029	$	7,105	$	7,008		$	7,034			1.3	%
CAS Acquisition, LLC - Revolving Credit Line (4)	Financial Services	SOFR + 6.50% (1.00% floor)	10.92%	3/29/2027		-		(8	)		-			0.0	%
CAS Acquisition, LLC - Term Loan	Financial Services	SOFR + 6.50% (1.00% floor)	10.92%	3/29/2027		20,966		20,793			20,966			3.9	%
CheckedUp, Inc - Delayed Draw Term Loan	Media & Entertainment	SOFR + 5.50% (1.00% floor)	9.92%	10/20/2027		2,512		2,488			2,512			0.5	%
CheckedUp, Inc - Revolving Credit Line (4)	Media & Entertainment	SOFR + 5.50% (1.00% floor)	9.92%	10/20/2027		1,037		1,020			1,037			0.2	%
CheckedUp, Inc - Term Loan	Media & Entertainment	SOFR + 5.50% (1.00% floor)	9.92%	10/20/2027		8,960		8,871			8,960			1.7	%
CTM Group, Inc. - Revolving Credit Line PIK	Media & Entertainment	SOFR + 4.75% (1.00% floor) + 2.75% PIK	11.96%	11/30/2026		17		17			15			0.0	%
CTM Group, Inc. - Revolving Credit Line (4)	Media & Entertainment	SOFR + 4.75% (1.00% floor) + 2.75% PIK	11.96%	11/30/2026		1,034		1,022			912			0.2	%
CTM Group, Inc. - Term Loan	Media & Entertainment	SOFR + 4.75% (1.00% floor) + 2.75% PIK	11.96%	11/30/2026		19,432		19,202			17,294			3.2	%
Discovery SL Management, LLC - Delayed Draw Term Loan A	Health Care Equipment & Services	SOFR + 5.50% (1.00% floor)	9.81%	3/18/2030		432		428			430			0.1	%
Discovery SL Management, LLC - Delayed Draw Term Loan B (4)	Health Care Equipment & Services	SOFR + 5.50% (1.00% floor)	9.81%	3/18/2030		181		171			172			0.0	%
Discovery SL Management, LLC - Revolving Credit Line (4)	Health Care Equipment & Services	SOFR + 5.50% (1.00% floor)	9.81%	3/18/2030		-		(4	)		(2	)		0.0	%
Discovery SL Management, LLC - Term Loan	Health Care Equipment & Services	SOFR + 5.50% (1.00% floor)	9.81%	3/18/2030		2,586		2,560			2,573			0.5	%
Drive Assurance Corporation - Delayed Draw Term Loan (1)(4)	Insurance	SOFR + 7.00% (2.00% floor)	11.32%	7/10/2030		-		(2	)		-			0.0	%
Drive Assurance Corporation - Term Loan (1)	Insurance	SOFR + 7.00% (2.00% floor)	11.32%	7/10/2030		6,414		6,358			6,414			1.2	%
Engineered Films Acquisition Inc. - Revolving Credit Line (4)	Capital Goods	SOFR + 7.00% (1.00% floor)	11.44%	4/29/2027		1,206		1,181			1,188			0.2	%
Engineered Films Acquisition Inc. - Term Loan	Capital Goods	SOFR + 7.00% (1.00% floor)	11.44%	4/29/2027		19,510		19,323			19,393			3.6	%
EPS Operations, LLC - Revolving Credit Line (4)	Media & Entertainment	SOFR + 6.00% (1.00% floor)	10.33%	2/24/2028		887		862			878			0.2	%
EPS Operations, LLC - Term Loan	Media & Entertainment	SOFR + 6.00% (1.00% floor)	10.33%	2/24/2028		17,281		17,009			17,195			3.2	%
Fiesta Holdings, LLC - Revolving Credit Line B (4)	Consumer Services	SOFR + 5.25% (1.00% floor)	9.54%	10/23/2029		-		(7	)		-			0.0	%
Fiesta Holdings, LLC - Term Loan B	Consumer Services	SOFR + 5.25% (1.00% floor)	9.54%	10/23/2029		7,849		7,771			7,849			1.4	%
Firebirds Buyer, LLC - Delayed Draw Term Loan	Consumer Services	SOFR + 6.25% (2.00% floor)	10.67%	3/22/2028		1,380		1,353			1,380			0.3	%
Firebirds Buyer, LLC - Revolving Credit Line (4)	Consumer Services	SOFR + 6.25% (2.00% floor)	10.67%	3/22/2028		-		(21	)		-			0.0	%
Firebirds Buyer, LLC - Term Loan	Consumer Services	SOFR + 6.25% (2.00% floor)	10.67%	3/22/2028		22,347		21,976			22,347			4.1	%
Hasa Acquisition, LLC - Delayed Draw Term Loan (4)(11)	Capital Goods	SOFR + 4.50% (1.00% floor)	8.81%	1/10/2029		-		(31	)		(13	)		0.0	%
Hasa Acquisition, LLC - Revolving Credit Line (4)(11)	Capital Goods	SOFR + 4.50% (1.00% floor)	8.81%	1/10/2029		513		483			500			0.1	%
Hasa Acquisition, LLC - Term Loan (11)	Capital Goods	SOFR + 4.50% (1.00% floor)	8.81%	1/10/2029		14,341		14,068			14,226			2.6	%
Hasa Acquisition, LLC - Term Loan B (11)	Capital Goods	SOFR + 4.50% (1.00% floor)	8.81%	1/10/2029		999		983			991			0.2	%
Hornblower Sub LLC - Revolving Credit Line (11)	Transportation	SOFR + 5.50% (1.00% floor)	9.81%	7/3/2029		626		621			626			0.1	%
Hornblower Sub LLC - Term Loan (11)	Transportation	SOFR + 5.50% (1.00% floor)	9.81%	7/3/2029		3,977		3,942			3,977			0.7	%

6

COMMONWEALTH CREDIT PARTNERS BDC I, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

(amounts in thousands, except per share data)

March 31, 2025

(Unaudited)

Portfolio Company - Investment (3)(7)	Industry	Spread Above Index	Interest Rate (5)(10)	Maturity Date	Principal / Shares(14)		Amortized Cost			Fair Value			Percentage of Net Assets (2)
Debt Investments
First Lien Senior Secured
Kemper Sports Management, LLC - Delayed Draw Term Loan	Consumer Services	SOFR + 5.00% (1.00% floor)	9.32%	10/11/2029	$	4,518	$	4,455		$	4,518			0.8	%
Kemper Sports Management, LLC - Revolving Credit Line (4)	Consumer Services	SOFR + 5.00% (1.00% floor)	9.32%	10/11/2029		-		(23	)		-			0.0	%
Kemper Sports Management, LLC - Term Loan	Consumer Services	SOFR + 5.00% (1.00% floor)	9.32%	10/11/2029		18,619		18,339			18,619			3.4	%
Kent Water Sports Holdings, LLC - Delayed Draw Term Loan First-Out (13)	Consumer Durables & Apparel	SOFR + 10.00% (1.00% floor) PIK	14.44%	10/18/2027		6,648		5,952			6,648			1.2	%
Kent Water Sports Holdings, LLC - Delayed Draw Term Loan Last-Out (12)(13)	Consumer Durables & Apparel	SOFR + 13.50% (1.00% floor) PIK	17.94%	10/18/2027		16,628		12,713			2,877			0.5	%
MerchantWise Solutions, LLC - Delayed Draw Term Loan	Software & Services	SOFR + 3.00% (0.75% floor) + 4.50% PIK	11.80%	6/1/2028		2,402		2,374			1,936			0.4	%
MerchantWise Solutions, LLC - Term Loan	Software & Services	SOFR + 3.00% (0.75% floor) + 4.50% PIK	11.80%	6/1/2028		11,435		11,307			9,217			1.7	%
Military Retail Solutions, LLC - Delayed Draw Term Loan (4)(11)	Consumer Staples Distribution & Retail	SOFR + 5.25% (1.00% floor)	9.57%	6/28/2029		-		(16	)		(7	)		0.0	%
Military Retail Solutions, LLC - Revolving Credit Line (4)(11)	Consumer Staples Distribution & Retail	SOFR + 5.25% (1.00% floor)	9.57%	6/28/2029		245		229			241			0.0	%
Military Retail Solutions, LLC - Term Loan (11)	Consumer Staples Distribution & Retail	SOFR + 5.25% (1.00% floor)	9.57%	6/28/2029		15,845		15,569			15,782			2.9	%
Narcote, LLC - Revolving Credit Line (1)(4)	Materials	SOFR + 7.00% (1.00% floor)	11.44%	3/30/2027		-		(9	)		-			0.0	%
Narcote, LLC - Term Loan A (1)	Materials	SOFR + 7.00% (1.00% floor)	11.44%	3/30/2027		2,679		2,658			2,679			0.5	%
Narcote, LLC - Term Loan B (1)(8)	Materials	SOFR + 7.00% (1.00% floor)	11.44%	3/30/2027		4,466		4,429			4,466			0.8	%
Narcote, LLC - Term Loan C (1)	Materials	SOFR + 7.00% (1.00% floor)	11.44%	3/30/2027		471		467			471			0.1	%
National Debt Relief, LLC - Delayed Draw Term Loan	Financial Services	SOFR + 6.50% (2.50% floor)	10.94%	2/7/2028		10,943		10,862			10,943			2.0	%
National Debt Relief, LLC - Revolving Credit Line	Financial Services	SOFR + 6.50% (2.50% floor)	10.94%	2/7/2028		2,189		2,173			2,189			0.4	%
National Debt Relief, LLC - Term Loan	Financial Services	SOFR + 6.50% (2.50% floor)	10.94%	2/7/2028		13,131		13,034			13,131			2.4	%
Oak Dental Partners - Revolving Credit Line (4)	Health Care Equipment & Services	SOFR + 6.75% (2.00% floor)	11.19%	3/22/2028		344		332			323			0.1	%
Oak Dental Partners - Term Loan	Health Care Equipment & Services	SOFR + 6.75% (2.00% floor)	11.19%	3/22/2028		16,854		16,572			16,433			3.0	%
OAO Acquisitions, Inc. - Delayed Draw Term Loan	Capital Goods	SOFR + 5.50% (1.25% floor)	9.80%	12/27/2029		1,316		1,299			1,316			0.2	%
OAO Acquisitions, Inc. - Revolving Credit Line (4)	Capital Goods	SOFR + 5.50% (1.25% floor)	9.80%	12/27/2029		-		(8	)		-			0.0	%
OAO Acquisitions, Inc. - Term Loan	Capital Goods	SOFR + 5.50% (1.25% floor)	9.80%	12/27/2029		6,259		6,184			6,259			1.2	%
OmniMax International, LLC - Delayed Draw Term Loan	Capital Goods	SOFR + 5.75% (1.00% floor)	10.06%	12/6/2030		843		827			830			0.2	%
OmniMax International, LLC - Term Loan	Capital Goods	SOFR + 5.75% (1.00% floor)	10.03%	12/6/2030		2,730		2,678			2,691			0.5	%

7

COMMONWEALTH CREDIT PARTNERS BDC I, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

(amounts in thousands, except per share data)

March 31, 2025

(Unaudited)

Portfolio Company - Investment (3)(7)	Industry	Spread Above Index	Interest Rate (5)(10)	Maturity Date	Principal / Shares(14)		Amortized Cost			Fair Value			Percentage of Net Assets (2)
Debt Investments
First Lien Senior Secured
OneCare Media, LLC - Revolving Credit Line (4)(12)	Media & Entertainment	SOFR + 4.50% (1.00% floor)	8.92%	9/29/2026	$	-	$	(6	)	$	(288	)		-0.1	%
OneCare Media, LLC - Term Loan A (12)	Media & Entertainment	SOFR + 4.50% (1.00% floor)	8.92%	9/29/2026		10,144		9,574			5,407			1.0	%
OneCare Media, LLC - Term Loan B (12)	Media & Entertainment	SOFR + 4.50% (1.00% floor)	8.92%	9/29/2026		2,252		2,125			1,200			0.2	%
OneCare Media, LLC - Term Loan C (12)	Media & Entertainment	SOFR + 4.50% (1.00% floor)	8.92%	9/29/2026		1,408		1,328			750			0.1	%
OneCare Media, LLC - Term Loan D (12)	Media & Entertainment	SOFR + 4.50% (1.00% floor)	8.92%	9/29/2026		856		807			456			0.1	%
OpCo Borrower, LLC - Term Loan	Health Care Equipment & Services	SOFR + 5.75% (1.00% floor)	10.05%	4/26/2029		2,105		2,069			2,105			0.4	%
Pansophic Learning US, LLC - Delayed Draw Term Loan (4)	Consumer Services	SOFR + 5.75% (1.00% floor)	10.08%	5/15/2029		1,124		1,099			1,112			0.2	%
Pansophic Learning US, LLC - Revolving Credit Line	Consumer Services	SOFR + 5.75% (1.00% floor)	10.08%	5/15/2029		1,133		1,112			1,125			0.2	%
Pansophic Learning US, LLC - Term Loan	Consumer Services	SOFR + 5.75% (1.00% floor)	10.07%	5/15/2029		13,524		13,263			13,429			2.5	%
PDDS Holdco, Inc. - Delayed Draw Term Loan (4)(11)	Software & Services	SOFR + 7.50% (0.75% floor)	11.95%	7/18/2028		3,184		3,169			3,114			0.6	%
PDDS Holdco, Inc. - Term Loan (11)	Software & Services	SOFR + 7.50% (0.75% floor)	11.95%	7/18/2028		14,348		14,065			14,090			2.6	%
PJW Ultimate Holdings, LLC - Revolving Credit Line (4)	Consumer Services	SOFR + 5.50% (1.00% floor)	9.82%	11/17/2029		-		(14	)		(21	)		0.0	%
PJW Ultimate Holdings, LLC - Term Loan B	Consumer Services	SOFR + 5.50% (1.00% floor)	9.82%	11/17/2029		13,821		13,717			13,683			2.5	%
Priority Holdings, LLC - Term Loan	Financial Services	SOFR + 4.75% (0.50% floor)	9.07%	5/16/2031		3,948		3,931			3,948			0.7	%
Restaurant Holding Company, LLC - Term Loan (9)	Consumer Services	SOFR + 6.25% (1.00% floor)	10.69%	2/25/2028		20,734		20,472			20,734			3.8	%
Rushmore Intermediate II, LLC - Delayed Draw Term Loan	Health Care Equipment & Services	SOFR + 7.00% (1.00% floor)	11.45%	11/1/2027		1,262		1,249			1,251			0.2	%
Rushmore Intermediate II, LLC - Delayed Draw Term Loan 2nd Amend	Health Care Equipment & Services	SOFR + 7.00% (1.00% floor)	11.45%	11/1/2027		1,169		1,144			1,159			0.2	%
Rushmore Intermediate II, LLC - Delayed Draw Term Loan 4th Amend	Health Care Equipment & Services	SOFR + 7.00% (1.00% floor)	11.45%	11/1/2027		489		480			485			0.1	%
Rushmore Intermediate II, LLC - Revolving Credit Line (4)	Health Care Equipment & Services	SOFR + 7.00% (1.00% floor)	11.45%	11/1/2027		-		(12	)		(12	)		0.0	%
Rushmore Intermediate II, LLC - Term Loan	Health Care Equipment & Services	SOFR + 7.00% (1.00% floor)	11.45%	11/1/2027		12,096		11,975			11,987			2.2	%
Rushmore Intermediate II, LLC - Term Loan B	Health Care Equipment & Services	SOFR + 7.00% (1.00% floor)	11.45%	11/1/2027		1,125		1,106			1,115			0.2	%
S4T Holdings Corp. - Delayed Draw Term Loan	Commercial & Professional Services	SOFR + 5.00% (1.00% floor)	9.33%	12/28/2026		7,596		7,526			7,520			1.4	%
S4T Holdings Corp. - Term Loan	Commercial & Professional Services	SOFR + 5.00% (1.00% floor)	9.33%	12/28/2026		25,430		25,231			25,175			4.6	%
Select Rehabilitation, LLC - Term Loan (12)	Health Care Equipment & Services	SOFR + 8.50% (1.00% floor)	12.92%	10/19/2027		19,646		18,041			14,460			2.7	%
Senior Support Holdings (Franchise) Acquisition, Inc. - Delayed Draw Term Loan (4)	Health Care Equipment & Services	SOFR + 5.25% (1.00% floor)	9.55%	3/20/2030		-		(15	)		-			0.0	%
Senior Support Holdings (Franchise) Acquisition, Inc. - Term Loan	Health Care Equipment & Services	SOFR + 5.25% (1.00% floor)	9.55%	3/20/2030		4,247		4,175			4,247			0.8	%

8

COMMONWEALTH CREDIT PARTNERS BDC I, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

(amounts in thousands, except per share data)

March 31, 2025

(Unaudited)

Portfolio Company - Investment (3)(7)	Industry	Spread Above Index	Interest Rate (5)(10)	Maturity Date	Principal / Shares(14)		Amortized Cost			Fair Value		Percentage of Net Assets (2)
Debt Investments
First Lien Senior Secured
Spartan CP, LLC - Delayed Draw Term Loan (4)	Consumer Services	SOFR + 5.75% (1.00% floor)	10.07%	6/28/2029	$	1,716	$	1,679		$	1,716		0.3	%
Spartan CP, LLC - Revolving Credit Line (4)	Consumer Services	SOFR + 5.75% (1.00% floor)	10.07%	6/28/2029		-		(9	)		-		0.0	%
Spartan CP, LLC - Term Loan	Consumer Services	SOFR + 5.75% (1.00% floor)	10.07%	6/28/2029		5,475		5,468			5,475		1.0	%
Total Fleet Buyer, LLC - Revolving Credit Line (4)	Capital Goods	SOFR + 4.50% (1.00% floor)	8.95%	7/15/2030		-		(21	)		-		0.0	%
Total Fleet Buyer, LLC - Term Loan	Capital Goods	SOFR + 4.50% (1.00% floor)	8.95%	7/15/2030		6,842		6,733			6,842		1.3	%
VardimanBlack Holdings, LLC - Delayed Draw Term Loan (4)	Health Care Equipment & Services	SOFR + 2.00% (0.50% floor) PIK + 5.00% Fixed	11.42%	3/18/2027		2,212		2,157			2,454		0.5	%
VardimanBlack Holdings, LLC - Term Loan	Health Care Equipment & Services	SOFR + 2.00% (0.50% floor) PIK + 5.00% Fixed	11.42%	3/18/2027		20,507		18,375			20,507		3.8	%
Vecta Holdings, LLC - Revolving Credit Line (4)	Commercial & Professional Services	SOFR + 6.50% (1.00% floor)	10.92%	12/30/2027		742		732			605		0.1	%
Vecta Holdings, LLC - Term Loan	Commercial & Professional Services	SOFR + 6.50% (1.00% floor)	10.92%	12/30/2027		8,017		7,921			6,751		1.2	%
West Creek Financial SPV- Debt Facility VI, LLC - Delayed Draw Term Loan (1)(4)	Financial Services	SOFR + 6.75% (1.00% floor)	11.19%	8/31/2027		866		844			861		0.2	%
West Creek Financial SPV- Debt Facility VI, LLC - Revolving Credit Line (1)(4)	Financial Services	SOFR + 6.75% (1.00% floor)	11.19%	8/31/2027		1,155		1,137			1,151		0.2	%
West Creek Financial SPV- Debt Facility VI, LLC - Term Loan (1)	Financial Services	SOFR + 6.75% (1.00% floor)	11.19%	8/31/2027		5,101		5,034			5,086		0.9	%
Whitestone Home Furnishings, LLC - Term Loan	Consumer Durables & Apparel	SOFR + 6.00% (1.00% floor)	10.32%	8/20/2026		14,280		14,187			14,423		2.7	%
Total First Lien Senior Secured						664,036		647,362			627,871		115.9	%
Total Debt Investments					$	664,036	$	647,362		$	627,871		115.9	%
Equity Investments (6)(15)
Preferred Equity
Atlas US Holdings, LP - Class X Preferred Units	Financial Services	NA	15.00% PIK	NA		285,441	$	342		$	343		0.1	%
Atlas US Holdings, LP - Class B-2 Units	Financial Services	NA	NA	NA		857,787		873			-		0.0	%
EEP-EPS Fund I-A, LP - Series A-1 Preferred Units	Media & Entertainment	NA	NA	NA		887,237		887			603		0.1	%
Sea-K Investors, LLC - Preferred Equity (11)(12)(13)	Consumer Durables & Apparel	NA	15.00% PIK	NA		3,495		-			-		0.0	%
VardimanBlack Holdings, LLC - Preferred Equity (11)(12)	Health Care Equipment & Services	NA	6.00% PIK	NA		9,268,770		2,908			1,603		0.3	%
Total Preferred Equity								5,010			2,549		0.5	%

9

COMMONWEALTH CREDIT PARTNERS BDC I, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

(amounts in thousands, except per share data)

March 31, 2025

(Unaudited)

Portfolio Company - Investment (3)(7)	Industry	Spread Above Index	Interest Rate (5)(10)	Maturity Date	Principal / Shares(14)		Amortized Cost		Fair Value			Percentage of Net Assets (2)
Equity Investments (6)(15)
Common Equity
190 Octane Holdings, LLC - Series A-1 units (11)	Consumer Services	NA	NA	NA		223,551	$	377	$	92			0.0	%
Cardiology Partners Co., L.P. - Class O2 Units	Health Care Equipment & Services	NA	NA	NA		142,509		143		118			0.0	%
CTM Acquisition, LLC - Class A Units	Media & Entertainment	NA	NA	NA		664,865		665		-			0.0	%
Firebirds Intermediate Holdings I, LLC - Class A Units	Consumer Services	NA	NA	NA		590,012		590		508			0.1	%
Firebirds Intermediate Holdings I, LLC - Class B Units	Consumer Services	NA	NA	NA		590,012		-		-			0.0	%
Kemper Sports Management Holdings, LLC Equity (11)	Consumer Services	NA	NA	NA		420,992		421		1,031			0.2	%
Oak Dental Partners Holding Company, LLC - Class C Units (11)	Health Care Equipment & Services	NA	NA	NA		45		344		409			0.1	%
Rushmore Lender Co-Invest Blocker, LLC - Common Stock	Health Care Equipment & Services	NA	NA	NA		661,505		695		853			0.2	%
SDB Partners Holdco, LLC - Class A (11)	Health Care Equipment & Services	NA	NA	NA		19,103,095		-		-			0.0	%
Sea-K Investors, LLC - Common Stock (11)(13)	Consumer Durables & Apparel	NA	NA	NA		97		-		-			0.0	%
Senior Support Holdings, LP - Class A-1 (11)	Health Care Equipment & Services	NA	NA	NA		409		409		459			0.1	%
Senior Support Holdings, LP - Class B (11)	Health Care Equipment & Services	NA	NA	NA		409		-		81			0.0	%
TVG OCM III (FT) Blocker, LLC - Class B Units	Media & Entertainment	NA	NA	NA		2,610		743		-			0.0	%
Vistria ESS Holdings, LLC - Equity Units	Commercial & Professional Services	NA	NA	NA		326		157		655			0.1	%
Total Common Equity								4,544		4,206			0.8	%
Total Equity Investments								9,554		6,755			1.3	%
Total Investments							$	656,916	$	634,626			117.2	%
Cash and Cash Equivalents
First American Government Obligations Fund - X Class, 4.47%	Cash Equivalents	NA	NA	NA		3,024	$	3,024	$	3,024			0.6	%
Other cash and cash equivalents	Cash Equivalents	NA	NA	NA	NA			460		460			0.1	%
Total Cash and Cash Equivalents								3,484		3,484			0.7	%
Total Investments and Cash and Cash Equivalents							$	660,400	$	638,110			117.9	%
Liabilities in Excess of Other Assets									$	(96,617	)		-17.9	%
Net Assets									$	541,493			100.0	%

(1)The Company deemed this asset to be a “non-qualifying asset” under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Qualifying assets must represent at least 70.0% of the Company's total assets at the time of acquisition of any additional non-qualifying assets. As of March 31, 2025, 3.26% of the Company's total assets are represented by investments at fair value that are considered non-qualifying assets.

(2)Percentages are based on net assets as of March 31, 2025.

10

COMMONWEALTH CREDIT PARTNERS BDC I, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

(amounts in thousands, except per share data)

March 31, 2025

(Unaudited)

(3)The fair value of investments with respect to securities for which market quotations are not readily available are valued using significant unobservable inputs (See Note 3 – Fair Value of Financial Instruments).

(4)For investments in revolving credit facilities and delayed draw commitments, the cost basis of the funded investments purchased is offset by any costs/netbacks received for any unfunded portion on the total balance committed. The fair value is also adjusted for the price appreciation or depreciation on the unfunded portion. As a result, the purchase of commitments not completely funded may result in a negative fair value until it is called and funded. Please refer to Note 7 - Commitments and Contingencies for details of these unfunded commitments.

(5)The majority of the investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate (“SOFR”) and which reset monthly, quarterly, semiannually, or annually. For each, the Company has provided the spread over the reference rate and the current interest rate in effect at the reporting date. As of March 31, 2025, the reference rates for the Company's variable rate loans were the 1 month SOFR at 4.32%, the 3 month SOFR at 4.29%, and the 6 month SOFR at 4.19%. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable.

(6)Equity and member interests are non-income-producing unless otherwise noted.

(7)All investments domiciled in the United States unless otherwise noted.

(8)Domiciled in Canada.

(9)Domiciled in Puerto Rico.

(10)Positions that have a SOFR reference rate, from time to time have an additional spread adjustment. This spread adjustment ranges from 0.10% - 0.25% depending on the contractual arrangement. These spread adjustments have been included in the all-in rate shown.

(11)Ownership of this investment is through a wholly-owned and consolidated subsidiary.

(12)Investment is on non-accrual status.

(13)Investment is deemed a non-controlled affiliated investment. Non-controlled affiliated investments generally are defined by the 1940 Act as investments in portfolio companies in which the Company owns between 5% and 25% of the voting securities. See Note 5 in the accompanying notes to the consolidated financial statements for additional information on transactions in which the portfolio company was a non-controlled affiliated investment.

(14)The total principal amount (in thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments.

(15)Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted security” under the Securities Act. As of March 31, 2025, the aggregate fair value of these securities is $6,755, or 1.3% of the Company’s net assets. The initial acquisition dates of the restricted securities are as follows:

Portfolio Company — Investment(15)	Initial Acquisition Date
190 Octane Holdings, LLC - Series A-1 units	July 1, 2022
Atlas US Holdings, LP - Class B-2 Units	May 4, 2022
Atlas US Holdings, LP - Class X Preferred Units	May 17, 2023
Cardiology Partners Co., L.P. - Class O2 Units	January 31, 2023
CTM Acquisition, LLC - Class A Units	February 28, 2023
EEP-EPS Fund I-A, LP - Series A-1 Preferred Units	February 24, 2023
Firebirds Intermediate Holdings I, LLC - Class A Units	March 22, 2023
Firebirds Intermediate Holdings I, LLC - Class B Units	March 22, 2023
Kemper Sports Management Holdings, LLC Equity	January 12, 2023
Oak Dental Partners Holding Company, LLC - Class C Units	March 23, 2023
Rushmore Lender Co-Invest Blocker, LLC - Common Stock	November 1, 2021
SDB Partners Holdco, LLC - Class A	March 29, 2024
Sea-K Investors, LLC - Common Stock	November 6, 2023
Sea-K Investors, LLC - Preferred Equity	November 6, 2023
Senior Support Holdings, LP - Class A-1	March 20, 2024
Senior Support Holdings, LP - Class B	March 20, 2024
TVG OCM III (FT) Blocker, LLC - Class B Units	September 29, 2021
VardimanBlack Holdings, LLC - Preferred Equity	March 29, 2024
Vistria ESS Holdings, LLC - Equity Units	December 27, 2021

11

COMMONWEALTH CREDIT PARTNERS BDC I, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

(amounts in thousands, except per share data)

March 31, 2025

(Unaudited)

The following table shows the portfolio composition by industry grouping based on fair value at March 31, 2025:

Industry	Investments and Cash and Cash Equivalents at Fair Value		Percentage of Total Portfolio
Consumer Services	$	138,800		21.8	%
Health Care Equipment & Services		115,667		18.1	%
Financial Services		82,763		13.0	%
Media & Entertainment		64,857		10.2	%
Software & Services		60,142		9.4	%
Capital Goods		54,223		8.5	%
Commercial & Professional Services		40,706		6.4	%
Consumer Durables & Apparel		23,948		3.8	%
Technology Hardware & Equipment		16,721		2.6	%
Consumer Staples Distribution & Retail		16,016		2.5	%
Materials		7,616		1.2	%
Insurance		6,414		1.0	%
Transportation		4,603		0.7	%
Cash and Cash Equivalents		3,484		0.5	%
Telecommunication Services		2,150		0.3	%
	$	638,110		100.0	%

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

12

COMMONWEALTH CREDIT PARTNERS BDC I, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

(amounts in thousands, except per share data)

December 31, 2024

Portfolio Company - Investment (3)(7)(13)	Industry	Spread Above Index	Interest Rate (5)(8)			Maturity Date	Principal / Shares (12)		Amortized Cost			Fair Value		Percentage of Net Assets (2)
Debt Investments
First Lien Senior Secured
190 Octane Financing, LLC - Delayed Draw Term Loan	Consumer Services	SOFR + 5.50% (1.00% floor) + 1.50% PIK		11.41	%	5/10/2027	$	4,842	$	4,795		$	4,450		0.8	%
190 Octane Financing, LLC - Revolving Credit Line (4)	Consumer Services	SOFR + 5.50% (1.00% floor) + 1.50% PIK		11.41	%	5/10/2027		676		665			583		0.1	%
190 Octane Financing, LLC - Term Loan	Consumer Services	SOFR + 5.50% (1.00% floor) + 1.50% PIK		11.41	%	5/10/2027		8,375		8,279			7,697		1.4	%
Abea Acquisition, Inc. - Delayed Draw Term Loan	Consumer Services	SOFR + 6.50% (1.00% floor)		10.96	%	11/30/2026		1,391		1,380			1,350		0.2	%
Abea Acquisition, Inc. - Term Loan	Consumer Services	SOFR + 6.50% (1.00% floor)		10.96	%	11/30/2026		11,086		10,997			10,753		2.0	%
AccessOne Medcard, Inc. - Term Loan	Financial Services	SOFR + 6.00% (0.50% floor)		10.46	%	8/20/2026		11,574		11,494			11,470		2.1	%
ACT Acquisition Intermediate Holdco, LLC - Delayed Draw Term Loan	Media & Entertainment	SOFR + 6.75% (1.00% floor)		11.22	%	12/4/2028		1,434		1,408			1,434		0.3	%
ACT Acquisition Intermediate Holdco, LLC - Revolving Credit Line (4)	Media & Entertainment	SOFR + 6.75% (1.00% floor)		11.22	%	12/4/2028		77		64			77		—	%
ACT Acquisition Intermediate Holdco, LLC - Term Loan	Media & Entertainment	SOFR + 6.75% (1.00% floor)		11.22	%	12/4/2028		6,513		6,390			6,513		1.2	%
AIDC IntermediateCo 2, LLC - Term Loan	Software & Services	SOFR + 5.25% (1.00% floor)		9.59	%	7/22/2027		28,150		27,787			28,150		5.2	%
Allbridge, LLC - Delayed Draw Term Loan (4)	Telecommunication Services	SOFR + 5.75% (1.00% floor)		10.08	%	6/5/2030		—		(1	)		—		—	%
Allbridge, LLC - Revolving Credit Line (4)	Telecommunication Services	SOFR + 5.75% (1.00% floor)		10.08	%	6/5/2030		—		(2	)		—		—	%
Allbridge, LLC - Term Loan	Telecommunication Services	SOFR + 5.75% (1.00% floor)		10.08	%	6/5/2030		2,158		2,133			2,158		0.4	%
Atlas US Buyer, LLC - Delayed Draw Term Loan	Financial Services	SOFR + 6.00% (0.75% floor) + 0.50% PIK		11.12	%	12/31/2027		3,312		3,289			3,213		0.6	%
Atlas US Buyer, LLC - Revolving Credit Line (4)	Financial Services	SOFR + 6.00% (0.75% floor) + 0.50% PIK		11.12	%	12/31/2027		515		505			476		0.1	%
Atlas US Buyer, LLC - Term Loan	Financial Services	SOFR + 6.00% (0.75% floor) + 0.50% PIK		11.12	%	12/31/2027		9,385		9,298			9,104		1.7	%
Batteries Plus Holding Corporation - Revolving Credit Line (4)	Technology Hardware & Equipment	SOFR + 6.75% (1.00% floor)		11.21	%	6/27/2028		—		(38	)		—		—	%
Batteries Plus Holding Corporation - Term Loan	Technology Hardware & Equipment	SOFR + 6.75% (1.00% floor)		11.21	%	6/27/2028		16,294		15,977			16,294		3.0	%
BHP Management Holdings, LLC - Delayed Draw Term Loan	Health Care Equipment & Services	SOFR + 5.00% (1.00% floor)		9.48	%	10/27/2028		7,465		7,351			7,465		1.4	%
BHP Management Holdings, LLC - Term Loan	Health Care Equipment & Services	SOFR + 5.00% (1.00% floor)		9.48	%	10/27/2028		12,931		12,742			12,931		2.4	%
Billhighway, LLC - Delayed Draw Term Loan (4)	Software & Services	SOFR + 6.75% (1.00% floor)		11.21	%	2/8/2029		223		216			223		—	%
Billhighway, LLC - Revolving Credit Line (4)	Software & Services	SOFR + 6.75% (1.00% floor)		11.21	%	2/8/2029		—		(4	)		—		—	%
Billhighway, LLC - Term Loan	Software & Services	SOFR + 6.75% (1.00% floor)		11.21	%	2/8/2029		3,540		3,495			3,540		0.7	%
Cardiology Management Holdings, LLC - Delayed Draw Term Loan A	Health Care Equipment & Services	SOFR + 6.25% (1.00% floor)		10.58	%	1/31/2029		5,027		4,952			4,997		0.9	%
Cardiology Management Holdings, LLC - Delayed Draw Term Loan B (4)	Health Care Equipment & Services	SOFR + 6.25% (1.00% floor)		10.58	%	1/31/2029		164		131			135		—	%
Cardiology Management Holdings, LLC - Term Loan	Health Care Equipment & Services	SOFR + 6.25% (1.00% floor)		10.58	%	1/31/2029		7,123		7,017			7,080		1.3	%

13

COMMONWEALTH CREDIT PARTNERS BDC I, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

(amounts in thousands, except per share data)

December 31, 2024

Portfolio Company - Investment (3)(7)(13)	Industry	Spread Above Index	Interest Rate (5)(8)			Maturity Date	Principal / Shares (12)		Amortized Cost			Fair Value			Percentage of Net Assets (2)
Debt Investments
First Lien Senior Secured
CAS Acquisition, LLC - Revolving Credit Line (4)	Financial Services	SOFR + 6.50% (1.00% floor)		10.96	%	3/29/2027	$	—	$	(9	)	$	—			—	%
CAS Acquisition, LLC - Term Loan	Financial Services	SOFR + 6.50% (1.00% floor)		10.96	%	3/29/2027		21,108		20,906			21,108			3.9	%
CheckedUp, Inc - Delayed Draw Term Loan	Media & Entertainment	SOFR + 5.50% (1.00% floor)		9.96	%	10/20/2027		2,518		2,491			2,518			0.5	%
CheckedUp, Inc - Revolving Credit Line (4)	Media & Entertainment	SOFR + 5.50% (1.00% floor)		9.95	%	10/20/2027		754		736			754			0.1	%
CheckedUp, Inc - Term Loan	Media & Entertainment	SOFR + 5.50% (1.00% floor)		9.96	%	10/20/2027		8,983		8,883			8,983			1.7	%
CTM Group, Inc. - Revolving Credit Line PIK	Media & Entertainment	SOFR + 4.75% (1.00% floor) + 2.75% PIK		11.39	%	11/30/2026		7		6			6			—	%
CTM Group, Inc. - Revolving Credit Line (4)	Media & Entertainment	SOFR + 4.75% (1.00% floor) + 2.75% PIK		11.39	%	11/30/2026		813		798			710			0.1	%
CTM Group, Inc. - Term Loan	Media & Entertainment	SOFR + 4.75% (1.00% floor) + 2.75% PIK		11.41	%	11/30/2026		19,298		19,032			17,503			3.2	%
Discovery SL Management, LLC - Delayed Draw Term Loan A	Consumer Services	SOFR + 5.50% (1.00% floor)		9.88	%	3/18/2030		434		429			431			0.1	%
Discovery SL Management, LLC - Delayed Draw Term Loan B (4)	Consumer Services	SOFR + 5.50% (1.00% floor)		9.88	%	3/18/2030		—		(9	)		(11	)		—	%
Discovery SL Management, LLC - Revolving Credit Line (4)	Consumer Services	SOFR + 5.50% (1.00% floor)		9.88	%	3/18/2030		—		(4	)		(2	)		—	%
Discovery SL Management, LLC - Term Loan	Consumer Services	SOFR + 5.50% (1.00% floor)		9.88	%	3/18/2030		2,592		2,564			2,577			0.5	%
Drive Assurance Corporation - Delayed Draw Term Loan (1)(4)	Insurance	SOFR + 7.00% (2.00% floor)		11.36	%	7/10/2030		—		(2	)		—			—	%
Drive Assurance Corporation - Term Loan (1)	Insurance	SOFR + 7.00% (2.00% floor)		11.36	%	7/10/2030		6,414		6,353			6,414			1.2	%
Engineered Films Acquisition Inc. - Revolving Credit Line (4)	Capital Goods	SOFR + 7.00% (1.00% floor)		11.47	%	4/29/2027		905		877			881			0.2	%
Engineered Films Acquisition Inc. - Term Loan	Capital Goods	SOFR + 7.00% (1.00% floor)		11.47	%	4/29/2027		19,793		19,574			19,634			3.6	%
EPS Operations, LLC - Revolving Credit Line (4)	Media & Entertainment	SOFR + 6.00% (1.00% floor)		10.36	%	2/24/2028		—		(28	)		(14	)		—	%
EPS Operations, LLC - Term Loan	Media & Entertainment	SOFR + 6.00% (1.00% floor)		10.36	%	2/24/2028		17,325		17,025			17,187			3.2	%
Fiesta Holdings, LLC - Revolving Credit Line B (4)	Consumer Services	SOFR + 5.25% (1.00% floor)		9.88	%	10/23/2029		—		(8	)		(11	)		—	%
Fiesta Holdings, LLC - Term Loan B	Consumer Services	SOFR + 5.25% (1.00% floor)		9.88	%	10/23/2029		7,869		7,787			7,751			1.4	%
Firebirds Buyer, LLC - Delayed Draw Term Loan (4)	Consumer Services	SOFR + 6.25% (2.00% floor)		10.71	%	3/22/2028		691		671			691			0.1	%
Firebirds Buyer, LLC - Revolving Credit Line (4)	Consumer Services	SOFR + 6.25% (2.00% floor)		10.71	%	3/22/2028		518		496			518			0.1	%
Firebirds Buyer, LLC - Term Loan	Consumer Services	SOFR + 6.25% (2.00% floor)		10.71	%	3/22/2028		22,404		21,998			22,404			4.1	%
Hasa Acquisition, LLC - Delayed Draw Term Loan (4)(9)	Capital Goods	SOFR + 4.50% (1.00% floor)		9.07	%	1/10/2029		—		(33	)		(16	)		—	%
Hasa Acquisition, LLC - Revolving Credit Line (4)(9)	Capital Goods	SOFR + 4.50% (1.00% floor)		9.07	%	1/10/2029		—		(31	)		(16	)		—	%
Hasa Acquisition, LLC - Term Loan (9)	Capital Goods	SOFR + 4.50% (1.00% floor)		9.07	%	1/10/2029		14,377		14,085			14,234			2.6	%
Hasa Acquisition, LLC - Term Loan B (9)	Capital Goods	SOFR + 4.50% (1.00% floor)		8.99	%	1/10/2029		1,001		984			991			0.2	%

14

COMMONWEALTH CREDIT PARTNERS BDC I, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

(amounts in thousands, except per share data)

December 31, 2024

Portfolio Company - Investment (3)(7)(13)	Industry	Spread Above Index	Interest Rate (5)(8)			Maturity Date	Principal / Shares (12)		Amortized Cost			Fair Value			Percentage of Net Assets (2)
Debt Investments
First Lien Senior Secured
Hornblower Sub LLC - Revolving Credit Line (4)(9)	Transportation	SOFR + 5.50% (0.50% floor)		10.02	%	7/3/2029	$	313	$	307		$	311			0.1	%
Hornblower Sub LLC - Term Loan (9)	Transportation	SOFR + 5.50% (1.00% floor)		10.11	%	7/3/2029		3,987		3,949			3,975			0.7	%
Kemper Sports Management, LLC - Delayed Draw Term Loan	Consumer Services	SOFR + 5.25% (1.00% floor)		9.71	%	10/11/2029		4,518		4,451			4,518			0.8	%
Kemper Sports Management, LLC - Revolving Credit Line (4)(7)	Consumer Services	SOFR + 5.25% (1.00% floor)		9.71	%	10/11/2029		—		(24	)		—			—	%
Kemper Sports Management, LLC - Term Loan	Consumer Services	SOFR + 5.25% (1.00% floor)		9.71	%	10/11/2029		18,619		18,320			18,619			3.4	%
Kent Water Sports Holdings, LLC - Delayed Draw Term Loan First-Out (11)	Consumer Durables & Apparel	SOFR + 10.00% (1.00% floor) PIK		14.85	%	10/18/2027		6,256		5,622			6,256			1.2	%
Kent Water Sports Holdings, LLC - Delayed Draw Term Loan Last-Out (10)(11)	Consumer Durables & Apparel	SOFR + 13.50% (1.00% floor) PIK		18.35	%	10/18/2027		15,067		12,713			3,330			0.6	%
MerchantWise Solutions, LLC - Delayed Draw Term Loan	Software & Services	SOFR + 3.00% (0.75% floor) + 4.50% PIK		11.83	%	6/1/2028		2,502		2,470			2,089			0.4	%
MerchantWise Solutions, LLC - Term Loan	Software & Services	SOFR + 3.00% (0.75% floor) + 4.50% PIK		11.83	%	6/1/2028		12,039		11,889			10,052			1.8	%
Military Retail Solutions, LLC - Delayed Draw Term Loan (4)(9)	Consumer Staples Distribution & Retail	SOFR + 5.25% (1.00% floor)		9.61	%	6/28/2029		—		(17	)		(15	)		—	%
Military Retail Solutions, LLC - Revolving Credit Line (4)(9)	Consumer Staples Distribution & Retail	SOFR + 5.25% (1.00% floor)		9.61	%	6/28/2029		—		(16	)		(7	)		—	%
Military Retail Solutions, LLC - Term Loan (9)	Consumer Staples Distribution & Retail	SOFR + 5.25% (1.00% floor)		9.61	%	6/28/2029		15,885		15,590			15,758			2.9	%
Mollie Funding II, LLC - Delayed Draw Term Loan (1)(4)	Financial Services	SOFR + 8.00% (1.00% floor)		12.47	%	6/11/2027		1,935		1,902			1,875			0.3	%
Mollie Funding II, LLC - Revolving Credit (1)(4)	Financial Services	SOFR + 8.00% (1.00% floor)		12.47	%	6/11/2027		1,183		1,159			1,147			0.2	%
Mollie Funding II, LLC - Term Loan (1)	Financial Services	SOFR + 8.00% (1.00% floor)		12.47	%	6/11/2027		5,806		5,717			5,667			1.0	%
Narcote, LLC - Revolving Credit Line (1)(4)	Materials	SOFR + 7.00% (1.00% floor)		11.47	%	3/30/2027		—		(11	)		—			—	%
Narcote, LLC - Term Loan A (1)	Materials	SOFR + 7.00% (1.00% floor)		11.47	%	3/30/2027		2,694		2,668			2,694			0.5	%
Narcote, LLC - Term Loan B (1)	Materials	SOFR + 7.00% (1.00% floor)		11.47	%	3/30/2027		4,489		4,446			4,489			0.8	%
Narcote, LLC - Term Loan C (1)	Materials	SOFR + 7.00% (1.00% floor)		11.47	%	3/30/2027		473		468			473			0.1	%
National Debt Relief, LLC - Delayed Draw Term Loan	Financial Services	SOFR + 6.50% (2.50% floor)		10.97	%	2/7/2028		10,943		10,847			10,866			2.0	%
National Debt Relief, LLC - Revolving Credit Line	Financial Services	SOFR + 6.50% (2.50% floor)		10.97	%	2/7/2028		2,189		2,171			2,173			0.4	%
National Debt Relief, LLC - Term Loan	Financial Services	SOFR + 6.50% (2.50% floor)		10.97	%	2/7/2028		13,131		13,016			13,039			2.4	%
Oak Dental Partners - Delayed Draw Term Loan (4)	Health Care Equipment & Services	SOFR + 6.50% (2.00% floor)		11.47	%	3/22/2028		—		(17	)		(54	)		—	%
Oak Dental Partners - Revolving Credit Line (4)	Health Care Equipment & Services	SOFR + 6.50% (2.00% floor)		10.97	%	3/22/2028		344		330			322			0.1	%
Oak Dental Partners - Term Loan	Health Care Equipment & Services	SOFR + 6.50% (2.00% floor)		11.47	%	3/22/2028		16,897		16,587			16,458			3.0	%

15

COMMONWEALTH CREDIT PARTNERS BDC I, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

(amounts in thousands, except per share data)

December 31, 2024

Portfolio Company - Investment (3)(7)(13)	Industry	Spread Above Index	Interest Rate (5)(8)			Maturity Date	Principal / Shares (12)		Amortized Cost			Fair Value			Percentage of Net Assets (2)
Debt Investments
First Lien Senior Secured
OAO Acquisitions, Inc. - Delayed Draw Term Loan	Capital Goods	SOFR + 5.50% (1.25% floor)		9.89	%	12/27/2029	$	1,316	$	1,299		$	1,316			0.2	%
OAO Acquisitions, Inc. - Revolving Credit Line (4)	Capital Goods	SOFR + 5.50% (1.25% floor)		9.98	%	12/27/2029		—		(8	)		—			—	%
OAO Acquisitions, Inc. - Term Loan	Capital Goods	SOFR + 5.50% (1.25% floor)		9.98	%	12/27/2029		6,274		6,195			6,274			1.2	%
OmniMax International, LLC - Delayed Draw Term Loan (4)	Capital Goods	SOFR + 5.75% (1.00% floor)		10.03	%	12/6/2030		—		(8	)		(17	)		—	%
OmniMax International, LLC - Term Loan	Capital Goods	SOFR + 5.75% (1.00% floor)		10.03	%	12/6/2030		2,730		2,675			2,675			0.5	%
OneCare Media, LLC - Revolving Credit Line (4)(10)	Media & Entertainment	SOFR + 4.50% (1.00% floor)		8.96	%	9/29/2026		—		(5	)		(247	)		—	%
OneCare Media, LLC - Term Loan A (10)	Media & Entertainment	SOFR + 4.50% (1.00% floor)		8.96	%	9/29/2026		10,144		9,801			6,076			1.1	%
OneCare Media, LLC - Term Loan B (10)	Media & Entertainment	SOFR + 4.50% (1.00% floor)		8.96	%	9/29/2026		2,252		2,175			1,349			0.2	%
OneCare Media, LLC - Term Loan C (10)	Media & Entertainment	SOFR + 4.50% (1.00% floor)		8.96	%	9/29/2026		1,408		1,360			843			0.2	%
OneCare Media, LLC - Term Loan D (10)	Media & Entertainment	SOFR + 4.50% (1.00% floor)		8.96	%	9/29/2026		856		826			513			0.1	%
OpCo Borrower, LLC - Term Loan	Health Care Equipment & Services	SOFR + 6.00% (1.00% floor)		10.62	%	4/26/2029		2,161		2,122			2,150			0.4	%
Pansophic Learning US, LLC - Delayed Draw Term Loan (4)	Consumer Services	SOFR + 5.75% (1.00% floor)		10.37	%	5/15/2029		1,127		1,099			1,107			0.2	%
Pansophic Learning US, LLC - Revolving Credit Line	Consumer Services	SOFR + 5.75% (1.00% floor)		10.26	%	5/15/2029		1,133		1,110			1,119			0.2	%
Pansophic Learning US, LLC - Term Loan	Consumer Services	SOFR + 5.75% (1.00% floor)		10.15	%	5/15/2029		13,558		13,279			13,395			2.5	%
PDDS Holdco, Inc. - Delayed Draw Term Loan (4)(9)	Software & Services	SOFR + 7.50% (0.75% floor)		11.98	%	7/18/2028		2,844		2,827			2,774			0.5	%
PDDS Holdco, Inc. - Term Loan (9)	Software & Services	SOFR + 7.50% (0.75% floor)		11.98	%	7/18/2028		14,348		14,043			14,090			2.6	%
PJW Ultimate Holdings, LLC - Delayed Draw Term Loan	Consumer Services	SOFR + 6.00% (1.00% floor)		10.46	%	11/17/2026		4,077		4,038			4,028			0.7	%
PJW Ultimate Holdings, LLC - Revolving Credit Line (4)	Consumer Services	SOFR + 6.00% (1.00% floor)		10.46	%	11/17/2026		1,187		1,171			1,162			0.2	%
PJW Ultimate Holdings, LLC - Term Loan	Consumer Services	SOFR + 6.00% (1.00% floor)		10.46	%	11/17/2026		9,766		9,680			9,649			1.8	%
Priority Holdings, LLC - Term Loan	Financial Services	SOFR + 4.75% (0.50% floor)		9.11	%	5/16/2031		3,990		3,971			3,990			0.7	%
Restaurant Holding Company, LLC - Delayed Draw Term Loan (4)	Consumer Services	SOFR + 6.25% (1.00% floor)		10.72	%	2/25/2028		—		(14	)		—			—	%
Restaurant Holding Company, LLC - Term Loan	Consumer Services	SOFR + 6.25% (1.00% floor)		10.72	%	2/25/2028		20,871		20,579			20,871			3.8	%
Rushmore Intermediate II, LLC - Delayed Draw Term Loan	Health Care Equipment & Services	SOFR + 7.00% (1.00% floor)		11.48	%	11/1/2027		1,262		1,247			1,249			0.2	%
Rushmore Intermediate II, LLC - Delayed Draw Term Loan 2nd Amend	Health Care Equipment & Services	SOFR + 7.00% (1.00% floor)		11.48	%	11/1/2027		1,169		1,141			1,157			0.2	%
Rushmore Intermediate II, LLC - Delayed Draw Term Loan 4th Amend	Health Care Equipment & Services	SOFR + 7.00% (1.00% floor)		11.48	%	11/1/2027		489		479			484			0.1	%

16

COMMONWEALTH CREDIT PARTNERS BDC I, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

(amounts in thousands, except per share data)

December 31, 2024

Portfolio Company - Investment (3)(7)(13)	Industry	Spread Above Index	Interest Rate (5)(8)			Maturity Date	Principal / Shares (12)		Amortized Cost			Fair Value			Percentage of Net Assets (2)
Debt Investments
First Lien Senior Secured
Rushmore Intermediate II, LLC - Revolving Credit Line (4)	Health Care Equipment & Services	SOFR + 7.00% (1.00% floor)		11.48	%	11/1/2027	$	—	$	(13	)	$	(13	)		—	%
Rushmore Intermediate II, LLC - Term Loan	Health Care Equipment & Services	SOFR + 7.00% (1.00% floor)		11.48	%	11/1/2027		12,096		11,960			11,975			2.2	%
Rushmore Intermediate II, LLC - Term Loan B	Health Care Equipment & Services	SOFR + 7.00% (1.00% floor)		11.48	%	11/1/2027		1,125		1,104			1,114			0.2	%
S4T Holdings Corp. - Delayed Draw Term Loan	Commercial & Professional Services	SOFR + 6.00% (1.00% floor)		10.47	%	12/28/2026		7,615		7,533			7,615			1.4	%
S4T Holdings Corp. - Term Loan	Commercial & Professional Services	SOFR + 6.00% (1.00% floor)		10.47	%	12/28/2026		25,496		25,259			25,496			4.7	%
Select Rehabilitation, LLC - Term Loan (10)	Health Care Equipment & Services	SOFR + 8.50% (1.00% floor)		12.96	%	10/19/2027		19,697		18,724			15,225			2.8	%
Senior Support Holdings (Franchise) Acquisition, Inc. - Delayed Draw Term Loan (4)	Health Care Equipment & Services	SOFR + 5.25% (1.00% floor)		9.60	%	3/20/2030		—		(16	)		—			—	%
Senior Support Holdings (Franchise) Acquisition, Inc. - Term Loan	Health Care Equipment & Services	SOFR + 5.25% (1.00% floor)		9.60	%	3/20/2030		4,258		4,182			4,258			0.8	%
Spartan CP, LLC - Delayed Draw Term Loan (4)	Consumer Services	SOFR + 5.75% (1.00% floor)		10.11	%	6/28/2029	1344			1,309			1,344			0.2	%
Spartan CP, LLC - Revolving Credit Line (4)	Consumer Services	SOFR + 5.75% (1.00% floor)		10.11	%	6/28/2029		—		(9	)		—			—	%
Spartan CP, LLC - Term Loan	Consumer Services	SOFR + 5.75% (1.00% floor)		10.11	%	6/28/2029		5,489		5,387			5,489			1.0	%
Total Fleet Buyer, LLC - Revolving Credit Line (4)	Capital Goods	SOFR + 4.50% (1.00% floor)		8.95	%	7/15/2030		—		(22	)		—			—	%
Total Fleet Buyer, LLC - Term Loan	Capital Goods	SOFR + 4.50% (1.00% floor)		8.95	%	7/15/2030		6,859		6,745			6,859			1.3	%
VardimanBlack Holdings, LLC - Delayed Draw Term Loan (4)	Health Care Equipment & Services	SOFR + 2.00% PIK + 5.00% Fixed		11.65	%	3/18/2027		2,089		2,023			2,328			0.4	%
VardimanBlack Holdings, LLC - Term Loan	Health Care Equipment & Services	SOFR + 2.00% PIK + 5.00% Fixed		11.65	%	3/18/2027		20,173		17,799			20,173			3.7	%
Vecta Holdings, LLC - Revolving Credit Line (4)	Commercial & Professional Services	SOFR + 6.50% (1.00% floor)		11.16	%	12/30/2027		742		731			607			0.1	%
Vecta Holdings, LLC - Term Loan	Commercial & Professional Services	SOFR + 6.50% (1.00% floor)		11.15	%	12/30/2027		8,017		7,911			6,767			1.2	%
West Creek Financial SPV- Debt Facility VI, LLC - Delayed Draw Term Loan (1)(4)	Financial Services	SOFR + 6.75% (1.00% floor)		11.22	%	8/31/2027		866		842			854			0.2	%
West Creek Financial SPV- Debt Facility VI, LLC - Revolving Credit Line (1)(4)	Financial Services	SOFR + 6.75% (1.00% floor)		11.22	%	8/31/2027		1,059		1,039			1,049			0.2	%
West Creek Financial SPV- Debt Facility VI, LLC - Term Loan (1)	Financial Services	SOFR + 6.75% (1.00% floor)		11.22	%	8/31/2027		5,101		5,026			5,066			0.9	%
Whitestone Home Furnishings, LLC - Term Loan	Consumer Durables & Apparel	SOFR + 6.00% (1.00% floor)		10.46	%	8/20/2026		14,357		14,242			14,386			2.6	%
Total First Lien Senior Secured								668,674		653,266			635,952			116.8	%
Total Debt Investments							$	668,674	$	653,266		$	635,952			116.8	%

17

COMMONWEALTH CREDIT PARTNERS BDC I, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

(amounts in thousands, except per share data)

December 31, 2024

Portfolio Company - Investment (3)(7)(13)	Industry	Spread Above Index	Interest Rate (5)(8)	Maturity Date	Principal / Shares (12)		Amortized Cost		Fair Value		Percentage of Net Assets (2)
Equity Investments (6)(14)
Preferred Equity
Atlas US Holdings, LP - Class X Preferred Units	Financial Services	NA	15.00% PIK	NA		299,552	$	300	$	410		0.1	%
Atlas US Holdings, LP - Class B-2 Units	Financial Services	NA	NA	NA		857,787		873		26		—	%
EEP-EPS Fund I-A, LP - Series A-1 Preferred Units	Media & Entertainment	NA	NA	NA		887,237		887		621		0.1	%
Sea-K Investors, LLC - Preferred Stock (9)(10)(11)	Consumer Durables & Apparel	NA	15.00% PIK	NA		3,495		—		—		—	%
VardimanBlack Holdings, LLC - Preferred Equity (9)(10)	Health Care Equipment & Services	NA	6.00% PIK	NA		9,268,770		2,908		2,469		0.5	%
Total Preferred Equity							$	4,968	$	3,526		0.7	%
Common Equity
190 Octane Holdings, LLC - Series A-1 units (9)	Consumer Services	NA	NA	NA		223,551	$	377	$	43		—	%
Cardiology Partners Co., L.P. - Class O2 Units	Health Care Equipment & Services	NA	NA	NA		142,509		143		124		—	%
CTM Acquisition, LLC - Class A Units	Media & Entertainment	NA	NA	NA		664,865		665		40		—	%
Firebirds Intermediate Holdings I, LLC - Class A Units	Consumer Services	NA	NA	NA		590,012		590		508		0.1	%
Firebirds Intermediate Holdings I, LLC - Class B Units	Consumer Services	NA	NA	NA		590,012		—		—		—	%
Kemper Sports Management Holdings, LLC Equity (9)	Consumer Services	NA	NA	NA		610,763		611		1,521		0.3	%
Oak Dental Partners Holding Company, LLC - Class C Units (9)	Health Care Equipment & Services	NA	NA	NA		45		344		401		0.1	%
Rushmore Lender Co-Invest Blocker, LLC - Common Stock	Health Care Equipment & Services	NA	NA	NA		611,207		627		831		0.2	%
SDB Partners Holdco, LLC - Class A (9)	Health Care Equipment & Services	NA	NA	NA		19,103,095		—		—		—	%
Sea-K Investors, LLC - Common Stock (9)(11)	Consumer Durables & Apparel	NA	NA	NA		97		—		—		—	%
Senior Support Holdings, LP - Class A-1 (9)	Health Care Equipment & Services	NA	NA	NA		409		409		446		0.1	%
Senior Support Holdings, LP - Class B (9)	Health Care Equipment & Services	NA	NA	NA		409		—		69		—	%
TVG OCM III (FT) Blocker, LLC - Class B Units	Media & Entertainment	NA	NA	NA		2,610		743		—		—	%
Vistria ESS Holdings, LLC - Equity Units	Commercial & Professional Services	NA	NA	NA		326		326		750		0.1	%
Total Common Equity								4,835		4,733		0.9	%
Total Equity Investments								9,803		8,259		1.6	%
Total Investments							$	663,069	$	644,211		118.4	%

18

COMMONWEALTH CREDIT PARTNERS BDC I, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

(amounts in thousands, except per share data)

December 31, 2024

Portfolio Company - Investment (3)(7)(13)	Industry	Spread Above Index	Interest Rate (5)(8)	Maturity Date	Principal / Shares (12)		Amortized Cost		Fair Value			Percentage of Net Assets (2)
Cash and Cash Equivalents
First American Government Obligations Fund - X Class, 4.47%	Cash Equivalents	NA	NA	NA		4,857	$	4,857	$	4,857			0.9	%
Other cash and cash equivalents	Cash Equivalents	NA	NA	NA	NA			477		477			0.1	%
Total Cash and Cash Equivalents								5,334		5,334			1.0	%
Total Investments and Cash and Cash Equivalents							$	668,403	$	649,545			119.4	%
Liabilities in Excess of Other Assets									$	(105,776	)		(19.4	)%
Net Assets									$	543,769			100.0	%

(1)The Company deemed this asset to be a “non-qualifying asset” under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Qualifying assets must represent at least 70.0% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets. As of December 31, 2024, 4.50% of the Company’s total assets are represented by investments at fair value that are considered non-qualifying assets.

(2)Percentages are based on net assets as of December 31, 2024.

(3)The fair value of investments with respect to securities for which market quotations are not readily available are valued using significant unobservable inputs (See Note 3 - Fair Value of Financial Instruments).

(4)For investments in revolving credit facilities and delayed draw commitments, the cost basis of the funded investments purchased is offset by any costs/netbacks received for any unfunded portion on the total balance committed. The fair value is also adjusted for the price appreciation or depreciation on the unfunded portion. As a result, the purchase of commitments not completely funded may result in a negative fair value until it is called and funded. Please refer to Note 7 - Commitments and Contingencies for details of these unfunded commitments.

(5)The majority of the investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate (“SOFR”) and which reset monthly, quarterly, semiannually, or annually. For each, the Company has provided the spread over the reference rate and the current interest rate in effect at the reporting date. As of December 31, 2024, the reference rates for the Company's variable rate loans were the 1 month SOFR at 4.33%, the 3 month SOFR at 4.31%, and the 6 month SOFR at 4.25%. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable.

(6)Equity and member interests are non-income-producing unless otherwise noted.

(7)All investments domiciled in the United States unless otherwise noted.

(8)Positions that have a SOFR reference rate, from time to time have an additional spread adjustment. This spread adjustment ranges from 0.00% - 0.25% depending on the contractual arrangement. These spread adjustments have been included in the all-in rate shown.

(9)Ownership of this investment is through a wholly-owned and consolidated subsidiary.

(10)Investment is on non-accrual status.

(11)Investment is deemed a non-controlled affiliated investment. Non-controlled affiliated investments generally are defined by the 1940 Act, as investments in portfolio companies in which the Company owns between 5% and 25% of the voting securities. See Note 5 in the accompanying notes to the consolidated financial statements for additional information on transactions in which the portfolio company was a non-controlled affiliated investment.

(12)The total principal amount (in thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments.

(13)The Company updated certain descriptions of its portfolio companies presented in the consolidated financial statements as of December 31, 2024, to align with the legal issuer name, where applicable. These updates had no impact on the Consolidated Statements of Assets and Liabilities as of December 31, 2024.

19

COMMONWEALTH CREDIT PARTNERS BDC I, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

(amounts in thousands, except per share data)

December 31, 2024

(14)Security acquired in transaction exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted security” under the Securities Act. As of December 31, 2024 the aggregate fair value of these securities is $8,259, or 1.6% of the Company’s net assets. The initial acquisition dates of the restricted securities are as follows:

Portfolio Company — Investment(14)	Initial Acquisition Date
190 Octane Holdings, LLC - Series A-1 units	July 1, 2022
Atlas US Holdings, LP - Class B-2 Units	May 4, 2022
Atlas US Holdings, LP - Class X Preferred Units	May 17, 2023
Cardiology Partners Co., L.P. - Class O2 Units	January 31, 2023
CTM Acquisition, LLC - Class A Units	February 28, 2023
EEP-EPS Fund I-A, LP - Series A-1 Preferred Units	February 24, 2023
Firebirds Intermediate Holdings I, LLC - Class A Units	March 22, 2023
Firebirds Intermediate Holdings I, LLC - Class B Units	March 22, 2023
Kemper Sports Management Holdings, LLC Equity	January 12, 2023
Oak Dental Partners Holding Company, LLC - Class C Units	March 23, 2023
Rushmore Lender Co-Invest Blocker, LLC - Common Stock	November 1, 2021
SDB Partners Holdco, LLC - Class A	March 29, 2024
Sea-K Investors, LLC - Common Stock	November 6, 2023
Sea-K Investors, LLC - Preferred Stock	November 6, 2023
Senior Support Holdings, LP - Class A-1	March 20, 2024
Senior Support Holdings, LP - Class B	March 20, 2024
TVG OCM III (FT) Blocker, LLC - Class B Units	September 29, 2021
VardimanBlack Holdings, LLC - Preferred Equity	March 29, 2024
Vistria ESS Holdings, LLC - Equity Units	December 27, 2021

20

COMMONWEALTH CREDIT PARTNERS BDC I, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

(amounts in thousands, except per share data)

December 31, 2024

The following table shows the portfolio composition by industry grouping based on fair value at December 31, 2024:

Industry(1)	Investments and Cash and Cash Equivalents at Fair Value		Percentage of Total Portfolio
Consumer Services	$	142,554		21.9	%
Health Care Equipment & Services		113,774		17.5	%
Financial Services		91,533		14.1	%
Media & Entertainment		64,866		10.0	%
Software & Services		60,918		9.4	%
Capital Goods		52,815		8.1	%
Commercial & Professional Services		41,235		6.4	%
Consumer Durables & Apparel		23,972		3.7	%
Technology Hardware & Equipment		16,294		2.5	%
Consumer Staples Distribution & Retail		15,736		2.4	%
Materials		7,656		1.2	%
Insurance		6,414		1.0	%
Cash and Cash Equivalents		5,334		0.8	%
Transportation		4,286		0.7	%
Telecommunication Services		2,158		0.3	%
	$	649,545		100	%

(1)The company reclassified certain industry groupings of its portfolio companies presented in the consolidated financial statements as of December 31, 2024 to align with Global Industry Classification Standards (“GICS”), where applicable. These reclassifications had no impact on the Consolidated Statements of Assets and Liabilities as of December 31, 2024.

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

21

COMMONWEALTH CREDIT PARTNERS BDC I, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages, and as otherwise indicated)

March 31, 2025

(Unaudited)

Note 1—Organization

Commonwealth Credit Partners BDC I, Inc. (“we”, “us”, “our”, or the “Company”) is an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a business development company (a “BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), and has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company was formed on January 15, 2021 (“Inception Date”) as a Delaware corporation. The Company commenced investment operations on August 17, 2021.

The Company is managed by Commonwealth Credit Advisors LLC (the “Investment Adviser”), a Delaware limited liability company and an affiliate of Comvest Capital Advisors LLC, Comvest Credit Advisors LLC and Comvest Credit Managers, LLC (collectively “Comvest Partners”). The Investment Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended. The Investment Adviser oversees the management of the Company’s activities and is responsible for making investment decisions with respect to the Company’s portfolio.

The Company’s investment objective is to generate both current income and capital appreciation by investing in middle-market companies in a wide range of industries primarily structured as senior credit facilities, and to a lesser extent, junior credit facilities. The Company also may purchase interests in loans through secondary market transactions.

The Company conducts private placements of shares of its common stock, par value $0.001 per share (the “Shares”), to investors in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). Each investor in the private placement made a capital commitment (the “Capital Commitments”) to purchase Shares pursuant to a subscription agreement (a “Subscription Agreement”). Investors are required to make capital contributions to purchase additional Shares (the “Drawdown Purchase Price”) each time the Company delivers a drawdown notice (the “Drawdown Notice”), which is delivered at least ten business days prior to the required funding date, in an aggregate amount not to exceed their respective Capital Commitments.

The Company has established CCP BDC Blocker I, LLC, CCP BDC Blocker II, LLC, and CCP Blocker III, LLC, wholly-owned direct subsidiaries. These subsidiaries allow the Company to hold equity securities of portfolio companies organized as pass-through entities while continuing to satisfy the requirements of a RIC under the Code. Each of these subsidiaries has elected to be treated as a corporation for tax purposes.

On February 7, 2022, the Company established CCP BDC California LLC (together with CCP BDC Blocker I, LLC, CCP BDC Blocker II, LLC, and CCP Blocker III, LLC, the "Subsidiaries"), a California limited liability company that is a disregarded entity for tax purposes, to acquire investments in the state of California, as required by California law.

Note 2—Summary of Significant Accounting Policies

Basis of Presentation

The Company’s consolidated financial statements have been prepared in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) and include the accounts of the Subsidiaries. The Company is an investment company following accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services—Investment Companies (“ASC 946”). The Company consolidates its Subsidiaries.

The Company’s consolidated financial statements reflect all adjustments and reclassifications which, in the opinion of management, are necessary for the fair presentation of the results of operations and financial condition for the periods presented. All intercompany transactions have been eliminated. Revenues are recognized when earned and expenses when incurred. The financial results of the Company’s portfolio investments are not consolidated in the financial statements.

The Company’s consolidated interim financial statements are prepared in accordance with GAAP and pursuant to the requirements for reporting on Form 10-Q and Article 6 of Regulation S-X. Accordingly, the Company’s consolidated interim financial statements do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, the consolidated financial statements reflect all adjustments and reclassifications consisting solely of normal accruals that are necessary for the fair presentation of financial results as of and for the periods presented. The unaudited interim consolidated financial statements and

22

notes thereto should be read in conjunction with the consolidated financial statements and notes thereto in the Company’s Form 10-K for the year ended December 31, 2024, as filed with the U.S. Securities and Exchange Commission (the “SEC”).

Use of Estimates

The preparation of consolidated interim financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in these consolidated interim financial statements. Actual results could differ from those estimates.

Valuation of Portfolio Investments

The Investment Adviser applies fair value accounting in accordance with GAAP. Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Investments are reflected on the Company’s Consolidated Statements of Assets and Liabilities at fair value, with changes in unrealized gains and losses resulting from changes in fair value reflected in the Company’s Consolidated Statements of Operations as “Net change in unrealized gains (losses) of investments” and realizations of portfolio investments reflected in the Company’s Consolidated Statements of Operations as “Net realized gains (losses) on investments”.

The Investment Adviser values the Company’s portfolio investments on a quarterly basis, or more frequently if required under the 1940 Act. For purposes of the 1940 Act, the Company’s board of directors (“Board”) has designated the Investment Adviser as the Company’s valuation designee under Rule 2a-5 under the 1940 Act (the “Valuation Designee”). The Board provides oversight of the Investment Adviser’s fair value determinations of the Company’s portfolio investments on a quarterly basis in good faith, including investments that are not publicly traded and those whose market prices are not readily available. Security transactions are accounted for on a trade date basis.

Given that the Company's assets are currently treated as "plan assets" under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and Section 4975 of the Code, one or more independent valuation firms (each a “Valuation Agent”) are engaged to independently value the Company’s investments, in consultation with the Investment Adviser. The Company’s quarterly valuation procedures, which are the procedures that are followed by such Valuation Agent to the extent the Company’s assets are treated as "plan assets" under ERISA and/or Section 4975 of the Code, are set forth in more detail below:

1)Investments for which market quotations are readily available on an exchange are valued at such market quotations based on the closing price indicated from independent pricing services.

2)Investments for which indicative prices are obtained from various pricing services and/or brokers or dealers are valued through a multi-step valuation process, as described below, to determine whether the quote(s) obtained is representative of fair value in accordance with GAAP.

a) Bond quotes are obtained through independent pricing services. Internal reviews are performed by the personnel of the Valuation Agent, in consultation with the investment professionals of the Investment Adviser, to ensure that the quote obtained is representative of fair value in accordance with GAAP and if so, the quote is used. If the Valuation Agent is unable to sufficiently validate the quote(s) internally and if the investment’s par value exceeds a certain materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below); and

b) For investments other than bonds, the personnel of the Valuation Agent, in consultation with the investment professionals of the Investment Adviser, look at the number of quotes readily available and perform the following:

i) Investments for which two or more quotes are received from a pricing service are valued using the mean of the mean of the bid and ask of the quotes obtained. If quotes from pricing services differ by +/- five points or if the spread between the bid and ask for a quote is greater than 10 points, the personnel of the Valuation Agent, in consultation with the investment professionals of the Investment Adviser, will evaluate the reasonableness of the quote, and if the quote is determined to not be representative of fair value, the personnel of the Valuation Agent, in consultation with the investment professionals of the Investment Adviser, will use one or more of the methodologies outlined below to determine fair value;

ii) Investments for which one quote is received from a pricing service are validated by the Valuation Agent, in consultation with the investment professionals of the Investment Adviser. The personnel of the Valuation Agent, in consultation with the investment professionals of the Investment Adviser, analyze the market quotes obtained using an array of valuation methods (further described below) to validate the fair value. For assets where a supporting analysis is prepared, the Valuation Agent will document the selection and appropriateness of the indices selected for yield comparison and a conclusion documenting how the yield comparison analysis supports the proposed mark. The quarterly portfolio company monitoring reports which detail the qualitative and quantitative performance of the portfolio company will also be included. If the Valuation Agent, in consultation with the investment professionals of the Investment Adviser, is unable to

23

sufficiently validate the quote internally and if the investment’s par value exceeds a certain materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below).

3)Investments for which quotations are not readily available through exchanges, pricing services, brokers, or dealers are valued through a multi- step valuation process:

a) Each portfolio company or investment is initially valued by the personnel of the Valuation Agent, in consultation with the investment professionals of the Investment Adviser; and

b) Preliminary valuation conclusions will then be documented and discussed with the Company's senior management.

For investments in revolving credit facilities and delayed draw commitments, the cost basis of the funded investments purchased is offset by any costs/netbacks received for any unfunded portion on the total balance committed. The fair value is also adjusted for the price appreciation or depreciation on the unfunded portion. As a result, the purchase of commitments not completely funded may result in a negative fair value until it is called and funded.

The values assigned to investments are based upon available information and do not necessarily represent amounts which might ultimately be realized, since such amounts depend on future circumstances and cannot be reasonably determined until the individual positions are liquidated. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period and the fluctuations could be material.

In the event Benefit Plan Investors do not hold 25% or more of the Company’s outstanding Shares, or the Company’s Shares are listed on a national securities exchange, then (i) personnel of the Investment Adviser may undertake the roles to be performed by the personnel of the Valuation Agent, as described above and (ii) if an investment falls into category (3) above for four consecutive quarters and if the investment’s par value or its fair value exceeds a certain materiality threshold, then at least once each fiscal year, the valuation for each portfolio investment for which the Company does not have a readily available market quotation will be reviewed by an independent valuation firm engaged by the Board.

For all valuations, the Valuation Committee of the Board, which consists solely of directors who are not “interested persons” of the Company, as such term is used under the 1940 Act (the “Independent Directors”), will review these preliminary valuations and the Board, a majority of whom are Independent Directors, will discuss the Investment Adviser’s valuations; provided, however, that to the extent the Company’s assets are treated as “plan assets” under ERISA, and/or Section 4975 of the Code, the Valuation Agent will determine valuations using only those valuation methodologies reviewed and approved by the Valuation Committee and the Board, and, absent manifest error, the Board will accept such valuations prepared by the Valuation Agent in accordance therewith.

Investment Classification

The Company classifies its investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, “Control” is defined as the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company. In addition, in accordance with Section 2(a)(9) of the 1940 Act, any person who owns beneficially, either directly or through one or more controlled companies, more than 25% of the voting securities of a company shall be presumed to control such company. Any person who does not so own more than 25% of the voting securities of any company shall be presumed not to control such company. Any person who does not so own more than 25% of the voting securities of any company and/or does not have the power to exercise control over the management or policies of such portfolio company shall be presumed not to control such company. Consistent with the 1940 Act, “affiliated investments” are defined as those investments in companies in which the Company owns 5% or more of the voting securities. Consistent with the 1940 Act, “non-affiliated investments” are defined as investments that are neither control investments nor affiliated investments. As of March 31, 2025 and as of December 31, 2024, the Company did not “control” and was not an “affiliated person” of any of its portfolio companies, each as defined in the 1940 Act, except as noted as of March 31, 2025 and December 31, 2024 in the consolidated schedules of investments.

Cash and Cash Equivalents

Cash and cash equivalents include cash held in banks and short-term, liquid investments in a money market deposit account. Cash and cash equivalents are carried at cost which approximates fair value. The Company deposits at financial institutions for its cash and cash equivalents may exceed FDIC insured limits under applicable law.

The Company considers all highly liquid investments with a maturity of three months or less, when acquired, to be cash equivalents. As of March 31, 2025 and December 31, 2024, the Company held cash and cash equivalents in the form of money market fund shares held in First American Government Obligations Fund and other cash and cash equivalents with a fair value of $3.0 million and $4.9 million, respectively, representing 0.56% and 0.89%, respectively, of the Company’s net assets. Cash equivalents in the form of money market

24

fund shares are valued at their reported net asset value (generally $1 per share) on the measurement date, and are categorized within Level 1 of the fair value hierarchy under ASC 820, as inputs in the valuation are observable.

Organizational Expenses and Offering Costs

The Company bore the organizational expenses and offering costs incurred in connection with the formation of the Company and the offering of its Shares, including the out-of-pocket expenses of the Investment Adviser and its agents and affiliates. In addition, the Company will reimburse the Investment Adviser for the organizational expenses and offering costs it incurs on the Company’s behalf. For the period from the Inception Date through March 31, 2025, the Company had incurred $0.48 million of organizational costs. If actual organizational expenses and offering costs incurred exceed $0.75 million, the Investment Adviser or its affiliate bear the excess costs.

Organizational expenses consist of costs incurred to establish the Company and enable it legally to do business. Organization costs are expensed as incurred. Offering costs consist of costs incurred in connection with the offering of Shares of the Company. Offering costs are capitalized as a deferred charge and amortized to expense on a straight-line basis over 12 months from the inception date. There were no organizational or offering costs for the three months ended March 31, 2025 and March 31, 2024. As of March 31, 2025 and December 31, 2024, no offering costs were deferred.

Deferred Financing Costs

Financing costs incurred in connection with the Company’s credit facilities are capitalized and amortized into expense using the straight-line method, which approximates the effective yield method over the life of the respective facility. See Note 6 – Borrowings.

Revenue Recognition

Interest Income

Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Discount and premium on investments purchased are accreted/amortized over the expected life of the respective investment using the effective yield 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. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income. The Company may have loans in its portfolio that contain a payment-in-kind (“PIK”) interest provision. PIK interest is accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest is added to the principal balance on the capitalization date and is generally due at maturity or when deemed by the issuer. For the three months ended March 31, 2025 and March 31, 2024, the Company recognized PIK interest from investments of $885 thousand and $31 thousand, respectively, which is included in Interest Income on the Consolidated Statements of Operations.

Fee Income

Fee income, such as structuring fees, loan monitoring, amendment, syndication, commitment, termination, and other loan fees are recognized as income when earned, either upon receipt or amortized into fee income. Upon the re-payment of a loan or debt security, any prepayment penalties and unamortized loan fees are recorded as fee income.

Non-accrual

Investments may be placed on non-accrual status when principal or interest payments are past due and/or when there is reasonable doubt that principal or interest will be collected. Accrued cash and PIK interest are generally reversed when an investment is placed on non-accrual status. Interest payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment of the ultimate outcome. Non-accrual investments are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current.

Net Realized Gain or Loss and Net Change in Unrealized Gain or Loss

Investment transactions are accounted for on the trade date. Gain or loss on the sale of investments is calculated using the specific identification method. Net change in unrealized gain or loss will reflect the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized gain or loss, when a gain or loss is realized.

25

Income Taxes

The Company has elected to be treated for federal income tax purposes, and intends to qualify annually, as a RIC under Subchapter M of the Code and intends to operate in a manner so as to qualify for the tax treatment applicable to RICs. Generally, a corporation can qualify as a RIC if it distributes dividends for federal income tax purposes to stockholders in an amount generally equal to at least 90% of “investment company taxable income,” as defined in the Code, and determined without regard to any deduction for dividends paid. Distributions declared prior to the filing of the previous year’s tax return and paid up to twelve months after the previous tax year can be carried back to the prior tax year in determining the distributions paid in such tax year. The tax character of distributions is determined based on the total amount of taxable income for the full tax year and cannot be confirmed until after the close of the tax year. Accordingly, the tax character of the Company’s distributions as reported in the consolidated statements of change in net assets may be re-characterized later based on taxable income for the full tax year. The Company intends to make sufficient distributions to maintain its ability to be subject to be taxed as a RIC each year. The Company will be subject to a 4.0% nondeductible U.S. federal excise tax on certain undistributed income unless the Company distributes, in a timely manner as required by the Code, an amount at least equal to the sum of (1) 98.0% of its respective net ordinary income earned for the calendar year and (2) 98.2% of its respective capital gain net income for the one-year period ending October 31 in the calendar year, plus any net ordinary income or capital gain net income not distributed in previous years.

The Company evaluates tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50-percent) that each such tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes will be included in income tax expense, if any. The Company did not record any tax provision in the current period. However, management’s conclusions regarding tax positions taken may be subject to review and adjusted at a later date based on factors including, but not limited to, examination by tax authorities, on-going analysis of and changes to tax laws, regulations and interpretations thereof.

Segment Reporting

In accordance with ASC Topic 280 - Segment Reporting (“ASC 280”), the Company has determined that it has a single operating and reporting segment. As a result, the Company’s segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets.

The Company operates through a single operating and reporting segment with an investment objective to generate current income and capital appreciation primarily by investing in middle-market companies. The chief operating decision maker (the “CODM”) is comprised of the Company’s chief executive officer and chief financial officer. The CODM assesses the performance and makes operating decisions for the Company primarily based on the Company’s change in net assets resulting from operations. In addition to other factors and metrics, the CODM utilizes the Company’s net assets, total return, and ratios of expenses to average net assets as a key metric in reviewing the performance of the Company. As the Company’s operations comprise a single reporting segment, the segment assets are reflected on the accompanying Consolidated Statement of Assets and Liabilities as “total assets” and the significant segment expenses are listed on the Consolidated Statement of Operations.

Recent Accounting Standards Update

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280), which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company has adopted ASU 2023-07 effective December 31, 2024, and concluded that the application of this guidance did not have any material impact on its consolidated financial statements.

Note 3—Fair Value of Financial Instruments

Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure (“ASC 820”) establishes a fair value hierarchy that prioritizes and ranks the inputs to valuation techniques used in measuring investments at fair value. The hierarchy classifies the inputs used in measuring fair value into three levels as follows:

•Level 1—Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date.

•Level 2—Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability.

26

•Level 3—Unobservable inputs that reflect the Company’s own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques.

The determination of where an asset or liability falls in the above hierarchy requires significant judgment and factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Investment Adviser evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter.

Determinations of fair value involve subjective judgments and estimates. Accordingly, the notes to the consolidated financial statements refer to the uncertainty with respect to the possible effect of such valuations, and any change in such valuations on the consolidated financial statements.

The following table presents fair value measurements of investments and cash and cash equivalents, by major class, as of March 31, 2025, according to the fair value hierarchy:

	Fair Value Measurements
	Level 1		Level 2		Level 3		Totals
First Lien Senior Secured	$	—	$	—	$	627,871	$	627,871
Equity		—		—		6,755		6,755
Cash and cash equivalents		3,484		—		—		3,484
Total	$	3,484	$	—	$	634,626	$	638,110

The following table presents fair value measurements of investments and cash and cash equivalents, by major class, as of December 31, 2024, according to the fair value hierarchy:

	Fair Value Measurements
	Level 1		Level 2		Level 3		Totals
First Lien Senior Secured	$	—	$	—	$	635,952	$	635,952
Equity		—		—		8,259		8,259
Cash and cash equivalents		5,334		—		—		5,334
Total	$	5,334	$	—	$	644,211	$	649,545

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended March 31, 2025:

	First Lien Senior Secured			Equity			Total
Balance as of December 31, 2024	$	635,952		$	8,259		$	644,211
Purchases and other adjustments to cost		13,699			110			13,809
Sales and repayments		(20,597	)		(629	)		(21,226	)
Net realized gain/(loss) on investments		—			271			271
Net change in unrealized gain/(loss) on investments		(2,175	)		(1,256	)		(3,431	)
Net accretion of discount on investments		992			—			992
Balance as of March 31, 2025	$	627,871		$	6,755		$	634,626
Net change in unrealized gain/loss for the period relating to those Level 3 assets that were still held by the Company at the end of the period:	$	(2,328	)	$	(1,255	)	$	(3,583	)

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The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended March 31, 2024:

	First Lien Senior Secured			Equity			Total
Balance as of December 31, 2023	$	612,403		$	6,173		$	618,576
Purchases and other adjustments to cost		31,190			485			31,675
Sales and repayments		(10,136	)		—			(10,136	)
Transfers in (a)		16,555			2,908			19,463
Transfers out (a)		(19,463	)		—			(19,463	)
Net realized gain/(loss) on investments		(6,319	)		—			(6,319	)
Net change in unrealized gain/(loss) on investments		3,132			(327	)		2,805
Net accretion of discount on investments		890			—			890
Balance as of March 31, 2024	$	628,252		$	9,239		$	637,491
Net change in unrealized gain/loss for the period relating to those Level 3 assets that were still held by the Company at the end of the period:	$	3,132		$	(327	)	$	2,805

(a)During the three months ended March 31, 2024, as a result of an investment restructuring, $9.3 million of senior secured debt was exchanged for equity with a fair market value of $2.9 million.

Purchases represent the acquisition of new investments at cost and PIK capitalization. Sales and repayments represent principal payments received during the period. For the three months ended March 31, 2025 and March 31, 2024, there were no transfers between levels of the fair value hierarchy.

Significant Unobservable Inputs

The following table summarizes the significant unobservable inputs used to value Level 3 investments as of March 31, 2025. The table is not intended to be all-inclusive, but instead identifies the significant unobservable inputs relevant to the determination of fair values.

					Selected Input Range
Asset Category	Fair Value		Primary Valuation Technique	Unobservable Inputs	Minimum			Maximum			Weighted Average (a)
First Lien Senior Secured	$	569,452	Discounted Cash Flow	Discount Rate		8.3	%		22.0	%		11.0	%
Equity		409	Discounted Cash Flow	Discount Rate		27.2	%		27.2	%		27.2	%
First Lien Senior Secured		37,421	Market Comparables	EBITDA Multiple		7.3	x		11.5	x		9.9	x
Equity		5,493	Market Comparables	EBITDA Multiple		6.3	x		15.3	x		11.9	x
First Lien Senior Secured		17,050	Market Comparables	Revenue Multiple		0.6	x		1.7	x		1.1	x
Equity		853	Market Comparables	Revenue Multiple		0.6	x		3.1	x		3.1	x
First Lien Senior Secured		3,948	Broker Quote	Broker Quote	NA			NA			NA
Total	$	634,626

(a)Weighted averages are calculated based on fair value of investments.

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The following table summarizes the significant unobservable inputs used to value Level 3 investments as of December 31, 2024. The table is not intended to be all-inclusive, but instead identifies the significant unobservable inputs relevant to the determination of fair values.

Selected Input Range

Asset Category

Fair Value

Primary Valuation Technique

Unobservable Inputs

Minimum

Maximum

Weighted Average (a)

First Lien Senior Secured

$

580,106

Discounted Cash Flow

Discount Rate

8.2

%

22.0

%

11.3

%

Equity

401

Discounted Cash Flow

Discount Rate

26.9

%

26.9

%

26.9

%

First Lien Senior Secured

46,260

Market Comparables

EBITDA Multiple

5.5x

12.5x

9.5x

Equity

7,027

Market Comparables

EBITDA Multiple

5.5x

15.8x

12.2x

First Lien Senior Secured

9,586

Market Comparables

Revenue Multiple

0.5x

0.7x

0.6x

Equity

831

Market Comparables

Revenue Multiple

0.5x

3.6x

3.5x

Total

$

644,211

(a)Weighted averages are calculated based on fair value of investments.

There were no significant changes in valuation approach or technique as of March 31, 2025 and December 31, 2024.

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 where the fair value is based on unobservable inputs.

The income and market approaches were used in the determination of fair value of certain Level 3 assets as of March 31, 2025 and December 31, 2024. The significant unobservable inputs used in the income approach are the discount rate or market yield used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments and any other end of term fees, as applicable. Included in the consideration and selection of discount rates are factors such as risk of default, interest rate risk, and changes in credit quality. The significant unobservable inputs used in the market approach are based on market comparable transactions and market multiples of publicly traded comparable companies. Increases or decreases in the valuation multiples in isolation may result in higher or lower fair value measurement, respectively, and increases or decreases in the discount rate in isolation may result in lower or higher fair value measurement, respectively.

As of March 31, 2025 and December 31, 2024, the Company has four portfolio companies on a non-accrual status. Refer to Note 2—Summary of Significant Accounting Policies for additional details regarding the Company’s non-accrual policy. The following table shows the amortized cost and fair value of the Company's performing and non-accrual investments as of March 31, 2025 and December 31, 2024:

	March 31, 2025				December 31, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Performing	$	609,426	$	608,161	$	614,567	$	614,653
Non-accrual		47,490		26,465		48,502		29,558
Total	$	656,916	$	634,626	$	663,069	$	644,211

For discussion of the fair value measurement of the Company’s borrowings, refer to Note 6 – Borrowings.

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Note 4—Related Party Transactions

Investment Advisory Agreement

On June 29, 2023, the Company entered into an amended and restated investment advisory and management agreement (the “Investment Advisory Agreement”) with the Investment Adviser, following approval by the Company’s stockholders by unanimous written consent. The terms of the Investment Advisory Agreement became effective on July 1, 2023, and did not impact Management Fees (as defined below) paid in prior periods. The Company pays the Investment Adviser a fee for its services under the Investment Advisory Agreement consisting of an annual base management fee (“Management Fee”) and an incentive management fee (the “Incentive Fee”), each payable quarterly.

Management Fee

During the Investment Period (as defined in the Investment Advisory Agreement), the Management Fee will be calculated at an annual rate of 1.00% with respect to the Company’s Adjusted Average Assets Invested (defined below) in respect of the relevant quarterly period, in the manner set forth in the table below. During the Investment Period, “Adjusted Average Assets Invested” shall mean (a) the average of the sum of the Company’s (i) Drawn Capital Commitments and (ii) the aggregate dollar amount of distributions issued to stockholders in-kind pursuant to the Company’s dividend reinvestment plan (“DRIP”) as of the latest declaration date of any such distribution, excluding any amounts of such distribution received in cash by stockholders that have opted out of the DRIP, and (iii) outstanding principal on borrowings, in the case of clause (i) and clause (iii), as of the last business day of each month included in the relevant quarterly period less (b) the sum of the Company’s (iv) cumulative net unrealized losses, if any, and (v) cumulative net realized losses, if any, in the case of clause (iv) and clause (v), as of the last business day of the relevant quarter. For the avoidance of doubt, the quarterly Management Fees payable to the Investment Adviser are specifically set forth below.

After the Investment Period, the Management Fee will be calculated at an annual rate of 1.00% with respect to the Company’s Adjusted Average Assets Invested, except that after the Investment Period, “Adjusted Average Assets Invested” shall mean (a) the fair value of the Company’s investments, as of the last business day of each month included in the relevant quarterly period less (b) the sum of the Company’s cumulative net realized and unrealized losses, if any, as of the last business day of the relevant quarter.

Any Management Fees payable pursuant to the Investment Advisory Agreement will be calculated based on the Company’s Adjusted Average Assets Invested in respect of the most recently completed calendar quarter. Management Fees for any partial quarter will be appropriately prorated. For the avoidance of doubt, the quarterly Management Fees payable to the Investment Adviser shall be calculated based on the lower of the actual Adjusted Average Assets Invested as of the end of any quarter and the target Adjusted Average Assets Invested for that quarter, as specifically set forth in the table below:

The table set forth below shows the following quarterly fee percentages shall be payable with respect to the Company’s Target Adjusted Average Assets through the end of the Investment Period:

Quarter Ending	Quarter		Target Adjusted Average Assets Invested ($ in millions) 1		Quarterly Management Fee Percentage			Quarterly Dollar Amount ($ in millions) 2
September 30, 2021		1	$	80		1	%	$	0.20
December 31, 2021		2	$	160		1	%	$	0.40
March 31, 2022		3	$	240		1	%	$	0.60
June 30, 2022		4	$	320		1	%	$	0.80
September 30, 2022		5	$	400		1	%	$	1.00
December 31, 2022		6	$	480		1	%	$	1.20
March 31, 2023		7	$	560		1	%	$	1.40
June 30, 2023		8	$	640		1	%	$	1.60
September 30, 2023		9	$	650		1	%	$	1.625
December 31, 2023		10	$	650		1	%	$	1.625
March 31, 2024		11	$	726		1	%	$	1.82
June 30, 2024		12	$	740		1	%	$	1.85
September 30, 2024		13	$	751		1	%	$	1.88
December 31, 2024		14	$	754		1	%	$	1.88
March 31, 2025	15 and beyond 3		$	756		1	%	$	1.89

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(1)The Management Fee paid at the end of any quarter shall be calculated based on the lower of the actual Adjusted Average Assets Invested in respect of the quarter and the target Adjusted Average Assets Invested for that quarter. The target Adjusted Average Assets have been increased to include amounts from the DRIP not received in cash and will continue to increase beyond the period provided for in the schedule above.

(2)Reflects dollar amount of Management Fees payable for the applicable quarter based on the Company’s target Adjusted Average Assets Invested as of the end of such quarter.

(3)Effective after the quarter ended March 31, 2025, Target Adjusted Average Assets Invested increases each quarter to include reinvested dividends from the DRIP.

For the three months ended March 31, 2025, the Company incurred $1.59 million in Management Fees under the Investment Advisory Agreement. For the three months ended March 31, 2024, the Company incurred $1.57 million in Management Fees under the Investment Advisory Agreement.

There were no management fee waivers for the three months ended March 31, 2025 and March 31, 2024.

Incentive Fee

If, as of the last day of the relevant quarter, the Company’s Total Return (as defined below) in respect of the relevant Measurement Period (as defined below) equals or exceeds the “Hurdle Amount” (as defined below), which represents an annualized total return of 7.25%, the Investment Adviser will be paid an Incentive Fee calculated at an annual rate of 0.25% (0.0625% per quarter) with respect to the Company’s Incentive Fee Average Assets Invested (as defined below) on a cumulative basis for the Measurement Period less the aggregate amount of any previously paid Incentive Fees with respect to the Measurement Period.

If, as of the last day of the relevant quarter, the Company’s Total Return in respect of the relevant Measurement Period is less than the Hurdle Amount, the Investment Adviser shall not receive the Incentive Fee in respect of the relevant quarter.

“Total Return” means the sum of the Company’s net investment income with legal and other expenses incurred in connection with the Company’s formation and organization and the offering of its Shares (amortized ratably over a three-year period for the purposes of this calculation) in respect of the relevant Measurement Period and the Company’s realized and unrealized capital gains less realized and unrealized capital losses in respect of the relevant Measurement Period.

For the avoidance of doubt, the Total Return calculation will not take into account the deduction of the 0.25% Incentive Fee but will take into account the deduction of the 1.00% Management Fee during the Investment Period and the 1.00% Management Fee after the Investment Period.

“Hurdle Amount” means 7.25% times the average of the “Drawn Capital Commitments” (as defined below) and the aggregate dollar amount of distributions issued to stockholders in-kind pursuant to the Company’s DRIP, less return of capital distributions for each quarter during the Measurement Period, (i) multiplied by the number of quarters in the Measurement Period, and (ii) divided by (4) four.

“Drawn Capital Commitments” means the simple average of the drawn Capital Commitments as of the last business day of each month included in the relevant quarterly period.

“Measurement Period” means the period from the Company’s inception date through the end of the most recently completed calendar quarter.

“Incentive Fee Average Assets Invested” during the Investment Period means (a) the average of the sum of the Company’s (i) Drawn Capital Commitments and (ii) the aggregate dollar amount of distributions issued to stockholders in-kind pursuant to the Company’s DRIP as of the latest declaration date of any such distribution, excluding any amounts of such distribution received in cash by stockholders that have opted out of the DRIP, and (iii) outstanding principal on borrowings, in the case of clause (i) and (iii), as of the last business day of each month included in the Measurement Period less (b) the Company’s net realized and unrealized losses, if any. After the Investment Period, Incentive Fee Average Assets Invested means (a) the fair value of the Company’s investments, as of the last business day of each month included in the relevant quarterly period less (b) the sum of the Company’s cumulative net realized and unrealized losses, if any, as of the last business day of the relevant quarter.

For the three months ended March 31, 2025, the Company incurred $0.4 million in incentive fees under the Investment Advisory Agreement. For the three months ended March 31, 2024, the Company incurred $0.4 million in incentive fees under the Investment Advisory Agreement.

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There were no incentive fee waivers for the three months ended March 31, 2025 and March 31, 2024.

Administration Agreement

The Company has entered into an administration agreement (the “Administration Agreement”) with Commonwealth Credit Advisors LLC, a Delaware limited liability company (in such capacity, the “Administrator”), under which the Administrator provides administrative services for the Company, including arranging office facilities for the Company and providing office equipment and clerical, bookkeeping and recordkeeping services at such facilities. Under the Administration Agreement, the Administrator also performs, or oversees the performance of, the Company's required administrative services, which includes being responsible for the financial records which the Company is required to maintain and preparing reports to the Company's stockholders and reports filed with the SEC and providing the services of the Company's chief financial officer, chief compliance officer and their respective staffs. In addition, the Administrator will assist the Company in determining and in publishing the Company's net asset value, overseeing the preparation and filing of tax returns and the preparation and dissemination of reports to the Company's stockholders, and generally overseeing the payment of the Company's expenses and the performance of administrative and professional services rendered to the Company by others. The Administrator may also provide on the Company's behalf managerial assistance to the Company's portfolio companies.

The Administrator has hired a third-party sub-administrator (the "Sub-Administrator") to assist with the provision of administration services. For the three months ended March 31, 2025 and March 31, 2024, the Company incurred $0.08 million and $0.08 million, respectively, in administrative service fees under the administration agreement, payable to the Sub-Administrator. Administration service fees are included in other general and administrative expenses on the Statements of Operations.

Management Consulting Services

Operating Advisory Group, LLC (“OAG”), is a consulting firm that exclusively provides management consulting services, substantially all of which are provided to portfolio companies of Comvest Partners’ affiliated funds investing in a control equity strategy. An affiliate of the Investment Adviser also engages OAG to provide assistance with certain discrete diligence and other matters in connection with the Company’s investing activities. For the three months ended March 31, 2025 and March 31, 2024, OAG charged $0 thousand and $4 thousand, respectively, for due diligence services which were paid by portfolio companies of the Company. In addition, for the three months ended March 31, 2025 and March 31, 2024, OAG charged the Company $0 thousand and $0 thousand, respectively, for diligence expense which were paid by the Company. While neither the Company nor any of its affiliates or personnel own or share in any portion of the economics received by OAG, an affiliate of the Investment Adviser has been granted an option to acquire the shares of OAG’s parent company at a nominal value.

Co-Investment Relief

The 1940 Act generally prohibits BDCs from entering into negotiated co-investments with affiliates absent an order from the SEC. On August 2, 2021, the SEC granted the Company exemptive relief (the “Order”) that allows it to enter into certain negotiated co-investment transactions alongside other funds managed by the Investment Adviser or its affiliates (“Affiliated Funds”) in a manner consistent with its investment objective, positions, policies, strategies, and restrictions as well as regulatory requirements and other pertinent factors, subject to compliance with the conditions of the Order. Pursuant to the Order, the Company is permitted to co-invest with its affiliates if, among other things, a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Company’s Independent Directors make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transactions, including the consideration to be paid, are reasonable and fair to the Company and the Company’s stockholders and do not involve overreaching in respect of the Company or the Company’s stockholders on the part of any person concerned, and (2) the transaction is consistent with the interests of the Company’s stockholders and is consistent with the Company’s investment objective and strategies.

Note 5—Transactions with Non-controlled Affiliated Investments

A non-controlled affiliated investment is an investment in which the Company has an ownership interest of 5% or more of its voting securities. A controlled affiliate investment is an investment which the Company has an ownership interest of more than 25% of its voting securities. Please see the Company's consolidated schedule of investments for the type of investment, principal amount/shares,

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interest rate including the spread, and the maturity date. Transactions related to the Company's investments with affiliates for the three months ended March 31, 2025 were as follows:

Portfolio Company	Type of Asset	Amount of interest included in income		Beginning Fair Value at December 31, 2024		Gross additions(1)		Gross reductions(2)		Realized Gain/(Loss)		Change in Unrealized Gain (Loss)			Fair Value at March 31, 2025
Non-controlled, affiliated investments:
Kent Water Sports Holdings, LLC - Delayed Draw Loan Last-Out	First Lien Senior Secured	$	—	$	3,330	$	—	$	—	$	—	$	(453	)	$	2,877
Kent Water Sports Holdings, LLC - Delayed Draw Loan First-Out	First Lien Senior Secured		163		6,256		331		—		—		61		$	6,648
Sea-K Investors, LLC	Preferred Equity		—		—		—		—		—		—			—
Sea-K Investors, LLC	Common Equity		—		—		—		—		—		—			—
Total Non-controlled, affiliated Investments		$	163	$	9,586	$	331	$	—	$	—	$	(392	)	$	9,525

(1)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, the amortization of unearned income, 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.

(2)Gross reductions 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.

Note 6—Borrowings

Goldman Credit Facility

On August 11, 2021, the Company entered into a credit agreement (together with the exhibits and schedules thereto, the "Goldman Credit Facility") as the borrower and Goldman Sachs Bank USA (“Goldman Sachs”) as the lender. The Goldman Credit Facility is structured as a revolving credit facility secured by the capital commitments of the Company’s subscribed investors and certain related assets. On September 27, 2021, the Goldman Credit Facility was amended, pursuant to which the maximum loan amount was increased to the lesser of $130 million and the borrowing base (the “Borrowing Base”).

The Goldman Credit Facility is uncommitted and matures on the earlier of (i) the date on which either the Company or lender provide written notice of termination to the other party and (ii) the date that is 30 days prior to the last date on which the Company may issue capital drawdowns to its investors. Under the Goldman Credit Facility, the Company is permitted to borrow up to the lesser of $130 million and the Borrowing Base. The “Borrowing Base” is based upon the unfunded capital commitments of certain subscribed investors in the Company that have been approved by Goldman Sachs and meet certain criteria. The advance rate for such investors is currently 90%. The Borrowing Base was $130.0 million at March 31, 2025. The Goldman Credit Facility contains certain customary affirmative and negative covenants and events of default. The Goldman Credit Facility bears interest at a rate Term SOFR + 2.82% per annum.

The weighted average annualized interest cost (excluding amortization of deferred financing costs and other fees) for all borrowings for the three months ended March 31, 2025 and March 31, 2024 was 7.14% and 8.14%, respectively. The average daily debt outstanding for the three months ended March 31, 2025 and March 31, 2024 was $99.1 million and $109.8 million, respectively. The maximum debt outstanding for the three months ended March 31, 2025 and March 31, 2024 was $111.1 million and $109.8 million, respectively.

33

The following table represents borrowings as of March 31, 2025:

	Total Aggregate Borrowing Capacity		Total Principal Outstanding		Less Deferred Financing Costs		Amount per Statements of Assets and Liabilities
Goldman Credit Facility	$	130,000	$	102,900	$	10	$	102,890
Total	$	130,000	$	102,900	$	10	$	102,890

The following table represents borrowings as of December 31, 2024:

	Total Aggregate Borrowing Capacity		Total Principal Outstanding		Less Deferred Financing Costs		Amount per Statements of Assets and Liabilities
Goldman Credit Facility	$	130,000	$	111,100	$	18	$	111,082
Total	$	130,000	$	111,100	$	18	$	111,082

The following table represents interest and debt fees for the three months ended March 31, 2025:

	Interest Rate(2)	Interest Expense		Deferred Financing Costs (1)		Other Fees (1)
Goldman Credit Facility	SOFR + 2.82%	$	1,768	$	8	$	33
Total		$	1,768	$	8	$	33

(1)Amortization of deferred financing costs and other fees are included in interest expense on the Consolidated Statements of Operations.

(2)As of March 31, 2025, the 1-month SOFR rate was 4.32%.

The following table represents interest and debt fees for the three months ended March 31, 2024:

	Interest Rate(2)	Interest Expense		Deferred Financing Costs (1)		Other Fees (1)
Goldman Credit Facility	SOFR + 2.82%	$	2,080	$	8	$	32
Total		$	2,080	$	8	$	32

(1)Amortization of deferred financing costs and other fees are included in interest expense on the Consolidated Statements of Operations.

(2)As of March 31, 2024, the 1-month SOFR rate was 5.33%.

At March 31, 2025 and December 31, 2024, the carrying amount of the Company’s secured borrowings on the Goldman Sachs Credit Facility approximated their fair value in accordance with ASC 820. As of March 31, 2025 and December 31, 2024, the Company’s borrowings are deemed to be a Level 3 measurement, as defined in Note 3 – Fair Value of Financial Instruments.

Note 7—Commitments and Contingencies

Commitments

In the ordinary course of business, the Company may enter into future funding commitments. As of March 31, 2025 and December 31, 2024, the Company had unfunded commitments on delayed draw term loans and revolving credit lines of $39.5 million and $48.7 million, respectively. The Company maintains sufficient cash on hand, unfunded Capital Commitments, and available borrowings from the Goldman Credit Facility to fund such unfunded commitments.

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As of March 31, 2025, the Company’s unfunded commitments consisted of the following:

Portfolio Company Name	Investment Type	Commitment Type	Unfunded Commitments
190 Octane Financing, LLC	First Lien Senior Secured	Revolving Credit Line	$	468
ACT Acquisition Intermediate Holdco, LLC	First Lien Senior Secured	Revolving Credit Line		774
Allbridge, LLC	First Lien Senior Secured	Delayed Draw Term Loan		201
Allbridge, LLC	First Lien Senior Secured	Revolving Credit Line		201
Atlas US Buyer, LLC	First Lien Senior Secured	Revolving Credit Line		766
Batteries Plus Holding Corporation	First Lien Senior Secured	Revolving Credit Line		1,690
Billhighway, LLC	First Lien Senior Secured	Delayed Draw Term Loan		367
Billhighway, LLC	First Lien Senior Secured	Revolving Credit Line		295
Cardiology Management Holdings, LLC	First Lien Senior Secured	Delayed Draw Term Loan		4,732
CAS Acquisition, LLC	First Lien Senior Secured	Revolving Credit Line		1,167
CheckedUp, Inc	First Lien Senior Secured	Revolving Credit Line		848
CTM Group, Inc.	First Lien Senior Secured	Revolving Credit Line		74
Discovery SL Management, LLC	First Lien Senior Secured	Delayed Draw Term Loan		1,632
Discovery SL Management, LLC	First Lien Senior Secured	Revolving Credit Line		363
Drive Assurance Corporation	First Lien Senior Secured	Delayed Draw Term Loan		377
Engineered Films Acquisition Inc.	First Lien Senior Secured	Revolving Credit Line		1,810
EPS Operations, LLC	First Lien Senior Secured	Revolving Credit Line		887
Fiesta Holdings, LLC	First Lien Senior Secured	Revolving Credit Line		749
Firebirds Buyer, LLC	First Lien Senior Secured	Revolving Credit Line		1,382
Hasa Acquisition, LLC	First Lien Senior Secured	Delayed Draw Term Loan		1,616
Hasa Acquisition, LLC	First Lien Senior Secured	Revolving Credit Line		1,041
Kemper Sports Management, LLC	First Lien Senior Secured	Revolving Credit Line		1,676
Military Retail Solutions, LLC	First Lien Senior Secured	Revolving Credit Line		673
Military Retail Solutions, LLC	First Lien Senior Secured	Delayed Draw Term Loan		1,835
Narcote, LLC	First Lien Senior Secured	Revolving Credit Line		1,360
Oak Dental Partners	First Lien Senior Secured	Revolving Credit Line		516
OAO Acquisitions, Inc.	First Lien Senior Secured	Revolving Credit Line		659
OneCare Media, LLC	First Lien Senior Secured	Revolving Credit Line		617
Pansophic Learning US, LLC	First Lien Senior Secured	Delayed Draw Term Loan		566
PDDS Holdco, Inc.	First Lien Senior Secured	Delayed Draw Term Loan		699
PJW Ultimate Holdings, LLC	First Lien Senior Secured	Revolving Credit Line		2,139
Rushmore Intermediate II, LLC	First Lien Senior Secured	Revolving Credit Line		1,344
Senior Support Holdings (Franchise) Acquisition, Inc.	First Lien Senior Secured	Delayed Draw Term Loan		1,839
Spartan CP, LLC	First Lien Senior Secured	Delayed Draw Term Loan		782
Spartan CP, LLC	First Lien Senior Secured	Revolving Credit Line		502
Total Fleet Buyer, LLC	First Lien Senior Secured	Revolving Credit Line		1,390
VardimanBlack Holdings, LLC	First Lien Senior Secured	Delayed Draw Term Loan		211
Vecta Holdings, LLC	First Lien Senior Secured	Revolving Credit Line		124
West Creek Financial SPV - Debt Facility VI, LLC	First Lien Senior Secured	Delayed Draw Term Loan		866
West Creek Financial SPV - Debt Facility VI, LLC	First Lien Senior Secured	Revolving Credit Line		289
Total			$	39,527

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As of December 31, 2024, the Company’s unfunded commitments consisted of the following:

Portfolio Company Name	Investment Type	Commitment Type	Unfunded Commitments
190 Octane Financing, LLC	First Lien Senior Secured	Revolving Credit Line	$	468
ACT Acquisition Intermediate Holdco, LLC	First Lien Senior Secured	Revolving Credit Line		697
Allbridge, LLC	First Lien Senior Secured	Delayed Draw Term Loan		201
Allbridge, LLC	First Lien Senior Secured	Revolving Credit Line		201
Atlas US Buyer, LLC	First Lien Senior Secured	Revolving Credit Line		766
Batteries Plus Holding Corporation	First Lien Senior Secured	Revolving Credit Line		2,158
Billhighway, LLC	First Lien Senior Secured	Delayed Draw Term Loan		367
Billhighway, LLC	First Lien Senior Secured	Revolving Credit Line		295
Cardiology Management Holdings, LLC	First Lien Senior Secured	Delayed Draw Term Loan		4,732
CAS Acquisition, LLC	First Lien Senior Secured	Revolving Credit Line		1,167
CheckedUp, Inc	First Lien Senior Secured	Revolving Credit Line		1,131
CTM Group, Inc.	First Lien Senior Secured	Revolving Credit Line		295
Discovery SL Management, LLC	First Lien Senior Secured	Delayed Draw Term Loan		1,814
Discovery SL Management, LLC	First Lien Senior Secured	Revolving Credit Line		363
Drive Assurance Corporation	First Lien Senior Secured	Delayed Draw Term Loan		377
Engineered Films Acquisition Inc.	First Lien Senior Secured	Revolving Credit Line		2,111
EPS Operations, LLC	First Lien Senior Secured	Revolving Credit Line		1,774
Fiesta Holdings, LLC	First Lien Senior Secured	Revolving Credit Line		749
Firebirds Buyer, LLC	First Lien Senior Secured	Delayed Draw Term Loan		691
Firebirds Buyer, LLC	First Lien Senior Secured	Revolving Credit Line		864
Hasa Acquisition, LLC	First Lien Senior Secured	Delayed Draw Term Loan		1,616
Hasa Acquisition, LLC	First Lien Senior Secured	Revolving Credit Line		1,553
Hornblower Sub LLC	First Lien Senior Secured	Revolving Credit Line		313
Kemper Sports Management, LLC	First Lien Senior Secured	Revolving Credit Line		1,676
Military Retail Solutions, LLC	First Lien Senior Secured	Revolving Credit Line		918
Military Retail Solutions, LLC	First Lien Senior Secured	Delayed Draw Term Loan		1,835
Mollie Funding II, LLC	First Lien Senior Secured	Delayed Draw Term Loan		576
Mollie Funding II, LLC	First Lien Senior Secured	Revolving Credit Line		334
Narcote, LLC	First Lien Senior Secured	Revolving Credit Line		1,360
Oak Dental Partners	First Lien Senior Secured	Delayed Draw Term Loan		2,066
Oak Dental Partners	First Lien Senior Secured	Revolving Credit Line		516
OAO Acquisitions, Inc.	First Lien Senior Secured	Revolving Credit Line		659
OmniMax International, LLC	First Lien Senior Secured	Delayed Draw Term Loan		843
OneCare Media, LLC	First Lien Senior Secured	Revolving Credit Line		617
Pansophic Learning US, LLC	First Lien Senior Secured	Delayed Draw Term Loan		566
PDDS Holdco, Inc.	First Lien Senior Secured	Delayed Draw Term Loan		1,038
PJW Ultimate Holdings, LLC	First Lien Senior Secured	Revolving Credit Line		952
Restaurant Holding Company, LLC	First Lien Senior Secured	Delayed Draw Term Loan		2,136
Rushmore Intermediate II, LLC	First Lien Senior Secured	Revolving Credit Line		1,344
Senior Support Holdings (Franchise) Acquisition, Inc.	First Lien Senior Secured	Delayed Draw Term Loan		1,839
Spartan CP, LLC	First Lien Senior Secured	Delayed Draw Term Loan		1,159
Spartan CP, LLC	First Lien Senior Secured	Revolving Credit Line		502
Total Fleet Buyer, LLC	First Lien Senior Secured	Revolving Credit Line		1,390
VardimanBlack Holdings, LLC	First Lien Senior Secured	Delayed Draw Term Loan		303
Vecta Holdings, LLC	First Lien Senior Secured	Revolving Credit Line		124
West Creek Financial SPV - Debt Facility VI, LLC	First Lien Senior Secured	Delayed Draw Term Loan		866
West Creek Financial SPV - Debt Facility VI, LLC	First Lien Senior Secured	Revolving Credit Line		385
Total			$	48,707

The unrealized appreciation or depreciation associated with unfunded portfolio company commitments is recorded in the consolidated financial statements and reflected as an adjustment to the valuation of the related security in the Consolidated Schedule of Investments as of March 31, 2025 and December 31, 2024. The par amount of the unfunded portfolio company commitments is not recognized by the Company until the commitment is funded.

The Company’s investment portfolio may contain debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. In instances where the underlying company experiences material adverse effects that would impact the financial condition

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or business outlook of the company, there is relief to the Company from funding obligations for previously made commitments. Unfunded portfolio company commitments may expire without being drawn upon, and therefore, do not necessarily represent future cash requirements or future earning assets for the Company. The Company believes that it maintains sufficient liquidity in the form of cash, financing capacity and unfunded capital commitments ("Capital Commitments") from its investors to cover any outstanding unfunded portfolio company commitments it may be required to fund.

Litigation and Regulatory Matters

In the ordinary course of its business, the Company, its wholly-owned direct subsidiaries, the Investment Adviser and the Administrator may become subject to litigation, claims, and regulatory matters. The Company has no knowledge of material legal or regulatory proceedings pending or known to be contemplated against the Company, Investment Adviser and Administrator at this time.

Indemnifications

In the ordinary course of its business, the Company may enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that lead to the execution of these provisions against the Company. Based on its history and experience, management believes that the likelihood of a material such event is remote.

Note 8—Capital

Investor Commitments

As of March 31, 2025, the Company had $656.6 million in Capital Commitments, of which $186.6 million were unfunded. As of December 31, 2024 the Company had $656.6 million in Capital Commitments, of which $186.6 million were unfunded.

Capital Drawdowns

There were no Shares issued related to capital drawdowns for the three months ended March 31, 2025.

The following table summarizes the total Shares issued and net proceeds (in thousands) through the DRIP for the three months ended March 31, 2025:

Share Issue Date	Shares Issued		Net Proceeds
March 26, 2025		2,431	$	2,271
Total Shares Issued		2,431	$	2,271

There were no Shares issued related to capital drawdowns for the three months ended March 31, 2024.

The following table summarizes the total Shares issued and net proceeds (in thousands) through the DRIP for the three months ended March 31, 2024:

Share Issue Date	Shares Issued		Net Proceeds
March 28, 2024		13,657	$	13,139
Total Shares Issued		13,657	$	13,139

As of March 31, 2025 and December 31, 2024, 5,851 and 5,827, respectively, of the Company’s Shares were owned by Comvest Group Holdings SPV II LLC, a wholly owned subsidiary of an affiliate of Comvest Partners.

Distributions and Dividends

Distributions declared for the three months ended March 31, 2025 totaled approximately $15.1 million. Distributions declared for the three months ended March 31, 2024 totaled approximately $13.1 million.

The following table reflects distributions declared per share that have been declared by our Board for the three months ended March 31, 2025:

Date Declared	Record Date	Payment Date	Per Share Amount
March 26, 2025	March 26, 2025	March 27, 2025	$	26.00

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The following table reflects distributions declared per share that have been declared by our Board for the three months ended March 31, 2024:

Date Declared	Record Date	Payment Date	Per Share Amount
March 28, 2024	March 28, 2024	March 28, 2024	$	24.00

Distributions to the Company’s stockholders are recorded on the record date as set by the Company’s Board. The Company intends to make distributions to its stockholders that will be sufficient to enable the Company to qualify and maintain its status as a RIC. The Company intends to distribute approximately all of its net investment income on a quarterly basis and substantially all of its taxable income on an annual basis, except that the Company may retain certain net capital gains for reinvestment.

The Company has adopted a DRIP that provides for reinvestment of any distributions declared on behalf of its stockholders, unless a stockholder elects to receive cash.

The Company applies the following in implementing the DRIP. The Company uses only newly-issued Shares to implement the DRIP. The number of Shares issued to a stockholder that has not elected to have its distributions in cash shall be determined by dividing the total dollar amount of the distribution payable to such participant by the net asset value per share as of the last day of the Company’s fiscal quarter immediately preceding the date such distribution was declared (the “Reference NAV”); provided that in the event a distribution is declared on the last day of a fiscal quarter, the Reference NAV shall be deemed to be the net asset value per share as of such day. In addition, dividend reinvestment will be made net of any applicable U.S. withholding taxes.

Note 9—Net Assets

The following table reflects the net assets activity for the three months ended March 31, 2025:

	Shares		Shares - par		Additional paid in capital		Total distributable earnings (loss)			Total net assets
Balance as of December 31, 2024		582,249	$	1	$	569,695	$	(25,927	)	$	543,769
Reinvestment of distributions (1)		2,431		—		2,271		—			2,271
Distributions to stockholders		—		—		—		(15,139	)		(15,139	)
Net investment income (loss)		—		—		—		13,751			13,751
Net realized gain (loss) from investment transactions		—		—		—		271			271
Net change in unrealized gain (loss) on investments		—		—		—		(3,431	)		(3,431	)
Balance as of March 31, 2025		584,680	$	1	$	571,966	$	(30,475	)	$	541,492

(1)Par value is less than $1.

The following table reflects the net assets activity for the three months ended March 31, 2024:

	Shares		Shares - par		Additional paid in capital		Total distributable earnings (loss)			Total net assets
Balance as of December 31, 2023		547,439	$	1	$	536,354	$	(9,697	)	$	526,658
Reinvestment of distributions (1)		13,657		—		13,139		—			13,139
Distributions to stockholders		—		—		—		(13,139	)		(13,139	)
Net investment income (loss)		—		—		—		14,997			14,997
Net realized gain (loss) from investment transactions		—		—		—		(6,319	)		(6,319	)
Net change in unrealized gain (loss) on investments		—		—		—		2,805			2,805
Balance as of March 31, 2024		561,096	$	1	$	549,493	$	(11,353	)	$	538,141

(1)Par value is less than $1.

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Note 10—Earnings Per Share

Basic earnings per Share is computed by dividing earnings available to common stockholders by the weighted average number of Shares outstanding during the period. Other potentially dilutive Shares, and the related impact to earnings, are considered when calculating earnings per Share on a diluted basis. As of March 31, 2025 and December 31, 2024, there are no dilutive securities. The following information sets forth the computation of the weighted average basic and diluted net change in net assets per Share resulting from operations for the three months ended March 31, 2025 and March 31, 2024.

	For the Three Months Ended March 31,
	2025		2024
Net increase (decrease) in net assets resulting from operations	$	10,591	$	11,483
Weighted average Shares outstanding - basic and diluted		582,384		548,039
Earnings (loss) per share of Shares - basic and diluted	$	18.19	$	20.95

Note 11—Financial Highlights

The following is a schedule of financial highlights for the three months ended March 31, 2025 and March 31, 2024:

	For the Three Months Ended March 31,
	2025			2024
Per Share Operating Performance
Net Asset Value, Beginning of Period	$	933.91		$	962.04
Results of Operations: (1)
Net Investment Income (Loss)		23.61			27.36
Net Realized and Unrealized Gain (Loss) on Investments		(5.39	)		(6.31	)
Net Increase (Decrease) in Net Assets Resulting from Operations		18.22			21.05
Distributions to Stockholders
Distributions from Net Investment Income(7)		(26.00	)		(24.00	)
Net Decrease in Net Assets Resulting from Distributions		(26.00	)		(24.00	)
Net Asset Value, End of Period	$	926.13		$	959.09
Shares Outstanding, End of Period		584,680			561,096
Total Return(3)		1.93	%		2.18	%
Net assets, end of period	$	541,492		$	538,141
Ratio/Supplemental Data
Weighted-average Shares outstanding		582,384			548,039
Ratio of net investment income (loss) to average net assets without waiver(2)		10.28	%		11.41	%
Ratio of net investment income (loss) to average net assets with waiver(2)		10.28	%		11.41	%
Ratio of total expenses to average net assets without waiver(2)(5)		3.23	%		3.53	%
Ratio of total expenses to average net assets with waiver(2)(5)		3.23	%		3.53	%
Asset coverage ratio (6)		623	%		587	%
Portfolio turnover rate (4)		3	%		2	%

(1)The per common share data was derived by using weighted average Shares outstanding.

(2)Ratios, excluding nonrecurring expenses, such as organization and offering costs, are annualized.

(3)Total return is calculated assuming a purchase of Shares at the current net asset value on the first day and a sale at the current net asset value on the last day of the period reported.

(4)Portfolio turnover rate is calculated using the lesser of year-to-date purchases or sales over the average of the invested assets at fair value. Portfolio turnover rate is not annualized.

(5)Ratio of total expenses to average net assets is calculated using total operating expenses over average net assets.

(6)Asset coverage ratio is presented as of March 31, 2025 and March 31, 2024, respectively.

(7)The tax character of distributions is determined based on the total amount of taxable income for the full tax year and cannot be confirmed until after the close of the tax year. Accordingly, the tax character of the Company’s distributions as denoted herein may be re-characterized later based on taxable income for the full tax year.

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Note 12 - Subsequent Events

The Company has evaluated subsequent events through the filing of this Form 10-Q and has determined that there have been no subsequent events that require recognition or disclosure in these consolidated financial statements.

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

The following discussion and analysis should be read in conjunction with the accompanying consolidated financial statements of Commonwealth Credit Partners BDC I, Inc. (collectively, “we”, “us”, “our”, or the “Company”) and the notes thereto and other financial information included elsewhere in this Quarterly Report on Form 10-Q. We are externally managed by our adviser, Commonwealth Credit Advisors LLC (the “Investment Adviser”).

Forward Looking Statements

Forward looking statements are identified by their use of such terms and phrases such as “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “potential”, “project”, “seek”, “should”, “target”, “will”, “would” or similar expressions. Actual results could differ materially from those projected in the forward-looking statements for any reason, including the factors set forth in Item 1A.—Risk Factors contained in our annual report on Form 10-K for the year ended December 31, 2024 and in this quarterly report on Form 10-Q. We have based the forward-looking statements included in this Form 10-Q on information available to us on the date of this Form 10-Q. We assume 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. Although we undertake no obligation to revise or update any forward-looking statements, 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 10, quarterly reports on Form 10-Q and current reports on Form 8-K.

In addition to factors previously disclosed in our SEC reports and those identified elsewhere in this report, including the “Risk Factors” section, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance:

•the Company’s future operating results;

•changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets;

•lack of sufficient investment opportunities;

•volatility of leveraged loan markets;

•risk of borrower default;

•the restricted nature of investment positions;

•the illiquid nature of our portfolio;

•interest rate volatility;

•the Company’s business prospects and the prospects of the Company’s prospective portfolio companies;

•the impact of increased competition;

•the Company’s contractual arrangements and relationships with third parties;

•the dependence of the Company’s future success on the general economy and its impact on the industries in which the Company invests;

•the ability of the Company’s prospective portfolio companies to achieve their objectives;

•the relative and absolute performance of the Investment Adviser;

•the ability of the Investment Adviser and its affiliates to retain talented professionals;

•the Company’s expected financings and investments;

•the Company’s ability to pay dividends or make distributions;

•the adequacy of the Company’s cash resources;

•risks associated with possible disruptions due to terrorism in the Company’s operations or the economy generally;

•Global economic, political and market conditions, including downgrades of U.S. credit rating, Russia's invasion of Ukraine and conflict in the Middle East, may adversely affect our business, results of operations and financial condition, including our revenue growth and profitability;

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•the impact of future acquisitions and divestitures;

•the Company’s regulatory structure and tax status as a business development company (a “BDC”) and a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”); and

•future changes in laws or regulations and conditions in the Company’s operating areas.

Overview

The Company is an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the “1940 Act”) and has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually thereafter, as a RIC under Subchapter M of the Code. The Company was formed on January 15, 2021 (“Inception Date”) as a Delaware corporation. The Company commenced investment operations on August 17, 2021.

The Company is managed by the Investment Adviser, a Delaware limited liability company and an affiliate of Comvest Capital Advisors LLC and Comvest Credit Advisors LLC (collectively, “Comvest Partners”). The Investment Adviser is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended (“Advisers Act”). The Investment Adviser oversees the management of the Company’s activities and is responsible for making investment decisions with respect to the Company’s portfolio.

The Company’s investment objective is to generate both current income and capital appreciation by investing in middle-market companies in a wide range of industries primarily structured as senior credit facilities, and to a lesser extent, junior credit facilities. The Company also may purchase interests in loans through secondary market transactions.

Portfolio and Investment Activity

During the three months ended March 31, 2025, we made $13.8 million of investments in new or existing portfolio companies and had $21.2 million in aggregate amount of sales, restructurings, and repayments, resulting in a decrease of net investments of $7.4 million for the period. The total portfolio of debt investments at fair value consisted of 100% bearing variable interest rates and 0% bearing fixed interest rates.

Our portfolio composition, based on fair value at March 31, 2025 was as follows:

	Percentage of Total Portfolio			Weighted Average Current Yield for Total Portfolio
First Lien Senior Secured		98.4	%		10.6	%
Equity		1.1			—
Cash and cash equivalents		0.5			—
Total		100.0	%		10.6	%

Our portfolio composition, based on fair value at December 31, 2024 was as follows:

	Percentage of Total Portfolio			Weighted Average Current Yield for Total Portfolio
First Lien Senior Secured		97.9	%		10.8	%
Equity		1.3			—
Cash and cash equivalents		0.8			—
Total		100.0	%		10.8	%

The following table shows the asset mix of our new investment fundings for the three months ended March 31, 2025:

	Asset Mix (In thousands)		Percentage
First Lien Senior Secured	$	13,699		99.2	%
Equity		110		0.8	%
Total	$	13,809		100.0	%

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Portfolio Asset Quality

Our Investment Adviser 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 debt investments on a scale of 1 to 6 no less frequently than quarterly. This system is intended primarily to reflect the underlying risk of a portfolio debt investment relative to the inherent risk at the time the original debt investment was made (i.e., at the time of acquisition), although it may also take into account under certain circumstances the performance of the portfolio company’s business, the collateral coverage of the investment and other relevant factors.

Loan Rating	Summary Description
1	Investments that are performing at or above expectations. No issues or foreseen issues on performance, covenants, liquidity, etc. The credit is expected to be repaid or prior to maturity through available cash flow or to be refinanced.
2	Investments that are performing substantially within our expectations, with the risks remaining neutral or favorable. All new loans are initially rated 2. The credit is expected to be repaid or prior to maturity through available cash flow or to be refinanced by a third party.
3	Investments that are performing below our expectations and that require closer monitoring, but where we expect no loss of investment return or principal.
4	Investments that are performing below our expectations and for which risk has increased since the original investment. Although the loan is underperforming, there is not a high likelihood of any loss of principal or interest but there may be a possibility for equity returns, one-time fees or capitalized interest (if applicable) to be implied.
5	Investments that are performing substantially below our expectations and whose risks have increased substantially since the original investment. Typically, the borrower will be in default, or the loan will have been modified to address a default or the loan may be past due.
6	Investments that are performing poorly; it is unlikely that the enterprise or asset values currently exceed the debt and/or material reduction in enterprise value is reasonably foreseen.

The Investment Adviser focuses on downside protection by leveraging existing rights available under the credit documents; however, for investments that are significantly underperforming, which may need to be restructured, the Investment Adviser’s workout team partners with the investment team and all material amendments, waivers and restructurings require the approval of a majority of the Investment Committee.

As of March 31, 2025, the weighted average risk rating of our investments based on fair value was 2.4. As of March 31, 2025, the Company had four portfolio companies on non-accrual status. Refer to Note 2 – Summary of Significant Accounting Policies—for additional details regarding the Company’s non-accrual policy.

Internal Performance Rating	Investments at Fair Value (In thousands)		Percentage of Total Investments
1	$	33,350		5.2	%
2		414,115		65.2	%
3		96,811		15.3	%
4		63,885		10.1	%
5		23,588		3.7	%
6		2,877		0.5	%
Total	$	634,626		100.0	%

As of December 31, 2024, the weighted average risk rating of our investments based on fair value was 2.5. As of December 31, 2024, the Company had four portfolio companies on non-accrual status. Refer to Note 2 – Summary of Significant Accounting Policies—for additional details regarding the Company’s non-accrual policy.

Internal Performance Rating	Investments at Fair Value (In thousands)		Percentage of Total Investments
1	$	33,861		5.2	%
2		395,234		61.4	%
3		128,729		20.0	%
4		56,829		8.8	%
5		26,228		4.1	%
6		3,330		0.5	%
Total	$	644,211		100.0	%

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The following table shows the amortized cost and fair value of our performing and non-accrual investments as of March 31, 2025 and December 31, 2024.

	March 31, 2025				December 31, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Performing	$	609,426	$	608,161	$	614,567	$	614,653
Non-accrual		47,490		26,465		48,502		29,558
Total	$	656,916	$	634,626	$	663,069	$	644,211

A summary of our non-accrual assets as of March 31, 2025 and December 31, 2024, is provided below. Under U.S. Generally Accepted Accounting Principles ("GAAP"), we will not recognize cash and PIK interest income on such investments for financial reporting purposes.

		March 31, 2025				December 31, 2024
Portfolio Company	Date of Non-Accrual Status	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Kent Water Sports Holdings, LLC(1)	10/1/2023	$	12,713	$	2,877	$	12,713	$	3,330
OneCare Media, LLC	10/1/2024		13,828		7,525		14,157		8,534
Select Rehabilitation, LLC	10/1/2024		18,041		14,460		18,724		15,225
VardimanBlack Holdings, LLC(1)	10/1/2023		2,908		1,603		2,908		2,469
Total		$	47,490	$	26,465	$	48,502	$	29,558

(1)Only certain positions are on non-accrual status.

The following table shows the weighted average rate, spread over the reference rate of floating rate, fees of debt investments originated and restructured, and the weighted average rate of sales and payoffs of portfolio companies during the three months ended March 31, 2025.

Weighted average rate of new investment fundings and restructurings	9.82	%
Weighted average spread over Reference Rate of new floating rate investment fundings and restructurings	5.50	%
Weighted average OID fees of new investment funding and restructurings	2.00	%
Weighted average rate of sales and payoffs of portfolio investments	11.40	%

The following table shows the weighted average rate, spread over the reference rate of floating rate, fees of debt investments originated and restructured, and the weighted average rate of sales and payoffs of portfolio companies during the three months ended March 31, 2024.

Weighted average rate of new investment fundings and restructurings	11.18	%
Weighted average spread over Reference Rate of new floating rate investment fundings and restructurings	5.80	%
Weighted average OID fees of new investment funding and restructurings	1.67	%
Weighted average rate of sales and payoffs of portfolio investments	10.62	%

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The amount of the portfolio in each risk rating may vary substantially from period to period resulting primarily from changes in the composition of the portfolio as a result of new investment, restructuring, repayment and exit activities. In addition, changes in the risk ratings may be made to reflect our expectation of performance and changes in investment values.

RESULTS OF OPERATIONS

Our operating results for the three months ended March 31, 2025 and March 31, 2024 were as follows (dollars in thousands):

	For the Three Months Ended March 31,
	2025			2024
Total investment income	$	18,074		$	19,632
Less: Net expenses		4,323			4,635
Net investment income (loss)		13,751			14,997
Net realized gains (losses)		271			(6,319	)
Net change in unrealized gains (losses)		(3,431	)		2,805
Net increase (decrease) in net assets resulting from operations	$	10,591		$	11,483

Investment Income

Investment income for the three months ended March 31, 2025 and March 31, 2024 was driven by deployment of capital, interest income from our investments, and change in invested balance. The composition of our investment income for the three months ended March 31, 2025 and March 31, 2024 was as follows (dollars in thousands):

	For the Three Months Ended March 31,
	2025		2024
Investment income from non-controlled, non-affiliated investments:
Interest income		17,239		19,236
Fee income		672		396
Investment income from non-controlled, affiliated investments:
Interest income		163		—
Total investment income	$	18,074	$	19,632

Operating Expenses

The composition of our operating expenses for the three months ended March 31, 2025 and March 31, 2024 was as follows (dollars in thousands):

	For the Three Months Ended March 31,
	2025		2024
Incentive fees	$	397	$	393
Management fees, net		1,589		1,572
Interest expense		1,809		2,120
Professional fees		256		205
Directors' fees		21		22
Other general and administrative expenses		251		323
Net expenses	$	4,323	$	4,635

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Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses) on Investments

Net realized gains (losses) and net change in unrealized gains (losses) on investments for the three months ended March 31, 2025 and March 31, 2024 were as follows (dollars in thousands):

	For the Three Months Ended March 31,
	2025			2024
Net realized gains (losses)
Non-controlled, non-affiliated investments	$	271		$	(6,319	)
Total net realized gains (losses)		271			(6,319	)
Net change in unrealized gains (losses) on investments
Non-controlled, non-affiliated investments		(3,039	)		4,412
Non-controlled, affiliated investments		(392	)		(1,607	)
Total net change in unrealized gains (losses) on investments		(3,431	)		2,805
Net realized and unrealized gains (losses)	$	(3,160	)	$	(3,514	)

During the three months ended March 31, 2024, there was a transfer from senior secured debt to equity as a result of an investment restructuring, in which $9.3 million of senior secured debt was exchanged for equity with a fair market value of $2.9 million, resulting in a realized loss of $6.4 million.

Recent Developments

None.

Liquidity and Capital Resources

We generate cash from (1) drawing down capital in respect of our shares of common stock ("Shares"), (2) cash flows from investments and operations and (3) borrowings from banks or other lenders.

As of March 31, 2025, we are party to the Goldman Credit Facility, as described in Note 6 – Borrowings.

Our primary uses of cash are (1) to originate investments in portfolio companies and other investments to comply with certain portfolio diversification requirements, (2) to fund the cost of operations (including expenses, the Management Fee and, to the extent permitted under the 1940 Act, any indemnification obligations), (3) debt service of any borrowings and (4) cash distributions to the stockholders.

Operating liquidity is our ability to meet our short-term liquidity needs. The following table presents our operating liquidity position as of March 31, 2025 and December 31, 2024:

	As of
	March 31, 2025			December 31, 2024
Cash and cash equivalents	$	3,484		$	5,334
Unfunded portfolio company commitments		(39,527	)		(48,707	)
Undrawn capital commitments		186,571			186,571
Outstanding principal on credit facility		(102,900	)		(111,100	)
Total operational liquidity	$	47,628		$	32,098

Taxation as a RIC

We have elected to be treated, and intend to qualify annually thereafter, as a RIC under Subchapter M of the Code. As a RIC, we generally will not be subject to corporate-level U.S. federal income taxes on any income that we distribute as dividends for U.S. federal income tax purposes to our stockholders. To maintain our qualification as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements. In addition, in order to maintain RIC tax treatment, we must distribute to our stockholders, for each tax year, an amount equal to at least 90% of our “investment company taxable income,” which is generally our net ordinary income plus the excess, if any, of realized net short-term capital gain over realized net long-term capital loss and determined without regard to any deduction for dividends paid.

Additionally, in order to avoid the imposition of a U.S. federal excise tax, we are required to distribute, in respect of each calendar year, dividends to our stockholders of an amount at least equal to the sum of 98% of our calendar year net ordinary income (taking into

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account certain deferrals and elections); 98.2% of our capital gain net income (adjusted for certain ordinary losses) for the one year period ending on October 31 of such calendar year; and any net ordinary income and capital gain net income for preceding calendar years that were not distributed during such calendar years and on which we previously did not incur any U.S. federal income tax. If we fail to qualify as a RIC for any reason and become subject to corporate tax, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions.

Related Party Transactions and Agreements

We entered into a number of business relationships with affiliated or related parties, including the Investment Advisory Agreement and Administration Agreement. In addition, we, the Investment Adviser and certain of the Investment Adviser’s affiliates have been granted exemptive relief by the SEC to co-invest with other funds and accounts sponsored or managed by the Investment Adviser or its affiliates in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. For additional information, see Note 4 — Related Party Transactions to the consolidated financial statements.

Distributions and Dividends

We have adopted a dividend reinvestment plan (“DRIP”), pursuant to which we reinvest all cash dividends declared by the Board on behalf of our stockholders who do not elect to receive their dividends in cash. As a result, if the Board authorizes, and we declare, a cash dividend or other distribution, then our stockholders who have not opted out of our DRIP will have their cash distributions (net of applicable withholding tax) automatically reinvested in additional Shares, rather than receiving the cash dividend or other distribution. Stockholders who receive dividends and other distributions in the form of Shares generally are subject to the same U.S. federal tax consequences as investors who elect to receive their distributions in cash.

Distributions declared for the three months ended March 31, 2025 totaled approximately $15.14 million.

The following tables reflect distributions, including dividends and returns of capital, if any, per share that have been declared by our Board for the fiscal quarters ended March 31, 2025 and March 31, 2024, respectively:

Fiscal Year 2025	Date Declared	Record Date	Payment Date	Per Share Amount
First Quarter	March 26, 2025	March 26, 2025	March 27, 2025	$	26.00

Fiscal Year 2024	Date Declared	Record Date	Payment Date	Per Share Amount
First Quarter	March 28, 2024	March 28, 2024	March 28, 2024	$	24.00

We intend to pay quarterly distributions to our stockholders in amounts sufficient to qualify as and maintain our status as a RIC. We intend to distribute approximately all of our net investment income on a quarterly basis and substantially all of our taxable income on an annual basis, except that we may retain certain net capital gains for reinvestment.

Borrowings

We are only allowed to borrow money such that our asset coverage, which, as defined in the 1940 Act, measures the ratio of total assets less total liabilities not represented by senior securities to total borrowings, equals at least 150% after such borrowing, with certain limited exceptions. At our organizational meeting on June 29, 2021, the Board approved a proposal that, effective June 29, 2021, permits us to reduce our asset coverage ratio to 150%. As a result, in addition to the foregoing 1940 Act restriction on leverage, we do not currently expect to borrow in excess of the lesser of 20% of our Aggregate Committed Capital and $130 million. We may in the future, though, determine to utilize a greater amount of leverage, including for investment purposes. As of March 31, 2025, we had $103 million par value of outstanding borrowings and our asset coverage ratio of total assets to total borrowings was 623%, compliant with the minimum asset coverage level of 150% generally required for a BDC by the 1940 Act.

Goldman Credit Facility

On August 11, 2021, we entered into a credit agreement (together with the exhibits and schedules thereto, the “Goldman Credit Facility”) as the borrower and Goldman Sachs Bank USA (“Goldman Sachs”) as the lender. The Goldman Credit Facility is structured as a revolving credit facility secured by the Capital Commitments of the Company’s subscribed investors and certain related assets. On September 27, 2021, the Goldman Credit Facility was amended, pursuant to which the maximum loan amount was increased to the lesser of $130 million and the borrowing base (the “Borrowing Base”).

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The Goldman Credit Facility is uncommitted and matures on the earlier of (i) the date on which either the Company or lender provide written notice of termination to the other party and (ii) the date that is 30 days prior to the last date on which the Company may issue capital drawdowns to its investors. Under the Goldman Credit Facility, the Company is permitted to borrow up to the lesser of $130 million and the Borrowing Base. The Borrowing Base is based upon the unfunded capital commitments of certain subscribed investors in the Company that have been approved by Goldman Sachs and meet certain criteria. The advance rate for such investors is currently 90% but may be subject to modification. The Goldman Credit Facility contains certain customary affirmative and negative covenants and events of default.

The Goldman Credit Facility bears interest at a rate of Term SOFR plus 2.82% per annum.

Contractual Obligations

The following table shows our payment obligations for repayment of debt and other contractual obligations as of March 31, 2025 (dollars in thousands):

	Total Aggregate Borrowing Capacity(1)		Total Principal Outstanding
Goldman Sachs Credit Facility	$	130,000	$	102,900
Total	$	130,000	$	102,900

(1)As of March 31, 2025, we had $27.1 million in unused borrowing capacity under the Goldman Credit Facility, subject to borrowing base limits.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources.

Commitments

In the ordinary course of business, we may enter into future funding commitments. As of March 31, 2025, we had unfunded commitments on revolving credit lines and delayed draw loans of $39.5 million. We maintain sufficient financial resources to satisfy unfunded commitments, including cash on hand, undrawn capital commitments from our investors, and available borrowings to fund such unfunded commitments. Please refer to Note 7 – Commitments and Contingencies in the notes to our consolidated financial statements for further detail of these unfunded commitments.

Significant Accounting Estimates and Critical Accounting Policies

Our discussion and analysis of our financial condition and results of operations is based on our consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, we will evaluate our estimates, including those related to the matters described below. Actual results could differ from those estimates.

While our significant accounting policies are also described in Note 2 of notes to our consolidated financial statements appearing elsewhere in this report, we believe the following accounting policies require the most significant judgment in the preparation of our consolidated financial statements.

Valuation of Portfolio Investments

The Investment Adviser values our portfolio investments on a quarterly basis, or more frequently if required under the 1940 Act. For purposes of the 1940 Act, the Board has designated the Investment Adviser as the Company’s valuation designee under Rule 2a-5 under the 1940 Act (the “Valuation Designee”). The Board provides oversight of the Investment Adviser’s fair value determinations of our portfolio investments on a quarterly basis in good faith, including investments that are not publicly traded, those whose market prices are not readily available. Security transactions are accounted for on a trade date basis.

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To the extent (i) Benefit Plan Investors hold 25% or more of our outstanding Shares and (ii) our Shares are not listed on a national securities exchange, one or more independent valuation firms (each a “Valuation Agent”) are engaged to independently value our investments, in consultation with the Investment Adviser. Our quarterly valuation procedures, which are the procedures that will be followed by such Valuation Agent to the extent (i) Benefit Plan Investors hold 25% or more of our outstanding Shares, and (ii) our Shares are not listed on a national securities exchange, are set forth in more detail below:

1)Investments for which market quotations are readily available on an exchange are valued at such market quotations based on the closing price indicated from independent pricing services.

2)Investments for which indicative prices are obtained from various pricing services and/or brokers or dealers are valued through a multi-step valuation process, as described below, to determine whether the quote(s) obtained is representative of fair value in accordance with GAAP.

a) Bond quotes are obtained through independent pricing services. Internal reviews are performed by the personnel of the Valuation Agent, in consultation with the investment professionals of the Investment Adviser, to ensure that the quote obtained is representative of fair value in accordance with GAAP and if so, the quote is used. If the Valuation Agent is unable to sufficiently validate the quote(s) internally and if the investment’s par value exceeds a certain materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below); and

b) For investments other than bonds, the personnel of the Valuation Agent, in consultation with the investment professionals of the Investment Adviser, look at the number of quotes readily available and perform the following:

i) Investments for which two or more quotes are received from a pricing service are valued using the mean of the mean of the bid and ask of the quotes obtained. If quotes from pricing services differ by +/- five points or if the spread between the bid and ask for a quote is greater than 10 points, the personnel of the Valuation Agent, in consultation with the investment professionals of the Investment Adviser, will evaluate the reasonableness of the quote, and if the quote is determined to not be representative of fair value, the personnel of the Valuation Agent, in consultation with the investment professionals of the Investment Adviser, will use one or more of the methodologies outlined below to determine fair value;

ii) Investments for which one quote is received from a pricing service are validated by the Valuation Agent, in consultation with the investment professionals of the Investment Adviser. The personnel of the Valuation Agent, in consultation with the investment professionals of the Investment Adviser, analyze the market quotes obtained using an array of valuation methods (further described below) to validate the fair value. For assets where a supporting analysis is prepared, the Valuation Agent will document the selection and appropriateness of the indices selected for yield comparison and a conclusion documenting how the yield comparison analysis supports the proposed mark. The quarterly portfolio company monitoring reports which detail the qualitative and quantitative performance of the portfolio company will also be included. If the Valuation Agent, in consultation with the investment professionals of the Investment Adviser, is unable to sufficiently validate the quote internally and if the investment’s par value exceeds a certain materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below).

3)Investments for which quotations are not readily available through exchanges, pricing services, brokers, or dealers are valued through a multi-step valuation process:

a) Each portfolio company or investment is initially valued by the personnel of the Valuation Agent, in consultation with the investment professionals of the Investment Adviser; and

b) Preliminary valuation conclusions will then be documented and discussed with our senior management.

The income and market approaches were used in the determination of fair value of certain Level 3 assets as of March 31, 2025. The significant unobservable inputs used in the income approach are the discount rate or market yield used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments and any other end of term fees, as applicable. Included in the consideration and selection of discount rates are factors such as risk of default, interest rate risk, and changes in credit quality. The significant unobservable inputs used in the market approach are based on market comparable transactions and market multiples of publicly traded comparable companies.

For investments in revolving credit facilities and delayed draw commitments, the cost basis of the funded investments purchased is offset by any costs/netbacks received for any unfunded portion on the total balance committed. The fair value is also adjusted for the price appreciation or depreciation on the unfunded portion. As a result, the purchase of commitments not completely funded may result in a negative fair value until it is called and funded.

The values assigned to investments are based upon available information and do not necessarily represent amounts which might ultimately be realized, since such amounts depend on future circumstances and cannot be reasonably determined until the individual positions are liquidated. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period and the fluctuations could be material.

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In the event Benefit Plan Investors do not hold 25% or more of our outstanding Shares, or our Shares are listed on a national securities exchange, then (i) personnel of the Investment Adviser will undertake the roles to be performed by the personnel of the Valuation Agent, as described above and (ii) if an investment falls into category (3) above for four consecutive quarters and if the investment’s par value or its fair value exceeds a certain materiality threshold, then at least once each fiscal year, the valuation for each portfolio investment for which we do not have a readily available market quotation will be reviewed by an independent valuation firm engaged by our Board.

For all valuations, the Valuation Committee of our Board, which consists solely of directors who are not “interested persons” of the Company, as such term is used under the 1940 Act (the “Independent Directors”), will review these preliminary valuations and our Board, a majority of whom are Independent Directors, will discuss the Investment Adviser’s valuations; provided, however, that to the extent our assets are treated as “plan assets” under ERISA and/or Section 4975 of the Code, the Valuation Agent will determine valuations using only those valuation methodologies reviewed and approved by the Valuation Committee and our Board, and our Board, absent manifest error, will accept such valuations prepared by the Valuation Agent in accordance therewith.

Revenue Recognition

Interest Income

Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Discount and premium on investments purchased are accreted/amortized over the expected life of the respective investment using the effective yield 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. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income. The Company may have loans in its portfolio that contain a payment-in-kind ("PIK") interest provision. PIK interest is accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest is added to the principal balance on the capitalized date and is generally due at maturity or when deemed by the issuer.

Fee Income

Fee income, such as structuring fees, loan monitoring, amendment, syndication fees, commitment, termination, and other loan fees are recognized as income when earned, either upon receipt or amortized into fee income. Upon the re-payment of a loan or debt security, any prepayment penalties and unamortized loan fees are recorded as fee income.

Non-accrual

Investments may be placed on non-accrual status when principal or interest payments are past due and/or when there is reasonable doubt that principal or interest will be collected. Accrued interest is generally reversed when an investment is placed on non-accrual status. Interest payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment of the ultimate outcome. Non-accrual investments are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current.

See “Portfolio Asset Quality” above for a summary of our non-accrual assets as of March 31, 2025.

Net Realized Gain or Loss and Net Change in Unrealized Gain or Loss

Investment transactions are accounted for on the trade date. Gain or loss on the sale of investments is calculated using the specific identification method. Net change in unrealized gain or loss will reflect the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized gain or loss, when a gain or loss is realized.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are subject to certain financial market risks, such as interest rate fluctuations. Because we fund a portion of our investments with borrowings, our net investment income is 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. A prolonged reduction in interest rates will reduce our gross investment income and could result in a decrease in our net investment income if such decreases in SOFR are not offset by a corresponding increase in the spread over SOFR that we earn on any portfolio investments, a decrease in our operating expenses, including with respect to our income incentive fee, or a decrease in the interest rate of our floating interest rate liabilities tied to SOFR. As of March 31, 2025, 100% of our debt investments at fair value represent floating-rate investments with a reference rate floor and none of our debt investments at fair value represent fixed-rate investments. Additionally, our Goldman Credit Facility is also subject to floating interest rates and are currently paid based on floating SOFR rates.

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The following table estimates the potential changes in net cash flow generated from interest income and expenses, should interest rates increase by 100, 200 and 300 basis points, or decrease by 100 and 200 basis points. Interest income is calculated as revenue from interest generated from our portfolio of investments held as of March 31, 2025. Interest expense is calculated based on the terms of our outstanding revolving credit facility and subscription line. For our Goldman Credit Facility, we use the outstanding balance as of March 31, 2025. Interest expense on this balance is calculated using the interest rate as of March 31, 2025, adjusted for the hypothetical changes in rates, as shown below.

Assuming that the interim and unaudited Consolidated Statements of Assets and Liabilities as of March 31, 2025 was to remain constant and that we took no actions to alter our interest rate sensitivity as of such date, the following table shows the annualized impact of hypothetical base rate changes in interest rates. Actual results could differ significantly from those estimated in the table.

Change in Interest Rates	Net Increase (Decrease) in Interest Income (in thousands)			Net Increase (Decrease) in Interest Expense (in thousands)			Net Increase (Decrease) in Net Investment Income (in thousands)
Down 100 basis points	$	(6,640	)	$	(1,029	)	$	(5,611	)
Down 200 basis points		(13,281	)		(2,058	)		(11,223	)
Down 300 basis points		(19,921	)		(3,087	)		(16,834	)
Up 100 basis points		6,640			1,029			5,611
Up 200 basis points		13,281			2,058			11,223
Up 300 basis points		19,921			3,087			16,834

Because we may borrow money to make investments, our net investment income may be dependent on the difference between the rate at which we borrow funds and the rate at which we invest these funds. In periods of increasing interest rates, our cost of funds would increase, which may reduce our net investment income. 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.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of disclosure controls and procedures

As required by Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended (the “1934 Act”) we evaluated, under the supervision and with the participation of our management, including our Chief Executive Officer and our Chief Financial Officer, the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the 1934 Act) as of March 31, 2025. Based on the foregoing evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that, as of March 31, 2025, our disclosure controls and procedures were effective to accomplish their objectives at the reasonable assurance level that we would meet our disclosure obligations.

Changes in internal control over financial reporting

There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) or 15d-15(f) under the 1934 Act) that occurred during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II—OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We, and our wholly-owned direct subsidiaries, the Investment Adviser and the Administrator are not currently subject to any material legal proceedings as of March 31, 2025. From time to time, we our wholly-owned direct subsidiaries, the Investment Adviser and the Administrator may be a party to certain legal proceedings incidental to the normal course of our business including the enforcement of our rights under contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our business, financial condition or results of operations.

ITEM 1A. RISK FACTORS

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Item 1A. — Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the “Annual Report”), which could materially

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affect our business, financial condition and/or operating results. The risks described in the Annual Report are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may materially affect our business, our structure, our financial condition, our investments and/or operating results. There have been no material changes during the three months ended March 31, 2025 to the risk factors discussed in Item 1A. Risk Factors in the Annual Report.

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

Previously disclosed by the Company on its current reports on Form 8-K.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

Rule 10b5-1 Trading Plans

During the fiscal quarter ended March 31, 2025, none of our directors or executive officers adopted or terminated any contract, instruction, or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5 1(c) or any “non-Rule 10b5-1 trading arrangement.”

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ITEM 6. EXHIBITS

The following exhibits are filed as part of this report, or hereby incorporated by reference to exhibits previously filed with the United States Securities and Exchange Commission:

Exhibit Number	Description of Document
3.1	Amended and Restated Certificate of Incorporation(1)
3.2	By-Laws(1)
31.1*	Certification of the Chief Executive Officer pursuant to Rule 13a-14 (a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*	Certification of the Chief Financial Officer pursuant to Rule 13a-14 (a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1**	Certification of the Chief Executive Officer pursuant to 18 U.S. C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes- Oxley Act of 2002.
32.2**	Certification of the Chief Financial Officer pursuant to 18 U.S. C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCH	Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents.
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

* Filed herewith.

* * Furnished herewith.

(1) Incorporated by reference to the Exhibits accompanying the Company’s Form 10 Registration Statement filed on July 6, 2021.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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.

	Commonwealth Credit Partners BDC I, Inc.
Date: May 12, 2025	By:	/s/ Robert O’Sullivan
	Name: Title:	Robert O’Sullivan Chief Executive Officer
Date: May 12, 2025	By:	/s/ Cecilio M. Rodriguez
	Name: Title:	Cecilio M. Rodriguez Chief Financial Officer

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