UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 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

For the transition period from _____ to _____

Commission File Number 814-01453

T Series Middle Market Loan Fund LLC

(Exact name of registrant as specified in its charter)

Delaware	87-3271290
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
1585 Broadway
New York, NY	10036
(Address of principal executive offices)	(Zip Code)

1 (212)-761-4000

(Registrant’s telephone number, including area code)

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

Title of each class	Trading Symbol	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 preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:    Yes  ☒     No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒   No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

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  ☒

The number of the registrant’s limited liability company common units outstanding at May 14, 2025 was 58,380,644.

1

T Series Middle Market Loan Fund LLC

TABLE OF CONTENTS

Part I. Financial Information
Item 1.	Consolidated Financial Statements (Unaudited)	3
	Consolidated Statements of Financial Condition	3
	Consolidated Statements of Operations	4
	Consolidated Statements of Changes in Members’ Capital	5
	Consolidated Statements of Cash Flows	6
	Consolidated Schedules of Investments	8
	Notes to the Consolidated Financial Statements	57
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	74
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	83
Item 4.	Controls and Procedures	84
Part II. Other Information
Item 1.	Legal Proceedings	85
Item 1A.	Risk Factors	85
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	85
Item 3.	Defaults Upon Senior Securities	85
Item 4.	Mine Safety Disclosures	85
Item 5.	Other Information	85
Item 6.	Exhibits	85

2

T Series Middle Market Loan Fund LLC

Consolidated Statements of Financial Condition

(In thousands, except unit and per unit amounts)

	As of
	March 31, 2025		December 31, 2024
	(Unaudited)		(Audited)
Assets
Non-controlled/non-affiliated investments, at fair value (amortized cost of $2,045,011 and $2,048,601)	$	2,020,484	$	2,029,756
Non-controlled/affiliated investments, at fair value (amortized cost of $14,134 and $— at March 31, 2025 and December 31, 2024, respectively)	14,252		—
Total investments, at fair value (cost of $2,059,145 and $2,048,601)	2,034,736		2,029,756
Cash and cash equivalents	59,383		48,590
Deferred financing costs	13,862		14,750
Interest and dividend receivable from non-controlled/non-affiliated investments	12,532		15,083
Interest and dividend receivable from non-controlled/affiliated investments	116		—
Receivable for investments sold/repaid	342		315
Other assets	425		327
Total assets	2,121,396		2,108,821
Liabilities
Debt	1,007,266		1,013,941
Payable for investments purchased	185		—
Payable to affiliates (Note 3)	271		127
Dividends payable	30,648		33,014
Management fees payable	1,056		1,025
Income based incentive fees payable	2,788		2,889
Interest and other financing costs payable	12,679		12,996
Accrued expenses and other liabilities	1,867		2,864
Total liabilities	1,056,760		1,066,856
Commitments and contingencies (Note 7)
Members' Capital
Common units (56,756,176 and 55,022,961 common units issued and outstanding)	$	57	$	55
Paid-in capital in excess of par value	1,099,588		1,066,763
Distributable earnings (loss)	(35,009)		(24,853)
Total members' capital	$	1,064,636	$	1,041,965
Total liabilities and members' capital	$	2,121,396	$	2,108,821
Net asset value per unit	$	18.76	$	18.94

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

3

T Series Middle Market Loan Fund LLC

Consolidated Statements of Operations (Unaudited)

(In thousands, except unit and per unit amounts)

	For the Three Months Ended
	March 31, 2025		March 31, 2024
Investment Income:
From non-controlled/non-affiliated investments:
Interest income	$	48,963	$	50,880
Payment-in-kind income	3,843		777
Dividend income	389		302
Other income	881		867
From non-controlled/affiliated investments:
Interest income	73		—
Payment-in-kind income	40		—
Other income	2		—
Total investment income	54,191		52,826
Expenses:
Interest and other financing expenses	18,790		19,915
Management fees	1,056		919
Income based incentive fees	2,788		2,614
Professional fees	663		576
Directors' fees	51		52
General and other expenses	818		594
Total expenses	24,166		24,670
Net investment income before taxes	30,025		28,156
Excise tax expense	18		16
Net investment income after taxes	30,007		28,140
Net realized and unrealized gain (loss) on investment transactions:
Realized gain (loss):
Non-controlled/non-affiliated investments	(3,660)		(1,939)
Foreign currency and other transactions	1		(1)
Net realized gain (loss)	(3,659)		(1,940)
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments	(6,003)		(1,348)
Non-controlled/affiliated investments	118		—
Translation of assets and liabilities in foreign currencies	29		(7)
Net change in unrealized appreciation (depreciation)	(5,856)		(1,355)
Net realized and unrealized gain (loss)	(9,515)		(3,295)
Net increase (decrease) in members' capital resulting from operations	$	20,492	$	24,845
Net investment income (loss) per unit (basic and diluted)	$	0.53	$	0.63
Earnings (loss) per unit (basic and diluted)	$	0.36	$	0.56
Weighted average units outstanding:	56,659,886		44,744,954

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

4

T Series Middle Market Loan Fund LLC

Consolidated Statements of Changes in Members’ Capital (Unaudited)

(In thousands and per unit amount)

	For the Three Months Ended
	March 31, 2025		March 31, 2024
Members' Capital at beginning of period:	$	1,041,965	$	829,979
Increase (decrease) in members’ capital resulting from operations:
Net investment income (loss)	30,007		28,140
Net realized gain (loss)	(3,659)		(1,940)
Net change in unrealized appreciation (depreciation)	(5,856)		(1,355)
Net increase (decrease) in members’ capital resulting from operations	20,492		24,845
Distributions to unitholders from:
Distributable earnings	(30,648)		(27,771)
Total distributions to unitholders	(30,648)		(27,771)
Capital transactions:
Issuance of common units	—		—
Reinvestment of distributions	32,827		27,619
Net increase in Members' Capital resulting from capital transactions	32,827		27,619
Total increase (decrease) in Members' Capital	22,671		24,693
Members' Capital at end of period	$	1,064,636	$	854,672
Distributions per unit	$	0.54	$	0.62

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

5

T Series Middle Market Loan Fund LLC

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

	For the Three Months Ended
	March 31, 2025		March 31, 2024
Cash flows from operating activities:
Net increase (decrease) in members' capital resulting from operations	$	20,492	$	24,845
Adjustments to reconcile net increase (decrease) in members' capital resulting from operations to net cash provided by (used in) operating activities:
Net change in unrealized (appreciation) depreciation on investments	5,885		1,348
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	(29)		7
Net realized (gain) loss on investments	3,660		1,939
Net realized (gain) loss on foreign currency transactions	(1)		1
Net accretion of discount and amortization of premium on investments	(1,834)		(1,962)
Payment-in-kind interest and dividend capitalized	(3,932)		(1,453)
Amortization of deferred financing costs	904		1,121
Purchases of investments and change in payable for investments purchased	(76,431)		(104,737)
Proceeds from sale of investments and principal repayments and change in receivable for investments sold/repaid	68,155		62,348
Changes in operating assets and liabilities:
(Increase) decrease in interest and dividend receivable from non-controlled/non-affiliated investments	2,551		(39)
(Increase) decrease in interest and dividend receivable from non-controlled/affiliated investments	(116)		—
(Increase) decrease in prepaid expenses and other assets	(98)		(84)
(Decrease) increase in payable to affiliates	144		(981)
(Decrease) increase in management fees payable	31		—
(Decrease) increase in incentive fees payable	(101)		(18)
(Decrease) increase in interest payable	(317)		569
(Decrease) increase in accrued expenses and other liabilities	(997)		540
Net cash provided by (used in) operating activities	17,966		(16,556)
Cash flows from financing activities:
Borrowings on debt	35,000		44,000
Repayments on debt	(42,000)		(31,000)
Deferred financing costs paid	(16)		(1,618)
Tax withholding paid	(187)		(125)
Net cash provided by (used in) financing activities	(7,203)		11,257
Net increase (decrease) in cash and cash equivalents	10,763		(5,299)
Effect of foreign exchange rate changes on cash	30		(8)
Cash and cash equivalents, at beginning of period	48,590		45,064
Cash and cash equivalents, at end of period	$	59,383	$	39,757

6

T Series Middle Market Loan Fund LLC

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

Supplemental information and non-cash activities:
Excise tax paid	$	178	$	106
Accrued but unpaid dividends	$	30,648	$	27,771
Interest and financing costs paid	$	17,604	$	17,145
Dividend reinvestments	$	32,827	$	27,619
Non-cash purchases of investments	$	(14,132)	$	(15,186)
Non-cash sales of investments	$	14,132	$	15,186

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

7

T Series Middle Market Loan Fund LLC

Consolidated Schedules of Investments (Unaudited)

March 31, 2025

(In thousands, except unit amounts)

Investments (1)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(2)		Maturity Date	Par Amount/ Shares(3)	Cost(4)		Fair Value		Percentage of Net Assets
Debt Investments
Aerospace & Defense
Jonathan Acquisition Company	(5) (6)	First Lien Debt	S +	5.00%	9.40%		12/22/2026	375	$	368	$	375	0.04	%
Mantech International CP	(5) (7) (9)	First Lien Debt	S +	5.00%	9.29%		09/14/2029	18,188	17,946		18,188		1.71
Mantech International CP	(5) (7) (18)	First Lien Debt	S +	5.00%	9.29%		09/14/2029	—	(29)		—		—
Mantech International CP	(5) (7) (18)	First Lien Debt	S +	5.00%	9.29%		09/14/2028	—	(30)		—		—
									18,255		18,563		1.74
Air Freight & Logistics
AGI-CFI Holdings, Inc.	(5) (7) (10) (11)	First Lien Debt	S +	4.75%	9.20%		06/11/2027	10,915	10,806		10,911		1.02
RoadOne IntermodaLogistics	(5) (6) (9)	First Lien Debt	S +	6.25%	10.49%		12/29/2028	332	326		323		0.03
RoadOne IntermodaLogistics	(5) (6)	First Lien Debt	S +	6.25%	10.49%		12/29/2028	30	30		30		—
RoadOne IntermodaLogistics	(5) (6) (18)	First Lien Debt	S +	6.25%	10.49%		12/29/2028	26	25		25		—
									11,187		11,289		1.06
Automobile Components
Continental Battery Company	(5) (6) (11) (12) (13)	First Lien Debt	S +	7.00% (incl. 4.08% PIK)	11.06	%	01/20/2027	6,473	6,415		3,190		0.30
Randy's Holdings, Inc.	(5) (6) (10) (11)	First Lien Debt	S +	5.00%	9.30%		11/01/2029	12,107	11,839		12,107		1.14
Randy's Holdings, Inc.	(5) (6) (18)	First Lien Debt	S +	5.00%	9.30%		11/01/2029	2,352	2,279		2,352		0.22
Randy's Holdings, Inc.	(5) (6) (18)	First Lien Debt	S +	5.00%	9.30%		11/01/2029	726	694		726		0.07
Sonny's Enterprises, LLC	(5) (6) (9)	First Lien Debt	S +	5.50%	9.95%		08/05/2028	11,262	11,068		10,683		1.00
Sonny's Enterprises, LLC	(5) (6) (18)	First Lien Debt	S +	5.50%	9.95%		08/05/2028	2,686	2,630		2,422		0.23
Sonny's Enterprises, LLC	(5) (6) (18)	First Lien Debt	S +	5.50%	9.95%		08/05/2027	1,391	1,358		1,268		0.12
									36,283		32,748		3.08
Automobiles
ARI Network Services, Inc.	(5) (7) (10) (11)	First Lien Debt	S +	5.00%	9.33%		08/28/2026	13,941	13,850		13,809		1.30
ARI Network Services, Inc.	(5) (7) (18)	First Lien Debt	S +	5.00%	9.33%		08/28/2026	14	14		14		—
COP Collisionright Parent, LLC	(5) (6) (9) (11)	First Lien Debt	S +	5.50%	9.79%		01/29/2030	6,338	6,230		6,338		0.60
COP Collisionright Parent, LLC	(5) (6) (18)	First Lien Debt	S +	5.50%	9.79%		01/29/2030	2,866	2,809		2,866		0.27
COP Collisionright Parent, LLC	(5) (6) (18)	First Lien Debt	S +	5.50%	9.79%		01/29/2030	154	137		154		0.01
Drivecentric Holdings, LLC	(5) (7) (9)	First Lien Debt	S +	4.75%	9.07%		08/15/2031	15,441	15,297		15,375		1.44
Drivecentric Holdings, LLC	(5) (7) (18)	First Lien Debt	S +	4.75%	9.07%		08/15/2031	—	(19)		(9)		—
LeadVenture, Inc.	(5) (7) (18)	First Lien Debt	S +	5.00%	9.33%		08/28/2026	139	138		137		0.01
Turbo Buyer, Inc.	(5) (6)	First Lien Debt	S +	6.00%	10.45%		12/02/2025	977	968		928		0.09
Vehlo Purchaser, LLC	(5) (7) (10) (11)	First Lien Debt	S +	5.25%	9.58%		05/24/2028	195	193		194		0.02

8

T Series Middle Market Loan Fund LLC

Consolidated Schedules of Investments (Unaudited)

March 31, 2025

(In thousands, except unit amounts)

Investments (1)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(3)	Cost(4)		Fair Value		Percentage of Net Assets
Vehlo Purchaser, LLC	(5) (7) (18)	First Lien Debt	S +	5.25%	9.58%	05/24/2028	47	$	43	$	42	—	%
Vehlo Purchaser, LLC	(5) (7) (18)	First Lien Debt	S +	5.25%	9.58%	05/24/2028	—	—		—		—
								39,660		39,848		3.74
Beverages
Vamos Bidco, Inc.	(5) (8) (9)	First Lien Debt	S +	4.75%	9.05%	01/30/2032	2,700	2,673		2,673		0.25
Vamos Bidco, Inc.	(5) (8) (18)	First Lien Debt	S +	4.75%	9.05%	01/30/2032	—	(6)		(6)		—
Vamos Bidco, Inc.	(5) (8) (18)	First Lien Debt	S +	4.75%	9.05%	01/30/2032	—	(3)		(3)		—
								2,664		2,664		0.25
Biotechnology
GraphPad Software, LLC	(5) (7) (10) (11)	First Lien Debt	S +	4.75%	9.05%	06/30/2031	17,523	17,443		17,523		1.65
GraphPad Software, LLC	(5) (7) (18)	First Lien Debt	S +	4.75%	9.05%	06/30/2031	438	418		438		0.04
GraphPad Software, LLC	(5) (7) (18)	First Lien Debt	S +	4.75%	9.05%	06/30/2031	—	(7)		—		—
								17,854		17,961		1.69
Building Products
Project Potter Buyer, LLC	(5) (6) (10) (11)	First Lien Debt	S +	6.00%	10.30%	04/23/2027	8,017	8,017		8,017		0.75
Project Potter Buyer, LLC	(5) (6) (18)	First Lien Debt	S +	6.00%	10.30%	04/23/2026	—	—		—		—
								8,017		8,017		0.75
Chemicals
Tank Holding Corp.	(7) (9)	First Lien Debt	S +	6.00%	10.43%	03/31/2028	26,586	26,251		25,546		2.40
Tank Holding Corp.	(7)	First Lien Debt	S +	6.00%	10.43%	03/31/2028	1,019	996		976		0.09
Tank Holding Corp.	(7) (18)	First Lien Debt	S +	6.00%	10.43%	03/31/2028	—	(13)		(52)		—
V Global Holdings, LLC	(5) (7) (10) (11)	First Lien Debt	S +	5.75%	10.20%	12/22/2027	7,788	7,702		7,400		0.70
V Global Holdings, LLC	(5) (7) (18)	First Lien Debt	S +	5.75%	10.20%	12/22/2027	799	791		745		0.07
								35,727		34,615		3.25
Commercial Services & Supplies
Atlas Us Finco, Inc.	(5) (6) (10) (11) (14)	First Lien Debt	S +	5.00%	9.29%	12/09/2029	16,950	16,631		16,950		1.59
Atlas Us Finco, Inc.	(5) (6) (14) (18)	First Lien Debt	S +	5.00%	9.29%	12/09/2028	—	(11)		—		—
BPG Holdings IV Corp.	(5) (7) (11)	First Lien Debt	S +	6.00%	10.30%	07/29/2029	8,364	7,962		7,398		0.69
Consor Intermediate II, LLC	(5) (7) (10) (11)	First Lien Debt	S +	4.50%	8.80%	05/12/2031	2,911	2,887		2,911		0.27
Consor Intermediate II, LLC	(5) (7) (18)	First Lien Debt	S +	4.50%	8.80%	05/12/2031	—	(8)		—		—
Consor Intermediate II, LLC	(5) (7) (18)	First Lien Debt	S +	4.50%	8.80%	05/12/2031	—	(5)		—		—
CRCI Longhorn Holdings, Inc.	(5) (7) (11)	First Lien Debt	S +	5.00%	9.33%	08/27/2031	3,521	3,488		3,521		0.33
CRCI Longhorn Holdings, Inc.	(5) (7) (18)	First Lien Debt	S +	5.00%	9.33%	08/27/2031	—	(4)		—		—

9

T Series Middle Market Loan Fund LLC

Consolidated Schedules of Investments (Unaudited)

March 31, 2025

(In thousands, except unit amounts)

Investments (1)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(3)	Cost(4)		Fair Value		Percentage of Net Assets
CRCI Longhorn Holdings, Inc.	(5) (7) (18)	First Lien Debt	S +	5.00%	9.33%	08/27/2031	306	$	301	$	306	0.03	%
Energy Labs Holdings Corp.	(5) (6) (9)	First Lien Debt	S +	5.00%	9.40%	04/07/2028	395	392		390		0.04
Energy Labs Holdings Corp.	(5) (6) (18)	First Lien Debt	S +	5.00%	9.40%	04/07/2028	65	64		63		0.01
Energy Labs Holdings Corp.	(5) (6) (18)	First Lien Debt	S +	5.00%	9.40%	04/07/2028	9	8		8		—
Firebird Acquisition Corp, Inc.	(5) (7) (11)	First Lien Debt	S +	5.00% (incl. 2.75% PIK)	9.29%	02/02/2032	850	846		846		0.08
Firebird Acquisition Corp, Inc.	(5) (7) (11) (18)	First Lien Debt	S +	5.00% (incl. 2.75% PIK)	9.29%	02/02/2032	—	(1)		(1)		—
Firebird Acquisition Corp, Inc.	(5) (7) (11) (18)	First Lien Debt	S +	5.00% (incl. 2.75% PIK)	9.29%	02/02/2032	—	(1)		(1)		—
FLS Holding, Inc.	(5) (6) (10) (11) (14)	First Lien Debt	S +	5.25%	9.69%	12/15/2028	20,037	19,793		17,686		1.66
FLS Holding, Inc.	(5) (6) (9) (14)	First Lien Debt	S +	5.25%	9.69%	12/15/2028	4,698	4,642		4,147		0.39
FLS Holding, Inc.	(5) (6) (14) (18)	First Lien Debt	S +	5.25%	9.69%	12/17/2027	961	944		736		0.07
Helios Service Partners, LLC	(5) (6) (9)	First Lien Debt	S +	5.00%	9.56%	03/19/2027	2,647	2,608		2,633		0.25
Helios Service Partners, LLC	(5) (6) (18)	First Lien Debt	S +	5.00%	9.56%	03/19/2027	4,476	4,377		4,431		0.42
Helios Service Partners, LLC	(5) (6) (18)	First Lien Debt	S +	5.00%	9.56%	03/19/2027	—	(7)		(3)		—
Hercules Borrower, LLC	(5) (7)	First Lien Debt	C +	5.25%	8.02%	12/15/2026	4,984	4,946		4,965		0.47
HSI Halo Acquisition, Inc.	(5) (7) (10) (11)	First Lien Debt	S +	5.00%	9.29%	06/30/2031	14,606	14,471		14,606		1.37
HSI Halo Acquisition, Inc.	(5) (7) (18)	First Lien Debt	S +	5.00%	9.29%	06/30/2031	452	440		452		0.04
HSI Halo Acquisition, Inc.	(5) (7) (18)	First Lien Debt	S +	5.00%	9.29%	06/28/2030	—	(15)		—		—
Iris Buyer, LLC	(5) (6) (11) (14)	First Lien Debt	S +	5.25%	9.54%	10/02/2030	2,967	2,898		2,956		0.28
Iris Buyer, LLC	(5) (6) (11) (14)	First Lien Debt	S +	5.25%	9.54%	10/02/2030	280	273		279		0.03
Iris Buyer, LLC	(5) (6) (11) (14) (18)	First Lien Debt	S +	5.25%	9.54%	10/02/2029	129	120		127		0.01
Procure Acquireco, Inc. (Procure Analytics)	(5) (7) (10) (11)	First Lien Debt	S +	4.75%	9.06%	12/20/2028	19,196	18,964		19,196		1.80
Procure Acquireco, Inc. (Procure Analytics)	(5) (7) (18)	First Lien Debt	S +	4.75%	9.06%	12/20/2028	984	970		984		0.09
Procure Acquireco, Inc. (Procure Analytics)	(5) (7) (18)	First Lien Debt	S +	4.75%	9.06%	12/20/2028	—	(13)		—		—
Pye-Barker Fire & Safety, LLC	(5) (7) (10) (11)	First Lien Debt	S +	4.50%	8.80%	05/26/2031	8,775	8,775		8,775		0.82
Pye-Barker Fire & Safety, LLC	(5) (7) (18)	First Lien Debt	S +	4.50%	8.80%	05/26/2031	1,414	1,392		1,414		0.13
Pye-Barker Fire & Safety, LLC	(5) (7) (18)	First Lien Debt	S +	4.50%	8.80%	05/24/2030	152	141		152		0.01
Routeware, Inc.	(5) (6) (9)	First Lien Debt	S +	5.25%	9.55%	09/18/2031	1,591	1,576		1,581		0.15
Routeware, Inc.	(5) (6) (18)	First Lien Debt	S +	5.25%	9.55%	09/18/2031	45	42		41		—
Routeware, Inc.	(5) (6) (18)	First Lien Debt	S +	5.25%	9.55%	09/18/2031	—	(2)		(1)		—

10

T Series Middle Market Loan Fund LLC

Consolidated Schedules of Investments (Unaudited)

March 31, 2025

(In thousands, except unit amounts)

Investments (1)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(3)		Cost(4)		Fair Value		Percentage of Net Assets
Sherlock Buyer Corp.	(5) (6) (10) (11)	First Lien Debt	S +	5.75%	10.15%	12/08/2028	24,178		$	23,885	$	24,178	2.27	%
Sherlock Buyer Corp.	(5) (6) (18)	First Lien Debt	S +	5.75%	10.15%	12/08/2027	—		(26)		—		—
Surewerx Purchaser III, Inc.	(5) (7) (11) (14)	First Lien Debt	S +	5.25%	9.55%	12/28/2029	1,093		1,068		1,092		0.10
Surewerx Purchaser III, Inc.	(5) (7) (14)	First Lien Debt	C +	5.25%	7.91%	12/28/2029	C$	318	230		221		0.02
Surewerx Purchaser III, Inc.	(5) (7) (14) (18)	First Lien Debt	S +	5.25%	9.55%	12/28/2029	61		57		61		0.01
Surewerx Purchaser III, Inc.	(5) (7) (14) (18)	First Lien Debt	S +	5.25%	9.55%	12/28/2028	195		191		195		0.02
Surewerx Purchaser III, Inc.	(5) (7) (14)	First Lien Debt	C +	5.25%	7.91%	12/28/2028	C$	5	4		4		—
Sweep Midco, LLC	(5) (6) (10) (11) (17)	Second Lien Debt				03/12/2034	580		290		288		0.03
Sweep Midco, LLC	(5) (6) (10) (11) (17)	Second Lien Debt				03/12/2036	1,686		—		—		—
Sweep Purchaser, LLC	(5) (6) (10) (11)	First Lien Debt	S +	5.75% PIK	10.15%	06/30/2027	2,186		2,186		2,186		0.21
Sweep Purchaser, LLC	(5) (6) (10) (11)	First Lien Debt	S +	5.75%	10.15%	06/30/2027	1,092		1,092		1,092		0.10
Tamarack Intermediate, LLC	(5) (7) (11)	First Lien Debt	S +	5.75%	10.20%	03/13/2028	16,725		16,540		16,600		1.56
Tamarack Intermediate, LLC	(5) (7)	First Lien Debt	S +	5.75%	10.20%	03/13/2028	1,632		1,602		1,620		0.15
Tamarack Intermediate, LLC	(5) (7) (18)	First Lien Debt	S +	5.75%	10.20%	03/13/2028	—		(24)		(19)		—
Transit Technologies, LLC	(5) (7) (10) (11)	First Lien Debt	S +	4.75%	9.17%	08/20/2031	2,545		2,522		2,545		0.24
Transit Technologies, LLC	(5) (7) (18)	First Lien Debt	S +	4.75%	9.17%	08/20/2031	285		279		285		0.03
Transit Technologies, LLC	(5) (7) (18)	First Lien Debt	S +	4.75%	9.17%	08/20/2030	—		(5)		—		—
Vensure Employer Services, Inc.	(5) (8)	First Lien Debt	S +	5.00%	9.30%	09/26/2031	2,084		2,065		2,070		0.19
Vensure Employer Services, Inc.	(5) (8) (18)	First Lien Debt	S +	5.00%	9.30%	09/26/2031	—		(3)		(3)		—
VRC Companies, LLC	(5) (6) (11)	First Lien Debt	S +	5.75%	10.07%	06/29/2027	33,913		33,666		33,913		3.19
VRC Companies, LLC	(5) (6)	First Lien Debt	S +	5.75%	10.07%	06/29/2027	996		986		996		0.09
VRC Companies, LLC	(5) (6) (18)	First Lien Debt	S +	5.75%	10.07%	06/29/2027	—		—		—		—
									206,489		204,872		19.24
Construction & Engineering
Arcoro Holdings Corp.	(5) (6) (10) (11)	First Lien Debt	S +	5.50%	9.80%	03/28/2030	8,630		8,480		8,365		0.79
Arcoro Holdings Corp.	(5) (6) (18)	First Lien Debt	S +	5.50%	9.80%	03/28/2030	—		(22)		(40)		—
KPSKY Acquisition, Inc.	(5) (7) (9)	First Lien Debt	S +	5.50%	9.89%	10/19/2028	7,943		7,839		7,205		0.68
LJ Avalon Holdings, LLC	(5) (6) (9)	First Lien Debt	S +	4.75%	9.07%	02/01/2030	2,937		2,870		2,937		0.28
LJ Avalon Holdings, LLC	(5) (6) (18)	First Lien Debt	S +	4.75%	9.07%	02/01/2030	1,202		1,166		1,202		0.11
LJ Avalon Holdings, LLC	(5) (6) (18)	First Lien Debt	S +	4.75%	9.07%	02/01/2029	—		(9)		—		—

11

T Series Middle Market Loan Fund LLC

Consolidated Schedules of Investments (Unaudited)

March 31, 2025

(In thousands, except unit amounts)

Investments (1)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(3)	Cost(4)		Fair Value		Percentage of Net Assets
Superman Holdings, LLC	(5) (7) (9)	First Lien Debt	S +	4.50%	8.80%	08/29/2031	6,666	$	6,635	$	6,666	0.63	%
Superman Holdings, LLC	(5) (7) (18)	First Lien Debt	S +	4.50%	8.80%	08/29/2031	1,394	1,383		1,394		0.13
Superman Holdings, LLC	(5) (7) (18)	First Lien Debt	S +	4.50%	8.80%	08/29/2031	—	(5)		—		—
								28,337		27,729		2.60
Consumer Staples Distribution & Retail
PDI TA Holdings, Inc.	(5) (7) (9)	First Lien Debt	S +	5.50%	9.79%	02/03/2031	2,878	2,854		2,878		0.27
PDI TA Holdings, Inc.	(5) (7) (18)	First Lien Debt	S +	5.50%	9.79%	02/03/2031	—	(2)		—		—
PDI TA Holdings, Inc.	(5) (7) (18)	First Lien Debt	S +	5.50%	9.79%	02/03/2031	34	32		34		—
								2,884		2,912		0.27
Containers & Packaging
BP Purchaser, LLC	(5) (7) (10) (11)	First Lien Debt	S +	5.50% PIK	10.06%	12/11/2028	28,330	28,004		24,948		2.34
Distributors
48Forty Solutions, LLC	(5) (6) (9)	First Lien Debt	S +	6.00% (incl. 3.50% PIK)	10.46%	11/30/2029	25,789	25,504		15,893		1.49
48Forty Solutions, LLC	(5) (6) (18)	First Lien Debt	S +	6.00%(incl. 3.50% PIK)	10.46%	11/30/2029	1,490	1,452		(14)		—
ABB Concise Optical Group, LLC	(5) (7) (10) (11)	First Lien Debt	S +	7.50%	11.95%	02/23/2028	17,008	16,766		15,668		1.47
Bradyplus Holdings, LLC	(5) (6) (9)	First Lien Debt	S +	5.00%	9.29%	10/31/2029	7,457	7,337		7,457		0.70
Bradyplus Holdings, LLC	(5) (6) (18)	First Lien Debt	S +	5.00%	9.29%	10/31/2029	47	44		47		—
PT Intermediate Holdings III, LLC	(5) (7) (9) (10) (11)	First Lien Debt	S +	5.00% (incl. 1.75% PIK)	9.30%	04/09/2030	31,464	31,172		31,464		2.96
PT Intermediate Holdings III, LLC	(5) (7) (18)	First Lien Debt	S +	5.00% (incl. 1.75% PIK)	9.30%	04/09/2030	—	(3)		—		—
								82,272		70,515		6.62
Diversified Consumer Services
Any Hour, LLC	(5) (8) (10) (11)	First Lien Debt	S +	5.25%	9.55%	05/23/2030	10,595	10,454		10,444		0.98
Any Hour, LLC	(5) (8) (18)	First Lien Debt	S +	5.25%	9.55%	05/23/2030	300	278		256		0.02
Any Hour, LLC	(5) (8) (18)	First Lien Debt	S +	5.25%	9.55%	05/23/2030	842	822		819		0.08
Any Hour, LLC	(5)	Other Debt		13.00% PIK	13.00%	05/23/2031	2,960	2,912		2,901		0.27
Apex Service Partners, LLC	(5) (6) (9)	First Lien Debt	S +	5.00%	9.31%	10/24/2030	22,156	21,804		22,156		2.08
Apex Service Partners, LLC	(5) (6) (9)	First Lien Debt	S +	5.00%	9.31%	10/24/2030	5,273	5,174		5,273		0.50
Apex Service Partners, LLC	(5) (6) (18)	First Lien Debt	S +	5.00%	9.31%	10/24/2029	1,482	1,457		1,482		0.14
DA Blocker Corp.	(5) (7) (9) (14)	First Lien Debt	S +	4.75%	9.05%	02/10/2032	5,290	5,238		5,238		0.49
DA Blocker Corp.	(5) (7) (14) (18)	First Lien Debt	S +	4.75%	9.05%	02/10/2032	—	(8)		(8)		—
DA Blocker Corp.	(5) (7) (14) (18)	First Lien Debt	S +	4.75%	9.05%	02/10/2032	165	160		160		0.02

12

T Series Middle Market Loan Fund LLC

Consolidated Schedules of Investments (Unaudited)

March 31, 2025

(In thousands, except unit amounts)

Investments (1)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(3)	Cost(4)		Fair Value		Percentage of Net Assets
Eclipse Buyer, Inc.	(5) (8) (11)	First Lien Debt	S +	4.75%	9.06%	09/08/2031	943	$	934	$	943	0.09	%
Eclipse Buyer, Inc.	(5) (8) (18)	First Lien Debt	S +	4.75%	9.06%	09/08/2031	—	(1)		—		—
Eclipse Buyer, Inc.	(5) (8) (18)	First Lien Debt	S +	4.75%	9.06%	09/08/2031	—	(1)		—		—
Essential Services Holding Corporation	(5) (7) (10) (11)	First Lien Debt	S +	5.00%	9.30%	06/17/2031	11,375	11,271		11,375		1.07
Essential Services Holding Corporation	(5) (7) (18)	First Lien Debt	S +	5.00%	9.30%	06/17/2031	—	(10)		—		—
Essential Services Holding Corporation	(5) (7) (18)	First Lien Debt	S +	5.00%	9.30%	06/17/2030	223	211		223		0.02
EVDR Purchaser, Inc.	(5) (7) (9)	First Lien Debt	S +	5.50%	9.83%	02/14/2031	1,071	1,052		1,071		0.10
EVDR Purchaser, Inc.	(5) (7) (18)	First Lien Debt	S +	5.50%	9.83%	02/14/2031	—	(3)		—		—
EVDR Purchaser, Inc.	(5) (7) (18)	First Lien Debt	S +	5.50%	9.83%	02/14/2031	19	15		19		—
FPG Intermediate Holdco, LLC	(5) (6) (10) (11) (12)	First Lien Debt	S +	6.75% (incl. 5.75% PIK)	11.20%	03/05/2027	10,609	10,516		7,612		0.71
FPG Intermediate Holdco, LLC	(5) (6) (18)	First Lien Debt	S +	6.75% (incl. 5.75% PIK)	11.20%	03/05/2027	403	403		403		0.04
Heartland Home Services	(5) (7) (9)	First Lien Debt	S +	5.75%	10.15%	12/15/2026	21,129	21,041		20,196		1.90
Lightspeed Solution, LLC	(5) (7) (11)	First Lien Debt	S +	6.50% (incl. 2.17% PIK)	10.83%	03/01/2028	18,393	18,197		18,367		1.73
Lightspeed Solution, LLC	(5) (7)	First Lien Debt	S +	6.50% (incl. 2.17% PIK)	10.83%	03/01/2028	1,091	1,079		1,091		0.10
Express Wash Acquisition Company, LLC	(5) (6) (11)	First Lien Debt	S +	6.50%	11.07%	07/14/2028	6,835	6,749		6,117		0.57
Express Wash Acquisition Company, LLC	(5) (6) (9)	First Lien Debt	S +	6.50%	11.07%	07/14/2028	1,445	1,428		1,293		0.12
Express Wash Acquisition Company, LLC	(5) (6) (18)	First Lien Debt	S +	6.50%	11.07%	07/14/2028	183	179		148		0.01
Project Accelerate Parent, LLC	(5) (7) (9)	First Lien Debt	S +	5.25%	9.57%	02/24/2031	1,303	1,291		1,303		0.12
Project Accelerate Parent, LLC	(5) (7) (18)	First Lien Debt	S +	5.25%	9.57%	02/24/2031	—	(2)		—		—
Vertex Service Partners, LLC	(5) (7) (9)	First Lien Debt	S +	6.00%	10.30%	11/08/2030	1,652	1,617		1,652		0.16
Vertex Service Partners, LLC	(5) (7) (18)	First Lien Debt	S +	6.00%	10.30%	11/08/2030	3,233	3,163		3,233		0.30
Vertex Service Partners, LLC	(5) (7) (18)	First Lien Debt	S +	6.00%	10.30%	11/08/2030	152	143		152		0.01
								127,563		123,919		11.64
Electrical Equipment
Spark Buyer, LLC	(5) (7) (10) (11)	First Lien Debt	S +	5.25%	9.57%	10/15/2031	935	922		927		0.09
Spark Buyer, LLC	(5) (7) (18)	First Lien Debt	S +	5.25%	9.57%	10/15/2031	—	(2)		(3)		—
Spark Buyer, LLC	(5) (7) (18)	First Lien Debt	S +	5.25%	9.57%	10/15/2031	—	(3)		(2)		—
								917		922		0.09
Electronic Equipment, Instruments & Components
Abracon Group Holdings, LLC	(5) (7) (10) (11)	First Lien Debt	S +	6.60% (incl. 4.60% PIK)	10.96%	07/06/2028	12,862	12,711		10,081		0.95
Abracon Group Holdings, LLC	(5) (7)	First Lien Debt	S +	6.60% (incl 4.60% PIK)	10.96%	07/06/2028	860	851		674		0.06
Dwyer Instruments, Inc.	(5) (7) (9) (11)	First Lien Debt	S +	4.75%	9.05%	07/20/2029	20,644	20,350		20,541		1.93

13

T Series Middle Market Loan Fund LLC

Consolidated Schedules of Investments (Unaudited)

March 31, 2025

(In thousands, except unit amounts)

Investments (1)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(3)	Cost(4)		Fair Value		Percentage of Net Assets
Dwyer Instruments, Inc.	(5) (7) (9)	First Lien Debt	S +	4.75%	9.05%	07/20/2029	9,033	$	8,899	$	8,989	0.84	%
Dwyer Instruments, Inc.	(5) (7) (18)	First Lien Debt	S +	4.75%	9.05%	07/20/2029	122	97		112		0.01
Infinite Bidco, LLC	(5) (8) (9)	First Lien Debt	S +	6.25%	10.57%	03/02/2028	2,480	2,432		2,480		0.23
Infinite Bidco, LLC	(8) (9)	Second Lien Debt	S +	7.00%	11.55%	03/02/2029	1,800	1,594		1,551		0.15
Infinite Bidco, LLC	(8) (9)	Second Lien Debt	S +	7.00%	11.55%	03/02/2029	2,500	2,222		2,155		0.20
Magneto Components Buyco, LLC	(5) (7) (9) (11)	First Lien Debt	S +	6.00% (incl. 2.58% PIK)	10.30%	12/05/2030	23,986	23,616		23,524		2.21
Magneto Components Buyco, LLC	(5) (7) (18)	First Lien Debt	S +	6.00% (incl. 2.58% PIK)	10.30%	12/05/2030	—	(35)		(91)		(0.01)
Magneto Components Buyco, LLC	(5) (7) (18)	First Lien Debt	S +	6.00% (incl. 2.58% PIK)	10.30%	12/05/2029	—	(56)		(76)		(0.01)
NSI Holdings, Inc.	(5) (7) (9)	First Lien Debt	S +	5.00%	9.30%	11/15/2031	1,470	1,456		1,456		0.14
NSI Holdings, Inc.	(5) (7) (18)	First Lien Debt	S +	5.00%	9.30%	11/15/2031	—	(1)		(3)		—
NSI Holdings, Inc.	(5) (7) (18)	First Lien Debt	S +	5.00%	9.30%	11/15/2031	—	(2)		(3)		—
								74,134		71,390		6.71
Financial Services
Applitools, Inc.	(5) (7) (11) (14)	First Lien Debt	S +	6.25% PIK	10.55%	05/25/2029	8,577	8,501		8,523		0.80
Applitools, Inc.	(5) (7) (14) (18)	First Lien Debt	S +	6.25%	10.55%	05/25/2028	—	(10)		(6)		—
Cerity Partners, LLC	(5) (7) (11)	First Lien Debt	S +	5.25%	9.56%	07/30/2029	954	933		954		0.09
Cerity Partners, LLC	(5) (7) (18)	First Lien Debt	S +	5.25%	9.56%	07/30/2029	5,019	4,946		5,017		0.47
Cerity Partners, LLC	(5) (7) (18)	First Lien Debt	S +	5.25%	9.56%	07/28/2029	340	335		340		0.03
GC Waves Holdings, Inc.	(5) (7) (9) (10) (11)	First Lien Debt	S +	4.75%	9.18%	10/04/2030	8,997	8,909		8,997		0.85
GC Waves Holdings, Inc.	(5) (7) (18)	First Lien Debt	S +	4.75%	9.18%	10/04/2030	1,461	1,373		1,461		0.14
GC Waves Holdings, Inc.	(5) (7) (18)	First Lien Debt	S +	4.75%	9.18%	10/04/2030	—	(6)		—		—
MAI Capital Management Intermediate, LLC	(5) (7) (10) (11)	First Lien Debt	S +	4.75%	9.05%	08/29/2031	1,930	1,912		1,930		0.18
MAI Capital Management Intermediate, LLC	(5) (7) (18)	First Lien Debt	S +	4.75%	9.05%	08/29/2031	451	444		451		0.04
MAI Capital Management Intermediate, LLC	(5) (7) (18)	First Lien Debt	S +	4.75%	9.05%	08/29/2031	104	100		104		0.01
PMA Parent Holdings, LLC	(5) (7) (10) (11)	First Lien Debt	S +	5.25%	9.58%	01/31/2031	2,102	2,072		2,084		0.20
PMA Parent Holdings, LLC	(5) (7) (18)	First Lien Debt	S +	5.25%	9.58%	01/31/2031	—	(2)		(1)		—
RFS Opco, LLC	(5) (8) (10) (11)	First Lien Debt	S +	4.75%	9.05%	04/04/2031	3,980	3,969		3,980		0.37
RFS Opco, LLC	(5) (8) (18)	First Lien Debt	S +	3.50%	7.79%	04/04/2029	667	659		665		0.06
SitusAMC Holdings Corp.	(5) (7) (10) (11)	First Lien Debt	S +	5.50%	9.90%	12/22/2027	21,935	21,814		21,935		2.06
Smarsh, Inc.	(5) (7) (10) (11)	First Lien Debt	S +	4.75%	9.05%	02/16/2029	5,625	5,558		5,558		0.52

14

T Series Middle Market Loan Fund LLC

Consolidated Schedules of Investments (Unaudited)

March 31, 2025

(In thousands, except unit amounts)

Investments (1)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(3)	Cost(4)		Fair Value		Percentage of Net Assets
Smarsh, Inc.	(5) (7) (18)	First Lien Debt	S +	4.75%	9.05%	02/16/2029	—	$	(5)	$	(2)	—	%
Smarsh, Inc.	(5) (7) (18)	First Lien Debt	S +	4.75%	9.05%	02/16/2029	107	100		100		0.01
Trintech, Inc.	(5) (6) (9) (11)	First Lien Debt	S +	5.50%	9.83%	07/25/2029	22,982	22,626		22,839		2.15
Trintech, Inc.	(5) (6) (18)	First Lien Debt	S +	5.50%	9.83%	07/25/2029	571	543		559		0.05
								84,771		85,488		8.03
Ground Transportation
SV Newco 2, Inc.	(5) (7) (10) (11) (14)	First Lien Debt	S +	4.75%	9.05%	06/02/2031	13,677	13,490		13,625		1.28
SV Newco 2, Inc.	(5) (7) (14) (18)	First Lien Debt	S +	4.75%	9.05%	06/02/2031	3,376	3,295		3,344		0.31
SV Newco 2, Inc.	(5) (7) (14) (18)	First Lien Debt	S +	4.75%	9.05%	06/02/2031	—	(68)		(20)		—
								16,717		16,949		1.59
Health Care Equipment & Supplies
PerkinElmer U.S., LLC	(5) (6) (9)	First Lien Debt	S +	5.00%	9.32%	03/13/2029	16,364	16,019		16,364		1.54
Tidi Legacy Products, Inc.	(5) (6) (9) (11)	First Lien Debt	S +	5.25%	9.58%	12/19/2029	3,048	2,997		3,048		0.29
Tidi Legacy Products, Inc.	(5) (6) (18)	First Lien Debt	S +	5.25%	9.58%	12/19/2029	—	(6)		—		—
Tidi Legacy Products, Inc.	(5) (6) (18)	First Lien Debt	S +	5.25%	9.58%	12/19/2029	—	(9)		—		—
YI, LLC	(5) (6) (9)	First Lien Debt	S +	5.75%	10.05%	12/03/2029	8,677	8,533		8,661		0.81
YI, LLC	(5) (6) (18)	First Lien Debt	S +	5.75%	10.05%	12/03/2029	—	(14)		(3)		—
YI, LLC	(5) (6) (18)	First Lien Debt	S +	5.75%	10.05%	12/03/2029	—	(22)		(2)		—
								27,498		28,068		2.64
Health Care Providers & Services
Advarra Holdings, Inc.	(5) (7) (11)	First Lien Debt	S +	4.50%	8.83%	09/15/2031	20,023	19,673		20,023		1.88
Advarra Holdings, Inc.	(5) (7) (18)	First Lien Debt	S +	4.50%	8.83%	09/15/2031	—	(4)		—		—
DCA Investment Holdings, LLC	(5) (7) (9)	First Lien Debt	S +	6.50%	10.73%	04/03/2028	20,390	20,128		19,972		1.88
DCA Investment Holdings, LLC	(5) (7) (9)	First Lien Debt	S +	6.50%	10.73%	04/03/2028	3,246	3,205		3,179		0.30
Gateway US Holdings, Inc.	(5) (7) (11) (14)	First Lien Debt	S +	4.75%	9.05%	09/22/2028	5,220	5,192		5,220		0.49
Gateway US Holdings, Inc.	(5) (7) (14)	First Lien Debt	S +	4.75%	9.05%	09/22/2028	1,471	1,465		1,471		0.14
Gateway US Holdings, Inc.	(5) (7) (14) (18)	First Lien Debt	S +	4.75%	9.05%	09/22/2028	—	(1)		—		—
Heartland Veterinary Partners, LLC	(5) (6) (10) (11)	First Lien Debt	S +	4.75%	9.47%	12/10/2026	5,891	5,869		5,891		0.55
Heartland Veterinary Partners, LLC	(5) (6) (10) (11)	Second Lien Debt		14.50% (incl. 7.00% PIK)	14.50%	12/10/2027	2,702	2,676		2,692		0.25
Heartland Veterinary Partners, LLC	(5) (6) (9)	First Lien Debt	S +	4.75%	9.47%	12/10/2026	13,339	13,291		13,339		1.25
Heartland Veterinary Partners, LLC	(5) (6) (9)	Second Lien Debt		14.50% (incl. 7.00% PIK)	14.50%	12/10/2027	1,051	1,041		1,047		0.10
Heartland Veterinary Partners, LLC	(5) (6) (18)	First Lien Debt	S +	4.75%	9.47%	12/10/2026	—	(4)		—		—

15

T Series Middle Market Loan Fund LLC

Consolidated Schedules of Investments (Unaudited)

March 31, 2025

(In thousands, except unit amounts)

Investments (1)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(3)	Cost(4)		Fair Value		Percentage of Net Assets
iCIMS, Inc.	(5) (7) (9)	First Lien Debt	S +	5.75%	10.04%	08/18/2028	7,282	$	7,210	$	7,282	0.68	%
iCIMS, Inc.	(5) (7) (18)	First Lien Debt	S +	5.75%	10.04%	08/18/2028	17	16		17		—
Imagine 360, LLC	(5) (7) (11)	First Lien Debt	S +	4.75%	9.05%	10/02/2028	6,063	6,010		6,047		0.57
Imagine 360, LLC	(5) (7) (18)	First Lien Debt	S +	4.75%	9.05%	10/02/2028	—	(4)		(2)		—
Imagine 360, LLC	(5) (7) (18)	First Lien Debt	S +	4.75%	9.05%	10/02/2028	—	(5)		(1)		—
Intelerad Medical Systems Incorporated	(5) (6) (10) (11) (14)	First Lien Debt	S +	6.50%	10.94%	08/21/2026	12,932	12,778		12,544		1.18
Intelerad Medical Systems Incorporated	(5) (6) (14)	First Lien Debt	S +	6.50%	10.94%	08/21/2026	894	888		867		0.08
Invictus Buyer, LLC	(5) (7) (10) (11)	First Lien Debt	S +	4.75%	9.05%	06/03/2031	4,030	3,993		4,015		0.38
Invictus Buyer, LLC	(5) (7) (18)	First Lien Debt	S +	4.75%	9.05%	06/03/2031	—	(7)		(6)		—
Invictus Buyer, LLC	(5) (7) (18)	First Lien Debt	S +	4.75%	9.05%	06/03/2031	—	(5)		(2)		—
mPulse Mobile, Inc.	(5) (7) (10) (11)	First Lien Debt	S +	6.25%	10.65%	12/17/2027	7,767	7,686		7,699		0.72
mPulse Mobile, Inc.	(5) (7) (9)	First Lien Debt	S +	6.25%	10.65%	12/17/2027	15,707	15,520		15,570		1.46
mPulse Mobile, Inc.	(5) (7) (18)	First Lien Debt	S +	6.25%	10.65%	12/17/2027	2,498	2,453		2,454		0.23
Pareto Health Intermediate Holdings, Inc.	(5) (6) (9)	First Lien Debt	S +	5.00%	9.22%	06/03/2030	24,345	23,961		24,253		2.28
Pareto Health Intermediate Holdings, Inc.	(5) (6) (18)	First Lien Debt	S +	5.00%	9.22%	06/01/2030	—	(2)		(1)		—
Pareto Health Intermediate Holdings, Inc.	(5) (6) (18)	First Lien Debt	S +	5.00%	9.22%	06/01/2029	—	(38)		(10)		—
PPV Intermediate Holdings, LLC	(5) (7) (9)	First Lien Debt	S +	5.75%	10.06%	08/31/2029	16,361	15,867		16,361		1.54
PPV Intermediate Holdings, LLC	(5) (7)	First Lien Debt	S +	6.00%	10.31%	08/31/2029	6,073	6,022		6,073		0.57
Stepping Stones Healthcare Services, LLC	(5) (7) (9)	First Lien Debt	S +	5.00%	9.30%	01/02/2029	4,244	4,205		4,244		0.40
Stepping Stones Healthcare Services, LLC	(5) (7) (18)	First Lien Debt	S +	5.00%	9.30%	01/02/2029	1,294	1,275		1,294		0.12
Stepping Stones Healthcare Services, LLC	(5) (7) (18)	First Lien Debt	S +	5.00%	9.30%	12/30/2026	—	(3)		—		—
Tivity Health, Inc.	(5) (7) (9)	First Lien Debt	S +	5.00%	9.33%	06/28/2029	2,652	2,626		2,649		0.25
Vardiman Black Holdings, LLC	(5) (8)	First Lien Debt	S +	7.00% (incl. 2.00% PIK)	11.42%	03/18/2027	9,770	9,770		9,611		0.90
Vardiman Black Holdings, LLC	(5) (8) (12) (18)	First Lien Debt	S +	7.00% (incl. 2.00% PIK)	11.42%	03/18/2027	1,054	1,032		1,035		0.10
								193,779		194,827		18.30
Health Care Technology
Hyland Software, Inc.	(5) (7) (11)	First Lien Debt	S +	5.00%	9.33%	09/19/2030	20,025	19,774		20,025		1.88
Hyland Software, Inc.	(5) (7) (18)	First Lien Debt	S +	5.00%	9.33%	09/19/2029	—	(11)		—		—
								19,763		20,025		1.88
Industrial Conglomerates
Aptean, Inc.	(5) (7) (9) (11) (15)	First Lien Debt	S +	4.75%	9.06%	01/30/2031	19,767	19,601		19,710		1.85
Aptean, Inc.	(5) (7) (18)	First Lien Debt	S +	4.75%	9.06%	01/30/2031	392	383		388		0.04
Aptean, Inc.	(5) (7) (18)	First Lien Debt	S +	4.75%	9.06%	01/30/2031	15	1		9		—

16

T Series Middle Market Loan Fund LLC

Consolidated Schedules of Investments (Unaudited)

March 31, 2025

(In thousands, except unit amounts)

Investments (1)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(3)		Cost(4)		Fair Value		Percentage of Net Assets
Excelitas Technologies Corp.	(5) (7) (9) (10) (11)	First Lien Debt	S +	5.25%	9.58%	08/13/2029	34,831		$	34,368	$	34,657	3.26	%
Excelitas Technologies Corp.	(5) (7) (10) (11)	First Lien Debt	E +	5.25%	7.61%	08/13/2029	€	6,537	6,671		7,026		0.66
Excelitas Technologies Corp.	(5) (7) (18)	First Lien Debt	S +	5.25%	9.58%	08/13/2029	—		(17)		(6)		—
Excelitas Technologies Corp.	(5) (7) (18)	First Lien Debt	S +	5.25%	9.58%	08/14/2028	—		(41)		(18)		—
Raptor Merger Sub Debt, LLC	(5) (7) (11)	First Lien Debt	S +	5.50%	9.80%	04/01/2029	31,826		31,160		31,645		2.97
Raptor Merger Sub Debt, LLC	(5) (7) (18)	First Lien Debt	S +	5.50%	9.80%	04/01/2029	651		601		637		0.06
									92,727		94,048		8.83
Insurance Services
Amerilife Holdings, LLC	(5) (7) (9)	First Lien Debt	S +	5.00%	9.26%	08/31/2029	29,175		28,759		29,175		2.74
Amerilife Holdings, LLC	(5) (7) (18)	First Lien Debt	S +	5.00%	9.26%	08/31/2029	1,804		1,784		1,804		0.17
Amerilife Holdings, LLC	(5) (7) (18)	First Lien Debt	S +	5.00%	9.26%	08/31/2028	—		(42)		—		—
Fetch Insurance Services, LLC	(5)	Other Debt		12.75% (incl. 3.75% PIK)	12.75%	10/31/2027	1,723		1,695		1,705		0.16
Foundation Risk Partners Corp.	(5) (7) (9)	First Lien Debt	S +	5.00%	9.30%	10/29/2030	6,277		6,146		6,277		0.59
Foundation Risk Partners Corp.	(5) (7) (18)	First Lien Debt	S +	5.00%	9.30%	10/29/2030	8,207		8,091		8,206		0.77
Foundation Risk Partners Corp.	(5) (7) (18)	First Lien Debt	S +	5.00%	9.30%	10/29/2029	—		(9)		—		—
Galway Borrower, LLC	(5) (7) (9) (11)	First Lien Debt	S +	4.50%	8.80%	09/29/2028	11,941		11,774		11,941		1.12
Galway Borrower, LLC	(5) (7) (18)	First Lien Debt	S +	4.50%	8.80%	09/29/2028	10,220		10,152		10,220		0.96
Galway Borrower, LLC	(5) (7) (18)	First Lien Debt	S +	4.50%	8.80%	09/29/2028	141		136		141		0.01
Higginbotham Insurance Agency, Inc.	(5) (6) (9) (10) (11)	First Lien Debt	S +	4.50%	8.83%	11/24/2028	12,598		12,535		12,529		1.18
Higginbotham Insurance Agency, Inc.	(5) (6) (18)	First Lien Debt	S +	4.50%	8.83%	11/24/2028	164		161		162		0.02
High Street Buyer, Inc.	(5) (7) (18)	First Lien Debt	S +	5.25%	9.55%	04/14/2028	27,352		27,005		27,352		2.57
Inszone Mid, LLC	(5) (6) (9) (11)	First Lien Debt	S +	5.25%	9.55%	11/30/2029	6,843		6,730		6,843		0.64
Inszone Mid, LLC	(5) (6) (18)	First Lien Debt	S +	5.25%	9.55%	11/30/2029	9,068		8,907		9,068		0.85
Inszone Mid, LLC	(5) (6) (18)	First Lien Debt	S +	5.25%	9.55%	11/30/2029	—		(20)		—		—
Integrity Marketing Acquisition, LLC	(5) (7) (9) (11)	First Lien Debt	S +	5.00%	9.31%	08/25/2028	29,562		29,562		29,562		2.78
Integrity Marketing Acquisition, LLC	(5) (7) (18)	First Lien Debt	S +	5.00%	9.31%	08/25/2028	—		—		—		—
Long Term Care Group, Inc.	(5) (7) (10) (11) (12)	First Lien Debt	S +	6.00%	10.53%	09/08/2027	12,567		12,453		10,965		1.03
Patriot Growth Insurance Services, LLC	(5) (7) (9)	First Lien Debt	S +	5.00%	9.45%	10/14/2028	4,429		4,376		4,429		0.42
Peter C. Foy & Associates Insurance Services, LLC	(5) (7) (9)	First Lien Debt	S +	5.50%	9.90%	11/01/2028	3,370		3,328		3,358		0.32
Peter C. Foy & Associates Insurance Services, LLC	(5) (7) (18)	First Lien Debt	S +	5.50%	9.90%	11/01/2028	14,073		13,972		13,960		1.31
RSC Acquisition, Inc.	(5) (6) (11)	First Lien Debt	S +	4.75%	9.05%	11/01/2029	23,164		23,027		23,147		2.17
RSC Acquisition, Inc.	(5) (7) (11)	First Lien Debt	S +	4.75%	9.05%	11/01/2029	767		760		767		0.07

17

T Series Middle Market Loan Fund LLC

Consolidated Schedules of Investments (Unaudited)

March 31, 2025

(In thousands, except unit amounts)

Investments (1)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(3)	Cost(4)		Fair Value		Percentage of Net Assets
World Insurance Associates, LLC	(5) (6) (9) (10) (11)	First Lien Debt	S +	5.00%	9.30%	04/03/2030	31,188	$	30,850	$	30,876	2.90	%
								242,132		242,487		22.78
Interactive Media & Services
Triple Lift, Inc.	(5) (7) (9)	First Lien Debt	S +	5.75%	10.21%	05/05/2028	4,607	4,555		4,460		0.42
IT Services
Apollo Acquisition, Inc.	(5) (7) (10) (11)	First Lien Debt	S +	5.00%	9.33%	12/30/2031	3,351	3,318		3,307		0.31
Apollo Acquisition, Inc.	(5) (7) (18)	First Lien Debt	S +	5.00%	9.33%	12/30/2031	—	(6)		(15)		—
Apollo Acquisition, Inc.	(5) (7) (18)	First Lien Debt	S +	5.00%	9.33%	12/30/2030	—	(4)		(6)		—
Catalis Intermediate, Inc.	(5) (7) (10) (11)	First Lien Debt	S +	5.50%	9.95%	08/04/2027	23,335	23,058		23,102		2.17
Catalis Intermediate, Inc.	(5) (7) (9)	First Lien Debt	S +	5.50%	9.95%	08/04/2027	5,250	5,196		5,198		0.49
Catalis Intermediate, Inc.	(5) (7) (18)	First Lien Debt	S +	5.50%	9.95%	08/04/2027	986	957		958		0.09
GI DI Cornfield Acquisition, LLC	(5) (7) (10) (11)	First Lien Debt	S +	4.50%	8.92%	03/09/2028	12,287	12,138		12,213		1.15
GI DI Cornfield Acquisition, LLC	(5) (7) (18)	First Lien Debt	S +	4.50%	8.92%	03/09/2028	—	(37)		(38)		—
Redwood Services Group, LLC	(5) (7) (11)	First Lien Debt	S +	5.25%	9.55%	06/15/2029	10,586	10,452		10,521		0.99
Redwood Services Group, LLC	(5) (7) (11) (18)	First Lien Debt	S +	5.25%	9.55%	06/15/2029	4,761	4,688		4,719		0.44
Ridge Trail US Bidco, Inc.	(5) (6) (9) (14)	First Lien Debt	S +	4.50%	8.80%	09/30/2031	13,667	13,473		13,510		1.27
Ridge Trail US Bidco, Inc.	(5) (6) (14) (18)	First Lien Debt	S +	4.50%	8.80%	09/30/2031	—	(33)		(54)		(0.01)
Ridge Trail US Bidco, Inc.	(5) (6) (14) (18)	First Lien Debt	S +	4.50%	8.80%	03/31/2031	425	403		407		0.04
Thrive Buyer, Inc. (Thrive Networks)	(5) (7) (9)	First Lien Debt	S +	4.75%	9.05%	02/02/2032	10,147	10,047		10,047		0.94
Thrive Buyer, Inc. (Thrive Networks)	(5) (7) (18)	First Lien Debt	S +	4.75%	9.05%	02/02/2032	141	123		123		0.01
Thrive Buyer, Inc. (Thrive Networks)	(5) (7) (18)	First Lien Debt	S +	4.75%	9.05%	02/02/2032	—	(13)		(13)		—
Victors Purchaser, LLC	(5) (8) (9)	First Lien Debt	S +	4.75%	9.05%	08/15/2031	1,815	1,798		1,814		0.17
Victors Purchaser, LLC	(5) (8) (18)	First Lien Debt	S +	4.75%	9.05%	08/15/2031	94	91		94		0.01
Victors Purchaser, LLC	(5) (8) (18)	First Lien Debt	S +	4.75%	9.05%	08/15/2031	—	(2)		—		—
								85,647		85,887		8.07
Life Sciences Tools & Services
Model N, Inc.	(5) (7) (10) (11)	First Lien Debt	S +	4.75%	9.05%	06/27/2031	13,482	13,357		13,482		1.27
Model N, Inc.	(5) (7) (18)	First Lien Debt	S +	4.75%	9.05%	06/27/2031	—	(12)		—		—
Model N, Inc.	(5) (7) (18)	First Lien Debt	S +	4.75%	9.05%	06/27/2031	—	(13)		—		—
								13,332		13,482		1.27
Machinery
Answer Acquisition, LLC	(5) (6) (9)	First Lien Debt	S +	6.00%	10.45%	12/30/2026	24,329	24,130		23,772		2.23

18

T Series Middle Market Loan Fund LLC

Consolidated Schedules of Investments (Unaudited)

March 31, 2025

(In thousands, except unit amounts)

Investments (1)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(3)	Cost(4)		Fair Value		Percentage of Net Assets
Answer Acquisition, LLC	(5) (6) (18)	First Lien Debt	S +	6.00%	10.45%	12/30/2026	367	$	346	$	304	0.03	%
Chase Intermediate, LLC	(5) (7) (18)	First Lien Debt	S +	4.75%	9.06%	10/30/2028	2,894	2,846		2,894		0.27
Chase Intermediate, LLC	(5) (7) (18)	First Lien Debt	S +	4.75%	9.06%	10/30/2028	23	20		23		—
MHE Intermediate Holdings, LLC	(5) (6) (9)	First Lien Debt	S +	6.00%	10.44%	07/21/2027	6,302	6,263		6,269		0.59
MHE Intermediate Holdings, LLC	(5) (6) (9)	First Lien Debt	S +	6.00%	10.44%	07/21/2027	1,943	1,925		1,931		0.18
								35,530		35,193		3.31
Multi-Utilities
AWP Group Holdings, Inc.	(5) (6) (11)	First Lien Debt	S +	4.75%	9.08%	12/23/2030	10,449	9,993		10,449		0.98
AWP Group Holdings, Inc.	(5) (6) (18)	First Lien Debt	S +	4.75%	9.08%	12/23/2030	1,103	1,086		1,103		0.10
AWP Group Holdings, Inc.	(5) (6) (18)	First Lien Debt	S +	4.75%	9.08%	12/23/2030	146	135		146		0.01
Vessco Midco Holdings, LLC	(5) (7) (10) (11)	First Lien Debt	S +	4.75%	9.05%	07/24/2031	1,697	1,681		1,697		0.16
Vessco Midco Holdings, LLC	(5) (7) (18)	First Lien Debt	S +	4.75%	9.05%	07/24/2031	149	146		149		0.01
Vessco Midco Holdings, LLC	(5) (7) (18)	First Lien Debt	S +	4.75%	9.05%	07/24/2031	—	(2)		—		—
								13,039		13,544		1.27
Pharmaceuticals
Caerus US 1, Inc.	(5) (7) (9) (14)	First Lien Debt	S +	5.00%	9.30%	05/25/2029	7,951	7,841		7,728		0.73
Caerus US 1, Inc.	(5) (7) (14)	First Lien Debt	S +	5.00%	9.30%	05/25/2029	1,163	1,146		1,131		0.11
Caerus US 1, Inc.	(5) (7) (14) (18)	First Lien Debt	S +	5.00%	9.30%	05/25/2029	21	11		(3)		—
								8,998		8,856		0.83
Professional Services
Accordion Partners, LLC	(5) (7) (9)	First Lien Debt	S +	5.25%	9.55%	11/17/2031	5,870	5,813		5,843		0.55
Accordion Partners, LLC	(5) (7) (18)	First Lien Debt	S +	5.25%	9.55%	11/17/2031	157	152		152		0.01
Accordion Partners, LLC	(5) (7) (18)	First Lien Debt	S +	5.25%	9.55%	11/17/2031	—	(6)		(3)		—
Bridgepointe Technologies, LLC	(5) (6) (9)	First Lien Debt	S +	5.00%	9.30%	12/31/2027	4,690	4,592		4,669		0.44
Bridgepointe Technologies, LLC	(5) (6) (18)	First Lien Debt	S +	5.00%	9.30%	12/31/2027	7,407	7,250		7,366		0.69
Bullhorn, Inc.	(5) (6) (18)	First Lien Debt	S +	5.00%	9.33%	10/01/2029	1,753	1,745		1,753		0.16
Bullhorn, Inc.	(5) (6) (18)	First Lien Debt	S +	5.00%	9.33%	10/01/2029	—	(1)		—		—
Carr, Riggs and Ingram Capital, LLC	(5) (8) (9)	First Lien Debt	S +	4.75%	9.07%	11/18/2031	575	569		569		0.05
Carr, Riggs and Ingram Capital, LLC	(5) (8) (18)	First Lien Debt	S +	4.75%	9.07%	11/18/2031	48	46		45		—
Carr, Riggs and Ingram Capital, LLC	(5) (8) (18)	First Lien Debt	S +	4.75%	9.07%	11/18/2031	33	32		32		—
ComPsych Investment Corp.	(5) (7) (10) (11)	First Lien Debt	S +	4.75%	9.04%	07/22/2031	2,323	2,312		2,323		0.22
ComPsych Investment Corp.	(5) (7) (18)	First Lien Debt	S +	4.75%	9.04%	07/22/2031	—	(2)		—		—
GPS Merger Sub, LLC	(5) (6) (11)	First Lien Debt	S +	6.00%	10.33%	10/02/2029	3,038	2,991		3,028		0.28
GPS Merger Sub, LLC	(5) (6) (18)	First Lien Debt	S +	6.00%	10.33%	10/02/2029	—	(4)		(2)		—
GPS Merger Sub, LLC	(5) (6) (18)	First Lien Debt	S +	6.00%	10.33%	10/02/2029	—	(7)		(1)		—

19

T Series Middle Market Loan Fund LLC

Consolidated Schedules of Investments (Unaudited)

March 31, 2025

(In thousands, except unit amounts)

Investments (1)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(3)	Cost(4)		Fair Value		Percentage of Net Assets
IG Investment Holdings, LLC	(5) (7) (9)	First Lien Debt	S +	5.00%	9.29%	09/22/2028	898	$	890	$	893	0.08	%
IG Investment Holdings, LLC	(5) (7) (18)	First Lien Debt	S +	5.00%	9.29%	09/22/2028	—	(1)		(1)		—
KENG Acquisition, Inc.	(5) (6) (9)	First Lien Debt	S +	5.00%	9.33%	08/01/2029	2,445	2,397		2,417		0.23
KENG Acquisition, Inc.	(5) (6) (18)	First Lien Debt	S +	5.00%	9.33%	08/01/2029	1,162	1,130		1,138		0.11
KENG Acquisition, Inc.	(5) (6) (18)	First Lien Debt	S +	5.00%	9.33%	08/01/2029	—	(12)		(8)		—
Project Boost Purchaser, LLC	(5) (7) (11)	First Lien Debt	S +	5.25%	9.56%	05/02/2029	7,994	7,943		7,994		0.75
Project Boost Purchaser, LLC	(5) (7) (18)	First Lien Debt	S +	5.25%	9.56%	05/02/2028	364	360		364		0.03
UHY Advisors, Inc.	(5) (7) (9)	First Lien Debt	S +	4.75%	9.06%	11/21/2031	442	437		440		0.04
UHY Advisors, Inc.	(5) (7) (18)	First Lien Debt	S +	4.75%	9.06%	11/21/2031	—	(2)		(2)		—
UHY Advisors, Inc.	(5) (7) (18)	First Lien Debt	S +	4.75%	9.06%	11/21/2031	26	25		26		—
Verdantas, LLC	(5) (7) (9)	First Lien Debt	S +	5.25%	9.58%	05/06/2031	16,368	16,145		16,358		1.54
Verdantas, LLC	(5) (7)	First Lien Debt	S +	5.25%	9.58%	05/06/2031	691	680		691		0.06
Verdantas, LLC	(5) (7) (18)	First Lien Debt	S +	5.25%	9.58%	05/06/2030	—	(22)		(1)		—
								55,452		56,083		5.27
Real Estate Management & Development
Associations, Inc.	(5) (6)	First Lien Debt	S +	6.50%	11.07%	07/03/2028	2,608	2,606		2,608		0.24
Associations, Inc.	(5) (6) (18)	First Lien Debt	S +	6.50%	11.07%	07/03/2028	50	50		50		—
Associations, Inc.	(5) (6) (18)	First Lien Debt	S +	6.50%	11.07%	07/03/2028	120	120		120		0.01
Inhabitiq, Inc.	(5) (7) (10) (11)	First Lien Debt	S +	4.50%	8.83%	01/12/2032	3,445	3,428		3,428		0.32
Inhabitiq, Inc.	(5) (7) (18)	First Lien Debt	S +	4.50%	8.83%	01/12/2032	—	(2)		(2)		—
Inhabitiq, Inc.	(5) (7) (18)	First Lien Debt	S +	4.50%	8.83%	01/12/2032	—	(3)		(3)		—
MRI Software, LLC	(5) (6) (9)	First Lien Debt	S +	4.75%	9.05%	02/10/2027	22,683	22,654		22,550		2.12
MRI Software, LLC	(5) (6) (18)	First Lien Debt	S +	4.75%	9.05%	02/10/2027	464	460		455		0.04
MRI Software, LLC	(5) (6) (18)	First Lien Debt	S +	4.75%	9.05%	02/10/2027	78	73		70		0.01
Zarya Intermediate, LLC	(5) (6) (10) (11) (14)	First Lien Debt	S +	6.50%	10.81%	07/01/2027	26,964	26,964		26,964		2.53
Zarya Intermediate, LLC	(5) (6) (14) (18)	First Lien Debt	S +	6.50%	10.81%	07/01/2027	—	—		—		—
								56,350		56,240		5.28
Software
Anaplan, Inc.	(5) (7) (9) (11)	First Lien Debt	S +	5.00%	9.30%	06/21/2029	21,625	21,368		21,625		2.03
Appfire Technologies, LLC	(5) (6) (9)	First Lien Debt	S +	5.00%	9.30%	03/09/2028	1,149	1,145		1,149		0.11
Appfire Technologies, LLC	(5) (6) (18)	First Lien Debt	S +	5.00%	9.30%	03/09/2028	—	(4)		—		—
Appfire Technologies, LLC	(5) (6) (18)	First Lien Debt	S +	5.00%	9.30%	03/09/2028	—	(1)		—		—
Artifact Bidco, Inc.	(5) (8)	First Lien Debt	S +	4.50%	8.80%	07/28/2031	10,566	10,469		10,566		0.99
Artifact Bidco, Inc.	(5) (8) (18)	First Lien Debt	S +	4.50%	8.80%	07/28/2031	—	(12)		—		—
Artifact Bidco, Inc.	(5) (8) (18)	First Lien Debt	S +	4.50%	8.80%	07/26/2030	—	(16)		—		—

20

T Series Middle Market Loan Fund LLC

Consolidated Schedules of Investments (Unaudited)

March 31, 2025

(In thousands, except unit amounts)

Investments (1)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(3)	Cost(4)		Fair Value		Percentage of Net Assets
AuditBoard, Inc.	(5) (6) (10) (11)	First Lien Debt	S +	4.75%	9.05%	07/14/2031	12,000	$	11,889	$	12,000	1.13	%
AuditBoard, Inc.	(5) (6) (18)	First Lien Debt	S +	4.75%	9.05%	07/14/2031	—	(26)		—		—
AuditBoard, Inc.	(5) (6) (18)	First Lien Debt	S +	4.75%	9.05%	07/14/2031	—	(20)		—		—
Banyan Software Holdings, LLC	(5) (6) (10) (11)	First Lien Debt	S +	5.25%	9.58%	01/02/2031	3,043	3,014		3,014		0.28
Banyan Software Holdings, LLC	(5) (6) (18)	First Lien Debt	S +	5.25%	9.58%	01/02/2031	633	623		623		0.06
Banyan Software Holdings, LLC	(5) (6) (18)	First Lien Debt	S +	5.25%	9.58%	01/02/2031	—	(3)		(3)		—
Bottomline Technologies, Inc.	(5) (7) (11)	First Lien Debt	S +	5.75%	10.05%	05/14/2029	18,233	17,984		18,233		1.71
Bottomline Technologies, Inc.	(5) (7) (18)	First Lien Debt	S +	5.75%	10.05%	05/15/2028	—	(14)		—		—
Coupa Holdings, LLC	(5) (7) (9)	First Lien Debt	S +	5.25%	9.54%	02/27/2030	17,580	17,240		17,543		1.65
Coupa Holdings, LLC	(5) (7) (18)	First Lien Debt	S +	5.25%	9.54%	02/27/2030	—	(6)		(1)		—
Coupa Holdings, LLC	(5) (7) (18)	First Lien Debt	S +	5.25%	9.54%	02/27/2029	—	(9)		(1)		—
Cyara AcquisitionCo, LLC	(5) (6)	First Lien Debt	S +	6.25% (incl. 2.25% PIK)	10.55%	06/28/2029	14,018	13,741		14,018		1.32
Cyara AcquisitionCo, LLC	(5) (6) (18)	First Lien Debt	S +	6.25% (incl. 2.25% PIK)	10.55%	06/28/2029	—	(17)		—		—
Diligent Corporation	(5) (7)	First Lien Debt	S +	5.00%	9.31%	08/02/2030	24,117	23,958		24,045		2.26
Diligent Corporation	(5) (7) (18)	First Lien Debt	S +	5.00%	9.31%	08/02/2030	—	(23)		(11)		—
Diligent Corporation	(5) (7) (18)	First Lien Debt	S +	5.00%	9.31%	08/02/2030	—	(15)		(7)		—
E-Discovery AcquireCo, LLC	(5) (6) (9)	First Lien Debt	S +	5.75%	10.02%	08/29/2029	7,955	7,809		7,939		0.75
E-Discovery AcquireCo, LLC	(5) (6) (18)	First Lien Debt	S +	5.75%	10.02%	08/29/2029	189	174		189		0.02
Espresso Bidco, Inc.	(5) (6) (11)	First Lien Debt	S +	5.25%	9.55%	03/25/2032	5,000	4,925		4,925		0.46
Espresso Bidco, Inc.	(5) (6) (11) (18)	First Lien Debt	S +	5.25%	9.55%	03/25/2032	—	(10)		(10)		—
Espresso Bidco, Inc.	(5) (6) (11) (18)	First Lien Debt	S +	5.25%	9.55%	03/25/2032	—	(9)		(9)		—
Everbridge Holdings, LLC	(5) (7) (10) (11)	First Lien Debt	S +	5.00%	9.31%	07/02/2031	22,243	22,141		22,243		2.09
Everbridge Holdings, LLC	(5) (7) (18)	First Lien Debt	S +	5.00%	9.31%	07/02/2031	2,535	2,515		2,535		0.24
Everbridge Holdings, LLC	(5) (7) (18)	First Lien Debt	S +	5.00%	9.31%	07/02/2031	—	(12)		—		—
Formstack Acquisition Co	(5) (6) (10) (11)	First Lien Debt	S +	5.25%	9.55%	03/28/2030	9,322	9,201		9,144		0.86
Formstack Acquisition Co	(5) (6) (18)	First Lien Debt	S +	5.25%	9.55%	03/28/2030	927	898		856		0.08
Formstack Acquisition Co	(5) (6) (18)	First Lien Debt	S +	5.25%	9.55%	03/28/2030	300	277		264		0.02
Fullsteam Operations, LLC	(5) (6) (9)	First Lien Debt	S +	8.25%	12.71%	11/27/2029	4,250	4,143		4,250		0.40
Fullsteam Operations, LLC	(5) (6) (18)	First Lien Debt	S +	8.25%	12.71%	11/27/2029	2,518	2,450		2,518		0.24
Fullsteam Operations, LLC	(5) (6) (18)	First Lien Debt	S +	8.25%	12.71%	11/27/2029	—	(6)		—		—
Granicus, Inc.	(5) (7)	First Lien Debt	S +	5.75% (incl. 2.25% PIK)	10.04%	01/17/2031	12,896	12,788		12,896		1.21

21

T Series Middle Market Loan Fund LLC

Consolidated Schedules of Investments (Unaudited)

March 31, 2025

(In thousands, except unit amounts)

Investments (1)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(3)		Cost(4)		Fair Value		Percentage of Net Assets
Granicus, Inc.	(5) (7)	First Lien Debt	S +	5.75% (incl. 2.25% PIK)	10.04%	01/17/2031	1,910		$	1,901	$	1,910	0.18	%
Granicus, Inc.	(5) (7) (18)	First Lien Debt	S +	5.75% (incl. 2.25% PIK)	10.04%	01/17/2031	—		(15)		—		—
GS AcquisitionCo, Inc.	(5) (6) (9)	First Lien Debt	S +	5.25%	9.55%	05/25/2028	10,182		10,140		10,182		0.96
GS AcquisitionCo, Inc.	(5) (7) (18)	First Lien Debt	S +	5.25%	9.55%	05/25/2028	297		291		297		0.03
GS AcquisitionCo, Inc.	(5) (6) (18)	First Lien Debt	S +	5.25%	9.55%	05/22/2028	—		(6)		—		—
Hootsuite, Inc.	(5) (9) (10) (11) (14)	First Lien Debt	S +	5.50%	9.80%	05/22/2030	17,865		17,626		17,820		1.67
Hootsuite, Inc.	(5) (14) (18)	First Lien Debt	S +	5.50%	9.80%	05/22/2030	—		(26)		(5)		—
Icefall Parent, Inc.	(5) (6) (10) (11)	First Lien Debt	S +	6.50%	10.79%	01/25/2030	5,314		5,223		5,284		0.50
Icefall Parent, Inc.	(5) (6) (18)	First Lien Debt	S +	6.50%	10.79%	01/25/2030	—		(8)		(3)		—
LegitScript, LLC	(5) (7) (11)	First Lien Debt	S +	5.75%	10.08%	06/24/2029	18,855		18,599		18,855		1.77
LegitScript, LLC	(5) (7)	First Lien Debt	S +	5.75%	10.08%	06/24/2029	499		492		499		0.05
LegitScript, LLC	(5) (7) (18)	First Lien Debt	S +	5.75%	10.08%	06/24/2028	958		926		958		0.09
LogRhythm, Inc.	(5) (6) (10) (11)	First Lien Debt	S +	7.50%	11.81%	07/02/2029	2,727		2,655		2,666		0.25
LogRhythm, Inc.	(5) (6) (18)	First Lien Debt	S +	7.50%	11.81%	07/02/2029	—		(7)		(6)		—
Montana Buyer, Inc.	(5) (7) (11)	First Lien Debt	S +	5.00%	9.33%	07/22/2029	8,464		8,346		8,464		0.80
Montana Buyer, Inc.	(5) (18)	First Lien Debt	P +	4.00%	11.50%	07/22/2028	168		157		168		0.02
Nasuni Corporation	(5) (7) (9)	First Lien Debt	S +	5.75%	10.05%	09/10/2030	8,276		8,160		8,276		0.78
Nasuni Corporation	(5) (7) (18)	First Lien Debt	S +	5.75%	10.05%	09/10/2030	—		(23)		—		—
Netwrix Corporation And Concept Searching, Inc.	(5) (7) (9)	First Lien Debt	S +	4.75%	9.06%	06/11/2029	5,048		5,016		5,017		0.47
Netwrix Corporation And Concept Searching, Inc.	(5) (7) (18)	First Lien Debt	S +	4.75%	9.06%	06/11/2029	—		(2)		(2)		—
Oak Purchaser, Inc.	(5) (7) (9)	First Lien Debt	S +	5.50%	9.72%	04/28/2028	4,777		4,748		4,777		0.45
Oak Purchaser, Inc.	(5) (7)	First Lien Debt	S +	5.50%	9.72%	04/28/2028	3,132		3,115		3,132		0.29
Oak Purchaser, Inc.	(5) (7) (18)	First Lien Debt	S +	5.50%	9.72%	04/28/2028	—		(3)		—		—
Onit, Inc.	(5) (7) (10) (11)	First Lien Debt	S +	4.75%	9.80%	01/27/2032	5,194		5,143		5,143		0.48
Onit, Inc.	(5) (7) (18)	First Lien Debt	S +	4.75%	9.80%	01/27/2032	—		(11)		(11)		—
Onit, Inc.	(5) (7) (18)	First Lien Debt	S +	4.75%	9.80%	01/27/2032	—		(7)		(7)		—
Optimizely North America, Inc.	(5) (7) (9) (14)	First Lien Debt	S +	5.00%	9.33%	10/30/2031	1,526		1,512		1,521		0.14
Optimizely North America, Inc.	(5) (7) (9) (14)	First Lien Debt	E +	5.25%	7.61%	10/30/2031	€	562	605		605		0.06
Optimizely North America, Inc.	(5) (7) (9) (14)	First Lien Debt	SA +	5.50%	9.96%	10/30/2031	£	187	241		241		0.02
Optimizely North America, Inc.	(5) (7) (14) (18)	First Lien Debt	S +	5.00%	9.33%	10/30/2031	—		(2)		(1)		—
Project Leopard Holdings, Inc.	(8) (10) (11) (14)	First Lien Debt	S +	5.25%	9.64%	07/20/2029	9,775		9,300		8,437		0.79
Revalize, Inc.	(5) (6) (9)	First Lien Debt	S +	5.75%	10.19%	04/15/2027	11,460		11,419		10,849		1.02

22

T Series Middle Market Loan Fund LLC

Consolidated Schedules of Investments (Unaudited)

March 31, 2025

(In thousands, except unit amounts)

Investments (1)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(3)	Cost(4)		Fair Value		Percentage of Net Assets
Revalize, Inc.	(5) (6) (18)	First Lien Debt	S +	5.75%	10.19%	04/15/2027	851	$	846	$	776	0.07	%
Riskonnect Parent, LLC	(5) (7) (9)	First Lien Debt	S +	4.75%	9.04%	12/07/2028	6,219	6,125		6,165		0.58
Riskonnect Parent, LLC	(5) (7) (18)	First Lien Debt	S +	4.75%	9.04%	12/07/2028	4,777	4,697		4,732		0.44
Riskonnect Parent, LLC	(5) (7) (18)	First Lien Debt	S +	4.75%	9.04%	12/07/2028	—	(14)		(8)		—
Runway Bidco, LLC	(5) (8) (9)	First Lien Debt	S +	5.00%	9.30%	12/17/2031	1,457	1,443		1,452		0.14
Runway Bidco, LLC	(5) (8) (18)	First Lien Debt	S +	5.00%	9.30%	12/17/2031	—	(2)		(1)		—
Runway Bidco, LLC	(5) (8) (18)	First Lien Debt	S +	5.00%	9.30%	12/17/2031	—	(2)		(1)		—
Saturn Borrower, Inc.	(5) (6) (9)	First Lien Debt	S +	6.00%	10.30%	11/10/2028	3,274	3,227		3,227		0.30
Saturn Borrower, Inc.	(5) (6) (18)	First Lien Debt	S +	6.00%	10.30%	11/10/2028	—	(9)		(9)		—
Saturn Borrower, Inc.	(5) (6) (18)	First Lien Debt	S +	6.00%	10.30%	11/10/2028	—	(8)		(8)		—
Securonix, Inc.	(5) (7) (11)	First Lien Debt	S +	7.00% (incl. 3.75% PIK)	11.29%	04/05/2028	21,211	20,998		18,600		1.75
Securonix, Inc.	(5) (7) (18)	First Lien Debt	S +	7.00% (incl. 3.75% PIK)	11.29%	04/05/2028	85	52		(380)		(0.04)
Trunk Acquisition, Inc.	(5) (6) (10) (11)	First Lien Debt	S +	6.00%	10.45%	02/19/2030	11,585	11,532		11,585		1.09
Trunk Acquisition, Inc.	(5) (6) (18)	First Lien Debt	S +	6.00%	10.45%	02/19/2030	153	150		153		0.01
Trunk Acquisition, Inc.	(5) (6) (18)	First Lien Debt	S +	6.00%	10.45%	02/19/2030	—	(2)		—		—
								353,087		351,882		33.05
Wireless Telecommunication Services
Mobile Communications America, Inc.	(5) (6) (11)	First Lien Debt	S +	5.25%	9.53%	10/16/2029	2,521	2,490		2,521		0.24
Mobile Communications America, Inc.	(5) (6) (18)	First Lien Debt	S +	5.25%	9.53%	10/16/2029	236	230		236		0.02
Mobile Communications America, Inc.	(5) (6) (18)	First Lien Debt	S +	5.25%	9.53%	10/16/2029	—	(5)		—		—
								2,715		2,757		0.26
Total Debt Investments - non-controlled/non-affiliated								$	2,026,339	$	2,003,188	188.16	%
Debt Investments - non-controlled/affiliated
Professional Services
KWOR Acquisition, Inc.	(5) (6) (19)	Second Lien Debt	S +	6.25% (incl. 5.25% PIK)	10.56%	2/28/2030	8,642	8,642		8,642		0.81
KWOR Acquisition, Inc.	(5) (6) (19)	Other Debt	S +	8.00% PIK	12.31%	2/28/2030	2,881	2,881		2,881		0.27
KWOR Acquisition, Inc.	(5) (6) (18) (19)	First Lien Debt	S +	6.25% (incl. 5.25% PIK)	10.56%	2/28/2030	49	1		49		—
KWOR Acquisition, Inc.	(5) (6) (18) (19)	First Lien Debt	S +	6.25% (incl. 5.25% PIK)	10.56%	2/28/2030	71	1		71		0.01
								11,525		11,643		1.09

23

T Series Middle Market Loan Fund LLC

Consolidated Schedules of Investments (Unaudited)

March 31, 2025

(In thousands, except unit amounts)

Investments (1)	Footnotes	Investment	Reference Rate and Spread	Interest Rate(2)	Maturity Date	Par Amount/ Shares(3)	Cost(4)		Fair Value		Percentage of Net Assets
Total Debt Investments - non-controlled/affiliated							$	11,525	$	11,643	1.09	%
Total Debt Investments							$	2,037,864	$	2,014,831	189.25	%

Investments (1)	Footnotes	Investment	Reference Rate and Spread		AcquisitionDate	Par Amount/ Shares(3)	Cost(4)		Fair Value		Percentage of Net Assets
Equity Investments
Commercial Services & Supplies
Firebird Acquisition Corp, Inc.	(5) (16) (17)	Common Equity			2/3/2025	50,000	$	48	$	48	—	%
Procure Acquiom Financial, LLC (Procure Analytics)	(5) (16) (17)	Common Equity			12/20/2021	500,000	500		812		0.08
Surewerx Topco, LP	(5) (14) (16) (17)	Common Equity			12/28/2022	104	104		131		0.01
							652		991		0.09
Containers & Packaging
BP Purchaser, LLC	(5) (16) (17)	Common Equity			12/10/2021	1,383,156	$	1,379	$	20	—
BP Purchaser, LLC Rights	(5) (16) (17)	Common Equity			3/12/2024	1,666,989	75		—		—
							1,454		20		—
Distributors
48Forty Solutions, LLC	(5) (9) (10) (11) (16) (17)	Common Equity			11/1/2024	3,969	—		—		—
Diversified Consumer Services
Eclipse Topco, Inc.	(5) (16)	Preferred Equity		12.50% PIK	9/5/2024	45	442		447		0.04
LUV Car Wash	(5) (16) (17)	Common Equity			12/6/2022	1,260	1,260		889		0.08
							1,702		1,336		0.13
Electrical Equipment
Sparkstone Electrical Group	(5) (16) (17)	Common Equity			10/15/2024	1,500	150		150		0.01
Health Care Providers & Services
mPulse Mobile, Inc.	(5) (16) (17)	Common Equity			12/17/2021	105,978	780		1,265		0.12
SDB Holdco, LLC	(5) (16) (17)	Common Equity			3/29/2024	9,100,924	—		—		—
Vardiman Black Holdings, LLC	(5) (16)	Preferred Equity		6.00% PIK	3/29/2024	4,415,744	3,015		983		0.09
							3,795		2,248		0.21
Insurance Services
Amerilife Holdings, LLC	(5) (16) (17)	Common Equity			9/1/2022	14,856	410		970		0.09
Frisbee Holdings, LP (Fetch)	(5) (16) (17)	Common Equity			10/31/2022	18,287	233		422		0.04
Integrity Marketing Acquisition, LLC	(5) (16)	Preferred Equity		10.50%	12/21/2021	1,000,000	1,390		1,390		0.13
							2,033		2,782		0.26
Professional Services
Verdantas, LLC	(5) (16) (17)	Common Equity			5/3/2024	3,984	4		5		—

24

T Series Middle Market Loan Fund LLC

Consolidated Schedules of Investments (Unaudited)

March 31, 2025

(In thousands, except unit amounts)

Investments (1)	Footnotes	Investment	Reference Rate and Spread		AcquisitionDate	Par Amount/ Shares(3)	Cost(4)		Fair Value		Percentage of Net Assets
Verdantas, LLC	(5) (16)	Preferred Equity		10.00%	5/3/2024	394,416	$	433	$	442	0.04		%
							437		447		0.04
Software
Fullsteam Operations, LLC	(5) (16) (17)	Common Equity			11/27/2023	11,270	380		916		0.09
Knockout Intermediate Holdings I, Inc.	(5) (16)	Preferred Equity		11.75%	6/25/2022	1,285	1,690		1,803		0.17
Revalize, Inc.	(5) (16)	Preferred Equity	S +	10.00%	12/14/2021	2,154	3,151		3,183		0.30
Reveal Data Solutions	(5) (16) (17)	Common Equity			8/29/2023	186,769	243		293		0.03
RSK Holdings, Inc. (Riskonnect)	(5) (16)	Preferred Equity	S +	10.50%	7/7/2022	2,123,800	2,985		3,127		0.29
							8,449		9,322		0.88
Total Equity Investments - non-controlled/non-affiliated							$	18,672	$	17,296	1.62		%
Equity Investments - non-controlled/affiliated
Professional Services
KWOR Intermediate I, Inc.	(5) (16) (17) (19)	Common Equity			2/28/2025	1,796	689		689		0.06
KWOR Intermediate I, Inc.	(5) (16) (19)	Preferred Equity	S +	8.00% PIK	2/28/2025	1,920,386	1,920		1,920		0.18
							2,609		2,609		0.25
Total Equity Investments - non-controlled/affiliated							2,609		2,609		0.25		%
Total Equity Investments							$	21,281	$	19,905	1.87		%
Total Portfolio Investments							2,059,145		2,034,736		191.12	%	%

Cash and Cash Equivalents
J.P. Morgan US Govt Money Market Fund	$	19,870	$	19,870	1.87		%
Cash	39,513		39,513		3.71		%
Total Cash and Cash Equivalents	$	59,383	$	59,383	5.58		%
Total Portfolio Investments, Cash and Cash Equivalents	$	2,118,528	$	2,094,119	196.70	%	%

(1)	Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments (including preferred equity investments) are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of March 31, 2025, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of March 31, 2025, the Company is an “affiliated person” of one of its portfolio companies, as indicated below.
(2)	Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either CORRA ("C"), EURIBOR ("E"), SOFR ("S") or SONIA ("SA") or an alternate base rate (commonly based on the Federal Funds Rate ("F") or the U.S. Prime Rate ("P")), each of which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of March 31, 2025. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at March 31, 2025. As of March 31, 2025, the reference rates for our variable rate loans were the C at 2.77%, 1-month E at 2.36%, 1-month S at 4.32%, the 3-month S at 4.29%, 6-month S at 4.19%, SA at 4.46% and the P at 7.50%.
(3)	Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars ("$" or "USD") unless otherwise noted, Euro ("€"), Great British Pound ("GBP"), or Canadian dollar ("CAD").

25

T Series Middle Market Loan Fund LLC

Consolidated Schedules of Investments (Unaudited)

March 31, 2025

(In thousands, except unit amounts)

(4)	The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
(5)	These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Company’s Valuation Designee (the “Valuation Designee”) under the supervision of the Board of Directors (the “Board of Directors” or the “Board”) (see Note 2 and Note 5), pursuant to the Company’s valuation policy.
(6)	Loan includes interest rate floor of 1.00%.
(7)	Loan includes interest rate floor of 0.75%.
(8)	Loan includes interest rate floor of 0.50%.
(9)	Assets or a portion thereof are pledged as collateral for the JPM Funding Facility (as defined below). See Note 6 “Debt”.
(10)	Assets or a portion thereof are pledged as collateral for the Barclays Funding Facility (as defined below). See Note 6 “Debt”.
(11)	Assets or a portion thereof are pledged as collateral for the BNP Funding Facility (as defined below). See Note 6 “Debt”.
(12)	The investment includes an exit fee that is receivable upon certain conditions being met. See Note 2 "Significant Accounting Policies".
(13)	Investment was on non-accrual status as of March 31, 2025.
(14)	The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of March 31, 2025, non-qualifying assets represented 8.19% of total assets as calculated in accordance with regulatory requirements.
(15)	Position or portion thereof unsettled as of March 31, 2025.
(16)	Securities exempt from registration under the Securities Act of 1933, as amended, and may be deemed to be “restricted securities.” As of March 31, 2025, the aggregate fair value of these securities is $19,905 or 1.87% of the Company’s net assets. The initial acquisition dates have been included for such securities.
(17)	Non-income producing security

(18) Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if     any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments as of March 31, 2025:

Investments — non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
First Lien Debt
48Forty Solutions, LLC	Revolver	11/30/2029	$	2,431	$	(933)
ARI Network Services, Inc.	Revolver	08/28/2026	19		—
AWP Group Holdings, Inc.	Delayed Draw Term Loan	08/23/2026	257		—
AWP Group Holdings, Inc.	Revolver	12/23/2030	583		—
Accordion Partners, LLC	Delayed Draw Term Loan	11/15/2026	822		(4)
Accordion Partners, LLC	Revolver	11/17/2031	652		(3)
Advarra Holdings, Inc.	Delayed Draw Term Loan	09/14/2026	1,851		—
Amerilife Holdings, LLC	Delayed Draw Term Loan	06/17/2026	1,459		—
Amerilife Holdings, LLC	Revolver	08/31/2028	3,688		—
Answer Acquisition, LLC	Revolver	12/30/2026	2,384		(55)
Any Hour, LLC	Delayed Draw Term Loan	05/23/2026	2,815		(40)
Any Hour, LLC	Revolver	05/23/2030	717		(10)
Apex Service Partners, LLC	Revolver	10/24/2029	269		—
Apollo Acquisition, Inc.	Delayed Draw Term Loan	12/30/2026	1,172		(15)
Apollo Acquisition, Inc.	Revolver	12/30/2030	469		(6)
Appfire Technologies, LLC	Delayed Draw Term Loan	12/31/2025	314		—
Appfire Technologies, LLC	Delayed Draw Term Loan	06/28/2026	300		—

26

T Series Middle Market Loan Fund LLC

Consolidated Schedules of Investments (Unaudited)

March 31, 2025

(In thousands, except unit amounts)

Investments — non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Appfire Technologies, LLC	Revolver	03/09/2028	$	122	$	—
Applitools, Inc.	Revolver	05/25/2028	900		(6)
Aptean, Inc.	Delayed Draw Term Loan	01/30/2026	499		(1)
Aptean, Inc.	Delayed Draw Term Loan	07/24/2025	668		—
Aptean, Inc.	Delayed Draw Term Loan	02/14/2027	594		(1)
Aptean, Inc.	Revolver	01/30/2031	1,656		(5)
Arcoro Holdings Corp.	Revolver	03/28/2030	1,304		(40)
Artifact Bidco, Inc.	Delayed Draw Term Loan	05/22/2027	2,586		—
Artifact Bidco, Inc.	Revolver	07/26/2030	1,847		—
Associations, Inc.	Delayed Draw Term Loan	07/03/2028	153		—
Associations, Inc.	Revolver	07/03/2028	42		—
Atlas Us Finco, Inc.	Revolver	12/09/2028	572		—
AuditBoard, Inc.	Delayed Draw Term Loan	07/12/2026	5,714		—
AuditBoard, Inc.	Revolver	07/14/2031	2,286		—
Banyan Software Holdings, LLC	Delayed Draw Term Loan	01/02/2027	997		(7)
Banyan Software Holdings, LLC	Revolver	01/02/2031	326		(3)
Bottomline Technologies, Inc.	Revolver	05/15/2028	1,333		—
Bradyplus Holdings, LLC	Delayed Draw Term Loan	10/31/2025	173		—
Bridgepointe Technologies, LLC	Delayed Draw Term Loan	06/03/2026	1,708		(8)
Bullhorn, Inc.	Delayed Draw Term Loan	05/11/2026	365		—
Bullhorn, Inc.	Revolver	10/01/2029	118		—
COP Collisionright Parent, LLC	Delayed Draw Term Loan	01/29/2026	829		—
COP Collisionright Parent, LLC	Revolver	01/29/2030	883		—
CRCI Longhorn Holdings, Inc.	Delayed Draw Term Loan	08/27/2026	882		—
CRCI Longhorn Holdings, Inc.	Revolver	08/27/2031	282		—
Caerus US 1, Inc.	Revolver	05/25/2029	833		(23)
Carr, Riggs and Ingram Capital, LLC	Delayed Draw Term Loan	11/18/2026	244		(2)
Carr, Riggs and Ingram Capital, LLC	Revolver	11/18/2031	100		(1)
Catalis Intermediate, Inc.	Revolver	08/04/2027	1,877		(19)
Cerity Partners, LLC	Delayed Draw Term Loan	06/07/2026	1,475		—
Cerity Partners, LLC	Delayed Draw Term Loan	01/21/2027	249		(2)
Cerity Partners, LLC	Revolver	07/30/2029	248		—
Chase Intermediate, LLC	Delayed Draw Term Loan	08/31/2025	1,238		—
Chase Intermediate, LLC	Revolver	10/30/2028	184		—
ComPsych Investment Corp.	Delayed Draw Term Loan	07/23/2027	667		—
Consor Intermediate II, LLC	Delayed Draw Term Loan	05/10/2026	1,814		—
Consor Intermediate II, LLC	Revolver	05/12/2031	602		—
Coupa Holdings, LLC	Delayed Draw Term Loan	08/27/2025	699		(1)

27

T Series Middle Market Loan Fund LLC

Consolidated Schedules of Investments (Unaudited)

March 31, 2025

(In thousands, except unit amounts)

Investments — non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Coupa Holdings, LLC	Revolver	02/27/2029	$	536	$	(1)
Cyara AcquisitionCo, LLC	Revolver	06/28/2029	887		—
DA Blocker Corp.	Delayed Draw Term Loan	02/10/2027	1,653		(8)
DA Blocker Corp.	Revolver	02/13/2032	386		(4)
Diligent Corporation	Delayed Draw Term Loan	04/30/2026	3,529		(11)
Diligent Corporation	Revolver	08/02/2030	2,353		(7)
Drivecentric Holdings, LLC	Revolver	08/15/2031	2,059		(9)
Dwyer Instruments, Inc.	Revolver	07/20/2029	2,002		(10)
E-Discovery AcquireCo, LLC	Revolver	08/29/2029	755		—
EVDR Purchaser, Inc.	Delayed Draw Term Loan	08/14/2025	309		—
EVDR Purchaser, Inc.	Revolver	02/14/2031	167		—
Eclipse Buyer, Inc.	Delayed Draw Term Loan	09/06/2026	160		—
Eclipse Buyer, Inc.	Revolver	09/08/2031	81		—
Energy Labs Holdings Corp.	Delayed Draw Term Loan	05/24/2026	87		(1)
Energy Labs Holdings Corp.	Revolver	04/07/2028	83		(1)
Espresso Bidco, Inc.	Delayed Draw Term Loan	03/25/2027	1,385		(10)
Espresso Bidco, Inc.	Revolver	03/25/2032	615		(9)
Essential Services Holding Corporation	Delayed Draw Term Loan	06/17/2026	2,231		—
Essential Services Holding Corporation	Revolver	06/17/2030	1,171		—
Everbridge Holdings, LLC	Delayed Draw Term Loan	07/02/2026	3,942		—
Everbridge Holdings, LLC	Revolver	07/02/2031	2,593		—
Excelitas Technologies Corp.	Delayed Draw Term Loan	05/01/2025	1,204		(6)
Excelitas Technologies Corp.	Revolver	08/14/2028	3,612		(18)
FLS Holding, Inc.	Revolver	12/17/2027	961		(113)
FPG Intermediate Holdco, LLC	Delayed Draw Term Loan	12/31/2025	10		—
Firebird Acquisition Corp, Inc.	Delayed Draw Term Loan	01/31/2027	500		(1)
Firebird Acquisition Corp, Inc.	Revolver	02/02/2032	150		(1)
Formstack Acquisition Co	Delayed Draw Term Loan	03/30/2026	2,805		(54)
Formstack Acquisition Co	Revolver	03/28/2030	1,575		(30)
Foundation Risk Partners Corp.	Delayed Draw Term Loan	02/26/2027	500		(1)
Foundation Risk Partners Corp.	Revolver	10/29/2029	1,069		—
Fullsteam Operations, LLC	Delayed Draw Term Loan	08/25/2025	389		—
Fullsteam Operations, LLC	Delayed Draw Term Loan	02/23/2026	69		—
Fullsteam Operations, LLC	Delayed Draw Term Loan	05/01/2026	1,260		—
Fullsteam Operations, LLC	Delayed Draw Term Loan	06/30/2026	140		—
Fullsteam Operations, LLC	Revolver	11/27/2029	238		—
GC Waves Holdings, Inc.	Delayed Draw Term Loan	10/04/2026	2,990		—
GC Waves Holdings, Inc.	Revolver	10/04/2030	382		—

28

T Series Middle Market Loan Fund LLC

Consolidated Schedules of Investments (Unaudited)

March 31, 2025

(In thousands, except unit amounts)

Investments — non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
GI DI Cornfield Acquisition, LLC	Delayed Draw Term Loan	05/31/2026	$	6,333	$	(38)
GPS Merger Sub, LLC	Delayed Draw Term Loan	10/02/2026	546		(2)
GPS Merger Sub, LLC	Revolver	10/02/2029	437		(1)
GS AcquisitionCo, Inc.	Delayed Draw Term Loan	03/26/2026	1,046		—
GS AcquisitionCo, Inc.	Revolver	05/22/2028	1,384		—
Galway Borrower, LLC	Delayed Draw Term Loan	02/06/2026	127		—
Galway Borrower, LLC	Revolver	09/29/2028	290		—
Gateway US Holdings, Inc.	Revolver	09/22/2028	213		—
Granicus, Inc.	Revolver	01/17/2031	1,797		—
GraphPad Software, LLC	Delayed Draw Term Loan	06/28/2026	3,964		—
GraphPad Software, LLC	Revolver	06/30/2031	1,651		—
HSI Halo Acquisition, Inc.	Delayed Draw Term Loan	06/28/2026	2,161		—
HSI Halo Acquisition, Inc.	Revolver	06/28/2030	1,743		—
Heartland Veterinary Partners, LLC	Revolver	12/10/2026	1,211		—
Helios Service Partners, LLC	Delayed Draw Term Loan	02/10/2026	518		(3)
Helios Service Partners, LLC	Delayed Draw Term Loan	07/24/2025	3,465		(19)
Helios Service Partners, LLC	Revolver	03/19/2027	504		(3)
Higginbotham Insurance Agency, Inc.	Delayed Draw Term Loan	03/27/2026	230		(1)
High Street Buyer, Inc.	Delayed Draw Term Loan	03/11/2026	413		—
Hootsuite, Inc.	Revolver	05/22/2030	2,000		(5)
Hyland Software, Inc.	Revolver	09/19/2029	961		—
IG Investment Holdings, LLC	Revolver	09/22/2028	101		(1)
Icefall Parent, Inc.	Revolver	01/25/2030	506		(3)
Imagine 360, LLC	Delayed Draw Term Loan	09/20/2026	859		(2)
Imagine 360, LLC	Revolver	10/02/2028	532		(1)
Inhabitiq, Inc.	Delayed Draw Term Loan	01/11/2027	957		(2)
Inhabitiq, Inc.	Revolver	01/12/2032	598		(3)
Inszone Mid, LLC	Delayed Draw Term Loan	11/30/2025	1,019		—
Inszone Mid, LLC	Revolver	11/30/2029	1,269		—
Integrity Marketing Acquisition, LLC	Revolver	08/25/2028	290		—
Invictus Buyer, LLC	Delayed Draw Term Loan	06/03/2026	1,688		(6)
Invictus Buyer, LLC	Revolver	06/03/2031	625		(2)
Iris Buyer, LLC	Revolver	10/02/2029	300		(1)
KENG Acquisition, Inc.	Delayed Draw Term Loan	08/01/2025	705		(8)
KENG Acquisition, Inc.	Delayed Draw Term Loan	07/17/2026	298		(3)
KENG Acquisition, Inc.	Revolver	08/01/2029	675		(8)
LJ Avalon Holdings, LLC	Delayed Draw Term Loan	10/01/2025	1,743		—
LJ Avalon Holdings, LLC	Revolver	02/01/2029	486		—

29

T Series Middle Market Loan Fund LLC

Consolidated Schedules of Investments (Unaudited)

March 31, 2025

(In thousands, except unit amounts)

Investments — non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
LeadVenture, Inc.	Delayed Draw Term Loan	08/28/2026	$	63	$	(1)
LegitScript, LLC	Revolver	06/24/2028	2,036		—
LogRhythm, Inc.	Revolver	07/02/2029	273		(6)
MAI Capital Management Intermediate, LLC	Delayed Draw Term Loan	08/29/2026	689		—
MAI Capital Management Intermediate, LLC	Revolver	08/29/2031	326		—
MRI Software, LLC	Delayed Draw Term Loan	09/04/2026	1,044		(6)
MRI Software, LLC	Revolver	02/10/2027	1,327		(8)
Magneto Components Buyco, LLC	Delayed Draw Term Loan	06/05/2025	4,716		(91)
Magneto Components Buyco, LLC	Revolver	12/05/2029	3,930		(76)
Magnolia Wash Holdings	Revolver	07/14/2028	150		(16)
Mantech International CP	Delayed Draw Term Loan	06/14/2025	2,735		—
Mantech International CP	Revolver	09/14/2028	2,613		—
Mobile Communications America, Inc.	Delayed Draw Term Loan	10/16/2025	586		—
Mobile Communications America, Inc.	Revolver	10/16/2029	412		—
Model N, Inc.	Delayed Draw Term Loan	06/26/2026	2,765		—
Model N, Inc.	Revolver	06/27/2031	1,475		—
Montana Buyer, Inc.	Revolver	07/22/2028	810		—
NSI Holdings, Inc.	Delayed Draw Term Loan	11/15/2026	263		(3)
NSI Holdings, Inc.	Revolver	11/15/2031	263		(3)
Nasuni Corporation	Revolver	09/10/2030	1,724		—
Netwrix Corporation And Concept Searching, Inc.	Revolver	06/11/2029	316		(2)
Oak Purchaser, Inc.	Revolver	04/28/2028	620		—
Onit, Inc.	Delayed Draw Term Loan	01/27/2027	2,292		(11)
Onit, Inc.	Revolver	01/27/2032	764		(7)
Optimizely North America, Inc.	Revolver	10/30/2031	225		(1)
PDI TA Holdings, Inc.	Delayed Draw Term Loan	02/01/2026	262		—
PDI TA Holdings, Inc.	Revolver	02/03/2031	225		—
PMA Parent Holdings, LLC	Revolver	01/31/2031	148		(1)
PT Intermediate Holdings III, LLC	Delayed Draw Term Loan	04/08/2026	2,212		—
Pareto Health Intermediate Holdings, Inc.	Delayed Draw Term Loan	06/20/2026	377		(1)
Pareto Health Intermediate Holdings, Inc.	Revolver	06/01/2029	2,713		(10)
Peter C. Foy & Associates Insurance Services, LLC	Delayed Draw Term Loan	04/23/2026	72		—
Procure Acquireco, Inc. (Procure Analytics)	Delayed Draw Term Loan	10/31/2026	165		—
Procure Acquireco, Inc. (Procure Analytics)	Revolver	12/20/2028	1,190		—
Project Accelerate Parent, LLC	Revolver	02/24/2031	188		—
Project Boost Purchaser, LLC	Revolver	05/02/2028	278		—
Project Potter Buyer, LLC	Revolver	04/23/2026	535		—
Pye-Barker Fire & Safety, LLC	Delayed Draw Term Loan	05/24/2026	2,096		—

30

T Series Middle Market Loan Fund LLC

Consolidated Schedules of Investments (Unaudited)

March 31, 2025

(In thousands, except unit amounts)

Investments — non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Pye-Barker Fire & Safety, LLC	Revolver	05/24/2030	$	1,063	$	—
RFS Opco, LLC	Revolver	04/04/2029	333		—
Randy's Holdings, Inc.	Delayed Draw Term Loan	11/01/2025	1,767		—
Randy's Holdings, Inc.	Revolver	11/01/2029	925		—
Raptor Merger Sub Debt, LLC	Revolver	04/01/2029	1,791		(10)
Redwood Services Group, LLC	Delayed Draw Term Loan	02/05/2026	20		—
Redwood Services Group, LLC	Delayed Draw Term Loan	01/03/2027	3,555		(17)
Revalize, Inc.	Revolver	04/15/2027	568		(30)
Ridge Trail US Bidco, Inc.	Delayed Draw Term Loan	03/30/2027	4,724		(54)
Ridge Trail US Bidco, Inc.	Revolver	03/31/2031	1,150		(13)
Riskonnect Parent, LLC	Delayed Draw Term Loan	03/01/2026	231		(2)
Riskonnect Parent, LLC	Revolver	12/07/2028	914		(8)
RoadOne IntermodaLogistics	Revolver	12/29/2028	41		(1)
Routeware, Inc.	Delayed Draw Term Loan	09/18/2026	693		(4)
Routeware, Inc.	Revolver	09/18/2031	170		(1)
Runway Bidco, LLC	Delayed Draw Term Loan	12/17/2026	362		(1)
Runway Bidco, LLC	Revolver	12/17/2031	181		(1)
SV Newco 2, Inc.	Delayed Draw Term Loan	05/31/2026	5,215		(20)
SV Newco 2, Inc.	Revolver	06/02/2031	5,155		(20)
Saturn Borrower, Inc.	Delayed Draw Term Loan	01/24/2027	1,190		(9)
Saturn Borrower, Inc.	Revolver	11/10/2028	536		(8)
Securonix, Inc.	Revolver	04/05/2028	3,697		(455)
Sherlock Buyer Corp.	Revolver	12/08/2027	2,876		—
Smarsh, Inc.	Delayed Draw Term Loan	01/31/2027	1,072		(2)
Smarsh, Inc.	Revolver	02/16/2029	696		(6)
Sonny's Enterprises, LLC	Delayed Draw Term Loan	06/05/2026	2,452		(126)
Sonny's Enterprises, LLC	Revolver	08/05/2027	1,008		(52)
Spark Buyer, LLC	Delayed Draw Term Loan	10/15/2026	375		(3)
Spark Buyer, LLC	Revolver	10/15/2031	188		(2)
Stepping Stones Healthcare Services, LLC	Delayed Draw Term Loan	04/25/2026	906		—
Stepping Stones Healthcare Services, LLC	Revolver	12/30/2026	625		—
Superman Holdings, LLC	Delayed Draw Term Loan	08/28/2026	786		—
Superman Holdings, LLC	Revolver	08/29/2031	967		—
Surewerx Purchaser III, Inc.	Delayed Draw Term Loan	12/28/2025	168		—
Surewerx Purchaser III, Inc.	Revolver	12/28/2028	68		—
Tamarack Intermediate, LLC	Revolver	03/13/2028	2,475		(19)
Tank Holding Corp.	Revolver	03/31/2028	1,333		(52)
Thrive Buyer, Inc. (Thrive Networks)	Delayed Draw Term Loan	01/31/2027	3,388		(17)

31

T Series Middle Market Loan Fund LLC

Consolidated Schedules of Investments (Unaudited)

March 31, 2025

(In thousands, except unit amounts)

Investments — non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Thrive Buyer, Inc. (Thrive Networks)	Revolver	02/02/2032	$	1,324	$	(13)
Tidi Legacy Products, Inc.	Delayed Draw Term Loan	06/19/2025	812		—
Tidi Legacy Products, Inc.	Revolver	12/19/2029	585		—
Transit Technologies, LLC	Delayed Draw Term Loan	08/20/2026	624		—
Transit Technologies, LLC	Revolver	08/20/2030	545		—
Trintech, Inc.	Revolver	07/25/2029	1,429		(9)
Trunk Acquisition, Inc.	Delayed Draw Term Loan	12/20/2026	386		—
Trunk Acquisition, Inc.	Revolver	02/19/2030	1,071		—
UHY Advisors, Inc.	Delayed Draw Term Loan	11/22/2026	442		(2)
UHY Advisors, Inc.	Revolver	11/21/2031	91		—
V Global Holdings, LLC	Revolver	12/22/2027	293		(15)
VRC Companies, LLC	Revolver	06/29/2027	293		—
Vamos Bidco, Inc.	Delayed Draw Term Loan	01/30/2027	1,125		(6)
Vamos Bidco, Inc.	Revolver	01/30/2032	337		(3)
Vardiman Black Holdings, LLC	Delayed Draw Term Loan	03/29/2026	100		(2)
Vehlo Purchaser, LLC	Delayed Draw Term Loan	10/05/2025	962		(5)
Vehlo Purchaser, LLC	Revolver	05/24/2028	9		—
Vensure Employer Services, Inc.	Delayed Draw Term Loan	09/27/2026	410		(3)
Verdantas, LLC	Revolver	05/06/2030	1,754		(1)
Vertex Service Partners, LLC	Delayed Draw Term Loan	10/01/2026	201		—
Vertex Service Partners, LLC	Revolver	11/08/2030	281		—
Vessco Midco Holdings, LLC	Delayed Draw Term Loan	07/24/2026	417		—
Vessco Midco Holdings, LLC	Revolver	07/24/2031	189		—
Victors Purchaser, LLC	Delayed Draw Term Loan	08/15/2026	339		—
Victors Purchaser, LLC	Revolver	08/15/2031	248		—
YI, LLC	Delayed Draw Term Loan	06/01/2025	1,831		(3)
YI, LLC	Revolver	12/03/2029	1,373		(2)
Zarya Intermediate, LLC	Revolver	07/01/2027	2,807		—
iCIMS, Inc.	Revolver	08/18/2028	138		—
mPulse Mobile, Inc.	Revolver	12/17/2027	2,498		(22)
Total First Lien Debt Unfunded Commitments — non-controlled/non-affiliated			$	265,210	$	(2,854)
First Lien Debt — non-controlled/affiliated
KWOR Acquisition, Inc.	Delayed Draw Term Loan	02/28/2027	1,946		—
KWOR Acquisition, Inc.	Revolver	02/28/2030	1,427		—
Total First Lien Debt Unfunded Commitments — non-controlled/affiliated			$	3,373	$	—
Total Unfunded Commitments			$	268,583	$	(2,854)

32

Table of Contents

T Series Middle Market Loan Fund LLC

Consolidated Schedules of Investments

March 31, 2025

(In thousands, except unit amounts)

(19) As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns, either directly or indirectly, 5% or more of the portfolio company's voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled affiliates for the three months ended March 31, 2025 were as follows:

	Fair Value as of December 31, 2024		Gross Additions (b)		Gross Reductions (c)		Net Change in Unrealized Gains (Losses)		Net Realized Gain (Loss)		Fair Value as of March 31, 2025		Interest, Dividend and Other Income
KWOR Acquisition, Inc.(a)	$	—	$	14,134	$	—	$	118	$	—	$	14,252	$	116
Total	$	—	$	14,134	$	—	$	118	$	—	$	14,252	$	116

(a) Inclusive of positions titled KWOR Intermediate I, Inc.

(b) Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, payment-in-kind (“PIK”) interest, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

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

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

33

T Series Middle Market Loan Fund LLC

Consolidated Schedules of Investments

December 31, 2024

(In thousands, except unit amounts)

Investments-non-controlled/non-affiliated(1)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(3)	Cost(4)		Fair Value		Percentage of Net Assets
Debt Investments
Aerospace & Defense
Jonathan Acquisition Company	(5) (6)	First Lien Debt	S +	5.00%	9.43%	12/22/2026	375	$	368	$	375	0.04	%
Mantech International CP	(5) (7) (9)	First Lien Debt	S +	5.00%	9.59%	09/14/2029	18,234	17,980		18,234		1.75
Mantech International CP	(5) (7) (17)	First Lien Debt	S +	5.00%	9.59%	09/14/2029	—	(30)		—		—
Mantech International CP	(5) (7) (17)	First Lien Debt	S +	5.00%	9.59%	09/14/2028	—	(32)		—		—
								18,286		18,609		1.79
Air Freight & Logistics
AGI-CFI Holdings, Inc.	(5) (7) (10)	First Lien Debt	S +	5.75%	10.23%	06/11/2027	10,296	10,180		10,296		0.99
RoadOne IntermodaLogistics	(5) (6) (9)	First Lien Debt	S +	6.25%	10.84%	12/29/2028	333	326		326		0.03
RoadOne IntermodaLogistics	(5) (6)	First Lien Debt	S +	6.25%	10.84%	12/29/2028	31	30		30		—
RoadOne IntermodaLogistics	(5) (6) (17)	First Lien Debt	S +	6.25%	10.84%	12/29/2028	15	14		14		—
								10,550		10,666		1.02
Automobile Components
Continental Battery Company	(5) (6) (11) (12)	First Lien Debt	S +	7.00% (incl. 4.08% PIK)	11.48%	01/20/2027	6,473	6,415		4,571		0.44
Randy's Holdings, Inc.	(5) (6) (10)	First Lien Debt	S +	5.00%	9.45%	11/01/2029	12,137	11,878		12,137		1.16
Randy's Holdings, Inc.	(5) (6) (17)	First Lien Debt	S +	5.00%	9.45%	11/01/2029	1,220	1,165		1,220		0.12
Randy's Holdings, Inc.	(5) (6) (17)	First Lien Debt	S +	5.00%	9.45%	11/01/2029	561	529		561		0.05
Sonny's Enterprises, LLC	(5) (6) (9)	First Lien Debt	S +	5.50%	10.17%	08/05/2028	11,291	11,085		10,929		1.05
Sonny's Enterprises, LLC	(5) (6) (17)	First Lien Debt	S +	5.50%	10.17%	08/05/2028	2,693	2,632		2,528		0.24
Sonny's Enterprises, LLC	(5) (6) (17)	First Lien Debt	S +	5.50%	10.17%	08/05/2027	600	563		523		0.05
								34,267		32,469		3.12
Automobiles
ARI Network Services, Inc.	(5) (7) (10)	First Lien Debt	S +	5.00%	9.36%	08/28/2026	13,977	13,870		13,926		1.34
ARI Network Services, Inc.	(5) (7) (17)	First Lien Debt	S +	5.00%	9.36%	08/28/2026	14	14		14		—
COP Collisionright Parent, LLC	(5) (6) (9) (11)	First Lien Debt	S +	5.50%	10.09%	01/29/2030	6,354	6,242		6,279		0.60
COP Collisionright Parent, LLC	(5) (6) (17)	First Lien Debt	S +	5.50%	10.09%	01/29/2030	1,861	1,812		1,818		0.17
COP Collisionright Parent, LLC	(5) (6) (17)	First Lien Debt	S +	5.50%	10.09%	01/29/2030	154	137		142		0.01
Drivecentric Holdings, LLC	(5) (7) (9)	First Lien Debt	S +	4.75%	9.27%	08/15/2031	15,441	15,293		15,429		1.48
Drivecentric Holdings, LLC	(5) (7) (17)	First Lien Debt	S +	4.75%	9.27%	08/15/2031	—	(19)		(2)		—
LeadVenture, Inc.	(5) (7) (17)	First Lien Debt	S +	5.00%	9.36%	08/28/2026	62	61		62		0.01
Turbo Buyer, Inc.	(5) (6)	First Lien Debt	S +	6.00%	10.48%	12/02/2025	979	967		946		0.09
Vehlo Purchaser, LLC	(5) (7) (10)	First Lien Debt	S +	5.25%	9.61%	05/24/2028	195	193		193		0.02
Vehlo Purchaser, LLC	(5) (7) (17)	First Lien Debt	S +	5.25%	9.61%	05/24/2028	47	42		41		—
Vehlo Purchaser, LLC	(5) (7) (17)	First Lien Debt	S +	5.25%	9.61%	05/24/2028	—	—		—		—
								38,612		38,848		3.73

34

T Series Middle Market Loan Fund LLC

Consolidated Schedules of Investments

December 31, 2024

(In thousands, except unit amounts)

Investments-non-controlled/non-affiliated(1)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(3)	Cost(4)		Fair Value		Percentage of Net Assets
Biotechnology
GraphPad Software, LLC	(5) (7) (10)	First Lien Debt	S +	4.75%	9.08%	06/30/2031	17,567	$	17,484	$	17,567	1.69	%
GraphPad Software, LLC	(5) (7) (17)	First Lien Debt	S +	4.75%	9.08%	06/30/2031	440	419		440		0.04
GraphPad Software, LLC	(5) (7) (17)	First Lien Debt	S +	4.75%	9.08%	06/30/2031	—	(8)		—		—
								17,895		18,007		1.73
Building Products
Project Potter Buyer, LLC	(5) (6) (10)	First Lien Debt	S +	6.00%	10.33%	04/23/2027	8,038	8,038		8,038		0.77
Project Potter Buyer, LLC	(5) (6) (17)	First Lien Debt	S +	6.00%	10.33%	04/23/2026	—	—		—		—
								8,038		8,038		0.77
Chemicals
Tank Holding Corp.	(5) (7) (9)	First Lien Debt	S +	5.75%	10.27%	03/31/2028	26,654	26,295		26,181		2.51
Tank Holding Corp.	(5) (7) (17)	First Lien Debt	S +	5.75%	10.27%	03/31/2028	868	846		863		0.08
Tank Holding Corp.	(7) (17)	First Lien Debt	S +	5.75%	10.27%	03/31/2028	—	(15)		(26)		—
V Global Holdings, LLC	(5) (7) (10)	First Lien Debt	S +	5.75%	10.42%	12/22/2027	7,808	7,715		7,421		0.71
V Global Holdings, LLC	(5) (7) (17)	First Lien Debt	S +	5.75%	10.42%	12/22/2025	638	632		584		0.06
								35,473		35,023		3.36
Commercial Services & Supplies
Atlas Us Finco, Inc.	(5) (6) (10) (13)	First Lien Debt	S +	5.00%	9.63%	12/09/2029	16,993	16,660		16,993		1.63
Atlas Us Finco, Inc.	(5) (6) (13) (17)	First Lien Debt	S +	5.00%	9.63%	12/09/2028	—	(11)		—		—
BPG Holdings IV Corp.	(5) (7) (11)	First Lien Debt	S +	6.00%	10.33%	07/29/2029	8,385	7,965		7,219		0.69
Consor Intermediate II, LLC	(5) (7) (10)	First Lien Debt	S +	4.50%	8.83%	05/12/2031	2,475	2,452		2,462		0.24
Consor Intermediate II, LLC	(5) (7) (17)	First Lien Debt	S +	4.50%	8.83%	05/12/2031	—	(10)		(13)		—
Consor Intermediate II, LLC	(5) (7) (17)	First Lien Debt	S +	4.50%	8.83%	05/12/2031	—	(5)		(3)		—
CRCI Longhorn Holdings, Inc.	(5) (7) (11)	First Lien Debt	S +	5.00%	9.36%	08/27/2031	3,529	3,495		3,529		0.34
CRCI Longhorn Holdings, Inc.	(5) (7) (17)	First Lien Debt	S +	5.00%	9.36%	08/27/2031	—	(4)		—		—
CRCI Longhorn Holdings, Inc.	(5) (7) (17)	First Lien Debt	S +	5.00%	9.36%	08/27/2031	265	259		265		0.03
Encore Holdings, LLC	(5) (7) (10)	First Lien Debt	S +	5.25%	9.68%	11/23/2028	1,208	1,195		1,204		0.12
Encore Holdings, LLC	(5) (7) (17)	First Lien Debt	S +	5.25%	9.68%	11/23/2028	3,460	3,413		3,436		0.33
Encore Holdings, LLC	(5) (17)	First Lien Debt	P +	4.00%	11.50%	11/23/2027	—	(3)		(1)		—
Energy Labs Holdings Corp.	(5) (6) (9)	First Lien Debt	S +	5.00%	9.46%	04/07/2028	396	392		391		0.04
Energy Labs Holdings Corp.	(5) (6) (17)	First Lien Debt	S +	5.00%	9.46%	04/07/2028	65	64		64		0.01
Energy Labs Holdings Corp.	(5) (6) (17)	First Lien Debt	S +	5.00%	9.46%	04/07/2028	—	(1)		(1)		—
FLS Holding, Inc.	(5) (6) (10) (13)	First Lien Debt	S +	5.25%	9.71%	12/15/2028	20,088	19,830		17,947		1.72
FLS Holding, Inc.	(5) (6) (9) (13)	First Lien Debt	S +	5.25%	9.71%	12/15/2028	4,710	4,650		4,208		0.40
FLS Holding, Inc.	(5) (6) (13) (17)	First Lien Debt	S +	5.25%	9.71%	12/17/2027	961	942		756		0.07

35

T Series Middle Market Loan Fund LLC

Consolidated Schedules of Investments

December 31, 2024

(In thousands, except unit amounts)

Investments-non-controlled/non-affiliated(1)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(3)		Cost(4)		Fair Value		Percentage of Net Assets
Helios Service Partners, LLC	(5) (6) (9)	First Lien Debt	S +	5.00%	9.59%	03/19/2027	2,654		$	2,610	$	2,653	0.25	%
Helios Service Partners, LLC	(5) (6) (17)	First Lien Debt	S +	5.00%	9.59%	03/19/2027	4,348		4,238		4,311		0.41
Helios Service Partners, LLC	(5) (6) (17)	First Lien Debt	S +	5.00%	9.59%	03/19/2027	—		(8)		—		—
Hercules Borrower, LLC	(5) (7) (17)	First Lien Debt	S +	5.25%	9.68%	12/15/2026	478		458		462		0.04
HSI Halo Acquisition, Inc.	(5) (7) (10)	First Lien Debt	S +	5.00%	9.59%	06/30/2031	14,642		14,503		14,642		1.41
HSI Halo Acquisition, Inc.	(5) (7) (17)	First Lien Debt	S +	5.00%	9.59%	06/30/2031	453		441		453		0.04
HSI Halo Acquisition, Inc.	(5) (7) (17)	First Lien Debt	S +	5.00%	9.59%	06/28/2030	—		(16)		—		—
Iris Buyer, LLC	(5) (6) (11)	First Lien Debt	S +	6.25%	10.84%	10/02/2030	2,974		2,903		2,974		0.29
Iris Buyer, LLC	(5) (6) (11) (17)	First Lien Debt	S +	6.25%	10.84%	10/02/2030	280		272		280		0.03
Iris Buyer, LLC	(5) (6) (11) (17)	First Lien Debt	S +	6.25%	10.84%	10/02/2029	—		(9)		—		—
Procure Acquireco, Inc. (Procure Analytics)	(5) (7) (10)	First Lien Debt	S +	4.75%	9.49%	12/20/2028	19,246		19,000		19,246		1.85
Procure Acquireco, Inc. (Procure Analytics)	(5) (7) (17)	First Lien Debt	S +	4.75%	9.49%	12/20/2028	951		937		950		0.09
Procure Acquireco, Inc. (Procure Analytics)	(5) (7) (17)	First Lien Debt	S +	4.75%	9.49%	12/20/2028	—		(13)		—		—
Pye-Barker Fire & Safety, LLC	(5) (7) (10)	First Lien Debt	S +	4.50%	8.83%	05/26/2031	8,775		8,775		8,775		0.84
Pye-Barker Fire & Safety, LLC	(5) (7) (17)	First Lien Debt	S +	4.50%	8.83%	05/26/2031	1,251		1,228		1,251		0.12
Pye-Barker Fire & Safety, LLC	(5) (7) (17)	First Lien Debt	S +	4.50%	8.83%	05/24/2030	152		141		152		0.01
Routeware, Inc.	(5) (6) (9)	First Lien Debt	S +	5.25%	9.60%	09/18/2031	1,591		1,575		1,591		0.15
Routeware, Inc.	(5) (6) (17)	First Lien Debt	S +	5.25%	9.60%	09/18/2031	—		(4)		—		—
Routeware, Inc.	(5) (6) (17)	First Lien Debt	S +	5.25%	9.60%	09/18/2031	—		(2)		—		—
Sherlock Buyer Corp.	(5) (6) (10)	First Lien Debt	S +	5.75%	10.18%	12/08/2028	24,240		23,930		24,240		2.33
Sherlock Buyer Corp.	(5) (6) (17)	First Lien Debt	S +	5.75%	10.18%	12/08/2027	—		(28)		—		—
Surewerx Purchaser III, Inc.	(5) (7) (11) (13)	First Lien Debt	S +	5.25%	9.58%	12/28/2029	1,096		1,070		1,096		0.11
Surewerx Purchaser III, Inc.	(5) (7) (13)	First Lien Debt	C +	5.25%	8.42%	12/28/2029	C$	319	230		222		0.02
Surewerx Purchaser III, Inc.	(5) (7) (13) (17)	First Lien Debt	S +	5.25%	9.58%	12/28/2029	—		(3)		—		—
Surewerx Purchaser III, Inc.	(5) (7) (13) (17)	First Lien Debt	S +	5.25%	9.58%	12/28/2028	176		172		176		0.02
Surewerx Purchaser III, Inc.	(5) (7) (13)	First Lien Debt	C +	5.25%	8.42%	12/28/2028	C$	13	9		9		—
Sweep Midco, LLC	(5) (10) (14)	Second Lien Debt				03/12/2034	580		290		376		0.04
Sweep Midco, LLC	(5) (10) (14)	Second Lien Debt				03/12/2036	1,686		—		—		—
Sweep Purchaser, LLC	(5) (10)	First Lien Debt	S +	5.75% PIK	10.24%	06/30/2027	2,138		2,138		2,138		0.21
Sweep Purchaser, LLC	(5) (10)	First Lien Debt	S +	5.75%	10.24%	06/30/2027	1,095		1,095		1,095		0.11
Tamarack Intermediate, LLC	(5) (7) (11)	First Lien Debt	S +	5.75%	10.30%	03/13/2028	16,769		16,568		16,769		1.61
Tamarack Intermediate, LLC	(5) (7)	First Lien Debt	S +	5.75%	10.30%	03/13/2028	1,636		1,604		1,636		0.16

36

T Series Middle Market Loan Fund LLC

Consolidated Schedules of Investments

December 31, 2024

(In thousands, except unit amounts)

Investments-non-controlled/non-affiliated(1)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(3)	Cost(4)		Fair Value		Percentage of Net Assets
Tamarack Intermediate, LLC	(5) (7) (17)	First Lien Debt	S +	5.75%	10.30%	03/13/2028	—	$	(26)	$	—	—	%
Transit Technologies, LLC	(5) (7) (10)	First Lien Debt	S +	4.75%	9.51%	08/20/2031	2,545	2,521		2,545		0.24
Transit Technologies, LLC	(5) (7) (17)	First Lien Debt	S +	4.75%	9.51%	08/20/2031	—	(4)		—		—
Transit Technologies, LLC	(5) (7) (17)	First Lien Debt	S +	4.75%	9.51%	08/20/2030	—	(5)		—		—
Vensure Employer Services, Inc.	(5) (8) (9)	First Lien Debt	S +	5.00%	9.33%	09/29/2031	1,993	1,974		1,993		0.19
Vensure Employer Services, Inc.	(5) (8) (17)	First Lien Debt	S +	5.00%	9.33%	09/29/2031	77	74		77		0.01
VRC Companies, LLC	(5) (6) (11)	First Lien Debt	S +	5.75%	10.27%	06/29/2027	33,999	33,728		33,999		3.26
VRC Companies, LLC	(5) (6)	First Lien Debt	S +	5.75%	10.27%	06/29/2027	999	988		999		0.10
VRC Companies, LLC	(5) (6) (17)	First Lien Debt	S +	5.75%	10.27%	06/29/2027	—	—		—		—
								204,637		203,566		19.54
Construction & Engineering
Arcoro Holdings Corp.	(5) (6) (10)	First Lien Debt	S +	5.50%	9.83%	03/28/2030	8,652	8,496		8,589		0.82
Arcoro Holdings Corp.	(5) (6) (17)	First Lien Debt	S +	5.50%	9.83%	03/28/2030	—	(23)		(9)		—
KPSKY Acquisition, Inc.	(5) (7) (9)	First Lien Debt	S +	5.50%	10.19%	10/19/2028	7,963	7,853		7,042		0.68
LJ Avalon Holdings, LLC	(5) (6) (9)	First Lien Debt	S +	5.00%	9.53%	02/01/2030	2,944	2,875		2,944		0.28
LJ Avalon Holdings, LLC	(5) (6) (17)	First Lien Debt	S +	5.00%	9.53%	02/01/2030	1,205	1,167		1,205		0.12
LJ Avalon Holdings, LLC	(5) (6) (17)	First Lien Debt	S +	5.00%	9.53%	02/01/2029	—	(10)		—		—
Superman Holdings, LLC	(5) (7) (9)	First Lien Debt	S +	4.50%	8.86%	08/29/2031	6,683	6,650		6,683		0.64
Superman Holdings, LLC	(5) (7) (17)	First Lien Debt	S +	4.50%	8.86%	08/29/2031	—	(5)		—		—
Superman Holdings, LLC	(5) (7) (17)	First Lien Debt	S +	4.50%	8.86%	08/29/2031	—	(4)		—		—
								26,999		26,454		2.54
Consumer Staples Distribution & Retail
PDI TA Holdings, Inc.	(5) (7) (9)	First Lien Debt	S +	5.50%	10.09%	02/03/2031	2,553	2,531		2,540		0.24
PDI TA Holdings, Inc.	(5) (7) (17)	First Lien Debt	S +	5.50%	10.09%	02/03/2031	332	326		329		0.03
PDI TA Holdings, Inc.	(5) (7) (17)	First Lien Debt	S +	5.50%	10.09%	02/03/2031	—	(2)		(2)		—
								2,855		2,867		0.28
Containers & Packaging
BP Purchaser, LLC	(5) (7) (10)	First Lien Debt	S +	5.50%	10.16%	12/11/2028	27,035	26,688		25,072		2.41
Distributors
48Forty Solutions, LLC	(5) (6) (9)	First Lien Debt	S +	6.00% (incl. 4.00% PIK)	10.65%	11/30/2029	25,243	24,946		16,310		1.57
48Forty Solutions, LLC	(5) (6) (17)	First Lien Debt	S +	6.00% (incl. 4.00% PIK)	10.65%	11/30/2029	1,686	1,646		298		0.03
ABB Concise Optical Group, LLC	(5) (7) (10)	First Lien Debt	S +	7.50%	11.98%	02/23/2028	17,008	16,749		15,899		1.53
Avalara, Inc.	(5) (7) (9)	First Lien Debt	S +	6.25%	10.58%	10/19/2028	10,154	10,003		10,154		0.97
Avalara, Inc.	(5) (17)	First Lien Debt	S +	6.25%	10.58%	10/19/2028	—	(14)		—		—
Bradyplus Holdings, LLC	(5) (6) (9)	First Lien Debt	S +	5.00%	9.52%	10/31/2029	7,476	7,350		7,476		0.72
Bradyplus Holdings, LLC	(5) (6) (17)	First Lien Debt	S +	5.00%	9.52%	10/31/2029	47	44		47		—

37

T Series Middle Market Loan Fund LLC

Consolidated Schedules of Investments

December 31, 2024

(In thousands, except unit amounts)

Investments-non-controlled/non-affiliated(1)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(3)	Cost(4)		Fair Value		Percentage of Net Assets
PT Intermediate Holdings III, LLC	(5) (7) (9) (10) (11)	First Lien Debt	S +	5.00% (incl. 1.75% PIK)	9.33%	04/09/2030	31,327	$	31,023	$	31,327	3.01	%
PT Intermediate Holdings III, LLC	(5) (7) (17)	First Lien Debt	S +	5.00% (incl. 1.75% PIK)	9.33%	04/09/2030	—	(3)		—		—
								91,744		81,511		7.82
Diversified Consumer Services
Any Hour, LLC	(5) (10)	First Lien Debt	S +	5.00%	9.33%	05/23/2030	10,622	10,475		10,509		1.01
Any Hour, LLC	(5) (17)	First Lien Debt	S +	5.00%	9.33%	05/23/2030	301	278		268		0.03
Any Hour, LLC	(5) (17)	First Lien Debt	S +	5.00%	9.33%	05/23/2030	748	727		732		0.07
Any Hour, LLC	(5)	Other Debt		13.00% PIK	13.00%	05/23/2031	2,867	2,817		2,837		0.27
Apex Service Partners, LLC	(5) (6) (9)	First Lien Debt	S +	5.00%	9.51%	10/24/2030	22,212	21,847		22,212		2.13
Apex Service Partners, LLC	(5) (6) (9)	First Lien Debt	S +	5.00%	9.51%	10/24/2030	5,287	5,183		5,287		0.51
Apex Service Partners, LLC	(5) (6) (17)	First Lien Debt	S +	5.00%	9.51%	10/24/2029	1,190	1,164		1,190		0.11
Eclipse Buyer, Inc.	(5) (8) (11)	First Lien Debt	S +	4.75%	9.26%	09/08/2031	943	934		943		0.09
Eclipse Buyer, Inc.	(5) (8) (17)	First Lien Debt	S +	4.75%	9.26%	09/08/2031	—	(1)		—		—
Eclipse Buyer, Inc.	(5) (8) (17)	First Lien Debt	S +	4.75%	9.26%	09/06/2031	—	(1)		—		—
Essential Services Holding Corporation	(5) (7) (10)	First Lien Debt	S +	5.00%	9.65%	06/17/2031	11,375	11,268		11,375		1.09
Essential Services Holding Corporation	(5) (7) (17)	First Lien Debt	S +	5.00%	9.65%	06/17/2031	—	(10)		—		—
Essential Services Holding Corporation	(5) (7) (17)	First Lien Debt	S +	5.00%	9.65%	06/17/2030	—	(13)		—		—
EVDR Purchaser, Inc.	(5) (7) (9)	First Lien Debt	S +	5.50%	9.86%	02/14/2031	1,074	1,055		1,074		0.10
EVDR Purchaser, Inc.	(5) (7) (17)	First Lien Debt	S +	5.50%	9.86%	02/14/2031	—	(3)		—		—
EVDR Purchaser, Inc.	(5) (7) (17)	First Lien Debt	S +	5.50%	9.86%	02/14/2031	31	28		31		—
FPG Intermediate Holdco, LLC	(5) (6) (10) (12)	First Lien Debt	S +	6.75% (incl. 5.75% PIK)	11.09%	03/05/2027	10,458	10,353		8,320		0.80
FPG Intermediate Holdco, LLC	(5) (6) (17)	First Lien Debt	S +	6.75% (incl. 5.75% PIK)	11.09%	03/05/2027	254	254		254		0.02
Heartland Home Services	(5) (7) (9)	First Lien Debt	S +	5.75%	10.18%	12/15/2026	21,183	21,083		20,080		1.93
Lightspeed Solution, LLC	(5) (7) (11)	First Lien Debt	S +	6.50% (incl. 2.17% PIK)	10.86%	03/01/2028	16,399	16,218		16,399		1.57
Lightspeed Solution, LLC	(5) (7)	First Lien Debt	S +	6.50% (incl. 2.17% PIK)	10.86%	03/01/2028	1,082	1,068		1,082		0.10
LUV Car Wash Group, LLC	(5) (6) (9)	First Lien Debt	S +	7.00%	11.74%	12/09/2026	9,084	9,046		9,084		0.87
Magnolia Wash Holdings	(5) (6) (11)	First Lien Debt	S +	6.50%	11.36%	07/14/2028	6,835	6,744		6,199		0.59
Magnolia Wash Holdings	(5) (6) (9)	First Lien Debt	S +	6.50%	11.36%	07/14/2028	1,449	1,430		1,314		0.13
Magnolia Wash Holdings	(5) (6) (17)	First Lien Debt	S +	6.50%	11.36%	07/14/2028	183	179		152		0.01
Project Accelerate Parent, LLC	(5) (7) (9)	First Lien Debt	S +	5.25%	9.61%	02/24/2031	1,306	1,294		1,306		0.13
Project Accelerate Parent, LLC	(5) (7) (17)	First Lien Debt	S +	5.25%	9.61%	02/24/2031	—	(2)		—		—
Vertex Service Partners, LLC	(5) (7) (9)	First Lien Debt	S +	5.75%	10.11%	11/08/2030	1,656	1,620		1,656		0.16
Vertex Service Partners, LLC	(5) (7) (17)	First Lien Debt	S +	5.75%	10.11%	11/08/2030	3,197	3,125		3,196		0.31

38

T Series Middle Market Loan Fund LLC

Consolidated Schedules of Investments

December 31, 2024

(In thousands, except unit amounts)

Investments-non-controlled/non-affiliated(1)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(3)	Cost(4)		Fair Value		Percentage of Net Assets
Vertex Service Partners, LLC	(5) (7) (17)	First Lien Debt	S +	5.75%	10.11%	11/08/2030	383	$	374	$	383	0.04	%
								128,534		125,883		12.08
Electrical Equipment
Spark Buyer, LLC	(5) (7) (10)	First Lien Debt	S +	5.25%	9.77%	10/15/2031	938	924		924		0.09
Spark Buyer, LLC	(5) (7) (17)	First Lien Debt	S +	5.25%	9.77%	10/15/2031	—	(3)		(3)		—
Spark Buyer, LLC	(5) (7) (17)	First Lien Debt	S +	5.25%	9.77%	10/15/2031	—	(3)		(3)		—
								918		918		0.09
Electronic Equipment, Instruments & Components
Abracon Group Holdings, LLC	(5) (7) (10)	First Lien Debt	S +	6.60% (incl. 4.60% PIK)	11.30%	07/06/2028	12,713	12,551		9,429		0.90
Abracon Group Holdings, LLC	(5) (7)	First Lien Debt	S +	6.60% (incl. 4.60% PIK)	11.30%	07/06/2028	841	831		624		0.06
Dwyer Instruments, Inc.	(5) (7) (9) (11)	First Lien Debt	S +	4.75%	9.08%	07/20/2029	20,697	20,390		20,697		1.99
Dwyer Instruments, Inc.	(5) (7) (9)	First Lien Debt	S +	4.75%	9.08%	07/20/2029	9,056	8,915		9,056		0.87
Dwyer Instruments, Inc.	(5) (7) (17)	First Lien Debt	S +	4.75%	9.08%	07/20/2029	—	(27)		—		—
Infinite Bidco, LLC	(5) (8) (9)	First Lien Debt	S +	6.25%	10.77%	03/02/2028	2,486	2,435		2,486		0.24
Infinite Bidco, LLC	(8) (9)	Second Lien Debt	S +	7.00%	11.85%	03/02/2029	1,800	1,584		1,584		0.15
Infinite Bidco, LLC	(5) (8) (9)	Second Lien Debt	S +	7.00%	11.85%	03/02/2029	2,500	2,209		2,122		0.20
Magneto Components Buyco, LLC	(5) (7) (9) (11)	First Lien Debt	S +	6.00% (incl. 1.50%PIK)	10.33%	12/05/2030	23,873	23,489		23,711		2.28
Magneto Components Buyco, LLC	(5) (7) (17)	First Lien Debt	S +	6.00% (incl. 1.50% PIK)	10.33%	12/05/2030	—	(37)		(32)		—
Magneto Components Buyco, LLC	(5) (7) (17)	First Lien Debt	S +	6.00% (incl. 1.50% PIK)	10.33%	12/05/2029	—	(59)		(27)		—
NSI Holdings, Inc.	(5) (7) (9)	First Lien Debt	S +	5.00%	9.36%	11/15/2031	1,474	1,459		1,459		0.14
NSI Holdings, Inc.	(5) (7) (17)	First Lien Debt	S +	5.00%	9.36%	11/15/2031	—	(1)		(1)		—
NSI Holdings, Inc.	(5) (7) (17)	First Lien Debt	S +	5.00%	9.36%	11/15/2031	—	(3)		(3)		—
								73,736		71,105		6.82
Financial Services
Applitools, Inc.	(5) (7) (11) (13)	First Lien Debt	S +	6.25% PIK	10.58%	05/25/2029	8,356	8,277		8,284		0.80
Applitools, Inc.	(5) (7) (13) (17)	First Lien Debt	S +	6.25%	10.58%	05/25/2028	—	(10)		(8)		—
Cerity Partners, LLC	(5) (7) (11)	First Lien Debt	S +	5.25%	9.76%	07/30/2029	957	935		957		0.09
Cerity Partners, LLC	(5) (7) (9)	First Lien Debt	S +	5.25%	9.76%	07/30/2029	3,651	3,577		3,651		0.35
Cerity Partners, LLC	(5) (7) (17)	First Lien Debt	S +	5.25%	9.76%	07/30/2029	—	(5)		—		—
GC Waves Holdings, Inc.	(5) (7) (9) (10)	First Lien Debt	S +	4.75%	9.21%	10/04/2030	9,020	8,929		8,951		0.86
GC Waves Holdings, Inc.	(5) (7) (17)	First Lien Debt	S +	4.75%	9.21%	10/04/2030	534	446		500		0.05
GC Waves Holdings, Inc.	(5) (7) (17)	First Lien Debt	S +	4.75%	9.21%	10/04/2030	—	(6)		(3)		—

39

T Series Middle Market Loan Fund LLC

Consolidated Schedules of Investments

December 31, 2024

(In thousands, except unit amounts)

Investments-non-controlled/non-affiliated(1)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(3)	Cost(4)		Fair Value		Percentage of Net Assets
MAI Capital Management Intermediate, LLC	(5) (7) (10)	First Lien Debt	S +	4.75%	9.08%	08/29/2031	1,930	$	1,911	$	1,930	0.19	%
MAI Capital Management Intermediate, LLC	(5) (7) (17)	First Lien Debt	S +	4.75%	9.08%	08/29/2031	361	354		361		0.03
MAI Capital Management Intermediate, LLC	(5) (7) (17)	First Lien Debt	S +	4.75%	9.08%	08/29/2031	57	53		57		0.01
PMA Parent Holdings, LLC	(5) (7) (10)	First Lien Debt	S +	5.50%	9.83%	01/31/2031	2,102	2,071		2,071		0.20
PMA Parent Holdings, LLC	(5) (7) (17)	First Lien Debt	S +	5.50%	9.83%	01/31/2031	—	(2)		(2)		—
RFS Opco, LLC	(5) (8) (10)	First Lien Debt	S +	4.75%	9.08%	04/04/2031	3,990	3,953		3,975		0.38
RFS Opco, LLC	(5) (8) (17)	First Lien Debt	S +	3.50%	7.83%	04/04/2029	180	172		176		0.02
SitusAMC Holdings Corp.	(5) (7) (10)	First Lien Debt	S +	5.50%	9.93%	12/22/2027	21,935	21,805		21,935		2.11
Smarsh, Inc.	(5) (7) (10)	First Lien Debt	S +	5.75%	10.08%	02/16/2029	4,286	4,228		4,286		0.41
Smarsh, Inc.	(5) (7) (17)	First Lien Debt	S +	5.75%	10.08%	02/16/2029	536	525		536		0.05
Smarsh, Inc.	(5) (7) (17)	First Lien Debt	S +	5.75%	10.08%	02/16/2029	107	104		107		0.01
Trintech, Inc.	(5) (6) (9) (11)	First Lien Debt	S +	5.50%	9.86%	07/25/2029	23,040	22,666		22,704		2.18
Trintech, Inc.	(5) (6) (17)	First Lien Debt	S +	5.50%	9.86%	07/25/2029	571	541		542		0.05
								80,524		81,010		7.77
Ground Transportation
SV Newco 2, Inc.	(5) (7) (10) (13)	First Lien Debt	S +	4.75%	9.26%	06/02/2031	13,712	13,518		13,603		1.31
SV Newco 2, Inc.	(5) (7) (13) (17)	First Lien Debt	S +	4.75%	9.26%	06/02/2031	—	(59)		(68)		(0.01)
SV Newco 2, Inc.	(5) (7) (13) (17)	First Lien Debt	S +	4.75%	9.26%	06/02/2031	—	(71)		(40)		—
								13,388		13,495		1.30
Health Care Equipment & Supplies
PerkinElmer U.S., LLC	(5) (6) (9)	First Lien Debt	S +	5.00%	9.34%	03/13/2029	16,406	16,042		16,289		1.56
Tidi Legacy Products, Inc.	(5) (6) (9) (11)	First Lien Debt	S +	5.25%	9.61%	12/19/2029	3,055	3,003		3,050		0.29
Tidi Legacy Products, Inc.	(5) (6) (17)	First Lien Debt	S +	5.25%	9.61%	12/19/2029	—	(7)		(1)		—
Tidi Legacy Products, Inc.	(5) (6) (17)	First Lien Debt	S +	5.25%	9.61%	12/19/2029	—	(10)		(1)		—
YI, LLC	(5) (6) (9)	First Lien Debt	S +	5.75%	10.39%	12/03/2029	8,699	8,549		8,699		0.83
YI, LLC	(5) (6) (17)	First Lien Debt	S +	5.75%	10.39%	12/03/2029	—	(15)		—		—
YI, LLC	(5) (6) (17)	First Lien Debt	S +	5.75%	10.39%	12/03/2029	—	(23)		—		—
								27,539		28,036		2.69
Health Care Providers & Services
Advarra Holdings, Inc.	(5) (7) (11)	First Lien Debt	S +	4.50%	8.86%	09/15/2031	20,073	19,713		19,981		1.92
Advarra Holdings, Inc.	(5) (7) (17)	First Lien Debt	S +	4.50%	8.86%	09/15/2031	—	(4)		—		—
DCA Investment Holdings, LLC	(5) (7) (9)	First Lien Debt	S +	6.50%	10.77%	04/03/2028	20,442	20,162		20,285		1.95
DCA Investment Holdings, LLC	(5) (7) (9)	First Lien Debt	S +	6.50%	10.77%	04/03/2028	3,254	3,210		3,229		0.31
Gateway US Holdings, Inc.	(5) (7) (11) (13)	First Lien Debt	S +	4.75%	9.08%	09/22/2028	5,220	5,191		5,220		0.50
Gateway US Holdings, Inc.	(5) (7) (13)	First Lien Debt	S +	4.75%	9.08%	09/22/2028	1,471	1,465		1,471		0.14

40

T Series Middle Market Loan Fund LLC

Consolidated Schedules of Investments

December 31, 2024

(In thousands, except unit amounts)

Investments-non-controlled/non-affiliated(1)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(3)	Cost(4)		Fair Value		Percentage of Net Assets
Gateway US Holdings, Inc.	(5) (7) (13) (17)	First Lien Debt	S +	4.75%	9.08%	09/22/2028	—	$	(1)	$	—	—	%
Heartland Veterinary Partners, LLC	(5) (6) (10)	First Lien Debt	S +	4.75%	9.47%	12/10/2026	5,906	5,881		5,906		0.57
Heartland Veterinary Partners, LLC	(5) (10)	Second Lien Debt		14.50% (incl. 7.00%  PIK)	14.50%	12/10/2027	2,656	2,628		2,656		0.25
Heartland Veterinary Partners, LLC	(5) (6) (9)	First Lien Debt	S +	4.75%	9.47%	12/10/2026	13,374	13,319		13,374		1.28
Heartland Veterinary Partners, LLC	(5) (9)	Second Lien Debt		14.50% (incl. 7.00% PIK)	14.50%	12/10/2027	1,033	1,022		1,033		0.10
Heartland Veterinary Partners, LLC	(5) (6) (17)	First Lien Debt	S +	4.75%	9.47%	12/10/2026	—	(5)		—		—
iCIMS, Inc.	(5) (7) (9)	First Lien Debt	S +	5.75%	10.38%	08/18/2028	7,283	7,206		7,283		0.70
iCIMS, Inc.	(5) (7) (17)	First Lien Debt	S +	5.75%	10.38%	08/18/2028	31	30		31		—
Imagine 360, LLC	(5) (7) (11)	First Lien Debt	S +	4.75%	9.10%	10/02/2028	6,079	6,021		6,079		0.58
Imagine 360, LLC	(5) (7) (17)	First Lien Debt	S +	4.75%	9.10%	10/02/2028	—	(4)		—		—
Imagine 360, LLC	(5) (7) (17)	First Lien Debt	S +	4.75%	9.10%	10/02/2028	—	(5)		—		—
Intelerad Medical Systems Incorporated	(5) (6) (10) (13)	First Lien Debt	S +	6.50%	11.24%	08/21/2026	12,965	12,785		12,562		1.21
Intelerad Medical Systems Incorporated	(5) (6) (13)	First Lien Debt	S +	6.50%	11.24%	08/21/2026	894	887		866		0.08
Invictus Buyer, LLC	(5) (7) (10)	First Lien Debt	S +	4.75%	9.08%	06/03/2031	4,040	4,002		4,028		0.39
Invictus Buyer, LLC	(5) (7) (17)	First Lien Debt	S +	4.75%	9.08%	06/03/2031	—	(8)		(5)		—
Invictus Buyer, LLC	(5) (7) (17)	First Lien Debt	S +	4.75%	9.08%	06/03/2031	—	(6)		(2)		—
mPulse Mobile, Inc.	(5) (7) (10)	First Lien Debt	S +	6.25%	10.68%	12/17/2027	7,787	7,700		7,774		0.75
mPulse Mobile, Inc.	(5) (7) (9)	First Lien Debt	S +	6.25%	10.68%	12/17/2027	15,747	15,544		15,720		1.51
mPulse Mobile, Inc.	(5) (7) (17)	First Lien Debt	S +	6.25%	10.68%	12/17/2027	1,749	1,699		1,687		0.16
Pareto Health Intermediate Holdings, Inc.	(5) (6)	First Lien Debt	S +	5.00%	9.33%	06/01/2030	24,406	24,007		24,406		2.34
Pareto Health Intermediate Holdings, Inc.	(5) (6)	First Lien Debt	S +	5.00%	9.33%	06/01/2030	—	—		—		—
Pareto Health Intermediate Holdings, Inc.	(5) (6) (17)	First Lien Debt	S +	5.00%	9.33%	06/01/2030	—	(2)		(2)		—
Pareto Health Intermediate Holdings, Inc.	(5) (6) (17)	First Lien Debt	S +	5.00%	9.33%	06/01/2029	—	(40)		—		—
PPV Intermediate Holdings, LLC	(5) (7) (9)	First Lien Debt	S +	5.75%	10.26%	08/31/2029	16,402	15,885		16,389		1.57
PPV Intermediate Holdings, LLC	(5) (7)	First Lien Debt	S +	6.00%	10.52%	08/31/2029	6,088	6,035		6,088		0.58
Stepping Stones Healthcare Services, LLC	(5) (7) (9)	First Lien Debt	S +	4.75%	9.08%	01/02/2029	4,255	4,214		4,255		0.41
Stepping Stones Healthcare Services, LLC	(5) (7) (17)	First Lien Debt	S +	4.75%	9.08%	01/02/2029	1,079	1,061		1,077		0.10
Stepping Stones Healthcare Services, LLC	(5) (7) (17)	First Lien Debt	S +	4.75%	9.08%	12/30/2026	—	(4)		—		—
Tivity Health, Inc.	(5) (7) (9)	First Lien Debt	S +	5.00%	9.36%	06/28/2029	2,659	2,631		2,659		0.26
Vardiman Black Holdings, LLC	(5) (8)	First Lien Debt	S +	7.00% (incl. 2.00% PIK)	11.65%	03/18/2027	9,611	9,611		9,611		0.92
Vardiman Black Holdings, LLC	(5) (8) (12) (17)	First Lien Debt	S +	7.00% (incl. 2.00% PIK)	11.65%	03/18/2027	995	971		995		0.10

41

T Series Middle Market Loan Fund LLC

Consolidated Schedules of Investments

December 31, 2024

(In thousands, except unit amounts)

Investments-non-controlled/non-affiliated(1)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(3)	Cost(4)		Fair Value		Percentage of Net Assets
								$	192,801	$	194,656	18.68	%
Health Care Technology
Hyland Software, Inc.	(5) (7) (11)	First Lien Debt	S +	6.00%	10.36%	09/19/2030	20,076	19,815		20,076		1.93
Hyland Software, Inc.	(5) (7) (17)	First Lien Debt	S +	6.00%	10.36%	09/19/2029	—	(11)		—		—
								19,804		20,076		1.93
Industrial Conglomerates
Aptean, Inc.	(5) (7)	First Lien Debt	S +	5.00%	9.45%	01/30/2031	19,320	19,151		19,293		1.85
Aptean, Inc.	(5) (7) (17)	First Lien Debt	S +	5.00%	9.45%	01/30/2031	315	304		314		0.03
Aptean, Inc.	(5) (7) (17)	First Lien Debt	S +	5.00%	9.45%	01/30/2031	—	(14)		(2)		—
Excelitas Technologies Corp.	(5) (7) (9) (10)	First Lien Debt	S +	5.25%	9.61%	08/13/2029	34,831	34,347		34,469		3.31
Excelitas Technologies Corp.	(5) (7) (10)	First Lien Debt	E +	5.25%	8.11%	08/13/2029	6,554	6,684		6,716		0.64
Excelitas Technologies Corp.	(5) (7) (17)	First Lien Debt	S +	5.25%	9.61%	08/13/2029	—	(17)		(13)		—
Excelitas Technologies Corp.	(5) (7) (17)	First Lien Debt	S +	5.25%	9.61%	08/14/2028	—	(44)		(38)		—
Raptor Merger Sub Debt, LLC	(7) (11)	First Lien Debt	S +	5.50%	9.83%	04/01/2029	31,907	31,206		31,801		3.05
Raptor Merger Sub Debt, LLC	(7) (17)	First Lien Debt	S +	5.50%	9.83%	04/01/2029	488	435		480		0.05
								92,052		93,020		8.93
Insurance Services
Amerilife Holdings, LLC	(5) (7) (9)	First Lien Debt	S +	5.00%	9.70%	08/31/2029	29,249	28,813		29,249		2.81
Amerilife Holdings, LLC	(5) (7) (17)	First Lien Debt	S +	5.00%	9.70%	08/31/2029	1,809	1,788		1,809		0.17
Amerilife Holdings, LLC	(5) (7) (17)	First Lien Debt	S +	5.00%	9.70%	08/31/2028	—	(45)		—		—
Fetch Insurance Services, LLC	(5)	Other Debt		12.75% (incl. 3.75% PIK)	12.75%	10/31/2027	1,707	1,677		1,690		0.16
Foundation Risk Partners Corp.	(5) (7) (9)	First Lien Debt	S +	5.25%	9.58%	10/29/2030	6,293	6,157		6,293		0.60
Foundation Risk Partners Corp.	(5) (7) (9)	First Lien Debt	S +	5.25%	9.58%	10/29/2030	8,228	8,109		8,228		0.79
Foundation Risk Partners Corp.	(5) (7) (17)	First Lien Debt	S +	5.25%	9.58%	10/29/2029	—	(10)		—		—
Galway Borrower, LLC	(5) (7) (9) (11)	First Lien Debt	S +	4.50%	8.83%	09/29/2028	11,974	11,797		11,974		1.15
Galway Borrower, LLC	(5) (7) (17)	First Lien Debt	S +	4.50%	8.83%	09/29/2028	10,240	10,169		10,240		0.98
Galway Borrower, LLC	(5) (7) (17)	First Lien Debt	S +	4.50%	8.83%	09/29/2028	36	31		36		—
Higginbotham Insurance Agency, Inc.	(5) (6) (9) (10)	First Lien Debt	S +	4.50%	8.86%	11/24/2028	12,630	12,562		12,575		1.21
Higginbotham Insurance Agency, Inc.	(5) (6) (17)	First Lien Debt	S +	4.50%	8.86%	11/24/2028	114	112		112		0.01
High Street Buyer, Inc.	(5) (7) (17)	First Lien Debt	S +	5.25%	9.64%	04/14/2028	26,526	26,164		26,524		2.55
Inszone Mid, LLC	(5) (6) (9) (11)	First Lien Debt	S +	5.25%	9.50%	11/30/2029	6,860	6,742		6,860		0.66
Inszone Mid, LLC	(5) (6) (17)	First Lien Debt	S +	5.25%	9.50%	11/30/2029	8,430	8,268		8,430		0.81
Inszone Mid, LLC	(5) (6) (17)	First Lien Debt	S +	5.25%	9.50%	11/30/2029	—	(21)		—		—
Integrity Marketing Acquisition, LLC	(5) (7) (9) (11)	First Lien Debt	S +	5.00%	9.51%	08/25/2028	29,636	29,636		29,636		2.84
Integrity Marketing Acquisition, LLC	(5) (7) (17)	First Lien Debt	S +	5.00%	9.51%	08/25/2028	—	—		—		—
Long Term Care Group, Inc.	(5) (7) (10) (12)	First Lien Debt	S +	6.00% (incl. 3.73% PIK)	10.33%	09/08/2027	12,478	12,353		10,695		1.03

42

T Series Middle Market Loan Fund LLC

Consolidated Schedules of Investments

December 31, 2024

(In thousands, except unit amounts)

Investments-non-controlled/non-affiliated(1)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(3)		Cost(4)		Fair Value		Percentage of Net Assets
Patriot Growth Insurance Services, LLC	(5) (7) (9)	First Lien Debt	S +	5.00%	9.48%	10/14/2028	4,441		$	4,384	$	4,441	0.43	%
Peter C. Foy & Associates Insurance Services, LLC	(5) (7) (9)	First Lien Debt	S +	5.50%	9.83%	11/01/2028	3,379		3,334		3,379		0.32
Peter C. Foy & Associates Insurance Services, LLC	(5) (7) (17)	First Lien Debt	S +	5.50%	9.83%	11/01/2028	14,050		13,944		14,047		1.35
RSC Acquisition, Inc.	(5) (6) (11)	First Lien Debt	S +	4.75%	9.15%	11/01/2029	23,224		23,080		23,224		2.23
RSC Acquisition, Inc.	(5) (7) (11)	First Lien Debt	S +	4.75%	9.15%	11/01/2029	770		762		770		0.07
World Insurance Associates, LLC	(5) (6) (9)	First Lien Debt	S +	6.00%	10.34%	04/03/2028	37,688		37,262		37,615		3.61
									247,068		247,827		23.78
Interactive Media & Services
Triple Lift, Inc.	(5) (7) (9)	First Lien Debt	S +	5.75%	10.25%	05/05/2028	4,619		4,564		4,421		0.42
IT Services
Apollo Acquisition, Inc.	(5) (10)	First Lien Debt	S +	5.00%	9.33%	12/30/2031	3,359		3,326		3,326		0.32
Apollo Acquisition, Inc.	(5) (17)	First Lien Debt	S +	5.00%	9.33%	12/30/2031	—		(6)		(6)		—
Apollo Acquisition, Inc.	(5) (17)	First Lien Debt	S +	5.00%	9.33%	12/30/2030	—		(5)		(5)		—
Catalis Intermediate, Inc.	(5) (7) (10)	First Lien Debt	S +	5.50%	9.98%	08/04/2027	23,396		23,091		23,045		2.21
Catalis Intermediate, Inc.	(5) (7) (9)	First Lien Debt	S +	5.50%	9.98%	08/04/2027	5,264		5,204		5,185		0.50
Catalis Intermediate, Inc.	(5) (7) (17)	First Lien Debt	S +	5.50%	9.98%	08/04/2027	986		954		943		0.09
Donuts, Inc.	(5) (6) (11)	First Lien Debt	S +	5.00%	9.49%	12/29/2027	11,549		11,549		11,526		1.11
GI DI Cornfield Acquisition, LLC	(5) (10)	First Lien Debt	S +	4.50%	8.96%	03/09/2028	12,287		12,127		12,168		1.17
GI DI Cornfield Acquisition, LLC	(5) (17)	First Lien Debt	S +	4.50%	8.96%	03/09/2028	—		(40)		(61)		(0.01)
Redwood Services Group, LLC	(5) (7) (10)	First Lien Debt	S +	6.25%	10.68%	06/15/2029	7,818		7,705		7,818		0.75
Redwood Services Group, LLC	(5) (7) (17)	First Lien Debt	S +	6.25%	10.68%	06/15/2029	4,772		4,713		4,770		0.46
Ridge Trail US Bidco, Inc.	(5) (6) (9) (13)	First Lien Debt	S +	4.50%	8.83%	09/30/2031	13,701		13,501		13,664		1.31
Ridge Trail US Bidco, Inc.	(5) (6) (13) (17)	First Lien Debt	S +	4.50%	8.83%	09/30/2031	—		(34)		(13)		—
Ridge Trail US Bidco, Inc.	(5) (6) (13) (17)	First Lien Debt	S +	4.50%	8.83%	03/31/2031	425		402		421		0.04
Victors Purchaser, LLC	(5) (8) (9)	First Lien Debt	S +	4.75%	9.08%	08/15/2031	1,819		1,802		1,819		0.17
Victors Purchaser, LLC	(5) (8) (17)	First Lien Debt	S +	4.75%	9.08%	08/15/2031	—		(2)		—		—
Victors Purchaser, LLC	(5) (8)	First Lien Debt	C +	4.75%	8.26%	08/15/2031	C$	52	37		36		—
Victors Purchaser, LLC	(5) (8) (17)	First Lien Debt	S +	4.75%	9.08%	08/15/2031	7		5		7		—
									84,329		84,643		8.12
Life Sciences Tools & Services
Model N, Inc.	(5) (7) (10)	First Lien Debt	S +	5.00%	9.33%	06/27/2031	13,516		13,388		13,516		1.30
Model N, Inc.	(5) (7) (17)	First Lien Debt	S +	5.00%	9.33%	06/27/2031	—		(13)		—		—
Model N, Inc.	(5) (7) (17)	First Lien Debt	S +	5.00%	9.33%	06/27/2031	—		(14)		—		—
									13,361		13,516		1.30
Machinery
Answer Acquisition, LLC	(5) (6) (9)	First Lien Debt	S +	6.00%	10.48%	12/30/2026	24,392		24,168		24,226		2.33

43

T Series Middle Market Loan Fund LLC

Consolidated Schedules of Investments

December 31, 2024

(In thousands, except unit amounts)

Investments-non-controlled/non-affiliated(1)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(3)	Cost(4)		Fair Value		Percentage of Net Assets
Answer Acquisition, LLC	(5) (6) (17)	First Lien Debt	S +	6.00%	10.48%	12/30/2026	—	$	(24)	$	(19)	—	%
Chase Intermediate, LLC	(5) (17)	First Lien Debt	S +	4.75%	9.08%	10/30/2028	1,684	1,645		1,677		0.16
Chase Intermediate, LLC	(5) (17)	First Lien Debt	S +	4.75%	9.08%	10/30/2028	—	(3)		—		—
MHE Intermediate Holdings, LLC	(5) (6) (9)	First Lien Debt	S +	6.00%	10.79%	07/21/2027	6,302	6,259		6,302		0.60
MHE Intermediate Holdings, LLC	(5) (6) (9)	First Lien Debt	S +	6.00%	10.79%	07/21/2027	1,949	1,928		1,949		0.19
								33,973		34,135		3.28
Multi-Utilities
AWP Group Holdings, Inc.	(5) (6) (11)	First Lien Debt	S +	4.75%	9.11%	12/23/2030	10,475	10,003		10,475		1.01
AWP Group Holdings, Inc.	(5) (6) (17)	First Lien Debt	S +	4.75%	9.11%	12/23/2030	1,106	1,088		1,106		0.11
AWP Group Holdings, Inc.	(5) (6) (17)	First Lien Debt	S +	4.75%	9.11%	12/23/2030	36	25		36		—
Vessco Midco Holdings, LLC	(5) (7) (10)	First Lien Debt	S +	4.75%	9.11%	07/24/2031	1,697	1,681		1,697		0.16
Vessco Midco Holdings, LLC	(5) (7) (17)	First Lien Debt	S +	4.75%	9.11%	07/24/2031	149	146		149		0.01
Vessco Midco Holdings, LLC	(5) (7) (17)	First Lien Debt	S +	4.75%	9.11%	07/24/2031	—	(2)		—		—
								12,941		13,463		1.29
Pharmaceuticals
Caerus US 1, Inc.	(5) (7) (9) (13)	First Lien Debt	S +	5.00%	9.33%	05/25/2029	7,971	7,856		7,728		0.74
Caerus US 1, Inc.	(5) (7) (13)	First Lien Debt	S +	5.00%	9.33%	05/25/2029	1,166	1,148		1,131		0.11
Caerus US 1, Inc.	(5) (7) (13) (17)	First Lien Debt	S +	5.00%	9.33%	05/25/2029	64	53		38		—
								9,057		8,897		0.85
Professional Services
Accordion Partners, LLC	(5) (7) (9)	First Lien Debt	S +	5.25%	9.58%	11/17/2031	5,870	5,812		5,812		0.56
Accordion Partners, LLC	(5) (7) (17)	First Lien Debt	S +	5.25%	9.58%	11/17/2031	—	(5)		(5)		—
Accordion Partners, LLC	(5) (7) (17)	First Lien Debt	S +	5.25%	9.58%	11/17/2031	—	(6)		(6)		—
Bridgepointe Technologies, LLC	(5) (6) (9)	First Lien Debt	S +	5.00%	9.33%	12/31/2027	4,702	4,596		4,666		0.45
Bridgepointe Technologies, LLC	(5) (6) (17)	First Lien Debt	S +	5.00%	9.33%	12/31/2027	6,759	6,594		6,677		0.64
Bullhorn, Inc.	(5) (6) (17)	First Lien Debt	S +	5.00%	9.36%	10/01/2029	1,754	1,745		1,754		0.17
Bullhorn, Inc.	(5) (6) (17)	First Lien Debt	S +	5.00%	9.36%	10/01/2029	—	(1)		—		—
Carr, Riggs and Ingram Capital, LLC	(5) (8) (9)	First Lien Debt	S +	4.75%	9.24%	11/18/2031	575	569		569		0.05
Carr, Riggs and Ingram Capital, LLC	(5) (8) (17)	First Lien Debt	S +	4.75%	9.24%	11/18/2031	—	(1)		(1)		—
Carr, Riggs and Ingram Capital, LLC	(5) (8) (17)	First Lien Debt	S +	4.75%	9.24%	11/18/2031	17	15		15		—
ComPsych Investment Corp.	(5) (7) (10)	First Lien Debt	S +	4.75%	9.38%	07/22/2031	2,329	2,318		2,329		0.22
ComPsych Investment Corp.	(5) (7) (17)	First Lien Debt	S +	4.75%	9.38%	07/22/2031	—	(1)		—		—
GPS Merger Sub, LLC	(5) (6) (11)	First Lien Debt	S +	6.00%	10.36%	10/02/2029	3,045	2,996		3,031		0.29
GPS Merger Sub, LLC	(5) (6) (17)	First Lien Debt	S +	6.00%	10.36%	10/02/2029	—	(4)		—		—
GPS Merger Sub, LLC	(5) (6) (17)	First Lien Debt	S +	6.00%	10.36%	10/02/2029	—	(7)		—		—
IG Investment Holdings, LLC	(5) (7) (9)	First Lien Debt	S +	5.00%	9.57%	09/22/2028	900	891		891		0.09
IG Investment Holdings, LLC	(5) (7) (17)	First Lien Debt	S +	5.00%	9.57%	09/22/2028	—	(1)		(1)		—

44

T Series Middle Market Loan Fund LLC

Consolidated Schedules of Investments

December 31, 2024

(In thousands, except unit amounts)

Investments-non-controlled/non-affiliated(1)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(3)	Cost(4)		Fair Value		Percentage of Net Assets
KENG Acquisition, Inc.	(5) (6) (9)	First Lien Debt	S +	5.00%	9.36%	08/01/2029	2,451	$	2,401	$	2,439	0.23	%
KENG Acquisition, Inc.	(5) (6) (17)	First Lien Debt	S +	5.00%	9.36%	08/01/2029	835	805		824		0.08
KENG Acquisition, Inc.	(5) (6) (17)	First Lien Debt	S +	5.00%	9.36%	08/01/2029	—	(13)		(3)		—
KWOR Acquisition, Inc.	(5) (9) (10) (16)	First Lien Debt	P +	4.25%	11.75%	12/22/2028	16,168	15,984		11,872		1.14
KWOR Acquisition, Inc.	(5) (16)	First Lien Debt	P +	4.25%	11.75%	12/22/2028	944	930		693		0.07
KWOR Acquisition, Inc.	(5) (16)	First Lien Debt	P +	4.25%	11.75%	12/22/2027	1,829	1,813		1,343		0.13
Project Boost Purchaser, LLC	(5) (7) (11)	First Lien Debt	S +	5.25%	9.76%	05/02/2029	8,015	7,961		8,015		0.77
Project Boost Purchaser, LLC	(5) (7) (17)	First Lien Debt	S +	5.25%	9.76%	05/02/2028	251	248		251		0.02
UHY Advisors, Inc.	(5) (7) (9)	First Lien Debt	S +	4.75%	9.26%	11/21/2031	442	437		437		0.04
UHY Advisors, Inc.	(5) (7) (17)	First Lien Debt	S +	4.75%	9.26%	11/21/2031	—	(2)		(2)		—
UHY Advisors, Inc.	(5) (7) (17)	First Lien Debt	S +	4.75%	9.26%	11/21/2031	—	(1)		(1)		—
Verdantas, LLC	(5) (7) (9)	First Lien Debt	S +	5.00%	9.45%	05/06/2031	16,409	16,179		16,243		1.56
Verdantas, LLC	(5) (7)	First Lien Debt	S +	5.00%	9.45%	05/06/2031	693	681		686		0.07
Verdantas, LLC	(5) (7) (17)	First Lien Debt	S +	5.00%	9.45%	05/06/2030	—	(23)		(18)		—
								72,910		68,510		6.58
Real Estate Management & Development
Associations, Inc.	(5) (6)	First Lien Debt	S +	6.50%	11.32%	07/03/2028	2,614	2,612		2,614		0.25
Associations, Inc.	(5) (6) (17)	First Lien Debt	S +	6.50%	11.32%	07/03/2028	34	34		34		—
Associations, Inc.	(5) (6) (17)	First Lien Debt	S +	6.50%	11.32%	07/03/2028	81	81		81		0.01
MRI Software, LLC	(5) (6) (9)	First Lien Debt	S +	4.75%	9.08%	02/10/2027	22,743	22,709		22,727		2.18
MRI Software, LLC	(5) (6) (17)	First Lien Debt	S +	4.75%	9.08%	02/10/2027	144	142		143		0.01
MRI Software, LLC	(5) (6) (17)	First Lien Debt	S +	4.75%	9.08%	02/10/2027	78	72		77		0.01
Zarya Intermediate, LLC	(5) (6) (10) (13)	First Lien Debt	S +	6.50%	11.01%	07/01/2027	27,033	27,033		27,006		2.59
Zarya Intermediate, LLC	(5) (6) (13) (17)	First Lien Debt	S +	6.50%	11.01%	07/01/2027	—	—		(3)		—
								52,683		52,679		5.06
Software
Anaplan, Inc.	(5) (7) (9) (11)	First Lien Debt	S +	5.25%	9.58%	06/21/2029	21,679	21,409		21,599		2.07
Appfire Technologies, LLC	(5) (6) (9)	First Lien Debt	S +	5.00%	9.33%	03/09/2028	1,052	1,048		1,052		0.10
Appfire Technologies, LLC	(5) (6) (17)	First Lien Debt	S +	5.00%	9.33%	03/09/2028	—	(5)		—		—
Appfire Technologies, LLC	(5) (6) (17)	First Lien Debt	S +	5.00%	9.33%	03/09/2028	9	8		9		—
Artifact Bidco, Inc.	(5) (8)	First Lien Debt	S +	4.50%	8.83%	07/01/2031	10,567	10,466		10,567		1.01
Artifact Bidco, Inc.	(5) (8) (17)	First Lien Debt	S +	4.50%	8.83%	07/01/2031	—	(12)		—		—
Artifact Bidco, Inc.	(5) (8) (17)	First Lien Debt	S +	4.50%	8.83%	07/01/2030	—	(17)		—		—
AuditBoard, Inc.	(5) (6) (10)	First Lien Debt	S +	4.75%	9.08%	07/14/2031	12,000	11,886		12,000		1.15
AuditBoard, Inc.	(5) (6) (17)	First Lien Debt	S +	4.75%	9.08%	07/14/2031	—	(27)		—		—

45

T Series Middle Market Loan Fund LLC

Consolidated Schedules of Investments

December 31, 2024

(In thousands, except unit amounts)

Investments-non-controlled/non-affiliated(1)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(3)	Cost(4)		Fair Value		Percentage of Net Assets
AuditBoard, Inc.	(5) (6) (17)	First Lien Debt	S +	4.75%	9.08%	07/14/2031	—	$	(21)	$	—	—	%
Bottomline Technologies, Inc.	(5) (7) (11)	First Lien Debt	S +	5.75%	10.32%	05/14/2029	18,279	18,018		18,279		1.75
Bottomline Technologies, Inc.	(5) (7) (17)	First Lien Debt	S +	5.75%	10.32%	05/15/2028	—	(15)		—		—
Coupa Holdings, LLC	(5) (7) (9)	First Lien Debt	S +	5.50%	10.09%	02/27/2030	17,624	17,270		17,545		1.68
Coupa Holdings, LLC	(5) (7) (17)	First Lien Debt	S +	5.50%	10.09%	02/27/2030	—	(6)		(3)		—
Coupa Holdings, LLC	(5) (7) (17)	First Lien Debt	S +	5.50%	10.09%	02/27/2029	—	(9)		(2)		—
Cyara AcquisitionCo, LLC	(5) (6)	First Lien Debt	S +	6.25% (incl. 2.25% PIK)	10.85%	06/28/2029	13,940	13,650		13,940		1.34
Cyara AcquisitionCo, LLC	(5) (6) (17)	First Lien Debt	S +	6.25% (incl. 2.25% PIK)	10.85%	06/28/2029	—	(18)		—		—
Diligent Corporation	(5) (7)	First Lien Debt	S +	5.00%	10.09%	08/02/2030	24,117	23,952		24,117		2.31
Diligent Corporation	(5) (7) (17)	First Lien Debt	S +	5.00%	10.09%	08/02/2030	—	(24)		—		—
Diligent Corporation	(5) (7) (17)	First Lien Debt	S +	5.00%	10.09%	08/02/2030	—	(16)		—		—
E-Discovery AcquireCo, LLC	(5) (6) (9)	First Lien Debt	S +	6.25%	10.70%	08/29/2029	7,955	7,802		7,923		0.76
E-Discovery AcquireCo, LLC	(5) (6) (17)	First Lien Debt	S +	6.25%	10.70%	08/29/2029	—	(15)		(4)		—
Everbridge Holdings, LLC	(5) (7) (10)	First Lien Debt	S +	5.00%	9.59%	07/02/2031	25,924	25,801		25,924		2.49
Everbridge Holdings, LLC	(5) (7) (17)	First Lien Debt	S +	5.00%	9.59%	07/02/2031	2,541	2,520		2,541		0.24
Everbridge Holdings, LLC	(5) (7) (17)	First Lien Debt	S +	5.00%	9.59%	07/02/2031	—	(12)		—		—
Formstack Acquisition Co	(5) (6) (10)	First Lien Debt	S +	5.25%	9.58%	03/28/2030	9,340	9,213		9,281		0.89
Formstack Acquisition Co	(5) (6) (17)	First Lien Debt	S +	5.25%	9.58%	03/28/2030	933	902		910		0.09
Formstack Acquisition Co	(5) (6) (17)	First Lien Debt	S +	5.25%	9.58%	03/28/2030	188	163		176		0.02
Fullsteam Operations, LLC	(5) (6) (9)	First Lien Debt	S +	8.25%	12.91%	11/27/2029	4,250	4,139		4,250		0.41
Fullsteam Operations, LLC	(5) (6) (17)	First Lien Debt	S +	8.25%	12.91%	11/27/2029	2,068	2,000		2,068		0.20
Fullsteam Operations, LLC	(5) (6) (17)	First Lien Debt	S +	8.25%	12.91%	11/27/2029	—	(6)		—		—
Granicus, Inc.	(5) (7)	First Lien Debt	S +	5.75% (incl. 2.25% PIK)	10.34%	01/17/2031	12,853	12,742		12,853		1.23
Granicus, Inc.	(5) (7)	First Lien Debt	S +	5.75% (incl. 2.25% PIK)	10.34%	01/17/2031	1,904	1,895		1,904		0.18
Granicus, Inc.	(5) (7) (17)	First Lien Debt	S +	5.75% (incl. 2.25% PIK)	10.34%	01/17/2031	—	(16)		—		—
GS AcquisitionCo, Inc.	(5) (6) (9)	First Lien Debt	S +	5.25%	9.58%	05/25/2028	10,209	10,164		10,209		0.98
GS AcquisitionCo, Inc.	(5) (7) (17)	First Lien Debt	S +	5.25%	9.58%	05/25/2028	298	292		298		0.03
GS AcquisitionCo, Inc.	(5) (6) (17)	First Lien Debt	S +	5.25%	9.58%	05/25/2028	—	(6)		—		—
Hootsuite, Inc.	(5) (9) (10) (13)	First Lien Debt	S +	5.50%	9.83%	05/22/2030	17,910	17,662		17,752		1.70
Hootsuite, Inc.	(5) (13) (17)	First Lien Debt	S +	5.50%	9.83%	05/22/2030	—	(27)		(18)		—
Icefall Parent, Inc.	(5) (6) (10)	First Lien Debt	S +	6.50%	10.86%	01/25/2030	5,314	5,220		5,230		0.50
Icefall Parent, Inc.	(5) (6) (17)	First Lien Debt	S +	6.50%	10.86%	01/25/2030	—	(9)		(8)		—
Kaseya, Inc.	(5) (7) (11)	First Lien Debt	S +	5.50%	10.09%	06/25/2029	10,477	10,368		10,477		1.01

46

T Series Middle Market Loan Fund LLC

Consolidated Schedules of Investments

December 31, 2024

(In thousands, except unit amounts)

Investments-non-controlled/non-affiliated(1)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(3)		Cost(4)		Fair Value		Percentage of Net Assets
Kaseya, Inc.	(5) (7)	First Lien Debt	S +	5.50%	10.09%	06/25/2029	161		$	157	$	161	0.02	%
Kaseya, Inc.	(5) (7) (17)	First Lien Debt	S +	5.50%	10.09%	06/25/2029	158		152		158		0.02
LegitScript, LLC	(5) (7) (11)	First Lien Debt	S +	5.75%	10.11%	06/24/2029	18,903		18,634		18,903		1.81
LegitScript, LLC	(5) (7)	First Lien Debt	S +	5.75%	10.11%	06/24/2029	500		493		500		0.05
LegitScript, LLC	(5) (7) (17)	First Lien Debt	S +	5.75%	10.11%	06/24/2028	958		924		958		0.09
LogRhythm, Inc.	(5) (6) (10)	First Lien Debt	S +	7.50%	11.86%	07/02/2029	2,727		2,651		2,678		0.26
LogRhythm, Inc.	(5) (6) (17)	First Lien Debt	S +	7.50%	11.86%	07/02/2029	—		(7)		(5)		—
Montana Buyer, Inc.	(5) (7) (11)	First Lien Debt	S +	5.00%	9.36%	07/22/2029	8,486		8,362		8,486		0.81
Montana Buyer, Inc.	(5) (17)	First Lien Debt	P +	4.00%	11.50%	07/22/2028	168		156		168		0.02
Nasuni Corporation	(5) (7) (9)	First Lien Debt	S +	5.75%	10.18%	09/10/2030	8,276		8,156		8,276		0.79
Nasuni Corporation	(5) (7) (17)	First Lien Debt	S +	5.75%	10.18%	09/10/2030	—		(25)		—		—
Netwrix Corporation And Concept Searching, Inc.	(5) (7) (9)	First Lien Debt	S +	4.75%	9.26%	06/11/2029	5,061		5,027		5,029		0.48
Netwrix Corporation And Concept Searching, Inc.	(5) (7) (17)	First Lien Debt	S +	4.75%	9.26%	06/11/2029	—		(2)		(2)		—
Oak Purchaser, Inc.	(5) (7) (9)	First Lien Debt	S +	5.50%	9.83%	04/28/2028	4,777		4,747		4,736		0.45
Oak Purchaser, Inc.	(5) (7) (17)	First Lien Debt	S +	5.50%	9.83%	04/28/2028	3,132		3,112		3,103		0.30
Oak Purchaser, Inc.	(5) (7) (17)	First Lien Debt	S +	5.50%	9.83%	04/28/2028	—		(3)		(5)		—
Optimizely North America, Inc.	(5) (7) (9) (13)	First Lien Debt	S +	5.00%	9.36%	10/30/2031	1,526		1,511		1,511		0.15
Optimizely North America, Inc.	(5) (7) (9) (13)	First Lien Debt	E +	5.25%	8.11%	10/30/2031	€	562	604		576		0.06
Optimizely North America, Inc.	(5) (7) (9) (13)	First Lien Debt	SA +	5.50%	10.20%	10/30/2031	£	187	241		232		0.02
Optimizely North America, Inc.	(5) (7) (13) (17)	First Lien Debt	S +	5.00%	9.36%	10/30/2031	—		(2)		(2)		—
Project Leopard Holdings, Inc.	(8) (10) (13)	First Lien Debt	S +	5.25%	9.94%	07/20/2029	9,800		9,302		8,746		0.84
Reorganized Mobileum Acquisition Co, LLC	(5) (6)	First Lien Debt	S +	6.00% (incl. 5.00% PIK)	10.45%	09/11/2029	187		187		187		0.02
Revalize, Inc.	(5) (6) (9)	First Lien Debt	S +	5.75%	10.49%	04/15/2027	11,490		11,444		10,710		1.03
Revalize, Inc.	(5) (6) (17)	First Lien Debt	S +	5.75%	10.49%	04/15/2027	1,029		1,022		932		0.09
Riskonnect Parent, LLC	(5) (7) (9)	First Lien Debt	S +	5.25%	9.55%	12/07/2028	6,235		6,135		6,188		0.59
Riskonnect Parent, LLC	(5) (7) (17)	First Lien Debt	S +	5.25%	9.55%	12/07/2028	4,789		4,704		4,750		0.46
Riskonnect Parent, LLC	(5) (7) (17)	First Lien Debt	S +	5.25%	9.55%	12/07/2028	—		(15)		(7)		—
Runway Bidco, LLC	(5) (8) (9)	First Lien Debt	S +	5.00%	9.33%	12/17/2031	1,457		1,443		1,443		0.14
Runway Bidco, LLC	(5) (8) (17)	First Lien Debt	S +	5.00%	9.33%	12/17/2031	—		(2)		(2)		—
Runway Bidco, LLC	(5) (8) (17)	First Lien Debt	S +	5.00%	9.33%	12/17/2031	—		(2)		(2)		—
Securonix, Inc.	(5) (7) (11)	First Lien Debt	S +	7.00% (incl. 3.75% PIK)	12.34%	04/05/2028	21,010		20,782		19,151		1.84
Securonix, Inc.	(5) (7) (17)	First Lien Debt	S +	7.00% (incl. 3.75% PIK)	12.34%	04/05/2028	85		49		(249)		(0.02)
Trunk Acquisition, Inc.	(5) (6) (10)	First Lien Debt	S +	6.00%	10.48%	02/19/2030	11,086		11,033		11,028		1.06
Trunk Acquisition, Inc.	(5) (6) (10)	First Lien Debt	S +	6.00%	10.48%	02/19/2030	530		524		524		0.05

47

T Series Middle Market Loan Fund LLC

Consolidated Schedules of Investments

December 31, 2024

(In thousands, except unit amounts)

Investments-non-controlled/non-affiliated(1)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(3)	Cost(4)		Fair Value		Percentage of Net Assets
Trunk Acquisition, Inc.	(5) (6) (17)	First Lien Debt	S +	6.00%	10.48%	02/19/2030	—	$	(3)	$	(3)	—	%
Trunk Acquisition, Inc.	(5) (6) (17)	First Lien Debt	S +	6.00%	10.48%	02/19/2030	—	(3)		(6)		—
								349,817		349,720		33.56
Wireless Telecommunication Services
Mobile Communications America, Inc.	(5) (6) (11)	First Lien Debt	S +	5.25%	9.78%	10/16/2029	2,527	2,495		2,527		0.24
Mobile Communications America, Inc.	(5) (6) (17)	First Lien Debt	S +	5.25%	9.78%	10/16/2029	157	151		157		0.02
Mobile Communications America, Inc.	(5) (6) (17)	First Lien Debt	S +	5.25%	9.78%	10/16/2029	103	98		103		0.01
								2,744		2,787		0.27
Total Debt Investments								$	2,028,787	$	2,009,927	192.90	%

Investments-non-controlled/non-affiliated(1)	Footnotes	Investment	Reference Rate and Spread		Acquisition Date	Par Amount/ Shares(3)	Cost(4)		Fair Value		Percentage of Net Assets
Equity Investments
Commercial Services & Supplies
Encore Holdings, LLC	(5) (14) (15)	Common Equity			11/23/2021	1,862	$	244	$	682	0.07	%
Procure Acquiom Financial, LLC (Procure Analytics)	(5) (14) (15)	Common Equity			12/20/2021	500,000	500		735		0.07
Surewerx Topco, LP	(5) (13) (14) (15)	Common Equity			12/28/2022	104	104		139		0.01
							848		1,556		0.15
Containers & Packaging
BP Purchaser, LLC	(5) (14) (15)	Common Equity			12/10/2021	1,383,156	1,379		659		0.06
BP Purchaser, LLC Rights	(5) (14) (15)	Common Equity			03/12/2024	1,666,989	75		83		0.01
							1,454		742		0.07
Distributors
48Forty Solutions, LLC	(5) (9) (10) (14) (15)	Common Equity			11/01/2024	3,969	—		—		—
Diversified Consumer Services
Eclipse Topco, Inc.	(5) (15)	Preferred Equity		12.50% PIK	09/05/2024	45	442		441		0.04
LUV Car Wash	(5) (14) (15)	Common Equity			12/06/2022	1,260	1,260		850		0.08
							1,702		1,291		0.12
Electrical Equipment
Sparkstone Electrical Group	(5) (14) (15)	Common Equity			10/15/2024	1,500	150		150		0.01
Health Care Providers & Services
mPulse Mobile, Inc.	(5) (14) (15)	Common Equity			12/17/2021	105,978	780		1,353		0.13
SDB Holdco, LLC	(5) (14) (15)	Common Equity			03/29/2024	9,100,924	—		—		—
Vardiman Black Holdings, LLC	(5) (15)	Preferred Equity		6.00% PIK	03/29/2024	4,415,744	3,015		1,539		0.15
							3,795		2,892		0.28

48

T Series Middle Market Loan Fund LLC

Consolidated Schedules of Investments

December 31, 2024

(In thousands, except unit amounts)

Investments-non-controlled/non-affiliated(1)	Footnotes	Investment	Reference Rate and Spread		Acquisition Date	Par Amount/ Shares(3)	Cost(4)		Fair Value		Percentage of Net Assets
Insurance Services
Amerilife Holdings, LLC	(5) (14) (15)	Common Equity			09/01/2022	14,856	$	410	$	887	0.09	%
Frisbee Holdings, LP (Fetch)	(5) (14) (15)	Common Equity			10/31/2022	18,287	233		294		0.03
Integrity Marketing Acquisition, LLC	(5) (15)	Preferred Equity		10.50%	12/21/2021	1,000,000	1,355		1,330		0.13
							1,998		2,511		0.24
Professional Services
Verdantas, LLC	(5) (14) (15)	Common Equity			05/03/2024	3,984	4		5		—
Verdantas, LLC	(5) (15)	Preferred Equity		10.00%	05/03/2024	394,416	422		477		0.05
							426		482		0.05
Software
Fullsteam Operations, LLC	(5) (14) (15)	Common Equity			11/27/2023	11,270	380		907		0.09
Knockout Intermediate Holdings I, Inc.	(5) (15)	Preferred Equity		11.75%	06/25/2022	2,040	2,682		2,767		0.27
Reorganized Mobileum Grandparent, LLC	(5) (14) (15)	Common Equity			09/12/2024	25,375	—		—		—
Revalize, Inc.	(5) (15)	Preferred Equity	S +	10.00%	12/14/2021	2,154	3,151		3,124		0.30
Reveal Data Solutions	(5) (14) (15)	Common Equity			08/29/2023	186,769	243		306		0.03
RSK Holdings, Inc. (Riskonnect)	(5) (15)	Preferred Equity	S +	10.50%	07/07/2022	2,123,800	2,985		3,101		0.30
							9,441		10,205		0.98
Total Equity Investments							$	19,814	$	19,829	1.90	%
Total Portfolio Investments							$	2,048,601	$	2,029,756	194.80	%

Cash and Cash Equivalents
J.P. Morgan US Govt Money Market Fund	$	7,952	$	7,952	0.76	%
Cash	40,638		40,638		3.90	%
Total Cash and Cash Equivalents	$	48,590	$	48,590	4.66	%
Total Portfolio Investments, Cash and Cash Equivalents	$	2,097,191	$	2,078,346	199.46	%

(1)

Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments (including preferred equity investments) are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2024, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2024, the Company is not an “affiliated person” of any of its portfolio companies.

(2)

Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either CORRA ("C"), EURIBOR ("E"), SOFR ("S") or SONIA ("SA") or an alternate base rate (commonly based on the Federal Funds Rate ("F") or the U.S. Prime Rate ("P")), each of which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2024. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2024. As of December 31, 2024, the reference rates for our variable rate loans were the C at 3.32%, 1-month E at 2.85%, 1-month S at 4.33%, the 3-month S at 4.31%, 6-month S at 4.25%, SA at 4.70% and the P at 7.50%.

49

T Series Middle Market Loan Fund LLC

Consolidated Schedules of Investments

December 31, 2024

(In thousands, except unit amounts)

(3)	Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars ("$" or "USD") unless otherwise noted, Euro ("€"), Great British Pound ("GBP"), or Canadian dollar ("CAD").
(4)	The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
(5)	These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Company’s Valuation Designee (the “Valuation Designee”) under the supervision of the Board of Directors (the “Board of Directors” or the “Board”) (see Note 2 and Note 5), pursuant to the Company’s valuation policy.
(6)	Loan includes interest rate floor of 1.00%.
(7)	Loan includes interest rate floor of 0.75%.
(8)	Loan includes interest rate floor of 0.50%.
(9)	Assets or a portion thereof are pledged as collateral for the JPM Funding Facility (as defined below). See Note 6 “Debt”.
(10)	Assets or a portion thereof are pledged as collateral for the Barclays Funding Facility (as defined below). See Note 6 “Debt”.
(11)	Assets or a portion thereof are pledged as collateral for the BNP Funding Facility (as defined below). See Note 6 “Debt”.
(12)	The investment includes an exit fee that is receivable upon certain conditions being met. See Note 2 "Significant Accounting Policies".
(13)	The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2024, non-qualifying assets represented 7.69% of total assets as calculated in accordance with regulatory requirements.
(14)	Non-income producing security
(15)	Securities exempt from registration under the Securities Act of 1933, as amended, and may be deemed to be “restricted securities.” As of December 31, 2024, the aggregate fair value of these securities is $19,829 or 1.90% of the Company’s net assets. The initial acquisition dates have been included for such securities.
(16)	Investment was on non-accrual status as of December 31, 2024.

(17) Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if     any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments as of December 31, 2024:

Investments — non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
First Lien Debt
48Forty Solutions, LLC	Revolver	11/30/2029	$	2,235	$	(791)
ARI Network Services, Inc.	Revolver	08/28/2026	19		—
AWP Group Holdings, Inc.	Delayed Draw Term Loan	08/23/2026	257		—
AWP Group Holdings, Inc.	Revolver	12/23/2030	692		—
Accordion Partners, LLC	Delayed Draw Term Loan	11/15/2026	978		(5)
Accordion Partners, LLC	Revolver	11/17/2031	652		(6)
Advarra Holdings, Inc.	Delayed Draw Term Loan	09/14/2026	1,851		—
Amerilife Holdings, LLC	Delayed Draw Term Loan	06/17/2026	1,459		—
Amerilife Holdings, LLC	Revolver	08/31/2028	3,688		—
Answer Acquisition, LLC	Revolver	12/30/2026	2,750		(19)
Any Hour, LLC	Delayed Draw Term Loan	05/23/2026	2,815		(30)
Any Hour, LLC	Revolver	05/23/2030	810		(8)
Apex Service Partners, LLC	Revolver	10/24/2029	561		—
Apollo Acquisition, Inc.	Delayed Draw Term Loan	12/30/2026	1,172		(6)
Apollo Acquisition, Inc.	Revolver	12/30/2030	469		(5)
Appfire Technologies, LLC	Delayed Draw Term Loan	03/31/2025	415		—
Appfire Technologies, LLC	Delayed Draw Term Loan	06/28/2026	300		—

50

T Series Middle Market Loan Fund LLC

Consolidated Schedules of Investments

December 31, 2024

(In thousands, except unit amounts)

Investments — non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Appfire Technologies, LLC	Revolver	03/09/2028	$	113	$	—
Applitools, Inc.	Revolver	05/25/2028	900		(8)
Aptean, Inc.	Delayed Draw Term Loan	01/30/2026	883		(1)
Aptean, Inc.	Revolver	01/30/2031	1,618		(2)
Arcoro Holdings Corp.	Revolver	03/28/2030	1,304		(10)
Artifact Bidco, Inc.	Delayed Draw Term Loan	05/22/2027	2,586		—
Artifact Bidco, Inc.	Revolver	07/26/2030	1,847		—
Associations, Inc.	Delayed Draw Term Loan	07/03/2028	169		—
Associations, Inc.	Revolver	07/03/2028	81		—
Atlas Us Finco, Inc.	Revolver	12/09/2028	572		—
AuditBoard, Inc.	Delayed Draw Term Loan	07/12/2026	5,714		—
AuditBoard, Inc.	Revolver	07/14/2031	2,286		—
Avalara, Inc.	Revolver	10/19/2028	1,015		—
Bottomline Technologies, Inc.	Revolver	05/15/2028	1,333		—
Bradyplus Holdings, LLC	Delayed Draw Term Loan	10/31/2025	173		—
Bridgepointe Technologies, LLC	Delayed Draw Term Loan	06/03/2026	2,369		(27)
Bullhorn, Inc.	Delayed Draw Term Loan	05/11/2026	365		—
Bullhorn, Inc.	Revolver	10/01/2029	118		—
COP Collisionright Parent, LLC	Delayed Draw Term Loan	01/29/2026	1,839		(22)
COP Collisionright Parent, LLC	Revolver	01/29/2030	883		(10)
CRCI Longhorn Holdings, Inc.	Delayed Draw Term Loan	08/27/2026	882		—
CRCI Longhorn Holdings, Inc.	Revolver	08/27/2031	324		—
Caerus US 1, Inc.	Revolver	05/25/2029	790		(24)
Carr, Riggs and Ingram Capital, LLC	Delayed Draw Term Loan	11/18/2026	292		(1)
Carr, Riggs and Ingram Capital, LLC	Revolver	11/18/2031	117		(1)
Catalis Intermediate, Inc.	Revolver	08/04/2027	1,877		(28)
Cerity Partners, LLC	Delayed Draw Term Loan	06/07/2026	2,852		—
Cerity Partners, LLC	Revolver	07/30/2029	589		—
Chase Intermediate, LLC	Delayed Draw Term Loan	08/31/2025	2,455		(4)
Chase Intermediate, LLC	Revolver	10/30/2028	207		—
ComPsych Investment Corp.	Delayed Draw Term Loan	07/23/2027	667		—
Consor Intermediate II, LLC	Delayed Draw Term Loan	05/10/2026	2,256		(13)
Consor Intermediate II, LLC	Revolver	05/12/2031	602		(3)
Coupa Holdings, LLC	Delayed Draw Term Loan	08/27/2025	699		(3)
Coupa Holdings, LLC	Revolver	02/27/2029	536		(2)
Cyara AcquisitionCo, LLC	Revolver	06/28/2029	887		—
Diligent Corporation	Delayed Draw Term Loan	04/30/2026	3,529		—
Diligent Corporation	Revolver	08/02/2030	2,353		—

51

T Series Middle Market Loan Fund LLC

Consolidated Schedules of Investments

December 31, 2024

(In thousands, except unit amounts)

Investments — non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Drivecentric Holdings, LLC	Revolver	08/15/2031	$	2,059	$	(2)
Dwyer Instruments, Inc.	Revolver	07/20/2029	2,125		—
E-Discovery AcquireCo, LLC	Revolver	08/29/2029	943		(4)
EVDR Purchaser, Inc.	Delayed Draw Term Loan	08/14/2025	309		—
EVDR Purchaser, Inc.	Revolver	02/14/2031	155		—
Eclipse Buyer, Inc.	Delayed Draw Term Loan	09/06/2026	160		—
Eclipse Buyer, Inc.	Revolver	09/06/2031	81		—
Encore Holdings, LLC	Delayed Draw Term Loan	10/31/2026	126		(1)
Encore Holdings, LLC	Delayed Draw Term Loan	12/20/2026	1,000		(2)
Encore Holdings, LLC	Revolver	11/23/2027	359		(1)
Energy Labs Holdings Corp.	Delayed Draw Term Loan	05/24/2026	87		(1)
Energy Labs Holdings Corp.	Revolver	04/07/2028	92		(1)
Essential Services Holding Corporation	Delayed Draw Term Loan	06/17/2026	2,231		—
Essential Services Holding Corporation	Revolver	06/17/2030	1,394		—
Everbridge Holdings, LLC	Delayed Draw Term Loan	07/02/2026	3,942		—
Everbridge Holdings, LLC	Revolver	07/02/2031	2,593		—
Excelitas Technologies Corp.	Delayed Draw Term Loan	05/01/2025	1,204		(13)
Excelitas Technologies Corp.	Revolver	08/14/2028	3,612		(38)
FLS Holding, Inc.	Revolver	12/17/2027	961		(102)
FPG Intermediate Holdco, LLC	Delayed Draw Term Loan	12/31/2025	154		—
Formstack Acquisition Co	Delayed Draw Term Loan	03/30/2026	2,805		(18)
Formstack Acquisition Co	Revolver	03/28/2030	1,688		(11)
Foundation Risk Partners Corp.	Revolver	10/29/2029	1,069		—
Fullsteam Operations, LLC	Delayed Draw Term Loan	08/25/2025	758		—
Fullsteam Operations, LLC	Delayed Draw Term Loan	02/23/2026	150		—
Fullsteam Operations, LLC	Delayed Draw Term Loan	05/01/2026	1,260		—
Fullsteam Operations, LLC	Delayed Draw Term Loan	06/30/2026	140		—
Fullsteam Operations, LLC	Revolver	11/27/2029	238		—
GC Waves Holdings, Inc.	Delayed Draw Term Loan	10/04/2026	3,919		(30)
GC Waves Holdings, Inc.	Revolver	10/04/2030	382		(3)
GI DI Cornfield Acquisition, LLC	Delayed Draw Term Loan	05/31/2026	6,333		(61)
GPS Merger Sub, LLC	Delayed Draw Term Loan	10/02/2026	546		—
GPS Merger Sub, LLC	Revolver	10/02/2029	437		—
GS AcquisitionCo, Inc.	Delayed Draw Term Loan	03/26/2026	1,046		—
GS AcquisitionCo, Inc.	Revolver	05/25/2028	1,384		—
Galway Borrower, LLC	Delayed Draw Term Loan	02/06/2026	133		—
Galway Borrower, LLC	Revolver	09/29/2028	395		—
Gateway US Holdings, Inc.	Revolver	09/22/2028	213		—

52

T Series Middle Market Loan Fund LLC

Consolidated Schedules of Investments

December 31, 2024

(In thousands, except unit amounts)

Investments — non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Granicus, Inc.	Revolver	01/17/2031	$	1,797	$	—
GraphPad Software, LLC	Delayed Draw Term Loan	06/28/2026	3,964		—
GraphPad Software, LLC	Revolver	06/30/2031	1,651		—
HSI Halo Acquisition, Inc.	Delayed Draw Term Loan	06/28/2026	2,161		—
HSI Halo Acquisition, Inc.	Revolver	06/28/2030	1,743		—
Heartland Veterinary Partners, LLC	Revolver	12/10/2026	1,211		—
Helios Service Partners, LLC	Delayed Draw Term Loan	02/10/2025	4,137		(35)
Helios Service Partners, LLC	Revolver	03/19/2027	504		—
Hercules Borrower, LLC	Delayed Draw Term Loan	04/05/2026	4,519		(14)
Higginbotham Insurance Agency, Inc.	Delayed Draw Term Loan	03/27/2026	280		(1)
High Street Buyer, Inc.	Delayed Draw Term Loan	02/04/2025	802		—
High Street Buyer, Inc.	Delayed Draw Term Loan	03/11/2026	504		(2)
Hootsuite, Inc.	Revolver	05/22/2030	2,000		(18)
Hyland Software, Inc.	Revolver	09/19/2029	961		—
IG Investment Holdings, LLC	Revolver	09/22/2028	101		(1)
Icefall Parent, Inc.	Revolver	01/25/2030	506		(8)
Imagine 360, LLC	Delayed Draw Term Loan	09/20/2026	859		—
Imagine 360, LLC	Revolver	10/02/2028	532		—
Inszone Mid, LLC	Delayed Draw Term Loan	11/10/2025	1,681		—
Inszone Mid, LLC	Revolver	11/12/2029	1,269		—
Integrity Marketing Acquisition, LLC	Revolver	08/25/2028	290		—
Invictus Buyer, LLC	Delayed Draw Term Loan	06/03/2026	1,688		(5)
Invictus Buyer, LLC	Revolver	06/03/2031	625		(2)
Iris Buyer, LLC	Delayed Draw Term Loan	04/02/2025	146		—
Iris Buyer, LLC	Revolver	10/02/2029	429		—
KENG Acquisition, Inc.	Delayed Draw Term Loan	08/01/2025	1,035		(5)
KENG Acquisition, Inc.	Delayed Draw Term Loan	07/17/2026	298		(1)
KENG Acquisition, Inc.	Revolver	08/01/2029	675		(3)
Kaseya, Inc.	Delayed Draw Term Loan	06/23/2025	465		—
Kaseya, Inc.	Revolver	06/25/2029	469		—
LJ Avalon Holdings, LLC	Delayed Draw Term Loan	10/01/2025	1,743		—
LJ Avalon Holdings, LLC	Revolver	02/01/2029	486		—
LeadVenture, Inc.	Delayed Draw Term Loan	08/28/2026	141		(1)
LegitScript, LLC	Revolver	06/24/2028	2,036		—
LogRhythm, Inc.	Revolver	07/02/2029	273		(5)
MAI Capital Management Intermediate, LLC	Delayed Draw Term Loan	08/29/2026	779		—
MAI Capital Management Intermediate, LLC	Revolver	08/29/2031	373		—
MRI Software, LLC	Delayed Draw Term Loan	09/04/2026	1,364		(1)

53

T Series Middle Market Loan Fund LLC

Consolidated Schedules of Investments

December 31, 2024

(In thousands, except unit amounts)

Investments — non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
MRI Software, LLC	Revolver	02/10/2027	$	1,327	$	(1)
Magneto Components Buyco, LLC	Delayed Draw Term Loan	06/05/2025	4,716		(32)
Magneto Components Buyco, LLC	Revolver	12/05/2029	3,930		(27)
Magnolia Wash Holdings	Revolver	07/14/2028	150		(14)
Mantech International CP	Delayed Draw Term Loan	06/14/2025	2,735		—
Mantech International CP	Revolver	09/14/2028	2,613		—
Mobile Communications America, Inc.	Delayed Draw Term Loan	10/16/2025	666		—
Mobile Communications America, Inc.	Revolver	10/16/2029	309		—
Model N, Inc.	Delayed Draw Term Loan	06/26/2026	2,765		—
Model N, Inc.	Revolver	06/27/2031	1,475		—
Montana Buyer, Inc.	Revolver	07/22/2028	810		—
NSi Holdings, Inc.	Delayed Draw Term Loan	11/15/2026	263		(1)
NSi Holdings, Inc.	Revolver	11/15/2031	263		(2)
Nasuni Corporation	Revolver	09/10/2030	1,724		—
Netwrix Corporation And Concept Searching, Inc.	Revolver	06/11/2029	316		(2)
Oak Purchaser, Inc.	Delayed Draw Term Loan	02/01/2025	200		(2)
Oak Purchaser, Inc.	Revolver	04/28/2028	620		(5)
Optimizely North America, Inc.	Revolver	10/30/2031	225		(2)
PDI TA Holdings, Inc.	Delayed Draw Term Loan	02/01/2026	262		(1)
PDI TA Holdings, Inc.	Revolver	02/03/2031	260		(1)
PMA Parent Holdings, LLC	Revolver	01/31/2031	148		(2)
PT Intermediate Holdings III, LLC	Delayed Draw Term Loan	04/08/2026	2,212		—
Pareto Health Intermediate Holdings, Inc.	Delayed Draw Term Loan	06/20/2026	377		(2)
Pareto Health Intermediate Holdings, Inc.	Revolver	06/01/2029	2,713		—
Peter C. Foy & Associates Insurance Services, LLC	Delayed Draw Term Loan	04/23/2026	130		(1)
Procure Acquireco, Inc. (Procure Analytics)	Delayed Draw Term Loan	10/31/2026	200		(1)
Procure Acquireco, Inc. (Procure Analytics)	Revolver	12/20/2028	1,190		—
Project Accelerate Parent, LLC	Revolver	02/24/2031	188		—
Project Boost Purchaser, LLC	Revolver	05/02/2028	390		—
Project Potter Buyer, LLC	Revolver	04/23/2026	535		—
Pye-Barker Fire & Safety, LLC	Delayed Draw Term Loan	05/24/2026	2,259		—
Pye-Barker Fire & Safety, LLC	Revolver	05/24/2030	1,063		—
RFS Opco, LLC	Revolver	04/04/2029	820		(3)
Randy's Holdings, Inc.	Delayed Draw Term Loan	11/01/2025	2,902		—
Randy's Holdings, Inc.	Revolver	11/01/2029	1,091		—
Raptor Merger Sub Debt, LLC	Revolver	04/01/2029	1,953		(7)
Redwood Services Group, LLC	Delayed Draw Term Loan	01/31/2025	4		—
Redwood Services Group, LLC	Delayed Draw Term Loan	02/05/2026	16		—

54

T Series Middle Market Loan Fund LLC

Consolidated Schedules of Investments

December 31, 2024

(In thousands, except unit amounts)

Investments — non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Revalize, Inc.	Revolver	04/15/2027	$	390	$	(26)
Ridge Trail US Bidco, Inc.	Delayed Draw Term Loan	03/30/2027	4,724		(13)
Ridge Trail US Bidco, Inc.	Revolver	03/31/2031	1,150		(3)
Riskonnect Parent, LLC	Delayed Draw Term Loan	03/01/2026	231		(2)
Riskonnect Parent, LLC	Revolver	12/07/2028	914		(7)
RoadOne IntermodaLogistics	Revolver	12/29/2028	52		(1)
Routeware, Inc.	Delayed Draw Term Loan	09/18/2026	739		—
Routeware, Inc.	Revolver	09/18/2031	170		—
Runway Bidco, LLC	Delayed Draw Term Loan	12/17/2026	362		(2)
Runway Bidco, LLC	Revolver	12/17/2031	181		(2)
SV Newco 2, Inc.	Delayed Draw Term Loan	05/31/2026	8,591		(68)
SV Newco 2, Inc.	Revolver	06/02/2031	5,155		(41)
Securonix, Inc.	Revolver	04/05/2028	3,697		(327)
Sherlock Buyer Corp.	Revolver	12/08/2027	2,876		—
Smarsh, Inc.	Delayed Draw Term Loan	02/18/2025	536		—
Smarsh, Inc.	Revolver	02/16/2029	161		—
Sonny's Enterprises, LLC	Delayed Draw Term Loan	06/05/2026	2,452		(79)
Sonny's Enterprises, LLC	Revolver	08/05/2027	1,799		(58)
Spark Buyer, LLC	Delayed Draw Term Loan	10/15/2026	375		(3)
Spark Buyer, LLC	Revolver	10/15/2031	188		(3)
Stepping Stones Healthcare Services, LLC	Delayed Draw Term Loan	04/25/2026	1,125		(2)
Stepping Stones Healthcare Services, LLC	Revolver	12/30/2026	625		—
Superman Holdings, LLC	Delayed Draw Term Loan	08/28/2026	2,184		—
Superman Holdings, LLC	Revolver	08/29/2031	967		—
Surewerx Purchaser III, Inc.	Delayed Draw Term Loan	12/28/2025	229		—
Surewerx Purchaser III, Inc.	Revolver	12/28/2028	81		—
Tamarack Intermediate, LLC	Revolver	03/13/2028	2,475		—
Tank Holding Corp.	Delayed Draw Term Loan	11/22/2025	154		(1)
Tank Holding Corp.	Revolver	03/31/2028	1,333		(26)
Tidi Legacy Products, Inc.	Delayed Draw Term Loan	06/19/2025	812		(1)
Tidi Legacy Products, Inc.	Revolver	12/19/2029	585		(1)
Transit Technologies, LLC	Delayed Draw Term Loan	08/20/2026	909		—
Transit Technologies, LLC	Revolver	08/20/2030	545		—
Trintech, Inc.	Revolver	07/25/2029	1,429		(21)
Trunk Acquisition, Inc.	Delayed Draw Term Loan	12/20/2026	539		(3)
Trunk Acquisition, Inc.	Revolver	02/19/2026	1,071		(6)
UHY Advisors, Inc.	Delayed Draw Term Loan	11/22/2026	441		(2)
UHY Advisors, Inc.	Revolver	11/21/2031	117		(1)

55

T Series Middle Market Loan Fund LLC

Consolidated Schedules of Investments

December 31, 2024

(In thousands, except unit amounts)

Investments — non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
V Global Holdings, LLC	Revolver	12/22/2025	$	454	$	(22)
VRC Companies, LLC	Revolver	06/29/2027	293		—
Vardiman Black Holdings, LLC	Delayed Draw Term Loan	03/29/2026	144		—
Vehlo Purchaser, LLC	Delayed Draw Term Loan	10/05/2025	962		(6)
Vehlo Purchaser, LLC	Revolver	05/24/2028	9		—
Vensure Employer Services, Inc.	Delayed Draw Term Loan	09/27/2026	430		—
Verdantas, LLC	Revolver	05/06/2030	1,754		(18)
Vertex Service Partners, LLC	Delayed Draw Term Loan	10/01/2026	245		(1)
Vertex Service Partners, LLC	Revolver	11/08/2030	49		—
Vessco Midco Holdings, LLC	Delayed Draw Term Loan	07/24/2026	417		—
Vessco Midco Holdings, LLC	Revolver	07/24/2031	189		—
Victors Purchaser, LLC	Delayed Draw Term Loan	08/15/2026	433		—
Victors Purchaser, LLC	Revolver	08/15/2031	204		—
YI, LLC	Delayed Draw Term Loan	06/01/2025	1,831		—
YI, LLC	Revolver	12/03/2029	1,373		—
Zarya Intermediate, LLC	Revolver	07/01/2027	2,807		(3)
iCIMS, Inc.	Revolver	08/18/2028	124		—
mPulse Mobile, Inc.	Revolver	12/17/2027	3,247		(40)
Total First Lien Debt Unfunded Commitments			$	269,334	$	(2,314)
Total Unfunded Commitments			$	269,334	$	(2,314)

56

T Series Middle Market Loan Fund LLC

Notes to the Consolidated Financial Statements

March 31, 2025

(In thousands, except unit and per unit amounts)

(1)ORGANIZATION

T Series Middle Market Loan Fund LLC (the “Company”) is a non-diversified, externally managed specialty finance company focused on lending to middle market companies. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, the Company has elected to be treated, and intends to comply with the requirements 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 is not a subsidiary of or consolidated with Morgan Stanley.

The Company was formed as a Delaware limited liability company on September 14, 2021 and commenced investment operations on November 4, 2021. The Company is externally managed by MS Capital Partners Adviser Inc., an indirect wholly owned subsidiary of Morgan Stanley (the “Adviser” or “Investment Adviser”).

The Company’s investment objective is to achieve attractive risk-adjusted returns via current income and, to a lesser extent, capital appreciation by investing primarily in directly originated senior secured term loans issued by U.S. middle-market companies backed by private equity sponsors, including first lien senior secured term loans, second lien senior secured term loans, with the balance of its investments expected to be in higher-yielding assets such as mezzanine debt, unsecured debt, equity investments and other opportunistic asset purchases.

The Company has conducted and from time to time may conduct private offerings of common units (the “Common Units”) to investors in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). Each investor at any closing of a private offering makes a capital commitment to purchase Common Units pursuant to a subscription agreement entered into with the Company (a “Subscription Agreement”). Investors are required to fund drawdowns to purchase Common Units up to the amount of their respective capital commitments each time the Company delivers a notice to the investors.

(2)SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The Company's functional currency is U.S. Dollars ("USD") and these consolidated financial statements have been prepared in that currency. The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to Regulation S-X. As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”) issued by the Financial Accounting Standards Board (“FASB”).

The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments and reclassifications, consisting solely of normal recurring accruals considered necessary for the fair presentation of consolidated financial statements for the interim period presented, have been included. The current period’s results of operations will not necessarily be indicative of results that the Company may ultimately achieve for the year ending December 31, 2025.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Such amounts could differ from those estimates and such differences could be material. Management’s estimates are based on historical experiences and other factors, including expectations of future events that management believes to be reasonable under the circumstances. Assumptions and estimates regarding the valuation of investments involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the consolidated financial statements.

Consolidation

As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the Company’s wholly owned subsidiaries in the consolidated financial statements. All intercompany balances and transactions have been eliminated in consolidation.

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The Company has formed wholly owned subsidiaries for the purpose of holding certain investments in portfolio companies made by the Company. The Company's wholly owned subsidiaries were formed as Delaware limited liability companies and included: T Series CA SPV LLC (“CA SPV”), T Series Equity Holdings LLC (“Equity Holdings”), T Series Financing SPV LLC (“Financing SPV”), T Series Financing II SPV LLC (“Financing SPV II”) and T Series Financing III SPV (“Financing SPV III”, collectively with CA SPV, Equity Holdings, Financing SPV and Financing SPV II, the “subsidiaries”). The Company consolidates its wholly owned subsidiaries in these consolidated financial statements from the date of the respective subsidiary's formation.

Cash and Cash Equivalents

Cash and cash equivalents consist of demand deposits and highly liquid investments, such as money market funds, with original maturities of three months or less. Cash and cash equivalents are carried at cost, which approximates fair value. The Company deposits its cash and cash equivalents with multiple financial institutions and, at times, may exceed the Federal Deposit Insurance Corporation insured limit.

Foreign Currency Translation

Investments denominated in foreign currencies are translated into U.S. Dollars based upon currency exchange rates effective on the last business day of the current reporting period. Net changes in fair value of investments due to foreign exchange rates fluctuation is recorded as change in unrealized appreciation (depreciation) from translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations. Investment and non-investment activities denominated in foreign currencies, including purchase and sales of investments, borrowings and repayments of debt, income and expenses, are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates.

Investments

Investment transactions are recorded on the trade date. Receivables/payables from investments sold/purchased on the Consolidated Statements of Financial Condition consist of amounts receivable to or payable by the Company for transactions that have not settled at the reporting date. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

The Company’s Board of Directors (the “Board of Directors” or the “Board”), with the assistance of the Company’s audit committee (the “Audit Committee”), determines the fair value of the Company’s investments in accordance with ASC Topic 820, Fair Value Measurements (“ASC 820”) issued by the FASB. The Board of Directors has delegated to the Investment Adviser as the valuation designee (the “Valuation Designee”) the responsibility of determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors, pursuant to Rule 2a-5 under the 1940 Act. As such, the Valuation Designee is charged with determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors. ASC 820 defines fair value as “the price 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.” Fair value is a market-based measurement, not an entity-specific measurement. For some investments, observable market transactions or market information might be available. For other investments, observable market transactions and market information might not be available. However, the objective of a fair value measurement in both cases is the same—to estimate the price when an orderly transaction to sell the investment would take place between market participants at the measurement date under current market conditions (that is, an exit price at the measurement date from the perspective of a market participant). Refer to Note 5 “Fair Value Measurements” for the Company’s framework for determining fair value, fair value hierarchies, and the composition of the Company’s portfolio.

Revenue Recognition

Interest Income

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective investment using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Exit fees that are receivable upon repayment of a loan or debt security are amortized into interest income over the life of the respective investment. Upon prepayment of a loan or debt investment, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.

PIK Income

The Company has debt investments in its portfolio that contain payment-in-kind (“PIK”) provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in PIK income on the Consolidated Statements of Operations. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK

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investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through PIK income. This non-cash source of income is included when determining what must be paid out to unitholders in the form of distributions in order for the Company to maintain its status as a RIC, even though the Company has not yet collected cash.

Dividend Income

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

Other Income

The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment and syndication fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized in income when earned or when the services are rendered and there is no uncertainty or contingency related to the amount to be received.

Non-Accrual Investments

Investments are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is reversed when an investment is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the 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 regarding collectability. Non-accrual investments are restored to accrual status when past due principal and interest are paid current and, in management’s judgment, are likely to remain current. Management may determine to not place an investment on non-accrual status if the investment has sufficient collateral value and is in the process of collection.

As of both March 31, 2025 and December 31, 2024 the Company had certain investments in one portfolio company that was on non-accrual status. The amortized cost of investments on non-accrual status as of March 31, 2025 and December 31, 2024 was $6,415 and $18,727, respectively.

Deferred Financing Costs

The Company records upfront fees, legal and other direct costs incurred in connection with the Company’s issuance of revolving debt facilities as deferred financing costs. These costs are deferred and amortized over the life of the related revolving credit facilities using the straight-line method. Deferred financing costs related to revolving credit facilities are presented separately as an asset on the Company’s Consolidated Statements of Financial Condition. The amortization of such deferred financing costs are presented on the Consolidated Statements of Operations as interest expense and other financing expenses.

Income Taxes

The Company has elected to be treated as a RIC under Subchapter M of the Code. So long as the Company maintains its status as a RIC, it generally will not pay corporate U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its unitholders as dividends.

In order to qualify as a RIC, the Company must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then the Company is generally required to pay income taxes only on the portion of its taxable income and gains it does not distribute.

The minimum distribution requirements applicable to RICs require the Company to distribute to its unitholders at least 90% of its investment company taxable income (the “ICTI”), as defined by the Code, each year. Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward ICTI in excess of current year distributions into the next tax year. Any such carryover ICTI must be distributed before the end of that next tax year through a dividend declared prior to filing the final tax return related to the year which generated such ICTI.

In addition, based on the excise distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner an amount at least equal to the sum of (1) 98% of its ordinary income for each calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in the preceding year. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. For the three months ended March 31, 2025, and March 31, 2024, the Company accrued $18, and $16, respectively, of U.S. federal excise taxes.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more likely than not” to be sustained by the applicable tax authority. All penalties and interest associated with income taxes, if any, are included in income tax expense.

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Segment Reporting

The Company operates through a single operating and reporting segment with an investment objective to generate current income and, to a lesser extent, capital appreciation, primarily from directly originated senior secured term loans. The Company’s chief operating decision maker (the “CODM”) includes the Chief Executive Officer, President, Chief Financial Officer, and Chief Operating Officer. The CODM uses the net increase (decrease) in member’s capital resulting from operations to assess the performance and makes operating decisions of the Company. The evaluation of this metric is used in determining the Company’s distribution policy, portfolio construction and deployment, and strategic initiatives. Segment assets are reflected on the accompanying Consolidated Statements of Financial Condition as “total assets” and the significant segment expenses are listed on the accompanying Consolidated Statements of Operations.

Recent Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 requires disclosure of certain costs and expenses on an interim and annual basis in the notes to the financial statements. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The disclosures required under the guidance can be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to any or all periods presented in the financial statements. The Company is currently evaluating the impact that this guidance will have on its financial statement disclosures.

(3)RELATED PARTY TRANSACTIONS

Investment Advisory Agreement

On October 13, 2021, the Board of Directors, including a majority of the directors who are not “interested persons” as defined in Section 2(a)(19) of the 1940 Act (the “Independent Directors”), approved the investment advisory agreement with the Investment Adviser (the “Investment Advisory Agreement”) in accordance with, and on the basis of an evaluation satisfactory to such directors as required by, Section 15(c) of the 1940 Act. The Investment Advisory Agreement had an initial term of two years and continues thereafter from year to year if approved annually by the Board of Directors, which most recently re-approved the renewal of the Investment Advisory Agreement in August 2024.

The Company pays the Investment Adviser a fee for its services under the Investment Advisory Agreement consisting of two components: a base management fee and an incentive fee. The cost of both the base management fee and the incentive fee are ultimately borne by the unitholders.

Base Management Fee

The base management fee is calculated at an annual rate of 0.5% of the Company’s average called capital commitments, at the end of the then-current quarter and the prior calendar quarter (and, in the case of our first quarter, called capital commitments as of such quarter-end). Called capital commitments is defined in the Investment Advisory Agreement as the aggregate purchase price paid to purchase Common Units of the Company by all unitholders pursuant to a Subscription Agreement. Called capital commitments do not include assets acquired through the use of leverage. The Investment Adviser does not receive any fees on unused capital commitments. The base management fee for any partial quarter was appropriately prorated.

For the three months ended March 31, 2025 and March 31, 2024, base management fees were $1,056, and $919, respectively. As of March 31, 2025 and December 31, 2024, $1,056 and $1,025 was payable to the Investment Adviser relating to base management fees.

Incentive Fee

The Company pays the Investment Adviser an incentive fee consisting of two parts. The first part is determined and paid quarterly based on the Company’s pre-incentive fee net investment income and the second part is determined and payable in arrears based on net capital gains as of the end of each calendar year or upon termination of the Investment Advisory Agreement.

Pre-incentive fee net investment income is defined as interest income, distribution income and any other income accrued during the calendar quarter, minus operating expenses for the quarter, including the base management fee, expenses payable to the Administrator under the Administration Agreement, any interest expense and distributions paid on any issued and outstanding preferred units, but excluding the incentive fee. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as debt instruments with PIK interest and zero coupon securities), accrued income that the Company has not yet received in cash. The Investment Adviser is not obligated to return any incentive fee it receives on PIK interest that is later determined to be uncollectible in cash.

The Company pays the Investment Adviser an incentive fee with respect to the Company’s pre-incentive fee net investment income as follows:

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•No incentive fee based on pre-incentive fee net investment income in any calendar quarter in which pre-incentive fee net investment income does not exceed a hurdle rate of 1.5% (6.0% annualized) (“Hurdle Rate”);

•100% of pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the Hurdle Rate but is less than 1.6393% in any quarter (6.5572% annualized). The Company refers to this portion of the pre-incentive fee net investment income (which exceeds the Hurdle Rate but is less than 1.6393%) as the “catch-up”. The “catch-up” is meant to provide the Investment Adviser with approximately 8.5% of the Company’s pre-incentive fee net investment income as if a Hurdle Rate did not apply if this net investment income exceeds 1.6393% in any calendar quarter; and

•8.5% of the pre-incentive fee net investment income, if any, that exceeds 1.6393% in any calendar quarter (6.5572% annualized), which reflects that once the Hurdle Rate is reached and the catch-up is achieved, 8.5% of all pre-incentive fee net investment income is paid to the Investment Adviser.

For the three months ended March 31, 2025 and March 31, 2024, $2,788 and $2,614 of income based incentive fees, respectively, were accrued to the Investment Adviser.

The second part of the incentive fee is determined on realized capital gains calculated and payable in arrears in cash as of the end of each calendar quarter or upon the termination of the Investment Advisory Agreement in an amount equal to 8.5% of the realized capital gains, if any, on a quarterly basis from the date of the Company’s election to be regulated as a BDC through the end of a given calendar year or upon the termination of the Investment Advisory Agreement, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees (the “Cumulative Capital Gains”).

Under U.S. GAAP, the Company is required to accrue an incentive fee on capital gains, including unrealized capital appreciation even though such unrealized capital appreciation is not included in calculating the incentive fee payable under the Investment Advisory Agreement. If such amount is positive at the end of a period, then the Company records an incentive fee on capital gain incentive fee equal to 8.5% of such amount, less the aggregate amount of any previously paid capital gain incentive fees. If such amount is negative, no accrual is recorded for such period.

For the three months ended March 31, 2025, and March 31, 2024, there were no capital gain incentive fees accrued to the Investment Adviser. Incentive fees on Cumulative Capital Gains crystallize at calendar year-end.

As of March 31, 2025 and December 31, 2024, there were $2,788 and $2,889, respectively, of income based incentive fees and no capital gains incentive fees payable to the Investment Adviser.

Administration Agreement

MS Private Credit Administrative Services LLC, an indirect, wholly owned subsidiary of Morgan Stanley (the “Administrator”) is the administrator of the Company pursuant to an administration agreement (the “Administration Agreement”). Pursuant to the Administration Agreement, the Administrator provides services and receives reimbursements from the Company for its costs and expenses and the Company’s allocable portion of overhead costs incurred by the Administrator in performing its obligations under the Administration Agreement. Reimbursement under the Administration Agreement occurs quarterly in arrears. The Administration Agreement had an initial term of two years and continues thereafter from year to year if approved annually by the Board of Directors, which was most recently re-approved in August 2024.

For the three months ended March 31, 2025, and March 31, 2024, no expenses were incurred under the Administration Agreement.

Indemnification Agreements

The Company has entered into indemnification agreements with its directors and officers. The indemnification agreements are intended to provide the directors and officers the maximum indemnification permitted under Delaware law and the 1940 Act, and are generally consistent with the indemnification provisions of the Company’s Amended and Restated Limited Liability Company Agreement, as amended. Each indemnification agreement provides that the Company will indemnify the director or officer who is a party to the agreement (an “Indemnitee”), including the advancement of legal expenses, if, by reason of his or her corporate status, the Indemnitee is, or is threatened to be, made a party to or a witness in any threatened, pending, or completed proceeding, to the maximum extent permitted by Delaware law and the 1940 Act.

MS Credit Partners Holdings, Inc. Investment

MS Credit Partners Holdings, Inc., an indirect wholly owned subsidiary of Morgan Stanley and an affiliate of the Investment Adviser invested seed capital of $10 in the Company on September 28, 2021. Morgan Stanley has no further capital, liquidity or other financial obligation to the Company beyond this equity investment.

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(4) INVESTMENTS

The information in the tables below is presented on an aggregate portfolio basis, without regard to whether the investments are non-controlled non-affiliated, non-controlled affiliated or controlled affiliated investments. Detailed information with respect to the Company’s non-controlled, non-affiliated; non-controlled, affiliated; and controlled, affiliated investments is contained in the accompanying consolidated financial statements, including the Consolidated Schedules of Investments.

The composition of the Company’s investment portfolio was as follows:

	March 31, 2025						December 31, 2024
	Cost		Fair Value		% of Total Investments at Fair Value		Cost		Fair Value		% of Total Investments at Fair Value
First Lien Debt	$	2,013,911	$	1,990,969	97.8	%	$	2,016,560	$	1,997,629	98.4	%
Second Lien Debt	16,465		16,375		0.8		7,733		7,771		0.4
Other Debt Investments	7,488		7,487		0.4		4,494		4,527		0.2
Equity	21,281		19,905		1.0		19,814		19,829		1.0
Total	$	2,059,145	$	2,034,736	100.0	%	$	2,048,601	$	2,029,756	100.0	%

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The industry composition of investments at fair value was as follows:

	March 31, 2025		December 31, 2024
Aerospace & Defense	0.9	%	0.9	%
Air Freight & Logistics	0.6		0.5
Automobile Components	1.6		1.6
Automobiles	2.0		1.9
Beverages	0.1		—
Biotechnology	0.9		0.9
Building Products	0.4		0.4
Chemicals	1.7		1.7
Commercial Services & Supplies	10.1		10.1
Construction & Engineering	1.4		1.3
Consumer Staples Distribution & Retail	0.1		0.1
Containers & Packaging	1.2		1.3
Distributors	3.5		4.0
Diversified Consumer Services	6.2		6.3
Electrical Equipment	0.1		0.1
Electronic Equipment, Instruments & Components	3.5		3.5
Financial Services	4.2		4.0
Ground Transportation	0.8		0.7
Health Care Equipment & Supplies	1.4		1.4
Health Care Providers & Services	9.5		9.7
Health Care Technology	1.0		1.0
Industrial Conglomerates	4.6		4.6
Insurance Services	12.1		12.3
Interactive Media & Services	0.2		0.2
IT Services	4.2		4.2
Life Sciences Tools & Services	0.7		0.7
Machinery	1.7		1.7
Multi-Utilities	0.7		0.7
Pharmaceuticals	0.4		0.4
Professional Services	3.5		3.4
Real Estate Management & Development	2.8		2.6
Software	17.8		17.7
Wireless Telecommunication Services	0.1		0.1
Total	100.0	%	100.0	%

The geographic composition of investments at cost and fair value was as follows:

	March 31, 2025						December 31, 2024
	Cost		Fair Value		% of Total Investments at Fair Value		Cost		Fair Value		% of Total Investments at Fair Value
Australia	$	16,620	$	16,950	0.8	%	$	16,649	$	16,993	0.8	%
Canada	56,293		56,570		2.8		52,932		52,990		2.6
United Kingdom	8,998		8,856		0.4		9,057		8,897		0.4
United States	1,977,234		1,952,360		96.0		1,969,963		1,950,876		96.2
Total	$	2,059,145	$	2,034,736	100.0	%	$	2,048,601	$	2,029,756	100.0	%

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(5) FAIR VALUE MEASUREMENTS

ASC 820 establishes a hierarchical disclosure framework which ranks the observability of inputs used in measuring financial instruments at fair value. The observability of inputs is impacted by a number of factors, including the type of financial instruments and their specific characteristics. Financial instruments with readily available quoted prices, or for which fair value can be measured from quoted prices in active markets, generally will have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value.

The three-level hierarchy for fair value measurements is defined as follows:

Level 1—inputs to the valuation methodology are quoted prices available in active markets for identical financial instruments as of the measurement date. The types of financial instruments in this category include unrestricted securities, including equities and derivatives, listed in active markets. The Company will not adjust the quoted price for these instruments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.

Level 2—inputs to the valuation methodology are quoted prices in markets that are not active or for which all significant inputs are either directly or indirectly observable as of the measurement date. The types of financial instruments in this category include less liquid and restricted securities listed in active markets, securities traded in markets that are not active, and certain over-the-counter derivatives where the fair value is based on observable inputs.

Level 3—inputs to the valuation methodology are unobservable and significant to the overall fair value measurement, and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment or estimation. The types of financial instruments in this category include investments in privately held entities, first and second lien debt, non-investment grade residual interests in securitizations and certain over-the-counter derivatives where the fair value is based on unobservable inputs.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument.

Pursuant to the framework set forth above, the Company values securities traded in active markets on the measurement date by multiplying the exchange closing price of such traded securities/instruments by the quantity of shares or amount of the instrument held. The Company may also obtain quotes with respect to certain of the investments from pricing services, brokers or dealers’ quotes, or counterparty marks in order to value liquid assets that are not traded in active markets. Pricing services aggregate, evaluate and report pricing from a variety of sources including observed trades of identical or similar securities, broker or dealer quotes, model-based valuations and internal fundamental analysis and research. When doing so, the Company determines whether the quote obtained is sufficient according to U.S. GAAP to determine the fair value of the security. If determined adequate, the Company uses the quote obtained.

The valuation of investments which are illiquid or for which the pricing source, agent, service, and/or broker (as applicable) does not provide a valuation or methodology or provides a valuation or methodology that, in the judgment of the Valuation Designee or the Board, does not represent fair value, will each be valued as determined in good faith by the Valuation Designee, based on, among other things, the input of the Valuation Firms (as defined below).

As part of the valuation process, the Valuation Designee, takes into account relevant factors and appropriate techniques in determining the fair value of the Company’s investments, with the assistance of the independent valuation firms ("Valuation Firms"). The valuation techniques may vary by investment but include comparable public market valuations, comparable precedent transaction valuations and the discounted cash flow analyses.

Non-controlled debt investments are generally fair valued using the discounted cash flow technique. Expected cash flows are projected based on contractual terms and discounted back to the measurement date based on a discount rate. Discount rate is determined based upon an assessment of current and expected yields for similar investments and risk profiles. Non-controlled equity investments are generally fair valued using a market approach and/or an income approach. The market approach typically utilizes market value multiples of comparable publicly traded companies. The income approach typically utilizes a discounted cash flow analysis of the portfolio company. The Valuation Designee, under the supervision of the Board of Directors undertakes a multi-step valuation process each quarter, as described below:

•With respect to each portfolio company or investment for which market quotations are readily available, those investments will typically be valued at the average bid price of those market quotations;

•With respect to each portfolio company or investment for which market quotations are not readily available, the Valuation Designee will engage one or more Valuation Firms to provide a preliminary independent valuations of the investments to the Valuation Designee. The Valuation Firms independently value such investments using quantitative and qualitative information according to the valuation methodologies in the Investment Adviser’s valuation policy;

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•The Valuation Designee reviews the recommended valuations and determines the fair value of each investment;

•The Valuation Designee provides to the valuation committee, which is comprised of members of the Investment Adviser’s senior management, its valuation recommendation along with valuation-related information for each portfolio company or investment;

•Each quarter, the Audit Committee reviews the valuation assessments provided by the Valuation Designee and provides the Board with a report of the results of such review; and

•The Board and Audit Committee each oversee the Valuation Designee and the valuation process.

Investment performance data utilized will be the most recently available as of the measurement date which in many cases may reflect up to a one quarter lag in information.

The Board is ultimately responsible for the determination, in good faith, of the fair value of the Company’s portfolio investments.

The following tables present the fair value hierarchy of investments:

	March 31, 2025								December 31, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
First Lien Debt	$	—	$	34,907	$	1,956,062	$	1,990,969	$	—	$	63,619	$	1,934,010	$	1,997,629
Second Lien Debt	—		3,706		12,669		16,375		—		3,706		4,065		7,771
Other Debt Investments	—		—		7,487		7,487		—		—		4,527		4,527
Equity	—		—		19,905		19,905		—		—		19,829		19,829
Total	$	—	$	38,613	$	1,996,123	$	2,034,736	—		$	67,325	$	1,962,431	$	2,029,756
Cash equivalents	$	19,870			$	—	$	19,870	$	7,952	$	—	$	—	$	7,952

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended March 31, 2025:

	First Lien Debt		Second Lien Debt		Other Debt Investments		Equity		Total Investments
Fair value, beginning of period	$	1,934,010	$	4,065	$	4,527	$	19,829	$	1,962,431
Purchases of investments(1)	76,420		8,642		2,881		2,657		90,600
Proceeds from principal repayments and sales of investments(2)	(80,117)		—		—		(2,102)		(82,219)
Accretion of discount/amortization of premium	1,755		3		4		—		1,762
Payment-in-kind	3,713		63		109		47		3,932
Net change in unrealized appreciation (depreciation)	(3,050)		(104)		(34)		(1,391)		(4,579)
Net realized gains (losses)	(4,524)		—		—		865		(3,659)
Transfers into/out of Level 3(3)	27,855		—		—		—		27,855
Fair value, end of period	$	1,956,062	$	12,669	$	7,487	$	19,905	$	1,996,123
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2025	$	(2,717)	$	(104)	$	(34)	$	(954)	$	(3,809)

(1) Purchases may include investments received in corporate action and restructurings.

(2) Sales may include investments received in corporate action and restructurings.

(3) Transfer of portfolio investments within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the respective period. Generally, reclassifications are primarily due to increase/decrease of price transparency.

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended March 31, 2024:

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	First Lien Debt		Second Lien Debt		Other Debt Investments		Total Investments
Fair value, beginning of period	$	1,623,959	$	12,258	$	15,918	$	1,652,135
Purchases of investments(1)	115,789		290		2,869		118,948
Proceeds from principal repayments and sales of investments(2)	(73,274)		(3,300)		—		(76,574)
Accretion of discount/amortization of premium	1,812		79		2		1,893
Payment-in-kind	1,214		—		239		1,453
Net change in unrealized appreciation (depreciation)	3,254		(5,597)		(60)		(2,403)
Net realized gains (losses)	(1,939)		—		—		(1,939)
Transfers into/out of Level 3(3)	(3,699)		—		—		(3,699)
Fair value, end of period	$	1,667,116	$	3,730	$	18,968	$	1,689,814
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2024	$	2,297	$	(5,724)	$	(60)	$	(3,487)

(1) Purchases may include investments received in corporate action and restructurings.

(2) Sales may include investments received in corporate action and restructurings.

(3) Transfer of portfolio investments within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the respective period. Generally, reclassifications are primarily due to increase/decrease of price transparency.

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments as of March 31, 2025 and December 31, 2024, respectively. The tables are not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value.

	March 31, 2025
	Fair Value		Valuation Technique(2)	Significant Unobservable Input	Range(1)				Weighted Average (3)
					Low		High
Investments in first lien debt	$	1,955,942	Yield Analysis	Discount Rate	5.85	%	48.46	%	10.20	%
	120		Market Approach	EBITDA Multiple					8.25x
Investments in second lien debt	4,027		Yield Analysis	Discount Rate	10.77	%	13.35	%	13.17	%
	8,642		Market Approach	EBITDA Multiple					8.25x
Investments in other securities:
Other debt	4,606		Yield Analysis	Discount Rate	14.20	%	16.50	%	15.05	%
	2,881		Market Approach	EBITDA Multiple					8.25x
Preferred equity	8,147		Income Approach	Discount Rate	11.85	%	15.83	%	14.30	%
	5,148		Market Approach	EBITDA Multiple	8.25x		15.75x		12.03x
Common equity	4,135		Market Approach	EBITDA Multiple	3.90x		18.60x		13.23x
	2,475		Market Approach	Revenue Multiple	9.00x		22.50x		11.97x
Total investments	$	1,996,123

(1) For an asset category that contains a single investment, the range is not included.

(2) During the three months ended March 31, 2025, two preferred equity positions with a combined fair value of $2.25 million transitioned from an income approach to a market approach valuation technique.

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

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	December 31, 2024
	Fair Value		Valuation Technique(2)	Significant Unobservable Input	Range(1)				Weighted Average (3)
					Low		High
Investments in first lien debt	$	1,934,010	Yield Analysis	Discount Rate	8.05	%	34.06	%	10.36	%
Investments in second lien debt	4,065		Yield Analysis	Discount Rate	10.77	%	12.70	%	12.52	%
Other debt	4,527		Yield Analysis	Discount Rate	9.42	%	14.90	%	11.47	%
Preferred equity	11,240		Income Approach	Discount Rate	12.19	%	17.50	%	14.86	%
	1,538		Market Approach	EBITDA Multiple					8.50x
Common equity	4,484		Market Approach	EBITDA Multiple	3.90x		18.70x		15.27x
	2,567		Market Approach	Revenue Multiple	7.60x		12.70x		10.04x
Total investments	1,962,431

(1) For an asset category that contains a single investment, the range is not included.

(2) During the year ended December 31, 2024, one unsecured debt position with a fair value of $1.69 million transitioned from an income approach to a yield analysis valuation technique.

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

As noted above, the significant unobservable input used in yield analysis is discount rate based on comparable market yields. Significant increases in discount rates in isolation would result in a significantly lower fair value measurement. The significant unobservable input used in the market approach is the comparable company multiple. The multiple is used to estimate the enterprise value of the underlying investment. An increase/decrease in the multiple would result in an increase/decrease, respectively, in the fair value. The significant unobservable inputs used in the income approach are the comparative yield or discount rate. The comparative yield and discount rate are used to discount the estimated future cash flows expected to be received from the underlying investment. An increase/decrease in the comparative yield or discount rate would result in a decrease/increase, respectively, in the fair value.

Financial instruments disclosed but not carried at fair value

The Company’s debt, including its credit facilities, is presented at carrying cost on the Consolidated Statements of Financial Condition. The fair value of the Company’s credit facilities is estimated in accordance with the Company’s valuation policy. The carrying value and fair value of the Company’s debt were as follows:

		March 31, 2025				December 31, 2024
	Level	Carrying Value		Fair Value		Carrying Value		Fair Value
CBA Subscription Facility	3	$	—	$	—	$	13,000	$	13,000
Barclays Funding Facility	3	451,581		451,581		435,288		435,288
BNP Funding Facility	3	196,000		196,000		215,000		215,000
JPM Funding Facility	3	359,685		359,685		350,653		350,653
Total		$	1,007,266	$	1,007,266	$	1,013,941	$	1,013,941

The carrying amounts of the Company’s assets and liabilities, other than investments at fair value and debt, approximate fair value. These financial instruments are categorized as Level 3 within the hierarchy.

(6)DEBT

The Company’s outstanding debt obligations were as follows:

	March 31, 2025						December 31, 2024
	Aggregate Principal Committed		Outstanding Principal		Unused Portion		Aggregate Principal Committed		Outstanding Principal		Unused Portion
CBA Subscription Facility	$	—	$	—	$	—	$	75,000	$	13,000	$	62,000
Barclays Funding Facility(1)	600,000		451,581		148,419		600,000		435,288		164,712
BNP Funding Facility	500,000		196,000		304,000		500,000		215,000		285,000
JPM Funding Facility(2)	500,000		359,685		140,315		500,000		350,653		149,347
Total	$	1,600,000	$	1,007,266	$	592,734	$	1,675,000	$	1,013,941	$	661,059

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(1)	Under the Barclays Funding Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of March 31, 2025 and December 31, 2024, the Company had borrowings denominated in Euros (EUR) of 6,555 and 6,555, respectively.
(2)	Under the JPM Funding Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of March 31, 2025 and December 31, 2024, the Company had borrowings denominated in Canadian Dollars (CAD) of 350 and 350, Euros (EUR) of 557 and 557, and British Pound Sterling (GBP) of 186 and 186, respectively.

The Company's summary information of its debt obligations were as follows:

	For the Three Months Ended
	March 31, 2025			March 31, 2024
Combined weighted average interest rate (1)	6.64		%	7.70		%
Combined weighted average effective interest rate (2)	6.99		%	8.20		%
Combined weighted average debt outstanding	$	1,026,099		$	885,107

(1) Excludes unused fees and financing costs.

(2) Excludes unused fees.

As of March 31, 2025 and December 31, 2024, the Company was in compliance with all covenants and other requirements for each of the credit facilities.

CBA Subscription Facility

On November 5, 2021, the Company initially entered into a revolving credit agreement (as amended, restated, supplemented or otherwise modified from time to time, the “CBA Subscription Facility”) between the Company and Commonwealth Bank of Australia as administrative agent, lead arranger, letter of credit issuer and a lender. The CBA Subscription Facility initially allowed the Company to borrow up to $425,000 at any one time outstanding, including a current $100,000 temporary increase in the facility that expired on January 25, 2023 at which point $325,000 was available under the facility. The CBA Subscription Facility had a maturity date of May 1, 2025. On March 4, 2025, the Company provided written notice (the “Payoff and Termination Letter”) to terminate the CBA Subscription Facility. In connection with the Payoff and Termination Letter, the Company terminated $75,000 of revolving commitments under the CBA Subscription Facility.

The CBA Subscription Facility bears interest at a rate of: (i) with respect to Eurocurrency Rate Loans (as defined in the CBA Subscription Facility), 1.90%; (ii) with respect to RFR Loans (as defined in the CBA Subscription Facility) in Sterling, SONIA, plus 1.90%, plus a SONIA spread adjustment set forth in the CBA Subscription Facility; (iii) with respect to Daily Simple RFR Loans (as defined in the CBA Subscription Facility) in Canadian Dollars or Term CORRA Loans (as defined in the CBA Subscription Facility), as applicable, plus 1.90% plus a CORRA spread adjustment set forth in the CBA Subscription Facility; (iv) with respect to Daily Simple RFR Loans (as defined in the CBA Subscription Facility) in Dollars or Term SOFR Loans (as defined in the CBA Subscription Facility), SOFR or Term SOFR, as applicable, plus 1.90% plus a SOFR spread adjustment set forth in the CBA Subscription Facility; (v) with respect to Reference Rate Loans (as defined in the CBA Subscription Facility), (x) the greatest of (1) the prime rate, (2) the federal funds rate plus 0.50%, and (y) Term SOFR plus 1.00%, provided that the reference rate will not be less than 2.00%, plus (y) 0.90%, each as calculated in accordance with the CBA Subscription Facility.

The summary information of the CBA Subscription Facility is as follows:

	For the Three Months Ended
	March 31, 2025 (1)			March 31, 2024
Borrowing interest expense	$	68		$	4,233
Facility unused commitment fees	36			8
Amortization of deferred financing costs	66			114
Total	$	170		$	4,355
Weighted average interest rate	6.36		%	7.34		%
Weighted average outstanding balance	$	4,267		$	228,148

(1) For the quarter ended March 31, 2025, calculated for the period from December 31, 2024 through March 4, 2025 (termination date).

Barclays Funding Facility

On March 7, 2022, Financing SPV entered into a credit and security agreement (as amended, restated, supplemented or otherwise modified from time to time, the “Barclays Credit and Security Agreement”) with Financing SPV, as the borrower, the lenders party thereto (the “Lenders”), Barclays Bank PLC (“Barclays”), as the administrative agent for the Lenders, the Company, as the servicer and retention provider, and State Street Bank & Trust Company, as collateral administrator, collateral agent and securities

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intermediary, pursuant to which the Lenders have agreed to extend credit to Financing SPV in an aggregate principal amount up to $600,000 at any one time outstanding, with up to an additional $150,000 available pursuant to an accordion feature (the “Barclays Funding Facility”).

The Barclays Funding Facility is a revolving funding facility with a reinvestment period ending December 5, 2026 and a final maturity date of the earlier of (i) December 5, 2034 and (ii) on or after December 5, 2028, the date selected by Barclays as administrative agent in its sole discretion pursuant to written notice to Financing SPV. Advances under the Barclays Funding Facility are available in US dollars, British Pounds, Euros or Canadian dollars and such advances bear interest at a rate equal to an applicable margin plus, at Financing SPV’s option, either (a) a rate based on Term SOFR, Daily Simple SONIA (or if Daily Simple SONIA is not available the Central Bank Rate), EURIBOR or CORRA, as applicable (or, if such rate is not available, a benchmark replacement) (each as defined in the Credit and Securities Agreement) or (b) a “base rate” (which with respect to US dollars is a rate per annum equal to the greater of a prime rate and the federal funds rate plus 0.50%; with respect to Canadian dollars is a rate per annum equal to the PRIMCAN Index and with respect to British Pounds and Euros is equal to the annual rate of interest announced from time to time by Barclays (or an affiliate thereof) as being its reference rate then in effect for determining interest rates on commercial loans made by it in the United Kingdom (with respect to GBP advances) or the Euro Zone (with respect to Euro advances), as applicable). The applicable margin with respect to advances under the Barclays Funding Facility is 2.28%.

The obligations of Financing SPV under the Barclays Funding Facility are secured by all of the assets held by Financing SPV (the “Collateral”), including certain corporate loans and corporate debt securities that the Company has originated or acquired, or will originate or acquire, from time to time (the “Portfolio Investments”), to be sold, contributed or otherwise transferred by the Company to Financing SPV pursuant to the terms of the Sale and Contribution Agreement dated as of March 7, 2022 (the “Sale and Contribution Agreement” and, together with the Barclays Credit and Security Agreement, the “Barclays Agreements”) between the Company and Financing SPV, entered into in connection with the Barclays Funding Facility. Under the Barclays Agreements, the Company and Financing SPV, as applicable, have made customary representations and warranties regarding the Portfolio Investments, as well as their businesses, and are required to comply with various covenants, servicing procedures, limitations on disposition of Portfolio Investments, reporting requirements and other customary requirements for similar revolving funding facilities. As of March 31, 2025, the Company was in compliance with all covenants and other requirements of the Barclays Funding Facility.

The summary information of the Barclays Funding Facility is as follows:

	For the Three Months Ended
	March 31, 2025			March 31, 2024
Borrowing interest expense	$	7,408		$	6,700
Facility unused commitment fees	187			318
Amortization of deferred financing costs	291			508
Total	$	7,886		$	7,526
Weighted average interest rate	6.57		%	7.59		%
Weighted average outstanding balance	$	450,999		$	349,348

BNP Funding Facility

On October 12, 2022, the Company entered into a revolving credit and security agreement (the “BNP Credit and Security Agreement”) with Financing SPV II, as the borrower, BNP Paribas (“BNP”), as the administrative agent and lender, the Company, as the equityholder and as the servicer, and State Street Bank and Trust Company, as collateral agent, pursuant to which BNP has agreed to extend credit to Financing SPV II in an aggregate principal amount up to $500,000 at any one time outstanding (the “BNP Funding Facility”).

The BNP Funding Facility is a revolving funding facility with a reinvestment period ending August 21, 2027 and a final maturity date of August 21, 2029. Subject to certain conditions, the reinvestment period and final maturity are both subject to a one-year extension. Advances under the BNP Funding Facility are available in US dollars, pound sterling, Euros or Canadian dollars, and subject to certain exceptions, the interest charged on the BNP Funding Facility is based on Term SOFR (USD), SONIA (GBP), EURIBOR (EUR), or CORRA (CAD) as applicable (or, if any such index is not available, a benchmark replacement), plus a margin of 2.25% during the reinvestment period and 2.75% following the reinvestment period, with an additional margin of 0.10% for non-US dollar advances.

The obligations of Financing SPV II under the BNP Funding Facility are secured by all of the assets held by Financing SPV II, including certain loans to be contributed or transferred by the Company to Financing SPV II pursuant to the terms of the Contribution Agreement (the “Contribution Agreement” and, together with the BNP Credit and Security Agreement, the “BNP Agreements”) between Financing SPV II and the Company entered into in connection with the BNP Funding Facility, pursuant to which the Company will sell to Financing SPV II certain loans it has originated or acquired, or will originate or acquire (the “Loans”) from time to time. Under the BNP Agreements, the Company and Financing SPV II, as applicable, have made representations and warranties

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regarding the Loans, as well as their businesses, and are required to comply with various covenants, servicing procedures, limitations on disposition of Loans, reporting requirements and other customary requirements for similar revolving funding facilities. The BNP Credit and Security Agreement includes usual and customary events of default for revolving funding facilities of this nature, including allowing BNP, upon a default, to accelerate and foreclose on the Loans and to pursue the rights under the Loans directly with the obligors thereof. In connection with the entry into the BNP Funding Facility, Financing SPV II also entered into various supporting documentation, including an account control agreement. As of March 31, 2025, the Company was in compliance with all covenants and other requirements of the BNP Funding Facility.

The summary information of the BNP Funding Facility is as follows:

	For the Three Months Ended
	March 31, 2025			March 31, 2024
Borrowing interest expense	$	3,534		$	3,299
Facility unused commitment fees	307			119
Amortization of deferred financing costs	244			166
Total	$	4,085		$	3,584
Weighted average interest rate	6.58		%	8.04		%
Weighted average outstanding balance	$	214,967		$	162,412

JPM Funding Facility

On February 23, 2023, Financing SPV III, a wholly owned subsidiary of the Company, entered into a loan and security agreement (as amended the “Loan and Security Agreement”) among Financing SPV III, as borrower, the Company, as parent and servicer, U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator, U.S. Bank National Association, as securities intermediary, the lenders party thereto (collectively, the “JPM Lenders”), and JPMorgan Chase Bank, National Association, as administrative agent (in such capacity, the “Administrative Agent”), pursuant to which the JPM Lenders have agreed to extend credit to Financing SPV III in an aggregate principal amount up to $500,000 at any one time outstanding (“JPM Funding Facility”).

The Loan and Security Agreement provides for a senior secured revolving credit facility of up to $500,000 (the “Maximum Commitment”) with a three-year reinvestment period (the “Availability Period”) and a stated maturity date of June 12, 2029. Subject to certain conditions, including Lender and Administrative Agent consent, at any time during the Availability Period, Financing SPV III may propose one or more increases in the Maximum Commitment. Advances under the Loan and Security Agreement will be denominated in U.S. dollars, pound sterling, Euros and/or Canadian dollars, with an interest rate based on Term SOFR (USD), SONIA (GBP), EURIBOR (EUR), CORRA (CAD), or the AUD Screen Rate (AUD), as applicable (or, if any such index is not available, a benchmark replacement), plus a margin of 2.35% (with an additional margin of 0.1193% for pound sterling advances) (each, as defined in the Loan and Security Agreement).

The obligations of Financing SPV III under the Loan and Security Agreement are secured by all of the assets held by Financing SPV III, including certain loans the Company has originated or acquired (the “Loans”) that may from time to time be contributed or transferred by the Company to Financing SPV III pursuant to the terms of a Contribution Agreement, dated as of February 23, 2023 (the “Contribution Agreement” and together with the Loan and Security Agreement, the “JPM Agreements”), between the Company, as contributor, and Financing SPV III, as the contributee. Under the JPM Agreements, the Company and Financing SPV III, as applicable, have made representations and warranties regarding the Loans, as well as their businesses, and are required to comply with various covenants, servicing procedures, limitations on disposition of the Loans, reporting requirements and other customary requirements for similar revolving funding facilities.

The summary information of the JPM Funding Facility is as follows:

	For the Three Months Ended
	March 31, 2025			March 31, 2024
Borrowing interest expense	$	6,055		$	2,997
Facility unused commitment fees	291			1,120
Amortization of deferred financing costs	303			333
Total	$	6,649		$	4,450
Weighted average interest rate	6.81		%	8.17		%
Weighted average outstanding balance	$	355,866		$	145,198

(7)COMMITMENTS AND CONTINGENCIES

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In the normal course of business, the Company may enter into contracts that provide a variety of general indemnifications. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. Currently, no such claims exist or are expected to arise, and accordingly, the Company has not accrued any liability in connection with such indemnifications.

The Company’s investment portfolio contains 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. As of March 31, 2025 and December 31, 2024, the Company had $268,583 and $269,334, respectively, of unfunded commitments to fund delayed draw and revolving senior secured loans, respectively.

As of March 31, 2025 and December 31, 2024, the Company had $1,000,010 and $1,000,010, respectively, in total capital commitments from common unitholders, respectively, of which $155,000 and $155,000, respectively, were unfunded.

(8) MEMBERS’ CAPITAL

The following table shows the components of net distributable earnings (accumulated losses) as shown on the Consolidated Statements of Financial Condition:

	As of
	March 31, 2025		December 31, 2024
Net distributable earnings (accumulated losses), beginning of period	$	(24,853)	$	(13,679)
Net investment income (loss)	30,007		121,296
Net realized gain (loss)	(3,659)		(12,637)
Net unrealized appreciation (depreciation)	(5,856)		(850)
Distributions to unitholders	(30,648)		(118,957)
Tax reclassification of members' capital	—		(26)
Net distributable earnings (accumulated losses), end of period	$	(35,009)	$	(24,853)

There were no capital drawdowns delivered pursuant to the Subscription Agreements for the three months ended March 31, 2025.

There were no capital drawdowns delivered pursuant to the Subscription Agreements for the three months ended March 31, 2024.

The following table summarizes the Company’s distributions declared and payable for the three months ended March 31, 2025 and for the three months ended March 31, 2024:

Date Declared	Record Date	Payment Date	Per Unit Amount		Total Amount
For the Three Months Ended March 31, 2025
February 27, 2025	March 31, 2025	April 03, 2025	$	0.54	$	30,648
Total Distributions			$	0.54	$	30,648
For the Three Months Ended March 31, 2024
February 29, 2024	March 29, 2024	April 05, 2024	$	0.62	$	27,771
Total Distributions			$	0.62	$	27,771

The Company adopted an “opt out” distribution reinvestment plan (“DRIP”). As a result, unless unitholders elect to “opt out” of the DRIP, unitholders will have their cash dividends or distributions automatically reinvested in additional Common Units, rather than receiving cash. Unitholders who receive distributions in the form of Common Units will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions; however, those unitholders will not receive cash with which to pay any applicable taxes. Units issued under the DRIP will not reduce a unitholder’s outstanding capital commitment.

The following table summarizes the units issued to unitholders who participated in the DRIP for the three months ended March 31, 2025 and the value of such units as of the payment dates:

Payment Date	DRIP Units Issued	DRIP Units Value
January 06, 2025	1,733,215	$	32,827
Total	1,733,215	$	32,827

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The following table summarizes the units issued to unitholders who participated in the DRIP for the three months ended March 31, 2024 and the value of such units as of the payment dates:

Payment Date	DRIP Units Issued	DRIP Units Value
January 04, 2024	1,442,261	$	27,619
Total	1,442,261	$	27,619

(9)EARNINGS (LOSS) PER UNIT

The following table sets forth the computation of basic and diluted earnings per common unit:

	For the Three Months Ended
	March 31, 2025		March 31, 2024
Net increase in Members' Capital from operations	$	20,492	$	24,845
Weighted average Common Units outstanding	56,659,886		44,744,954
Basic and diluted earnings (loss) per Common Unit	$	0.36	$	0.56

(10)CONSOLIDATED FINANCIAL HIGHLIGHTS

The following are the financial highlights (dollar amounts in thousands, except per unit amounts):

	For the Three Months Ended
	March 31, 2025			March 31, 2024
Per Unit Data:(1)
Net asset value, beginning of period	$	18.94		$	19.15
Net investment income (loss)	0.53			0.63
Net unrealized and realized gain (loss)(2)	(0.17)			(0.08)
Net increase (decrease) in net assets resulting from operations	0.36			0.55
Dividends declared	(0.54)			(0.62)
Total increase (decrease) in net assets	(0.18)			(0.07)
Net asset value, end of period	$	18.76		$	19.08
Units outstanding, end of period	56,756,176			44,792,502
Weighted average units outstanding	56,659,886			44,744,954
Total return based on net asset value(3)	1.90		%	2.87		%
Ratio/Supplemental Data:
Members' Capital, end of period	$	1,064,636		$	854,672
Ratio of total expenses to average Members’ Capital(4)	8.27		%	10.52		%
Ratio of net investment income to average Members’ Capital(4)	12.02		%	13.94		%
Ratio of total contributed capital to total committed capital, end of period	84.50		%	73.50		%
Asset coverage ratio(5)	206.00		%	196.00		%
Portfolio turnover rate	3.33		%	3.64		%

(1)	The per unit data was derived by using the weighted average units outstanding during the period.
(2)	The amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions.
(3)	Total return (not annualized) is calculated assuming a purchase of common units at the opening of the first day of the period and a sale on the closing of the last business day of the period. Distributions, if any, are assumed for purposes of this calculation, to be reinvested at prices obtained under the Company’s DRIP.
(4)	Amounts are annualized except for incentive fees, organization and offering costs and other expenses for which expense support was provided, as applicable.
(5)	Effective October 14, 2021, in accordance with Section 61(a)(2) of the 1940 Act, with certain limited exceptions, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. Prior to October 14, 2021, in accordance with the 1940 Act, with certain limited exceptions, the Company was allowed to borrow amounts such that its asset coverage, as defined in the 1940 act, was at least 200% after such borrowing.

(11)     SUBSEQUENT EVENTS

Subsequent events have been evaluated through the date the consolidated financial statements were issued. There have been no subsequent events that require recognition or disclosure through the date the consolidated financial statements were issued, except as disclosed below.

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On May 8, 2025, the Board of Directors declared a distribution equal to an amount up to the Company’s taxable earnings per unit, including net investment income (if positive) for the period April 1, 2025 through June 30, 2025, payable on or about July 3, 2025 to Unitholders of record as of June 30, 2025.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (dollar amounts in thousands, except per unit amounts, unless otherwise indicated)

In this Quarterly Report on Form 10-Q, or this “Report”, except where context suggests otherwise, the terms “Company,” “we,” “our” or “us” refers to T Series Middle Market Loan Fund LLC and its consolidated subsidiaries. This Report, including the documents we incorporate by reference into this Report, contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and you should not place undue reliance on such statements. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current and prospective portfolio investments, our industry, our beliefs and opinions and our assumptions. For the avoidance of doubt, we are not a subsidiary of, or consolidated with, Morgan Stanley. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “potential”, “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including:

•our future operating results;

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

•risk associated with possible disruptions in our operations or the economy generally, including disruptions from the impact of global health events and natural disasters;

•uncertainty and changes in the general interest rate environment;

•general economic, political and industry trends and other external factors, including uncertainty surrounding the financial and political stability of the United States and other countries;

•the effect of an inflationary economic environment on our portfolio companies, our financial condition and our results of operations;

•the impact of interruptions in the supply chain on our portfolio companies;

•disruptions related to tariffs and other trade or sanctions issues;

•our contractual arrangements and relationships with third parties;

•actual and potential conflicts of interest with MS Capital Partners Adviser Inc., our investment adviser (the “Adviser” or “Investment Adviser”), and its affiliates;

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

•the ability of our portfolio companies to achieve their objectives;

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

•the adequacy of our financing sources and working capital;

•the timing and amount of cash flows, if any, from the operations of our portfolio companies;

•the ability of our Adviser to locate suitable investments for us and to monitor and administer our investments;

•the ability of our Adviser and its affiliates to attract and retain highly talented professionals;

•our ability to maintain our qualification as a business development company (“BDC”), and as a regulated investment company (a “RIC”), under the Internal Revenue Code of 1986, as amended (the “Code”);

•the impact on our business of U.S. and international financial reform legislation, rules and regulations;

•currency fluctuations, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars, could adversely affect the results of our investments in foreign companies;

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

•the risks, uncertainties and other factors we identify under “Part I, Item 1A. Risk Factors” in our most recent Annual Report on Form 10-K and elsewhere in this Report.

The information contained in this section should be read in conjunction with “Item 1. Consolidated Financial Statements.” Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of the assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Report should not be regarded as a representation by us that our plans and objectives will be achieved. This discussion contains forward-looking statements, which relate to future events or our future performance or financial condition and involves numerous risks and uncertainties, including, but not

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limited to, those set forth in “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024, or the Form 10-K, and Part II, Item 1A of and elsewhere in this Report. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Report. Moreover, we assume no duty and do not undertake to update the forward-looking statements. You are advised to consult any additional disclosures that we make directly to you or through reports that we have filed or in the future file with the Securities and Exchange Commission, (the “SEC”), including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

You should understand that under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports we file under the Exchange Act.

OVERVIEW

We are a non-diversified, externally managed specialty finance company focused on lending to middle-market companies. We have elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, we have elected to be treated, and intend to comply with the requirements to qualify annually, as a RIC under Subchapter M of the Code. We are classified as a non-diversified investment company within the meaning of the 1940 Act, which means that we are not limited by the 1940 Act with respect to the proportion of our assets that we may invest in securities of a single issuer. We are externally managed by our Adviser, an indirect, wholly owned subsidiary of Morgan Stanley. We are not a subsidiary of, or consolidated with, Morgan Stanley.

Our investment objective is to achieve attractive risk-adjusted returns via current income and, to a lesser extent, capital appreciation by investing primarily in directly originated senior secured term loans issued by U.S. middle-market companies in which private equity sponsors have a controlling equity stake in the portfolio company. For purposes of this Report, “middle-market companies” refers to companies that, in general, generate annual earnings before interest, tax, depreciation and amortization (“EBITDA”) in the range of approximately $15 million to $200 million, although not all of our portfolio companies will meet this criterion.

We invest primarily in directly originated senior secured term loans including first lien senior secured term loans and second lien senior secured term loans, higher-yielding assets such as mezzanine debt, unsecured debt, equity investments and other opportunistic asset purchases. Typical middle-market senior loans may be issued by middle-market companies in the context of leveraged buyouts (“LBOs”), acquisitions, debt refinancings, recapitalizations, and other similar transactions. We generally expect our debt investments to have a stated term of five to eight years and typically bear interest at a floating rate usually determined on the basis of a benchmark (such as the Secured Overnight Financing Rate, or SOFR).

We generate revenues primarily in the form of interest income from investments we hold. In addition, we generate income from dividends or distributions of income on any direct equity investments, capital gains on the sale of loans and equity investments and various other loan origination and other fees, including commitment, origination, amendment, structuring, syndication or due diligence fees, fees for providing managerial assistance and consulting fees.

Pursuant to the exemptive relief granted by the SEC to us and our Adviser (as amended, the “Order”), we are able to enter into certain negotiated co-investment transactions alongside certain Regulated Funds and Affiliated Funds (each as defined in the Order) including any proprietary accounts of Morgan Stanley, if applicable, in a manner consistent with our investment objective, positions, policies, strategies, and restrictions as well as regulatory requirements and other pertinent factors, subject to compliance with the Order. Pursuant to the Order, we are permitted to co-invest with our affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of our eligible 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 us and our unitholders and do not involve overreaching in respect of us or our unitholders on the part of any person concerned, and (2) the transaction is consistent with the interests of our unitholders and is consistent with our investment objective and strategies.

We have applied for a new exemptive relief order which, if granted, would supersede the Order with respect to negotiated co-investment transactions alongside certain Regulated Funds and Affiliated Funds (each as defined in the application). There can be no assurance that we will obtain such new exemptive relief from the SEC.

KEY COMPONENTS OF OUR RESULTS OF OPERATIONS

Investments

Our level of investment activity can and does vary substantially from period to period depending on many factors, including the amount of debt available to middle-market companies, the general economic environment and the competitive environment for the type of investments we make.

Revenue

We generate revenue primarily in the form of interest income on debt investments we hold. In addition, we generate income from dividends or distributions of income on direct equity investments, capital gains on the sales of loans and equity securities and various

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loan origination and other fees. Our debt investments generally have a stated term of five to eight years and typically bear interest at a floating rate usually determined on the basis of a benchmark such as SOFR. Interest on these debt investments is generally paid quarterly. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we may receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity also reflects the proceeds of sales of securities. We may also generate revenue in the form of commitment, origination, amendment, structuring, syndication or due diligence fees, fees for providing managerial assistance and consulting fees.

Expenses

Our primary operating expenses include the payment of: (i) investment advisory fees, including base management fees and incentive fees, to our Investment Adviser pursuant to the investment advisory agreement between us and our Investment Adviser (the “Investment Adviser”); (ii) costs and other expenses and our allocable portion of overhead incurred by our MS Private Credit Administrative Services LLC (the “Administrator”) in performing its administrative obligations under the administration agreement (the “Administration Agreement”) between us and the Administrator; and (iii) other operating expenses as detailed below:

•initial organization costs and offering costs incurred prior to the filing of our election to be regulated as a BDC;

•costs associated with any private offerings of our Common Units, and any other securities offerings;

•calculating individual asset values and our net asset value (including the cost and expenses of any third-party valuation services);

•out of pocket expenses, including travel expenses, incurred by the Investment Adviser, or members of its investment team or payable to third parties, in evaluating, developing, negotiating, structuring and performing due diligence on prospective portfolio companies, including any investments that are not ultimately made (including, without limitation, any reverse termination fees and any liquidated damages, commitment fees that become payable in connection with any proposed investment that is not ultimately made, forfeited deposits or similar payments) and monitoring actual portfolio companies and, if necessary, enforcing our rights;

•base management fees and any incentive fee payable under the Investment Advisory Agreement;

•certain costs and expenses relating to distributions paid by us;

•administration fees payable under the Administration Agreement and any sub-administration agreements, including related expenses;

•arrangement, debt service and other costs of borrowings, senior securities or other financing arrangements;

•the allocated costs incurred by the Investment Adviser in providing managerial assistance to those portfolio companies that request it;

•amounts payable to third parties relating to, or associated with, sourcing, evaluating, making, holding, settling, clearing, monitoring, holding or disposing of prospective or actual investments;

•the costs associated with subscriptions to data service, research-related subscriptions and expenses and quotation equipment and services used in making or holding investments;

•dues and expenses incurred in connection with membership industry or trade organizations;

•distribution payment agent, transfer agent and custodial fees and expenses;

•costs of derivatives and hedging;

•federal, state and local registration fees;

•any fees payable to rating agencies;

•U.S. federal, state and local taxes, including any excise taxes;

•costs incurred in connection with the formation or maintenance of entities or vehicles to hold the our assets for tax or other purposes;

•independent director fees and expenses;

•costs of preparing consolidated financial statements and maintaining books and records, costs of preparing tax returns, costs of 1940 Act compliance, Sarbanes-Oxley Act compliance and attestation and costs of filing reports or other documents with the SEC (or other regulatory bodies), and other reporting and compliance costs, including the compensation of professionals responsible for the preparation or review of the foregoing;

•the costs of any reports, proxy statements or other notices to our unitholders (including printing and mailing costs), the costs of any unitholders’ meetings, and costs and expenses of preparation for the foregoing and related matters;

•the costs of specialty and custom software for monitoring risk, compliance and overall investments;

•any fidelity bond required by applicable law;

•any necessary insurance premiums;

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•any extraordinary expenses (such as litigation or indemnification payments or amounts payable pursuant to any agreement to provide indemnification entered into by the Company),

•direct fees and expenses associated with independent audits, agency, consulting and legal costs;

•cost of winding up; and

•all other expenses incurred by either the Administrator or us in connection with administering our business, and reimbursing third-party expenses incurred by the Administrator in carrying out its administrative services including, but not limited to, the fees and expenses associated with performing compliance functions.

We reimburse the Administrator or its affiliates for amounts paid or costs borne that properly constitute Company expenses as set forth in the Administration Agreement or otherwise. We expect our general and administrative expenses to be relatively stable or to decline as a percentage of total assets during periods of asset growth and to increase during periods of asset declines.

PORTFOLIO AND INVESTMENT ACTIVITY

Our portfolio is presented below:

	As of
	March 31, 2025						December 31, 2024
	Cost		Fair Value		% of Total Investments at Fair Value		Cost		Fair Value		% of Total Investments at Fair Value
First Lien Debt	$	2,013,911	$	1,990,969	97.8	%	$	2,016,560	$	1,997,629	98.4	%
Second Lien Debt	16,465		16,375		0.8		7,733		7,771		0.4
Other Debt Investments	7,488		7,487		0.4		4,494		4,527		0.2
Equity	21,281		19,905		1.0		19,814		19,829		1.0
Total	$	2,059,145	$	2,034,736	100.0	%	$	2,048,601	$	2,029,756	100.0	%

Our debt portfolio displayed the following characteristics of each of our investments unless(1),(2) otherwise noted:

	As of
	March 31, 2025			December 31, 2024
Weighted average yield on debt and income producing investments, at cost(3)	10.2		%	10.3		%
Weighted average yield on debt and income producing investments, at fair value(3)	10.3		%	10.4		%
Number of portfolio companies	177			172
Percentage of debt investments bearing a floating rate, at fair value	99.6		%	99.6		%
Percentage of debt investments bearing a fixed rate, at fair value	0.4		%	0.4		%
Weighted average 12-month EBITDA	$	175.0		$	174.3
Median 12-month EBITDA	91.2			91.2
Weighted average net leverage through tranche(4)	6.1x			6.1x
Weighted average interest coverage(5)	1.6x			1.5x
Weighted average loan to value(6)	40.9		%	40.6		%
Percentage of debt investments with one or more financial covenants	55.1		%	55.7		%
Percentage of our debt investments that are sponsor backed	99.0		%	99.9		%
Percentage of loans and other debt in support of LBOs and acquisitions	67.2		%	66.3		%
Percentage of our debt portfolio subject to business cycle volatility	6.5		%	6.2		%
Average position size of our investments	$	11.50		$	11.80

(1) Calculated as a percentage of gross debt commitments (funded and unfunded). Weighted average EBITDA, net leverage through the tranche that the Company is a lender and loan to value exclude recurring revenue investments, which are investments in portfolio companies in which the Company lends based on a multiple of recurring revenue generated by the portfolio company and not based on a multiple of EBITDA.

(2)    Amounts were derived from investment due diligence information provided by the portfolio company. Such amounts have not been independently estimated by us, and accordingly, we take no responsibility for such numbers and make no representation or warranty in respect of this information.

(3) Computed as (a) the annual stated spread, plus reference rate, as applicable, plus the annual accretion of discounts, as applicable on debt securities divided by (b) total debt investments (at fair value or cost, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented herein.

(4) Net leverage is the ratio of total debt minus cash divided by EBITDA and taking into account leverage through the tranche that the Company is a lender, excluding recurring revenue

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(5)    Interest coverage for a particular portfolio company is calculated by taking credit agreement EBITDA and dividing by annualized latest reported interest expense. Total interest coverage is calculated on a weighted average basis based on total gross debt commitments (funded and unfunded). Calculation excludes recurring revenue deals which are investments in portfolio companies in which the Company lends based on a multiple of recurring revenue generated by the portfolio company and not based on a multiple of EBITDA. Portfolio company statistics are derived from the most recently available financial statements of each portfolio company as of the reported end date. Statistics of the portfolio companies have not been independently verified by us and may reflect a normalized or adjusted amount.

(6)    Calculated using total outstanding debt through the tranche that the Company is a lender divided by total enterprise value from the private equity sponsor or market comparables.

Investment Activity

Our investment activity is presented below (information presented herein is at amortized cost unless otherwise indicated):

	As of and For the Three Months Ended
	March 31, 2025		March 31, 2024
New investments committed
Gross principal balance(1)	$	74,788	$	124,313
Net new investments committed	$	74,788	$	124,313
Investments, at cost
Investments, beginning of period	$	2,048,601	$	1,705,090
New investments purchased	76,620		104,737
Net accretion of discount on investments	1,834		1,962
Payment-in-kind	3,932		1,453
Net realized gain (loss) on investments	(3,660)		(1,939)
Investments sold or repaid	(68,182)		(62,307)
Investments, end of period	$	2,059,145	$	1,748,996
Principal amount of investments funded
First lien debt	$	77,328	$	106,360
Equity (2)	48		56
Total	$	77,376	$	106,416
Amount of investments sold/fully repaid, at principal
First lien debt	$	28,873	$	32,183
Second lien debt	—		3,300
Other debt investments	784		—
Total	$	29,657	$	35,483

(1)	Includes new investment commitments, excluding sale/repayments and including unfunded investment commitments.
(2)	Represents dollar amount of equity funded.

Investment Performance Rating

As part of the monitoring process, our Investment Adviser has developed risk policies pursuant to which it regularly assesses the risk profile of each of our debt investments. Our Investment Adviser has developed a classification system to group investments into four categories. The investments are evaluated regularly and assigned a category based on certain credit metrics. Our Investment Adviser’s ratings do not constitute any rating of investments by a nationally recognized statistical rating organization or represent or reflect any third-party assessment of any of our investments. Please see below for a description of the four categories of the Investment Adviser’s Internal Risk Rating system:

Risk Rating 1 — In the opinion of our Investment Adviser, investments in Risk Rating 1 involve the least amount of risk relative to our initial cost basis at the time of origination or acquisition. Risk Rating 1 investments performance is above our initial underwriting expectations and the business trends and risk factors are generally favorable, which may include the performance of the portfolio company, or the likelihood of a potential exit.

Risk Rating 2 — In the opinion of our Investment Adviser, investments in Risk Rating 2 involve a level of risk relative to our initial cost basis at the time of origination or acquisition. Risk Rating 2 investments are generally performing in line with our initial underwriting expectations and risk factors to ultimately recoup the cost of our principal investment are neutral to favorable. All new originated or acquired investments are initially included in Risk Rating 2.

Risk Rating 3 — In the opinion of our Investment Adviser, investments in Risk Rating 3 indicate that the risk to our ability to recoup the initial cost basis at the time of origination or acquisition has increased materially since the origination or acquisition of the

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investment, such as declining financial performance and non-compliance with debt covenants; however, principal and interest payments are not more than 120 days past due.

Risk Rating 4 — In the opinion of our Investment Adviser, investments in Risk Rating 4 involve a borrower performing substantially below expectations and indicate that the loan’s risk has increased substantially since origination or acquisition. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. For Risk Rating 4 investments, it is anticipated that we will not recoup our initial cost basis and may realize a substantial loss of our initial cost basis at the time of origination or acquisition upon exit.

The distribution of our portfolio on the Investment Adviser’s Internal Risk Rating System as of March 31, 2025 and December 31, 2024 was as follows:

	March 31, 2025				December 31, 2024
	Fair Value		% of Portfolio		Fair Value		% of Portfolio
Risk rating 1	$	—	—	%	$	—	—	%
Risk rating 2	1,969,016		96.8		1,948,548		96.0
Risk rating 3	61,841		3.0		67,300		3.3
Risk rating 4	3,879		0.2		13,908		0.7
Total	$	2,034,736	100.0	%	$	2,029,756	100.0	%

The table below presents the amortized cost of our performing and non-accrual debt investments as of the following periods:

	March 31, 2025				December 31, 2024
	Amortized Cost		% of Total		Amortized Cost		% of Total
Performing	2,052,730		99.7	%	2,029,874		99.1	%
Non-accrual	6,415		0.3		18,727		0.9
Total	$	2,059,145	100.0	%	$	2,048,601	100.0	%

Investments are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is reversed when an investment is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the investment is placed on non-accrual status. We may determine to not place an investment on non-accrual status if the investment has sufficient collateral value and is in the process of collection.

CONSOLIDATED RESULTS OF OPERATIONS

The following table represents our operating results:

	For the Three Months Ended
	March 31, 2025		March 31, 2024
Total investment income	$	54,191	$	52,826
Less: Total expenses	24,166		24,670
Net investment income before taxes	30,025		28,156
Less: Excise tax expense	18		16
Net investment income after taxes	30,007		28,140
Net realized gain (loss)	(3,659)		(1,940)
Net change in unrealized appreciation (depreciation)	(5,856)		(1,355)
Net increase (decrease) in Members' Capital resulting from operations	$	20,492	$	24,845

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Investment Income

Investment income was as follows:

	For the Three Months Ended
	March 31, 2025		March 31, 2024
Investment income:
Interest income	$	49,036	$	50,880
Payment-in-kind	3,883		777
Dividend income	389		302
Other income	883		867
Total Investment Income	$	54,191	$	52,826

In the table above, total investment income increased from $52,826 for the three months ended March 31, 2024 to $54,191 for the three months ended March 31, 2025. The increase was primarily driven by our deployment of capital. The size of our investment portfolio at amortized cost increased from $1,748,996 as of March 31, 2024 to $2,059,145 as of March 31, 2025. This was partially offset by a decrease in our weighted average yield at cost of 10.2% at March 31, 2025 from 11.8% at March 31, 2024, which was primarily driven by the reduction in base rates and repricing on our existing portfolio.

Expenses

Expenses were as follows:

	For the Three Months Ended
	March 31, 2025		March 31, 2024
Expenses:
Interest and other financing expenses	$	18,790	$	19,915
Management fees	1,056		919
Income based incentive fees	2,788		2,614
Professional fees	663		576
Directors' fees	51		52
General and other expenses	818		594
Total expenses	$	24,166	$	24,670
Excise tax expense	$	18	$	16

Interest Expense and Other Financing Expenses

In the table above, interest and other financing expenses, including unused commitment fees, amortization of debt issuance costs and deferred financing costs, decreased from $19,915 for the three months ended March 31, 2024 to $18,790 for the three months ended March 31, 2025. The decrease was primarily driven by the reduction in base rates, repricing of existing applicable margins and lower unused fees. This was partially offset by higher average borrowings outstanding over time. Our debt outstanding (at par) increased from $894,079 as of March 31, 2024 to $1,007,266 as of March 31, 2025.

Management Fees

Management fees were $1,056 and $919 for the three months ended March 31, 2025 and March 31, 2024, respectively. The increase was primarily due to an increase in capital called.

Incentive Fees

The income-based incentive fees were $2,788 and $2,614 for the three months ended March 31, 2025 and March 31, 2024, respectively. The increase was primarily due to an increase in pre-incentive fee net investment income.

Professional Fees and Other Expenses

Professional fees include legal, audit, tax, valuation and other professional fees incurred related to the management of our Company. Other general and administrative expenses include insurance, filing, research, subscriptions and other costs.

Net Realized Gain (Loss) and Unrealized Gain (Loss) on Investments

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	For the Three Months Ended
	March 31, 2025		March 31, 2024
Realized and unrealized gains (losses) on investment transactions:
Net realized gain (loss):
Non-controlled/non-affiliated investments	$	(3,660)	$	(1,939)
Foreign currency and other transactions	1		(1)
Net realized gain (loss)	(3,659)		(1,940)
Net change in unrealized appreciation (depreciation):			—
Non-controlled/non-affiliated investments	(6,003)		(1,348)
Non-controlled/affiliated investments	118		—
Translation of assets and liabilities in foreign currencies	29		(7)
Net change in unrealized appreciation (depreciation)	(5,856)		(1,355)
Net realized and unrealized gains (losses)	$	(9,515)	$	(3,295)

For the three months ended March 31, 2025, net realized losses on our investments was $3,660, which was primarily due to the sale/repayment on certain equity positions offset by the restructuring of one of our portfolio companies. For the three months ended March 31, 2024, net realized losses on our investments was $1,939, which was primarily due to the restructuring of two portfolio companies.

For the three months ended March 31, 2025, net change in unrealized depreciation on our investments of $5,885 was primarily the result of the changes in spreads in the secondary markets as well as financial performance in certain portfolio companies.

See “Item 1. Consolidated Financial Statements and Supplementary Data—Notes to Consolidated Financial Statements—Note 5. Fair Value Measurements” for additional information.

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

We generate cash from the net proceeds of offerings of our Common Units, net borrowings from our credit facilities, and from cash flows from interest and fees earned from our investments and principal repayments and proceeds from sales of our investments. We may also fund a portion of our investments through borrowings from banks and issuances of senior securities, including before we have fully invested the proceeds of the private offering of our Common Units. Our primary use of cash are investments in portfolio companies, payments of our expenses and payment of cash distributions to our unitholders. As of March 31, 2025, we had four revolving credit facilities outstanding, as described in “—Debt” below. We may also from time to time enter into new credit facilities, increase the size of existing credit facilities or issue debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors.

As of March 31, 2025, we had approximately $59.4 million of cash and cash equivalents, which taken together with our approximately $592.7 million of availability under our credit facilities (subject to borrowing base availability) and our approximately $155.0 million of uncalled capital commitments to purchase Common Units, we expect to be sufficient for our investing activities and to conduct our operations in the near term. As of March 31, 2025, we believed we had adequate financial resources to satisfy the unfunded portfolio company commitments of $268.6 million.

Unregistered Sales of Equity Securities

As of March 31, 2025, we had received aggregate capital commitments of $1,000 million.

There were no capital drawdowns delivered pursuant to the Subscription Agreements for the three months ended March 31, 2025.

There were no capital drawdowns delivered pursuant to the Subscription Agreements for the three months ended March 31, 2024.

Distributions and Distribution Reinvestment

The following table summarizes our distributions declared and payable for the three months ended March 31, 2025 and March 31, 2024:

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Date Declared	Record Date	Payment Date	Per Unit Amount		Total Amount
For the Three Months Ended March 31, 2025
February 27, 2025	March 31, 2025	April 03, 2025	$	0.54	$	30,648
Total Distributions			$	0.54	$	30,648
For the Three Months Ended March 31, 2024
February 29, 2024	March 29, 2024	April 05, 2024	$	0.62	$	27,771
Total Distributions			$	0.62	$	27,771

We have adopted an “opt out” distribution reinvestment plan (“DRIP”). As a result, if our Board of Directors authorizes, and we declare, a cash distribution, our unitholders will have their cash distributions automatically reinvested in additional units of same class of units to which the distribution relates unless they specifically “opt out” of the DRIP and elect to receive distributions in cash.

The following table summarizes the Common Units issued to unitholders who participated in the DRIP for the three months ended March 31, 2025 and the value of such units as of the payment dates:

Payment Date	DRIP Units Issued	DRIP Units Value
January 06, 2025	1,733,215	$	32,827
Total	1,733,215	$	32,827

The following table summarizes the Common Units issued to unitholders who participated in the DRIP for the March 31, 2024 and the value of such units as of the payment dates:

Payment Date	DRIP Units Issued	DRIP Units Value
January 04, 2024	1,442,261	$	27,619
Total	1,442,261	$	27,619

Debt

Our outstanding debt obligations were as follows:

	March 31, 2025						December 31, 2024
	Aggregate Principal Committed		Outstanding Principal		Unused Portion		Aggregate Principal Committed		Outstanding Principal		Unused Portion
CBA Subscription Facility	$	—	$	—	$	—	$	75,000	$	13,000	$	62,000
Barclays Funding Facility(1)	600,000		451,581		148,419		600,000		435,288		164,712
BNP Funding Facility	500,000		196,000		304,000		500,000		215,000		285,000
JPM Funding Facility(2)	500,000		359,685		140,315		500,000		350,653		149,347
Total	$	1,600,000	$	1,007,266	$	592,734	$	1,675,000	$	1,013,941	$	661,059

(1)	Under the Barclays Funding Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of March 31, 2025 and December 31, 2024, the Company had borrowings denominated in Euros (EUR) of 6,555 and 6,555.
(2)	Under the JPM Funding Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of March 31, 2025 and December 31, 2024, the Company had borrowings denominated in Canadian Dollars (CAD) of 350 and 350, Euros (EUR) of 557 and 557, and British Pound Sterling (GBP) of 186 and 186, respectively.

For further details, see Note 6. “Debt” in the Notes to Consolidated Financial Statements.

RECENT DEVELOPMENTS

On May 8, 2025, the Board of Directors declared a distribution equal to an amount up to the Company’s taxable earnings per unit, including net investment income (if positive) for the period April 1, 2025 through June 30, 2025, payable on or about July 3, 2025 to Unitholders of record as of June 30, 2025.

CRITICAL ACCOUNTING ESTIMATES

The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting estimates including those

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relating to the valuation of our investment portfolio, should be read in connection with our consolidated financial statements in Part I, Item 1 of this Report, including Note 2 “Significant Accounting Policies.”

We consider the most significant accounting policies to be those related to our Investments, Revenue Recognition, Deferred Financing Costs and Debt Issuance Costs and Income Taxes. The valuation of investments is our most significant critical estimate. The most significant input is the discount rate used in yield analysis that is based on comparable market yields. Significant increases in the discount rates in isolation would result in a significantly lower fair value measurement. For further discussion and disclosure of key inputs and considerations related to this estimate, refer to "Note 5—Fair Value Measurements" included in the notes to the consolidated financial statements.

RELATED PARTY TRANSACTIONS

We have entered into a number of business relationships with affiliated or related parties, including the following (which are defined in the notes to the accompanying consolidated financial statements if not defined herein):

•the Investment Advisory Agreement;

•the Administration Agreement; and

•the Indemnification Agreement.

For further details, see Note 3. “Related Party Transactions” to our consolidated financial statements included in this report.

MS Credit Partners Holdings Investment

MS Credit Partners Holdings, Inc., a wholly owned subsidiary of Morgan Stanley and an affiliate of the Adviser, invested seed capital of $10 in us on September 28, 2021. Morgan Stanley has no further capital, liquidity or other financial obligation to us beyond this equity investment.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

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

Valuation Risk

We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of portfolio companies. During periods of market dislocation, we will seek to invest prudently in the secondary loan market to provide our investors better risk adjusted returns while adhering to our core investment tenants. Most of our investments will not have a readily available market price. To ensure accurate valuations, our investments are valued at fair value in good faith by the Company’s Board of Directors, based on, among other things, the input of the Investment Adviser, including our Valuation Designee, our Audit Committee and independent third-party valuation firms engaged at the direction of the Board of Directors, or Valuation Designee, and in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each investment while employing a consistently applied valuation process for the investments we hold. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.

Market Risk

The market value of a security may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time. Market risk may affect a single issuer, industry, sector of the economy or the market as a whole. Global economies and financial markets are increasingly interconnected, which increases the probabilities that conditions in one country or region might adversely impact issuers in a different country or region. Conditions affecting the general economy, including political, social, or economic instability at the local, regional, or global level, may also affect the market value of a security. Health crises, such as pandemic and epidemic diseases, as well as other incidents that interrupt the expected course of events, such as natural disasters, war or civil disturbance, acts of terrorism, international conflicts, trade policies and tariffs, power outages and other unforeseeable and external events, and the public response to or fear of such diseases or events, have and may in the future have an adverse effect on a company’s investments and net asset value and can lead to increased market volatility. See “Part I, Item 1A. Risk Factors—General Risk Factors—We are operating in a period of capital markets volatility and economic uncertainty. The conditions have materially and adversely affected debt and equity capital markets in the United States, and any future volatility or instability in capital markets may have a negative impact on our business and operations.” and “Part I, Item 1A. Risk Factors— General Risk Factors — Terrorist attacks, acts of war, natural disasters, outbreaks or pandemics, such as the Coronavirus pandemic, may impact our portfolio companies and our Adviser and harm our business, operating results and financial condition” of our most recent Annual Report on Form 10-K.

Interest Rate Risk

We are subject to financial market risks, and most significantly changes in interest rates. Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we expect to fund a portion of our investments with borrowings, our net investment income is expected to be affected by the difference between the rate at which we invest and the rate at

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which we borrow. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

As of March 31, 2025, approximately 99.6% of our debt investments were at floating rates. Based on our Consolidated Statements of Financial Condition as of March 31, 2025, the following table shows the annualized impact on net income of hypothetical reference rate changes in interest rates (considering interest rate floors and ceilings for floating rate debt instruments assuming no changes in our investments and borrowing structure as of March 31, 2025) (dollar amounts in thousands):

	Interest		Interest		Net
Basis Point Change - Interest Rates	Income		Expense		Income
Up 300 basis points	$	59,715	$	(30,218)	$	29,497
Up 200 basis points	$	39,810	$	(20,145)	$	19,665
Up 100 basis points	$	19,905	$	(10,073)	$	9,832
Up 25 basis points	$	4,976	$	(2,518)	$	2,458
Down 25 basis points	$	(4,976)	$	2,518	$	(2,458)
Down 100 basis points	$	(19,905)	$	10,073	$	(9,832)
Down 200 basis points	$	(39,810)	$	20,145	$	(19,665)
Down 300 basis points	$	(59,715)	$	30,218	$	(29,497)

We may hedge against interest rate fluctuations by using standard hedging instruments such as futures, options and forward contracts or our credit facilities, subject to the requirements of the 1940 Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in benefits of lower interest rates or higher exchange rates with respect to our portfolio of investments with fixed interest rates or investments denominated in foreign currencies. During the periods covered by this Report, we did not engage in interest rate hedging activities.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

As of March 31, 2025 (the end of the period covered by this Report), we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer (Principal Executive Officer) and our Chief Financial Officer (Principal Financial Officer), of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). Based on that evaluation, our Chief Executive Officer (Principal Executive Officer) and our Chief Financial Officer (Principal Financial Officer) have concluded that our current disclosure controls and procedures are effective in timely alerting them of material information relating to the Company that is required to be disclosed by us in the reports we file or submit under the Exchange Act.

Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred for the quarter ended March 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II

Item 1. Legal Proceedings

The Company, the Investment Adviser and the Administrator may become party to certain lawsuits in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Each of the Company, the Investment Adviser and the Administrator is not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against the Company. See also “Note 1 to Consolidated Financial Statements in Part I, Item 1. Consolidated Financial Statements and Supplementary Data” of this Form 10-Q.

Item 1A. Risk Factors

In addition to the other information set forth in this Report, you should carefully consider the risk factors previously disclosed under Item 1A of the Annual Report on Form 10-K, which could materially affect our business, financial condition and/or operating results. The risks disclosed in the Annual Report on Form 10-K 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 also materially and adversely affect our business, financial condition and/or operating results.

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

Sales of Unregistered Securities

There were no issuances of our Common Stock during the quarter ended March 31, 2025 or during the quarter ended March 31, 2024, as part of our private offering pursuant to Section 4(a)(2) of the Securities Act and Regulation D thereunder.

Issuer Purchases of Equity Securities

None

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 quarter ended March 31, 2025, none of the Company’s 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.”

Item 6. Exhibits

The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the SEC:

31.1*	Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.
31.2*	Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.
32.1**	Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2**	Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 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 (embedded within the Inline XBRL document).

* Filed herewith

** Furnished herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this Report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Dated: May 14, 2025	By:	/s/ Jeffrey S. Levin
		Jeffrey S. Levin Director and Chief Executive Officer (principal executive officer)
Dated: May 14, 2025	By:	/s/ David Pessah
		David Pessah Chief Financial Officer (principal financial officer)

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