MIDDLE MARKET CREDIT FUND, LLC (Tables)

12 Months Ended

Dec. 31, 2024

Investment Company [Abstract]

Summarized Financial Information

Below is certain summarized consolidated financial information for Credit Fund as of December 31, 2024 and 2023.

	As of December 31,
	2024		2023
Selected Consolidated Balance Sheet Information:
ASSETS
Investments, at fair value (amortized cost of $541,053 and $794,899, respectively)	$	529,909	$	761,112
Cash, cash equivalents and restricted cash(1)	48,046		36,177
Other assets	22,932		7,812
Total assets	$	600,887	$	805,101
LIABILITIES AND MEMBERS’ EQUITY
Secured borrowings	$	189,221	$	447,221
Other liabilities	71,301		31,617
Subordinated loans and members’ equity (2)	340,365		326,263
Total liabilities and members’ equity	$	600,887	$	805,101

(1)As of December 31, 2024 and 2023, $10,428 and $14,106, respectively, of Credit Fund’s cash and cash equivalents was restricted.

(2)As of December 31, 2024 and 2023, the fair value of the Company's ownership interest in the subordinated loans and members' equity was $182,636 and $181,960, respectively.

	For the years ended December 31,
	2024		2023		2022
Selected Consolidated Statements of Operations Information:
Total investment income	$	72,407	$	90,448	$	69,779
Expenses
Interest and credit facility expenses	29,654		41,457		25,195
Other expenses	1,676		1,939		2,050
Total expenses	31,330		43,396		27,245
Net investment income (loss)	41,077		47,052		42,534
Net realized gain (loss) on investments	(5,618)		(25,619)		(269)
Net change in unrealized appreciation (depreciation) on investments	22,643		16,960		(37,614)
Net increase (decrease) resulting from operations	$	58,102	$	38,393	$	4,651

Below is certain summarized consolidated information for Credit Fund II as of December 31, 2024 and 2023.

	As of December 31,
	2024		2023
Selected Consolidated Balance Sheet Information:
ASSETS
Investments, at fair value (amortized cost of $195,967 and $251,107, respectively)	$	191,030	$	237,914
Cash and cash equivalents(1)	5,011		6,593
Other assets	1,762		2,818
Total assets	$	197,803	$	247,325
LIABILITIES AND MEMBERS’ EQUITY
Notes payable, net of unamortized debt issuance costs of $495 and $839, respectively	$	109,065	$	156,661
Other liabilities	12,672		10,526
Total members' equity(2)	76,066		80,138
Total liabilities and members’ equity	$	197,803	$	247,325

(1)As of December 31, 2024 and 2023, all of Credit Fund II’s cash and cash equivalents was restricted.

(2)As of December 31, 2024 and 2023, the fair value of Company's ownership interest in the members' equity was $63,997 and $67,419, respectively.

	For the years ended December 31,
	2024		2023		2022
Selected Consolidated Statements of Operations Information:
Total investment income	$	26,295	$	28,010	$	20,595
Expenses
Interest expense and credit facility fees	12,671		12,753		7,403
Other expenses	763		903		842
Total expenses	13,434		13,656		8,245
Net investment income (loss)	12,861		14,354		12,350
Net realized gain (loss) on investments	(9,850)		69		—
Net change in unrealized appreciation (depreciation) on investments	8,256		(7,798)		(6,069)
Net increase (decrease) resulting from operations	$	11,267	$	6,625	$	6,281

Below is a summary of Credit Fund II’s portfolio, followed by a listing of the loans in Credit Fund II’s portfolio as of December 31, 2024 and 2023:

	As of December 31,
	2024			2023
Senior secured loans(1)	$	198,678		$	255,486
Number of portfolio companies in Credit Fund II	29			36
Average amount per portfolio company(1)	$	6,851		$	7,097
Number of loans on non-accrual status	1			1
Fair value of loans on non-accrual status	$	424		$	—
Percentage of portfolio at floating interest rates(2)(3)	100.0		%	97.9		%
Percentage of portfolio at fixed interest rates(3)	—		%	2.1		%
Fair value of loans with PIK provisions	$	24,344		$	20,117
Percentage of portfolio with PIK provisions(3)	12.7		%	8.5		%

(1)At par/principal amount.

(2)Floating rate debt investments are generally subject to interest rate floors.

(3)Percentages based on fair value.

Schedule of Investments

Below is a summary of Credit Fund’s portfolio, followed by a listing of the loans in Credit Fund’s portfolio as of December 31, 2024 and 2023:

	As of December 31,
	2024			2023
Senior secured loans(1)	$	547,672		$	803,541
Number of portfolio companies in Credit Fund	33			38
Average amount per portfolio company(1)	$	16,596		$	21,146
Number of loans on non-accrual status	2			3
Fair value of loans on non-accrual status	$	4,787		$	13,263
Percentage of loans at floating interest rates(2)(3)	100.0		%	100.0		%
Fair value of loans with PIK provisions	$	39,712		$	36,481
Percentage of portfolio with PIK provisions(3)	7.5		%	4.8		%

(1)At par/principal amount.

(2)Floating rate debt investments are generally subject to interest rate floors.

(3)Percentages based on fair value.

Consolidated Schedule of Investments as of December 31, 2024
Investments (1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Maturity Date	Par/ Principal Amount		Amortized Cost (4)		Fair Value (5)
First Lien Debt (99.9% of fair value)
Accession Risk Management Group, Inc.	+	(2)(3)	Diversified Financial Services	SOFR	4.75%	9.28%	11/1/2029	$	21,673	$	21,673	$	21,882
ACR Group Borrower, LLC	^+	(2)(3)(9)	Aerospace & Defense	SOFR	4.25%	8.58%	3/31/2028	33,437		33,124		33,045
Allied Benefit Systems Intermediate LLC	+	(2)(3)	Healthcare & Pharmaceuticals	SOFR	5.25%	9.63%	10/31/2030	8,574		8,461		8,660
Alpine Acquisition Corp II	+	(2)(3)(6)	Transportation: Cargo	SOFR	2.00%, 8.55% PIK	10.55%	11/30/2029	9,804		9,558		7,870
API Technologies Corp.	+	(2)(6)	Aerospace & Defense	SOFR	1.00%, 6.00% PIK	11.33%	5/9/2027	15,678		14,432		12,276
API Technologies Corp.	^	(2)(3)(6)	Aerospace & Defense	SOFR	1.00%, 6.00% PIK	11.33%	5/9/2027	1,385		936		1,385
BMS Holdings III Corp.	+	(2)(3)(6)	Construction & Building	SOFR	5.50%	9.83%	9/30/2026	10,905		10,864		10,523
Chemical Computing Group ULC (Canada)	^+	(2)(3)(6)(9)	Software	SOFR	4.50%	8.96%	8/30/2025	11,345		11,320		11,345
Divisions Holding Corporation	+	(2)(3)(6)	Business Services	SOFR	4.75%	9.11%	5/27/2028	12,942		12,870		12,940
DTI Holdco, Inc.	+	(2)(3)	High Tech Industries	SOFR	4.75%	9.11%	4/26/2029	29,325		28,922		29,490
Dwyer Instruments, Inc.	+	(2)(3)(6)	Capital Equipment	SOFR	4.75%	9.14%	7/21/2029	3,593		3,566		3,593
Eliassen Group, LLC	+	(2)(3)	Business Services	SOFR	5.75%	10.10%	4/14/2028	18,987		18,835		18,680
Heartland Home Services, Inc.	+	(2)(3)(6)(9)	Consumer Services	SOFR	6.00%	10.33%	12/15/2026	23,963		23,921		22,845
Heartland Home Services, Inc.	+	(2)(3)(6)	Consumer Services	SOFR	5.75%	10.08%	12/15/2026	7,096		7,051		6,742
HMT Holding Inc.	^+	(2)(3)(6)(9)	Energy: Oil & Gas	SOFR	6.50%	11.01%	11/17/2025	33,416		33,372		33,190
KAMC Holdings, Inc.	+	(2)(6)	Energy: Electricity	SOFR	4.00%	8.51%	8/14/2026	13,265		13,247		13,066
KBP Investments, LLC	+	(2)(3)(6)	Beverage & Food	SOFR	5.50%	9.94%	5/25/2027	37,208		37,100		36,788
LVF Holdings, Inc.	+	(2)(3)(6)	Beverage & Food	SOFR	5.50%	9.83%	6/10/2027	9,898		9,791		9,898
NEFCO Holding Company LLC	+	(2)(3)	Construction & Building	SOFR	5.75%	10.31%	8/5/2028	10,830		10,722		10,806
North Haven Fairway Buyer, LLC	+	(2)(3)	Consumer Services	SOFR	6.50%	10.90%	5/17/2028	6,632		6,513		6,632
Output Services Group, Inc.	^	(2)(3)(6)(7)	Media: Advertising, Printing & Publishing	SOFR	6.25%	10.54%	11/30/2028	4,160		2,910		3,262
PF Atlantic Holdco 2, LLC	+	(2)(3)(6)	Leisure Products & Services	SOFR	5.50%	10.04%	11/12/2027	15,085		14,940		15,085
Pushpay USA Inc.	+	(2)	Diversified Financial Services	SOFR	4.50%	8.83%	8/16/2031	15,650		15,498		15,650
QBS Parent, Inc.	+	(2)(3)	Energy: Oil & Gas	SOFR	4.75%	9.27%	11/7/2031	9,569		9,522		9,521
Radiology Partners, Inc.	+	(2)(6)	Healthcare & Pharmaceuticals	SOFR	3.50%, 1.50% PIK	9.51%	1/31/2029	18,450		18,435		18,181
Ranpak B.V. (Netherlands)	+	(2)	Containers, Packaging & Glass	SOFR	4.50%	8.79%	12/19/2031	7,805		7,727		7,727
Ranpak Corp.	+	(2)	Containers, Packaging & Glass	SOFR	4.50%	8.79%	12/19/2031	12,195		12,073		12,073
Striper Buyer, LLC	+	(2)(3)	Containers, Packaging & Glass	SOFR	5.50%	9.86%	12/30/2026	14,400		14,343		13,811
Spotless Brands, LLC	+	(2)(3)	Consumer Services	SOFR	5.50%	10.06%	7/25/2028	10,864		10,756		10,809
Tank Holding Corp.	+	(2)(3)(6)	Capital Equipment	SOFR	5.75%	10.00%	3/31/2028	19,549		19,189		19,549
Turbo Buyer, Inc.	+	(2)(3)(9)	Auto Aftermarket & Services	SOFR	6.00%	10.47%	12/2/2025	34,015		33,944		31,728
U.S. TelePacific Holdings Corp.	^	(2)(3)(6)(7)	Telecommunications	SOFR	1.00%, 6.00% PIK	11.29%	5/2/2026	4,014		2,993		1,525
VRC Companies, LLC	^+	(2)(3)(6)(9)	Business Services	SOFR	5.50%	10.35%	6/29/2027	23,260		23,087		23,250

Consolidated Schedule of Investments as of December 31, 2024
Investments (1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Maturity Date	Par/ Principal Amount		Amortized Cost (4)		Fair Value (5)
Yellowstone Buyer Acquisition, LLC	+	(2)(3)(6)	Consumer Goods: Durable	SOFR	5.75%	10.48%	9/13/2027	$	38,700	$	38,299	$	35,768
First Lien Debt Total										$	539,994	$	529,595
Equity Investments (0.1% of fair value)
48forty Intermediate Holdings, Inc.	^	(8)	Transportation: Cargo					$	1	$	—	$	—
EvolveIP, LLC	^	(8)	Telecommunications					311		1,059		314
Output Services Group, Inc.	^	(8)	Media: Advertising, Printing & Publishing					205		—		—
Equity Investments Total										$	1,059	$	314
Total Investments										$	541,053	$	529,909

^ Denotes that all or a portion of the assets are owned by Credit Fund. Credit Fund has entered into a revolving credit facility with the Company (the “Credit Fund Facility”). Accordingly, such assets are not available to creditors of Credit Fund Sub.

+ Denotes that all or a portion of the assets are owned by Credit Fund Sub. Credit Fund Sub has entered into a revolving credit facility (the “Credit Fund Sub Facility”). The lenders of the Credit Fund Sub Facility have a first lien security interest in substantially all of the assets of Credit Fund Sub. Accordingly, such assets are not available to creditors of Credit Fund.

(1)Unless otherwise indicated, issuers of investments held by Credit Fund are domiciled in the United States. As of December 31, 2024, the geographical composition of investments as a percentage of fair value was 2.1% in Canada, 1.5% in Netherlands, and 96.4% in the United States. Certain portfolio company investments are subject to contractual restrictions on sales.

(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either SOFR or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, Credit Fund has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2024. As of December 31, 2024, the reference rates for Credit Fund’s variable rate loans were the 30-day SOFR at 4.30%, the 90-day SOFR at 4.29% and the 180-day SOFR at 4.25%.

(3)Loan includes interest rate floor feature, which ranges from 0.75% to 1.00%.

(4)Amortized cost represents original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion/amortization of discounts/premiums, as applicable, on debt investments using the effective interest method.

(5)Fair value is determined in good faith by or under the direction of the board of managers of Credit Fund, pursuant to Credit Fund’s valuation policy, with the fair value of all investments determined using significant unobservable inputs, which is substantially similar to the valuation policy of the Company provided in Note 3, Fair Value Measurements, to these consolidated financial statements.

(6)Loans include a credit spread adjustment that typically ranges from 0.10% to 0.43%.

(7)Represents an investment on non-accrual status as of December 31, 2024.

(8)Represents a non-income producing security as of December 31, 2024.

(9)As of December 31, 2024, Credit Fund had the following unfunded commitments to fund delayed draw and revolving senior secured loans:

First Lien Debt – unfunded delayed draw and revolving term loans commitments	Type	Unused Fee	Par/ Principal Amount		Fair Value
ACR Group Borrower, LLC	Revolver	0.38%	$	7,350	$	(71)
Chemical Computing Group ULC (Canada)	Revolver	0.50	873		—
Heartland Home Services, Inc.	Revolver	0.50	571		(26)
HMT Holding Inc.	Revolver	0.50	4,233		(25)
Turbo Buyer, Inc.	Revolver	0.50	467		(31)
VRC Companies, LLC	Revolver	0.50	833		—
Total unfunded commitments			$	14,327	$	(153)

Consolidated Schedule of Investments as of December 31, 2023
Investments (1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Maturity Date	Par/ Principal Amount		Amortized Cost (4)		Fair Value (5)
First Lien Debt (100.0% of fair value)
ACR Group Borrower, LLC	^+	(2)(3)(8)	Aerospace & Defense	SOFR	4.25%	9.60%	3/31/2028	$	37,564	$	37,165	$	37,338
Allied Benefit Systems Intermediate LLC	+	(2)(3)	Healthcare & Pharmaceuticals	SOFR	5.25%	10.63%	10/31/2030	8,639		8,511		8,509
Alpine Acquisition Corp II	+	(2)(3)(6)	Transportation: Cargo	SOFR	6.00%	11.46%	11/30/2026	9,899		9,531		9,462
API Technologies Corp.	+	(2)(6)(7)	Aerospace & Defense	SOFR	1.00%, 6.00% PIK	12.36%	5/9/2027	14,752		13,905		8,870
API Technologies Corp.	^	(2)(3)(6)	Aerospace & Defense	SOFR	1.00%, 6.00% PIK	12.36%	5/9/2027	1,303		620		1,264
Avalign Technologies, Inc.	+	(2)(6)	Healthcare & Pharmaceuticals	SOFR	4.50%	9.98%	12/22/2025	14,145		14,099		13,120
BMS Holdings III Corp.	+	(2)(3)(6)	Construction & Building	SOFR	5.50%	10.97%	9/30/2026	11,018		10,956		10,768
Chartis Holding, LLC	^+	(2)(3)(6)(8)	Business Services	SOFR	5.00%	10.52%	5/1/2025	8,002		8,002		7,985
Chemical Computing Group ULC (Canada)	^+	(2)(3)(6)(8)	Software	SOFR	4.50%	9.86%	8/30/2024	11,488		11,415		11,438
Diligent Corporation	^+	(2)(3)(6)(8)	Telecommunications	SOFR	6.25%	11.78%	8/4/2025	9,949		9,839		9,886
Divisions Holding Corporation	+	(2)(3)(6)	Business Services	SOFR	4.75%	10.22%	5/27/2028	14,044		13,948		13,965
DTI Holdco, Inc.	+	(2)(3)	High Tech Industries	SOFR	4.75%	10.13%	4/26/2029	29,625		29,144		29,335
Eliassen Group, LLC	+	(2)(3)	Business Services	SOFR	5.50%	10.85%	4/14/2028	19,181		18,990		18,946
EPS Nass Parent, Inc.	^+	(2)(3)(6)(8)	Utilities: Electric	SOFR	5.75%	11.25%	4/19/2028	34,525		34,055		33,365
EvolveIP, LLC	^+	(2)(3)(6)	Telecommunications	SOFR	5.50%	11.19%	6/7/2025	42,720		42,701		40,964
Exactech, Inc.	+	(2)(3)(6)	Healthcare & Pharmaceuticals	SOFR	3.75%	9.11%	2/14/2025	20,856		20,823		10,636
GSM Acquisition Corp.	+	(2)(3)(6)	Leisure Products & Services	SOFR	5.00%	10.41%	11/16/2026	30,659		30,468		30,429
Heartland Home Services, Inc.	+	(2)(3)(6)	Consumer Services	SOFR	5.75%	11.11%	12/15/2026	7,169		7,104		6,848
Heartland Home Services, Inc.	+	(2)(3)(6)(8)	Consumer Services	SOFR	6.00%	11.36%	12/15/2026	24,008		23,947		23,054
HMT Holding Inc.	^+	(2)(3)(6)(8)	Energy: Oil & Gas	SOFR	6.00%	11.56%	11/17/2025	34,634		34,543		33,931
Integrity Marketing Acquisition, LLC	+	(2)(3)(6)	Diversified Financial Services	SOFR	6.05%	11.54%	8/27/2026	36,572		36,358		36,071
Integrity Marketing Acquisition, LLC	^+	(2)(3)(6)	Diversified Financial Services	SOFR	6.02%	11.51%	8/27/2026	6,879		6,829		6,781
Jensen Hughes, Inc.	^+	(2)(3)(6)(8)	Utilities: Electric	SOFR	5.75%	11.20%	3/22/2025	33,730		33,722		33,602
KAMC Holdings, Inc.	+	(2)(6)	Energy: Electricity	SOFR	4.00%	9.65%	8/14/2026	13,405		13,377		11,394
KBP Investments, LLC	+	(2)(3)(6)	Beverage & Food	SOFR	5.50%, 1.00% PIK	11.97%	5/25/2027	37,453		37,305		35,217
North Haven Fairway Buyer, LLC	+	(2)(3)	Consumer Services	SOFR	6.50%	11.85%	5/17/2028	6,700		6,552		6,767
Output Services Group, Inc.	^	(2)(3)(6)(7)	Media: Advertising, Printing & Publishing	SOFR	6.25%	12.07%	11/30/2028	4,160		3,306		3,225
PF Atlantic Holdco 2, LLC	+	(2)(3)(6)	Leisure Products & Services	SOFR	5.50%	11.12%	11/12/2027	15,240		15,052		14,874
Premise Health Holding Corp.	+	(2)(6)	Healthcare & Pharmaceuticals	SOFR	3.75%	9.25%	7/10/2025	13,168		13,151		12,904
Radiology Partners, Inc.	+	(2)(6)	Healthcare & Pharmaceuticals	SOFR	4.25%	10.18%	7/9/2025	27,553		27,515		21,987
RevSpring Inc.	+	(2)(6)	Media: Advertising, Printing & Publishing	SOFR	4.00%	9.61%	10/11/2025	28,548		28,474		28,425
Striper Buyer, LLC	+	(2)(3)	Containers, Packaging & Glass	SOFR	5.50%	10.96%	12/30/2026	14,550		14,467		14,460
Summit Acquisition, Inc.	+	(2)(3)	Diversified Financial Services	SOFR	6.75%	12.10%	5/1/2030	5,940		5,772		5,967
Tank Holding Corp.	+	(2)(3)(6)	Capital Equipment	SOFR	5.75%	11.21%	3/31/2028	19,749		19,296		19,292
Turbo Buyer, Inc.	+	(2)(3)(8)	Auto Aftermarket & Services	SOFR	6.00%	11.50%	12/2/2025	33,900		33,757		33,447

Consolidated Schedule of Investments as of December 31, 2023
Investments (1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Maturity Date	Par/ Principal Amount		Amortized Cost (4)		Fair Value (5)
U.S. TelePacific Holdings Corp.	^	(2)(3)(6)(7)	Telecommunications	SOFR	1.00%, 6.00% PIK	12.53%	5/2/2026	$	3,799	$	3,270	$	1,168
USALCO, LLC	+	(2)(3)(6)	Chemicals, Plastics & Rubber	SOFR	6.00%	11.61%	10/19/2027	14,696		14,493		14,696
VRC Companies, LLC	^+	(2)(3)(6)(8)	Business Services	SOFR	5.50%	11.14%	6/29/2027	23,500		23,267		23,308
Welocalize, Inc.	^+	(2)(3)(6)(8)	Business Services	SOFR	4.75%	10.20%	12/23/2024	32,649		32,531		31,466
WRE Holding Corp.	^+	(2)(3)(6)(8)	Environmental Industries	SOFR	5.00%	10.41%	1/3/2025	8,070		8,068		8,021
Yellowstone Buyer Acquisition, LLC	+	(2)(3)(6)	Consumer Goods: Durable	SOFR	5.75%	11.18%	9/13/2027	39,100		38,571		37,927
First Lien Debt Total										$	794,899	$	761,112
Equity Investments (0.0% of fair value)
Output Services Group, Inc.	^	(9)	Media: Advertising, Printing & Publishing					205		$	—	$	—
Equity Investments Total										$	—	$	—
Total Investments										$	794,899	$	761,112

^ Denotes that all or a portion of the assets are owned by Credit Fund. Credit Fund has entered into a revolving credit facility (the “Credit Fund Facility”). Accordingly, such assets are not available to creditors of Credit Fund Sub.

+ Denotes that all or a portion of the assets are owned by Credit Fund Sub. Credit Fund Sub has entered into a revolving credit facility (the “Credit Fund Sub Facility”). The lenders of the Credit Fund Sub Facility have a first lien security interest in substantially all of the assets of Credit Fund Sub. Accordingly, such assets are not available to creditors of Credit Fund.

(1)Unless otherwise indicated, issuers of investments held by Credit Fund are domiciled in the United States. As of December 31, 2023, the geographical composition of investments as a percentage of fair value was 1.5% in Canada and 98.5% in the United States. Certain portfolio company investments are subject to contractual restrictions on sales.

(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either SOFR or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, Credit Fund has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2023. As of December 31, 2023, the reference rates for Credit Fund's variable rate loans were the 30-day SOFR at 5.35%, the 90-day SOFR at 5.33% and the 180-day SOFR at 5.16%.

(3)Loan includes interest rate floor feature, which ranges from 0.75% to 1.00%.

(4)Amortized cost represents original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion/amortization of discounts/premiums, as applicable, on debt investments using the effective interest method.

(5)Fair value is determined in good faith by or under the direction of the board of managers of Credit Fund, pursuant to Credit Fund’s valuation policy, with the fair value of all investments determined using significant unobservable inputs, which is substantially similar to the valuation policy of the Company provided in Note 3, Fair Value Measurements, to these consolidated financial statements.

(6)Loans include a credit spread adjustment that typically ranges from 0.10% to 0.43%.

(7)Loan was on non-accrual status as of December 31, 2023.

(8)As of December 31, 2023, Credit Fund had the following unfunded commitments to fund delayed draw and revolving senior secured loans:

First Lien Debt—unfunded delayed draw and revolving term loans commitments	Type	Unused Fee	Par/ Principal Amount		Fair Value
ACR Group Borrower, LLC	Revolver	0.38%	$	3,570	$	(20)
Chartis Holding, LLC	Revolver	0.50	1,003		(2)
Chemical Computing Group ULC (Canada)	Revolver	0.50	873		(4)
Diligent Corporation	Revolver	0.50	323		(2)
EPS Nass Parent, Inc.	Revolver	0.50	359		(13)
Heartland Home Services, Inc.	Revolver	0.50	772		(31)
HMT Holding Inc.	Revolver	0.50	3,351		(62)
Jensen Hughes, Inc.	Revolver	0.50	1,955		(7)
Turbo Buyer, Inc.	Revolver	0.50	933		(12)
VRC Companies, LLC	Revolver	0.50	833		(6)

First Lien Debt—unfunded delayed draw and revolving term loans commitments	Type	Unused Fee	Par/ Principal Amount		Fair Value
Welocalize, Inc.	Revolver	0.50%	$	5,625	$	(174)
WRE Holding Corp.	Revolver	0.50	1,123		(6)
Total unfunded commitments			$	20,720	$	(339)

(9)Represents a non-income producing security as of December 31, 2023.

Consolidated Schedule of Investments as of December 31, 2024
Investments (1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Maturity Date	Par/ Principal Amount		Amortized Cost (4)		Fair Value (5)
First Lien Debt (95.0% of fair value)
Accession Risk Management Group, Inc.	^	(2)(3)	Diversified Financial Services	SOFR	4.75%	9.28%	11/1/2029	$	9,798	$	9,703	$	9,894
Alpine Acquisition Corp II	^	(2)(3)(6)	Transportation: Cargo	SOFR	2.00%, 8.55% PIK	10.55%	11/30/2029	3,202		3,134		2,571
Appriss Health, LLC	^	(2)(3)(6)	Healthcare & Pharmaceuticals	SOFR	7.00%	11.70%	5/6/2027	7,352		7,277		7,304
Ascend Buyer, LLC	^	(2)(3)(6)	Containers, Packaging & Glass	SOFR	5.75%	10.17%	9/30/2028	8,894		8,786		8,882
Aurora Lux FinCo S.Á.R.L. (Luxembourg)	^	(2)(3)(6)	Software	SOFR	3.00%, 4.00% PIK	11.33%	12/24/2026	4,511		4,475		4,368
BMS Holdings III Corp.	^	(2)(3)(6)	Construction & Building	SOFR	5.50%	9.83%	9/30/2026	3,174		3,150		3,063
Comar Holding Company, LLC	^	(2)(3)(6)	Containers, Packaging & Glass	SOFR	2.00%, 4.75% PIK	11.23%	6/18/2026	9,095		9,088		8,226
Cority Software Inc. (Canada)	^	(2)(3)	Software	SOFR	4.75%	9.34%	7/2/2026	9,727		9,681		9,708
Dwyer Instruments, Inc.	^	(2)(3)(6)	Capital Equipment	SOFR	4.75%	9.14%	7/21/2029	9,714		9,683		9,714
Hoosier Intermediate, LLC	^	(2)(3)(6)	Healthcare & Pharmaceuticals	SOFR	5.00%	9.52%	11/15/2028	6,317		6,185		6,317
HS Spa Holdings Inc.	^	(2)(3)	Consumer Services	SOFR	5.25%	9.76%	6/2/2029	8,432		8,318		8,483
LVF Holdings, Inc.	^	(2)(3)(6)	Beverage & Food	SOFR	5.50%	9.83%	6/10/2027	9,900		9,798		9,898
Material Holdings, LLC	^	(2)(3)(6)	Business Services	SOFR	1.35%, 4.65% PIK	10.33%	8/19/2027	6,782		6,782		6,782
Material Holdings, LLC	^	(2)(3)(6)(8)	Business Services	SOFR	6.00% (100% PIK)	10.29%	8/19/2027	1,632		633		424
Maverick Acquisition, Inc.	^	(2)(3)(6)	Aerospace & Defense	SOFR	6.25%	10.58%	6/1/2027	7,760		7,677		5,646
Medical Manufacturing Technologies, LLC	^	(2)(3)(6)	Healthcare & Pharmaceuticals	SOFR	5.75%	10.09%	12/23/2027	9,451		9,353		9,306
NMI AcquisitionCo, Inc.	^	(2)(3)(6)	High Tech Industries	SOFR	5.00%	9.36%	9/6/2028	9,792		9,777		9,785
PF Atlantic Holdco 2, LLC	^	(2)(3)(6)	Leisure Products & Services	SOFR	5.50%	10.04%	11/12/2027	9,749		9,563		9,749
PXO Holdings I Corp.	^	(2)(3)(6)	Chemicals, Plastics & Rubber	SOFR	5.50%	9.90%	3/8/2028	9,798		9,688		9,796
Radwell Parent, LLC	^	(2)(3)	Wholesale	SOFR	5.50%	9.83%	4/1/2029	7,453		7,396		7,396
Spotless Brands, LLC	^	(2)(3)	Consumer Services	SOFR	5.75%	10.03%	7/25/2028	4,925		4,865		4,936
Tank Holding Corp.	^	(2)(3)(6)	Capital Equipment	SOFR	5.75%	10.00%	3/31/2028	3,784		3,728		3,784
TCFI Aevex LLC	^	(2)(3)(6)	Aerospace & Defense	SOFR	6.00%	10.36%	3/18/2026	1,649		1,641		1,649
Turbo Buyer, Inc.	^	(2)(3)	Auto Aftermarket & Services	SOFR	6.00%	10.47%	12/2/2025	7,843		7,807		7,323
U.S. Legal Support, Inc.	^	(2)(3)(6)	Business Services	SOFR	5.75%	10.08%	5/31/2026	6,041		6,040		6,022
US INFRA SVCS Buyer, LLC	^	(2)(3)(6)	Environmental Industries	SOFR	2.50%, 4.75% PIK	12.04%	4/13/2027	2,654		2,639		2,397
Wineshipping.com LLC	^	(2)(3)(6)	Beverage & Food	SOFR	5.75%	10.29%	10/29/2027	9,749		9,532		8,056
First Lien Debt Total										$	186,399	$	181,479

Consolidated Schedule of Investments as of December 31, 2024
Investments (1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Maturity Date	Par/ Principal Amount		Amortized Cost (4)		Fair Value (5)
Second Lien Debt (5.0% of fair value)
AP Plastics Acquisition Holdings, LLC	^	(2)(3)(6)	Chemicals, Plastics & Rubber	SOFR	7.25%	11.61%	8/10/2029	$	4,500	$	4,437	$	4,500
AQA Acquisition Holdings, Inc.	^	(2)(3)	High Tech Industries	SOFR	6.25%	10.84%	3/3/2029	5,000		4,920		4,988
Second Lien Debt Total										$	9,357	$	9,488
Equity Investment (0.0% of fair value)
48forty Intermediate Holdings, Inc.	^	(7)	Transportation: Cargo					0		$	—	$	—
EvolveIP, LLC	^	(7)	Telecommunications					62		211		63
TW LRW Holdings, LLC	^	(7)	Business Services					2		—		—
Equity Investment Total										$	211	$	63
Total Investments										$	195,967	$	191,030

^ Denotes that all or a portion of the assets are owned by Credit Fund II Sub. Credit Fund II Sub has entered into the Credit Fund II Sub Notes. The lenders of the Credit Fund II Sub Notes have a first lien security interest in substantially all of the assets of Credit Fund II Sub. Accordingly, such assets are not available to creditors of Credit Fund II.

(1)Unless otherwise indicated, issuers of investments held by Credit Fund II are domiciled in the United States. As of December 31, 2024, the geographical composition of investments as a percentage of fair value was 5.1% in Canada, 2.3% in Luxembourg, and 92.6% in the United States. Certain portfolio company investments are subject to contractual restrictions on sales.

(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either SOFR or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, Credit Fund II has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2024. As of December 31, 2024, the reference rates for Credit Fund II's variable rate loans were the 30-day SOFR at 4.30%, the 90-day SOFR at 4.29% and the 180-day SOFR at 4.25%.

(3)Loan includes interest rate floor feature, which ranges from 0.50% to 1.00%.

(4)Amortized cost represents original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion/amortization of discounts/premiums, as applicable, on debt investments using the effective interest method.

(5)Fair value is determined in good faith by or under the direction of the board of managers of Credit Fund II, pursuant to Credit Fund II’s valuation policy, with the fair value of all investments determined using significant unobservable inputs, which is substantially similar to the valuation policy of the Company provided in Note 3, Fair Value Measurements, to these consolidated financial statements.

(6)Loans include a credit spread adjustment that typically ranges from 0.10% to 0.43%.

(7)Represents a non-income producing security as of December 31, 2024.

(8)Represents an investment on non-accrual status as of December 31, 2024.

Consolidated Schedule of Investments as of December 31, 2023
Investments (1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Maturity Date	Par/ Principal Amount		Amortized Cost (4)		Fair Value (5)
First Lien Debt (89.6% of fair value)
Alpine Acquisition Corp II	^	(2)(3)(7)	Transportation: Cargo	SOFR	6.00%	11.46%	11/30/2026	$	3,233	$	3,132	$	3,091
American Physician Partners, LLC	^	(2)(3)(7)(8)(9)	Healthcare & Pharmaceuticals	SOFR	10.25% (100% PIK)	15.71%	8/5/2022	10,589		9,078		—
Appriss Health, LLC	^	(2)(3)(7)	Healthcare & Pharmaceuticals	SOFR	6.75%	12.32%	5/6/2027	7,446		7,344		7,409
Ascend Buyer, LLC	^	(2)(3)(7)	Containers, Packaging & Glass	SOFR	6.40%	11.91%	9/30/2028	8,985		8,854		8,761
Aurora Lux FinCo S.Á.R.L. (Luxembourg)	^	(2)(3)(7)	Software	SOFR	3.00%, 4.00% PIK	12.45%	12/24/2026	4,331		4,278		4,157
BMS Holdings III Corp.	^	(2)(3)(7)	Construction & Building	SOFR	5.50%	10.97%	9/30/2026	3,208		3,172		3,135
Chartis Holding, LLC	^	(2)(3)(7)	Business Services	SOFR	5.00%	10.52%	5/1/2025	9,721		9,714		9,702

Consolidated Schedule of Investments as of December 31, 2023
Comar Holding Company, LLC	^	(2)(3)(7)	Containers, Packaging & Glass	SOFR	2.00%, 4.75% PIK	12.28%	6/18/2026	$	8,669	$	8,653	$	7,457
Cority Software Inc. (Canada)	^	(2)(3)	Software	SOFR	7.00%	12.39%	7/2/2026	1,293		1,290		1,292
Cority Software Inc. (Canada)	^	(2)(3)	Software	SOFR	5.00%	10.39%	7/2/2026	8,535		8,464		8,506
Dwyer Instruments, Inc.	^	(2)(3)(7)	Capital Equipment	SOFR	5.75%	11.20%	7/21/2027	9,814		9,773		9,814
EvolveIP, LLC	^	(2)(3)(7)	Telecommunications	SOFR	5.50%	11.19%	6/7/2025	8,527		8,525		8,177
Harbour Benefit Holdings, Inc.	^	(2)(3)(7)	Business Services	SOFR	5.00%	10.51%	12/13/2024	9,703		9,693		9,631
Hoosier Intermediate, LLC	^	(2)(3)(7)	Healthcare & Pharmaceuticals	SOFR	5.00%	10.53%	11/15/2028	6,382		6,221		6,176
HS Spa Holdings Inc.	^	(2)(3)	Consumer Services	SOFR	5.75%	11.12%	6/2/2029	8,519		8,384		8,524
Integrity Marketing Acquisition, LLC	^	(2)(3)(7)	Diversified Financial Services	SOFR	6.05%	11.54%	8/27/2026	4,821		4,718		4,755
Integrity Marketing Acquisition, LLC	^	(2)(3)(7)	Diversified Financial Services	SOFR	6.02%	11.51%	8/27/2026	4,489		4,379		4,424
LVF Holdings, Inc.	^	(2)(3)(7)	Beverage & Food	SOFR	5.75%	11.25%	6/10/2027	6,137		6,026		6,044
Material Holdings, LLC	^	(2)(3)(7)	Business Services	SOFR	6.00%	11.45%	8/19/2027	7,820		7,762		7,526
Maverick Acquisition, Inc.	^	(2)(3)(7)	Aerospace & Defense	SOFR	6.25%	11.60%	6/1/2027	7,820		7,708		6,128
NMI AcquisitionCo, Inc.	^	(2)(3)(7)	High Tech Industries	SOFR	5.75%	11.21%	9/6/2025	9,898		9,873		9,829
PF Atlantic Holdco 2, LLC	^	(2)(3)(7)	Leisure Products & Services	SOFR	5.50%	11.12%	11/12/2027	9,849		9,607		9,612
PXO Holdings I Corp.	^	(2)(3)(7)	Chemicals, Plastics & Rubber	SOFR	5.50%	11.00%	3/8/2028	9,899		9,759		9,688
Radwell Parent, LLC	^	(2)(3)	Wholesale	SOFR	6.75%	12.10%	4/1/2029	7,529		7,461		7,573
RSC Acquisition, Inc.	^	(2)(3)(7)	Diversified Financial Services	SOFR	5.50%	10.93%	11/1/2029	9,901		9,785		9,837
Spotless Brands, LLC	^	(2)(3)(7)	Consumer Services	SOFR	6.50%	12.03%	7/25/2028	4,987		4,914		4,991
Tank Holding Corp.	^	(2)(3)(7)	Capital Equipment	SOFR	5.75%	11.21%	3/31/2028	3,823		3,752		3,734
TCFI Aevex LLC	^	(2)(3)(7)	Aerospace & Defense	SOFR	6.00%	11.46%	3/18/2026	1,667		1,653		1,655
Turbo Buyer, Inc.	^	(2)(3)	Auto Aftermarket & Services	SOFR	6.00%	11.50%	12/2/2025	7,926		7,852		7,823
U.S. Legal Support, Inc.	^	(2)(3)(7)	Business Services	SOFR	5.75%	11.11%	11/30/2024	6,105		6,102		6,024
US INFRA SVCS Buyer, LLC	^	(2)(3)(7)	Environmental Industries	SOFR	6.50%, 0.75% PIK	12.95%	4/13/2026	2,877		2,852		2,650
Westfall Technik, Inc.	^	(2)(3)(7)	Chemicals, Plastics & Rubber	SOFR	6.75%, 0.75% PIK	12.96%	9/13/2024	6,350		6,328		5,853
Wineshipping.com LLC	^	(2)(3)(7)	Beverage & Food	SOFR	5.75%	11.29%	10/29/2027	9,849		9,567		9,189
First Lien Debt Total										$	226,673	$	213,167
Second Lien Debt (10.4% of fair value)
AI Convoy S.A.R.L (United Kingdom)	^	(2)(3)	Aerospace & Defense	SOFR	8.25%	13.80%	1/17/2028	$	5,514	$	5,439	$	5,541
AP Plastics Acquisition Holdings, LLC	^	(2)(3)(7)	Chemicals, Plastics & Rubber	SOFR	7.50%	12.96%	8/10/2029	4,500		4,427		4,436
AQA Acquisition Holdings, Inc.	^	(2)(3)(7)	High Tech Industries	SOFR	7.50%	12.98%	3/3/2029	5,000		4,905		5,000
Quartz Holding Company	^	(2)(7)	Software	SOFR	8.00%	13.46%	4/2/2027	4,852		4,804		4,852
World 50, Inc.	^	(6)	Business Services	FIXED	11.50%	11.50%	1/9/2027	4,918		4,859		4,918
Second Lien Debt Total										$	24,434	$	24,747
Total Investments										$	251,107	$	237,914

^ Denotes that all or a portion of the assets are owned by Credit Fund II Sub. Credit Fund II Sub has entered into the Credit Fund II Sub Notes. The lenders of the Credit Fund II Sub Notes have a first lien security interest in substantially all of the assets of Credit Fund II Sub. Accordingly, such assets are not available to creditors of Credit Fund II.

(1)Unless otherwise indicated, issuers of investments held by Credit Fund II are domiciled in the United States. As of December 31, 2023, the geographical composition of investments as a percentage of fair value was 4.1% in Canada, 1.7% in Luxembourg, 2.3% in the United Kingdom and 91.9% in the United States. Certain portfolio company investments are subject to contractual restrictions on sales.

(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either SOFR or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, Credit Fund II has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2023. As of December 31, 2023, the reference rates for Credit Fund II's variable rate loans were the 30-day SOFR at 5.35%, the 90-day SOFR at 5.33% and the 180-day SOFR at 5.16%.

(3)Loan includes interest rate floor feature, which ranges from 0.50% to 1.00%.

(4)Amortized cost represents original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion/amortization of discounts/premiums, as applicable, on debt investments using the effective interest method.

(5)Fair value is determined in good faith by or under the direction of the board of managers of Credit Fund II, pursuant to Credit Fund II’s valuation policy, with the fair value of all investments determined using significant unobservable inputs, which is substantially similar to the valuation policy of the Company provided in Note 3, Fair Value Measurements, to these consolidated financial statements.

(6)Represents a corporate mezzanine loan, which is subordinated to senior secured term loans of the portfolio company.

(7)Loans include a credit spread adjustment that typically ranges from 0.10% to 0.43%.

(8)Loan is in forbearance as of December 31, 2023.

(9)Loan is on non-accrual status as of December 31, 2023.

Schedule of Line of Credit Facilities

Below is a summary of the borrowings and repayments under the credit facilities for the respective periods.

	Credit Fund Facility		Credit Fund Sub Facility		Credit Fund Warehouse II Facility
Outstanding balance as of December 31, 2021	$	—	$	514,621	$	86,030
Borrowings	—		170,000		—
Repayments	—		(96,000)		(86,030)
Outstanding balance as of December 31, 2022	—		588,621		—
Borrowings	—		20,000		—
Repayments	—		(161,400)		—
Outstanding balance as of December 31, 2023	—		447,221		—
Borrowings	—		57,000		—
Repayments	—		(315,000)		—
Outstanding balance as of December 31, 2024	$	—	$	189,221	$	—

Below is a summary of the borrowings and repayments under the Credit Facility for the years ended December 31, 2024, 2023, and 2022, and the outstanding balances under the Credit Facility for the respective periods.

	For the years ended December 31,
	2024		2023		2022
Outstanding borrowing, beginning of year	$	260,356	$	440,441	$	407,655
Borrowings	490,567		166,792		372,246
Repayments	(535,525)		(350,408)		(332,758)
Foreign currency translation	(1,959)		3,531		(6,702)
Outstanding borrowing, end of year	$	213,439	$	260,356	$	440,441

The Credit Facility consisted of the following as of December 31, 2024 and 2023:

	Total Facility		Borrowings Outstanding		Unused  Portion (1)		Amount Available (2)
December 31, 2024	$	790,000	$	213,439	$	576,561	$	509,121
December 31, 2023	$	790,000	$	260,356	$	529,644	$	359,675

(1)The unused portion is the amount upon which commitment fees are based.

(2)Available for borrowing based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios.

For the years ended December 31, 2024, 2023, and 2022, the components of interest expense and credit facility fees of the Credit Facility were as follows:

	For the years ended December 31,
	2024			2023			2022
Interest expense	$	13,195		$	27,189		$	15,463
Facility unused commitment fee	2,370			1,297			1,129
Amortization of deferred financing costs and debt issuance costs	856			763			855
Total interest expense and credit facility fees	$	16,421		$	29,249		$	17,447
Cash paid for interest expense and credit facility fees	$	15,446		$	28,645		$	15,528
Weighted average debt principal outstanding	$	186,517		$	391,923		$	399,877
Weighted average interest rate(1)	6.96		%	6.84		%	3.81		%

(1)Excludes facility unused commitment fee and amortization of deferred financing costs and debt issuance costs.