ROC

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

☒ 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: 814-01685

Senior Credit Investments, LLC

(Exact Name of Registrant as Specified in its Charter)

Delaware	92-1313185
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
520 Madison Avenue, 12th Floor New York, New York	10022
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (212) 284-3474

Not Applicable

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act: None

Title of each class Trading Symbol(s) Name of each exchange on which registered

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, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
Emerging growth company	☒

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

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

As of May 9, 2025, the registrant had 97,607 common units outstanding.

Table of Contents

		Page
PART I.	FINANCIAL INFORMATION	1
Item 1.	Consolidated Financial Statements	1
	Consolidated Statements of Assets and Liabilities as of March 31, 2025 and December 31, 2024 (Unaudited)	1
	Consolidated Statement of Operations for the three months ended March 31, 2025 and 2024 (Unaudited)	2
	Consolidated Statement of Changes in Member’s Capital for the three months ended March 31, 2025 and 2024 (Unaudited)	3
	Consolidated Statement of Cash Flows for the three months ended March 31, 2025 and 2024 (Unaudited)	4
	Consolidated Schedule of Investments as of March 31, 2025 (Unaudited)	5
	Consolidated Schedule of Investments as of December 31, 2024 (Unaudited)	13
	Notes to Consolidated Financial Statements (Unaudited)	19
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	34
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	43
Item 4.	Controls and Procedures	44
PART II.	OTHER INFORMATION	45
Item 1.	Legal Proceedings	45
Item 1A.	Risk Factors	45
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	45
Item 3.	Defaults Upon Senior Securities	45
Item 4.	Mine Safety Disclosures	45
Item 5.	Other Information	45
Item 6.	Exhibits	46
	Signatures	47

i

PART I—FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

SENIOR CREDIT INVESTMENTS, LLC

Consolidated Statements of Assets and Liabilities (Unaudited)

(In thousands, except for unit and per unit data)

	March 31, 2025			December 31, 2024
Assets
Investments at fair value:
Non-controlled/non-affiliated investments (amortized cost of $353,679 and $316,371, at March 31, 2025 and December 31, 2024, respectively)	$	355,200		$	318,629
Cash and cash equivalents		7,322			2,162
Restricted cash		8,318			6,698
Interest receivable		1,926			1,946
Deferred financing costs		4,099			3,502
Prepaid expenses and other assets		211			261
Total assets	$	377,076		$	333,198
Liabilities
Debt	$	193,524		$	173,603
Distributions payable		1,560			1,894
Interest payable		3,151			2,922
Payable for investments purchased		1,756			—
Accrued expenses and other liabilities		1,010			448
Total liabilities	$	201,001		$	178,867
Commitments and contingencies (Note 9)
Member’s Capital
Common units (97,607 and 85,248 units issued and outstanding, at March 31, 2025 and December 31, 2024, respectively)	$	177,818		$	155,318
Accumulated distributable earnings		(1,743	)		(987	)
Total member’s capital	$	176,075		$	154,331
Total liabilities and member’s capital	$	377,076		$	333,198
Net Asset Value Per Unit
Net assets	$	176,075		$	154,331
Common units outstanding (1,000,000,000 units authorized, at March 31, 2025 and December 31, 2024)		97,607			85,248
Net asset value per unit	$	1,803.92		$	1,810.37

See accompanying notes to consolidated financial statements

1

SENIOR CREDIT INVESTMENTS, LLC

Consolidated Statement of Operations (Unaudited)

(In thousands, except for unit and per unit data)

	Three months ended March 31,
	2025			2024
Investment Income
Non-controlled/non-affiliated investments
Interest income	$	8,107		$	3,573
Payment-in-kind interest income		184			—
Other income		274			46
Total investment income		8,565			3,619
Operating Expenses
Interest and other financing expenses		3,448			1,290
Management fees		509			256
Income-based incentive fees		497			109
Capital gains incentive fees		—			(22	)
Other general and administrative expenses		634			797
Total expenses before Fee Waiver		5,088			2,430
Management fees waived		(509	)		(256	)
Incentive fees waived		(497	)		(87	)
Net expenses		4,082			2,087
Net investment income		4,483			1,532
Net Realized Gain (Loss) and Change in Unrealized Appreciation (Depreciation)
Net realized gain (loss):
Non-controlled/non-affiliated investments		188			—
Net realized gain (loss)		188			—
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments		(737	)		(172	)
Net change in unrealized appreciation (depreciation)		(737	)		(172	)
Net realized gain (loss) and change in unrealized appreciation (depreciation)		(549	)		(172	)
Net Increase in Member’s Capital Resulting from Operations	$	3,934		$	1,360
Net Increase in Net Assets Resulting from Operations - Basic and Diluted (Note 8)	$	42.25		$	30.51
Weighted Average Units Outstanding (Note 8)		93,119			44,576

See accompanying notes to consolidated financial statements

2

SENIOR CREDIT INVESTMENTS, LLC

Consolidated Statement of Changes in Member’s Capital (Unaudited)

(In thousands, except for unit and per unit data)

	Three months ended March 31,
	2025			2024
Net Increase (Decrease) in Member’s Capital Resulting from Operations
Net investment income	$	4,483		$	1,532
Net realized gains (losses)		188			—
Net change in unrealized appreciation (depreciation)		(737	)		(172	)
Net increase in member’s capital resulting from operations		3,934			1,360
Distributions to Unitholders
Distributions declared		(4,690	)		(252	)
Net decrease in member’s capital resulting from distributions to unitholders		(4,690	)		(252	)
Capital Transactions
Issuance of common units		22,500			—
Net increase in member’s capital from common unit transactions		22,500			—
Member’s Capital
Total increase in member’s capital during the period		21,744			1,108
Member’s capital, beginning of period		154,331			81,780
Member’s Capital at End of Period	$	176,075		$	82,888

See accompanying notes to consolidated financial statements

3

SENIOR CREDIT INVESTMENTS, LLC

Consolidated Statement of Cash Flows (Unaudited)

(In thousands, except for unit and per unit data)

	Three months ended March 31,
	2025			2024
Operating Activities
Net increase in member’s capital resulting from operations	$	3,934		$	1,360
Adjustments to reconcile net increase in member’s capital resulting from operations to net cash used in operating activities:
Net realized (gains) losses on investments		(188	)		—
Net change in unrealized (appreciation) depreciation on investments		737			172
Net accretion of discount and amortization of premium		(239	)		(142	)
Amortization of deferred financing costs		199			129
Amortization of offering costs		—			169
Payment-in-kind interest and fees capitalized		(165	)		—
Purchase of investments		(48,061	)		(11,131	)
Proceeds from sale of investments and principal repayments		11,345			227
Changes in assets and liabilities:
Interest receivable		20			(371	)
Prepaid expenses and other assets		50			112
Interest payable		229			729
Payable for investments purchased		1,756			—
Due to Investment Adviser		—			(29	)
Accrued expenses and other liabilities		210			42
Net Cash Used in Operating Activities		(30,173	)		(8,733	)
Financing Activities
Borrowings on debt		29,500			37,408
Repayments on debt		(9,579	)		(35,400	)
Financing costs paid and deferred		(444	)		(8	)
Proceeds from issuance of common units		22,500			—
Distributions paid to unitholders		(5,024	)		—
Net Cash Provided by Financing Activities		36,953			2,000
Cash and Cash Equivalents and Restricted Cash
Net decrease in cash and cash equivalents and restricted cash		6,780			(6,733	)
Cash and cash equivalents and restricted cash, beginning of period		8,860			39,562
Cash and cash equivalents and restricted cash, end of period	$	15,640		$	32,829
Supplemental Disclosure of Non-Cash Information
Cash paid for interest	$	3,021		$	432
Cash paid for taxes		—			8
Accrued but unpaid debt financing costs		381			—
Distributions payable		1,560			252

The following table presents cash and cash equivalents and restricted cash by category within the Consolidated Statements of Assets and Liabilities (in thousands):

	March 31, 2025		December 31, 2024
Cash and cash equivalents	$	7,322	$	2,162
Restricted cash		8,318		6,698
Cash and cash equivalents and restricted cash	$	15,640		8,860

See accompanying notes to consolidated financial statements

4

SENIOR CREDIT INVESTMENTS, LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except for unit and per unit data)

Portfolio Company (5)	Investment Type	Reference Rate and Spread (1)	Maturity Date	Principal / Shares		Cost (2)			Fair Value (3)			% of Member’s Capital			Footnotes
Non-Controlled/Non-Affiliated Portfolio Company Investments (4)
First Lien Debt Investments
Air Freight & Logistics
Capstone Acquisition Holdings, Inc.	First Lien Term Loan	S + 4.50%	11/12/2029	$	4,653	$	4,573		$	4,618					7
Capstone Acquisition Holdings, Inc.	First Lien Delayed Draw Term Loan	S + 4.50%	11/12/2029		—		(2	)		(5	)				15
Seko Global Logistics Network, LLC	First Lien Term Loan, Last-out	S + 5.00%	5/27/2030		1,617		1,526			1,617					8
							6,097			6,230			3.5	%
Chemicals
ASP Meteor Acquisition Co LLC	First Lien Term Loan	S + 5.75%	9/1/2029		2,526		2,431			2,500					8
ASP Meteor Acquisition Co LLC	First Lien Delayed Draw Term Loan	S + 5.75%	9/1/2029		1,276		1,228			1,263					8
Aurora Plastics, LLC	First Lien Term Loan	S + 4.75%	8/10/2028		2,158		2,052			2,136					7
Aurora Plastics, LLC	First Lien Delayed Draw Term Loan	S + 4.75%	8/10/2028		1,012		944			1,002					7
							6,655			6,901			3.9	%
Commercial Services & Supplies
Firebird Acquisition Corp, Inc.	First Lien Term Loan	S + 5.00% (includes 2.75% PIK)	2/2/2032		4,238		4,217			4,217					8
Firebird Acquisition Corp, Inc.	First Lien Delayed Draw Term Loan	S + 4.50%	2/2/2032		—		(6	)		(12	)				15
Firebird Acquisition Corp, Inc.	First Lien Revolver	S + 4.50%	2/2/2032		—		(1	)		(1	)				15
Geo TopCo Corporation	First Lien Term Loan	S + 4.75%	10/15/2031		7,134		7,066			7,063					8
Geo TopCo Corporation	First Lien Delayed Draw Term Loan	S + 4.75%	10/15/2031		396		382			370					8,15
Geo TopCo Corporation	First Lien Revolver	S + 4.75%	10/15/2031		47		45			45					8,15
The Hiller Companies, LLC	First Lien Term Loan	S + 5.00%	6/20/2030		2,306		2,285			2,306					8
The Hiller Companies, LLC	First Lien Delayed Draw Term Loan	S + 5.00%	6/20/2030		160		156			160					7,15
The Hiller Companies, LLC	First Lien Revolver	S + 5.00%	6/20/2030		—		(1	)		—					15
NRO Holdings III Corp.	First Lien Term Loan	S + 5.25%	7/15/2031		189		186			186					8
NRO Holdings III Corp.	First Lien Delayed Draw Term Loan	S + 5.25%	7/15/2031		—		—			(1	)				15
NRO Holdings III Corp.	First Lien Revolver	S + 5.25%	7/15/2030		—		(1	)		(1	)				15
							14,328			14,332			8.1	%
Diversified Consumer Services
Any Hour LLC	First Lien Term Loan	S + 5.25%	5/23/2030		6,812		6,721			6,675					8
Any Hour LLC	First Lien Delayed Draw Term Loan	S + 5.25%	5/23/2030		193		178			153					8,15
Any Hour LLC	First Lien Revolver	S + 5.25%	5/23/2030		80		78			77					8,15
Barbri Holdings, Inc.	First Lien Term Loan	S + 5.00%	4/30/2030		8,056		8,017			8,016					8
KL Stockton Intermediate II, LLC	First Lien Term Loan	13.00% PIK	5/23/2031		330		325			330
National Express Wash Parent Intermediate Holdco, LLC	First Lien Term Loan	S + 5.00%	7/16/2029		1,686		1,669			1,669					8
National Express Wash Parent Intermediate Holdco, LLC	First Lien Delayed Draw Term Loan	S + 5.00%	7/16/2029		—		(20	)		(40	)				15
National Express Wash Parent Intermediate Holdco, LLC	First Lien Delayed Draw Term Loan	S + 5.00%	7/16/2029		—		—			(11	)				15
National Express Wash Parent Intermediate Holdco, LLC	First Lien Revolver	S + 5.00%	7/16/2029		67		66			66					9,15
							17,034			16,935			9.6	%
Electrical Equipment
Trystar, LLC	First Lien Term Loan	S + 4.50%	8/6/2031		5,135		5,087			5,083					8
Trystar, LLC	First Lien Term Loan	S + 4.50%	8/6/2031		2,054		2,034			2,033					8
Trystar, LLC	First Lien Delayed Draw Term Loan	S + 4.50%	8/6/2031		—		(12	)		(26	)				15
Trystar, LLC	First Lien Revolver	S + 4.50%	8/6/2031		—		(1	)		(1	)				15
Wildcat Topco, Inc	First Lien Term Loan	S + 5.00%	11/17/2031		5,921		5,864			5,862					8
Wildcat Topco, Inc	First Lien Delayed Draw Term Loan	S + 5.00%	11/17/2031		—		(5	)		(11	)				15
Wildcat Topco, Inc	First Lien Revolver	S + 5.00%	11/17/2031		—		(1	)		(1	)				15
							12,966			12,939			7.3	%

See accompanying notes to consolidated financial statements

5

SENIOR CREDIT INVESTMENTS, LLC

Consolidated Schedule of Investments (Unaudited) - Continued

March 31, 2025

(In thousands, except for unit and per unit data)

Portfolio Company (5)	Investment Type	Reference Rate and Spread (1)	Maturity Date	Principal / Shares		Cost (2)			Fair Value (3)			% of Member’s Capital			Footnotes
Non-Controlled/Non-Affiliated Portfolio Company Investments (4)
First Lien Debt Investments
Electronic Equipment, Instruments & Components
Dwyer Instruments, LLC	First Lien Term Loan	S + 4.75%	7/20/2029	$	887	$	877		$	880					8
Dwyer Instruments, LLC	First Lien Delayed Draw Term Loan	S + 4.75%	7/20/2029		2,100		2,077			2,084					8
Dwyer Instruments, LLC	First Lien Term Loan	S + 4.75%	7/20/2029		2,788		2,747			2,767					8
Dwyer Instruments, LLC	First Lien Delayed Draw Term Loan	S + 4.75%	7/20/2029		3,267		3,213			3,242					8
Dwyer Instruments, LLC	First Lien Term Loan	S + 4.75%	7/20/2029		1,235		1,224			1,226					8
Dwyer Instruments, LLC	First Lien Delayed Draw Term Loan	S + 4.75%	7/20/2029		—		(1	)		(1	)				15
Dwyer Instruments, LLC	First Lien Revolver	S + 4.75%	7/20/2029		9		7			7					8,15
							10,144			10,205			5.8	%
Financial Services
SitusAMC Holdings Corporation	First Lien Term Loan	S + 5.50%	12/22/2027		552		539			552					8
SitusAMC Holdings Corporation	First Lien Term Loan	S + 5.50%	12/22/2027		8,383		8,348			8,383					8
							8,887			8,935			5.1	%
Health Care Equipment & Supplies
Perkinelmer U.S. LLC	First Lien Term Loan	S + 5.00%	3/13/2029		6,605		6,419			6,605					7
Perkinelmer U.S. LLC	First Lien Delayed Draw Term Loan	S + 5.00%	3/13/2029		1,852		1,828			1,852					7
Spruce Bidco II Inc.	First Lien Term Loan	C + 5.00%	2/2/2032		CAD 195		132			133					10
Spruce Bidco II Inc.	First Lien Term Loan	S + 5.00%	2/2/2032		8,078		7,958			7,956					7
Spruce Bidco II Inc.	First Lien Term Loan	T + 5.25%	2/2/2032		JPY 20,849		133			137					11
Spruce Bidco II Inc.	First Lien Revolver	S + 5.00%	2/2/2032		—		(2	)		(2	)				15
							16,468			16,681			9.5	%
Health Care Providers & Services
AB Centers Acquisition Corporation	First Lien Term Loan	S + 5.00%	7/2/2031		7,854		7,745			7,854					7
AB Centers Acquisition Corporation	First Lien Delayed Draw Term Loan	S + 5.00%	7/2/2031		436		423			436					7,15
AB Centers Acquisition Corporation	First Lien Revolver	S + 5.00%	7/2/2031		—		(2	)		—					15
AB Centers Acquisition Corporation	First Lien Term Loan	S + 5.00%	7/2/2031		1,143		1,138			1,143					7
Coding Solutions Acquisition, Inc.	First Lien Term Loan	S + 5.00%	8/7/2031		9,675		9,570			9,578					7
Coding Solutions Acquisition, Inc.	First Lien Delayed Draw Term Loan	S + 5.00%	8/7/2031		—		(10	)		(15	)				15
Coding Solutions Acquisition, Inc.	First Lien Revolver	S + 5.00%	8/7/2031		122		120			121					9,15
Petvet Care Centers, LLC	First Lien Term Loan	S + 6.00%	11/15/2030		9,628		9,461			9,147					7
Petvet Care Centers, LLC	First Lien Delayed Draw Term Loan	S + 6.00%	11/15/2030		—		(11	)		(64	)				15
Petvet Care Centers, LLC	First Lien Revolver	S + 6.00%	11/15/2029		—		(3	)		(8	)				15
PPV Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan	S + 5.25%	8/31/2029		2,754		2,710			2,754					8,15
RCP Nats Purchaser, LLC	First Lien Term Loan	S + 5.00%	3/19/2032		1,168		1,156			1,156					8
RCP Nats Purchaser, LLC	First Lien Delayed Draw Term Loan	S + 5.00%	3/19/2032		—		(1	)		(2	)				15
RCP Nats Purchaser, LLC	First Lien Revolver	S + 5.00%	3/19/2032		—		—			—					15
Vital Care Buyer, LLC	First Lien Term Loan	S + 4.50%	7/30/2031		2,794		2,768			2,794					8
Vital Care Buyer, LLC	First Lien Revolver	S + 4.50%	7/30/2031		—		(1	)		—					15
							35,063			34,894			19.8	%

See accompanying notes to consolidated financial statements

6

SENIOR CREDIT INVESTMENTS, LLC

Consolidated Schedule of Investments (Unaudited) - Continued

March 31, 2025

(In thousands, except for unit and per unit data)

Portfolio Company (5)	Investment Type	Reference Rate and Spread (1)	Maturity Date	Principal / Shares		Cost (2)			Fair Value (3)			% of Member’s Capital			Footnotes
Non-Controlled/Non-Affiliated Portfolio Company Investments (4)
First Lien Debt Investments
Health Care Technology
Brilliance Technologies, Inc.	First Lien Term Loan	S + 4.50%	3/11/2032	$	3,269	$	3,253		$	3,253					7
Brilliance Technologies, Inc.	First Lien Delayed Draw Term Loan	S + 4.50%	3/11/2032		—		(13	)		(26	)				15
Brilliance Technologies, Inc.	First Lien Revolver	S + 4.50%	3/11/2032		—		—			—					15
DeLorean Purchaser, Inc.	First Lien Term Loan	S + 4.75%	12/16/2031		6,995		6,893			6,890					8
DeLorean Purchaser, Inc.	First Lien Revolver	S + 4.75%	12/16/2031		—		(2	)		(2	)				15
Healthedge Software, Inc	First Lien Term Loan	S + 4.75%	7/16/2031		2,631		2,606			2,631					8
Healthedge Software, Inc	First Lien Delayed Draw Term Loan	S + 4.75%	7/16/2031		1,161		1,150			1,161					8
Healthedge Software, Inc	First Lien Revolver	S + 4.75%	7/16/2031		—		(1	)		—					15
Kona Buyer, LLC	First Lien Term Loan	S + 4.50%	7/23/2031		5,226		5,177			5,226					8
Kona Buyer, LLC	First Lien Delayed Draw Term Loan	S + 4.50%	7/23/2031		307		304			307					8,15
Kona Buyer, LLC	First Lien Delayed Draw Term Loan	S + 4.50%	7/23/2031		—		(7	)		—					15
Kona Buyer, LLC	First Lien Revolver	S + 4.50%	7/23/2031		—		(1	)		—					15
							19,359			19,440			11.0	%
Insurance
Galway Borrower LLC	First Lien Term Loan	S + 4.50%	9/29/2028		5,037		4,993			5,037					8
Galway Borrower LLC	First Lien Delayed Draw Term Loan	S + 4.50%	9/29/2028		393		365			393					8,15
Galway Borrower LLC	First Lien Delayed Draw Term Loan	S + 4.50%	9/29/2028		95		94			95					8
Galway Borrower LLC	First Lien Revolver	S + 4.50%	9/29/2028		50		49			50					8,15
Higginbotham Insurance Agency, Inc.	First Lien Term Loan	S + 4.50%	11/24/2028		4,461		4,347			4,450					7
Higginbotham Insurance Agency, Inc.	First Lien Delayed Draw Term Loan	S + 4.75%	11/24/2028		2,398		2,363			2,398					7,15
Integrity Marketing Acquisition, LLC	First Lien Term Loan	S + 5.00%	8/25/2028		5,221		5,175			5,221					8
Integrity Marketing Acquisition, LLC	First Lien Delayed Draw Term Loan	S + 5.00%	8/25/2028		—		(13	)		—					15
Integrity Marketing Acquisition, LLC	First Lien Revolver	S + 5.00%	8/25/2028		—		(1	)		—					15
SG Acquisition, Inc.	First Lien Term Loan	S + 4.75%	4/3/2030		11,128		11,104			11,128					8
SG Acquisition, Inc.	First Lien Revolver	S + 4.75%	4/3/2030		—		(1	)		—					15
World Insurance Associates, LLC	First Lien Term Loan	S + 5.00%	4/3/2030		4,048		4,048			4,044					8
World Insurance Associates, LLC	First Lien Delayed Draw Term Loan	S + 5.00%	4/3/2030		—		(5	)		(2	)				15
World Insurance Associates, LLC	First Lien Revolver	S + 5.00%	4/3/2030		—		—			—					15
							32,518			32,814			18.6	%
IT Services
Redwood Services Group, LLC	First Lien Term Loan	S + 5.25%	6/15/2029		5,574		5,460			5,518					8
Redwood Services Group, LLC	First Lien Delayed Draw Term Loan	S + 5.25%	6/15/2029		1,374		1,346			1,360					8
Redwood Services Group, LLC	First Lien Delayed Draw Term Loan	S + 5.25%	6/15/2029		4,339		4,265			4,293					8,15
Saturn Borrower Inc	First Lien Term Loan	S + 6.00%	11/10/2028		1,975		1,946			1,945					8
Saturn Borrower Inc	First Lien Delayed Draw Term Loan	S + 6.00%	11/10/2028		—		(5	)		(11	)				15
Saturn Borrower Inc	First Lien Revolver	S + 6.00%	11/10/2028		—		(2	)		(2	)				15
Tau Buyer, LLC	First Lien Term Loan	S + 4.75%	2/2/2032		4,994		4,945			4,944					8
Tau Buyer, LLC	First Lien Delayed Draw Term Loan	S + 4.75%	2/2/2032		69		61			52					8,15
Tau Buyer, LLC	First Lien Revolver	S + 4.75%	2/2/2032		—		(1	)		(1	)				15
Victors Purchaser, LLC	First Lien Term Loan	S + 4.75%	8/15/2031		8,028		7,953			8,028					8
Victors Purchaser, LLC	First Lien Delayed Draw Term Loan	S + 4.75%	8/15/2031		415		404			415					8,15
Victors Purchaser, LLC	First Lien Revolver	S + 4.75%	8/15/2031		—		(1	)		—					15
							26,371			26,541			15.1	%

See accompanying notes to consolidated financial statements

7

SENIOR CREDIT INVESTMENTS, LLC

Consolidated Schedule of Investments (Unaudited) - Continued

March 31, 2025

(In thousands, except for unit and per unit data)

Portfolio Company (5)	Investment Type	Reference Rate and Spread (1)	Maturity Date	Principal / Shares		Cost (2)			Fair Value (3)			% of Member’s Capital			Footnotes
Non-Controlled/Non-Affiliated Portfolio Company Investments (4)
First Lien Debt Investments
Life Sciences Tools & Services
Advarra Holdings, Inc	First Lien Term Loan	S + 4.50%	9/15/2031	$	9,705	$	9,659		$	9,705					7
Advarra Holdings, Inc	First Lien Delayed Draw Term Loan	S + 4.50%	9/15/2031		—		(1	)		—					15
Packaging Coordinators Midco, Inc.	First Lien Term Loan	S + 4.75%	1/22/2032		4,736		4,725			4,724					8
Packaging Coordinators Midco, Inc.	First Lien Delayed Draw Term Loan	S + 4.75%	1/22/2032		—		—			(5	)				15
Packaging Coordinators Midco, Inc.	First Lien Delayed Draw Term Loan	S + 4.75%	1/22/2032		—		—			—					15
Packaging Coordinators Midco, Inc.	First Lien Revolver	S + 4.75%	1/22/2032		—		—			—					15
							14,383			14,424			8.2	%
Machinery
Harvey Tool Company, LLC	First Lien Term Loan	S + 5.25%	10/26/2027		6,767		6,713			6,767					7
Harvey Tool Company, LLC	First Lien Delayed Draw Term Loan	S + 5.25%	10/26/2027		—		(10	)		—					15
Harvey Tool Company, LLC	First Lien Revolver	S + 5.25%	10/26/2027		—		(1	)		—					15
							6,702			6,767			3.8	%
Professional Services
AVSC Holding Corp.	First Lien Term Loan	S + 5.00%	12/5/2031		6,996		6,860			6,925					7
AVSC Holding Corp.	First Lien Revolver	S + 5.00%	12/5/2029		11		9			10					7,15
Carr, Riggs and Ingram Capital, L.L.C.	First Lien Term Loan	S + 4.75%	11/18/2031		3,437		3,404			3,403					8
Carr, Riggs and Ingram Capital, L.L.C.	First Lien Delayed Draw Term Loan	S + 4.75%	11/18/2031		284		274			266					8,15
Carr, Riggs and Ingram Capital, L.L.C.	First Lien Revolver	S + 4.75%	11/18/2031		23		22			22					8,15
Chartwell Cumming Holding Corporation	First Lien Term Loan	S + 4.75%	11/16/2029		6,686		6,494			6,619					7
Chartwell Cumming Holding Corporation	First Lien Term Loan	S + 4.75%	11/16/2029		222		220			220					7
Chartwell Cumming Holding Corporation	First Lien Delayed Draw Term Loan	S + 4.75%	11/16/2029		444		431			440					7
Chartwell Cumming Holding Corporation	First Lien Delayed Draw Term Loan	S + 4.75%	11/16/2029		—		(1	)		(2	)				15
Chartwell Cumming Holding Corporation	First Lien Revolver	S + 4.75%	11/16/2029		8		7			7					7,15
Eclipse Buyer, Inc.	First Lien Term Loan	S + 4.75%	9/5/2031		5,207		5,158			5,207					7
Eclipse Buyer, Inc.	First Lien Delayed Draw Term Loan	S + 4.75%	9/5/2031		—		(4	)		—					15
Eclipse Buyer, Inc.	First Lien Revolver	S + 4.75%	9/5/2031		—		(1	)		—					15
Foreside Financial Group, LLC	First Lien Term Loan	S + 5.25%	9/30/2027		651		634			647					8
Foreside Financial Group, LLC	First Lien Delayed Draw Term Loan	S + 5.25%	9/30/2027		—		(7	)		(5	)				15
IG Investments Holdings, LLC	First Lien Term Loan	S + 5.00%	9/22/2028		5,846		5,763			5,817					8
IG Investments Holdings, LLC	First Lien Revolver	S + 5.00%	9/22/2028		—		(1	)		(1	)				15
IRI Group Holdings, Inc (f/k/a The NPD Group L.P.)	First Lien Term Loan	S + 5.00%	12/1/2028		6,947		6,798			6,947					8
							36,060			36,522			20.7	%

See accompanying notes to consolidated financial statements

8

SENIOR CREDIT INVESTMENTS, LLC

Consolidated Schedule of Investments (Unaudited) - Continued

March 31, 2025

(In thousands, except for unit and per unit data)

Portfolio Company (5)	Investment Type	Reference Rate and Spread (1)	Maturity Date	Principal / Shares		Cost (2)			Fair Value (3)			% of Member’s Capital			Footnotes
Non-Controlled/Non-Affiliated Portfolio Company Investments (4)
First Lien Debt Investments
Software
Aptean, Inc	First Lien Term Loan	S + 5.25%	1/30/2031	$	6,747	$	6,703		$	6,714					8
Aptean, Inc.	First Lien Delayed Draw Term Loan	S + 5.25%	1/30/2031		175		174			173					8,15
Aptean, Inc.	First Lien Delayed Draw Term Loan	S + 5.25%	1/30/2031		—		(1	)		(2	)				15
Aptean, Inc.	First Lien Delayed Draw Term Loan	S + 5.25%	1/30/2031		—		—			(2	)				15
Aptean, Inc.	First Lien Revolver	S + 5.25%	1/30/2031		—		(1	)		(1	)				15
Brave Parent Holdings, Inc.	First Lien Term Loan	S + 5.00%	11/29/2030		9,341		9,260			9,340					7
Brave Parent Holdings, Inc.	First Lien Delayed Draw Term Loan	S + 5.00%	11/29/2030		616		605			616					7,15
Brave Parent Holdings, Inc.	First Lien Revolver	S + 5.00%	11/29/2030		—		(1	)		—					15
CB Buyer, Inc.	First Lien Term Loan	S + 5.00%	7/1/2031		7,250		7,183			7,232					8
CB Buyer, Inc.	First Lien Delayed Draw Term Loan	S + 5.00%	7/1/2031		—		(7	)		(4	)				15
CB Buyer, Inc.	First Lien Revolver	S + 5.00%	7/1/2031		—		(1	)		—					15
Enverus Holdings, Inc.	First Lien Term Loan	S + 5.50%	12/24/2029		7,618		7,522			7,618					7
Enverus Holdings, Inc.	First Lien Delayed Draw Term Loan	S + 5.50%	12/24/2029		—		(1	)		—					15
Enverus Holdings, Inc.	First Lien Revolver	S + 5.50%	12/24/2029		—		(2	)		—					15
GS AcquisitionCo, Inc.	First Lien Term Loan	S + 5.25%	5/25/2028		2,161		2,152			2,161					8
GS AcquisitionCo, Inc.	First Lien Delayed Draw Term Loan	S + 5.25%	5/25/2028		237		235			237					8,15
GS AcquisitionCo, Inc.	First Lien Revolver	S + 5.25%	5/25/2028		—		(1	)		—					15
InhabitIQ, Inc.	First Lien Term Loan	S + 4.50%	1/12/2032		4,389		4,368			4,367					7
InhabitIQ, Inc.	First Lien Delayed Draw Term Loan	S + 4.50%	1/12/2032		—		(3	)		(6	)				15
InhabitIQ, Inc.	First Lien Revolver	S + 4.50%	1/12/2032		—		—			—					15
Netwrix Corporation	First Lien Term Loan	S + 4.75%	6/11/2029		7,710		7,487			7,710					8
Netwrix Corporation	First Lien Delayed Draw Term Loan	S + 4.75%	6/11/2029		11		11			11					8,15
Rally Buyer, Inc.	First Lien Term Loan	S + 5.75%	7/19/2028		5,440		5,379			5,114					8
Rally Buyer, Inc.	First Lien Delayed Draw Term Loan	S + 5.75%	7/19/2028		1,244		1,227			1,169					8
Sapphire Software Buyer, Inc.	First Lien Term Loan	S + 5.50% (includes 3.00% PIK)	9/30/2031		9,218		9,132			9,126					9
Sapphire Software Buyer, Inc.	First Lien Revolver	S + 5.00%	9/30/2031		—		(1	)		(1	)				15
							61,419			61,572			35.0	%
Trading Companies & Distributors
Blackbird Purchaser, Inc.	First Lien Term Loan	S + 5.50%	12/19/2030		9,922		9,749			9,922					8
Blackbird Purchaser, Inc.	First Lien Delayed Draw Term Loan	S + 5.50%	12/19/2030		1,099		1,065			1,099					8,15
Blackbird Purchaser, Inc.	First Lien Revolver	S + 5.50%	12/19/2029		53		51			53					12,15
PT Intermediate Holdings III, LLC	First Lien Term Loan	S + 5.00% (includes 1.75% PIK)	4/9/2030		8,418		8,401			8,418					8
PT Intermediate Holdings III, LLC	First Lien Delayed Draw Term Loan	S + 4.75%	4/9/2030		—		(1	)		—					15
Vessco Midco Holdings, LLC	First Lien Term Loan	S + 4.75%	7/24/2031		5,408		5,358			5,408					13
Vessco Midco Holdings, LLC	First Lien Delayed Draw Term Loan	S + 4.75%	7/24/2031		475		464			475					14,15
Vessco Midco Holdings, LLC	First Lien Revolver	S + 4.75%	7/24/2031		—		(1	)		—					15
							25,086			25,375			14.4	%
Total non-controlled-non-affiliated Portfolio Company debt investments (6)							349,540			351,507			199.4	%

See accompanying notes to consolidated financial statements

9

SENIOR CREDIT INVESTMENTS, LLC

Consolidated Schedule of Investments (Unaudited) - Continued

March 31, 2025

(In thousands, except for unit and per unit data)

Portfolio Company (5)	Investment Type	Reference Rate and Spread (1)	Maturity Date	Principal / Shares		Cost (2)		Fair Value (3)		% of Member’s Capital			Footnotes
Non-Controlled/Non-Affiliated Portfolio Company Investments (4)
Equity Investments
Preferred Stock
Professional Services
Eclipse Topco, Inc.	Preferred Stock				28	$	285	$	291
							285		291
Common Stock
Air Freight & Logistics
Red Griffin TopCo, LLC	Common Stock				764		3,694		3,250
							3,694		3,250
L.P. Interest
Commercial Services & Supplies
Firebird Co-Invest L.P.	L.P. Interest				—		160		152
							160		152
Total non-controlled-non-affiliated Portfolio Company equity investments							4,139		3,693		2.1	%
Total non-controlled-non-affiliated Portfolio Company investments						$	353,679	$	355,200		201.5	%

(1)Unless otherwise indicated, loan contains a variable rate structure, and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “S”), Canadian Overnight Repo Rate Average (“CORRA” or “C”), Tokyo Overnight Average Rate (“TONAR” or “T”), or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate), at the borrower's option, and which reset periodically based on the terms of the loan agreement. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period.

(2)Cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

(3)These investments were valued using unobservable inputs and are considered Level 3 investments.

(4)Unless otherwise indicated, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company. As of March 31, 2025, all of the Company’s investments were non-controlled, non-affiliated.

(5)Unless otherwise indicated, issuers of debt and equity investments held by the Company are domiciled in the United States.

(6)All funded debt investments are income producing. As of March 31, 2025, there were no investments on non-accrual.

(7)The interest rate on these loans is subject to 1-month SOFR, which as of March 31, 2025 was 4.32%.

(8)The interest rate on these loans is subject to 3-month SOFR, which as of March 31, 2025 was 4.29%.

(9)The interest rate on these loans is subject to 6-month SOFR, which as of March 31, 2025 was 4.19%.

(10)The interest rate on these loans is subject to 1-month CORRA, which as of March 31, 2025 was 2.72%.

(11)The interest rate on these loans is subject to the floor which as of March 31, 2025 was 0.75%.

(12)The interest rate on $0.01 million of principal loans is subject to 1-month SOFR, which as of March 31, 2025 was 4.32% and the interest rate on $0.04 million of principal loans is subject to 3-month SOFR, which as of March 31, 2025 was 4.29%.

(13)The interest rate on $3.1 million of principal loans is subject to 1-month SOFR, which as of March 31, 2025 was 4.32% and the interest rate on $2.3 million of principal loans is subject to 6-month SOFR, which as of March 31, 2025 was 4.19%.

(14)The interest rate on $0.3 million of principal loans is subject to 1-month SOFR, which as of March 31, 2025 was 4.32% and the interest rate on $0.2 million of principal loans is subject to 6-month SOFR, which as of March 31, 2025 was 4.19%.

(15)All or a portion of the position is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. For investments in delayed draw term loans and revolvers, the cost basis is adjusted for any market discount or original issue discount received on the total balance committed. As a result, the purchase of commitments not fully funded may result in a negative cost and fair value until funded. See the following table for more information on the Company’s unfunded commitments.

See accompanying notes to consolidated financial statements

10

SENIOR CREDIT INVESTMENTS, LLC

Consolidated Schedule of Investments (Unaudited) - Continued

March 31, 2025

(In thousands, except for unit and per unit data)

The following table is a listing of the Company’s unfunded commitments as of March 31, 2025 (in thousands):

Portfolio Company	Investment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value (3)
AB Centers Acquisition Corporation	First Lien Delayed Draw Term Loan	7/2/2026	$	995	$	—
AB Centers Acquisition Corporation	First Lien Revolver	7/2/2031		145		—
Advarra Holdings, Inc	First Lien Delayed Draw Term Loan	9/14/2026		491		—
Any Hour LLC	First Lien Delayed Draw Term Loan	5/23/2026		1,809		(36	)
Any Hour LLC	First Lien Revolver	5/23/2030		68		(1	)
Aptean, Inc.	First Lien Delayed Draw Term Loan	1/30/2026		129		(1	)
Aptean, Inc.	First Lien Revolver	1/30/2031		207		(1	)
Aptean, Inc.	First Lien Delayed Draw Term Loan	2/15/2027		428		(2	)
Aptean, Inc.	First Lien Delayed Draw Term Loan	4/4/2025		481		(2	)
AVSC Holding Corp.	First Lien Revolver	12/5/2029		129		(1	)
Blackbird Purchaser, Inc.	First Lien Delayed Draw Term Loan	12/19/2025		876		—
Blackbird Purchaser, Inc.	First Lien Revolver	12/19/2029		99		—
Brave Parent Holdings, Inc.	First Lien Delayed Draw Term Loan	5/28/2025		450		—
Brave Parent Holdings, Inc.	First Lien Revolver	11/29/2030		152		—
Brilliance Technologies, Inc.	First Lien Delayed Draw Term Loan	9/13/2027		5,230		(26	)
Brilliance Technologies, Inc.	First Lien Revolver	3/11/2032		94		(1	)
Capstone Acquisition Holdings, Inc.	First Lien Delayed Draw Term Loan	8/28/2026		729		(6	)
Carr, Riggs and Ingram Capital, L.L.C.	First Lien Delayed Draw Term Loan	11/18/2026		1,459		(15	)
Carr, Riggs and Ingram Capital, L.L.C.	First Lien Revolver	11/18/2031		70		(1	)
CB Buyer, Inc.	First Lien Delayed Draw Term Loan	7/1/2026		1,513		(4	)
CB Buyer, Inc.	First Lien Revolver	7/1/2031		147		—
Chartwell Cumming Holding Corporation	First Lien Delayed Draw Term Loan	2/19/2027		256		(3	)
Chartwell Cumming Holding Corporation	First Lien Revolver	11/16/2029		56		(1	)
Coding Solutions Acquisition, Inc.	First Lien Delayed Draw Term Loan	8/7/2026		1,478		(15	)
Coding Solutions Acquisition, Inc.	First Lien Revolver	8/7/2031		17		—
DeLorean Purchaser, Inc.	First Lien Revolver	12/16/2031		130		(2	)
Dwyer Instruments, LLC	First Lien Delayed Draw Term Loan	11/20/2026		161		(1	)
Dwyer Instruments, LLC	First Lien Revolver	7/20/2029		142		(1	)
Eclipse Buyer, Inc.	First Lien Delayed Draw Term Loan	9/6/2026		883		—
Eclipse Buyer, Inc.	First Lien Revolver	9/5/2031		140		—
Enverus Holdings, Inc.	First Lien Delayed Draw Term Loan	12/22/2025		142		—
Enverus Holdings, Inc.	First Lien Revolver	12/24/2029		152		—
Firebird Acquisition Corp, Inc.	First Lien Delayed Draw Term Loan	2/1/2027		2,493		(12	)
Firebird Acquisition Corp, Inc.	First Lien Revolver	2/2/2032		135		(1	)
Firebird Co-Invest L.P.	L.P. Interest			8		—
Foreside Financial Group, LLC	First Lien Delayed Draw Term Loan	3/13/2026		986		(6	)
Galway Borrower LLC	First Lien Delayed Draw Term Loan	2/6/2026		6,564		—
Galway Borrower LLC	First Lien Revolver	9/29/2028		102		—
Geo TopCo Corporation	First Lien Delayed Draw Term Loan	10/15/2026		2,246		(22	)
Geo TopCo Corporation	First Lien Revolver	10/15/2031		93		(1	)
GS AcquisitionCo, Inc.	First Lien Delayed Draw Term Loan	3/26/2026		834		—
GS AcquisitionCo, Inc.	First Lien Revolver	5/25/2028		148		—
Harvey Tool Company, LLC	First Lien Delayed Draw Term Loan	4/15/2026		2,664		—
Harvey Tool Company, LLC	First Lien Revolver	4/15/2030		148		—
Healthedge Software, Inc	First Lien Revolver	7/16/2031		139		—
Higginbotham Insurance Agency, Inc.	First Lien Delayed Draw Term Loan	3/27/2026		3,375		—
The Hiller Companies, LLC	First Lien Delayed Draw Term Loan	6/22/2026		477		—
The Hiller Companies, LLC	First Lien Revolver	6/20/2030		148		—
IG Investments Holdings, LLC	First Lien Revolver	9/22/2028		70		—
InhabitIQ, Inc.	First Lien Delayed Draw Term Loan	1/11/2027		1,219		(6	)
InhabitIQ, Inc.	First Lien Revolver	1/12/2032		79		—
Integrity Marketing Acquisition, LLC	First Lien Delayed Draw Term Loan	8/27/2026		3,073		—
Integrity Marketing Acquisition, LLC	First Lien Revolver	8/25/2028		139		—

See accompanying notes to consolidated financial statements

11

SENIOR CREDIT INVESTMENTS, LLC

Consolidated Schedule of Investments (Unaudited) - Continued

March 31, 2025

(In thousands, except for unit and per unit data)

Portfolio Company	Investment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value (3)
Kona Buyer, LLC	First Lien Delayed Draw Term Loan	7/23/2025	$	1,233	$	—
Kona Buyer, LLC	First Lien Delayed Draw Term Loan	7/23/2026		1,541		—
Kona Buyer, LLC	First Lien Revolver	7/23/2031		139		—
National Express Wash Parent Intermediate Holdco, LLC	First Lien Delayed Draw Term Loan	3/31/2027		3,933		(39	)
National Express Wash Parent Intermediate Holdco, LLC	First Lien Delayed Draw Term Loan	6/30/2025		1,124		(11	)
National Express Wash Parent Intermediate Holdco, LLC	First Lien Revolver	7/16/2029		67		(1	)
Netwrix Corporation	First Lien Delayed Draw Term Loan	11/21/2025		371		—
NRO Holdings III Corp.	First Lien Delayed Draw Term Loan	1/15/2027		59		(1	)
NRO Holdings III Corp.	First Lien Revolver	7/15/2030		28		(1	)
Packaging Coordinators Midco, Inc.	First Lien Delayed Draw Term Loan	4/22/2026		1,995		(5	)
Packaging Coordinators Midco, Inc.	First Lien Delayed Draw Term Loan	4/22/2026		135		—
Packaging Coordinators Midco, Inc.	First Lien Revolver	1/22/2032		135		—
Petvet Care Centers, LLC	First Lien Delayed Draw Term Loan	11/17/2025		1,272		(64	)
Petvet Care Centers, LLC	First Lien Revolver	11/15/2029		152		(8	)
PPV Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan	8/7/2026		4,231		—
PT Intermediate Holdings III, LLC	First Lien Delayed Draw Term Loan	4/8/2026		591		—
RCP Nats Purchaser, LLC	First Lien Delayed Draw Term Loan	3/19/2027		234		(2	)
RCP Nats Purchaser, LLC	First Lien Revolver	3/19/2032		19		—
Redwood Services Group, LLC	First Lien Delayed Draw Term Loan	8/29/2025		228		(2	)
Sapphire Software Buyer, Inc.	First Lien Revolver	9/30/2031		140		(1	)
Saturn Borrower Inc	First Lien Delayed Draw Term Loan	1/25/2027		718		(11	)
Saturn Borrower Inc	First Lien Revolver	11/10/2028		135		(2	)
SG Acquisition, Inc.	First Lien Revolver	4/3/2030		152		—
Spruce Bidco II Inc.	First Lien Revolver	2/2/2032		135		(2	)
Tau Buyer, LLC	First Lien Delayed Draw Term Loan	2/1/2027		1,668		(17	)
Tau Buyer, LLC	First Lien Revolver	2/2/2032		135		(1	)
Trystar, LLC	First Lien Delayed Draw Term Loan	9/10/2026		2,574		(26	)
Trystar, LLC	First Lien Revolver	9/10/2031		140		(1	)
Vessco Midco Holdings, LLC	First Lien Delayed Draw Term Loan	7/24/2026		1,328		—
Vessco Midco Holdings, LLC	First Lien Revolver	7/24/2031		140		—
Victors Purchaser, LLC	First Lien Delayed Draw Term Loan	8/15/2026		1,500		—
Victors Purchaser, LLC	First Lien Revolver	8/15/2031		142		—
Vital Care Buyer, LLC	First Lien Revolver	7/30/2031		140		—
Wildcat Topco, Inc	First Lien Delayed Draw Term Loan	11/16/2026		1,060		(11	)
Wildcat Topco, Inc	First Lien Revolver	11/15/2030		140		(1	)
World Insurance Associates, LLC	First Lien Delayed Draw Term Loan	8/14/2026		1,920		(2	)
World Insurance Associates, LLC	First Lien Revolver	4/3/2030		83		—
Total Unfunded Portfolio Company Commitments			$	74,135	$	(377	)

See accompanying notes to consolidated financial statements

12

SENIOR CREDIT INVESTMENTS, LLC

Consolidated Schedule of Investments (Unaudited)

December 31, 2024

(In thousands, except for unit and per unit data)

Portfolio Company (13)	Investment Type	Reference Rate and Spread (1)	Maturity Date	Principal / Shares		Cost (2)			Fair Value (3)			% of Member’s Capital			Footnotes
Non-Controlled/Non-Affiliated Portfolio Company Investments (4)
First Lien Debt Investments
Air Freight & Logistics
Capstone Acquisition Holdings, Inc.	First Lien Term Loan	S + 4.50%	11/12/2029	$	4,664	$	4,581		$	4,629					6
Capstone Acquisition Holdings, Inc.	First Lien Delayed Draw Term Loan	S + 4.50%	11/12/2029		—		(2	)		(5	)				9
Seko Global Logistics Network, LLC	First Lien Term Loan, Last-out	S + 7.00% (includes 5.00% PIK)	5/27/2030		1,600		1,506			1,600					7
							6,085			6,224			4.0	%
Chemicals
ASP Meteor Acquisition Co LLC	First Lien Term Loan	S + 5.75%	9/1/2029		2,532		2,433			2,507					7
ASP Meteor Acquisition Co LLC	First Lien Delayed Draw Term Loan	S + 5.75%	9/1/2029		1,279		1,229			1,266					7
Aurora Plastics, LLC	First Lien Term Loan	S + 4.75%	8/10/2028		1,946		1,834			1,926					6
Aurora Plastics, LLC	First Lien Delayed Draw Term Loan	S + 4.75%	8/10/2028		976		904			966					6
							6,400			6,665			4.3	%
Commercial Services & Supplies
Geo TopCo Corporation	First Lien Term Loan	S + 4.75%	10/15/2031		7,134		7,064			7,063					7
Geo TopCo Corporation	First Lien Delayed Draw Term Loan	S + 4.75%	10/15/2031		—		(13	)		(26	)				9
Geo TopCo Corporation	First Lien Revolver	S + 4.75%	10/15/2031		47		45			45					7,9
The Hiller Companies, LLC	First Lien Term Loan	S + 5.00%	6/20/2030		2,312		2,290			2,312					6
The Hiller Companies, LLC	First Lien Delayed Draw Term Loan	S + 5.00%	6/20/2030		160		157			160					9,11
The Hiller Companies, LLC	First Lien Revolver	S + 5.00%	6/20/2030		—		(1	)		—					9
NRO Holdings III Corp.	First Lien Term Loan	S + 5.25%	7/15/2031		190		186			186					7
NRO Holdings III Corp.	First Lien Delayed Draw Term Loan	S + 5.25%	7/15/2031		—		(1	)		(1	)				9
NRO Holdings III Corp.	First Lien Revolver	S + 5.25%	7/15/2030		2		2			2					6,9
							9,729			9,741			6.3	%
Diversified Consumer Services
Any Hour LLC	First Lien Term Loan	S + 5.00%	5/23/2030		6,829		6,734			6,726					7
Any Hour LLC	First Lien Delayed Draw Term Loan	S + 5.00%	5/23/2030		193		178			163					7,9
Any Hour LLC	First Lien Revolver	S + 5.00%	5/23/2030		71		69			69					7,9
Barbri Holdings, Inc.	First Lien Term Loan	S + 5.00%	4/30/2030		8,076		8,036			8,036					7
KL Stockton Intermediate II, LLC	First Lien Term Loan	13.00% PIK	5/23/2031		320		314			320
							15,331			15,314			9.9	%
Electrical Equipment
Trystar, LLC	First Lien Term Loan	S + 4.50%	8/6/2031		5,148		5,098			5,096					7
Trystar, LLC	First Lien Term Loan	S + 4.50%	8/6/2031		2,059		2,039			2,038					7
Trystar, LLC	First Lien Delayed Draw Term Loan	S + 4.50%	8/6/2031		—		(12	)		(26	)				9
Trystar, LLC	First Lien Revolver	S + 4.50%	8/6/2031		—		(1	)		(1	)				9
Wildcat Topco, Inc	First Lien Term Loan	S + 5.00%	11/17/2031		5,936		5,877			5,877					6
Wildcat Topco, Inc	First Lien Delayed Draw Term Loan	S + 5.00%	11/17/2031		—		(5	)		(11	)				9
Wildcat Topco, Inc	First Lien Revolver	S + 5.00%	11/17/2031		—		(1	)		(1	)				9
							12,995			12,972			8.4	%
Electronic Equipment, Instruments & Components
Dwyer Instruments, LLC	First Lien Term Loan	S + 4.75%	7/20/2029		889		879			880					7
Dwyer Instruments, LLC	First Lien Delayed Draw Term Loan	S + 4.75%	7/20/2029		2,105		2,081			2,084					7
Dwyer Instruments, LLC	First Lien Term Loan	S + 4.75%	7/20/2029		2,795		2,752			2,767					7
Dwyer Instruments, LLC	First Lien Delayed Draw Term Loan	S + 4.75%	7/20/2029		3,275		3,219			3,242					7
Dwyer Instruments, LLC	First Lien Term Loan	S + 4.75%	7/20/2029		1,238		1,226			1,226					7
Dwyer Instruments, LLC	First Lien Delayed Draw Term Loan	S + 4.75%	7/20/2029		—		(1	)		(2	)				9
Dwyer Instruments, LLC	First Lien Revolver	S + 4.75%	7/20/2029		—		(1	)		(1	)				9
Qnnect, LLC	First Lien Term Loan	S + 5.25%	11/2/2029		1,268		1,235			1,255					5
Qnnect, LLC	First Lien Delayed Draw Term Loan	S + 5.25%	11/2/2029		157		128			146					5,9
Qnnect, LLC	First Lien Term Loan	S + 5.25%	11/2/2029		1,121		1,110			1,110					7
							12,628			12,707			8.2	%

See accompanying notes to consolidated financial statements

13

SENIOR CREDIT INVESTMENTS, LLC

Consolidated Schedule of Investments (Unaudited) - Continued

December 31, 2024

(In thousands, except for unit and per unit data)

Portfolio Company (13)	Investment Type	Reference Rate and Spread (1)	Maturity Date	Principal / Shares		Cost (2)			Fair Value (3)			% of Member’s Capital			Footnotes
Non-Controlled/Non-Affiliated Portfolio Company Investments (4)
First Lien Debt Investments
Financial Services
SitusAMC Holdings Corporation	First Lien Term Loan	S + 5.50%	12/22/2027	$	552	$	538		$	552					7
SitusAMC Holdings Corporation	First Lien Term Loan	S + 5.50%	12/22/2027		8,383		8,345			8,382					7
							8,883			8,934			5.8	%
Health Care Equipment & Supplies
Perkinelmer U.S. LLC	First Lien Term Loan	S + 5.00%	3/13/2029		6,622		6,426			6,605					6
Perkinelmer U.S. LLC	First Lien Delayed Draw Term Loan	S + 5.00%	3/13/2029		1,391		1,368			1,386					6,9
							7,794			7,991			5.2	%
Health Care Providers & Services
AB Centers Acquisition Corporation	First Lien Term Loan	S + 5.25%	7/2/2031		7,874		7,762			7,835					7
AB Centers Acquisition Corporation	First Lien Delayed Draw Term Loan	S + 5.25%	7/2/2031		98		87			91					6,9
AB Centers Acquisition Corporation	First Lien Revolver	S + 5.25%	7/2/2031		—		(2	)		(1	)				9
AB Centers Acquisition Corporation	First Lien Term Loan	S + 5.25%	7/2/2031		1,143		1,138			1,138					6
Coding Solutions Acquisition, Inc.	First Lien Term Loan	S + 5.00%	8/7/2031		9,699		9,591			9,602					5
Coding Solutions Acquisition, Inc.	First Lien Delayed Draw Term Loan	S + 5.00%	8/7/2031		—		(10	)		(15	)				9
Coding Solutions Acquisition, Inc.	First Lien Revolver	S + 5.00%	8/7/2031		122		120			121					5,9
The GI Alliance Management, LLC	First Lien Term Loan	S + 5.50%	9/15/2028		6,102		6,002			6,102					5
The GI Alliance Management, LLC	First Lien Term Loan	S + 5.50%	9/15/2028		931		923			931					7
The GI Alliance Management, LLC	First Lien Delayed Draw Term Loan	S + 5.50%	9/15/2028		855		815			855					5,9
Petvet Care Centers, LLC	First Lien Term Loan	S + 6.00%	11/15/2030		9,653		9,480			9,315					6
Petvet Care Centers, LLC	First Lien Delayed Draw Term Loan	S + 6.00%	11/15/2030		—		(11	)		(45	)				9
Petvet Care Centers, LLC	First Lien Revolver	S + 6.00%	11/15/2029		—		(3	)		(5	)				9
PPV Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan	S + 5.25%	8/31/2029		—		(32	)		—					9
Vital Care Buyer, LLC	First Lien Term Loan	S + 4.50%	7/30/2031		2,794		2,767			2,794					7
Vital Care Buyer, LLC	First Lien Revolver	S + 4.50%	7/30/2031		—		(1	)		—					9
							38,626			38,718			25.1	%
Health Care Technology
DeLorean Purchaser, Inc.	First Lien Term Loan	S + 4.75%	12/16/2031		6,995		6,890			6,890					7
DeLorean Purchaser, Inc.	First Lien Revolver	S + 4.75%	12/16/2031		—		(2	)		(2	)				9
Healthedge Software, Inc	First Lien Term Loan	S + 4.75%	7/16/2031		2,637		2,612			2,637					6
Healthedge Software, Inc	First Lien Delayed Draw Term Loan	S + 4.75%	7/16/2031		1,164		1,152			1,164					6
Healthedge Software, Inc	First Lien Revolver	S + 4.75%	7/16/2031		—		(1	)		—					9
Kona Buyer, LLC	First Lien Term Loan	S + 4.50%	7/23/2031		5,239		5,189			5,187					7
Kona Buyer, LLC	First Lien Delayed Draw Term Loan	S + 4.50%	7/23/2031		307		304			292					7,9
Kona Buyer, LLC	First Lien Delayed Draw Term Loan	S + 4.50%	7/23/2031		—		(7	)		(15	)				9
Kona Buyer, LLC	First Lien Revolver	S + 4.50%	7/23/2031		—		(1	)		(1	)				9
							16,136			16,152			10.5	%
Insurance
Galway Borrower LLC	First Lien Term Loan	S + 4.50%	9/29/2028		5,051		5,005			5,051					7
Galway Borrower LLC	First Lien Delayed Draw Term Loan	S + 4.50%	9/29/2028		125		96			125					7,9
Galway Borrower LLC	First Lien Delayed Draw Term Loan	S + 4.50%	9/29/2028		95		94			95					7
Galway Borrower LLC	First Lien Revolver	S + 4.50%	9/29/2028		13		11			12					7,9
Higginbotham Insurance Agency, Inc.	First Lien Term Loan	S + 4.50%	11/24/2028		4,472		4,352			4,468					6
Higginbotham Insurance Agency, Inc.	First Lien Delayed Draw Term Loan	S + 4.75%	11/24/2028		1,673		1,640			1,673					6,9
Integrity Marketing Acquisition, LLC	First Lien Term Loan	S + 5.00%	8/25/2028		5,234		5,185			5,234					7
Integrity Marketing Acquisition, LLC	First Lien Delayed Draw Term Loan	S + 5.00%	8/25/2028		—		(14	)		—					9
Integrity Marketing Acquisition, LLC	First Lien Revolver	S + 5.00%	8/25/2028		—		(1	)		—					9
SG Acquisition, Inc.	First Lien Term Loan	S + 4.75%	4/3/2030		11,269		11,244			11,269					7
SG Acquisition, Inc.	First Lien Revolver	S + 4.75%	4/3/2030		—		(1	)		—					9
							27,611			27,927			18.1	%

See accompanying notes to consolidated financial statements

14

SENIOR CREDIT INVESTMENTS, LLC

Consolidated Schedule of Investments (Unaudited) - Continued

December 31, 2024

(In thousands, except for unit and per unit data)

Portfolio Company (13)	Investment Type	Reference Rate and Spread (1)	Maturity Date	Principal / Shares		Cost (2)			Fair Value (3)			% of Member’s Capital			Footnotes
Non-Controlled/Non-Affiliated Portfolio Company Investments (4)
First Lien Debt Investments
IT Services
Redwood Services Group, LLC	First Lien Term Loan	S + 6.25%	6/15/2029	$	5,588	$	5,468		$	5,532					7
Redwood Services Group, LLC	First Lien Delayed Draw Term Loan	S + 6.25%	6/15/2029		1,378		1,348			1,364					7
Redwood Services Group, LLC	First Lien Delayed Draw Term Loan	S + 5.75%	6/15/2029		4,339		4,263			4,294					7,9
Victors Purchaser, LLC	First Lien Term Loan	S + 4.75%	8/15/2031		8,048		7,970			8,047					7
Victors Purchaser, LLC	First Lien Delayed Draw Term Loan	S + 4.75%	8/15/2031		—		(9	)		—					9
Victors Purchaser, LLC	First Lien Revolver	C + 4.75%	8/15/2031		21		20			21					8,9
							19,060			19,258			12.5	%
Life Sciences Tools & Services
Advarra Holdings, Inc	First Lien Term Loan	S + 4.50%	9/15/2031		9,729		9,682			9,729					6
Advarra Holdings, Inc	First Lien Delayed Draw Term Loan	S + 4.50%	9/15/2031		—		(1	)		—					9
							9,681			9,729			6.3	%
Machinery
Harvey Tool Company, LLC	First Lien Term Loan	S + 5.25%	10/26/2027		6,767		6,709			6,751					6
Harvey Tool Company, LLC	First Lien Delayed Draw Term Loan	S + 5.25%	10/26/2027		—		(11	)		(6	)				9
Harvey Tool Company, LLC	First Lien Revolver	S + 5.25%	10/26/2027		—		(1	)		—					9
							6,697			6,745			4.4	%
Professional Services
AVSC Holding Corp.	First Lien Term Loan	S + 5.00%	12/5/2031		6,996		6,857			6,856					6
AVSC Holding Corp.	First Lien Revolver	S + 5.00%	12/5/2029		—		(3	)		(3	)				9
Carr, Riggs and Ingram Capital, L.L.C.	First Lien Term Loan	S + 4.75%	11/18/2031		3,437		3,403			3,403					7
Carr, Riggs and Ingram Capital, L.L.C.	First Lien Delayed Draw Term Loan	S + 4.75%	11/18/2031		—		(8	)		(17	)				9
Carr, Riggs and Ingram Capital, L.L.C.	First Lien Revolver	S + 4.75%	11/18/2031		12		11			11					7,9
Chartwell Cumming Holding Corporation	First Lien Term Loan	S + 5.25%	11/16/2027		6,704		6,496			6,704					5
Chartwell Cumming Holding Corporation	First Lien Delayed Draw Term Loan	S + 5.25%	11/16/2027		445		431			445					5
Eclipse Buyer, Inc.	First Lien Term Loan	S + 4.75%