brhc-20241231

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

____________________

Form 10-K/A

(Amendment No. 1)

____________________

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

For the fiscal year ended December 31, 2024

o 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: 814-01586

____________________

OHA SENIOR PRIVATE LENDING FUND (U) LLC

(Exact name of Registrant as specified in its Charter)

____________________


Delaware			13-4077194
(State or Other Jurisdiction of Incorporation or Organization)			(I.R.S. Employer Identification No.)

1 Vanderbilt, 16th Floor
New York, New York			10017
(Address of Principal Executive Offices)			(Zip Code)

(212) 326-1500

(Registrant’s Telephone Number, Including Area Code)

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

____________________

Securities registered pursuant to Section 12(g) of the Act: Units of Limited Liability Company Interests

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

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 x No o

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 x No o

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. o

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes ☐ No ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934). Yes o No x

As of December 31, 2024, there was no established public market for the registrant’s common shares of beneficial interest. The number of the registrant’s common shares, $0.01 par value per share, outstanding as of March 12, 2025 was 44,724,135.

EXPLANATORY NOTE

This Amendment No. 1 on Form 10-K/A (“Amendment No. 1”) amends OHA Senior Private Lending Fund (U) LLC’s (the “Company”) Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as filed with the Securities and Exchange Commission (“SEC”) on March 13, 2025 (the “Original Filing”), solely to provide a revised Report of Independent Registered Public Accounting Firm from KPMG LLP.

As required by Rule 12b-15 under the Securities Exchange Act of 1934, as amended, Amendment No. 1 includes new certifications from the Company’s principal executive officer and principal financial officer dated as of the date of filing of this Amendment No. 1.

This Amendment No. 1 consists solely of the preceding cover page, this explanatory note, Part II., Item 8., “Consolidated Financial Statements and Supplementary Data,” in its entirety, Part IV., Item 15., “Exhibits and Financial Statement Schedules,” in its entirety, the signature page, and the new certifications from the Company’s Principal Executive Officer and Principal Financial Officer.

Amendment No. 1 speaks as of the date of the Original Filing, does not reflect events that may have occurred after the date of the Original Filing and does not modify or update in any way the disclosures made in the Original Filing, except as described above. Amendment No. 1 should be read in conjunction with the Original Filing and with the Company’s subsequent filings with the SEC.

Table of Contents

Item 8. Consolidated Financial Statements and Supplementary Data

INDEX TO FINANCIAL STATEMENTS


			Page

Report of Independent Registered Public Accounting Firm (PCAOB ID: 185)			3
Consolidated Statement of Assets and Liabilities			4
Consolidated Statement of Operations			5
Consolidated Statement of Changes in Net Assets			6
Consolidated Statement of Cash Flows			7
Consolidated Schedule of Investments			8
Notes to the Consolidated Financial Statements			23

Table of Contents

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors

OHA Senior Private Lending Fund (U) LLC:

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated statements of assets and liabilities of OHA Senior Private Lending Fund (U) LLC and subsidiaries (the Company), including the consolidated schedules of investments, as of December 31, 2024 and 2023, the related consolidated statements of operations, changes in net assets, and cash flows for the years ended December 31, 2024 and 2023 and for the period from December 15, 2022 (commencement of operations) to December 31, 2022, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for the years ended December 31, 2024 and 2023 and for the period from December 15, 2022 (commencement of operations) to December 31, 2022, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Such procedures also included confirmation of securities owned as of December 31, 2024 and 2023, by correspondence with agent banks; when replies were not received, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the Company’s auditor since 2022.

Fort Worth, Texas

March 12, 2025

Table of Contents

OHA Senior Private Lending Fund (U) LLC

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)


	As of
	December 31, 2024		December 31, 2023

ASSETS
Investments at fair value:
Non-controlled/non-affiliated investments (cost of $420,729 and $318,837 at December 31, 2024 and December 31, 2023, respectively)	$	423,430	$	324,296
Cash and cash equivalents	42,218		117,255

Interest receivable	3,831		1,937



Receivable for investments sold	55		1,902

Total assets	$	469,534	$	445,390

LIABILITIES
Payable for investments purchased	—		74
Collateral payable on forward currency exchange contracts	160		17,590
Management fees payable	751		1,015
Income incentive fee payable	5,221		2,032
Capital gains incentive fee payable	—		1,183


Unrealized depreciation on foreign currency forward contracts	26,106		2,454
Accrued expenses and other liabilities	1,006		1,029
Total liabilities	$	33,244	$	25,377

Commitments and contingencies (Note 8)

NET ASSETS
Common shares, $0.01 par value (44,724,135 and 38,954,613 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively)	447		390
Additional paid in capital	459,283		398,535
Distributable earnings (loss)	(23,440)		21,088
Total net assets	$	436,290	$	420,013
Total liabilities and net assets	$	469,534	$	445,390
Net asset value per share	$	9.76	$	10.78

See accompanying notes to the consolidated financial statements.

Table of Contents

OHA Senior Private Lending Fund (U) LLC

Consolidated Statements of Operations

(in thousands, except share and per share amounts)


	For the Year Ended			For the Period from December 15, 2022 (commencement of operations) to
		December 31, 2024			December 31, 2023		December 31, 2022

Investment income:
From non-controlled/non-affiliated investments:
Interest income		$	47,735		$	27,257	$	—
Other income		2,868			2,149		—
Total investment income		$	50,603		$	29,406	$	—

Expenses:

Management fees		$	2,777		$	1,698	$	33
Income incentive fee		5,618			3,064		—
Capital gains incentive fee		—			1,183		—
Professional fees		1,150			896		203
Board of Managers fees		211			210		33
Administrative service expenses		358			352		9
Organizational costs		—			—		129
Other general & administrative		1,092			1,315		—
Amortization of deferred offering costs		—			382		35
Total expenses		$	11,206		$	9,100	$	442
Incentive fee waiver		(395)			(1,032)		—
Total expense, net of fee waivers		$	10,811		$	8,068	$	442
Total investment income before taxes		39,792			21,338		(442)
Excise tax expense		72			39		—
Net investment income		$	39,720		$	21,299	$	(442)

Realized and unrealized gain (loss):
Realized gain (loss):
Non-controlled/non-affiliated investments		$	187		$	68	$	—
Foreign currency transactions		(383)			1,145		924
Foreign currency forward contracts		(11,376)			10,778		—
Net realized gain (loss)		$	(11,572)		$	11,991	$	924

Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments		(2,758)			5,337		122

Foreign currency forward contracts		(23,652)			(3,140)		686
Net unrealized appreciation (depreciation)		(26,410)			2,197		808
Net realized and unrealized gain (loss)		(37,982)			14,188		1,732
Net increase (decrease) in net assets resulting from operations		$	1,738		$	35,487	$	1,290


Weighted average common shares outstanding		41,073,741			25,556,166		3,057,946

See accompanying notes to the consolidated financial statements.

Table of Contents

OHA Senior Private Lending Fund (U) LLC

Consolidated Statements of Changes in Net Assets

(in thousands)


	For the Year Ended			For the Period from December 15, 2022 (commencement of operations) to
		December 31, 2024		December 31, 2023		December 31, 2022

Operations:
Net investment income		$	39,720	$	21,299	$	(442)
Net realized gain (loss)		(11,572)		11,991		$	924
Net change in unrealized appreciation (depreciation)		(26,410)		2,197		$	808
Net increase (decrease) in net assets resulting from operations		$	1,738	$	35,487	$	1,290

Share transactions:
Common shares issued		$	60,878	$	212,928	$	186,475
Distributions to common shareholders		(46,339)		(16,167)		$	—
Net increase (decrease) from share transactions		$	14,539	$	196,761	$	186,475
Total increase (decrease) in net assets		$	16,277	$	232,248	$	187,765
Net Assets, beginning of period		420,013		187,765		$	—
Net Assets, end of period		$	436,290	$	420,013	$	187,765

See accompanying notes to the consolidated financial statements.

Table of Contents

OHA Senior Private Lending Fund (U) LLC

Consolidated Statements of Cash Flows

(in thousands)


	For the Year Ended				For the Period from December 15, 2022 (commencement of operations) to
	December 31, 2024		December 31, 2023		December 31, 2022

Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	1,738	$	35,487	$	1,290
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net unrealized (appreciation) depreciation on investments	2,758		(5,337)		(122)
Net unrealized (appreciation) depreciation on foreign currency forward contracts	23,652		3,140		(686)

Net realized (gain) loss on investments	(187)		(68)		—
Net realized (gain) loss on foreign currency transactions	383		(1,145)		(924)
Net realized (gain) loss on foreign currency forward contracts	11,376		(10,778)		—
Payment-in-kind interest capitalized	(875)		(6)		—
Net accretion of discount and amortization of premium	(3,051)		(1,326)		—
Amortization of deferred offering costs	—		382		—
Purchases of investments	(208,974)		(194,711)		(149,464)
Proceeds from sale of investments and principal repayments	111,195		26,738		—
Proceeds from settlement of foreign currency forward contracts	(11,376)		10,778		—
Increase (decrease) in assets and liabilities:
Interest receivable	(1,894)		(1,937)		—

Receivable for investments sold	1,847		(1,902)		—
Payable for investments purchased	(74)		(149,390)		149,464
Collateral on forward currency exchange contracts	(17,430)		17,590		—
Management fee payable	(264)		982		33
Income incentive fee payable	3,189		2,032		—
Capital gains incentive fee payable	(1,183)		1,183		—
Board of Managers fee payable	—		(33)		33
Accrued expenses and other liabilities	(23)		272		757
Net cash provided by (used in) operating activities	(89,193)		(268,049)		381

Cash flows from financing activities:
Proceeds from issuance of common shares, inclusive of change in receivable for issuance of common shares	60,878		212,928		186,475
Distributions paid in cash	(46,339)		(16,167)		—
Proceeds received from foreign currency settlement	(383)		1,145		924
Deferred offering costs paid	—		—		(382)
Net cash provided by (used in) financing activities	14,156		197,906		187,017
Net increase (decrease) in cash and cash equivalents	(75,037)		(70,143)		187,398
Cash and cash equivalents, beginning of period	117,255		$	187,398	$	—
Cash and cash equivalents, end of period	$	42,218	$	117,255	$	187,398

Supplemental disclosure of cash flow information:
Receivable for issuance of common shares	$	—	$	99,266	$	—

See accompanying notes to the consolidated financial statements.

Table of Contents

OHA Senior Private Lending Fund (U) LLC

Consolidated Schedule of Investments

December 31, 2024

(in thousands)


Investments-non-controlled/non-affiliated (1)	Footnotes	Reference Rate and Spread					Interest Rate (2)		Maturity Date	Par Amount/ Units		Cost (3)		Fair Value		% of Net Assets
Investments— non-controlled/non-affiliated
First Lien Debt
Aerospace and Defense
Evergreen IX Borrower 2023 LLC	(4) (5)	S +	4.75	%			9.08	%	9/30/2030	$	5,376	$	5,306	$	5,376	1.23	%
Evergreen IX Borrower 2023 LLC	(4) (5) (6)	S +	4.75	%			9.08	%	10/1/2029	599		(7)		—		—
Farsound Aviation Limited	(4) (5) (8)	P +	5.25	%			9.78	%	12/3/2031	5,238		5,186		5,186		1.19
Farsound Aviation Limited	(4) (5) (6) (8)	P +	5.25	%			9.78	%	12/3/2031	952		—		—		—
Mantech International CP	(4) (5) (7)	S +	5.00	%			9.59	%	9/14/2029	3,733		3,675		3,733		0.85
Mantech International CP	(4) (5) (6)	S +	5.00	%			9.59	%	9/14/2029	566		(8)		—		—
Mantech International CP	(4) (5) (6)	S +	5.00	%			9.59	%	9/14/2028	444		(6)		—		—
STS Aviation Group	(4) (5) (6)	S +	5.00	%			9.48	%	10/8/2031	20		—		—		—
STS Aviation Group	(4) (5)	S +	5.00	%			9.48	%	10/8/2031	72		72		72		0.02
STS Aviation Group	(4) (5) (6)	S +	5.00	%			9.48	%	10/8/2030	8		4		4		—
												14,222		14,371		3.29
Automobile
Mammoth Holdings, LLC	(4) (5) (6)	S +	6.00	%			10.64	%	11/15/2029	909		(7)		—		—
Mammoth Holdings, LLC	(4) (5)	S +	6.00	%			10.33	%	11/15/2030	7,200		7,136		7,200		1.65
Mammoth Holdings, LLC	(4) (5)	S +	6.00	%			10.64	%	11/15/2030	1,809		1,794		1,809		0.42
Wheels Bidco, Inc.	(4) (5)	S +	5.50	%			10.07	%	11/3/2031	5,000		4,951		4,950		1.13
												13,874		13,959		3.20
Broadcasting and Entertainment
Broadcast Music, Inc.	(4) (5) (7)	S +	5.75	%			10.39	%	2/8/2030	4,883		4,818		4,883		1.12
Broadcast Music, Inc.	(4) (5) (6)	S +	5.75	%			10.39	%	2/8/2030	892		(11)		—		—
												4,807		4,883		1.12
Buildings and Real Estate
Associations, Inc.	(4) (5) (6)	S +	6.50	%			11.28	%	7/3/2028	286		143		143		0.03
Associations, Inc.	(4) (5) (6)	S +	6.50	%			11.32	%	7/3/2028	357		59		60		0.01
Associations, Inc.	(4) (5)	S +	6.50	%			11.32	%	7/3/2028	4,593		4,590		4,593		1.05
Associations, Inc.	(4) (5)				(14.25	% PIK)	14.25	%	5/3/2030	282		282		282		0.07
Associations, Inc.	(4) (5)				(14.25	% PIK)	14.25	%	5/3/2030	739		738		739		0.17

Table of Contents


Investments-non-controlled/non-affiliated (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)		Maturity Date	Par Amount/ Units	Cost (3)	Fair Value	% of Net Assets
									5,812	5,817	1.33

Capital Equipment
AI Titan Parent Inc.	(4) (5) (6)	S +	4.75	%	9.11	%	8/29/2031	1,557	—	(8)	—
AI Titan Parent Inc.	(4) (5) (6)	S +	4.75	%	9.11	%	8/29/2031	973	(5)	(5)	—
AI Titan Parent Inc.	(4) (5)	S +	4.75	%	9.11	%	8/29/2031	7,786	7,748	7,747	1.78
Ohio Transmission Corporation	(4) (5) (6)	S +	5.50	%	9.83	%	12/19/2029	1,000	242	250	0.06
Ohio Transmission Corporation	(4) (5) (6)	S +	5.50	%	9.83	%	12/19/2030	1,496	518	531	0.12
Ohio Transmission Corporation	(4) (5)	S +	5.50	%	9.83	%	12/19/2030	7,524	7,457	7,524	1.72
Truck-Lite Co., LLC	(4) (5) (6)	S +	5.75	%	10.27	%	2/13/2031	1,156	(10)	—	—
Truck-Lite Co., LLC	(4) (5) (6)	S +	5.75	%	10.27	%	2/13/2030	1,156	(10)	—	—
Truck-Lite Co., LLC	(4) (5)	S +	5.75	%	10.27	%	2/13/2031	10,609	10,513	10,609	2.43
									26,453	26,648	6.11

Chemicals, Plastics and Rubber
ASP Unifrax Holdings, Inc.	(5)	S +	7.75	%	12.35	%	9/28/2029	5,061	4,856	5,130	1.18
BCPE HIPH Parent, Inc.	(4) (5) (6)	S +	5.75	%	10.11	%	10/7/2030	1,031	896	912	0.21
BCPE HIPH Parent, Inc.	(4) (5)	S +	5.75	%	10.11	%	10/7/2030	3,022	2,959	2,999	0.69
Meridian Adhesives Group, Inc.	(4) (5)	S +	5.75	%	11.57	%	9/1/2028	100	100	100	0.02
Meridian Adhesives Group, Inc.	(4) (5)	S +	5.75	%	10.08	%	9/3/2029	12,940	12,536	12,940	2.96
Meridian Adhesives Group, Inc.	(4) (5)	S +	5.75	%	10.08	%	9/3/2029	1,260	1,222	1,260	0.29
									22,569	23,341	5.35
Construction & Building
FloWorks International	(4) (5)	S +	4.75	%	9.27	%	11/26/2031	89	89	88	0.02
FloWorks International	(4) (5) (6)	S +	4.75	%	9.27	%	11/26/2031	11	—	—	—
NRO Holdings III Corp.	(4) (5)	S +	5.25	%	9.91	%	7/15/2031	6,639	6,576	6,573	1.51
NRO Holdings III Corp.	(4) (5) (6)	S +	5.25	%	9.91	%	7/15/2031	2,080	—	(21)	(0.01)
NRO Holdings III Corp.	(4) (5) (6)	S +	5.25	%	9.59	%	7/15/2030	1,050	80	80	0.02
									6,745	6,720	1.54
Consumer Goods: Durable
Marcone Yellowstone Buyer, Inc.	(4) (5)	S +	7.00	%	11.74	%	6/23/2028	3,177	3,112	3,026	0.69
Marcone Yellowstone Buyer, Inc.	(4) (5)	S +	7.00	%	11.74	%	6/23/2028	668	653	636	0.15
Marcone Yellowstone Buyer, Inc.	(4) (5)	S +	6.50	%	11.99	%	6/23/2028	1,309	1,290	1,256	0.29
Marcone Yellowstone Buyer, Inc.	(4) (5)	S +	7.00	%	11.74	%	6/23/2028	6,817	6,673	6,493	1.49
Marcone Yellowstone Buyer, Inc.	(4) (5)	S +	7.00	%	11.74	%	6/23/2028	2,265	2,217	2,158	0.49
Poly-Wood, LLC	(4) (5) (6)	S +	5.75	%	10.11	%	3/20/2030	1,350	—	—	—
Poly-Wood, LLC	(4) (5) (6)	S +	5.75	%	10.11	%	3/20/2030	1,350	(13)	—	—

Table of Contents


Investments-non-controlled/non-affiliated (1)	Footnotes	Reference Rate and Spread			Interest Rate (2)		Maturity Date	Par Amount/ Units	Cost (3)	Fair Value	% of Net Assets
Poly-Wood, LLC	(4) (5)	S +	5.75	%	10.11	%	3/20/2030	7,146	7,074	7,146	1.64
									21,006	20,715	4.75
Containers, Packaging and Glass
PPC Flexible Packaging	(4) (5)	S +	6.00	%	10.48	%	9/30/2028	4,018	3,959	4,018	0.92
									3,959	4,018	0.92
Ecological
Rock Star Mergersub, LLC	(4) (5)	S +	4.75	%	9.15	%	12/15/2031	3,091	3,076	3,076	0.70
Rock Star Mergersub, LLC	(4) (5) (6)	S +	4.75	%	9.15	%	12/15/2031	420	47	47	0.01
Rock Star Mergersub, LLC	(4) (5) (6)	S +	4.75	%	9.15	%	12/15/2031	989	—	(5)	—
									3123	3,118	0.71
Finance
Beacon Pointe Advisors, LLC	(4) (5)	S +	4.75	%	9.49	%	12/29/2028	660	657	660	0.15
Beacon Pointe Advisors, LLC	(4) (5)	S +	4.75	%	9.11	%	12/29/2028	5,898	5,855	5,898	1.35
Beacon Pointe Advisors, LLC	(4) (5)	S +	4.75	%	9.49	%	12/29/2028	2,313	2,296	2,313	0.53
Beacon Pointe Advisors, LLC	(4) (5) (6)	S +	4.75	%	9.49	%	12/29/2027	627	(3)	—	—
Cliffwater LLC	(4) (5)	S +	4.50	%	8.86	%	10/7/2030	5,955	5,903	5,955	1.37
Cliffwater LLC	(4) (5) (6)	S +	4.50	%	8.86	%	10/7/2030	1,000	(8)	—	—
Spectrum Automotive Holdings, Corp.	(4) (5) (6)	S +	5.25	%	9.58	%	6/29/2027	305	(5)	—	—
Spectrum Automotive Holdings, Corp.	(4) (5)	S +	5.25	%	9.58	%	6/29/2028	8,022	7,853	8,022	1.84
Spectrum Automotive Holdings, Corp.	(4) (5)	S +	5.25	%	9.58	%	6/29/2028	2,237	2,188	2,237	0.51
									24,736	25,085	5.75
Healthcare, Education and Childcare
Coding Solutions Acquistion Inc.	(4) (5)	S +	5.00	%	9.33	%	8/7/2031	4,408	4,370	4,386	1.00
Coding Solutions Acquistion Inc.	(4) (5) (6)	S +	5.00	%	9.33	%	8/7/2031	672	(5)	(3)	—
Coding Solutions Acquistion Inc.	(4) (5) (6)	S +	5.00	%	9.33	%	8/7/2031	420	363	365	0.08
Gateway US Holdings, Inc.	(4) (5)	S +	4.75	%	9.08	%	9/22/2028	3,211	3,211	3,211	0.74
Gateway US Holdings, Inc.	(4) (5) (6)	S +	4.75	%	9.08	%	9/22/2028	131	—	—	—
Gateway US Holdings, Inc.	(4) (5)	S +	4.75	%	9.08	%	9/22/2028	167	167	167	0.04
Gateway US Holdings, Inc.	(4) (5)	S +	4.75	%	9.08	%	9/22/2028	737	726	737	0.17
Medvet Associates LLC	(4) (5)	S +	4.75	%	9.11	%	6/25/2031	8,000	7,962	7,960	1.82
Medvet Associates LLC	(4) (5) (6)	S +	4.75	%	9.11	%	6/25/2031	2,000	—	(10)	—
Model N, Inc.	(4) (5) (6)	S +	5.00	%	9.33	%	6/27/2031	774	(4)	(4)	—
Model N, Inc.	(4) (5) (6)	S +	5.00	%	9.33	%	6/27/2031	1,452	—	(7)	—
Model N, Inc.	(4) (5)	S +	5.00	%	9.33	%	6/27/2031	7,097	7,064	7,062	1.62
Next Holdco, LLC	(4) (5)	S +	5.75	%	10.27	%	11/12/2030	5,063	4,996	5,063	1.16
Next Holdco, LLC	(4) (5) (6)	S +	5.75	%	10.27	%	11/12/2030	1,308	(16)	—	—
Next Holdco, LLC	(4) (5) (6)	S +	5.75	%	10.27	%	11/9/2029	491	(6)	—	—
PetVet Care Centers, LLC	(4) (5)	S +	6.00	%	10.36	%	11/15/2030	10,598	10,504	10,333	2.37

Table of Contents


Investments-non-controlled/non-affiliated (1)	Footnotes	Reference Rate and Spread					Interest Rate (2)		Maturity Date		Par Amount/ Units	Cost (3)	Fair Value	% of Net Assets
PetVet Care Centers, LLC	(4) (5) (6)	S +	6.00	%			10.36	%	11/15/2030		1,396	—	(35)	(0.01)
PetVet Care Centers, LLC	(4) (5) (6)	S +	6.00	%			10.36	%	11/15/2029		1,396	(11)	(35)	(0.01)
TecoStar Holdings, Inc.	(4) (5)	S +	8.50	%	(4.50	% PIK)	13.18	%	7/6/2029		4,236	4,155	4,236	0.97
												43,476	43,426	9.95
High Tech
CentralSquare Technologies, LLC	(4) (5) (6)	S +	5.75	%			10.63	%	4/12/2030		867	(10)	(4)	—
CentralSquare Technologies, LLC	(4) (5)	S +	6.25	%	(3.38	% PIK)	10.63	%	4/12/2030		7,801	7,715	7,762	1.78
Eagan Sub, Inc.	(4) (5) (6)	S +	5.25	%			9.59	%	6/1/2029		2,900	(32)	—	—
Eagan Sub, Inc.	(4) (5)	S +	5.25	%			9.59	%	6/3/2030		14,319	14,139	14,318	3.28
Everbridge Holdings, LLC	(4) (5) (6)	S +	5.00	%			9.59	%	7/2/2031		1,833	717	714	0.16
Everbridge Holdings, LLC	(4) (5) (6)	S +	5.00	%			9.59	%	7/2/2031		733	(2)	(2)	—
Everbridge Holdings, LLC	(4) (5)	S +	5.00	%			9.59	%	7/2/2031		7,333	7,316	7,315	1.68
Greenway Health, LLC	(4) (5)	S +	6.75	%			11.08	%	4/1/2029		9,089	8,935	9,179	2.11
Kaseya, Inc.	(4) (5)	S +	5.50	%			10.09	%	6/25/2029		9	9	9	—
Kaseya, Inc.	(4) (5)	S +	5.50	%			10.09	%	6/25/2029		2,543	2,505	2,543	0.58
Kaseya, Inc.	(4) (5) (6)	S +	5.50	%			10.09	%	6/25/2029		144	28	30	0.01
Kaseya, Inc.	(4) (5) (6)	S +	5.50	%			9.83	%	6/25/2029		154	37	39	0.01
PDI TA Holdings, Inc.	(4) (5) (6)	S +	5.50	%			10.00	%	2/3/2031		402	221	223	0.05
PDI TA Holdings, Inc.	(4) (5)	S +	5.50	%			10.09	%	2/3/2031		1,716	1,701	1,712	0.39
PDI TA Holdings, Inc.	(4) (5) (6)	S +	5.50	%			10.09	%	2/3/2031		173	(2)	—	—
												43,277	43,838	10.05
Insurance
Integrity Marketing Acquisition, LLC	(4) (5)	S +	5.00	%			9.51	%	8/25/2028		5,686	5,659	5,657	1.30
MAI Capital Management Intermediate, LLC	(4) (5)	S +	4.75	%			9.08	%	8/29/2031		2,765	2,752	2,751	0.63
MAI Capital Management Intermediate, LLC	(4) (5) (6)	S +	4.75	%			9.08	%	8/29/2031		1,625	512	507	0.11
MAI Capital Management Intermediate, LLC	(4) (5) (6)	S +	4.75	%			9.08	%	8/29/2031		610	78	78	0.02
Peter C. Foy & Associates Insurance Services, LLC	(4) (5)	S +	6.50	%			10.86	%	11/1/2028		99	98	99	0.02
Peter C. Foy & Associates Insurance Services, LLC	(4) (5)	S +	5.50	%			10.59	%	11/1/2028		6,485	6,391	6,485	1.49
Peter C. Foy & Associates Insurance Services, LLC	(4) (5)	S +	5.50	%			9.83	%	11/1/2028		1,784	1,758	1,784	0.41
Peter C. Foy & Associates Insurance Services, LLC	(4) (5) (6)	S +	5.50	%			10.59	%	11/1/2027		310	(4)	—	—
RSC Acquisition, Inc.	(4) (5)	S +	4.75	%			9.08	%	11/1/2029		6,937	6,864	6,902	1.58
Shelf Bidco Ltd.	(4) (5) (8)	S +	5.00	%			9.65	%	12/31/2031		8,409	8,368	8,367	1.92
THG Acquisition, LLC	(4) (5)	S +	4.75	%			9.11	%	10/31/2031		75	75	75	0.02
THG Acquisition, LLC	(4) (5) (6)	S +	4.75	%			9.11	%	10/31/2031		17	—	—	—
THG Acquisition, LLC	(4) (5) (6)	S +	4.75	%			9.11	%	10/31/2031		8	1	1	—
												32,552	32,706	7.50
Media: Diversified & Production
Aurelia Netherlands Midco 2 B.V.	(4) (5) (8)	E +	5.75	%			8.93	%	5/1/2031	EUR	11,569	12,129	11,860	2.72

Table of Contents


Investments-non-controlled/non-affiliated (1)	Footnotes	Reference Rate and Spread					Interest Rate (2)		Maturity Date		Par Amount/ Units	Cost (3)	Fair Value	% of Net Assets
Circana Group, L.P.	(4) (5)	S +	5.00	%			9.59	%	12/1/2028	EUR	7,019	6,867	6,949	1.59
Circana Group, L.P.	(4) (5) (6)	S +	5.00	%			9.35	%	12/1/2027		488	88	93	0.02
												19,084	18,902	4.33
Printing and Publishing
Recorded Books Inc.	(4) (5) (6)	S +	5.75	%			10.26	%	8/31/2028		1,160	(15)	(3)	—
Recorded Books Inc.	(4) (5)	S +	5.75	%			10.26	%	9/3/2030		14,196	13,982	14,161	3.25
												13,967	14,158	3.25
Retail Stores
New Look Vision Group, Inc.	(4) (5) (8)	S +	6.00	%	(2.00	% PIK)	10.48	%	5/26/2028		145	140	144	0.03
New Look Vision Group, Inc.	(4) (5) (7) (8)	C +	6.00	%	(2.00	% PIK)	9.49	%	5/26/2028	CAD	6,203	4,371	4,280	0.98
New Look Vision Group, Inc.	(4) (5) (6) (8)	C +	5.50	%			9.03	%	5/26/2026	CAD	850	188	134	0.03
New Look Vision Group, Inc.	(4) (5) (7) (8)	C +	5.50	%			8.99	%	5/26/2028	CAD	415	292	282	0.07
New Look Vision Group, Inc.	(4) (5) (8)	S +	5.50	%			9.98	%	5/26/2028		1,287	1,236	1,255	0.29
New Look Vision Group, Inc.	(4) (5) (7) (8)	C +	5.50	%			8.99	%	5/26/2028	CAD	797	561	540	0.12
												6,788	6,635	1.52
Services: Business
Baker Tilly Advisory Group, LP	(4) (5) (6)	S +	4.75	%			9.11	%	6/3/2030		1,828	(12)	—	—
Baker Tilly Advisory Group, LP	(4) (5) (6)	S +	4.75	%			9.11	%	6/3/2031		1,305	(2)	—	—
Baker Tilly Advisory Group, LP	(4) (5)	S +	4.75	%			9.11	%	6/3/2031		8,646	8,587	8,646	1.98
FR Vision Holdings, Inc.	(4) (5) (6)	S +	5.50	%			10.12	%	1/21/2030		580	(5)	—	—
FR Vision Holdings, Inc.	(4) (5) (6) (7)	S +	5.50	%			10.12	%	1/20/2031		2,316	967	975	0.22
FR Vision Holdings, Inc.	(4) (5)	S +	5.50	%			10.12	%	1/20/2031		7,144	7,079	7,144	1.64
GC Waves Holdings, Inc.	(4) (5)	S +	4.75	%			9.21	%	10/4/2030		7,374	7,222	7,301	1.67
GI Apple Midco LLC	(4) (5) (6)	S +	6.75	%			11.11	%	4/19/2029		1,133	420	437	0.10
GI Apple Midco LLC	(4) (5)	S +	6.75	%			11.11	%	4/19/2030		7,336	7,215	7,409	1.70
GI Apple Midco LLC	(4) (5) (6)	S +	6.75	%			11.11	%	4/19/2030		1,617	170	192	0.04
Jensen Hughes Inc.	(4) (5) (6)	S +	5.00	%			9.74	%	8/6/2031		1,467	(3)	(15)	—
Jensen Hughes Inc.	(4) (5) (6)	S +	5.00	%			9.74	%	8/6/2031		587	(6)	(6)	—
Jensen Hughes Inc.	(4) (5)	S +	5.00	%			9.74	%	8/6/2031		5,204	5,153	5,152	1.18
Jensen Hughes Inc.	(4) (5) (6)	S +	5.00	%			9.74	%	8/6/2031		342	—	(3)	—
PT Intermediate Holdings III, LLC	(4) (5) (6)	S +	5.00	%	(1.75	% PIK)	9.33	%	4/9/2030		232	—	(1)	—
PT Intermediate Holdings III, LLC	(4) (5)	S +	5.00	%	(1.75	% PIK)	9.33	%	4/9/2030		12,347	12,169	12,286	2.82
Rimkus Consulting Group Inc.	(4) (5) (6)	S +	5.25	%			9.84	%	4/1/2030		463	(3)	(2)	—
Rimkus Consulting Group Inc.	(4) (5) (7)	S +	5.25	%			9.84	%	4/1/2031		3,453	3,429	3,435	0.79
Rimkus Consulting Group Inc.	(4) (5) (6)	S +	5.25	%			9.77	%	4/1/2031		867	93	88	0.02
Speed Midco 3 S.a r.l.	(4) (5) (8)	E +	4.95	%			8.11	%	6/5/2031	EUR	1,983	2,145	2,049	0.47
Speed Midco 3 S.a r.l.	(4) (5) (8)	SN +	4.95	%			9.90	%	6/5/2031	GBP	491	623	613	0.14
Speed Midco 3 S.a r.l.	(4) (5) (8)	S +	4.95	%			9.20	%	6/5/2031		7,219	7,187	7,201	1.65

Table of Contents


Investments-non-controlled/non-affiliated (1)	Footnotes	Reference Rate and Spread					Interest Rate (2)		Maturity Date	Par Amount/ Units	Cost (3)		Fair Value		% of Net Assets
STV Group, Inc.	(4) (5) (6)	S +	5.00	%			9.36	%	3/20/2031	1,250	—		(6)		—
STV Group, Inc.	(4) (5) (7)	S +	5.00	%			9.36	%	3/20/2031	4,342	4,302		4,320		0.99
STV Group, Inc.	(4) (5) (6)	P +	5.00	%			11.50	%	3/20/2030	875	117		121		0.03
USIC Holdings Inc.	(4) (5)	S +	5.50	%			10.09	%	9/10/2031	8,430	8,389		8,388		1.92
USIC Holdings Inc.	(4) (5) (6)	S +	5.25	%			9.84	%	9/10/2031	1,073	240		240		0.05
USIC Holdings Inc.	(4) (5) (6)	S +	5.50	%			10.09	%	9/10/2031	510	33		30		0.01
											75,509		75,994		17.42
Services: Consumer
Bradyifs Holdings, LLC	(4) (5)	S +	5.00	%			9.52	%	10/31/2029	13,370	13,261		13,370		3.07
Bradyifs Holdings, LLC	(4) (5) (6)	S +	5.00	%			9.40	%	10/31/2029	393	82		85		0.02
Kleinfelder Group, Inc.(The)	(4) (5) (6)	S +	5.00	%			9.35	%	9/1/2030	2,464	—		—		—
Kleinfelder Group, Inc.(The)	(4) (5)	S +	5.00	%			9.35	%	11/28/2025	12,436	12,382		12,436		2.85
Kleinfelder Group, Inc.(The)	(4) (5) (6)	P +	5.00	%			11.50	%	8/4/2028	1,643	349		361		0.08

											26,074		26,252		6.02
Technology & Electronics
Chase Intermediate, LLC	(4) (5) (6)	S +	4.75	%			9.11	%	10/30/2028	8,649	3,492		3,496		0.80
Chase Intermediate, LLC	(4) (5) (6)	S +	4.75	%			9.11	%	10/30/2028	433	(3)		(1)		—
Granicus, Inc.	(4) (5) (6)	S +	5.25	%			10.34	%	1/17/2031	384	(2)		—		—
Granicus, Inc.	(4) (5)	S +	5.75	%	(2.25	% PIK)	10.34	%	1/17/2031	2,744	2,732		2,744		0.63
Granicus, Inc.	(4) (5)	S +	5.25	%	(2.25	% PIK)	9.84	%	1/17/2031	407	407		405		0.09

											6,626		6,644		1.52

Total First Lien Debt											$	414,659	$	417,230	95.63	%

Second Lien Debt
High Tech
Polaris Newco LLC	(4) (5)	S +	9.00	%			13.61	%	6/4/2029	6,200	6,070		6,200		1.42
											6,070		6,200		1.42

Total Second Lien Debt											$	6,070	$	6,200	1.42	%


Total Investments - non-controlled/non-affiliated											$	420,729	$	423,430	97.05	%
Total Portfolio Investments											$	420,729	$	423,430	97.05	%

(1)Unless otherwise indicated, issuers of debt investments held by the Company (which such term “Company” shall include the Company’s subsidiaries for purposes of this Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated.

Table of Contents

(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to SOFR including SOFR adjustment if any, ("S"), SONIA (“SN”), CDOR ("C"), which generally resets periodically. S loans are typically indexed to 12 month, 6 month, 3 month or 1 month S rates. For each such loan, the Company has provided the interest rate in effect on the date presented.

(3)The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method in accordance with generally accepted accounting principles in the United States of America (“GAAP”).

(4)Investment valued using unobservable inputs (Level 3). See Note 5.

(5)Loan includes interest rate floor feature.

(6)Position or portion thereof 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. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost. 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:

Investments—non-

controlled/non-

affiliated

Commitment Type

Commitment
Expiration Date

Unfunded

Total Commitment Fair Value

AI Titan Parent Inc.

Delayed Draw Term Loan

8/29/2031

1,557

(8)

AI Titan Parent Inc.

Revolver

8/29/2031

973

(5)

Associations, Inc.

2024 2nd Amendment Revolver

7/3/2028

143

—

Associations, Inc.

2024 Special Purpose Delayed Draw Term Loan

7/3/2028

297

—

Baker Tilly Advisory Group, LP

Delayed Draw Term Loan

6/3/2031

1,305

—

Baker Tilly Advisory Group, LP

Revolver

6/3/2030

1,829

—

BCPE HIPH Parent, Inc.

2023 Delayed Draw Term Loan

10/7/2030

111

(1)

Beacon Pointe Advisors, LLC

2021 Revolver

12/29/2027

627

—

Bradyifs Holdings, LLC

2024 Delayed Draw Term Loan

10/31/2029

309

—

Broadcast Music, Inc.

Revolver

2/8/2030

892

—

CentralSquare Technologies, LLC

2024 Revolver

4/12/2030

867

(4)

Chase Intermediate, LLC

2023 Delayed Draw Term Loan

10/30/2028

5,132

(13)

Chase Intermediate, LLC

2023 Revolver

10/30/2028

433

(1)

Circana Group, L.P.

2024 Revolver

12/1/2027

391

(4)

Cliffwater LLC

Revolver

10/7/2030

1,000

—

Coding Solutions Acquistion Inc.

2024 Delayed Draw Term Loan

8/7/2031

672

(3)

Coding Solutions Acquistion Inc.

2024 Revolver

8/7/2031

—

Eagan Sub, Inc.

2023 Revolver

6/1/2029

2,900

—

Everbridge Holdings, LLC

Delayed Draw Term Loan

7/2/2031

1,115

(3)

Everbridge Holdings, LLC

Revolver

7/2/2031

733

(2)

Evergreen IX Borrower 2023 LLC

Revolver

10/1/2029

599

—

Farsound Aviation Limited

2024 Delayed Draw Term Loan

9/5/2031

952

—

FloWorks International

2024 Delayed Draw Term Loan

11/26/2031

—

FR Vision Holdings, Inc.

Delayed Draw Term Loan

1/20/2031

1,341

—

FR Vision Holdings, Inc.

Revolver

1/21/2030

580

—

Gateway US Holdings, Inc.

Revolver

9/22/2028

131

—

GI Apple Midco LLC

Delayed Draw Term Loan

4/19/2030

1,441

GI Apple Midco LLC

Revolver

4/19/2029

696

—

Granicus, Inc.

2024 Revolver

1/17/2031

384

—

Jensen Hughes Inc.

2024 1st Lien Delayed Draw Term Loan

8/6/2031

342

(3)

Jensen Hughes Inc.

2024 Delayed Draw Term Loan

8/6/2031

1,467

(15)

Table of Contents


Jensen Hughes Inc.	2024 Revolver	8/6/2031	587	(6)
Kaseya, Inc.	2022 Delayed Draw Term Loan	6/25/2029	114	—
Kaseya, Inc.	2022 Revolver	6/25/2029	115	—
Kleinfelder Group, Inc.(The)	2023 Delayed Draw Term Loan	9/1/2030	2,464	—
Kleinfelder Group, Inc.(The)	Revolver	8/4/2028	1,281	—
MAI Capital Management Intermediate, LLC	Delayed Draw Term Loan	8/29/2031	1,110	(6)
MAI Capital Management Intermediate, LLC	Revolver	8/29/2031	529	(3)
Mammoth Holdings, LLC	2023 Revolver	11/15/2029	909	—
Mantech International CP	2024 Delayed Draw Term Loan	9/14/2029	566	—
Mantech International CP	2024 Revolver Tranche A	9/14/2028	444	—
Medvet Associates LLC	Delayed Draw Term Loan	6/25/2031	2,000	(10)
Model N, Inc.	2024 Delayed Draw Term Loan	6/27/2031	1,452	(7)
Model N, Inc.	2024 Revolver	6/27/2031	774	(4)
New Look Vision Group, Inc.	CAD Revolver	5/26/2026	420	(146)
Next Holdco, LLC	Delayed Draw Term Loan	11/12/2030	1,308	—
Next Holdco, LLC	Revolver	11/9/2029	491	—
NRO Holdings III Corp.	Delayed Draw Term Loan	7/15/2031	2,080	(21)
NRO Holdings III Corp.	Revolver	7/15/2030	960	(10)
Ohio Transmission Corporation	2023 Delayed Draw Term Loan	12/19/2030	965	—
Ohio Transmission Corporation	2023 Revolver	12/19/2029	750	—
PDI TA Holdings, Inc.	2024 Delayed Draw Term Loan	2/3/2031	177	—
PDI TA Holdings, Inc.	2024 Revolver	2/3/2031	173	—
Peter C. Foy & Associates Insurance Services, LLC	2021 1st Lien Revolver	11/1/2027	310	—
PetVet Care Centers, LLC	2023 Delayed Draw Term Loan	11/15/2030	1,396	(35)
PetVet Care Centers, LLC	2023 Revolver	11/15/2029	1,396	(35)
Poly-Wood, LLC	Delayed Draw Term Loan	3/20/2030	1,350	—
Poly-Wood, LLC	Revolver	3/20/2030	1,350	—
PT Intermediate Holdings III, LLC	2024 Delayed Draw Term Loan	4/9/2030	232	(1)
Recorded Books Inc.	2023 Revolver	8/31/2028	1,160	(3)
Rimkus Consulting Group Inc.	Delayed Draw Term Loan	4/1/2031	775	(4)
Rimkus Consulting Group Inc.	Revolver	4/1/2030	463	(2)
Rock Star Mergersub, LLC	Delayed Draw Term Loan	12/15/2031	989	(5)
Rock Star Mergersub, LLC	Revolver	12/15/2031	371	(2)
Spectrum Automotive Holdings, Corp.	2021 Revolver	6/29/2027	305	—
STS Aviation Group	Delayed Draw Term Loan	10/8/2031	20	—
STS Aviation Group	Revolver	10/8/2030	4	—
STV Group, Inc.	2024 Delayed Draw Term Loan	3/20/2031	1,250	(6)
STV Group, Inc.	2024 Revolver	3/20/2030	750	(4)
THG Acquisition, LLC	2024 Delayed Draw Term Loan	10/31/2031	17	—
THG Acquisition, LLC	2024 Revolver	10/31/2031	8	—
Truck-Lite Co., LLC	2024 Delayed Draw Term Loan	2/13/2031	1,156	—
Truck-Lite Co., LLC	2024 Revolver	2/13/2030	1,156	—
USIC Holdings Inc.	2024 Revolver	9/10/2031	828	(4)

Table of Contents


USIC Holdings Inc.	2024 Specified Delayed Draw Term Loan	9/10/2031	477	(2)
			64,714	(364)

(7)Position or portion thereof unsettled as of December 31, 2024.

(8)The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (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 totaled 8.93% of the Company’s total assets.

(9)As of December 31, 2024, the estimated net unrealized gain for federal tax purposes was $2.5 million based on a tax basis of $394.8 million. As of December 31, 2024, the estimated aggregate gross unrealized loss for federal income tax purposes was $1.4 million and the estimated aggregate gross unrealized gain for federal income tax purposes was $3.9 million.

ADDITIONAL INFORMATION

Foreign currency forward contracts

Counterparty

Currency
Purchased

Currency Sold

Settlement

Unrealized Appreciation
(Depreciation)

City National Bank

Euro 44,698

U.S. Dollar 47,023

2/28/2025

(649)

City National Bank

U.S. Dollar 18,667

Euro 17,736

2/28/2025

265

State Street Bank & Trust Company

U.S. Dollar 6,028

Canadian Dollar 8,600

3/20/2025

State Street Bank & Trust Company

U.S. Dollar 14,546

Euro 13,800

3/20/2025

214

State Street Bank & Trust Company

U.S. Dollar 635

Great Britain Pound 500

3/20/2025

City National Bank

Euro 50,000

U.S. Dollar 56,103

3/31/2025

(4,147)

City National Bank

Euro 50,000

U.S. Dollar 56,309

6/30/2025

(4,085)

City National Bank

Euro 50,000

U.S. Dollar 56,514

9/30/2025

(4,008)

City National Bank

Euro 50,000

U.S. Dollar 56,745

12/31/2025

(3,944)

City National Bank

Euro 43,581

U.S. Dollar 49,662

3/31/2026

(3,400)

Macquarie Bank Limited

Euro 50,000

U.S. Dollar 56,270

6/30/2026

(2,914)

Macquarie Bank Limited

Euro 50,000

U.S. Dollar 56,500

9/30/2026

(2,857)

Natwest Markets PLC

Euro 100

U.S. Dollar 109

12/31/2026

(1)

Natwest Markets PLC

Euro 50,147

U.S. Dollar 54,720

12/31/2026

(629)

(26,106)

See accompanying notes to the consolidated financial statements.

Table of Contents

OHA Senior Private Lending Fund (U) LLC

Consolidated Schedule of Investments

December 31, 2023

(in thousands)


Investments-non-controlled/non- affiliated(1)	Reference Rate and Spread				Interest Rate(2)		Maturity Date	Par Amount/ Units		Cost(3)		Fair Value		% of Net Assets
Investments—non-controlled/non-affiliated

Aerospace and Defense
Evergreen IX Borrower 2023 LLC (4) (5)	S	+	6.00	%	11.35	%	9/30/2030	$	5,431	$	5,351	$	5,431	1.29	%
Evergreen IX Borrower 2023 LLC (4) (5) (6)	S	+	6.00	%	11.35	%	10/1/2029	599		(9)		—		—
Mantech International CP (4) (5)	S	+	5.75	%	11.13	%	9/14/2029	3,563		3,499		3,563		0.85
Mantech International CP (4) (5) (6)	S	+	5.75	%	11.16	%	9/14/2029	877		296		311		0.07
Mantech International CP (4) (5) (6)	S	+	5.75	%	11.13	%	9/14/2028	444		(7)		—		—
Sequa Corporation (4) (5) (6)	S	+	7.00	%	12.36	%	11/23/2027	1,268		(52)		—		—
Sequa Corporation (4) (5)	S	+	7.00	%	12.37	%	11/23/2028	13,595		12,993		13,731		3.27
										22,071		23,036		5.48
Automobile
Mammoth Holdings, LLC (4) (5) (6)	S	+	5.75	%	11.10	%	11/15/2029	909		(9)		—		—
Mammoth Holdings, LLC (4) (5) (7)	S	+	5.75	%	11.10	%	11/15/2030	7,273		7,201		7,273		1.73
Mammoth Holdings, LLC (4) (5) (6)	S	+	5.75	%	11.10	%	11/15/2030	1,818		—		—		—
Wesco Group LLC (4) (5)	S	+	5.75	%	11.23	%	10/6/2028	1,795		1,760		1,759		0.42
Wesco Group LLC (4) (5) (6)	S	+	5.75	%	11.23	%	10/7/2027	403		(4)		(4)		—
Wesco Group LLC (4) (5)	S	+	5.75	%	11.23	%	10/16/2030	5,200		5,148		5,148		1.23
Wesco Group LLC (4) (5) (6)	S	+	5.75	%	11.23	%	10/16/2028	CAD	134	(5)		—		—
										14,091		14,176		3.38

Broadcasting and Entertainment
Global Music Rights (4) (5) (6)	S	+	5.75	%	11.20	%	8/27/2027	286		(3)		—		—
Global Music Rights (4) (5)	S	+	5.50	%	10.95	%	8/28/2028	3,150		3,116		3,150		0.75
										3,113		3,150		0.75
Capital Equipment
Ohio Transmission Corporation (4) (5) (6)	S	+	5.50	%	10.86	%	12/19/2028	1,000		(10)		(10)		—
Ohio Transmission Corporation (4) (5) (6)	S	+	5.50	%	10.86	%	12/19/2030	1,500		(15)		(15)		—
Ohio Transmission Corporation (4) (5)	S	+	5.50	%	10.86	%	12/19/2030	7,600		7,524		7,524		1.79
										7,499		7,499		1.79
Chemicals, Plastics and Rubber
BCPE HIPH Parent, Inc. (4) (5) (6) (7)	S	+	5.75	%	11.11	%	10/7/2030	1,038		702		721		0.17
BCPE HIPH Parent, Inc. (4) (5)	S	+	5.75	%	11.11	%	10/7/2030	3,044		2,974		3,029		0.72
Meridian Adhesives Group, Inc. (4) (5)	S	+	7.00	%	12.36	%	9/3/2029	13,070		12,601		13,201		3.14
Meridian Adhesives Group, Inc. (4) (5) (6)	S	+	7.00	%	12.36	%	9/3/2029	1,789		1,089		1,171		0.28
										17,366		18,122		4.31
Construction & Building
Groundworks, LLC (4) (5)	S	+	6.50	%	11.90	%	3/14/2030	11,015		10,829		11,015		2.62
Groundworks, LLC (4) (5) (6)	S	+	6.50	%	11.86	%	3/14/2030	781		263		266		0.06

Table of Contents


Investments-non-controlled/non- affiliated(1)	Reference Rate and Spread					Interest Rate(2)		Maturity Date	Par Amount/ Units	Cost(3)	Fair Value	% of Net Assets
Groundworks, LLC (4) (5) (6)	S	+	6.50	%		11.90	%	3/14/2029	585	(10)	—	—
										11,082	11,281	2.69
Consumer Goods: Durable
Marcone Yellowstone Buyer, Inc. (4) (5)	S	+	6.25	%		11.75	%	6/23/2028	673	655	666	0.16
Marcone Yellowstone Buyer, Inc. (4) (5) (6)	S	+	6.50	%		12.00	%	6/23/2028	465	(8)	(1)	—
Marcone Yellowstone Buyer, Inc. (4) (5)	S	+	6.50	%		12.00	%	6/23/2028	1,319	1,296	1,315	0.31
Marcone Yellowstone Buyer, Inc. (4) (5)	S	+	6.25	%		11.75	%	6/23/2028	6,870	6,692	6,801	1.62
Marcone Yellowstone Buyer, Inc. (4) (5)	S	+	6.25	%		11.75	%	6/23/2028	2,283	2,224	2,260	0.54
Marcone Yellowstone Buyer, Inc. (4) (5)	S	+	6.25	%		11.75	%	6/23/2028	3,201	3,118	3,169	0.75
										13,977	14,210	3.38
Containers, Packaging and Glass
PPC Flexible Packaging (4) (5)	S	+	6.75	%		12.25	%	9/30/2028	4,059	3,988	4,039	0.96
										3,988	4,039	0.96
Finance
Beacon Pointe Advisors, LLC (4) (5)	S	+	5.50	%		10.86	%	12/29/2028	5,958	5,907	5,958	1.42
Beacon Pointe Advisors, LLC (4) (5)	S	+	5.50	%		10.86	%	12/29/2028	2,337	2,316	2,337	0.56
Beacon Pointe Advisors, LLC (4) (5) (6)	S	+	5.25	%		10.86	%	12/29/2027	627	(5)	—	—
Beacon Pointe Advisors, LLC (4) (5) (6)	S	+	5.50	%		10.86	%	12/29/2028	771	189	189	0.04
Cliffwater LLC (4) (5) (7)	S	+	6.00	%		11.36	%	10/7/2030	6,000	5,993	6,000	1.43
Cliffwater LLC (4) (5) (6)	S	+	6.00	%		11.36	%	10/7/2030	1,000	(10)	—	—
Spectrum Automotive Holdings, Corp. (4) (5)	S	+	5.75	%		11.22	%	6/29/2028	8,105	7,896	8,004	1.91
Spectrum Automotive Holdings, Corp. (4) (5) (6)	S	+	5.75	%		11.22	%	6/29/2028	2,258	1,800	1,830	0.44
Spectrum Automotive Holdings, Corp. (4) (5) (6)	S	+	5.75	%		11.22	%	6/29/2027	305	(7)	(4)	—
										24,079	24,314	5.79
Healthcare, Education and Childcare		+
Gateway US Holdings, Inc (4) (5)	S	+	6.50	%		12.00	%	9/22/2026	3,235	3,192	3,195	0.76
Gateway US Holdings, Inc (4) (5) (6)	S	+	6.50	%		12.00	%	9/22/2026	131	(2)	(2)	—
Gateway US Holdings, Inc (4) (5)	S	+	6.50	%		12.00	%	9/22/2026	169	167	167	0.04
Gateway US Holdings, Inc (4) (5)	S	+	6.50	%		12.00	%	9/22/2026	743	725	734	0.17
Next Holdco, LLC (4) (5)	S	+	6.00	%		11.37	%	11/12/2030	5,101	5,026	5,101	1.21
Next Holdco, LLC (4) (5) (6)	S	+	6.00	%		11.37	%	11/12/2030	1,308	(19)	—	—
Next Holdco, LLC (4) (5) (6)	S		6.00	%		11.37	%	11/9/2029	491	(7)	—	—
PetVet Care Centers, LLC (4) (5)	S		6.00	%		11.36	%	11/15/2030	10,705	10,599	10,651	2.54
PetVet Care Centers, LLC (4) (5) (6)	S	+	6.00	%		11.36	%	11/15/2030	1,396	—	(7)	—
PetVet Care Centers, LLC (4) (5) (6)	S	+	6.00	%		11.36	%	11/15/2029	1,396	(14)	(7)	—
TecoStar Holdings, Inc. (4) (5)	S	+	8.50	%	(4.50% PIK)	13.91	%	7/6/2029	4,048	3,952	4,048	0.96
Touchstone Acquisition, Inc. (4) (5)	S	+	6.00	%		11.48	%	12/29/2028	10,395	10,167	10,187	2.43
										33,786	34,067	8.11
High Tech
Eagan Sub, Inc. (4) (5) (6)	S	+	7.00	%		12.35	%	6/1/2029	2,900	(40)	—	—
Eagan Sub, Inc. (4) (5)	S	+	7.00	%		12.35	%	6/3/2030	14,464	14,259	14,464	3.44
Greenway Health, LLC (4) (5)	S	+	6.00	%		11.93	%	4/2/2029	9,157	8,975	8,974	2.14

Table of Contents


Investments-non-controlled/non- affiliated(1)	Reference Rate and Spread					Interest Rate(2)		Maturity Date	Par Amount/ Units		Cost(3)	Fair Value	% of Net Assets
Kaseya, Inc. (4) (5)	S	+	6.00	%	(2.50% PIK)	11.33	%	6/25/2029	2,523		2,479	2,523	0.60
Kaseya, Inc. (4) (5) (6)	S	+	6.00	%	(2.50% PIK)	11.33	%	6/25/2029	154		7	9	—
Kaseya, Inc. (4) (5) (6)	S	+	5.50	%	(2.50% PIK)	10.84	%	6/25/2029	154		36	39	0.01
											25,716	26,009	6.19
Insurance
Galway Borrower, LLC (4) (5) (6)	S	+	5.25	%		5.25	%	9/30/2027	908		(25)	(4)	—
Galway Borrower, LLC (4) (5)	S	+	5.25	%		10.70	%	9/29/2028	13,791		13,371	13,722	3.26
Higginbotham Insurance Agency, Inc. (4) (5) (6)	S	+	5.50	%		10.96	%	11/24/2028	11,082		7,322	7,346	1.75
Peter C. Foy & Associates Insurance Services, LLC (4) (5)	S	+	6.00	%		11.47	%	11/1/2028	6,552		6,437	6,486	1.54
Peter C. Foy & Associates Insurance Services, LLC (4) (5)	S	+	6.00	%		11.47	%	11/1/2028	1,803		1,771	1,785	0.42
Peter C. Foy & Associates Insurance Services, LLC (4) (5) (6)	S	+	6.00	%		11.47	%	11/1/2027	310		(5)	(3)	—
Peter C. Foy & Associates Insurance Services, LLC (4) (5)	S	+	6.50	%		11.86	%	11/1/2028	100		99	99	0.02
Peter C. Foy & Associates Insurance Services, LLC (4) (5) (6)	S	+	6.50	%		11.47	%	11/1/2028	100		—	(1)	—
RSC Acquisition, Inc. (4) (5)	S	+	5.50	%		11.00	%	11/1/2029	7,008		6,898	6,938	1.65
THG Acquisition, LLC (4) (5) (6)	S	+	5.75	%		11.21	%	12/2/2025	481		100	106	0.03
THG Acquisition, LLC (4) (5) (6)	S		5.50	%		10.96	%	46358	5,969		5,206	5,228	1.24
											41,174	41,702	9.93
Media: Diversified & Production
Circana Group, L.P. (4) (5)	S	+	5.75	%		11.21	%	12/1/2028	7,042		6,857	6,972	1.66
Circana Group, L.P. (4) (5) (6)	S	+	5.75	%		11.11	%	12/1/2027	488		76	83	0.02
											6,933	7,055	1.68

Printing and Publishing
Recorded Books Inc. (4) (5)	S	+	6.25	%		11.64	%	8/31/2028	1,160		(19)	(6)	—
Recorded Books Inc. (4) (5) (6)	S	+	6.25	%		11.64	%	9/3/2030	14,340		14,096	14,268	3.40
											14,077	14,262	3.40
Retail Stores
New Look Vision Group, Inc. (4) (5) (8)	S	+	6.00	%	(2.00% PIK)	11.94	%	5/26/2028	143		136	139	0.03
New Look Vision Group, Inc. (4) (5) (7) (8)	C	+	4.00	%	(2.00% PIK)	9.43	%	5/26/2028	CAD	6,139	4,282	4,505	1.07
New Look Vision Group, Inc. (4) (5) (6) (8)	C	+	5.50	%		10.43	%	5/26/2026	CAD	850	(16)	(1)	—
New Look Vision Group, Inc. (4) (5) (7) (8)	C	+	5.50	%		10.93	%	5/26/2028	420		293	302	0.07
New Look Vision Group, Inc. (4) (5) (6) (8)	S	+	5.50	%		11.00	%	5/26/2028	1,300		1,238	1,235	0.29
New Look Vision Group, Inc. (4) (5) (7) (8)	C	+	5.50	%		10.93	%	5/26/2028	CAD	805	562	580	0.14
											6,495	6,760	1.62
Services: Business
GC Waves Holdings, Inc. (4) (5)	S	+	6.00	%		11.46	%	8/11/2028	7,029		6,855	6,994	1.67
GC Waves Holdings, Inc. (4) (5) (6)	S	+	6.00	%		11.46	%	8/11/2028	1,300		94	112	0.03
Geosyntec Consultants (4) (5)	S	+	5.25	%		10.61	%	5/18/2029	466		458	465	0.11
Geosyntec Consultants (4) (5) (6)	S	+	5.25	%		10.61	%	5/18/2029	197		95	98	0.02
Geosyntec Consultants (4) (5) (6)	S	+	5.25	%		10.61	%	5/18/2027	73		(1)	—	—
GI Apple Midco LLC (4) (5) (6)	S	+	6.75	%		12.11	%	4/19/2029	1,133		611	632	0.15
GI Apple Midco LLC (4) (5)	S	+	6.75	%		12.11	%	4/19/2030	7,410		7,272	7,410	1.76
GI Apple Midco LLC (4) (5) (6)	S	+	6.75	%		12.11	%	4/19/2030	1,619		171	178	0.04

Table of Contents


Investments-non-controlled/non- affiliated(1)	Reference Rate and Spread				Interest Rate(2)		Maturity Date	Par Amount/ Units	Cost(3)		Fair Value		% of Net Assets
PT Intermediate Holdings III, LLC (4) (5)	S	+	5.98	%	11.47	%	11/1/2028	2,622	2,576		2,609		0.62
PT Intermediate Holdings III, LLC (4) (5) (6)	S	+	6.50	%	11.85	%	11/1/2028	351	(2)		—		—
PT Intermediate Holdings III, LLC (4) (5)	S	+	6.50	%	11.85	%	11/1/2028	854	843		854		0.20
PT Intermediate Holdings III, LLC (4) (5)	S	+	5.98	%	11.47	%	11/1/2028	8,626	8,475		8,583		2.04
									27,447		27,935		6.65
Services: Consumer
Bradyifs Holdings, LLC (4) (5) (6)	S	+	6.00	%	11.37	%	10/31/2029	1,441	353		353		0.08
Bradyifs Holdings, LLC (4) (5)	S	+	6.00	%	11.38	%	10/31/2029	13,083	12,954		13,083		3.11
Bradyifs Holdings, LLC (4) (5) (6)	S	+	6.00	%	11.38	%	10/31/2029	1,108	(11)		—		—
Crash Champions, LLC (4) (5)	S	+	7.00	%	12.36	%	8/1/2029	8,148	7,986		8,230		1.96
Crash Champions, LLC (4) (5)	S	+	7.00	%	12.36	%	8/1/2029	1,824	1,775		1,843		0.44
Crash Champions, LLC (4) (5) (6)	S	+	5.25	%	13.75	%	8/1/2028	632	245		274		0.07
Crash Champions, LLC (4) (5)	S	+	7.00	%	12.36	%	8/1/2029	4,274	4,159		4,317		1.03
Kleinfelder Group, Inc.(The) (4) (5)	S	+	6.50	%	11.63	%	11/28/2025	12,562	12,452		12,563		2.99
Kleinfelder Group, Inc.(The) (4) (5) (6)	S	+	6.25	%	11.63	%	8/4/2028	1,643	(15)		—		—
Kleinfelder Group, Inc.(The) (4) (5) (6)	S	+	6.25	%	11.63	%	9/1/2030	2,464	—		—		—
									39,898		40,663		9.68
Technology & Electronics
Chase Intermediate, LLC (4) (5) (6)	S	+	5.75	%	11.00	%	10/30/2028	8,667	—		(87)		(0.02)
Chase Intermediate, LLC (4) (5) (6)	S	+	5.75	%	11.00	%	10/30/2028	433	(4)		(4)		—
									(4)		(91)		(0.02)

Total First Lien Debt									$	312,788	$	318,189	75.77	%

Second Lien Debt
High Tech
Polaris Newco LLC (4) (5)	S	+	9.00	%	14.49	%	6/4/2029	6,200	6,049		6,107		1.45
									6,049		6,107		1.45

Total Second Lien Debt									$	6,049	$	6,107	1.45	%
Total Investments—non-controlled/non-affiliated									$	318,837	$	324,296	77.22	%
Total Portfolio Investments									$	318,837	$	324,296	77.22	%

(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either Eurolibor (“E”), or SOFR including SOFR adjustment if any, ("S"), CDOR ("C"), which generally resets periodically. S loans are typically indexed to 12 month, 6 month, 3 month or 1 month S rates. For each such loan, the Company has provided the interest rate in effect on the date presented.

(3)The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method in accordance with GAAP.

(4)Investment valued using unobservable inputs (Level 3). See Note 5.

(5)Loan includes interest rate floor feature.

Table of Contents

Investments—non-

controlled/non-

affiliated

Commitment Type

Commitment

Expiration Date

Unfunded

Total Commitment Fair

Value

BCPE HIPH Parent, Inc.

2023 Delayed Draw Term Loan

10/7/2030

311

(2)

Beacon Pointe Advisors, LLC

2021 Revolver

12/29/2027

627

—

Beacon Pointe Advisors, LLC

Delayed Draw Term Loan

12/29/2028

582

—

Bradyifs Holdings, LLC

2023 Delayed Draw Term Loan

10/31/2029

1,088

—

Bradyifs Holdings, LLC

2023 Revolver

10/31/2029

1,108

—

Chase Intermediate, LLC

2023 Revolver

10/30/2028

433

(4)

Chase Intermediate, LLC

2023 Delayed Draw Term Loan

10/30/2028

8,667

(87)

Circana Group, L.P.

Revolver

12/1/2027

400

(4)

Cliffwater LLC

Revolver

10/7/2030

1,000

—

Crash Champions, LLC

2022 Revolver

8/1/2028

358

—

Eagan Sub, Inc.

2023 Revolver

6/1/2029

2,900

—

Evergreen IX Borrower 2023 LLC

Revolver

10/1/2029

599

—

Galway Borrower, LLC

Revolver

9/30/2027

908

(5)

Gateway US Holdings, Inc.

Revolver

9/22/2026

131

(2)

GC Waves Holdings, Inc.

2023 Delayed Draw Term Loan

8/11/2028

1,181

(6)

Geosyntec Consultants

Delayed Draw Term Loan

5/18/2029

—

Geosyntec Consultants

Revolver

5/18/2027

—

GI Apple Midco LLC

Delayed Draw Term Loan

4/19/2030

1,441

—

GI Apple Midco LLC

Revolver

4/19/2029

502

—

Global Music Rights

Revolver

8/27/2027

286

—

Groundworks, LLC

2023 Revolver

3/14/2029

585

—

Groundworks, LLC

2023 Delayed Draw Term Loan

3/14/2030

515

—

Higginbotham Insurance Agency, Inc.

2023 3rd Amendment Delayed Draw Term Loan

11/24/2028

3,707

(9)

Kaseya, Inc.

2022 Revolver

6/25/2029

115

—

Kaseya, Inc.

2022 Delayed Draw Term Loan

6/25/2029

144

—

Kleinfelder Group, Inc.(The)

Revolver

8/4/2028

1,643

—

Kleinfelder Group, Inc.(The)

2023 Delayed Draw Term Loan

9/1/2030

2,464

—

Mammoth Holdings, LLC

2023 Delayed Draw Term Loan

11/15/2030

1,818

—

Mammoth Holdings, LLC

2023 Revolver

11/15/2029

909

—

Mantech International CP

Delayed Draw Term Loan

9/14/2029

566

—

Mantech International CP

Revolver A

9/14/2028

444

—

Marcone Yellowstone Buyer, Inc.

2022 Incremental Delayed Draw Term Loan

6/23/2028

465

(1)

Meridian Adhesives Group, Inc.

2022 1st Lien Delayed Draw Term Loan

9/3/2029

636

New Look Vision Group, Inc.

CAD Revolver

5/26/2026

613

(180)

Next Holdco, LLC

Delayed Draw Term Loan

11/12/2030

1,308

—

Next Holdco, LLC

Revolver

11/9/2029

491

—

Ohio Transmission Corporation

2023 Delayed Draw Term Loan

12/19/2030

1,500

(15)

Ohio Transmission Corporation

2023 Revolver

12/19/2028

1,000

(10)

Peter C. Foy & Associates Insurance Services, LLC

2021 1st Lien Revolver

11/1/2027

310

(3)

Peter C. Foy & Associates Insurance Services, LLC

2023 Incremental Delayed Draw Term Loan

11/1/2028

100

(1)

PetVet Care Centers, LLC

2023 Revolver

11/15/2029

1,396

(7)

PetVet Care Centers, LLC

2023 Delayed Draw Term Loan

11/15/2030

1,396

(7)

PT Intermediate Holdings III, LLC

2023 Incremental Delayed Draw Term Loan

11/1/2028

351

—

Recorded Books Inc.

2023 Revolver

8/31/2028

1,160

(6)

Sequa Corporation

2022 Revolver

11/23/2027

1268

Spectrum Automotive Holdings, Corp.

2021 Delayed Draw Term Loan 1A

6/29/2028

400

(5)

Spectrum Automotive Holdings, Corp.

2021 Revolver

6/29/2027

305

(4)

THG Acquisition, LLC

2021 Delayed Draw Term Loan

12/2/2026

666

(8)

THG Acquisition, LLC

2019 Revolver

12/2/2025

374

(1)

Table of Contents


Wesco Group LLC	CAD Incremental Revolver	10/16/2028	101		(25)
Wesco Group LLC	2022 USD Revolver	10/7/2027	403		(4)
Total			$	49,847	$	(390)

(7)Position or portion thereof unsettled as of December 31, 2023.

(8)The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (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, 2023, non-qualifying assets totaled 1.52% of the Company’s total assets.

(9)As of December 31, 2023, the estimated net unrealized gain for federal tax purposes was $5.5 million based on a tax basis of $316.4 million. As of December 31, 2023, the estimated aggregate gross unrealized loss for federal income tax purposes was $0.1 million and the estimated aggregate gross unrealized gain for federal income tax purposes was $5.6 million.

ADDITIONAL INFORMATION

Foreign currency forward contracts

Counterparty

Currency
Purchased

Currency Sold

Settlement

Unrealized Appreciation
(Depreciation)

City National Bank

U.S. Dollar 6,034

Canadian Dollar 8,200

3/21/2024

(182)

City National Bank

Euro 377,841

U.S. Dollar 421,612

3/28/2024

(2,272)

(2,454)

See accompanying notes to the consolidated financial statements.

Table of Contents

Notes to the Consolidated Financial Statements

(in thousands, except per share amounts)

Note 1. Organization

OHA Senior Private Lending Fund (U) LLC (the “Company”), was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. (the “Adviser”) is the investment adviser of the Company. The Adviser is registered as an investment adviser with the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940. The Company is a closed-end investment company that has filed an election to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”).

The Company’s investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. Subject to any restrictions imposed under the 1940 Act, any related RIC asset diversification requirements and any guidelines and limitations set forth herein, the Company’s investments are expected to primarily consist of senior secured first lien loans and unitranche loans but may include second lien loans or other assets. The Company will seek target position sizes of 2% to 5% of net asset value (“NAV”) and seek to allocate (a) greater than or equal to 80% of NAV to first lien and unitranche loans and (b) less than or equal to 20% of NAV to second lien loans. The Company’s investment mandate is structured to allow for co-investment across Oak Hill Advisors, L.P,’s (together with its affiliated investment advisors and predecessor firms, “OHA”) entire platform, based on existing SEC exemptive relief under Rule 17d-1 under the 1940 Act and any additional SEC exemptive relief obtained in the future.

The Company will have a finite life. The term of the Company will end, and the Company will commence winding up, on the fifth (5th) anniversary of the last calendar day of the investment period of the Company (the “Investment Period”) (including any extensions of such Investment Period), unless extended for up to two (2) consecutive one (1) year periods, in each case, as approved by both the Board of Managers (the “Board”) and members of the Company (“Members”) holding a majority of the outstanding limited liability company interests of the Company (“Shares”).

The Investment Period commenced on the settlement date of the Company’s initial investment (January 4, 2023) and will end on the third-anniversary thereof; provided, however, that the Investment Period may be extended by up to an additional two (2) consecutive one-year periods, each subject to the approval of a majority of the outstanding Shares. Members have the right to terminate the Investment Period and, in certain circumstances, dissolve the Company, as a result of a Cause Event (as defined in the Amended and Restated Limited Liability Company Agreement of the Company (as amended or restated from time to time, the “LLC Agreement”). The Investment Period may also be suspended or terminate early if a “Key Person Event” (as defined in the LLC Agreement) occurs and is not cured. The Company has discretion as to when it calls capital from Members during the Investment Period (and under certain limited circumstances thereafter). As a result, assuming the Investment Period ends on January 4, 2026 and no extension of the term, the Company’s term will end on January 4, 2031.

Note 2. Significant Accounting Policies

Basis of Presentation

The Company’s consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). The Company is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies. These consolidated financial statements reflect adjustments that in the opinion of management are necessary for the fair statement of the financial position and results of operations for the periods presented herein. The Company commenced operations on December 15, 2022 and its fiscal year ends on December 31.

Basis of 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.

Table of Contents

The Company consolidated the results of its wholly owned subsidiaries, ULEND Holding S. à r.l. and ULEND Investment S. à r.l. All intercompany transactions have been eliminated in consolidation.

Segment Reporting

In accordance with ASC Topic 280 - Segment Reporting (“ASC 280”), the Company has determined that it has a

single operating and reporting segment. As a result, the Company's segment accounting policies are the same as described

herein and the Company does not have any intra-segment sales and transfers of assets.

Basis of Accounting

ASC 946 states that consolidation by the Company of an investee that is not an investment company is not appropriate, except when the Company holds a controlling interest in an operating company that provides all or substantially all of its services directly to the Company or to its portfolio companies. None of the portfolio investments made by the Company qualify for this exception.

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents

Cash and cash equivalents represent cash held in banks, cash on hand, and liquid investments with original maturities of three months or less. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure. As of December 31, 2024 and December 31, 2023, the Company did not hold any cash equivalents. As of December 31, 2024 and December 31, 2023, approximately $0.8 million and $0.8 million of the cash and cash equivalents balances were denominated in a foreign currency, respectively.

Investment Related Transactions, Revenue Recognition and Expenses

Investment transactions and the related revenue and expenses are recorded on a trade-date basis. Realized gains or losses are recorded upon the sale or liquidation of investments and are calculated as the difference between the net proceeds from the sale or liquidation, if any, and the cost basis of the investment using the specific identification method. Unrealized appreciation or depreciation reflects the difference between the fair value of the investments and the cost basis of the investments. 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 security using the effective interest method. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized fees and unamortized discounts are recorded as interest income.

In the general course of its business, the Company receives certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees and loan waiver amendment fees, and commitment fees, and are recorded as other income in investment income when earned.

Certain investments may have contractual payment-in-kind (“PIK”) interest. PIK represents accrued interest that is added to the principal amount of the investment on the interest payment date rather than being paid in cash and generally becomes due at maturity or upon the investment being called by the issuer. PIK is recorded as interest income.

Expenses are recorded on an accrual basis.

Non-Accrual Loans

Loans or debt securities are placed on non-accrual status when there is reasonable doubt that principal or interest will be collected. Accrued interest generally is reversed when a loan or debt security is placed on non-accrual status.

Table of Contents

Interest payments received on non-accrual loans or debt securities may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans and debt securities are restored to accrual status when past due principal and interest are paid and, in management’s judgment, principal and interest payments are likely to remain current. The Company may make exceptions to this treatment if a loan has sufficient collateral value and is in the process of collection. As of December 31, 2024 and December 31, 2023, there were no loans placed on non-accrual status.

Valuation of Portfolio Investments

Pursuant to Rule 2a-5 under the 1940 Act, the Board designated the Adviser as the Company’s “valuation designee” to determine the valuation of the Company’s investments. The Adviser shall value the investments owned by the Company in accordance with the Adviser’s valuation policies and procedures, subject at all times to the oversight of the Board. The Adviser values the Company’s investments in accordance with ASC 820, which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date. ASC 820 prioritizes the use of observable market prices derived from such prices over entity-specific inputs. Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material.

Investments that are listed or traded on an exchange and are freely transferable are valued at either the closing price (in the case of securities and futures) or the mean of the closing bid and offer (in the case of options) on the principal exchange on which the investment is listed or traded. Investments for which other market quotations are readily available will typically be valued at such market quotations. Market quotations are obtained from an independent pricing service, where available. If a price cannot be obtained from an independent pricing service or if the independent pricing service is not deemed to be current with the market, certain investments held by the Company will be valued on the basis of prices provided by principal market makers.

With respect to unquoted portfolio investments, the Company will value each investment considering, among other measures, discounted cash flow models, comparisons of financial ratios of peer companies that are public, and other factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Company will use the pricing indicated by the external event to corroborate and/or assist us in our valuation. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material.

With respect to the valuation of investments, the Company undertakes a multi-step valuation process in connection with determining the fair value of our investments for which reliable market quotations are not readily available, which includes, among other procedures, the following:

•The valuation process begins with each investment being preliminarily valued by the Adviser’s valuation team in consultation with the Adviser’s investment professionals responsible for each portfolio investment;

•Generally, investments that constitute a material portion of the Company’s portfolio are periodically reviewed by an independent valuation firm. The independent valuation firms provide a final range of values on such investments to the Adviser. The independent valuation firms also provide analyses to support their valuation methodology and calculations;

•The Adviser’s valuation committee with respect to the Company (the “Valuation Committee”) reviews each valuation recommendation to confirm they have been calculated in accordance with the Company’s valuation policy and when applicable, compares such valuations to the independent valuation firms’ valuation ranges to ensure the Adviser’s valuations are reasonable;

•The Valuation Committee then determines fair value marks for each of the Company’s portfolio investments; and

•The Board and Audit Committee periodically review the valuation process and provide oversight in accordance with the requirements of Rule 2a-5 under the 1940 Act.

As part of the valuation process, the Company will take into account relevant factors in determining the fair value of the Company’s investments for which reliable market quotations are not readily available, many of which are loans,

Table of Contents

including and in combination, as relevant: the estimated enterprise value of a portfolio company, analysis of discounted cash flows, publicly traded comparable companies and comparable transactions; the nature and realizable value of any collateral; the portfolio company’s ability to make payments based on its earnings and cash flow; the markets in which the portfolio company does business; and overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future.

The Company has and will continue to engage independent valuation firms to provide assistance regarding the determination of the fair value of the Company’s portfolio securities for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment, and the Adviser and the Company may reasonably rely on that assistance. However, the Adviser is responsible for the ultimate valuation of the portfolio investments at fair value as determined in good faith pursuant to the Company’s valuation policy, the Board’s oversight and a consistently applied valuation process.

The Company applies ASC 820, which establishes a framework for measuring fair value in accordance with GAAP and required disclosures of fair value measurements. The fair value of a financial instrument is the amount that would be received in an orderly transaction between market participants at the measurement date. The Company determines the fair value of investments consistent with its valuation policy. The Company discloses the fair value of its investments in a hierarchy which prioritizes and ranks the level of market observability used in the determination of fair value. In accordance with ASC 820, these levels are summarized below:

•Level 1 — Valuations based on quoted prices (unadjusted) in active markets for identical assets or liabilities at the measurement date.

•Level 2 — Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

•Level 3 — Valuations based on inputs that are unobservable and significant to the fair value measurement.

A financial instrument’s level within the hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuations of Level 2 investments are generally based on quotations received from pricing services, dealers or brokers where there is sufficient quote depth. Consideration is given to the source and nature of the quotations and the relationship of recent market activity to the quotations provided.

Transfers between levels, if any, are recognized at the beginning of the reporting period in which the transfers occur. The Company evaluates the source of inputs used in the determination of fair value, including any markets in which the investments, or similar investments, are trading. When the fair value of an investment is determined using inputs from a pricing service (or principal market makers), the Company considers various criteria in determining whether the investment should be classified as a Level 2 or Level 3 investment. Criteria considered includes the pricing methodologies of the pricing services (or principal market makers) to determine if the inputs to the valuation are observable or unobservable, as well as the number of prices obtained and an assessment of the quality of the prices obtained. The level of an investment within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires significant judgment.

The fair value assigned to these investments is based upon available information and may fluctuate from period to period. In addition, it does not necessarily represent the amount that might ultimately be realized upon sale. Due to inherent uncertainty of valuation, the estimated fair value of investments may differ from the value that would have been used had a ready market for the security existed, and the difference could be material.

Receivables/Payables From Investments Sold/Purchased

Receivables/payables from investments sold/purchased consist of amounts receivable to or payable by the Company for transactions that have not settled at the reporting date. As of December 31, 2024, the Company had $0.0 million of payables for investments purchased and had $0.1 million of receivables for investments sold. As of December 31, 2023, the Company had $0.1 million of payables for investments purchased and had $1.9 million receivables for investments sold.

Table of Contents

Foreign Currency Transactions

Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates effective on the last business day of the period; and (ii) purchases and sales of investments, borrowings and repayments of such borrowings, income, and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates.

The Company includes net changes in fair values on investments held resulting from foreign exchange rate fluctuations in translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations, if any. Foreign security and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.

Foreign Currency Forward Contracts

The Company may enter into foreign currency forward contracts to reduce the exposure to foreign currency exchange rate fluctuations of the Company and its Members. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. Forward foreign currency contracts are marked-to-market at the applicable forward rate. Unrealized gain (loss) on foreign currency forward contracts is recorded on the consolidated statements of assets and liabilities on a gross basis, not taking into account collateral posted which is recorded separately, if applicable. Notional amounts of foreign currency forward contract assets and liabilities are presented separately on the schedules of investments. Purchases and settlements of foreign currency forward contracts having the same settlement date and counterparty are generally settled net and any realized gains or losses are recognized on the settlement date.

Organization and Offering Expenses

Organizational costs, primarily for legal expenses associated with the establishment of the Company, are expensed as incurred.

Costs associated with the offering of Shares of the Company will be capitalized as deferred offering expenses and included as other assets on the Consolidated Statement of Assets and Liabilities and amortized over a twelve-month period from incurrence. As of December 31, 2024 and December 31, 2023, all offering costs were fully amortized. For the year ended December 31, 2024, the Company did not incur amortization of offering costs. For the year ended December 31, 2023, the Company amortized offering costs of $0.4 million.

The Adviser agreed to incur organizational and start-up costs on behalf of the Company. The Company has repaid the Adviser for initial organization and start-up costs incurred prior to the commencement of our operations up to a maximum of $750,000.

Operating Expense Cap

The Adviser has agreed to pay any annual operating expenses of the Company (excluding (i) third-party legal expenses incurred in connection with investments and the ordinary course operation of the Company and (ii) the management fee and incentive fees paid to the Adviser) that would cause such operating expenses to exceed 0.40% per annum of the Company’s average net assets in respect of the relevant year (the “Operating Expense Cap”). Any operating expenses in excess of the aforementioned Operating Expense Cap shall be borne by the Adviser (including through waiver of income based incentive fees) and shall not be subject to recoupment.

Operating expenses subject to the Operating Expense Cap include, but are not limited to, the Company’s total professional fees, Board fees, administration fees, and other general and administrative expenses (including the Company’s allocable portion of compensation (including salaries, bonuses and benefits), overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement.

Table of Contents

Income Taxes

The Company has elected to be regulated as a BDC under the 1940 Act. The Company elected to be treated as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”), beginning with its fiscal year (or period) ending December 31, 2022. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its Members as distributions. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company’s investors and would not be reflected in the consolidated financial statements of the Company.

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. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. There were no material uncertain tax positions through December 31, 2024. As applicable, the Company’s prior year remains subject to examination by U.S. federal, state and local tax authorities.

To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its Members, for each taxable year, at least 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses.

In addition, based on the excise tax distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (1) 98% of its ordinary income for the 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 prior years. 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.

Distributions

Distributions to Members are recorded on the record date. The amount to be distributed, if any, is determined by the Board each quarter, and is generally based upon the earnings estimated by the Adviser. The Company intends to distribute net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, at least annually out of the assets legally available for such distributions. However, the Company may decide in the future to retain such capital gains for investment, incur a corporate-level tax on such capital gains, and elect to treat such capital gains as deemed distributions to Members.

Recent Accounting Pronouncements

The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the FASB. ASUs not listed were assessed by the Company and either determined to be not applicable or not expected to have a material effect on the accompanying consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”),” which intends to improve the transparency of income tax disclosures. ASU No. 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact to its consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”),” which enhances disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker (the “CODM”). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by ASC 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported

Table of Contents

measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for the fiscal years beginning after December 15, 2023, and interim periods beginning with the quarter ended March 31, 2025. Early adoption is permitted and retrospective adoption is required for all prior periods presented. The Company has adopted ASU 2023-07 effective December 31, 2024 and concluded that the application of this guidance did not have any material impact on its consolidated financial statements. See Note 7 for more information on the effects of the adoption of ASU 2023-07.

Note 3. Fees, Expenses, Agreements and Related Party Transactions

Investment Advisory Agreement

On November 14, 2022, the Company entered into an investment advisory agreement with the Adviser (the “Advisory Agreement”), pursuant to which the Adviser manages the Company on a day-to-day basis. The Adviser is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring the Company’s investments and monitoring its investments and portfolio companies on an ongoing basis.

The Advisory Agreement is effective for an initial two-year term and will remain in effect from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Company’s outstanding voting securities and, in each case, a majority of the Company’s Independent Board members. The Company may terminate the Advisory Agreement, without payment of any penalty, upon 60 days’ written notice. The Advisory Agreement will automatically terminate in the event of its assignment within the meaning of the 1940 Act and related SEC guidance and interpretations.

The Company pays the Adviser a fee for its services under the Advisory Agreement consisting of two components: a management fee and an incentive fee. The cost of both the management fee and the incentive fee will ultimately be borne by the Members. Substantial additional fees and expenses may also be charged by OHA Private Credit Advisors II, L.P., in its capacity as the administrator to the Company (the “Administrator”).

Management Fee

The management fee is payable monthly in arrears at an annual rate of 0.65% of the value of our net assets as of the beginning of the first calendar day of the applicable month. For purposes of the Advisory Agreement, net assets means our total assets (which does not include unfunded capital commitments) less the fair value of our liabilities, determined on a consolidated basis in accordance with GAAP.

For the years ended December 31, 2024 and December 31, 2023, management fees were $2.8 million and $1.7 million, respectively, of which none were waived. As of December 31, 2024 and December 31, 2023, $0.8 million and $1.0 million, respectively, remained payable related to the base management fee accrued in management fee payable on the consolidated statement of assets and liabilities.

Incentive Fee

The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on a percentage of our income and a portion is based on a percentage of our capital gains, each as described below.

Incentive Fee Based on Income

The first part of the incentive fee is based on income, whereby the Company pays the Adviser annually in arrears 12.5% of its Pre-Incentive Fee Net Investment Income Returns (as defined below) for the relevant calendar year subject to a 5.75% annualized hurdle rate (the “Hurdle Rate”). “Pre-Incentive Fee Net Investment Income Returns” means dividends, cash interest or other distributions or other cash income and any third-party fees received from portfolio companies (such as upfront fees, commitment fees, origination fee, amendment fees, ticking fees and break-up fees, as well as prepayments premiums, but excluding fees for providing managerial assistance and fees earned by the Adviser or an affiliate in its capacity as an administrative agent, syndication agent, collateral agent, loan servicer or other similar capacity) accrued during the month, minus operating expenses for the month (including the management fee, taxes, any expenses payable under the Advisory Agreement and an administration agreement with our administrator (the “Administration Agreement”),

Table of Contents

any expense of securitizations, and interest expense or other financing fees and any distributions paid on preferred shares, but excluding the incentive fee and Member servicing and/or distribution fees). Pre-Incentive Fee Net Investment Income Returns includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind (“PIK”) interest and zero-coupon securities), accrued income that we have not yet received in cash. Pre-Incentive Fee Net Investment Income Returns does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

The Company pays the Adviser an incentive fee with respect to the Company’s Pre-Incentive Fee Net Investment Income Returns as follows:

•No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar year in which the Company’s Pre-Incentive Fee Net Investment Income Returns does not exceed an annualized Hurdle Rate of 5.75%;

•100% of Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the Hurdle Rate but is less than 6.57143% in any calendar year. This portion of the Pre-Incentive Fee Net Investment Income Returns (which exceeds the Hurdle Rate but is less than 6.57143%) is referred to as the “catch-up.” The “catch-up” is meant to provide the Adviser with approximately 12.5% of the Company’s Pre-Incentive Fee Net Investment Income Returns as if a Hurdle Rate did not apply if Pre-Incentive Fee Net Investment Income Returns exceeds 6.57143% in any calendar year; and

•12.5% of the Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds 6.57143% in any calendar year, which reflects that once the Hurdle Rate is reached and the catch-up is achieved, 12.5% of all Pre-Incentive Fee Net Investment Income Returns is paid to the Adviser.

For the years ended December 31, 2024 and December 31, 2023, income based incentive fees (before waivers) were $5.6 million and $3.1 million, respectively. For the years ended December 31, 2024 and December 31, 2023, $0.4 million and $1.0 million, of income incentive fees were waived in accordance with the annual Operating Expense Cap. As of December 31, 2024 and December 31, 2023, $5.2 million and $2.0 million related to the income based incentive fee had accrued and remained payable on the consolidated statement of assets and liabilities, respectively.

Incentive Fee Based on Capital Gains

The second component of the incentive fee, the capital gains incentive fee, is payable at the end of each calendar year in arrears. The amount payable equals:

•12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with GAAP.

There were no capital gains based incentive fees for the year ended December 31, 2024 and $1.2 million for the year ended December 31, 2023. As of December 31, 2024 and December 31, 2023, $0.0 million and $1.2 million, respectively, remained payable related to the capital gains based incentive fee accrued in capital gains incentive fee payable on the consolidated statement of assets and liabilities.

Administration Agreement

Under the Administration Agreement, the Administrator provides, or oversees the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of NAV, compliance monitoring (including diligence and oversight of our other service providers), preparing reports to Members and reports filed with the SEC and other regulators, preparing materials and coordinating meetings of our Board, managing the payment of expenses, the payment and receipt of funds for investments and the performance of administrative and professional services rendered by others and providing office space, equipment and office services. We will reimburse the Administrator for the reasonable fees, costs and expenses incurred by the Administrator in performing its obligations under the Administration Agreement. Such reimbursement will include the Company’s allocable portion of compensation, Overhead and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to: (i) the Company’s chief compliance officer, chief financial officer

Table of Contents

and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Administrator that perform duties for the Company; and (iii) any internal audit group personnel of OHA or any of its affiliates, subject to the limitations described in the Advisory Agreement and the Administration Agreement. In addition, pursuant to the terms of the Administration Agreement, the Administrator may delegate its obligations under the Administration Agreement to an affiliate or to a third party and we will reimburse the Administrator for any services performed for us by such affiliate or third party. The Administrator hired a sub-administrator to assist in the provision of administrative services. The sub-administrator will receive compensation for its sub-administrative services under a sub-administration agreement.

The amount of the reimbursement payable to the Administrator will be the lesser of (1) the Administrator’s actual costs incurred in providing such services and (2) the amount that we estimate we would be required to pay alternative service providers for comparable services in the same geographic location. The Administrator will be required to allocate the cost of such services to us based on factors such as assets, revenues, time allocations and/or other reasonable metrics. We will not reimburse the Administrator for any services for which it receives a separate fee, or for rent, depreciation, utilities, capital equipment or other administrative items allocated to a controlling person of the Administrator.

For the years ended December 31, 2024 and December 31, 2023, there were $0.4 million and $0.0 million, respectively, in expenses related to the Administrator that were included in other general and administrative expenses on the consolidated statements of operations and the payable included in accrued expenses and other liabilities in the consolidated statements of assets and liabilities.

The sub-administrator is paid its compensation for performing its sub-administrative services under the sub-administration agreement. For the years ended December 31, 2024 and December 31, 2023, there were $0.4 million and $0.4 million, respectively, in expenses related to the sub-administrator which is included in administrative service expenses on the consolidated statements of operations and the payable included in accrued expenses and other liabilities in the consolidated statements of assets and liabilities. The sub-administrator is paid its compensation for performing its sub-administrative services under the sub-administration agreement.

Note 4. Investments

The composition of the Company’s investment portfolio at cost and fair value as of December 31, 2024 and December 31, 2023 was as follows:


	December 31, 2024						December 31, 2023
	Amortized Cost		Fair Value		% of Total Investments at Fair Value		Amortized Cost		Fair Value		% of Total Investments at Fair Value

First lien debt	$	414,659	$	417,230	98.5	%	$	312,788	$	318,189	98.1	%
Second lien debt	6,070		6,200		1.5		6,049		6,107		1.9
Total investments	$	420,729	$	423,430	100.0	%	$	318,837	$	324,296	100.0	%

The industry composition of investments based on fair value as of December 31, 2024 and December 31, 2023 were as follows:

Table of Contents


	December 31, 2024
Services: Business	17.9	%
High Tech	11.8
Healthcare, Education and Childcare	10.3
Insurance	7.7
Capital Equipment	6.3
Services: Consumer	6.2
Finance	5.9
Chemicals, Plastics and Rubber	5.5
Consumer Goods: Durable	4.9
Media: Diversified & Production	4.5
Aerospace and Defense	3.4
Printing and Publishing	3.3
Automobile	3.3
Construction & Building	1.6
Technology & Electronics	1.6
Retail Stores	1.6
Buildings and Real Estate	1.4
Broadcasting and Entertainment	1.2
Containers, Packaging and Glass	0.9
Ecological	0.7
Total	100.0	%


	December 31, 2023
Insurance	12.9	%
Services: Consumer	12.5
Healthcare, Education and Childcare	10.4
High Tech	9.9
Services: Business	8.6
Finance	7.5
Aerospace and Defense	7.1
Chemicals, Plastics and Rubber	5.6
Printing and Publishing	4.4
Consumer Goods: Durable	4.4
Automobile	4.4
Construction & Building	3.5
Capital Equipment	2.3
Media: Diversified & Production	2.2
Retail Stores	2.1
Containers, Packaging and Glass	1.2
Broadcasting and Entertainment	1.0
Technology & Electronics	—
Total	100.0	%

Table of Contents

The geographic composition of investments at cost and fair value as of December 31, 2024 and December 31, 2023 were as follows:


	December 31, 2024
		Amortized Cost		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
United States		$	378,303	$	381,519	90.1	%	87.4	%
United Kingdom		13,554		13,553		3.2		3.1
Germany		12,129		11,860		2.8		2.7
Switzerland		9,955		9,863		2.3		2.3
Canada		6,788		6,635		1.6		1.5
Total		$	420,729	$	423,430	100.0	%	97.0	%


	December 31, 2023
		Amortized Cost		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
United States		$	312,342	$	317,536	97.9	%	75.6	%
Canada		6,495		6,760		2.1		1.6
Total		$	318,837	$	324,296	100.0	%	77.2	%

Note 5. Fair Value of Investments

The following tables present the fair value hierarchy of investments as of December 31, 2024 and December 31, 2023, categorized by the ASC 820 valuation hierarchy, as previously described:


	December 31, 2024
Assets		Level 1		Level 2		Level 3		Total
First Lien Debt		$	—	$	5,130	$	412,100	$	417,230
Second Lien Debt		—		—		6,200		6,200
Total investments		$	—	$	5,130	$	418,300	$	423,430


	December 31, 2023
Assets		Level 1		Level 2		Level 3		Total
First Lien Debt		$	—	$	—	$	318,189	$	318,189
Second Lien Debt		—		—		6,107		6,107
Total investments		$	—	$	—	$	324,296	$	324,296

The following tables present the change in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value for the years ended December 31, 2024 and December 31, 2023:

Table of Contents


	For the Year Ended
	December 31, 2024
	First Lien Debt		Second Lien Debt		Total Investments
Fair value, beginning of year	$	318,189	6,107		324,296
Purchases of investments(1)	204,936		—		204,936
Proceeds from principal repayments and sales of investments	(111,159)		—		(111,159)
Accretion of discount/amortization of premium	3,031		20		3,051
Net realized gain (loss)	188		—		188
Net change in unrealized appreciation (depreciation)	(3,080)		73		(3,007)
Transfers into Level 3 (2)	—		—		—
Transfers out of Level 3 (2)	(5)		—		(5)
Fair value, end of year	$	412,100	$	6,200	$	418,300
Net change in unrealized appreciation (depreciation) related to financial instruments still held as of December 31, 2024	$	(427)	$	73	$	(354)


	For the Year Ended
	December 31, 2023
	First Lien Debt		Second Lien Debt		Total Investments
Fair value, beginning of year	$	149,586	—		149,586
Purchases of investments(1)	188,585		6,045		194,630
Proceeds from principal repayments and sales of investments	(26,771)		—		(26,771)
Accretion of discount/amortization of premium	1,321		5		1,326
Net realized gain (loss)	68		—		68
Net change in unrealized appreciation (depreciation)	5,400		57		5,457
Transfers into Level 3 (2)	—		—		—
Transfers out of Level 3 (2)	—		—		—
Fair value, end of year	$	318,189	$	6,107	$	324,296
Net change in unrealized appreciation (depreciation) related to financial instruments still held as of December 31, 2023	$	5,460	$	57	$	5,517

(1)Purchases include PIK interest, if applicable.

(2)Transfers between levels are recognized at the beginning of the year in which the transfer occurred. For the year ended December 31, 2024, transfers from Level 3 to Level 2 were primarily due to increased price transparency. For the year ended, December 31, 2023, there no transfers into or out of Level 3.

Significant Unobservable Inputs

In accordance with ASC 820, the following tables provide quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of December 31, 2024 and December 31, 2023. The tables

Table of Contents

are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.

December 31, 2024

Fair Value

Valuation Techniques

Unobservable Input

Range/Input

(Weighted Average)(1)

Assets:

First lien debt

389,496

Discounted cash flow

Comparative Yields

7.3% - 15.3% (9.6%)

First lien debt

22,604

Precedent Transaction

Transaction Price

N/A

Total first lien debt

412,100

Second lien debt

6,200

Discounted cash flow

Comparative Yields

13.0%

Total investments

418,300

December 31, 2023

Fair Value

Valuation Techniques

Unobservable Input

Range/Input

(Weighted Average)(1)

Assets:

First lien debt

294,813

Discounted cash flow

Comparative Yields

8.9% - 11.7% (9.9%)

First lien debt

23,376

Precedent Transaction

Transaction Price

N/A

Total first lien debt

318,189

Second lien debt

6,107

Discounted cash flow

Comparative Yields

13.1%

Total investments

324,296

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

The Company used the income approach to determine the fair value of certain Level 3 assets as of December 31, 2024 and December 31, 2023. The significant unobservable inputs used in the income approach is the comparative yield and discount rate. The comparative yield and discount rate is 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.

Note 6: Derivatives

The Company enters into derivative financial instruments in the normal course of business from time to time to achieve certain risk management objectives, including managing its interest rate and foreign currency risk exposures. For derivative contracts, the Company enters into netting arrangements with its counterparties. In accordance with authoritative guidance, the Company offsets fair value amounts recognized for derivative instruments with the same counterparty under a master netting arrangement.

The Company may enter into forward currency exchange contracts to reduce the exposure to foreign currency exchange rate fluctuations of the Company and its Members, as described in Note 2. The fair value of derivative contracts open as of December 31, 2024 and December 31, 2023 is included on the consolidated schedules of investments by contract. The Company had no collateral receivable as of December 31, 2024 and December 31, 2023 and had $0.2 million and $17.6 million collateral payable as of December 31, 2024 and December 31, 2023, respectively. Collateral amounts posted are included in collateral on forward currency exchange contracts on the consolidated statements of assets and liabilities. Collateral payable is included in collateral payable on forward currency exchange contracts on the consolidated statements of assets and liabilities.

For the years ended December 31, 2024 and December 31, 2023, the Company’s average U.S. dollar notional exposure to forward currency exchange contracts was $458.2 million and $275.3 million, respectively. During the period ended December 31, 2022, the Company’s average U.S. dollar notional exposure to forward currency exchange contracts was $187.9 million.

Table of Contents

The following tables present both gross and net information about derivative instruments eligible for offset in the Consolidated Statements of Assets and Liabilities.


December 31, 2024
Counterparty	Gross Amount of Assets		Gross Amount of (Liabilities)		Net amounts presented in the Statements of Assets and Liabilities		Collateral Received/Pledged(1)		Net Amounts(2)
State Street Bank and Trust Company	$	—	$	(26,106)	$	(26,106)	$	—	$	(26,106)


December 31, 2023
Counterparty	Gross Amount of Assets		Gross Amount of (Liabilities)		Net amounts presented in the Statements of Assets and Liabilities		Collateral Received/Pledged(1)		Net Amounts(2)
State Street Bank and Trust Company	$	—	$	(2,454)	$	(2,454)	$	—	$	(2,454)

(1)Amount excludes excess cash collateral paid.

(2)Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual set off rights under the agreement. Net amount excludes any over-collateralized amounts, if applicable.

The effect of transactions in derivative instruments on the Consolidated Statements of Operations for the years ended December 31, 2024 and December 31, 2023 and for the period from December 15, 2022 (commencement of operations) to December 31, 2022 were as follows:


	For the Year Ended				For the Period from December 15, 2022 (commencement of operations) to
	December 31, 2024		December 31, 2023		December 31, 2022
Realized gain (loss) on foreign currency forward contracts	$	(11,376)	$	10,778	$	—
Net change in unrealized gain (loss) on foreign currency forward contracts	(23,652)		(3,140)		686
Total net realized and unrealized gain (loss) on foreign currency forward contracts	$	(35,028)	$	7,638	$	686

Note 7: Segment Reporting

The Company operates through a single operating and reporting segment with an investment objective to generate both current income and capital appreciation through debt and equity investments. The CODM is comprised of the Company’s lead portfolio managers and internal members of the Board (including the chief executive officer), chief financial officer and chief operating officer, and the CODM assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company’s net increase in stockholders’ equity resulting from operations (“GAAP net income”). In addition to numerous other factors and metrics, the CODM utilizes GAAP net income as a key metric in determining the amount of dividends to be distributed to the Company’s shareholders. As the Company’s

Table of Contents

operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated balance sheet as “total assets” and the significant segment expenses are listed on the accompanying consolidated statement of operations.

Note 8: Commitments and Contingencies

In the normal course of business, the Company enters 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 may contain debt investments which are in the form of lines of credit or delayed draw commitments, which require the Company to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of December 31, 2024 and December 31, 2023, the Company had the following unfunded delayed draw term loans and revolvers:


	Par Value as of
	December 31, 2024		December 31, 2023
Unfunded delayed draw commitments	$	35,950	$	29,405
Unfunded revolving commitments	28,764		20,442
Total unfunded commitments	$	64,714	$	49,847

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of December 31, 2024, management is not aware of any pending or threatened material litigation.

Investor Commitments

As of December 31, 2024, the Company had $543.8 million in total capital commitments from investors, $83.5 million of which was undrawn. As of December 31, 2023, the Company had $552.0 million in total capital commitments from investors, $152.6 million of which was undrawn.

Note 9. Net Assets

Subscriptions and Drawdowns

As of December 31, 2024, December 31, 2023, and December 31, 2022, the Company had 44,724,135, 38,954,613, and 18,648,373 Shares issued and outstanding, respectively, with a par value of $0.01 per Share. The Company has entered into subscription agreements with investors providing for the private placement of the Company’s Shares. Under the terms of the subscription agreements, investors are required to fund drawdowns to purchase the Company’s Shares up to the amount of their respective capital commitment on an as-needed basis each time the Adviser delivers a drawdown notice to such investors.

The following table summarizes capital activity for the year ended December 31, 2024:

Table of Contents


	Shares			Capital in Excess of Par Value		Accumulated Net Investment Income (Loss)		Accumulated Net Realized Gain (Loss)		Accumulated Net Unrealized Appreciation (Depreciation)
	Shares	Amount										Total Net Assets
Balance, beginning of period	38,954,613	$	390	$	398,535	$	6,522	$	11,561	$	3,005	$	420,013
Common Shares issued	5,769,522	57		$	60,821	—		—		—		60,878
Distribution reinvestment	—	—		—		—		—		—		—
Repurchase of Shares	—	—		—		—		—		—		—
Net investment income (loss)	—	—		—		39,720		—		—		39,720
Net realized gain (loss)	—	—		—		—		(11,572)		—		(11,572)
Net change in unrealized appreciation (depreciation)	—	—		—		—		—		(2,758)		(2,758)
Net change in unrealized currency gain (losses) on non-investment assets and liabilities	—	—		—		—		—		(23,652)		(23,652)
Distributions declared	—	—		—		(36,582)		(9,757)		—		(46,339)
Tax reclassification of shareholders' equity in accordance with GAAP	—	—		(73)		(2,482)		2,555		—		—
Balance end of period	44,724,135	$	447	$	459,283	$	7,178	$	(7,213)	$	(23,405)	$	436,290

The following table summarizes capital activity for the year ended December 31, 2023:


	Shares			Capital in Excess of Par Value		Accumulated Net Investment Income (Loss)		Accumulated Net Realized Gain (Loss)		Accumulated Net Unrealized Appreciation (Depreciation)
	Shares	Amount										Total Net Assets
Balance, beginning of period	18,648,373	$	186	$	186,232	$	539	$	—	$	808	$	187,765
Common Shares issued	20,306,240	204		212,724		—		—		—		212,928
Distribution reinvestment	—	—		—		—		—		—		—
Repurchase of Shares	—	—		—		—		—		—		—
Net investment income (loss)	—	—		—		21,299		—		—		21,299
Net realized gain (loss)	—	—		—		—		11,991		—		11,991
Net change in unrealized appreciation (depreciation)	—	—		—		—		—		5,337		5,337
Net change in unrealized currency gain (losses) on non-investment assets and liabilities	—	—		—		—		—		(3,140)		(3,140)
Distributions declared	—	—		—		(15,481)		(686)		—		(16,167)
Tax reclassification of shareholders' equity in accordance with GAAP	—	—		(421)		165		256		—		—
Balance end of period	38,954,613	$	390	$	398,535	$	6,522	$	11,561	$	3,005	$	420,013

The following table summarizes capital activity during the period ended December 31, 2022:

Table of Contents


	Shares			Capital in Excess of Par Value		Accumulated Net Investment Income (Loss)		Accumulated Net Realized Gain (Loss)		Accumulated Net Unrealized Appreciation (Depreciation)
	Shares	Amount										Total Net Assets
Balance, beginning of period	—	$	—	$	—	$	—	$	—	$	—	$	—
Common shares issued	18,648,373	186		186,289		—		—		—		186,475
Distribution reinvestment	—	—		—		—		—		—		—
Repurchase of shares	—	—		—		—		—		—		—
Net investment income (loss)	—	—		—		(442)		—		—		(442)
Net realized gain (loss)	—	—		—		—		924		—		924
Net change in unrealized appreciation (depreciation)	—	—		—		—		—		122		122
Net change in unrealized currency gain (losses) on non-investment assets and liabilities	—	—		—		—		—		686		686
Distributions declared	—	—		—		—		—		—		—
Tax reclassification of shareholders' equity in accordance with U.S. GAAP	—	—		(57)		981		(924)		—		—
Balance end of period	18,648,373	$	186	$	186,232	$	539	$	—	$	808	$	187,765

The Company’s distributions are recorded on the record date. The following table summarizes distributions declared for the year ended December 31, 2024:


Date Declared	Record Date	Payment Date	Amount Per Share (1)		Total Distributions
March 6, 2024	March 6, 2024	March 22, 2024	$	0.20	7,625
May 2, 2024	May 8, 2024	May 22, 2024	$	0.25	9,769
July 30, 2024	June 28, 2024	August 16, 2024	$	0.24	9,349
November 6, 2024	November 7, 2024	November 15, 2024	$	0.47	19,596
Total					$	46,339

(1) Includes capital gain distributions of $0.2329 per for share for the November 15, 2024 distribution payment.

The following table summarizes distributions declared during year ended December 31, 2023:


Date Declared	Record Date	Payment Date	Amount Per Share		Total Distributions
June 2, 2023	June 6, 2023	June 8, 2023	$	0.15	$	3,222
August 8, 2023	August 31, 2023	September 15, 2023	$	0.20	5,011
November 6, 2023	November 14, 2023	November 17, 2023	$	0.20	7,934
Total					$	16,167

There were no dividends declared for the period from December 15, 2022 (commencement of operations) to December 31, 2022.

The U.S. federal income tax characterization of distributions declared and paid for the fiscal year will be determined at fiscal year-end based upon our investment company taxable income for the full fiscal year and distributions paid during the full year.

Sources of distributions, other than net investment income and realized gains on a GAAP basis, include required adjustments to GAAP net investment income in the current period to determine taxable income available for distributions.

Table of Contents

Note 10. Income Tax

Taxable income differs from net increase (decrease) in net assets resulting from operations primarily due to: (1) unrealized appreciation (depreciation) on investments, as gains and losses are generally not included in taxable income until they are realized; (2) the tax treatment of foreign currency forward contracts, (3) amortization of organizational costs, (4) material modifications of debt instruments, and (5) other non-deductible expenses.

The Company makes certain adjustments to the classification of net assets as a result of permanent book-to-tax differences, which include non-deductible expenses, among other items. To the extent these differences are permanent, they are charged or credited to additional paid in capital, undistributed net investment income or undistributed net realized gains on investments, as appropriate.

As of December 31, 2024 and December 31, 2023, the Company made the following permanent book tax differences and reclasses:


	December 31, 2024		December 31, 2023
Paid in capital excess of par value	$	(73)	$	(421)
Distributable income in excess of net investment income(1)	$	(2,482)	$	165
Accumulated realized gains(1)	$	2,555	$	256

(1)Amounts are included in distributable earnings (accumulated loss) on the Consolidated Statements of Assets and Liabilities.

As of December 31, 2024 and December 31, 2023, the Company’s tax year end, components of distributable earnings on a tax basis are as follows:


	December 31, 2024		December 31, 2023
Undistributed ordinary income	$	6,602	$	11,164
Net tax appreciation/(depreciation)	$	2,520	$	5,459
Undistributed capital gains	$	—	$	4,583
Accumulated capital losses	$	(32,451)	$	—
Other temporary differences	$	(111)	$	(119)

The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable primarily to the tax treatment of foreign currency forward contracts and material modifications of debt instruments.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2024 and December 31, 2023, the Company had $32.5 million and $0.0 million of capital loss carryforwards, respectively, of which $12.3 million and $0.0 million were short-term capital loss carryforwards, respectively, and $20.2 million and $0 were long-term capital loss carryforwards, respectively.

Table of Contents

The tax character of shareholder distributions attributable for the years ended December 31, 2024 and December 31, 2023 were as follows:


Paid Distributions attributable to:	December 31, 2024		December 31, 2023
Ordinary income	$	41,756	$	15,755
Return of capital	—		—
Long term gain	4,583		411
Total taxable distributions	$	46,339	$	16,166

Unrealized appreciation and depreciation as of December 31, 2024 and December 31, 2023, based on cost of investments for U.S. federal income tax purposes were as follows:


	December 31, 2024		December 31, 2023
Gross appreciation	$	3,948	$	5,558
Gross (depreciation)	$	(1,428)	$	(99)
Net appreciation/(depreciation)	$	2,520	$	5,459
Cost	$	394,804	$	316,384

Note 11. Financial Highlights

The following are financial highlights for Shares outstanding for the years ended December 31, 2024 and December 31, 2023 and for the period from December 15, 2022 (commencement of operations) to December 31, 2022:

Table of Contents


	For the Year Ended						For the Period from December 15, 2022 (commencement of operations) to
	December 31, 2024			December 31, 2023			December 31, 2022
Per Share data:(1)
Net asset value, beginning of year	$	10.78		$	10.07		$	—
Net investment income (loss)	0.97			0.83			(0.14)
Net realized and unrealized gains (losses) (2)	(0.83)			0.46			0.21
Net increase (decrease) in net assets resulting from operations	0.14			1.29			0.07
Impact of issuance of common stock	—			—			10.00
Shareholder distributions from income (3)	(1.16)			(0.58)			—

Net asset value, end of year	$	9.76		$	10.78		$	10.07

Total Return (4)	(1.26)		%	7.05		%	0.69		%

Ratios and supplemental data:
Net assets, end of year	$	436,290		$	420,013		$	187,765

Portfolio turnover rate(5)	29.40		%	11.90		%	N/A
Ratio of expenses before management and incentive fees to average net assets(6)(7)	0.67		%	1.14		%	6.02		%
Ratio of expenses after management and incentive fees before waivers to average net assets(6)(7)	2.62		%	3.27		%	6.02		%
Ratio of expenses after waivers to average net assets(6)(7)	2.53		%	2.90		%	6.02		%
Net investment income (loss) to average net assets before waivers(6)(7)	9.18		%	7.62		%	(6.02)		%
Net investment income (loss) to average net assets after waivers(6)(7)	9.27		%	7.99		%	(6.02)		%

(1)The per Share data was derived by using the weighted average Shares outstanding during the period.

(2)The amount shown for a Share outstanding may not correspond with the aggregate realized and unrealized gain (loss) on investments for the period due to the timing of capital share transactions of fund Shares in relation to fluctuating market values of investments of the Company.

(3)The per Share data for distributions was derived by using the actual Shares outstanding at the date of the relevant transactions.

(4)For the year ended December 31, 2024, total return based on net asset value is calculated as the change in net asset value per share during the period, assuming quarterly distributions that have been declared are reinvested on the effects of the performance of the Company based on the NAV at the end of the previous quarter. For the year ended December 31, 2023 and for the period ended December 31, 2022, total return based on net asset value is calculated as the change in net asset value per share during the period. Total return has not been annualized.

(5)Portfolio turnover rate is calculated using the lesser of year-to-date sales and year-to-date purchases over the average of the investments assets at fair value for the period reported.

(6)Annualized.

(7)The Advisor has agreed to waive income incentive fee in accordance with the annual Operating Expense Cap overage.

Note 12. Subsequent Events

The Company’s management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. Other than as disclosed below, there have been no subsequent events that occurred during such period that would require disclosure in this Form 10-K or would be required to be recognized in the consolidated financial statements as of and for the year ended December 31, 2024.

Table of Contents

On March 4, 2025, the Company declared a distribution of $0.23 per Share, all of which is payable on March 14, 2025 to Members of record as of March 5, 2025.

Item 15. Exhibits

The following documents are filed as part of this Annual Report:

1.Consolidated Financial Statements - Financial statements are included in Item 8. See the Index to the Consolidated Financial Statements included in this Annual Report on Form 10-K.

2.Financial Statement Schedules - None. We have omitted financial statement schedules because they are not required or are not applicable, or the required information is shown in the consolidated statements or notes to the consolidated financial statements included in this Annual Report on Form 10-K.

3.Exhibits - The following is a list of all exhibits filed as a part of this Annual Report on Form 10-K, including those incorporated by reference.

Please note that the agreements included as exhibits to this Form 10-K are included to provide information regarding their terms and are not intended to provide any other factual or disclosure information about us or the other parties to the agreements. The agreements contain representations and warranties by each of the parties to the applicable agreement that have been made solely for the benefit of the other parties to the applicable agreement and may not describe the actual state of affairs as of the date they were made or at any other time.

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

Table of Contents


Exhibit Number			Description of Exhibits
3.1			Amended and Restated LLC Agreement (incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form 10 (File No. 000-56496))
3.2			First Amendment to the Amended and Restated Limited Liability Company Agreement (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 000-56496)
4.1			Description of Securities (incorporated by reference to Exhibit 4.1 to the Company’s Annual Report on Form 10-K (File No. 814-01586)
10.1			Investment Advisory Agreement (incorporated by reference to Exhibit 10.1 to the Company’s Registration Statement on Form 10 (File No. 000-56496)
10.2			Administration Agreement (incorporated by reference to Exhibit 10.2 to the Company’s Registration Statement on Form 10 (File No. 000-56496)
10.3			Form of Subscription Agreement (incorporated by reference to Exhibit 10.3 to the Company’s Registration Statement on Form 10 (File No. 000-56496)
10.4			Custody Agreements (incorporated by reference to Exhibit 10.4 to the Company’s Registration Statement on Form 10 (File No. 000-56496)
12.1			List of Subsidiaries (incorporated by reference to Exhibit 12.1 to the Company’s Annual Report on Form 10-K (File No. 814-01586)
14.1			Code of Ethics (incorporated by reference to Exhibit 14.1 to the Company’s Annual Report on Form 10-K (File No. 814-01586)
19.1			Insider Trading Policy (incorporated by reference to Exhibit 19.1 to the Company’s Annual Report on Form 10-K (File No. 814-01586)
24.1			Power of Attorney (incorporated by reference to Exhibit 24.1 to the Company’s Annual Report on Form 10-K (File No. 814-01586)
31.1*			Certification of Chief Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) under Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*			Certification of Chief Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) under Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*			Certification of Chief 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 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
101.SCH			Inline XBRL Taxonomy Extension Schema Document
101.CAL			Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF			Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB			Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE			Inline XBRL Taxonomy Extension Presentation Linkbase Document
104*			Cover Page Interactive Data File (embedded within the Inline XBRL document)

*Filed herewith

Table of Contents

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


			OHA SENIOR PRIVATE LENDING FUND (U) LLC

Date: August 7, 2025			/s/ Eric Muller
			Eric Muller
			Chief Executive Officer

Date: August 7, 2025			/s/ Thomas Hansen
			Thomas Hansen
			Chief Financial Officer

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

Name

Title

Date

/s/ Eric Muller

Chief Executive Officer and Member

August 7, 2025

Eric Muller

/s/ Thomas Hansen

Chief Financial Officer and Principal Accounting Officer

August 7, 2025

Thomas Hansen

/s/ Kathleen M. Burke*

Member

August 7, 2025

Kathleen M. Burke*

/s/ Mark Manoff*

Member

August 7, 2025

Mark Manoff*

/s/ Jonathan Morgan*

Member

August 7, 2025

Jonathan Morgan*

/s/ Alan M. Schrager

Chairman of the Board and Member

August 7, 2025

Alan M. Schrager

*By: Grove Stafford

Chief Compliance Officer and Secretary

As Agent or Attorney-in-Fact