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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, ~~2022~~2023

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number 814-01453

T Series Middle Market Loan Fund LLC

(Exact name of registrant as specified in its charter)


Delaware		87-3271290
(State or other jurisdiction of incorporation or registration)	~~87-3271290~~	(I.R.S. Employer Identification No.)

1585 Broadway
New York, NY		10036
(Address of principal executive offices)	~~10036~~	(Zip Code)

1 ~~212-761-4000~~(212)-761-4000

(Registrant’s telephone number, including area code)

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

Title of each class

Trading Symbol

Name of each exchange on which registered

None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes ☒ No ☐

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

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


Large accelerated filer	☐	Accelerated filer	☐

Non-accelerated filer	☒	Smaller reporting company	☐

Emerging growth company	☒

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

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

As of August ~~9, 2022,~~10, 2023, there was no established public market for the registrant’s limited liability company common units.

~~The number~~As of August 10, 2023, the ~~registrant’s limited liability company~~Registrant had 39,466,286 common units ~~outstanding at August 9, 2022 was 23,780,752~~outstanding.

Table of Contents

T Series Middle Market Loan Fund LLC

TABLE OF CONTENTS


Part I. Financial Information
Item 1.	Consolidated Financial Statements
	Report of Independent Registered Public Accounting Firm	3
	Consolidated Statements of Financial Conditionas of June 30, ~~2022~~ ~~(unaudited)~~2023 (Unaudited) and December 31, ~~2021~~2022 (Audited)	4
	Consolidated ~~Statement~~Statements of Operations for thethree and six months ended June 30, 2023 (Unaudited) and June 30, 2022 (Unaudited)	5
	Consolidated ~~Statement~~Statements of Changes in Members’ Capitalfor the three and six months ended June 30, 2023 (Unaudited) and June 30, 2022 (Unaudited)	6
	Consolidated ~~Statement~~Statements of Cash Flowsfor the six months ended June 30, 2023 (Unaudited) and June 30, 2022 (Unaudited)	7
	Consolidated Schedule of Investmentsas of June 30, ~~2022~~2023 (unaudited) and December 31, ~~2021~~2022 (audited)	89
	Notes to the Consolidated Financial Statements (unaudited) ~~(Unaudited)~~	2234
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	3550
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	4360
Item 4.	Controls and Procedures	4461
Part II. Other Information
Item 1.	Legal Proceedings	4462
Item 1A.	Risk Factors	4462
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	4463
Item 3.	Defaults Upon Senior Securities	4463
Item 4.	Mine Safety Disclosures	4463
Item 5.	Other Information	4563
Item 6.	Exhibits	4563

SIGNATURES

Table of Contents

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the unitholders and the Board of Directors of T Series Middle Market Loan Fund LLC

Results of Review of Interim Financial Information

We have reviewed the accompanying consolidated ~~statements~~statement of financial condition of T Series Middle Market Loan Fund LLC and subsidiaries (the ~~"Company"~~“Company”), including the consolidated schedule of investments as of June 30, ~~2022,~~2023, and the related consolidated statements of operations, changes in members’ capital forthe three-month and six-month periods ended June 30, 2023, and 2022, and cash flows for the six-month ~~period~~periods ended June 30, 2023 and 2022, and the related notes (collectively referred to as the “interim financial information”). Based on our ~~review,~~reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statement of financial condition of the Company including the consolidated schedule of investments as of December 31, ~~2021,~~2022, and the related consolidated ~~statement~~statements of operations, changes in ~~net assets,~~members’ capital, and cash flows for the ~~period from September 14, 2021 (inception) to December 31, 2021~~year then ended (not presented herein); and in our report dated March ~~22, 2022~~,10, 2023, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated statement of financial condition as of December 31, ~~2021,~~2022, is fairly stated, in all material respects, in relation to the consolidated statement of financial condition from which it has been derived.

Basis for Review Results

This interim financial information is the responsibility of the Company's management. We are a public accounting firm registered with the 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 reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ Deloitte & Touche LLP

New York, NY

August ~~9, 2022~~10, 2023

Table of Contents

T Series Middle Market Loan Fund LLC

Consolidated Statements of Financial Condition

(In thousands, except unit and per unit amounts)


							As of
		As of					June 30, 2023		December 31, 2022
		June 30, 2022 (Unaudited)		December 31, 2021 (Audited)			(Unaudited)		(Audited)
Assets	Assets					Assets
Non-controlled/non-affiliated investments, at fair value (amortized cost of $843,869 and $364,398 at June 30, 2022 and December 31, 2021, respectively)		$	831,909	$	364,398
Non-controlled/non-affiliated investments, at fair value (amortized cost of $1,473,450 and $1,264,933 at June 30, 2023 and December 31, 2022, respectively)						Non-controlled/non-affiliated investments, at fair value (amortized cost of $1,473,450 and $1,264,933 at June 30, 2023 and December 31, 2022, respectively)	$	1,444,805	$	1,234,145
Cash	Cash	65,915		84,597		Cash	45,297		36,459
Deferred financing costs	Deferred financing costs	2,869		1,480		Deferred financing costs	10,534		5,411
Deferred offering costs		25		60

Interest and dividend receivable from non-controlled/non-affiliated investments	Interest and dividend receivable from non-controlled/non-affiliated investments	3,650		722		Interest and dividend receivable from non-controlled/non-affiliated investments	10,043		8,732
Receivable for investments sold/repaid	Receivable for investments sold/repaid	147		38		Receivable for investments sold/repaid	1,792		522
Prepaid expenses and other assets	Prepaid expenses and other assets	153		152		Prepaid expenses and other assets	97		21
Total assets	Total assets	904,668		451,447		Total assets	1,512,568		1,285,290

Liabilities	Liabilities					Liabilities
Debt	Debt	527,000		214,000		Debt	755,651		676,498
Payable for investments purchased		25,760		—
Payable to affiliate (Note 3)		909		694

Payable to affiliates (Note 3)						Payable to affiliates (Note 3)	893		1,076
Financing costs payable	Financing costs payable	727		790		Financing costs payable	84		84
Dividends payable	Dividends payable	7,864		415		Dividends payable	21,837		16,507
Management fees payable	Management fees payable	393		95		Management fees payable	794		653
Income based incentive fees payable	Income based incentive fees payable	756		—		Income based incentive fees payable	2,017		1,639
Interest payable	Interest payable	1,695		151		Interest payable	8,373		5,523
Accrued expenses and other liabilities	Accrued expenses and other liabilities	730		572		Accrued expenses and other liabilities	1,710		1,227
Total liabilities	Total liabilities	565,834		216,717		Total liabilities	791,359		703,207

Commitments and Contingencies (Note 7)	Commitments and Contingencies (Note 7)					Commitments and Contingencies (Note 7)

Members' Capital	Members' Capital					Members' Capital
Common units (17,477,827 and 11,747,027 common units issued and outstanding as of June 30 2022 and December 31, 2021, respectively)		17		12
Common units (38,310,205 and 31,090,702 common units issued and outstanding as of June 30, 2023 and December 31, 2022, respectively)						Common units (38,310,205 and 31,090,702 common units issued and outstanding as of June 30, 2023 and December 31, 2022, respectively)	38		31
Paid-in capital in excess of par value	Paid-in capital in excess of par value	350,338		234,987		Paid-in capital in excess of par value	747,629		610,553
Net distributable earnings (accumulated losses)	Net distributable earnings (accumulated losses)	(11,521)		(269)		Net distributable earnings (accumulated losses)	(26,458)		(28,501)
Total members' capital	Total members' capital	$	338,834	$	234,730	Total members' capital	$	721,209	$	582,083
Total liabilities and members' capital	Total liabilities and members' capital	$	904,668	$	451,447	Total liabilities and members' capital	$	1,512,568	$	1,285,290
Net asset value per unit	Net asset value per unit	$	19.39	$	19.98	Net asset value per unit	$	18.83	$	18.72

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

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T Series Middle Market Loan Fund LLC

Consolidated Statements of Operations (Unaudited)

(In thousands, except unit and per unit amounts)


		For the Three Months Ended June 30, 2022		For the Six Months Ended June 30, 2022			For the Three Months Ended				For the Six Months Ended
							June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Investment Income:	Investment Income:					Investment Income:
From non-controlled/non-affiliated investments:	From non-controlled/non-affiliated investments:					From non-controlled/non-affiliated investments:
Interest income	Interest income	$	12,384	$	19,872	Interest income	$	40,668	$	12,384	$	76,175	$	19,872
Payment-in-kind interest income	Payment-in-kind interest income	—		10		Payment-in-kind interest income	265		—		658		10
Dividend income	Dividend income	89		169		Dividend income	245		89		510		169
Other income	Other income	622		1,053		Other income	820		622		1,497		1,053
Total investment income	Total investment income	13,095		21,104		Total investment income	41,998		13,095		78,840		21,104

Expenses:	Expenses:					Expenses:
Interest expense and other financing expenses	Interest expense and other financing expenses	3,404		4,993		Interest expense and other financing expenses	16,518		3,404		29,154		4,993
Management fees	Management fees	393		714		Management fees	794		393		1,525		714
Income based incentive fees	Income based incentive fees	756		1,245		Income based incentive fees	2,017		756		3,961		1,245
Capital gains incentive fees	Capital gains incentive fees	(14)		—		Capital gains incentive fees	—		(14)		—		—
Professional fees	Professional fees	283		452		Professional fees	464		283		854		452
Organization and offering costs	Organization and offering costs	20		62		Organization and offering costs	—		20		—		62
Directors' fees	Directors' fees	52		103		Directors' fees	52		52		103		103
Administrative service fees	Administrative service fees	5		5		Administrative service fees	—		5		—		5
General and other expenses	General and other expenses	36		119		General and other expenses	440		36		595		119
Total expenses	Total expenses	4,935		7,693		Total expenses	20,285		4,935		36,192		7,693

Net investment income (loss) before taxes	Net investment income (loss) before taxes	8,160		13,411		Net investment income (loss) before taxes	21,713		8,160		42,648		13,411
Excise tax expense	Excise tax expense	1		2		Excise tax expense	—		1		—		2
Net investment income (loss) after taxes	Net investment income (loss) after taxes	8,159		13,409		Net investment income (loss) after taxes	21,713		8,159		42,648		13,409

Realized and unrealized gain (loss) on investment transactions:
Net realized gain (loss):
Net Realized and unrealized gain (loss) on investment transactions:						Net Realized and unrealized gain (loss) on investment transactions:
Realized gain (loss):						Realized gain (loss):
Non-controlled/non-affiliated investments	Non-controlled/non-affiliated investments	104		104		Non-controlled/non-affiliated investments	—		104		23		104
Foreign currency and other transactions						Foreign currency and other transactions	6		—		—		—
Net realized gain (loss)						Net realized gain (loss)	6		104		23		104
Net change in unrealized appreciation (depreciation):	Net change in unrealized appreciation (depreciation):					Net change in unrealized appreciation (depreciation):					—		—
Non-controlled/non-affiliated investments	Non-controlled/non-affiliated investments	(12,127)		(11,959)		Non-controlled/non-affiliated investments	3,759		(12,127)		1,989		(11,959)
Translation of assets and liabilities in foreign currencies						Translation of assets and liabilities in foreign currencies	(4)		—		(1)		—
Net unrealized appreciation (depreciation)						Net unrealized appreciation (depreciation)	3,755		(12,127)		1,988		(11,959)
Net realized and unrealized gain (loss)	Net realized and unrealized gain (loss)	(12,023)		(11,855)		Net realized and unrealized gain (loss)	3,761		(12,023)		2,011		(11,855)
Net increase (decrease) in members' capital resulting from operations	Net increase (decrease) in members' capital resulting from operations	$	(3,864)	$	1,554	Net increase (decrease) in members' capital resulting from operations	$	25,474	$	(3,864)	$	44,659	$	1,554

Per unit information—basic and diluted	Per unit information—basic and diluted					Per unit information—basic and diluted
Net investment income (loss) per unit	Net investment income (loss) per unit	$	0.51	$	0.96	Net investment income (loss) per unit	$	0.60	$	0.51	$	1.26	$	0.96
Earnings per unit		$	(0.24)	$	0.11
Weighted average units outstanding (Note 9):		16,080,203		13,947,111
Earnings (loss) per unit						Earnings (loss) per unit	$	0.71	$	(0.24)	$	1.32	$	0.11
Weighted average units outstanding (Note 9)						Weighted average units outstanding (Note 9)	35,890,475		16,080,203		33,920,428		13,947,111

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

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T Series Middle Market Loan Fund LLC

Consolidated Statements of Changes in Members’ Capital (Unaudited)

(In thousands)


							For the Three Months Ended				For the Six Months Ended
		For the Three Months Ended June 30, 2022		For the Six Months Ended June 30, 2022			June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Members' Capital at beginning of period:	Members' Capital at beginning of period:	$	285,620	$	234,730	Members' Capital at beginning of period:	$	596,902	$	285,620	$	582,083	$	234,730
Increase (decrease) in members’ capital resulting from operations:	Increase (decrease) in members’ capital resulting from operations:					Increase (decrease) in members’ capital resulting from operations:
Net investment income (loss)	Net investment income (loss)	8,159		13,409		Net investment income (loss)	21,713		8,159		42,648		13,409
Net realized gain (loss)	Net realized gain (loss)	104		104		Net realized gain (loss)	6		104		23		104
Net change in unrealized appreciation (depreciation)	Net change in unrealized appreciation (depreciation)	(12,127)		(11,959)		Net change in unrealized appreciation (depreciation)	3,755		(12,127)		1,988		(11,959)
Net increase (decrease) in members’ capital resulting from operations	Net increase (decrease) in members’ capital resulting from operations	(3,864)		1,554		Net increase (decrease) in members’ capital resulting from operations	25,474		(3,864)		44,659		1,554

Capital transactions:	Capital transactions:					Capital transactions:
Issuance of common units	Issuance of common units	60,000		110,000		Issuance of common units	100,000		60,000		100,000		110,000
Reinvestment of dividends	Reinvestment of dividends	4,942		5,356		Reinvestment of dividends	20,670		4,942		37,083		5,356
Dividends declared	Dividends declared	(7,864)		(12,806)		Dividends declared	(21,837)		(7,864)		(42,616)		(12,806)
Net increase in Members' Capital resulting from capital transactions	Net increase in Members' Capital resulting from capital transactions	57,078		102,550		Net increase in Members' Capital resulting from capital transactions	98,833		57,078		94,467		102,550
Total increase (decrease) in Members' Capital	Total increase (decrease) in Members' Capital	53,214		104,104		Total increase (decrease) in Members' Capital	124,307		53,214		139,126		104,104
Members' Capital at end of period	Members' Capital at end of period	$	338,834	$	338,834	Members' Capital at end of period	$	721,209	$	338,834	$	721,209	$	338,834

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

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T Series Middle Market Loan Fund LLC

Consolidated ~~Statement~~Statements of Cash Flows (Unaudited)

(In thousands)


	~~For the Six Months Ended June 30, 2022~~
~~Cash flows from operating activities:~~
~~Net increase (decrease) in members' capital resulting from operations~~	$	~~1,554~~
~~Adjustments to reconcile net decrease in members' capital resulting from operations~~ ~~to net cash provided by (used in) operating activities~~
~~Net unrealized (appreciation) depreciation on investments~~	~~11,959~~
~~Net realized (gain) loss on investments~~	~~(104)~~
~~Net accretion of discount and amortization of premium on investments~~	~~(941)~~
~~Payment-in-kind interest and dividend capitalized~~	~~(270)~~
~~Amortization of deferred financing costs~~	~~618~~
~~Amortization of deferred offering costs~~	37
~~Purchases of investments and change in payable for investments purchased~~	~~(470,027)~~
~~Proceeds from sale of investments and principal repayments and change in receivable for investments sold~~	~~17,522~~
~~Changes in operating assets and liabilities:~~
~~(Increase) decrease in interest and dividend receivable from non-controlled/non-affiliated investments~~	~~(2,928)~~
~~(Increase) decrease in prepaid expenses and other assets~~	~~(1)~~
~~(Decrease) increase in payable to affiliates~~	~~215~~
~~(Decrease) increase in management fees payable~~	~~298~~
~~(Decrease) increase in incentive fees payable~~	~~756~~
~~(Decrease) increase in interest payable~~	~~1,544~~
~~(Decrease) increase in accrued expenses and other liabilities~~	~~158~~
~~Net cash provided by (used in) operating activities~~	~~(439,610)~~

~~Cash flows from financing activities:~~
~~Borrowings on debt~~	~~589,500~~
~~Repayments on debt~~	~~(276,500)~~
~~Proceeds from issuance of Common Units~~	~~110,000~~
~~Deferred financing costs paid~~	~~(2,070)~~
~~Offering costs paid~~	~~(2)~~
~~Net cash provided by (used in) financing activities~~	~~420,928~~
~~Net increase (decrease) in cash~~	~~(18,682)~~
~~Cash at beginning of period~~	~~84,597~~
~~Cash at end of period~~	$	~~65,915~~

~~Supplemental information and non-cash activities:~~
~~Excise tax paid~~	$	2
~~Accrued but unpaid dividends~~	$	~~7,864~~
~~Interest expense paid~~	$	~~2,104~~
~~Reinvestment of distributions during the period~~	$	~~4,942~~
~~Accrued but unpaid deferred financing costs~~	$	63


	For the Six Months Ended
	June 30, 2023		June 30, 2022
Cash flows from operating activities:
Net increase (decrease) in members' capital resulting from operations	$	44,659	$	1,554
Adjustments to reconcile net increase (decrease) in members' capital resulting from operations to net cash provided by (used in) operating activities
Net unrealized (appreciation) depreciation on investments	(1,989)		11,959
Net unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	1		—
Net realized (gain) loss on investments	(23)		(104)
Net realized (gain) loss on foreign currency transactions	—		—
Net accretion of discount and amortization of premium on investments	(2,507)		(941)
Payment-in-kind interest and dividend capitalized	(1,248)		(270)
Amortization of deferred financing costs	1,383		618
Amortization of deferred offering costs	—		37
Purchases of investments and change in payable for investments purchased	(272,579)		(470,027)
Proceeds from sale of investments and principal repayments and change in receivable for investments sold/repaid	66,568		17,522
Changes in operating assets and liabilities:
(Increase) decrease in interest and dividend receivable from non-controlled/non-affiliated investments	(1,311)		(2,928)
(Increase) decrease in prepaid expenses and other assets	(76)		(1)
(Decrease) increase in payable to affiliates	(183)		215
(Decrease) increase in management fees payable	141		298
(Decrease) increase in incentive fees payable	378		756
(Decrease) increase in interest payable	2,850		1,544
(Decrease) increase in accrued expenses and other liabilities	483		158
Net cash provided by (used in) operating activities	(163,453)		(439,610)

Cash flows from financing activities:
Borrowings on debt	214,000		589,500
Repayments on debt	(135,000)		(276,500)
Proceeds from issuance of Common Units	100,000		110,000
Deferred financing costs paid	(6,506)		(2,070)
Tax withholding paid	(203)		—
Offering costs paid	—		(2)
Net cash provided by (used in) financing activities	172,291		420,928
Net increase (decrease) in cash	8,838		(18,682)
Effect of foreign exchange rate changes on cash	—		—
Cash at beginning of period	36,459		84,597
Cash at end of period	$	45,297	$	65,915

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T Series Middle Market Loan Fund LLC

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)


Supplemental information and non-cash activities:
Excise tax paid	$	77	$	2
Accrued but unpaid dividends	$	21,837	$	7,864
Interest expense paid	$	24,913	$	2,104
Dividend reinvestment paid	$	37,083	$	4,942
Accrued but unpaid deferred financing costs	$	—	$	63

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

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T Series Middle Market Loan Fund LLC

Consolidated Schedule of Investments (Unaudited)

June 30, ~~2022~~2023

(In thousands)

Investments-non-controlled/non-affiliated(1)
Footnotes Reference Rate and Spread
Interest Rate(2)
Maturity Date Par Amount/ Shares
Cost(3)
Fair Value Percentage of Net Assets
First Lien Debt
Air Freight & Logistics
Omni Intermediate Holdings, LLC (4) (5) (11) L + 5.00% 7.10% 12/30/2026 22,144 $ 21,940 $ 21,701 6.40 %
Omni Intermediate Holdings, LLC (4) (5) (10) L + 5.00% 7.10% 12/30/2026 986 964 932 0.28
Omni Intermediate Holdings, LLC (4) (6) (10) L + 5.00% 7.10% 12/30/2025 — (20) (40) (0.01)
22,884 22,593 6.67
Auto Components
Continental Battery Company (4) (5) L + 6.75% 9.00% 01/20/2027 6,219 6,103 5,971 1.76
Automobiles
ARI Network Services, Inc. (4) (6) L + 5.50% 6.88% 02/28/2025 14,302 14,052 13,983 4.13
Portfolio Group (4) (5) (10) L + 6.00% 8.25% 12/02/2025 133 110 53 0.02
14,162 14,036 4.14
Biotechnology
GraphPad Software, LLC (4) (5) (11) L + 5.50% 6.50% 04/27/2027 19,315 19,139 18,670 5.51
GraphPad Software, LLC (4) (5) (10) L + 5.50% 6.50% 04/27/2027 — (95) (354) (0.10)
19,044 18,316 5.41
Chemicals
Tank Holding Corp. (4) (6) (11) S + 6.00% 7.63% 03/31/2028 23,667 23,209 23,209 6.85
Tank Holding Corp. (4) (6) (10) S + 6.00% 7.63% 03/31/2028 556 530 530 0.16
V Global Holdings, LLC (4) (6) (11) L + 5.75% 6.12% 12/22/2027 8,008 7,851 7,851 2.32
V Global Holdings, LLC (4) (6) (10) L + 5.75% 6.12% 12/22/2025 164 142 142 0.04
31,732 31,732 9.37
Commercial Services & Supplies
Encore Holdings, LLC (4) (6) (11) L + 4.50% 6.73% 11/23/2028 1,239 1,219 1,212 0.36
Encore Holdings, LLC (4) (6) (10) L + 4.50% 6.73% 11/23/2028 737 712 685 0.20
Encore Holdings, LLC (4) (6) (10) L + 4.50% 6.73% 11/23/2027 — (6) (8) —
FLS Holding, Inc. (4) (5) (7) (11) L + 5.25% 7.28% 12/17/2028 22,109 21,694 21,664 6.39
FLS Holding, Inc. (4) (5) (7) (10) L + 5.25% 7.28% 12/17/2028 — (45) (97) (0.03)
FLS Holding, Inc. (4) (5) (7) (10) L + 5.25% 7.28% 12/17/2027 — (35) (39) (0.01)
KWOR Acquisition, Inc. (4) (6) (11) L + 5.25% 6.99% 12/22/2028 16,478 16,226 16,149 4.77
KWOR Acquisition, Inc. (4) (6) (10) L + 5.25% 6.99% 12/22/2028 — (35) (70) (0.02)
KWOR Acquisition, Inc. (4) (10) P + 4.25% 9.00% 12/22/2027 247 222 211 0.06
MHE Intermediate Holdings, LLC (4) (5) (11) L + 6.00% 7.29% 07/21/2027 14,888 14,751 14,751 4.35
MHE Intermediate Holdings, LLC (4) (5) (10) L + 6.00% 7.29% 07/21/2027 620 594 594 0.18
Procure Acquireco, Inc. (Procure Analytics) (4) (6) (11) L + 5.50% 8.25% 12/20/2028 19,742 19,372 19,081 5.63
Procure Acquireco, Inc. (Procure Analytics) (4) (6) (10) L + 5.50% 8.25% 12/01/2028 — (37) (133) (0.04)
Procure Acquireco, Inc. (Procure Analytics) (4) (6) (10) L + 5.50% 8.25% 12/01/2026 — (21) (40) (0.01)


Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
First Lien Debt
Aerospace & Defense
Mantech International CP	(4) (6) (13)	S +	5.75%	10.80%	09/14/2029	17,508	$	17,191	$	17,373	2.41	%
Mantech International CP	(4) (6) (10)	S +	5.75%	10.80%	09/14/2029	—	(38)		(33)		—
Mantech International CP	(4) (6) (10)	S +	5.75%	10.80%	09/14/2028	—	(45)		(20)		—
							17,108		17,320		2.40
Air Freight & Logistics
AGI-CFI Holdings, Inc.	(4) (6) (11)	S +	6.00%	11.24%	06/11/2027	10,454	10,278		10,225		1.42
Omni Intermediate Holdings, LLC	(4) (5) (11)	S +	5.00%	10.39%	12/30/2026	22,210	22,038		21,480		2.98
Omni Intermediate Holdings, LLC	(4) (5) (10) (13)	S +	5.00%	10.39%	12/30/2026	2,329	2,307		2,249		0.31
Omni Intermediate Holdings, LLC	(4) (5) (10)	S +	5.00%	10.39%	12/30/2025	—	(14)		(65)		(0.01)
RoadOne IntermodaLogistics	(4) (5)	S +	6.25%	11.12%	12/30/2028	338	329		327		0.05
RoadOne IntermodaLogistics	(4) (5) (10)	S +	6.25%	11.12%	12/30/2028	26	25		24		—
RoadOne IntermodaLogistics	(4) (5) (10)	S +	6.25%	11.12%	12/30/2028	4	2		2		—
							34,965		34,242		4.75
Automobile Components
Continental Battery Company	(4) (5) (12)	S +	6.75%	11.89%	01/20/2027	6,156	6,062		5,432		0.75
Randy's Holdings, Inc.	(4) (5) (11)	S +	6.50%	11.74%	11/01/2028	12,323	11,984		12,074		1.67
Randy's Holdings, Inc.	(4) (5) (10)	S +	6.50%	11.74%	11/01/2028	—	(55)		(83)		(0.01)
Randy's Holdings, Inc.	(4) (5) (10)	S +	6.50%	11.74%	11/01/2028	312	268		278		0.04
Sonny's Enterprises, LLC	(4) (5) (13)	S +	6.75%	11.96%	08/05/2028	12,701	12,393		12,393		1.72
Sonny's Enterprises, LLC	(4) (5) (10)	S +	6.75%	11.96%	08/05/2028	—	(67)		(67)		(0.01)
Sonny's Enterprises, LLC	(4) (5) (10)	S +	6.75%	11.96%	08/05/2027	—	(58)		(58)		(0.01)
							30,527		29,969		4.16
Automobiles
ARI Network Services, Inc.	(4) (6) (11)	S +	5.25%	10.45%	02/28/2025	14,159	13,998		13,930		1.93
Turbo Buyer, Inc.	(4) (5) (10)	S +	6.00%	11.59%	12/02/2025	994	930		943		0.13
Summit Buyer, LLC	(4) (5) (10)	S +	5.25%	10.45%	01/14/2026	186	173		145		0.02
							15,101		15,018		2.08
Biotechnology
GraphPad Software, LLC	(4) (5) (11)	S +	5.50%	10.84%	04/27/2027	19,121	18,977		18,782		2.60
GraphPad Software, LLC	(4) (5) (10)	S +	5.50%	10.84%	04/27/2027	—	(75)		(187)		(0.03)
							18,902		18,595		2.58
Chemicals
Tank Holding Corp.	(6) (11)	S +	5.75%	10.98%	03/31/2028	23,430	23,039		22,502		3.12
Tank Holding Corp.	(4) (6) (13)	S +	5.75%	10.98%	03/31/2028	3,634	3,527		3,527		0.49
Tank Holding Corp.	(4) (6) (10)	S +	5.75%	10.98%	03/31/2028	—	(23)		(23)		—
Tank Holding Corp.	(6) (10)	S +	5.75%	10.98%	03/31/2028	844	823		792		0.11

Table of Contents

T Series Middle Market Loan Fund LLC

Consolidated Schedule of Investments (Unaudited)

June 30, ~~2022~~2023

(In thousands)

Investments-non-controlled/non-affiliated(1)
Footnotes Reference Rate and Spread
Interest Rate(2)
Maturity Date Par Amount/ Shares
Cost(3)
Fair Value Percentage of Net Assets
QW Holding Corporation (4) (5) (11) L + 5.75% 7.04% 08/31/2024 11,276 $ 11,118 $ 11,118 3.28 %
QW Holding Corporation (4) (5) (10) L + 5.75% 7.04% 08/31/2024 1,289 1,260 1,260 0.37
QW Holding Corporation (4) (5) (10) L + 5.75% 7.04% 08/31/2024 — (39) (39) (0.01)
Sherlock Buyer Corp. (4) (6) (11) L + 5.75% 6.74% 12/08/2028 24,863 24,399 24,328 7.18
Sherlock Buyer Corp. (4) (6) (10) L + 5.75% 6.74% 12/08/2028 — (66) (155) (0.05)
Sherlock Buyer Corp. (4) (6) (10) L + 5.75% 6.74% 12/08/2027 — (52) (62) (0.02)
Sweep Purchaser, LLC (4) (5) (10) (11) L + 5.75% 7.17% 11/30/2026 3,695 3,610 3,610 1.07
Tamarack Intermediate, LLC (4) S + 5.75% 6.94% 03/13/2028 15,125 14,834 14,422 4.26
Tamarack Intermediate, LLC (4) (10) S + 5.75% 6.94% 03/13/2028 — (47) (115) (0.03)
Valcourt Holdings II, LLC (4) (5) S + 5.50% 7.70% 01/07/2027 3,281 3,219 3,263 0.96
132,847 131,590 38.84
Construction & Engineering
KPSKY Acquisition, Inc. (4) (10) P + 4.50% 9.25% 10/19/2028 — (81) (162) (0.05)
Containers & Packaging
BP Purchaser, LLC (4) (6) (11) L + 5.50% 7.19% 12/11/2028 27,659 27,142 26,096 7.70
Distributors
48Forty Solutions, LLC (4) (5) (11) S + 6.00% 7.22% 11/30/2026 22,498 22,064 22,064 6.51
48Forty Solutions, LLC (4) (5) (10) S + 6.00% 7.22% 11/30/2026 — (8) (8) —
48Forty Solutions, LLC (4) (5) (10) S + 6.00% 7.22% 11/30/2026 — (75) (75) (0.02)
ABB Concise Optical Group LLC (4) (6) L + 7.50% 8.26% 02/23/2028 18,068 17,637 17,405 5.14
ABB Concise Optical Group LLC (4) (6) (10) P + 6.50% 11.22% 02/23/2028 1,642 1,597 1,572 0.46
PT Intermediate Holdings III, LLC (4) (6) (11) L + 5.50% 7.75% 11/01/2028 19,099 18,916 18,813 5.55
PT Intermediate Holdings III, LLC (4) (6) (11) L + 5.50% 7.75% 11/01/2028 10,424 10,324 10,268 3.03
70,455 70,039 20.67
Diversified Consumer Services
Heartland Home Services (4) (6) (10) L + 5.75% 7.37% 12/15/2026 13,113 12,984 11,998 3.54
Lightspeed Solution, LLC (4) S + 6.00% 7.53% 03/01/2028 15,122 14,833 14,543 4.29
Lightspeed Solution, LLC (4) (10) S + 6.00% 7.53% 03/01/2028 — (46) (187) (0.06)
LUV Car Wash Group, LLC (4) (5) (10) L + 5.50% 6.50% 12/09/2026 6,623 6,528 6,369 1.88
Mammoth Holdings, LLC (4) (5) (10) S + 6.00% 7.00% 10/16/2023 4,965 4,903 4,903 1.45
39,202 37,626 11.10
Diversified Financial Services
Everest Intermediate, Ltd (4) (7) (10) S + 5.75% 7.75% 05/25/2028 — (18) (18) (0.01)
Everest Intermediate, Ltd (4) (6) (7) S + 5.75% 7.75% 05/25/2029 6,318 6,192 6,192 1.83
SitusAMC Holdings Corp. (4) (6) (11) L + 5.75% 8.00% 12/22/2027 23,541 23,323 22,651 6.68
Smarsh, Inc. (4) S + 6.50% 7.25% 02/16/2029 4,286 4,204 4,176 1.23
Smarsh, Inc. (4) (10) S + 6.50% 7.25% 02/16/2029 — (10) (27) (0.01)
Smarsh, Inc. (4) (10) S + 6.50% 7.25% 02/16/2029 — (5) (7) —
33,686 32,967 9.73


Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
V Global Holdings, LLC	(4) (6) (11)	S +	5.75%	10.84%	12/22/2027	7,928	$	7,796	$	7,675	1.06	%
V Global Holdings, LLC	(4) (6) (10)	S +	5.75%	10.84%	12/22/2025	270	255		235		0.03
							35,417		34,708		4.81
Commercial Services & Supplies
Atlas Us Finco, Inc.	(4) (5) (8) (11)	S +	7.25%	12.40%	12/09/2029	6,180	6,005		6,055		0.84
Atlas Us Finco, Inc.	(4) (5) (8) (10)	S +	7.25%	12.40%	12/09/2028	—	(16)		(12)		—
BPG Holdings IV Corp.	(4) (6) (12)	S +	6.00%	11.24%	07/29/2029	8,513	7,989		8,167		1.13
Encore Holdings, LLC	(4) (6) (11)	S +	4.50%	9.84%	11/23/2028	1,227	1,209		1,218		0.17
Encore Holdings, LLC	(4) (6) (10)	S +	4.50%	9.84%	11/23/2028	1,536	1,508		1,519		0.21
Encore Holdings, LLC	(4) (6) (10)	S +	4.50%	9.84%	11/23/2027	—	(5)		(2)		—
Energy Labs Holdings Corp.	(4) (5)	S +	5.25%	10.50%	04/07/2028	386	381		377		0.05
Energy Labs Holdings Corp.	(4) (5)	S +	5.25%	10.50%	04/07/2028	37	36		36		—
Energy Labs Holdings Corp.	(4) (5) (10)	S +	5.25%	10.50%	04/07/2028	10	9		9		—
FLS Holding, Inc.	(4) (5) (8) (11)	S +	5.25%	10.79%	12/15/2028	21,998	21,635		21,734		3.01
FLS Holding, Inc.	(4) (5) (8) (13)	S +	5.25%	10.79%	12/15/2028	4,782	4,702		4,725		0.66
FLS Holding, Inc.	(4) (5) (8) (10)	S +	5.25%	10.79%	12/17/2027	—	(29)		(23)		—
Procure Acquireco, Inc. (Procure Analytics)	(4) (6) (11)	S +	5.00%	10.17%	12/20/2028	19,544	19,222		18,696		2.59
Procure Acquireco, Inc. (Procure Analytics)	(4) (6) (10)	S +	5.00%	10.17%	12/20/2028	—	(31)		(172)		(0.02)
Procure Acquireco, Inc. (Procure Analytics)	(4) (6) (10)	S +	5.00%	10.17%	12/20/2028	—	(16)		(52)		(0.01)
Sherlock Buyer Corp.	(4) (6) (11)	S +	5.75%	11.09%	12/08/2028	24,614	24,209		24,309		3.37
Sherlock Buyer Corp.	(4) (6) (10)	S +	5.75%	11.09%	12/08/2028	—	(56)		(89)		(0.01)
Sherlock Buyer Corp.	(4) (6) (10)	S +	5.75%	11.09%	12/08/2027	—	(43)		(36)		—
Surewerx Purchaser III, Inc.	(4) (6) (8) (12)	S +	6.75%	11.99%	12/28/2029	1,113	1,081		1,103		0.15
Surewerx Purchaser III, Inc.	(4) (6) (8) (10)	S +	6.75%	11.99%	12/28/2029	—	(4)		(2)		—
Surewerx Purchaser III, Inc.	(4) (6) (8) (10)	S +	6.75%	11.99%	12/28/2028	38	32		36		—
Sweep Purchaser, LLC	(4) (5) (10) (11)	L +	5.75%	11.02%	11/30/2026	5,033	4,953		4,827		0.67
Tamarack Intermediate, LLC	(4) (6) (12)	S +	5.25%	10.64%	03/13/2028	14,974	14,726		14,292		1.98
Tamarack Intermediate, LLC	(4) (6) (10)	S +	5.25%	10.64%	03/13/2028	409	370		296		0.04
Valcourt Holdings II, LLC	(4) (5) (13)	S +	5.25%	10.64%	01/07/2027	3,248	3,199		3,229		0.45
VRC Companies, LLC	(4) (6) (13)	S +	5.75%	10.74%	06/29/2027	15,723	15,525		15,484		2.15
VRC Companies, LLC	(4) (6) (10)	S +	5.75%	10.74%	06/29/2027	17,578	17,347		17,288		2.40
							143,938		143,012		19.83
Construction & Engineering
KPSKY Acquisition, Inc.	(4) (6) (10)	S +	5.50%	10.71%	10/19/2028	4,434	4,324		4,179		0.58
LJ Avalon Holdings, LLC	(4) (5) (13)	S +	6.25%	11.51%	02/01/2030	2,989	2,904		2,884		0.40
LJ Avalon Holdings, LLC	(4) (5) (10)	S +	6.25%	11.51%	02/01/2030	—	(17)		(43)		(0.01)
LJ Avalon Holdings, LLC	(4) (5) (10)	S +	6.25%	11.51%	02/01/2029	—	(14)		(17)		—
Superman Holdings, LLC	(4) (5)	S +	5.75%	10.99%	08/31/2027	6,309	6,156		6,156		0.85

910

Table of Contents

T Series Middle Market Loan Fund LLC

Consolidated Schedule of Investments (Unaudited)

June 30, ~~2022~~2023

(In thousands)

Investments-non-controlled/non-affiliated(1)
Footnotes Reference Rate and Spread
Interest Rate(2)
Maturity Date Par Amount/ Shares
Cost(3)
Fair Value Percentage of Net Assets
Health Care Providers & Services
DCA Investment Holdings, LLC (4) S + 6.00% 6.75% 04/03/2028 7,074 $ 7,007 $ 6,853 2.02 %
DCA Investment Holdings, LLC (4) (10) S + 6.00% 6.75% 04/03/2028 154 146 103 0.03
Gateway US Holdings, Inc. (4) (6) (7) S + 5.50% 8.23% 09/22/2024 5,287 5,237 5,237 1.55
Gateway US Holdings, Inc. (4) (6) (7) (10) S + 5.50% 8.23% 09/22/2024 287 273 273 0.08
Gateway US Holdings, Inc. (4) (6) (7) (10) S + 5.50% 8.23% 09/22/2024 11 9 9 —
Heartland Veterinary Partners, LLC (4) (5) (11) L + 4.75% 6.19% 12/10/2026 6,059 6,005 5,948 1.76
Heartland Veterinary Partners, LLC (4) (5) (10) (11) L + 4.75% 6.19% 12/10/2026 3,677 3,556 3,426 1.01
Heartland Veterinary Partners, LLC (4) (5) (10) L + 4.75% 6.19% 12/10/2026 — (11) (22) (0.01)
mPulse Mobile, Inc. (4) (6) (11) L + 5.25% 7.28% 12/17/2027 10,000 9,815 9,696 2.86
mPulse Mobile, Inc. (4) (6) (10) L + 5.25% 7.28% 12/17/2027 — (182) (608) (0.18)
mPulse Mobile, Inc. (4) (6) (10) L + 5.25% 7.28% 12/17/2027 — (91) (152) (0.04)
Southern Veterinary Partners, LLC (4) (8) S + 5.50% 7.70% 06/28/2027 1,896 1,858 1,858 0.55
Stepping Stones Healthcare Services, LLC (4) (6) L + 5.75% 8.00% 01/02/2029 4,364 4,302 4,181 1.23
Stepping Stones Healthcare Services, LLC (4) (6) (10) L + 5.75% 8.00% 01/02/2029 — (6) (52) (0.02)
Stepping Stones Healthcare Services, LLC (4) (6) (10) L + 5.75% 8.00% 12/30/2026 — (8) (26) (0.01)
Tivity Health, Inc. (4) (6) S + 6.00% 8.01% 06/28/2029 2,720 2,679 2,679 0.79
Vardiman Black Holdings, LLC (4) S + 8.00% 8.78% 03/18/2027 5,715 5,660 5,430 1.60
Vardiman Black Holdings, LLC (4) (10) S + 8.00% 8.78% 03/18/2027 2,441 2,397 2,103 0.62
Vermont Aus Pty Ltd (4) (6) (7) S + 5.50% 7.55% 03/22/2028 12,725 12,416 12,416 3.66
61,062 59,352 17.52
Insurance Services
Foundation Risk Partners, Corp. (4) (6) L + 5.50% 7.75% 10/29/2028 1,517 1,495 1,495 0.44
Foundation Risk Partners, Corp. (4) (6) (10) L + 5.50% 7.75% 10/29/2028 1,065 1,013 976 0.29
Galway Borrower, LLC (4) (6) L + 5.25% 7.50% 09/29/2028 5,991 5,864 5,864 1.73
Galway Borrower, LLC (4) (6) (10) L + 5.25% 7.50% 09/29/2028 — (13) (13) —
Galway Borrower, LLC (4) (6) (10) L + 5.25% 7.50% 09/30/2027 — (9) (9) —
Higginbotham Insurance Agency, Inc. (4) (6) (11) L + 5.50% 7.17% 11/25/2026 3,683 3,649 3,619 1.07
Higginbotham Insurance Agency, Inc. (4) (6) (10) L + 5.50% 7.17% 11/25/2026 1,208 1,164 1,059 0.31
High Street Buyer, Inc. (4) (6) (10) L + 5.75% 6.86% 02/02/2029 2,285 2,002 2,143 0.63
Integrity Marketing Acquisition, LLC (4) (6) (11) L + 5.50% 7.58% 08/27/2025 14,887 14,694 14,592 4.31
Integrity Marketing Acquisition, LLC (4) (6) (10) L + 5.50% 7.58% 08/27/2025 10,253 10,106 10,031 2.96
Keystone Agency Investors (4) (5) (11) S + 6.00% 8.20% 05/03/2027 8,259 8,144 8,144 2.40
Keystone Agency Investors (4) (5) (10) S + 6.00% 8.20% 05/03/2027 7,734 7,571 7,567 2.23
Oakbridge Insurance Agency LLC (4) (5) S + 5.75% 7.95% 12/31/2026 1,898 1,871 1,825 0.54
Oakbridge Insurance Agency LLC (4) (5) (10) S + 5.75% 7.95% 12/31/2026 651 534 47 0.01
Oakbridge Insurance Agency LLC (4) (5) (10) S + 5.75% 7.95% 12/31/2026 127 118 103 0.03


Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Superman Holdings, LLC	(4) (5) (10)	S +	5.75%	10.99%	08/31/2027	—	$	(18)	$	(18)	—	%
							13,335		13,141		1.82
Containers & Packaging
BP Purchaser, LLC	(4) (6) (11)	S +	5.50%	11.00%	12/11/2028	27,381	26,931		26,091		3.62

Distributors
48Forty Solutions, LLC	(4) (5) (11) (13)	S +	5.75%	11.04%	11/30/2026	25,728	25,282		25,138		3.49
48Forty Solutions, LLC	(4) (5) (10)	S +	5.75%	11.04%	11/30/2026	784	726		694		0.10
ABB Concise Optical Group, LLC	(4) (6) (11)	S +	7.50%	12.88%	02/23/2028	16,965	16,615		15,474		2.15
Avalara, Inc.	(4) (6) (13)	S +	7.25%	12.49%	10/19/2028	11,033	10,815		10,950		1.52
Avalara, Inc.	(4) (6) (10)	S +	7.25%	12.49%	10/19/2028	—	(21)		(8)		—
PT Intermediate Holdings III, LLC	(4) (6) (11) (13)	S +	5.98%	11.41%	11/01/2028	18,905	18,747		17,830		2.47
PT Intermediate Holdings III, LLC	(4) (6) (12)	S +	5.98%	11.41%	11/01/2028	2,771	2,705		2,673		0.37
PT Intermediate Holdings III, LLC	(4) (6) (10) (11)	S +	5.98%	11.41%	11/01/2028	10,320	10,213		9,683		1.34
							85,082		82,434		11.43
Diversified Consumer Services
Apex Service Partners, LLC	(4) (5) (13)	S +	5.50%	10.74%	07/31/2025	3,159	3,001		2,989		0.41
Apex Service Partners, LLC	(4) (5)	S +	5.50%	10.74%	07/31/2025	3,159	3,001		2,989		0.41
FPG Intermediate Holdco, LLC	(4) (5) (11)	S +	6.50%	11.91%	03/05/2027	10,061	9,893		9,725		1.35
Groundworks, LLC	(4) (5) (13)	S +	6.50%	11.65%	03/14/2030	4,511	4,376		4,403		0.61
Groundworks, LLC	(4) (5) (10)	S +	6.50%	11.65%	03/14/2030	—	(12)		(20)		—
Groundworks, LLC	(4) (5) (10)	S +	6.50%	11.65%	03/14/2029	—	(8)		(6)		—
Heartland Home Services	(4) (6) (10)	S +	5.75%	10.96%	12/15/2026	21,510	21,334		21,155		2.93
Lightspeed Solution, LLC	(4) (6) (12)	S +	6.50%	11.56%	03/01/2028	15,458	15,210		15,002		2.08
Lightspeed Solution, LLC	(4) (6) (10)	S +	6.50%	11.56%	03/01/2028	494	451		350		0.05
LUV Car Wash Group, LLC	(4) (5) (10) (13)	S +	7.00%	12.04%	12/09/2026	7,354	7,280		7,245		1.00
Magnolia Wash Holdings	(4) (5) (12)	S +	6.50%	11.65%	07/14/2028	7,852	7,714		6,104		0.85
Magnolia Wash Holdings	(4) (5) (13)	S +	6.50%	11.65%	07/14/2028	1,471	1,445		1,143		0.16
Magnolia Wash Holdings	(4) (5) (10)	S +	6.50%	11.65%	07/14/2028	183	177		109		0.02
Mammoth Holdings, LLC	(4) (5)	S +	6.50%	11.65%	10/16/2024	6,272	6,239		6,219		0.86
Mammoth Holdings, LLC	(4) (5) (10)	S +	6.50%	11.65%	10/16/2024	—	(4)		(7)		—
Spotless Brands, LLC	(4) (5) (11)	S +	6.50%	11.72%	07/25/2028	9,463	9,296		9,223		1.28
Spotless Brands, LLC	(4) (5) (13)	S +	6.50%	11.72%	07/25/2028	1,792	1,761		1,747		0.24
Spotless Brands, LLC	(4) (5) (10)	S +	6.50%	11.72%	07/25/2028	—	(5)		(8)		—
							91,149		88,362		12.25
Electronic Equipment, Instruments & Components
Abracon Group Holdings, LLC	(4) (6) (11)	S +	5.75%	10.89%	07/06/2028	11,549	11,348		11,218		1.56

1011

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T Series Middle Market Loan Fund LLC

Consolidated Schedule of Investments (Unaudited)

June 30, ~~2022~~2023

(In thousands)

Investments-non-controlled/non-affiliated(1)
Footnotes Reference Rate and Spread
Interest Rate(2)
Maturity Date Par Amount/ Shares
Cost(3)
Fair Value Percentage of Net Assets
Peter C. Foy & Associates Insurance Services, LLC (4) L + 6.00% 7.39% 11/01/2028 1,486 $ 1,464 $ 1,464 0.43 %
Peter C. Foy & Associates Insurance Services, LLC (4) (10) L + 6.00% 7.39% 11/01/2028 8,400 8,283 8,196 2.42
RSC Acquisition, Inc. (4) (6) (11) L + 5.50% 7.44% 10/30/2026 13,280 13,163 13,151 3.88
RSC Acquisition, Inc. (4) (6) (10) (11) L + 5.50% 7.44% 10/30/2026 5,525 5,413 5,400 1.59
World Insurance Associates, LLC (4) (5) (11) L + 5.75% 7.80% 04/01/2026 6,745 6,626 6,610 1.95
World Insurance Associates, LLC (4) (5) (10) L + 5.75% 7.80% 04/01/2026 28,970 28,431 28,355 8.37
121,583 120,619 35.60
Interactive Media & Services
MSM Acquisitions, Inc. (4) (10) L + 6.00% 8.25% 12/09/2026 — — (289) (0.09)
Triple Lift, Inc. (4) L + 5.75% 6.58% 03/16/2029 4,738 4,646 4,522 1.33
4,646 4,233 1.25
IT Services
Donuts, Inc. (4) S + 6.00% 7.45% 12/29/2027 11,846 11,846 11,663 3.44
Donuts, Inc. (4) (10) S + 6.00% 7.45% 12/29/2027 — — (85) (0.03)
Govbrands Intermediate, Inc. (4) (6) (11) L + 5.50% 7.75% 08/04/2027 24,000 23,453 23,117 6.82
Govbrands Intermediate, Inc. (4) (6) (10) L + 5.50% 7.75% 08/04/2027 5,400 5,248 5,109 1.51
Govbrands Intermediate, Inc. (4) (6) (10) L + 5.50% 7.75% 08/04/2027 — (64) (105) (0.03)
Long Term Care Group, Inc. (4) (6) L + 6.00% 7.26% 09/08/2027 11,471 11,250 11,250 3.32
Redwood Services Group, LLC (4) (6) S + 6.00% 7.70% 06/15/2029 7,998 7,838 7,838 2.31
Redwood Services Group, LLC (4) (6) (10) S + 6.00% 7.70% 06/15/2029 — (19) (19) (0.01)
59,552 58,768 17.34
Machinery
Answer Target Holdco, LLC (4) (5) (11) L + 5.75% 8.00% 12/30/2026 23,717 23,284 22,849 6.74
Answer Target Holdco, LLC (4) (5) (10) L + 5.75% 8.00% 12/30/2026 — (33) (67) (0.02)
23,251 22,782 6.72
Oil, Gas & Consumable Fuels
Energy Labs Holdings Corp. (4) (5) S + 5.25% 6.35% 04/07/2028 390 384 384 0.11
Energy Labs Holdings Corp. (4) (5) (10) S + 5.25% 6.35% 04/07/2028 — (1) (1) —
Energy Labs Holdings Corp. (4) (5) (10) S + 5.25% 6.53% 04/07/2028 12 11 11 —
394 394 0.12
Professional Services
Project Boost Purchaser, LLC (4) (6) S + 5.50% 6.90% 05/02/2029 7,754 7,677 7,677 2.27
Project Boost Purchaser, LLC (4) (6) (10) S + 5.50% 6.90% 05/02/2029 — (8) (8) —
Project Boost Purchaser, LLC (4) (6) (10) S + 5.50% 6.90% 05/02/2027 — (6) (6) —
7,663 7,663 2.26
Real Estate Management & Development
Associations, Inc. (4) (5) L + 4.00%; 2.50% PIK 7.50% 07/02/2027 5,147 5,105 5,105 1.51


Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Abracon Group Holdings, LLC	(4) (6) (10)	S +	5.75%	10.89%	07/06/2028	622	$	599	$	562	0.08	%
Abracon Group Holdings, LLC	(4) (6) (10)	S +	5.75%	10.89%	07/06/2028	—	(14)		(24)		—
Dwyer Instruments, Inc.	(4) (6) (11)	S +	5.75%	11.09%	07/21/2027	16,804	16,522		16,365		2.27
Dwyer Instruments, Inc.	(4) (6) (10)	S +	5.75%	11.09%	07/21/2027	—	(33)		(111)		(0.02)
Dwyer Instruments, Inc.	(4) (6) (10)	S +	5.75%	11.09%	07/21/2027	551	517		495		0.07
Infinite Bidco, LLC	(4) (7)	S +	6.25%	11.27%	03/02/2028	2,524	2,453		2,469		0.34
							31,392		30,974		4.29
Financial Services
Applitools, Inc.	(4) (6) (8)	S +	6.25% PIK	11.35% PIK	05/25/2029	7,023	6,924		6,722		0.93
Applitools, Inc.	(4) (6) (8) (10)	S +	6.25%	11.35%	05/25/2028	—	(15)		(39)		(0.01)
Cerity Partners, LLC	(4) (6) (12)	S +	6.75%	11.85%	12/29/2029	923	897		915		0.13
Cerity Partners, LLC	(4) (6) (10)	S +	6.75%	11.85%	12/29/2029	290	251		278		0.04
SitusAMC Holdings Corp.	(4) (6) (11)	S +	5.50%	10.84%	12/22/2027	23,305	23,121		22,764		3.16
Smarsh, Inc.	(4) (6) (11)	S +	6.50%	11.84%	02/16/2029	4,286	4,213		4,158		0.58
Smarsh, Inc.	(4) (6) (10)	S +	6.50%	11.84%	02/16/2029	536	522		504		0.07
Smarsh, Inc.	(4) (6) (10)	S +	6.50%	11.84%	02/16/2029	—	(4)		(8)		—
							35,909		35,294		4.89
Health Care Equipment & Supplies
PerkinElmer U.S., LLC	(4) (5) (12)	S +	6.75%	11.99%	03/13/2029	14,749	14,322		14,351		1.99

Health Care Providers & Services
Advarra Holdings, Inc.	(4) (7) (12)	S +	5.75%	10.83%	08/24/2029	20,379	20,054		19,719		2.73
Advarra Holdings, Inc.	(4) (7) (10)	S +	5.75%	10.83%	08/24/2029	—	(14)		(60)		(0.01)
DCA Investment Holdings, LLC	(4) (6) (12)	S +	6.41%	11.65%	04/03/2028	9,676	9,599		9,604		1.33
DCA Investment Holdings, LLC	(4) (6) (10) (13)	S +	6.41%	11.65%	04/03/2028	2,517	2,468		2,491		0.35
DCA Investment Holdings, LLC	(4) (6) (13)	S +	6.50%	11.79%	04/03/2028	1,404	1,393		1,393		0.19
Gateway US Holdings, Inc.	(4) (6) (8) (12)	S +	6.50%	11.89%	09/22/2026	5,273	5,237		5,237		0.73
Gateway US Holdings, Inc.	(4) (6) (8) (10)	S +	6.50%	11.89%	09/22/2026	1,442	1,431		1,431		0.20
Gateway US Holdings, Inc.	(4) (6) (8) (10)	S +	6.50%	11.89%	09/22/2026	—	(2)		(1)		—
Heartland Veterinary Partners, LLC	(4) (5) (11)	S +	4.75%	9.95%	12/10/2026	5,998	5,954		5,940		0.82
Heartland Veterinary Partners, LLC	(4) (5)	S +	4.75%	9.95%	12/10/2026	13,579	13,484		13,449		1.86
Heartland Veterinary Partners, LLC	(4) (5) (10)	S +	4.75%	9.95%	12/10/2026	—	(8)		(12)		—
iCIMS, Inc.	(4) (6) (11) (13)	S +	7.25%	12.38%	08/18/2028	5,525	5,437		5,484		0.76
iCIMS, Inc.	(4) (6)	S +	7.25%	12.38%	08/18/2028	1,666	1,654		1,654		0.23
iCIMS, Inc.	(4) (6) (10)	S +	7.25%	12.38%	08/18/2028	—	(3)		(3)		—
iCIMS, Inc.	(4) (6) (10)	S +	7.25%	12.38%	08/18/2028	26	25		25		—
Intelerad Medical Systems Incorporated	(4) (5) (8) (11)	S +	6.50%	11.70%	08/21/2026	13,164	12,839		12,399		1.72
Intelerad Medical Systems Incorporated	(4) (5) (8) (10)	S +	6.50%	11.70%	05/31/2028	392	379		379		0.05

1112

Table of Contents

T Series Middle Market Loan Fund LLC

Consolidated Schedule of Investments (Unaudited)

June 30, ~~2022~~2023

(In thousands)

Investments-non-controlled/non-affiliated(1)
Footnotes Reference Rate and Spread
Interest Rate(2)
Maturity Date Par Amount/ Shares
Cost(3)
Fair Value Percentage of Net Assets
Associations, Inc. (4) (5) (10) L + 4.00%; 2.50% PIK 7.50% 07/02/2027 — $ (53) $ (43) (0.01) %
MRI Software, LLC (4) (10) L + 5.50% 7.75% 02/10/2026 — (13) (30) (0.01)
5,039 5,032 1.49
Software
Anaplan, Inc. (4) (6) S + 6.50% 8.01% 06/21/2029 17,600 17,249 17,249 5.09
APEX Analytix (4) (5) (8) (10) S + 5.75% 7.95% 08/18/2026 8,659 8,486 8,486 2.50
APEX Analytix (4) (5) (8) (10) S + 5.75% 7.95% 06/30/2028 978 958 958 0.28
Appfire Technologies, LLC (4) (5) (10) S + 5.50% 7.70% 03/09/2027 — (10) (10) —
Appfire Technologies, LLC (4) (5) (10) S + 5.50% 7.70% 03/09/2027 7 5 5 —
Bottomline Technologies, Inc. (4) S + 5.50% 6.74% 05/14/2029 16,000 15,685 15,685 4.63
Bottomline Technologies, Inc. (4) (10) S + 5.50% 6.74% 01/27/2028 — (26) (26) (0.01)
Cordeagle US Finco, Inc. (4) (5) (7) L + 6.75% 7.99% 07/30/2027 10,161 9,972 10,082 2.98
GS AcquisitionCo, Inc. (4) L + 5.75% 7.30% 05/22/2026 1,519 1,500 1,500 0.44
GS AcquisitionCo, Inc. (4) (10) L + 5.75% 7.16% 05/22/2026 — (2) (2) —
GS AcquisitionCo, Inc. (4) (10) L + 5.75% 7.65% 05/22/2026 9 8 8 —
Kaseya, Inc. (4) (6) S + 5.75% 8.29% 06/25/2029 10,309 10,155 10,155 3.00
Kaseya, Inc. (4) (6) (10) S + 5.75% 8.29% 05/02/2029 — (5) (5) —
Kaseya, Inc. (4) (6) (10) S + 5.75% 8.29% 05/02/2029 — (9) (9) —
LegitScript (4) S + 5.75% 7.26% 06/24/2029 15,573 15,262 15,262 4.50
LegitScript (4) (10) S + 5.75% 7.26% 06/24/2029 — (203) (203) (0.06)
LegitScript (4) (10) S + 5.75% 7.26% 06/24/2028 — (60) (60) (0.02)
Netwrix Corporation And Concept Searching, Inc. (4) (6) S + 5.00% 6.50% 06/01/2029 3,018 2,988 2,988 0.88
Netwrix Corporation And Concept Searching, Inc. (4) (6) (10) S + 5.00% 6.50% 06/01/2029 — (8) (8) —
Netwrix Corporation And Concept Searching, Inc. (4) (6) (10) S + 5.00% 6.50% 06/01/2029 — (3) (3) —
Oak Purchaser, Inc. (4) L + 5.50% 7.55% 04/28/2028 4,653 4,607 4,607 1.36
Oak Purchaser, Inc. (4) (10) L + 5.50% 7.55% 04/30/2029 — (30) (30) (0.01)
Oak Purchaser, Inc. (4) (10) L + 5.50% 7.55% 04/30/2029 — (6) (6) —
Project Leopard Holdings, Inc. (4) (7) (8) S + 5.25% 7.45% 06/16/2028 10,000 9,300 9,300 2.74
Revalize, Inc. (4) (10) (11) L + 5.75% 8.00% 04/15/2027 9,647 9,498 8,729 2.58
Revalize, Inc. (4) (10) L + 5.75% 8.00% 04/15/2027 887 874 831 0.25
Securonix, Inc. (4) (6) S + 6.50% 7.25% 04/05/2028 21,010 20,654 20,654 6.10
Securonix, Inc. (4) (6) (10) S + 6.50% 7.25% 04/05/2028 — (63) (63) (0.02)
Trunk Acquisition, Inc. (4) (5) (11) L + 6.00% 8.25% 02/19/2027 11,371 11,267 10,931 3.23
Trunk Acquisition, Inc. (4) (5) (10) L + 6.00% 8.25% 02/19/2026 — (9) (41) (0.01)
138,034 136,964 40.42
Total First Lien Debt $ 818,400 $ 806,611 238.05 %


Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares		Cost(3)		Fair Value		Percentage of Net Assets
mPulse Mobile, Inc.	(4) (6) (11)	L +	5.25%	10.19%	12/17/2027	9,950		$	9,793	$	9,712	1.35	%
mPulse Mobile, Inc.	(4) (6) (10)	L +	5.25%	10.19%	12/17/2027	—		(149)		(478)		(0.07)
mPulse Mobile, Inc.	(4) (6) (10)	L +	5.25%	10.19%	12/17/2027	2,473		2,399		2,354		0.33
Pareto Health Intermediate Holdings, Inc.	(4) (6)	S +	6.50%	11.74%	05/01/2030	23,164		22,704		22,704		3.15
Pareto Health Intermediate Holdings, Inc.	(4) (6) (10)	S +	6.50%	11.74%	05/01/2029	—		(54)		(54)		(0.01)
PPV Intermediate Holdings, LLC	(4) (6)	S +	5.75%	10.89%	08/31/2029	16,485		15,847		15,847		2.20
Southern Veterinary Partners, LLC	(4) (5) (13)	S +	5.50%	10.68%	10/05/2027	1,877		1,846		1,816		0.25
Stepping Stones Healthcare Services, LLC	(4) (6) (13)	S +	5.75%	11.09%	01/02/2029	4,320		4,267		4,189		0.58
Stepping Stones Healthcare Services, LLC	(4) (6) (10)	S +	5.75%	11.09%	01/02/2029	745		733		707		0.10
Stepping Stones Healthcare Services, LLC	(4) (6) (10)	S +	5.75%	11.09%	12/30/2026	125		118		106		0.01
Tivity Health, Inc.	(4) (6) (13)	S +	6.00%	11.24%	06/28/2029	2,700		2,664		2,667		0.37
Vardiman Black Holdings, LLC	(4) (7) (11)	S +	7.00%	12.26%	03/18/2027	5,658		5,613		5,318		0.74
Vardiman Black Holdings, LLC	(4) (7)	S +	7.00%	12.26%	03/18/2027	6,716		6,662		6,312		0.88
Vermont Aus Pty Ltd	(4) (6) (8) (12) (13)	S +	5.50%	10.89%	03/23/2028	12,623		12,359		12,171		1.69
								164,729		162,500		22.53
Industrial Conglomerates
Excelitas Technologies Corp.	(4) (6) (11)	S +	5.75%	10.94%	08/13/2029	39,141		38,454		38,053		5.28
Excelitas Technologies Corp.	(4) (6) (11)	E +	5.75%	9.05%	08/13/2029	€	6,654	6,761		7,058		0.98
Excelitas Technologies Corp.	(4) (6) (10)	S +	5.75%	10.94%	08/13/2029	—		(65)		(130)		(0.02)
Excelitas Technologies Corp.	(4) (6) (10)	S +	5.75%	10.94%	08/14/2028	1,902		1,840		1,802		0.25
Raptor Merger Sub Debt, LLC	(4) (6) (12)	S +	6.75%	11.99%	04/01/2029	32,395		31,502		31,799		4.41
Raptor Merger Sub Debt, LLC	(4) (6) (10)	S +	6.75%	11.99%	04/01/2028	488		424		443		0.06
								78,916		79,025		10.96
Insurance Services
Amerilife Holdings, LLC	(4) (6) (13)	S +	5.75%	10.88%	08/31/2029	17,156		16,847		16,492		2.29
Amerilife Holdings, LLC	(4) (6) (10)	S +	5.75%	10.88%	08/31/2029	4,893		4,782		4,608		0.64
Amerilife Holdings, LLC	(4) (6) (10)	S +	5.75%	10.88%	08/31/2028	615		551		472		0.07
Foundation Risk Partners Corp.	(4) (6)	S +	6.25%	11.85%	10/29/2028	4,887		4,747		4,747		0.66
Foundation Risk Partners Corp.	(4) (6) (13)	S +	6.25%	11.85%	10/29/2028	1,502		1,483		1,400		0.19
Foundation Risk Partners Corp.	(4) (6) (10)	S +	6.25%	11.85%	10/29/2028	3,605		3,543		3,193		0.44
Foundation Risk Partners Corp.	(4) (6) (10)	S +	6.25%	11.85%	10/29/2028	977		930		912		0.13
Galway Borrower, LLC	(4) (6) (12)	S +	5.75%	10.65%	09/29/2028	13,455		13,195		13,028		1.81
Galway Borrower, LLC	(4) (6) (10)	S +	5.75%	10.65%	09/29/2028	—		(102)		(293)		(0.04)
Galway Borrower, LLC	(4) (6) (10)	S +	5.75%	10.65%	09/30/2027	—		(7)		(15)		—
Higginbotham Insurance Agency, Inc.	(4) (6) (11)	S +	5.25%	10.45%	11/25/2026	3,646		3,619		3,609		0.50
Higginbotham Insurance Agency, Inc.	(4) (6)	S +	5.25%	10.45%	11/25/2026	8,617		8,549		8,531		1.18
High Street Buyer, Inc.	(4) (6) (10)	S +	5.75%	11.09%	02/02/2029	14,086		13,736		13,901		1.93
Integrity Marketing Acquisition, LLC	(4) (6) (11) (13)	S +	6.00%	11.33%	08/27/2025	18,279		18,072		18,040		2.50

1213

Table of Contents

T Series Middle Market Loan Fund LLC

Consolidated Schedule of Investments (Unaudited)

June 30, ~~2022~~2023

(In thousands)

Investments-non-controlled/non-affiliated(1)
Footnotes Reference Rate and Spread
Interest Rate(2)
Acquisition Date Maturity Date Par Amount/ Shares
Cost(3)
Fair Value Percentage of Net Assets
Second Lien Debt
Air Freight & Logistics
Omni Logistics (4) L + 9.00% 11.19% 12/30/2027 3,300 $ 3,201 $ 3,201 0.94 %
Health Care Providers & Services
Heartland Veterinary Partners, LLC (4) (5) L + 8.00% 9.00% 12/10/2027 2,520 2,473 2,391 0.71
Heartland Veterinary Partners, LLC (4) (5) (10) L + 8.00% 9.00% 12/10/2027 624 613 574 0.17
3,086 2,965 0.88
Software
Matrix Parent, Inc. (4) (6) S + 8.00% 9.55% 03/01/2030 10,667 10,485 10,240 3.02
Total Second Lien Debt $ 16,772 $ 16,406 4.84 %
Other Securities
Preferred Equity
Integrity Marketing Acquisition, LLC (4) (9) 10.50% PIK 1,000,000 $ 1,009 $ 1,038 0.31 %
Knockout Intermediate Holdings I, Inc. (4) (9) 2,040 1,989 1,989 0.59
Revalize, Inc. (4) (9) 2,000 2,024 2,081 0.61
Total Preferred Equity $ 5,022 $ 5,108 1.51 %
Common Equity
BP Purchaser, LLC (4) (9) 12/10/2021 1,233,333 $ 1,234 $ 1,234 0.36 %
Encore Holdings, LLC (4) (9) 11/23/2021 1,478 170 196 0.06
LUV Car Wash (4) (9) 04/06/2022 992 991 992 0.29
mPulse Mobile, Inc. (4) (9) 12/17/2021 105,978 780 780 0.23
Procure Acquiom Financial, LLC (Procure Analytics) (4) (9) 12/20/2021 500,000 500 582 0.17
Total Common Equity $ 3,675 $ 3,784 1.12 %
Total Other Securities $ 8,697 $ 8,892 2.62 %
Total Portfolio Investments $ 843,869 $ 831,909 245.52 %


Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Integrity Marketing Acquisition, LLC	(4) (6) (10) (12)	S +	6.00%	11.33%	08/27/2025	11,112	$	10,980	$	10,963	1.52	%
Integrity Marketing Acquisition, LLC	(4) (6) (10)	S +	6.00%	11.33%	08/27/2025	—	(22)		(22)		—
Keystone Agency Investors	(4) (5) (11) (12)	S +	5.75%	11.14%	05/03/2027	9,079	8,969		8,952		1.24
Keystone Agency Investors	(4) (5) (12) (13)	S +	5.75%	11.14%	05/03/2027	10,712	10,583		10,561		1.46
Long Term Care Group, Inc.	(4) (6)	S +	6.00%	11.29%	09/08/2027	11,356	11,172		9,079		1.26
Oakbridge Insurance Agency, LLC	(4) (5) (13)	S +	5.75%	10.95%	12/31/2026	12,370	12,199		12,149		1.68
Oakbridge Insurance Agency, LLC	(4) (5) (10)	S +	5.75%	10.95%	12/31/2026	1,392	1,345		1,297		0.18
Oakbridge Insurance Agency, LLC	(4) (5) (10)	S +	5.75%	10.95%	12/31/2026	273	266		261		0.04
Patriot Growth Insurance Services, LLC	(4) (6) (10)	S +	5.75%	11.06%	10/16/2028	2,357	2,304		2,259		0.31
Peter C. Foy & Associates Insurance Services, LLC	(4) (6) (13)	S +	6.00%	11.22%	11/01/2028	1,471	1,452		1,428		0.20
Peter C. Foy & Associates Insurance Services, LLC	(4) (6) (11) (13)	S +	6.00%	11.22%	11/01/2028	13,561	13,428		13,162		1.82
RSC Acquisition, Inc.	(4) (6) (11) (13)	S +	5.50%	10.85%	10/30/2026	25,718	25,536		25,291		3.51
Summit Acquisition, Inc.	(4) (6) (13)	S +	6.75%	11.99%	05/01/2030	14,535	14,099		14,099		1.95
Summit Acquisition, Inc.	(4) (6) (10)	S +	6.75%	11.99%	05/01/2030	—	(47)		(47)		(0.01)
Summit Acquisition, Inc.	(4) (6) (10)	S +	6.75%	11.99%	05/01/2029	—	(47)		(47)		(0.01)
World Insurance Associates, LLC	(4) (5) (11)	S +	5.75%	10.96%	04/01/2026	6,678	6,588		6,265		0.87
World Insurance Associates, LLC	(4) (5) (13)	S +	6.75%	11.96%	04/01/2026	1,000	965		965		0.13
World Insurance Associates, LLC	(4) (5) (12)	S +	5.75%	10.96%	04/01/2026	30,584	30,160		28,694		3.98
							239,875		233,934		32.44
Interactive Media & Services
Triple Lift, Inc.	(4) (6) (13)	S +	5.50%	10.62%	05/08/2028	4,690	4,614		4,408		0.61
							4,614		4,408		0.61
IT Services
Catalis Intermediate, Inc.	(4) (6) (11)	S +	5.50%	10.89%	08/04/2027	23,759	23,304		20,912		2.90
Catalis Intermediate, Inc.	(4) (6) (10)	S +	5.50%	10.89%	08/04/2027	5,346	5,224		4,404		0.61
Catalis Intermediate, Inc.	(4) (6) (10)	S +	5.50%	10.89%	08/04/2027	2,577	2,525		2,234		0.31
Donuts, Inc.	(4) (5) (12)	S +	6.00%	11.27%	12/29/2027	11,727	11,727		11,617		1.61
Redwood Services Group, LLC	(4) (6) (11)	S +	6.00%	11.50%	06/15/2029	7,938	7,796		7,751		1.07
Redwood Services Group, LLC	(4) (6)	S +	6.00%	11.50%	06/15/2029	1,899	1,877		1,855		0.26
							52,453		48,773		6.76
Machinery
Answer Acquisition, LLC	(4) (5) (11)	S +	5.75%	11.14%	12/30/2026	23,479	23,130		22,892		3.17
Answer Acquisition, LLC	(4) (5) (10)	S +	5.75%	11.14%	12/30/2026	458	433		413		0.06
MHE Intermediate Holdings, LLC	(4) (5) (11)	S +	6.00%	11.38%	07/21/2027	17,602	17,422		17,172		2.38
MHE Intermediate Holdings, LLC	(4) (5) (13)	S +	6.00%	11.38%	07/21/2027	1,978	1,947		1,945		0.27
							42,932		42,422		5.88
Multi-Utilities
AWP Group Holdings, Inc.	(4) (5) (12)	S +	4.75%	9.84%	12/22/2027	5,973	5,578		5,595		0.78

1314

Table of Contents

T Series Middle Market Loan Fund LLC

Consolidated Schedule of Investments (Unaudited)

June 30, ~~2022~~2023

(In thousands)


Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Pharmaceuticals
Caerus US 1, Inc.	(4) (6) (8) (13)	S +	5.75%	10.99%	05/25/2029	8,093	$	7,945	$	8,027	1.11	%
Caerus US 1, Inc.	(4) (6) (8) (10)	S +	5.75%	10.99%	05/25/2029	—	(10)		(9)		—
Caerus US 1, Inc.	(4) (6) (8) (10)	S +	5.75%	10.99%	05/25/2029	512	497		505		0.07
							8,432		8,523		1.18
Professional Services
Bridgepointe Technologies, LLC	(4) (5)	S +	6.50%	11.89%	12/31/2027	3,069	2,956		2,959		0.41
Bridgepointe Technologies, LLC	(4) (5) (10)	S +	6.50%	11.89%	12/31/2027	661	581		587		0.08
KWOR Acquisition, Inc.	(4) (6) (11) (13)	S +	5.25%	10.45%	12/22/2028	16,313	16,095		15,778		2.19
KWOR Acquisition, Inc.	(4) (6) (10)	S +	5.25%	10.45%	12/22/2028	781	744		667		0.09
KWOR Acquisition, Inc.	(4) (10)	P +	4.25%	12.50%	12/22/2027	1,006	985		946		0.13
Project Boost Purchaser, LLC	(4) (6) (12)	S +	5.25%	10.32%	05/02/2029	7,817	7,749		7,803		1.08
Project Boost Purchaser, LLC	(4) (6) (10)	S +	5.25%	10.32%	05/02/2029	—	(6)		(2)		—
Project Boost Purchaser, LLC	(4) (6) (10)	S +	5.25%	10.32%	05/02/2028	107	102		106		0.01
							29,206		28,844		4.00
Real Estate Management & Development
Associations, Inc.	(4) (5) (13)	S +	6.50% (incl. 2.50% PIK)	11.68%	07/02/2027	5,279	5,241		5,136		0.71
Associations, Inc.	(4) (5) (10)	S +	6.50% (incl. 2.50%% PIK)	11.68%	07/02/2027	3,440	3,398		3,298		0.46
MRI Software, LLC	(4) (5) (13)	S +	5.50%	10.84%	02/10/2026	5,468	5,450		5,426		0.75
MRI Software, LLC	(4) (5) (10)	S +	5.50%	10.84%	02/10/2026	—	(5)		(9)		—
MRI Software, LLC	(4) (5) (10)	S +	5.50%	10.84%	02/10/2026	—	—		—		—
Zarya Intermediate, LLC	(4) (5) (8) (11)	S +	6.50%	11.76%	07/01/2027	27,237	27,237		27,237		3.78
Zarya Intermediate, LLC	(4) (5) (8) (10)	S +	6.50%	11.76%	07/01/2027	401	401		401		0.06
							41,722		41,489		5.75
Software
Anaplan, Inc.	(4) (6) (12) (13)	S +	6.50%	11.60%	06/21/2029	22,583	22,230		22,413		3.11
Appfire Technologies, LLC	(4) (5)	S +	5.50%	10.70%	03/09/2027	300	298		293		0.04
Appfire Technologies, LLC	(4) (5) (10)	S +	5.50%	10.70%	03/09/2027	—	(7)		(23)		—
Appfire Technologies, LLC	(4) (5) (10)	S +	5.50%	10.70%	03/09/2027	—	(1)		(3)		—
Bottomline Technologies, Inc.	(4) (5) (12)	S +	5.25%	10.33%	05/14/2029	15,880	15,602		15,589		2.16
Bottomline Technologies, Inc.	(4) (5) (10)	S +	5.25%	10.33%	05/15/2028	—	(22)		(24)		—
Coupa Holdings, LLC	(4) (6)	S +	7.50%	12.60%	02/27/2030	17,712	17,284		17,190		2.38
Coupa Holdings, LLC	(4) (6) (10)	S +	7.50%	12.60%	02/27/2030	—	(8)		(21)		—
Coupa Holdings, LLC	(4) (6) (10)	S +	7.50%	12.60%	02/27/2029	—	(13)		(16)		—
Cyara AcquisitionCo, LLC	(4) (5)	S +	6.75%	12.07%	06/28/2029	13,033	12,675		12,675		1.76
Cyara AcquisitionCo, LLC	(4) (5) (10)	S +	6.75%	12.07%	06/28/2029	—	(24)		(24)		—
GS AcquisitionCo, Inc.	(4) (5) (13)	S +	5.75%	11.14%	05/22/2026	6,624	6,572		6,574		0.91

Table of Contents

T Series Middle Market Loan Fund LLC

Consolidated Schedule of Investments (Unaudited)

June 30, 2023

(In thousands)


Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
GS AcquisitionCo, Inc.	(4) (5) (10)	S +	5.75%	11.14%	05/22/2026	125	$	122	$	122	0.02	%
Kaseya, Inc.	(4) (6) (13)	S +	8.25% (incl. 2.50% PIK)	11.35%	06/25/2029	10,309	10,171		10,069		1.40
Kaseya, Inc.	(4) (6) (10)	S +	8.25% (incl. 2.50% PIK)	11.35%	06/25/2029	38	34		24		—
Kaseya, Inc.	(4) (6) (10)	S +	8.25% (incl. 2.50% PIK)	11.35%	06/25/2029	156	148		142		0.02
LegitScript, LLC	(4) (6) (13)	S +	5.25%	10.35%	06/24/2029	20,102	19,745		19,760		2.74
LegitScript, LLC	(4) (6) (10)	S +	5.25%	10.35%	06/24/2029	531	480		437		0.06
LegitScript, LLC	(4) (6) (10)	S +	5.25%	10.35%	06/24/2028	419	370		368		0.05
Montana Buyer, Inc.	(4) (6) (12)	S +	5.75%	10.83%	07/22/2029	8,615	8,459		8,383		1.16
Montana Buyer, Inc.	(4) (6) (10)	S +	5.75%	10.83%	07/22/2028	—	(16)		(26)		—
Netwrix Corporation And Concept Searching, Inc.	(4) (6) (13)	S +	5.00%	10.30%	06/11/2029	3,969	3,937		3,839		0.53
Netwrix Corporation And Concept Searching, Inc.	(4) (6) (10)	S +	5.00%	10.30%	06/11/2029	38	32		(1)		—
Netwrix Corporation And Concept Searching, Inc.	(4) (6) (10)	S +	5.00%	10.30%	06/11/2029	79	76		69		0.01
Oak Purchaser, Inc.	(4) (6) (13)	S +	5.50%	10.37%	04/28/2028	4,653	4,614		4,495		0.62
Oak Purchaser, Inc.	(4) (6) (10)	S +	5.50%	10.37%	04/28/2028	1,247	1,222		1,142		0.16
Oak Purchaser, Inc.	(4) (6) (10)	S +	5.50%	10.37%	04/28/2028	—	(5)		(21)		—
Project Leopard Holdings, Inc.	(7) (8) (11)	S +	5.25%	10.45%	07/20/2029	9,950	9,327		9,067		1.26
Revalize, Inc.	(4) (5) (11) (13)	S +	5.75%	10.95%	04/15/2027	11,678	11,601		11,257		1.56
Revalize, Inc.	(4) (5) (10)	S +	5.75%	10.95%	04/15/2027	—	(10)		(51)		(0.01)
Riskonnect Parent, LLC	(4) (6) (13)	S +	5.50%	10.89%	12/07/2028	1,094	1,076		1,073		0.15
Riskonnect Parent, LLC	(4) (6) (10)	S +	5.50%	10.89%	12/07/2028	—	(10)		(23)		—
Securonix, Inc.	(4) (6) (12)	S +	6.50%	11.42%	04/05/2028	21,010	20,702		20,199		2.80
Securonix, Inc.	(4) (6) (10)	S +	6.50%	11.42%	04/05/2028	—	(53)		(146)		(0.02)
Trunk Acquisition, Inc.	(4) (5) (11)	S +	5.50%	11.14%	02/19/2027	11,257	11,173		10,969		1.52
Trunk Acquisition, Inc.	(4) (5) (10)	S +	5.50%	11.14%	02/19/2026	—	(7)		(27)		—
							177,774		175,743		24.37
Total First Lien Debt							$	1,440,309	$	1,414,767	196.17	%
Second Lien Debt
Air Freight & Logistics
Omni Intermediate Holdings, LLC	(4) (5) (13)	S +	9.00%	14.39%	12/30/2027	3,300	$	3,216	$	3,210	0.45	%
Electronic Equipment, Instruments & Components
Infinite Bidco, LLC	(4) (7)	S +	7.00%	12.50%	03/02/2029	1,800	1,531		1,530		0.21
Health Care Providers & Services
Heartland Veterinary Partners, LLC	(4) (5) (11)	S +	8.00%	13.20%	12/10/2027	2,520	2,480		2,425		0.34
Heartland Veterinary Partners, LLC	(4) (5)	S +	8.00%	13.20%	12/10/2027	980	964		943		0.13
							3,444		3,368		0.47

Table of Contents

T Series Middle Market Loan Fund LLC

Consolidated Schedule of Investments (Unaudited)

June 30, 2023

(In thousands)


Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Software
Matrix Parent, Inc.	(4) (6) (12)	S +	8.00%	13.28%	03/01/2030	10,667	$	10,501	$	7,419	1.03	%
Total Second Lien Debt							$	18,692	$	15,527	2.15
Other Securities
Other Debt
Fetch Insurance Services, LLC	(4)		12.75% (incl. 3.75% PIK)		10/31/2027	1,612	$	1,570	$	1,563	0.22	%
Total Other Debt							$	1,570	$	1,563	0.22


Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Acquisition Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Preferred Equity
Integrity Marketing Acquisition, LLC	(4) (9)		10.50%	12/21/2021	1,000,000	$	1,153	$	1,150	0.16	%
Knockout Intermediate Holdings I, Inc.	(4) (9)		11.75%	6/25/2022	2,040	2,247		2,220		0.31
Revalize, Inc.	(4) (9)	S +	10.00%	12/14/2021	2,154	2,535		2,454		0.34
RSK Holdings, Inc. (Riskonnect)	(4) (9)	S +	10.50%	7/7/2022	2,123,800	2,209		2,400		0.33
Total Preferred Equity						$	8,144	$	8,224	1.14
Common Equity
Amerilife Holdings, LLC	(4) (9)			9/1/2022	14,856	410		506		0.07
BP Purchaser, LLC	(4) (9)			12/10/2021	1,233,333	1,233		1,270		0.18
Encore Holdings, LLC	(4) (9)			11/23/2021	1,728	215		366		0.05
Frisbee Holdings, LP (Fetch)	(4) (9)			10/31/2022	18,287	233		233		0.03
LUV Car Wash	(4) (9)			4/6/2022	1,260	1,260		924		0.13
mPulse Mobile, Inc.	(4) (9)			12/17/2021	105,978	780		698		0.10
Procure Acquiom Financial, LLC (Procure Analytics)	(4) (9)			12/20/2021	500,000	500		615		0.09
Surewerx Topco, LP	(4) (8) (9)			12/28/2022	104	104		112		0.02
Total Common Equity						$	4,735	$	4,724	0.66	%
Total Other Securities						$	14,449	$	14,511	2.01	%
Total Portfolio Investments						$	1,473,450	$	1,444,805	200.33	%

Table of Contents

T Series Middle Market Loan Fund LLC

Consolidated Schedule of Investments (Unaudited)

June 30, 2023

(In thousands)


(1)			Unless otherwise indicated, issuers of debt and equity investments held by the Company ~~(which~~(where such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of June 30, ~~2022,~~2023, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of June 30, ~~2022,~~2023, the Company is not an “affiliated person” of any of its portfolio companies.
(2)			Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either EURIBOR ("E"), LIBOR ("L" or “LIBOR”) or SOFR ("S") or an alternate base rate (commonly based on the Federal Funds Rate ("F") or the U.S. Prime Rate ("P")), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of June 30, ~~2022.~~2023. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at June 30, ~~2022.~~2023. As of June 30, ~~2022,~~2023, the reference rates for our variable rate loans were the 3-month E at 3.58%, 1-month L at ~~1.79%~~5.22%, 3-month L at ~~2.29%~~5.55%, the 6-month L at ~~2.90%~~5.76%, 1-month S at ~~1.09%~~5.14%, 3-month S at ~~0.70%~~5.27%, 6-month S at 5.39% and the P at ~~4.75%~~8.25%.
(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.
(4)			These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the ~~board of directors~~Company’s Valuation Designee (the “Valuation Designee”) under the supervision of the ~~Company~~Board of Directors (the “Board of Directors” or the “Board”) (see Note 2 and Note 5), pursuant to the Company’s valuation policy.
(5)			Loan includes interest rate floor of 1.00%.
(6)			Loan includes interest rate floor of 0.75%.
(7)			Loan includes interest rate floor of 0.50%.
(8)			The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of June 30, ~~2022~~2023 non-qualifying assets represented ~~7.2%~~7.75% of total assets as calculated in accordance with regulatory requirements.
~~(8)~~			~~Position or portion thereof unsettled as of June 30, 2022.~~
(9)			Securities exempt from registration under the Securities Act of 1933, as amended, and may be deemed to be “restricted ~~securities”.~~securities.” As of June 30, ~~2022,~~2023, the aggregate fair value of these securities is ~~$8,892~~$12,948 or ~~2.6%~~1.80% of the Company’s net assets. The initial acquisition dates have been included for such securities.
~~(10)~~			Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments as of June 30, 2022:

Investments-non-controlled/non-affiliated Unused Fee Rate Commitment Type Commitment Expiration Date Unfunded Commitment Fair Value
First Lien Debt
48Forty Solutions, LLC 1.00% Delayed Draw Term Loan 02/11/2024 $ 881 $ (8)
48Forty Solutions, LLC 0.50% Revolver 11/30/2026 3,921 (75)
ABB Concise Optical Group, LLC 0.50% Revolver 02/23/2028 245 (9)
Answer Target Holdco, LLC 0.50% Revolver 12/30/2026 1,834 (67)
Appfire Technologies, LLC 0.50% Delayed Draw Term Loan 06/13/2024 1,370 (10)
Appfire Technologies, LLC 0.50% Revolver 03/09/2027 115 (2)
Everest Intermediate Ltd. 0.50% Revolver 05/25/2028 900 (18)
Associations, Inc. 1.00% Delayed Draw Term Loan 06/10/2024 5,280 (43)
Bottomline Technologies, Inc. 0.50% Revolver 01/27/2028 1,333 (26)
DCA Investment Holdings, LLC 1.00% Delayed Draw Term Loan 03/02/2023 1,504 (47)
Donuts, Inc. 0.25% Delayed Draw Term Loan 08/14/2023 5,541 (85)
Encore Holdings, LLC 0.75% Delayed Draw Term Loan 01/23/2024 1,656 (36)
Encore Holdings, LLC 0.50% Revolver 11/23/2027 359 (8)
Energy Labs Holdings Corp. 1.00% Delayed Draw Term Loan 04/13/2023 47 —
Energy Labs Holdings Corp. 0.50% Revolver 04/07/2028 51 (1)
FLS Holding, Inc. 1.00% Delayed Draw Term Loan 06/17/2023 4,806 (97)
FLS Holding, Inc. 0.50% Revolver 12/17/2027 1,922 (39)
Foundation Risk Partners, Corp. 1.00% Delayed Draw Term Loan 04/14/2024 5,020 (73)
(10) Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments as of June 30, 2023:


Investments — non-controlled/non-affiliated	Unused Fee Rate	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
First Lien Debt
48Forty Solutions, LLC	0.50%	Revolver	11/30/2026	$	3,137	$	(72)
Abracon Group Holdings, LLC	1.00%	Delayed Draw Term Loan	7/6/2024	1,480		(42)
Abracon Group Holdings, LLC	0.50%	Revolver	7/6/2028	841		(24)
Advarra Holdings, Inc.	1.00%	Delayed Draw Term Loan	8/26/2024	1,851		(60)
Amerilife Holdings, LLC	1.00%	Delayed Draw Term Loan	8/31/2024	2,459		(95)
Amerilife Holdings, LLC	0.50%	Revolver	8/31/2028	3,073		(119)
Answer Acquisition, LLC	0.50%	Revolver	12/30/2026	1,375		(34)
Appfire Technologies, LLC	0.50%	Delayed Draw Term Loan	6/13/2024	1,068		(23)
Appfire Technologies, LLC	0.50%	Revolver	3/9/2027	122		(3)
Applitools, Inc.	0.50%	Revolver	5/25/2028	900		(39)
Associations, Inc.	1.00%	Delayed Draw Term Loan	6/10/2024	1,853		(50)
Atlas Us Finco, Inc.	0.50%	Revolver	12/9/2028	572		(12)
Avalara, Inc.	0.50%	Revolver	10/19/2028	1,103		(8)
Bottomline Technologies, Inc.	0.50%	Revolver	5/15/2028	1,333		(24)
Bridgepointe Technologies, LLC	0.50%	Delayed Draw Term Loan	12/19/2023	1,395		(50)
Caerus US 1, Inc.	1.00%	Delayed Draw Term Loan	10/31/2024	1,173		(10)

1418

Table of Contents

T Series Middle Market Loan Fund LLC

Consolidated Schedule of Investments (Unaudited)

June 30, ~~2022~~2023

(In thousands)

Investments-non-controlled/non-affiliated Unused Fee Rate Commitment Type Commitment Expiration Date Unfunded Commitment Fair Value
GS AcquisitionCo, Inc. 0.50% Delayed Draw Term Loan 11/03/2022 126 (2)
GS AcquisitionCo, Inc. 0.50% Revolver 05/22/2026 26 —
Galway Borrower, LLC 0.50% Delayed Draw Term Loan 09/30/2023 612 (13)
Galway Borrower, LLC 0.50% Revolver 09/30/2027 414 (9)
Gateway US Holdings, Inc. 1.00% Delayed Draw Term Loan 04/15/2024 1,200 (11)
Gateway US Holdings, Inc. 0.50% Revolver 09/22/2024 202 (2)
Govbrands Intermediate, Inc. 1.00% Delayed Draw Term Loan 08/04/2023 2,514 (93)
Govbrands Intermediate, Inc. 0.50% Revolver 08/04/2027 2,864 (105)
GraphPad Software, LLC 0.50% Delayed Draw Term Loan 04/27/2027 10,588 (354)
Heartland Home Services 0.75% Delayed Draw Term Loan 02/15/2026 14,354 (583)
Heartland Veterinary Partners, LLC 0.75% Delayed Draw Term Loan 01/17/2023 10,007 (183)
Heartland Veterinary Partners, LLC 0.50% Revolver 12/10/2026 1,211 (22)
Higginbotham Insurance Agency, Inc. 1.00% Delayed Draw Term Loan 11/25/2026 7,457 (128)
High Street Buyer, Inc. 1.00% Delayed Draw Term Loan 08/11/2023 25,372 (129)
Integrity Marketing Acquisition, LLC 1.00% Delayed Draw Term Loan 02/03/2023 971 (19)
KPSKY Acquisition, Inc. 1.00% Delayed Draw Term Loan 06/17/2024 8,100 (162)
KWOR Acquisition, Inc. 1.00% Delayed Draw Term Loan 06/22/2024 3,493 (70)
KWOR Acquisition, Inc. 0.50% Revolver 12/22/2027 1,582 (32)
Kaseya, Inc. 0.50% Delayed Draw Term Loan 06/22/2024 626 (5)
Kaseya, Inc. 0.50% Revolver 05/02/2029 626 (9)
Keystone Agency Investors 1.00% Delayed Draw Term Loan 06/03/2024 3,988 (59)
LUV Car Wash Group, LLC 1.00% Delayed Draw Term Loan 02/09/2026 3,442 (87)
LegitScript —% Delayed Draw Term Loan 06/24/2024 10,182 (203)
LegitScript 0.50% Revolver 06/24/2028 2,995 (60)
Lightspeed Solution, LLC 0.50% Delayed Draw Term Loan 03/01/2028 4,878 (187)
MHE Intermediate Holdings, LLC 1.00% Delayed Draw Term Loan 04/07/2024 1,379 (17)
MRI Software, LLC 0.50% Delayed Draw Term Loan 03/24/2023 6,000 (30)
MSM Acquisitions, Inc. 0.75% Delayed Draw Term Loan 01/30/2023 12,500 (289)
Mammoth Holdings, LLC 0.50% Delayed Draw Term Loan 10/29/2023 2,129 (19)
Netwrix Corporation And Concept Searching, Inc. 0.50% Delayed Draw Term Loan 06/09/2024 1,578 (8)
Netwrix Corporation And Concept Searching, Inc. —% Delayed Draw Term Loan 06/09/2024 588 —
Netwrix Corporation And Concept Searching, Inc. 0.25% Revolver 06/01/2029 316 (3)
Oak Purchaser, Inc. 0.50% Delayed Draw Term Loan 04/28/2024 3,102 (30)
Oak Purchaser, Inc. 0.50% Revolver 04/30/2029 620 (6)
Oakbridge Insurance Agency, LLC 1.00% Delayed Draw Term Loan 03/31/2024 15,164 (579)
Oakbridge Insurance Agency, LLC 0.50% Revolver 12/31/2026 508 (19)
Omni Intermediate Holdings, LLC 1.00% Delayed Draw Term Loan 06/24/2024 1,750 (34)
Omni Intermediate Holdings, LLC 0.50% Revolver 12/30/2025 1,977 (40)


Investments — non-controlled/non-affiliated	Unused Fee Rate	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Caerus US 1, Inc.	0.50%	Revolver	5/25/2029	$	342	$	(3)
Catalis Intermediate, Inc.	1.00%	Delayed Draw Term Loan	8/4/2023	2,514		(301)
Catalis Intermediate, Inc.	0.50%	Revolver	8/4/2027	286		(34)
Cerity Partners, LLC	1.00%	Delayed Draw Term Loan	12/29/2023	1,123		(10)
Coupa Holdings, LLC	1.00%	Delayed Draw Term Loan	8/27/2024	699		(21)
Coupa Holdings, LLC	0.50%	Revolver	2/27/2029	536		(16)
Cyara AcquisitionCo, LLC	0.50%	Revolver	6/28/2029	887		(24)
DCA Investment Holdings, LLC	1.00%	Delayed Draw Term Loan	12/28/2023	791		(6)
Dwyer Instruments, Inc.	1.00%	Delayed Draw Term Loan	7/1/2024	4,249		(111)
Dwyer Instruments, Inc.	0.38%	Revolver	7/21/2027	1,574		(41)
Encore Holdings, LLC	0.75%	Delayed Draw Term Loan	11/23/2024	846		(6)
Encore Holdings, LLC	0.50%	Revolver	11/23/2027	359		(3)
Energy Labs Holdings Corp.	0.50%	Revolver	4/7/2028	53		(1)
Excelitas Technologies Corp.	0.50%	Delayed Draw Term Loan	8/12/2024	4,695		(131)
Excelitas Technologies Corp.	0.50%	Revolver	8/14/2028	1,709		(48)
FLS Holding, Inc.	0.50%	Revolver	12/17/2027	1,922		(23)
Foundation Risk Partners Corp.	1.00%	Delayed Draw Term Loan	4/14/2024	2,452		(167)
Foundation Risk Partners Corp.	1.00%	Delayed Draw Term Loan	4/14/2024	1,303		(38)
GS AcquisitionCo, Inc.	0.50%	Revolver	5/22/2026	250		(2)
Galway Borrower, LLC	1.00%	Delayed Draw Term Loan	9/29/2023	60		(2)
Galway Borrower, LLC	1.00%	Delayed Draw Term Loan	9/29/2023	10,468		(291)
Galway Borrower, LLC	0.50%	Revolver	9/30/2027	414		(15)
Gateway US Holdings, Inc.	1.00%	Delayed Draw Term Loan	4/15/2024	45		—
Gateway US Holdings, Inc.	0.50%	Revolver	9/22/2026	213		(1)
GraphPad Software, LLC	1.00%	Delayed Draw Term Loan	4/27/2027	10,588		(187)
Groundworks, LLC	1.00%	Delayed Draw Term Loan	9/14/2024	823		(20)
Groundworks, LLC	0.50%	Revolver	3/14/2029	263		(6)
Heartland Home Services	0.75%	Delayed Draw Term Loan	8/10/2023	5,759		(75)
Heartland Veterinary Partners, LLC	0.50%	Revolver	12/10/2026	1,211		(12)
High Street Buyer, Inc.	1.00%	Delayed Draw Term Loan	2/4/2024	13,492		(90)
Integrity Marketing Acquisition, LLC	1.00%	Delayed Draw Term Loan	11/23/2024	2,361		(22)
Integrity Marketing Acquisition, LLC	1.00%	Revolver	8/27/2025	472		(22)
Intelerad Medical Systems Incorporated	0.50%	Revolver	5/31/2028	502		(7)
KPSKY Acquisition, Inc.	1.00%	Delayed Draw Term Loan	6/17/2024	3,645		(115)
KWOR Acquisition, Inc.	1.00%	Delayed Draw Term Loan	6/22/2024	2,712		(89)
KWOR Acquisition, Inc.	0.50%	Revolver	12/22/2027	823		(27)
Kaseya, Inc.	0.50%	Delayed Draw Term Loan	6/24/2024	588		(14)
Kaseya, Inc.	0.50%	Revolver	6/25/2029	469		(11)

1519

Table of Contents

T Series Middle Market Loan Fund LLC

Consolidated Schedule of Investments (Unaudited)

June 30, ~~2022~~2023

(In thousands)

Investments-non-controlled/non-affiliated Unused Fee Rate Commitment Type Commitment Expiration Date Unfunded Commitment Fair Value
Peter C. Foy & Associates Insurance Services, LLC —% Delayed Draw Term Loan 12/14/2023 3,714 (55)
Peter C. Foy & Associates Insurance Services, LLC 1.00% Delayed Draw Term Loan 05/02/2023 1,600 (24)
Portfolio Group 1.00% Delayed Draw Term Loan 12/02/2025 2,367 (76)
Procure Acquireco, Inc. (Procure Analytics) 0.50% Delayed Draw Term Loan 02/20/2023 3,968 (133)
Procure Acquireco, Inc. (Procure Analytics) 0.50% Revolver 12/01/2026 1,190 (40)
Project Boost Purchaser, LLC 1.00% Delayed Draw Term Loan 05/02/2024 1,604 (8)
Project Boost Purchaser, LLC 0.50% Revolver 05/02/2027 642 (6)
QW Holding Corporation 1.00% Delayed Draw Term Loan 05/02/2024 1,544 (16)
QW Holding Corporation 0.50% Revolver 08/31/2024 2,833 (40)
RSC Acquisition, Inc. 0.50% Delayed Draw Term Loan 01/02/2023 7,175 (70)
Redwood Services Group, LLC —% Delayed Draw Term Loan 12/22/2023 1,902 (19)
Revalize, Inc. 0.50% Delayed Draw Term Loan 06/13/2023 13,887 (542)
Revalize, Inc. 0.50% Revolver 04/15/2027 532 (21)
Securonix, Inc. 0.50% Revolver 04/05/2028 3,782 (64)
Sherlock Buyer Corp. 0.50% Delayed Draw Term Loan 02/08/2023 7,190 (155)
Sherlock Buyer Corp. 0.50% Revolver 12/08/2027 2,876 (62)
Smarsh, Inc. 1.00% Delayed Draw Term Loan 02/16/2029 1,071 (28)
Smarsh, Inc. 0.50% Revolver 02/16/2029 268 (7)
Stepping Stones Healthcare Services, LLC 1.00% Delayed Draw Term Loan 01/14/2024 1,250 (52)
Stepping Stones Healthcare Services, LLC 0.50% Revolver 12/30/2026 625 (26)
Sweep Purchaser, LLC 1.00% Delayed Draw Term Loan 11/30/2026 55 (1)
Sweep Purchaser, LLC 1.00% Delayed Draw Term Loan 05/05/2024 1,788 (20)
Tamarack Intermediate, LLC 0.50% Revolver 03/13/2028 2,475 (115)
Tank Holding Corp. 0.50% Revolver 03/31/2028 778 (15)
Trunk Acquisition, Inc. 0.50% Revolver 02/19/2026 1,071 (41)
V Global Holdings, LLC 0.50% Revolver 12/22/2025 928 (18)
Vardiman Black Holdings, LLC 1.25% Delayed Draw Term Loan 03/18/2027 4,329 (216)
World Insurance Associates, LLC 1.00% Delayed Draw Term Loan 04/01/2026 1,768 (35)
mPulse Mobile, Inc. 1.00% Delayed Draw Term Loan 02/17/2023 20,004 (608)
mPulse Mobile, Inc. 0.50% Revolver 12/17/2027 4,996 (152)
Total First Lien Debt Unfunded Commitments $ 300,438 $ (6,910)
Second Lien Debt
Heartland Veterinary Partners, LLC 0.50% Delayed Draw Term Loan 01/17/2023 $ 356 $ (18)
Total Second Lien Debt Unfunded Commitments $ 356 $ (18)
Total Unfunded Commitments $ 300,794 $ (6,928)


Investments — non-controlled/non-affiliated	Unused Fee Rate	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
LJ Avalon Holdings, LLC	1.00%	Delayed Draw Term Loan	8/1/2024	$	1,215	$	(43)
LJ Avalon Holdings, LLC	0.50%	Revolver	2/1/2029	486		(17)
LUV Car Wash Group, LLC	1.00%	Delayed Draw Term Loan	3/14/2024	2,812		(30)
LegitScript, LLC	1.00%	Delayed Draw Term Loan	6/24/2024	4,971		(85)
LegitScript, LLC	0.50%	Revolver	6/24/2028	2,576		(44)
Lightspeed Solution, LLC	0.50%	Delayed Draw Term Loan	3/1/2024	4,387		(129)
MRI Software, LLC	0.50%	Delayed Draw Term Loan	8/16/2023	1,250		(9)
MRI Software, LLC	0.50%	Revolver	2/10/2026	52		—
Magnolia Wash Holdings	0.50%	Revolver	7/14/2028	150		(33)
Mammoth Holdings, LLC	0.50%	Delayed Draw Term Loan	10/29/2023	771		(7)
Mantech International CP	0.50%	Delayed Draw Term Loan	9/16/2024	4,247		(33)
Mantech International CP	0.50%	Revolver	9/14/2028	2,613		(20)
Montana Buyer, Inc.	0.50%	Revolver	7/22/2028	978		(26)
Netwrix Corporation And Concept Searching, Inc.	0.50%	Delayed Draw Term Loan	6/10/2024	1,159		(38)
Netwrix Corporation And Concept Searching, Inc.	0.25%	Revolver	6/11/2029	237		(8)
Oak Purchaser, Inc.	0.50%	Delayed Draw Term Loan	4/28/2024	1,855		(63)
Oak Purchaser, Inc.	0.50%	Revolver	4/28/2028	620		(21)
Oakbridge Insurance Agency, LLC	1.00%	Delayed Draw Term Loan	3/23/2024	3,888		(70)
Oakbridge Insurance Agency, LLC	0.50%	Revolver	12/31/2026	362		(6)
Omni Intermediate Holdings, LLC	1.00%	Delayed Draw Term Loan	6/24/2024	97		(3)
Omni Intermediate Holdings, LLC	0.50%	Revolver	12/30/2025	1,977		(65)
PT Intermediate Holdings III, LLC	1.00%	Delayed Draw Term Loan	9/2/2024	1,389		(49)
Pareto Health Intermediate Holdings, Inc.	0.50%	Revolver	5/1/2029	2,713		(54)
Patriot Growth Insurance Services, LLC	0.75%	Delayed Draw Term Loan	7/8/2024	2,136		(47)
Turbo Buyer, Inc.	1.00%	Delayed Draw Term Loan	12/2/2025	1,500		(31)
Procure Acquireco, Inc. (Procure Analytics)	1.00%	Delayed Draw Term Loan	12/20/2023	3,968		(172)
Procure Acquireco, Inc. (Procure Analytics)	0.50%	Revolver	12/1/2026	1,190		(52)
Project Boost Purchaser, LLC	1.00%	Delayed Draw Term Loan	5/2/2024	1,163		(2)
Project Boost Purchaser, LLC	0.38%	Revolver	5/2/2028	535		(1)
Randy's Holdings, Inc.	1.00%	Delayed Draw Term Loan	11/1/2024	4,128		(83)
Randy's Holdings, Inc.	0.50%	Revolver	11/1/2028	1,340		(27)
Raptor Merger Sub Debt, LLC	0.38%	Revolver	4/1/2028	1,953		(36)
Revalize, Inc.	0.50%	Revolver	4/15/2027	1,419		(51)
Riskonnect Parent, LLC	0.50%	Delayed Draw Term Loan	7/7/2024	1,171		(23)
RoadOne IntermodaLogistics	1.00%	Delayed Draw Term Loan	6/30/2024	60		(2)
RoadOne IntermodaLogistics	0.50%	Revolver	12/30/2028	63		(2)
Securonix, Inc.	0.50%	Revolver	4/5/2028	3,782		(146)
Sherlock Buyer Corp.	1.00%	Delayed Draw Term Loan	12/8/2023	7,190		(89)

Table of Contents

T Series Middle Market Loan Fund LLC

Consolidated Schedule of Investments (Unaudited)

June 30, 2023

(In thousands)


Investments — non-controlled/non-affiliated	Unused Fee Rate	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Sherlock Buyer Corp.	0.50%	Revolver	12/8/2027	$	2,876	$	(36)
Smarsh, Inc.	1.00%	Delayed Draw Term Loan	2/18/2024	536		(16)
Smarsh, Inc.	0.50%	Revolver	2/16/2029	268		(8)
Sonny's Enterprises, LLC	—%	Delayed Draw Term Loan	8/7/2023	2,768		(67)
Sonny's Enterprises, LLC	0.50%	Revolver	8/5/2027	2,399		(58)
Spotless Brands, LLC	0.50%	Revolver	7/25/2028	304		(8)
Stepping Stones Healthcare Services, LLC	1.00%	Delayed Draw Term Loan	12/30/2023	500		(15)
Stepping Stones Healthcare Services, LLC	0.50%	Revolver	12/30/2026	500		(15)
Summit Acquisition, Inc.	1.00%	Delayed Draw Term Loan	11/1/2024	3,230		(47)
Summit Acquisition, Inc.	0.50%	Revolver	5/1/2029	1,615		(47)
Summit Buyer, LLC	1.00%	Delayed Draw Term Loan	7/15/2024	1,313		(36)
Superman Holdings, LLC	0.50%	Delayed Draw Term Loan	5/1/2025	1,488		(18)
Surewerx Purchaser III, Inc.	1.00%	Delayed Draw Term Loan	6/28/2024	229		(2)
Surewerx Purchaser III, Inc.	0.50%	Revolver	12/28/2028	179		(2)
Sweep Purchaser, LLC	1.00%	Delayed Draw Term Loan	5/5/2024	455		(17)
Tamarack Intermediate, LLC	0.50%	Revolver	3/13/2028	2,066		(94)
Tank Holding Corp.	1.00%	Delayed Draw Term Loan	5/22/2024	1,561		(23)
Tank Holding Corp.	0.38%	Revolver	3/31/2028	489		(19)
Trunk Acquisition, Inc.	0.50%	Revolver	2/19/2026	1,072		(28)
V Global Holdings, LLC	0.50%	Revolver	12/22/2025	822		(26)
VRC Companies, LLC	0.75%	Delayed Draw Term Loan	1/6/2024	1,506		(23)
Zarya Intermediate, LLC	0.50%	Revolver	7/1/2027	2,406		—
iCIMS, Inc.	—%	Delayed Draw Term Loan	8/18/2025	401		(3)
iCIMS, Inc.	0.50%	Revolver	8/18/2028	130		(1)
mPulse Mobile, Inc.	1.00%	Delayed Draw Term Loan	12/17/2023	20,004		(478)
mPulse Mobile, Inc.	0.50%	Revolver	12/17/2027	2,523		(60)
Total First Lien Debt Unfunded Commitments				$	229,276	$	(5,421)
Total Unfunded Commitments				$	229,276	$	(5,421)


(11)			Assets or a portion thereof are pledged as collateral for the Barclays Funding Facility. See Note 6 “Debt”.
(12)			Assets or a portion thereof are pledged as collateral for the BNP Funding Facility. See Note 6 “Debt”.
(13)			Assets or a portion thereof are pledged as collateral for the JPM Funding Facility. See Note 6 “Debt”.

Investments-non-controlled/non-affiliated(1)

Footnotes

Reference Rate and Spread

Interest Rate(2)

Maturity Date

Par Amount/ Shares

Cost(3)

Fair Value

Percentage of Net Assets

First Lien Debt

1621

Table of Contents

T Series Middle Market Loan Fund LLC

Consolidated Schedule of Investments ~~(Audited)~~

December 31, ~~2021~~2022

(In thousands)

Investments-non-controlled/non-affiliated(1) Footnotes Reference Rate and Spread
Interest Rate(3)
Maturity Date Par Amount/ Shares
Cost(2)
Fair Value Percentage of Net Assets
First Lien Debt
Air Freight & Logistics
Omni Intermediate Holdings, LLC (4) (5) L + 5.00% 6.00% 12/30/2026 $ 19,725 $ 19,530 $ 19,530 8.32 %
Omni Intermediate Holdings, LLC (4) (5) (9) L + 5.00% 6.00% 12/30/2026 2,219 2,185 2,185 0.93
Omni Intermediate Holdings, LLC (4) (5) (9) L + 5.00% 6.00% 12/30/2025 494 475 475 0.20
22,190 22,190 9.45
Biotechnology
GraphPad Software, LLC (4) (5) L + 5.50% 6.50% 04/27/2027 19,412 19,220 19,220 8.19
GraphPad Software, LLC (4) (5) (9) L + 5.50% 6.50% 04/27/2027 — (105) (105) (0.04)
19,115 19,115 8.14
Commercial Services & Supplies
Encore Holdings, LLC (4) (6) L + 4.50% 5.25% 11/23/2028 1,246 1,224 1,224 0.52
Encore Holdings, LLC (4) (6) (9) L + 4.50% 5.25% 11/23/2028 341 318 318 0.14
Encore Holdings, LLC (4) (6) (9) L + 4.50% 5.25% 11/23/2027 — (6) (6) —
FLS Holding, Inc. (4) (5) (7) L + 5.25% 6.25% 12/17/2028 30,667 30,056 30,056 12.80
FLS Holding, Inc. (4) (5) (7) (9) L + 5.25% 6.25% 12/17/2028 — (66) (66) (0.03)
FLS Holding, Inc. (4) (5) (7) (9) L + 5.25% 6.25% 12/17/2027 — (53) (53) (0.02)
KWOR Acquisition, Inc. (4) (6) L + 5.25% 6.00% 12/22/2028 13,171 12,974 12,974 5.53
KWOR Acquisition, Inc. (4) (9) P + 4.25% 7.50% 12/22/2027 183 156 156 0.07
MHE Intermediate Holdings, LLC (4) (5) L + 5.75% 6.75% 07/21/2027 14,963 14,813 14,813 6.31
Procure Acquireco, Inc. (Procure Analytics) (4) (6) L + 5.50% 6.25% 12/20/2028 19,841 19,446 19,446 8.28
Procure Acquireco, Inc. (Procure Analytics) (4) (6) (9) L + 5.50% 6.25% 12/20/2028 — (39) (39) (0.02)
Procure Acquireco, Inc. (Procure Analytics) (4) (6) (9) L + 5.50% 6.25% 12/20/2028 — (24) (24) (0.01)
Sherlock Buyer Corp. (4) (6) L + 5.75% 6.50% 12/08/2028 24,925 24,430 24,430 10.41
Sherlock Buyer Corp. (4) (6) (9) L + 5.75% 6.50% 12/08/2028 — (71) (71) (0.03)
Sherlock Buyer Corp. (4) (6) (9) L + 5.75% 6.50% 12/08/2027 — (57) (57) (0.02)
Sweep Purchaser, LLC (4) (5) (9) L + 5.75% 6.75% 11/30/2026 — (35) (35) (0.01)
103,066 103,066 43.91
Containers & Packaging
BP Purchaser, LLC (4) (6) L + 5.50% 6.25% 12/10/2028 27,728 27,177 27,177 11.58
Distributors
PT Intermediate Holdings III, LLC (4) (6) L + 5.50% 6.25% 11/01/2028 10,980 10,872 10,872 4.63
PT Intermediate Holdings III, LLC (4) (6) (9) L + 5.50% 6.25% 11/01/2028 7,272 7,200 7,200 3.07
18,072 18,072 7.70
Diversified Financial Services
SitusAMC Holdings Corporation (4) (6) L + 5.75% 6.50% 12/22/2027 23,600 23,365 23,365 9.95
First Lien Debt (continued)


Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Aerospace & Defense
Mantech International CP	(4) (6)	S +	5.75%	9.58%	09/14/2029	17,596	$	17,255	$	17,142	2.94	%
Mantech International CP	(4) (6) (10)	S +	5.75%	9.58%	09/14/2029	—	(40)		(110)		(0.02)
Mantech International CP	(4) (6) (10)	S +	5.75%	9.58%	09/14/2028	—	(50)		(67)		(0.01)
							17,165		16,965		2.91
Air Freight & Logistics
AGI-CFI Holdings, Inc.	(4) (6) (11)	L +	5.75%	10.48%	06/11/2027	10,507	10,312		10,102		1.74
Omni Intermediate Holdings, LLC	(4) (5) (11)	S +	5.00%	9.73%	12/30/2026	22,030	21,842		21,098		3.62
Omni Intermediate Holdings, LLC	(4) (5) (10)	S +	5.00%	9.73%	12/30/2026	1,250	1,228		1,135		0.19
Omni Intermediate Holdings, LLC	(4) (5) (10)	S +	5.00%	9.73%	12/30/2025	—	(17)		(84)		(0.01)
RoadOne IntermodaLogistics	(4) (5)	S +	6.25%	10.81%	12/30/2028	340	330		330		0.06
RoadOne IntermodaLogistics	(4) (5) (10)	S +	6.25%	10.81%	12/30/2028	—	(1)		(1)		—
RoadOne IntermodaLogistics	(4) (5) (10)	S +	6.25%	10.81%	12/30/2028	15	13		13		—
							33,707		32,593		5.60
Automobile Components
Continental Battery Company	(4) (5) (12)	L +	6.75%	11.48%	01/20/2027	6,188	6,083		5,904		1.01
Randy's Holdings, Inc.	(4) (5) (11)	S +	6.50%	10.59%	11/01/2028	12,385	12,021		12,021		2.07
Randy's Holdings, Inc.	(4) (5) (10)	S +	6.50%	10.59%	11/01/2028	—	(57)		(57)		(0.01)
Randy's Holdings, Inc.	(4) (5) (10)	S +	6.50%	10.59%	11/01/2028	260	212		212		0.04
							18,259		18,080		3.11
Automobiles
ARI Network Services, Inc.	(4) (6) (11)	S +	5.50%	9.92%	02/28/2025	14,231	14,025		13,827		2.38
Turbo Buyer, Inc.	(4) (5) (10)	L +	6.00%	11.15%	12/02/2025	999	922		909		0.16
Summit Buyer, LLC	(4) (5) (10)	L +	5.75%	10.13%	01/14/2026	—	(13)		(66)		(0.01)
							14,934		14,670		2.52
Biotechnology
GraphPad Software, LLC	(4) (5) (11)	L +	5.50%	10.23%	04/27/2027	19,218	19,058		18,583		3.19
GraphPad Software, LLC	(4) (5) (10)	L +	5.50%	10.23%	04/27/2027	—	(85)		(349)		(0.06)
							18,973		18,234		3.13
Chemicals
Tank Holding Corp.	(6) (11)	S +	5.75%	10.17%	03/31/2028	23,548	23,124		22,253		3.82
Tank Holding Corp.	(6) (10)	S +	5.75%	10.17%	03/31/2028	284	261		211		0.04
V Global Holdings, LLC	(4) (6) (11)	S +	5.75%	8.99%	12/22/2027	7,968	7,824		7,570		1.30
V Global Holdings, LLC	(4) (6) (10)	S +	5.75%	8.99%	12/22/2025	—	(18)		(54)		(0.01)
							31,191		29,980		5.15

Commercial Services & Supplies

1722

Table of Contents

T Series Middle Market Loan Fund LLC

Consolidated Schedule of Investments ~~(Audited)~~

December 31, ~~2021~~2022

(In thousands)

Investments-non-controlled/non-affiliated(1) Footnotes Reference Rate and Spread
Interest Rate(3)
Maturity Date Par Amount/ Shares
Cost(2)
Fair Value Percentage of Net Assets
Health Care Providers & Services
Heartland Veterinary Partners, LLC (4) (5) L + 4.75% 5.75% 12/10/2026 6,089 $ 6,030 $ 6,030 2.57 %
Heartland Veterinary Partners, LLC (4) (5) (9) L + 4.75% 5.75% 12/10/2026 1,370 1,236 1,236 0.53
Heartland Veterinary Partners, LLC (4) (5) (9) L + 4.75% 5.75% 12/10/2026 — (12) (12) (0.01)
mPulse Mobile, Inc. (4) (6) L + 5.25% 6.00% 12/17/2027 10,000 9,801 9,801 4.18
mPulse Mobile, Inc. (4) (6) (9) L + 5.25% 6.00% 12/17/2027 — (199) (199) (0.08)
mPulse Mobile, Inc. (4) (6) (9) L + 5.25% 6.00% 12/17/2027 — (99) (99) (0.04)
16,757 16,757 7.14
Insurance Services
Higginbotham Insurance Agency, Inc. (4) (6) L + 5.50% 6.25% 11/25/2026 3,701 3,664 3,664 1.56
Higginbotham Insurance Agency, Inc. (4) (6) (9) L + 5.50% 6.25% 11/25/2026 1,060 1,011 1,011 0.43
Integrity Marketing Acquisition, LLC (4) (6) L + 5.50% 6.25% 08/27/2025 14,963 14,739 14,739 6.28
Integrity Marketing Acquisition, LLC (4) (6) (9) L + 5.50% 6.25% 08/27/2025 — (83) (83) (0.04)
Keystone Agency Investors (4) (5) L + 5.50% 6.50% 05/03/2027 6,010 5,921 5,921 2.52
Keystone Agency Investors (4) (5) (9) L + 5.50% 6.50% 05/03/2027 — (115) (115) (0.05)
RSC Acquisition, Inc. (4) (6) L + 5.50% 6.25% 10/30/2026 3,143 3,113 3,113 1.33
RSC Acquisition, Inc. (4) (6) (9) L + 5.50% 6.25% 10/30/2026 9,430 9,207 9,207 3.92
World Insurance Associates, LLC (4) (5) L + 5.75% 6.75% 04/01/2026 6,762 6,629 6,629 2.82
World Insurance Associates, LLC (4) (5) (9) L + 5.75% 6.75% 04/01/2026 9,934 9,534 9,534 4.06
53,620 53,620 22.84
Interactive Media & Services
MSM Acquisitions, Inc. (4) (5) (9) L + 6.00% 7.00% 12/09/2026 — — — —
IT Services
Govbrands Intermediate, Inc. (4) (6) L + 5.50% 6.25% 08/04/2027 24,121 23,526 23,526 10.02
Govbrands Intermediate, Inc. (4) (6) (9) L + 5.50% 6.25% 08/04/2027 5,441 5,276 5,276 2.25
Govbrands Intermediate, Inc. (4) (6) (9) L + 5.50% 6.25% 08/04/2027 — (71) (71) (0.03)
28,731 28,731 12.24
Machinery
Answer Target Holdco, LLC (4) (5) L + 6.00% 7.00% 12/30/2026 23,836 23,360 23,360 9.95
Answer Target Holdco, LLC (4) (5) (9) L + 6.00% 7.00% 12/30/2026 — (37) (37) (0.02)
23,323 23,323 9.94
Software
Revalize, Inc. (4) (5) (9) L + 5.25% 6.25% 04/15/2027 9,397 9,234 9,234 3.93
Revalize, Inc. (4) (5) (9) L + 5.25% 6.25% 04/15/2027 — (14) (14) (0.01)
Trunk Acquisition, Inc. (4) (5) L + 6.00% 7.00% 02/19/2027 11,429 11,314 11,314 4.82
Trunk Acquisition, Inc. (4) (5) (9) L + 6.00% 7.00% 02/19/2026 — (11) (11) —
20,523 20,523 8.74
Total First Lien Debt $ 355,939 $ 355,939 151.64 %


Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Atlas Us Finco, Inc.	(4) (5) (8) (11)	S +	7.25%	11.48%	12/09/2029	6,180	$	5,996	$	5,996	1.03	%
Atlas Us Finco, Inc.	(4) (5) (8) (10)	S +	7.25%	11.48%	12/09/2028	—	(17)		(17)		—
BPG Holdings IV Corp	(4) (6) (12)	S +	6.00%	10.54%	07/29/2029	8,556	8,000		8,000		1.37
Encore Holdings, LLC	(4) (6) (11)	L +	4.50%	9.23%	11/23/2028	1,233	1,214		1,204		0.21
Encore Holdings, LLC	(4) (6) (10)	L +	4.50%	9.23%	11/23/2028	1,412	1,383		1,356		0.23
Encore Holdings, LLC	(4) (6) (10)	L +	4.50%	9.23%	11/23/2027	—	(5)		(8)		—
FLS Holding, Inc.	(4) (5) (8) (11)	L +	5.25%	10.40%	12/15/2028	22,109	21,719		21,748		3.74
FLS Holding, Inc.	(4) (5) (8)	L +	5.25%	10.40%	12/15/2028	4,806	4,719		4,728		0.81
FLS Holding, Inc.	(4) (5) (8) (10)	L +	5.25%	10.40%	12/17/2027	—	(32)		(31)		(0.01)
Procure Acquireco, Inc. (Procure Analytics)	(4) (6) (11)	L +	5.00%	9.35%	12/20/2028	19,643	19,297		18,777		3.23
Procure Acquireco, Inc. (Procure Analytics)	(4) (6) (10)	L +	5.00%	9.35%	12/20/2028	—	(34)		(175)		(0.03)
Procure Acquireco, Inc. (Procure Analytics)	(4) (6) (10)	L +	5.00%	9.35%	12/20/2028	—	(19)		(52)		(0.01)
QW Holding Corporation	(4) (5) (11)	L +	5.50%	9.44%	08/31/2026	11,216	11,074		10,798		1.86
QW Holding Corporation	(4) (5) (10)	L +	5.50%	9.44%	08/31/2026	2,331	2,305		2,226		0.38
QW Holding Corporation	(4) (5) (10)	L +	5.50%	9.44%	08/31/2026	—	(36)		(106)		(0.02)
Sherlock Buyer Corp.	(4) (6) (11)	L +	5.75%	10.48%	12/08/2028	24,738	24,305		24,192		4.16
Sherlock Buyer Corp.	(4) (6) (10)	L +	5.75%	10.48%	12/08/2028	—	(61)		(159)		(0.03)
Sherlock Buyer Corp.	(4) (6) (10)	L +	5.75%	10.48%	12/08/2027	—	(47)		(64)		(0.01)
Surewerx Purchaser III, Inc.	(4) (6) (8) (12)	S +	6.75%	11.30%	12/28/2029	3,562	3,456		3,455		0.59
Surewerx Purchaser III, Inc.	(4) (6) (8) (10)	S +	6.75%	11.30%	12/28/2029	—	(15)		(15)		—
Surewerx Purchaser III, Inc.	(4) (6) (8) (10)	S +	6.75%	11.30%	12/28/2028	49	37		37		0.01
Sweep Purchaser, LLC	(4) (5) (10) (11)	L +	5.75%	10.30%	11/30/2026	5,059	4,968		4,763		0.82
Tamarack Intermediate, LLC	(4) (6) (12)	S +	5.75%	9.23%	03/13/2028	15,049	14,780		14,387		2.47
Tamarack Intermediate, LLC	(4) (6) (10)	S +	5.75%	9.23%	03/13/2028	251	208		143		0.02
Valcourt Holdings II, LLC	(4) (5)	S +	5.25%	9.98%	01/07/2027	3,265	3,208		3,227		0.55
VRC Companies, LLC	(4) (6) (12)	S +	5.75%	8.52%	06/29/2027	15,803	15,584		15,249		2.62
VRC Companies, LLC	(4) (6) (10)	S +	5.75%	8.52%	06/29/2027	6,443	6,183		5,773		0.99
							148,170		145,432		24.98
Construction & Engineering
KPSKY Acquisition, Inc.	(4) (6) (10)	P +	4.75%	12.25%	10/19/2028	1,007	924		642		0.11
Containers & Packaging
BP Purchaser, LLC	(4) (6) (11)	L +	5.50%	10.24%	12/11/2028	27,520	27,037		25,693		4.41
Distributors
48Forty Solutions, LLC	(4) (5) (11)	S +	5.55%	9.81%	11/30/2026	25,858	25,356		24,577		4.22
48Forty Solutions, LLC	(4) (5) (10)	S +	5.50%	9.81%	11/30/2026	—	(67)		(200)		(0.03)
ABB Concise Optical Group, LLC	(4) (6) (11)	L +	7.50%	12.67%	02/23/2028	17,977	17,578		17,165		2.95
ABB Concise Optical Group, LLC	(4) (6) (10)	P +	6.50%	14.00%	02/23/2028	1,792	$	1,752	$	1,707	0.29	%

1823

Table of Contents

T Series Middle Market Loan Fund LLC

Consolidated Schedule of Investments ~~(Audited)~~

December 31, ~~2021~~2022

(In thousands)

Investments-non-controlled/non-affiliated(1)
Footnotes Reference Rate and Spread
Interest Rate(3)
Acquisition Date Maturity Date Par Amount/ Shares
Cost(2)
Fair Value Percentage of Net Assets
Second Lien Debt
Health Care Providers & Services
Heartland Veterinary Partners, LLC (4) (5) L + 8.00% 9.00% 12/10/2027 2,520 $ 2,471 $ 2,471 1.05 %
Heartland Veterinary Partners, LLC (4) (5) (9) L + 8.00% 9.00% 12/10/2027 372 365 365 0.16
2,836 2,836 1.21
Total Second Lien Debt $ 2,836 $ 2,836 1.21 %
Other Securities
Preferred Equity
Integrity Marketing Acquisition, LLC (4) (8) 10.50% PIK 12/21/2021 1,000,000 $ 980 $ 980 0.42 %
Revalize, Inc. (4) (8) 12/14/2021 2,000 1,960 1,960 0.84
Total Preferred Equity $ 2,940 $ 2,940 1.25 %
Common Equity
BP Purchaser, LLC (4) (8) 12/10/2021 1,233,333 $ 1,233 $ 1,233 0.53 %
Encore Holdings, LLC (4) (8) 11/23/2021 1,478 170 170 0.07
mPulse Mobile, Inc. (4) (8) 12/17/2021 105,978 780 780 0.33
Procure Acquiom Financial, LLC (Procure Analytics) (4) (8) 12/20/2021 500,000 500 500 0.21
Total Common Equity $ 2,683 $ 2,683 1.14 %
Total Other Securities $ 5,623 $ 5,623 2.40 %
Total Portfolio Investments $ 364,398 $ 364,398 155.24 %


Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Avalara, Inc.	(4) (6)	S +	7.25%	11.83%	10/19/2028	9,012	8,792		8,792		1.51
Avalara, Inc.	(4) (6) (10)	S +	7.25%	11.83%	10/19/2028	—	(22)		(22)		—
PT Intermediate Holdings III, LLC	(4) (6) (11)	L +	5.50%	10.23%	11/01/2028	19,001	18,831		18,451		3.17
PT Intermediate Holdings III, LLC	(4) (6) (11)	L +	5.50%	10.23%	11/01/2028	10,372	10,280		10,072		1.73
Radwell Parent, LLC	(4) (6) (12)	S +	6.75%	11.33%	04/01/2029	32,558	31,607		31,607		5.43
Radwell Parent, LLC	(4) (6) (10)	S +	6.75%	11.33%	04/01/2028	—	(71)		(71)		(0.01)
							114,036		112,078		19.25
Diversified Consumer Services
FPG Intermediate Holdco, LLC	(4) (5) (11)	S +	6.50%	10.92%	03/05/2027	11,825	11,606		11,236		1.93
Heartland Home Services	(4) (6) (10)	L +	5.75%	10.10%	12/15/2026	20,648	20,460		19,821		3.41
Lightspeed Solution, LLC	(4) (6) (12)	S +	6.50%	10.82%	03/01/2028	15,171	14,902		14,615		2.51
Lightspeed Solution, LLC	(4) (6) (10)	S +	6.50%	10.82%	03/01/2028	—	(42)		(179)		(0.03)
LUV Car Wash Group, LLC	(4) (5) (10)	L +	5.50%	9.24%	12/09/2026	7,391	7,307		7,182		1.23
Magnolia Wash Holdings	(4) (5) (12)	S +	6.50%	10.32%	07/14/2028	7,892	7,743		7,559		1.30
Magnolia Wash Holdings	(4) (5)	S +	6.50%	10.32%	07/14/2028	1,478	1,450		1,416		0.24
Magnolia Wash Holdings	(4) (5) (10)	S +	6.50%	10.32%	07/14/2028	183	177		169		0.03
Mammoth Holdings, LLC	(4) (5) (10)	S +	6.00%	9.82%	10/16/2023	6,304	6,266		6,304		1.08
Spotless Brands, LLC	(4) (5) (11)	S +	6.50%	10.71%	07/25/2028	9,535	9,355		9,162		1.57
Spotless Brands, LLC	(4) (5)	S +	6.50%	10.71%	07/25/2028	1,802	1,768		1,732		0.30
Spotless Brands, LLC	(4) (5) (10)	S +	6.50%	10.71%	07/25/2028	—	(6)		(12)		—
							80,986		79,005		13.57
Financial Services
Applitools, Inc.	(4) (6) (8) (12)	S +	6.25%	10.57%	05/25/2029	6,645	6,523		6,532		1.12
Applitools, Inc.	(4) (6) (8) (10)	S +	6.25%	10.57%	05/25/2028	—	(16)		(15)		—
Cerity Partners, LLC	(4) (6) (12)	S +	6.75%	11.32%	12/29/2029	1,753	1,700		1,700		0.29
Cerity Partners, LLC	(4) (6) (10)	S +	6.75%	11.32%	12/29/2029	92	12		12		—
SitusAMC Holdings Corp.	(4) (6) (11)	L +	5.50%	10.23%	12/22/2027	23,423	23,222		22,402		3.85
Smarsh, Inc.	(4) (6) (11)	S +	6.50%	11.29%	02/16/2029	4,286	4,208		4,126		0.71
Smarsh, Inc.	(4) (6) (10)	S +	6.50%	11.29%	02/16/2029	536	521		496		0.09
Smarsh, Inc.	(4) (6) (10)	S +	6.50%	11.29%	02/16/2029	—	(5)		(10)		—
							36,165		35,243		6.05
Electronic Equipment, Instruments & Components
Abracon Group Holdings, LLC	(4) (6) (11)	S +	5.75%	10.49%	07/06/2028	11,607	11,390		11,009		1.89
Abracon Group Holdings, LLC	(4) (6) (10)	S +	5.75%	10.49%	07/06/2028	—	(19)		(108)		(0.02)
Abracon Group Holdings, LLC	(4) (6) (10)	S +	5.75%	10.49%	07/06/2028	—	(15)		(43)		(0.01)
Dwyer Instruments, Inc.	(4) (6) (11)	L +	6.00%	10.73%	07/21/2027	16,888	16,578		16,123		2.77
Dwyer Instruments, Inc.	(4) (6) (10)	L +	6.00%	10.73%	07/21/2027	—	$	(37)	$	(192)	(0.03)	%

1924

Table of Contents

T Series Middle Market Loan Fund LLC

Consolidated Schedule of Investments ~~(Audited)~~

December 31, ~~2021~~2022

(In thousands)


Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares		Cost(3)		Fair Value		Percentage of Net Assets
Dwyer Instruments, Inc.	(4) (6) (10)	L +	6.00%	10.73%	07/21/2027	332		294		236		0.04
								28,191		27,025		4.64
Health Care Providers & Services
Advarra Holdings, Inc.	(4) (6) (12)	S +	5.75%	10.15%	08/24/2029	20,481		20,136		19,392		3.33
Advarra Holdings, Inc.	(4) (6) (12)	S +	5.75%	10.15%	08/24/2029	—		(15)		(98)		(0.02)
DCA Investment Holdings, LLC	(4) (6) (12)	S +	6.00%	10.39%	04/03/2028	7,039		6,976		6,933		1.19
DCA Investment Holdings, LLC	(4) (6) (10)	S +	6.00%	10.39%	04/03/2028	1,431		1,392		1,381		0.24
Gateway US Holdings, Inc.	(4) (6) (8) (12)	S +	6.50%	11.23%	09/22/2026	5,260		5,222		5,164		0.89
Gateway US Holdings, Inc.	(4) (6) (8) (10)	S +	6.50%	11.23%	09/22/2026	1,156		1,147		1,134		0.19
Gateway US Holdings, Inc.	(4) (6) (8) (10)	S +	6.50%	11.23%	09/22/2026	117		115		113		0.02
Heartland Veterinary Partners, LLC	(4) (5) (11)	S +	4.75%	9.56%	12/10/2026	6,028		5,980		5,853		1.01
Heartland Veterinary Partners, LLC	(4) (5) (10)	S +	4.75%	9.56%	12/10/2026	9,593		9,485		9,197		1.58
Heartland Veterinary Partners, LLC	(4) (5) (10)	S +	4.75%	9.56%	12/10/2026	—		(9)		(35)		(0.01)
iCIMS, Inc.	(4) (6) (11)	S +	7.25% (incl. 3.875% PIK)	11.52%	08/18/2028	5,525		5,431		5,431		0.93
Intelerad Medical Systems Incorporated	(4) (5) (8) (11)	S +	6.50%	11.23%	08/21/2026	13,230		12,861		12,936		2.22
mPulse Mobile, Inc.	(4) (6) (11)	L +	5.25%	9.32%	12/17/2027	10,000		9,829		9,701		1.67
mPulse Mobile, Inc.	(4) (6) (10)	L +	5.25%	9.32%	12/17/2027	—		(165)		(598)		(0.10)
mPulse Mobile, Inc.	(4) (6) (10)	L +	5.25%	9.32%	12/17/2027	1,499		1,416		1,349		0.23
Southern Veterinary Partners, LLC	(4) (5)	S +	5.50%	9.93%	10/05/2027	1,887		1,852		1,792		0.31
Stepping Stones Healthcare Services, LLC	(4) (6)	L +	5.75%	10.48%	01/02/2029	4,342		4,284		4,111		0.71
Stepping Stones Healthcare Services, LLC	(4) (6) (10)	L +	5.75%	10.48%	01/02/2029	511		501		444		0.08
Stepping Stones Healthcare Services, LLC	(4) (6) (10)	P +	4.75%	12.25%	12/30/2026	450		442		417		0.07
Tivity Health, Inc.	(4) (6)	S +	6.00%	10.58%	06/28/2029	2,713		2,675		2,626		0.45
Vardiman Black Holdings, LLC	(4) (7) (11)	S +	7.00%	11.22%	03/18/2027	5,686		5,637		5,378		0.92
Vardiman Black Holdings, LLC	(4) (7) (10)	S +	7.00%	11.22%	03/18/2027	6,512		6,451		6,146		1.06
Vermont Aus Pty Ltd	(4) (6) (8)	S +	5.65%	10.23%	03/23/2028	12,654		12,368		11,890		2.04
								114,011		110,657		19.01
Industrial Conglomerates
Excelitas Technologies Corp.	(4) (6) (11)	S +	5.75%	10.12%	08/13/2029	36,810		36,103		35,028		6.02
Excelitas Technologies Corp.	(4) (6) (11)	E +	5.75%	7.55%	08/13/2029	€	6,688	6,787		6,792		1.17
Excelitas Technologies Corp.	(4) (6) (10)	S +	5.75%	10.12%	08/13/2029	—		(68)		(349)		(0.06)
Excelitas Technologies Corp.	(4) (6) (10)	S +	5.75%	10.12%	08/14/2028	2,047		1,979		1,872		0.32
								44,801		43,343		7.45
Insurance Services
Amerilife Holdings, LLC	(4) (6)	S +	5.75%	9.58%	08/31/2029	17,242		16,910		16,910		2.91
Amerilife Holdings, LLC	(4) (6) (10)	S +	5.75%	10.15%	08/31/2029	4,918		4,799		4,799		0.82
Amerilife Holdings, LLC	(4) (6) (10)	S +	5.75%	10.15%	08/31/2028	—		$	(70)	$	(70)	(0.01)	%

Table of Contents

T Series Middle Market Loan Fund LLC

Consolidated Schedule of Investments

December 31, 2022

(In thousands)


Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Foundation Risk Partners Corp.	(4) (6)	S +	6.00%	10.68%	10/30/2028	1,510	1,489		1,483		0.25
Foundation Risk Partners Corp.	(4) (6)	S +	6.00%	10.68%	10/29/2028	—	—		—		—
Foundation Risk Partners Corp.	(4) (6) (10)	S +	6.00%	10.68%	10/30/2028	3,629	3,563		3,524		0.61
Galway Borrower, LLC	(4) (6) (12)	L +	5.25%	9.98%	09/29/2028	6,510	6,376		6,237		1.07
Galway Borrower, LLC	(4) (6) (10)	L +	5.25%	9.98%	09/29/2028	—	(1)		(3)		—
Galway Borrower, LLC	(4) (6) (10)	L +	5.25%	9.98%	09/30/2027	—	(8)		(18)		—
Higginbotham Insurance Agency, Inc.	(4) (6) (11)	L +	5.25%	9.63%	11/25/2026	3,664	3,634		3,566		0.61
Higginbotham Insurance Agency, Inc.	(4) (6) (10)	L +	5.25%	9.63%	11/25/2026	3,677	3,626		3,445		0.59
High Street Buyer, Inc.	(4) (6) (10)	L +	5.75%	10.08%	02/02/2029	11,905	11,550		11,103		1.91
Integrity Marketing Acquisition, LLC	(4) (6) (11)	L +	6.05%	10.79%	08/27/2025	14,812	14,647		14,392		2.47
Integrity Marketing Acquisition, LLC	(4) (6) (12)	L +	6.05%	10.79%	08/27/2025	11,168	11,036		10,851		1.86
Keystone Agency Investors	(4) (5) (11)	S +	6.25%	10.98%	05/03/2027	9,125	9,003		8,949		1.54
Keystone Agency Investors	(4) (5) (12)	S +	6.25%	10.98%	05/03/2027	10,766	10,623		10,558		1.81
Oakbridge Insurance Agency, LLC	(4) (5)	S +	5.75%	10.17%	12/31/2026	12,407	12,214		12,205		2.10
Oakbridge Insurance Agency, LLC	(4) (5) (10)	S +	5.75%	10.17%	12/31/2026	690	643		605		0.10
Oakbridge Insurance Agency, LLC	(4) (5) (10)	S +	5.75%	10.17%	12/31/2026	220	212		210		0.04
Patriot Growth Insurance Services, LLC	(4) (6) (10)	L +	5.75%	10.47%	10/14/2028	323	282		115		0.02
Peter C. Foy & Associates Insurance Services, LLC	(4) (6)	S +	6.00%	11.12%	11/01/2028	1,478	1,458		1,407		0.24
Peter C. Foy & Associates Insurance Services, LLC	(4) (6) (10) (11)	S +	6.00%	11.12%	11/01/2028	13,155	13,016		12,495		2.15
RSC Acquisition, Inc.	(4) (6) (11)	S +	5.50%	10.11%	10/30/2026	13,155	13,050		12,743		2.19
RSC Acquisition, Inc.	(4) (6) (12)	S +	5.50%	10.11%	10/30/2026	12,700	12,600		12,302		2.11
World Insurance Associates, LLC	(4) (5) (11)	S +	5.75%	10.47%	04/01/2026	6,712	6,607		6,502		1.12
World Insurance Associates, LLC	(4) (5) (12)	S +	5.75%	10.47%	04/01/2026	30,738	30,246		29,776		5.12
							187,505		184,086		31.63
Interactive Media & Services
MSM Acquisitions, Inc.	(4) (6) (10)	L +	6.00%	10.75%	12/09/2026	—	—		(299)		(0.05)
Triple Lift, Inc.	(4) (6)	S +	5.50%	9.61%	05/06/2028	4,714	4,630		4,472		0.77
							4,630		4,173		0.72
IT Services
Donuts, Inc.	(4) (5) (12)	S +	6.00%	10.43%	12/29/2027	11,787	11,787		11,489		1.97
Donuts, Inc.	(4) (5) (10)	S +	6.00%	10.43%	12/29/2027	—	—		(140)		(0.02)
Govbrands Intermediate, Inc.	(4) (6) (11)	L +	5.50%	10.23%	08/04/2027	23,880	23,378		22,788		3.91
Govbrands Intermediate, Inc.	(4) (6) (10)	L +	5.50%	10.23%	08/04/2027	5,387	5,250		5,026		0.86
Govbrands Intermediate, Inc.	(4) (6) (10)	L +	5.50%	10.23%	08/04/2027	2,577	2,519		2,446		0.42
Long Term Care Group, Inc.	(4) (6) (11)	L +	6.00%	10.34%	09/08/2027	11,414	11,211		10,966		1.88
Redwood Services Group, LLC	(4) (6) (11)	S +	6.00%	10.68%	06/15/2029	7,978	7,827		7,630		1.31
Redwood Services Group, LLC	(4) (6) (10)	S +	6.00%	10.68%	06/15/2029	1,371	$	1,348	$	1,288	0.22	%

Table of Contents

T Series Middle Market Loan Fund LLC

Consolidated Schedule of Investments

December 31, 2022

(In thousands)


Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
							63,320		61,493		10.56

Machinery
Answer Acquisition, LLC	(4) (5) (11)	L +	5.50%	10.23%	12/30/2026	23,598	23,207		22,600		3.88
Answer Acquisition, LLC	(4) (5) (10)	L +	5.50%	10.23%	12/30/2026	—	(29)		(77)		(0.01)
MHE Intermediate Holdings, LLC	(4) (5) (11)	S +	6.25%	9.53%	07/21/2027	16,793	16,611		16,295		2.80
MHE Intermediate Holdings, LLC	(4) (5)	S +	6.50%	9.53%	12/09/2025	898	880		880		0.15
MHE Intermediate Holdings, LLC	(4) (5)	S +	6.25%	9.53%	07/21/2027	1,988	1,953		1,930		0.33
							42,622		41,628		7.15
Oil, Gas & Consumable Fuels
Energy Labs Holdings Corp.	(4) (5)	S +	5.25%	9.57%	04/07/2028	388	382		376		0.06
Energy Labs Holdings Corp.	(4) (5) (10)	S +	5.25%	9.57%	04/07/2028	—	—		(2)		—
Energy Labs Holdings Corp.	(4) (5) (10)	S +	5.25%	9.57%	04/07/2028	18	17		16		—
							399		390		0.07
Pharmaceuticals
Caerus US 1, Inc.	(4) (6) (8)	S +	5.75%	9.83%	05/25/2029	8,113	7,954		7,954		1.37
Caerus US 1, Inc.	(4) (6) (8) (10)	S +	5.75%	9.83%	05/25/2029	—	(12)		(12)		—
Caerus US 1, Inc.	(4) (6) (8) (10)	S +	5.75%	9.83%	05/25/2029	214	197		197		0.03
							8,139		8,139		1.40
Professional Services
Bridgepointe Technologies, LLC	(4) (5) (6)	S +	6.50%	11.23%	12/31/2027	3,084	2,961		2,961		0.51
Bridgepointe Technologies, LLC	(4) (5) (10)	S +	6.50%	11.23%	12/31/2027	—	(82)		(82)		(0.01)
KWOR Acquisition, Inc.	(4) (6) (11)	L +	5.25%	9.63%	12/22/2028	16,428	16,193		15,576		2.68
KWOR Acquisition, Inc.	(4) (6) (10)	L +	5.25%	9.63%	12/22/2028	—	(32)		(181)		(0.03)
KWOR Acquisition, Inc.	(4) (6) (10)	P +	4.25%	11.75%	12/22/2027	—	(23)		(95)		(0.02)
Project Boost Purchaser, LLC	(4) (6)	S +	5.25%	9.65%	05/02/2029	7,734	7,663		7,660		1.32
Project Boost Purchaser, LLC	(4) (6) (10)	S +	5.25%	9.65%	05/02/2029	121	113		105		0.02
Project Boost Purchaser, LLC	(4) (6) (10)	S +	5.25%	9.65%	05/02/2028	—	(6)		(6)		—
							26,787		25,938		4.46
Real Estate Management & Development
Associations, Inc.	(4) (5) (12)	S +	6.50% (incl. 2.50% PIK)	10.36%	07/02/2027	5,163	5,122		4,929		0.85
Associations, Inc.	(4) (5) (10)	S +	6.50% (incl. 2.50% PIK)	10.36%	07/02/2027	398	351		159		0.03
MRI Software, LLC	(4) (5)	L +	5.50%	10.23%	02/10/2026	1,913	1,905		1,874		0.32
MRI Software, LLC	(4) (5) (10)	L +	5.50%	10.23%	02/10/2026	922	914		839		0.14
Zarya Intermediate, LLC	(4) (5) (8) (11)	S +	6.50%	10.90%	07/01/2027	27,237	$	27,237	$	27,188	4.67	%

Table of Contents

T Series Middle Market Loan Fund LLC

Consolidated Schedule of Investments

December 31, 2022

(In thousands)


Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Zarya Intermediate, LLC	(4) (5) (8) (10)	S +	6.50%	10.90%	07/01/2027	—	—		(5)		—
							35,529		34,984		6.01
Software
Anaplan, Inc.	(4) (6) (12)	S +	6.50%	10.82%	06/21/2029	17,600	17,267		17,290		2.97
Appfire Technologies, LLC	(4) (5) (10)	S +	5.50%	9.69%	03/09/2027	149	140		97		0.02
Appfire Technologies, LLC	(4) (5) (10)	S +	5.50%	9.69%	03/09/2027	7	5		2		—
Bottomline Technologies, Inc.	(4) (6) (12)	S +	5.50%	9.83%	05/14/2029	15,960	15,663		15,352		2.64
Bottomline Technologies, Inc.	(4) (6) (10)	S +	5.50%	9.83%	05/15/2028	—	(24)		(51)		(0.01)
GS AcquisitionCo, Inc.	(4) (5)	L +	5.75%	9.92%	05/22/2026	1,536	1,518		1,499		0.26
GS AcquisitionCo, Inc.	(4) (5)	L +	5.75%	9.92%	05/22/2026	17	16		16		—
GS AcquisitionCo, Inc.	(4) (5) (10)	L +	5.75%	9.92%	05/22/2026	—	—		(1)		—
Kaseya, Inc.	(4) (6) (12)	S +	5.75%	10.33%	06/25/2029	10,309	10,163		9,859		1.69
Kaseya, Inc.	(4) (6) (10)	S +	5.75%	10.33%	06/25/2029	—	(4)		(27)		—
Kaseya, Inc.	(4) (6) (10)	S +	5.75%	10.33%	06/25/2029	—	(9)		(27)		—
LegitScript	(4) (6) (12)	S +	5.25%	8.23%	06/24/2029	20,203	19,823		19,826		3.41
LegitScript	(4) (6) (10)	S +	5.25%	9.57%	06/24/2029	—	(49)		(102)		(0.02)
LegitScript	(4) (6) (10)	S +	5.25%	9.57%	06/24/2028	180	125		124		0.02
Montana Buyer, Inc.	(4) (6) (12)	S +	5.75%	8.70%	07/22/2029	8,659	8,493		8,366		1.44
Montana Buyer, Inc.	(4) (6) (10)	S +	5.75%	8.70%	07/22/2028	—	(18)		(33)		(0.01)
Netwrix Corporation And Concept Searching, Inc.	(4) (6)	S +	5.00%	9.70%	06/11/2029	3,377	3,346		3,196		0.55
Netwrix Corporation And Concept Searching, Inc.	(4) (6) (10)	S +	5.00%	9.70%	06/11/2029	596	587		499		0.09
Netwrix Corporation And Concept Searching, Inc.	(4) (6) (10)	S +	5.00%	9.70%	06/11/2029	—	(3)		(17)		—
Oak Purchaser, Inc.	(4) (6)	S +	5.50%	9.48%	04/28/2028	4,653	4,611		4,587		0.79
Oak Purchaser, Inc.	(4) (6) (10)	S +	5.50%	9.48%	04/28/2028	1,042	1,015		998		0.17
Oak Purchaser, Inc.	(4) (6) (10)	S +	5.50%	9.48%	04/28/2028	—	(6)		(9)		—
Project Leopard Holdings, Inc.	(7) (8) (11)	S +	5.25%	9.80%	07/20/2029	10,000	9,338		9,070		1.56
Revalize, Inc.	(4) (5) (11)	S +	5.75%	10.48%	04/15/2027	11,727	11,640		11,181		1.92
Revalize, Inc.	(4) (5) (10)	S +	5.75%	10.48%	04/15/2027	—	(11)		(66)		(0.01)
Riskonnect Parent, LLC	(4) (6)	S +	5.50%	10.08%	12/07/2028	932	914		896		0.15
Riskonnect Parent, LLC	(4) (6) (10)	S +	5.50%	10.08%	12/07/2028	167	155		116		0.02
Securonix, Inc.	(4) (6) (12)	S +	6.50%	10.10%	04/05/2028	21,010	20,678		20,249		3.48
Securonix, Inc.	(4) (6) (10)	S +	6.50%	10.10%	04/05/2028	—	(58)		(137)		(0.02)
Trunk Acquisition, Inc.	(4) (5) (11)	L +	5.50%	10.23%	02/19/2027	11,314	11,220		10,797		1.85
Trunk Acquisition, Inc.	(4) (5) (10)	L +	5.50%	10.23%	02/19/2026	—	(8)		(49)		(0.01)
							136,527		133,501		22.94
Total First Lien Debt							$	1,234,008	$	1,203,972	206.84	%
Second Lien Debt

Table of Contents

T Series Middle Market Loan Fund LLC

Consolidated Schedule of Investments

December 31, 2022

(In thousands)


Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Air Freight & Logistics
Omni Intermediate Holdings, LLC	(4) (5)	S +	9.00%	13.69%	12/30/2027	3,300	$	3,208	$	3,167	0.54	%
Health Care Providers & Services
Heartland Veterinary Partners, LLC	(4) (5) (11)	S +	8.00%	12.81%	12/10/2027	2,520	2,477		2,306		0.40
Heartland Veterinary Partners, LLC	(4) (5) (10)	S +	8.00%	12.81%	12/10/2027	924	907		841		0.14
							3,384		3,147		0.54
Software
Matrix Parent, Inc.	(4) (6) (12)	S +	8.00%	12.55%	03/01/2030	10,667	10,493		9,757		1.68
Total Second Lien Debt							$	17,085	$	16,071	2.76	%

Other Securities
Other Securities
Fetch Insurance Services, LLC	(4)			12.75% (incl. 3.75% PIK)	10/31/2027	1,582	$	1,536	$	1,536	0.26	%
Total Other Debt							$	1,536	$	1,536	0.26	%


Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Acquisition Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Preferred Equity
Integrity Marketing Acquisition, LLC	(4) (9)		10.50%		12/21/2021	1,000,000	$	1,094	$	974	0.17	%
Knockout Intermediate Holdings I, Inc.	(4) (9)		11.75%		06/25/2022	2,040	2,117		2,038		0.35
Revalize, Inc.	(4) (5) (9)	S +	10.00%		12/14/2021	2,154	2,360		2,178		0.37
Riskonnect Parent, LLC	(4) (9)	S +	10.50%		07/07/2022	2,123,800	2,138		2,209		0.38
Total Preferred Equity							$	7,709	$	7,399	1.27	%
Common Equity
Amerilife Holdings, LLC	(4) (9)				09/01/2022	14,274	$	394	$	394	0.07	%
BP Purchaser, LLC	(4) (9)				12/10/2021	1,233,333	1,233		1,468		0.25
Encore Holdings, LLC	(4) (9)				11/23/2021	1,478	170		278		0.05
Frisbee Holdings, LP (Fetch)	(4) (9)				10/31/2022	18,287	233		233		0.04
LUV Car Wash	(4) (9)				04/06/2022	1,182	1,181		1,181		0.20
mPulse Mobile, Inc.	(4) (9)				12/17/2021	105,978	780		819		0.14
Procure Acquireco, Inc. (Procure Analytics)	(4) (9)				12/20/2021	500,000	500		690		0.12
Surewerx Topco, LP	(4) (8) (9)				12/28/2022	104	104		104		0.02
Total Common Equity							4,595		5,167		0.89	%
Total Other Securities							$	13,840	$	14,102	2.42	%
Total Portfolio Investments							$	1,264,933	$	1,234,145	212.02	%

Table of Contents

T Series Middle Market Loan Fund LLC

Consolidated Schedule of Investments

December 31, 2022

(In thousands)


(1)			Unless otherwise indicated, issuers of debt and equity investments held by the Company ~~(which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments)~~ are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under 1940 Act, the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, ~~2021,~~2022, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, ~~2021,~~2022, the Company is not an “affiliated person” of any of its portfolio companies.
(2)			~~The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.~~
~~(3)~~			Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either EURIBOR ("E"), LIBOR ~~(“L”~~("L") or SOFR ("S") or an alternate base rate (commonly based on the Federal Funds Rate ~~(“F”~~("F") or the U.S. Prime Rate ~~(“P”~~("P")), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, ~~2021.~~2022. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, ~~2021.~~2022. As of December 31, ~~2021,~~2022, the reference rates for our variable rate loans were the 3-month E at 2.13%, 1-month L at ~~0.10%~~4.39%, 3-month L at ~~0.21%~~4.77%, the 6-month L at ~~0.34%~~5.14%, 1-month S at 4.36%, 3-month S at 4.59%, 6-month S at 4.78% and the P at ~~3.25%~~7.50%.
~~(4)~~(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.
(4)			These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Company’s Valuation Designee, under the supervision of the Board of ~~Trustees~~Directors (see Note 2 and Note 5), pursuant to the Company’s valuation policy.
(5)			Loan includes interest rate floor of 1.00%.
(6)			Loan includes interest rate floor of 0.75%.
(7)			Loan includes interest rate floor of 0.50%.
(8)			The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, ~~2021~~2022 non-qualifying assets represented ~~6.6%~~9.2% of total assets as calculated in accordance with regulatory requirements.
~~(8)~~(9)			Securities exempt from registration under the Securities Act of 1933, as amended, and may be deemed to be “restricted securities”. As of December 31, ~~2021,~~2022, the aggregate fair value of these securities is ~~$5,623~~$12,566 or ~~2.4%~~2.2% of the Company’s net assets. The initial acquisition dates have been included for such securities.
~~(9)~~			Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments as of December 31, 2021:

(10)Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments as of December 31, 2023:


Investments-non-controlled/non-affiliated	Unused Fee Rate	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
First Lien Debt
48Forty Solutions, LLC	0.50%	Revolver	11/30/2026	$	3,921	$	(200)
ABB Concise Optical Group, LLC	0.50%	Revolver	02/23/2028	94		(4)
Abracon Group Holdings, LLC	1.00%	Delayed Draw Term Loan	07/06/2024	2,103		(108)
Abracon Group Holdings, LLC	0.50%	Revolver	07/06/2028	841		(43)
Advarra Holdings, Inc.	1.00%	Delayed Draw Term Loan	08/26/2024	1,851		(98)
Amerilife Holdings, LLC	1.00%	Delayed Draw Term Loan	08/31/2024	2,459		(40)
Amerilife Holdings, LLC	0.50%	Revolver	08/31/2028	3,688		(70)
Answer Acquisition, LLC	0.50%	Revolver	12/30/2026	1,834		(78)
Appfire Technologies, LLC	0.50%	Delayed Draw Term Loan	06/13/2024	1,221		(46)
Appfire Technologies, LLC	0.50%	Revolver	03/09/2027	115		(4)
Applitools, Inc.	0.50%	Revolver	05/25/2028	900		(15)
Associations, Inc.	1.00%	Delayed Draw Term Loan	06/10/2024	4,882		(222)
Atlas Us Finco, Inc.	0.50%	Revolver	12/09/2028	572		(17)
Avalara, Inc.	0.50%	Revolver	10/19/2028	901		(22)
Bottomline Technologies, Inc.	0.50%	Revolver	05/15/2028	1,333		(51)
Bridgepointe Technologies, LLC	0.50%	Delayed Draw Term Loan	09/23/2024	2,056		(82)
Caerus US 1, Inc.	—%	Delayed Draw Term Loan	10/31/2024	1,173		(11)
Caerus US 1, Inc.	0.50%	Revolver	05/25/2029	641		(12)

2030

Table of Contents

T Series Middle Market Loan Fund LLC

Consolidated Schedule of Investments ~~(Audited)~~

December 31, ~~2021~~2022

(In thousands)

Investments-non-controlled/non-affiliated Unused Fee Rate Commitment Type Commitment Expiration Date Unfunded Commitment Fair Value
First Lien Debt
Answer Target Holdco, LLC 0.50% Revolver 12/30/2026 $ 1,834 $ (37)
Encore Holdings, LLC 0.75% Delayed Draw Term Loan 11/23/2024 2,054 (20)
Encore Holdings, LLC 0.50% Revolver 11/23/2027 359 (6)
FLS Holding, Inc. 1.00% Delayed Draw Term Loan 06/17/2023 6,667 (66)
FLS Holding, Inc. 0.50% Revolver 12/17/2027 2,667 (53)
Govbrands Intermediate, Inc. 1.00% Delayed Draw Term Loan 08/04/2023 2,514 (52)
Govbrands Intermediate, Inc. 0.50% Revolver 08/04/2027 2,864 (71)
GraphPad Software, LLC 0.50% Delayed Draw Term Loan 11/29/2023 10,588 (105)
Heartland Veterinary Partners, LLC 0.75% Delayed Draw Term Loan 11/17/2023 12,330 (120)
Heartland Veterinary Partners, LLC 0.50% Revolver 12/10/2026 1,211 (12)
Higginbotham Insurance Agency, Inc. 1.00% Delayed Draw Term Loan 12/22/2023 7,611 (42)
Integrity Marketing Acquisition, LLC 0.50% Delayed Draw Term Loan 12/03/2023 11,250 (83)
Keystone Agency Investors 1.00% Delayed Draw Term Loan 12/21/2023 7,734 (115)
KWOR Acquisition, Inc. 0.50% Revolver 12/22/2027 1,646 (25)
mPulse Mobile, Inc. 1.00% Delayed Draw Term Loan 12/17/2023 20,004 (199)
mPulse Mobile, Inc. 0.50% Revolver 12/17/2027 4,996 (99)
MSM Acquisitions, Inc. 1.00% Delayed Draw Term Loan 06/30/2023 12,500 -
Omni Intermediate Holdings, LLC 1.00% Delayed Draw Term Loan 12/01/2023 2,348 (12)
Omni Intermediate Holdings, LLC 0.50% Revolver 12/30/2025 1,483 (15)
Procure Acquireco, Inc. (Procure Analytics) 0.50% Delayed Draw Term Loan 12/20/2023 3,968 (39)
Procure Acquireco, Inc. (Procure Analytics) 0.50% Revolver 12/20/2028 1,191 (24)
PT Intermediate Holdings III, LLC —% Delayed Draw Term Loan 05/11/2022 10,150 -
Revalize, Inc. 0.50% Delayed Draw Term Loan 06/13/2023 14,184 (70)
Revalize, Inc. 0.50% Revolver 04/15/2027 1,419 (14)
RSC Acquisition, Inc. 0.50% Delayed Draw Term Loan 11/12/2023 13,517 (131)
Sherlock Buyer Corp. 0.50% Delayed Draw Term Loan 12/08/2023 7,190 (71)
Sherlock Buyer Corp. 0.50% Revolver 12/08/2027 2,876 (57)
Sweep Purchaser, LLC 1.00% Delayed Draw Term Loan 12/08/2023 3,500 (35)
Trunk Acquisition, Inc. 0.50% Revolver 02/19/2026 1,071 (11)
World Insurance Associates, LLC 1.00% Delayed Draw Term Loan 06/01/2023 20,803 (271)
Total First Lien Debt Unfunded Commitments $ 192,529 $ (1,855)
Second Lien Debt
Heartland Veterinary Partners, LLC 0.50% Delayed Draw Term Loan 11/17/2023 $ 608 $ (5)
Total Second Lien Debt Unfunded Commitments $ 608 $ (5)
Total Unfunded Commitments $ 193,137 $ (1,860)


Investments-non-controlled/non-affiliated	Unused Fee Rate	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Cerity Partners, LLC	1.00%	Delayed Draw Term Loan	12/30/2023	$	2,583	$	(77)
DCA Investment Holdings, LLC	1.00%	Delayed Draw Term Loan	03/02/2023	1,881		(28)
Donuts, Inc.	0.25%	Delayed Draw Term Loan	02/29/2027	5,541		(140)
Dwyer Instruments, Inc.	1.00%	Delayed Draw Term Loan	07/01/2024	4,249		(192)
Dwyer Instruments, Inc.	0.50%	Revolver	07/21/2027	1,793		(81)
Encore Holdings, LLC	0.75%	Delayed Draw Term Loan	11/23/2024	980		(23)
Encore Holdings, LLC	0.50%	Revolver	11/23/2027	359		(8)
Energy Labs Holdings Corp.	1.00%	Delayed Draw Term Loan	04/13/2023	47		(1)
Energy Labs Holdings Corp.	0.50%	Revolver	04/07/2028	45		(1)
Excelitas Technologies Corp.	0.50%	Delayed Draw Term Loan	08/11/2024	7,223		(350)
Excelitas Technologies Corp.	0.50%	Revolver	08/14/2028	1,565		(76)
FLS Holding, Inc.	0.50%	Revolver	12/17/2027	1,922		(31)
Foundation Risk Partners Corp.	0.75%	Delayed Draw Term Loan	04/14/2024	2,452		(43)
GS AcquisitionCo, Inc.	0.50%	Revolver	05/22/2026	35		(1)
Galway Borrower, LLC	1.00%	Delayed Draw Term Loan	09/30/2023	60		(3)
Galway Borrower, LLC	0.50%	Revolver	09/30/2027	414		(18)
Gateway US Holdings, Inc.	1.00%	Delayed Draw Term Loan	04/15/2024	45		(1)
Gateway US Holdings, Inc.	0.50%	Revolver	09/22/2024	96		(2)
Govbrands Intermediate, Inc.	1.00%	Delayed Draw Term Loan	08/04/2023	2,514		(115)
Govbrands Intermediate, Inc.	0.50%	Revolver	08/04/2027	286		(13)
GraphPad Software, LLC	1.00%	Delayed Draw Term Loan	12/02/2023	10,588		(349)
Heartland Home Services	0.75%	Delayed Draw Term Loan	12/15/2026	6,729		(203)
Heartland Veterinary Partners, LLC	1.00%	Delayed Draw Term Loan	11/17/2023	4,054		(118)
Heartland Veterinary Partners, LLC	0.50%	Revolver	12/10/2026	1,211		(35)
Higginbotham Insurance Agency, Inc.	1.00%	Delayed Draw Term Loan	12/22/2023	4,975		(133)
High Street Buyer, Inc.	1.00%	Delayed Draw Term Loan	08/11/2023	15,732		(456)
KPSKY Acquisition, Inc.	1.00%	Delayed Draw Term Loan	06/17/2024	7,088		(320)
KWOR Acquisition, Inc.	1.00%	Delayed Draw Term Loan	06/22/2024	3,493		(181)
KWOR Acquisition, Inc.	0.50%	Revolver	12/22/2027	1,829		(95)
Kaseya, Inc.	0.50%	Delayed Draw Term Loan	06/22/2024	626		(27)
Kaseya, Inc.	0.50%	Revolver	06/25/2029	626		(27)
LUV Car Wash Group, LLC	1.00%	Delayed Draw Term Loan	12/09/2026	2,639		(55)
LegitScript	1.00%	Delayed Draw Term Loan	06/24/2024	5,502		(103)
LegitScript	0.50%	Revolver	06/24/2028	2,815		(53)
Lightspeed Solution, LLC	0.50%	Delayed Draw Term Loan	03/01/2028	4,878		(179)
MRI Software, LLC	0.50%	Delayed Draw Term Loan	02/10/2026	3,153		(64)
Magnolia Wash Holdings	0.50%	Revolver	07/14/2028	150		(6)
Mammoth Holdings, LLC	0.50%	Delayed Draw Term Loan	10/16/2023	771		—

2131

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T Series Middle Market Loan Fund LLC

Consolidated Schedule of Investments

December 31, 2022

(In thousands)


Investments-non-controlled/non-affiliated	Unused Fee Rate	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Mantech International CP	0.50%	Delayed Draw Term Loan	09/14/2024	$	4,247	$	(110)
Mantech International CP	0.50%	Revolver	09/14/2028	2,613		(67)
Montana Buyer, Inc.	0.50%	Revolver	07/22/2028	978		(33)
Netwrix Corporation And Concept Searching, Inc.	0.50%	Delayed Draw Term Loan	06/09/2024	1,211		(65)
Netwrix Corporation And Concept Searching, Inc.	0.50%	Revolver	06/11/2029	316		(17)
Oak Purchaser, Inc.	0.50%	Delayed Draw Term Loan	04/28/2024	2,060		(29)
Oak Purchaser, Inc.	0.50%	Revolver	04/28/2028	620		(9)
Oakbridge Insurance Agency, LLC	1.00%	Delayed Draw Term Loan	02/01/2026	4,594		(75)
Oakbridge Insurance Agency, LLC	0.50%	Revolver	12/31/2026	415		(7)
Omni Intermediate Holdings, LLC	1.00%	Delayed Draw Term Loan	02/01/2023	1,481		(63)
Omni Intermediate Holdings, LLC	0.50%	Revolver	12/30/2025	1,977		(84)
Patriot Growth Insurance Services, LLC	0.75%	Delayed Draw Term Loan	07/08/2024	4,179		(193)
Peter C. Foy & Associates Insurance Services, LLC	1.00%	Delayed Draw Term Loan	12/14/2023	474		(23)
Portfolio Group	1.00%	Delayed Draw Term Loan	12/02/2025	1,500		(54)
Procure Acquireco, Inc. (Procure Analytics)	1.00%	Delayed Draw Term Loan	12/20/2023	3,968		(175)
Procure Acquireco, Inc. (Procure Analytics)	0.50%	Revolver	12/20/2026	1,190		(53)
Project Boost Purchaser, LLC	1.00%	Delayed Draw Term Loan	05/02/2024	1,483		(14)
Project Boost Purchaser, LLC	0.50%	Revolver	05/02/2027	642		(6)
QW Holding Corporation	1.00%	Delayed Draw Term Loan	08/31/2026	496		(18)
QW Holding Corporation	0.50%	Revolver	08/31/2026	2,833		(106)
Randy's Holdings, Inc.	1.00%	Delayed Draw Term Loan	11/01/2024	4,128		(57)
Randy's Holdings, Inc.	0.50%	Revolver	10/31/2027	1,391		(40)
Radwell Parent, LLC	0.38%	Revolver	04/01/2028	2,442		(71)
Redwood Services Group, LLC	1.00%	Delayed Draw Term Loan	12/22/2023	531		(23)
Revalize, Inc.	0.50%	Revolver	04/15/2027	1,419		(66)
Riskonnect Parent, LLC	0.50%	Delayed Draw Term Loan	07/07/2024	1,171		(45)
RoadOne IntermodaLogistics	1.00%	Delayed Draw Term Loan	06/30/2024	86		(1)
RoadOne IntermodaLogistics	1.00%	Revolver	12/30/2028	52		(2)
Securonix, Inc.	0.50%	Revolver	04/05/2028	3,782		(137)
Sherlock Buyer Corp.	1.00%	Delayed Draw Term Loan	12/08/2023	7,190		(159)
Sherlock Buyer Corp.	0.50%	Revolver	12/08/2027	2,876		(64)
Smarsh, Inc.	1.00%	Delayed Draw Term Loan	02/16/2029	536		(20)
Smarsh, Inc.	0.50%	Revolver	02/16/2029	268		(10)
Spectrio, LLC	0.75%	Delayed Draw Term Loan	01/30/2023	12,500		(299)
Spotless Brands, LLC	0.50%	Revolver	07/25/2028	304		(12)
Stepping Stones Healthcare Services, LLC	1.00%	Delayed Draw Term Loan	01/02/2029	737		(39)
Stepping Stones Healthcare Services, LLC	0.50%	Revolver	12/30/2026	175		(9)
Summit Buyer, LLC	1.00%	Delayed Draw Term Loan	07/15/2024	1,499		(66)

Table of Contents

T Series Middle Market Loan Fund LLC

Consolidated Schedule of Investments

December 31, 2022

(In thousands)


Investments-non-controlled/non-affiliated	Unused Fee Rate	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Surewerx Purchaser III, Inc.	1.00%	Delayed Draw Term Loan	06/27/2024	$	732	$	(15)
Surewerx Purchaser III, Inc.	0.50%	Revolver	12/28/2028	341		(10)
Sweep Purchaser, LLC	0.50%	Delayed Draw Term Loan	05/05/2024	455		(24)
Tamarack Intermediate, LLC	0.50%	Revolver	03/13/2028	2,223		(98)
Tank Holding Corp.	0.38%	Revolver	03/31/2028	1,049		(58)
Trunk Acquisition, Inc.	0.50%	Revolver	02/19/2026	1,071		(49)
V Global Holdings, LLC	0.50%	Revolver	12/22/2025	1,092		(54)
VRC Companies, LLC	0.75%	Delayed Draw Term Loan	01/06/2024	12,700		(445)
Vardiman Black Holdings, LLC	1.25%	Delayed Draw Term Loan	03/18/2027	237		(13)
Zarya Intermediate, LLC	0.50%	Revolver	07/01/2027	2,807		(5)
mPulse Mobile, Inc.	1.00%	Delayed Draw Term Loan	02/17/2023	20,004		(598)
mPulse Mobile, Inc.	0.50%	Revolver	12/17/2027	3,497		(105)
Total First Lien Debt Unfunded Commitments				$	266,106	$	(8,526)
Second Lien Debt
Heartland Veterinary Partners, LLC	0.50%	Delayed Draw Term Loan	11/17/2023	$	56	$	(5)
Total Second Lien Debt Unfunded Commitments				$	56	$	(5)
Total Unfunded Commitments				$	266,162	$	(8,531)


(11)			Assets or a portion thereof are pledged as collateral for the Barclays Funding Facility. See Note 6 “Debt”.
(12)			Assets or a portion thereof are pledged as collateral for the BNP Funding Facility. See Note 6 “Debt”.

Table of Contents

T Series Middle Market Loan Fund LLC

Notes to the Consolidated Financial Statements (Unaudited)

June 30, ~~2022~~2023

(In thousands, except unit and per unit amounts)

(1)Organization

T Series Middle Market Loan Fund LLC (the “Company”) is a non-diversified, externally managed specialty finance company that is focused on lending to middle market companies. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, ~~Act,~~ as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, the Company ~~intends to elect~~has elected to be treated, and intends to comply with the requirements to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company is not a subsidiary of or consolidated with Morgan Stanley.

The Company was formed as a Delaware limited liability company on September 14, 2021 ~~with the name “MS BDC 4 LLC”. The Company changed its name to “T Series Middle Market Investment Loan Fund LLC” on September 21, 2021~~ and ~~to “T Series Middle Market Loan Fund LLC” on October 4, 2021. The Company~~ commenced investment operations on November 4, 2021. The Company has delegated the right to manage the assets of the Company to MS Capital Partners Adviser Inc., as the investment adviser to the Company (the “Adviser” or “Investment Adviser”). The Investment Adviser is an indirect, wholly owned subsidiary of Morgan Stanley.

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

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

The Company has formed ~~wholly-owned~~wholly owned subsidiaries for the purpose of holding certain investments in portfolio companies made by the Company. As of June 30, ~~2022,~~2023, the Company's ~~wholly-owned~~wholly owned subsidiaries were formed as Delaware limited liability companies and included: T Series CA SPV LLC (“CA SPV”), T Series Equity Holdings LLC (“T Series Equity Holdings”) ~~and~~, T Series Financing SPV LLC (“T Series SPV LLC”) and T Series Financing II SPV LLC” (“T Series SPV II LLC”), T Series Financing III SPV (“T Series SPV III LLC”, collectively with CA SPV, T Series Equity Holdings, T Series SPV LLC and T Series SPV II LLC, the “subsidiaries”). The Company consolidates its ~~wholly-owned~~wholly owned subsidiaries in these consolidated ~~financing~~financial statements from the date of the respective subsidiary's formation.

(2)Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”) issued by the Financial Accounting Standards Board (“FASB”). ~~The carrying value for all assets and liabilities approximates their fair value.~~

The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. Accordingly, certain disclosures ~~for~~accompanying the annual ~~audited~~ consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments and reclassifications, consisting solely of normal recurring accruals considered necessary for the fair presentation of consolidated financial statements for the interim period presented, have been included. The current period’s results of operations will not necessarily be indicative of results that the Company may ultimately achieve for the year ending December 31, 2023.

The Company reclassified certain industry groupings of its portfolio companies presented in the accompanying consolidated financial statements as of December 31, 2022 to align with the recently updated Global Industry Classification Standards (“GICS”), where applicable. These reclassifications had no impact on the Consolidated Statement of Financial Condition as of December 31, 2022.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Such amounts could differ from those estimates and such differences could be material.

Table of Contents

Management’s estimates are based on historical experiences and other factors, including expectations of future events that management believes to be reasonable under the circumstances. Assumptions and estimates regarding the valuation of investments involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the consolidated financial statements.

~~Table of Contents~~

Consolidation

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

Cash

Cash is carried at cost, which approximates fair value. The Company deposits its cash with multiple financial institutions and, at times, may exceed the Federal Deposit Insurance Corporation insured limit.

Foreign Currency Translation

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

Investments

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

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

Revenue Recognition

Interest Income

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

PIK Income

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

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

Dividend ~~income~~Income

Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date

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for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies. Dividend income is presented net of withholding tax, if any.

Other Income

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

Non-Accrual Income

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

Organization and Offering Costs

Costs associated with the organization of the Company are expensed as ~~incurred, subject to the limitations discussed in Note 3.~~incurred. These costs consist primarily of legal fees and other costs of organizing the Company. Costs associated with the offering of Common Units are capitalized as “deferred offering costs” on the Consolidated Statements of Financial Condition and amortized over a twelve-month period from the initial capital ~~call, subject to the limitation described in Note 3 below.~~call. These costs consist primarily of legal fees and other costs incurred in connection with the Company’s continuous private offerings of its Common Units. ~~As of June 30, 2022, organization and offering costs are included in payable to affiliates and accrued expenses on the Consolidated Statements of Financial Condition.~~

Expenses

The Company is responsible for investment expenses, ~~legal expenses,~~professional fees, and other general and administrative expenses related to the Company’s operations. The Company pays MS Private Credit Administrative Services LLC (the “Administrator”) the Company’s allocable portion of certain expenses incurred by the Administrator in performing its obligations under the administration agreement between the Company and the Administrator dated October 19, 2021 (the “Administration Agreement”). Such fees and expenses, including expenses incurred by the Investment Adviser on behalf of the Company, will be reimbursed by the ~~Company, subject to contractual thresholds.~~Company.

The Company pays the Investment Adviser a base management fee and an incentive fee under the Investment Advisory Agreement between the Company and the Investment Adviser (the “Investment Advisory Agreement”) as described in Note 3 below. The fees are recorded in the Consolidated Statements of Operations.

Deferred Financing Costs

~~Deferred financing costs represent~~The Company records upfront fees, legal and other direct ~~incremental~~ costs incurred in connection with the Company’s ~~borrowings.~~issuance of revolving debt

facilities as Deferred Financing Costs. These costs are deferred and ~~will be~~ amortized over the life of the related ~~borrowings~~ revolving credit facilities

using the straight-line method. Deferred ~~financing costs~~Financing Costs related to revolving credit facilities are presented separately as an asset on

the Company’s ~~Statement~~Consolidated Statements of Financial Condition. The amortization of such Deferred Financing Costs are presented on

the Consolidated Statements of Operations as interest expense and other financing expenses.

Income Taxes

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

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

The minimum distribution requirements applicable to RICs require the Company to distribute to its unitholders at least 90% of its investment company taxable income (the “ICTI”), as defined by the Code, each year. Depending on the level of ICTI earned in a tax

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year, the Company may choose to carry forward ICTI in excess of current year distributions into the next tax year. Any such carryover ICTI must be distributed before the end of that next tax year through a dividend declared prior to filing the final tax return related to the year which generated such ICTI.

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

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distributed. The Company currently intends to make sufficient distributions each taxable year to satisfy the excise distribution requirements.

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

For the three and six months ended June 30, 2023, the Company did not accrue any U.S. federal excise tax. For the three and six months ended June 30, 2022, the Company ~~incurred~~accrued $1 and $2 of U.S. federal excise tax.

New Accounting Standards

~~In March 2020,~~The Company considers the ~~Financial Accounting Standards Board~~applicability and impact of all accounting standard updates (“ASU”) issued ~~Accounting Standards Update 2020-04 (“ASU 2020-04”) “Reference Rate Reform (Topic 848): Facilitation of~~by the ~~Effects of Reference Rate Reform on Financial Reporting.” This accounting update provides optional accounting relief to entities with contracts, hedge accounting relationships~~FASB. The Company has assessed currently issued ASUs and has determined that they are not applicable or ~~other transactions that reference the London Interbank Offered Rate (“LIBOR”) or other interest rate benchmarks for which the referenced rate is~~ expected to be discontinued or replaced. This optional relief generally allows for contract modifications solely related to the replacement of the reference rate to be accounted for as a continuation of the existing contract instead of as an extinguishment of the contract, and would therefore not trigger certain accounting impacts that would otherwise be required. The optional relief can be applied beginning January 1, 2020 and ending December 31, 2022. The Company adopted the accounting relief on January 1, 2022, and noted no materialhave minimal impact on ~~the~~its consolidated financial ~~statements, as relevant contract relationship modifications are made during the course of the reference rate reform transition period.~~statements.

(3)Related Party Transactions

Investment Advisory Agreement

On October ~~19,~~13, 2021, the Board of Directors, including a majority of the directors who are not “interested persons” as defined in Section 2(a)(19) of the 1940 Act (the “Independent Directors”), approved the Investment Advisory Agreement in accordance with, and on the basis of an evaluation satisfactory to such directors as required by, Section 15(c) of the 1940 Act. The Investment Advisory Agreement had an initial term of two years and continues thereafter from year to year if approved annually by the Board of Directors, which most recently approved the renewal of the Investment Advisory Agreement in August 2023.

The Company pays the Investment Adviser a fee for its services under the Investment Advisory Agreement consisting of two components: a base management fee (the “Base Management Fee”) and an incentive fee. The cost of both the ~~Base Management Fee~~base management fee and the incentive fee ~~will~~are ultimately be borne by the unitholders.

Base Management Fee

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

For the three and six months ended June 30, 2023, base management fees were $794 and $1,525, respectively. For the three and six months ended June 30, 2022, base management fees were $393 and ~~$714.~~$714, respectively. As of June 30, 2023 and December 31, 2022, ~~$393~~$794 and $653 was payable to the Investment Adviser relating to ~~base management fees.~~Base Management Fees.

Incentive Fee

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

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

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

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fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

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

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

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

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

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

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

For the three and six months ended June 30, 2023, $2,017 and $3,961, of income based incentive fees, respectively, were accrued to the Investment Adviser. For the three and six months ended June 30, 2022, $756 and $1,245, of income based incentive fees, respectively, were accrued to the Investment Adviser

For the three and six months ended June 30, 2023, no capital gain incentive fees were accrued to the Investment Adviser. For the three and six months ended June 30, 2022, $(14) and $0 of capital ~~gains~~gain incentive fees were accrued to the Investment ~~Adviser.~~Adviser The Investment Advisory Agreement does not permit unrealized capital appreciation for purposes of calculating the amount payable to the Investment Adviser. Amounts due related to unrealized capital appreciation, if any, will not be paid to the Investment Adviser until realized under the terms of the Investment Advisory Agreement and determined based on the calculation. Incentive fees on Cumulative Capital Gains crystallize at calendar year-end. As of June 30, 2023 and December 31, 2022, there were ~~$756~~$2,017 and $1,639, respectively, of income based incentive fees and ~~$0 of~~no capital gains incentive fees payable to the Investment Adviser.

Administration Agreement

~~MS Private Credit Administrative Services LLC (the “Administrator”)~~The Administrator is ~~the administrator~~an indirect, wholly owned subsidiary of ~~the Company pursuant to an administration agreement (the “Administration Agreement”).~~Morgan Stanley. Pursuant to the Administration Agreement, the Administrator provides services and receives reimbursements from the Company for its costs and expenses and the Company’s allocable portion of overhead costs incurred by the Administrator in performing its obligations under the Administration Agreement. Reimbursement under the Administration Agreement occurs quarterly in arrears. The ~~Administrator is~~Administration Agreement had an ~~indirect, wholly owned subsidiary~~initial term of ~~Morgan Stanley.~~two years and continues thereafter from year to year if approved annually by the Board of Directors, which most recently approved the renewal of the Administration Agreement in August 2023.

For the three and six months ended June 30, ~~2022, the Company incurred~~2023, no expenses were incurred under the Administration Agreement. For the three and six months ended June 30, 2022, no expenses were incurred under the Administration Agreement. There were no amounts unpaid and included in payable to affiliates on the Consolidated Statements of Financial Condition as of June 30, 2023 and December 31, 2022.

Indemnification Agreements

The Company has entered into indemnification agreements with its directors and officers. The indemnification agreements are intended to provide the directors and officers the maximum indemnification permitted under Delaware law and the 1940 Act, and are generally consistent with the indemnification provisions of the Company’s certificate of incorporation and bylaws. Each indemnification agreement provides that the Company will indemnify the director or officer who is a party to the agreement (an “Indemnitee”), including the advancement of legal expenses, if, by reason of his or her corporate status, the Indemnitee is, or is

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threatened to be, made a party to or a witness in any threatened, pending, or completed proceeding, to the maximum extent permitted by Delaware law and the 1940 Act.

MS Credit Partners Holdings, Inc. Investment

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

(4) Investments

The composition of the Company’s investment portfolio at cost and fair value was as follows:
June 30, 2022 December 31, 2021
Cost Fair Value % of Total Investments at Fair Value Cost Fair Value % of Total Investments at Fair Value
First Lien Debt $ 818,400 $ 806,611 97.0 % $ 355,939 $ 355,939 97.7 %
Second Lien Debt 16,772 16,406 2.0 2,836 2,836 0.8
Other Securities 8,697 8,892 1.1 5,623 5,623 1.5
Total $ 843,869 $ 831,909 100.0 % $ 364,398 $ 364,398 100.0 %

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	June 30, 2023						December 31, 2022
	Cost		Fair Value		% of Total Investments at Fair Value		Cost		Fair Value		% of Total Investments at Fair Value
First Lien Debt	$	1,440,309	$	1,414,767	97.9	%	$	1,234,008	$	1,203,972	97.6	%
Second Lien Debt	18,692		15,527		1.1		17,085		16,071		1.3
Other Securities	14,449		14,511		1.0		13,840		14,102		1.1
Total	$	1,473,450	$	1,444,805	100.0	%	$	1,264,933	$	1,234,145	100.0	%

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


		June 30, 2022		December 31, 2021				June 30, 2023		December 31, 2022(1)
Aerospace & Defense							Aerospace & Defense	1.2	%	1.4	%
Air Freight & Logistics	Air Freight & Logistics	3.1	%	6.1	%		Air Freight & Logistics	2.6		2.9
Auto Components		0.7		—
Automobile Components							Automobile Components	2.1		1.5
Automobiles	Automobiles	1.7		—			Automobiles	1.0		1.2
Biotechnology	Biotechnology	2.2		5.2			Biotechnology	1.3		1.5
Chemicals	Chemicals	3.8		—			Chemicals	2.4		2.4
Commercial Services & Supplies	Commercial Services & Supplies	15.9		28.5			Commercial Services & Supplies	10.0		11.9
Construction & Engineering	Construction & Engineering	—		—		(1)	Construction & Engineering	0.9		0.1
Containers & Packaging	Containers & Packaging	3.3		7.8			Containers & Packaging	1.9		2.2
Distributors	Distributors	8.4		4.9			Distributors	5.7		9.1
Diversified Consumer Services	Diversified Consumer Services	4.6		—			Diversified Consumer Services	6.2		6.5
Diversified Financial Services		4.0		6.4
Electronic Equipment, Instruments & Components							Electronic Equipment, Instruments & Components	2.2		2.2
Financial Services							Financial Services	2.4		2.9
Health Care Equipment & Supplies							Health Care Equipment & Supplies	1.0		—
Health Care Providers & Services	Health Care Providers & Services	7.6		5.6			Health Care Providers & Services	11.5		9.3
Industrial Conglomerates							Industrial Conglomerates	5.5		3.5
Insurance Services	Insurance Services	14.6		15.0			Insurance Services	16.4		15.2
Interactive Media & Services	Interactive Media & Services	0.6		—			Interactive Media & Services	0.3		0.3
IT Services	IT Services	7.1		7.9			IT Services	3.4		5.0
Machinery	Machinery	2.7		6.4			Machinery	2.9		3.4
Multi-Utilities							Multi-Utilities	0.4		—
Oil, Gas & Consumable Fuels	Oil, Gas & Consumable Fuels	—		—		(1)	Oil, Gas & Consumable Fuels	—		—		(2)
Pharmaceuticals							Pharmaceuticals	0.6		0.5
Professional Services	Professional Services	0.9		—			Professional Services	2.0		2.1
Real Estate Management & Development	Real Estate Management & Development	0.6		—			Real Estate Management & Development	2.9		2.8
Software	Software	18.2		6.2			Software	13.2		12.1

Total	Total	100.0	%	100.0	%		Total	100.0	%	100.0	%

~~(1)~~


(1)			The Company reclassified certain industry groupings of its portfolio companies presented in the consolidated financial statements as of December 31, 2022 to align with the recently updated GICS, where applicable. These reclassifications had no impact on the prior period’s Consolidated Statement of Financial Condition as of December 31, 2022.
(2)			Amount rounds to 0.0%.

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


		June 30, 2022						December 31, 2021							June 30, 2023						December 31, 2022
		Cost		Fair Value		% of Total Investments at Fair Value		Cost		Fair Value		% of Total Investments at Fair Value			Cost		Fair Value		% of Total Investments at Fair Value		Cost		Fair Value		% of Total Investments at Fair Value

Australia	Australia	$	12,416	$	12,416	1.5	%	$	—	$	—	—	%	Australia	$	18,348	$	18,214	1.3	%	$	18,347	$	17,869	1.4	%
Canada	Canada	5,519		5,519		0.7		—		—		—		Canada	21,097		20,694		1.4		22,927		22,928		1.9
United Kingdom	United Kingdom	9,972		10,082		1.2		—		—		—		United Kingdom	8,432		8,523		0.6		8,139		8,139		0.7
United States	United States	815,962		803,892		96.6		364,398		364,398		100.0		United States	1,425,573		1,397,374		96.7		1,215,520		1,185,209		96.0
Total	Total	$	843,869	$	831,909	100.0	%	$	364,398	$	364,398	100.0	%	Total	$	1,473,450	$	1,444,805	100.0	%	$	1,264,933	$	1,234,145	100.0	%

(5) Fair Value Measurements

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

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

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

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

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

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

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

Securities that are illiquid or for which the pricing source does not provide a valuation or methodology or provides a valuation or methodology that, in the judgment of the ~~Investment Adviser~~Valuation Designee or the Board of Directors, does not represent fair value, each is valued as of the measurement date using all techniques appropriate under the circumstances and for which sufficient data is available. These valuation techniques may vary by investment but include comparable public market valuations, comparable precedent transaction valuations and discounted cash flow analyses. Non-controlled debt investments are generally fair valued using discounted cash flow technique. Expected cash flows are projected based on contractual terms and discounted back to the measurement date based on a discount rate. Discount rate is determined based upon an assessment of current and expected yields for similar investments and risk profiles. Non-controlled equity investments are generally fair valued using a market approach and/or an income approach. The market approach typically utilizes market value multiples of comparable publicly traded companies. The income approach typically utilizes a discounted cash flow analysis of the portfolio company.The Valuation Designee, under the supervision of the Board of Directors undertakes a multi-step valuation process each quarter, as described below:

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1)each portfolio company or investment is initially valued by using a standardized template designed to approximate fair market value based on observable market inputs and updated credit statistics and unobservable inputs;

2)preliminary valuation conclusions are documented and reviewed by a valuation committee comprised of members of the Investment Adviser’s senior management;

3)the Board of Directors or Valuation Designee engages independent third-party valuation firms to provide positive assurance on a portion of the Company’s illiquid investments each quarter (such that each illiquid investment will be reviewed by an independent valuation firm at least once on a rolling twelve month basis) including review of management’s preliminary valuation and conclusion of fair value;

4)the Audit Committee reviews the assessments of the ~~Investment Adviser~~Valuation Designee and the independent third-party valuation ~~firm~~firms and ~~provide~~provides the Board of Directors with recommendations with respect to the fair value of each investment in the Company’s portfolio; and

5)the Board of Directors discusses the valuation recommendations of the Audit Committee and determine the fair value of each investment in the Company’s portfolio in good faith based on the input of the ~~Investment Adviser~~Valuation Designee and, where applicable, the third-party valuation ~~firm.~~firms.

The fair value is generally determined based on the assessment of the following factors, as relevant:

•the nature and realizable value of any collateral;

•call features, put features and other relevant terms of debt;

•the portfolio company’s leverage and ability to make payments;

•the portfolio company’s public or ~~“private letter”~~private letter credit ratings;

•the portfolio company’s actual and expected earnings and discounted cash flow;

•prevailing interest rates for like securities and expected volatility in future interest rates;

•the markets in which the issuer does business and recent economic and/or market events; and

•comparisons to publicly traded securities.

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

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

~~Table~~Transfer of ~~Contents~~

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

The following tables ~~presents~~present the fair value hierarchy of ~~the investments as of:~~investments:


		June 30, 2022									June 30, 2023
		Level 1		Level 2		Level 3		Total			Level 1		Level 2		Level 3		Total
First Lien Debt	First Lien Debt	$	—	$	—	$	806,611	$	806,611	First Lien Debt	$	—	$	32,361	$	1,382,406	$	1,414,767
Second Lien Debt	Second Lien Debt	—		—		16,406		16,406		Second Lien Debt	—		—		15,527		15,527
Other Securities	Other Securities	—		—		8,892		8,892		Other Securities	—		—		14,511		14,511
Total	Total	$	—	$	—	$	831,909	$	831,909	Total	$	—	$	32,361	$	1,412,444	$	1,444,805


		December 31, 2021									December 31, 2022
		Level 1		Level 2		Level 3		Total			Level 1		Level 2		Level 3		Total
First Lien Debt	First Lien Debt	$	—	$	—	$	355,939	$	355,939	First Lien Debt	$	—	$	31,534	$	1,172,438	$	1,203,972
Second Lien Debt	Second Lien Debt	—		—		2,836		2,836		Second Lien Debt	—		—		16,071		16,071
Other Securities	Other Securities	—		—		5,623		5,623		Other Securities	—		—		14,102		14,102
Total	Total	$	—	$	—	$	364,398	$	364,398	Total	$	—	$	31,534	$	1,202,611	$	1,234,145

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended June 30, ~~2022:~~2023:

First Lien Debt Second Lien Debt Other Securities Total Investments
Fair value, beginning of period $ 512,718 $ 13,288 $ 5,727 $ 531,733
Purchases of investments 318,725 3,448 2,981 325,154
Proceeds from principal repayments and sales of investments (13,802) — — (13,802)
Accretion of discount/amortization of premium 571 6 — 577
Payment-in-kind 177 — 93 270
Net change in unrealized appreciation (depreciation) (11,882) (336) 91 (12,127)
Net realized gains (losses) 104 — — 104
Transfers into/out of Level 3 — — — —
Fair value, end of period $ 806,611 $ 16,406 $ 8,892 $ 831,909
Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2022 $ (11,882) $ (336) $ 91 $ (12,127)

Table of Contents


	First Lien Debt		Second Lien Debt		Other Securities		Total Investments
Fair value, beginning of period	$	1,275,223	$	13,904	$	14,410	$	1,303,537
Purchases of investments	133,845		1,585		78		135,508
Proceeds from principal repayments and sales of investments	(32,592)		—		—		(32,592)
Accretion of discount/amortization of premium	1,400		12		2		1,414
Payment-in-kind	349		—		350		699
Net change in unrealized appreciation (depreciation)	4,181		26		(329)		3,878
Net realized gains (losses)	—		—		—		—
Transfers into/out of Level 3	—		—		—		—
Fair value, end of period	$	1,382,406	$	15,527	$	14,511	$	1,412,444

Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2023	$	4,164	$	26	$	(329)	$	3,861

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the six months ended June 30, ~~2022:~~2023:


	First Lien Debt		Second Lien Debt		Other Securities		Total Investments
Fair value, beginning of period	$	1,172,438	$	16,071	$	14,102	$	1,202,611
Purchases of investments	268,668		1,585		140		270,393
Proceeds from principal repayments and sales of investments	(66,047)		—		—		(66,047)
Accretion of discount/amortization of premium	2,408		22		4		2,434
Payment-in-kind	783		—		465		1,248
Net change in unrealized appreciation (depreciation)	4,134		(2,151)		(200)		1,783
Net realized gains (losses)	22		—		—		22
Transfers into/out of Level 3	—		—		—		—
Fair value, end of period	$	1,382,406	$	15,527	$	14,511	$	1,412,444

Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2023	$	3,411	$	(2,151)	$	(200)	$	1,060

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended June 30, 2022 :


	First Lien Debt		Second Lien Debt		Other Securities		Total Investments
Fair value, beginning of period	$	512,718	$	13,288	$	5,727	$	531,733
Purchases of investments	318,725		3,448		2,981		325,154
Proceeds from principal repayments and sales of investments	(13,802)		—		—		(13,802)
Accretion of discount/amortization of premium	571		6		—		577
Payment-in-kind	177		—		93		270
Net change in unrealized appreciation (depreciation)	(11,882)		(336)		91		(12,127)
Net realized gains (losses)	104		—		—		104
Transfers into/out of Level 3	—		—		—		—
Fair value, end of period	$	806,611	$	16,406	$	8,892	$	831,909

Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2022	$	(11,882)	$	(336)	$	91	$	(12,127)

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the six months ended June 30, 2022 :

Table of Contents


	First Lien Debt		Second Lien Debt		Other Securities		Total Investments
Fair value, beginning of period	$	355,939	$	2,836	$	5,623	$	364,398
Purchases of investments	478,877		13,928		2,981		495,786
Proceeds from principal repayments and sales of investments	(17,631)		—		—		(17,631)
Accretion of discount/amortization of premium	932		9		—		941
Payment-in-kind	177		—		93		270
Net change in unrealized appreciation (depreciation)	(11,787)		(367)		195		(11,959)
Net realized gains (losses)	104		—		—		104
Transfers into/out of Level 3	—		—		—		—
Fair value, end of period	$	806,611	$	16,406	$	8,892	$	831,909

Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2022	$	(11,787)	$	(367)	$	195	$	(11,959)

The following table presents quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The table is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value.


	June 30, 2023
	Fair Value		Valuation Technique	Unobservable Input	Range				Weighted Average
					Low		High
Investments in first lien debt	$	1,266,060	Yield Analysis	Discount Rate	9.03	%	18.84	%	11.45	%
Investments in first lien debt	116,346		Transaction Price	Recent Transaction	98.30	%	99.40	%	98.98	%
Total investments in first lien debt	1,382,406
Investments in second lien debt	13,997		Yield Analysis	Discount Rate	13.98	%	22.20	%	18.61	%
Investments in second lien debt	1,530		Transaction Price	Recent Transaction	85.00	%	85.00	%	85.00	%
Total investments in second lien debt	15,527
Investments in other securities:
Other debt	1,564		Income Approach	Discount Rate	14.50	%	14.50	%	14.50	%
Preferred equity	8,224		Income Approach	Discount Rate	12.20	%	15.40	%	14.63	%
Common equity	698		Market Approach	Revenue Multiple	8.8x		8.8x		8.8x
Common equity	4,025		Market Approach	EBITDA Multiple	12.5x		18.7x		15.25x
Total investment in other securities	14,511
Total investments	$	1,412,444

Table of Contents

June 30, 2022
Fair
Value Valuation Technique Unobservable
Input Range Weighted
Average
Low High
Investments in first lien debt $ 806,611 Yield Analysis Discount Rate 7.70 % 12.91 % 9.65 %
Investments in second lien debt 16,406 Yield Analysis Discount Rate 12.27 % 13.10 % 12.55 %
Investments in other securities:
Preferred equity 5,108 Income Approach Discount Rate 11.68 % 14.80 % 12.90 %
Common equity 780 Market Approach Revenue Multiple 10.40x 10.40x 10.40x
Common equity 3,004 Market Approach EBITDA Multiple 11.70x 19.62x 14.35x
Total investment in other securities 8,892
Total Investments $ 831,909


		December 31, 2021															December 31, 2022
		Fair Value				Valuation Technique		Unobservable Input	Range				Weighted Average				Fair Value				Valuation Technique			Unobservable Input		Range							Weighted Average
							Low		High										Low						High
Investments in first lien debt	Investments in first lien debt			$	355,939			Yield Analysis	Discount Rate		6.20	%			11.70	%		7.59	%	Investments in first lien debt		$	1,166,134		Yield Analysis			Discount Rate			9.20	%			14.45	%	11.13	%
Investments in first lien debt															Investments in first lien debt		6,304				Transaction Price			Recent Transaction		100.00	%		100.00	%			100.00	%
Total investments in first lien debt															Total investments in first lien debt		1,172,438
Investments in second lien debt	Investments in second lien debt	2,836				Yield Analysis		Discount Rate	9.90	%	9.90	%	9.90	%	Investments in second lien debt		16,071				Yield Analysis			Discount Rate		14.38	%		15.25	%			14.67	%
Investments in other securities:	Investments in other securities:														Investments in other securities:

Other debt															Other debt		1,536				Yield Analysis			Discount Rate		16.60	%		16.60	%			16.60	%
Preferred equity	Preferred equity	2,940				Yield Analysis		Discount Rate	11.70	%	12.10	%	11.97	%	Preferred equity		7,399				Income Approach			Discount Rate		12.20	%		15.69	%			14.92	%
Common equity															Common equity		819				Market Approach			Revenue Multiple		10.20x			10.20x				10.20x
Common equity	Common equity	2,683				Market Approach		EBITDA Multiple	10.17x		19.97x		13.87x		Common equity		4,348				Market Approach			EBITDA Multiple		11.70x			18.70x				14.23x
Total investment in other securities	Total investment in other securities	5,623													Total investment in other securities		14,102
Total Investments	Total Investments	$	364,398												Total Investments		$	1,202,611

The significant unobservable input used in yield analysis is discount rate based on comparable market yields. Significant increases in discount rates in isolation would result in a significantly lower fair value measurement. The significant unobservable input used in the market approach is the comparable company multiple. The multiple is used to estimate the enterprise value of the underlying investment. An increase/decrease in the multiple would result in an increase/decrease, respectively, in the fair value.

Financial instruments disclosed but not carried at fair value

The Company’s debt, including its credit facilities, is presented at carrying cost on the Consolidated Statements of Financial Condition. The fair value of the Company’s credit facilities is estimated using Level 3 inputs by discounting remaining payments using the appropriate discount rates, if available. The carrying value and fair value of the Company’s debt were as follows:


		June 30, 2022				December 31, 2021					June 30, 2023				December 31, 2022
		Carrying Value		Fair Value		Carrying Value		Fair Value			Carrying Value		Fair Value		Carrying Value		Fair Value
CBA Subscription Facility	CBA Subscription Facility	$	327,000	$	327,000	$	214,000	$	214,000	CBA Subscription Facility	$	283,500	$	283,500	$	234,500	$	234,500
Barclays Funding Facility	Barclays Funding Facility	200,000		200,000		—		—		Barclays Funding Facility	341,151		341,151		303,998		303,998
BNP Funding Facility										BNP Funding Facility	56,000		56,000		138,000		138,000
JPM Funding Facility										JPM Funding Facility	75,000		75,000		—		—
Total	Total	$	527,000	$	527,000	$	214,000	$	214,000	Total	$	755,651	$	755,651	$	676,498	$	676,498

The carrying amounts of the Company’s other assets and liabilities approximates their fair value. These financial instruments are categorized as Level 3 within the hierarchy.

(6)Debt

CBA Subscription Facility

On November 5, 2021, the Company entered into a Revolving Credit Agreement with Commonwealth Bank of Australia as administrative agent, lead arranger, letter of credit issuer and a lender, which was subsequently amended on January 25, 2022 and July 19, 2022 (as amended, the “CBA Subscription Facility”). The CBA Subscription Facility allows the Company to borrow up to $425,000 at any one time outstanding, including a current $100,000 temporary increase in the facility that ~~will expire~~expired on ~~July~~January 25, ~~2022~~2023 at which point $325,000 ~~will be~~was available under the facility. On May 2, 2023, the Company reduced the maximum amount outstanding to $285,000. The facility is available subject to certain restrictions, including availability under the borrowing base, which is based on unused capital commitments. The amount of permissible borrowings under the CBA Subscription Facility may be increased to up to an aggregate amount of $500,000 with the consent of the lenders. The CBA Subscription Facility has a maturity date of November 5, 2023, which may be extended for an additional term of up to 364 days subject to the terms set forth in the CBA Subscription Facility.

~~Table of Contents~~

The CBA Subscription Facility bears interest at a rate of: (i) with respect to Eurocurrency Rate Loans (as defined in the CBA Subscription Facility), the greater of (x) the rate designated with respect to the currency in which the loan is denominated, and (y) 0%, plus 1.65%; (ii) with respect to RFR Loans (as defined in the CBA Subscription Facility) in Sterling, SONIA, plus 1.70%, plus a SONIA spread adjustment set forth in the CBA Subscription Facility; (iii) with respect to RFR Loans (as defined in the CBA Subscription Facility) in Dollars or Terms SOFR Loans, SOFR or Term SOFR as applicable, plus 1.65%, plus the SOFR spread adjustment set forth in the CBA Subscription Facility; and (iii) with respect to Reference Rate Loans (as defined in the CBA Subscription Facility), (x) the greatest of (1) the prime rate, (2) the federal funds rate plus 0.50%, and (y) Term SOFR plus 1.00%, provided that the reference rate will not be less than 2.00%, plus (y) 0.65%, each as calculated in accordance with the CBA

Table of Contents

Subscription Facility. The CBA Subscription Facility is secured by the unfunded investor commitments to purchase the Company’s Common Units. ~~As of June 30, 2022, the Company was in compliance with all covenants and other requirements of the CBA Subscription Facility.~~

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


									For the Three Months Ended						For the Six Months Ended
		For the Three Months Ended June 30, 2022			For the Six Months Ended June 30, 2022				June 30, 2023			June 30, 2022			June 30, 2023			June 30, 2022
Borrowing interest expense	Borrowing interest expense	$	1,579		$	2,533		Borrowing interest expense	$	4,651		$	1,579		$	8,797		$	2,533
Facility unused commitment fees	Facility unused commitment fees	129			276			Facility unused commitment fees	19			129			74			276
Amortization of deferred financing costs	Amortization of deferred financing costs	263			497			Amortization of deferred financing costs	200			263			404			497
Total	Total	$	1,971		$	3,306		Total	$	4,870		$	1,971		$	9,275		$	3,306
Weighted average interest rate (excluding unused fees and financing costs)	Weighted average interest rate (excluding unused fees and financing costs)	2.45		%	2.20		%	Weighted average interest rate (excluding unused fees and financing costs)	6.72		%	2.45		%	6.50		%	2.20		%
Weighted average outstanding balance	Weighted average outstanding balance	$	255,049		$	228,887		Weighted average outstanding balance	$	273,830		$	255,049		$	269,191		$	228,887

For the three and six months ended June 30, 2023, the Company borrowed $34,000 and $84,000 and repaid $30,000 and $35,000, respectively under the CBA Subscription Facility. For the three and six months ended June 30, 2022, the Company borrowed $238,000 and ~~repaid $161,000 under the CBA Subscription Facility. For the six months ended June 30, 2022, the Company borrowed~~ $389,500 and repaid $161,000 and $276,500, respectively under the CBA Subscription Facility. As of June 30, 2023 and December 31, 2022, the Company had ~~$98,000~~$283,500 and $234,500 of outstanding borrowings under the CBA Subscription Facility. As of June 30, 2023 and December 31, 2022, the Company had $1,500 and $140,500 of available capacity under the CBA Subscription Facility (subject to borrowing base restrictions).

Barclays Funding Facility

On March 7, 2022, T Series SPV LLC entered into a Credit and Security Agreement (the “Credit and Security Agreement”) with T Series SPV LLC, as the borrower, the lenders party thereto (the “Lenders”), Barclays Bank PLC (“Barclays”), as the administrative agent for the Lenders, the Company, as the servicer and retention provider, and State Street Bank & Trust Company, as collateral administrator, collateral agent and securities intermediary, pursuant to which the Lenders have agreed to extend credit to T Series SPV LLC in an aggregate principal amount up to $400,000 at any one time outstanding, with up to an additional $350,000 available pursuant to an accordion feature (the “Barclays Funding Facility”).

The Barclays Funding Facility is a revolving funding facility with a reinvestment period ending March 7, 2025 and a final maturity date of the earlier of (1) March 7, ~~2027.~~2033 and (ii) on or after March 7, 2027, the date selected by Barclays as administrative agent in its sole discretion pursuant to written notice to T Series SPV LLC. Advances under the Barclays Funding Facility are available in US dollars, British Pounds, Euros or Canadian dollars and such advances bear interest at a rate equal to an applicable margin plus, at T Series SPV LLC’s option, either (a) a rate based on Term SOFR, Daily Simple SONIA (or if Daily Simple SONIA is not available the Central Bank Rate), EURIBOR or CDOR, as applicable (or, if such rate is not available, a benchmark replacement) (each as defined in the Credit and Securities Agreement) or (b) a “base rate” (which with respect to US dollars is a rate per annum equal to the greater of a prime rate and the federal funds rate plus 0.50%; with respect to Canadian dollars is a rate per annum equal to the greater of the PRIMCAN Index and CDOR plus 1.0% and with respect to British Pounds and Euros is equal to the annual rate of interest announced from time to time by Barclays (or an affiliate thereof) as being its reference rate then in effect for determining interest rates on commercial loans made by it in the United Kingdom (with respect to GBP advances) or the Euro Zone (with respect to Euro advances), as applicable). The applicable margin with respect to advances under the Barclays Funding Facility generally ranges between 1.90% and 2.65% (depending on the type of assets such advances relate to).

The obligations of T Series SPV LLC under the Barclays Funding Facility are secured by all of the assets held by T Series SPV LLC (the “Collateral”), including certain corporate loans and corporate debt securities that the Company has originated or acquired, or will originate or acquire, from time to time (the “Portfolio Investments”), to be sold, contributed or otherwise transferred by the Company to T Series SPV LLC pursuant to the terms of the Sale and Contribution Agreement dated as of March 7, 2022 (the “Sale and Contribution Agreement” and, together with the Credit and Security Agreement, the “Agreements”) between the Company and T Series SPV LLC, entered into in connection with the Barclays Funding Facility. Under the Agreements, the Company and T Series SPV LLC, as applicable, have made customary representations and warranties regarding the Portfolio Investments, as well as their businesses, and are required to comply with various covenants, servicing procedures, limitations on disposition of Portfolio Investments, reporting requirements and other customary requirements for similar revolving funding facilities. ~~As of June 30, 2022, the Company was in compliance with all covenants and other requirements of the Barclays Funding Facility.~~

3145

Table of Contents

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

For the Three Months Ended June 30, 2022 For the Six Months Ended June 30, 2022
Borrowing interest expense $ 1,003 $ 1,115
Facility unused commitment fees 335 451
Amortization of deferred financing costs 95 121
Total $ 1,433 $ 1,687
Weighted average interest rate (excluding unused fees and financing costs) 2.94 % 2.88 %
Weighted average outstanding balance $ 135,110 $ 120,000


	For the Three Months Ended						For the Six Months Ended
	June 30, 2023			June 30, 2022			June 30, 2023			June 30, 2022
Borrowing interest expense	$	6,666		$	1,003		$	11,061		$	1,115
Facility unused commitment fees	205			335			429			451
Amortization of deferred financing costs	97			95			189			121
Total	$	6,968		$	1,433		$	11,679		$	1,687
Weighted average interest rate (excluding unused fees and financing costs)	8.06		%	2.94		%	6.97		%	2.88		%	(1)
Weighted average outstanding balance	$	327,370		$	135,110		$	315,644		$	120,000		(1)


(1)			Calculated from the period from March 7, 2022 (closing date) through June 30, 2022.

For the three and six months ended June 30, 2023, the Company borrowed $37,000 and made no repayments under the Barclays Funding Facility. For the three and six months ended June 30, 2022, the Company borrowed $135,000 and ~~repaid $0~~$200,000 under the Barclays Funding ~~Facility. For the six months ended June 30, 2022, the Company borrowed $200,000~~Facility, respectively, and ~~repaid $0~~made no repayments under the Barclays Funding Facility. As of June 30, 2023 and December 31, 2022, the Company had ~~$200,000~~341,151 and 303,998 of outstanding borrowings under the Barclays Funding Facility. As of June 30, 2023 and December 31, 2022, the Company had 58,849 and $96,002 of available capacity under the Barclays Funding Facility (subject to borrowing base restrictions).

BNP Funding Facility

On October 12, 2022, the Company entered into a Revolving Credit and Security Agreement (the “Credit and Security Agreement”) with T Series II SPV, as the borrower, BNP Paribas (“BNP”), as the administrative agent and lender, the Company, as the equityholder and as the servicer, and State Street Bank and Trust Company, as collateral agent, pursuant to which BNP has agreed to extend credit to T Series II SPV in an aggregate principal amount up to $300,000 at any one time outstanding (the “BNP Funding Facility”).

The BNP Funding Facility is a revolving funding facility with a reinvestment period ending October 12, 2025 and a final maturity date of October 12, 2027. Subject to certain conditions, the reinvestment period and final maturity are both subject to a one-year extension. Advances under the BNP Funding Facility are available in US dollars, pound sterling, Euros or Canadian dollars, and subject to certain exceptions, the interest charged on the BNP Funding Facility is based on Term SOFR (USD), SONIA (GBP), EURIBOR (EUR), or CDOR (CAD), as applicable (or, if any such index is not available, a benchmark replacement), plus a margin of 2.70% during the reinvestment period and 3.20% following the reinvestment period, with an additional margin of 0.10% for non-US dollar advances.

The obligations of T Series II SPV under the BNP Funding Facility are secured by all of the assets held by T Series II SPV, including certain loans to be contributed or transferred by the Company to T Series II SPV pursuant to the terms of the Contribution Agreement (the “Contribution Agreement” and, together with the Credit and Security Agreement, the “Agreements”) between T Series II SPV and the Company entered into in connection with the BNP Funding Facility, pursuant to which the Company will sell to T Series II SPV certain loans it has originated or acquired, or will originate or acquire (the “Loans”) from time to time. Under the Agreements, the Company and T Series II SPV, as applicable, have made representations and warranties regarding the Loans, as well as their businesses, and are required to comply with various covenants, servicing procedures, limitations on disposition of Loans, reporting requirements and other customary requirements for similar revolving funding facilities. The Credit and Security Agreement includes usual and customary events of default for revolving funding facilities of this nature, including allowing BNP, upon a default, to accelerate and foreclose on the Loans and to pursue the rights under the Loans directly with the obligors thereof. In connection with the entry into the BNP Funding Facility, T Series II SPV also entered into various supporting documentation, including an account control agreement.

Table of Contents

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


	For the Three Months Ended				For the Six Months Ended
	June 30, 2023			June 30, 2022	June 30, 2023			June 30, 2022
Borrowing interest expense	$	1,958		N/A	$	4,519		N/A
Facility unused commitment fees	252			N/A	252			N/A
Amortization of deferred financing costs	166			N/A	332			N/A
Total	$	2,376		N/A	$	5,103		N/A
Weighted average interest rate (excluding unused fees and financing costs)	7.66		%	N/A	7.39		%	N/A
Weighted average outstanding balance	$	101,055		N/A	$	121,613		N/A

For the three and six months ended June 30, 2023, the Company borrowed $0 and $18,000 and repaid $100,000 and $100,000 under the BNP Funding Facility. For the three and six months ended June 30, 2022, the Company made no borrowings or repayments under the BNP Funding Facility. As of June 30, 2023 and December 31, 2022, the Company had 56,000 and 138,000 of outstanding borrowings under the BNP Funding Facility. As of June 30, 2023 and December 31, 2022, the Company had $244,000 and 162,000 of available capacity under the BNP Funding Facility (subject to borrowing base restrictions).

JPM Funding Facility

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

The Loan and Security Agreement provides for a senior secured revolving credit facility of up to $500,000 (the “Maximum Commitment”) with a three-year reinvestment period (the “Availability Period”) and a stated maturity date of February 23, 2028. Subject to certain conditions, including Lender and Administrative Agent consent, at any time during the Availability Period, T Series SPV III LLC may propose one or more increases in the Maximum Commitment. Advances under the Loan and Security Agreement will be denominated in U.S. dollars, pound sterling, Euros and/or Canadian dollars, with an interest rate based on Term SOFR (USD), SONIA (GBP), EURIBOR (EUR), or CDOR (CAD), as applicable (or, if any such index is not available, a benchmark replacement), plus a margin of 3.05% (with an additional margin of 0.1193% for pound sterling advances) (each, as defined in the Loan and Security Agreement).

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

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


	For the Three Months Ended				For the Six Months Ended
	June 30, 2023			June 30, 2022	June 30, 2023 (1)			June 30, 2022
Borrowing interest expense	$	1,118		N/A	$	1,528		N/A
Facility unused commitment fees	856			N/A	1,111			N/A
Amortization of deferred financing costs	330			N/A	457			N/A
Total	$	2,304		N/A	$	3,096		N/A
Weighted average interest rate (excluding unused fees and financing costs)	8.01		%	N/A	8.00		%	N/A
Weighted average outstanding balance	$	55,220		N/A	$	53,711		N/A

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(1)			Calculated from the period from February 23, 2023 (closing date) through June 30, 2023.

For the three and six months ended June 30, 2023, the Company borrowed $25,000 and $75,000 and made no repayments under the JPM Funding Facility. For the three and six months ended June 30, 2022, the Company made no borrowings or repayments under the JPM Funding Facility. As of June 30, 2023, the Company had $425,000 of available capacity under the JPM Funding Facility (subject to borrowing base restrictions).

The Company’s outstanding debt obligations were as follows:


	June 30, 2023						December 31, 2022
	Aggregate Principal Committed		Outstanding Principal		Unused Portion		Aggregate Principal Committed		Outstanding Principal		Unused Portion
CBA Subscription Facility	$	285,000	$	283,500	$	1,500	$	375,000	$	234,500	$	140,500
Barclays Funding Facility(1)	400,000		341,151		58,849		400,000		303,998		96,002
BNP Funding Facility	300,000		56,000		244,000		300,000		138,000		162,000
JPM Funding Facility	500,000		75,000		425,000		—		—		—
Total	$	1,485,000	$	755,651	$	729,349	$	1,075,000	$	676,498	$	398,502


(1)			Under the Barclays Funding Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of June 30, 2023 and December 31, 2022, the Company had borrowings denominated in Euros (EUR) of 6,600.

The combined weighted average interest rate (excluding unused fees and financing costs) of the aggregate borrowings outstanding for the three and six months ended June 30, ~~2022~~2023 was ~~2.62%~~7.52% and 6.92%. The combined weighted average debt of the aggregate borrowings outstanding for the three and six months ended June 30, ~~2022~~2023 was ~~$390,159.~~$757,475 and $744,432.

The combined weighted average interest rate (excluding unused fees and financing costs) of the aggregate borrowings outstanding for the three and six months ended June 30, 2022 was 2.62% and 2.08%. The combined weighted average debt of the aggregate borrowings outstanding for the three and six months ended June 30, 2022 was $390,159 and $348,887.

~~The Company’s outstanding debt obligations were as follows:~~

June 30, 2022 December 31, 2021
Aggregate Principal Committed Outstanding Principal Unused Portion Aggregate Principal Committed Outstanding Principal Unused Portion
CBA Subscription Facility $ 425,000 $ 327,000 $ 98,000 $ 325,000 $ 214,000 $ 111,000
Barclays Funding Facility 400,000 200,000 200,000 — — —
Total $ 825,000 $ 527,000 $ 298,000 $ 325,000 $ 214,000 $ 111,000
As of June 30, 2023 and December 31, 2022, the Company was in compliance with all covenants and other requirements of each of the credit facilities.

(7)Commitments and Contingencies

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

As of June 30, ~~2022~~2023 and December 31, ~~2021,~~2022, the Company had ~~$300,794~~$229,276 and ~~$193,137~~$266,162 of unfunded commitments to fund delayed draw and revolving senior secured loans, respectively.

As of June 30, ~~2022~~2023 and December 31, ~~2021,~~2022, the Company had $1,000,010 and $1,000,010 in total capital commitments from common unitholders, respectively, of which ~~$655,000~~$315,000 and ~~$765,000~~$415,010 were unfunded, respectively.

(8) Members’ Capital

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

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		As of					As of
		June 30, 2022		December 31, 2021			June 30, 2023		December 31, 2022
Net distributable earnings (accumulated losses), beginning of period	Net distributable earnings (accumulated losses), beginning of period	$	(269)	$	—	Net distributable earnings (accumulated losses), beginning of period	$	(28,501)	$	(269)
Net investment income (loss)	Net investment income (loss)	13,409		135		Net investment income (loss)	42,648		44,449
Net realized gain (loss)	Net realized gain (loss)	104		—		Net realized gain (loss)	23		68
Net unrealized appreciation (depreciation)	Net unrealized appreciation (depreciation)	(11,959)		—		Net unrealized appreciation (depreciation)	1,988		(30,994)
Dividends declared	Dividends declared	(12,806)		(415)		Dividends declared	(42,616)		(41,918)
Tax reclassification of members' capital	Tax reclassification of members' capital	—		11		Tax reclassification of members' capital	—		163
Net distributable earnings (accumulated losses), end of period	Net distributable earnings (accumulated losses), end of period	$	(11,521)	$	(269)	Net distributable earnings (accumulated losses), end of period	$	(26,458)	$	(28,501)

The following table summarizes the total units issued and proceeds received from the Company’s capital drawdowns delivered pursuant to the Subscription Agreements for the six months ended June 30, 2023:


Unit Issuance Date	Common Units Issued	Amount
May 12, 2023	5,235,602	$	100,000
Total	5,235,602	$	100,000


Unit Issuance Date	Common Units Issued	Amount
March 31, 2022	2,512,563	$	50,000
May 12, 2022	2,952,756	$	60,000
Total	5,465,319	$	110,000

Unit Issuance Date Common Units Issued Amount
March 31, 2022 2,512,563 $ 50,000
May 12, 2022 2,952,756 60,000
Total 5,465,319 $ 110,000
The following table summarizes the Company’s distributions declared and payable for the six months ended June 30, 2023:


Date Declared	Record Date	Payment Date	Per Unit Amount		Total Amount
March 28, 2023	March 28, 2023	April 06, 2023	$	0.65	$	20,779
June 27, 2023	June 27, 2023	July 06, 2023	$	0.57	$	21,837
Total Distributions			$	1.22	$	42,616

The following table summarizes the Company’s distributions declared and payable for the six months ended June 30, 2022:


Date Declared	Record Date	Payment Date	Per Unit Amount		Total Amount
March 25, 2022	March 25, 2022	April 26, 2022	$	0.42	$	4,942
June 24, 2022	June 24, 2022	July 25, 2022	0.45		7,864
Total Distributions			$	0.87	$	12,806

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

The following table summarizes the ~~amounts received and~~ units issued to unitholders who ~~have~~ participated in the DRIP for the six months ended June 30, ~~2022:~~2023 and the value of such units as of the payment dates:


Payment Date	Payment Date	DRIP Units Issued	DRIP Units Value		Payment Date	DRIP Units Issued	DRIP Units Value
January 24, 2022		20,652	$	414
April 26, 2022		244,829	4,942

January 05, 2023					January 05, 2023	876,757	$	16,413
April 06, 2023					April 06, 2023	1,107,144	$	20,670
Total	Total	265,481	$	5,356	Total	1,983,901	$	37,083

The following table summarizes the units issued to unitholders who participated in the DRIP for the six months ended June 30, 2022 and the value of such units as of the payment dates:

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Payment Date	DRIP Units Issued	DRIP Units Value
January 24, 2022	20,652	$	414
April 26, 2022	244,829	$	4,942
Total	265,481	$	5,356

(9)Earnings Per Unit

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

For the Three Months Ended June 30, 2022 For the Six Months Ended June 30, 2022
Net increase in Members' Capital from operations $ (3,864) $ 1,554
Weighted average Common Units outstanding 16,080,203 13,947,111
Basic and diluted earnings per Common Unit $ (0.24) $ 0.11


	For the Three Months Ended				For the Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Net increase in Members' Capital from operations	$	25,474	$	(3,864)	$	44,659	$	1,554
Weighted average Common Units outstanding	35,890,475		16,080,203		33,920,428		13,947,111
Basic and diluted earnings (loss) per Common Unit	$	0.71	$	(0.24)	$	1.32	$	0.11

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(10)Consolidated Financial Highlights

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


						For the Six Months Ended
		For the Six Months Ended June 30, 2022				June 30, 2023			June 30, 2022
Per Unit Data:(1)	Per Unit Data:(1)				Per Unit Data:(1)
Net asset value, beginning of period	Net asset value, beginning of period	$	19.98		Net asset value, beginning of period	$	18.72		$	19.98
Net investment income (loss)	Net investment income (loss)	0.96			Net investment income (loss)	1.26			0.96
Net unrealized and realized gain (loss)(2)	Net unrealized and realized gain (loss)(2)	(0.69)			Net unrealized and realized gain (loss)(2)	0.06			(0.69)
Net increase (decrease) in net assets resulting from operations	Net increase (decrease) in net assets resulting from operations	0.27			Net increase (decrease) in net assets resulting from operations	1.32			0.27
Distributions declared		(0.87)
Dividends declared					Dividends declared	(1.22)			(0.87)
Issuance of common units	Issuance of common units	0.01			Issuance of common units	0.01			0.01
Total increase (decrease) in net assets	Total increase (decrease) in net assets	(0.59)			Total increase (decrease) in net assets	0.11			(0.59)
Net asset value, end of period	Net asset value, end of period	$	19.39		Net asset value, end of period	$	18.83		$	19.39
Units outstanding, end of period	Units outstanding, end of period	17,477,827			Units outstanding, end of period	38,310,205			17,477,827
Total return based on net asset value(3)	Total return based on net asset value(3)	1.36%			Total return based on net asset value(3)	7.24		%	1.36		%
Ratio/Supplemental Data:	Ratio/Supplemental Data:				Ratio/Supplemental Data:
Members' Capital, end of period	Members' Capital, end of period	$	338,834		Members' Capital, end of period	$	721,209		$	338,834
Weighted average units outstanding	Weighted average units outstanding	13,947,111			Weighted average units outstanding	33,920,428			13,947,111
Ratio of total expenses to average Members’ Capital(4)	Ratio of total expenses to average Members’ Capital(4)	4.86		%	Ratio of total expenses to average Members’ Capital(4)	10.56		%	4.86		%
Ratio of net investment income to average Members’ Capital(4)	Ratio of net investment income to average Members’ Capital(4)	9.71		%	Ratio of net investment income to average Members’ Capital(4)	13.79		%	9.71		%

Ratio of total contributed capital to total committed capital, end of period					Ratio of total contributed capital to total committed capital, end of period	68.50		%	34.50		%
Asset coverage ratio	Asset coverage ratio	164.29		%	Asset coverage ratio	195.44		%	164.29		%
Portfolio turnover rate	Portfolio turnover rate	3.12		%	Portfolio turnover rate	5.10		%	3.12		%


(1)			The per unit data was derived by using the weighted average units outstanding during the period, except otherwise noted.
(2)			The amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions.
(3)			Total return (not annualized) is calculated assuming a purchase of common units at the opening of the first day of the period and a sale on the closing of the last business day of the period. Distributions, if any, are assumed for purposes of this calculation, to be reinvested at prices obtained under the Company’s distribution reinvestment plan.
(4)			Amounts are annualized except for incentive fees, and organization and offering costs.

(11)Subsequent Events

Subsequent events have been evaluated through the date the consolidated financial statements were issued. There have been no subsequent events that occurred during such period that would require ~~recognition~~disclosure in this Form 10-Q or ~~disclosure through the date~~would be required to be recognized in the consolidated financial statements ~~were issued, except as disclosed below.~~

On July 6, 2022, the Company delivered a capital drawdown notice relating to the sale of approximately 5,900,462 of the Company’s common units, for an aggregate offering price of $115 million. The sale closed on July 14, 2022.

On July 19, 2022, the Company entered into that certain Second Amendment to Revolving Credit Agreement (the “Second Amendment”), amending that certain Revolving Credit Agreement, dated November 5, 2021 (as amended by that certain First Amendment to Revolving Credit Agreement, dated as of ~~January 25, 2022,~~ and ~~as further amended, restated, amended and restated, supplemented or otherwise modified, including by~~for the Second Amendment, the “Credit Agreement”) by and among the Company, as Borrower and Commonwealth Bank of Australia as Administrative Agent under the Credit Agreement, as Lead Arranger, as the Letter of Credit Issuer and as a Lender. The Second Amendment amends the Credit Agreement to, among other things, move to SOFR as the interest rate benchmark rate and include a short-term increase in the Maximum Commitment (as such term is defined in the Credit Agreement) in the amount of $100,000 for an aggregate Maximum Commitment of $425,000. The temporary increase maturity date is January 25,six months ended June 30, 2023. ~~On such date, the Maximum Commitment will revert back to the initial $325,000.~~

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

In this Quarterly Report on Form 10-Q, or this “Report”, except where context suggests otherwise, the terms “Company,” “we,” “our” or “us” refers to T Series Middle Market Loan Fund LLC and its consolidated subsidiaries. This Report, including the documents we incorporate by reference into this Report, contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and you should not place undue reliance on such statements. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current and prospective portfolio investments, our industry, our beliefs and opinions and our assumptions. For the avoidance of doubt, we are not a subsidiary of, or consolidated with, Morgan Stanley. Morgan Stanley has no history of financially supporting any business development companies (“BDCs”) on the MS Private Credit platform, even during periods of financial distress.Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “potential”, “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including:

•our future operating results;

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

•risk associated with possible disruptions in our operations or the economy generally, including disruptions from the impact of ~~the current Coronavirus (also~~global health events, such as COVID-19, also referred to as ~~“COVID-19” or~~the “Coronavirus”) pandemic;

•uncertainty and changes in the general interest rate ~~environment;~~environment, including as a result of recent rate increases by the Federal Reserve System (“Federal Reserve”);

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

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

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

•our contractual arrangements and relationships with third parties;

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

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

•the ability of our portfolio companies to achieve their ~~objectives, including as a result of the Coronavirus pandemic;~~objectives;

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

•the adequacy of our financing sources and working capital;

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

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

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

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

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

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

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

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

The information contained in this section should be read in conjunction with “Item 1. Consolidated Financial Statements.” Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of the assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Report should not be regarded as a representation by us that our plans and objectives will be achieved. This discussion contains forward-looking statements, which relate to future events or our future performance or financial condition and involves numerous risks and uncertainties, including, but not limited to, those set forth in “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December

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31, ~~2021,~~2022, or the Form 10-K, and Part II, Item 1A of and elsewhere in this Report. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Report. Moreover, we assume no duty and do not undertake to update the forward-looking statements. You are advised to consult any additional disclosures that we make directly to you or through reports that we have filed or in the future file with the Securities and Exchange Commission, (the “SEC”), including ~~annual reports~~Annual Reports on Form 10-K, ~~quarterly reports~~Quarterly Reports on Form 10-Q and ~~current reports~~Current Reports on Form 8-K.

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

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OVERVIEW

We are a non-diversified, externally managed specialty finance company focused on lending to middle-market companies. We have elected to be regulated as a BDC under the Investment Company Act of 1940, ~~Act.~~as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, we ~~intend to elect~~have elected to be treated, and intend to comply with the requirements to qualify annually, as a RIC under Subchapter M of the Code. We are externally managed by our Adviser, an indirect, wholly owned subsidiary of Morgan Stanley. We are not a subsidiary of, or consolidated with, Morgan Stanley.

Our investment objective is to achieve attractive risk-adjusted returns via current income and, to a lesser extent, capital appreciation by investing primarily in directly originated senior secured term loans issued by U.S. middle-market companies backed by ~~financial~~private equity sponsors. For the purposes of this report, “middle-market companies” refers to companies that, in general, generate annual ~~EBITDA~~earnings before interest, tax, depreciation and amortization (“EBITDA”) in the range of approximately $15 million to ~~$150~~$200 million, ~~which we believe is a useful proxy for cash flow~~ although not all of our portfolio companies will meet this criteria.

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

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

Pursuant to the exemptive relief ~~from~~granted by the SEC ~~granted~~ to us and our Adviser (as amended, the “Order”) we are able to enter into certain negotiated co-investment transactions alongside certain ~~other~~Regulated Funds and Affiliated ~~Investment Accounts (as~~Funds (each as defined in the Order) in a manner consistent with our investment objective, positions, policies, strategies, and restrictions as well as regulatory requirements and other pertinent factors, subject to compliance with the Order. Pursuant to the Order, we are permitted to co-invest with our affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of our eligible directors make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transactions, including the consideration to be paid, are reasonable and fair to us and our unitholders and do not involve overreaching in respect of us or our unitholders on the part of any person concerned, and (2) the transaction is consistent with the interests of our unitholders and is consistent with our investment objective and strategies.

Recent Market Developments

~~Uncertainty~~

The current inflationary environment and uncertainty as to the probability of, and length and depth of a global recession ~~and the impact of new variants of the Coronavirus that have emerged in the United States and globally, has created stress on the market and~~ could affect our portfolio companies. ~~In addition, government~~Government spending, government policies, including recent increases in certain interest rates by the U.S. Federal Reserve ~~high oil prices~~ and other global central banks, the failures of certain regional banks earlier this year and the potential for disruptions in ~~supply chains~~the availability of credit in the United States and elsewhere, in conjunction with other factors, including those described ~~above,~~elsewhere in this report and in other filings we have ~~led and could continue to lead to inflationary economic environments that~~made with the SEC, could affect our portfolio companies, our financial condition and our results of operations. We will continue to monitor the evolving market ~~environment including as it relates to the Coronavirus pandemic and guidance from U.S. and international public health authorities.~~environment. In these circumstances, ~~there may be~~ developments outside our control ~~requiring~~could require us to adjust our plan of ~~operation. As such, given the dynamic nature of this situation, we cannot reasonably estimate the impacts of the developments described above on~~operations and could impact our financial condition, results of operations or cash flows in the future. Despite these factors, we believe we and our portfolio are well positioned to manage the current ~~environment, and we and our Investment Adviser continue to be fully operational.~~environment.

KEY COMPONENTS OF OUR RESULTS OF OPERATIONS

Investments

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

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Revenue

We generate revenue primarily in the form of interest income on debt investments we hold. In addition, we generate income from dividends or distributions onof income on direct equity investments, capital gains on the sales of loans and equity securities and various loan origination and other fees. Our debt investments generally have a stated term of five to eight years and typically to bear interest at a floating rate usually determined on the basis of a benchmark such as LIBOR or SOFR. Interest on these debt investments is generally paid quarterly. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we may receive repayments of some of our debt investments prior to their scheduled maturity date.

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The frequency or volume of these repayments ~~is expected to fluctuate~~fluctuates significantly from period to period. Our portfolio activity also reflects the proceeds of sales of securities. We may also generate revenue in the form of commitment, origination, amendment, structuring, syndication or due diligence fees, fees for providing managerial assistance and consulting fees.

Expenses

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

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

•costs associated with any private offerings of our ~~Common Units,~~common units (the “Common Units”), and any other securities offerings;

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

•out of pocket expenses, including travel expenses, incurred by the Investment Adviser, or members of its investment team or payable to third parties, performing due diligence on prospective portfolio companies and monitoring actual portfolio companies and, if necessary, enforcing our rights;

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

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

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

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

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

•amounts payable to third parties relating to, or associated with, making or holding investments;

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

•transfer agent and custodial fees;

•costs of hedging;

•commissions and other compensation payable to brokers or dealers;

•any fees payable to rating agencies;

•federal and state registration fees;

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

•independent director fees and expenses;

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

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

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

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•any fidelity bond required by applicable law;

•any necessary insurance premiums;

•indemnification payments;

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

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

•cost of winding up; and

•all other expenses incurred by either the Administrator or us in connection with administering our business.

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

PORTFOLIO, INVESTMENT ACTIVITY AND RESULTS OF OPERATIONS

Portfolio as of June 30, ~~2022, we~~2023

We had investments in 75112 portfolio companies across 2025 industries. Based on fair value, ~~as of June 30, 2022, 100.0%~~approximately 99.9% of our debt portfolio was invested in debt bearing a floating interest rate, which are primarily subject to interest rate floors. ~~As of June 30, 2022, our weighted~~Weighted average total yield of debt securities at amortized cost was ~~8.1%~~11.8%. Weighted average yields include the effect of accretion of discounts and amortization of premiums and are based on interest rates as of June 30, ~~2022.~~2023.

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AsPortfolio as of December 31, ~~2021, we~~2022

We had investments in 24101 portfolio companies across 1224 industries. Based on fair value, ~~as of December 31, 2021, 100.0%~~99.9% of our debt portfolio was invested in debt bearing a floating interest rate, which are primarily subject to interest rate floors. Approximately 99.8% of our debt portfolio at fair value had a LIBOR floor. The weighted average LIBOR floor across our floating-rate portfolio was approximately 0.9% as of December 31, 2021. As of December 31, 2021, our weightedWeighted average total yield on debt securities at amortized cost was ~~6.8%~~10.9%. Weighted average yields include the effect of accretion of discounts and amortization of premiums and are based on interest rates as of December 31, ~~2021.~~2022.

Our portfolio as of June 30, ~~2022~~2023 and December 31, ~~2021~~2022 is presented below:


		As of													As of
		June 30, 2022						December 31, 2021							June 30, 2023						December 31, 2022
		Cost		Fair Value		% of Total Investments at Fair Value		Cost		Fair Value		% of Total Investments at Fair Value			Cost		Fair Value		% of Total Investments at Fair Value		Cost		Fair Value		% of Total Investments at Fair Value
First Lien Debt	First Lien Debt	$	818,400	$	806,611	97.0	%	$	355,939	$	355,939	97.7	%	First Lien Debt	$	1,440,309	$	1,414,767	97.9	%	$	1,234,008	$	1,203,972	97.6	%
Second Lien Debt	Second Lien Debt	16,772		16,406		2.0		2,836		2,836		0.8		Second Lien Debt	18,692		15,527		1.1		17,085		16,071		1.3
Other Securities	Other Securities	8,697		8,892		1.1		5,623		5,623		1.5		Other Securities	14,449		14,511		1.0		13,840		14,102		1.1
Total	Total	$	843,869	$	831,909	100.0	%	$	364,398	$	364,398	100.0	%	Total	$	1,473,450	$	1,444,805	100.0	%	$	1,264,933	$	1,234,145	100.0	%

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

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	As of and For the Three Months Ended
	June 30, 2023			June 30, 2022
New Investments Committed
Gross Principal Balance(1)	$	137,019		$	337,610
Less: Syndications	(3,796)			—
Net New Investments Committed	$	133,223		$	337,610
Investments, at Cost
Investments, beginning of period	$	1,367,999		$	531,565
New investments purchased	136,865			325,154
Net accretion of discount on investments	1,451			578
Payment-in-kind	699			270
Net realized gain (loss) on investments	—			104
Investments sold or repaid	(33,564)			(13,802)
Investments, end of period	$	1,473,450		$	843,869
Principal amount of investments funded
First lien debt	$	138,158		$	314,739
Second lien debt	1,856			14,219
Other securities(2)	78			—
Total	$	140,092		$	328,958
Amount of investments sold/fully repaid, at principal
First lien debt	$	(14,835)		$	(8,473)


Total	$	(14,835)		$	(8,473)
Weighted average yield on debt investments, at cost(3)	11.8		%	8.1		%
Weighted average yield on debt investments, at fair value(3)	12.0		%	8.2		%
Number of portfolio companies	112			75
Percentage of debt investments bearing a floating rate, at fair value	99.9		%	100.0		%
Percentage of debt investments bearing a fixed rate, at fair value	0.1		%	—		%


(1)	~~As of~~Includes new investment commitments, excluding sale/repayments and ~~For the Three Months Ended June 30, 2022~~including unfunded investment commitments.
~~New Investments Committed/Purchased~~(2)	Represents dollar amount of equity funded.
~~Gross Principal Balance(1)~~ (3)	$			~~337,610~~
~~Less: Syndications~~	—
~~Net New Investments Committed/Purchased~~	$	~~337,610~~
~~Investments, at Cost~~
~~Investments, beginning of period~~	$	~~531,565~~
~~New investments purchased~~	~~325,154~~
~~Net~~Computed as (a) the annual stated spread, plus applicable reference rate floor, as applicable, plus the annual accretion of ~~discount~~discounts, as applicable, on ~~investments~~	~~578~~
~~Payment-in-kind~~	~~270~~
~~Net realized gain (loss) on investments~~	~~104~~
~~Investments sold or repaid~~	~~(13,802)~~
~~Investments, end of period~~	$	~~843,869~~
~~Principal amount of investments funded~~
~~First lien~~accruing debt	$	~~314,739~~
~~Second lien debt~~	~~14,219~~
~~Other~~ securities,~~(2)~~	—
~~Total~~	$	~~328,958~~
~~Amount of investments sold/fully repaid, at principal~~
~~First lien debt investments~~	$	~~(8,473)~~
~~Second lien debt investments~~	—
~~Total~~	$	~~(8,473)~~
~~Weighted average yield on debt and income producing investments, at cost(3)~~	~~8.1~~		%
~~Weighted average yield on debt and income producing investments, at fair value(3)~~	~~8.2~~		%
~~Number of portfolio companies~~	75
~~Percentage of~~ divided by (b) total debt investments ~~bearing a floating rate, at~~(at fair value	~~100.0~~		%
~~Percentage~~ or cost, as applicable) included in such securities. Actual yields earned over the life of ~~debt investments bearing a fixed rate, at fair value~~	—		%each investment could differ materially from the yields presented herein.

~~(1)Includes new investment commitments, excluding sale/repayments and including unfunded investment commitments.~~

~~(2)Represents dollar amount of common equity funded.~~

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

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

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

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

Category 3 — In the opinion of our Investment Adviser, investments in Category 3 indicate that the risk to our ability to recoup the initial cost basis at the time of origination or acquisition has increased materially since the origination or acquisition of the investment, such as declining financial performance and non-compliance with debt covenants; however, principal and interest payments are not more than 120 days past due.

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

The distribution of our portfolio on the Investment Adviser’s Internal Risk Rating System as of June 30, ~~2022~~2023 and December 31, ~~2021~~2022 was as follows:


		June 30, 2022					December 31, 2021						June 30, 2023					December 31, 2022
		Fair Value		% of Portfolio		Number of Portfolio Companies	Fair Value		% of Portfolio		Number of Portfolio Companies		Fair Value		% of Portfolio		Number of Portfolio Companies	Fair Value		% of Portfolio		Number of Portfolio Companies
Risk rating 1	Risk rating 1	$	—	—	%	—	$	—	—	%	—	Risk rating 1	$	—	—	%	—	$	—	—	%	—
Risk rating 2	Risk rating 2	831,909		100.0		75	364,398		100.0		24	Risk rating 2	1,420,951		98.3		109	1,234,145		100.0		101
Risk rating 3	Risk rating 3	—		—		—	—		—		—	Risk rating 3	23,854		1.7		3	—		—		—
Risk rating 4	Risk rating 4	—		—		—	—		—		—	Risk rating 4	—		—		—	—		—		—
		$	831,909	100.0	%	75	$	364,398	100.0	%	24		$	1,444,805	100.0	%	112	$	1,234,145	100.0	%	101

CONSOLIDATED RESULTS OF OPERATIONS

The following table represents our operating results:

For the Three Months Ended June 30, 2022 For the Six Months Ended June 30, 2022
Total investment income $ 13,095 $ 21,104
Less: Total expenses 4,935 7,693
Net investment income (loss) before taxes 8,160 13,411
Less: Excise tax expense 1 2
Net investment income (loss) after taxes 8,159 13,409
Net change in unrealized appreciation (depreciation) (12,127) (11,959)
Net realized gain (loss) 104 104
Net increase (decrease) in Members' Capital resulting from operations $ (3,864) $ 1,554

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	For the Three Months Ended				For the Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Total investment income	$	41,998	$	13,095	$	78,840	$	21,104
Less: Total expenses	20,285		4,935		36,192		7,693
Net investment income (loss) before taxes	21,713		8,160		42,648		13,411
Less: Excise tax expense	—		1		—		2
Net investment income (loss) after taxes	21,713		8,159		42,648		13,409
Net change in unrealized appreciation (depreciation)	3,755		(12,127)		1,988		(11,959)
Net realized gain (loss)	6		104		23		104
Net increase (decrease) in Members' Capital resulting from operations	$	25,474	$	(3,864)	$	44,659	$	1,554

Investment Income

Investment income was as follows:


							For the Three Months Ended				For the Six Months Ended
		For the Three Months Ended June 30, 2022		For the Six Months Ended June 30, 2022			June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Investment income:	Investment income:					Investment income:
Interest income	Interest income	$	12,384	$	19,872	Interest income	$	40,668	$	12,384	$	76,175	$	19,872
Payment-in-kind interest income	Payment-in-kind interest income	—		10		Payment-in-kind interest income	265		—		658		10
Dividend income	Dividend income	89		169		Dividend income	245		89		510		169
Other income	Other income	622		1,053		Other income	820		622		1,497		1,053
Total Investment Income	Total Investment Income	$	13,095	$	21,104	Total Investment Income	$	41,998	$	13,095	$	78,840	$	21,104

~~For~~

Total investment income increased from $13,095 for the three ~~and~~months ended June 30, 2022 to $41,998 for the three months ended June 30, 2023. Total investment income increased from $21,104 for the six months ended June 30, 2022 ~~total investment income was~~to $78,840 for the six months ended June 30, 2023. The increases were primarily driven by our deployment of capital and ~~invested balance~~rising SOFR rates of our floating-rate debt investments. The size of our investment portfolio at fair value ~~was $831.9 million~~increased from $831,909 as of June 30, 2022 ~~and,~~to $1,444,805 as of June 30, 2023. Weighted average asset yield of debt investments at cost increased from 8.1% at June 30, 2022 to 11.8% at June 30, 2023. As of such ~~date,~~dates, all our senior secured debt investments were ~~income-producing.~~ income-producing and no investments were on non-accrual status.

Interest income on our debt investments is dependent on the composition and credit quality of the portfolio. Generally, we expect the portfolio to generate predictable quarterly interest income based on the terms stated in each loan’s credit agreement. As

Table of ~~June 30, 2022, all of our first and second lien debt investments were performing and current on their interest payments.~~Contents

Expenses

Expenses were as follows:


							For the Three Months Ended				For the Six Months Ended
		For the Three Months Ended June 30, 2022		For the Six Months Ended June 30, 2022			June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Expenses:	Expenses:					Expenses:
Interest and other financing expenses	Interest and other financing expenses	$	3,404	$	4,993	Interest and other financing expenses	$	16,518	$	3,404	$	29,154	$	4,993
Management fees	Management fees	393		714		Management fees	794		393		1,525		714
Income based incentive fees	Income based incentive fees	756		1,245		Income based incentive fees	2,017		756		3,961		1,245
Capital gains incentive fees	Capital gains incentive fees	(14)		—		Capital gains incentive fees	—		(14)		—		—
Professional fees	Professional fees	283		452		Professional fees	464		283		854		452
Organization and offering costs	Organization and offering costs	20		62		Organization and offering costs	—		20		—		62
Directors' fees	Directors' fees	52		103		Directors' fees	52		52		103		103
Administrative service fees	Administrative service fees	5		5		Administrative service fees	—		5		—		5
General and other expenses	General and other expenses	36		119		General and other expenses	440		36		595		119
Total expenses						Total expenses	$	20,285	$	4,935	$	36,192	$	7,693
Excise tax expense	Excise tax expense	1		2		Excise tax expense	$	—	$	1	$	—	$	2
Total expenses (including excise tax)		$	4,936	$	7,695

Interest Expense

Interest expense and other financing expenses, including unused commitment fees, amortization of debt issuance costs and deferred financing costs, were $16,518 and $3,404 for the three months ended June 30, 2023 and June 30, 2022, respectively. The increase was primarily due to higher average borrowings outstanding over time and increased reference rates. For the three months ended June 30, 2023 and June 30, 2022, average borrowings outstanding were $757,475 and $390,159, respectively. The combined weighted average interest rate (excluding unused fees and financing costs) of the aggregate borrowings outstanding for the three months ended June 30, 2023 and June 30, 2022 were 7.52% and 2.62%, respectively.

Interest expense and other financing expenses, including unused commitment fees, amortization of debt issuance costs and deferred financing costs, were $29,154 and $4,993 for the six months ended June 30, 2023 and June 30, 2022, ~~total expenses~~respectively. The increase was primarily due to higher average borrowings outstanding over time and increased reference rates. For the six months ended June 30, 2023 and June 30, 2022, average borrowings outstanding were ~~primarily comprised~~$744,432 and $348,887, respectively. The combined weighted average interest rate (excluding unused fees and financing costs) of ~~interest~~the aggregate borrowings outstanding for the six months ended June 30, 2023 and ~~other financing expenses of $3,404~~June 30, 2022 were 6.92% and ~~$4,993, management~~2.08%, respectively.

Management Fees

Management fees, ofwere $794 and $393 for the three months ended June 30, 2023 and June 30, 2022, and $1,525 and $714 ~~income based~~for the six months ended June 30, 2023 and June 30, 2022, respectively. The increase year-over-year was primarily due to an increase in capital called.

Incentive Fees

The incentive fee consists of two components: (1) income-based incentive fee and (2) capital gains incentive fee. The income-based incentive fees ofwere $2,017 and $756 for the three months ended June 30, 2023 and June 30, 2022, and $3,961 and $1,245 for the six months ended June 30, 2023 and June 30, 2022 respectively. The increase was primarily due to an increase in pre-incentive fee net investment income. The capital gains ~~based~~ incentive ~~fees of~~fee were $0 and $(14) for the three months ended June 30, 2023 and June 30, 2022, respectively as the Company was in a net unrealized loss position. The capital gains incentive fee was $0 ~~professional fees of $283~~for the six months ended June 30, 2023 and ~~$452, directors’ fees of $52~~June 30, 2022 as the Company was in a net unrealized loss position for the six months ended June 30, 2023 and ~~$103~~June 30, 2022. For more information on incentive fee, including terms thereof, see Note 3. Related Party Transactions in the Notes to Consolidated Financial Statements.

Professional Fees, Administrative Service Fee and ~~general and other expenses of $36 and $119.~~Other Expenses

Professional fees include legal, audit, tax, valuation, and other professional fees incurred related to the management of the Company. General and other expenses include insurance, filing, research, subscriptions and other costs. Organization and offering costs include expenses incurred in our initial formation and our offering of Common Units.

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Income Taxes, Including Excise Taxes

We ~~intend to elect~~elected to be treated as a RIC under Subchapter M of the Code, and we intend to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, we must, among other things, distribute to our unitholders in each taxable year generally at least 90% of the sum of our ~~ICTI,~~investment company taxable income, as defined by the Code (without regard to the deduction for dividends paid), and net tax-exempt income for that taxable year. To maintain our tax treatment as a RIC, we, among other things, intend to make the requisite distributions to our unitholders, which generally relieve us from corporate-level U.S. federal income taxes. We currently intend to make sufficient distributions each taxable year to satisfy the distribution requirements in order to avoid excise tax. For the three and six months ended June 30, 2023, we incurred no U.S. federal excise tax. For the three and six months ended June 30, 2022, we incurred $1 and $2, respectively, of U.S. federal excise tax.

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

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	For the Three Months Ended				For the Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Realized and unrealized gains (losses) on investment transactions:
Net realized gain (loss):
Non-controlled/non-affiliated investments	$	—	$	104	$	23	$	104
Foreign currency and other transactions	6		—		—		—
Net realized gain (loss)	6		104		23		104
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments	3,759		(12,127)		1,989		(11,959)
Translation of assets and liabilities in foreign currencies	(4)		—		(1)		—
Net unrealized appreciation (depreciation)	3,755		(12,127)		1,988		(11,959)
Net realized and unrealized gains (losses)	$	3,761	$	(12,023)	$	2,011	$	(11,855)

For the Three Months Ended June 30, 2022 For the Six Months Ended June 30, 2022
Realized and unrealized gains (losses) on investment transactions:
Net realized gain (loss):
Non-controlled/non-affiliated investments $ 104 $ 104
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments (12,127) (11,959)
Net realized and unrealized gains (losses) $ (12,023) $ (11,855)

~~For~~Net realized gain on our investments for the three and six months ended June 30, ~~2022, net~~2023, was $0 and $23, respectively, primarily driven by the sale of debt investments in our portfolio. Net realized gain on our investments for the three and six months ended June 30, 2022, was $104 and $104, respectively, primarily driven by the sale of debt investments in our portfolio.

We determine the fair value of our portfolio investments quarterly and any changes in fair value are recorded as unrealized ~~gains~~appreciation or ~~losses.~~depreciation. For the three and six months ended June 30, 2023, net change in unrealized appreciation on our investments of $3,759 and $1,989 was primarily driven by the net increases of valuations of our debt and equity investments as a result of the changes in spreads in the primary and secondary markets. For the three and six months ended June 30, 2022, net change in unrealized ~~loss~~depreciation on our investments of ~~$12.1 million~~$12,127 and ~~$12.0 million, respectively,~~$11,959 was primarily driven by the net decreases of valuations of our debt and equity investments asin a ~~result of the volatile~~widening credit spread environment and ~~spread widening~~volatile markets.

For the three and six months ended June 30, 2023, net change in unrealized appreciation on our investments of $28 and $154, respectively, due to foreign exchange rate fluctuations, were included in net change in unrealized appreciation (depreciation) from translation of assets and liabilities in foreign currencies. For the ~~primary~~three and ~~secondary markets.~~six months ended June 30, 2022, net change in unrealized appreciation on our investments of $0 and $0, respectively, due to foreign exchange rate fluctuations, were included in net change in unrealized appreciation (depreciation) from translation of assets and liabilities in foreign currencies. See “Item 8. Consolidated Financial Statements and Supplementary Data—Notes to Consolidated Financial Statements—Note 5. Fair Value Measurements” for additional information.

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FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

We generate cash from the net proceeds of offerings of our Common Units, net borrowings from our credit facilities, and from cash flows from interest and fees earned from our investments and principal repayments and proceeds from sales of our investments. We may also fund a portion of our investments through borrowings from banks and issuances of senior securities, including before we have fully invested the proceeds of the private offering of our Common Units. Our primary use of cash ~~will be~~are investments in portfolio companies, payments of our expenses and payment of cash distributions to our unitholders. As of June 30, ~~2022,~~2023, we had ~~two~~four revolving credit facilities outstanding, as described in “Debt” below. We may also from time to time enter into new credit facilities, increase the size of existing credit facilities or issue ~~new~~ debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors.

As of June 30, ~~2022,~~2023, we had approximately ~~$65.9~~$45.3 million of cash, which taken together with our approximately ~~$98.0 million and $200.0~~$729.3 million of availability under ~~the CBA Subscription Facility and Barclays Funding Facility (each as defined below)~~our credit facilities (subject to borrowing base availability)~~, respectively,~~ and our approximately ~~$655.0~~$315.0 million of uncalled capital commitments to purchase Common Units, or capital commitments, we expect to be sufficient for our investing activities and to conduct our operations in the near term. As of June 30, ~~2022,~~2023, we believed we had adequate financial resources to satisfy the unfunded portfolio company ~~commitments.~~commitments of $229 million.

Unregistered Sales of Equity Securities

As of June 30, ~~2022,~~2023, we had received aggregate capital commitments of ~~$1,000.0~~$1,000 million.

For the six months ended June 30, 2023,we issued capital calls to our unitholders. As a result, the total Common Units issued and proceeds received related to capital drawdowns delivered pursuant to the Subscription Agreements were as follows:


Unit Issuance Date	Common Units Issued	Amount
May 12, 2023	5,235,602	$	100,000
Total	5,235,602	$	100,000

For the six months ended June 30, 2022, we issued capital calls to our unitholders. As a result, the total Common Units issued and proceeds received related to capital drawdowns delivered pursuant to the Subscription Agreements were as follows:


Unit Issuance Date	Common Units Issued	Amount
March 31, 2022	2,512,563	$	50,000
May 12, 2022	2,952,756	60,000
Total	5,465,319	$	110,000

Distributions and Distribution Reinvestment

The following table summarizes our distributions declared and payable for the six months ended June 30, ~~2022:~~2023:


Date Declared	Record Date	Payment Date	Per Unit Amount		Distribution Yield(1)		Total Amount
March 28, 2023	March 28, 2023	April 06, 2023	$	0.65	13.8	%	$	20,779
June 27, 2023	June 27, 2023	July 06, 2023	0.57		13.1	%	21,837
Total Distributions			$	1.22			$	42,616


(1)			Distribution yield (annualized) is calculated by dividing the declared distribution by the weighted average of the net asset value at the beginning of the quarter, the capital called and distribution reinvested during the quarter and annualizing over 4 quarterly periods

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The following table summarizes our distributions declared and payable for the six months ended June 30, 2022:


Date Declared	Record Date	Payment Date	Per Unit Amount		Distribution Yield(1)		Total Amount
March 25, 2022	March 25, 2022	April 26, 2022	$	0.42	8.5	%	$	4,942
June 24, 2022	June 24, 2022	July 25, 2022	0.45		9.8	%	7,864
Total Distributions			$	0.87			$	12,806

(1) Distribution yield (annualized) is calculated by dividing the declared distribution by the weighted average of the net asset value at the beginning of the quarter, the capital called and distribution reinvested during the quarter and annualizing over 4 quarterly periods.


(1)			Distribution yield (annualized) is calculated by dividing the declared distribution by the weighted average of the net asset value at the beginning of the quarter, the capital called and distribution reinvested during the quarter and annualizing over 4 quarterly periods

We have adopted an “opt out” distribution reinvestment plan (“DRIP”). As a result, if our Board of Directors authorizes, and we

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declare, a cash distribution, our unitholders will have their cash distributions automatically reinvested in additional units of same class of units to which the distribution relates unless they specifically “opt out” of the DRIP and elect to receive distributions in cash.


Payment Date	DRIP Units Issued	DRIP Units Value
January 05, 2023	876,757	$	16,413
April 06, 2023	1,107,144	$	20,670
Total	1,983,901	$	37,083

Payment Date DRIP Units Issued DRIP Units Value
January 24, 2022 20,652 $ 414
April 26, 2022 244,829 4,942
Total 265,481 $ 5,356
The following table summarizes the units issued to unitholders who participated in the DRIP for the six months ended June 30, 2022 and the value of such units as of the payment dates:


Payment Date	DRIP Units Issued	DRIP Units Value
January 24, 2022	20,652	$	414
April 26, 2022	244,829	$	4,942
Total	265,481	$	5,356

Debt

Our outstanding debt obligations were as follows:
June 30, 2022 December 31, 2021
Aggregate Principal Committed Outstanding Principal Unused Portion Aggregate Principal Committed Outstanding Principal Unused Portion
CBA Subscription Facility $ 425,000 $ 327,000 $ 98,000 $ 325,000 $ 214,000 $ 111,000
Barclays Funding Facility 400,000 200,000 200,000 — — —
Total $ 825,000 $ 527,000 $ 298,000 $ 325,000 $ 214,000 $ 111,000


	June 30, 2023						December 31, 2022
	Aggregate Principal Committed		Outstanding Principal		Unused Portion		Aggregate Principal Committed		Outstanding Principal		Unused Portion
CBA Subscription Facility	$	285,000	$	283,500	$	1,500	$	375,000	$	234,500	$	140,500
Barclays Funding Facility(1)	400,000		341,151		58,849		400,000		303,998		96,002
BNP Funding Facility	300,000		56,000		244,000		300,000		138,000		162,000
JPM Funding Facility	500,000		75,000		425,000		—		—		—
Total	$	1,485,000	$	755,651	$	729,349	$	1,075,000	$	676,498	$	398,502

~~For additional information on our debt obligations see~~


(1)			Under the Barclays Funding Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of June 30, 2023 and December 31, 2022, the Company had borrowings denominated in Euros (EUR) of 6.6 million.

See “Item 1.8. Consolidated Financial ~~Statements—~~Statements and Supplementary Data—Notes to Consolidated Financial Statements—Note 6. ~~Debt."~~

Debt” for additional information on our outstanding debt obligations.

RECENT DEVELOPMENTS

Subsequent to June 30, ~~2022~~2023 through August ~~9, 2022,~~10, 2023, we have closed ~~or the Investment Committee has committed/approved~~ approximately ~~$130.1~~$67.5 million of new/add-on investments. ~~This includes transactions for which a formal mandate, letter of intent or a signed commitment have been issued, and therefore we believe are likely to close.~~ Of these new commitments, approximately ~~$128.0~~$64.9 million were first lien senior secured loans, ~~and $2.1~~approximately $2.5 million were ~~equity securities. 100% of the~~second lien senior secured loans and approximately $0.1 million were ~~floating rate loans.~~other securities. We remain highly focused on conducting extensive due diligence and leveraging the Morgan Stanley platform. We continue to seek to invest in companies that are led by strong management teams, generate substantial free cash flow, have leading market positions, benefit from sustainable business models, and are well positioned to perform well despite ~~the impact of the Coronavirus pandemic.~~recent market volatility We believe the current market environment offers opportunities to seek compelling risk adjusted returns. Our investment pace will depend on several factors including the market environment, deal flow, and the ~~continued~~ impact of inflation on valuations and the ~~Coronavirus.~~

~~On July 6, 2022, we delivered a capital drawdown notice relating to the sale~~operations of ~~approximately 5,900,462 of our common units, for an aggregate offering price of $115 million. The sale closed on July 14, 2022.~~

On July 19, 2022, we entered into a Second Amendment to Revolving Credit Agreement (the “Second Amendment”), amending that certain Revolving Credit Agreement, dated November 5, 2021 (as amended by that certain First Amendment to Revolving Credit Agreement, dated as of January 25, 2022, and as further amended, restated, amended and restated, supplemented or otherwise modified, including by the Second Amendment, the “Credit Agreement”) by and among us, as Borrower and Commonwealth Bank of Australia as Administrative Agent under the Credit Agreement, as Lead Arranger, as the Letter of Credit Issuer and as a Lender. The Second Amendment amends the Credit Agreement to, among other things, move to SOFR as the interest rate benchmark rate and include a short-term increase in the Maximum Commitment (as such term is defined in the Credit Agreement) in the amount of

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~~$100,000 for an aggregate Maximum Commitment of $425,000. The temporary increase maturity date is January 25, 2023. On such date, the Maximum Commitment will revert back to the initial $325,000.~~potential portfolio companies.

CRITICAL ACCOUNTING ESTIMATES

The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Changes in ~~the~~ economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting ~~policies,~~estimates, including those relating to the valuation of our investment portfolio, should be read in connection with our financial statements in Part I, Item 1 of this Report, “Management’s Discussion and Analysis of Financial Condition and Results of ~~Operations—~~Operations – Critical Accounting ~~Policies”~~ Policies” in Part II, Item 7 of our Form 10-K, and ~~"Risk Factors"~~“Risk Factors” in Part I, Item 1A of our Form 10-K.

RELATED PARTY TRANSACTIONS

We have entered into a number of business relationships with affiliated or related parties, including the ~~following:~~following (which are defined

in the notes to the accompanying unaudited financial statements if not defined herein):

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•the Investment Advisory Agreement; and

•the Administration Agreement.

See “Item 1. Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 3. Related Party Transactions” in the accompanying unaudited consolidated financial ~~statements.~~statements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

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

Valuation Risk

We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of portfolio companies. During periods of market dislocation, we will seek to invest prudently in the secondary loan market to provide our investors better risk adjusted returns while adhering to our core investment tenants. See “Item 2—Management’s Discussion & Analysis of Financial Condition and Results of Operations - ~~Coronavirus~~Recent Market Developments.” Most of our investments will not have a readily available market price. To ensure accurate ~~valuation,~~valuations, our investments are valued at fair value in good faith by ~~our~~the Company’s Board of Directors, based on, among other things, the input of the Investment Adviser, including the Valuation Designee, our Audit Committee and independent third-party valuation firms engaged at the direction of ~~our~~the Board of Directors, and in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each investment while employing a consistently applied valuation process for the investments we hold. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.

Market Risk

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

Interest Rate Risk

We are subject to financial market risks, most significantly changes in interest rates. Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we expect to fund a portion of our investments with borrowings, our net investment income is expected to be affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

As of June 30, ~~2022, 100.0%~~2023, approximately 99.9% of our debt investments were at floating rates. Based on our Consolidated Statements of Financial Condition as of June 30, ~~2022,~~2023, the following table shows the annualized impact on net income of hypothetical reference rate changes

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in interest rates (considering interest rate floors and ceilings for floating rate debt instruments assuming no changes in our investments and borrowing structure as of June 30, ~~2022)~~2023) (dollar amounts in thousands):


		Interest		Interest		Net			Interest		Interest		Net
Basis Point Change - Interest Rates	Basis Point Change - Interest Rates	Income		Expense		Income		Basis Point Change - Interest Rates	Income		Expense		Income
Up 300 basis points	Up 300 basis points	$	25,543	$	(15,810)	$	9,733	Up 300 basis points	$	44,581	$	(22,670)	$	21,911
Up 200 basis points	Up 200 basis points	$	17,025	$	(10,540)	$	6,485	Up 200 basis points	$	29,721	$	(15,113)	$	14,608
Up 100 basis points	Up 100 basis points	$	8,507	$	(5,270)	$	3,237	Up 100 basis points	$	14,860	$	(7,557)	$	7,303
Down 100 basis points	Down 100 basis points	$	(6,830)	$	5,270	$	(1,560)	Down 100 basis points	$	(14,860)	$	7,557	$	(7,303)
Down 200 basis points	Down 200 basis points	$	(9,080)	$	9,853	$	773	Down 200 basis points	$	(29,721)	$	15,113	$	(14,608)
Down 300 basis points	Down 300 basis points	$	(9,211)	$	10,433	$	1,222	Down 300 basis points	$	(44,581)	$	22,670	$	(21,911)

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

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

~~In accordance with Rules 13a-15(b) and 15d-15(b)~~

As of June 30, 2023 (the end of the ~~Exchange Act,~~period covered by this report), we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer (Principal Executive Officer) and our Chief Financial Officer ~~carried out an evaluation~~(Principal Financial Officer), of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule ~~13a-15(e) and Rule 15d-15(e)~~13a-15 of the Exchange Act) ~~as of the end of the period covered by this Report~~. Based on that evaluation, our Chief Executive Officer and ~~determined~~our Chief Financial Officer have concluded that our current disclosure controls and procedures are effective asin timely alerting them of material information relating to the ~~end of~~Company that is required to be disclosed by us in the ~~period covered by this Report.~~reports we file or submit under the Exchange Act.

Changes in Internal ~~Control~~Controls Over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred for the ~~six~~three months ended June 30, ~~2022~~2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II

Item 1. Legal Proceedings

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

Item 1A. Risk Factors

In addition to the other information set forth in this Report, you should carefully consider the risk factors set forth below and the risk factors previously disclosed under Item 1A of the Form 10-K and under Item 1A in our quarterly report on Form 10-Q for the quarter ended March 31, 2023, which could materially affect our business, financial condition and/or operating results. The risks described below and disclosed in the Form 10-K and in our quarterly report on Form 10-Q for the quarter ended March 31, 2023 are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially and adversely affect our business, financial condition and/or operating results.

The discontinuation of LIBOR and replacement or reform of other interest rate benchmarks may adversely affect our business and results of operations.

Many financial instruments have historically used a floating rate based on LIBOR, which was the offered rate for short-term Eurodollar deposits between major international banks. LIBOR was and other benchmark interest rates may, in the future, be the subject of national and international regulatory scrutiny.

Following their publication on June 30, 2023, no settings of LIBOR continue to be published on a representative basis and publication of many non-U.S. dollar LIBOR settings has been entirely discontinued.

On March 15, 2022, the U.S. enacted federal legislation that is intended to minimize legal and economic uncertainty following U.S. dollar LIBOR’s cessation by replacing LIBOR references in certain U.S. law-governed contracts under certain circumstances with a SOFR-based rate identified in a Federal Reserve rule plus a statutory spread adjustment. The legislation also creates a safe harbor that shields lenders from litigation if they choose to utilize a replacement rate recommended by the Board of Governors of the Federal Reserve. In addition, the U.K. Financial Conduct Authority (“FCA”), which regulates the publisher of LIBOR (ICE Benchmark Administration), has announced that it will require the continued publication of the one-, three- and six-month tenors of U.S. dollar LIBOR on a non-representative synthetic basis until the end of September 2024, which may result in certain non-U.S. law-governed contracts and U.S. law-governed contracts not covered by the federal legislation remaining on synthetic U.S. dollar LIBOR until the end of this period.

Although the transition process away from LIBOR has become increasingly well-defined (e.g. the LIBOR Act now provides a uniform benchmark replacement for certain LIBOR-based instruments in the United States), the transition process is complex. The market transition away from LIBOR and reform, modification, or adjustments of other reference rate benchmarks to alternative reference rates is complex and could have a range of adverse impacts on our business, financial condition and results of operations. In particular, any such transition or reform could:

•Adversely impact the pricing, liquidity, value of, return on and trading for a broad array of financial products, including any securities linked to the applicable benchmark rate, loans and derivatives that are included in our assets and liabilities;

•Require further extensive changes to documentation that governs or references products using the applicable benchmark rate, including, for example, pursuant to time-consuming renegotiations of existing documentation to modify the terms of outstanding transactions;

•Result in disputes, litigation or other actions with portfolio companies, or other counterparties, regarding the interpretation and enforceability of provisions in investments that utilize certain benchmark rates, the transition from one benchmark rate to other benchmark rates, including through fallback language, legislative requirements or other related provisions or in connection with any economic, legal, operational or other impact resulting from the fundamental differences of the various alternative reference rates;

•Require the transition and/or development of appropriate systems and analytics to effectively transition risk management processes to those based on one or more alternative reference rates in a timely manner, including by quantifying value and risk for various alternative reference rates, which may prove challenging given the limited history of an applicable alternative reference rate; and

•Cause us to incur additional costs in relation to any of the above factors.

In addition, the failure of any alternative benchmark rate to gain or maintain market acceptance could adversely affect the return on, value of and market for securities, variable rate debt and derivative financial instruments linked to such rates. Depending on several factors, including those set forth above, our business, financial condition and results of operations could be materially adversely impacted by the market transition or reform of certain reference rates and benchmarks. Other factors include the pace of the transition to replacement or reformed rates, timing mismatches between cash and derivative markets, the specific terms and parameters for and market acceptance of any alternative reference rate, market conventions for the use of any alternative reference rate in connection with a particular product (including the timing and market adoption of any conventions proposed or recommended by any industry or other

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group), prices of and the liquidity of trading markets for products based on alternative reference rates, and our ability to transition and develop appropriate systems and analytics for one or more alternative reference rates.

Our investments in the healthcare providers and services industry face considerable uncertainties.

The laws and rules governing the business of healthcare companies and interpretations of those laws and rules are subject to frequent change. Broad latitude is given to the agencies administering those regulations. Existing or future laws and rules could force our portfolio companies engaged in healthcare to change how they do business, restrict revenue, increase costs, change reserve levels and change business practices.

Healthcare companies often must obtain and maintain regulatory approvals to market many of their products, change prices for certain regulated products and consummate some of their acquisitions and divestitures. Delays in obtaining or failing to obtain or maintain these approvals could reduce revenue or increase costs. Policy changes on the local, state and federal level, such as the expansion of the government’s role in the healthcare arena and alternative assessments and tax increases specific to the healthcare industry or healthcare products as part of federal healthcare reform initiatives, could fundamentally change the dynamics of the healthcare industry and could make it difficult for our portfolio companies to repay their loans to us and, as a result, could have a material adverse impact on our business, financial condition or results of operations.

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

Sales of Unregistered Securities

Refer to ~~“Item~~“Item 1. Consolidated Financial Statements—Notes to the Consolidated Financial Statements—Note 8. Members’ Capital” in this Report and our Current Report on Form 8-K filed on ~~March 9, 2022 and July 20, 2022~~May 16, 2023 for an issuance of our Common Units during the six months ended June 30, ~~2022.~~2023. Such issuance was part of our private offering of Common Units pursuant to Section 4(a)(2) of the Securities Act and Regulation D thereunder.

Issuer Purchases of Equity Securities

None

Item 3:3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures

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Not applicable.

Item 5. Other Information

~~None.~~

Rule 10b5-1 Trading Plans

During the fiscal quarter ended June 30, 2023, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

Item 6. Exhibits

~~(a) Documents filed as part of this report~~

(b) Exhibits

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


Exhibit			Description
10.1*10.1			First Amendment to First Amended and Restated Limited Liability Company Agreement of T Series Middle Market Loan Fund LLC, dated as of May 16, 2023(1)
10.2			Amendment No. 21 to ~~Revolving~~the Credit and Security Agreement, dated as of ~~July 19,~~March 7, 2022, byamong T Series Financing SPV, L.L.C., the Lenders Party thereto, State Street Bank and ~~among the~~Trust Company, as ~~Borrower (the Borrower and collectively with any additional Borrowers, including any Qualified Borrowers from time-to-time party hereto), Commonwealth~~Collateral Administrator, Collateral Agent Securities Intermediary, Barclays Bank ~~of Australia,~~Plc., as Administrative Agent, and T Series Middle Market Loan Fund LLC, as ~~Lead Arranger, as the Letter of Credit Issuer and as a Lender.~~Servicer(2)
31.1*			Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.
31.2*			Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.

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32.1*			Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*			Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

~~_________________~~

* Filed herewith

(1) Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed by the Company on May 16, 2023 (File No. 814-01453).

(2) Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed by the Company on July 6, 2023 (File No. 814-01453).

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	T Series Middle Market Loan Fund LLC

Dated: August ~~9, 2022~~10, 2023	By:	/s/ Jeffrey S. Levin
		Jeffrey S. Levin Director and Chief Executive Officer (principal executive officer)

Dated: August ~~9, 2022~~10, 2023	By:	/s/ Venugopal Rathi
		Venugopal Rathi Chief Financial Officer (principal financial officer)

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