10-Q - BCSF - Equibles

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended June 30, 2022

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

Commission file number: 814-01175

BAIN CAPITAL SPECIALTY FINANCE, INC.

(Exact name of registrant as specified in its charter)

Delaware	81-2878769
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

200 Clarendon Street , 37th Floor
Boston , MA	02116
(Address of principal executive offices)	(Zip Code)

( 617 ) 516-2000

(Registrant’s telephone number, including area code)

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

Title of each class	****	Trading Symbol(s)	****	Name of each exchange on which registered
Common Stock, par value $0.001 per share		BCSF		New York Stock Exchange

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

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

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

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

As of August 3, 2022 the registrant had 64,562,265.27 shares of common stock, $0.001 par value, outstanding.

Table of Contents TABLE OF CONTENTS

		Page
PART I	FINANCIAL INFORMATION	2

Item 1.	Consolidated Financial Statements	2

	Consolidated Statements of Assets and Liabilities as of June 30, 2022 (unaudited) and December 31, 2021	2

	Consolidated Statements of Operations for the three and six months ended June 30, 2022 and 2021 (unaudited)	3

	Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2022 and 2021 (unaudited)	4

	Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021 (unaudited)	5

	Consolidated Schedules of Investments as of June 30, 2022 (unaudited) and December 31, 2021	6

	Notes to Consolidated Financial Statements (unaudited)	31

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	82

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	103

Item 4.	Controls and Procedures	104

PART II	OTHER INFORMATION	104

Item 1.	Legal Proceedings	104

Item 1A.	Risk Factors	104

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	105

Item 3.	Defaults Upon Senior Securities	105

Item 4.	Mine Safety Disclosures	105

Item 5.	Other Information	105

Item 6.	Exhibits	106

Signatures		109

Table of Contents FORWARD-LOOKING STATEMENTS

Statements contained in this Quarterly Report on Form 10-Q (the “Quarterly Report”) (including those relating to current and future market conditions and trends in respect thereof) that are not historical facts are based on current expectations, estimates, projections, opinions and/or beliefs of the Company, BCSF Advisors, LP (the “Advisor”) and/or Bain Capital Credit, LP and its affiliated advisers (collectively, “Bain Capital Credit”). Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. Certain information contained in this Quarterly Report constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “seek,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue,” “target,” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance of the Company may differ materially from those reflected or contemplated in such 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 are difficult to predict, that could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements including, without limitation, the risks, uncertainties and other factors we identify in the section entitled Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K (the “Annual Report”) for the fiscal year ended December 31, 2021 and in our filings with the Securities and Exchange Commission (the “SEC”).

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, some of those assumptions may be based on the work of third parties and any of those assumptions could prove to be inaccurate; as a result, the forward-looking statements based on those assumptions also could prove to be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Quarterly Report should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021. Investors should not place undue reliance on these forward-looking statements, which apply only as of the date of this Quarterly Report. We do not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law. The safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which preclude civil liability for certain forward-looking statements, do not apply to the forward-looking statements in this Quarterly Report because we are an investment company.

Table of Contents PART I. FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

Bain Capital Specialty Finance, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share data)


	****	As of		****	As of
		June 30, 2022			December 31, 2021
	****	(Unaudited)
Assets
Investments at fair value:
Non-controlled/non-affiliate investments (amortized cost of $1,837,653 and $1,921,970, respectively)		$	1,784,423		$	1,901,054
Non-controlled/affiliate investment (amortized cost of $124,564 and $100,888, respectively)			151,735			113,290
Controlled affiliate investment (amortized cost of $357,458 and $288,526, respectively)			350,880			274,761
Cash and cash equivalents			38,013			87,443
Foreign cash (cost of $8,902 and $30,877, respectively)			5,003			29,979
Restricted cash and cash equivalents			25,910			86,159
Collateral on forward currency exchange contracts			—			2,815
Deferred financing costs			1,961			2,178
Interest receivable on investments			27,776			19,269
Receivable for sales and paydowns of investments			13,863			30,334
Prepaid Insurance			559			193
Unrealized appreciation on forward currency exchange contracts			15,095			5,321
Dividend receivable			10,826			18,397
Total Assets		$	2,426,044		$	2,571,193

Liabilities
Debt (net of unamortized debt issuance costs of $12,440 and $15,718, respectively)		$	1,244,283		$	1,414,982
Interest payable			7,164			7,058
Payable for investments purchased			27,052			7,594
Base management fee payable			8,451			8,792
Incentive fee payable			4,069			4,727
Collateral on forward currency exchange contracts			2,743			—
Accounts payable and accrued expenses			3,317			6,083
Distributions payable			21,951			21,951
Total Liabilities			1,319,030			1,471,187

Commitments and Contingencies (See Note 10)

Net Assets
Common stock, par value $0.001 per share, 100,000,000,000 and 100,000,000,000 shares authorized, 64,562,265 and 64,562,265 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively			65			65
Paid in capital in excess of par value			1,168,384			1,168,384
Total distributable earnings (loss)			(61,435)			(68,443)
Total Net Assets			1,107,014			1,100,006
Total Liabilities and Total Net assets		$	2,426,044		$	2,571,193

Net asset value per share		$	17.15		$	17.04

See Notes to Consolidated Financial Statements

Table of Contents Bain Capital Specialty Finance, Inc.

Consolidated Statements of Operations

(in thousands, except share and per share data)

(Unaudited)


	For the Three Months		For the Three Months		For the Six Months		For the Six Months
	Ended June 30		Ended June 30		Ended June 30		Ended June 30
	2022		2021		2022		2021
Income
Investment income from non-controlled/non-affiliate investments:
Interest from investments	$	29,769	$	36,706	$	64,056	$	76,619
Dividend income		—		—		108		—
PIK income		2,375		1,082		4,883		2,062
Other income		7,690		875		8,155		4,331
Total investment income from non-controlled/non-affiliate investments		39,834		38,663		77,202		83,012

Investment income from non-controlled/affiliate investments:
Interest from investments		1,901		477		2,225		900
Dividend income		1,851		—		1,851		—
PIK income		45		1,366		1,449		2,752
Total investment income from non-controlled/affiliate investments		3,797		1,843		5,525		3,652

Investment income from controlled affiliate investments:
Interest from investments		4,214		2,572		7,636		4,209
Dividend income		4,519		2,929		8,012		4,964
PIK income		—		483		—		483
Total investment income from controlled affiliate investments		8,733		5,984		15,648		9,656
Total investment income		52,364		46,490		98,375		96,320

Expenses
Interest and debt financing expenses		11,027		13,017		21,670		24,850
Base management fee		8,451		8,623		16,820		17,320
Incentive fee		4,069		8,042		7,380		14,771
Professional fees		446		714		836		1,673
Directors fees		179		171		354		343
Other general and administrative expenses		1,477		1,241		2,897		2,629
Total expenses before fee waivers		25,649		31,808		49,957		61,586
Base management fee waiver		—		(2,723)		—		(4,837)
Incentive fee waiver		—		(4,519)		—		(4,519)
Total expenses, net of fee waivers		25,649		24,566		49,957		52,230
Net investment income		26,715		21,924		48,418		44,090

Net realized and unrealized gains (losses)
Net realized gain (loss) on non-controlled/non-affiliate investments		(2,576)		4,845		(1,159)		23,258
Net realized gain (loss) on controlled affiliate investments		—		—		—		(3,237)
Net realized gain (loss) on foreign currency transactions		3,166		1,005		2,678		(2,021)
Net realized gain (loss) on forward currency exchange contracts		2,018		(18,396)		3,261		(21,688)
Net change in unrealized appreciation (depreciation) on foreign currency translation		(2,051)		(65)		(1,705)		322
Net change in unrealized appreciation on forward currency exchange contracts		8,124		16,028		9,775		20,604
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliate investments		(27,206)		4,426		(32,314)		1,202
Net change in unrealized appreciation (depreciation) on non-controlled/affiliate investments		9,102		5,780		14,769		5,407
Net change in unrealized appreciation (depreciation) on controlled affiliate investments		(63)		6,886		7,187		6,249
Total net gains (losses)		(9,486)		20,509		2,492		30,096

Net increase in net assets resulting from operations	$	17,229	$	42,433	$	50,910	$	74,186

Basic and diluted net investment income per common share	$	0.41	$	0.34	$	0.75	$	0.68
Basic and diluted increase in net assets resulting from operations per common share	$	0.27	$	0.66	$	0.79	$	1.15
Basic and diluted weighted average common shares outstanding		64,562,265		64,562,265		64,562,265		64,562,265

See Notes to Consolidated Financial Statements

Table of Contents Bain Capital Specialty Finance, Inc.

Consolidated Statements of Changes in Net Assets

(in thousands, except share and per share data)

(Unaudited)


	****	For the Three		****	For the Three		****	For the Six		****	For the Six
		Months Ended			Months Ended			Months Ended			Months Ended
		June 30			June 30		****	June 30			June 30
		2022			2021		****	2022			2021
Operations:
Net investment income		$	26,715		$	21,924		$	48,418		$	44,090
Net realized gain (loss)			2,608			(12,546)			4,780			(3,688)
Net change in unrealized appreciation (depreciation)			(12,094)			33,055			(2,288)			33,784
Net increase in net assets resulting from operations			17,229			42,433			50,910			74,186
Stockholder distributions:
Distributions from distributable earnings			(21,951)			(21,951)			(43,902)			(43,902)
Net decrease in net assets resulting from stockholder distributions			(21,951)			(21,951)			(43,902)			(43,902)

Total increase (decrease) in net assets			(4,722)			20,482			7,008			30,284
Net assets at beginning of period			1,111,736			1,077,806			1,100,006			1,068,004
Net assets at end of period		$	1,107,014		$	1,098,288		$	1,107,014		$	1,098,288

Net asset value per common share		$	17.15		$	17.01		$	17.15		$	17.01
Common stock outstanding at end of period			64,562,265			64,562,265			64,562,265			64,562,265

See Notes to Consolidated Financial Statements

Table of Contents

Bain Capital Specialty Finance, Inc.

Consolidated Statements of Cash Flows

(in thousands, except share and per share data)

(Unaudited)


	****	For the Six Months		****	For the Six Months
		Ended June 30			Ended June 30
		2022			2021
Cash flows from operating activities
Net increase in net assets resulting from operations		$	50,910		$	74,186
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:
Purchases of investments			(761,843)			(607,995)
Proceeds from principal payments and sales of investments			434,198			805,272
Net realized (gain) loss from investments			1,159			(20,021)
Net realized (gain) loss on foreign currency transactions			(2,678)			2,021
Net change in unrealized (appreciation) depreciation on forward currency exchange contracts			(9,775)			(20,604)
Net change in unrealized (appreciation) depreciation on investments			10,358			(12,858)
Net change in unrealized (appreciation) depreciation on foreign currency translation			1,705			(322)
Increase in investments due to PIK			(6,314)			(5,297)
Accretion of discounts and amortization of premiums			(2,694)			(2,951)
Amortization of deferred financing costs and debt issuance costs			2,001			3,351
Changes in operating assets and liabilities:
Collateral on forward currency exchange contracts			5,558			1,180
Interest receivable on investments			(8,507)			(4,398)
Prepaid Insurance			(366)			(558)
Dividend receivable			7,571			(4,229)
Interest payable			106			632
Base management fee payable			(341)			(390)
Incentive fee payable			(658)			(276)
Accounts payable and accrued expenses			(579)			(525)
Net cash provided by (used in) operating activities			(280,189)			206,218

Cash flows from financing activities
Borrowings on debt			349,747			457,550
Repayments on debt			(157,000)			(605,374)
Payments of financing costs			(2,186)			—
Payments of debt issuance costs			—			(5,657)
Stockholder distributions paid			(43,902)			(43,902)
Net cash (used in) provided by financing activities			146,659			(197,383)

Net increase (decrease) in cash, foreign cash, restricted cash and cash equivalents			(133,530)			8,835
Effect of foreign currency exchange rates			(1,125)			(1,817)
Cash, foreign cash, restricted cash and cash equivalents, beginning of period			203,581			81,702
Cash, foreign cash, restricted cash and cash equivalents, end of period		$	68,926		$	88,720

Supplemental disclosure of cash flow information:
Cash interest paid during the period		$	19,562		$	22,403
Supplemental disclosure of non-cash information:
Debt investment sold by the Company to ISLP		$	—		$	317,077
Company investment into ISLP in exchange for investments sold		$	—		$	128,970
Company investment into SLP		$	5,584		$	—
Deconsolidation of 2018-1 Issuer
Disposition of assets		$	470,616		$	—
Reduction of liabilities		$	(390,448)		$	—


	****	2022		****	2021
Cash		$	38,013		$	29,869
Restricted cash			25,910			57,144
Foreign cash			5,003			1,707
Total cash, foreign cash, restricted cash, and cash equivalents shown in the consolidated statements of cash flows		$	68,926		$	88,720

See Notes to Consolidated Financial Statements

Table of Contents Bain Capital Specialty Finance, Inc.

Consolidated Schedule of Investments

As of June 30, 2022

(In thousands)


Control Type	Industry	Portfolio Company	Investment Type	Spread Above Index ^(1)^	Interest Rate		Maturity Date	Principal/Shares ^(9)^		Cost		Market Value		% of NAV ^(4)^
Non-Controlled/Non-Affiliate Investments
	Aerospace & Defense	Ansett Aviation Training ^(6)(18)(19)^	First Lien Senior Secured Loan	BBSY+ 4.69%	5.69	%	9/24/2031	AUD	21,215		15,924		14,664
		Ansett Aviation Training ^(6)(14)(19)(25)^	Equity Interest	—	—		—	AUD	15,357		11,527		10,614
		Forming Machining Industries Holdings, LLC^(18)(19)^	Second Lien Senior Secured Loan	L+ 8.25%	9.92	%	10/9/2026	$	6,540		6,500		5,297
		Forming Machining Industries Holdings, LLC ^(18)(19)^	First Lien Senior Secured Loan	L+ 4.25%	5.92	%	10/9/2025	$	16,354		16,280		14,065
		GSP Holdings, LLC ^(15)(19)(26)(29)^	First Lien Senior Secured Loan	L+ 5.75% (0.25% PIK)	6.76	%	11/6/2025	$	35,491		35,448		33,361
		GSP Holdings, LLC ^(3)(15)(19)(26)^	First Lien Senior Secured Loan - Revolver	L+ 5.75% (0.25% PIK)	6.75	%	11/6/2025	$	2,736		2,711		2,463
		Kellstrom Aerospace Group, Inc ^(14)(19)(25)^	Equity Interest	—	—		—	$	1		1,963		720
		Kellstrom Commercial Aerospace, Inc. ^(3)(15)(19)(26)^	First Lien Senior Secured Loan - Revolver	SOFR+ 6.00% (0.75% PIK)	7.15	%	7/1/2025	$	3,305		3,256		3,005
		Kellstrom Commercial Aerospace, Inc. ^(15)(19)^	First Lien Senior Secured Loan	SOFR+ 6.00%	7.00	%	7/1/2025	$	30,248		29,915		28,357
		Mach Acquisition R/C ^(3)(18)(19)^	First Lien Senior Secured Loan - Revolver	L+ 7.50%	9.78	%	10/18/2026	$	2,009		1,836		1,707
		Mach Acquisition T/L ^(15)(19)^	First Lien Senior Secured Loan	L+ 7.50%	8.54	%	10/18/2026	$	32,806		32,241		31,822
		Precision Ultimate Holdings, LLC ^(14)(19)(25)^	Equity Interest	—	—		—	$	1,417		1,417		1,447
		Robinson Helicopter ^(14)(19)(25)^	Equity Interest	—	—		—	$	1,592		1,592		1,592
		Robinson Helicopter ^(15)(19)(29)^	First Lien Senior Secured Loan	SOFR+ 6.50%	8.13	%	6/29/2029	$	49,405		48,294		48,293
		WCI-HSG HOLDCO, LLC ^(14)(19)(25)^	Preferred Equity	—	—		—	$	675		675		2,053
		WCI-HSG Purchaser, Inc.^(3)(15)(19)(29)^	First Lien Senior Secured Loan - Revolver	L+ 4.50%	6.75	%	2/22/2025	$	137		133		137
		WCI-HSG Purchaser, Inc. ^(15)(19)(29)^	First Lien Senior Secured Loan	L+ 4.75%	6.75	%	2/24/2025	$	8,666		8,608		8,666
		Whitcraft LLC ^(2)(3)(5)(19)^	First Lien Senior Secured Loan - Revolver	—	—		4/3/2023	$	—		(4)		(72)
		Whitcraft LLC ^(15)(19)(29)^	First Lien Senior Secured Loan	L+ 6.00%	8.25	%	4/3/2023	$	28,834		28,759		27,680
		WP CPP Holdings, LLC. ^(15)(19)^	Second Lien Senior Secured Loan	L+ 7.75%	8.99	%	4/30/2026	$	11,724		11,657		10,668
								Aerospace & Defense Total		$	258,732	$	246,539	22.3	%

	Automotive	American Trailer Rental Group ^(19)(26)^	Subordinated Debt	L+ 9.00% (2.00% PIK)	11.00	%	12/1/2027	$	4,948		4,882		4,948
		American Trailer Rental Group^(19)(26)^	Subordinated Debt	L+ 9.00% (2.00% PIK)	11.00	%	12/1/2027	$	15,267		14,968		15,268
		American Trailer Rental Group ^(19)(26)^	Subordinated Debt	L+ 9.00% (2.00% PIK)	11.00	%	12/1/2027	$	19,064		18,663		19,064
		Cardo ^(6)(17)(19)^	First Lien Senior Secured Loan	L+ 6.00%	8.09	%	5/12/2028	$	98		97		98
		CST Buyer Company ^(3)(5)(19)^	First Lien Senior Secured Loan - Revolver	—	—		10/3/2025	$	—		(7)		—
		CST Buyer Company ^(15)(19)(29)^	First Lien Senior Secured Loan	L+ 5.50%	7.17	%	10/3/2025	$	8,322		8,280		8,322
		JHCC Holdings, LLC ^(15)(19)(28)^	First Lien Senior Secured Loan - Delayed Draw	L+ 5.75%	8.00	%	9/9/2025	$	2,635		2,620		2,503
		JHCC Holdings, LLC ^(3)(15)(19)^	First Lien Senior Secured Loan - Revolver	L+ 5.75%	8.00	%	9/9/2025	$	965		936		823
		JHCC Holdings, LLC ^(15)(19)^	First Lien Senior Secured Loan - Delayed Draw	L+ 5.75%	8.00	%	9/9/2025	$	5,740		5,735		5,453
		JHCC Holdings, LLC ^(15)(19)(29)^	First Lien Senior Secured Loan	L+ 5.75%	8.00	%	9/9/2025	$	21,373		21,192		20,304
								Automotive Total		$	77,366	$	76,783	6.9	%

	Banking	Green Street Parent, LLC^(3)(5)(19)(29)^	First Lien Senior Secured Loan - Revolver	—	—		8/27/2025	$	—		(25)		—
		Green Street Parent, LLC^(16)(19)(29)^	First Lien Senior Secured Loan	L+ 5.75%	6.50	%	8/27/2026	$	3,419		3,376		3,419
		Green Street Parent, LLC ^(16)(19)(29)^	First Lien Senior Secured Loan	L+ 5.75%	7.32	%	8/27/2026	$	4,478		4,398		4,478
								Banking Total		$	7,749	$	7,897	0.7	%

	Banking, Finance, Insurance & Real Estate	Morrow Sodali ^(3)(15)(19)^	First Lien Senior Secured Loan - Revolver	SOFR+ 5.00%	6.10	%	4/25/2028	$	266		235		234
		Morrow Sodali ^(2)(3)(5)(19)^	First Lien Senior Secured Loan - Delayed Draw	—	—		4/25/2028	$	—		(20)		(20)
								Banking, Finance, Insurance & Real Estate Total		$	215	$	214	0.0	%

Table of Contents


Control Type	Industry	Portfolio Company	Investment Type	Spread Above Index ^(1)^	Interest Rate		Maturity Date	Principal/Shares ^(9)^		Cost		Market Value		% of NAV ^(4)^
Non-Controlled/Non-Affiliate Investments
	Beverage, Food & Tobacco	NPC International, Inc. ^(14)(19)(25)(27)^	Equity Interest	—	—		—	$	428		639		121
								Beverage, Food & Tobacco Total		$	639	$	121	0.0	%

	Capital Equipment	ClockSpring ^(15)(19)^	Second Lien Senior Secured Loan	SOFR+ 6.50%	12.11	%	8/1/2025	$	5,100		5,005		4,997
		East BCC Coinvest II, LLC ^(14)(19)(25)^	Equity Interest	—	—		—	$	1,419		1,419		989
		FCG Acquisitions, Inc.^(14)(19)(25)^	Preferred Equity	—	—		—	$	4		—		—
		Jonathan Acquisition Company^(15)(19)^	Second Lien Senior Secured Loan	L+ 9.00%	11.10	%	12/22/2027	$	8,000		7,832		8,000
		TCFIII Owl Finance, LLC ^(19)^	First Lien Senior Secured Loan	12.00%	12.00	%	1/30/2027	$	4,556		4,493		4,453
								Capital Equipment Total		$	18,749	$	18,439	1.7	%

	Chemicals, Plastics & Rubber	V Global Holdings LLC ^(16)(19)(29)^	First Lien Senior Secured Loan	SOFR+ 5.75%	7.63	%	12/22/2027	$	15,891		15,548		15,681
		V Global Holdings LLC ^(3)(16)(19)^	First Lien Senior Secured Loan - Revolver	SOFR+ 5.75%	7.67	%	12/22/2025	$	1,453		1,281		1,332
		Vertellus ^(16)(19)^	First Lien Senior Secured Loan	EURIBOR+ 5.75%	6.50	%	12/22/2027	€	9,500		9,810		9,834
								Chemicals, Plastics & Rubber Total		$	26,639	$	26,847	2.4	%

	Construction & Building	Chase Industries, Inc.^(15)(19)(26)^	First Lien Senior Secured Loan - Delayed Draw	L+ 7.00% PIK	9.88	%	5/12/2025	$	1,279		1,278		997
		Chase Industries, Inc. ^(15)(19)(26)^	First Lien Senior Secured Loan	L+ 7.00% PIK	9.88	%	5/12/2025	$	13,531		13,504		10,554
		Elk Parent Holdings, LP^(14)(19)(25)^	Equity Interest	—	—		—	$	1		12		528
		Elk Parent Holdings, LP^(14)(19)(25)^	Preferred Equity	—	—		—	$	120		1,202		1,484
		Regan Development Holdings Limited ^(6)(17)(19)^	First Lien Senior Secured Loan	EURIBOR+ 6.50%	7.00	%	4/18/2023	€	2,087		2,274		2,117
		Regan Development Holdings Limited ^(6)(17)(19)^	First Lien Senior Secured Loan	EURIBOR+ 6.50%	7.00	%	4/18/2023	€	677		768		686
		Regan Development Holdings Limited ^(6)(17)(19)^	First Lien Senior Secured Loan	EURIBOR+ 6.50%	7.00	%	4/18/2023	€	6,335		6,896		6,392
		SAM ^(19)^	First Lien Senior Secured Loan	11.25%	11.25	%	5/9/2028	$	32,500		32,191		32,175
		Service Master ^(3)(15)(19)^	First Lien Senior Secured Loan - Revolver	L+ 7.50%	8.91	%	8/16/2027	$	1,350		1,273		1,350
		Service Master ^(15)(19)^	First Lien Senior Secured Loan	L+ 7.50%	8.50	%	8/16/2027	$	934		918		934
		Service Master^(14)(19)(25)^	Equity Interest	—	—		—	$	327		327		351
		YLG Holdings, Inc. ^(3)(15)(19)^	First Lien Senior Secured Loan - Revolver	L+ 5.00%	6.79	%	10/31/2025	$	256		209		256
		YLG Holdings, Inc. ^(19)(21)^	First Lien Senior Secured Loan - Delayed Draw	L+ 5.00%	7.08	%	10/31/2025	$	5,034		5,030		5,034
		YLG Holdings, Inc. ^(15)(19)(29)^	First Lien Senior Secured Loan	L+ 5.25%	6.72	%	10/31/2025	$	27,291		27,178		27,291
								Construction & Building Total		$	93,060	$	90,149	8.1	%

	Consumer Goods: Durable	New Milani Group LLC^(15)(19)^	First Lien Senior Secured Loan	L+ 6.00%	8.25	%	6/6/2024	$	21,598		21,094		21,382
		Stanton Carpet ^(15)(19)^	Second Lien Senior Secured Loan	L+ 9.00%	10.47	%	4/1/2028	$	11,434		11,226		11,435
		Tangent Technologies Acquisition, LLC ^(15)(19)^	Second Lien Senior Secured Loan	SOFR+ 8.75%	9.99	%	5/30/2028	$	8,915		8,750		8,737
		TLC Holdco LP ^(14)(19)(25)^	Equity Interest	—	—		—	$	1,281		1,221		—
		TLC Purchaser, Inc. ^(2)(3)(5)(19)^	First Lien Senior Secured Loan - Delayed Draw	—	—		10/13/2025	$	—		(97)		(1,409)
		TLC Purchaser, Inc.^(3)(15)(19)^	First Lien Senior Secured Loan - Revolver	P+ 5.25%	10.00	%	10/13/2025	$	8,508		8,338		6,746
		TLC Purchaser, Inc.^(15)(19)(29)^	First Lien Senior Secured Loan	L+ 6.25%	8.08	%	10/13/2025	$	34,315		33,614		27,967
								Consumer Goods: Durable Total		$	84,146	$	74,858	6.8	%

Table of Contents


Control Type	Industry	Portfolio Company	Investment Type	Spread Above Index ^(1)^	Interest Rate		Maturity Date	Principal/Shares ^(9)^		Cost		Market Value		% of NAV ^(4)^
Non-Controlled/Non-Affiliate Investments
	Consumer Goods: Non-Durable	Fineline Technologies, Inc. ^(14)(19)(25)^	Equity Interest	—	—		—	$	939		939		1,344
		FL Hawk Intermediate Holdings, Inc. ^(15)(19)^	Second Lien Senior Secured Loan	L+ 9.00%	11.00	%	8/22/2028	$	15,125		14,736		15,125
		RoC Opco LLC^(3)(15)(19)^	First Lien Senior Secured Loan - Revolver	L+ 8.50%	10.13	%	2/25/2025	$	5,462		5,368		5,462
		RoC Opco LLC ^(15)(19)(29)^	First Lien Senior Secured Loan	L+ 8.50%	10.75	%	2/25/2025	$	15,119		14,932		15,119
		Solaray, LLC ^(15)(19)^	First Lien Senior Secured Loan - Delayed Draw	SOFR+ 5.50%	7.13	%	9/9/2023	$	14,202		14,202		14,202
		Solaray, LLC ^(3)(15)(19)^	First Lien Senior Secured Loan - Revolver	SOFR+ 4.50%	6.65	%	9/9/2023	$	5,950		5,947		5,950
		Solaray, LLC ^(15)(19)(29)^	First Lien Senior Secured Loan	SOFR+ 5.50%	6.50	%	9/11/2023	$	30,844		30,844		30,844
		WU Holdco, Inc. ^(3)(18)(19)^	First Lien Senior Secured Loan - Revolver	L+ 5.50%	7.73	%	3/26/2025	$	3,043		3,014		2,986
		WU Holdco, Inc. ^(15)(19)(29)^	First Lien Senior Secured Loan	L+ 5.50%	7.75	%	3/26/2026	$	37,872		37,414		37,494
		WU Holdco, Inc. ^(15)(19)(28)^	First Lien Senior Secured Loan - Delayed Draw	L+ 5.50%	6.50	%	3/26/2026	$	1,704		1,676		1,687
								Consumer Goods: Non-Durable Total		$	129,072	$	130,213	11.8	%

	Consumer Goods: Wholesale	WSP Initial Term Loan ^(15)(19)(29)^	First Lien Senior Secured Loan	L+ 6.25%	7.92	%	4/27/2027	$	6,033		5,927		5,731
		WSP Initial Term Loan ^(2)(3)(5)(19)^	First Lien Senior Secured Loan - Delayed Draw	—	—		4/27/2027	$	—		(21)		(90)
		WSP LP Interest^(14)(19)(25)^	Equity Interest	—	—		—	$	2,898		2,898		1,740
		WSP Revolving Loan ^(3)(18)(19)^	First Lien Senior Secured Loan - Revolver	L+ 6.25%	6.25	%	4/27/2027	$	47		40		25
								Consumer Goods: Wholesale Total		$	8,844	$	7,406	0.7	%

	Containers, Packaging, & Glass	ASP-r-pac Acquisition Co LLC ^(3)(5)(19)^	First Lien Senior Secured Loan - Revolver	—	—		12/29/2027	$	—		(60)		—
		ASP-r-pac Acquisition Co LLC ^(16)(19)(29)^	First Lien Senior Secured Loan	L+ 6.00%	7.67	%	12/29/2027	$	14,104		13,843		14,104
		Intertape Polymer Group ^(17)(29)^	First Lien Senior Secured Loan	SOFR+ 4.75%	6.34	%	6/15/2028	$	23,050		21,841		21,110
								Containers, Packaging, & Glass Total		$	35,624	$	35,214	3.2	%

	Energy: Oil & Gas	Amspec Services, Inc. ^(3)(18)(19)^	First Lien Senior Secured Loan - Revolver	L+ 5.75%	8.50	%	7/2/2024	$	1,011		987		1,012
		Amspec Services, Inc. ^(15)(19)(29)^	First Lien Senior Secured Loan	L+ 5.75%	8.00	%	7/2/2024	$	33,163		32,987		33,162
		Amspec Services, Inc. ^(15)(19)^	First Lien Senior Secured Loan	L+ 5.75%	8.00	%	7/2/2024	$	2,784		2,761		2,784
								Energy: Oil & Gas Total		$	36,735	$	36,958	3.3	%

Table of Contents


Control Type	Industry	Portfolio Company	Investment Type	Spread Above Index ^(1)^	Interest Rate		Maturity Date	Principal/Shares ^(9)^		Cost		Market Value		% of NAV ^(4)^
Non-Controlled/Non-Affiliate Investments
	Environmental Industries	Reconomy ^(6)(15)(19)^	First Lien Senior Secured Loan	SONIA+ 6.25%	7.44	%	6/24/2029	£	6,118		7,430		7,375
		Reconomy ^(6)(18)(19)^	First Lien Senior Secured Loan	EURIBOR+ 6.00%	6.00	%	6/24/2029	€	2,467		2,577		2,560
		Reconomy^(2)(3)(5)(6)(19)^	First Lien Senior Secured Loan	—	—		6/24/2029	£	—		(69)		(69)
		Reconomy ^(2)(3)(5)(6)(19)^	First Lien Senior Secured Loan	—	—		6/24/2029	£	—		(69)		(69)
								Environmental Industries Total		$	9,869	$	9,797	0.9	%

	FIRE: Finance	Allworth Financial Group, L.P. ^(3)(15)(19)(29)^	First Lien Senior Secured Loan - Delayed Draw	SOFR+ 4.75%	6.38	%	12/23/2026	$	879		865		880
		Allworth Financial Group, L.P.^(15)(19)(29)^	First Lien Senior Secured Loan	SOFR+ 4.75%	6.38	%	12/23/2026	$	1,501		1,485		1,502
		Allworth Financial Group, L.P. ^(3)(5)(19)^	First Lien Senior Secured Loan - Revolver	—	—		12/23/2026	$	—		(14)		—
		Parmenion ^(6)(15)(19)^	First Lien Senior Secured Loan	SONIA+ 5.75%	6.69	%	5/11/2029	£	32,628		40,604		39,334
		TA/Weg Holdings ^(15)(19)(29)^	First Lien Senior Secured Loan - Delayed Draw	L+ 5.75%	7.00	%	10/2/2025	$	9,447		9,447		9,447
		TA/Weg Holdings ^(15)(19)(29)^	First Lien Senior Secured Loan - Delayed Draw	L+ 6.00%	7.67	%	10/2/2025	$	2,385		2,375		2,385
								FIRE: Finance Total		$	54,762	$	53,548	4.8	%

	FIRE: Insurance	Margaux Acquisition Inc. ^(15)(19)(29)^	First Lien Senior Secured Loan	L+ 5.75%	6.68	%	12/19/2024	$	17,682		17,504		17,682
		Margaux Acquisition Inc. ^(15)(19)^	First Lien Senior Secured Loan - Delayed Draw	L+ 5.75%	6.68	%	12/19/2024	$	9,152		9,131		9,152
		Margaux Acquisition Inc. ^(3)(5)(19)^	First Lien Senior Secured Loan - Revolver	—	—		12/19/2024	$	—		(24)		—
		Margaux UK Finance Limited^(6)(16)(19)^	First Lien Senior Secured Loan	SONIA+ 5.75%	6.50	%	12/19/2024	£	7,531		9,723		9,171
		Margaux UK Finance Limited^(3)(5)(6)(19)^	First Lien Senior Secured Loan - Revolver	—	—		12/19/2024	£	—		(5)		—
		MRHT ^(3)(5)(6)(19)^	First Lien Senior Secured Loan	—	—		7/26/2028	€	—		(105)		—
		MRHT ^(3)(6)(18)(19)^	First Lien Senior Secured Loan	EURIBOR+ 5.50%	5.50	%	7/26/2028	€	267		297		280
		MRHT ^(6)(18)(19)^	First Lien Senior Secured Loan	EURIBOR+ 5.50%	5.50	%	7/26/2028	€	216		249		226
		Paisley Bidco Limited ^(6)(18)(19)^	First Lien Senior Secured Loan	EURIBOR+ 5.50%	5.50	%	11/26/2028	€	32		36		34
		Paisley Bidco Limited ^(3)(6)(18)(19)^	First Lien Senior Secured Loan- Revolver	EURIBOR+ 5.50%	5.50	%	11/26/2028	£	86		28		105
		World Insurance ^(15)(19)(29)^	First Lien Senior Secured Loan - Delayed Draw	L+ 5.75%	7.80	%	4/1/2026	$	8,316		8,254		8,275
		World Insurance ^(3)(15)(19)^	First Lien Senior Secured Loan - Revolver	L+ 5.75%	6.99	%	4/1/2026	$	372		358		368
		World Insurance ^(3)(15)(19)(29)^	First Lien Senior Secured Loan	L+ 5.75%	6.76	%	4/1/2026	$	3,129		3,079		3,113
								FIRE: Insurance Total		$	48,525	$	48,406	4.4	%

	Healthcare & Pharmaceuticals	Apollo Intelligence^(15)(19)(29)^	First Lien Senior Secured Loan	SOFR+ 5.75%	6.80	%	6/1/2028	$	26,225		25,968		25,962
		Apollo Intelligence^(2)(3)(5)(19)^	First Lien Senior Secured Loan - Delayed Draw	—	—		6/1/2028	$	—		(95)		(96)
		Apollo Intelligence ^(2)(3)(5)(19)^	First Lien Senior Secured Loan - Revolver	—	—		6/1/2028	$	—		(71)		(72)
		Apollo Intelligence ^(14)(19)(25)^	Equity Interest	—	—		—	$	32		3,162		3,162
		CB Titan Holdings, Inc. ^(14)(19)(25)^	Preferred Equity	—	—		—	$	1,953		1,953		910
		CPS Group Holdings, Inc. ^(3)(5)(19)^	First Lien Senior Secured Loan - Revolver	—	—		3/3/2025	$	—		(46)		—
		CPS Group Holdings, Inc. ^(15)(19)(29)^	First Lien Senior Secured Loan	L+ 5.25%	8.00	%	3/3/2025	$	44,902		44,674		44,902
		Datix Bidco Limited^(6)(18)(19)^	First Lien Senior Secured Loan - Revolver	SONIA+ 4.50%	5.19	%	10/28/2024	£	10		13		12
		Datix Bidco Limited ^(6)(18)(19)^	Second Lien Senior Secured Loan	SONIA+ 7.75%	9.44	%	4/27/2026	£	121		164		149
		Datix Bidco Limited ^(6)(18)(19)^	First Lien Senior Secured Loan	BBSW+ 4.00%	4.57	%	4/28/2025	AUD	42		32		29
		Great Expressions Dental Center PC ^(3)(13)(15)(19)(26)^	First Lien Senior Secured Loan - Revolver	L+ 4.25% (0.50% PIK)	6.43	%	9/28/2023	$	879		878		784
		Great Expressions Dental Center PC ^(15)(19)(26)^	First Lien Senior Secured Loan	P+ 4.25% (0.50% PIK)	8.50	%	9/28/2023	$	7,851		7,877		7,223
		Mertus 522. GmbH^(6)(18)(19)^	First Lien Senior Secured Loan	EURIBOR+ 6.25%	6.25	%	5/28/2026	€	131		142		135
		Mertus 522. GmbH ^(6)(18)(19)^	First Lien Senior Secured Loan	EURIBOR+ 6.25%	6.25	%	5/28/2026	€	225		247		231
		Premier Imaging, LLC^(3)(15)(19)^	First Lien Senior Secured Loan - Delayed Draw	L+ 5.75%	6.92	%	1/2/2025	$	1,951		1,864		1,849
		Premier Imaging, LLC^(15)(19)(29)^	First Lien Senior Secured Loan	L+ 5.75%	7.42	%	1/2/2025	$	7,177		7,085		7,069
		SunMed Group Holdings, LLC ^(3)(16)(19)^	First Lien Senior Secured Loan - Revolver	L+ 5.75%	8.00	%	6/16/2027	$	590		572		571
		SunMed Group Holdings, LLC^(16)(19)(29)^	First Lien Senior Secured Loan	L+ 5.75%	8.00	%	6/16/2028	$	8,738		8,604		8,607
		TecoStar Holdings, Inc. ^(15)(19)^	Second Lien Senior Secured Loan	L+ 8.50%	9.74	%	11/1/2024	$	9,472		9,371		8,856
								Healthcare & Pharmaceuticals Total		$	112,394	$	110,283	10.0	%

Table of Contents


Control Type	Industry	Portfolio Company	Investment Type	Spread Above Index ^(1)^	Interest Rate		Maturity Date	Principal/Shares ^(9)^		Cost		Market Value		% of NAV ^(4)^
Non-Controlled/Non-Affiliate Investments
	High Tech Industries	Access ^(6)(18)(19)^	First Lien Senior Secured Loan	SONIA+ 5.75%	5.75	%	6/1/2029	£	7,960		9,763		9,451
		Access ^(2)(3)(5)(6)(19)^	First Lien Senior Secured Loan	—	—		6/1/2029	£	—		(307)		(297)
		AMI US Holdings Inc. ^(6)(15)(19)(29)^	First Lien Senior Secured Loan	L+ 5.25%	6.96	%	4/1/2025	$	3,886		3,847		3,887
		Applitools ^(6)(32)(19)^	First Lien Senior Secured Loan	SOFR+ 5.75%	7.25	%	5/24/2029	$	24,008		23,768		23,768
		Applitools ^(2)(3)(5)(19)^	First Lien Senior Secured Loan - Revolver	—	—		5/26/2028	$	—		(34)		(34)
		Appriss Holdings, Inc. ^(15)(19)^	First Lien Senior Secured Loan	L+ 7.25%	9.05	%	5/6/2027	$	11,292		11,100		11,066
		Appriss Holdings, Inc.^(2)(3)(5)(19)^	First Lien Senior Secured Loan - Revolver	—	—		5/6/2027	$	—		(12)		(15)
		Appriss Holdings, Inc. ^(14)(19)(25)^	Equity Interest	—	—		—	$	2,136		1,606		1,485
		AQ Software Corporation ^(14)(18)(19)(25)^	Preferred Equity	—	—		—	$	1		1,107		1,104
		AQ Software Corporation ^(14)(18)(19)(25)^	Preferred Equity	—	—		—	$	2		1,844		1,839
		AQ Software Corporation ^(14)(19)(25)^	Preferred Equity	—	—		—	$	1		507		506
		CB Nike IntermediateCo Ltd ^(3)(6)(19)^	First Lien Senior Secured Loan - Revolver	—	—		10/31/2025	$	—		—		—
		CB Nike IntermediateCo Ltd ^(6)(15)(19)^	First Lien Senior Secured Loan	L+ 4.75%	5.75	%	10/31/2025	$	345		341		345
		Drilling Info Holdings, Inc ^(18)^	First Lien Senior Secured Loan	L+ 4.25%	5.92	%	7/30/2025	$	11,207		11,188		10,992
		Eagle Rock Capital Corporation ^(14)(18)(19)(25)^	Preferred Equity	—	—		—	$	3,345		3,345		3,730
		Element Buyer, Inc.^(15)(19)^	First Lien Senior Secured Loan - Delayed Draw	L+ 5.50%	6.56	%	7/19/2025	$	11,022		11,038		10,994
		Element Buyer, Inc. ^(15)(19)^	First Lien Senior Secured Loan	L+ 5.50%	7.17	%	7/18/2025	$	36,816		36,992		36,724
		Element Buyer, Inc.^(3)(15)(19)^	First Lien Senior Secured Loan - Revolver	L+ 5.50%	7.17	%	7/19/2024	$	1,700		1,677		1,689
		Eleven Software ^(15)(19)^	First Lien Senior Secured Loan	SOFR+ 8.00%	9.00	%	4/22/2027	$	7,439		7,367		7,365
		Eleven Software ^(2)(3)(5)(19)^	First Lien Senior Secured Loan - Revolver	—	—		9/22/2026	$	—		(14)		(15)
		Eleven Software ^(14)(19)(25)^	Preferred Equity	—	—		—	$	896		896		896
		Gluware ^(19)(26)^	First Lien Senior Secured Loan	9.00% (3.50% PIK)	12.50	%	10/15/2025	$	19,232		18,486		18,463
		Gluware ^(14)(19)(25)^	Warrants	—	—		—	$	3,328		478		459
		MRI Software LLC ^(15)(28)^	First Lien Senior Secured Loan	L+ 5.50%	7.75	%	2/10/2026	$	25,794		25,732		25,278
		MRI Software LLC^(2)(3)^	First Lien Senior Secured Loan - Revolver	—	—		2/10/2026	$	—		51		(36)
		Revalize, Inc. ^(3)(18)(19)^	First Lien Senior Secured Loan - Delayed Draw	L+ 5.75%	5.75	%	4/15/2027	$	281		161		181
		Revalize, Inc. ^(3)(18)(19)^	First Lien Senior Secured Loan - Revolver	L+ 5.75%	6.75	%	4/15/2027	$	838		825		827
		Revalize, Inc.^(15)(19)(29)^	First Lien Senior Secured Loan - Delayed Draw	L+ 5.75%	6.76	%	4/15/2027	$	5,104		5,059		5,066
		Superna Inc. ^(6)(15)(19)(29)^	First Lien Senior Secured Loan	SOFR+ 6.25%	7.25	%	3/6/2028	$	15,033		14,740		14,732
		Superna Inc. ^(2)(3)(5)(6)(19)^	First Lien Senior Secured Loan - Delayed Draw	—	—		3/6/2028	$	—		(25)		(53)
		Superna Inc. ^(2)(3)(5)(6)(19)^	First Lien Senior Secured Loan - Revolver	—	—		3/6/2028	$	—		(25)		(53)
		Superna Inc. ^(6)(14)(19)(25)^	Equity Interest	—	—		—	$	1,463		1,463		1,463
		Swoogo LLC ^(2)(3)(5)(18)(19)^	First Lien Senior Secured Loan - Revolver	—	—		12/9/2026	$	—		(22)		(25)
		Swoogo LLC ^(15)(19)^	First Lien Senior Secured Loan	L+ 8.00%	9.00	%	12/9/2026	$	2,330		2,287		2,283
		Utimaco ^(6)(18)(19)^	First Lien Senior Secured Loan	EURIBOR+ 6.00%	6.00	%	5/13/2029	€	8,342		8,863		8,658
		Utimaco ^(6)(18)(19)^	First Lien Senior Secured Loan	SOFR+ 6.00%	7.05	%	5/13/2029	$	16,578		16,413		16,412
		Utimaco ^(6)(18)(19)^	First Lien Senior Secured Loan	SOFR+ 6.00%	7.35	%	5/13/2029	$	8,812		8,724		8,724
		Utimaco ^(6)(14)(19)(25)^	Equity Interest	—	—		—	€	1		2,123		2,115
		Utimaco ^(6)(14)(19)(25)^	Preferred Equity	—	—		—	€	1		2,123		2,115
		Ventiv Holdco, Inc. ^(2)(3)(5)(18)(19)^	First Lien Senior Secured Loan - Revolver	—	—		9/3/2025	$	—		(35)		(77)
		Ventiv Holdco, Inc. ^(15)(19)(29)^	First Lien Senior Secured Loan	L+ 5.50%	7.75	%	9/3/2025	$	13,842		13,721		13,531
		Ventiv Topco, Inc. ^(14)(19)(25)^	Equity Interest	—	—		—	$	28		2,833		2,109
		VPARK BIDCO AB ^(6)(16)(19)^	First Lien Senior Secured Loan	CIBOR+ 4.00%	4.75	%	3/10/2025	DKK	570		92		80
		VPARK BIDCO AB ^(6)(16)(19)^	First Lien Senior Secured Loan	NIBOR+ 4.00%	5.42	%	3/10/2025	NOK	740		93		75
								High Tech Industries Total		$	250,179	$	247,807	22.4	%

Table of Contents


Control Type	Industry	Portfolio Company	Investment Type	Spread Above Index ^(1)^	Interest Rate		Maturity Date	Principal/Shares ^(9)^		Cost		Market Value		% of NAV ^(4)^
Non-Controlled/Non-Affiliate Investments
	Hospitality Holdings	PPX ^(14)(19)(25)^	Preferred Equity	—	—		—	$	33		—		163
		PPX ^(14)(19)(25)^	Preferred Equity	—	—		—	$	33		5,000		5,525
								Hospitality Holdings Total		$	5,000	$	5,688	0.5	%

	Hotel, Gaming & Leisure	Aimbridge Acquisition Co., Inc.^(18)(19)^	Second Lien Senior Secured Loan	L+ 7.50%	8.56	%	2/1/2027	$	14,193		13,896		13,305
		Concert Golf Partners Holdco ^(2)(3)(5)(19)^	First Lien Senior Secured Loan - Delayed Draw	—	—		3/30/2029	$	—		(78)		(84)
		Concert Golf Partners Holdco ^(3)(16)(19)^	First Lien Senior Secured Loan - Revolver	SOFR+ 5.75%	7.96	%	3/31/2028	$	356		310		306
		Concert Golf Partners Holdco ^(19)(29)^	First Lien Senior Secured Loan	SOFR+ 5.75%	6.59	%	3/30/2029	$	16,864		16,535		16,527
		Quidditch Acquisition, Inc. ^(15)(29)^	First Lien Senior Secured Loan	L+ 7.00%	8.67	%	3/21/2025	$	9,128		9,184		8,027
		Saltoun ^(18)(19)(29)^	First Lien Senior Secured Loan	SOFR+ 10.50%	10.50	%	4/11/2028	$	4,750		4,750		4,750
		Saltoun ^(3)(18)(19)^	First Lien Senior Secured Loan - Delayed Draw	SOFR+ 10.50%	10.50	%	4/11/2028	$	890		890		890
								Hotel, Gaming & Leisure Total		$	45,487	$	43,721	3.9	%

	Media: Advertising, Printing & Publishing	Ansira Holdings, Inc. ^(3)(7)(15)(19)(23)^	First Lien Senior Secured Loan - Revolver	L+ 5.75%	7.35	%	12/20/2024	$	5,383		5,383		2,869
		Ansira Holdings, Inc. ^(7)(15)(19)^	First Lien Senior Secured Loan	L+ 6.50%	8.17	%	12/20/2024	$	41,044		41,017		26,472
		Ansira Holdings, Inc. ^(7)(15)(19)(33)^	First Lien Senior Secured Loan - Delayed Draw	L+ 6.50%	8.12	%	12/20/2024	$	5,072		5,073		3,271
		TGI Sport Bidco Pty Ltd ^(6)(17)(19)^	First Lien Senior Secured Loan	BBSY+ 7.00%	8.50	%	4/30/2026	AUD	97		75		63
		TGI Sport Bidco Pty Ltd ^(2)(3)(6)(19)^	First Lien Senior Secured Loan	—	—		4/30/2026	AUD	—		—		(158)
								Media: Advertising, Printing & Publishing Total		$	51,548	$	32,517	2.9	%

	Media: Broadcasting & Subscription	Lightning Finco Limited ^(6)(16)(19)^	First Lien Senior Secured Loan	L+ 5.75%	7.35	%	9/1/2028	$	1,443		1,407		1,443
		Lightning Finco Limited ^(6)(16)(19)^	First Lien Senior Secured Loan	EURIBOR+ 5.75%	6.50	%	9/1/2028	€	1,300		1,416		1,363
								Media: Broadcasting & Subscription Total		$	2,823	$	2,806	0.3	%

Table of Contents


Control Type	Industry	Portfolio Company	Investment Type	Spread Above Index ^(1)^	Interest Rate		Maturity Date	Principal/Shares ^(9)^		Cost		Market Value		% of NAV ^(4)^
Non-Controlled/Non-Affiliate Investments
	Media: Diversified & Production	9 Story Media Group Inc. ^(3)(5)(6)(19)^	First Lien Senior Secured Loan - Revolver	—	—		4/30/2026	CAD	—		(1)		—
		9 Story Media Group Inc. ^(6)(16)(19)^	First Lien Senior Secured Loan	CDOR+ 5.25%	7.35	%	4/30/2026	CAD	1,299		1,006		1,010
		9 Story Media Group Inc. ^(6)(18)(19)^	First Lien Senior Secured Loan	EURIBOR+ 5.25%	5.25	%	4/30/2026	€	588		622		617
		Aptus 1724 Gmbh ^(6)(19)(21)^	First Lien Senior Secured Loan	L+ 6.25%	6.50	%	2/23/2028	$	9,971		9,971		9,846
		Efficient Collaborative Retail Marketing Company, LLC ^(3)(15)(19)^	First Lien Senior Secured Loan - Revolver	L+ 5.25%	6.25	%	6/15/2024	$	2,054		2,054		2,054
		Efficient Collaborative Retail Marketing Company, LLC ^(15)(19)^	First Lien Senior Secured Loan	L+ 6.75%	7.76	%	6/15/2024	$	15,050		15,050		14,072
		Efficient Collaborative Retail Marketing Company, LLC ^(15)(19)^	First Lien Senior Secured Loan	L+ 6.75%	7.76	%	6/15/2024	$	9,788		9,821		9,152
		International Entertainment Investments Limited ^(6)(18)(19)^	First Lien Senior Secured Loan	SONIA+ 4.75%	5.72	%	5/31/2025	£	88		108		108
		Music Creation Group Bidco GmbH ^(6)(19)(21)^	First Lien Senior Secured Loan	L+ 6.25%	7.88	%	8/3/2027	$	4,065		3,971		4,014
								Media: Diversified & Production Total		$	42,602	$	40,873	3.7	%

	Retail	Batteries Plus Holding Corporation ^(3)(15)(19)^	First Lien Senior Secured Loan - Revolver	L+ 6.75%	7.81	%	6/30/2023	$	2,504		2,504		2,494
		Batteries Plus Holding Corporation ^(15)(19)(29)^	First Lien Senior Secured Loan	L+ 6.75%	7.81	%	6/30/2023	$	18,172		18,172		18,126
		New Look (Delaware) Corporation ^(3)(6)(15)(19)^	First Lien Senior Secured Loan - Delayed Draw	L+ 5.50%	6.51	%	5/26/2028	$	320		310		297
		New Look (Delaware) Corporation ^(6)(15)(19)(29)^	First Lien Senior Secured Loan	L+ 5.25%	6.51	%	5/26/2028	$	9,701		9,613		9,604
		New Look Vision Group ^(3)(6)(15)(19)^	First Lien Senior Secured Loan - Delayed Draw	CDOR+ 5.50%	8.18	%	5/26/2028	CAD	3,579		2,805		2,725
		New Look Vision Group ^(3)(6)(15)(19)^	First Lien Senior Secured Loan - Revolver	CDOR+ 5.50%	8.10	%	5/26/2026	CAD	443		327		325
		Thrasio, LLC ^(15)(29)^	First Lien Senior Secured Loan	L+ 7.00%	9.25	%	12/18/2026	$	8,528		8,333		7,974
		Walker Edison ^(15)(19)(26)(29)^	First Lien Senior Secured Loan	L+ 5.75% (3.00% PIK)	11.00	%	3/31/2027	$	20,804		20,626		19,140
								Retail Total		$	62,690	$	60,685	5.5	%

	Services: Business	ACAMS ^(14)(19)(25)^	Equity Interest	—	—		—	$	3,337		3,337		3,337
		AMCP Clean Acquisition Company, LLC ^(18)^	First Lien Senior Secured Loan	L+ 4.25%	5.88	%	7/10/2025	$	16,339		16,208		13,156
		AMCP Clean Acquisition Company, LLC ^(18)^	First Lien Senior Secured Loan - Delayed Draw	L+ 4.25%	5.88	%	7/10/2025	$	3,954		3,922		3,183
		Avalon Acquiror, Inc. ^(15)(19)(29)^	First Lien Senior Secured Loan	SOFR+ 6.25%	7.25	%	3/10/2028	$	31,722		31,412		31,405
		Avalon Acquiror, Inc. ^(3)(15)(19)^	First Lien Senior Secured Loan - Revolver	SOFR+ 6.25%	7.25	%	3/10/2028	$	1,050		870		966
		Brook Bidco ^(6)(18)(19)(26)^	First Lien Senior Secured Loan	SONIA+ 3.00% (4.25% PIK)	7.25	%	7/7/2028	£	644		880		784
		Brook Bidco ^(6)(14)(19)(25)^	Preferred Equity	—	—		—	£	5,675		7,783		7,670
		Caribou Bidco Limited ^(6)(18)(19)^	First Lien Senior Secured Loan	SONIA+ 6.00%	6.20	%	1/29/2029	£	8,070		10,798		9,729
		Caribou Bidco Limited ^(3)(6)(18)(19)^	First Lien Senior Secured Loan	SONIA+ 6.00%	6.00	%	1/29/2029	£	16		20		19

Table of Contents


Control Type	Industry	Portfolio Company	Investment Type	Spread Above Index^(1)^	Interest Rate		Maturity Date	Principal/Shares^(9)^		Cost		Market Value		% of NAV ^(4)^
Non-Controlled/Non-Affiliate Investments
	Services: Business	Chamber Bidco Limited ^(6)(17)(19)^	First Lien Senior Secured Loan	L+ 5.50%	6.47	%	6/7/2028	$	237		235		237
		Darcy Partners ^(19)(32)^	First Lien Senior Secured Loan	SOFR+ 7.90%	9.65	%	6/1/2028	$	1,534		1,519		1,519
		Darcy Partners ^(3)(19)^	First Lien Senior Secured Loan - Revolver	—	—		6/1/2028	$	—		—		—
		Darcy Partners ^(14)(19)(25)^	Equity Interest	—	—		—	$	359		359		359
		Elevator Holdco Inc. ^(14)(19)(25)^	Equity Interest	—	—		—	$	2		2,448		2,844
		iBanFirst ^(2)(3)(5)(6)(19)^	First Lien Senior Secured Loan	—	—		7/13/2028	€	—		(1)		(1)
		iBanFirst ^(2)(3)(5)(6)(19)^	First Lien Senior Secured Loan	—	—		7/13/2028	€	—		(31)		(24)
		iBanFirst ^(6)(19)(32)^	First Lien Senior Secured Loan	EURIBOR+ 8.50%	10.00	%	7/13/2028	€	2,623		2,927		2,729
		iBanFirst Facility ^(6)(14)(19)(25)^	Preferred Equity	—	—		—	€	7,112		8,136		9,511
		Learning Pool ^(6)(16)(19)(26)^	First Lien Senior Secured Loan	L+ 3.00% (4.25% PIK)	7.25	%	7/7/2028	£	274		354		334
		Learning Pool ^(6)(16)(19)(26)^	First Lien Senior Secured Loan	L+ 3.00% (4.25% PIK)	7.25	%	7/7/2028	£	98		127		119
		masLabor ^(14)(19)(25)^	Equity Interest	—	—		—	$	345		345		642
		masLabor ^(3)(5)(19)^	First Lien Senior Secured Loan - Revolver	—	—		7/1/2027	$	—		(19)		—
		masLabor ^(15)(19)^	First Lien Senior Secured Loan	L+ 7.50%	8.50	%	7/1/2027	$	8,556		8,324		8,556
		Opus2 ^(6)(18)(19)^	First Lien Senior Secured Loan	SONIA+ 5.28%	5.97	%	5/5/2028	£	123		167		149
		Opus2 ^(6)(14)(19)(25)^	Equity Interest	-	—		—	€	2,272		2,900		3,357
		Parcel2Go ^(3)(6)(18)(19)^	First Lien Senior Secured Loan	SONIA+ 5.75%	6.69	%	7/15/2028	£	39		50		45
		Parcel2Go ^(6)(18)(19)^	First Lien Senior Secured Loan	SONIA+ 5.75%	6.94	%	7/15/2028	£	125		169		149
		Parcel2Go ^(6)(14)(19)(25)^	Equity Interest	—	—		—	£	3,083		4,237		3,780
		Refine Intermediate, Inc. ^(3)(5)(18)(19)^	First Lien Senior Secured Loan - Revolver	—	—		9/3/2026	$	—		(86)		—
		Refine Intermediate, Inc. ^(15)(19)(29)^	First Lien Senior Secured Loan	L+ 4.50%	5.50	%	3/3/2027	$	11,094		10,897		11,094
		Smartronix ^(2)(3)(5)(18)(19)^	First Lien Senior Secured Loan - Revolver	—	—		11/23/2027	$	—		(116)		(95)
		Smartronix ^(15)(19)(29)^	First Lien Senior Secured Loan	L+ 6.00%	7.00	%	11/23/2027	$	12,700		12,466		12,509
		SumUp Holdings Luxembourg S.à.r.l. ^(6)(19)(32)^	First Lien Senior Secured Loan	EURIBOR+ 8.50%	10.00	%	2/17/2026	€	6,650		7,944		6,884
		SumUp Holdings Luxembourg S.à.r.l. ^(6)(19)(32)^	First Lien Senior Secured Loan	EURIBOR+ 8.50%	10.00	%	2/17/2026	€	7,055		8,213		7,303
		TEI Holdings Inc. ^(15)(19)(29)^	First Lien Senior Secured Loan	P+ 4.75%	9.50	%	12/23/2026	$	38,573		38,343		38,573
		TEI Holdings Inc. ^(3)(5)(15)(19)^	First Lien Senior Secured Loan - Revolver	L+ 5.75%	8.00	%	12/23/2025	$	494		(40)		5
		WCI Gigawatt Purchaser ^(3)(15)(19)^	First Lien Senior Secured Loan - Delayed Draw	L+ 5.75%	6.75	%	11/19/2027	$	3,211		3,113		3,162
		WCI Gigawatt Purchaser ^(3)(15)(19)^	First Lien Senior Secured Loan - Revolver	L+ 5.75%	7.00	%	11/19/2027	$	483		418		451
		WCI Gigawatt Purchaser ^(15)(19)(29)^	First Lien Senior Secured Loan	L+ 5.75%	6.75	%	11/19/2027	$	11,480		11,245		11,365
								Services: Business Total		$	199,873	$	195,805	17.7	%

	Services: Consumer	MZR Aggregator ^(14)(19)(25)^	Equity Interest	—	—		—	$	1		798		910
		MZR Buyer, LLC ^(3)(5)(19)^	First Lien Senior Secured Loan - Revolver	—	—		12/21/2026	$	—		(78)		—
		MZR Buyer, LLC ^(15)(19)(29)^	First Lien Senior Secured Loan	L+ 6.75%	8.91	%	12/21/2026	$	26,891		26,478		26,891
		Surrey Bidco Limited ^(6)(17)(19)^	First Lien Senior Secured Loan	SONIA+ 6.00%	6.72	%	5/11/2026	£	52		65		56
		Zeppelin BidCo Pty Limited^(6)(18)(19)^	First Lien Senior Secured Loan	BBSY+ 5.00%	5.19	%	6/28/2024	AUD	206		142		143
								Services: Consumer Total		$	27,405	$	28,000	2.5	%

Table of Contents


Control Type	Industry	Portfolio Company	Investment Type	Spread Above Index ^(1)^	Interest Rate		Maturity Date	Principal/Shares ^(9)^		Cost		Market Value		% of NAV ^(4)^
Non-Controlled/Non-Affiliate Investments
	Telecommunications	ACM dcBLOX LLC ^(14)(19)(25)^	Preferred Equity	—	—		—	$	3,822		3,851		4,338
		Conterra Ultra Broadband Holdings, Inc. ^(15)(29)^	First Lien Senior Secured Loan	SOFR+ 4.75%	6.38	%	4/30/2026	$	6,289		6,271		6,046
		DC Blox Inc. ^(3)(15)(19)(26)^	First Lien Senior Secured Loan	L+ 2.00% (6.00% PIK)	9.00	%	3/22/2026	$	23,310		23,081		23,310
		DC Blox Inc. ^(14)(19)(25)^	Warrants	—	—		—	$	177		2		—
								Telecommunications Total		$	33,205	$	33,694	3.0	%

	Transportation: Cargo	A&R Logistics, Inc. ^(19)(32)^	First Lien Senior Secured Loan	SOFR+ 6.60%	8.13	%	5/5/2025	$	2,638		2,585		2,639
		A&R Logistics, Inc. ^(15)(19)(29)^	First Lien Senior Secured Loan	SOFR+ 6.00%	7.00	%	5/5/2025	$	32,147		31,790		31,746
		A&R Logistics, Inc. ^(15)(19)^	First Lien Senior Secured Loan	SOFR+ 6.00%	7.00	%	5/5/2025	$	5,943		5,893		5,870
		A&R Logistics, Inc. ^(3)(15)(19)^	First Lien Senior Secured Loan - Revolver	SOFR+ 6.00%	7.00	%	5/5/2025	$	3,152		3,097		3,077
		A&R Logistics, Inc. ^(15)(19)^	First Lien Senior Secured Loan	SOFR+ 6.00%	7.00	%	5/5/2025	$	2,411		2,382		2,382
		A&R Logistics, Inc. ^(15)(19)^	First Lien Senior Secured Loan	SOFR+ 6.50%	7.50	%	5/5/2025	$	2,702		2,685		2,703
		ARL Holdings, LLC ^(14)(19)(25)^	Equity Interest	—	—		—	$	1		445		603
		ARL Holdings, LLC ^(14)(19)(25)^	Equity Interest	—	—		—	$	9		9		26
		Grammer Investment Holdings LLC ^(19)(25)(26)^	Preferred Equity	10.00% PIK	10.00	%	—	$	8		790		829
		Grammer Investment Holdings LLC ^(14)(19)(25)^	Equity Interest	—	—		—	$	1,011		1,011		1,011
		Grammer Investment Holdings LLC ^(14)(19)(25)^	Warrants	—	—		—	$	122		—		47
		Grammer Purchaser, Inc. ^(2)(3)(19)(29)^	First Lien Senior Secured Loan - Revolver	—	—		9/30/2024	$	—		—		(4)
		Grammer Purchaser, Inc. ^(15)(19)(29)^	First Lien Senior Secured Loan	L+ 4.50%	6.07	%	9/30/2024	$	3,843		3,782		3,824
		Omni Intermediate ^(3)(15)(19)^	First Lien Senior Secured Loan - Delayed Draw	L+ 5.00%	6.00	%	11/23/2026	$	366		360		366
		Omni Intermediate ^(15)(19)(29)^	First Lien Senior Secured Loan	L+ 5.00%	7.10	%	11/23/2026	$	8,087		8,013		8,080
		Omni Intermediate ^(3)(19)^	First Lien Senior Secured Loan - Revolver	—	—		11/30/2026	$	—		—		—
		Omni Logistics, LLC ^(15)(19)^	Second Lien Senior Secured Loan	L+ 9.00%	10.06	%	12/30/2027	$	8,770		8,652		8,771
		REP Coinvest III- A Omni, L.P. ^(14)(19)(25)^	Equity Interest	—	—		—	$	1,377		1,377		3,128
								Transportation: Cargo Total		$	72,871	$	75,098	6.8	%

	Transportation: Consumer	Toro Private Investments II, L.P.^(6)(18)(26)^	First Lien Senior Secured Loan	L+ 5.00% (1.75% PIK)	9.00	%	5/29/2026	$	6,731		5,071		5,256
		Toro Private Investments ll, L.P. ^(6)(15)(26)^	First Lien Senior Secured Loan	L+ 1.50% (7.25% PIK)	9.75	%	2/28/2025	$	387		383		384
		Toro Private Investments II, L.P. ^(6)(14)(19)(25)^	Equity Interest	—	—		—	$	3,090		3,090		1,222
								Transportation: Consumer Total		$	8,544	$	6,862	0.6	%

	Wholesale	Abracon Group Holding, LLC ^(14)(19)(25)^	Equity Interest	—	—		—	$	2		1,833		5,636
		Abracon Group Holding, LLC^(3)(5)(19)^	First Lien Senior Secured Loan - Revolver	—	—		7/18/2024	$	—		(15)		—
		Abracon Group Holding, LLC ^(15)(19)(29)^	First Lien Senior Secured Loan	L+ 4.25%	9.00	%	7/18/2024	$	15,533		15,500		15,534
		Aramsco, Inc. ^(3)(5)(18)(19)^	First Lien Senior Secured Loan - Revolver	—	—		8/28/2024	$	—		(26)		—
		Aramsco, Inc. ^(18)(19)(29)^	First Lien Senior Secured Loan	L+ 5.25%	6.92	%	8/28/2024	$	14,140		14,002		14,140
		Armor Group, LP ^(14)(19)(25)^	Equity Interest	—	—		—	$	10		1,012		1,885
								Wholesale Total		$	32,306	$	37,195	3.4	%
								Non-Controlled/Non-Affiliate Investments Total		$	1,837,653	$	1,784,423	161.2	%

Table of Contents


Control Type	Industry	Portfolio Company	Investment Type	Spread Above Index ^(1)^	Interest Rate		Maturity Date	Principal/Shares ^(9)^		Cost		Market Value		% of NAV ^(4)^
Non-Controlled/Affiliate Investments
	Beverage, Food & Tobacco	ADT Pizza, LLC ^(10)(14)(19)(25)^	Equity Interest	—	—		—	$	6,720		6,720		16,932
								Beverage, Food & Tobacco Total		$	6,720	$	16,932	1.5	%

	Energy: Oil & Gas	Blackbrush Oil & Gas, L.P. ^(10)(15)(19)(26)(29)^	First Lien Senior Secured Loan	L+ 5.00% (2.00% PIK)	7.11	%	9/3/2025	$	8,948		8,946		8,948
		Blackbrush Oil & Gas, L.P. ^(10)(14)(19)(25)^	Equity Interest	—	—		—	$	1,198		1		—
		Blackbrush Oil & Gas, L.P. ^(10)(14)(19)(25)^	Preferred Equity	—	—		—	$	38,505		11,777		33,277
								Energy: Oil & Gas Total		$	20,724	$	42,225	3.8	%

	FIRE: Finance	BCC Middle Market CLO 2018-1, LLC ^(6)(10)(19)(25)^	Equity Interest	—	—		10/20/2030	$	25,635		24,050		23,981
								FIRE: Finance Total		$	24,050	$	23,981	2.2	%

	Transportation: Consumer	Direct Travel, Inc. ^(10)(18)(19)^	First Lien Senior Secured Loan	L+ 6.30%	7.50	%	10/2/2023	$	4,841		4,841		4,841
		Direct Travel, Inc. ^(10)(15)(19)^	First Lien Senior Secured Loan - Delayed Draw	L+ 8.28%	9.50	%	10/2/2023	$	3,440		3,440		3,199
		Direct Travel, Inc. ^(10)(15)(19)(28)^	First Lien Senior Secured Loan - Delayed Draw	L+ 8.28%	9.50	%	10/2/2023	$	1,741		1,741		1,619
		Direct Travel, Inc. ^(10)(15)(19)^	First Lien Senior Secured Loan	L+ 8.28%	9.50	%	10/2/2023	$	58,721		58,721		54,611
		Direct Travel, Inc.^(3)(10)(15)(19)(28)^	First Lien Senior Secured Loan - Delayed Draw	L+ 6.00%	7.00	%	10/2/2023	$	4,125		4,125		4,125
		Direct Travel, Inc. ^(10)(18)(19)(28)^	First Lien Senior Secured Loan	L+ 6.00%	7.00	%	10/2/2023	$	202		202		202
		Direct Travel, Inc. ^(10)(14)(19)(25)^	Equity Interest	—	—		—	$	68		—		—
								Transportation: Consumer Total		$	73,070	$	68,597	6.2	%
								Non-Controlled/Affiliate Investments Total		$	124,564	$	151,735	13.7	%

Table of Contents


Control Type	Industry	Portfolio Company	Investment Type	Spread Above Index ^(1)^	Interest Rate		Maturity Date	Principal/Shares ^(9)^		Cost		Market Value		% of NAV ^(4)^
Controlled Affiliate Investments
	Aerospace & Defense	BCC Jetstream Holdings Aviation (Off I), LLC ^(6)(10)(11)(19)(20)(25)^	Equity Interest	—	—		—	$	11,863		11,863		10,278
		BCC Jetstream Holdings Aviation (On II), LLC ^(10)(11)(18)(19)(20)^	First Lien Senior Secured Loan	L+ 10.00%	10.00	%	6/2/2023	$	7,915		7,915		6,442
		BCC Jetstream Holdings Aviation (On II), LLC ^(10)(11)(19)(20)(25)^	Equity Interest	—	—		—	$	1,116		1,116		—
		Gale Aviation (Offshore) Co ^(6)(10)(11)(19)(25)^	Equity Interest	—	—		—	$	90,450		90,451		87,919
								Aerospace & Defense Total		$	111,345	$	104,639	9.5	%

	Investment Vehicles	Bain Capital Senior Loan Program, LLC ^(6)(10)(11)(18)(19)^	Subordinated Note Investment Vehicles	10.00%	10.00	%	12/27/2033	$	35,780		35,780		35,780
		Bain Capital Senior Loan Program, LLC^(6)(10)(11)(19)(25)^	Preferred Equity Interest Investment Vehicles		—		—	$	10		10		(271)
		Bain Capital Senior Loan Program, LLC ^(6)(10)(11)(19)(25)^	Equity Interest Investment Vehicles		—		—	$	5,594		5,594		4,641
		International Senior Loan Program, LLC ^(6)(10)(11)(19)(25)^	Equity Interest Investment Vehicles		—		—	$	47,463		44,788		45,344
		International Senior Loan Program, LLC ^(6)(10)(11)(15)(19)^	Subordinated Note Investment Vehicles	L+ 8.00%	9.00	%	2/22/2028	$	142,357		142,357		142,357
								Investment Vehicles Total		$	228,529	$	227,851	20.5	%

	Transportation: Cargo	Lightning Holdings B, LLC^(6)(10)(11)(14)(19)(25)^	Equity Interest	—	—		—	$	17,274		17,584		18,390
								Transportation: Cargo Total		$	17,584	$	18,390	1.7	%
								Controlled Affiliate Investments Total		$	357,458	$	350,880	31.7	%
								Investments Total		$	2,319,675	$	2,287,038	206.6	%

Cash Equivalents
	Cash Equivalents	Goldman Sachs Financial Square Government Fund Institutional Share Class^(30)^	Cash Equivalents	—	0.03	%	—	$	35,601	$	35,601	$	35,601
								Cash Equivalents Total		$	35,601	$	35,601	3.2	%
								Investments and Cash Equivalents Total		$	2,355,276	$	2,322,639	209.8	%

Forward Foreign Currency Exchange Contracts


				Unrealized
				Appreciation
Currency Purchased	Currency Sold	Counterparty	Settlement Date	(Depreciation) ^(8)^
US DOLLARS 13,195	AUSTRALIAN DOLLARS 18,260	Bank of New York Mellon	8/3/2022	$	640
US DOLLARS 6,783	EURO 6,400	Bank of New York Mellon	8/18/2022		67
US DOLLARS 68,981	EURO 65,300	Bank of New York Mellon	8/24/2022		(424)
EURO 65,300	US DOLLARS 69,893	Bank of New York Mellon	8/24/2022		1,426
US DOLLARS 42,586	POUND STERLING 29,810	Bank of New York Mellon	9/2/2022		6,344
US DOLLARS 2,369	POUND STERLING 1,840	Citibank	9/2/2022		132
US DOLLARS 58,021	EURO 47,890	Bank of New York Mellon	9/2/2022		7,709
US DOLLARS 8,457	EURO 7,120	Citibank	9/2/2022		977
US DOLLARS 13,822	AUSTRALIAN DOLLARS 19,080	Bank of New York Mellon	9/2/2022		699
US DOLLARS 1,558	CANADIAN DOLLAR 2,000	Bank of New York Mellon	9/2/2022		7
US DOLLARS 27,411	POUND STERLING 20,700	Bank of New York Mellon	9/6/2022		(2,244)
US DOLLARS 5,940	EURO 5,200	Bank of New York Mellon	9/6/2022		(477)
US DOLLARS 8,144	EURO 7,120	Citibank	9/6/2022		(664)
US DOLLARS 24,349	POUND STERLING 19,320	Bank of New York Mellon	11/17/2023		658
US DOLLARS 10,773	EURO 9,890	Bank of New York Mellon	5/17/2024		(11)
US DOLLARS 11,215	POUND STERLING 9,000	Bank of New York Mellon	6/24/2024		256
				$	15,095

Table of Contents

(1)	The investments bear interest at a rate that may be determined by reference to the London Interbank Offered Rate (“LIBOR” or “L”), the Euro Interbank Offered Rate (“EURIBOR” or “E”), British Pound Sterling LIBOR Rate (“GBP LIBOR”), the Norwegian Interbank Offered Rate (“NIBOR” or “N”), the Copenhagen Interbank Offered Rate (“CIBOR” or “C”), Canadian Dollar LIBOR Rate (“CDOR LIBOR”), the Bank Bill Swap Rate ("BBSW"), the Bank Bill Swap Bid Rate ("BBSY"), or the Prime Rate (“Prime” or "P"), the Sterling Overnight Index Average ("SONIA")and which reset daily, monthly, quarterly or semiannually. Investments or a portion thereof may bear Payment-in-Kind ("PIK"). For each, the Company has provided the PIK or the spread over LIBOR, EURIBOR, GBP LIBOR, NIBOR, CIBOR, CDOR, BBSW, BBSY, or Prime and the current weighted average interest rate in effect at June 30, 2022. Certain investments are subject to a LIBOR, EURIBOR, GBP LIBOR, NIBOR, CIBOR, CDOR, BBSW, or Prime interest rate floor.
(2)	The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.
---	---
(3)	Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The investment may be subject to an unused/letter of credit facility fee.
---	---
(4)	Percentages are based on the Company’s net assets of $1,107,014 as of June 30, 2022.
---	---
(5)	The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
---	---
(6)	The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940. 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, non-qualifying assets totaled 26.61% of the Company’s total assets.
---	---
(7)	Loan was on non-accrual status as of June 30, 2022.
---	---
(8)	Unrealized appreciation/(depreciation) on forward currency exchange contracts.
---	---
(9)	The principal amount (par amount) for all debt securities is denominated in U.S. dollars, unless otherwise noted. £ represents Pound Sterling, € represents Euro, NOK represents Norwegian krone, AUD represents Australian, CAD represents Canadian Dollar and DKK represents Kroner.
---	---
(10)	As defined in the 1940 Act, the Company is deemed to be an “Affiliated Investment” of the Company as the Company owns 5% or more of the portfolio company’s securities.
---	---
(11)	As defined in the 1940 Act, the Company is deemed to “Control” this portfolio company as the Company either owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company.
---	---
(12)	Blank
---	---
(13)	$292 of the total par amount for this security is at P+ 4.25%.
---	---
(14)	Non-Income Producing.
---	---
(15)	Loan includes interest rate floor of 1.00%.
---	---
(16)	Loan includes interest rate floor of 0.75%.
---	---
(17)	Loan includes interest rate floor of 0.50%.
---	---
(18)	Loan includes interest rate floor of 0.00%.
---	---
(19)	Security valued using unobservable inputs (Level 3).
---	---
(20)	The Company holds non-controlling, affiliate interest in an aircraft-owning special purpose vehicle through this investment.
---	---
(21)	Loan includes interest rate floor of 0.25%.
---	---
(22)	Blank
---	---
(23)	$992 of the total par amount for this security is at L+ 5.75%.
---	---
(24)	Blank
---	---
(25)	Security exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of June 30, 2022, the aggregate fair value of these securities is $342,190 or 20.91% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:
---	---

Table of Contents

Investment		Acquisition Date
Abracon Group Holding, LLC		7/18/2018
ACAMS		3/10/2022
ACM dcBLOX LLC		3/22/2021
ADT Pizza, LLC		10/29/2018
Ansett Aviation Training		3/24/2022
Apollo Intelligence LLC		6/1/2022
Appriss Holdings, Inc.		5/3/2021
AQ Software Corporation		12/10/2021
AQ Software Corporation		12/10/2021
ARL Holdings, LLC		5/3/2019
ARL Holdings, LLC		5/3/2019
Armor Group, LP		8/28/2018
Bain Capital Senior Loan Program, LLC		12/27/2021
Bain Capital Senior Loan Program, LLC		12/27/2021
BCC Jetstream Holdings Aviation (Off I), LLC		6/1/2017
BCC Jetstream Holdings Aviation (On II), LLC		6/1/2017
BCC Middle Market CLO 2018-1, LLC		2/28/2022
Blackbrush Oil & Gas, L.P.		9/3/2020
Blackbrush Oil & Gas, L.P.		9/3/2020
Brook Bidco Series A Preferred Units		7/8/2021
CB Titan Holdings, Inc.		5/1/2017
Darcy Partners		6/1/2022
DC Blox Inc.		3/23/2021
Direct Travel, Inc.		10/2/2020
Eagle Rock Capital Corporation		12/9/2021
East BCC Coinvest II, LLC		7/23/2019
Elevator Holdco Inc.		12/23/2019
Eleven Software		4/25/2022
Elk Parent Holdings, LP		11/1/2019
Elk Parent Holdings, LP		11/1/2019

Table of Contents


Investment		Acquisition Date
FCG Acquisitions, Inc.		1/24/2019
Fineline Technologies, Inc.		2/22/2021
Gale Aviation (Offshore) Co		1/2/2019
Gluware Warrant		10/15/2021
Grammer Investment Holdings LLC		10/1/2018
Grammer Investment Holdings LLC		10/1/2018
Grammer Investment Holdings LLC		10/1/2018
iBanFirst Facility Series A Preferred Units		7/13/2021
International Senior Loan Program, LLC		2/22/2021
Kellstrom Aerospace Group, Inc		7/1/2019
Lightning Holdings B, LLC		1/2/2020
masLabor Equity		7/1/2021
MZR Aggregator		12/22/2020
NPC International, Inc.		4/1/2021
Opus2		6/16/2021
Parcel2Go Shares		7/15/2021
PPX Class A Units		7/29/2021
PPX Class B Units		7/29/2021
Precision Ultimate Holdings, LLC		11/6/2019
REP Coinvest III- A Omni, L.P.		2/5/2021
Revalize		4/14/2022
Robinson Helicopter		6/30/2022
ServiceMaster LP Interest Class B Preferred Units		8/16/2021
Superna Inc.		3/8/2022
TLC Holdco LP		10/11/2019
Toro Private Investments II, L.P.		4/2/2019
Utimaco		6/28/2022
Utimaco		6/28/2022
Ventiv Topco, Inc.		9/3/2019
WCI-HSG HOLDCO, LLC		2/22/2019
WSP LP Interest		8/31/2021
(26)	Denotes that all or a portion of the debt investment includes PIK interest during the period.
---	---
(27)	Asset is in an escrow liquidating trust.
---	---
(28)	Assets or a portion thereof are pledged as collateral for the BCSF Complete Financing Solution Holdco LLC. See Note 6 "Debt".
---	---
(29)	Assets or a portion thereof are pledged as collateral for the 2019-1 Issuer. See Note 6 "Debt".
---	---
(30)	Cash equivalents include $25,910 of restricted cash.
---	---
(31)	Blank
---	---
(32)	Loan includes interest rate floor of 1.50%.
---	---
(33)	$2 of the total par amount for this security is at P+ 5.50%
---	---

See Notes to Consolidated Financial Statements

Table of Contents Bain Capital Specialty Finance, Inc.

Consolidated Schedule of Investments

As of December 31, 2021

(In thousands)


	****		****		****		****		****		****		****			****			****			****		****
										Interest		Maturity								Market			% of
Control Type		Industry		Portfolio Company		Investment Type		Spread Above Index^(1)^		Rate		Date		Principal/Shares^(9)^			Cost			Value			NAV^(4)^
Non-Controlled/Non-Affiliate Investments
		Aerospace & Defense		Forming & Machining Industries Inc.^(18)(19)^		Second Lien Senior Secured Loan		L+ 8.25	%	8.47	%	10/9/2026		$	6,540			6,494			5,821
				Forming & Machining Industries Inc.^(12)(18)^		First Lien Senior Secured Loan		L+ 4.25	%	4.47	%	10/9/2025		$	16,439			16,352			15,288
				GSP Holdings, LLC^(12)(15)(19)(26)(29)^		First Lien Senior Secured Loan		L+ 5.75% (0.25% PIK)		6.75	%	11/6/2024		$	35,622			35,516			32,951
				GSP Holdings, LLC^(15)(19)(26)^		First Lien Senior Secured Loan— Revolver		L+ 5.75% (0.25% PIK)		6.75	%	11/6/2025		$	1,602			1,573			1,261
				Kellstrom Aerospace Group, Inc^(14)(19)(25)^		Equity Interest		—		—		—			1			1,963			913
				Kellstrom Commercial Aerospace, Inc.^(18)(19)(24)^		First Lien Senior Secured Loan— Revolver		L+ 5.50	%	6.50	%	7/1/2025		$	2,239			2,176			1,919
				Kellstrom Commercial Aerospace, Inc.^(12)(15)(19)^		First Lien Senior Secured Loan		L+ 5.50	%	6.50	%	7/1/2025		$	32,855			32,430			30,884
				Mach Acquisition R/C^(2)(5)(18)(19)^		First Lien Senior Secured Loan— Revolver		—		—		10/18/2026		$	—			(193)			(201)
				Mach Acquisition T/L^(15)(19)^		First Lien Senior Secured Loan		L+ 7.50	%	8.50	%	10/18/2026		$	32,640			32,006			31,987
				Precision Ultimate Holdings, LLC^(14)(19)(25)^		Equity Interest		—		—		—			1,417			1,417			1,204
				WCI-HSG HOLDCO, LLC^(14)(19)(25)^		Preferred Equity		—		—		—			675			675			1,993
				WCI-HSG Purchaser, Inc.^(12)(15)(19)(29)^		First Lien Senior Secured Loan— Revolver		L+ 4.75	%	5.75	%	2/24/2025		$	1,209			1,190			1,209
				WCI-HSG Purchaser, Inc.^(12)(15)(19)(29)^		First Lien Senior Secured Loan		L+ 4.75	%	5.75	%	2/24/2025		$	17,422			17,285			17,422
				Whitcraft LLC^(2)(3)(5)(15)(19)^		First Lien Senior Secured Loan— Revolver		—		—		4/3/2023		$	—			(7)			(59)
				Whitcraft LLC^(12)(15)(19)(29)^		First Lien Senior Secured Loan		L+ 6.00	%	7.00	%	4/3/2023		$	39,775			39,594			38,482
				WP CPP Holdings, LLC.^(12)(15)^		Second Lien Senior Secured Loan		L+ 7.75	%	8.75	%	4/30/2026		$	11,724			11,646			11,495
	****	****	****	****	****	****								****	Aerospace & Defense Total		$	200,117		$	192,569	****	17.5	%
		Automotive		American Trailer Rental Group^(19)(26)^		Subordinated Debt		9.00% (2.00% PIK)		11.00	%	12/1/2027		$	4,913			4,842			4,913
				American Trailer Rental Group^(19)(26)^		Subordinated Debt		9.00% (2.00% PIK)		11.00	%	12/1/2027		$	15,114			14,793			15,114
				Cardo^(6)(12)(17)(19)^		First Lien Senior Secured Loan		L+ 6.00	%	6.50	%	5/12/2028		$	10,898			10,795			10,898
				CST Buyer Company^(3)(5)(15)(19)^		First Lien Senior Secured Loan— Revolver		—		—		10/3/2025		$	—			(11)			—
				CST Buyer Company^(12)(15)(19)(29)^		First Lien Senior Secured Loan		L+ 5.55	%	6.50	%	10/3/2025		$	19,238			19,122			19,238
				JHCC Holdings, LLC^(15)(19)^		First Lien Senior Secured Loan— Delayed Draw		P+ 4.50	%	7.75	%	9/9/2025		$	2,635			2,618			2,635
				JHCC Holdings, LLC^(19)(31)^		First Lien Senior Secured Loan— Revolver		P+ 5.75	%	6.75	%	9/9/2025		$	894			863			894
				JHCC Holdings, LLC^(15)(19)^		First Lien Senior Secured Loan— Delayed Draw		L+ 5.75	%	6.75	%	9/9/2025		$	5,782			5,776			5,782
				JHCC Holdings, LLC^(12)(15)(19)(29)^		First Lien Senior Secured Loan		L+ 5.75	%	6.75	%	9/9/2025		$	29,081			28,799			29,081
	****	****												****	Automotive Total		$	87,597		$	88,555	****	8.1	%
		Banking		Green Street Parent, LLC^(3)(5)(17)(19)(29)^		First Lien Senior Secured Loan— Revolver		—		—		8/27/2025		$	—			(29)			—
				Green Street Parent, LLC^(12)(17)(19)(29)^		First Lien Senior Secured Loan		L+ 5.75	%	5.50	%	8/27/2026		$	14,190			13,988			14,190
				Green Street Parent, LLC^(17)(19)(29)^		First Lien Senior Secured Loan		L+ 5.00	%	5.50	%	8/27/2026		$	4,500			4,411			4,500
	****	****												****	Banking Total		$	18,370		$	18,690	****	1.7	%

Table of Contents


																								****
										Interest		Maturity								Market			^% of^	****
Control Type	****	Industry	****	Portfolio Company	****	Investment Type	****	Spread Above Index^(1)^	****	Rate	****	Date	****	Principal/Shares^(9)^		****	Cost		****	Value		****	NAV^(4)^	^^
		Beverage, Food & Tobacco		NPC International, Inc.^(19)(25)(27)^		Equity Interest		—		—		—			564			843			228
													****		Beverage, Food & Tobacco Total		$	843		$	228	****	0.0	%
		Capital Equipment		East BCC Coinvest II, LLC^(14)(19)(25)^		Equity Interest		—		—		—			1,419			1,419			1,065
				Electronics For Imaging, Inc.^(12)(18)(19)^		Second Lien Senior Secured Loan		L+ 9.00	%	9.10	%	7/23/2027		$	12,070			11,460			11,285
				FCG Acquisitions, Inc.^(14)(19)(25)^		Preferred Equity		—		—		—			4			—			—
				Jonathan Acquisition Company^(19)(15)^		Second Lien Senior Secured Loan		L+ 9.00	%	10.00	%	12/22/2027		$	8,000			7,821			8,000
				Tidel Engineering, L.P.^(12)(15)(19)(29)^		First Lien Senior Secured Loan		L+ 5.75	%	6.75	%	3/1/2024		$	38,155			38,155			38,155
				Tidel Engineering, L.P.(^15)(19)^		First Lien Senior Secured Loan		L+ 5.75	%	6.75	%	3/1/2024		$	6,337			6,274			6,336
														****	Capital Equipment Total		$	65,129		$	64,841	****	5.9	%
		Chemicals, Plastics & Rubber		V Global Holdings LLC^(12)(15)(19)(29)^		First Lien Senior Secured Loan		L+ 6.00	%	7.00	%	12/22/2027		$	24,813			24,242			24,813
				V Global Holdings LLC^(15)(19)^		First Lien Senior Secured Loan— Revolver		P+ 5.00	%	8.25	%	12/22/2025		$	2,050			1,893			2,050
														****	Chemicals, Plastics & Rubber Total		$	26,135		$	26,863	****	2.4	%
		Construction & Building		Chase Industries, Inc.^(15)(19)(26)^		First Lien Senior Secured Loan—Delayed Draw		L+ 5.50% (1.5% PIK)		6.50	%	5/12/2025		$	1,197			1,195			946
				Chase Industries, Inc.^(15)(19)(26)^		First Lien Senior Secured Loan		L+ 5.50% (1.5% PIK)		6.50	%	5/12/2025		$	12,622			12,586			9,971
				Elk Parent Holdings, LP^(14)(19)(25)^		Equity Interest		—		—		—			1			12			407
				Elk Parent Holdings, LP^(14)(19)(25)^		Preferred Equity		—		—		—			120			1,202			1,427
				Regan Development Holdings Limited^(6)(17)(19)^		First Lien Senior Secured Loan		EURIBOR+ 6.50	%	7.00	%	4/18/2022		€	2,087			2,274			2,326
				Regan Development Holdings Limited^(6)(17)(19)^		First Lien Senior Secured Loan		EURIBOR+ 6.50	%	7.00	%	4/18/2022		€	677			768			754
				Regan Development Holdings Limited^(6)(17)(19)^		First Lien Senior Secured Loan		EURIBOR+ 6.50	%	7.00	%	4/18/2022		€	6,335			6,895			7,041
				ServiceMaster LP Interest Class B Preferred Units^(14) (19)(25)^		Equity Interest		—		—		—			—			327			353
				Service Master Revolving Loan^(15)(19)^		First Lien Senior Secured Loan—Revolver		L+ 7.50	%	8.50	%	8/16/2027		$	1,260			1,176			1,260
				Service Master Term Note^(17)(19)^		First Lien Senior Secured Loan		L+ 7.50	%	8.50	%	8/16/2027		$	939			921			939
				YLG Holdings, Inc.^(15)(19)^		First Lien Senior Secured Loan—Delayed Draw		L+ 6.00	%	7.00	%	10/31/2025		$	5,060			5,055			5,060
				YLG Holdings, Inc.^(3)(5)(15)(19)^		First Lien Senior Secured Loan—Revolver		—		—		10/31/2025		$	—			(55)			—
				YLG Holdings, Inc.^(12)(15)(19)(29)^		First Lien Senior Secured Loan		L+ 5.25	%	6.25	%	10/31/2025		$	38,086			37,900			38,086
	****	****	****	****										****	Construction & Building Total		$	70,256		$	68,570	****	6.2	%
		Consumer Goods: Durable		New Milani Group LLC^(12)(15)(19)^		First Lien Senior Secured Loan		L+ 6.50	%	7.50	%	6/6/2024		$	16,752			16,678			16,250
				Stanton Carpet T/L 2nd Lien^(15)(19)^		Second Lien Senior Secured Loan		L+ 9.00	%	10.00	%	4/1/2028		$	19,664			19,277			19,271
				TLC Holdco LP^(14)(19)(25)^		Equity Interest		—		—		—			1,188			1,186			431
				TLC Purchaser, Inc.^(2)(3)(5)(19)^		First Lien Senior Secured Loan—Delayed Draw		—		—		10/13/2025		$	—			(45)			(854)
				TLC Purchaser, Inc.^(15)(19)^		First Lien Senior Secured Loan—Revolver		L+ 5.25	%	8.50	%	10/13/2025		$	6,408			6,296			5,340
				TLC Purchaser, Inc.^(12)(15)(19)(29)^		First Lien Senior Secured Loan		L+ 6.25	%	7.25	%	10/13/2025		$	41,066			40,511			36,137
			****	****										****	Consumer Goods: Durable Total		$	83,903		$	76,575	****	7.0	%
		Consumer Goods: Non-Durable		Fineline Parent Holdings^(14)(19)(25)^		Equity Interest		—		—		—			939			939			1,241
				FL Hawk Intermediate Holdings, Inc.^(15)(19)^		Second Lien Senior Secured Loan		L+ 9.00	%	10.00	%	8/22/2028		$	21,125			20,543			21,125
				New Era Cap Co., Inc.^(12)(15)(19)(29)^		First Lien Senior Secured Loan		L+ 6.50	%	7.50	%	9/10/2023		$	9,970			9,970			9,970
				RoC Opco LLC^(3)(5)(15)(19)^		First Lien Senior Secured Loan—Revolver		—		—		2/25/2025		$	—			(111)			—
				RoC Opco LLC^(12)(15)(19)(29)^		First Lien Senior Secured Loan		L+ 8.50	%	9.50	%	2/25/2025		$	40,079			39,486			40,079

Table of Contents


						Interest		Maturity					Market		% of
Control Type	Industry	Portfolio Company	Investment Type	Spread Above Index^(1)^		Rate		Date	Principal/Shares^(9)^		Cost		Value		NAV^(4)^
		Solaray, LLC^(15)(19)^	First Lien Senior Secured Loan—Delayed Draw	L+ 5.50	%	6.50	%	9/9/2023	$	14,276		14,276		14,276
		Solaray, LLC^(15)(19)^	First Lien Senior Secured Loan—Revolver	L+ 4.50	%	5.50	%	9/9/2022	$	907		895		907
		Solaray, LLC^(12)(15)(19^)	First Lien Senior Secured Loan	L+ 5.50	%	6.50	%	9/11/2023	$	41,729		41,729		41,729
		WU Holdco, Inc.^(18)(19)^	First Lien Senior Secured Loan—Revolver	L+ 5.50	%	5.72	%	3/26/2025	$	1,690		1,656		1,690
		WU Holdco, Inc.^(12)(15)(19)(29)^	First Lien Senior Secured Loan	L+ 5.50	%	6.50	%	3/26/2026	$	44,452		43,847		44,452
		WU Holdco, Inc.^(12)(15)(19)^	First Lien Senior Secured Loan	L+ 5.50	%	6.50	%	3/26/2026	$	6,594		6,534		6,594
		WU Holdco, Inc.^(3)(5)(15)(19)^	First Lien Senior Secured Loan	—		—		3/26/2026	$	—		(31)		—
									****	Consumer Goods: Non-Durable Total	$	179,733	$	182,063	16.6	%
	Consumer Goods: Wholesale	WSP LP Interest^(14)(19)(25)^	Equity Interest	—		—		—		2,898		2,898		2,829
		WSP Initial Term Loan^(12)(15)(19)(29)^	First Lien Senior Secured Loan	L+ 6.25	%	7.25	%	4/27/2027	$	12,251		12,017		12,037
		WSP Initial Term Loan^(2)(3)(5)(15)(19)^	First Lien Senior Secured Loan	—		—		4/27/2023	$	—		(36)		(31)
		WSP Revolving Loan^(2)(3)(5)(15)(19)^	First Lien Senior Secured Loan—Revolver	—		—		4/27/2027	$	—		(9)		(8)
									****	Consumer Goods: Wholesale Total	$	14,870	$	14,827	1.3	%
	Containers, Packaging, & Glass	ASP-r-pac Acquisition Co LLC^(16)(19)^	First Lien Senior Secured Loan—Revolver	L+ 6.00	%	6.75	%	12/29/2027	$	651		586		586
		ASP-r-pac Acquisition Co LLC^(12)(16)(19)^	First Lien Senior Secured Loan	L+ 6.00	%	6.75	%	12/29/2027	$	27,339		26,793		26,792
									****	Containers, Packaging, & Glass Total	$	27,379	$	27,378	2.5	%
	Energy: Oil & Gas	Amspec Services, Inc.^(15)(19)^	First Lien Senior Secured Loan—Revolver	L+ 5.75	%	6.75	%	7/2/2024	$	1,488		1,457		1,487
		Amspec Services, Inc.^(12)(15)(19)(29)^	First Lien Senior Secured Loan	L+ 5.75	%	6.75	%	7/2/2024	$	43,207		42,923		43,207
		Amspec Services, Inc.^(15)(19)^	First Lien Senior Secured Loan	L+ 5.75	%	6.75	%	7/2/2024	$	2,798		2,768		2,798
									****	Energy: Oil & Gas Total	$	47,148	$	47,492	4.3	%
	FIRE: Finance	Allworth Financial Group, L.P.^(15)(19)^	First Lien Senior Secured Loan— Delayed Draw	L+ 5.00	%	6.00	%	12/23/2026	$	2,528		2,476		2,528
		Allworth Financial Group, L.P.^(12)(15)(19)(29)^	First Lien Senior Secured Loan	L+ 5.00	%	6.00	%	12/23/2026	$	10,037		9,908		10,037
		Allworth Financial Group, L.P.^(3)(5)(15)(19)^	First Lien Senior Secured Loan— Revolver	—		—		12/23/2026	$	—		(15)		—
		TA/Weg Holdings^(15)(19)(29)^	First Lien Senior Secured Loan— Delayed Draw	L+ 5.75	%	6.75	%	10/2/2027	$	9,495		9,495		9,495
		TA/Weg Holdings^(15)(19)^	First Lien Senior Secured Loan— Delayed Draw	L+ 5.75	%	6.75	%	10/2/2027	$	2,392		2,381		2,392
									****	FIRE: Finance Total	$	24,245	$	24,452	2.2	%
	FIRE: Insurance	Margaux Acquisition Inc.^(15)(19)^	First Lien Senior Secured Loan— Delayed Draw	L+ 5.50	%	6.50	%	12/19/2024	$	9,198		9,173		9,198
		Margaux Acquisition, Inc.^(3)(5)(15)(19)^	First Lien Senior Secured Loan— Revolver	—		—		12/19/2024	$	—		(28)		—
		Margaux Acquisition Inc.^(12)(15)(19)(29)^	First Lien Senior Secured Loan	L+ 5.50	%	6.50	%	12/19/2024	$	28,334		28,000		28,334
		Margaux UK Finance Limited^(3)(6)(19)^	First Lien Senior Secured Loan— Revolver	GBP LIBOR+ 5.50	%	6.50	%	12/19/2024	£	89		112		120
		Margaux UK Finance Limited^(6)(15)(19)^	First Lien Senior Secured Loan	GBP LIBOR+ 5.50	%	6.50	%	12/19/2024	£	7,551		9,740		10,218
		MRHT Facility A^(6)(18)(19)^	First Lien Senior Secured Loan	EURIBOR+ 5.50	%	5.50	%	7/26/2028	€	216		248		245
		MRHT Acquisition Facility^(3)(5)(6)(19)^	First Lien Senior Secured Loan	—		—		7/26/2028	€	—		(6)		—
		Paisley Bidco Limited^(6)(18)(19)^	First Lien Senior Secured Loan	EURIBOR+ 5.50	%	5.50	%	11/24/2028	£	3,210		3,583		3,614

Table of Contents


						Interest		Maturity			Market					% of
Control Type	Industry	Portfolio Company	Investment Type	Spread Above Index^(1)^		Rate		Date	Principal/Shares^(9)^		Cost		Value			NAV^(4)^
		Paisley Bidco Limited^(2)(3)(5)(6)(18)(19)^	First Lien Senior Secured Loan— Delayed Draw	—		—		11/24/2028	£	—		(84)		(86)
		World Insurance^(15)(19)^	First Lien Senior Secured Loan— Delayed Draw	L+ 5.75	%	6.75	%	4/1/2026	$	8,358		8,285		8,296
		World Insurance^(3)(15)(19)^	First Lien Senior Secured Loan— Revolver	L+ 5.75	%	6.75	%	4/1/2026	$	70		54		63
		World Insurance^(15)(19)^	First Lien Senior Secured Loan	L+ 5.75	%	6.75	%	4/1/2026	$	3,144		3,088		3,121
									****	FIRE: Insurance Total	$	62,165	$	63,123	****	5.7	%
	Healthcare & Pharmaceuticals	CB Titan Holdings, Inc.^(14)(19)(25)^	Preferred Equity	—		—				1,953		1,953		1,153
		CPS Group Holdings, Inc.^(3)(5)(15)(19)^	First Lien Senior Secured Loan— Revolver	—		—		3/3/2025	$	—		(52)		—
		CPS Group Holdings, Inc.^(12)(15)(19)(29)^	First Lien Senior Secured Loan	L+ 5.25	%	6.25	%	3/3/2025	$	54,843		54,517		54,843
		Datix Bidco Limited^(6)(18)(19)^	First Lien Senior Secured Loan— Revolver	L+ 4.50	%	4.96	%	10/28/2024	£	10		13		13
		Datix Bidco Limited^(6)(18)(19)^	Second Lien Senior Secured Loan	L+ 7.75	%	8.21	%	4/27/2026	£	121		164		164
		Datix Bidco Limited^(6)(18)(19)^	First Lien Senior Secured Loan	BBSW+ 4.00	%	4.25	%	4/28/2025	AUD	42		32		31
		Great Expressions Dental Centers PC^(13)(15)(19)(26)^	First Lien Senior Secured Loan— Revolver	L+ 4.75% (0.5% PIK)		5.75	%	9/28/2022	$	1,027		1,025		929
		Great Expressions Dental Centers PC^(15)(19)(26)^	First Lien Senior Secured Loan	L+ 4.75% (0.5% PIK)		5.75	%	9/28/2023	$	7,831		7,844		7,205
		Island Medical Management Holdings, LLC^(15)(19)^	First Lien Senior Secured Loan	L+ 6.50	%	7.50	%	9/1/2023	$	8,520		8,496		8,371
		Mertus 522. GmbH^(6)(18)(19)^	First Lien Senior Secured Loan— Delayed Draw	EURIBOR+ 6.25	%	6.25	%	5/28/2026	€	131		142		149
		Mertus 522. GmbH^(6)(18)(19)^	First Lien Senior Secured Loan	EURIBOR+ 6.25	%	6.25	%	5/28/2026	€	225		247		255
		SunMed Group Holdings, LLC^(16)(19)^	First Lien Senior Secured Loan— Revolver	L+ 5.75	%	6.50	%	6/16/2027	$	197		177		197
		SunMed Group Holdings, LLC^(12)(16)(19)(29)^	First Lien Senior Secured Loan	L+ 5.75	%	6.50	%	6/16/2028	$	18,510		18,204		18,510
		TecoStar Holdings, Inc.^(12)(15)(19)^	Second Lien Senior Secured Loan	L+ 8.50	%	9.50	%	11/1/2024	$	9,472		9,354		8,951
									****	Healthcare & Pharmaceuticals Total	$	102,116	$	100,771	****	9.2	%
	High Tech Industries	AMI US Holdings Inc.^(3)(6)(12)(18)(19)^	First Lien Senior Secured Loan— Revolver	L+ 5.25	%	5.35	%	4/1/2024	$	698		682		698
		AMI US Holdings Inc.^(6)(12)(15)(19)(29)^	First Lien Senior Secured Loan	L+ 5.50	%	6.50	%	4/1/2025	$	12,892		12,735		12,892
		Appriss Holdings, Inc.^(15)(19^)	First Lien Senior Secured Loan	L+ 7.25	%	8.25	%	5/6/2027	$	11,292		11,081		11,179
		Appriss Holdings, Inc.^(2)(3)(5)(15)(19)^	First Lien Senior Secured Loan— Revolver	—		—		5/6/2027	$	—		(13)		(8)
		Appriss Holdings, Inc.^(19)(25)^	Equity Interest	—		—		—		2,136		1,606		1,552
		AQ Software Corporation^(19)^	Preferred Equity	—		—		—		1		1,029		1,029
		AQ Software Corporation^(19)^	Preferred Equity	—		—		—		2		1,715		1,715
		Armstrong Bidco Limited^(3)(6)(19)(21)^	First Lien Senior Secured Loan	SONIA+ 4.75	%	5.00	%	4/30/2025	£	56		78		76
		Armstrong Bidco T/L^(6) (19)^	First Lien Senior Secured Loan	SONIA+ 4.75	%	5.06	%	4/30/2025	£	705		763		954
		CB Nike IntermediateCo Ltd^(6)(15)(19)^	First Lien Senior Secured Loan— Revolver	L+ 4.75	%	5.75	%	10/31/2025	$	44		44		44
		CB Nike IntermediateCo Ltd^(6)(15)(19)^	First Lien Senior Secured Loan	L+ 4.75	%	5.75	%	10/31/2025	$	347		342		347
		Drilling Info Holdings, Inc^(12)(18)^	First Lien Senior Secured Loan	L+ 4.25	%	4.35	%	7/30/2025	$	22,152		22,101		21,930
		Eagle Rock Capital Corporation^(19)^	Preferred Equity	—		—		—		2,354		2,354		2,354
		Element Buyer, Inc.^(15)(19)^	First Lien Senior Secured Loan— Delayed Draw	L+ 5.50	%	6.50	%	7/18/2025	$	11,078		11,097		11,078
		Element Buyer, Inc.^(15)(19)^	First Lien Senior Secured Loan— Revolver	L+ 5.50	%	6.50	%	7/19/2024	$	1,700		1,672		1,700
		Element Buyer, Inc.^(15)(19)^	First Lien Senior Secured Loan	L+ 5.50	%	6.50	%	7/18/2025	$	37,007		37,199		37,007

Table of Contents


											****	Maturity	****	****		****	****		****	Market		****	% of	****
Control Type	****	Industry	****	Portfolio Company	****	Investment Type	****	Spread Above Index^(1)^	****	Interest Rate		Date		Principal/Shares^(9)^			Cost			Value			NAV^(4)^	****
				Gluware T/L^(6)(19)^		First Lien Senior Secured Loan		Fixed+ 12.50	%	9.00	%	10/15/2025		$	18,898			18,534			18,520
				Gluware Warrant^(6)(19)^		Warrants		—		—		—			3,328			—			—
				MRI Software LLC^(15)(19)^		First Lien Senior Secured Loan		L+ 5.50	%	6.50	%	2/10/2026		$	25,926			25,850			25,926
				MRI Software LLC^(3)(15)(19)^		First Lien Senior Secured Loan— Revolver		—		—		2/10/2026		$	—			48			—
				Revalize, Inc.^(2)(3)(5)(19)^		First Lien Senior Secured Loan— Delayed Draw		—		—		4/15/2027		$	—			(133)			(134)
				Revalize, Inc.^(2)(3)(5)(18)(19)^		First Lien Senior Secured Loan— Revolver		—		—		4/15/2027		$	—			(13)			(13)
				Revalize, Inc.^(15)(19)(29)^		First Lien Senior Secured Loan— Delayed Draw		L+ 5.25	%	6.25	%	4/15/2027		$	5,130			5,079			5,079
				Swoogo LLC^(2)(3)(5)(18)(19)^		First Lien Senior Secured Loan— Revolver		—		—		12/9/2026		$	—			(25)			(25)
				Swoogo LLC^(15)(19)^		First Lien Senior Secured Loan		L+ 8.00	%	9.00	%	12/9/2026		$	2,330			2,284			2,283
				Utimaco, Inc.^(6)(18)(19)^		First Lien Senior Secured Loan		L+ 4.00	%	4.10	%	8/9/2027		$	148			146			148
				Ventiv Topco, Inc.^(3)(5)(18)(19)^		First Lien Senior Secured Loan— Revolver		—		—		9/3/2025		$	—			(38)			—
				Ventiv Topco, Inc.^(14)(19)(25)^		Equity Interest		—		—		—			28			2,833			2,755
				Ventiv Holdco, Inc.^(12)(15)(19)(29)^		First Lien Senior Secured Loan		L+ 5.50	%	6.50	%	9/3/2025		$	23,812			23,576			23,812
				VPARK BIDCO AB^(6)(16)(19)^		First Lien Senior Secured Loan		CIBOR+ 4.00	%	4.75	%	3/10/2025		DKK	570			92			87
				VPARK BIDCO AB^(6)(16)(19)^		First Lien Senior Secured Loan		NIBOR+ 4.00	%	4.75	%	3/10/2025		NOK	740			93			84
	****				****				****					High Tech Industries Total			$	182,811		$	183,069		16.6	%
		Hospitality Holdings		PPX Class A Units^(14)(19)(25)^		Preferred Equity		—		—		—			33			—			163
				PPX Class B Units^(14)(19)(25)^		Preferred Equity		—		—		—			33			5,000			5,279
	****				****				****					Hospitality Holdings Total			$	5,000		$	5,442		0.5	%
		Hotel, Gaming & Leisure		Aimbridge Acquisition Co., Inc.^(12)(18)(19)^		Second Lien Senior Secured Loan		L+ 7.50	%	7.59	%	2/1/2027		$	20,193			19,772			18,679
				Captain D’s LLC^(3)(5)(15)(19)^		First Lien Senior Secured Loan— Revolver		—		—		12/15/2023		$	—			(6)			—
				Captain D’s LLC^(12)(15)(19)(29)^		First Lien Senior Secured Loan		L+ 4.50	%	5.50	%	12/15/2023		$	12,559			12,539			12,559
				Captain D’s LLC^(15)(19)(29)^		First Lien Senior Secured Loan		L+ 4.50	%	5.50	%	12/15/2023		$	2,326			2,301			2,326
				Quidditch Acquisition, Inc.^(12)(15)(29)^		First Lien Senior Secured Loan		L+ 7.00	%	8.00	%	3/21/2025		$	18,636			18,626			18,392
	****				****				****					Hotel, Gaming & Leisure Total			$	53,232		$	51,956		4.7	%
		Media: Advertising, Printing & Publishing		Ansira Holdings, Inc.^(15)(19)(26)(33)^		First Lien Senior Secured Loan— Delayed Draw		L+ 6.50	%	7.50	%	12/20/2024		$	4,873			4,874			3,862
				Ansira Holdings, Inc.^(19)(23)(31)^		First Lien Senior Secured Loan— Revolver		P+ 5.75	%	7.41	%	12/20/2024		$	5,383			5,383			3,913
				Ansira Holdings, Inc.^(15)(19)(26)^		First Lien Senior Secured Loan		L+ 6.50% PIK		7.50	%	12/20/2024		$	40,086			40,057			31,768
				TGI Sport Bidco Pty Ltd^(6)(17)(19)^		First Lien Senior Secured Loan		BBSW+ 7.00	%	7.50	%	4/30/2026		AUD	97			75			67
				TGI Sport Bidco Pty Ltd^(2)(3)(6)(17)(19)^		First Lien Senior Secured Loan— Revolver		—		—		4/30/2027		AUD	—			—			(151)
	****				****				****					Media: Advertising, Printing & Publishing Total			$	50,389		$	39,459		3.6	%
		Media: Broadcasting & Subscription		Lightning Finco Limited^(6)(16)(19)^		First Lien Senior Secured Loan		L+ 5.75	%	6.50	%	7/14/2028		$	4,350			4,234			4,350
				Lightning Finco Limited^(6)(16)(19)^		First Lien Senior Secured Loan		L+ 5.75	%	6.50	%	7/14/2028		$	4,629			4,506			4,629
	****				****				****					Media: Broadcasting & Subscription Total			$	8,740		$	8,979		0.8	%
		Media: Diversified & Production		9 Story Media Group Inc.^(3)(6)(16)(19)^		First Lien Senior Secured Loan— Revolver		—		—		4/30/2026		CAD	—			—			—
				9 Story Media Group Inc.^(6)(16)(19)^		First Lien Senior Secured Loan		CDOR+ 5.50	%	6.25	%	4/30/2026		CAD	72			54			57

Table of Contents


		****		****		****		****	Interest	****	Maturity	****			****			****	Market		****	% of	****
Control Type	Industry		Portfolio Company		Investment Type		Spread Above Index^(1)^		Rate		Date		Principal/Shares^(9)^			Cost			Value			NAV ^(4)^
																							****
			9 Story Media Group Inc.^(6)(18)(19)^		First Lien Senior Secured Loan		EURIBOR+ 5.25	%	5.25	%	4/30/2026		€	39			45			44
			Aptus 1724 Gmbh^(6)(19)(21)^		First Lien Senior Secured Loan		EURIBOR+ 6.00	%	6.25	%	2/23/2028		€	4,162			5,055			4,732
			Aptus 1724 Gmbh ^(6)(19)(21)^		First Lien Senior Secured Loan		L+ 6.25	%	6.50	%	2/23/2028		$	14,971			14,971			14,971
			Efficient Collaborative Retail Marketing Company, LLC ^(15)(19)^		First Lien Senior Secured Loan— Revolver		L+ 5.25	%	6.25	%	6/15/2022		$	1,275			1,275			1,275
			Efficient Collaborative Retail Marketing Company, LLC ^(15)(19)^		First Lien Senior Secured Loan		L+ 6.75	%	7.75	%	6/15/2022		$	15,095			15,114			14,340
			Efficient Collaborative Retail Marketing Company, LLC ^(15)(19)^		First Lien Senior Secured Loan		L+ 6.75	%	7.75	%	6/15/2022		$	9,788			9,800			9,298
			International Entertainment Investments Limited ^(6) (18)(19)^		First Lien Senior Secured Loan		GBP LIBOR+ 4.75	%	5.06	%	5/31/2023		£	87			106			118
													****	Media: Diversified & Production Total		$	46,420		$	44,835		4.1	%
	Retail		Batteries Plus Holding Corporation ^(19)(31)^		First Lien Senior Secured Loan—Revolver		P+ 5.75	%	8.44	%	6/30/2023		$	817			817			817
			Batteries Plus Holding Corporation ^(12)(15)(19)(29)^		First Lien Senior Secured Loan		L+ 6.75	%	7.75	%	6/30/2023		$	28,672			28,671			28,671
			New Look Vision Group^(6)(15)(19)^		First Lien Senior Secured Loan— Delayed Draw		CDOR+ 5.25	%	6.25	%	5/26/2028		CAD	2,380			1,868			1,883
			New Look Vision Group ^(6)(15)(19)^		First Lien Senior Secured Loan— Revolver		CDOR+ 5.25	%	6.25	%	5/26/2026		CAD	313			228			248
			New Look Vision Group ^(16)(19)^		First Lien Senior Secured Loan— Delayed Draw		CDOR+ 5.50	%	6.25	%	5/26/2028		CAD	322			310			322
			New Look Vision Group ^(16)(19)(29)^		First Lien Senior Secured Loan		CDOR+ 5.50	%	6.25	%	5/26/2028		CAD	9,750			9,653			9,750
			Thrasio, LLC ^(12)(15)(19)(29)^		First Lien Senior Secured Loan		L+ 7.00	%	8.00	%	12/18/2026		$	21,746			21,241			21,746
			Walker Edison Initial Term Loan ^(12)(15)(19)(29)^		First Lien Senior Secured Loan		L+ 5.75	%	9.75	%	8/5/2027		$	20,447			20,248			19,627
													****	Retail Total		$	83,036		$	83,064		7.6	%
	Services: Business		AMCP Clean Acquisition Company, LLC ^(12)(18)^		First Lien Senior Secured Loan— Delayed Draw		L+ 4.25	%	4.35	%	7/10/2025		$	3,816			3,810			3,189
			AMCP Clean Acquisition Company, LLC ^(12)(18)^		First Lien Senior Secured Loan		L+ 4.25	%	4.35	%	7/10/2025		$	15,767			15,747			13,176
			Brook Bidco I Limited ^(6)(16)(19)^		First Lien Senior Secured Loan— Revolver		GBP LIBOR+ 6.00	%	6.75	%	7/7/2028		£	5,385			7,047			7,287
			Brook Bidco I Limited ^(6)(16)(19)^		First Lien Senior Secured Loan— Revolver		GBP LIBOR+ 6.00	%	6.75	%	7/7/2028		£	7,180			9,396			9,716
			Brook Bidco Series A Preferred Units^(6)(14)(19)(25)^		Preferred Equity		—		—		—			5,675			7,783			7,908
			Brook Bidco Facility B ^(6)(18)(19)^		First Lien Senior Secured Loan		L+ 6.00	%	6.09	%	7/7/2028		£	684			935			926
			Chamber Bidco Limited^(6)(17)(19)^		First Lien Senior Secured Loan		L+ 6.00	%	6.50	%	6/7/2028		$	237			234			237
			Elevator Holdco Inc.^(14)(19)(25)^		Equity Interest		—		—		—			2			2,448			2,550
			iBanFirst Facility Series A Preferred Units^(6)(14)(19)(25)^		Preferred Equity		—		—		—			5,080			5,996			6,290
			iBanFirst Facility B^(6)(18)(19)^		First Lien Senior Secured Loan		EURIBOR+ 8.50	%	10.00	%	7/13/2028		€	102			128			116
			iBanFirst Revolving Facility^(6)(18)(19)^		First Lien Senior Secured Loan— Revolver		EURIBOR+ 8.50	%	8.50	%	7/13/2028		€	2,030			2,244			2,308
			masLabor Equity^(19)(25)^		Equity Interest		—		—		—			345			345			372
			masLabor Revolver ^(3)(5)(19)^		First Lien Senior Secured Loan— Revolver		—		—		7/1/2027		$	—			(21)			—
			masLabor Term Loan Note^(15)(19)^		First Lien Senior Secured Loan		L+ 7.50	%	8.50	%	7/1/2027		$	8,578			8,324			8,578
			Opus2^(6)(18)(19)^		First Lien Senior Secured Loan		SONIA+ 5.50	%	5.55	%	5/5/2028		£	123			167			166
			Opus^2(3)(5)(6)(18)(19)^		First Lien Senior Secured Loan— Delayed Draw		—		—		5/5/2028		£	—			(173)			—
			Opus2^(6)(25)(19)^		Equity Interest		—		—		—			1,460			1,769			2,373
			Parcel2Go Acquisition Facility^(3)(6)(19)^		First Lien Senior Secured Loan		SONIA+ 5.75	%	5.92	%	7/15/2028		£	3,863			4,982			5,183

Table of Contents


	****		****		****		****		****	Interest	****	Maturity	****			****			****	Market		****	% of	****
Control Type		Industry		Portfolio Company		Investment Type		Spread Above Index^(1)^		Rate		Date		Principal/Shares^(9)^			Cost			Value			NAV^(4)^	****

				Parcel2Go Facility B^(6)(18)(19)^		First Lien Senior Secured Loan		SONIA+ 5.75	%	5.80	%	7/15/2028		£	125			169			169
				Parcel2Go Shares^(6)(14)(19)(25)^		Equity Interest		—		—		—			2,881			3,983			3,899
				Refine Intermediate, Inc.^(3)(5)(18)(19)^		First Lien Senior Secured Loan— Revolver		—		—		9/3/2026		$	—			(96)			—
				Refine Intermediate, Inc.^(12)(15)(19)(29)^		First Lien Senior Secured Loan		L+ 4.50	%	5.50	%	3/3/2027		$	21,894			21,467			21,894
				Smartronix RC^(2)(3)(5)(18)(19)^		First Lien Senior Secured Loan— Revolver		—		—		11/23/2028		$	—			(124)			(126)
				Smartronix T/L^(12)(15)(19)^		First Lien Senior Secured Loan		L+ 6.00	%	7.00	%	11/23/2028		$	36,991			36,260			36,251
				SumUp Holdings Luxembourg S.à.r.l.^(6)(19)(32)^		First Lien Senior Secured Loan		EURIBOR+ 8.50	%	10.00	%	2/17/2026		€	6,650			7,939			7,561
				SumUp Holdings Luxembourg S.à.r.l.^(6)(19)(32)^		First Lien Senior Secured Loan		L+ 8.50	%	10.00	%	2/17/2026		£	10,055			11,700			11,432
				TEI Holdings Inc.^(15)(19)^		First Lien Senior Secured Loan— Revolver		L+6.00	%	7.00	%	12/23/2025		$	458			412			458
				TEI Holdings Inc.^(12)(15)(19)(26)(29)^		First Lien Senior Secured Loan		L+ 7.00% (1.25% PIK)		8.25	%	12/23/2026		$	48,720			48,350			48,720
				WCI Gigawatt Purchaser DD T/L^(15)(19)^		First Lien Senior Secured Loan— Delayed Draw		L+ 5.75	%	6.75	%	11/19/2027		$	3,182			3,076			3,074
				WCI Gigawatt Purchaser R/C^(2)(3)(5)(19)^		First Lien Senior Secured Loan— Revolver		—		—		11/19/2027		$	—			(71)			(72)
				WCI Gigawatt Purchaser T/L^(12)(15)(19)^		First Lien Senior Secured Loan		L+ 5.75	%	6.75	%	11/19/2027		$	22,304			21,809			21,802
	****	****	****	****										****	Services: Business Total		$	226,035		$	225,437	****	20.5	%
		Services: Consumer		MZR Aggregator^(14)(19)(25)^		Equity Interest		—		—		—			1			798			798
				MZR Buyer, LLC^(3)(5)(15)(19)^		First Lien Senior Secured Loan— Revolver		—		—		12/21/2026		$	—			(86)			—
				MZR Buyer, LLC^(12)(15)(19)(29)^		First Lien Senior Secured Loan		L+ 6.75	%	7.75	%	12/21/2026		$	40,228			39,551			40,228
				Surrey Bidco Limited^(6)(17)(19)^		First Lien Senior Secured Loan		GBP LIBOR+ 7.00	%	7.50	%	5/11/2026		£	50			62			60
				Zeppelin BidCo Pty Limited^(6)(18)(19)^		First Lien Senior Secured Loan		BBSY+ 6.00	%	5.12	%	6/28/2024		AUD	206			142			150
	****	****	****	****	****	****								****	Services: Consumer Total		$	40,467		$	41,236	****	3.7	%
		Telecommunications		ACM dcBLOX LLC^(14)(19)(25)^		Preferred Equity		—		—		—			3,822			3,851			4,130
				Conterra Ultra Broadband Holdings, Inc.^(15)(29)^		First Lien Senior Secured Loan		L+ 4.75	%	5.75	%	4/30/2026		$	6,321			6,300			6,332
				DC Blox Inc.^(15)(19)(26)^		First Lien Senior Secured Loan		L+ 8.00% (6.00% PIK)		9.00	%	3/22/2026		$	16,998			16,738			16,998
				DC Blox Inc.^(14)(19)(25)^		Warrants		—		—		—			177			2			—
				Horizon Telcom, Inc.^(15)(19)(29)^		First Lien Senior Secured Loan— Revolver		L+ 5.00	%	6.00	%	6/15/2023		$	116			114			116
				Horizon Telcom, Inc.^(12)(15)(19)(29)^		First Lien Senior Secured Loan— Delayed Draw		L+ 5.00	%	6.00	%	6/15/2023		$	890			888			890
				Horizon Telcom, Inc.^(12)(15)(19)(29)^		First Lien Senior Secured Loan		L+ 5.00	%	6.00	%	6/15/2023		$	13,104			13,045			13,104
			****				****		****						Telecommunications Total		$	40,938		$	41,570		3.8	%
		Transportation: Cargo		A&R Logistics, Inc.^(15)(19)^		First Lien Senior Secured Loan— Revolver		L+ 6.00	%	7.00	%	5/5/2025		$	2,815			2,748			2,815
				A&R Logistics, Inc.^(12)(15)(19)(29)^		First Lien Senior Secured Loan		L+ 6.00	%	7.00	%	5/5/2025		$	43,092			42,527			43,092
				A&R Logistics, Inc.^(15)(19)^		First Lien Senior Secured Loan		L+ 6.00	%	7.00	%	5/5/2025		$	2,423			2,391			2,423
				A&R Logistics, Inc.^(15)(19)^		First Lien Senior Secured Loan		L+ 6.00	%	7.00	%	5/5/2025		$	5,974			5,916			5,974
				A&R Logistics, Inc.^(15)(19)^		First Lien Senior Secured Loan		L+ 6.50	%	7.50	%	5/5/2025		$	2,716			2,695			2,716
				ARL Holdings, LLC^(14)(19)(25)^		Equity Interest		—		—		—			445			445			575
				ARL Holdings, LLC^(14)(19)(25)^		Equity Interest		—		—		—			9			9			81
				Grammer Investment Holdings LLC^(14)(19)(25)^		Equity Interest		—		—		—			1,011			1,011			1,056
				Grammer Investment Holdings LLC^(19)(25)(26)^		Preferred Equity		10% PIK		10.00	%	—			8			790			830
				Grammer Investment Holdings LLC^(14)(19)(25)^		Warrants		—		—		—			122			—			126
				Grammer Purchaser, Inc.^(12)(15)(19)(29)^		First Lien Senior Secured Loan— Revolver		L+ 4.50	%	5.50	%	9/30/2024		$	7,319			7,202			7,319

Table of Contents


	****		****		****		****		****	Interest	****	Maturity	****			****			****	Market		****	% of	****
Control Type		Industry		Portfolio Company		Investment Type		Spread Above Index^(1)^		Rate		Date		Principal/Shares^(9)^			Cost			Value			NAV^(4)^	****
				Omni Logistics, LLC^(15)(19)^		Second Lien Senior Secured Loan		L+ 9.00	%	10.00	%	12/30/2027		$	13,770			13,527			13,770
				Omni Intermediate DD T/L 1^(15)(19)^		First Lien Senior Secured Loan		L+ 5.00	%	6.00	%	11/23/2026		$	776			769			768
				Omni Intermediate DD T/L 2^(15)(19)^		First Lien Senior Secured Loan		L+ 5.00	%	6.00	%	11/23/2026		$	46			37			37
				Omni Intermediate Holdings Closing Date Term Loan ^(15)(19)^		First Lien Senior Secured Loan		L+ 5.00	%	6.00	%	11/23/2026		$	7,306			7,233			7,233
				Omni Intermediate R/C^(15)(19)^		First Lien Senior Secured Loan— Revolver		L+ 5.00	%	6.00	%	11/23/2025		$	183			183			176
				REP Coinvest III- A Omni, L.P.^(14)(19)(25)^		Equity Interest		—		—		—			1,377			1,377			2,616
	****	****			****	****								****	Transportation: Cargo Total		$	88,860		$	91,607	****	8.3	%
		Transportation: Consumer		Toro Private Investments II, L.P.^(6)(14)(19)(25)^		Equity Interest		—		—		—			3,090			3,090			1,353
				Toro Private Investments II, L.P.^(6)(12)(18)(19)^		First Lien Senior Secured Loan		L+ 6.75	%	6.90	%	5/29/2026		$	6,706			4,846			5,603
				Toro Private Investments II, L.P.^(6)(15)(26)^		First Lien Senior Secured Loan		L+ 1.50% (7.25% PIK)		9.75	%	2/28/2025		$	366			363			377
	****	****			****	****								****	Transportation: Consumer Total		$	8,299		$	7,333	****	0.7	%
		Wholesale		Abracon Group Holding, LLC^(14)(19)(25)^		Equity Interest		—		—		—			2			1,833			3,282
				Abracon Group Holding, LLC^(3)(5)(15)(19)^		First Lien Senior Secured Loan— Revolver		—		—		7/18/2024		$	—			(18)			—
				Abracon Group Holding, LLC^(12)(15)(19)(29)^		First Lien Senior Secured Loan		L+ 5.25	%	6.25	%	7/18/2024		$	35,363			35,270			35,363
				Aramsco, Inc.^(3)(5)(18)(19)^		First Lien Senior Secured Loan— Revolver		—		—		8/28/2024		$	—			(30)			—
				Aramsco, Inc.^(12)(18)(19)(29)^		First Lien Senior Secured Loan		L+ 5.25	%	5.35	%	8/28/2024		$	23,796			23,537			23,796
				Armor Group, LP^(14)(19)(25)^		Equity Interest		—		—		—			10			1,012			2,131
				PetroChoice Holdings, Inc.^(12)(15)^		First Lien Senior Secured Loan		L+ 5.00	%	6.00	%	8/19/2022		$	9,740			9,721			9,327
				PetroChoice Holdings, Inc.(12)(15)		First Lien Senior Secured Loan		L+ 5.00	%	6.00	%	8/19/2022		$	6,445			6,412			6,171
	****	****	****	****	****	****								****	Wholesale Total		$	77,737		$	80,070	****	7.3	%
	****	****			****	****								****	Non-Controlled/Non-Affiliate Investments Total		$	1,921,970		$	1,901,054	****	172.8	%
Non-Controlled/Affiliate Investments
		Beverage, Food & Tobacco		ADT Pizza, LLC^(10)(14)(19)(25)^		Equity Interest		—		—		—			6,720			6,720			19,527
	****	****	****	****	****	****								****	Beverage, Food & Tobacco Total		$	6,720		$	19,527	****	1.8	%
		Energy: Oil & Gas		Blackbrush Oil & Gas, L.P.^(10)(14)(19)(25)^		Equity Interest		—		—		—			1,123			—			—
				Blackbrush Oil & Gas, L.P.^(10)(14)(19)(25)^		Preferred Equity		—		—		—			36,084			10,104			19,720
				Blackbrush Oil & Gas, L.P.^(10)(12)(15)(19)(26)(29)^		First Lien Senior Secured Loan		L+ 5.00% (2% PIK)		8.00	%	9/3/2025		$	12,336			12,336			12,336
	****	****	****	****	****	****								****	Energy: Oil & Gas Total		$	22,440		$	32,056	****	2.9	%
		Transportation: Consumer		Direct Travel, Inc.^(10)(18)(19)(26)^		First Lien Senior Secured Loan		L+ 1.00% (6.30% PIK)		7.50	%	10/2/2023		$	4,766			4,766			4,766
				Direct Travel, Inc.^(10)(14)(19)(25)^		Equity Interest		—		—		—			68			—			—
				Direct Travel, Inc.^(10)(15)(19)(26)^		First Lien Senior Secured Loan— Delayed Draw		L+ 1.00% (8.28% PIK)		9.50	%	10/2/2023		$	3,370			3,370			2,831
				Direct Travel, Inc.^(10)(15)(19)(26)^		First Lien Senior Secured Loan— Delayed Draw		L+ 1.00% (8.28% PIK)		9.50	%	10/2/2023		$	1,710			1,710			1,436
				Direct Travel, Inc.^(10)(15)(19)(26)^		First Lien Senior Secured Loan		L+ 1.00% (8.28% PIK)		9.50	%	10/2/2023		$	57,555			57,555			48,347
				Direct Travel, Inc.^(10)(15)(19)^		First Lien Senior Secured Loan— Delayed Draw		L+ 6.00	%	7.00	%	10/2/2023		$	4,125			4,125			4,125
				Direct Travel, Inc.^(10)(18)(19)^		First Lien Senior Secured Loan		L+ 6.00	%	7.00	%	10/2/2023		$	202			202			202
	****	****	****	****	****	****								****	Transportation: Consumer Total		$	71,728		$	61,707	****	5.6	%
	****	****	****	****	****	****								****	Non-Controlled/Affiliate Investments Total		$	100,888		$	113,290	****	10.3	%

Table of Contents


	****		****		****		****		****	Interest	****	Maturity	****			****			****	Market		****	% of	****
Control Type		Industry		Portfolio Company		Investment Type		Spread Above Index^(1)^		Rate		Date		Principal/Shares^(9)^			Cost			Value			NAV^(4)^	****
Controlled Affiliate Investments
		Aerospace & Defense		BCC Jetstream Holdings Aviation (Off I), LLC^(6)(10)(11)(19)(20)(25)^		Equity Interest		—		—		—			11,863			11,863			10,563
				BCC Jetstream Holdings Aviation (On II), LLC ^(10)(11)(19)(20)(25)^		Equity Interest		—		—		—			1,116			1,116			—
				BCC Jetstream Holdings Aviation (On II), LLC^(10)(11)(18)(19)(20)(26)^		First Lien Senior Secured Loan		L+ 10.00	%	10.00	%	6/2/2022		$	7,377			7,377			6,627
				Gale Aviation (Offshore) Co^(6)(10)(11)(19)(25)^		Equity Interest		—		—		—			88,985			88,985			72,839
	****	****	****	****	****	****								****	Aerospace & Defense Total		$	109,341		$	90,029	****	8.2	%
		Investment Vehicles		International Senior Loan Program, LLC^(6)(10)(11)(25)^		Equity Interest Investment Vehicles		—		—		—			41,823			39,596			44,444
				International Senior Loan Program, LLC^(6)(10)(11)(15) (19)^		Subordinated Note Investment Vehicles		L+ 8.00	%	9.00	%	2/22/2028		$	125,437			125,437			125,437
	****	****	****	****	****	****								****	Investment Vehicles Total		$	165,033		$	169,881	****	15.4	%
		Transportation: Cargo		Lightning Holdings B, LLC^(6)(10)(11)(14)(19)(25)^		Equity Interest		—		—		—			13,843			14,152			14,851
	****	****	****	****	****	****								****	Transportation: Cargo Total		$	14,152		$	14,851	****	1.4	%
	****	****	****	****	****	****								****	Controlled Affiliate Investments Total		$	288,526		$	274,761	****	25.0	%
	****	****	****	****	****	****								****	Investments Total		$	2,311,384		$	2,289,105	****	208.1	%
Cash Equivalents
		Cash Equivalents		Goldman Sachs Financial Square Government Fund Institutional Share Class^(30)^		Cash Equivalents		—		0.03	%	—		$	177,554		$	177,554		$	177,554
	****	****	****	****	****	****								****	Cash Equivalents Total		$	177,554		$	177,554	****	16.1	%
	****	****	****	****	****	****								****	Investments and Cash Equivalents Total		$	2,488,938		$	2,466,659	****	224.2	%

Forward Foreign Currency Exchange Contracts


	****				****		****	Unrealized
								Appreciation
Currency Purchased		Currency Sold		Counterparty		Settlement Date		(Depreciation)^(8)^
US DOLLARS 1,458			POUND STERLING 1,100	Bank of New York Mellon		2/18/2022		$	(31)
US DOLLARS 481			AUSTRALIAN DOLLARS 410	Bank of New York Mellon		3/2/2022			183
US DOLLARS 29,087			POUND STERLING 20,990	Bank of New York Mellon		9/2/2022			721
US DOLLARS 75,862			O 63,360	Bank of New York Mellon		9/2/2022			3,390
US DOLLARS 27,411			POUND STERLING 20,700	Bank of New York Mellon		9/6/2022			563
US DOLLARS 14,330			O 12,550	Bank of New York Mellon		9/6/2022			25
US DOLLARS 35,821			POUND STERLING 25,700	Citibank		2/18/2022			1,035
US DOLLARS 6,954			POUND STERLING 5,260	Citibank		2/23/2022			166
US DOLLARS 12,327			O 10,510	Citibank		9/2/2022			305
US DOLLARS 4,754			O 3,251	Citibank		9/6/2022			(1,036)
								$	5,321

All values are in Euros.

(1)	The investments bear interest at a rate that may be determined by reference to the London Interbank Offered Rate (“LIBOR” or “L”), the Euro Interbank Offered Rate (“EURIBOR” or “E”), British Pound Sterling LIBOR Rate (“GBP LIBOR”), the Norwegian Interbank Offered Rate (“NIBOR” or “N”), the Copenhagen Interbank Offered Rate (“CIBOR” or “C”), Canadian Dollar LIBOR Rate (“CDOR LIBOR”), the Bank Bill Swap Rate (“BBSW”), the Bank Bill Swap Bid Rate (“BBSY”), Sterling Overnight Interbank Average Rate (“SONIA”), or the Prime Rate (“Prime” or “P”) and which reset daily, monthly, quarterly or semiannually. Investments or a portion thereof may bear Payment-in-Kind (“PIK”). For each, the Company has provided the PIK or the spread over LIBOR, EURIBOR, GBP LIBOR, NIBOR, CIBOR, CDOR, BBSW, BBSY, or Prime and the current weighted average interest rate in effect at December 31, 2021. Certain investments are subject to a LIBOR, EURIBOR, GBP LIBOR, NIBOR, CIBOR, CDOR, BBSW, SONIA, or Prime interest rate floor.
(2)	The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.
---	---
(3)	Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The investment may be subject to an unused/letter of credit facility fee.
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(4)	Percentages are based on the Company’s net assets of $1,100,006 as of December 31, 2021.
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Table of Contents

(5)	The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
(6)	The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940. 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, non-qualifying assets totaled 18.0% of the Company’s total assets.
---	---
(7)	Tickmark not used
---	---
(8)	Unrealized appreciation/(depreciation) on forward currency exchange contracts.
---	---
(9)	The principal amount (par amount) for all debt securities is denominated in U.S. dollars, unless otherwise noted. £ represents Pound Sterling, € represents Euro, NOK represents Norwegian krone, AUD represents Australian, CAD represents Canadian Dollar and DKK represents Kroner.
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(10)	As defined in the 1940 Act, the Company is deemed to be an “Affiliated Investment” of the Company as the Company owns 5% or more of the portfolio company’s securities.
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(11)	As defined in the 1940 Act, the Company is deemed to “Control” this portfolio company as the Company either owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company.
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(12)	Assets or a portion thereof are pledged as collateral for the 2018-1 Issuer. See Note 6 “Debt”.
---	---
(13)	$317 of the total par amount for this security is at P+ 4.25%.
---	---
(14)	Non-Income Producing.
---	---
(15)	Loan includes interest rate floor of 1.00%.
---	---
(16)	Loan includes interest rate floor of 0.75%.
---	---
(17)	Loan includes interest rate floor of 0.50%.
---	---
(18)	Loan includes interest rate floor of 0.00%.
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(19)	Security valued using unobservable inputs (Level 3).
---	---
(20)	The Company holds non-controlling, affiliate interest in an aircraft-owning special purpose vehicle through this investment.
---	---
(21)	Loan includes interest rate floor of 0.25%.
---	---
(22)	The Company generally earns a higher interest rate on the “last out” tranche of debt, to the extent the debt has been allocated to “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
---	---
(23)	$992 of the total par amount for this security is at L+ 5.75%.
---	---
(24)	$533 of the total par amount for this security is at P+ 4.50%.
---	---
(25)	Security exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of December 31, 2021, the aggregate fair value of these securities is $245,307 or 22.30% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:
---	---


	****	Acquisition
Investment		Date
Abracon Group Holding, LLC		7/18/2018
ACM dcBLOX LLC		3/22/2021
ADT Pizza, LLC		10/29/2018
Appriss Holdings, Inc.		5/3/2021
AQ Software Corporation		12/10/2021
AQ Software Corporation		12/10/2021
ARL Holdings, LLC		5/3/2019
ARL Holdings, LLC		5/3/2019
Armor Group, LP		8/28/2018
BCC Jetstream Holdings Aviation (Off I), LLC		6/1/2017
BCC Jetstream Holdings Aviation (On II), LLC		6/1/2017
Blackbrush Oil & Gas, L.P.		9/3/2020
Blackbrush Oil & Gas, L.P.		9/3/2020
CB Titan Holdings, Inc.		5/1/2017
DC Blox Inc.		3/23/2021

Table of Contents

Direct Travel, Inc.	10/2/2020
Eagle Rock Capital Corporation	12/9/2021
East BCC Coinvest II, LLC	7/23/2019
Elevator Holdco Inc.	12/23/2019
Elk Parent Holdings, LP	11/1/2019
Elk Parent Holdings, LP	11/1/2019
FCG Acquisitions, Inc.	1/24/2019
Fineline Technologies, Inc.	2/22/2021
Gale Aviation (Offshore) Co	1/2/2019
Gluware Warrant	10/15/2021
Grammer Investment Holdings LLC	10/1/2018
Grammer Investment Holdings LLC	10/1/2018
Grammer Investment Holdings LLC	10/1/2018
iBanFirst Facility Series A Preferred Units	7/13/2021
Brook Bidco Series A Preferred Units	7/8/2021
International Senior Loan Program, LLC	2/22/2021
Kellstrom Aerospace Group, Inc	7/1/2019
Lightning Holdings B, LLC	1/2/2020
masLabor Equity	7/1/2021
MZR Aggregator	12/22/2020
NPC International, Inc.	4/1/2021
Opus2	6/16/2021
Parcel2Go Shares	7/15/2021
PPX Class A Units	7/29/2021
PPX Class B Units	7/29/2021
Precision Ultimate Holdings, LLC	11/6/2019
REP Coinvest III- A Omni, L.P.	2/5/2021
ServiceMaster LP Interest Class B Preferred Units	8/16/2021
TLC Holdco LP	10/11/2019
Toro Private Investments II, L.P.	4/2/2019
Ventiv Topco, Inc.	9/3/2019
WCI-HSG HOLDCO, LLC	2/22/2019
WSP LP Interest	8/31/2021
(26)	Denotes that all or a portion of the debt investment includes PIK interest during the period.
---	---
(27)	Asset is in an escrow liquidating trust.
---	---
(28)	Tickmark not used
---	---
(29)	Assets or a portion thereof are pledged as collateral for the 2019-1 Issuer. See Note 6 “Debt”.
---	---
(30)	Cash equivalents include $86,159 of restricted cash.
---	---
(31)	Loan includes interest rate floor of 2.00%.
---	---
(32)	Loan includes interest rate floor of 1.50%.
---	---
(33)	$2 of the total par amount for this security is at P+ 5.50%
---	---

See Notes to Consolidated Financial Statements

Table of Contents

BAIN CAPITAL SPECIALTY FINANCE, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)

Note 1. Organization

Bain Capital Specialty Finance, Inc. (the “Company”, “we”, “our” and “us”) was formed on October 5, 2015 and commenced investment operations on October 13, 2016. The Company has elected to be treated and is regulated as a business development company (a “BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for tax purposes the Company has elected to be treated and intends to operate in a manner so as to continuously qualify as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company is externally managed by BCSF Advisors, LP (the “Advisor” or “BCSF Advisors”), our investment adviser that is registered with the Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). The Advisor also provides the administrative services necessary for the Company to operate (in such capacity, the “Administrator” or “BCSF Advisors”).

On November 19, 2018, the Company closed its initial public offering (the “IPO”), which was a Qualified IPO, issuing 7,500,000 shares of its common stock at a public offering price of $20.25 per share. Shares of common stock of the Company began trading on the New York Stock Exchange under the symbol “BCSF” on November 15, 2018.

The Company’s primary focus is capitalizing on opportunities within its Advisor’s Senior Direct Lending Strategy, which seeks to provide risk-adjusted returns and current income to its stockholders by investing primarily in middle-market companies with between $10.0 million and $150.0 million in EBITDA. The Company focuses on senior investments with a first or second lien on collateral and strong structures and documentation intended to protect the lender. The Company generally seeks to retain voting control in respect of the loans or particular classes of securities in which the Company invests through maintaining affirmative voting positions or negotiating consent rights that allow the Company to retain a blocking position. The Company may also invest in mezzanine debt and other junior securities and in secondary purchases of assets or portfolios, as described below. Investments are likely to include, among other things, (i) senior first lien, stretch senior, senior second lien, unitranche, (ii) mezzanine debt and other junior investments and (iii) secondary purchases of assets or portfolios that primarily consist of middle-market corporate debt. The Company may also invest, from time to time, in equity securities, distressed debt, debtor-in-possession loans, structured products, structurally subordinate loans, investments with deferred interest features, zero-coupon securities and defaulted securities.

Our operations comprise only a single reportable segment.

Note 2. Summary of Significant Accounting Policies

Basis of Presentation

The Company’s consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). The Company’s consolidated financial statements and related financial information have been prepared pursuant to the requirements for reporting on Form 10-Q and Regulation S-X. These consolidated financial statements reflect adjustments that in the opinion of the Company are necessary for the fair statement of the financial position and results of operations for the periods presented herein and are not necessarily indicative of the full fiscal year. The Company has determined it meets the definition of an investment company and follows the accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 — Financial Services — Investment Companies. The functional currency of the Company is U.S. dollars and these consolidated financial statements have been prepared in that currency. Certain prior period information has been reclassified to conform to the current period presentation and this had no effect on the Company’s consolidated financial position or the consolidated results of operations as previously reported.

The information included in this Form 10-Q should be read in conjunction with the audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021.

Basis of Consolidation 31

Table of Contents The Company will generally consolidate any wholly, or substantially, owned subsidiary when the design and purpose of the subsidiary is to act as an extension of the Company’s investment operations and to facilitate the execution of the Company’s investment strategy. Accordingly, the Company consolidated the results of its subsidiaries in its consolidated financial statements BCSF CFSH, LLC, BCSF CFS, LLC and BCC Middle Market CLO 2019-1, LLC in its consolidated financial statements. All intercompany transactions and balances have been eliminated in consolidation. Since the Company is an investment company, portfolio investments held by the Company are not consolidated into the consolidated financial statements. The portfolio investments held by the Company (including its investments held by consolidated subsidiaries) are included on the consolidated statements of assets and liabilities as investments at fair value.

Use of Estimates

The preparation of the consolidated financial statements in conformity with US GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and such differences could be material.

Valuation of Portfolio Investments

Investments for which market quotations are readily available are typically valued at such market quotations. Market quotations are obtained from an independent pricing service, where available. If a price cannot be obtained from an independent pricing service or if the independent pricing service is not deemed to be current with the market, certain investments held by the Company will be valued on the basis of prices provided by principal market makers. Generally, investments marked in this manner will be marked at the mean of the bid and ask of the independent broker quotes obtained. To validate market quotations, the Company utilizes a number of factors to determine if the quotations are representative of fair value, including the source and number of quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available are valued at fair value, subject at all times to the oversight and approval of the Board of Directors of the Company (the “Board”), based on, among other things, the input of the Advisor, the Company’s audit committee of the Board (the “Audit Committee”) and one or more independent third party valuation firms engaged by the Board.

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

With respect to investments for which market quotations are not readily available, the Advisor will undertake a multi-step valuation process, which includes among other things, the below:

●	The Company’s quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of the Advisor responsible for the portfolio investment or by an independent valuation firm;
●	Preliminary valuation conclusions are then documented and discussed with the Company’s senior management and the Advisor. Agreed upon valuation recommendations are presented to the Audit Committee;
---	---
●	The Audit Committee of the Board reviews the valuations presented and recommends values for each of the investments to the Board; and
---	---
●	The Board will discuss valuations and determine the fair value of each investment in good faith based upon, among other things, the input of the Advisor, independent valuation firms, where applicable, and the Audit Committee.
---	---

In following this approach, the types of factors that are taken into account in the fair value pricing of investments include, as relevant, but are not limited to: comparison to publicly traded securities, including factors such as yield, maturity and measures of credit quality; the enterprise value of a portfolio company; the nature and realizable value of any collateral; the portfolio company’s ability to make payments and its earnings and discounted cash flows; and the markets in which the portfolio company does business. In cases where an independent valuation firm provides fair valuations for investments, the independent valuation firm provides a fair valuation report, a description of the methodology used to determine the fair value and their analysis and calculations to support their conclusion. 32

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

●	Level 1 — Valuations based on quoted prices (unadjusted) in active markets for identical assets or liabilities at the measurement date.
●	Level 2 — Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
---	---
●	Level 3 — Valuations based on inputs that are unobservable and significant to the fair value measurement.
---	---

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

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

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

Securities Transactions, Revenue Recognition and Expenses

The Company records its investment transactions on a trade date basis. The Company measures realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, using the specified identification method. Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Discount and premium to par value on investments acquired are accreted and amortized, respectively, into interest income over the life of the respective investment using the effective interest method. Commitment fees are recorded on an accrual basis and recognized as interest income. Loan origination fees, original issue discount and market discount or premium are capitalized and amortized against or accreted into interest income using the effective interest method or straight-line method, as applicable. For the Company’s investments in revolving bank loans, the cost basis of the investment purchased is adjusted for the cash received for the discount on the total balance committed. The fair value is also adjusted for price appreciation or depreciation on the unfunded portion. As a result, the purchase of commitments not completely funded may result in a negative value until it is offset by the future amounts called and funded. Upon prepayment of a loan or debt security, any prepayment premium, unamortized upfront loan origination fees and unamortized discount are recorded as interest income.

Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies. Distributions received from an equity interest, limited liability company or a limited partnership investment are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. 33

Table of Contents Certain investments may have contractual payment-in-kind (“PIK”) interest or dividends. PIK represents accrued interest or accumulated dividends that are added to the loan principal of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or upon being called by the issuer. PIK is recorded as interest or dividend income, as applicable. 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. Accrued PIK interest or dividends are generally reversed through interest or dividend income, respectively, when an investment is placed on non-accrual status.

Certain structuring fees and amendment fees are recorded as other income when earned. Administrative agent fees received by the Company are recorded as other income when the services are rendered.

Expenses are recorded on an accrual basis.

Non-Accrual Loans

Loans or debt securities are placed on non-accrual status when there is reasonable doubt that principal or interest will be collected. Accrued interest generally is reversed when a loan or debt security is placed on non-accrual status. Interest payments received on non-accrual loans or debt securities may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans and debt securities are restored to accrual status when past due principal and interest are paid and, in management’s judgment, principal and interest payments are likely to remain current. The Company may make exceptions to this treatment if a loan has sufficient collateral value and is in the process of collection. As of June 30, 2022, there were three loans from one issuer on non-accrual. As of December 31, 2021, there were no loans placed on non-accrual status.

Distributions

Distributions to common stockholders are recorded on the record date. The amount to be distributed, if any, is determined by the Board each quarter, and is generally based upon the earnings estimated by the Advisor. Distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined in accordance with US GAAP. The Company may pay distributions to its stockholders in a year in excess of its investment company taxable income and net capital gain for that year and, accordingly, a portion of such distributions may constitute a return of capital for U.S. federal income tax purposes. This excess generally would be a tax-free return of capital in the period and generally would reduce the stockholder’s tax basis in its shares. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent; they are charged or credited to paid-in capital in excess of par, accumulated undistributed net investment income or accumulated net realized gain (loss), as appropriate, in the period that the differences arise. Temporary and permanent differences are primarily attributable to differences in the tax treatment of certain loans and the tax characterization of income and non-deductible expenses.

The Company intends to timely distribute to its stockholders substantially all of its annual taxable income for each year, except that the Company may retain certain net capital gains for reinvestment and, depending upon the level of the Company’s taxable income earned in a year, the Company may choose to carry forward taxable income for distribution in the following year and incur applicable U.S. federal excise tax. The specific tax characteristics of the Company’s distributions will be reported to stockholders after the end of the calendar year. All distributions will be subject to available funds, and no assurance can be given that the Company will be able to declare such distributions in future periods.

The Company distributes net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, at least annually out of the assets legally available for such distributions. However, the Company may decide in the future to retain such capital gains for investment, incur a corporate-level tax on such capital gains, and elect to treat such capital gains as deemed distributions to stockholders.

Dividend Reinvestment Plan

The Company has adopted a dividend reinvestment plan that provides for the reinvestment of cash dividends and distributions. Stockholders who do not “opt out” of the Company’s dividend reinvestment plan will have their cash dividends and distributions automatically reinvested in additional shares of the Company’s common stock, rather than receiving cash dividends and distributions. 34

Table of Contents Offering Costs

Offering costs consist primarily of fees and expenses incurred in connection with the offering of shares, legal, printing and other costs associated with the preparation and filing of applicable registration statements. To the extent such expenses relate to equity offerings, these expenses are charged as a reduction of paid-in-capital upon each such offering.

Cash, Restricted Cash, and Cash Equivalents

Cash and cash equivalents consist of deposits held at custodian banks, and highly liquid investments, such as money market funds, with original maturities of three months or less. Cash and cash equivalents are carried at cost or amortized cost, which approximates fair value. The Company may deposit its cash and cash equivalents in financial institutions and, at certain times, such balances may exceed the Federal Deposit Insurance Corporation insurance limits. Cash equivalents are presented separately on the consolidated schedules of investments. Restricted cash is collected and held by the trustee who has been appointed as custodian of the assets securing certain of the Company’s financing transactions.

Foreign Currency Translation

The accounting records of the Company are maintained in U.S. dollars. The fair values of foreign securities, foreign cash and other assets and liabilities denominated in foreign currency are translated to U.S. dollars based on the current exchange rates at the end of each business day. Income and expenses denominated in foreign currencies are translated at current exchange rates when accrued or incurred. Unrealized gains and losses on foreign currency holdings and non-investment assets and liabilities attributable to the changes in foreign currency exchange rates are included in the net change in unrealized appreciation (depreciation) on foreign currency translation on the consolidated statements of operations. Net realized gains and losses on foreign currency holdings and non-investment assets and liabilities attributable to changes in foreign currency exchange rates are included in net realized gain (loss) on foreign currency transactions on the consolidated statements of operations. The portion of both realized and unrealized gains and losses on investments that result from changes in foreign currency exchange rates is not separately disclosed, but is included in net realized gain (loss) on investments and net change in unrealized appreciation (depreciation) on investments, respectively, on the consolidated statements of operations.

Forward Currency Exchange Contracts

The Company may enter into forward currency exchange contracts to reduce the Company’s exposure to foreign currency exchange rate fluctuations in the value of foreign currencies. A forward currency exchange contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The Company does not utilize hedge accounting and as such the Company recognizes the value of its derivatives at fair value on the consolidated statements of assets and liabilities with changes in the net unrealized appreciation (depreciation) on forward currency exchange contracts recorded on the consolidated statements of operations. Forward currency exchange contracts are valued using the prevailing forward currency exchange rate of the underlying currencies. Unrealized appreciation (depreciation) on forward currency exchange contracts are recorded on the consolidated statements of assets and liabilities by counterparty on a net basis, not taking into account collateral posted which is recorded separately, if applicable. Cash collateral maintained in accounts held by counterparties is included in collateral on forward currency exchange contracts on the consolidated statements of assets and liabilities. Notional amounts and the gross fair value of forward currency exchange contracts assets and liabilities are presented separately on the consolidated schedules of investments.

Changes in net unrealized appreciation (depreciation) are recorded on the consolidated statements of operations in net change in unrealized appreciation (depreciation) on forward currency exchange contracts. Net realized gains and losses are recorded on the consolidated statements of operations in net realized gain (loss) on forward currency exchange contracts. Realized gains and losses on forward currency exchange contracts are determined using the difference between the fair market value of the forward currency exchange contract at the time it was opened and the fair market value at the time it was closed or covered. Additionally, losses, up to the fair value, may arise if the counterparties do not perform under the contract terms.

Deferred Financing Costs and Debt Issuance Costs

The Company records costs related to issuance of revolving debt obligations as deferred financing costs. These costs are deferred and amortized using the straight-line method over the stated maturity life of the obligation. The Company records costs related 35

Table of Contents to the issuance of term debt obligations as debt issuance costs. These costs are deferred and amortized using the effective interest method. These costs are presented as a reduction to the outstanding principal amount of the term debt obligations on the consolidated statements of assets and liabilities. In the event that we modify or extinguish our debt before maturity, the Company follows the guidance in ASC Topic 470-50, Modification and Extinguishments. For modifications to or exchanges of our revolving debt obligations, any unamortized deferred financing costs related to lenders who are not part of the new lending group are expensed. For extinguishments of our term debt obligations, any unamortized debt issuance costs are deducted from the carrying amount of the debt in determining the gain or loss from the extinguishment.

Income Taxes

The Company has elected to be treated for U.S. federal income tax purposes as a RIC under the Code. So long as the Company maintains its status as a RIC, it will generally not be subject to corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually as dividends to its stockholders. As a result, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s stockholders and will not be reflected in the consolidated financial statements of the Company.

The Company intends to comply with the applicable provisions of the Code pertaining to RICs and to make distributions of taxable income sufficient to relieve it from substantially all federal income taxes. Accordingly, no provision for income taxes is required in the consolidated financial statements. For income tax purposes, distributions made to stockholders are reported as ordinary income, capital gains, non-taxable return of capital, or a combination thereof. The tax character of distributions paid to stockholders through June 30, 2022 may include return of capital, however, the exact amount cannot be determined at this point. The final determination of the tax character of distributions will not be made until the Company files our tax return for the tax year ending December 31, 2022. The character of income and gains that the Company distributes is determined in accordance with income tax regulations that may differ from GAAP. BCSF CFSH, LLC, BCSF CFS, LLC, and BCC Middle Market CLO 2019-1, LLC are disregarded entities for tax purposes and are consolidated with the tax return of the Company.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reversed and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes, if any, are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. Management has analyzed the Company’s tax positions, and has concluded that no liability for unrecognized tax benefits related to uncertain tax positions on returns to be filed by the Company for all open tax years should be recorded. The Company identifies its major tax jurisdiction as the United States, and the Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months. As of June 30, 2022, the tax years that remain subject to examination are from 2018 forward.

Recent Accounting Pronouncements

In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848),” which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848), which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. ASU 2020-04 and ASU 2021-01 are effective for all entities through December 31, 2022. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company is currently evaluating the impact of the adoption of ASU 2020-04 and 2021-01 on its consolidated financial statements.

In March 2022, the FASB issued ASU 2022-02, “Financial Instruments - Credit Losses (Topic 326)”, which is intended to address issues identified during the post-implementation review of ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. The amendment, among other things, eliminates the accounting guidance for troubled debt restructurings by creditors in Subtopic 310-40, “Receivables - Troubled Debt Restructurings by Creditors”, while 36

Table of Contents enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The new guidance is effective for interim and annual periods beginning after December 15, 2022. The Company is currently evaluating the impact of the adoption of ASU 2022-02 on its consolidated financial statements.

Note 3. Investments

The following table shows the composition of the investment portfolio, at amortized cost and fair value as of June 30, 2022 (with corresponding percentage of total portfolio investments):


	****	As of June 30, 2022
					Percentage of					Percentage of	****
		Amortized Cost		****	Total Portfolio	****	Fair Value		****	Total Portfolio	****
First Lien Senior Secured Loans		$	1,693,248		73.0	%	$	1,632,091		71.4	%
Equity Interest			210,127		9.0			216,020		9.4
Subordinated Note Investment Vehicles ^(1)^			178,137		7.7			178,137		7.8
Second Lien Senior Secured Loans			97,789		4.2			95,340		4.2
Preferred Equity			50,989		2.2			75,950		3.3
Equity Interest Investment Vehicles ^(1)^			50,382		2.2			49,985		2.2
Subordinated Debt			38,513		1.7			39,280		1.7
Warrants			480		0.0			506		0.0
Preferred Equity Interest Investment Vehicles ^(1)^			10		0.0			(271)		0.0
Total		$	2,319,675		100.0	%	$	2,287,038		100.0	%
(1)	Represents debt and equity investment in ISLP and SLP.
---	---

The following table shows the composition of the investment portfolio, at amortized cost and fair value as of December 31, 2021 (with corresponding percentage of total portfolio investments):


	****	As of December 31, 2021
					Percentage of					Percentage of	****
		Amortized Cost		****	Total Portfolio	****	Fair Value		****	Total Portfolio	****
First Lien Senior Secured Loans		$	1,807,805		78.2	%	$	1,774,675		77.5	%
Equity Interest			156,399		6.8			151,844		6.6
Subordinated Note Investment Vehicles ^(1)^			125,437		5.5			125,437		5.5
Second Lien Senior Secured Loans			120,058		5.2			118,561		5.2
Preferred Equity			42,452		1.8			53,991		2.4
Equity Interest Investment Vehicles ^(1)^			39,596		1.7			44,444		1.9
Subordinated Debt			19,635		0.8			20,027		0.9
Warrants			2		0.0			126		0.0
Total		$	2,311,384		100.0	%	$	2,289,105		100.0	%
(1)	Represents debt and equity investment in ISLP.
---	---

The following table shows the composition of the investment portfolio by geographic region, at amortized cost and fair value as of June 30, 2022 (with corresponding percentage of total portfolio investments):


	****	As of June 30, 2022
					Percentage of					Percentage of	****
		Amortized Cost		****	Total Portfolio	****	Fair Value		****	Total Portfolio	****
United States		$	1,956,393		84.3	%	$	1,933,085		84.5	%
Cayman Islands			123,954		5.4			123,490		5.4
United Kingdom			53,594		2.3			51,542		2.3
Germany			48,772		2.1			48,526		2.1
Guernsey			40,668		1.8			39,473		1.7
Luxembourg			32,994		1.4			31,194		1.4

Table of Contents

Australia		27,668	1.2			25,326	1.1
Canada		20,912	0.9			20,766	0.9
Ireland		11,299	0.5			10,432	0.5
Belgium		2,895	0.1			2,704	0.1
Israel		341	0.0			345	0.0
Sweden		185	0.0			155	0.0
Total	$	2,319,675	100.0	%	$	2,287,038	100.0	%

The following table shows the composition of the investment portfolio by geographic region, at amortized cost and fair value as of December 31, 2021 (with corresponding percentage of total portfolio investments):


	****	As of December 31, 2021
					Percentage of					Percentage of	****
		Amortized Cost		****	Total Portfolio	****	Fair Value		****	Total Portfolio	****
United States		$	2,071,058		89.5	%	$	2,061,372		90.0	%
Cayman Islands			116,916		5.1			101,888		4.5
United Kingdom			41,736		1.8			43,658		1.9
Ireland			27,315		1.2			28,050		1.2
Luxembourg			24,848		1.1			24,973		1.1
Germany			20,657		0.9			20,352		0.9
Guernsey			3,499		0.2			3,528		0.2
Belgium			2,372		0.1			2,424		0.1
Canada			2,195		0.1			2,232		0.1
Israel			386		0.0			391		0.0
Sweden			185		0.0			171		0.0
Australia			217		0.0			66		0.0
Total		$	2,311,384		100.0	%	$	2,289,105		100.0	%

The following table shows the composition of the investment portfolio by industry, at amortized cost and fair value as of June 30, 2022 (with corresponding percentage of total portfolio investments):


	****	As of June 30, 2022
				****	Percentage of	****			****	Percentage of	****
		Amortized Cost		****	Total Portfolio	****	Fair Value		****	Total Portfolio	****
Aerospace & Defense		$	370,077		16.0	%	$	351,178		15.4	%
High Tech Industries			250,179		10.9			247,807		10.8
Investment Vehicles ^(2)^			228,529		10.0			227,851		10.1
Services: Business			199,873		8.6			195,805		8.6
Consumer Goods: Non-Durable			129,072		5.6			130,213		5.7
Healthcare & Pharmaceuticals			112,394		4.8			110,283		4.8
Transportation: Cargo			90,455		3.9			93,488		4.1
Construction & Building			93,060		4.0			90,149		3.9
Energy: Oil & Gas			57,459		2.5			79,183		3.5
FIRE: Finance ^(1)^			78,812		3.4			77,529		3.4
Automotive			77,366		3.3			76,783		3.4
Transportation: Consumer			81,614		3.5			75,459		3.3
Consumer Goods: Durable			84,146		3.6			74,858		3.3
Retail			62,690		2.7			60,685		2.7
FIRE: Insurance ^(1)^			48,525		2.1			48,406		2.1
Hotel, Gaming & Leisure			45,487		2.0			43,721		1.9
Media: Diversified & Production			42,602		1.8			40,873		1.8
Wholesale			32,306		1.4			37,195		1.6
Containers, Packaging, & Glass			35,624		1.5			35,214		1.5
Telecommunications			33,205		1.4			33,694		1.5
Media: Advertising, Printing & Publishing			51,548		2.2			32,517		1.4

Table of Contents

Services: Consumer			27,405	1.2			28,000	1.2
Chemicals, Plastics, & Rubber			26,639	1.1			26,847	1.2
Capital Equipment			18,749	0.8			18,439	0.8
Beverage, Food & Tobacco			7,359	0.3			17,053	0.7
Environmental Industries			9,869	0.4			9,797	0.4
Banking			7,749	0.3			7,897	0.3
Consumer goods: Wholesale			8,844	0.4			7,406	0.3
Hospitality Holdings			5,000	0.2			5,688	0.2
Media: Broadcasting & Subscription			2,823	0.1			2,806	0.1
Banking, Finance, Insurance & Real Estate			215	0.0			214	0.0
Total		$	2,319,675	100.0	%	$	2,287,038	100.0	%
(1)	Finance, Insurance, and Real Estate (“FIRE”).
---	---
(2)	Represents debt and equity investment in ISLP and SLP.
---	---

Table of Contents The following table shows the composition of the investment portfolio by industry, at amortized cost and fair value as of December 31, 2021 (with corresponding percentage of total portfolio investments):


	****	As of December 31, 2021
					Percentage of					Percentage of	****
		Amortized Cost		****	Total Portfolio	****	Fair Value		****	Total Portfolio	****
Aerospace & Defense		$	309,458		13.4	%	$	282,598		12.3	%
Services: Business			226,035		9.8			225,437		9.8
High Tech Industries			182,811		7.9			183,069		8.0
Consumer Goods: Non-Durable			179,733		7.8			182,063		8.0
Investment Vehicles ^(2)^			165,033		7.1			169,881		7.4
Transportation: Cargo			103,012		4.5			106,458		4.7
Healthcare & Pharmaceuticals			102,116		4.4			100,771		4.4
Automotive			87,597		3.8			88,555		3.9
Retail			83,036		3.6			83,064		3.6
Wholesale			77,737		3.4			80,070		3.5
Energy: Oil & Gas			69,588		3.0			79,548		3.5
Consumer Goods: Durable			83,903		3.6			76,575		3.3
Transportation: Consumer			80,027		3.5			69,040		3.0
Construction & Building			70,256		3.0			68,570		3.0
Capital Equipment			65,129		2.8			64,841		2.8
FIRE: Insurance			62,165		2.7			63,123		2.8
Hotel, Gaming & Leisure			53,232		2.3			51,956		2.3
Media: Diversified & Production			46,420		2.0			44,835		2.0
Telecommunications			40,938		1.8			41,570		1.8
Services: Consumer			40,467		1.8			41,236		1.8
Media: Advertising, Printing & Publishing			50,389		2.2			39,459		1.7
Containers, Packaging & Glass			27,379		1.2			27,378		1.2
Chemicals, Plastics & Rubber			26,135		1.1			26,863		1.2
FIRE: Finance ^(1)^			24,245		1.0			24,452		1.1
Beverage, Food & Tobacco			7,563		0.3			19,755		0.9
Banking			18,370		0.8			18,690		0.8
Consumer Goods: Wholesale			14,870		0.6			14,827		0.6
Media: Broadcasting and Subscription			8,740		0.4			8,979		0.4
Hospitality Holdings			5,000		0.2			5,442		0.2
Total		$	2,311,384		100.0	%	$	2,289,105		100.0	%
(1)	Finance, Insurance, and Real Estate (“FIRE”).
---	---
(2)	Represents debt and equity investment in ISLP.
---	---

International Senior Loan Program, LLC

On February 9, 2021, the Company and Pantheon ("Pantheon"), a leading global alternative private markets manager, formed the International Senior Loan Program, LLC (“ISLP”), an unconsolidated joint venture. ISLP invests primarily in non-US first lien senior secured loans. ISLP was formed as a Delaware limited liability company. The Company and Pantheon committed to initially provide $138.3 million of debt and $46.1 million of equity capital, to ISLP. Equity contributions will be called from each member on a pro-rata basis, based on their equity commitments. Pursuant to the terms of the transaction, Pantheon invested $50.0 million to acquire a 29.5% stake in ISLP. The Company contributed debt investments of $317.1 million for a 70.5% stake in ISLP, and received a one-time gross distribution of $190.2 million in cash in consideration of contributing such investments. As of June 30, 2022, the Company’s investment in ISLP consisted of subordinated notes of $142.4 million, and equity interests of $45.3 million. As of December 31, 2021, the Company’s investment in ISLP consisted of subordinated notes of $125.4 million, and equity interests of $44.4 million

As of June 30, 2022, the Company had commitments with respect to their equity and subordinated note interests of ISLP in the aggregate amount of $249.3 million. The Company has contributed $188.6 million in capital and has $60.7 million in unfunded capital 40

Table of Contents contributions. As of June 30, 2022, Pantheon had commitments with respect to their equity and subordinated note interests of ISLP in the aggregate amount of $103.9 million. Pantheon has contributed $73.9 million in capital and has $30.0 million in unfunded capital contributions.

As of December 31, 2021, the Company had commitments with respect to their equity and subordinated note interests of ISLP in the aggregate amount of $189.5 million. The Company has contributed $165.7 million in capital and has $23.8 million in unfunded capital contributions. As of December 31, 2021, Pantheon had commitments with respect to their equity and subordinated note interests of ISLP in the aggregate amount of $78.9 million. Pantheon has contributed $69.8 million in capital and has $9.1 million in unfunded capital contributions.

In future periods, the Company may sell certain of its investments or a participating interest in certain of its investments to ISLP. Since inception, the Company has sold $681.7 million of its investments to ISLP. The sale of the investments met the criteria set forth in ASC 860, Transfers and Servicing for treatment as a sale.

The Company has determined that ISLP is an investment company under ASC, Topic 946, Financial Services—Investment Companies; however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a wholly or substantially owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its investments in ISLP as it is not a substantially wholly owned investment company subsidiary. In addition, the Company does not control ISLP due to the allocation of voting rights among ISLP members. The Company measures the fair value of ISLP in accordance with ASC Subtopic 820, Fair Value Measurements and Disclosures, using the net asset value (or its equivalent) as a practical expedient. The Company and Pantheon each appointed two members to ISLP’s four-person Member Designees’ Committee. All material decisions with respect to ISLP, including those involving its investment portfolio, require unanimous approval of a quorum of Member Designees’ Committee.

As of June 30, 2022, ISLP had $541.3 million in debt investments, at fair value. As of December 31, 2021, ISLP had $501.5 million in debt investments, at fair value.

Additionally, ISLP, through a wholly-owned subsidiary, has entered into a $300.0 million senior secured revolving credit facility which bears interest at LIBOR (or an alternative risk-free interest rate index) plus 225 basis points with JP Morgan through its wholly-owned subsidiary, subject to leverage and borrowing base restrictions (the “ISLP Credit Facility”). The maturity date of the ISLP Credit Facility is February 9, 2026. On February 4, 2022, ISLP entered into the second amended and restated credit agreement, which among other things increased the financing limit from $300.0 million to $350.0 million. As of June 30, 2022, the ISLP Credit Facility had $311.1 million of outstanding debt under the credit facility. As of December 31, 2021 the ISLP Credit Facility had $272.1 million of outstanding debt under the credit facility. As of June 30, 2022, the effective rate on the ISLP Credit Facility was 2.7% per annum. As of December 31, 2021, the effective rate on the ISLP Credit Facility was 2.5% per annum.

Below is a summary of ISLP’s portfolio at fair value:


		As of		****	As of		****
	****	June 30, 2022		****	December 31, 2021		****
Total investments		$	541,271		$	501,545
Weighted average yield on investments			7.1	%		6.5	%
Number of borrowers in ISLP			31			27
Largest portfolio company investment		$	40,985		$	40,071
Total of five largest portfolio company investments		$	177,614		$	171,291
Unfunded commitments		$	12,072		$	105

Table of Contents Below is a listing of ISLP’s individual investments as of:

International Senior Loan Program, LLC

Consolidated Schedule of Investments

As of June 30, 2022

(unaudited)


Currency	****	Industry	****	Portfolio ** Company**	****	Investment Type	****	Spread Above Index	****	Interest Rate	****	Maturity Date	****	Currency	****	Principal/Shares	****	Cost	****	Market Value	****	% of Members Equity
Australian Dollar
		Healthcare & Pharmaceuticals		Datix Bidco Limited		First Lien Senior Secured Loan		BBSW+ 4.00%		4.57	%	4/28/2025		AUD		4,169		3,290		2,882
																Healthcare & Pharmaceuticals Total		3,290		2,882		4.6	%

		Media: Advertising, Printing & Publishing		TGI Sport Bidco Pty Ltd		First Lien Senior Secured Loan		BBSY+ 7.00%		8.50	%	4/30/2026		AUD		9,634		6,924		6,293
																Media: Advertising, Printing & Publishing Total		6,924		6,293		10.0	%

		Services: Consumer		Zeppelin BidCo Pty Limited		First Lien Senior Secured Loan		BBSY+ 5.00%		5.19	%	6/28/2024		AUD		20,415		16,064		14,111
																Services: Consumer Total		16,064		14,111		22.4	%

																Australian Dollar Total		26,278		23,286		37.0	%

British Pounds
		Healthcare & Pharmaceuticals		Datix Bidco Limited		Second Lien Senior Secured Loan		SONIA+ 7.75%		9.44	%	4/27/2026		£		12,013		16,916		14,628
				Datix Bidco Limited		First Lien Senior Secured Loan - Revolver		SONIA+ 4.50%		5.19	%	10/28/2024		£		963		1,323		1,172
																Healthcare & Pharmaceuticals Total		18,239		15,800		25.1	%

		Media: Diversified & Production		International Entertainment Investments Limited		First Lien Senior Secured Loan		SONIA+ 4.75%		5.72	%	5/31/2025		£		8,648		12,133		10,497
																Media: Diversified & Production Total		12,133		10,497		16.7	%

		Services: Business		Caribou Bidco Limited		First Lien Senior Secured Loan		SONIA+ 6.00%		6.00	%	1/29/2029		£		3,279		1,950		1,880
				Caribou Bidco Limited		First Lien Senior Secured Loan		SONIA+ 6.00%		6.20	%	1/29/2029		£		19,500		24,133		23,508
				Comet Bidco Limited		First Lien Senior Secured Loan		L + 5.25%		5.98	%	9/30/2024		£		7,362		9,573		7,261
				Brook Bidco I Limited		First Lien Senior Secured Loan		SONIA+ 3.00% (4.25% PIK)		7.25	%	7/7/2028		£		21,374		29,066		25,995
				Brook Bidco I Limited		First Lien Senior Secured Loan		L+ 3.00% (4.25% PIK)		7.25	%	7/7/2028		£		4,665		6,254		5,681
				Brook Bidco I Limited		First Lien Senior Secured Loan		L+ 3.00% (4.25% PIK)		7.25	%	7/7/2028		£		6,490		8,700		7,902
				Midcap Invest UK 1 Bidco Limited		First Lien Senior Secured Loan		SONIA+ 5.28%		5.97	%	5/5/2028		£		12,151		16,352		14,797
				Pack-A-Punch Bidco Limited		First Lien Senior Secured Loan		SONIA+ 5.75%		6.69	%	7/15/2028		£		6,554		5,086		4,498
				Pack-A-Punch Bidco Limited		First Lien Senior Secured Loan		SONIA+ 5.75%		6.94	%	7/15/2028		£		12,395		16,646		14,791
																Services: Business Total		117,760		106,313		168.9	%

		Services: Consumer		Surrey Bidco Limited		First Lien Senior Secured Loan		SONIA+ 6.00%		6.72	%	5/11/2026		£		5,179		6,754		5,306
																Services: Consumer Total		6,754		5,306		8.4	%

																British Pounds Total		154,886		137,916		219.1	%

Table of Contents


Currency	****	Industry	****	Portfolio ** Company**	****	Investment Type	****	Spread Above Index	****	Interest Rate	****	Maturity Date	****	Currency	****	Principal/Shares	****	Cost	****	Market Value	****	% of Members Equity

Canadian Dollar
		Media: Diversified & Production		9 Story Media Group Inc.		First Lien Senior Secured Loan - Revolver		—		—		4/30/2026		CAD		—		—		—
				9 Story Media Group Inc.		First Lien Senior Secured Loan		CDOR+ 5.25%		7.35	%	4/30/2026		CAD		6,833		5,425		5,309
																Media: Diversified & Production Total		5,425		5,309		8.4	%

		Retail		New Look Vision Group Inc.		First Lien Senior Secured Loan		CDOR+ 5.50%		8.18	%	5/26/2028		CAD		17,966		14,692		13,817
																Retail Total		14,692		13,817		22.0	%

																Canadian Dollar Total		20,117		19,126		30.4	%

Danish Krone
		High Tech Industries		VPARK BIDCO AB		First Lien Senior Secured Loan		CIBOR+ 4.00%		4.75	%	3/10/2025		DKK		56,429		9,231		7,953
																High Tech Industries Total		9,231		7,953		12.6	%

																Danish Krone Total		9,231		7,953		12.6	%

European Currency
		FIRE: Insurance		MRH Trowe Beteiligungsgesellschaft MBH		First Lien Senior Secured Loan		EURIBOR+ 5.50%		5.50	%	7/26/2028		€		21,335		24,535		22,365
		FIRE: Insurance		Paisley Bidco Limited		First Lien Senior Secured Loan		EURIBOR+ 5.50%		5.50	%	11/26/2028		€		3,178		3,367		3,332
																FIRE: Insurance Total		27,902		25,697		40.8	%

		Healthcare & Pharmaceuticals		RH Diagnostik & Therapie Holding GmbH		First Lien Senior Secured Loan		EURIBOR+ 6.25%		6.25	%	5/28/2026		€		12,999		15,691		13,355
				RH Diagnostik & Therapie Holding GmbH		First Lien Senior Secured Loan		EURIBOR+ 6.25%		6.25	%	5/28/2026		€		22,244		26,849		22,852
				Pharmathen Bidco B.V.		First Lien Senior Secured Loan		EURIBOR+ 5.75%		5.75	%	10/25/2028		€		13,492		14,946		13,790
				Pharmathen Bidco B.V.		First Lien Senior Secured Loan		EURIBOR+ 5.75%		5.75	%	10/25/2028		€		2,453		341		315
																Healthcare & Pharmaceuticals Total		57,827		50,312		79.9	%

		Media: Broadcasting & Subscription		Lightning Finco Limited		First Lien Senior Secured Loan		EURIBOR+ 5.75%		6.50	%	9/1/2028		€		2,619		2,951		2,746
																Media: Broadcasting & Subscription Total		2,951		2,746		4.4	%

		Media: Diversified & Production		9 Story Media Group Inc.		First Lien Senior Secured Loan		EURIBOR+ 5.25%		5.25	%	4/30/2026		€		3,683		4,481		3,861
				Aptus 1724. Gmbh		First Lien Senior Secured Loan		EURIBOR+ 6.00%		6.25	%	2/23/2028		€		35,000		41,031		36,047
																Media: Diversified & Production Total		45,512		39,908		63.4	%

		Services: Business		Condor Finco SRL		First Lien Senior Secured Loan		EURIBOR+ 8.50%		10.00	%	7/13/2028		€		10,353		11,729		10,771
				SumUp Holdings Midco S.à.r.l.		First Lien Senior Secured Loan		EURIBOR+ 8.50%		10.00	%	2/17/2026		€		24,000		28,439		24,845
																Services: Business Total		40,168		35,616		56.6	%

																European Currency Total		174,360		154,279		245.1	%

Table of Contents


Currency	****	Industry	****	Portfolio ** Company**	****	Investment Type	****	Spread Above Index	****	Interest Rate	****	Maturity Date	****	Currency	****	Principal/Shares	****	Cost	****	Market Value	****	% of Members Equity
Norwegian Krone
		High Tech Industries		VPARK BIDCO AB		First Lien Senior Secured Loan		NIBOR+ 4.00%		5.42	%	3/10/2025		NOK		73,280		8,651		7,447
																High Tech Industries Total		8,651		7,447		11.8	%

																Norwegian Krone Total		8,651		7,447		11.8	%

U.S. Dollars
		Automotive		CST Buyer Company		First Lien Senior Secured Loan		L + 5.50%		7.17	%	10/3/2025		$		14,855		14,855		14,855
				BTM Comms Jersey Limited		First Lien Senior Secured Loan		L+ 6.00%		8.09	%	5/12/2028		$		9,653		9,568		9,653
																Automotive Total		24,423		24,508		38.9	%

		Chemicals, Plastics & Rubber		V Global Holdings LLC		First Lien Senior Secured Loan		SOFR+ 5.75%		7.63	%	12/22/2027		$		23,634		23,634		23,339
																Chemicals, Plastics & Rubber Total		23,634		23,339		37.1	%

		Consumer goods: Non-durable		RoC Opco LLC		First Lien Senior Secured Loan		L+ 8.50%		10.75	%	2/25/2025		$		15,959		15,959		15,959
																Consumer goods: Non-durable Total		15,959		15,959		25.4	%

		Consumer goods: Durable		Stanton Carpet Corp.		Second Lien Senior Secured Loan		L+ 9.00%		10.47	%	4/1/2028		$		5,000		4,926		5,000
																Consumer goods: Durable Total		4,926		5,000		7.9	%

		Healthcare & Pharmaceuticals		Golden State Buyer, Inc.		First Lien Senior Secured Loan		L+ 4.75%		5.99	%	6/22/2026		$		14,161		14,102		13,311
																Healthcare & Pharmaceuticals Total		14,102		13,311		21.1	%

		High Tech Industries		CB Nike IntermediateCo Ltd		First Lien Senior Secured Loan - Revolver		—		—		10/31/2025		$		—		—		—
				CB Nike IntermediateCo Ltd		First Lien Senior Secured Loan		L+ 4.75%		5.75	%	10/31/2025		$		34,191		34,191		34,191
																High Tech Industries Total		34,191		34,191		54.3	%

		Media: Broadcasting and Subscription Industry		Lightning Finco Limited		First Lien Senior Secured Loan		L+ 5.75%		7.35	%	9/1/2028		$		23,907		23,713		23,907
																Media: Broadcasting and Subscription Industry Total		23,713		23,907		38.0	%

		Media: Diversified & Production		Aptus 1724. Gmbh		First Lien Senior Secured Loan		L+ 6.25%		6.50	%	2/23/2028		$		5,000		5,000		4,938
											%					Media: Diversified & Production Total		5,000		4,938		7.8	%

		Services: Business		Avalon Acquiror, Inc.		First Lien Senior Secured Loan		SOFR+ 6.25%		7.25	%	3/10/2028		$		12,000		11,882		11,880
				Chamber Bidco Limited		First Lien Senior Secured Loan		L + 5.50%		6.47	%	6/7/2028		$		23,423		23,217		23,423
				Smartronix, LLC		First Lien Senior Secured Loan		L+ 6.00%		7.00	%	11/23/2027		$		10,972		10,838		10,808
																Services: Business Total		45,937		46,111		73.3	%

																U.S. Dollars Total		191,885		191,264		303.9	%

																Total		585,408		541,271		859.8	%

Table of Contents Forward Foreign Currency Exchange Contracts


								Unrealized
								Appreciation
Currency Purchased	****	Currency Sold	****	Counterparty	****	Settlement Date	****	(Depreciation)
EURO 2,030		AUSTRALIAN DOLLARS 2,980		Morgan Stanley		7/25/2022		$	77
EURO 738		CANADIAN DOLLARS 1,010		Standard Chartered		7/25/2022			(10)
EURO 892		DANISH KRONE 6,640		Standard Chartered		7/25/2022			(1)
EURO 8,516		BRITISH POUNDS 7,110		Morgan Stanley		7/25/2022			281
EURO 904		NORWEGIAN KRONE 8,630		Standard Chartered		7/25/2022			73
EURO 3,175		US DOLLARS 3,518		Goldman Sachs		7/21/2022			(193)
EURO 22,702		US DOLLARS 24,630		Standard Chartered		7/25/2022			(860)
BRITISH POUNDS 528		EURO 620		Morgan Stanley		7/21/2022			(8)
US DOLLARS 8,523		AUSTRALIAN DOLLARS 11,539		Morgan Stanley		7/25/2022			592
US DOLLARS 3,086		CANADIAN DOLLARS 3,894		Standard Chartered		7/25/2022			68
US DOLLARS 3,747		DANISH KRONE 25,709		Standard Chartered		7/25/2022			127
US DOLLARS 5,755		EURO 5,440		Morgan Stanley		9/9/2022			37
US DOLLARS 3,040		EURO 2,844		Standard Chartered		7/21/2022			62
US DOLLARS 1,423		EURO 1,330		Goldman Sachs		7/21/2022			30
US DOLLARS 36,673		EURO 33,800		Morgan Stanley		7/25/2022			1,281
US DOLLARS 2,450		EURO 2,209		Goldman Sachs		7/21/2022			137
US DOLLARS 1,627		BRITISH POUNDS 1,320		Morgan Stanley		9/9/2022			22
US DOLLARS 2,571		BRITISH POUNDS 2,042		Goldman Sachs		7/21/2022			91
US DOLLARS 35,794		BRITISH POUNDS 27,545		Goldman Sachs		7/25/2022			2,338
US DOLLARS 3,794		NORWEGIAN KRONE 33,417		Standard Chartered		7/25/2022			411
								$	4,555

Table of Contents Below is a listing of ISLP’s individual investments as of:

International Senior Loan Program, LLC

Consolidated Schedule of Investments

As of December 31, 2021

(in thousands)


	****						****	Spread Above	****	Interest	****	Maturity	****			****		****	Market	****	% of Members’
Currency	****	Industry	****	Portfolio Company	****	Investment Type	****	Index^(1)^	****	Rate	****	Date	****	Currency	Principal/Shares ^(9)^	****	Cost	****	Value	****	Equity
Australian Dollar
		Healthcare & Pharmaceuticals		Datix Bidco Limited		First Lien Senior Secured Loan		BBSW+ 4.00	%	4.25	%	4/28/2025		AUD	4,169		3,289		3,028
	****														Healthcare & Pharmaceuticals Total	****	3,289	****	3,028	****	4.9	%
		Information Technology Services		LEAP Legal Software PTY Ltd		First Lien Senior Secured Loan		BBSY+ 5.75	%	6.75	%	3/12/2025		AUD	30,093		22,867		21,856
															Information Technology Services Total	****	22,867	****	21,856	****	35.1	%
		Media: Advertising, Printing & Publishing		TGI Sport Bidco Pty Ltd		First Lien Senior Secured Loan		BBSY+ 7.00	%	7.50	%	4/30/2026		AUD	9,610		6,886		6,631
	****														Media: Advertising, Printing & Publishing Total	****	6,886	****	6,631	****	10.6	%
		Services: Consumer		Zeppelin BidCo Pty Limited		First Lien Senior Secured Loan		BBSY+ 6.00	%	5.12	%	6/28/2024		AUD	20,415		16,045		14,827
	****														Services: Consumer Total	****	16,045	****	14,827	****	23.8	%
	****														Australian Dollar Total	****	49,087	****	46,342	****	74.4	%
British Pounds
		Healthcare & Pharmaceuticals		Datix Bidco Limited		Second Lien Senior Secured Loan		L+ 7.75	%	8.21	%	4/27/2026			963		1,323		1,303
				Datix Bidco Limited		First Lien Senior Secured Loan— Revolver		L+ 4.50	%	4.96	%	10/28/2024			12,013		16,916		16,255
	****														Healthcare & Pharmaceuticals Total	****	18,239	****	17,558	****	28.2	%
		High Tech Industries		Armstrong Bidco Limited		First Lien Senior Secured Loan		SONIA+ 4.75	%	5.00	%	4/30/2025			5,602		7,711		7,581
	****														High Tech Industries Total	****	7,711	****	7,581	****	12.2	%
		Media: Diversified & Production		International Entertainment Investments Limited		First Lien Senior Secured Loan		GBP LIBOR+ 4.75	%	5.06	%	5/31/2023			8,734		12,255		11,782
	****														Media: Diversified & Production Total	****	12,255	****	11,782	****	18.9	%
		Services: Business		Comet Bidco Limited		First Lien Senior Secured Loan		GBP LIBOR+ 5.25	%	5.42	%	9/27/2024			7,362		9,460		9,249
				Learning Pool Facility B		First Lien Senior Secured Loan		L+ 6.00	%	6.09	%	7/7/2028			21,000		28,584		28,417
				Opus2		First Lien Senior Secured Loan		SONIA+ 5.50	%	5.55	%	5/5/2028			12,151		16,326		16,443
				Parcel2Go Facility B		First Lien Senior Secured Loan		SONIA+ 5.75	%	5.80	%	7/15/2028			12,395		16,619		16,689
	****														Services: Business Total	****	70,989	****	70,798	****	113.7	%
		Services: Consumer		Surrey Bidco Limited		First Lien Senior Secured Loan		GBP LIBOR+ 7.00	%	7.50	%	5/11/2026			4,979		6,732		5,929
	****														Services: Consumer Total	****	6,732	****	5,929	****	9.5	%
	****														British Pounds Total	****	115,926	****	113,648	****	182.5	%
Canadian Dollar
		Media: Diversified & Production		9 Story Media Group Inc.		First Lien Senior Secured Loan—Revolver		CDOR+ 5.50	%	6.25	%	4/30/2026		CAD	16		13		13
				9 Story Media Group Inc.		First Lien Senior Secured Loan		CDOR+ 5.50	%	6.25	%	4/30/2026		CAD	7,164		5,688		5,669

All values are in British Pounds.

Table of Contents


							****	Spread Above	****	Interest	****	Maturity	****			****		****		****	% of Members’	****
Currency	****	Industry	****	Portfolio Company	****	Investment Type		Index ^(1)^		Rate		Date		Currency	Principal/Shares ^(9)^		Cost		Market Value		Equity
															Media: Diversified & Production Total		5,701		5,682		9.1	%
		Retail		New Look Vision Group		First Lien Senior Secured Loan— Delayed Draw		CDOR+5.25	%	6.25	%	5/26/2028		CAD	18,056		14,752		14,288
	****														Retail Total	****	14,752	****	14,288	****	22.9	%
	****														Canadian Dollar Total	****	20,453	****	19,970	****	32.0	%
Danish Krone
		High Tech Industries		VPARK BIDCO AB		First Lien Senior Secured Loan		CIBOR+ 4.00	%	4.75	%	3/10/2025		DKK	56,429		9,231		8,628
	****														High Tech Industries Total	****	9,231	****	8,628	****	13.9	%
	****														Danish Krone Total	****	9,231	****	8,628	****	13.9	%
European Currency
		FIRE: Insurance		MRHT Facility A		First Lien Senior Secured Loan		EURIBOR+ 5.50	%	5.50	%	7/26/2028			21,335		24,521		24,257
	****														FIRE: Insurance Total	****	24,521	****	24,257	****	39.0	%
		Healthcare & Pharmaceuticals		Mertus 522. GmbH		First Lien Senior Secured Loan—Delayed Draw		EURIBOR+ 6.25	%	6.25	%	5/28/2026			12,999		15,680		14,780
				Mertus 522. GmbH		First Lien Senior Secured Loan		EURIBOR+ 6.25	%	6.25	%	5/28/2026			22,244		26,830		25,291
	****														Healthcare & Pharmaceuticals Total	****	42,510	****	40,071	****	64.4	%
		Media: Diversified & Production		9 Story Media Group Inc.		First Lien Senior Secured Loan		EURIBOR+ 5.25	%	5.25	%	4/30/2026			3,859		4,694		4,388
				Aptus 1724 Gmbh		First Lien Senior Secured Loan		EURIBOR+ 6.00	%	6.25	%	2/23/2028			35,000		40,944		39,795
	****														Media: Diversified & Production Total	****	45,638	****	44,183	****	71.0	%
		Services: Business		iBanFirst Facility B		First Lien Senior Secured Loan		EURIBOR+ 8.50	%	10.00	%	7/13/2028			10,058		11,387		11,437
				SumUp Holdings Luxembourg S.à.r.l.		First Lien Senior Secured Loan		EURIBOR+ 8.50	%	10.00	%	2/17/2026			21,000		25,038		23,877
	****														Services: Business Total	****	36,425	****	35,314	****	56.7	%
	****														European Currency Total	****	149,094	****	143,825	****	231.1	%
Norwegian Krone
		High Tech Industries		VPARK BIDCO AB		First Lien Senior Secured Loan		NIBOR+ 4.00	%	4.75	%	3/10/2025		NOK	73,280		8,651		8,310
	****														High Tech Industries Total	****	8,651	****	8,310	****	13.3	%
	****														Norwegian Krone Total	****	8,651	****	8,310	****	13.3	%
U.S. Dollars
		Automotive		CST Buyer Company		First Lien Senior Secured Loan		L+ 5.55	%	6.50	%	10/3/2025			14,927		14,927		14,927
				Cardo		First Lien Senior Secured Loan		L+ 6.00	%	6.50	%	5/12/2028			9,653		9,560		9,653
	****														Automotive Total	****	24,487	****	24,580	****	39.5	%
		Chemicals, Plastics & Rubber		V Global Holdings LLC		First Lien Senior Secured Loan		L+ 6.00	%	7.00	%	12/22/2027			23,634		23,634		23,634
	****														Chemicals, Plastics & Rubber Total	****	23,634	****	23,634	****	38.0	%
		Healthcare & Pharmaceuticals		Golden State Buyer, Inc.		First Lien Senior Secured Loan		L+ 4.75	%	5.50	%	6/22/2026			14,779		14,709		14,733
	****														Healthcare & Pharmaceuticals Total	****	14,709	****	14,733	****	23.7	%
		High Tech Industries		CB Nike IntermediateCo Ltd		First Lien Senior Secured Loan—Revolver		L+ 4.75	%	5.75	%	10/31/2025			4,384		4,384		4,384
				CB Nike IntermediateCo Ltd		First Lien Senior Secured Loan		L+ 4.75	%	5.75	%	10/31/2025			34,367		34,367		34,367

All values are in Euros.

Table of Contents


							****	Spread Above	****	Interest	****	Maturity	****			****		****		****	% of Members’	****
Currency	****	Industry	****	Portfolio Company	****	Investment Type		Index		Rate		Date		Currency	Principal/Shares^(9)^		Cost		Market Value		Equity
				Utimaco, Inc.		First Lien Senior Secured Loan		L+ 4.00	%	4.10	%	8/9/2027			14,701		14,701		14,701
	****														High Tech Industries Total	****	53,452	****	53,452	****	85.8	%
		Media: Broadcasting and Subscription Industry		Lightning Finco Limited		First Lien Senior Secured Loan		L+ 5.75	%	6.50	%	7/14/2028			21,000		20,790		21,000
	****														Media: Broadcasting and Subscription Total	****	20,790	****	21,000	****	33.7	%
		Services: Business		Chamber Bidco Limited		First Lien Senior Secured Loan		L+ 6.00	%	6.50	%	6/7/2028			23,423		23,198		23,423
	****														Services: Business Total	****	23,198	****	23,423	****	37.6	%
	****														U.S. Dollars Total	****	160,270	****	160,822	****	258.3	%
	****														Total	****	512,712	****	501,545	****	805.5	%

All values are in US Dollars.

Forward Foreign Currency Exchange Contracts


					Unrealized
					Appreciation
Currency Purchased	Currency Sold	Counterparty	Settlement Date	****	(Depreciation)^(8)^
AUSTRALIAN DOLLARS 189	O 121	Morgan Stanley	1/21/2022		$	—
AUSTRALIAN DOLLARS 731	US DOLLARS 532	Morgan Stanley	1/21/2022			—
O 2,038	AUSTRALIAN DOLLARS 3,166	Morgan Stanley	1/21/2022			16
O 683	CANADIAN DOLLARS 982	Standard Chartered Bank	1/21/2022			(2)
O 892	DANISH KRONE 6,643	Standard Chartered Bank	1/21/2022			(1)
O 8,236	BRITISH POUNDS 6959	Morgan Stanley	1/21/2022			(57)
O 884	NORWEGIAN KRONE 8,626	Standard Chartered Bank	1/21/2022			27
O 15,594	US DOLLARS 18,205	Standard Chartered Bank	1/21/2022			(477)
O 5,379	US DOLLARS 6,110	Standard Chartered Bank	1/21/2022			5
US DOLLARS 9,207	AUSTRALIAN DOLLARS 12,254	Morgan Stanley	1/21/2022			299
US DOLLARS 3,087	CANADIAN DOLLARS 3,803	Standard Chartered Bank	1/21/2022			75
US DOLLARS 4,033	DANISH KRONE 25,714	Standard Chartered Bank	1/21/2022			102
US DOLLARS 33,462	O 28,674	Morgan Stanley	1/21/2022			863
US DOLLARS 5,022	O 4,420	Goldman Sachs	1/21/2022			(3)
US DOLLARS 948	O 840	Morgan Stanley	1/21/2022			(7)
US DOLLARS 609	O 540	Morgan Stanley	1/21/2022			(5)
US DOLLARS 37,224	BRITISH POUNDS 26,939	Goldman Sachs	1/21/2022			756
US DOLLARS 3,993	NORWEGIAN KRONE 33,392	Standard Chartered Bank	1/21/2022			209
					$	1,800

All values are in Euros.

Below is the financial information for ISLP:

Selected Balance Sheet Information


		As of		****	As of
	****	June 30, 2022		****	December 31, 2021
Investments at fair value (cost—$585,408 and $512,712, respectively)		$	541,271		$	501,545
Cash			10,152			6,830
Foreign cash			16,050			3,937
Deferred financing costs			2,813			1,981
Unrealized appreciation on forward currency exchange contracts			4,555			—
Other assets			6,755			7,347
Total assets		$	581,596		$	521,640
Debt		$	311,075		$	272,133
Subordinated notes payable to members			197,449			176,336
Dividend payable			2,327			1,150
Unrealized depreciation on forward currency exchange contracts			—			61

Table of Contents

Other payables		7,793		9,693
Total liabilities	$	518,644	$	459,373
Members’ equity		62,952		62,267
Total liabilities and members’ equity	$	581,596	$	521,640

Selected Statements of Operations Information


	****	For the Three Months Ended				****	For the Six Months Ended
		June 30, 2022		June 30, 2021			June 30, 2022		June 30, 2021
Investment Income
Interest Income		$	9,394	$	6,010		$	17,637	$	8,112
Other			—		—			—		—
Total investment income			9,394		6,010			17,637		8,112
Expenses
Interest and debt financing expenses			1,873		1,353			3,764		1,908
Interest expense on members subordinated notes			4,325		3,137			8,327		4,444
General and administrative expenses			595		401			1,162		758
Total expenses			6,793		4,891			13,253		7,110
Net investment income (loss)			2,601		1,119			4,384		1,002
Net realized and unrealized gain (losses)
Net realized gain (loss) on investments			(1,219)		2			(1,895)		(20)
Net realized gain (loss) on foreign currency transactions			2,173		(678)			2,808		2,666
Net realized gain on forward contracts			723		1,194			2,136		1,194
Net unrealized gain on foreign currency			15,641		1,877			19,497		4,869
Net change in unrealized appreciation (depreciation) on forward contracts			3,210		(1,223)			2,755		430
Net change in unrealized appreciation (depreciation) on investments			(26,547)		309			(32,970)		(3,777)
Net gain (loss) on investments			(6,019)		1,481			(7,669)		5,362
Net increase (decrease) in members’ equity resulting from operations		$	(3,418)	$	2,600		$	(3,285)	$	6,364

Bain Capital Senior Loan Program, LLC (“SLP”)

On February 9, 2022, the Company, and an entity advised by Amberstone Co., Ltd. (“Amberstone”), a credit focused investment manager that advises institutional investors, committed capital to a newly formed joint venture, SLP. Pursuant to an amended and restated limited liability company agreement (the “LLC Agreement”) between the Company and Amberstone, each such party has a 50% economic ownership interest in SLP. Amberstone’s initial capital commitments to SLP are $179.0 million, with each party expected to maintain their pro rata proportionate share for each capital contribution. SLP will seek to invest primarily in senior secured first lien loans of U.S. borrowers. Through these capital contributions, SLP acquired 70% of the membership equity interests of the Company’s 2018-1 portfolio (“2018-1”). The Company retained 30% of the 2018-1 membership equity interests as a non-controlling equity interest. As of June 30, 2022, the Company’s investment in SLP consisted of subordinated notes of $35.8 million, preferred equity interests of ($0.3) million and equity interests of $4.6 million.

In future periods, the Company may sell certain of its investments or a participating interest in certain of its investments to SLP. The Company has determined that SLP is an investment company under ASC, Topic 946, Financial Services—Investment Companies; however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a wholly or substantially owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its investments in SLP as it is not a substantially wholly owned investment company subsidiary. In addition, the Company does not control SLP due to the allocation of voting rights among SLP members. The Company measures the fair value of SLP in accordance with ASC Subtopic 820, Fair Value Measurements and Disclosures, using the net asset value (or its equivalent) as a practical expedient. The Company and Amberstone each appointed two members to SLP’s four-person Member Designees’ Committee. All material decisions with respect to SLP, including those involving its investment portfolio, require unanimous approval of a quorum of Member Designees’ Committee. 49

Table of Contents On March 7, 2022, SLP acquired 70% of the Company’s Membership Interests of BCC Middle Market CLO 2018-1 LLC (the “2018-1 Issuer”). The Company received $56.1 million in proceeds resulting in a realized gain of $1.2 million, which is included in net realized gain in non-controlled/non-affiliate investments. The sale of the investments met the criteria set forth in ASC 860, Transfers and Servicing for treatment as a sale. Through this acquisition, the 2018-1 Issuer became a consolidated subsidiary of SLP and was deconsolidated from the Company’s consolidated financial statements. The Company retained the remaining 30% of the 2018-1 membership interests as a non-controlling equity interest. Please see Note 6 for additional details on the formation of the 2018-1 Issuer and the related CLO Transaction.

The Class A-1 A, A-1 B, A-2, B and C 2018-1 Notes (the “2018-1 Notes”) are scheduled to mature on October 20, 2030 and are included in SLP’s consolidated financial statements. The Membership Interests are eliminated in consolidation on SLP’s consolidated financial statements. Below is a table summary of the 2018-1 Notes as of June 30, 2022:


2018-1 Debt	Principal Amount		****	Spread above Index	****	Interest rate at June 30, 2022	****
Class A-1 A	$	205,900		1.55% + 3 Month LIBOR		2.61	%
Class A-1 B		45,000		1.50% + 3 Month LIBOR (first 24 months)		2.86	%
				1.80% + 3 Month LIBOR (thereafter)
Class A-2		55,100		2.15% + 3 Month LIBOR		3.21	%
Class B		29,300		3.00% + 3 Month LIBOR		4.06	%
Class C		30,400		4.00% + 3 Month LIBOR		5.06	%
Total 2018-1 Notes	$	365,700

Below is a summary of SLP’s portfolio at fair value:


		As of		****
	****	June 30, 2022		****
Total investments		$	433,090
Weighted average yield on investments			7.8	%
Number of borrowers in SLP			45
Largest portfolio company investment		$	21,364
Total of five largest portfolio company investments		$	76,243
Unfunded commitments		$	3,005

Table of Contents Below is a listing of SLP’s individual investments as of:

Senior Loan Program, LLC

Consolidated Schedule of Investments

As of June 30, 2022

(unaudited)


Currency	****	Industry	****	Portfolio ** Company**	****	Investment Type	****	Spread Above Index	****	Interest Rate	****	Maturity Date	****	Principal/Shares	****	Cost	****	Market Value	****	% of Members' Equity	****
U.S. Dollars
		Aerospace & Defense		WCI-HSG Purchaser, Inc.		First Lien Senior Secured Loan - Revolver		L+ 4.50%		6.75	%	2/22/2025		900		400		400
				WCI-HSG Purchaser, Inc.		First Lien Senior Secured Loan		L+ 4.75%		6.75	%	2/24/2025		8,666		8,666		8,666
				Whitcraft LLC		First Lien Senior Secured Loan		L+ 6.00%		8.25	%	4/3/2023		10,738		10,497		10,309
														Aerospace & Defense Total		19,563		19,375		70.5	%

		Automotive		Cardo		First Lien Senior Secured Loan		L+ 6.00%		8.09	%	5/12/2028		10,800		10,800		10,800
				CST Buyer Company		First Lien Senior Secured Loan		L + 5.50%		7.17	%	10/3/2025		10,823		10,823		10,823
				JHCC Holdings, LLC		First Lien Senior Secured Loan		L+ 5.75%		8.00	%	9/9/2025		7,559		7,559		7,181
														Automotive Total		29,182		28,804		104.9	%

		Banking		Green Street Parent, LLC		First Lien Senior Secured Loan		L+ 5.75%		6.50	%	8/27/2026		10,698		10,698		10,698
														Banking Total		10,698		10,698		38.9	%

		Chemicals, Plastics & Rubber		V Global Holdings LLC		First Lien Senior Secured Loan		SOFR+ 5.75		7.63	%	12/22/2027		10,421		10,421		10,291
														Chemicals, Plastics & Rubber Total		10,421		10,291		37.5	%

		Construction & Building		YLG Holdings, Inc.		First Lien Senior Secured Loan		L+ 5.25%		6.72	%	10/31/2025		10,588		10,588		10,588
														Construction & Building Total		10,588		10,588		38.5	%

		Consumer Goods: Durable		Stanton Carpet Corp.		Second Lien Senior Secured Loan		L+ 9.00%		10.47	%	4/1/2028		5,000		4,905		5,000
				TLC Purchaser, Inc.		First Lien Senior Secured Loan		L+ 6.25%		8.08	%	10/13/2025		9,612		8,571		7,834
														Consumer Goods: Durable Total		13,476		12,834		46.7	%

		Consumer Goods: Non-Durable		FL Hawk Intermediate Holdings, Inc.		Second Lien Senior Secured Loan		L+ 9.00%		11.00	%	8/22/2028		6,000		6,000		6,000
				RoC Opco LLC		First Lien Senior Secured Loan		L+ 8.50%		10.75	%	2/25/2025		8,798		8,798		8,798
				Solaray, LLC		First Lien Senior Secured Loan		SOFR+ 5.50%		6.50	%	9/11/2023		10,665		10,665		10,665
				WU Holdco, Inc.		First Lien Senior Secured Loan		L+ 5.50%		7.75	%	3/26/2026		6,577		6,577		6,511
				WU Holdco, Inc.		First Lien Senior Secured Loan		L+ 5.50%		7.75	%	3/26/2026		6,352		6,352		6,288
														Consumer Goods: Non-Durable Total		38,392		38,262		139.3	%

		Consumer Goods: Wholesale		WSP Midco LLC		First Lien Senior Secured Loan		L+ 6.25%		7.92	%	4/27/2027		6,157		6,056		5,848
														Consumer Goods: Wholesale Total		6,056		5,848		21.3	%

		Containers, Packaging, & Glass		ASP-r-pac Acquisition Co LLC		First Lien Senior Secured Loan		L+ 6.00%		7.67	%	12/29/2027		13,167		12,919		13,167
														Containers, Packaging, & Glass Total		12,919		13,167		47.9	%

		Energy: Oil & Gas		Amspec Services, Inc.		First Lien Senior Secured Loan		L+ 5.75%		8.00	%	7/2/2024		9,822		9,822		9,822
				Blackbrush Oil & Gas, L.P.		First Lien Senior Secured Loan		L+ 5.00% (2.00% PIK)		7.11	%	9/3/2025		4,371		4,371		4,371
														Energy: Oil & Gas Total		14,193		14,193		51.7	%

		FIRE: Finance		Allworth Financial Group, L.P.		First Lien Senior Secured Loan - Delayed Draw		SOFR+ 4.75%		6.38	%	12/23/2026		2,144		2,144		2,144
				Allworth Financial Group, L.P.		First Lien Senior Secured Loan		SOFR+ 4.75%		6.38	%	12/23/2026		8,474		8,474		8,474
														FIRE: Finance Total		10,618		10,618		38.7	%

Table of Contents


Currency	****	Industry	****	Portfolio ** Company**	****	Investment Type	****	Spread Above Index	****	Interest Rate	****	Maturity Date	****	Principal/Shares	****	Cost	****	Market Value	****	% of Members' Equity	****
U.S. Dollars
				McLarens Acquisition Inc.		First Lien Senior Secured Loan		L+ 5.75%		6.68	%	12/19/2024		10,506		10,506		10,506
														FIRE: Insurance Total		10,506		10,506		38.2	%

		Healthcare & Pharmaceuticals		CPS Group Holdings, Inc.		First Lien Senior Secured Loan		L+ 5.25%		8.00	%	3/3/2025		9,801		9,801		9,801
				Sunmed Group Holdings, LLC		First Lien Senior Secured Loan		L+ 5.75%		8.00	%	6/16/2028		9,679		9,679		9,534
														Healthcare & Pharmaceuticals Total		19,480		19,335		70.4	%

		High Tech Industries		AMI US Holdings Inc.		First Lien Senior Secured Loan - Revolver		L+ 5.25%		7.53	%	4/1/2024		698		698		698
				AMI US Holdings Inc.		First Lien Senior Secured Loan		L+ 5.25%		6.96	%	4/1/2025		8,949		8,949		8,949
				Drilling Info Holdings, Inc		First Lien Senior Secured Loan		L+ 4.25%		5.92	%	7/30/2025		10,830		10,732		10,622
				Superna Inc.		First Lien Senior Secured Loan		SOFR+ 6.25%		7.25	%	3/6/2028		21,800		21,589		21,364
				Ventiv Holdco, Inc.		First Lien Senior Secured Loan		L+ 5.50%		7.75	%	9/3/2025		9,848		9,848		9,627
														High Tech Industries Total		51,816		51,260		186.6	%

		Hotel, Gaming & Leisure		Aimbridge Acquisition Co., Inc.		Second Lien Senior Secured Loan		L+ 7.50%		8.56	%	2/1/2027		6,000		5,555		5,625
				Concert Golf Partners Holdco LLC		First Lien Senior Secured Loan		SOFR + 5.75%		6.59	%	3/30/2029		10,800		10,589		10,584
				Quidditch Acquisition, Inc.		First Lien Senior Secured Loan		L+ 7.00%		8.67	%	3/21/2025		9,411		9,302		8,276
				Saltoun Franchise Holdings I, LLC		First Lien Senior Secured Loan		SOFR+ 10.50%		10.50	%	4/11/2028		10,498		10,469		10,498
														Hotel, Gaming & Leisure Total		35,915		34,983		127.3	%

		Retail		Batteries Plus Holding Corporation		First Lien Senior Secured Loan		L+ 6.75%		7.81	%	6/30/2023		10,500		10,500		10,474
				Thrasio, LLC		First Lien Senior Secured Loan		L+ 7.00%		9.25	%	12/18/2026		13,112		13,112		12,260
														Retail Total		23,612		22,734		82.8	%

		Services: Business		Avalon Acquiror, Inc.		First Lien Senior Secured Loan		SOFR+ 6.25%		7.25	%	3/10/2028		15,800		15,648		15,642
				Eagle Parent Corp		First Lien Senior Secured Loan		SOFR+ 4.75%		6.30	%	3/19/2029		3,360		3,349		3,231
				Morrow Sodali Global LLC		First Lien Senior Secured Loan		SOFR+ 5.00%		6.10	%	4/25/2028		7,959		7,840		7,840
				Refine Intermediate, Inc.		First Lien Senior Secured Loan		L+ 4.50%		5.50	%	3/3/2027		10,800		10,800		10,800
				Smartronix, LLC		First Lien Senior Secured Loan		L+ 6.00%		7.00	%	11/23/2027		13,134		12,884		12,937
				TEI Holdings Inc.		First Lien Senior Secured Loan		P+ 4.75%		9.50	%	12/23/2026		9,871		9,870		9,870
				WCI-Gigawatt Purchaser, LLC		First Lien Senior Secured Loan		L+ 5.75%		6.75	%	11/19/2027		10,773		10,545		10,665
														Services: Business Total		70,936		70,985		258.4	%

		Services: Consumer		MZR Buyer, LLC		First Lien Senior Secured Loan		L+ 6.75%		8.91	%	12/21/2026		13,133		13,133		13,133
														Services: Consumer Total		13,133		13,133		47.8	%

		Transportation: Cargo		A&R Logistics, Inc.		First Lien Senior Secured Loan		SOFR+ 6.00%		7.00	%	5/5/2025		10,724		10,724		10,590
				Grammer Purchaser, Inc.		First Lien Senior Secured Loan - Revolver		—		—		9/30/2024		—		—		(2)
				Grammer Purchaser, Inc.		First Lien Senior Secured Loan		L+ 4.50%		6.07	%	9/30/2024		3,475		3,475		3,458
				Omni Intermediate Holdings, LLC		Second Lien Senior Secured Loan		L+ 9.00%		10.06	%	12/30/2027		5,000		5,000		5,000
														Transportation: Cargo Total		19,199		19,046		69.3	%

		Wholesale		Abracon Group Holding, LLC.		First Lien Senior Secured Loan		L+ 4.25%		9.00	%	7/18/2024		6,897		6,897		6,897
				Aramsco, Inc.		First Lien Senior Secured Loan		L+ 5.25%		6.92	%	8/28/2024		9,534		9,533		9,533
														Wholesale Total		16,430		16,430		59.8	%


														Total		437,133		433,090		1,576.5	%

Table of Contents Below is the financial information for SLP:

Selected Balance Sheet Information


	As of
	June 30, 2022
Investments at fair value (cost—$437,133)	$	433,090
Cash		35,094
Other assets		8,209
Total assets	$	476,393
Debt	$	364,267
Subordinated notes payable to members		71,570
Other payables		13,085
Total liabilities	$	448,922
Members’ equity		27,471
Total liabilities and members’ equity	$	476,393

Selected Statement of Operations Information


	****			****
		For the Three			For the Six
		Months Ended			Months Ended
		June 30, 2022			June 30, 2022
Investment Income
Interest Income		$	7,295		$	9,811
Other			—			—
Total investment income			7,295			9,811
Expenses
Interest and debt financing expenses			2,710			3,454
Interest expense on members subordinated notes			1,809			2,445
General and administrative expenses			358			470
Total expenses			4,877			6,369
Net investment income			2,418			3,442
Net realized and unrealized gain (losses)
Net realized gain on investments			5			11
Net change in unrealized depreciation on investments			(3,896)			(4,042)
Net loss on investments			(3,891)			(4,031)
Net decrease in members’ equity resulting from operations		$	(1,473)		$	(589)

Note 4. Fair Value Measurements

Fair Value Disclosures

The following table presents fair value measurements of investments by major class, cash equivalents and derivatives as of June 30, 2022, according to the fair value hierarchy:


	****	Fair Value Measurements
								Measured at
								Net Asset
		Level 1		Level 2		Level 3		Value^(2)^		Total
Investments:
First Lien Senior Secured Loans		$	—	$	101,370	$	1,530,721	$	—	$	1,632,091
Equity Interest			—		—		216,020		—		216,020
Subordinated Note in Investment Vehicles ^(1)^			—		—		178,137		—		178,137
Second Lien Senior Secured Loan			—		—		95,340		—		95,340

Table of Contents

Preferred Equity			—		—		75,950		—		75,950
Equity Interest in Investment Vehicles ^(1)^			—		—		—		49,985		49,985
Subordinated Debt			—		—		39,280		—		39,280
Warrants			—		—		506		—		506
Preferred Equity Interest in Investment Vehicles ^(1)^			—		—		—		(271)		(271)
Total Investments		$	—	$	101,370	$	2,135,954	$	49,714	$	2,287,038
Cash equivalents		$	35,601	$	—	$	—	$	—	$	35,601
Forward currency exchange contracts (asset)		$	—	$	15,095	$	—	$	—	$	15,095
^(1)^	Includes debt and equity investment in ISLP and SLP.
---	---
^(2)^	In accordance with ASC Subtopic 820-10, Fair Value Measurements and Disclosures, or ASC 820-10, our preferred equity and equity investments in ISLP, SLP and MM_2018-1 is measured using the net asset value per share (or its equivalent) as a practical expedient for fair value, have not been classified in the fair value hierarchy.
---	---

The following table presents fair value measurements of investments by major class, cash equivalents and derivatives as of December 31, 2021, according to the fair value hierarchy:


	****	Fair Value Measurements
								Measured at
								Net Asset
		Level 1		Level 2		Level 3		Value^(2)^		Total
Investments:
First Lien Senior Secured Loans		$	—	$	99,785	$	1,674,890	$	—	$	1,774,675
Second Lien Senior Secured Loans			—		11,495		107,066		—		118,561
Subordinated Note in Investment Vehicles ^(1)^			—		—		125,437		—		125,437
Subordinated Debt			—		—		20,027		—		20,027
Equity Interest in Investment Vehicles ^(1)^			—		—		—		44,444		44,444
Equity Interests			—		—		151,844		—		151,844
Preferred Equity			—		—		53,991		—		53,991
Warrants			—		—		126		—		126
Total Investments		$	—	$	111,280	$	2,133,381	$	44,444	$	2,289,105
Cash equivalents		$	177,554	$	—	$	—	$	—	$	177,554
Forward currency exchange contracts (asset)		$	—	$	5,321	$	—	$	—	$	5,321
^(1)^	Represents debt and equity investment in ISLP.
---	---
^(2)^	In accordance with ASC Subtopic 820-10, Fair Value Measurements and Disclosures, or ASC 820-10, our equity investment in ISLP is measured using the net asset value per share (or its equivalent) as a practical expedient for fair value, have not been classified in the fair value hierarchy.
---	---

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the six months ended June 30, 2022:


	****	First Lien		****			****	Second Lien		****	Subordinated		****			****			****			****
		Senior						Senior			Note in
		Secured			Equity			Secured			Investment			Preferred			Subordinated						Total
		Loans			Interests			Loans			Vehicles^(2)^			Equity			Debt			Warrants			Investments
Balance as of January 1, 2022		$	1,674,890		$	151,844		$	107,066		$	125,437		$	53,991		$	20,027		$	126		$	2,133,381
Purchases of investments and other adjustments to cost ^(1)^			658,706			53,929			15,477			52,700			8,537			18,573			478			808,400
Paid-in-kind interest			6,002			—			—			—			—			253			—			6,255
Net accretion of discounts (amortization of premiums)			2,127			—			221			—			—			53			—			2,401
Principal repayments and sales of investments ^(1)^			(753,527)			(136)			(37,844)			—			—			—			—			(791,507)
Net change in unrealized appreciation (depreciation) on investments			(24,109)			10,450			(953)			—			13,422			374			(98)			(914)
Net realized gains (losses) on investments			(984)			(67)			(122)			—			—			—			—			(1,173)
Transfers out of Level 3			(47,672)			—			—			—			—			—			—			(47,672)
Transfers to Level 3			15,288			—			11,495			—			—			—			—			26,783
Balance as of June 30, 2022		$	1,530,721		$	216,020		$	95,340		$	178,137		$	75,950		$	39,280		$	506		$	2,135,954
Change in unrealized appreciation (depreciation) attributable to investments still held at June 30, 2022		$	(22,995)		$	10,450		$	(1,128)		$	—		$	13,422		$	374		$	(98)		$	25
^(1)^	Includes reorganizations and restructuring of investments and the impact of the SLP transaction.
---	---
^(2)^	Represents debt investment in ISLP and SLP.
---	---

Table of Contents Transfers between levels, if any, are recognized at the beginning of the quarter in which transfers occur. For the six months ended June 30, 2022, transfers from Level 2 to Level 3 were primarily due to decreased price transparency. For the six months ended June 30, 2022, transfers from Level 3 to Level 2 were primarily due to increased price transparency.

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the six months ended June 30, 2021:


	****	First Lien		****			****	Second Lien		****	Subordinated		****			****			****			****
		Senior						Senior			Note in
		Secured			Equity			Secured			Investment			Preferred			Subordinated						Total
		Loans			Interests			Loans			Vehicles^(2)^			Equity			Debt			Warrants			Investments
Balance as of January 1, 2021		$	1,951,150		$	119,905		$	140,341		$	—		$	37,713		$	—		$	—		$	2,249,109
Purchases of investments and other adjustments to cost ^(1)^			390,853			9,563			44,741			97,360			3,889			16,557			2			562,965
Paid-in-kind interest			5,297			—			—			—			—			—			—			5,297
Net accretion of discounts (amortization of premiums)			2,543			—			244			—			—			6			—			2,793
Principal repayments and sales of investments ^(1)^			(641,023)			—			(86,463)			—			(11,268)			—			—			(738,754)
Net change in unrealized appreciation (depreciation) on investments			(10,791)			7,111			2,144			—			(309)			16			(2)			(1,831)
Net realized gains (losses) on investments			15,799			—			1,839			—			7,018			—			—			24,656
Transfers to Level 3			29,994			—			—			—			—			—			—			29,994
Balance as of June 30, 2021		$	1,743,822		$	136,579		$	102,846		$	97,360		$	37,043		$	16,579		$	—		$	2,134,229
Change in unrealized appreciation (depreciation) attributable to investments still held at June 30, 2021		$	(5,208)		$	7,110		$	2,103		$	—		$	(309)		$	16		$	(2)		$	3,710

^(1)^Includes reorganizations and restructuring of investments.

^(2)^Represents debt investment in ISLP.

Transfers between levels, if any, are recognized at the beginning of the quarter in which transfers occur. For the six months ended June 30, 2021, transfers from Level 2 to Level 3 were primarily due to decreased price transparency. For the six months ended June 30, 2021, transfers from Level 3 to Level 2 were primarily due to increased price transparency.

Significant Unobservable Inputs

ASC 820 requires disclosure of quantitative information about the significant unobservable inputs used in the valuation of assets and liabilities classified as Level 3 within the fair value hierarchy. Disclosure of this information is not required in circumstances where a valuation (unadjusted) is obtained from a third-party pricing service and the information regarding the unobservable inputs is not reasonably available to the Company and as such, the disclosures provided below exclude those investments valued in that manner.

The valuation techniques and significant unobservable inputs used in Level 3 fair value measurements of assets as of June 30, 2022 were as follows: 55

Table of Contents


	****	As of June 30, 2022
					Significant	Range of Significant	****
		Fair Value of			Unobservable	Unobservable Inputs	****
		Level 3 Assets^(1)^		Valuation Technique	Inputs	(Weighted Average^(2)^)	****
First Lien Senior Secured Loans		$	1,118,785	Discounted cash flows	Comparative Yields	5.9%-19.6% (10.8%)
First Lien Senior Secured Loans			67,775	Comparable company multiple	EBITDA Multiple	5.2x-9.3x (7.8x)
First Lien Senior Secured Loans			68,597	Comparable company multiple	EBITDA Multiple	7.0x
					Probability weighting of alternative outcomes	33.3%-66.7%
First Lien Senior Secured Loans			6,442	Discounted Cash Flows	Discount Rate	10.0%
First Lien Senior Secured Loans			9,016	Collateral Coverage	Recovery Rate	100%
First Lien Senior Secured Loans			23,310	Comparable company multiple	Revenue Multiple	5.5x
Second Lien Senior Secured Loans			95,340	Discounted cash flows	Comparative Yields	11.2%-19.3% (13.9)%
Subordinated Note Investment Vehicles			178,137	Collateral Coverage	Recovery Rate	100%
Subordinated Debt			39,280	Discounted cash flows	Comparative Yields	11.6%
Equity Interests			116,586	Discounted cash flows	Discount Rate	10.0%-16.4% (15.3%)
Equity Interests			66,618	Comparable company multiple	EBITDA Multiple	5.2x-23.0x (11.3x)
Equity Interests			1,485	Comparable company multiple	Revenue Multiple	16.0x
Preferred Equity			51,420	Comparable company multiple	EBITDA Multiple	3.6x-23.0x (7.2x)
Preferred Equity			21,519	Comparable company multiple	Revenue Multiple	5.5x-8.5x (7.4x)
Warrants			506	Comparable company multiple	EBITDA Multiple	7.8x-8.1x (8.1x)
Total investments		$	1,864,816
^(1)^	Included within the Level 3 assets of $2,135,954 is an amount of $271,138 for which the Advisor did not develop the unobservable inputs for the determination of fair value (examples include single source quotation and prior or pending transactions such as investments originated in the quarter or imminent payoffs).
---	---
^(2)^	Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category.
---	---

The Company used the income approach and market approach to determine the fair value of certain Level 3 assets as of June 30, 2022. The significant unobservable inputs used in the income approach are the comparative yield and discount rate. The comparative yield and discount rate are used to discount the estimated future cash flows expected to be received from the underlying investment. An increase/decrease in the comparative yield or discount rate would result in a decrease/increase, respectively, in the fair value. The significant unobservable inputs used in the market approach are the comparable company multiple and the recovery rate. The multiple is used to estimate the enterprise value of the underlying investment. An increase/ decrease in the multiple would result in an increase/decrease, respectively, in the fair value. The recovery rate represents the extent to which proceeds can be recovered. An increase/decrease in the recovery rate would result in an increase/decrease, respectively, in the fair value.

The valuation techniques and significant unobservable inputs used in Level 3 fair value measurements of assets as of December 31, 2021 were as follows:


	****	As of December 31, 2021
					Significant	Range of Significant	****
		Fair Value of			Unobservable	Unobservable Inputs	****
		Level 3 Assets^(1)^		Valuation Technique	Inputs	(Weighted Average^(2)^)	****
First Lien Senior Secured Loans		$	1,376,465	Discounted Cash Flows	Comparative Yields	4.9%-19.4% (8.1)%
First Lien Senior Secured Loans			68,877	Comparable Company Multiple	EBITDA Multiple	1.0x-9.8x (7.5x)
First Lien Senior Secured Loans			61,707	Comparable Company Multiple	EBITDA Multiple	7.3x
					Probability weighting of alternative outcomes	33.3%-66.7%

Table of Contents

First Lien Senior Secured Loans			6,627	Discounted Cash Flows	Discount Rate	10.0%
First Lien Senior Secured Loans			3,669	Collateral Analysis	Recovery Rate	100%
Second Lien Senior Secured Loans			87,795	Discounted Cash Flows	Comparative Yields	9.6%-13.5% (11.6)%
Subordinated Note Investment Vehicles			125,437	Collateral Analysis	Recovery Rate	100%
Subordinated Debt			20,027	Discounted Cash Flows	Comparative Yields	11.2%
Equity Interests			53,363	Comparable Company Multiple	EBITDA Multiple	5.5x-24.5x (12.0x)
Equity Interests			92,420	Discounted Cash Flows	Discount Rate	10.0%-16.4% (15.2)%
Preferred Equity			43,451	Comparable Company Multiple	EBITDA Multiple	4.6x-13.5x (6.7x)
Preferred Equity			5,442	Discounted Cash Flows	Discount Rate	18.0%
Warrants			126	Comparable Company Multiple	EBITDA Multiple	5.5x-8.3x (8.3x)
Total investments		$	1,945,406
^(1)^	Included within the Level 3 assets of $2,133,381 is an amount of $187,975 for which the Advisor did not develop the unobservable inputs for the determination of fair value (examples include single source quotation and prior or pending transactions such as investments originated in the quarter or imminent payoffs).
---	---
^(2)^	Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category.
---	---

The Company used the income approach and market approach to determine the fair value of certain Level 3 assets as of December 31, 2021. The significant unobservable inputs used in the income approach are the comparative yield and discount rate. The comparative yield and discount rate are used to discount the estimated future cash flows expected to be received from the underlying investment. An increase/decrease in the comparative yield or discount rate would result in a decrease/increase, respectively, in the fair value. The significant unobservable inputs used in the market approach are the comparable company multiple and the recovery rate. The multiple is used to estimate the enterprise value of the underlying investment. An increase/ decrease in the multiple would result in an increase/decrease, respectively, in the fair value. The recovery rate represents the extent to which proceeds can be recovered. An increase/decrease in the recovery rate would result in an increase/decrease, respectively, in the fair value.

The 2019-1 Debt (as defined in Note 6), the 2023 Notes (as defined in Note 6), the March 2026 Notes (as defined in Note 6), the October 2026 Notes (as defined in Note 6), and the Sumitomo Credit Facility (as defined in Note 6), which are categorized as Level 3 within the fair value hierarchy as of June 30, 2022, approximate the carrying value of such notes.

The fair values of the 2018-1 Notes (as defined in Note 6), the 2019-1 Debt (as defined in Note 6), the 2023 Notes (as defined in Note 6), the March 2026 Notes (as defined in Note 6), the October 2026 Notes (as defined in Note 6), and the Sumitomo Credit Facility (as defined in Note 6), which are categorized as Level 3 within the fair value hierarchy as of December 31, 2021, approximate the carrying value of such notes.

Note 5. Related Party Transactions

Investment Advisory Agreement

The Company entered into the first amended and restated investment advisory agreement as of November 14, 2018 (the “Prior Advisory Agreement”) with the Advisor, pursuant to which the Advisor manages the Company’s investment program and related activities. On November 28, 2018, the Board, including a majority of the Independent Directors, approved a second amended and restated advisory agreement (the “Amended Advisory Agreement”) between the Company and BCSF Advisors, LP (“the Advisor”). On February 1, 2019, Shareholders approved the Amended Advisory Agreement which replaced the Prior Advisory Agreement.

Base Management Fee

The Company pays the Advisor a base management fee (the “Base Management Fee”), accrued and payable quarterly in arrears. The Base Management Fee is calculated at an annual rate of 1.5% (0.375% per quarter) of the average value of the Company’s gross assets (excluding cash and cash equivalents, but including assets purchased with borrowed amounts) at the end of each of the two most recently completed calendar quarters. Such amount shall be appropriately adjusted (based on the actual number of days elapsed relative to the total number of days in such calendar quarter) for any share issuance or repurchases by the Company during a calendar quarter. 57

Table of Contents The Base Management Fee for any partial quarter will be appropriately prorated. Effective February 1, 2019, the base management fee has been revised to a tiered management fee structure so that the base management fee of 1.5% (0.375% per quarter) of the average value of the Company’s gross assets (excluding cash and cash equivalents, but including assets purchased with borrowed amounts) will continue to apply to assets held at an asset coverage ratio down to 200%, but a lower base management fee of 1.0% (0.25% per quarter) of the average value of the Company’s gross assets (excluding cash and cash equivalents, but including assets purchased with borrowed amounts) will apply to any amount of assets attributable to leverage decreasing the Company’s asset coverage ratio below 200%.

For the three months ended June 30, 2022 and 2021, management fees were $8.5 million and $8.6 million, respectively. For the six months ended June 30, 2022 and 2021, management fees were $16.8 million and $17.3 million, respectively. For the three months ended June 30, 2022, $0.0 million was contractually waived and $0.0 million was voluntarily waived. For the six months ended June 30, 2022, $0.0 million was contractually waived and $0.0 million was voluntarily waived. For the three months ended June 30, 2021, $0.0 million was contractually waived and $2.7 million was voluntarily waived. For the six months ended June 30, 2021, $0.0 million was contractually waived and $4.8 million was voluntarily waived.

As of June 30, 2022, and December 31, 2021, $8.5 million and $8.8 million, respectively, remained payable related to the base management fee accrued in base management fee payable on the consolidated statements of assets and liabilities.

Incentive Fee

The incentive fee consists of two parts that are determined independently of each other such that one component may be payable even if the other is not.

The first part, the Incentive Fee based on income is calculated and payable quarterly in arrears as detailed below.

The second part, the capital gains incentive fee, is determined and payable in arrears as detailed below.

Incentive Fee on Pre-Incentive Fee Net Investment Income

Pre-incentive fee net investment income means interest income, dividend income and any other income (including any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies but excluding fees for providing managerial assistance) accrued during the calendar quarter, minus operating expenses for the quarter (including the Base Management Fee, any expenses payable under the Administration Agreement, and any interest expense and dividends paid on any outstanding preferred stock, but excluding the incentive fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature such as market discount, original issue discount (“OID”), debt instruments with PIK interest, preferred stock with PIK dividends and zero-coupon securities, accrued income that the Company has not yet received in cash.

Pre-incentive fee net investment income does not include any realized or unrealized capital gains or losses or unrealized capital appreciation or depreciation. Because of the structure of the incentive fee, it is possible that the Company may pay an incentive fee in a quarter where the Company incurs a loss. For example, if the Company receives pre-incentive fee net investment income in excess of the Hurdle rate for a quarter, the Company will pay the applicable incentive fee even if the Company has incurred a loss in that quarter due to realized and unrealized capital losses.

The incentive fee based on income is calculated and payable quarterly in arrears based on the aggregate pre-incentive fee net investment income in respect of the current calendar quarter and the eleven preceding calendar quarters (the “Trailing Twelve Quarters”). This calculation is referred to as the “Three-Year Lookback.”

Pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters is compared to a “Hurdle Amount” equal to the product of (i) the hurdle rate of 1.5% per quarter (6% annualized) and (ii) the sum of our net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable during the period) at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. The Hurdle Amount will be calculated after making appropriate adjustments to our NAV at the beginning of each applicable calendar quarter for our subscriptions (which shall include all issuances by us of shares of our Common Stock, including issuances pursuant to the Company’s dividend reinvestment plan) and distributions during the applicable calendar quarter. 58

Table of Contents The quarterly incentive fee based on income is calculated, subject to the Incentive Fee Cap (as defined below), based on the amount by which (A) aggregate pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters exceeds (B) the Hurdle Amount for such Trailing Twelve Quarters. The amount of the excess of (A) over (B) described in this paragraph for such Trailing Twelve Quarters is referred to as the “Excess Income Amount.” The incentive fee based on income that is paid to the Advisor in respect of a particular calendar quarter will equal the Excess Income Amount less the aggregate incentive fees based on income that were paid to the Advisor in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters.

The incentive fee based on income for each calendar quarter is determined as follows:

(i)	No incentive fee based on income is payable to the Advisor for any calendar quarter for which there is no Excess Income Amount;
(ii)	100% of the aggregate pre-incentive fee net investment income in respect of the Trailing Twelve Quarters with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the Hurdle Amount, but is less than or equal to an amount, which the Company refers to as the “Catch-up Amount,” determined as the sum of 1.8182% multiplied by our NAV at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters; and
---	---
(iii)	17.5% of the aggregate pre-incentive fee net investment income in respect of the Trailing Twelve Quarters that exceeds the Catch-up Amount.
---	---

Incentive Fee Cap

The incentive fee based on income is subject to a cap (the “Incentive Fee Cap”). The Incentive Fee Cap in respect of any calendar quarter is an amount equal to 17.5% of the Cumulative Net Return (as defined below) during the relevant Trailing Twelve Quarters less the aggregate incentive fees based on income that were paid to the Advisor in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters.

“Cumulative Net Return” during the relevant Trailing Twelve Quarters means (x) the pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters less (y) any Net Capital Loss, if any, in respect of the relevant Trailing Twelve Quarters. If, in any quarter, the Incentive Fee Cap is zero or a negative value, the Company will pay no incentive fee based on income to the Advisor in respect of that quarter. If, in any quarter, the Incentive Fee Cap for such quarter is a positive value but is less than the incentive fee based on income that is payable to the Advisor for such quarter calculated as described above, the Company will pay an incentive fee based on income to the Advisor equal to the Incentive Fee Cap in respect of such quarter. If, in any quarter, the Incentive Fee Cap for such quarter is equal to or greater than the incentive fee based on income that is payable to the Advisor for such quarter calculated as described above, the Company will pay an incentive fee based on income to the Advisor equal to the incentive fee calculated as described above for such quarter without regard to the Incentive Fee Cap.

“Net Capital Loss” in respect of a particular period means the difference, if positive, between (i) aggregate capital losses, whether realized or unrealized, in respect of such period and (ii) aggregate capital gains, whether realized or unrealized, in respect of such period.

For the three months ended June 30, 2022 and 2021, the Company incurred $4.1 million and $8.0 million, respectively, of income incentive fees (before waivers), which are included in incentive fees on the consolidated statements of operations. The Advisor has voluntarily waived $0.0 million and $4.5 million, respectively, of the income incentive fees earned by the Advisor during the three months ended June 30, 2022 and 2021. Such income incentive fee waiver is irrevocable and such waived income incentive fees will not be subject to recoupment in future periods. This income incentive fee waiver does not impact any income incentive fees earned by the Advisor in future periods.

For the six months ended June 30, 2022 and 2021, the Company incurred $7.4 million and $14.8 million, respectively, of income incentive fees (before waivers), which are included in incentive fees on the consolidated statements of operations. The Advisor has voluntarily waived $0.0 million and $4.5 million, respectively, of the income incentive fees earned by the Advisor during the six months ended June 30, 2022 and 2021. Such income incentive fee waiver is irrevocable and such waived income incentive fees will not 59

Table of Contents be subject to recoupment in future periods. This income incentive fee waiver does not impact any income incentive fees earned by the Advisor in future periods.

As of June 30, 2022 and December 31, 2021, there was $4.1 million and $4.7 million, respectively, related to the income incentive fee accrued in incentive fee payable on the consolidated statements of assets and liabilities.

The Amended Advisory Agreement approved by Stockholders on February 1, 2019 incorporates (i) a three-year lookback provision and (ii) a cap on quarterly income incentive fee payments based on net realized or unrealized capital loss, if any, during the applicable three-year lookback period.

Annual Incentive Fee Based on Capital Gains

The second part of the incentive fee is a capital gains incentive fee that will be determined and payable in arrears in cash as of the end of each fiscal year (or upon termination of the Amended Advisory Agreement, as of the termination date), and equals to 17.5% of our realized capital gains as of the end of the fiscal year. In determining the capital gains incentive fee payable to the Advisor, the Company calculates the cumulative aggregate realized capital gains and cumulative aggregate realized capital losses since our inception, and the aggregate unrealized capital depreciation as of the date of the calculation, as applicable, with respect to each of the investments in our portfolio. For this purpose, cumulative aggregate realized capital gains, if any, equals the sum of the differences between the net sales price of each investment, when sold, and the cost of such investment. Cumulative aggregate realized capital losses equals the sum of the amounts by which the net sales price of each investment, when sold, is less than the cost of such investment. Aggregate unrealized capital depreciation equals the sum of the difference, if negative, between the valuation of each investment as of the applicable calculation date and the cost of such investment. At the end of the applicable year, the amount of capital gains that serves as the basis for our calculation of the capital gains incentive fee equals the cumulative aggregate realized capital gains less cumulative aggregate realized capital losses, less aggregate unrealized capital depreciation, with respect to our portfolio of investments. If this number is positive at the end of such year, then the capital gains incentive fee for such year will equal to 17.5% of such amount, less the aggregate amount of any capital gains incentive fees paid in respect of our portfolio in all prior years.

There was no capital gains incentive fee payable to the Advisor under the Amended Advisory Agreement as of June 30, 2022 and December 31, 2021.

US GAAP requires that the incentive fee accrual consider the cumulative aggregate unrealized capital appreciation of investments or other financial instruments in the calculation, as an incentive fee would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Amended Advisory Agreement (“GAAP Incentive Fee”). There can be no assurance that such unrealized appreciation will be realized in the future. Accordingly, such fee, as calculated and accrued, would not necessarily be payable under the Amended Advisory Agreement, and may never be paid based upon the computation of incentive fees in subsequent period.

For the three months ended June 30, 2022 and 2021, the Company incurred no incentive fees related to the GAAP Incentive Fee. For the six months ended June 30, 2022 and 2021, the Company incurred no incentive fees related to the GAAP Incentive Fee. As of June 30, 2022 and December 31, 2021, there was $0.0 million and $0.0 million related to the GAAP Incentive Fee accrued in incentive fee payable on the consolidated statements of assets and liabilities, respectively.

Administration Agreement

The Company has entered into an administration agreement (the “Administration Agreement”) with the advisor, pursuant to which the Administrator will provide the administrative services necessary for us to operate, and the Company will utilize the Administrator’s office facilities, equipment and recordkeeping services. Pursuant to the Administration Agreement, the Administrator has agreed to oversee our public reporting requirements and tax reporting and monitor our expenses and the performance of professional services rendered to us by others. The Administrator has also hired a sub-administrator to assist in the provision of administrative services. The Company will reimburse the Administrator for its costs and expenses and our allocable portion of overhead incurred by it in performing its obligations under the Administration Agreement, including certain compensation paid to or compensatory distributions received by our officers (including our Chief Compliance Officer and Chief Financial Officer) and any of their respective staff who provide services to us, operations staff who provide services to us, and internal audit staff, if any, to the extent internal audit performs a role in our Sarbanes-Oxley internal control assessment. Our allocable portion of overhead will be determined by the Administrator, 60

Table of Contents which expects to use various methodologies such as allocation based on the percentage of time certain individuals devote, on an estimated basis, to the business and affairs of the Company, and will be subject to oversight by the Board. The Company incurred expenses related to the Administrator of $0.0 million and $0.0 million for the three months ended June 30, 2022 and 2021, respectively, which is included in other general and administrative expenses on the consolidated statements of operations. The Company incurred expenses related to the Administrator of $0.0 million and $0.0 million for the six months ended June 30, 2022 and 2021, respectively, which is included in other general and administrative expenses on the consolidated statements of operations. As of June 30, 2022 and December 31, 2021, there were $0.0 million and $0.0 million in expenses related to the Administrator that were payable and included in “accounts payable and accrued expenses” in the consolidated statements of assets and liabilities, respectively. The sub-administrator is paid its compensation for performing its sub-administrative services under the sub-administration agreement. The Company incurred expenses related to the sub-administrator of $0.1 million and $0.1 million for the three months ended June 30, 2022 and 2021, respectively, which is included in other general and administrative expenses on the consolidated statements of operations. The sub-administrator is paid its compensation for performing its sub-administrative services under the sub-administration agreement. The Company incurred expenses related to the sub-administrator of $0.3 million and $0.2 million for the six months ended June 30, 2022 and 2021, respectively, which is included in other general and administrative expenses on the consolidated statements of operations. The Administrator will not seek reimbursement in the event that any such reimbursements would cause any distributions to our stockholders to constitute a return of capital. In addition, the Administrator is permitted to delegate its duties under the Administration Agreement to affiliates or third parties and the Company will reimburse the expenses of these parties incurred and paid by the Advisor on our behalf.

Resource Sharing Agreement

The Company’s investment activities are managed by the Advisor, an investment adviser that is registered with the SEC under the Advisers Act. The Advisor is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring our investments and monitoring our investments and portfolio companies on an ongoing basis.

The Advisor has entered into a Resource Sharing Agreement (the “Resource Sharing Agreement”) with Bain Capital Credit, LP (“Bain Capital Credit”), pursuant to which Bain Capital Credit provides the Advisor with experienced investment professionals (including the members of the Advisor’s Credit Committee) and access to the resources of Bain Capital Credit so as to enable the Advisor to fulfill its obligations under the Amended Advisory Agreement. Through the Resource Sharing Agreement, the Advisor intends to capitalize on the significant deal origination, credit underwriting, due diligence, investment structuring, execution, portfolio management and monitoring experience of Bain Capital Credit’s investment professionals. There can be no assurance that Bain Capital Credit will perform its obligations under the Resource Sharing Agreement. The Resource Sharing Agreement may be terminated by either party on 60 days’ notice, which if terminated may have a material adverse consequence on the Company’s operations.

Co-investments

The Company will invest alongside our affiliates, subject to compliance with applicable regulations and our allocation procedures. Certain types of negotiated co-investments will be made only in accordance with the terms of the exemptive order the Company received from the SEC initially on August 23, 2016, as amended on March 23, 2018 (the “Order”). Under the terms of the Order, a “required majority” (as defined in Section 57(o) of the 1940 Act) of our independent directors must be able to reach certain conclusions in connection with a co-investment transaction, including that (1) the terms of the proposed transaction are reasonable and fair to us and our stockholders and do not involve overreaching of us or our stockholders on the part of any person concerned, and (2) the transaction is consistent with the interests of our stockholders and is consistent with our Board’s approved criteria. In certain situations where co-investment with one or more funds managed by the Advisor or its affiliates is not covered by the Order, the personnel of the Advisor or its affiliates will need to decide which funds will proceed with the investment. Such personnel will make these determinations based on policies and procedures, which are designed to reasonably ensure that investment opportunities are allocated fairly and equitably among affiliated funds over time and in a manner that is consistent with applicable laws, rules and regulations.

Revolving Advisor Loan

Table of Contents and a maturity date of March 27, 2023. The Revolving Advisor Loan accrues interest at the Applicable Federal Rate from the date of such loan until the loan is repaid in full. Please see Note 6 for additional details.

Related Party Commitments

As of June 30, 2022 and December 31, 2021, the Advisor held 488,112.46 and 487,932.46 shares of the Company’s common stock, respectively. An affiliate of the Advisor is the investment manager to certain pooled investment vehicles which are investors in the Company. These investors held 12,875,920.66 and 12,875,920.66 shares of the Company at June 30, 2022 and December 31, 2021, respectively.

Non-Controlled/Affiliate and Controlled Affiliate Investments

Transactions during the six months ended June 30, 2022 in which the issuer was either an Affiliated Person or an Affiliated Person that the Company is deemed to Control are as follows:


	Fair Value						Change in				Fair Value
	as of						Unrealized		Realized		as of		Dividend,
	December 31,		Gross		Gross		Gains		Gains		June 30,		Interest, and		Other
Portfolio Company	2021		Additions		Reductions		(Losses)		(Losses)		2022		PIK Income		Income
Non-Controlled/affiliate investment
ADT Pizza, LLC, Equity Interest ^(1)^	$	19,527	$	—	$	—	$	(2,595)	$	—	$	16,932	$	—	$	—
BCC Middle Middle Market CLO 2018-1, LLC. Equity Interest		—		24,050		—		(69)		—		23,981		1,851		—
Blackbrush Oil & Gas, L.P. First Lien Senior Secured Loan		12,336		937		(4,327)		2		—		8,948		395		—
Blackbrush Oil & Gas, L.P. Equity Interest ^(1)^		—		1		—		(1)		—		—		—		—
Blackbrush Oil & Gas, L.P. Preferred Equity ^(1)^		19,720		1,674		—		11,883		—		33,277		—		—
Direct Travel, Inc. First Lien Senior Secured Loan		4,766		75		—		—		—		4,841		181		—
Direct Travel, Inc. First Lien Senior Secured Loan – Delayed Draw		2,831		69		—		299		—		3,199		130		—
Direct Travel, Inc. First Lien Senior Secured Loan – Delayed Draw		1,436		31		—		152		—		1,619		68		—
Direct Travel, Inc. First Lien Senior Secured Loan		48,347		1,166		—		5,098		—		54,611		2,742		—
Direct Travel, Inc. First Lien Senior Secured Loan – Delayed Draw		4,125		—		—		—		—		4,125		151		—
Direct Travel, Inc. First Lien Senior Secured Loan		202		—		—		—		—		202		7		—
Direct Travel, Inc. Equity Interest ^(1)^		—		—				—		—		—		—
Total Non-Controlled/affiliate investment	$	113,290	$	28,003	$	(4,327)	$	14,769	$	—	$	151,735	$	5,525	$	—
Controlled affiliate investment
Bain Capital Senior Loan Program, LLC Subordinated Note Investment Vehicles	$	—	$	35,780	$	—	$	—	$	—	$	35,780	$	1,223	$	—
Bain Capital Senior Loan Program, LLC Class A Preferred Equity Interests Investment Vehicles		—		10		—		(281)		—		(271)		217		—
Bain Capital Senior Loan Program, LLC Class B Equity Interests Investment Vehicles		—		5,594		—		(953)		—		4,641		615		—
BCC Jetstream Holdings Aviation (On II), LLC, Equity Interest		—		—		—		—		—		—		50	****	—
BCC Jetstream Holdings Aviation (On II), LLC, First Lien Senior Secured Loan		6,627		538		—		(723)		—		6,442		368		—
BCC Jetstream Holdings Aviation (Off I), LLC, Equity Interest		10,563		—		—		(285)		—		10,278		534		—
Gale Aviation (Offshore) Co, Equity Interest		72,839		1,466		—		13,614		—		87,919		3,754	****	—
International Senior Loan Program, LLC, Equity Interest Investment Vehicle		44,444		5,193		—		(4,293)		—		45,344		2,842		—
International Senior Loan Program, LLC, Subordinated Note Investment Vehicle		125,437		16,920		—		—		—		142,357		6,045		—
Lightning Holdings B, LLC- Equity Interest ^(1)^		14,851		3,431		—		108		—		18,390		—		—
Total Controlled affiliate investment	$	274,761	$	68,932	$	—	$	7,187	$	—	$	350,880	$	15,648	$	—
Total	$	388,051	$	96,935	$	(4,327)	$	21,956	$	—	$	502,615	$	21,173	$	—

^(1)^Non-income producing. 62

Table of Contents Transactions during the year ended December 31, 2021 in which the issuer was either an Affiliated Person or an Affiliated Person that the Company is deemed to Control are as follows:


		Fair Value									Change in						Fair Value
		as of									Unrealized			Realized			as of			Dividend,
		December 31,			Gross			Gross			Gains			Gains			December 31,			Interest, and			Other
Portfolio Company	****	2020		****	Additions		****	Reductions		****	(Losses)		****	(Losses)		****	2021		****	PIK Income		****	Income
Non-Controlled/affiliate investment
ADT Pizza, LLC, Equity Interest ^(1)^		$	15,918		$	—		$	—		$	3,609		$	—		$	19,527		$	—		$	—
Blackbrush Oil & Gas, L.P. Equity Interest ^(1)^			—			—			—			—			—			—			—			—
Blackbrush Oil & Gas, L.P. Preferred Equity ^(1)^			10,239			—			—			9,481			—			19,720			989			—
Blackbrush Oil & Gas, L.P. First Lien Senior Secured Loan			12,089			247			—			—			—			12,336			—			—
Direct Travel, Inc. First Lien Senior Secured Loan			4,404			362			—			—			—			4,766			418			—
Direct Travel, Inc. Equity Interest ^(1)^			—			—			—			—			—			—			—			—
Direct Travel, Inc. First Lien Senior Secured Loan – Delayed Draw			2,588			271			—			(28)			—			2,831			308			—
Direct Travel, Inc. First Lien Senior Secured Loan – Delayed Draw			1,313			137			—			(14)			—			1,436			156			—
Direct Travel, Inc. First Lien Senior Secured Loan			44,212			4,607			—			(472)			—			48,347			5,276			—
Direct Travel, Inc. First Lien Senior Secured Loan – Delayed Draw			1,950			2,175			—			—			—			4,125			279			—
Direct Travel, Inc. First Lien Senior Secured Loan			202			—			—			—			—			202			14			—
Total Non-Controlled/affiliate investment		$	92,915		$	7,799		$	—		$	12,576		$	—		$	113,290		$	7,440		$	—
Controlled affiliate investment
ACC Holdco, LLC, Preferred Equity		$	10,828		$	—		$	(10,828)		$	(3)		$	3		$	—		$	2,306		$	—
Air Comm Corporation LLC, First Lien Senior Secured Loan			26,484			661			(27,023)			(122)			—			—			1,948			—
BCC Jetstream Holdings Aviation (On II), LLC, Equity Interest			629		****	—			—			(629)			—			—			100			—
BCC Jetstream Holdings Aviation (On II), LLC, First Lien Senior Secured Loan			6,712			665			—			(750)			—			6,627			873			—
BCC Jetstream Holdings Aviation (Off I), LLC, Equity Interest			11,703			—			—			(1,140)			—			10,563			1,068			—
Gale Aviation (Offshore) Co, Equity Interest			66,448			5,329			—			1,062			—			72,839			8,100		****	—
International Senior Loan Program, LLC, Equity Interest Investment Vehicle			—			43,457			—			4,848			(3,861)			44,444			2,636			—
International Senior Loan Program, LLC, Subordinated Note Investment Vehicle			—			125,437			—			—			—			125,437			8,058			—
Lightning Holdings B, LLC- Equity Interest			7,308			6,845			—			698			—			14,851			—		****	—
Total Controlled affiliate investment		$	130,112		$	182,394		$	(37,851)		$	3,964		$	(3,858)		$	274,761		$	25,089		$	—
Total		$	223,027		$	190,193		$	(37,851)		$	16,540		$	(3,858)		$	388,051		$	32,529		$	—

^(1)^Non-income producing.

Table of Contents Note 6. Debt

In accordance with applicable SEC staff guidance and interpretations, as a BDC, with certain exceptions, effective February 2, 2019, the Company is permitted to borrow amounts such that its asset coverage ratio is at least 150% after such borrowing (if certain requirements are met), rather than 200%, as previously required. As of June 30, 2022 and December 31, 2021, the Company’s asset coverage ratio based on aggregated borrowings outstanding was 188% and 177%, respectively.

The Company’s outstanding borrowings as of June 30, 2022 and December 31, 2021 were as follows:


	****	As of June 30, 2022									As of December 31, 2021
		Total									Total
		Aggregate									Aggregate
		Principal			Principal						Principal			Principal
		Amount			Amount			Carrying			Amount			Amount			Carrying
	****	Committed		****	Outstanding		****	Value^(1)^		****	Committed		****	Outstanding		****	Value^(1)^
2018-1 Notes		$	—		$	—		$	—		$	365,700		$	365,700		$	364,178
2019-1 Notes			352,500			352,500			351,034			352,500			352,500			350,969
Revolving Advisor Loan			50,000			—			—			50,000			—			—
2023 Notes			150,000			112,500			111,584			150,000			112,500			111,133
March 2026 Notes			300,000			300,000			295,821			300,000			300,000			295,260
October 2026 Notes			300,000			300,000			294,121			300,000			300,000			293,442
Sumitomo Credit Facility			300,000			191,723			191,723			300,000			—			—
Total Debt		$	1,452,500		$	1,256,723		$	1,244,283		$	1,818,200		$	1,430,700		$	1,414,982
^(1)^	Carrying value represents aggregate principal amount outstanding less unamortized debt issuance costs.
---	---

The combined weighted average interest rate (excluding deferred upfront financing costs and unused fees) of the aggregate borrowings outstanding for the six months ended June 30, 2022 and year ended December 31, 2021 were 3.0% and 3.1%, respectively.

The following table shows the contractual maturities of our debt obligations as of June 30, 2022:


	****	Payments Due by Period
					Less than									More than
	****	Total		****	1 year		****	1 — 3 years		****	3 — 5 years		****	5 years
2019-1 Debt		$	352,500		$	—		$	—		$	—		$	352,500
2023 Notes			112,500			—			112,500			—			—
March 2026 Notes			300,000			—			—			300,000			—
October 2026 Notes			300,000			—			—			300,000			—
Sumitomo Credit Facility			191,723			—			—			191,723			—
Total Debt Obligations		$	1,256,723		$	—		$	112,500		$	791,723		$	352,500

BCSF Revolving Credit Facility

On October 4, 2017, the Company entered into the revolving credit agreement (the “BCSF Revolving Credit Facility”) with us, as equity holder, BCSF I, LLC, a Delaware limited liability company and a wholly owned and consolidated subsidiary of the Company, as borrower, and Goldman Sachs Bank USA, as sole lead arranger (“Goldman Sachs”). The BCSF Revolving Credit Facility was subsequently amended on May 15, 2018 to reflect certain clarifications regarding margin requirements and hedging currencies. The maximum commitment amount under the BCSF Revolving Credit Facility is $500.0 million, and may be increased up to $750.0 million. Proceeds of the loans under the BCSF Revolving Credit Facility may be used to acquire certain qualifying loans and such other uses as permitted under the BCSF Revolving Credit Facility. The BCSF Revolving Credit Facility includes customary affirmative and negative covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature. 64

Table of Contents On January 8, 2020, the Company entered into an amended and restated credit agreement of its BCSF Revolving Credit Facility. The amendment amended the existing credit facility to, among other things, modify various financial covenants, including removing a liquidity covenant and adding a net asset value covenant with respect to the Company, as sponsor.

On March 31, 2020, the Parties entered into Omnibus Amendment No. 1 to the amended and restated credit agreement. The amendment amended the existing credit facility to, among other things, provide for enhanced flexibility to purchase or contribute and borrow against revolving loans and delayed draw term loans, and to count certain additional assets in the calculation of collateral for the outstanding advances; increase the spread payable under the facility from 2.50% to 3.25% per annum; include additional events of default to the existing credit facility, including but not limited to, a qualified equity raise not effected on or prior to June 22, 2020; and, after June 22, 2020, require the Company to maintain at least $50.0 million of unencumbered liquidity or pay down the facility by at least $50.0 million.

On May 27, 2020, the Parties entered into Amendment No. 2 to the amended and restated credit agreement. The amendment amended the existing credit facility to, among other things, (i) permit the Company to incur a lien on assets purchased with the proceeds of the rights offering and (ii) remove the requirement that the Company maintain $50.0 million in unencumbered cash after the completion of the rights offering, instead requiring a pay down of $50.0 million within two business days after the closing of the rights offering, which was subsequently paid.

On August 14, 2020, the Parties entered into the second amended and restated credit agreement and the third amended and restated margining agreement (collectively, the “Amendment”), which amended and restated the terms of the existing credit facility (the “Amended and Restated Credit Facility”). The Amendment amends the existing credit facility to, among other things, (i) decrease the financing limit from $500.0 million to $425.0 million, (ii) decrease the interest rate on financing from LIBOR plus 3.25% per annum to LIBOR plus 3.00% per annum, and (iii) provide enhanced flexibility to contribute and borrow against revolving and delayed draw loans and modify certain other terms relating to collaterals.

On March 11, 2021, the BCSF Revolving Credit Facility was terminated. The proceeds from the March 2026 Notes were used to repay the total outstanding debt.

Borrowings under the BCSF Revolving Credit Facility bore interest at LIBOR plus a margin. For the period from January 1, 2021 through March 11, 2021, the BCSF Revolving Credit Facility accrued interest expense at a rate of LIBOR plus 3.00%. The Company paid an unused commitment fee of 30 basis points (0.30%) per annum.

For the three months ended June 30, 2022 and 2021, the components of interest expense related to the BCSF Revolving Credit Facility were as follows:


		For the Three Months Ended June 30,
	****	2022		****	2021
Borrowing interest expense		$	—		$	—
Unused facility fee			—			—
Amortization of deferred financing costs and upfront commitment fees			—			—
Total interest and debt financing expenses		$	—		$	—

For the six months ended June 30, 2022 and 2021, the components of interest expense related to the BCSF Revolving Credit Facility were as follows:


		For the Six Months Ended June 30,
	****	2022		****	2021
Borrowing interest expense		$	—		$	509
Unused facility fee			—			118
Amortization of deferred financing costs and upfront commitment fees			—			—
Total interest and debt financing expenses		$	—		$	627

Table of Contents 2018-1 Notes

On September 28, 2018 (the “2018-1 Closing Date”), we, through BCC Middle Market CLO 2018-1 LLC (the “2018-1 Issuer”), a Delaware limited liability company and a wholly owned and consolidated subsidiary of the Company, completed its $451.2 million term debt securitization (the “CLO Transaction”). The notes issued in connection with the CLO Transaction (the “2018-1 Notes”) are secured by a diversified portfolio of the 2018-1 Issuer consisting primarily of middle market loans, the majority of which are senior secured loans (the “2018-1 Portfolio”). At the 2018-1 Closing Date, the 2018-1 Portfolio was comprised of assets transferred from the Company and its consolidated subsidiaries. All transfers were eliminated in consolidation and there were no realized gains or losses recognized in the CLO Transaction.

The CLO Transaction was executed through a private placement of the following 2018-1 Notes. The Class A-1 A, A-1 B, A-2, B and C 2018-1 Notes were issued at par and are scheduled to mature on October 20, 2030. The Company received 100% of the membership interests (the “Membership Interests”) in the 2018-1 Issuer in exchange for its sale to the 2018-1 Issuer of the initial closing date loan portfolio. The Membership Interests do not bear interest. As of December 31, 2021, the Class A-1 A, A-1 B, A-2, B and C 2018-1 Notes were included in the consolidated financial statements. The Membership Interests were eliminated in consolidation.

For the three months ended June 30, 2022 and 2021, the components of interest expense related to the 2018-1 Issuer were as follows:


		For the Three Months Ended June 30,
	****	2022		****	2021
Borrowing interest expense		$	—		$	2,021
Amortization of deferred financing costs and upfront commitment fees			—			43
Total interest and debt financing expenses		$	—		$	2,064

For the six months ended June 30, 2022 and 2021, the components of interest expense related to the 2018-1 Issuer were as follows:


		For the Six Months Ended June 30,
	****	2022		****	2021
Borrowing interest expense		$	1,299		$	4,045
Amortization of deferred financing costs and upfront commitment fees			28			86
Total interest and debt financing expenses		$	1,327		$	4,131

On March 7, 2022, the Company sold 70% of the membership equity interests of the Company’s 2018-1 Notes to SLP, which resulted in the deconsolidation of the 2018-1 Notes from the Company’s consolidated financial statements as further discussed in Note 3.

JPM Credit Facility

On April 30, 2019, the Company entered into a loan and security agreement (the “JPM Credit Agreement” or the “JPM Credit Facility”) as Borrower, with JPMorgan Chase Bank, National Association, as Administrative Agent, and Wells Fargo Bank, National Association as Collateral Administrator, Collateral Agent, Securities Intermediary and Bank. The facility amount under the JPM Credit Agreement was $666.6 million. Borrowings under the JPM Credit Facility bore interest at LIBOR plus 2.75%.

On January 29, 2020, the Company entered into an amended and restated loan and security agreement (the “Amended Loan and Security Agreement”) as Borrower, with JPMorgan Chase Bank, National Association, as Administrative Agent, and Wells Fargo Bank, National Association as Collateral Administrator, Collateral Agent, Securities Intermediary and Bank. The Amended Loan and Security Agreement amended the Existing Loan and Security Agreement to, among other things, (1) decrease the financing limit under the agreement from $666.6 million to $500.0 million; (2) decrease the minimum facility amount from $466.6 million to $300.0 million period from January 29, 2020 to July 29, 2020 (the minimum facility amount will increase to $350.0 million after July 29, 2020 until the end of the reinvestment period); (3) decrease the interest rate on financing from 2.75% per annum over the applicable LIBOR to 2.375% per annum over the applicable LIBOR; and (4) extend the scheduled termination date of the agreement from November 29, 2022 to January 29, 2025. 66

Table of Contents On March 20, 2020, the Company entered into a second amended and restated loan and security agreement between the parties (the “Second Amended Loan and Security Agreement”). The Second Amended Loan and Security Agreement, among other things, provided flexibility to contribute and borrow against revolving loans, reduce the amount required to be reserved for unfunded revolvers and delayed draw obligations and decreased the financing limit by $50.0 million within 90 days or, based on the occurrence of certain events, such earlier period as may be set forth in the Second Amended Loan and Security Agreement. The Company paid the Administrative Agent $50.0 million to the prepayment of Advances and the Financing Commitments reduced by the amount of principal so prepaid on the earlier of two Business days following the closing of the Rights Offering and June 18, 2020.

On July 2, 2020, the Company entered into a third amended and restated loan and security agreement with respect to the JPM Credit Agreement to, among other things, adjust the advance rates and make certain changes of an updating nature.

The facility amount under the JPM Credit Agreement is $450.0 million. Proceeds of the loans under the JPM Credit Facility were used to acquire certain qualifying loans and such other uses as permitted under the JPM Credit Agreement. The period from the effective date of the amendment until January 29, 2023 is referred to as the reinvestment period and during such reinvestment period, the Borrower could request drawdowns under the JPM Credit Facility.

The maturity date was the earliest of: (a) January 29, 2025, (b) the date on which the secured obligations become due and payable following the occurrence of an event of default, (c) the date on which the advances are repaid in full and (d) the date after a market value cure failure occurs on which all portfolio investments have been sold and proceeds there from have been received by the Borrower. The stated maturity date of January 29, 2025 could be extended for successive one-year periods by mutual agreement of the Borrower and the Administrative Agent.

The JPM Credit Agreement included customary affirmative and negative covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature.

Borrowings under the JPM Credit Facility bore interest at LIBOR plus a margin. The Company paid an unused commitment fee of between 37.5 basis points (0.375%) and 75 basis points (0.75%) per annum depending on the size of the unused portion of the facility. Interest was payable quarterly in arrears. As of December 31, 2020, the JPM Credit Facility was accruing interest expense at a rate of LIBOR plus 2.375%. We paid an unused commitment fee of 75 basis points (0.75%) per annum.

On December 27, 2021, the JPM Credit Facility was terminated.

For the three months ended June 30, 2022 and 2021, the components of interest expense related to the JPM Credit Facility were as follows:


		For the Three Months Ended June 30,
	****	2022		****	2021
Borrowing interest expense		$	—		$	629
Unused facility fee			—			1,710
Amortization of deferred financing costs and upfront commitment fees			—			65
Total interest and debt financing expenses		$	—		$	2,404

For the six months ended June 30, 2022 and 2021, the components of interest expense related to the JPM Credit Facility were as follows:


		For the Six Months Ended June 30,
	****	2022		****	2021
Borrowing interest expense		$	—		$	2,419
Unused facility fee			—			2,344
Amortization of deferred financing costs and upfront commitment fees			—			129
Total interest and debt financing expenses		$	—		$	4,892

Table of Contents 2019-1 Debt

On August 28, 2019, the Company, through BCC Middle Market CLO 2019-1 LLC (the “2019-1 Issuer”), a Cayman Islands limited liability company and a wholly-owned and consolidated subsidiary of the Company, and BCC Middle Market CLO 2019-1 Co-Issuer, LLC (the “Co-Issuer” and, together with the Issuer, the “Co-Issuers”), a Delaware limited liability company, completed its $501.0 million term debt securitization (the “2019-1 CLO Transaction”). The notes issued in connection with the 2019-1 CLO Transaction (the “2019-1 Notes”) are secured by a diversified portfolio of the Co-Issuers consisting primarily of middle market loans, the majority of which are senior secured loans (the “2019-1 Portfolio”). The Co-Issuers also issued Class A-1L Loans (the “Loans” and, together with the 2019-1 Notes, the “2019-1 Debt”). The Loans are also secured by the 2019-1 Portfolio. At the 2019-1 closing date, the 2019-1 Portfolio was comprised of assets transferred from the Company and its consolidated subsidiaries. All transfers were eliminated in consolidation and there were no realized gains or losses recognized in the 2019-1 CLO Transaction.

On November 30, 2021, the Co-Issuers refinanced the 2019-1 CLO Transaction through a private placement of $410 million of senior secured and senior deferrable notes consisting of: (i) $282.5 million of Class A-1-R Senior Secured Floating Rate Notes, which currently bear interest at the applicable reference rate plus 1.50% per annum; (ii) $55 million of Class A-2-R Senior Secured Floating Rate Notes, which bear interest at the applicable reference rate plus 2.00% per annum; (iii) $47.5 million of Class B-R Senior Deferrable Floating Rate Notes, which bear interest at the applicable reference rate plus 2.60% per annum; and (iv) $25.0 million of Class C-R Senior Deferrable Floating Rate Notes, which bear interest at the applicable reference rate plus 3.75% per annum (collectively, the “2019-1 CLO Reset Notes”). The 2019-1 CLO Reset Notes are scheduled to mature on October 15, 2033 and the reinvestment period ends October 15, 2025. The Company retained $32.5 million of the Class B-R Notes and $25.0 million of the Class C-R Notes. The retained notes by the Company are eliminated in consolidation. The transaction resulted in a realized loss on the extinguishment of debt of $2.3 million from the acceleration of unamortized debt issuance costs of. The obligations of the Issuer under the CLO Transaction are non-recourse to the Company.

The 2019-1 CLO Reset Notes was executed through a private placement of the following 2019-1 Debt:


2019-1 Debt	****	Principal Amount		****	Spread above Index	****	Interest rate at June 30, 2022
Class A-1-R		$	282,500		1.50% + 3 Month LIBOR		2.54	%
Class A-2-R			55,000		2.00% + 3 Month LIBOR		3.04	%
Class B-R			15,000		2.60% + 3 Month LIBOR		3.64	%
Total 2019-1 Debt			352,500
Membership Interests			102,250		Non-interest bearing		Not applicable
Total		$	454,750

The Loans and Class A-1-R, A-2-R, and B-R Notes are included in the consolidated financial statements of the Company. The $32.5 million of the Class B-R Notes, $25.0 million of the Class C-R Notes and Membership Interests retained by the Company are eliminated in consolidation.

The Company serves as portfolio manager of the 2019-1 Issuer pursuant to a portfolio management agreement between the Company and the 2019-1 Issuer. For so long as the Company serves as portfolio manager, the Company will not charge any management fee or subordinated interest to which it may be entitled.

During the reinvestment period, pursuant to the indenture and loan agreement governing the 2019-1 Notes and Loans, respectively, all principal collections received on the underlying collateral may be used by the 2019-1 Issuer to purchase new collateral under the direction of the Company in its capacity as portfolio manager of the 2019-1 Issuer and in accordance with the 2019-1 Issuer investment strategy and the terms of the indenture and loan agreement, as applicable.

The Company has agreed to hold on an ongoing basis the Membership Interests with an aggregate dollar purchase price at least equal to 5% of the aggregate amount of all obligations issued by the 2019-1 Co-Issuers for so long as the 2019-1 Debt remains outstanding.

The 2019-1 Issuer pays ongoing administrative expenses to the trustee, independent accountants, legal counsel, rating agencies and independent managers in connection with developing and maintaining reports, and providing required services in connection with the administration of the 2019-1 Issuer. 68

Table of Contents As of June 30, 2022, there were 49 first lien and second lien senior secured loans with a total fair value of approximately $467.0 million and cash of $25.9 million securing the 2019-1 Debt. As of December 31, 2021, there were 45 first lien and second lien senior secured loans with a total fair value of approximately $441.0 million and cash of $62.6 million securing the 2019-1 Debt. Assets that are pledged as collateral for the 2019-1 Debt are not directly available to the creditors of the Company to satisfy any obligations of the Company other than the Company’s obligations under the indenture and loan agreement governing the 2019-1 Debt. The creditors of the 2019-1 Co-Issuers have received security interests in such assets and such assets are not intended to be available to the creditors of the Company (or an affiliate of the Company). The 2019-1 Portfolio must meet certain requirements, including asset mix and concentration, term, agency rating, collateral coverage, minimum coupon, minimum spread and sector diversity requirements in the indenture and loan agreement governing the 2019-1 Debt. As of June 30, 2022, and December 31, 2021, the Company was in compliance with its covenants related to the 2019-1 Debt.

Costs of the offering of $1.5 million were incurred in connection with the 2019-1 CLO Reset Notes which have been recorded as debt issuance costs and presented as a reduction to the outstanding principal amount of the 2019-1 Debt on the consolidated statements of assets and liabilities and are being amortized over the life using the effective interest method. The balance of the unamortized debt issuance costs related to the 2019-1 Issuer was $1.5 million and $1.5 million as of June 30, 2022 and December 31, 2021, respectively.

For the three months ended June 30, 2022 and 2021, the components of interest expense related to the 2019-1 Co-Issuers were as follows:


		For the Three Months Ended June 30,
	****	2022		****	2021
Borrowing interest expense		$	2,268		$	2,506
Amortization of deferred financing costs and upfront commitment fees			32			57
Total interest and debt financing expenses		$	2,300		$	2,563

For the six months ended June 30, 2022 and 2021, the components of interest expense related to the 2019-1 Co-Issuers were as follows:


		For the Six Months Ended June 30,
	****	2022		****	2021
Borrowing interest expense		$	3,892		$	5,032
Amortization of deferred financing costs and upfront commitment fees			64			114
Total interest and debt financing expenses		$	3,956		$	5,146

Revolving Advisor Loan

On March 27, 2020, the Company entered into an unsecured revolving loan agreement (the “Revolving Advisor Loan”) with BCSF Advisors, LP, the investment adviser of the Company. The Revolving Advisor Loan has a maximum credit limit of $50.0 million and a maturity date of March 27, 2023. The Revolving Advisor Loan accrues interest at the Applicable Federal Rate from the date of such loan until the loan is repaid in full. As of June 30, 2022, there were no borrowings under the Revolving Advisor Loan.

For the three months ended June 30, 2022 and 2021, the components of interest expense related to the Revolving Advisor Loan were as follows:


		For the Three Months Ended June 30,
	****	2022		****	2021
Borrowing interest expense		$	—		$	—
Total interest and debt financing expenses		$	—		$	—

Table of Contents For the six months ended June 30, 2022 and 2021, the components of interest expense related to the Revolving Advisor Loan were as follows:


		For the Six Months Ended June 30,
	****	2022		****	2021
Borrowing interest expense		$	—		$	—
Total interest and debt financing expenses		$	—		$	—

2023 Notes

On June 10, 2020, the Company entered into a Master Note Purchase Agreement with institutional investors listed on the Purchaser Schedule thereto (the “Note Purchase Agreement”), in connection with the Company’s issuance of $150.0 million aggregate principal amount of its 8.50% senior unsecured notes due 2023 (the “ 2023 Notes”). The sale of the 2023 Notes generated net proceeds of approximately $146.4 million, including an offering discount of $1.5 million and debt issuance costs in connection with the transaction, including fees and commissions, of $2.1 million.

The 2023 Notes will mature on June 10, 2023 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the Note Purchase Agreement. The 2023 Notes will bear interest at a rate of 8.50% per year payable semi-annually on June 10 and December 10 of each year, commencing on December 10, 2020. As of June 30, 2022 and December 31, 2021, the Company was in compliance with the terms of the Note Purchase Agreement governing the 2023 Notes.

On July 16, 2021 the Company repurchased $37.5 million of the 2023 Notes at a total cost of $39.5 million. This resulted in a realized loss on the extinguishment of debt of $2.5 million, which included a premium paid of $2.0 million and acceleration of unamortized debt issuance costs and original issue discount of $0.5 million.

As of June 30, 2022 and December 31, 2021, the components of the carrying value of the 2023 Notes were as follows:


		June 30,			December 31,
	****	2022		****	2021
Principal amount of debt		$	112,500		$	112,500
Unamortized debt issuance cost			(518)			(822)
Original issue discount, net of accretion			(343)			(545)
Carrying value of 2023 Notes		$	111,639		$	111,133

For the three months ended June 30, 2022 and 2021, the components of interest expense related to the 2023 Notes were as follows:


		For the Three Months Ended June 30,
	****	2022		****	2021
Borrowing interest expense		$	2,344		$	3,187
Amortization of debt issuance cost			137			183
Accretion of original issue discount			91			121
Total interest and debt financing expenses		$	2,572		$	3,491

For the six months ended June 30, 2022 and 2021, the components of interest expense related to the 2023 Notes were as follows:


		For the Six Months Ended June 30,
	****	2022		****	2021
Borrowing interest expense		$	4,594		$	6,375
Amortization of debt issuance cost			272			363
Accretion of original issue discount			181			240
Total interest and debt financing expenses		$	5,047		$	6,978

Table of Contents March 2026 Notes

On March 10, 2021, the Company and U.S. Bank National Association (the “Trustee”), entered into an Indenture (the “Base Indenture”) and First Supplemental Indenture (the “First Supplemental Indenture,” and together with the Base Indenture, the “Indenture”) between the Company and the Trustee. The First Supplemental Indenture relates to the Company’s issuance of $300.0 million aggregate principal amount of its 2.95% notes due 2026 (the “2026 Notes”).

The March 2026 Notes will mature on March 10, 2026 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the Indenture. The March 2026 Notes bear interest at a rate of 2.95% per year payable semi-annually on March 10th and September 10th of each year, commencing on September 10, 2021. The March 2026 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the March 2026 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

The net proceeds to the Company were approximately $294.3 million, after deducting the underwriting discounts and commissions of $4.4 million and offering expenses of $1.3 million.

As of June 30, 2022 and December 31, 2021, the components of the carrying value of the March 2026 Notes were as follows:


		June 30,			December 31,
	****	2022		****	2021
Principal amount of debt		$	300,000		$	300,000
Unamortized debt issuance cost			(2,397)			(2,719)
Original issue discount, net of accretion			(1,782)			(2,021)
Carrying value of 2026 Notes		$	295,821		$	295,260

For the three months ended June 30, 2022 and 2021, the components of interest expense related to the 2026 Notes were as follows:



		For the Three Months Ended June 30,
	****	2022		****	2021
Borrowing interest expense		$	2,213		$	2,213
Amortization of debt issuance cost			162			162
Accretion of original issue discount			120			120
Total interest and debt financing expenses		$	2,495		$	2,495

For the six months ended June 30, 2022 and 2021, the components of interest expense related to the 2026 Notes were as follows:



		For the Six Months Ended June 30,
	****	2022		****	2021
Borrowing interest expense		$	4,426		$	2,729
Amortization of debt issuance cost			321			199
Accretion of original issue discount			239			148
Total interest and debt financing expenses		$	4,986		$	3,076

October 2026 Notes

On October 13, 2021, the Company and the Trustee entered into a Second Supplemental Indenture (the “Second Supplemental Indenture”) to the Indenture between the Company and the Trustee. The Second Supplemental Indenture relates to the Company’s 71

Table of Contents issuance of $300.0 million aggregate principal amount of its 2.55% notes due 2026 (the “October 2026 Notes,” and together with the March 2026 Notes, the “2026 Notes”).

The October 2026 Notes will mature on October 13, 2026 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the Indenture. The October 2026 Notes bear interest at a rate of 2.55% per year payable semi-annually on April 13 and October 13 of each year, commencing on April 13, 2022. The October 2026 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the October 2026 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

The net proceeds to the Company were approximately $293.1 million, after deducting the underwriting discounts and commissions of $6.2 million and offering expenses of $0.7 million.

As of June 30, 2022 and December 31, 2021, the components of the carrying value of the October 2026 Notes were as follows:


		June 30,			December 31,
	****	2022		****	2021
Principal amount of debt		$	300,000		$	300,000
Unamortized debt issuance cost			(3,134)			(3,495)
Original issue discount, net of accretion			(2,745)			(3,063)
Carrying value of October 2026 Notes		$	294,121		$	293,442

For the three months ended June 30, 2022 and 2021, the components of interest expense related to the October 2026 Notes were as follows:


		For the Three Months Ended June 30,
	****	2022		****	2021
Borrowing interest expense		$	1,913		$	—
Amortization of debt issuance cost			182			—
Accretion of original issue discount			159			—
Total interest and debt financing expenses		$	2,254		$	—

For the six months ended June 30, 2022 and 2021, the components of interest expense related to the October 2026 Notes were as follows:


		For the Six Months Ended June 30,
	****	2022		****	2021
Borrowing interest expense		$	3,825		$	—
Amortization of debt issuance cost			362			—
Accretion of original issue discount			317			—
Total interest and debt financing expenses		$	4,504		$	—

Sumitomo Credit Facility

On December 24, 2021, the Company entered into a senior secured revolving credit agreement (the “Sumitomo Credit Agreement” or the “Sumitomo Credit Facility”) as Borrower, with Sumitomo Mitsui Banking Corporation, as Administrative Agent and Sole Book Runner, and with Sumitomo Mitsui Banking Corporation and MUFG Union Bank, N.A., as Joint Lead Arrangers. The Credit Agreement is effective as of December 24, 2021.

The facility amount under the Sumitomo Credit Agreement is $300.0 million with an accordion provision to permit increases to the total facility amount up to $1.0 billion. Proceeds of the loans under the Sumitomo Credit Agreement may be used for general 72

Table of Contents corporate purposes of the Company, including, without limitation, repaying outstanding indebtedness, making distributions, contributions and investments, and acquisition and funding, and such other uses as permitted under the Sumitomo Credit Agreement. The maturity date is December 24, 2026.

Interest under the Sumitomo Credit Agreement for (i) loans for which the Company elects the base rate option, (A) if the borrowing base is equal to or greater than the product of 1.60 and the revolving credit exposure, is payable at an “alternate base rate” (which is the greater of zero and the highest of (a) the prime rate as published in the print edition of The Wall Street Journal, Money Rates Section, (b) the federal funds effective rate plus 0.5% and (c) the one-month Eurocurrency rate plus 1% per annum) plus 0.75% per annum and (B) if the borrowing base is less than the product of 1.60 and the revolving credit exposure, the alternate base rate plus 0.875% per annum; (ii) loans for which the Company elects the Eurocurrency option, (A) if the borrowing base is equal to or greater than the product of 1.60 and the revolving credit exposure, is payable at a rate equal to the Eurocurrency rate plus 1.75% per annum and (B) if the borrowing base is less than the product of 1.60 and the revolving credit exposure, is payable at a rate equal to the Eurocurrency rate plus 1.875% per annum; and (iii) loans for which the Company elects the risk-free-rate option, (A) if the borrowing base is equal to or greater than the product of 1.60 and the revolving credit exposure, is payable at a rate equal to risk-free-rate plus 1.8693% per annum and (B) if the borrowing base is less than the product of 1.60 and the revolving credit exposure, is payable at a rate equal to risk-free-rate plus 1.9943% per annum. The Company pays a used commitment fee of 37.5 basis points (0.375%) on the average daily unused amount of the dollar commitment.

The Sumitomo Credit Agreement includes customary affirmative and negative covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature. As of June 30, 2022, the Company was in compliance with its covenants related to the Sumitomo Credit Facility.

As of June 30, 2022 and December 31, 2021, there were $191.7 million and $0.0 million of borrowings under the Sumitomo Credit Facility.

For the three months ended June 30, 2022 and 2021, the components of interest expense related to the Sumitomo Credit Facility were as follows:



		For the Three Months Ended June 30,
	****	2022		****	2021
Borrowing interest expense		$	1,160		$	—
Unused facility fee			137			—
Amortization of original issue discount			109			—
Total interest and debt financing expenses		$	1,406		$	—

For the six months ended June 30, 2022 and 2021, the components of interest expense related to the Sumitomo Credit Facility were as follows:



		For the Six Months Ended June 30,
	****	2022		****	2021
Borrowing interest expense		$	1,204		$	—
Unused facility fee			429			—
Amortization of original issue discount			217			—
Total interest and debt financing expenses		$	1,850		$	—

Note 7. Derivatives

The Company is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The value of foreign investments held by the Company may be significantly affected by changes in foreign currency exchange rates. The dollar value of a foreign security generally decreases when the value of the dollar rises against the foreign currency in which the security is denominated and tends to increase when the value of the dollar declines against such foreign currency. 73

Table of Contents The Company may enter into forward currency exchange contracts to reduce the Company’s exposure to foreign currency exchange rate fluctuations in the value of foreign currencies, as described in Note 2. The fair value of derivative contracts open as of June 30, 2022 and December 31, 2021 is included on the consolidated schedules of investments by contract. The Company had collateral payable of $2.7 million for June 30, 2022 and collateral receivable of $2.8 million for December 31, 2021 with the counterparties on foreign currency exchange contracts. Collateral amounts posted are included in collateral on forward currency exchange contracts on the consolidated statements of assets and liabilities. Collateral payable is included in collateral payable on forward currency exchange contracts on the consolidated statements of assets and liabilities.

For the three and six months ended June 30, 2022, the Company’s average U.S. dollar notional exposure to forward currency exchange contracts was $130.1 million and $116.9 million, respectively. For the three and six months ended June 30, 2021, the Company’s average U.S. dollar notional exposure to forward currency exchange contracts was $101.1 million and $184.3 million, respectively.

By using derivative instruments, the Company is exposed to the counterparty’s credit risk—the risk that derivative counterparties may not perform in accordance with the contractual provisions offset by the value of any collateral received. The Company’s exposure to credit risk associated with counterparty non-performance is limited to collateral posted and the unrealized gains inherent in such transactions that are recognized in the consolidated statements of assets and liabilities. The Company minimizes counterparty credit risk through credit monitoring procedures, executing master netting arrangements and managing margin and collateral requirements, as appropriate.

The Company presents forward currency exchange contracts on a net basis by counterparty on the consolidated statements of assets and liabilities. The Company has elected not to offset assets and liabilities in the consolidated statements of assets and liabilities that may be received or paid as part of collateral arrangements, even when an enforceable master netting arrangement or other arrangement is in place that provides the Company, in the event of counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations.

The following table presents both gross and net information about derivative instruments eligible for offset in the consolidated statements of assets and liabilities as of June 30, 2022:


										Net amount of
							Gross amount of			assets or
				Gross amount of			(liabilities)			(liabilities)
				assets on the			on the			presented on the
		Account in the		consolidated			consolidated			consolidated			****
		consolidated		statements of			statements of			statements of			Cash Collateral
		statements of assets		assets and			assets and			assets and			paid			Net
Counterparty	****	and liabilities	****	liabilities		****	liabilities		****	liabilities		****	(received) ^(1)^		****	Amounts ^(2)^
Bank of New York		Unrealized appreciation on forward currency contracts		$	20,394		$	(5,744)		$	14,650		$	—		$	14,650
Citibank		Unrealized appreciation on forward currency contracts		$	1,708		$	(1,263)		$	445		$	—		$	445
^(1)^	Amount excludes excess cash collateral paid.
---	---
^(2)^	Net amount represents the net amount due (to) from counterparty in the event of default based on the contractual set-off rights under the agreement. Net amount excludes any over-collateralized amounts.
---	---

Table of Contents The following table presents both gross and net information about derivative instruments eligible for offset in the consolidated statements of assets and liabilities as of December 31, 2021:


										Net amount of
							Gross amount of			assets or
				Gross amount of			(liabilities)			(liabilities)
				assets on the			on the			presented on the
		Account in the		consolidated			consolidated			consolidated
		consolidated		statements of			statements of			statements of			Cash Collateral
		statements of assets		assets and			assets and			assets and			paid			Net
Counterparty	****	and liabilities	****	liabilities		****	liabilities		****	liabilities		****	(received) ^(1)^		****	Amounts ^(2)^
Bank of New York		Unrealized appreciation on forward currency contracts		$	4,882		$	(31)		$	4,851		$	—		$	4,851
Citibank		Unrealized appreciation on forward currency contracts		$	1,767		$	(1,297)		$	470		$	—		$	470
^(1)^	Amount excludes excess cash collateral paid.
---	---
^(2)^	Net amount represents the net amount due (to) from counterparty in the event of default based on the contractual set-off rights under the agreement. Net amount excludes any over-collateralized amounts.
---	---

The effect of transactions in derivative instruments to the consolidated statements of operations during the three months ended June 30, 2022 and 2021 was as follows:


	****	For the Three Months Ended June 30,
		2022		****	2021
Net realized gains (losses) on forward currency exchange contracts		$	2,018		$	(18,396)
Net change in unrealized appreciation on forward currency exchange contracts			8,124			16,028
Total net realized and unrealized gains (losses) on forward currency exchange contracts		$	10,142		$	(2,368)

Included in total net gains (losses) on the consolidated statements of operations is net gains (losses) of ($9.0) million and $2.2 million related to realized and unrealized gains and losses on investments, foreign currency holdings and non-investment assets and liabilities attributable to the changes in foreign currency exchange rates for the three months ended June 30, 2022 and 2021, respectively. Including the total net realized and unrealized gains (losses) on forward currency exchange contracts of $10.1 million and ($2.4) million, respectively, included in the above table, the net impact of foreign currency on total net gains (losses) on the consolidated statements of operations is $1.1 million and ($0.2) million for the three months ended June 30, 2022 and 2021, respectively.

The effect of transactions in derivative instruments to the consolidated statements of operations during the six months ended June 30, 2022 and 2021 was as follows:


	For the Six Months Ended
	June 30,
	2022		2021
Net realized gains (losses) on forward currency exchange contracts	$	3,261	$	(21,688)
Net change in unrealized appreciation on forward currency exchange contracts		9,775		20,604
Total net realized and unrealized gains (losses) on forward currency exchange contracts	$	13,036	$	(1,084)

Included in total net losses on the consolidated statements of operations is net losses of ($12.2) million and ($1.9) million related to realized and unrealized gains and losses on investments, foreign currency holdings and non-investment assets and liabilities attributable to the changes in foreign currency exchange rates for the six months ended June 30, 2022 and 2021, respectively. Including the total net realized and unrealized gains (losses) on forward currency exchange contracts of $13.0 million and ($1.1) million, respectively, included in the above table, the net impact of foreign currency on total net gains (losses) on the consolidated statements of operations is $0.9 million and ($3.0) million for the six months ended June 30, 2022 and 2021, respectively. 75

Table of Contents Note 8. Distributions

The Company’s distributions are recorded on the record date. The following table summarizes distributions declared during the six months ended June 30, 2022:


						Amount			Total
Date Declared	****	Record Date	****	Payment Date	****	Per Share		****	Distributions
February 16, 2022		March 31, 2022		April 29, 2022		$	0.34		$	21,951
April 26, 2022		June 30, 2022		July 29, 2022		$	0.34		$	21,951
Total distributions declared						$	0.68		$	43,902

The distributions declared during the six months ended June 30, 2022 were derived from investment company taxable income and net capital gain, if any.

The Company’s distributions are recorded on the record date. The following table summarizes distributions declared during the six months ended June 30, 2021:


						Amount Per		****	Total
Date Declared	****	Record Date	****	Payment Date	****	Share		****	Distributions
February 18, 2021		March 31, 2021		April 30, 2021		$	0.34		$	21,951
April 27, 2021		June 30, 2021		July 30, 2021		$	0.34		$	21,951
Total distributions declared						$	0.68		$	43,902

The distributions declared during the six months ended June 30, 2021 were derived from investment company taxable income and net capital gain, if any.

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

Note 9. Common Stock/Capital

The Company has authorized 100,000,000,000 shares of its common stock with a par value of $0.001 per share. The Company has authorized 10,000,000,000 shares of its preferred stock with a par value of $0.001 per share. Shares of preferred stock have not been issued.

Prior to the IPO, the Company had issued 43,982,137.46 shares in the private placement of the Company’s common shares (the “Private Offering”). Each investor had entered into a separate subscription agreement relating to the Company’s common stock (the “Subscription Agreements”). Each investor had made a capital commitment to purchase shares of the Company’s common stock pursuant to the Subscription Agreements. Investors were required to make capital contributions to purchase shares of the Company’s common stock each time the Company delivered a drawdown notice, which were delivered at least 10 business days prior to the required funding date in an aggregate amount not to exceed their respective capital commitments. The number of shares to be issued to a stockholder was determined by dividing the total dollar amount of the contribution by a stockholder by the net asset value per share of the common stock as of the last day of the Company’s fiscal quarter or such other date and price per share as determined by the Board in accordance with the requirements of the 1940 Act. As of December 31, 2018, aggregate commitments relating to the Private Offering were $1.3 billion. All outstanding commitments related to these Subscription Agreements were cancelled due to the completion of the IPO on November 15, 2018. As of June 30, 2022 and December 31, 2021, BCSF Advisors, LP contributed in aggregate $8.9 million and $8.9 million to the Company and received 488,112.46 and 487,932.46 shares of the Company, respectively. At June 30, 2022 and December 31, 2021, BCSF Advisors, LP owned 0.76% and 0.76%, respectively, of the outstanding common stock of the Company.

On November 19, 2018, the Company closed its initial public offering (the “IPO”) issuing 7,500,000 shares of its common stock at a public offering price of $20.25 per share. Shares of common stock of the Company began trading on the New York Stock Exchange under the symbol “BCSF” on November 15, 2018. The offering generated proceeds, before expenses, of $147.3 million. All outstanding commitments were cancelled due to the completion of the initial public offering. 76

Table of Contents For the three months ended June 30, 2022 and 2021, there were no shares issued pursuant to the dividend reinvestment plan. For the six months ended June 30, 2022 and 2021, there were no shares issued pursuant to the dividend reinvestment plan.

BCSF Investments, LLC and certain individuals, including Michael A. Ewald, the Company’s Chief Executive Officer and a Managing Director of Bain Capital Credit; Jonathan S. Lavine, Co-Managing Partner of Bain Capital, LP and Founder and Chief Investment Officer of Bain Capital Credit; John Connaughton, Co-Managing Partner of Bain Capital, LP; Jeffrey B. Hawkins, Chairman of the Company’s Board of Directors and a Managing Director of Bain Capital Credit; and Michael J. Boyle, the Company’s Vice President and Treasurer and a Managing Director of Bain Capital Credit, adopted the 10b5-1 Plan in accordance with Rules 10b5-1 and 10b-18 under the Exchange Act, under which such parties would buy up to $20 million in the aggregate of the Company’s common stock in the open market during the period beginning after four full calendar weeks after the closing of the IPO and ending on the earlier of the date on which the capital committed to the 10b5-1 has been exhausted or one year after the closing of the IPO. For the year ended December 31, 2019, 827,933 shares were purchased at a weighted average price of $18.78, inclusive of commissions, for a total cost of $15.6 million. As of February 28, 2019, zero dollars remain under the 10b5-1 Plan and no further purchases are intended under the 10b5-1 Plan.

On May 7, 2019, the Company’s Board of Directors authorized the Company to repurchase up to $50 million of its outstanding common stock in accordance with safe harbor rules under the Securities Exchange Act of 1934. Any such repurchases will depend upon market conditions and there is no guarantee that the Company will repurchase any particular number of shares or any shares at all. As of June 30, 2022, there have been no repurchases of common stock.

On May 4, 2020, the Company’s Board of Directors approved a transferable subscription rights offering to our stockholders of record as of May 13, 2020. The rights entitled record stockholders to subscribe for up to an aggregate of 12,912,453 shares of our common stock. Record stockholders received one right for each share of common stock owned on the record date. The rights entitled the holders to purchase one new share of common stock for every four rights held, and record stockholders who fully exercised their rights were entitled to subscribe, subject to certain limitations and allotment rules, for additional shares that remain unsubscribed as a result of any unexercised rights. The rights were transferable and on the New York Stock Exchange under the symbol “BCSF RT”. The rights offering expired June 5, 2020. Based on the terms of the offering and the market price of the stock during the applicable period, holders of rights participating in the offering were entitled to purchase one new share of common stock for every four rights held at a subscription price of $10.2163 per share. On June 16, 2020, the Company closed its transferrable rights offering and issued 12,912,453 shares. The offering generated net proceeds, before expenses, of $129.6 million, including the underwriting discount and commissions of $2.3 million.

Note 10. Commitments and Contingencies

Commitments

The Company’s investment portfolio may contain debt investments that are in the form of lines of credit and unfunded delayed draw commitments, which require the Company to provide funding when requested by portfolio companies in accordance with the terms of the underlying loan agreements. 77

Table of Contents As of June 30, 2022, the Company had $283.3 million of unfunded commitments under loan and financing agreements as follows:


	****	Expiration Date^(1)^	****	Unfunded Commitments^(2)^
Portfolio Company & Investment
9 Story Media Group Inc. - Revolver		4/30/2026		$	523
A&R Logistics, Inc. - Revolver		5/5/2025			2,944
Abracon Group Holding, LLC - Revolver		7/18/2024			2,833
Access - First Lien Senior Secured Loan		6/1/2029			11,890
Allworth Financial Group, L.P. - Delayed Draw		12/23/2026			3
Allworth Financial Group, L.P. - Revolver		12/23/2026			2,440
Amspec Services, Inc. - Revolver		7/2/2024			4,656
Ansira Holdings, Inc. - Revolver		12/20/2024			1,700
Apollo Intelligence - Revolver		6/1/2028			7,208
Apollo Intelligence - First Lien Senior Secured Loan		6/1/2028			9,611
Applitools - Revolver		5/26/2028			3,430
Appriss Holdings, Inc. - Revolver		5/6/2027			753
Aramsco, Inc. - Revolver		8/28/2024			3,387
ASP-r-pac Acquisition Co LLC - Revolver		12/29/2027			3,253
Avalon Acquiror, Inc. - Revolver		3/10/2028			7,353
Batteries Plus Holding Corporation - Revolver		6/30/2023			1,746
Caribou Bidco Limited - First Lien Senior Secured Loan		1/29/2029			21
CB Nike IntermediateCo Ltd - Revolver		10/31/2025			44
Concert Golf Partners Holdco DD T/L - Delayed Draw		3/30/2029			4,201
Concert Golf Partners Holdco R/C - Revolver		3/31/2028			2,136
CPS Group Holdings, Inc. - Revolver		3/3/2025			4,933
CST Buyer Company - Revolver		10/3/2025			2,190
Darcy Partners - Revolver		6/1/2028			349
DC Blox Inc. - First Lien Senior Secured Loan		3/22/2026			7,023
Direct Travel, Inc. - Delayed Draw		10/2/2023			2,625
Efficient Collaborative Retail Marketing Company, LLC - Revolver		6/15/2024			1,488
Element Buyer, Inc. - Revolver		7/19/2024			2,550
Eleven Software - Revolver		9/22/2026			1,488
Grammer Purchaser, Inc. - Revolver		9/30/2024			750
Great Expressions Dental Center PC - Revolver		9/28/2023			307
Green Street Parent, LLC - Revolver		8/27/2025			2,419
GSP Holdings, LLC - Revolver		11/6/2025			1,813
iBanFirst - First Lien Senior Secured Loan		7/13/2028			83
iBanFirst - First Lien Senior Secured Loan		7/13/2028			3,145
JHCC Holdings, LLC - Revolver		9/9/2025			1,868
Kellstrom Commercial Aerospace, Inc. - Revolver		7/1/2025			1,493
Mach Acquisition R/C - Revolver		10/18/2026			8,034
Margaux Acquisition Inc. - Revolver		12/19/2024			2,872
Margaux UK Finance Limited - Revolver		12/19/2024			608
masLabor Revolver - Revolver		7/1/2027			1,034
Morrow Sodali - Revolver		4/25/2028			1,861
Morrow Sodali - First Lien Senior Secured Loan		4/25/2028			2,659
MRHT - First Lien Senior Secured Loan		7/26/2028			10,483
MRHT Acquisition Facility - Delayed Draw		7/26/2028			245
MRI Software LLC - Revolver		2/10/2026			1,782
MZR Buyer, LLC - Revolver		12/21/2026			5,210
New Look (Delaware) Corporation - Delayed Draw		5/26/2028			2,005
New Look Vision Group - Delayed Draw		5/26/2028			2,791
New Look Vision Group - Revolver		5/26/2026			1,568
Omni Intermediate DD - Delayed Draw		11/23/2026			292
Omni Intermediate R/C - Revolver		11/30/2026			732
Paisley Bidco Limited - Revolver		11/26/2028			7,656
Parcel2Go Acquisition Facility - First Lien Senior Secured Loan		7/15/2028			34
Premier Imaging, LLC - Delayed Draw		1/2/2025			4,816
Reconomy - First Lien Senior Secured Loan		6/24/2029			6,896
Reconomy - First Lien Senior Secured Loan		6/24/2029			6,896
Refine Intermediate, Inc. - Revolver		9/3/2026			5,340
Revalize, Inc. - Delayed Draw		4/15/2027			13,114
Revalize, Inc. - Revolver		4/15/2027			503
RoC Opco LLC - Revolver		2/25/2025			4,779
Saltoun - First Lien Senior Secured Loan		4/11/2028			14,822
Service Master Revolving Loan - Revolver		8/16/2027			3,150
Smartronix RC - Revolver		11/23/2027			6,321
Solaray, LLC - Revolver		9/9/2023			6,800
SunMed Group Holdings, LLC - Revolver		6/16/2027			639
Superna Inc. - Delayed Draw		3/6/2028			2,631
Superna Inc. - Revolver		3/6/2028			2,631
Swoogo LLC - Revolver		12/9/2026			1,243
TEI Holdings Inc. - Revolver		12/23/2025			4,523
TGI Sport Bidco Pty Ltd - Revolver		4/30/2026			2,879
TLC Purchaser, Inc. - Delayed Draw		10/13/2025			7,616
TLC Purchaser, Inc. - Revolver		10/13/2025			1,013
V Global Holdings LLC - Revolver		12/22/2025			8,236
Ventiv Holdco, Inc. - Revolver		9/3/2025			3,407
WCI Gigawatt Purchaser DD T/L - Delayed Draw		11/19/2027			1,609
WCI Gigawatt Purchaser R/C - Revolver		11/19/2027			2,735
WCI-HSG Purchaser, Inc. - Revolver		2/22/2025			550
Whitcraft LLC - Revolver		4/3/2023			1,812
World Insurance - Revolver		4/1/2026			559
World Insurance - First Lien Senior Secured Loan		4/1/2026			172
WSP Initial Term Loan - Delayed Draw		4/27/2027			1,797
WSP Revolving Loan - Revolver		4/27/2027			402
WU Holdco, Inc. - Revolver		3/26/2025			2,592
YLG Holdings, Inc. - Revolver		10/31/2025			8,289
Total				$	283,294
(1)	Commitments are generally subject to borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. These amounts may remain outstanding until the commitment period of an applicable loan expires, which may be shorter than its maturity.
---	---
(2)	Unfunded commitments denominated in currencies other than U.S. dollars have been converted to U.S. dollars using the applicable foreign currency exchange rate as of June 30, 2022.
---	---

Table of Contents As of December 31, 2021, the Company had $234.0 million of unfunded commitments under loan and financing agreements as follows:


	****	Expiration Date^(1)^	****	Unfunded Commitments^(2)^
Portfolio Company & Investment
9 Story Media Group Inc. - Revolver		4/30/2026		$	1
A&R Logistics, Inc. - Revolver		5/5/2025			3,281
Abracon Group Holding, LLC - Revolver		7/18/2024			2,833
Allworth Financial Group, L.P. - Delayed Draw		12/23/2026			507
Allworth Financial Group, L.P. - Revolver		12/23/2026			2,440
AMI US Holdings Inc. - Revolver		4/1/2024			1,047
Amspec Services, Inc. - Revolver		7/2/2024			4,179
Ansira Holdings, Inc. - Revolver		12/20/2022			1,700
Appriss Holdings, Inc. - Revolver		5/6/2027			753
Aramsco, Inc. - Revolver		8/28/2024			3,387
Armstrong Bidco T/L - First Lien Senior Secured Loan		4/30/2025			6,542
ASP-r-pac Acquisition Co LLC - Revolver		12/29/2027			2,603
Batteries Plus Holding Corporation - Revolver		6/30/2023			3,433
Captain D’s LLC - Revolver		12/15/2023			1,862
CPS Group Holdings, Inc. - Revolver		3/3/2025			4,933
CST Buyer Company - Revolver		10/3/2025			2,190
DC Blox Inc. - First Lien Senior Secured Loan		3/22/2026			12,781
Direct Travel, Inc. - Delayed Draw		10/2/2023			2,625
Efficient Collaborative Retail Marketing Company, LLC - Revolver		6/15/2022			2,267
Element Buyer, Inc. - Revolver		7/19/2024			2,550
Grammer Purchaser, Inc. - Revolver		9/30/2024			1,050
Great Expressions Dental Center PC - Revolver		9/28/2022			215
Green Street Parent, LLC - Revolver		8/27/2025			2,419
GSP Holdings, LLC - Revolver		11/6/2025			2,947
JHCC Holdings, LLC - Revolver		9/9/2025			1,939
Kellstrom Commercial Aerospace, Inc. - Revolver		7/1/2025			3,092
Mach Acquisition R/C - Revolver		10/18/2026			10,043
Margaux Acquisition Inc. - Revolver		12/19/2024			2,872
Margaux UK Finance Limited - Revolver		12/19/2024			675
masLabor Revolver - Revolver		7/1/2027			1,034
MRHT Acquisition Facility - First Lien Senior Secured Loan		7/26/2028			569
MRI Software LLC - Revolver		2/10/2026			1,782
MZR Buyer, LLC - Revolver		12/22/2026			5,210
New Look (Delaware) Corporation - Delayed Draw		5/26/2028			2,005
New Look Vision Group - Delayed Draw		5/26/2028			3,803
New Look Vision Group - Revolver		5/26/2026			1,700
Omni Intermediate DD T/L 2 - First Lien Senior Secured Loan		11/30/2027			870
Omni Intermediate R/C - Revolver		11/30/2026			549
Opus2 - Delayed Draw		5/5/2028			7,382
Paisley Bidco Limited - Delayed Draw		11/24/2028			8,624
Parcel2Go Acquisition Facility - Subordinated Debt		7/17/2028			3,731
Refine Intermediate, Inc. - Revolver		9/3/2026			5,340
Revalize, Inc. - Delayed Draw		4/15/2027			13,395
Revalize, Inc. - Revolver		4/15/2027			1,340
RoC Opco LLC - Revolver		2/25/2025			10,241
Service Master Revolving Loan - Revolver		8/16/2027			3,240
Smartronix RC - Revolver		11/23/2028			6,321
Solaray, LLC - Revolver		9/9/2022			11,844
SunMed Group Holdings, LLC - Revolver		6/16/2027			1,032
Swoogo LLC - Revolver		12/9/2026			1,243
TEI Holdings Inc. - Revolver		12/23/2025			4,070
TGI Sport Bidco Pty Ltd - Revolver		4/30/2027			3,026
Tidel Engineering, L.P. - Revolver		3/1/2023			4,250
TLC Purchaser, Inc. - Delayed Draw		10/10/2025			7,119
TLC Purchaser, Inc. - Revolver		10/13/2025			2,492
V Global Holdings LLC - Revolver		12/22/2025			5,835
Ventiv Holdco, Inc. - Revolver		9/3/2025			3,407
WCI Gigawatt Purchaser DD T/L - Delayed Draw		11/19/2027			1,646
WCI Gigawatt Purchaser R/C - Revolver		11/19/2027			3,218
WCI-HSG Purchaser, Inc. - Revolver		2/24/2025			1,478
Whitcraft LLC - Revolver		4/3/2023			1,812
World Insurance - Revolver		4/1/2026			861
WSP Initial Term Loan - First Lien Senior Secured Loan		4/27/2023			1,797
WSP Revolving Loan - Revolver		4/27/2027			402
WU Holdco, Inc. - First Lien Senior Secured Loan		3/26/2026			1,708
WU Holdco, Inc. - Revolver		3/26/2025			3,944
YLG Holdings, Inc. - Revolver		10/31/2025			8,545
Total				$	234,031
^(1)^	Commitments are generally subject to borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. These amounts may remain outstanding until the commitment period of an applicable loan expires, which may be shorter than its maturity.
---	---
^(2)^	Unfunded commitments denominated in currencies other than U.S. dollars have been converted to U.S. dollars using the applicable foreign currency exchange rate as of December 31, 2021.
---	---

Contingencies 79

Table of Contents In the normal course of business, the Company may enter into certain contracts that provide a variety of indemnities. The Company’s maximum exposure under these indemnities is unknown as it would involve future claims that may be made against the Company. Currently, the Company is not aware of any such claims and no such claims are expected to occur. As such, the Company does not consider it necessary to record a liability in this regard.

Note 11. Financial Highlights

The following is a schedule of financial highlights for the six months ended June 30, 2022 and 2021:


		For the Six Months Ended June 30,
	****	2022		****	2021		****
Per share data:
Net asset value at beginning of period		$	17.04		$	16.54
Net investment income ^(1)^			0.75			0.68
Net realized gain (loss) ^(1) (7)^			0.08			(0.06)
Net change in unrealized appreciation (depreciation) ^(1) (2) (8)^			(0.04)			0.53
Net increase in net assets resulting from operations ^(1) (9) (10)^			0.79			1.15
Stockholder distributions from income ^(3)^			(0.68)			(0.68)
Net asset value at end of period		$	17.15		$	17.01
Net assets at end of period		$	1,107,014		$	1,098,288
Shares outstanding at end of period			64,562,265.27			64,562,265.27
Per share market value at end of period		$	13.61		$	15.30
Total return based on market value ^(12)^			(6.28)	%		31.90	%
Total return based on net asset value ^(4)^			4.65	%		7.03	%
Ratios:
Ratio of net investment income to average net assets ^(5) (11) (13)^			9.51	%		8.80	%
Ratio of total net expenses to average net assets ^(5) (11) (13)^			8.43	%		9.30	%
Supplemental data:
Ratio of interest and debt financing expenses to average net assets ^(5) (13)^			3.95	%		4.67	%
Ratio of expenses (without incentive fees) to average net assets ^(5) (11) (13)^			7.76	%		8.35	%
Ratio of incentive fees and management fees, net of contractual and voluntary waivers, to average net assets ^(5) (11) (13)^			3.73	%		3.76	%
Average principal debt outstanding		$	1,267,665		$	1,380,515
Portfolio turnover ^(6)^			18.66	%		25.09	%

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

(2)Net change in unrealized appreciation (depreciation) on investments per share may not be consistent with the consolidated statements of operations due to the timing of shareholder transactions.

(3)The per share data for distributions reflects the actual amount of distributions declared during the period.

(4)Total return based on net asset value is calculated as the change in net asset value per share during the period, assuming dividends and distributions, including those distributions that have been declared. Total return has not been annualized.

(5)The computation of average net assets during the period is based on averaging net assets for the periods reported.

(6)Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the periods reported.

(7)Net realized gain (loss) includes net realized gain (loss) on investments, net realized gain (loss) on forward currency exchange contracts, net realized gain (loss) on foreign currency transactions, and net realized loss on extinguishment of debt.

(8)Net change in unrealized appreciation (depreciation) includes net change in unrealized appreciation (depreciation) on investments, net change in unrealized appreciation (depreciation) on forward currency exchange contracts and net change in unrealized appreciation (depreciation) on foreign currency translation.

(9)The sum of quarterly per share amounts presented in previously filed financial statements on Form 10-Q may not equal earnings per share. This is due to changes in the number of weighted average shares outstanding and the effects of rounding.

(10)Net increase (decrease) in net assets resulting from operations per share in these financial highlights may be different from the net increase (decrease) in net assets per share on the consolidated statements of operations due to changes in the number of weighted average shares outstanding and the effects of rounding. 80

Table of Contents (11)The ratio of voluntary incentive fee waiver to average net assets was 0.00% and (0.42%) for the six months ended June 30, 2022 and 2021, respectively (Note 5). The ratio of voluntary management fee waiver to average net assets was 0.00% and (0.45%) for the six months ended June 30, 2022 and 2021, respectively (Note 5). The ratio of net investment income without the voluntary incentive fee waiver and voluntary management fee waiver to average net assets for the six months ended June 30, 2022 would be 9.51%. The ratio of net investment income without the voluntary incentive fee waiver to average net assets for the six months ended June 30, 2021 would be 7.93%. The ratio of total expenses without the voluntary incentive fee waiver and voluntary management fee waiver to average net assets for the six months ended June 30, 2022 would be 8.43%. The ratio of total expenses without the voluntary incentive fee waiver to average net assets for the six months ended June 30, 2021 would be 10.17%.

(12)Total return based on market value is calculated as the change in market value per share during the period, assuming dividends and distributions, plus the declared distributions, divided by the beginning market price for the period. Total return has not been annualized.

(13)Ratio is annualized. Incentive fees, voluntary incentive fee waivers, and voluntary management fee waivers, if any, included within the ratio are not annualized.

Note 12. Subsequent Events

On July 6, 2022, Bain Capital Specialty Finance (the “Company”) entered into the First Amendment to the Sumitomo Credit Agreement. The First Amendment provides for an upsize in the total commitments from lenders under the revolving credit facility governed by the Sumitomo Credit Agreement from $300,000,000 to $385,000,000. The First Amendment also replaced the LIBOR benchmark provisions under the Sumitomo Credit Agreement with SOFR benchmark provisions, including applicable credit spread adjustments. On July 22, 2022, the Company entered into the Increasing Lender/Joinder Lender Agreement (the “Joinder Agreement”), dated as of July 22, 2022, pursuant to Section 2.08(e) of the Sumitomo Credit Agreement. The Joinder Agreement provides for, among other things, an upsize in the total commitments from lenders under the revolving credit facility governed by the Sumitomo Credit Agreement from $385,000,000 to $485,000,000.

Table of Contents Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and other parts of this report contain forward-looking information that involves risks and uncertainties. The discussion and analysis contained in this section refers to our financial condition, results of operations and cash flows. The information contained in this section should be read in conjunction with the consolidated financial statements and notes thereto appearing elsewhere in this report. Please see “Forward-Looking Statements” for a discussion of the uncertainties, risks and assumptions associated with this discussion and analysis. Our actual results could differ materially from those anticipated by such forward-looking information due to factors discussed under “Forward-Looking Statements” appearing elsewhere in this report.

Overview

Bain Capital Specialty Finance, Inc. (the “Company”, “we”, “our” and “us”) is an externally managed specialty finance company focused on lending to middle market companies. We have elected to be regulated as a business development company (a “BDC”) under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”). We are managed by BCSF Advisors, LP (our “Advisor” or “BCSF Advisors”), a subsidiary of Bain Capital Credit, LP (“Bain Capital Credit”). Our Advisor is registered as an investment adviser with the SEC under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Our Advisor also provides the administrative services necessary for us to operate (in such capacity, our “Administrator” or “BCSF Advisors”). Since we commenced operations on October 13, 2016 through June 30, 2022, we have invested approximately $5,819.3 million in aggregate principal amount of debt and equity investments prior to any subsequent exits or repayments. We seek to generate current income and, to a lesser extent, capital appreciation through direct originations of secured debt, including first lien, first lien/last-out, unitranche and second lien debt, investments in strategic joint ventures, equity investments and, to a lesser extent, corporate bonds.

On November 19, 2018, we closed our initial public offering (the “IPO”) issuing 7,500,000 shares of our common stock at a public offering price of $20.25 per share. Shares of common stock of the Company began trading on the New York Stock Exchange under the symbol “BCSF” on November 15, 2018.

Our primary focus is capitalizing on opportunities within our Senior Direct Lending strategy, which seeks to provide risk-adjusted returns and current income to our stockholders by investing primarily in middle-market companies with between $10.0 million and $150.0 million in annual earnings before interest, taxes, depreciation and amortization (“EBITDA”). However, we may, from time to time, invest in larger or smaller companies. We generally seek to retain effective voting control in respect of the loans or particular classes of securities in which we invest through maintaining affirmative voting positions or negotiating consent rights that allow us to retain a blocking position. We focus on senior investments with a first or second lien on collateral and strong structures and documentation intended to protect the lender. We may also invest in mezzanine debt and other junior securities, including common and preferred equity, on an opportunistic basis, and in secondary purchases of assets or portfolios but such investments are not the principal focus of our investment strategy. In addition, we may invest, from time to time, in distressed debt, debtor-in-possession loans, structured products, structurally subordinate loans, investments with deferred interest features, zero-coupon securities and defaulted securities.

We generate revenues primarily through receipt of interest income from the investments we hold. In addition, we generate income from various loan origination and other fees, dividends on direct equity investments and capital gains on the sales of investments. The companies in which we invest use our capital for a variety of reasons, including to support organic growth, to fund changes of control, to fund acquisitions, to make capital investments and for refinancing and recapitalizations.

Investments

Our level of investment activity may vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle-market companies, the level of merger and acquisition activity for such companies, the level of investment and capital expenditures of such companies, the general economic environment, the amount of capital we have available to us and the competitive environment for the type of investments we make. Due to the impact of COVID-19 and related measures taken to contain its spread, the future duration and breadth of the adverse impact of COVID-19 on the broader markets in which the Company invests cannot currently be accurately predicted and future investment activity of the Company will be subject to these effects and the related uncertainty. 82

Table of Contents As a BDC, we may not acquire any assets other than “qualifying assets” specified in the 1940 Act, unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets (with certain limited exceptions). Qualifying assets include investments in “eligible portfolio companies.” Pursuant to rules adopted by the SEC, “eligible portfolio companies” include certain companies that do not have any securities listed on a national securities exchange and public companies whose securities are listed on a national securities exchange but whose market capitalization is less than $250 million.

As a BDC, we may also invest up to 30% of our portfolio opportunistically in “non-qualifying” portfolio investments, such as investments in non-U.S. companies.

Revenues

We primarily generate revenue in the form of interest income on debt investments and distributions on equity investments and, to a lesser extent, capital gains, if any, on equity securities that we may acquire in portfolio companies. Some of our investments may provide for deferred interest payments or payment-in-kind (“PIK”) interest. The principal amount of the debt investments and any accrued but unpaid interest generally becomes due at the maturity date. In addition, we may generate revenue in the form of commitment, origination, structuring or diligence fees, fees for providing managerial assistance and consulting fees. Loan origination fees, original issue discount and market discount or premium are capitalized, and we accrete or amortize such amounts into or against income over the life of the loan. We record contractual prepayment premiums on loans and debt securities as interest income.

Our debt investment portfolio consists of primarily floating rate loans. As of June 30, 2022 and December 31, 2021, 94.8% and 97.8%, respectively, of our debt investments, based on fair value, bore interest at floating rates, which may be subject to interest rate floors. Variable-rate investments subject to a floor generally reset periodically to the applicable floor, only if the floor exceeds the index. Trends in base interest rates, such as LIBOR, may affect our net investment income over the long term. In addition, our results may vary from period to period depending on the interest rates of new investments made during the period compared to investments that were sold or repaid during the period; these results reflect the characteristics of the particular portfolio companies that we invested in or exited during the period and not necessarily any trends in our business or macroeconomic trends.

Expenses

Our primary operating expenses include the payment of fees to our Advisor under the Amended Advisory Agreement, our allocable portion of overhead expenses under the administration agreement (the “Administration Agreement”) and other operating costs, including those described below. The Base Management Fee and Incentive Fee compensate our Advisor for its work in identifying, evaluating, negotiating, closing and monitoring our investments. We bear all other out-of-pocket costs and expenses of our operations and transactions, including:

●	our operational and organizational cost;
●	the costs of any public offerings of our common stock and other securities, including registration and listing fees;
---	---
●	costs of calculating our net asset value (including the cost and expenses of any third-party valuation services);
---	---
●	fees and expenses payable to third parties relating to evaluating, making and disposing of investments, including our Advisor’s or its affiliates’ travel expenses, research costs and out-of-pocket fees and expenses associated with performing due diligence and reviews of prospective investments, monitoring our investments and, if necessary, enforcing our rights;
---	---
●	interest payable on debt and other borrowing costs, if any, incurred to finance our investments;
---	---
●	costs of effecting sales and repurchases of our common stock and other securities;
---	---

Table of Contents

●	distributions on our common stock;
●	transfer agent and custody fees and expenses;
---	---
●	the allocated costs incurred by the Administrator in providing managerial assistance to those portfolio companies that request it;
---	---
●	other expenses incurred by BCSF Advisors or us in connection with administering our business, including payments made to third-party providers of goods or services;
---	---
●	brokerage fees and commissions;
---	---
●	federal and state registration fees;
---	---
●	U.S. federal, state and local taxes;
---	---
●	Independent Director fees and expenses;
---	---
●	costs associated with our reporting and compliance obligations under the 1940 Act and applicable U.S. federal and state securities laws;
---	---
●	costs of any reports, proxy statements or other notices to our stockholders, including printing costs;
---	---
●	costs of holding stockholder meetings;
---	---
●	our fidelity bond;
---	---
●	directors’ and officers’ errors and omissions liability insurance, and any other insurance premiums;
---	---
●	litigation, indemnification and other non-recurring or extraordinary expenses;
---	---
●	direct costs and expenses of administration and operation, including printing, mailing, long distance telephone, staff, audit, compliance, tax and legal costs;
---	---
●	fees and expenses associated with marketing efforts;
---	---
●	dues, fees and charges of any trade association of which we are a member; and
---	---
●	all other expenses reasonably incurred by us or the Administrator in connection with administering our business.
---	---

To the extent that expenses to be borne by us are paid by BCSF Advisors, we will generally reimburse BCSF Advisors for such expenses. To the extent the Administrator outsources any of its functions, the Company will pay the fees associated with such functions on a direct basis without profit to the Administrator. We will also reimburse the Administrator for its costs and expenses and our allocable portion of overhead incurred by it in performing its obligations under the Administration Agreement, including certain rent and compensation paid to or compensatory distributions received by our officers (including our Chief Compliance Officer and Chief Financial Officer) and any of their respective staff who provide services to us, operations staff who provide services to us, internal audit staff, if any, to the extent internal audit performs a role in our Sarbanes-Oxley internal control assessment and fees paid to third-party providers for goods or services. Our allocable portion of overhead will be determined by the Administrator, which expects to use various methodologies such as allocation based on the percentage of time certain individuals devote, on an estimated basis, to our business and affairs, and will be subject to oversight by our Board of Directors (our “Board”). We incurred expenses related to the Administrator of $0.0 million and $0.0 million for the three months ended June 30, 2022 and 2021, respectively, and $0.0 million and $0.0 million for the six months ended June 30, 2022 and 2021, respectively, which is included in other general and administrative expenses on the 84

Table of Contents consolidated statements of operations. The sub-administrator is paid its compensation for performing its sub-administrative services under the sub-administration agreement. We incurred expenses related to the sub-administrator of $0.1 million and $0.1 million for the three months ended June 30, 2022 and 2021, respectively, and $0.3 million and $0.2 million for the six months ended June 30, 2022 and 2021, respectively, which is included in other general and administrative expenses on the consolidated statements of operations. BCSF Advisors will not be reimbursed to the extent that such reimbursements would cause any distributions to our stockholders to constitute a return of capital. All of the foregoing expenses are ultimately borne by our stockholders.

Leverage

We may borrow money from time to time. However, our ability to incur indebtedness (including by issuing preferred stock), is limited by applicable regulations such that our asset coverage, as defined in the 1940 Act, must equal at least 150%. In determining whether to borrow money, we will analyze the maturity, covenant package and rate structure of the proposed borrowings as well as the risks of such borrowings compared to our investment outlook. As of June 30, 2022, the Company’s asset coverage was 188%.

Recent Events

On February 24, 2022, Russia launched a full-scaled military invasion of Ukraine. In response, countries worldwide, including the United States, have imposed sanctions against Russia on certain businesses and individuals, including, but not limited to, those in the banking, import and export sectors. This invasion has led, is currently leading, and for an unknown period of time will continue to lead to disruptions in local, regional, national, and global markets and economies affected thereby. These disruptions caused by the invasion have included, and may continue to include political, social, and economic disruptions and uncertainties that may affect our business operations or the business operations of our portfolio companies.

Investment Decision Process

The Advisor’s investment process can be broken into four processes: (1) Sourcing and Idea Generation, (2) Investment Diligence & Recommendation, (3) Credit Committee Approval and Portfolio Construction and (4) Portfolio & Risk Management.

Sourcing and Idea Generation

The investment decision-making process begins with sourcing ideas. Bain Capital Credit’s Private Credit Group interacts with over 1,500 global contacts as a means to generate middle market investment opportunities. Our Advisor also seeks to leverage the contacts of Bain Capital Credit’s industry groups, Trading Desk, Portfolio Group and Restructuring team, including private equity firms, banks and a variety of advisors and other intermediaries.

Investment Diligence & Recommendation

Our Advisor utilizes Bain Capital Credit’s bottom-up approach to investing, and it starts with the due diligence performed by its Private Credit Group. The group works with the close support of Bain Capital Credit’s industry groups. This diligence process typically begins with a detailed review of an offering memorandum as well as Bain Capital Credit’s own independent diligence efforts, including in-house materials and expertise, third-party independent research and interviews, and hands-on field checks where appropriate. For deals that progress beyond an initial stage, the team will usually schedule one or more meetings with company management, facilities visits and also meetings with the sponsor in order to ask more detailed questions and to better understand the sponsor’s view of the business and plans for it going forward. The team’s diligence work is summarized in investment memoranda and accompanying credit packs. Work product also includes full models and covenant analysis.

Credit Committee Approval and Portfolio Construction

If the reviewing team deems an investment worthy of serious consideration, it generally must be presented to the credit committee, which is comprised of at least three experienced credit professionals, who are selected based on strategy and geography. A portfolio manager leads the decision making process for each investment and engages the credit committee throughout the investment process in order to prioritize and direct the underwriting of each potential investment opportunity. For middle market holdings, the path to exit an investment is often discussed at credit committee meetings, including restructurings, acquisitions and sale to strategic buyers. 85

Table of Contents Since most middle market investments are illiquid, exits are driven by a sale of the portfolio company or a refinancing of the portfolio company’s debt.

Portfolio & Risk Management

Our Advisor utilizes Bain Capital Credit’s Private Credit Group for the daily monitoring of its respective credits after an investment has been made. Our Advisor believes that the ongoing monitoring of financial performance and market developments of portfolio investments is critical to successful investment management. Accordingly, our Advisor is actively involved in an on-going portfolio review process and attends board meetings. To the extent a portfolio investment is not meeting our Advisor’s expectations, our Advisor takes corrective action when it deems appropriate, which may include raising interest rates, gaining a more influential role on its board, taking warrants and, where appropriate, restructuring the balance sheet to take control of the company. Our Advisor will utilize the Bain Capital Credit Risk and Oversight Committee. The Risk and Oversight Committee is responsible for monitoring and reviewing risk management, including portfolio risk, counterparty risk and firm-wide risk issues. In addition to the methods noted above, there are a number of proprietary methods and tools used through all levels of Bain Capital Credit to manage portfolio risk.

Environmental, Social and Governance

Our Advisor believes that environmental, social, and governance (ESG) management helps to create lasting impact for all of its stakeholder groups, including investors, portfolio companies, employees and communities. ESG risks can have a negative impact on an issuer’s ability to meet its financial obligations. Therefore, strong ESG management aligns with our Advisor’s goal to seek and generate attractive risk-adjusted returns with the capital it invests. Our Advisor considers ESG factors throughout its investment decision-making process. These factors include, but are not limited to, applying a negative screen to avoid investing in companies with outsized ESG risks; examining the impact a company has on society and the environment during the diligence process; seeking to consider ESG factors from a company-specific and sector-wide perspective; and engaging companies via proxy voting, corporate actions and board seats, where applicable.

Portfolio and Investment Activity

During the three months ended June 30, 2022, we invested $484.3 million, including PIK, in 59 portfolio companies, and had $332.4 million in aggregate amount of principal repayments and sales, resulting in a net increase in investments of $151.9 million for the period. Of the $484.3 million invested during the three months ended June 30, 2022, $44.1 million was related to drawdowns on delayed draw term loans and revolvers of our portfolio companies.

During the three months ended June 30, 2021, we invested $216.1 million, including PIK, in 35 portfolio companies, and had $257.7 million in aggregate amount of principal repayments and sales, resulting in a net decrease in investments of $41.6 million for the period. Of the $216.1 million invested during the three months ended June 30, 2021, $52.3 million was related to drawdowns on delayed draw term loans and revolvers of our portfolio companies.

During the six months ended June 30, 2022, we invested $859.2 million, including PIK, in 79 portfolio companies, and had $853.4 million in aggregate amount of principal repayments and sales, resulting in a net increase in investments of $5.8 million for the period. Of the $859.2 million invested during the six months ended June 30, 2022, $69.9 million was related to drawdowns on delayed draw term loans and revolvers of our portfolio companies.

During the six months ended June 30, 2021, we invested $602.4 million, including PIK, in 48 portfolio companies, and had $807.1 million in aggregate amount of principal repayments and sales, resulting in a net decrease in investments of $204.7 million for the period. Of the 602.4 million invested during the six months ended June 30, 2021, $78.0 million was related to drawdowns on delayed draw term loans and revolvers of our portfolio companies. 86

Table of Contents The following table shows the composition of the investment portfolio and associated yield data as of June 30, 2022 (dollars in thousands):


		As of June 30, 2022
												Weighted Average
												Yield^(1)^
												at
	****			****	Percentage of	****			****	Percentage of	****	Amortized	****	Market	****
		Amortized Cost			Total Portfolio		Fair Value			Total Portfolio		Cost		Value	****
First Lien Senior Secured Loans		$	1,693,248		73.0	%	$	1,632,091		71.4	%	8.0	%	8.3	%
Equity Interest			210,127		9.0			216,020		9.4		9.7		10.1
Subordinated Note Investment Vehicles ^(2)^			178,137		7.7			178,137		7.8		9.2		9.2
Second Lien Senior Secured Loans			97,789		4.2			95,340		4.2		10.6		10.9
Preferred Equity			50,989		2.2			75,950		3.3		10.0		9.5
Equity Interest Investment Vehicles ^(1)^			50,382		2.2			49,985		2.2		13.7		13.8
Subordinated Debt			38,513		1.7			39,280		1.7		11.5		11.3
Warrants			480		0.0			506		0.0		N/A		N/A
Preferred Equity Interest in Investment Vehicles ^(2)^			10		0.0			(271)		0.0		N/A		N/A
Total		$	2,319,675		100.0	%	$	2,287,038		100.0	%	8.5	%	8.8	%
^(1)^	Weighted average yields are computed as (a) the annual stated interest rate or yield earned on the relevant accruing debt and other income producing securities, divided by (b) the total relevant investments at amortized cost or at fair value, as applicable. The weighted average yield does not represent the total return to our stockholders.
---	---
^(2)^	Represents debt and equity investment in ISLP and SLP.
---	---

The following table shows the composition of the investment portfolio and associated yield data as of December 31, 2021 (dollars in thousands):


		As of December 31, 2021
												Weighted Average
												Yield^(1)^
												at
	****			****	Percentage of	****			****	Percentage of	****	Amortized	****	Market	****
		Amortized Cost			Total Portfolio		Fair Value			Total Portfolio		Cost		Value	****
First Lien Senior Secured Loans		$	1,807,805		78.2	%	$	1,774,675		77.5	%	7.3	%	7.4	%
Equity Interest			156,399		6.8			151,844		6.6		7.9		9.7
Subordinated Note Investment Vehicles ^(2)^			125,437		5.5			125,437		5.5		9.0		9.0
Second Lien Senior Secured Loans			120,058		5.2			118,561		5.2		9.8		9.9
Preferred equity			42,452		1.8			53,991		2.4		10.0		9.5
Equity Interest in Investment Vehicles ^(2)^			39,596		1.7			44,444		1.9		8.4		7.5
Subordinated Debt			19,635		0.8			20,027		0.9		11.4		11.2
Warrants			2		0.0			126		0.0		N/A		N/A
Total		$	2,311,384		100.0	%	$	2,289,105		100.0	%	7.6	%	7.8	%
^(1)^	Weighted average yields are computed as (a) the annual stated interest rate or yield earned on the relevant accruing debt and other income producing securities, divided by (b) the total relevant investments at amortized cost or at fair value, as applicable. The weighted average yield does not represent the total return to our stockholders.
---	---
^(2)^	Represents debt and equity investment in ISLP.
---	---

Table of Contents The following table presents certain selected information regarding our investment portfolio as of June 30, 2022:


	****	As of	****
		June 30, 2022	****
Number of portfolio companies		122
Percentage of debt bearing a floating rate ^(1)^		94.8	%
Percentage of debt bearing a fixed rate ^(1)^		5.2	%
(1)	Measured on a fair value basis.
---	---

The following table presents certain selected information regarding our investment portfolio as of December 31, 2021:


	****	As of	****
		December 31, 2021
Number of portfolio companies		106
Percentage of debt bearing a floating rate ^(1)^		97.8	%
Percentage of debt bearing a fixed rate ^(1)^		2.2	%
(1)	Measured on a fair value basis.
---	---

The following table shows the amortized cost and fair value of our performing and non-accrual investments as of June 30, 2022 (dollars in thousands):


		As of June 30, 2022
	****			****	Percentage at	****			****		****
		Amortized			Amortized					Percentage at	****
		Cost			Cost		Fair Value			Fair Value	****
Performing		$	2,268,202		97.8	%	$	2,254,426		98.6	%
Non-accrual			51,473		2.2			32,612		1.4
Total		$	2,319,675		100.0	%	$	2,287,038		100.0	%

The following table shows the amortized cost and fair value of our performing and non-accrual investments as of December 31, 2021 (dollars in thousands):


		As of December 31, 2021
	****			****	Percentage at	****			****		****
					Amortized					Percentage at	****
		Amortized Cost			Cost		Fair Value			Fair Value	****
Performing		$	2,311,384		100.0	%	$	2,289,105		100.0	%
Non-accrual			—		0.0			—		0.0
Total		$	2,311,384		100.0	%	$	2,289,105		100.0	%

Loans or debt securities are placed on non-accrual status when there is reasonable doubt that principal or interest will be collected. Accrued interest generally is reversed when a loan or debt security is placed on non-accrual status. Interest payments received on non-accrual loans or debt securities may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans and debt securities are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current. We may make exceptions to this treatment if the loan has sufficient collateral value and is in the process of collection. As of June 30, 2022, there were three loans from one issuer placed on non-accrual in the Company’s portfolio. As of December 31, 2021, there were no loans placed on non-accrual in the Company’s portfolio. 88

Table of Contents The following table shows the amortized cost and fair value of the investment portfolio, cash and cash equivalents and foreign cash as of June 30, 2022 (dollars in thousands):


		As of June 30, 2022
	****			****	Percentage	****			****		****
					of					Percentage of
		Amortized Cost			Total		Fair Value			Total	****
Cash and cash equivalents		$	38,013		1.6	%	$	38,013		1.6	%
Foreign cash			8,902		0.4			5,003		0.2
Restricted cash and cash equivalents			25,910		1.1			25,910		1.1
First Lien Senior Secured Loans			1,693,248		70.8			1,632,091		69.3
Equity Interest			210,127		8.8			216,020		9.2
Subordinated Note Investment Vehicles ^(1)^			178,137		7.4			178,137		7.6
Second Lien Senior Secured Loans			97,789		4.1			95,340		4.0
Preferred Equity			50,989		2.1			75,950		3.2
Equity Interest Investment Vehicles ^(1)^			50,382		2.1			49,985		2.1
Subordinated Debt			38,513		1.6			39,280		1.7
Warrants			480		0.0			506		0.0
Preferred Equity Interest Investment Vehicles ^(1)^			10		0.0			(271)		0.0
Total		$	2,392,500		100.0	%	$	2,355,964		100.0	%
(1)	Represents debt and equity investment in ISLP and SLP
---	---

The following table shows the amortized cost and fair value of the investment portfolio, cash and cash equivalents and foreign cash as of December 31, 2021 (dollars in thousands):


		As of December 31, 2021
	****			****	Percentage	****			****		****
					of					Percentage of
		Amortized Cost			Total		Fair Value			Total	****
Cash and cash equivalents		$	87,443		3.5	%	$	87,443		3.5	%
Foreign cash			30,877		1.2			29,979		1.2
Restricted cash and cash equivalents			86,159		3.4			86,159		3.5
First Lien Senior Secured Loans			1,807,805		71.9			1,774,675		71.2
Equity Interest			156,399		6.1			151,844		6.1
Subordinated Note Investment Vehicles ^(1)^			125,437		5.0			125,437		5.0
Second Lien Senior Secured Loans			120,058		4.8			118,561		4.7
Preferred Equity			42,452		1.7			53,991		2.2
Equity Interest Investment Vehicles ^(1)^			39,596		1.6			44,444		1.8
Subordinated Debt			19,635		0.8			20,027		0.8
Warrants			2		0.0			126		0.0
Total		$	2,515,863		100.0	%	$	2,492,686		100.0	%
(1)	Represents debt and equity investment in ISLP
---	---

Our Advisor monitors our portfolio companies on an ongoing basis. It monitors the financial trends of each portfolio company to determine if they are meeting their respective business plans and to assess the appropriate course of action for each company. The Advisor has several methods of evaluating and monitoring the performance and fair value of our investments, which may include the following:

●	assessment of success in adhering to the portfolio company’s business plan and compliance with covenants;
●	periodic or regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor to discuss financial position, requirements and accomplishments;
---	---

Table of Contents

●	comparisons to our other portfolio companies in the industry, if any;
●	attendance at and participation in board meetings or presentations by portfolio companies; and
---	---
●	review of monthly and quarterly financial statements and financial projections of portfolio companies.
---	---

Our Advisor rates the investments in our portfolio at least quarterly and it is possible that the rating of a portfolio investment may be reduced or increased over time. For investments rated 3 or 4, our Advisor enhances its level of scrutiny over the monitoring of such portfolio company. Our internal performance 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.

●	An investment is rated 1 if, in the opinion of our Advisor, it is performing above 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.
●	An investment is rated 2 if, in the opinion of our Advisor, it is performing as expected at the time of our underwriting and there are generally no concerns about the portfolio company’s performance or ability to meet covenant requirements, interest payments or principal amortization, if applicable. All new investments or acquired investments in new portfolio companies are initially given a rating of 2.
---	---
●	An investment is rated 3 if, in the opinion of our Advisor, the investment is performing below underwriting expectations and there may be concerns about the portfolio company’s performance or trends in the industry, including as a result of factors such as declining performance, non-compliance with debt covenants or delinquency in loan payments (but generally not more than 180 days past due).
---	---
●	An investment is rated 4 if, in the opinion of our Advisor, the investment is performing materially below underwriting expectations. For debt investments, most of or all of the debt covenants are out of compliance and payments are substantially delinquent. Investments rated 4 are not anticipated to be repaid in full, if applicable, and there is significant risk that we may realize a substantial loss on our investment.
---	---

The following table shows the composition of our portfolio on the 1 to 4 rating scale as of June 30, 2022 (dollars in thousands):


		As of June 30, 2022
	****			****	Percentage	****	Number of	****	Percentage of	****
Investment Performance Rating		Fair Value			of Total		Companies^(1)^		Total	****
1		$	19,469		0.9	%	3		2.4	%
2			2,077,806		90.8		110		90.2
3			157,151		6.9		8		6.6
4			32,612		1.4		1		0.8
Total		$	2,287,038		100.0	%	122		100.0	%
^(1)^	Number of investment rated companies may not agree to total portfolio companies due to investments across investment types and structures.
---	---

Table of Contents The following table shows the composition of our portfolio on the 1 to 4 rating scale as of December 31, 2021 (dollars in thousands):


		As of December 31, 2021
	****			****	Percentage of	****	Number of	****	Percentage of	****
Investment Performance Rating		Fair Value			Total		Companies^(1)^		Total	****
1		$	42,233		1.9	%	4		3.8	%
2			2,017,059		88.1		95		89.6
3			229,813		10.0		7		6.6
4			—		0.0		—		0.0
Total		$	2,289,105		100.0	%	106		100.0	%
^(1)^	Number of investment rated companies may not agree to total portfolio companies due to investments across investment types and structures.
---	---

Results of Operations

Our operating results for the three months ended June 30, 2022 and 2021 were as follows (dollars in thousands):


	****	For the Three Months Ended
		June 30,
	****	2022		****	2021
Total investment income		$	52,364		$	46,490
Total expenses, net of fee waivers			25,649			24,566
Net investment income			26,715			21,924
Net realized gain (loss)			2,608			(12,546)
Net change in unrealized appreciation (depreciation)			(12,094)			33,055
Net increase in net assets resulting from operations		$	17,229		$	42,433

Our operating results for the six months ended June 30, 2022 and 2021 were as follows (dollars in thousands):


	****	For the Six Months Ended
		June 30,
	****	2022		****	2021
Total investment income		$	98,375		$	96,320
Total expenses, net of fee waivers			49,957			52,230
Net investment income			48,418			44,090
Net realized gain (loss)			4,780			(3,688)
Net change in unrealized appreciation (depreciation)			(2,288)			33,784
Net increase in net assets resulting from operations		$	50,910		$	74,186

Net increase in net assets resulting from operations can vary from period to period as a result of various factors, including additional financing, new investment commitments, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio. Due to these factors, comparisons may not be meaningful. 91

Table of Contents Investment Income

The composition of our investment income for the three months ended June 30, 2022 and 2021 was as follows (dollars in thousands):


	****	For the Three Months Ended
		June 30,
		2022		****	2021
Interest income		$	35,884		$	39,755
Dividend income			6,370			2,929
PIK income			2,420			2,931
Other income			7,690			875
Total investment income		$	52,364		$	46,490

Interest income from investments, which includes interest and accretion of discounts and fees, decreased to $35.8 million for the three months ended June 30, 2022 from $39.8 million for the three months ended June 30, 2021, primarily due to the decrease in the Company’s investment portfolio and the establishment of the newly formed joint venture, SLP, between the periods. Our investment portfolio at amortized cost decreased to $2,319.7 million as June 30, 2022 compared to $2,344.9 million as of June 30, 2021. Dividend income increased to $6.4 million for the three months ended June 30, 2022 from $2.9 million for the three months ended June 30, 2021, primarily due to an increase in dividend income from our equity interests in ISLP, SLP, and 2018-1 Issuer. Other income increased to approximately $7.7 million for the three months ended June 30, 2022 from $0.9 million for the three months ended June 30, 2021, primarily due to an increase in one-time fees earned on certain investments. As of June 30, 2022, the weighted average yield of our investment portfolio at amortized cost increased to 8.4% from 7.5% as of June 30, 2021.

The composition of our investment income for the six months ended June 30, 2022 and 2021 was as follows (dollars in thousands):


	****	For the Six Months Ended
		June 30,
		2022		****	2021
Interest income		$	73,917		$	81,728
Dividend income			9,971			4,964
PIK income			6,332			5,297
Other income			8,155			4,331
Total investment income		$	98,375		$	96,320

Interest income from investments, which includes interest and accretion of discounts and fees, decreased to $73.9 million for the six months ended June 30, 2022 from $81.7 million for the six months ended June 30, 2021, primarily due to the decrease in the Company’s investment portfolio and the establishment of the newly formed joint venture, SLP, between the periods. Our investment portfolio at amortized cost decreased to $2,319.7 million as June 30, 2022 compared to $2,344.9 million as of June 30, 2021. Dividend income increased to $10.0 million for the six months ended June 30, 2022 from $5.0 million for the six months ended June 30, 2021, primarily due to an increase in dividend income from our equity interests in ISLP, SLP, and 2018-1 Issuer. Other income increased to approximately $8.2 million for the six months ended June 30, 2022 from $4.3 million for the six months ended June 30, 2021, primarily due to an increase in one-time fees earned on certain investments. 92

Table of Contents Operating Expenses

The composition of our operating expenses for the three months ended June 30, 2022 and 2021 was as follows (dollars in thousands):


	****	For the Three Months Ended
		June 30,
		2022		****	2021
Interest and debt financing expenses		$	11,027		$	13,017
Base management fee			8,451			8,623
Incentive fee			4,069			8,042
Professional fees			446			714
Directors fees			179			171
Other general and administrative expenses			1,477			1,241
Total expenses, before fee waivers		$	25,649		$	31,808
Base management fee waiver			—			(2,723)
Incentive fee waiver			—			(4,519)
Total expenses, net of fee waivers		$	25,649		$	24,566

The composition of our operating expenses for the six months ended June 30, 2022 and 2021 was as follows (dollars in thousands):


	****	For the Six Months Ended
		June 30,
		2022		****	2021
Interest and debt financing expenses		$	21,670		$	24,850
Base management fee			16,820			17,320
Incentive fee			7,380			14,771
Professional fees			836			1,673
Directors fees			354			343
Other general and administrative expenses			2,897			2,629
Total expenses, before fee waivers		$	49,957		$	61,586
Base management fee waiver			—			(4,837)
Incentive fee waiver			—			(4,519)
Total expenses, net of fee waivers		$	49,957		$	52,230

Interest and Debt Financing Expenses

Interest and debt financing expenses on our borrowings totaled approximately $11.0 million and $13.0 million for the three months ended June 30, 2022 and 2021, respectively. Interest and debt financing expense for the three months ended June 30, 2022 as compared to June 30, 2021 decreased primarily due to a decrease in total principal debt outstanding, improved average stated interest rate on debt, and partial redemption of the 2023 Notes between periods. Interest and debt financing expenses on our borrowings totaled approximately $21.7 million and $24.8 million for the six months ended June 30, 2022 and 2021, respectively. Interest and debt financing expense for the six months ended June 30, 2022 as compared to June 30, 2021 decreased primarily due to a decrease in total principal debt outstanding, improved average stated interest rate on debt, and partial redemption of the 2023 Notes between periods. The weighted average principal debt balance outstanding for the three months ended June 30, 2022 was $1,220.9 million compared to $1,311.1 million for the three months ended June 30, 2021. The weighted average principal debt balance outstanding for the six months ended June 30, 2022 was $1,267.7 million compared to $1,380.5 million for the six months ended June 30, 2021.

Table of Contents Management Fees

Management fees (net of waivers) increased to $8.5 million for the three months ended June 30, 2022 from $5.9 million for the three months ended June 30, 2021. Management fees (gross of waivers) decreased to $8.5 million for the three months ended June 30, 2022 compared to $8.6 million for the three months ended June 30, 2021. Management fees waived for the three months ended June 30, 2022 and 2021 were $0.0 million and $2.7 million, respectively.

Management fees (net of waivers) increased to $16.8 million for the six months ended June 30, 2022 from $12.5 million for the six months ended June 30, 2021. Management fees (gross of waivers) decreased to $16.8 million for the six months ended June 30, 2022 compared to $17.3 million for the six months ended June 30, 2021. Management fees waived for the six months ended June 30, 2022 and 2021 were $0.0 million and $4.8 million, respectively.

Incentive Fees

Incentive fee (net of waivers) increased to $4.1 million for the three months ended June 30, 2022 from $3.5 million for the three months ended June 30, 2021. Incentive fee waivers related to pre-incentive fee net investment income consisted of voluntary waivers of $0.0 million for the three months ended June 30, 2022 and $4.5 million for the three months ended June 30, 2021. For the three months ended June 30, 2022 there were no incentive fees related to the GAAP Incentive Fee. Incentive fee (net of waivers) decreased to $7.4 million for the six months ended June 30, 2022 from $10.3 million for the six months ended June 30, 2021. Incentive fee waivers related to pre-incentive fee net investment income consisted of voluntary waivers of $0.0 million for the six months ended June 30, 2022 and $4.5 million for the six months ended June 30, 2021. For the six months ended June 30, 2022 there were no incentive fees related to the GAAP Incentive Fee.

Professional Fees and Other General and Administrative Expenses

Professional fees and other general and administrative expenses decreased to $1.9 million for the three months ended June 30, 2022 from $2.0 million for the three months ended June 30, 2021, primarily due to a decrease in costs associated with servicing our investment portfolio.

Professional fees and other general and administrative expenses decreased to $3.7 million for the six months ended June 30, 2022 from $4.3 million for the six months ended June 30, 2021, primarily due to a decrease in costs associated with servicing our investment portfolio. 94

Table of Contents Net Realized and Unrealized Gains and Losses

The following table summarizes our net realized and unrealized gains (losses) for the three months ended June 30, 2022 and 2021 (dollars in thousands):


	****	For the Three Months Ended
		June 30,
		2022		****	2021
Net realized gain on investments		$	1,120		$	7,917
Net realized loss on investments			(3,696)			(3,072)
Net realized gain on foreign currency transactions			3,166			1,298
Net realized loss on foreign currency transactions			—			(293)
Net realized gain on forward currency exchange contracts			2,018			—
Net realized loss on forward currency exchange contracts			—			(18,396)
Net realized gains (losses)		$	2,608		$	(12,546)

Change in unrealized appreciation on investments		$	22,376		$	32,411
Change in unrealized depreciation on investments			(40,543)			(15,319)
Net change in unrealized appreciation (depreciation) on investments			(18,167)			17,092
Unrealized depreciation on foreign currency translation			(2,051)			(65)
Unrealized appreciation on forward currency exchange contracts			8,124			16,028
Net change in unrealized appreciation on foreign currency and forward currency exchange contracts			6,073			15,963
Net change in unrealized appreciation (depreciation)		$	(12,094)		$	33,055

For the three months ended June 30, 2022, and 2021, we had net realized gains (losses) on investments of $(2.6) million and $4.8 million, respectively. For the three months ended June 30, 2022 and 2021, we had net realized gains on foreign currency transactions of $3.2 million and $1.0 million, respectively. For the three months ended June 30, 2022 and 2021, we had net realized gains (losses) on forward currency contracts of $2.0 million and ($18.4) million, respectively, primarily as a result of settling GBP forward contracts.

For the three months ended June 30, 2022, we had $22.4 million in unrealized appreciation on 22 portfolio company investments, which was offset by $40.5 million in unrealized depreciation on 103 portfolio company investments. Unrealized depreciation for the three months ended June 30, 2022 resulted from a decrease in fair value, primarily due to a widening of credit spreads and negative valuation adjustments. Unrealized appreciation was primarily due to positive valuation adjustments.

For the three months ended June 30, 2021, we had $32.4 million in unrealized appreciation on 60 portfolio company investments, which was offset by $15.3 million in unrealized depreciation on 63 portfolio company investments. Unrealized appreciation for the three months ended June 30, 2021 resulted from an increase in fair value, primarily due to a tightening spread environment, positive investment-related adjustments, and the reversal of unrealized depreciation from the sale of our debt investments. Unrealized depreciation was primarily due to negative valuation adjustments. 95

Table of Contents For the three months ended June 30, 2022 and 2021, we had unrealized appreciation on forward currency exchange contracts of $8.1 million and $16.0 million, respectively. For the three months ended June 30, 2022, unrealized appreciation on forward currency exchange contracts was due to EUR and GBP forward contracts.


	****	For the Six Months Ended
		June 30,
		2022		****	2021
Net realized gain on investments		$	4,723		$	27,731
Net realized loss on investments			(5,882)			(7,710)
Net realized gain on foreign currency transactions			3,166			1,153
Net realized loss on foreign currency transactions			(488)			(3,174)
Net realized gain on forward currency exchange contracts			3,301			—
Net realized loss on forward currency exchange contracts			(40)			(21,688)
Net realized gains (losses)		$	4,780		$	(3,688)

Change in unrealized appreciation on investments		$	40,777		$	53,457
Change in unrealized depreciation on investments			(51,135)			(40,599)
Net change in unrealized appreciation (depreciation) on investments			(10,358)			12,858
Unrealized appreciation (depreciation) on foreign currency translation			(1,705)			322
Unrealized appreciation on forward currency exchange contracts			9,775			20,604
Net change in unrealized appreciation on foreign currency and forward currency exchange contracts			8,070			20,926
Net change in unrealized appreciation (depreciation)		$	(2,288)		$	33,784

For the six months ended June 30, 2022, and 2021, we had net realized gains (losses) on investments of $(1.2) million and $20.0 million, respectively. For the six months ended June 30, 2022 and 2021, we had net realized gains (losses) on foreign currency transactions of $2.7 million and ($2.0) million, respectively. For the six months ended June 30, 2022 and 2021, we had net realized gains (losses) on forward currency contracts of $3.3 million and ($21.7) million, respectively, primarily as a result of settling GBP forward contracts.

For the six months ended June 30, 2022, we had $40.8 million in unrealized appreciation on 31 portfolio company investments, which was offset by ($51.1) million in unrealized depreciation on 96 portfolio company investments. Unrealized depreciation for the six months ended June 30, 2022 resulted from an decrease in fair value, primarily due to a widening of credit spreads and negative valuation adjustments. Unrealized appreciation was primarily due to positive valuation adjustments.

For the six months ended June 30, 2021, we had $53.5 million in unrealized appreciation on 72 portfolio company investments, which was offset by $40.6 million in unrealized depreciation on 62 portfolio company investments. Unrealized appreciation for the six months ended June 30, 2021 resulted from an increase in fair value, primarily due to a tightening spread environment, positive investment-related adjustments, and the reversal of unrealized depreciation from the sale of our debt investments. Unrealized depreciation was primarily due to negative valuation adjustments.

For the six months ended June 30, 2022 and 2021, we had unrealized appreciation on forward currency exchange contracts of $9.8 million and $20.6 million, respectively. For the six months ended June 30, 2022, unrealized appreciation on forward currency exchange contracts was due to EUR and GBP forward contracts. 96

Table of Contents The following table summarizes the impact of foreign currency for the three months ended June 30, 2022 and 2021 (dollars in thousands):


	****	For the Three Months Ended
		June 30,
		2022		****	2021
Net change in unrealized appreciation (depreciation) on investments due to foreign currency		$	(7,731)		$	1,628
Net realized loss on investments due to foreign currency			(2,393)			(387)
Net change in unrealized depreciation on foreign currency translation			(2,053)			(65)
Net realized gain on foreign currency transactions			3,166			1,005
Net change in unrealized appreciation on forward currency exchange contracts			8,124			16,028
Net realized gain (loss) on forward currency exchange contracts			2,018			(18,396)
Foreign currency impact to net increase (decrease) in net assets resulting from operations		$	1,131		$	(187)

The following table summarizes the impact of foreign currency for the six months ended June 30, 2022 and 2021 (dollars in thousands):


	****	For the Six Months Ended
		June 30,
		2022		****	2021
Net change in unrealized (depreciation) on investments due to foreign currency		$	(10,607)		$	(15,711)
Net realized gain (loss) on investments due to foreign currency			(2,546)			15,529
Net change in unrealized appreciation (depreciation) on foreign currency translation			(1,707)			322
Net realized gain (loss) on foreign currency transactions			2,678			(2,021)
Net change in unrealized appreciation on forward currency exchange contracts			9,775			20,604
Net realized gain (loss) on forward currency exchange contracts			3,261			(21,688)
Foreign currency impact to net increase (decrease) in net assets resulting from operations		$	854		$	(2,965)

Included in total net (losses) on the consolidated statements of operations is net (losses) of ($12.2) million and ($1.9) million related to realized and unrealized gains and losses on investments, foreign currency holdings and non-investment assets and liabilities attributable to the changes in foreign currency exchange rates for the six months ended June 30, 2022 and 2021, respectively. Including the total net realized and unrealized gains (losses) on forward currency exchange contracts of $13.0 million and ($1.1) million, respectively, included in the above table, the net impact of foreign currency on total net gains (losses) on the consolidated statements of operations is $0.9 million and ($3.0) million for the six months ended June 30, 2022 and 2021, respectively.

Net Increase (Decrease) in Net Assets Resulting from Operations

For the three months ended June 30, 2022 and 2021, the net increase in net assets resulting from operations was $17.2 million and $42.4 million, respectively. Based on the weighted average shares of common stock outstanding for the three months ended June 30, 2022 and 2021, our per share net increase in net assets resulting from operations was $0.27 and $0.66, respectively.

For the six months ended June 30, 2022 and 2021, the net increase in net assets resulting from operations was $50.9 million and $74.2 million, respectively. Based on the weighted average shares of common stock outstanding for the six months ended June 30, 2022 and 2021, our per share net increase in net assets resulting from operations was $0.79 and $1.15, respectively. 97

Table of Contents Financial Condition, Liquidity and Capital Resources

Our liquidity and capital resources are derived primarily from proceeds from equity issuances, advances from our credit facilities, 2019-1 Debt, 2023 Notes, March 2026 Notes, October 2026 Notes and cash flows from operations. The primary uses of our cash are for (1) investments in portfolio companies and other investments and to comply with certain portfolio diversification requirements; (2) the cost of operations (including payments to the Advisor under the Investment Advisory and Administration Agreements); (3) debt service, repayment, and other financing costs; and, (4) cash distributions to the holders of our common shares.

We intend to continue to generate cash primarily from cash flows from operations, future borrowings and future offerings of securities. We may from time to time raise additional equity or debt capital through registered offerings, enter into additional debt facilities, or increase the size of existing facilities or issue debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. We are required to meet an asset coverage ratio, defined under the 1940 Act as the ratio of our total assets (less all liabilities and indebtedness not represented by senior securities) to our outstanding senior securities, of at least 150% after each issuance of senior securities. As of June 30, 2022 and December 31, 2021, our asset coverage ratio was 188% and 177%, respectively.

At June 30, 2022 and December 31, 2021, we had $68.9 million and $203.6 million in cash, foreign cash, restricted cash and cash equivalents, respectively.

At June 30, 2022, we had approximately $108.3 million of availability on our Sumitomo Credit Facility and $50.0 million of availability on our Revolving Advisor Loan, subject to existing terms and regulatory requirements. At December 31, 2021, we had approximately $300.0 million of availability on our Sumitomo Credit Facility and $50.0 million of availability on our Revolving Advisor Loan, subject to existing terms and regulatory requirements.

For the six months ended June 30, 2022, cash, foreign cash, restricted cash, and cash equivalents decreased by $133.5 million. During the six months ended June 30, 2022, we used $280.2 million in cash for operating activities. The decrease in cash used for operating activities was primarily related to the purchases of investments of $761.8 million, which was offset by proceeds from principal payments and sales of investments of $434.2 million and a net increase in assets resulting from operations of $50.9 million.

During the six months ended June 30, 2022, we provided $146.7 million for financing activities, primarily due to borrowings and repayments on our Sumitomo Credit Facility.

For the six months ended June 30, 2021, cash, foreign cash, restricted cash, and cash equivalents increased by $7.0 million. During the six months ended June 30, 2021, we provided $206.2 million in cash for operating activities. The increase in cash used for operating activities was primarily related to the proceeds from principal payments and sales of investments of $805.3 million, and a net increase in net assets resulting from operations of $74.2 million, which was offset by purchases of investments of $608.0 million and net realized loss from investments of $20.0 million.

During the six months ended June 30, 2021, we used $197.4 million from financing activities, primarily from borrowings on our debt from the JPM Credit Facility and the issuance of the $300.0 million 2026 Notes, offset by repayments on our debt of $605.4 million, including the termination of our BCSF Revolving Credit Facility, and distributions paid during the period of $43.9 million.

Equity

On November 19, 2018, we closed our initial public offering (the “IPO”) issuing 7,500,000 shares of its common stock at a public offering price of $20.25 per share. Shares of common stock of the Company began trading on the New York Stock Exchange under the symbol “BCSF” on November 15, 2018. The offering generated net proceeds, after expenses, of $145.4 million. All outstanding capital commitments from the Company’s Private Offering were cancelled as of the completion of the IPO.

During the six months ended June 30, 2022, we did not issue shares of our common stock to investors who have opted into our dividend reinvestment plan. During the six months ended June 30, 2021, we did not issue shares of our common stock to investors who have opted into our dividend reinvestment plan. 98

Table of Contents On May 7, 2019, the Company’s Board of Directors authorized the Company to repurchase up to $50 million of its outstanding common stock in accordance with safe harbor rules under the Exchange Act of 1934. Any such repurchases will depend upon market conditions and there is no guarantee that the Company will repurchase any particular number of shares or any shares at all. As of June 30 2022, there have been no repurchases of common stock.

On May 4, 2020, the Company’s Board of Directors approved a transferable subscription rights offering to our stockholders of record as of May 13, 2020. The rights entitled record stockholders to subscribe for up to an aggregate of 12,912,453 shares of our common stock. Record stockholders received one right for each share of common stock owned on the record date. The rights entitled the holders to purchase one new share of common stock for every four rights held, and record stockholders who fully exercised their rights were entitled to subscribe, subject to certain limitations and allotment rules, for additional shares that remain unsubscribed as a result of any unexercised rights. The rights were transferable and listed on the New York Stock Exchange under the symbol “BCSF RT”. The rights offering expired June 5, 2020. Based on the terms of the offering and the market price of the stock during the applicable period, holders of rights participating in the offering were entitled to purchase one new share of common stock for every four rights held at a subscription price of $10.2163 per share. On June 16, 2020, the Company closed its transferrable rights offering and issued 12,912,453 shares. The offering generated net proceeds, before expenses, of $129.6 million, including the underwriting discount and commissions of $2.3 million.

Debt

The Company’s outstanding borrowings as of June 30, 2022 and December 31, 2021 were as follows:


	****	As of June 30, 2022						As of December 31, 2021

		Total Aggregate						Total Aggregate
		Principal		Principal				Principal		Principal
		Amount		Amount		Carrying		Amount		Amount		Carrying
		Committed		Outstanding		Value^(1)^		Committed		Outstanding		Value^(1)^
2018-1 Notes		$	—	$	—	$	—	$	365,700	$	365,700	$	364,178
2019-1 Notes			352,500		352,500		351,034		352,500		352,500		350,969
Revolving Advisor Loan			50,000		—		—		50,000		—		—
2023 Notes			150,000		112,500		111,584		150,000		112,500		111,133
March 2026 Notes			300,000		300,000		295,821		300,000		300,000		295,260
October 2026 Notes			300,000		300,000		294,121		300,000		300,000		293,442
Sumitomo Credit Facility			300,000		191,723		191,723		300,000		—		—
Total Debt		$	1,452,500	$	1,256,723	$	1,244,283	$	1,818,200	$	1,430,700	$	1,414,982
(1)	Carrying value represents aggregate principal amount outstanding less unamortized debt issuance costs.
---	---

Distribution Policy

The Company’s distributions are recorded on the record date. The following table summarizes distributions declared during the six months ended June 30, 2022 (dollars in thousands):


	****		****		****	Amount		****	Total
Date Declared		Record Date		Payment Date		Per Share			Distributions
February 16, 2022		March 31, 2022		April 29, 2022		$	0.34		$	21,951
April 26, 2022		June 30, 2022		July 29, 2022		$	0.34		$	21,951
Total distributions declared						$	0.68		$	43,902

The distributions declared during the six months ended June 30, 2022 were derived from investment company taxable income and net capital gain, if any. 99

Table of Contents The Company’s distributions are recorded on the record date. The following table summarizes distributions declared during the six months ended June 30, 2021 (dollars in thousands):


	****		****		****	Amount		****	Total
Date Declared		Record Date		Payment Date		Per Share			Distributions
February 18, 2021		March 31, 2021		April 30, 2021		$	0.34		$	21,951
April 27, 2021		June 30, 2021		July 30, 2021		$	0.34		$	21,951
Total distributions declared						$	0.68		$	43,902

Distributions to common stockholders are recorded on the record date. To the extent that we have income available, we intend to distribute quarterly distributions to our stockholders. Our quarterly distributions, if any, will be determined by the Board. Any distributions to our stockholders will be declared out of assets legally available for distribution.

We have elected to be treated, and intend to operate in a manner so as to continuously qualify, as a regulated investment company (a “RIC) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), beginning with our taxable year ended December 31, 2016. To qualify for and maintain RIC tax treatment, among other things, we must distribute dividends to our stockholders in respect of each taxable year of an amount generally at least equal to 90% of the sum of our net ordinary income and net short-term capital gains in excess of our net long-term capital losses. In order to avoid the imposition of certain excise taxes imposed on RICs, we must distribute dividends to our stockholders in respect of each calendar year of an amount at least equal to the sum of: (1) 98% of our net ordinary income (taking into account certain deferrals and elections) for such calendar year; (2) 98.2% of our capital gains in excess of capital losses, adjusted for certain ordinary losses, generally for the one-year period ending on October 31 of such calendar year; and (3) the sum of any net ordinary income plus capital gains net income for preceding years that were not distributed during such years and on which we paid no federal income tax.

We intend to distribute net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, at least annually out of the assets legally available for such distributions. However, we may decide in the future to retain all or a portion of our net capital gains for investment, incur a corporate-level tax on such capital gains, and elect to treat such capital gains as deemed distributions to our stockholders.

We have adopted a dividend reinvestment plan that provides for the reinvestment of cash dividends and distributions. Prior to the IPO, stockholders who “opted in” to our dividend reinvestment plan had their cash dividends and distributions automatically reinvested in additional shares of our common stock, rather than receiving cash dividends and distributions. Subsequent to the IPO, stockholders who do not “opt out” of our dividend reinvestment plan will have their cash dividends and distributions automatically reinvested in additional shares of our common stock, rather than receiving cash dividends and distributions. Stockholders could elect to “opt in” or “opt out” of our dividend reinvestment plan in their subscription agreements, through the private offering. The elections of stockholders prior to the IPO shall remain effective after the IPO.

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

Commitments and Off-Balance Sheet Arrangements

We may become a party to financial instruments with off-balance sheet risk in the normal course of our business to fund investments and to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized on the statements of assets and liabilities. As of June 30, 2022, the Company had $283.3 million of unfunded commitments under loan and financing agreements 100

Table of Contents Significant Accounting Estimates and Critical Accounting Policies

Basis of Presentation

The Company’s unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). The Company’s unaudited consolidated financial statements and related financial information have been prepared pursuant to the requirements for reporting on Form 10-Q and Articles 1, 6, 10 and 12 of Regulation S-X. These consolidated financial statements reflect adjustments that in the opinion of the Company are necessary for the fair statement of the financial position and results of operations for the periods presented herein and are not necessarily indicative of the full fiscal year. We have determined we meet the definition of an investment company and follow the accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 — Financial Services — Investment Companies (“ASC 946”). Our financial currency is U.S. dollars and these consolidated financial statements have been prepared in that currency.

Use of Estimates

The preparation of the consolidated financial statements in conformity with US GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and such differences could be material.

Revenue Recognition

We record our investment transactions on a trade date basis. We record realized gains and losses based on the specific identification method. We record interest income, adjusted for amortization of premium and accretion of discount, on an accrual basis. Discount and premium to par value on investments acquired are accreted and amortized, respectively, into interest income over the life of the respective investment using the effective interest method. Loan origination fees, original issue discount and market discount or premium are capitalized and amortized into or against interest income using the effective interest method or straight-line method, as applicable. We record any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts received upon prepayment of a loan or debt security as interest income.

Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for such distributions in the case of private portfolio companies, and on the ex-dividend date for publicly traded portfolio companies. Distributions received from a limited liability company or limited partnership investment are evaluated to determine if the distribution should be recorded as dividend income or a return of capital.

Certain investments may have contractual PIK interest or dividends. PIK represents accrued interest or accumulated dividends that are added to the loan principal of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or upon being called by the issuer. We record PIK as interest or dividend income, as applicable. If at any point we believe PIK may not be realized, we place the investment generating PIK on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are generally reversed through interest or dividend income, as applicable.

Certain structuring fees and amendment fees are recorded as other income when earned. We record administrative agent fees received as other income when the services are rendered.

Valuation of Portfolio Investments

Table of Contents mid of the bid/ask from one broker will be used. To validate market quotations, we utilize a number of factors to determine if the quotations are representative of fair value, including the source and number of quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available are valued at fair value, subject at all times to the oversight and approval of the Board, based on the input of our Advisor, our Audit Committee and one or more independent third party valuation firms engaged by our Board.

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

With respect to investments for which market quotations are not readily available, the Advisor will undertake a multi-step valuation process, which includes among other things, the below:

●	Our quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of our Advisor responsible for the portfolio investment or by an independent valuation firm;
●	Preliminary valuation conclusions are then documented and discussed with our senior management and our Advisor. Agreed upon valuation recommendations are presented to our Audit Committee;
---	---
●	Our Audit Committee of our Board reviews the valuations presented and recommends values for each of the investments to our Board;
---	---
●	At least once annually, the valuation for each portfolio investment constituting a material portion of the Company’s portfolio will be reviewed by an independent valuation firm; and
---	---
●	Our Board discusses valuations and determines the fair value of each investment in good faith based upon, among other things, the input of our Advisor, independent valuation firms, where applicable, and our Audit Committee.
---	---

In following this approach, the types of factors that are taken into account in the fair value pricing of investments include, as relevant, but are not limited to: comparison to publicly traded securities, including factors such as yield, maturity and measures of credit quality; the enterprise value of a portfolio company; the nature and realizable value of any collateral; the portfolio companies ability to make payments and its earnings and discounted cash flows; and the markets in which the portfolio company does business. In cases where an independent valuation firm provides fair valuations for investments, the independent valuation firm provides a fair valuation report, a description of the methodology used to determine the fair value and their analysis and calculations to support their conclusion.

Contractual Obligations

We have entered into the Amended Advisory Agreement with our Advisor (which supersedes the Prior Investment Advisory Agreement dated November 14, 2018 we had previously entered into). Our Advisor has agreed to serve as our investment adviser in accordance with the terms of the Amended Advisory Agreement. Under the Amended Advisory Agreement, we have agreed to pay an annual base management fee as well as an incentive fee based on our investment performance.

On November 28, 2018, our Board, including a majority of our Independent Directors, approved the Amended Advisory Agreement. On February 1, 2019 the Company’s stockholders approved the Amended Advisory Agreement. Pursuant to this Agreement, effective February 1, 2019, the base management fee of 1.5% (0.375% per quarter) of the average value of the Company’s gross assets (excluding cash and cash equivalents, but including assets purchased with borrowed amounts) will continue to apply to assets held at an asset coverage ratio of 200%, but a lower base management fee of 1.0% (0.25% per quarter) of the average value of the Company’s gross assets (excluding cash and cash equivalents, but including assets purchased with borrowed amounts) will apply to any amount of assets attributable to leverage decreasing the Company’s asset coverage ratio below 200%. The Amended Advisory Agreement incorporates (i) a three-year lookback provision and (ii) a cap on quarterly income incentive fee payments based on net realized or unrealized capital loss, if any, during the applicable three-year lookback period. 102

Table of Contents We have entered into an Administration Agreement with the Administrator pursuant to which the Administrator will furnish us with administrative services necessary to conduct our day-to-day operations. We reimburse the Administrator for its costs and expenses and our allocable portion of overhead incurred by it in performing its obligations under the Administration Agreement, including certain compensation paid to or compensatory distributions received by our officers (including our Chief Compliance Officer and Chief Financial Officer) and any of their respective staff who provide services to us, operations staff who provide services to us, and internal audit staff, if any, to the extent internal audit performs a role in our Sarbanes-Oxley internal control assessment.

If any of our contractual obligations discussed above are terminated, our costs may increase under any new agreements that we enter into as replacements. We would also likely incur expenses in locating alternative parties to provide the services we expect to receive under our Amended Advisory Agreement and Administration Agreement.

The following table shows the contractual maturities of our debt obligations as of June 30, 2022 (dollars in thousands):


		Payments Due by Period
	****			****	Less than		****			****			****	More than
		Total			1 year			1 — 3 years			3 — 5 years			5 years
2019-1 Debt		$	352,500		$	—		$	—		$	—		$	352,500
2023 Notes			112,500			—			112,500			—			—
March 2026 Notes			300,000			—			—			300,000			—
October 2026 Notes			300,000			—			—			300,000			—
Sumitomo Credit Facility			191,723			—			—			191,723			—
Total Debt Obligations		$	1,256,723		$	—		$	112,500		$	791,723		$	352,500

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to financial market risks, including changes in interest rates. We will generally invest in illiquid loans and securities including debt and equity securities of middle-market companies. Because we expect that there will not be a readily available market for many of the investments in our portfolio, we expect to value many of our portfolio investments at fair value as determined in good faith by the Board using a documented valuation policy and a consistently applied valuation process. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material.

Assuming that the statement of financial condition as of June 30, 2022 were to remain constant and that we took no actions to alter our existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates (dollars in thousands):


	****			****			****
								Net Increase
		Increase			Increase			(Decrease) in Net
		(Decrease) in			(Decrease) in			Investment
Change in Interest Rates		Interest Income			Interest Expense			Income
Down 25 basis points		$	(3,610)		$	(1,302)		$	(2,308)
Up 100 basis points			15,377			5,442			9,935
Up 200 basis points			34,582			10,884			23,698
Up 300 basis points			53,880			16,327			37,553

From time to time, we may make investments that are denominated in a foreign currency. These investments are translated into U.S. dollars at the balance sheet date, exposing us to movements in foreign exchange rates. We may employ hedging techniques to minimize these risks, but we cannot assure you that such strategies will be effective or without risk to us. We may seek to utilize instruments such as, but not limited to, forward contracts to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates. 103

Table of Contents Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of June 30, 2022 (the end of the period covered by this report), our management has carried out an evaluation, under the supervision of and with the participation of our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15 and 15d-15(e) under the Exchange Act). Based on that evaluation our Chief Executive Officer and Chief Financial Officer have concluded that our current disclosure controls and procedures are effective to provide reasonable assurance that information required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our Chief Executive Officer and Chief Financial Officer as appropriate to allow timely decisions regarding required disclosure. In designing and evaluating our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and management necessarily applies its judgment in evaluating the benefits of possible controls and procedures relative to their costs.

Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act, that occurred during our most recently completed fiscal quarter ended June 30, 2022 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

We are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under loans to or other contracts with our portfolio companies.

Item 1A. Risk Factors

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K are not the only risks we face. Additional risks and uncertainties are not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results. During the three months ended June 30, 2022, there have been no material changes from the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2021.

Risks Related to Invastion of Ukraine

On February 24, 2022, Russia launched a full-scaled military invasion of Ukraine. In response, countries worldwide, including the United States, have imposed sanctions against Russia on certain businesses and individuals, including, but not limited to, those in the banking, import and export sectors. This invasion has led, is currently leading, and for an unknown period of time will continue to lead to disruptions in local, regional, national, and global markets and economies affected thereby. These disruptions caused by the invasion have included, and may continue to include, political, social, and economic disruptions and uncertainties that may affect our business operations or the business operations of our portfolio companies. 104

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

None.

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None. 105

Table of Contents Item 6. Exhibits, Financial Statement Schedules

The following exhibits are included, or incorporated by reference, in this Quarterly Report on Form 10-Q for the three months ended June 30, 2022 (and are numbered in accordance with Item 601 of Regulation S-K under the Securities Act).

Exhibit Number	****	Description of Document
3.1		Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form 10 (File No. 000-55528) filed on October 6, 2016).

3.2		Bylaws (incorporated by reference to Exhibit 3.2 to the Company’s Registration Statement on Form 10 (File No. 000-55528) filed on October 6, 2016).

4.1		Dividend Reinvestment Plan (incorporated by reference to Exhibit 10.5 to the Company’s Registration Statement on Form 10 (File No. 000-55528) filed on October 6, 2016).

10.1		Second Amended and Restated Investment Advisory Agreement, dated November 28, 2018, by and between the Company and the Advisor (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 814-01175), filed on February 1, 2019).

10.2		Administration Agreement, dated October 6, 2016, by and between the Company and the Administrator (incorporated by reference to Exhibit 10.2 to the Company’s Registration Statement on Form 10 (File No. 000-55528) filed on October 6, 2016).

10.3		Form of Advisory Fee Waiver Agreement by and between the Company and the Advisor (incorporated by reference to Exhibit 10.3 to the Company’s Registration Statement on Form 10 (File No. 000-55528) filed on October 6, 2016).

10.4		Form of Custodian Agreement by and between the Company and U.S. Bank National Association (incorporated by reference to Exhibit 10.6 to the Company’s Registration Statement on Form 10 (File No. 000-55528) filed on October 6, 2016).

10.5		Indenture, dated as of September 28, 2018, between BCC Middle Market CLO 2018-1, LLC, as issuer, and Wells Fargo Bank, National Association, as trustee (incorporated by reference to Exhibit 10.9 to the Company’s Quarterly Report on Form 10-Q (File No. 814-01175), filed on October 17, 2018).

10.6		Portfolio Management Agreement, dated as of September 28, 2018, by and between BCC Middle Market CLO 2018-1, LLC, as issuer, and Bain Capital Specialty Finance, Inc., as portfolio manager (incorporated by reference to Exhibit 10.10 to the Company’s Quarterly Report on Form 10-Q (File No. 814-01175), filed on October 17, 2018).

10.7		Loan Sale Agreement, dated as of September 28, 2018, by and between BCC Middle Market CLO 2018-1, LLC, as issuer, and Bain Capital Specialty Finance, Inc., as the transferor (incorporated by reference to Exhibit 10.11 to the Company’s Quarterly Report on Form 10-Q (File No. 814-01175), filed on October 17, 2018).

10.8		Collateral Administration Agreement, dated as of September 28, 2018, by and between BCC Middle Market CLO 2018-1, LLC, as issuer, Bain Capital Specialty Finance, Inc., as portfolio manager, and Wells Fargo Bank, National Association, as collateral administrator (incorporated by reference to Exhibit 10.12 to the Company’s Quarterly Report on Form 10-Q (File No. 814-01175), filed on October 17, 2018).

10.9		Master Participation Agreement, dated as of September 28, 2018, by and between BCSF I, LLC, as financing subsidiary, and BCC Middle Market CLO 2018-1, LLC, as issuer (incorporated by reference to Exhibit 10.13 to the Company’s Quarterly Report on Form 10-Q (File No. 814-01175), filed on October 17, 2018).

106

Table of Contents		Amended and Restated Indenture, dated as of November 31, 2021, between BCC Middle Market CLO 2019-1, LLC, as issuer, BCC Middle Market CLO 2019-1 Co-Issuer, LLC, as co-issuer and Wells Fargo Bank, National Association, as trustee. (incorporated by reference to Exhibit 10.10 to the Company's Quarterly Report on Form 10-Q (File No. 814-01175), filed on May 5, 2022).

10.11	Amended and Restated Portfolio Management Agreement, dated as of November 30, 2021, by and between BCC Middle Market CLO 2019-1, LLC, as issuer, and Bain Capital Specialty Finance, Inc., as portfolio manager. (incorporated by reference to Exhibit 10.11 to the Company's Quarterly Report on Form 10-Q (File No. 814-01175), filed on May 5, 2022).

10.12	Loan Sale Agreement, dated as of August 28, 2019, by and between BCC Middle Market CLO 2019-1, LLC, as issuer, and Bain Capital Specialty Finance, Inc., as the transferor (incorporated by reference to Exhibit 10.18 to the Company’s Quarterly Report on Form 10-Q (File No. 814-01175), filed on November 6, 2019).

10.13	Collateral Administration Agreement, dated as of August 28, 2019, by and between BCC Middle Market CLO 2019-1, LLC, as issuer, Bain Capital Specialty Finance, Inc., as portfolio manager, and Wells Fargo Bank, National Association, as collateral administrator (incorporated by reference to Exhibit 10.19 to the Company’s Quarterly Report on Form 10-Q (File No. 814-01175), filed on November 6, 2019).

10.14	Master Participation Agreement, dated as of August 28, 2019, by and between BCSF I, LLC, as financing subsidiary, and BCC Middle Market CLO 2019-1, LLC, as issuer (incorporated by reference to Exhibit 10.20 to the Company’s Quarterly Report on Form 10-Q (File No. 814-01175), filed on November 6, 2019).

10.15	Master Participation Agreement, dated as of August 28, 2019, by and between BCSF II-C, LLC, as financing subsidiary, and BCC Middle Market CLO 2019-1, LLC, as issuer (incorporated by reference to Exhibit 10.21 to the Company’s Quarterly Report on Form 10-Q (File No. 814-01175), filed on November 6, 2019).

10.16	Revolving Loan Agreement, dated March 27, 2020, by and between the Company, as Borrower, and BCSF Advisors, LP, as Lender (incorporated by reference to Exhibit 10.26 to the Company’s Quarterly Report on Form 10-Q (File No. 814-01175), filed on May 4, 2020).

10.17	Master Note Purchase Agreement, dated June 10, 2020, of the Company (incorporated by reference to Exhibit 10.28 to the Company’s Quarterly Report on Form 10-Q (File No. 814-01175), filed on August 5, 2020).

10.18	Amended and Restated Limited Liability Company Agreement, dated February 9, 2021, of International Senior Loan Program, LLC, by and among the Company, Pantheon Private Debt Program SCSp SICAV—RAIF—Pantheon Senior Debt Secondaries II (USD), Pantheon Private Debt Program SCSp SICAV—RAIF—Tubera Credit 2020, Solutio Premium Private Debt I SCSp and Solutio Premium Private Debt II Master SCSp (incorporated by reference to Exhibit 10.31 to the Company’s Annual Report on Form 10-K (File No. 814-01175) filed on February 24, 2021).

10.19	Underwriting Agreement, dated March 3, 2021, by and among Bain Capital Specialty Finance, Inc., BCSF Advisors, LP and Goldman Sachs & Co. LLC, as the representative of the underwriters (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K (File No. 814-01175), filed on March 5, 2021).

10.20	Indenture, dated as of March 10, 2021, by and between the Company and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K (File No. 814-01175), filed on March 10, 2021).

10.21	First Supplemental Indenture, dated as of March 10, 2021, relating to the 2.950% Notes due 2026, by and between the Company and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 99.2 to the Company’s Current Report on Form 8-K (File No. 814-01175), filed on March 10, 2021).

10.22	Form of 2.950% Notes due 2026 (incorporated by reference to Exhibit 99.2 to the Company’s Current Report on Form 8-K (File No. 814-01175), filed on March 10, 2021).
		107

Table of Contents

10.23		Underwriting Agreement, dated October 5, 2021, by and among Bain Capital Specialty Finance, Inc., BCSF Advisors, LP, and Goldman Sachs & Co. LLC and SMBC Nikko Securities America Inc., as the representative of the underwriters (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K (File No. 814-01175), filed on October 6, 2021).

10.24		Second Supplemental Indenture, dated as of October 13, 2021, relating to the 2.550% Notes due 2026, by and between the Company and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K (File No. 814-01175), filed on October 13, 2021).

10.25		Form of 2.550% Notes due 2026 (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K (File No. 814-01175), filed on October 13, 2021).

10.26		Revolving Credit Agreement, dated as of December 24, 2021, by and among the Company as Borrower, with Sumitomo Mitsui Banking Corporation, as Administrative Agent and Sole Book Runner, and with Sumitomo Mitsui Banking Corporation and MUFG Union Bank, N.A., as Joint Lead Arrangers (incorporated by reference to Exhibit 10.41 to the Company’s Annual Report on Form 10-K (File No. 814-01175) filed on February 23, 2022).

10.27*		First Amendment dated as of July 6, 2022 to Revolving Credit Agreement, dated as of December 24, 2021, by and among the Company as Borrower, with Sumitomo Mitsui Banking Corporation, as Administrative Agent and Sole Book Runner, and with Sumitomo Mitsui Banking Corporation and MUFG Union Bank, N.A., as Joint Lead Arrangers.

10.28*		Increasing Lender/Joinder Lender Agreement dated as of July 22, 2022, pursuant to Section 2.08(e) of the Revolving Credit Agreement, dated as of December 24, 2021, by and among the Company as Borrower, with Sumitomo Mitsui Banking Corporation, as Administrative Agent and Sole Book Runner, and with Sumitomo Mitsui Banking Corporation and MUFG Union Bank, N.A., as Joint Lead Arrangers.

10.29		Amended and Restated Limited Liability Company Agreement, dated December 27, 2021, of Bain Capital Senior Loan Program, LLC. (incorporated by reference to Exhibit 10.42 to the Company’s Annual Report on Form 10-K (File No. 814-01175) filed on February 23, 2022).

23.1		Consent of Independent Registered Public Accounting Firm (incorporated by reference to Exhibit 23.1 to the Company’s Annual Report on Form 10-K (File No. 814-01175) filed on February 23, 2022).

24.1		Powers of Attorney (incorporated by reference to Exhibit 24.1 to the Company’s Annual Report on Form 10-K (File No. 814-01175), filed on March 29, 2017).

31.1*		Certification of Chief Executive Officer pursuant to Rule 13a-14 under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, as amended.

31.2*		Certification of Chief Financial Officer pursuant to Rule 13a-14 under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, as amended.

32*		Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended.

104		Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)
*	Filed herewith.
---	---

108

Table of Contents 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.


Bain Capital Specialty Finance, Inc.

Date: August 3, 2022	By:	/s/ Michael A. Ewald
	Name:	Michael A. Ewald
	Title:	Chief Executive Officer


Date: August 3, 2022	By:	/s/ Sally F. Dornaus
	Name:	Sally F. Dornaus
	Title:	Chief Financial Officer

109

Exhibit 10.27

FIRST AMENDMENT

TO SENIOR SECURED REVOLVING CREDIT AGREEMENT

THIS FIRST AMENDMENT TO SENIOR SECURED REVOLVING CREDIT AGREEMENT, dated as of July 6, 2022 (this “Amendment”), is among BAIN CAPITAL SPECIALTY FINANCE, INC., a Delaware corporation (the “Borrower”), the LENDERS party hereto and SUMITOMO MITSUI BANKING CORPORATION (“SMBC”), as Administrative Agent (in such capacity, the “Administrative Agent”).

W I T N E S S E T H:

WHEREAS, the Borrower, the Lenders and Issuing Banks party thereto and the Administrative Agent, are parties to the Senior Secured Revolving Credit Agreement, dated as of December 24, 2021 (the “Existing Credit Agreement”, and as amended by this Amendment and as the same may be further amended, supplemented, amended and restated or otherwise modified from time to time, the “Credit Agreement”);

WHEREAS, the Borrower has requested that the Lenders and the Administrative Agent agree to amend the Existing Credit Agreement, and the Lenders party hereto and the Administrative Agent are willing, on the terms and subject to the conditions hereinafter set forth, to agree to the amendment set forth below and the other terms hereof; and

NOW, THEREFORE, the parties hereto hereby covenant and agree as follows:

ARTICLE I

DEFINITIONS

SECTION 1.1. Certain Definitions. The following terms when used in this Amendment shall have the following meanings (such meanings to be equally applicable to the singular and plural forms thereof):

“Administrative Agent” is defined in the preamble.

“Amendment” is defined in the preamble.

“Borrower” is defined in the preamble.

“Credit Agreement” is defined in the first recital.

“Existing Credit Agreement” is defined in the first recital.

“First Amendment Effective Date” is defined in Section 4.1.

SECTION 1.2. Other Definitions. Capitalized terms for which meanings are provided in the Existing Credit Agreement are, unless otherwise defined herein or the context otherwise requires, used in this Amendment with such meanings.

ARTICLE II

JOINDER OF NEW LENDERS

SECTION 2.1. New Lenders. Subject to the occurrence of the First Amendment Effective Date (as hereinafter defined), each of the parties hereto hereby agrees that each of the Lenders listed on Schedule I hereto (each, a “New Lender” and, collectively, the “New Lenders”) will (and does hereby) become a “Lender” under and for all purposes of the Credit Agreement with Commitments as set forth on Schedule I hereto and hereby agrees to be bound by and comply with all of the terms and provisions of the Credit Agreement applicable to it as a “Lender” thereunder and that it will perform all of the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender. Each New Lender represents and warrants that it has full power and authority, and has taken all action necessary, to execute this Amendment and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement.

ARTICLE III

AMENDMENT TO EXISTING CREDIT AGREEMENT

SECTION 3.1. Subject to the occurrence of the First Amendment Effective Date (as hereinafter defined), the Existing Credit Agreement (including the Exhibits and Schedules thereto) is hereby amended in its entirety in the form of Exhibit A attached hereto.

ARTICLE IV

CONDITIONS TO EFFECTIVENESS

SECTION 4.1. Effective Date. This Amendment shall become effective on the date (the “First Amendment Effective Date”) when the Administrative Agent shall have received the following:

(a)from each party hereto either (i) a counterpart of this Amendment signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include telecopy transmission of a signed signature page to this Amendment) that such party has signed a counterpart of this Amendment; and

(b)for the benefit of Administrative Agent and each of the Lenders party hereto, as applicable, fees and expenses owing by the Borrower in connection with this Amendment as of the date hereof.

ARTICLE V

MISCELLANEOUS

SECTION 5.1. Representations. The Borrower hereby represents and warrants that (i) this Amendment constitutes a legal, valid and binding obligation of it, enforceable against it in accordance with its terms, (ii) no Default has occurred and is continuing on the First Amendment Effective Date or after giving effect to this Amendment and (iii) the representations and warranties made by the Borrower contained in the Credit Agreement and the other Loan Documents are true and correct in all material respects (or, in the case of any portion of the representations and warranties already subject to a materiality qualifier, true and correct in all respects) on and as of the date hereof (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date).

SECTION 5.2. Cross-References. References in this Amendment to any Article or Section are, unless otherwise specified, to such Article or Section of this Amendment.

SECTION 5.3. Loan Document Pursuant to Existing Credit Agreement. This Amendment is a Loan Document executed pursuant to the Existing Credit Agreement and shall (unless otherwise expressly indicated therein) be construed, administered and applied in accordance with all of the terms and provisions of the Existing Credit Agreement, as amended hereby, including Article IX thereof.

SECTION 5.4. Successors and Assigns. The provisions of this Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.

SECTION 5.5. Counterparts. This Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Amendment by telecopy or electronically (e.g. pdf) shall be effective as delivery of a manually executed counterpart of this Amendment.

SECTION 5.6. Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New York.

SECTION 5.7. Full Force and Effect; Limited Amendment. Except as expressly amended hereby, all of the representations, warranties, terms, covenants, conditions and other provisions of the Existing Credit Agreement and the other Loan Documents shall remain unchanged and shall continue to be, and shall remain, in full force and effect in accordance with their respective terms. The amendment set forth herein shall be limited precisely as provided for herein to the provisions expressly amended herein and shall not be deemed to be an amendment to, waiver of, consent to or modification of any other terms or provisions of the Existing Credit Agreement or any other Loan Document or of any transaction or further or future action on the part of the Borrower. Upon and after the execution of this Amendment by each of the parties hereto, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to “the Credit Agreement”,

“thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Existing Credit Agreement as modified hereby. This Amendment does not constitute a novation or termination of the Credit Agreement Obligations (as defined in the Guarantee and Security Agreement) under the Existing Credit Agreement, which remain outstanding.

SECTION 5.8. Assignment and Reallocation of Existing Commitments and Existing Loans.

(a)On the First Amendment Effective Date, the Borrower shall (A) prepay the outstanding Loans and (B) simultaneously borrow new Loans in an amount equal to such prepayment; provided that with respect to subclauses (A) and (B), (x) the prepayment to, and borrowing from, any Lender shall be effected by book entry to the extent that any portion of the amount prepaid to such Lender will be subsequently borrowed from such Lender, and (y) the Lenders shall make and receive payments among themselves, in a manner acceptable to the Administrative Agent, so that, after giving effect thereto, the Loans of each Class are held ratably by the Lenders of such Class in accordance with each Lender’s Applicable Percentage of Commitments and portion of Loans, which, for the purposes of the Credit Agreement and each other Loan Document, will be as set forth opposite such Person’s name on Schedule 1.01(b) to the Credit Agreement, and (z) each Lender party hereto hereby agrees that no amounts shall be required to be paid to such Lender under Section 2.15 in connection with the reallocation described in this Section 5.8(a). Concurrently therewith, the Lenders of each Class shall be deemed to have adjusted their participation interests in any outstanding Letters of Credit of such Class so that such interests are held ratably in accordance with their Applicable Percentage of Commitments of such Class.

(b)Each of the Lenders hereby acknowledges and agrees that (i) no Lender nor the Administrative Agent has made any representations or warranties or assumed any responsibility with respect to (A) any statements, warranties or representations made by any Obligor in or in connection with this Amendment, the Credit Agreement or any other Loan Document or, with respect to any Obligor, the execution, legality, validity, enforceability, genuineness or sufficiency of this Amendment, the Credit Agreement or any other Loan Document or (B) the financial condition of any Obligor or the performance by any Obligor of its obligations hereunder or under the Credit Agreement or any other Loan Document; (ii) it has received such information as it has deemed appropriate to make its own credit analysis and decision to enter into this Amendment; and (iii) it has made and continues to make its own credit decisions in taking or not taking action under the Loan Documents, independently and without reliance upon the Administrative Agent or any other Lender.

SECTION 5.9. Reaffirmation. Each of the Borrower, ADT BCSF Investments, LLC, BCC BCSF DCB Investments, LLC, BCSF Abracon Holding, LLC, BCSF Grammer Holdings (E), LLC, BCSF Insigneo Holdings, LLC, BCSF ServiceMaster Investments, LLC, BCSF WSP, LLC, BCSF I, LLC, BCSF Complete Financing Solution Holdco LLC and BCSF Complete Financing Solution LLC, the Administrative Agent and the Lenders (i) hereby consents to the terms of this Amendment and the Credit Agreement, (ii) solely in the case of ADT BCSF Investments, LLC, BCC BCSF DCB Investments, LLC, BCSF Abracon Holding, LLC, BCSF Grammer Holdings (E), LLC, BCSF Insigneo Holdings, LLC, BCSF ServiceMaster Investments,

LLC, BCSF WSP LLC, BCSF I, LLC, BCSF Complete Financing Solution Holdco LLC and BCSF Complete Financing Solution LLC, hereby confirms that, after giving effect to this Amendment and the transactions contemplated hereby, its Guarantee under the Guarantee and Security Agreement remains unaltered and in full force and effect and continue to guarantee the Guaranteed Obligations as amended hereby, and (iii) hereby reaffirms, ratifies and confirms that, after giving effect to this Amendment and the transactions contemplated hereby, the Liens and other security interests granted by it pursuant to, and the terms and conditions of, the Guarantee and Security Agreement remain unaltered and in full force and effect and secure the Secured Obligations as amended hereby.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

IN WITNESS WHEREOF, the parties hereto have executed and delivered this Amendment as of the date first above written.

Borrower:	BAIN CAPITAL SPECIALTY FINANCE, INC.

	By:
	Name:
	Title:

SIGNATURE PAGE TO FIRST AMENDMENT – BAIN


Administrative Agent and Lender :	SUMITOMO MITSUI BANKING CORPORATION


	By:
	Name:
	Title:

SIGNATURE PAGE TO FIRST AMENDMENT – BAIN


Lender:	MUFG UNION BANK, N.A


	By:
	Name:
	Title:

SIGNATURE PAGE TO FIRST AMENDMENT – BAIN


Lender:	[•]


	By:
	Name:
	Title:

SIGNATURE PAGE TO FIRST AMENDMENT – BAIN


Solely with respect to Section 5.9:

	ADT BCSF INVESTMENTS, LLC

	By: Bain Capital Specialty Finance, Inc., its sole member

	By:
	Name:
	Title:

	BCC BCSF DCB INVESTMENTS, LLC

	By: Bain Capital Specialty Finance, Inc., its sole member

	By:
	Name:
	Title:

	BCSF ABRACON HOLDING, LLC

	By: Bain Capital Specialty Finance, Inc., its sole member

	By:
	Name:
	Title:

	BCSF GRAMMER HOLDINGS (E), LLC

	By: Bain Capital Specialty Finance, Inc., its sole member

	By:
	Name:
	Title:

	BCSF INSIGNEO HOLDINGS, LLC

	By: Bain Capital Specialty Finance, Inc., its sole member

	By:
	Name:
	Title:

SIGNATURE PAGE TO FIRST AMENDMENT – BAIN


	BCSF SERVICEMASTER INVESTMENTS, LLC

	By: Bain Capital Specialty Finance, Inc., its sole member

	By:
	Name:
	Title:

	BCSF WSP, LLC

	By: Bain Capital Specialty Finance, Inc., its sole member

	By:
	Name:
	Title:

	BCSF I, LLC

	By: Bain Capital Specialty Finance, Inc., its sole member

	By:
	Name:
	Title:

	BCSF COMPLETE FINANCING SOLUTION HOLDCO LLC

	By:
	Name:
	Title:

	BCSF COMPLETE FINANCING SOLUTION LLC

	By:
	Name:
	Title:

SIGNATURE PAGE TO FIRST AMENDMENT – BAIN


	Consented to and Agreed to by :

	SUMITOMO MITSUI BANKING
	CORPORATION,
	as an Issuing Bank


	By:
	Name:
	Title:

	MUFG UNION BANK, N.A,
	as an Issuing Bank


	By:
	Name:
	Title:

SIGNATURE PAGE TO FIRST AMENDMENT – BAIN

Schedule I

COMMITMENTS


Lender	****	Dollar<br>Commitment		****	Multicurrency<br>Commitment		****	Aggregate<br>Commitment		****
Apple Bank for Savings		$	35,000,000		$	0		$	35,000,000
BNP Paribas		$	0		$	50,000,000		$	50,000,000

Exhibit A

[Attached]

Exhibit 10.28

INCREASING LENDER/JOINDER LENDER AGREEMENT

July 22, 2022

Sumitomo Mitsui Banking Corporation,

as Administrative Agent

277 Park Avenue

New York, NY 10172

Attention: Hassan Moudnib

Phone: 212-224-4501

Re: Bain Capital Specialty Finance, Inc. (the “Company”)

Ladies and Gentlemen:

We refer to (a) that certain Senior Secured Revolving Credit Agreement, dated as of December 24, 2021 (as amended, supplemented, amended and restated, or otherwise modified from time to time, the “Credit Agreement”; capitalized terms used in this Response Letter (as defined below) and not otherwise defined have the meanings for such terms set forth in the Credit Agreement), by and among the Company, the Lenders and Issuing Banks from time to time party thereto and Sumitomo Mitsui Banking Corporation, as Administrative Agent (in such capacity, the “Administrative Agent”); and (b) the Notice of Commitment Increase Request, dated as of July 22, 2022, provided by the Company to the Administrative Agent (the “Notice”).

By returning to us an executed counterpart hereof, the Administrative Agent indicates its agreement to a Commitment Increase Date of July 22, 2022, notwithstanding the requirement in Section 2.08(e)(i) of the Credit Agreement that the Commitment Increase Date be no earlier than three Business Days after delivery of notice by the Company.

Pursuant to the Notice and Section 2.08(e) of the Credit Agreement, we deliver this response (this “Response Letter”) to confirm that each of the Company and Wells Fargo Bank, National Association (the “Assuming Lender”) agrees that the Assuming Lender does hereby become a “Lender” under and for all purposes of the Credit Agreement with a Multicurrency Commitment equal to $100,000,000. Without limiting the foregoing, the Assuming Lender hereby agrees to be bound by and comply with all of the terms and provisions of the Credit Agreement applicable to it as a “Lender” thereunder and that it will perform in accordance with its terms all of the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender. The Assuming Lender represents and warrants that it has full power and authority, and has taken all action necessary, to execute and deliver this Response Letter and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement.

This Response Letter shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and permitted assigns. This Response Letter may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an

executed counterpart of a signature page of this Response Letter by telecopy, email, or other electronic method of transmission (e.g., PDF) shall be effective as delivery of a manually executed counterpart of this Response Letter. This Response Letter shall be governed by, and construed in accordance with, the laws of the State of New York. The parties hereto hereby agree that this Response Letter is an Increasing Lender/Joinder Lender Agreement and a Loan Document.

[Remainder of Page Intentionally Left Blank]


	Very truly yours,


	WELLS FARGO BANK, NATIONAL ASSOCIATION
	as Assuming Lender


	By:
	Name:
	Title:


	BAIN CAPITAL SPECIALTY FINANCE, INC.


	By:
	Name:
	Title:

ACKNOWLEDGED, ACCEPTED
CONSENTED AND AGREED:

SUMITOMO MITSUI BANKING CORPORATION,
as Administrative Agent and an Issuing Bank


By:
Name:
Title:

MUFG UNION BANK, N.A., as an Issuing Bank

By:
Name:
Title:

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO RULE 13a-14 UNDER THE SECURITIES EXCHANGE ACT OF 1934

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Michael A. Ewald, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of Bain Capital Specialty Finance, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the consolidated financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)	Designed such internal control over financial reporting, or caused, such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 3, 2022


	/s/ Michael A. Ewald
	Michael A. Ewald
	Chief Executive Officer
	Bain Capital Specialty Finance, Inc.

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO RULE 13a-14 UNDER THE SECURITIES EXCHANGE ACT OF 1934

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Sally F. Dornaus, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of Bain Capital Specialty Finance, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the consolidated financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)	Designed such internal control over financial reporting, or caused, such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 3, 2022

	/s/ Sally F. Dornaus
	Sally F. Dornaus
	Chief Financial Officer
	Bain Capital Specialty Finance, Inc.

Exhibit 32

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Bain Capital Specialty Finance, Inc. (the “Company”) for the quarterly period ended June 30, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Michael A. Ewald, Chief Executive Officer of the Company, and I, Sally F. Dornaus, Chief Financial Officer of the Company, each certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to our knowledge:

1.	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 3, 2022

	/s/ Michael A. Ewald

	Michael A. Ewald
	Chief Executive Officer
	Bain Capital Specialty Finance, Inc.


	/s/ Sally F. Dornaus

	Sally F. Dornaus
	Chief Financial Officer
	Bain Capital Specialty Finance, Inc.