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BCSF 10-Q

Bain Capital Specialty Finance, Inc. (BCSF)

10-Q 2025-11-10 For: 2025-09-30
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Added on April 10, 2026

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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 September 30, 2025

OR

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

For the transition period from __ to __

Commission file number: 814-01175

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 Office) (Zip Code)

(617) 516‑2000

(Registrant’s Telephone Number, Including Area Code)

Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report: N/A

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 November 10, 2025, the registrant had 64,868,507 shares of common stock outstanding.

TABLE OF CONTENTS

Page
PART I FINANCIAL INFORMATION 3
Item 1. Consolidated Financial Statements 3
Consolidated Statements of Assets and Liabilities as of September 30, 2025 (unaudited) and December 31, 2024 3
Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024 (unaudited) 4
Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2025 and 2024 (unaudited) 5
Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 (unaudited) 6
Consolidated Schedules of Investments as of September 30, 2025 (unaudited) and December 31, 2024 7
Notes to Consolidated Financial Statements (unaudited) 47
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 126
Item 3. Quantitative and Qualitative Disclosures About Market Risk 147
Item 4. Controls and Procedures 148
PART II OTHER INFORMATION
Item 1. Legal Proceedings 148
Item 1A. Risk Factors 149
Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 149
Item 3. Default Upon Senior Securities 149
Item 4. Mine Safety Disclosures 149
Item 5. Other Information 149
Item 6. Exhibits, Consolidated Financial Statement Schedules 150
Signatures 155

i

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, 2024 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, 2024. 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.

ii

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
September 30, 2025 December 31, 2024
(Unaudited)
Assets
Investments at fair value:
Non-controlled/non-affiliate investments (amortized cost of $1,913,737 and $1,784,019, respectively) 1,934,475 1,773,742
Non-controlled/affiliate investments (amortized cost of $7,480 and $77,269, respectively) 15,158 75,733
Controlled affiliate investments (amortized cost of $603,520 and $585,702, respectively) 584,465 581,714
Cash and cash equivalents 40,874 51,562
Foreign cash (cost of $18,858 and $2,640, respectively) 19,730 1,963
Restricted cash and cash equivalents 26,168 45,541
Collateral on derivatives 11,110 9,755
Deferred financing costs 3,807 4,591
Interest receivable on investments 37,241 39,164
Interest rate swap 9,062 —
Receivable for sales and paydowns of investments 29,162 37,760
Prepaid insurance 727 197
Unrealized appreciation on forward currency exchange contracts — 4,690
Dividend receivable 4,057 5,745
Total Assets 2,716,036 2,632,157
Liabilities
Debt (net of unamortized debt issuance costs of $11,205 and $4,929, respectively) 1,496,360 1,390,270
Interest payable 12,945 13,860
Payable for investments purchased 2,682 29,490
Collateral payable on derivatives 8,310 —
Unrealized depreciation on forward currency exchange contracts 10,619 1,185
Base management fee payable 9,430 9,160
Incentive fee payable 4,599 4,696
Accounts payable and accrued expenses 42,544 14,771
Distributions payable — 29,053
Total Liabilities 1,587,489 1,492,485
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, 64,868,507 and 64,562,265 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively 65 65
Paid in capital in excess of par value 1,164,045 1,159,493
Total distributable loss (35,563 ) (19,886 )
Total Net Assets 1,128,547 1,139,672
Total Liabilities and Total Net Assets 2,716,036 2,632,157
Net asset value per share 17.40 17.65

All values are in US Dollars.

See Notes to Consolidated Financial Statements

Bain Capital Specialty Finance, Inc.

Consolidated Statements of Operations

(in thousands, except share and per share data)

(Unaudited)

For the Three Months Ended September 30, For the Nine Months Ended September 30,
2025 2024 2025 2024
Income
Investment income from non-controlled/non-affiliate investments:
Interest from investments 43,677 45,135 129,641 134,193
Dividend income 600 826 5,265 1,261
PIK income 7,462 5,231 21,569 15,941
Other income 1,538 5,704 8,529 14,100
Total investment income from non-controlled/non-affiliate investments 53,277 56,896 165,004 165,495
Investment income from non-controlled/affiliate investments:
Interest from investments — 120 135 2,980
Dividend income — 85 — 906
PIK income — — 30 458
Other income 67 — 109 —
Total investment income from non-controlled/affiliate investments 67 205 274 4,344
Investment income from controlled affiliate investments:
Interest from investments 10,273 10,165 29,228 28,948
Dividend income 3,581 5,274 10,490 20,523
PIK income 2 — 8 —
Total investment income from controlled affiliate investments 13,856 15,439 39,726 49,471
Total investment income 67,200 72,540 205,004 219,310
Expenses
Interest and debt financing expenses 20,310 18,117 60,986 53,804
Base management fee 9,430 8,897 27,755 26,484
Incentive fee 4,599 7,020 12,267 24,176
Professional fees 713 870 2,141 2,700
Directors fees 182 173 538 521
Other general and administrative expenses 1,965 2,454 6,464 7,374
Total expenses, net of fee waivers 37,199 37,531 110,151 115,059
Net investment income before taxes 30,001 35,009 94,853 104,251
Income tax expense, including excise tax 801 1,025 2,953 3,200
Net investment income 29,200 33,984 91,900 101,051
Net realized and unrealized gains (losses)
Net realized gain (loss) on non-controlled/non-affiliate investments 1,345 245 (14,780 ) (7,631 )
Net realized gain (loss) on non-controlled/affiliate investments (11,081 ) 3,008 (14,759 ) 7,727
Net realized gain (loss) on foreign currency transactions 335 (465 ) 667 (888 )
Net realized gain (loss) on forward currency exchange contracts (1,016 ) 20 (4,830 ) 1,916
Net change in unrealized appreciation on foreign currency translation (183 ) 998 1,736 967
Net change in unrealized appreciation on forward currency exchange contracts 3,023 (5,693 ) (14,124 ) (4,289 )
Net change in unrealized appreciation on non-controlled/non-affiliate investments (485 ) (2,135 ) 31,015 16,925
Net change in unrealized appreciation on non-controlled/affiliate investments 12,459 2,534 9,214 (10,803 )
Net change in unrealized appreciation on controlled affiliate investments (14,894 ) 600 (15,067 ) (7,694 )
Total net loss (10,497 ) (888 ) (20,928 ) (3,770 )
Net increase in net assets resulting from operations 18,703 33,096 70,972 97,281
Basic and diluted net investment income per share of common stock 0.45 0.53 1.42 1.57
Basic and diluted increase in net assets resulting from operations per share of common stock 0.29 0.51 1.10 1.51
Basic and diluted weighted average common stock outstanding 64,868,507 64,562,265 64,805,106 64,562,265

All values are in US Dollars.

See Notes to Consolidated Financial Statements

Bain Capital Specialty Finance, Inc.

Consolidated Statements of Changes in Net Assets

(in thousands, except share and per share data)

(Unaudited)

For the Three Months Ended September 30, For the Nine Months Ended September 30,
2025 2024 2025 2024
Operations:
Net investment income 29,200 33,984 91,900 101,051
Net realized gain (loss) (10,417 ) 2,808 (33,702 ) 1,124
Net change in unrealized appreciation (80 ) (3,696 ) 12,774 (4,894 )
Net increase in net assets resulting from operations 18,703 33,096 70,972 97,281
Stockholder distributions:
Distributions from distributable earnings (29,191 ) (29,053 ) (87,573 ) (87,159 )
Net decrease in net assets resulting from stockholder distributions (29,191 ) (29,053 ) (87,573 ) (87,159 )
Capital share transactions:
Issuances of common stock (net of offering and underwriting costs) — — 4,552 —
Shares issued in connection with dividend reinvestment plan — — 924 —
Net increase in net assets resulting from capital share transactions — — 5,476 —
Total increase (decrease) in net assets (10,488 ) 4,043 (11,125 ) 10,122
Net assets at beginning of period 1,139,035 1,142,545 1,139,672 1,136,466
Net assets at end of period 1,128,547 1,146,588 1,128,547 1,146,588
Net asset value per share of common stock 17.40 17.76 17.40 17.76
Common stock outstanding at end of period 64,868,507 64,562,265 64,868,507 64,562,265

All values are in US Dollars.

See Notes to Consolidated Financial Statements

Bain Capital Specialty Finance, Inc.

Consolidated Statements of Cash Flows

(in thousands, except share and per share data)

(Unaudited)

For the Nine Months Ended September 30,
2025 2024
Cash flows from operating activities
Net increase in net assets resulting from operations 70,972 97,281
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash used in operating activities:
Purchases of investments (1,150,381 ) (1,097,835 )
Proceeds from principal payments and sales of investments 1,052,024 1,001,530
Net realized (gain) loss from investments 29,539 (96 )
Net realized (gain) loss on foreign currency transactions (667 ) 888
Net change in unrealized appreciation on forward currency exchange contracts 14,124 4,289
Net change in unrealized appreciation on investments (25,162 ) 1,572
Net change in unrealized appreciation on foreign currency translation (1,736 ) (967 )
Increase in investments due to PIK (23,351 ) (18,723 )
Accretion of discounts and amortization of premiums (3,788 ) (3,791 )
Amortization of deferred financing costs and debt issuance costs 3,844 3,095
Changes in operating assets and liabilities:
Collateral on derivatives (1,355 ) (2,062 )
Interest receivable on investments 1,923 2,649
Interest rate swap (112 ) —
Prepaid insurance (530 ) (173 )
Dividend receivable 1,688 744
Interest payable (915 ) (113 )
Collateral payable on derivatives 8,310 —
Base management fee payable 270 (32 )
Incentive fee payable (97 ) (307 )
Accounts payable and accrued expenses 27,773 4,937
Net cash provided by (used in) operating activities 2,373 (7,114 )
Cash flows from financing activities
Borrowings on debt 1,164,615 565,000
Repayments on debt (1,061,199 ) (522,301 )
Payments of financing costs (9,336 ) (3,173 )
Proceeds from issuances of common stock (net of offering and underwriting costs) 4,552 —
Purchase of common shares issued in connection with dividend reinvestment plan 924 —
Stockholder distributions paid (116,626 ) (85,222 )
Net cash used in financing activities (17,070 ) (45,696 )
Net decrease in cash, foreign cash, restricted cash and cash equivalents (14,697 ) (52,810 )
Effect of foreign currency exchange rates 2,403 79
Cash, foreign cash, restricted cash and cash equivalents, beginning of period 99,066 112,484
Cash, foreign cash, restricted cash and cash equivalents, end of period 86,772 59,753
Supplemental disclosure of cash flow information:
Cash interest paid during the period 58,057 50,822
Cash paid for excise taxes during the period 3,337 2,411

All values are in US Dollars.

As of September 30,
2025 2024
Cash 40,874 25,336
Restricted cash 26,168 29,292
Foreign cash 19,730 5,125
Total cash, foreign cash, restricted cash, and cash equivalents shown in the consolidated statements of cash flows 86,772 59,753

All values are in US Dollars.

See Notes to Consolidated Financial Statements

Bain Capital Specialty Finance, Inc.

Consolidated Schedule of Investments

As of September 30, 2025

(In thousands)

(Unaudited)

Portfolio Company Investment Type Index (1) Spread (1) Interest Rate Maturity Date Principal/Shares (9) Cost Market Value % of NAV (4)
Non-Controlled/Non-Affiliate Investments
Aerospace & Defense
ATS (3)(18)(19) First Lien Senior Secured Loan - Revolver — — — 7/12/2029 — — —
ATS (15)(19)(29) First Lien Senior Secured Loan SOFR 5.75% 10.07 % 7/12/2029 4,950 4,901 4,950
BTX Precision (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 4.75% 8.96 % 7/25/2030 5,943 5,886 5,943
BTX Precision (15)(19)(29) First Lien Senior Secured Loan SOFR 4.75% 9.06 % 7/25/2030 6,216 6,170 6,216
BTX Precision (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 4.75% 8.91 % 7/25/2030 8,960 8,890 8,960
BTX Precision (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 7/25/2030 — (30 ) —
BTX Precision (15)(19)(29) First Lien Senior Secured Loan SOFR 4.75% 8.91 % 7/25/2030 7,626 7,570 7,626
BTX Precision (14)(19)(25) Equity Interest — — — — 2 2,199 3,216
Forward Slope (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.60% 9.77 % 8/22/2029 84 84 84
Forward Slope (15)(19) First Lien Senior Secured Loan SOFR 5.60% 9.60 % 8/22/2029 6,092 5,981 6,092
Forward Slope (15)(19)(29) First Lien Senior Secured Loan - Delayed Draw SOFR 5.60% 9.60 % 8/22/2029 13,282 13,041 13,282
Forward Slope (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.60% 9.77 % 8/22/2029 4,146 4,002 4,146
Forward Slope (15)(19) First Lien Senior Secured Loan SOFR 5.60% 9.60 % 8/22/2029 5,575 5,515 5,575
Forward Slope (14)(19)(25) Equity Interest — — — — 930 930 1,490
GSP Holdings, LLC (15)(19)(26) First Lien Senior Secured Loan SOFR 2.95% (2.95% PIK) 10.20 % 11/5/2027 1,130 1,101 1,051
GSP Holdings, LLC (15)(19)(26) First Lien Senior Secured Loan SOFR 2.95% (2.95% PIK) 9.90 % 11/6/2026 9,784 9,774 9,099
GSP Holdings, LLC (15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.90% 10.20 % 11/5/2027 4,551 4,550 4,232
Heads Up Technologies, Inc. (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 7/23/2030 — (8 ) (9 )
Heads Up Technologies, Inc. (16)(19) First Lien Senior Secured Loan SOFR 5.25% 9.57 % 7/23/2030 216 215 215
Heads Up Technologies, Inc. (16)(19) Second Lien Senior Secured Loan SOFR 8.25% 12.58 % 7/23/2031 9,720 9,671 9,671
Mach Acquisition R/C (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 7.15% 11.14 % 10/19/2026 7,532 7,490 7,532
Mach Acquisition T/L (15)(19)(26)(29) First Lien Senior Secured Loan SOFR 7.15% (2.00% PIK) 13.48 % 10/19/2026 18,311 18,232 18,311
Precision Ultimate Holdings, LLC (14)(19)(25) Equity Interest — — — — 620 781 1,073
Precision Ultimate Holdings, LLC (14)(19)(25) Equity Interest — — — — 1,417 1,417 289
Robinson Helicopter (14)(19)(25) Equity Interest — — — — 1,592 507 2,551
Saturn Purchaser Corp. (15)(19)(29) First Lien Senior Secured Loan SOFR 4.85% 9.17 % 7/22/2030 13,281 13,195 13,281
Saturn Purchaser Corp. (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 7/22/2030 — (54 ) —
Solairus (3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 7/22/2030 — (16 ) —
Whitcraft-Paradigm (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.50% 9.50 % 2/15/2029 2,303 2,302 2,303
Whitcraft-Paradigm (15)(19)(29) First Lien Senior Secured Loan SOFR 5.00% 9.00 % 2/15/2029 2,668 2,643 2,668
Whitcraft-Paradigm (3)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 2/15/2029 — — —
Whitcraft-Paradigm (15)(19)(29) First Lien Senior Secured Loan SOFR 6.50% 10.82 % 2/15/2029 10,184 10,124 10,184
Whitcraft-Paradigm (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 2/28/2029 — (12 ) (12 )
Aerospace & Defense Total 147,051 150,019 13.3 %

All values are in US Dollars.

Portfolio Company Investment Type Index (1) Spread (1) Interest Rate Maturity Date Principal/Shares (9) Cost Market Value % of NAV (4)
Non-Controlled/Non-Affiliate Investments
Automotive
American Trailer Rental Group (19)(26) Subordinated Debt — 5.50% (8.75% PIK) 14.25 % 12/1/2027 $ 5,802 5,770 5,396
American Trailer Rental Group (19)(26) Subordinated Debt — 5.50% (8.75% PIK) 14.25 % 12/1/2027 $ 17,902 17,755 16,649
American Trailer Rental Group (19)(26) Subordinated Debt — 5.50% (8.75% PIK) 14.25 % 12/1/2027 $ 22,355 22,186 20,790
Cardo (6)(18)(19) First Lien Senior Secured Loan SOFR 5.25% 9.54 % 5/12/2028 $ 98 97 98
Chilton (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 2/5/2031 $ — (22 ) (76 )
Chilton (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.50% 9.82 % 2/5/2031 $ 696 671 667
Chilton (15)(19)(29) First Lien Senior Secured Loan SOFR 5.50% 9.82 % 2/5/2031 $ 6,468 6,425 6,419
Gills Point S (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.50% 9.66 % 5/17/2029 $ 4,383 4,357 4,286
Gills Point S (15)(19) First Lien Senior Secured Loan SOFR 5.50% 9.64 % 5/17/2029 $ 3,670 3,648 3,597
Gills Point S (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.50% 9.67 % 5/17/2029 $ 7,328 7,328 7,182
Gills Point S (15)(19) First Lien Senior Secured Loan SOFR 5.50% 9.66 % 5/17/2029 $ 12,409 12,409 12,161
Gills Point S (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.50% 9.68 % 5/17/2029 $ 1,241 1,228 1,216
Gills Point S (14)(19)(25) Equity Interest — — — — 2 215 181
Intoxalock (15)(19)(29) First Lien Senior Secured Loan SOFR 5.10% 9.26 % 11/1/2028 $ 11,913 11,844 11,913
Intoxalock (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 11/1/2028 $ — (18 ) —
JHCC Holdings, LLC (15)(19)(29) First Lien Senior Secured Loan SOFR 5.25% 9.25 % 9/9/2027 $ 11,832 11,744 11,832
JHCC Holdings, LLC (3)(15)(19) First Lien Senior Secured Loan - Revolver P 4.25% 11.50 % 9/9/2027 $ 1,133 1,105 1,133
Automotive Total 106,742 103,444 9.2 %
Beverage, Food & Tobacco
AgroFresh Solutions (15)(19) First Lien Senior Secured Loan SOFR 6.35% 10.51 % 3/31/2029 $ 6,106 5,982 6,106
AgroFresh Solutions (15)(19)(29) First Lien Senior Secured Loan SOFR 6.35% 10.51 % 3/31/2029 $ 6,879 6,780 6,879
AgroFresh Solutions (15)(19) First Lien Senior Secured Loan - Revolver SOFR 6.35% 10.51 % 3/31/2028 $ 5,015 4,954 5,015
Arctic Glacier U.S.A., Inc. (3)(19)(26)(31) First Lien Senior Secured Loan - Revolver SOFR 6.76% (4.00% PIK) 15.05 % 5/24/2028 $ 594 569 535
Arctic Glacier U.S.A., Inc. (19)(26)(31) First Lien Senior Secured Loan SOFR 6.76% (4.00% PIK) 14.76 % 5/24/2028 $ 12,716 12,569 12,334
BCC Trillium Foods Investments 1, LLC (14)(19)(25) Equity Interest — — — — 3 2,531 2,884
BCSF Project Aberdeen, LLC (14)(19)(25) Equity Interest — — — — 2,217 2,217 2,423
Hellers (6)(15)(19)(26) First Lien Senior Secured Loan - Delayed Draw BKBM 3.63% (1.88% PIK) 8.35 % 9/27/2030 NZ$ 47 28 27
Hellers (6)(18)(19)(26) First Lien Senior Secured Loan - Delayed Draw BBSY 3.63% (1.88% PIK) 9.13 % 9/27/2030 AUD 51 35 33
Hellers (6)(19)(26) Subordinated Debt — 15.00% PIK 15.00 % 3/27/2031 NZ$ 510 314 292
Hellers (2)(3)(5)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 9/27/2030 NZ$ — (13 ) (5 )
PPX (14)(19)(25) Preferred Equity — — — — 33 — —
PPX (14)(19)(25) Preferred Equity — — — — 33 5,000 4,000
SauceCo HoldCo, LLC (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.75% 9.75 % 5/13/2030 $ 2,518 2,479 2,392
SauceCo HoldCo, LLC (15)(19)(29) First Lien Senior Secured Loan SOFR 5.75% 9.75 % 5/13/2030 $ 71,539 69,243 70,466
Spindrift (19)(26) Subordinated Debt — 13.75% PIK 13.75 % 2/19/2033 $ 1,521 1,481 1,506
Spindrift (14)(19)(25) Equity Interest — — — — 1 500 526
Beverage, Food & Tobacco Total 114,669 115,413 10.2 %
Portfolio Company Investment Type Index (1) Spread (1) Interest Rate Maturity Date Principal/Shares (9) Cost Market Value % of NAV (4)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Non-Controlled/Non-Affiliate Investments
Capital Equipment
AeriTek Global CAD Acquisition Inc. (3)(6)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 6.50% 10.70 % 8/27/2030 17 16 16
AeriTek Global CAD Acquisition Inc. (6)(15)(19) First Lien Senior Secured Loan SOFR 6.50% 10.70 % 8/27/2030 475 468 468
AXH Air Coolers (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.50% 9.81 % 10/31/2029 4,889 4,861 4,889
AXH Air Coolers (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.50% 9.66 % 10/31/2029 2,752 2,715 2,752
AXH Air Coolers (15)(19)(29) First Lien Senior Secured Loan SOFR 5.50% 9.63 % 10/31/2029 7,400 7,346 7,400
AXH Air Coolers (15)(19)(29) First Lien Senior Secured Loan SOFR 5.50% 9.63 % 10/31/2029 3,308 3,286 3,308
AXH Air Coolers (14)(19)(25) Preferred Equity — — — — 3,417 1,104 8,552
East BCC Coinvest II, LLC (14)(19)(25) Equity Interest — — — — 1,419 1,229 463
Engineered Products Co., LLC (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 8/12/2031 — (7 ) (7 )
Engineered Products Co., LLC (15)(19) First Lien Senior Secured Loan SOFR 4.75% 8.81 % 8/12/2031 3,262 3,229 3,229
Ergotron Acquisition LLC (16)(19)(29) First Lien Senior Secured Loan SOFR 5.26% 9.42 % 7/6/2028 10,903 10,783 10,903
FCG Acquisitions, Inc. (14)(19)(25) Preferred Equity — — — — 4 — —
Goodfellow (6)(15)(19) First Lien Senior Secured Loan - Delayed Draw EURIBOR 5.25% 7.25 % 2/10/2032 50 51 59
Goodfellow (6)(15)(19) First Lien Senior Secured Loan - Delayed Draw EURIBOR 5.25% 7.25 % 2/10/2032 50 51 59
Goodfellow (6)(15)(19) First Lien Senior Secured Loan SOFR 5.25% 9.25 % 2/10/2032 50 50 50
Goodfellow (6)(15)(19) First Lien Senior Secured Loan - Delayed Draw SONIA 5.25% 9.22 % 2/10/2032 50 64 67
PPT Group (3)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw SONIA 5.50% 9.48 % 2/28/2031 221 287 297
PPT Group (3)(5)(6)(18)(19) First Lien Senior Secured Loan - Revolver — — — 2/28/2031 — (15 ) —
PPT Group (6)(18)(19) First Lien Senior Secured Loan SONIA 5.50% 9.53 % 2/28/2031 6,146 7,675 8,272
PPT Group (6)(14)(19)(25) Equity Interest — — — — 376 376 382
TCFIII Owl Finance, LLC (19)(26) Subordinated Debt — 12.00% PIK 12.00 % 1/30/2027 6,753 6,732 6,753
Capital Equipment Total 50,301 57,912 5.1 %
Chemicals, Plastics & Rubber
AP Plastics Group, LLC (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 8/10/2030 — (4 ) (4 )
AP Plastics Group, LLC (16)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 4.85% 8.98 % 8/10/2030 176 176 176
AP Plastics Group, LLC (16)(19)(29) First Lien Senior Secured Loan SOFR 4.85% 8.98 % 8/10/2030 11,424 11,242 11,425
AP Plastics Group, LLC (16)(19) First Lien Senior Secured Loan SOFR 4.85% 8.98 % 8/10/2030 2,193 2,175 2,193
Duraco (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 6/6/2029 — (24 ) (80 )
Duraco (19)(29)(32) First Lien Senior Secured Loan SOFR 6.50% 10.79 % 6/6/2029 8,645 8,545 8,299
Plaskolite PPC Intermediate II LLC (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 7.00% 11.22 % 2/7/2030 73 61 60
Plaskolite PPC Intermediate II LLC (15)(19)(26) First Lien Senior Secured Loan SOFR 4.00% (4.00% PIK) 12.22 % 5/9/2030 7,163 7,027 7,020
V Global Holdings LLC (16)(19) First Lien Senior Secured Loan EURIBOR 5.75% 7.78 % 12/22/2027 97 101 109
V Global Holdings LLC (16)(19) First Lien Senior Secured Loan SOFR 5.90% 10.14 % 12/22/2027 15,604 15,230 14,980
V Global Holdings LLC (3)(16)(19) First Lien Senior Secured Loan - Revolver SOFR 5.85% 10.07 % 12/22/2027 7,854 7,845 7,466
Chemicals, Plastics & Rubber Total 52,374 51,644 4.6 %
Portfolio Company Investment Type Index (1) Spread (1) Interest Rate Maturity Date Principal/Shares (9) Cost Market Value % of NAV (4)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Non-Controlled/Non-Affiliate Investments
Construction & Building
AGS American Glass Services Acquisition, LLC (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 7/24/2031 — (1 ) (1 )
AGS American Glass Services Acquisition, LLC (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.50% 9.64 % 7/24/2031 52 50 50
AGS American Glass Services Acquisition, LLC (15)(19) First Lien Senior Secured Loan SOFR 5.50% 9.66 % 7/24/2031 160 159 159
AGS American Services Investments, L.P. (14)(19)(25) Equity Interest — — — — 3 338 338
BCSF ServiceMaster Investments, LLC (14)(19)(25) Preferred Equity — — — — — 28 49
Chase Industries, Inc. (15)(19)(26) First Lien Senior Secured Loan SOFR 5.65% (1.50% PIK) 11.45 % 11/11/2027 27,507 27,030 26,819
Chase Industries, Inc. (15)(19)(26) First Lien Senior Secured Loan - Delayed Draw SOFR 5.65% (1.50% PIK) 11.45 % 11/11/2027 2,683 2,638 2,616
Chase Industries, Inc. (3)(15)(19)(26) First Lien Senior Secured Loan - Revolver SOFR 5.65% (1.50% PIK) 11.45 % 11/11/2027 839 809 796
Elk (14)(19)(25) Equity Interest — — — — 1 7 765
Elk (14)(19)(25) Preferred Equity — — — — 72 722 1,152
G702 Buyer, Inc. (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 7/2/2031 — (11 ) (12 )
G702 Buyer, Inc. (16)(19) First Lien Senior Secured Loan SOFR 4.75% 8.75 % 7/2/2031 4,659 4,591 4,589
Service Master (15)(19)(26) First Lien Senior Secured Loan SOFR 6.01% (1.00% PIK) 11.24 % 12/31/2029 3,908 3,908 3,908
Service Master (15)(19)(26) First Lien Senior Secured Loan SOFR 6.01% (1.00% PIK) 11.24 % 12/31/2029 130 130 130
Service Master (15)(19)(26) First Lien Senior Secured Loan SOFR 5.86% (1.00% PIK) 11.00 % 8/16/2027 1,573 1,564 1,573
Service Master (14)(19)(25) Equity Interest — — — — — — —
Service Master (14)(19)(25) Preferred Equity — — — — — 169 —
Service Master (18)(19)(26) First Lien Senior Secured Loan SOFR 6.01% (1.00% PIK) 11.21 % 8/16/2027 926 920 926
Service Master (18)(19)(26) First Lien Senior Secured Loan SOFR 5.86% (1.00% PIK) 11.03 % 8/16/2027 3,167 3,167 3,167
Service Master (15)(19)(26) First Lien Senior Secured Loan SOFR 5.86% (1.00% PIK) 11.03 % 8/16/2027 7,629 7,581 7,629
Service Master (3)(18)(19)(26) First Lien Senior Secured Loan - Revolver SOFR 6.76% (0.25% PIK) 11.00 % 8/16/2027 9,362 9,328 9,362
Zeus Fire & Security (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.00% 9.22 % 12/11/2030 5,933 5,933 5,867
Zeus Fire & Security (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 12/11/2030 — (17 ) (20 )
Zeus Fire & Security (15)(19) First Lien Senior Secured Loan SOFR 5.00% 9.32 % 12/11/2030 13,353 13,263 13,253
Construction & Building Total 82,306 83,115 7.4 %
Consumer Goods: Durable
New Milani Group LLC (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 6/26/2031 — (2 ) (4 )
New Milani Group LLC (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 6/26/2031 — (12 ) (13 )
New Milani Group LLC (15)(19) First Lien Senior Secured Loan SOFR 4.75% 8.75 % 6/26/2031 10,611 10,507 10,505
Stanton Carpet (15)(19) Second Lien Senior Secured Loan SOFR 9.15% 13.44 % 3/31/2028 11,434 11,311 11,435
Tangent Technologies Acquisition, LLC (15)(19) Second Lien Senior Secured Loan SOFR 9.00% 13.01 % 5/30/2028 8,915 8,824 8,915
TLC Holdco LP (14)(19)(25) Equity Interest — — — — 1,281 1,221 1,498
TLC Purchaser, Inc. (15)(19) First Lien Senior Secured Loan SOFR 5.76% 9.76 % 10/11/2027 1,958 1,945 1,958
TLC Purchaser, Inc. (15)(19)(29) First Lien Senior Secured Loan SOFR 5.76% 9.78 % 10/11/2027 13,069 12,860 13,069
TLC Purchaser, Inc. (3)(18)(19) First Lien Senior Secured Loan - Revolver SOFR 5.76% 10.09 % 10/11/2027 7,617 7,616 7,617
Consumer Goods: Durable Total 54,270 54,980 4.9 %

All values are in US Dollars.

Portfolio Company Investment Type Index (1) Spread (1) Interest Rate Maturity Date Principal/Shares (9) Cost Market Value % of NAV (4)
Non-Controlled/Non-Affiliate Investments
Consumer Goods: Non-Durable
Evriholder (19)(29)(32) First Lien Senior Secured Loan SOFR 6.90% 11.06 % 1/24/2028 5,937 5,901 5,878
Fineline Technologies, Inc. (14)(19)(25) Equity Interest — — — — 939 939 1,288
Hempz (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 10/25/2029 — (13 ) (9 )
Hempz (15)(19) First Lien Senior Secured Loan SOFR 5.25% 9.25 % 10/25/2029 230 228 229
RoC Skincare (15)(19)(29) First Lien Senior Secured Loan SOFR 5.75% 9.96 % 2/21/2031 9,850 9,734 9,850
RoC Skincare (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 2/21/2030 — (22 ) —
Solaray, LLC (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 6.85% 10.98 % 12/15/2025 13,043 13,027 12,521
Solaray, LLC (15)(19) First Lien Senior Secured Loan SOFR 6.85% 10.98 % 12/15/2025 28,283 28,283 27,151
Solaray, LLC (3)(18)(19) First Lien Senior Secured Loan - Revolver SOFR 5.60% 9.73 % 12/15/2025 12,052 12,050 12,052
Summer Fridays, LLC (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 5/16/2031 — (12 ) (13 )
Summer Fridays, LLC (15)(19) First Lien Senior Secured Loan SOFR 5.25% 9.25 % 5/16/2031 484 477 477
WU Holdco, Inc. (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 4/15/2032 — (13 ) (27 )
WU Holdco, Inc. (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 4/15/2032 — (17 ) (18 )
Consumer Goods: Non-Durable Total 70,562 69,379 6.1 %
Consumer Goods: Wholesale
WSP (7)(14)(15)(19) First Lien Senior Secured Loan SOFR 1.25% 5.45 % 4/27/2028 3,259 3,015 1,728
WSP (7)(14)(19)(26) First Lien Senior Secured Loan — 8.00% PIK 8.00 % 4/27/2028 2,169 1,995 —
WSP (14)(19)(25) Equity Interest — — — — — 12 —
WSP (14)(19)(25) Preferred Equity — — — — — 216 —
WSP (14)(19)(25) Equity Interest — — — — 2,898 2,898 —
WSP (2)(3)(5)(7)(14)(18)(19) First Lien Senior Secured Loan - Revolver — — — 4/27/2028 — (6 ) (117 )
Consumer Goods: Wholesale Total 8,130 1,611 0.1 %
Containers, Packaging & Glass
ASP-r-pac Acquisition Co LLC (16)(19)(29) First Lien Senior Secured Loan SOFR 6.26% 10.57 % 12/29/2027 5,739 5,651 5,739
ASP-r-pac Acquisition Co LLC (3)(16)(19) First Lien Senior Secured Loan - Revolver SOFR 6.11% 10.28 % 12/29/2027 2,576 2,544 2,576
Precision Concepts Canada Corporation (6)(15)(19) First Lien Senior Secured Loan SOFR 4.75% 8.95 % 8/2/2032 806 798 798
Precision Concepts Parent Inc. (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 8/2/2032 — (4 ) (4 )
Precision Concepts Parent Inc. (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 8/2/2032 — (4 ) (4 )
Precision Concepts Parent Inc. (15)(19) First Lien Senior Secured Loan SOFR 4.75% 8.95 % 8/2/2032 1,847 1,828 1,828
Containers, Packaging & Glass Total 10,813 10,933 1.0 %
Energy: Electricity
WCI Gigawatt Purchaser (15)(19) First Lien Senior Secured Loan SOFR 5.75% 9.81 % 11/19/2027 2,660 2,621 2,660
WCI Gigawatt Purchaser (15)(19)(29) First Lien Senior Secured Loan SOFR 6.01% 10.21 % 11/19/2027 1,401 1,389 1,401
WCI Gigawatt Purchaser (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.86% 10.02 % 11/19/2027 3,780 3,754 3,780
Energy: Electricity Total 7,764 7,841 0.7 %
Environmental Industries
Meteor UK Bidco Limited (3)(6)(18)(19) First Lien Senior Secured Loan - Revolver — — — 11/14/2031 — — —
Meteor UK Bidco Limited (3)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw SONIA 5.00% 8.97 % 5/14/2032 2,429 3,247 3,253
Meteor UK Bidco Limited (6)(18)(19) First Lien Senior Secured Loan SONIA 5.00% 8.97 % 5/14/2032 8,104 10,793 10,825
Reconomy (6)(18)(19) First Lien Senior Secured Loan SONIA 6.50% 10.47 % 7/12/2029 68 83 91
Reconomy (6)(18)(19) First Lien Senior Secured Loan EURIBOR 6.25% 8.25 % 7/12/2029 27 28 32
Reconomy (3)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 6.25% 10.50 % 7/12/2029 1,959 2,494 2,557
Titan Cloud Software, Inc (14)(19)(25) Equity Interest — — — — 3,532 3,532 4,573
Titan Cloud Software, Inc (18)(19)(26) First Lien Senior Secured Loan SOFR 2.00% (4.60% PIK) 10.91 % 9/7/2029 27,580 27,432 27,580
Titan Cloud Software, Inc (3)(18)(19)(26) First Lien Senior Secured Loan - Revolver SOFR 2.00% (4.60% PIK) 10.91 % 9/7/2028 3,424 3,396 3,424
Titan Cloud Software, Inc (18)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.85% 9.87 % 9/7/2029 12,264 12,204 12,264
Environmental Industries Total 63,209 64,599 5.7 %
Portfolio Company Investment Type Index (1) Spread (1) Interest Rate Maturity Date Principal/Shares (9) Cost Market Value % of NAV (4)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Non-Controlled/Non-Affiliate Investments
FIRE: Finance
Allworth Financial Group, L.P. (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 4.75% 8.91 % 12/23/2027 3,589 3,558 3,589
Allworth Financial Group, L.P. (15)(19)(29) First Lien Senior Secured Loan - Delayed Draw SOFR 4.75% 8.91 % 12/23/2027 850 843 850
Allworth Financial Group, L.P. (15)(19)(29) First Lien Senior Secured Loan SOFR 4.75% 8.91 % 12/23/2027 1,463 1,455 1,463
Allworth Financial Group, L.P. (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 12/23/2027 — (6 ) —
Avalon Bidco Limited (2)(3)(5)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 4/16/2032 — (31 ) (35 )
Avalon Bidco Limited (6)(15)(19) First Lien Senior Secured Loan SONIA 6.25% 10.32 % 4/16/2032 50 65 66
Choreo (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.00% 9.16 % 2/18/2028 128 128 128
Insigneo Financial Group LLC (19)(26) First Lien Senior Secured Loan — 10.00% PIK 10.00 % 8/1/2027 1,913 1,926 1,913
Insigneo Financial Group LLC (15)(19) First Lien Senior Secured Loan SOFR 6.60% 10.88 % 8/1/2028 267 262 267
Insigneo Financial Group LLC (14)(19)(25) Equity Interest — — — — 534 535 3,184
Lagerbox (6)(15)(19) First Lien Senior Secured Loan Euribor 3.50% 5.53 % 12/20/2028 750 779 882
Parmenion (6)(18)(19) First Lien Senior Secured Loan SONIA 5.50% 9.47 % 5/23/2029 295 370 397
PMA (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 1/31/2031 — (16 ) —
PMA (16)(19) First Lien Senior Secured Loan SOFR 4.75% 8.75 % 1/31/2031 58 57 58
Sikich (19)(25)(26) Preferred Equity — 13.00% PIK 13.00 % — 35 3,526 3,526
Sikich (14)(19)(25) Warrants — — — — 2 — 151
Sikich (14)(19)(25) Warrants — — — — 5 — 527
TA/Weg Holdings (15)(19)(29) First Lien Senior Secured Loan - Delayed Draw SOFR 4.50% 8.79 % 10/2/2028 2,307 2,304 2,304
TA/Weg Holdings (15)(19)(29) First Lien Senior Secured Loan - Delayed Draw SOFR 4.50% 8.79 % 10/2/2028 9,137 9,137 9,137
Wealth Enhancement Group (WEG) (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 4.50% 8.49 % 10/4/2028 2,280 2,251 2,280
Wealth Enhancement Group (WEG) (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 10/2/2028 — (10 ) —
FIRE: Finance Total 27,133 30,687 2.7 %
FIRE: Insurance
McLarens Acquisition Inc. (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 12/19/2027 — (1 ) (1 )
McLarens Acquisition Inc. (3)(6)(16)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 4.75% 8.85 % 12/19/2027 44 45 59
McLarens Acquisition Inc. (16)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 4.90% 9.19 % 12/19/2027 414 410 414
McLarens Acquisition Inc. (3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 12/19/2027 — (17 ) —
McLarens Acquisition Inc. (16)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 4.90% 8.89 % 12/19/2027 263 261 263
McLarens Acquisition Inc. (16)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 4.90% 8.89 % 12/19/2027 7 7 7
McLarens Acquisition Inc. (2)(3)(5)(6)(18)(19) First Lien Senior Secured Loan - Revolver — — — 12/20/2027 — (3 ) (3 )
McLarens Acquisition Inc. (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 12/19/2027 — (8 ) (8 )
McLarens Acquisition Inc. (16)(19) First Lien Senior Secured Loan SOFR 4.90% 9.19 % 12/19/2027 95 94 95
McLarens Acquisition Inc. (16)(19) First Lien Senior Secured Loan SOFR 4.90% 8.89 % 12/19/2027 905 896 905
McLarens Acquisition Inc. (16)(19) First Lien Senior Secured Loan SOFR 4.90% 8.89 % 12/19/2027 249 248 249
McLarens Acquisition Inc. (3)(16)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 4.90% 8.89 % 12/19/2027 4,881 4,879 4,881
Portfolio Company Investment Type Index (1) Spread (1) Interest Rate Maturity Date Principal/Shares (9) Cost Market Value % of NAV (4)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Non-Controlled/Non-Affiliate Investments
FIRE: Insurance
MRHT (3)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw EURIBOR 5.00% 7.00 % 5/17/2032 522 611 614
MRHT (2)(3)(5)(6)(18)(19) First Lien Senior Secured Loan - Revolver — — — 11/10/2031 — (14 ) (16 )
Simplicity (3)(16)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.00% 9.00 % 12/31/2031 2,576 2,537 2,576
Simplicity (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 12/31/2031 — (39 ) —
Simplicity (16)(19)(29) First Lien Senior Secured Loan SOFR 5.00% 9.00 % 12/31/2031 10,199 10,107 10,199
FIRE: Insurance Total 20,013 20,234 1.8 %
Healthcare & Pharmaceuticals
Accident Care Alliance Holdco LLC (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 8/20/2030 — (3 ) (3 )
Accident Care Alliance Holdco LLC (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 8/20/2030 — (12 ) (13 )
Accident Care Alliance Holdco LLC (15)(19) First Lien Senior Secured Loan SOFR 5.00% 9.00 % 8/20/2030 13,262 13,196 13,197
AEG Vision (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.90% 9.90 % 3/27/2027 41,881 41,470 41,882
AEG Vision (15)(19)(29) First Lien Senior Secured Loan - Delayed Draw SOFR 5.90% 10.20 % 3/27/2027 16,227 16,156 16,227
AEG Vision (15)(19)(29) First Lien Senior Secured Loan - Delayed Draw SOFR 5.90% 9.90 % 3/27/2027 17,698 17,621 17,699
AEG Vision (15)(19)(29) First Lien Senior Secured Loan SOFR 5.90% 9.90 % 3/27/2027 2,043 2,034 2,043
AOM Infusion (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 3/19/2032 — (5 ) (3 )
AOM Infusion (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 3/19/2032 — (4 ) (2 )
Apollo Intelligence (16)(19) First Lien Senior Secured Loan SOFR 5.75% 9.98 % 5/31/2028 14,962 15,279 14,739
Apollo Intelligence (3)(16)(19) First Lien Senior Secured Loan - Revolver SOFR 5.75% 9.98 % 5/31/2028 9,790 9,758 9,639
Apollo Intelligence (14)(19)(25) Equity Interest — — — — 34 3,378 2,377
Beacon Specialized Living (3)(18)(19) First Lien Senior Secured Loan - Revolver — — — 3/25/2028 — — —
Beacon Specialized Living (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.50% 9.50 % 3/25/2028 2,431 2,330 2,431
Beacon Specialized Living (15)(19)(29) First Lien Senior Secured Loan SOFR 5.50% 9.50 % 3/25/2028 4,938 4,896 4,938
Caregiver (19)(26) Subordinated Debt — 16.50% PIK 16.50 % 1/1/2030 9,448 9,350 9,330
CB Titan Holdings, Inc. (14)(19)(25) Preferred Equity — — — — 1,953 1,953 —
CRH Healthcare Purchaser, Inc. (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 9/17/2031 — (5 ) (5 )
CRH Healthcare Purchaser, Inc. (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 9/17/2031 — (4 ) (4 )
CRH Healthcare Purchaser, Inc. (15)(19)(29) First Lien Senior Secured Loan SOFR 5.25% 9.27 % 9/17/2031 10,043 9,993 9,993
EHE Health (3)(18)(19) First Lien Senior Secured Loan - Revolver — — — 8/7/2030 — — —
EHE Health (15)(19)(29) First Lien Senior Secured Loan SOFR 5.50% 9.50 % 8/7/2030 10,787 10,696 10,787
EHE Health (14)(19)(25) Equity Interest — — — — 2,178 2,178 2,320
Great Expressions Dental Center PC (15)(19)(26) First Lien Senior Secured Loan SOFR 1.15% (3.00% PIK) 8.15 % 9/30/2026 9,944 9,963 9,148
HealthDrive (3)(18)(19) First Lien Senior Secured Loan - Revolver — — — 8/20/2029 — — —
HealthDrive (14)(19)(25) Preferred Equity — — — — 18 1,822 1,891
Portfolio Company Investment Type Index (1) Spread (1) Interest Rate Maturity Date Principal/Shares (9) Cost Market Value % of NAV (4)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Non-Controlled/Non-Affiliate Investments
Healthcare & Pharmaceuticals
Masco (6)(18)(19)(26) Subordinated Debt EURIBOR 10.00% PIK 13.25 % 10/4/2032 5,328 5,722 6,202
Mertus 522. GmbH (6)(18)(19)(26) First Lien Senior Secured Loan EURIBOR 6.25% (0.75% PIK) 9.04 % 5/28/2028 228 255 257
Mertus 522. GmbH (6)(18)(19)(26) First Lien Senior Secured Loan EURIBOR 6.25% (0.75% PIK) 9.12 % 5/28/2028 135 148 152
Nafinco (3)(6)(15)(19) First Lien Senior Secured Loan - Delayed Draw EURIBOR 5.25% 7.29 % 8/29/2031 1,465 1,512 1,710
Nafinco (6)(18)(19) First Lien Senior Secured Loan EURIBOR 5.25% 7.29 % 8/29/2031 52 56 61
Nafinco (3)(6)(18)(19) First Lien Senior Secured Loan - Revolver EURIBOR 5.25% 7.29 % 5/30/2031 107 109 123
Odyssey Behavioral Health (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 11/21/2030 — (78 ) —
Odyssey Behavioral Health (15)(19) First Lien Senior Secured Loan SOFR 5.25% 9.46 % 5/21/2031 1,611 1,594 1,611
Odyssey Behavioral Health (14)(19)(25) Equity Interest — — — — 22 2,234 2,377
Pharmacy Partners (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 2/28/2029 — (47 ) —
Premier Imaging, LLC (15)(19)(26)(29) First Lien Senior Secured Loan SOFR 4.22% (2.04% PIK) 10.26 % 3/31/2026 8,167 8,151 7,350
Premier Imaging, LLC (15)(19)(26) First Lien Senior Secured Loan - Delayed Draw SOFR 4.22% (2.04% PIK) 10.26 % 3/31/2026 2,196 2,191 1,977
Psychiatric Medical Care LLC (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 7/1/2032 — (24 ) (25 )
Psychiatric Medical Care LLC (16)(19) First Lien Senior Secured Loan SOFR 4.75% 8.74 % 7/1/2032 177 175 175
Red Nucleus (3)(16)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.25% 8.97 % 10/17/2031 406 384 406
Red Nucleus (3)(16)(19) First Lien Senior Secured Loan - Revolver SOFR 5.75% 8.81 % 10/17/2031 447 418 447
RedMed Operations (Collage Rehabilitation) (3)(5)(15)(19) First Lien Senior Secured Loan - Delayed Draw — — — 2/28/2031 — (6 ) —
RedMed Operations (Collage Rehabilitation) (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.00% 9.16 % 2/28/2031 945 936 945
RedMed Operations (Collage Rehabilitation) (15)(19) First Lien Senior Secured Loan SOFR 5.00% 9.16 % 2/28/2031 361 359 361
SunMed Group Holdings, LLC (16)(19)(29) First Lien Senior Secured Loan SOFR 5.60% 9.91 % 6/16/2028 8,452 8,382 8,452
Sunmed Group Holdings, LLC (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 6/16/2027 — (2 ) —
USME Holdco LLC (19)(26) Subordinated Debt — 17.00% PIK 17.00 % 5/26/2031 5,217 5,175 5,165
Healthcare & Pharmaceuticals Total 209,684 206,357 18.3 %
High Tech Industries
Access (6)(18)(19) First Lien Senior Secured Loan SONIA 5.25% 9.22 % 6/28/2029 80 99 108
Applitools (6)(14)(19)(25) Equity Interest — — — — 20 11 10
Applitools (6)(14)(19)(25) Equity Interest — — — — 8,297 4,762 3,935
Applitools (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 5/25/2028 — (15 ) (69 )
Applitools (6)(16)(19)(26) First Lien Senior Secured Loan SOFR 6.25% PIK 10.25 % 5/25/2029 29,557 29,279 28,966
Appriss (3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 3/10/2031 — (12 ) —
Appriss (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.00% 9.12 % 3/10/2031 238 213 238
Appriss (15)(19) First Lien Senior Secured Loan SOFR 5.00% 9.07 % 3/10/2031 11,086 11,005 11,087
Appriss Holdings, Inc. (15)(19) First Lien Senior Secured Loan SOFR 4.85% 9.02 % 5/6/2027 5,503 5,468 5,503
Appriss Holdings, Inc. (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 5/6/2028 — (6 ) (6 )
Appriss Holdings, Inc. (14)(19)(25) Equity Interest — — — — 2,136 1,606 2,054
AQ Software Corporation (19)(25)(26) Preferred Equity SOFR 10.00% PIK 14.26 % — 2 1,797 1,538
AQ Software Corporation (19)(25)(26) Preferred Equity SOFR 10.00% PIK 14.26 % — 3 2,995 2,562
AQ Software Corporation (19)(25)(26) Preferred Equity SOFR 10.00% PIK 14.26 % — 1 791 677
AQ Software Corporation (19)(25)(26) Preferred Equity SOFR 10.00% PIK 14.26 % — 2 2,072 1,788
Chartbeat (19)(26) Subordinated Debt — 16.00% PIK 16.00 % 10/4/2030 6,551 6,464 6,551
Chartbeat (19)(26) Subordinated Debt — 16.00% PIK 16.00 % 10/4/2030 5,842 5,755 5,842
Chartbeat (14)(19)(25) Warrants — — — — 1 — 153
Portfolio Company Investment Type Index (1) Spread (1) Interest Rate Maturity Date Principal/Shares (9) Cost Market Value % of NAV (4)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Non-Controlled/Non-Affiliate Investments
High Tech Industries
Cloud Technology Solutions (CTS) (6)(15)(19)(26) First Lien Senior Secured Loan - Delayed Draw SONIA 2.45% (4.55% PIK) 11.14 % 10/17/2031 2,086 2,658 2,808
Cloud Technology Solutions (CTS) (6)(14)(19)(25) Preferred Equity — — — — 4,835 5,937 7,104
Eagle Rock Capital Corporation (14)(19)(25) Preferred Equity — — — — 2,429 2,429 6,509
Eleven Software (18)(19) First Lien Senior Secured Loan SOFR 8.00% 12.00 % 4/25/2027 7,439 7,410 7,439
Eleven Software (18)(19) First Lien Senior Secured Loan - Revolver SOFR 8.10% 12.26 % 9/25/2026 1,488 1,485 1,488
Eleven Software (14)(19)(25) Preferred Equity — — — — 109 109 134
Eleven Software (14)(19)(25) Preferred Equity — — — — 896 896 1,314
Govineer Solutions (fka Black Mountain) (3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 10/7/2030 — (30 ) —
Govineer Solutions (fka Black Mountain) (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 10/7/2030 — (20 ) —
Govineer Solutions (fka Black Mountain) (15)(19)(29) First Lien Senior Secured Loan SOFR 5.00% 9.00 % 10/7/2030 4,400 4,372 4,400
HG Insights, Inc. (14)(19)(25) Equity Interest — — — — 505 777 777
HG Insights, Inc. (15)(19) First Lien Senior Secured Loan SOFR 7.50% 11.64 % 6/16/2031 10,712 10,503 10,498
LogRhythm (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 7/2/2029 — (9 ) (25 )
LogRhythm, Inc. (15)(19) First Lien Senior Secured Loan SOFR 7.50% 11.66 % 7/2/2029 3,978 3,863 3,858
NearMap (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 12/9/2028 — (14 ) —
NearMap (15)(19)(29) First Lien Senior Secured Loan SOFR 5.00% 9.33 % 12/9/2029 23,863 23,805 23,863
NearMap (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 12/9/2028 — (53 ) —
New Gen Holding (6)(18)(19)(26) First Lien Senior Secured Loan EURIBOR 3.25% (3.00% PIK) 8.37 % 5/28/2031 18,072 20,265 21,248
PayRange (14)(19)(25) Equity Interest — — — — 4,527 4,527 8,057
PayRange (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 10/31/2030 — (35 ) —
PlentyMarkets (6)(18)(19) First Lien Senior Secured Loan - Revolver EURIBOR 6.50% 8.53 % 9/13/2031 1,511 1,758 1,763
PlentyMarkets (6)(18)(19)(26) First Lien Senior Secured Loan - Delayed Draw EURIBOR 3.25% (3.70% PIK) 8.89 % 4/2/2032 50 54 59
RetailNext (3)(18)(19) First Lien Senior Secured Loan - Revolver SOFR 7.00% 11.00 % 12/5/2030 621 594 590
RetailNext (15)(19) First Lien Senior Secured Loan SOFR 7.00% 11.15 % 12/5/2030 17,007 16,854 16,837
Revalize, Inc. (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 4.89% 8.89 % 4/15/2027 5,238 5,221 4,819
Revalize, Inc. (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 4.90% 8.90 % 4/15/2027 1,965 1,959 1,808
Revalize, Inc. (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.90% 9.90 % 4/15/2027 872 868 764
SAM (19)(26) First Lien Senior Secured Loan — 14.25% PIK 14.25 % 5/9/2028 41,192 41,043 41,192
SensorTower (14)(19)(25) Equity Interest — — — — 156 2,400 12,884
SensorTower (19)(29)(31) First Lien Senior Secured Loan SOFR 7.50% 11.52 % 3/15/2029 7,765 7,677 7,765
SensorTower (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 3/15/2029 — (11 ) —
Superna Inc. (3)(5)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 3/6/2028 — (11 ) —
Superna Inc. (3)(5)(6)(18)(19) First Lien Senior Secured Loan - Revolver — — — 3/6/2028 — (11 ) —
Superna Inc. (6)(14)(19)(25) Equity Interest — — — — 1,463 1,463 2,203
Superna Inc. (6)(15)(19) First Lien Senior Secured Loan SOFR 6.50% 10.57 % 3/6/2028 31,332 31,307 31,332
Utimaco (6)(14)(19)(25) Equity Interest — — — — 2 2,223 2,862
Utimaco (6)(14)(19)(25) Preferred Equity — — — — 2 2,223 2,862
Utimaco (6)(16)(19) First Lien Senior Secured Loan EURIBOR 5.75% 7.79 % 5/14/2029 67 72 79
Utimaco (6)(16)(19) First Lien Senior Secured Loan SOFR 5.75% 10.01 % 5/14/2029 94 93 94
Utimaco (6)(16)(19) First Lien Senior Secured Loan SOFR 5.75% 9.88 % 5/14/2029 192 191 192
Ventiv Holdco, Inc. (14)(19)(25) Equity Interest — — — — 529 2,833 909
High Tech Industries Total 279,959 299,423 26.5 %
Portfolio Company Investment Type Index (1) Spread (1) Interest Rate Maturity Date Principal/Shares (9) Cost Market Value % of NAV (4)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Non-Controlled/Non-Affiliate Investments
Hotel, Gaming & Leisure
Awayday (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 5/6/2032 $ — (5 ) (9 )
Awayday (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 5/6/2032 $ — (12 ) (11 )
Awayday (15)(19) First Lien Senior Secured Loan SOFR 5.25% 9.25 % 5/6/2032 $ 836 829 828
City BBQ (14)(19)(25) Preferred Equity — — — — 5 1,271 1,413
City BBQ (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 9/4/2030 $ — (34 ) (24 )
City BBQ (15)(19)(29) First Lien Senior Secured Loan SOFR 5.35% 9.53 % 9/4/2030 $ 9,278 9,211 9,232
City BBQ (2)(3)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 9/4/2030 $ — — (66 )
Concert Golf Partners Holdco LLC (3)(16)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 4.50% 8.50 % 4/1/2031 $ 4,493 4,448 4,493
Concert Golf Partners Holdco LLC (16)(19)(29) First Lien Senior Secured Loan SOFR 4.50% 8.50 % 3/31/2031 $ 6,641 6,560 6,641
Concert Golf Partners Holdco LLC (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 4/1/2030 $ — (21 ) —
Le Berger SA (6)(15)(19) First Lien Senior Secured Loan - Delayed Draw EURIBOR 3.75% 5.75 % 2/21/2028 € 500 522 588
Pollo Tropical (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 10/23/2029 $ — (10 ) —
Pollo Tropical (15)(19) First Lien Senior Secured Loan SOFR 5.25% 9.56 % 10/23/2029 $ 2,869 2,838 2,869
Pyramid Global Hospitality (19)(24)(29) First Lien Senior Secured Loan SOFR 5.25% 9.57 % 1/19/2028 $ 9,750 9,601 9,750
Pyramid Global Hospitality (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 1/19/2028 $ — (34 ) —
Hotel, Gaming & Leisure Total 35,164 35,704 3.2 %
Media: Advertising, Printing & Publishing
Facts Global Energy (6)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.25% 9.26 % 12/20/2031 $ 50 50 49
Facts Global Energy (2)(3)(5)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 12/20/2031 $ — (28 ) (95 )
Facts Global Energy (2)(3)(5)(6)(18)(19) First Lien Senior Secured Loan - Revolver — — — 6/20/2031 $ — (14 ) (24 )
Facts Global Energy (6)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.25% 9.26 % 12/20/2031 $ 50 50 49
OGH Bidco Limited (3)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw SONIA 6.50% 10.47 % 6/29/2029 £ 2,217 2,624 2,548
OGH Bidco Limited (6)(18)(19) First Lien Senior Secured Loan SONIA 6.50% 10.47 % 6/29/2029 £ 139 165 177
TGI Sport Bidco Pty Ltd (6)(17)(19) First Lien Senior Secured Loan - Delayed Draw SONIA 6.03% 10.00 % 6/24/2029 £ 69 88 93
TGI Sport Bidco Pty Ltd (6)(18)(19) First Lien Senior Secured Loan BBSY 7.00% 10.59 % 4/30/2026 AUD 98 76 65
TGI Sport Bidco Pty Ltd (6)(17)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 7.11% 11.47 % 4/30/2026 AUD 106 73 73
Media: Advertising, Printing & Publishing Total 3,084 2,935 0.3 %
Non-Controlled/Non-Affiliate Investments
Media: Broadcasting & Subscription
Lightning Finco Limited (6)(16)(19) First Lien Senior Secured Loan SOFR 5.93% 10.13 % 8/31/2028 $ 1,443 1,440 1,443
Lightning Finco Limited (6)(16)(19) First Lien Senior Secured Loan EURIBOR 5.50% 7.54 % 8/31/2028 € 1,300 1,434 1,529
Media: Broadcasting & Subscription Total 2,874 2,972 0.3 %

All values are in US Dollars.

Portfolio Company Investment Type Index (1) Spread (1) Interest Rate Maturity Date Principal/Shares (9) Cost Market Value % of NAV (4)
Media: Diversified & Production
Aptus 1724 Gmbh (6)(7)(14)(19)(21)(26) First Lien Senior Secured Loan - Delayed Draw SOFR 7.15% PIK 11.22 % 3/3/2028 $ 5,309 5,146 2,124
Efficient Collaborative Retail Marketing Company, LLC (15)(19)(26) First Lien Senior Secured Loan SOFR 7.01% (2.50% PIK) 13.51 % 12/31/2025 $ 11,411 9,579 9,928
Efficient Collaborative Retail Marketing Company, LLC (15)(19)(26) First Lien Senior Secured Loan SOFR 7.01% (2.50% PIK) 13.51 % 9/30/2026 $ 17,497 14,523 15,222
Efficient Collaborative Retail Marketing Company, LLC (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 6.61% 10.93 % 9/30/2026 $ 1,252 1,244 1,252
Music Creation Group Bidco GmbH (6)(7)(14)(19)(21)(26) First Lien Senior Secured Loan SOFR 7.15% PIK 11.22 % 3/3/2028 $ 4,343 4,106 1,737
Media: Diversified & Production Total 34,598 30,263 2.7 %
Metals & Mining
Elevation NewCo Intermediate, LLC (14)(19)(25) Equity Interest — — — — 112 — —
Elevation NewCo, LLC (3)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 8/1/2031 $ — — —
Elevation NewCo, LLC (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 8/1/2031 $ — (5 ) (5 )
Elevation NewCo, LLC (15)(19) First Lien Senior Secured Loan SOFR 5.75% 10.05 % 8/1/2031 $ 2,396 2,372 2,372
Metals & Mining Total 2,367 2,367 0.2 %
Retail
Galeria (6)(19)(26) First Lien Senior Secured Loan - Delayed Draw — 15.00% PIK 15.00 % 4/9/2029 € 9,956 10,743 11,681
Galeria (6)(14)(19)(25) Equity Interest — — — — 101 22 24
New Look Vision Group (6)(15)(19) First Lien Senior Secured Loan - Delayed Draw CORRA 5.50% 7.96 % 5/26/2028 CAD 28 26 20
New Look Vision Group (3)(6)(18)(19) First Lien Senior Secured Loan - Revolver CORRA 5.50% 7.96 % 5/26/2028 CAD 649 459 466
New Look Vision Group (6)(15)(19) First Lien Senior Secured Loan - Delayed Draw CORRA 5.50% 7.96 % 5/26/2028 CAD 54 43 39
New Look Vision Group (6)(18)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.50% 9.50 % 5/26/2028 $ 390 390 390
Thrasio, LLC (7)(14)(15)(19)(26) First Lien Senior Secured Loan SOFR 10.26% PIK 14.58 % 6/18/2029 $ 5,100 4,741 1,122
Thrasio, LLC (14)(19)(25) Equity Interest — — — — 8 777 —
Thrasio, LLC (14)(19)(25) Equity Interest — — — — 70 6,997 —
Thrasio, LLC (7)(14)(15)(19)(26) First Lien Senior Secured Loan SOFR 10.26% PIK 14.58 % 6/18/2029 $ 1,662 1,546 1,662
Retail Total 25,744 15,404 1.4 %
Services: Business
ACAMS (14)(19)(25) Equity Interest — — — — 3,337 3,337 3,240
Advanced Aircrew (3)(18)(19) First Lien Senior Secured Loan - Revolver — — — 7/26/2030 $ — — —
Advanced Aircrew (15)(19) First Lien Senior Secured Loan SOFR 6.50% 10.66 % 7/26/2030 $ 5,056 5,013 5,056
Advanced Aircrew (14)(19)(25) Preferred Equity — — — — 592 592 642
Allbridge (3)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 6/5/2030 $ — — —
Allbridge (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 6/5/2030 $ — (22 ) —
Allbridge (15)(19)(29) First Lien Senior Secured Loan SOFR 5.50% 9.50 % 6/5/2030 $ 8,977 8,922 8,977
AMI (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 10/17/2031 $ — (34 ) —
AMI (16)(19)(29) First Lien Senior Secured Loan SOFR 5.00% 8.90 % 10/17/2031 $ 9,227 9,167 9,227
Avalon Acquiror, Inc. (15)(19)(29) First Lien Senior Secured Loan SOFR 6.00% 10.00 % 3/10/2028 $ 14,170 14,100 14,170
Avalon Acquiror, Inc. (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 6.00% 10.19 % 3/10/2028 $ 5,882 5,805 5,882
Beneficium (2)(3)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 6/28/2031 £ — — (145 )
Beneficium (6)(15)(19) First Lien Senior Secured Loan SONIA 5.75% 9.72 % 6/28/2031 £ 7,497 9,397 9,938

All values are in US Dollars.

Portfolio Company Investment Type Index (1) Spread (1) Interest Rate Maturity Date Principal/Shares (9) Cost Market Value % of NAV (4)
Non-Controlled/Non-Affiliate Investments
Services: Business
Brook Bidco (6)(18)(19)(26) First Lien Senior Secured Loan SONIA 1.87% (5.66% PIK) 11.49 % 7/10/2028 920 1,239 1,115
Brook Bidco (6)(16)(19)(26) First Lien Senior Secured Loan SOFR 1.91% (5.93% PIK) 12.21 % 7/10/2028 368 488 438
Brook Bidco (6)(16)(19)(26) First Lien Senior Secured Loan SOFR 1.91% (5.93% PIK) 12.21 % 7/10/2028 132 180 157
Brook Bidco (6)(14)(19)(25) Preferred Equity — — — — 11,656 9,941 5,594
Cube (6)(18)(19)(26) First Lien Senior Secured Loan - Delayed Draw SONIA 10.00% PIK 14.10 % 5/22/2032 2,040 2,798 2,746
Cube (6)(18)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 7.19% 11.49 % 5/20/2031 121 102 101
Cube (18)(19)(26) First Lien Senior Secured Loan - Delayed Draw SOFR 3.00% (4.44% PIK) 11.45 % 5/20/2031 50 50 50
Darcy Partners (18)(19) First Lien Senior Secured Loan SOFR 7.75% 12.03 % 6/1/2028 1,484 1,476 1,484
Darcy Partners (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 7.65% 11.88 % 6/1/2028 140 140 140
Darcy Partners (14)(19)(25) Equity Interest — — — — 359 360 492
Datix Bidco Limited (3)(6)(18)(19) First Lien Senior Secured Loan - Revolver — — — 10/30/2030 — — —
Datix Bidco Limited (3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 4/30/2031 — (23 ) —
Datix Bidco Limited (3)(5)(6)(18)(19) First Lien Senior Secured Loan - Revolver — — — 10/30/2030 — (31 ) —
Datix Bidco Limited (17)(19) First Lien Senior Secured Loan SOFR 5.00% 9.29 % 4/30/2031 16,626 16,352 16,626
Discovery Senior Living (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.50% 9.66 % 3/18/2030 6,460 6,407 6,460
Discovery Senior Living (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 3/18/2030 — (21 ) —
DTIQ (14)(19)(25) Equity Interest — — — — 1,985 681 1,640
DTIQ (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 9/30/2029 — (32 ) (81 )
DTIQ (3)(13)(19) First Lien Senior Secured Loan - Revolver SOFR 7.50% 11.67 % 9/30/2029 269 269 208
DTIQ (13)(19)(29) First Lien Senior Secured Loan SOFR 7.50% 11.66 % 9/30/2029 33,439 32,949 32,938
DTIQ (14)(19)(25) Equity Interest — — — — 3,995 — —
Easy Ice (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.40% 9.40 % 10/30/2030 2,475 2,408 2,475
Easy Ice (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.40% 9.71 % 10/30/2030 418 351 418
Easy Ice (15)(19)(29) First Lien Senior Secured Loan SOFR 5.40% 9.71 % 10/30/2030 7,940 7,837 7,940
Electronic Merchant Systems (3)(18)(19) First Lien Senior Secured Loan - Revolver — — — 8/1/2030 — — —
Electronic Merchant Systems (16)(19)(29) First Lien Senior Secured Loan SOFR 4.75% 8.92 % 8/1/2030 4,102 4,042 4,102
Electronic Merchant Systems (14)(19)(25) Equity Interest — — — — 148 1,596 2,418
Elevator Holdco Inc. (14)(19)(25) Equity Interest — — — — 2 2,448 3,410
E-Tech Group (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 4/9/2030 — (10 ) (16 )
Fiduciaire Jean-Marc Faber (FJMF) (2)(3)(5)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 4/3/2032 — (15 ) (38 )
Fiduciaire Jean-Marc Faber (FJMF) (6)(15)(19) First Lien Senior Secured Loan - Delayed Draw EURIBOR 5.50% 7.58 % 4/3/2032 50 55 58
Hollywood LP (6)(19)(25)(26) Preferred Equity — 12.50% PIK 12.50 % — 1,812 2,353 2,390
iBanFirst (6)(18)(19)(26) First Lien Senior Secured Loan - Delayed Draw EURIBOR 9.75% PIK 11.78 % 7/13/2028 3,893 4,042 4,577
iBanFirst (6)(18)(19)(26) First Lien Senior Secured Loan EURIBOR 9.75% PIK 11.77 % 7/13/2028 4,031 4,228 4,739
iBanFirst (6)(18)(19)(26) First Lien Senior Secured Loan EURIBOR 9.75% PIK 11.77 % 7/13/2028 101 106 119
iBanFirst (6)(18)(19)(26) First Lien Senior Secured Loan EURIBOR 9.75% PIK 11.77 % 7/13/2028 4,250 4,416 4,997
iBanFirst Facility (6)(14)(19)(25) Preferred Equity — — — — 7,112 8,136 28,558
ImageTrend (15)(19) First Lien Senior Secured Loan SOFR 6.00% 10.17 % 1/31/2029 2,500 2,478 2,500
ImageTrend (15)(19) First Lien Senior Secured Loan SOFR 6.00% 10.31 % 1/31/2029 17,000 16,826 17,000
ImageTrend (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 1/31/2029 — (33 ) —
LEP CP Co-Invest, L.P. (6)(14)(19)(25) Equity Interest — — — — 287 380 386
Portfolio Company Investment Type Index (1) Spread (1) Interest Rate Maturity Date Principal/Shares (9) Cost Market Value % of NAV (4)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Non-Controlled/Non-Affiliate Investments
Services: Business
Mach 1 Bidco Limited (3)(6)(18)(19)(26) First Lien Senior Secured Loan - Delayed Draw SOFR 7.44% PIK 11.49 % 5/20/2031 $ 111 108 111
masLabor (14)(19)(25) Equity Interest — — — — 173 173 642
masLabor (18)(19) First Lien Senior Secured Loan SOFR 7.50% 11.46 % 7/1/2027 $ 8,255 8,159 8,255
Morrow Sodali (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.48% 9.64 % 4/25/2028 $ 2,579 2,570 2,579
Morrow Sodali (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 4/25/2028 $ — (14 ) —
Opus2 (6)(14)(19)(25) Equity Interest — — — — 2,272 2,900 3,980
Opus2 (6)(18)(19) First Lien Senior Secured Loan SONIA 5.53% 9.49 % 5/5/2028 £ 123 169 165
Orion (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.00% 9.43 % 3/19/2027 $ 1,605 1,595 1,605
Orion (3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 3/19/2027 $ — (3 ) —
Orion (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.00% 9.26 % 3/19/2027 $ 706 701 706
Orion (3)(18)(19) First Lien Senior Secured Loan - Revolver SOFR 5.00% 9.26 % 3/19/2027 $ 310 300 310
PRGX (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 12/20/2030 $ — (25 ) (55 )
PRGX (15)(19) First Lien Senior Secured Loan SOFR 5.50% 9.49 % 12/20/2030 $ 143 141 141
Pure Wafer (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.35% 9.51 % 11/12/2030 $ 891 883 891
Pure Wafer (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 11/12/2030 $ — (17 ) —
Pure Wafer (14)(19)(25) Equity Interest — — — — 1,236 1,236 1,355
Rydoo (6)(15)(19) First Lien Senior Secured Loan EURIBOR 6.75% 8.75 % 9/26/2031 € 5,076 5,795 5,938
Rydoo (6)(15)(19) First Lien Senior Secured Loan - Delayed Draw EURIBOR 6.75% 8.75 % 9/12/2031 € 1,556 1,723 1,820
Rydoo (6)(14)(19)(25) Preferred Equity — — — — 655 767 839
Rydoo (6)(14)(19)(25) Equity Interest — — — — 1,529 1,790 1,940
SoftCo (6)(14)(19)(25) Equity Interest — — — — 500 537 705
SoftCo (6)(15)(19) First Lien Senior Secured Loan EURIBOR 6.50% 8.53 % 2/22/2031 € 2,000 2,148 2,351
Spring Finco BV (2)(3)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 7/15/2029 NOK — — (44 )
TEI Holdings Inc. (17)(29) First Lien Senior Secured Loan SOFR 4.00% 8.00 % 4/9/2031 $ 2,627 2,617 2,623
TES Global (6)(18)(19) First Lien Senior Secured Loan - Delayed Draw SONIA 5.00% 9.03 % 1/27/2029 £ 12 15 16
Webcentral (6)(18)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 6.50% 10.62 % 12/18/2030 $ 87 87 87
Webcentral (3)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 6.50% 10.63 % 12/18/2030 € 3,503 3,850 3,905
Webcentral (6)(18)(19) First Lien Senior Secured Loan - Delayed Draw EURIBOR 6.50% 8.62 % 12/18/2030 € 17 18 20
Services: Business Total 229,469 254,013 22.5 %

All values are in US Dollars.

Portfolio Company Investment Type Index (1) Spread (1) Interest Rate Maturity Date Principal/Shares (9) Cost Market Value % of NAV (4)
Non-Controlled/Non-Affiliate Investments
Services: Consumer
CorePower Yoga, LLC (3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 4/30/2031 — (2 ) —
CorePower Yoga, LLC (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 4/30/2031 — (9 ) —
CorePower Yoga, LLC (15)(19)(29) First Lien Senior Secured Loan SOFR 5.50% 9.50 % 4/30/2031 7,980 7,940 7,980
Master ConcessionAir (3)(19)(33) First Lien Senior Secured Loan - Delayed Draw SOFR 8.75% 13.00 % 6/21/2029 183 182 171
Master ConcessionAir (3)(19)(33) First Lien Senior Secured Loan - Revolver SOFR 8.75% 12.82 % 6/21/2029 217 213 211
Master ConcessionAir (19)(33) First Lien Senior Secured Loan SOFR 8.75% 12.75 % 6/21/2029 1,716 1,686 1,673
MZR Aggregator (14)(19)(25) Equity Interest — — — — — 12 2
MZR Aggregator (14)(19)(25) Equity Interest — — — — 1 798 128
MZR Buyer, LLC (15)(19)(26) First Lien Senior Secured Loan - Revolver SOFR 6.75% (0.50% PIK) 11.51 % 12/22/2028 1,732 1,709 1,619
MZR Buyer, LLC (15)(19)(26) First Lien Senior Secured Loan SOFR 7.00% (0.50% PIK) 11.56 % 12/22/2028 455 449 425
MZR Buyer, LLC (15)(19)(26) First Lien Senior Secured Loan SOFR 6.90% (0.50% PIK) 11.40 % 12/22/2028 25,433 24,723 23,780
MZR Buyer, LLC (15)(19)(26) First Lien Senior Secured Loan - Revolver SOFR 7.00% (0.50% PIK) 11.77 % 12/22/2028 5,223 5,176 4,884
Owl Acquisition, LLC (3)(18)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 4.75% 9.07 % 4/17/2032 200 199 196
Owl Acquisition, LLC (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 4/17/2032 — (8 ) (9 )
Owl Acquisition, LLC (16)(19) First Lien Senior Secured Loan SOFR 4.75% 9.07 % 4/17/2032 643 641 641
Spotless Brands (3)(15)(19)(29) First Lien Senior Secured Loan - Delayed Draw SOFR 5.50% 9.83 % 7/25/2028 9,986 9,934 9,986
Vasa Fitness Buyer, Inc. (15)(19) First Lien Senior Secured Loan SOFR 6.35% 10.67 % 8/15/2030 4,068 4,018 4,017
Vasa Fitness, LLC (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 6.35% 10.50 % 8/15/2030 76 66 67
Vasa Fitness, LLC (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 8/15/2030 — (2 ) (3 )
WhiteWater Express (19)(26) Subordinated Debt — 14.00% PIK 14.00 % 3/31/2031 8,848 8,778 8,848
Services: Consumer Total 66,503 64,616 5.7 %
Telecommunications
Meriplex Communications, Ltd. (16)(19) First Lien Senior Secured Loan SOFR 5.10% 9.26 % 7/17/2028 11,988 11,859 11,718
Meriplex Communications, Ltd. (16)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.10% 9.26 % 7/17/2028 7,120 7,068 6,960
Meriplex Communications, Ltd. (16)(19) First Lien Senior Secured Loan - Revolver SOFR 5.10% 9.26 % 7/17/2028 2,824 2,798 2,760
Substantial Holdco Limited (3)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 4/20/2030 — — —
Taoglas (15)(19) First Lien Senior Secured Loan SOFR 7.25% 11.55 % 2/28/2029 18,324 18,059 18,003
Taoglas (15)(19) First Lien Senior Secured Loan SOFR 7.25% 11.25 % 2/28/2029 896 896 881
Taoglas (14)(19)(25) Equity Interest — — — — 20 20 17
Taoglas (14)(19)(25) Equity Interest — — — — 2,259 2,259 1,901
Taoglas (15)(19) First Lien Senior Secured Loan SOFR 7.25% 11.25 % 2/28/2029 9,902 9,833 9,729
Taoglas (3)(6)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 7.25% 11.32 % 2/28/2029 1,284 1,284 1,260
Taoglas (6)(15)(19) First Lien Senior Secured Loan SOFR 7.25% 11.25 % 2/28/2029 445 436 437
Telecommunications Total 54,512 53,666 4.8 %
Portfolio Company Investment Type Index (1) Spread (1) Interest Rate Maturity Date Principal/Shares (9) Cost Market Value % of NAV (4)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Non-Controlled/Non-Affiliate Investments
Transportation: Cargo
A&R Logistics, Inc. (15)(19)(26) First Lien Senior Secured Loan SOFR 2.65% (4.25% PIK) 11.19 % 2/3/2028 928 920 856
A&R Logistics, Inc. (15)(19)(26) First Lien Senior Secured Loan SOFR 2.65% (4.25% PIK) 11.19 % 2/3/2028 2,397 2,389 2,211
A&R Logistics, Inc. (15)(19)(26) First Lien Senior Secured Loan SOFR 2.65% (4.25% PIK) 11.19 % 2/3/2028 2,691 2,686 2,483
A&R Logistics, Inc. (15)(19)(26) First Lien Senior Secured Loan SOFR 2.65% (4.25% PIK) 11.19 % 2/3/2028 5,889 5,875 5,433
A&R Logistics, Inc. (15)(19)(26) First Lien Senior Secured Loan SOFR 2.65% (4.25% PIK) 11.19 % 2/3/2028 13,056 13,014 12,045
A&R Logistics, Inc. (3)(15)(19)(22)(26) First Lien Senior Secured Loan - Revolver SOFR 2.50% (4.25% PIK) 10.99 % 2/3/2028 3,436 3,368 2,957
ARL Holdings, LLC (14)(19)(25) Equity Interest — — — — — 445 —
ARL Holdings, LLC (14)(19)(25) Equity Interest — — — — 9 9 —
Grammer Investment Holdings LLC (14)(19)(25) Warrants — — — — 122 — —
Grammer Investment Holdings LLC (14)(19)(25) Equity Interest — — — — 1,011 1,019 —
Grammer Investment Holdings LLC (14)(19)(25) Preferred Equity — — — — 11 1,095 1,160
Gulf Winds International (15)(19) First Lien Senior Secured Loan SOFR 7.00% 11.16 % 12/16/2028 1,072 1,064 1,018
Gulf Winds International (15)(19)(26)(29) First Lien Senior Secured Loan SOFR 6.00% (1.00% PIK) 11.16 % 12/16/2028 11,944 11,720 11,347
Gulf Winds International (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 7.00% 11.16 % 12/16/2028 3,414 3,313 3,129
ICAT Logistics, Inc. (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 3/1/2029 — (41 ) (41 )
ICAT Logistics, Inc. (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 3/1/2029 — (13 ) (13 )
ICAT Logistics, Inc. (15)(19) First Lien Senior Secured Loan SOFR 6.25% 10.42 % 3/1/2029 9,183 9,045 9,045
REP Coinvest III- A Omni, L.P. (14)(19)(25) Equity Interest — — — — 1,377 1,377 739
RoadOne (15)(19)(29) First Lien Senior Secured Loan SOFR 6.25% 10.56 % 12/29/2028 11,913 11,686 11,913
RoadOne (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 6.25% 10.57 % 12/29/2028 3,922 3,850 3,922
RoadOne (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 6.25% 10.56 % 12/29/2028 932 920 932
Transportation: Cargo Total 73,741 69,136 6.1 %
Transportation: Consumer
PrimeFlight (15)(19) First Lien Senior Secured Loan SOFR 5.25% 9.58 % 5/1/2029 9,358 9,274 9,358
PrimeFlight Acquisition LLC (15)(19) First Lien Senior Secured Loan SOFR 5.25% 9.25 % 5/1/2029 4,024 3,977 4,024
PrimeFlight Acquisition LLC (15)(19)(29) First Lien Senior Secured Loan SOFR 5.50% 9.80 % 5/1/2029 11,974 11,815 11,974
PrimeFlight Acquisition LLC (15)(19) First Lien Senior Secured Loan SOFR 5.50% 9.50 % 5/1/2029 829 829 829
Transportation: Consumer Total 25,895 26,185 2.3 %
Utilities: Electric
KAMC Holdings, Inc. (3)(16)(19) First Lien Senior Secured Loan - Revolver SOFR 5.25% 9.45 % 8/1/2031 263 252 252
KAMC Holdings, Inc. (16)(19)(29) First Lien Senior Secured Loan SOFR 5.25% 9.55 % 8/1/2031 7,857 7,769 7,768
Utilities: Electric Total 8,021 8,020 0.7 %
Utilities: Water
Vessco Water (3)(16)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 4.75% 8.81 % 7/24/2031 1,813 1,795 1,813
Vessco Water (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 7/24/2031 — (9 ) —
Utilities: Water Total 1,786 1,813 0.2 %

All values are in US Dollars.

Portfolio Company Investment Type Index (1) Spread (1) Interest Rate Maturity Date Principal/Shares (9) Cost Market Value % of NAV (4)
Non-Controlled/Non-Affiliate Investments
Wholesale
Abracon Group Holding, LLC. (7)(14)(16)(19)(26) First Lien Senior Secured Loan SOFR 2.05% (4.60% PIK) 10.92 % 7/6/2028 $ 14,772 13,855 8,863
Abracon Group Holding, LLC. (7)(14)(16)(19)(26) First Lien Senior Secured Loan - Revolver SOFR 2.05% (4.60% PIK) 10.92 % 7/6/2028 $ 2,112 1,950 1,267
Chex Finer Foods, LLC (3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 6/6/2031 $ — (15 ) —
Chex Finer Foods, LLC (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 6/6/2031 $ — (17 ) —
Chex Finer Foods, LLC (15)(19)(29) First Lien Senior Secured Loan SOFR 6.00% 10.13 % 6/6/2031 $ 13,467 13,384 13,467
Fifty AU Bidco Pty Ltd (18)(19) First Lien Senior Secured Loan BBSY 5.00% 8.74 % 8/1/2031 AUD 2,402 1,547 1,582
Fifty U.S. Bidco Inc (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 8/1/2031 $ — (4 ) (4 )
Fifty U.S. Bidco Inc (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.00% 9.30 % 8/1/2031 $ 294 280 279
Fifty U.S. Bidco Inc (15)(19) First Lien Senior Secured Loan SOFR 5.00% 9.30 % 8/1/2031 $ 12,202 12,141 12,141
Hultec (14)(19)(25) Equity Interest — — — — 1 651 960
SureWerx (16)(19) First Lien Senior Secured Loan SOFR 5.25% 9.25 % 12/28/2029 $ 934 932 930
SureWerx (3)(18)(19) First Lien Senior Secured Loan - Revolver — — — 12/28/2028 CAD — — —
SureWerx (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 12/28/2029 $ — (7 ) (5 )
SureWerx (3)(16)(19) First Lien Senior Secured Loan - Revolver SOFR 5.25% 9.25 % 12/28/2028 $ 316 302 310
Wholesale Total 44,999 39,790 3.4 %
Non-Controlled/Non-Affiliate Investments Total 1,913,737 1,934,475 171.4 %
Non-Controlled/Affiliate Investments
Aerospace & Defense
Ansett Aviation Training (6)(10)(14)(19)(25) Equity Interest — — — — 5,119 3,842 13,234
Aerospace & Defense Total 3,842 13,234 1.2 %
Beverage, Food & Tobacco
ADT Pizza, LLC (10)(14)(19)(25) Equity Interest — — — — 6,720 3,372 1,658
Beverage, Food & Tobacco Total 3,372 1,658 0.1 %
Consumer Goods: Durable
Walker Edison (3)(7)(10)(14)(19) First Lien Senior Secured Loan - Delayed Draw — 10.00% 10.00 % 2/2/2026 $ 266 266 266
Walker Edison (3)(7)(10)(14)(19) First Lien Senior Secured Loan - Delayed Draw — — — 2/2/2026 $ — — —
Consumer Goods: Durable Total 266 266 0.0 %
Non-Controlled/Affiliate Investments Total 7,480 15,158 1.3 %

All values are in US Dollars.

Portfolio Company Investment Type Index (1) Spread (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)(14)(20)(25) Equity Interest — — — — 11,863 11,863 7,982
BCC Jetstream Holdings Aviation (On II), LLC (10)(11)(14)(20)(25) Equity Interest — — — — 1,116 1,116 —
BCC Jetstream Holdings Aviation (On II), LLC (10)(11)(14)(20) First Lien Senior Secured Loan — — — — 8,013 8,012 4,851
Gale Aviation (Offshore) Co (6)(10)(11)(14)(19)(25) Equity Interest — — — — 72,247 68,575 57,664
Aerospace & Defense Total 89,566 70,497 6.2 %
FIRE: Finance
Legacy Corporate Lending HoldCo, LLC (10)(11)(14)(19)(25) Equity Interest — — — — 1 900 1,253
Legacy Corporate Lending HoldCo, LLC (10)(11)(19)(25) Preferred Equity — — — — 59 52,200 62,236
Legacy Corporate Lending HoldCo, LLC (10)(11)(14)(19)(25) Equity Interest — — — — 1 — —
FIRE: Finance Total 53,100 63,489 5.6 %
Investment Vehicles
Bain Capital Senior Loan Program, LLC (6)(10)(11)(18)(19) Subordinated Note Investment Vehicles — 10.00% 10.00 % 12/27/2033 169,995 169,995 157,925
Bain Capital Senior Loan Program, LLC (6)(10)(11)(25) Preferred Equity Interest Investment Vehicles — — — — 10 10 1,731
Bain Capital Senior Loan Program, LLC (6)(10)(11)(25) Equity Interest Investment Vehicles — — — — 10 5,594 6,794
International Senior Loan Program, LLC (6)(10)(11)(18)(19) Subordinated Note Investment Vehicles SOFR 8.00% 12.00 % 2/22/2028 190,729 190,729 190,729
International Senior Loan Program, LLC (6)(10)(11)(25) Equity Interest Investment Vehicles — — — — 63,587 60,615 41,041
Investment Vehicles Total 426,943 398,220 35.4 %
Services: Business
Parcel2Go (6)(10)(11)(18)(19) First Lien Senior Secured Loan SONIA 7.00% 10.97 % 11/26/2031 49 62 56
Parcel2Go (6)(10)(11)(14)(19)(25) Equity Interest — — — — — — —
Parcel2Go (6)(10)(11)(14)(19)(25) Preferred Equity — — — — 14,221 — —
Services: Business Total 62 56 0.0 %
Services: Consumer
SG Global Midco Limited (6)(10)(11)(19) First Lien Senior Secured Loan — 6.00% 6.00 % 12/31/2028 2 3 3
Surrey Bidco Limited (6)(7)(10)(11)(14)(18)(19)(26) First Lien Senior Secured Loan SONIA 7.28% PIK 11.25 % 12/31/2028 69 76 34
Voltaire Topco Limited (6)(10)(11)(14)(19)(25) Equity Interest — — — — — — —
Services: Consumer Total 79 37 0.0 %
Transportation: Cargo
Lightning Holdings B, LLC (6)(10)(11)(14)(19)(25) Equity Interest — — — — 33,459 33,770 52,166
Transportation: Cargo Total 33,770 52,166 4.6 %
Controlled Affiliate Investments Total 603,520 584,465 51.8 %
Investments Total 2,524,737 2,534,098 224.5 %
Cash Equivalents
Goldman Sachs Financial Square Government Fund Institutional Share Class Cash Equivalents — — 4.04 % — — 32,854 32,854
Goldman Sachs US Treasury Liquid Reserves Fund (30) Cash Equivalents — — 4.02 % — — 20,344 20,344
Cash Equivalents Total 53,198 53,198 4.8 %
Investments and Cash Equivalents Total 2,577,935 2,587,296 229.3 %

Interest Rate Swap

Description Hedged Items Company Receives Company Pays Counterparty Settlement<br>Date Notional Amount Upfront Payments/Receipts Unrealized Appreciation
Interest Rate Swap March 2030 Notes 5.95% SOFR + 1.90% Wells Fargo 3/15/2030 350,000 - 9,062

All values are in US Dollars.

Forward Foreign Currency Exchange Contracts

Currency Purchased Currency Sold Counterparty Settlement<br>Date Unrealized Appreciation(8)
US DOLLARS 166 POUND STERLING 0 Bank of New York Mellon 10/8/2025 (166 )
US DOLLARS 814 EURO 0 Bank of New York Mellon 10/8/2025 (814 )
US DOLLARS 424 CANADIAN DOLLAR 600 Bank of New York Mellon 12/19/2025 (9 )
US DOLLARS 148 EURO 302 Wells Fargo 1/9/2026 (505 )
US DOLLARS 7,650 EURO 7,225 Bank of New York Mellon 1/28/2026 (895 )
US DOLLARS 1,388 POUND STERLING 1,118 Bank of New York Mellon 1/30/2026 (117 )
US DOLLARS 1,922 POUND STERLING 1,480 Bank of New York Mellon 3/20/2026 (70 )
US DOLLARS 16,492 EURO 14,990 Bank of New York Mellon 3/27/2026 (1,287 )
US DOLLARS 9,445 EURO 8,610 BNP Paribas 3/30/2026 (767 )
US DOLLARS 1,034 POUND STERLING 0 BNP Paribas 4/10/2026 (1,041 )
US DOLLARS 3,130 POUND STERLING 2,410 US Bank 4/14/2026 (112 )
US DOLLARS 19,307 EURO 16,810 US Bank 5/12/2026 (671 )
US DOLLARS 13,483 POUND STERLING 10,160 US Bank 5/14/2026 (183 )
US DOLLARS 1,167 EURO 0 Wells Fargo 5/19/2026 (1,167 )
US DOLLARS 58 POUND STERLING 055 Bank of New York Mellon 6/8/2026 (16 )
US DOLLARS 819 EURO 700 Bank of New York Mellon 6/8/2026 (14 )
US DOLLARS 5,137 EURO 4,400 Bank of New York Mellon 6/9/2026 (99 )
US DOLLARS 2,760 EURO 2,360 Bank of New York Mellon 6/10/2026 (48 )
US DOLLARS 290 NEW ZEALAND DOLLAR 725 Bank of New York Mellon 6/15/2026 (135 )
US DOLLARS 3,959 POUND STERLING 2,915 Bank of New York Mellon 6/17/2026 39
US DOLLARS 7,661 POUND STERLING 5,690 Bank of New York Mellon 6/25/2026 10
US DOLLARS 2,451 POUND STERLING 1,810 US Bank 6/25/2026 18
US DOLLARS 2,451 AUSTRALIAN DOLLARS 3,739 Bank of New York Mellon 7/16/2026 (31 )
US DOLLARS 8,665 POUND STERLING 6,450 Wells Fargo 7/16/2026 (6 )
US DOLLARS 4,375 EURO 3,680 Wells Fargo 7/16/2026 (11 )
US DOLLARS 3,206 AUSTRALIAN DOLLARS 4,900 US Bank 7/31/2026 (46 )
US DOLLARS 5,343 POUND STERLING 4,007 BNP Paribas 7/31/2026 (42 )
US DOLLARS 11,061 EURO 9,445 BNP Paribas 7/31/2026 (202 )
US DOLLARS 5,895 EURO 4,980 Wells Fargo 8/13/2026 (47 )
US DOLLARS 3,248 AUSTRALIAN DOLLARS 5,195 Bank of New York Mellon 8/20/2026 (199 )
US DOLLARS 27,515 EURO 24,000 Bank of New York Mellon 8/20/2026 (1,128 )
US DOLLARS 5,570 EURO 4,860 Wells Fargo 8/20/2026 (230 )
US DOLLARS 380 CANADIAN DOLLAR 520 Bank of New York Mellon 8/20/2026 1
US DOLLARS 7,111 POUND STERLING 5,620 Bank of New York Mellon 8/27/2026 (440 )
US DOLLARS 5,359 AUSTRALIAN DOLLARS 8,060 Bank of New York Mellon 9/16/2026 11
US DOLLARS 7,171 POUND STERLING 5,316 US Bank 9/24/2026 30
US DOLLARS 3,473 POUND STERLING 2,590 US Bank 10/2/2026 (6 )
US DOLLARS 16,837 EURO 14,100 Bank of New York Mellon 10/2/2026 (20 )
US DOLLARS 1,083 POUND STERLING 800 Wells Fargo 10/26/2026 9
US DOLLARS 1,031 POUND STERLING 820 Bank of New York Mellon 11/25/2026 (69 )
US DOLLARS 2,278 EURO 2,000 Bank of New York Mellon 10/28/2027 (144 )
(10,619 )

All values are in US Dollars.

  • The investments bear interest at a rate that may be determined by reference to the Euro Interbank Offered Rate (“EURIBOR” or “E”), the Bank Bill Benchmark Rate (“BKBM”), the Canadian Overnight Repo Rate Average (“CORRA”), the Bank Bill Swap Bid Rate (“BBSY”), the Prime Rate (“Prime” or “P”), the Sterling Overnight Index Average (“SONIA”) or Secured Overnight Financing rate (“SOFR”) which reset daily, monthly, quarterly or semiannually. Investments or a portion thereof may provide for Payment-in-Kind (“PIK”). For each, the Company has provided the PIK or the spread over EURIBOR, BKBM, CORRA, BBSY, SONIA, SOFR, or Prime and the current weighted average interest rate in effect at September 30, 2025. Certain investments are subject to a EURIBOR, BKBM, CORRA, BBSY, SONIA, SOFR or Prime interest rate floor.
  • The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.
  • 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.
  • Percentages are based on the Company’s net assets of $1,128,547 as of September 30, 2025.
  • The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
  • The investment or a portion of this investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of September 30, 2025, non-qualifying assets totaled 28.96% of the Company’s total assets.
  • Loan was on non-accrual status as of September 30, 2025.
  • Unrealized appreciation on forward currency exchange contracts.
  • The principal amount (par amount) for all debt securities is denominated in U.S. dollars, unless otherwise noted. £ represents Pound Sterling, € represents Euro, NOK represents Norwegian Krone, AUD represents Australian Dollar, CAD represents Canadian Dollar and NZ$ represents New Zealand Dollar.
  • As defined in the 1940 Act, the portfolio company is deemed to be an “affiliated person” of the Company as the Company owns 5% or more of the portfolio company’s outstanding voting securities.
  • 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.
  • Tick mark not used.
  • Loan includes interest rate floor of 3.50%.
  • Non-income producing.
  • Loan includes interest rate floor of 1.00%.
  • Loan includes interest rate floor of 0.75%.
  • Loan includes interest rate floor of 0.50%.
  • Loan includes interest rate floor of 0.00%.
  • Security valued using unobservable inputs (Level 3).
  • The Company holds a controlling, affiliate interest in an aircraft-owning special purpose vehicle through this investment.
  • Loan includes interest rate floor of 0.25%.
  • $345 of the total par amount for this security is at P+ 5.50%.
  • Tick mark not used.
  • Loan includes interest rate floor of 1.25%.
  • 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 September 30, 2025, the aggregate fair value of these securities is $422,712 or 37.46% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:
Investment Acquisition Date
ACAMS 3/10/2022
ADT Pizza, LLC 10/29/2018
Advanced Aircrew 7/26/2024
AGS American Services Investments, L.P. 7/24/2025
Ansett Aviation Training 3/24/2022
Apollo Intelligence 6/1/2022
Applitools 7/18/2025
Appriss Holdings, Inc. 5/3/2021
AQ Software Corporation 12/10/2021
AQ Software Corporation 4/14/2022
AQ Software Corporation 12/29/2022
ARL Holdings, LLC 5/3/2019
AXH Air Coolers 10/31/2023
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 Trillium Foods Investments 1, LLC 5/13/2025
BCSF Project Aberdeen, LLC 7/3/2024
BCSF ServiceMaster Investments, LLC 8/8/2025
Brook Bidco 7/8/2021
BTX Precision 7/25/2024
CB Titan Holdings, Inc. 5/1/2017
Chartbeat 10/4/2024
City BBQ 9/4/2024
Cloud Technology Solutions (CTS) 12/15/2022
Darcy Partners 6/1/2022
DTIQ 9/15/2025
DTIQ 9/30/2024
Eagle Rock Capital Corporation 12/9/2021
East BCC Coinvest II, LLC 7/23/2019
EHE Health 8/7/2024
Electronic Merchant Systems 7/12/2024
Elevation NewCo Intermediate, LLC 8/1/2025
Elevator Holdco Inc. 12/23/2019
Eleven Software 3/20/2024
Eleven Software 4/25/2022
Elk 11/1/2019
FCG Acquisitions, Inc. 1/24/2019
Fineline Technologies, Inc. 2/22/2021
Forward Slope 3/15/2024
Gale Aviation (Offshore) Co 1/2/2019
Galeria 8/1/2024
Gills Point S 5/17/2023
Grammer Investment Holdings LLC 10/1/2018
HealthDrive 8/18/2023
Investment Acquisition Date
--- ---
HG Insights, Inc. 6/16/2025
Hollywood LP 4/16/2025
Hultec 3/31/2023
iBanFirst Facility 7/13/2021
Insigneo Financial Group LLC 8/1/2022
International Senior Loan Program, LLC 2/22/2021
Legacy Corporate Lending HoldCo, LLC 4/21/2023
LEP CP Co-Invest, L.P. 4/16/2025
Lightning Holdings B, LLC 1/2/2020
masLabor 7/1/2021
MZR Aggregator 9/17/2024
MZR Aggregator 12/22/2020
Odyssey Behavioral Health 11/21/2024
Opus2 6/16/2021
Parcel2Go 11/26/2024
PayRange 10/31/2024
PPT Group 2/28/2025
PPX 7/29/2021
Precision Ultimate Holdings, LLC 10/7/2024
Precision Ultimate Holdings, LLC 11/6/2019
Pure Wafer 11/12/2024
REP Coinvest III- A Omni, L.P. 2/5/2021
Robinson Helicopter 6/30/2022
Rydoo 9/26/2024
SensorTower 3/15/2024
Service Master 7/15/2021
Service Master 8/16/2021
Sikich 5/6/2024
SoftCo 3/1/2024
Spindrift 2/19/2025
Superna Inc. 3/8/2022
Taoglas 6/27/2024
Taoglas 2/28/2023
Thrasio, LLC 6/18/2024
Titan Cloud Software, Inc 11/4/2022
TLC Holdco LP 10/11/2019
Utimaco 6/28/2022
Ventiv Holdco, Inc. 9/3/2019
Voltaire Topco Limited 8/28/2025
WSP 5/20/2024
WSP 8/31/2021
  • Denotes that all or a portion of the investment includes PIK income during the period.
  • Tick mark not used.
  • Tick mark not used.
  • Assets or a portion thereof are pledged as collateral for the 2019-1 Issuer. See “Note 6. Debt.”
  • Cash equivalents include $20,356 of restricted cash.
  • Loan includes interest rate floor of 2.00%.
  • Loan includes interest rate floor of 1.50%.
  • Loan includes interest rate floor of 3.00%.
  • Tick mark not used.

See Notes to Consolidated Financial Statements

Bain Capital Specialty Finance, Inc.

Consolidated Schedule of Investments

As of December 31, 2024

(In thousands)

Interest Maturity Principal/ Market % of
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares Cost Value NAV (4)
Non-Controlled/Non-Affiliate Investments
Aerospace & Defense
ATS (2)(3)(18)(19) First Lien Senior Secured Loan - Revolver — — — 7/12/2029 — — (36 )
ATS (15)(19)(29) First Lien Senior Secured Loan SOFR 5.75% 10.05 % 7/12/2029 7,101 7,016 7,012
BTX Precision (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.00% 9.36 % 7/25/2030 7,301 7,223 7,301
BTX Precision (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.00% 9.36 % 7/25/2030 4,352 4,326 4,352
BTX Precision (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 7/25/2030 — (34 ) —
BTX Precision (15)(19)(29) First Lien Senior Secured Loan SOFR 5.00% 9.36 % 7/25/2030 14,234 14,114 14,234
BTX Precision (14)(19)(25) Equity Interest — — — — 2 2,199 2,248
Forming Machining Industries Holdings, LLC (7)(14)(18)(19)(26) Second Lien Senior Secured Loan SOFR 8.90% PIK 13.41 % 10/9/2026 7,453 6,874 335
Forming Machining Industries Holdings, LLC (18)(19) First Lien Senior Secured Loan SOFR 4.40% 8.91 % 10/9/2025 15,985 15,968 12,388
Forward Slope (14)(19)(25) Equity Interest — — — — 930 930 1,438
Forward Slope (15)(19) First Lien Senior Secured Loan SOFR 6.85% 11.18 % 8/22/2029 6,139 6,008 6,139
Forward Slope (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 6.85% 11.18 % 8/22/2029 18,409 18,020 18,409
Forward Slope (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 6.85% 11.21 % 8/22/2029 3,554 3,382 3,553
Forward Slope (15)(19) First Lien Senior Secured Loan SOFR 6.85% 11.18 % 8/22/2029 8,618 8,507 8,618
GSP (14)(19)(25) Equity Interest — — — — 620 781 818
GSP (15)(19)(29) First Lien Senior Secured Loan SOFR 5.65% 9.98 % 11/5/2027 1,130 1,130 1,118
GSP Holdings, LLC (15)(19)(29) First Lien Senior Secured Loan SOFR 5.65% 9.98 % 11/6/2025 9,574 9,567 9,478
GSP Holdings, LLC (15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.65% 9.98 % 11/6/2025 4,551 4,544 4,505
Mach Acquisition R/C (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 7.65% 12.17 % 10/19/2026 7,532 7,460 7,532
Mach Acquisition T/L (15)(19)(26) First Lien Senior Secured Loan SOFR 6.65% (2.00% PIK) 13.27 % 10/19/2026 34,518 34,255 34,518
Precision Ultimate Holdings, LLC (14)(19)(25) Equity Interest — — — — 1,417 1,417 1,777
Robinson Helicopter (14)(19)(25) Equity Interest — — — — 1,592 1,592 3,851
Robinson Helicopter (15)(19)(29) First Lien Senior Secured Loan SOFR 6.60% 10.96 % 6/30/2028 10,872 10,707 10,872
Saturn Purchaser Corp. (15)(19)(29) First Lien Senior Secured Loan SOFR 5.35% 10.49 % 7/23/2029 13,587 13,482 13,587
Saturn Purchaser Corp. (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 7/22/2029 — (32 ) —
Whitcraft-Paradigm (3)(18)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.50% 9.83 % 2/15/2029 2,740 2,738 2,740
Whitcraft-Paradigm (15)(19)(29) First Lien Senior Secured Loan SOFR 6.50% 10.83 % 2/15/2029 11,792 11,704 11,792
Whitcraft-Paradigm (3)(18)(19)(23) First Lien Senior Secured Loan - Revolver P 5.50% 13.00 % 2/28/2029 1,155 1,140 1,155
Aerospace & Defense Total 195,018 189,734 16.6 %

All values are in US Dollars.

Interest Maturity Principal/ Market % of
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares Cost Value NAV (4)
Non-Controlled/Non-Affiliate Investments
Automotive
American Trailer Rental Group (19)(26) Subordinated Debt — 5.50% (8.75% PIK) 14.25 % 12/1/2027 $ 5,434 5,393 5,270
American Trailer Rental Group (19)(26) Subordinated Debt — 5.50% (8.75% PIK) 14.25 % 12/1/2027 $ 16,765 16,578 16,261
American Trailer Rental Group (19)(26) Subordinated Debt — 5.50% (8.75% PIK) 14.25 % 12/1/2027 $ 20,935 20,706 20,307
Cardo (6)(18)(19) First Lien Senior Secured Loan SOFR 5.25% 9.67 % 5/12/2028 $ 98 97 97
Gills Point S (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.50% 9.98 % 5/17/2029 $ 1,966 1,902 1,966
Gills Point S (15)(19) First Lien Senior Secured Loan SOFR 5.50% 9.95 % 5/17/2029 $ 3,698 3,671 3,698
Gills Point S (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.50% 10.03 % 5/17/2029 $ 7,384 7,376 7,384
Gills Point S (15)(19)(29) First Lien Senior Secured Loan SOFR 5.50% 9.87 % 5/17/2029 $ 12,505 12,505 12,505
Gills Point S (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.50% 9.86 % 5/17/2029 $ 1,251 1,235 1,251
Gills Point S (14)(19)(25) Equity Interest — — — — 2 215 240
Intoxalock (15)(19)(29) First Lien Senior Secured Loan SOFR 5.10% 9.46 % 11/1/2028 $ 12,005 11,918 12,005
Intoxalock (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 11/1/2028 $ — (22 ) —
JHCC Holdings, LLC (15)(19)(29) First Lien Senior Secured Loan SOFR 5.25% 9.58 % 9/9/2027 $ 11,922 11,851 11,922
JHCC Holdings, LLC (3)(18)(19) First Lien Senior Secured Loan - Revolver P 4.25% 11.75 % 9/9/2027 $ 1,417 1,386 1,417
Automotive Total 94,811 94,323 8.3 %
Banking, Finance, Insurance & Real Estate
Electronic Merchant Systems (2)(3)(18)(19) First Lien Senior Secured Loan - Revolver — — — 8/1/2030 $ — — (34 )
Electronic Merchant Systems (16)(19)(29) First Lien Senior Secured Loan SOFR 5.00% 9.33 % 8/1/2030 $ 14,633 14,388 14,377
Electronic Merchant Systems (14)(19)(25) Equity Interest — — — — 148 1,596 1,603
Morrow Sodali (15)(19)(29) First Lien Senior Secured Loan - Delayed Draw SOFR 5.73% 10.09 % 4/25/2028 $ 2,599 2,587 2,599
Morrow Sodali (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.10% 9.46 % 4/25/2028 $ 1,292 1,274 1,292
Sikich (19)(25)(26) Preferred Equity — 13.00% PIK 13.00 % — 32 3,200 3,185
Sikich (14)(19)(25) Warrants — — — — 2 — 140
Sikich (14)(19)(25) Warrants — — — — 5 — 488
Banking, Finance, Insurance & Real Estate Total 23,045 23,650 2.1 %
Beverage, Food & Tobacco
AgroFresh Solutions (15)(19)(29) First Lien Senior Secured Loan SOFR 6.35% 10.71 % 3/31/2029 $ 14,942 14,698 14,942
AgroFresh Solutions (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 6.35% 10.71 % 3/31/2028 $ 4,764 4,690 4,764
AgroFresh Solutions (15)(19) First Lien Senior Secured Loan SOFR 6.35% 10.71 % 3/31/2029 $ 6,153 6,016 6,153
Arctic Glacier U.S.A., Inc. (19)(26)(31) First Lien Senior Secured Loan SOFR 6.76% (4.00% PIK) 15.09 % 5/24/2028 $ 12,425 12,240 11,865
Arctic Glacier U.S.A., Inc. (2)(3)(5)(19)(26)(31) First Lien Senior Secured Loan - Revolver SOFR 6.76% (4.00% PIK) 15.09 % 5/24/2028 $ 12 (20 ) (76 )
BCSF Project Aberdeen, LLC (14)(19)(25) Equity Interest — — — — 2,217 2,217 2,217
Hellers (6)(19)(26) Subordinated Debt — 15.00% PIK 15.00 % 3/27/2031 NZ$ 458 282 248
Hellers (6)(18)(19)(26) First Lien Senior Secured Loan - Delayed Draw BBSY 3.50% (2.25% PIK) 10.65 % 9/27/2030 AUD 1,781 1,235 1,068
Hellers (6)(18)(19)(26) First Lien Senior Secured Loan - Delayed Draw BKBM 3.94% (2.25% PIK) 10.40 % 9/27/2030 NZ$ 3,962 2,413 2,149
Hellers (2)(3)(5)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 9/27/2030 NZ$ — (15 ) (14 )
NPC International, Inc. (14)(19)(25)(27) Equity Interest — — — — 274 410 34
PPX (14)(19)(25) Preferred Equity — — — — 33 — —
PPX (14)(19)(25) Preferred Equity — — — — 33 5,000 5,000
Beverage, Food & Tobacco Total 49,166 48,350 4.2 %
Interest Maturity Principal/ Market % of
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares Cost Value NAV (4)
Non-Controlled/Non-Affiliate Investments
Capital Equipment
AXH Air Coolers (3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 10/31/2029 — (59 ) —
AXH Air Coolers (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 10/31/2029 — (44 ) —
AXH Air Coolers (3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 10/31/2029 — (33 ) —
AXH Air Coolers (15)(19)(29) First Lien Senior Secured Loan SOFR 6.50% 10.93 % 10/31/2029 7,400 7,337 7,400
AXH Air Coolers (14)(19)(25) Preferred Equity — — — — 3,417 3,417 7,913
AXH Air Coolers (15)(19) First Lien Senior Secured Loan SOFR 5.50% 9.84 % 10/31/2029 16,562 16,438 16,562
DiversiTech (17) First Lien Senior Secured Loan SOFR 3.76% 8.09 % 12/22/2028 1 1 1
East BCC Coinvest II, LLC (14)(19)(25) Equity Interest — — — — 1,419 1,419 463
Ergotron Acquisition LLC (16)(19)(29) First Lien Senior Secured Loan SOFR 5.25% 9.61 % 7/6/2028 10,994 10,845 10,994
FCG Acquisitions, Inc. (14)(19)(25) Preferred Equity — — — — 4 — —
Jonathan Acquisition Company (18)(19) Second Lien Senior Secured Loan SOFR 9.10% 13.43 % 12/22/2027 8,000 7,892 8,000
TCFIII Owl Finance, LLC (19)(26) Subordinated Debt — 12.00% PIK 12.00 % 1/30/2027 6,167 6,134 6,167
Capital Equipment Total 53,347 57,500 5.0 %
Chemicals, Plastics & Rubber
AP Plastics Group, LLC (16)(19)(29) First Lien Senior Secured Loan SOFR 4.85% 9.40 % 8/10/2028 7,138 6,990 7,137
Aurora Plastics (16)(19)(29) First Lien Senior Secured Loan SOFR 4.85% 9.40 % 8/10/2028 2,193 2,171 2,193
Duraco (3)(19)(32) First Lien Senior Secured Loan - Revolver SOFR 6.50% 10.83 % 6/6/2029 398 371 358
Duraco (19)(29)(32) First Lien Senior Secured Loan SOFR 6.50% 10.94 % 6/6/2029 11,733 11,566 11,498
V Global Holdings LLC (16)(19) First Lien Senior Secured Loan EURIBOR 5.75% 8.78 % 12/22/2027 98 102 96
V Global Holdings LLC (16)(19)(29) First Lien Senior Secured Loan SOFR 5.90% 10.42 % 12/22/2027 5,744 5,682 5,557
V Global Holdings LLC (3)(16)(19) First Lien Senior Secured Loan - Revolver SOFR 5.85% 10.15 % 12/22/2025 5,661 5,615 5,346
Chemicals, Plastics & Rubber Total 32,497 32,185 2.8 %
Construction & Building
Chase Industries, Inc. (15)(19)(26) First Lien Senior Secured Loan SOFR 5.65% (1.50% PIK) 11.48 % 5/12/2025 27,374 26,762 26,074
Chase Industries, Inc. (15)(19)(26) First Lien Senior Secured Loan - Delayed Draw SOFR 5.65% (1.50% PIK) 11.48 % 5/12/2025 2,683 2,622 2,556
Chase Industries, Inc. (3)(15)(19)(26) First Lien Senior Secured Loan - Revolver SOFR 5.65% (1.50% PIK) 11.48 % 5/12/2025 909 849 828
Elk Parent Holdings, LP (14)(19)(25) Equity Interest — — — — 1 12 1,761
Elk Parent Holdings, LP (14)(19)(25) Preferred Equity — — — — 120 1,202 1,811
Service Master (15)(19)(26) First Lien Senior Secured Loan SOFR 5.86% (1.00% PIK) 11.22 % 8/16/2027 1,574 1,562 1,574
Service Master (14)(19)(25) Equity Interest — — — — — — —
Service Master (14)(19)(25) Preferred Equity — — — — — 169 228
Service Master (18)(19)(26) First Lien Senior Secured Loan SOFR 5.86% (1.00% PIK) 11.22 % 8/16/2027 921 913 921
Service Master (18)(19)(26) First Lien Senior Secured Loan SOFR 5.86% (1.00% PIK) 11.22 % 8/16/2027 3,167 3,167 3,167
Service Master (15)(19)(26) First Lien Senior Secured Loan SOFR 5.86% (1.00% PIK) 11.22 % 8/16/2027 7,589 7,523 7,589
Service Master (3)(18)(19)(26) First Lien Senior Secured Loan - Revolver SOFR 6.01% (1.00% PIK) 11.34 % 8/16/2027 16,288 16,206 16,288
Zeus Fire & Security (3)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 12/11/2030 — — —
Zeus Fire & Security (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 12/11/2030 — (20 ) (20 )
Zeus Fire & Security (15)(19) First Lien Senior Secured Loan SOFR 5.00% 9.45 % 12/11/2030 32,954 32,707 32,706
Construction & Building Total 93,674 95,483 8.4 %
Interest Maturity Principal/ Market % of
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares Cost Value NAV (4)
Non-Controlled/Non-Affiliate Investments
Consumer Goods: Durable
New Milani Group LLC (15)(19)(29) First Lien Senior Secured Loan SOFR 5.50% 9.93 % 6/6/2026 11,209 10,999 11,209
Stanton Carpet (15)(19) Second Lien Senior Secured Loan SOFR 9.15% 13.74 % 3/31/2028 11,434 11,284 11,434
Tangent Technologies Acquisition, LLC (15)(19) Second Lien Senior Secured Loan SOFR 8.90% 13.39 % 5/30/2028 8,915 8,802 8,915
TLC Holdco LP (14)(19)(25) Equity Interest — — — — 1,281 1,221 1,603
TLC Purchaser, Inc. (15)(19)(29) First Lien Senior Secured Loan SOFR 5.76% 10.11 % 10/11/2027 13,162 12,881 13,162
TLC Purchaser, Inc. (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 10/11/2027 — (40 ) —
Consumer Goods: Durable Total 45,147 46,323 4.1 %
Consumer Goods: Non-Durable
Evriholder (19)(29)(32) First Lien Senior Secured Loan SOFR 6.90% 11.23 % 1/24/2028 6,055 6,006 6,025
Fineline Technologies, Inc. (14)(19)(25) Equity Interest — — — — 939 939 1,288
Hempz (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 10/25/2029 — (15 ) (16 )
Hempz (15)(19) First Lien Senior Secured Loan SOFR 5.25% 9.58 % 10/25/2029 6,816 6,757 6,756
RoC Skincare (15)(19)(29) First Lien Senior Secured Loan SOFR 6.00% 10.52 % 2/21/2031 9,925 9,791 9,925
RoC Skincare (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 2/21/2030 — (25 ) —
Solaray, LLC (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 6.85% 11.21 % 12/15/2025 13,135 13,124 12,807
Solaray, LLC (15)(19)(29) First Lien Senior Secured Loan SOFR 6.85% 11.21 % 12/15/2025 28,521 28,521 27,808
Solaray, LLC (3)(18)(19) First Lien Senior Secured Loan - Revolver SOFR 5.60% 9.96 % 12/15/2025 9,219 9,209 9,219
WU Holdco, Inc. (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.00% 9.33 % 3/26/2027 1,661 1,646 1,661
WU Holdco, Inc. (15)(19)(29) First Lien Senior Secured Loan SOFR 5.00% 9.33 % 3/26/2027 36,897 36,719 36,897
WU Holdco, Inc. (3)(18)(19) First Lien Senior Secured Loan - Revolver SOFR 5.00% 9.33 % 3/26/2027 1,932 1,930 1,932
Consumer Goods: Non-Durable Total 114,602 114,302 10.0 %
Consumer Goods: Wholesale
WSP (15)(19)(26) First Lien Senior Secured Loan SOFR 1.15% (4.00% PIK) 9.74 % 4/27/2028 3,162 3,156 2,538
WSP (7)(14)(19)(26) First Lien Senior Secured Loan — 8.00% PIK 8.00 % 4/27/2028 2,044 1,995 235
WSP (14)(19)(25) Equity Interest — — — — — 12 2
WSP (14)(19)(25) Preferred Equity — — — — — 216 —
WSP (14)(19)(25) Equity Interest — — — — 2,898 2,898 —
WSP (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 4/27/2028 — (2 ) (40 )
Consumer Goods: Wholesale Total 8,275 2,735 0.2 %
Containers, Packaging & Glass
ASP-r-pac Acquisition Co LLC (16)(19)(29) First Lien Senior Secured Loan SOFR 6.26% 10.85 % 12/29/2027 5,784 5,668 5,784
ASP-r-pac Acquisition Co LLC (3)(16)(19) First Lien Senior Secured Loan - Revolver SOFR 6.11% 10.47 % 12/29/2027 696 653 696
Containers, Packaging & Glass Total 6,321 6,480 0.6 %
Energy: Electricity
WCI Gigawatt Purchaser (15)(19)(29) First Lien Senior Secured Loan SOFR 6.01% 10.53 % 11/19/2027 1,412 1,395 1,398
WCI Gigawatt Purchaser (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.86% 10.22 % 11/19/2027 1,365 1,330 1,314
Energy: Electricity Total 2,725 2,712 0.2 %

All values are in US Dollars.

Interest Maturity Principal/ Market % of
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares Cost Value NAV (4)
Non-Controlled/Non-Affiliate Investments
Environmental Industries
Reconomy (6)(18)(19) First Lien Senior Secured Loan SONIA 6.25% 10.95 % 7/12/2029 68 83 85
Reconomy (6)(18)(19) First Lien Senior Secured Loan EURIBOR 6.00% 8.68 % 7/12/2029 27 28 28
Reconomy (3)(5)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 7/12/2029 — (76 ) —
Titan Cloud Software, Inc (14)(19)(25) Equity Interest — — — — 3,532 3,532 5,184
Titan Cloud Software, Inc (18)(19)(26) First Lien Senior Secured Loan SOFR 2.00% (4.60% PIK) 11.03 % 9/7/2029 26,640 26,460 26,640
Titan Cloud Software, Inc (3)(18)(19)(26) First Lien Senior Secured Loan - Revolver SOFR 2.00% (4.60% PIK) 11.03 % 9/7/2028 1,866 1,831 1,866
Titan Cloud Software, Inc (18)(19)(26) First Lien Senior Secured Loan - Delayed Draw SOFR 2.00% (4.60% PIK) 10.95 % 9/7/2029 11,960 11,887 11,960
Environmental Industries Total 43,745 45,763 4.0 %
FIRE: Finance
Allworth (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.00% 9.36 % 12/23/2027 161 121 161
Allworth Financial Group, L.P. (15)(19)(29) First Lien Senior Secured Loan - Delayed Draw SOFR 5.00% 9.36 % 12/23/2027 856 848 856
Allworth Financial Group, L.P. (15)(19)(29) First Lien Senior Secured Loan SOFR 5.00% 9.36 % 12/23/2027 1,474 1,464 1,474
Allworth Financial Group, L.P. (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 12/23/2027 — (9 ) —
Choreo (3)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 2/18/2028 — — —
Congress Wealth (3)(18)(19)(29) First Lien Senior Secured Loan - Delayed Draw — — — 6/30/2029 — — —
Congress Wealth (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.60% 9.93 % 6/30/2029 317 314 317
Congress Wealth (3)(18)(19) First Lien Senior Secured Loan - Revolver — — — 6/30/2029 — — —
Congress Wealth (14)(19)(25) Equity Interest — — — — 16 323 534
Insigneo Financial Group LLC (19)(26) First Lien Senior Secured Loan — 10.00% PIK 10.00 % 8/1/2027 2,020 2,035 2,020
Insigneo Financial Group LLC (14)(19)(25) Equity Interest — — — — 534 535 2,419
Insigneo Financial Group LLC (15)(19) First Lien Senior Secured Loan SOFR 6.60% 11.02 % 8/1/2028 267 261 267
Lagerbox (3)(6)(18)(19) First Lien Senior Secured Loan — — — 12/20/2028 — — —
Parmenion (6)(18)(19) First Lien Senior Secured Loan SONIA 5.50% 10.20 % 5/11/2029 295 369 370
PMA (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 1/31/2031 — (18 ) (18 )
PMA (16)(19) First Lien Senior Secured Loan SOFR 5.25% 9.58 % 1/31/2031 58 57 57
TA/Weg Holdings (15)(19)(29) First Lien Senior Secured Loan - Delayed Draw SOFR 5.00% 9.50 % 10/2/2028 9,209 9,209 9,209
TA/Weg Holdings (15)(19)(29) First Lien Senior Secured Loan - Delayed Draw SOFR 5.00% 9.50 % 10/2/2028 2,325 2,320 2,325
Wealth Enhancement Group (WEG) (3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 10/4/2028 — (36 ) —
Wealth Enhancement Group (WEG) (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.00% 9.31 % 10/2/2028 5,972 5,891 5,972
Wealth Enhancement Group (WEG) (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 10/2/2028 — (12 ) —
FIRE: Finance Total 23,672 25,963 2.3 %
Interest Maturity Principal/ Market % of
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares Cost Value NAV (4)
Non-Controlled/Non-Affiliate Investments
FIRE: Insurance
Margaux Acquisition Inc. (16)(19)(29) First Lien Senior Secured Loan SOFR 5.65% 9.96 % 12/19/2025 11,919 11,874 11,919
Margaux Acquisition Inc. (16)(19) First Lien Senior Secured Loan - Revolver SOFR 5.60% 10.15 % 12/19/2025 2,872 2,870 2,872
Margaux UK Finance Limited (6)(18)(19) First Lien Senior Secured Loan - Revolver SONIA 5.50% 10.32 % 12/19/2025 499 657 625
McLarens Acquisition Inc. (3)(16)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.65% 10.00 % 12/16/2025 750 747 750
MRHT (3)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw EURIBOR 6.25% 9.13 % 2/1/2029 5,765 6,121 5,966
MRHT (6)(15)(19) First Lien Senior Secured Loan EURIBOR 6.50% 9.53 % 2/1/2029 956 1,020 990
PCF (3)(16)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.50% 9.83 % 11/1/2028 9,232 9,194 9,231
Simplicity (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 12/31/2031 — (43 ) (43 )
Simplicity (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 12/31/2031 — (43 ) (43 )
Simplicity (16)(19)(29) First Lien Senior Secured Loan SOFR 5.00% 9.28 % 12/31/2031 35,437 35,082 35,082
FIRE: Insurance Total 67,479 67,349 5.9 %
Healthcare & Pharmaceuticals
AEG Vision (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.90% 10.23 % 3/27/2027 4,200 3,609 4,200
AEG Vision (18)(19)(29) First Lien Senior Secured Loan - Delayed Draw SOFR 5.90% 10.23 % 3/27/2026 16,350 16,184 16,350
AEG Vision (3)(18)(19)(29) First Lien Senior Secured Loan - Delayed Draw SOFR 5.90% 10.23 % 3/27/2026 10,545 10,367 10,545
AEG Vision (18)(19)(29) First Lien Senior Secured Loan SOFR 5.90% 10.23 % 3/27/2026 2,059 2,037 2,059
Apollo Intelligence (14)(19)(25) Equity Interest — — — — 34 3,378 3,191
Apollo Intelligence (16)(19)(29) First Lien Senior Secured Loan SOFR 5.75% 10.27 % 5/31/2028 15,078 15,198 15,078
Apollo Intelligence (3)(16)(19) First Lien Senior Secured Loan - Revolver SOFR 5.75% 10.07 % 5/31/2028 5,208 5,167 5,208
Apollo Intelligence (3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 5/31/2028 — (55 ) —
Beacon Specialized Living (3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 3/25/2028 — (117 ) —
Beacon Specialized Living (15)(19)(29) First Lien Senior Secured Loan SOFR 5.50% 9.83 % 3/25/2028 8,610 8,530 8,610
Beacon Specialized Living (3)(18)(19) First Lien Senior Secured Loan - Revolver — — — 3/25/2028 — — —
CB Titan Holdings, Inc. (14)(19)(25) Preferred Equity — — — — 1,953 1,953 —
EHE Health (2)(3)(18)(19) First Lien Senior Secured Loan - Revolver — — — 8/7/2030 — — (34 )
EHE Health (15)(19)(29) First Lien Senior Secured Loan SOFR 5.50% 9.83 % 8/7/2030 10,869 10,764 10,760
EHE Health (14)(19)(25) Equity Interest — — — — 2,178 2,178 2,178
Great Expressions Dental Center PC (15)(19)(26) First Lien Senior Secured Loan SOFR 1.15% (3.00% PIK) 8.48 % 9/30/2026 9,814 9,828 8,637
HealthDrive (15)(19) First Lien Senior Secured Loan SOFR 6.10% 10.46 % 8/20/2029 1,908 1,908 1,908
HealthDrive (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 6.10% 10.46 % 8/20/2029 271 271 271
HealthDrive (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 6.10% 10.46 % 8/20/2029 607 600 607
HealthDrive (3)(18)(19) First Lien Senior Secured Loan - Revolver — — — 8/20/2029 — — —
HealthDrive (14)(19)(25) Preferred Equity — — — — 18 1,822 1,860
Masco (6)(18)(19)(26) Subordinated Debt EURIBOR 10.00% PIK 13.25 % 10/4/2032 5,000 5,350 5,097
Mertus 522. GmbH (6)(18)(19)(26) First Lien Senior Secured Loan EURIBOR 6.25% (0.75% PIK) 9.69 % 5/28/2026 227 252 227
Mertus 522. GmbH (6)(18)(19)(26) First Lien Senior Secured Loan EURIBOR 6.25% (0.75% PIK) 9.65 % 5/28/2026 133 145 132
Nafinco (2)(3)(5)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 8/29/2031 — (25 ) (50 )
Nafinco (6)(18)(19) First Lien Senior Secured Loan EURIBOR 5.25% 7.97 % 8/29/2031 52 56 53
Nafinco (3)(6)(18)(19) First Lien Senior Secured Loan - Revolver EURIBOR 5.25% 8.02 % 5/30/2031 215 220 210
Interest Maturity Principal/ Market % of
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares Cost Value NAV (4)
Non-Controlled/Non-Affiliate Investments
Healthcare & Pharmaceuticals Continued
Odyssey Behavioral Health (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 11/21/2030 — (89 ) (91 )
Odyssey Behavioral Health (15)(19) First Lien Senior Secured Loan SOFR 5.25% 9.77 % 11/21/2030 37,128 36,668 36,664
Odyssey Behavioral Health (14)(19)(25) Equity Interest — — — — 22 2,234 2,234
Pharmacy Partners (19)(32) First Lien Senior Secured Loan SOFR 6.50% 11.01 % 2/28/2029 1,690 1,672 1,690
Pharmacy Partners (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 2/28/2029 — (57 ) —
Premier Imaging, LLC (15)(19)(29) First Lien Senior Secured Loan SOFR 6.26% 10.59 % 3/31/2026 7,926 7,925 7,133
Premier Imaging, LLC (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 6.26% 10.59 % 3/31/2026 2,137 2,137 1,924
Red Nucleus (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 10/17/2031 — (25 ) (25 )
Red Nucleus (3)(16)(19) First Lien Senior Secured Loan - Revolver SOFR 5.25% 9.58 % 10/17/2031 418 385 384
Red Nucleus (16)(19) First Lien Senior Secured Loan SOFR 5.25% 9.58 % 10/17/2031 4,414 4,359 4,359
SunMed Group Holdings, LLC (16)(19)(29) First Lien Senior Secured Loan SOFR 5.60% 10.19 % 6/16/2028 8,518 8,430 8,518
Sunmed Group Holdings, LLC (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 6/16/2027 — (6 ) —
Healthcare & Pharmaceuticals Total 163,253 159,887 14.0 %
High Tech Industries
Access (6)(18)(19) First Lien Senior Secured Loan SONIA 5.25% 9.95 % 6/28/2029 80 99 100
Applitools (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 5/25/2028 — (19 ) (51 )
Applitools (6)(16)(19)(26) First Lien Senior Secured Loan SOFR 6.25% PIK 10.58 % 5/25/2029 19,490 19,382 19,197
Appriss Holdings, Inc. (14)(19)(25) Equity Interest — — — — 2,136 1,606 1,788
Appriss Holdings, Inc. (15)(19) First Lien Senior Secured Loan SOFR 7.25% 12.08 % 5/6/2027 11,038 10,933 11,038
Appriss Holdings, Inc. (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 5/6/2027 — (6 ) —
AQ Software Corporation (14)(19)(25) Preferred Equity — — — — 1 1,107 1,073
AQ Software Corporation (14)(19)(25) Preferred Equity — — — — 2 1,844 1,787
AQ Software Corporation (14)(19)(25) Preferred Equity — — — — 1 507 491
Black Mountain (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 10/7/2030 — (52 ) (59 )
Black Mountain (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 10/7/2030 — (35 ) (39 )
Black Mountain (18)(19) First Lien Senior Secured Loan SOFR 5.00% 9.33 % 10/7/2030 13,420 13,322 13,319
Chartbeat (19)(25)(26) Preferred Equity — 14.00% PIK 14.00 % 10/4/2030 5,171 5,074 5,068
Cloud Technology Solutions (CTS) (6)(15)(19) First Lien Senior Secured Loan - Delayed Draw SONIA 7.00% 11.70 % 10/17/2031 2,000 2,537 2,491
Cloud Technology Solutions (CTS) (6)(14)(19)(25) Preferred Equity — — — — 4,408 5,360 5,233
Eagle Rock Capital Corporation (14)(19)(25) Preferred Equity — — — — 3,345 3,345 5,470
Element Buyer, Inc. (15)(19)(29) First Lien Senior Secured Loan SOFR 5.85% 10.21 % 7/19/2026 10,989 10,996 10,989
Element Buyer, Inc. (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 7/19/2026 — (12 ) —
Eleven Software (14)(19)(25) Preferred Equity — — — — 109 109 129
Eleven Software (14)(19)(25) Preferred Equity — — — — 896 896 1,067
Eleven Software (18)(19) First Lien Senior Secured Loan SOFR 8.25% 12.58 % 4/25/2027 7,439 7,396 7,439
Eleven Software (18)(19) First Lien Senior Secured Loan - Revolver SOFR 8.10% 12.46 % 9/25/2026 1,488 1,482 1,488
LogRhythm (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 7/2/2029 — (11 ) (25 )
NearMap (3)(5)(6)(18)(19) First Lien Senior Secured Loan - Revolver — — — 12/9/2029 — (64 ) —
Interest Maturity Principal/ Market % of
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares Cost Value NAV (4)
Non-Controlled/Non-Affiliate Investments
High Tech Industries Continued
PayRange (14)(19)(25) Equity Interest — — — — 4,527 4,527 4,527
PayRange (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 10/31/2030 — (40 ) (41 )
PayRange (15)(19) First Lien Senior Secured Loan SOFR 5.25% 9.61 % 10/31/2030 7,150 7,080 7,079
RetailNext (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 12/5/2030 — (31 ) (31 )
RetailNext (15)(19) First Lien Senior Secured Loan SOFR 7.00% 11.47 % 12/5/2030 17,007 16,841 16,837
Revalize, Inc. (14)(19)(25) Preferred Equity — — — — 1 1,431 1,401
Revalize, Inc. (15)(19)(29) First Lien Senior Secured Loan - Delayed Draw SOFR 5.90% 10.49 % 4/15/2027 5,250 5,223 5,040
Revalize, Inc. (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.90% 10.49 % 4/15/2027 1,969 1,959 1,890
Revalize, Inc. (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.85% 10.21 % 4/15/2027 972 966 918
SAM (19)(26) First Lien Senior Secured Loan — 13.50% PIK 13.50 % 5/9/2028 38,517 38,335 38,517
SensorTower (14)(19)(25) Equity Interest — — — — 156 2,400 5,772
SensorTower (19)(29)(31) First Lien Senior Secured Loan SOFR 7.50% 11.85 % 3/15/2029 24,007 23,690 24,007
SensorTower (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 3/15/2029 — (13 ) —
Superna Inc. (2)(3)(5)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 3/6/2028 — (14 ) (26 )
Superna Inc. (2)(3)(5)(6)(18)(19) First Lien Senior Secured Loan - Revolver — — — 3/6/2028 — (14 ) (26 )
Superna Inc. (6)(14)(19)(25) Equity Interest — — — — 1,463 1,463 1,747
Superna Inc. (6)(15)(19) First Lien Senior Secured Loan SOFR 6.50% 10.93 % 3/6/2028 2,706 2,674 2,679
Utimaco (6)(14)(19)(25) Equity Interest — — — — 2 2,223 2,064
Utimaco (6)(14)(19)(25) Preferred Equity — — — — 2 2,223 2,064
Utimaco (6)(18)(19) First Lien Senior Secured Loan EURIBOR 6.25% 9.15 % 5/14/2029 92 98 95
Utimaco (6)(16)(19) First Lien Senior Secured Loan SOFR 6.51% 11.08 % 5/14/2029 128 127 127
Utimaco (6)(16)(19) First Lien Senior Secured Loan SOFR 6.51% 11.08 % 5/14/2029 262 260 259
Ventiv Holdco, Inc. (14)(19)(25) Equity Interest — — — — 529 2,833 909
High Tech Industries Total 200,037 203,801 17.9 %
Hotel, Gaming & Leisure
Aimbridge Acquisition Co., Inc. (7)(18)(19) Second Lien Senior Secured Loan SOFR 7.76% 12.33 % 2/1/2027 14,193 13,868 1,420
Awayday (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.25% 9.58 % 9/6/2031 2,997 2,997 2,979
Awayday (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 9/6/2031 — (45 ) (61 )
Awayday (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.25% 9.58 % 9/6/2030 493 477 485
Awayday (15)(19)(29) First Lien Senior Secured Loan SOFR 5.25% 9.58 % 9/6/2031 19,290 19,107 19,194
City BBQ (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 9/4/2030 — (39 ) —
City BBQ (15)(19)(29) First Lien Senior Secured Loan SOFR 5.45% 9.87 % 9/4/2030 15,341 15,214 15,341
City BBQ (14)(19)(25) Preferred Equity — — — — 5 1,271 1,313
City BBQ (3)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 9/4/2030 — — —
Concert Golf Partners Holdco (16)(19)(29) First Lien Senior Secured Loan SOFR 4.75% 9.13 % 4/1/2030 6,692 6,597 6,692
Concert Golf Partners Holdco LLC (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 4/2/2029 — (27 ) —
Pyramid Global Hospitality (19)(24)(29) First Lien Senior Secured Loan SOFR 5.25% 9.88 % 1/19/2028 5,299 5,279 5,299
Pyramid Global Hospitality (19)(24)(29) First Lien Senior Secured Loan SOFR 5.25% 9.88 % 1/19/2028 9,825 9,628 9,825
Pyramid Global Hospitality (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 1/19/2028 — (53 ) —
Pollo Tropical (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 10/23/2029 — (12 ) (12 )
Pollo Tropical (15)(19) First Lien Senior Secured Loan SOFR 5.25% 9.88 % 10/23/2029 6,181 6,104 6,103
Hotel, Gaming & Leisure Total 80,366 68,578 6.0 %
Interest Maturity Principal/ Market % of
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares Cost Value NAV (4)
Non-Controlled/Non-Affiliate Investments
Media: Advertising, Printing & Publishing
AdThrive (18) First Lien Senior Secured Loan SOFR 4.36% 8.72 % 3/23/2028 $ 4,961 4,885 4,938
Facts Global Energy (2)(3)(5)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 12/20/2031 $ — (47 ) (47 )
Facts Global Energy (2)(3)(5)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 12/20/2031 $ — (31 ) (31 )
Facts Global Energy (2)(3)(5)(6)(18)(19) First Lien Senior Secured Loan - Revolver — — — 6/20/2031 $ — (16 ) (16 )
Facts Global Energy (2)(3)(5)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 12/20/2031 $ — (67 ) (67 )
Kpler (6)(15)(19) First Lien Senior Secured Loan SONIA 6.25% 11.12 % 3/3/2030 £ 100 120 125
Kpler (6)(15)(19) First Lien Senior Secured Loan EURIBOR 6.25% 9.63 % 3/3/2030 € 100 106 103
Kpler (6)(18)(19) First Lien Senior Secured Loan - Delayed Draw EURIBOR 6.25% 9.63 % 3/3/2030 € 100 106 103
OGH Bidco Limited (3)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw SONIA 6.50% 11.70 % 6/29/2029 £ 2,217 2,608 2,370
OGH Bidco Limited (6)(18)(19) First Lien Senior Secured Loan SONIA 6.50% 11.70 % 6/29/2029 £ 139 164 165
TGI Sport Bidco Pty Ltd (6)(17)(19) First Lien Senior Secured Loan - Delayed Draw SONIA 6.12% 10.82 % 6/24/2029 £ 69 88 87
TGI Sport Bidco Pty Ltd (6)(18)(19) First Lien Senior Secured Loan BBSY 7.00% 11.36 % 4/30/2026 AUD 98 76 61
TGI Sport Bidco Pty Ltd (6)(18)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 7.11% 11.47 % 4/30/2026 AUD 4,187 2,866 2,866
Media: Advertising, Printing & Publishing Total 10,858 10,657 0.9 %
Media: Broadcasting & Subscription
Lightning Finco Limited (6)(16)(19) First Lien Senior Secured Loan SOFR 5.68% 10.09 % 8/31/2028 $ 1,443 1,437 1,443
Lightning Finco Limited (6)(16)(19) First Lien Senior Secured Loan EURIBOR 5.25% 7.83 % 8/31/2028 € 1,300 1,427 1,346
Media: Broadcasting & Subscription Total 2,864 2,789 0.2 %
Media: Diversified & Production
Aptus 1724 Gmbh (6)(19)(21)(26) First Lien Senior Secured Loan - Delayed Draw SOFR 6.15% (1.50% PIK) 12.08 % 2/23/2028 $ 5,043 5,043 4,286
Efficient Collaborative Retail Marketing Company, LLC (15)(19)(26) First Lien Senior Secured Loan SOFR 7.76% (1.50% PIK) 13.59 % 12/31/2025 $ 11,186 9,336 9,061
Efficient Collaborative Retail Marketing Company, LLC (15)(19)(26) First Lien Senior Secured Loan SOFR 7.76% (1.50% PIK) 13.59 % 12/31/2025 $ 17,215 14,328 13,944
Efficient Collaborative Retail Marketing Company, LLC (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 6.76% 11.09 % 12/31/2025 $ 1,244 1,244 1,244
Music Creation Group Bidco GmbH (6)(18)(19)(26) First Lien Senior Secured Loan SOFR 6.15% (1.50% PIK) 12.08 % 2/23/2028 $ 4,108 4,047 3,492
Media: Diversified & Production Total 33,998 32,027 2.8 %

All values are in US Dollars.

Interest Maturity Principal/ Market % of
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares Cost Value NAV (4)
Non-Controlled/Non-Affiliate Investments
Retail
Galeria (6)(19)(26) First Lien Senior Secured Loan - Delayed Draw — 15.00% PIK 15.00 % 4/9/2029 € 8,943 9,577 9,255
Galeria (6)(14)(19)(25) Equity Interest — — — — 101 22 21
New Look Vision Group (6)(15)(19) First Lien Senior Secured Loan - Delayed Draw CORRA 5.82% 8.99 % 5/26/2028 CAD 28 27 20
New Look Vision Group (3)(6)(15)(19) First Lien Senior Secured Loan - Revolver CORRA 5.82% 9.03 % 5/26/2026 CAD 806 548 560
New Look Vision Group (6)(15)(19) First Lien Senior Secured Loan - Delayed Draw CORRA 5.82% 8.99 % 5/26/2028 CAD 54 43 38
New Look Vision Group (6)(18)(19)(26) First Lien Senior Secured Loan - Delayed Draw SOFR 4.15% (2.00% PIK) 10.48 % 5/26/2028 $ 387 387 387
Thrasio, LLC (15)(19)(26) First Lien Senior Secured Loan SOFR 10.26% PIK 14.89 % 6/18/2029 $ 4,561 4,575 4,014
Thrasio, LLC (14)(19)(25) Equity Interest — — — — 8 777 289
Thrasio, LLC (14)(19)(25) Equity Interest — — — — 70 6,997 2,593
Thrasio, LLC (15)(19)(26) First Lien Senior Secured Loan SOFR 10.26% PIK 14.89 % 6/18/2029 $ 1,487 1,487 1,487
Retail Total 24,440 18,664 1.6 %
Services: Business
ACAMS (14)(19)(25) Equity Interest — — — — 3,337 3,337 2,070
Advanced Aircrew (2)(3)(18)(19) First Lien Senior Secured Loan - Revolver — — — 7/26/2030 $ — — (3 )
Advanced Aircrew (15)(19) First Lien Senior Secured Loan SOFR 6.50% 10.86 % 7/26/2030 $ 5,094 5,045 5,069
Advanced Aircrew (14)(19)(25) Preferred Equity — — — — 592 592 610
Allbridge (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 6/5/2030 $ — (26 ) —
Allbridge (15)(19)(29) First Lien Senior Secured Loan SOFR 5.75% 10.08 % 6/5/2030 $ 14,140 14,042 14,140
Allbridge (3)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 6/5/2030 $ — — —
AMI (3)(16)(19) First Lien Senior Secured Loan - Revolver SOFR 5.25% 9.69 % 10/17/2031 $ 1,109 1,075 1,075
AMI (16)(19)(29) First Lien Senior Secured Loan SOFR 5.25% 9.69 % 10/17/2031 $ 9,274 9,205 9,204
Avalon Acquiror, Inc. (15)(19)(29) First Lien Senior Secured Loan SOFR 6.25% 10.58 % 3/10/2028 $ 14,280 14,191 13,995
Avalon Acquiror, Inc. (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 6.25% 10.77 % 3/10/2028 $ 5,882 5,781 5,714
Beneficium (2)(3)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 6/28/2031 £ — — (45 )
Beneficium (6)(15)(19) First Lien Senior Secured Loan SONIA 5.50% 10.20 % 6/28/2031 £ 7,497 9,388 9,338
Brook Bidco (6)(14)(19)(25) Preferred Equity — — — — 5,675 7,783 7,730
Brook Bidco (6)(18)(19)(26) First Lien Senior Secured Loan SONIA 4.03% (3.50% PIK) 12.01 % 7/10/2028 £ 861 1,159 1,067
Chamber Bidco Limited (6)(18)(19) First Lien Senior Secured Loan SOFR 5.75% 10.12 % 6/2/2028 $ 213 212 213
Cube (3)(18)(19) First Lien Senior Secured Loan — — — 2/20/2025 $ — — —
Cube (3)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 5/20/2031 $ — — —
Cube (18)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 6.25% 10.59 % 5/20/2031 $ 8,651 8,651 8,651
Darcy Partners (14)(19)(25) Equity Interest — — — — 359 360 501
Darcy Partners (18)(19) First Lien Senior Secured Loan SOFR 7.75% 12.17 % 6/1/2028 $ 1,496 1,486 1,496
Darcy Partners (3)(18)(19) First Lien Senior Secured Loan - Revolver SOFR 7.65% 12.17 % 6/1/2028 $ 105 105 105
Datix Bidco Limited (3)(5)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 4/30/2031 $ — (26 ) —
Datix Bidco Limited (3)(6)(17)(19) First Lien Senior Secured Loan - Revolver SOFR 5.50% 9.86 % 10/30/2030 $ 288 247 288
Datix Bidco Limited (17)(19) First Lien Senior Secured Loan SOFR 5.50% 9.93 % 4/30/2031 $ 16,626 16,333 16,626
Discovery Senior Living (3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 3/18/2030 $ — (62 ) —
Discovery Senior Living (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 3/18/2030 $ — (25 ) —
DTIQ (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 9/30/2029 $ — (38 ) (94 )
DTIQ (2)(3)(18)(19) First Lien Senior Secured Loan - Revolver — — — 9/30/2029 $ — — (71 )
DTIQ (13)(19)(29) First Lien Senior Secured Loan SOFR 7.50% 11.86 % 9/30/2029 $ 16,735 16,449 16,442

All values are in US Dollars.

Interest Maturity Principal/ Market % of
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares Cost Value NAV (4)
Non-Controlled/Non-Affiliate Investments
Services: Business Continued
DTIQ (14)(19)(25) Equity Interest — — — — 3,995 — —
Easy Ice (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 10/30/2030 — (76 ) (78 )
Easy Ice (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 10/30/2030 — (76 ) (78 )
Easy Ice (15)(19) First Lien Senior Secured Loan SOFR 5.40% 9.99 % 10/30/2030 37,563 37,008 36,999
Elevator Holdco Inc. (14)(19)(25) Equity Interest — — — — 2 2,448 3,374
E-Tech Group (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 4/9/2030 — (11 ) (13 )
iBanFirst (6)(18)(19)(26) First Lien Senior Secured Loan - Delayed Draw EURIBOR 9.75% PIK 12.59 % 7/13/2028 3,541 3,633 3,665
iBanFirst (6)(18)(19)(26) First Lien Senior Secured Loan EURIBOR 10.00% PIK 13.00 % 7/13/2028 3668 3,818 3,797
iBanFirst (6)(18)(19)(26) First Lien Senior Secured Loan EURIBOR 10.00% PIK 13.00 % 7/13/2028 99 104 102
iBanFirst (6)(18)(19)(26) First Lien Senior Secured Loan EURIBOR 10.00% PIK 13.00 % 7/13/2028 3,858 3,969 3,993
iBanFirst Facility (6)(14)(19)(25) Preferred Equity — — — — 7,112 8,136 23,031
ImageTrend (15)(19) First Lien Senior Secured Loan SOFR 7.75% 12.11 % 1/31/2029 2,500 2,475 2,500
ImageTrend (15)(19) First Lien Senior Secured Loan SOFR 7.75% 12.34 % 1/31/2029 17,000 16,797 17,000
ImageTrend (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 1/31/2029 — (41 ) —
Learning Pool (6)(16)(19)(26) First Lien Senior Secured Loan SOFR 4.18% (3.50% PIK) 12.51 % 7/10/2028 345 459 452
Learning Pool (6)(16)(19)(26) First Lien Senior Secured Loan SOFR 4.18% (3.50% PIK) 12.51 % 7/10/2028 123 164 162
masLabor (14)(19)(25) Equity Interest — — — — 173 173 433
masLabor (18)(19) First Lien Senior Secured Loan SOFR 7.50% 11.81 % 7/1/2027 8,319 8,186 8,319
Opus2 (6)(14)(19)(25) Equity Interest — — — — 2,272 2,900 3,223
Opus2 (6)(18)(19) First Lien Senior Secured Loan SONIA 5.53% 10.48 % 5/5/2028 123 168 154
Orion (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 3/19/2027 — (11 ) (11 )
Orion (2)(3)(5)(15)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 3/19/2027 — (3 ) (3 )
Orion (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.00% 9.69 % 3/19/2027 204 200 200
Orion (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 3/19/2027 — (15 ) (16 )
Orion (15)(19) First Lien Senior Secured Loan SOFR 5.25% 9.77 % 3/19/2027 4,274 4,227 4,226
Pure Wafer (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 11/12/2030 — (10 ) (10 )
Pure Wafer (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 11/12/2030 — (19 ) (20 )
Pure Wafer (15)(19) First Lien Senior Secured Loan SOFR 5.60% 10.05 % 11/12/2030 10,916 10,809 10,807
Pure Wafer (14)(19)(25) Equity Interest — — — — 1,236 1,236 1,236
Rydoo (6)(15)(19) First Lien Senior Secured Loan - Delayed Draw EURIBOR 6.75% 9.95 % 9/12/2031 1,556 1,722 1,594
Rydoo (6)(14)(19)(25) Preferred Equity — — — — 200 223 213
Rydoo (6)(14)(19)(25) Equity Interest — — — — 466 520 475
Smartronix (15)(19)(29) First Lien Senior Secured Loan SOFR 6.10% 10.35 % 11/23/2028 12,381 12,228 12,381
Smartronix (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 11/23/2027 — (70 ) —
Smartronix (15)(19) First Lien Senior Secured Loan SOFR 6.10% 10.35 % 11/23/2028 3,660 3,585 3,660
SoftCo (6)(14)(19)(25) Equity Interest — — — — 500 542 580
SoftCo (6)(15)(19) First Lien Senior Secured Loan EURIBOR 7.00% 9.91 % 2/22/2031 2,000 2,145 2,070
Spring Finco BV (3)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 7/15/2029 NOK — — —
TEI Holdings Inc. (17)(29) First Lien Senior Secured Loan SOFR 4.00% 8.43 % 4/9/2031 2,647 2,635 2,665
TES Global (3)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 1/27/2029 — — —
Webcentral (2)(3)(5)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 12/18/2030 — (22 ) (22 )
Webcentral (3)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw EURIBOR 6.25% 9.20 % 12/18/2030 575 601 595
Services: Business Total 246,021 261,776 23.1 %
Interest Maturity Principal/ Market % of
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares Cost Value NAV (4)
Non-Controlled/Non-Affiliate Investments
Services: Consumer
Master ConcessionAir (3)(19)(33) First Lien Senior Secured Loan - Delayed Draw SOFR 8.50% 12.94 % 6/21/2029 36 35 36
Master ConcessionAir (19)(33) First Lien Senior Secured Loan - Revolver SOFR 8.50% 13.16 % 6/21/2029 224 220 219
Master ConcessionAir (19)(33) First Lien Senior Secured Loan SOFR 8.50% 12.84 % 6/21/2029 1,820 1,785 1,784
MZR Aggregator (14)(19)(25) Equity Interest — — — — — 12 —
MZR Aggregator (14)(19)(25) Equity Interest — — — — 1 798 420
MZR Buyer, LLC (15)(19)(29) First Lien Senior Secured Loan SOFR 6.85% 11.21 % 12/22/2026 11,780 11,684 11,427
MZR Buyer, LLC (15)(19) First Lien Senior Secured Loan - Revolver SOFR 7.00% 11.28 % 12/22/2026 5,210 5,175 5,053
Spotless Brands (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.50% 9.78 % 7/25/2028 9,525 9,423 9,525
Surrey Bidco Limited (6)(7)(14)(18)(19)(26) First Lien Senior Secured Loan SONIA 6.28% PIK 11.23 % 5/11/2026 68 77 51
Services: Consumer Total 29,209 28,515 2.5 %
Telecommunications
Meriplex Communications, Ltd. (16)(19)(29) First Lien Senior Secured Loan SOFR 5.10% 9.46 % 7/17/2028 12,075 11,914 11,894
Meriplex Communications, Ltd. (16)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.10% 9.46 % 7/17/2028 7,193 7,128 7,085
Meriplex Communications, Ltd. (16)(19) First Lien Senior Secured Loan - Revolver SOFR 5.10% 9.46 % 7/17/2028 2,824 2,791 2,782
Taoglas (14)(19)(25) Equity Interest — — — — 20 20 19
Taoglas (14)(19)(25) Equity Interest — — — — 2,259 2,259 2,082
Taoglas (15)(19)(29) First Lien Senior Secured Loan SOFR 7.25% 11.58 % 2/28/2029 9,978 9,897 9,829
Taoglas (2)(3)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 2/28/2029 — — (55 )
Taoglas (3)(6)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 7.25% 11.93 % 2/28/2029 1,284 1,284 1,264
Taoglas (6)(15)(19) First Lien Senior Secured Loan SOFR 7.25% 11.58 % 2/28/2029 448 438 442
Telecommunications Total 35,731 35,342 3.1 %
Transportation: Cargo
A&R Logistics, Inc. (15)(19)(26) First Lien Senior Secured Loan SOFR 5.50% (1.25% PIK) 11.21 % 8/3/2026 926 909 888
A&R Logistics, Inc. (15)(19)(26) First Lien Senior Secured Loan SOFR 5.50% (1.25% PIK) 11.21 % 8/3/2026 2,374 2,370 2,279
A&R Logistics, Inc. (15)(19)(26) First Lien Senior Secured Loan SOFR 5.50% (1.25% PIK) 11.21 % 8/3/2026 2,661 2,658 2,555
A&R Logistics, Inc. (15)(19)(26) First Lien Senior Secured Loan SOFR 5.50% (1.25% PIK) 11.21 % 8/3/2026 5,853 5,843 5,619
A&R Logistics, Inc. (15)(19)(26)(29) First Lien Senior Secured Loan SOFR 5.50% (1.25% PIK) 11.21 % 8/3/2026 12,980 12,956 12,461
A&R Logistics, Inc. (3)(15)(19)(22)(26) First Lien Senior Secured Loan - Revolver SOFR 2.60% (4.25% PIK) 11.30 % 8/3/2026 3,695 3,634 3,449
ARL Holdings, LLC (14)(19)(25) Equity Interest — — — — — 445 158
ARL Holdings, LLC (14)(19)(25) Equity Interest — — — — 9 9 —
Grammer Investment Holdings LLC (14)(19)(25) Warrants — — — — 122 — —
Grammer Investment Holdings LLC (14)(19)(25) Equity Interest — — — — 1,011 1,019 347
Grammer Investment Holdings LLC (19)(25)(26) Preferred Equity — 10.00% PIK 10.00 % — 11 1,095 1,160
Gulf Winds International (15)(19) First Lien Senior Secured Loan SOFR 7.60% 11.96 % 12/16/2028 1,077 1,067 1,042
Gulf Winds International (15)(19)(29) First Lien Senior Secured Loan SOFR 7.60% 11.96 % 12/16/2028 12,005 11,737 11,615
Gulf Winds International (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 7.60% 11.96 % 12/16/2028 3,704 3,600 3,532
REP Coinvest III- A Omni, L.P. (14)(19)(25) Equity Interest — — — — 1,377 1,377 969
RoadOne (15)(19)(29) First Lien Senior Secured Loan SOFR 6.25% 10.84 % 12/29/2028 12,005 11,733 12,005
RoadOne (3)(18)(19) First Lien Senior Secured Loan - Revolver SOFR 6.25% 10.81 % 12/29/2028 998 910 998
RoadOne (18)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 6.25% 10.77 % 12/29/2028 939 925 939
Transportation: Cargo Total 62,287 60,016 5.3 %
Interest Maturity Principal/ Market % of
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares Cost Value NAV (4)
Non-Controlled/Non-Affiliate Investments
Transportation: Consumer
PrimeFlight Acquisition LLC (15)(19) First Lien Senior Secured Loan SOFR 5.25% 9.58 % 5/1/2029 $ 4,055 3,998 4,055
PrimeFlight Acquisition LLC (15)(19)(29) First Lien Senior Secured Loan SOFR 5.50% 10.58 % 5/1/2029 $ 12,066 11,874 12,066
PrimeFlight Acquisition LLC (15)(19) First Lien Senior Secured Loan SOFR 5.50% 9.83 % 5/1/2029 $ 835 835 835
Transportation: Consumer Total 16,707 16,956 1.6 %
Utilities: Water
Vessco Water (3)(16)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 4.75% 9.03 % 7/24/2031 $ 879 858 879
Vessco Water (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 7/24/2031 $ — (10 ) —
Vessco Water (16)(19) First Lien Senior Secured Loan SOFR 4.75% 9.11 % 7/24/2031 $ 6,187 6,127 6,187
Utilities: Water Total 6,975 7,066 0.6 %
Wholesale
Abracon Group Holding, LLC. (16)(19)(26)(29) First Lien Senior Secured Loan SOFR 2.05% (4.60% PIK) 11.30 % 7/6/2028 $ 14,269 14,317 11,416
Abracon Group Holding, LLC. (16)(19)(26) First Lien Senior Secured Loan - Revolver SOFR 2.05% (4.60% PIK) 11.30 % 7/6/2028 $ 2,040 2,017 1,632
Hultec (14)(19)(25) Equity Interest — — — — 1 651 964
SureWerx (16)(19) First Lien Senior Secured Loan - Revolver CORRA 5.25% 8.42 % 12/28/2028 CAD 58 40 40
SureWerx (3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 12/28/2029 $ — (22 ) —
SureWerx (3)(16)(19) First Lien Senior Secured Loan - Revolver SOFR 5.25% 9.58 % 12/28/2028 $ 764 746 764
Wholesale Total 17,749 14,816 1.3 %
Non-Controlled/Non-Affiliate Investments Total 1,784,019 1,773,742 155.6 %

All values are in US Dollars.

Interest Maturity Principal/ Market % of
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares Cost Value NAV (4)
Non-Controlled/Affiliate Investments
Aerospace & Defense
Ansett Aviation Training (6)(10)(14)(19)(25) Equity Interest — — — — 5,119 3,842 8,617
Ansett Aviation Training (6)(10)(18)(19) First Lien Senior Secured Loan BBSY 4.69% 9.17 % 9/24/2031 AUD 7,072 5,308 4,374
Aerospace & Defense Total 9,150 12,991 1.1 %
Beverage, Food & Tobacco
ADT Pizza, LLC (10)(14)(19)(25) Equity Interest — — — — 6,720 6,732 8,429
Beverage, Food & Tobacco Total 6,732 8,429 0.7 %
Consumer Goods: Durable
Walker Edison (3)(7)(10)(14)(18)(19)(26) First Lien Senior Secured Loan - Delayed Draw SOFR 6.90% PIK 11.36 % 3/31/2029 $ 278 278 278
Walker Edison (10)(14)(19)(25) Equity Interest — — — — 60 5,592 —
Walker Edison (7)(10)(14)(15)(19)(26) First Lien Senior Secured Loan SOFR 6.90% PIK 11.56 % 3/31/2027 $ 6,933 6,434 1,040
Walker Edison (10)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 6.40% 11.06 % 3/31/2027 $ 3,182 3,182 3,182
Walker Edison (7)(10)(14)(15)(19)(26) First Lien Senior Secured Loan - Delayed Draw SOFR 6.90% PIK 11.48 % 3/31/2027 $ 918 873 137
Walker Edison (3)(7)(10)(14)(15)(19)(26) First Lien Senior Secured Loan - Delayed Draw SOFR 6.90% PIK 11.34 % 3/31/2027 $ 2,040 1,941 238
Consumer Goods: Durable Total 18,300 4,875 0.4 %
Telecommunications
DC Blox (10)(15)(19) First Lien Senior Secured Loan SOFR 1.00% 5.37 % 6/20/2025 $ 1,408 1,316 1,408
DC Blox (10)(19)(25)(26) Preferred Equity — 8.00% PIK 8.00 % — 38 37,901 38,523
DC Blox (10)(19)(25)(26) Preferred Equity — 8.00% PIK 8.00 % — 5 3,859 5,230
DC Blox (10)(19)(25)(26) Preferred Equity — 8.00% PIK 8.00 % — 7 11 4,277
DC Blox (10)(14)(19)(25) Equity Interest — — — — 51 — —
Telecommunications Total 43,087 49,438 4.4 %
Non-Controlled/Affiliate Investments Total 77,269 75,733 6.6 %

All values are in US Dollars.

Interest Maturity Principal/ Market % of
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares Cost Value NAV (4)
Controlled Affiliate Investments
Aerospace & Defense
BCC Jetstream Holdings Aviation (Off I), LLC (6)(10)(11)(14)(20)(25) Equity Interest — — — — 11,863 11,862 11,405
BCC Jetstream Holdings Aviation (On II), LLC (10)(11)(14)(20)(25) Equity Interest — — — — 1,116 1,116 —
BCC Jetstream Holdings Aviation (On II), LLC (10)(11)(14)(20) First Lien Senior Secured Loan — — — — 8,013 8,013 6,933
Gale Aviation (Offshore) Co (6)(10)(11)(19)(25) Equity Interest — — — — 74,396 74,396 71,813
Aerospace & Defense Total 95,387 90,151 7.9 %
FIRE: Finance
Legacy Corporate Lending HoldCo, LLC (10)(11)(14)(19)(25) Equity Interest — — — — 1 900 900
Legacy Corporate Lending HoldCo, LLC (10)(11)(14)(19)(25) Preferred Equity — — — — 42 42,300 45,009
Legacy Corporate Lending HoldCo, LLC (10)(11)(14)(19)(25) Equity Interest — — — — 1 — —
FIRE: Finance Total 43,200 45,909 4.0 %
Investment Vehicles
Bain Capital Senior Loan Program, LLC (6)(10)(11)(18)(19) Subordinated Note Investment Vehicles — 10.00% 10.00 % 12/27/2033 146,495 146,495 146,495
Bain Capital Senior Loan Program, LLC (6)(10)(11)(25) Preferred Equity Interest Investment Vehicles — — — — 10 10 10
Bain Capital Senior Loan Program, LLC (6)(10)(11)(25) Equity Interest Investment Vehicles — — — — 10 5,593 (4,849 )
International Senior Loan Program, LLC (6)(10)(11)(18)(19) Subordinated Note Investment Vehicles SOFR 8.00% 12.59 % 2/22/2028 190,729 190,729 190,729
International Senior Loan Program, LLC (6)(10)(11)(25) Equity Interest Investment Vehicles — — — — 63,587 60,614 55,408
Investment Vehicles Total 403,441 387,793 34.1 %
Services: Business
Parcel2Go (6)(10)(11)(18)(19) First Lien Senior Secured Loan SONIA 7.00% 11.70 % 11/26/2031 43 54 54
Parcel2Go (6)(10)(11)(14)(19)(25) Equity Interest — — — — — — —
Parcel2Go (6)(10)(11)(14)(19)(25) Preferred Equity — — — — 14,221 — —
Services: Business Total 54 54 0.0 %
Transportation: Cargo
Lightning Holdings B, LLC (6)(10)(11)(14)(19)(25) Equity Interest — — — — 43,309 43,620 57,807
Transportation: Cargo Total 43,620 57,807 5.1 %
Controlled Affiliate Investments Total 585,702 581,714 51.1 %
Investments Total 2,446,990 2,431,189 213.3 %
Cash Equivalents
Goldman Sachs Financial Square Government Fund Institutional Share Class Cash Equivalents — 4.39 % — 63,795 63,795 63,795
Goldman Sachs US Treasury Liquid Reserves Fund (30) Cash Equivalents — 4.40 % — 39,787 39,787 39,787
Cash Equivalents Total 103,582 103,582 9.1 %
Investments and Cash Equivalents Total 2,550,572 2,534,771 222.4 %

Forward Foreign Currency Exchange Contracts

Unrealized
Currency Purchased Currency Sold Counterparty Settlement Date Appreciation(8)
US DOLLARS 19,948 POUND STERLING 14,990 Bank of New York Mellon 1/9/2025 (1,177 )
US DOLLARS 27,735 POUND STERLING 23,100 Citibank 1/9/2025 (1,191 )
US DOLLARS 10,482 POUND STERLING 8,110 Wells Fargo 1/9/2025 (327 )
US DOLLARS 129 EURO 0 Bank of New York Mellon 1/9/2025 129
US DOLLARS 71 NORWEGIAN KRONE 740 Citibank 1/24/2025 6
US DOLLARS 2,743 AUSTRALIAN DOLLARS 4,180 Bank of New York Mellon 2/12/2025 154
US DOLLARS 2,448 NEW ZEALAND DOLLAR 4,250 Bank of New York Mellon 3/17/2025 65
US DOLLARS 6,849 POUND STERLING 5,610 Bank of New York Mellon 4/23/2025 (170 )
US DOLLARS 81 EURO 0 Bank of New York Mellon 5/15/2025 (81 )
US DOLLARS 9,158 AUSTRALIAN DOLLARS 13,980 Bank of New York Mellon 5/27/2025 498
US DOLLARS 29,225 EURO 26,190 Bank of New York Mellon 5/27/2025 1,909
US DOLLARS 2,949 EURO 2,670 Wells Fargo 5/27/2025 165
US DOLLARS 313 CANADIAN DOLLAR 430 Bank of New York Mellon 5/27/2025 13
US DOLLARS 9 POUND STERLING 000 Bank of New York Mellon 6/10/2025 9
US DOLLARS 358 EURO 310 Bank of New York Mellon 6/10/2025 35
US DOLLARS 4,792 EURO 4,380 Bank of New York Mellon 6/12/2025 220
US DOLLARS 2,483 EURO 2,360 Bank of New York Mellon 6/13/2025 19
US DOLLARS 9,890 POUND STERLING 7,710 Bank of New York Mellon 6/23/2025 248
US DOLLARS 1 POUND STERLING 000 Bank of New York Mellon 7/21/2025 (1 )
US DOLLARS 8,321 POUND STERLING 6,450 Wells Fargo 7/23/2025 256
US DOLLARS 2,762 AUSTRALIAN DOLLARS 3,739 Bank of New York Mellon 7/28/2025 445
US DOLLARS 5,159 EURO 4,680 Wells Fargo 7/28/2025 260
US DOLLARS 1,029 POUND STERLING 800 Wells Fargo 7/29/2025 28
US DOLLARS 8,880 EURO 7,870 Wells Fargo 8/22/2025 630
US DOLLARS 2,442 EURO 2,190 Wells Fargo 9/10/2025 144
US DOLLARS 2,505 AUSTRALIAN DOLLARS 3,950 Bank of New York Mellon 9/17/2025 56
US DOLLARS 4,938 POUND STERLING 3,780 Bank of New York Mellon 10/8/2025 214
US DOLLARS 15,164 EURO 13,610 Bank of New York Mellon 10/8/2025 856
US DOLLARS 424 CANADIAN DOLLAR 600 Bank of New York Mellon 12/19/2025 1
US DOLLARS 1,031 POUND STERLING 820 Bank of New York Mellon 11/25/2026 7
US DOLLARS 2,278 EURO 2,000 Bank of New York Mellon 10/28/2027 85
3,505

All values are in US Dollars.

  • The investments bear interest at a rate that may be determined by reference to the Euro Interbank Offered Rate (“EURIBOR” or “E”), the Bank Bill Benchmark Rate (“BKBM”), the Canadian Overnight Repo Rate Average (“CORRA”), the Bank Bill Swap Rate (“BBSW”), the Bank Bill Swap Bid Rate (“BBSY”), the Prime Rate (“Prime” or “P”), the Sterling Overnight Index Average (“SONIA”) or Secured Overnight Financing rate (“SOFR”) which reset daily, monthly, quarterly or semiannually. Investments or a portion thereof may provide for Payment-in-Kind (“PIK”). For each, the Company has provided the PIK or the spread over EURIBOR, BKBM, CORRA, BBSW, BBSY, SONIA, SOFR, or Prime and the current weighted average interest rate in effect at December 31, 2024. Certain investments are subject to a EURIBOR, BKBM, CORRA, BBSW, BBSY, SONIA, SOFR or Prime interest rate floor.

  • The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.

  • 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.

  • Percentages are based on the Company’s net assets of $1,139,672 as of December 31, 2024.

  • The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.

  • The investment or a portion of this 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, 2024, non-qualifying assets totaled 26.12% of the Company’s total assets.

  • Loan was on non-accrual status as of December 31, 2024.

  • Unrealized appreciation on forward currency exchange contracts.

  • 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 Dollar, CAD represents Canadian Dollar, DKK represents Danish Krone and NZ$ represents New Zealand Dollar.

  • As defined in the 1940 Act, the portfolio company is deemed to be an “affiliated person” of the Company as the Company owns 5% or more of the portfolio company’s outstanding voting securities.

  • 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.

  • Tick mark not used.

  • Loan includes interest rate floor of 3.50%.

  • Non-income producing.

  • Loan includes interest rate floor of 1.00%.

  • Loan includes interest rate floor of 0.75%.

  • Loan includes interest rate floor of 0.50%.

  • Loan includes interest rate floor of 0.00%.

  • Security valued using unobservable inputs (Level 3).

  • The Company holds controlling, affiliate interest in an aircraft-owning special purpose vehicle through this investment.

  • Loan includes interest rate floor of 0.25%.

  • $89 of the total par amount for this security is at P+ 1.50%.

  • $508 of the total par amount for this security is at P+ 5.50%.

  • Loan includes interest rate floor of 1.25%.

  • 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, 2024, the aggregate fair value of these securities is $452,688 or 39.72% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:

Investment Acquisition Date
ACAMS 3/10/2022
Advanced Aircrew 7/26/2024
ADT Pizza, LLC 10/29/2018
Ansett Aviation Training 3/24/2022
Apollo Intelligence 6/1/2022
Appriss Holdings, Inc. 5/3/2021
AQ Software Corporation 12/10/2021
AQ Software Corporation 4/14/2022
AQ Software Corporation 12/29/2022
ARL Holdings, LLC 5/3/2019
AXH Air Coolers 10/31/2023
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
BCSF Project Aberdeen, LLC 7/3/2024
Brook Bidco 7/8/2021
BTX Precision 7/25/2024
CB Titan Holdings, Inc. 5/1/2017
Chartbeat 10/4/2024
City BBQ 9/4/2024
Cloud Technology Solutions (CTS) 12/15/2022
Congress Wealth 6/30/2023
Darcy Partners 6/1/2022
DC Blox 9/23/2024
DTIQ 9/30/2024
Eagle Rock Capital Corporation 12/9/2021
East BCC Coinvest II, LLC 7/23/2019
EHE Health 8/7/2024
Electronic Merchant Systems 7/12/2024
Elevator Holdco Inc. 12/23/2019
Eleven Software 4/25/2022
Eleven Software 3/20/2024
Elk Parent Holdings, LP 11/1/2019
FCG Acquisitions, Inc. 1/24/2019
Fineline Technologies, Inc. 2/22/2021
Forward Slope 3/15/2024
Galeria 8/1/2024
Gale Aviation (Offshore) Co 1/2/2019
Gills Point S 5/17/2023
Grammer Investment Holdings LLC 10/1/2018
GSP 10/7/2024
HealthDrive 8/18/2023
Hultec 3/31/2023
iBanFirst Facility 7/13/2021
Insigneo Financial Group LLC 8/1/2022
International Senior Loan Program, LLC 2/22/2021
Investment Acquisition Date
--- ---
Legacy Corporate Lending HoldCo, LLC 4/21/2023
Lightning Holdings B, LLC 1/2/2020
masLabor 7/1/2021
MZR Aggregator 12/22/2020
MZR Aggregator 9/17/2024
NPC International, Inc. 4/1/2021
Odyssey Behavioral Health 11/21/2024
Opus2 6/16/2021
Parcel2Go 11/26/2024
PayRange 10/31/2024
PPX 7/29/2021
Precision Ultimate Holdings, LLC 11/6/2019
Pure Wafer 11/12/2024
REP Coinvest III- A Omni, L.P. 2/5/2021
Revalize, Inc. 12/29/2022
Robinson Helicopter 6/30/2022
Rydoo 9/26/2024
SensorTower 3/15/2024
Service Master 8/16/2021
Service Master 7/15/2021
Sikich 5/6/2024
SoftCo 3/1/2024
Superna Inc. 3/8/2022
Taoglas 2/28/2023
Taoglas 6/27/2024
Titan Cloud Software, Inc 11/4/2022
TLC Holdco LP 10/11/2019
Thrasio, LLC 6/18/2024
Utimaco 6/28/2022
Ventiv Holdco, Inc. 9/3/2019
Walker Edison 3/1/2023
WSP 5/20/2024
WSP 8/31/2021
  • Denotes that all or a portion of the debt investment includes PIK interest during the period.
  • Asset is in an escrow liquidating trust.
  • Tick mark not used.
  • Assets or a portion thereof are pledged as collateral for the 2019‑1 Issuer. See “Note 6. Debt.”
  • Cash equivalents include $39,783 of restricted cash.
  • Loan includes interest rate floor of 2.00%.
  • Loan includes interest rate floor of 1.50%.
  • Loan includes interest rate floor of 3.00%.

See Notes to Consolidated Financial Statements

BAIN CAPITAL SPECIALTY FINANCE, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share data)

(Unaudited)

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”), 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”).

On November 19, 2018, the Company closed its initial public offering (the “IPO”), which was a Qualified IPO, issuing 7,500,000 shares of 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 the 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 annual earnings before interest, taxes, depreciation and amortization (“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 are comprised of a single operating and reportable business segment, asset management. The Chief Operating Decision Maker (the “CODM”) consists of the Company’s Chief Executive Officer and Chief Financial Officer, as these are the individuals responsible for determining the Company’s investment strategy, capital allocation, expense structure, launch and dissolution and entering into significant contracts on behalf of the Company. The CODM uses key metrics to determine how to allocate resources and in determining the amount of dividends to be distributed to the Company's stockholders. Key metrics include, but are not limited to, net investment income and net increase in net assets resulting from operations that are reported on the Consolidated Statements of Operations, Financial Highlights reported in Note 11, underlying investment cost and market value as disclosed on the consolidated schedule of investments and expected yield relative to the risk of the individual assets as disclosed in the composition of the investment portfolio and associated yield table. As the Company's operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated balance sheet as “total assets” and the significant segment expenses are listed on the accompanying Consolidated Statements of Operations.

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 Accounting Standards Codification (“ASC”) Topic 946 — Financial Services — Investment Companies (“ASC 946”). 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, 2024.

Basis of Consolidation

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 BCSF I, BCSF II C, 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

The Advisor shall value the investments owned by the Company, subject at all times to the oversight of the Company's Board of Directors (the “Board”). The Advisor shall follow its own written valuation policies and procedures as approved by the Board when determining valuations. A short summary of the Advisor’s valuation policies is below.

Investments for which market quotations are readily available are typically valued at such market quotations. Pursuant to Rule 2a-5 under the 1940 Act, the Board designates the Advisor as Valuation Designee to perform fair value determinations for the Company for investments that do not have readily available 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 will be valued at a price that reflects such security’s fair value.

With respect to unquoted portfolio investments, the Company will value each investment considering, among other measures, discounted cash flow models, comparable company multiple 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 its 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, in particular, illiquid/hard to value assets, the Advisor will typically 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;

  • Preliminary valuation conclusions are then documented and discussed with the Company’s senior management and the Advisor;

  • Generally, investments that constitute a material portion of the Company’s portfolio are periodically reviewed by an independent valuation firm; and

  • The Board and Audit Committee provide oversight with respect to the valuation process, including requesting such materials as they deem appropriate.

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 concluded ranges.

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 specific 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.

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.

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. For the three months ended September 30, 2025 and 2024, the Company recorded $4.2 million and $6.2 million, respectively, of dividend income, of which, $0.5 million and $0.9 million, respectively, related to PIK dividends. For the nine months ended September 30, 2025 and 2024, the Company recorded $15.8 million and $22.7 million, respectively, of dividend income, of which, $3.5 million and $0.9 million, respectively, related to PIK dividends. 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.

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 September 30, 2025, there were twelve loans from six issuers on non-accrual. As of December 31, 2024, there were eight loans from five issuers on non-accrual.

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 and pay a 4% tax on such income, as required. To the extent that we determine that our estimated current year taxable income will be in excess of estimated dividend distributions for the current year from such income, we accrue excise tax, if any, on estimated excess taxable income as such taxable income is earned. For the three months ended September 30, 2025 and 2024, we recorded an expense of $0.8 million and $1.0 million, respectively for U.S. federal excise tax. For the nine months ended September 30, 2025 and 2024, we recorded an expense of $3.0 million and $3.1 million, respectively for 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.

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 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 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 for its forward currency exchange contracts 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 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 on forward currency exchange contracts is 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 derivatives 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 are recorded on the Consolidated Statements of Operations in net change in unrealized appreciation 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.

Interest Rate Swaps

The Company uses interest rate swaps to hedge some of the Company’s fixed rate debt. The Company has designated each interest rate swap held as the hedging instrument in an effective hedge accounting relationship, and therefore the periodic payments and receipts are recognized as components of interest expense in the Consolidated Statements of Operations. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a derivative asset or derivative liability on the Company’s Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by a change in the carrying value of the fixed rate debt. Any amounts paid to the counterparty to cover collateral obligations under the terms of the interest rate swap agreement are included in collateral on derivatives and collateral payable on derivatives on the Company’s Consolidated Statements of Assets and Liabilities. Please see “Item 1. Consolidated Financial Statements - Notes to Consolidated Financial Statements - Note 5. Debt and Note 7. Derivatives” for additional detail.

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 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 September 30, 2025 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, 2025. The character of income and gains that the Company distributes is determined in accordance with income tax regulations that may differ from US 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 September 30, 2025, the tax years that remain subject to examination are from 2021 forward.

Recent Accounting Pronouncements

The Company’s management has evaluated recently issued accounting standards through November 10, 2025, the issuance date of the Consolidated Financial Statements, and noted that no recent accounting pronouncements will have a material impact on the Consolidated Financial Statements of the Company except for what is noted below:

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (“ASU 2024-03”), which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning with the first quarter ended March 31, 2028. Early adoption and retrospective application are permitted. The Company is currently assessing the impact of this guidance.

Note 3. Investments

The following table shows the composition of the investment portfolio, at amortized cost and fair value as of September 30, 2025 (with corresponding percentage of total portfolio investments):

As of September 30, 2025
Amortized Cost Percentage of<br>Total Portfolio Fair Value Percentage of<br>Total Portfolio
First Lien Senior Secured Loan 1,658,324 65.6 % 1,639,387 64.6 %
Second Lien Senior Secured Loan 29,806 1.2 30,021 1.2
Subordinated Debt 95,482 3.8 93,324 3.7
Preferred Equity 110,144 4.4 146,490 5.8
Equity Interest 204,038 8.1 225,825 8.9
Warrants — — 831 0.0
Subordinated Notes in Investment Vehicles (1) 360,724 14.3 348,654 13.8
Preferred Equity Interest in Investment Vehicles (1) 10 0.0 1,731 0.1
Equity Interests in Investment Vehicles (1) 66,209 2.6 47,835 1.9
Total 2,524,737 100.0 % 2,534,098 100.0 %

All values are in US Dollars.

  • Represents debt and equity investment in ISLP and SLP (each as defined later).

The following table shows the composition of the investment portfolio, at amortized cost and fair value as of December 31, 2024 (with corresponding percentage of total portfolio investments):

As of December 31, 2024
Amortized Cost Percentage of<br>Total Portfolio Fair Value Percentage of<br>Total Portfolio
First Lien Senior Secured Loans 1,579,288 64.5 % 1,557,823 64.1 %
Second Lien Senior Secured Loans 48,720 2.0 30,104 1.2
Subordinated Debt 54,443 2.2 53,350 2.2
Preferred Equity 142,046 5.8 170,876 7.0
Equity Interests 219,052 9.0 230,615 9.5
Warrants — — 628 0.0
Subordinated Notes in Investment Vehicles (1) 337,224 13.8 337,224 13.9
Preferred Equity Interest in Investment Vehicles (1) 10 0.0 10 0.0
Equity Interests in Investment Vehicles (1) 66,207 2.7 50,559 2.1
Total 2,446,990 100.0 % 2,431,189 100.0 %

All values are in US Dollars.

  • Represents debt and equity investment in ISLP and SLP.

The following table shows the composition of the investment portfolio by geographic region, at amortized cost and fair value as of September 30, 2025 (with corresponding percentage of total portfolio investments):

As of September 30, 2025
Amortized Cost Percentage of<br>Total Portfolio Fair Value Percentage of<br>Total Portfolio
USA 2,212,389 87.7 % 2,184,361 86.3 %
Cayman Islands 107,118 4.2 113,775 4.5
Belgium 31,525 1.2 54,115 2.1
United Kingdom 47,183 1.9 49,991 2.0
Canada 34,938 1.4 35,728 1.4
Luxembourg 23,862 0.9 25,570 1.0
France 20,265 0.8 21,248 0.8
Australia 5,538 0.2 14,954 0.6
Germany 16,866 0.7 12,779 0.5
Ireland 14,533 0.6 10,360 0.4
Italy 5,722 0.2 6,202 0.2
Jersey 2,353 0.1 2,390 0.1
Netherlands 1,677 0.1 1,850 0.1
Guernsey 404 0.0 428 0.0
New Zealand 364 0.0 347 0.0
Total 2,524,737 100.0 % 2,534,098 100.0 %

All values are in US Dollars.

The following table shows the composition of the investment portfolio by geographic region, at amortized cost and fair value as of December 31, 2024 (with corresponding percentage of total portfolio investments):

As of December 31, 2024
Amortized Cost Percentage of<br>Total Portfolio Fair Value Percentage of<br>Total Portfolio
USA 2,200,090 90.0 % 2,157,167 88.8 %
Cayman Islands 118,016 4.8 129,620 5.4
United Kingdom 37,580 1.5 37,229 1.5
Belgium 22,457 0.9 37,201 1.5
Germany 21,559 0.9 19,702 0.8
Australia 12,028 0.5 15,918 0.7
Ireland 10,470 0.4 10,380 0.4
Luxembourg 10,178 0.4 9,849 0.4
Italy 5,350 0.2 5,097 0.2
Canada 4,727 0.2 4,992 0.2
New Zealand 3,915 0.2 3,451 0.1
Guernsey 369 0.0 370 0.0
Netherlands 251 0.0 213 0.0
Total 2,446,990 100.0 % 2,431,189 100.0 %

All values are in US Dollars.

The following table shows the composition of the investment portfolio by industry, at amortized cost and fair value as of September 30, 2025 (with corresponding percentage of total portfolio investments):

As of September 30, 2025
Amortized Cost Percentage of<br>Total Portfolio Fair Value Percentage of<br>Total Portfolio
Investment Vehicles (2) 426,943 16.8 % 398,220 15.8 %
High Tech Industries 279,959 11.1 299,423 11.9
Services: Business 229,531 9.1 254,069 10.0
Aerospace & Defense 240,459 9.5 233,750 9.2
Healthcare & Pharmaceuticals 209,684 8.3 206,357 8.1
Transportation: Cargo 107,511 4.3 121,302 4.8
Beverage, Food & Tobacco 118,041 4.7 117,071 4.6
Automotive 106,742 4.2 103,444 4.1
FIRE: Finance (1) 80,233 3.2 94,176 3.7
Construction & Building 82,306 3.3 83,115 3.3
Consumer Goods: Non-Durable 70,562 2.8 69,379 2.7
Services: Consumer 66,582 2.6 64,653 2.6
Environmental Industries 63,209 2.5 64,599 2.5
Capital Equipment 50,301 2.0 57,912 2.3
Consumer Goods: Durable 54,536 2.2 55,246 2.2
Telecommunications 54,512 2.2 53,666 2.1
Chemicals, Plastics & Rubber 52,374 2.1 51,644 2.0
Wholesale 44,999 1.8 39,790 1.6
Hotel, Gaming & Leisure 35,164 1.4 35,704 1.4
Media: Diversified & Production 34,598 1.4 30,263 1.2
Transportation: Consumer 25,895 1.0 26,185 1.0
FIRE: Insurance (1) 20,013 0.8 20,234 0.8
Retail 25,744 1.0 15,404 0.6
Containers, Packaging & Glass 10,813 0.4 10,933 0.4
Utilities: Electric 8,021 0.3 8,020 0.3
Energy: Electricity 7,764 0.3 7,841 0.3
Media: Broadcasting & Subscription 2,874 0.1 2,972 0.1
Media: Advertising, Printing & Publishing 3,084 0.1 2,935 0.1
Metals & Mining 2,367 0.1 2,367 0.1
Utilities: Water 1,786 0.1 1,813 0.1
Consumer goods: Wholesale 8,130 0.3 1,611 0.1
Total 2,524,737 100.0 % 2,534,098 100.0 %

All values are in US Dollars.

  • Finance, Insurance, and Real Estate (“FIRE”).
  • Represents debt and equity investment in ISLP and SLP (each as defined later).

The following table shows the composition of the investment portfolio by industry, at amortized cost and fair value as of December 31, 2024 (with corresponding percentage of total portfolio investments):

As of December 31, 2024
Amortized Cost Percentage of<br>Total Portfolio Fair Value Percentage of<br>Total Portfolio
Investment Vehicles (2) 403,441 16.5 % 387,793 15.9 %
Aerospace & Defense 299,555 12.2 292,876 12.0
Services: Business 246,075 10.1 261,830 10.8
High Tech Industries 200,037 8.2 203,801 8.4
Healthcare & Pharmaceuticals 163,253 6.7 159,887 6.6
Transportation: Cargo 105,907 4.3 117,823 4.8
Consumer Goods: Non-Durable 114,602 4.7 114,302 4.7
Construction & Building 93,674 3.8 95,483 3.9
Automotive 94,811 3.9 94,323 3.9
Telecommunications 78,818 3.2 84,780 3.5
FIRE: Finance (1) 66,872 2.7 71,872 3.0
Hotel, Gaming & Leisure 80,366 3.3 68,578 2.8
FIRE: Insurance (1) 67,479 2.8 67,349 2.8
Capital Equipment 53,347 2.2 57,500 2.4
Beverage, Food & Tobacco 55,898 2.3 56,779 2.3
Consumer Goods: Durable 63,447 2.6 51,198 2.1
Environmental Industries 43,745 1.8 45,763 1.9
Chemicals, Plastics & Rubber 32,497 1.3 32,185 1.3
Media: Diversified & Production 33,998 1.4 32,027 1.3
Services: Consumer 29,209 1.2 28,515 1.2
Banking, Finance, Insurance & Real Estate 23,045 0.9 23,650 1.0
Retail 24,440 1.0 18,664 0.8
Transportation: Consumer 16,707 0.7 16,956 0.7
Wholesale 17,749 0.7 14,816 0.6
Media: Advertising, Printing & Publishing 10,858 0.4 10,657 0.4
Utilities: Water 6,975 0.3 7,066 0.3
Containers, Packaging & Glass 6,321 0.3 6,480 0.3
Media: Broadcasting & Subscription 2,864 0.1 2,789 0.1
Consumer goods: Wholesale 8,275 0.3 2,735 0.1
Energy: Electricity 2,725 0.1 2,712 0.1
Total 2,446,990 100.0 % 2,431,189 100.0 %

All values are in US Dollars.

  • Finance, Insurance, and Real Estate (“FIRE”).
  • Represents debt and equity investment in ISLP and SLP (each as defined later).

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. On December 14, 2023, the Company and Pantheon entered into the second amendment to the amended and restated limited liability company agreement which, among other things, increased capital commitments and changed the proportionate share ownership. The Company and Pantheon agreed to contribute an additional $5.0 million and $45.3 million, respectively, which resulted in new ownership stakes of 64.0% and 36.0%, respectively. As of September 30, 2025, the Company’s investment in ISLP consisted of subordinated notes of $190.7 million and equity interests of $41.0 million. As of December 31, 2024, the Company’s investment in ISLP consisted of subordinated notes of $190.7 million and equity interests of $55.4 million.

As of September 30, 2025, the Company had commitments with respect to its equity and subordinated note interests of ISLP in the aggregate amount of $254.3 million. The Company had contributed $254.3 million in capital and has $0.0 million in unfunded capital contributions. As of September 30, 2025, Pantheon had commitments with respect to its equity and subordinated note interests of ISLP in the aggregate amount of $149.2 million. Pantheon had contributed $149.2 million in capital and has $0.0 million in unfunded capital contributions.

As of December 31, 2024, the Company had commitments with respect to its equity and subordinated note interests of ISLP in the aggregate amount of $254.3 million. The Company had contributed $254.3 million in capital and had $0.0 million in unfunded capital contributions. As of December 31, 2024, Pantheon had commitments with respect to its equity and subordinated note interests of ISLP in the aggregate amount of $149.2 million. Pantheon had contributed $149.2 million in capital and had $0.0 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 $1,171.2 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 946; 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 820, 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 September 30, 2025, ISLP had $717.8 million in debt and equity investments, at fair value. As of December 31, 2024, ISLP had $655.8 million in debt and equity investments, at fair value.

Additionally, ISLP, through a wholly-owned subsidiary, 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 (the “ISLP Credit Facility Tranche A”).

On February 4, 2022, ISLP entered into the second amended and restated credit agreement, which among other things formed an additional tranche (“ISLP Credit Facility Tranche B” and collectively with ISLP Credit Facility Tranche A, the “ISLP Credit Facilities”) with an initial financing limit of $50.0 million on May 31, 2022, and $200.0 million on August 31, 2022, bringing the total facility size to $500.0 million.

On June 30, 2023, ISLP entered into the third amendment and restated credit agreement, which among other things, replaced LIBOR with Term

SOFR

and consolidated Tranche A and Tranche B, with a size of $500.0 million.

On September 11, 2023, ISLP entered into the fourth amended and restated credit agreement, which among other things, extended the maturity to February 9, 2027, modified concentration limitations and changed the interest rate to

SOFR

(or an alternative risk-free interest rate index) plus 246 basis points.

On June 24, 2025, the ISLP Credit Facility Tranche A and ISLP Credit Facility Tranche B were terminated.

On June 24, 2025, ISLP, through a wholly-owned subsidiary, entered into a €375.0 million senior secured revolving credit facility which bears interest at SOFR (or an alternative risk-free interest rate index) plus 195 basis points with Deutsche Bank (the “ISLP Credit Facility”). The maturity date of the ISLP Credit Facility is June 24, 2030.

As of September 30, 2025, the ISLP Credit Facilities had $353.8 million of outstanding debt under the credit facility. As of December 31, 2024 the ISLP Credit Facilities had $297.6 million of outstanding debt under the credit facility. The combined weighted average interest rate (excluding deferred upfront financing costs and unused fees) of the aggregate borrowings outstanding for the nine months ended September 30, 2025 and year ended December 31, 2024 were 6.2% and 7.5%, respectively.

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

As of As of
September 30, 2025 December 31, 2024
Total investments 717,798 655,804
Weighted average yield on investments 9.9 % 10.6 %
Number of borrowers in ISLP 41 35
Largest portfolio company investment 52,063 51,142
Total of five largest portfolio company investments 192,192 196,173
Unfunded commitments — 3,907

All values are in US Dollars.

Below is a listing of ISLP’s individual investments as of September 30, 2025:

International Senior Loan Program, LLC

Consolidated Schedule of Investments

As of September 30, 2025

Interest Maturity Principal / Market % of Members
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares (9) Cost Value Equity (4)
Australian Dollar
Aerospace & Defense
Ansett Aviation Training (14)(19) Equity Interest — — — — 10,238 7,115 25,552
Aerospace & Defense Total 7,115 25,552 41.8 %
Media: Advertising, Printing & Publishing
TGI Sport Bidco Pty Ltd (18)(19) First Lien Senior Secured Loan BBSY 7.00 % 10.59 % 4/30/2026 AUD 9,730 7,125 6,441
TGI Sport Bidco Pty Ltd (17)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 7.11 % 11.47 % 4/30/2026 AUD 4,081 2,568 2,701
Media: Advertising, Printing & Publishing Total 9,693 9,142 15.0 %
Australian Dollar Total 16,808 34,694 56.8 %
British Pound
Capital Equipment
Goodfellow (15)(19) First Lien Senior Secured Loan - Delayed Draw SONIA 5.25 % 9.22 % 2/10/2032 £ 1,564 2,120 2,083
Capital Equipment Total 2,120 2,083 3.4 %
Environmental Industries
Reconomy (18)(19) First Lien Senior Secured Loan SONIA 6.50 % 10.47 % 7/12/2029 £ 6,050 7,045 8,143
Reconomy (18)(19) First Lien Senior Secured Loan - Delayed Draw EURIBOR 6.25 % 8.25 % 7/12/2029 £ 6,578 8,094 8,803
Reconomy (18)(19) First Lien Senior Secured Loan - Revolver SOFR 6.50 % 10.50 % 7/12/2029 £ 6,578 8,450 8,503
Environmental Industries Total 23,589 25,449 41.7 %
FIRE: Finance
Avalon Bidco Limited (15)(19) First Lien Senior Secured Loan SONIA 6.25 % 10.32 % 4/16/2032 £ 12,058 16,233 16,026
Parmenion (18)(19) First Lien Senior Secured Loan SONIA 5.50 % 9.47 % 5/23/2029 £ 29,070 35,408 39,125
FIRE: Finance Total 51,641 55,151 90.3 %
FIRE: Insurance
Margaux UK Finance Limited (16)(19) First Lien Senior Secured Loan SONIA 4.75 % 8.72 % 12/19/2027 £ 7,260 9,171 9,771
FIRE: Insurance Total 9,171 9,771 16.0 %

All values are in US Dollars.

Interest Maturity Principal / Market % of Members
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares (9) Cost Value Equity (4)
British Pound
High Tech Industries
Access (18)(19) First Lien Senior Secured Loan SONIA 5.25 % 9.22 % 6/28/2029 7,880 9,129 10,606
Access (18)(19) First Lien Senior Secured Loan SONIA 5.00 % 8.97 % 6/28/2029 9,764 11,887 13,141
Cloud Technology Solutions (CTS) (15)(19)(26) First Lien Senior Secured Loan SONIA 2.47% (5.78% PIK) 12.22 % 1/3/2030 9,872 12,511 13,220
High Tech Industries Total 33,527 36,967 60.5 %
Media: Advertising, Printing & Publishing
OGH Bidco Limited (18)(19) First Lien Senior Secured Loan SOFR 6.50 % 10.83 % 9/2/2029 5,172 6,068 5,703
OGH Bidco Limited (18)(19) First Lien Senior Secured Loan SONIA 6.50 % 10.47 % 6/29/2029 13,160 15,245 16,782
TGI Sport Bidco Pty Ltd (17)(19) First Lien Senior Secured Loan - Delayed Draw SONIA 6.03 % 10.00 % 6/24/2029 6,700 8,636 9,018
Media: Advertising, Printing & Publishing Total 29,949 31,503 51.6 %
Services: Business
Beneficium (15)(19) First Lien Senior Secured Loan SONIA 5.75 % 9.72 % 6/28/2031 7,497 9,729 9,938
Brook Bidco (18)(19)(26) First Lien Senior Secured Loan SONIA 1.87% (5.66% PIK) 11.49 % 7/10/2028 28,318 38,059 34,303
Brook Bidco (16)(19)(26) First Lien Senior Secured Loan SOFR 1.91% (5.93% PIK) 12.21 % 7/10/2028 6,244 8,270 7,429
Brook Bidco (16)(19)(26) First Lien Senior Secured Loan SOFR 1.91% (5.93% PIK) 12.21 % 7/10/2028 8,734 11,506 10,331
Datix Bidco Limited (18)(19) First Lien Senior Secured Loan SONIA 5.25 % 9.40 % 4/30/2031 8,160 10,502 10,982
Opus2 (18)(19) First Lien Senior Secured Loan SONIA 5.53 % 9.49 % 5/5/2028 12,151 16,557 16,354
Parcel2Go (18)(19) First Lien Senior Secured Loan SONIA 7.00 % 10.97 % 11/26/2031 4,722 5,948 5,402
Parcel2Go (14)(19) Preferred Equity — — — — 1,407,911 — —
Parcel2Go (14)(19) Equity Interest — — — — 5 — —
TES Global (18)(19) First Lien Senior Secured Loan - Delayed Draw SONIA 5.00 % 9.03 % 1/27/2029 1,200 1,494 1,607
TES Global (18)(19) First Lien Senior Secured Loan SONIA 5.00 % 9.03 % 2/1/2029 14,364 17,684 19,332
Services: Business Total 119,749 115,678 189.4 %
Services: Consumer
SG Global Midco Limited (19) First Lien Senior Secured Loan — 6.00 % 6.00 % 12/31/2028 215 285 289
Surrey Bidco Limited (7)(14)(18)(19)(26) First Lien Senior Secured Loan SONIA 7.28% PIK 11.25 % 12/31/2028 7,594 8,406 3,781
Voltaire Topco Limited (14)(19) Equity Interest — — — — 43 — —
Services: Consumer Total 8,691 4,070 6.7 %
British Pound Total 278,437 280,672 459.6 %
Interest Maturity Principal / Market % of Members
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares (9) Cost Value Equity (4)
Canadian Dollar
Retail
New Look (Delaware) Corporation (15)(19) First Lien Senior Secured Loan CORRA 5.50 % 7.96 % 5/26/2028 CAD 17,919 14,689 12,871
New Look Vision Group (15)(19) First Lien Senior Secured Loan - Delayed Draw CORRA 5.50 % 7.96 % 5/26/2028 CAD 1,165 898 837
New Look Vision Group (15)(19) First Lien Senior Secured Loan - Delayed Draw CORRA 5.50 % 7.96 % 5/26/2028 CAD 2,236 1,608 1,606
Retail Total 17,195 15,314 25.1 %
Canadian Dollar Total 17,195 15,314 25.1 %
European Currency
Capital Equipment
Goodfellow (15)(19) First Lien Senior Secured Loan - Delayed Draw EURIBOR 5.25 % 7.25 % 2/10/2032 € 5,450 6,335 6,407
Goodfellow (15)(19) First Lien Senior Secured Loan - Delayed Draw EURIBOR 5.25 % 7.25 % 2/10/2032 € 1,655 1,924 1,946
Capital Equipment Total 8,259 8,353 13.7 %
Chemicals, Plastics & Rubber
V Global Holdings LLC (16)(19) First Lien Senior Secured Loan EURIBOR 5.75 % 7.78 % 12/22/2027 € 9,095 9,234 10,211
Chemicals, Plastics & Rubber Total 9,234 10,211 16.7 %
Environmental Industries
Reconomy (18)(19) First Lien Senior Secured Loan EURIBOR 6.25 % 8.25 % 7/12/2029 € 2,440 2,475 2,869
Environmental Industries Total 2,475 2,869 4.7 %

All values are in US Dollars.

Interest Maturity Principal / Market % of Members
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares (9) Cost Value Equity (4)
European Currency
FIRE: Insurance
MRHT (18)(19) First Lien Senior Secured Loan - Delayed Draw EURIBOR 5.00 % 7.11 % 5/17/2032 € 13,809 15,918 16,073
FIRE: Insurance Total 15,918 16,073 26.3 %
Healthcare & Pharmaceuticals
Mertus 522. GmbH (18)(19)(26) First Lien Senior Secured Loan EURIBOR 6.25% (0.75% PIK) 9.12 % 5/28/2028 € 13,320 16,151 15,034
Mertus 522. GmbH (18)(19)(26) First Lien Senior Secured Loan EURIBOR 6.25% (0.75% PIK) 9.04 % 5/28/2028 € 22,584 27,391 25,490
Nafinco (18)(19) First Lien Senior Secured Loan EURIBOR 5.25 % 7.29 % 8/29/2031 € 8,000 8,414 9,359
Pharmathen (18)(19)(26) First Lien Senior Secured Loan- Revolver EURIBOR 8.68% PIK 10.75 % 1/19/2029 € 14,209 15,970 16,037
Pharmathen (18)(19)(26) First Lien Senior Secured Loan- Revolver EURIBOR 8.68% PIK 10.75 % 1/19/2029 € 2,583 2,639 2,916
Healthcare & Pharmaceuticals Total 70,565 68,836 112.7 %
High Tech Industries
New Gen Holding (18)(19)(26) First Lien Senior Secured Loan EURIBOR 3.25% (3.00% PIK) 8.37 % 5/28/2031 € 8,600 9,939 10,035
Onventis (15)(19) First Lien Senior Secured Loan - Delayed Draw EURIBOR 7.25 % 9.20 % 1/14/2030 € 13,919 15,103 16,364
PlentyMarkets (18)(19)(26) First Lien Senior Secured Loan - Delayed Draw EURIBOR 3.25% (3.70% PIK) 8.89 % 4/2/2032 € 15,183 17,504 17,716
Utimaco (16)(19) First Lien Senior Secured Loan EURIBOR 5.75 % 7.79 % 5/14/2029 € 6,005 6,093 7,060
High Tech Industries Total 48,639 51,175 83.8 %
Media: Broadcasting & Subscription
Lightning Finco Limited (16)(19) First Lien Senior Secured Loan EURIBOR 5.50 % 7.54 % 8/31/2028 € 2,619 2,951 3,079
Media: Broadcasting & Subscription Total 2,951 3,079 5.0 %
Media: Diversified & Production
Aptus 1724. Gmbh (7)(14)(19)(21)(26) First Lien Senior Secured Loan EURIBOR 7.00% PIK 9.03 % 3/3/2028 € 36,230 42,816 17,038
Media: Diversified & Production Total 42,816 17,038 27.9 %
Services: Business
Fiduciaire Jean-Marc Faber (FJMF) (15)(19) First Lien Senior Secured Loan - Delayed Draw EURIBOR 5.50 % 7.58 % 4/3/2032 € 7,904 9,100 9,200
iBanFirst (18)(19)(26) First Lien Senior Secured Loan EURIBOR 9.75% PIK 11.77 % 7/13/2028 € 15,520 17,457 18,246
Webcentral (18)(19) First Lien Senior Secured Loan EURIBOR 6.50 % 8.62 % 12/18/2030 € 3,423 3,783 4,024
Webcentral (18)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 6.50 % 10.62 % 12/18/2030 € 3,323 3,462 3,906
Services: Business Total 33,802 35,376 58.0 %
European Currency Total 234,659 213,010 348.8 %
Norwegian Krone
Services: Business
Spring Finco BV (18)(19) First Lien Senior Secured Loan NIBOR 5.00 % 9.05 % 7/15/2029 NOK 174,360 16,601 17,312
Services: Business Total 16,601 17,312 28.3 %
Norwegian Krone Total 16,601 17,312 28.3 %

All values are in US Dollars.

Interest Maturity Principal / Market % of Members
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares (9) Cost Value Equity (4)
U.S. Dollar
Automotive
Cardo (18)(19) First Lien Senior Secured Loan SOFR 5.25 % 9.54 % 5/12/2028 9,653 9,615 9,653
Automotive Total 9,615 9,653 15.8 %
Capital Equipment
Goodfellow (15)(19) First Lien Senior Secured Loan SOFR 5.25 % 9.25 % 2/10/2032 2174 2,153 2,152
Capital Equipment Total 2,153 2,152 3.5 %
Chemicals, Plastics & Rubber
V Global Holdings LLC (16)(19) First Lien Senior Secured Loan SOFR 5.90 % 10.14 % 12/22/2027 22,866 22,866 21,951
Chemicals, Plastics & Rubber Total 22,866 21,951 35.9 %
Consumer Goods: Durable
Stanton Carpet (15)(19) Second Lien Senior Secured Loan SOFR 9.15 % 13.44 % 3/31/2028 5,000 4,965 5,000
Consumer Goods: Durable Total 4,965 5,000 8.2 %
High Tech Industries
NearMap (15)(19) First Lien Senior Secured Loan SOFR 5.00 % 9.33 % 12/9/2029 23,167 23,023 23,167
Utimaco (16)(19) First Lien Senior Secured Loan SOFR 5.75 % 10.01 % 5/14/2029 12,043 11,978 12,043
Utimaco (16)(19) First Lien Senior Secured Loan SOFR 5.75 % 9.88 % 5/14/2029 6,260 6,225 6,260
High Tech Industries Total 41,226 41,470 67.9 %
Media: Advertising, Printing & Publishing
Facts Global Energy (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.25 % 9.26 % 12/20/2031 9,411 9,321 9,270
Facts Global Energy (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.25 % 9.26 % 12/20/2031 6,763 6,699 6,662
Media: Advertising, Printing & Publishing Total 16,020 15,932 26.1 %
Media: Broadcasting & Subscription
Lightning Finco Limited (16)(19) First Lien Senior Secured Loan SOFR 5.93 % 10.13 % 8/31/2028 23,907 23,817 23,907
Media: Broadcasting and Subscription Total 23,817 23,907 39.1 %
Media: Diversified & Production
Aptus 1724 Gmbh (7)(14)(19)(21)(26) First Lien Senior Secured Loan - Delayed Draw SOFR 7.15% PIK 11.22 % 3/3/2028 10,351 10,324 4,141
Media: Diversified & Production Total 10,324 4,141 6.8 %

All values are in US Dollars.

Interest Maturity Principal / Market % of Members
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares (9) Cost Value Equity (4)
U.S. Dollar
Services: Business
Avalon Acquiror, Inc. (15)(19) First Lien Senior Secured Loan SOFR 6.00 % 10.00 % 3/10/2028 $ 11,610 11,561 11,610
Cube (18)(19)(26) First Lien Senior Secured Loan - Delayed Draw SOFR 3.00% (4.44% PIK) 11.45 % 5/20/2031 $ 9,176 9,176 9,176
Easy Ice (15)(19) First Lien Senior Secured Loan SOFR 5.40 % 9.71 % 10/30/2030 $ 8,436 8,324 8,436
Services: Business Total 29,061 29,222 48.0 %
U.S. Dollar Total 160,047 153,428 251.3 %
New Zealand Dollar
Beverage, Food & Tobacco
Hellers (15)(19)(26) First Lien Senior Secured Loan - Delayed Draw BKBM 3.63% (1.88% PIK) 8.35 % 9/27/2030 $NZ 5,924 3,447 3,368
Beverage, Food & Tobacco Total 3,447 3,368 5.5 %
New Zealand Dollar Total 3,447 3,368 5.5 %
Total 727,194 717,798 1175.4 %

All values are in US Dollars.

Forward Foreign Currency Exchange Contracts

Settlement Unrealized
Currency Purchased Currency Sold Counterparty Date Appreciation(8)
AUSTRALIAN DOLLARS 3,634 EURO 2,047 Standard Chartered 10/09/2025 2
EURO 2,018 AUSTRALIAN DOLLARS 3,634 Standard Chartered 10/09/2025 (36 )
AUSTRALIAN DOLLARS 13,396 US DOLLARS 8,859 Standard Chartered 10/09/2025 19
US DOLLARS 8,768 AUSTRALIAN DOLLARS 13,396 Standard Chartered 10/09/2025 (109 )
EURO 1,794 BRITISH POUNDS 1,556 Standard Chartered 10/09/2025 15
BRITISH POUNDS 1,556 EURO 1,781 Standard Chartered 10/09/2025 -
US DOLLARS 7,796 BRITISH POUNDS 5,734 Goldman 10/09/2025 77
CANADIAN DOLLARS 843 EURO 516 Standard Chartered 10/09/2025 -
EURO 525 CANADIAN DOLLARS 843 Standard Chartered 10/09/2025 11
CANADIAN DOLLARS 3,107 US DOLLARS 2,232 Standard Chartered 10/09/2025 2
US DOLLARS 2,279 CANADIAN DOLLARS 3,107 Standard Chartered 10/09/2025 45
EURO 782 NORWEGIAN KRONE 9,294 Standard Chartered 10/09/2025 (13 )
EURO 4,969 US DOLLARS 5,860 Standard Chartered 10/09/2025 (18 )
NORWEGIAN KRONE 9,294 EURO 793 Standard Chartered 10/09/2025 (1 )
US DOLLARS 5,860 EURO 4,992 Standard Chartered 10/09/2025 (8 )
EURO 22,110 US DOLLARS 25,959 Standard Chartered 10/09/2025 31
US DOLLARS 26,052 EURO 22,110 Standard Chartered 10/09/2025 61
NORWEGIAN KRONE 34,256 US DOLLARS 3,432 Standard Chartered 10/09/2025 1
US DOLLARS 3,395 NORWEGIAN KRONE 34,256 Standard Chartered 10/09/2025 (38 )
EURO 420 BRITISH POUNDS 365 BNP Paribas 10/21/2025 3
EURO 755 BRITISH POUNDS 682 Morgan Stanley 11/10/2025 (29 )
BRITISH POUNDS 550 EURO 628 Morgan Stanley 11/10/2025 1
US DOLLARS 1,071 BRITISH POUNDS 860 Morgan Stanley 11/10/2025 (86 )
US DOLLARS 677 EURO 640 Morgan Stanley 11/10/2025 (77 )
US DOLLARS 1,425 EURO 1,290 Morgan Stanley 11/10/2025 (95 )
US DOLLARS 29,725 EURO 27,780 Standard Chartered 11/10/2025 (2,993 )
BRITISH POUNDS 10,983 US DOLLARS 14,877 Morgan Stanley 12/08/2025 (91 )
US DOLLARS 14,852 BRITISH POUNDS 10,983 Morgan Stanley 12/08/2025 66
US DOLLARS 13,352 BRITISH POUNDS 10,983 Morgan Stanley 12/08/2025 (1,434 )
EURO 20,600 US DOLLARS 24,289 Standard Chartered 12/08/2025 7
US DOLLARS 24,289 EURO 20,600 Standard Chartered 12/08/2025 (7 )
US DOLLARS 22,516 EURO 20,600 Standard Chartered 12/08/2025 (1,781 )
EURO 18,912 US DOLLARS 20,060 Standard Chartered 01/09/2026 2,286
US DOLLARS 2,285 AUSTRALIAN DOLLARS 3,590 Standard Chartered 02/24/2026 (97 )
US DOLLARS 2,713 BRITISH POUNDS 2,090 Goldman Sachs 02/24/2026 (100 )
AUSTRALIAN DOLLARS 3,590 US DOLLARS 2,353 Standard Chartered 02/24/2026 29
EURO 4,860 US DOLLARS 5,747 Morgan Stanley 02/24/2026 8
US DOLLARS 882 CANADIAN DOLLARS 1,243 Morgan Stanley 02/24/2026 (17 )
US DOLLARS 5,168 EURO 4,860 Morgan Stanley 02/24/2026 (587 )
EURO 215 CANADIAN DOLLARS 337 Morgan Stanley 02/26/2026 10
EURO 2,830 AUSTRALIAN DOLLARS 5,037 Morgan Stanley 03/10/2026 11
EURO 1,706 AUSTRALIAN DOLLARS 3,040 Standard Chartered 03/10/2026 4
EURO 2,223 BRITISH POUNDS 1,906 Morgan Stanley 03/10/2026 70
AUSTRALIAN DOLLARS 2,210 EURO 1,227 Standard Chartered 03/10/2026 13
EURO 2,003 US DOLLARS 2,365 BNP Paribas 03/10/2026 9
US DOLLARS 3,530 EURO 2,985 Morgan Stanley 03/10/2026 (7 )
EURO 4,476 US DOLLARS 5,200 Morgan Stanley 03/10/2026 103
EURO 5,507 US DOLLARS 6,400 Standard Chartered 03/10/2026 125
EURO 1,750 BRITISH POUNDS 1,545 Standard Chartered 04/02/2026 (3 )
US DOLLARS 2,820 BRITISH POUNDS 2,117 Morgan Stanley 05/08/2026 (28 )
EURO 3,289 BRITISH POUNDS 2,835 BNP Paribas 06/02/2026 100
US DOLLARS 1,545 BRITISH POUNDS 1,145 Morgan Stanley 06/02/2026 5
EURO 1,950 US DOLLARS 2,318 BNP Paribas 06/02/2026 1
US DOLLARS 3,443 EURO 2,960 BNP Paribas 06/02/2026 (78 )
US DOLLARS 1,889 NEW ZEALAND DOLLAR 3,146 Standard Chartered 06/25/2026 45
US DOLLARS 12,143 AUSTRALIAN DOLLARS 18,568 Morgan Stanley 09/10/2026 (177 )
US DOLLARS 7,318 AUSTRALIAN DOLLARS 11,205 Standard Chartered 09/10/2026 (117 )
US DOLLARS 6,778 BRITISH POUNDS 5,010 Morgan Stanley 09/10/2026 47
AUSTRALIAN DOLLARS 8,042 US DOLLARS 5,279 Morgan Stanley 09/10/2026 57

All values are in US Dollars.

BRITISH POUNDS 2,890 US DOLLARS 3,893 Morgan Stanley 09/10/2026 (10 )
EURO 427 NEW ZEALAND DOLLAR 853 Morgan Stanley 09/16/2026 9
EURO 2,178 AUSTRALIAN DOLLARS 3,931 Standard Chartered 10/02/2026 (4 )
US DOLLARS 9,578 AUSTRALIAN DOLLARS 14,489 Standard Chartered 10/02/2026 (35 )
EURO 412 CANADIAN DOLLARS 677 Standard Chartered 10/02/2026 -
US DOLLARS 1,813 CANADIAN DOLLARS 2,494 Standard Chartered 10/02/2026 (4 )
EURO 784 NORWEGIAN KRONE 9,370 Standard Chartered 10/02/2026 1
EURO 4,925 US DOLLARS 5,890 Standard Chartered 10/02/2026 (2 )
US DOLLARS 28,295 EURO 23,720 Standard Chartered 10/02/2026 (63 )
US DOLLARS 3,447 NORWEGIAN KRONE 34,539 Standard Chartered 10/02/2026 (6 )
(4,877 )

All values are in US Dollars.

  • The investments bear interest at a rate that may be determined by reference to the Euro Interbank Offered Rate (“EURIBOR” or “E”), the Bank Bill Benchmark Rate (“BKBM”), the Norwegian Interbank Offered Rate (“NIBOR” or “N”), the Canadian Overnight Repo Rate Average (“CORRA”), the Bank Bill Swap Bid Rate (“BBSY”), the Sterling Overnight Index Average (“SONIA”) or Secured Overnight Financing Rate (“SOFR”) which reset daily, monthly, quarterly or semiannually. Investments or a portion thereof may provide for Payment-in-Kind (“PIK”). For each, the Company has provided the PIK or the spread over EURIBOR, NIBOR, CORRA, BBSY, SONIA, or SOFR and the current weighted average interest rate in effect at September 30, 2025. Certain investments are subject to a EURIBOR, BKBM, NIBOR, CORRA, BBSY, SONIA, or SOFR interest rate floor.
  • Tick mark not used.
  • 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.
  • Percentages are based on ISLP's net assets (in thousands) of $61,067 as of September 30, 2025.
  • Tick mark not used.
  • Tick mark not used.
  • Loan was on non-accrual status as of September 30, 2025.
  • Unrealized appreciation on forward currency exchange contracts.
  • The principal amount (par amount) for all debt securities is denominated in U.S. dollars, unless otherwise noted. £ represents Pound Sterling, € represents Euro, NOK represents Norwegian Krone, AUD represents Australian Dollar, CAD represents Canadian Dollar and, NZ$ represents New Zealand Dollar.
  • Tick mark not used.
  • Tick mark not used.
  • Tick mark not used.
  • Tick mark not used.
  • Non-income producing.
  • Loan includes interest rate floor of 1.00%.
  • Loan includes interest rate floor of 0.75%.
  • Loan includes interest rate floor of 0.50%.
  • Loan includes interest rate floor of 0.00%.
  • Security valued using unobservable inputs (Level 3).
  • Tick mark not used.
  • Loan includes interest rate floor of 0.25%.
  • Tick mark not used.
  • Tick mark not used.
  • Tick mark not used.
  • Tick mark not used.
  • Denotes that all or a portion of the investment includes PIK income during the period.

Below is a listing of ISLP’s individual investments as of December 31, 2024:

International Senior Loan Program, LLC

Consolidated Schedule of Investments

As of December 31, 2024

Interest Maturity Principal / Market % of Members
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares (9) Cost Value Equity (4)
Australian Dollar
Aerospace & Defense
Ansett Aviation Training (18)(19) First Lien Senior Secured Loan BBSY 4.69 % 9.17 % 9/24/2031 AUD 14,144 9,831 8,747
Ansett Aviation Training (14)(19) Equity Interest — — — — AUD 10,238 7,115 17,234
Aerospace & Defense Total 16,946 25,981 31.1 %
Media: Advertising, Printing & Publishing
TGI Sport Bidco Pty Ltd (18)(19) First Lien Senior Secured Loan BBSY 7.00 % 11.36 % 4/30/2026 AUD 9,730 7,085 6,018
Media: Advertising, Printing & Publishing Total 7,085 6,018 7.2 %
Australian Dollar Total 24,031 31,999 38.3 %
British Pound
Environmental Industries
Reconomy (18)(19) First Lien Senior Secured Loan SONIA 6.25 % 10.95 % 7/12/2029 £ 6,050 7,045 7,574
Reconomy (18)(19) First Lien Senior Secured Loan - Delayed Draw EURIBOR 6.00 % 8.68 % 7/12/2029 £ 6,578 8,094 7,888
Reconomy (3)(18)(19) First Lien Senior Secured Loan - Revolver SONIA 6.25 % 10.58 % 7/12/2029 £ 4,830 6,269 6,171
Environmental Industries Total 21,408 21,633 25.9 %
FIRE: Finance
Parmenion (18)(19) First Lien Senior Secured Loan SONIA 5.50 % 10.20 % 5/11/2029 £ 29,070 35,332 36,393
FIRE: Finance Total 35,332 36,393 43.6 %
FIRE: Insurance
Margaux UK Finance Limited (16)(19) First Lien Senior Secured Loan SONIA 5.50 % 10.20 % 12/19/2025 £ 7,318 9,245 9,161
FIRE: Insurance Total 9,245 9,161 11.0 %

All values are in US Dollars.

Interest Maturity Principal / Market % of Members
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares (9) Cost Value Equity (4)
British Pound
High Tech Industries
Access (18)(19) First Lien Senior Secured Loan SONIA 5.25 % 9.95 % 6/28/2029 7,880 9,115 9,865
Access (18)(19) First Lien Senior Secured Loan SONIA 5.25 % 9.95 % 6/28/2029 9,764 11,887 12,224
Cloud Technology Solutions (CTS) (15)(19)(26) First Lien Senior Secured Loan SONIA 0.25% (8.00% PIK) 12.95 % 1/3/2030 9,042 11,430 11,263
High Tech Industries Total 32,432 33,352 39.9 %
Media: Advertising, Printing & Publishing
Kpler (15)(19) First Lien Senior Secured Loan SONIA 6.25 % 11.12 % 3/3/2030 4,312 5,495 5,398
OGH Bidco Limited (18)(19) First Lien Senior Secured Loan SOFR 6.25 % 10.74 % 9/2/2029 5,172 6,068 5,728
OGH Bidco Limited (18)(19) First Lien Senior Secured Loan SONIA 6.50 % 11.70 % 6/29/2029 13,160 15,221 15,610
TGI Sport Bidco Pty Ltd (17)(19) First Lien Senior Secured Loan - Delayed Draw SONIA 6.12 % 10.82 % 6/24/2029 6,700 8,636 8,388
Media: Advertising, Printing & Publishing Total 35,420 35,124 42.0 %
Services: Business
Beneficium (15)(19) First Lien Senior Secured Loan SONIA 5.50 % 10.20 % 6/28/2031 7,497 9,718 9,338
Brook Bidco (18)(19)(26) First Lien Senior Secured Loan SONIA 4.03% (3.50% PIK) 12.01 % 7/10/2028 26,495 35,591 32,838
Datix Bidco Limited (18)(19) First Lien Senior Secured Loan SONIA 5.50 % 10.26 % 4/30/2031 8,160 10,476 10,215
Learning Pool (16)(19)(26) First Lien Senior Secured Loan SOFR 4.18% (3.50% PIK) 12.51 % 7/10/2028 5,849 7,728 7,654
Learning Pool (16)(19)(26) First Lien Senior Secured Loan SOFR 4.18% (3.50% PIK) 12.51 % 7/10/2028 8,138 10,751 10,650
Opus2 (18)(19) First Lien Senior Secured Loan SONIA 5.53 % 10.48 % 5/5/2028 12,151 16,497 15,212
Parcel2Go (18)(19) First Lien Senior Secured Loan SONIA 7.00 % 11.70 % 11/26/2031 4,290 5,379 5,371
Parcel2Go (14)(19) Preferred Equity — — — — 1,407,911 — —
Parcel2Go (14)(19) Equity Interest — — — — 5 — —
TES Global (2)(3)(18)(19) First Lien Senior Secured Loan - Revolver — — — 1/27/2029 — — (8 )
TES Global (18)(19) First Lien Senior Secured Loan SONIA 5.00 % 10.20 % 7/12/2029 14,364 17,651 17,892
Services: Business Total 113,791 109,162 130.6 %
Services: Consumer
Surrey Bidco Limited (7)(14)(18)(19)(26) First Lien Senior Secured Loan SONIA 6.28% PIK 11.23 % 5/11/2026 6,771 8,406 5,086
Services: Consumer Total 8,406 5,086 6.1 %
British Pound Total 256,034 249,911 299.1 %
Interest Maturity Principal / Market % of Members
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares (9) Cost Value Equity (4)
Canadian Dollar
Retail
New Look (Delaware) Corporation (15)(19)(26) First Lien Senior Secured Loan CORRA 4.32% (2.00% PIK) 10.25 % 5/26/2028 CAD 17,959 14,711 12,481
New Look Vision Group (15)(19) First Lien Senior Secured Loan - Delayed Draw CORRA 5.82 % 8.99 % 5/26/2028 CAD 1,174 905 816
New Look Vision Group (15)(19) First Lien Senior Secured Loan - Delayed Draw CORRA 5.82 % 8.99 % 5/26/2028 CAD 2,254 1,618 1,566
Retail Total 17,234 14,863 17.8 %
Canadian Dollar Total 17,234 14,863 17.8 %
European Currency
Chemicals, Plastics, & Rubber
V Global Holdings LLC (16)(19) First Lien Senior Secured Loan EURIBOR 5.75 % 8.78 % 12/22/2027 € 9,165 9,280 9,058
Chemicals, Plastics, & Rubber Total 9,280 9,058 10.8 %
Environmental Industries
Reconomy (18)(19) First Lien Senior Secured Loan EURIBOR 6.00 % 8.68 % 7/12/2029 € 2,440 2,475 2,525
Environmental Industries Total 2,475 2,525 3.0 %
FIRE: Insurance
MRHT (15)(19) First Lien Senior Secured Loan EURIBOR 6.50 % 9.53 % 2/1/2029 € 12,000 12,992 12,419
MRHT (15)(19) First Lien Senior Secured Loan - Revolver EURIBOR 6.75 % 9.43 % 2/1/2029 € 5,069 5,492 5,246
FIRE: Insurance Total 18,484 17,665 21.1 %

All values are in US Dollars.

Interest Maturity Principal / Market % of Members
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares (9) Cost Value Equity (4)
European Currency
Healthcare & Pharmaceuticals
Mertus 522. GmbH (18)(19)(26) First Lien Senior Secured Loan EURIBOR 6.25% (0.75% PIK) 9.65 % 5/28/2026 € 13,129 15,896 13,111
Mertus 522. GmbH (18)(19)(26) First Lien Senior Secured Loan EURIBOR 6.25% (0.75% PIK) 9.69 % 5/28/2026 € 22,498 27,233 22,469
Nafinco (18)(19) First Lien Senior Secured Loan EURIBOR 5.25 % 7.97 % 8/29/2031 € 8,000 8,390 8,093
Pharmathen (18)(19) First Lien Senior Secured Loan - Revolver EURIBOR 5.68 % 8.26 % 10/25/2028 € 13,492 15,075 13,858
Pharmathen (3)(18)(19) First Lien Senior Secured Loan - Revolver EURIBOR 5.68 % 8.26 % 10/25/2028 € 2,235 2,406 2,302
Healthcare & Pharmaceuticals Total 69,000 59,833 71.7 %
High Tech Industries
Onventis (15)(19) First Lien Senior Secured Loan - Delayed Draw EURIBOR 7.50 % 11.47 % 1/14/2030 € 13,919 15,095 14,404
Utimaco (18)(19) First Lien Senior Secured Loan EURIBOR 6.25 % 9.15 % 5/14/2029 € 8,250 8,356 8,453
High Tech Industries Total 23,451 22,857 27.4 %
Media: Advertising, Printing & Publishing
Kpler (15)(19) First Lien Senior Secured Loan EURIBOR 6.25 % 9.63 % 3/3/2030 € 14,981 16,242 15,504
Kpler (18)(19) First Lien Senior Secured Loan - Delayed Draw EURIBOR 6.25 % 9.63 % 3/3/2030 € 3,246 3,519 3,359
Media: Advertising, Printing & Publishing Total 19,761 18,863 22.6 %
Media: Broadcasting & Subscription
Lightning Finco Limited (16)(19) First Lien Senior Secured Loan EURIBOR 5.25 % 7.83 % 8/31/2028 € 2,619 2,951 2,710
Media: Broadcasting & Subscription Total 2,951 2,710 3.2 %
Media: Diversified & Production
Aptus 1724. Gmbh (19)(21)(26) First Lien Senior Secured Loan EURIBOR 6.00% (1.50% PIK) 10.38 % 2/23/2028 € 35,504 41,853 31,232
Media: Diversified & Production Total 41,853 31,232 37.4 %
Services: Business
iBanFirst (18)(19)(26) First Lien Senior Secured Loan EURIBOR 10.00% PIK 13.00 % 7/13/2028 € 14,124 15,867 14,617
Webcentral (18)(19) First Lien Senior Secured Loan EURIBOR 6.25 % 9.41 % 3/3/2030 € 3,423 3,778 3,542
Services: Business Total 19,645 18,159 21.7 %
European Currency Total 206,900 182,902 218.9 %
Norwegian Krone
Services: Business
Spring Finco BV (18)(19) First Lien Senior Secured Loan NIBOR 5.50 % 10.14 % 7/15/2029 NOK 174,360 16,601 15,315
Services: Business Total 16,601 15,315 18.3 %
Norwegian Krone Total 16,601 15,315 18.3 %

All values are in US Dollars.

Interest Maturity Principal / Market % of Members
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares (9) Cost Value Equity (4)
U.S. Dollar
Automotive
Cardo (18)(19) First Lien Senior Secured Loan SOFR 5.25 % 9.67 % 5/12/2028 9,653 9,604 9,653
Automotive Total 9,604 9,653 11.6 %
Chemicals, Plastics & Rubber
V Global Holdings LLC (16)(19) First Lien Senior Secured Loan SOFR 5.90 % 10.42 % 12/22/2027 23,043 23,043 22,294
Chemicals, Plastics & Rubber Total 23,043 22,294 26.7 %
Consumer Goods: Durable
Stanton Carpet (15)(19) Second Lien Senior Secured Loan SOFR 9.15 % 13.74 % 3/31/2028 5,000 4,956 5,000
Consumer Goods: Durable Total 4,956 5,000 6.0 %
High Tech Industries
NearMap (15)(19) First Lien Senior Secured Loan SOFR 5.00 % 9.63 % 12/9/2029 23,343 23,172 23,343
Utimaco (16)(19) First Lien Senior Secured Loan SOFR 6.51 % 11.08 % 5/14/2029 16,450 16,342 16,286
Utimaco (16)(19) First Lien Senior Secured Loan SOFR 6.51 % 11.08 % 5/14/2029 8,550 8,494 8,465
High Tech Industries Total 48,008 48,094 57.5 %
Media: Broadcasting & Subscription
Lightning Finco Limited (16)(19) First Lien Senior Secured Loan SOFR 5.68 % 10.09 % 8/31/2028 23,907 23,793 23,907
Media: Broadcasting and Subscription Total 23,793 23,907 28.6 %
Media: Diversified & Production
Aptus 1724 Gmbh (19)(21)(26) First Lien Senior Secured Loan - Delayed Draw SOFR 6.15% (1.50% PIK) 12.08 % 2/23/2028 10,144 10,108 8,622
Media: Diversified & Production Total 10,108 8,622 10.3 %

All values are in US Dollars.

Interest Maturity Principal / Market % of Members
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares (9) Cost Value Equity (4)
U.S. Dollar
Services: Business
Avalon Acquiror, Inc. (15)(19) First Lien Senior Secured Loan SOFR 6.25 % 10.58 % 3/10/2028 11,700 11,636 11,466
Chamber Bidco Limited (18)(19) First Lien Senior Secured Loan SOFR 5.75 % 10.12 % 6/2/2028 21,081 20,973 21,081
Smartronix (15)(19) First Lien Senior Secured Loan SOFR 6.10 % 10.35 % 11/23/2028 10,697 10,617 10,697
Services: Business Total 43,226 43,244 51.7 %
U.S. Dollar Total 162,738 160,814 192.4 %
Total 683,538 655,804 784.8 %

All values are in US Dollars.

Forward Foreign Currency Exchange Contracts

Unrealized
Currency Purchased Currency Sold Counterparty Settlement Date Appreciation(8)
AUSTRALIAN DOLLARS 480 EURO 292 Morgan Stanley 06/10/2025 (8 )
EURO 2,325 AUSTRALIAN DOLLARS 3,786 Standard Chartered 01/15/2025 65
EURO 3,061 AUSTRALIAN DOLLARS 4,980 Morgan Stanley 06/10/2025 110
EURO 2,199 AUSTRALIAN DOLLARS 3,690 Standard Chartered 06/10/2025 9
US DOLLARS 9,408 AUSTRALIAN DOLLARS 13,954 Standard Chartered 01/15/2025 767
US DOLLARS 679 AUSTRALIAN DOLLARS 1,035 Standard Chartered 03/20/2025 38
US DOLLARS 13,555 AUSTRALIAN DOLLARS 19,560 Morgan Stanley 06/10/2025 1,437
US DOLLARS 7,026 AUSTRALIAN DOLLARS 10,830 Standard Chartered 06/10/2025 316
EURO 1,688 BRITISH POUNDS 1,419 Standard Chartered 01/15/2025 (28 )
EURO 230 BRITISH POUNDS 200 Morgan Stanley 01/21/2025 (12 )
EURO 3,118 BRITISH POUNDS 2,840 Morgan Stanley 06/12/2025 (297 )
EURO 755 BRITISH POUNDS 682 Morgan Stanley 11/10/2025 (56 )
BRITISH POUNDS 200 EURO 231 Morgan Stanley 01/21/2025 11
BRITISH POUNDS 550 EURO 628 Morgan Stanley 11/10/2025 25
US DOLLARS 6,840 BRITISH POUNDS 5,231 Goldman Sachs 01/15/2025 290
US DOLLARS 1,833 BRITISH POUNDS 1,447 Morgan Stanley 01/21/2025 22
US DOLLARS 2,734 BRITISH POUNDS 2,170 Morgan Stanley 02/14/2025 17
US DOLLARS 751 BRITISH POUNDS 590 Goldman Sachs 03/20/2025 13
US DOLLARS 2,797 BRITISH POUNDS 2,220 Morgan Stanley 05/13/2025 20
US DOLLARS 13,374 BRITISH POUNDS 10,983 Morgan Stanley 06/10/2025 (363 )
US DOLLARS 1,000 BRITISH POUNDS 840 Standard Chartered 06/10/2025 (51 )
US DOLLARS 502 BRITISH POUNDS 402 Standard Chartered 06/10/2025 (1 )
EURO 450 CANADIAN DOLLARS 679 Standard Chartered 01/15/2025 (6 )
EURO 316 CANADIAN DOLLARS 471 Morgan Stanley 03/21/2025 —
US DOLLARS 1,822 CANADIAN DOLLARS 2,501 Standard Chartered 01/15/2025 82
US DOLLARS 1,356 CANADIAN DOLLARS 1,830 Morgan Stanley 03/21/2025 80
EURO 940 DANISH KRONE 7,008 Standard Chartered 01/15/2025 —
US DOLLARS 3,803 DANISH KRONE 25,832 Standard Chartered 01/15/2025 213
EURO 880 NORWEGIAN KRONE 10,354 Standard Chartered 01/15/2025 —
EURO 1,614 US DOLLARS 1,790 Morgan Stanley 01/09/2025 (118 )
EURO 16,565 US DOLLARS 18,170 Standard Chartered 01/09/2025 (1,010 )
EURO 8,788 US DOLLARS 9,660 Standard Chartered 01/15/2025 (554 )
EURO 666 US DOLLARS 740 Morgan Stanley 06/18/2025 (45 )
EURO 4,079 US DOLLARS 4,480 Morgan Stanley 06/23/2025 (218 )
EURO 611 US DOLLARS 680 Standard Chartered 06/23/2025 (41 )
EURO 4,850 US DOLLARS 5,160 Standard Chartered 06/23/2025 (94 )
US DOLLARS 28,733 EURO 26,140 Standard Chartered 01/15/2025 1,649
US DOLLARS 634 EURO 580 Morgan Stanley 02/12/2025 33
US DOLLARS 4,795 EURO 4,371 Morgan Stanley 02/28/2025 258
US DOLLARS 23,690 EURO 21,780 Standard Chartered 06/10/2025 956
US DOLLARS 1,425 EURO 1,290 Morgan Stanley 11/10/2025 66
US DOLLARS 29,725 EURO 27,780 Standard Chartered 11/10/2025 459
US DOLLARS 3,563 NORWEGIAN KRONE 38,166 Standard Chartered 01/15/2025 203
4,237

All values are in US Dollars.

  • The investments bear interest at a rate that may be determined by reference to the Euro Interbank Offered Rate (“EURIBOR” or “E”), the Norwegian Interbank Offered Rate (“NIBOR” or “N”), the Canadian Overnight Repo Rate Average (“CORRA”), the Bank Bill Swap Bid Rate (“BBSY”), the Sterling Overnight Index Average (“SONIA”) or Secured Overnight Financing Rate (“SOFR”) which reset daily, monthly, quarterly or semiannually. Investments or a portion thereof may provide for Payment-in-Kind (“PIK”). For each, the Company has provided the PIK or the spread over EURIBOR, NIBOR, CORRA, BBSY, SONIA, or SOFR and the current weighted average interest rate in effect at December 31, 2024. Certain investments are subject to a EURIBOR, NIBOR, CORRA, BBSY, SONIA, or SOFR interest rate floor.

  • The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.

  • 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.

  • Percentages are based on the ISLP's net assets (in thousands) of $83,564 as of December 31, 2024.

  • Tick mark not used.

  • Tick mark not used.

  • Loan was on non-accrual status as of December 31, 2024.

  • Unrealized appreciation on forward currency exchange contracts.

  • 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 Dollar, and CAD represents Canadian Dollar.

  • Tick mark not used.

  • Tick mark not used.

  • Tick mark not used.

  • Tick mark not used.

  • Non-income producing.

  • Loan includes interest rate floor of 1.00%.

  • Loan includes interest rate floor of 0.75%.

  • Loan includes interest rate floor of 0.50%.

  • Loan includes interest rate floor of 0.00%.

  • Security valued using unobservable inputs (Level 3).

  • Tick mark not used.

  • Loan includes interest rate floor of 0.25%.

  • Tick mark not used.

  • Tick mark not used.

  • Tick mark not used.

  • Tick mark not used.

  • Denotes that all or a portion of the debt investment includes PIK interest during the period.

Below is the financial information for ISLP:

Selected Balance Sheet Information

As of As of
September 30, 2025 December 31, 2024
ASSETS
Investments at fair value (amortized cost of $727,194 and $683,538, respectively) 717,798 655,804
Cash and cash equivalents 13,347 7,610
Foreign cash (cost of $13,496 and $21,972, respectively) 13,871 21,243
Collateral on forward currency exchange contracts 3 14
Deferred financing costs (net of accumulated amortization of $3,717 and $3,042, respectively) 3,376 2,138
Unrealized appreciation on forward currency exchange contracts — 4,237
Interest receivable on investments 13,352 13,854
Other receivable 2,706 —
Total assets 764,453 704,900
LIABILITIES
Debt 353,755 297,634
Subordinated notes payable to members 305,782 297,240
Interest payable on debt 856 5,279
Interest payable on subordinated notes payable to members 9,613 20,204
Payable for investments purchased 26,068 —
Unrealized depreciation on forward currency exchange contracts 4,877 —
Distributions payable to members 1,311 550
Accounts payable and accrued expenses 1,124 429
Total liabilities 703,386 621,336
MEMBERS' EQUITY
Total members’ equity 61,067 83,564
Total liabilities and members’ equity 764,453 704,900

All values are in US Dollars.

Selected Statements of Operations Information

For the Three Months Ended For the Nine Months Ended
September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024
Investment income
Interest income 17,244 19,091 52,261 60,528
Total investment income 17,244 19,091 52,261 60,528
Expenses
Interest and debt financing expenses 5,348 6,092 15,804 19,158
Interest expense on subordinated notes payable to members 9,605 10,274 28,034 30,116
Professional fees and other expenses 980 754 2,900 2,361
Total expenses 15,933 17,120 46,738 51,635
Net investment income 1,311 1,971 5,523 8,893
Net realized and unrealized gains (losses)
Net realized gain (loss) on investments 414 627 1,821 (7,702 )
Net realized loss on extinguishment of debt — — (1,652 ) —
Net realized gain (loss) on foreign currency transactions 295 (90 ) (20,457 ) 7,783
Net realized gain (loss) on forward currency exchange contracts (1,468 ) (4,267 ) 88 (3,423 )
Net change in unrealized appreciation on foreign currency translation 3,522 (15,703 ) (13,177 ) (15,297 )
Net change in unrealized appreciation on forward currency exchange contracts 2,315 (613 ) (9,114 ) 1,341
Net change in unrealized appreciation on investments (21,068 ) 22,136 18,337 803
Total net gain (loss) (15,990 ) 2,090 (24,154 ) (16,495 )
Net increase (decrease) in members’ equity from operations (14,679 ) 4,061 (18,631 ) (7,602 )

All values are in US Dollars.

Bain Capital Senior Loan Program, LLC

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, Bain Capital Senior Loan Program, LLC (“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 were $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 September 30, 2025, the Company’s investment in SLP consisted of subordinated notes of $157.9 million, preferred equity interests of $1.7 million and equity interests of $6.8 million. As of December 31, 2024, the Company’s investment in SLP consisted of subordinated notes of $146.5 million, preferred equity interests of $10 thousand and equity interests of ($4.8) 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 may also purchase certain investments or a participating interest in certain investments from SLP. Since inception, the Company has sold $2,285.2 million of its investments to SLP and purchased $102.5 million in investments from SLP. The purchase and sale of the investments met the criteria set forth in ASC 860, Transfers and Servicing for treatment as a purchase and sale.

The Company has determined that SLP is an investment company under ASC 946; 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 820, 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.

On March 7, 2022, SLP acquired 70% of the Company’s membership interests in 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.

On June 15, 2023, the 2018-1 Issuer entered into a First Supplemental Indenture (“2018-1 Supplemental Indenture”), dated as of June 15, 2023, pursuant to Section 8.1(xxxi) of the 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. The 2018-1 Supplemental Indenture provides for, among other things, an adoption of an alternate reference rate of Term

SOFR

plus 0.26%, effective July 1, 2023.

On March 13, 2024, SLP refinanced the 2018-1 Issuer through a private placement of $500 million of senior secured and senior deferrable notes consisting of (i) $290.0 million of Class A-1-R Senior Secured Floating Rate Notes, which currently bear interest at the applicable reference rate plus 2.25% per annum; (ii) $20.0 million of Class A‑J‑R Senior Secured Floating Rate Notes, which bear interest at the applicable reference rate plus 2.70% per annum; (iii) $30.0 million of Class A-2-R Senior Secured Floating Rate Notes, which bear interest at the applicable reference rate plus 2.90% per annum; (iv) $40.0 million of Class B-R Mezzanine Secured Deferrable Floating Rate Notes, which bear interest at the applicable reference rate plus 3.90% per annum; (v) $30.0 million of Class C-R Mezzanine Secured Deferrable Floating Rate Notes, which bear interest at the applicable reference rate plus 5.90% per annum; and (vi) $30.0 million of Class D-R Junior Secured Deferrable Floating Rate Notes, which bear interest at the applicable reference rate plus 8.32% per annum (collectively, the “2018‑1 CLO Reset Notes”). The membership interests are eliminated in consolidation on SLP’s Consolidated Financial Statements. The 2018‑1 CLO Reset Notes are scheduled to mature on April 20, 2036. The transaction resulted in a realized loss on the extinguishment of debt of $1.3 million from the acceleration of unamortized debt issuance costs. The obligations of the 2018-1 Issuer under the 2018-1 CLO Transaction are non-recourse to the Company.

As part of the refinancing transaction, SLP bought the Company's membership interests of the 2018-1 Issuer for $22.4 million, making SLP the sole owner of the membership interests.

Below is a table summary of the 2018‑1 CLO Reset Notes as of September 30, 2025:

Interest rate at
2018-1 Notes Principal Amount Spread above Index September 30, 2025
Class A-1-R 290,000 2.25 % + 3 Month SOFR 6.58 %
Class A-J-R 20,000 2.70 % + 3 Month SOFR 7.03 %
Class A-2-R 30,000 2.90 % + 3 Month SOFR 7.23 %
Class B-R 40,000 3.90 % + 3 Month SOFR 8.23 %
Class C-R 30,000 5.90 % + 3 Month SOFR 10.23 %
Class D-R 30,000 8.32 % + 3 Month SOFR 12.65 %
Membership Interests 60,000 Non-interest bearing Not applicable
Total 2018-1 Notes 500,000

All values are in US Dollars.

On August 24, 2022, SLP, through a wholly-owned subsidiary, entered into a $225.0 million senior secured revolving credit facility which bore interest at

SOFR

plus 210 basis points with Wells Fargo, subject to leverage and borrowing base restrictions (the “MM_22_2 Credit Facility”). The maturity date of the MM_22_2 Credit Facility was August 24, 2025. On August 9, 2023, the MM_22_2 Credit Facility was terminated.

On August 9, 2023, (the “2023-1 Closing Date”), SLP, through BCC Middle Market CLO 2023‑1 LLC (the “2023‑1 Issuer”), a Delaware limited liability company and a wholly-owned and consolidated subsidiary of SLP, completed a $400.0 million term debt securitization (the “2023-1 CLO Transaction”). The Class A, B-1, B-2, C, D, and E 2023-1 notes issued in connection with the 2023-1 CLO Transaction (the “2023-1 Notes”) are secured by a diversified portfolio of the 2023-1 Issuer consisting primarily of middle market loans and participation interests in middle market loans, the majority of which are senior secured loans (the “2023-1 Portfolio”). At the 2023-1 Closing Date, the 2023-1 Portfolio was comprised of assets transferred from SLP and its consolidated subsidiaries. All transfers were eliminated in consolidation and there were no realized gains or losses recognized in the 2023-1 CLO Transaction.

On August 13, 2025, the 2023-1 Issuer refinanced the 2023‑1 CLO Transaction through a private placement of $331.6 million of senior secured and senior deferrable notes consisting of: (i) $188.5 million of Class A‑1‑R Senior Secured Floating Rate Notes, which currently bear interest at the applicable reference rate plus 1.58% per annum; (ii) $9.8 million of Class A‑2‑R Senior Secured Floating Rate Notes, which bear interest at the applicable reference rate plus 1.80% per annum; (iii) $22.8 million of Class B-R Senior Deferrable Floating Rate Notes, which bear interest at the applicable reference rate plus 1.90% per annum; (iv) $27.6 million of Class C-R Senior

Deferrable Floating Rate Notes, which bear interest at the applicable reference rate plus 2.25% per annum; (v) $17.9 million of Class D-R Senior Deferrable Floating Rate Notes, which bear interest at the applicable reference rate plus 3.25% per annum; and (vi) $19.5 million of Class E-R Senior Deferrable Floating Rate Notes, which bear interest at the applicable reference rate plus 6.5% per annum (collectively, the “2023‑1 CLO Reset Notes”). The 2023‑1 CLO Reset Notes are scheduled to mature on July 1, 2037. The Company retained $27.6 million of the Class C-R Notes, $17.9 million of the Class D-R Notes, and $19.5 million of the Class E-R Notes. The retained notes by the Company are eliminated in consolidation. The obligations of the 2023-1 Issuer under the 2023-1 CLO Transaction are non-recourse to the Company.

The 2023‑1 Notes are scheduled to mature on July 20, 2035 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 2023-1 Notes as of September 30, 2025:

Interest rate at
2023-1 Debt Principal Amount Spread above Index September 30, 2025
Class A-1-R Notes 188,500 1.58 % + SOFR 5.81 %
Class A-2-R Notes 9,750 1.80 % + SOFR 6.03 %
Class B-R 22,750 1.90 % + SOFR 6.13 %
Total 2023-1 Notes 221,000
Membership Interests 45,636 Non-interest bearing Not applicable
Total 266,636

All values are in US Dollars.

On September 27, 2023, SLP, through SLP MM CLO WH 2, LLC, a Delaware limited liability company and a wholly-owned subsidiary, entered into a $140.0 million senior secured revolving credit facility which bore interest at

SOFR

plus 285 basis points with NatWest Markets PLC, subject to leverage and borrowing base restrictions (the "MM_23_3 Credit Facility"). The maturity date of the MM_23_3 Credit Facility was September 27, 2027. On July 10, 2024, the MM_23_3 Credit Facility was terminated.

On July 10, 2024 (the “2024-1 Closing Date”), SLP, through BCC Middle Market CLO 2024‑1 LLC (the “2024‑1 Issuer”), a Delaware limited liability company and a wholly-owned and consolidated subsidiary of SLP, completed a $450.4 million term debt securitization (the “2024-1 CLO Transaction”). The Class A-1, A-2, B, C, D, and E 2024-1 notes issued in connection with the 2024-1 CLO Transaction (the “2024-1 Notes”) are secured by a diversified portfolio of the 2024-1 Issuer consisting primarily of middle market loans and participation interests in middle market loans, the majority of which are senior secured loans (the “2024-1 Portfolio”). The Company retained $25.5 million of the Class E Notes. The retained notes by the Company are eliminated in consolidation. At the 2024-1 Closing Date, the 2024-1 Portfolio was comprised of assets transferred from SLP and its consolidated subsidiaries. All transfers were eliminated in consolidation and there were no realized gains or losses recognized in the 2024-1 CLO Transaction.

The 2024‑1 Notes are scheduled to mature on July 17, 2036 and are included in SLP’s Consolidated Financial Statements. The Company's membership interests are eliminated in consolidation on SLP’s Consolidated Financial Statements. Below is a table summary of the 2024-1 Notes as of September 30, 2025:

Interest rate at
2024-1 Debt Principal Amount Spread above Index September 30, 2025
Class A-1 Notes 250,750 1.75 % + SOFR 6.07 %
Class A-2 Notes 12,750 1.95 % + SOFR 6.27 %
Class B Notes 25,500 2.05 % + SOFR 6.37 %
Class C Notes 34,000 2.75 % + SOFR 7.07 %
Class D Notes 25,500 4.50 % + SOFR 8.82 %
Total 2024-1 Notes(1) 348,500
Membership Interests 76,395 Non-interest bearing Not applicable
Total 424,895

All values are in US Dollars.

(1) As of September 30, 2025, there were no Class E Notes outstanding.

On December 9, 2024, SLP, through SLP MM CLO WH 3, LLC, a Delaware limited liability company and a wholly-owned subsidiary, entered into a $300.0 million senior secured revolving credit facility which bears interest at

SOFR

plus 200 basis points with Société Générale, subject to leverage and borrowing base restrictions (the “MM CLO WH 3 Credit Facility”). The maturity date of the MM CLO WH 3 Credit Facility was December 8, 2032. On July 8, 2025, the MM CLO WH 3 Credit Facility was terminated.

On July 8, 2025 (the “2025-1 Closing Date”), SLP, through BCC Middle Market CLO 2025‑1 LLC (the “2025‑1 Issuer”), a Delaware limited liability company and a wholly-owned and consolidated subsidiary of SLP, completed a $349.1 million term debt securitization (the “2025-1 CLO Transaction”). The Class A-1, A-2, B, C, D-1, and D-2 2025-1 notes issued in connection with the 2025-1 CLO Transaction (the “2025-1 Notes”) are secured by a diversified portfolio of the 2025-1 Issuer consisting primarily of middle market loans and participation interests in middle market loans, the majority of which are senior secured loans (the “2025-1 Portfolio”). At the 2025-1 Closing Date, the 2025-1 Portfolio was comprised of assets transferred from SLP and its consolidated subsidiaries. All transfers were eliminated in consolidation and there were no realized gains or losses recognized in the 2025-1 CLO Transaction.

The 2025‑1 Notes are scheduled to mature on July 17, 2037 and are included in SLP’s Consolidated Financial Statements. The Company's membership interests are eliminated in consolidation on SLP’s Consolidated Financial Statements. Below is a table summary of the 2025-1 Notes as of September 30, 2025:

Interest rate at
2025-1 Debt Principal Amount Spread above Index September 30, 2025
Class A-1 Notes 147,000 1.62 % + SOFR 5.73 %
Class A-1 Loans 56,000 1.62 % + SOFR 5.73 %
Class A-2 Loans 14,000 1.77 % + SOFR 5.88 %
Class B Notes 21,000 1.95 % + SOFR 6.06 %
Class C Notes 29,750 2.50 % + SOFR 6.61 %
Class D-1 Notes 19,250 3.50 % + SOFR 7.61 %
Class D-2 Notes 8,750 5.50 % + SOFR 9.61 %
Total 2025-1 Notes 295,750
Subordinated Notes 53,380 Non-interest bearing Not applicable
Total 349,130

All values are in US Dollars.

The combined weighted average interest rate (excluding deferred upfront financing costs and unused fees) of the aggregate borrowings outstanding as of September 30, 2025 was 7.1%. The combined weighted average interest rate (excluding deferred upfront financing costs and unused fees) of the aggregate borrowings outstanding for the year ended December 31, 2024 was 8.2%.

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

As of As of
September 30, 2025 December 31, 2024
Total investments 1,548,938 1,399,241
Weighted average yield on investments 10.0 % 10.6 %
Number of borrowers in SLP 94 100
Largest portfolio company investment 42,336 35,681
Total of five largest portfolio company investments 187,132 171,681
Unfunded commitments 4,870 991

All values are in US Dollars.

Below is a listing of SLP’s individual investments as of September 30, 2025:

Senior Loan Program, LLC

Consolidated Schedule of Investments

As of September 30, 2025

Interest Maturity Market % of Members
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Principal (9) Cost Value Equity (4)
U.S. Dollars
Aerospace & Defense
ATS (12)(15)(19)(35)(36) First Lien Senior Secured Loan SOFR 5.75 % 10.07 % 7/12/2029 20,165 19,983 20,165
BTX Precision (12)(15)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 4.75 % 8.91 % 7/25/2030 21,554 21,442 21,554
BTX Precision (15)(19)(36) First Lien Senior Secured Loan - Delayed Draw SOFR 4.75 % 8.91 % 7/25/2030 4,975 4,975 4,975
Forward Slope (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.60 % 9.60 % 8/22/2029 14,025 13,884 14,025
Forward Slope (15)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.60 % 9.60 % 8/22/2029 18,374 18,374 18,374
Forward Slope (15)(19)(36) First Lien Senior Secured Loan - Delayed Draw SOFR 5.60 % 9.60 % 8/22/2029 9,937 9,937 9,937
GSP Holdings, LLC (12)(15)(19)(26)(34)(35) First Lien Senior Secured Loan SOFR 2.95% (2.95% PIK) 9.90 % 11/6/2026 25,631 25,571 23,836
Heads Up Technologies, Inc. (12)(16)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.25 % 9.57 % 7/23/2030 16,500 16,418 16,418
Mach Acquisition T/L (12)(15)(19)(26)(36) First Lien Senior Secured Loan SOFR 7.15% (2.00% PIK) 13.48 % 10/19/2026 15,962 15,962 15,962
Saturn Purchaser Corp. (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 4.85 % 9.17 % 7/22/2030 29,633 29,576 29,633
Whitcraft-Paradigm (15)(19)(36) First Lien Senior Secured Loan - Delayed Draw SOFR 5.50 % 9.50 % 2/15/2029 4,513 4,513 4,513
Whitcraft-Paradigm (15)(19)(34)(36) First Lien Senior Secured Loan SOFR 6.50 % 10.82 % 2/15/2029 11,268 11,210 11,268
Aerospace & Defense Total 191,845 190,660 1668.2 %
Automotive
Cardo (12)(18)(19) First Lien Senior Secured Loan SOFR 5.25 % 9.54 % 5/12/2028 10,800 10,800 10,800
Chilton (12)(15)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.50 % 9.82 % 2/5/2031 16,431 16,233 16,308
Gills Point S (12)(15)(19)(35) First Lien Senior Secured Loan SOFR 5.50 % 9.66 % 5/17/2029 9,775 9,653 9,580
Intoxalock (12)(15)(19)(34) First Lien Senior Secured Loan SOFR 5.10 % 9.26 % 11/1/2028 16,797 16,706 16,797
JHCC Holdings, LLC (15)(19)(34)(35) First Lien Senior Secured Loan - Delayed Draw SOFR 5.25 % 9.25 % 9/9/2027 8,103 8,061 8,103
JHCC Holdings, LLC (12)(15)(19)(34) First Lien Senior Secured Loan SOFR 5.25 % 9.25 % 9/9/2027 16,158 16,073 16,158
Automotive Total 77,526 77,746 680.3 %
Beverage, Food & Tobacco
AgroFresh Solutions (12)(15)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 6.35 % 10.51 % 3/31/2029 24,016 23,884 24,016
Beverage, Food & Tobacco Total 23,884 24,016 210.1 %
Capital Equipment
AXH Air Coolers (12)(15)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.50 % 9.63 % 10/31/2029 27,189 27,092 27,189
AXH Air Coolers (12)(15)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.50 % 9.63 % 10/31/2029 13,130 13,130 13,130
Capital Equipment Total 40,222 40,319 352.8 %

All values are in US Dollars.

Interest Maturity Market % of Members
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Principal (9) Cost Value Equity (4)
U.S. Dollars
Chemicals, Plastics & Rubber
Duraco (19)(32)(35)(36) First Lien Senior Secured Loan SOFR 6.50 % 10.79 % 6/6/2029 16,080 15,842 15,437
V Global Holdings LLC (12)(16)(19)(34) First Lien Senior Secured Loan SOFR 5.90 % 10.14 % 12/22/2027 9,853 9,828 9,459
Chemicals, Plastics & Rubber Total 25,670 24,896 217.8 %
Construction & Building
AGS American Glass Services Acquisition, LLC (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.50 % 9.66 % 7/24/2031 4,000 3,980 3,980
Service Master (18)(19)(26)(34)(35) First Lien Senior Secured Loan SOFR 5.86% (1.00% PIK) 11.03 % 8/16/2027 18,839 18,839 18,839
Service Master (15)(19)(26)(36) First Lien Senior Secured Loan SOFR 5.86% (1.00% PIK) 11.00 % 8/16/2027 4,993 4,990 4,993
Zeus Fire & Security (12)(15)(19)(35)(36) First Lien Senior Secured Loan SOFR 5.00 % 9.32 % 12/11/2030 19,354 19,219 19,209
Construction & Building Total 47,028 47,021 411.4 %
Consumer Goods: Durable
Stanton Carpet (12)(15)(19) Second Lien Senior Secured Loan SOFR 9.15 % 13.44 % 3/31/2028 5,000 4,954 5,000
TLC Purchaser, Inc. (15)(19)(36) First Lien Senior Secured Loan SOFR 5.76 % 9.76 % 10/11/2027 1,995 1,975 1,995
TLC Purchaser, Inc. (12)(15)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.76 % 9.78 % 10/11/2027 35,431 34,752 35,436
Consumer Goods: Durable Total 41,681 42,431 371.3 %
Consumer Goods: Non-Durable
Evriholder (12)(19)(32)(35) First Lien Senior Secured Loan SOFR 6.90 % 11.06 % 1/24/2028 15,622 15,523 15,466
Hempz (15)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.25 % 9.25 % 10/25/2029 13,832 13,730 13,763
Solaray, LLC (12)(15)(19) First Lien Senior Secured Loan SOFR 6.85 % 10.98 % 12/15/2025 9,780 9,780 9,291
Summer Fridays, LLC (12)(15)(19)(36) First Lien Senior Secured Loan SOFR 5.25 % 9.25 % 5/16/2031 10,723 10,567 10,562
RoC Skincare (12)(15)(19)(35)(36) First Lien Senior Secured Loan SOFR 5.75 % 9.96 % 2/21/2031 24,115 23,924 24,115
WU Holdco, Inc. (12)(16)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 4.75 % 8.75 % 4/15/2032 26,213 26,087 26,082
Consumer Goods: Non-Durable Total 99,611 99,279 868.7 %
Consumer Goods: Wholesale
WSP (7)(14)(15)(19) First Lien Senior Secured Loan SOFR 1.25 % 5.45 % 4/27/2028 3,338 3,106 1,769
WSP (7)(14)(19)(26) First Lien Senior Secured Loan — 8.00% PIK 8.00 % 4/27/2028 2,214 1,978 —
Consumer Goods: Wholesale Total 5,084 1,769 15.5 %
Containers, Packaging & Glass
ASP-r-pac Acquisition Co LLC (12)(16)(19)(34)(35) First Lien Senior Secured Loan SOFR 6.26 % 10.57 % 12/29/2027 22,412 22,314 22,412
Containers, Packaging & Glass Total 22,314 22,412 196.1 %
Energy: Electricity
WCI Gigawatt Purchaser (12)(15)(19)(34) First Lien Senior Secured Loan SOFR 6.01 % 10.21 % 11/19/2027 20,096 19,968 20,096
WCI Gigawatt Purchaser (15)(19)(35) First Lien Senior Secured Loan - Delayed Draw SOFR 6.01 % 10.21 % 11/19/2027 4,663 4,617 4,663
WCI Gigawatt Purchaser (15)(19)(35) First Lien Senior Secured Loan SOFR 6.26 % 10.46 % 11/19/2027 3,333 3,333 3,333
Energy: Electricity Total 27,918 28,092 245.8 %

All values are in US Dollars.

Interest Maturity Market % of Members
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Principal (9) Cost Value Equity (4)
U.S. Dollars
FIRE: Finance
Allworth Financial Group, L.P. (12)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 4.75 % 8.91 % 12/23/2027 2,095 2,079 2,079
Allworth Financial Group, L.P. (12)(15)(19) First Lien Senior Secured Loan SOFR 4.75 % 8.91 % 12/23/2027 8,194 8,194 8,194
Choreo (15)(19)(36) First Lien Senior Secured Loan SOFR 5.00 % 9.16 % 2/18/2028 2,463 2,463 2,463
Insigneo Financial Group LLC (12)(15)(19) First Lien Senior Secured Loan SOFR 6.60 % 10.88 % 8/1/2028 7,400 7,400 7,400
Insigneo Financial Group LLC (12)(15)(19) First Lien Senior Secured Loan SOFR 6.60 % 10.79 % 8/1/2028 3,825 3,825 3,825
PMA (12)(16)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 4.75 % 8.75 % 1/31/2031 17,456 17,225 17,456
Wealth Enhancement Group (WEG) (15)(19)(35)(36) First Lien Senior Secured Loan - Delayed Draw SOFR 4.50 % 8.79 % 10/2/2028 11,755 11,744 11,755
FIRE: Finance Total 52,930 53,172 465.2 %
FIRE: Insurance
Simplicity (12)(16)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.00 % 9.00 % 12/31/2031 25,061 24,820 25,061
FIRE: Insurance Total 24,820 25,061 219.3 %
Healthcare & Pharmaceuticals
AEG Vision (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.90 % 9.90 % 3/27/2027 1,155 1,155 1,155
AOM Infusion (16)(19)(36) First Lien Senior Secured Loan SOFR 5.00 % 9.00 % 3/19/2032 3,643 3,608 3,625
Apollo Intelligence (12)(16)(19)(35) First Lien Senior Secured Loan SOFR 5.75 % 9.98 % 5/31/2028 10,476 10,429 10,319
Beacon Specialized Living (12)(15)(19)(35)(36) First Lien Senior Secured Loan SOFR 5.50 % 9.50 % 3/25/2028 12,495 12,424 12,495
EHE Health (12)(15)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.50 % 9.50 % 8/7/2030 24,503 24,294 24,503
HealthDrive (12)(15)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 6.10 % 10.26 % 8/20/2029 20,269 20,269 20,269
HealthDrive (15)(19)(36) First Lien Senior Secured Loan - Delayed Draw SOFR 6.10 % 10.26 % 8/20/2029 270 270 270
HealthDrive (3)(15)(19)(36) First Lien Senior Secured Loan - Delayed Draw SOFR 6.10 % 10.27 % 8/20/2029 2,129 2,115 2,115
Odyssey Behavioral Health (12)(15)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.25 % 9.46 % 5/21/2031 35,239 34,855 35,239
Pharmacy Partners (12)(19)(32)(34)(35)(36) First Lien Senior Secured Loan SOFR 6.50 % 10.70 % 2/28/2029 23,347 23,155 23,347
Psychiatric Medical Care LLC (12)(16)(19)(34)(35) First Lien Senior Secured Loan SOFR 4.75 % 8.74 % 7/1/2032 10,250 10,122 10,122
Red Nucleus (16)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.00 % 8.77 % 10/17/2031 16,332 16,149 16,332
RedMed Operations (Collage Rehabilitation) (12)(15)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.00 % 9.16 % 2/28/2031 22,818 22,572 22,818
SunMed Group Holdings, LLC (12)(16)(19) First Lien Senior Secured Loan SOFR 5.60 % 9.91 % 6/16/2028 9,362 9,362 9,362
Healthcare & Pharmaceuticals Total 190,779 191,971 1679.7 %

All values are in US Dollars.

Interest Maturity Market % of Members
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Principal (9) Cost Value Equity (4)
U.S. Dollars
High Tech Industries
Appriss (12)(15)(19)(35) First Lien Senior Secured Loan SOFR 5.00 % 9.07 % 3/10/2031 10,973 10,891 10,973
Govineer Solutions (fka Black Mountain) (12)(15)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.00 % 9.00 % 10/7/2030 29,020 28,829 29,020
LogRhythm, Inc. (15)(19)(35) First Lien Senior Secured Loan SOFR 7.50 % 11.66 % 7/2/2029 3,978 3,885 3,858
NearMap (15)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.00 % 9.33 % 12/9/2029 16,084 15,962 16,084
NearMap (12)(15)(19)(35)(36) First Lien Senior Secured Loan SOFR 5.00 % 9.33 % 12/9/2029 14,963 14,909 14,963
PayRange (15)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.00 % 9.16 % 10/31/2030 18,340 18,193 18,340
Superna Inc. (15)(19)(36) First Lien Senior Secured Loan SOFR 6.50 % 10.57 % 3/6/2028 4,211 4,170 4,211
SensorTower (12)(19)(31)(34)(35)(36) First Lien Senior Secured Loan SOFR 7.50 % 11.52 % 3/15/2029 19,391 19,267 19,391
High Tech Industries Total 116,106 116,840 1022.3 %
Hotel, Gaming & Leisure
Awayday (15)(19)(34)(36) First Lien Senior Secured Loan SOFR 5.25 % 9.25 % 5/6/2032 13,657 13,506 13,520
City BBQ (12)(15)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.35 % 9.53 % 9/4/2030 28,469 28,300 28,327
Concert Golf Partners Holdco LLC (12)(16)(19)(34)(35) First Lien Senior Secured Loan SOFR 4.50 % 8.50 % 3/31/2031 20,124 19,913 20,124
Concert Golf Partners Holdco LLC (16)(19)(36) First Lien Senior Secured Loan - Delayed Draw SOFR 4.50 % 8.50 % 3/31/2031 4,095 4,095 4,095
Pollo Tropical (12)(15)(19)(35)(36) First Lien Senior Secured Loan SOFR 5.25 % 9.56 % 10/23/2029 6,512 6,438 6,512
Pyramid Global Hospitality (19)(31)(36) First Lien Senior Secured Loan SOFR 5.25 % 9.57 % 1/19/2028 5,259 5,259 5,259
Pyramid Global Hospitality (12)(19)(24)(34)(35) First Lien Senior Secured Loan SOFR 5.25 % 9.57 % 1/19/2028 15,600 15,375 15,600
Hotel, Gaming & Leisure Total 92,886 93,437 817.5 %
Media: Advertising, Printing & Publishing
AdThrive (36) First Lien Senior Secured Loan SOFR 4.36 % 8.53 % 3/23/2028 4,923 4,853 4,901
Media: Advertising, Printing & Publishing Total 4,853 4,901 42.9 %
Retail
New Look (Delaware) Corporation (12)(15)(19) First Lien Senior Secured Loan SOFR 5.50 % 9.50 % 5/26/2028 9,384 9,190 9,384
Thrasio, LLC (7)(14)(15)(19)(26) First Lien Senior Secured Loan SOFR 10.26% PIK 14.58 % 6/18/2029 3,756 3,491 826
Thrasio, LLC (7)(14)(15)(19)(26) First Lien Senior Secured Loan SOFR 10.26% PIK 14.58 % 6/18/2029 1,208 1,138 1,208
Thrasio, LLC (14)(19) Equity Interest — — — — 52 5,369 —
Thrasio, LLC (14)(19) Equity Interest — — — — 6 597 —
Retail Total 19,785 11,418 99.9 %
Services: Business
Allbridge (12)(15)(19)(35)(36) First Lien Senior Secured Loan SOFR 5.50 % 9.50 % 6/5/2030 22,360 22,256 22,360
AMI (12)(16)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.00 % 8.90 % 10/17/2031 21,890 21,745 21,890
Avalon Acquiror, Inc. (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 6.00 % 10.00 % 3/10/2028 31,807 31,664 31,807
Datix Bidco Limited (17)(19)(35) First Lien Senior Secured Loan SOFR 5.00 % 9.29 % 4/30/2031 6,000 5,920 6,000
Dealer Service Network (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.50 % 9.49 % 2/9/2027 8,684 8,630 8,684
Discovery Senior Living (12)(15)(19)(35) First Lien Senior Secured Loan SOFR 5.50 % 9.66 % 3/18/2030 16,745 16,625 16,745
Discovery Senior Living (15)(19)(36) First Lien Senior Secured Loan - Delayed Draw SOFR 5.50 % 9.66 % 3/18/2030 2,802 2,802 2,802
Easy Ice (12)(15)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.40 % 9.71 % 10/30/2030 31,308 30,888 31,308
Electronic Merchant Systems (12)(16)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 4.75 % 8.92 % 8/1/2030 20,843 20,557 20,843
E-Tech Group (12)(15)(19)(35) First Lien Senior Secured Loan - Revolver SOFR 5.50 % 9.50 % 4/9/2030 7,899 7,837 7,801
Morrow Sodali (12)(18)(19) First Lien Senior Secured Loan SOFR 5.35 % 9.51 % 4/25/2028 2,179 2,164 2,179
Morrow Sodali (12)(15)(19) First Lien Senior Secured Loan SOFR 5.48 % 9.64 % 4/25/2028 7,700 7,649 7,700
Orion (15)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.00 % 9.26 % 3/19/2027 16,617 16,490 16,617
Pure Wafer (12)(15)(19)(35)(36) First Lien Senior Secured Loan SOFR 5.35 % 9.51 % 11/12/2030 10,834 10,752 10,834
PRGX (12)(15)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.50 % 9.49 % 12/20/2030 17,331 17,165 17,158
TEI Holdings Inc. (17)(35) First Lien Senior Secured Loan SOFR 4.00 % 8.00 % 4/9/2031 10,509 10,549 10,487
Services: Business Total 233,693 235,215 2057.9 %

All values are in US Dollars.

Interest Maturity Market % of Members
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Principal (9) Cost Value Equity (4)
U.S. Dollars
Services: Consumer
CorePower Yoga, LLC (12)(15)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.50 % 9.50 % 4/30/2031 21,099 20,999 21,099
MZR Buyer, LLC (12)(15)(19)(26)(35)(36) First Lien Senior Secured Loan SOFR 6.90% (0.50% PIK) 11.40 % 12/22/2028 13,658 13,646 12,770
Owl Acquisition, LLC (12)(16)(19)(35)(36) First Lien Senior Secured Loan SOFR 4.75 % 9.07 % 4/17/2032 15,000 14,893 14,944
Spotless Brands (3)(15)(19)(36) First Lien Senior Secured Loan - Delayed Draw SOFR 5.50 % 9.83 % 7/25/2028 5,267 5,276 5,277
Services: Consumer Total 54,814 54,090 473.3 %
Telecommunications
Meriplex Communications, Ltd. (12)(16)(19)(35)(36) First Lien Senior Secured Loan SOFR 5.10 % 9.26 % 7/17/2028 14,723 14,504 14,391
Telecommunications Total 14,504 14,391 125.9 %
Transportation: Cargo
A&R Logistics, Inc. (12)(15)(19)(26)(34)(35) First Lien Senior Secured Loan SOFR 2.65% (4.25% PIK) 11.19 % 2/3/2028 29,404 29,404 27,125
Gulf Winds International (12)(15)(19)(26)(34) First Lien Senior Secured Loan SOFR 6.00% (1.00% PIK) 11.16 % 12/16/2028 14,016 13,829 13,315
Gulf Winds International (12)(15)(19)(35)(36) First Lien Senior Secured Loan SOFR 7.00 % 11.16 % 12/16/2028 15,865 15,707 15,046
RoadOne (15)(19)(34) First Lien Senior Secured Loan SOFR 6.25 % 10.56 % 12/29/2028 6,846 6,731 6,846
RoadOne (15)(19)(34) First Lien Senior Secured Loan - Delayed Draw SOFR 6.25 % 10.56 % 12/29/2028 1,052 1,051 1,052
Transportation: Cargo Total 66,722 63,384 554.6 %
Transportation: Consumer
PrimeFlight Acquisition LLC (12)(15)(19) First Lien Senior Secured Loan SOFR 5.50 % 9.50 % 5/1/2029 6,489 6,489 6,489
PrimeFlight Acquisition LLC (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.50 % 9.80 % 5/1/2029 22,710 22,348 22,710
Transportation: Consumer Total 28,837 29,199 255.5 %
Utilities: Electric
KAMC Holdings, Inc. (12)(16)(19)(35) First Lien Senior Secured Loan SOFR 5.25 % 9.55 % 8/1/2031 4,500 4,450 4,449
Utilities: Electric Total 4,450 4,449 38.9 %
Utilities: Water
Vessco Water (16)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 4.75 % 8.91 % 7/24/2031 13,687 13,622 13,687
Utilities: Water Total 13,622 13,687 119.8 %
Wholesale
Abracon Group Holding, LLC. (7)(14)(16)(19)(26) First Lien Senior Secured Loan SOFR 2.05% (4.60% PIK) 10.92 % 7/6/2028 12,333 11,278 7,400
Blackbird Purchaser, Inc. (16)(19)(35) First Lien Senior Secured Loan SOFR 5.50 % 9.50 % 12/19/2030 5,323 5,323 5,323
Chex Finer Foods, LLC (12)(15)(19)(35) First Lien Senior Secured Loan SOFR 6.00 % 10.13 % 6/6/2031 11,970 11,896 11,970
Hultec (12)(15)(19)(34) First Lien Senior Secured Loan SOFR 5.65 % 9.65 % 3/31/2029 6,273 6,149 6,273
SureWerx (16)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.25 % 9.25 % 12/28/2029 8,157 8,030 8,116
Wholesale Total 42,676 39,082 342.0 %
Total 1,564,260 1,548,938 13552.70 %

All values are in US Dollars.

  • The investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR”) which reset daily, monthly, quarterly or semiannually. Investments or a portion thereof may provide for Payment-in-Kind (“PIK”). For each, the Company has provided the PIK or the spread over SOFR and the current weighted average interest rate in effect at September 30, 2025. Certain investments are subject to a SOFR interest rate floor.

  • Tick mark not used.

  • 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.

  • Percentages are based on SLP's net assets (in thousands) of $11,429 as of September 30, 2025.
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  • Loan was on non-accrual status as of September 30, 2025.
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  • Assets or a portion thereof are pledged as collateral for the 2018-1 Issuer.
  • Loan includes interest rate floor of 3.50%.
  • Non-income producing.
  • Loan includes interest rate floor of 1.00%.
  • Loan includes interest rate floor of 0.75%.
  • Loan includes interest rate floor of 0.50%.
  • Loan includes interest rate floor of 0.00%.
  • Security valued using unobservable inputs (Level 3).
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  • Tick mark not used.
  • Loan includes interest rate floor of 1.25%.
  • Tick mark not used.
  • Denotes that all or a portion of the investment includes PIK income during the period.
  • Tick mark not used.
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  • Loan includes interest rate floor of 2.00%.
  • Loan includes interest rate floor of 1.50%.
  • Tick mark not used.
  • Assets or a portion thereof are pledged as collateral for the 2023-1 Issuer.
  • Assets or a portion thereof are pledged as collateral for the 2024-1 Issuer.
  • Assets or a portion thereof are pledged as collateral for the 2025-1 Issuer.

Below is a listing of SLP's individual investments as of December 31, 2024:

Senior Loan Program, LLC

Consolidated Schedule of Investments

As of December 31, 2024

Interest Maturity Market % of<br>Members
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Principal (9) Cost Value Equity (4)
U.S. Dollars
Aerospace & Defense
ATS (12)(15)(19)(35)(36) First Lien Senior Secured Loan SOFR 5.75 % 10.05 % 7/12/2029 18,204 17,983 17,977
BTX Precision (15)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.00 % 9.36 % 7/25/2030 15,167 15,037 15,167
Forward Slope (12)(15)(19) First Lien Senior Secured Loan SOFR 6.85 % 11.18 % 8/22/2029 11,132 10,963 11,132
Forward Slope (15)(19)(34)(35) First Lien Senior Secured Loan SOFR 6.85 % 11.18 % 8/22/2029 18,515 18,515 18,515
Forward Slope (15)(19)(36) First Lien Senior Secured Loan - Delayed Draw SOFR 6.85 % 11.18 % 8/22/2029 4,987 4,987 4,987
GSP Holdings, LLC (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.65 % 9.98 % 11/6/2025 25,156 24,638 24,903
Robinson Helicopter (12)(15)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 6.60 % 10.96 % 6/30/2028 32,975 32,715 32,975
Saturn Purchaser Corp. (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.35 % 10.49 % 7/23/2029 30,316 30,247 30,316
Whitcraft-Paradigm (15)(19)(34) First Lien Senior Secured Loan SOFR 6.50 % 10.83 % 2/15/2029 9,825 9,755 9,825
Aerospace & Defense Total 164,840 165,797 1241.0 %
Automotive
Cardo (12)(18)(19) First Lien Senior Secured Loan SOFR 5.25 % 9.67 % 5/12/2028 10,800 10,800 10,800
Gills Point S (12)(15)(19)(34) First Lien Senior Secured Loan SOFR 5.50 % 9.87 % 5/17/2029 9,850 9,850 9,850
Intoxalock (12)(15)(19)(34) First Lien Senior Secured Loan SOFR 5.10 % 9.46 % 11/1/2028 16,927 16,812 16,927
JHCC Holdings, LLC (15)(19)(34)(35) First Lien Senior Secured Loan - Delayed Draw SOFR 5.25 % 9.58 % 9/9/2027 8,165 8,106 8,165
JHCC Holdings, LLC (12)(15)(19)(34) First Lien Senior Secured Loan SOFR 5.25 % 9.58 % 9/9/2027 16,282 16,162 16,282
Automotive Total 61,730 62,024 464.3 %
Banking, Finance, Insurance & Real Estate
Electronic Merchant Systems (16)(19)(29)(34)(35) First Lien Senior Secured Loan SOFR 5.00 % 9.33 % 8/1/2030 10,500 10,320 10,316
Morrow Sodali Global LLC (12)(18)(19) First Lien Senior Secured Loan SOFR 5.60 % 9.96 % 4/25/2028 2,195 2,177 2,195
Morrow Sodali Global LLC (12)(15)(19) First Lien Senior Secured Loan SOFR 5.73 % 10.09 % 4/25/2028 7,760 7,694 7,760
Banking, Finance, Insurance & Real Estate Total 20,191 20,271 151.7 %
Beverage, Food & Tobacco
AgroFresh Solutions (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 6.35 % 10.71 % 3/31/2029 11,202 11,095 11,202
AgroFresh Solutions (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 6.35 % 10.71 % 3/31/2029 5,000 4,950 5,000
Beverage, Food & Tobacco Total 16,045 16,202 121.3 %
Capital Equipment
AXH Air Coolers (12)(15)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 6.50 % 10.93 % 10/31/2029 27,189 27,075 27,189
DiversiTech (12)(17) First Lien Senior Secured Loan SOFR 3.76 % 8.09 % 12/22/2028 1,979 1,981 1,997
Capital Equipment Total 29,056 29,186 218.5 %

All values are in US Dollars.

Interest Maturity Market % of<br>Members
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Principal (9) Cost Value Equity (4)
U.S. Dollars
Chemicals, Plastics & Rubber
Duraco (19)(32)(35)(36) First Lien Senior Secured Loan SOFR 6.50 % 10.94 % 6/6/2029 13,179 13,010 12,916
INEOS US Petrochem (12)(18) First Lien Senior Secured Loan SOFR 3.85 % 8.21 % 3/14/2030 1,980 1,982 1,989
Prince\Ferro (12)(17) First Lien Senior Secured Loan SOFR 4.25 % 9.06 % 4/23/2029 1,980 1,966 1,956
V Global Holdings LLC (12)(16)(19)(34) First Lien Senior Secured Loan SOFR 5.90 % 10.42 % 12/22/2027 19,911 19,841 19,264
Chemicals, Plastics & Rubber Total 36,799 36,125 270.4 %
Construction & Building
Service Master (18)(19)(26)(34)(35) First Lien Senior Secured Loan SOFR 5.86% (1.00% PIK) 11.22 % 8/16/2027 18,728 18,728 18,728
Service Master (15)(19)(26)(36) First Lien Senior Secured Loan SOFR 5.86% (1.00% PIK) 11.22 % 8/16/2027 4,997 4,992 4,997
Construction & Building Total 23,720 23,725 177.6 %
Consumer Goods: Durable
New Milani Group LLC (12)(15)(19)(35) First Lien Senior Secured Loan SOFR 5.50 % 9.93 % 6/6/2026 9,816 9,816 9,816
Stanton Carpet (12)(15)(19) Second Lien Senior Secured Loan SOFR 9.15 % 13.74 % 3/31/2028 5,000 4,943 5,000
TLC Purchaser, Inc. (12)(15)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.76 % 10.11 % 10/11/2027 35,681 34,735 35,681
Consumer Goods: Durable Total 49,494 50,497 378.0 %
Consumer Goods: Non-Durable
Evriholder (12)(19)(32)(35) First Lien Senior Secured Loan SOFR 6.90 % 11.23 % 1/24/2028 15,932 15,799 15,852
Hempz (15)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.25 % 9.58 % 10/25/2029 8,250 8,179 8,178
RoC Skincare (12)(15)(19)(35)(36) First Lien Senior Secured Loan SOFR 6.00 % 10.52 % 2/21/2031 24,298 24,080 24,298
Solaray, LLC (12)(15)(19) First Lien Senior Secured Loan SOFR 6.85 % 11.21 % 12/15/2025 9,862 9,862 9,615
WU Holdco, Inc. (12)(15)(19) First Lien Senior Secured Loan SOFR 5.00 % 9.33 % 3/26/2027 6,395 6,395 6,395
WU Holdco, Inc. (12)(15)(19) First Lien Senior Secured Loan SOFR 5.00 % 9.33 % 3/26/2027 6,188 6,188 6,188
Consumer Goods: Non-Durable Total 70,503 70,526 527.9 %
Consumer Goods: Wholesale
WSP (15)(19)(26) First Lien Senior Secured Loan SOFR 1.15% (4.00% PIK) 9.74 % 4/27/2028 3,223 3,198 2,587
WSP (7)(14)(18)(19)(26) First Lien Senior Secured Loan 8.00% PIK 8.00 % 4/27/2028 2,081 1,978 239
Consumer Goods: Wholesale Total 5,176 2,826 21.2 %
Containers, Packaging & Glass
ASP-r-pac Acquisition Co LLC (12)(16)(19)(34)(35) First Lien Senior Secured Loan SOFR 6.26 % 10.85 % 12/29/2027 22,586 22,455 22,586
Iris Holding, Inc. (12)(17)(34) First Lien Senior Secured Loan SOFR 4.85 % 9.44 % 6/28/2028 10,557 10,205 10,201
Containers, Packaging & Glass Total 32,660 32,787 245.4 %
Energy: Electricity
WCI Gigawatt Purchaser (12)(15)(19)(34) First Lien Senior Secured Loan SOFR 6.01 % 10.53 % 11/19/2027 20,252 20,079 20,050
WCI Gigawatt Purchaser (15)(19)(35) First Lien Senior Secured Loan - Delayed Draw SOFR 6.01 % 10.53 % 11/19/2027 4,699 4,637 4,652
WCI Gigawatt Purchaser (15)(19)(35) First Lien Senior Secured Loan SOFR 6.26 % 10.78 % 11/19/2027 3,382 3,382 3,348
Energy: Electricity Total 28,098 28,050 210.0 %

All values are in US Dollars.

Interest Maturity Market % of<br>Members
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Principal (9) Cost Value Equity (4)
U.S. Dollars
FIRE: Finance
Allworth Financial Group, L.P. (12)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.00 % 9.36 % 12/23/2027 2,090 2,090 2,090
Allworth Financial Group, L.P. (12)(15)(19) First Lien Senior Secured Loan SOFR 5.00 % 9.36 % 12/23/2027 8,258 8,258 8,258
Choreo (15)(19)(36) First Lien Senior Secured Loan SOFR 5.00 % 9.36 % 2/18/2028 2,481 2,481 2,481
Citadel (12)(18) First Lien Senior Secured Loan SOFR 2.00 % 6.57 % 10/31/2031 1,990 1,996 1,998
Congress Wealth (15)(19)(34) First Lien Senior Secured Loan SOFR 5.60 % 9.93 % 6/30/2029 4,672 4,672 4,672
Hudson River Trading (12)(18)(35) First Lien Senior Secured Loan SOFR 3.00 % 7.48 % 3/18/2030 4,959 4,949 4,983
Insigneo Financial Group LLC (12)(15)(19) First Lien Senior Secured Loan SOFR 6.60 % 11.02 % 8/1/2028 7,400 7,400 7,400
Insigneo Financial Group LLC (12)(15)(19) First Lien Senior Secured Loan SOFR 6.60 % 11.02 % 8/1/2028 3,825 3,825 3,825
PMA (12)(16)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.25 % 9.58 % 1/31/2031 17,500 17,239 17,238
Wealth Enhancement Group (WEG) (3)(15)(19)(35) First Lien Senior Secured Loan - Delayed Draw SOFR 5.00 % 9.31 % 10/2/2028 2,509 2,502 2,509
FIRE: Finance Total 55,412 55,454 415.1 %
FIRE: Insurance
Asurion LLC (12)(18) First Lien Senior Secured Loan SOFR 3.00 % 7.36 % 11/6/2030 1,971 1,972 1,977
Asurion LLC (12)(18)(34) First Lien Senior Secured Loan SOFR 4.10 % 8.46 % 8/19/2028 3,965 3,932 3,959
Margaux Acquisition Inc. (16)(19)(34) First Lien Senior Secured Loan - Delayed Draw SOFR 5.65 % 9.96 % 12/19/2025 8,918 8,918 8,918
Margaux Acquisition Inc. (12)(16)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.65 % 9.96 % 12/19/2025 15,541 15,541 15,541
FIRE: Insurance Total 30,363 30,395 227.5 %
Forest Products & Paper
Multi-Color Corp (12)(17)(35) First Lien Senior Secured Loan SOFR 5.10 % 9.46 % 10/29/2028 3,964 3,880 3,843
Forest Products & Paper Total 3,880 3,843 28.8 %
Healthcare & Pharmaceuticals
AEG Vision (12)(18)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.90 % 10.23 % 3/27/2026 1,164 1,164 1,164
Apollo Intelligence (12)(16)(19)(35) First Lien Senior Secured Loan SOFR 5.75 % 10.27 % 5/31/2028 10,557 10,496 10,557
Beacon Specialized Living (12)(15)(19)(35) First Lien Senior Secured Loan SOFR 5.50 % 9.83 % 3/25/2028 8,955 8,871 8,955
EHE Health (12)(15)(19)(29)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.50 % 9.83 % 8/7/2030 24,688 24,446 24,441
HealthDrive (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 6.10 % 10.46 % 8/20/2029 18,516 18,516 18,516
Pharmacy Partners (12)(19)(32)(34)(35) First Lien Senior Secured Loan SOFR 6.50 % 11.01 % 2/28/2029 21,835 21,599 21,835
Red Nucleus (16)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.25 % 9.58 % 10/17/2031 12,000 11,851 11,850
SunMed Group Holdings, LLC (12)(16)(19) First Lien Senior Secured Loan SOFR 5.60 % 10.19 % 6/16/2028 9,435 9,435 9,435
WellSky (18)(34) First Lien Senior Secured Loan SOFR 3.11 % 7.47 % 3/10/2028 1,990 1,997 2,001
Healthcare & Pharmaceuticals Total 108,375 108,754 814.0 %

All values are in US Dollars.

Interest Maturity Market % of Members
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Principal (9) Cost Value Equity (4)
U.S. Dollars
High Tech Industries
Applitools (16)(19)(26) First Lien Senior Secured Loan SOFR 6.25% PIK 10.58 % 5/25/2029 12,354 12,282 12,168
Black Mountain (12)(18)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.00 % 9.33 % 10/7/2030 20,000 19,852 19,850
E-Tech Group (12)(15)(19)(35) First Lien Senior Secured Loan - Revolver SOFR 5.50 % 9.86 % 4/9/2030 7,959 7,886 7,880
Gainwell Acquisition (12)(16) First Lien Senior Secured Loan SOFR 4.20 % 8.70 % 10/1/2027 2,745 2,652 2,666
Element Buyer, Inc. (12)(15)(19)(35)(36) First Lien Senior Secured Loan SOFR 5.85 % 10.21 % 7/19/2026 24,871 24,871 24,871
Element Buyer, Inc. (12)(15)(19)(34) First Lien Senior Secured Loan - Delayed Draw SOFR 5.85 % 10.21 % 7/19/2026 10,738 10,738 10,738
Logrhythm (15)(19)(35) First Lien Senior Secured Loan SOFR 7.50 % 11.86 % 7/2/2029 7,955 7,734 7,717
NearMap (15)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.00 % 9.63 % 12/9/2029 16,206 16,119 16,206
PayRange (15)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.25 % 9.61 % 10/31/2030 11,375 11,262 11,261
Proofpoint (12)(17) First Lien Senior Secured Loan SOFR 3.00 % 7.36 % 8/31/2028 1,980 1,984 1,992
SensorTower (12)(19)(31)(34)(35) First Lien Senior Secured Loan SOFR 7.50 % 11.85 % 3/15/2029 21,482 21,229 21,482
Superna Inc. (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 6.50 % 10.93 % 3/6/2028 33,114 32,847 32,782
High Tech Industries Total 169,456 169,613 1269.5 %
Hotel, Gaming & Leisure
Aimbridge Acquisition Co., Inc. (7)(14)(12)(18)(19) Second Lien Senior Secured Loan SOFR 7.76 % 12.33 % 2/1/2027 6,000 5,696 600
Awayday (12)(15)(19)(29)(34)(35) First Lien Senior Secured Loan SOFR 5.25 % 9.58 % 9/6/2031 24,938 24,691 24,813
City BBQ (12)(15)(19)(29)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.45 % 9.87 % 9/4/2030 22,693 22,496 22,693
Concert Golf Partners Holdco (12)(16)(19)(34)(35) First Lien Senior Secured Loan SOFR 4.75 % 9.13 % 4/1/2030 20,280 20,022 20,280
Concert Golf Partners Holdco LLC (16)(19)(36) First Lien Senior Secured Loan - Delayed Draw SOFR 4.75 % 9.13 % 4/1/2030 4,127 4,127 4,127
Pollo Tropical (15)(19)(35)(36) First Lien Senior Secured Loan SOFR 5.25 % 9.88 % 10/23/2029 4,250 4,197 4,197
Pyramid Global Hospitality (12)(19)(24)(34)(35) First Lien Senior Secured Loan SOFR 5.25 % 9.88 % 1/19/2028 15,720 15,420 15,720
Hotel, Gaming & Leisure Total 96,649 92,430 691.8 %
Media: Diversified & Production
Internet Brands (12)(17) First Lien Senior Secured Loan SOFR 4.25 % 8.82 % 5/3/2028 2,970 2,960 2,975
Media: Diversified & Production Total 2,960 2,975 22.3 %
Retail
New Look (Delaware) Corporation (12)(15)(19) First Lien Senior Secured Loan SOFR 5.65 % 9.98 % 5/26/2028 9,458 9,207 9,458
Petco (12)(16) First Lien Senior Secured Loan SOFR 3.51 % 7.84 % 3/3/2028 2,000 1,876 1,947
Thrasio, LLC (15)(19)(26) First Lien Senior Secured Loan SOFR 10.26% PIK 14.89 % 6/18/2029 3,360 3,360 2,956
Thrasio, LLC (15)(19)(26) First Lien Senior Secured Loan SOFR 10.26% PIK 14.89 % 6/18/2029 1,067 1,067 1,067
Thrasio, LLC (14)(19) Equity Interest — — — — 52 5,369 1,910
Thrasio, LLC (14)(19) Equity Interest — — — — 6 597 213
Thrasio, LLC (14)(19) Equity Interest — — — — 4,098 — —
Retail Total 21,476 17,551 131.4 %

All values are in US Dollars.

Interest Maturity Market % of Members
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Principal (9) Cost Value Equity (4)
U.S. Dollars
Services: Business
Allbridge (12)(15)(19)(35) First Lien Senior Secured Loan SOFR 5.75 % 10.08 % 6/5/2030 17,435 17,314 17,435
AMI (12)(16)(19)(29)(34)(35) First Lien Senior Secured Loan SOFR 5.25 % 9.69 % 10/17/2031 22,000 21,836 21,835
Avalon Acquiror, Inc. (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 6.25 % 10.58 % 3/10/2028 32,054 31,865 31,413
TEI Holdings Inc. (17)(29)(35) First Lien Senior Secured Loan SOFR 4.00 % 8.43 % 4/9/2031 10,589 10,634 10,655
Datix Bidco Limited (17)(19)(35) First Lien Senior Secured Loan SOFR 5.50 % 9.93 % 4/30/2031 6,000 5,910 6,000
Dealer Service Network (12)(15)(19)(34)(35) First Lien Senior Secured Loan 5.75 % 10.34 % 2/9/2027 8,750 8,665 8,706
Discovery Senior Living (12)(15)(19)(35) First Lien Senior Secured Loan SOFR 5.50 % 9.88 % 3/18/2030 16,873 16,732 16,873
Discovery Senior Living (15)(19)(36)(36) First Lien Senior Secured Loan - Delayed Draw SOFR 5.50 % 9.88 % 3/18/2030 2,823 2,823 2,823
DTIQ (12)(13)(19)(29)(34)(35) First Lien Senior Secured Loan SOFR 7.50 % 11.86 % 9/30/2029 16,958 16,665 16,661
Easy Ice (15)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.40 % 9.99 % 10/30/2030 10,482 10,326 10,325
Smartronix (12)(15)(19)(34) First Lien Senior Secured Loan SOFR 6.10 % 10.35 % 11/23/2028 12,804 12,656 12,804
Smartronix (12)(15)(19)(36) First Lien Senior Secured Loan SOFR 6.10 % 10.35 % 11/23/2028 8,127 8,127 8,127
Smartronix (15)(19)(35) First Lien Senior Secured Loan SOFR 6.10 % 10.35 % 11/23/2028 8,663 8,491 8,663
Orion (15)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.25 % 9.77 % 3/19/2027 12,500 12,360 12,359
Services: Business Total 184,404 184,679 1382.3 %
Services: Consumer
Eagle Parent Corp (12)(17) First Lien Senior Secured Loan SOFR 4.25 % 8.58 % 4/2/2029 3,276 3,269 3,224
MZR Buyer, LLC (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 6.85 % 11.21 % 12/22/2026 27,229 27,190 26,412
Services: Consumer Total 30,459 29,636 221.8 %
Telecommunications
Inmarsat (12)(17) First Lien Senior Secured Loan SOFR 4.50 % 8.86 % 9/27/2029 1,985 1,887 1,748
Meriplex Communications, Ltd. (12)(16)(19)(34) First Lien Senior Secured Loan SOFR 5.10 % 9.46 % 7/17/2028 14,830 14,688 14,607
Taoglas (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 7.25 % 11.58 % 2/28/2029 18,465 18,226 18,188
Telecommunications Total 34,801 34,543 258.6 %
Transportation: Cargo
A&R Logistics, Inc. (12)(15)(19)(26)(34)(35) First Lien Senior Secured Loan SOFR 5.50% (1.25% PIK) 11.21 % 8/3/2026 29,235 29,235 28,066
Gulf Winds International (12)(15)(19)(34) First Lien Senior Secured Loan SOFR 7.60 % 11.96 % 12/16/2028 14,088 13,856 13,630
Gulf Winds International (12)(15)(19)(35)(36) First Lien Senior Secured Loan SOFR 7.60 % 11.96 % 12/16/2028 15,914 15,749 15,395
RoadOne (15)(19)(34) First Lien Senior Secured Loan SOFR 6.25 % 10.84 % 12/29/2028 6,899 6,757 6,899
RoadOne (18)(19)(34) First Lien Senior Secured Loan - Delayed Draw SOFR 6.25 % 10.77 % 12/29/2028 1,060 1,059 1,060
Transportation: Cargo Total 66,656 65,050 486.8 %
Transportation: Consumer
PrimeFlight Acquisition LLC (12)(15)(19) First Lien Senior Secured Loan SOFR 5.50 % 9.83 % 5/1/2029 6,539 6,539 6,539
PrimeFlight Acquisition LLC (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.50 % 10.58 % 5/1/2029 22,885 22,444 22,885
Transportation: Consumer Total 28,983 29,424 220.2 %
Utilities: Water
Vessco Water (16)(19)(34)(35) First Lien Senior Secured Loan SOFR 4.75 % 9.11 % 7/24/2031 7,500 7,427 7,500
Utilities: Water Total 7,427 7,500 56.1 %
Wholesale
Abracon Group Holding, LLC. (16)(19)(26)(34) First Lien Senior Secured Loan SOFR 2.05% (4.60% PIK) 11.30 % 7/6/2028 11,899 11,758 9,519
Blackbird Purchaser, Inc. (16)(19)(35) First Lien Senior Secured Loan SOFR 5.50 % 9.83 % 12/19/2030 5,364 5,364 5,364
Hultec (12)(15)(19)(34) First Lien Senior Secured Loan SOFR 5.65 % 9.98 % 3/31/2029 6,276 6,131 6,276
SureWerx (16)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.25 % 9.58 % 12/28/2029 8,219 8,068 8,219
Wholesale Total 31,321 29,378 219.9 %
Total 1,410,934 1,399,241 10473.4 %

All values are in US Dollars.

  • The investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR”) which reset daily, monthly, quarterly or semiannually. Investments or a portion thereof may provide for Payment-in-Kind (“PIK”). For each, the Company has provided the PIK or the spread over SOFR and the current weighted average interest rate in effect at December 31, 2024. Certain investments are subject to a SOFR interest rate floor.
  • Tick mark not used.
  • 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.
  • Percentages are based on SLP's net assets (in thousands) of $(13,360) as of December 31, 2024.
  • Tick mark not used.
  • Tick mark not used.
  • Loan was on non-accrual status as of December 31, 2024.
  • Tick mark not used.
  • Tick mark not used.
  • Tick mark not used.
  • Tick mark not used.
  • Assets or a portion thereof are pledged as collateral for the 2018-1 Issuer.
  • Loan includes interest rate floor of 3.50%.
  • Non-income producing.
  • Loan includes interest rate floor of 1.00%.
  • Loan includes interest rate floor of 0.75%.
  • Loan includes interest rate floor of 0.50%.
  • Loan includes interest rate floor of 0.00%.
  • Security valued using unobservable inputs (Level 3).
  • Tick mark not used.
  • Tick mark not used.
  • Tick mark not used.
  • Tick mark not used.
  • Loan includes interest rate floor of 1.25%.
  • Tick mark not used.
  • Denotes that all or a portion of the debt investment includes PIK interest during the period.
  • Tick mark not used.
  • Tick mark not used.
  • Tick mark not used.
  • Tick mark not used.
  • Loan includes interest rate floor of 2.00%.
  • Loan includes interest rate floor of 1.50%.
  • Tick mark not used.
  • Assets or a portion thereof are pledged as collateral for the 2023-1 Issuer.
  • Assets or a portion thereof are pledged as collateral for the 2024-1 Issuer.
  • Assets or a portion thereof are pledged as collateral for the MM CLO WH 3 Credit Facility.

Below is the financial information for SLP:

Selected Balance Sheet Information

As of As of
September 30, 2025 December 31, 2024
ASSETS
Investments at fair value (amortized cost of $1,564,260 and $1,410,934, respectively) 1,548,938 1,399,241
Cash and cash equivalents 6,680 5,331
Restricted cash and cash equivalents 89,438 103,663
Prepaid expenses 3,892 4,245
Deferred financing costs (net of accumulated amortization of $0 and $11, respectively) — 1,489
Interest receivable on investments 11,963 8,930
Receivable for sales and paydowns of investments 3,958 5,301
Total assets 1,664,869 1,528,200
LIABILITIES
Debt (net of unamortized debt issuance costs of $10,269 and $7,369, respectively) 1,294,981 1,188,131
Subordinated notes payable to members 315,859 293,000
Interest payable on debt 17,274 25,096
Interest payable on subordinated notes payable to members 8,562 7,488
Payable for investments purchased 10,960 21,093
Distributions payable to members 3,500 4,732
Accounts payable and accrued expenses 2,304 2,020
Total liabilities 1,653,440 1,541,560
EQUITY
Members’ equity (deficit) 11,429 (13,360 )
Total Members' equity (deficit) 11,429 (13,360 )
Total liabilities and members’ equity 1,664,869 1,528,200

All values are in US Dollars.

Selected Statement of Operations Information

For the Three Months Ended For the Nine Months Ended
September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024
Investment income
Interest income 40,703 35,878 117,499 94,317
Total investment income 40,703 35,878 117,499 94,317
Expenses
Interest and debt financing expenses 23,868 23,666 69,479 59,127
Interest expense on subordinated notes payable to members 8,563 7,387 23,576 19,429
Professional fees and other expenses 2,302 1,731 6,824 4,795
Total expenses 34,733 32,784 99,879 83,351
Net investment income 5,970 3,094 17,620 10,966
Net realized and unrealized gains (losses)
Net realized loss on investments (1,100 ) 79 (6,842 ) (7,702 )
Net realized loss on extinguishment of debt — — — (1,139 )
Net change in unrealized appreciation on members subordinated notes — — 24,141 —
Net change in unrealized appreciation on investments 870 (1,785 ) (3,630 ) 7,807
Total net gain (loss) (230 ) (1,706 ) 13,669 (1,034 )
Net increase from operations 5,740 1,388 31,289 9,932
Less: net increase attributable to noncontrolling interests — — — 66
Net increase in members' equity from operations 5,740 1,388 31,289 9,998

All values are in US Dollars.

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 September 30, 2025, according to the fair value hierarchy:

Fair Value Measurements
Level 1 Level 2 Level 3 Measured at Net Asset Value (2) Total
Investments:
First Lien Senior Secured Loans — 2,623 1,631,913 4,851 1,639,387
Second Lien Senior Secured Loans — — 30,021 — 30,021
Subordinated Debt — — 93,324 — 93,324
Preferred Equity — — 146,490 — 146,490
Equity Interests — — 217,843 7,982 225,825
Warrants — — 831 — 831
Subordinated Notes Investment Vehicles (1) — — 348,654 — 348,654
Preferred Equity Interests Investment Vehicles (1) — — — 1,731 1,731
Equity Interests Investment Vehicles (1) — — — 47,835 47,835
Total Investments — 2,623 2,469,076 62,399 2,534,098
Cash equivalents 53,198 — — — 53,198
Forward currency exchange contracts (liability) — (10,619 ) — — (10,619 )
Interest rate swap — 9,062 — — 9,062

All values are in US Dollars.

  • Includes debt and equity investment in ISLP and SLP.

  • In accordance with ASC Subtopic 820-10, Fair Value Measurements and Disclosures, or ASC 820-10, certain investments are measured using the net asset value per share (or its equivalent) as a practical expedient for fair value, and 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, 2024, 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 Loan — 7,604 1,543,286 6,933 1,557,823
Second Lien Senior Secured Loan — — 30,104 — 30,104
Subordinated Debt — — 53,350 — 53,350
Preferred Equity — — 170,876 — 170,876
Equity Interests — — 219,210 11,405 230,615
Warrants — — 628 — 628
Subordinated Note Investment Vehicles (1) — — 337,224 — 337,224
Preferred Equity Interest Investment Vehicles (1) — — — 10 10
Equity Interest Investment Vehicles (1) — — — 50,559 50,559
Total Investments — 7,604 2,354,678 68,907 2,431,189
Cash equivalents 103,582 — — — 103,582
Forward currency exchange contracts (asset) — 4,690 — — 4,690
Forward currency exchange contracts (liability) — (1,185 ) — — (1,185 )

All values are in US Dollars.

  • Includes debt and equity investments in ISLP and SLP.
  • In accordance with ASC Subtopic 820‑10, Fair Value Measurements and Disclosures, or ASC 820‑10, certain investments are measured using the net asset value per share (or its equivalent) as a practical expedient for fair value, and 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 nine months ended September 30, 2025:

First Lien Second Lien Subordinated
Senior Senior Notes in
Secured Secured Subordinated Preferred Equity Investment Total
Loans Loans Debt Equity Interests Warrants Vehicles (1) Investments
Balance as of January 1, 2025 1,543,286 30,104 53,350 170,876 219,210 628 337,224 2,354,678
Purchases of investments and other adjustments to cost 1,027,612 9,671 28,792 22,223 11,777 — 23,500 1,123,575
Paid-in-kind interest income 13,232 — 7,021 3,098 — — — 23,351
Net accretion of discounts (amortization of premiums) 3,572 51 155 2 (6 ) — — 3,774
Principal repayments and sales of investments (947,522 ) (9,597 ) — (63,223 ) (18,177 ) — — (1,038,519 )
Net change in unrealized appreciation on investments 4,685 18,830 (1,062 ) 7,511 13,647 203 (12,070 ) 31,744
Net realized gain (loss) on investments (12,952 ) (19,038 ) — 11,071 (8,608 ) — — (29,527 )
Reclassifications — — 5,068 (5,068 ) — — — —
Balance as of September 30, 2025 1,631,913 30,021 93,324 146,490 217,843 831 348,654 2,469,076
Change in unrealized appreciation attributable to investments still held at September 30, 2025 (6,591 ) (49 ) (1,156 ) 14,176 9,639 203 (12,070 ) 4,152

All values are in US Dollars.

  • Represents debt investment in ISLP and SLP.

Transfers between levels, if any, are recognized at the beginning of the year in which transfers occur. For the nine months ended September 30, 2025, transfers from Level 2 to Level 3, if any, were primarily due to decreased price transparency. For the nine months ended September 30, 2025, transfers from Level 3 to Level 2, if any, 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 year ended December 31, 2024:

First Lien Second Lien Subordinated
Senior Senior Notes in
Secured Secured Subordinated Structured Preferred Equity Investment Total
Loans Loans Debt Products Equity Interests Warrants Vehicles (1) Investments
Balance as of January 1, 2024 1,442,988 68,439 45,877 22,618 104,428 221,355 511 306,724 2,212,940
Purchases of investments and other adjustments to cost 1,433,627 — 5,984 — 67,221 38,156 — 30,500 1,575,488
Paid-in-kind interest 22,258 268 2,907 — 753 — — — 26,186
Net accretion of discounts (amortization of premiums) 4,748 (7 ) 152 — 3 133 — — 5,029
Principal repayments and sales of investments (1,354,691 ) (21,304 ) — (22,414 ) (15,470 ) (22,711 ) — — (1,436,590 )
Net change in unrealized appreciation on investments 8,089 (17,306 ) (1,569 ) 1,433 11,118 (3,008 ) 597 — (646 )
Net realized gains (losses) on investments (9,134 ) 14 (1 ) (1,637 ) 2,603 (1,531 ) (480 ) — (10,166 )
Transfers out of Level 3 (6,619 ) — — — — (10,944 ) — — (17,563 )
Reclassifications 2,020 — — — 220 (2,240 ) — — —
Balance as of December 31, 2024 1,543,286 30,104 53,350 — 170,876 219,210 628 337,224 2,354,678
Change in unrealized appreciation attributable to investments still held at December 31, 2024 (1,665 ) (17,046 ) (1,569 ) — 14,699 732 629 — (4,220 )

All values are in US Dollars.

  • Represents debt investment in ISLP and SLP.

Transfers between levels, if any, are recognized at the beginning of the year in which transfers occur. For the year ended December 31, 2024, transfers from Level 2 to Level 3, if any, were primarily due to decreased price transparency. For the year ended December 31, 2024, transfers from Level 3 to Level 2, if any, 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 September 30, 2025 were as follows:

As of September 30, 2025
Significant
Fair Value of Unobservable Range of Significant
Level 3 Assets (1) Valuation Technique Inputs Unobservable Inputs (3) Weighted Average (2)
First Lien Senior Secured Loans 1,457,393 Discounted cash flows Comparative Yields 5.2 % — 21.9 % 10.6%
First Lien Senior Secured Loans 70,705 Comparable company multiple EBITDA Multiple 7.5 x — 13.7 x 9.7x
First Lien Senior Secured Loans 2,784 Comparable company multiple Revenue Multiple — 0.4x
First Lien Senior Secured Loans 12,052 Collateral coverage Recovery Rate — 100.0%
Second Lien Senior Secured Loans 20,350 Discounted cash flows Comparative Yields 12.9 % — 13.2 % 13.0%
Subordinated Notes in Investment Vehicles 348,654 Collateral coverage Recovery Rate 92.9 % — 100.0 % 96.8%
Subordinated Debt 93,324 Discounted cash flows Comparative Yields 11.7 % — 19.5 % 17.5%
Equity Interests 52,166 Discounted cash flows Discount Rate — 13.4%
Equity Interests 92,262 Comparable company multiple EBITDA Multiple 4.0 x — 26.0 x 12.3x
Equity Interests 12,512 Comparable company multiple Revenue Multiple 5.0 x — 34.5 x 11.1x
Equity Interests 1,253 Comparable company multiple Book Value Multiple — 1.0x
Preferred Equity 27,637 Comparable company multiple EBITDA Multiple 6.7 x — 16.7 x 10.5x
Preferred Equity 50,052 Comparable company multiple Revenue Multiple 4.0 x — 10.7 x 8.1x
Preferred Equity 62,236 Comparable company multiple Book Value Multiple — 1.0x
Preferred Equity 6,565 Discounted cash flows Comparative Yields — 17.4%
Warrants 153 Comparable company multiple Revenue Multiple — 3.5x
Warrants 678 Discounted cash flows Discount Rate — 25.0%
Total investments 2,310,776

All values are in US Dollars.

  • Included within the Level 3 assets of $2,469,076 is an amount of $158,300 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).
  • Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category.
  • The range for an asset category consisting of a single investment, if any, is not meaningful and therefore has been excluded.

The Company used the income approach and market approach to determine the fair value of certain Level 3 assets as of September 30, 2025. 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 comparable company 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, 2024 were as follows:

As of December 31, 2024
Significant
Fair Value of Unobservable Range of Significant
Level 3 Assets (1) Valuation Technique Inputs Unobservable Inputs (3) Weighted Average (2)
First Lien Senior Secured Loans 1,223,142 Discounted cash flows Comparative Yields 8.2 % — 24.2 % 11.5%
First Lien Senior Secured Loans 74,318 Comparable company multiple EBITDA Multiple 5.3 x — 11.9 x 9.4x
First Lien Senior Secured Loans 4,875 Discounted cash flows Discount Rate — 18.1%
First Lien Senior Secured Loans 9,219 Collateral coverage Recovery Rate — 100.0%
Second Lien Senior Secured Loans 28,349 Discounted cash flows Comparative Yields 13.8 % — 14.0 % 13.9%
Second Lien Senior Secured Loans 1,755 Comparable company multiple EBITDA Multiple 6.5 x — 10.0 x 7.2x
Subordinated Notes in Investment Vehicles 337,224 Collateral coverage Recovery Rate — 100.0%
Subordinated Debt 48,253 Discounted cash flows Comparative Yields 12.1 % — 16.6 % 15.6%
Equity Interests 129,620 Discounted cash flows Discount Rate 13.4 % — 18.1 % 15.0%
Equity Interests 68,452 Comparable company multiple EBITDA Multiple 3.8 x — 26.0 x 11.5x
Equity Interests 10,329 Comparable company multiple Revenue Multiple 0.8 x — 14.5 x 7.2x
Preferred Equity 73,174 Comparable company multiple EBITDA Multiple 6.8 x — 15.3 x 11.1x
Preferred Equity 42,873 Comparable company multiple Revenue Multiple 4.0 x — 11.1 x 8.1x
Preferred Equity 4,752 Discounted cash flows Comparative Yields — 14.0%
Warrants 628 Discounted cash flows Discount Rate — 25.0%
Total investments 2,056,963

All values are in US Dollars.

  • Included within the Level 3 assets of $2,354,678 is an amount of $297,715 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).
  • Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category.
  • The range for an asset category consisting of a single investment, if any, is not meaningful and therefore has been excluded.

The Company used the income approach and market approach to determine the fair value of certain Level 3 assets as of December 31, 2024. 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.

Debt Not Carried at Fair Value

Fair value is estimated by using market quotations or discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings, or market quotes, if available. If the Company’s debt obligations were carried at fair value, the fair value and level would have been as follows:

As of
Level September 30, 2025 December 31, 2024
2019-1 Debt 2 150,744 352,500
March 2026 Notes 2 298,037 291,280
October 2026 Notes 2 293,685 285,940
March 2030 Notes 2 352,327 —
Sumitomo Credit Facility 3 398,000 442,699
Total Debt 1,492,793 1,372,419

All values are in US Dollars.

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 the Advisor. On February 1, 2019, stockholders 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. 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 September 30, 2025 and 2024, management fees were $9.4 million and $8.9 million, respectively. For the nine months ended September 30, 2025 and 2024, management fees were $27.8 million and $26.5 million, respectively.

As of September 30, 2025 and December 31, 2024, $9.4 million and $9.2 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.

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:

  • No incentive fee based on income is payable to the Advisor for any calendar quarter for which there is no Excess Income Amount;
  • 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
  • 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 September 30, 2025 and 2024, the Company incurred $4.6 million and $7.0 million, respectively, of income incentive fees (before waivers), which are included in incentive fees on the Consolidated Statements of Operations.

For the nine months ended September 30, 2025 and 2024, the Company incurred $12.3 million and $24.2 million, respectively, of income incentive fees (before waivers), which are included in incentive fees on the Consolidated Statements of Operations.

As of September 30, 2025 and December 31, 2024, there was $4.6 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 were no capital gains incentive fee payable to the Advisor under the Amended Advisory Agreement as of September 30, 2025 and December 31, 2024.

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 September 30, 2025 and 2024, the Company accrued $0.0 million and $0.0 million, respectively, of incentive fees related to the GAAP Incentive Fee, which is included in incentive fees on the Consolidated Statements of Operations. For the nine months ended September 30, 2025 and 2024, the Company accrued $0.0 million and $0.0 million, respectively, of incentive fees related to the GAAP Incentive Fee, which is included in incentive fees on the Consolidated Statements of Operations. As of September 30, 2025 and December 31, 2024, 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, 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 $0.6 million and $0.7 million for the three months ended September 30, 2025 and 2024, 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 $1.8 million and $1.8 million for the nine

months ended September 30, 2025 and 2024, respectively, which is included in other general and administrative expenses on the Consolidated Statements of Operations. As of September 30, 2025 and December 31, 2024, respectively, there were $0.6 million and $0.8 million related to the Administrator that were payable and included in “accounts payable and accrued expenses” in the Consolidated Statements of Assets and Liabilities. The sub-administrator is paid its compensation for performing its sub-administrative services under the sub-administration agreement. The Company incurred expenses related to the sub-administrator of $0.2 million and $0.1 million for the three months ended September 30, 2025 and 2024, respectively, which is included in other general and administrative expenses on the Consolidated Statements of Operations. The Company incurred expenses related to the sub-administrator of $0.5 million and $0.4 million for the nine months ended September 30, 2025 and 2024, 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.

As of September 30, 2025 and December 31, 2024, respectively, there were $29.2 million and $0.0 payable to the transfer agent, included in “accounts payable and accrued expenses” in the Consolidated Statements of Assets and Liabilities.

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 and December 22, 2021 (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.

Related Party Commitments

An affiliate of the Advisor is the investment manager to certain pooled investment vehicles which are investors in the Company. These investors held 11,822,432.66 and 11,822,432.66 shares of the Company at September 30, 2025 and December 31, 2024, respectively.

Non-Controlled/Affiliate and Controlled Affiliate Investments

Transactions during the nine months ended September 30, 2025 in which the issuer was either an Affiliated Person, as defined in the 1940 Act, or an Affiliated Person that the Company is deemed to control are as follows:

Portfolio Company Fair Value<br>as of<br>December 31,<br>2024 Gross<br>Additions Gross<br>Reductions Change in<br>Unrealized<br>Appreciation Realized<br>Gains<br>(Losses) Fair Value<br>as of<br>September 30,<br>2025 Dividend,<br>Interest, and<br>PIK Income Other<br>Income
Non-Controlled/affiliate investment
ADT Pizza, LLC Equity Interest (1) 8,429 — (3,360 ) (3,411 ) — 1,658 — 3
Ansett Aviation Training First Lien Senior Secured Loan 4,374 — (4,601 ) 934 (707 ) — 176 —
Ansett Aviation Training Equity Interest (1) 8,617 — — 4,617 — 13,234 — 5
Blackbrush Oil & Gas C/S Equity Interest (1) — 3,208 — 1 (3,209 ) — — —
DC Blox Equity Interest (1) — — — — — — — —
DC Blox First Lien Senior Secured Loan 1,408 68 (1,384 ) (92 ) — — 30 —
DC Blox Preferred Equity (1) 38,523 — (37,794 ) (623 ) (106 ) — — —
DC Blox Preferred Equity (1) 5,230 — (5,440 ) (1,371 ) 1,581 — 10 —
DC Blox Preferred Equity (1) 4,277 — (7,346 ) (4,265 ) 7,334 — 5 —
Direct Travel, Inc First Lien Senior Secured Loan — — — — — — — 101
Walker Edison First Lien Senior Secured Loan - Delayed Draw (1) — 656 — — (656 ) — — —
Walker Edison Equity Interest (1) — — — 5,592 (5,592 ) — — —
Walker Edison First Lien Senior Secured Loan — 52 — — (52 ) — — —
Walker Edison First Lien Senior Secured Loan (1) 1,040 187 — 5,393 (6,620 ) — — —
Walker Edison First Lien Senior Secured Loan - Revolver (1) 3,182 — (93 ) — (3,089 ) — (61 ) —
Walker Edison First Lien Senior Secured Loan - Delayed Draw (1) 278 447 — — (725 ) — 8 —
Walker Edison First Lien Senior Secured Loan - Delayed Draw (1) 238 104 — 1,703 (2,045 ) — — —
Walker Edison First Lien Senior Secured Loan - Delayed Draw (1) 137 — — 736 (873 ) — (3 ) —
Walker Edison First Lien Senior Secured Loan - Delayed Draw (1) — — — — — — — —
Walker Edison First Lien Senior Secured Loan - Delayed Draw (1) — 266 — — — 266 — —
Total Non-Controlled/affiliate investment 75,733 4,988 (60,018 ) 9,214 (14,759 ) 15,158 165 109
Controlled affiliate investment
Bain Capital Senior Loan Program, LLC Subordinated Note Investment Vehicles 146,495 23,500 — (12,070 ) — 157,925 11,787 —
Bain Capital Senior Loan Program, LLC Preferred Equity Interest Investment Vehicles 10 — — 1,721 — 1,731 1,613 —
Bain Capital Senior Loan Program, LLC Equity Interest Investment Vehicles (4,849 ) — — 11,643 — 6,794 2,125 —
BCC Jetstream Holdings Aviation (On II), LLC First Lien Senior Secured Loan (1) 6,933 — — (2,082 ) — 4,851 — —
BCC Jetstream Holdings Aviation (On II), LLC Equity Interest (1) — — — — — — — —
BCC Jetstream Holdings Aviation (Off I), LLC Equity Interest (1) 11,405 — — (3,423 ) — 7,982 — —
Gale Aviation (Offshore) Co Equity Interest (1) 71,813 — (5,820 ) (8,329 ) — 57,664 2,200 —
International Senior Loan Program, LLC Equity Interest Investment Vehicles 55,408 — — (14,367 ) — 41,041 2,528 —
International Senior Loan Program, LLC Subordinated Note Investment Vehicles 190,729 — — — — 190,729 17,441 —
Legacy Corporate Lending HoldCo, LLC Equity Interest (1) 900 — — 353 — 1,253 — —
Legacy Corporate Lending HoldCo, LLC Preferred Equity 45,009 16,650 (6,750 ) 7,327 — 62,236 2,025 —
Legacy Corporate Lending HoldCo, LLC Equity Interest (1) — — — — — — — —
Lightning Holdings B, LLC Equity Interest (1) 57,807 150 (10,000 ) 4,209 — 52,166 — —
Parcel2Go First Lien Senior Secured Loan 54 8 — (6 ) — 56 7 —
Parcel2Go Equity Interest (1) — — — — — — — —
Parcel2Go Preferred Equity (1) — — — — — — — —
SG Global Midco Limited First Lien Senior Secured Loan (1) — 3 — — — 3 — —
Surrey Bidco Limited First Lien Senior Secured Loan (1) — 77 — (43 ) — 34 — —
Voltaire Topco Limited Equity Interest (1) — — — — — — — —
Total Controlled affiliate investment 581,714 40,388 (22,570 ) (15,067 ) — 584,465 39,726 —
Total 657,447 45,376 (82,588 ) (5,853 ) (14,759 ) 599,623 39,891 109

All values are in US Dollars.

(1) Non-income producing.

Transactions during the year ended December 31, 2024 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 Fair Value
as of Change in Realized as of Dividend,
December 31, Gross Gross Unrealized Gains December 31, Interest, and Other
Portfolio Company 2023 Additions Reductions Appreciation (Losses) 2024 PIK Income Income
Non-Controlled/affiliate investment
ADT Pizza, LLC Equity Interest (1) 12,801 — — (4,372 ) — 8,429 (63 ) —
Ansett Aviation Training First Lien Senior Secured Loan 4,817 — — (443 ) — 4,374 378 —
Ansett Aviation Training Equity Interest (1) 7,516 — — 1,101 — 8,617 — —
BCC Middle Market CLO 2018-1, LLC Equity Interest 22,618 — (22,415 ) 1,433 (1,636 ) — 821 —
Blackbrush Oil & Gas, L.P. Equity Interest (1) 1 — — (1 ) — — (28 ) —
Blackbrush Oil & Gas, L.P. Preferred Equity (1) 3,498 — (3,469 ) (2,392 ) 2,363 — — —
DC Blox Equity Interest (1) — — — — — — — —
DC Blox First Lien Senior Secured Loan — 1,316 — 92 — 1,408 9 —
DC Blox Preferred Equity — 37,900 — 623 — 38,523 67 —
DC Blox Preferred Equity — 3,860 — 1,370 — 5,230 10 —
DC Blox Preferred Equity — 11 — 4,266 — 4,277 13 —
Direct Travel, Inc First Lien Senior Secured Loan 4,841 — (4,841 ) — — — 138 —
Direct Travel, Inc First Lien Senior Secured Loan - Delayed Draw 3,500 — (3,500 ) — — — 100 —
Direct Travel, Inc First Lien Senior Secured Loan - Delayed Draw 1,782 — (1,782 ) — — — 60 —
Direct Travel, Inc First Lien Senior Secured Loan 59,944 — (59,944 ) — — — 2,027 —
Direct Travel, Inc First Lien Senior Secured Loan - Delayed Draw 5,775 — (5,775 ) — — — 151 —
Direct Travel, Inc First Lien Senior Secured Loan 202 — (202 ) — — — 6 —
Direct Travel, Inc Equity Interest (1) 10,280 — (6,999 ) (10,281 ) 7,000 — — —
Walker Edison Equity Interest (1) 421 — — (421 ) — — — —
Walker Edison First Lien Senior Secured Loan (1) 5,972 461 — (5,393 ) — 1,040 384 —
Walker Edison First Lien Senior Secured Loan - Revolver 3,182 — — — — 3,182 343 —
Walker Edison First Lien Senior Secured Loan - Delayed Draw (1) — 278 — — — 278 2 —
Walker Edison First Lien Senior Secured Loan - Delayed Draw (1) — 1,941 — (1,703 ) — 238 54 —
Walker Edison First Lien Senior Secured Loan - Delayed Draw (1) 821 52 — (736 ) — 137 49 —
Total Non-Controlled/affiliate investment 147,971 45,819 (108,927 ) (16,857 ) 7,727 75,733 4,521 —
Controlled affiliate investment
Bain Capital Senior Loan Program, LLC Subordinated Note Investment Vehicles 115,995 30,500 — — — 146,495 13,523 —
Bain Capital Senior Loan Program, LLC Preferred Equity Interest Investment Vehicles (1,793 ) — — 1,803 — 10 2,332 —
Bain Capital Senior Loan Program, LLC Equity Interest Investment Vehicles (379 ) — — (4,470 ) — (4,849 ) 6,609 —
BCC Jetstream Holdings Aviation (On II), LLC First Lien Senior Secured Loan (1) 6,619 — — 314 — 6,933 — —
BCC Jetstream Holdings Aviation (On II), LLC Equity Interest (1) — — — — — — — —
BCC Jetstream Holdings Aviation (Off I), LLC Equity Interest (1) 10,944 — — 461 — 11,405 — —
Gale Aviation (Offshore) Co Equity Interest 88,419 — (14,900 ) (1,706 ) — 71,813 10,799 —
International Senior Loan Program, LLC Equity Interest Investment Vehicles 66,140 — — (10,732 ) — 55,408 6,055 —
International Senior Loan Program, LLC Subordinated Note Investment Vehicles 190,729 — — — — 190,729 25,622 —
Legacy Corporate Lending HoldCo, LLC Equity Interest (1) 810 90 — — — 900 — —
Legacy Corporate Lending HoldCo, LLC Preferred Equity (1) 34,875 7,425 — 2,709 — 45,009 — —
Legacy Corporate Lending HoldCo, LLC Equity Interest (1) — — — — — — — —
Lightning Holdings B, LLC Equity Interest (1) 44,653 8,410 — 4,744 — 57,807 — —
Parcel2Go First Lien Senior Secured Loan — 54 — — — 54 1 —
Parcel2Go Equity Interest (1) — — — — — — — —
Parcel2Go Preferred Equity (1) — — — — — — — —
Total Controlled affiliate investment 557,012 46,479 (14,900 ) (6,877 ) — 581,714 64,941 —
Total 704,983 92,298 (123,827 ) (23,734 ) 7,727 657,447 69,462 —

All values are in US Dollars.

(1) Non-income producing.

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 September 30, 2025 and December 31, 2024, the Company’s asset coverage ratio based on aggregated borrowings outstanding was 174.9% and 181.7%, respectively.

The Company’s outstanding borrowings as of September 30, 2025 and December 31, 2024 were as follows:

As of September 30, 2025 As of December 31, 2024
Total Aggregate Principal Total Aggregate Principal
Principal Amount Amount Carrying Principal Amount Amount Carrying
Committed Outstanding Value (1) Committed Outstanding Value (1)
2019-1 Debt 150,615 150,615 148,796 352,500 352,500 351,359
March 2026 Notes 300,000 300,000 299,501 300,000 300,000 298,656
October 2026 Notes 300,000 300,000 298,581 300,000 300,000 297,556
March 2030 Notes (2) 350,000 350,000 351,482 — — —
Sumitomo Credit Facility 855,000 398,000 398,000 855,000 442,699 442,699
Total Debt 1,955,615 1,498,615 1,496,360 1,807,500 1,395,199 1,390,270

All values are in US Dollars.

  • Carrying value represents aggregate principal amount outstanding less unamortized debt issuance costs.
  • The carrying value of the March 2030 Notes includes the effective portion of the fair value of the interest rate swap, as further discussed in Note 7, Derivatives, to these unaudited consolidated financial statements.

The combined weighted average interest rate (excluding deferred upfront financing costs and unused fees) of the aggregate borrowings outstanding for the nine months ended September 30, 2025 and year ended December 31, 2024 was 4.8% and 5.1%, respectively.

The combined weighted average borrowings outstanding for the nine months ended September 30, 2025 and year ended December 31, 2024 were $1.5 billion and $1.3 billion, respectively.

The following table shows the contractual maturities of our debt obligations as of September 30, 2025:

Payments Due by Period
Less than More than
Total 1 year 1 — 3 years 3 — 5 years 5 years
2019-1 Debt 150,615 — — — 150,615
March 2026 Notes 300,000 300,000 — — —
October 2026 Notes 300,000 — 300,000 — —
March 2030 Notes 350,000 — — 350,000 —
Sumitomo Credit Facility 398,000 — — 398,000 —
Total Debt Obligations 1,498,615 300,000 300,000 748,000 150,615

All values are in US Dollars.

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 2019-1 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 Portfolio 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”). As part of the transactions, the 2019-1 Issuer was redomiciled from Cayman to Jersey. 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. The obligations of the 2019-1 Issuer under the 2019-1 CLO Transaction are non-recourse to the Company.

On June 15, 2023, the Company entered into a Second Supplemental Indenture (“2019-1 Supplemental Indenture”), dated as of June 15, 2023, pursuant to Section 8.1(xxxi) of the Indenture, dated as of November 30, 2021, between BCC Middle Market CLO 2019-1, LTD, as issuer, and Wells Fargo Bank, National Association, as trustee. The 2019-1 Supplemental Indenture provides for, among other things, an adoption of an alternate reference rate of Term

SOFR

plus 0.26%, effective July 1, 2023.

On July 2, 2025, the Co-Issuers refinanced the 2019‑1 CLO Reset Notes through a $430.3 million term debt securitization in the form of a collateralized loan obligation (the “CLO Reset Transaction”). The CLO Reset Transaction was executed through the issuance by the Co-Issuers of the following classes of notes pursuant to that certain second amended and restated indenture: (i) $232.0 million of Class A-1-RR Senior Secured Floating Rate Notes, which bear interest at the three-month SOFR plus 1.45%; (ii) $16.0 million of Class A-2-RR Senior Secured Floating Rate Notes, which bear interest at the three-month SOFR plus 1.60%; (iii) $24.0 million of Class A-3-RR Senior Secured Floating Rate Notes, which bear interest at the three-month SOFR plus 1.85%; (iv) $32.0 million of Class B-RR Secured Deferrable Floating Rate Notes, which bear interest at the three-month SOFR plus 2.35%; and (v) $24.0 million of Class C-RR Secured Deferrable Floating Rate Notes, which bear interest at the three-month SOFR plus 3.35% (collectively, the “2019-1 CLO Replacement Notes”). The 2019-1 CLO Replacement Notes will mature on July 15, 2036 and the reinvestment period ends April 15, 2027. The Company retained $83.4 million of the Class A-1-RR Notes, $16.0 million of the Class A-2-RR Notes, $24.0 million of the Class A-3-RR Notes, $32.0 million of the Class B-RR Notes and $24.0 million of the Class C-RR Notes The Company continues to retain 100% of the Interests. The retained notes by the Company are eliminated in consolidation. The obligations of the 2019-1 Issuer under the 2019-1 CLO Transaction are non-recourse to the Company.

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

Interest rate at
2019-1 Debt Principal Amount Spread above Index September 30, 2025
Class A-1-RR 150,615 1.45 % + 3 Month SOFR 5.72 %
Total 2019-1 Debt 150,615
Membership Interests 102,250 Non-interest bearing Not applicable
Total 252,865

All values are in US Dollars.

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.

As of September 30, 2025, there were 49 first lien senior secured loans with a total fair value of approximately $387.1 million and cash of $20.4 million securing the 2019-1 Debt. As of December 31, 2024, there were 56 first lien and second lien senior secured loans with a total fair value of approximately $465.3 million and cash of $39.8 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 September 30, 2025, the Company was in compliance with its covenants related to the 2019-1 Debt.

Costs of the offering of $1.5 million and $0.8 million were incurred in connection with the 2019‑1 CLO Reset Notes and the 2019‑1 CLO Replacement Notes, respectively, 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 was $1.8 million and $1.1 million as of September 30, 2025 and December 31, 2024, respectively.

For the three months ended September 30, 2025 and 2024, the components of interest expense related to the 2019‑1 Co-Issuers were as follows:

For the Three Months Ended September 30,
2025 2024
Borrowing interest expense 2,257 6,478
Unused facility fee — —
Amortization of deferred financing costs and upfront commitment fees 43 33
Total interest and debt financing expenses 2,300 6,511

All values are in US Dollars.

For the nine months ended September 30, 2025 and 2024, the components of interest expense related to the 2019‑1 Co-Issuers were as follows:

For the Nine Months Ended September 30,
2025 2024
Borrowing interest expense 13,245 19,333
Unused facility fee — —
Amortization of deferred financing costs and upfront commitment fees 107 97
Total interest and debt financing expenses 13,352 19,430

All values are in US Dollars.

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 “March 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 September 30, 2025 and December 31, 2024, the components of the carrying value of the March 2026 Notes were as follows:

September 30, 2025 December 31, 2024
Principal amount of debt 300,000 300,000
Unamortized debt issuance cost (286 ) (771 )
Original issue discount, net of accretion (213 ) (573 )
Carrying value of March 2026 Notes 299,501 298,656

All values are in US Dollars.

For the three months ended September 30, 2025 and 2024, the components of interest expense related to the March 2026 Notes were as follows:

For the Three Months Ended September 30,
2025 2024
Borrowing interest expense 2,213 2,212
Amortization of debt issuance cost 164 164
Accretion of original issue discount 121 121
Total interest and debt financing expenses 2,498 2,497

All values are in US Dollars.

For the nine months ended September 30, 2025 and 2024, the components of interest expense related to the March 2026 Notes were as follows:

For the Nine Months Ended September 30,
2025 2024
Borrowing interest expense 6,638 6,638
Amortization of debt issuance cost 485 487
Accretion of original issue discount 360 362
Total interest and debt financing expenses 7,483 7,487

All values are in US Dollars.

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 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 September 30, 2025 and December 31, 2024, the components of the carrying value of the October 2026 Notes were as follows:

September 30, 2025 December 31, 2024
Principal amount of debt 300,000 300,000
Unamortized debt issuance cost (756 ) (1,303 )
Original issue discount, net of accretion (663 ) (1,141 )
Carrying value of October 2026 Notes 298,581 297,556

All values are in US Dollars.

For the three months ended September 30, 2025 and 2024, the components of interest expense related to the October 2026 Notes were as follows:

For the Three Months Ended September 30,
2025 2024
Borrowing interest expense 1,913 1,913
Amortization of debt issuance cost 184 184
Accretion of original issue discount 161 161
Total interest and debt financing expenses 2,258 2,258

All values are in US Dollars.

For the nine months ended September 30, 2025 and 2024, the components of interest expense related to the October 2026 Notes were as follows:

For the Nine Months Ended September 30,
2025 2024
Borrowing interest expense 5,738 5,738
Amortization of debt issuance cost 547 548
Accretion of original issue discount 478 481
Total interest and debt financing expenses 6,763 6,767

All values are in US Dollars.

Sumitomo Credit Facility

On December 24, 2021, the Company entered into a senior secured revolving credit agreement (as amended to date, 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 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.

On July 6, 2022, 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 $300.0 million to $385.0 million. 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 $385.0 million to $485.0 million.

On August 24, 2022, the Company entered into the Second Amendment, which provides for, among other things, an upsize in the total commitments from lenders under the Sumitomo Credit Agreement from $485.0 million to $635.0 million.

On December 14, 2022, the Company entered into a second Increasing Lender/Joinder Lender Agreement (the “Second Joinder Agreement”), dated as of December 14, 2022, pursuant to Section 2.08(e) of the Sumitomo Credit Agreement. The Second 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 $635.0 million to $665.0 million.

On May 20, 2024, the Company entered into the Third Amendment to the Sumitomo Credit Agreement (the “Third Amendment”). The Third Amendment provides for, among other things, (i) an extension of the revolver availability period from December 24, 2025 to May 19, 2028, (ii) an extension of the scheduled maturity date from December 24, 2026 to May 18, 2029, (iii) the conversion of a portion of the existing revolver availability into term loan availability, (iv) an upsize in the total facility amount from $665,000,000 to $855,000,000, (v) an increase in the accordion provision to permit increases to a total facility amount of up to $1,500,000,000, (vi) the reduction of the credit adjustment spread for term benchmark loans denominated in Dollars, from 0.10% for one-month tenor loans, 0.15% for three-month tenor loans and 0.25% for six-month tenor loans to 0.10% for all loan tenors, and (vii) the joinder of new lenders to the Sumitomo Credit Agreement.

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 September 30, 2025, the Company was in compliance with its covenants related to the Sumitomo Credit Facility.

As of September 30, 2025 and December 31, 2024, there were $398.0 million and $442.7 million of borrowings under the Sumitomo Credit Facility.

For the three months ended September 30, 2025 and 2024, the components of interest expense related to the Sumitomo Credit Facility were as follows:

For the Three Months Ended September 30,
2025 2024
Borrowing interest expense 6,577 6,079
Unused facility fee 432 508
Accretion of original issue discount 264 264
Total interest and debt financing expenses 7,273 6,851

All values are in US Dollars.

For the nine months ended September 30, 2025 and 2024, the components of interest expense related to the Sumitomo Credit Facility were as follows:

For the Nine Months Ended September 30,
2025 2024
Borrowing interest expense 15,837 17,738
Unused facility fee 1,501 1,262
Accretion of original issue discount 784 1,120
Total interest and debt financing expenses 18,122 20,120

All values are in US Dollars.

March 2030 Notes

On February 6, 2025, the Company and the Trustee entered into a Third Supplemental Indenture (the “Third Supplemental Indenture”) to the Indenture between the Company and the Trustee. The Third Supplemental Indenture relates to the Company’s issuance of $350.0 million aggregate principal amount of its 5.95% notes due 2030 (the “March 2030 Notes”).

The March 2030 Notes will mature on March 15, 2030 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 2030 Notes bear interest at a rate of 5.95% per year payable semi-annually on March 15 and September 15 of each year, commencing on September 15, 2025. The March 2030 Notes are general unsecured obligations of the Company that rank senior in right of payment to all the Company's existing and future indebtedness that is expressly subordinated in right of payment to the March 2030 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 $341.4 million, after deducting the underwriting discounts and commissions of $7.5 million and offering expenses of $1.1 million.

In connection with the March 2030 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement related to the March 2030 Notes, the Company receives a fixed interest rate of 5.95% per annum and pays a floating interest rate of

SOFR

  • 1.90% per annum on $350 million of the March 2030 Notes. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship. Please see “Item 1. Consolidated Financial Statements - Notes to Consolidated Financial Statements - Note 7. Derivatives” for additional detail.

As of September 30, 2025 and December 31, 2024, the components of the carrying value of the March 2030 Notes were as follows:

September 30, 2025 December 31, 2024
Principal amount of debt 350,000 —
Unamortized debt issuance cost (3,999 ) —
Original issue discount, net of accretion (3,469 ) —
Effective interest rate swap hedge 8,950 —
Carrying value of March 2030 Notes 351,482 —

All values are in US Dollars.

For the three months ended September 30, 2025 and 2024, the components of interest expense related to the March 2030 Notes were as follows:

For the Three Months Ended September 30,
2025 2024
Borrowing interest expense 5,206 —
Amortization of debt issuance cost 226 —
Accretion of original issue discount 196 —
Interest rate swaps 354 —
Hedged items (1 ) —
Total interest and debt financing expenses 5,981 —

All values are in US Dollars.

For the nine months ended September 30, 2025 and 2024, the components of interest expense related to the March 2030 Notes were as follows:

For the Nine Months Ended September 30,
2025 2024
Borrowing interest expense 13,594 —
Amortization of debt issuance cost 580 —
Accretion of original issue discount 503 —
Interest rate swaps 701 —
Hedged items (112 ) —
Total interest and debt financing expenses 15,266 —

All values are in US Dollars.

Note 7. Derivatives

In the normal course of business, the Company enters into derivative financial instruments to achieve certain risk management objectives, including managing its interest rate and foreign currency risk exposures. The fair value of derivative contracts open as of September 30, 2025 and December 31, 2024 is included on the consolidated schedules of investments by contract.

The Company presents derivatives 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 September 30, 2025:

Net amount of
Gross amount of assets or
Gross amount of (liabilities) (liabilities)
Account in the assets on the on the presented on the
consolidated consolidated consolidated consolidated
statements of statements of statements of statements of Cash Collateral
assets assets and assets and assets and paid Net
Counterparty and liabilities liabilities liabilities liabilities (received) (1) Amounts (2)
Bank of New York Unrealized depreciation on forward currency contracts 61 (5,701 ) (5,640 ) 5,640 —
BNP Paribas Unrealized depreciation on forward currency contracts — (2,052 ) (2,052 ) — (2,052 )
US Bank Unrealized depreciation on forward currency contracts 48 (1,018 ) (970 ) 970 —
Wells Fargo Unrealized depreciation on forward currency contracts 9 (1,966 ) (1,957 ) — (1,957 )
Wells Fargo Interest rate swap 9,062 — 9,062 (8,310 ) 752

All values are in US Dollars.

  • Amount excludes excess cash collateral paid or received.

  • 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 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, 2024:

Net amount of
Gross amount of assets or
Gross amount of (liabilities) (liabilities)
Account in the assets on the on the presented on the
consolidated consolidated consolidated consolidated
statements of statements of statements of statements of Cash Collateral
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 4,963 (1,429 ) 3,534 — 3,534
Citibank Unrealized depreciation on forward currency contracts 6 (1,191 ) (1,185 ) — (1,185 )
Wells Fargo Unrealized appreciation on forward currency contracts 1,483 (327 ) 1,156 — 1,156

All values are in US Dollars.

  • Amount excludes excess cash collateral paid.
  • 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.

For the three months ended September 30, 2025 and 2024, the Company’s average U.S. dollar notional exposure to forward currency exchange contracts was $221.1 million and $126.8 million, respectively, and the average notional exposure for interest rate swaps was $350.0 million and $0.0 million, respectively.

For the nine months ended September 30, 2025 and 2024, the Company’s average U.S. dollar notional exposure to forward currency exchange contracts was $183.7 million and $129.0 million, respectively, and the average notional exposure for interest rate swaps was $262.5 million and $0.0 million, respectively.

The effect of transactions in forward currency exchange contracts to the Consolidated Statements of Operations during the three months ended September 30, 2025 and 2024 was as follows:

For the Three Months Ended September 30,
2025 2024
Net realized gain (loss) on forward currency exchange contracts (1,016 ) 20
Net change in unrealized appreciation on forward currency exchange contracts 3,023 (5,693 )
Total net realized and unrealized gain (loss) on forward currency exchange contracts 2,007 (5,673 )

All values are in US Dollars.

Included in total net gains (losses) on the Consolidated Statements of Operations are net gains (losses) of ($1.1) million and $5.6 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 September 30, 2025 and 2024, respectively. Including the total net realized and unrealized gains (losses) on forward currency exchange contracts of $2.0 million and ($5.7) 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 ($0.1) million for the three months ended September 30, 2025 and 2024, respectively.

The effect of transactions in derivative instruments to the Consolidated Statements of Operations during the nine months ended September 30, 2025 and 2024 was as follows:

For the Nine Months Ended September 30,
2025 2024
Net realized gain (loss) on forward currency exchange contracts (4,830 ) 1,916
Net change in unrealized appreciation on forward currency exchange contracts (14,124 ) (4,289 )
Total net realized and unrealized gain (loss) on forward currency exchange contracts (18,954 ) (2,373 )

All values are in US Dollars.

Included in total net gains (losses) on the Consolidated Statements of Operations are net gains of $18.4 million and $3.3 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 nine months ended September 30, 2025 and 2024, respectively. Including the total net realized and unrealized losses on forward currency exchange contracts of ($19.0) million and ($2.4) million, included in the above table, the net impact of foreign currency on total net gains (losses) on the Consolidated Statements of Operations is ($0.5) million and $0.9 million for the nine months ended September 30, 2025 and 2024, respectively.

The Company's interest rate swaps have been designated in a qualifying hedge accounting relationship. Net realized and unrealized gains and losses for the three and nine months ended September 30, 2025 and 2024, for the Company’s interest rate swap, are in the following locations in the Consolidated Statement of Operations:

For the Three Months Ended September 30, Financial Statement Location
2025 2024
Interest rate swaps 354 — Interest and debt financing expenses
Hedged items (1 ) — Interest and debt financing expenses

All values are in US Dollars.

For the Nine Months Ended September 30, Financial Statement Location
2025 2024
Interest rate swaps 701 — Interest and debt financing expenses
Hedged items (112 ) — Interest and debt financing expenses

All values are in US Dollars.

Note 8. Distributions

The Company’s distributions are recorded on the record date. The following table summarizes distributions declared during the nine months ended September 30, 2025:

Amount Total
Date Declared Record Date Payment Date Per Share Distributions
February 27, 2025 March 17, 2025 March 31, 2025 0.42 27,245
February 27, 2025 March 17, 2025 March 31, 2025 0.03 1,946 (1)
May 5, 2025 June 16, 2025 June 30, 2025 0.42 27,245
May 5, 2025 June 16, 2025 June 30, 2025 0.03 1,946 (1)
August 5, 2025 September 16, 2025 September 30, 2025 0.42 27,245
August 5, 2025 September 16, 2025 September 30, 2025 0.03 1,946 (1)
Total distributions declared 1.35 87,573

All values are in US Dollars.

(1) Represents a special dividend.

The distributions declared during the nine months ended September 30, 2025 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 nine months ended September 30, 2024:

Amount Total
Date Declared Record Date Payment Date Per Share Distributions
February 27, 2024 March 28, 2024 April 30, 2024 0.42 27,116
February 27, 2024 March 28, 2024 April 30, 2024 0.03 1,937 (1)
May 6, 2024 June 28, 2024 July 29, 2024 0.42 27,116
May 6, 2024 June 28, 2024 July 29, 2024 0.03 1,937 (1)
August 6, 2024 September 30, 2024 October 31, 2024 0.42 27,116
August 6, 2024 September 30, 2024 October 31, 2024 0.03 1,937 (1)
Total distributions declared 1.35 87,159

All values are in US Dollars.

(1) Represents a special dividend.

The distributions declared during the nine months ended September 30, 2024 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 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 stock (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 September 30, 2025 and December 31, 2024, the Advisor contributed in aggregate $8.9 million and $8.9 million to the Company and received 488,212.35 and 488,212.35 shares of the Company, respectively. At September 30, 2025 and December 31, 2024, the Advisor owned 0.00% and 0.00%, respectively, of the outstanding common stock of the Company.

On November 19, 2018, the Company closed its IPO issuing 7,500,000 shares of 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.

There have been no shares issued or proceeds received related to capital drawdowns delivered pursuant to the Subscription Agreements, issuance of common stock, or shares issued pursuant to the dividend reinvestment plan during the nine months ended September 30, 2025 and 2024.

On May 7, 2019, the Board authorized the Company to repurchase up to $50 million of its outstanding common stock in accordance with safe harbor rules under the Exchange Act. 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 September 30, 2025, there have been no repurchases of common stock.

On February 27, 2025, the Company entered into equity distribution agreements (each, an “Equity Distribution Agreement”), by and among the Company, the Advisor and, severally and not jointly, each of Raymond James & Associates, Inc. and Keefe, Bruyette & Woods, Inc. (the “Sales Agents”) in connection with the sale of shares of the Company’s common stock by the Company, par value $0.001 per share of common stock, having an aggregate offering price of up to $250.0 million, in amounts and at times to be determined by the Company (the “Offering”). Actual sales, if any, will depend on a variety of factors to be determined by the Company from time to time, including, among others, market conditions and the market price of the common stock.

Each Equity Distribution Agreement provides that the Company may offer and sell the common stock from time to time through the Sales Agents, or to them. Sales of the common stock, if any, may be made in negotiated transactions or transactions that are deemed to be “at the market,” as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly on the New York Stock Exchange or any similar securities exchange or sales made to or through a market maker other than on a securities exchange, at prices related to the prevailing market prices or at negotiated prices. Pursuant to the terms of each Equity Distribution Agreement, each Sales Agent will receive a commission from the Company of up to 1.50% of the gross sales price of any common stock sold through the relevant Sales Agent under its Equity Distribution Agreement. Each Equity Distribution Agreement contains customary

representations, warranties and agreements of the Company, indemnification rights and other obligations of the parties and termination provisions.

The Company may from time to time issue and sell common stock through public or “at the market” offerings. In connection with the issuance of common stock, the Company issued and sold the following common stock during the nine months ended September 30, 2025:

Number of Shares of Common Underwriting Fees/ Average Offering
Issuances of Common Stock Stock Issued Gross Proceeds Offering Expenses Net Proceeds Price Per Share
“At the market” offerings 253.9 4,574.7 23.2 4,551.4 18.02
Total 23.2 4,551.4

All values are in US Dollars.

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.

As of September 30, 2025, the Company had $493.6 million of unfunded commitments under loan and financing agreements as follows:

Portfolio Company & Investment Expiration Date(1) Unfunded Commitments(2)
A&R Logistics, Inc. - Revolver 2/3/2028 2,741
Accident Care Alliance Holdco LLC - Delayed Draw 8/20/2030 2,531
Accident Care Alliance Holdco LLC - Revolver 8/20/2030 2,531
Advanced Aircrew - Revolver 7/26/2030 696
AeriTek Global CAD Acquisition Inc. - Revolver 8/27/2030 33
AGS American Glass Services Acquisition, LLC - Delayed Draw 7/24/2031 903
AGS American Glass Services Acquisition, LLC - Revolver 7/24/2031 435
Allbridge - Delayed Draw 6/5/2030 2,841
Allbridge - Revolver 6/5/2030 3,825
Allworth Financial Group, L.P. - Delayed Draw 12/23/2027 5,006
Allworth Financial Group, L.P. - Revolver 12/23/2027 2,816
AMI - Revolver 10/17/2031 4,563
AOM Infusion - Delayed Draw 3/19/2032 570
AOM Infusion - Revolver 3/19/2032 398
AP Plastics Group, LLC - Delayed Draw 8/10/2030 794
Apollo Intelligence - Revolver 5/31/2028 225
Applitools - Revolver 5/25/2028 3,430
Appriss - Delayed Draw 3/10/2031 3,566
Appriss - Revolver 3/10/2031 3,328
Appriss Holdings, Inc. - Revolver 5/6/2028 753
Arctic Glacier U.S.A., Inc. - Revolver 5/24/2028 1,380
ASP-r-pac Acquisition Co LLC - Revolver 12/29/2027 905
ATS - Revolver 7/12/2029 2,872
Avalon Acquiror, Inc. - Revolver 3/10/2028 2,521
Avalon Bidco Limited - Delayed Draw 4/16/2032 5,555
Awayday - Delayed Draw 5/6/2032 876
Awayday - Revolver 5/6/2032 1,136
AXH Air Coolers - Delayed Draw 10/31/2029 3,811
AXH Air Coolers - Revolver 10/31/2029 2,752
Beacon Specialized Living - Delayed Draw 3/25/2028 10,392
Beacon Specialized Living - Revolver 3/25/2028 1,282
Beneficium - Delayed Draw 6/28/2031 9,700
BTX Precision - Delayed Draw 7/25/2030 6,977
BTX Precision - Revolver 7/25/2030 4,211
Chase Industries, Inc. - Revolver 11/11/2027 880
Chex Finer Foods, LLC - Delayed Draw 6/6/2031 8,410
Chex Finer Foods, LLC - Revolver 6/6/2031 2,902

All values are in US Dollars.

Portfolio Company & Investment Expiration Date(1) Unfunded Commitments(2)
Chilton - Delayed Draw 2/5/2031 10,122
Chilton - Revolver 2/5/2031 3,100
Choreo - Delayed Draw 2/18/2028 7,872
City BBQ - Delayed Draw 9/4/2030 13,267
City BBQ - Revolver 9/4/2030 4,738
Concert Golf Partners Holdco LLC - Delayed Draw 4/1/2031 4,738
Concert Golf Partners Holdco LLC - Revolver 4/1/2030 2,492
CorePower Yoga, LLC - Delayed Draw 4/30/2031 1,890
CorePower Yoga, LLC - Revolver 4/30/2031 1,890
CRH Healthcare Purchaser, Inc. - Delayed Draw 9/17/2031 1,980
CRH Healthcare Purchaser, Inc. - Revolver 9/17/2031 792
Darcy Partners - Revolver 6/1/2028 209
Datix Bidco Limited - Delayed Draw 4/30/2031 2,861
Datix Bidco Limited - Revolver 10/30/2030 2,163
Datix Bidco Limited - Revolver 10/30/2030 162
Discovery Senior Living - Delayed Draw 3/18/2030 5,336
Discovery Senior Living - Revolver 3/18/2030 2,360
DTIQ - Delayed Draw 9/30/2029 5,375
DTIQ - Revolver 9/30/2029 3,763
Duraco - Revolver 6/6/2029 1,991
Easy Ice - Delayed Draw 10/30/2030 7,958
Easy Ice - Revolver 10/30/2030 4,805
Efficient Collaborative Retail Marketing Company, LLC - Revolver 9/30/2026 1,133
EHE Health - Revolver 8/7/2030 3,447
Electronic Merchant Systems - Revolver 8/1/2030 1,959
Elevation NewCo, LLC - Delayed Draw 8/1/2031 1,827
Elevation NewCo, LLC - Revolver 8/1/2031 547
Engineered Products Co., LLC - Revolver 8/12/2031 684
E-Tech Group - Revolver 4/9/2030 1,298
Facts Global Energy - Delayed Draw 12/20/2031 6,308
Facts Global Energy - Revolver 6/20/2031 1,577
Fiduciaire Jean-Marc Faber (FJMF) - Delayed Draw 4/3/2032 3,761
Fifty U.S. Bidco Inc - Delayed Draw 8/1/2031 2,940
Fifty U.S. Bidco Inc - Revolver 8/1/2031 2,646
Forward Slope - Revolver 8/22/2029 4,738
Forward Slope - Revolver 8/22/2029 2,877
G702 Buyer, Inc. - Revolver 7/2/2031 772
Gills Point S - Revolver 5/17/2029 451
Govineer Solutions (fka Black Mountain) - Delayed Draw 10/7/2030 7,879
Govineer Solutions (fka Black Mountain) - Revolver 10/7/2030 5,251
Gulf Winds International - Revolver 12/16/2028 2,276
Heads Up Technologies, Inc. - Revolver 7/23/2030 1,768
HealthDrive - Revolver 8/20/2029 2,754
Hellers - Delayed Draw 9/27/2030 478
Hempz - Revolver 10/25/2029 1,826
ICAT Logistics, Inc. - Delayed Draw 3/1/2029 5,485
ICAT Logistics, Inc. - Revolver 3/1/2029 843
ImageTrend - Revolver 1/31/2029 4,000
Intoxalock - Revolver 11/1/2028 3,430
Portfolio Company & Investment Expiration Date(1) Unfunded Commitments(2)
--- --- --- ---
JHCC Holdings, LLC - Revolver 9/9/2027 1,700
KAMC Holdings, Inc. - Revolver 8/1/2031 761
LogRhythm - Revolver 7/2/2029 835
Mach 1 Bidco Limited - Delayed Draw 5/20/2031 186
Mach Acquisition R/C - Revolver 10/19/2026 2,511
Master ConcessionAir - Delayed Draw 6/21/2029 262
Master ConcessionAir - Revolver 6/21/2029 7
McLarens Acquisition Inc. - Delayed Draw 12/19/2027 2,113
McLarens Acquisition Inc. - Delayed Draw 12/19/2027 2,889
McLarens Acquisition Inc. - Delayed Draw 12/19/2027 3,910
McLarens Acquisition Inc. - Revolver 12/20/2027 319
McLarens Acquisition Inc. - Revolver 12/19/2027 886
McLarens Acquisition Inc. - Revolver 12/19/2027 170
Meteor UK Bidco Limited - Delayed Draw 5/14/2032 3,269
Meteor UK Bidco Limited - Revolver 11/14/2031 1,635
Morrow Sodali - Revolver 4/25/2028 2,127
MRHT - Delayed Draw 5/17/2032 4,800
MRHT - Revolver 11/10/2031 1,598
Nafinco - Delayed Draw 8/29/2031 801
Nafinco - Revolver 5/30/2031 505
NearMap - Revolver 12/9/2028 4,652
NearMap - Revolver 12/9/2028 4,078
New Look Vision Group - Revolver 5/26/2028 1,302
New Milani Group LLC - Delayed Draw 6/26/2031 425
New Milani Group LLC - Revolver 6/26/2031 1,275
Odyssey Behavioral Health - Revolver 11/21/2030 7,280
OGH Bidco Limited - Delayed Draw 6/29/2029 5,303
Orion - Delayed Draw 3/19/2027 430
Orion - Delayed Draw 3/19/2027 602
Orion - Revolver 3/19/2027 1,097
Owl Acquisition, LLC - Delayed Draw 4/17/2032 893
Owl Acquisition, LLC - Revolver 4/17/2032 2,370
PayRange - Revolver 10/31/2030 4,144
Pharmacy Partners - Revolver 2/28/2029 5,491
Plaskolite PPC Intermediate II LLC - Revolver 2/7/2030 596
PMA - Revolver 1/31/2031 1,225
Pollo Tropical - Revolver 10/23/2029 972
PPT Group - Delayed Draw 2/28/2031 4,454
PPT Group - Revolver 2/28/2031 2,373
Precision Concepts Parent Inc. - Delayed Draw 8/2/2032 719
Precision Concepts Parent Inc. - Revolver 8/2/2032 370
PRGX - Delayed Draw 12/20/2030 5,464
Psychiatric Medical Care LLC - Revolver 7/1/2032 2,004
Pure Wafer - Delayed Draw 11/12/2030 1,090
Pure Wafer - Revolver 11/12/2030 1,981
Pyramid Global Hospitality - Revolver 1/19/2028 3,482
Portfolio Company & Investment Expiration Date(1) Unfunded Commitments(2)
--- --- ---
Reconomy - Delayed Draw 7/12/2029 6,784
Red Nucleus - Delayed Draw 10/17/2031 3,663
Red Nucleus - Revolver 10/17/2031 2,237
RedMed Operations (Collage Rehabilitation) - Delayed Draw 2/28/2031 5,251
RedMed Operations (Collage Rehabilitation) - Revolver 2/28/2031 1,156
RetailNext - Revolver 12/5/2030 2,483
Revalize, Inc. - Revolver 4/15/2027 469
RoadOne - Revolver 12/29/2028 464
RoC Skincare - Revolver 2/21/2030 1,871
Saturn Purchaser Corp. - Revolver 7/22/2030 6,716
SauceCo HoldCo, LLC - Revolver 5/13/2030 5,876
SensorTower - Revolver 3/15/2029 1,057
Service Master - Revolver 8/16/2027 10,387
Simplicity - Delayed Draw 12/31/2031 6,110
Simplicity - Revolver 12/31/2031 4,348
Solairus - Delayed Draw 7/22/2030 7,274
Solaray, LLC - Revolver 12/15/2025 698
Spotless Brands - Delayed Draw 7/25/2028 1,369
Spring Finco BV - Delayed Draw 7/15/2029 4,372
Substantial Holdco Limited - Delayed Draw 4/20/2030 952
Summer Fridays, LLC - Revolver 5/16/2031 860
Sunmed Group Holdings, LLC - Revolver 6/16/2027 1,229
Superna Inc. - Delayed Draw 3/6/2028 2,631
Superna Inc. - Revolver 3/6/2028 2,631
SureWerx - Delayed Draw 12/28/2029 1,074
SureWerx - Revolver 12/28/2028 824
SureWerx - Revolver 12/28/2028 8
Taoglas - Revolver 2/28/2029 73
Titan Cloud Software, Inc - Revolver 9/7/2028 2,389
TLC Purchaser, Inc. - Revolver 10/11/2027 1,904
V Global Holdings LLC - Revolver 12/22/2027 1,836
Vasa Fitness, LLC - Delayed Draw 8/15/2030 1,467
Vasa Fitness, LLC - Revolver 8/15/2030 200
Vessco Water - Delayed Draw 7/24/2031 1,524
Vessco Water - Revolver 7/24/2031 1,112
Walker Edison - Delayed Draw 2/2/2026 522
Walker Edison - Delayed Draw 2/2/2026 181
WCI Gigawatt Purchaser - Revolver 11/19/2027 1,340
Wealth Enhancement Group (WEG) - Delayed Draw 10/4/2028 12,236
Wealth Enhancement Group (WEG) - Revolver 10/2/2028 1,220
Webcentral - Delayed Draw 12/18/2030 894
Whitcraft-Paradigm - Delayed Draw 2/15/2029 256
Whitcraft-Paradigm - Revolver 2/28/2029 2,194
WSP - Revolver 4/27/2028 248
WU Holdco, Inc. - Delayed Draw 4/15/2032 5,460
WU Holdco, Inc. - Revolver 4/15/2032 3,531
Zeus Fire & Security - Delayed Draw 12/11/2030 2,844
Zeus Fire & Security - Revolver 12/11/2030 2,633
Total 493,580

All values are in US Dollars.

  • 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.

  • 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 September 30, 2025.

As of December 31, 2024, the Company had $560.9 million of unfunded commitments under loan and financing agreements as follows:

Portfolio Company & Investment Expiration Date (1) Unfunded Commitments (2)
A&R Logistics, Inc. - Revolver 8/3/2026 2,445
Advanced Aircrew - Revolver 7/26/2030 696
AEG Vision - Delayed Draw 3/27/2026 7,268
AEG Vision - Delayed Draw 3/27/2027 37,800
AgroFresh Solutions - Revolver 3/31/2028 251
Allbridge - Delayed Draw 6/5/2030 2,841
Allbridge - Revolver 6/5/2030 3,825
Allworth - Delayed Draw 12/23/2027 8,451
Allworth Financial Group, L.P. - Revolver 12/23/2027 2,816
AMI - Revolver 10/17/2031 3,454
Apollo Intelligence - Delayed Draw 5/31/2028 9,611
Apollo Intelligence - Revolver 5/31/2028 4,807
Applitools - Revolver 5/25/2028 3,430
Appriss Holdings, Inc. - Revolver 5/6/2027 753
Arctic Glacier U.S.A., Inc. - Revolver 5/24/2028 1,941
ASP-r-pac Acquisition Co LLC - Revolver 12/29/2027 2,785
ATS - Revolver 7/12/2029 2,872
Avalon Acquiror, Inc. - Revolver 3/10/2028 2,521
Awayday - Delayed Draw 9/6/2031 698
Awayday - Delayed Draw 9/6/2031 12,242
Awayday - Revolver 9/6/2030 1,150
AXH Air Coolers - Delayed Draw 10/31/2029 7,339
AXH Air Coolers - Delayed Draw 10/31/2029 8,710
AXH Air Coolers - Revolver 10/31/2029 5,504
Beacon Specialized Living - Delayed Draw 3/25/2028 12,836
Beacon Specialized Living - Revolver 3/25/2028 1,282
Beneficium - Delayed Draw 6/28/2031 9,022
Black Mountain - Delayed Draw 10/7/2030 7,879
Black Mountain - Revolver 10/7/2030 5,251
BTX Precision - Delayed Draw 7/25/2030 1,123
BTX Precision - Delayed Draw 7/25/2030 1,264
BTX Precision - Revolver 7/25/2030 4,211
Chase Industries, Inc. - Revolver 5/12/2025 810
Choreo - Delayed Draw 2/18/2028 8,000
City BBQ - Delayed Draw 9/4/2030 13,267
City BBQ - Revolver 9/4/2030 4,738
Concert Golf Partners Holdco LLC - Revolver 4/2/2029 2,492
Congress Wealth - Delayed Draw 6/30/2029 1,334
Congress Wealth - Delayed Draw 6/30/2029 10,751
Congress Wealth - Revolver 6/30/2029 1,102
Cube - Delayed Draw 5/20/2031 78
Cube - First Lien Senior Secured Loan 2/20/2025 22

All values are in US Dollars.

Portfolio Company & Investment Expiration Date (1) Unfunded Commitments (2)
Darcy Partners - Revolver 6/1/2028 244
Datix Bidco Limited - Delayed Draw 4/30/2031 2,861
Datix Bidco Limited - Revolver 10/30/2030 1,995
Discovery Senior Living - Delayed Draw 3/18/2030 11,806
Discovery Senior Living - Revolver 3/18/2030 2,360
DTIQ - Delayed Draw 9/30/2029 5,375
DTIQ - Revolver 9/30/2029 4,032
Duraco - Revolver 6/6/2029 1,593
Easy Ice - Delayed Draw 10/30/2030 10,444
Easy Ice - Revolver 10/30/2030 5,223
Efficient Collaborative Retail Marketing Company, LLC - Revolver 12/31/2025 1,141
EHE Health - Revolver 8/7/2030 3,447
Electronic Merchant Systems - Revolver 8/1/2030 1,959
Element Buyer, Inc. - Revolver 7/19/2026 4,250
E-Tech Group - Revolver 4/9/2030 1,298
Facts Global Energy - Delayed Draw 12/20/2031 9,461
Facts Global Energy - Delayed Draw 12/20/2031 6,308
Facts Global Energy - Delayed Draw 12/20/2031 6,813
Facts Global Energy - Revolver 6/20/2031 1,577
Forward Slope - Revolver 8/22/2029 5,330
Gills Point S - Delayed Draw 5/17/2029 6,580
Gills Point S - Revolver 5/17/2029 2,868
Gulf Winds International - Revolver 12/16/2028 1,588
HealthDrive - Delayed Draw 8/20/2029 5,675
HealthDrive - Revolver 8/20/2029 2,754
Hellers - Delayed Draw 9/27/2030 461
Hempz - Revolver 10/25/2029 1,826
ImageTrend - Revolver 1/31/2029 4,000
Intoxalock - Revolver 11/1/2028 3,430
JHCC Holdings, LLC - Revolver 9/9/2027 1,417
Lagerbox - First Lien Senior Secured Loan 12/20/2028 776
LogRhythm - Revolver 7/2/2029 835
Mach Acquisition R/C - Revolver 10/19/2026 2,511
Master ConcessionAir - Delayed Draw 6/21/2029 411
McLarens Acquisition Inc. - Delayed Draw 12/16/2025 6,250
Morrow Sodali - Revolver 4/25/2028 835
MRHT - Delayed Draw 2/1/2029 13,075
Nafinco - Delayed Draw 8/29/2031 2,222
Nafinco - Revolver 5/30/2031 333
NearMap - Revolver 12/9/2029 4,652
New Look Vision Group - Revolver 5/26/2026 1,151
Odyssey Behavioral Health - Revolver 11/21/2030 7,280
OGH Bidco Limited - Delayed Draw 6/29/2029 4,933
Portfolio Company & Investment Expiration Date (1) Unfunded Commitments (2)
--- --- --- ---
Orion - Delayed Draw 3/19/2027 2,035
Orion - Delayed Draw 3/19/2027 602
Orion - Delayed Draw 3/19/2027 509
Orion - Revolver 3/19/2027 1,407
PayRange - Revolver 10/31/2030 4,144
PCF - Delayed Draw 11/1/2028 2,278
Pharmacy Partners - Revolver 2/28/2029 5,491
PMA - Revolver 1/31/2031 1,225
Pollo Tropical - Revolver 10/23/2029 972
Pure Wafer - Delayed Draw 11/12/2030 1,981
Pure Wafer - Revolver 11/12/2030 1,981
Pyramid Global Hospitality - Revolver 1/19/2028 3,482
Reconomy - Delayed Draw 7/12/2029 8,763
Red Nucleus - Delayed Draw 10/17/2031 4,070
Red Nucleus - Revolver 10/17/2031 2,266
RetailNext - Revolver 12/5/2030 3,104
Revalize, Inc. - Revolver 4/15/2027 369
RoadOne - Revolver 12/29/2028 3,388
RoC Skincare - Revolver 2/21/2030 1,871
Saturn Purchaser Corp. - Revolver 7/22/2029 4,883
SensorTower - Revolver 3/15/2029 1,057
Service Master - Revolver 8/16/2027 3,329
Simplicity - Delayed Draw 12/31/2031 8,697
Simplicity - Revolver 12/31/2031 4,348
Smartronix - Revolver 11/23/2027 6,321
Solaray, LLC - Revolver 12/15/2025 3,532
Spotless Brands - Delayed Draw 7/25/2028 7,901
Spring Finco BV - Delayed Draw 7/15/2029 3,829
Sunmed Group Holdings, LLC - Revolver 6/16/2027 1,229
Superna Inc. - Delayed Draw 3/6/2028 2,631
Superna Inc. - Revolver 3/6/2028 2,631
SureWerx - Delayed Draw 12/28/2029 2,013
SureWerx - Revolver 12/28/2028 353
Taoglas - Delayed Draw 2/28/2029 3,636
Taoglas - Revolver 2/28/2029 73
TES Global - Delayed Draw 1/27/2029 15
Titan Cloud Software, Inc - Revolver 9/7/2028 3,848
TLC Purchaser, Inc. - Revolver 10/11/2027 9,521
V Global Holdings LLC - Revolver 12/22/2025 4,029
Vessco Water - Delayed Draw 7/24/2031 2,458
Vessco Water - Revolver 7/24/2031 1,112
Walker Edison - Delayed Draw 3/31/2027 80
Walker Edison - Delayed Draw 3/31/2029 438
Portfolio Company & Investment Expiration Date (1) Unfunded Commitments (2)
--- --- ---
WCI Gigawatt Purchaser - Revolver 11/19/2027 3,754
Wealth Enhancement Group (WEG) - Delayed Draw 10/2/2028 2,347
Wealth Enhancement Group (WEG) - Delayed Draw 10/4/2028 14,517
Wealth Enhancement Group (WEG) - Revolver 10/2/2028 1,220
Webcentral - Delayed Draw 12/18/2030 4,413
Webcentral - Delayed Draw 12/18/2030 2,947
Whitcraft-Paradigm - Delayed Draw 2/15/2029 4,372
Whitcraft-Paradigm - Revolver 2/28/2029 1,038
WSP - Revolver 4/27/2028 248
WU Holdco, Inc. - Revolver 3/26/2027 3,703
Zeus Fire & Security - Delayed Draw 12/11/2030 8,779
Zeus Fire & Security - Revolver 12/11/2030 2,633
Total 560,925

All values are in US Dollars.

  • 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.
  • 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, 2024.

Contingencies

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 nine months ended September 30, 2025 and 2024:

For the Nine Months Ended September 30,
2025 2024
Per share data:
Net asset value at beginning of period 17.65 17.60
Net investment income (1) 1.42 1.57
Net realized gain (loss) (1)(7) (0.52 ) 0.02
Net change in unrealized appreciation (1)(2)(8) 0.20 (0.08 )
Net increase in net assets resulting from operations (9)(10) 1.10 1.51
Stockholder distributions from income (3) (1.35 ) (1.35 )
Net asset value at end of period 17.40 17.76
Net assets at end of period 1,128,547 1,146,588
Shares outstanding at end of period 64,868,507 64,562,265
Per share market value at end of period 14.25 16.60
Total return based on market value (12) (11.24 ) % 19.60 %
Total return based on net asset value (4) 6.36 % 8.79 %
Ratios:
Ratio of net investment income to average net assets (5)(11)(13) 11.21 % 12.64 %
Ratio of total expenses to average net assets (5)(11)(13) 12.80 % 13.04 %
Supplemental data:
Ratio of interest and debt financing expenses to average net assets (5)(13) 7.14 % 6.30 %
Ratio of expenses (without incentive fees) to average net assets (5)(11)(13) 11.72 % 10.92 %
Ratio of incentive fees and management fees, net of contractual and voluntary waivers, to average net assets (5)(11)(13) 4.32 % 5.22 %
Average principal debt outstanding 1,515,784 1,268,012
Portfolio turnover (6) 42.08 % 43.51 %

All values are in US Dollars.

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

  • Net change in unrealized appreciation on investments per share may not be consistent with the Consolidated Statements of Operations due to the timing of stockholder transactions.

  • The per share data for distributions reflects the actual amount of distributions declared during the period.

  • 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 does not include upfront sales load and has
    not been annualized.

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

  • 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.

  • 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 gain (loss) on extinguishment of debt.

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

  • 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.

  • Net increase 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.

  • The ratio of voluntary incentive fee waiver to average net assets was 0.00% and 0.00% for the nine months ended September 30, 2025 and 2024, respectively (Note 5). The ratio of voluntary management fee waiver to average net assets was 0.00% and 0.00% for the nine months ended September 30, 2025 and 2024, 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 nine months ended September 30, 2025 would be 11.21%. The ratio of net investment income without the voluntary incentive fee waiver to average net assets for the nine months ended September 30, 2024 would be 12.64%. The ratio of total expenses without the voluntary incentive fee waiver and voluntary management fee waiver to average net assets for the nine months ended September 30, 2025 would be 12.80%. The ratio of total expenses without the voluntary incentive fee waiver to average net assets for the nine months ended September 30, 2024 would be 13.04%.

  • Total return based on market value is calculated as the change in market value per share during the period, assuming dividends and distributions, including those distributions that have been declared. Total return does not include upfront sales load and has not been annualized.

  • 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

The Company’s management has evaluated the events and transactions that have occurred through November 10, 2025, the issuance date of the Consolidated Financial Statements, and noted no items requiring disclosure in this Form 10-Q or adjustment of the Consolidated Financial Statements.

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 the Advisor, 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”). Since we commenced operations on October 13, 2016 through September 30, 2025, we have invested approximately $9,688.5 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 Bain Capital Credit's Senior Direct Lending Strategy, as defined below, which seeks to provide risk-adjusted returns and current income to investors by investing primarily in middle-market direct lending opportunities across North America, Europe and Australia and also in other geographic markets. We use the term "middle market" to refer to 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 focus on senior investments with a first or second lien on collateral and strong structures and documentation intended to protect the lender (including "unitranche" loans, which are loans that combine both senior and mezzanine debt). We generally seek to retain effective voting control in respect of the loans or particular class of securities in which we invest through maintaining affirmative voting positions or negotiating consent rights that allow us to retain a blocking position. We may also invest in mezzanine debt and other junior securities, including common and preferred equity and in secondary purchases of assets or portfolios, on an opportunistic basis, but such investments are not the principal focus of our investment strategy. We may also 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. Our debt investments may be fixed or floating interest rates, and our floating rate investments may utilize one or more reference rates, such as SOFR. Our investments are subject to a number of risks.

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.

Leverage may be utilized to help the Company meet its investment objective. Any such leverage would be expected to increase the total capital available for investment by the Company.

We may invest in debt securities which are either rated below investment grade or not rated by any rating agency but, if they were rated, would be rated below investment grade. Below investment grade securities, which are often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. They may also be illiquid and difficult to value.

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.

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 September 30, 2025 and December 31, 2024, 92.8% and 92.0%, 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 SOFR, 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.

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.

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 costs;

  • 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;

  • 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 the Administrator 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 the Administrator, we will generally reimburse the Administrator 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. We incurred expenses related to the Administrator of $0.6 million and $0.7 million for the three months ended September 30, 2025 and 2024, respectively, which is included in other general and administrative expenses on the Consolidated Statements of Operations. We incurred expenses related to the Administrator of $1.8 million and $1.8 million for the nine months ended September 30, 2025 and 2024, 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. We incurred expenses related to the sub-administrator of $0.2 million and $0.1 million for the three months ended September 30, 2025 and 2024, respectively, which is included in other general and administrative expenses on the Consolidated Statements of Operations. We incurred expenses related to the sub-administrator of $0.5 million and $0.4 million for the nine months ended September 30, 2025 and 2024, respectively, which is included in other general and administrative expenses on the Consolidated Statements of Operations. The Administrator 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 September 30, 2025, the Company’s asset coverage was 174.9%.

Investment Decision Process

The Advisor’s investment process can be broken into five processes: (1) Sourcing and Idea Generation, (2) Investment Diligence & Recommendation, (3) Credit Committee Approval, (4) Portfolio Construction and (5) 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 a broad and deep set of global sourcing contacts, enabling the group to generate a large set of middle-market investment opportunities. Further enhancing the sourcing capability of the core Private Credit Group are Bain Capital Credit’s industry groups, Trading Desk, and the Bain Capital Special Situations team. The team has extensive contacts with private equity firms. Relationships with banks, a variety of advisors and intermediaries and a handful of unique independent sponsors compose the remainder of the relationships. Through these sourcing efforts the Private Credit Group has built a sustainable deal funnel, which has generated hundreds of opportunities to review annually.

Investment Diligence & Recommendation

Our Advisor utilizes Bain Capital Credit’s bottom-up approach to investing, and it starts with the due diligence. The Private Credit Group works with the close support of Bain Capital Credit’s industry groups on performing due diligence. This process typically begins with a detailed review of the 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 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 memorandums and accompanying credit packs. Work product also includes full models and covenant analysis. The approval process itself is iterative, involving multiple levels of discussion and approval.

Credit Committee Approval

Given Bain Capital Credit’s broad and diverse range of investment strategies, we tailor our investment decision-making process by strategy to provide a robust and comprehensive discussion of both individual investments and the applicable portfolio(s) under consideration. We believe that this flexible approach provides a rigorous investment decision-making process that allows us to be nimble across a variety of market environments while still maintaining high credit underwriting standards.

Our investments require approval from at least the Private Credit Investment Committee, which includes three Partners in the Private Credit Group as standing members: Michael Ewald, Mike Boyle, and Carolyn Hastings. Ad hoc members may also be included in the Private Credit Investment Committee for certain types of investments.

Portfolio Construction

Portfolio construction is largely the responsibility of the portfolio managers. The portfolio managers will construct the portfolio using a set of approved investments. While the decision to buy generally requires approval from at least the Private Credit Investment Committee, the decision to sell securities is at the sole discretion of the portfolio managers. For middle-market holdings, the path to exit an investment is discussed at credit committee meetings, including restructurings, acquisitions and sale to strategic buyers. Since most middle-market investments are illiquid, exits are driven primarily 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.

Portfolio and Investment Activity

During the three months ended September 30, 2025, we invested $340.1 million, including PIK, in 101 portfolio companies, and had $296.1 million in aggregate amount of principal repayments and sales, resulting in a net increase in investments of $44.0 million for the period. Of that $340.1 million invested during the three months ended September 30, 2025, $84.5 million was related to drawdowns on delayed draw term loans and revolvers of our portfolio companies.

During the three months ended September 30, 2024, we invested $413.1 million, including PIK, in 83 portfolio companies, and had $248.0 million in aggregate amount of principal repayments and sales, resulting in a net increase in investments of $165.1 million for the period. Of the $413.1 million invested during the three months ended September 30, 2024, $86.2 million was related to drawdowns on delayed draw term loans and revolvers of our portfolio companies.

During the nine months ended September 30, 2025, we invested $1,146.9 million, including PIK, in 144 portfolio companies, and had $1,044.8 million in aggregate amount of principal repayments and sales, resulting in a net increase in investments of $102.1 million for the period. Of the $1,146.9 million invested during the nine months ended September 30, 2025, $378.0 million was related to drawdowns on delayed draw term loans and revolvers of our portfolio companies.

During the nine months ended September 30, 2024, we invested $1,122.9 million, including PIK, in 134 portfolio companies, and had $1,017.6 million in aggregate amount of principal repayments and sales, resulting in a net increase in investments of $105.2 million for the period. Of the $1,122.9 million invested during the nine months ended September 30, 2024, $186.9 million was related to drawdowns on delayed draw term loans and revolvers of our portfolio companies.

The following table shows the composition of the investment portfolio and associated yield data as of September 30, 2025 (dollars in thousands):

As of September 30, 2025
Weighted Average
Yield (1)(2)
at
Percentage of Percentage of Amortized Market
Amortized Cost Total Portfolio Fair Value Total Portfolio Cost Value
First Lien Senior Secured Loan 1,658,324 65.6 % 1,639,387 64.6 % 11.0 % 11.0 %
Second Lien Senior Secured Loan 29,806 1.2 30,021 1.2 13.4 13.4
Subordinated Debt 95,482 3.8 93,324 3.7 15.0 15.0
Preferred Equity 110,144 4.4 146,490 5.8 6.4 6.1
Equity Interest 204,038 8.1 225,825 8.9 N/A N/A
Warrants — — 831 0.0 N/A N/A
Subordinated Notes in Investment Vehicles (3) 360,724 14.3 348,654 13.8 11.1 11.1
Preferred Equity Interest in Investment Vehicles (3) 10 0.0 1,731 0.1 N/A N/A
Equity Interests in Investment Vehicles (3) 66,209 2.6 47,835 1.9 12.4 17.1
Total 2,524,737 100.0 % 2,534,098 100.0 % 11.1 % 11.2 %

All values are in US Dollars.

  • 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.
  • For non-stated rate income-producing investments, computed based on (a) the dividend or interest income earned for the respective trailing twelve months ended on the measurement date, divided by (b) the ending investment at amortized cost or at fair value, as applicable. In instances where historical dividend or interest income data is not available or not representative for the trailing twelve months ended, the dividend or interest income is annualized.
  • 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, 2024 (dollars in thousands):

As of December 31, 2024
Weighted Average
Yield (1)(2)
at
Percentage of Percentage of Amortized Market
Amortized Cost Total Portfolio Fair Value Total Portfolio Cost Value
First Lien Senior Secured Loans 1,579,288 64.5 % 1,557,823 64.1 % 11.4 % 11.4 %
Second Lien Senior Secured Loans 48,720 2.0 30,104 1.2 14.1 14.1
Subordinated Debt 54,443 2.2 53,350 2.2 14.3 14.3
Preferred Equity 142,046 5.8 170,876 7.0 9.0 8.8
Equity Interests 219,052 9.0 230,615 9.5 11.8 11.8
Warrants — — 628 0.0 N/A N/A
Subordinated Notes in Investment Vehicles (3) 337,224 13.8 337,224 13.9 11.5 11.5
Preferred Equity Interests in Investment Vehicles (3) 10 0.0 10 0.0 N/A N/A
Equity Interests in Investment Vehicles (3) 66,207 2.7 50,559 2.1 18.6 24.3
Total 2,446,990 100.0 % 2,431,189 100.0 % 11.7 % 11.8 %

All values are in US Dollars.

  • 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.
  • For non-stated rate income-producing investments, computed based on (a) the dividend or interest income earned for the respective trailing twelve months ended on the measurement date, divided by (b) the ending investment at amortized cost or at fair value, as applicable. In instances where historical dividend or interest income data is not available or not representative for the trailing twelve months ended, the dividend or interest income is annualized.
  • Represents debt and equity investment in ISLP and SLP.

The following table presents certain selected information regarding our investment portfolio as of September 30, 2025:

As of
September 30, 2025
Number of portfolio companies 195
Percentage of debt bearing a floating rate (1) 92.8 %
Percentage of debt bearing a fixed rate (1) 7.2 %
  • Measured on a fair value basis. Subordinated Notes in Investment Vehicles are included in floating rate.

The following table presents certain selected information regarding our investment portfolio as of December 31, 2024:

As of
December 31, 2024
Number of portfolio companies 168
Percentage of debt bearing a floating rate (1) 92.0 %
Percentage of debt bearing a fixed rate (1) 8.0 %
  • Measured on a fair value basis. Subordinated Notes in Investment Vehicles are included in floating rate.

The following table shows the amortized cost and fair value of our performing and non-accrual investments as of September 30, 2025 (dollars in thousands):

As of September 30, 2025
Amortized Cost Percentage at<br>Amortized Cost Fair Value Percentage at<br>Fair Value
Performing 2,488,047 98.5 % 2,515,412 99.3 %
Non-accrual 36,690 1.5 18,686 0.7
Total 2,524,737 100.0 % 2,534,098 100.0 %

All values are in US Dollars.

The following table shows the amortized cost and fair value of our performing and non-accrual investments as of December 31, 2024 (dollars in thousands):

As of December 31, 2024
Percentage at
Amortized Percentage at
Amortized Cost Cost Fair Value Fair Value
Performing 2,414,650 98.7 % 2,427,455 99.8 %
Non-accrual 32,340 1.3 3,734 0.2
Total 2,446,990 100.0 % 2,431,189 100.0 %

All values are in US Dollars.

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 September 30, 2025, there were twelve loans from six issuers placed on non-accrual in the Company’s portfolio. As of December 31, 2024, there were eight loans from five issuers placed on non-accrual in the Company’s portfolio.

The following table shows the amortized cost and fair value of the investment portfolio, cash and cash equivalents and foreign cash as of September 30, 2025 (dollars in thousands):

As of September 30, 2025
Amortized<br>Cost Percentage<br>of Total Fair<br>Value Percentage<br>of Total
First Lien Senior Secured Loan 1,658,324 63.6 % 1,639,387 62.5 %
Second Lien Senior Secured Loan 29,806 1.1 30,021 1.1
Subordinated Debt 95,482 3.7 93,324 3.6
Preferred Equity 110,144 4.2 146,490 5.6
Equity Interests 204,038 7.8 225,825 8.6
Warrants — — 831 0.0
Subordinated Notes in Investment Vehicles (1) 360,724 13.8 348,654 13.3
Preferred Equity Interest in Investment Vehicles (1) 10 0.0 1,731 0.1
Equity Interests in Investment Vehicles (1) 66,209 2.5 47,835 1.8
Cash and cash equivalents 40,874 1.6 40,874 1.6
Foreign cash 18,858 0.7 19,730 0.8
Restricted cash and cash equivalents 26,168 1.0 26,168 1.0
Total 2,610,637 100.0 % 2,620,870 100.0 %

All values are in US Dollars.

  • 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, 2024 (dollars in thousands):

As of December 31, 2024
AmortizedCost Percentage<br>of Total FairValue Percentage<br>of Total
First Lien Senior Secured Loans 1,579,288 62.1 % 1,557,823 61.6 %
Second Lien Senior Secured Loans 48,720 1.9 30,104 1.2
Subordinated Debt 54,443 2.1 53,350 2.1
Preferred Equity 142,046 5.6 170,876 6.8
Equity Interests 219,052 8.6 230,615 9.1
Warrants — — 628 0.0
Subordinated Notes in Investment Vehicles (1) 337,224 13.2 337,224 13.3
Preferred Equity Interest in Investment Vehicles (1) 10 0.0 10 0.0
Equity Interests in Investment Vehicles (1) 66,207 2.6 50,559 2.0
Cash and cash equivalents 51,562 2.0 51,562 2.0
Foreign cash 2,640 0.1 1,963 0.1
Restricted cash and cash equivalents 45,541 1.8 45,541 1.8
Total 2,546,733 100.0 % 2,530,255 100.0 %

All values are in US Dollars.

  • Represents debt and equity investment in ISLP and SLP.

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;
  • 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 September 30, 2025 (dollars in thousands):

As of September 30, 2025
Investment Performance Rating Fair Value Percentage<br>of Total Number of<br>Companies (1) Percentage<br>of Total
1 5,902 0.2 % 1 0.5 %
2 2,406,482 95.0 182 93.3
3 103,025 4.1 6 3.1
4 18,689 0.7 6 3.1
Total 2,534,098 100.0 % 195 100.0 %

All values are in US Dollars.

  • Number of investment rated companies may not agree to total portfolio companies due to investments across investment types and structures.

The following table shows the composition of our portfolio on the 1 to 4 rating scale as of December 31, 2024 (dollars in thousands):

As of December 31, 2024
Percentage of Number of Percentage of
Investment Performance Rating Fair Value Total Companies(1) Total
1 2,491 0.1 % 1 0.6 %
2 2,344,745 96.4 156 92.8
3 62,149 2.6 6 3.6
4 21,804 0.9 5 3.0
Total 2,431,189 100 % 168 100 %

All values are in US Dollars.

  • Number of investment rated companies may not agree to total portfolio companies due to investments across investment types and structures.

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. Equity contributions will be called from each member on a pro-rata basis, based on their equity commitments.

As of September 30, 2025, the Company had commitments with respect to its equity and subordinated note interests of ISLP in the aggregate amount of $254.3 million. The Company has contributed $254.3 million in capital and has $0.0 million in unfunded capital contributions. As of September 30, 2025, Pantheon had commitments with respect to its equity and subordinated note interests of ISLP in the aggregate amount of $149.2 million. Pantheon had contributed $149.2 million in capital and has $0.0 million in unfunded capital contributions. 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. 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.

As of September 30, 2025, ISLP had $717.8 million in debt and equity investments, at fair value. The following table is a summary of ISLP’s portfolio at fair value:

As of As of
September 30, 2025 December 31, 2024
Total investments 717,798 655,804
Weighted average yield on investments 9.9 % 10.6 %
Number of borrowers in ISLP 41 35
Largest portfolio company investment 52,063 51,142
Total of five largest portfolio company investments 192,192 196,173
Unfunded commitments — 3,907

All values are in US Dollars.

Bain Capital Senior Loan Program, LLC

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, Bain Capital Senior Loan Program, LLC (“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. SLP will seek to invest primarily in senior secured first lien loans of U.S. borrowers.

As of September 30, 2025, the Company’s investment in SLP consisted of subordinated notes of $157.9 million, preferred equity interests of $1.7 million and equity interests of $6.8 million. As of December 31, 2024, the Company’s investment in SLP consisted of subordinated notes of $146.5 million, preferred equity interests of $10.0 thousand and equity interests of ($4.8) million. 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. 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 following table is a summary of SLP’s portfolio at fair value:

As of As of
September 30, 2025 December 31, 2024
Total investments 1,548,938 1,399,241
Weighted average yield on investments 10.0 % 10.6 %
Number of borrowers in SLP 94 100
Largest portfolio company investment 42,336 35,681
Total of five largest portfolio company investments 187,132 171,681
Unfunded commitments 4,870 991

All values are in US Dollars.

Results of Operations

Our operating results for the three months ended September 30, 2025 and 2024 were as follows (dollars in thousands):

For the Three Months Ended
September 30,
2025 2024
Total investment income 67,200 72,540
Total expenses, net of fee waivers 37,199 37,531
Net investment income before taxes 30,001 35,009
Less: Income taxes, including excise tax 801 1,025
Net investment income 29,200 33,984
Net realized gain (loss) (10,417 ) 2,808
Net change in unrealized appreciation (80 ) (3,696 )
Net increase in net assets resulting from operations 18,703 33,096

All values are in US Dollars.

Our operating results for the nine months ended September 30, 2025 and 2024 were as follows (dollars in thousands):

For the Nine Months Ended
September 30,
2025 2024
Total investment income 205,004 219,310
Total expenses, net of fee waivers 110,151 115,059
Net investment income before taxes 94,853 104,251
Less: Income taxes, including excise tax 2,953 3,200
Net investment income 91,900 101,051
Net realized (gain) loss (33,702 ) 1,124
Net change in unrealized appreciation 12,774 (4,894 )
Net increase in net assets resulting from operations 70,972 97,281

All values are in US Dollars.

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.

Investment Income

The composition of our investment income for the three months ended September 30, 2025 and 2024 was as follows (dollars in thousands):

For the Three Months Ended
September 30,
2025 2024
Interest income 53,950 55,420
Dividend income 4,181 6,185
PIK income 7,464 5,231
Other income 1,605 5,704
Total investment income 67,200 72,540

All values are in US Dollars.

Interest income from investments, which includes interest and accretion of discounts and fees, decreased to $54.0 million for the three months ended September 30, 2025 from $55.4 million for the three months ended September 30, 2024, primarily due to a decrease in yield of the investment portfolio. Dividend income decreased to $4.2 million for the three months ended September 30, 2025 from $6.2 million for the three months ended September 30, 2024, primarily due to a decrease in dividend income from the SLP and ISLP and certain equity investments. PIK income increased to approximately $7.5 million for the three months ended September 30, 2025 from $5.2 million for the three months ended September 30, 2024, primarily due to an increase in the number of investments earning PIK income. Other income decreased to approximately $1.6 million for the three months ended September 30, 2025 from $5.7 million for the three months ended September 30, 2024, primarily due to a decrease in structuring, closing and commitment fees earned on certain investments.

The composition of our investment income for the nine months ended September 30, 2025 and 2024 was as follows (dollars in thousands):

For the Nine Months Ended
September 30,
2025 2024
Interest income 159,004 166,121
Dividend income 15,755 22,690
PIK income 21,607 16,399
Other income 8,638 14,100
Total investment income 205,004 219,310

All values are in US Dollars.

Interest income from investments, which includes interest and accretion of discounts and fees, decreased to $159.0 million for the nine months ended September 30, 2025 from $166.1 million for the nine months ended September 30, 2024, primarily due to a decrease in yield of the investment portfolio. Dividend income decreased to $15.8 million for the nine months ended September 30, 2025 from $22.7 million for the nine months ended September 30, 2024, primarily due to a decrease in dividend income from the SLP and ISLP. PIK income increased to approximately $21.6 million for the nine months ended September 30, 2025 from $16.4 million for the nine months ended September 30, 2024, primarily due to an increase in the number of investments earning PIK income. Other income decreased to approximately $8.6 million for the nine months ended September 30, 2025 from $14.1 million for the nine months ended September 30, 2024, primarily due to a decrease in structuring, closing and commitment fees earned on certain investments. As of September 30, 2025, the weighted average yield of our investment portfolio decreased to 11.1% from 12.1% as of September 30, 2024, at amortized cost.

Operating Expenses

The composition of our operating expenses for the three months ended September 30, 2025 and 2024 were as follows (dollars in thousands):

For the Three Months Ended
September 30,
2025 2024
Interest and debt financing expenses 20,310 18,117
Base management fee 9,430 8,897
Incentive fee 4,599 7,020
Professional fees 713 870
Directors fees 182 173
Other general and administrative expenses 1,965 2,454
Total expenses, net of fee waivers 37,199 37,531

All values are in US Dollars.

The composition of our operating expenses for the nine months ended September 30, 2025 and 2024 were as follows (dollars in thousands):

For the Nine Months Ended
September 30,
2025 2024
Interest and debt financing expenses 60,986 53,804
Base management fee 27,755 26,484
Incentive fee 12,267 24,176
Professional fees 2,141 2,700
Directors fees 538 521
Other general and administrative expenses 6,464 7,374
Total expenses, net of fee waivers 110,151 115,059

All values are in US Dollars.

Interest and Debt Financing Expenses

Interest and debt financing expenses on our borrowings totaled approximately $20.3 million and $18.1 million for the three months ended September 30, 2025 and 2024, respectively. Interest and debt financing expense for the three months ended

September 30, 2025 as compared to September 30, 2024 increased primarily due to an increase in debt outstanding. Interest and debt financing expenses on our borrowings totaled approximately $61.0 million and $53.8 million for the nine months ended September 30, 2025 and 2024, respectively. Interest and debt financing expense for the nine months ended September 30, 2025 as compared to September 30, 2024 increased primarily due to an increase in debt outstanding for the period. The weighted average principal debt balance outstanding for the three months ended September 30, 2025 was $1.5 billion compared to $1.3 billion for the three months ended September 30, 2024. The weighted average principal debt balance outstanding for the nine months ended September 30, 2025 was $1.5 billion compared to $1.3 billion for the nine months ended September 30, 2024.

The combined weighted average interest rate (excluding deferred upfront financing costs and unused fees) of the aggregate borrowings outstanding for the nine months ended September 30, 2025 and the year ended December 31, 2024 was 4.8% and 5.1%, respectively.

Management Fee

Management fee (net of waivers) increased to $9.4 million for the three months ended September 30, 2025 from $8.9 million for the three months ended September 30, 2024. Management fee (gross of waivers) increased to $9.4 million for the three months ended September 30, 2025 from $8.9 million for the three months ended September 30, 2024, primarily due to an increase in total assets throughout the three months ended September 30, 2025 compared to the three months ended September 30, 2024. Management fee waived for the three months ended September 30, 2025 and 2024 was $0.0 million and $0.0 million, respectively.

Management fee (net of waivers) increased to $27.8 million for the nine months ended September 30, 2025 from $26.5 million for the nine months ended September 30, 2024. Management fee (gross of waivers) increased to $27.8 million for the nine months ended September 30, 2025 from $26.5 million for the nine months ended September 30, 2024, primarily due to an increase in total assets throughout the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. Management fee waived for the nine months ended September 30, 2025 and 2024 was $0.0 million and $0.0 million, respectively.

Incentive Fee

Incentive fee (net of waivers) decreased to $4.6 million for the three months ended September 30, 2025 from $7.0 million for the three months ended September 30, 2024 primarily due to the incentive fee cap. Incentive fee waivers related to pre-incentive fee net investment income consisted of voluntary waivers of $0.0 million for the three months ended September 30, 2025 and $0.0 million for the three months ended September 30, 2024. For the three months ended September 30, 2025, there were no incentive fees related to the GAAP Incentive Fee. Incentive fee (net of waivers) decreased to $12.3 million for the nine months ended September 30, 2025 from $24.2 million for the nine months ended September 30, 2024 primarily due to the incentive fee cap. Incentive fee waivers related to pre-incentive fee net investment income consisted of voluntary waivers of $0.0 million for the nine months ended September 30, 2025 and $0.0 million for the nine months ended September 30, 2024. For the nine months ended September 30, 2025, 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 $2.7 million for the three months ended September 30, 2025 from $3.3 million for the three months ended September 30, 2024, primarily due to a decrease in costs associated with servicing our investment portfolio.

Professional fees and other general and administrative expenses decreased to $8.6 million for the nine months ended September 30, 2025 from $10.1 million for the nine months ended September 30, 2024, primarily due to a decrease in costs associated with servicing our investment portfolio.

Net Realized and Unrealized Gains and Losses

The following table summarizes our net realized and unrealized gains (losses) for the three months ended September 30, 2025 and 2024 (dollars in thousands):

For the Three Months Ended September 30,
2025 2024
Net realized gain on investments 10,681 4,637
Net realized loss on investments (20,417 ) (1,384 )
Net realized gain on foreign currency transactions 340 9
Net realized loss on foreign currency transactions (5 ) (474 )
Net realized gain on forward currency exchange contracts 44 20
Net realized loss on forward currency exchange contracts (1,060 ) —
Net realized gain (loss) (10,417 ) 2,808
Change in unrealized appreciation on investments 41,558 30,838
Change in unrealized depreciation on investments (44,478 ) (29,839 )
Net change in unrealized appreciation on investments (2,920 ) 999
Unrealized appreciation on foreign currency translation (183 ) 998
Unrealized appreciation on forward currency exchange contracts 3,023 (5,693 )
Net change in unrealized appreciation on foreign currency and forward currency exchange contracts 2,840 (4,695 )
Net change in unrealized appreciation (80 ) (3,696 )

All values are in US Dollars.

For the three months ended September 30, 2025 and 2024, we had net realized gains (losses) on investments of ($9.7) million and $3.3 million, respectively, which were primarily driven by full or partial sales or paydowns of our investments. For the three months ended September 30, 2025 and 2024, we had net realized gains (losses) on foreign currency transactions of $0.3 million and ($0.5) million, respectively, primarily as a result of fluctuations in the EUR and GBP exchange rates. For the three months ended September 30, 2025 and 2024, we had net realized gains (losses) on forward currency contracts of $(1.0) million and $0.0 million, respectively, primarily as a result of settling AUD, EUR and GBP forward contracts.

For the three months ended September 30, 2025, we had $41.6 million in unrealized appreciation on 53 portfolio company investments, which was offset by $44.5 million in unrealized depreciation on 141 portfolio company investments. Unrealized appreciation for the three months ended September 30, 2025 resulted from an increase in fair value, primarily due to positive valuation adjustments. Unrealized depreciation for the three months ended September 30, 2025 resulted from a decrease in fair value, primarily due to a widening of credit spreads and negative valuation adjustments.

For the three months ended September 30, 2024, we had $30.8 million in unrealized appreciation on 83 portfolio company investments, which was offset by $29.8 million in unrealized depreciation on 78 portfolio company investments. Unrealized appreciation for the three months ended September 30, 2024 resulted from an increase in fair value, primarily due to positive valuation adjustments. Unrealized depreciation for the three months ended September 30, 2024 resulted from a decrease in fair value, primarily due to a widening of credit spreads and negative valuation adjustments.

For the three months ended September 30, 2025 and 2024, we had unrealized appreciation on forward currency exchange contracts of $3.0 million and ($5.7) million, respectively. For the three months ended September 30, 2025, unrealized depreciation on forward currency exchange contracts was primarily due to EUR and GBP forward contracts.

The following table summarizes our net realized and unrealized gains (losses) for the nine months ended September 30, 2025 and 2024 (dollars in thousands):

For the Nine Months Ended September 30,
2025 2024
Net realized gain on investments 17,542 13,868
Net realized loss on investments (47,081 ) (13,772 )
Net realized gain on foreign currency transactions 678 —
Net realized loss on foreign currency transactions (11 ) (888 )
Net realized gain on forward currency exchange contracts 425 1,949
Net realized loss on forward currency exchange contracts (5,255 ) (33 )
Net realized gain (loss) (33,702 ) 1,124
Change in unrealized appreciation on investments 102,322 63,458
Change in unrealized depreciation on investments (77,160 ) (65,030 )
Net change in unrealized appreciation on investments 25,162 (1,572 )
Unrealized appreciation on foreign currency translation 1,736 967
Unrealized appreciation on forward currency exchange contracts (14,124 ) (4,289 )
Net change in unrealized appreciation on foreign currency and forward currency exchange contracts (12,388 ) (3,322 )
Net change in unrealized appreciation 12,774 (4,894 )

All values are in US Dollars.

For the nine months ended September 30, 2025 and 2024, we had net realized gains (losses) on investments of ($29.5) million and $0.1 million, respectively, which were primarily driven by full or partial sales or paydowns of our investments. For the nine months ended September 30, 2025 and 2024, we had net realized gains (losses) on foreign currency transactions of $0.7 million and ($0.9) million, respectively, primarily as a result of fluctuations in the EUR, GBP, AUD, and NZD exchange rates. For the nine months ended September 30, 2025 and 2024, we had net realized gains (losses) on forward currency contracts of ($4.8) million and $1.9 million, respectively, primarily as a result of settling AUD, EUR and GBP forward contracts.

For the nine months ended September 30, 2025, we had $102.3 million in unrealized appreciation on 92 portfolio company investments, which was offset by $77.2 million in unrealized depreciation on 113 portfolio company investments. Unrealized appreciation for the nine months ended September 30, 2025 resulted from an increase in fair value, primarily due to positive valuation adjustments. Unrealized depreciation for the nine months ended September 30, 2025 resulted from a decrease in fair value, primarily due to a widening of credit spreads and negative valuation adjustments.

For the nine months ended September 30, 2024, we had $63.5 million in unrealized appreciation on 92 portfolio company investments, which was offset by $65.0 million in unrealized depreciation on 76 portfolio company investments. Unrealized appreciation for the nine months ended September 30, 2024 resulted from an increase in fair value, primarily due to positive valuation adjustments. Unrealized depreciation for the nine months ended September 30, 2024 resulted from a decrease in fair value, primarily due to a widening of credit spreads and negative valuation adjustments.

For the nine months ended September 30, 2025 and 2024, we had unrealized appreciation on forward currency exchange contracts of ($14.1) million and ($4.3) million, respectively. For the nine months ended September 30, 2025, unrealized depreciation on forward currency exchange contracts was primarily due to AUD, EUR and NZD forward contracts.

The following table summarizes the impact of foreign currency for the three months ended September 30, 2025 and 2024 (dollars in thousands):

For the Three Months Ended September 30,
2025 2024
Net change in unrealized appreciation on investments due to foreign currency (2,149 ) 4,034
Net realized gain on investments due to foreign currency 933 1,014
Net change in unrealized appreciation on foreign currency translation (183 ) 998
Net realized gain (loss) on foreign currency transactions 335 (465 )
Net change in unrealized appreciation on forward currency exchange contracts 3,023 (5,693 )
Net realized gain (loss) on forward currency exchange contracts (1,016 ) 20
Foreign currency impact to net increase (decrease) in net assets resulting from operations 943 (92 )

All values are in US Dollars.

Included in total net gains (losses) on the Consolidated Statements of Operations were gains (losses) of ($1.1) million and $5.6 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 September 30, 2025 and 2024, respectively. Including the total net realized and unrealized gains (losses) on forward currency exchange contracts of $2.0 million and ($5.7) 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 ($0.1) million for the three months ended September 30, 2025 and 2024, respectively.

The following table summarizes the impact of foreign currency for the nine months ended September 30, 2025 and 2024 (dollars in thousands):

For the Nine Months Ended September 30,
2025 2024
Net change in unrealized appreciation on investments due to foreign currency 12,622 2,351
Net realized gain on investments due to foreign currency 3,409 832
Net change in unrealized appreciation on foreign currency translation 1,736 967
Net realized gain (loss) on foreign currency transactions 667 (888 )
Net change in unrealized appreciation on forward currency exchange contracts (14,124 ) (4,289 )
Net realized gain (loss) on forward currency exchange contracts (4,830 ) 1,916
Foreign currency impact to net increase (decrease) in net assets resulting from operations (520 ) 889

All values are in US Dollars.

Included in total net gains (losses) on the Consolidated Statements of Operations were gains of $18.4 million and $3.3 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 nine months ended September 30, 2025 and 2024, respectively. Including the total net realized and unrealized losses on forward currency exchange contracts of ($19.0) 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 ($0.5) million and $0.9 million for the nine months ended September 30, 2025 and 2024, respectively.

Interest Rate Swaps

We use interest rate swaps to mitigate interest rate risk associated with our fixed rate liabilities, and have designated certain interest rate swaps to be in a hedge accounting relationship. See “Item 1. Consolidated Financial Statements - Notes to Consolidated Financial Statements - Note 2. Summary of Significant Accounting Policies” and “Item 1. Consolidated Financial Statements - Notes to Consolidated Financial Statements - Note 7. Derivatives” for additional disclosure regarding our accounting for derivative instruments designated in a hedge accounting relationship, and our consolidated schedule of investments for additional disclosure regarding these derivative instruments. See “Item 1. Consolidated Financial Statements - Notes to Consolidated Financial Statements - Note 6. Debt” for additional disclosure regarding the carrying value of our debt.

Net Increase (Decrease) in Net Assets Resulting from Operations

For the three months ended September 30, 2025 and 2024, the increase in net assets resulting from operations was $18.7 million and $33.1 million, respectively. Based on the weighted average shares of common stock outstanding for the three months ended September 30, 2025 and 2024, our per share net increase in net assets resulting from operations was $0.29 and $0.51, respectively.

For the nine months ended September 30, 2025 and 2024, the increase in net assets resulting from operations was $71.0 million and $97.3 million, respectively. Based on the weighted average shares of common stock outstanding for the nine months ended September 30, 2025 and 2024, our per share net increase in net assets resulting from operations was $1.10 and $1.51, respectively.

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, March 2026 Notes, October 2026 Notes, March 2030 Notes, the Sumitomo Credit Facility 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) debt service, repayment, and other financing costs; (3) cash distributions to the holders of our common stock; and (4) the cost of operations (including payments to the Advisor under the Investment Advisory and Administration Agreements).

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 September 30, 2025 and December 31, 2024, our asset coverage ratio was 174.9% and 181.7%, respectively.

At September 30, 2025 and December 31, 2024, we had $86.8 million and $99.1 million in cash, foreign cash, restricted cash and cash equivalents, respectively.

At September 30, 2025, we had approximately $457.0 million of availability on our Sumitomo Credit Facility, subject to existing terms and regulatory requirements. At December 31, 2024 we had approximately $412.3 million of availability on our Sumitomo Credit Facility subject to existing terms and regulatory requirements.

For the nine months ended September 30, 2025, cash, foreign cash, restricted cash, and cash equivalents decreased by $12.3 million. During the nine months ended September 30, 2025, we provided $2.4 million in cash for operating activities. The increase in cash provided by operating activities was primarily related to proceeds from principal payments and sales of investments of $1,052.0 million and a net increase in assets resulting from operations of $71.0 million, which was offset by purchases of investments of $1,150.4 million. During the nine months ended September 30, 2025, we used $17.1 million for financing activities, primarily on repayments of $1,061.2 million and distributions paid during the period of $116.6 million, partially offset by the issuance of the March 2030 Notes for $350.0 million, the execution of the 2019‑1 CLO Replacement Notes for $150.6M and borrowings under our Sumitomo Credit Facility of $664.0 million.

For the nine months ended September 30, 2024, cash, foreign cash, restricted cash, and cash equivalents decreased by $52.7 million. During the nine months ended September 30, 2024, we used $7.1 million in cash for operating activities. The increase in cash used in operating activities was primarily related to purchases of investments of $1,097.8 million, which was offset by proceeds from principal payments and sales of investments of $1,001.5 million and a net increase in assets resulting from operations of $97.3 million. During the nine months ended September 30, 2024, we used $45.7 million for financing activities, primarily on repayments of our Sumitomo Credit Facility of $522.3 million and distributions paid during the period of $85.2 million, partially offset by borrowings of $565.0 million.

Equity

On November 19, 2018, we closed our IPO issuing 7,500,000 shares of 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.

On May 7, 2019, the Company’s Board authorized the Company to repurchase up to $50 million of its outstanding common stock in accordance with safe harbor rules under the Exchange Act. 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 September 30, 2025, there have been no repurchases of common stock.

On February 27, 2025, the Company entered into equity distribution agreements (each, an “Equity Distribution Agreement”), by and among the Company, the Advisor and, severally and not jointly, each of Raymond James & Associates, Inc. and Keefe, Bruyette & Woods, Inc. (the “Sales Agents”) in connection with the sale of shares of the Company's common stock by the Company, par value $0.001 per share of common stock, having an aggregate offering price of up to $250.0 million, in amounts and at times to be determined by the Company (the “Offering”). Actual sales, if any, will depend on a variety of factors to be determined by the Company from time to time, including, among others, market conditions and the market price of the common stock.

Each Equity Distribution Agreement provides that the Company may offer and sell the common stock from time to time through the Sales Agents, or to them. Sales of the common stock, if any, may be made in negotiated transactions or transactions that are deemed to be “at the market,” as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly on the New York Stock Exchange or any similar securities exchange or sales made to or through a market maker other than on a securities exchange, at prices related to the prevailing market prices or at negotiated prices. Pursuant to the terms of each Equity Distribution Agreement, each Sales Agent will receive a commission from the Company of up to 1.50% of the gross sales price of any common stock sold through the relevant Sales Agent under its Equity Distribution Agreement. Each Equity Distribution Agreement contains customary representations, warranties and agreements of the Company, indemnification rights and other obligations of the parties and termination provisions.

The Company may from time to time issue and sell common stock through public or “at the market” offerings. In connection with the issuance of common stock, the Company issued and sold common stock during the nine months ended September 30, 2025:

Number of Shares of Common Underwriting Fees/ Average Offering
Issuances of Common Stock Stock Issued Gross Proceeds Offering Expenses Net Proceeds Price Per Share
“At the market” offerings 253.9 4,574.7 23.2 4,551.4 18.02
Total 23.2 4,551.4

All values are in US Dollars.

Debt

The Company’s outstanding borrowings as of September 30, 2025 and December 31, 2024 were as follows:

As of September 30, 2025 As of December 31, 2024
Total Aggregate Principal Total Aggregate Principal
Principal Amount Amount Carrying Principal Amount Amount Carrying
Committed Outstanding Value (1) Committed Outstanding Value (1)
2019-1 Debt 150,615 150,615 148,796 352,500 352,500 351,359
March 2026 Notes 300,000 300,000 299,501 300,000 300,000 298,656
October 2026 Notes 300,000 300,000 298,581 300,000 300,000 297,556
March 2030 Notes (2) 350,000 350,000 351,482 — — —
Sumitomo Credit Facility 855,000 398,000 398,000 855,000 442,699 442,699
Total Debt 1,955,615 1,498,615 1,496,360 1,807,500 1,395,199 1,390,270

All values are in US Dollars.

  • Carrying value represents aggregate principal amount outstanding less unamortized debt issuance costs.
  • The carrying value of the March 2030 Notes includes the effective portion of the fair value of the interest rate swap, as further discussed in Note 7, Derivatives, to these unaudited consolidated financial statements.

For additional information on our debt obligations see “Item 1. Consolidated Financial Statements - Notes to Consolidated Financial Statements - Note 6. Debt”.

Distribution Policy

The Company’s distributions are recorded on the record date. The following table summarizes distributions declared during the nine months ended September 30, 2025 (dollars in thousands, except per share):

Amount Total
Date Declared Record Date Payment Date Per Share Distributions
February 27, 2025 March 17, 2025 March 31, 2025 0.42 27,245
February 27, 2025 March 17, 2025 March 31, 2025 0.03 1,946 (1)
May 5, 2025 June 16, 2025 June 30, 2025 0.42 27,245
May 5, 2025 June 16, 2025 June 30, 2025 0.03 1,946 (1)
August 5, 2025 September 16, 2025 September 30, 2025 0.42 27,245
August 5, 2025 September 16, 2025 September 30, 2025 0.03 1,946 (1)
Total distributions declared 1.35 87,573

All values are in US Dollars.

(1) Represents a special dividend.

The Company’s distributions are recorded on the record date. The following table summarizes distributions declared during the nine months ended September 30, 2024 (dollars in thousands, except per share):

Amount Total
Date Declared Record Date Payment Date Per Share Distributions
February 27, 2024 March 28, 2024 April 30, 2024 0.42 27,116
February 27, 2024 March 28, 2024 April 30, 2024 0.03 1,937 (1)
May 6, 2024 June 28, 2024 July 29, 2024 0.42 27,116
May 6, 2024 June 28, 2024 July 29, 2024 0.03 1,937 (1)
August 6, 2024 September 30, 2024 October 31, 2024 0.42 27,116
August 6, 2024 September 30, 2024 October 31, 2024 0.03 1,937 (1)
Total distributions declared 1.35 87,159

All values are in US Dollars.

(1) Represents a special dividend.

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 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.

Related Party Transactions

We have entered into a number of business relationships with affiliated or related parties, including the Amended Advisory Agreement and the Administration Agreement.

In addition to the aforementioned agreements, we, our Advisor and Bain Capital Credit have been granted exemptive relief from the SEC to permit greater flexibility to negotiate the terms of co-investments if the Board determines that it would be advantageous for us to co-invest with other Bain Capital Credit Clients in a manner consistent with our investment objectives, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent Bain Capital Credit Clients funds, accounts and investment vehicles managed by Bain Capital Credit may afford us additional investment opportunities and an ability to achieve greater diversification. Accordingly, our exemptive order permits us to invest with Bain Capital Credit Clients in the same portfolio companies under circumstances in which such investments would otherwise not be permitted by the 1940 Act. Our exemptive relief permitting co-investment transactions generally applies only if our Independent Directors and Directors who have no financial interest in such transaction review and approve in advance each co-investment transaction. The exemptive relief imposes other conditions with which we must comply to engage in co-investment transactions.

Recent Developments

See “Item 1. Financial Statements - Notes to Consolidated Financial Statements - Note 12. Subsequent Events” for a summary of recent developments.

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 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.

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

The Advisor shall value the investments owned by the Company, subject at all times to the oversight of the Board. The Advisor shall follow its own written valuation policies and procedures as approved by the Board when determining valuations. A short summary of the Advisor’s valuation policies is below.

Investments for which market quotations are readily available are typically valued at such market quotations. Pursuant to Rule 2a-5 under the 1940 Act, the Board designates the Advisor as Valuation Designee to perform fair value determinations for the Company for investments that do not have readily available 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 will be valued at a price that reflects such security’s fair value.

With respect to unquoted portfolio investments, the Company will value each investment considering, among other measures, discounted cash flow models, comparable company multiple 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, in particular, illiquid/hard to value assets, the Advisor will typically 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;
  • Preliminary valuation conclusions are then documented and discussed with the Company’s senior management and the Advisor;
  • Generally, investments that constitute a material portion of the Company’s portfolio are periodically reviewed by an independent valuation firm; and
  • The Board and Audit Committee provide oversight with respect to the valuation process, including requesting such materials as they deem appropriate.

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 concluded ranges.

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.

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 September 30, 2025 (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 150,615 — — — 150,615
March 2026 Notes 300,000 300,000 — — —
October 2026 Notes 300,000 — 300,000 — —
March 2030 Notes 350,000 — — 350,000 —
Sumitomo Credit Facility 398,000 — — 398,000 —
Total Debt Obligations 1,498,615 300,000 300,000 748,000 150,615

All values are in US Dollars.

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. There have been no material quantitative changes in reported market risk exposures in comparison to the information reported in the prior period.

Assuming that the statement of financial condition as of September 30, 2025 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 (decrease) in net investment income (as shown in the table below) includes the impact of incentive fees.

Net Increase
Increase Increase (Decrease) in Net
(Decrease) in (Decrease) in Investment
Change in Interest Rates Interest Income Interest Expense Income
Down 100 Basis Points (17,961 ) (8,986 ) (7,404 )
Down 200 Basis Points (35,594 ) (17,972 ) (14,538 )
Down 300 Basis Points (52,257 ) (26,864 ) (20,949 )
Up 100 Basis Points 18,140 8,986 7,552
Up 200 Basis Points 36,280 17,972 15,104
Up 300 Basis Points 54,420 26,958 22,656

All values are in US Dollars.

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.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of September 30, 2025 (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 September 30, 2025 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 described below and discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, 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 fiscal quarter ended September 30, 2025, there have been no material changes to the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2024 except for the following:

Changes to U.S. tariff and import or export regulations may negatively impact our business.

The U.S. has recently enacted and proposed to enact significant new tariffs. Additionally, the new Presidential Administration has directed various federal agencies to further evaluate key aspects of U.S. trade policy and there has been ongoing discussion and commentary regarding potential significant changes to U.S. trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the U.S. Any of these factors could depress economic activity and restrict our portfolio companies’ access to suppliers or customers and have a material adverse effect on their business, financial condition and results of operations, which in turn would negatively impact our business.

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

The Company did not engage in any unregistered sales of equity securities, issue any common stock under the Company's dividend reinvestment plan, or purchase any common stock during the three months ended September 30, 2025.

Item 3. Default Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Rule 10b5-1 Trading Plans

During the fiscal quarter ended September 30, 2025, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

Item 6. Exhibits, Consolidated Financial Statement Schedules

The following exhibits are included, or incorporated by reference, in this Quarterly Report on Form 10-Q for the nine months ended September 30, 2025 (and are numbered in accordance with Item 601 of Regulation S-K under the Securities Act).

Exhibit<br>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 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).
10.5 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).
10.6 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).
10.7 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).
10.8 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).
Exhibit<br>Number Description of Document
--- ---
10.9 Amended and Restated Indenture, dated as of November 30, 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).
10.10 First Supplemental Indenture, dated as of August 2, 2022, between BCC Middle Market CLO 2019-1, LTD. (f/k/a BCC Middle Market CLO 2019-1, LLC), as Issuer, and Bain Capital Specialty Finance, in its capacity as Portfolio Manager under the Agreement on behalf of the Issuer, and together with its successors in such capacity, the “Portfolio Manager” (incorporated by reference to Exhibit 10.11 to the Company’s Annual Report on Form 10-K (File No. 814-01175) filed on February 28, 2023).
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 First Amendment to Amended and Restated Portfolio Management Agreement, dated as of August 2, 2022, between BCC Middle Market CLO 2019-1, LTD. (f/k/a 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 10.13 to the Company’s Annual Report on Form 10-K (File No. 814-01175) filed on February 28, 2023).
10.13 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).
10.14 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).
10.15 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).
10.16 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).
10.17 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).
10.18 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).
Exhibit<br>Number Description of Document
--- ---
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).
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. (incorporated by reference to Exhibit 10.26 to the Company’s Quarterly Report on Form 10-Q (File No.814-01175) filed on November 9, 2022).
10.28 Increasing Lender/Joinder Lender Agreement, dated as of December 14, 2022, between 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 December 14, 2022, provided by the Company to the Administrative Agent (the “Notice”) (incorporated by reference to Exhibit 10.29 to the Company’s Annual Report on Form 10-K (File No. 814-01175) filed on February 28, 2023).
10.29 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. (Incorporated by reference to Exhibit 10.28 to the Company’s Quarterly Report on Form 10 Q (File No. 814 01175), filed on August 3, 2022).
10.30 Second Amendment dated as of August 24, 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. (incorporated by reference to Exhibit 10.28 to the Company’s Quarterly Report on Form 10-Q (File No.814-01175) filed on November 9, 2022).
10.31 Third Amendment dated as of May 20, 2024 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. (incorporated by reference to Exhibit 10.32 to the Company’s Quarterly Report on Form 10-Q (File No.814-01175) filed on August 6, 2024).
10.32 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).
Exhibit<br>Number Description of Document
--- ---
10.33 First Supplemental Indenture dated as of June 15, 2023 among BCC Middle Market CLO 2018-1, LLC, as issuer, and Wells Fargo Bank, National Association, as trustee. (incorporated by reference to Exhibit 10.33 to the Company’s Quarterly Report on Form 10-Q (File No.814-01175) filed on August 8, 2023).
10.34 Second Supplemental Indenture dated as of June 15, 2023 among BCC Middle Market CLO 2019-1, Ltd., 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 10.34 to the Company’s Quarterly Report on Form 10-Q (File No.814-01175) filed on August 8, 2023).
10.35 Amendment dated September 11, 2023 to the 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 10.35 to the Company’s Quarterly Report on Form 10-Q (File No.814-01175) filed on November 6, 2023).
10.36 Second Amendment dated December 14, 2023 to the Amended and Restated Limited Liability Company Agreement, dated February 9, 2021, as amended on September 8, 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, Solutio Premium Private Debt II Master SCSp, Pantheon Private Debt Program SICAV—RAIF—Pantheon Senior Debt Secondaries II (EUR) and Pantheon Private Debt Program SICAV—RAIF—Pantheon Senior Debt Secondaries II (GBP) (incorporated by reference to Exhibit 10.36 to the Company’s Annual Report on Form 10-K (File No. 814-01175) filed on February 27, 2024).
10.37 International Senior Loan Program, LLC Consolidated Financial Statements for year ending December 31, 2024. (incorporated by reference to Exhibit 10.37 to the Company’s Annual Report on Form 10-K (File No. 814-01175) filed on February 27, 2024).
10.38 Third Supplemental Indenture, dated as of February 6, 2025, relating to the 5.950% Notes due 2030, by and between the<br>Company and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to the<br>Company’s Current Report on Form 8-K (File No. 814-01175) filed on February 6, 2025).
10.39 Underwriting Agreement, dated January 30, 2025, by and among Bain Capital Specialty Finance, Inc.,<br>BCSF Advisors, LP, and SMBC Nikko Securities America, Inc., Wells Fargo Securities, LLC, BNP Paribas Securities<br>Corp. and Santander US Capital Markets LLC, as the representative of the underwriters (incorporated by reference to<br>Exhibit 99.1 to the Company’s Current Report on Form 8-K (File No. 814-01175) filed on February 3, 2025).
10.40 Form of Equity Distribution Agreement (incorporated by reference to Exhibit 1.1 to the Company’s Current Report on<br>Form 8-K (File No. 814-01175), filed on March 4, 2025).
10.41 Second Amended and Restated Indenture, dated as of July 2, 2025, by and among BCC Middle Market CLO 2019-1, Ltd., 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 10.1 to the Company’s Current Report on Form 8-K (File No. 814-01175), filed on July 7, 2025).
10.42 Second Amended and Restated Portfolio Management Agreement, dated as of July 2, 2025, by and between BCC Middle Market CLO 2019-1, Ltd., as issuer, and Bain Capital Specialty Finance, Inc., as portfolio manager(incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K (File No. 814-01175), filed on July 7, 2025).
10.43 Custody Agreement, dated April 28, 2025, by and between Bain Capital Specialty Finance, Inc. and U.S. Bank Trust Company (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8‑K (File No. 814‑01175), filed on May 2, 2025).
Exhibit<br>Number Description of Document
--- ---
10.44 Document Custody Agreement, dated April 28, 2025, by and between Bain Capital Specialty Finance, Inc. and U.S. Bank Trust Company (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8‑K (File No. 814‑01175), filed on May 2, 2025).
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 27, 2025).
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 February 27, 2025).
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.
101.INS* XBRL Instance Document
101.SCH* Inline XBRL Taxonomy Extension Schema Document.
101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF* Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.LAB* Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE* Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104 Cover Page Interactive Data File - The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

* Filed herewith.

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: November 10, 2025 By: /s/ Michael A. Ewald
Name: Michael A. Ewald
Title: Chief Executive Officer
Date: November 10, 2025 By: /s/ Amit Joshi
--- --- ---
Name: Amit Joshi
Title: Chief Financial Officer

EX-31.1

Exhibit 31.1

CERTIFICATION OF PRINCIPAL 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: November 10, 2025
/s/ Michael A. Ewald
Michael A. Ewald
Principal Executive Officer
Bain Capital Specialty Finance, Inc.

EX-31.2

Exhibit 31.2

CERTIFICATION OF PRINCIPAL 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, Amit Joshi, 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: November 10, 2025

/s/ Amit Joshi
Amit Joshi
Principal Financial Officer
Bain Capital Specialty Finance, Inc.

EX-32

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 September 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Michael A. Ewald, Principal Executive Officer of the Company, and I, Amit Joshi, Principal Financial Officer of the Company, each certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to our knowledge:

  • The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
  • The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 10, 2025

/s/ Michael A. Ewald
Michael A. Ewald
Principal Executive Officer
Bain Capital Specialty Finance, Inc.
/s/ Amit Joshi
Amit Joshi
Principal Financial Officer
Bain Capital Specialty Finance, Inc.
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