UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended June 30, 2026

☐	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)

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

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

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

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

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

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

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

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

As of August 10, 2026, the registrant had 64,868,507 shares of common stock outstanding.

		Page
PART I	FINANCIAL INFORMATION	3
Item 1.	Consolidated Financial Statements	3
	Consolidated Statements of Assets and Liabilities as of June 30, 2026 (unaudited) and December 31, 2025	3
	Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2026 and 2025 (unaudited)	5
	Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025 (unaudited)	6
	Consolidated Schedules of Investments as of June 30, 2026 (unaudited) and December 31, 2025	7
	Notes to Consolidated Financial Statements (unaudited)	52
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	131
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	153
Item 4.	Controls and Procedures	153
PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	154
Item 1A.	Risk Factors	154
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	154
Item 3.	Default Upon Senior Securities	154
Item 4.	Mine Safety Disclosures	154
Item 5.	Other Information	154
Item 6.	Exhibits	155
Signatures		156

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 Bain Capital Specialty Finance, Inc. (the “Company”, “we”, “our” and “us”), 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, 2025 and in our filings with the Securities and Exchange Commission (the “SEC”). Except as otherwise specified in this Quarterly Report, the terms
“we”, “us”, “our”, and the “Company” refer to Bain Capital Specialty Finance, Inc.

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. 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.

PART I. FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

Bain Capital Specialty Finance, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share data)

	As of		As of
	June 30, 2026		December 31, 2025
	(Unaudited)
Assets
Investments at fair value:
Non-controlled/non-affiliate investments (amortized cost of $1,796,413 and $1,891,513, respectively)	1,789,082		1,905,297
Non-controlled/affiliate investments (amortized cost of $21,128 and $7,504, respectively)	31,761		18,674
Controlled affiliate investments (amortized cost of $557,704 and $603,650, respectively)	542,733		584,470
Cash and cash equivalents	97,187		23,092
Foreign cash (cost of $14,632 and $2,477, respectively)	14,957		3,151
Restricted cash and cash equivalents	18,467		32,667
Collateral on derivatives	11,020		10,993
Deferred financing costs	3,023		3,543
Interest receivable on investments	33,882		38,023
Interest rate swap	890		7,976
Receivable for sales and paydowns of investments	70,645		28,856
Prepaid insurance	92		489
Unrealized appreciation on forward currency exchange contracts	1,804		—
Dividend receivable	4,539		5,354
Total Assets	2,620,082		2,662,585
Liabilities
Debt (net of unamortized debt issuance costs of $15,936 and $10,110, respectively)	1,501,129		1,470,796
Interest rate swap	4,621		—
Interest payable	8,597		12,376
Payable for investments purchased	1,286		2,110
Collateral payable on derivatives	—		12,907
Unrealized depreciation on forward currency exchange contracts	1,105		9,061
Base management fee payable	8,992		9,408
Incentive fee payable	801		5,877
Accounts payable and accrued expenses	13,186		12,910
Distributions payable	—		9,730
Total Liabilities	1,539,717		1,545,175
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 64,868,507 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	65		65
Paid in capital in excess of par value	1,161,110		1,161,110
Total distributable loss	(80,810	)	(43,765	)
Total Net Assets	1,080,365		1,117,410
Total Liabilities and Total Net Assets	2,620,082		2,662,585
Net asset value per share	16.65		17.23

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 June 30,						For the Six Months Ended June 30,
	2026			2025			2026			2025
Income
Investment income from non-controlled/non-affiliate investments:
Interest from investments		37,795			44,292			77,128			85,964
Dividend income		654			2,940			1,273			4,665
PIK income		7,531			7,501			16,236			14,107
Other income		1,767			4,158			3,243			6,991
Total investment income from non-controlled/non-affiliate investments		47,747			58,891			97,880			111,727
Investment income from non-controlled/affiliate investments:
Interest from investments		36			127			38			135
PIK income		—			13			—			30
Other income		44			—			65			42
Total investment income from non-controlled/affiliate investments		80			140			103			207
Investment income from controlled affiliate investments:
Interest from investments		7,336			9,807			17,369			18,955
Dividend income		7,185			2,123			13,168			6,909
PIK income		—			4			2			6
Total investment income from controlled affiliate investments		14,521			11,934			30,539			25,870
Total investment income		62,348			70,965			128,522			137,804
Expenses
Interest and debt financing expenses		20,664			21,772			40,916			40,676
Base management fee		8,993			9,257			18,078			18,325
Incentive fee		801			5,446			6,419			7,668
Professional fees		612			714			1,312			1,428
Directors fees		180			182			360			356
Other general and administrative expenses		1,761			1,928			3,830			4,499
Total expenses, net of fee waivers		33,011			39,299			70,915			72,952
Net investment income before taxes		29,337			31,666			57,607			64,852
Income tax expense, including excise tax		732			1,076			1,638			2,152
Net investment income		28,605			30,590			55,969			62,700
Net realized and unrealized gains (losses)
Net realized gain (loss) on non-controlled/non-affiliate investments		(7,228	)		4,861			(3,408	)		(16,125	)
Net realized gain (loss) on non-controlled/affiliate investments		(6,598	)		(711	)		(6,598	)		(3,678	)
Net realized gain (loss) on controlled affiliate investments		(77	)		—			(13,525	)		—
Net realized gain (loss) on foreign currency transactions		(889	)		581			(823	)		332
Net realized gain (loss) on forward currency exchange contracts		(3,136	)		(1,409	)		(6,125	)		(3,814	)
Net change in unrealized appreciation on foreign currency translation		(227	)		1,484			(362	)		1,919
Net change in unrealized appreciation on forward currency exchange contracts		3,214			(15,074	)		9,760			(17,147	)
Net change in unrealized appreciation on non-controlled/non-affiliate investments		(7,353	)		7,507			(30,547	)		31,500
Net change in unrealized appreciation on non-controlled/affiliate investments		8,405			(1,379	)		8,895			(3,245	)
Net change in unrealized appreciation on controlled affiliate investments		(661	)		(2,728	)		4,209			(173	)
Total net loss		(14,550	)		(6,868	)		(38,524	)		(10,431	)
Net increase in net assets resulting from operations		14,055			23,722			17,445			52,269
Basic and diluted net investment income per share of common stock		0.44			0.47			0.86			0.97
Basic and diluted increase in net assets resulting from operations per share of common stock		0.22			0.37			0.27			0.81
Basic and diluted weighted average common stock outstanding		64,868,507			64,868,507			64,868,507			64,772,881

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 June 30,						For the Six Months Ended June 30,
	2026			2025			2026			2025
Operations:
Net investment income		28,605			30,590			55,969			62,700
Net realized gain (loss)		(17,928	)		3,322			(30,479	)		(23,285	)
Net change in unrealized appreciation		3,378			(10,190	)		(8,045	)		12,854
Net increase in net assets resulting from operations		14,055			23,722			17,445			52,269
Stockholder distributions:
Distributions from distributable earnings		(27,245	)		(29,191	)		(54,490	)		(58,382	)
Net decrease in net assets resulting from stockholder distributions		(27,245	)		(29,191	)		(54,490	)		(58,382	)
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 decrease in net assets		(13,190	)		(5,469	)		(37,045	)		(637	)
Net assets at beginning of period		1,093,555			1,144,504			1,117,410			1,139,672
Net assets at end of period		1,080,365			1,139,035			1,080,365			1,139,035
Net asset value per share of common stock		16.65			17.56			16.65			17.56
Common stock outstanding at end of period		64,868,507			64,868,507			64,868,507			64,868,507

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 Six Months Ended June 30,
	2026			2025
Cash flows from operating activities
Net increase in net assets resulting from operations		17,445			52,269
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash used in operating activities:
Purchases of investments		(406,440	)		(814,488	)
Proceeds from principal payments and sales of investments		488,991			751,100
Net realized (gain) loss from investments		23,531			19,803
Net realized (gain) loss on foreign currency transactions		823			(332	)
Net change in unrealized appreciation on forward currency exchange contracts		(9,760	)		17,147
Net change in unrealized appreciation on investments		17,443			(28,082	)
Net change in unrealized appreciation on foreign currency translation		362			(1,919	)
Increase in investments due to PIK		(19,439	)		(17,368	)
Accretion of discounts and amortization of premiums		(1,834	)		(2,840	)
Amortization of deferred financing costs and debt issuance costs		3,009			2,485
Changes in operating assets and liabilities:
Collateral on derivatives		(27	)		547
Interest receivable on investments		4,141			1,651
Interest rate swap		(133	)		(111	)
Prepaid insurance		397			(659	)
Dividend receivable		815			2,092
Interest payable		(3,779	)		(215	)
Collateral payable on derivatives		(12,907	)		12,490
Base management fee payable		(416	)		97
Incentive fee payable		(5,076	)		750
Accounts payable and accrued expenses		276			(1,040	)
Net cash provided by (used in) operating activities		97,422			(6,623	)
Cash flows from financing activities
Borrowings on debt		727,000			759,000
Repayments on debt		(679,000	)		(588,699	)
Payments of financing costs		(8,316	)		(8,551	)
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		(64,220	)		(87,435	)
Net cash provided by (used in) financing activities		(24,536	)		79,791
Net increase in cash, foreign cash, restricted cash and cash equivalents		72,886			73,168
Effect of foreign currency exchange rates		(1,185	)		2,251
Cash, foreign cash, restricted cash and cash equivalents, beginning of period		58,910			99,066
Cash, foreign cash, restricted cash and cash equivalents, end of period		130,611			174,485
Supplemental disclosure of cash flow information:
Cash interest paid during the period		41,686			38,406
Cash paid for excise taxes during the period		3,363			3,337

All values are in US Dollars.

	As of June 30,
	2026		2025
Cash		97,187		27,843
Restricted cash		18,467		136,908
Foreign cash		14,957		9,734
Total cash, foreign cash, restricted cash, and cash equivalents shown in the consolidated statements of cash flows		130,611		174,485

All values are in US Dollars.

See Notes to Consolidated Financial Statements

Bain Capital Specialty Finance, Inc.

Consolidated Schedule of Investments

As of June 30, 2026

(In thousands)

(Unaudited)

Portfolio Company (1)	Investment Type	Index (2)	Floor (2)			Spread (2)			Interest Rate			Maturity Date	Principal/Shares (3)
Non-Controlled/Non-Affiliate Investments
Aerospace & Defense
ATS (4)(12)	First Lien Senior Secured Loan	SOFR		1.00	%		5.75	%		9.42	%	7/12/2029	4,913	4,873		4,913
ATS (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			7/12/2029	—	—		—
BCC ESI Investments 1, LLC (4)(6)(11)	Equity Interest	—	—			—			—			—	130	130		130
Bridger Aerospace Group Holdings, Inc. (4)(12)	First Lien Senior Secured Loan	SOFR		1.00	%		6.00	%		9.64	%	10/28/2030	5,074	5,028		5,023
Bridger Aerospace Group Holdings, Inc. (4)(5)	First Lien Senior Secured Loan - Delayed Draw	SOFR		1.00	%		6.00	%		9.64	%	10/28/2030	677	665		649
Bridger Aerospace Group Holdings, Inc. (4)(5)	First Lien Senior Secured Loan - Revolver	SOFR		1.00	%		6.00	%		9.64	%	10/28/2030	391	384		383
BTX Precision (4)(12)	First Lien Senior Secured Loan	SOFR		1.00	%		5.00	%		8.64	%	7/25/2030	7,568	7,520		7,568
BTX Precision (4)(12)	First Lien Senior Secured Loan	SOFR		1.00	%		4.75	%		8.41	%	7/25/2030	1,432	1,423		1,432
BTX Precision (4)	First Lien Senior Secured Loan - Delayed Draw	SOFR		1.00	%		5.00	%		8.68	%	7/25/2030	12,875	12,828		12,875
BTX Precision (4)	First Lien Senior Secured Loan - Delayed Draw	SOFR		1.00	%		5.00	%		8.64	%	7/25/2030	5,915	5,873		5,915
BTX Precision (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			7/25/2030	—	(25	)	—
Forward Slope (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.60	%		9.33	%	8/22/2029	6,045	5,954		6,045
Forward Slope (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.60	%		9.33	%	8/22/2029	5,533	5,483		5,533
Forward Slope (4)(12)	First Lien Senior Secured Loan - Delayed Draw	SOFR		1.00	%		5.60	%		9.33	%	8/22/2029	13,181	12,983		13,181
Forward Slope (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			8/22/2029	—	(116	)	—
Forward Slope (4)(6)(11)	Equity Interest	—	—			—			—			—	930	930		1,545
GSP Holdings, LLC (4)	First Lien Senior Secured Loan	SOFR		1.00	%	2.28% (3.62% PIK)				9.63	%	11/6/2026	9,982	10,075		9,483
GSP Holdings, LLC (4)	First Lien Senior Secured Loan	SOFR		1.00	%	2.28% (3.62% PIK)				9.63	%	11/6/2026	78	78		74
GSP Holdings, LLC (4)	First Lien Senior Secured Loan	SOFR		1.00	%	2.28% (3.62% PIK)				9.63	%	11/5/2027	1,165	1,161		1,107
GSP Holdings, LLC (4)	First Lien Senior Secured Loan - Revolver	SOFR		1.00	%	2.28% (3.62% PIK)				9.63	%	11/5/2027	4,868	4,887		4,625
Heads Up Technologies, Inc. (4)	First Lien Senior Secured Loan	SOFR		0.75	%		5.25	%		8.98	%	7/23/2030	202	201		202
Heads Up Technologies, Inc. (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			7/23/2030	—	(7	)	—
Heads Up Technologies, Inc. (4)	Second Lien Senior Secured Loan	SOFR		0.75	%		8.25	%		11.98	%	7/23/2031	9,720	9,679		9,720
Mach Acquisition, LLC (4)(12)	First Lien Senior Secured Loan	SOFR		1.00	%		7.15	%		10.81	%	4/19/2027	13,204	13,190		13,204
Mach Acquisition, LLC (4)(5)	First Lien Senior Secured Loan - Revolver	SOFR		1.00	%		7.15	%		10.79	%	4/19/2027	7,532	7,520		7,532
Precision Ultimate Holdings, LLC (4)(6)(11)	Equity Interest	—	—			—			—			—	1,417	1,417		546
Precision Ultimate Holdings, LLC (4)(6)(11)	Equity Interest	—	—			—			—			—	620	781		1,334
Robinson Helicopter (4)(6)(11)	Equity Interest	—	—			—			—			—	1,592	507		2,551
Saturn Purchaser Corp. (4)(12)	First Lien Senior Secured Loan	SOFR		1.00	%		4.85	%		8.52	%	7/22/2030	13,281	13,167		13,281
Saturn Purchaser Corp. (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			7/22/2030	—	(50	)	—
Solairus (4)(5)	First Lien Senior Secured Loan - Delayed Draw	—	—			—			—			7/22/2030	—	(13	)	—

All values are in US Dollars.

Portfolio Company (1)	Investment Type	Index (2)	Floor (2)			Spread (2)			Interest Rate			Maturity Date	Principal/Shares (3)		Cost		Market Value
Non-Controlled/Non-Affiliate Investments
Aerospace & Defense
Varo ESI Buyer, LLC (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.50	%		9.15	%	5/10/2032	$	2,592	2,579		2,579
Varo ESI Buyer, LLC (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			5/10/2032	$	—	(3	)	(3	)
Whitcraft-Paradigm (4)(12)	First Lien Senior Secured Loan	SOFR		1.00	%		5.00	%		8.73	%	2/15/2029	$	10,106	10,060		10,106
Whitcraft-Paradigm (4)(12)	First Lien Senior Secured Loan	SOFR		1.00	%		5.00	%		8.73	%	2/15/2029	$	2,648	2,629		2,648
Whitcraft-Paradigm (4)	First Lien Senior Secured Loan - Delayed Draw	SOFR		1.00	%		5.00	%		8.73	%	2/15/2029	$	2,291	2,291		2,291
Whitcraft-Paradigm (4)	First Lien Senior Secured Loan - Delayed Draw	SOFR		1.00	%		5.00	%		8.73	%	2/15/2029	$	256	256		256
Whitcraft-Paradigm (4)(5)	First Lien Senior Secured Loan - Revolver	SOFR		1.00	%		5.00	%		8.73	%	2/15/2029	$	834	824		834
Aerospace & Defense Total															145,162		147,562		13.7	%
Automotive
American Trailer Rental Group (4)	Subordinated Debt	—	—			14.25% PIK				14.25	%	12/1/2028	$	19,375	19,278		17,244
American Trailer Rental Group (4)	Subordinated Debt	—	—			14.25% PIK				14.25	%	12/1/2028	$	24,195	24,112		21,533
American Trailer Rental Group (4)	Subordinated Debt	—	—			14.25% PIK				14.25	%	12/1/2028	$	6,280	6,249		5,589
Cardo (4)(7)	First Lien Senior Secured Loan	SOFR	—				5.25	%		8.98	%	5/30/2028	$	98	97		98
Chilton (4)(12)	First Lien Senior Secured Loan	SOFR		1.00	%		5.50	%		9.16	%	2/5/2031	$	6,419	6,384		6,290
Chilton (4)(5)	First Lien Senior Secured Loan - Delayed Draw	—	—			—			—			2/5/2031	$	—	(19	)	(202	)
Chilton (4)(5)	First Lien Senior Secured Loan - Revolver	SOFR		1.00	%		5.50	%		9.15	%	2/5/2031	$	1,835	1,813		1,759
Gills Point S (4)	First Lien Senior Secured Loan	SOFR		1.00	%	3.90% (1.50% PIK)				9.05	%	5/17/2029	$	12,403	12,403		12,092
Gills Point S (4)	First Lien Senior Secured Loan	SOFR		1.00	%	4.00% (1.50% PIK)				9.15	%	5/17/2029	$	3,999	3,974		3,899
Gills Point S (4)	First Lien Senior Secured Loan	SOFR		1.00	%	4.00% (1.50% PIK)				9.15	%	5/17/2029	$	3,651	3,634		3,560
Gills Point S (4)	First Lien Senior Secured Loan - Delayed Draw	SOFR		1.00	%	4.00% (1.50% PIK)				9.15	%	5/17/2029	$	7,296	7,296		7,113
Gills Point S (4)	First Lien Senior Secured Loan - Delayed Draw	SOFR		1.00	%	4.00% (1.50% PIK)				9.15	%	5/17/2029	$	1,235	1,224		1,204
Gills Point S (4)	First Lien Senior Secured Loan - Revolver	SOFR		1.00	%		5.50	%		9.15	%	5/17/2029	$	4,834	4,813		4,713
Gills Point S (4)(6)(11)	Equity Interest	—	—			—			—			—		2	215		49
Gills Point S (4)(6)(11)	Preferred Equity	—	—			—			—			—		—	20		39
Intoxalock (4)(12)	First Lien Senior Secured Loan	SOFR		1.00	%		5.10	%		8.74	%	11/1/2028	$	11,821	11,770		11,821
Intoxalock (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			11/1/2028	$	—	(13	)	—
Automotive Total															103,250		96,801		9.0	%
Beverage, Food & Tobacco
AgroFresh Solutions (4)(12)	First Lien Senior Secured Loan	SOFR		1.00	%		5.60	%		9.24	%	4/1/2030	$	6,821	6,738		6,736
AgroFresh Solutions (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.60	%		9.24	%	4/1/2030	$	6,058	5,945		5,982
AgroFresh Solutions (4)(5)	First Lien Senior Secured Loan - Revolver	SOFR		1.00	%		5.60	%		9.24	%	4/2/2029	$	2,267	2,219		2,205
BCC CPK investments 1, LLC (4)(6)(11)	Equity Interest	—	—			—			—			—		370	370		370
BCC Trillium Foods Investments 1, LLC (4)(6)(11)	Equity Interest	—	—			—			—			—		3	2,531		3,851
BCSF Project Aberdeen, LLC (4)(6)(11)	Equity Interest	—	—			—			—			—		2,217	2,217		1,967
CPK IPCO Buyer LLC (4)	Subordinated Debt	—	—				12.00	%		12.00	%	12/22/2031	$	604	596		595
Hellers (4)(7)	First Lien Senior Secured Loan - Delayed Draw	BBSY	—			4.00% (1.88% PIK)				10.39	%	9/30/2030	AUD	51	35		35

All values are in US Dollars.

Portfolio Company (1)	Investment Type	Index (2)	Floor (2)	Spread (2)	Interest Rate	Maturity Date	Principal/Shares (3)		Cost	Market Value	% of Net Assets
Non-Controlled/Non-Affiliate Investments
Beverage, Food & Tobacco
Hellers (4)(7)	First Lien Senior Secured Loan - Delayed Draw	BKBM	1.00%	4.00% (1.88% PIK)	8.64%	9/30/2030	NZ$	47	28	26
Hellers (4)(5)(7)	First Lien Senior Secured Loan - Delayed Draw	—	—	—	—	9/30/2030	NZ$	—	(12)	(2)
Hellers (4)(7)	Subordinated Debt	—	—	15.00% PIK	15.00%	3/27/2031	NZ$	570	349	321
INW Manufacturing, LLC (4)(12)	First Lien Senior Secured Loan	SOFR	1.00%	5.75%	9.42%	1/23/2031	$	20,795	20,610	20,483
Orchard Park BidCo, Inc. (4)(5)	First Lien Senior Secured Loan - Delayed Draw	—	—	—	—	4/21/2033	$	—	(3)	(4)
Orchard Park BidCo, Inc. (4)(5)	First Lien Senior Secured Loan - Revolver	—	—	—	—	4/21/2033	$	—	(7)	(8)
SauceCo HoldCo, LLC (4)(12)	First Lien Senior Secured Loan	SOFR	1.00%	5.75%	9.48%	5/13/2030	$	71,001	69,034	71,001
SauceCo HoldCo, LLC (4)(5)	First Lien Senior Secured Loan - Revolver	SOFR	1.00%	5.75%	9.39%	5/13/2030	$	5,036	5,004	5,036
Shennong Buyer, Inc. (4)	First Lien Senior Secured Loan	SOFR	1.00%	5.00%	8.73%	5/6/2033	$	14,805	14,732	14,731
Shennong Buyer, Inc. (4)(5)	First Lien Senior Secured Loan - Revolver	SOFR	1.00%	5.00%	8.73%	5/6/2033	$	1,294	1,277	1,276
Spindrift (4)	Subordinated Debt	—	—	13.75% PIK	13.75%	2/19/2033	$	1,686	1,649	1,686
Spindrift (4)(6)(11)	Equity Interest	—	—	—	—	—		1	500	558
Beverage, Food & Tobacco Total									$133,812	$136,845	12.7%
Capital Equipment
Accelevation LLC (4)	First Lien Senior Secured Loan	SOFR	0.75%	5.25%	8.90%	1/2/2031	$	18,461	18,185	18,184
Accelevation LLC (4)(5)	First Lien Senior Secured Loan - Delayed Draw	—	—	—	—	1/2/2031	$	—	(13)	(13)
AeriTek Global CAD Acquisition Inc. (4)(7)	First Lien Senior Secured Loan	SOFR	1.00%	6.50%	10.17%	8/27/2030	$	472	466	465
AeriTek Global CAD Acquisition Inc. (4)(5)(7)	First Lien Senior Secured Loan - Revolver	SOFR	1.00%	6.75%	10.41%	8/27/2030	$	14	14	13
AXH Air Coolers (4)(12)	First Lien Senior Secured Loan	SOFR	1.00%	5.50%	9.17%	10/31/2029	$	7,400	7,356	7,400
AXH Air Coolers (4)(12)	First Lien Senior Secured Loan	SOFR	1.00%	5.50%	9.17%	10/31/2029	$	3,283	3,266	3,283
AXH Air Coolers (4)	First Lien Senior Secured Loan - Delayed Draw	SOFR	1.00%	5.50%	9.23%	10/31/2029	$	8,653	8,632	8,653
AXH Air Coolers (4)(5)	First Lien Senior Secured Loan - Revolver	SOFR	1.00%	5.50%	9.25%	10/31/2029	$	1,835	1,804	1,835
AXH Air Coolers (4)(6)(11)	Preferred Equity	—	—	—	—	—		3,417	1,104	14,397
East BCC Coinvest II, LLC (4)(6)(11)	Equity Interest	—	—	—	—	—		1,419	1,229	—
Engineered Products Co., LLC (4)(5)	First Lien Senior Secured Loan - Revolver	SOFR	1.00%	4.50%	8.18%	8/12/2031	$	188	182	188
Ergotron Acquisition LLC (4)(12)	First Lien Senior Secured Loan	SOFR	0.75%	5.25%	8.89%	7/6/2028	$	10,811	10,723	10,811
EXT Acquisitions, Inc. (4)(5)	First Lien Senior Secured Loan - Delayed Draw	—	—	—	—	12/19/2031	$	—	—	(4)
EXT Acquisitions, Inc. (4)(5)	First Lien Senior Secured Loan - Revolver	P	2.00%	4.25%	11.00%	12/19/2031	$	165	163	163
FCG Acquisitions, Inc. (4)(6)(11)	Preferred Equity	—	—	—	—	—		4	—	—
Goodfellow (4)(7)	First Lien Senior Secured Loan	SOFR	1.00%	5.25%	8.98%	2/10/2032	$	50	50	50
Goodfellow (4)(7)	First Lien Senior Secured Loan - Delayed Draw	EURIBOR	1.00%	5.25%	7.54%	2/10/2032	€	50	51	57
Goodfellow (4)(7)	First Lien Senior Secured Loan - Delayed Draw	SONIA	1.00%	5.25%	8.98%	2/10/2032	£	50	65	66
Goodfellow (4)(7)	First Lien Senior Secured Loan - Delayed Draw	EURIBOR	1.00%	5.25%	7.54%	2/10/2032	€	50	51	57
PPT Group (4)(7)	First Lien Senior Secured Loan	SONIA	—	5.50%	9.25%	2/28/2031	£	6,105	7,630	8,002
PPT Group (4)(5)(7)	First Lien Senior Secured Loan - Delayed Draw	SONIA	—	5.50%	9.25%	2/28/2031	£	219	286	232
PPT Group (4)(5)(7)	First Lien Senior Secured Loan - Revolver	SONIA	—	5.50%	9.25%	2/28/2031	£	220	276	263
PPT Group (4)(6)(7)(11)	Equity Interest	—	—	—	—	—		376	376	294
Capital Equipment Total									$61,896	$74,396	6.9%
Portfolio Company (1)	Investment Type	Index (2)	Floor (2)			Spread (2)			Interest Rate			Maturity Date	Principal/Shares (3)	Cost		Market Value		% of Net Assets
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Non-Controlled/Non-Affiliate Investments
Chemicals, Plastics & Rubber
AP Plastics Group, LLC (4)(12)	First Lien Senior Secured Loan	SOFR		0.75	%		4.85	%		8.47	%	8/12/2030	13,514	13,344		13,514
AP Plastics Group, LLC (4)	First Lien Senior Secured Loan - Delayed Draw	SOFR		0.75	%		4.85	%		8.47	%	8/10/2030	174	174		174
AP Plastics Group, LLC (4)(5)	First Lien Senior Secured Loan - Delayed Draw	—	—			—			—			8/12/2030	—	(3	)	—
Duraco (4)(12)	First Lien Senior Secured Loan	SOFR		1.50	%		6.50	%		10.19	%	6/6/2029	7,287	7,207		6,922
Duraco (4)(5)	First Lien Senior Secured Loan - Revolver	SOFR		1.50	%		6.50	%		10.24	%	6/6/2029	996	974		896
Plaskolite PPC Intermediate II LLC (4)	First Lien Senior Secured Loan	SOFR		1.00	%	4.00% (4.00% PIK)				11.65	%	5/9/2030	7,312	7,197		7,166
Plaskolite PPC Intermediate II LLC (4)(5)	First Lien Senior Secured Loan - Revolver	SOFR		1.00	%		7.00	%		10.65	%	2/7/2030	171	161		158
V Global Holdings LLC (4)	First Lien Senior Secured Loan	SOFR		0.75	%		5.90	%		9.55	%	12/22/2027	15,666	15,332		14,726
V Global Holdings LLC (4)	First Lien Senior Secured Loan	EURIBOR		0.75	%		5.75	%		7.99	%	12/22/2027	98	103		104
V Global Holdings LLC (4)	First Lien Senior Secured Loan	SOFR		0.75	%		5.90	%		9.55	%	12/22/2027	—	—		—
V Global Holdings LLC (4)(5)	First Lien Senior Secured Loan - Revolver	SOFR		0.75	%		5.85	%		9.49	%	1/2/2029	4,578	4,586		3,996
Chemicals, Plastics & Rubber Total														49,075		47,656			4.4	%
Construction & Building
AGS American Glass Services Acquisition, LLC (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.50	%		9.16	%	7/24/2031	145	145		144
AGS American Glass Services Acquisition, LLC (4)(5)	First Lien Senior Secured Loan - Delayed Draw	—	—			—			—			7/24/2031	—	(1	)	(5	)
AGS American Glass Services Acquisition, LLC (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			7/24/2031	—	(2	)	(2	)
AGS American Services Investments, L.P. (4)(6)(11)	Equity Interest	—	—			—			—			—	3	338		324
BCSF ServiceMaster Investments, LLC (4)(6)(11)	Preferred Equity	—	—			—			—			—	—	28		—
Elk (4)(6)(11)	Preferred Equity	—	—			—			—			—	72	722		1,222
Elk (4)(6)(11)	Equity Interest	—	—			—			—			—	1	7		695
G702 Buyer, Inc. (4)	First Lien Senior Secured Loan	SOFR		0.75	%		4.75	%		8.42	%	7/2/2031	158	156		158
G702 Buyer, Inc. (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			7/2/2031	—	(10	)	—
Service Master (4)(8)	First Lien Senior Secured Loan	SOFR		1.00	%	6.86% PIK				10.48	%	8/16/2027	7,812	7,572		5,957
Service Master (4)(8)	First Lien Senior Secured Loan	SOFR	—			6.86% PIK				10.51	%	8/16/2027	3,259	3,174		2,485
Service Master (4)(8)	First Lien Senior Secured Loan	SOFR		1.00	%	6.86% PIK				10.52	%	8/16/2027	1,623	1,572		1,238
Service Master (4)(8)	First Lien Senior Secured Loan	SOFR	—			6.01% (1.00% PIK)				10.65	%	8/16/2027	928	924		708
Service Master (4)(8)	First Lien Senior Secured Loan	SOFR		1.00	%	6.01% (1.00% PIK)				10.65	%	12/31/2029	4,032	3,922		3,074
Service Master (4)(8)	First Lien Senior Secured Loan	SOFR		1.00	%	6.01% (1.00% PIK)				10.65	%	12/31/2029	130	127		104
Service Master (4)(5)(8)	First Lien Senior Secured Loan - Revolver	SOFR	—				7.01	%		10.74	%	8/16/2027	18,511	18,324		13,879
Service Master (4)(8)	First Lien Senior Secured Loan - Revolver	SOFR		1.00	%		7.01	%		10.65	%	12/31/2029	39	39		39
Service Master (4)(5)(8)	First Lien Senior Secured Loan - Revolver	—	—			—			—			12/31/2029	—	—		(382	)
Service Master (4)(6)(11)	Equity Interest	—	—			—			—			—	—	—		—
Service Master (4)(6)(11)	Preferred Equity	—	—			—			—			—	—	169		—
TL Sapphire Parent, Inc. (4)(12)	First Lien Senior Secured Loan	SOFR		0.75	%		5.00	%		8.66	%	1/24/2033	4,988	4,967		4,938
TL Sapphire Parent, Inc. (4)(5)	First Lien Senior Secured Loan - Delayed Draw	SOFR		0.75	%		5.00	%		8.66	%	1/24/2033	966	963		952
Portfolio Company (1)	Investment Type	Index (2)	Floor (2)	Spread (2)	Interest Rate	Maturity Date	Principal/Shares (3)	Cost	Market Value	% of Net Assets
---	---	---	---	---	---	---	---	---	---	---
Non-Controlled/Non-Affiliate Investments
Construction & Building
TL Sapphire Parent, Inc. (4)(5)	First Lien Senior Secured Loan - Revolver	—	—	—	—	1/24/2033	—	(8)	(17)
Zeus Fire & Security (4)(12)	First Lien Senior Secured Loan	SOFR	1.00%	5.00%	8.65%	12/11/2030	4,816	4,789	4,816
Zeus Fire & Security (4)	First Lien Senior Secured Loan - Delayed Draw	SOFR	1.00%	5.00%	8.64%	12/11/2030	8,718	8,718	8,718
Zeus Fire & Security (4)(5)	First Lien Senior Secured Loan - Revolver	SOFR	1.00%	5.00%	8.61%	12/11/2030	351	336	351
Construction & Building Total								$56,971	$49,396	4.6%
Consumer Goods: Durable
New Milani Group LLC (4)	First Lien Senior Secured Loan	SOFR	1.00%	4.75%	8.39%	6/26/2031	830	823	830
New Milani Group LLC (4)(5)	First Lien Senior Secured Loan - Delayed Draw	—	—	—	—	6/26/2031	—	(2)	—
New Milani Group LLC (4)(5)	First Lien Senior Secured Loan - Revolver	—	—	—	—	6/26/2031	—	(11)	—
Stanton Carpet (4)	Second Lien Senior Secured Loan	SOFR	1.00%	9.15%	12.82%	4/1/2028	11,434	11,343	11,434
Tangent Technologies Acquisition, LLC (4)	Second Lien Senior Secured Loan	SOFR	1.00%	8.90%	12.55%	5/30/2028	8,915	8,849	8,915
TLC Holdco LP (4)(6)(11)	Equity Interest	—	—	—	—	—	1,281	1,221	334
TLC Purchaser, Inc. (4)(12)	First Lien Senior Secured Loan	SOFR	1.00%	5.76%	9.43%	10/11/2027	12,977	12,916	12,425
TLC Purchaser, Inc. (4)	First Lien Senior Secured Loan	SOFR	1.00%	5.76%	9.49%	10/11/2027	1,943	1,933	1,861
TLC Purchaser, Inc. (4)(5)	First Lien Senior Secured Loan - Revolver	SOFR	1.00%	5.76%	9.43%	10/11/2027	9,140	9,157	8,736
Consumer Goods: Durable Total								$46,229	$44,535	4.1%
Consumer Goods: Non-Durable
Evriholder (4)(12)	First Lien Senior Secured Loan	SOFR	1.50%	7.00%	10.85%	1/24/2028	5,669	5,647	5,640
Fineline Technologies, Inc. (4)(6)(11)	Equity Interest	—	—	—	—	—	939	939	1,288
Hempz (4)	First Lien Senior Secured Loan	SOFR	1.00%	5.25%	8.98%	10/25/2029	220	219	217
Hempz (4)(5)	First Lien Senior Secured Loan - Revolver	—	—	—	—	10/25/2029	—	(11)	(27)
Kids2, LLC (4)(12)	First Lien Senior Secured Loan	SOFR	1.00%	6.00%	9.67%	4/14/2031	8,824	8,739	8,736
Kids2, LLC (4)(5)	First Lien Senior Secured Loan - Revolver	SOFR	1.00%	6.00%	9.67%	4/14/2031	168	152	151
RoC Skincare (4)(12)	First Lien Senior Secured Loan	SOFR	1.00%	5.25%	8.89%	2/21/2031	9,775	9,677	9,775
RoC Skincare (4)(5)	First Lien Senior Secured Loan - Revolver	—	—	—	—	2/21/2030	—	(19)	—
Solaray, LLC (4)	First Lien Senior Secured Loan	SOFR	1.00%	4.85% (2.00% PIK)	10.51%	3/27/2029	29,293	29,293	26,656
Solaray, LLC (4)	First Lien Senior Secured Loan - Delayed Draw	SOFR	1.00%	4.85% (2.00% PIK)	10.51%	3/27/2029	13,491	13,487	12,277
Solaray, LLC (4)(5)	First Lien Senior Secured Loan - Revolver	SOFR	—	5.60%	9.26%	3/27/2029	10,635	10,618	10,635
SRP Parent Inc. (4)(6)(11)	Preferred Equity	—	—	—	—	—	—	—	—
SRP Parent Inc. (4)(6)(11)	Preferred Equity	—	—	—	—	—	—	—	—
SRP Parent Inc. (4)(6)(11)	Preferred Equity	—	—	—	—	—	—	—	—
Summer Fridays, LLC (4)	First Lien Senior Secured Loan	SOFR	1.00%	5.25%	8.89%	5/16/2031	459	453	455
Summer Fridays, LLC (4)(5)	First Lien Senior Secured Loan - Revolver	—	—	—	—	5/16/2031	—	(10)	(9)
WU Holdco, Inc. (4)(5)	First Lien Senior Secured Loan - Delayed Draw	—	—	—	—	4/19/2032	—	(11)	—
WU Holdco, Inc. (4)(5)	First Lien Senior Secured Loan - Revolver	—	—	—	—	4/15/2032	—	(15)	—
Consumer Goods: Non-Durable Total								$79,158	$75,794	7.0%
Containers, Packaging & Glass
ASP-r-pac Acquisition Co LLC (4)(12)	First Lien Senior Secured Loan	SOFR	0.75%	5.25%	8.89%	12/31/2030	4,668	4,613	4,668
ASP-r-pac Acquisition Co LLC (4)(5)	First Lien Senior Secured Loan - Revolver	—	—	—	—	12/31/2030	—	—	—
Precision Concepts Parent Inc. (4)	First Lien Senior Secured Loan - Delayed Draw	SOFR	1.00%	4.75%	8.41%	8/2/2032	714	711	706

All values are in US Dollars.

Portfolio Company (1)	Investment Type	Index (2)	Floor (2)			Spread (2)			Interest Rate			Maturity Date	Principal/Shares (3)		Cost		Market Value
Non-Controlled/Non-Affiliate Investments
Containers, Packaging & Glass
Precision Concepts Parent Inc. (4)(5)	First Lien Senior Secured Loan - Revolver	SOFR		1.00	%		4.75	%		8.41	%	8/2/2032	$	68	65		65
Containers, Packaging & Glass Total															5,389		5,439		0.5	%
Environmental Industries
BCC HGS Investments 1, LLC (4)(6)(11)	Equity Interest	—	—			—			—			—		8	1,241		1,071
FC DOLMANS B.V. (4)(7)	First Lien Senior Secured Loan	EURIBOR		1.00	%		5.25	%		7.54	%	3/4/2033	€	2,437	2,807		2,766
FC DOLMANS B.V. (4)(5)(7)	First Lien Senior Secured Loan - Delayed Draw	EURIBOR		1.00	%		5.25	%		7.54	%	3/4/2033	€	361	414		402
Humic Acquisition Holdings, LLC (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.75	%		9.40	%	10/21/2031	$	14,446	14,387		14,229
Humic Acquisition Holdings, LLC (4)	First Lien Senior Secured Loan - Delayed Draw	SOFR		1.00	%		5.75	%		9.37	%	10/21/2031	$	7,278	7,275		7,169
Humic Acquisition Holdings, LLC (4)(5)	First Lien Senior Secured Loan - Revolver	SOFR		1.00	%		5.75	%		9.39	%	10/21/2031	$	2,766	2,747		2,703
Meteor UK Bidco Limited (4)(7)	First Lien Senior Secured Loan	SONIA	—				5.00	%		8.73	%	5/14/2032	£	8,104	10,797		10,757
Meteor UK Bidco Limited (4)(7)	First Lien Senior Secured Loan - Delayed Draw	SONIA	—				5.00	%		8.73	%	5/14/2032	£	4,858	6,461		6,448
Meteor UK Bidco Limited (4)(5)(7)	First Lien Senior Secured Loan - Revolver	—	—			—			—			11/14/2031	£	—	—		—
Reconomy (4)(7)	First Lien Senior Secured Loan	SONIA	—				6.50	%		10.23	%	7/12/2029	£	68	83		90
Reconomy (4)(7)	First Lien Senior Secured Loan	EURIBOR	—				6.25	%		8.54	%	7/12/2029	€	27	28		31
Reconomy (4)(5)(7)	First Lien Senior Secured Loan - Delayed Draw	SOFR	—				6.50	%		10.23	%	7/12/2029	£	6,063	8,016		8,015
STAX Engineering, LLC (4)	First Lien Senior Secured Loan	SOFR		1.00	%		6.50	%		10.17	%	6/20/2033	$	13,025	12,895		12,895
STAX Engineering, LLC (4)(5)	First Lien Senior Secured Loan - Delayed Draw	—	—			—			—			6/20/2033	$	—	(36	)	(36	)
STAX Engineering, LLC (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			6/20/2033	$	—	(33	)	(34	)
STAX Holding, Inc. (4)(6)(11)	Preferred Equity	—	—			—			—			—		1,739	1,739		1,739
Titan Cloud Software, Inc (4)	First Lien Senior Secured Loan	SOFR	—				5.85	%		9.51	%	9/7/2029	$	27,578	27,501		27,578
Titan Cloud Software, Inc (4)	First Lien Senior Secured Loan - Delayed Draw	SOFR		1.00	%		5.85	%		9.52	%	9/7/2029	$	12,264	12,220		12,264
Titan Cloud Software, Inc (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			9/7/2028	$	1	(19	)	1
Titan Cloud Software, Inc (4)(6)(11)	Equity Interest	—	—			—			—			—		3,532	3,532		4,697
Environmental Industries Total															112,055		112,785		10.4	%
FIRE: Finance
Allworth Financial Group, L.P. (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			12/23/2027	$	—	(2	)	—
Avalon Bidco Limited (4)(7)	First Lien Senior Secured Loan	SONIA		1.00	%		6.25	%		9.99	%	4/16/2032	£	50	65		66
Avalon Bidco Limited (4)(7)	First Lien Senior Secured Loan - Delayed Draw	SONIA		1.00	%		6.25	%		9.99	%	4/16/2032	£	4,127	5,434		5,409
BCSF LI, LLC (4)	First Lien Senior Secured Loan	SOFR		0.50	%		4.25	%		7.91	%	10/29/2032	$	33	33		33
BCSF LI, LLC (4)	First Lien Senior Secured Loan - Delayed Draw	SOFR		0.50	%		4.25	%		7.89	%	10/29/2032	$	36	36		35
BCSF LI, LLC (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			10/29/2032	$	—	—		—
Choreo (4)(5)	First Lien Senior Secured Loan - Delayed Draw	SOFR		1.00	%		5.25	%		8.98	%	2/18/2028	$	5,771	5,771		5,771
Congress Wealth (4)(6)(11)	Equity Interest	—	—			—			—			—		16	—		19
Daintree Bidco Pty Ltd (4)(7)	First Lien Senior Secured Loan	BBSY	—				5.00	%		9.35	%	11/25/2032	AUD	1,113	710		759
Endurance Holdco Limited (4)(7)(11)	Preferred Equity	—	—			12.50% PIK				12.50	%	—		3,242	4,197		4,217
Insigneo Financial Group LLC (4)	First Lien Senior Secured Loan	—	—			10.00% PIK				10.00	%	8/1/2027	$	1,991	1,991		1,991
Insigneo Financial Group LLC (4)	First Lien Senior Secured Loan	SOFR		1.00	%		6.60	%		10.31	%	8/1/2028	$	267	263		267
Insigneo Financial Group LLC (4)(6)(11)	Equity Interest	—	—			—			—			—		534	535		3,545

All values are in US Dollars.

Portfolio Company (1)	Investment Type	Index (2)	Floor (2)			Spread (2)			Interest Rate			Maturity Date	Principal/Shares (3)	Cost		Market Value		% of Net Assets
Non-Controlled/Non-Affiliate Investments
FIRE: Finance
LEP SAL Co-Invest, L.P. (4)(6)(7)(11)	Equity Interest	—	—			—			—			—	1,000	1,317		1,327
Parmenion (4)(7)	First Lien Senior Secured Loan	SONIA	—				5.50	%		9.24	%	5/23/2029	295	370		392
PMA (4)	First Lien Senior Secured Loan	SOFR		0.75	%		4.75	%		8.48	%	1/31/2031	58	57		58
PMA (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			1/31/2031	—	(14	)	—
Sikich (4)(11)	Preferred Equity	—	—			13.00% PIK				13.00	%	—	49	4,873		4,906
Sikich (4)(6)(11)	Warrants	—	—			—			—			—	5	—		541
Sikich (4)(6)(11)	Warrants	—	—			—			—			—	2	—		155
FIRE: Finance Total														25,636		29,491			2.7	%
FIRE: Insurance
Comet BidCo Limited (4)(7)	First Lien Senior Secured Loan	SOFR		1.00	%		5.00	%		8.66	%	1/30/2032	757	754		750
Comet BidCo Limited (4)(5)(7)	First Lien Senior Secured Loan - Delayed Draw	—	—			—			—			1/30/2032	—	—		(1	)
Comet BidCo Limited (4)(5)(7)	First Lien Senior Secured Loan - Revolver	—	—			—			—			1/30/2032	—	(2	)	(4	)
McLarens Acquisition Inc. (4)	First Lien Senior Secured Loan	SOFR		0.75	%		4.90	%		8.59	%	12/20/2027	247	246		247
McLarens Acquisition Inc. (4)	First Lien Senior Secured Loan	SOFR		0.75	%		4.90	%		8.59	%	12/20/2027	94	94		94
McLarens Acquisition Inc. (4)	First Lien Senior Secured Loan - Delayed Draw	SOFR		0.75	%		4.90	%		8.59	%	12/19/2027	411	408		411
McLarens Acquisition Inc. (4)	First Lien Senior Secured Loan - Delayed Draw	SOFR		0.75	%		4.90	%		8.59	%	12/20/2027	7	7		7
McLarens Acquisition Inc. (4)(5)(7)	First Lien Senior Secured Loan - Revolver	—	—			—			—			12/19/2027	—	(2	)	—
McLarens Acquisition Inc. (4)	First Lien Senior Secured Loan - Revolver	SOFR		0.75	%		4.85	%		8.46	%	12/20/2027	337	336		337
McLarens Acquisition Inc. (4)(5)	First Lien Senior Secured Loan - Revolver	SOFR		0.75	%		4.85	%		8.46	%	12/20/2027	—	(5	)	(5	)
MRHT (4)(5)(7)	First Lien Senior Secured Loan - Delayed Draw	EURIBOR	—				5.00	%		7.15	%	5/17/2032	2,558	2,981		2,820
MRHT (4)(5)(7)	First Lien Senior Secured Loan - Revolver	—	—			—			—			11/10/2031	—	(12	)	(31	)
Simplicity (4)(5)	First Lien Senior Secured Loan - Delayed Draw	—	—			—			—			12/31/2031	—	(42	)	—
Simplicity (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			12/31/2031	—	(34	)	—
FIRE: Insurance Total														4,729		4,625			0.4	%
FIRE: Real Estate
Lagerbox (4)(7)	First Lien Senior Secured Loan	EURIBOR		1.00	%		3.50	%		5.72	%	12/20/2028	750	779		858
FIRE: Real Estate Total														779		858			0.1	%
Healthcare & Pharmaceuticals
Accident Care Alliance Holdco LLC (4)(5)	First Lien Senior Secured Loan - Delayed Draw	SOFR		1.00	%		5.00	%		8.67	%	8/20/2030	1,049	1,046		1,049
Accident Care Alliance Holdco LLC (4)(5)	First Lien Senior Secured Loan - Revolver	SOFR		1.00	%		5.00	%		8.73	%	8/20/2030	1,139	1,128		1,139
AEG Vision (4)(12)	First Lien Senior Secured Loan	SOFR		1.00	%		5.90	%		9.63	%	3/27/2027	441	456		441
AEG Vision (4)	First Lien Senior Secured Loan - Delayed Draw	SOFR		1.00	%		5.90	%		9.63	%	3/27/2027	41,430	41,220		41,430
AEG Vision (4)(12)	First Lien Senior Secured Loan - Delayed Draw	SOFR		1.00	%		5.90	%		9.63	%	3/27/2027	10,120	10,173		10,120
AEG Vision (4)(12)	First Lien Senior Secured Loan - Delayed Draw	SOFR		1.00	%		5.90	%		9.63	%	3/27/2027	8,337	8,409		8,337
Alldent Holding GmbH (4)(7)	First Lien Senior Secured Loan	EURIBOR	—				5.50	%		7.95	%	11/29/2032	1,600	1,838		1,821
Alldent Holding GmbH (4)(5)(7)	First Lien Senior Secured Loan - Delayed Draw	—	—			—			—			11/29/2032	—	—		(2	)
Portfolio Company (1)	Investment Type	Index (2)	Floor (2)			Spread (2)			Interest Rate			Maturity Date	Principal/Shares (3)		Cost			Market Value			% of Net Assets
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Non-Controlled/Non-Affiliate Investments
Healthcare & Pharmaceuticals
AOM Infusion (4)(5)	First Lien Senior Secured Loan - Delayed Draw	SOFR		0.75	%		5.00	%		8.70	%	3/19/2032	$	340		335			340
AOM Infusion (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			3/19/2032	$	—		(3	)		—
Apollo Intelligence (4)	First Lien Senior Secured Loan	SOFR		0.75	%		5.75	%		9.39	%	6/1/2028	$	14,846		14,893			14,698
Apollo Intelligence (4)(5)	First Lien Senior Secured Loan - Revolver	SOFR		0.75	%		5.75	%		9.39	%	6/1/2028	$	9,790		9,767			9,690
Apollo Intelligence (4)(6)(11)	Equity Interest	—	—			—			—			—		34		3,378			2,647
Athena Parent Holdings, L.P. (4)(6)(11)	Preferred Equity	—	—			—			—			—		4		403			427
Beacon Specialized Living (4)(12)	First Lien Senior Secured Loan	SOFR		1.00	%		5.50	%		9.23	%	3/27/2028	$	4,900		4,865			4,900
Beacon Specialized Living (4)(5)	First Lien Senior Secured Loan - Delayed Draw	SOFR		1.00	%		5.50	%		9.23	%	3/25/2028	$	4,810		4,724			4,810
Beacon Specialized Living (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			3/27/2028	$	—		—			—
Caregiver (4)	Subordinated Debt	—	—			16.50% PIK				16.50	%	1/1/2030	$	10,680		10,599			10,546
CB Titan Holdings, Inc. (4)(6)(11)	Preferred Equity	—	—			—			—			—		1,953		1,953			—
CRH Healthcare Purchaser, Inc. (4)(12)	First Lien Senior Secured Loan	SOFR		1.00	%		5.25	%		8.99	%	9/17/2031	$	7,299		7,268			7,263
CRH Healthcare Purchaser, Inc. (4)(5)	First Lien Senior Secured Loan - Delayed Draw	—	—			—			—			9/17/2031	$	—		(4	)		(10	)
CRH Healthcare Purchaser, Inc. (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			9/17/2031	$	—		(3	)		(4	)
EHE Health (4)(12)	First Lien Senior Secured Loan	SOFR		1.00	%		5.50	%		9.23	%	8/7/2030	$	10,705		10,629			10,597
EHE Health (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			8/7/2030	$	—		—			(34	)
EHE Health (4)(6)(11)	Equity Interest	—	—			—			—			—		2,178		2,178			1,850
Great Expressions Dental Center PC (4)	First Lien Senior Secured Loan	SOFR		1.00	%	1.15% (3.00% PIK)				7.88	%	9/30/2026	$	10,028		10,053			8,524
HealthDrive (4)(5)	First Lien Senior Secured Loan - Delayed Draw	—	—			—			—			8/20/2029	$	—		(13	)		—
HealthDrive (4)(5)	First Lien Senior Secured Loan - Revolver	SOFR		1.00	%		5.00	%		8.64	%	8/20/2029	$	1,102		1,102			1,102
HealthDrive (4)(6)(11)	Preferred Equity	—	—			—			—			—		18		1,822			2,542
Lightspeed Buyer, Inc. (4)(12)	First Lien Senior Secured Loan	SOFR		0.75	%		4.75	%		8.48	%	2/6/2032	$	8,315		8,264			8,232
Lightspeed Buyer, Inc. (4)(5)	First Lien Senior Secured Loan - Delayed Draw	—	—			—			—			2/6/2032	$	—		(20	)		(58	)
Lightspeed Buyer, Inc. (4)(5)	First Lien Senior Secured Loan - Revolver	SOFR		0.75	%		4.75	%		8.40	%	2/6/2032	$	619		606			600
Mertus 522. GmbH (4)(7)	First Lien Senior Secured Loan	EURIBOR	—			4.00% (2.75% PIK)				9.24	%	5/28/2028	€	236		263			262
Mertus 522. GmbH (4)(7)	First Lien Senior Secured Loan	EURIBOR	—			4.00% (2.75% PIK)				9.36	%	5/28/2028	€	137		149			152
Nafinco (4)(7)	First Lien Senior Secured Loan	EURIBOR		1.00	%		5.25	%		7.85	%	8/29/2031	€	52		56			59
Nafinco (4)(5)(7)	First Lien Senior Secured Loan - Delayed Draw	EURIBOR		1.00	%		5.25	%		7.37	%	8/29/2031	€	1,573		1,641			1,769
Odyssey Behavioral Health (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.25	%		8.89	%	5/21/2031	$	1,599		1,584			1,599
Odyssey Behavioral Health (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			11/21/2030	$	—		(67	)		—
Odyssey Behavioral Health (4)(6)(11)	Equity Interest	—	—			—			—			—		22		2,234			2,124
Pharmacy Partners (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			2/28/2029	$	—		(37	)		(27	)
Pharmathen (5)(7)	First Lien Senior Secured Loan - Revolver	—	—			—			—			12/31/2026	€	—		—			—
Premier Imaging, LLC (4)(12)	First Lien Senior Secured Loan	SOFR		1.00	%	4.50% (1.76% PIK)				9.99	%	10/31/2027	$	7,797		7,759			6,394
Premier Imaging, LLC (4)	First Lien Senior Secured Loan - Delayed Draw	SOFR		1.00	%	4.50% (1.76% PIK)				9.99	%	10/31/2027	$	2,093		2,082			1,716
Psychiatric Medical Care LLC (4)	First Lien Senior Secured Loan	SOFR		0.75	%		4.75	%		8.43	%	7/1/2032	$	176		174			174
Psychiatric Medical Care LLC (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			7/1/2032	$	—		(21	)		(25	)
QPE Alpha 4 Pty Ltd (4)(7)	First Lien Senior Secured Loan	BBSY	—				5.00	%		9.49	%	2/5/2032	AUD	1,612		1,110			1,095
QPE Alpha 4 Pty Ltd (4)(5)(7)	First Lien Senior Secured Loan - Delayed Draw	—	—			—			—			2/5/2032	AUD	—		(3	)		(3	)
Red Nucleus (4)(5)	First Lien Senior Secured Loan - Delayed Draw	SOFR		0.75	%		5.25	%		8.66	%	10/17/2031	$	1,177		1,158			1,157
Red Nucleus (4)(5)	First Lien Senior Secured Loan - Revolver	SOFR		0.75	%		5.25	%		9.06	%	10/17/2031	$	1,014		989			1,001
Portfolio Company (1)	Investment Type	Index (2)	Floor (2)			Spread (2)			Interest Rate			Maturity Date	Principal/Shares (3)	Cost		Market Value		% of Net Assets
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Non-Controlled/Non-Affiliate Investments
Healthcare & Pharmaceuticals
RedMed Operations (Collage Rehabilitation) (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.00	%		8.64	%	2/28/2031	358	356		358
RedMed Operations (Collage Rehabilitation) (4)(5)	First Lien Senior Secured Loan - Delayed Draw	—	—			—			—			2/28/2031	—	(5	)	—
RedMed Operations (Collage Rehabilitation) (4)(5)	First Lien Senior Secured Loan - Revolver	SOFR		1.00	%		5.00	%		8.63	%	2/28/2031	210	202		210
Sunmed Group Holdings, LLC (4)(12)	First Lien Senior Secured Loan	SOFR		0.75	%		5.60	%		9.26	%	6/16/2028	8,386	8,337		8,386
Sunmed Group Holdings, LLC (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			6/16/2027	—	2		—
USME Holdco LLC (4)	Subordinated Debt	—	—			17.00% PIK				17.00	%	5/26/2031	5,939	5,895		5,835
Vatica Health, Inc. (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			10/29/2032	—	(9	)	(9	)
WSHP Cottonwood Buyer, LLC (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.00	%		8.73	%	12/20/2032	5,836	5,810		5,807
WSHP Cottonwood Buyer, LLC (4)(5)	First Lien Senior Secured Loan - Delayed Draw	—	—			—			—			12/20/2032	—	(7	)	(20	)
WSHP Cottonwood Buyer, LLC (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			12/20/2032	—	(14	)	(15	)
Healthcare & Pharmaceuticals Total														196,704		190,996			17.7	%
High Tech Industries
Access (4)(7)	First Lien Senior Secured Loan	SONIA	—				5.25	%		8.98	%	6/28/2029	80	99		106
Applitools (4)(7)	First Lien Senior Secured Loan	SOFR		0.75	%	6.25% PIK				9.98	%	5/25/2029	31,917	31,692		26,650
Applitools (4)(5)	First Lien Senior Secured Loan - Revolver	SOFR		0.75	%		5.75	%		9.43	%	5/25/2028	1,029	1,018		463
Applitools (4)(6)(7)(11)	Equity Interest	—	—			—			—			—	8,297	4,762		166
Applitools (4)(6)(7)(11)	Equity Interest	—	—			—			—			—	20	11		—
Appriss (4)(5)	First Lien Senior Secured Loan - Delayed Draw	—	—			—			—			3/10/2031	—	(11	)	—
Appriss (4)(5)	First Lien Senior Secured Loan - Revolver	SOFR		1.00	%		5.00	%		8.74	%	3/10/2031	594	573		594
Appriss Holdings, Inc. (4)	First Lien Senior Secured Loan	SOFR		1.00	%		4.85	%		8.49	%	5/6/2027	5,503	5,484		5,503
Appriss Holdings, Inc. (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			5/6/2028	—	(4	)	—
Appriss Holdings, Inc. (4)(6)(11)	Equity Interest	—	—			—			—			—	2,136	1,606		1,823
AQ Software Corporation (4)(11)	Preferred Equity	SOFR	—			10.00% PIK				13.85	%	—	3	3,442		2,958
AQ Software Corporation (4)(11)	Preferred Equity	SOFR	—			10.00% PIK				13.85	%	—	2	2,385		2,065
AQ Software Corporation (4)(11)	Preferred Equity	SOFR	—			10.00% PIK				13.85	%	—	2	2,066		1,775
AQ Software Corporation (4)(11)	Preferred Equity	SOFR	—			10.00% PIK				13.85	%	—	1	909		782
Chartbeat (4)	Subordinated Debt	—	—			16.00% PIK				16.00	%	10/4/2030	7,366	7,291		7,145
Chartbeat (4)	Subordinated Debt	—	—			16.00% PIK				16.00	%	10/4/2030	6,566	6,490		6,369
Chartbeat (4)(6)(11)	Warrants	—	—			—			—			—	1	—		—
Cloud Technology Solutions (CTS) (4)(7)	First Lien Senior Secured Loan - Delayed Draw	SONIA		1.00	%	2.68% (5.57% PIK)				11.98	%	10/17/2031	2,247	2,879		2,952
Cloud Technology Solutions (CTS) (4)(6)(7)(11)	Preferred Equity	—	—			—			—			—	4,835	5,937		6,593
Eagle Rock Capital Corporation (4)(6)(11)	Preferred Equity	—	—			—			—			—	2,429	2,429		6,509
Eleven Software (4)	First Lien Senior Secured Loan	SOFR	—				8.25	%		11.98	%	5/14/2029	7,439	7,401		7,439
Eleven Software (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			5/14/2029	—	(1	)	—
Eleven Software (4)(6)(11)	Preferred Equity	—	—			—			—			—	896	896		1,382
Eleven Software (4)(6)(11)	Preferred Equity	—	—			—			—			—	109	109		183
G-3 Frax Acquisition LLC (4)	First Lien Senior Secured Loan	SOFR		1.00	%		6.00	%		9.66	%	1/30/2032	919	912		903
G-3 Frax Acquisition LLC (4)(5)	First Lien Senior Secured Loan - Revolver	SOFR		1.00	%		6.00	%		9.63	%	1/30/2032	13	12		11
Harbor IT, LLC (4)	First Lien Senior Secured Loan	SOFR		1.25	%		5.00	%		8.64	%	3/13/2031	535	532		530
Harbor IT, LLC (4)(5)	First Lien Senior Secured Loan - Delayed Draw	—	—			—			—			3/13/2031	—	(1	)	(5	)
Harbor IT, LLC (4)(5)	First Lien Senior Secured Loan - Revolver	SOFR		1.25	%		5.00	%		8.64	%	3/13/2031	32	32		31
HG Insights, Inc. (4)	First Lien Senior Secured Loan	SOFR		1.00	%		7.50	%		11.15	%	6/16/2031	10,604	10,419		10,445
HG Insights, Inc. (4)(6)(11)	Equity Interest	—	—			—			—			—	505	777		788
LogRhythm, Inc. (4)	First Lien Senior Secured Loan	SOFR		1.00	%		7.50	%		11.16	%	7/2/2029	4,011	3,916		3,650
LogRhythm, Inc. (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			7/2/2029	—	(8	)	(75	)
NearMap (4)(12)	First Lien Senior Secured Loan	SOFR		1.00	%		4.75	%		8.41	%	12/10/2029	19,217	19,182		19,217
Portfolio Company (1)	Investment Type	Index (2)	Floor (2)			Spread (2)			Interest Rate			Maturity Date	Principal/Shares (3)	Cost		Market Value		% of Net Assets
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Non-Controlled/Non-Affiliate Investments
High Tech Industries
NearMap (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			12/9/2028	—	(11	)	—
NearMap (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			12/9/2028	—	(13	)	—
NearMap (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			12/9/2028	—	(30	)	—
New Gen Holding (4)(7)	First Lien Senior Secured Loan	EURIBOR	—			3.00% (4.25% PIK)				9.49	%	5/28/2031	3,072	3,448		3,487
PayRange (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			10/31/2030	—	(30	)	—
PayRange (4)(6)(11)	Equity Interest	—	—			—			—			—	4,527	4,527		6,067
PlentyMarkets (4)(7)	First Lien Senior Secured Loan - Delayed Draw	EURIBOR	—			2.80% (3.70% PIK)				8.71	%	4/2/2032	1,595	1,852		1,769
Pricelabs Revenue Inc. (4)	First Lien Senior Secured Loan	SOFR	—				4.75	%		8.48	%	3/17/2033	55	55		54
Pricelabs Revenue Inc. (4)(5)	First Lien Senior Secured Loan - Delayed Draw	—	—			—			—			3/17/2033	—	(3	)	(6	)
Pricelabs Revenue Inc. (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			3/17/2033	—	(3	)	(3	)
RetailNext (4)	First Lien Senior Secured Loan	SOFR		1.00	%		7.00	%		10.65	%	12/5/2030	17,007	16,874		16,837
RetailNext (4)(5)	First Lien Senior Secured Loan - Revolver	SOFR		1.00	%		7.00	%		10.74	%	12/5/2030	2,949	2,926		2,918
Revalize, Inc. (4)	First Lien Senior Secured Loan - Delayed Draw	SOFR		1.00	%	4.75% (1.75% PIK)				10.38	%	4/15/2027	5,308	5,299		4,910
Revalize, Inc. (4)	First Lien Senior Secured Loan - Delayed Draw	SOFR		1.00	%	4.90% (1.75% PIK)				10.38	%	4/16/2029	1,991	1,988		1,842
Revalize, Inc. (4)(5)	First Lien Senior Secured Loan - Revolver	SOFR		1.00	%	5.90% (0.50% PIK)				10.13	%	4/15/2027	573	571		472
SensorTower (4)(12)	First Lien Senior Secured Loan	SOFR		2.00	%		7.50	%		11.17	%	3/15/2029	2,741	2,716		2,741
SensorTower (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			3/15/2029	—	(9	)	—
SensorTower (4)(6)(11)	Equity Interest	—	—			—			—			—	156	2,400		14,861
Superna Inc. (4)(7)	First Lien Senior Secured Loan	SOFR		1.00	%		6.50	%		10.16	%	3/6/2028	19,619	19,601		19,619
Superna Inc. (4)(5)(7)	First Lien Senior Secured Loan - Delayed Draw	—	—			—			—			3/6/2028	—	(7	)	—
Superna Inc. (4)(5)(7)	First Lien Senior Secured Loan - Revolver	—	—			—			—			3/6/2028	—	(7	)	—
Superna Inc. (4)(6)(7)(11)	Equity Interest	—	—			—			—			—	1,463	1,463		3,859
Utimaco (4)(7)	First Lien Senior Secured Loan	SOFR		0.75	%		5.93	%		9.54	%	5/14/2029	192	191		192
Utimaco (4)(7)	First Lien Senior Secured Loan	SOFR		0.75	%		5.93	%		9.54	%	5/14/2029	94	93		94
Utimaco (4)(7)	First Lien Senior Secured Loan	EURIBOR		0.75	%		5.75	%		8.20	%	5/14/2029	67	72		77
Utimaco (4)(6)(7)(11)	Equity Interest	—	—			—			—			—	2	2,158		2,742
Utimaco (4)(6)(7)(11)	Preferred Equity	—	—			—			—			—	2	2,158		2,742
Ventiv Holdco, Inc. (4)(6)(11)	Equity Interest	—	—			—			—			—	529	2,833		909
Wasabi Technologies LLC (4)	First Lien Senior Secured Loan	SOFR		1.00	%		6.50	%		10.18	%	4/8/2031	9,455	9,273		9,266
Wasabi Technologies LLC (4)(5)	First Lien Senior Secured Loan - Delayed Draw	—	—			—			—			4/8/2031	—	(41	)	(43	)
Wasabi Technologies LLC (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			4/8/2031	—	(12	)	(12	)
High Tech Industries Total														203,568		212,346			19.7	%
Hotel, Gaming & Leisure
Awayday (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.25	%		8.98	%	5/6/2032	8,611	8,536		8,611
Awayday (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			5/6/2032	—	(10	)	—
City BBQ (4)(12)	First Lien Senior Secured Loan	SOFR		1.00	%		5.35	%		8.99	%	9/4/2030	9,208	9,151		9,116
City BBQ (4)(5)	First Lien Senior Secured Loan - Delayed Draw	SOFR		1.00	%		5.35	%		8.99	%	9/4/2030	3,781	3,781		3,649
Portfolio Company (1)	Investment Type	Index (2)	Floor (2)			Spread (2)			Interest Rate			Maturity Date	Principal/Shares (3)		Cost		Market Value		% of Net Assets
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Non-Controlled/Non-Affiliate Investments
Hotel, Gaming & Leisure
City BBQ (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			9/4/2030	$	—	(29	)	(47	)
City BBQ (4)(6)(11)	Preferred Equity	—	—			—			—			—		5	1,271		1,522
Le Berger SA (4)(7)	First Lien Senior Secured Loan - Delayed Draw	EURIBOR		1.00	%		3.75	%		6.04	%	2/21/2028	€	500	522		572
Pyramid Global Hospitality (4)(12)	First Lien Senior Secured Loan	SOFR		1.25	%		5.25	%		8.92	%	1/19/2028	$	9,453	9,355		9,453
Pyramid Global Hospitality (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			1/19/2028	$	—	(14	)	—
Hotel, Gaming & Leisure Total															32,563		32,876			3.0	%
Media: Advertising, Printing & Publishing
Facts Global Energy (4)(5)(7)	First Lien Senior Secured Loan - Delayed Draw	SOFR		1.00	%		5.50	%		9.18	%	12/20/2031	$	1,577	1,540		1,340
Facts Global Energy (4)(7)	First Lien Senior Secured Loan - Delayed Draw	SOFR		1.00	%		5.50	%		9.20	%	12/20/2031	$	50	50		49
Facts Global Energy (4)(7)	First Lien Senior Secured Loan - Delayed Draw	SOFR		1.00	%		5.50	%		9.20	%	12/20/2031	$	50	50		49
OGH Bidco Limited (4)(7)	First Lien Senior Secured Loan	SONIA	—				6.50	%		10.23	%	6/29/2029	£	139	165		172
OGH Bidco Limited (4)(5)(7)	First Lien Senior Secured Loan - Delayed Draw	SONIA	—				6.25	%		9.98	%	6/29/2029	£	2,217	2,637		2,370
TGI Sport Bidco Pty Ltd (4)(7)	First Lien Senior Secured Loan	BBSY	—				5.75	%		10.11	%	4/28/2028	AUD	99	76		68
TGI Sport Bidco Pty Ltd (4)(7)	First Lien Senior Secured Loan - Delayed Draw	SOFR		0.50	%		5.86	%		9.51	%	4/28/2028	AUD	106	73		73
TGI Sport Bidco Pty Ltd (4)(7)	First Lien Senior Secured Loan - Delayed Draw	SONIA		0.50	%		5.78	%		9.51	%	4/28/2028	£	70	89		92
Media: Advertising, Printing & Publishing Total															4,680		4,213			0.4	%
Media: Broadcasting & Subscription
Lightning Finco Limited (4)(7)	First Lien Senior Secured Loan	SOFR		0.75	%		6.61	%		10.22	%	8/31/2028	$	1,443	1,443		1,436
Lightning Finco Limited (4)(7)	First Lien Senior Secured Loan	EURIBOR		0.75	%		5.75	%		8.35	%	8/31/2028	€	1,300	1,438		1,480
Media: Broadcasting & Subscription Total															2,881		2,916			0.3	%
Media: Diversified & Production
Efficient Collaborative Retail Marketing Company, LLC (4)	First Lien Senior Secured Loan	SOFR		1.00	%	8.76% PIK				12.46	%	9/30/2026	$	18,301	15,326		15,739
Efficient Collaborative Retail Marketing Company, LLC (4)	First Lien Senior Secured Loan	SOFR		1.00	%	8.26% PIK				11.99	%	9/30/2026	$	11,916	10,101		10,248
Efficient Collaborative Retail Marketing Company, LLC (4)(5)	First Lien Senior Secured Loan - Revolver	SOFR		1.00	%	6.61% PIK				10.23	%	9/30/2026	$	1,252	1,244		1,252
Owl Acquisition, LLC (4)	First Lien Senior Secured Loan	SOFR		0.75	%		4.75	%		8.43	%	4/17/2032	$	639	637		610
Owl Acquisition, LLC (4)(5)	First Lien Senior Secured Loan - Revolver	SOFR		0.75	%		4.75	%		8.48	%	4/17/2032	$	456	448		349
Owl Acquisition, LLC (4)(5)	First Lien Senior Secured Loan - Delayed Draw	SOFR		0.75	%		4.75	%		8.43	%	4/17/2032	$	199	197		150
Media: Diversified & Production Total															27,953		28,348			2.6	%
Metals & Mining
BCC High Divide 1, LLC (High Divide) (4)(6)(11)	Equity Interest	—	—			—			—			—		51	—		—
Elevation NewCo Intermediate, LLC (4)(6)(11)	Equity Interest	—	—			—			—			—		112	—		48
Elevation NewCo, LLC (4)(5)	First Lien Senior Secured Loan - Delayed Draw	SOFR		1.00	%		5.75	%		9.48	%	8/1/2031	$	981	981		981
Elevation NewCo, LLC (4)(5)	First Lien Senior Secured Loan - Revolver	SOFR		1.00	%		5.75	%		9.48	%	8/1/2031	$	269	265		269
Lindstrom, LLC (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			12/30/2032	$	—	(19	)	(7	)
Metals & Mining Total															1,227		1,291			0.1	%

All values are in US Dollars.

Portfolio Company (1)	Investment Type	Index (2)	Floor (2)			Spread (2)			Interest Rate			Maturity Date	Principal/Shares (3)		Cost		Market Value
Non-Controlled/Non-Affiliate Investments
Retail
Galeria (4)(7)(11)	Preferred Equity	—	—			17.00% PIK				17.00	%	—		1,167	1,378		1,334
Galeria (4)(7)(11)	Preferred Equity	—	—			17.00% PIK				17.00	%	—		621	681		709
Galeria (4)(6)(7)(11)	Equity Interest	—	—			—			—			—		101	22		—
New Look Vision Group (4)(7)	First Lien Senior Secured Loan - Delayed Draw	SOFR	—				5.25	%		8.98	%	5/26/2028	$	385	385		385
New Look Vision Group (4)(7)	First Lien Senior Secured Loan - Delayed Draw	CORRA		1.00	%		5.25	%		7.54	%	5/26/2028	CAD	53	43		38
New Look Vision Group (4)(7)	First Lien Senior Secured Loan - Delayed Draw	CORRA		1.00	%		5.25	%		7.54	%	5/26/2028	CAD	28	26		20
New Look Vision Group (4)(5)(7)	First Lien Senior Secured Loan - Revolver	CORRA	—				5.25	%		7.54	%	5/26/2028	CAD	613	420		432
Thrasio, LLC (4)	First Lien Senior Secured Loan	SOFR		1.00	%		10.26	%		14.01	%	6/18/2029	$	1,230	1,074		1,230
Thrasio, LLC (4)(6)(11)	Equity Interest	—	—			—			—			—		70	6,997		—
Thrasio, LLC (4)(6)(11)	Equity Interest	—	—			—			—			—		8	777		—
Retail Total															11,803		4,148		0.4	%
Services: Business
ACAMS (4)(12)	First Lien Senior Secured Loan	SOFR		1.00	%		5.00	%		8.73	%	12/30/2031	$	5,178	5,131		5,152
ACAMS (4)(5)	First Lien Senior Secured Loan - Revolver	SOFR		1.00	%		5.00	%		8.64	%	12/30/2031	$	226	211		218
ACAMS (4)(6)(11)	Equity Interest	—	—			—			—			—		3,337	3,337		3,668
Advanced Aircrew (4)	First Lien Senior Secured Loan	SOFR		1.00	%		6.50	%		10.14	%	7/26/2030	$	5,018	4,981		5,018
Advanced Aircrew (4)(5)	First Lien Senior Secured Loan - Revolver	SOFR		1.00	%		6.50	%		10.14	%	7/26/2030	$	46	46		46
Advanced Aircrew (4)(6)(11)	Preferred Equity	—	—			—			—			—		592	592		551
Allbridge (4)(12)	First Lien Senior Secured Loan	SOFR		1.00	%		5.50	%		9.23	%	6/5/2030	$	8,909	8,862		8,909
Allbridge (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			6/5/2030	$	—	(19	)	—
Alogent Holdings, Inc. (4)(12)	First Lien Senior Secured Loan	SOFR		1.00	%		6.50	%		10.17	%	1/21/2032	$	1,508	1,494		1,478
Alogent Holdings, Inc. (4)(5)	First Lien Senior Secured Loan - Delayed Draw	—	—			—			—			1/21/2032	$	—	—		(112	)
Alogent Holdings, Inc. (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			1/21/2032	$	—	(15	)	(32	)
AMI (4)(12)	First Lien Senior Secured Loan	SOFR		0.75	%		5.00	%		8.70	%	10/17/2031	$	9,158	9,106		9,158
AMI (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			10/17/2031	$	—	(34	)	—
Beneficium (4)(7)	First Lien Senior Secured Loan	SONIA		1.00	%		5.50	%		9.23	%	6/28/2031	£	7,497	9,406		9,752
Beneficium (4)(5)(7)	First Lien Senior Secured Loan - Delayed Draw	—	—			—			—			6/28/2031	£	—	—		(191	)
BLI Buyer, Inc. (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.00	%		8.66	%	10/31/2031	$	1,126	1,121		1,120
BLI Buyer, Inc. (4)(5)	First Lien Senior Secured Loan - Delayed Draw	—	—			—			—			10/31/2031	$	—	—		(16	)
BLI Buyer, Inc. (4)(5)	First Lien Senior Secured Loan - Revolver	SOFR		1.00	%		5.00	%		8.65	%	10/31/2031	$	482	472		471
Brook Bidco (4)(7)	First Lien Senior Secured Loan	SOFR	—			2.06% (6.20% PIK)				11.93	%	7/7/2028	$	2,537	2,299		2,308
Brook Bidco (4)(7)	First Lien Senior Secured Loan	SONIA	—			1.80% (5.48% PIK)				11.01	%	7/10/2028	£	960	1,294		1,159
Brook Bidco (4)(7)	First Lien Senior Secured Loan	SOFR		0.75	%	1.98% (6.13% PIK)				11.77	%	7/10/2028	£	386	510		464
Brook Bidco (4)(7)	First Lien Senior Secured Loan	SOFR		0.75	%	1.98% (6.12% PIK)				11.76	%	7/10/2028	£	138	191		166
Brook Bidco (4)(6)(7)(11)	Preferred Equity	—	—			—			—			—		11,656	9,941		5,415
Cube (4)(7)	First Lien Senior Secured Loan - Delayed Draw	SOFR	—			3.00% (4.13% PIK)				10.88	%	5/21/2031	$	295	293		295
Cube (4)(7)	First Lien Senior Secured Loan - Delayed Draw	SOFR	—			3.00% (4.12% PIK)				10.86	%	5/21/2031	$	106	109		106
Cube (4)	First Lien Senior Secured Loan - Delayed Draw	SOFR	—			3.00% (4.12% PIK)				10.85	%	5/21/2031	$	56	56		56

All values are in US Dollars.

Portfolio Company (1)	Investment Type	Index (2)	Floor (2)			Spread (2)			Interest Rate			Maturity Date	Principal/Shares (3)	Cost			Market Value			% of Net Assets
Non-Controlled/Non-Affiliate Investments
Services: Business
Cube (4)(7)	First Lien Senior Secured Loan - Delayed Draw	SONIA	—			10.00% PIK				13.73	%	5/22/2032	2,334		3,190			3,098
Darcy Partners (4)	First Lien Senior Secured Loan	SOFR	—				7.75	%		11.46	%	6/1/2028	1,473		1,467			1,469
Darcy Partners (4)(5)	First Lien Senior Secured Loan - Revolver	SOFR		1.00	%		7.65	%		11.30	%	6/1/2028	70		70			69
Darcy Partners (4)(6)(11)	Equity Interest	—	—			—			—			—	359		360			356
Datix Bidco Limited (4)	First Lien Senior Secured Loan	SOFR		0.50	%		5.00	%		8.73	%	4/30/2031	5,126		5,051			5,126
Datix Bidco Limited (4)(5)	First Lien Senior Secured Loan - Delayed Draw	—	—			—			—			4/30/2031	—		(20	)		—
Datix Bidco Limited (4)(5)(7)	First Lien Senior Secured Loan - Revolver	—	—			—			—			10/30/2030	—		(28	)		—
Discovery Senior Living (4)(5)	First Lien Senior Secured Loan - Delayed Draw	SOFR		1.00	%		5.00	%		8.64	%	3/18/2030	5,647		5,620			5,611
Discovery Senior Living (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			3/18/2030	—		(18	)		(12	)
DTIQ (4)(12)	First Lien Senior Secured Loan	SOFR		3.50	%		7.50	%		11.14	%	9/30/2029	33,186		32,774			32,522
DTIQ (4)	First Lien Senior Secured Loan - Revolver	SOFR		3.50	%		7.50	%		11.14	%	9/30/2029	4,032		4,032			3,951
DTIQ (4)(6)(11)	Equity Interest	—	—			—			—			—	3,995		—			—
DTIQ (4)(6)(11)	Equity Interest	—	—			—			—			—	1,985		681			1,645
E-Tech Group (4)(5)	First Lien Senior Secured Loan - Revolver	P		2.00	%		4.50	%		11.25	%	4/9/2030	208		199			201
Easy Ice (4)(12)	First Lien Senior Secured Loan	SOFR		1.00	%		5.40	%		9.06	%	10/30/2030	7,880		7,792			7,880
Easy Ice (4)(5)	First Lien Senior Secured Loan - Delayed Draw	SOFR		1.00	%		5.40	%		9.13	%	10/30/2030	5,502		5,445			5,502
Easy Ice (4)(5)	First Lien Senior Secured Loan - Revolver	SOFR		1.00	%		5.40	%		9.06	%	10/30/2030	1,068		1,012			1,068
Electronic Merchant Systems (4)(12)	First Lien Senior Secured Loan	SOFR		0.75	%		4.50	%		8.15	%	8/1/2030	4,071		4,020			4,071
Electronic Merchant Systems (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			8/1/2030	—		—			—
Electronic Merchant Systems (4)(6)(11)	Equity Interest	—	—			—			—			—	148		1,042			2,287
Elevator Holdco Inc. (4)(6)(11)	Equity Interest	—	—			—			—			—	2		2,448			3,285
Fiduciaire Jean-Marc Faber (FJMF) (4)(5)(7)	First Lien Senior Secured Loan - Delayed Draw	EURIBOR		1.00	%		5.50	%		7.99	%	4/5/2032	2,092		2,409			2,374
Fiduciaire Jean-Marc Faber (FJMF) (4)(7)	First Lien Senior Secured Loan - Delayed Draw	EURIBOR		1.00	%		5.50	%		7.99	%	4/5/2032	50		55			57
Fiduciaire Jean-Marc Faber (FJMF) (4)(5)(7)	First Lien Senior Secured Loan - Delayed Draw	—	—			—			—			4/5/2032	—		(21	)		(28	)
HLSG Intermediate, LLC (4)	First Lien Senior Secured Loan	SOFR		0.75	%		4.75	%		8.37	%	2/2/2033	912		904			903
HLSG Intermediate, LLC (4)(5)	First Lien Senior Secured Loan - Delayed Draw	SOFR		0.75	%		4.75	%		8.37	%	2/2/2033	163		162			161
HLSG Intermediate, LLC (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			2/2/2033	—		(9	)		(10	)
Hollywood LP (4)(7)(11)	Preferred Equity	—	—			12.50% PIK				12.50	%	—	1,986		2,590			2,637
iBanFirst (4)(7)	First Lien Senior Secured Loan	EURIBOR	—			9.75% PIK				11.83	%	7/13/2028	4,627		4,870			5,291
iBanFirst (4)(7)	First Lien Senior Secured Loan	EURIBOR	—			9.75% PIK				11.83	%	7/13/2028	4,408		4,676			5,041
iBanFirst (4)(7)	First Lien Senior Secured Loan	EURIBOR	—			9.75% PIK				11.83	%	7/13/2028	128		138			146
iBanFirst (4)(7)	First Lien Senior Secured Loan - Delayed Draw	EURIBOR	—			9.75% PIK				12.06	%	7/13/2028	4,239		4,452			4,848
iBanFirst (4)(6)(7)(11)	Preferred Equity	—	—			—			—			—	7,112		8,136			27,559
ImageTrend (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.00	%		8.66	%	1/31/2029	16,950		16,803			16,950
ImageTrend (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.00	%		8.64	%	1/31/2029	2,494		2,475			2,494
ImageTrend (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			1/31/2029	—		(26	)		—
LEP CP Co-Invest, L.P. (4)(6)(7)(11)	Equity Interest	—	—			—			—			—	287		380			372
Portfolio Company (1)	Investment Type	Index (2)	Floor (2)			Spread (2)			Interest Rate			Maturity Date	Principal/Shares (3)		Cost		Market Value		% of Net Assets
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Non-Controlled/Non-Affiliate Investments
Services: Business
masLabor (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.50	%		9.12	%	4/5/2032	$	1,197	1,191		1,191
masLabor (4)(5)	First Lien Senior Secured Loan - Delayed Draw	—	—			—			—			4/5/2032	$	—	(1	)	(1	)
masLabor (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			4/5/2032	$	—	(1	)	(1	)
masLabor (4)(6)(11)	Equity Interest	—	—			—			—			—		173	173		759
Monarch Collective Holdings, LLC (4)(12)	First Lien Senior Secured Loan	SOFR		1.00	%		5.00	%		8.73	%	3/17/2032	$	4,988	4,963		4,938
Monarch Collective Holdings, LLC (4)(5)	First Lien Senior Secured Loan - Delayed Draw	—	—			—			—			3/17/2032	$	20	4		(13	)
Monarch Collective Holdings, LLC (4)(5)	First Lien Senior Secured Loan - Revolver	SOFR		1.00	%		5.00	%		8.73	%	3/17/2032	$	133	130		127
Morrow Sodali (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.00	%		8.64	%	10/25/2029	$	15,002	14,928		15,002
Morrow Sodali (4)	First Lien Senior Secured Loan - Delayed Draw	SOFR		1.00	%		5.48	%		9.10	%	4/25/2028	$	2,559	2,553		2,559
Morrow Sodali (4)(5)	First Lien Senior Secured Loan - Delayed Draw	—	—			—			—			10/25/2029	$	—	(22	)	—
Morrow Sodali (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			10/25/2029	$	—	(22	)	—
Morrow Sodali (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			10/25/2029	$	—	(10	)	—
Opus2 (4)(7)	First Lien Senior Secured Loan	SONIA	—				5.00	%		8.74	%	5/8/2028	£	123	169		163
Opus2 (4)(6)(7)(11)	Equity Interest	—	—			—			—			—		2,272	2,526		3,926
ORBCOMM Inc. (4)	First Lien Senior Secured Loan	SOFR		0.75	%		5.25	%		8.89	%	4/27/2032	$	778	770		772
ORBCOMM Inc. (4)(5)	First Lien Senior Secured Loan - Delayed Draw	SOFR		0.75	%		5.25	%		8.89	%	4/27/2032	$	26	25		25
ORBCOMM Inc. (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			4/27/2032	$	—	(1	)	(1	)
PRGX (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.50	%		9.19	%	12/20/2030	$	142	141		138
PRGX (4)(5)	First Lien Senior Secured Loan - Delayed Draw	—	—			—			—			12/20/2030	$	—	(21	)	(123	)
Pure Wafer (4)(5)	First Lien Senior Secured Loan - Revolver	SOFR		1.00	%		5.35	%		8.99	%	11/12/2030	$	792	778		792
Pure Wafer (4)(6)(11)	Equity Interest	—	—			—			—			—		1,236	1,236		1,755
Rydoo (4)(7)	First Lien Senior Secured Loan	EURIBOR		1.00	%		6.75	%		9.25	%	9/26/2031	€	5,076	5,803		5,805
Rydoo (4)(7)	First Lien Senior Secured Loan - Delayed Draw	EURIBOR		1.00	%		6.75	%		9.25	%	9/26/2031	€	1,556	1,725		1,779
Rydoo (4)(6)(7)(11)	Equity Interest	—	—			—			—			—		1,529	1,790		1,927
Rydoo (4)(6)(7)(11)	Preferred Equity	—	—			—			—			—		655	767		888
SoftCo (4)(7)	First Lien Senior Secured Loan	EURIBOR		1.00	%		6.50	%		8.73	%	2/22/2031	€	2,000	2,150		2,276
SoftCo (4)(6)(7)(11)	Equity Interest	—	—			—			—			—		496	537		491
Spring Finco BV (4)(5)(7)	First Lien Senior Secured Loan - Delayed Draw	—	—			—			—			7/15/2029	NOK	—	—		(77	)
TES Global (4)(7)	First Lien Senior Secured Loan - Delayed Draw	SONIA	—				5.00	%		8.73	%	1/27/2029	£	12	15		16
Webcentral (4)(5)(7)	First Lien Senior Secured Loan - Delayed Draw	SOFR	—				6.25	%		9.89	%	12/18/2030	€	213	230		229
Webcentral (4)(7)	First Lien Senior Secured Loan - Delayed Draw	SOFR	—				6.50	%		10.11	%	12/18/2030	$	87	87		87
Webcentral (4)(7)	First Lien Senior Secured Loan - Delayed Draw	SOFR	—				6.50	%		10.11	%	12/18/2030	€	17	18		19
Services: Business Total															225,146		247,531			22.9	%
Services: Consumer
CorePower Yoga, LLC (4)(12)	First Lien Senior Secured Loan	SOFR		1.00	%		5.25	%		8.98	%	4/30/2031	$	7,920	7,886		7,920
CorePower Yoga, LLC (4)(5)	First Lien Senior Secured Loan - Delayed Draw	—	—			—			—			4/30/2031	$	—	(2	)	—
CorePower Yoga, LLC (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			4/30/2031	$	—	(8	)	—

All values are in US Dollars.

Portfolio Company (1)	Investment Type	Index (2)	Floor (2)			Spread (2)			Interest Rate			Maturity Date	Principal/Shares (3)	Cost		Market Value		% of Net Assets
Non-Controlled/Non-Affiliate Investments
Services: Consumer
Master ConcessionAir (4)	First Lien Senior Secured Loan	SOFR		3.00	%		8.50	%		12.23	%	6/21/2029	1,688	1,664		1,621
Master ConcessionAir (4)	First Lien Senior Secured Loan - Delayed Draw	SOFR		3.00	%		8.50	%		12.15	%	6/21/2029	180	179		162
Master ConcessionAir (4)(5)	First Lien Senior Secured Loan - Revolver	SOFR		3.00	%		8.50	%		12.16	%	6/21/2029	217	214		208
MZR Aggregator (4)(6)(11)	Equity Interest	—	—			—			—			—	1	798		0
MZR Aggregator (4)(6)(11)	Preferred Equity	—	—			—			—			—	0	12		0
MZR Buyer, LLC (4)	First Lien Senior Secured Loan	SOFR		1.00	%	6.90% (0.50% PIK)				11.13	%	12/22/2028	25,555	24,926		21,978
MZR Buyer, LLC (4)	First Lien Senior Secured Loan	SOFR		1.00	%	6.90% (0.50% PIK)				11.05	%	12/22/2028	457	452		393
MZR Buyer, LLC (4)	First Lien Senior Secured Loan - Revolver	SOFR		1.00	%	6.90% (0.50% PIK)				11.04	%	12/22/2028	5,242	5,208		4,508
MZR Buyer, LLC (4)	First Lien Senior Secured Loan - Revolver	SOFR		1.00	%	6.90% (0.50% PIK)				11.05	%	12/22/2028	1,738	1,721		1,495
Spotless Brands (4)(12)	First Lien Senior Secured Loan - Delayed Draw	SOFR		1.00	%		5.50	%		9.17	%	7/25/2028	11,273	11,237		11,273
Vasa Fitness Buyer, Inc. (4)	First Lien Senior Secured Loan	SOFR		1.00	%		6.35	%		9.99	%	8/15/2030	66	65		65
Vasa Fitness, LLC (4)	First Lien Senior Secured Loan - Delayed Draw	SOFR		1.00	%		6.35	%		10.00	%	8/14/2030	1,543	1,536		1,526
Vasa Fitness, LLC (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			8/15/2030	0	(2	)	(2	)
WhiteWater Express (4)	Subordinated Debt	—	—			14.00% PIK				14.00	%	3/31/2031	9,821	9,760		9,771
Services: Consumer Total														65,646		60,918			5.6	%
Telecommunications
Meriplex Communications, Ltd. (4)	First Lien Senior Secured Loan	SOFR		0.75	%		5.10	%		8.74	%	7/17/2028	11,905	11,808		11,697
Meriplex Communications, Ltd. (4)	First Lien Senior Secured Loan	SOFR		0.75	%		5.10	%		8.74	%	7/17/2028	1,093	1,080		1,074
Meriplex Communications, Ltd. (4)	First Lien Senior Secured Loan - Delayed Draw	SOFR		0.75	%		5.10	%		8.74	%	7/17/2028	7,065	7,027		6,942
Meriplex Communications, Ltd. (4)	First Lien Senior Secured Loan - Revolver	SOFR		0.75	%		5.10	%		8.74	%	7/17/2028	2,824	2,805		2,775
Substantial Holdco Limited (4)(5)(7)	First Lien Senior Secured Loan - Delayed Draw	—	—			8.00% (4.00% PIK)				12.00	%	4/20/2030	491	661		652
Taoglas (4)	First Lien Senior Secured Loan	SOFR		1.00	%		6.25	%		9.98	%	2/28/2029	18,230	18,019		18,230
Taoglas (4)	First Lien Senior Secured Loan	SOFR		1.00	%		6.25	%		9.98	%	2/28/2029	9,779	9,725		9,778
Taoglas (4)	First Lien Senior Secured Loan	SOFR		1.00	%		6.25	%		9.98	%	2/28/2029	890	890		890
Taoglas (4)(7)	First Lien Senior Secured Loan	SOFR		1.00	%		6.25	%		9.98	%	2/28/2029	442	434		442
Taoglas (4)(5)(7)	First Lien Senior Secured Loan - Revolver	SOFR		1.00	%		6.25	%		9.99	%	2/28/2029	1,284	1,284		1,284
Taoglas (4)(6)(11)	Equity Interest	—	—			—			—			—	2,259	2,259		1,973
Taoglas (4)(6)(11)	Equity Interest	—	—			—			—			—	358	323		313
Telecommunications Total														56,315		56,050			5.2	%
Transportation: Cargo
A&R Logistics, Inc. (4)(8)	First Lien Senior Secured Loan	SOFR		1.00	%	2.60% (4.25% PIK)				10.53	%	2/3/2028	13,455	13,440		8,578
A&R Logistics, Inc. (4)(8)	First Lien Senior Secured Loan	SOFR		1.00	%	2.65% (4.25% PIK)				10.58	%	2/3/2028	6,068	5,994		3,868
A&R Logistics, Inc. (4)(8)	First Lien Senior Secured Loan	SOFR		1.00	%	2.65% (4.25% PIK)				10.58	%	2/3/2028	2,759	2,757		1,759
A&R Logistics, Inc. (4)(8)	First Lien Senior Secured Loan	SOFR		1.00	%	2.65% (4.25% PIK)				10.58	%	2/3/2028	2,435	2,432		1,553
A&R Logistics, Inc. (4)(8)	First Lien Senior Secured Loan	SOFR		1.00	%	2.65% (4.25% PIK)				10.58	%	2/3/2028	949	946		605
Portfolio Company (1)	Investment Type	Index (2)	Floor (2)			Spread (2)			Interest Rate			Maturity Date	Principal/Shares (3)	Cost		Market Value		% of Net Assets
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Non-Controlled/Non-Affiliate Investments
Transportation: Cargo
A&R Logistics, Inc. (4)(5)(8)	First Lien Senior Secured Loan - Revolver	SOFR		1.00	%	2.50% (4.25% PIK)				10.40	%	2/3/2028	5,922	5,864		3,621
A&R Logistics, Inc. (4)(8)	First Lien Senior Secured Loan - Revolver	P		2.00	%	6.75% PIK				13.50	%	2/3/2028	2,301	2,154		2,301
ARL Holdings, LLC. (4)(6)(11)	Equity Interest	—	—			—			—			—	9	9		9
ARL Holdings, LLC. (4)(6)(11)	Equity Interest	—	—			—			—			—	—	445		—
Grammer Investment Holdings LLC (4)(6)(11)	Equity Interest	—	—			—			—			—	1,011	1,019		—
Grammer Investment Holdings LLC (4)(6)(11)	Warrants	—	—			—			—			—	122	—		—
Grammer Investment Holdings LLC (4)(6)(11)	Preferred Equity	—	—			—			—			—	12	1,095		—
Gulf Winds International (4)(12)	First Lien Senior Secured Loan	SOFR		1.00	%	6.00% (1.00% PIK)				10.64	%	12/16/2028	11,982	11,806		11,112
Gulf Winds International (4)	First Lien Senior Secured Loan	SOFR		1.00	%	6.00% (1.00% PIK)				10.64	%	12/16/2028	1,072	1,066		1,016
Gulf Winds International (4)(5)	First Lien Senior Secured Loan - Revolver	SOFR		1.00	%		7.00	%		10.64	%	12/16/2028	4,779	4,679		4,367
ICAT Logistics, Inc. (4)	First Lien Senior Secured Loan	SOFR		1.00	%		6.25	%		9.89	%	3/1/2029	181	179		180
ICAT Logistics, Inc. (4)(5)	First Lien Senior Secured Loan - Delayed Draw	SOFR		1.00	%		6.25	%		9.89	%	3/1/2029	3,006	2,971		2,951
ICAT Logistics, Inc. (4)(5)	First Lien Senior Secured Loan - Delayed Draw	—	—			—			—			3/1/2029	—	(65	)	(90	)
ICAT Logistics, Inc. (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			3/1/2029	—	(11	)	(8	)
REP Coinvest III-A Omni, L.P. (4)(6)(11)	Equity Interest	—	—			—			—			—	1,377	1,377		333
RoadOne (4)(12)	First Lien Senior Secured Loan	SOFR		1.00	%		6.75	%		10.41	%	12/29/2028	11,821	11,643		11,703
RoadOne (4)	First Lien Senior Secured Loan - Delayed Draw	SOFR		1.00	%		6.75	%		10.41	%	12/29/2028	925	916		916
RoadOne (4)(5)	First Lien Senior Secured Loan - Revolver	SOFR		1.00	%		6.75	%		10.46	%	12/29/2028	3,922	3,867		3,878
Transportation: Cargo Total														74,583		58,652			5.5	%
Transportation: Consumer
PrimeFlight Acquisition LLC (4)(12)	First Lien Senior Secured Loan	SOFR		1.00	%		5.50	%		9.16	%	5/1/2029	11,883	11,757		11,883
PrimeFlight Acquisition LLC (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.25	%		8.92	%	5/1/2029	9,287	9,214		9,286
PrimeFlight Acquisition LLC (4)	First Lien Senior Secured Loan	SOFR		1.00	%		4.75	%		8.41	%	5/1/2029	5,782	5,734		5,782
PrimeFlight Acquisition LLC (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.25	%		8.98	%	5/1/2029	3,994	3,956		3,994
PrimeFlight Acquisition LLC (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.50	%		9.23	%	5/1/2029	822	822		822
Transportation: Consumer Total														31,483		31,767			2.9	%
Utilities: Electric
KAMC Holdings, Inc. (4)(12)	First Lien Senior Secured Loan	SOFR		0.75	%		5.25	%		8.91	%	8/1/2031	7,817	7,741		7,681
KAMC Holdings, Inc. (4)(5)	First Lien Senior Secured Loan - Revolver	SOFR		0.75	%		5.25	%		8.92	%	8/1/2031	263	254		246
Utilities: Electric Total														7,995		7,927			0.7	%
Utilities: Water
Vessco Water (4)(5)	First Lien Senior Secured Loan - Revolver	P		1.75	%		3.50	%		10.25	%	7/24/2031	—	(8	)	—
Utilities: Water Total														(8	)	-			0.0	%

All values are in US Dollars.

Portfolio Company (1)	Investment Type	Index (2)	Floor (2)			Spread (2)			Interest Rate			Maturity Date	Principal/Shares (3)		Cost		Market Value
Non-Controlled/Non-Affiliate Investments
Wholesale
Chex Finer Foods, LLC (4)(12)	First Lien Senior Secured Loan	SOFR		1.00	%		5.75	%		9.40	%	6/6/2031	$	8,900	8,852		8,900
Chex Finer Foods, LLC (4)(5)	First Lien Senior Secured Loan - Delayed Draw	SOFR		1.00	%		5.75	%		9.48	%	6/6/2031	$	5,552	5,540		5,552
Chex Finer Foods, LLC (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			6/6/2031	$	—	(15	)	—
Fifty AU Bidco Pty Ltd (4)	First Lien Senior Secured Loan	BBSY	—				5.00	%		9.51	%	8/1/2031	AUD	2,384	1,536		1,651
Fifty U.S. Bidco Inc (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.00	%		8.73	%	8/1/2031	$	696	693		696
Fifty U.S. Bidco Inc (4)(5)	First Lien Senior Secured Loan - Delayed Draw	SOFR		1.00	%		5.00	%		8.64	%	8/1/2031	$	187	184		187
Fifty U.S. Bidco Inc (4)(5)	First Lien Senior Secured Loan - Revolver	SOFR		1.00	%		5.00	%		8.73	%	8/1/2031	$	1,906	1,896		1,927
Hultec (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.50	%		9.17	%	3/31/2029	$	597	594		597
Hultec (4)(6)(11)	Equity Interest	—	—			—			—			—		1	651		974
SureWerx (4)	First Lien Senior Secured Loan	SOFR		0.75	%		5.25	%		8.98	%	12/28/2029	$	1,464	1,459		1,464
SureWerx (4)(5)	First Lien Senior Secured Loan - Delayed Draw	—	—			—			—			12/28/2029	$	—	(3	)	—
SureWerx (4)(5)	First Lien Senior Secured Loan - Revolver	SOFR		0.75	%		5.25	%		8.89	%	12/28/2028	$	69	58		58
SureWerx (4)(5)	First Lien Senior Secured Loan - Revolver	—	—			—			—			12/28/2028	CAD	—	—		—
WSP (4)(8)	First Lien Senior Secured Loan	SOFR		1.00	%	1.15% (4.00% PIK)				8.81	%	4/27/2028	$	3,371	2,924		801
WSP (4)(8)	First Lien Senior Secured Loan	—	—			8.00% PIK				8.00	%	4/27/2028	$	2,303	1,995		—
WSP (4)(5)(8)	First Lien Senior Secured Loan - Revolver	SOFR		1.00	%	1.15% (4.00% PIK)				8.80	%	4/27/2028	$	249	243		44
WSP (4)(5)(8)	First Lien Senior Secured Loan - Revolver	—		1.00	%	12.00% PIK				12.00	%	4/27/2028	$	69	—		69
WSP (4)(6)(11)	Equity Interest	—	—			—			—			—		2,898	2,898		—
WSP (4)(6)(11)	Preferred Equity	—	—			—			—			—		—	216		—
WSP (4)(6)(11)	Equity Interest	—	—			—			—			—		—	12		—
Wholesale Total															29,733		22,920	2.2	%
Non-Controlled/Non-Affiliate Investments Total															1,796,413		1,789,082	165.7	%
Non-Controlled/Affiliate Investments (9)
Aerospace & Defense
Ansett Aviation Training (4)(6)(7)(11)	Equity Interest	—	—			—			—			—		5,122	3,842		19,105
Aerospace & Defense Total															3,842		19,105	1.9	%
Beverage, Food & Tobacco
ADT Pizza, LLC (4)(6)(11)	Equity Interest	—	—			—			—			—		6,720	3,372		—
PPX (4)(6)(11)	Preferred Equity	—	—			—			—			—		533	533		746
PPX (4)(6)(11)	Preferred Equity	—	—			—			—			—		33	5,000		2,825
PPX (4)(6)(11)	Preferred Equity	—	—			—			—			—		33	—		—
Beverage, Food & Tobacco Total															8,905		3,571	0.3	%
Consumer Goods: Durable
Walker Edison (4)(8)	First Lien Senior Secured Loan - Delayed Draw	—	—				10.00	%		10.00	%	9/30/2026	$	522	522		522
Consumer Goods: Durable Total															522		522	0.0	%

All values are in US Dollars.

Portfolio Company (1)	Investment Type	Index (2)	Floor (2)			Spread (2)			Interest Rate			Maturity Date	Principal/Shares (3)	Cost	Market Value
Non-Controlled/Affiliate Investments
Wholesale
Abracon Borrower, LLC. (4)	First Lien Senior Secured Loan	SOFR		2.00	%		5.65	%		9.38	%	6/10/2030	5,923	5,923	5,923
Abracon Borrower, LLC. (4)(5)	First Lien Senior Secured Loan - Revolver	SOFR		2.00	%		5.65	%		9.38	%	6/10/2030	44	44	44
Abracon TopCo, LLC (4)(6)(11)	Equity Interest	—	—			—			—			—	3	1,892	2,596
Wholesale Total														7,859	8,563	0.7	%
Non-Controlled/Affiliate Investments Total														21,128	31,761	2.9	%
Controlled Affiliate Investments (10)
Aerospace & Defense
BCC Jetstream Holdings Aviation (Off I), LLC (6)(7)(11)	Equity Interest	—	—			—			—			—	11,863	11,863	8,116
BCC Jetstream Holdings Aviation (On II), LLC (6)	First Lien Senior Secured Loan	—	—			—			—			—	8,013	8,013	4,933
BCC Jetstream Holdings Aviation (On II), LLC (6)(11)	Equity Interest	—	—			—			—			—	1,116	1,116	—
Aerospace & Defense Total														20,992	13,049	1.2	%
FIRE: Finance
Legacy Corporate Lending HoldCo, LLC (4)(11)	Preferred Equity	—	—			—			—			—	79	72,450	84,004
Legacy Corporate Lending HoldCo, LLC (4)(6)(11)	Equity Interest	—	—			—			—			—	1	—	4,133
Legacy Corporate Lending HoldCo, LLC (4)(6)(11)	Equity Interest	—	—			—			—			—	1	900	1,391
FIRE: Finance Total														73,350	89,528	8.3	%
Investment Vehicles
Bain Capital Senior Loan Program, LLC (4)(7)	Subordinated Note Investment Vehicles	—	—				10.00	%		10.00	%	12/27/2033	178,980	178,980	163,805
Bain Capital Senior Loan Program, LLC (7)(11)	Preferred Equity Interest Investment Vehicles	—	—			—			—			—	10	10	1,836
Bain Capital Senior Loan Program, LLC (7)(11)	Equity Interest Investment Vehicles	—	—			—			—			—	10	5,594	—
International Senior Loan Program, LLC (4)(7)(13)	Subordinated Note Investment Vehicles	SOFR	—				8.00	%		11.70	%	2/22/2028	190,729	190,729	190,729
International Senior Loan Program, LLC (6)(7)(11)	Equity Interest Investment Vehicles	—	—			—			—			—	63,587	60,615	30,734
Investment Vehicles Total														435,928	387,104	35.8	%
Services: Business
Parcel2Go (4)(7)	First Lien Senior Secured Loan	SONIA	—			7.00% PIK				10.75	%	11/26/2031	50	63	57
Parcel2Go (4)(6)(7)(11)	Preferred Equity	—	—			—			—			—	14,221	—	—
Parcel2Go (4)(6)(7)(11)	Equity Interest	—	—			—			—			—	—	—	—
Services: Business Total														63	57	0.0	%
Transportation: Cargo
Lightning Holdings B, LLC (4)(6)(7)(11)	Equity Interest	—	—			—			—			—	27,059	27,371	52,995
Transportation: Cargo Total														27,371	52,995	4.9	%
Controlled Affiliate Investments Total														557,704	542,733	50.2	%
Investments Total														2,375,245	2,363,576	218.8	%
Cash Equivalents
Goldman Sachs Financial Square Government Fund Institutional Share Class	Cash Equivalents	—		—		—				3.54	%	—	39,546	39,546	39,546
Goldman Sachs US Treasury Liquid Reserves Fund	Cash Equivalents	—		—		—				3.54	%	—	12,531	12,531	12,531
Cash Equivalents Total														52,077	52,077	4.8	%
Investments and Cash Equivalents Total														2,427,322	2,415,653	223.6	%

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	-	890
Interest Rate Swap	March 2031 Notes	5.95%	SOFR + 2.28%	BNP Paribas	3/3/2031	350,000	-	(4,621	)

All values are in US Dollars.

Forward Foreign Currency Exchange Contracts

Currency Purchased	Currency Sold	Counterparty	Settlement<br>Date	Unrealized Appreciation / (Depreciation)
US DOLLARS 2,451	AUSTRALIAN DOLLARS 3,739	Bank of New York	7/16/2026	(138	)
US DOLLARS 4,375	EURO 3,680	Wells Fargo	7/16/2026	165
US DOLLARS 8,665	POUND STERLING 6,450	Wells Fargo	7/16/2026	105
US DOLLARS 3,206	AUSTRALIAN DOLLARS 4,900	US Bank	7/31/2026	(186	)
US DOLLARS 11,061	EURO 9,445	BNP Paribas	7/31/2026	249
US DOLLARS 5,343	POUND STERLING 4,007	BNP Paribas	7/31/2026	25
US DOLLARS 5,895	EURO 4,980	Wells Fargo	8/13/2026	191
US DOLLARS 3,248	AUSTRALIAN DOLLARS 5,195	Bank of New York	8/20/2026	(347	)
US DOLLARS 999	EURO 0	Bank of New York	8/20/2026	(999	)
US DOLLARS 5,570	EURO 4,860	Wells Fargo	8/20/2026	2
US DOLLARS 952	CANADIAN DOLLAR 1,310	Bank of New York	8/20/2026	27
US DOLLARS 7,111	POUND STERLING 5,620	Bank of New York	8/27/2026	(347	)
US DOLLARS 5,359	AUSTRALIAN DOLLARS 8,060	Bank of New York	9/16/2026	(217	)
US DOLLARS 7,171	POUND STERLING 5,316	US Bank	9/24/2026	116
US DOLLARS 3,170	EURO 2,700	US Bank	10/2/2026	71
US DOLLARS 16,837	EURO 14,100	Bank of New York	10/2/2026	654
US DOLLARS 3,473	POUND STERLING 2,590	US Bank	10/2/2026	36
US DOLLARS 5,503	POUND STERLING 4,100	Bank of New York	10/22/2026	62
US DOLLARS 1,083	POUND STERLING 800	Wells Fargo	10/26/2026	21
US DOLLARS 489	POUND STERLING 370	Bank of New York	11/10/2026	(2	)
US DOLLARS 7,259	POUND STERLING 5,480	US Bank	11/10/2026	(15	)
US DOLLARS 1,648	EURO 1,400	Wells Fargo	11/20/2026	38
US DOLLARS 4,355	POUND STERLING 3,350	Bank of New York	11/25/2026	(91	)
US DOLLARS 983	EURO 830	US Bank	12/7/2026	28
US DOLLARS 2,620	EURO 2,230	US Bank	1/7/2027	49
US DOLLARS 996	EURO 840	Wells Fargo	1/7/2027	27
US DOLLARS 786	AUSTRALIAN DOLLARS 1,093	US Bank	1/22/2027	32
US DOLLARS 209	AUSTRALIAN DOLLARS 300	Citibank	1/22/2027	2
US DOLLARS 6,664	AUSTRALIAN DOLLARS 9,900	Wells Fargo	1/22/2027	(171	)
US DOLLARS 4,166	EURO 3,510	Bank of New York	1/22/2027	118
US DOLLARS 956	EURO 820	US Bank	1/22/2027	10
US DOLLARS 3,227	POUND STERLING 2,410	US Bank	4/12/2027	27
US DOLLARS 17,232	POUND STERLING 12,700	US Bank	5/7/2027	370
US DOLLARS 873	EURO 740	Bank of New York	5/27/2027	14
US DOLLARS 13,897	POUND STERLING 10,420	Bank of New York	5/27/2027	62
US DOLLARS 2,401	POUND STERLING 1,800	US Bank	5/27/2027	11
US DOLLARS 521	NEW ZEALAND DOLLAR 890	Bank of New York	6/2/2027	10
US DOLLARS 8,110	EURO 6,880	Bank of New York	6/3/2027	128
US DOLLARS 10,101	EURO 8,610	BNP Paribas	10/28/2027	47
US DOLLARS 4,399	EURO 3,800	Bank of New York	10/28/2027	(39	)
US DOLLARS 21,034	EURO 17,540	US Bank	10/28/2027	554
				699

All values are in US Dollars.

All assets, except for investment vehicles and assets pledged as collateral for the 2019-1 issuer, are pledged as collateral under the Sumitomo Credit Facility. Please see Item 1. Consolidated Financial Statements - Notes to Consolidated Financial Statements - Note 6. Debt for additional details.
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 resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect for the largest contract as of June 30, 2026. Certain investments are subject to an interest rate floor. Rates on equity instruments represent contractual dividend rates on certain preferred equity positions. Certain investments or a portion thereof may include Payment-in-Kind interest (“PIK”).
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.
Security valued using unobservable inputs (Level 3).
Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The unfunded
commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on a loan. The negative fair value, if applicable, is the result of the capitalized discount on a loan. Please see Item 1. Consolidated Financial Statements - Notes to Consolidated Financial Statements - Note 10. Commitments and Contingencies for additional details.
Non-income producing.
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 June 30, 2026, non-qualifying assets totaled 26.75% of the Company’s total assets.
Loan was on non-accrual status as of June 30, 2026.
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.
Security exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of June 30, 2026, the aggregate fair value of these securities is $392,722 or 36.35% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:

Investment	Acquisition Date
Abracon TopCo, LLC	6/8/2026
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
Athena Parent Holdings, L.P.	1/28/2026
AXH Air Coolers	10/31/2023
Bain Capital Senior Loan Program, LLC	12/27/2021
BCC CPK investments 1, LLC	12/8/2025
BCC ESI Investments 1, LLC	5/8/2026
BCC HGS Investments 1, LLC	10/21/2025
BCC High Divide 1, LLC (High Divide)	6/10/2026
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
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
DTIQ	9/30/2024
DTIQ	9/15/2025
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
Endurance Holdco Limited	11/14/2025
FCG Acquisitions, Inc.	1/24/2019
Fineline Technologies, Inc.	2/22/2021
Forward Slope	3/15/2024
Galeria	8/1/2024
Investment	Acquisition Date
---	---
Gills Point S	12/18/2025
Gills Point S	5/17/2023
Grammer Investment Holdings LLC	10/1/2018
HealthDrive	8/18/2023
HG Insights, Inc.	6/16/2025
Hollywood LP	4/16/2025
Hultec	3/31/2023
iBanFirst	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
LEP SAL Co-Invest, L.P.	11/14/2025
Lightning Holdings B, LLC	1/2/2020
masLabor	7/1/2021
MZR Aggregator	12/22/2020
MZR Aggregator	9/17/2024
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
PPX	4/8/2026
Precision Ultimate Holdings, LLC	11/6/2019
Precision Ultimate Holdings, LLC	10/7/2024
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	8/16/2021
Service Master	7/15/2021
Sikich	5/6/2024
SoftCo	3/1/2024
Spindrift	2/19/2025
SRP Parent Inc.	3/27/2026
STAX Holding, Inc.	6/18/2026
Superna Inc.	3/8/2022
Taoglas	2/28/2023
Taoglas	6/27/2024
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
WSP	8/31/2021
WSP	5/20/2024

Assets or a portion thereof are pledged as collateral for the 2019-1 Issuer. See Note 6 “Debt”.
ISLP's Member Designee's Committee elected to voluntarily waive 50% of the subordinated note interest for the quarter ended June 30, 2026.

See Notes to Consolidated Financial Statements

Bain Capital Specialty Finance, Inc.

Consolidated Schedule of Investments

As of December 31, 2025

(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 (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.75%		9.65	%	7/12/2029	4,938		4,890			4,938
ATS (3)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			7/12/2029	—		—			—
Bridger Aerospace Group Holdings, Inc. (3)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	6.00%		9.70	%	10/28/2030	287		273			273
Bridger Aerospace Group Holdings, Inc. (2)(3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			10/28/2030	—		(8	)		(8	)
Bridger Aerospace Group Holdings, Inc. (15)(19)	First Lien Senior Secured Loan	SOFR	6.00%		9.72	%	10/28/2030	5,099		5,049			5,048
BTX Precision (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.00%		8.77	%	7/25/2030	7,607		7,553			7,607
BTX Precision (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			7/25/2030	—		(28	)		—
BTX Precision (15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.00%		8.77	%	7/25/2030	5,945		5,898			5,945
BTX Precision (3)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	4.75%		8.60	%	7/25/2030	5,928		5,873			5,928
BTX Precision (15)(19)(29)	First Lien Senior Secured Loan	SOFR	4.75%		8.59	%	7/25/2030	1,439		1,428			1,439
BTX Precision (14)(19)(25)	Equity Interest	—	—	—			—	2		2,199			3,361
Forward Slope (15)(19)	First Lien Senior Secured Loan	SOFR	5.60%		9.27	%	8/22/2029	6,076		5,970			6,076
Forward Slope (15)(19)(29)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.60%		9.27	%	8/22/2029	13,248		13,018			13,248
Forward Slope (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.60%		9.32	%	8/22/2029	8,588		8,453			8,588
Forward Slope (15)(19)	First Lien Senior Secured Loan	SOFR	5.60%		9.27	%	8/22/2029	5,561		5,503			5,561
Forward Slope (14)(19)(25)	Equity Interest	—	—	—			—	930		930			1,543
Forward Slope (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.60%		9.32	%	8/22/2029	1,861		1,861			1,861
GSP Holdings, LLC (15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.90%		9.57	%	11/5/2027	4,689		4,704			4,360
GSP Holdings, LLC (15)(19)(26)	First Lien Senior Secured Loan	SOFR	2.95% (2.95% PIK)		9.57	%	11/5/2027	1,126		1,116			1,047
GSP Holdings, LLC (15)(19)(26)	First Lien Senior Secured Loan	SOFR	2.95% (2.95% PIK)		9.57	%	11/6/2026	9,811		9,905			9,124
Heads Up Technologies, Inc. (16)(19)	First Lien Senior Secured Loan	SOFR	5.25%		8.92	%	7/23/2030	216		215			215
Heads Up Technologies, Inc. (16)(19)	Second Lien Senior Secured Loan	SOFR	8.25%		11.92	%	7/23/2031	9,720		9,671			9,671
Heads Up Technologies, Inc. (2)(3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			7/23/2030	—		(8	)		(9	)
Mach Acquisition R/C (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	7.15%		10.99	%	10/19/2026	7,532		7,500			7,532
Mach Acquisition T/L (15)(19)(29)	First Lien Senior Secured Loan	SOFR	7.15%		11.01	%	10/19/2026	13,268		13,221			13,268
Precision Ultimate Holdings, LLC (14)(19)(25)	Equity Interest	—	—	—			—	1,417		1,417			345
Precision Ultimate Holdings, LLC (14)(19)(25)	Equity Interest	—	—	—			—	620		781			1,145
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%		8.72	%	7/22/2030	13,281		13,198			13,281
Saturn Purchaser Corp. (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			7/22/2030	—		(53	)		—
Solairus (3)(5)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			7/22/2030	—		(15	)		—
Whitcraft-Paradigm (2)(3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			2/28/2029	—		(11	)		(11	)
Whitcraft-Paradigm (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.00%		8.67	%	2/15/2029	10,158		10,100			10,158
Whitcraft-Paradigm (3)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			2/15/2029	—		—			—

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
Aerospace & Defense
Whitcraft-Paradigm (15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.00%		8.67	%	2/15/2029	$	2,297	2,297		2,297
Whitcraft-Paradigm (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.00%		8.67	%	2/15/2029	$	2,661	2,638		2,661
Aerospace & Defense Total										146,045		149,043			13.3	%
Automotive
American Trailer Rental Group (19)(26)	Subordinated Debt	—	5.50% (8.75% PIK)		14.25	%	12/1/2027	$	5,932	5,904		5,339
American Trailer Rental Group (19)(26)	Subordinated Debt	—	5.50% (8.75% PIK)		14.25	%	12/1/2027	$	18,302	18,173		16,471
American Trailer Rental Group (19)(26)	Subordinated Debt	—	5.50% (8.75% PIK)		14.25	%	12/1/2027	$	22,855	22,712		20,568
Cardo (6)(18)(19)	First Lien Senior Secured Loan	SOFR	5.25%		8.98	%	5/12/2028	$	98	97		98
Chilton (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.50%		9.40	%	2/5/2031	$	6,451	6,410		6,403
Chilton (2)(3)(5)(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%		9.40	%	2/5/2031	$	886	862		857
Gills Point S (14)(19)(25)	Preferred Equity	—	—	—			—		—	20		39
Gills Point S (15)(19)(26)	First Lien Senior Secured Loan	SOFR	4.00% (1.50% PIK)		9.22	%	5/17/2029	$	12,378	12,378		12,068
Gills Point S (15)(19)(26)	First Lien Senior Secured Loan - Delayed Draw	SOFR	4.00% (1.50% PIK)		9.22	%	5/17/2029	$	1,238	1,225		1,207
Gills Point S (15)(19)(26)	First Lien Senior Secured Loan - Delayed Draw	SOFR	4.00% (1.50% PIK)		9.22	%	5/17/2029	$	7,310	7,310		7,127
Gills Point S (15)(19)(26)	First Lien Senior Secured Loan	SOFR	4.00% (1.50% PIK)		9.22	%	5/17/2029	$	3,661	3,640		3,570
Gills Point S (14)(19)(25)	Equity Interest	—	—	—			—		2	215		104
Gills Point S (3)(15)(19)(26)	First Lien Senior Secured Loan - Revolver	SOFR	4.00% (1.50% PIK)		9.34	%	5/17/2029	$	2,900	2,876		2,779
Gills Point S (15)(19)(26)	First Lien Senior Secured Loan	SOFR	4.00% (1.50% PIK)		9.23	%	5/17/2029	$	3,989	3,959		3,889
Intoxalock (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.10%		8.82	%	11/1/2028	$	11,883	11,817		11,883
Intoxalock (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			11/1/2028	$	—	(16	)	—
JHCC Holdings, LLC (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.25%		8.92	%	9/9/2027	$	11,801	11,726		11,801
JHCC Holdings, LLC (3)(15)(19)	First Lien Senior Secured Loan - Revolver	P	4.25%		11.00	%	9/9/2027	$	1,842	1,814		1,842
Automotive Total										111,100		105,969			9.5	%
Beverage, Food & Tobacco
AgroFresh Solutions (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.60%		9.32	%	4/2/2029	$	1,866	1,809		1,866
AgroFresh Solutions (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.60%		9.32	%	3/31/2030	$	6,860	6,765		6,860
AgroFresh Solutions (15)(19)	First Lien Senior Secured Loan	SOFR	5.60%		9.32	%	3/31/2030	$	6,090	5,968		6,090
Arctic Glacier U.S.A., Inc. (19)(26)(31)	First Lien Senior Secured Loan	SOFR	6.76% (4.00% PIK)		14.43	%	5/24/2028	$	12,816	12,678		12,591
Arctic Glacier U.S.A., Inc. (2)(3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			5/24/2028	$	—	(10	)	(47	)
BCC CPK investments 1, LLC (14)(19)(25)	Equity Interest	—	—	—			—		370	370		370
BCC Trillium Foods Investments 1, LLC (14)(19)(25)	Equity Interest	—	—	—			—		3	2,531		3,183
BCSF Project Aberdeen, LLC (14)(19)(25)	Equity Interest	—	—	—			—		2,217	2,217		2,390
CPK IPCO Buyer LLC (19)	Subordinated Debt	—	12.00%		12.00	%	12/22/2031	$	610	601		601
Hellers (6)(19)(26)	Subordinated Debt	—	15.00% PIK		15.00	%	3/27/2031	NZ$	510	314		289
Hellers (2)(3)(5)(6)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			9/27/2030	NZ$	—	(13	)	(5	)
Hellers (6)(18)(19)(26)	First Lien Senior Secured Loan - Delayed Draw	BBSY	3.63% (1.88%PIK)		9.29	%	9/27/2030	AUD	51	35		33
Hellers (6)(15)(19)(26)	First Lien Senior Secured Loan - Delayed Draw	BKBM	3.63% (1.88%PIK)		8.07	%	9/27/2030	NZ$	47	28		27
PPX (14)(19)(25)	Preferred Equity	—	—	—			—		33	—		—
PPX (14)(19)(25)	Preferred Equity	—	—	—			—		33	5,000		3,750
				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
Beverage, Food & Tobacco
SauceCo HoldCo, LLC (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.75%		9.44	%	5/13/2030	3,637	3,601		3,637
SauceCo HoldCo, LLC (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.75%		9.42	%	5/13/2030	71,359	69,154		71,359
Spindrift (19)(26)	Subordinated Debt	—	13.75% PIK		13.75	%	2/19/2033	1,574	1,534		1,574
Spindrift (14)(19)(25)	Equity Interest	—	—	—			—	1	500		537
Beverage, Food & Tobacco Total									113,082		115,105			10.3	%
Capital Equipment
AeriTek Global CAD Acquisition Inc. (6)(15)(19)	First Lien Senior Secured Loan	SOFR	6.50%		10.32	%	8/27/2030	474	467		467
AeriTek Global CAD Acquisition Inc. (3)(6)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	6.50%		10.32	%	8/27/2030	19	19		19
AXH Air Coolers (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.50%		9.20	%	10/31/2029	7,400	7,347		7,400
AXH Air Coolers (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			10/31/2029	—	(35	)	—
AXH Air Coolers (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.50%		9.20	%	10/31/2029	3,299	3,278		3,299
AXH Air Coolers (3)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.50%		9.20	%	10/31/2029	4,877	4,849		4,877
AXH Air Coolers (14)(19)(25)	Preferred Equity	—	—	—			—	3,417	1,104		8,675
East BCC Coinvest II, LLC (14)(19)(25)	Equity Interest	—	—	—			—	1,419	1,229		—
Engineered Products Co., LLC (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	4.75%		8.59	%	8/12/2031	85	79		79
Ergotron Acquisition LLC (16)(19)(29)	First Lien Senior Secured Loan	SOFR	5.25%		8.97	%	7/6/2028	10,872	10,761		10,872
EXT Acquisitions, Inc. (3)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			12/19/2031	—	—		—
EXT Acquisitions, Inc. (2)(3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			12/19/2031	—	(3	)	(3	)
EXT Acquisitions, Inc. (15)(19)	First Lien Senior Secured Loan	SOFR	5.25%		8.95	%	12/19/2031	4,835	4,787		4,811
FCG Acquisitions, Inc. (14)(19)(25)	Preferred Equity	—	—	—			—	4	—		—
Goodfellow (6)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	EURIBOR	5.25%		7.27	%	2/10/2032	50	51		59
Goodfellow (6)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	EURIBOR	5.25%		7.27	%	2/10/2032	50	51		59
Goodfellow (6)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	SONIA	5.25%		8.98	%	2/10/2032	50	64		67
Goodfellow (6)(15)(19)	First Lien Senior Secured Loan	SOFR	5.25%		8.92	%	2/10/2032	50	50		50
PPT Group (6)(18)(19)	First Lien Senior Secured Loan	SONIA	5.50%		9.45	%	2/28/2031	6,131	7,658		8,185
PPT Group (3)(6)(18)(19)	First Lien Senior Secured Loan - Delayed Draw	SONIA	5.50%		9.43	%	2/28/2031	220	287		260
PPT Group (3)(6)(18)(19)	First Lien Senior Secured Loan - Revolver	SONIA	5.50%		9.44	%	2/28/2031	132	158		178
PPT Group (6)(14)(19)(25)	Equity Interest	—	—	—			—	376	376		335
TCFIII Owl Finance, LLC (19)(26)	Subordinated Debt	—	12.00% PIK		12.00	%	1/30/2027	6,965	6,947		6,965
Capital Equipment Total									49,524		56,654			5.1	%
Chemicals, Plastics & Rubber
AP Plastics Group, LLC (16)(19)(29)	First Lien Senior Secured Loan	SOFR	4.85%		8.72	%	8/10/2030	13,582	13,391		13,582
AP Plastics Group, LLC (16)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	4.85%		8.72	%	8/10/2030	175	175		175
AP Plastics Group, LLC (2)(3)(5)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			8/10/2030	—	(3	)	(3	)
Duraco (19)(29)(32)	First Lien Senior Secured Loan	SOFR	6.50%		10.16	%	6/6/2029	8,533	8,439		8,106
Duraco (3)(19)(32)	First Lien Senior Secured Loan - Revolver	SOFR	6.50%		10.24	%	6/6/2029	398	375		299
Plaskolite PPC Intermediate II LLC (15)(19)(26)	First Lien Senior Secured Loan	SOFR	4.00% (4.00% PIK)		11.86	%	5/9/2030	7,224	7,070		7,080
				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
Chemicals, Plastics & Rubber
Plaskolite PPC Intermediate II LLC (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	7.00%		10.86	%	2/7/2030		73	62		60
V Global Holdings LLC (3)(16)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.85%		9.62	%	12/22/2027		4,042	4,033		3,557
V Global Holdings LLC (16)(19)	First Lien Senior Secured Loan	EURIBOR	5.75%		7.76	%	12/22/2027		97	101		107
V Global Holdings LLC (16)(19)	First Lien Senior Secured Loan	SOFR	5.90%		9.77	%	12/22/2027		15,583	15,252		14,804
Chemicals, Plastics & Rubber Total										48,895		47,767			4.3	%
Construction & Building
AGS American Glass Services Acquisition, LLC (15)(19)	First Lien Senior Secured Loan	SOFR	5.50%		9.22	%	7/24/2031	159		158		158
AGS American Glass Services Acquisition, LLC (2)(3)(5)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			7/24/2031		—	(1	)	(5	)
AGS American Glass Services Acquisition, LLC (2)(3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			7/24/2031		—	(2	)	(2	)
AGS American Services Investments, L.P. (14)(19)(25)	Equity Interest	—	—	—			—		3	338		338
BCSF ServiceMaster Investments, LLC (14)(19)(25)	Preferred Equity	—	—	—			—		—	28		55
Chase Industries, Inc. (15)(19)(26)	First Lien Senior Secured Loan	SOFR	5.65% (1.50% PIK)		10.82	%	11/11/2027		27,479	27,077		26,929
Chase Industries, Inc. (15)(19)(26)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.65% (1.50% PIK)		10.82	%	11/11/2027		2,689	2,642		2,635
Chase Industries, Inc. (3)(15)(19)(26)	First Lien Senior Secured Loan - Revolver	SOFR	5.65% (1.50% PIK)		10.82	%	11/11/2027		525	509		490
Elk (14)(19)(25)	Equity Interest	—	—	—			—		1	7		742
Elk (14)(19)(25)	Preferred Equity	—	—	—			—		72	722		1,175
G702 Buyer, Inc. (16)(19)	First Lien Senior Secured Loan	SOFR	4.75%		8.42	%	7/2/2031		159	159		156
G702 Buyer, Inc. (2)(3)(5)(18)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			7/2/2031		—	(11	)	(12	)
Service Master (18)(19)(26)	First Lien Senior Secured Loan	SOFR	6.01% (1.00% PIK)		10.89	%	8/16/2027		929	923		929
Service Master (3)(18)(19)	First Lien Senior Secured Loan - Revolver	SOFR	7.01%		10.66	%	8/16/2027		14,222	14,204		14,222
Service Master (15)(19)(26)	First Lien Senior Secured Loan	SOFR	5.86% (1.00% PIK)		10.60	%	8/16/2027		1,581	1,573		1,581
Service Master (15)(19)(26)	First Lien Senior Secured Loan	SOFR	5.86% (1.00% PIK)		10.58	%	8/16/2027		7,648	7,606		7,648
Service Master (15)(19)(26)	First Lien Senior Secured Loan	SOFR	6.01% (1.00% PIK)		10.86	%	12/31/2029		3,918	3,918		3,918
Service Master (15)(19)(26)	First Lien Senior Secured Loan	SOFR	6.01% (1.00% PIK)		10.86	%	12/31/2029		130	130		130
Service Master (18)(19)(26)	First Lien Senior Secured Loan	SOFR	5.86% (1.00% PIK)		10.58	%	8/16/2027		3,167	3,167		3,167
Service Master (14)(19)(25)	Preferred Equity	—	—	—			—		—	169		—
Service Master (14)(19)(25)	Equity Interest	—	—	—			—		—	—		—
Zeus Fire & Security (15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.00%		8.77	%	12/11/2030		8,762	8,762		8,740
Zeus Fire & Security (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.00%		8.85	%	12/11/2030		4,841	4,809		4,828
Zeus Fire & Security (2)(3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			12/11/2030		—	(16	)	(7	)
Construction & Building Total										76,871		77,815			7.0	%
				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
Consumer Goods: Durable
New Milani Group LLC (15)(19)	First Lien Senior Secured Loan	SOFR	4.75%		8.44	%	6/26/2031	10,584	10,485		10,532
New Milani Group LLC (2)(3)(5)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			6/26/2031	—	(2	)	(2	)
New Milani Group LLC (2)(3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			6/26/2031	—	(12	)	(6	)
Stanton Carpet (15)(19)	Second Lien Senior Secured Loan	SOFR	9.15%		13.09	%	3/31/2028	11,434	11,317		11,434
Tangent Technologies Acquisition, LLC (15)(19)	Second Lien Senior Secured Loan	SOFR	9.00%		13.01	%	5/30/2028	8,915	8,831		8,915
TLC Holdco LP (14)(19)(25)	Equity Interest	—	—	—			—	1,281	1,221		482
TLC Purchaser, Inc. (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.76%		9.47	%	10/11/2027	6,093	6,092		5,522
TLC Purchaser, Inc. (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.76%		9.47	%	10/11/2027	13,038	12,933		12,256
TLC Purchaser, Inc. (15)(19)	First Lien Senior Secured Loan	SOFR	5.76%		9.43	%	10/11/2027	1,953	1,943		1,836
Consumer Goods: Durable Total									52,808		50,969			4.6	%
Consumer Goods: Non-Durable
Evriholder (19)(29)(32)	First Lien Senior Secured Loan	SOFR	6.90%		10.57	%	1/24/2028	5,898	5,866		5,839
Fineline Technologies, Inc. (14)(19)(25)	Equity Interest	—	—	—			—	939	939		1,288
Hempz (15)(19)	First Lien Senior Secured Loan	SOFR	5.25%		8.92	%	10/25/2029	220	218		217
Hempz (2)(3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			10/25/2029	—	(12	)	(27	)
RoC Skincare (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.25%		9.12	%	2/21/2031	9,825	9,713		9,825
RoC Skincare (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			2/21/2030	—	(21	)	—
Solaray, LLC (3)(18)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.60%		9.44	%	6/15/2028	12,052	12,052		12,052
Solaray, LLC (15)(19)	First Lien Senior Secured Loan	SOFR	6.85%		10.69	%	6/15/2028	28,283	28,283		25,737
Solaray, LLC (15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	6.85%		10.69	%	6/15/2028	13,026	13,011		11,853
Summer Fridays, LLC (15)(19)	First Lien Senior Secured Loan	SOFR	5.25%		8.92	%	5/16/2031	483	476		476
Summer Fridays, LLC (2)(3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			5/16/2031	—	(12	)	(13	)
WU Holdco, Inc. (3)(5)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			4/15/2032	—	(12	)	—
WU Holdco, Inc. (3)(18)(19)	First Lien Senior Secured Loan - Revolver	SOFR	4.75%		8.40	%	4/15/2032	303	287		303
Consumer Goods: Non-Durable Total									70,788		67,550			6.0	%
Consumer Goods: Wholesale
WSP (2)(3)(5)(7)(14)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			4/27/2028	—	(6	)	(153	)
WSP (14)(19)(25)	Equity Interest	—	—	—			—	2,898	2,898		—
WSP (7)(14)(15)(19)	First Lien Senior Secured Loan	SOFR	1.25%		5.45	%	4/27/2028	3,282	2,969		1,256
WSP (7)(14)(19)(26)	First Lien Senior Secured Loan	—	8.00% PIK		8.00	%	4/27/2028	2,213	1,995		—
WSP (14)(19)(25)	Preferred Equity	—	—	—			—	—	216		—
WSP (14)(19)(25)	Equity Interest	—	—	—			—	—	12		—
Consumer Goods: Wholesale Total									8,084		1,103			0.1	%
Containers, Packaging & Glass
ASP-r-pac Acquisition Co LLC (16)(19)(29)	First Lien Senior Secured Loan	SOFR	6.26%		10.10	%	12/29/2027	5,724	5,646		5,724
ASP-r-pac Acquisition Co LLC (3)(16)(19)	First Lien Senior Secured Loan - Revolver	SOFR	6.11%		9.83	%	12/29/2027	2,716	2,687		2,716
Precision Concepts Parent Inc. (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	4.75%		8.59	%	8/2/2032	36	32		32
Precision Concepts Parent Inc. (15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	4.75%		8.59	%	8/2/2032	717	714		710
Containers, Packaging & Glass Total									9,079		9,182			0.8	%
Environmental Industries
BCC HGS Investments 1, LLC (14)(19)(25)	Equity Interest	—	—	—			—	7	1,065		1,065
Humic Acquisition Holdings, LLC (2)(3)(5)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			10/21/2031	—	(8	)	(9	)
Humic Acquisition Holdings, LLC (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.75%		9.63	%	10/21/2031	936	916		915
Humic Acquisition Holdings, LLC (15)(19)	First Lien Senior Secured Loan	SOFR	5.75%		9.48	%	10/21/2031	14,519	14,448		14,446
Meteor UK Bidco Limited (6)(18)(19)	First Lien Senior Secured Loan	SONIA	5.00%		8.73	%	5/14/2032	8,104	10,793		10,820
Meteor UK Bidco Limited (6)(18)(19)	First Lien Senior Secured Loan - Delayed Draw	SONIA	5.00%		8.95	%	5/14/2032	4,858	6,460		6,486
Meteor UK Bidco Limited (3)(6)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			11/14/2031	—	—		—
				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	6.50%		10.22	%	7/12/2029	68	83		91
Reconomy (3)(6)(18)(19)(34)	First Lien Senior Secured Loan - Delayed Draw	SOFR	6.50%		10.17	%	7/12/2029	4,182	5,471		5,526
Reconomy (6)(18)(19)	First Lien Senior Secured Loan	EURIBOR	6.25%		8.27	%	7/12/2029	27	28		32
Titan Cloud Software, Inc (18)(19)	First Lien Senior Secured Loan	SOFR	5.85%		9.69	%	9/7/2029	27,580	27,446		27,580
Titan Cloud Software, Inc (15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.85%		9.55	%	9/7/2029	12,264	12,210		12,264
Titan Cloud Software, Inc (3)(18)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.85%		9.69	%	9/7/2028	3,424	3,399		3,424
Titan Cloud Software, Inc (14)(19)(25)	Equity Interest	—	—	—			—	3,532	3,532		4,851
Environmental Industries Total									85,843		87,491		7.8	%
FIRE: Finance
Allworth Financial Group, L.P. (15)(19)(29)	First Lien Senior Secured Loan - Delayed Draw	SOFR	4.75%		8.47	%	12/23/2027	848	842		848
Allworth Financial Group, L.P. (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			12/23/2027	—	(5	)	—
Allworth Financial Group, L.P. (3)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	4.75%		8.47	%	12/23/2027	5,012	4,984		5,012
Allworth Financial Group, L.P. (15)(19)(29)	First Lien Senior Secured Loan	SOFR	4.75%		8.47	%	12/23/2027	1,459	1,452		1,459
Avalon Bidco Limited (6)(15)(19)	First Lien Senior Secured Loan	SONIA	6.25%		10.22	%	4/16/2032	50	65		66
Avalon Bidco Limited (3)(6)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	SONIA	6.25%		10.22	%	4/16/2032	2,556	3,318		3,369
Choreo (3)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.00%		8.72	%	2/18/2028	128	128		128
Endurance Holdco Limited (6)(19)(25)(26)	Preferred Equity	—	12.50% PIK		12.50	%	—	3,031	3,915		3,996
Insigneo Financial Group LLC (19)(26)	First Lien Senior Secured Loan	—	10.00% PIK		10.00	%	8/1/2027	1,945	1,958		1,945
Insigneo Financial Group LLC (15)(19)	First Lien Senior Secured Loan	SOFR	6.60%		10.30	%	8/1/2028	267	263		267
Insigneo Financial Group LLC (14)(19)(25)	Equity Interest	—	—	—			—	534	535		3,259
Lagerbox (6)(15)(19)	First Lien Senior Secured Loan	EURIBOR	3.50%		5.55	%	12/20/2028	750	779		880
LEP SAL Co-Invest, L.P. (6)(14)(19)(25)	Equity Interest	—	—	—			—	1,000	1,317		1,345
Monarch Finco, LLC (3)(17)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	4.25%		8.09	%	10/29/2032	18	18		18
Monarch Finco, LLC (3)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			10/29/2032	—	—		—
Monarch Finco, LLC (17)(19)	First Lien Senior Secured Loan	SOFR	4.25%		8.09	%	10/29/2032	156	156		154
Parmenion (6)(18)(19)	First Lien Senior Secured Loan	SONIA	5.50%		9.46	%	5/23/2029	295	370		397
PMA (16)(19)	First Lien Senior Secured Loan	SOFR	4.75%		8.42	%	1/31/2031	58	57		58
PMA (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			1/31/2031	—	(15	)	—
Sikich (14)(19)(25)	Warrants	—	—	—			—	5	—		545
Sikich (14)(19)(25)	Warrants	—	—	—			—	2	—		156
Sikich (19)(25)(26)	Preferred Equity	—	13.00% PIK		13.00	%	—	36	3,644		3,644
TA/Weg Holdings (15)(19)(29)	First Lien Senior Secured Loan - Delayed Draw	SOFR	4.50%		8.16	%	10/2/2028	2,301	2,299		2,299
TA/Weg Holdings (15)(19)(29)	First Lien Senior Secured Loan - Delayed Draw	SOFR	4.50%		8.16	%	10/2/2028	9,113	9,113		9,113
Wealth Enhancement Group (WEG) (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			10/2/2028	—	(9	)	—
Wealth Enhancement Group (WEG) (3)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	4.50%		8.16	%	10/4/2028	5,901	5,873		5,901
FIRE: Finance Total									41,057		44,859		4.0	%
				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
FIRE: Insurance
McLarens Acquisition Inc. (16)(19)	First Lien Senior Secured Loan	SOFR	4.90%		8.56	%	12/19/2027	902	895		895
McLarens Acquisition Inc. (16)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	4.90%		8.56	%	12/19/2027	413	410		410
McLarens Acquisition Inc. (16)(19)	First Lien Senior Secured Loan	SOFR	4.90%		8.56	%	12/19/2027	95	94		95
McLarens Acquisition Inc. (16)(19)	First Lien Senior Secured Loan	SOFR	4.90%		8.56	%	12/19/2027	249	249		249
McLarens Acquisition Inc. (16)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	4.90%		8.56	%	12/19/2027	262	260		262
McLarens Acquisition Inc. (16)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	4.90%		8.56	%	12/19/2027	6,983	6,982		6,983
McLarens Acquisition Inc. (16)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	4.90%		8.56	%	12/19/2027	7	7		7
McLarens Acquisition Inc. (3)(16)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	4.85%		8.61	%	12/19/2027	3,902	3,886		3,902
McLarens Acquisition Inc. (3)(6)(16)(19)	First Lien Senior Secured Loan - Delayed Draw	SONIA	4.87%		8.71	%	12/19/2027	948	1,248		1,276
McLarens Acquisition Inc. (3)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			12/19/2027	—	—		—
McLarens Acquisition Inc. (2)(3)(5)(6)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			12/20/2027	—	(3	)	(3	)
McLarens Acquisition Inc. (2)(3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			12/19/2027	—	(7	)	(7	)
MRHT (2)(3)(5)(6)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			11/10/2031	—	(14	)	(16	)
MRHT (3)(6)(18)(19)	First Lien Senior Secured Loan - Delayed Draw	EURIBOR	5.00%		7.02	%	5/17/2032	2,145	2,498		2,463
Simplicity (16)(19)(29)	First Lien Senior Secured Loan	SOFR	4.75%		8.40	%	12/31/2031	10,173	10,083		10,173
Simplicity (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			12/31/2031	—	(37	)	—
Simplicity (3)(16)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	4.75%		8.40	%	12/31/2031	4,140	4,102		4,140
FIRE: Insurance Total									30,653		30,829			2.8	%
Healthcare & Pharmaceuticals
Accident Care Alliance Holdco LLC (15)(19)	First Lien Senior Secured Loan	SOFR	5.00%		8.67	%	8/20/2030	1,259	1,253		1,253
Accident Care Alliance Holdco LLC (2)(3)(5)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			8/20/2030	—	(3	)	(13	)
Accident Care Alliance Holdco LLC (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.00%		8.70	%	8/20/2030	380	368		367
AEG Vision (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.90%		9.57	%	3/27/2027	2,038	2,033		2,038
AEG Vision (15)(19)(29)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.90%		9.57	%	3/27/2027	16,186	16,149		16,186
AEG Vision (15)(19)(29)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.90%		9.57	%	3/27/2027	17,653	17,614		17,653
AEG Vision (15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.90%		9.57	%	3/27/2027	41,731	41,386		41,731
Alldent Holding GmbH (3)(6)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			11/15/2032	—	—		—
Alldent Holding GmbH (6)(18)(19)	First Lien Senior Secured Loan	EURIBOR	5.50%		7.62	%	11/15/2032	1,600	1,836		1,859
AOM Infusion (2)(3)(5)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			3/19/2032	—	(5	)	(3	)
AOM Infusion (2)(3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			3/19/2032	—	(4	)	(2	)
Apollo Intelligence (16)(19)	First Lien Senior Secured Loan	SOFR	5.75%		9.50	%	5/31/2028	14,924	15,314		14,625
Apollo Intelligence (3)(16)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.75%		9.50	%	5/31/2028	9,039	9,010		8,837
Apollo Intelligence (14)(19)(25)	Equity Interest	—	—	—			—	34	3,378		2,288
Beacon Specialized Living (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.50%		9.17	%	3/25/2028	4,925	4,886		4,925
Beacon Specialized Living (3)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.50%		9.17	%	3/25/2028	4,834	4,738		4,834
Beacon Specialized Living (3)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			3/25/2028	—	—		—
Caregiver (19)(26)	Subordinated Debt	—	16.50% PIK		16.50	%	1/1/2030	9,846	9,750		9,699
CB Titan Holdings, Inc. (14)(19)(25)	Preferred Equity	—	—	—			—	1,953	1,953		—
CRH Healthcare Purchaser, Inc. (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.25%		8.92	%	9/17/2031	7,336	7,301		7,299
				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
CRH Healthcare Purchaser, Inc. (2)(3)(5)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			9/17/2031	—	(5	)	(10	)
CRH Healthcare Purchaser, Inc. (2)(3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			9/17/2031	—	(4	)	(4	)
EHE Health (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.50%		9.17	%	8/7/2030	10,760	10,671		10,760
EHE Health (3)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			8/7/2030	—	—		—
EHE Health (14)(19)(25)	Equity Interest	—	—	—			—	2,178	2,178		2,383
Great Expressions Dental Center PC (15)(19)(26)	First Lien Senior Secured Loan	SOFR	1.15% (3.00% PIK)		7.82	%	9/30/2026	9,970	9,995		8,874
HealthDrive (3)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			8/20/2029	—	-		-
HealthDrive (14)(19)(25)	Preferred Equity	—	—	—			—	18	1,822		2,198
Masco (6)(18)(19)(26)	Subordinated Debt	EURIBOR	9.25% (0.75% PIK)		12.23	%	10/4/2032	5,665	6,112		6,715
Mertus 522. GmbH (6)(18)(19)(26)	First Lien Senior Secured Loan	EURIBOR	4.00% (3.00% PIK)		9.12	%	5/28/2028	232	260		261
Mertus 522. GmbH (6)(18)(19)(26)	First Lien Senior Secured Loan	EURIBOR	4.00% (3.00% PIK)		9.13	%	5/28/2028	135	148		152
Nafinco (6)(15)(19)	First Lien Senior Secured Loan	EURIBOR	5.25%		7.37	%	8/29/2031	52	56		61
Nafinco (3)(6)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	EURIBOR	5.25%		7.37	%	8/29/2031	1,465	1,513		1,707
Nafinco (3)(6)(15)(19)	First Lien Senior Secured Loan - Revolver	EURIBOR	5.25%		7.29	%	5/30/2031	107	109		123
Odyssey Behavioral Health (15)(19)	First Lien Senior Secured Loan	SOFR	5.25%		9.12	%	5/21/2031	1,607	1,590		1,607
Odyssey Behavioral Health (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			11/21/2030	—	(74	)	—
Odyssey Behavioral Health (14)(19)(25)	Equity Interest	—	—	—			—	22	2,234		2,370
Pharmacy Partners (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			2/28/2029	—	(43	)	—
Premier Imaging, LLC (15)(19)(26)	First Lien Senior Secured Loan - Delayed Draw	SOFR	4.31% (1.95% PIK)		9.93	%	3/31/2026	2,207	2,204		1,954
Premier Imaging, LLC (15)(19)(26)(29)	First Lien Senior Secured Loan	SOFR	4.31% (1.95% PIK)		9.93	%	3/31/2026	8,228	8,218		7,282
Psychiatric Medical Care LLC (16)(19)	First Lien Senior Secured Loan	SOFR	4.75%		8.41	%	7/1/2032	177	175		175
Psychiatric Medical Care LLC (2)(3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			7/1/2032	—	(23	)	(25	)
Red Nucleus (3)(16)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.25%		9.22	%	10/17/2031	405	384		405
Red Nucleus (3)(16)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.25%		9.06	%	10/17/2031	298	270		298
RedMed Operations (Collage Rehabilitation) (15)(19)	First Lien Senior Secured Loan	SOFR	5.00%		8.72	%	2/28/2031	360	358		360
RedMed Operations (Collage Rehabilitation) (3)(5)(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%		8.77	%	2/28/2031	210	201		210
SunMed Group Holdings, LLC (16)(19)(29)	First Lien Senior Secured Loan	SOFR	5.60%		9.44	%	6/16/2028	8,430	8,368		8,430
Sunmed Group Holdings, LLC (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			6/16/2027	—	(1	)	—
USME Holdco LLC (19)(26)	Subordinated Debt	—	17.00% PIK		17.00	%	5/26/2031	5,462	5,412		5,412
Vatica Health, Inc. (2)(3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			10/31/2032	—	(9	)	(9	)
Vatica Health, Inc. (16)(19)	First Lien Senior Secured Loan	SOFR	4.75%		8.45	%	10/31/2032	9,089	9,000		8,998
WSHP Cottonwood Buyer, LLC (2)(3)(5)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			12/18/2032	—	(7	)	(7	)
WSHP Cottonwood Buyer, LLC (2)(3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			12/18/2032	—	(15	)	(15	)
WSHP Cottonwood Buyer, LLC (15)(19)	First Lien Senior Secured Loan	SOFR	5.00%		8.67	%	12/18/2032	5,851	5,822		5,822
Healthcare & Pharmaceuticals Total									213,870		210,063			18.8	%
High Tech Industries
Access (6)(18)(19)	First Lien Senior Secured Loan	SONIA	5.25%		8.97	%	6/28/2029	80	99		108
Applitools (6)(16)(19)(26)	First Lien Senior Secured Loan	SOFR	6.25% PIK		9.92	%	5/25/2029	30,357	30,089		29,142
Applitools (2)(3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			5/25/2028	—	(14	)	(137	)
Applitools (6)(14)(19)(25)	Equity Interest	—	—	—			—	20	11		8
Applitools (6)(14)(19)(25)	Equity Interest	—	—	—			—	8,297	4,762		3,365
Appriss (3)(5)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			3/10/2031	—	(12	)	—
				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
Appriss (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.00%		8.69	%	3/10/2031	357		333			357
Appriss Holdings, Inc. (14)(19)(25)	Equity Interest	—	—	—			—	2,136		1,606			2,073
Appriss Holdings, Inc. (15)(19)	First Lien Senior Secured Loan	SOFR	4.85%		8.57	%	5/6/2027	5,503		5,472			5,503
Appriss Holdings, Inc. (2)(3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			5/6/2028	—		(5	)		(5	)
AQ Software Corporation (19)(25)(26)	Preferred Equity	SOFR	10.00% PIK		13.60	%	—	2		1,928			1,648
AQ Software Corporation (19)(25)(26)	Preferred Equity	SOFR	10.00% PIK		13.60	%	—	3		3,212			2,746
AQ Software Corporation (19)(25)(26)	Preferred Equity	SOFR	10.00% PIK		13.60	%	—	1		849			726
AQ Software Corporation (19)(25)(26)	Preferred Equity	SOFR	10.00% PIK		13.60	%	—	2		2,224			1,917
Chartbeat (19)(26)	Subordinated Debt	—	16.00% PIK		16.00	%	10/4/2030	6,815		6,730			6,815
Chartbeat (14)(19)(25)	Warrants	—	—	—			—	1		—			344
Chartbeat (19)(26)	Subordinated Debt	—	16.00% PIK		16.00	%	10/4/2030	6,075		5,989			6,075
Cloud Technology Solutions (CTS) (6)(15)(19)(26)	First Lien Senior Secured Loan - Delayed Draw	SONIA	2.52% (5.48% PIK)		11.90	%	10/17/2031	2,161		2,761			2,907
Cloud Technology Solutions (CTS) (6)(14)(19)(25)	Preferred Equity	—	—	—			—	4,835		5,937			7,422
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%		11.67	%	4/25/2027	7,439		7,413			7,439
Eleven Software (18)(19)	First Lien Senior Secured Loan - Revolver	SOFR	8.10%		11.82	%	9/25/2026	1,488		1,486			1,488
Eleven Software (14)(19)(25)	Preferred Equity	—	—	—			—	109		109			133
Eleven Software (14)(19)(25)	Preferred Equity	—	—	—			—	896		896			1,096
Govineer Solutions (fka Black Mountain) (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.00%		8.67	%	10/7/2030	4,389		4,361			4,389
Govineer Solutions (fka Black Mountain) (3)(5)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			10/7/2030	—		(23	)		—
Govineer Solutions (fka Black Mountain) (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			10/7/2030	—		(15	)		—
HG Insights, Inc. (15)(19)	First Lien Senior Secured Loan	SOFR	7.50%		11.23	%	6/16/2031	10,712		10,509			10,605
HG Insights, Inc. (14)(19)(25)	Equity Interest	—	—	—			—	505		777			861
LogRhythm (2)(3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			7/2/2029	—		(9	)		(33	)
LogRhythm, Inc. (15)(19)	First Lien Senior Secured Loan	SOFR	7.50%		11.34	%	7/2/2029	3,978		3,869			3,818
NearMap (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			12/9/2028	—		(50	)		—
NearMap (15)(19)(29)	First Lien Senior Secured Loan	SOFR	4.75%		8.61	%	12/9/2029	19,314		19,272			19,314
NearMap (2)(3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			12/9/2028	—		(13	)		(13	)
New Gen Holding (6)(18)(19)(26)	First Lien Senior Secured Loan	EURIBOR	2.00% (4.25% PIK)		8.37	%	5/28/2031	3,375		3,802			3,932
PayRange (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			10/31/2030	—		(33	)		—
PayRange (14)(19)(25)	Equity Interest	—	—	—			—	4,527		4,527			7,682
PlentyMarkets (6)(18)(19)(26)	First Lien Senior Secured Loan - Delayed Draw	EURIBOR	3.25% (3.70% PIK)		8.53	%	4/2/2032	1,576		1,830			1,836
RetailNext (15)(19)	First Lien Senior Secured Loan	SOFR	7.00%		10.76	%	12/5/2030	17,007		16,863			16,837
RetailNext (3)(18)(19)	First Lien Senior Secured Loan - Revolver	SOFR	7.00%		10.86	%	12/5/2030	1,862		1,837			1,831
Revalize, Inc. (15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	4.90%		8.57	%	4/15/2027	5,261		5,247			4,841
Revalize, Inc. (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.90%		9.57	%	4/15/2027	939		935			831
Revalize, Inc. (15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	4.90%		8.57	%	4/15/2027	1,971		1,965			1,813
SAM (19)(26)	First Lien Senior Secured Loan	—	13.50% PIK		13.50	%	5/9/2028	43,969		43,837			43,969
SensorTower (19)(29)(31)	First Lien Senior Secured Loan	SOFR	7.50%		11.20	%	3/15/2029	4,347		4,302			4,347
SensorTower (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			3/15/2029	—		(10	)		—
SensorTower (14)(19)(25)	Equity Interest	—	—	—			—	156		2,400			14,911
Superna Inc. (6)(15)(19)	First Lien Senior Secured Loan	SOFR	6.50%		10.24	%	3/6/2028	31,251		31,228			31,251
Superna Inc. (3)(5)(6)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			3/6/2028	—		(10	)		—
Superna Inc. (3)(5)(6)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			3/6/2028	—		(10	)		—
Superna Inc. (6)(14)(19)(25)	Equity Interest	—	—	—			—	1,463		1,463			2,559
Utimaco (6)(16)(19)	First Lien Senior Secured Loan	EURIBOR	5.50%		7.62	%	5/14/2029	67		72			79
Utimaco (6)(16)(19)	First Lien Senior Secured Loan	SOFR	5.93%		9.73	%	5/14/2029	94		93			94
Utimaco (6)(16)(19)	First Lien Senior Secured Loan	SOFR	5.93%		9.73	%	5/14/2029	192		191			192
Utimaco (6)(14)(19)(25)	Equity Interest	—	—	—			—	2		2,158			3,235
Utimaco (6)(14)(19)(25)	Preferred Equity	—	—	—			—	2		2,158			3,235
				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
Ventiv Holdco, Inc. (14)(19)(25)	Equity Interest	—	—	—			—		529	2,833		909
High Tech Industries Total										250,660		271,004			24.3	%
Hotel, Gaming & Leisure
Awayday (3)(5)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			5/6/2032	$	—	(2	)	—
Awayday (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			5/6/2032	$	—	(11	)	—
Awayday (15)(19)	First Lien Senior Secured Loan	SOFR	5.25%		8.92	%	5/6/2032	$	1,343	1,332		1,343
City BBQ (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.35%		9.10	%	9/4/2030	$	9,255	9,189		9,207
City BBQ (2)(3)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			9/4/2030	$	—	—		(66	)
City BBQ (2)(3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			9/4/2030	$	—	(32	)	(24	)
City BBQ (14)(19)(25)	Preferred Equity	—	—	—			—		5	1,271		1,449
Le Berger SA (6)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	EURIBOR	3.75%		5.77	%	2/21/2028	€	500	522		587
Pollo Tropical (15)(19)	First Lien Senior Secured Loan	SOFR	5.25%		9.07	%	10/23/2029	$	2,709	2,681		2,709
Pollo Tropical (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			10/23/2029	$	—	(9	)	—
Pyramid Global Hospitality (19)(24)(29)	First Lien Senior Secured Loan	SOFR	5.25%		9.11	%	1/19/2028	$	9,503	9,370		9,503
Pyramid Global Hospitality (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			1/19/2028	$	—	(27	)	—
Hotel, Gaming & Leisure Total										24,284		24,708			2.2	%
Media: Advertising, Printing & Publishing
Facts Global Energy (6)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.25%		9.05	%	12/20/2031	$	50	50		49
Facts Global Energy (2)(3)(5)(6)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			12/20/2031	$	—	(27	)	(158	)
Facts Global Energy (2)(3)(5)(6)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			6/20/2031	$	—	(13	)	(39	)
Facts Global Energy (6)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.25%		9.05	%	12/20/2031	$	50	50		49
OGH Bidco Limited (6)(18)(19)	First Lien Senior Secured Loan	SONIA	6.50%		10.23	%	6/29/2029	£	139	165		177
OGH Bidco Limited (3)(6)(18)(19)	First Lien Senior Secured Loan - Delayed Draw	SONIA	6.25%		10.23	%	6/29/2029	£	2,217	2,628		2,547
TGI Sport Bidco Pty Ltd (6)(18)(19)	First Lien Senior Secured Loan	BBSY	7.00%		10.60	%	4/30/2026	AUD	98	76		66
TGI Sport Bidco Pty Ltd (6)(17)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	7.11%		10.83	%	4/30/2026	AUD	106	73		73
TGI Sport Bidco Pty Ltd (6)(17)(19)	First Lien Senior Secured Loan - Delayed Draw	SONIA	6.03%		9.76	%	6/24/2029	£	69	88		93
Media: Advertising, Printing & Publishing Total										3,090		2,857			0.3	%
Media: Broadcasting & Subscription
Lightning Finco Limited (6)(16)(19)	First Lien Senior Secured Loan	SOFR	5.93%		9.59	%	8/31/2028	$	1,443	1,441		1,436
Lightning Finco Limited (6)(16)(19)	First Lien Senior Secured Loan	EURIBOR	5.50%		7.62	%	8/31/2028	€	1,300	1,435		1,518
Media: Broadcasting & Subscription Total										2,876		2,954			0.3	%

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)
Media: Diversified & Production
Aptus 1724 Gmbh (6)(7)(14)(19)(21)(26)	First Lien Senior Secured Loan - Delayed Draw	SOFR	7.15% PIK		10.89	%	3/3/2028	$	5,455	5,146		1,637
Efficient Collaborative Retail Marketing Company, LLC (15)(19)(26)	First Lien Senior Secured Loan	SOFR	7.01% (2.50% PIK)		13.18	%	9/30/2026	$	11,433	9,614		9,947
Efficient Collaborative Retail Marketing Company, LLC (15)(19)(26)	First Lien Senior Secured Loan	SOFR	7.01% (2.50% PIK)		13.18	%	9/30/2026	$	17,564	14,604		15,281
Efficient Collaborative Retail Marketing Company, LLC (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	6.61%		10.33	%	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		10.89	%	3/3/2028	$	4,481	4,106		1,344
Soundwide, GmbH (3)(6)(7)(14)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			2/23/2026	€	—	—		—
Media: Diversified & Production Total										34,714		29,461			2.6	%
Metals & Mining
Elevation NewCo Intermediate, LLC (14)(19)(25)	Equity Interest	—	—	—			—		112	—		—
Elevation NewCo, LLC (2)(3)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			8/1/2031	$	—	—		(18	)
Elevation NewCo, LLC (2)(3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			8/1/2031	$	—	(5	)	(5	)
Lindstrom, LLC (3)(16)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.50%		9.20	%	12/30/2032	$	495	475		478
Lindstrom, LLC (16)(19)	First Lien Senior Secured Loan	SOFR	5.50%		9.20	%	12/30/2032	$	8,813	8,714		8,703
Metals & Mining Total										9,184		9,158			0.8	%
Retail
Galeria (6)(19)(26)	First Lien Senior Secured Loan - Delayed Draw	—	15.00% PIK		15.00	%	4/9/2029	€	10,294	11,172		12,081
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	5.25%		7.51	%	5/26/2028	CAD	28	26		20
New Look Vision Group (3)(6)(18)(19)	First Lien Senior Secured Loan - Revolver	CORRA	5.25%		7.51	%	5/26/2028	CAD	828	599		604
New Look Vision Group (6)(18)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.25%		8.92	%	5/26/2028	$	391	391		391
New Look Vision Group (6)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	CORRA	5.25%		7.51	%	5/26/2028	CAD	54	43		39
Thrasio, LLC (7)(14)(15)(19)(26)	First Lien Senior Secured Loan	SOFR	10.11% PIK		13.84	%	6/18/2029	$	5,419	4,741		2,709
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	10.11% PIK		13.84	%	6/18/2029	$	1,745	1,546		1,745
Retail Total										26,314		17,613			1.6	%
Services: Business
ACAMS (14)(19)(25)	Equity Interest	—	—	—			—		3,337	3,337		3,865
ACAMS (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			12/30/2031	$	—	(17	)	—
ACAMS (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.00%		8.69	%	12/30/2031	$	13,704	13,566		13,704
Advanced Aircrew (15)(19)	First Lien Senior Secured Loan	SOFR	6.50%		10.22	%	7/26/2030	$	5,043	5,002		5,043
Advanced Aircrew (3)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			7/26/2030	$	—	—		—
Advanced Aircrew (14)(19)(25)	Preferred Equity	—	—	—			—		592	592		644
Allbridge (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.50%		9.17	%	6/5/2030	$	8,955	8,902		8,955
Allbridge (3)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			6/5/2030	$	—	—		—
Allbridge (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			6/5/2030	$	—	(21	)	—
AMI (16)(19)(29)	First Lien Senior Secured Loan	SOFR	5.00%		8.90	%	10/17/2031	$	9,204	9,144		9,204
AMI (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			10/17/2031	$	—	(34	)	—
Beneficium (6)(15)(19)	First Lien Senior Secured Loan	SONIA	5.75%		9.48	%	6/28/2031	£	7,497	9,401		9,883
Beneficium (2)(3)(6)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			6/28/2031	£	—	—		(194	)

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
BLI Buyer, Inc. (3)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			10/31/2031	—		—			—
BLI Buyer, Inc. (2)(3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			10/31/2031	—		(10	)		(11	)
BLI Buyer, Inc. (15)(19)	First Lien Senior Secured Loan	SOFR	5.00%		8.84	%	10/31/2031	9,629		9,581			9,581
Brook Bidco (6)(18)(19)(26)	First Lien Senior Secured Loan	SONIA	1.87% (5.66% PIK)		11.25	%	7/10/2028	920		1,240			1,114
Brook Bidco (6)(16)(19)(26)	First Lien Senior Secured Loan	SOFR	1.91% (5.93% PIK)		11.52	%	7/10/2028	368		487			437
Brook Bidco (6)(16)(19)(26)	First Lien Senior Secured Loan	SOFR	1.91% (5.93% PIK)		11.52	%	7/10/2028	132		181			157
Brook Bidco (6)(14)(19)(25)	Preferred Equity	—	—	—			—	11,656		9,941			5,591
Cube (18)(19)(26)	First Lien Senior Secured Loan - Delayed Draw	SOFR	2.00% (4.50% PIK)		10.19	%	5/20/2031	53		53			53
Cube (6)(18)(19)(26)	First Lien Senior Secured Loan - Delayed Draw	SOFR	3.00% (4.40% PIK)		11.08	%	5/20/2031	121		105			103
Cube (6)(18)(19)(26)	First Lien Senior Secured Loan - Delayed Draw	SONIA	10.00% PIK		13.73	%	5/22/2032	2,185		2,992			2,939
Darcy Partners (18)(19)	First Lien Senior Secured Loan	SOFR	7.75%		11.45	%	6/1/2028	1,480		1,474			1,480
Darcy Partners (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	7.65%		11.50	%	6/1/2028	181		181			181
Darcy Partners (14)(19)(25)	Equity Interest	—	—	—			—	359		360			440
Datix Bidco Limited (17)(19)	First Lien Senior Secured Loan	SOFR	5.00%		8.73	%	4/30/2031	16,626		16,361			16,626
Datix Bidco Limited (3)(5)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			4/30/2031	—		(22	)		—
Datix Bidco Limited (3)(5)(6)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			10/30/2030	—		(30	)		—
Datix Bidco Limited (3)(6)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			10/30/2030	—		—			—
Discovery Senior Living (3)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	4.75%		8.47	%	3/18/2030	5,530		5,506			5,530
Discovery Senior Living (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			3/18/2030	—		(20	)		—
DTIQ (13)(19)(29)	First Lien Senior Secured Loan	SOFR	7.50%		11.22	%	9/30/2029	33,355		32,881			32,854
DTIQ (2)(3)(5)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			9/30/2029	—		(30	)		(81	)
DTIQ (3)(13)(19)	First Lien Senior Secured Loan - Revolver	SOFR	7.50%		11.22	%	9/30/2029	806		806			746
DTIQ (14)(19)(25)	Equity Interest	—	—	—			—	3,995		—			—
DTIQ (14)(19)(25)	Equity Interest	—	—	—			—	1,985		681			1,559
Easy Ice (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.40%		9.24	%	10/30/2030	7,920		7,821			7,920
Easy Ice (3)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.40%		9.07	%	10/30/2030	3,161		3,098			3,161
Easy Ice (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.40%		9.09	%	10/30/2030	1,776		1,713			1,776
Electronic Merchant Systems (16)(19)(29)	First Lien Senior Secured Loan	SOFR	4.75%		8.48	%	8/1/2030	4,092		4,034			4,092
Electronic Merchant Systems (3)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			8/1/2030	—		—			—
Electronic Merchant Systems (19)(25)	Equity Interest	—	—	—			—	148		1,042			1,991
Elevator Holdco Inc. (14)(19)(25)	Equity Interest	—	—	—			—	2		2,448			3,026
E-Tech Group (2)(3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			4/9/2030	—		(9	)		(16	)
Fiduciaire Jean-Marc Faber (FJMF) (2)(3)(5)(6)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			4/3/2032	—		(14	)		(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	%	—	1,869		2,428			2,464
iBanFirst (6)(18)(19)(26)	First Lien Senior Secured Loan	EURIBOR	9.75% PIK		11.77	%	7/13/2028	4,152		4,372			4,872
iBanFirst (6)(18)(19)(26)	First Lien Senior Secured Loan	EURIBOR	9.75% PIK		11.77	%	7/13/2028	120		129			141
iBanFirst (6)(18)(19)(26)	First Lien Senior Secured Loan	EURIBOR	9.75% PIK		11.77	%	7/13/2028	4,363		4,554			5,121
iBanFirst (6)(18)(19)(26)	First Lien Senior Secured Loan - Delayed Draw	EURIBOR	9.75% PIK		11.77	%	7/13/2028	4,009		4,181			4,705
iBanFirst Facility (6)(14)(19)(25)	Preferred Equity	—	—	—			—	7,112		8,136			28,523
ImageTrend (15)(19)	First Lien Senior Secured Loan	SOFR	6.00%		9.84	%	1/31/2029	17,000		16,831			17,000
				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
ImageTrend (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			1/31/2029	$	—	(31	)	—
ImageTrend (15)(19)	First Lien Senior Secured Loan	SOFR	6.00%		9.72	%	1/31/2029	$	2,500	2,479		2,500
LEP CP Co-Invest, L.P. (6)(14)(19)(25)	Equity Interest	—	—	—			—		287	380		410
Mach 1 Bidco Limited (3)(6)(18)(19)(26)	First Lien Senior Secured Loan - Delayed Draw	SOFR	3.00% (4.40% PIK)		11.07	%	5/20/2031	$	153	151		151
masLabor (18)(19)	First Lien Senior Secured Loan	SOFR	7.50%		11.15	%	7/1/2027	$	8,233	8,148		8,233
masLabor (14)(19)(25)	Equity Interest	—	—	—			—		173	173		642
Morrow Sodali (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			4/25/2028	$	—	(12	)	—
Morrow Sodali (15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.48%		9.20	%	4/25/2028	$	2,573	2,564		2,573
Opus2 (6)(18)(19)	First Lien Senior Secured Loan	SONIA	5.28%		9.00	%	5/5/2028	£	123	169		165
Opus2 (6)(14)(19)(25)	Equity Interest	—	—	—			—		2,272	2,900		4,189
PRGX (15)(19)	First Lien Senior Secured Loan	SOFR	5.50%		9.16	%	12/20/2030	$	142	141		140
PRGX (2)(3)(5)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			12/20/2030	$	—	(23	)	(82	)
Pure Wafer (3)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.35%		9.07	%	11/12/2030	$	1,384	1,376		1,384
Pure Wafer (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			11/12/2030	$	—	(16	)	—
Pure Wafer (19)(25)	Equity Interest	—	—	—			—		1,236	1,236		1,381
Rydoo (6)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	EURIBOR	6.75%		8.87	%	9/12/2031	€	1,556	1,724		1,826
Rydoo (6)(15)(19)	First Lien Senior Secured Loan	EURIBOR	6.75%		8.87	%	9/26/2031	€	5,076	5,796		5,957
Rydoo (6)(14)(19)(25)	Equity Interest	—	—	—			—		1,529	1,790		2,378
Rydoo (6)(14)(19)(25)	Preferred Equity	—	—	—			—		655	767		861
SoftCo (6)(15)(19)	First Lien Senior Secured Loan	EURIBOR	6.50%		8.57	%	2/22/2031	€	2,000	2,148		2,347
SoftCo (6)(14)(19)(25)	Equity Interest	—	—	—			—		500	537		734
Spring Finco BV (2)(3)(6)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			7/15/2029	NOK	—	—		(65	)
TEI Holdings Inc. (17)(29)	First Lien Senior Secured Loan	SOFR	4.00%		7.67	%	4/9/2031	$	2,621	2,610		2,610
TES Global (6)(18)(19)	First Lien Senior Secured Loan - Delayed Draw	SONIA	5.00%		9.01	%	1/27/2029	£	12	15		16
Webcentral (6)(18)(19)	First Lien Senior Secured Loan - Delayed Draw	EURIBOR	6.50%		8.62	%	12/18/2030	€	17	18		20
Webcentral (3)(6)(18)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	6.50%		10.53	%	12/18/2030	€	217	238		242
Webcentral (6)(18)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	6.50%		10.53	%	12/18/2030	$	87	87		87
Services: Business Total										228,774		253,898			22.7	%

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: Consumer
CorePower Yoga, LLC (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.25%		8.92	%	4/30/2031	7,960	7,920		7,960
CorePower Yoga, LLC (3)(5)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			4/30/2031	—	(2	)	—
CorePower Yoga, LLC (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			4/30/2031	—	(8	)	—
Master ConcessionAir (19)(33)	First Lien Senior Secured Loan	SOFR	8.75%		12.44	%	6/21/2029	1,706	1,678		1,621
Master ConcessionAir (3)(19)(33)	First Lien Senior Secured Loan - Delayed Draw	SOFR	8.75%		12.64	%	6/21/2029	182	181		159
Master ConcessionAir (3)(19)(33)	First Lien Senior Secured Loan - Revolver	SOFR	8.75%		12.49	%	6/21/2029	217	213		205
MZR Aggregator (14)(19)(25)	Equity Interest	—	—	—			—	1	798		75
MZR Aggregator (14)(19)(25)	Equity Interest	—	—	—			—	—	12		15
MZR Buyer, LLC (15)(19)(26)	First Lien Senior Secured Loan - Revolver	SOFR	6.90% (0.50% PIK)		11.06	%	12/22/2028	5,229	5,186		4,889
MZR Buyer, LLC (15)(19)(26)	First Lien Senior Secured Loan	SOFR	7.00% (0.50% PIK)		11.56	%	12/22/2028	455	450		450
MZR Buyer, LLC (15)(19)(26)	First Lien Senior Secured Loan - Revolver	SOFR	6.90% (0.50% PIK)		11.06	%	12/22/2028	1,732	1,711		1,619
MZR Buyer, LLC (15)(19)(26)	First Lien Senior Secured Loan	SOFR	6.90% (0.50% PIK)		11.07	%	12/22/2028	25,491	24,919		23,834
Owl Acquisition, LLC (16)(19)	First Lien Senior Secured Loan	SOFR	4.75%		8.63	%	4/17/2032	642	639		629
Owl Acquisition, LLC (2)(3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			4/17/2032	—	(8	)	(47	)
Owl Acquisition, LLC (3)(18)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	4.75%		8.69	%	4/17/2032	200	198		178
Spotless Brands (15)(19)(29)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.50%		9.37	%	7/25/2028	11,330	11,281		11,330
Vasa Fitness Buyer, Inc. (15)(19)	First Lien Senior Secured Loan	SOFR	6.35%		10.07	%	8/15/2030	66	70		65
Vasa Fitness, LLC (3)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	6.35%		10.08	%	8/15/2030	580	571		561
Vasa Fitness, LLC (2)(3)(5)(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	9,164	9,094		9,164
Services: Consumer Total									64,901		62,704			5.6	%
Telecommunications
Meriplex Communications, Ltd. (16)(19)	First Lien Senior Secured Loan	SOFR	5.10%		8.82	%	7/17/2028	11,966	11,846		11,757
Meriplex Communications, Ltd. (16)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.10%		8.82	%	7/17/2028	7,102	7,053		6,978
Meriplex Communications, Ltd. (16)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.10%		8.82	%	7/17/2028	2,824	2,800		2,775
Substantial Holdco Limited (3)(6)(18)(19)(26)	First Lien Senior Secured Loan - Delayed Draw	—	8.00% (4.00% PIK)		12.00	%	4/20/2030	253	338		340
Taoglas (15)(19)	First Lien Senior Secured Loan	SOFR	7.25%		10.92	%	2/28/2029	9,877	9,813		9,704
Taoglas (3)(6)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	7.25%		10.99	%	2/28/2029	1,284	1,284		1,260
Taoglas (6)(15)(19)	First Lien Senior Secured Loan	SOFR	7.25%		10.92	%	2/28/2029	444	436		436
Taoglas (14)(19)(25)	Equity Interest	—	—	—			—	2,259	2,259		1,901
Taoglas (15)(19)	First Lien Senior Secured Loan	SOFR	7.25%		10.92	%	2/28/2029	894	894		894
Taoglas (14)(19)(25)	Equity Interest	—	—	—			—	20	20		17
Taoglas (15)(19)	First Lien Senior Secured Loan	SOFR	7.25%		10.92	%	2/28/2029	18,277	18,025		17,957
Telecommunications Total									54,768		54,019			4.8	%
				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: Cargo
A&R Logistics, Inc. (15)(19)(26)	First Lien Senior Secured Loan	SOFR	2.65% (4.25% PIK)		10.56	%	2/3/2028	13,161	13,128		11,581
A&R Logistics, Inc. (3)(15)(19)(22)(26)	First Lien Senior Secured Loan - Revolver	SOFR	2.50% (4.25% PIK)		10.48	%	2/3/2028	4,624	4,561		3,877
A&R Logistics, Inc. (15)(19)(26)	First Lien Senior Secured Loan	SOFR	2.65% (4.25% PIK)		10.56	%	2/3/2028	2,398	2,391		2,110
A&R Logistics, Inc. (15)(19)(26)	First Lien Senior Secured Loan	SOFR	2.65% (4.25% PIK)		10.56	%	2/3/2028	926	920		815
A&R Logistics, Inc. (15)(19)(26)	First Lien Senior Secured Loan	SOFR	2.65% (4.25% PIK)		10.56	%	2/3/2028	2,693	2,689		2,370
A&R Logistics, Inc. (15)(19)(26)	First Lien Senior Secured Loan	SOFR	2.65% (4.25% PIK)		10.56	%	2/3/2028	5,937	5,925		5,224
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)	Equity Interest	—	—	—			—	1,011	1,019		—
Grammer Investment Holdings LLC (14)(19)(25)	Warrants	—	—	—			—	122	—		—
Grammer Investment Holdings LLC (14)(19)(25)	Preferred Equity	—	—	—			—	11	1,095		—
Gulf Winds International (15)(19)(26)(29)	First Lien Senior Secured Loan	SOFR	6.00% (1.00% PIK)		10.72	%	12/16/2028	11,954	11,744		11,356
Gulf Winds International (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	7.00%		10.72	%	12/16/2028	4,096	3,996		3,812
Gulf Winds International (15)(19)(26)	First Lien Senior Secured Loan	SOFR	6.00% (1.00% PIK)		10.72	%	12/16/2028	1,072	1,065		1,018
ICAT Logistics, Inc. (15)(19)	First Lien Senior Secured Loan	SOFR	6.25%		9.97	%	3/1/2029	182	181		180
ICAT Logistics, Inc. (3)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	6.25%		9.97	%	3/1/2029	1,371	1,332		1,289
ICAT Logistics, Inc. (2)(3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			3/1/2029	—	(12	)	(13	)
REP Coinvest III- A Omni, L.P. (14)(19)(25)	Equity Interest	—	—	—			—	1,377	1,377		728
RoadOne (15)(19)(29)	First Lien Senior Secured Loan	SOFR	6.25%		9.95	%	12/29/2028	11,883	11,670		11,883
RoadOne (15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	6.25%		9.95	%	12/29/2028	929	919		929
RoadOne (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	6.25%		10.03	%	12/29/2028	3,922	3,856		3,922
Transportation: Cargo Total									68,310		61,081			5.5	%
Transportation: Consumer
PrimeFlight (15)(19)	First Lien Senior Secured Loan	SOFR	5.25%		9.12	%	5/1/2029	9,334	9,252		9,334
PrimeFlight Acquisition LLC (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.50%		9.35	%	5/1/2029	11,944	11,792		11,944
PrimeFlight Acquisition LLC (15)(19)	First Lien Senior Secured Loan	SOFR	5.50%		9.17	%	5/1/2029	826	826		826
PrimeFlight Acquisition LLC (15)(19)	First Lien Senior Secured Loan	SOFR	5.25%		8.92	%	5/1/2029	4,014	3,969		4,014
Transportation: Consumer Total									25,839		26,118			2.3	%
Utilities: Electric
KAMC Holdings, Inc. (16)(19)(29)	First Lien Senior Secured Loan	SOFR	5.25%		9.10	%	8/1/2031	7,857	7,770		7,768
KAMC Holdings, Inc. (3)(16)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.25%		9.07	%	8/1/2031	263	253		252
Utilities: Electric Total									8,023		8,020			0.7	%
Utilities: Water
Vessco Water (3)(16)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	4.50%		8.22	%	7/24/2031	2,758	2,740		2,757
Vessco Water (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			7/24/2031	—	(9	)	—
Utilities: Water Total									2,731		2,757			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
Wholesale
Abracon Group Holding, LLC. (7)(14)(16)(19)(26)	First Lien Senior Secured Loan	SOFR	2.05% (4.60% PIK)		10.54	%	7/6/2028	$	14,939	13,613		8,964
Abracon Group Holding, LLC. (7)(14)(16)(19)(26)	First Lien Senior Secured Loan - Revolver	SOFR	2.05% (4.60% PIK)		10.54	%	7/6/2028	$	2,112	1,916		1,267
Chex Finer Foods, LLC (15)(19)(29)	First Lien Senior Secured Loan	SOFR	6.00%		9.74	%	6/6/2031	$	8,945	8,892		8,945
Chex Finer Foods, LLC (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			6/6/2031	$	—	(16	)	—
Chex Finer Foods, LLC (3)(5)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			6/6/2031	$	—	(14	)	—
Fifty AU Bidco Pty Ltd (18)(19)	First Lien Senior Secured Loan	BBSY	5.00%		8.79	%	8/1/2031	AUD	2,396	1,543		1,591
Fifty U.S. Bidco Inc (15)(19)	First Lien Senior Secured Loan	SOFR	5.00%		8.67	%	8/1/2031	$	700	696		696
Fifty U.S. Bidco Inc (2)(3)(5)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			8/1/2031	$	—	(4	)	(15	)
Fifty U.S. Bidco Inc (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.00%		8.67	%	8/1/2031	$	1,171	1,159		1,163
Hultec (14)(19)(25)	Equity Interest	—	—	—			—		1	651		1,019
SureWerx (16)(19)	First Lien Senior Secured Loan	SOFR	5.25%		8.92	%	12/28/2029	$	932	929		927
SureWerx (2)(3)(5)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			12/28/2029	$	—	(6	)	(5	)
SureWerx (2)(3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			12/28/2028	$	—	(13	)	(6	)
SureWerx (3)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			12/28/2028	CAD	—	—		—
Wholesale Total										29,346		24,546			2.2	%
Non-Controlled/Non-Affiliate Investments Total										1,891,513		1,905,297			170.5	%
Non-Controlled/Affiliate Investments
Aerospace & Defense
Ansett Aviation Training (6)(10)(14)(19)(25)	Equity Interest	—	—	—			—		5,119	3,842		18,384
Aerospace & Defense Total										3,842		18,384			1.6	%
Beverage, Food & Tobacco
ADT Pizza, LLC (10)(14)(19)(25)	Equity Interest	—	—	—			—		6,720	3,372		—
Beverage, Food & Tobacco Total										3,372		—			0.0	%
Consumer Goods: Durable
Walker Edison (3)(7)(10)(14)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			2/2/2026	$	290	290		290
Consumer Goods: Durable Total										290		290			0.1	%
Non-Controlled/Affiliate Investments Total										7,504		18,674			1.7	%

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	7,539
BCC Jetstream Holdings Aviation (On II), LLC (10)(11)(14)(20)	First Lien Senior Secured Loan	—	—	—			—	8,013	8,013	4,583
BCC Jetstream Holdings Aviation (On II), LLC (10)(11)(14)(20)(25)	Equity Interest	—	—	—			—	1,116	1,116	—
Gale Aviation (Offshore) Co (6)(10)(11)(14)(19)(25)	Equity Interest	—	—	—			—	72,247	66,754	55,758
Aerospace & Defense Total									87,746	67,880		6.1	%
FIRE: Finance
Legacy Corporate Lending HoldCo, LLC (10)(11)(14)(19)(25)	Equity Interest	—	—	—			—	1	900	1,287
Legacy Corporate Lending HoldCo, LLC (10)(11)(19)(25)	Preferred Equity	—	—	—			—	66	59,400	68,748
Legacy Corporate Lending HoldCo, LLC (10)(11)(14)(19)(25)	Equity Interest	—	—	—			—	1	—	—
FIRE: Finance Total									60,300	70,035		6.3	%
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	1,836
Bain Capital Senior Loan Program, LLC (6)(10)(11)(25)	Equity Interest Investment Vehicles	—	—	—			—	10	5,594	5,007
International Senior Loan Program, LLC (6)(10)(11)(18)(19)	Subordinated Note Investment Vehicles	SOFR	8.00%		11.69	%	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	43,554
Investment Vehicles Total									426,942	399,051		35.7	%
Services: Business
Parcel2Go (6)(10)(11)(14)(19)(25)	Preferred Equity	—	—	—			—	14,221	—	—
Parcel2Go (6)(10)(11)(14)(19)(25)	Equity Interest	—	—	—			—	—	—	—
Parcel2Go (6)(10)(11)(18)(19)	First Lien Senior Secured Loan	SONIA	7.00%		10.97	%	11/26/2031	49	62	56
Services: Business Total									62	56		0.0	%
Services: Consumer
SG Global Midco Limited (6)(10)(11)(19)	First Lien Senior Secured Loan	—	10.00%		10.00	%	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		11.00	%	12/31/2028	69	77	22
Voltaire Topco Limited (6)(10)(11)(14)(19)(25)	Equity Interest	—	—	—			—	—	—	—
Services: Consumer Total									80	25		0.0	%
Portfolio Company	Investment Type	Index (1)	Spread (1)	Interest Rate			Maturity Date	Principal/Shares (9)	Cost	Market Value	% of NAV (4)
---	---	---	---	---	---	---	---	---	---	---	---	---	---
Controlled Affiliate Investments
Transportation: Cargo
Lightning Holdings B, LLC (6)(10)(11)(14)(19)(25)	Equity Interest	—	—	—			—	28,209	28,520	47,423
Transportation: Cargo Total									28,520	47,423		4.2	%
Controlled Affiliate Investments Total									603,650	584,470		52.3	%
Investments Total									2,502,667	2,508,441		224.5	%
Cash Equivalents
Goldman Sachs Financial Square Government Fund Institutional Share Class	Cash Equivalents	—	—		3.69	%	—	12,002	12,002	12,002
Goldman Sachs US Treasury Liquid Reserves Fund (30)	Cash Equivalents	—	—		3.70	%	—	26,812	26,812	26,812
Cash Equivalents Total									38,814	38,814		3.5	%
Investments and Cash Equivalents Total									2,541,481	2,547,255		228.0	%

All values are in US Dollars.

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	-	7,976

All values are in US Dollars.

Forward Foreign Currency Exchange Contracts

					Unrealized
Currency Purchased	Currency Sold		Counterparty	Settlement Date	Appreciation(8)
US DOLLARS 148		EURO 0	Wells Fargo	1/9/2026	(503	)
US DOLLARS 7,650		EURO 7,225	Bank of New York Mellon	1/28/2026	(847	)
US DOLLARS 1,388		POUND STERLING 1,118	Bank of New York Mellon	1/30/2026	(116	)
US DOLLARS 1,922		POUND STERLING 1,480	Bank of New York Mellon	3/20/2026	(69	)
US DOLLARS 1,060		EURO 1,820	Bank of New York Mellon	3/27/2026	(1,086	)
US DOLLARS 9,445		EURO 8,610	BNP Paribas	3/30/2026	(710	)
US DOLLARS 1,034		POUND STERLING 0	BNP Paribas	4/10/2026	(1,038	)
US DOLLARS 3,130		POUND STERLING 2,410	US Bank	4/14/2026	(111	)
US DOLLARS 19,307		EURO 16,810	US Bank	5/12/2026	(556	)
US DOLLARS 13,483		POUND STERLING 10,160	US Bank	5/14/2026	(179	)
US DOLLARS 1,167		EURO 0	Wells Fargo	5/19/2026	(1,168	)
US DOLLARS 58		POUND STERLING 55	Bank of New York Mellon	6/8/2026	(16	)
US DOLLARS 819		EURO 700	Bank of New York Mellon	6/8/2026	(9	)
US DOLLARS 5,137		EURO 4,400	Bank of New York Mellon	6/9/2026	(69	)
US DOLLARS 2,760		EURO 2,360	Bank of New York Mellon	6/10/2026	(32	)
US DOLLARS 290		NEW ZEALAND DOLLAR 725	Bank of New York Mellon	6/15/2026	(129	)
US DOLLARS 3,959		POUND STERLING 2,915	Bank of New York Mellon	6/17/2026	40
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	(40	)
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	15
US DOLLARS 3,206		AUSTRALIAN DOLLARS 4,900	US Bank	7/31/2026	(57	)
US DOLLARS 5,343		POUND STERLING 4,007	BNP Paribas	7/31/2026	(43	)
US DOLLARS 11,061		EURO 9,445	BNP Paribas	7/31/2026	(136	)
US DOLLARS 5,895		EURO 4,980	Wells Fargo	8/13/2026	(11	)
US DOLLARS 3,248		AUSTRALIAN DOLLARS 5,195	Bank of New York Mellon	8/20/2026	(210	)
US DOLLARS 999		EURO 0	Bank of New York Mellon	8/20/2026	(999	)
US DOLLARS 5,570		EURO 4,860	Wells Fargo	8/20/2026	(195	)
US DOLLARS 952		CANADIAN DOLLAR 1,310	Bank of New York Mellon	8/20/2026	(12	)
US DOLLARS 7,111		POUND STERLING 5,620	Bank of New York Mellon	8/27/2026	(443	)
US DOLLARS 5,359		AUSTRALIAN DOLLARS 8,060	Bank of New York Mellon	9/16/2026	(4	)
US DOLLARS 7,171		POUND STERLING 5,316	US Bank	9/24/2026	27
US DOLLARS 3,473		POUND STERLING 2,590	US Bank	10/2/2026	(7	)
US DOLLARS 3,170		EURO 2,700	US Bank	10/2/2026	(38	)
US DOLLARS 16,837		EURO 14,100	Bank of New York Mellon	10/2/2026	84
US DOLLARS 1,083		POUND STERLING 800	Wells Fargo	10/26/2026	8
US DOLLARS 5,756		POUND STERLING 4,380	US Bank	11/10/2026	(129	)
US DOLLARS 1,648		EURO 1,400	Wells Fargo	11/20/2026	(18	)
US DOLLARS 4,355		POUND STERLING 3,350	Bank of New York Mellon	11/25/2026	(145	)
US DOLLARS 983		EURO 830	US Bank	12/7/2026	(5	)
US DOLLARS 2,278		EURO 2,000	Bank of New York Mellon	10/28/2027	(127	)
					(9,061	)

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 December 31, 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 $1,117,410 as of December 31, 2025.
The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
The investment or a portion of this investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2025, non-qualifying assets totaled 29.53% of the Company’s total assets.
Loan was on non-accrual status as of December 31, 2025.
Unrealized appreciation on forward currency exchange contracts.
The principal amount (par amount) for all debt securities is denominated in U.S. dollars, unless otherwise noted. £ represents Pound Sterling, € represents Euro, NOK represents Norwegian Krone, AUD represents Australian Dollar, CAD represents Canadian Dollar and NZ$ 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%.
$464 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 December 31, 2025, the aggregate fair value of these securities is $435,349 or 38.96% 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 CPK investments 1, LLC	12/8/2025
BCC HGS Investments 1, LLC	10/21/2025
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
Endurance Holdco Limited	11/14/2025
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
Gills Point S	12/18/2025
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
LEP SAL Co-Invest, L.P.	11/14/2025
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 $26,809 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%.
£1,027 of the total par amount for this security is at EURIBOR + 6.25%.

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 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 completed its initial public offering (the “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 Bain Capital Credit’s Senior Direct Lending Strategy, which seeks to provide risk-adjusted returns and current income to its investors 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 may, from time to time, invest in larger or smaller companies. The Company focuses 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). The Company generally seeks to retain effective 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, 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 the Company’s investment strategy. The Company 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.

The Company’s 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 Financial Statements 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 (“U.S. GAAP”). The Company’s Consolidated Financial Statements and related financial information have been prepared pursuant to the requirements for reporting on Form 10‑Q and Regulation S-X. These Consolidated Financial Statements reflect adjustments that in the opinion of the Company are necessary for the fair statement of the financial position and results of operations for the periods presented herein and are not necessarily indicative of the full fiscal year. The Company has determined it meets the definition of an investment company and follows the accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 — Financial Services — Investment Companies (“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 Statements or the consolidated results of operations as previously reported.

The information included in this Quarterly Report on Form 10-Q (“Quarterly Report”) should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

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 U.S. 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 has designated 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:

An initial valuation is prepared by the investment professionals of the Advisor responsible for the portfolio investment in conjunction with the Company’s portfolio management and valuation team.
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.
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 U.S. 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. 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.

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 June 30, 2026 and 2025, the Company recorded $7.8 and $5.1 million, respectively, of dividend income, of which, $0.7 million and $2.9 million, respectively, related to PIK dividends. For the six months ended June 30, 2026 and 2025, the Company recorded $14.4 million and $11.6 million, respectively, of dividend income, of which, $1.3 million and $3.0 million, respectively, related to PIK dividends.

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

Expenses are recorded on an accrual basis.

Non-Accrual Loans

Loans or debt securities are placed on non-accrual status when there is reasonable doubt that principal or interest will be collected. Accrued interest generally is reversed when a loan or debt security is placed on non-accrual status. Interest payments received on non-accrual loans or debt securities may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans and debt securities are restored to accrual status when past due principal and interest are paid and, in management’s judgment, principal and interest payments are likely to remain current. The Company may make exceptions to this treatment if a loan has sufficient collateral value and is in the process of collection. As of June 30, 2026, there were twenty-one loans from four issuers on non-accrual. As of December 31, 2025, there were twelve loans from six 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 U.S. 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 June 30, 2026 and 2025, the Company recorded an expense of $0.7 million and $1.1 million, respectively for U.S. federal excise tax. For the six months ended June 30, 2026 and 2025, the Company recorded an expense of $1.6 million and $2.2 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 (net of applicable withholding tax) 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 Financial Statements. 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.

Prepaid Insurance

The Company has obtained directors and officers liability insurance. These costs are recognized as a deferred charge and will be amortized using the straight-line method over the term of the insurance policies, beginning on the date the Company enters into each insurance policy agreement. Deferred costs related to the insurance policies are presented separately on the Company’s Consolidated Statements of Assets and Liabilities.

Professional Fees and Operating Expenses

The Company is responsible for investment expenses, legal expenses, auditing fees, and other expenses related to the Company’s operations. Such fees and expenses, including expenses incurred by the Advisor may be reimbursed by the Company.

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 Financial Statements.

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 6. 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.

Valuation of Other Financial Assets and Financial Liabilities

ASC 825, Financial Instruments, permits an entity to choose, at specified election dates, to measure certain assets and liabilities at fair value (the “Fair Value Option”). We have not elected the Fair Value Option to report selected financial assets and financial liabilities. Debt issued by the Company is reported at amortized cost (see Note 6 to the Consolidated Financial Statements). The carrying value of all other financial assets and liabilities approximates fair value due to their short maturities or their close proximity of the originations to the measurement date.

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 U.S. federal income taxes. Accordingly, no provision for U.S. federal income taxes is required in the Consolidated Financial Statements. For U.S. federal income tax purposes, distributions made to stockholders are reported as ordinary income, capital gains, non-taxable return of capital, or a combination thereof. The tax character of distributions paid to stockholders through June 30, 2026 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, 2026. The character of income and gains that the Company distributes is determined in accordance with U.S. federal income tax regulations that may differ from U.S. GAAP. BCSF CFSH, LLC, BCSF CFS, LLC, and BCC Middle Market CLO 2019‑1, LLC are disregarded entities for U.S. federal income tax purposes and are consolidated with the tax return of the Company.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its Consolidated Financial Statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reversed and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes, if any, are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. Management has analyzed the Company’s tax positions, and has concluded that no liability for unrecognized tax benefits related to uncertain tax positions on returns to be filed by the Company for all open tax years should be recorded. The Company identifies its major tax jurisdiction as the United States, and the Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months. As of June 30, 2026, the tax years that remain subject to examination are from 2023 forward.

Recent Accounting Pronouncements

The Company’s management has evaluated recently issued accounting standards through August 10, 2026, 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.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270), Narrow-Scope Improvements (“ASU 2025-11”), which improves the navigability of required interim disclosures and clarifies when that guidance is applicable. Additionally, ASU 2025-11 provides additional guidance on what disclosures should be provided in interim reporting periods. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently assessing the impact of this guidance; however, the Company does not expect a material impact on its Consolidated Financial Statements.

Note 3. Investments

The following table shows the composition of the investment portfolio, at amortized cost and fair value as of June 30, 2026 (with corresponding percentage of total portfolio investments):

	As of June 30, 2026
	Amortized Cost		Percentage of<br>Total Portfolio			Fair Value		Percentage of<br>Total Portfolio
First Lien Senior Secured Loan		1,544,042		64.9	%		1,499,617		63.4	%
Second Lien Senior Secured Loan		29,871		1.3			30,069		1.3
Subordinated Debt		92,268		3.9			86,634		3.7
Preferred Equity		142,023		6.0			182,668		7.7
Equity Interest		131,113		5.5			176,788		7.5
Warrants		—		—			696		0.0
Subordinated Notes in Investment Vehicles (1)		369,709		15.6			354,534		15.0
Preferred Equity Interest in Investment Vehicles (1)		10		0.0			1,836		0.1
Equity Interests in Investment Vehicles (1)		66,209		2.8			30,734		1.3
Total		2,375,245		100.0	%		2,363,576		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, 2025 (with corresponding percentage of total portfolio investments):

	As of December 31, 2025
	Amortized Cost	Percentage of<br>Total Portfolio			Fair Value	Percentage of<br>Total Portfolio
First Lien Senior Secured Loans	1,625,569		64.9	%	1,598,731		63.8	%
Second Lien Senior Secured Loans	29,819		1.2		30,020		1.2
Subordinated Debt	99,272		4.0		95,687		3.8
Preferred Equity	121,965		4.9		157,244		6.3
Equity Interests	199,100		8.0		226,663		9.0
Warrants	—		0.0		1,045		0.0
Subordinated Notes in Investment Vehicles (1)	360,724		14.4		348,654		13.9
Preferred Equity Interest in Investment Vehicles (1)	10		0.0		1,836		0.1
Equity Interests in Investment Vehicles (1)	66,208		2.6		48,561		1.9
Total	2,502,667		100.0	%	2,508,441		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 June 30, 2026 (with corresponding percentage of total portfolio investments):

	As of June 30, 2026
	Amortized Cost		Percentage of<br>Total Portfolio			Fair Value		Percentage of<br>Total Portfolio
USA		2,156,115		90.8	%		2,086,307		88.4	%
United Kingdom		58,512		2.5			60,238		2.6
Belgium		32,879		1.4			53,856		2.3
Cayman Islands		32,144		1.4			53,161		2.2
Canada		23,236		1.0			25,667		1.1
Australia		7,314		0.3			22,748		1.0
Luxembourg		14,206		0.6			14,430		0.6
Germany		11,743		0.5			12,638		0.5
Ireland		16,922		0.7			12,279		0.5
Jersey		6,787		0.3			6,854		0.3
Guernsey		5,869		0.2			5,867		0.2
Netherlands		4,918		0.2			4,919		0.2
France		3,448		0.1			3,487		0.1
Bermuda		752		0.0			745		0.0
New Zealand		400		0.0			380		0.0
Total		2,375,245		100.0	%		2,363,576		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, 2025 (with corresponding percentage of total portfolio investments):

	As of December 31, 2025
	Amortized Cost	Percentage of<br>Total Portfolio			Fair Value	Percentage of<br>Total Portfolio
USA	2,196,416		87.8	%	2,159,520		86.0	%
Cayman Islands	100,047		4.0		106,554		4.1
United Kingdom	55,273		2.2		58,396		2.3
Belgium	31,971		1.3		54,971		2.2
Canada	35,522		1.4		36,714		1.5
Luxembourg	20,836		0.8		22,312		0.9
Australia	5,534		0.2		20,114		0.8
Germany	20,482		0.8		16,371		0.7
Ireland	14,534		0.6		10,380		0.4
Italy	6,112		0.2		6,715		0.3
Jersey	6,343		0.3		6,460		0.3
France	3,802		0.2		3,932		0.2
Guernsey	3,753		0.1		3,832		0.2
Netherlands	1,678		0.1		1,826		0.1
New Zealand	364		0.0		344		0.0
Total	2,502,667		100.0	%	2,508,441		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 June 30, 2026 (with corresponding percentage of total portfolio investments):

	As of June 30, 2026
	Amortized Cost			Percentage of<br>Total Portfolio			Fair Value		Percentage of<br>Total Portfolio
Investment Vehicles (2)		435,928			18.3	%		387,104		16.5	%
Services: Business		225,209			9.4			247,588		10.5
High Tech Industries		203,568			8.6			212,346		9.0
Healthcare & Pharmaceuticals		196,704			8.3			190,996		8.1
Aerospace & Defense		169,996			7.2			179,716		7.6
Beverage, Food, & Tobacco		142,717			6.0			140,416		5.9
FIRE: Finance (1)		98,986			4.2			119,019		5.0
Environmental Industries		112,055			4.7			112,785		4.8
Transportation: Cargo		101,954			4.3			111,647		4.7
Automotive		103,250			4.3			96,801		4.1
Consumer Goods: Non-Durable		79,158			3.3			75,794		3.2
Capital Equipment		61,896			2.6			74,396		3.1
Services: Consumer		65,646			2.8			60,918		2.6
Telecommunications		56,315			2.4			56,050		2.4
Construction & Building		56,971			2.4			49,396		2.1
Chemicals, Plastics, & Rubber		49,075			2.1			47,656		2.0
Consumer Goods: Durable		46,751			2.0			45,057		1.9
Hotel, Gaming, & Leisure		32,563			1.4			32,876		1.4
Transportation: Consumer		31,483			1.3			31,767		1.3
Wholesale		37,592			1.6			31,483		1.3
Media: Diversified & Production		27,953			1.2			28,348		1.2
Utilities: Electric		7,995			0.3			7,927		0.3
Containers, Packaging, & Glass		5,389			0.2			5,439		0.2
FIRE: Insurance (1)		4,729			0.2			4,625		0.2
Media: Advertising, Printing & Publishing		4,680			0.2			4,213		0.2
Retail		11,803			0.5			4,148		0.2
Media: Broadcasting & Subscription		2,881			0.1			2,916		0.1
Metals & Mining		1,227			0.1			1,291		0.1
FIRE: Real Estate (1)		779			0.0			858		0.0
Utilities: Water		(8	)		0.0			-		0.0
Total		2,375,245			100.0	%		2,363,576		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, 2025 (with corresponding percentage of total portfolio investments):

	As of December 31, 2025
	Amortized Cost	Percentage of<br>Total Portfolio			Fair Value	Percentage of<br>Total Portfolio
Investment Vehicles (2)	426,942		17.1	%	399,051		15.9	%
High Tech Industries	250,660		10.0		271,004		10.8
Services: Business	228,836		9.1		253,954		10.1
Aerospace & Defense	237,633		9.5		235,307		9.4
Healthcare & Pharmaceuticals	213,870		8.5		210,063		8.4
Beverage, Food & Tobacco	116,454		4.7		115,105		4.6
FIRE: Finance (1)	101,357		4.0		114,894		4.6
Transportation: Cargo	96,830		3.9		108,504		4.3
Automotive	111,100		4.4		105,969		4.2
Environmental Industries	85,843		3.4		87,491		3.5
Construction & Building	76,871		3.1		77,815		3.1
Consumer Goods: Non-Durable	70,788		2.8		67,550		2.7
Services: Consumer	64,981		2.6		62,729		2.5
Capital Equipment	49,524		2.0		56,654		2.3
Telecommunications	54,768		2.2		54,019		2.2
Consumer Goods: Durable	53,098		2.1		51,259		2.0
Chemicals, Plastics & Rubber	48,895		2.0		47,767		1.9
FIRE: Insurance (1)	30,653		1.2		30,829		1.2
Media: Diversified & Production	34,714		1.4		29,461		1.2
Transportation: Consumer	25,839		1.0		26,118		1.0
Hotel, Gaming & Leisure	24,284		1.0		24,708		1.0
Wholesale	29,346		1.2		24,546		1.0
Retail	26,314		1.1		17,613		0.7
Containers, Packaging & Glass	9,079		0.4		9,182		0.4
Metals & Mining	9,184		0.4		9,158		0.4
Utilities: Electric	8,023		0.3		8,020		0.3
Media: Broadcasting & Subscription	2,876		0.1		2,954		0.1
Media: Advertising, Printing & Publishing	3,090		0.1		2,857		0.1
Utilities: Water	2,731		0.1		2,757		0.1
Consumer goods: Wholesale	8,084		0.3		1,103		0.0
Total	2,502,667		100.0	%	2,508,441		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).

Unconsolidated Significant Subsidiary

The following unconsolidated subsidiaries are considered significant subsidiaries under SEC Regulation S-X Rule 10-01(b)(1) and Regulation S-X Rule 4-08(g) as of June 30, 2026. Accordingly, summarized, comparative financial information is presented below for the unconsolidated significant subsidiaries: the International Senior Loan Program, LLC (“ISLP”) and Bain Capital Senior Loan Program, LLC (“SLP”).

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 June 30, 2026, the Company’s investment in ISLP consisted of subordinated notes of $190.7 million and equity interests of $30.7 million. As of December 31, 2025, the Company’s investment in ISLP consisted of subordinated notes of $190.7 million and equity interests of $43.6 million.

As of June 30, 2026 and December 31, 2025, the Company had commitments with respect to its equity and subordinated note interests of ISLP in the aggregate amount of $254.3 million. As of June 30, 2026 and December 31, 2025, Pantheon had commitments with respect to its equity and subordinated note interests of ISLP in the aggregate amount of $149.2 million. As of December 30, 2022, the Company and Pantheon have fully funded their commitments to ISLP and there is no remaining unfunded commitment.

In future periods, the Company may sell certain of its investments or a participating interest in certain of its investments to ISLP. For the three months ended June 30, 2026, there were no sales of investments from the Company to ISLP. For the six months ended June 30, 2026, there were no sales of investments from the Company to ISLP. The Company purchased no investments from ISLP during the three and six months ended June 30, 2026. Since inception, the Company has sold $1,192.7 million of its investments to ISLP and purchased no investments from 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 June 30, 2026, ISLP had $705.7 million in debt and equity investments, at fair value. As of December 31, 2025, ISLP had $733.1 million in debt and equity investments, at fair value.

Additionally, on February 9, 2021, 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 June 30, 2026, the ISLP Credit Facility had $372.5 million of outstanding debt under the credit facility. As of December 31, 2025 the ISLP Credit Facility had $381.4 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 six months ended June 30, 2026 and year ended December 31, 2025 were 5.1% and 5.8%, respectively.

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

	As of		As of
	June 30, 2026		December 31, 2025
Total investments	705,688		733,104
Weighted average yield on investments	9.7	%	9.6	%
Number of borrowers in ISLP	38		40
Largest portfolio company investment	54,461		52,026
Total of five largest portfolio company investments	203,566		200,518
Unfunded commitments	861		1,344

All values are in US Dollars.

Below is a listing of ISLP’s individual investments as of June 30, 2026:

International Senior Loan Program, LLC

Consolidated Schedule of Investments

As of June 30, 2026

										Interest			Maturity	Principal /			Market	% of Members
Portfolio Company (7)	Investment Type	Index (1)		Floor (1)			Spread (1)			Rate			Date	Shares (2)		Cost	Value	Equity
Aerospace & Defense
Ansett Aviation Training(4)(6)(8)	Equity Interest		—	—				—			—		—		10,238	7,115	38,185
Aerospace & Defense Total																7,115	38,185		88.1	%
Automotive
Cardo(4)	First Lien Senior Secured Loan	SOFR		—				5.25	%		8.98	%	5/30/2028	$	9,653	9,625	9,653
Automotive Total																9,625	9,653		22.3	%
Beverage, Food & Tobacco
Hellers(4)	First Lien Senior Secured Loan - Delayed Draw	BBSY		—			4.00% (1.88% PIK)				10.39	%	9/30/2030	NZ$	6,002	3,508	3,398
Beverage, Food & Tobacco Total																3,508	3,398		7.8	%
Capital Equipment
Goodfellow(4)	First Lien Senior Secured Loan - Delayed Draw	SONIA			1.00	%		5.25	%		8.98	%	2/10/2032	£	1,564	2,121	2,060
Goodfellow(4)	First Lien Senior Secured Loan - Delayed Draw	EURIBOR			1.00	%		5.25	%		7.54	%	2/10/2032	€	5,450	6,335	6,186
Goodfellow(4)	First Lien Senior Secured Loan - Delayed Draw	EURIBOR			1.00	%		5.25	%		7.54	%	2/10/2032	€	1,655	1,924	1,878
Goodfellow(4)	First Lien Senior Secured Loan	SOFR			1.00	%		5.25	%		8.98	%	2/10/2032	$	2,174	2,156	2,158
Capital Equipment Total																12,536	12,282		28.3	%
Chemicals, Plastics & Rubber
V Global Holdings LLC(4)	First Lien Senior Secured Loan	EURIBOR			0.75	%		5.75	%		7.99	%	12/22/2027	€	9,197	9,379	9,781
V Global Holdings LLC(4)	First Lien Senior Secured Loan	SOFR			0.75	%		5.90	%		9.55	%	12/22/2027	$	22,958	22,958	21,580
Chemicals, Plastics & Rubber Total																32,337	31,361		72.4	%
Consumer Goods: Durable
Stanton Carpet(4)	Second Lien Senior Secured Loan	SOFR			1.00	%		9.15	%		12.82	%	4/1/2028	$	5,000	4,974	5,000
Consumer Goods: Durable Total																4,974	5,000		11.5	%
									Interest			Maturity	Principal /		Market	% of Members
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Portfolio Company	Investment Type	Index (1)	Floor (1)			Spread (1)			Rate			Date	Shares (2)	Cost	Value	Equity
Environmental Industries
Reconomy(4)	First Lien Senior Secured Loan	SONIA	—				6.50	%		10.23	%	7/12/2029	6,050	7,045	8,031
Reconomy(4)(5)	First Lien Senior Secured Loan - Delayed Draw	EURIBOR	—				6.25	%		8.54	%	7/12/2029	6,578	8,094	8,601
Reconomy(4)	First Lien Senior Secured Loan- Revolver	SOFR	—				6.50	%		10.23	%	7/12/2029	7,589	8,450	8,452
Reconomy(4)	First Lien Senior Secured Loan	EURIBOR	—				6.25	%		8.54	%	7/12/2029	2,440	2,475	2,790
Environmental Industries Total														26,064	27,874		64.3	%
FIRE: Finance
Avalon Bidco Limited(4)	First Lien Senior Secured Loan	SONIA		1.00	%		6.25	%		9.99	%	4/16/2032	12,058	16,255	15,805
Parmenion(4)	First Lien Senior Secured Loan	SONIA	—				5.50	%		9.24	%	5/23/2029	29,070	35,466	38,588
FIRE: Finance Total														51,721	54,393		125.6	%
FIRE: Insurance
Margaux UK Finance Limited(4)	First Lien Senior Secured Loan	SONIA		0.75	%		4.75	%		8.48	%	12/20/2027	7,201	9,098	9,559
MRHT(4)	First Lien Senior Secured Loan - Delayed Draw	EURIBOR	—				5.00	%		7.16	%	5/17/2032	13,809	15,936	15,476
FIRE: Insurance Total														25,034	25,035		57.8	%
Healthcare & Pharmaceuticals
Mertus 522. GmbH(4)	First Lien Senior Secured Loan	EURIBOR	—			4.00% (2.75% PIK)				9.36	%	5/28/2028	13,573	16,418	15,057
Mertus 522. GmbH(4)	First Lien Senior Secured Loan	EURIBOR	—			4.00% (2.75% PIK)				9.24	%	5/28/2028	23,361	28,252	25,914
Nafinco(4)	First Lien Senior Secured Loan	EURIBOR		1.00	%		5.25	%		7.85	%	8/29/2031	8,000	8,436	9,057
Pharmathen(3)(4)	First Lien Senior Secured Loan- Revolver	EURIBOR	—			7.18% PIK				9.30	%	1/19/2029	15,539	16,721	11,107
Pharmathen(3)(4)	First Lien Senior Secured Loan- Revolver	EURIBOR	—			7.18% PIK				9.30	%	1/19/2029	2,696	2,648	1,927
Healthcare & Pharmaceuticals Total														72,475	63,062		145.6	%
High Tech Industries
Access(4)	First Lien Senior Secured Loan	SONIA	—				5.25	%		8.98	%	6/28/2029	7,880	9,140	10,460
Access(4)	First Lien Senior Secured Loan	SONIA	—				5.25	%		8.98	%	6/28/2029	9,764	11,887	12,961
NearMap(4)	First Lien Senior Secured Loan	SOFR		1.00	%		4.50	%		8.16	%	12/9/2029	22,992	22,874	22,992
New Gen Holding(4)	First Lien Senior Secured Loan	EURIBOR	—			3.00% (4.25% PIK)				9.49	%	5/28/2031	23,600	27,729	26,787
PlentyMarkets(4)	First Lien Senior Secured Loan - Delayed Draw	EURIBOR	—			2.80% (3.70% PIK)				8.71	%	4/2/2032	15,710	18,138	17,427
Cloud Technology Solutions (CTS)(4)	First Lien Senior Secured Loan	SONIA		1.00	%	2.68% (5.57% PIK)				11.98	%	1/3/2030	10,267	13,043	13,492
Utimaco(4)	First Lien Senior Secured Loan	EURIBOR		0.75	%		5.75	%		8.20	%	5/14/2029	6,005	6,100	6,867
Utimaco(4)	First Lien Senior Secured Loan	SOFR		0.75	%		5.93	%		9.54	%	5/14/2029	12,043	11,991	12,043
Utimaco(4)	First Lien Senior Secured Loan	SOFR		0.75	%		5.93	%		9.54	%	5/14/2029	6,260	6,232	6,260
Onventis(4)	First Lien Senior Secured Loan - Delayed Draw	EURIBOR		1.00	%		6.50	%		8.66	%	1/14/2030	13,919	15,109	15,917
High Tech Industries Total														142,243	145,206		335.2	%
									Interest			Maturity	Principal /			Market	% of Members
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Portfolio Company	Investment Type	Index (1)	Floor (1)			Spread (1)			Rate			Date	Shares (2)		Cost	Value	Equity
Media: Advertising, Printing & Publishing
Facts Global Energy(4)	First Lien Senior Secured Loan - Delayed Draw	SOFR		1.00	%		5.50	%		9.20	%	12/20/2031	$	9,411	9,332	9,129
Facts Global Energy(4)	First Lien Senior Secured Loan - Delayed Draw	SOFR		1.00	%		5.50	%		9.20	%	12/20/2031	$	6,763	6,706	6,560
OGH Bidco Limited(4)	First Lien Senior Secured Loan	SOFR	—				6.50	%		10.15	%	9/2/2029	£	6,068	6,068	5,587
OGH Bidco Limited(4)	First Lien Senior Secured Loan	SONIA	—				6.50	%		10.23	%	6/29/2029	£	13,160	15,264	16,246
TGI Sport Bidco Pty Ltd(4)	First Lien Senior Secured Loan - Delayed Draw	SONIA		0.50	%		5.78	%		9.51	%	4/28/2028	£	6,734	8,681	8,938
TGI Sport Bidco Pty Ltd(4)	First Lien Senior Secured Loan	BBSY	—				5.75	%		10.11	%	4/28/2028	AUD	9,779	7,138	6,776
TGI Sport Bidco Pty Ltd(4)	First Lien Senior Secured Loan - Delayed Draw	SOFR		0.50	%		5.86	%		9.51	%	4/28/2028	AUD	4,102	2,582	2,842
Media: Advertising, Printing & Publishing Total															55,771	56,078		129.4	%
Media: Broadcasting & Subscription
Lightning Finco Limited(4)	First Lien Senior Secured Loan	EURIBOR		0.75	%		5.75	%		8.35	%	8/31/2028	€	2,619	2,951	2,980
Lightning Finco Limited(4)	First Lien Senior Secured Loan	SOFR		0.75	%		6.61	%		10.22	%	8/31/2028	$	23,907	23,841	23,787
Media: Broadcasting & Subscription Total															26,792	26,767		61.8	%

All values are in US Dollars.

										Interest			Maturity	Principal /			Market	% of Members
Portfolio Company	Investment Type	Index (1)		Floor (1)			Spread (1)			Rate			Date	Shares (2)		Cost	Value	Equity
Retail
New Look (Delaware) Corporation(4)	First Lien Senior Secured Loan	CORRA			1.00	%		5.25	%		7.54	%	5/26/2028	CAD	17,783	14,595	12,537
New Look Vision Group(4)	First Lien Senior Secured Loan - Delayed Draw	CORRA			1.00	%		5.25	%		7.54	%	5/26/2028	CAD	1,159	894	817
New Look Vision Group(4)	First Lien Senior Secured Loan - Delayed Draw	CORRA			1.00	%		5.25	%		7.54	%	5/26/2028	CAD	2,219	1,598	1,564
Retail Total																17,087	14,918		34.4	%
Services: Business
Beneficium(4)	First Lien Senior Secured Loan	SONIA			1.00	%		5.50	%		9.23	%	6/28/2031	£	7,497	9,740	9,752
Brook Bidco(4)	First Lien Senior Secured Loan	SONIA		—			1.80% (5.48% PIK)				11.01	%	7/10/2028	£	29,530	39,746	35,670
Brook Bidco(4)	First Lien Senior Secured Loan	SOFR			0.75	%	1.98% (6.13% PIK)				11.77	%	7/10/2028	£	6,543	8,644	7,862
Brook Bidco(4)(5)	First Lien Senior Secured Loan	SOFR			0.75	%	1.98% (6.12% PIK)				11.76	%	7/10/2028	£	9,100	12,022	10,929
TES Global(4)	First Lien Senior Secured Loan	SONIA		—				5.00	%		8.73	%	2/1/2029	£	14,364	17,715	19,067
Cube(4)	First Lien Senior Secured Loan - Delayed Draw	SOFR		—			3.00% (4.12% PIK)				10.85	%	5/21/2031	$	9,762	9,762	9,762
Datix Bidco Limited(4)	First Lien Senior Secured Loan	SONIA			0.50	%		5.00	%		8.74	%	4/30/2031	£	8,160	10,526	10,831
Easy Ice(4)	First Lien Senior Secured Loan	SOFR			1.00	%		5.40	%		9.06	%	10/30/2030	$	8,372	8,277	8,372
Fiduciaire Jean-Marc Faber (FJMF)(4)	First Lien Senior Secured Loan - Delayed Draw	EURIBOR			1.00	%		5.50	%		7.99	%	4/5/2032	€	7,904	9,110	8,994
Webcentral(4)	First Lien Senior Secured Loan	EURIBOR		—				6.50	%		9.00	%	12/18/2030	€	3,423	3,787	3,914
iBanFirst(4)	First Lien Senior Secured Loan	EURIBOR		—			9.75% PIK				11.83	%	7/13/2028	€	16,971	19,178	19,408
Opus2(4)	First Lien Senior Secured Loan	SONIA		—				5.00	%		8.74	%	5/8/2028	£	12,151	16,599	16,130
Parcel2Go(4)	First Lien Senior Secured Loan	SONIA		—			7.00% PIK				10.75	%	11/26/2031	£	4,969	6,276	5,607
Parcel2Go(4)(6)(8)	Preferred Equity		—	—			—			—			—		1,407,911	—	—
Parcel2Go(4)(6)(8)	Equity Interest		—	—			—			—			—		5	—	—
Spring Finco BV(4)	First Lien Senior Secured Loan	NIBOR		—				5.25	%		9.61	%	7/15/2029	NOK	174,360	16,601	17,317
TES Global(4)(5)	First Lien Senior Secured Loan - Delayed Draw	SONIA		—				5.00	%		8.73	%	1/27/2029	£	1,194	1,494	1,584
Webcentral(4)(5)	First Lien Senior Secured Loan - Delayed Draw	SOFR		—				6.25	%		9.89	%	12/18/2030	€	3,247	3,486	3,477
Webcentral(4)	First Lien Senior Secured Loan - Delayed Draw	SOFR		—				6.50	%		10.11	%	12/18/2030	€	3,323	3,462	3,800
Services: Business Total																196,425	192,476		444.4	%
Investments Total																683,707	705,688		1628.9	%
Cash Equivalents
Goldman Sachs Financial Square Government Fund Institutional Shares	Cash Equivalents						—				3.54	%	—	$	5,260	5,260	5,260
Goldman Sachs US $ Treasury Liquid Reserves Fund Institutional Shares	Cash Equivalents						—				3.52	%	—	$	436	436	436
Cash Equivalents Total																5,696	5,696		13.1	%
Investments and Cash Equivalents Total																689,403	711,384		1642.0	%

All values are in US Dollars.

Forward Foreign Currency Exchange Contracts

			Settlement	Unrealized
Currency Purchased	Currency Sold	Counterparty	Date	Appreciation(8)
US DOLLARS 3,563	AUSTRALIAN DOLLARS 5,490	BNP Paribas	7/30/2026	(238	)
US DOLLARS 12,143	AUSTRALIAN DOLLARS 18,568	Morgan Stanley	9/10/2026	(701	)
US DOLLARS 6,778	BRITISH POUNDS 5,010	Morgan Stanley	9/10/2026	129
AUSTRALIAN DOLLARS 8,042	US DOLLARS 5,279	Morgan Stanley	9/10/2026	284
BRITISH POUNDS 2,890	US DOLLARS 3,893	Morgan Stanley	9/10/2026	(57	)
US DOLLARS 7,318	AUSTRALIAN DOLLARS 11,205	Standard Chartered	9/10/2026	(434	)
EURO 427	NEW ZEALAND DOLLARS 853	Morgan Stanley	9/16/2026	3
US DOLLARS 1,440	NEW ZEALAND DOLLARS 2,461	Standard Chartered	9/16/2026	37
US DOLLARS 9,578	AUSTRALIAN DOLLARS 14,489	Standard Chartered	10/2/2026	(442	)
US DOLLARS 1,813	CANADIAN DOLLARS 2,494	Standard Chartered	10/2/2026	48
EURO 784	NORWEGIAN KRONE 9,370	Standard Chartered	10/2/2026	(46	)
EURO 2,178	AUSTRALIAN DOLLARS 3,931	Standard Chartered	10/2/2026	(219	)
EURO 412	CANADIAN DOLLARS 677	Standard Chartered	10/2/2026	(6	)
EURO 4,925	US DOLLARS 5,890	Standard Chartered	10/2/2026	(237	)
US DOLLARS 28,295	EURO 23,720	Standard Chartered	10/2/2026	1,072
US DOLLARS 3,447	NORWEGIAN KRONE 34,539	Standard Chartered	10/2/2026	(39	)
EURO 10,100	US DOLLARS 12,162	Standard Chartered	10/2/2026	(571	)
NORWEGIAN KRONE 3,780	US DOLLARS 406	Standard Chartered	10/2/2026	(24	)
US DOLLARS 8,851	AUSTRALIAN DOLLARS 13,286	BNP Paribas	10/2/2026	(337	)
EURO 552	BRITISH POUNDS 490	BNP Paribas	10/19/2026	(17	)
EURO 843	AUSTRALIAN DOLLARS 1,517	BNP Paribas	10/30/2026	(80	)
EURO 2,039	AUSTRALIAN DOLLARS 3,605	BNP Paribas	10/30/2026	(149	)
US DOLLARS 2,347	EURO 2,000	Morgan Stanley	11/6/2026	48
EURO 268	BRITISH POUNDS 240	Morgan Stanley	11/6/2026	(11	)
US DOLLARS 2,230	BRITISH POUNDS 1,700	Morgan Stanley	11/6/2026	(27	)
US DOLLARS 27,514	EURO 23,460	Standard Chartered	11/6/2026	549
EURO 16,651	US DOLLARS 19,758	Standard Chartered	1/7/2027	(564	)
US DOLLARS 6,060	BRITISH POUNDS 4,500	Goldman Sachs	2/22/2027	86
EURO 233	CANADIAN DOLLARS 376	Morgan Stanley	2/22/2027	1
US DOLLARS 1,025	CANADIAN DOLLARS 1,384	Morgan Stanley	2/22/2027	39
US DOLLARS 1,631	BRITISH POUNDS 1,243	Goldman Sachs	3/8/2027	(19	)
EURO 3,443	AUSTRALIAN DOLLARS 5,820	Morgan Stanley	3/8/2027	(37	)
EURO 2,157	BRITISH POUNDS 1,900	Morgan Stanley	3/8/2027	(29	)
EURO 907	BRITISH POUNDS 803	Standard Chartered	3/8/2027	(19	)
EURO 5,430	US DOLLARS 6,400	Standard Chartered	3/8/2027	(124	)
EURO 2,466	US DOLLARS 2,900	BNP Paribas	3/8/2027	(50	)
US DOLLARS 5,343	BRITISH POUNDS 3,978	Morgan Stanley	4/22/2027	62
US DOLLARS 13,844	BRITISH POUNDS 10,324	Morgan Stanley	4/22/2027	138
US DOLLARS 24,811	EURO 21,050	Standard Chartered	4/22/2027	435
EURO 3,458	BRITISH POUNDS 3,041	BNP Paribas	4/22/2027	(32	)
US DOLLARS 1,719	EURO 1,460	BNP Paribas	4/22/2027	28
				(1,550	)

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 resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect for the largest contract as of June 30, 2026. Certain investments are subject to an interest rate floor. Certain investments or a portion thereof may include Payment-in-Kind interest (“PIK”).
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.
Loan was on non-accrual status as of June 30, 2026.
Security valued using unobservable inputs (Level 3)
Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The unfunded commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on a loan. The negative fair value, if applicable, is the result of the capitalized discount on a loan.
Non-income producing.
Unless otherwise noted, all assets are pledged as collateral under the ISLP Credit Facility.
Security is not pledged as collateral under the ISLP Credit Facility.

Below is a listing of ISLP’s individual investments as of December 31, 2025:

International Senior Loan Program, LLC

Consolidated Schedule of Investments

As of December 31, 2025

						Interest			Maturity	Principal /			Market	% of Members
Portfolio Company	Investment Type	Index (1)	Spread (1)			Rate			Date	Shares (9)		Cost	Value	Equity (4)
Aerospace & Defense
Ansett Aviation Training (5)(14)(19)	Equity Interest	—	—			—			—	AUD	10,238	7,115	36,769
Aerospace & Defense Total												7,115	36,769		57.0	%
Automotive
Cardo (18)(19)	First Lien Senior Secured Loan	SOFR		5.25	%		8.98	%	5/12/2028	$	9,653	9,618	9,653
Automotive Total												9,618	9,653		15.0	%
Beverage, Food & Tobacco
Hellers (3)(18)(19)(26)	First Lien Senior Secured Loan - Delayed Draw	BBKM	3.63% (1.88% PIK)				9.29	%	9/27/2030	$NZ	5,949	3,467	3,389
Beverage, Food & Tobacco Total												3,467	3,389		5.4	%
Capital Equipment
Goodfellow (15)(19)	First Lien Senior Secured Loan - Delayed Draw	EURIBOR	5.25%				7.27	%	2/10/2032	€	5,450	6,335	6,396
Goodfellow (15)(19)	First Lien Senior Secured Loan - Delayed Draw	EURIBOR	5.25%				7.27	%	2/10/2032	€	1,655	1,924	1,942
Goodfellow (15)(19)	First Lien Senior Secured Loan - Delayed Draw	SONIA		5.25	%		8.98	%	2/10/2032	£	1,564	2,121	2,082
Goodfellow (15)(19)	First Lien Senior Secured Loan	SOFR		5.25	%		8.92	%	2/10/2032	$	2,174	2,154	2,152
Capital Equipment Total												12,534	12,572		19.4	%
Chemicals, Plastics & Rubber
V Global Holdings LLC (16)(19)	First Lien Senior Secured Loan	EURIBOR	5.75%				7.76	%	12/22/2027	€	9,082	9,230	10,046
V Global Holdings LLC (16)(19)	First Lien Senior Secured Loan	SOFR		5.90	%		9.77	%	12/22/2027	$	22,835	22,835	21,694
Chemicals, Plastics & Rubber Total												32,065	31,740		49.3	%
Consumer Goods: Durable
Stanton Carpet (15)(19)	Second Lien Senior Secured Loan	SOFR		9.15	%		13.09	%	3/31/2028	$	5,000	4,968	5,000
Consumer Goods: Durable Total												4,968	5,000		7.8	%

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)
Environmental Industries
Reconomy (18)(19)	First Lien Senior Secured Loan	SONIA		6.50	%		10.22	%	7/12/2029	6,050	7,045	8,138
Reconomy (18)(19)	First Lien Senior Secured Loan - Delayed Draw	EURIBOR		6.25	%		8.27	%	7/12/2029	6,578	8,093	8,791
Reconomy (18)(19)	First Lien Senior Secured Loan - Revolver	SOFR		6.50	%		10.17	%	7/12/2029	6,578	8,450	8,501
Reconomy (18)(19)	First Lien Senior Secured Loan	EURIBOR	6.25%				8.27	%	7/12/2029	2,440	2,475	2,864
Environmental Industries Total											26,063	28,294		43.9	%
FIRE: Finance
Avalon Bidco Limited (15)(19)	First Lien Senior Secured Loan	SONIA		6.25	%		10.22	%	4/16/2032	12,058	16,240	16,017
Parmenion (18)(19)	First Lien Senior Secured Loan	SONIA		5.50	%		9.46	%	5/23/2029	29,070	35,429	39,105
FIRE: Finance Total											51,669	55,122		85.5	%
FIRE: Insurance
Margaux UK Finance Limited (16)(19)	First Lien Senior Secured Loan	SONIA		4.75	%		8.48	%	12/19/2027	7,240	9,147	9,740
MRHT (18)(19)	First Lien Senior Secured Loan - Delayed Draw	EURIBOR	5.00%				7.11	%	5/17/2032	13,809	15,925	16,044
FIRE: Insurance Total											25,072	25,784		40.0	%
High Tech Industries
Access (18)(19)	First Lien Senior Secured Loan	SONIA	5.25%				8.97	%	6/28/2029	7,880	9,134	10,600
Access (18)(19)	First Lien Senior Secured Loan	SONIA		5.00	%		8.73	%	6/28/2029	9,764	11,887	13,135
Cloud Technology Solutions (CTS) (15)(19)(26)	First Lien Senior Secured Loan	SONIA	2.53% (5.47% PIK)				11.73	%	1/3/2030	9,872	12,510	13,280
New Gen Holding (18)(19)(26)	First Lien Senior Secured Loan	EURIBOR	2.00% (4.25% PIK)				8.37	%	5/28/2031	23,985	28,173	27,937
NearMap (15)(19)	First Lien Senior Secured Loan	SOFR		4.75	%		8.61	%	12/9/2029	23,109	22,974	23,109
Onventis (15)(19)	First Lien Senior Secured Loan - Delayed Draw	EURIBOR		7.25	%		9.32	%	1/14/2030	13,919	15,106	16,335
PlentyMarkets (18)(19)(26)	First Lien Senior Secured Loan - Delayed Draw	EURIBOR	2.80% (3.70% PIK)				8.53	%	4/2/2032	15,326	17,678	17,852
Utimaco (16)(19)	First Lien Senior Secured Loan	EURIBOR	5.50%				7.62	%	5/14/2029	6,005	6,095	7,047
Utimaco (16)(19)	First Lien Senior Secured Loan	SOFR	5.93%				9.73	%	5/14/2029	12,043	11,982	12,043
Utimaco (16)(19)	First Lien Senior Secured Loan	SOFR	5.93%				9.73	%	5/14/2029	6,260	6,228	6,260
High Tech Industries Total											141,767	147,598		229.0	%
						Interest			Maturity	Principal /			Market	% of Members
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Portfolio Company	Investment Type	Index (1)	Spread (1)			Rate			Date	Shares (9)		Cost	Value	Equity (4)
Healthcare & Pharmaceuticals
Mertus 522. GmbH (18)(19)(26)	First Lien Senior Secured Loan	EURIBOR	4.00% (3.00% PIK)				9.13	%	5/28/2028	€	13,320	16,158	15,007
Mertus 522. GmbH (18)(19)(26)	First Lien Senior Secured Loan	EURIBOR	4.00% (3.00% PIK)				9.12	%	5/28/2028	€	22,963	27,843	25,871
Nafinco (15)(19)	First Lien Senior Secured Loan	EURIBOR	5.25%				7.37	%	8/29/2031	€	8,000	8,422	9,342
Pharmathen (18)(19)(26)	First Lien Senior Secured Loan- Revolver	EURIBOR	7.18% PIK				9.30	%	1/19/2029	€	14,825	16,709	16,529
Pharmathen (18)(19)(26)	First Lien Senior Secured Loan- Revolver	EURIBOR	7.18% PIK				9.30	%	1/19/2029	€	2,696	2,646	3,005
Healthcare & Pharmaceuticals Total												71,778	69,754		108.3	%
Media: Advertising, Printing & Publishing
Facts Global Energy (15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR		5.25	%		9.05	%	12/20/2031	$	9,411	9,325	9,176
Facts Global Energy (15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR		5.25	%		9.05	%	12/20/2031	$	6,763	6,701	6,594
OGH Bidco Limited (18)(19)	First Lien Senior Secured Loan	SOFR		6.50	%		10.61	%	9/2/2029	£	5,172	6,068	5,703
OGH Bidco Limited (18)(19)	First Lien Senior Secured Loan	SONIA	6.50%				10.23	%	6/29/2029	£	13,160	15,252	16,773
TGI Sport Bidco Pty Ltd (18)(19)	First Lien Senior Secured Loan	BBSY		7.00	%		10.60	%	4/30/2026	AUD	9,730	7,137	6,492
TGI Sport Bidco Pty Ltd (17)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR		7.11	%		10.83	%	4/30/2026	AUD	4,081	2,568	2,723
TGI Sport Bidco Pty Ltd (17)(19)	First Lien Senior Secured Loan - Delayed Draw	SONIA	6.03%				9.76	%	6/24/2029	£	6,700	8,636	9,013
Media: Advertising, Printing & Publishing Total												55,687	56,474		87.7	%
Media: Broadcasting & Subscription
Lightning Finco Limited (16)(19)	First Lien Senior Secured Loan	EURIBOR	5.50%				7.62	%	8/31/2028	€	2,619	2,951	3,058
Lightning Finco Limited (16)(19)	First Lien Senior Secured Loan	SOFR		5.93	%		9.59	%	8/31/2028	$	23,907	23,825	23,787
Media: Broadcasting & Subscription Total												26,776	26,845		41.5	%
Media: Diversified & Production
Aptus 1724. Gmbh (7)(14)(19)(21)(26)	First Lien Senior Secured Loan	EURIBOR	7.00% PIK				9.07	%	3/3/2028	€	36,230	42,816	12,756
Aptus 1724 Gmbh (7)(14)(19)(21)(26)	First Lien Senior Secured Loan - Delayed Draw	SOFR	7.15% PIK				10.89	%	3/3/2028	$	10,636	10,324	3,191
Media: Diversified & Production Total												53,140	15,947		24.8	%

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)
Retail
New Look (Delaware) Corporation (15)(19)	First Lien Senior Secured Loan	CORRA	5.25%				7.51	%	5/26/2028	CAD	17,874	14,661	13,027
New Look Vision Group (15)(19)	First Lien Senior Secured Loan - Delayed Draw	CORRA	5.25%				7.51	%	5/26/2028	CAD	1,162	896	847
New Look Vision Group (15)(19)	First Lien Senior Secured Loan - Delayed Draw	CORRA	5.25%				7.51	%	5/26/2028	CAD	2,231	1,605	1,626
Retail Total												17,162	15,500		24.0	%
Services: Business
Beneficium (15)(19)	First Lien Senior Secured Loan	SONIA	5.75%				9.48	%	6/28/2031	£	7,497	9,733	9,883
Brook Bidco (18)(19)(26)	First Lien Senior Secured Loan	SONIA	1.87% (5.66% PIK)				11.25	%	7/10/2028	£	28,318	38,068	34,284
Brook Bidco (16)(19)(26)	First Lien Senior Secured Loan	SOFR	1.91% (5.93% PIK)				11.52	%	7/10/2028	£	6,244	8,250	7,410
Brook Bidco (16)(19)(26)	First Lien Senior Secured Loan	SOFR	1.91% (5.93% PIK)				11.52	%	7/10/2028	£	8,734	11,506	10,332
Cube (18)(19)(26)	First Lien Senior Secured Loan - Delayed Draw	SOFR	2.00% (4.50% PIK)				10.19	%	5/20/2031	$	9,374	9,374	9,374
Datix Bidco Limited (17)(19)	First Lien Senior Secured Loan	SONIA		5.00	%		8.99	%	4/30/2031	£	8,160	10,510	10,976
Easy Ice (15)(19)	First Lien Senior Secured Loan	SOFR	5.40%				9.24	%	10/30/2030	$	8,415	8,308	8,415
Fiduciaire Jean-Marc Faber (FJMF) (15)(19)	First Lien Senior Secured Loan - Delayed Draw	EURIBOR	5.50%				7.58	%	4/3/2032	€	7,904	9,103	9,183
iBanFirst (18)(19)(26)	First Lien Senior Secured Loan	EURIBOR	9.75% PIK				11.77	%	7/13/2028	€	15,984	18,015	18,759
Opus2 (18)(19)	First Lien Senior Secured Loan	SONIA	5.28%				9.00	%	5/5/2028	£	12,151	16,572	16,346
Parcel2Go (18)(19)	First Lien Senior Secured Loan	SONIA	7.00%				10.97	%	11/26/2031	£	4,713	5,938	5,390
Parcel2Go (5)(14)(19)	Preferred Equity	—	—			—			—	£	1,407,911	—	—
Parcel2Go (5)(14)(19)	Equity Interest	—	—			—			—	£	5	—	—
Spring Finco BV (18)(19)	First Lien Senior Secured Loan	NIBOR		5.50	%		8.88	%	7/15/2029	NOK	174,360	16,601	17,031
TES Global (18)(19)	First Lien Senior Secured Loan - Delayed Draw	SONIA		5.00	%		9.01	%	1/27/2029	£	1,200	1,494	1,606
TES Global (18)(19)	First Lien Senior Secured Loan	SONIA		5.00	%		9.01	%	2/1/2029	£	14,364	17,695	19,322
Webcentral (18)(19)	First Lien Senior Secured Loan	EURIBOR	6.50%				8.62	%	12/18/2030	€	3,423	3,784	4,017
Webcentral (18)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	6.50%				10.53	%	12/18/2030	€	3,123	3,582	3,593
Webcentral (18)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	6.50%				10.53	%	12/18/2030	€	3,323	3,462	3,899
Services: Business Total												191,995	189,820		294.5	%
Services: Consumer
SG Global Midco Limited (19)	First Lien Senior Secured Loan	—	10.00% PIK				10.00	%	12/31/2028	£	215	285	289
Surrey Bidco Limited (7)(14)(18)(19)(26)	First Lien Senior Secured Loan	SONIA	7.28% PIK				11.00	%	12/31/2028	£	7,594	8,406	2,554
Voltaire Topco Limited (5)(14)(19)	Equity Interest	—	—			—			—	£	43	—	—
Services: Consumer Total												8,691	2,843		4.4	%
Investments Total												739,567	733,104		1137.5	%
Cash Equivalents
Goldman Sachs Financial Square Government Fund Institutional Shares (27)	Cash Equivalents	—	—				3.70	%	—	$	14,078	14,078	14,078
Goldman Sachs US $ Treasury Liquid Reserves Fund Institutional Shares (27)	Cash Equivalents	—	—				3.70	%	—	$	318	318	318
Cash Equivalents Total												14,396	14,396		22.3	%
Investments and Cash Equivalents Total												753,963	747,500		1159.8	%

All values are in US Dollars.

Forward Foreign Currency Exchange Contracts

				Unrealized
Currency Purchased	Currency Sold	Counterparty	Settlement Date	Appreciation(8)
EURO 18,912	US DOLLARS 20,060	Standard Chartered	01/09/2026	2,162
US DOLLARS 2,285	AUSTRALIAN DOLLARS 3,590	Standard Chartered	02/24/2026	(109	)
US DOLLARS 2,713	BRITISH POUNDS 2,090	Goldman Sachs	02/24/2026	(98	)
AUSTRALIAN DOLLARS 3,590	US DOLLARS 2,353	Standard Chartered	02/24/2026	42
EURO 4,860	US DOLLARS 5,747	Morgan Stanley	02/24/2026	(24	)
US DOLLARS 882	CANADIAN DOLLARS 1,243	Morgan Stanley	02/24/2026	(27	)
US DOLLARS 5,168	EURO 4,860	Morgan Stanley	02/24/2026	(554	)
EURO 215	CANADIAN DOLLARS 337	Morgan Stanley	02/26/2026	6
EURO 2,830	AUSTRALIAN DOLLARS 5,037	Morgan Stanley	03/10/2026	(24	)
EURO 1,706	AUSTRALIAN DOLLARS 3,040	Standard Chartered	03/10/2026	(17	)
EURO 2,223	BRITISH POUNDS 1,906	Morgan Stanley	03/10/2026	57
AUSTRALIAN DOLLARS 2,210	EURO 1,227	Standard Chartered	03/10/2026	28
EURO 2,003	US DOLLARS 2,365	BNP Paribas	03/10/2026	(4	)
US DOLLARS 3,530	EURO 2,985	Morgan Stanley	03/10/2026	13
EURO 4,476	US DOLLARS 5,200	Morgan Stanley	03/10/2026	74
EURO 5,507	US DOLLARS 6,400	Standard Chartered	03/10/2026	88
EURO 1,750	BRITISH POUNDS 1,545	Standard Chartered	04/02/2026	(13	)
US DOLLARS 7,640	BRITISH POUNDS 5,695	Goldman Sachs	04/02/2026	(18	)
US DOLLARS 2,820	BRITISH POUNDS 2,117	Morgan Stanley	05/08/2026	(27	)
EURO 3,289	BRITISH POUNDS 2,835	BNP Paribas	06/02/2026	78
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	(12	)
US DOLLARS 3,443	EURO 2,960	BNP Paribas	06/02/2026	(57	)
US DOLLARS 12,381	BRITISH POUNDS 10,280	Morgan Stanley	06/08/2026	(1,441	)
US DOLLARS 22,672	EURO 20,600	Standard Chartered	06/10/2026	(1,696	)
US DOLLARS 1,889	NEW ZEALAND DOLLAR 3,146	Standard Chartered	06/25/2026	69
US DOLLARS 3,563	AUSTRALIAN DOLLARS 5,490	BNP Paribas	07/30/2026	(93	)
US DOLLARS 12,143	AUSTRALIAN DOLLARS 18,568	Morgan Stanley	09/10/2026	(212	)
US DOLLARS 7,318	AUSTRALIAN DOLLARS 11,205	Standard Chartered	09/10/2026	(138	)
US DOLLARS 6,778	BRITISH POUNDS 5,010	Morgan Stanley	09/10/2026	44
AUSTRALIAN DOLLARS 8,042	US DOLLARS 5,279	Morgan Stanley	09/10/2026	72
BRITISH POUNDS 2,890	US DOLLARS 3,893	Morgan Stanley	09/10/2026	(9	)
EURO 427	NEW ZEALAND DOLLAR 853	Morgan Stanley	09/16/2026	12
EURO 2,178	AUSTRALIAN DOLLARS 3,931	Standard Chartered	10/02/2026	(26	)
US DOLLARS 9,578	AUSTRALIAN DOLLARS 14,489	Standard Chartered	10/02/2026	(59	)
EURO 412	CANADIAN DOLLARS 677	Standard Chartered	10/02/2026	(9	)
US DOLLARS 1,813	CANADIAN DOLLARS 2,494	Standard Chartered	10/02/2026	(24	)
EURO 784	NORWEGIAN KRONE 9,370	Standard Chartered	10/02/2026	5
EURO 4,925	US DOLLARS 5,890	Standard Chartered	10/02/2026	(38	)
US DOLLARS 28,295	EURO 23,720	Standard Chartered	10/02/2026	112
US DOLLARS 3,447	NORWEGIAN KRONE 34,539	Standard Chartered	10/02/2026	31
EURO 552	BRITISH POUNDS 490	BNP Paribas	10/19/2026	(3	)
EURO 843	AUSTRALIAN DOLLARS 1,517	BNP Paribas	10/30/2026	(6	)
US DOLLARS 2,347	EURO 2,000	Morgan Stanley	11/06/2026	(32	)
US DOLLARS 27,514	EURO 23,460	Standard Chartered	11/06/2026	(393	)
US DOLLARS 2,230	BRITISH POUNDS 1,700	Morgan Stanley	11/06/2026	(54	)
EURO 268	BRITISH POUNDS 240	Morgan Stanley	11/06/2026	(4	)
				(2,323	)

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. 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, 2025. Certain investments are subject to a EURIBOR, NIBOR, CORRA, BBSY, SONIA, or SOFR interest rate floor.
Unless otherwise noted, all assets are pledged as collateral under the ISLP Credit Facility.
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 $64,451 as of December 31, 2025.
Security is not pledged as collateral under the ISLP Credit Facility.
Tick mark not used.
Loan was on non-accrual status as of December 31, 2025.
Unrealized appreciation on forward currency exchange contracts.
The principal amount (par amount) for all debt securities is denominated in U.S. dollars, unless otherwise noted. £ represents Pound Sterling, € represents Euro, NOK represents Norwegian Krone, AUD represents Australian Dollar, CAD represents Canadian Dollar and NZ$ 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 interest during the period.
Cash equivalents include $14,396 of restricted cash.

Below is the financial information for ISLP:

Selected Balance Sheet Information

	As of	As of
	June 30, 2026	December 31, 2025
ASSETS
Investments at fair value (amortized cost of $683,707 and $739,567, respectively)	705,688	733,104
Cash and cash equivalents	6,562	15,565
Foreign cash (cost of $6,989 and $10,095, respectively)	7,067	9,607
Collateral on forward currency exchange contracts	—	3
Deferred financing costs (net of accumulated amortization of $4,073 and $3,897, respectively)	2,842	3,196
Unrealized appreciation on forward currency exchange contracts	67	15
Interest receivable on investments	14,322	14,831
Other receivable	75	237
Total assets	736,623	776,558
LIABILITIES
Debt	372,472	381,361
Subordinated notes payable to members	303,835	305,655
Interest payable on debt	854	942
Interest payable on subordinated notes payable to members	13,371	18,984
Unrealized depreciation on forward currency exchange contracts	1,617	2,338
Distributions payable to members	—	1,712
Accounts payable and accrued expenses	1,151	1,115
Total liabilities	693,300	712,107
MEMBERS' EQUITY
Total members’ equity	43,323	64,451
Total liabilities and members’ equity	736,623	776,558

All values are in US Dollars.

Selected Statements of Operations Information

	For the Three Months Ended				For the Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Investment income
Interest income	16,641		17,914		32,860		35,017
Total investment income	16,641		17,914		32,860		35,017
Expenses
Interest and debt financing expenses	4,982		4,627		9,976		10,456
Interest expense on subordinated notes payable to members	4,479		9,686		13,374		18,429
Professional fees and other expenses	987		945		1,980		1,920
Total expenses	10,448		15,258		25,330		30,805
Net investment income	6,193		2,656		7,530		4,212
Net realized and unrealized gains (losses)
Net realized gain (loss) on investments	(62,430	)	1,229		(62,430	)	1,407
Net realized loss on extinguishment of debt	—		(1,652	)	—		(1,652	)
Net realized gain (loss) on foreign currency transactions	(31	)	(19,873	)	(704	)	(20,752	)
Net realized gain (loss) on forward currency exchange contracts	(2,785	)	(1,170	)	(1,758	)	1,556
Net change in unrealized gain (loss) on debt	602		—		7,990		—
Net change in unrealized appreciation on foreign currency translation	(70	)	(4,322	)	363		(16,699	)
Net change in unrealized appreciation on forward currency exchange contracts	2,107		(6,104	)	775		(11,429	)
Net change in unrealized appreciation on foreign currency translation of the Subordinated Notes	—		—		—		—
Net change in unrealized appreciation on investments	54,694		25,397		28,445		39,405
Total net gain (loss)	(7,913	)	(6,495	)	(27,319	)	(8,164	)
Net increase (decrease) in members’ equity from operations	(1,720	)	(3,839	)	(19,789	)	(3,952	)

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 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 and the Company’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 June 30, 2026, the Company’s investment in SLP consisted of subordinated notes of $163.8 million, preferred equity interests of $1.8 million and equity interests of $0.0 million. As of December 31, 2025, the Company’s investment in SLP consisted of subordinated notes of $157.9 million, preferred equity interests of $1.8 million and equity interests of $5.0 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. For the three months ended June 30, 2026, the Company has sold $65.2 million of its investments to SLP. For the six months ended June 30, 2026, the Company has sold $167.8 million of its investments to SLP. The Company purchased no investments from SLP during the three and six months ended June 30, 2026. Since inception, the Company has sold $2,551.2 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 (the “2018-1 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 transaction resulted in a realized loss on the extinguishment of debt of $1.3 million from the acceleration of unamortized debt issuance costs.

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 2018-1 Membership Interests.

On April 6, 2026, SLP refinanced the 2018-1 Issuer through a private placement of $446.0 million of senior secured and senior deferrable notes consisting of (i) $150.0 million of Class A-1-L Senior Secured Floating Rate Notes, which currently bear interest at the applicable reference rate plus 1.67% per annum; (ii) $140.0 million of Class A-1-R Senior Secured Floating Rate Notes, which bear interest at the applicable reference rate plus 1.67% per annum; (iii) $13.0 million of Class A-2-FR Senior Secured Fixed Rate Notes, which bear interest at 5.81% per annum; (iv) $17.0 million of Class A-2-R Senior Secured Floating Rate Notes, which bear interest at the applicable reference rate plus 2.05% per annum; (v) $20.0 million of Class A-J-R Senior Secured Floating Rate Notes, which bear interest at the applicable reference rate plus 1.90% per annum; (vi) $5.0 million of Class B-F-R Mezzanine Secured Deferrable Fixed Rate Notes, which bear interest at 6.78% per annum; (vii) $35.0 million of Class B-R Senior Secured Floating Rate Notes, which bear interest at the applicable reference rate plus 3.00% per annum; (viii) $30.0 million of Class C-R Mezzanine Secured Deferrable Floating Rate Notes, which bear interest at the applicable reference rate plus 4.71% per annum; (ix) $30.0 million of Class D-R Junior Secured Deferrable Floating Rate Notes, which bear interest at the applicable reference rate plus 7.70% per annum; (x) $6.0 million of Class X-R-R Senior Secured Floating Rate Notes, which bear interest at the applicable reference rate plus 1.10% per annum of the obligations of the 2018-1 Issuer under the 2018-1 CLO Transaction are non-recourse to the Company. The 2018‑1 CLO Reset Notes are scheduled to mature on April 20, 2038.

As part of the refinancing transaction, SLP contributed incrementally to the Company's membership interests of the 2018-1 Issuer, bringing the total to $87.7 million. The 2018-1 Membership Interests are eliminated in consolidation on SLP’s Consolidated Financial Statements.

Below is a table summary of the 2018‑1 CLO Reset Notes as of June 30, 2026:

2018-1 Notes	Principal Amount
Class A-1-L Notes	150,000	1.67	% + 3 Month SOFR	5.35	%
Class A-1-R Notes	140,000	1.67	% + 3 Month SOFR	5.35	%
Class A-2-FR Notes	13,000	5.81	%	5.81	%
Class A-2-R Notes	17,000	2.05	% + 3 Month SOFR	5.73	%
Class A-J-R Notes	20,000	1.90	% + 3 Month SOFR	5.58	%
Class B-F-R Notes	5,000	6.78	%	6.78	%
Class B-R Notes	35,000	3.00	% + 3 Month SOFR	6.68	%
Class C-R Notes	30,000	4.71	% + 3 Month SOFR	8.39	%
Class D-R Notes	30,000	7.70	% + 3 Month SOFR	11.38	%
Class X-RR Notes	6,000	1.10	% + 3 Month SOFR	4.78	%
Total 2018-1 Notes	446,000

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 $19.6 million of the Class C-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. Additionally, SLP holds $45.6 million in membership interests in the 2023-1 Issuer (“2023-1 Membership Interests”). 100% of the 2023-1 Membership Interests are retained by SLP and eliminated in consolidation on SLP’s Consolidated Financial Statements. Below is a table summary of the 2023-1 Notes as of June 30, 2026:

2023-1 Debt	Principal Amount
Class A-1-R Notes	188,500	1.58	% + SOFR	5.26	%
Class A-2-R Notes	9,750	1.80	% + SOFR	5.48	%
Class B-R Notes	22,750	1.90	% + SOFR	5.58	%
Class C-R Notes	8,000	2.25	% + SOFR	5.93	%
Class D-R Notes	17,875	3.25	% + SOFR	6.93	%
Total 2023-1 Notes	246,875

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. Additionally, SLP holds $76.4 million in membership interests in the 2024-1 Issuer (“2024-1 Membership Interests”). 100% of the 2024-1 Membership Interests are retained by SLP and eliminated in consolidation on SLP’s Consolidated Financial Statements. Below is a table summary of the 2024-1 Notes as of June 30, 2026:

2024-1 Debt	Principal Amount
Class A-1 Notes	250,750	1.75	% + SOFR	5.43	%
Class A-2 Notes	12,750	1.95	% + SOFR	5.63	%
Class B Notes	25,500	2.05	% + SOFR	5.73	%
Class C Notes	34,000	2.75	% + SOFR	6.43	%
Class D Notes	25,500	4.50	% + SOFR	8.18	%
Total 2024-1 Notes(1)	348,500

All values are in US Dollars.

(1) As of June 30, 2026, 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. Additionally, SLP holds $53.4 million in membership interests in the 2025-1 Issuer (“2025-1 Membership Interests”). 100% of the 2025-1 Membership Interests are retained by SLP and eliminated in consolidation on SLP’s Consolidated Financial Statements. Below is a table summary of the 2025-1 Notes as of June 30, 2026:

2025-1 Debt	Principal Amount
Class A-1 Notes	147,000	1.62	% + SOFR	5.30	%
Class A-1 Loans	56,000	1.62	% + SOFR	5.30	%
Class A-2 Loans	14,000	1.77	% + SOFR	5.45	%
Class B Notes	21,000	1.95	% + SOFR	5.63	%
Class C Notes	29,750	2.50	% + SOFR	6.18	%
Class D-1 Notes	19,250	3.50	% + SOFR	7.18	%
Class D-2 Notes	8,750	5.50	% + SOFR	9.18	%
Total 2025-1 Notes	295,750

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 June 30, 2026 was 5.9%. 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, 2025 was 6.9%.

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

	As of		As of
	June 30, 2026		December 31, 2025
Total investments	1,587,833		1,536,252
Weighted average yield on investments	9.3	%	9.4	%
Number of borrowers in SLP	107		99
Largest portfolio company investment	42,011		42,227
Total of five largest portfolio company investments	188,063		188,219
Unfunded commitments	1,210		4,109

All values are in US Dollars.

Below is a listing of SLP’s individual investments as of June 30, 2026:

Senior Loan Program, LLC

Consolidated Schedule of Investments

As of June 30, 2026

									Interest			Maturity			Market	% of Members
Portfolio Company	Investment Type	Index (1)	Floor (1)			Spread (1)			Rate			Date	Principal (2)	Cost	Value	Equity
Aerospace & Defense
ATS (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.75	%		9.42	%	7/12/2029	20,013	19,868	20,013
BTX Precision (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.00	%		8.64	%	7/25/2030	21,390	21,297	21,390
BTX Precision (4)	First Lien Senior Secured Loan - Delayed Draw	SOFR		1.00	%		5.00	%		8.64	%	7/25/2030	7,915	7,915	7,915
BTX Precision (4)	First Lien Senior Secured Loan	SOFR		1.00	%		4.75	%		8.41	%	7/25/2030	4,738	4,738	4,738
Forward Slope (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.60	%		9.33	%	8/22/2029	13,917	13,805	13,917
Forward Slope (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.60	%		9.33	%	8/22/2029	18,233	18,233	18,233
Forward Slope (4)	First Lien Senior Secured Loan - Delayed Draw	SOFR		1.00	%		5.60	%		9.33	%	8/22/2029	9,861	9,861	9,861
GSP Holdings, LLC (4)	First Lien Senior Secured Loan	SOFR		1.00	%	2.28% (3.62% PIK)				9.63	%	11/6/2026	26,237	26,307	24,925
GSP Holdings, LLC (4)	First Lien Senior Secured Loan	SOFR		1.00	%	2.28% (3.62% PIK)				9.63	%	11/6/2026	129	129	123
Heads Up Technologies, Inc. (4)	First Lien Senior Secured Loan	SOFR		0.75	%		5.25	%		8.98	%	7/23/2030	16,376	16,308	16,376
Mach Acquisition, LLC (4)	First Lien Senior Secured Loan	SOFR		1.00	%		7.15	%		10.81	%	4/19/2027	20,824	20,824	20,824
Saturn Purchaser Corp. (4)	First Lien Senior Secured Loan	SOFR		1.00	%		4.85	%		8.52	%	7/22/2030	29,633	29,587	29,633
Whitcraft-Paradigm (4)	First Lien Senior Secured Loan - Delayed Draw	SOFR		1.00	%		5.00	%		8.73	%	2/15/2029	4,479	4,479	4,479
Whitcraft-Paradigm (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.00	%		8.73	%	2/15/2029	11,181	11,136	11,181
Aerospace & Defense Total														204,487	203,608		11095.8	%
Automotive
Cardo (4)	First Lien Senior Secured Loan	SOFR	—				5.25	%		8.98	%	5/30/2028	10,800	10,800	10,800
Chilton (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.50	%		9.16	%	2/5/2031	16,308	16,138	15,981
Gills Point S (4)	First Lien Senior Secured Loan	SOFR		1.00	%	3.90% (1.50% PIK)				9.05	%	5/17/2029	9,770	9,674	9,525
Intoxalock (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.10	%		8.74	%	11/1/2028	16,668	16,599	16,668
Automotive Total														53,211	52,974		2886.9	%
Beverage, Food & Tobacco
AgroFresh Solutions (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.60	%		9.24	%	4/1/2030	23,814	23,706	23,517
INW Manufacturing, LLC (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.75	%		9.42	%	1/23/2031	24,080	23,851	23,719
Orchard Park BidCo, Inc. (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.00	%		8.67	%	4/21/2033	3,068	3,053	3,053
Beverage, Food & Tobacco Total														50,610	50,289		2740.5	%
Capital Equipment
AXH Air Coolers (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.50	%		9.17	%	10/31/2029	27,189	27,110	27,189
AXH Air Coolers (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.50	%		9.17	%	10/31/2029	13,031	13,031	13,031
Engineered Products Co., LLC (4)	First Lien Senior Secured Loan	SOFR		1.00	%		4.50	%		8.13	%	8/12/2031	3,245	3,216	3,245
EXT Acquisitions, Inc. (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.25	%		8.93	%	12/19/2031	4,811	4,788	4,787
Capital Equipment Total														48,145	48,252		2629.5	%

All values are in US Dollars.

									Interest			Maturity			Market	% of Members
Portfolio Company	Investment Type	Index (1)	Floor (1)			Spread (1)			Rate			Date	Principal (2)	Cost	Value	Equity
Chemicals, Plastics & Rubber
Duraco (4)	First Lien Senior Secured Loan	SOFR		1.50	%		6.50	%		10.19	%	6/6/2029	13,554	13,373	12,876
V Global Holdings LLC (4)	First Lien Senior Secured Loan	SOFR		0.75	%		5.90	%		9.55	%	12/22/2027	9,893	9,876	9,299
Chemicals, Plastics & Rubber Total														23,249	22,175		1208.4	%
Construction & Building
AGS American Glass Services Acquisition, LLC (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.50	%		9.16	%	7/24/2031	3,641	3,625	3,623
G702 Buyer, Inc. (4)	First Lien Senior Secured Loan	SOFR		0.75	%		4.75	%		8.42	%	7/2/2031	4,466	4,405	4,466
Service Master (3)(4)(7)	First Lien Senior Secured Loan	SOFR	—			6.86% PIK				10.51	%	8/16/2027	19,290	18,784	14,708
Service Master (3)(4)(7)	First Lien Senior Secured Loan	SOFR		1.00	%	6.86% PIK				10.52	%	8/16/2027	5,143	4,986	3,922
TL Sapphire Parent, Inc. (4)	First Lien Senior Secured Loan	SOFR		0.75	%		5.00	%		8.66	%	1/24/2033	6,958	6,924	6,888
Zeus Fire & Security (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.00	%		8.65	%	12/11/2030	27,643	27,473	27,643
Construction & Building Total														66,197	61,250		3337.9	%
Consumer Goods: Durable
New Milani Group LLC (4)	First Lien Senior Secured Loan	SOFR		1.00	%		4.75	%		8.39	%	6/26/2031	9,701	9,656	9,701
Stanton Carpet (4)	Second Lien Senior Secured Loan	SOFR		1.00	%		9.15	%		12.82	%	4/1/2028	5,000	4,966	5,000
TLC Purchaser, Inc. (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.76	%		9.49	%	10/11/2027	1,980	1,964	1,896
TLC Purchaser, Inc. (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.76	%		9.43	%	10/11/2027	35,180	34,750	33,685
Consumer Goods: Durable Total														51,336	50,282		2740.2	%
Consumer Goods: Non-Durable
Evriholder (4)	First Lien Senior Secured Loan	SOFR		1.50	%		7.00	%		10.85	%	1/24/2028	14,915	14,852	14,841
Hempz (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.25	%		8.98	%	10/25/2029	13,239	13,159	13,041
RoC Skincare (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.25	%		8.89	%	2/21/2031	23,931	23,768	23,931
Solaray, LLC (4)	First Lien Senior Secured Loan	SOFR		1.00	%	4.85% (2.00% PIK)				10.51	%	3/27/2029	10,129	10,129	9,217
Summer Fridays, LLC (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.25	%		8.89	%	5/16/2031	10,166	10,038	10,064
WU Holdco, Inc. (4)	First Lien Senior Secured Loan	SOFR		0.75	%		4.75	%		8.48	%	4/15/2032	26,016	25,906	26,016
Consumer Goods: Non-Durable Total														97,852	97,110		5292.1	%
Containers, Packaging & Glass
ASP-r-pac Acquisition Co LLC (4)	First Lien Senior Secured Loan	SOFR		0.75	%		5.25	%		8.89	%	12/31/2030	18,236	18,180	18,236
Precision Concepts Canada Corporation (4)	First Lien Senior Secured Loan	SOFR		1.00	%		4.75	%		8.41	%	8/2/2032	800	793	792
Precision Concepts Parent Inc. (4)	First Lien Senior Secured Loan	SOFR		1.00	%		4.75	%		8.41	%	8/2/2032	1,833	1,816	1,815
Containers, Packaging & Glass Total														20,789	20,843		1135.9	%

All values are in US Dollars.

									Interest			Maturity			Market	% of Members
Portfolio Company	Investment Type	Index (1)	Floor (1)			Spread (1)			Rate			Date	Principal (2)	Cost	Value	Equity
FIRE: Finance
Choreo (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.25	%		8.98	%	2/18/2028	2,444	2,444	2,444
Insigneo Financial Group LLC (4)	First Lien Senior Secured Loan	SOFR		1.00	%		6.60	%		10.31	%	8/1/2028	7,400	7,400	7,400
Insigneo Financial Group LLC (4)	First Lien Senior Secured Loan	SOFR		1.00	%		6.60	%		10.21	%	8/1/2028	2,869	2,869	2,869
PMA (4)	First Lien Senior Secured Loan	SOFR		0.75	%		4.75	%		8.48	%	1/31/2031	17,456	17,257	17,456
FIRE: Finance Total														29,970	30,169		1644.1	%
FIRE: Insurance
Simplicity (4)	First Lien Senior Secured Loan	SOFR		0.75	%		5.00	%		8.73	%	12/31/2031	24,872	24,661	24,872
FIRE: Insurance Total														24,661	24,872		1355.4	%
Healthcare & Pharmaceuticals
Accident Care Alliance Holdco LLC (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.00	%		8.73	%	8/20/2030	13,163	13,104	13,163
AEG Vision (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.90	%		9.63	%	3/27/2027	2,733	2,733	2,733
AEG Vision (4)	First Lien Senior Secured Loan - Delayed Draw	SOFR		1.00	%		5.90	%		9.63	%	3/27/2027	9,227	9,227	9,227
AEG Vision (4)	First Lien Senior Secured Loan - Delayed Draw	SOFR		1.00	%		5.90	%		9.63	%	3/27/2027	5,985	5,985	5,985
AOM Infusion (4)	First Lien Senior Secured Loan	SOFR		0.75	%		5.00	%		8.70	%	3/19/2032	3,615	3,585	3,615
Apollo Intelligence (4)	First Lien Senior Secured Loan	SOFR		0.75	%		5.75	%		9.39	%	6/1/2028	10,395	10,361	10,291
Beacon Specialized Living (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.50	%		9.23	%	3/27/2028	12,401	12,341	12,401
CRH Healthcare Purchaser, Inc. (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.25	%		8.99	%	9/17/2031	2,668	2,656	2,655
EHE Health (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.50	%		9.23	%	8/7/2030	24,317	24,142	24,074
HealthDrive (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.00	%		8.64	%	8/20/2029	20,114	20,114	20,114
HealthDrive (4)	First Lien Senior Secured Loan - Delayed Draw	SOFR		1.00	%		5.00	%		8.64	%	8/20/2029	268	268	268
HealthDrive (4)	First Lien Senior Secured Loan - Delayed Draw	SOFR		1.00	%		5.00	%		8.64	%	8/20/2029	6,248	6,220	6,248
Lightspeed Buyer, Inc. (4)	First Lien Senior Secured Loan	SOFR		0.75	%		4.75	%		8.48	%	2/6/2032	8,500	8,436	8,415
Odyssey Behavioral Health (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.25	%		8.89	%	5/21/2031	34,972	34,642	34,972
Pharmacy Partners (4)	First Lien Senior Secured Loan	SOFR		1.50	%		6.50	%		10.17	%	2/28/2029	23,169	23,020	23,053
Psychiatric Medical Care LLC (4)	First Lien Senior Secured Loan	SOFR		0.75	%		4.75	%		8.43	%	7/1/2032	10,199	10,086	10,071
Red Nucleus (4)	First Lien Senior Secured Loan	SOFR		0.75	%		5.25	%		9.08	%	10/17/2031	16,209	16,050	16,128
RedMed Operations (Collage Rehabilitation) (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.00	%		8.64	%	2/28/2031	22,646	22,436	22,646
Sunmed Group Holdings, LLC (4)	First Lien Senior Secured Loan	SOFR		0.75	%		5.60	%		9.26	%	6/16/2028	9,289	9,289	9,289
Vatica Health, Inc. (4)	First Lien Senior Secured Loan	SOFR		0.75	%		4.25	%		7.98	%	10/29/2032	9,066	8,979	9,066
Healthcare & Pharmaceuticals Total														243,674	244,414		13319.6	%
High Tech Industries
Appriss (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.00	%		8.66	%	3/10/2031	21,893	21,823	21,893
LogRhythm, Inc. (4)	First Lien Senior Secured Loan	SOFR		1.00	%		7.50	%		11.16	%	7/2/2029	4,011	3,937	3,650
NearMap (4)	First Lien Senior Secured Loan	SOFR		1.00	%		4.50	%		8.16	%	12/9/2029	15,963	15,863	15,963
NearMap (4)	First Lien Senior Secured Loan	SOFR		1.00	%		4.75	%		8.41	%	12/10/2029	19,316	19,272	19,316
PayRange (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.00	%		8.64	%	10/31/2030	18,247	18,122	18,247
Pricelabs Revenue Inc. (4)	First Lien Senior Secured Loan	SOFR	—				4.75	%		8.48	%	3/17/2033	1,995	1,980	1,975
SensorTower (4)	First Lien Senior Secured Loan	SOFR		2.00	%		7.50	%		11.17	%	3/15/2029	10,665	10,617	10,665
Superna Inc. (4)	First Lien Senior Secured Loan	SOFR		1.00	%		6.50	%		10.16	%	3/6/2028	15,649	15,621	15,649
High Tech Industries Total														107,235	107,358		5850.6	%

All values are in US Dollars.

									Interest			Maturity			Market	% of Members
Portfolio Company	Investment Type	Index (1)	Floor (1)			Spread (1)			Rate			Date	Principal (2)	Cost	Value	Equity
Hotel, Gaming & Leisure
Awayday (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.25	%		8.98	%	5/6/2032	13,545	13,411	13,545
City BBQ (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.35	%		8.99	%	9/4/2030	28,253	28,110	27,970
Pyramid Global Hospitality (4)	First Lien Senior Secured Loan	SOFR		1.25	%		5.25	%		8.92	%	1/19/2028	5,233	5,233	5,233
Pyramid Global Hospitality (4)	First Lien Senior Secured Loan	SOFR		1.25	%		5.25	%		8.92	%	1/19/2028	15,124	14,977	15,124
Hotel, Gaming & Leisure Total														61,731	61,872		3371.8	%
Media: Advertising, Printing & Publishing
AdThrive	First Lien Senior Secured Loan	SOFR	—				4.36	%		8.01	%	3/23/2028	4,884	4,836	4,697
Media: Advertising, Printing & Publishing Total														4,836	4,697		256.0	%
Media: Diversified & Production
Owl Acquisition, LLC (4)	First Lien Senior Secured Loan	SOFR		0.75	%		4.75	%		8.43	%	4/17/2032	14,888	14,793	14,218
Media: Diversified & Production Total														14,793	14,218		774.8	%
Metals & Mining
Elevation NewCo, LLC (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.75	%		9.48	%	8/1/2031	2,378	2,357	2,378
Lindstrom, LLC (4)	First Lien Senior Secured Loan	SOFR		0.75	%		5.50	%		9.24	%	12/30/2032	8,791	8,696	8,747
Metals & Mining Total														11,053	11,125		606.3	%
Retail
New Look (Delaware) Corporation (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.25	%		8.98	%	5/26/2028	9,311	9,173	9,311
Thrasio, LLC (4)(7)	First Lien Senior Secured Loan	SOFR		1.00	%		10.26	%		14.01	%	6/18/2029	906	762	906
Thrasio, LLC (4)(6)(7)	Equity Interest	—	—			—			—			—	52	5,369	—
Thrasio, LLC (4)(6)(7)	Equity Interest	—	—			—			—			—	6	597	—
Retail Total														15,901	10,217		556.8	%
Services: Business
ACAMS (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.00	%		8.73	%	12/30/2031	8,458	8,378	8,415
Allbridge (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.50	%		9.23	%	6/5/2030	22,191	22,104	22,191
Alogent Holdings, Inc. (4)	First Lien Senior Secured Loan	SOFR		1.00	%		6.50	%		10.17	%	1/21/2032	16,209	16,056	15,885
AMI (4)	First Lien Senior Secured Loan	SOFR		0.75	%		5.00	%		8.70	%	10/17/2031	21,725	21,599	21,725
BLI Buyer, Inc. (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.00	%		8.66	%	10/31/2031	8,479	8,440	8,436
Datix Bidco Limited (4)	First Lien Senior Secured Loan	SOFR		0.50	%		5.00	%		8.73	%	4/30/2031	17,500	17,431	17,500
Dealer Services Network (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.50	%		9.19	%	2/9/2027	8,619	8,594	8,619
Discovery Senior Living (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.00	%		8.64	%	3/18/2030	16,618	16,519	16,534
Discovery Senior Living (4)	First Lien Senior Secured Loan - Delayed Draw	SOFR		1.00	%		5.00	%		8.64	%	3/18/2030	2,780	2,780	2,766
Discovery Senior Living (4)(5)	First Lien Senior Secured Loan - Delayed Draw	SOFR		1.00	%		5.00	%		8.64	%	3/18/2030	3,483	3,483	3,461
Easy Ice (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.40	%		9.06	%	10/30/2030	31,071	30,716	31,071
Electronic Merchant Systems (4)	First Lien Senior Secured Loan	SOFR		0.75	%		4.50	%		8.15	%	8/1/2030	20,685	20,445	20,685
HLSG Intermediate, LLC (4)	First Lien Senior Secured Loan	SOFR		0.75	%		4.75	%		8.37	%	2/2/2033	9,975	9,901	9,875
HLSG Intermediate, LLC (4)(5)	First Lien Senior Secured Loan - Delayed Draw	SOFR		0.75	%		4.75	%		8.37	%	2/2/2033	2,141	2,133	2,118
E-Tech Group (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.50	%		9.23	%	4/9/2030	7,839	7,788	7,800
Morrow Sodali (4)	First Lien Senior Secured Loan	SOFR	—				5.35	%		8.97	%	4/25/2028	2,167	2,157	2,167
Morrow Sodali (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.48	%		9.10	%	10/25/2029	7,661	7,625	7,661
Pure Wafer (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.35	%		8.99	%	11/12/2030	10,752	10,683	10,752
PRGX (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.50	%		9.19	%	12/20/2030	17,201	17,059	16,814
Pure Wafer (4)	First Lien Senior Secured Loan - Delayed Draw	SOFR		1.00	%		5.35	%		8.99	%	11/12/2030	1,968	1,968	1,968
TEI Holdings Inc.	First Lien Senior Secured Loan	SOFR		0.50	%		4.00	%		7.73	%	4/9/2031	10,394	10,428	10,259
Services: Business Total														246,287	246,702		13444.3	%

All values are in US Dollars.

									Interest			Maturity			Market	% of Members
Portfolio Company	Investment Type	Index (1)	Floor (1)			Spread (1)			Rate			Date	Principal (2)	Cost	Value	Equity
Services: Consumer
CorePower Yoga, LLC (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.25	%		8.98	%	4/30/2031	20,941	20,855	20,941
MZR Buyer, LLC (4)(7)	First Lien Senior Secured Loan	SOFR		1.00	%	6.90% (0.50% PIK)				11.13	%	12/22/2028	13,722	13,706	11,801
Spotless Brands (4)	First Lien Senior Secured Loan - Delayed Draw	SOFR		1.00	%		5.50	%		9.17	%	7/25/2028	5,946	5,941	5,946
Vasa Fitness Buyer, Inc. (4)	First Lien Senior Secured Loan	SOFR		1.00	%		6.35	%		9.99	%	8/15/2030	3,970	3,923	3,930
Services: Consumer Total														44,425	42,618		2322.5	%
Telecommunications
Meriplex Communications, Ltd. (4)(7)	First Lien Senior Secured Loan	SOFR		0.75	%		5.10	%		8.74	%	7/17/2028	14,621	14,462	14,365
Telecommunications Total														14,462	14,365		782.8	%
Transportation: Cargo
A&R Logistics, Inc. (3)(4)(7)	First Lien Senior Secured Loan	SOFR		1.00	%	2.60% (4.25% PIK)				10.53	%	2/3/2028	30,304	30,304	19,319
Gulf Winds International (4)	First Lien Senior Secured Loan	SOFR		1.00	%	6.00% (1.00% PIK)				10.64	%	12/16/2028	14,049	13,906	13,030
Gulf Winds International (4)	First Lien Senior Secured Loan	SOFR		1.00	%	6.00% (1.00% PIK)				10.64	%	12/16/2028	15,839	15,738	14,691
ICAT Logistics, Inc. (4)	First Lien Senior Secured Loan	SOFR		1.00	%		6.25	%		9.89	%	3/1/2029	8,933	8,813	8,843
RoadOne (4)	First Lien Senior Secured Loan	SOFR		1.00	%		6.75	%		10.41	%	12/29/2028	6,793	6,706	6,725
RoadOne (4)	First Lien Senior Secured Loan - Delayed Draw	SOFR		1.00	%		6.75	%		10.41	%	12/29/2028	1,044	1,043	1,034
Transportation: Cargo Total														76,510	63,642		3468.2	%
Transportation: Consumer
PrimeFlight Acquisition LLC (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.50	%		9.23	%	5/1/2029	6,440	6,440	6,440
PrimeFlight Acquisition LLC (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.50	%		9.16	%	5/1/2029	22,536	22,252	22,536
Transportation: Consumer Total														28,692	28,976		1579.1	%
Utilities: Electric
KAMC Holdings, Inc. (4)	First Lien Senior Secured Loan	SOFR		0.75	%		5.25	%		8.91	%	8/1/2031	4,478	4,434	4,399
Utilities: Electric Total														4,434	4,399		239.7	%
Utilities: Water
Vessco Water (4)	First Lien Senior Secured Loan	SOFR		0.75	%		4.50	%		8.14	%	7/24/2031	13,687	13,631	13,687
Vessco Water (4)(5)	First Lien Senior Secured Loan - Delayed Draw	SOFR		0.75	%		4.50	%		8.20	%	7/24/2031	3,281	3,281	3,281
Utilities: Water Total														16,912	16,968		924.7	%

All values are in US Dollars.

									Interest			Maturity			Market	% of Members
Portfolio Company	Investment Type	Index (1)	Floor (1)			Spread (1)			Rate			Date	Principal (2)	Cost	Value	Equity
Wholesale
Abracon Borrower, LLC. (4)(7)	First Lien Senior Secured Loan	SOFR		2.00	%		5.65	%		9.38	%	6/10/2030	4,321	4,321	4,321
Abracon TopCo, LLC (4)(6)(7)	Equity Interest	—	—			—			—			—	2	1,381	1,894
Blackbird Purchaser, Inc. (4)	First Lien Senior Secured Loan	SOFR		0.75	%		5.75	%		9.48	%	12/19/2030	5,283	5,283	5,283
Chex Finer Foods, LLC (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.75	%		9.40	%	6/6/2031	16,376	16,313	16,376
Fifty U.S. Bidco Inc (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.00	%		8.73	%	8/1/2031	11,414	11,363	11,414
Hultec (4)	First Lien Senior Secured Loan	SOFR		1.00	%		5.50	%		9.17	%	3/31/2029	6,238	6,123	6,238
SureWerx (4)	First Lien Senior Secured Loan	SOFR		0.75	%		5.25	%		8.98	%	12/28/2029	8,095	7,992	8,095
WSP (3)(4)(7)	First Lien Senior Secured Loan	SOFR		1.00	%	1.15% (4.00% PIK)				8.81	%	4/27/2028	3,440	3,013	817
WSP (3)(4)(7)	First Lien Senior Secured Loan	—	—			8.00% PIK				8.00	%	4/27/2028	2,351	1,978	—
Wholesale Total														57,767	54,438		2966.5	%
Investments Total														1,619,219	1,587,833		86530.4	%
Cash Equivalents
Goldman Sachs Financial Square Government Fund Institutional Share Class	Cash Equivalents	—	—			—				3.54	%	—	64,844	64,844	64,844
Goldman Sachs US Treasury Liquid Reserves Fund	Cash Equivalents	—	—			—				3.52	%	—	24,408	24,408	24,408
Cash Equivalents Total														89,252	89,252		4863.9	%
Investments and Cash Equivalents Total														1,708,471	1,677,085		91394.3	%

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 resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect for the largest contract as of June 30, 2026. Certain investments are subject to an interest rate floor. Certain investments or a portion thereof may include Payment-in-Kind interest (“PIK”).
The principal amount (par amount) for all debt securities is denominated in U.S. dollars, unless otherwise noted.
Loan was on non-accrual status as of June 30, 2026.
Security valued using unobservable inputs (Level 3).
Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The unfunded commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on a loan. The negative fair value, if applicable, is the result of the capitalized discount on a loan.
Non-income producing.
These investments are not pledged as collateral to any of the SLP CLO Notes. All other investments listed above are pledged as collateral to one or more of the 2018-1 Notes, the 2023-1 Notes, the 2024-1 Notes or the 2025-1 Notes (collectively the "SLP CLO Notes").

Below is a listing of SLP's individual investments as of December 31, 2025:

Senior Loan Program, LLC

Consolidated Schedule of Investments

As of December 31, 2025

						Interest			Maturity			Market	% of Members
Portfolio Company	Investment Type	Index (1)	Spread (1)			Rate			Date	Principal (9)	Cost	Value	Equity (4)
Aerospace & Defense
ATS (12)(15)(19)(35)(36)	First Lien Senior Secured Loan	SOFR		5.75	%		9.65	%	7/12/2029	20,114	19,945	20,114
BTX Precision (12)(15)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		5.00	%		8.77	%	7/25/2030	21,499	21,393	21,499
BTX Precision (15)(19)(34)(35)(36)	First Lien Senior Secured Loan - Delayed Draw	SOFR		5.00	%		8.77	%	7/25/2030	7,955	7,955	7,955
BTX Precision (12)(15)(19)	First Lien Senior Secured Loan	SOFR		4.75	%		8.59	%	7/25/2030	4,762	4,762	4,762
Forward Slope (12)(15)(19)(34)(35)	First Lien Senior Secured Loan	SOFR		5.60	%		9.27	%	8/22/2029	13,989	13,858	13,989
Forward Slope (15)(19)(34)(35)	First Lien Senior Secured Loan	SOFR		5.60	%		9.27	%	8/22/2029	18,327	18,327	18,327
Forward Slope (15)(19)(36)	First Lien Senior Secured Loan - Delayed Draw	SOFR		5.60	%		9.27	%	8/22/2029	9,911	9,911	9,911
GSP Holdings, LLC (12)(15)(19)(26)(34)(35)	First Lien Senior Secured Loan	SOFR	2.95% (2.95% PIK)				9.57	%	11/6/2026	25,778	25,723	23,974
Heads Up Technologies, Inc. (12)(16)(19)(34)(35)	First Lien Senior Secured Loan	SOFR		5.25	%		8.92	%	7/23/2030	16,459	16,381	16,376
Mach Acquisition T/L (12)(15)(19)(35)(36)	First Lien Senior Secured Loan	SOFR		7.15	%		11.01	%	10/19/2026	20,924	20,924	20,924
Saturn Purchaser Corp. (12)(15)(19)(34)(35)	First Lien Senior Secured Loan	SOFR		4.85	%		8.72	%	7/22/2030	29,633	29,580	29,633
Whitcraft-Paradigm (15)(19)(36)	First Lien Senior Secured Loan - Delayed Draw	SOFR		5.00	%		8.67	%	2/15/2029	4,501	4,501	4,501
Whitcraft-Paradigm (15)(19)(34)(36)	First Lien Senior Secured Loan	SOFR		5.00	%		8.67	%	2/15/2029	11,239	11,186	11,239
Aerospace & Defense Total											204,446	203,204		2515.5	%
Automotive
Cardo (12)(18)(19)	First Lien Senior Secured Loan	SOFR		5.25	%		8.98	%	5/12/2028	10,800	10,800	10,800
Chilton (12)(15)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		5.50	%		9.40	%	2/5/2031	16,390	16,202	16,267
Gills Point S (12)(15)(19)(26)(35)	First Lien Senior Secured Loan	SOFR	4.00% (1.50% PIK)				9.22	%	5/17/2029	9,750	9,637	9,506
Intoxalock (12)(15)(19)(34)	First Lien Senior Secured Loan	SOFR		5.10	%		8.82	%	11/1/2028	16,754	16,670	16,754
JHCC Holdings, LLC (15)(19)(34)(35)	First Lien Senior Secured Loan - Delayed Draw	SOFR		5.25	%		8.92	%	9/9/2027	8,082	8,046	8,082
JHCC Holdings, LLC (12)(15)(19)(34)	First Lien Senior Secured Loan	SOFR		5.25	%		8.92	%	9/9/2027	16,117	16,043	16,117
Automotive Total											77,398	77,526		959.7	%
Beverage, Food & Tobacco
AgroFresh Solutions (12)(15)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		5.60	%		9.32	%	3/31/2030	23,949	23,825	23,949
Beverage, Food & Tobacco Total											23,825	23,949		296.5	%
Capital Equipment
AXH Air Coolers (12)(15)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		5.50	%		9.20	%	10/31/2029	27,189	27,097	27,189
AXH Air Coolers (12)(15)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		5.50	%		9.20	%	10/31/2029	13,097	13,097	13,097
Engineered Products Co., LLC (12)(15)(19)(35)	First Lien Senior Secured Loan	SOFR		4.75	%		8.81	%	8/12/2031	3,262	3,230	3,229
Capital Equipment Total											43,424	43,515		538.7	%

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)
Chemicals, Plastics & Rubber
Duraco (19)(32)(35)(36)	First Lien Senior Secured Loan	SOFR		6.50	%		10.16	%	6/6/2029	15,871	15,642	15,078
V Global Holdings LLC (12)(16)(19)(34)	First Lien Senior Secured Loan	SOFR		5.90	%		9.77	%	12/22/2027	9,840	9,817	9,348
Chemicals, Plastics & Rubber Total											25,459	24,426		302.4	%
Construction & Building
AGS American Glass Services Acquisition, LLC (12)(15)(19)(34)(35)	First Lien Senior Secured Loan	SOFR		5.50	%		9.22	%	7/24/2031	3,990	3,971	3,970
G702 Buyer, Inc. (12)(16)(19)(34)(36)	First Lien Senior Secured Loan	SOFR		4.75	%		8.42	%	7/2/2031	4,489	4,421	4,421
Service Master (18)(19)(26)(34)(35)	First Lien Senior Secured Loan	SOFR	5.86% (1.00% PIK)				10.58	%	8/16/2027	18,887	18,887	18,887
Service Master (15)(19)(26)(36)	First Lien Senior Secured Loan	SOFR	5.86% (1.00% PIK)				10.60	%	8/16/2027	5,020	5,016	5,020
Zeus Fire & Security (12)(15)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		5.00	%		8.85	%	12/11/2030	27,784	27,594	27,714
Construction & Building Total											59,889	60,012		742.9	%
Consumer Goods: Durable
Stanton Carpet (12)(15)(19)	Second Lien Senior Secured Loan	SOFR		9.15	%		13.09	%	3/31/2028	5,000	4,958	5,000
TLC Purchaser, Inc. (15)(19)(36)	First Lien Senior Secured Loan	SOFR		5.76	%		9.43	%	10/11/2027	1,990	1,970	1,871
TLC Purchaser, Inc. (12)(15)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		5.76	%		9.47	%	10/11/2027	35,347	34,748	33,227
Consumer Goods: Durable Total											41,676	40,098		496.4	%
Consumer Goods: Non-Durable
Evriholder (12)(19)(32)(35)	First Lien Senior Secured Loan	SOFR		6.90	%		10.57	%	1/24/2028	15,519	15,431	15,363
Hempz (15)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		5.25	%		8.92	%	10/25/2029	13,239	13,148	13,041
Solaray, LLC (12)(15)(19)	First Lien Senior Secured Loan	SOFR		6.85	%		10.69	%	6/15/2028	9,780	9,780	8,899
Summer Fridays, LLC (12)(15)(19)(36)	First Lien Senior Secured Loan	SOFR		5.25	%		8.92	%	5/16/2031	10,696	10,547	10,536
RoC Skincare (12)(15)(19)(35)(36)	First Lien Senior Secured Loan	SOFR		5.25	%		9.12	%	2/21/2031	24,054	23,872	24,054
WU Holdco, Inc. (12)(16)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		4.75	%		8.42	%	4/15/2032	26,147	26,027	26,147
Consumer Goods: Non-Durable Total											98,805	98,040		1213.7	%
Consumer Goods: Wholesale
WSP (7)(14)(15)(19)	First Lien Senior Secured Loan	SOFR		1.25	%		5.45	%	4/27/2028	3,338	3,060	1,277
WSP (7)(14)(19)(26)	First Lien Senior Secured Loan	—	8.00% PIK				8.00	%	4/27/2028	2,259	1,978	—
Consumer Goods: Wholesale Total											5,038	1,277		15.8	%
Containers, Packaging & Glass
ASP-r-pac Acquisition Co LLC (12)(16)(19)(34)(35)	First Lien Senior Secured Loan	SOFR		6.26	%		10.10	%	12/29/2027	22,354	22,267	22,354
Precision Concepts Canada Corporation (12)(15)(19)	First Lien Senior Secured Loan	SOFR		4.75	%		8.57	%	8/2/2032	804	796	796
Precision Concepts Parent Inc. (12)(15)(19)	First Lien Senior Secured Loan	SOFR		4.75	%		8.57	%	8/2/2032	1,847	1,828	1,828
Containers, Packaging & Glass Total											24,891	24,978		309.2	%

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)
FIRE: Finance
Allworth Financial Group, L.P. (12)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR		4.75	%		8.47	%	12/23/2027	2,095	2,074	2,074
Allworth Financial Group, L.P. (12)(15)(19)	First Lien Senior Secured Loan	SOFR		4.75	%		8.47	%	12/23/2027	8,172	8,172	8,172
Choreo (15)(19)(36)	First Lien Senior Secured Loan	SOFR		5.00	%		8.72	%	2/18/2028	2,456	2,456	2,456
Insigneo Financial Group LLC (12)(15)(19)	First Lien Senior Secured Loan	SOFR		6.60	%		10.30	%	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	%		8.42	%	1/31/2031	17,456	17,236	17,456
Wealth Enhancement Group (WEG) (15)(19)(35)(36)	First Lien Senior Secured Loan - Delayed Draw	SOFR		4.50	%		8.16	%	10/2/2028	11,726	11,715	11,726
FIRE: Finance Total											52,878	53,109		657.5	%
FIRE: Insurance
Simplicity (12)(16)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		4.75	%		8.40	%	12/31/2031	24,998	24,767	24,998
FIRE: Insurance Total											24,767	24,998		309.5	%
Healthcare & Pharmaceuticals
Accident Care Alliance Holdco LLC (12)(15)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		5.00	%		8.67	%	8/20/2030	11,970	11,911	11,910
AEG Vision (12)(15)(19)(34)(35)	First Lien Senior Secured Loan	SOFR		5.90	%		9.57	%	3/27/2027	1,152	1,152	1,152
AOM Infusion (16)(19)(36)	First Lien Senior Secured Loan	SOFR		5.00	%		8.69	%	3/19/2032	3,634	3,600	3,615
Apollo Intelligence (12)(16)(19)(35)	First Lien Senior Secured Loan	SOFR		5.75	%		9.50	%	5/31/2028	10,449	10,406	10,240
Beacon Specialized Living (12)(15)(19)(35)(36)	First Lien Senior Secured Loan	SOFR		5.50	%		9.17	%	3/25/2028	12,464	12,396	12,464
CRH Healthcare Purchaser, Inc. (12)(15)(19)(34)	First Lien Senior Secured Loan	SOFR		5.25	%		8.92	%	9/17/2031	2,682	2,669	2,668
EHE Health (12)(15)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		5.50	%		9.17	%	8/7/2030	24,441	24,244	24,441
HealthDrive (12)(15)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		6.10	%		9.82	%	8/20/2029	20,217	20,217	20,217
HealthDrive (15)(19)(36)	First Lien Senior Secured Loan - Delayed Draw	SOFR		6.10	%		9.82	%	8/20/2029	269	269	269
HealthDrive (3)(15)(19)(36)	First Lien Senior Secured Loan - Delayed Draw	SOFR		6.10	%		9.82	%	8/20/2029	3,243	3,215	3,243
Odyssey Behavioral Health (12)(15)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		5.25	%		9.12	%	5/21/2031	35,150	34,784	35,150
Pharmacy Partners (12)(19)(32)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		6.50	%		10.32	%	2/28/2029	23,288	23,110	23,288
Psychiatric Medical Care LLC (12)(16)(19)(34)(35)	First Lien Senior Secured Loan	SOFR		4.75	%		8.41	%	7/1/2032	10,250	10,127	10,122
Red Nucleus (16)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		5.25	%		9.02	%	10/17/2031	16,291	16,116	16,291
RedMed Operations (Collage Rehabilitation) (12)(15)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		5.00	%		8.72	%	2/28/2031	22,761	22,527	22,761
SunMed Group Holdings, LLC (12)(16)(19)	First Lien Senior Secured Loan	SOFR		5.60	%		9.44	%	6/16/2028	9,338	9,338	9,338
Healthcare & Pharmaceuticals Total											206,081	207,169		2564.6	%

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)
High Tech Industries
Appriss (12)(15)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		5.00	%		8.74	%	3/10/2031	22,003	21,926	22,003
Govineer Solutions (fka Black Mountain) (12)(15)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		5.00	%		8.67	%	10/7/2030	28,947	28,767	28,947
LogRhythm, Inc. (15)(19)(35)	First Lien Senior Secured Loan	SOFR		7.50	%		11.34	%	7/2/2029	3,978	3,892	3,818
NearMap (15)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		4.75	%		8.61	%	12/9/2029	16,044	15,929	16,044
NearMap (12)(15)(19)(35)(36)	First Lien Senior Secured Loan	SOFR		4.75	%		8.61	%	12/9/2029	19,414	19,363	19,414
PayRange (15)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		5.00	%		8.72	%	10/31/2030	18,340	18,200	18,340
Superna Inc. (15)(19)(36)	First Lien Senior Secured Loan	SOFR		6.50	%		10.24	%	3/6/2028	4,201	4,164	4,201
SensorTower (12)(19)(31)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		7.50	%		11.20	%	3/15/2029	16,916	16,826	16,916
High Tech Industries Total											129,067	129,683		1605.4	%
Hotel, Gaming & Leisure
Awayday (15)(19)(34)(36)	First Lien Senior Secured Loan	SOFR		5.25	%		8.92	%	5/6/2032	13,606	13,460	13,606
City BBQ (12)(15)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		5.35	%		9.10	%	9/4/2030	28,397	28,237	28,255
Pollo Tropical (12)(15)(19)(35)(36)	First Lien Senior Secured Loan	SOFR		5.25	%		9.07	%	10/23/2029	6,148	6,083	6,148
Pyramid Global Hospitality (19)(31)(36)	First Lien Senior Secured Loan	SOFR		5.25	%		9.11	%	1/19/2028	5,246	5,246	5,246
Pyramid Global Hospitality (12)(19)(24)(34)(35)	First Lien Senior Secured Loan	SOFR		5.25	%		9.11	%	1/19/2028	15,204	15,009	15,204
Hotel, Gaming & Leisure Total											68,035	68,459		847.5	%
Media: Advertising, Printing & Publishing
AdThrive (36)	First Lien Senior Secured Loan	SOFR		4.36	%		8.08	%	3/23/2028	4,910	4,848	4,855
Media: Advertising, Printing & Publishing Total											4,848	4,855		60.1	%
Metals & Mining
Elevation NewCo, LLC (15)(19)(35)	First Lien Senior Secured Loan	SOFR		5.75	%		9.60	%	8/1/2031	2,390	2,367	2,366
Metals & Mining Total											2,367	2,366		29.3	%
Retail
New Look (Delaware) Corporation (12)(15)(19)	First Lien Senior Secured Loan	SOFR		5.25	%		8.92	%	5/26/2028	9,360	9,185	9,360
Thrasio, LLC (7)(14)(15)(19)(26)	First Lien Senior Secured Loan	SOFR	10.11% PIK				13.84	%	6/18/2029	3,991	3,491	1,996
Thrasio, LLC (7)(14)(15)(19)(26)	First Lien Senior Secured Loan	SOFR	10.11% PIK				13.84	%	6/18/2029	1,285	1,138	1,285
Thrasio, LLC (14)(19)	Equity Interest	—	—			—			—	52	5,369	—
Thrasio, LLC (14)(19)	Equity Interest	—	—			—			—	6	597	—
Retail Total											19,780	12,641		156.5	%
Services: Business
Allbridge (12)(15)(19)(35)(36)	First Lien Senior Secured Loan	SOFR		5.50	%		9.17	%	6/5/2030	22,304	22,205	22,304
AMI (12)(16)(19)(34)(35)	First Lien Senior Secured Loan	SOFR		5.00	%		8.90	%	10/17/2031	21,835	21,696	21,835
Datix Bidco Limited (17)(19)(35)	First Lien Senior Secured Loan	SOFR		5.00	%		8.73	%	4/30/2031	6,000	5,924	6,000
Dealer Service Network (12)(15)(19)(34)(35)	First Lien Senior Secured Loan	SOFR		5.50	%		9.16	%	2/9/2027	8,663	8,618	8,663
Discovery Senior Living (12)(15)(19)(35)	First Lien Senior Secured Loan	SOFR		4.75	%		8.47	%	3/18/2030	16,703	16,590	16,703
Discovery Senior Living (15)(19)(36)	First Lien Senior Secured Loan - Delayed Draw	SOFR		4.75	%		8.47	%	3/18/2030	2,794	2,794	2,794
Discovery Senior Living (3)(15)(19)(34)	First Lien Senior Secured Loan - Delayed Draw	SOFR		4.75	%		8.47	%	3/18/2030	3,411	3,411	3,411
Easy Ice (12)(15)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		5.40	%		9.24	%	10/30/2030	31,229	30,831	31,229
TEI Holdings Inc. (17)(35)	First Lien Senior Secured Loan	SOFR		4.00	%		7.67	%	4/9/2031	10,483	10,521	10,440
Pure Wafer (12)(15)(19)(35)(36)	First Lien Senior Secured Loan	SOFR		5.35	%		9.07	%	11/12/2030	10,807	10,729	10,807
PRGX (12)(15)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		5.50	%		9.16	%	12/20/2030	17,288	17,130	17,029
Electronic Merchant Systems (12)(16)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		4.75	%		8.48	%	8/1/2030	20,790	20,520	20,790
Morrow Sodali (12)(18)(19)	First Lien Senior Secured Loan	SOFR		5.35	%		9.07	%	4/25/2028	2,173	2,160	2,173
Morrow Sodali (12)(15)(19)	First Lien Senior Secured Loan	SOFR		5.48	%		9.20	%	4/25/2028	7,680	7,634	7,680
E-Tech Group (12)(15)(19)(35)	First Lien Senior Secured Loan - Revolver	SOFR		5.50	%		9.17	%	4/9/2030	7,879	7,821	7,781
Services: Business Total											188,584	189,639		2347.6	%

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)
Services: Consumer
CorePower Yoga, LLC (12)(15)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		5.25	%		8.92	%	4/30/2031	21,047	20,951	21,047
MZR Buyer, LLC (12)(15)(19)(26)(35)(36)	First Lien Senior Secured Loan	SOFR	6.90% (0.50% PIK)				11.07	%	12/22/2028	13,687	13,678	12,798
Owl Acquisition, LLC (12)(16)(19)(35)(36)	First Lien Senior Secured Loan	SOFR		4.75	%		8.63	%	4/17/2032	14,963	14,860	14,663
Spotless Brands (15)(19)(36)	First Lien Senior Secured Loan - Delayed Draw	SOFR		5.50	%		9.37	%	7/25/2028	5,976	5,971	5,976
Vasa Fitness Buyer, Inc. (12)(15)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		6.35	%		10.07	%	8/15/2030	3,990	3,940	3,940
Services: Consumer Total											59,400	58,424		723.2	%
Telecommunications
Meriplex Communications, Ltd. (12)(16)(19)(35)(36)	First Lien Senior Secured Loan	SOFR		5.10	%		8.82	%	7/17/2028	14,696	14,497	14,439
Telecommunications Total											14,497	14,439		178.7	%
Transportation: Cargo
A&R Logistics, Inc. (12)(15)(19)(26)(34)(35)	First Lien Senior Secured Loan	SOFR	2.65% (4.25% PIK)				10.56	%	2/3/2028	29,641	29,641	26,084
Gulf Winds International (12)(15)(19)(26)(34)	First Lien Senior Secured Loan	SOFR	6.00% (1.00% PIK)				10.72	%	12/16/2028	14,016	13,844	13,315
Gulf Winds International (12)(15)(19)(26)(35)(36)	First Lien Senior Secured Loan	SOFR	6.00% (1.00% PIK)				10.72	%	12/16/2028	15,839	15,718	15,047
ICAT Logistics, Inc. (12)(15)(19)(34)(35)	First Lien Senior Secured Loan	SOFR		6.25	%		9.97	%	3/1/2029	8,978	8,843	8,843
RoadOne (15)(19)(34)	First Lien Senior Secured Loan	SOFR		6.25	%		9.95	%	12/29/2028	6,828	6,723	6,828
RoadOne (15)(19)(34)	First Lien Senior Secured Loan - Delayed Draw	SOFR		6.25	%		9.95	%	12/29/2028	1,049	1,048	1,049
Transportation: Cargo Total											75,817	71,166		881.0	%
Transportation: Consumer
PrimeFlight Acquisition LLC (12)(15)(19)	First Lien Senior Secured Loan	SOFR		5.50	%		9.17	%	5/1/2029	6,473	6,473	6,473
PrimeFlight Acquisition LLC (12)(15)(19)(34)(35)	First Lien Senior Secured Loan	SOFR		5.50	%		9.35	%	5/1/2029	22,652	22,317	22,652
Transportation: Consumer Total											28,790	29,125		360.5	%
Utilities: Electric
KAMC Holdings, Inc. (12)(16)(19)(35)	First Lien Senior Secured Loan	SOFR		5.25	%		9.10	%	8/1/2031	4,500	4,452	4,449
Utilities: Electric Total											4,452	4,449		55.1	%
Utilities: Water
Vessco Water (16)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		4.50	%		8.22	%	7/24/2031	13,687	13,625	13,687
Utilities: Water Total											13,625	13,687		169.4	%
Wholesale
Abracon Group Holding, LLC. (7)(14)(16)(19)(26)(34)	First Lien Senior Secured Loan	SOFR	2.05% (4.60% PIK)				10.54	%	7/6/2028	12,471	11,077	7,483
Blackbird Purchaser, Inc. (16)(19)(35)	First Lien Senior Secured Loan	SOFR		5.75	%		9.42	%	12/19/2030	5,310	5,310	5,310
Chex Finer Foods, LLC (12)(15)(19)(34)(35)	First Lien Senior Secured Loan	SOFR		6.00	%		9.74	%	6/6/2031	16,459	16,389	16,459
Fifty U.S. Bidco Inc (12)(15)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		5.00	%		8.67	%	8/1/2031	11,471	11,415	11,414
Hultec (12)(15)(19)(34)	First Lien Senior Secured Loan	SOFR		5.65	%		9.32	%	3/31/2029	6,257	6,140	6,257
SureWerx (16)(19)(34)(35)	First Lien Senior Secured Loan	SOFR		5.25	%		8.92	%	12/28/2029	8,136	8,017	8,095
Wholesale Total											58,348	55,018		681.0	%
Investments Total											1,556,187	1,536,252		19017.7	%
Cash Equivalents
Goldman Sachs Financial Square Government Fund Institutional Share Class (30)	Cash Equivalents	—	—				3.69	%	—	64,766	64,766	64,766
Goldman Sachs US Treasury Liquid Reserves Fund (30)	Cash Equivalents	—	—				3.70	%	—	57,524	57,524	57,524
Cash Equivalents Total											122,290	122,290		1513.9	%
Investments and Cash Equivalents Total											1,678,477	1,658,542		20531.6	%

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, 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 $8,078 as of December 31, 2025.
Tick mark not used.
Tick mark not used.
Loan was on non-accrual status as of December 31, 2025.
Tick mark not used.
The principal amount (par amount) for all debt securities is denominated in U.S. dollars, unless otherwise noted.
Tick mark not used.
Tick mark not used.
Assets or a portion thereof are pledged as collateral for the 2018-1 Issuer.
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.
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.
Cash equivalents include $122,290 of restricted cash.
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 the financial information for SLP:

Selected Balance Sheet Information

	As of	As of
	June 30, 2026	December 31, 2025
ASSETS
Investments at fair value (amortized cost of $1,619,219 and $1,556,187, respectively)	1,587,833	1,536,252
Cash and cash equivalents	12,897	1,964
Restricted cash and cash equivalents	80,679	125,753
Prepaid expenses	3,539	3,773
Interest receivable on investments	13,213	12,658
Receivable for sales and paydowns of investments	17,990	3,976
Total assets	1,716,151	1,684,376
LIABILITIES
Debt (net of unamortized debt issuance costs of $12,032 and $10,022, respectively)	1,325,093	1,295,228
Subordinated notes payable to members	324,082	315,859
Interest payable on debt	16,502	21,951
Interest payable on subordinated notes payable to members	9,049	8,690
Payable for investments purchased	27,214	25,455
Distributions payable to members	7,396	6,785
Accounts payable and accrued expenses	4,980	2,330
Total liabilities	1,714,316	1,676,298
EQUITY
Members’ equity	1,835	8,078
Total Members' equity	1,835	8,078
Total liabilities and members’ equity	1,716,151	1,684,376

All values are in US Dollars.

Selected Statement of Operations Information

	For the Three Months Ended				For the Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Investment income
Interest income	36,359		38,684		74,111		76,796
Total investment income	36,359		38,684		74,111		76,796
Expenses
Interest and debt financing expenses	19,454		23,026		39,447		45,611
Interest expense on subordinated notes payable to members	9,050		7,682		17,960		15,013
Professional fees and other expenses	2,346		2,319		4,742		4,522
Total expenses	30,850		33,027		62,149		65,146
Net investment income	5,509		5,657		11,962		11,650
Net realized and unrealized gains (losses)
Net realized gain (loss) on investments	(4,572	)	(1,225	)	(4,311	)	(5,742	)
Net change in unrealized appreciation (depreciation) on investments	(8,640	)	(2,501	)	(11,446	)	(4,500	)
Net change in unrealized appreciation on members subordinated notes	9,748		11		9,748		24,141
Total net gain (loss)	(3,464	)	(3,715	)	(6,009	)	13,899
Net increase from operations	2,045		1,942		5,953		25,549
Net increase in members' equity from operations	2,045		1,942		5,953		25,549

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 June 30, 2026, 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	—		—				1,494,684		4,933		1,499,617
Second Lien Senior Secured Loans	—		—				30,069	—			30,069
Subordinated Debt	—		—				86,634	—			86,634
Preferred Equity	—		—				182,668	—			182,668
Equity Interests	—		—				168,672		8,116		176,788
Warrants	—		—				696	—			696
Subordinated Notes Investment Vehicles (1)	—		—				354,534	—			354,534
Preferred Equity Interests Investment Vehicles (1)	—		—			—			1,836		1,836
Equity Interests Investment Vehicles (1)	—		—			—			30,734		30,734
Total Investments	—		—				2,317,957		45,619		2,363,576
Cash equivalents		52,077	—			—		—			52,077
Forward currency exchange contracts (asset)	—			1,804		—		—			1,804
Forward currency exchange contracts (liability)	—			(1,105	)	—		—			(1,105	)
Interest rate swap (asset)	—			890		—		—			890
Interest rate swap (liability)	—			(4,621	)	—		—			(4,621	)

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, 2025, according to the fair value hierarchy:

	Fair Value Measurements
								Measured at
								Net Asset
	Level 1		Level 2			Level 3		Value (2)		Total
Investments:
First Lien Senior Secured Loans	—			2,610			1,591,538		4,583	1,598,731
Second Lien Senior Secured Loans	—		—				30,020	—		30,020
Subordinated Debt	—		—				95,687	—		95,687
Preferred Equity	—		—				157,244	—		157,244
Equity Interests	—		—				219,124		7,539	226,663
Warrants	—		—				1,045	—		1,045
Subordinated Notes Investment Vehicles (1)	—		—				348,654	—		348,654
Preferred Equity Interests Investment Vehicles (1)	—		—			—			1,836	1,836
Equity Interests Investment Vehicles (1)	—		—			—			48,561	48,561
Total Investments		—		2,610			2,443,312		62,519	2,508,441
Cash equivalents		38,814	—			—		—		38,814
Forward currency exchange contracts (liability)	—			(9,061	)	—		—		(9,061	)
Interest rate swap	—			7,976		—		—		7,976

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 six months ended June 30, 2026:

	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, 2026	1,591,538		30,020		95,687		157,244		219,124		1,045		348,654		2,443,312
Purchases of investments and other adjustments to cost	377,503		—		3		18,783		2,402		—		8,985		407,676
Paid-in-kind interest income	12,115		—		6,052		1,272		—		—		—		19,439
Net accretion of discounts (amortization of premiums)	1,631		51		147		5		—		—		—		1,834
Principal repayments and sales of investments	(454,837	)	—		(13,733	)	(1,065	)	(59,984	)	—		—		(529,619	)
Net change in unrealized appreciation on investments	(17,963	)	(2	)	(2,047	)	5,378		17,544		(349	)	(3,105	)	(544	)
Net realized gain (loss) on investments	(15,303	)	—		525		1,051		(10,414	)	—		—		(24,141	)
Balance as of June 30, 2026	1,494,684		30,069		86,634		182,668		168,672		696		354,534		2,317,957
Change in unrealized appreciation attributable to investments still held at June 30, 2026	(27,987	)	(2	)	(1,427	)	5,378		7,710		(349	)	(3,105	)	(19,782	)

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 six months ended June 30, 2026, transfers from Level 2 to Level 3, if any, were primarily due to decreased price transparency. For the six months ended June 30, 2026, 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, 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	1,170,550		9,670		29,393		33,316		14,528		—	23,500		1,280,957
Paid-in-kind interest	19,831		—		10,159		3,891		—		—	—		33,881
Net accretion of discounts (amortization of premiums)	4,875		64		203		3		(6	)	—	—		5,139
Principal repayments and sales of investments	(1,132,193	)	(9,597	)	—		(63,294	)	(26,091	)	—	—		(1,231,175	)
Net change in unrealized appreciation on investments	(2,937	)	18,817		(2,486	)	6,442		19,865		417	(12,070	)	28,048
Net realized gain (loss) on investments	(11,874	)	(19,038	)	—		11,078		(8,382	)	—	—		(28,216	)
Reclassifications	—		—		5,068		(5,068	)	—		—	—		—
Balance as of December 31, 2025	1,591,538		30,020		95,687		157,244		219,124		1,045	348,654		2,443,312
Change in unrealized appreciation attributable to investments still held at December 31, 2025	(14,211	)	(62	)	(2,581	)	13,107		15,856		417	(12,070	)	456

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, 2025, transfers from Level 2 to Level 3, if any, were primarily due to decreased price transparency. For the year ended December 31, 2025, 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 June 30, 2026 were as follows:

	As of June 30, 2026
			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 Loan	1,326,333	Discounted cash flows	Comparative Yield		6.3	%	—	32.4	%	11.5%
First Lien Senior Secured Loan	85,555	Comparable company multiple	EBITDA Multiple		7.8	x	—	15.0	x	9.2x
First Lien Senior Secured Loan	1,230	Comparable company multiple	Revenue Multiple				—			0.7x
First Lien Senior Secured Loan	10,635	Collateral Coverage	Recovery Rate				—			100.0%
Second Lien Senior Secured Loan	30,069	Discounted cash flows	Comparative Yield		12.8	%	—	14.1	%	13.6%
Subordinated Note Investment Vehicles	354,534	Collateral Coverage	Recovery Rate		91.0	%	—	100.0	%	95.8%
Subordinated Debt	86,634	Discounted cash flows	Comparative Yield		13.2	%	—	19.2	%	18.4%
Equity Interest	52,995	Discounted cash flows	Discount Rate				—			13.4%
Equity Interest	101,972	Comparable company multiple	EBITDA Multiple		4.5	x	—	34.5	x	12.8x
Equity Interest	6,790	Comparable company multiple	Revenue Multiple		3.7	x	—	7.8	x	6.4x
Equity Interest	5,524	Comparable company multiple	Book Value Multiple				—			1.3x
Preferred equity	29,650	Comparable company multiple	EBITDA Multiple		6.3	x	—	23.0	x	10.7x
Preferred equity	48,529	Comparable company multiple	Revenue Multiple		3.9	x	—	9.5	x	7.2x
Preferred equity	84,004	Comparable company multiple	Book Value Multiple				—			1.3x
Preferred equity	11,797	Discounted Cash Flows	Comparative Yield		13.6	%	—	18.7	%	16.9%
Preferred equity	4,906	Discounted Cash Flows	Discount Rate				—			13.0%
Warrants	696	Discounted Cash Flows	Discount Rate				—			25.0%
Total investments	2,241,853

All values are in US Dollars.

Included within the Level 3 assets of $2,317,957 is an amount of $76,104 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 June 30, 2026. 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, 2025 were as follows:

	As of December 31, 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	1,425,578	Discounted cash flows	Comparative Yields	5.3		%	—	19.5	%	10.7%
First Lien Senior Secured Loans	74,416	Comparable company multiple	EBITDA Multiple		7.5	x	—	13.7	x	9.6x
First Lien Senior Secured Loans	4,454	Comparable company multiple	Revenue Multiple				—			0.7x
First Lien Senior Secured Loans	12,052	Collateral coverage	Recovery Rate				—			100.0%
Second Lien Senior Secured Loans	30,020	Discounted cash flows	Comparative Yields		12.9	%	—	13.1	%	13.0%
Subordinated Notes in Investment Vehicles	348,654	Collateral coverage	Recovery Rate		92.9	%	—	100.0	%	96.8%
Subordinated Debt	95,086	Discounted cash flows	Comparative Yields		11.5	%	—	21.5	%	18.3%
Equity Interests	47,423	Discounted cash flows	Discount Rate				—			13.4%
Equity Interests	97,564	Comparable company multiple	EBITDA Multiple		4.0	x	—	26.0	x	12.8x
Equity Interests	12,675	Comparable company multiple	Revenue Multiple		5.0	x	—	33.0	x	11.0x
Equity Interests	1,287	Comparable company multiple	Book Value Multiple				—			1.0x
Preferred Equity	27,328	Comparable company multiple	EBITDA Multiple		6.3	x	—	16.5	x	10.8x
Preferred Equity	50,135	Comparable company multiple	Revenue Multiple		3.5	x	—	10.9	x	7.9x
Preferred Equity	68,748	Comparable company multiple	Book Value Multiple				—			1.0x
Preferred Equity	7,037	Discounted cash flows	Comparative Yields				—			13.0%
Warrants	344	Comparable company multiple	Revenue Multiple				—			3.8x
Warrants	701	Discounted cash flows	Discount Rate				—			25.0%
Total investments	2,303,502

All values are in US Dollars.

Included within the Level 3 assets of $2,443,312 is an amount of $139,810 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, 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.

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	June 30, 2026	December 31, 2025
2019-1 Debt	2	271,440	272,182
March 2026 Notes	2	—	298,926
October 2026 Notes	2	298,292	295,222
March 2030 Notes	2	341,167	350,538
March 2031 Notes	2	338,581	—
Sumitomo Credit Facility	3	249,000	251,000
Total Debt		1,498,480	1,467,868

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 June 30, 2026 and 2025, management fees were $9.0 million and $9.3 million, respectively. For the six months ended June 30, 2026 and 2025, management fees were $18.1 million and $18.3 million, respectively.

As of June 30, 2026 and December 31, 2025, $9.0 million and $9.4 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 June 30, 2026 and 2025, the Company incurred $0.8 million and $5.4 million, respectively, of income incentive fees (before waivers), which are included in incentive fees on the Consolidated Statements of Operations.

For the six months ended June 30, 2026 and 2025, the Company incurred $6.4 million and $7.7 million, respectively, of income incentive fees (before waivers), which are included in incentive fees on the Consolidated Statements of Operations.

As of June 30, 2026 and December 31, 2025, there was $0.8 million and $5.9 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 June 30, 2026 and December 31, 2025.

U.S. 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 and sixth months ended June 30, 2026 and 2025, the Company accrued no GAAP Incentive Fee. As of June 30, 2026 and December 31, 2025, there was no capital gains incentive fee payable under the Amended Advisory Agreement.

Administration Agreement

The Company has entered into an administration agreement (the “Administration Agreement”) with the BCSF Advisors, LP (in such capacity, the “Administrator”), as of October 6, 2016, pursuant to which the Administrator provides the administrative services

necessary for us to operate, and the Company utilizes 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 may 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 Act of 2002, as amended, (“Sarbanes-Oxley Act”) internal control assessment. Our allocable portion of overhead is determined by the Administrator, which uses 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 $0.5 million and $0.5 million for the three months ended June 30, 2026 and 2025, respectively, which are included in other general and administrative expenses on the Consolidated Statements of Operations. The Company incurred expenses related to the Administrator of $1.1 million and $1.2 million for the six months ended June 30, 2026 and 2025, respectively, which are included in other general and administrative expenses on the Consolidated Statements of Operations. As of June 30, 2026 and December 31, 2025, respectively, there were $0.5 million and $0.6 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 $0.1 million and $0.1 million for the three months ended June 30, 2026 and 2025, respectively, which are included in other general and administrative expenses on the Consolidated Statements of Operations. The Company incurred expenses related to the sub-administrator of $0.3 million and $0.3 million for the six months ended June 30, 2026 and 2025, respectively, which are included in other general and administrative expenses on the Consolidated Statements of Operations. The Administrator will not seek reimbursement in the event that any such reimbursements would cause any distributions to our stockholders to constitute a return of capital. In addition, the Administrator is permitted to delegate its duties under the Administration Agreement to affiliates or third parties and the Company will reimburse the expenses of these parties incurred and paid by the Advisor on our behalf.

Resource Sharing Agreement

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

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

Co-Investments

The Company invests alongside its 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 on December 23, 2025 (the “Order”). Under the terms of the Order, a majority of the Independent Directors must reach certain conclusions in connection with certain of the co-investment transactions permitted under the Order (e.g., in the case of follow-on investments in an existing issuer in which affiliates, but not the Company, have an existing investment, and non-pro rata follow-on investments in, and dispositions of, securities of an existing issuer), including that: (i) the terms of the proposed transaction are reasonable and fair to the Company and its stockholders and do not involve overreaching in respect of the Company or its stockholders on the part of any person concerned; and (ii) the transaction is consistent with the interests of the Company’s stockholders and is consistent with the Company’s then-current investment objectives and strategies. 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 June 30, 2026 and December 31, 2025, respectively.

Non-Controlled/Affiliate and Controlled Affiliate Investments

Transactions during the six months ended June 30, 2026 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
Non-Controlled/affiliate investment
Abracon Borrower, LLC. First Lien Senior Secured Loan - Revolver	—	983	(1,178	)	944		(705	)	44	—	44
Abracon Borrower, LLC. First Lien Senior Secured Loan	—	6,651	(860	)	6,737		(6,605	)	5,923	36	—
Abracon TopCo, LLC Equity Interest (1)	—	1,908	—		704		(16	)	2,596	—	—
ADT Pizza, LLC Equity Interest (1)	—	20	—		—		(20	)	—	—	—
Ansett Aviation Training Equity Interest (1)	18,384	—	—		721		—		19,105	—	—
Blackbrush Oil & Gas, L.P. Preferred Equity (1)	—	—	(137	)	—		137		—	—	—
DC Blox Equity Interest (1)	—	10	—		—		(10	)	—	—	—
DC Blox Preferred Equity (1)	—	—	(464	)	—		464		—	—	—
DC Blox Preferred Equity (1)	—	—	(67	)	—		67		—	—	—
DC Blox Preferred Equity (1)	—	—	(90	)	—		90		—	—	—
PPX Preferred Equity (1)	—	—	—		—		—		—	—	—
PPX Preferred Equity (1)	—	3,250	—		(425	)	—		2,825	—	—
PPX Preferred Equity (1)	—	532	—		214		—		746	—	—
Walker Edison First Lien Senior Secured Loan - Delayed Draw (1)	290	232	—		—		—		522	2	21
Total Non-Controlled/affiliate investment	18,674	13,586	(2,796	)	8,895		(6,598	)	31,761	38	65
Controlled affiliate investment
Bain Capital Senior Loan Program, LLC Subordinated Note Investment Vehicles	157,925	8,985	—		(3,105	)	—		163,805	8,979	—
Bain Capital Senior Loan Program, LLC Preferred Equity Interest Investment Vehicles	1,836	—	—		—		—		1,836	1,829	—
Bain Capital Senior Loan Program, LLC Equity Interest Investment Vehicles	5,007	—	—		(5,007	)	—		—	5,183	—
BCC Jetstream Holdings Aviation (On II), LLC First Lien Senior Secured Loan (1)	4,583	—	—		350		—		4,933	—	—
BCC Jetstream Holdings Aviation (On II), LLC Equity Interest (1)	—	—	—		—		—		—	—	—
BCC Jetstream Holdings Aviation (Off I), LLC Equity Interest (1)	7,539	—	—		577		—		8,116	—	—
Gale Aviation (Offshore) Co Equity Interest (1)	55,758	—	(53,307	)	10,997		(13,448	)	—	—	—
International Senior Loan Program, LLC Equity Interest Investment Vehicles (1)	43,554	—	—		(12,820	)	—		30,734	857	—
International Senior Loan Program, LLC Subordinated Note Investment Vehicles	190,729	—	—		—		—		190,729	8,390	—
Legacy Corporate Lending HoldCo, LLC Equity Interest (1)	1,287	—	—		104		—		1,391	—	—
Legacy Corporate Lending HoldCo, LLC Preferred Equity	68,748	13,049	—		2,207		—		84,004	2,700	—
Legacy Corporate Lending HoldCo, LLC Equity Interest (1)	—	—	—		4,133		—		4,133	—	—
Lightning Holdings B, LLC Equity Interest (1)	47,423	—	(1,150	)	6,722		—		52,995	2,600	—
Parcel2Go First Lien Senior Secured Loan	56	4	(2	)	(1	)	—		57	1	—
Parcel2Go Equity Interest (1)	—	—	—		—		—		—	—	—
Parcel2Go Preferred Equity (1)	—	—	—		—		—		—	—	—
SG Global Midco Limited First Lien Senior Secured Loan	3	—	—		(3	)	—		—	—	—
Surrey Bidco Limited First Lien Senior Secured Loan (1)	22	—	—		55		(77	)	—	—	—
Voltaire Topco Limited Equity Interest (1)	—	—	—		—		—		—	—	—
Total Controlled affiliate investment	584,470	22,038	(54,459	)	4,209		(13,525	)	542,733	30,539	—
Total	603,144	35,624	(57,255	)	13,104		(20,123	)	574,494	30,577	65

All values are in US Dollars.

(1) Non-income producing.

(2) Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

Transactions during the year ended December 31, 2025 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	2024		Additions	Reductions		Appreciation		(Losses)		2025	PIK Income		Income
Non-Controlled/affiliate investment
ADT Pizza, LLC Equity Interest (1)	8,429		—	(3,361	)	(5,068	)	—		—	—		3
Ansett Aviation Training First Lien Senior Secured Loan	4,374		—	(4,601	)	934		(707	)	—	176		—
Ansett Aviation Training Equity Interest (1)	8,617		—	—		9,767		—		18,384	—		5
Blackbrush Oil & Gas C/S Equity Interest (1)	—		3,209	—		—		(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 (1)	—		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)	—		290	—		—		—		290	—		9
Walker Edison First Lien Senior Secured Loan - Delayed Draw (1)	—		266	(266	)	—		—		—	—		—
Total Non-Controlled/affiliate investment	75,733		5,279	(60,285	)	12,706		(14,759	)	18,674	165		118
Controlled affiliate investment
Bain Capital Senior Loan Program, LLC Subordinated Note Investment Vehicles	146,495		23,500	—		(12,070	)	—		157,925	16,131		—
Bain Capital Senior Loan Program, LLC Preferred Equity Interest Investment Vehicles	10		—	—		1,826		—		1,836	2,631		—
Bain Capital Senior Loan Program, LLC Equity Interest Investment Vehicles	(4,849	)	—	—		9,856		—		5,007	5,009		—
BCC Jetstream Holdings Aviation (On II), LLC First Lien Senior Secured Loan (1)	6,933		—	—		(2,350	)	—		4,583	—		—
BCC Jetstream Holdings Aviation (On II), LLC Equity Interest (1)	—		—	—		—		—		—	—		—
BCC Jetstream Holdings Aviation (Off I), LLC Equity Interest (1)	11,405		—	—		(3,866	)	—		7,539	—		—
Gale Aviation (Offshore) Co Equity Interest (1)	71,813		—	(7,640	)	(8,415	)	—		55,758	2,200		—
International Senior Loan Program, LLC Equity Interest Investment Vehicles	55,408		—	—		(11,854	)	—		43,554	3,623		—
International Senior Loan Program, LLC Subordinated Note Investment Vehicles	190,729		—	—		—		—		190,729	23,289		—
Legacy Corporate Lending HoldCo, LLC Equity Interest (1)	900		—	—		387		—		1,287	—		—
Legacy Corporate Lending HoldCo, LLC Preferred Equity	45,009		23,850	(6,750	)	6,639		—		68,748	2,700		—
Legacy Corporate Lending HoldCo, LLC Equity Interest (1)	—		—	—		—		—		—	—		—
Lightning Holdings B, LLC Equity Interest (1)	57,807		150	(15,249	)	4,715		—		47,423	—		—
Parcel2Go First Lien Senior Secured Loan	54		8	—		(6	)	—		56	10		—
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)	—		76	—		(54	)	—		22	—		—
Voltaire Topco Limited Equity Interest (1)	—		—	—		—		—		—	—		—
Total Controlled affiliate investment	581,714		47,587	(29,639	)	(15,192	)	—		584,470	55,593		—
Total	657,447		52,866	(89,924	)	(2,486	)	(14,759	)	603,144	55,758		118

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, 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). The Company's sole initial shareholder adopted this 150% threshold pursuant to Section 61(a)(2) of the 1940 Act on February 1, 2019; previously the threshold was 200%. As of June 30, 2026 and December 31, 2025, the Company’s asset coverage ratio based on aggregated borrowings outstanding was 171.0% and 175.9%, respectively.

The Company’s outstanding borrowings as of June 30, 2026 and December 31, 2025 were as follows:

	As of June 30, 2026						As of December 31, 2025
	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		272,000		272,000		270,306		272,000		272,000		270,224
March 2026 Notes		—		—		—		300,000		300,000		299,786
October 2026 Notes		300,000		300,000		299,606		300,000		300,000		298,926
March 2030 Notes (2)		350,000		350,000		344,564		350,000		350,000		350,860
March 2031 Notes (2)		350,000		350,000		337,653		—		—		—
Sumitomo Credit Facility		855,000		249,000		249,000		855,000		251,000		251,000
Total Debt		2,127,000		1,521,000		1,501,129		2,077,000		1,473,000		1,470,796

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 and March 2031 Notes includes the effective portion of the fair value of the interest rate swap, as further discussed in Note 7, Derivatives, to these Consolidated Financial Statements.

The combined weighted average interest rate (excluding deferred upfront financing costs and unused fees) of the aggregate borrowings outstanding for the six months ended June 30, 2026 and year ended December 31, 2025 was 4.8% and 4.8%, respectively.

The combined weighted average borrowings outstanding for the six months ended June 30, 2026 and year ended December 31, 2025 were $1.5 billion and $1.5 billion, respectively.

The following table shows the contractual maturities of our debt obligations as of June 30, 2026:

	Payments Due by Period
			Less than						More than
	Total		1 year		1 — 3 years		3 — 5 years		5 years
2019-1 Debt		272,000		—		—		—	272,000
October 2026 Notes		300,000		300,000		—		—	—
March 2030 Notes		350,000		—		—		350,000	—
March 2031 Notes		350,000		—		—		350,000	—
Sumitomo Credit Facility		249,000		—		249,000		—	—
Total Debt Obligations		1,521,000		300,000		249,000		700,000	272,000

All values are in US Dollars.

2019‑1 Debt

On August 28, 2019, the 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 notes retained 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, BCC Middle Market CLO 2019-1, LTD 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” or the “2019-1 Debt”). The 2019-1 CLO Replacement Notes will mature on July 15, 2036 and the reinvestment period ends April 15, 2027. As of June 30, 2026, the Company retained $32.0 million of the Class B-RR Notes and $24.0 million of the Class C-RR Notes. The notes retained by the Company are eliminated in consolidation. Additionally, the Company holds $102.3 million in membership interests in the 2019-1 Issuer (“Membership Interests”). 100% of the Membership Interests are retained by the Company and eliminated in consolidation. The obligations of the Issuer under the 2019-1 CLO Reset Transaction are non-recourse to the Company.

The following table presents information on the 2019-1 Debt as of June 30, 2026:

2019-1 Debt	Principal Amount
Class A-1-RR Notes	232,000	1.45	% + 3 Month SOFR	5.12	%
Class A-2-RR Notes	16,000	1.60	% + 3 Month SOFR	5.27	%
Class A-3-RR Notes	24,000	1.85	% + 3 Month SOFR	5.52	%
Total 2019-1 Debt	272,000

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 June 30, 2026, there were 50 first lien senior secured loans with a total fair value of approximately $383.2 million and cash of $12.5 million securing the 2019-1 Debt. As of December 31, 2025, there were 48 first lien senior secured loans with a total fair value of approximately $380.6 million and cash of $26.8 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 June 30, 2026, the Company was in compliance with its covenants related to the 2019-1 Debt.

Costs incurred in connection with the offering of the 2019‑1 CLO Reset Notes and the 2019‑1 CLO Replacement Notes 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 $1.7 million and $1.8 million as of June 30, 2026 and December 31, 2025, respectively.

For the three months ended June 30, 2026 and 2025, the components of interest expense related to the 2019‑1 Co-Issuers were as follows:

	For the Three Months Ended June 30,
	2026	2025
Borrowing interest expense	3,552	5,479
Unused facility fee	—	—
Amortization of deferred financing costs and upfront commitment fees	41	32
Total interest and debt financing expenses	3,593	5,511

All values are in US Dollars.

For the six months ended June 30, 2026 and 2025, the components of interest expense related to the 2019‑1 Co-Issuers were as follows:

	For the Six Months Ended June 30,
	2026	2025
Borrowing interest expense	7,108	10,988
Unused facility fee	—	—
Amortization of deferred financing costs and upfront commitment fees	82	64
Total interest and debt financing expenses	7,190	11,052

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 matured on March 10, 2026. The March 2026 Notes bore 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 were general unsecured obligations of the Company that ranked senior in right of payment to all of the Company’s then existing and future indebtedness that was expressly subordinated in right of payment to the March 2026 Notes, ranked pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, ranked effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secured) to the extent of the value of the assets securing such indebtedness, and ranked 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 in connection with the issuance of the March 2026 Notes were approximately $294.3 million, after deducting the underwriting discounts and commissions of $4.4 million and offering expenses of $1.3 million.

As of June 30, 2026 and December 31, 2025, the components of the carrying value of the March 2026 Notes were as follows:

	June 30, 2026	December 31, 2025
Principal amount of debt	—	300,000
Unamortized debt issuance cost	—	(122	)
Original issue discount, net of accretion	—	(92	)
Carrying value of March 2026 Notes	—	299,786

All values are in US Dollars.

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

	For the Three Months Ended June 30,
	2026	2025
Borrowing interest expense	—	2,212
Amortization of debt issuance cost	—	161
Accretion of original issue discount	—	121
Total interest and debt financing expenses	—	2,494

All values are in US Dollars.

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

	For the Six Months Ended June 30,
	2026	2025
Borrowing interest expense	1,696	4,425
Amortization of debt issuance cost	122	321
Accretion of original issue discount	92	239
Total interest and debt financing expenses	1,910	4,985

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”).

The October 2026 Notes will mature on October 13, 2026 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the Indenture. The October 2026 Notes bear interest at a rate of 2.55% per year payable semi-annually on April 13 and October 13 of each year, commencing on April 13, 2022. The October 2026 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the October 2026 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness

(including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

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

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

	June 30, 2026		December 31, 2025
Principal amount of debt	300,000		300,000
Unamortized debt issuance cost	(210	)	(572	)
Original issue discount, net of accretion	(184	)	(502	)
Carrying value of October 2026 Notes	299,606		298,926

All values are in US Dollars.

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

	For the Three Months Ended June 30,
	2026	2025
Borrowing interest expense	1,913	1,912
Amortization of debt issuance cost	182	182
Accretion of original issue discount	160	160
Total interest and debt financing expenses	2,255	2,254

All values are in US Dollars.

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

	For the Six Months Ended June 30,
	2026	2025
Borrowing interest expense	3,826	3,825
Amortization of debt issuance cost	362	363
Accretion of original issue discount	318	317
Total interest and debt financing expenses	4,506	4,505

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 original facility amount under the Sumitomo Credit Agreement was $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 original maturity date was 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 commitment fee of 37.5 basis points (0.375%) on the average daily unused amount of the dollar commitment.

The Sumitomo Credit Agreement includes customary affirmative and negative covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature. As of June 30, 2026, the Company was in compliance with its covenants related to the Sumitomo Credit Facility.

As of June 30, 2026 and December 31, 2025, there were $249.0 million and $251.0 million of borrowings under the Sumitomo Credit Facility.

For the three months ended June 30, 2026 and 2025, the components of interest expense related to the Sumitomo Credit Facility were as follows:

	For the Three Months Ended June 30,
	2026	2025
Borrowing interest expense	2,943	4,804
Unused facility fee	618	525
Accretion of original issue discount	262	262
Total interest and debt financing expenses	3,823	5,591

All values are in US Dollars.

For the six months ended June 30, 2026 and 2025, the components of interest expense related to the Sumitomo Credit Facility were as follows:

	For the Six Months Ended June 30,
	2026	2025
Borrowing interest expense	5,427	9,260
Unused facility fee	1,260	1,069
Accretion of original issue discount	521	520
Total interest and debt financing expenses	7,208	10,849

All values are in US Dollars.

See Note 12. Subsequent Events for a subsequent event related to the Sumitomo Credit Facility.

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 receivable semiannually on March 15 and September 15 of each year, and pays a floating interest rate of

SOFR

1.90% per annum payable quarterly on March 15, June 15, September 15, and December 15 of each year, 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 June 30, 2026 and December 31, 2025, the components of the carrying value of the March 2030 Notes were as follows:

	June 30, 2026		December 31, 2025
Principal amount of debt	350,000		350,000
Unamortized debt issuance cost	(3,327	)	(3,773	)
Original issue discount, net of accretion	(2,887	)	(3,273	)
Effective interest rate swap hedge	778		7,906
Carrying value of March 2030 Notes	344,564		350,860

All values are in US Dollars.

For the three months ended June 30, 2026 and 2025, the components of interest expense related to the March 2030 Notes were as follows:

	For the Three Months Ended June 30,
	2026		2025
Borrowing interest expense	5,207		5,264
Amortization of debt issuance cost	225		224
Accretion of original issue discount	194		194
Interest rate swaps	(278	)	273
Hedged items	5		(33	)
Total interest and debt financing expenses	5,353		5,922

All values are in US Dollars.

For the six months ended June 30, 2026 and 2025, the components of interest expense related to the March 2030 Notes were as follows:

	For the Six Months Ended June 30,
	2026		2025
Borrowing interest expense	10,413		8,388
Amortization of debt issuance cost	446		354
Accretion of original issue discount	386		307
Interest rate swaps	(542	)	347
Hedged items	(40	)	(111	)
Total interest and debt financing expenses	10,663		9,285

All values are in US Dollars.

March 2031 Notes

On January 29, 2026, the Company and the Trustee entered into a Fourth Supplemental Indenture (the “Fourth Supplemental Indenture”) to the Base Indenture (the Base Indenture together with the Fourth Supplemental Indenture, the “New Indenture”). The Fourth Supplemental Indenture relates to the Company’s issuance of $350.0 million aggregate principal amount of its 5.95% notes due 2031 (the “March 2031 Notes”).

The March 2031 Notes will mature on March 1, 2031 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 New Indenture. The March 2031 Notes bear interest at a rate of 5.95% per year payable semi-annually on March 1 and September 1 of each year, commencing on September 1, 2026. The March 2031 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 2031 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 $341.7 million, after deducting the underwriting discounts and commissions of $7.2 million and offering expenses of $1.1 million.

In connection with the March 2031 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 2031 Notes, the Company receives a fixed interest rate of 5.95% per annum receivable semiannually on March 1 and September 1 of each year, and pays a floating interest rate of

SOFR

2.28% per annum payable quarterly on March 1, June 1, September 1, and December 1 of each year, on $350 million of the March 2031 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 June 30, 2026 and December 31, 2025, the components of the carrying value of the March 2031 Notes were as follows:

	June 30, 2026		December 31, 2025
Principal amount of debt	350,000		—
Unamortized debt issuance cost	(4,211	)	—
Original issue discount, net of accretion	(3,422	)	—
Effective interest rate swap hedge	(4,714	)	—
Carrying value of March 2031 Notes	337,653		—

All values are in US Dollars.

For the three months ended June 30, 2026 and 2025, the components of interest expense related to the March 2031 Notes were as follows:

	For the Three Months Ended June 30,
	2026		2025
Borrowing interest expense	5,206		—
Amortization of debt issuance cost	224		—
Accretion of original issue discount	183		—
Interest rate swaps	57		—
Hedged items	(30	)	—
Total interest and debt financing expenses	5,640		—

All values are in US Dollars.

For the six months ended June 30, 2026 and 2025, the components of interest expense related to the March 2031 Notes were as follows:

	For the Six Months Ended June 30,
	2026		2025
Borrowing interest expense	8,793		—
Amortization of debt issuance cost	375		—
Accretion of original issue discount	305		—
Interest rate swaps	59		—
Hedged items	(93	)	—
Total interest and debt financing expenses	9,439		—

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 June 30, 2026 and December 31, 2025 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 June 30, 2026:

					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	1,075	(2,180	)	(1,105	)	1,105	—
BNP Paribas	Unrealized appreciation on forward currency contracts	321	—		321		—	321
US Bank	Unrealized appreciation on forward currency contracts	1,304	(201	)	1,103		—	1,103
Wells Fargo	Unrealized appreciation on forward currency contracts	549	(171	)	378		—	378
Citibank	Unrealized appreciation on forward currency contracts	2	—		2		—	2
Wells Fargo	Interest rate swap	890	—		890		—	890
BNP Paribas	Interest rate swap	—	(4,621	)	(4,621	)	4,621	—

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, 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	134	(4,353	)	(4,219	)	4,219		—
BNP Paribas	Unrealized depreciation on forward currency contracts	—	(1,927	)	(1,927	)	—		(1,927	)
US Bank	Unrealized depreciation on forward currency contracts	45	(1,082	)	(1,037	)	1,037		—
Wells Fargo	Unrealized depreciation on forward currency contracts	23	(1,901	)	(1,878	)	—		(1,878	)
Wells Fargo	Interest rate swap	7,976	—		7,976		(7,976	)	—

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.

For the three months ended June 30, 2026 and 2025, the Company’s average U.S. dollar notional exposure to forward currency exchange contracts was $207.2 million and $194.5 million, respectively, and the average notional exposure for interest rate swaps was $700.0 million and $350.0 million, respectively.

For the six months ended June 30, 2026 and 2025, the Company’s average U.S. dollar notional exposure to forward currency exchange contracts was $203.6 million and $169.7 million, respectively, and the average notional exposure for interest rate swaps was $583.3 million and $233.3 million, respectively.

The effect of transactions in forward currency exchange contracts to the Consolidated Statements of Operations during the three months ended June 30, 2026 and 2025 was as follows:

	For the Three Months Ended June 30,
	2026		2025
Net realized gain (loss) on forward currency exchange contracts	(3,136	)	(1,409	)
Net change in unrealized appreciation on forward currency exchange contracts	3,214		(15,074	)
Total net realized and unrealized gain (loss) on forward currency exchange contracts	78		(16,483	)

All values are in US Dollars.

Included in total net gains (losses) on the Consolidated Statements of Operations were net gains (losses) of $(1.2) million and $15.2 million related to realized and unrealized gains and losses on investments, foreign currency holdings and non-investment assets and liabilities attributable to the changes in foreign currency exchange rates for the three months ended June 30, 2026 and 2025, respectively. Including the total net realized and unrealized gains (losses) on forward currency exchange contracts of $0.1 million and ($16.5) million, respectively, included in the above table, the net impact of foreign currency on total net gains (losses) on the Consolidated Statements of Operations is $(1.1) million and ($1.3) million for the three months ended June 30, 2026 and 2025, respectively.

The effect of transactions in derivative instruments to the Consolidated Statements of Operations during the six months ended June 30, 2026 and 2025 was as follows:

	For the Six Months Ended June 30,
	2026		2025
Net realized gain (loss) on forward currency exchange contracts	(6,125	)	(3,814	)
Net change in unrealized appreciation on forward currency exchange contracts	9,760		(17,147	)
Total net realized and unrealized gain (loss) on forward currency exchange contracts	3,635		(20,961	)

All values are in US Dollars.

Included in total net gains (losses) on the Consolidated Statements of Operations were net gains (losses) of ($4.0) million and $19.5 million related to realized and unrealized gains and losses on investments, foreign currency holdings and non-investment assets and liabilities attributable to the changes in foreign currency exchange rates for the six months ended June 30, 2026 and 2025, respectively. Including the total net realized and unrealized gains (losses) on forward currency exchange contracts of $3.6 million and ($21.0) 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 ($0.4) million and ($1.5) million for the six months ended June 30, 2026 and 2025, 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 six months ended June 30, 2026 and 2025, for the Company’s interest rate swaps, are in the following locations in the Consolidated Statement of Operations:

	For the Three Months Ended June 30,				Financial Statement Location
	2026		2025
Interest rate swaps	(221	)	273		Interest and debt financing expenses
Hedged items	(25	)	(33	)	Interest and debt financing expenses

All values are in US Dollars.

	For the Six Months Ended June 30,				Financial Statement Location
	2026		2025
Interest rate swaps	(483	)	347		Interest and debt financing expenses
Hedged items	(133	)	(111	)	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 six months ended June 30, 2026:

			Amount	Total
Date Declared	Record Date	Payment Date	Per Share	Distributions
February 26, 2026	March 16, 2026	March 30, 2026	0.42	27,245
May 11, 2026	June 15, 2026	June 29, 2026	0.42	27,245
Total distributions declared			0.84	54,490

All values are in US Dollars.

The distributions declared during the six months ended June 30, 2026 were derived from investment company taxable income and net capital gain, if any.

The Company’s distributions are recorded on the record date. The following table summarizes distributions declared during the six months ended June 30, 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)
Total distributions declared			0.90	58,382

All values are in US Dollars.

(1) Represents a special dividend.

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 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 June 30, 2026 and December 31, 2025, 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 June 30, 2026 and December 31, 2025, the Advisor owned no 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. There have been 0 shares and 52,336 shares, respectively, issued pursuant to the dividend reinvestment plan during the six months ended June 30, 2026 and 2025.

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 June 30, 2026, 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. No common stock was issued and sold through public or “at the market” offerings during the six months ended June 30, 2026. In connection with the issuance of common stock, the Company issued and sold common stock during the six months ended June 30, 2025 as follows:

	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 June 30, 2026, the Company had $438.0 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	427
Abracon Borrower, LLC. - Revolver	6/10/2030	831
ACAMS - Revolver	12/30/2031	1,470
Accelevation LLC - Delayed Draw	1/2/2031	1,774
Accident Care Alliance Holdco LLC - Delayed Draw	8/20/2030	1,481
Accident Care Alliance Holdco LLC - Revolver	8/20/2030	1,392
Advanced Aircrew - Revolver	7/26/2030	650
AeriTek Global CAD Acquisition Inc. - Revolver	8/27/2030	35
AgroFresh Solutions - Revolver	4/2/2029	2,747
AGS American Glass Services Acquisition, LLC - Delayed Draw	7/24/2031	903
AGS American Glass Services Acquisition, LLC - Revolver	7/24/2031	487
Allbridge - Revolver	6/5/2030	3,825
Alldent Holding GmbH - Delayed Draw	11/29/2032	457
Allworth Financial Group, L.P. - Revolver	12/23/2027	2,816
Alogent Holdings, Inc. - Delayed Draw	1/21/2032	5,611
Alogent Holdings, Inc. - Revolver	1/21/2032	1,602
AMI - Revolver	10/17/2031	4,563
AOM Infusion - Delayed Draw	3/19/2032	228
AOM Infusion - Revolver	3/19/2032	398
AP Plastics Group, LLC - Delayed Draw	8/12/2030	794
Apollo Intelligence - Revolver	6/1/2028	225
Applitools - Revolver	5/25/2028	2,401
Appriss - Delayed Draw	3/10/2031	3,566
Appriss - Revolver	3/10/2031	2,972
Appriss Holdings, Inc. - Revolver	5/6/2028	753
ASP-r-pac Acquisition Co LLC - Revolver	12/31/2030	3,481
ATS - Revolver	7/12/2029	2,872
Awayday - Revolver	5/6/2032	1,136
AXH Air Coolers - Revolver	10/31/2029	3,670
Beacon Specialized Living - Delayed Draw	3/25/2028	7,983
Beacon Specialized Living - Revolver	3/27/2028	1,282
Beneficium - Delayed Draw	6/28/2031	9,566
BLI Buyer, Inc. - Delayed Draw	10/31/2031	3,211
BLI Buyer, Inc. - Revolver	10/31/2031	1,659
Bridger Aerospace Group Holdings, Inc. - Delayed Draw	10/28/2030	2,123
Bridger Aerospace Group Holdings, Inc. - Revolver	10/28/2030	450
BTX Precision - Revolver	7/25/2030	4,211
Chex Finer Foods, LLC - Delayed Draw	6/6/2031	2,858
Chex Finer Foods, LLC - Revolver	6/6/2031	2,902
Chilton - Delayed Draw	2/5/2031	10,122
Chilton - Revolver	2/5/2031	1,961

All values are in US Dollars.

Portfolio Company & Investment	Expiration Date(1)	Unfunded Commitments(2)
Choreo - Delayed Draw	2/18/2028		2,222
City BBQ - Delayed Draw	9/4/2030		9,476
City BBQ - Revolver	9/4/2030		4,738
Comet BidCo Limited - Delayed Draw	1/30/2032		148
Comet BidCo Limited - Revolver	1/30/2032		370
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		279
Datix Bidco Limited - Delayed Draw	4/30/2031		2,861
Datix Bidco Limited - Revolver	10/30/2030		2,283
Discovery Senior Living - Delayed Draw	3/18/2030		1,606
Discovery Senior Living - Revolver	3/18/2030		2,360
Duraco - Revolver	6/6/2029		996
Easy Ice - Delayed Draw	10/30/2030		4,900
Easy Ice - Revolver	10/30/2030		4,155
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		845
Elevation NewCo, LLC - Revolver	8/1/2031		278
Eleven Software - Revolver	5/14/2029		1,488
Engineered Products Co., LLC - Revolver	8/12/2031		496
E-Tech Group - Revolver	4/9/2030		1,090
EXT Acquisitions, Inc. - Delayed Draw	12/19/2031		793
EXT Acquisitions, Inc. - Revolver	12/19/2031		364
Facts Global Energy - Delayed Draw	12/20/2031		6,308
FC DOLMANS B.V. - Delayed Draw	3/4/2033		694
Fiduciaire Jean-Marc Faber (FJMF) - Delayed Draw	4/5/2032		1,266
Fiduciaire Jean-Marc Faber (FJMF) - Delayed Draw	4/5/2032		2,780
Fifty U.S. Bidco Inc - Delayed Draw	8/1/2031		2,752
Fifty U.S. Bidco Inc - Revolver	8/1/2031		1,033
Forward Slope - Revolver	8/22/2029		11,845
G-3 Frax Acquisition LLC - Revolver	1/30/2032		97
G702 Buyer, Inc. - Revolver	7/2/2031		772
Gulf Winds International - Revolver	12/16/2028		910
Harbor IT, LLC - Delayed Draw	3/13/2031		487
Harbor IT, LLC - Revolver	3/13/2031		89
Heads Up Technologies, Inc. - Revolver	7/23/2030		1,768
HealthDrive - Delayed Draw	8/20/2029		4,120
HealthDrive - Revolver	8/20/2029		1,652
Hellers - Delayed Draw	9/30/2030		469
Hempz - Revolver	10/25/2029		1,826
HLSG Intermediate, LLC - Delayed Draw	2/2/2033		12
HLSG Intermediate, LLC - Revolver	2/2/2033		995
Humic Acquisition Holdings, LLC - Revolver	10/21/2031		1,393
ICAT Logistics, Inc. - Delayed Draw	3/1/2029		8,968
ICAT Logistics, Inc. - Delayed Draw	3/1/2029		2,468
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)
---	---	---	---
KAMC Holdings, Inc. - Revolver	8/1/2031		761
Kids2, LLC - Revolver	4/14/2031		1,514
Lightspeed Buyer, Inc. - Delayed Draw	2/6/2032		5,806
Lightspeed Buyer, Inc. - Revolver	2/6/2032		1,316
Lindstrom, LLC - Revolver	12/30/2032		1,351
LogRhythm, Inc. - Revolver	7/2/2029		835
Mach Acquisition, LLC - Revolver	4/19/2027		2,511
masLabor - Delayed Draw	4/5/2032		533
masLabor - Revolver	4/5/2032		267
Master ConcessionAir - Revolver	6/21/2029		7
McLarens Acquisition Inc. - Revolver	12/20/2027		719
McLarens Acquisition Inc. - Revolver	12/19/2027		314
Meteor UK Bidco Limited - Revolver	11/14/2031		1,613
Monarch Collective Holdings, LLC - Delayed Draw	3/17/2032		3,313
Monarch Collective Holdings, LLC - Revolver	3/17/2032		533
BCSF LI, LLC - Revolver	10/29/2032		4
Morrow Sodali - Delayed Draw	10/25/2029		4,396
Morrow Sodali - Revolver	10/25/2029		4,453
Morrow Sodali - Revolver	10/25/2029		2,127
MRHT - Delayed Draw	5/17/2032		2,342
MRHT - Revolver	11/10/2031		1,555
Nafinco - Delayed Draw	8/29/2031		1,148
NearMap - Revolver	12/9/2028		4,078
NearMap - Revolver	12/9/2028		1,628
NearMap - Revolver	12/9/2028		3,024
New Look Vision Group - Revolver	5/26/2028		1,303
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		5,230
ORBCOMM Inc. - Delayed Draw	4/27/2032		96
ORBCOMM Inc. - Revolver	4/27/2032		147
Orchard Park BidCo, Inc. - Delayed Draw	4/21/2033		2,875
Orchard Park BidCo, Inc. - Revolver	4/21/2033		1,532
Owl Acquisition, LLC - Delayed Draw	4/17/2032		893
Owl Acquisition, LLC - Revolver	4/17/2032		1,915
PayRange - Revolver	10/31/2030		4,144
Pharmacy Partners - Revolver	2/28/2029		5,491
Pharmathen - Revolver	12/31/2026		1,355
Plaskolite PPC Intermediate II LLC - Revolver	2/7/2030		498
PMA - Revolver	1/31/2031		1,225
PPT Group - Delayed Draw	2/28/2031		4,393
PPT Group - Revolver	2/28/2031		2,048
Precision Concepts Parent Inc. - Revolver	8/2/2032		302
PRGX - Delayed Draw	12/20/2030		5,464
Pricelabs Revenue Inc. - Delayed Draw	3/17/2033		554
Pricelabs Revenue Inc. - Revolver	3/17/2033		276
Psychiatric Medical Care LLC - Revolver	7/1/2032		2,004
Portfolio Company & Investment	Expiration Date(1)	Unfunded Commitments(2)
---	---	---
Pure Wafer - Revolver	11/12/2030	1,189
Pyramid Global Hospitality - Revolver	1/19/2028	3,482
QPE Alpha 4 Pty Ltd - Delayed Draw	2/5/2032	175
Reconomy - Delayed Draw	7/12/2029	1,244
Red Nucleus - Delayed Draw	10/17/2031	2,885
Red Nucleus - Revolver	10/17/2031	1,670
RedMed Operations (Collage Rehabilitation) - Delayed Draw	2/28/2031	5,251
RedMed Operations (Collage Rehabilitation) - Revolver	2/28/2031	1,891
RetailNext - Revolver	12/5/2030	155
Revalize, Inc. - Revolver	4/15/2027	770
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	3,358
SensorTower - Revolver	3/15/2029	1,057
Service Master - Revolver	8/16/2027	989
Service Master - Revolver	12/31/2029	1,609
Shennong Buyer, Inc. - Revolver	5/6/2033	2,203
Simplicity - Delayed Draw	12/31/2031	7,588
Simplicity - Revolver	12/31/2031	4,348
Solairus - Delayed Draw	7/22/2030	7,274
Solaray, LLC - Revolver	3/27/2029	2,115
Spring Finco BV - Delayed Draw	7/15/2029	4,407
STAX Engineering, LLC - Delayed Draw	6/20/2033	7,143
STAX Engineering, LLC - Revolver	6/20/2033	3,361
Substantial Holdco Limited - Delayed Draw	4/20/2030	297
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	537
SureWerx - Revolver	12/28/2028	8
SureWerx - Revolver	12/28/2028	1,071
Taoglas - Revolver	2/28/2029	73
Titan Cloud Software, Inc - Revolver	9/7/2028	5,812
TL Sapphire Parent, Inc. - Delayed Draw	1/24/2033	415
TL Sapphire Parent, Inc. - Revolver	1/24/2033	1,662
TLC Purchaser, Inc. - Revolver	10/11/2027	381
V Global Holdings LLC - Revolver	1/2/2029	5,124
Varo ESI Buyer, LLC - Revolver	5/10/2032	517
Vasa Fitness, LLC - Revolver	8/15/2030	200
Vatica Health, Inc. - Revolver	10/29/2032	947
Vessco Water - Revolver	7/24/2031	1,112
Wasabi Technologies LLC - Delayed Draw	4/8/2031	4,297
Wasabi Technologies LLC - Revolver	4/8/2031	623
Webcentral - Delayed Draw	12/18/2030	58
Whitcraft-Paradigm - Revolver	2/15/2029	1,360
WSHP Cottonwood Buyer, LLC - Delayed Draw	12/20/2032	3,900
WSHP Cottonwood Buyer, LLC - Revolver	12/20/2032	2,926
WSP - Revolver	4/27/2028	278
WSP - Revolver	4/27/2028	20
WU Holdco, Inc. - Delayed Draw	4/19/2032	5,460
WU Holdco, Inc. - Revolver	4/15/2032	3,531
Zeus Fire & Security - Revolver	12/11/2030	2,282
Total		438,041

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 June 30, 2026.

As of December 31, 2025, the Company had $464.8 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	1,604
ACAMS - Revolver	12/30/2031	1,696
Accident Care Alliance Holdco LLC - Delayed Draw	8/20/2030	2,531
Accident Care Alliance Holdco LLC - Revolver	8/20/2030	2,151
Advanced Aircrew - Revolver	7/26/2030	696
AeriTek Global CAD Acquisition Inc. - Revolver	8/27/2030	30
AgroFresh Solutions - Revolver	4/2/2029	3,149
AGS American Glass Services Acquisition, LLC - Delayed Draw	7/24/2031	903
AGS American Glass Services Acquisition, LLC - Revolver	7/24/2031	487
Allbridge - Delayed Draw	6/5/2030	2,841
Allbridge - Revolver	6/5/2030	3,825
Alldent Holding GmbH - Delayed Draw	11/15/2032	469
Allworth Financial Group, L.P. - Delayed Draw	12/23/2027	3,570
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	976
Applitools - Revolver	5/25/2028	3,430
Appriss - Delayed Draw	3/10/2031	3,566
Appriss - Revolver	3/10/2031	3,209
Appriss Holdings, Inc. - Revolver	5/6/2028	753
Arctic Glacier U.S.A., Inc. - Revolver	5/24/2028	1,966
ASP-r-pac Acquisition Co LLC - Revolver	12/29/2027	766
ATS - Revolver	7/12/2029	2,872
Avalon Bidco Limited - Delayed Draw	4/16/2032	2,113
Awayday - Delayed Draw	5/6/2032	367
Awayday - Revolver	5/6/2032	1,136
AXH Air Coolers - Delayed Draw	10/31/2029	3,811
AXH Air Coolers - Revolver	10/31/2029	5,504
Beacon Specialized Living - Delayed Draw	3/25/2028	7,983
Beacon Specialized Living - Revolver	3/25/2028	1,282
Beneficium - Delayed Draw	6/28/2031	9,695
BLI Buyer, Inc. - Delayed Draw	10/31/2031	3,211
BLI Buyer, Inc. - Revolver	10/31/2031	2,141
Bridger Aerospace Group Holdings, Inc. - Delayed Draw	10/28/2030	2,516
Bridger Aerospace Group Holdings, Inc. - Revolver	10/28/2030	841
BTX Precision - Delayed Draw	7/25/2030	6,977
BTX Precision - Revolver	7/25/2030	4,211
Chase Industries, Inc. - Revolver	11/11/2027	1,195
Chex Finer Foods, LLC - Delayed Draw	6/6/2031	8,410

All values are in US Dollars.

Portfolio Company & Investment	Expiration Date (1)	Unfunded Commitments (2)
Chex Finer Foods, LLC - Revolver	6/6/2031		2,902
Chilton - Delayed Draw	2/5/2031		10,122
Chilton - Revolver	2/5/2031		2,910
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
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		168
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		1,753
Discovery Senior Living - Revolver	3/18/2030		2,360
DTIQ - Delayed Draw	9/30/2029		5,375
DTIQ - Revolver	9/30/2029		3,226
Duraco - Revolver	6/6/2029		1,593
Easy Ice - Delayed Draw	10/30/2030		7,265
Easy Ice - Revolver	10/30/2030		3,447
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		598
E-Tech Group - Revolver	4/9/2030		1,298
EXT Acquisitions, Inc. - Delayed Draw	12/19/2031		793
EXT Acquisitions, Inc. - Revolver	12/19/2031		529
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		3,754
Fifty U.S. Bidco Inc - Delayed Draw	8/1/2031		2,940
Fifty U.S. Bidco Inc - Revolver	8/1/2031		1,768
Forward Slope - Revolver	8/22/2029		296
Forward Slope - Revolver	8/22/2029		1,100
G702 Buyer, Inc. - Revolver	7/2/2031		772
Gills Point S - Revolver	5/17/2029		1,933
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		1,593
Heads Up Technologies, Inc. - Revolver	7/23/2030		1,768
HealthDrive - Revolver	8/20/2029		2,754
Hellers - Delayed Draw	9/27/2030		474
Hempz - Revolver	10/25/2029		1,826
Humic Acquisition Holdings, LLC - Delayed Draw	10/21/2031		7,278
Portfolio Company & Investment	Expiration Date (1)	Unfunded Commitments (2)
---	---	---	---
Humic Acquisition Holdings, LLC - Revolver	10/21/2031		3,223
ICAT Logistics, Inc. - Delayed Draw	3/1/2029		4,114
ICAT Logistics, Inc. - Revolver	3/1/2029		843
ImageTrend - Revolver	1/31/2029		4,000
Intoxalock - Revolver	11/1/2028		3,430
JHCC Holdings, LLC - Revolver	9/9/2027		992
KAMC Holdings, Inc. - Revolver	8/1/2031		761
Lindstrom, LLC - Revolver	12/30/2032		856
LogRhythm - Revolver	7/2/2029		835
Mach 1 Bidco Limited - Delayed Draw	5/20/2031		143
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		1,670
McLarens Acquisition Inc. - Delayed Draw	12/19/2027		8
McLarens Acquisition Inc. - Revolver	12/20/2027		318
McLarens Acquisition Inc. - Revolver	12/19/2027		886
McLarens Acquisition Inc. - Revolver	12/19/2027		170
Meteor UK Bidco Limited - Revolver	11/14/2031		1,634
Monarch Finco, LLC - Delayed Draw	10/29/2032		36
Monarch Finco, LLC - Revolver	10/29/2032		4
Morrow Sodali - Revolver	4/25/2028		2,127
MRHT - Delayed Draw	5/17/2032		2,887
MRHT - Revolver	11/10/2031		1,595
Nafinco - Delayed Draw	8/29/2031		800
Nafinco - Revolver	5/30/2031		504
NearMap - Revolver	12/9/2028		4,652
NearMap - Revolver	12/9/2028		4,078
New Look Vision Group - Revolver	5/26/2028		1,191
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		5,301
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		4,452
PPT Group - Revolver	2/28/2031		2,194
Precision Concepts Parent Inc. - Revolver	8/2/2032		334
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		594
Pure Wafer - Revolver	11/12/2030		1,981
Portfolio Company & Investment	Expiration Date (1)	Unfunded Commitments (2)
---	---	---
Pyramid Global Hospitality - Revolver	1/19/2028	3,482
Reconomy - Delayed Draw	7/12/2029	3,791
Red Nucleus - Delayed Draw	10/17/2031	3,663
Red Nucleus - Revolver	10/17/2031	2,386
RedMed Operations (Collage Rehabilitation) - Delayed Draw	2/28/2031	5,251
RedMed Operations (Collage Rehabilitation) - Revolver	2/28/2031	1,891
RetailNext - Revolver	12/5/2030	1,242
Revalize, Inc. - Revolver	4/15/2027	402
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	4,757
SensorTower - Revolver	3/15/2029	1,057
Service Master - Revolver	8/16/2027	5,512
Simplicity - Delayed Draw	12/31/2031	4,538
Simplicity - Revolver	12/31/2031	4,348
Solairus - Delayed Draw	7/22/2030	7,274
Solaray, LLC - Revolver	6/15/2028	698
Soundwide, GmbH - Delayed Draw	2/23/2026	959
Spring Finco BV - Delayed Draw	7/15/2029	4,323
Substantial Holdco Limited - Delayed Draw	4/20/2030	611
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	1,140
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	3,428
V Global Holdings LLC - Revolver	12/22/2027	5,660
Vasa Fitness, LLC - Delayed Draw	8/15/2030	963
Vasa Fitness, LLC - Revolver	8/15/2030	200
Vatica Health, Inc. - Revolver	10/31/2032	947
Vessco Water - Delayed Draw	7/24/2031	578
Vessco Water - Revolver	7/24/2031	1,112
Walker Edison - Delayed Draw	2/2/2026	232
Wealth Enhancement Group (WEG) - Delayed Draw	10/4/2028	8,612
Wealth Enhancement Group (WEG) - Revolver	10/2/2028	1,220
Webcentral - Delayed Draw	12/18/2030	55
Whitcraft-Paradigm - Delayed Draw	2/15/2029	256
Whitcraft-Paradigm - Revolver	2/28/2029	2,194
WSHP Cottonwood Buyer, LLC - Delayed Draw	12/18/2032	3,900
WSHP Cottonwood Buyer, LLC - Revolver	12/18/2032	2,926
WSP - Revolver	4/27/2028	248
WU Holdco, Inc. - Delayed Draw	4/15/2032	5,460
WU Holdco, Inc. - Revolver	4/15/2032	3,229
Zeus Fire & Security - Revolver	12/11/2030	2,633
Total		464,818

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, 2025.

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 six months ended June 30, 2026 and 2025:

	For the Six Months Ended June 30,
	2026			2025
Per share data:
Net asset value at beginning of period	17.23			17.65
Net investment income (1)	0.86			0.97
Net realized loss (1)(7)	(0.48	)		(0.36	)
Net change in unrealized appreciation (1)(2)(8)	(0.12	)		0.20
Net increase in net assets resulting from operations (1)(9)(10)	0.26			0.81
Stockholder distributions from income (3)	(0.84	)		(0.90	)
Net asset value at end of period	16.65			17.56
Net assets at end of period	1,080,365			1,139,035
Shares outstanding at end of period	64,868,507			64,868,507
Per share market value at end of period	12.52			15.04
Total return based on market value (11)	(3.82	)	%	(9.19	)	%
Total return based on net asset value (4)	1.59		%	4.64		%
Ratios:
Ratio of net investment income to average net assets (5)(12)	10.96		%	11.93		%
Ratio of total expenses to average net assets (5)(12)	12.50		%	12.38		%
Supplemental data:
Ratio of interest and debt financing expenses to average net assets (5) (12)	7.47		%	7.18		%
Ratio of expenses (without incentive fees) to average net assets (5) (12)	11.92		%	11.71		%
Ratio of incentive fees and management fees, net of contractual and voluntary waivers, to average net assets (5) (12)	3.88		%	3.90		%
Average principal debt outstanding	1,516,762			1,520,689
Portfolio turnover (6)	16.57		%	30.36		%

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.
Total return based on market value is calculated as the change in market value per share during the period, assuming dividends and distributions, plus the declared distributions, divided by the beginning market price for the period. Total return does not include upfront sales load and has not been annualized.
Ratio is annualized. Incentive fees and income tax expense, including excise tax, 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 August 10, 2026, the issuance date of the Consolidated Financial Statements, and noted no items requiring disclosure in this Quarterly Report or adjustment of the Consolidated Financial Statements, except as discussed below.

Sumitomo Credit Agreement Amendment

On July 28, 2026, the Company entered into the Fourth Amendment to the Sumitomo Credit Agreement (the “Fourth Amendment”). The Fourth Amendment provides for, among other things, (i) an extension of the revolver availability period for extending lenders from May 19, 2028 to July 26, 2030, (ii) an extension of the scheduled maturity date for extending lenders from May 18, 2029 to July 28, 2031, (iii) an upsize in the total facility amount from $855,000,000 to $905,000,000, (iv) the removal of the credit adjustment spread for Term SOFR Loans (as defined in the Sumitomo Credit Agreement), and (v) the joinder of new lenders to the Sumitomo Credit Agreement. The other terms of the Sumitomo Credit Agreement remained materially unchanged. Extending lenders represent $805,000,000 of commitments under the Sumitomo Credit Agreement, as amended.

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 June 30, 2026, we have invested approximately $10,129.6 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 is utilized to help the Company meet its investment objective. Any such leverage, if incurred, is expected to increase the total capital available for investment by the Company. 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.

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 June 30, 2026 and December 31, 2025, 94.5% and 92.2%, 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.

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 $0.5 million and $0.5 million for the three months ended June 30, 2026 and 2025, respectively, which is included in other general and administrative expenses on the Consolidated Statements of Operations. We incurred expenses related to the Administrator of $1.1 million and $1.2 million for the six months ended June 30, 2026 and 2025, 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 $0.1 million and $0.1 million for the three months ended June 30, 2026 and 2025, 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 $0.3 million and $0.3 million for the six months ended June 30, 2026 and 2025, 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%. The Company's sole initial shareholder adopted this 150% threshold pursuant to Section 61(a)(2) of the 1940 Act on February 1, 2019; previously the threshold was 200%. In determining whether to borrow money, we will analyze the maturity, covenant package and rate structure of the proposed borrowings as well as the risks of such borrowings compared to our investment outlook. As of June 30, 2026, the Company’s asset coverage was 171.0%.

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.

A focus on technology disruption, geopolitical conflict, and shifts in monetary policy continued to drive global financial markets through the second quarter of 2026. While uncertainty and risk remain, we believe underlying company fundamentals remain supportive of stable economic growth. As part of our standard portfolio management process, we take proactive steps to evaluate the impact of these and other events on our business and on the companies that we lend to. We continue to monitor the economic environment and believe our experience investing through multiple cycles, disciplined investment approach and focus on the core middle market positions us well to navigate this market landscape.

Portfolio and Investment Activity

During the three months ended June 30, 2026, we invested $182.0 million, including PIK, in 99 portfolio companies, and had $277.2 million in aggregate amount of principal repayments and sales, resulting in a net decrease in investments of $95.2 million for the period. Of the $182.0 million invested during the three months ended June 30, 2026, $67.1 million was related to drawdowns on delayed draw term loans and revolvers of our portfolio companies.

During the three months ended June 30, 2025, we invested $529.6 million, including PIK, in 94 portfolio companies, and had $502.3 million in aggregate amount of principal repayments and sales, resulting in a net increase in investments of $27.3 million for the period. Of the $529.6 million invested during the three months ended June 30, 2025, $169.7 million was related to drawdowns on delayed draw term loans and revolvers of our portfolio companies.

During the six months ended June 30, 2026, we invested $425.2 million, including PIK, in 134 portfolio companies, and had $532.6 million in aggregate amount of principal repayments and sales, resulting in a net decrease in investments of $107.4 million for the period. Of the $425.2 million invested during the six months ended June 30, 2026, $150.8 million was related to drawdowns on delayed draw term loans and revolvers of our portfolio companies.

During the six months ended June 30, 2025, we invested $806.8 million, including PIK, in 119 portfolio companies, and had $748.7 million in aggregate amount of principal repayments and sales, resulting in a net increase in investments of $58.1 million for the period. Of the $806.8 million invested during the six months ended June 30, 2025, $293.5 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 June 30, 2026 (dollars in thousands):

	As of June 30, 2026
										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		1,544,042		64.9	%	1,499,617		63.4	%		9.9	%		9.9	%
Second Lien Senior Secured Loan		29,871		1.3		30,069		1.3			12.8			12.8
Subordinated Debt		92,268		3.9		86,634		3.7			15.1			15.2
Preferred Equity		142,023		6.0		182,668		7.7			7.1			6.8
Equity Interest		131,113		5.5		176,788		7.5			0.0			0.0
Warrants		—		-		696		-			0.0			0.0
Investment Vehicles (3)		435,928		18.4		387,104		16.4			14.2			12.0
Total		2,375,245		100.0	%	2,363,576		100.0	%		10.8	%		10.4	%

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, 2025 (dollars in thousands):

	As of December 31, 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 Loans	1,625,569		64.9	%	1,598,731		63.8	%		10.5	%		10.5	%
Second Lien Senior Secured Loans	29,819		1.2		30,020		1.2			13.1			13.1
Subordinated Debt	99,272		4.0		95,687		3.8			14.9			14.9
Preferred Equity	121,965		4.9		157,244		6.3			6.2			5.9
Equity Interests	199,100		8.0		226,663		9.0		N/A			N/A
Warrants	—		—		1,045		0.0		N/A			N/A
Subordinated Notes in Investment Vehicles (3)	360,724		14.4		348,654		13.9			10.9			10.9
Preferred Equity Interests in Investment Vehicles (3)	10		0.0		1,836		0.1		N/A			N/A
Equity Interests in Investment Vehicles (3)	66,208		2.6		48,561		1.9			16.7			22.7
Total	2,502,667		100.0	%	2,508,441		100.0	%		10.8	%		10.9	%

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 June 30, 2026:

	As of
	June 30, 2026
Number of portfolio companies		214
Percentage of debt bearing a floating rate (1)		94.5	%
Percentage of debt bearing a fixed rate (1)		5.5	%

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, 2025:

	As of
	December 31, 2025
Number of portfolio companies		203
Percentage of debt bearing a floating rate (1)		92.2	%
Percentage of debt bearing a fixed rate (1)		7.8	%

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 June 30, 2026 (dollars in thousands):

	As of June 30, 2026
	Amortized Cost		Percentage at<br>Amortized Cost			Fair Value		Percentage at<br>Fair Value
Performing		2,300,320		96.8	%		2,312,753		97.8	%
Non-accrual		74,925		3.2			50,823		2.2
Total		2,375,245		100.0	%		2,363,576		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, 2025 (dollars in thousands):

	As of December 31, 2025
		Percentage at
		Amortized				Percentage at
	Amortized Cost	Cost			Fair Value	Fair Value
Performing	2,466,274		98.5	%	2,489,360		99.2	%
Non-accrual	36,393		1.5		19,081		0.8
Total	2,502,667		100.0	%	2,508,441		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 June 30, 2026, there were twenty-one loans from four issuers placed on non-accrual in the Company’s portfolio. As of December 31, 2025, there were twelve loans from six 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 June 30, 2026 (dollars in thousands):

	As of June 30, 2026
	Amortized<br>Cost		Percentage<br>of Total			Fair<br>Value		Percentage<br>of Total
First Lien Senior Secured Loan		1,544,042		61.6	%		1,499,617		60.2	%
Second Lien Senior Secured Loan		29,871		1.2			30,069		1.2
Subordinated Debt		92,268		3.7			86,634		3.5
Preferred Equity		142,023		5.7			182,668		7.3
Equity Interests		131,113		5.2			176,788		7.1
Warrants		—		—			696		0.0
Subordinated Notes in Investment Vehicles (1)		369,709		14.8			354,534		14.2
Preferred Equity Interest in Investment Vehicles (1)		10		0.0			1,836		0.1
Equity Interests in Investment Vehicles (1)		66,209		2.6			30,734		1.2
Cash and cash equivalents		97,187		3.9			97,187		3.9
Foreign cash		14,632		0.6			14,957		0.6
Restricted cash and cash equivalents		18,467		0.7			18,467		0.7
Total		2,505,531		100.0	%		2,494,187		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, 2025 (dollars in thousands):

	As of December 31, 2025
	AmortizedCost	Percentage<br>of Total			FairValue	Percentage<br>of Total
First Lien Senior Secured Loans	1,625,569		63.4	%	1,598,731		62.3	%
Second Lien Senior Secured Loans	29,819		1.2		30,020		1.2
Subordinated Debt	99,272		3.9		95,687		3.7
Preferred Equity	121,965		4.8		157,244		6.1
Equity Interests	199,100		7.8		226,663		8.8
Warrants	—		—		1,045		0.0
Subordinated Notes in Investment Vehicles (1)	360,724		14.0		348,654		13.6
Preferred Equity Interest in Investment Vehicles (1)	10		0.0		1,836		0.1
Equity Interests in Investment Vehicles (1)	66,208		2.6		48,561		1.9
Cash and cash equivalents	23,092		0.9		23,092		0.9
Foreign cash	2,477		0.1		3,151		0.1
Restricted cash and cash equivalents	32,667		1.3		32,667		1.3
Total	2,560,903		100.0	%	2,567,351		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 Consolidated Financial Statements and financial projections of portfolio companies.

Our Advisor rates the investments in our portfolio at least quarterly and it is possible that the rating of a portfolio investment may be reduced or increased over time. For investments rated 3 or 4, our Advisor enhances its level of scrutiny over the monitoring of such portfolio company. Our internal performance ratings do not constitute any rating of investments by a nationally recognized statistical rating organization or represent or reflect any third-party assessment of any of our investments.

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

The following table shows the composition of our portfolio on the 1 to 4 rating scale as of June 30, 2026 (dollars in thousands):

	As of June 30, 2026
Investment Performance Rating	Fair Value		Percentage<br>of Total			Number of<br>Companies (1)		Percentage<br>of Total
2		2,226,541		94.2			202		94.4
3		86,203		3.6			7		3.3
4		50,832		2.2			5		2.3
Total		2,363,576		100.0	%		214		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, 2025 (dollars in thousands):

	As of December 31, 2025
		Percentage of			Number of		Percentage of
Investment Performance Rating	Fair Value	Total			Companies(1)		Total
1	7,319		0.3	%		1		0.5	%
2	2,378,872		94.8			190		93.5
3	103,166		4.1			6		3.0
4	19,084		0.8			6		3.0
Total	2,508,441		100.0	%		203		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.

International Senior Loan Program, LLC

As of June 30, 2026, 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 no unfunded capital commitments. As of June 30, 2026, 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 no unfunded capital commitments. 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 June 30, 2026, ISLP had $705.7 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
	June 30, 2026		December 31, 2025
Total investments	705,688		733,104
Weighted average yield on investments	9.7	%	9.6	%
Number of borrowers in ISLP	38		40
Largest portfolio company investment	54,461		52,026
Total of five largest portfolio company investments	203,566		200,518
Unfunded commitments	861		1,344

All values are in US Dollars.

Bain Capital Senior Loan Program, LLC

As of June 30, 2026, the Company’s investment in SLP consisted of subordinated notes of $163.8 million, preferred equity interests of $1.8 million and equity interests of $0.0 million. As of December 31, 2025, the Company’s investment in SLP consisted of subordinated notes of $157.9 million, preferred equity interests of $1.8 million and equity interests of $5.0 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
	June 30, 2026		December 31, 2025
Total investments	1,587,833		1,536,252
Weighted average yield on investments	9.3	%	9.4	%
Number of borrowers in SLP	107		99
Largest portfolio company investment	42,011		42,227
Total of five largest portfolio company investments	188,063		188,219
Unfunded commitments	1,210		4,109

All values are in US Dollars.

Results of Operations

Our operating results for the three months ended June 30, 2026 and 2025 were as follows (dollars in thousands):

	For the Three Months Ended June 30,
	2026		2025
Total investment income	62,348		70,965
Total expenses, net of fee waivers	33,011		39,299
Net investment income before taxes	29,337		31,666
Less: Income taxes, including excise tax	732		1,076
Net investment income	28,605		30,590
Net realized gain (loss)	(17,928	)	3,322
Net change in unrealized appreciation	3,378		(10,190	)
Net increase in net assets resulting from operations	14,055		23,722

All values are in US Dollars.

Our operating results for the six months ended June 30, 2026 and 2025 were as follows (dollars in thousands):

	For the Six Months Ended June 30,
	2026		2025
Total investment income	128,522		137,804
Total expenses, net of fee waivers	70,915		72,952
Net investment income before taxes	57,607		64,852
Less: Income taxes, including excise tax	1,638		2,152
Net investment income	55,969		62,700
Net realized loss	(30,479	)	(23,285	)
Net change in unrealized appreciation	(8,045	)	12,854
Net increase in net assets resulting from operations	17,445		52,269

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 June 30, 2026 and 2025 was as follows (dollars in thousands):

	For the Three Months Ended June 30,
	2026	2025
Interest income	45,167	54,226
Dividend income	7,839	5,063
PIK income	7,531	7,518
Other income	1,811	4,158
Total investment income	62,348	70,965

All values are in US Dollars.

Interest income from investments, which includes interest and accretion of discounts and fees, decreased to $45.2 million for the three months ended June 30, 2026 from $54.2 million for the three months ended June 30, 2025, primarily due to a decrease in yield of the investment portfolio.

Dividend income increased to $7.8 million for the three months ended June 30, 2026 from $5.1 million for the three months ended June 30, 2025, primarily due to an increase in dividend income from SLP and certain equity investments.

PIK income remained at approximately $7.5 million for the three months ended June 30, 2026 from the three months ended June 30, 2025, primarily due to an increase in the number of investments earning PIK income, including new investments underwritten with PIK income and amendments to existing investments, partially offset by certain PIK investments being placed on non-accrual status.

Other income decreased to approximately $1.8 million for the three months ended June 30, 2026 from $4.2 million for the three months ended June 30, 2025, primarily due to a decrease in structuring, closing and commitment fees earned on certain investments.

The composition of our investment income for the six months ended June 30, 2026 and 2025 was as follows (dollars in thousands):

	For the Six Months Ended June 30,
	2026	2025
Interest income	94,535	105,054
Dividend income	14,441	11,574
PIK income	16,238	14,143
Other income	3,308	7,033
Total investment income	128,522	137,804

All values are in US Dollars.

Interest income from investments, which includes interest and accretion of discounts and fees, decreased to $94.5 million for the six months ended June 30, 2026 from $105.1 million for the six months ended June 30, 2025, primarily due to a decrease in yield of the investment portfolio.

Dividend income increased to $14.4 million for the six months ended June 30, 2026 from $11.6 million for the six months ended June 30, 2025, primarily due to an increase in dividend income from SLP and certain equity investments.

PIK income increased to approximately $16.2 million for the six months ended June 30, 2026 from $14.1 million for the six months ended June 30, 2025, primarily due to an increase in the number of investments earning PIK income, including new investments underwritten with PIK income and amendments to existing investments.

Other income decreased to approximately $3.3 million for the six months ended June 30, 2026 from $7.0 million for the six months ended June 30, 2025, primarily due to a decrease in commitment and upfront fees earned on certain investments.

As of June 30, 2026, the weighted average yield of our investment portfolio decreased to 10.8% from 11.4% as of June 30, 2025, at amortized cost.

Operating Expenses

The composition of our operating expenses for the three months ended June 30, 2026 and 2025 were as follows (dollars in thousands):

	For the Three Months Ended June 30,
	2026	2025
Interest and debt financing expenses	20,664	21,772
Base management fee	8,993	9,257
Incentive fee	801	5,446
Professional fees	612	714
Directors fees	180	182
Other general and administrative expenses	1,761	1,928
Total expenses, net of fee waivers	33,011	39,299

All values are in US Dollars.

The composition of our operating expenses for the six months ended June 30, 2026 and 2025 were as follows (dollars in thousands):

	For the Six Months Ended June 30,
	2026	2025
Interest and debt financing expenses	40,916	40,676
Base management fee	18,078	18,325
Incentive fee	6,419	7,668
Professional fees	1,312	1,428
Directors fees	360	356
Other general and administrative expenses	3,830	4,499
Total expenses, net of fee waivers	70,915	72,952

All values are in US Dollars.

Interest and Debt Financing Expenses

Interest and debt financing expenses on our borrowings decreased to $20.7 million from $21.8 million for the three months ended June 30, 2026 and 2025, respectively. This decrease was primarily due to a decrease in average debt outstanding. Interest and debt financing expenses on our borrowings increased to $40.9 million from $40.7 million for the six months ended June 30, 2026 and 2025, respectively. This increase was primarily due to fluctuations in base rates. The weighted average principal debt balance outstanding for the three months ended June 30, 2026 was $1.5 billion compared to $ 1.6 billion for the three months ended June 30, 2025. The weighted average principal debt balance outstanding for the six months ended June 30, 2026 was $1.5 billion compared to $1.5 billion for the six months ended June 30, 2025.

The combined weighted average interest rate (excluding deferred upfront financing costs and unused fees) of the aggregate borrowings outstanding for the six months ended June 30, 2026 and the year ended December 31, 2025 was 4.8% and 4.8%, respectively.

Management Fee

Management fee (net of waivers) decreased to $9.0 million for the three months ended June 30, 2026 from $9.3 million for the three months ended June 30, 2025. Management fee (gross of waivers) decreased to $9.0 million for the three months ended June 30, 2026 from $9.3 million for the three months ended June 30, 2025, primarily due to a decrease in total assets throughout the three months ended June 30, 2026 compared to the three months ended June 30, 2025. Management fee waived for the three months ended June 30, 2026 and 2025 was $0.0 million and $0.0 million, respectively.

Management fee (net of waivers) was $18.1 million for the six months ended June 30, 2026 and $18.3 million for the six months ended June 30, 2025. Management fee (gross of waivers) was $18.1 million for the six months ended June 30, 2026 and $18.3 million for the six months ended June 30, 2025. Management fee waived for the three and six months ended June 30, 2026 and 2025 was $0.0 million and $0.0 million, respectively.

Incentive Fee

Incentive fee (net of waivers) decreased to $0.8 million for the three months ended June 30, 2026 from $5.4 million for the three months ended June 30, 2025. The following table summarizes the incentive fee for the three months ended June 30, 2026 and 2025 (dollars in thousands):

	For the Three Months Ended June 30,
	2026		2025
Trailing twelve quarter pre-incentive fee net investment income	446,562		467,469
Trailing twelve quarter Net Capital Loss	(82,140	)	(43,534	)
Cumulative Net Return	364,422		423,935
Incentive fee rate on Cumulative Net Return	17.5	%	17.5	%
Incentive Fee Cap	63,774		74,188
Prior eleven quarter payments	(62,973	)	(68,742	)
Total incentive fee	801		5,446

All values are in US Dollars.

For the three months ended June 30, 2026, there were no incentive fees related to the GAAP Incentive Fee.

Incentive fee (net of waivers) decreased to $6.4 million for the six months ended June 30, 2026 from $7.7 million for the six months ended June 30, 2025, primarily due to the incentive fee cap.

For the six months ended June 30, 2026, 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 $2.4 million for the three months ended June 30, 2026 from $2.6 million for the three months ended June 30, 2025, primarily due to a decrease in costs associated with servicing our investment portfolio.

Professional fees and other general and administrative expenses decreased to $5.1 million for the six months ended June 30, 2026 from $5.9 million for the six months ended June 30, 2025, primarily due to a decrease in costs associated with servicing our investment portfolio.

Realized and Unrealized Gains and Losses

The following table summarizes our net realized and unrealized gains (losses) for the three months ended June 30, 2026 and 2025 (dollars in thousands):

	For the Three Months Ended June 30,
	2026			2025
Gross realized gain on investments		2,754			5,515
Gross realized loss on investments		(16,657	)		(1,365	)
Gross realized gain on foreign currency transactions		—			581
Gross realized loss on foreign currency transactions		(889	)		—
Gross realized gain on forward currency exchange contracts		—			220
Gross realized loss on forward currency exchange contracts		(3,136	)		(1,629	)
Net realized gain (loss)		(17,928	)		3,322
Change in unrealized appreciation on investments		38,601			31,311
Change in unrealized depreciation on investments		(38,210	)		(27,911	)
Net change in unrealized appreciation on investments		391			3,400
Unrealized appreciation on foreign currency translation		(227	)		1,484
Unrealized appreciation on forward currency exchange contracts		3,214			(15,074	)
Net change in unrealized appreciation on foreign currency and forward currency exchange contracts		2,987			(13,590	)
Net change in unrealized appreciation		3,378			(10,190	)

All values are in US Dollars.

For the three months ended June 30, 2026, realized gains were primarily driven by the sale of the Company’s equity interest in FCG Acquisitions, Inc. For the three months ended June 30, 2026, realized losses were primarily driven by the exit of the Company’s debt investments in Aptus 1724 Gmbh and Music Creation Group Bidco GmbH as well as a restructuring of the Company's investment in Abracon Group Holding, LLC.

For the three months ended June 30, 2025, realized gains were primarily driven by the sale of the Company's equity interest in Eagle Rock Capital Corporation. For the three months ended June 30, 2025, realized losses were primarily driven by the sale of the Company's debt investment in Ansett Aviation Training.

For the three months ended June 30, 2026, we had $38.6 million in unrealized appreciation on 61 portfolio company investments, which was offset by $38.2 million in unrealized depreciation on 150 portfolio company investments. For the three months ended June 30, 2026, unrealized appreciation was primarily driven by the reversal of unrealized depreciation resulting from the exit of Aptus 1724 Gmbh and Music Creation Group Bidco GmbH and the restructuring of Abracon Group Holdings, LLC. and company specific valuation adjustments on equity investments in AXH Air Coolers and on debt investments in American Trailer Rental Group. For the three months ended June 30, 2026, the unrealized depreciation was primarily driven by decreases in the fair value of the Company's investment in SLP and certain portfolio company investments including Service Master, A&R Logistics, Inc, and MZR Buyer, LLC, reflecting a combination of company specific valuation adjustments and market driven factors including widening of credit spreads.

For the three months ended June 30, 2025, we had $31.3 million in unrealized appreciation on 77 portfolio company investments, which was offset by $27.9 million in unrealized depreciation on 102 portfolio company investments. For the three months ended June 30, 2025, unrealized appreciation was primarily driven by an increase in the fair value of the Company's investment in SLP and company specific valuation adjustments on equity investments in iBanFirst, and Lightning Holdings B, LLC. For the three months ended June 30, 2025, unrealized depreciation was primarily due to a decrease in fair value of the Company's investment in ISLP, widening of credit spreads and company specific valuation adjustments on Walker Edison.

The following table summarizes our net realized and unrealized gains (losses) for the six months ended June 30, 2026 and 2025 (dollars in thousands):

	For the Six Months Ended June 30,
	2026			2025
Gross realized gain on investments		6,565			6,834
Gross realized loss on investments		(30,096	)		(26,637	)
Gross realized gain on foreign currency transactions		—			361
Gross realized loss on foreign currency transactions		(823	)		(29	)
Gross realized gain on forward currency exchange contracts		-			381
Gross realized loss on forward currency exchange contracts		(6,125	)		(4,195	)
Net realized loss		(30,479	)		(23,285	)
Change in unrealized appreciation on investments		56,129			75,347
Change in unrealized depreciation on investments		(73,572	)		(47,265	)
Net change in unrealized appreciation on investments		(17,443	)		28,082
Unrealized appreciation on foreign currency translation		(362	)		1,919
Unrealized appreciation on forward currency exchange contracts		9,760			(17,147	)
Net change in unrealized appreciation on foreign currency and forward currency exchange contracts		9,398			(15,228	)
Net change in unrealized appreciation		(8,045	)		12,854

All values are in US Dollars.

For the six months ended June 30, 2026, realized gains were primarily driven by the sale of the Company’s equity interest in BTX Precision and FCG Acquisitions, Inc. For the six months ended June 30, 2026, realized losses were primarily driven by the sale of the Company’s equity interest in Gale Aviation (Offshore) Co, the exit of Aptus 1724 GmbH, and Music Creation Group Bidco GmbH and the restructuring of the Company's investment in Abracon Group Holdings, LLC.

For the six months ended June 30, 2025, realized gains were primarily driven by the sale of the Company’s equity interest in Eagle Rock Capital Corporation and debt investments in Goodfellow. For the six months ended June 30, 2025, realized losses were primarily driven by the sale of the Company’s investment in Aimbridge Acquisition Co., Inc. and Forming Machining Industries Holdings, LLC.

For the six months ended June 30, 2026, we had $56.1 million in unrealized appreciation on 57 portfolio company investments, which was offset by $73.6 million in unrealized depreciation on 163 portfolio company investments. For the six months ended June 30, 2026, the unrealized appreciation was primarily driven by the reversal of unrealized depreciation resulting from the sale of Gale Aviation (Offshore) Co., Aptus 1724 GmbH, and Music Creation Group Bidco GmbH. The unrealized appreciation was further driven by company specific valuation adjustments on equity investments in Legacy Corporate Lending HoldCo, LLC and AXH Air Coolers. For the six months ended June 30, 2026, the unrealized depreciation was primarily driven by decreases in the fair value of the Company’s investment in ISLP and SLP and certain portfolio company investments including Service Master, Applitools, A&R Logistics, Inc, and MZR Buyer, LLC.

For the six months ended June 30, 2025, we had $75.3 million in unrealized appreciation on 90 portfolio company investments, which was offset by $47.3 million in unrealized depreciation on 100 portfolio company investments. For the six months ended June 30, 2025 unrealized appreciation was primarily driven by the reversal of prior unrealized depreciation resulting from the sale of Aimbridge Hospitality and Forming Machining Industries Holdings, LLC and company specific valuation adjustments on iBanFirst, Eagle Rock Capital Corporation, Legacy Corporate Lending HoldCo, LLC and Lightning Holdings B, LLC. For the six months ended June 30, 2025, unrealized depreciation was primarily due to a decrease in fair value of the Company's investment in ISLP, widening of credit spreads and company specific valuation adjustments on Walker Edison and Thrasio.

The following table summarizes the impact of foreign currency for the three months ended June 30, 2026 and 2025 (dollars in thousands):

	For the Three Months Ended June 30,
	2026			2025
Net change in unrealized appreciation on investments due to foreign currency		(519	)		10,592
Net realized gain on investments due to foreign currency		461			2,537
Net change in unrealized appreciation on foreign currency translation		(227	)		1,484
Net realized gain (loss) on foreign currency transactions		(889	)		581
Net change in unrealized appreciation on forward currency exchange contracts		3,214			(15,074	)
Net realized loss on forward currency exchange contracts		(3,136	)		(1,409	)
Foreign currency impact to net decrease in net assets resulting from operations		(1,096	)		(1,289	)

All values are in US Dollars.

Included in total net gains (losses) on the Consolidated Statements of Operations were gains (losses) of $(1.2) million and $15.2 million related to realized and unrealized gains and losses on investments, foreign currency holdings and non-investment assets and liabilities attributable to the changes in foreign currency exchange rates for the three months ended June 30, 2026 and 2025, respectively. Including the total net realized and unrealized gains (losses) on forward currency exchange contracts of $0.1 million and ($16.5) million, respectively, included in the above table, the net impact of foreign currency on total net gains (losses) on the Consolidated Statements of Operations is $(1.1) million and ($1.3) million for the three months ended June 30, 2026 and 2025, respectively.

The following table summarizes the impact of foreign currency for the six months ended June 30, 2026 and 2025 (dollars in thousands):

	For the Six Months Ended June 30,
	2026			2025
Net change in unrealized appreciation on investments due to foreign currency		(3,648	)		14,771
Net realized gain on investments due to foreign currency		798			2,476
Net change in unrealized appreciation on foreign currency translation		(362	)		1,919
Net realized gain (loss) on foreign currency transactions		(823	)		332
Net change in unrealized appreciation on forward currency exchange contracts		9,760			(17,147	)
Net realized loss on forward currency exchange contracts		(6,125	)		(3,814	)
Foreign currency impact to net decrease in net assets resulting from operations		(400	)		(1,463	)

All values are in US Dollars.

Included in total net gains (losses) on the Consolidated Statements of Operations were gains (losses) of ($4.0) million, and $19.5 million related to realized and unrealized gains and losses on investments, foreign currency holdings and non-investment assets and liabilities attributable to the changes in foreign currency exchange rates for the six months ended June 30, 2026 and 2025, respectively. Including the total net realized and unrealized losses on forward currency exchange contracts of $3.6 million and ($21.0) 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 ($0.4) million and ($1.5) million for the six months ended June 30, 2026 and 2025, 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 June 30, 2026 and 2025, the increase in net assets resulting from operations was $14.1 million and $23.7 million, respectively. Based on the weighted average shares of common stock outstanding for the three months ended June 30, 2026 and 2025, our per share net increase in net assets resulting from operations was $0.22 and $0.37, respectively.

For the six months ended June 30, 2026 and 2025, the increase in net assets resulting from operations was $17.4 million and $52.3 million, respectively. Based on the weighted average shares of common stock outstanding for the six months ended June 30, 2026 and 2025, our per share net increase in net assets resulting from operations was $0.27 and $0.81, 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, October 2026 Notes, March 2030 Notes, March 2031 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 June 30, 2026 and December 31, 2025, our asset coverage ratio was 171.0% and 175.9%, respectively.

At June 30, 2026 and December 31, 2025, we had $130.6 million and $58.9 million in cash, foreign cash, restricted cash and cash equivalents, respectively.

At June 30, 2026, we had approximately $606.0 million of availability on our Sumitomo Credit Facility, subject to existing terms and regulatory requirements. At December 31, 2025 we had approximately $604.0 million of availability on our Sumitomo Credit Facility subject to existing terms and regulatory requirements.

For the six months ended June 30, 2026, cash, foreign cash, restricted cash, and cash equivalents increased by $71.7 million. During the six months ended June 30, 2026, we provided $97.4 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 $489.0 million and a net increase in assets resulting from operations of $17.4 million, which was offset by purchases of investments of $406.4 million. During the six months ended June 30, 2026, we used $24.5 million for financing activities, primarily on repayments of $679.0 million and distributions paid during the period of $64.2 million, partially offset by the issuance of the March 2031 Notes for $350.0 million, and borrowings under our Sumitomo Credit Facility of $377.0 million.

For the six months ended June 30, 2025, cash, foreign cash, restricted cash, and cash equivalents increased by $75.4 million. During the six months ended June 30, 2025, we used $6.6 million in cash for operating activities. The decrease in cash used for operating activities was primarily related to purchases of investments of $814.5 million, which was offset by proceeds from principal payments and sales of investments of $751.1 million and a net increase in assets resulting from operations of $52.3 million. During the six months ended June 30, 2025, we provided $79.8 million for financing activities, primarily on the issuance of the March 2030 Notes for $350.0 million and borrowings under our Sumitomo Credit Facility of $409.0 million, partially offset by repayments of $588.7 million and distributions paid during the period of $87.4 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 June 30, 2026, 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.

	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 June 30, 2026 and December 31, 2025 were as follows:

	As of June 30, 2026						As of December 31, 2025
	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		272,000		272,000		270,306		272,000		272,000		270,224
March 2026 Notes		—		—		—		300,000		300,000		299,786
October 2026 Notes		300,000		300,000		299,606		300,000		300,000		298,926
March 2030 Notes (2)		350,000		350,000		344,564		350,000		350,000		350,860
March 2031 Notes (2)		350,000		350,000		337,653		—		—		—
Sumitomo Credit Facility		855,000		249,000		249,000		855,000		251,000		251,000
Total Debt		2,127,000		1,521,000		1,501,129		2,077,000		1,473,000		1,470,796

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 and March 2031 Notes includes the effective portion of the fair value of the interest rate swap, as further discussed in Note 7, Derivatives, to these 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 six months ended June 30, 2026 (dollars in thousands, except per share):

			Amount	Total
Date Declared	Record Date	Payment Date	Per Share	Distributions
February 26, 2026	March 16, 2026	March 30, 2026	0.42	27,245
May 11, 2026	June 15, 2026	June 29, 2026	0.42	27,245
Total distributions declared			0.84	54,490

All values are in US Dollars.

The Company’s distributions are recorded on the record date. The following table summarizes distributions declared during the six months ended June 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)
Total distributions declared			0.90	58,382

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 U.S. 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 (net of applicable withholding tax) 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 (net of applicable withholding tax) 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. Under the terms of the exemptive order, a majority of our Independent Directors must reach certain conclusions in connections with certain co-investment transactions (e.g., in the case of follow-on investments in an existing issuer in which affiliates, but not the Company, have an existing investment, and non-pro rata follow-on investments in, and dispositions of, securities of an existing issuer), including that (i) the terms of the proposed transaction are reasonable and fair to the Company and its stockholders and do not involve overreaching in respect of the Company or its stockholders on the part of any person concerned, and (ii) the transaction is consistent with the interests of the Company’s stockholders and is consistent with the Company’s then-current investment objectives and strategies. The exemptive relief imposes other conditions with which we must comply to engage in co-investment transactions.

Recent Developments

See “Item 1. Consolidated 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 U.S. 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 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 U.S. 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.

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.

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; in conjunction with the Company’s portfolio management and valuation team.
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.

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. The Administration Agreement was approved by our Board on October 6, 2016. 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 Act internal control assessment.

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

The following table shows the contractual maturities of our debt obligations as of June 30, 2026 (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		272,000		—		—		—	272,000
October 2026 Notes		300,000		300,000		—		—	—
March 2030 Notes		350,000		—		—		350,000	—
March 2031 Notes		350,000		—		—		350,000	—
Sumitomo Credit Facility		249,000		—		249,000		—	—
Total Debt Obligations		1,521,000		300,000		249,000		700,000	272,000

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.

If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned.

We are subject to financial market risks, including changes in interest rates and the valuations of our investment portfolio. Uncertainty with respect to the imposition of tariffs on and trade disputes with certain countries, the fluctuations in global interest rates, the ongoing war between Russia and Ukraine, continued conflicts and political unrest in the Middle East and South America and concerns over future increases in inflation or adverse investor sentiment generally, introduced significant volatility in the financial markets, and the effects of this volatility have materially impacted and could continue to materially impact our market risks, including those listed below. For more information concerning these risks and their potential impact on our business and our operating results, see “Risk Factors—General Risk Factors—Economic recessions or downturns could impair our portfolio companies, and defaults by our portfolio companies will harm our operating results" and "Risk Factors—General Risk Factors—Inflation and actions by central banks or monetary authorities, including the U.S. Federal Reserve, to address inflation may adversely affect the business, results of operations and financial condition of our portfolio companies" in our Annual Report.

Assuming that the statement of financial condition as of June 30, 2026 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	(16,676	)	(12,210	)	(3,684	)
Down 200 Basis Points	(33,139	)	(24,420	)	(7,193	)
Down 300 Basis Points	(45,982	)	(35,963	)	(8,266	)
Up 100 Basis Points	17,000		12,210		3,952
Up 200 Basis Points	34,000		24,420		7,904
Up 300 Basis Points	51,001		36,630		11,856

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 investors 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 June 30, 2026 (the end of the period covered by this report), our management has carried out an evaluation, under the supervision of and with the participation of our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a‑15 and 15d‑15(e) under the Exchange Act). Based on

that evaluation our Chief Executive Officer and Chief Financial Officer have concluded that our current disclosure controls and procedures are effective to provide reasonable assurance that information required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our Chief Executive Officer and Chief Financial Officer as appropriate to allow timely decisions regarding required disclosure. In designing and evaluating our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and management necessarily applies its judgment in evaluating the benefits of possible controls and procedures relative to their costs.

Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal control over financial reporting, as defined in Rules 13a‑15(f) and 15d‑15(f) under the Exchange Act, that occurred during our most recently completed fiscal quarter ended June 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

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

Item 1A. Risk Factors

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report 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 June 30, 2026, there have been no material changes to the risk factors set forth in our Annual Report.

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

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 June 30, 2026.

Item 3. Defaults 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 June 30, 2026, 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

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).
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: August 10, 2026	By:	/s/ Michael A. Ewald
	Name:	Michael A. Ewald
	Title:	Chief Executive Officer (Principal Executive Officer)
Date: August 10, 2026	By:	/s/ Amit Joshi
---	---	---
	Name:	Amit Joshi
	Title:	Chief Financial Officer (Principal Financial Officer) and Principal Accounting Officer

EX-31.1

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO RULE 13a-14 AND 15d-14(a) 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;
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3.	Based on my knowledge, the 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;
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4.	The registrant’s other certifying officer 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)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) 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, including its consolidated subsidiaries, 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 and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
---	---
	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
---	---	---
	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
---	---	---

Date: August 10, 2026


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

EX-31.2

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO RULE 13a-14 AND 15d-14(a) 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 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 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)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) 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, including its consolidated subsidiaries, 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 and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
---	---
	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
---	---	---
	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
---	---	---

Date: August 10, 2026

	/s/ Amit Joshi
	Amit Joshi
	Chief Financial Officer
	(Principal Financial Officer) and Principal Accounting 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 June 30, 2026, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Michael A. Ewald, Chief Executive Officer of the Company, and I, Amit Joshi, Chief Financial Officer of the Company, each certify, pursuant to 18 U.S.C. Section 1350, as adopted 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: August 10, 2026

	/s/ Michael A. Ewald

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


	/s/ Amit Joshi

	Amit Joshi
	Chief Financial Officer
	(Principal Financial Officer) and Principal Accounting Officer
	Bain Capital Specialty Finance, Inc.

BCSF 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

For the quarterly period ended June 30, 2026

For the transition period from __ to __

Commission file number: 814-01175

BAIN CAPITAL SPECIALTY FINANCE, INC.

(617) 516‑2000

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

TABLE OF CONTENTS

FORWARD-LOOKING STATEMENTS

PART I. FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

Bain Capital Specialty Finance, Inc.

Consolidated Statements of Assets and Liabilities

See Notes to Consolidated Financial Statements

Bain Capital Specialty Finance, Inc.

Consolidated Statements of Operations

See Notes to Consolidated Financial Statements

Bain Capital Specialty Finance, Inc.

Consolidated Statements of Changes in Net Assets

See Notes to Consolidated Financial Statements

Bain Capital Specialty Finance, Inc.

Consolidated Statements of Cash Flows

See Notes to Consolidated Financial Statements

Bain Capital Specialty Finance, Inc.

Consolidated Schedule of Investments

As of June 30, 2026

Interest Rate Swap

Forward Foreign Currency Exchange Contracts

See Notes to Consolidated Financial Statements

Bain Capital Specialty Finance, Inc.

Consolidated Schedule of Investments

As of December 31, 2025

Interest Rate Swap

Forward Foreign Currency Exchange Contracts

See Notes to Consolidated Financial Statements

BAIN CAPITAL SPECIALTY FINANCE, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1. Organization

Note 2. Summary of Significant Accounting Policies

Basis of Presentation

Basis of Consolidation

Use of Estimates

Valuation of Portfolio Investments

Securities Transactions, Revenue Recognition and Expenses

Non-Accrual Loans

Distributions

Dividend Reinvestment Plan

Offering Costs

Cash, Restricted Cash, and Cash Equivalents

Prepaid Insurance

Professional Fees and Operating Expenses

Foreign Currency Translation

Forward Currency Exchange Contracts

Interest Rate Swaps

Deferred Financing Costs and Debt Issuance Costs

Valuation of Other Financial Assets and Financial Liabilities

Income Taxes

Recent Accounting Pronouncements

Note 3. Investments

Unconsolidated Significant Subsidiary

International Senior Loan Program, LLC

SOFR

SOFR

International Senior Loan Program, LLC

Consolidated Schedule of Investments

As of June 30, 2026

Forward Foreign Currency Exchange Contracts

International Senior Loan Program, LLC

Consolidated Schedule of Investments

As of December 31, 2025

Forward Foreign Currency Exchange Contracts

Selected Balance Sheet Information

Selected Statements of Operations Information

Bain Capital Senior Loan Program, LLC

SOFR

SOFR

For the transition period from to