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 March 31, 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)

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

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

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

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

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

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

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

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

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

As of May 11, 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 March 31, 2026 (unaudited) and December 31, 2025	3
	Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2026 and 2025 (unaudited)	5
	Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (unaudited)	6
	Consolidated Schedules of Investments as of March 31, 2026 (unaudited) and December 31, 2025	7
	Notes to Consolidated Financial Statements (unaudited)	51
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	131
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	150
Item 4.	Controls and Procedures	151
PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	151
Item 1A.	Risk Factors	151
Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities	151
Item 3.	Default Upon Senior Securities	151
Item 4.	Mine Safety Disclosures	151
Item 5.	Other Information	152
Item 6.	Exhibits, Consolidated Financial Statement Schedules	153
Signatures		158

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”).

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, some of those assumptions may be based on the work of third parties and any of those assumptions could prove to be inaccurate; as a result, the forward-looking statements based on those assumptions also could prove to be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Quarterly Report should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. 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.

Bain Capital Specialty Finance, Inc.

Consolidated Statements of Operations

(in thousands, except share and per share data)

(Unaudited)



Income
Investment income from non-controlled/non-affiliate investments:
Interest from investments	39,333		41,672
Dividend income	619		1,725
PIK income	8,705		6,606
Other income	1,476		2,833
Total investment income from non-controlled/non-affiliate investments	50,133		52,836
Investment income from non-controlled/affiliate investments:
Interest from investments	2		8
PIK income	—		17
Other income	21		42
Total investment income from non-controlled/affiliate investments	23		67
Investment income from controlled affiliate investments:
Interest from investments	10,033		9,148
Dividend income	5,983		4,786
PIK income	2		2
Total investment income from controlled affiliate investments	16,018		13,936
Total investment income	66,174		66,839
Expenses
Interest and debt financing expenses	20,252		18,904
Base management fee	9,085		9,068
Incentive fee	5,618		2,222
Professional fees	700		714
Directors fees	180		174
Other general and administrative expenses	2,069		2,571
Total expenses, net of fee waivers	37,904		33,653
Net investment income before taxes	28,270		33,186
Income tax expense, including excise tax	906		1,076
Net investment income	27,364		32,110
Net realized and unrealized gains (losses)
Net realized gain (loss) on non-controlled/non-affiliate investments	3,820		(20,986	)
Net realized loss on non-controlled/affiliate investments	—		(2,967	)
Net realized loss on controlled affiliate investments	(13,448	)	—
Net realized gain (loss) on foreign currency transactions	66		(249	)
Net realized loss on forward currency exchange contracts	(2,989	)	(2,405	)
Net change in unrealized appreciation on foreign currency translation	(135	)	435
Net change in unrealized appreciation on forward currency exchange contracts	6,546		(2,073	)
Net change in unrealized appreciation on non-controlled/non-affiliate investments	(23,194	)	23,993
Net change in unrealized appreciation on non-controlled/affiliate investments	490		(1,866	)
Net change in unrealized appreciation on controlled affiliate investments	4,870		2,555
Total net loss	(23,974	)	(3,563	)
Net increase in net assets resulting from operations	3,390		28,547
Basic and diluted net investment income per share of common stock	0.42		0.50
Basic and diluted increase in net assets resulting from operations per share of common stock	0.05		0.44
Basic and diluted weighted average common stock outstanding	64,868,507		64,676,192

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)



Operations:
Net investment income	27,364		32,110
Net realized loss	(12,551	)	(26,607	)
Net change in unrealized appreciation	(11,423	)	23,044
Net increase in net assets resulting from operations	3,390		28,547
Stockholder distributions:
Distributions from distributable earnings	(27,245	)	(29,191	)
Net decrease in net assets resulting from stockholder distributions	(27,245	)	(29,191	)
Capital share transactions:
Issuances of common stock (net of offering and underwriting costs)	—		4,552
Shares issued in connection with dividend reinvestment plan	—		924
Net increase in net assets resulting from capital share transactions	—		5,476
Total increase (decrease) in net assets	(23,855	)	4,832
Net assets at beginning of period	1,117,410		1,139,672
Net assets at end of period	1,093,555		1,144,504
Net asset value per share of common stock	16.86		17.64
Common stock outstanding at end of period	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)



Cash flows from operating activities
Net increase in net assets resulting from operations	3,390		28,547
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash used in operating activities:
Purchases of investments	(234,383	)	(299,374	)
Proceeds from principal payments and sales of investments	245,867		251,317
Net realized loss from investments	9,628		23,953
Net realized (gain) loss on foreign currency transactions	(66	)	249
Net change in unrealized appreciation on forward currency exchange contracts	(6,546	)	2,073
Net change in unrealized appreciation on investments	17,834		(24,682	)
Net change in unrealized appreciation on foreign currency translation	135		(435	)
Increase in investments due to PIK	(7,385	)	(5,415	)
Accretion of discounts and amortization of premiums	(1,746	)	(1,554	)
Amortization of deferred financing costs and debt issuance costs	1,538		1,149
Changes in operating assets and liabilities:
Collateral on derivatives	1,180		6,855
Interest receivable on investments	2,932		8,103
Interest rate swap	(108	)	(78	)
Prepaid insurance	212		197
Dividend receivable	434		(338	)
Interest payable	(1,466	)	(2,250	)
Collateral payable on derivatives	(8,147	)	6,000
Base management fee payable	(323	)	(92	)
Incentive fee payable	(259	)	(2,474	)
Accounts payable and accrued expenses	3,915		980
Net cash provided by (used in) operating activities	26,636		(7,269	)
Cash flows from financing activities
Borrowings on debt	643,000		459,000
Repayments on debt	(649,000	)	(395,699	)
Payments of financing costs	(8,314	)	(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	(36,975	)	(58,244	)
Net cash provided by (used in) financing activities	(51,289	)	1,982
Net decrease in cash, foreign cash, restricted cash and cash equivalents	(24,653	)	(5,287	)
Effect of foreign currency exchange rates	(69	)	186
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	34,188		93,965
Supplemental disclosure of cash flow information:
Cash interest paid during the period	20,180		20,005
Cash paid for excise taxes during the period	—		3,337

All values are in US Dollars.



Cash	12,973	10,168
Restricted cash	17,593	55,609
Foreign cash	3,622	28,188
Total cash, foreign cash, restricted cash, and cash equivalents shown in the consolidated statements of cash flows	34,188	93,965

All values are in US Dollars.

See Notes to Consolidated Financial Statements

Bain Capital Specialty Finance, Inc.

Consolidated Schedule of Investments

As of March 31, 2026

(In thousands)

(Unaudited)

Portfolio Company	Investment Type	Index (1)	Spread (1)	Interest Rate			Maturity Date	Principal/Shares (9)		Cost			Market Value		% of NAV (4)
Non-Controlled/Non-Affiliate Investments
Aerospace & Defense
ATS (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.75%		9.42	%	7/12/2029	$	4,925		4,882			4,925
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	$	286		273			258
Bridger Aerospace Group Holdings, Inc. (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	6.00%		9.68	%	10/28/2030	$	235		227			226
Bridger Aerospace Group Holdings, Inc. (15)(19)	First Lien Senior Secured Loan	SOFR	6.00%		9.67	%	10/28/2030	$	5,086		5,039			5,036
BTX Precision (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.00%		8.67	%	7/25/2030	$	7,588		7,537			7,588
BTX Precision (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.00%		8.68	%	7/25/2030	$	1,263		1,237			1,263
BTX Precision (15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.00%		8.67	%	7/25/2030	$	5,930		5,886			5,930
BTX Precision (3)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.00%		8.68	%	7/25/2030	$	5,913		5,862			5,913
BTX Precision (15)(19)(29)	First Lien Senior Secured Loan	SOFR	4.75%		8.42	%	7/25/2030	$	1,435		1,426			1,435
BTX Precision (14)(19)(25)	Equity Interest	—	—	—			—		—		98			225
Forward Slope (15)(19)	First Lien Senior Secured Loan	SOFR	5.60%		9.30	%	8/22/2029	$	6,061		5,962			6,061
Forward Slope (15)(19)(29)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.60%		9.30	%	8/22/2029	$	13,215		13,000			13,215
Forward Slope (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.60%		9.28	%	8/22/2029	$	4,527		4,401			4,527
Forward Slope (15)(19)	First Lien Senior Secured Loan	SOFR	5.60%		9.30	%	8/22/2029	$	5,547		5,493			5,547
Forward Slope (14)(19)(25)	Equity Interest	—	—	—			—		930		930			1,568
GSP Holdings, LLC (15)(19)(26)	First Lien Senior Secured Loan - Revolver	SOFR	2.95% (2.95% PIK)		9.57	%	11/5/2027	$	4,751		4,769			4,514
GSP Holdings, LLC (15)(19)(26)	First Lien Senior Secured Loan	SOFR	2.95% (2.95% PIK)		9.60	%	11/5/2027	$	1,164		1,157			1,106
GSP Holdings, LLC (15)(19)(26)	First Lien Senior Secured Loan	SOFR	2.95% (2.95% PIK)		9.60	%	11/6/2026	$	10,013		10,106			9,513
GSP Holdings, LLC (15)(19)(26)	First Lien Senior Secured Loan	SOFR	2.95% (2.95% PIK)		9.57	%	11/6/2026	$	77		77			77
Heads Up Technologies, Inc. (16)(19)	First Lien Senior Secured Loan	SOFR	5.25%		8.95	%	7/23/2030	$	203		202			203
Heads Up Technologies, Inc. (16)(19)	Second Lien Senior Secured Loan	SOFR	8.25%		11.95	%	7/23/2031	$	9,720		9,676			9,720
Heads Up Technologies, Inc. (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			7/23/2030	$	—		(8	)		—
Mach Acquisition R/C (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	7.15%		10.82	%	4/19/2027	$	7,532		7,510			7,532
Mach Acquisition T/L (15)(19)(29)	First Lien Senior Secured Loan	SOFR	7.15%		10.82	%	4/19/2027	$	13,236		13,206			13,236
Precision Ultimate Holdings, LLC (14)(19)(25)	Equity Interest	—	—	—			—		1,417		1,417			480
Precision Ultimate Holdings, LLC (14)(19)(25)	Equity Interest	—	—	—			—		620		781			1,253
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%		8.52	%	7/22/2030	$	13,281		13,205			13,281
Saturn Purchaser Corp. (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			7/22/2030	$	—		(51	)		—
Solairus (3)(5)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			7/22/2030	$	—		(14	)		—
Whitcraft-Paradigm (3)(15)(19)(23)	First Lien Senior Secured Loan - Revolver	SOFR	5.00%		8.70	%	2/28/2029	$	424		414			424
Whitcraft-Paradigm (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.00%		8.70	%	2/15/2029	$	10,132		10,080			10,132
Whitcraft-Paradigm (3)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			2/15/2029	$	—		—			—
Portfolio Company	Investment Type	Index (1)	Spread (1)	Interest Rate			Maturity Date	Principal/Shares (9)		Cost			Market Value			% of NAV (4)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Non-Controlled/Non-Affiliate Investments
Aerospace & Defense
Whitcraft-Paradigm (15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.00%		8.70	%	2/15/2029	$	2,291		2,291			2,291
Whitcraft-Paradigm (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.00%		8.70	%	2/15/2029	$	2,654		2,634			2,654
Aerospace & Defense Total										$	140,212		$	142,684			13.0	%
Automotive
American Trailer Rental Group (19)(26)	Subordinated Debt	—	14.25% PIK		14.25	%	12/1/2028	$	6,066		6,043			5,156
American Trailer Rental Group (19)(26)	Subordinated Debt	—	14.25% PIK		14.25	%	12/1/2028	$	18,716		18,607			15,908
American Trailer Rental Group (19)(26)	Subordinated Debt	—	14.25% PIK		14.25	%	12/1/2028	$	23,372		23,340			19,866
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%		9.16	%	2/5/2031	$	6,435		6,398			6,371
Chilton (2)(3)(5)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			2/5/2031	$	—		(20	)		(101	)
Chilton (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.50%		9.14	%	2/5/2031	$	1,835		1,812			1,797
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)		9.16	%	5/17/2029	$	12,388		12,388			12,079
Gills Point S (15)(19)(26)	First Lien Senior Secured Loan - Delayed Draw	SOFR	4.00% (1.50% PIK)		9.16	%	5/17/2029	$	1,235		1,223			1,204
Gills Point S (15)(19)(26)	First Lien Senior Secured Loan - Delayed Draw	SOFR	4.00% (1.50% PIK)		9.16	%	5/17/2029	$	7,296		7,296			7,114
Gills Point S (15)(19)(26)	First Lien Senior Secured Loan	SOFR	4.00% (1.50% PIK)		9.16	%	5/17/2029	$	3,670		3,651			3,578
Gills Point S (14)(19)(25)	Equity Interest	—	—	—			—		2		215			82
Gills Point S (15)(19)(26)	First Lien Senior Secured Loan - Revolver	SOFR	4.00% (1.50% PIK)		9.16	%	5/17/2029	$	4,834		4,812			4,713
Gills Point S (15)(19)(26)	First Lien Senior Secured Loan	SOFR	4.00% (1.50% PIK)		9.16	%	5/17/2029	$	3,994		3,968			3,895
Intoxalock (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.10%		8.77	%	11/1/2028	$	11,852		11,795			11,852
Intoxalock (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.15%		8.86	%	11/1/2028	$	1,029		1,014			1,029
Automotive Total										$	102,659		$	94,680			8.7	%
Beverage, Food & Tobacco
AgroFresh Solutions (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.60%		9.27	%	4/2/2029	$	1,866		1,814			1,816
AgroFresh Solutions (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.60%		9.27	%	3/31/2030	$	6,841		6,751			6,772
AgroFresh Solutions (15)(19)	First Lien Senior Secured Loan	SOFR	5.60%		9.27	%	3/31/2030	$	6,074		5,957			6,013
Arctic Glacier U.S.A., Inc. (3)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			5/24/2028	$	—		12			12
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			3,548
BCSF Project Aberdeen, LLC (14)(19)(25)	Equity Interest	—	—	—			—		2,217		2,217			2,180
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$	549		336			310
Hellers (2)(3)(5)(6)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			9/27/2030	NZ$	—		(12	)		(2	)
Hellers (6)(18)(19)(26)	First Lien Senior Secured Loan - Delayed Draw	BBSY	4.00% (1.50% PIK)		9.86	%	9/27/2030	AUD	51		35			34
Hellers (6)(15)(19)(26)	First Lien Senior Secured Loan - Delayed Draw	BKBM	4.00% (1.50% PIK)		8.09	%	9/27/2030	NZ$	47		28			26
INW Manufacturing, LLC (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.75%		9.42	%	1/23/2031	$	27,097		26,841			26,826
PPX (14)(19)(25)	Preferred Equity	—	—	—			—		33		—			—
PPX (14)(19)(25)	Preferred Equity	—	—	—			—		33		5,000			3,250
Portfolio Company	Investment Type	Index (1)	Spread (1)	Interest Rate			Maturity Date	Principal/Shares (9)		Cost			Market Value			% of NAV (4)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Non-Controlled/Non-Affiliate Investments
Beverage, Food & Tobacco
SauceCo HoldCo, LLC (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.75%		9.42	%	5/13/2030	$	5,036		5,002			5,036
SauceCo HoldCo, LLC (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.75%		9.45	%	5/13/2030	$	71,180		69,097			71,180
Spindrift (19)(26)	Subordinated Debt	—	13.75% PIK		13.75	%	2/19/2033	$	1,627		1,589			1,627
Spindrift (14)(19)(25)	Equity Interest	—	—	—			—		1		500			547
Beverage, Food & Tobacco Total											128,669			130,146			11.9	%
Capital Equipment
AeriTek Global CAD Acquisition Inc. (6)(15)(19)	First Lien Senior Secured Loan	SOFR	6.50%		10.17	%	8/27/2030	$	473		467			466
AeriTek Global CAD Acquisition Inc. (3)(6)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	6.50%		10.17	%	8/27/2030	$	10		9			9
AXH Air Coolers (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.50%		9.20	%	10/31/2029	$	7,400		7,352			7,400
AXH Air Coolers (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			10/31/2029	$	—		(33	)		—
AXH Air Coolers (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.50%		9.20	%	10/31/2029	$	3,291		3,272			3,291
AXH Air Coolers (3)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.50%		9.20	%	10/31/2029	$	4,864		4,840			4,864
AXH Air Coolers (14)(19)(25)	Preferred Equity	—	—	—			—		3,417		1,104			12,014
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%		8.38	%	8/12/2031	$	154		148			154
Ergotron Acquisition LLC (16)(19)(29)	First Lien Senior Secured Loan	SOFR	5.25%		8.92	%	7/6/2028	$	10,841		10,744			10,841
EXT Acquisitions, Inc. (2)(3)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			12/19/2031	$	—		—			(4	)
EXT Acquisitions, Inc. (3)(15)(19)	First Lien Senior Secured Loan - Revolver	P	4.25%		11.00	%	12/19/2031	$	185		183			183
FCG Acquisitions, Inc. (14)(19)(25)	Preferred Equity	—	—	—			—		4		—			—
Goodfellow (6)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	EURIBOR	5.25%		7.38	%	2/10/2032	€	50		51			57
Goodfellow (6)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	EURIBOR	5.25%		7.38	%	2/10/2032	€	50		51			57
Goodfellow (6)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	SONIA	5.25%		8.98	%	2/10/2032	£	50		64			65
Goodfellow (6)(15)(19)	First Lien Senior Secured Loan	SOFR	5.25%		8.95	%	2/10/2032	$	50		50			50
PPT Group (6)(18)(19)	First Lien Senior Secured Loan	SONIA	5.50%		9.24	%	2/28/2031	£	6,120		7,648			7,972
PPT Group (3)(6)(18)(19)	First Lien Senior Secured Loan - Delayed Draw	SONIA	5.50%		9.24	%	2/28/2031	£	220		287			232
PPT Group (3)(6)(18)(19)	First Lien Senior Secured Loan - Revolver	SONIA	5.50%		9.24	%	2/28/2031	£	220		275			262
PPT Group (6)(14)(19)(25)	Equity Interest	—	—	—			—		376		376			312
Capital Equipment Total										$	38,117		$	48,225			4.4	%
Chemicals, Plastics & Rubber
AP Plastics Group, LLC (16)(19)(29)	First Lien Senior Secured Loan	SOFR	4.85%		8.52	%	8/10/2030	$	13,548		13,369			13,548
AP Plastics Group, LLC (16)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	4.85%		8.52	%	8/10/2030	$	175		175			175
AP Plastics Group, LLC (3)(5)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			8/10/2030	$	—		(3	)		—
Duraco (19)(29)(32)	First Lien Senior Secured Loan	SOFR	6.50%		10.16	%	6/6/2029	$	7,305		7,223			6,940
Duraco (3)(19)(32)	First Lien Senior Secured Loan - Revolver	SOFR	6.50%		10.21	%	6/6/2029	$	796		774			697
Plaskolite PPC Intermediate II LLC (15)(19)(26)	First Lien Senior Secured Loan	SOFR	4.00% (4.00% PIK)		11.64	%	5/9/2030	$	7,257		7,134			7,112
Portfolio Company	Investment Type	Index (1)	Spread (1)	Interest Rate			Maturity Date	Principal/Shares (9)		Cost			Market Value			% of NAV (4)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Non-Controlled/Non-Affiliate Investments
Chemicals, Plastics & Rubber
Plaskolite PPC Intermediate II LLC (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	7.00%		10.64	%	2/7/2030	$	163		152			149
V Global Holdings LLC (16)(19)(26)	First Lien Senior Secured Loan	SOFR	2.20% (3.70% PIK)		9.55	%	12/22/2027	$	15,706		15,419			14,842
V Global Holdings LLC (3)(16)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.85%		9.53	%	12/22/2027	$	3,552		3,552			3,018
V Global Holdings LLC (16)(19)(26)	First Lien Senior Secured Loan	EURIBOR	2.05% (3.70% PIK)		7.73	%	12/22/2027	€	96		101			104
Chemicals, Plastics & Rubber Total										$	47,896		$	46,585			4.3	%
Construction & Building
AGS American Glass Services Acquisition, LLC (15)(19)	First Lien Senior Secured Loan	SOFR	5.50%		9.17	%	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			333
BCSF ServiceMaster Investments, LLC (14)(19)(25)	Preferred Equity	—	—	—			—		—		28			—
Chase Industries, Inc. (15)(19)(26)	First Lien Senior Secured Loan	SOFR	5.65% (1.50% PIK)		10.82	%	11/11/2027	$	27,464		27,143			27,189
Chase Industries, Inc. (15)(19)(26)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.65% (1.50% PIK)		10.82	%	11/11/2027	$	2,691		2,654			2,665
Chase Industries, Inc. (3)(15)(19)(26)	First Lien Senior Secured Loan - Revolver	SOFR	5.65% (1.50% PIK)		10.85	%	11/11/2027	$	630		628			612
Elk (14)(19)(25)	Equity Interest	—	—	—			—		1		7			719
Elk (14)(19)(25)	Preferred Equity	—	—	—			—		72		722			1,198
G702 Buyer, Inc. (16)(19)	First Lien Senior Secured Loan	SOFR	4.75%		8.45	%	7/2/2031	$	158		156			158
G702 Buyer, Inc. (2)(3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			7/2/2031	$	—		(10	)		(4	)
Service Master (18)(19)(26)	First Lien Senior Secured Loan	SOFR	6.01% (1.00% PIK)		10.66	%	8/16/2027	$	929		924			929
Service Master (3)(18)(19)	First Lien Senior Secured Loan - Revolver	SOFR	7.01%		10.71	%	8/16/2027	$	15,622		15,620			15,622
Service Master (15)(19)(26)	First Lien Senior Secured Loan	SOFR	5.86% (1.00% PIK)		10.54	%	8/16/2027	$	1,585		1,579			1,585
Service Master (15)(19)(26)	First Lien Senior Secured Loan	SOFR	5.86% (1.00% PIK)		10.54	%	8/16/2027	$	7,668		7,634			7,668
Service Master (15)(19)(26)	First Lien Senior Secured Loan	SOFR	6.01% (1.00% PIK)		10.65	%	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)		10.65	%	12/31/2029	$	130		130			130
Service Master (18)(19)(26)	First Lien Senior Secured Loan	SOFR	5.86% (1.00% PIK)		10.53	%	8/16/2027	$	3,173		3,173			3,173
Service Master (14)(19)(25)	Preferred Equity	—	—	—			—		—		169			—
Service Master (14)(19)(25)	Equity Interest	—	—	—			—		—		—			—
TL Sapphire Parent, Inc. (3)(16)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.00%		8.67	%	1/22/2033	$	663		660			660
TL Sapphire Parent, Inc. (3)(16)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.00%		8.67	%	1/22/2033	$	154		146			146
TL Sapphire Parent, Inc. (16)(19)(29)	First Lien Senior Secured Loan	SOFR	5.00%		8.67	%	1/22/2033	$	5,000		4,978			4,975
Zeus Fire & Security (15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.00%		8.67	%	12/11/2030	$	8,740		8,740			8,740
Zeus Fire & Security (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.00%		8.65	%	12/11/2030	$	4,828		4,799			4,828
Zeus Fire & Security (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.00%		8.68	%	12/11/2030	$	1,053		1,038			1,053
Construction & Building Total										$	85,329		$	86,448			7.9	%
Portfolio Company	Investment Type	Index (1)	Spread (1)	Interest Rate			Maturity Date	Principal/Shares (9)		Cost			Market Value			% of NAV (4)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Non-Controlled/Non-Affiliate Investments
Consumer Goods: Durable
New Milani Group LLC (15)(19)	First Lien Senior Secured Loan	SOFR	4.75%		8.45	%	6/26/2031	$	832		825			832
New Milani Group LLC (3)(5)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			6/26/2031	$	—		(2	)		—
New Milani Group LLC (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			6/26/2031	$	—		(11	)		—
Stanton Carpet (15)(19)	Second Lien Senior Secured Loan	SOFR	9.15%		12.80	%	3/31/2028	$	11,434		11,330			11,434
Tangent Technologies Acquisition, LLC (15)(19)	Second Lien Senior Secured Loan	SOFR	8.90%		12.56	%	5/30/2028	$	8,915		8,840			8,915
TLC Holdco LP (14)(19)(25)	Equity Interest	—	—	—			—		1,281		1,221			523
TLC Purchaser, Inc. (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.76%		9.41	%	10/11/2027	$	3,808		3,816			3,475
TLC Purchaser, Inc. (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.76%		9.44	%	10/11/2027	$	13,008		12,925			12,552
TLC Purchaser, Inc. (15)(19)	First Lien Senior Secured Loan	SOFR	5.76%		9.46	%	10/11/2027	$	1,948		1,936			1,880
Consumer Goods: Durable Total										$	40,880		$	39,611			3.6	%
Consumer Goods: Non-Durable
Evriholder (19)(29)(32)	First Lien Senior Secured Loan	SOFR	6.90%		10.60	%	1/24/2028	$	5,819		5,792			5,761
Fineline Technologies, Inc. (14)(19)(25)	Equity Interest	—	—	—			—		939		939			1,288
Hempz (15)(19)	First Lien Senior Secured Loan	SOFR	5.25%		8.95	%	10/25/2029	$	220		218			217
Hempz (2)(3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			10/25/2029	$	—		(11	)		(27	)
RoC Skincare (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.25%		8.91	%	2/21/2031	$	9,800		9,694			9,800
RoC Skincare (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			2/21/2030	$	—		(20	)		—
Solaray, LLC (3)(18)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.60%		9.27	%	3/27/2029	$	12,052		12,033			12,052
Solaray, LLC (15)(19)	First Lien Senior Secured Loan	SOFR	6.85%		10.52	%	3/27/2029	$	28,283		28,283			25,737
Solaray, LLC (15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	6.85%		10.52	%	3/27/2029	$	13,026		13,011			11,853
SRP Parent Inc. (14)(19)(25)	Preferred Equity	—	—	—			—		—		—			—
SRP Parent Inc. (14)(19)(25)	Preferred Equity	—	—	—			—		—		—			—
SRP Parent Inc. (14)(19)(25)	Preferred Equity	—	—	—			—		—		—			—
Summer Fridays, LLC (15)(19)	First Lien Senior Secured Loan	SOFR	5.25%		8.95	%	5/16/2031	$	482		475			477
Summer Fridays, LLC (2)(3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			5/16/2031	$	—		(11	)		(9	)
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%		8.45	%	4/15/2032	$	757		741			757
Consumer Goods: Non-Durable Total										$	71,132		$	67,906			6.2	%
Containers, Packaging & Glass
ASP-r-pac Acquisition Co LLC (16)(19)(29)	First Lien Senior Secured Loan	SOFR	6.26%		9.93	%	12/29/2027	$	5,710		5,642			5,710
ASP-r-pac Acquisition Co LLC (3)(16)(19)	First Lien Senior Secured Loan - Revolver	SOFR	6.11%		9.78	%	12/29/2027	$	3,273		3,247			3,273
Precision Concepts Parent Inc. (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	4.75%		8.42	%	8/2/2032	$	82		79			78
Precision Concepts Parent Inc. (15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	4.75%		8.42	%	8/2/2032	$	715		712			708
Containers, Packaging & Glass Total										$	9,680		$	9,769			0.9	%
Environmental Industries
BCC HGS Investments 1, LLC (14)(19)(25)	Equity Interest	—	—	—			—		8		1,241			1,241
FC DOLMANS B.V. (2)(3)(5)(6)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			3/4/2033	€	—		(6	)		(6	)
FC DOLMANS B.V. (6)(15)(19)	First Lien Senior Secured Loan	EURIBOR	5.25%		7.38	%	3/4/2033	€	2,437		2,807			2,780
Humic Acquisition Holdings, LLC (15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.75%		9.42	%	10/21/2031	$	7,278		7,273			7,242
Humic Acquisition Holdings, LLC (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.75%		9.42	%	10/21/2031	$	2,703		2,684			2,683
Humic Acquisition Holdings, LLC (15)(19)	First Lien Senior Secured Loan	SOFR	5.75%		9.42	%	10/21/2031	$	14,482		14,421			14,410
Meteor UK Bidco Limited (6)(18)(19)	First Lien Senior Secured Loan	SONIA	5.00%		8.73	%	5/14/2032	£	8,104		10,796			10,689
Portfolio Company	Investment Type	Index (1)	Spread (1)	Interest Rate			Maturity Date	Principal/Shares (9)		Cost			Market Value			% of NAV (4)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Non-Controlled/Non-Affiliate Investments
Environmental Industries
Meteor UK Bidco Limited (6)(18)(19)	First Lien Senior Secured Loan - Delayed Draw	SONIA	5.00%		8.73	%	5/14/2032	£	4,858		6,460			6,408
Meteor UK Bidco Limited (3)(6)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			11/14/2031	£	—		—			—
Reconomy (6)(18)(19)	First Lien Senior Secured Loan	SONIA	6.50%		10.23	%	7/12/2029	£	68		83			89
Reconomy (3)(6)(18)(19)(34)	First Lien Senior Secured Loan - Delayed Draw	SOFR	6.50%		10.20	%	7/12/2029	£	5,018		6,602			6,624
Reconomy (6)(18)(19)	First Lien Senior Secured Loan	EURIBOR	6.25%		8.38	%	7/12/2029	€	27		28			31
Titan Cloud Software, Inc (18)(19)	First Lien Senior Secured Loan	SOFR	5.85%		9.52	%	9/7/2029	$	27,580		27,461			27,580
Titan Cloud Software, Inc (15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.85%		9.53	%	9/7/2029	$	12,264		12,217			12,264
Titan Cloud Software, Inc (3)(18)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.85%		9.52	%	9/7/2028	$	3,424		3,401			3,424
Titan Cloud Software, Inc (14)(19)(25)	Equity Interest	—	—	—			—		3,532		3,532			3,549
Environmental Industries Total										$	99,000		$	99,008			9.1	%
FIRE: Finance
Allworth Financial Group, L.P. (15)(19)(29)	First Lien Senior Secured Loan - Delayed Draw	SOFR	4.75%		8.42	%	12/23/2027	$	845		841			845
Allworth Financial Group, L.P. (2)(3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			12/23/2027	$	—		(3	)		(3	)
Allworth Financial Group, L.P. (3)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	4.75%		8.42	%	12/23/2027	$	5,787		5,764			5,787
Allworth Financial Group, L.P. (15)(19)(29)	First Lien Senior Secured Loan	SOFR	4.75%		8.42	%	12/23/2027	$	1,455		1,449			1,455
Avalon Bidco Limited (6)(15)(19)	First Lien Senior Secured Loan	SONIA	6.25%		9.99	%	4/16/2032	£	50		65			65
Avalon Bidco Limited (6)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	SONIA	6.25%		9.99	%	4/16/2032	£	4,127		5,432			5,376
Choreo (3)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.00%		8.70	%	2/18/2028	$	2,908		2,908			2,908
Congress Wealth (14)(19)(25)	Equity Interest	—	—	—			—		16		—			19
Daintree Bidco Pty Ltd ACN 686 668 619 (6)(18)(19)	First Lien Senior Secured Loan	BBSY	5.00%		9.04	%	11/25/2032	AUD	1,113		709			751
Endurance Holdco Limited (6)(19)(25)(26)	Preferred Equity	—	12.50% PIK		12.50	%	—		3,144		4,066			4,063
Insigneo Financial Group LLC (19)(26)	First Lien Senior Secured Loan	—	10.00% PIK		10.00	%	8/1/2027	$	1,968		1,981			1,968
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			3,447
LEP SAL Co-Invest, L.P. (6)(14)(19)(25)	Equity Interest	—	—	—			—		1,000		1,317			1,319
Monarch Finco, LLC (3)(17)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	4.25%		7.92	%	10/29/2032	$	18		18			17
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%		7.92	%	10/29/2032	$	156		156			154
Parmenion (6)(18)(19)	First Lien Senior Secured Loan	SONIA	5.50%		9.31	%	5/23/2029	£	295		370			389
PMA (16)(19)	First Lien Senior Secured Loan	SOFR	4.75%		8.45	%	1/31/2031	$	58		57			57
PMA (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			1/31/2031	$	—		(15	)		—
Sikich (14)(19)(25)	Warrants	—	—	—			—		5		—			570
Sikich (14)(19)(25)	Warrants	—	—	—			—		2		—			163
Sikich (19)(25)(26)	Preferred Equity	—	13.00% PIK		13.00	%	—		38		3,765			3,765
TA/Weg Holdings (15)(19)(29)	First Lien Senior Secured Loan - Delayed Draw	SOFR	4.25%		7.94	%	10/2/2028	$	2,295		2,292			2,292
TA/Weg Holdings (15)(19)(29)	First Lien Senior Secured Loan - Delayed Draw	SOFR	4.25%		7.94	%	10/2/2028	$	9,089		9,089			9,089
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	4.25%		7.94	%	10/4/2028	$	9,453		9,429			9,453
FIRE: Finance Total										$	50,479		$	54,216			5.0	%
Portfolio Company	Investment Type	Index (1)	Spread (1)	Interest Rate			Maturity Date	Principal/Shares (9)		Cost			Market Value			% of NAV (4)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Non-Controlled/Non-Affiliate Investments
FIRE: Insurance
Comet BidCo Limited (3)(6)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			1/30/2032	$	—		—			—
Comet BidCo Limited (2)(3)(5)(6)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			1/30/2032	$	—		(2	)		(2	)
Comet BidCo Limited (6)(15)(19)	First Lien Senior Secured Loan	SOFR	5.00%		8.67	%	1/30/2032	$	757		754			753
McLarens Acquisition Inc. (16)(19)	First Lien Senior Secured Loan	SOFR	4.90%		8.56	%	12/19/2027	$	900		893			900
McLarens Acquisition Inc. (16)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	4.90%		8.56	%	12/19/2027	$	412		409			412
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	$	248		246			248
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	$	6,971		6,972			6,971
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	4.90%		8.59	%	12/19/2027	$	3,892		3,879			3,892
McLarens Acquisition Inc. (3)(6)(16)(19)	First Lien Senior Secured Loan - Delayed Draw	SONIA	4.87%		8.61	%	12/19/2027	£	948		1,248			1,251
McLarens Acquisition Inc. (2)(3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			12/19/2027	$	—		(1	)		(1	)
McLarens Acquisition Inc. (3)(5)(6)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			12/20/2027	£	—		(2	)		—
McLarens Acquisition Inc. (2)(3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			12/19/2027	$	—		(6	)		(6	)
MRHT (2)(3)(5)(6)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			11/10/2031	€	—		(13	)		(16	)
MRHT (3)(6)(18)(19)	First Lien Senior Secured Loan - Delayed Draw	EURIBOR	5.00%		7.15	%	5/17/2032	€	2,558		2,981			2,894
Simplicity (16)(19)(29)	First Lien Senior Secured Loan	SOFR	4.75%		8.45	%	12/31/2031	$	10,148		10,063			10,148
Simplicity (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			12/31/2031	$	—		(36	)		—
Simplicity (3)(16)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	4.75%		8.45	%	12/31/2031	$	7,296		7,260			7,296
FIRE: Insurance Total										$	35,006		$	35,104			3.2	%
FIRE: Real Estate
Lagerbox (6)(15)(19)	First Lien Senior Secured Loan	EURIBOR	3.50%		5.51	%	12/20/2028	€	750		779			864
FIRE: Real Estate Total										$	779		$	864			0.1	%
Healthcare & Pharmaceuticals
Accident Care Alliance Holdco LLC (3)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.00%		8.67	%	8/20/2030	$	607		605			607
Accident Care Alliance Holdco LLC (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.00%		8.68	%	8/20/2030	$	569		559			569
AEG Vision (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.90%		9.60	%	3/27/2027	$	2,033		2,021			2,033
AEG Vision (15)(19)(29)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.90%		9.57	%	3/27/2027	$	16,146		16,110			16,146
AEG Vision (15)(19)(29)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.90%		9.60	%	3/27/2027	$	17,609		17,570			17,609
AEG Vision (15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.90%		9.60	%	3/27/2027	$	41,580		41,310			41,580
Alldent Holding GmbH (2)(3)(6)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			11/15/2032	€	—		—			(5	)
Alldent Holding GmbH (6)(18)(19)	First Lien Senior Secured Loan	EURIBOR	5.50%		7.62	%	11/15/2032	€	1,600		1,837			1,825
AOM Infusion (3)(16)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.00%		8.69	%	3/19/2032	$	341		336			341
AOM Infusion (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			3/19/2032	$	—		(3	)		—
Apollo Intelligence (16)(19)	First Lien Senior Secured Loan	SOFR	5.75%		9.43	%	5/31/2028	$	14,885		15,360			14,736
Apollo Intelligence (3)(16)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.75%		9.43	%	5/31/2028	$	6,785		6,759			6,685
Apollo Intelligence (14)(19)(25)	Equity Interest	—	—	—			—		34		3,378			2,651
Athena Parent Holdings, L.P. (14)(19)(25)	Preferred Equity	—	—	—			—		4		403			409
Beacon Specialized Living (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.50%		9.20	%	3/25/2028	$	4,913		4,876			4,913
Portfolio Company	Investment Type	Index (1)	Spread (1)	Interest Rate			Maturity Date	Principal/Shares (9)		Cost			Market Value			% of NAV (4)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Non-Controlled/Non-Affiliate Investments
Healthcare & Pharmaceuticals
Beacon Specialized Living (3)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.50%		9.20	%	3/25/2028	$	4,822		4,732			4,822
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	$	10,252		10,166			10,124
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%		8.95	%	9/17/2031	$	7,318		7,286			7,318
CRH Healthcare Purchaser, Inc. (3)(5)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			9/17/2031	$	—		(4	)		—
CRH Healthcare Purchaser, Inc. (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			9/17/2031	$	—		(4	)		—
EHE Health (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.50%		9.20	%	8/7/2030	$	10,733		10,651			10,625
EHE Health (2)(3)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			8/7/2030	$	—		—			(34	)
EHE Health (14)(19)(25)	Equity Interest	—	—	—			—		2,178		2,178			1,958
Great Expressions Dental Center PC (15)(19)(26)	First Lien Senior Secured Loan	SOFR	1.15% (3.00% PIK)		7.82	%	9/30/2026	$	9,997		10,019			8,897
HealthDrive (3)(5)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			8/20/2029	$	—		(13	)		—
HealthDrive (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.00%		8.67	%	8/20/2029	$	643		643			643
HealthDrive (14)(19)(25)	Preferred Equity	—	—	—			—		18		1,822			2,401
Lightspeed Buyer, Inc. (2)(3)(5)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			2/6/2032	$	—		(21	)		(22	)
Lightspeed Buyer, Inc. (2)(3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			2/6/2032	$	—		(14	)		(15	)
Lightspeed Buyer, Inc. (16)(19)(29)	First Lien Senior Secured Loan	SOFR	4.75%		8.45	%	2/6/2032	$	16,815		16,695			16,689
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			257
Mertus 522. GmbH (6)(18)(19)(26)	First Lien Senior Secured Loan	EURIBOR	4.00% (3.00% PIK)		9.50	%	5/28/2028	€	137		151			151
Nafinco (6)(15)(19)	First Lien Senior Secured Loan	EURIBOR	5.25%		7.37	%	8/29/2031	€	52		56			59
Nafinco (3)(6)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	EURIBOR	5.25%		7.37	%	8/29/2031	€	1,465		1,514			1,664
Nafinco (3)(6)(15)(19)	First Lien Senior Secured Loan - Revolver	EURIBOR	5.25%		7.37	%	5/30/2031	€	107		109			118
Odyssey Behavioral Health (15)(19)	First Lien Senior Secured Loan	SOFR	5.25%		8.91	%	5/21/2031	$	1,603		1,587			1,603
Odyssey Behavioral Health (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			11/21/2030	$	—		(70	)		—
Odyssey Behavioral Health (14)(19)(25)	Equity Interest	—	—	—			—		22		2,234			2,412
Pharmacy Partners (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			2/28/2029	$	—		(40	)		—
Premier Imaging, LLC (15)(19)(26)	First Lien Senior Secured Loan - Delayed Draw	SOFR	4.19% (2.07% PIK)		9.96	%	10/31/2027	$	2,071		2,058			1,698
Premier Imaging, LLC (15)(19)(26)(29)	First Lien Senior Secured Loan	SOFR	4.19% (2.07% PIK)		9.96	%	10/31/2027	$	7,715		7,670			6,326
Psychiatric Medical Care LLC (16)(19)	First Lien Senior Secured Loan	SOFR	4.75%		8.41	%	7/1/2032	$	176		174			174
Psychiatric Medical Care LLC (2)(3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			7/1/2032	$	—		(22	)		(25	)
QPE Alpha 4 Pty Ltd ACN 664 132 530 (2)(3)(5)(6)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			2/5/2032	AUD	—		(3	)		(3	)
QPE Alpha 4 Pty Ltd ACN 664 132 530 (6)(18)(19)	First Lien Senior Secured Loan	BBSY	5.00%		9.01	%	2/5/2032	AUD	1,612		1,109			1,083
Red Nucleus (3)(16)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.25%		8.66	%	10/17/2031	$	1,178		1,158			1,178
Red Nucleus (3)(16)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.25%		9.06	%	10/17/2031	$	596		570			596
RedMed Operations (Collage Rehabilitation) (15)(19)	First Lien Senior Secured Loan	SOFR	5.00%		8.67	%	2/28/2031	$	359		357			359
RedMed Operations (Collage Rehabilitation) (3)(5)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			2/28/2031	$	—		(5	)		—
RedMed Operations (Collage Rehabilitation) (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.00%		8.68	%	2/28/2031	$	210		201			210
SunMed Group Holdings, LLC (16)(19)(29)	First Lien Senior Secured Loan	SOFR	5.60%		9.27	%	6/16/2028	$	8,408		8,353			8,408
Sunmed Group Holdings, LLC (3)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			6/16/2027	$	—		—			—
USME Holdco LLC (19)(26)	Subordinated Debt	—	17.00% PIK		17.00	%	5/26/2031	$	5,694		5,648			5,648
Vatica Health, Inc. (2)(3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			10/31/2032	$	—		(9	)		(9	)
WSHP Cottonwood Buyer, LLC (2)(3)(5)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			12/18/2032	$	—		(7	)		(20	)
WSHP Cottonwood Buyer, LLC (2)(3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			12/18/2032	$	—		(14	)		(15	)
WSHP Cottonwood Buyer, LLC (15)(19)	First Lien Senior Secured Loan	SOFR	5.00%		8.70	%	12/18/2032	$	5,851		5,824			5,822
Healthcare & Pharmaceuticals Total										$	216,073		$	211,199			19.3	%
Portfolio Company	Investment Type	Index (1)	Spread (1)	Interest Rate			Maturity Date	Principal/Shares (9)		Cost			Market Value			% of NAV (4)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Non-Controlled/Non-Affiliate Investments
High Tech Industries
Access (6)(18)(19)	First Lien Senior Secured Loan	SONIA	5.25%		8.98	%	6/28/2029	£	80		99			106
Applitools (6)(16)(19)(26)	First Lien Senior Secured Loan	SOFR	6.25% PIK		9.95	%	5/25/2029	$	31,135		30,889			26,309
Applitools (2)(3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			5/25/2028	$	—		(12	)		(532	)
Applitools (6)(14)(19)(25)	Equity Interest	—	—	—			—		20		11			1
Applitools (6)(14)(19)(25)	Equity Interest	—	—	—			—		8,297		4,762			485
Appriss (2)(3)(5)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			3/10/2031	$	—		(11	)		(9	)
Appriss (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.00%		8.71	%	3/10/2031	$	357		335			348
Appriss Holdings, Inc. (14)(19)(25)	Equity Interest	—	—	—			—		2,136		1,606			1,726
Appriss Holdings, Inc. (15)(19)	First Lien Senior Secured Loan	SOFR	4.85%		8.52	%	5/6/2027	$	5,503		5,478			5,503
Appriss Holdings, Inc. (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			5/6/2028	$	—		(5	)		—
AQ Software Corporation (18)(19)(25)(26)	Preferred Equity	SOFR	10.00% PIK		13.60	%	—		2		1,928			1,648
AQ Software Corporation (18)(19)(25)(26)	Preferred Equity	SOFR	10.00% PIK		13.60	%	—		3		3,212			2,746
AQ Software Corporation (18)(19)(25)(26)	Preferred Equity	SOFR	10.00% PIK		13.60	%	—		1		849			726
AQ Software Corporation (18)(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	$	7,084		7,005			6,871
Chartbeat (14)(19)(25)	Warrants	—	—	—			—		1		—			35
Chartbeat (19)(26)	Subordinated Debt	—	16.00% PIK		16.00	%	10/4/2030	$	6,315		6,235			6,125
Cloud Technology Solutions (CTS) (6)(15)(19)(26)	First Lien Senior Secured Loan - Delayed Draw	SONIA	2.52% (5.48% PIK)		11.79	%	10/17/2031	£	2,161		2,763			2,851
Cloud Technology Solutions (CTS) (6)(14)(19)(25)	Preferred Equity	—	—	—			—		4,835		5,937			7,095
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	8.25%		11.95	%	4/25/2027	$	7,439		7,419			7,439
Eleven Software (18)(19)	First Lien Senior Secured Loan - Revolver	SOFR	8.10%		11.77	%	9/25/2026	$	1,488		1,486			1,488
Eleven Software (14)(19)(25)	Preferred Equity	—	—	—			—		109		109			255
Eleven Software (14)(19)(25)	Preferred Equity	—	—	—			—		896		896			2,109
G-3 Frax Acquisition LLC (2)(3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			1/30/2032	$	—		(1	)		(1	)
G-3 Frax Acquisition LLC (15)(19)	First Lien Senior Secured Loan	SOFR	6.00%		9.67	%	1/30/2032	$	919		912			911
Govineer Solutions (fka Black Mountain) (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.00%		8.70	%	10/7/2030	$	4,378		4,353			4,378
Govineer Solutions (fka Black Mountain) (3)(5)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			10/7/2030	$	—		(15	)		—
Govineer Solutions (fka Black Mountain) (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.00%		8.67	%	10/7/2030	$	788		777			788
Harbor IT, LLC (2)(3)(5)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			3/13/2031	$	—		(1	)		(1	)
Harbor IT, LLC (3)(19)(24)	First Lien Senior Secured Loan - Revolver	SOFR	5.00%		8.67	%	3/13/2031	$	40		40			40
Harbor IT, LLC (19)(24)	First Lien Senior Secured Loan	SOFR	5.00%		8.67	%	3/13/2031	$	536		533			533
HG Insights, Inc. (15)(19)	First Lien Senior Secured Loan	SOFR	7.50%		11.17	%	6/16/2031	$	10,712		10,520			10,444
HG Insights, Inc. (14)(19)(25)	Equity Interest	—	—	—			—		505		777			711
LogRhythm (2)(3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			7/2/2029	$	—		(8	)		(58	)
LogRhythm, Inc. (15)(19)	First Lien Senior Secured Loan	SOFR	7.50%		11.17	%	7/2/2029	$	3,978		3,876			3,699
NearMap (2)(3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			12/9/2028	$	—		(46	)		(15	)
NearMap (15)(19)(29)	First Lien Senior Secured Loan	SOFR	4.75%		8.42	%	12/9/2029	$	19,266		19,229			19,266
NearMap (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			12/9/2028	$	—		(12	)		—
New Gen Holding (6)(18)(19)(26)	First Lien Senior Secured Loan	EURIBOR	3.00% (4.25% PIK)		9.75	%	5/28/2031	€	3,072		3,447			3,514
PayRange (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			10/31/2030	$	—		(32	)		—
PayRange (14)(19)(25)	Equity Interest	—	—	—			—		4,527		4,527			6,806
PlentyMarkets (6)(18)(19)(26)	First Lien Senior Secured Loan - Delayed Draw	EURIBOR	2.80% (3.70% PIK)		8.45	%	4/2/2032	€	1,600		1,858			1,780
Pricelabs Revenue Inc. (2)(3)(5)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			3/17/2033	$	—		(3	)		(2	)
Pricelabs Revenue Inc. (2)(3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			3/17/2033	$	—		(3	)		(2	)
Pricelabs Revenue Inc. (18)(19)	First Lien Senior Secured Loan	SOFR	4.75%		8.44	%	3/17/2033	$	2,055		2,034			2,039
RetailNext (15)(19)	First Lien Senior Secured Loan	SOFR	7.00%		10.67	%	12/5/2030	$	17,007		16,872			16,837
RetailNext (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	7.00%		10.71	%	12/5/2030	$	2,328		2,304			2,297
Revalize, Inc. (15)(19)(26)	First Lien Senior Secured Loan - Delayed Draw	SOFR	3.40% (1.50% PIK)		8.60	%	4/15/2027	$	5,285		5,272			4,862
Revalize, Inc. (3)(15)(19)(26)	First Lien Senior Secured Loan - Revolver	SOFR	4.40% (1.50% PIK)		9.60	%	4/15/2027	$	470		467			362
Revalize, Inc. (15)(19)(26)	First Lien Senior Secured Loan - Delayed Draw	SOFR	3.40% (1.50% PIK)		8.60	%	4/15/2027	$	1,982		1,978			1,824
Portfolio Company	Investment Type	Index (1)	Spread (1)	Interest Rate			Maturity Date	Principal/Shares (9)		Cost			Market Value			% of NAV (4)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Non-Controlled/Non-Affiliate Investments
High Tech Industries
SAM (19)(26)	First Lien Senior Secured Loan	—	13.50% PIK		13.50	%	5/9/2028	$	43,969		43,859			43,969
SensorTower (19)(29)(31)	First Lien Senior Secured Loan	SOFR	7.50%		11.18	%	3/15/2029	$	3,169		3,139			3,169
SensorTower (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			3/15/2029	$	—		(9	)		—
SensorTower (14)(19)(25)	Equity Interest	—	—	—			—		156		2,400			14,909
Superna Inc. (6)(15)(19)	First Lien Senior Secured Loan	SOFR	6.50%		10.17	%	3/6/2028	$	31,170		31,150			31,170
Superna Inc. (3)(5)(6)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			3/6/2028	$	—		(9	)		—
Superna Inc. (3)(5)(6)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			3/6/2028	$	—		(9	)		—
Superna Inc. (6)(14)(19)(25)	Equity Interest	—	—	—			—		1,463		1,463			2,745
Utimaco (6)(16)(19)	First Lien Senior Secured Loan	EURIBOR	5.50%		7.62	%	5/14/2029	€	67		72			77
Utimaco (6)(16)(19)	First Lien Senior Secured Loan	SOFR	5.93%		9.65	%	5/14/2029	$	94		93			94
Utimaco (6)(16)(19)	First Lien Senior Secured Loan	SOFR	5.93%		9.65	%	5/14/2029	$	192		191			192
Utimaco (6)(14)(19)(25)	Equity Interest	—	—	—			—		2		2,158			2,893
Utimaco (6)(14)(19)(25)	Preferred Equity	—	—	—			—		2		2,158			2,893
Ventiv Holdco, Inc. (14)(19)(25)	Equity Interest	—	—	—			—		529		2,833			909
High Tech Industries Total										$	254,788		$	265,783			24.3	%
Hotel, Gaming & Leisure
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%		8.95	%	5/6/2032	$	8,634		8,555			8,634
City BBQ (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.35%		9.03	%	9/4/2030	$	9,231		9,172			9,139
City BBQ (3)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.35%		9.02	%	9/4/2030	$	3,791		3,791			3,658
City BBQ (2)(3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			9/4/2030	$	—		(31	)		(47	)
City BBQ (14)(19)(25)	Preferred Equity	—	—	—			—		5		1,271			1,485
Le Berger SA (6)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	EURIBOR	3.75%		5.77	%	2/21/2028	€	500		522			576
Pyramid Global Hospitality (19)(24)(29)	First Lien Senior Secured Loan	SOFR	5.25%		8.92	%	1/19/2028	$	9,478		9,363			9,478
Pyramid Global Hospitality (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			1/19/2028	$	—		(21	)		—
Hotel, Gaming & Leisure Total										$	32,611		$	32,923			3.0	%
Media: Advertising, Printing & Publishing
Facts Global Energy (6)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.50%		9.20	%	12/20/2031	$	50		50			49
Facts Global Energy (3)(6)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.50%		9.18	%	12/20/2031	$	1,577		1,539			1,340
Facts Global Energy (6)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.50%		9.20	%	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			172
OGH Bidco Limited (3)(6)(18)(19)	First Lien Senior Secured Loan - Delayed Draw	SONIA	6.25%		9.98	%	6/29/2029	£	2,217		2,632			2,436
TGI Sport Bidco Pty Ltd (6)(18)(19)	First Lien Senior Secured Loan	BBSY	7.00%		11.11	%	4/30/2026	AUD	98		76			67
TGI Sport Bidco Pty Ltd (6)(17)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	7.11%		10.78	%	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%		9.79	%	6/24/2029	£	69		88			91
Media: Advertising, Printing & Publishing Total										$	4,673		$	4,277			0.4	%
Media: Broadcasting & Subscription
Lightning Finco Limited (6)(16)(19)	First Lien Senior Secured Loan	SOFR	5.93%		9.59	%	8/31/2028	$	1,443		1,442			1,436
Lightning Finco Limited (6)(16)(19)	First Lien Senior Secured Loan	EURIBOR	5.75%		7.87	%	8/31/2028	€	1,300		1,437			1,491
Media: Broadcasting & Subscription Total										$	2,879		$	2,927			0.3	%
Portfolio Company	Investment Type	Index (1)	Spread (1)	Interest Rate			Maturity Date	Principal/Shares (9)		Cost			Market Value			% of NAV (4)
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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	$	5,146		5,146			257
Efficient Collaborative Retail Marketing Company, LLC (15)(19)(26)	First Lien Senior Secured Loan	SOFR	7.76% (2.50% PIK)		13.96	%	9/30/2026	$	11,827		10,008			10,289
Efficient Collaborative Retail Marketing Company, LLC (15)(19)(26)	First Lien Senior Secured Loan	SOFR	7.76% (2.50% PIK)		13.96	%	9/30/2026	$	18,036		15,083			15,692
Efficient Collaborative Retail Marketing Company, LLC (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	6.61%		10.28	%	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	$	4,208		4,112			210
Owl Acquisition, LLC (16)(19)	First Lien Senior Secured Loan	SOFR	4.75%		8.42	%	4/17/2032	$	640		638			615
Owl Acquisition, LLC (3)(16)(19)	First Lien Senior Secured Loan - Revolver	SOFR	4.75%		8.45	%	4/17/2032	$	456		448			361
Owl Acquisition, LLC (3)(18)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	4.75%		8.40	%	4/17/2032	$	199		198			156
Media: Diversified & Production Total										$	36,877		$	28,832			2.6	%
Metals & Mining
Elevation NewCo Intermediate, LLC (14)(19)(25)	Equity Interest	—	—	—			—		112		—			48
Elevation NewCo, LLC (3)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.75%		9.45	%	8/1/2031	$	475		475			475
Elevation NewCo, LLC (3)(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	$	252		232			237
Metals & Mining Total										$	707		$	765			0.1	%
Retail
Galeria (6)(19)(26)	First Lien Senior Secured Loan - Delayed Draw	—	15.00% PIK		15.00	%	4/9/2029	€	10,657		11,604			12,281
Galeria (6)(14)(19)(25)	Equity Interest	—	—	—			—		101		22			—
New Look Vision Group (6)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	CORRA	5.25%		7.56	%	5/26/2028	CAD	28		26			20
New Look Vision Group (3)(6)(18)(19)	First Lien Senior Secured Loan - Revolver	CORRA	5.25%		7.56	%	5/26/2028	CAD	783		561			561
New Look Vision Group (6)(18)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.25%		8.95	%	5/26/2028	$	392		392			392
New Look Vision Group (6)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	CORRA	5.25%		7.56	%	5/26/2028	CAD	54		43			38
Thrasio, LLC (7)(14)(15)(19)(26)	First Lien Senior Secured Loan	SOFR	10.26% PIK		13.93	%	6/18/2029	$	5,419		4,682			4,335
Thrasio, LLC (14)(19)(25)	Equity Interest	—	—	—			—		8		777			—
Thrasio, LLC (14)(19)(25)	Equity Interest	—	—	—			—		70		6,997			—
Thrasio, LLC (7)(14)(15)(19)(26)	First Lien Senior Secured Loan	SOFR	10.26% PIK		13.93	%	6/18/2029	$	1,553		1,356			1,553
Retail Total										$	26,460		$	19,180			1.8	%
Services: Business
ACAMS (14)(19)(25)	Equity Interest	—	—	—			—		3,337		3,337			3,497
ACAMS (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.00%		8.68	%	12/30/2031	$	283		266			266
ACAMS (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.00%		8.70	%	12/30/2031	$	5,191		5,142			5,142
Advanced Aircrew (15)(19)	First Lien Senior Secured Loan	SOFR	6.50%		10.17	%	7/26/2030	$	5,030		4,992			5,030
Advanced Aircrew (3)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			7/26/2030	$	—		—			—
Advanced Aircrew (14)(19)(25)	Preferred Equity	—	—	—			—		592		592			628
Allbridge (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.50%		9.20	%	6/5/2030	$	8,932		8,884			8,932
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	$	—		(20	)		—
Alogent Holdings, Inc. (3)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			1/21/2032	$	—		—			—
Alogent Holdings, Inc. (2)(3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			1/21/2032	$	—		(16	)		(16	)
Alogent Holdings, Inc. (15)(19)	First Lien Senior Secured Loan	SOFR	6.50%		10.17	%	1/21/2032	$	1,512		1,497			1,497
AMI (16)(19)(29)	First Lien Senior Secured Loan	SOFR	5.00%		8.90	%	10/17/2031	$	9,181		9,125			9,181
Portfolio Company	Investment Type	Index (1)	Spread (1)	Interest Rate			Maturity Date	Principal/Shares (9)		Cost			Market Value			% of NAV (4)
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Non-Controlled/Non-Affiliate Investments
Services: Business
AMI (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			10/17/2031	$	—		(34	)		—
Beneficium (6)(15)(19)	First Lien Senior Secured Loan	SONIA	5.50%		9.23	%	6/28/2031	£	7,497		9,404			9,690
Beneficium (2)(3)(6)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			6/28/2031	£	—		—			(190	)
BLI Buyer, Inc. (2)(3)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			10/31/2031	$	—		—			(16	)
BLI Buyer, Inc. (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.00%		8.67	%	10/31/2031	$	535		526			524
BLI Buyer, Inc. (15)(19)	First Lien Senior Secured Loan	SOFR	5.00%		8.67	%	10/31/2031	$	1,129		1,124			1,123
Brook Bidco (6)(18)(19)(26)	First Lien Senior Secured Loan	SONIA	1.80% (5.48% PIK)		11.00	%	7/10/2028	£	960		1,295			1,139
Brook Bidco (6)(16)(19)(26)	First Lien Senior Secured Loan	SOFR	1.98% (6.12% PIK)		11.77	%	7/10/2028	£	386		509			458
Brook Bidco (6)(16)(19)(26)	First Lien Senior Secured Loan	SOFR	1.98% (6.13% PIK)		11.78	%	7/10/2028	£	139		190			164
Brook Bidco (6)(14)(19)(25)	Preferred Equity	—	—	—			—		11,656		9,941			5,541
Brook Bidco I Limited (6)(18)(19)(26)	First Lien Senior Secured Loan	SONIA	4.01% (4.25% PIK)		11.99	%	7/7/2028	$	2,537		2,308			2,308
Cube (18)(19)(26)	First Lien Senior Secured Loan - Delayed Draw	SOFR	3.00% (4.40% PIK)		11.09	%	5/20/2031	$	54		54			54
Cube (6)(18)(19)(26)	First Lien Senior Secured Loan - Delayed Draw	SOFR	3.00% (4.40% PIK)		11.10	%	5/20/2031	$	123		105			101
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			2,882
Darcy Partners (18)(19)	First Lien Senior Secured Loan	SOFR	7.75%		11.45	%	6/1/2028	$	1,476		1,471			1,462
Darcy Partners (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	7.65%		11.30	%	6/1/2028	$	70		70			66
Darcy Partners (14)(19)(25)	Equity Interest	—	—	—			—		359		360			387
Datix Bidco Limited (17)(19)	First Lien Senior Secured Loan	SOFR	5.00%		8.73	%	4/30/2031	$	5,126		5,048			5,126
Datix Bidco Limited (3)(5)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			4/30/2031	$	—		(21	)		—
Datix Bidco Limited (3)(5)(6)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			10/30/2030	$	—		(30	)		—
Discovery Senior Living (3)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	4.75%		8.42	%	3/18/2030	$	5,661		5,633			5,661
Discovery Senior Living (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			3/18/2030	$	—		(19	)		—
DTIQ (13)(19)(29)	First Lien Senior Secured Loan	SOFR	7.50%		11.17	%	9/30/2029	$	33,270		32,828			32,605
DTIQ (13)(19)	First Lien Senior Secured Loan - Revolver	SOFR	7.50%		11.17	%	9/30/2029	$	4,032		4,032			3,951
DTIQ (14)(19)(25)	Equity Interest	—	—	—			—		3,995		—			—
DTIQ (14)(19)(25)	Equity Interest	—	—	—			—		1,985		681			1,557
Easy Ice (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.40%		9.07	%	10/30/2030	$	7,900		7,807			7,900
Easy Ice (3)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.40%		9.10	%	10/30/2030	$	3,601		3,541			3,601
Easy Ice (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.40%		9.07	%	10/30/2030	$	3,029		2,969			3,029
Electronic Merchant Systems (16)(19)(29)	First Lien Senior Secured Loan	SOFR	4.75%		8.42	%	8/1/2030	$	4,081		4,027			4,081
Electronic Merchant Systems (3)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			8/1/2030	$	—		—			—
Electronic Merchant Systems (14)(19)(25)	Equity Interest	—	—	—			—		148		1,042			1,867
Elevator Holdco Inc. (14)(19)(25)	Equity Interest	—	—	—			—		2		2,448			3,026
E-Tech Group (3)(15)(19)	First Lien Senior Secured Loan - Revolver	P	4.50%		11.25	%	4/9/2030	$	337		329			331
Fiduciaire Jean-Marc Faber (FJMF) (2)(3)(5)(6)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			4/3/2032	€	—		(14	)		(18	)
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			57
HLSG Intermediate, LLC (2)(3)(5)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			2/2/2033	$	—		(12	)		(9	)
HLSG Intermediate, LLC (2)(3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			2/2/2033	$	—		(10	)		(7	)
HLSG Intermediate, LLC (16)(19)	First Lien Senior Secured Loan	SOFR	4.75%		8.42	%	2/2/2033	$	10,914		10,812			10,832
Hollywood LP (6)(19)(25)(26)	Preferred Equity	—	12.50% PIK		12.50	%	—		1,928		2,510			2,517
iBanFirst (6)(18)(19)(26)	First Lien Senior Secured Loan	EURIBOR	9.75% PIK		11.78	%	7/13/2028	€	4,279		4,525			4,931
Portfolio Company	Investment Type	Index (1)	Spread (1)	Interest Rate			Maturity Date	Principal/Shares (9)		Cost			Market Value			% of NAV (4)
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Non-Controlled/Non-Affiliate Investments
Services: Business
iBanFirst (6)(18)(19)(26)	First Lien Senior Secured Loan	EURIBOR	9.75% PIK		11.78	%	7/13/2028	€	120		129			139
iBanFirst (6)(18)(19)(26)	First Lien Senior Secured Loan	EURIBOR	9.75% PIK		11.78	%	7/13/2028	€	4,497		4,716			5,183
iBanFirst (6)(18)(19)(26)	First Lien Senior Secured Loan - Delayed Draw	EURIBOR	9.75% PIK		11.86	%	7/13/2028	€	4,127		4,321			4,756
iBanFirst (6)(14)(19)(25)	Preferred Equity	—	—	—			—		7,112		8,136			27,713
ImageTrend (15)(19)	First Lien Senior Secured Loan	SOFR	5.00%		8.67	%	1/31/2029	$	17,000		16,841			17,000
ImageTrend (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			1/31/2029	$	—		(28	)		—
ImageTrend (15)(19)	First Lien Senior Secured Loan	SOFR	5.00%		8.67	%	1/31/2029	$	2,500		2,480			2,500
LEP CP Co-Invest, L.P. (6)(14)(19)(25)	Equity Interest	—	—	—			—		287		380			413
Mach 1 Bidco Limited (6)(18)(19)(26)	First Lien Senior Secured Loan - Delayed Draw	SOFR	3.00% (4.40% PIK)		11.10	%	5/20/2031	$	295		293			293
masLabor (18)(19)	First Lien Senior Secured Loan	SOFR	7.50%		11.15	%	7/1/2027	$	8,212		8,142			8,212
masLabor (14)(19)(25)	Equity Interest	—	—	—			—		173		173			728
Monarch Collective Holdings, LLC (3)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.00%		8.70	%	3/17/2032	$	20		3			3
Monarch Collective Holdings, LLC (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.00%		8.70	%	3/17/2032	$	133		130			130
Monarch Collective Holdings, LLC (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.00%		8.68	%	3/17/2032	$	5,000		4,975			4,975
Morrow Sodali (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			4/25/2028	$	—		(11	)		—
Morrow Sodali (15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.48%		9.15	%	4/25/2028	$	2,566		2,559			2,566
Opus2 (6)(18)(19)	First Lien Senior Secured Loan	SONIA	5.28%		9.00	%	5/5/2028	£	123		169			162
Opus2 (6)(14)(19)(25)	Equity Interest	—	—	—			—		2,272		2,900			3,324
PRGX (15)(19)	First Lien Senior Secured Loan	SOFR	5.50%		9.16	%	12/20/2030	$	142		141			139
PRGX (2)(3)(5)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			12/20/2030	$	—		(22	)		(123	)
Pure Wafer (15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.35%		9.02	%	11/12/2030	$	1,975		1,968			1,975
Pure Wafer (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.35%		9.02	%	11/12/2030	$	396		381			396
Pure Wafer (14)(19)(25)	Equity Interest	—	—	—			—		1,236		1,236			1,381
Rydoo (6)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	EURIBOR	6.75%		9.25	%	9/12/2031	€	1,556		1,725			1,793
Rydoo (6)(15)(19)	First Lien Senior Secured Loan	EURIBOR	6.75%		9.25	%	9/26/2031	€	5,076		5,800			5,850
Rydoo (6)(14)(19)(25)	Equity Interest	—	—	—			—		1,529		1,790			1,886
Rydoo (6)(14)(19)(25)	Preferred Equity	—	—	—			—		655		767			870
SoftCo (6)(15)(19)	First Lien Senior Secured Loan	EURIBOR	6.75%		8.76	%	2/22/2031	€	2,000		2,149			2,305
SoftCo (6)(14)(19)(25)	Equity Interest	—	—	—			—		500		537			547
Spring Finco BV (2)(3)(6)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			7/15/2029	NOK	—		—			(78	)
TEI Holdings Inc. (17)(29)	First Lien Senior Secured Loan	SOFR	4.00%		7.70	%	4/9/2031	$	2,614		2,604			2,590
TES Global (6)(18)(19)	First Lien Senior Secured Loan - Delayed Draw	SONIA	5.00%		8.73	%	1/27/2029	£	12		15			16
Webcentral (6)(18)(19)	First Lien Senior Secured Loan - Delayed Draw	EURIBOR	6.25%		8.75	%	12/18/2030	€	17		18			19
Webcentral (3)(6)(18)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	6.25%		9.88	%	12/18/2030	€	217		238			240
Webcentral (6)(18)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	6.25%		9.88	%	12/18/2030	$	87		87			87
Services: Business Total										$	228,037		$	248,878			22.8	%
Portfolio Company	Investment Type	Index (1)	Spread (1)	Interest Rate			Maturity Date	Principal/Shares (9)		Cost			Market Value			% of NAV (4)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Non-Controlled/Non-Affiliate Investments
Services: Consumer
CorePower Yoga, LLC (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.25%		8.95	%	4/30/2031	$	7,940		7,904			7,940
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	8.50%		12.21	%	6/21/2029	$	1,697		1,671			1,612
Master ConcessionAir (3)(19)(33)	First Lien Senior Secured Loan - Delayed Draw	SOFR	8.75%		12.42	%	6/21/2029	$	181		180			159
Master ConcessionAir (3)(19)(33)	First Lien Senior Secured Loan - Revolver	SOFR	8.50%		12.17	%	6/21/2029	$	217		214			205
MZR Aggregator (14)(19)(25)	Equity Interest	—	—	—			—		1		798			60
MZR Aggregator (14)(19)(25)	Equity Interest	—	—	—			—		—		12			1
MZR Buyer, LLC (15)(19)(26)	First Lien Senior Secured Loan - Revolver	SOFR	6.90% (0.50% PIK)		11.06	%	12/22/2028	$	5,235		5,196			4,894
MZR Buyer, LLC (15)(19)(26)	First Lien Senior Secured Loan	SOFR	6.90% (0.50% PIK)		11.10	%	12/22/2028	$	455		450			426
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		1,713			1,619
MZR Buyer, LLC (15)(19)(26)	First Lien Senior Secured Loan	SOFR	6.90% (0.50% PIK)		11.10	%	12/22/2028	$	25,523		25,099			23,864
Spotless Brands (15)(19)(29)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.50%		9.17	%	7/25/2028	$	11,301		11,259			11,301
Vasa Fitness Buyer, Inc. (15)(19)	First Lien Senior Secured Loan	SOFR	6.35%		10.02	%	8/15/2030	$	66		65			65
Vasa Fitness, LLC (3)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	6.35%		10.03	%	8/15/2030	$	1,085		1,077			1,069
Vasa Fitness, LLC (2)(3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			8/15/2030	$	—		(2	)		(2	)
WhiteWater Express (19)(26)	Subordinated Debt	—	14.00% PIK		14.00	%	3/31/2031	$	9,485		9,422			9,485
Services: Consumer Total										$	65,048		$	62,698			5.7	%
Telecommunications
Meriplex Communications, Ltd. (16)(19)	First Lien Senior Secured Loan	SOFR	5.10%		8.77	%	7/17/2028	$	1,096		1,081			1,077
Meriplex Communications, Ltd. (16)(19)	First Lien Senior Secured Loan	SOFR	5.10%		8.77	%	7/17/2028	$	11,936		11,828			11,727
Meriplex Communications, Ltd. (16)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.10%		8.77	%	7/17/2028	$	7,084		7,041			6,960
Meriplex Communications, Ltd. (3)(16)(19)(35)	First Lien Senior Secured Loan - Revolver	SOFR	5.10%		8.77	%	7/17/2028	$	2,475		2,453			2,425
Substantial Holdco Limited (3)(6)(19)(26)	First Lien Senior Secured Loan - Delayed Draw	—	8.00% (4.00% PIK)		12.00	%	4/20/2030	£	386		517			509
Taoglas (15)(19)	First Lien Senior Secured Loan	SOFR	7.25%		10.95	%	2/28/2029	$	9,851		9,794			9,753
Taoglas (3)(6)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	7.25%		10.96	%	2/28/2029	$	1,284		1,284			1,271
Taoglas (6)(15)(19)	First Lien Senior Secured Loan	SOFR	7.25%		10.95	%	2/28/2029	$	443		435			438
Taoglas (14)(19)(25)	Equity Interest	—	—	—			—		2,259		2,259			1,973
Taoglas (15)(19)	First Lien Senior Secured Loan	SOFR	7.25%		10.95	%	2/28/2029	$	892		892			883
Taoglas (14)(19)(25)	Equity Interest	—	—	—			—		128		128			111
Taoglas (15)(19)	First Lien Senior Secured Loan	SOFR	7.25%		10.95	%	2/28/2029	$	18,230		18,001			18,048
Telecommunications Total										$	55,713		$	55,175			5.0	%
Portfolio Company	Investment Type	Index (1)	Spread (1)	Interest Rate			Maturity Date	Principal/Shares (9)		Cost			Market Value			% of NAV (4)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Non-Controlled/Non-Affiliate Investments
Transportation: Cargo
A&R Logistics, Inc. (15)(19)(26)	First Lien Senior Secured Loan	SOFR	2.65% (4.25% PIK)		10.58	%	2/3/2028	$	13,308		13,292			10,913
A&R Logistics, Inc. (3)(15)(19)(22)(26)	First Lien Senior Secured Loan - Revolver	SOFR	2.60% (4.25% PIK)		10.52	%	2/3/2028	$	5,861		5,803			4,729
A&R Logistics, Inc. (15)(19)(26)	First Lien Senior Secured Loan	SOFR	2.65% (4.25% PIK)		10.58	%	2/3/2028	$	2,424		2,422			1,988
A&R Logistics, Inc. (15)(19)(26)	First Lien Senior Secured Loan	SOFR	2.65% (4.25% PIK)		10.58	%	2/3/2028	$	926		923			759
A&R Logistics, Inc. (15)(19)(26)	First Lien Senior Secured Loan	SOFR	2.65% (4.25% PIK)		10.58	%	2/3/2028	$	2,722		2,720			2,232
A&R Logistics, Inc. (15)(19)(26)	First Lien Senior Secured Loan	SOFR	2.65% (4.25% PIK)		10.58	%	2/3/2028	$	6,000		5,994			4,920
A&R Logistics, Inc. (3)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			6/29/2026	$	108		—			108
ARL Holdings, LLC (14)(19)(25)	Equity Interest	—	—	—			—		—		445			—
ARL Holdings, LLC (14)(19)(25)	Equity Interest	—	—	—			—		9		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)		10.67	%	12/16/2028	$	11,952		11,762			11,324
Gulf Winds International (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	7.00%		10.67	%	12/16/2028	$	4,779		4,679			4,480
Gulf Winds International (15)(19)(26)	First Lien Senior Secured Loan	SOFR	6.00% (1.00% PIK)		10.67	%	12/16/2028	$	1,072		1,065			1,016
ICAT Logistics, Inc. (15)(19)	First Lien Senior Secured Loan	SOFR	6.25%		9.92	%	3/1/2029	$	182		179			180
ICAT Logistics, Inc. (3)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	6.25%		9.92	%	3/1/2029	$	2,629		2,592			2,575
ICAT Logistics, Inc. (2)(3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			3/1/2029	$	—		(12	)		(8	)
REP Coinvest III- A Omni, L.P. (14)(19)(25)	Equity Interest	—	—	—			—		1,377		1,377			381
RoadOne (15)(19)(29)	First Lien Senior Secured Loan	SOFR	6.25%		9.95	%	12/29/2028	$	11,852		11,659			11,852
RoadOne (15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	6.25%		10.00	%	12/29/2028	$	927		917			927
RoadOne (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	6.25%		10.00	%	12/29/2028	$	3,922		3,861			3,922
Transportation: Cargo Total										$	71,801		$	62,307			5.7	%
Transportation: Consumer
PrimeFlight (15)(19)	First Lien Senior Secured Loan	SOFR	5.25%		8.92	%	5/1/2029	$	9,311		9,233			9,311
PrimeFlight Acquisition LLC (15)(19)	First Lien Senior Secured Loan	SOFR	4.75%		8.41	%	5/1/2029	$	5,797		5,743			5,797
PrimeFlight Acquisition LLC (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.50%		9.16	%	5/1/2029	$	11,913		11,776			11,913
PrimeFlight Acquisition LLC (15)(19)	First Lien Senior Secured Loan	SOFR	5.50%		9.20	%	5/1/2029	$	824		824			824
PrimeFlight Acquisition LLC (15)(19)	First Lien Senior Secured Loan	SOFR	5.25%		8.95	%	5/1/2029	$	4,004		3,963			4,004
Transportation: Consumer Total										$	31,539		$	31,849			2.9	%
Utilities: Electric
KAMC Holdings, Inc. (16)(19)(29)	First Lien Senior Secured Loan	SOFR	5.25%		8.91	%	8/1/2031	$	7,837		7,756			7,700
KAMC Holdings, Inc. (3)(16)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.25%		8.92	%	8/1/2031	$	263		253			246
Utilities: Electric Total										$	8,009		$	7,946			0.7	%
Utilities: Water
Vessco Water (3)(16)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	4.50%		8.17	%	7/24/2031	$	3,080		3,064			3,080
Vessco Water (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			7/24/2031	$	—		(8	)		—
Utilities: Water Total										$	3,056		$	3,080			0.3	%
Portfolio Company	Investment Type	Index (1)	Spread (1)	Interest Rate			Maturity Date	Principal/Shares (9)		Cost			Market Value			% of NAV (4)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Non-Controlled/Non-Affiliate Investments
Wholesale
Abracon Group Holding, LLC. (7)(14)(16)(19)(26)	First Lien Senior Secured Loan	SOFR	2.05% (4.60% PIK)		10.32	%	7/6/2028	$	15,115		13,387			6,651
Abracon Group Holding, LLC. (7)(14)(16)(19)(26)	First Lien Senior Secured Loan - Revolver	SOFR	2.05% (4.60% PIK)		10.32	%	7/6/2028	$	2,136		1,884			940
Chex Finer Foods, LLC (15)(19)(29)	First Lien Senior Secured Loan	SOFR	6.00%		9.67	%	6/6/2031	$	8,922		8,874			8,922
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%		9.36	%	8/1/2031	AUD	2,390		1,540			1,637
Fifty U.S. Bidco Inc (15)(19)	First Lien Senior Secured Loan	SOFR	5.00%		8.70	%	8/1/2031	$	698		695			698
Fifty U.S. Bidco Inc (3)(5)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			8/1/2031	$	—		(3	)		—
Fifty U.S. Bidco Inc (3)(15)(19)(36)	First Lien Senior Secured Loan - Revolver	SOFR	5.00%		8.70	%	8/1/2031	$	1,392		1,381			1,408
Hultec (14)(19)(25)	Equity Interest	—	—	—			—		1		651			966
SureWerx (16)(19)	First Lien Senior Secured Loan	SOFR	5.25%		8.95	%	12/28/2029	$	930		927			925
SureWerx (2)(3)(5)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			12/28/2029	$	—		(6	)		(5	)
SureWerx (3)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			12/28/2028	$	301		289			289
SureWerx (3)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			12/28/2028	CAD	—		—			—
WSP (2)(3)(7)(14)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			4/27/2028	$	135		128			(53	)
WSP (14)(19)(25)	Equity Interest	—	—	—			—		2,898		2,898			—
WSP (7)(14)(15)(19)(26)	First Lien Senior Secured Loan	SOFR	1.15% (4.00% PIK)		8.82	%	4/27/2028	$	3,338		2,924			1,018
WSP (7)(14)(19)(26)	First Lien Senior Secured Loan	—	8.00% PIK		8.00	%	4/27/2028	$	2,259		1,995			—
WSP (14)(19)(25)	Preferred Equity	—	—	—			—		—		216			—
WSP (14)(19)(25)	Equity Interest	—	—	—			—		—		12			—
Wholesale Total										$	37,762		$	23,396			2.1	%
Non-Controlled/Non-Affiliate Investments Total										$	1,925,871		$	1,916,461			175.30	%
Non-Controlled/Affiliate Investments
Aerospace & Defense
Ansett Aviation Training (6)(10)(14)(19)(25)	Equity Interest	—	—	—			—		5,119		3,842			18,874
Aerospace & Defense Total										$	3,842		$	18,874			1.8	%
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	—	10.00%		10.00	%	2/2/2026	$	290		290			290
Consumer Goods: Durable Total										$	290		$	290			0.0	%
Non-Controlled/Affiliate Investments Total										$	7,504		$	19,164			1.8	%
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		11,862		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		1,115		—
Aerospace & Defense Total										$	20,990	$	12,122		1.1	%
FIRE: Finance
Legacy Corporate Lending HoldCo, LLC (10)(11)(14)(19)(25)	Equity Interest	—	—	—			—		1		900		1,343
Legacy Corporate Lending HoldCo, LLC (10)(11)(19)(25)	Preferred Equity	—	—	—			—		70		63,000		73,309
Legacy Corporate Lending HoldCo, LLC (10)(11)(14)(19)(25)	Equity Interest	—	—	—			—		1		—		4,517
FIRE: Finance Total										$	63,900	$	79,169		7.2	%
Investment Vehicles
Bain Capital Senior Loan Program, LLC (6)(10)(11)(18)(19)	Subordinated Note Investment Vehicles	—	10.00%		10.00	%	12/27/2033	$	178,980		178,980		166,910
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		3,618
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		60,615		31,598
Investment Vehicles Total										$	435,928	$	394,691		36.1	%
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%		10.73	%	11/26/2031	£	52		66		58
Services: Business Total										$	66	$	58		0.0	%
Services: Consumer
SG Global Midco Limited (6)(10)(11)(19)(26)	First Lien Senior Secured Loan	—	10.00% PIK		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	6.28% PIK		10.00	%	12/31/2028	£	69		77		—
Voltaire Topco Limited (6)(10)(11)(14)(19)(25)	Equity Interest	—	—	—			—		—		—		—
Services: Consumer Total										$	80	$	3		0.0	%
Transportation: Cargo
Lightning Holdings B, LLC (6)(10)(11)(14)(19)(25)	Equity Interest	—	—	—			—		28,209		28,519		49,130
Transportation: Cargo Total										$	28,519	$	49,130		4.5	%
Controlled Affiliate Investments Total										$	549,483	$	535,173		48.9	%
Investments Total										$	2,482,858	$	2,470,798		226.0	%
Cash Equivalents
Goldman Sachs Financial Square Government Fund Institutional Share Class	Cash Equivalents	—	—		3.55	%	—	$	1,893		1,893		1,893
Goldman Sachs US Treasury Liquid Reserves Fund (30)	Cash Equivalents	—	—		3.54	%	—	$	11,698		11,698		11,698
Cash Equivalents Total										$	13,591	$	13,591		1.2	%
Investments and Cash Equivalents Total										$	2,496,449	$	2,484,389		227.2	%

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	$	-	$	5,278
Interest Rate Swap	March 2031 Notes	5.95%	SOFR + 2.28%	BNP Paribas	3/3/2031	$	350,000	$	-	$	(299	)

Forward Foreign Currency Exchange Contracts

Currency Purchased	Currency Sold	Counterparty	Settlement <br>Date	Unrealized <br>Appreciation(8)
US DOLLARS 1,034	POUND STERLING 0	BNP Paribas	4/10/2026	$	(1,037	)
US DOLLARS 3,130	POUND STERLING 2,410	US Bank	4/14/2026		(48	)
US DOLLARS 19,307	EURO 16,810	US Bank	5/12/2026		(98	)
US DOLLARS 13,483	POUND STERLING 10,160	US Bank	5/14/2026		85
US DOLLARS 1,167	EURO 0	Wells Fargo	5/19/2026		(1,168	)
US DOLLARS 58	POUND STERLING 55	Bank of New York	6/8/2026		(14	)
US DOLLARS 819	EURO 700	Bank of New York	6/8/2026		10
US DOLLARS 5,137	EURO 4,400	Bank of New York	6/9/2026		52
US DOLLARS 2,760	EURO 2,360	Bank of New York	6/10/2026		33
US DOLLARS 290	NEW ZEALAND DOLLAR 725	Bank of New York	6/15/2026		(125	)
US DOLLARS 3,959	POUND STERLING 2,915	Bank of New York	6/17/2026		116
US DOLLARS 7,661	POUND STERLING 5,690	Bank of New York	6/25/2026		159
US DOLLARS 2,451	POUND STERLING 1,810	US Bank	6/25/2026		65
US DOLLARS 2,451	AUSTRALIAN DOLLARS 3,739	Bank of New York	7/16/2026		(107	)
US DOLLARS 8,665	POUND STERLING 6,450	Wells Fargo	7/16/2026		163
US DOLLARS 4,375	EURO 3,680	Wells Fargo	7/16/2026		115
US DOLLARS 3,206	AUSTRALIAN DOLLARS 4,900	US Bank	7/31/2026		(145	)
US DOLLARS 5,343	POUND STERLING 4,007	BNP Paribas	7/31/2026		63
US DOLLARS 11,061	EURO 9,445	BNP Paribas	7/31/2026		122
US DOLLARS 5,895	EURO 4,980	Wells Fargo	8/13/2026		125
US DOLLARS 3,248	AUSTRALIAN DOLLARS 5,195	Bank of New York	8/20/2026		(303	)
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		(62	)
US DOLLARS 952	CANADIAN DOLLAR 1,310	Bank of New York	8/20/2026		8
US DOLLARS 7,111	POUND STERLING 5,620	Bank of New York	8/27/2026		(293	)
US DOLLARS 5,359	AUSTRALIAN DOLLARS 8,060	Bank of New York	9/16/2026		(147	)
US DOLLARS 7,171	POUND STERLING 5,316	US Bank	9/24/2026		171
US DOLLARS 3,473	POUND STERLING 2,590	US Bank	10/2/2026		63
US DOLLARS 3,170	EURO 2,700	US Bank	10/2/2026		37
US DOLLARS 16,837	EURO 14,100	Bank of New York	10/2/2026		473
US DOLLARS 5,503	POUND STERLING 4,100	Bank of New York	10/22/2026		107
US DOLLARS 1,083	POUND STERLING 800	Wells Fargo	10/26/2026		30
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		48
US DOLLARS 1,648	EURO 1,400	Wells Fargo	11/20/2026		21
US DOLLARS 4,355	POUND STERLING 3,350	Bank of New York	11/25/2026		(51	)
US DOLLARS 983	EURO 830	US Bank	12/7/2026		18
US DOLLARS 2,620	EURO 2,230	US Bank	1/7/2027		24
US DOLLARS 996	EURO 840	Wells Fargo	1/7/2027		18
US DOLLARS 209	AUSTRALIAN DOLLARS 300	Citibank	1/22/2027		4
US DOLLARS 6,664	AUSTRALIAN DOLLARS 9,900	Wells Fargo	1/22/2027		(73	)
US DOLLARS 4,166	EURO 3,510	Bank of New York	1/22/2027		79
US DOLLARS 10,101	EURO 8,610	BNP Paribas	10/28/2027		2
US DOLLARS 4,399	EURO 3,800	Bank of New York	10/28/2027		(58	)
				$	(2,515	)

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 March 31, 2026. 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 $1,093,555 as of March 31, 2026.
The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
The investment or a portion of this investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70%
of the Company’s total assets. As of March 31, 2026, non-qualifying assets totaled 27.74% of the Company’s total assets.
Loan was on non-accrual status as of March 31, 2026.
Unrealized appreciation on forward currency exchange contracts.
The principal amount (par amount) for all debt securities is denominated in U.S. dollars, unless otherwise noted. £ represents Pound Sterling, € represents Euro, NOK represents Norwegian Krone, AUD represents Australian Dollar, CAD represents Canadian Dollar and NZ$ 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%.
$436 of the total par amount for this security is at P+ 5.50%.
$44 of the total par amount for this security is at P+ 4.00%.
Loan includes interest rate floor of 1.25%.
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 March 31, 2026, the aggregate fair value of these securities is $370,245 or 33.86% 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
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 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
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
Investment	Acquisition Date
---	---
Forward Slope	3/15/2024
Galeria	8/1/2024
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
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
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
Voltaire Topco Limited	8/28/2025
WSP	8/31/2021
WSP	5/20/2024

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 $11,695 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%.
$565 of the total par amount for this security is at P+ 4.00%.
AUD 553 of the total par amount for this security is at BBSY+ 5.00%.

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	$	—		—			—
				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				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	%

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

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

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	)

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

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

The Company’s primary focus is capitalizing on opportunities within 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 schedule of investments and expected yield relative to the risk of the individual assets as disclosed in the composition of the investment portfolio and associated yield table. As the Company's operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated balance sheet as “total assets” and the significant segment expenses are listed on the accompanying Consolidated Statements of Operations.

Note 2. Summary of Significant Accounting Policies

Basis of Presentation

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

in that currency. Certain prior period information has been reclassified to conform to the current period presentation and this had no effect on the Company’s consolidated financial position or the consolidated results of operations as previously reported.

The information included in this Form 10-Q should be read in conjunction with the audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 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 US GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and such differences could be material.

Valuation of Portfolio Investments

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

Investments for which market quotations are readily available are typically valued at such market quotations. Pursuant to Rule 2a-5 under the 1940 Act, the Board designates the Advisor as Valuation Designee to perform fair value determinations for the Company for investments that do not have readily available market quotations. Market quotations are obtained from an independent pricing service, where available. If a price cannot be obtained from an independent pricing service or if the independent pricing service is not deemed to be current with the market, certain investments held by the Company will be valued on the basis of prices provided by principal market makers. Generally, investments marked in this manner will be marked at the mean of the bid and ask of the independent broker quotes obtained. To validate market quotations, the Company utilizes a number of factors to determine if the quotations are representative of fair value, including the source and number of quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available will be valued at a price that reflects such security’s fair value.

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

With respect to investments for which market quotations are not readily available, in particular, illiquid/hard to value assets, the Advisor will typically undertake a multi-step valuation process, which includes among other things, the below:

The Company’s quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of the Advisor responsible for the portfolio investment; 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.

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

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

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

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

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

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

Securities Transactions, Revenue Recognition and Expenses

The Company records its investment transactions on a trade date basis. The Company measures realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, using the specific identification method. Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Discount and premium to par value on investments acquired are accreted and amortized, respectively, into interest income over the life of the respective investment using the effective interest method. Commitment fees are recorded on an accrual basis and recognized as interest income. Loan origination fees, original issue discount and market discount or premium are capitalized and amortized against or accreted into interest income using the effective interest method or straight-line method, as applicable. For the Company’s investments in revolving bank loans, the cost basis of the investment purchased is adjusted for the cash received for the discount on the total balance

committed. The fair value is also adjusted for price appreciation or depreciation on the unfunded portion. As a result, the purchase of commitments not completely funded may result in a negative value until it is offset by the future amounts called and funded. Upon prepayment of a loan or debt security, any prepayment premium, unamortized upfront loan origination fees and unamortized discount are recorded as interest income.

Certain investments may have contractual payment-in-kind (“PIK”) interest or dividends. PIK represents accrued interest or accumulated dividends that are added to the loan principal of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or upon being called by the issuer. PIK is recorded as interest or dividend income, as applicable. 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 March 31, 2026 and 2025, the Company recorded $6.6 million and $6.5 million, respectively, of dividend income, of which, $0.6 million and $0.1 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 March 31, 2026, there were eleven loans from six 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 US GAAP. The Company may pay distributions to its stockholders in a year in excess of its investment company taxable income and net capital gain for that year and, accordingly, a portion of such distributions may constitute a return of capital for U.S. federal income tax purposes. This excess generally would be a tax-free return of capital in the period and generally would reduce the stockholder’s tax basis in its shares. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent; they are charged or credited to paid-in capital in excess of par, accumulated undistributed net investment income or accumulated net realized gain (loss), as appropriate, in the period that the differences arise. Temporary and permanent differences are primarily attributable to differences in the tax treatment of certain loans and the tax characterization of income and non-deductible expenses.

The Company intends to timely distribute to its stockholders substantially all of its annual taxable income for each year, except that the Company may retain certain net capital gains for reinvestment and, depending upon the level of the Company’s taxable income earned in a year, the Company may choose to carry forward taxable income for distribution in the following year and incur applicable U.S. federal excise tax and pay a 4% tax on such income, as required. To the extent that we determine that our estimated current year taxable income will be in excess of estimated dividend distributions for the current year from such income, we accrue excise tax, if any, on estimated excess taxable income as such taxable income is earned. For the three months ended March 31, 2026 and 2025, we recorded an expense of $0.9 million and $1.1 million, respectively for U.S. federal excise tax.

The specific tax characteristics of the Company’s distributions will be reported to stockholders after the end of the calendar year. All distributions will be subject to available funds, and no assurance can be given that the Company will be able to declare such distributions in future periods.

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

Dividend Reinvestment Plan

The Company has adopted a dividend reinvestment plan that provides for the reinvestment of cash dividends and distributions. Stockholders who do not “opt out” of the Company’s dividend reinvestment plan will have their cash dividends and distributions (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 schedules of investments. Restricted cash is collected and held by the trustee who has been appointed as custodian of the assets securing certain of the Company’s financing transactions.

Foreign Currency Translation

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

Forward Currency Exchange Contracts

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

Changes in net unrealized appreciation are recorded on the Consolidated Statements of Operations in net change in unrealized appreciation on forward currency exchange contracts. Net realized gains and losses are recorded on the Consolidated Statements of Operations in net realized gain (loss) on forward currency exchange contracts. Realized gains and losses on forward currency exchange contracts are determined using the difference between the fair market value of the forward currency exchange contract at the time it was

opened and the fair market value at the time it was closed or covered. Additionally, losses, up to the fair value, may arise if the counterparties do not perform under the contract terms.

Interest Rate Swaps

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

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 March 31, 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 US 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 March 31, 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 May 11, 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 March 31, 2026 (with corresponding percentage of total portfolio investments):


		Percentage of<br>Total Portfolio				Percentage of<br>Total Portfolio
First Lien Senior Secured Loan	1,671,244		67.2	%	1,631,124		66.0	%
Second Lien Senior Secured Loan	29,846		1.2		30,069		1.2
Subordinated Debt	88,992		3.6		81,721		3.3
Preferred Equity	126,322		5.1		165,100		6.7
Equity Interest	130,526		5.3		167,325		6.8
Warrants	—		—		768		0.0
Subordinated Notes in Investment Vehicles (1)	369,709		14.9		357,639		14.5
Preferred Equity Interest in Investment Vehicles (1)	10		0.0		1,836		0.1
Equity Interests in Investment Vehicles (1)	66,209		2.7		35,216		1.4
Total	2,482,858		100.0	%	2,470,798		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, 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	%

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 March 31, 2026 (with corresponding percentage of total portfolio investments):


		Percentage of<br>Total Portfolio				Percentage of<br>Total Portfolio
USA	2,235,249		90.1	%	2,178,973		88.3	%
United Kingdom	58,325		2.4		59,437		2.4
Belgium	32,431		1.3		53,697		2.2
Cayman Islands	33,292		1.3		49,616		2.0
Canada	35,398		1.4		36,741		1.5
Australia	7,346		0.3		22,482		0.9
Luxembourg	21,375		0.9		22,308		0.9
Germany	21,004		0.8		13,502		0.5
Ireland	16,929		0.7		12,462		0.5
Jersey	6,576		0.3		6,580		0.3
Guernsey	5,867		0.2		5,830		0.2
Netherlands	4,480		0.2		4,537		0.2
France	3,447		0.1		3,514		0.1
Bermuda	752		0.0		751		0.0
New Zealand	387		0.0		368		0.0
Total	2,482,858		100.0	%	2,470,798		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	%

The following table shows the composition of the investment portfolio by industry, at amortized cost and fair value as of March 31, 2026 (with corresponding percentage of total portfolio investments):


		Percentage of<br>Total Portfolio				Percentage of<br>Total Portfolio
Investment Vehicles (2)	435,928		17.7	%	394,691		16.1	%
High Tech Industries	254,788		10.4		265,783		10.9
Services: Business	228,103		9.2		248,936		10.1
Healthcare & Pharmaceuticals	216,073		8.7		211,199		8.5
Aerospace & Defense	165,044		6.6		173,680		7.0
FIRE: Finance (1)	114,379		4.6		133,385		5.4
Beverage, Food & Tobacco	132,041		5.3		130,146		5.3
Transportation: Cargo	100,320		4.0		111,437		4.5
Environmental Industries	99,000		4.0		99,008		4.0
Automotive	102,659		4.1		94,680		3.8
Construction & Building	85,329		3.4		86,448		3.5
Consumer Goods: Non-Durable	71,132		2.9		67,906		2.7
Services: Consumer	65,128		2.6		62,701		2.5
Telecommunications	55,713		2.2		55,175		2.2
Capital Equipment	38,117		1.5		48,225		2.0
Chemicals, Plastics & Rubber	47,896		1.9		46,585		1.9
Consumer Goods: Durable	41,170		1.7		39,901		1.6
FIRE: Insurance (1)	35,006		1.4		35,104		1.4
Hotel, Gaming & Leisure	32,611		1.3		32,923		1.3
Transportation: Consumer	31,539		1.3		31,849		1.3
Media: Diversified & Production	36,877		1.5		28,832		1.2
Wholesale	37,762		1.5		23,396		0.9
Retail	26,460		1.1		19,180		0.8
Containers, Packaging & Glass	9,680		0.4		9,769		0.4
Utilities: Electric	8,009		0.3		7,946		0.3
Media: Advertising, Printing & Publishing	4,673		0.2		4,277		0.2
Utilities: Water	3,056		0.1		3,080		0.1
Media: Broadcasting & Subscription	2,879		0.1		2,927		0.1
FIRE: Real Estate(1)	779		0.0		864		0.0
Metals & Mining	707		0.0		765		0.0
Total	2,482,858		100.0	%	2,470,798		100.0	%

All values are in US Dollars.

Finance, Insurance, and Real Estate (“FIRE”).
Represents debt and equity investment in ISLP and SLP.

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	%

Finance, Insurance, and Real Estate (“FIRE”).
Represents debt and equity investment in ISLP and SLP.

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 March 31, 2026. Accordingly, summarized, comparative financial information is presented below for the unconsolidated significant subsidiaries: the International Senior Loan Program, LLC (“ISLP”), Bain Capital Senior Loan Program, LLC (“SLP”), and Legacy Corporate Lending HoldCo, LLC (“Legacy Corporate Lending”).

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 March 31, 2026, the Company’s investment in ISLP consisted of subordinated notes of $190.7 million and equity interests of $31.6 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 March 31, 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 had contributed $254.3 million in capital and has $0.0 million in unfunded capital contributions. As of March 31, 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 $0.0 million in unfunded capital contributions.

As of 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. The Company had contributed $254.3 million in capital and had $0.0 million in unfunded capital contributions. As of 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. Pantheon had contributed $149.2 million in capital and had $0.0 million in unfunded capital contributions.

In future periods, the Company may sell certain of its investments or a participating interest in certain of its investments to ISLP. Since inception, the Company has sold $1,192.7 million of its investments to ISLP. The sale of the investments met the criteria set forth in ASC 860, Transfers and Servicing for treatment as a sale.

The Company has determined that ISLP is an investment company under ASC 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 March 31, 2026, ISLP had $711.9 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 March 31, 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 three months ended March 31, 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
	March 31, 2026			December 31, 2025
Total investments	$	711,887		$	733,104
Weighted average yield on investments		9.6	%		9.6	%
Number of borrowers in ISLP		40			40
Largest portfolio company investment	$	53,627		$	52,026
Total of five largest portfolio company investments	$	201,632		$	200,518
Unfunded commitments	$	877		$	1,344

Below is a listing of ISLP’s individual investments as of March 31, 2026:

International Senior Loan Program, LLC

Consolidated Schedule of Investments

As of March 31, 2026

					Interest			Maturity	Principal /				Market		% of Members
Portfolio Company	Investment Type	Index (1)			Rate			Date	Shares (9)		Cost		Value		Equity (4)
Australian Dollar
Aerospace & Defense
Ansett Aviation Training (14)(19)	Equity Interest	—			—			—		10,238		7,115		37,750
Aerospace & Defense Total											$	7,115	$	37,750		83.8	%
Media: Advertising, Printing & Publishing
TGI Sport Bidco Pty Ltd (18)(19)	First Lien Senior Secured Loan	BBSY				11.11	%	4/30/2026	AUD	9,730		7,153		6,665
TGI Sport Bidco Pty Ltd (17)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	7.11	%		10.78	%	4/30/2026	AUD	4,081		2,568		2,796
Media: Advertising, Printing & Publishing Total											$	9,721	$	9,461		21.0	%
Australian Dollar Total											$	16,836	$	47,211		104.8	%
British Pound
Capital Equipment
Goodfellow (15)(19)	First Lien Senior Secured Loan - Delayed Draw	SONIA				8.98	%	2/10/2032	£	1,564		2,121		2,042
Capital Equipment Total											$	2,121	$	2,042		4.5	%
Environmental Industries
Reconomy (18)(19)	First Lien Senior Secured Loan	SONIA				10.23	%	7/12/2029	£	6,050		7,045		7,980
Reconomy (18)(19)	First Lien Senior Secured Loan - Delayed Draw	IBOR	6.25	%		8.38	%	7/12/2029	£	6,578		8,094		8,628
Reconomy (18)(19)	First Lien Senior Secured Loan - Revolver	SOFR	6.50	%		10.20	%	7/12/2029	£	6,578		8,450		8,431
Environmental Industries Total											$	23,589	$	25,039		55.6	%
FIRE: Finance
Avalon Bidco Limited (15)(19)	First Lien Senior Secured Loan	SONIA				9.99	%	4/16/2032	£	12,058		16,247		15,705
Parmenion (18)(19)	First Lien Senior Secured Loan	SONIA				9.31	%	5/23/2029	£	29,070		35,444		38,343
FIRE: Finance Total											$	51,691	$	54,048		120.0	%
FIRE: Insurance
Margaux UK Finance Limited (16)(19)	First Lien Senior Secured Loan	SONIA	4.75	%		8.60	%	12/19/2027	£	7,221		9,122		9,524
FIRE: Insurance Total											$	9,122	$	9,524		21.1	%

All values are in Euros.

						Interest			Maturity	Principal /				Market		% of Members
Portfolio Company	Investment Type	Index (1)	Spread (1)			Rate			Date	Shares (9)		Cost		Value		Equity (4)
British Pound
High Tech Industries
Access (18)(19)	First Lien Senior Secured Loan	SONIA	5.25%				8.98	%	6/28/2029	£	7,880		9,137		10,394
Access (18)(19)	First Lien Senior Secured Loan	SONIA		5.25	%		8.98	%	6/28/2029	£	9,764		11,887		12,879
Cloud Technology Solutions (CTS) (15)(19)(26)	First Lien Senior Secured Loan	SONIA	2.53% (5.47% PIK)				11.73	%	1/3/2030	£	10,267		13,043		13,542
High Tech Industries Total												$	34,067	$	36,815		81.7	%
Media: Advertising, Printing & Publishing
OGH Bidco Limited (18)(19)	First Lien Senior Secured Loan	SOFR		6.50	%		10.16	%	9/2/2029	£	5,172		6,068		5,659
OGH Bidco Limited (18)(19)	First Lien Senior Secured Loan	SONIA	6.50%				10.23	%	6/29/2029	£	13,160		15,257		16,317
TGI Sport Bidco Pty Ltd (17)(19)	First Lien Senior Secured Loan - Delayed Draw	SONIA	6.03%				9.79	%	6/24/2029	£	6,700		8,636		8,837
Media: Advertising, Printing & Publishing Total												$	29,961	$	30,813		68.4	%
Services: Business
Beneficium (15)(19)	First Lien Senior Secured Loan	SONIA		5.50	%		9.23	%	6/28/2031	£	7,497		9,736		9,690
Brook Bidco (18)(19)(26)	First Lien Senior Secured Loan	SONIA	1.80% (5.48% PIK)				11.00	%	7/10/2028	£	29,530		39,734		35,054
Datix Bidco Limited (17)(19)	First Lien Senior Secured Loan	SONIA		5.00	%		8.82	%	4/30/2031	£	8,160		10,517		10,763
Brook Bidco (16)(19)(26)	First Lien Senior Secured Loan	SOFR	1.98% (6.12% PIK)				11.78	%	7/10/2028	£	6,543		8,620		7,757
Brook Bidco (3)(16)(19)(26)	First Lien Senior Secured Loan	SOFR	1.98% (6.12% PIK)				11.77	%	7/10/2028	£	9,149		12,022		10,816
Opus2 (18)(19)	First Lien Senior Secured Loan	SONIA	5.28%				9.00	%	5/5/2028	£	12,151		16,582		16,028
Parcel2Go (18)(19)	First Lien Senior Secured Loan	SONIA	7.00%				10.73	%	11/26/2031	£	4,969		6,276		5,571
Parcel2Go (14)(19)	Preferred Equity	—	—			—			—		1,407,911		—		—
Parcel2Go (14)(19)	Equity Interest	—	—			—			—		5		—		—
TES Global (18)(19)	First Lien Senior Secured Loan - Delayed Draw	SONIA		5.00	%		8.73	%	1/27/2029	£	1,200		1,494		1,574
TES Global (18)(19)	First Lien Senior Secured Loan	SONIA		5.00	%		8.73	%	2/1/2029	£	14,364		17,704		18,946
Services: Business Total												$	122,685	$	116,199		258.1	%
Services: Consumer
SG Global Midco Limited (19)(26)	First Lien Senior Secured Loan	—	10.00% PIK				10.00	%	12/31/2028	£	215		285		283
Surrey Bidco Limited (7)(14)(18)(19)(26)	First Lien Senior Secured Loan	SONIA	6.28% PIK				10.00	%	12/31/2028	£	7,982		8,929		—
Voltaire Topco Limited (14)(19)	Equity Interest	—	—			—			—		43		—		—
Services: Consumer Total												$	9,214	$	283		0.6	%
British Pound Total												$	282,450	$	274,763		610.0	%
						Interest			Maturity	Principal /				Market		% of Members
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Portfolio Company	Investment Type	Index (1)	Spread (1)			Rate			Date	Shares (9)		Cost		Value		Equity (4)
Canadian Dollar
Retail
New Look (Delaware) Corporation (15)(19)	First Lien Senior Secured Loan	CORRA		5.25	%		7.56	%	5/26/2028	CAD	17,828		14,628		12,777
New Look Vision Group (15)(19)	First Lien Senior Secured Loan - Delayed Draw	CORRA	5.25%				7.56	%	5/26/2028	CAD	1,159		894		831
New Look Vision Group (15)(19)	First Lien Senior Secured Loan - Delayed Draw	CORRA		5.25	%		7.56	%	5/26/2028	CAD	2,225		1,601		1,594
Retail Total												$	17,123	$	15,202		33.7	%
Canadian Dollar Total												$	17,123	$	15,202		33.7	%
European Currency
Capital Equipment
Goodfellow (15)(19)	First Lien Senior Secured Loan - Delayed Draw	EURIBOR	5.25%				7.38	%	2/10/2032	€	5,450		6,335		6,218
Goodfellow (15)(19)	First Lien Senior Secured Loan - Delayed Draw	EURIBOR	5.25%				7.38	%	2/10/2032	€	1,655		1,924		1,888
Capital Equipment Total												$	8,259	$	8,106		18.0	%
Chemicals, Plastics & Rubber
V Global Holdings LLC (16)(19)(26)	First Lien Senior Secured Loan	EURIBOR	2.05% (3.70% PIK)				7.73	%	12/22/2027	€	9,059		9,210		9,761
Chemicals, Plastics & Rubber Total												$	9,210	$	9,761		21.7	%
Environmental Industries
Reconomy (18)(19)	First Lien Senior Secured Loan	EURIBOR	6.25%				8.38	%	7/12/2029	€	2,440		2,475		2,812
Environmental Industries Total												$	2,475	$	2,812		6.2	%
					Interest			Maturity	Principal /				Market		% of Members
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Portfolio Company	Investment Type	Index (1)			Rate			Date	Shares (9)		Cost		Value		Equity (4)
European Currency
FIRE: Insurance
MRHT (18)(19)	First Lien Senior Secured Loan - Delayed Draw	IBOR				7.16	%	5/17/2032	€	13,809		15,930		15,754
FIRE: Insurance Total											$	15,930	$	15,754		35.0	%
Healthcare & Pharmaceuticals
Mertus 522. GmbH (18)(19)(26)	First Lien Senior Secured Loan	IBOR				9.50	%	5/28/2028	€	13,556		16,435		14,997
Mertus 522. GmbH (18)(19)(26)	First Lien Senior Secured Loan	IBOR				9.12	%	5/28/2028	€	22,963		27,850		25,404
Nafinco (15)(19)	First Lien Senior Secured Loan	IBOR				7.37	%	8/29/2031	€	8,000		8,429		9,127
Pharmathen (18)(19)(26)	First Lien Senior Secured Loan- Revolver	IBOR				9.30	%	1/19/2029	€	14,825		16,719		15,376
Pharmathen (18)(19)(26)	First Lien Senior Secured Loan- Revolver	IBOR				9.30	%	1/19/2029	€	2,696		2,648		2,796
Healthcare & Pharmaceuticals Total											$	72,081	$	67,700		150.3	%
High Tech Industries
New Gen Holding (18)(19)(26)	First Lien Senior Secured Loan	IBOR				9.75	%	5/28/2031	€	23,600		27,725		26,992
Onventis (15)(19)	First Lien Senior Secured Loan - Delayed Draw	IBOR	7.25	%		9.29	%	1/14/2030	€	13,919		15,107		16,040
PlentyMarkets (18)(19)(26)	First Lien Senior Secured Loan - Delayed Draw	IBOR				8.45	%	4/2/2032	€	15,560		17,957		17,303
Utimaco (16)(19)	First Lien Senior Secured Loan	IBOR				7.62	%	5/14/2029	€	6,005		6,097		6,920
High Tech Industries Total											$	66,886	$	67,255		149.3	%
Media: Broadcasting & Subscription
Lightning Finco Limited (16)(19)	First Lien Senior Secured Loan	IBOR	5.75	%		7.87	%	8/31/2028	€	2,619		2,951		3,003
Media: Broadcasting & Subscription Total											$	2,951	$	3,003		6.7	%
Media: Diversified & Production
Aptus 1724. Gmbh (7)(14)(19)(21)(26)	First Lien Senior Secured Loan	IBOR				9.07	%	3/3/2028	€	36,230		42,816		2,088
Media: Diversified & Production Total											$	42,816	$	2,088		4.6	%
Services: Business
iBanFirst (18)(19)(26)	First Lien Senior Secured Loan	IBOR				11.78	%	7/13/2028	€	16,475		18,598		18,986
Fiduciaire Jean-Marc Faber (FJMF) (15)(19)	First Lien Senior Secured Loan - Delayed Draw	IBOR				7.58	%	4/3/2032	€	7,904		9,106		9,063
Webcentral (18)(19)	First Lien Senior Secured Loan	IBOR	6.25	%		8.75	%	12/18/2030	€	3,423		3,786		3,944
Webcentral (3)(18)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	6.25	%		9.88	%	12/18/2030	€	3,123		3,590		3,567
Webcentral (18)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	6.25	%		9.88	%	12/18/2030	€	3,323		3,462		3,829
Services: Business Total											$	38,542	$	39,389		87.4	%
European Currency Total											$	259,150	$	215,868		479.2	%
Norwegian Krone
Services: Business
Spring Finco BV (18)(19)	First Lien Senior Secured Loan	NIBOR	5.00	%		8.99	%	7/15/2029	NOK	174,360		16,601		17,590
Services: Business Total											$	16,601	$	17,590		39.1	%
Norwegian Krone Total											$	16,601	$	17,590		39.1	%

All values are in Euros.

						Interest			Maturity	Principal /				Market		% of Members
Portfolio Company	Investment Type	Index (1)	Spread (1)			Rate			Date	Shares (9)		Cost		Value		Equity (4)
U.S. Dollar
Automotive
Cardo (18)(19)	First Lien Senior Secured Loan	SOFR	5.25%				8.98	%	5/12/2028	$	9,653		9,622		9,653
Automotive Total												$	9,622	$	9,653		21.4	%
Capital Equipment
Goodfellow (15)(19)	First Lien Senior Secured Loan	SOFR	5.25%				8.95	%	2/10/2032	$	2,174		2,155		2,152
Capital Equipment Total												$	2,155	$	2,152		4.8	%
Chemicals, Plastics & Rubber
V Global Holdings LLC (16)(19)(26)	First Lien Senior Secured Loan	SOFR	2.20% (3.70% PIK)				9.55	%	12/22/2027	$	23,016		23,016		21,750
Chemicals, Plastics & Rubber Total												$	23,016	$	21,750		48.3	%
Consumer Goods: Durable
Stanton Carpet (15)(19)	Second Lien Senior Secured Loan	SOFR	9.15%				12.80	%	3/31/2028	$	5,000		4,970		5,000
Consumer Goods: Durable Total												$	4,970	$	5,000		11.1	%
High Tech Industries
NearMap (15)(19)	First Lien Senior Secured Loan	SOFR		4.75	%		8.42	%	12/9/2029	$	23,050		22,924		23,050
Utimaco (16)(19)	First Lien Senior Secured Loan	SOFR	5.93%				9.65	%	5/14/2029	$	12,043		11,987		12,043
Utimaco (16)(19)	First Lien Senior Secured Loan	SOFR	5.93%				9.65	%	5/14/2029	$	6,260		6,230		6,260
High Tech Industries Total												$	41,141	$	41,353		91.8	%
Media: Advertising, Printing & Publishing
Facts Global Energy (15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR		5.50	%		9.20	%	12/20/2031	$	9,411		9,329		9,129
Facts Global Energy (15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR		5.50	%		9.20	%	12/20/2031	$	6,763		6,704		6,560
Media: Advertising, Printing & Publishing Total												$	16,033	$	15,689		34.8	%
Media: Broadcasting & Subscription
Lightning Finco Limited (16)(19)	First Lien Senior Secured Loan	SOFR	5.93%				9.59	%	8/31/2028	$	23,907		23,833		23,787
Media: Broadcasting and Subscription Total												$	23,833	$	23,787		52.8	%
Media: Diversified & Production
Aptus 1724 Gmbh (7)(14)(19)(21)(26)	First Lien Senior Secured Loan - Delayed Draw	SOFR	7.15% PIK				10.89	%	3/3/2028	$	10,351		10,324		518
Media: Diversified & Production Total												$	10,324	$	518		1.2	%
				Interest			Maturity	Principal /				Market		% of Members
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Portfolio Company	Investment Type	Index (1)	Spread (1)	Rate			Date	Shares (9)		Cost		Value		Equity (4)
U.S. Dollar
Services: Business
Easy Ice (15)(19)	First Lien Senior Secured Loan	SOFR	5.40%		9.07	%	10/30/2030	$	8,394		8,293		8,394
Cube (18)(19)(26)	First Lien Senior Secured Loan - Delayed Draw	SOFR	3.00% (4.40% PIK)		11.09	%	5/20/2031	$	9,562		9,562		9,562
Services: Business Total										$	17,855	$	17,956		39.9	%
U.S. Dollar Total										$	148,949	$	137,858		306.1	%
New Zealand Dollar
Beverage, Food & Tobacco
Hellers (18)(19)(26)	First Lien Senior Secured Loan - Delayed Draw	BKBM	4.00% (1.50% PIK)		8.09	%	9/27/2030	$NZ	5,980		3,490		3,395
Beverage, Food & Tobacco Total										$	3,490	$	3,395		7.6	%
New Zealand Dollar Total										$	3,490	$	3,395		7.6	%
Investments Total										$	744,599	$	711,887		1580.5	%
Cash Equivalents
Goldman Sachs Financial Square Government Fund Institutional Shares (27)	Cash Equivalents	—	—		3.55	%	—	$	2,747		2,747		2,747
Goldman Sachs US $ Treasury Liquid Reserves Fund Institutional Shares (27)	Cash Equivalents	—	—		3.54	%	—	$	848		848		848
Cash Equivalents Total										$	3,595	$	3,595		7.9	%
Investments and Cash Equivalents Total										$	748,194	$	715,482		1588.4	%

Forward Foreign Currency Exchange Contracts

			Settlement	Unrealized
Currency Purchased	Currency Sold	Counterparty	Date	Appreciation(8)
US DOLLARS 7,640	BRITISH POUNDS 5,695	Goldman Sachs	4/2/2026		118
BRITISH POUNDS 2,723	US DOLLARS 3,639	Goldman Sachs	4/2/2026		(42	)
BRITISH POUNDS 2,972	US DOLLARS 3,919	Goldman Sachs	4/2/2026		7
EURO 1,750	BRITISH POUNDS 1,545	Standard Chartered	4/2/2026		(22	)
BRITISH POUNDS 278	EURO 320	Standard Chartered	4/2/2026		(2	)
BRITISH POUNDS 1,267	EURO 1,458	Standard Chartered	4/2/2026		(8	)
US DOLLARS 2,820	BRITISH POUNDS 2,117	Morgan Stanley	5/8/2026		28
US DOLLARS 1,545	BRITISH POUNDS 1,145	Morgan Stanley	6/2/2026		35
EURO 3,289	BRITISH POUNDS 2,835	BNP Paribas	6/2/2026		62
US DOLLARS 3,443	EURO 2,960	BNP Paribas	6/2/2026		23
EURO 1,950	US DOLLARS 2,318	BNP Paribas	6/2/2026		(66	)
US DOLLARS 12,381	BRITISH POUNDS 10,280	Morgan Stanley	6/8/2026		(1,174	)
US DOLLARS 22,672	EURO 20,600	Standard Chartered	6/8/2026		(1,132	)
US DOLLARS 2,365	EURO 2,040	BNP Paribas	6/10/2026		8
EURO 2,003	US DOLLARS 2,365	BNP Paribas	6/10/2026		(50	)
US DOLLARS 1,889	NEW ZEALAND DOLLARS 3,146	Standard Chartered	6/25/2026		89
US DOLLARS 3,563	AUSTRALIAN DOLLARS 5,490	BNP Paribas	7/30/2026		(191	)
US DOLLARS 12,143	AUSTRALIAN DOLLARS 18,568	Morgan Stanley	9/10/2026		(542	)
US DOLLARS 6,778	BRITISH POUNDS 5,010	Morgan Stanley	9/10/2026		179
AUSTRALIAN DOLLARS 8,042	US DOLLARS 5,279	Morgan Stanley	9/10/2026		215
BRITISH POUNDS 2,890	US DOLLARS 3,893	Morgan Stanley	9/10/2026		(86	)
US DOLLARS 7,318	AUSTRALIAN DOLLARS 11,205	Standard Chartered	9/10/2026		(337	)
EURO 427	NEW ZEALAND DOLLARS 853	Morgan Stanley	9/16/2026		6
US DOLLARS 9,578	AUSTRALIAN DOLLARS 14,489	Standard Chartered	10/2/2026		(315	)
US DOLLARS 1,813	CANADIAN DOLLARS 2,494	Standard Chartered	10/2/2026		13
EURO 784	NORWEGIAN KRONE 9,370	Standard Chartered	10/2/2026		(49	)
EURO 2,178	AUSTRALIAN DOLLARS 3,931	Standard Chartered	10/2/2026		(156	)
EURO 412	CANADIAN DOLLARS 677	Standard Chartered	10/2/2026		(10	)
EURO 4,925	US DOLLARS 5,890	Standard Chartered	10/2/2026		(174	)
US DOLLARS 28,295	EURO 2,3720	Standard Chartered	10/2/2026		767
US DOLLARS 3,447	NORWEGIAN KRONE 34,539	Standard Chartered	10/2/2026		(90	)
EURO 10,100	US DOLLARS 12,162	Standard Chartered	10/2/2026		(441	)
US DOLLARS 8,851	AUSTRALIAN DOLLARS 13,286	BNP Paribas	10/2/2026		(221	)
EURO 552	BRITISH POUNDS 490	BNP Paribas	10/19/2026		(4	)
EURO 843	AUSTRALIAN DOLLARS 1,517	BNP Paribas	10/30/2026		(56	)
EURO 2,039	AUSTRALIAN DOLLARS 3,605	BNP Paribas	10/30/2026		(91	)
US DOLLARS 2,347	EURO 2,000	Morgan Stanley	11/6/2026		23
EURO 2,68	BRITISH POUNDS 240	Morgan Stanley	11/6/2026		(4	)
US DOLLARS 2,230	BRITISH POUNDS 1,700	Morgan Stanley	11/6/2026		(7	)
US DOLLARS 27,514	EURO 2,3460	Standard Chartered	11/6/2026		257
EURO 16,651	US DOLLARS 1,9758	Standard Chartered	1/7/2027		(375	)
US DOLLARS 6,060	BRITISH POUNDS 4,500	Goldman Sachs	2/22/2027		150
EURO 233	CANADIAN DOLLARS 376	Morgan Stanley	2/22/2027		(1	)
US DOLLARS 1,025	CANADIAN DOLLARS 1,384	Morgan Stanley	2/22/2027		22
US DOLLARS 1,631	BRITISH POUNDS 1,243	Goldman Sachs	3/8/2027		(1	)
EURO 3,443	AUSTRALIAN DOLLARS 5,820	Morgan Stanley	3/8/2027		59
EURO 2,157	BRITISH POUNDS 1,900	Morgan Stanley	3/8/2027		21
EURO 907	BRITISH POUNDS 803	Standard Chartered	3/8/2027		2
EURO 5,430	US DOLLARS 6,400	Standard Chartered	3/8/2027		(69	)
EURO 2,466	US DOLLARS 2,900	BNP Paribas	3/8/2027		(25	)
				$	(3,657	)

The investments bear interest at a rate that may be determined by reference to the Euro Interbank Offered Rate (“EURIBOR” or “E”), the Bank Bill Benchmark Rate (“BKBM”), the Norwegian Interbank Offered Rate (“NIBOR” or “N”), the Canadian Overnight Repo Rate Average (“CORRA”), the Bank Bill Swap Bid Rate (“BBSY”), the Sterling Overnight Index Average (“SONIA”) or Secured Overnight Financing Rate (“SOFR”) which reset daily, monthly, quarterly or semiannually. Investments or a portion thereof may provide for Payment-in-Kind (“PIK”). For each, the Company has provided the PIK or the spread over EURIBOR, BKBM, NIBOR, CORRA, BBSY, SONIA, or SOFR and the current weighted average interest rate in effect at March 31, 2026. Certain investments are subject to a EURIBOR, BKBM, NIBOR, CORRA, BBSY, SONIA, or SOFR interest rate floor.
Tick mark not used.
Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The investment
may be subject to an unused/letter of credit facility fee.
Percentages are based on the ISLP's net assets (in thousands) of $45,043 as of March 31, 2026.
Tick mark not used.
Tick mark not used.
Loan was on non-accrual status as of March 31, 2026.
Unrealized appreciation on forward currency exchange contracts.
The principal amount (par amount) for all debt securities is denominated in U.S. dollars, unless otherwise noted. £ represents Pound Sterling, € represents Euro, NOK represents Norwegian Krone, AUD represents Australian Dollar, CAD represents Canadian Dollar and, NZ$ represents New Zealand Dollar.
Tick mark not used.
Tick mark not used.
Tick mark not used.
Tick mark not used.
Non-income producing.
Loan includes interest rate floor of 1.00%.
Loan includes interest rate floor of 0.75%.
Loan includes interest rate floor of 0.50%.
Loan includes interest rate floor of 0.00%.
Security valued using unobservable inputs (Level 3).
Tick mark not used.
Loan includes interest rate floor of 0.25%.
Tick mark not used.
Tick mark not used.
Tick mark not used.
Tick mark not used.
Denotes that all or a portion of the investment includes PIK income during the period.
Cash equivalents include $3,595 of restricted cash.

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)			Rate			Date	Shares (9)		Cost		Value		Equity (4)
Australian Dollar
Aerospace & Defense
Ansett Aviation Training (14)(19)	Equity Interest	—			—			—	AUD	10,238		7,115		36,769
Aerospace & Defense Total											$	7,115	$	36,769		57.0	%
Media: Advertising, Printing & Publishing
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
Media: Advertising, Printing & Publishing Total											$	9,705	$	9,215		14.3	%
Australian Dollar Total											$	16,820	$	45,984		71.3	%
British Pound
Capital Equipment
Goodfellow (15)(19)	First Lien Senior Secured Loan - Delayed Draw	SONIA	5.25	%		8.98	%	2/10/2032	£	1,564		2,121		2,082
Capital Equipment Total											$	2,121	$	2,082		3.2	%
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	IBOR	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
Environmental Industries Total											$	23,588	$	25,430		39.5	%
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
FIRE: Insurance Total											$	9,147	$	9,740		15.1	%

All values are in Euros.

						Interest			Maturity	Principal /				Market		% of Members
Portfolio Company	Investment Type	Index (1)	Spread (1)			Rate			Date	Shares (9)		Cost		Value		Equity (4)
British Pound
High Tech Industries
Access (18)(19)	First Lien Senior Secured Loan	SONIA	5.25%				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
High Tech Industries Total												$	33,531	$	37,015		57.4	%
Media: Advertising, Printing & Publishing
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 (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												$	29,956	$	31,489		48.9	%
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
Datix Bidco Limited (17)(19)	First Lien Senior Secured Loan	SONIA		5.00	%		8.99	%	4/30/2031	£	8,160		10,510		10,976
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 (14)(19)	Preferred Equity	—	—			—			—	£	1,407,911		—		—
Parcel2Go (14)(19)	Equity Interest	—	—			—			—	£	5		—		—
TES Global (18)(19)	First Lien Senior Secured Loan - Delayed Draw	SONIA		5.00	%		9.01	%	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
Services: Business Total												$	119,766	$	115,549		179.3	%
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 (14)(19)	Equity Interest	—	—			—			—	£	43		—		—
Services: Consumer Total												$	8,691	$	2,843		4.4	%
British Pound Total												$	278,469	$	279,270		433.3	%
				Interest			Maturity	Principal /				Market		% of Members
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Portfolio Company	Investment Type	Index (1)	Spread (1)	Rate			Date	Shares (9)		Cost		Value		Equity (4)
Canadian Dollar
Retail
New Look (Delaware) Corporation (15)(19)	First Lien Senior Secured Loan	CORRA	5.25%		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	%
Canadian Dollar Total										$	17,162	$	15,500		24.0	%
European Currency
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
Capital Equipment Total										$	8,259	$	8,338		12.9	%
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
Chemicals, Plastics & Rubber Total										$	9,230	$	10,046		15.6	%
Environmental Industries
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										$	2,475	$	2,864		4.4	%
					Interest			Maturity	Principal /				Market		% of Members
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Portfolio Company	Investment Type	Index (1)			Rate			Date	Shares (9)		Cost		Value		Equity (4)
European Currency
FIRE: Insurance
MRHT (18)(19)	First Lien Senior Secured Loan - Delayed Draw	IBOR				7.11	%	5/17/2032	€	13,809		15,925		16,044
FIRE: Insurance Total											$	15,925	$	16,044		24.9	%
Healthcare & Pharmaceuticals
Mertus 522. GmbH (18)(19)(26)	First Lien Senior Secured Loan	IBOR				9.13	%	5/28/2028	€	13,320		16,158		15,007
Mertus 522. GmbH (18)(19)(26)	First Lien Senior Secured Loan	IBOR				9.12	%	5/28/2028	€	22,963		27,843		25,871
Nafinco (15)(19)	First Lien Senior Secured Loan	IBOR				7.37	%	8/29/2031	€	8,000		8,422		9,342
Pharmathen (18)(19)(26)	First Lien Senior Secured Loan- Revolver	IBOR				9.30	%	1/19/2029	€	14,825		16,709		16,529
Pharmathen (18)(19)(26)	First Lien Senior Secured Loan- Revolver	IBOR				9.30	%	1/19/2029	€	2,696		2,646		3,005
Healthcare & Pharmaceuticals Total											$	71,778	$	69,754		108.3	%
High Tech Industries
New Gen Holding (18)(19)(26)	First Lien Senior Secured Loan	IBOR				8.37	%	5/28/2031	€	23,985		28,173		27,937
Onventis (15)(19)	First Lien Senior Secured Loan - Delayed Draw	IBOR	7.25	%		9.32	%	1/14/2030	€	13,919		15,106		16,335
PlentyMarkets (18)(19)(26)	First Lien Senior Secured Loan - Delayed Draw	IBOR				8.53	%	4/2/2032	€	15,326		17,678		17,852
Utimaco (16)(19)	First Lien Senior Secured Loan	IBOR				7.62	%	5/14/2029	€	6,005		6,095		7,047
High Tech Industries Total											$	67,052	$	69,171		107.4	%
Media: Broadcasting & Subscription
Lightning Finco Limited (16)(19)	First Lien Senior Secured Loan	IBOR				7.62	%	8/31/2028	€	2,619		2,951		3,058
Media: Broadcasting & Subscription Total											$	2,951	$	3,058		4.7	%
Media: Diversified & Production
Aptus 1724. Gmbh (7)(14)(19)(21)(26)	First Lien Senior Secured Loan	IBOR				9.07	%	3/3/2028	€	36,230		42,816		12,756
Media: Diversified & Production Total											$	42,816	$	12,756		19.8	%
Services: Business
iBanFirst (18)(19)(26)	First Lien Senior Secured Loan	IBOR				11.77	%	7/13/2028	€	15,984		18,015		18,759
Fiduciaire Jean-Marc Faber (FJMF) (15)(19)	First Lien Senior Secured Loan - Delayed Draw	IBOR				7.58	%	4/3/2032	€	7,904		9,103		9,183
Webcentral (18)(19)	First Lien Senior Secured Loan	IBOR				8.62	%	12/18/2030	€	3,423		3,784		4,017
Webcentral (18)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR				10.53	%	12/18/2030	€	3,123		3,582		3,593
Webcentral (18)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR				10.53	%	12/18/2030	€	3,323		3,462		3,899
Services: Business Total											$	37,946	$	39,451		61.2	%
European Currency Total											$	258,432	$	231,482		359.2	%
Norwegian Krone
Services: Business
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
Services: Business Total											$	16,601	$	17,031		26.4	%
Norwegian Krone Total											$	16,601	$	17,031		26.4	%

All values are in Euros.

						Interest			Maturity	Principal /				Market		% of Members
Portfolio Company	Investment Type	Index (1)	Spread (1)			Rate			Date	Shares (9)		Cost		Value		Equity (4)
U.S. Dollar
Automotive
Cardo (18)(19)	First Lien Senior Secured Loan	SOFR		5.25	%		8.98	%	5/12/2028	$	9,653		9,618		9,653
Automotive Total												$	9,618	$	9,653		15.0	%
Capital Equipment
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												$	2,154	$	2,152		3.3	%
Chemicals, Plastics & Rubber
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												$	22,835	$	21,694		33.7	%
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	%
High Tech Industries
NearMap (15)(19)	First Lien Senior Secured Loan	SOFR		4.75	%		8.61	%	12/9/2029	$	23,109		22,974		23,109
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												$	41,184	$	41,412		64.2	%
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
Media: Advertising, Printing & Publishing Total												$	16,026	$	15,770		24.5	%
Media: Broadcasting & Subscription
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 and Subscription Total												$	23,825	$	23,787		36.8	%
Media: Diversified & Production
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												$	10,324	$	3,191		5.0	%
				Interest			Maturity	Principal /				Market		% of Members
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Portfolio Company	Investment Type	Index (1)	Spread (1)	Rate			Date	Shares (9)		Cost		Value		Equity (4)
U.S. Dollar
Services: Business
Easy Ice (15)(19)	First Lien Senior Secured Loan	SOFR	5.40%		9.24	%	10/30/2030	$	8,415		8,308		8,415
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
Services: Business Total										$	17,682	$	17,789		27.6	%
U.S. Dollar Total										$	148,616	$	140,448		217.9	%
New Zealand Dollar
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	%
New Zealand Dollar Total										$	3,467	$	3,389		5.4	%
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	%

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	)

The investments bear interest at a rate that may be determined by reference to the Euro Interbank Offered Rate (“EURIBOR” or “E”), the Norwegian Interbank Offered Rate (“NIBOR” or “N”), the Canadian Overnight Repo Rate Average (“CORRA”), the Bank Bill Swap Bid Rate (“BBSY”), the Sterling Overnight Index Average (“SONIA”) or Secured Overnight Financing Rate
(“SOFR”) which reset daily, monthly, quarterly or semiannually. Investments or a portion thereof may provide for Payment-in-Kind (“PIK”). For each, the Company has provided the PIK or the spread over EURIBOR, NIBOR, CORRA, BBSY, SONIA, or SOFR and the current weighted average interest rate in effect at December 31, 2025. Certain investments are subject to a EURIBOR, NIBOR, CORRA, BBSY, SONIA, or SOFR interest rate floor.
Tick mark not used.
Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The investment may be subject to an unused/letter of credit facility fee.
Percentages are based on the ISLP's net assets (in thousands) of $64,451 as of December 31, 2025.
Tick mark not used.
Tick mark not used.
Loan was on non-accrual status as of December 31, 2025.
Unrealized appreciation on forward currency exchange contracts.
The principal amount (par amount) for all debt securities is denominated in U.S. dollars, unless otherwise noted. £ represents Pound Sterling, € represents Euro, NOK represents Norwegian Krone, AUD represents Australian Dollar, CAD represents Canadian Dollar and NZ$ 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
		December 31, 2025
ASSETS
Investments at fair value (amortized cost of 744,599 and 739,567, respectively)	711,887	$	733,104
Cash and cash equivalents	3,715		15,565
Foreign cash (cost of 5,929 and 10,095, respectively)	5,945		9,607
Collateral on forward currency exchange contracts	5		3
Deferred financing costs (net of accumulated amortization of 4,073 and 3,897, respectively)	3,017		3,196
Unrealized appreciation on forward currency exchange contracts	232		15
Interest receivable on investments	13,839		14,831
Other receivable	—		237
Total assets	738,640	$	776,558
LIABILITIES
Debt	372,540	$	381,361
Subordinated notes payable to members	304,369		305,655
Interest payable on debt	907		942
Interest payable on subordinated notes payable to members	8,892		18,984
Payable for investments purchased	470		—
Unrealized depreciation on forward currency exchange contracts	3,889		2,338
Distributions payable to members	1,337		1,712
Accounts payable and accrued expenses	1,193		1,115
Total liabilities	693,597	$	712,107
MEMBERS' EQUITY
Total members’ equity	45,043		64,451
Total liabilities and members’ equity	738,640	$	776,558

All values are in US Dollars.

Selected Statements of Operations Information

	For the Three Months Ended
	March 31, 2026			March 31, 2025
Investment income
Interest income	$	16,219		$	17,103
Total investment income		16,219			17,103
Expenses
Interest and debt financing expenses		4,994			5,829
Interest expense on subordinated notes payable to members		8,895			8,743
Professional fees and other expenses		993			975
Total expenses		14,882			15,547
Net investment income		1,337			1,556
Net realized and unrealized gains (losses)
Net realized gain on investments		—			178
Net realized loss on foreign currency transactions		(673	)		(879	)
Net realized gain on forward currency exchange contracts		1,027			2,726
Net change in unrealized appreciation (depreciation) on foreign currency translation		433			(12,377	)
Net change in unrealized appreciation (depreciation) on forward currency exchange contracts		(1,332	)		(5,325	)
Net change in unrealized appreciation (depreciation) on foreign currency translation of debt		7,388			—
Net change in unrealized appreciation (depreciation) on investments		(26,249	)		14,008
Total net loss		(19,406	)		(1,669	)
Net decrease in members’ equity from operations	$	(18,069	)	$	(113	)

Bain Capital Senior Loan Program, LLC

On February 9, 2022, the Company, and an entity advised by Amberstone Co., Ltd. (“Amberstone”), a credit focused investment manager that advises institutional investors, committed capital to a newly formed joint venture, Bain Capital Senior Loan Program, LLC (“SLP”). Pursuant to an amended and restated limited liability company agreement (the “LLC Agreement”) between the Company and Amberstone, each such party has a 50% economic ownership interest in SLP. Amberstone’s initial capital commitments to SLP were $179.0 million, with each party expected to maintain their pro rata proportionate share for each capital contribution. SLP will seek to invest primarily in senior secured first lien loans of U.S. borrowers. Through these capital contributions, SLP acquired 70% of the membership equity interests of the Company’s 2018‑1 portfolio (“2018‑1”). The Company retained 30% of the 2018‑1 membership equity interests as a non-controlling equity interest. As of March 31, 2026, the Company’s investment in SLP consisted of subordinated notes of $166.9 million, preferred equity interests of $1.8 million and equity interests of $3.6 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. Since inception, the Company has sold $2,486.1 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 2018‑1 CLO Reset Notes are scheduled to mature on April 20, 2036. The transaction resulted in a realized loss on the extinguishment of debt of $1.3 million from the acceleration of unamortized debt issuance costs. The obligations of the 2018-1 Issuer under the 2018-1 CLO Transaction are non-recourse to the Company.

As part of the refinancing transaction, SLP bought the Company's membership interests of the 2018-1 Issuer for $22.4 million, making SLP the sole owner of the 2018-1 Membership Interests. SLP holds $60.0 million in 2018-1 Membership Interests of the 2018-1 Issuer, and 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 March 31, 2026:

						Interest rate at
2018-1 Notes	Principal Amount		Spread above Index			March 31, 2026
Class A-1-R Notes	$	290,000		2.25	% + 3 Month SOFR		5.92	%
Class A-J-R Notes		20,000		2.70	% + 3 Month SOFR		6.37	%
Class A-2-R Notes		30,000		2.90	% + 3 Month SOFR		6.57	%
Class B-R Notes		40,000		3.90	% + 3 Month SOFR		7.57	%
Class C-R Notes		30,000		5.90	% + 3 Month SOFR		9.57	%
Class D-R Notes		30,000		8.32	% + 3 Month SOFR		11.99	%
Total 2018-1 Notes	$	440,000

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

SOFR

plus 210 basis points with Wells Fargo, subject to leverage and borrowing base restrictions (the “MM_22_2 Credit Facility”). The maturity date of the MM_22_2 Credit Facility was August 24, 2025. On August 9, 2023, the MM_22_2 Credit Facility was terminated. On August 9, 2023, (the “2023-1 Closing Date”), SLP, through BCC Middle Market CLO 2023‑1 LLC (the “2023‑1 Issuer”), a Delaware limited liability company and a wholly-owned and consolidated subsidiary of SLP, completed a $400.0 million term debt securitization (the “2023-1 CLO Transaction”). The Class A, B-1, B-2, C, D, and E 2023-1 notes issued in connection with the 2023-1 CLO Transaction (the “2023-1 Notes”) are secured by a diversified portfolio of the 2023-1 Issuer consisting primarily of middle market loans and participation interests in middle market loans, the majority of which are senior secured loans (the “2023-1 Portfolio”). At the 2023-1 Closing Date, the 2023-1 Portfolio was comprised of assets transferred from SLP and its consolidated subsidiaries. All transfers were eliminated in consolidation and there were no realized gains or losses recognized in the 2023-1 CLO Transaction.

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

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

The 2023‑1 Notes are scheduled to mature on July 20, 2035 and are included in SLP’s Consolidated Financial Statements. 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 March 31, 2026:

						Interest rate at
2023-1 Debt	Principal Amount		Spread above Index			March 31, 2026
Class A-1-R Notes	$	188,500		1.58	% + SOFR		5.25	%
Class A-2-R Notes		9,750		1.80	% + SOFR		5.47	%
Class B-R Notes		22,750		1.90	% + SOFR		5.57	%
Total 2023-1 Notes	$	221,000

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 March 31, 2026:

						Interest rate at
2024-1 Debt	Principal Amount		Spread above Index			March 31, 2026
Class A-1 Notes	$	250,750		1.75	% + SOFR		5.42	%
Class A-2 Notes		12,750		1.95	% + SOFR		5.62	%
Class B Notes		25,500		2.05	% + SOFR		5.72	%
Class C Notes		34,000		2.75	% + SOFR		6.42	%
Class D Notes		25,500		4.50	% + SOFR		8.17	%
Total 2024-1 Notes(1)	$	348,500

(1) As of March 31, 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 March 31, 2026:

						Interest rate at
2025-1 Debt	Principal Amount		Spread above Index			March 31, 2026
Class A-1 Notes	$	147,000		1.62	% + SOFR		5.29	%
Class A-1 Loans		56,000		1.62	% + SOFR		5.29	%
Class A-2 Loans		14,000		1.77	% + SOFR		5.44	%
Class B Notes		21,000		1.95	% + SOFR		5.62	%
Class C Notes		29,750		2.50	% + SOFR		6.17	%
Class D-1 Notes		19,250		3.50	% + SOFR		7.17	%
Class D-2 Notes		8,750		5.50	% + SOFR		9.17	%
Total 2025-1 Notes	$	295,750

The combined weighted average interest rate (excluding deferred upfront financing costs and unused fees) of the aggregate borrowings outstanding as of March 31, 2026 was 6.1%. The combined weighted average interest rate (excluding deferred upfront financing costs and unused fees) of the aggregate borrowings outstanding for the year ended December 31, 2025 was 6.9%.

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

	As of			As of
	March 31, 2026			December 31, 2025
Total investments	$	1,599,077		$	1,536,252
Weighted average yield on investments		9.4	%		9.4	%
Number of borrowers in SLP		106			99
Largest portfolio company investment	$	42,119		$	42,227
Total of five largest portfolio company investments	$	188,747		$	188,219
Unfunded commitments	$	991		$	4,109

Below is a listing of SLP’s individual investments as of March 31, 2026:

Senior Loan Program, LLC

Consolidated Schedule of Investments

As of March 31, 2026

						Interest			Maturity					Market		% of Members
Portfolio Company	Investment Type	Index (1)	Spread (1)			Rate			Date	Principal (9)		Cost		Value		Equity (4)
U.S. Dollars
Aerospace & Defense
ATS (12)(15)(19)(35)(36)	First Lien Senior Secured Loan	SOFR		5.75	%		9.42	%	7/12/2029	$	20,063		19,906		20,063
BTX Precision (12)(15)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		5.00	%		8.67	%	7/25/2030	$	21,445		21,345		21,445
BTX Precision (15)(19)(34)(35)(36)	First Lien Senior Secured Loan - Delayed Draw	SOFR		5.00	%		8.67	%	7/25/2030	$	7,935		7,935		7,935
BTX Precision (12)(15)(19)	First Lien Senior Secured Loan	SOFR		4.75	%		8.42	%	7/25/2030	$	4,750		4,750		4,750
Forward Slope (12)(15)(19)(34)(35)	First Lien Senior Secured Loan	SOFR		5.60	%		9.30	%	8/22/2029	$	13,953		13,831		13,953
Forward Slope (15)(19)(34)(35)	First Lien Senior Secured Loan	SOFR		5.60	%		9.30	%	8/22/2029	$	18,280		18,280		18,280
Forward Slope (15)(19)(36)	First Lien Senior Secured Loan - Delayed Draw	SOFR		5.60	%		9.30	%	8/22/2029	$	9,886		9,886		9,886
GSP Holdings, LLC (12)(15)(19)(26)(34)(35)	First Lien Senior Secured Loan	SOFR	2.95% (2.95% PIK)				9.60	%	11/6/2026	$	25,937		25,943		24,640
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	$	127		127		121
Heads Up Technologies, Inc. (12)(16)(19)(34)(35)	First Lien Senior Secured Loan	SOFR		5.25	%		8.95	%	7/23/2030	$	16,418		16,345		16,418
Mach Acquisition T/L (12)(15)(19)(35)(36)	First Lien Senior Secured Loan	SOFR		7.15	%		10.82	%	4/19/2027	$	20,874		20,874		20,874
Saturn Purchaser Corp. (12)(15)(19)(34)(35)	First Lien Senior Secured Loan	SOFR		4.85	%		8.52	%	7/22/2030	$	29,633		29,584		29,633
Whitcraft-Paradigm (15)(19)(36)	First Lien Senior Secured Loan - Delayed Draw	SOFR		5.00	%		8.70	%	2/15/2029	$	4,490		4,490		4,490
Whitcraft-Paradigm (15)(19)(34)(36)	First Lien Senior Secured Loan	SOFR		5.00	%		8.70	%	2/15/2029	$	11,210		11,161		11,210
Aerospace & Defense Total												$	204,457	$	203,698		3760.3	%
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	%		9.16	%	2/5/2031	$	16,349		16,170		16,185
Gills Point S (12)(15)(19)(26)(35)	First Lien Senior Secured Loan	SOFR	4.00% (1.50% PIK)				9.16	%	5/17/2029	$	9,758		9,654		9,514
Intoxalock (12)(15)(19)(34)	First Lien Senior Secured Loan	SOFR		5.10	%		8.77	%	11/1/2028	$	16,711		16,634		16,711
Automotive Total												$	53,258	$	53,210		982.3	%
Beverage, Food & Tobacco
AgroFresh Solutions (12)(15)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		5.60	%		9.27	%	3/31/2030	$	23,882		23,765		23,643
INW Manufacturing, LLC (12)(15)(19)(34)(35)	First Lien Senior Secured Loan	SOFR		5.75	%		9.42	%	1/23/2031	$	17,890		17,714		17,711
Beverage, Food & Tobacco Total												$	41,479	$	41,354		763.4	%
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		27,105		27,189
AXH Air Coolers (12)(15)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		5.50	%		9.20	%	10/31/2029	$	13,064		13,064		13,064
Engineered Products Co., LLC (12)(15)(19)(35)	First Lien Senior Secured Loan	SOFR		4.75	%		8.42	%	8/12/2031	$	3,254		3,223		3,254
EXT Acquisitions, Inc. (12)(15)(19)(35)	First Lien Senior Secured Loan	SOFR		5.25	%		8.94	%	12/19/2031	$	4,823		4,799		4,799
Capital Equipment Total												$	48,191	$	48,306		891.7	%
						Interest			Maturity					Market		% of Members
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Portfolio Company	Investment Type	Index (1)	Spread (1)			Rate			Date	Principal (9)		Cost		Value		Equity (4)
U.S. Dollars
Chemicals, Plastics & Rubber
Duraco (19)(32)(35)(36)	First Lien Senior Secured Loan	SOFR		6.50	%		10.16	%	6/6/2029	$	13,588		13,398		12,909
V Global Holdings LLC (12)(16)(19)(26)(34)	First Lien Senior Secured Loan	SOFR	2.20% (3.70% PIK)				9.55	%	12/22/2027	$	9,918		9,898		9,373
Chemicals, Plastics & Rubber Total												$	23,296	$	22,282		411.3	%
Construction & Building
AGS American Glass Services Acquisition, LLC (12)(15)(19)(34)(35)	First Lien Senior Secured Loan	SOFR		5.50	%		9.17	%	7/24/2031	$	3,980		3,962		3,960
G702 Buyer, Inc. (12)(16)(19)(34)(36)	First Lien Senior Secured Loan	SOFR		4.75	%		8.45	%	7/2/2031	$	4,478		4,413		4,455
Service Master (18)(19)(26)(34)(35)	First Lien Senior Secured Loan	SOFR	5.86% (1.00% PIK)				10.53	%	8/16/2027	$	18,934		18,934		18,934
Service Master (15)(19)(26)(36)	First Lien Senior Secured Loan	SOFR	5.86% (1.00% PIK)				10.54	%	8/16/2027	$	5,032		5,030		5,032
TL Sapphire Parent, Inc. (12)(16)(19)(34)(35)	First Lien Senior Secured Loan	SOFR		5.00	%		8.67	%	1/22/2033	$	6,975		6,940		6,940
Zeus Fire & Security (12)(15)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		5.00	%		8.65	%	12/11/2030	$	27,713		27,533		27,713
Construction & Building Total												$	66,812	$	67,034		1237.5	%
Consumer Goods: Durable
New Milani Group LLC (12)(15)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		4.75	%		8.45	%	6/26/2031	$	9,726		9,678		9,726
Stanton Carpet (12)(15)(19)	Second Lien Senior Secured Loan	SOFR		9.15	%		12.80	%	3/31/2028	$	5,000		4,962		5,000
TLC Purchaser, Inc. (15)(19)(36)	First Lien Senior Secured Loan	SOFR		5.76	%		9.46	%	10/11/2027	$	1,985		1,965		1,916
TLC Purchaser, Inc. (12)(15)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		5.76	%		9.44	%	10/11/2027	$	35,264		34,749		34,030
Consumer Goods: Durable Total												$	51,354	$	50,672		935.4	%
Consumer Goods: Non-Durable
Evriholder (12)(19)(32)(35)	First Lien Senior Secured Loan	SOFR		6.90	%		10.60	%	1/24/2028	$	15,312		15,237		15,159
Hempz (15)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		5.25	%		8.95	%	10/25/2029	$	13,239		13,153		13,041
Solaray, LLC (12)(15)(19)	First Lien Senior Secured Loan	SOFR		6.85	%		10.52	%	3/27/2029	$	9,780		9,780		8,899
Summer Fridays, LLC (12)(15)(19)(36)	First Lien Senior Secured Loan	SOFR		5.25	%		8.95	%	5/16/2031	$	10,669		10,528		10,563
RoC Skincare (12)(15)(19)(35)(36)	First Lien Senior Secured Loan	SOFR		5.25	%		8.91	%	2/21/2031	$	23,992		23,820		23,992
WU Holdco, Inc. (12)(16)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		4.75	%		8.45	%	4/15/2032	$	26,082		25,966		26,082
Consumer Goods: Non-Durable Total												$	98,484	$	97,736		1804.2	%
Containers, Packaging & Glass
ASP-r-pac Acquisition Co LLC (12)(16)(19)(34)(35)	First Lien Senior Secured Loan	SOFR		6.26	%		9.93	%	12/29/2027	$	22,296		22,220		22,296
Precision Concepts Canada Corporation (12)(15)(19)	First Lien Senior Secured Loan	SOFR		4.75	%		8.42	%	8/2/2032	$	802		794		794
Precision Concepts Parent Inc. (12)(15)(19)	First Lien Senior Secured Loan	SOFR		4.75	%		8.42	%	8/2/2032	$	1,837		1,820		1,819
Containers, Packaging & Glass Total												$	24,834	$	24,909		459.8	%
						Interest			Maturity					Market		% of Members
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Portfolio Company	Investment Type	Index (1)	Spread (1)			Rate			Date	Principal (9)		Cost		Value		Equity (4)
U.S. Dollars
FIRE: Finance
Allworth Financial Group, L.P. (12)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR		4.75	%		8.42	%	12/23/2027	$	2,057		2,057		2,057
Allworth Financial Group, L.P. (12)(15)(19)	First Lien Senior Secured Loan	SOFR		4.75	%		8.42	%	12/23/2027	$	8,151		8,151		8,151
Choreo (15)(19)(36)	First Lien Senior Secured Loan	SOFR		5.00	%		8.70	%	2/18/2028	$	2,450		2,450		2,450
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	%		10.21	%	8/1/2028	$	2,869		2,869		2,869
PMA (12)(16)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		4.75	%		8.45	%	1/31/2031	$	17,456		17,247		17,456
Wealth Enhancement Group (WEG) (15)(19)(35)(36)	First Lien Senior Secured Loan - Delayed Draw	SOFR		4.25	%		7.94	%	10/2/2028	$	11,696		11,685		11,696
FIRE: Finance Total												$	51,859	$	52,079		961.4	%
FIRE: Insurance
Simplicity (12)(16)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		4.75	%		8.45	%	12/31/2031	$	24,935		24,714		24,935
FIRE: Insurance Total												$	24,714	$	24,935		460.3	%
Healthcare & Pharmaceuticals
Accident Care Alliance Holdco LLC (12)(15)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		5.00	%		8.70	%	8/20/2030	$	13,196		13,134		13,195
AEG Vision (12)(15)(19)(34)(35)	First Lien Senior Secured Loan	SOFR		5.90	%		9.60	%	3/27/2027	$	1,150		1,150		1,150
AOM Infusion (16)(19)(36)	First Lien Senior Secured Loan	SOFR		5.00	%		8.69	%	3/19/2032	$	3,625		3,592		3,625
Apollo Intelligence (12)(16)(19)(35)(36)	First Lien Senior Secured Loan	SOFR		5.75	%		9.43	%	5/31/2028	$	10,422		10,384		10,318
Beacon Specialized Living (12)(15)(19)(35)(36)	First Lien Senior Secured Loan	SOFR		5.50	%		9.20	%	3/25/2028	$	12,432		12,368		12,432
CRH Healthcare Purchaser, Inc. (12)(15)(19)(34)	First Lien Senior Secured Loan	SOFR		5.25	%		8.95	%	9/17/2031	$	2,675		2,663		2,675
EHE Health (12)(15)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		5.50	%		9.20	%	8/7/2030	$	24,379		24,193		24,135
HealthDrive (12)(15)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		5.00	%		8.67	%	8/20/2029	$	20,165		20,165		20,165
HealthDrive (15)(19)(36)	First Lien Senior Secured Loan - Delayed Draw	SOFR		5.00	%		8.67	%	8/20/2029	$	268		268		268
HealthDrive (15)(19)(36)	First Lien Senior Secured Loan - Delayed Draw	SOFR		5.00	%		8.67	%	8/20/2029	$	6,263		6,235		6,263
Odyssey Behavioral Health (12)(15)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		5.25	%		8.91	%	5/21/2031	$	35,061		34,713		35,061
Pharmacy Partners (12)(19)(32)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		6.50	%		10.17	%	2/28/2029	$	23,228		23,065		23,228
Psychiatric Medical Care LLC (12)(16)(19)(34)(35)	First Lien Senior Secured Loan	SOFR		4.75	%		8.41	%	7/1/2032	$	10,224		10,106		10,097
Red Nucleus (16)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		5.25	%		9.08	%	10/17/2031	$	16,250		16,083		16,250
RedMed Operations (Collage Rehabilitation) (12)(15)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		5.00	%		8.67	%	2/28/2031	$	22,703		22,482		22,703
SunMed Group Holdings, LLC (12)(16)(19)	First Lien Senior Secured Loan	SOFR		5.60	%		9.27	%	6/16/2028	$	9,313		9,313		9,313
Vatica Health T/L (12)(16)(19)(34)(35)	First Lien Senior Secured Loan	SOFR		4.75	%		8.45	%	10/31/2032	$	9,089		8,999		8,998
Healthcare & Pharmaceuticals Total												$	218,913	$	219,876		4059.0	%
High Tech Industries
Appriss (12)(15)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		5.00	%		8.67	%	3/10/2031	$	21,948		21,874		21,893
Govineer Solutions (fka Black Mountain) (12)(15)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		5.00	%		8.70	%	10/7/2030	$	28,875		28,704		28,875
LogRhythm, Inc. (15)(19)(35)	First Lien Senior Secured Loan	SOFR		7.50	%		11.17	%	7/2/2029	$	3,978		3,898		3,699
NearMap (15)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		4.75	%		8.42	%	12/9/2029	$	16,003		15,896		16,003
NearMap (12)(15)(19)(35)(36)	First Lien Senior Secured Loan	SOFR		4.75	%		8.42	%	12/9/2029	$	19,365		19,318		19,365
PayRange (15)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		5.00	%		8.67	%	10/31/2030	$	18,294		18,161		18,294
Superna Inc. (15)(19)(36)	First Lien Senior Secured Loan	SOFR		6.50	%		10.17	%	3/6/2028	$	4,190		4,157		4,190
SensorTower (12)(19)(31)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		7.50	%		11.18	%	3/15/2029	$	12,332		12,272		12,332
High Tech Industries Total												$	124,280	$	124,651		2301.1	%
						Interest			Maturity					Market		% of Members
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Portfolio Company	Investment Type	Index (1)	Spread (1)			Rate			Date	Principal (9)		Cost		Value		Equity (4)
U.S. Dollars
Hotel, Gaming & Leisure
Awayday (15)(19)(34)(36)	First Lien Senior Secured Loan	SOFR		5.25	%		8.95	%	5/6/2032	$	13,575		13,436		13,575
City BBQ (12)(15)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		5.35	%		9.03	%	9/4/2030	$	28,325		28,174		28,042
Pollo Tropical (19)(24)(31)(36)	First Lien Senior Secured Loan	SOFR		5.25	%		8.92	%	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	%		8.92	%	1/19/2028	$	15,164		14,993		15,164
Hotel, Gaming & Leisure Total												$	61,849	$	62,027		1145.0	%
Media: Advertising, Printing & Publishing
AdThrive (18)(36)	First Lien Senior Secured Loan	SOFR		4.36	%		8.03	%	3/23/2028	$	4,897		4,842		4,726
Media: Advertising, Printing & Publishing Total												$	4,842	$	4,726		87.2	%
Media: Diversified & Production Total
Owl Acquisition, LLC (12)(16)(19)(35)(36)	First Lien Senior Secured Loan	SOFR		4.75	%		8.42	%	4/17/2032	$	14,925		14,826		14,328
Media: Diversified & Production Total												$	14,826	$	14,328		264.5	%
Metals & Mining
Elevation NewCo, LLC (15)(19)(35)	First Lien Senior Secured Loan	SOFR		5.75	%		9.45	%	8/1/2031	$	2,384		2,362		2,384
Lindstrom, LLC (12)(16)(19)(34)(35)	First Lien Senior Secured Loan	SOFR		5.50	%		9.20	%	12/30/2032	$	8,813		8,714		8,714
Metals & Mining Total												$	11,076	$	11,098		204.9	%
Retail
New Look (Delaware) Corporation (12)(15)(19)	First Lien Senior Secured Loan	SOFR		5.25	%		8.95	%	5/26/2028	$	9,336		9,179		9,336
Thrasio, LLC (7)(14)(15)(19)(26)	First Lien Senior Secured Loan	SOFR	10.26% PIK				13.93	%	6/18/2029	$	3,991		3,447		3,193
Thrasio, LLC (7)(14)(15)(19)(26)	First Lien Senior Secured Loan	SOFR	10.26% PIK				13.93	%	6/18/2029	$	1,143		997		1,143
Thrasio, LLC (14)(19)	Equity Interest	—	—			—			—		52		5,369		—
Thrasio, LLC (14)(19)	Equity Interest	—	—			—			—		6		597		—
Retail Total												$	19,589	$	13,672		252.4	%
Services: Business
Allbridge (12)(15)(19)(35)(36)	First Lien Senior Secured Loan	SOFR		5.50	%		9.20	%	6/5/2030	$	22,247		22,155		22,246
AMI (12)(16)(19)(34)(35)	First Lien Senior Secured Loan	SOFR		5.00	%		8.90	%	10/17/2031	$	21,780		21,648		21,780
ACAMS (12)(15)(19)(34)(35)	First Lien Senior Secured Loan	SOFR		5.00	%		8.70	%	12/30/2031	$	8,479		8,395		8,395
Alogent Holdings, Inc. (12)(15)(19)(34)(35)	First Lien Senior Secured Loan	SOFR		6.50	%		10.17	%	1/21/2032	$	16,250		16,089		16,088
BLI Buyer, Inc. (12)(15)(19)(34)(35)	First Lien Senior Secured Loan	SOFR		5.00	%		8.67	%	10/31/2031	$	8,500		8,459		8,458
Datix Bidco Limited (12)(17)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		5.00	%		8.73	%	4/30/2031	$	17,500		17,427		17,500
Dealer Service Network (12)(15)(19)(34)(35)	First Lien Senior Secured Loan	SOFR		5.25	%		8.94	%	2/9/2027	$	8,641		8,606		8,641
Discovery Senior Living (12)(15)(19)(35)	First Lien Senior Secured Loan	SOFR		4.75	%		8.42	%	3/18/2030	$	16,660		16,554		16,660
Discovery Senior Living (15)(19)(36)	First Lien Senior Secured Loan - Delayed Draw	SOFR		4.75	%		8.42	%	3/18/2030	$	2,787		2,787		2,787
Discovery Senior Living (3)(15)(19)(34)	First Lien Senior Secured Loan - Delayed Draw	SOFR		4.75	%		8.42	%	3/18/2030	$	3,492		3,492		3,492
Easy Ice (12)(15)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		5.40	%		9.07	%	10/30/2030	$	31,150		30,773		31,150
TEI Holdings Inc. (17)(35)	First Lien Senior Secured Loan	SOFR		4.00	%		7.70	%	4/9/2031	$	10,456		10,492		10,362
Pure Wafer (12)(15)(19)(35)(36)	First Lien Senior Secured Loan	SOFR		5.35	%		9.02	%	11/12/2030	$	10,780		10,706		10,780
PRGX (12)(15)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		5.50	%		9.16	%	12/20/2030	$	17,244		17,095		16,856
Electronic Merchant Systems (12)(16)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		4.75	%		8.42	%	8/1/2030	$	20,738		20,483		20,738
Morrow Sodali (12)(18)(19)	First Lien Senior Secured Loan	SOFR		5.35	%		9.02	%	4/25/2028	$	2,167		2,156		2,167
Morrow Sodali (12)(15)(19)	First Lien Senior Secured Loan	SOFR		5.48	%		9.15	%	4/25/2028	$	7,661		7,620		7,661
E-Tech Group (12)(15)(19)(35)	First Lien Senior Secured Loan - Revolver	SOFR		5.50	%		9.20	%	4/9/2030	$	7,859		7,804		7,820
Services: Business Total												$	232,741	$	233,581		4312.0	%
						Interest			Maturity					Market		% of Members
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Portfolio Company	Investment Type	Index (1)	Spread (1)			Rate			Date	Principal (9)		Cost		Value		Equity (4)
U.S. Dollars
Services: Consumer
CorePower Yoga, LLC (12)(15)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		5.25	%		8.95	%	4/30/2031	$	20,994		20,903		20,994
MZR Buyer, LLC (15)(19)(26)	First Lien Senior Secured Loan	SOFR	6.90% (0.50% PIK)				11.10	%	12/22/2028	$	13,704		13,697		12,814
Spotless Brands (15)(19)(36)	First Lien Senior Secured Loan - Delayed Draw	SOFR		5.50	%		9.17	%	7/25/2028	$	5,961		5,956		5,961
Vasa Fitness Buyer, Inc. (12)(15)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		6.35	%		10.02	%	8/15/2030	$	3,980		3,930		3,940
Services: Consumer Total												$	44,486	$	43,709		806.9	%
Telecommunications
Meriplex Communications, Ltd. (16)(19)(35)(36)	First Lien Senior Secured Loan	SOFR		5.10	%		8.77	%	7/17/2028	$	14,658		14,479		14,402
Telecommunications Total												$	14,479	$	14,402		265.9	%
Transportation: Cargo
A&R Logistics, Inc. (12)(15)(19)(26)(34)(35)	First Lien Senior Secured Loan	SOFR	2.65% (4.25% PIK)				10.58	%	2/3/2028	$	29,972		29,972		24,576
Gulf Winds International (12)(15)(19)(26)(34)	First Lien Senior Secured Loan	SOFR	6.00% (1.00% PIK)				10.67	%	12/16/2028	$	14,013		13,856		13,277
Gulf Winds International (12)(15)(19)(26)(35)(36)	First Lien Senior Secured Loan	SOFR	6.00% (1.00% PIK)				10.67	%	12/16/2028	$	15,839		15,728		15,007
ICAT Logistics, Inc. (12)(15)(19)(34)(35)	First Lien Senior Secured Loan	SOFR		6.25	%		9.92	%	3/1/2029	$	8,955		8,824		8,865
RoadOne (15)(19)(34)	First Lien Senior Secured Loan	SOFR		6.25	%		9.95	%	12/29/2028	$	6,811		6,714		6,811
RoadOne (15)(19)(34)	First Lien Senior Secured Loan - Delayed Draw	SOFR		6.25	%		10.00	%	12/29/2028	$	1,047		1,045		1,047
Transportation: Cargo Total												$	76,139	$	69,583		1284.5	%
Transportation: Consumer
PrimeFlight Acquisition LLC (12)(15)(19)	First Lien Senior Secured Loan	SOFR		5.50	%		9.20	%	5/1/2029	$	6,456		6,456		6,456
PrimeFlight Acquisition LLC (12)(15)(19)(34)(35)	First Lien Senior Secured Loan	SOFR		5.50	%		9.16	%	5/1/2029	$	22,594		22,284		22,594
Transportation: Consumer Total												$	28,740	$	29,050		536.4	%
Utilities: Electric
KAMC Holdings, Inc. (12)(16)(19)(35)	First Lien Senior Secured Loan	SOFR		5.25	%		8.91	%	8/1/2031	$	4,489		4,443		4,410
Utilities: Electric Total												$	4,443	$	4,410		81.4	%
Utilities: Water
Vessco Water (16)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		4.50	%		8.17	%	7/24/2031	$	13,687		13,628		13,687
Utilities: Water Total												$	13,628	$	13,687		252.7	%
						Interest			Maturity					Market		% of Members
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Portfolio Company	Investment Type	Index (1)	Spread (1)			Rate			Date	Principal (9)		Cost		Value		Equity (4)
U.S. Dollars
Wholesale
Abracon Group Holding, LLC. (7)(14)(16)(19)(26)(34)	First Lien Senior Secured Loan	SOFR	2.05% (4.60% PIK)				10.32	%	7/6/2028	$	12,618		10,888		5,552
Blackbird Purchaser, Inc. (16)(19)(35)	First Lien Senior Secured Loan	SOFR		5.75	%		9.45	%	12/19/2030	$	5,296		5,296		5,296
Chex Finer Foods, LLC (12)(15)(19)(34)(35)	First Lien Senior Secured Loan	SOFR		6.00	%		9.67	%	6/6/2031	$	16,418		16,351		16,418
Fifty U.S. Bidco Inc (12)(15)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		5.00	%		8.70	%	8/1/2031	$	11,443		11,389		11,443
Hultec (12)(15)(19)(34)	First Lien Senior Secured Loan	SOFR		5.50	%		9.19	%	3/31/2029	$	6,257		6,130		6,240
SureWerx (16)(19)(34)(35)	First Lien Senior Secured Loan	SOFR		5.25	%		8.95	%	12/28/2029	$	8,115		8,004		8,074
WSP (7)(14)(15)(19)(26)	First Lien Senior Secured Loan	SOFR	1.15% (4.00% PIK)				8.82	%	4/27/2028	$	3,406		3,013		1,039
WSP (7)(14)(19)(26)	First Lien Senior Secured Loan	—	8.00% PIK				8.00	%	4/27/2028	$	2,305		1,978		—
Wholesale Total												$	63,049	$	54,062		998.1	%
Investments Total												$	1,621,818	$	1,599,077		29519.6	%
Cash Equivalents
Goldman Sachs Financial Square Government Fund Institutional Share Class (30)	Cash Equivalents	—	—				3.69	%	—	$	28,126		28,126		28,126
Goldman Sachs US Treasury Liquid Reserves Fund (30)	Cash Equivalents	—	—				3.62	%	—	$	18,329		18,329		18,329
Cash Equivalents Total												$	46,455	$	46,455		857.6	%
Investments and Cash Equivalents Total												$	1,668,273	$	1,645,532		30377.2	%

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 March 31, 2026. 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 $5,417 as of March 31, 2026.
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Loan was on non-accrual status as of March 31, 2026.
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The principal amount (par amount) for all debt securities is denominated in U.S. dollars, unless otherwise noted.
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Assets or a portion thereof are pledged as collateral for the 2018-1 Issuer.
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Non-income producing.
Loan includes interest rate floor of 1.00%.
Loan includes interest rate floor of 0.75%.
Loan includes interest rate floor of 0.50%.
Loan includes interest rate floor of 0.00%.
Security valued using unobservable inputs (Level 3).
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Loan includes interest rate floor of 1.25%.
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Denotes that all or a portion of the investment includes PIK income during the period.
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Cash equivalents include $46,455 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 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)
U.S. Dollars
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	%
						Interest			Maturity					Market		% of Members
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Portfolio Company	Investment Type	Index (1)	Spread (1)			Rate			Date	Principal (9)		Cost		Value		Equity (4)
U.S. Dollars
Chemicals, Plastics & Rubber
Duraco (19)(32)(35)(36)	First Lien Senior Secured Loan	SOFR		6.50	%		10.16	%	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	%
						Interest			Maturity					Market		% of Members
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Portfolio Company	Investment Type	Index (1)	Spread (1)			Rate			Date	Principal (9)		Cost		Value		Equity (4)
U.S. Dollars
FIRE: Finance
Allworth Financial Group, L.P. (12)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR		4.75	%		8.47	%	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	%
						Interest			Maturity					Market		% of Members
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Portfolio Company	Investment Type	Index (1)	Spread (1)			Rate			Date	Principal (9)		Cost		Value		Equity (4)
U.S. Dollars
High Tech Industries
Appriss (12)(15)(19)(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	%
						Interest			Maturity					Market		% of Members
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Portfolio Company	Investment Type	Index (1)	Spread (1)			Rate			Date	Principal (9)		Cost		Value		Equity (4)
U.S. Dollars
Services: Consumer
CorePower Yoga, LLC (12)(15)(19)(34)(35)(36)	First Lien Senior Secured Loan	SOFR		5.25	%		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	%

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.
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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.
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Loan was on non-accrual status as of December 31, 2025.
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The principal amount (par amount) for all debt securities is denominated in U.S. dollars, unless otherwise noted.
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Assets or a portion thereof are pledged as collateral for the 2018-1 Issuer.
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Non-income producing.
Loan includes interest rate floor of 1.00%.
Loan includes interest rate floor of 0.75%.
Loan includes interest rate floor of 0.50%.
Loan includes interest rate floor of 0.00%.
Security valued using unobservable inputs (Level 3).
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Loan includes interest rate floor of 1.25%.
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Denotes that all or a portion of the debt investment includes PIK interest during the period.
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Cash equivalents include $122,290 of restricted cash.
Loan includes interest rate floor of 2.00%.
Loan includes interest rate floor of 1.50%.
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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
	March 31, 2026		December 31, 2025
ASSETS
Investments at fair value (amortized cost of $1,621,818 and $1,556,187, respectively)	$	1,599,077	$	1,536,252
Cash and cash equivalents		3,563		1,964
Restricted cash and cash equivalents		46,496		125,753
Prepaid expenses		3,657		3,773
Interest receivable on investments		13,934		12,658
Receivable for sales and paydowns of investments		3,975		3,976
Total assets	$	1,670,702	$	1,684,376
LIABILITIES
Debt (net of unamortized debt issuance costs of $9,778 and $10,022, respectively)	$	1,295,472	$	1,295,228
Subordinated notes payable to members		333,829		315,859
Interest payable on debt		15,444		21,951
Interest payable on subordinated notes payable to members		8,911		8,690
Payable for investments purchased		1,990		25,455
Distributions payable to members		6,569		6,785
Accounts payable and accrued expenses		3,070		2,330
Total liabilities	$	1,665,285	$	1,676,298
EQUITY
Members’ equity		5,417		8,078
Total Members' equity	$	5,417	$	8,078
Total liabilities and members’ equity	$	1,670,702	$	1,684,376

Selected Statement of Operations Information

	For the Three Months Ended
	March 31, 2026			March 31, 2025
Investment income
Interest income	$	37,752		$	38,112
Total investment income		37,752			38,112
Expenses
Interest and debt financing expenses		19,993			22,585
Interest expense on subordinated notes payable to members		8,910			7,331
Professional fees and other expenses		2,396			2,203
Total expenses		31,299			32,119
Net investment income		6,453			5,993
Net realized and unrealized gains (losses)
Net realized gain (loss) on investments		261			(4,517	)
Net change in unrealized appreciation on members subordinated notes		—			24,130
Net change in unrealized appreciation (depreciation) on investments		(2,806	)		(1,999	)
Total net gain (loss)		(2,545	)		17,614
Net increase from operations		3,908			23,607
Net increase in members' equity from operations	$	3,908		$	23,607

Legacy Corporate Lending HoldCo, LLC

Legacy Corporate Lending HoldCo, LLC and its subsidiaries (“Legacy Corporate Lending”) are principally focused on providing highly customized revolver and term loans and other financial solutions to lower mid-market businesses. The following table shows unaudited summarized financial information for Legacy Corporate Lending:

	For the Three Months Ended March 31,
	2026		2025
Net revenue	$	5,721	$	4,337
Net operating income		407		1,081
Earnings before taxes		407		1,081
Net profit		834		1,022

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 March 31, 2026, according to the fair value hierarchy:



Investments:
First Lien Senior Secured Loans		2,590		1,623,951	4,583	1,631,124
Second Lien Senior Secured Loans				30,069		30,069
Subordinated Debt				81,721		81,721
Preferred Equity				165,100		165,100
Equity Interests				159,786	7,539	167,325
Warrants				768		768
Subordinated Notes Investment Vehicles (1)				357,639		357,639
Preferred Equity Interests Investment Vehicles (1)					1,836	1,836
Equity Interests Investment Vehicles (1)					35,216	35,216
Total Investments		2,590		2,419,034	49,174	2,470,798
Cash equivalents	13,591					13,591
Forward currency exchange contracts (asset)		224				224
Forward currency exchange contracts (liability)		(2,739	)			(2,739	)
Interest rate swap		4,979				4,979

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 three months ended March 31, 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		222,532			—		—			4,003		280			—			8,985		235,800
Paid-in-kind interest income		4,290			—		2,745			350		—			—			—		7,385
Net accretion of discounts (amortization of premiums)		1,539			28		175			3		—			—			—		1,745
Principal repayments and sales of investments		(182,991	)		—		(13,725	)		—		(58,387	)		—			—		(255,103	)
Net change in unrealized appreciation on investments		(13,273	)		21		(3,686	)		3,500		9,239			(277	)		—		(4,476	)
Net realized gain (loss) on investments		316			—		525			—		(10,470	)		—			—		(9,629	)
Balance as of March 31, 2026	$	1,623,951		$	30,069	$	81,721		$	165,100	$	159,786		$	768		$	357,639	$	2,419,034
Change in unrealized appreciation attributable to investments still held at March 31, 2026	$	(13,224	)	$	21	$	(3,065	)	$	3,500	$	(1,757	)	$	(277	)	$	—	$	(14,802	)

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 three months ended March 31, 2026, transfers from Level 2 to Level 3, if any, were primarily due to decreased price transparency. For the three months ended March 31, 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

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 March 31, 2026 were as follows:

	As of March 31, 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 Loans	$	1,433,213	Discounted cash flows	Comparative Yields	6.1		%	—	28.4	%	11.0%
First Lien Senior Secured Loans		96,956	Comparable company multiple	EBITDA Multiple		6.8	x	—	11.5	x	8.8x
First Lien Senior Secured Loans		5,891	Comparable company multiple	Revenue Multiple	0.3		x	—	1.1	x	1.1x
First Lien Senior Secured Loans		12,052	Collateral coverage	Recovery Rate				—			100.0%
Second Lien Senior Secured Loans		30,069	Discounted cash flows	Comparative Yields		13.0	%	—	13.6	%	13.3%
Subordinated Notes in Investment Vehicles		357,639	Collateral coverage	Recovery Rate		93.3	%	—	100.0	%	96.9%
Subordinated Debt		81,721	Discounted cash flows	Comparative Yields		13.2	%	—	21.4	%	19.4%
Equity Interests		49,130	Discounted cash flows	Discount Rate				—			13.4%
Equity Interests		95,840	Comparable company multiple	EBITDA Multiple		3.8	x	—	24.0	x	12.5x
Equity Interests		7,647	Comparable company multiple	Revenue Multiple		3.8	x	—	34.5	x	12.7x
Equity Interests		5,860	Comparable company multiple	Book Value Multiple				—			1.0x
Preferred Equity		26,834	Comparable company multiple	EBITDA Multiple		6.3	x	—	23.0	x	10.7x
Preferred Equity		50,092	Comparable company multiple	Revenue Multiple		3.8	x	—	10.1	x	7.5x
Preferred Equity		73,309	Comparable company multiple	Book Value Multiple				—			1.0x
Preferred Equity		11,100	Discounted cash flows	Comparative Yields		13.6	%	—	18.8	%	16.9%
Preferred Equity		3,765	Discounted cash flows	Discount Rate				—			13.0%
Warrants		35	Comparable company multiple	Revenue Multiple				—			3.5x
Warrants		733	Discounted cash flows	Discount Rate				—			25.0%
Total investments	$	2,341,886

Included within the Level 3 assets of $2,419,034 is an amount of $77,148 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 March 31, 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

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	March 31, 2026		December 31, 2025
2019-1 Debt	2	$	270,957	$	272,182
March 2026 Notes	2		—		298,926
October 2026 Notes	2		295,288		295,222
March 2030 Notes	2		339,944		350,538
March 2031 Notes	2		335,284		—
Sumitomo Credit Facility	3		195,000		251,000
Total Debt		$	1,436,473	$	1,467,868

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 March 31, 2026 and 2025, management fees were $9.1 million and $9.1 million, respectively.

As of March 31, 2026 and December 31, 2025, $9.1 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 March 31, 2026 and 2025, the Company incurred $5.6 million and $2.2 million, respectively, of income incentive fees (before waivers), which are included in incentive fees on the Consolidated Statements of Operations.

As of March 31, 2026 and December 31, 2025, there was $5.6 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 March 31, 2026 and December 31, 2025.

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

For the three months ended March 31, 2026 and 2025, the Company accrued $0.0 million and $0.0 million, respectively, of incentive fees related to the GAAP Incentive Fee, which is included in incentive fees on the Consolidated Statements of Operations. As of March 31, 2026 and December 31, 2025, there was $0.0 million and $0.0 million related to the GAAP Incentive Fee accrued in incentive fee payable on the Consolidated Statements of Assets and Liabilities, respectively.

Administration Agreement

The Company has entered into an administration agreement (the “Administration Agreement”) with the advisor, pursuant to which the Administrator will provide the administrative services necessary for us to operate, and the Company will utilize the Administrator’s office facilities, equipment and recordkeeping services. Pursuant to the Administration Agreement, the Administrator

has agreed to oversee our public reporting requirements and tax reporting and monitor our expenses and the performance of professional services rendered to us by others. The Administrator has also hired a sub-administrator to assist in the provision of administrative services. The Company will reimburse the Administrator for its costs and expenses and our allocable portion of overhead incurred by it in performing its obligations under the Administration Agreement, including certain compensation paid to or compensatory distributions received by our officers (including our Chief Compliance Officer and Chief Financial Officer) and any of their respective staff who provide services to us, operations staff who provide services to us, and internal audit staff, if any, to the extent internal audit performs a role in our Sarbanes-Oxley internal control assessment. Our allocable portion of overhead will be determined by the Administrator, which expects to use various methodologies such as allocation based on the percentage of time certain individuals devote, on an estimated basis, to the business and affairs of the Company, and will be subject to oversight by the Board.

The Company incurred expenses related to the Administrator of $0.6 million and $0.7 million for the three months ended March 31, 2026 and 2025, respectively, which is included in other general and administrative expenses on the Consolidated Statements of Operations. As of March 31, 2026 and December 31, 2025, respectively, there were $0.6 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 $0.2 million and $0.2 million for the three months ended March 31, 2026 and 2025, respectively, which is included in other general and administrative expenses on the Consolidated Statements of Operations. The Administrator will not seek reimbursement in the event that any such reimbursements would cause any distributions to our stockholders to constitute a return of capital. In addition, the Administrator is permitted to delegate its duties under the Administration Agreement to affiliates or third parties and the Company will reimburse the expenses of these parties incurred and paid by the Advisor on our behalf.

Resource Sharing Agreement

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

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

Co-Investments

The Company will invest alongside 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 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. 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 March 31, 2026 and December 31, 2025, respectively.

Non-Controlled/Affiliate and Controlled Affiliate Investments

Transactions during the three months ended March 31, 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
ADT Pizza, LLC Equity Interest (1)	—	—	—		—		—		—	—	—
Ansett Aviation Training Equity Interest (1)	18,384	—	—		490		—		18,874	2	—
Walker Edison First Lien Senior Secured Loan - Delayed Draw (1)	290	—	—		—		—		290	—	21
Total Non-Controlled/affiliate investment	18,674	—	—		490		—		19,164	2	21
Controlled affiliate investment
Bain Capital Senior Loan Program, LLC Subordinated Note Investment Vehicles	157,925	8,985	—		—		—		166,910	4,460	—
Bain Capital Senior Loan Program, LLC Preferred Equity Interest Investment Vehicles	1,836	—	—		—		—		1,836	985	—
Bain Capital Senior Loan Program, LLC Equity Interest Investment Vehicles	5,007	—	—		(1,389	)	—		3,618	2,792	—
BCC Jetstream Holdings Aviation (On II), LLC First Lien Senior Secured Loan (1)	4,583	—	—		—		—		4,583	—	—
BCC Jetstream Holdings Aviation (On II), LLC Equity Interest (1)	—	—	—		—		—		—	—	—
BCC Jetstream Holdings Aviation (Off I), LLC Equity Interest (1)	7,539	—	—		—		—		7,539	—	—
Gale Aviation (Offshore) Co Equity Interest (1)	55,758	—	(53,307	)	10,997		(13,448	)	—	—	—
International Senior Loan Program, LLC Equity Interest Investment Vehicles	43,554	—	—		(11,956	)	—		31,598	856	—
International Senior Loan Program, LLC Subordinated Note Investment Vehicles	190,729	—	—		—		—		190,729	5,573	—
Legacy Corporate Lending HoldCo, LLC Equity Interest (1)	1,287	—	—		56		—		1,343	—	—
Legacy Corporate Lending HoldCo, LLC Preferred Equity	68,748	3,599	—		962		—		73,309	1,350	—
Legacy Corporate Lending HoldCo, LLC Equity Interest (1)	—	—	—		4,517		—		4,517	—	—
Lightning Holdings B, LLC Equity Interest (1)	47,423	—	—		1,707		—		49,130	—	—
Parcel2Go First Lien Senior Secured Loan	56	4	—		(2	)	—		58	2	—
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	—	—		(22	)	—		—	—	—
Voltaire Topco Limited Equity Interest (1)	—	—	—		—		—		—	—	—
Total Controlled affiliate investment	584,470	12,588	(53,307	)	4,870		(13,448	)	535,173	16,018	—
Total	603,144	12,588	(53,307	)	5,360		(13,448	)	554,337	16,020	21

All values are in US Dollars.

(1) Non-income producing.

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

(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). As of March 31, 2026 and December 31, 2025, the Company’s asset coverage ratio based on aggregated borrowings outstanding was 174.6% and 175.9%, respectively.

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





2019-1 Debt	272,000	272,000	270,265	272,000	272,000	270,224
March 2026 Notes	—	—	—	300,000	300,000	299,786
October 2026 Notes	300,000	300,000	299,264	300,000	300,000	298,926
March 2030 Notes (2)	350,000	350,000	348,530	350,000	350,000	350,860
March 2031 Notes (2)	350,000	350,000	341,598	—	—	—
Sumitomo Credit Facility	855,000	195,000	195,000	855,000	251,000	251,000
Total Debt	2,127,000	1,467,000	1,454,657	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 three months ended March 31, 2026 and year ended December 31, 2025 was 4.6% and 4.8%, respectively.

The combined weighted average borrowings outstanding for the three months ended March 31, 2026 and year ended December 31, 2025 were $1.6 billion and $1.5 billion, respectively.

The following table shows the contractual maturities of our debt obligations as of March 31, 2026:


		Less than				More than
						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	195,000		—	—	195,000		—
Total Debt Obligations	1,467,000		300,000	—	895,000	$	272,000

All values are in US Dollars.

2019‑1 Debt

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

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

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

SOFR

plus 0.26%, effective July 1, 2023. On July 2, 2025, the Co-Issuers refinanced the 2019‑1 CLO Reset Notes through a $430.3 million term debt securitization in the form of a collateralized loan obligation (the “CLO Reset Transaction”). The CLO Reset Transaction was executed through the issuance by the Co-Issuers of the following classes of notes pursuant to that certain second amended and restated indenture: (i) $232.0 million of Class A-1-RR Senior Secured Floating Rate Notes, which bear interest at the three-month SOFR plus 1.45%; (ii) $16.0 million of Class A-2-RR Senior Secured Floating Rate Notes, which bear interest at the three-month SOFR plus 1.60%; (iii) $24.0 million of Class A-3-RR Senior Secured Floating Rate Notes, which bear interest at the three-month SOFR plus 1.85%; (iv) $32.0 million of Class B-RR Secured Deferrable Floating Rate Notes, which bear interest at the three-month SOFR plus 2.35%; and (v) $24.0 million of Class C-RR Secured Deferrable Floating Rate Notes, which bear interest at the three-month SOFR plus 3.35% (collectively, the “2019-1 CLO Replacement Notes”). The 2019-1 CLO Replacement Notes will mature on July 15, 2036 and the reinvestment period ends April 15, 2027. As of March 31, 2026, the Company retained $32.0 million of the Class B-RR Notes and $24.0 million of the Class C-RR Notes. The retained notes 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 2019-1 Issuer under the 2019-1 CLO Transaction are non-recourse to the Company.

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

						Interest rate at
2019-1 Debt	Principal Amount		Spread above Index			March 31, 2026
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

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 March 31, 2026, there were 52 first lien senior secured loans with a total fair value of approximately $395.7 million and cash of $11.7 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 March 31, 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 March 31, 2026 and December 31, 2025, respectively.

For the three months ended March 31, 2026 and 2025, the components of interest expense related to the 2019‑1 Co-Issuers were as follows:

	For the Three Months Ended March 31,
	2026		2025
Borrowing interest expense	$	3,556	$	5,509
Unused facility fee		—		—
Amortization of deferred financing costs and upfront commitment fees		41		32
Total interest and debt financing expenses	$	3,597	$	5,541

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

	March 31, 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

For the three months ended March 31, 2026 and 2025, the components of interest expense related to the March 2026 Notes were as follows:

	For the Three Months Ended March 31,
	2026		2025
Borrowing interest expense	$	1,696	$	2,213
Amortization of debt issuance cost		122		160
Accretion of original issue discount		92		118
Total interest and debt financing expenses	$	1,910	$	2,491

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

	March 31, 2026			December 31, 2025
Principal amount of debt	$	300,000		$	300,000
Unamortized debt issuance cost		(392	)		(572	)
Original issue discount, net of accretion		(344	)		(502	)
Carrying value of October 2026 Notes	$	299,264		$	298,926

For the three months ended March 31, 2026 and 2025, the components of interest expense related to the October 2026 Notes were as follows:

	For the Three Months Ended March 31,
	2026		2025
Borrowing interest expense	$	1,913	$	1,913
Amortization of debt issuance cost		180		181
Accretion of original issue discount		158		157
Total interest and debt financing expenses	$	2,251	$	2,251

Sumitomo Credit Facility

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

The facility amount under the Sumitomo Credit Agreement is $300.0 million with an accordion provision to permit increases to the total facility amount up to $1.0 billion. Proceeds of the loans under the Sumitomo Credit Agreement may be used for general corporate purposes of the Company, including, without limitation, repaying outstanding indebtedness, making distributions, contributions and investments, and acquisition and funding, and such other uses as permitted under the Sumitomo Credit Agreement. The 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 March 31, 2026, the Company was in compliance with its covenants related to the Sumitomo Credit Facility.

As of March 31, 2026 and December 31, 2025, there were $195.0 million and $251.0 million of borrowings under the Sumitomo Credit Facility.

For the three months ended March 31, 2026 and 2025, the components of interest expense related to the Sumitomo Credit Facility were as follows:

	For the Three Months Ended March 31,
	2026		2025
Borrowing interest expense	$	2,484	$	4,456
Unused facility fee		642		544
Accretion of original issue discount		259		258
Total interest and debt financing expenses	$	3,385	$	5,258

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 March 31, 2026 and December 31, 2025, the components of the carrying value of the March 2030 Notes were as follows:

	March 31, 2026			December 31, 2025
Principal amount of debt	$	350,000		$	350,000
Unamortized debt issuance cost		(3,552	)		(3,773	)
Original issue discount, net of accretion		(3,081	)		(3,273	)
Effective interest rate swap hedge		5,163			7,906
Carrying value of March 2030 Notes	$	348,530		$	350,860

For the three months ended March 31, 2026 and 2025, the components of interest expense related to the March 2030 Notes were as follows:

	For the Three Months Ended March 31,
	2026			2025
Borrowing interest expense	$	5,206		$	3,124
Amortization of debt issuance cost		221			130
Accretion of original issue discount		192			113
Interest rate swaps		(264	)		74
Hedged items		(45	)		(78	)
Total interest and debt financing expenses	$	5,310		$	3,363

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 March 31, 2026 and December 31, 2025, the components of the carrying value of the March 2031 Notes were as follows:

	March 31, 2026			December 31, 2025
Principal amount of debt	$	350,000		$	—
Unamortized debt issuance cost		(4,435	)		—
Original issue discount, net of accretion		(3,605	)		—
Effective interest rate swap hedge		(362	)		—
Carrying value of March 2031 Notes	$	341,598		$	—

For the three months ended March 31, 2026 and 2025, the components of interest expense related to the March 2031 Notes were as follows:

	For the Three Months Ended March 31,
	2026			2025
Borrowing interest expense	$	3,587		$	—
Amortization of debt issuance cost		151			—
Accretion of original issue discount		122			—
Interest rate swaps		2			—
Hedged items		(63	)		—
Total interest and debt financing expenses	$	3,799		$	—

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 March 31, 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 March 31, 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	$	1,039	$	(2,097	)	$	(1,058	)	$	1,058		$	—
BNP Paribas	Unrealized depreciation on forward currency contracts	$	187	$	(1,037	)	$	(850	)	$	850		$	—
US Bank	Unrealized appreciation on forward currency contracts	$	511	$	(291	)	$	220		$	—		$	220
Wells Fargo	Unrealized depreciation on forward currency contracts	$	472	$	(1,303	)	$	(831	)	$	—		$	(831	)
Citibank	Unrealized appreciation on forward currency contracts	$	4	$	—		$	4		$	—		$	4
Wells Fargo	Interest rate swap	$	5,278	$	—		$	5,278		$	(4,760	)	$	518
BNP Paribas	Interest rate swap	$	—	$	(299	)	$	(299	)	$	120		$	(179	)

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	)	$	—

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 March 31, 2026 and 2025, the Company’s average U.S. dollar notional exposure to forward currency exchange contracts was $199.5 million and $146.3 million, respectively, and the average notional exposure for interest rate swaps was $525.0 million and $175 million, respectively.

The effect of transactions in derivative instruments to the Consolidated Statements of Operations during the three months ended March 31, 2026 and 2025 was as follows:

	For the Three Months Ended March 31,
	2026			2025
Net realized gain (loss) on forward currency exchange contracts	$	(2,989	)	$	(2,405	)
Net change in unrealized appreciation on forward currency exchange contracts		6,546			(2,073	)
Total net realized and unrealized gain (loss) on forward currency exchange contracts	$	3,557		$	(4,478	)

Included in total net gains (losses) on the Consolidated Statements of Operations are net gains (losses) of ($2.9) million and $4.3 million related to realized and unrealized gains and losses on investments, foreign currency holdings and non-investment assets and liabilities attributable to the changes in foreign currency exchange rates for the three months ended March 31, 2026 and 2025, respectively. Including the total net realized and unrealized gains (losses) on forward currency exchange contracts of $3.6 million and ($4.5) 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 $0.7 million and ($0.2) million for the three months ended March 31, 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 months ended March 31, 2026 and 2025, for the Company’s interest rate swap, are in the following locations in the Consolidated Statement of Operations:

	For the Three Months Ended March 31,						Financial Statement Location
	2026			2025
Interest rate swaps	$	(262	)	$	74		Interest and debt financing expenses
Hedged items		(108	)		(78	)	Interest and debt financing expenses

Note 8. Distributions

The Company’s distributions are recorded on the record date. The following table summarizes distributions declared during the three months ended March 31, 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
Total distributions declared			$	0.42	$	27,245

The distributions declared during the three months ended March 31, 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 three months ended March 31, 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)
Total distributions declared			$	0.45	$	29,191

(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 March 31, 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 March 31, 2026 and December 31, 2025, the Advisor owned 0.00% and 0.00%, respectively, of the outstanding common stock of the Company.

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

There have been no shares issued or proceeds received related to capital drawdowns delivered pursuant to the Subscription Agreements, issuance of common stock. There have been 0 shares and 52,336 shares, respectively, issued pursuant to the dividend reinvestment plan during the three months ended March 31, 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 March 31, 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 three months ended March 31, 2026. In connection with the issuance of common stock, the Company issued and sold common stock during the three months ended March 31, 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

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 March 31, 2026, the Company had $442.6 million of unfunded commitments under loan and financing agreements as follows:

Portfolio Company & Investment	Expiration Date(1)	Unfunded Commitments(2)
A&R Logistics, Inc. - Revolver	2/3/2028	$	426
A&R Logistics, Inc. - Revolver	6/29/2026		2,152
ACAMS - Revolver	12/30/2031		1,413
Accident Care Alliance Holdco LLC - Delayed Draw	8/20/2030		1,924
Accident Care Alliance Holdco LLC - Revolver	8/20/2030		1,962
Advanced Aircrew - Revolver	7/26/2030		696
AeriTek Global CAD Acquisition Inc. - Revolver	8/27/2030		40
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		462
Allworth Financial Group, L.P. - Revolver	12/23/2027		2,816
Allworth Financial Group, L.P. - Delayed Draw	12/23/2027		2,781
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	8/10/2030		794
Apollo Intelligence - Revolver	5/31/2028		3,230
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		12
ASP-r-pac Acquisition Co LLC - Revolver	12/29/2027		209
ATS - Revolver	7/12/2029		2,872
Awayday - Revolver	5/6/2032		1,136
AXH Air Coolers - Revolver	10/31/2029		5,504
AXH Air Coolers - Delayed Draw	10/31/2029		3,811
Beacon Specialized Living - Delayed Draw	3/25/2028		7,989
Beacon Specialized Living - Revolver	3/25/2028		1,282
Beneficium - Delayed Draw	6/28/2031		9,524
BLI Buyer, Inc. - Delayed Draw	10/31/2031		3,211
BLI Buyer, Inc. - Revolver	10/31/2031		1,605
Bridger Aerospace Group Holdings, Inc. - Delayed Draw	10/28/2030		2,516
Bridger Aerospace Group Holdings, Inc. - Revolver	10/28/2030		606
BTX Precision - Revolver	7/25/2030		2,948
BTX Precision - Delayed Draw	7/25/2030		6,977
Chase Industries, Inc. - Revolver	11/11/2027		1,090
Chex Finer Foods, LLC - Delayed Draw	6/6/2031		8,410
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		1,961
Choreo - Delayed Draw	2/18/2028		5,091
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		1,195
Easy Ice - Delayed Draw	10/30/2030		6,810
Easy Ice - Revolver	10/30/2030		2,194
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		1,352
Elevation NewCo, LLC - Revolver	8/1/2031		542
Engineered Products Co., LLC - Revolver	8/12/2031		530
E-Tech Group - Revolver	4/9/2030		960
EXT Acquisitions, Inc. - Delayed Draw	12/19/2031		793
EXT Acquisitions, Inc. - Revolver	12/19/2031		344
Facts Global Energy - Delayed Draw	12/20/2031		6,308
FC DOLMANS B.V. - Delayed Draw	3/4/2033		1,117
Fiduciaire Jean-Marc Faber (FJMF) - Delayed Draw	4/3/2032		3,692
Fifty U.S. Bidco Inc - Delayed Draw	8/1/2031		2,940
Fifty U.S. Bidco Inc - Revolver	8/1/2031		1,548
Forward Slope - Revolver	8/22/2029		7,319
G-3 Frax Acquisition LLC - Revolver	1/30/2032		110
G702 Buyer, Inc. - Revolver	7/2/2031		772
Govineer Solutions (fka Black Mountain) - Delayed Draw	10/7/2030		7,879
Govineer Solutions (fka Black Mountain) - Revolver	10/7/2030		4,463
Gulf Winds International - Revolver	12/16/2028		910
Harbor IT, LLC - Delayed Draw	3/13/2031		487
Harbor IT, LLC - Revolver	3/13/2031		81
Heads Up Technologies, Inc. - Revolver	7/23/2030		1,768
HealthDrive - Revolver	8/20/2029		2,111
HealthDrive - Delayed Draw	8/20/2029		4,120
Hellers - Delayed Draw	9/27/2030		472
Hempz - Revolver	10/25/2029		1,826
HLSG Intermediate, LLC - Delayed Draw	2/2/2033		2,485
HLSG Intermediate, LLC - Revolver	2/2/2033		995
Humic Acquisition Holdings, LLC - Revolver	10/21/2031		1,456
ICAT Logistics, Inc. - Delayed Draw	3/1/2029		2,852
ICAT Logistics, Inc. - Revolver	3/1/2029		843
ImageTrend - Revolver	1/31/2029		4,000
Intoxalock - Revolver	11/1/2028		2,401
Portfolio Company & Investment	Expiration Date(1)	Unfunded Commitments(2)
---	---	---	---
KAMC Holdings, Inc. - Revolver	8/1/2031		761
Lightspeed Buyer, Inc. - Delayed Draw	2/6/2032		5,806
Lightspeed Buyer, Inc. - Revolver	2/6/2032		1,936
Lindstrom, LLC - Revolver	12/30/2032		1,099
LogRhythm - Revolver	7/2/2029		835
Mach Acquisition R/C - Revolver	4/19/2027		2,511
Master ConcessionAir - Delayed Draw	6/21/2029		262
Master ConcessionAir - Revolver	6/21/2029		7
McLarens Acquisition Inc. - Revolver	12/19/2027		170
McLarens Acquisition Inc. - Delayed Draw	12/19/2027		1,641
McLarens Acquisition Inc. - Delayed Draw	12/19/2027		8
McLarens Acquisition Inc. - Revolver	12/20/2027		313
McLarens Acquisition Inc. - Revolver	12/19/2027		886
Meriplex Communications, Ltd. - Revolver	7/17/2028		349
Meteor UK Bidco Limited - Revolver	11/14/2031		1,606
Monarch Collective Holdings, LLC - Delayed Draw	3/17/2032		3,313
Monarch Collective Holdings, LLC - Revolver	3/17/2032		533
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		2,363
MRHT - Revolver	11/10/2031		1,569
Nafinco - Delayed Draw	8/29/2031		787
Nafinco - Revolver	5/30/2031		495
NearMap - Revolver	12/9/2028		4,652
NearMap - Revolver	12/9/2028		4,078
New Look Vision Group - Revolver	5/26/2028		1,205
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		5,207
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
Plaskolite PPC Intermediate II LLC - Revolver	2/7/2030		507
PMA - Revolver	1/31/2031		1,225
PPT Group - Delayed Draw	2/28/2031		4,373
PPT Group - Revolver	2/28/2031		2,039
Precision Concepts Parent Inc. - Revolver	8/2/2032		288
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
Pure Wafer - Revolver	11/12/2030		1,585
Pyramid Global Hospitality - Revolver	1/19/2028		3,482
QPE Alpha 4 Pty Ltd ACN 664 132 530 - Delayed Draw	2/5/2032		174
Portfolio Company & Investment	Expiration Date(1)	Unfunded Commitments(2)
---	---	---	---
Reconomy - Delayed Draw	7/12/2029		2,620
Red Nucleus - Delayed Draw	10/17/2031		2,887
Red Nucleus - Revolver	10/17/2031		2,088
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		776
Revalize, Inc. - Revolver	4/15/2027		871
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		4,112
Simplicity - Delayed Draw	12/31/2031		1,365
Simplicity - Revolver	12/31/2031		4,348
Solairus - Delayed Draw	7/22/2030		7,274
Solaray, LLC - Revolver	3/27/2029		698
Spring Finco BV - Delayed Draw	7/15/2029		4,483
Substantial Holdco Limited - Delayed Draw	4/20/2030		429
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		839
SureWerx - Revolver	12/28/2028		8
Taoglas - Revolver	2/28/2029		73
Titan Cloud Software, Inc - Revolver	9/7/2028		2,389
TL Sapphire Parent, Inc. - Delayed Draw	1/22/2033		719
TL Sapphire Parent, Inc. - Revolver	1/22/2033		1,508
TLC Purchaser, Inc. - Revolver	10/11/2027		5,713
V Global Holdings LLC - Revolver	12/22/2027		6,150
Vasa Fitness, LLC - Delayed Draw	8/15/2030		458
Vasa Fitness, LLC - Revolver	8/15/2030		200
Vatica Health, Inc. - Revolver	10/31/2032		947
Vessco Water - Delayed Draw	7/24/2031		256
Vessco Water - Revolver	7/24/2031		1,112
Walker Edison - Delayed Draw	2/2/2026		232
Wealth Enhancement Group (WEG) - Revolver	10/2/2028		1,220
Wealth Enhancement Group (WEG) - Delayed Draw	10/4/2028		5,054
Webcentral - Delayed Draw	12/18/2030		54
Whitcraft-Paradigm - Revolver	2/28/2029		1,770
Whitcraft-Paradigm - Delayed Draw	2/15/2029		256
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		135
WU Holdco, Inc. - Delayed Draw	4/15/2032		5,460
WU Holdco, Inc. - Revolver	4/15/2032		2,775
Zeus Fire & Security - Revolver	12/11/2030		1,580
Total		$	442,597

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 March 31, 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
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

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 three months ended March 31, 2026 and 2025:

	For the Three Months Ended March 31,
	2026				2025
Per share data:
Net asset value at beginning of period	$	17.23			$	17.65
Net investment income (1)		0.42				0.50
Net realized loss (1)(7)		(0.19	)			(0.41	)
Net change in unrealized appreciation (1)(2)(8)		(0.18	)			0.35
Net increase in net assets resulting from operations (1)(9)(10)		0.05				0.44
Stockholder distributions from income (3)		(0.42	)			(0.45	)
Net asset value at end of period	$	16.86			$	17.64
Net assets at end of period	$	1,093,555			$	1,144,504
Shares outstanding at end of period		64,868,507				64,868,507
Per share market value at end of period	$	12.40			$	16.60
Total return based on market value (11)		(7.84	)	%		(2.68	)	%
Total return based on net asset value (4)		0.30		%		2.51		%
Ratios:
Ratio of net investment income to average net assets (5)(12)		11.72		%		12.29		%
Ratio of total expenses to average net assets (5)(12)		12.30		%		11.45		%
Supplemental data:
Ratio of interest and debt financing expenses to average net assets (5) (12)		7.35		%		6.72		%
Ratio of expenses (without incentive fees) to average net assets (5) (12)		11.80		%		11.26		%
Ratio of incentive fees and management fees, net of contractual and voluntary waivers, to average net assets (5) (12)		3.80		%		3.42		%
Average principal debt outstanding	$	1,560,467			$	1,437,769
Portfolio turnover (6)		9.47		%		10.06		%

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 May 11, 2026, the issuance date of the Consolidated Financial Statements, and noted no items requiring disclosure in this Form 10-Q or adjustment of the Consolidated Financial Statements.

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

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

Overview

Bain Capital Specialty Finance, Inc. (the “Company”, “we”, “our” and “us”) is an externally managed specialty finance company focused on lending to middle market companies. We have elected to be regulated as a business development company (a “BDC”) under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”). We are managed by the Advisor, a subsidiary of Bain Capital Credit, LP (“Bain Capital Credit”). Our Advisor is registered as an investment adviser with the SEC under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Our Advisor also provides the administrative services necessary for us to operate (in such capacity, our “Administrator”). Since we commenced operations on October 13, 2016 through March 31, 2026, we have invested approximately $9,975.9 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 March 31, 2026 and December 31, 2025, 92.6% 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 $0.6 million and $0.7 million for the three months ended March 31, 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 $0.2 million and $0.2 million for the three months ended March 31, 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%. 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 March 31, 2026, the Company’s asset coverage was 174.6%.

Investment Decision Process

The Advisor’s investment process can be broken into five processes: (1) Sourcing and Idea Generation, (2) Investment Diligence & Recommendation, (3) Credit Committee Approval, (4) Portfolio Construction and (5) Portfolio & Risk Management.

Sourcing and Idea Generation

The investment decision-making process begins with sourcing ideas. Bain Capital Credit’s Private Credit Group interacts with a broad and deep set of global sourcing contacts, enabling the group to generate a large set of middle-market investment opportunities. Further enhancing the sourcing capability of the core Private Credit Group are Bain Capital Credit’s industry groups, Trading Desk, and the Bain Capital Special Situations team. The team has extensive contacts with private equity firms. Relationships with banks, a variety of advisors and intermediaries and a handful of unique independent sponsors compose the remainder of the relationships. Through these sourcing efforts the Private Credit Group has built a sustainable deal funnel, which has generated hundreds of opportunities to review annually.

Investment Diligence & Recommendation

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

Credit Committee Approval

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

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

Portfolio Construction

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

Portfolio & Risk Management

Our Advisor utilizes Bain Capital Credit’s Private Credit Group for the daily monitoring of its respective credits after an investment has been made. Our Advisor believes that the ongoing monitoring of financial performance and market developments of

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

Portfolio and Investment Activity

During the three months ended March 31, 2026, we invested $243.2 million, including PIK, in 107 portfolio companies, and had $255.4 million in aggregate amount of principal repayments and sales, resulting in a net decrease in investments of $12.2 million for the period. Of the $243.2 million invested during the three months ended March 31, 2026, $83.7 million was related to drawdowns on delayed draw term loans and revolvers of our portfolio companies.

During the three months ended March 31, 2025, we invested $277.2 million, including PIK, in 89 portfolio companies, and had $246.4 million in aggregate amount of principal repayments and sales, resulting in a net increase in investments of $30.8 million for the period. Of the $277.2 million invested during the three months ended March 31, 2025, $123.8 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 March 31, 2026 (dollars in thousands):


											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		1,671,244		67.2	%	$	1,631,124		66.0	%		10.3	%		10.3	%
Second Lien Senior Secured Loan		29,846		1.2			30,069		1.2			12.8			12.8
Subordinated Debt		88,992		3.6			81,721		3.3			15.1			15.2
Preferred Equity		126,322		5.1			165,100		6.7			6.7			6.4
Equity Interest		130,526		5.3			167,325		6.8		N/A			N/A
Warrants		—		—			768		0.0		N/A			N/A
Subordinated Notes in Investment Vehicles (3)		369,709		14.9			357,639		14.5			10.9			10.9
Preferred Equity Interest in Investment Vehicles (3)		10		0.0			1,836		0.1		N/A			N/A
Equity Interests in Investment Vehicles (3)		66,209		2.7			35,216		1.4			21.1			39.7
Total		2,482,858		100.0	%	$	2,470,798		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 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	%

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 March 31, 2026:

	As of
	March 31, 2026
Number of portfolio companies		212
Percentage of debt bearing a floating rate (1)		92.6	%
Percentage of debt bearing a fixed rate (1)		7.4	%

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 March 31, 2026 (dollars in thousands):


		Percentage at<br>Amortized Cost				Percentage at<br>Fair Value
Performing	2,446,877		98.6	%	2,455,597		99.4	%
Non-accrual	35,981		1.4		15,201		0.6
Total	2,482,858		100.0	%	2,470,798		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	%

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 March 31, 2026, there were eleven loans from six 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 March 31, 2026 (dollars in thousands):


		Percentage<br>of Total				Percentage<br>of Total
First Lien Senior Secured Loan	1,671,244		66.5	%	1,631,124		65.1	%
Second Lien Senior Secured Loan	29,846		1.2		30,069		1.2
Subordinated Debt	88,992		3.5		81,721		3.3
Preferred Equity	126,322		5.0		165,100		6.6
Equity Interests	130,526		5.2		167,325		6.7
Warrants	—		—		768		0.0
Subordinated Notes in Investment Vehicles (1)	369,709		14.7		357,639		14.3
Preferred Equity Interest in Investment Vehicles (1)	10		0.0		1,836		0.1
Equity Interests in Investment Vehicles (1)	66,209		2.6		35,216		1.4
Cash and cash equivalents	12,973		0.5		12,973		0.5
Foreign cash	3,026		0.1		3,622		0.1
Restricted cash and cash equivalents	17,593		0.7		17,593		0.7
Total	2,516,450		100.0	%	2,504,986		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
	Amortized<br>Cost		Percentage<br>of Total			Fair<br>Value		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	%

Represents debt and equity investment in ISLP and SLP.

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

assessment of success in adhering to the portfolio company’s business plan and compliance with covenants;
periodic or regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor to discuss financial position, requirements and accomplishments;
comparisons to our other portfolio companies in the industry, if any;
attendance at and participation in board meetings or presentations by portfolio companies; and
review of monthly and quarterly financial statements and financial projections of portfolio companies.

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

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

The following table shows the composition of our portfolio on the 1 to 4 rating scale as of March 31, 2026 (dollars in thousands):


Investment Performance Rating		Percentage<br>of Total			Number of<br>Companies (1)		Percentage<br>of Total
1	8,084		0.3	%		1		0.5	%
2	2,343,504		94.9			199		93.9
3	104,006		4.2			6		2.8
4	15,204		0.6			6		2.8
Total	2,470,798		100.0	%		212		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	%

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 March 31, 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 $0.0 million in unfunded capital contributions. As of March 31, 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 $0.0 million in unfunded capital contributions. The Company and Pantheon each appointed two members to ISLP’s four-person Member Designees’ Committee. All material decisions with respect to ISLP, including those involving its investment portfolio, require unanimous approval of a quorum of Member Designees’ Committee. The Company does not consolidate its investments in ISLP as it is not a substantially wholly owned investment company subsidiary. In addition, the Company does not control ISLP due to the allocation of voting rights among ISLP members.

As of March 31, 2026, ISLP had $711.9 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
	March 31, 2026			December 31, 2025
Total investments	$	711,887		$	733,104
Weighted average yield on investments		9.6	%		9.6	%
Number of borrowers in ISLP		40			40
Largest portfolio company investment	$	53,627		$	52,026
Total of five largest portfolio company investments	$	201,632		$	200,518
Unfunded commitments	$	877		$	1,344

Bain Capital Senior Loan Program, LLC

As of March 31, 2026, the Company’s investment in SLP consisted of subordinated notes of $166.9 million, preferred equity interests of $1.8 million and equity interests of $3.6 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
	March 31, 2026			December 31, 2025
Total investments	$	1,599,077		$	1,536,252
Weighted average yield on investments		9.4	%		9.4	%
Number of borrowers in SLP		106			99
Largest portfolio company investment	$	42,119		$	42,227
Total of five largest portfolio company investments	$	188,747		$	188,219
Unfunded commitments	$	991		$	4,109

Results of Operations

Our operating results for the three months ended March 31, 2026 and 2025 were as follows (dollars in thousands):

	For the Three Months Ended March 31,
	2026			2025
Total investment income	$	66,174		$	66,839
Total expenses, net of fee waivers		37,904			33,653
Net investment income before taxes		28,270			33,186
Less: Income taxes, including excise tax		906			1,076
Net investment income		27,364			32,110
Net realized loss		(12,551	)		(26,607	)
Net change in unrealized appreciation		(11,423	)		23,044
Net increase in net assets resulting from operations	$	3,390		$	28,547

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 March 31, 2026 and 2025 was as follows (dollars in thousands):

	For the Three Months Ended March 31,
	2026		2025
Interest income	$	49,368	$	50,828
Dividend income		6,602		6,511
PIK income		8,707		6,625
Other income		1,497		2,875
Total investment income	$	66,174	$	66,839

Interest income from investments, which includes interest and accretion of discounts and fees, decreased to $49.4 million for the three months ended March 31, 2026 from $50.8 million for the three months ended March 31, 2025, primarily due to a decrease in yield of the investment portfolio. Dividend income increased to $6.6 million for the three months ended March 31, 2026 from $6.5 million for the three months ended March 31, 2025, primarily due to an increase in dividend income from SLP and ISLP. PIK income increased to approximately $8.7 million for the three months ended March 31, 2026 from $6.6 million for the three months ended March 31, 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 $1.5 million for the three months ended March 31, 2026 from $2.9 million for the three months ended March 31, 2025, primarily due to a decrease in commitment and upfront fees earned on certain investments. As of March 31, 2026, the weighted average yield of our investment portfolio decreased to 10.8% from 11.5% as of March 31, 2025, at amortized cost.

Operating Expenses

The composition of our operating expenses for the three months ended March 31, 2026 and 2025 were as follows (dollars in thousands):

	For the Three Months Ended March 31,
	2026		2025
Interest and debt financing expenses	$	20,252	$	18,904
Base management fee		9,085		9,068
Incentive fee		5,618		2,222
Professional fees		700		714
Directors fees		180		174
Other general and administrative expenses		2,069		2,571
Total expenses, net of fee waivers	$	37,904	$	33,653

Interest and Debt Financing Expenses

Interest and debt financing expenses on our borrowings totaled approximately $20.3 million and $18.9 million for the three months ended March 31, 2026 and 2025, respectively. Interest and debt financing expense for the three months ended March 31, 2026 as compared to March 31, 2025 increased primarily due to an increase in debt outstanding for the period. The weighted average principal debt balance outstanding for the three months ended March 31, 2026 was $1.6 billion compared to $1.4 billion for the three months ended March 31, 2025.

The combined weighted average interest rate (excluding deferred upfront financing costs and unused fees) of the aggregate borrowings outstanding for the three months ended March 31, 2026 and the year ended December 31, 2025 was 4.6% and 4.8%, respectively.

Management Fee

Management fee (net of waivers) was $9.1 million for the three months ended March 31, 2026 and $9.1 million for the three months ended March 31, 2025. Management fee (gross of waivers) was $9.1 million for the three months ended March 31, 2026 and $9.1 million for the three months ended March 31, 2025. Management fee waived for the three months ended March 31, 2026 and 2025 was $0.0 million and $0.0 million, respectively.

Incentive Fee

Incentive fee (net of waivers) increased to $5.6 million for the three months ended March 31, 2026 from $2.2 million for the three months ended March 31, 2025. The following table summarizes the incentive fee for the three months ended March 31, 2026 and 2025 (dollars in thousands):

	For the Three Months Ended March 31,
	2026			2025
Trailing twelve quarter pre-incentive fee net investment income	$	460,077		$	462,217
Trailing twelve quarter Net Capital Loss		(77,327	)		(46,151	)
Cumulative Net Return		382,750			416,066
Incentive fee rate on Cumulative Net Return		17.5	%		17.5	%
Incentive Fee Cap		66,981			72,811
Prior eleven quarter payments		(61,363	)		(70,589	)
Total incentive fee	$	5,618		$	2,222

For the three months ended March 31, 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 $2.8 million for the three months ended March 31, 2026 from $3.3 million for the three months ended March 31, 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 March 31, 2026 and 2025 (dollars in thousands):



Gross realized gain on investments	3,886		1,358
Gross realized loss on investments	(13,514	)	(25,311	)
Gross realized gain on foreign currency transactions	128		—
Gross realized loss on foreign currency transactions	(62	)	(249	)
Gross realized gain on forward currency exchange contracts	-		290
Gross realized loss on forward currency exchange contracts	(2,989	)	(2,695	)
Net realized loss	(12,551	)	(26,607	)
Change in unrealized appreciation on investments	28,827		50,880
Change in unrealized depreciation on investments	(46,661	)	(26,198	)
Net change in unrealized appreciation on investments	(17,834	)	24,682
Unrealized appreciation on foreign currency translation	(135	)	435
Unrealized appreciation on forward currency exchange contracts	6,546		(2,073	)
Net change in unrealized appreciation on foreign currency and forward currency exchange contracts	6,411		(1,638	)
Net change in unrealized appreciation	(11,423	)	23,044

All values are in US Dollars.

For the three months ended March 31, 2026, realized gains were primarily driven by the sale of the Company’s equity interest in BTX Precision. For the three months ended March 31, 2026, realized losses were primarily driven by the sale of the Company’s equity interest in Gale Aviation (Offshore) Co.

For the three months ended March 31, 2025, realized gains were primarily driven by the sale of the Company’s investment in Elk Parent Holdings, LP. For the three months ended March 31, 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 three months ended March 31, 2026, we had $28.8 million in unrealized appreciation on 50 portfolio company investments, which was offset by $46.7 million in unrealized depreciation on 160 portfolio company investments. For the three months ended March 31, 2026, the unrealized appreciation was primarily driven by the reversal of unrealized depreciation resulting from the sale of Gale Aviation (Offshore) Co. and company specific valuation adjustments on equity investments in Legacy Corporate Lending HoldCo, LLC and AXH Air Coolers. For the three months ended March 31, 2026, the unrealized depreciation was primarily driven by decreases in the fair value of the Company’s investment in ISLP and certain portfolio company investments including, Applitools, American Trailer Rental Group, Aptus 1724 Gmbh and Abracon Group Holding, LLC, reflecting a combination of company specific valuation adjustments and market driven factors including widening of credit spreads.

For the three months ended March 31, 2025, we had $50.9 million in unrealized appreciation on 77 portfolio company investments, which was offset by $26.2 million in unrealized depreciation on 99 portfolio company investments. For the three months ended March 31, 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 Legacy Corporate Lending HoldCo, LLC, Eagle Rock Capital Corporation and Lightning Holdings B, LLC. For the three months ended March 31, 2025, unrealized depreciation was primarily due to widening of credit spreads and company specific valuation adjustments on Thrasio, LLC and Walker Edison.

The following table summarizes the impact of foreign currency for the three months ended March 31, 2026 and 2025 (dollars in thousands):



Net change in unrealized appreciation on investments due to foreign currency	(3,128	)	4,179
Net realized gain (loss) on investments due to foreign currency	336		(61	)
Net change in unrealized appreciation on foreign currency translation	(135	)	435
Net realized gain (loss) on foreign currency transactions	66		(249	)
Net change in unrealized appreciation on forward currency exchange contracts	6,546		(2,073	)
Net realized loss on forward currency exchange contracts	(2,989	)	(2,405	)
Foreign currency impact to net increase (decrease) in net assets resulting from operations	696		(174	)

All values are in US Dollars.

Included in total net gains (losses) on the Consolidated Statements of Operations were gains (losses) of ($2.9) million, and $4.3 million related to realized and unrealized gains and losses on investments, foreign currency holdings and non-investment assets and liabilities attributable to the changes in foreign currency exchange rates for the three months ended March 31, 2026 and 2025, respectively. Including the total net realized and unrealized losses on forward currency exchange contracts of $3.6 million and ($4.5) 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 $0.7 million and ($0.2) million for the three months ended March 31, 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 March 31, 2026 and 2025, the increase in net assets resulting from operations was $3.4 million and $28.5 million, respectively. Based on the weighted average shares of common stock outstanding for the three months ended March 31, 2026 and 2025, our per share net increase in net assets resulting from operations was $0.05 and $0.44, 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 March 31, 2026 and December 31, 2025, our asset coverage ratio was 174.6% and 175.9%, respectively.

At March 31, 2026 and December 31, 2025, we had $34.2 million and $58.9 million in cash, foreign cash, restricted cash and cash equivalents, respectively.

At March 31, 2026, we had approximately $660.0 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 three months ended March 31, 2026, cash, foreign cash, restricted cash, and cash equivalents decreased by $24.7 million. During the three months ended March 31, 2026, we provided $26.6 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 $245.9 million and a net increase in assets resulting from operations of $3.4 million, which was offset by purchases of investments of $234.4 million. During the three months ended March 31, 2026, we used $51.3 million for financing activities, primarily on repayments of $649.0 million and distributions paid during the period of $37.0 million, partially offset by the issuance of the March 2031 Notes for $350.0 million, and borrowings under our Sumitomo Credit Facility of $293.0 million.

For the three months ended March 31, 2025, cash, foreign cash, restricted cash, and cash equivalents decreased by $5.1 million. During the three months ended March 31, 2025, we used $7.3 million in cash for operating activities. The decrease in cash used for operating activities was primarily related to purchases of investments of $299.4 million, which was offset by proceeds from principal payments and sales of investments of $251.3 million and a net increase in assets resulting from operations of $28.5 million. During the three months ended March 31, 2025, we provided $2.0 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 $109.0 million, partially offset by repayments of $395.7 million and distributions paid during the period of $58.2 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 March 31, 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

Debt

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





2019-1 Debt	272,000	272,000	270,265	272,000	272,000	270,224
March 2026 Notes	—	—	—	300,000	300,000	299,786
October 2026 Notes	300,000	300,000	299,264	300,000	300,000	298,926
March 2030 Notes (2)	350,000	350,000	348,530	350,000	350,000	350,860
March 2031 Notes (2)	350,000	350,000	341,598	—	—	—
Sumitomo Credit Facility	855,000	195,000	195,000	855,000	251,000	251,000
Total Debt	2,127,000	1,467,000	1,454,657	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 three months ended March 31, 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
Total distributions declared			$	0.42	$	27,245

The Company’s distributions are recorded on the record date. The following table summarizes distributions declared during the three months ended March 31, 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)
Total distributions declared			$	0.45	$	29,191

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

Use of Estimates

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

Revenue Recognition

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

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

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

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

Valuation of Portfolio Investments

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

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. We reimburse the Administrator for its costs and

expenses and our allocable portion of overhead incurred by it in performing its obligations under the Administration Agreement, including certain compensation paid to or compensatory distributions received by our officers (including our Chief Compliance Officer and Chief Financial Officer) and any of their respective staff who provide services to us, operations staff who provide services to us, and internal audit staff, if any, to the extent internal audit performs a role in our Sarbanes-Oxley internal control assessment.

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

The following table shows the contractual maturities of our debt obligations as of March 31, 2026 (dollars in thousands):


		Less than				More than
						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	195,000		—	—	195,000		—
Total Debt Obligations	1,467,000		300,000	—	895,000	$	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.

Assuming that the statement of financial condition as of March 31, 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	$	(17,789	)	$	(11,670	)	$	(5,048	)
Down 200 Basis Points		(35,371	)		(23,340	)		(9,926	)
Down 300 Basis Points		(48,686	)		(34,390	)		(11,794	)
Up 100 Basis Points		18,109			11,670			5,312
Up 200 Basis Points		36,219			23,340			10,625
Up 300 Basis Points		54,328			35,010			15,937

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

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of March 31, 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 March 31, 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 described below and discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K are not the only risks we face. Additional risks and uncertainties are not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results. During the fiscal quarter ended March 31, 2026, there have been no material changes to the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2025.

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

The Company did not engage in any unregistered sales of equity securities, issue any common stock under the Company's dividend reinvestment plan, or purchase any common stock during the three months ended March 31, 2026.

Item 3. Default Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Rule 10b5-1 Trading Plans

During the fiscal quarter ended March 31, 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, Consolidated Financial Statement Schedules

The following exhibits are included, or incorporated by reference, in this Quarterly Report on Form 10-Q for the three months ended March 31, 2026 (and are numbered in accordance with Item 601 of Regulation S-K under the Securities Act).

Exhibit<br>Number	Description of Document
3.1	Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form 10 (File No. 000‑55528) filed on October 6, 2016).
3.2	Bylaws (incorporated by reference to Exhibit 3.2 to the Company’s Registration Statement on Form 10 (File No. 000‑55528) filed on October 6, 2016).
4.1	Dividend Reinvestment Plan (incorporated by reference to Exhibit 10.5 to the Company’s Registration Statement on Form 10 (File No. 000‑55528) filed on October 6, 2016).
10.1	Second Amended and Restated Investment Advisory Agreement, dated November 28, 2018, by and between the Company and the Advisor (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8‑K (File No. 814‑01175), filed on February 1, 2019).
10.2	Administration Agreement, dated October 6, 2016, by and between the Company and the Administrator (incorporated by reference to Exhibit 10.2 to the Company’s Registration Statement on Form 10 (File No. 000‑55528) filed on October 6, 2016).
10.3	Form of Advisory Fee Waiver Agreement by and between the Company and the Advisor (incorporated by reference to Exhibit 10.3 to the Company’s Registration Statement on Form 10 (File No. 000‑55528) filed on October 6, 2016).
10.4	Indenture, dated as of September 28, 2018, between BCC Middle Market CLO 2018‑1, LLC, as issuer, and Wells Fargo Bank, National Association, as trustee (incorporated by reference to Exhibit 10.9 to the Company’s Quarterly Report on Form 10‑Q (File No. 814‑01175), filed on October 17, 2018).
10.5	Portfolio Management Agreement, dated as of September 28, 2018, by and between BCC Middle Market CLO 2018‑1, LLC, as issuer, and Bain Capital Specialty Finance, Inc., as portfolio manager (incorporated by reference to Exhibit 10.10 to the Company’s Quarterly Report on Form 10‑Q (File No. 814‑01175), filed on October 17, 2018).
10.6	Loan Sale Agreement, dated as of September 28, 2018, by and between BCC Middle Market CLO 2018‑1, LLC, as issuer, and Bain Capital Specialty Finance, Inc., as the transferor (incorporated by reference to Exhibit 10.11 to the Company’s Quarterly Report on Form 10‑Q (File No. 814‑01175), filed on October 17, 2018).
10.7	Collateral Administration Agreement, dated as of September 28, 2018, by and between BCC Middle Market CLO 2018‑1, LLC, as issuer, Bain Capital Specialty Finance, Inc., as portfolio manager, and Wells Fargo Bank, National Association, as collateral administrator (incorporated by reference to Exhibit 10.12 to the Company’s Quarterly Report on Form 10‑Q (File No. 814‑01175), filed on October 17, 2018).
10.8	Master Participation Agreement, dated as of September 28, 2018, by and between BCSF I, LLC, as financing subsidiary, and BCC Middle Market CLO 2018‑1, LLC, as issuer (incorporated by reference to Exhibit 10.13 to the Company’s Quarterly Report on Form 10‑Q (File No. 814‑01175), filed on October 17, 2018).
Exhibit<br>Number	Description of Document
---	---
10.9	Amended and Restated Indenture, dated as of November 30, 2021, between BCC Middle Market CLO 2019-1, LLC, as issuer, BCC Middle Market CLO 2019-1 Co-Issuer, LLC, as co-issuer and Wells Fargo Bank, National Association, as trustee. (incorporated by reference to Exhibit 10.10 to the Company’s Quarterly Report on Form 10-Q (File No. 814-01175), filed on May 5, 2022).
10.10	First Supplemental Indenture, dated as of August 2, 2022, between BCC Middle Market CLO 2019-1, LTD. (f/k/a BCC Middle Market CLO 2019-1, LLC), as Issuer, and Bain Capital Specialty Finance, in its capacity as Portfolio Manager under the Agreement on behalf of the Issuer, and together with its successors in such capacity, the “Portfolio Manager” (incorporated by reference to Exhibit 10.11 to the Company’s Annual Report on Form 10-K (File No. 814-01175) filed on February 28, 2023).
10.11	Amended and Restated Portfolio Management Agreement, dated as of November 30, 2021, by and between BCC Middle Market CLO 2019-1, LLC, as issuer, and Bain Capital Specialty Finance, Inc., as portfolio manager. (incorporated by reference to Exhibit 10.11 to the Company’s Quarterly Report on Form 10-Q (File No. 814-01175), filed on May 5, 2022)
10.12	First Amendment to Amended and Restated Portfolio Management Agreement, dated as of August 2, 2022, between BCC Middle Market CLO 2019-1, LTD. (f/k/a BCC Middle Market CLO 2019-1, LLC), as Issuer, BCC Middle Market CLO 2019-1 Co-Issuer, LLC, as Co-Issuer, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 10.13 to the Company’s Annual Report on Form 10-K (File No. 814-01175) filed on February 28, 2023).
10.13	Loan Sale Agreement, dated as of August 28, 2019, by and between BCC Middle Market CLO 2019‑1, LLC, as issuer, and Bain Capital Specialty Finance, Inc., as the transferor (incorporated by reference to Exhibit 10.18 to the Company’s Quarterly Report on Form 10‑Q (File No. 814‑01175), filed on November 6, 2019).
10.14	Collateral Administration Agreement, dated as of August 28, 2019, by and between BCC Middle Market CLO 2019‑1, LLC, as issuer, Bain Capital Specialty Finance, Inc., as portfolio manager, and Wells Fargo Bank, National Association, as collateral administrator (incorporated by reference to Exhibit 10.19 to the Company’s Quarterly Report on Form 10‑Q (File No. 814‑01175), filed on November 6, 2019).
10.15	Master Participation Agreement, dated as of August 28, 2019, by and between BCSF I, LLC, as financing subsidiary, and BCC Middle Market CLO 2019‑1, LLC, as issuer (incorporated by reference to Exhibit 10.20 to the Company’s Quarterly Report on Form 10‑Q (File No. 814‑01175), filed on November 6, 2019).
10.16	Master Participation Agreement, dated as of August 28, 2019, by and between BCSF II-C, LLC, as financing subsidiary, and BCC Middle Market CLO 2019‑1, LLC, as issuer (incorporated by reference to Exhibit 10.21 to the Company’s Quarterly Report on Form 10‑Q (File No. 814‑01175), filed on November 6, 2019).
10.17	Revolving Loan Agreement, dated March 27, 2020, by and between the Company, as Borrower, and BCSF Advisors, LP, as Lender (incorporated by reference to Exhibit 10.26 to the Company’s Quarterly Report on Form 10‑Q (File No. 814‑01175), filed on May 4, 2020).
10.18	Amended and Restated Limited Liability Company Agreement, dated February 9, 2021, of International Senior Loan Program, LLC, by and among the Company, Pantheon Private Debt Program SCSp SICAV—RAIF—Pantheon Senior Debt Secondaries II (USD), Pantheon Private Debt Program SCSp SICAV—RAIF—Tubera Credit 2020, Solutio Premium Private Debt I SCSp and Solutio Premium Private Debt II Master SCSp (incorporated by reference to Exhibit 10.31 to the Company’s Annual Report on Form 10-K (File No. 814-01175) filed on February 24, 2021).
10.19	Underwriting Agreement, dated March 3, 2021, by and among Bain Capital Specialty Finance, Inc., BCSF Advisors, LP and Goldman Sachs & Co. LLC, as the representative of the underwriters (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K (File No. 814-01175), filed on March 5, 2021).
10.20	Indenture, dated as of March 10, 2021, by and between the Company and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K (File No. 814-01175), filed on March 10, 2021).
Exhibit<br>Number	Description of Document
---	---
10.21	First Supplemental Indenture, dated as of March 10, 2021, relating to the 2.950% Notes due 2026, by and between the Company and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 99.2 to the Company’s Current Report on Form 8-K (File No. 814-01175), filed on March 10, 2021).
10.22	Form of 2.950% Notes due 2026 (incorporated by reference to Exhibit 99.2 to the Company’s Current Report on Form 8-K (File No. 814-01175), filed on March 10, 2021).
10.23	Underwriting Agreement, dated October 5, 2021, by and among Bain Capital Specialty Finance, Inc., BCSF Advisors, LP, and Goldman Sachs & Co. LLC and SMBC Nikko Securities America Inc., as the representative of the underwriters (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K (File No. 814-01175), filed on October 6, 2021).
10.24	Second Supplemental Indenture, dated as of October 13, 2021, relating to the 2.550% Notes due 2026, by and between the Company and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K (File No. 814-01175), filed on October 13, 2021).
10.25	Form of 2.550% Notes due 2026 (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K (File No. 814-01175), filed on October 13, 2021).
10.26	Revolving Credit Agreement, dated as of December 24, 2021, by and among the Company as Borrower, with Sumitomo Mitsui Banking Corporation, as Administrative Agent and Sole Book Runner, and with Sumitomo Mitsui Banking Corporation and MUFG Union Bank, N.A., as Joint Lead Arrangers (incorporated by reference to Exhibit 10.41 to the Company’s Annual Report on Form 10-K (File No. 814-01175) filed on February 23, 2022).
10.27	First Amendment dated as of July 6, 2022 to Revolving Credit Agreement, dated as of December 24, 2021, by and among the Company as Borrower, with Sumitomo Mitsui Banking Corporation, as Administrative Agent and Sole Book Runner, and with Sumitomo Mitsui Banking Corporation and MUFG Union Bank, N.A., as Joint Lead Arrangers. (incorporated by reference to Exhibit 10.26 to the Company’s Quarterly Report on Form 10-Q (File No.814-01175) filed on November 9, 2022).
10.28	Increasing Lender/Joinder Lender Agreement, dated as of December 14, 2022, between the Company, the Lenders and Issuing Banks from time to time party thereto and Sumitomo Mitsui Banking Corporation, as Administrative Agent (in such capacity, the “Administrative Agent”); and (b) the Notice of Commitment Increase Request, dated as of December 14, 2022, provided by the Company to the Administrative Agent (the “Notice”) (incorporated by reference to Exhibit 10.29 to the Company’s Annual Report on Form 10-K (File No. 814-01175) filed on February 28, 2023).
10.29	Increasing Lender/Joinder Lender Agreement dated as of July 22, 2022, pursuant to Section 2.08(e) of the Revolving Credit Agreement, dated as of December 24, 2021, by and among the Company as Borrower, with Sumitomo Mitsui Banking Corporation, as Administrative Agent and Sole Book Runner, and with Sumitomo Mitsui Banking Corporation and MUFG Union Bank, N.A., as Joint Lead Arrangers. (Incorporated by reference to Exhibit 10.28 to the Company’s Quarterly Report on Form 10 Q (File No. 814 01175), filed on August 3, 2022).
10.30	Second Amendment dated as of August 24, 2022 to Revolving Credit Agreement, dated as of December 24, 2021, by and among the Company as Borrower, with Sumitomo Mitsui Banking Corporation, as Administrative Agent and Sole Book Runner, and with Sumitomo Mitsui Banking Corporation and MUFG Union Bank, N.A., as Joint Lead Arrangers. (incorporated by reference to Exhibit 10.28 to the Company’s Quarterly Report on Form 10-Q (File No.814-01175) filed on November 9, 2022).
10.31	Third Amendment dated as of May 20, 2024 to Revolving Credit Agreement, dated as of December 24, 2021, by and among the Company as Borrower, with Sumitomo Mitsui Banking Corporation, as Administrative Agent and Sole Book Runner, and with Sumitomo Mitsui Banking Corporation and MUFG Union Bank, N.A., as Joint Lead Arrangers. (incorporated by reference to Exhibit 10.32 to the Company’s Quarterly Report on Form 10-Q (File No.814-01175) filed on August 6, 2024).
10.32	Amended and Restated Limited Liability Company Agreement, dated December 27, 2021, of Bain Capital Senior Loan Program, LLC. (incorporated by reference to Exhibit 10.42 to the Company’s Annual Report on Form 10-K (File No. 814-01175) filed on February 23, 2022).
Exhibit<br>Number	Description of Document
---	---
10.33	First Supplemental Indenture dated as of June 15, 2023 among BCC Middle Market CLO 2018-1, LLC, as issuer, and Wells Fargo Bank, National Association, as trustee. (incorporated by reference to Exhibit 10.33 to the Company’s Quarterly Report on Form 10-Q (File No.814-01175) filed on August 8, 2023).
10.34	Second Supplemental Indenture dated as of June 15, 2023 among BCC Middle Market CLO 2019-1, Ltd., as issuer, BCC Middle Market CLO 2019-1 Co-Issuer, LLC, as co-issuer, and Wells Fargo Bank, National Association, as trustee. (incorporated by reference to Exhibit 10.34 to the Company’s Quarterly Report on Form 10-Q (File No.814-01175) filed on August 8, 2023).
10.35	Amendment dated September 11, 2023 to the Amended and Restated Limited Liability Company Agreement, dated February 9, 2021, of International Senior Loan Program, LLC, by and among the Company, Pantheon Private Debt Program SCSp SICAV—RAIF—Pantheon Senior Debt Secondaries II (USD), Pantheon Private Debt Program SCSp SICAV—RAIF—Tubera Credit 2020, Solutio Premium Private Debt I SCSp and Solutio Premium Private Debt II Master SCSp. (incorporated by reference to Exhibit 10.35 to the Company’s Quarterly Report on Form 10-Q (File No.814-01175) filed on November 6, 2023).
10.36	Second Amendment dated December 13, 2023 to the Amended and Restated Limited Liability Company Agreement, dated February 9, 2021, as amended on September 8, 2021 of International Senior Loan Program, LLC, by and among the Company, Pantheon Private Debt Program SCSp SICAV—RAIF—Pantheon Senior Debt Secondaries II (USD), Pantheon Private Debt Program SCSp SICAV—RAIF—Tubera Credit 2020, Solutio Premium Private Debt I SCSp, Solutio Premium Private Debt II Master SCSp, Pantheon Private Debt Program SICAV—RAIF—Pantheon Senior Debt Secondaries II (EUR) and Pantheon Private Debt Program SICAV—RAIF—Pantheon Senior Debt Secondaries II (GBP). (incorporated by reference to Exhibit 10.36 to the Company’s Annual Report on Form 10-K (File No. 814-01175) filed on February 27, 2024).
10.37	Underwriting Agreement, dated January 30, 2025, by and among Bain Capital Specialty Finance, Inc., BCSF Advisors,<br>LP, and SMBC Nikko Securities America, Inc., Wells Fargo Securities, LLC, BNP Paribas Securities Corp. and<br>Santander US Capital Markets LLC, as the representative of the underwriters (incorporated by reference to Exhibit 99.1 to<br>the Company’s Current Report on Form 8-K (File No. 814-01175) filed on February 3, 2025).
10.38	Third Supplemental Indenture, dated as of February 6, 2025, relating to the 5.950% Notes due 2030, by and between the Company and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K (File No. 814-01175) filed on February 6, 2025).
10.39	Form of 5.950% Notes due 2030 (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K (File No. 814-01175) filed on February 6, 2025).
10.40	Form of Equity Distribution Agreement (incorporated by reference to Exhibit 1.1 to the Company’s Current Report on<br>Form 8-K (File No. 814-01175), filed on March 4, 2025).
10.41	Custody Agreement, dated April 28, 2025, by and between Bain Capital Specialty Finance, Inc. and U.S. Bank Trust<br>Company (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No.<br>814-01175), filed on May 2, 2025).
10.42	Document Custody Agreement, dated April 28, 2025, by and between Bain Capital Specialty Finance, Inc. and U.S. Bank Trust Company (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K (File No. 814-01175), filed on May 2, 2025).
10.43	Second Amended and Restated Indenture, dated as of July 2, 2025, by and among BCC Middle Market CLO 2019-1,<br><br>Ltd., as issuer, BCC Middle Market CLO 2019-1 Co-Issuer, LLC, as co-issuer, and Wells Fargo Bank, National<br><br>Association, as trustee (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File<br><br>No. 814-01175), filed on July 7, 2025).
10.44	Second Amended and Restated Portfolio Management Agreement, dated as of July 2, 2025, by and between BCC Middle<br>Market CLO 2019-1, Ltd., as issuer, and Bain Capital Specialty Finance, Inc., as portfolio manager (incorporated by<br>reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K (File No. 814-01175), filed on July 7, 2025).
Exhibit<br>Number	Description of Document
---	---
10.45	Underwriting Agreement, dated January 22, 2026, by and among Bain Capital Specialty Finance, Inc., BCSF Advisors,<br>LP, and Wells Fargo Securities, LLC, J.P. Morgan Securities LLC and SMBC Nikko Securities America, Inc., as the<br>representative of the underwriters. (incorporated by reference to Exhibit 1.1 to the Company's Current Report on Form<br>8-K (file No. 814-01175), filed on January 23, 2026).
10.46	Fourth Supplemental Indenture, dated as of January 29, 2026, relating to the 5.950% Notes due 2031, by and between the<br><br>Company and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to the<br><br>Company’s Current Report on Form 8-K (File No. 814-01175), filed on January 29, 2026).
23.1	Consent of Independent Registered Public Accounting Firm (incorporated by reference to Exhibit 23.1 to the Company's Annual Report on Form 10-K (File No.814-01175) filed on February 27, 2026).
24.1*	Powers of Attorney.
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: May 11, 2026	By:	/s/ Michael A. Ewald
	Name:	Michael A. Ewald
	Title:	Chief Executive Officer (Principal Executive Officer)
Date: May 11, 2026	By:	/s/ Amit Joshi
---	---	---
	Name:	Amit Joshi
	Title:	Chief Financial Officer (Principal Financial Officer) and Principal Accounting Officer

EX-24.1

Exhibit 24.1

Bain Capital Specialty Finance, Inc.

Power of Attorney

Reports Under the Securities Exchange Act of 1934

The undersigned director of Bain Capital Specialty Finance, Inc., a Delaware corporation (the “Fund”), hereby constitutes and appoints Amit Joshi, Sabrina Rusnak-Carlson and Adriana Rojas Garzón, the undersigned’s true lawful attorneys-in-fact and agents with full power to act without the others and with full power of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign my name to any Annual Report on Form 10-K of the Fund, and any and all other reports required to be filed by the Fund pursuant to the Securities Exchange Act of 1934, as amended, and any and all amendments thereto and other documents in connection therewith, and to file, or cause to be filed, the same with all exhibits thereto (including this power of attorney), with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises as fully and to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or their or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

By signing below, I hereby attest that, when using electronic signatures for purposes of and as permitted by Rule 302(b)(1) of Regulation S-T (i.e., signing a signature page or other document authenticating, acknowledging, or otherwise adopting my signature that appears in typed form within an electronic filing, such as a registration statement, report or other document, submitted under the Securities Act of 1933, the Securities Exchange Act of 1934, or the Investment Company Act of 1940 on the U.S. Securities and Exchange Commission’s Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system), I agree that the use of such electronic signature constitutes the legal equivalent of my manual signature for purposes of authenticating the signature to any filing for which it is provided. I understand that (i) this attestation will be retained for as long as I may use an electronic signature for purposes of Rule 302(b)(1) and for a minimum period of seven years after the date of the most recent electronically signed document or as otherwise required under such rule; and (ii) this attestation shall be furnished to the U.S. Securities and Exchange Commission or its staff upon request.

WITNESS my hand on this 6th day of May, 2026.

/s/ Michael J. Boyle

Michael J. Boyle

Director and President

Bain Capital Specialty Finance, Inc.

Power of Attorney

Reports Under the Securities Exchange Act of 1934

WITNESS my hand on this 6th day of May, 2026.

/s/ Michael A. Ewald

Michael A. Ewald

Chief Executive Officer

Bain Capital Specialty Finance, Inc.

Power of Attorney

Reports Under the Securities Exchange Act of 1934

WITNESS my hand on this 8th day of May, 2026.

/s/ Jeffrey B. Hawkins

Jeffrey B. Hawkins

Director

Bain Capital Specialty Finance, Inc.

Power of Attorney

Reports Under the Securities Exchange Act of 1934

The undersigned director of Bain Capital Specialty Finance, Inc., a Delaware corporation (the “Fund”), hereby constitutes and appoints Amit Joshi, Sabrina Rusnak-Carlson and Adriana Rojas Garzón, the undersigned’s true lawful attorneys-in-fact and agents with full power to act without the others and with full power of substitution and resubstitution, for her and in her name, place and stead, in any and all capacities, to sign my name to any Annual Report on Form 10-K of the Fund, and any and all other reports required to be filed by the Fund pursuant to the Securities Exchange Act of 1934, as amended, and any and all amendments thereto and other documents in connection therewith, and to file, or cause to be filed, the same with all exhibits thereto (including this power of attorney), with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises as fully and to all intents and purposes as she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or their or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

WITNESS my hand on this 6th day of May, 2026.

/s/ Amy Butte

Amy Butte

Director

Bain Capital Specialty Finance, Inc.

Power of Attorney

Reports Under the Securities Exchange Act of 1934

WITNESS my hand on this 6th day of May, 2026.

/s/ David G. Fubini

David G. Fubini

Director

Bain Capital Specialty Finance, Inc.

Power of Attorney

Reports Under the Securities Exchange Act of 1934

WITNESS my hand on this 6th day of May, 2026.

/s/ Thomas A. Hough

Thomas A. Hough

Director

Bain Capital Specialty Finance, Inc.

Power of Attorney

Reports Under the Securities Exchange Act of 1934

WITNESS my hand on this 8th day of May, 2026.

/s/ Jay Margolis

Jay Margolis

Director

Bain Capital Specialty Finance, Inc.

Power of Attorney

Reports Under the Securities Exchange Act of 1934

The undersigned director of Bain Capital Specialty Finance, Inc., a Delaware corporation (the “Fund”), hereby constitutes and appoints Amit Joshi, Sabrina Rusnak-Carlson and Adriana Rojas Garzón, the undersigned’s true lawful attorneys-in-fact and agents with full power to act without the others and with full power of substitution and resubstitution, for her and in her name, place and stead, in any and all capacities, to sign my name to any Annual Report on Form 10-K of the Fund, and any and all other reports required to be filed by the Fund pursuant to the Securities Exchange Act of 1934, as amended, and any and all amendments thereto and other documents in connection therewith, and to file, or cause to be filed, the same with all exhibits thereto (including this power of attorney), with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises as fully and to all intents and purposes as she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or their or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

WITNESS my hand on this 6th day of May, 2026.

/s/ Clare S. Richer

Clare S. Richer

Director

EX-31.1

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

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

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

I, Michael A. Ewald, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of Bain Capital Specialty Finance, Inc.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
---	---
3.	Based on my knowledge, the consolidated financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
---	---
4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:
---	---
(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
---	---
(b)	Designed such internal control over financial reporting, or caused, such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
---	---
(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
---	---
(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
---	---
5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):
---	---
(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
---	---
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
---	---

Date: May 11, 2026

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

EX-31.2

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

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

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

I, Amit Joshi, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of Bain Capital Specialty Finance, Inc.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
---	---
3.	Based on my knowledge, the consolidated financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
---	---
4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:
---	---
(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
---	---
(b)	Designed such internal control over financial reporting, or caused, such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
---	---
(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
---	---
(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
---	---
5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):
---	---
(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
---	---
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
---	---

Date: May 11, 2026

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

EX-32

Exhibit 32

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Bain Capital Specialty Finance, Inc. (the “Company”) for the quarterly ended March 31, 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 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: May 11, 2026

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

10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

For the quarterly period ended March 31, 2026

For the transition period from __ to __

Commission file number: 814-01175

BAIN CAPITAL SPECIALTY FINANCE, INC.

(617) 516‑2000

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

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

TABLE OF CONTENTS

FORWARD-LOOKING 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 March 31, 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

Foreign Currency Translation

Forward Currency Exchange Contracts

Interest Rate Swaps

Deferred Financing Costs and Debt Issuance Costs

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 March 31, 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

SOFR

SOFR

Senior Loan Program, LLC

Consolidated Schedule of Investments

As of March 31, 2026

Senior Loan Program, LLC

Consolidated Schedule of Investments

For the transition period from to