Skip to main content
Equibles

10-Q

Bain Capital Specialty Finance, Inc. (BCSF)

10-Q 2025-08-05 For: 2025-06-30
View Original
Added on April 10, 2026

n

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended June 30, 2025

OR

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

For the transition period from __ to __

Commission file number: 814-01175

BAIN CAPITAL SPECIALTY FINANCE, INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware 81-2878769
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
200 Clarendon Street, 37th Floor
--- ---
Boston, MA 02116
(Address of Principal Executive Office) (Zip Code)

(617) 516‑2000

(Registrant’s Telephone Number, Including Area Code)

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

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

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

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

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

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

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

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

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

As of August 5, 2025, the registrant had 64,868,507 shares of common stock outstanding.

TABLE OF CONTENTS

Page
PART I FINANCIAL INFORMATION 3
Item 1. Consolidated Financial Statements 3
Consolidated Statements of Assets and Liabilities as of June 30, 2025 (unaudited) and December 31, 2024 3
Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 (unaudited) 4
Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2025 and 2024 (unaudited) 5
Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024 (unaudited) 6
Consolidated Schedules of Investments as of June 30, 2025 (unaudited) and December 31, 2024 7
Notes to Consolidated Financial Statements (unaudited) 47
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 125
Item 3. Quantitative and Qualitative Disclosures About Market Risk 148
Item 4. Controls and Procedures 148
PART II OTHER INFORMATION
Item 1. Legal Proceedings 149
Item 1A. Risk Factors 149
Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 149
Item 3. Default Upon Senior Securities 149
Item 4. Mine Safety Disclosures 149
Item 5. Other Information 149
Item 6. Exhibits, Consolidated Financial Statement Schedules 150
Signatures 155

i

FORWARD-LOOKING STATEMENTS

Statements contained in this Quarterly Report on Form 10-Q (the “Quarterly Report”) (including those relating to current and future market conditions and trends in respect thereof) that are not historical facts are based on current expectations, estimates, projections, opinions and/or beliefs of the Company, BCSF Advisors, LP (the “Advisor”) and/or Bain Capital Credit, LP and its affiliated advisers (collectively, “Bain Capital Credit”). Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. Certain information contained in this Quarterly Report constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “seek,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue,” “target,” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance of the Company may differ materially from those reflected or contemplated in such forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and are difficult to predict, that could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements including, without limitation, the risks, uncertainties and other factors we identify in the section entitled Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K (the “Annual Report”) for the fiscal year ended December 31, 2024 and in our filings with the Securities and Exchange Commission (the “SEC”).

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, some of those assumptions may be based on the work of third parties and any of those assumptions could prove to be inaccurate; as a result, the forward-looking statements based on those assumptions also could prove to be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Quarterly Report should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Investors should not place undue reliance on these forward-looking statements, which apply only as of the date of this Quarterly Report. We do not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law. The safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which preclude civil liability for certain forward-looking statements, do not apply to the forward-looking statements in this Quarterly Report because we are an investment company.

ii

Bain Capital Specialty Finance, Inc.

Consolidated Statements of Operations

(in thousands, except share and per share data)

(Unaudited)

For the Three Months Ended June 30, For the Six Months Ended June 30,
Income
Investment income from non-controlled/non-affiliate investments:
Interest from investments 44,292 45,209 85,964 89,058
Dividend income 2,940 435 4,665 435
PIK income 7,501 5,643 14,107 10,710
Other income 4,158 3,141 6,991 8,396
Total investment income from non-controlled/non-affiliate investments 58,891 54,428 111,727 108,599
Investment income from non-controlled/affiliate investments:
Interest from investments 127 279 135 2,860
Dividend income — — — 821
PIK income 13 143 30 458
Other income — — 42 —
Total investment income from non-controlled/affiliate investments 140 422 207 4,139
Investment income from controlled affiliate investments:
Interest from investments 9,807 9,618 18,955 18,783
Dividend income 2,123 7,803 6,909 15,249
PIK income 4 — 6 —
Total investment income from controlled affiliate investments 11,934 17,421 25,870 34,032
Total investment income 70,965 72,271 137,804 146,770
Expenses
Interest and debt financing expenses 21,772 17,631 40,676 35,687
Base management fee 9,257 8,769 18,325 17,587
Incentive fee 5,446 7,924 7,668 17,156
Professional fees 714 1,029 1,428 1,830
Directors fees 182 174 356 348
Other general and administrative expenses 1,928 2,477 4,499 4,920
Total expenses, net of fee waivers 39,299 38,004 72,952 77,528
Net investment income before taxes 31,666 34,267 64,852 69,242
Income tax expense, including excise tax 1,076 1,150 2,152 2,175
Net investment income 30,590 33,117 62,700 67,067
Net realized and unrealized gains (losses)
Net realized gain (loss) on non-controlled/non-affiliate investments 4,861 (5,340 ) (16,125 ) (7,876 )
Net realized gain (loss) on non-controlled/affiliate investments (711 ) — (3,678 ) 4,719
Net realized gain (loss) on foreign currency transactions 581 (446 ) 332 (423 )
Net realized gain (loss) on forward currency exchange contracts (1,409 ) 169 (3,814 ) 1,896
Net change in unrealized appreciation on foreign currency translation 1,484 177 1,919 (31 )
Net change in unrealized appreciation on forward currency exchange contracts (15,074 ) 163 (17,147 ) 1,404
Net change in unrealized appreciation on non-controlled/non-affiliate investments 7,507 8,502 31,500 19,060
Net change in unrealized appreciation on non-controlled/affiliate investments (1,379 ) 21 (3,245 ) (13,337 )
Net change in unrealized appreciation on controlled affiliate investments (2,728 ) (7,273 ) (173 ) (8,294 )
Total net loss (6,868 ) (4,027 ) (10,431 ) (2,882 )
Net increase in net assets resulting from operations 23,722 29,090 52,269 64,185
Basic and diluted net investment income per share of common stock 0.47 0.51 0.97 1.04
Basic and diluted increase in net assets resulting from operations per share of common stock 0.37 0.45 0.81 1.00
Basic and diluted weighted average common stock outstanding 64,868,507 64,562,265 64,772,881 64,562,265

All values are in US Dollars.

See Notes to Consolidated Financial Statements

Bain Capital Specialty Finance, Inc.

Consolidated Statements of Changes in Net Assets

(in thousands, except share and per share data)

(Unaudited)

For the Three Months Ended June 30, For the Six Months Ended June 30,
Operations:
Net investment income 30,590 33,117 62,700 67,067
Net realized gain (loss) 3,322 (5,617 ) (23,285 ) (1,684 )
Net change in unrealized appreciation (10,190 ) 1,590 12,854 (1,198 )
Net increase in net assets resulting from operations 23,722 29,090 52,269 64,185
Stockholder distributions:
Distributions from distributable earnings (29,191 ) (29,053 ) (58,382 ) (58,106 )
Net decrease in net assets resulting from stockholder distributions (29,191 ) (29,053 ) (58,382 ) (58,106 )
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 (5,469 ) 37 (637 ) 6,079
Net assets at beginning of period 1,144,504 1,142,508 1,139,672 1,136,466
Net assets at end of period 1,139,035 1,142,545 1,139,035 1,142,545
Net asset value per share of common stock 17.56 17.70 17.56 17.70
Common stock outstanding at end of period 64,868,507 64,562,265 64,868,507 64,562,265

All values are in US Dollars.

See Notes to Consolidated Financial Statements

Bain Capital Specialty Finance, Inc.

Consolidated Statements of Cash Flows

(in thousands, except share and per share data)

(Unaudited)

For the Six Months Ended June 30,
Cash flows from operating activities
Net increase in net assets resulting from operations 52,269 64,185
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash used in operating activities:
Purchases of investments (814,488 ) (682,236 )
Proceeds from principal payments and sales of investments 751,100 747,376
Net realized loss from investments 19,803 3,157
Net realized (gain) loss on foreign currency transactions (332 ) 423
Net change in unrealized appreciation on forward currency exchange contracts 17,147 (1,404 )
Net change in unrealized appreciation on investments (28,082 ) 2,571
Net change in unrealized appreciation on foreign currency translation (1,919 ) 31
Increase in investments due to PIK (17,368 ) (11,168 )
Accretion of discounts and amortization of premiums (2,840 ) (2,838 )
Amortization of deferred financing costs and debt issuance costs 2,485 2,168
Changes in operating assets and liabilities:
Collateral on derivatives 547 547
Interest receivable on investments 1,651 2,800
Interest rate swap (111 ) —
Prepaid insurance (659 ) (360 )
Dividend receivable 2,092 2,141
Interest payable (215 ) (1,728 )
Collateral payable on derivatives 12,490 —
Base management fee payable 97 (161 )
Incentive fee payable 750 597
Accounts payable and accrued expenses (1,040 ) 2,638
Net cash provided by (used in) operating activities (6,623 ) 128,739
Cash flows from financing activities
Borrowings on debt 759,000 297,000
Repayments on debt (588,699 ) (380,301 )
Payments of financing costs (8,551 ) (3,173 )
Proceeds from issuances of common stock (net of offering and underwriting costs) 4,552 —
Purchase of common shares issued in connection with dividend reinvestment plan 924 —
Stockholder distributions paid (87,435 ) (56,169 )
Net cash provided by (used in) financing activities 79,791 (142,643 )
Net (increase) decrease in cash, foreign cash, restricted cash and cash equivalents 73,168 (13,904 )
Effect of foreign currency exchange rates 2,251 (454 )
Cash, foreign cash, restricted cash and cash equivalents, beginning of period 99,066 112,484
Cash, foreign cash, restricted cash and cash equivalents, end of period 174,485 98,126
Supplemental disclosure of cash flow information:
Cash interest paid during the period 38,406 35,247
Cash paid for excise taxes during the period 3,337 2,248

All values are in US Dollars.

As of June 30,
Cash 27,843 18,417
Restricted cash 136,908 66,993
Foreign cash 9,734 12,716
Total cash, foreign cash, restricted cash, and cash equivalents shown in the consolidated statements of cash flows 174,485 98,126

All values are in US Dollars.

See Notes to Consolidated Financial Statements

Bain Capital Specialty Finance, Inc.

Consolidated Schedule of Investments

As of June 30, 2025

(In thousands)

(Unaudited)

Portfolio Company Investment Type Index (1) Spread (1) Interest Rate Maturity Date Principal/Shares (9) Cost Market Value % of NAV (4)
Non-Controlled/Non-Affiliate Investments
Aerospace & Defense
ATS (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.75% 10.06 % 7/12/2029 $ 862 862 862
ATS (15)(19)(29) First Lien Senior Secured Loan SOFR 5.75% 10.01 % 7/12/2029 $ 4,963 4,911 4,963
BTX Precision (3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 7/25/2030 $ — (59 ) —
BTX Precision (15)(19)(29) First Lien Senior Secured Loan SOFR 5.00% 9.28 % 7/25/2030 $ 6,232 6,183 6,232
BTX Precision (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 4.75 % 9.07 % 7/25/2030 $ 8,982 8,910 8,982
BTX Precision (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 7/25/2030 $ — (31 ) —
BTX Precision (15)(19)(29) First Lien Senior Secured Loan SOFR 4.75 % 9.08 % 7/25/2030 $ 7,645 7,588 7,645
BTX Precision (14)(19)(25) Equity Interest — — — — 2 2,199 3,147
Forward Slope (14)(19)(25) Equity Interest — — — — 930 930 1,525
Forward Slope (15)(19) First Lien Senior Secured Loan SOFR 5.60% 9.90 % 8/22/2029 $ 6,107 5,991 6,107
Forward Slope (15)(19)(29) First Lien Senior Secured Loan - Delayed Draw SOFR 5.60% 9.90 % 8/22/2029 $ 18,316 17,970 18,316
Forward Slope (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.60% 9.93 % 8/22/2029 $ 5,034 4,881 5,034
Forward Slope (15)(19) First Lien Senior Secured Loan SOFR 5.60% 9.90 % 8/22/2029 $ 5,590 5,527 5,590
GSP Holdings, LLC (15)(19)(29) First Lien Senior Secured Loan SOFR 5.90% 10.20 % 11/5/2027 $ 1,127 1,112 1,048
GSP Holdings, LLC (15)(19) First Lien Senior Secured Loan SOFR 5.90% 10.20 % 11/6/2026 $ 9,524 9,539 8,857
GSP Holdings, LLC (15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.90% 10.20 % 11/5/2027 $ 4,551 4,548 4,232
Mach Acquisition R/C (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 7.40% 11.68 % 10/19/2026 $ 8,537 8,484 8,537
Mach Acquisition T/L (15)(19)(26)(29) First Lien Senior Secured Loan SOFR 7.40% (2.00% PIK) 13.67 % 10/19/2026 $ 34,355 34,176 34,355
Precision Ultimate Holdings, LLC (14)(19)(25) Equity Interest — — — — 620 781 913
Precision Ultimate Holdings, LLC (14)(19)(25) Equity Interest — — — — 1,417 1,417 451
Robinson Helicopter (14)(19)(25) Equity Interest — — — — 1,592 507 2,551
Saturn Purchaser Corp. (15)(19)(29) First Lien Senior Secured Loan SOFR 4.85% 9.13 % 7/22/2030 $ 13,281 13,192 13,281
Saturn Purchaser Corp. (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 7/22/2030 $ — (56 ) —
Solairus (3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 7/22/2030 $ — (17 ) —
Whitcraft-Paradigm (15)(19)(29) First Lien Senior Secured Loan SOFR 5.00% 9.30 % 2/15/2029 $ 2,674 2,649 2,674
Whitcraft-Paradigm (3)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 2/15/2029 $ — — —
Whitcraft-Paradigm (15)(19)(29) First Lien Senior Secured Loan SOFR 6.50% 10.83 % 2/15/2029 $ 11,732 11,659 11,732
Whitcraft-Paradigm (3)(18)(19)(23) First Lien Senior Secured Loan - Revolver P 5.50% 13.00 % 2/28/2029 $ 410 396 396
Aerospace & Defense Total $ 154,249 $ 157,430 13.8 %
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
Automotive
American Trailer Rental Group (19)(26) Subordinated Debt — 5.50% (8.75% PIK) 14.25 % 12/1/2027 $ 5,677 5,642 5,336
American Trailer Rental Group (19)(26) Subordinated Debt — 5.50% (8.75% PIK) 14.25 % 12/1/2027 $ 17,514 17,357 16,464
American Trailer Rental Group (19)(26) Subordinated Debt — 5.50% (8.75% PIK) 14.25 % 12/1/2027 $ 21,871 21,684 20,559
Cardo (6)(18)(19) First Lien Senior Secured Loan SOFR 5.25% 9.54 % 5/12/2028 $ 98 97 98
Chilton (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 2/5/2031 $ — (23 ) (76 )
Chilton (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.50% 9.76 % 2/5/2031 $ 569 543 541
Chilton (15)(19)(29) First Lien Senior Secured Loan SOFR 5.50% 9.76 % 2/5/2031 $ 6,484 6,441 6,435
Gills Point S (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.50% 9.82 % 5/17/2029 $ 2,932 2,873 2,848
Gills Point S (15)(19) First Lien Senior Secured Loan SOFR 5.50% 9.81 % 5/17/2029 $ 3,680 3,657 3,615
Gills Point S (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.50% 9.82 % 5/17/2029 $ 7,347 7,346 7,218
Gills Point S (15)(19) First Lien Senior Secured Loan SOFR 5.50% 9.82 % 5/17/2029 $ 12,441 12,441 12,223
Gills Point S (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.50% 9.81 % 5/17/2029 $ 1,244 1,230 1,222
Gills Point S (14)(19)(25) Equity Interest — — — — 2 215 191
Intoxalock (15)(19)(29) First Lien Senior Secured Loan SOFR 5.10% 9.43 % 11/1/2028 $ 11,944 11,871 11,944
Intoxalock (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 11/1/2028 $ — (19 ) —
JHCC Holdings, LLC (15)(19)(29) First Lien Senior Secured Loan SOFR 5.25% 9.55 % 9/9/2027 $ 11,862 11,804 11,862
JHCC Holdings, LLC (3)(15)(19) First Lien Senior Secured Loan - Revolver P 4.25% 11.75 % 9/9/2027 $ 850 821 850
Automotive Total $ 103,980 $ 101,330 8.9 %
Beverage, Food & Tobacco
AgroFresh Solutions (15)(19) First Lien Senior Secured Loan SOFR 6.35% 10.68 % 3/31/2029 $ 6,122 5,995 6,122
AgroFresh Solutions (15)(19)(29) First Lien Senior Secured Loan SOFR 6.35% 10.68 % 3/31/2029 $ 6,897 6,795 6,897
AgroFresh Solutions (15)(19) First Lien Senior Secured Loan - Revolver SOFR 6.35% 10.68 % 3/31/2028 $ 5,015 4,949 5,015
Arctic Glacier U.S.A., Inc. (3)(19)(26)(31) First Lien Senior Secured Loan - Revolver SOFR 6.76% (4.00% PIK) 15.09 % 5/24/2028 $ 1,941 1,914 1,882
Arctic Glacier U.S.A., Inc. (19)(26)(31) First Lien Senior Secured Loan SOFR 6.76% (4.00% PIK) 15.06 % 5/24/2028 $ 12,616 12,461 12,238
BCC Trillium Foods Investments 1, LLC (14)(19)(25) Equity Interest — — — — 3 2,531 2,531
BCSF Project Aberdeen, LLC (14)(19)(25) Equity Interest — — — — 2,217 2,217 2,433
Hellers (6)(15)(19)(26) First Lien Senior Secured Loan - Delayed Draw BKBM 3.31% (2.19% PIK) 8.84 % 9/27/2030 NZ$ 47 28 28
Hellers (6)(18)(19)(26) First Lien Senior Secured Loan - Delayed Draw BBSY 3.31% (2.19% PIK) 9.15 % 9/27/2030 AUD 51 35 33
Hellers (6)(19)(26) Subordinated Debt — 15.00% PIK 15.00 % 3/27/2031 NZ$ 492 303 294
Hellers (2)(3)(5)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 9/27/2030 NZ$ — (14 ) (10 )
NPC International, Inc. (14)(19)(25)(27) Equity Interest — — — — 240 358 —
PPX (14)(19)(25) Preferred Equity — — — — 33 — —
PPX (14)(19)(25) Preferred Equity — — — — 33 5,000 4,000
SauceCo HoldCo, LLC (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.75% 10.05 % 5/13/2030 $ 1,399 1,358 1,357
SauceCo HoldCo, LLC (15)(19)(29) First Lien Senior Secured Loan SOFR 5.75% 10.06 % 5/13/2030 $ 71,718 69,336 69,298
Spindrift (19)(26) Subordinated Debt — 13.75% PIK 13.75 % 2/19/2033 $ 1,470 1,430 1,441
Spindrift (14)(19)(25) Equity Interest — — — — 1 500 516
Beverage, Food & Tobacco Total $ 115,196 $ 114,075 10.0 %
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
Capital Equipment
AXH Air Coolers (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.50% 9.82 % 10/31/2029 $ 3,264 3,235 3,264
AXH Air Coolers (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.50% 9.63 % 10/31/2029 $ 1,835 1,795 1,835
AXH Air Coolers (15)(19)(29) First Lien Senior Secured Loan SOFR 5.50% 9.63 % 10/31/2029 $ 7,400 7,345 7,400
AXH Air Coolers (14)(19)(25) Preferred Equity — — — — 3,417 1,104 6,914
AXH Air Coolers (15)(19)(29) First Lien Senior Secured Loan SOFR 5.50% 9.63 % 10/31/2029 $ 3,316 3,294 3,316
DiversiTech (17) First Lien Senior Secured Loan SOFR 3.76% 8.06 % 12/22/2028 $ 1 1 1
East BCC Coinvest II, LLC (14)(19)(25) Equity Interest — — — — 1,419 1,229 463
Ergotron Acquisition LLC (16)(19)(29) First Lien Senior Secured Loan SOFR 5.00 % 9.33 % 7/6/2028 $ 10,933 10,806 10,933
FCG Acquisitions, Inc. (14)(19)(25) Preferred Equity — — — — 4 — —
Goodfellow (6)(15)(19) First Lien Senior Secured Loan - Delayed Draw EURIBOR 5.25% 7.39 % 2/10/2032 € 50 51 59
Goodfellow (6)(15)(19) First Lien Senior Secured Loan - Delayed Draw EURIBOR 5.25% 7.39 % 2/10/2032 € 50 51 59
Goodfellow (6)(15)(19) First Lien Senior Secured Loan SOFR 5.25% 9.55 % 2/10/2032 $ 50 50 50
Goodfellow (6)(15)(19) First Lien Senior Secured Loan - Delayed Draw SONIA 5.25% 9.47 % 2/10/2032 £ 50 64 68
PPT Group (3)(5)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 2/28/2031 £ — (11 ) —
PPT Group (3)(5)(6)(18)(19) First Lien Senior Secured Loan - Revolver — — — 2/28/2031 £ — (16 ) —
PPT Group (6)(18)(19) First Lien Senior Secured Loan SONIA 5.50% 9.78 % 2/28/2031 £ 6,162 7,693 8,450
PPT Group (6)(14)(19)(25) Equity Interest — — — — 376 376 421
TCFIII Owl Finance, LLC (19)(26) Subordinated Debt — 12.00% PIK 12.00 % 1/30/2027 $ 6,550 6,526 6,550
Capital Equipment Total $ 43,593 $ 49,783 4.4 %
Chemicals, Plastics & Rubber
AP Plastics Group, LLC (16)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 4.85% 9.17 % 8/10/2030 $ 176 176 176
AP Plastics Group, LLC (16)(19)(29) First Lien Senior Secured Loan SOFR 4.85% 9.17 % 8/10/2030 $ 11,458 11,270 11,458
AP Plastics Group, LLC (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 8/10/2030 $ — (4 ) (4 )
AP Plastics Group, LLC (16)(19) First Lien Senior Secured Loan SOFR 4.85% 9.17 % 8/10/2030 $ 2,193 2,174 2,193
Duraco (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 6/6/2029 $ — (25 ) (60 )
Duraco (19)(29)(32) First Lien Senior Secured Loan SOFR 6.50% 10.79 % 6/6/2029 $ 11,674 11,526 11,324
Plaskolite PPC Intermediate II LLC (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 7.00% 11.31 % 2/7/2030 $ 38 25 24
Plaskolite PPC Intermediate II LLC (15)(19)(26) First Lien Senior Secured Loan SOFR 4.00% (3.00% PIK) 11.31 % 5/9/2030 $ 7,104 6,964 6,962
V Global Holdings LLC (16)(19) First Lien Senior Secured Loan EURIBOR 5.75% 7.89 % 12/22/2027 € 97 101 110
V Global Holdings LLC (16)(19) First Lien Senior Secured Loan SOFR 5.90% 10.20 % 12/22/2027 $ 5,715 5,663 5,500
V Global Holdings LLC (3)(16)(19) First Lien Senior Secured Loan - Revolver SOFR 5.85% 10.17 % 12/22/2027 $ 7,701 7,679 7,337
Chemicals, Plastics & Rubber Total $ 45,549 $ 45,020 4.0 %
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
Construction & Building
Chase Industries, Inc. (15)(19)(26) First Lien Senior Secured Loan SOFR 5.65% (1.50% PIK) 11.45 % 11/11/2027 $ 27,425 26,877 26,397
Chase Industries, Inc. (15)(19)(26) First Lien Senior Secured Loan - Delayed Draw SOFR 5.65% (1.50% PIK) 11.45 % 11/11/2027 $ 2,683 2,631 2,583
Chase Industries, Inc. (3)(15)(19)(26) First Lien Senior Secured Loan - Revolver SOFR 5.65% (1.50% PIK) 11.45 % 11/11/2027 $ 1,014 969 950
Elk (14)(19)(25) Equity Interest — — — — 1 7 788
Elk (14)(19)(25) Preferred Equity — — — — 72 722 1,129
Service Master (15)(19)(26) First Lien Senior Secured Loan SOFR 5.86% (1.00% PIK) 11.18 % 8/16/2027 $ 1,573 1,564 1,573
Service Master (14)(19)(25) Equity Interest — — — — — — —
Service Master (14)(19)(25) Preferred Equity — — — — — 169 33
Service Master (18)(19)(26) First Lien Senior Secured Loan SOFR 6.01% (1.00% PIK) 11.34 % 8/16/2027 $ 924 917 924
Service Master (18)(19)(26) First Lien Senior Secured Loan SOFR 5.86% (1.00% PIK) 11.19 % 8/16/2027 $ 3,167 3,167 3,167
Service Master (15)(19)(26) First Lien Senior Secured Loan SOFR 5.86% (1.00% PIK) 11.19 % 8/16/2027 $ 7,609 7,558 7,609
Service Master (3)(18)(19)(26) First Lien Senior Secured Loan - Revolver SOFR 6.01% (1.00% PIK) 11.31 % 8/16/2027 $ 18,322 18,272 18,322
Zeus Fire & Security (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.00% 9.31 % 12/11/2030 $ 701 701 636
Zeus Fire & Security (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 12/11/2030 $ — (18 ) (20 )
Zeus Fire & Security (15)(19) First Lien Senior Secured Loan SOFR 5.00% 9.24 % 12/11/2030 $ 13,386 13,294 13,286
Construction & Building Total $ 76,830 $ 77,377 6.8 %
Consumer Goods: Durable
New Milani Group LLC (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 6/26/2031 $ — (2 ) (2 )
New Milani Group LLC (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 6/26/2031 $ — (13 ) (13 )
New Milani Group LLC (15)(19) First Lien Senior Secured Loan SOFR 4.75% 9.05 % 6/26/2031 $ 10,611 10,505 10,505
Stanton Carpet (15)(19) Second Lien Senior Secured Loan SOFR 9.15% 13.43 % 3/31/2028 $ 11,434 11,306 11,435
Tangent Technologies Acquisition, LLC (15)(19) Second Lien Senior Secured Loan SOFR 9.00% 13.32 % 5/30/2028 $ 8,915 8,819 8,915
TLC Holdco LP (14)(19)(25) Equity Interest — — — — 1,281 1,221 1,828
TLC Purchaser, Inc. (15)(19) First Lien Senior Secured Loan SOFR 5.26% 9.56 % 10/11/2027 $ 1,963 1,946 1,963
TLC Purchaser, Inc. (15)(19)(29) First Lien Senior Secured Loan SOFR 5.76% 10.07 % 10/11/2027 $ 13,100 12,870 13,100
TLC Purchaser, Inc. (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 10/11/2027 $ — (14 ) —
Consumer Goods: Durable Total $ 46,638 $ 47,731 4.2 %
Portfolio Company Investment Type Index (1) Spread (1) Interest Rate Maturity Date Principal/Shares (9) Cost Market Value % of NAV (4)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Non-Controlled/Non-Affiliate Investments
Consumer Goods: Non-Durable
Evriholder (19)(29)(32) First Lien Senior Secured Loan SOFR 6.90% 11.20 % 1/24/2028 $ 5,977 5,938 5,947
Fineline Technologies, Inc. (14)(19)(25) Equity Interest — — — — 939 939 1,288
Hempz (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 10/25/2029 $ — (14 ) —
Hempz (15)(19) First Lien Senior Secured Loan SOFR 5.25% 9.55 % 10/25/2029 $ 230 228 230
RoC Skincare (15)(19)(29) First Lien Senior Secured Loan SOFR 5.75% 10.07 % 2/21/2031 $ 9,875 9,756 9,875
RoC Skincare (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 2/21/2030 $ — (23 ) —
Solaray, LLC (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 6.85% 10.98 % 12/15/2025 $ 13,062 13,046 12,409
Solaray, LLC (15)(19) First Lien Senior Secured Loan SOFR 6.85% 10.98 % 12/15/2025 $ 28,362 28,362 26,944
Solaray, LLC (3)(18)(19) First Lien Senior Secured Loan - Revolver SOFR 5.60% 9.73 % 12/15/2025 $ 12,052 12,048 12,052
Summer Fridays, LLC (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 5/16/2031 $ — (13 ) (13 )
Summer Fridays, LLC (15)(19) First Lien Senior Secured Loan SOFR 5.25% 9.58 % 5/16/2031 $ 11,236 11,068 11,067
WU Holdco, Inc. (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 4/15/2032 $ — (13 ) (14 )
WU Holdco, Inc. (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 4/15/2032 $ — (17 ) (18 )
Consumer Goods: Non-Durable Total $ 81,305 $ 79,767 7.0 %
Consumer Goods: Wholesale
WSP (7)(14)(15)(19) First Lien Senior Secured Loan SOFR 1.15% 5.43 % 4/27/2028 $ 3,226 3,060 2,097
WSP (7)(14)(19)(26) First Lien Senior Secured Loan — 8.00% PIK 8.00 % 4/27/2028 $ 2,126 1,995 —
WSP (14)(19)(25) Equity Interest — — — — — 12 —
WSP (14)(19)(25) Preferred Equity — — — — — 216 —
WSP (14)(19)(25) Equity Interest — — — — 2,898 2,898 —
WSP (2)(3)(5)(7)(14)(18)(19) First Lien Senior Secured Loan - Revolver — — — 4/27/2028 $ — (6 ) (87 )
Consumer Goods: Wholesale Total $ 8,175 $ 2,010 0.2 %
Containers, Packaging & Glass
ASP-r-pac Acquisition Co LLC (16)(19)(29) First Lien Senior Secured Loan SOFR 6.26% 10.54 % 12/29/2027 $ 5,754 5,657 5,754
ASP-r-pac Acquisition Co LLC (3)(16)(19) First Lien Senior Secured Loan - Revolver SOFR 6.11% 10.44 % 12/29/2027 $ 1,984 1,948 1,984
Containers, Packaging & Glass Total $ 7,605 $ 7,738 0.7 %
Energy: Electricity
WCI Gigawatt Purchaser (15)(19)(29) First Lien Senior Secured Loan SOFR 6.01% 10.34 % 11/19/2027 $ 1,405 1,391 1,391
WCI Gigawatt Purchaser (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.86% 10.19 % 11/19/2027 $ 3,072 3,043 3,020
Energy: Electricity Total $ 4,434 $ 4,411 0.4 %
Environmental Industries
Meteor UK Bidco Limited (2)(3)(5)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 5/14/2032 £ — (16 ) (17 )
Meteor UK Bidco Limited (3)(5)(6)(18)(19) First Lien Senior Secured Loan - Revolver — — — 11/14/2031 £ — (4 ) —
Meteor UK Bidco Limited (6)(18)(19) First Lien Senior Secured Loan SONIA 5.00% 9.21 % 5/14/2032 £ 8,104 10,793 11,030
Reconomy (6)(18)(19) First Lien Senior Secured Loan SONIA 6.50% 10.72 % 7/12/2029 £ 68 83 93
Reconomy (6)(18)(19) First Lien Senior Secured Loan EURIBOR 6.25% 8.23 % 7/12/2029 € 27 28 32
Reconomy (3)(5)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 7/12/2029 £ — (66 ) —
Titan Cloud Software, Inc (14)(19)(25) Equity Interest — — — — 3,532 3,532 5,105
Titan Cloud Software, Inc (18)(19)(26) First Lien Senior Secured Loan SOFR 2.00% (4.60% PIK) 10.88 % 9/7/2029 $ 27,259 27,104 27,259
Titan Cloud Software, Inc (3)(18)(19) First Lien Senior Secured Loan - Revolver SOFR 6.60% 10.92 % 9/7/2028 $ 3,006 2,975 3,006
Titan Cloud Software, Inc (18)(19)(26) First Lien Senior Secured Loan - Delayed Draw SOFR 2.00% (4.60% PIK) 10.91 % 9/7/2029 $ 12,234 12,170 12,234
Environmental Industries Total $ 56,599 $ 58,742 5.2 %
Portfolio Company Investment Type Index (1) Spread (1) Interest Rate Maturity Date Principal/Shares (9) Cost Market Value % of NAV (4)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Non-Controlled/Non-Affiliate Investments
FIRE: Finance
Allworth Financial Group, L.P. (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 4.75% 9.08 % 12/23/2027 $ 2,665 2,631 2,665
Allworth Financial Group, L.P. (15)(19)(29) First Lien Senior Secured Loan - Delayed Draw SOFR 4.75% 9.08 % 12/23/2027 $ 852 845 852
Allworth Financial Group, L.P. (15)(19)(29) First Lien Senior Secured Loan SOFR 4.75% 9.08 % 12/23/2027 $ 1,467 1,458 1,467
Allworth Financial Group, L.P. (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 12/23/2027 $ — (7 ) —
Avalon Bidco Limited (2)(3)(5)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 4/16/2032 £ — (33 ) (35 )
Avalon Bidco Limited (6)(18)(19) First Lien Senior Secured Loan SONIA 6.25% 10.57 % 4/16/2032 £ 50 65 68
Choreo (3)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 2/18/2028 $ — — —
Congress Wealth (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.60% 9.90 % 6/30/2029 $ 6,500 6,477 6,500
Congress Wealth (15)(19)(29) First Lien Senior Secured Loan - Delayed Draw SOFR 5.60% 9.90 % 6/30/2029 $ 3,808 3,808 3,808
Congress Wealth (3)(18)(19) First Lien Senior Secured Loan - Revolver — — — 6/30/2029 $ — — —
Congress Wealth (14)(19)(25) Equity Interest — — — — 16 323 715
Insigneo Financial Group LLC (19)(26) First Lien Senior Secured Loan — 10.00% PIK 10.00 % 8/1/2027 $ 2,123 2,139 2,123
Insigneo Financial Group LLC (14)(19)(25) Equity Interest — — — — 534 535 2,766
Insigneo Financial Group LLC (15)(19) First Lien Senior Secured Loan SOFR 6.60% 10.88 % 8/1/2028 $ 267 262 267
Lagerbox (6)(15)(19) First Lien Senior Secured Loan EURIBOR 3.50% 5.60 % 12/20/2028 € 750 779 882
Parmenion (6)(18)(19) First Lien Senior Secured Loan SONIA 5.50% 9.72 % 5/23/2029 £ 295 370 405
PMA (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 1/31/2031 $ — (17 ) (6 )
PMA (16)(19) First Lien Senior Secured Loan SOFR 5.50% 9.80 % 1/31/2031 $ 58 57 58
Sikich (19)(25)(26) Preferred Equity — 13.00% PIK 13.00 % — 34 3,413 3,396
Sikich (14)(19)(25) Warrants — — — — 2 — 147
Sikich (14)(19)(25) Warrants — — — — 5 — 515
TA/Weg Holdings (15)(19)(29) First Lien Senior Secured Loan - Delayed Draw SOFR 5.00% 9.32 % 10/2/2028 $ 9,161 9,161 9,161
TA/Weg Holdings (15)(19)(29) First Lien Senior Secured Loan - Delayed Draw SOFR 5.00% 9.28 % 10/2/2028 $ 2,313 2,310 2,313
Wealth Enhancement Group (WEG) (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.00% 9.31 % 10/4/2028 $ 1,580 1,549 1,580
Wealth Enhancement Group (WEG) (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 10/2/2028 $ — (11 ) —
FIRE: Finance Total $ 36,114 $ 39,647 3.5 %
FIRE: Insurance
McLarens Acquisition Inc. (3)(6)(16)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 4.75% 8.96 % 12/19/2027 £ 44 44 60
McLarens Acquisition Inc. (16)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 4.90% 9.19 % 12/19/2027 $ 415 411 415
McLarens Acquisition Inc. (3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 12/19/2027 $ — (19 ) —
McLarens Acquisition Inc. (16)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 4.90% 9.20 % 12/19/2027 $ 264 261 264
McLarens Acquisition Inc. (16)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 4.90% 9.19 % 12/19/2027 $ 7 7 7
McLarens Acquisition Inc. (3)(5)(6)(18)(19) First Lien Senior Secured Loan - Revolver — — — 12/20/2027 £ — (3 ) —
McLarens Acquisition Inc. (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 12/19/2027 $ — (9 ) —
McLarens Acquisition Inc. (16)(19) First Lien Senior Secured Loan SOFR 4.90% 9.20 % 12/19/2027 $ 95 94 95
McLarens Acquisition Inc. (16)(19) First Lien Senior Secured Loan SOFR 4.90% 9.19 % 12/19/2027 $ 907 898 907
McLarens Acquisition Inc. (16)(19) First Lien Senior Secured Loan SOFR 4.90% 9.19 % 12/19/2027 $ 250 248 250
McLarens Acquisition Inc. (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 12/19/2027 $ — (2 ) —
McLarens Acquisition Inc. (3)(16)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 4.90% 9.19 % 12/19/2027 $ 4,568 4,567 4,568
Portfolio Company Investment Type Index (1) Spread (1) Interest Rate Maturity Date Principal/Shares (9) Cost Market Value % of NAV (4)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Non-Controlled/Non-Affiliate Investments
FIRE: Insurance
MRHT (3)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 5/17/2032 € — — —
MRHT (2)(3)(5)(6)(18)(19) First Lien Senior Secured Loan - Revolver — — — 11/10/2031 € — (15 ) (16 )
MRHT (6)(18)(19) First Lien Senior Secured Loan - Delayed Draw EURIBOR 5.00% 7.14 % 5/17/2032 € 15,292 16,997 17,808
Simplicity (3)(16)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.00% 9.24 % 12/31/2031 $ 1,930 1,890 1,930
Simplicity (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 12/31/2031 $ — (40 ) —
Simplicity (16)(19)(29) First Lien Senior Secured Loan SOFR 5.00% 9.30 % 12/31/2031 $ 10,224 10,146 10,224
FIRE: Insurance Total $ 35,475 $ 36,512 3.2 %
Healthcare & Pharmaceuticals
AEG Vision (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.90% 10.20 % 3/27/2027 $ 33,860 33,400 33,860
AEG Vision (15)(19)(29) First Lien Senior Secured Loan - Delayed Draw SOFR 5.90% 10.20 % 3/27/2027 $ 16,268 16,167 16,268
AEG Vision (15)(19)(29) First Lien Senior Secured Loan - Delayed Draw SOFR 5.90% 10.20 % 3/27/2027 $ 17,742 17,633 17,742
AEG Vision (15)(19)(29) First Lien Senior Secured Loan SOFR 5.90% 10.20 % 3/27/2027 $ 2,048 2,035 2,048
AOM Infusion (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 3/19/2032 $ — (5 ) (6 )
AOM Infusion (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 3/19/2032 $ — (4 ) (4 )
Apollo Intelligence (14)(19)(25) Equity Interest — — — — 34 3,378 3,016
Apollo Intelligence (16)(19) First Lien Senior Secured Loan SOFR 5.75% 10.06 % 5/31/2028 $ 15,001 15,249 14,926
Apollo Intelligence (3)(16)(19) First Lien Senior Secured Loan - Revolver SOFR 5.75% 10.06 % 5/31/2028 $ 8,913 8,878 8,878
Beacon Specialized Living (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.50% 9.80 % 3/25/2028 $ 2,437 2,331 2,437
Beacon Specialized Living (15)(19)(29) First Lien Senior Secured Loan SOFR 5.50% 9.80 % 3/25/2028 $ 4,950 4,908 4,950
Beacon Specialized Living (3)(18)(19) First Lien Senior Secured Loan - Revolver — — — 3/25/2028 $ — — —
Caregiver (19)(26) Subordinated Debt — 16.50% PIK 16.50 % 1/1/2030 $ 9,066 8,967 8,952
CB Titan Holdings, Inc. (14)(19)(25) Preferred Equity — — — — 1,953 1,953 —
EHE Health (3)(18)(19) First Lien Senior Secured Loan - Revolver — — — 8/7/2030 $ — — —
EHE Health (15)(19)(29) First Lien Senior Secured Loan SOFR 5.50% 9.80 % 8/7/2030 $ 10,814 10,722 10,814
EHE Health (14)(19)(25) Equity Interest — — — — 2,178 2,178 2,384
Great Expressions Dental Center PC (15)(19)(26) First Lien Senior Secured Loan SOFR 1.15% (3.00% PIK) 8.45 % 9/30/2026 $ 9,901 9,925 9,109
HealthDrive (15)(19) First Lien Senior Secured Loan SOFR 6.10% 10.43 % 8/20/2029 $ 1,899 1,899 1,899
HealthDrive (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 6.10% 10.43 % 8/20/2029 $ 270 270 270
HealthDrive (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 6.10% 10.43 % 8/20/2029 $ 993 987 993
HealthDrive (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 6.10% 10.43 % 8/20/2029 $ 367 367 367
HealthDrive (14)(19)(25) Preferred Equity — — — — 18 1,822 1,826
Masco (6)(18)(19)(26) Subordinated Debt EURIBOR 10.00% PIK 13.25 % 10/4/2032 € 5,328 5,722 6,142
Mertus 522. GmbH (6)(18)(19)(26) First Lien Senior Secured Loan EURIBOR 6.25% (0.75% PIK) 9.04 % 5/28/2028 € 228 255 259
Mertus 522. GmbH (6)(18)(19)(26) First Lien Senior Secured Loan EURIBOR 6.25% (0.75% PIK) 9.38 % 5/28/2028 € 133 146 151
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
Nafinco (3)(6)(15)(19) First Lien Senior Secured Loan - Delayed Draw EURIBOR 5.25% 7.76 % 8/29/2031 € 1,465 1,511 1,698
Nafinco (6)(18)(19) First Lien Senior Secured Loan EURIBOR 5.25% 7.29 % 8/29/2031 € 52 56 61
Nafinco (3)(6)(18)(19) First Lien Senior Secured Loan - Revolver EURIBOR 5.25% 7.29 % 5/30/2031 € 107 109 120
Odyssey Behavioral Health (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 11/21/2030 $ — (82 ) —
Odyssey Behavioral Health (15)(19) First Lien Senior Secured Loan SOFR 5.25% 9.57 % 5/21/2031 $ 1,615 1,597 1,615
Odyssey Behavioral Health (14)(19)(25) Equity Interest — — — — 22 2,234 2,399
Pharmacy Partners (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 2/28/2029 $ — (50 ) —
Premier Imaging, LLC (15)(19)(26)(29) First Lien Senior Secured Loan SOFR 3.51% (2.75% PIK) 10.56 % 3/31/2026 $ 8,104 8,082 7,294
Premier Imaging, LLC (15)(19)(26) First Lien Senior Secured Loan - Delayed Draw SOFR 3.51% (2.75% PIK) 10.56 % 3/31/2026 $ 2,186 2,179 1,967
Red Nucleus (3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 10/17/2031 $ — (23 ) —
Red Nucleus (3)(16)(19) First Lien Senior Secured Loan - Revolver SOFR 5.25% 9.55 % 10/17/2031 $ 567 536 567
RedMed Operations (Collage Rehabilitation) (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 2/28/2031 $ — (6 ) (26 )
RedMed Operations (Collage Rehabilitation) (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.00% 9.33 % 2/28/2031 $ 945 936 935
RedMed Operations (Collage Rehabilitation) (15)(19) First Lien Senior Secured Loan SOFR 5.00% 9.33 % 2/28/2031 $ 362 360 360
SunMed Group Holdings, LLC (16)(19)(29) First Lien Senior Secured Loan SOFR 5.60% 9.88 % 6/16/2028 $ 8,474 8,399 8,474
Sunmed Group Holdings, LLC (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 6/16/2027 $ — (3 ) —
USME Holdco LLC (19)(26) Subordinated Debt — 17.00% PIK 17.00 % 5/24/3031 $ 4,984 4,935 4,934
Healthcare & Pharmaceuticals Total $ 179,953 $ 177,679 15.6 %
High Tech Industries
Access (6)(18)(19) First Lien Senior Secured Loan SONIA 5.00% 9.22 % 6/28/2029 £ 80 99 109
Applitools (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 5/25/2028 $ — (17 ) (172 )
Applitools (6)(16)(19)(26) First Lien Senior Secured Loan SOFR 6.25% PIK 10.55 % 5/25/2029 $ 33,570 33,263 31,892
Appriss (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 3/10/2031 $ — (13 ) (27 )
Appriss (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.00% 9.31 % 3/10/2031 $ 380 355 354
Appriss (15)(19) First Lien Senior Secured Loan SOFR 5.00% 9.31 % 3/10/2031 $ 22,114 21,950 21,948
Appriss Holdings, Inc. (14)(19)(25) Equity Interest — — — — 2,136 1,606 1,880
Appriss Holdings, Inc. (15)(19) First Lien Senior Secured Loan SOFR 4.90% 9.22 % 5/6/2027 $ 5,503 5,464 5,503
Appriss Holdings, Inc. (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 5/6/2027 $ — (5 ) (5 )
AQ Software Corporation (19)(25)(26) Preferred Equity SOFR 10.00% PIK 14.26 % — 2 1,797 1,747
AQ Software Corporation (19)(25)(26) Preferred Equity SOFR 10.00% PIK 14.26 % — 3 2,995 2,911
AQ Software Corporation (19)(25)(26) Preferred Equity SOFR 10.00% PIK 14.26 % — 1 791 791
AQ Software Corporation (19)(25)(26) Preferred Equity SOFR 10.00% PIK 14.26 % — 2 2,072 2,032
Chartbeat (19)(26) Subordinated Debt — 16.00% PIK 16.00 % 10/4/2030 $ 6,297 6,209 6,297
Chartbeat (14)(19)(25) Warrants — — — — 1 — 158
Chartbeat (19)(26) Subordinated Debt — 16.00% PIK 16.00 % 10/4/2030 $ 5,616 5,528 5,616
Cloud Technology Solutions (CTS) (6)(15)(19)(26) First Lien Senior Secured Loan - Delayed Draw SONIA 2.45% (4.55% PIK) 11.21 % 10/17/2031 £ 2,083 2,651 2,828
Cloud Technology Solutions (CTS) (6)(14)(19)(25) Preferred Equity — — — — 4,408 5,360 5,747
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
Eagle Rock Capital Corporation (14)(19)(25) Preferred Equity — — — — 2,429 2,429 6,509
Eleven Software (14)(19)(25) Preferred Equity — — — — 109 109 134
Eleven Software (14)(19)(25) Preferred Equity — — — — 896 896 1,109
Eleven Software (18)(19) First Lien Senior Secured Loan SOFR 8.25% 12.55 % 4/25/2027 $ 7,439 7,408 7,439
Eleven Software (18)(19) First Lien Senior Secured Loan - Revolver SOFR 8.10% 12.43 % 9/25/2026 $ 1,488 1,484 1,488
Govineer Solutions (fka Black Mountain) (3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 10/7/2030 $ — (37 ) —
Govineer Solutions (fka Black Mountain) (3)(18)(19) First Lien Senior Secured Loan - Revolver SOFR 5.00% 9.32 % 10/7/2030 $ 1,313 1,288 1,313
Govineer Solutions (fka Black Mountain) (15)(19)(29) First Lien Senior Secured Loan SOFR 5.00% 9.30 % 10/7/2030 $ 4,400 4,372 4,400
HG Insights, Inc. (15)(19) First Lien Senior Secured Loan SOFR 7.50% 11.81 % 6/16/2031 $ 10,820 10,605 10,604
HG Insights, Inc. (14)(19)(25) Equity Interest — — — — 505 777 777
LogRhythm (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 7/2/2029 $ — (10 ) (25 )
NearMap (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 12/9/2028 $ — (38 ) —
NearMap (15)(19) First Lien Senior Secured Loan SOFR 5.00% 9.32 % 12/9/2029 $ 38,922 38,777 38,922
NearMap (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 12/9/2028 $ — (34 ) —
New Gen Holding (6)(18)(19) First Lien Senior Secured Loan EURIBOR 6.25% 8.43 % 5/28/2031 € 26,672 29,900 31,140
PayRange (14)(19)(25) Equity Interest — — — — 4,527 4,527 5,340
PayRange (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 10/31/2030 $ — (37 ) —
PlentyMarkets (2)(3)(6)(18)(19) First Lien Senior Secured Loan - Revolver — — — 9/13/2031 € — — (16 )
PlentyMarkets (6)(18)(19)(26) First Lien Senior Secured Loan - Delayed Draw EURIBOR 2.76% (3.74% PIK) 8.89 % 4/2/2032 € 50 54 58
RetailNext (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 12/5/2030 $ — (28 ) (31 )
RetailNext (15)(19) First Lien Senior Secured Loan SOFR 7.00% 11.32 % 12/5/2030 $ 17,007 16,851 16,837
Revalize, Inc. (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.90% 10.20 % 4/15/2027 $ 5,223 5,204 5,066
Revalize, Inc. (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.90% 10.20 % 4/15/2027 $ 1,959 1,952 1,900
Revalize, Inc. (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.90% 10.20 % 4/15/2027 $ 1,072 1,067 1,032
SAM (19)(26) First Lien Senior Secured Loan — 14.25% PIK 14.25 % 5/9/2028 $ 41,192 41,041 41,192
SensorTower (14)(19)(25) Equity Interest — — — — 156 2,400 10,444
SensorTower (19)(29)(31) First Lien Senior Secured Loan SOFR 7.50% 11.81 % 3/15/2029 $ 9,263 9,153 9,263
SensorTower (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 3/15/2029 $ — (12 ) —
Superna Inc. (3)(5)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 3/6/2028 $ — (12 ) —
Superna Inc. (3)(5)(6)(18)(19) First Lien Senior Secured Loan - Revolver — — — 3/6/2028 $ — (12 ) —
Superna Inc. (6)(14)(19)(25) Equity Interest — — — — 1,463 1,463 2,578
Superna Inc. (6)(15)(19) First Lien Senior Secured Loan SOFR 6.50% 10.81 % 3/6/2028 $ 2,693 2,665 2,693
Utimaco (6)(14)(19)(25) Equity Interest — — — — 2 2,223 2,957
Utimaco (6)(14)(19)(25) Preferred Equity — — — — 2 2,223 2,957
Utimaco (6)(16)(19) First Lien Senior Secured Loan EURIBOR 5.75% 7.79 % 5/14/2029 € 92 99 109
Utimaco (6)(16)(19) First Lien Senior Secured Loan SOFR 5.75% 10.08 % 5/14/2029 $ 128 127 128
Utimaco (6)(16)(19) First Lien Senior Secured Loan SOFR 5.75% 10.08 % 5/14/2029 $ 262 261 262
Ventiv Holdco, Inc. (14)(19)(25) Equity Interest — — — — 529 2,833 909
High Tech Industries Total $ 282,073 $ 297,097 26.1 %
Portfolio Company Investment Type Index (1) Spread (1) Interest Rate Maturity Date Principal/Shares (9) Cost Market Value % of NAV (4)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Non-Controlled/Non-Affiliate Investments
Hotel, Gaming & Leisure
Awayday (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 5/6/2032 $ — (5 ) (6 )
Awayday (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.25% 9.55 % 5/6/2032 $ 369 357 356
Awayday (15)(19) First Lien Senior Secured Loan SOFR 5.25% 9.55 % 5/6/2032 $ 14,361 14,218 14,200
City BBQ (14)(19)(25) Preferred Equity — — — — 5 1,271 1,379
City BBQ (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 9/4/2030 $ — (36 ) —
City BBQ (15)(19)(29) First Lien Senior Secured Loan SOFR 5.35% 9.66 % 9/4/2030 $ 9,325 9,257 9,325
City BBQ (3)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 9/4/2030 $ — — —
Concert Golf Partners Holdco LLC (3)(16)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 4.50% 8.88 % 4/1/2031 $ 4,505 4,460 4,505
Concert Golf Partners Holdco LLC (16)(19)(29) First Lien Senior Secured Loan SOFR 4.50% 8.88 % 3/31/2031 $ 6,658 6,574 6,658
Concert Golf Partners Holdco LLC (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 4/1/2030 $ — (23 ) —
Le Berger SA (6)(15)(19) First Lien Senior Secured Loan - Delayed Draw EURIBOR 3.75% 5.73 % 2/21/2028 € 500 522 588
Pollo Tropical (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 10/23/2029 $ — (10 ) (5 )
Pollo Tropical (15)(19) First Lien Senior Secured Loan SOFR 5.25% 9.53 % 10/23/2029 $ 3,182 3,149 3,166
Pyramid Global Hospitality (19)(24)(29) First Lien Senior Secured Loan SOFR 5.25% 9.53 % 1/19/2028 $ 5,273 5,256 5,273
Pyramid Global Hospitality (19)(24)(29) First Lien Senior Secured Loan SOFR 5.25% 9.53 % 1/19/2028 $ 9,775 9,611 9,775
Pyramid Global Hospitality (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 1/19/2028 $ — (40 ) —
Hotel, Gaming & Leisure Total $ 54,561 $ 55,214 4.8 %
Media: Advertising, Printing & Publishing
AdThrive (18) First Lien Senior Secured Loan SOFR 4.36% 8.69 % 3/23/2028 $ 4,936 4,871 4,856
Facts Global Energy (6)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.25% 9.26 % 12/20/2031 $ 50 50 50
Facts Global Energy (2)(3)(5)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 12/20/2031 $ — (29 ) (32 )
Facts Global Energy (2)(3)(5)(6)(18)(19) First Lien Senior Secured Loan - Revolver — — — 6/20/2031 $ — (14 ) (8 )
Facts Global Energy (6)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.25% 9.26 % 12/20/2031 $ 50 50 50
OGH Bidco Limited (3)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw SONIA 6.25% 10.47 % 6/29/2029 £ 2,217 2,621 2,596
OGH Bidco Limited (6)(18)(19) First Lien Senior Secured Loan SONIA 6.25% 10.47 % 6/29/2029 £ 139 165 181
TGI Sport Bidco Pty Ltd (6)(17)(19) First Lien Senior Secured Loan - Delayed Draw SONIA 6.12% 10.33 % 6/24/2029 £ 69 88 95
TGI Sport Bidco Pty Ltd (6)(18)(19) First Lien Senior Secured Loan BBSY 7.00% 10.66 % 4/30/2026 AUD 98 76 65
TGI Sport Bidco Pty Ltd (6)(17)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 7.11% 11.44 % 4/30/2026 AUD 106 73 73
Media: Advertising, Printing & Publishing Total $ 7,951 $ 7,926 0.7 %
Portfolio Company Investment Type Index (1) Spread (1) Interest Rate Maturity Date Principal/Shares (9) Cost Market Value % of NAV (4)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Non-Controlled/Non-Affiliate Investments
Media: Broadcasting & Subscription
Lightning Finco Limited (6)(16)(19) First Lien Senior Secured Loan SOFR 5.93% 10.22 % 8/31/2028 $ 1,443 1,440 1,443
Lightning Finco Limited (6)(16)(19) First Lien Senior Secured Loan EURIBOR 5.50% 7.54 % 8/31/2028 € 1,300 1,433 1,529
Media: Broadcasting & Subscription Total $ 2,873 $ 2,972 0.3 %
Media: Diversified & Production
Aptus 1724 Gmbh (6)(19)(21)(26) First Lien Senior Secured Loan - Delayed Draw SOFR 4.15% (4.00% PIK) 12.46 % 3/3/2028 $ 5,146 5,146 3,859
Efficient Collaborative Retail Marketing Company, LLC (15)(19)(26) First Lien Senior Secured Loan SOFR 6.01% (3.75% PIK) 14.06 % 12/31/2025 $ 11,339 9,511 9,752
Efficient Collaborative Retail Marketing Company, LLC (15)(19)(26) First Lien Senior Secured Loan SOFR 6.01% (3.75% PIK) 14.06 % 9/30/2026 $ 17,430 14,501 14,990
Efficient Collaborative Retail Marketing Company, LLC (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 6.61% 10.94 % 9/30/2026 $ 1,394 1,386 1,394
Music Creation Group Bidco GmbH (6)(19)(21)(26) First Lien Senior Secured Loan SOFR 4.15% (4.00% PIK) 12.46 % 3/3/2028 $ 4,208 4,156 3,156
Media: Diversified & Production Total $ 34,700 $ 33,151 2.9 %
Retail
Galeria (6)(19)(26) First Lien Senior Secured Loan - Delayed Draw — 15.00% PIK 15.00 % 4/9/2029 € 9,590 10,331 11,281
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 5.82% 8.50 % 5/26/2028 CAD 28 27 21
New Look Vision Group (3)(6)(15)(19) First Lien Senior Secured Loan - Revolver P 4.50% 12.00 % 5/26/2026 CAD 716 515 526
New Look Vision Group (6)(15)(19) First Lien Senior Secured Loan - Delayed Draw CORRA 5.82% 8.50 % 5/26/2028 CAD 54 43 40
New Look Vision Group (6)(18)(19)(26) First Lien Senior Secured Loan - Delayed Draw SOFR 4.15% (2.00% PIK) 10.45 % 5/26/2028 $ 389 389 389
Thrasio, LLC (7)(14)(15)(19)(26) First Lien Senior Secured Loan SOFR 10.11% PIK 14.44 % 6/18/2029 $ 5,047 4,741 1,262
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 14.44 % 6/18/2029 $ 1,628 1,546 1,628
Retail Total $ 25,388 $ 15,171 1.3 %
Services: Business
ACAMS (14)(19)(25) Equity Interest — — — — 3,337 3,337 3,070
Advanced Aircrew (2)(3)(18)(19) First Lien Senior Secured Loan - Revolver — — — 7/26/2030 $ — — (3 )
Advanced Aircrew (15)(19) First Lien Senior Secured Loan SOFR 6.50% 10.83 % 7/26/2030 $ 5,069 5,025 5,043
Advanced Aircrew (14)(19)(25) Preferred Equity — — — — 592 592 629
Allbridge (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 6/5/2030 $ — (24 ) —
Allbridge (15)(19)(29) First Lien Senior Secured Loan SOFR 5.75% 10.05 % 6/5/2030 $ 9,000 8,943 9,000
Allbridge (3)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 6/5/2030 $ — — —
AMI (3)(5)(16)(19) First Lien Senior Secured Loan - Revolver SOFR 5.25% 9.15 % 10/17/2031 $ 26 (9 ) 26
AMI (16)(19)(29) First Lien Senior Secured Loan SOFR 5.25% 9.15 % 10/17/2031 $ 9,251 9,188 9,251
Avalon Acquiror, Inc. (15)(19)(29) First Lien Senior Secured Loan SOFR 6.00% 10.32 % 3/10/2028 $ 14,207 14,133 14,136
Avalon Acquiror, Inc. (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 6.00% 10.32 % 3/10/2028 $ 5,882 5,797 5,840
Beneficium (2)(3)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 6/28/2031 £ — — (148 )
Beneficium (6)(15)(19) First Lien Senior Secured Loan SONIA 5.75% 9.97 % 6/28/2031 £ 7,497 9,397 10,126
Portfolio Company Investment Type Index (1) Spread (1) Interest Rate Maturity Date Principal/Shares (9) Cost Market Value % of NAV (4)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Non-Controlled/Non-Affiliate Investments
Services: Business
Brook Bidco (6)(14)(19)(25) Preferred Equity — — — — 5,675 7,783 5,999
Brook Bidco (6)(18)(19)(26) First Lien Senior Secured Loan SONIA 1.88% (5.65% PIK) 11.74 % 7/10/2028 £ 901 1,213 1,161
Brook Bidco (6)(16)(19)(26) First Lien Senior Secured Loan SOFR 1.98% (5.70% PIK) 11.96 % 7/10/2028 £ 361 477 447
Brook Bidco (6)(16)(19)(26) First Lien Senior Secured Loan SOFR 1.98% (5.70% PIK) 11.96 % 7/10/2028 £ 129 173 160
Cube (2)(3)(5)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 5/20/2031 $ — (3 ) (3 )
Cube (6)(18)(19)(26) First Lien Senior Secured Loan - Delayed Draw SONIA 10.00% PIK 14.22 % 5/22/2032 £ 2,000 2,743 2,743
Cube (6)(18)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 7.19% 11.49 % 5/20/2031 $ 100 102 102
Cube (18)(19)(26) First Lien Senior Secured Loan - Delayed Draw SOFR 3.00% (4.20% PIK) 11.52 % 5/20/2031 $ 244 244 244
Darcy Partners (14)(19)(25) Equity Interest — — — — 359 360 497
Darcy Partners (18)(19) First Lien Senior Secured Loan SOFR 7.75% 12.03 % 6/1/2028 $ 1,488 1,480 1,488
Darcy Partners (3)(18)(19) First Lien Senior Secured Loan - Revolver — — — 6/1/2028 $ — — —
Datix Bidco Limited (3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 4/30/2031 $ — (24 ) —
Datix Bidco Limited (3)(6)(17)(19) First Lien Senior Secured Loan - Revolver SOFR 5.25% 9.54 % 10/30/2030 $ 421 387 421
Datix Bidco Limited (17)(19) First Lien Senior Secured Loan SOFR 5.25% 9.54 % 4/30/2031 $ 16,626 16,344 16,626
Datix Bidco Limited (3)(6)(17)(19) First Lien Senior Secured Loan - Revolver SONIA 5.25% 9.46 % 10/30/2030 £ 60 81 82
Discovery Senior Living (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.50% 9.83 % 3/18/2030 $ 2,830 2,775 2,830
Discovery Senior Living (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 3/18/2030 $ — (22 ) —
DTIQ (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 9/30/2029 $ — (34 ) (81 )
DTIQ (2)(3)(18)(19) First Lien Senior Secured Loan - Revolver — — — 9/30/2029 $ — — (60 )
DTIQ (13)(19)(29) First Lien Senior Secured Loan SOFR 7.50% 11.83 % 9/30/2029 $ 16,651 16,398 16,401
DTIQ (14)(19)(25) Equity Interest — — — — 3,995 — —
Easy Ice (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.40% 9.70 % 10/30/2030 $ 2,203 2,133 2,203
Easy Ice (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 10/30/2030 $ — (70 ) —
Easy Ice (15)(19)(29) First Lien Senior Secured Loan SOFR 5.40% 9.68 % 10/30/2030 $ 7,960 7,854 7,960
Electronic Merchant Systems (3)(18)(19) First Lien Senior Secured Loan - Revolver — — — 8/1/2030 $ — — —
Electronic Merchant Systems (16)(19)(29) First Lien Senior Secured Loan SOFR 4.75% 9.08 % 8/1/2030 $ 4,112 4,050 4,112
Electronic Merchant Systems (14)(19)(25) Equity Interest — — — — 148 1,596 2,055
Elevator Holdco Inc. (14)(19)(25) Equity Interest — — — — 2 2,448 3,323
E-Tech Group (3)(15)(19) First Lien Senior Secured Loan - Revolver P 4.50% 12.00 % 4/9/2030 $ 52 42 36
Fiduciaire Jean-Marc Faber (FJMF) (2)(3)(5)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 4/3/2032 € — (16 ) (38 )
Fiduciaire Jean-Marc Faber (FJMF) (6)(15)(19) First Lien Senior Secured Loan - Delayed Draw EURIBOR 5.50% 7.81 % 4/3/2032 € 50 55 58
Hollywood LP (6)(19)(25)(26) Preferred Equity — 12.50% PIK 12.50 % — 1,756 2,280 2,360
iBanFirst (6)(18)(19)(26) First Lien Senior Secured Loan - Delayed Draw EURIBOR 9.75% PIK 11.78 % 7/13/2028 € 3,772 3,898 4,437
iBanFirst (6)(18)(19)(26) First Lien Senior Secured Loan EURIBOR 10.00% PIK 12.32 % 7/13/2028 € 3,910 4,085 4,600
iBanFirst (6)(18)(19)(26) First Lien Senior Secured Loan EURIBOR 10.00% PIK 12.32 % 7/13/2028 € 99 103 116
iBanFirst (6)(18)(19)(26) First Lien Senior Secured Loan EURIBOR 10.00% PIK 12.32 % 7/13/2028 € 4,120 4,261 4,847
iBanFirst Facility (6)(14)(19)(25) Preferred Equity — — — — 7,112 8,136 28,573
ImageTrend (15)(19) First Lien Senior Secured Loan SOFR 6.00% 10.32 % 1/31/2029 $ 2,500 2,478 2,500
ImageTrend (15)(19) First Lien Senior Secured Loan SOFR 6.00% 10.28 % 1/31/2029 $ 17,000 16,819 17,000
ImageTrend (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 1/31/2029 $ — (36 ) —
LEP CP Co-Invest, L.P. (6)(14)(19)(25) Equity Interest — — — — 287 380 395
Portfolio Company Investment Type Index (1) Spread (1) Interest Rate Maturity Date Principal/Shares (9) Cost Market Value % of NAV (4)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Non-Controlled/Non-Affiliate Investments
Services: Business
masLabor (14)(19)(25) Equity Interest — — — — 173 173 518
masLabor (18)(19) First Lien Senior Secured Loan SOFR 7.50% 11.78 % 7/1/2027 $ 8,276 8,170 8,276
Morrow Sodali (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.73% 10.06 % 4/25/2028 $ 2,586 2,576 2,586
Morrow Sodali (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.10% 9.43 % 4/25/2028 $ 495 479 495
Opus2 (6)(14)(19)(25) Equity Interest — — — — 2,272 2,900 4,079
Opus2 (6)(18)(19) First Lien Senior Secured Loan SONIA 5.53% 9.74 % 5/5/2028 £ 123 168 168
Orion (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.00% 9.58 % 3/19/2027 $ 206 196 191
Orion (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 3/19/2027 $ — (3 ) (5 )
Orion (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.00% 9.56 % 3/19/2027 $ 710 704 704
Orion (3)(18)(19) First Lien Senior Secured Loan - Revolver SOFR 5.00% 9.56 % 3/19/2027 $ 169 157 158
PRGX (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 12/20/2030 $ — (26 ) (55 )
PRGX (15)(19) First Lien Senior Secured Loan SOFR 5.50% 9.79 % 12/20/2030 $ 143 148 142
Pure Wafer (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 11/12/2030 $ — (9 ) (10 )
Pure Wafer (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.35% 9.66 % 11/12/2030 $ 495 478 485
Pure Wafer (15)(19) First Lien Senior Secured Loan SOFR 5.35% 9.68 % 11/12/2030 $ 3,971 3,937 3,951
Pure Wafer (14)(19)(25) Equity Interest — — — — 1,236 1,236 1,305
Rydoo (6)(15)(19) First Lien Senior Secured Loan - Delayed Draw EURIBOR 6.75% 9.13 % 9/12/2031 € 1,556 1,723 1,821
Rydoo (6)(14)(19)(25) Preferred Equity — — — — 200 223 235
Rydoo (6)(14)(19)(25) Equity Interest — — — — 466 520 580
SoftCo (6)(14)(19)(25) Equity Interest — — — — 500 537 721
SoftCo (6)(15)(19) First Lien Senior Secured Loan EURIBOR 6.50% 8.51 % 2/22/2031 € 2,000 2,148 2,353
Spring Finco BV (3)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 7/15/2029 NOK — — —
TEI Holdings Inc. (17)(29) First Lien Senior Secured Loan SOFR 4.00% 8.30 % 4/9/2031 $ 2,634 2,623 2,639
TES Global (6)(18)(19) First Lien Senior Secured Loan - Delayed Draw SONIA 5.00% 9.22 % 1/27/2029 £ 12 15 17
Webcentral (6)(18)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 6.25% 10.60 % 12/18/2030 $ 87 87 87
Webcentral (3)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 6.25% 10.59 % 12/18/2030 € 3,158 3,402 3,479
Webcentral (6)(18)(19) First Lien Senior Secured Loan - Delayed Draw EURIBOR 6.25% 8.63 % 12/18/2030 € 17 18 20
Services: Business Total $ 199,932 $ 225,504 19.8 %
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 (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 4/30/2031 $ — (2 ) (2 )
CorePower Yoga, LLC (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 4/30/2031 $ — (9 ) (9 )
CorePower Yoga, LLC (15)(19)(29) First Lien Senior Secured Loan SOFR 5.75% 10.05 % 4/30/2031 $ 8,000 7,960 7,960
Master ConcessionAir (3)(19)(33) First Lien Senior Secured Loan - Delayed Draw SOFR 8.75% 13.01 % 6/21/2029 $ 183 183 175
Master ConcessionAir (3)(19)(33) First Lien Senior Secured Loan - Revolver SOFR 8.75% 13.07 % 6/21/2029 $ 217 213 212
Master ConcessionAir (19)(33) First Lien Senior Secured Loan SOFR 8.75% 13.07 % 6/21/2029 $ 1,725 1,694 1,690
MZR Aggregator (14)(19)(25) Equity Interest — — — — — 12 2
MZR Aggregator (14)(19)(25) Equity Interest — — — — 1 798 103
MZR Buyer, LLC (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 12/22/2028 $ — (24 ) (104 )
MZR Buyer, LLC (15)(19)(26)(29) First Lien Senior Secured Loan SOFR 7.00% (0.50% PIK) 11.76 % 12/22/2028 $ 317 313 298
MZR Buyer, LLC (15)(19)(26)(29) First Lien Senior Secured Loan SOFR 7.00% (0.50% PIK) 11.76 % 12/22/2028 $ 137 136 129
MZR Buyer, LLC (15)(19)(26)(29) First Lien Senior Secured Loan SOFR 6.85% (0.50% PIK) 11.68 % 12/22/2028 $ 11,798 11,728 11,090
MZR Buyer, LLC (15)(19)(26) First Lien Senior Secured Loan - Revolver SOFR 7.00% (0.50% PIK) 11.77 % 12/22/2028 $ 5,217 5,165 4,904
Owl Acquisition, LLC (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 4/17/2032 $ — (2 ) (2 )
Owl Acquisition, LLC (3)(16)(19) First Lien Senior Secured Loan - Revolver SOFR 4.75% 9.03 % 4/17/2032 $ 77 68 68
Owl Acquisition, LLC (16)(19) First Lien Senior Secured Loan SOFR 4.75% 9.03 % 4/17/2032 $ 643 641 641
SG Global Midco Limited (6)(19) First Lien Senior Secured Loan — 10.00% 10.00 % 5/11/2026 £ 2 3 3
Spotless Brands (3)(15)(19)(29) First Lien Senior Secured Loan - Delayed Draw SOFR 5.50% 9.76 % 7/25/2028 $ 12,030 11,945 12,030
Surrey Bidco Limited (6)(7)(14)(18)(19)(26) First Lien Senior Secured Loan SONIA 7.28% PIK 11.66 % 5/11/2026 £ 68 77 38
WhiteWater Express (19)(26) Subordinated Debt — 14.00% PIK 14.00 % 3/31/2031 $ 8,542 8,472 8,467
Services: Consumer Total $ 49,371 $ 47,693 4.2 %
Telecommunications
Meriplex Communications, Ltd. (16)(19) First Lien Senior Secured Loan SOFR 5.10% 9.43 % 7/17/2028 $ 12,010 11,873 11,740
Meriplex Communications, Ltd. (16)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.10% 9.43 % 7/17/2028 $ 7,138 7,084 6,978
Meriplex Communications, Ltd. (16)(19) First Lien Senior Secured Loan - Revolver SOFR 5.10% 9.43 % 7/17/2028 $ 2,824 2,795 2,760
Taoglas (15)(19) First Lien Senior Secured Loan SOFR 7.25% 11.55 % 2/28/2029 $ 899 899 885
Taoglas (14)(19)(25) Equity Interest — — — — 20 20 18
Taoglas (14)(19)(25) Equity Interest — — — — 2,259 2,259 1,981
Taoglas (15)(19) First Lien Senior Secured Loan SOFR 7.25% 11.55 % 2/28/2029 $ 9,928 9,856 9,779
Taoglas (3)(6)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 7.25% 11.56 % 2/28/2029 $ 1,211 1,211 1,190
Taoglas (6)(15)(19) First Lien Senior Secured Loan SOFR 7.25% 11.55 % 2/28/2029 $ 446 437 440
Telecommunications Total $ 36,434 $ 35,771 3.1 %
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 5.65% (1.25% PIK) 11.19 % 8/3/2026 $ 931 920 859
A&R Logistics, Inc. (15)(19)(26) First Lien Senior Secured Loan SOFR 5.65% (1.25% PIK) 11.19 % 8/3/2026 $ 2,395 2,395 2,209
A&R Logistics, Inc. (15)(19)(26) First Lien Senior Secured Loan SOFR 5.65% (1.25% PIK) 11.19 % 8/3/2026 $ 2,690 2,684 2,480
A&R Logistics, Inc. (15)(19)(26) First Lien Senior Secured Loan SOFR 5.65% (1.25% PIK) 11.19 % 8/3/2026 $ 5,905 5,887 5,446
A&R Logistics, Inc. (15)(19)(26) First Lien Senior Secured Loan SOFR 5.65% (1.25% PIK) 11.19 % 8/3/2026 $ 13,086 13,086 12,071
A&R Logistics, Inc. (3)(15)(19)(22)(26) First Lien Senior Secured Loan - Revolver SOFR 5.60% (1.25% PIK) 11.18 % 8/3/2026 $ 4,703 4,630 4,226
ARL Holdings, LLC (14)(19)(25) Equity Interest — — — — — 445 —
ARL Holdings, LLC (14)(19)(25) Equity Interest — — — — 9 9 —
Grammer Investment Holdings LLC (14)(19)(25) Warrants — — — — 122 — —
Grammer Investment Holdings LLC (14)(19)(25) Equity Interest — — — — 1,011 1,019 347
Grammer Investment Holdings LLC (14)(19)(25) Preferred Equity — — — — 11 1,095 1,183
Gulf Winds International (15)(19) First Lien Senior Secured Loan SOFR 7.00% 11.33 % 12/16/2028 $ 1,072 1,064 1,024
Gulf Winds International (15)(19)(29) First Lien Senior Secured Loan SOFR 7.00% 11.33 % 12/16/2028 $ 11,944 11,708 11,406
Gulf Winds International (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 7.00% 11.33 % 12/16/2028 $ 3,414 3,313 3,158
REP Coinvest III- A Omni, L.P. (14)(19)(25) Equity Interest — — — — 1,377 1,377 707
RoadOne (15)(19)(29) First Lien Senior Secured Loan SOFR 6.25% 10.49 % 12/29/2028 $ 11,944 11,704 11,944
RoadOne (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 6.25% 10.49 % 12/29/2028 $ 3,922 3,845 3,922
RoadOne (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 6.25% 10.49 % 12/29/2028 $ 934 922 934
Transportation: Cargo Total $ 66,103 $ 61,916 5.4 %
Transportation: Consumer
PrimeFlight (15)(19) First Lien Senior Secured Loan SOFR 5.25% 9.52 % 5/1/2029 $ 9,381 9,296 9,381
PrimeFlight Acquisition LLC (15)(19) First Lien Senior Secured Loan SOFR 5.25% 9.55 % 5/1/2029 $ 4,035 3,985 4,035
PrimeFlight Acquisition LLC (15)(19)(29) First Lien Senior Secured Loan SOFR 5.50% 9.78 % 5/1/2029 $ 12,005 11,838 12,005
PrimeFlight Acquisition LLC (15)(19) First Lien Senior Secured Loan SOFR 5.50% 9.80 % 5/1/2029 $ 831 831 831
Transportation: Consumer Total $ 25,950 $ 26,252 2.3 %
Utilities: Water
Vessco Water (3)(16)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 4.75% 9.07 % 7/24/2031 $ 1,301 1,283 1,301
Vessco Water (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 7/24/2031 $ — (10 ) —
Utilities: Water Total $ 1,273 $ 1,301 0.1 %
Wholesale
Abracon Group Holding, LLC. (7)(14)(16)(19)(26) First Lien Senior Secured Loan SOFR 2.05% (4.60% PIK) 10.91 % 7/6/2028 $ 14,608 14,088 8,767
Abracon Group Holding, LLC. (7)(14)(16)(19)(26) First Lien Senior Secured Loan - Revolver SOFR 2.00% (4.60% PIK) 10.91 % 7/6/2028 $ 2,088 1,984 1,252
Chex Finer Foods, LLC (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 6/6/2031 $ — (16 ) (16 )
Chex Finer Foods, LLC (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 6.00% 10.32 % 6/6/2031 $ 387 369 369
Chex Finer Foods, LLC (15)(19)(29) First Lien Senior Secured Loan SOFR 6.00% 10.32 % 6/6/2031 $ 25,467 25,308 25,308
Hultec (14)(19)(25) Equity Interest — — — — 1 651 1,003
SureWerx (16)(19) First Lien Senior Secured Loan SOFR 5.25% 9.55 % 12/28/2029 $ 534 534 531
SureWerx (3)(18)(19) First Lien Senior Secured Loan - Revolver — — — 12/28/2028 CAD — — —
SureWerx (3)(16)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.25% 9.55 % 12/28/2029 $ 403 393 395
SureWerx (3)(16)(19) First Lien Senior Secured Loan - Revolver SOFR 5.25% 9.55 % 12/28/2028 $ 443 428 437
Wholesale Total $ 43,739 $ 38,046 3.3 %
Non-Controlled/Non-Affiliate Investments Total $ 1,826,043 $ 1,847,266 162.2 %
Portfolio Company Investment Type Index (1) Spread (1) Interest Rate Maturity Date Principal/Shares (9) Cost Market Value % of NAV (4)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Non-Controlled/Affiliate Investments
Aerospace & Defense
Ansett Aviation Training (6)(10)(14)(19)(25) Equity Interest — — — — 5,119 3,842 9,880
Aerospace & Defense Total $ 3,842 $ 9,880 0.9 %
Beverage, Food & Tobacco
ADT Pizza, LLC (10)(14)(19)(25) Equity Interest — — — — 6,720 3,372 3,252
Beverage, Food & Tobacco Total $ 3,372 $ 3,252 0.3 %
Consumer Goods: Durable
Walker Edison (2)(3)(7)(10)(14)(15)(19)(26) First Lien Senior Secured Loan - Delayed Draw SOFR 6.85% PIK 11.17 % 3/31/2029 $ 667 656 (298 )
Walker Edison (7)(10)(14)(15)(19)(26) First Lien Senior Secured Loan - Delayed Draw SOFR 6.85% PIK 11.17 % 3/31/2029 $ 724 724 —
Walker Edison (10)(14)(19)(25) Equity Interest — — — — 60 5,592 —
Walker Edison (7)(10)(14)(15)(19)(26) First Lien Senior Secured Loan SOFR 6.90% PIK 11.16 % 3/31/2027 $ 7,539 6,621 —
Walker Edison (7)(10)(14)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 6.40% 10.66 % 3/31/2027 $ 3,182 3,089 —
Walker Edison (7)(10)(14)(15)(19)(26) First Lien Senior Secured Loan - Delayed Draw SOFR 6.90% PIK 11.16 % 3/31/2027 $ 971 873 —
Walker Edison (7)(10)(14)(15)(19)(26) First Lien Senior Secured Loan - Delayed Draw SOFR 6.90% PIK 11.21 % 3/31/2027 $ 2,229 2,045 —
Consumer Goods: Durable Total $ 19,600 $ (298 ) 0.0 %
Telecommunications
DC Blox (10)(14)(19)(25) Preferred Equity — — — — 38 37,850 39,743
DC Blox (10)(14)(19)(25) Preferred Equity — — — — 6 3,852 5,300
DC Blox (10)(14)(19)(25) Preferred Equity — — — — 7 — 5,858
DC Blox (10)(14)(19)(25) Equity Interest — — — — 51 — —
Telecommunications Total $ 41,702 $ 50,901 4.4 %
Non-Controlled/Affiliate Investments Total $ 68,516 $ 63,735 5.6 %
Portfolio Company Investment Type Index (1) Spread (1) Interest Rate Maturity Date Principal/Shares (9) Cost Market Value % of NAV (4)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Controlled Affiliate Investments
Aerospace & Defense
BCC Jetstream Holdings Aviation (Off I), LLC (6)(10)(11)(14)(20)(25) Equity Interest — — — — 11,863 11,863 9,537
BCC Jetstream Holdings Aviation (On II), LLC (10)(11)(14)(20)(25) Equity Interest — — — — 1,116 1,116 —
BCC Jetstream Holdings Aviation (On II), LLC (10)(11)(14)(20) First Lien Senior Secured Loan — — — — $ 8,013 8,013 5,797
Gale Aviation (Offshore) Co (6)(10)(11)(14)(19)(25) Equity Interest — — — — 72,247 72,246 66,097
Aerospace & Defense Total $ 93,238 $ 81,431 7.1 %
FIRE: Finance
Legacy Corporate Lending HoldCo, LLC (10)(11)(14)(19)(25) Equity Interest — — — — 1 900 1,209
Legacy Corporate Lending HoldCo, LLC (10)(11)(19)(25) Preferred Equity — — — — 47 40,050 48,217
Legacy Corporate Lending HoldCo, LLC (10)(11)(14)(19)(25) Equity Interest — — — — 1 — —
FIRE: Finance Total $ 40,950 $ 49,426 4.3 %
Investment Vehicles
Bain Capital Senior Loan Program, LLC (6)(10)(11)(18)(19) Subordinated Note Investment Vehicles — 10.00% 10.00 % 12/27/2033 $ 163,995 163,994 151,925
Bain Capital Senior Loan Program, LLC (6)(10)(11)(25) Preferred Equity Interest Investment Vehicles — — — — 10 9 1,342
Bain Capital Senior Loan Program, LLC (6)(10)(11)(25) Equity Interest Investment Vehicles — — — — 10 5,594 5,938
International Senior Loan Program, LLC (6)(10)(11)(18)(19) Subordinated Note Investment Vehicles SOFR 8.00% 12.30 % 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 50,829
Investment Vehicles Total $ 420,941 $ 400,763 35.3 %
Services: Business
Parcel2Go (6)(10)(11)(18)(19) First Lien Senior Secured Loan SONIA 7.00% 11.36 % 11/26/2031 £ 47 58 54
Parcel2Go (6)(10)(11)(14)(19)(25) Equity Interest — — — — — — —
Parcel2Go (6)(10)(11)(14)(19)(25) Preferred Equity — — — — 14,221 — —
Services: Business Total $ 58 $ 54 0.0 %
Transportation: Cargo
Lightning Holdings B, LLC (6)(10)(11)(14)(19)(25) Equity Interest — — — — 39,459 39,770 59,122
Transportation: Cargo Total $ 39,770 $ 59,122 5.2 %
Controlled Affiliate Investments Total $ 594,957 $ 590,796 51.9 %
Investments Total $ 2,489,516 $ 2,501,797 219.7 %
Cash Equivalents
Goldman Sachs Financial Square Government Fund Institutional Share Class Cash Equivalents — — 4.23 % — $ 2,480 2,480 2,480
Goldman Sachs US Treasury Liquid Reserves Fund (30) Cash Equivalents — — 4.20 % — $ 131,151 131,151 131,151
Cash Equivalents Total $ 133,631 $ 133,631 11.7 %
Investments and Cash Equivalents Total $ 2,623,147 $ 2,635,428 231.4 %

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 $ - $ 8,704

Forward Foreign Currency Exchange Contracts

Currency Purchased Currency Sold Counterparty Settlement <br>Date Unrealized <br>Appreciation(8)
US DOLLARS 7,534 POUND STERLING 5,690 Bank of New York Mellon 7/18/2025 $ (263 )
US DOLLARS 1 POUND STERLING 0 Bank of New York Mellon 7/21/2025 (1 )
US DOLLARS 8,321 POUND STERLING 6,450 Wells Fargo 7/23/2025 (518 )
US DOLLARS 2,762 AUSTRALIAN DOLLARS 3,739 Bank of New York Mellon 7/28/2025 310
US DOLLARS 5,159 EURO 4,680 Wells Fargo 7/28/2025 (345 )
US DOLLARS 1,029 POUND STERLING 800 Wells Fargo 7/29/2025 (68 )
US DOLLARS 14,676 EURO 12,950 Wells Fargo 8/22/2025 (578 )
US DOLLARS 2,442 EURO 2,190 Wells Fargo 9/10/2025 (140 )
US DOLLARS 5,089 AUSTRALIAN DOLLARS 8,090 Bank of New York Mellon 9/17/2025 (221 )
US DOLLARS 4,938 POUND STERLING 3,780 Bank of New York Mellon 10/8/2025 (245 )
US DOLLARS 15,164 EURO 13,610 Bank of New York Mellon 10/8/2025 (918 )
US DOLLARS 424 CANADIAN DOLLAR 600 Bank of New York Mellon 12/19/2025 (20 )
US DOLLARS 148 EURO 302 Wells Fargo 1/9/2026 (507 )
US DOLLARS 7,650 EURO 7,225 Bank of New York Mellon 1/28/2026 (944 )
US DOLLARS 1,388 POUND STERLING 1,118 Bank of New York Mellon 1/30/2026 (146 )
US DOLLARS 1,922 POUND STERLING 1,480 Bank of New York Mellon 3/20/2026 (109 )
US DOLLARS 16,492 EURO 14,990 Bank of New York Mellon 3/27/2026 (1,398 )
US DOLLARS 9,445 EURO 8,610 BNP Paribas 3/30/2026 (830 )
US DOLLARS 1,034 POUND STERLING 0 BNP Paribas 4/10/2026 (1,033 )
US DOLLARS 3,130 POUND STERLING 2,410 US Bank 4/14/2026 (176 )
US DOLLARS 19,307 EURO 16,810 US Bank 5/12/2026 (796 )
US DOLLARS 13,483 POUND STERLING 10,160 US Bank 5/14/2026 (453 )
US DOLLARS 1,167 EURO 0 Wells Fargo 5/19/2026 (1,167 )
US DOLLARS 58 POUND STERLING 55 Bank of New York Mellon 6/8/2026 (17 )
US DOLLARS 819 EURO 700 Bank of New York Mellon 6/8/2026 (19 )
US DOLLARS 5,137 EURO 4,400 Bank of New York Mellon 6/9/2026 (132 )
US DOLLARS 2,760 EURO 2,360 Bank of New York Mellon 6/10/2026 (66 )
US DOLLARS 2,470 NEW ZEALAND DOLLAR 4,290 Bank of New York Mellon 6/15/2026 (157 )
US DOLLARS 3,959 POUND STERLING 2,915 Bank of New York Mellon 6/17/2026 (39 )
US DOLLARS 2,451 POUND STERLING 1,810 US Bank 6/25/2026 (31 )
US DOLLARS 3,248 AUSTRALIAN DOLLARS 5,195 Bank of New York Mellon 8/20/2026 (178 )
US DOLLARS 27,515 EURO 24,000 Bank of New York Mellon 8/20/2026 (1,313 )
US DOLLARS 5,570 EURO 4,860 Wells Fargo 8/20/2026 (268 )
US DOLLARS 380 CANADIAN DOLLAR 520 Bank of New York Mellon 8/20/2026 (8 )
US DOLLARS 7,111 POUND STERLING 5,620 Bank of New York Mellon 8/27/2026 (594 )
US DOLLARS 1,031 POUND STERLING 820 Bank of New York Mellon 11/25/2026 (92 )
US DOLLARS 2,278 EURO 2,000 Bank of New York Mellon 10/28/2027 (162 )
$ (13,642 )

  • 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 bear 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 June 30, 2025. Certain investments are subject to a EURIBOR, BKBM, CORRA, BBSY, SONIA, SOFR or Prime interest rate floor.

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

  • Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The investment may be subject to an unused/letter of credit facility fee.

  • Percentages are based on the Company’s net assets of $1,139,035 as of June 30, 2025.

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

  • The investment or a portion of this investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of June 30, 2025, non-qualifying assets totaled 28.34% of the Company’s total assets.

  • Loan was on non-accrual status as of June 30, 2025.

  • Unrealized appreciation on forward currency exchange contracts.

  • The principal amount (par amount) for all debt securities is denominated in U.S. dollars, unless otherwise noted. £ represents Pound Sterling, € represents Euro, NOK represents Norwegian Krone, AUD represents Australian Dollar, CAD represents Canadian Dollar and NZ$ represents New Zealand Dollar.

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

  • As defined in the 1940 Act, the Company is deemed to “control” this portfolio company as the Company either owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company.

  • Tick mark not used.

  • Loan includes interest rate floor of 3.50%.

  • Non-income producing.

  • Loan includes interest rate floor of 1.00%.

  • Loan includes interest rate floor of 0.75%.

  • Loan includes interest rate floor of 0.50%.

  • Loan includes interest rate floor of 0.00%.

  • Security valued using unobservable inputs (Level 3).

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

  • Loan includes interest rate floor of 0.25%.

  • $464 of the total par amount for this security is at P+ 5.75%.

  • $45 of the total par amount for this security is at SOFR+ 6.50%.

  • Loan includes interest rate floor of 1.25%.

  • Security exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of June 30, 2025, the aggregate fair value of these securities is $469,781 or 41.24% 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
Ansett Aviation Training 3/24/2022
Apollo Intelligence 6/1/2022
Appriss Holdings, Inc. 5/3/2021
AQ Software Corporation 12/10/2021
AQ Software Corporation 4/14/2022
AQ Software Corporation 12/29/2022
ARL Holdings, LLC 5/3/2019
AXH Air Coolers 10/31/2023
Bain Capital Senior Loan Program, LLC 12/27/2021
BCC Jetstream Holdings Aviation (Off I), LLC 6/1/2017
BCC Jetstream Holdings Aviation (On II), LLC 6/1/2017
BCC Trillium Foods Investments 1, LLC 5/13/2025
BCSF Project Aberdeen, LLC 7/3/2024
Brook Bidco 7/8/2021
BTX Precision 7/25/2024
CB Titan Holdings, Inc. 5/1/2017
Chartbeat 10/4/2024
City BBQ 9/4/2024
Cloud Technology Solutions (CTS) 12/15/2022
Congress Wealth 6/27/2024
Congress Wealth 6/30/2023
Darcy Partners 6/1/2022
DC Blox 9/23/2024
DTIQ 9/30/2024
Eagle Rock Capital Corporation 12/9/2021
East BCC Coinvest II, LLC 7/23/2019
EHE Health 8/7/2024
Electronic Merchant Systems 7/12/2024
Elevator Holdco Inc. 12/23/2019
Eleven Software 3/20/2024
Eleven Software 4/25/2022
Elk 11/1/2019
FCG Acquisitions, Inc. 1/24/2019
Fineline Technologies, Inc. 2/22/2021
Forward Slope 3/15/2024
Gale Aviation (Offshore) Co 1/2/2019
Galeria 8/1/2024
Gills Point S 5/17/2023
Grammer Investment Holdings LLC 10/1/2018
Investment Acquisition Date
--- ---
HealthDrive 8/18/2023
HG Insights, Inc. 6/16/2025
Hollywood LP 4/16/2025
Hultec 3/31/2023
iBanFirst Facility 7/13/2021
Insigneo Financial Group LLC 8/1/2022
International Senior Loan Program, LLC 2/22/2021
Legacy Corporate Lending HoldCo, LLC 4/21/2023
LEP CP Co-Invest, L.P. 4/16/2025
Lightning Holdings B, LLC 1/2/2020
masLabor 7/1/2021
MZR Aggregator 9/17/2024
MZR Aggregator 12/22/2020
NPC International, Inc. 4/1/2021
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 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 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
Walker Edison 3/1/2023
WSP 5/20/2024
WSP 8/31/2021
  • Denotes that all or a portion of the debt investment includes PIK interest during the period.
  • Asset is in an escrow liquidating trust.
  • Tick mark not used.
  • Assets or a portion thereof are pledged as collateral for the 2019-1 Issuer. See “Note 6. Debt.”
  • Cash equivalents include $131,148 of restricted cash.
  • Loan includes interest rate floor of 2.00%.
  • Loan includes interest rate floor of 1.50%.
  • Loan includes interest rate floor of 3.00%.
  • Tick mark not used.

See Notes to Consolidated Financial Statements

Bain Capital Specialty Finance, Inc.

Consolidated Schedule of Investments

As of December 31, 2024

(In thousands)

Interest Maturity Principal/ Market % of
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares Cost Value NAV (4)
Non-Controlled/Non-Affiliate Investments
Aerospace & Defense
ATS (2)(3)(18)(19) First Lien Senior Secured Loan - Revolver — — — 7/12/2029 $ — — (36 )
ATS (15)(19)(29) First Lien Senior Secured Loan SOFR 5.75% 10.05 % 7/12/2029 $ 7,101 7,016 7,012
BTX Precision (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.00% 9.36 % 7/25/2030 $ 7,301 7,223 7,301
BTX Precision (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.00% 9.36 % 7/25/2030 $ 4,352 4,326 4,352
BTX Precision (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 7/25/2030 $ — (34 ) —
BTX Precision (15)(19)(29) First Lien Senior Secured Loan SOFR 5.00% 9.36 % 7/25/2030 $ 14,234 14,114 14,234
BTX Precision (14)(19)(25) Equity Interest — — — — 2 2,199 2,248
Forming Machining Industries Holdings, LLC (7)(14)(18)(19)(26) Second Lien Senior Secured Loan SOFR 8.90% PIK 13.41 % 10/9/2026 $ 7,453 6,874 335
Forming Machining Industries Holdings, LLC (18)(19) First Lien Senior Secured Loan SOFR 4.40% 8.91 % 10/9/2025 $ 15,985 15,968 12,388
Forward Slope (14)(19)(25) Equity Interest — — — — 930 930 1,438
Forward Slope (15)(19) First Lien Senior Secured Loan SOFR 6.85% 11.18 % 8/22/2029 $ 6,139 6,008 6,139
Forward Slope (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 6.85% 11.18 % 8/22/2029 $ 18,409 18,020 18,409
Forward Slope (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 6.85% 11.21 % 8/22/2029 $ 3,554 3,382 3,553
Forward Slope (15)(19) First Lien Senior Secured Loan SOFR 6.85% 11.18 % 8/22/2029 $ 8,618 8,507 8,618
GSP (14)(19)(25) Equity Interest — — — — 620 781 818
GSP (15)(19)(29) First Lien Senior Secured Loan SOFR 5.65% 9.98 % 11/5/2027 $ 1,130 1,130 1,118
GSP Holdings, LLC (15)(19)(29) First Lien Senior Secured Loan SOFR 5.65% 9.98 % 11/6/2025 $ 9,574 9,567 9,478
GSP Holdings, LLC (15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.65% 9.98 % 11/6/2025 $ 4,551 4,544 4,505
Mach Acquisition R/C (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 7.65% 12.17 % 10/19/2026 $ 7,532 7,460 7,532
Mach Acquisition T/L (15)(19)(26) First Lien Senior Secured Loan SOFR 6.65% (2.00% PIK) 13.27 % 10/19/2026 $ 34,518 34,255 34,518
Precision Ultimate Holdings, LLC (14)(19)(25) Equity Interest — — — — 1,417 1,417 1,777
Robinson Helicopter (14)(19)(25) Equity Interest — — — — 1,592 1,592 3,851
Robinson Helicopter (15)(19)(29) First Lien Senior Secured Loan SOFR 6.60% 10.96 % 6/30/2028 $ 10,872 10,707 10,872
Saturn Purchaser Corp. (15)(19)(29) First Lien Senior Secured Loan SOFR 5.35% 10.49 % 7/23/2029 $ 13,587 13,482 13,587
Saturn Purchaser Corp. (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 7/22/2029 $ — (32 ) —
Whitcraft-Paradigm (3)(18)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.50% 9.83 % 2/15/2029 $ 2,740 2,738 2,740
Whitcraft-Paradigm (15)(19)(29) First Lien Senior Secured Loan SOFR 6.50% 10.83 % 2/15/2029 $ 11,792 11,704 11,792
Whitcraft-Paradigm (3)(18)(19)(23) First Lien Senior Secured Loan - Revolver P 5.50% 13.00 % 2/28/2029 $ 1,155 1,140 1,155
Aerospace & Defense Total $ 195,018 $ 189,734 16.6 %
Interest Maturity Principal/ Market % of
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares Cost Value NAV (4)
Non-Controlled/Non-Affiliate Investments
Automotive
American Trailer Rental Group (19)(26) Subordinated Debt — 5.50% (8.75% PIK) 14.25 % 12/1/2027 $ 5,434 5,393 5,270
American Trailer Rental Group (19)(26) Subordinated Debt — 5.50% (8.75% PIK) 14.25 % 12/1/2027 $ 16,765 16,578 16,261
American Trailer Rental Group (19)(26) Subordinated Debt — 5.50% (8.75% PIK) 14.25 % 12/1/2027 $ 20,935 20,706 20,307
Cardo (6)(18)(19) First Lien Senior Secured Loan SOFR 5.25% 9.67 % 5/12/2028 $ 98 97 97
Gills Point S (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.50% 9.98 % 5/17/2029 $ 1,966 1,902 1,966
Gills Point S (15)(19) First Lien Senior Secured Loan SOFR 5.50% 9.95 % 5/17/2029 $ 3,698 3,671 3,698
Gills Point S (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.50% 10.03 % 5/17/2029 $ 7,384 7,376 7,384
Gills Point S (15)(19)(29) First Lien Senior Secured Loan SOFR 5.50% 9.87 % 5/17/2029 $ 12,505 12,505 12,505
Gills Point S (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.50% 9.86 % 5/17/2029 $ 1,251 1,235 1,251
Gills Point S (14)(19)(25) Equity Interest — — — — 2 215 240
Intoxalock (15)(19)(29) First Lien Senior Secured Loan SOFR 5.10% 9.46 % 11/1/2028 $ 12,005 11,918 12,005
Intoxalock (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 11/1/2028 $ — (22 ) —
JHCC Holdings, LLC (15)(19)(29) First Lien Senior Secured Loan SOFR 5.25% 9.58 % 9/9/2027 $ 11,922 11,851 11,922
JHCC Holdings, LLC (3)(18)(19) First Lien Senior Secured Loan - Revolver P 4.25% 11.75 % 9/9/2027 $ 1,417 1,386 1,417
Automotive Total $ 94,811 $ 94,323 8.3 %
Banking, Finance, Insurance & Real Estate
Electronic Merchant Systems (2)(3)(18)(19) First Lien Senior Secured Loan - Revolver — — — 8/1/2030 $ — — (34 )
Electronic Merchant Systems (16)(19)(29) First Lien Senior Secured Loan SOFR 5.00% 9.33 % 8/1/2030 $ 14,633 14,388 14,377
Electronic Merchant Systems (14)(19)(25) Equity Interest — — — — 148 1,596 1,603
Morrow Sodali (15)(19)(29) First Lien Senior Secured Loan - Delayed Draw SOFR 5.73% 10.09 % 4/25/2028 $ 2,599 2,587 2,599
Morrow Sodali (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.10% 9.46 % 4/25/2028 $ 1,292 1,274 1,292
Sikich (19)(25)(26) Preferred Equity — 13.00% PIK 13.00 % — 32 3,200 3,185
Sikich (14)(19)(25) Warrants — — — — 2 — 140
Sikich (14)(19)(25) Warrants — — — — 5 — 488
Banking, Finance, Insurance & Real Estate Total $ 23,045 $ 23,650 2.1 %
Beverage, Food & Tobacco
AgroFresh Solutions (15)(19)(29) First Lien Senior Secured Loan SOFR 6.35% 10.71 % 3/31/2029 $ 14,942 14,698 14,942
AgroFresh Solutions (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 6.35% 10.71 % 3/31/2028 $ 4,764 4,690 4,764
AgroFresh Solutions (15)(19) First Lien Senior Secured Loan SOFR 6.35% 10.71 % 3/31/2029 $ 6,153 6,016 6,153
Arctic Glacier U.S.A., Inc. (19)(26)(31) First Lien Senior Secured Loan SOFR 6.76% (4.00% PIK) 15.09 % 5/24/2028 $ 12,425 12,240 11,865
Arctic Glacier U.S.A., Inc. (2)(3)(5)(19)(26)(31) First Lien Senior Secured Loan - Revolver SOFR 6.76% (4.00% PIK) 15.09 % 5/24/2028 $ 12 (20 ) (76 )
BCSF Project Aberdeen, LLC (14)(19)(25) Equity Interest — — — — 2,217 2,217 2,217
Hellers (6)(19)(26) Subordinated Debt — 15.00% PIK 15.00 % 3/27/2031 NZ$ 458 282 248
Hellers (6)(18)(19)(26) First Lien Senior Secured Loan - Delayed Draw BBSY 3.50% (2.25% PIK) 10.65 % 9/27/2030 AUD 1,781 1,235 1,068
Hellers (6)(18)(19)(26) First Lien Senior Secured Loan - Delayed Draw BKBM 3.94% (2.25% PIK) 10.40 % 9/27/2030 NZ$ 3,962 2,413 2,149
Hellers (2)(3)(5)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 9/27/2030 NZ$ — (15 ) (14 )
NPC International, Inc. (14)(19)(25)(27) Equity Interest — — — — 274 410 34
PPX (14)(19)(25) Preferred Equity — — — — 33 — —
PPX (14)(19)(25) Preferred Equity — — — — 33 5,000 5,000
Beverage, Food & Tobacco Total $ 49,166 $ 48,350 4.2 %
Interest Maturity Principal/ Market % of
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares Cost Value NAV (4)
Non-Controlled/Non-Affiliate Investments
Capital Equipment
AXH Air Coolers (3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 10/31/2029 $ — (59 ) —
AXH Air Coolers (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 10/31/2029 $ — (44 ) —
AXH Air Coolers (3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 10/31/2029 $ — (33 ) —
AXH Air Coolers (15)(19)(29) First Lien Senior Secured Loan SOFR 6.50% 10.93 % 10/31/2029 $ 7,400 7,337 7,400
AXH Air Coolers (14)(19)(25) Preferred Equity — — — — 3,417 3,417 7,913
AXH Air Coolers (15)(19) First Lien Senior Secured Loan SOFR 5.50% 9.84 % 10/31/2029 $ 16,562 16,438 16,562
DiversiTech (17) First Lien Senior Secured Loan SOFR 3.76% 8.09 % 12/22/2028 $ 1 1 1
East BCC Coinvest II, LLC (14)(19)(25) Equity Interest — — — — 1,419 1,419 463
Ergotron Acquisition LLC (16)(19)(29) First Lien Senior Secured Loan SOFR 5.25% 9.61 % 7/6/2028 $ 10,994 10,845 10,994
FCG Acquisitions, Inc. (14)(19)(25) Preferred Equity — — — — 4 — —
Jonathan Acquisition Company (18)(19) Second Lien Senior Secured Loan SOFR 9.10% 13.43 % 12/22/2027 $ 8,000 7,892 8,000
TCFIII Owl Finance, LLC (19)(26) Subordinated Debt — 12.00% PIK 12.00 % 1/30/2027 $ 6,167 6,134 6,167
Capital Equipment Total $ 53,347 $ 57,500 5.0 %
Chemicals, Plastics & Rubber
AP Plastics Group, LLC (16)(19)(29) First Lien Senior Secured Loan SOFR 4.85% 9.40 % 8/10/2028 $ 7,138 6,990 7,137
Aurora Plastics (16)(19)(29) First Lien Senior Secured Loan SOFR 4.85% 9.40 % 8/10/2028 $ 2,193 2,171 2,193
Duraco (3)(19)(32) First Lien Senior Secured Loan - Revolver SOFR 6.50% 10.83 % 6/6/2029 $ 398 371 358
Duraco (19)(29)(32) First Lien Senior Secured Loan SOFR 6.50% 10.94 % 6/6/2029 $ 11,733 11,566 11,498
V Global Holdings LLC (16)(19) First Lien Senior Secured Loan EURIBOR 5.75% 8.78 % 12/22/2027 € 98 102 96
V Global Holdings LLC (16)(19)(29) First Lien Senior Secured Loan SOFR 5.90% 10.42 % 12/22/2027 $ 5,744 5,682 5,557
V Global Holdings LLC (3)(16)(19) First Lien Senior Secured Loan - Revolver SOFR 5.85% 10.15 % 12/22/2025 $ 5,661 5,615 5,346
Chemicals, Plastics & Rubber Total $ 32,497 $ 32,185 2.8 %
Construction & Building
Chase Industries, Inc. (15)(19)(26) First Lien Senior Secured Loan SOFR 5.65% (1.50% PIK) 11.48 % 5/12/2025 $ 27,374 26,762 26,074
Chase Industries, Inc. (15)(19)(26) First Lien Senior Secured Loan - Delayed Draw SOFR 5.65% (1.50% PIK) 11.48 % 5/12/2025 $ 2,683 2,622 2,556
Chase Industries, Inc. (3)(15)(19)(26) First Lien Senior Secured Loan - Revolver SOFR 5.65% (1.50% PIK) 11.48 % 5/12/2025 $ 909 849 828
Elk Parent Holdings, LP (14)(19)(25) Equity Interest — — — — 1 12 1,761
Elk Parent Holdings, LP (14)(19)(25) Preferred Equity — — — — 120 1,202 1,811
Service Master (15)(19)(26) First Lien Senior Secured Loan SOFR 5.86% (1.00% PIK) 11.22 % 8/16/2027 $ 1,574 1,562 1,574
Service Master (14)(19)(25) Equity Interest — — — — — — —
Service Master (14)(19)(25) Preferred Equity — — — — — 169 228
Service Master (18)(19)(26) First Lien Senior Secured Loan SOFR 5.86% (1.00% PIK) 11.22 % 8/16/2027 $ 921 913 921
Service Master (18)(19)(26) First Lien Senior Secured Loan SOFR 5.86% (1.00% PIK) 11.22 % 8/16/2027 $ 3,167 3,167 3,167
Service Master (15)(19)(26) First Lien Senior Secured Loan SOFR 5.86% (1.00% PIK) 11.22 % 8/16/2027 $ 7,589 7,523 7,589
Service Master (3)(18)(19)(26) First Lien Senior Secured Loan - Revolver SOFR 6.01% (1.00% PIK) 11.34 % 8/16/2027 $ 16,288 16,206 16,288
Zeus Fire & Security (3)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 12/11/2030 $ — — —
Zeus Fire & Security (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 12/11/2030 $ — (20 ) (20 )
Zeus Fire & Security (15)(19) First Lien Senior Secured Loan SOFR 5.00% 9.45 % 12/11/2030 $ 32,954 32,707 32,706
Construction & Building Total $ 93,674 $ 95,483 8.4 %
Interest Maturity Principal/ Market % of
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares Cost Value NAV (4)
Non-Controlled/Non-Affiliate Investments
Consumer Goods: Durable
New Milani Group LLC (15)(19)(29) First Lien Senior Secured Loan SOFR 5.50% 9.93 % 6/6/2026 $ 11,209 10,999 11,209
Stanton Carpet (15)(19) Second Lien Senior Secured Loan SOFR 9.15% 13.74 % 3/31/2028 $ 11,434 11,284 11,434
Tangent Technologies Acquisition, LLC (15)(19) Second Lien Senior Secured Loan SOFR 8.90% 13.39 % 5/30/2028 $ 8,915 8,802 8,915
TLC Holdco LP (14)(19)(25) Equity Interest — — — — 1,281 1,221 1,603
TLC Purchaser, Inc. (15)(19)(29) First Lien Senior Secured Loan SOFR 5.76% 10.11 % 10/11/2027 $ 13,162 12,881 13,162
TLC Purchaser, Inc. (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 10/11/2027 $ — (40 ) —
Consumer Goods: Durable Total $ 45,147 $ 46,323 4.1 %
Consumer Goods: Non-Durable
Evriholder (19)(29)(32) First Lien Senior Secured Loan SOFR 6.90% 11.23 % 1/24/2028 $ 6,055 6,006 6,025
Fineline Technologies, Inc. (14)(19)(25) Equity Interest — — — — 939 939 1,288
Hempz (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 10/25/2029 $ — (15 ) (16 )
Hempz (15)(19) First Lien Senior Secured Loan SOFR 5.25% 9.58 % 10/25/2029 $ 6,816 6,757 6,756
RoC Skincare (15)(19)(29) First Lien Senior Secured Loan SOFR 6.00% 10.52 % 2/21/2031 $ 9,925 9,791 9,925
RoC Skincare (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 2/21/2030 $ — (25 ) —
Solaray, LLC (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 6.85% 11.21 % 12/15/2025 $ 13,135 13,124 12,807
Solaray, LLC (15)(19)(29) First Lien Senior Secured Loan SOFR 6.85% 11.21 % 12/15/2025 $ 28,521 28,521 27,808
Solaray, LLC (3)(18)(19) First Lien Senior Secured Loan - Revolver SOFR 5.60% 9.96 % 12/15/2025 $ 9,219 9,209 9,219
WU Holdco, Inc. (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.00% 9.33 % 3/26/2027 $ 1,661 1,646 1,661
WU Holdco, Inc. (15)(19)(29) First Lien Senior Secured Loan SOFR 5.00% 9.33 % 3/26/2027 $ 36,897 36,719 36,897
WU Holdco, Inc. (3)(18)(19) First Lien Senior Secured Loan - Revolver SOFR 5.00% 9.33 % 3/26/2027 $ 1,932 1,930 1,932
Consumer Goods: Non-Durable Total $ 114,602 $ 114,302 10.0 %
Consumer Goods: Wholesale
WSP (15)(19)(26) First Lien Senior Secured Loan SOFR 1.15% (4.00% PIK) 9.74 % 4/27/2028 $ 3,162 3,156 2,538
WSP (7)(14)(19)(26) First Lien Senior Secured Loan — 8.00% PIK 8.00 % 4/27/2028 $ 2,044 1,995 235
WSP (14)(19)(25) Equity Interest — — — — — 12 2
WSP (14)(19)(25) Preferred Equity — — — — — 216 —
WSP (14)(19)(25) Equity Interest — — — — 2,898 2,898 —
WSP (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 4/27/2028 $ — (2 ) (40 )
Consumer Goods: Wholesale Total $ 8,275 $ 2,735 0.2 %
Containers, Packaging & Glass
ASP-r-pac Acquisition Co LLC (16)(19)(29) First Lien Senior Secured Loan SOFR 6.26% 10.85 % 12/29/2027 $ 5,784 5,668 5,784
ASP-r-pac Acquisition Co LLC (3)(16)(19) First Lien Senior Secured Loan - Revolver SOFR 6.11% 10.47 % 12/29/2027 $ 696 653 696
Containers, Packaging & Glass Total $ 6,321 $ 6,480 0.6 %
Energy: Electricity
WCI Gigawatt Purchaser (15)(19)(29) First Lien Senior Secured Loan SOFR 6.01% 10.53 % 11/19/2027 $ 1,412 1,395 1,398
WCI Gigawatt Purchaser (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.86% 10.22 % 11/19/2027 $ 1,365 1,330 1,314
Energy: Electricity Total $ 2,725 $ 2,712 0.2 %
Interest Maturity Principal/ Market % of
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares Cost Value NAV (4)
Non-Controlled/Non-Affiliate Investments
Environmental Industries
Reconomy (6)(18)(19) First Lien Senior Secured Loan SONIA 6.25% 10.95 % 7/12/2029 £ 68 83 85
Reconomy (6)(18)(19) First Lien Senior Secured Loan EURIBOR 6.00% 8.68 % 7/12/2029 € 27 28 28
Reconomy (3)(5)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 7/12/2029 £ — (76 ) —
Titan Cloud Software, Inc (14)(19)(25) Equity Interest — — — — 3,532 3,532 5,184
Titan Cloud Software, Inc (18)(19)(26) First Lien Senior Secured Loan SOFR 2.00% (4.60% PIK) 11.03 % 9/7/2029 $ 26,640 26,460 26,640
Titan Cloud Software, Inc (3)(18)(19)(26) First Lien Senior Secured Loan - Revolver SOFR 2.00% (4.60% PIK) 11.03 % 9/7/2028 $ 1,866 1,831 1,866
Titan Cloud Software, Inc (18)(19)(26) First Lien Senior Secured Loan - Delayed Draw SOFR 2.00% (4.60% PIK) 10.95 % 9/7/2029 $ 11,960 11,887 11,960
Environmental Industries Total $ 43,745 $ 45,763 4.0 %
FIRE: Finance
Allworth (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.00% 9.36 % 12/23/2027 $ 161 121 161
Allworth Financial Group, L.P. (15)(19)(29) First Lien Senior Secured Loan - Delayed Draw SOFR 5.00% 9.36 % 12/23/2027 $ 856 848 856
Allworth Financial Group, L.P. (15)(19)(29) First Lien Senior Secured Loan SOFR 5.00% 9.36 % 12/23/2027 $ 1,474 1,464 1,474
Allworth Financial Group, L.P. (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 12/23/2027 $ — (9 ) —
Choreo (3)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 2/18/2028 $ — — —
Congress Wealth (3)(18)(19)(29) First Lien Senior Secured Loan - Delayed Draw — — — 6/30/2029 $ — — —
Congress Wealth (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.60% 9.93 % 6/30/2029 $ 317 314 317
Congress Wealth (3)(18)(19) First Lien Senior Secured Loan - Revolver — — — 6/30/2029 $ — — —
Congress Wealth (14)(19)(25) Equity Interest — — — — 16 323 534
Insigneo Financial Group LLC (19)(26) First Lien Senior Secured Loan — 10.00% PIK 10.00 % 8/1/2027 $ 2,020 2,035 2,020
Insigneo Financial Group LLC (14)(19)(25) Equity Interest — — — — 534 535 2,419
Insigneo Financial Group LLC (15)(19) First Lien Senior Secured Loan SOFR 6.60% 11.02 % 8/1/2028 $ 267 261 267
Lagerbox (3)(6)(18)(19) First Lien Senior Secured Loan — — — 12/20/2028 € — — —
Parmenion (6)(18)(19) First Lien Senior Secured Loan SONIA 5.50% 10.20 % 5/11/2029 £ 295 369 370
PMA (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 1/31/2031 $ — (18 ) (18 )
PMA (16)(19) First Lien Senior Secured Loan SOFR 5.25% 9.58 % 1/31/2031 $ 58 57 57
TA/Weg Holdings (15)(19)(29) First Lien Senior Secured Loan - Delayed Draw SOFR 5.00% 9.50 % 10/2/2028 $ 9,209 9,209 9,209
TA/Weg Holdings (15)(19)(29) First Lien Senior Secured Loan - Delayed Draw SOFR 5.00% 9.50 % 10/2/2028 $ 2,325 2,320 2,325
Wealth Enhancement Group (WEG) (3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 10/4/2028 $ — (36 ) —
Wealth Enhancement Group (WEG) (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.00% 9.31 % 10/2/2028 $ 5,972 5,891 5,972
Wealth Enhancement Group (WEG) (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 10/2/2028 $ — (12 ) —
FIRE: Finance Total $ 23,672 $ 25,963 2.3 %
Interest Maturity Principal/ Market % of
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares Cost Value NAV (4)
Non-Controlled/Non-Affiliate Investments
FIRE: Insurance
Margaux Acquisition Inc. (16)(19)(29) First Lien Senior Secured Loan SOFR 5.65% 9.96 % 12/19/2025 $ 11,919 11,874 11,919
Margaux Acquisition Inc. (16)(19) First Lien Senior Secured Loan - Revolver SOFR 5.60% 10.15 % 12/19/2025 $ 2,872 2,870 2,872
Margaux UK Finance Limited (6)(18)(19) First Lien Senior Secured Loan - Revolver SONIA 5.50% 10.32 % 12/19/2025 £ 499 657 625
McLarens Acquisition Inc. (3)(16)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.65% 10.00 % 12/16/2025 $ 750 747 750
MRHT (3)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw EURIBOR 6.25% 9.13 % 2/1/2029 € 5,765 6,121 5,966
MRHT (6)(15)(19) First Lien Senior Secured Loan EURIBOR 6.50% 9.53 % 2/1/2029 € 956 1,020 990
PCF (3)(16)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.50% 9.83 % 11/1/2028 $ 9,232 9,194 9,231
Simplicity (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 12/31/2031 $ — (43 ) (43 )
Simplicity (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 12/31/2031 $ — (43 ) (43 )
Simplicity (16)(19)(29) First Lien Senior Secured Loan SOFR 5.00% 9.28 % 12/31/2031 $ 35,437 35,082 35,082
FIRE: Insurance Total $ 67,479 $ 67,349 5.9 %
Healthcare & Pharmaceuticals
AEG Vision (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.90% 10.23 % 3/27/2027 $ 4,200 3,609 4,200
AEG Vision (18)(19)(29) First Lien Senior Secured Loan - Delayed Draw SOFR 5.90% 10.23 % 3/27/2026 $ 16,350 16,184 16,350
AEG Vision (3)(18)(19)(29) First Lien Senior Secured Loan - Delayed Draw SOFR 5.90% 10.23 % 3/27/2026 $ 10,545 10,367 10,545
AEG Vision (18)(19)(29) First Lien Senior Secured Loan SOFR 5.90% 10.23 % 3/27/2026 $ 2,059 2,037 2,059
Apollo Intelligence (14)(19)(25) Equity Interest — — — — 34 3,378 3,191
Apollo Intelligence (16)(19)(29) First Lien Senior Secured Loan SOFR 5.75% 10.27 % 5/31/2028 $ 15,078 15,198 15,078
Apollo Intelligence (3)(16)(19) First Lien Senior Secured Loan - Revolver SOFR 5.75% 10.07 % 5/31/2028 $ 5,208 5,167 5,208
Apollo Intelligence (3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 5/31/2028 $ — (55 ) —
Beacon Specialized Living (3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 3/25/2028 $ — (117 ) —
Beacon Specialized Living (15)(19)(29) First Lien Senior Secured Loan SOFR 5.50% 9.83 % 3/25/2028 $ 8,610 8,530 8,610
Beacon Specialized Living (3)(18)(19) First Lien Senior Secured Loan - Revolver — — — 3/25/2028 $ — — —
CB Titan Holdings, Inc. (14)(19)(25) Preferred Equity — — — — 1,953 1,953 —
EHE Health (2)(3)(18)(19) First Lien Senior Secured Loan - Revolver — — — 8/7/2030 $ — — (34 )
EHE Health (15)(19)(29) First Lien Senior Secured Loan SOFR 5.50% 9.83 % 8/7/2030 $ 10,869 10,764 10,760
EHE Health (14)(19)(25) Equity Interest — — — — 2,178 2,178 2,178
Great Expressions Dental Center PC (15)(19)(26) First Lien Senior Secured Loan SOFR 1.15% (3.00% PIK) 8.48 % 9/30/2026 $ 9,814 9,828 8,637
HealthDrive (15)(19) First Lien Senior Secured Loan SOFR 6.10% 10.46 % 8/20/2029 $ 1,908 1,908 1,908
HealthDrive (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 6.10% 10.46 % 8/20/2029 $ 271 271 271
HealthDrive (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 6.10% 10.46 % 8/20/2029 $ 607 600 607
HealthDrive (3)(18)(19) First Lien Senior Secured Loan - Revolver — — — 8/20/2029 $ — — —
HealthDrive (14)(19)(25) Preferred Equity — — — — 18 1,822 1,860
Masco (6)(18)(19)(26) Subordinated Debt EURIBOR 10.00% PIK 13.25 % 10/4/2032 € 5,000 5,350 5,097
Mertus 522. GmbH (6)(18)(19)(26) First Lien Senior Secured Loan EURIBOR 6.25% (0.75% PIK) 9.69 % 5/28/2026 € 227 252 227
Mertus 522. GmbH (6)(18)(19)(26) First Lien Senior Secured Loan EURIBOR 6.25% (0.75% PIK) 9.65 % 5/28/2026 € 133 145 132
Nafinco (2)(3)(5)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 8/29/2031 € — (25 ) (50 )
Nafinco (6)(18)(19) First Lien Senior Secured Loan EURIBOR 5.25% 7.97 % 8/29/2031 € 52 56 53
Nafinco (3)(6)(18)(19) First Lien Senior Secured Loan - Revolver EURIBOR 5.25% 8.02 % 5/30/2031 € 215 220 210
Interest Maturity Principal/ Market % of
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares Cost Value NAV (4)
Non-Controlled/Non-Affiliate Investments
Healthcare & Pharmaceuticals Continued
Odyssey Behavioral Health (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 11/21/2030 $ — (89 ) (91 )
Odyssey Behavioral Health (15)(19) First Lien Senior Secured Loan SOFR 5.25% 9.77 % 11/21/2030 $ 37,128 36,668 36,664
Odyssey Behavioral Health (14)(19)(25) Equity Interest — — — — 22 2,234 2,234
Pharmacy Partners (19)(32) First Lien Senior Secured Loan SOFR 6.50% 11.01 % 2/28/2029 $ 1,690 1,672 1,690
Pharmacy Partners (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 2/28/2029 $ — (57 ) —
Premier Imaging, LLC (15)(19)(29) First Lien Senior Secured Loan SOFR 6.26% 10.59 % 3/31/2026 $ 7,926 7,925 7,133
Premier Imaging, LLC (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 6.26% 10.59 % 3/31/2026 $ 2,137 2,137 1,924
Red Nucleus (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 10/17/2031 $ — (25 ) (25 )
Red Nucleus (3)(16)(19) First Lien Senior Secured Loan - Revolver SOFR 5.25% 9.58 % 10/17/2031 $ 418 385 384
Red Nucleus (16)(19) First Lien Senior Secured Loan SOFR 5.25% 9.58 % 10/17/2031 $ 4,414 4,359 4,359
SunMed Group Holdings, LLC (16)(19)(29) First Lien Senior Secured Loan SOFR 5.60% 10.19 % 6/16/2028 $ 8,518 8,430 8,518
Sunmed Group Holdings, LLC (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 6/16/2027 $ — (6 ) —
Healthcare & Pharmaceuticals Total $ 163,253 $ 159,887 14.0 %
High Tech Industries
Access (6)(18)(19) First Lien Senior Secured Loan SONIA 5.25% 9.95 % 6/28/2029 £ 80 99 100
Applitools (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 5/25/2028 $ — (19 ) (51 )
Applitools (6)(16)(19)(26) First Lien Senior Secured Loan SOFR 6.25% PIK 10.58 % 5/25/2029 $ 19,490 19,382 19,197
Appriss Holdings, Inc. (14)(19)(25) Equity Interest — — — — 2,136 1,606 1,788
Appriss Holdings, Inc. (15)(19) First Lien Senior Secured Loan SOFR 7.25% 12.08 % 5/6/2027 $ 11,038 10,933 11,038
Appriss Holdings, Inc. (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 5/6/2027 $ — (6 ) —
AQ Software Corporation (14)(19)(25) Preferred Equity — — — — 1 1,107 1,073
AQ Software Corporation (14)(19)(25) Preferred Equity — — — — 2 1,844 1,787
AQ Software Corporation (14)(19)(25) Preferred Equity — — — — 1 507 491
Black Mountain (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 10/7/2030 $ — (52 ) (59 )
Black Mountain (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 10/7/2030 $ — (35 ) (39 )
Black Mountain (18)(19) First Lien Senior Secured Loan SOFR 5.00% 9.33 % 10/7/2030 $ 13,420 13,322 13,319
Chartbeat (19)(25)(26) Preferred Equity — 14.00% PIK 14.00 % 10/4/2030 5,171 5,074 5,068
Cloud Technology Solutions (CTS) (6)(15)(19) First Lien Senior Secured Loan - Delayed Draw SONIA 7.00% 11.70 % 10/17/2031 £ 2,000 2,537 2,491
Cloud Technology Solutions (CTS) (6)(14)(19)(25) Preferred Equity — — — — 4,408 5,360 5,233
Eagle Rock Capital Corporation (14)(19)(25) Preferred Equity — — — — 3,345 3,345 5,470
Element Buyer, Inc. (15)(19)(29) First Lien Senior Secured Loan SOFR 5.85% 10.21 % 7/19/2026 $ 10,989 10,996 10,989
Element Buyer, Inc. (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 7/19/2026 $ — (12 ) —
Eleven Software (14)(19)(25) Preferred Equity — — — — 109 109 129
Eleven Software (14)(19)(25) Preferred Equity — — — — 896 896 1,067
Eleven Software (18)(19) First Lien Senior Secured Loan SOFR 8.25% 12.58 % 4/25/2027 $ 7,439 7,396 7,439
Eleven Software (18)(19) First Lien Senior Secured Loan - Revolver SOFR 8.10% 12.46 % 9/25/2026 $ 1,488 1,482 1,488
LogRhythm (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 7/2/2029 $ — (11 ) (25 )
NearMap (3)(5)(6)(18)(19) First Lien Senior Secured Loan - Revolver — — — 12/9/2029 $ — (64 ) —
Interest Maturity Principal/ Market % of
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares Cost Value NAV (4)
Non-Controlled/Non-Affiliate Investments
High Tech Industries Continued
PayRange (14)(19)(25) Equity Interest — — — — 4,527 4,527 4,527
PayRange (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 10/31/2030 $ — (40 ) (41 )
PayRange (15)(19) First Lien Senior Secured Loan SOFR 5.25% 9.61 % 10/31/2030 $ 7,150 7,080 7,079
RetailNext (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 12/5/2030 $ — (31 ) (31 )
RetailNext (15)(19) First Lien Senior Secured Loan SOFR 7.00% 11.47 % 12/5/2030 $ 17,007 16,841 16,837
Revalize, Inc. (14)(19)(25) Preferred Equity — — — — 1 1,431 1,401
Revalize, Inc. (15)(19)(29) First Lien Senior Secured Loan - Delayed Draw SOFR 5.90% 10.49 % 4/15/2027 $ 5,250 5,223 5,040
Revalize, Inc. (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.90% 10.49 % 4/15/2027 $ 1,969 1,959 1,890
Revalize, Inc. (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.85% 10.21 % 4/15/2027 $ 972 966 918
SAM (19)(26) First Lien Senior Secured Loan — 13.50% PIK 13.50 % 5/9/2028 $ 38,517 38,335 38,517
SensorTower (14)(19)(25) Equity Interest — — — — 156 2,400 5,772
SensorTower (19)(29)(31) First Lien Senior Secured Loan SOFR 7.50% 11.85 % 3/15/2029 $ 24,007 23,690 24,007
SensorTower (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 3/15/2029 $ — (13 ) —
Superna Inc. (2)(3)(5)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 3/6/2028 $ — (14 ) (26 )
Superna Inc. (2)(3)(5)(6)(18)(19) First Lien Senior Secured Loan - Revolver — — — 3/6/2028 $ — (14 ) (26 )
Superna Inc. (6)(14)(19)(25) Equity Interest — — — — 1,463 1,463 1,747
Superna Inc. (6)(15)(19) First Lien Senior Secured Loan SOFR 6.50% 10.93 % 3/6/2028 $ 2,706 2,674 2,679
Utimaco (6)(14)(19)(25) Equity Interest — — — — 2 2,223 2,064
Utimaco (6)(14)(19)(25) Preferred Equity — — — — 2 2,223 2,064
Utimaco (6)(18)(19) First Lien Senior Secured Loan EURIBOR 6.25% 9.15 % 5/14/2029 € 92 98 95
Utimaco (6)(16)(19) First Lien Senior Secured Loan SOFR 6.51% 11.08 % 5/14/2029 $ 128 127 127
Utimaco (6)(16)(19) First Lien Senior Secured Loan SOFR 6.51% 11.08 % 5/14/2029 $ 262 260 259
Ventiv Holdco, Inc. (14)(19)(25) Equity Interest — — — — 529 2,833 909
High Tech Industries Total $ 200,037 $ 203,801 17.9 %
Hotel, Gaming & Leisure
Aimbridge Acquisition Co., Inc. (7)(18)(19) Second Lien Senior Secured Loan SOFR 7.76% 12.33 % 2/1/2027 $ 14,193 13,868 1,420
Awayday (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.25% 9.58 % 9/6/2031 $ 2,997 2,997 2,979
Awayday (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 9/6/2031 $ — (45 ) (61 )
Awayday (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.25% 9.58 % 9/6/2030 $ 493 477 485
Awayday (15)(19)(29) First Lien Senior Secured Loan SOFR 5.25% 9.58 % 9/6/2031 $ 19,290 19,107 19,194
City BBQ (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 9/4/2030 $ — (39 ) —
City BBQ (15)(19)(29) First Lien Senior Secured Loan SOFR 5.45% 9.87 % 9/4/2030 $ 15,341 15,214 15,341
City BBQ (14)(19)(25) Preferred Equity — — — — 5 1,271 1,313
City BBQ (3)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 9/4/2030 $ — — —
Concert Golf Partners Holdco (16)(19)(29) First Lien Senior Secured Loan SOFR 4.75% 9.13 % 4/1/2030 $ 6,692 6,597 6,692
Concert Golf Partners Holdco LLC (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 4/2/2029 $ — (27 ) —
Pyramid Global Hospitality (19)(24)(29) First Lien Senior Secured Loan SOFR 5.25% 9.88 % 1/19/2028 $ 5,299 5,279 5,299
Pyramid Global Hospitality (19)(24)(29) First Lien Senior Secured Loan SOFR 5.25% 9.88 % 1/19/2028 $ 9,825 9,628 9,825
Pyramid Global Hospitality (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 1/19/2028 $ — (53 ) —
Pollo Tropical (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 10/23/2029 $ — (12 ) (12 )
Pollo Tropical (15)(19) First Lien Senior Secured Loan SOFR 5.25% 9.88 % 10/23/2029 $ 6,181 6,104 6,103
Hotel, Gaming & Leisure Total $ 80,366 $ 68,578 6.0 %
Interest Maturity Principal/ Market % of
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares Cost Value NAV (4)
Non-Controlled/Non-Affiliate Investments
Media: Advertising, Printing & Publishing
AdThrive (18) First Lien Senior Secured Loan SOFR 4.36% 8.72 % 3/23/2028 $ 4,961 4,885 4,938
Facts Global Energy (2)(3)(5)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 12/20/2031 $ — (47 ) (47 )
Facts Global Energy (2)(3)(5)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 12/20/2031 $ — (31 ) (31 )
Facts Global Energy (2)(3)(5)(6)(18)(19) First Lien Senior Secured Loan - Revolver — — — 6/20/2031 $ — (16 ) (16 )
Facts Global Energy (2)(3)(5)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 12/20/2031 $ — (67 ) (67 )
Kpler (6)(15)(19) First Lien Senior Secured Loan SONIA 6.25% 11.12 % 3/3/2030 £ 100 120 125
Kpler (6)(15)(19) First Lien Senior Secured Loan EURIBOR 6.25% 9.63 % 3/3/2030 € 100 106 103
Kpler (6)(18)(19) First Lien Senior Secured Loan - Delayed Draw EURIBOR 6.25% 9.63 % 3/3/2030 € 100 106 103
OGH Bidco Limited (3)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw SONIA 6.50% 11.70 % 6/29/2029 £ 2,217 2,608 2,370
OGH Bidco Limited (6)(18)(19) First Lien Senior Secured Loan SONIA 6.50% 11.70 % 6/29/2029 £ 139 164 165
TGI Sport Bidco Pty Ltd (6)(17)(19) First Lien Senior Secured Loan - Delayed Draw SONIA 6.12% 10.82 % 6/24/2029 £ 69 88 87
TGI Sport Bidco Pty Ltd (6)(18)(19) First Lien Senior Secured Loan BBSY 7.00% 11.36 % 4/30/2026 AUD 98 76 61
TGI Sport Bidco Pty Ltd (6)(18)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 7.11% 11.47 % 4/30/2026 AUD 4,187 2,866 2,866
Media: Advertising, Printing & Publishing Total $ 10,858 $ 10,657 0.9 %
Media: Broadcasting & Subscription
Lightning Finco Limited (6)(16)(19) First Lien Senior Secured Loan SOFR 5.68% 10.09 % 8/31/2028 $ 1,443 1,437 1,443
Lightning Finco Limited (6)(16)(19) First Lien Senior Secured Loan EURIBOR 5.25% 7.83 % 8/31/2028 € 1,300 1,427 1,346
Media: Broadcasting & Subscription Total $ 2,864 $ 2,789 0.2 %
Media: Diversified & Production
Aptus 1724 Gmbh (6)(19)(21)(26) First Lien Senior Secured Loan - Delayed Draw SOFR 6.15% (1.50% PIK) 12.08 % 2/23/2028 $ 5,043 5,043 4,286
Efficient Collaborative Retail Marketing Company, LLC (15)(19)(26) First Lien Senior Secured Loan SOFR 7.76% (1.50% PIK) 13.59 % 12/31/2025 $ 11,186 9,336 9,061
Efficient Collaborative Retail Marketing Company, LLC (15)(19)(26) First Lien Senior Secured Loan SOFR 7.76% (1.50% PIK) 13.59 % 12/31/2025 $ 17,215 14,328 13,944
Efficient Collaborative Retail Marketing Company, LLC (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 6.76% 11.09 % 12/31/2025 $ 1,244 1,244 1,244
Music Creation Group Bidco GmbH (6)(18)(19)(26) First Lien Senior Secured Loan SOFR 6.15% (1.50% PIK) 12.08 % 2/23/2028 $ 4,108 4,047 3,492
Media: Diversified & Production Total $ 33,998 $ 32,027 2.8 %
Interest Maturity Principal/ Market % of
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares Cost Value NAV (4)
Non-Controlled/Non-Affiliate Investments
Retail
Galeria (6)(19)(26) First Lien Senior Secured Loan - Delayed Draw — 15.00% PIK 15.00 % 4/9/2029 € 8,943 9,577 9,255
Galeria (6)(14)(19)(25) Equity Interest — — — — 101 22 21
New Look Vision Group (6)(15)(19) First Lien Senior Secured Loan - Delayed Draw CORRA 5.82% 8.99 % 5/26/2028 CAD 28 27 20
New Look Vision Group (3)(6)(15)(19) First Lien Senior Secured Loan - Revolver CORRA 5.82% 9.03 % 5/26/2026 CAD 806 548 560
New Look Vision Group (6)(15)(19) First Lien Senior Secured Loan - Delayed Draw CORRA 5.82% 8.99 % 5/26/2028 CAD 54 43 38
New Look Vision Group (6)(18)(19)(26) First Lien Senior Secured Loan - Delayed Draw SOFR 4.15% (2.00% PIK) 10.48 % 5/26/2028 $ 387 387 387
Thrasio, LLC (15)(19)(26) First Lien Senior Secured Loan SOFR 10.26% PIK 14.89 % 6/18/2029 $ 4,561 4,575 4,014
Thrasio, LLC (14)(19)(25) Equity Interest — — — — 8 777 289
Thrasio, LLC (14)(19)(25) Equity Interest — — — — 70 6,997 2,593
Thrasio, LLC (15)(19)(26) First Lien Senior Secured Loan SOFR 10.26% PIK 14.89 % 6/18/2029 $ 1,487 1,487 1,487
Retail Total $ 24,440 $ 18,664 1.6 %
Services: Business
ACAMS (14)(19)(25) Equity Interest — — — — 3,337 3,337 2,070
Advanced Aircrew (2)(3)(18)(19) First Lien Senior Secured Loan - Revolver — — — 7/26/2030 $ — — (3 )
Advanced Aircrew (15)(19) First Lien Senior Secured Loan SOFR 6.50% 10.86 % 7/26/2030 $ 5,094 5,045 5,069
Advanced Aircrew (14)(19)(25) Preferred Equity — — — — 592 592 610
Allbridge (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 6/5/2030 $ — (26 ) —
Allbridge (15)(19)(29) First Lien Senior Secured Loan SOFR 5.75% 10.08 % 6/5/2030 $ 14,140 14,042 14,140
Allbridge (3)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 6/5/2030 $ — — —
AMI (3)(16)(19) First Lien Senior Secured Loan - Revolver SOFR 5.25% 9.69 % 10/17/2031 $ 1,109 1,075 1,075
AMI (16)(19)(29) First Lien Senior Secured Loan SOFR 5.25% 9.69 % 10/17/2031 $ 9,274 9,205 9,204
Avalon Acquiror, Inc. (15)(19)(29) First Lien Senior Secured Loan SOFR 6.25% 10.58 % 3/10/2028 $ 14,280 14,191 13,995
Avalon Acquiror, Inc. (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 6.25% 10.77 % 3/10/2028 $ 5,882 5,781 5,714
Beneficium (2)(3)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 6/28/2031 £ — — (45 )
Beneficium (6)(15)(19) First Lien Senior Secured Loan SONIA 5.50% 10.20 % 6/28/2031 £ 7,497 9,388 9,338
Brook Bidco (6)(14)(19)(25) Preferred Equity — — — — 5,675 7,783 7,730
Brook Bidco (6)(18)(19)(26) First Lien Senior Secured Loan SONIA 4.03% (3.50% PIK) 12.01 % 7/10/2028 £ 861 1,159 1,067
Chamber Bidco Limited (6)(18)(19) First Lien Senior Secured Loan SOFR 5.75% 10.12 % 6/2/2028 $ 213 212 213
Cube (3)(18)(19) First Lien Senior Secured Loan — — — 2/20/2025 $ — — —
Cube (3)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 5/20/2031 $ — — —
Cube (18)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 6.25% 10.59 % 5/20/2031 $ 8,651 8,651 8,651
Darcy Partners (14)(19)(25) Equity Interest — — — — 359 360 501
Darcy Partners (18)(19) First Lien Senior Secured Loan SOFR 7.75% 12.17 % 6/1/2028 $ 1,496 1,486 1,496
Darcy Partners (3)(18)(19) First Lien Senior Secured Loan - Revolver SOFR 7.65% 12.17 % 6/1/2028 $ 105 105 105
Datix Bidco Limited (3)(5)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 4/30/2031 $ — (26 ) —
Datix Bidco Limited (3)(6)(17)(19) First Lien Senior Secured Loan - Revolver SOFR 5.50% 9.86 % 10/30/2030 $ 288 247 288
Datix Bidco Limited (17)(19) First Lien Senior Secured Loan SOFR 5.50% 9.93 % 4/30/2031 $ 16,626 16,333 16,626
Discovery Senior Living (3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 3/18/2030 $ — (62 ) —
Discovery Senior Living (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 3/18/2030 $ — (25 ) —
DTIQ (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 9/30/2029 $ — (38 ) (94 )
DTIQ (2)(3)(18)(19) First Lien Senior Secured Loan - Revolver — — — 9/30/2029 $ — — (71 )
DTIQ (13)(19)(29) First Lien Senior Secured Loan SOFR 7.50% 11.86 % 9/30/2029 $ 16,735 16,449 16,442
Interest Maturity Principal/ Market % of
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares Cost Value NAV (4)
Non-Controlled/Non-Affiliate Investments
Services: Business Continued
DTIQ (14)(19)(25) Equity Interest — — — — 3,995 — —
Easy Ice (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 10/30/2030 — (76 ) (78 )
Easy Ice (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 10/30/2030 — (76 ) (78 )
Easy Ice (15)(19) First Lien Senior Secured Loan SOFR 5.40% 9.99 % 10/30/2030 37,563 37,008 36,999
Elevator Holdco Inc. (14)(19)(25) Equity Interest — — — — 2 2,448 3,374
E-Tech Group (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 4/9/2030 — (11 ) (13 )
iBanFirst (6)(18)(19)(26) First Lien Senior Secured Loan - Delayed Draw EURIBOR 9.75% PIK 12.59 % 7/13/2028 3,541 3,633 3,665
iBanFirst (6)(18)(19)(26) First Lien Senior Secured Loan EURIBOR 10.00% PIK 13.00 % 7/13/2028 3,818 3,797
iBanFirst (6)(18)(19)(26) First Lien Senior Secured Loan EURIBOR 10.00% PIK 13.00 % 7/13/2028 99 104 102
iBanFirst (6)(18)(19)(26) First Lien Senior Secured Loan EURIBOR 10.00% PIK 13.00 % 7/13/2028 3,858 3,969 3,993
iBanFirst Facility (6)(14)(19)(25) Preferred Equity — — — — 7,112 8,136 23,031
ImageTrend (15)(19) First Lien Senior Secured Loan SOFR 7.75% 12.11 % 1/31/2029 2,500 2,475 2,500
ImageTrend (15)(19) First Lien Senior Secured Loan SOFR 7.75% 12.34 % 1/31/2029 17,000 16,797 17,000
ImageTrend (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 1/31/2029 — (41 ) —
Learning Pool (6)(16)(19)(26) First Lien Senior Secured Loan SOFR 4.18% (3.50% PIK) 12.51 % 7/10/2028 345 459 452
Learning Pool (6)(16)(19)(26) First Lien Senior Secured Loan SOFR 4.18% (3.50% PIK) 12.51 % 7/10/2028 123 164 162
masLabor (14)(19)(25) Equity Interest — — — — 173 173 433
masLabor (18)(19) First Lien Senior Secured Loan SOFR 7.50% 11.81 % 7/1/2027 8,319 8,186 8,319
Opus2 (6)(14)(19)(25) Equity Interest — — — — 2,272 2,900 3,223
Opus2 (6)(18)(19) First Lien Senior Secured Loan SONIA 5.53% 10.48 % 5/5/2028 123 168 154
Orion (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 3/19/2027 — (11 ) (11 )
Orion (2)(3)(5)(15)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 3/19/2027 — (3 ) (3 )
Orion (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.00% 9.69 % 3/19/2027 204 200 200
Orion (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 3/19/2027 — (15 ) (16 )
Orion (15)(19) First Lien Senior Secured Loan SOFR 5.25% 9.77 % 3/19/2027 4,274 4,227 4,226
Pure Wafer (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 11/12/2030 — (10 ) (10 )
Pure Wafer (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 11/12/2030 — (19 ) (20 )
Pure Wafer (15)(19) First Lien Senior Secured Loan SOFR 5.60% 10.05 % 11/12/2030 10,916 10,809 10,807
Pure Wafer (14)(19)(25) Equity Interest — — — — 1,236 1,236 1,236
Rydoo (6)(15)(19) First Lien Senior Secured Loan - Delayed Draw EURIBOR 6.75% 9.95 % 9/12/2031 1,556 1,722 1,594
Rydoo (6)(14)(19)(25) Preferred Equity — — — — 200 223 213
Rydoo (6)(14)(19)(25) Equity Interest — — — — 466 520 475
Smartronix (15)(19)(29) First Lien Senior Secured Loan SOFR 6.10% 10.35 % 11/23/2028 12,381 12,228 12,381
Smartronix (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 11/23/2027 — (70 ) —
Smartronix (15)(19) First Lien Senior Secured Loan SOFR 6.10% 10.35 % 11/23/2028 3,660 3,585 3,660
SoftCo (6)(14)(19)(25) Equity Interest — — — — 500 542 580
SoftCo (6)(15)(19) First Lien Senior Secured Loan EURIBOR 7.00% 9.91 % 2/22/2031 2,000 2,145 2,070
Spring Finco BV (3)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 7/15/2029 NOK — — —
TEI Holdings Inc. (17)(29) First Lien Senior Secured Loan SOFR 4.00% 8.43 % 4/9/2031 2,647 2,635 2,665
TES Global (3)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 1/27/2029 — — —
Webcentral (2)(3)(5)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 12/18/2030 — (22 ) (22 )
Webcentral (3)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw EURIBOR 6.25% 9.20 % 12/18/2030 575 601 595
Services: Business Total $ 246,021 $ 261,776 23.1 %

All values are in US Dollars.

Interest Maturity Principal/ Market % of
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares Cost Value NAV (4)
Non-Controlled/Non-Affiliate Investments
Services: Consumer
Master ConcessionAir (3)(19)(33) First Lien Senior Secured Loan - Delayed Draw SOFR 8.50% 12.94 % 6/21/2029 $ 36 35 36
Master ConcessionAir (19)(33) First Lien Senior Secured Loan - Revolver SOFR 8.50% 13.16 % 6/21/2029 $ 224 220 219
Master ConcessionAir (19)(33) First Lien Senior Secured Loan SOFR 8.50% 12.84 % 6/21/2029 $ 1,820 1,785 1,784
MZR Aggregator (14)(19)(25) Equity Interest — — — — — 12 —
MZR Aggregator (14)(19)(25) Equity Interest — — — — 1 798 420
MZR Buyer, LLC (15)(19)(29) First Lien Senior Secured Loan SOFR 6.85% 11.21 % 12/22/2026 $ 11,780 11,684 11,427
MZR Buyer, LLC (15)(19) First Lien Senior Secured Loan - Revolver SOFR 7.00% 11.28 % 12/22/2026 $ 5,210 5,175 5,053
Spotless Brands (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.50% 9.78 % 7/25/2028 $ 9,525 9,423 9,525
Surrey Bidco Limited (6)(7)(14)(18)(19)(26) First Lien Senior Secured Loan SONIA 6.28% PIK 11.23 % 5/11/2026 £ 68 77 51
Services: Consumer Total $ 29,209 $ 28,515 2.5 %
Telecommunications
Meriplex Communications, Ltd. (16)(19)(29) First Lien Senior Secured Loan SOFR 5.10% 9.46 % 7/17/2028 $ 12,075 11,914 11,894
Meriplex Communications, Ltd. (16)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.10% 9.46 % 7/17/2028 $ 7,193 7,128 7,085
Meriplex Communications, Ltd. (16)(19) First Lien Senior Secured Loan - Revolver SOFR 5.10% 9.46 % 7/17/2028 $ 2,824 2,791 2,782
Taoglas (14)(19)(25) Equity Interest — — — — 20 20 19
Taoglas (14)(19)(25) Equity Interest — — — — 2,259 2,259 2,082
Taoglas (15)(19)(29) First Lien Senior Secured Loan SOFR 7.25% 11.58 % 2/28/2029 $ 9,978 9,897 9,829
Taoglas (2)(3)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 2/28/2029 $ — — (55 )
Taoglas (3)(6)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 7.25% 11.93 % 2/28/2029 $ 1,284 1,284 1,264
Taoglas (6)(15)(19) First Lien Senior Secured Loan SOFR 7.25% 11.58 % 2/28/2029 $ 448 438 442
Telecommunications Total $ 35,731 $ 35,342 3.1 %
Transportation: Cargo
A&R Logistics, Inc. (15)(19)(26) First Lien Senior Secured Loan SOFR 5.50% (1.25% PIK) 11.21 % 8/3/2026 $ 926 909 888
A&R Logistics, Inc. (15)(19)(26) First Lien Senior Secured Loan SOFR 5.50% (1.25% PIK) 11.21 % 8/3/2026 $ 2,374 2,370 2,279
A&R Logistics, Inc. (15)(19)(26) First Lien Senior Secured Loan SOFR 5.50% (1.25% PIK) 11.21 % 8/3/2026 $ 2,661 2,658 2,555
A&R Logistics, Inc. (15)(19)(26) First Lien Senior Secured Loan SOFR 5.50% (1.25% PIK) 11.21 % 8/3/2026 $ 5,853 5,843 5,619
A&R Logistics, Inc. (15)(19)(26)(29) First Lien Senior Secured Loan SOFR 5.50% (1.25% PIK) 11.21 % 8/3/2026 $ 12,980 12,956 12,461
A&R Logistics, Inc. (3)(15)(19)(22)(26) First Lien Senior Secured Loan - Revolver SOFR 2.60% (4.25% PIK) 11.30 % 8/3/2026 $ 3,695 3,634 3,449
ARL Holdings, LLC (14)(19)(25) Equity Interest — — — — — 445 158
ARL Holdings, LLC (14)(19)(25) Equity Interest — — — — 9 9 —
Grammer Investment Holdings LLC (14)(19)(25) Warrants — — — — 122 — —
Grammer Investment Holdings LLC (14)(19)(25) Equity Interest — — — — 1,011 1,019 347
Grammer Investment Holdings LLC (19)(25)(26) Preferred Equity — 10.00% PIK 10.00 % — 11 1,095 1,160
Gulf Winds International (15)(19) First Lien Senior Secured Loan SOFR 7.60% 11.96 % 12/16/2028 $ 1,077 1,067 1,042
Gulf Winds International (15)(19)(29) First Lien Senior Secured Loan SOFR 7.60% 11.96 % 12/16/2028 $ 12,005 11,737 11,615
Gulf Winds International (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 7.60% 11.96 % 12/16/2028 $ 3,704 3,600 3,532
REP Coinvest III- A Omni, L.P. (14)(19)(25) Equity Interest — — — — 1,377 1,377 969
RoadOne (15)(19)(29) First Lien Senior Secured Loan SOFR 6.25% 10.84 % 12/29/2028 $ 12,005 11,733 12,005
RoadOne (3)(18)(19) First Lien Senior Secured Loan - Revolver SOFR 6.25% 10.81 % 12/29/2028 $ 998 910 998
RoadOne (18)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 6.25% 10.77 % 12/29/2028 $ 939 925 939
Transportation: Cargo Total $ 62,287 $ 60,016 5.3 %
Interest Maturity Principal/ Market % of
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares Cost Value NAV (4)
Non-Controlled/Non-Affiliate Investments
Transportation: Consumer
PrimeFlight Acquisition LLC (15)(19) First Lien Senior Secured Loan SOFR 5.25% 9.58 % 5/1/2029 $ 4,055 3,998 4,055
PrimeFlight Acquisition LLC (15)(19)(29) First Lien Senior Secured Loan SOFR 5.50% 10.58 % 5/1/2029 $ 12,066 11,874 12,066
PrimeFlight Acquisition LLC (15)(19) First Lien Senior Secured Loan SOFR 5.50% 9.83 % 5/1/2029 $ 835 835 835
Transportation: Consumer Total $ 16,707 $ 16,956 1.6 %
Utilities: Water
Vessco Water (3)(16)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 4.75% 9.03 % 7/24/2031 $ 879 858 879
Vessco Water (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 7/24/2031 $ — (10 ) —
Vessco Water (16)(19) First Lien Senior Secured Loan SOFR 4.75% 9.11 % 7/24/2031 $ 6,187 6,127 6,187
Utilities: Water Total $ 6,975 $ 7,066 0.6 %
Wholesale
Abracon Group Holding, LLC. (16)(19)(26)(29) First Lien Senior Secured Loan SOFR 2.05% (4.60% PIK) 11.30 % 7/6/2028 $ 14,269 14,317 11,416
Abracon Group Holding, LLC. (16)(19)(26) First Lien Senior Secured Loan - Revolver SOFR 2.05% (4.60% PIK) 11.30 % 7/6/2028 $ 2,040 2,017 1,632
Hultec (14)(19)(25) Equity Interest — — — — 1 651 964
SureWerx (16)(19) First Lien Senior Secured Loan - Revolver CORRA 5.25% 8.42 % 12/28/2028 CAD 58 40 40
SureWerx (3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 12/28/2029 $ — (22 ) —
SureWerx (3)(16)(19) First Lien Senior Secured Loan - Revolver SOFR 5.25% 9.58 % 12/28/2028 $ 764 746 764
Wholesale Total $ 17,749 $ 14,816 1.3 %
Non-Controlled/Non-Affiliate Investments Total $ 1,784,019 $ 1,773,742 155.6 %
Interest Maturity Principal/ Market % of
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares Cost Value NAV (4)
Non-Controlled/Affiliate Investments
Aerospace & Defense
Ansett Aviation Training (6)(10)(14)(19)(25) Equity Interest — — — — 5,119 3,842 8,617
Ansett Aviation Training (6)(10)(18)(19) First Lien Senior Secured Loan BBSY 4.69% 9.17 % 9/24/2031 AUD 7,072 5,308 4,374
Aerospace & Defense Total $ 9,150 $ 12,991 1.1 %
Beverage, Food & Tobacco
ADT Pizza, LLC (10)(14)(19)(25) Equity Interest — — — — 6,720 6,732 8,429
Beverage, Food & Tobacco Total $ 6,732 $ 8,429 0.7 %
Consumer Goods: Durable
Walker Edison (3)(7)(10)(14)(18)(19)(26) First Lien Senior Secured Loan - Delayed Draw SOFR 6.90% PIK 11.36 % 3/31/2029 $ 278 278 278
Walker Edison (10)(14)(19)(25) Equity Interest — — — — 60 5,592 —
Walker Edison (7)(10)(14)(15)(19)(26) First Lien Senior Secured Loan SOFR 6.90% PIK 11.56 % 3/31/2027 $ 6,933 6,434 1,040
Walker Edison (10)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 6.40% 11.06 % 3/31/2027 $ 3,182 3,182 3,182
Walker Edison (7)(10)(14)(15)(19)(26) First Lien Senior Secured Loan - Delayed Draw SOFR 6.90% PIK 11.48 % 3/31/2027 $ 918 873 137
Walker Edison (3)(7)(10)(14)(15)(19)(26) First Lien Senior Secured Loan - Delayed Draw SOFR 6.90% PIK 11.34 % 3/31/2027 $ 2,040 1,941 238
Consumer Goods: Durable Total $ 18,300 $ 4,875 0.4 %
Telecommunications
DC Blox (10)(15)(19) First Lien Senior Secured Loan SOFR 1.00% 5.37 % 6/20/2025 $ 1,408 1,316 1,408
DC Blox (10)(19)(25)(26) Preferred Equity — 8.00% PIK 8.00 % — 38 37,901 38,523
DC Blox (10)(19)(25)(26) Preferred Equity — 8.00% PIK 8.00 % — 5 3,859 5,230
DC Blox (10)(19)(25)(26) Preferred Equity — 8.00% PIK 8.00 % — 7 11 4,277
DC Blox (10)(14)(19)(25) Equity Interest — — — — 51 — —
Telecommunications Total $ 43,087 $ 49,438 4.4 %
Non-Controlled/Affiliate Investments Total $ 77,269 $ 75,733 6.6 %
Interest Maturity Principal/ Market % of
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares Cost Value NAV (4)
Controlled Affiliate Investments
Aerospace & Defense
BCC Jetstream Holdings Aviation (Off I), LLC (6)(10)(11)(14)(20)(25) Equity Interest — — — — 11,863 11,862 11,405
BCC Jetstream Holdings Aviation (On II), LLC (10)(11)(14)(20)(25) Equity Interest — — — — 1,116 1,116 —
BCC Jetstream Holdings Aviation (On II), LLC (10)(11)(14)(20) First Lien Senior Secured Loan — — — — 8,013 8,013 6,933
Gale Aviation (Offshore) Co (6)(10)(11)(19)(25) Equity Interest — — — — 74,396 74,396 71,813
Aerospace & Defense Total $ 95,387 $ 90,151 7.9 %
FIRE: Finance
Legacy Corporate Lending HoldCo, LLC (10)(11)(14)(19)(25) Equity Interest — — — — 900 900
Legacy Corporate Lending HoldCo, LLC (10)(11)(14)(19)(25) Preferred Equity — — — — 42,300 45,009
Legacy Corporate Lending HoldCo, LLC (10)(11)(14)(19)(25) Equity Interest — — — — — —
FIRE: Finance Total $ 43,200 $ 45,909 4.0 %
Investment Vehicles
Bain Capital Senior Loan Program, LLC (6)(10)(11)(18)(19) Subordinated Note Investment Vehicles — 10.00% 10.00 % 12/27/2033 146,495 146,495 146,495
Bain Capital Senior Loan Program, LLC (6)(10)(11)(25) Preferred Equity Interest Investment Vehicles — — — — 10 10 10
Bain Capital Senior Loan Program, LLC (6)(10)(11)(25) Equity Interest Investment Vehicles — — — — 10 5,593 (4,849 )
International Senior Loan Program, LLC (6)(10)(11)(18)(19) Subordinated Note Investment Vehicles SOFR 8.00% 12.59 % 2/22/2028 190,729 190,729 190,729
International Senior Loan Program, LLC (6)(10)(11)(25) Equity Interest Investment Vehicles — — — — 63,587 60,614 55,408
Investment Vehicles Total $ 403,441 $ 387,793 34.1 %
Services: Business
Parcel2Go (6)(10)(11)(18)(19) First Lien Senior Secured Loan SONIA 7.00% 11.70 % 11/26/2031 43 54 54
Parcel2Go (6)(10)(11)(14)(19)(25) Equity Interest — — — — — — —
Parcel2Go (6)(10)(11)(14)(19)(25) Preferred Equity — — — — 14,221 — —
Services: Business Total $ 54 $ 54 0.0 %
Transportation: Cargo
Lightning Holdings B, LLC (6)(10)(11)(14)(19)(25) Equity Interest — — — — 43,309 43,620 57,807
Transportation: Cargo Total $ 43,620 $ 57,807 5.1 %
Controlled Affiliate Investments Total $ 585,702 $ 581,714 51.1 %
Investments Total $ 2,446,990 $ 2,431,189 213.3 %
Cash Equivalents
Goldman Sachs Financial Square Government Fund Institutional Share Class Cash Equivalents — 4.39 % — 63,795 63,795 63,795
Goldman Sachs US Treasury Liquid Reserves Fund (30) Cash Equivalents — 4.40 % — 39,787 39,787 39,787
Cash Equivalents Total $ 103,582 $ 103,582 9.1 %
Investments and Cash Equivalents Total $ 2,550,572 $ 2,534,771 222.4 %

All values are in US Dollars.

Forward Foreign Currency Exchange Contracts

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

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

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

  • Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The investment may be subject to an unused/letter of credit facility fee.

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

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

  • The investment or a portion of this investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2024, non-qualifying assets totaled 26.12% of the Company’s total assets.

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

  • Unrealized appreciation on forward currency exchange contracts.

  • The principal amount (par amount) for all debt securities is denominated in U.S. dollars, unless otherwise noted. £ represents Pound Sterling, € represents Euro, NOK represents Norwegian Krone, AUD represents Australian Dollar, CAD represents Canadian Dollar, DKK represents Danish Krone and NZ$ represents New Zealand Dollar.

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

  • As defined in the 1940 Act, the Company is deemed to “control” this portfolio company as the Company either owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company.

  • Tick mark not used.

  • Loan includes interest rate floor of 3.50%.

  • Non-income producing.

  • Loan includes interest rate floor of 1.00%.

  • Loan includes interest rate floor of 0.75%.

  • Loan includes interest rate floor of 0.50%.

  • Loan includes interest rate floor of 0.00%.

  • Security valued using unobservable inputs (Level 3).

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

  • Loan includes interest rate floor of 0.25%.

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

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

  • Loan includes interest rate floor of 1.25%.

  • Security exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of December 31, 2024, the aggregate fair value of these securities is $452,688 or 39.72% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:

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

See Notes to Consolidated Financial Statements

BAIN CAPITAL SPECIALTY FINANCE, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share data)

(Unaudited)

Note 1. Organization

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

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

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

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

Note 2. Summary of Significant Accounting Policies

Basis of Presentation

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

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

The information included in this Form 10-Q should be read in conjunction with the audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2024.

Basis of Consolidation

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

Use of Estimates

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

Valuation of Portfolio Investments

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Securities Transactions, Revenue Recognition and Expenses

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

prepayment of a loan or debt security, any prepayment premium, unamortized upfront loan origination fees and unamortized discount are recorded as interest income.

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

Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies. Distributions received from an equity interest, limited liability company or a limited partnership investment are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. For the three months ended June 30, 2025 and 2024, the Company recorded $5.1 million and $8.2 million, respectively, of dividend income, of which, $2.9 million and $0.0 million, respectively, related to PIK dividends. For the six months ended June 30, 2025 and 2024, the Company recorded $11.6 million and $16.5 million, respectively, of dividend income, of which, $3.0 million and $0.0 million, respectively, related to PIK dividends. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status.

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

Expenses are recorded on an accrual basis.

Non-Accrual Loans

Loans or debt securities are placed on non-accrual status when there is reasonable doubt that principal or interest will be collected. Accrued interest generally is reversed when a loan or debt security is placed on non-accrual status. Interest payments received on non-accrual loans or debt securities may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans and debt securities are restored to accrual status when past due principal and interest are paid and, in management’s judgment, principal and interest payments are likely to remain current. The Company may make exceptions to this treatment if a loan has sufficient collateral value and is in the process of collection. As of June 30, 2025, there were fourteen loans from five issuers on non-accrual. As of December 31, 2024, there were eight loans from five issuers on non-accrual.

Distributions

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

The Company intends to timely distribute to its stockholders substantially all of its annual taxable income for each year, except that the Company may retain certain net capital gains for reinvestment and, depending upon the level of the Company’s taxable income earned in a year, the Company may choose to carry forward taxable income for distribution in the following year and incur applicable U.S. federal excise tax and pay a 4% tax on such income, as required. To the extent that we determine that our estimated current year taxable income will be in excess of estimated dividend distributions for the current year from such income, we accrue excise tax, if any, on estimated excess taxable income as such taxable income is earned. For the three months ended June 30, 2025 and 2024, we recorded an expense of $1.1 million and $1.1 million, respectively for U.S. federal excise tax. For the six months ended June 30, 2025 and 2024, we recorded an expense of $2.2 million and $2.1 million, respectively for U.S. federal excise tax.

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

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

Dividend Reinvestment Plan

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

Offering Costs

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

Cash, Restricted Cash, and Cash Equivalents

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

Foreign Currency Translation

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

Forward Currency Exchange Contracts

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

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

Interest Rate Swaps

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

Deferred Financing Costs and Debt Issuance Costs

The Company records costs related to issuance of revolving debt obligations as deferred financing costs. These costs are deferred and amortized using the straight-line method over the stated maturity life of the obligation. The Company records costs related to the issuance of term debt obligations as debt issuance costs. These costs are deferred and amortized using the effective interest method. These costs are presented as a reduction to the outstanding principal amount of the term debt obligations on the Consolidated Statements of Assets and Liabilities. In the event that we modify or extinguish our debt before maturity, the Company follows the guidance in ASC Topic 470‑50, Modification and Extinguishments. For modifications to or exchanges of our revolving debt obligations, any unamortized deferred financing costs related to lenders who are not part of the new lending group are expensed. For extinguishments of our term debt obligations, any unamortized debt issuance costs are deducted from the carrying amount of the debt in determining the gain or loss from the extinguishment.

Income Taxes

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

The Company intends to comply with the applicable provisions of the Code pertaining to RICs and to make distributions of taxable income sufficient to relieve it from substantially all federal income taxes. Accordingly, no provision for income taxes is required in the Consolidated Financial Statements. For income tax purposes, distributions made to stockholders are reported as ordinary income, capital gains, non-taxable return of capital, or a combination thereof. The tax character of distributions paid to stockholders through June 30, 2025 may include return of capital, however, the exact amount cannot be determined at this point. The final determination of the tax character of distributions will not be made until the Company files our tax return for the tax year ending December 31, 2025. The character of income and gains that the Company distributes is determined in accordance with income tax regulations that may differ from US GAAP. BCSF CFSH, LLC, BCSF CFS, LLC, and BCC Middle Market CLO 2019‑1, LLC are disregarded entities for tax purposes and are consolidated with the tax return of the Company.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its Consolidated Financial Statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reversed and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes, if any, are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. Management has analyzed the Company’s tax positions, and has concluded that no liability for unrecognized tax benefits related to uncertain tax positions on returns to be filed by the Company for all open tax years should be recorded. The Company identifies its major tax jurisdiction as the United States, and the Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months. As of June 30, 2025, the tax years that remain subject to examination are from 2021 forward.

Recent Accounting Pronouncements

The Company’s management has evaluated recently issued accounting standards through August 5, 2025, the issuance date of the Consolidated Financial Statements, and noted that no recent accounting pronouncements will have a material impact on the Consolidated Financial Statements of the Company except for what is noted below:

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

Note 3. Investments

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

As of June 30, 2025
Percentage of<br>Total Portfolio Percentage of<br>Total Portfolio
First Lien Senior Secured Loan 1,606,552 64.5 % 1,577,960 63.1 %
Second Lien Senior Secured Loan 20,125 0.8 20,350 0.8
Subordinated Debt 92,775 3.7 91,052 3.6
Preferred Equity 136,203 5.5 180,711 7.2
Equity Interest 212,920 8.6 230,141 9.2
Warrants — — 820 0.0
Subordinated Notes in Investment Vehicles (1) 354,723 14.2 342,654 13.7
Preferred Equity Interest in Investment Vehicles (1) 9 0.0 1,342 0.1
Equity Interests in Investment Vehicles (1) 66,209 2.7 56,767 2.3
Total 2,489,516 100.0 % 2,501,797 100.0 %

All values are in US Dollars.

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

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

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

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

As of June 30, 2025
Percentage of<br>Total Portfolio Percentage of<br>Total Portfolio
USA 2,197,162 88.3 % 2,161,486 86.5 %
Cayman Islands 112,016 4.5 125,219 5.1
Belgium 23,471 0.9 45,797 1.8
United Kingdom 40,790 1.6 43,543 1.7
Germany 31,672 1.3 31,672 1.3
France 29,900 1.2 31,140 1.2
Luxembourg 22,720 0.9 24,664 1.0
Ireland 12,331 0.5 10,841 0.4
Australia 3,953 0.2 10,018 0.4
Canada 5,069 0.2 6,253 0.2
Italy 5,722 0.2 6,142 0.2
Jersey 2,280 0.1 2,360 0.1
Netherlands 1,676 0.1 1,879 0.1
Guernsey 402 0.0 438 0.0
New Zealand 352 0.0 345 0.0
Total 2,489,516 100.0 % 2,501,797 100.0 %

All values are in US Dollars.

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

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

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

As of June 30, 2025
Percentage of<br>Total Portfolio Percentage of<br>Total Portfolio
Investment Vehicles (2) 420,941 16.8 % 400,763 16.0 %
High Tech Industries 282,073 11.3 297,097 11.9
Aerospace & Defense 251,329 10.1 248,741 9.9
Services: Business 199,990 8.0 225,558 9.0
Healthcare & Pharmaceuticals 179,953 7.2 177,679 7.1
Transportation: Cargo 105,873 4.3 121,038 4.8
Beverage, Food & Tobacco 118,568 4.8 117,327 4.7
Automotive 103,980 4.2 101,330 4.1
FIRE: Finance (1) 77,064 3.1 89,073 3.6
Telecommunications 78,136 3.1 86,672 3.5
Consumer Goods: Non-Durable 81,305 3.3 79,767 3.2
Construction & Building 76,830 3.1 77,377 3.1
Environmental Industries 56,599 2.3 58,742 2.3
Hotel, Gaming & Leisure 54,561 2.2 55,214 2.2
Capital Equipment 43,593 1.8 49,783 2.0
Services: Consumer 49,371 2.0 47,693 1.9
Consumer Goods: Durable 66,238 2.7 47,433 1.9
Chemicals, Plastics & Rubber 45,549 1.8 45,020 1.8
Wholesale 43,739 1.8 38,046 1.5
FIRE: Insurance (1) 35,475 1.4 36,512 1.5
Media: Diversified & Production 34,700 1.4 33,151 1.3
Transportation: Consumer 25,950 1.0 26,252 1.0
Retail 25,388 1.0 15,171 0.6
Media: Advertising, Printing & Publishing 7,951 0.3 7,926 0.3
Containers, Packaging & Glass 7,605 0.3 7,738 0.3
Energy: Electricity 4,434 0.2 4,411 0.2
Media: Broadcasting & Subscription 2,873 0.1 2,972 0.1
Consumer Goods: Wholesale 8,175 0.3 2,010 0.1
Utilities: Water 1,273 0.1 1,301 0.1
Total 2,489,516 100.0 % 2,501,797 100.0 %

All values are in US Dollars.

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

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

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

International Senior Loan Program, LLC

On February 9, 2021, the Company and Pantheon (“Pantheon”), a leading global alternative private markets manager, formed the International Senior Loan Program, LLC (“ISLP”), an unconsolidated joint venture. ISLP invests primarily in non-US first lien senior secured loans. ISLP was formed as a Delaware limited liability company. The Company and Pantheon committed to initially provide $138.3 million of debt and $46.1 million of equity capital, to ISLP. Equity contributions will be called from each member on a pro-rata basis, based on their equity commitments. Pursuant to the terms of the transaction, Pantheon invested $50.0 million to acquire a 29.5% stake in ISLP. The Company contributed debt investments of $317.1 million for a 70.5% stake in ISLP, and received a one-time gross distribution of $190.2 million in cash in consideration of contributing such investments. On December 14, 2023, the Company and Pantheon entered into the second amendment to the amended and restated limited liability company agreement which, among other things, increased capital commitments and changed the proportionate share ownership. The Company and Pantheon agreed to contribute an additional $5.0 million and $45.3 million, respectively, which resulted in new ownership stakes of 64.0% and 36.0%, respectively. As of June 30, 2025, the Company’s investment in ISLP consisted of subordinated notes of $190.7 million and equity interests of $50.8 million. As of December 31, 2024, the Company’s investment in ISLP consisted of subordinated notes of $190.7 million and equity interests of $55.4 million.

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

As of December 31, 2024, the Company had commitments with respect to its equity and subordinated note interests of ISLP in the aggregate amount of $254.3 million. The Company had contributed $254.3 million in capital and had $0.0 million in unfunded capital contributions. As of December 31, 2024, Pantheon had commitments with respect to its equity and subordinated note interests of ISLP in the aggregate amount of $149.2 million. Pantheon had contributed $149.2 million in capital and had $0.0 million in unfunded capital contributions.

In future periods, the Company may sell certain of its investments or a participating interest in certain of its investments to ISLP. Since inception, the Company has sold $1,145.4 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 June 30, 2025, ISLP had $717.7 million in debt and equity investments, at fair value. As of December 31, 2024, ISLP had $655.8 million in debt and equity investments, at fair value.

Additionally, ISLP, through a wholly-owned subsidiary, entered into a $300.0 million senior secured revolving credit facility which bears interest at LIBOR (or an alternative risk-free interest rate index) plus 225 basis points with JP Morgan (the “ISLP Credit Facility Tranche A”).

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

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

SOFR

and consolidated Tranche A and Tranche B, with a size of $500.0 million. On September 11, 2023, ISLP entered into the fourth amended and restated credit agreement, which among other things, extended the maturity to February 9, 2027, modified concentration limitations and changed the interest rate to

SOFR

(or an alternative risk-free interest rate index) plus 246 basis points. On June 24, 2025, the ISLP Credit Facility Tranche A and ISLP Credit Facility Tranche B were terminated.

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

As of June 30, 2025, the ISLP Credit Facilities had $340.7 million of outstanding debt under the credit facility. As of December 31, 2024 the ISLP Credit Facilities had $297.6 million of outstanding debt under the credit facility. The combined weighted average interest rate (excluding deferred upfront financing costs and unused fees) of the aggregate borrowings outstanding for the six months ended June 30, 2025 and year ended December 31, 2024 were 6.6% and 7.5%, respectively.

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

As of As of
June 30, 2025 December 31, 2024
Total investments $ 717,686 $ 655,804
Weighted average yield on investments 10.1 % 10.6 %
Number of borrowers in ISLP 39 35
Largest portfolio company investment $ 53,839 $ 51,142
Total of five largest portfolio company investments $ 208,731 $ 196,173
Unfunded commitments $ — $ 3,907

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

International Senior Loan Program, LLC

Consolidated Schedule of Investments

As of June 30, 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 19,759
Aerospace & Defense Total $ 7,115 $ 19,759 25.6 %
Media: Advertising, Printing & Publishing
TGI Sport Bidco Pty Ltd (18)(19) First Lien Senior Secured Loan BBSY 7.00 % 10.66 % 4/30/2026 AUD 9,730 7,114 6,396
TGI Sport Bidco Pty Ltd (17)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 7.11 % 11.44 % 4/30/2026 AUD 4,081 2,568 2,683
Media: Advertising, Printing & Publishing Total $ 9,682 $ 9,079 11.8 %
Australian Dollar Total $ 16,797 $ 28,838 37.4 %
British Pound
Capital Equipment
Goodfellow (15)(19) First Lien Senior Secured Loan - Delayed Draw SONIA 5.25 % 9.47 % 2/10/2032 £ 1,564 2,120 2,134
Capital Equipment Total $ 2,120 $ 2,134 2.8 %
Environmental Industries
Reconomy (18)(19) First Lien Senior Secured Loan SONIA 6.50 % 10.72 % 7/12/2029 £ 6,050 7,045 8,297
Reconomy (18)(19) First Lien Senior Secured Loan - Delayed Draw IBOR 6.25 % 8.23 % 7/12/2029 £ 6,578 8,094 8,859
Reconomy (18)(19) First Lien Senior Secured Loan - Revolver SOFR 6.50 % 10.80 % 7/12/2029 £ 6,578 8,450 8,569
Environmental Industries Total $ 23,589 $ 25,725 33.4 %
FIRE: Finance
Avalon Bidco Limited (6)(18)(19) First Lien Senior Secured Loan SONIA 6.25 % 10.57 % 4/16/2032 £ 12,058 16,225 16,329
Parmenion (18)(19) First Lien Senior Secured Loan SONIA 5.50 % 9.72 % 5/23/2029 £ 29,070 35,392 39,867
FIRE: Finance Total $ 51,617 $ 56,196 72.9 %
FIRE: Insurance
Margaux UK Finance Limited (16)(19) First Lien Senior Secured Loan SONIA 5.75 % 9.97 % 12/19/2027 £ 7,279 9,196 9,983
FIRE: Insurance Total $ 9,196 $ 9,983 13.0 %

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 5.00 % 9.22 % 6/28/2029 £ 7,880 9,126 10,807
Access (18)(19) First Lien Senior Secured Loan SONIA 5.00 % 9.22 % 6/28/2029 £ 9,764 11,887 13,390
Cloud Technology Solutions (CTS) (15)(19)(26) First Lien Senior Secured Loan SONIA 2.47% (5.78% PIK) 12.47 % 1/3/2030 £ 9,462 11,951 12,911
High Tech Industries Total $ 32,964 $ 37,108 48.2 %
Media: Advertising, Printing & Publishing
OGH Bidco Limited (18)(19) First Lien Senior Secured Loan SOFR 6.25 % 10.60 % 9/2/2029 £ 5,172 6,068 5,696
OGH Bidco Limited (18)(19) First Lien Senior Secured Loan SONIA 6.25 % 10.47 % 6/29/2029 £ 13,160 15,240 17,100
TGI Sport Bidco Pty Ltd (17)(19) First Lien Senior Secured Loan - Delayed Draw SONIA 6.12 % 10.33 % 6/24/2029 £ 6,700 8,636 9,188
Media: Advertising, Printing & Publishing Total $ 29,944 $ 31,984 41.5 %
Services: Business
Beneficium (15)(19) First Lien Senior Secured Loan SONIA 5.75 % 9.97 % 6/28/2031 £ 7,497 9,726 10,126
Brook Bidco (18)(19)(26) First Lien Senior Secured Loan SONIA 1.88% (5.65% PIK) 11.74 % 7/10/2028 £ 27,704 37,237 35,712
Datix Bidco Limited (18)(19) First Lien Senior Secured Loan SONIA 5.25 % 9.47 % 4/30/2031 £ 8,160 10,494 11,190
Brook Bidco (16)(19)(26) First Lien Senior Secured Loan SOFR 1.98% (5.70% PIK) 11.96 % 7/10/2028 £ 6,119 8,084 7,580
Brook Bidco (16)(19)(26) First Lien Senior Secured Loan SOFR 1.98% (5.70% PIK) 11.96 % 7/10/2028 £ 8,513 11,247 10,547
Opus2 (18)(19) First Lien Senior Secured Loan SONIA 5.53 % 9.74 % 5/5/2028 £ 12,151 16,546 16,664
Parcel2Go (18)(19) First Lien Senior Secured Loan SONIA 7.00 % 11.36 % 11/26/2031 £ 4,462 5,598 5,201
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 % 9.22 % 1/27/2029 £ 1,200 1,494 1,637
TES Global (18)(19) First Lien Senior Secured Loan SONIA 5.00 % 9.22 % 2/1/2029 £ 14,364 17,673 19,698
Services: Business Total $ 118,099 $ 118,355 153.6 %
Services: Consumer
SG Global Midco Limited (6)(19) First Lien Senior Secured Loan — 10.00 % 10.00 % 5/11/2026 £ 215 285 295
Surrey Bidco Limited (7)(14)(18)(19)(26) First Lien Senior Secured Loan SONIA 7.28% PIK 11.66 % 5/11/2026 £ 7,180 8,406 3,939
Services: Consumer Total $ 8,691 $ 4,234 5.4 %
British Pound Total $ 276,220 $ 285,719 370.8 %
Interest Maturity Principal / Market % of Members
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Rate Date Shares (9) Cost Value Equity (4)
Canadian Dollar
Retail
New Look (Delaware) Corporation (15)(19) First Lien Senior Secured Loan CORRA 5.82 % 8.50 % 5/26/2028 CAD 17,965 14,722 13,183
New Look Vision Group (15)(19) First Lien Senior Secured Loan - Delayed Draw CORRA 5.82 % 8.50 % 5/26/2028 CAD 1,171 903 859
New Look Vision Group (15)(19) First Lien Senior Secured Loan - Delayed Draw CORRA 5.82 % 8.50 % 5/26/2028 CAD 2,242 1,612 1,645
Retail Total $ 17,237 $ 15,687 20.4 %
Canadian Dollar Total $ 17,237 $ 15,687 20.4 %
European Currency
Capital Equipment
Goodfellow (15)(19) First Lien Senior Secured Loan - Delayed Draw IBOR 5.25 % 7.39 % 2/10/2032 € 5,450 6,335 6,411
Goodfellow (15)(19) First Lien Senior Secured Loan - Delayed Draw IBOR 5.25 % 7.39 % 2/10/2032 € 1,655 1,924 1,947
Capital Equipment Total $ 8,259 $ 8,358 10.8 %
Chemicals, Plastics & Rubber
V Global Holdings LLC (16)(19) First Lien Senior Secured Loan IBOR 5.75 % 7.89 % 12/22/2027 € 9,118 9,252 10,216
Chemicals, Plastics & Rubber Total $ 9,252 $ 10,216 13.3 %
Environmental Industries
Reconomy (18)(19) First Lien Senior Secured Loan IBOR 6.25 % 8.23 % 7/12/2029 € 2,440 2,475 2,870
Environmental Industries Total $ 2,475 $ 2,870 3.7 %

All values are in Euros.

Interest Maturity Principal / Market % of Members
Portfolio Company Investment Type Index (1) Rate Date Shares (9) Cost Value Equity (4)
European Currency
Healthcare & Pharmaceuticals
Mertus 522. GmbH (18)(19)(26) First Lien Senior Secured Loan IBOR 9.38 % 5/28/2028 € 13,179 15,978 14,959
Mertus 522. GmbH (18)(19)(26) First Lien Senior Secured Loan IBOR 9.04 % 5/28/2028 € 22,584 27,378 25,635
Nafinco (18)(19) First Lien Senior Secured Loan IBOR 5.25 % 7.29 % 8/29/2031 € 8,000 8,406 9,316
Pharmathen (18)(19) First Lien Senior Secured Loan- Revolver IBOR 5.68 % 8.26 % 1/19/2029 € 13,492 15,125 15,315
Pharmathen (18)(19) First Lien Senior Secured Loan- Revolver IBOR 5.68 % 8.26 % 1/19/2029 € 2,453 2,633 2,785
Healthcare & Pharmaceuticals Total $ 69,520 $ 68,010 88.3 %
High Tech Industries
Onventis (15)(19) First Lien Senior Secured Loan - Delayed Draw IBOR 7.25 % 9.41 % 1/14/2030 € 13,919 15,101 16,373
PlentyMarkets (6)(18)(19)(26) First Lien Senior Secured Loan - Delayed Draw IBOR 8.89 % 4/2/2032 € 15,042 17,332 17,539
Utimaco (16)(19) First Lien Senior Secured Loan IBOR 5.75 % 7.79 % 5/14/2029 € 8,250 8,367 9,704
High Tech Industries Total $ 40,800 $ 43,616 56.6 %
Media: Broadcasting & Subscription
Lightning Finco Limited (16)(19) First Lien Senior Secured Loan IBOR 5.50 % 7.54 % 8/31/2028 € 2,619 2,951 3,081
Media: Broadcasting & Subscription Total $ 2,951 $ 3,081 4.0 %
Media: Diversified & Production
Aptus 1724. Gmbh (19)(21)(26) First Lien Senior Secured Loan IBOR 9.96 % 3/3/2028 € 36,230 42,806 31,963
Media: Diversified & Production Total $ 42,806 $ 31,963 41.5 %
Services: Business
Fiduciaire Jean-Marc Faber (FJMF) (6)(15)(19) First Lien Senior Secured Loan - Delayed Draw IBOR 5.50 % 7.81 % 4/3/2032 € 7,904 9,096 9,205
iBanFirst (18)(19)(26) First Lien Senior Secured Loan IBOR 12.32 % 7/13/2028 € 15,056 16,900 17,710
Webcentral (18)(19) First Lien Senior Secured Loan IBOR 6.25 % 8.63 % 12/18/2030 € 3,423 3,781 4,026
Webcentral (18)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 6.25 % 10.60 % 12/18/2030 € 3,322 3,462 3,908
Services: Business Total $ 33,239 $ 34,849 45.2 %
European Currency Total $ 209,302 $ 202,963 263.4 %
Norwegian Krone
Services: Business
Spring Finco BV (18)(19) First Lien Senior Secured Loan NIBOR 5.50 % 10.06 % 7/15/2029 NOK 174,360 16,601 17,273
Services: Business Total $ 16,601 $ 17,273 22.4 %
Norwegian Krone Total $ 16,601 $ 17,273 22.4 %

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 % 9.54 % 5/12/2028 9,653 9,611 9,653
Automotive Total $ 9,611 $ 9,653 12.5 %
Capital Equipment
Goodfellow (6)(15)(19) First Lien Senior Secured Loan SOFR 5.25 % 9.55 % 2/10/2032 2,152 2,152
Capital Equipment Total $ 2,152 $ 2,152 2.8 %
Chemicals, Plastics & Rubber
V Global Holdings LLC (16)(19) First Lien Senior Secured Loan SOFR 5.90 % 10.20 % 12/22/2027 22,925 22,925 22,066
Chemicals, Plastics & Rubber Total $ 22,925 $ 22,066 28.6 %
Consumer Goods: Durable
Stanton Carpet (15)(19) Second Lien Senior Secured Loan SOFR 9.15 % 13.43 % 3/31/2028 5,000 4,962 5,000
Consumer Goods: Durable Total $ 4,962 $ 5,000 6.5 %
High Tech Industries
NearMap (15)(19) First Lien Senior Secured Loan SOFR 5.00 % 9.27 % 12/9/2029 23,226 23,073 23,226
Utimaco (16)(19) First Lien Senior Secured Loan SOFR 5.75 % 10.08 % 5/14/2029 16,450 16,354 16,450
Utimaco (16)(19) First Lien Senior Secured Loan SOFR 5.75 % 10.08 % 5/14/2029 8,550 8,500 8,550
High Tech Industries Total $ 47,927 $ 48,226 62.6 %
Media: Advertising, Printing & Publishing
Facts Global Energy (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.25 % 9.26 % 12/20/2031 9,411 9,318 9,364
Facts Global Energy (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.25 % 9.26 % 12/20/2031 6,763 6,696 6,730
Media: Advertising, Printing & Publishing Total $ 16,014 $ 16,094 20.9 %
Media: Broadcasting & Subscription
Lightning Finco Limited (16)(19) First Lien Senior Secured Loan SOFR 5.93 % 10.22 % 8/31/2028 23,907 23,809 23,907
Media: Broadcasting and Subscription Total $ 23,809 $ 23,907 31.0 %
Media: Diversified & Production
Aptus 1724 Gmbh (19)(21)(26) First Lien Senior Secured Loan - Delayed Draw SOFR 4.15% (4.00% PIK) 12.46 % 3/3/2028 10,351 10,321 7,764
Media: Diversified & Production Total $ 10,321 $ 7,764 10.1 %

All values are in US Dollars.

Interest Maturity Principal / Market % of Members
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares (9) Cost Value Equity (4)
U.S. Dollar
Services: Business
Avalon Acquiror, Inc. (15)(19) First Lien Senior Secured Loan SOFR 6.00 % 10.32 % 3/10/2028 $ 11,640 11,586 11,582
Easy Ice (15)(19) First Lien Senior Secured Loan SOFR 5.40 % 9.68 % 10/30/2030 $ 8,457 8,339 8,457
Cube (18)(19)(26) First Lien Senior Secured Loan - Delayed Draw SOFR 3.00% (4.20% PIK) 11.52 % 5/20/2031 $ 8,786 8,786 8,786
Services: Business Total $ 28,711 $ 28,825 37.4 %
U.S. Dollar Total $ 166,432 $ 163,687 212.4 %
New Zealand Dollar
Beverage, Food & Tobacco
Hellers (15)(19)(26) First Lien Senior Secured Loan - Delayed Draw BKBM 3.31% (2.19% PIK) 8.84 % 9/27/2030 NZ$ 5,897 3,425 3,519
Beverage, Food & Tobacco Total $ 3,425 $ 3,519 4.6 %
New Zealand Dollar Total $ 3,425 $ 3,519 4.6 %
Total $ 706,014 $ 717,686 931.4 %

Forward Foreign Currency Exchange Contracts

Settlement Unrealized
Currency Purchased Currency Sold Counterparty Date Appreciation(8)
EURO 2,830 AUSTRALIAN DOLLARS 5,037 Morgan Stanley 03/10/2026 $ 56
EURO 1,706 AUSTRALIAN DOLLARS 3,040 Standard Chartered 03/10/2026 32
EURO 2,010 AUSTRALIAN DOLLARS 3,634 Standard Chartered 07/11/2025 (21 )
US DOLLARS 2,285 AUSTRALIAN DOLLARS 3,590 Standard Chartered 02/24/2026 (79 )
US DOLLARS 8,425 AUSTRALIAN DOLLARS 13,396 Standard Chartered 07/11/2025 (356 )
US DOLLARS 12,143 AUSTRALIAN DOLLARS 18,568 Morgan Stanley 09/10/2026 (103 )
US DOLLARS 7,318 AUSTRALIAN DOLLARS 11,205 Standard Chartered 09/10/2026 (72 )
EURO 2,223 BRITISH POUNDS 1,906 Morgan Stanley 03/10/2026 37
EURO 3,289 BRITISH POUNDS 2,835 BNP Paribas 06/02/2026 49
EURO 1,786 BRITISH POUNDS 1,556 Standard Chartered 07/11/2025 (34 )
EURO 755 BRITISH POUNDS 682 Morgan Stanley 11/10/2025 (41 )
BRITISH POUNDS 550 EURO 628 Morgan Stanley 11/10/2025 11
US DOLLARS 2,713 BRITISH POUNDS 2,090 Goldman Sachs 02/24/2026 (154 )
US DOLLARS 2,820 BRITISH POUNDS 2,117 Morgan Stanley 05/08/2026 (84 )
US DOLLARS 1,545 BRITISH POUNDS 1,145 Morgan Stanley 06/02/2026 (25 )
US DOLLARS 7,485 BRITISH POUNDS 5,734 Goldman Sachs 07/11/2025 (373 )
US DOLLARS 6,778 BRITISH POUNDS 5,010 Morgan Stanley 09/10/2026 (90 )
US DOLLARS 13,351 BRITISH POUNDS 10,983 Morgan Stanley 09/11/2025 (1,706 )
US DOLLARS 1,071 BRITISH POUNDS 860 Morgan Stanley 11/10/2025 (108 )
EURO 215 CANADIAN DOLLARS 337 Morgan Stanley 02/26/2026 6
EURO 536 CANADIAN DOLLARS 843 Standard Chartered 07/11/2025 12
US DOLLARS 882 CANADIAN DOLLARS 1,243 Morgan Stanley 02/24/2026 (39 )
US DOLLARS 2,248 CANADIAN DOLLARS 3,107 Standard Chartered 07/11/2025 (30 )
EURO 769 NORWEGIAN KRONE 9,294 Standard Chartered 07/11/2025 (16 )
EURO 439 NEW ZEALAND DOLLARS 853 Morgan Stanley 09/25/2025 (1 )
EURO 18,912 US DOLLARS 20,060 Standard Chartered 01/09/2026 2,413
EURO 4,476 US DOLLARS 5,200 Morgan Stanley 03/10/2026 136
EURO 5,507 US DOLLARS 6,400 Standard Chartered 03/10/2026 165
EURO 5,147 US DOLLARS 5,860 Standard Chartered 07/11/2025 186
US DOLLARS 5,168 EURO 4,860 Morgan Stanley 02/24/2026 (622 )
US DOLLARS 3,443 EURO 2,960 BNP Paribas 06/02/2026 (100 )
US DOLLARS 25,170 EURO 22,110 Standard Chartered 07/11/2025 (802 )
US DOLLARS 23,819 EURO 21,780 Standard Chartered 09/11/2025 (1,868 )
US DOLLARS 677 EURO 640 Morgan Stanley 11/10/2025 (81 )
US DOLLARS 1,425 EURO 1,290 Morgan Stanley 11/10/2025 (103 )
US DOLLARS 29,725 EURO 27,780 Standard Chartered 11/10/2025 (3,168 )
US DOLLARS 1,889 NEW ZEALAND DOLLARS 3,146 Standard Chartered 06/25/2026 (38 )
US DOLLARS 3,206 NORWEGIAN KRONE 34,256 Standard Chartered 07/11/2025 (181 )
$ (7,192 )

  • 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 bear 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 June 30, 2025. Certain investments are subject to a EURIBOR, BKBM, NIBOR, CORRA, BBSY, SONIA, or SOFR interest rate floor.

  • Tick mark not used.

  • Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The investment may be subject to an unused/letter of credit facility fee.

  • Percentages are based on ISLP's net assets (in thousands) of $77,057 as of June 30, 2025.

  • Tick mark not used.

  • Tick mark not used.

  • Loan was on non-accrual status as of June 30, 2025.

  • Unrealized appreciation on forward currency exchange contracts.

  • The principal amount (par amount) for all debt securities is denominated in U.S. dollars, unless otherwise noted. £ represents Pound Sterling, € represents Euro, NOK represents Norwegian Krone, AUD represents Australian Dollar, CAD represents Canadian Dollar and, NZ$ represents New Zealand Dollar.

  • Tick mark not used.

  • Tick mark not used.

  • Tick mark not used.

  • Tick mark not used.

  • Non-income producing.

  • Loan includes interest rate floor of 1.00%.

  • Loan includes interest rate floor of 0.75%.

  • Loan includes interest rate floor of 0.50%.

  • Loan includes interest rate floor of 0.00%.

  • Security valued using unobservable inputs (Level 3).

  • Tick mark not used.

  • Loan includes interest rate floor of 0.25%.

  • Tick mark not used.

  • Tick mark not used.

  • Tick mark not used.

  • Tick mark not used.

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

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

International Senior Loan Program, LLC

Consolidated Schedule of Investments

As of December 31, 2024

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

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

All values are in Euros.

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

All values are in 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 % 9.67 % 5/12/2028 $ 9,653 9,604 9,653
Automotive Total $ 9,604 $ 9,653 11.6 %
Chemicals, Plastics & Rubber
V Global Holdings LLC (16)(19) First Lien Senior Secured Loan SOFR 5.90 % 10.42 % 12/22/2027 $ 23,043 23,043 22,294
Chemicals, Plastics & Rubber Total $ 23,043 $ 22,294 26.7 %
Consumer Goods: Durable
Stanton Carpet (15)(19) Second Lien Senior Secured Loan SOFR 9.15 % 13.74 % 3/31/2028 $ 5,000 4,956 5,000
Consumer Goods: Durable Total $ 4,956 $ 5,000 6.0 %
High Tech Industries
NearMap (15)(19) First Lien Senior Secured Loan SOFR 5.00 % 9.63 % 12/9/2029 $ 23,343 23,172 23,343
Utimaco (16)(19) First Lien Senior Secured Loan SOFR 6.51 % 11.08 % 5/14/2029 $ 16,450 16,342 16,286
Utimaco (16)(19) First Lien Senior Secured Loan SOFR 6.51 % 11.08 % 5/14/2029 $ 8,550 8,494 8,465
High Tech Industries Total $ 48,008 $ 48,094 57.5 %
Media: Broadcasting & Subscription
Lightning Finco Limited (16)(19) First Lien Senior Secured Loan SOFR 5.68 % 10.09 % 8/31/2028 $ 23,907 23,793 23,907
Media: Broadcasting and Subscription Total $ 23,793 $ 23,907 28.6 %
Media: Diversified & Production
Aptus 1724 Gmbh (19)(21)(26) First Lien Senior Secured Loan - Delayed Draw SOFR 6.15% (1.50% PIK) 12.08 % 2/23/2028 $ 10,144 10,108 8,622
Media: Diversified & Production Total $ 10,108 $ 8,622 10.3 %
Interest Maturity Principal / Market % of Members
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares (9) Cost Value Equity (4)
U.S. Dollar
Services: Business
Avalon Acquiror, Inc. (15)(19) First Lien Senior Secured Loan SOFR 6.25 % 10.58 % 3/10/2028 $ 11,700 11,636 11,466
Chamber Bidco Limited (18)(19) First Lien Senior Secured Loan SOFR 5.75 % 10.12 % 6/2/2028 $ 21,081 20,973 21,081
Smartronix (15)(19) First Lien Senior Secured Loan SOFR 6.10 % 10.35 % 11/23/2028 $ 10,697 10,617 10,697
Services: Business Total $ 43,226 $ 43,244 51.7 %
U.S. Dollar Total $ 162,738 $ 160,814 192.4 %
Total $ 683,538 $ 655,804 784.8 %

Forward Foreign Currency Exchange Contracts

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

  • 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 bear Payment-in-Kind (“PIK”). For each, the Company has provided the PIK or the spread over EURIBOR, NIBOR, CORRA, BBSY, SONIA, or SOFR and the current weighted average interest rate in effect at December 31, 2024. Certain investments are subject to a EURIBOR, NIBOR, CORRA, BBSY, SONIA, or SOFR interest rate floor.

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

  • Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The investment may be subject to an unused/letter of credit facility fee.

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

  • Tick mark not used.

  • Tick mark not used.

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

  • Unrealized appreciation on forward currency exchange contracts.

  • The principal amount (par amount) for all debt securities is denominated in U.S. dollars, unless otherwise noted. £ represents Pound Sterling, € represents Euro, NOK represents Norwegian Krone, AUD represents Australian Dollar, and CAD represents Canadian Dollar.

  • Tick mark not used.

  • Tick mark not used.

  • Tick mark not used.

  • Tick mark not used.

  • Non-income producing.

  • Loan includes interest rate floor of 1.00%.

  • Loan includes interest rate floor of 0.75%.

  • Loan includes interest rate floor of 0.50%.

  • Loan includes interest rate floor of 0.00%.

  • Security valued using unobservable inputs (Level 3).

  • Tick mark not used.

  • Loan includes interest rate floor of 0.25%.

  • Tick mark not used.

  • Tick mark not used.

  • Tick mark not used.

  • Tick mark not used.

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

Below is the financial information for ISLP:

Selected Balance Sheet Information

As of
December 31, 2024
ASSETS
Investments at fair value (amortized cost of 706,014 and 683,538, respectively) 717,686 $ 655,804
Cash and cash equivalents 5,489 7,610
Foreign cash (cost of 12,872 and 21,972, respectively) 13,501 21,243
Collateral on forward currency exchange contracts 15 14
Deferred financing costs (net of accumulated amortization of 3,536 and 3,042, respectively) 2,607 2,138
Unrealized appreciation on forward currency exchange contracts — 4,237
Interest receivable on investments 12,787 13,854
Total assets 752,085 $ 704,900
LIABILITIES
Debt 340,716 $ 297,634
Subordinated notes payable to members 305,819 297,240
Interest payable on debt 415 5,279
Interest payable on subordinated notes payable to members 18,928 20,204
Unrealized depreciation on forward currency exchange contracts 7,192 —
Distributions payable to members 1,000 550
Accounts payable and accrued expenses 958 429
Total liabilities 675,028 $ 621,336
MEMBERS' EQUITY
Total members’ equity 77,057 83,564
Total liabilities and members’ equity 752,085 $ 704,900

All values are in US Dollars.

Selected Statements of Operations Information

For the Three Months Ended For the Six Months Ended
June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
Investment income
Interest income $ 17,914 $ 19,986 $ 35,017 $ 41,437
Total investment income 17,914 19,986 35,017 41,437
Expenses
Interest and debt financing expenses 4,627 6,336 10,456 13,066
Interest expense on subordinated notes payable to members 9,686 10,050 18,429 19,842
Professional fees and other expenses 945 776 1,920 1,607
Total expenses 15,258 17,162 30,805 34,515
Net investment income 2,656 2,824 4,212 6,922
Net realized and unrealized gains (losses)
Net realized gain (loss) on investments 1,229 (8,341 ) 1,407 (8,329 )
Net realized loss on extinguishment of debt (1,652 ) — (1,652 ) —
Net realized gain (loss) on foreign currency transactions (19,873 ) 7,881 (20,752 ) 7,873
Net realized gain (loss) on forward currency exchange contracts (1,170 ) 998 1,556 844
Net change in unrealized appreciation on foreign currency translation (4,322 ) (6,941 ) (16,699 ) 406
Net change in unrealized appreciation on forward currency exchange contracts (6,104 ) (1,292 ) (11,429 ) 1,954
Net change in unrealized appreciation on investments 25,397 (10,241 ) 39,405 (21,333 )
Total net loss (6,495 ) (17,936 ) (8,164 ) (18,585 )
Net decrease in members’ equity from operations $ (3,839 ) $ (15,112 ) $ (3,952 ) $ (11,663 )

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 June 30, 2025, the Company’s investment in SLP consisted of subordinated notes of $151.9 million, preferred equity interests of $1.3 million and equity interests of $5.9 million. As of December 31, 2024, the Company’s investment in SLP consisted of subordinated notes of $146.5 million, preferred equity interests of $10 thousand and equity interests of ($4.8) million.

In future periods, the Company may sell certain of its investments or a participating interest in certain of its investments to SLP. The Company may also purchase certain investments or a participating interest in certain investments from SLP. Since inception, the Company has sold $2,137.7 million of its investments to SLP and purchased $12.6 million in investments from SLP. The purchase and sale of the investments met the criteria set forth in ASC 860, Transfers and Servicing for treatment as a purchase and sale.

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

On March 7, 2022, SLP acquired 70% of the Company’s membership interests in BCC Middle Market CLO 2018‑1 LLC (the “2018‑1 Issuer”). The Company received $56.1 million in proceeds resulting in a realized gain of $1.2 million, which is included in net realized gain in non-controlled/non-affiliate investments. The sale of the investments met the criteria set forth in ASC 860, Transfers and Servicing for treatment as a sale. Through this acquisition, the 2018‑1 Issuer became a consolidated subsidiary of SLP and was deconsolidated from the Company’s Consolidated Financial Statements. The Company retained the remaining 30% of the 2018‑1 membership interests as a non-controlling equity interest.

On June 15, 2023, the 2018-1 Issuer entered into a First Supplemental Indenture (“2018-1 Supplemental Indenture”), dated as of June 15, 2023, pursuant to Section 8.1(xxxi) of the Indenture, dated as of September 28, 2018, between BCC Middle Market CLO 2018-1, LLC, as issuer, and Wells Fargo Bank, National Association, as trustee. The 2018-1 Supplemental Indenture provides for, among other things, an adoption of an alternate reference rate of Term SOFR plus 0.26%, effective July 1, 2023.

On March 13, 2024, SLP refinanced the 2018-1 Issuer through a private placement of $500 million of senior secured and senior deferrable notes consisting of (i) $290.0 million of Class A-1-R Senior Secured Floating Rate Notes, which currently bear interest at the applicable reference rate plus 2.25% per annum; (ii) $20.0 million of Class A‑J‑R Senior Secured Floating Rate Notes, which bear interest at the applicable reference rate plus 2.70% per annum; (iii) $30.0 million of Class A-2-R Senior Secured Floating Rate Notes, which bear interest at the applicable reference rate plus 2.90% per annum; (iv) $40.0 million of Class B-R Mezzanine Secured Deferrable Floating Rate Notes, which bear interest at the applicable reference rate plus 3.90% per annum; (v) $30.0 million of Class C-R Mezzanine Secured Deferrable Floating Rate Notes, which bear interest at the applicable reference rate plus 5.90% per annum; and (vi) $30.0 million of Class D-R Junior Secured Deferrable Floating Rate Notes, which bear interest at the applicable reference rate plus 8.32% per annum (collectively, the “2018‑1 CLO Reset Notes”). The membership interests are eliminated in consolidation on SLP’s Consolidated Financial Statements. The 2018‑1 CLO Reset Notes are scheduled to mature on April 20, 2036 and the reinvestment period ends April 20, 2028. The transaction resulted in a realized loss on the extinguishment of debt of $1.3 million from the acceleration of unamortized debt issuance costs. The obligations of the 2018-1 Issuer under the 2018-1 CLO Transaction are non-recourse to the Company.

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

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

Interest rate at
2018-1 Notes Principal Amount Spread above Index June 30, 2025
Class A-1-R $ 290,000 2.25 % + 3 Month SOFR 6.52 %
Class A-J-R 20,000 2.70 % + 3 Month SOFR 6.97 %
Class A-2-R 30,000 2.90 % + 3 Month SOFR 7.17 %
Class B-R 40,000 3.90 % + 3 Month SOFR 8.17 %
Class C-R 30,000 5.90 % + 3 Month SOFR 10.17 %
Class D-R 30,000 8.32 % + 3 Month SOFR 12.59 %
Membership Interests 60,000 Non-interest bearing Not applicable
Total 2018-1 Notes $ 500,000

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.

The 2023‑1 Notes are scheduled to mature on July 20, 2035 and are included in SLP’s Consolidated Financial Statements. The membership interests are eliminated in consolidation on SLP’s Consolidated Financial Statements. Below is a table summary of the 2023-1 Notes as of June 30, 2025:

Interest rate at
2023-1 Debt Principal Amount Spread above Index June 30, 2025
Class A Notes $ 234,000 2.55 % + SOFR 6.82 %
Class B-1 Notes 29,000 3.80 % + SOFR 8.07 %
Class B-2 Notes 9,000 7.50 % 7.50 %
Class C Notes 32,000 4.55 % + SOFR 8.82 %
Class D Notes 24,000 6.65 % + SOFR 10.92 %
Class E Notes 24,000 9.84 % + SOFR 14.11 %
Total 2023-1 Notes 352,000
Membership Interests 45,636 Non-interest bearing Not applicable
Total $ 397,636

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”). At the 2024-1 Closing Date, the 2024-1 Portfolio was comprised of assets transferred from SLP and its consolidated subsidiaries. All transfers were eliminated in consolidation and there were no realized gains or losses recognized in the 2024-1 CLO Transaction.

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

Interest rate at
2024-1 Debt Principal Amount Spread above Index June 30, 2025
Class A-1 Notes $ 250,750 1.75 % + SOFR 6.03 %
Class A-2 Notes 12,750 1.95 % + SOFR 6.23 %
Class B Notes 25,500 2.05 % + SOFR 6.33 %
Class C Notes 34,000 2.75 % + SOFR 7.03 %
Class D Notes 25,500 4.50 % + SOFR 8.78 %
Total 2024-1 Notes(1) 348,500
Membership Interests 76,395 Non-interest bearing Not applicable
Total $ 424,895

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

On December 9, 2024, SLP, through SLP MM CLO WH 3, LLC, a Delaware limited liability company and a wholly-owned subsidiary, entered into a $300.0 million senior secured revolving credit facility which bears interest at SOFR plus 200 basis points with Société Générale, subject to leverage and borrowing base restrictions (the “MM CLO WH 3 Credit Facility”). The maturity date of the MM CLO WH 3 Credit Facility is December 8, 2032. With an effective rate of 6.3% per annum, as of June 30, 2025, the MM CLO WH 3 Credit Facility had $163.0 million of outstanding debt.

The combined weighted average interest rate (excluding deferred upfront financing costs and unused fees) of the aggregate borrowings outstanding as of June 30, 2025 was 7.2%. The combined weighted average interest rate (excluding deferred upfront financing costs and unused fees) of the aggregate borrowings outstanding for the year ended December 31, 2024 was 8.2%.

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

As of As of
June 30, 2025 December 31, 2024
Total investments $ 1,518,682 $ 1,399,241
Weighted average yield on investments 10.2 % 10.6 %
Number of borrowers in SLP 87 100
Largest portfolio company investment $ 40,353 $ 35,681
Total of five largest portfolio company investments $ 183,580 $ 171,681
Unfunded commitments $ 1,545 $ 991

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

Senior Loan Program, LLC

Consolidated Schedule of Investments

As of June 30, 2025

Interest Maturity Market % of Members
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Principal (9) Cost Value Equity (4)
U.S. Dollars
Aerospace & Defense
ATS (12)(15)(19)(35)(36) First Lien Senior Secured Loan SOFR 5.75 % 10.01 % 7/12/2029 $ 20,216 20,022 20,216
BTX Precision (12)(15)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 4.75 % 9.08 % 7/25/2030 $ 21,608 21,491 21,608
BTX Precision (15)(19)(36) First Lien Senior Secured Loan - Delayed Draw SOFR 4.75 % 9.07 % 7/25/2030 $ 4,987 4,987 4,987
Forward Slope (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.60 % 9.90 % 8/22/2029 $ 14,060 13,910 14,060
Forward Slope (15)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.60 % 9.90 % 8/22/2029 $ 18,421 18,421 18,421
Forward Slope (15)(19)(36) First Lien Senior Secured Loan - Delayed Draw SOFR 5.60 % 9.90 % 8/22/2029 $ 4,962 4,962 4,962
GSP Holdings, LLC (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.90 % 10.20 % 11/6/2026 $ 25,025 24,811 23,273
Saturn Purchaser Corp. (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 4.85 % 9.13 % 7/22/2030 $ 29,633 29,572 29,633
Whitcraft-Paradigm (15)(19)(36) First Lien Senior Secured Loan - Delayed Draw SOFR 5.50 % 9.80 % 2/15/2029 $ 4,536 4,536 4,536
Whitcraft-Paradigm (15)(19)(34) First Lien Senior Secured Loan SOFR 6.50 % 10.83 % 2/15/2029 $ 9,775 9,713 9,775
Aerospace & Defense Total $ 152,425 $ 151,471 1648.4 %
Automotive
Cardo (12)(18)(19) First Lien Senior Secured Loan SOFR 5.25 % 9.54 % 5/12/2028 $ 10,800 10,800 10,800
Chilton (12)(15)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.50 % 9.76 % 2/5/2031 $ 16,473 16,264 16,349
Gills Point S (12)(15)(19)(34) First Lien Senior Secured Loan SOFR 5.50 % 9.82 % 5/17/2029 $ 9,800 9,800 9,629
Intoxalock (12)(15)(19)(34) First Lien Senior Secured Loan SOFR 5.10 % 9.43 % 11/1/2028 $ 16,840 16,741 16,840
JHCC Holdings, LLC (15)(19)(34)(35) First Lien Senior Secured Loan - Delayed Draw SOFR 5.25 % 9.55 % 9/9/2027 $ 8,124 8,076 8,124
JHCC Holdings, LLC (12)(15)(19)(34) First Lien Senior Secured Loan SOFR 5.25 % 9.55 % 9/9/2027 $ 16,199 16,102 16,199
Automotive Total $ 77,783 $ 77,941 848.2 %
Beverage, Food & Tobacco
AgroFresh Solutions (12)(15)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 6.35 % 10.68 % 3/31/2029 $ 24,077 23,937 24,077
Beverage, Food & Tobacco Total $ 23,937 $ 24,077 262.0 %
Capital Equipment
AXH Air Coolers (12)(15)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.50 % 9.63 % 10/31/2029 $ 27,189 27,086 27,189
AXH Air Coolers (12)(15)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.50 % 9.63 % 10/31/2029 $ 13,164 13,164 13,164
Capital Equipment Total $ 40,250 $ 40,353 439.1 %
Interest Maturity Market % of Members
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Principal (9) Cost Value Equity (4)
U.S. Dollars
Chemicals, Plastics & Rubber
Duraco (19)(32)(35)(36) First Lien Senior Secured Loan SOFR 6.50 % 10.79 % 6/6/2029 $ 13,113 12,958 12,720
V Global Holdings LLC (12)(16)(19)(34) First Lien Senior Secured Loan SOFR 5.90 % 10.20 % 12/22/2027 $ 19,809 19,751 19,115
Chemicals, Plastics & Rubber Total $ 32,709 $ 31,835 346.4 %
Construction & Building
Service Master (18)(19)(26)(34)(35) First Lien Senior Secured Loan SOFR 5.86% (1.00% PIK) 11.19 % 8/16/2027 $ 18,790 18,790 18,790
Service Master (15)(19)(26)(36) First Lien Senior Secured Loan SOFR 5.86% (1.00% PIK) 11.18 % 8/16/2027 $ 4,993 4,989 4,993
Zeus Fire & Security (12)(15)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.00 % 9.24 % 12/11/2030 $ 19,403 19,265 19,257
Construction & Building Total $ 43,044 $ 43,040 468.4 %
Consumer Goods: Durable
Stanton Carpet (12)(15)(19) Second Lien Senior Secured Loan SOFR 9.15 % 13.43 % 3/31/2028 $ 5,000 4,951 5,000
TLC Purchaser, Inc. (15)(19) First Lien Senior Secured Loan SOFR 5.26 % 9.56 % 10/11/2027 $ 2,000 1,980 2,000
TLC Purchaser, Inc. (12)(15)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.76 % 10.07 % 10/11/2027 $ 35,514 34,741 35,514
Consumer Goods: Durable Total $ 41,672 $ 42,514 462.7 %
Consumer Goods: Non-Durable
Evriholder (12)(19)(32)(35) First Lien Senior Secured Loan SOFR 6.90 % 11.20 % 1/24/2028 $ 15,725 15,615 15,647
Hempz (15)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.25 % 9.55 % 10/25/2029 $ 13,832 13,724 13,832
Solaray, LLC (12)(15)(19) First Lien Senior Secured Loan SOFR 6.85 % 10.98 % 12/15/2025 $ 9,807 9,807 9,317
RoC Skincare (12)(15)(19)(35)(36) First Lien Senior Secured Loan SOFR 5.75 % 10.07 % 2/21/2031 $ 24,176 23,976 24,176
WU Holdco, Inc. (12)(16)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 4.75 % 9.05 % 4/15/2032 $ 26,213 26,082 26,082
Consumer Goods: Non-Durable Total $ 89,204 $ 89,054 969.1 %
Consumer Goods: Wholesale
WSP (7)(14)(15)(19) First Lien Senior Secured Loan SOFR 1.15 % 5.43 % 4/27/2028 $ 3,290 3,152 2,138
WSP (7)(14)(19)(26) First Lien Senior Secured Loan — 8.00% PIK 8.00 % 4/27/2028 $ 2,169 1,978 —
Consumer Goods: Wholesale Total $ 5,130 $ 2,138 23.3 %
Containers, Packaging & Glass
ASP-r-pac Acquisition Co LLC (12)(16)(19)(34)(35) First Lien Senior Secured Loan SOFR 6.26 % 10.54 % 12/29/2027 $ 22,470 22,361 22,470
Containers, Packaging & Glass Total $ 22,361 $ 22,470 244.5 %
Energy: Electricity
WCI Gigawatt Purchaser (12)(15)(19)(34) First Lien Senior Secured Loan SOFR 6.01 % 10.34 % 11/19/2027 $ 20,148 20,005 19,947
WCI Gigawatt Purchaser (15)(19)(35) First Lien Senior Secured Loan - Delayed Draw SOFR 6.01 % 10.34 % 11/19/2027 $ 4,675 4,624 4,628
WCI Gigawatt Purchaser (15)(19)(35) First Lien Senior Secured Loan SOFR 6.26 % 10.59 % 11/19/2027 $ 3,349 3,349 3,316
Energy: Electricity Total $ 27,978 $ 27,891 303.5 %
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 % 9.08 % 12/23/2027 $ 2,095 2,090 2,090
Allworth Financial Group, L.P. (12)(15)(19) First Lien Senior Secured Loan SOFR 4.75 % 9.08 % 12/23/2027 $ 8,237 8,237 8,237
Choreo (15)(19)(36) First Lien Senior Secured Loan SOFR 5.00 % 9.33 % 2/18/2028 $ 2,469 2,469 2,469
Congress Wealth (15)(19)(34) First Lien Senior Secured Loan SOFR 5.60 % 9.90 % 6/30/2029 $ 4,648 4,648 4,648
Congress Wealth (3)(15)(35)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.60 % 9.90 % 6/30/2029 $ 2,955 2,955 2,955
Congress Wealth (15)(36)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.60 % 9.90 % 6/30/2029 $ 1,650 1,650 1,650
Congress Wealth (15)(34)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.60 % 9.90 % 6/30/2029 $ 6,927 6,927 6,927
Insigneo Financial Group LLC (12)(15)(19) First Lien Senior Secured Loan SOFR 6.60 % 10.88 % 8/1/2028 $ 7,400 7,400 7,400
Insigneo Financial Group LLC (12)(15)(19) First Lien Senior Secured Loan SOFR 6.60 % 10.84 % 8/1/2028 $ 3,825 3,825 3,825
PMA (12)(16)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.50 % 9.80 % 1/31/2031 $ 17,456 17,215 17,369
Wealth Enhancement Group (WEG) (15)(19)(35)(36) First Lien Senior Secured Loan - Delayed Draw SOFR 5.00 % 9.32 % 10/2/2028 $ 11,789 11,772 11,783
FIRE: Finance Total $ 69,188 $ 69,353 754.7 %
FIRE: Insurance
Simplicity (12)(16)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.00 % 9.30 % 12/31/2031 $ 25,124 24,873 25,124
FIRE: Insurance Total $ 24,873 $ 25,124 273.4 %
Healthcare & Pharmaceuticals
AEG Vision (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.90 % 10.20 % 3/27/2027 $ 1,158 1,158 1,158
AOM Infusion (16)(19)(36) First Lien Senior Secured Loan SOFR 5.00 % 9.32 % 3/19/2032 $ 3,643 3,606 3,606
Apollo Intelligence (12)(16)(19)(35) First Lien Senior Secured Loan SOFR 5.75 % 10.06 % 5/31/2028 $ 10,503 10,451 10,450
Beacon Specialized Living (12)(15)(19)(35)(36) First Lien Senior Secured Loan SOFR 5.50 % 9.80 % 3/25/2028 $ 12,527 12,451 12,527
EHE Health (12)(15)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.50 % 9.80 % 8/7/2030 $ 24,564 24,345 24,564
HealthDrive (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 6.10 % 10.43 % 8/20/2029 $ 18,422 18,422 18,422
Odyssey Behavioral Health (12)(15)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.25 % 9.57 % 5/21/2031 $ 35,327 34,925 35,327
Pharmacy Partners (12)(19)(32)(34)(35)(36) First Lien Senior Secured Loan SOFR 6.50 % 10.83 % 2/28/2029 $ 23,406 23,199 23,406
Red Nucleus (16)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.25 % 9.02 % 10/17/2031 $ 16,373 16,182 16,373
RedMed Operations (Collage Rehabilitation) (12)(15)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.00 % 9.33 % 2/28/2031 $ 22,875 22,618 22,646
SunMed Group Holdings, LLC (12)(16)(19) First Lien Senior Secured Loan SOFR 5.60 % 9.88 % 6/16/2028 $ 9,386 9,386 9,386
Healthcare & Pharmaceuticals Total $ 176,743 $ 177,865 1935.6 %
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
Govineer Solutions (fka Black Mountain) (12)(15)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.00 % 9.30 % 10/7/2030 $ 29,020 28,820 29,020
Logrhythm (15)(19)(35) First Lien Senior Secured Loan SOFR 7.50 % 11.83 % 7/2/2029 $ 7,955 7,759 7,717
NearMap (15)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.00 % 9.27 % 12/9/2029 $ 16,125 15,995 16,125
PayRange (15)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.25 % 9.58 % 10/31/2030 $ 18,340 18,185 18,340
Superna Inc. (12)(15)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 6.50 % 10.81 % 3/6/2028 $ 32,943 32,720 32,943
SensorTower (12)(19)(31)(34)(35)(36) First Lien Senior Secured Loan SOFR 7.50 % 11.81 % 3/15/2029 $ 23,131 22,972 23,131
High Tech Industries Total $ 126,451 $ 127,276 1385.1 %
Hotel, Gaming & Leisure
City BBQ (12)(15)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.35 % 9.66 % 9/4/2030 $ 28,613 28,434 28,613
Concert Golf Partners Holdco LLC (12)(16)(19)(34)(35) First Lien Senior Secured Loan SOFR 4.50 % 8.88 % 3/31/2031 $ 20,176 19,950 20,176
Concert Golf Partners Holdco LLC (16)(19)(36) First Lien Senior Secured Loan - Delayed Draw SOFR 4.50 % 8.88 % 3/31/2031 $ 4,106 4,106 4,106
Pollo Tropical (12)(15)(19)(35)(36) First Lien Senior Secured Loan SOFR 5.25 % 9.53 % 10/23/2029 $ 7,221 7,137 7,185
Pyramid Global Hospitality (12)(19)(24)(34)(35) First Lien Senior Secured Loan SOFR 5.25 % 9.53 % 1/19/2028 $ 15,640 15,390 15,640
Hotel, Gaming & Leisure Total $ 75,017 $ 75,720 824.0 %
Retail
New Look (Delaware) Corporation (12)(15)(19) First Lien Senior Secured Loan SOFR 5.65 % 9.95 % 5/26/2028 $ 9,409 9,196 9,409
Thrasio, LLC (7)(14)(15)(19)(26) First Lien Senior Secured Loan SOFR 10.11% PIK 14.44 % 6/18/2029 $ 3,718 3,491 929
Thrasio, LLC (7)(14)(15)(19)(26) First Lien Senior Secured Loan SOFR 10.11% PIK 14.44 % 6/18/2029 $ 1,194 1,138 1,194
Thrasio, LLC (14)(19) Equity Interest — — — — $ 52 5,369 —
Thrasio, LLC (14)(19) Equity Interest — — — — $ 6 597 —
Thrasio, LLC (14)(19) Equity Interest — — — — $ 4,098 — —
Retail Total $ 19,791 $ 11,532 125.5 %
Services: Business
Allbridge (12)(15)(19)(35)(36) First Lien Senior Secured Loan SOFR 5.75 % 10.05 % 6/5/2030 $ 22,417 22,306 22,418
AMI (12)(16)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.25 % 9.15 % 10/17/2031 $ 21,945 21,793 21,781
Avalon Acquiror, Inc. (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 6.00 % 10.32 % 3/10/2028 $ 31,889 31,730 31,730
TEI Holdings Inc. (17)(35) First Lien Senior Secured Loan SOFR 4.00 % 8.30 % 4/9/2031 $ 10,536 10,578 10,558
Datix Bidco Limited (17)(19)(35) First Lien Senior Secured Loan SOFR 5.25 % 9.54 % 4/30/2031 $ 6,000 5,917 6,000
Dealer Service Network (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.75 % 10.04 % 2/9/2027 $ 8,706 8,641 8,706
Discovery Senior Living (12)(15)(19)(35) First Lien Senior Secured Loan SOFR 5.50 % 9.82 % 3/18/2030 $ 16,788 16,661 16,788
Discovery Senior Living (15)(19)(36) First Lien Senior Secured Loan - Delayed Draw SOFR 5.50 % 9.82 % 3/18/2030 $ 2,809 2,809 2,809
DTIQ (12)(13)(19)(34)(35) First Lien Senior Secured Loan SOFR 7.50 % 11.83 % 9/30/2029 $ 16,873 16,612 16,619
Easy Ice (12)(15)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.40 % 9.68 % 10/30/2030 $ 31,387 30,945 31,387
Orion (15)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.00 % 9.56 % 3/19/2027 $ 16,659 16,510 16,534
Pure Wafer (12)(15)(19)(35) First Lien Senior Secured Loan SOFR 5.35 % 9.68 % 11/12/2030 $ 6,890 6,824 6,856
PRGX (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.50 % 9.79 % 12/20/2030 $ 17,375 17,203 17,201
Electronic Merchant Systems (12)(16)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 4.75 % 9.08 % 8/1/2030 $ 20,895 20,594 20,895
Morrow Sodali (12)(18)(19) First Lien Senior Secured Loan SOFR 5.60 % 9.93 % 4/25/2028 $ 2,184 2,169 2,184
Morrow Sodali (12)(15)(19) First Lien Senior Secured Loan SOFR 5.73 % 10.06 % 4/25/2028 $ 7,720 7,664 7,720
E-Tech Group (12)(15)(19)(35) First Lien Senior Secured Loan - Revolver SOFR 5.50 % 9.80 % 4/9/2030 $ 7,919 7,853 7,820
Services: Business Total $ 246,809 $ 248,006 2698.9 %
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 5.75 % 10.05 % 4/30/2031 $ 21,152 21,047 21,047
Eagle Parent Corp (12)(17) First Lien Senior Secured Loan SOFR 4.25 % 8.55 % 4/2/2029 $ 3,268 3,262 3,246
MZR Buyer, LLC (12)(15)(19)(26)(34)(35) First Lien Senior Secured Loan SOFR 6.85% (0.50% PIK) 11.68 % 12/22/2028 $ 27,270 27,241 25,634
Owl Acquisition, LLC (12)(16)(19)(35)(36) First Lien Senior Secured Loan SOFR 4.75 % 9.03 % 4/17/2032 $ 15,000 14,889 14,944
Services: Consumer Total $ 66,439 $ 64,871 706.0 %
Telecommunications
Meriplex Communications, Ltd. (12)(16)(19)(34) First Lien Senior Secured Loan SOFR 5.10 % 9.43 % 7/17/2028 $ 14,749 14,628 14,417
Taoglas (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 7.25 % 11.55 % 2/28/2029 $ 18,371 18,162 18,096
Telecommunications Total $ 32,790 $ 32,513 353.8 %
Transportation: Cargo
A&R Logistics, Inc. (12)(15)(19)(26)(34)(35) First Lien Senior Secured Loan SOFR 5.65% (1.25% PIK) 11.19 % 8/3/2026 $ 29,472 29,472 27,188
Gulf Winds International (12)(15)(19)(34) First Lien Senior Secured Loan SOFR 7.00 % 11.33 % 12/16/2028 $ 14,016 13,814 13,385
Gulf Winds International (12)(15)(19)(35)(36) First Lien Senior Secured Loan SOFR 7.00 % 11.33 % 12/16/2028 $ 15,843 15,700 15,130
RoadOne (15)(19)(34) First Lien Senior Secured Loan SOFR 6.25 % 10.49 % 12/29/2028 $ 6,863 6,740 6,863
RoadOne (15)(19)(34) First Lien Senior Secured Loan - Delayed Draw SOFR 6.25 % 10.49 % 12/29/2028 $ 1,055 1,053 1,055
Transportation: Cargo Total $ 66,779 $ 63,621 692.4 %
Transportation: Consumer
PrimeFlight Acquisition LLC (12)(15)(19) First Lien Senior Secured Loan SOFR 5.50 % 9.80 % 5/1/2029 $ 6,506 6,506 6,506
PrimeFlight Acquisition LLC (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.50 % 9.78 % 5/1/2029 $ 22,769 22,380 22,769
Transportation: Consumer Total $ 28,886 $ 29,275 318.7 %
Utilities: Water
Vessco Water (16)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 4.75 % 9.08 % 7/24/2031 $ 13,687 13,620 13,687
Utilities: Water Total $ 13,620 $ 13,687 149.0 %
Wholesale
Abracon Group Holding, LLC. (7)(14)(16)(19)(26)(34) First Lien Senior Secured Loan SOFR 2.05% (4.60% PIK) 10.91 % 7/6/2028 $ 12,177 11,472 7,306
Blackbird Purchaser, Inc. (16)(19)(35) First Lien Senior Secured Loan SOFR 5.50 % 9.80 % 12/19/2030 $ 5,337 5,337 5,337
Hultec (12)(15)(19)(34) First Lien Senior Secured Loan SOFR 5.65 % 9.95 % 3/31/2029 $ 6,276 6,145 6,276
SureWerx (16)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.25 % 9.55 % 12/28/2029 $ 8,177 8,042 8,136
Wholesale Total $ 30,996 $ 27,055 294.5 %
Total $ 1,534,875 $ 1,518,682 16527.20 %

  • 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 bear 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 June 30, 2025. Certain investments are subject to a SOFR interest rate floor.

  • Tick mark not used.

  • Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The investment may be subject to an unused/letter of credit facility fee.

  • Percentages are based on SLP's net assets (in thousands) of $9,189 as of June 30, 2025.

  • Tick mark not used.

  • Tick mark not used.

  • Loan was on non-accrual status as of June 30, 2025.

  • Tick mark not used.

  • Tick mark not used.

  • Tick mark not used.

  • Tick mark not used.

  • Assets or a portion thereof are pledged as collateral for the 2018-1 Issuer.

  • Loan includes interest rate floor of 3.50%.

  • Non-income producing.

  • Loan includes interest rate floor of 1.00%.

  • Loan includes interest rate floor of 0.75%.

  • Loan includes interest rate floor of 0.50%.

  • Loan includes interest rate floor of 0.00%.

  • Security valued using unobservable inputs (Level 3).

  • Tick mark not used.

  • Tick mark not used.

  • Tick mark not used.

  • Tick mark not used.

  • Loan includes interest rate floor of 1.25%.

  • Tick mark not used.

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

  • Tick mark not used.

  • Tick mark not used.

  • Tick mark not used.

  • Tick mark not used.

  • Loan includes interest rate floor of 2.00%.

  • Loan includes interest rate floor of 1.50%.

  • Tick mark not used.

  • Assets or a portion thereof are pledged as collateral for the 2023-1 Issuer.

  • Assets or a portion thereof are pledged as collateral for the 2024-1 Issuer.

  • Assets or a portion thereof are pledged as collateral for the MM CLO WH 3 Credit Facility.

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

Senior Loan Program, LLC

Consolidated Schedule of Investments

As of December 31, 2024

Interest Maturity Market % of<br>Members
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Principal (9) Cost Value Equity (4)
U.S. Dollars
Aerospace & Defense
ATS (12)(15)(19)(35)(36) First Lien Senior Secured Loan SOFR 5.75 % 10.05 % 7/12/2029 $ 18,204 17,983 17,977
BTX Precision (15)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.00 % 9.36 % 7/25/2030 $ 15,167 15,037 15,167
Forward Slope (12)(15)(19) First Lien Senior Secured Loan SOFR 6.85 % 11.18 % 8/22/2029 $ 11,132 10,963 11,132
Forward Slope (15)(19)(34)(35) First Lien Senior Secured Loan SOFR 6.85 % 11.18 % 8/22/2029 $ 18,515 18,515 18,515
Forward Slope (15)(19)(36) First Lien Senior Secured Loan - Delayed Draw SOFR 6.85 % 11.18 % 8/22/2029 $ 4,987 4,987 4,987
GSP Holdings, LLC (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.65 % 9.98 % 11/6/2025 $ 25,156 24,638 24,903
Robinson Helicopter (12)(15)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 6.60 % 10.96 % 6/30/2028 $ 32,975 32,715 32,975
Saturn Purchaser Corp. (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.35 % 10.49 % 7/23/2029 $ 30,316 30,247 30,316
Whitcraft-Paradigm (15)(19)(34) First Lien Senior Secured Loan SOFR 6.50 % 10.83 % 2/15/2029 $ 9,825 9,755 9,825
Aerospace & Defense Total $ 164,840 $ 165,797 1241.0 %
Automotive
Cardo (12)(18)(19) First Lien Senior Secured Loan SOFR 5.25 % 9.67 % 5/12/2028 $ 10,800 10,800 10,800
Gills Point S (12)(15)(19)(34) First Lien Senior Secured Loan SOFR 5.50 % 9.87 % 5/17/2029 $ 9,850 9,850 9,850
Intoxalock (12)(15)(19)(34) First Lien Senior Secured Loan SOFR 5.10 % 9.46 % 11/1/2028 $ 16,927 16,812 16,927
JHCC Holdings, LLC (15)(19)(34)(35) First Lien Senior Secured Loan - Delayed Draw SOFR 5.25 % 9.58 % 9/9/2027 $ 8,165 8,106 8,165
JHCC Holdings, LLC (12)(15)(19)(34) First Lien Senior Secured Loan SOFR 5.25 % 9.58 % 9/9/2027 $ 16,282 16,162 16,282
Automotive Total $ 61,730 $ 62,024 464.3 %
Banking, Finance, Insurance & Real Estate
Electronic Merchant Systems (16)(19)(29)(34)(35) First Lien Senior Secured Loan SOFR 5.00 % 9.33 % 8/1/2030 $ 10,500 10,320 10,316
Morrow Sodali Global LLC (12)(18)(19) First Lien Senior Secured Loan SOFR 5.60 % 9.96 % 4/25/2028 $ 2,195 2,177 2,195
Morrow Sodali Global LLC (12)(15)(19) First Lien Senior Secured Loan SOFR 5.73 % 10.09 % 4/25/2028 $ 7,760 7,694 7,760
Banking, Finance, Insurance & Real Estate Total $ 20,191 $ 20,271 151.7 %
Beverage, Food & Tobacco
AgroFresh Solutions (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 6.35 % 10.71 % 3/31/2029 $ 11,202 11,095 11,202
AgroFresh Solutions (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 6.35 % 10.71 % 3/31/2029 $ 5,000 4,950 5,000
Beverage, Food & Tobacco Total $ 16,045 $ 16,202 121.3 %
Capital Equipment
AXH Air Coolers (12)(15)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 6.50 % 10.93 % 10/31/2029 $ 27,189 27,075 27,189
DiversiTech (12)(17) First Lien Senior Secured Loan SOFR 3.76 % 8.09 % 12/22/2028 $ 1,979 1,981 1,997
Capital Equipment Total $ 29,056 $ 29,186 218.5 %
Interest Maturity Market % of<br>Members
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Principal (9) Cost Value Equity (4)
U.S. Dollars
Chemicals, Plastics & Rubber
Duraco (19)(32)(35)(36) First Lien Senior Secured Loan SOFR 6.50 % 10.94 % 6/6/2029 $ 13,179 13,010 12,916
INEOS US Petrochem (12)(18) First Lien Senior Secured Loan SOFR 3.85 % 8.21 % 3/14/2030 $ 1,980 1,982 1,989
Prince\Ferro (12)(17) First Lien Senior Secured Loan SOFR 4.25 % 9.06 % 4/23/2029 $ 1,980 1,966 1,956
V Global Holdings LLC (12)(16)(19)(34) First Lien Senior Secured Loan SOFR 5.90 % 10.42 % 12/22/2027 $ 19,911 19,841 19,264
Chemicals, Plastics & Rubber Total $ 36,799 $ 36,125 270.4 %
Construction & Building
Service Master (18)(19)(26)(34)(35) First Lien Senior Secured Loan SOFR 5.86% (1.00% PIK) 11.22 % 8/16/2027 $ 18,728 18,728 18,728
Service Master (15)(19)(26)(36) First Lien Senior Secured Loan SOFR 5.86% (1.00% PIK) 11.22 % 8/16/2027 $ 4,997 4,992 4,997
Construction & Building Total $ 23,720 $ 23,725 177.6 %
Consumer Goods: Durable
New Milani Group LLC (12)(15)(19)(35) First Lien Senior Secured Loan SOFR 5.50 % 9.93 % 6/6/2026 $ 9,816 9,816 9,816
Stanton Carpet (12)(15)(19) Second Lien Senior Secured Loan SOFR 9.15 % 13.74 % 3/31/2028 $ 5,000 4,943 5,000
TLC Purchaser, Inc. (12)(15)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.76 % 10.11 % 10/11/2027 $ 35,681 34,735 35,681
Consumer Goods: Durable Total $ 49,494 $ 50,497 378.0 %
Consumer Goods: Non-Durable
Evriholder (12)(19)(32)(35) First Lien Senior Secured Loan SOFR 6.90 % 11.23 % 1/24/2028 $ 15,932 15,799 15,852
Hempz (15)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.25 % 9.58 % 10/25/2029 $ 8,250 8,179 8,178
RoC Skincare (12)(15)(19)(35)(36) First Lien Senior Secured Loan SOFR 6.00 % 10.52 % 2/21/2031 $ 24,298 24,080 24,298
Solaray, LLC (12)(15)(19) First Lien Senior Secured Loan SOFR 6.85 % 11.21 % 12/15/2025 $ 9,862 9,862 9,615
WU Holdco, Inc. (12)(15)(19) First Lien Senior Secured Loan SOFR 5.00 % 9.33 % 3/26/2027 $ 6,395 6,395 6,395
WU Holdco, Inc. (12)(15)(19) First Lien Senior Secured Loan SOFR 5.00 % 9.33 % 3/26/2027 $ 6,188 6,188 6,188
Consumer Goods: Non-Durable Total $ 70,503 $ 70,526 527.9 %
Consumer Goods: Wholesale
WSP (15)(19)(26) First Lien Senior Secured Loan SOFR 1.15% (4.00% PIK) 9.74 % 4/27/2028 $ 3,223 3,198 2,587
WSP (7)(14)(18)(19)(26) First Lien Senior Secured Loan 8.00% PIK 8.00 % 4/27/2028 $ 2,081 1,978 239
Consumer Goods: Wholesale Total $ 5,176 $ 2,826 21.2 %
Containers, Packaging & Glass
ASP-r-pac Acquisition Co LLC (12)(16)(19)(34)(35) First Lien Senior Secured Loan SOFR 6.26 % 10.85 % 12/29/2027 $ 22,586 22,455 22,586
Iris Holding, Inc. (12)(17)(34) First Lien Senior Secured Loan SOFR 4.85 % 9.44 % 6/28/2028 $ 10,557 10,205 10,201
Containers, Packaging & Glass Total $ 32,660 $ 32,787 245.4 %
Energy: Electricity
WCI Gigawatt Purchaser (12)(15)(19)(34) First Lien Senior Secured Loan SOFR 6.01 % 10.53 % 11/19/2027 $ 20,252 20,079 20,050
WCI Gigawatt Purchaser (15)(19)(35) First Lien Senior Secured Loan - Delayed Draw SOFR 6.01 % 10.53 % 11/19/2027 $ 4,699 4,637 4,652
WCI Gigawatt Purchaser (15)(19)(35) First Lien Senior Secured Loan SOFR 6.26 % 10.78 % 11/19/2027 $ 3,382 3,382 3,348
Energy: Electricity Total $ 28,098 $ 28,050 210.0 %
Interest Maturity Market % of<br>Members
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Principal (9) Cost Value Equity (4)
U.S. Dollars
FIRE: Finance
Allworth Financial Group, L.P. (12)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.00 % 9.36 % 12/23/2027 $ 2,090 2,090 2,090
Allworth Financial Group, L.P. (12)(15)(19) First Lien Senior Secured Loan SOFR 5.00 % 9.36 % 12/23/2027 $ 8,258 8,258 8,258
Choreo (15)(19)(36) First Lien Senior Secured Loan SOFR 5.00 % 9.36 % 2/18/2028 $ 2,481 2,481 2,481
Citadel (12)(18) First Lien Senior Secured Loan SOFR 2.00 % 6.57 % 10/31/2031 $ 1,990 1,996 1,998
Congress Wealth (15)(19)(34) First Lien Senior Secured Loan SOFR 5.60 % 9.93 % 6/30/2029 $ 4,672 4,672 4,672
Hudson River Trading (12)(18)(35) First Lien Senior Secured Loan SOFR 3.00 % 7.48 % 3/18/2030 $ 4,959 4,949 4,983
Insigneo Financial Group LLC (12)(15)(19) First Lien Senior Secured Loan SOFR 6.60 % 11.02 % 8/1/2028 $ 7,400 7,400 7,400
Insigneo Financial Group LLC (12)(15)(19) First Lien Senior Secured Loan SOFR 6.60 % 11.02 % 8/1/2028 $ 3,825 3,825 3,825
PMA (12)(16)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.25 % 9.58 % 1/31/2031 $ 17,500 17,239 17,238
Wealth Enhancement Group (WEG) (3)(15)(19)(35) First Lien Senior Secured Loan - Delayed Draw SOFR 5.00 % 9.31 % 10/2/2028 $ 2,509 2,502 2,509
FIRE: Finance Total $ 55,412 $ 55,454 415.1 %
FIRE: Insurance
Asurion LLC (12)(18) First Lien Senior Secured Loan SOFR 3.00 % 7.36 % 11/6/2030 $ 1,971 1,972 1,977
Asurion LLC (12)(18)(34) First Lien Senior Secured Loan SOFR 4.10 % 8.46 % 8/19/2028 $ 3,965 3,932 3,959
Margaux Acquisition Inc. (16)(19)(34) First Lien Senior Secured Loan - Delayed Draw SOFR 5.65 % 9.96 % 12/19/2025 $ 8,918 8,918 8,918
Margaux Acquisition Inc. (12)(16)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.65 % 9.96 % 12/19/2025 $ 15,541 15,541 15,541
FIRE: Insurance Total $ 30,363 $ 30,395 227.5 %
Forest Products & Paper
Multi-Color Corp (12)(17)(35) First Lien Senior Secured Loan SOFR 5.10 % 9.46 % 10/29/2028 $ 3,964 3,880 3,843
Forest Products & Paper Total $ 3,880 $ 3,843 28.8 %
Healthcare & Pharmaceuticals
AEG Vision (12)(18)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.90 % 10.23 % 3/27/2026 $ 1,164 1,164 1,164
Apollo Intelligence (12)(16)(19)(35) First Lien Senior Secured Loan SOFR 5.75 % 10.27 % 5/31/2028 $ 10,557 10,496 10,557
Beacon Specialized Living (12)(15)(19)(35) First Lien Senior Secured Loan SOFR 5.50 % 9.83 % 3/25/2028 $ 8,955 8,871 8,955
EHE Health (12)(15)(19)(29)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.50 % 9.83 % 8/7/2030 $ 24,688 24,446 24,441
HealthDrive (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 6.10 % 10.46 % 8/20/2029 $ 18,516 18,516 18,516
Pharmacy Partners (12)(19)(32)(34)(35) First Lien Senior Secured Loan SOFR 6.50 % 11.01 % 2/28/2029 $ 21,835 21,599 21,835
Red Nucleus (16)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.25 % 9.58 % 10/17/2031 $ 12,000 11,851 11,850
SunMed Group Holdings, LLC (12)(16)(19) First Lien Senior Secured Loan SOFR 5.60 % 10.19 % 6/16/2028 $ 9,435 9,435 9,435
WellSky (18)(34) First Lien Senior Secured Loan SOFR 3.11 % 7.47 % 3/10/2028 $ 1,990 1,997 2,001
Healthcare & Pharmaceuticals Total $ 108,375 $ 108,754 814.0 %
Interest Maturity Market % of Members
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Principal (9) Cost Value Equity (4)
U.S. Dollars
High Tech Industries
Applitools (16)(19)(26) First Lien Senior Secured Loan SOFR 6.25% PIK 10.58 % 5/25/2029 $ 12,354 12,282 12,168
Black Mountain (12)(18)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.00 % 9.33 % 10/7/2030 $ 20,000 19,852 19,850
E-Tech Group (12)(15)(19)(35) First Lien Senior Secured Loan - Revolver SOFR 5.50 % 9.86 % 4/9/2030 $ 7,959 7,886 7,880
Gainwell Acquisition (12)(16) First Lien Senior Secured Loan SOFR 4.20 % 8.70 % 10/1/2027 $ 2,745 2,652 2,666
Element Buyer, Inc. (12)(15)(19)(35)(36) First Lien Senior Secured Loan SOFR 5.85 % 10.21 % 7/19/2026 $ 24,871 24,871 24,871
Element Buyer, Inc. (12)(15)(19)(34) First Lien Senior Secured Loan - Delayed Draw SOFR 5.85 % 10.21 % 7/19/2026 $ 10,738 10,738 10,738
Logrhythm (15)(19)(35) First Lien Senior Secured Loan SOFR 7.50 % 11.86 % 7/2/2029 $ 7,955 7,734 7,717
NearMap (15)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.00 % 9.63 % 12/9/2029 $ 16,206 16,119 16,206
PayRange (15)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.25 % 9.61 % 10/31/2030 $ 11,375 11,262 11,261
Proofpoint (12)(17) First Lien Senior Secured Loan SOFR 3.00 % 7.36 % 8/31/2028 $ 1,980 1,984 1,992
SensorTower (12)(19)(31)(34)(35) First Lien Senior Secured Loan SOFR 7.50 % 11.85 % 3/15/2029 $ 21,482 21,229 21,482
Superna Inc. (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 6.50 % 10.93 % 3/6/2028 $ 33,114 32,847 32,782
High Tech Industries Total $ 169,456 $ 169,613 1269.5 %
Hotel, Gaming & Leisure
Aimbridge Acquisition Co., Inc. (7)(14)(12)(18)(19) Second Lien Senior Secured Loan SOFR 7.76 % 12.33 % 2/1/2027 $ 6,000 5,696 600
Awayday (12)(15)(19)(29)(34)(35) First Lien Senior Secured Loan SOFR 5.25 % 9.58 % 9/6/2031 $ 24,938 24,691 24,813
City BBQ (12)(15)(19)(29)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.45 % 9.87 % 9/4/2030 $ 22,693 22,496 22,693
Concert Golf Partners Holdco (12)(16)(19)(34)(35) First Lien Senior Secured Loan SOFR 4.75 % 9.13 % 4/1/2030 $ 20,280 20,022 20,280
Concert Golf Partners Holdco LLC (16)(19)(36) First Lien Senior Secured Loan - Delayed Draw SOFR 4.75 % 9.13 % 4/1/2030 $ 4,127 4,127 4,127
Pollo Tropical (15)(19)(35)(36) First Lien Senior Secured Loan SOFR 5.25 % 9.88 % 10/23/2029 $ 4,250 4,197 4,197
Pyramid Global Hospitality (12)(19)(24)(34)(35) First Lien Senior Secured Loan SOFR 5.25 % 9.88 % 1/19/2028 $ 15,720 15,420 15,720
Hotel, Gaming & Leisure Total $ 96,649 $ 92,430 691.8 %
Media: Diversified & Production
Internet Brands (12)(17) First Lien Senior Secured Loan SOFR 4.25 % 8.82 % 5/3/2028 $ 2,970 2,960 2,975
Media: Diversified & Production Total $ 2,960 $ 2,975 22.3 %
Retail
New Look (Delaware) Corporation (12)(15)(19) First Lien Senior Secured Loan SOFR 5.65 % 9.98 % 5/26/2028 $ 9,458 9,207 9,458
Petco (12)(16) First Lien Senior Secured Loan SOFR 3.51 % 7.84 % 3/3/2028 $ 2,000 1,876 1,947
Thrasio, LLC (15)(19)(26) First Lien Senior Secured Loan SOFR 10.26% PIK 14.89 % 6/18/2029 $ 3,360 3,360 2,956
Thrasio, LLC (15)(19)(26) First Lien Senior Secured Loan SOFR 10.26% PIK 14.89 % 6/18/2029 $ 1,067 1,067 1,067
Thrasio, LLC (14)(19) Equity Interest — — — — 52 5,369 1,910
Thrasio, LLC (14)(19) Equity Interest — — — — 6 597 213
Thrasio, LLC (14)(19) Equity Interest — — — — 4,098 — —
Retail Total $ 21,476 $ 17,551 131.4 %
Interest Maturity Market % of Members
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Principal (9) Cost Value Equity (4)
U.S. Dollars
Services: Business
Allbridge (12)(15)(19)(35) First Lien Senior Secured Loan SOFR 5.75 % 10.08 % 6/5/2030 $ 17,435 17,314 17,435
AMI (12)(16)(19)(29)(34)(35) First Lien Senior Secured Loan SOFR 5.25 % 9.69 % 10/17/2031 $ 22,000 21,836 21,835
Avalon Acquiror, Inc. (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 6.25 % 10.58 % 3/10/2028 $ 32,054 31,865 31,413
TEI Holdings Inc. (17)(29)(35) First Lien Senior Secured Loan SOFR 4.00 % 8.43 % 4/9/2031 $ 10,589 10,634 10,655
Datix Bidco Limited (17)(19)(35) First Lien Senior Secured Loan SOFR 5.50 % 9.93 % 4/30/2031 $ 6,000 5,910 6,000
Dealer Service Network (12)(15)(19)(34)(35) First Lien Senior Secured Loan 5.75 % 10.34 % 2/9/2027 $ 8,750 8,665 8,706
Discovery Senior Living (12)(15)(19)(35) First Lien Senior Secured Loan SOFR 5.50 % 9.88 % 3/18/2030 $ 16,873 16,732 16,873
Discovery Senior Living (15)(19)(36)(36) First Lien Senior Secured Loan - Delayed Draw SOFR 5.50 % 9.88 % 3/18/2030 $ 2,823 2,823 2,823
DTIQ (12)(13)(19)(29)(34)(35) First Lien Senior Secured Loan SOFR 7.50 % 11.86 % 9/30/2029 $ 16,958 16,665 16,661
Easy Ice (15)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.40 % 9.99 % 10/30/2030 $ 10,482 10,326 10,325
Smartronix (12)(15)(19)(34) First Lien Senior Secured Loan SOFR 6.10 % 10.35 % 11/23/2028 $ 12,804 12,656 12,804
Smartronix (12)(15)(19)(36) First Lien Senior Secured Loan SOFR 6.10 % 10.35 % 11/23/2028 $ 8,127 8,127 8,127
Smartronix (15)(19)(35) First Lien Senior Secured Loan SOFR 6.10 % 10.35 % 11/23/2028 $ 8,663 8,491 8,663
Orion (15)(19)(34)(35)(36) First Lien Senior Secured Loan SOFR 5.25 % 9.77 % 3/19/2027 $ 12,500 12,360 12,359
Services: Business Total $ 184,404 $ 184,679 1382.3 %
Services: Consumer
Eagle Parent Corp (12)(17) First Lien Senior Secured Loan SOFR 4.25 % 8.58 % 4/2/2029 $ 3,276 3,269 3,224
MZR Buyer, LLC (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 6.85 % 11.21 % 12/22/2026 $ 27,229 27,190 26,412
Services: Consumer Total $ 30,459 $ 29,636 221.8 %
Telecommunications
Inmarsat (12)(17) First Lien Senior Secured Loan SOFR 4.50 % 8.86 % 9/27/2029 $ 1,985 1,887 1,748
Meriplex Communications, Ltd. (12)(16)(19)(34) First Lien Senior Secured Loan SOFR 5.10 % 9.46 % 7/17/2028 $ 14,830 14,688 14,607
Taoglas (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 7.25 % 11.58 % 2/28/2029 $ 18,465 18,226 18,188
Telecommunications Total $ 34,801 $ 34,543 258.6 %
Transportation: Cargo
A&R Logistics, Inc. (12)(15)(19)(26)(34)(35) First Lien Senior Secured Loan SOFR 5.50% (1.25% PIK) 11.21 % 8/3/2026 $ 29,235 29,235 28,066
Gulf Winds International (12)(15)(19)(34) First Lien Senior Secured Loan SOFR 7.60 % 11.96 % 12/16/2028 $ 14,088 13,856 13,630
Gulf Winds International (12)(15)(19)(35)(36) First Lien Senior Secured Loan SOFR 7.60 % 11.96 % 12/16/2028 $ 15,914 15,749 15,395
RoadOne (15)(19)(34) First Lien Senior Secured Loan SOFR 6.25 % 10.84 % 12/29/2028 $ 6,899 6,757 6,899
RoadOne (18)(19)(34) First Lien Senior Secured Loan - Delayed Draw SOFR 6.25 % 10.77 % 12/29/2028 $ 1,060 1,059 1,060
Transportation: Cargo Total $ 66,656 $ 65,050 486.8 %
Transportation: Consumer
PrimeFlight Acquisition LLC (12)(15)(19) First Lien Senior Secured Loan SOFR 5.50 % 9.83 % 5/1/2029 $ 6,539 6,539 6,539
PrimeFlight Acquisition LLC (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.50 % 10.58 % 5/1/2029 $ 22,885 22,444 22,885
Transportation: Consumer Total $ 28,983 $ 29,424 220.2 %
Utilities: Water
Vessco Water (16)(19)(34)(35) First Lien Senior Secured Loan SOFR 4.75 % 9.11 % 7/24/2031 $ 7,500 7,427 7,500
Utilities: Water Total $ 7,427 $ 7,500 56.1 %
Wholesale
Abracon Group Holding, LLC. (16)(19)(26)(34) First Lien Senior Secured Loan SOFR 2.05% (4.60% PIK) 11.30 % 7/6/2028 $ 11,899 11,758 9,519
Blackbird Purchaser, Inc. (16)(19)(35) First Lien Senior Secured Loan SOFR 5.50 % 9.83 % 12/19/2030 $ 5,364 5,364 5,364
Hultec (12)(15)(19)(34) First Lien Senior Secured Loan SOFR 5.65 % 9.98 % 3/31/2029 $ 6,276 6,131 6,276
SureWerx (16)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.25 % 9.58 % 12/28/2029 $ 8,219 8,068 8,219
Wholesale Total $ 31,321 $ 29,378 219.9 %
Total $ 1,410,934 $ 1,399,241 10473.4 %
  • 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 bear Payment-in-Kind (“PIK”). For each, the Company has provided the PIK or the spread over SOFR and the current weighted average interest rate in effect at December 31, 2024. Certain investments are subject to a SOFR interest rate floor.
  • Tick mark not used.
  • Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The investment may be subject to an unused/letter of credit facility fee.
  • Percentages are based on SLP's net assets (in thousands) of $(13,360) as of December 31, 2024.
  • Tick mark not used.
  • Tick mark not used.
  • Loan was on non-accrual status as of December 31, 2024.
  • Tick mark not used.
  • Tick mark not used.
  • Tick mark not used.
  • Tick mark not used.
  • Assets or a portion thereof are pledged as collateral for the 2018-1 Issuer.
  • Loan includes interest rate floor of 3.50%.
  • Non-income producing.
  • Loan includes interest rate floor of 1.00%.
  • Loan includes interest rate floor of 0.75%.
  • Loan includes interest rate floor of 0.50%.
  • Loan includes interest rate floor of 0.00%.
  • Security valued using unobservable inputs (Level 3).
  • Tick mark not used.
  • Tick mark not used.
  • Tick mark not used.
  • Tick mark not used.
  • Loan includes interest rate floor of 1.25%.
  • Tick mark not used.
  • Denotes that all or a portion of the debt investment includes PIK interest during the period.
  • Tick mark not used.
  • Tick mark not used.
  • Tick mark not used.
  • Tick mark not used.
  • Loan includes interest rate floor of 2.00%.
  • Loan includes interest rate floor of 1.50%.
  • Tick mark not used.
  • Assets or a portion thereof are pledged as collateral for the 2023-1 Issuer.
  • Assets or a portion thereof are pledged as collateral for the 2024-1 Issuer.
  • Assets or a portion thereof are pledged as collateral for the MM CLO WH 3 Credit Facility.

Below is the financial information for SLP:

Selected Balance Sheet Information

As of
December 31, 2024
ASSETS
Investments at fair value (amortized cost of 1,534,875 and 1,410,934, respectively) 1,518,682 $ 1,399,241
Cash and cash equivalents 15,719 5,331
Restricted cash and cash equivalents 97,483 103,663
Prepaid expenses 4,011 4,245
Deferred financing costs (net of accumulated amortization of 104 and 11, respectively) 1,396 1,489
Interest receivable on investments 11,170 8,930
Receivable for sales and paydowns of investments 24,723 5,301
Total assets 1,673,184 $ 1,528,200
LIABILITIES
Debt (net of unamortized debt issuance costs of 7,039 and 7,369, respectively) 1,296,461 $ 1,188,131
Subordinated notes payable to members 303,859 293,000
Interest payable on debt 16,862 25,096
Interest payable on subordinated notes payable to members 7,683 7,488
Payable for investments purchased 34,369 21,093
Distributions payable to members 1,500 4,732
Accounts payable and accrued expenses 3,261 2,020
Total liabilities 1,663,995 $ 1,541,560
EQUITY
Members’ equity (deficit) 9,189 (13,360 )
Total Members' equity (deficit) 9,189 $ (13,360 )
Total liabilities and members’ equity 1,673,184 $ 1,528,200

All values are in US Dollars.

Selected Statement of Operations Information

For the Three Months Ended For the Six Months Ended
June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
Investment income
Interest income $ 38,684 $ 31,775 $ 76,796 $ 58,439
Total investment income 38,684 31,775 76,796 58,439
Expenses
Interest and debt financing expenses 23,026 19,364 45,611 35,461
Interest expense on subordinated notes payable to members 7,682 6,144 15,013 12,042
Professional fees and other expenses 2,319 1,587 4,522 3,064
Total expenses 33,027 27,095 65,146 50,567
Net investment income 5,657 4,680 11,650 7,872
Net realized and unrealized gains (losses)
Net realized loss on investments (1,225 ) (8,447 ) (5,742 ) (7,781 )
Net realized loss on extinguishment of debt — — — (1,139 )
Net change in unrealized appreciation on members subordinated notes 11 — 24,141 —
Net change in unrealized appreciation on investments (2,501 ) 12,914 (4,500 ) 9,592
Total net gain (loss) (3,715 ) 4,467 13,899 672
Net increase from operations 1,942 9,147 25,549 8,544
Less: net increase attributable to noncontrolling interests — — — 66
Net increase in members' equity from operations $ 1,942 $ 9,147 $ 25,549 $ 8,610

Note 4. Fair Value Measurements

Fair Value Disclosures

The following table presents fair value measurements of investments by major class, cash equivalents and derivatives as of June 30, 2025, according to the fair value hierarchy:

Fair Value Measurements
Investments:
First Lien Senior Secured Loans 7,496 1,564,667 5,797 1,577,960
Second Lien Senior Secured Loans 20,350 20,350
Subordinated Debt 91,052 91,052
Preferred Equity 180,711 180,711
Equity Interests 220,604 9,537 230,141
Warrants 820 820
Subordinated Notes Investment Vehicles (1) 342,654 342,654
Preferred Equity Interests Investment Vehicles (1) 1,342 1,342
Equity Interests Investment Vehicles (1) 56,767 56,767
Total Investments 7,496 2,420,858 73,443 2,501,797
Cash equivalents 133,631 133,631
Forward currency exchange contracts (liability) (13,642 ) (13,642 )
Interest rate swap 8,704 8,704

All values are in US Dollars.

  • Includes debt and equity investment in ISLP and SLP.

  • In accordance with ASC Subtopic 820-10, Fair Value Measurements and Disclosures, or ASC 820-10, certain investments are measured using the net asset value per share (or its equivalent) as a practical expedient for fair value, and have not been classified in the fair value hierarchy.

The following table presents fair value measurements of investments by major class, cash equivalents and derivatives as of December 31, 2024, according to the fair value hierarchy:

Fair Value Measurements
Measured at
Net Asset
Level 1 Level 2 Level 3 Value (2) Total
Investments:
First Lien Senior Secured Loan 7,604 1,543,286 6,933 $ 1,557,823
Second Lien Senior Secured Loan 30,104 30,104
Subordinated Debt 53,350 53,350
Preferred Equity 170,876 170,876
Equity Interest 219,210 11,405 230,615
Warrants 628 628
Subordinated Note Investment Vehicles (1) 337,224 337,224
Preferred Equity Interest Investment Vehicles (1) 10 10
Equity Interest Investment Vehicles (1) 50,559 50,559
Total Investments 7,604 2,354,678 68,907 $ 2,431,189
Cash equivalents 103,582 $ 103,582
Forward currency exchange contracts (asset) 4,690 $ 4,690
Forward currency exchange contracts (liability) (1,185 ) $ (1,185 )

All values are in US Dollars.

  • Includes debt and equity investments in ISLP and SLP
  • In accordance with ASC Subtopic 820‑10, Fair Value Measurements and Disclosures, or ASC 820‑10, certain investments are measured using the net asset value per share (or its equivalent) as a practical expedient for fair value, and have not been classified in the fair value hierarchy.

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the six months ended June 30, 2025:

First Lien Second Lien Subordinated
Senior Senior Notes in
Secured Equity Secured Investment Preferred Subordinated Total
Loans Interests Loans Vehicles (1) Equity Debt Warrants Investments
Balance as of January 1, 2025 $ 1,543,286 $ 219,210 $ 30,104 $ 337,224 $ 170,876 $ 53,350 $ 628 $ 2,354,678
Purchases of investments and other adjustments to cost 731,710 4,713 — 17,500 6,767 28,790 — 789,480
Paid-in-kind interest income 10,071 — — — 2,921 4,375 — 17,367
Net accretion of discounts (amortization of premiums) 2,680 (6 ) 41 — 2 111 — 2,828
Principal repayments and sales of investments (717,119 ) (7,866 ) (9,597 ) — (12,721 ) (16 ) — (747,319 )
Net change in unrealized appreciation on investments (5,908 ) 7,527 18,840 (12,070 ) 15,672 (626 ) 192 23,627
Net realized gain (loss) on investments (53 ) (2,974 ) (19,038 ) — 2,262 — — (19,803 )
Reclassifications — — — — (5,068 ) 5,068 — —
Balance as of June 30, 2025 $ 1,564,667 $ 220,604 $ 20,350 $ 342,654 $ 180,711 $ 91,052 $ 820 $ 2,420,858
Change in unrealized appreciation attributable to investments still held at June 30, 2025 $ (8,803 ) $ 9,275 $ (39 ) $ (12,070 ) $ 16,145 $ (626 ) $ 192 $ 4,074
  • Represents debt investment in ISLP and SLP.

Transfers between levels, if any, are recognized at the beginning of the year in which transfers occur. For the six months ended June 30, 2025, transfers from Level 2 to Level 3, if any, were primarily due to decreased price transparency. For the six months ended June 30, 2025, transfers from Level 3 to Level 2, if any, were primarily due to increased price transparency.

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended December 31, 2024:

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

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

Significant Unobservable Inputs

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

The valuation techniques and significant unobservable inputs used in Level 3 fair value measurements of assets as of June 30, 2025 were as follows:

As of June 30, 2025
Significant Range of Significant
Fair Value of Unobservable Unobservable Inputs
Level 3 Assets (1) Valuation Technique Inputs (Weighted Average (2))
First Lien Senior Secured Loans $ 1,259,443 Discounted cash flows Comparative Yields 5.1 % — 22.0 % (10.9%)
First Lien Senior Secured Loans 71,978 Comparable company multiple EBITDA Multiple 7.0 x — 15.3 x (10.0x)
First Lien Senior Secured Loans 2,890 Comparable company multiple Revenue Multiple 0.4 x
First Lien Senior Secured Loans 12,052 Collateral coverage Recovery Rate 100.0 %
Second Lien Senior Secured Loans 20,350 Discounted cash flows Comparative Yields 13.0 % — 13.2 % (13.1%)
Subordinated Notes in Investment Vehicles 342,654 Collateral coverage Recovery Rate 92.6 % — 100.0 % (96.7%)
Subordinated Debt 86,118 Discounted cash flows Comparative Yields 11.8 % — 18.1 % (16.7%)
Equity Interests 59,122 Discounted cash flows Discount Rate 13.4 %
Equity Interests 81,292 Comparable company multiple EBITDA Multiple 4.0 x — 26.0 x (12.1x)
Equity Interests 7,565 Comparable company multiple Revenue Multiple 0.4 x — 14.5 x (9.9x)
Equity Interests 1,209 Comparable company multiple Book Value Multiple 1.0 x
Preferred equity 74,347 Comparable company multiple EBITDA Multiple 6.7 x — 15.3 x (11.4x)
Preferred equity 48,306 Comparable company multiple Revenue Multiple 4.0 x — 9.0 x (8.1x)
Preferred equity 48,217 Comparable company multiple Book Value Multiple 1.0 x
Preferred equity 7,481 Discounted cash flows Comparative Yields 14.0 %
Warrants 158 Comparable company multiple Revenue Multiple 3.5 x
Warrants 662 Discounted cash flows Discount Rate 25.0 %
Total investments $ 2,123,844
  • Included within the Level 3 assets of $2,420,858 is an amount of $297,014 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 Company used the income approach and market approach to determine the fair value of certain Level 3 assets as of June 30, 2025. The significant unobservable inputs used in the income approach are the comparative yield and discount rate. The comparative yield and discount rate are used to discount the estimated future cash flows expected to be received from the underlying investment. An increase/decrease in the comparative yield or discount rate would result in a decrease/increase, respectively, in the fair value. The significant unobservable inputs used in the market approach are the comparable company multiple and the recovery rate. The comparable company multiple is used to estimate the enterprise value of the underlying investment. An increase/decrease in the multiple would result in an increase/decrease, respectively, in the fair value. The recovery rate represents the extent to which proceeds can be recovered. An increase/decrease in the recovery rate would result in an increase/decrease, respectively, in the fair value.

The valuation techniques and significant unobservable inputs used in Level 3 fair value measurements of assets as of December 31, 2024 were as follows:

As of December 31, 2024
Significant Range of Significant
Fair Value of Unobservable Unobservable Inputs
Level 3 Assets (1) Valuation Technique Inputs (Weighted Average (2))
First Lien Senior Secured Loans $ 1,223,142 Discounted cash flows Comparative Yields 8.2 % — 24.2 % (11.5%)
First Lien Senior Secured Loans 74,318 Comparable company multiple EBITDA Multiple 5.3 x — 11.9 x (9.4x)
First Lien Senior Secured Loans 4,875 Discounted cash flows Discount Rate 18.1 %
First Lien Senior Secured Loans 9,219 Collateral coverage Recovery Rate 100.0 %
Second Lien Senior Secured Loans 28,349 Discounted cash flows Comparative Yields 13.8 % — 14.0 % (13.9%)
Second Lien Senior Secured Loans 1,755 Comparable company multiple EBITDA Multiple 6.5 x — 10.0 x (7.2x)
Subordinated Notes in Investment Vehicles 337,224 Collateral coverage Recovery Rate 100.0 %
Subordinated Debt 48,253 Discounted cash flows Comparative Yields 12.1 % — 16.6 % (15.6%)
Equity Interests 129,620 Discounted cash flows Discount Rate 13.4 % — 18.1 % (15.0%)
Equity Interests 68,452 Comparable company multiple EBITDA Multiple 3.8 x — 26.0 x (11.5x)
Equity Interests 10,329 Comparable company multiple Revenue Multiple 0.8 x — 14.5 x (7.2x)
Preferred equity 73,174 Comparable company multiple EBITDA Multiple 6.8 x — 15.3 x (11.1x)
Preferred equity 42,873 Comparable company multiple Revenue Multiple 4.0 x — 11.1 x (8.1x)
Preferred equity 4,752 Discounted cash flows Comparative Yields 14.0 %
Warrants 628 Discounted cash flows Discount Rate 25.0 %
Total investments $ 2,056,963
  • Included within the Level 3 assets of $2,354,678 is an amount of $297,715 for which the Advisor did not develop the unobservable inputs for the determination of fair value (examples include single source quotation and prior or pending transactions such as investments originated in the quarter or imminent payoffs).
  • Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category.

The Company used the income approach and market approach to determine the fair value of certain Level 3 assets as of December 31, 2024. The significant unobservable inputs used in the income approach are the comparative yield and discount rate. The comparative yield and discount rate are used to discount the estimated future cash flows expected to be received from the underlying investment. An increase/decrease in the comparative yield or discount rate would result in a decrease/increase, respectively, in the fair value. The significant unobservable inputs used in the market approach are the comparable company multiple and the recovery rate. The multiple is used to estimate the enterprise value of the underlying investment. An increase/ decrease in the multiple would result in an increase/decrease, respectively, in the fair value. The recovery rate represents the extent to which proceeds can be recovered. An increase/decrease in the recovery rate would result in an increase/decrease, respectively, in the fair value.

Debt Not Carried at Fair Value

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

As of
Level June 30, 2025 December 31, 2024
2019-1 Debt 2 $ 352,518 $ 352,500
March 2026 Notes 2 295,915 291,280
October 2026 Notes 2 290,995 285,940
March 2030 Notes 2 347,821 —
Sumitomo Credit Facility 3 263,000 442,699
Total Debt $ 1,550,249 $ 1,372,419

Note 5. Related Party Transactions

Investment Advisory Agreement

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

Base Management Fee

The Company pays the Advisor a base management fee (the “Base Management Fee”), accrued and payable quarterly in arrears. The Base Management Fee is calculated at an annual rate of 1.5% (0.375% per quarter) of the average value of the Company’s gross assets (excluding cash and cash equivalents, but including assets purchased with borrowed amounts) at the end of each of the two most recently completed calendar quarters. Such amount shall be appropriately adjusted (based on the actual number of days elapsed relative to the total number of days in such calendar quarter) for any share issuance or repurchases by the Company during a calendar quarter. The Base Management Fee for any partial quarter will be appropriately prorated. Effective February 1, 2019, the base management fee has been revised to a tiered management fee structure so that the base management fee of 1.5% (0.375% per quarter) of the average value of the Company’s gross assets (excluding cash and cash equivalents, but including assets purchased with borrowed amounts) will continue to apply to assets held at an asset coverage ratio down to 200%, but a lower base management fee of 1.0% (0.25% per quarter) of the average value of the Company’s gross assets (excluding cash and cash equivalents, but including assets purchased with borrowed amounts) will apply to any amount of assets attributable to leverage decreasing the Company’s asset coverage ratio below 200%.

For the three months ended June 30, 2025 and 2024, management fees were $9.3 million and $8.8 million, respectively. For the six months ended June 30, 2025 and 2024, management fees were $18.3 million and $17.6 million, respectively.

As of June 30, 2025 and December 31, 2024, $9.3 million and $9.2 million, respectively, remained payable related to the base management fee accrued in base management fee payable on the Consolidated Statements of Assets and Liabilities.

Incentive Fee

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

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

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

Incentive Fee on Pre-Incentive Fee Net Investment Income

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

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

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

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

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

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

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

Incentive Fee Cap

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

“Cumulative Net Return” during the relevant Trailing Twelve Quarters means (x) the pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters less (y) any Net Capital Loss, if any, in respect of the relevant Trailing Twelve

Quarters. If, in any quarter, the Incentive Fee Cap is zero or a negative value, the Company will pay no incentive fee based on income to the Advisor in respect of that quarter. If, in any quarter, the Incentive Fee Cap for such quarter is a positive value but is less than the incentive fee based on income that is payable to the Advisor for such quarter calculated as described above, the Company will pay an incentive fee based on income to the Advisor equal to the Incentive Fee Cap in respect of such quarter. If, in any quarter, the Incentive Fee Cap for such quarter is equal to or greater than the incentive fee based on income that is payable to the Advisor for such quarter calculated as described above, the Company will pay an incentive fee based on income to the Advisor equal to the incentive fee calculated as described above for such quarter without regard to the Incentive Fee Cap.

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

For the three months ended June 30, 2025 and 2024, the Company incurred $5.4 million and $7.9 million, respectively, of income incentive fees (before waivers), which are included in incentive fees on the Consolidated Statements of Operations.

For the six months ended June 30, 2025 and 2024, the Company incurred $7.7 million and $17.2 million, respectively, of income incentive fees (before waivers), which are included in incentive fees on the Consolidated Statements of Operations.

As of June 30, 2025 and December 31, 2024, there was $5.4 million and $4.7 million, respectively, related to the income incentive fee accrued in incentive fee payable on the Consolidated Statements of Assets and Liabilities.

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

Annual Incentive Fee Based on Capital Gains

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

There were no capital gains incentive fee payable to the Advisor under the Amended Advisory Agreement as of June 30, 2025 and December 31, 2024.

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

For the three months ended June 30, 2025 and 2024, the Company accrued $0.0 million and $0.0 million, respectively, of incentive fees related to the GAAP Incentive Fee, which is included in incentive fees on the Consolidated Statements of Operations. For the six months ended June 30, 2025 and 2024, the Company accrued $0.0 million and $0.0 million, respectively, of incentive fees related to the GAAP Incentive Fee, which is included in incentive fees on the Consolidated Statements of Operations. As of June 30, 2025 and December 31, 2024, there was $0.0 million and $0.0 million related to the GAAP Incentive Fee accrued in incentive fee payable on the Consolidated Statements of Assets and Liabilities, respectively.

Administration Agreement

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

The Company incurred expenses related to the Administrator of $0.5 million and $0.7 million for the three months ended June 30, 2025 and 2024, respectively, which is included in other general and administrative expenses on the Consolidated Statements of Operations. The Company incurred expenses related to the Administrator of $1.2 million and $1.1 million for the six months ended June 30, 2025 and 2024, respectively, which is included in other general and administrative expenses on the Consolidated Statements of Operations. As of June 30, 2025 and December 31, 2024, respectively, there were $0.6 million and $0.8 million related to the Administrator that were payable and included in “accounts payable and accrued expenses” in the Consolidated Statements of Assets and Liabilities. The sub-administrator is paid its compensation for performing its sub-administrative services under the sub-administration agreement. The Company incurred expenses related to the sub-administrator of $0.1 million and $0.1 million for the three months ended June 30, 2025 and 2024, respectively, which is included in other general and administrative expenses on the Consolidated Statements of Operations. The Company incurred expenses related to the sub-administrator of $0.3 million and $0.2 million for the six months ended June 30, 2025 and 2024, respectively, which is included in other general and administrative expenses on the Consolidated Statements of Operations. The Administrator will not seek reimbursement in the event that any such reimbursements would cause any distributions to our stockholders to constitute a return of capital. In addition, the Administrator is permitted to delegate its duties under the Administration Agreement to affiliates or third parties and the Company will reimburse the expenses of these parties incurred and paid by the Advisor on our behalf.

Resource Sharing Agreement

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

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

Co-Investments

The Company will invest alongside our affiliates, subject to compliance with applicable regulations and our allocation procedures. Certain types of negotiated co-investments will be made only in accordance with the terms of the exemptive order the Company received from the SEC initially on August 23, 2016, as amended on March 23, 2018 and December 22, 2021 (the “Order”). Under the terms of the Order, a “required majority” (as defined in Section 57(o) of the 1940 Act) of our independent directors must be able to reach certain conclusions in connection with a co-investment transaction, including that (1) the terms of the proposed transaction are reasonable and fair to us and our stockholders and do not involve overreaching of us or our stockholders on the part of any person concerned, and (2) the transaction is consistent with the interests of our stockholders and is consistent with our Board’s approved criteria. In certain situations where co-investment with one or more funds managed by the Advisor or its affiliates is not covered by the Order, the personnel of the Advisor or its affiliates will need to decide which funds will proceed with the investment. Such personnel will make these determinations based on policies and procedures, which are designed to reasonably ensure that investment opportunities are

allocated fairly and equitably among affiliated funds over time and in a manner that is consistent with applicable laws, rules and regulations.

Related Party Commitments

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

Non-Controlled/Affiliate and Controlled Affiliate Investments

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

Portfolio Company
Non-Controlled/affiliate investment
ADT Pizza, LLC Equity Interest (1) 8,429 — (3,360 ) (1,817 ) — 3,252 — 3
Ansett Aviation Training First Lien Senior Secured Loan 4,374 — (4,601 ) 934 (707 ) — 166 —
Ansett Aviation Training Equity Interest (1) 8,617 — — 1,263 — 9,880 — 5
Blackbrush Oil & Gas, L.P. Preferred Equity (1) — 2,971 — — (2,971 ) — — —
DC Blox Equity Interest (1) — — — — — — — —
DC Blox First Lien Senior Secured Loan 1,408 68 (1,384 ) (92 ) — — 50 —
DC Blox Preferred Equity (1) 38,523 — (50 ) 1,270 — 39,743 — —
DC Blox Preferred Equity (1) 5,230 — (7 ) 77 — 5,300 — —
DC Blox Preferred Equity (1) 4,277 — (11 ) 1,592 — 5,858 — —
Direct Travel, Inc First Lien Senior Secured Loan — — — — — — — 34
Walker Edison First Lien Senior Secured Loan - Delayed Draw (1) — 656 — (954 ) — (298 ) 4 —
Walker Edison Equity Interest (1) — — — — — — — —
Walker Edison First Lien Senior Secured Loan (1) 1,040 188 — (1,228 ) — — — —
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) 278 445 — (723 ) — — 6 —
Walker Edison First Lien Senior Secured Loan - Delayed Draw (1) 238 103 — (341 ) — — — —
Walker Edison First Lien Senior Secured Loan - Delayed Draw (1) 137 — — (137 ) — — — —
Total Non-Controlled/affiliate investment 75,733 4,431 (9,506 ) (3,245 ) (3,678 ) 63,735 165 42
Controlled affiliate investment
Bain Capital Senior Loan Program, LLC Subordinated Note Investment Vehicles 146,495 17,500 — (12,070 ) — 151,925 7,506 —
Bain Capital Senior Loan Program, LLC Preferred Equity Interest Investment Vehicles 10 — — 1,332 — 1,342 1,088 —
Bain Capital Senior Loan Program, LLC Equity Interest Investment Vehicles (4,849 ) — — 10,787 — 5,938 3,234 —
BCC Jetstream Holdings Aviation (On II), LLC First Lien Senior Secured Loan (1) 6,933 — — (1,136 ) — 5,797 — —
BCC Jetstream Holdings Aviation (On II), LLC Equity Interest (1) — — — — — — — —
BCC Jetstream Holdings Aviation (Off I), LLC Equity Interest (1) 11,405 — — (1,868 ) — 9,537 — —
Gale Aviation (Offshore) Co Equity Interest (1) 71,813 — (2,149 ) (3,567 ) — 66,097 2,200 —
International Senior Loan Program, LLC Equity Interest Investment Vehicles 55,408 — — (4,579 ) — 50,829 1,688 —
International Senior Loan Program, LLC Subordinated Note Investment Vehicles 190,729 — — — — 190,729 8,796 —
Legacy Corporate Lending HoldCo, LLC Equity Interest (1) 900 — — 309 — 1,209 — —
Legacy Corporate Lending HoldCo, LLC Preferred Equity 45,009 4,500 (6,750 ) 5,458 — 48,217 1,350 —
Legacy Corporate Lending HoldCo, LLC Equity Interest (1) — — — — — — — —
Lightning Holdings B, LLC Equity Interest (1) 57,807 150 (4,000 ) 5,165 — 59,122 — —
Parcel2Go First Lien Senior Secured Loan 54 4 — (4 ) — 54 8 —
Parcel2Go Equity Interest (1) — — — — — — — —
Parcel2Go Preferred Equity (1) — — — — — — — —
Total Controlled affiliate investment 581,714 22,154 (12,899 ) (173 ) — 590,796 25,870 —
Total 657,447 26,585 (22,405 ) (3,418 ) (3,678 ) 654,531 26,035 42

All values are in US Dollars.

(1) Non-income producing.

Transactions during the year ended December 31, 2024 in which the issuer was either an Affiliated Person or an Affiliated Person that the Company is deemed to control are as follows:

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

(1) Non-income producing.

Note 6. Debt

In accordance with applicable SEC staff guidance and interpretations, as a BDC, with certain exceptions, effective February 2, 2019, the Company is permitted to borrow amounts such that its asset coverage ratio is at least 150% after such borrowing (if certain requirements are met), rather than 200%, as previously required. As of June 30, 2025 and December 31, 2024, the Company’s asset coverage ratio based on aggregated borrowings outstanding was 172.4% and 181.7%, respectively.

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

As of June 30, 2025 As of December 31, 2024
2019-1 Debt 352,500 352,500 351,423 352,500 352,500 351,359
March 2026 Notes 300,000 300,000 299,216 300,000 300,000 298,656
October 2026 Notes 300,000 300,000 298,236 300,000 300,000 297,556
March 2030 Notes 350,000 350,000 350,703 — — —
Sumitomo Credit Facility 855,000 263,000 263,000 855,000 442,699 442,699
Total Debt 2,157,500 1,565,500 1,562,578 1,807,500 1,395,199 1,390,270

All values are in US Dollars.

  • Carrying value represents aggregate principal amount outstanding less unamortized debt issuance costs.

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

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

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

Payments Due by Period
Less than More than
5 years
2019-1 Debt 352,500 — — — $ 352,500
March 2026 Notes 300,000 300,000 — — —
October 2026 Notes 300,000 — 300,000 — —
March 2030 Notes 350,000 — — 350,000 —
Sumitomo Credit Facility 263,000 — — 263,000 —
Total Debt Obligations 1,565,500 300,000 300,000 613,000 $ 352,500

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

Interest rate at
2019-1 Debt Principal Amount Spread above Index June 30, 2025
Class A-1-R $ 282,500 1.50 % + 3 Month SOFR 6.02 %
Class A-2-R 55,000 2.00 % + 3 Month SOFR 6.52 %
Class B-R 15,000 2.60 % + 3 Month SOFR 7.12 %
Total 2019-1 Debt 352,500
Membership Interests 102,250 Non-interest bearing Not applicable
Total $ 454,750

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

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

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

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

As of June 30, 2025, there were 47 first lien senior secured loans with a total fair value of approximately $366.5 million and cash of $131.1 million securing the 2019-1 Debt. As of December 31, 2024, there were 56 first lien and second lien senior secured loans with a total fair value of approximately $465.3 million and cash of $39.8 million securing the 2019-1 Debt. Assets that are pledged as collateral for the 2019-1 Debt are not directly available to the creditors of the Company to satisfy any obligations of the Company other than the Company’s obligations under the indenture and loan agreement governing the 2019-1 Debt. The creditors of the 2019-1 Co-Issuers have received security interests in such assets and such assets are not intended to be available to the creditors of the Company (or an affiliate of the Company). The 2019-1 Portfolio must meet certain requirements, including asset mix and concentration, term, agency rating, collateral coverage, minimum coupon, minimum spread and sector diversity requirements in the indenture and loan agreement governing the 2019-1 Debt. As of June 30, 2025, the Company was in compliance with its covenants related to the 2019-1 Debt.

Costs of the offering of $1.5 million were incurred in connection with the 2019‑1 CLO Reset Notes which have been recorded as debt issuance costs and presented as a reduction to the outstanding principal amount of the 2019‑1 Debt on the Consolidated Statements of Assets and Liabilities and are being amortized over the life using the effective interest method. The balance of the unamortized debt issuance costs was $1.1 million and $1.1 million as of June 30, 2025 and December 31, 2024, respectively.

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

For the Three Months Ended June 30,
2025 2024
Borrowing interest expense $ 5,479 $ 6,427
Unused facility fee — —
Amortization of deferred financing costs and upfront commitment fees 32 32
Total interest and debt financing expenses $ 5,511 $ 6,459

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

For the Six Months Ended June 30,
2025 2024
Borrowing interest expense $ 10,988 $ 12,855
Unused facility fee — —
Amortization of deferred financing costs and upfront commitment fees 64 64
Total interest and debt financing expenses $ 11,052 $ 12,919

March 2026 Notes

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

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

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

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

June 30, 2025 December 31, 2024
Principal amount of debt $ 300,000 $ 300,000
Unamortized debt issuance cost (450 ) (771 )
Original issue discount, net of accretion (334 ) (573 )
Carrying value of March 2026 Notes $ 299,216 $ 298,656

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

For the Three Months Ended June 30,
2025 2024
Borrowing interest expense $ 2,212 $ 2,213
Amortization of debt issuance cost 161 161
Accretion of original issue discount 121 121
Total interest and debt financing expenses $ 2,494 $ 2,495

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

For the Six Months Ended June 30,
2025 2024
Borrowing interest expense $ 4,425 $ 4,426
Amortization of debt issuance cost 321 323
Accretion of original issue discount 239 241
Total interest and debt financing expenses $ 4,985 $ 4,990

October 2026 Notes

On October 13, 2021, the Company and the Trustee entered into a Second Supplemental Indenture (the “Second Supplemental Indenture”) to the Indenture between the Company and the Trustee. The Second Supplemental Indenture relates to the Company’s issuance of $300.0 million aggregate principal amount of its 2.55% notes due 2026 (the “October 2026 Notes,” and together with the March 2026 Notes, the “2026 Notes”).

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

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

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

June 30, 2025 December 31, 2024
Principal amount of debt $ 300,000 $ 300,000
Unamortized debt issuance cost (940 ) (1,303 )
Original issue discount, net of accretion (824 ) (1,141 )
Carrying value of October 2026 Notes $ 298,236 $ 297,556

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

For the Three Months Ended June 30,
2025 2024
Borrowing interest expense $ 1,912 $ 1,912
Amortization of debt issuance cost 182 182
Accretion of original issue discount 160 160
Total interest and debt financing expenses $ 2,254 $ 2,254

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

For the Six Months Ended June 30,
2025 2024
Borrowing interest expense $ 3,825 $ 3,825
Amortization of debt issuance cost 363 364
Accretion of original issue discount 317 320
Total interest and debt financing expenses $ 4,505 $ 4,509

Sumitomo Credit Facility

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

The facility amount under the Sumitomo Credit Agreement is $300.0 million with an accordion provision to permit increases to the total facility amount up to $1.0 billion. Proceeds of the loans under the Sumitomo Credit Agreement may be used for general corporate purposes of the Company, including, without limitation, repaying outstanding indebtedness, making distributions, contributions and investments, and acquisition and funding, and such other uses as permitted under the Sumitomo Credit Agreement. The maturity date is December 24, 2026.

On July 6, 2022, the Company entered into the First Amendment to the Sumitomo Credit Agreement. The First Amendment provides for an upsize in the total commitments from lenders under the revolving credit facility governed by the Sumitomo Credit Agreement from $300.0 million to $385.0 million. The First Amendment also replaced the LIBOR benchmark provisions under the Sumitomo Credit Agreement with SOFR benchmark provisions, including applicable credit spread adjustments.

On July 22, 2022, the Company entered into the Increasing Lender/Joinder Lender Agreement (the “Joinder Agreement”), dated as of July 22, 2022, pursuant to Section 2.08(e) of the Sumitomo Credit Agreement. The Joinder Agreement provides for, among other things, an upsize in the total commitments from lenders under the revolving credit facility governed by the Sumitomo Credit Agreement from $385.0 million to $485.0 million.

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

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

Agreement provides for, among other things, an upsize in the total commitments from lenders under the revolving credit facility governed by the Sumitomo Credit Agreement from $635.0 million to $665.0 million.

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

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

The Sumitomo Credit Agreement includes customary affirmative and negative covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature. As of June 30, 2025, the Company was in compliance with its covenants related to the Sumitomo Credit Facility.

As of June 30, 2025 and December 31, 2024, there were $263.0 million and $442.7 million of borrowings under the Sumitomo Credit Facility.

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

For the Three Months Ended June 30,
2025 2024
Borrowing interest expense $ 4,804 $ 5,360
Unused facility fee 525 441
Accretion of original issue discount 262 622
Total interest and debt financing expenses $ 5,591 $ 6,423

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

For the Six Months Ended June 30,
2025 2024
Borrowing interest expense $ 9,260 $ 11,659
Unused facility fee 1,069 754
Accretion of original issue discount 520 856
Total interest and debt financing expenses $ 10,849 $ 13,269

March 2030 Notes

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

The March 2030 Notes will mature on March 15, 2030 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the Indenture. The March 2030 Notes bear interest at a rate of 5.95% per year payable semi-annually on March 15 and September 15 of each year, commencing on September 15, 2025. The March 2030 Notes are general unsecured obligations of the Company that rank senior in right of payment to all the Company's existing and future indebtedness that is expressly subordinated in right of payment to the March 2030 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

The net proceeds to the Company were approximately $341.4 million, after deducting the underwriting discounts and commissions of $7.5 million and offering expenses of $1.1 million.

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

SOFR

  • 1.90% per annum on $350 million of the March 2030 Notes. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship. Please see “Item 1. Consolidated Financial Statements - Notes to Consolidated Financial Statements - Note 7. Derivatives” for additional detail. As of June 30, 2025 and December 31, 2024, the components of the carrying value of the March 2030 Notes were as follows:
June 30, 2025 December 31, 2024
Principal amount of debt $ 350,000 $ —
Unamortized debt issuance cost (4,225 ) —
Original issue discount, net of accretion (3,665 ) —
Effective interest rate swap hedge 8,593 —
Carrying value of March 2030 Notes $ 350,703 $ —

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

For the Three Months Ended June 30,
2025 2024
Borrowing interest expense $ 5,264 $ —
Amortization of debt issuance cost 224 —
Accretion of original issue discount 194 —
Interest rate swaps 273 —
Hedged items (33 ) —
Total interest and debt financing expenses $ 5,922 $ —

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

For the Six Months Ended June 30,
2025 2024
Borrowing interest expense $ 8,388 $ —
Amortization of debt issuance cost 354 —
Accretion of original issue discount 307 —
Interest rate swaps 347 —
Hedged items (111 ) —
Total interest and debt financing expenses $ 9,285 $ —

Note 7. Derivatives

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

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

The following table presents both gross and net information about derivative instruments eligible for offset in the Consolidated Statements of Assets and Liabilities as of June 30, 2025:

Net amount of
Gross amount of assets or
Gross amount of (liabilities) (liabilities)
Account in the assets on the on the presented on the
consolidated consolidated consolidated consolidated
statements of statements of statements of statements of Cash Collateral
assets assets and assets and assets and paid Net
Counterparty and liabilities liabilities liabilities liabilities (received) (1) Amounts (2)
Bank of New York Unrealized depreciation on forward currency contracts $ 310 $ (7,042 ) $ (6,732 ) $ 6,732 $ —
BNP Paribas Unrealized depreciation on forward currency contracts $ — $ (1,863 ) $ (1,863 ) $ — $ (1,863 )
US Bank Unrealized depreciation on forward currency contracts $ — $ (1,456 ) $ (1,456 ) $ — $ (1,456 )
Wells Fargo Unrealized depreciation on forward currency contracts $ — $ (3,591 ) $ (3,591 ) $ — $ (3,591 )
Wells Fargo Interest rate swap $ 8,704 $ — $ 8,704 $ (8,704 ) $ —
  • Amount excludes excess cash collateral paid or received.
  • Net amount represents the net amount due (to) from counterparty in the event of default based on the contractual set-off rights under the agreement. Net amount excludes any over-collateralized amounts.

The following table presents both gross and net information about derivative instruments eligible for offset in the Consolidated Statements of Assets and Liabilities as of December 31, 2024:

Net amount of
Gross amount of assets or
Gross amount of (liabilities) (liabilities)
Account in the assets on the on the presented on the
consolidated consolidated consolidated consolidated
statements of statements of statements of statements of Cash Collateral
assets assets and assets and assets and paid Net
Counterparty and liabilities liabilities liabilities liabilities (received) (1) Amounts (2)
Bank of New York Unrealized appreciation on forward currency contracts $ 4,963 $ (1,429 ) $ 3,534 $ — $ 3,534
Citibank Unrealized depreciation on forward currency contracts $ 6 $ (1,191 ) $ (1,185 ) $ — $ (1,185 )
Wells Fargo Unrealized appreciation on forward currency contracts $ 1,483 $ (327 ) $ 1,156 $ — $ 1,156

  • Amount excludes excess cash collateral paid.

  • Net amount represents the net amount due (to) from counterparty in the event of default based on the contractual set-off rights under the agreement. Net amount excludes any over-collateralized amounts.

For the three months ended June 30, 2025 and 2024, the Company’s average U.S. dollar notional exposure to forward currency exchange contracts was $194.5 million and $118.7 million, respectively, and the average notional exposure for interest rate swaps was $350.0 million and $0.0 million, respectively.

For the six months ended June 30, 2025 and 2024, the Company’s average U.S. dollar notional exposure to forward currency exchange contracts was $169.7 million and $128.7 million, respectively, and the average notional exposure for interest rate swaps was $233.3 million and $0.0 million, respectively.

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

For the Three Months Ended June 30,
2025 2024
Net realized gain (loss) on forward currency exchange contracts $ (1,409 ) $ 169
Net change in unrealized appreciation on forward currency exchange contracts (15,074 ) 163
Total net realized and unrealized gain (loss) on forward currency exchange contracts $ (16,483 ) $ 332

Included in total net gains (losses) on the Consolidated Statements of Operations is net gains (losses) of $15.2 million and ($0.1) million related to realized and unrealized gains and losses on investments, foreign currency holdings and non-investment assets and liabilities attributable to the changes in foreign currency exchange rates for the three months ended June 30, 2025 and 2024, respectively. Including the total net realized and unrealized gains (losses) on forward currency exchange contracts of ($16.5) million and $0.3 million, respectively, included in the above table, the net impact of foreign currency on total net gains (losses) on the Consolidated Statements of Operations is ($1.3) million and $0.3 million for the three months ended June 30, 2025 and 2024, respectively.

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

For the Six Months Ended June 30,
2025 2024
Net realized gain (loss) on forward currency exchange contracts $ (3,814 ) $ 1,896
Net change in unrealized appreciation on forward currency exchange contracts (17,147 ) 1,404
Total net realized and unrealized gain (loss) on forward currency exchange contracts $ (20,961 ) $ 3,300

Included in total net gains (losses) on the Consolidated Statements of Operations is net gains (losses) of $19.5 million and ($2.3) 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 six months ended June 30, 2025 and 2024, respectively. Including the total net realized and unrealized gains (losses) on forward currency exchange contracts of ($21.0) million and $3.3 million, included in the above table, the net impact of foreign currency on total net gains (losses) on the Consolidated Statements of Operations is ($1.5) million and $1.0 million for the six months ended June 30, 2025 and 2024, respectively.

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

For the Three Months Ended June 30, Financial Statement Location
2025 2024
Interest rate swaps $ 273 $ — Interest and debt financing expenses
Hedged items (33 ) — Interest and debt financing expenses
For the Six Months Ended June 30, Financial Statement Location
--- --- --- --- --- --- ---
2025 2024
Interest rate swaps $ 347 $ — Interest and debt financing expenses
Hedged items (111 ) — 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 six months ended June 30, 2025:

Amount Total
Date Declared Record Date Payment Date Per Share Distributions
February 27, 2025 March 17, 2025 March 31, 2025 $ 0.42 $ 27,245
February 27, 2025 March 17, 2025 March 31, 2025 $ 0.03 $ 1,946 (1)
May 5, 2025 June 16, 2025 June 30, 2025 $ 0.42 $ 27,245
May 5, 2025 June 16, 2025 June 30, 2025 $ 0.03 $ 1,946 (1)
Total distributions declared $ 0.90 $ 58,382

(1) Represents a special dividend.

The distributions declared during the six months ended June 30, 2025 were derived from investment company taxable income and net capital gain, if any.

The Company’s distributions are recorded on the record date. The following table summarizes distributions declared during the six months ended June 30, 2024:

Amount Total
Date Declared Record Date Payment Date Per Share Distributions
February 27, 2024 March 28, 2024 April 30, 2024 $ 0.42 $ 27,116
February 27, 2024 March 28, 2024 April 30, 2024 $ 0.03 $ 1,937 (1)
May 6, 2024 June 28, 2024 July 29, 2024 $ 0.42 $ 27,116
May 6, 2024 June 28, 2024 July 29, 2024 $ 0.03 $ 1,937 (1)
Total distributions declared $ 0.90 $ 58,106

(1) Represents a special dividend.

The distributions declared during the six months ended June 30, 2024 were derived from investment company taxable income and net capital gain, if any.

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

Note 9. Common Stock/Capital

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

Prior to the IPO, the Company had issued 43,982,137.46 shares in the private placement of the Company’s common stock (the “Private Offering”). Each investor had entered into a separate subscription agreement relating to the Company’s common stock (the “Subscription Agreements”). Each investor had made a capital commitment to purchase shares of the Company’s common stock pursuant to the Subscription Agreements. Investors were required to make capital contributions to purchase shares of the Company’s common stock each time the Company delivered a drawdown notice, which were delivered at least 10 business days prior to the required funding date in an aggregate amount not to exceed their respective capital commitments. The number of shares to be issued to a stockholder was determined by dividing the total dollar amount of the contribution by a stockholder by the net asset value per share of the common stock as of the last day of the Company’s fiscal quarter or such other date and price per share as determined by the Board in accordance with the requirements of the 1940 Act. As of December 31, 2018, aggregate commitments relating to the Private Offering were $1.3 billion. All outstanding commitments related to these Subscription Agreements were cancelled due to the completion of the IPO on November 15, 2018. As of June 30, 2025 and December 31, 2024, the Advisor contributed in aggregate $8.9 million and $8.9 million to the Company and received 488,212.35 and 488,212.35 shares of the Company, respectively. At June 30, 2025 and December 31, 2024, the Advisor owned 0.00% and 0.00%, respectively, of the outstanding common stock of the Company.

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

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

On May 7, 2019, the Board authorized the Company to repurchase up to $50 million of its outstanding common stock in accordance with safe harbor rules under the Exchange Act. Any such repurchases will depend upon market conditions and there is no guarantee that the Company will repurchase any particular number of shares or any shares at all. As of June 30, 2025, there have been no repurchases of common stock.

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

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

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

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

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

Note 10. Commitments and Contingencies

Commitments

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

As of June 30, 2025, the Company had $512.7 million of unfunded commitments under loan and financing agreements as follows:

Portfolio Company & Investment Expiration Date(1) Unfunded Commitments(2)
A&R Logistics, Inc. - Revolver 8/3/2026 $ 1,454
Advanced Aircrew - Revolver 7/26/2030 696
AEG Vision - Delayed Draw 3/27/2027 8,106
Allbridge - Delayed Draw 6/5/2030 2,841
Allbridge - Revolver 6/5/2030 3,825
Allworth Financial Group, L.P. - Revolver 12/23/2027 2,816
Allworth Financial Group, L.P. - Delayed Draw 12/23/2027 5,939
AMI - Revolver 10/17/2031 4,538
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 1,102
Applitools - Revolver 5/25/2028 3,430
Appriss - Delayed Draw 3/10/2031 3,566
Appriss - Revolver 3/10/2031 3,186
Appriss Holdings, Inc. - Revolver 5/6/2027 753
Arctic Glacier U.S.A., Inc. - Revolver 5/24/2028 27
ASP-r-pac Acquisition Co LLC - Revolver 12/29/2027 1,497
ATS - Revolver 7/12/2029 2,010
Avalon Acquiror, Inc. - Revolver 3/10/2028 2,521
Avalon Bidco Limited - Delayed Draw 4/16/2032 5,660
Awayday - Delayed Draw 5/6/2032 984
Awayday - Revolver 5/6/2032 767
AXH Air Coolers - Revolver 10/31/2029 3,670
AXH Air Coolers - Delayed Draw 10/31/2029 5,444
Beacon Specialized Living - Delayed Draw 3/25/2028 10,392
Beacon Specialized Living - Revolver 3/25/2028 1,282
Portfolio Company & Investment Expiration Date(1) Unfunded Commitments(2)
--- --- --- ---
Beneficium - Delayed Draw 6/28/2031 9,883
BTX Precision - Revolver 7/25/2030 4,211
BTX Precision - Delayed Draw 7/25/2030 12,920
Chase Industries, Inc. - Revolver 11/11/2027 705
Chex Finer Foods, LLC - Revolver 6/6/2031 2,515
Chex Finer Foods, LLC - Delayed Draw 6/6/2031 8,410
Chilton - Delayed Draw 2/5/2031 10,122
Chilton - Revolver 2/5/2031 3,227
Choreo - Delayed Draw 2/18/2028 8,000
City BBQ - Delayed Draw 9/4/2030 13,267
City BBQ - Revolver 9/4/2030 4,738
Concert Golf Partners Holdco LLC - Revolver 4/1/2030 2,492
Concert Golf Partners Holdco LLC - Delayed Draw 4/1/2031 4,738
Congress Wealth - Revolver 6/30/2029 1,102
Congress Wealth - Delayed Draw 6/30/2029 3,400
CorePower Yoga, LLC - Delayed Draw 4/30/2031 1,890
CorePower Yoga, LLC - Revolver 4/30/2031 1,890
Cube - Delayed Draw 5/20/2031 297
Darcy Partners - Revolver 6/1/2028 349
Datix Bidco Limited - Delayed Draw 4/30/2031 2,861
Datix Bidco Limited - Revolver 10/30/2030 1,742
Datix Bidco Limited - Revolver 10/30/2030 82
Discovery Senior Living - Delayed Draw 3/18/2030 8,973
Discovery Senior Living - Revolver 3/18/2030 2,360
DTIQ - Delayed Draw 9/30/2029 5,375
DTIQ - Revolver 9/30/2029 4,032
Duraco - Revolver 6/6/2029 1,991
Easy Ice - Delayed Draw 10/30/2030 8,235
Easy Ice - Revolver 10/30/2030 5,223
Efficient Collaborative Retail Marketing Company, LLC - Revolver 9/30/2026 992
EHE Health - Revolver 8/7/2030 3,447
Electronic Merchant Systems - Revolver 8/1/2030 1,959
E-Tech Group - Revolver 4/9/2030 1,246
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 3,763
Forward Slope - Revolver 8/22/2029 3,850
Gills Point S - Revolver 5/17/2029 1,901
Govineer Solutions (fka Black Mountain) - Delayed Draw 10/7/2030 7,879
Govineer Solutions (fka Black Mountain) - Revolver 10/7/2030 3,938
Gulf Winds International - Revolver 12/16/2028 2,276
HealthDrive - Delayed Draw 8/20/2029 5,286
HealthDrive - Revolver 8/20/2029 2,387
Hellers - Delayed Draw 9/27/2030 502
Hempz - Revolver 10/25/2029 1,826
ImageTrend - Revolver 1/31/2029 4,000
Portfolio Company & Investment Expiration Date(1) Unfunded Commitments(2)
--- --- --- ---
Intoxalock - Revolver 11/1/2028 3,430
JHCC Holdings, LLC - Revolver 9/9/2027 1,983
LogRhythm - Revolver 7/2/2029 835
Mach Acquisition R/C - Revolver 10/19/2026 1,506
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 2,428
McLarens Acquisition Inc. - Delayed Draw 12/19/2027 3,910
McLarens Acquisition Inc. - Revolver 12/19/2027 886
McLarens Acquisition Inc. - Delayed Draw 12/19/2027 2,944
McLarens Acquisition Inc. - Revolver 12/20/2027 325
Meteor UK Bidco Limited - Delayed Draw 5/14/2032 6,662
Meteor UK Bidco Limited - Revolver 11/14/2031 1,666
Morrow Sodali - Revolver 4/25/2028 1,632
MRHT - Revolver 11/10/2031 1,599
MRHT - Delayed Draw 5/17/2032 5,999
MZR Buyer, LLC - Revolver 12/22/2028 1,732
Nafinco - Delayed Draw 8/29/2031 802
Nafinco - Revolver 5/30/2031 505
NearMap - Revolver 12/9/2028 5,706
NearMap - Revolver 12/9/2028 3,024
New Look Vision Group - Revolver 5/26/2026 1,281
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 5,404
Orion - Revolver 3/19/2027 1,238
Orion - Delayed Draw 3/19/2027 602
Orion - Delayed Draw 3/19/2027 1,829
Owl Acquisition, LLC - Revolver 4/17/2032 2,294
Owl Acquisition, LLC - Delayed Draw 4/17/2032 1,093
PayRange - Revolver 10/31/2030 4,144
Pharmacy Partners - Revolver 2/28/2029 5,491
Plaskolite PPC Intermediate II LLC - Revolver 2/7/2030 632
PlentyMarkets - Revolver 9/13/2031 1,777
PMA - Revolver 1/31/2031 1,225
Pollo Tropical - Revolver 10/23/2029 972
PPT Group - Delayed Draw 2/28/2031 4,841
PPT Group - Revolver 2/28/2031 2,418
PRGX - Delayed Draw 12/20/2030 5,464
Pure Wafer - Delayed Draw 11/12/2030 1,981
Pure Wafer - Revolver 11/12/2030 1,486
Pyramid Global Hospitality - Revolver 1/19/2028 3,482
Reconomy - Delayed Draw 7/12/2029 9,600
Red Nucleus - Delayed Draw 10/17/2031 4,070
Red Nucleus - Revolver 10/17/2031 2,117
Portfolio Company & Investment Expiration Date(1) Unfunded Commitments(2)
--- --- --- ---
RedMed Operations (Collage Rehabilitation) - Delayed Draw 2/28/2031 5,251
RedMed Operations (Collage Rehabilitation) - Revolver 2/28/2031 1,156
RetailNext - Revolver 12/5/2030 3,104
Revalize, Inc. - Revolver 4/15/2027 268
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 6,995
SensorTower - Revolver 3/15/2029 1,057
Service Master - Revolver 8/16/2027 1,379
Simplicity - Revolver 12/31/2031 4,348
Simplicity - Delayed Draw 12/31/2031 6,762
Solairus - Delayed Draw 7/22/2030 7,274
Solaray, LLC - Revolver 12/15/2025 698
Spotless Brands - Delayed Draw 7/25/2028 5,345
Spring Finco BV - Delayed Draw 7/15/2029 4,318
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 697
SureWerx - Revolver 12/28/2028 8
Taoglas - Revolver 2/28/2029 147
Titan Cloud Software, Inc - Revolver 9/7/2028 2,772
TLC Purchaser, Inc. - Revolver 10/11/2027 9,521
V Global Holdings LLC - Revolver 12/22/2027 1,989
Vessco Water - Delayed Draw 7/24/2031 2,035
Vessco Water - Revolver 7/24/2031 1,112
Walker Edison - Delayed Draw 3/31/2029 298
WCI Gigawatt Purchaser - Revolver 11/19/2027 2,048
Wealth Enhancement Group (WEG) - Revolver 10/2/2028 1,220
Wealth Enhancement Group (WEG) - Delayed Draw 10/4/2028 12,937
Webcentral - Delayed Draw 12/18/2030 1,301
Whitcraft-Paradigm - Revolver 2/28/2029 1,784
Whitcraft-Paradigm - Delayed Draw 2/15/2029 2,565
WSP - Revolver 4/27/2028 248
WU Holdco, Inc. - Delayed Draw 4/15/2032 5,460
WU Holdco, Inc. - Revolver 4/15/2032 3,531
Zeus Fire & Security - Delayed Draw 12/11/2030 8,077
Zeus Fire & Security - Revolver 12/11/2030 2,633
Total $ 512,683
  • Commitments are generally subject to borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. These amounts may remain outstanding until the commitment period of an applicable loan expires, which may be shorter than its maturity.
  • Unfunded commitments denominated in currencies other than U.S. dollars have been converted to U.S. dollars using the applicable foreign currency exchange rate as of June 30, 2025.

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

Portfolio Company & Investment Expiration Date (1) Unfunded Commitments (2)
A&R Logistics, Inc. - Revolver 8/3/2026 $ 2,445
Advanced Aircrew - Revolver 7/26/2030 696
AEG Vision - Delayed Draw 3/27/2026 7,268
AEG Vision - Delayed Draw 3/27/2027 37,800
AgroFresh Solutions - Revolver 3/31/2028 251
Allbridge - Delayed Draw 6/5/2030 2,841
Allbridge - Revolver 6/5/2030 3,825
Allworth - Delayed Draw 12/23/2027 8,451
Allworth Financial Group, L.P. - Revolver 12/23/2027 2,816
AMI - Revolver 10/17/2031 3,454
Apollo Intelligence - Delayed Draw 5/31/2028 9,611
Apollo Intelligence - Revolver 5/31/2028 4,807
Applitools - Revolver 5/25/2028 3,430
Appriss Holdings, Inc. - Revolver 5/6/2027 753
Arctic Glacier U.S.A., Inc. - Revolver 5/24/2028 1,941
ASP-r-pac Acquisition Co LLC - Revolver 12/29/2027 2,785
ATS - Revolver 7/12/2029 2,872
Avalon Acquiror, Inc. - Revolver 3/10/2028 2,521
Awayday - Delayed Draw 9/6/2031 698
Awayday - Delayed Draw 9/6/2031 12,242
Awayday - Revolver 9/6/2030 1,150
AXH Air Coolers - Delayed Draw 10/31/2029 7,339
AXH Air Coolers - Delayed Draw 10/31/2029 8,710
AXH Air Coolers - Revolver 10/31/2029 5,504
Beacon Specialized Living - Delayed Draw 3/25/2028 12,836
Beacon Specialized Living - Revolver 3/25/2028 1,282
Beneficium - Delayed Draw 6/28/2031 9,022
Black Mountain - Delayed Draw 10/7/2030 7,879
Black Mountain - Revolver 10/7/2030 5,251
BTX Precision - Delayed Draw 7/25/2030 1,123
BTX Precision - Delayed Draw 7/25/2030 1,264
BTX Precision - Revolver 7/25/2030 4,211
Chase Industries, Inc. - Revolver 5/12/2025 810
Choreo - Delayed Draw 2/18/2028 8,000
City BBQ - Delayed Draw 9/4/2030 13,267
City BBQ - Revolver 9/4/2030 4,738
Concert Golf Partners Holdco LLC - Revolver 4/2/2029 2,492
Congress Wealth - Delayed Draw 6/30/2029 1,334
Congress Wealth - Delayed Draw 6/30/2029 10,751
Congress Wealth - Revolver 6/30/2029 1,102
Cube - Delayed Draw 5/20/2031 78
Cube - First Lien Senior Secured Loan 2/20/2025 22
Portfolio Company & Investment Expiration Date (1) Unfunded Commitments (2)
--- --- --- ---
Darcy Partners - Revolver 6/1/2028 244
Datix Bidco Limited - Delayed Draw 4/30/2031 2,861
Datix Bidco Limited - Revolver 10/30/2030 1,995
Discovery Senior Living - Delayed Draw 3/18/2030 11,806
Discovery Senior Living - Revolver 3/18/2030 2,360
DTIQ - Delayed Draw 9/30/2029 5,375
DTIQ - Revolver 9/30/2029 4,032
Duraco - Revolver 6/6/2029 1,593
Easy Ice - Delayed Draw 10/30/2030 10,444
Easy Ice - Revolver 10/30/2030 5,223
Efficient Collaborative Retail Marketing Company, LLC - Revolver 12/31/2025 1,141
EHE Health - Revolver 8/7/2030 3,447
Electronic Merchant Systems - Revolver 8/1/2030 1,959
Element Buyer, Inc. - Revolver 7/19/2026 4,250
E-Tech Group - Revolver 4/9/2030 1,298
Facts Global Energy - Delayed Draw 12/20/2031 9,461
Facts Global Energy - Delayed Draw 12/20/2031 6,308
Facts Global Energy - Delayed Draw 12/20/2031 6,813
Facts Global Energy - Revolver 6/20/2031 1,577
Forward Slope - Revolver 8/22/2029 5,330
Gills Point S - Delayed Draw 5/17/2029 6,580
Gills Point S - Revolver 5/17/2029 2,868
Gulf Winds International - Revolver 12/16/2028 1,588
HealthDrive - Delayed Draw 8/20/2029 5,675
HealthDrive - Revolver 8/20/2029 2,754
Hellers - Delayed Draw 9/27/2030 461
Hempz - Revolver 10/25/2029 1,826
ImageTrend - Revolver 1/31/2029 4,000
Intoxalock - Revolver 11/1/2028 3,430
JHCC Holdings, LLC - Revolver 9/9/2027 1,417
Lagerbox - First Lien Senior Secured Loan 12/20/2028 776
LogRhythm - Revolver 7/2/2029 835
Mach Acquisition R/C - Revolver 10/19/2026 2,511
Master ConcessionAir - Delayed Draw 6/21/2029 411
McLarens Acquisition Inc. - Delayed Draw 12/16/2025 6,250
Morrow Sodali - Revolver 4/25/2028 835
MRHT - Delayed Draw 2/1/2029 13,075
Nafinco - Delayed Draw 8/29/2031 2,222
Nafinco - Revolver 5/30/2031 333
NearMap - Revolver 12/9/2029 4,652
New Look Vision Group - Revolver 5/26/2026 1,151
Odyssey Behavioral Health - Revolver 11/21/2030 7,280
OGH Bidco Limited - Delayed Draw 6/29/2029 4,933
Portfolio Company & Investment Expiration Date (1) Unfunded Commitments (2)
--- --- --- ---
Orion - Delayed Draw 3/19/2027 2,035
Orion - Delayed Draw 3/19/2027 602
Orion - Delayed Draw 3/19/2027 509
Orion - Revolver 3/19/2027 1,407
PayRange - Revolver 10/31/2030 4,144
PCF - Delayed Draw 11/1/2028 2,278
Pharmacy Partners - Revolver 2/28/2029 5,491
PMA - Revolver 1/31/2031 1,225
Pollo Tropical - Revolver 10/23/2029 972
Pure Wafer - Delayed Draw 11/12/2030 1,981
Pure Wafer - Revolver 11/12/2030 1,981
Pyramid Global Hospitality - Revolver 1/19/2028 3,482
Reconomy - Delayed Draw 7/12/2029 8,763
Red Nucleus - Delayed Draw 10/17/2031 4,070
Red Nucleus - Revolver 10/17/2031 2,266
RetailNext - Revolver 12/5/2030 3,104
Revalize, Inc. - Revolver 4/15/2027 369
RoadOne - Revolver 12/29/2028 3,388
RoC Skincare - Revolver 2/21/2030 1,871
Saturn Purchaser Corp. - Revolver 7/22/2029 4,883
SensorTower - Revolver 3/15/2029 1,057
Service Master - Revolver 8/16/2027 3,329
Simplicity - Delayed Draw 12/31/2031 8,697
Simplicity - Revolver 12/31/2031 4,348
Smartronix - Revolver 11/23/2027 6,321
Solaray, LLC - Revolver 12/15/2025 3,532
Spotless Brands - Delayed Draw 7/25/2028 7,901
Spring Finco BV - Delayed Draw 7/15/2029 3,829
Sunmed Group Holdings, LLC - Revolver 6/16/2027 1,229
Superna Inc. - Delayed Draw 3/6/2028 2,631
Superna Inc. - Revolver 3/6/2028 2,631
SureWerx - Delayed Draw 12/28/2029 2,013
SureWerx - Revolver 12/28/2028 353
Taoglas - Delayed Draw 2/28/2029 3,636
Taoglas - Revolver 2/28/2029 73
TES Global - Delayed Draw 1/27/2029 15
Titan Cloud Software, Inc - Revolver 9/7/2028 3,848
TLC Purchaser, Inc. - Revolver 10/11/2027 9,521
V Global Holdings LLC - Revolver 12/22/2025 4,029
Vessco Water - Delayed Draw 7/24/2031 2,458
Vessco Water - Revolver 7/24/2031 1,112
Walker Edison - Delayed Draw 3/31/2027 80
Walker Edison - Delayed Draw 3/31/2029 438
Portfolio Company & Investment Expiration Date (1) Unfunded Commitments (2)
--- --- --- ---
WCI Gigawatt Purchaser - Revolver 11/19/2027 3,754
Wealth Enhancement Group (WEG) - Delayed Draw 10/2/2028 2,347
Wealth Enhancement Group (WEG) - Delayed Draw 10/4/2028 14,517
Wealth Enhancement Group (WEG) - Revolver 10/2/2028 1,220
Webcentral - Delayed Draw 12/18/2030 4,413
Webcentral - Delayed Draw 12/18/2030 2,947
Whitcraft-Paradigm - Delayed Draw 2/15/2029 4,372
Whitcraft-Paradigm - Revolver 2/28/2029 1,038
WSP - Revolver 4/27/2028 248
WU Holdco, Inc. - Revolver 3/26/2027 3,703
Zeus Fire & Security - Delayed Draw 12/11/2030 8,779
Zeus Fire & Security - Revolver 12/11/2030 2,633
Total $ 560,925
  • Commitments are generally subject to borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. These amounts may remain outstanding until the commitment period of an applicable loan expires, which may be shorter than its maturity.
  • Unfunded commitments denominated in currencies other than U.S. dollars have been converted to U.S. dollars using the applicable foreign currency exchange rate as of December 31, 2024.

Contingencies

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

Note 11. Financial Highlights

The following is a schedule of financial highlights for the six months ended June 30, 2025 and 2024:

For the Six Months Ended June 30,
2025 2024
Per share data:
Net asset value at beginning of period $ 17.65 $ 17.60
Net investment income (1) 0.97 1.04
Net realized gain (loss) (1)(7) (0.36 ) (0.02 )
Net change in unrealized appreciation (1)(2)(8) 0.20 (0.02 )
Net increase in net assets resulting from operations (9)(10) 0.81 1.00
Stockholder distributions from income (3) (0.90 ) (0.90 )
Net asset value at end of period $ 17.56 $ 17.70
Net assets at end of period $ 1,139,035 $ 1,142,545
Shares outstanding at end of period 64,868,507 64,562,265
Per share market value at end of period $ 15.04 $ 16.31
Total return based on market value (12) (9.19 ) % 14.41 %
Total return based on net asset value (4) 4.64 % 5.73 %
Ratios:
Ratio of net investment income to average net assets (5)(11)(13) 11.93 % 13.55 %
Ratio of total expenses to average net assets (5)(11)(13) 12.38 % 12.35 %
Supplemental data:
Ratio of interest and debt financing expenses to average net assets (5)(13) 7.18 % 6.30 %
Ratio of expenses (without incentive fees) to average net assets (5)(11)(13) 11.71 % 10.85 %
Ratio of incentive fees and management fees, net of contractual and voluntary waivers, to average net assets (5)(11)(13) 3.90 % 4.61 %
Average principal debt outstanding $ 1,520,689 $ 1,263,208
Portfolio turnover (6) 30.36 % 30.17 %

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

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

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

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

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

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

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

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

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

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

  • The ratio of voluntary incentive fee waiver to average net assets was 0.00% and 0.00% for the six months ended June 30, 2025 and 2024, respectively (Note 5). The ratio of voluntary management fee waiver to average net assets was 0.00% and 0.00% for the six months ended June 30, 2025 and 2024, respectively (Note 5). The ratio of net investment income without the voluntary incentive fee waiver and voluntary management fee waiver to average net assets for the six months ended June 30, 2025 would be 11.93%. The ratio of net investment income without the voluntary incentive fee waiver to average net assets for the six months ended June 30, 2024 would be 13.55%. The ratio of total expenses without the voluntary incentive fee waiver and voluntary management fee waiver to average net assets for the six months ended June 30, 2025 would be 12.38%. The ratio of total expenses without the voluntary incentive fee waiver to average net assets for the six months ended June 30, 2024 would be 12.35%.

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

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

Note 12. Subsequent Events

The Company’s management has evaluated the events and transactions that have occurred through August 5, 2025, the issuance date of the Consolidated Financial Statements, and noted no items requiring disclosure in this Form 10-Q or adjustment of the Consolidated Financial Statements except for the below:

CLO Reset Transaction

On July 2, 2025 (the “Reset Date”), BCC Middle Market CLO 2019-1, Ltd. (the “CLO Issuer”) and BCC Middle Market CLO 2019-1 Co-Issuer, LLC (the “CLO Co-Issuer” and together with the CLO Issuer, the “CLO Issuers”), both indirect, wholly-owned, consolidated subsidiaries of the Company, closed the refinancing of a $430,250,000 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 CLO Issuers of the following classes of notes pursuant to that certain second amended and restated indenture (as amended, modified or supplemented from time to time, the “Amended and Restated Indenture”), dated as of the Reset Date, by and among the CLO Issuer, the CLO Co-Issuer, and Wells Fargo Bank, National Association, as trustee: (i) $232,000,000 of AAA(sf) Class A-1-RR Senior Secured Floating Rate Notes due 2036, which bear interest at the three-month SOFR plus 1.45% (the “Class A-1-RR Notes”); (ii) $16,000,000 of AAA(sf) of Class A-2-RR Senior Secured Floating Rate Notes due 2036, which bear interest at the three-month SOFR plus 1.60% (the “Class A-2-RR Notes”); (iii) $24,000,000 of AA(sf) of Class A-3-RR Senior Secured Floating Rate Notes due 2036, which bear interest at the three-month SOFR plus 1.85% (the “Class A-3-RR Notes”); (iv) $32,000,000 of A(sf) Class B-RR Secured Deferrable Floating Rate Notes due 2036, which bear interest at the three-month SOFR plus 2.35% (the “Class B-RR Notes”); and (v) $24,000,000 of BBB(sf) Class C-RR Secured Deferrable Floating Rate Notes due 2036, which bear interest at the three-month SOFR plus 3.35% (the “Class C-RR Notes”, and, together with the Class A-1-RR Notes, the Class A-2-RR Notes, the Class A-3-RR Notes and the Class B-RR Notes, the “Replacement Notes”).

The CLO Reset Transaction is backed by a diversified portfolio of middle-market commercial loans. The Replacement Notes will mature on July 15, 2036; however, the Replacement Notes may be redeemed by the CLO Issuers, at the direction of the CLO Issuer with the consent of the Company, in its capacity as portfolio manager and retention holder, on any business day after July 2, 2026. The Company continues to act as retention holder in connection with the CLO Reset Transaction for the purposes of satisfying certain U.S., U.K. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to continue to retain a portion of the preferred shares issued by the CLO Issuer (the “Interests”). The Replacement Notes were 100% funded at closing. The Company continues to retain 100% of the Interests.

The CLO Issuer intends to use the proceeds from the CLO Reset Transaction to, among other things, purchase certain loans (“Collateral Obligations”) from time to time on and after the Reset Date from the Company pursuant to a loan sale agreement entered into on August 28, 2019 (the “Loan Sale Agreement”) among the Company and the CLO Issuer. Under the terms of the Loan Sale Agreement that provide for the sale of Collateral Obligations to the CLO Issuer, the Company will transfer to the CLO Issuer, a portion of its ownership interest in the Collateral Obligations securing the Replacement Notes for the purchase price and other consideration set forth in the Loan Sale Agreement from time to time after the Reset Date. Following these transfers, the CLO Issuer, and not the Company, will hold all of the ownership interest in such loans and participations. The Company made customary representations, warranties and covenants in the Loan Sale Agreement.

The Replacement Notes are the secured obligation of the CLO Issuers, and the obligations of the CLO Issuers under the Replacement Notes are non-recourse to the Company. The Amended and Restated Indenture governing the Replacement Notes include customary covenants and events of default. The Replacement Notes have not been, and will not be, registered under the Securities Act of 1933, as amended, or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from registration.

The Company continues to serve as portfolio manager to the CLO Issuer pursuant to a second amended and restated portfolio management agreement entered into on the Reset Date (the “Amended and Restated Portfolio Management Agreement”) and has agreed to irrevocably waive all portfolio management fees payable pursuant to the Amended and Restated Portfolio Management Agreement.

2025 Annual Meeting of Stockholders

On July 15, 2025, the Company reconvened its 2025 Annual Meeting of Stockholders (the “Second Reconvened Annual Meeting”) to vote on “Proposal 2 - Renew Authorization to Offer and Sell Shares of Common Stock Below Net Asset Value,” as described in the Company’s proxy statement filed on April 21, 2025. The 2025 Annual Meeting of Stockholders was initially held on May 22, 2025 and adjourned to June 12, 2025 and July 15, 2025. At the Second Reconvened Annual Meeting, the stockholders did not renew the Company’s authorization, with approval from the Company’s Board of Directors, to sell shares of the Company’s common stock at a price below the then-current net asset value per share, subject to certain limitations.

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

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

Overview

Bain Capital Specialty Finance, Inc. (the “Company”, “we”, “our” and “us”) is an externally managed specialty finance company focused on lending to middle market companies. We have elected to be regulated as a business development company (a “BDC”) under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”). We are managed by the Advisor, a subsidiary of Bain Capital Credit, LP (“Bain Capital Credit”). Our Advisor is registered as an investment adviser with the SEC under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Our Advisor also provides the administrative services necessary for us to operate (in such capacity, our “Administrator”). Since we commenced operations on October 13, 2016 through June 30, 2025, we have invested approximately $9,497.4 million in aggregate principal amount of debt and equity investments prior to any subsequent exits or repayments. We seek to generate current income and, to a lesser extent, capital appreciation through direct originations of secured debt, including first lien, first lien/last-out, unitranche and second lien debt, investments in strategic joint ventures, equity investments and, to a lesser extent, corporate bonds.

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

Our primary focus is capitalizing on opportunities within Bain Capital Credit's Senior Direct Lending Strategy, as defined below, which seeks to provide risk-adjusted returns and current income to investors by investing primarily in middle-market direct lending opportunities across North America, Europe and Australia and also in other geographic markets. We use the term "middle market" to refer to companies with between $10.0 million and $150.0 million in annual earnings before interest, taxes, depreciation and amortization (“EBITDA”). However, we may, from time to time, invest in larger or smaller companies. We focus on senior investments with a first or second lien on collateral and strong structures and documentation intended to protect the lender (including "unitranche" loans, which are loans that combine both senior and mezzanine debt). We generally seek to retain effective voting control in respect of the loans or particular class of securities in which we invest through maintaining affirmative voting positions or negotiating consent rights that allow us to retain a blocking position. We may also invest in mezzanine debt and other junior securities, including common and preferred equity and in secondary purchases of assets or portfolios, on an opportunistic basis, but such investments are not the principal focus of our investment strategy. We may also invest, from time to time, in distressed debt, debtor-in-possession loans, structured products, structurally subordinate loans, investments with deferred interest features, zero-coupon securities and defaulted securities. Our debt investments may be fixed or floating interest rates, and our floating rate investments may utilize one or more reference rates, such as SOFR. Our investments are subject to a number of risks.

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

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

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

Investments

Our level of investment activity may vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle-market companies, the level of merger and acquisition activity for such companies, the

level of investment and capital expenditures of such companies, the general economic environment, the amount of capital we have available to us and the competitive environment for the type of investments we make.

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

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

Revenues

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

Our debt investment portfolio consists of primarily floating rate loans. As of June 30, 2025 and December 31, 2024, 92.6% and 92.0%, respectively, of our debt investments, based on fair value, bore interest at floating rates, which may be subject to interest rate floors. Variable-rate investments subject to a floor generally reset periodically to the applicable floor, only if the floor exceeds the index. Trends in base interest rates, such as SOFR, may affect our net investment income over the long term. In addition, our results may vary from period to period depending on the interest rates of new investments made during the period compared to investments that were sold or repaid during the period; these results reflect the characteristics of the particular portfolio companies that we invested in or exited during the period and not necessarily any trends in our business or macroeconomic trends.

Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies.

Expenses

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

  • our operational and organizational costs;

  • the costs of any public offerings of our common stock and other securities, including registration and listing fees;

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

  • fees and expenses payable to third parties relating to evaluating, making and disposing of investments, including our Advisor’s or its affiliates’ travel expenses, research costs and out-of-pocket fees and expenses associated with performing due diligence and reviews of prospective investments, monitoring our investments and, if necessary, enforcing our rights;

  • interest payable on debt and other borrowing costs, if any, incurred to finance our investments;

  • costs of effecting sales and repurchases of our common stock and other securities;

  • distributions on our common stock;

  • transfer agent and custody fees and expenses;

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

  • other expenses incurred by the Administrator or us in connection with administering our business, including payments made to third-party providers of goods or services;

  • brokerage fees and commissions;

  • federal and state registration fees;

  • U.S. federal, state and local taxes;

  • Independent Director fees and expenses;

  • costs associated with our reporting and compliance obligations under the 1940 Act and applicable U.S. federal and state securities laws;

  • costs of any reports, proxy statements or other notices to our stockholders, including printing costs;

  • costs of holding stockholder meetings;

  • our fidelity bond;

  • directors’ and officers’ errors and omissions liability insurance, and any other insurance premiums;

  • litigation, indemnification and other non-recurring or extraordinary expenses;

  • direct costs and expenses of administration and operation, including printing, mailing, long distance telephone, staff, audit, compliance, tax and legal costs;

  • fees and expenses associated with marketing efforts;

  • dues, fees and charges of any trade association of which we are a member; and

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

To the extent that expenses to be borne by us are paid by the Administrator, we will generally reimburse the Administrator for such expenses. To the extent the Administrator outsources any of its functions, the Company will pay the fees associated with such functions on a direct basis without profit to the Administrator. We will also reimburse the Administrator for its costs and expenses and our allocable portion of overhead incurred by it in performing its obligations under the Administration Agreement, including certain rent and compensation paid to or compensatory distributions received by our officers (including our Chief Compliance Officer and Chief Financial Officer) and any of their respective staff who provide services to us, operations staff who provide services to us, internal audit staff, if any, to the extent internal audit performs a role in our Sarbanes-Oxley internal control assessment and fees paid to third-party providers for goods or services. Our allocable portion of overhead will be determined by the Administrator, which expects to use various methodologies such as allocation based on the percentage of time certain individuals devote, on an estimated basis, to our business and affairs, and will be subject to oversight by our Board. We incurred expenses related to the Administrator of $0.5 million and $0.7 million for the three months ended June 30, 2025 and 2024, respectively, which is included in other general and administrative expenses on the Consolidated Statements of Operations. We incurred expenses related to the Administrator of $1.2 million and $1.1 million for the six months ended June 30, 2025 and 2024, respectively, which is included in other general and administrative expenses on the Consolidated Statements of Operations. The sub-administrator is paid its compensation for performing its sub-administrative services under the sub-administration agreement. We incurred expenses related to the sub-administrator of $0.1 million and $0.1 million for the three months ended June 30, 2025 and 2024, respectively, which is included in other general and administrative expenses on the Consolidated Statements of Operations. We incurred expenses related to the sub-administrator of $0.3 million and $0.2 million for the six months ended June 30, 2025 and 2024, respectively, which is included in other general and administrative expenses on the Consolidated

Statements of Operations. The Administrator will not be reimbursed to the extent that such reimbursements would cause any distributions to our stockholders to constitute a return of capital. All of the foregoing expenses are ultimately borne by our stockholders.

Leverage

We may borrow money from time to time. However, our ability to incur indebtedness (including by issuing preferred stock), is limited by applicable regulations such that our asset coverage, as defined in the 1940 Act, must equal at least 150%. In determining whether to borrow money, we will analyze the maturity, covenant package and rate structure of the proposed borrowings as well as the risks of such borrowings compared to our investment outlook. As of June 30, 2025, the Company’s asset coverage was 172.4%.

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

During the three months ended June 30, 2024, we invested $306.7 million, including PIK, in 77 portfolio companies, and had $473.7 million in aggregate amount of principal repayments and sales, resulting in a net decrease in investments of $167.0 million for the period. Of the $306.7 million invested during the three months ended June 30, 2024, $51.2 million was related to drawdowns on delayed draw term loans and revolvers of our portfolio companies.

During the six months ended June 30, 2025, we invested $806.8 million, including PIK, in 119 portfolio companies, and had $748.7 million in aggregate amount of principal repayments and sales, resulting in a net increase in investments of $58.1 million for the period. Of the $806.8 million invested during the six months ended June 30, 2025, $293.5 million was related to drawdowns on delayed draw term loans and revolvers of our portfolio companies.

During the six months ended June 30, 2024, we invested $709.8 million, including PIK, in 111 portfolio companies, and had $769.7 million in aggregate amount of principal repayments and sales, resulting in a net decrease in investments of $59.9 million for the period. Of the $709.8 million invested during the six months ended June 30, 2024, $100.8 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 June 30, 2025 (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 1,606,552 64.5 % $ 1,577,960 63.1 % 11.2 % 11.2 %
Second Lien Senior Secured Loan 20,125 0.8 20,350 0.8 13.9 13.9
Subordinated Debt 92,775 3.7 91,052 3.6 15.0 15.0
Preferred Equity 136,203 5.5 180,711 7.2 7.7 7.4
Equity Interest 212,920 8.6 230,141 9.2 N/A N/A
Warrants — — 820 0.0 N/A N/A
Subordinated Notes in Investment Vehicles (3) 354,723 14.2 342,654 13.7 11.2 11.3
Preferred Equity Interest in Investment Vehicles (3) 9 0.0 1,342 0.1 N/A N/A
Equity Interests in Investment Vehicles (3) 66,209 2.7 56,767 2.3 14.5 16.9
Total 2,489,516 100.0 % $ 2,501,797 100.0 % 11.4 % 11.4 %

All values are in US Dollars.

  • Weighted average yields are computed as (a) the annual stated interest rate or yield earned on the relevant accruing debt and other income producing securities, divided by (b) the total relevant investments at amortized cost or at fair value, as applicable. The weighted average yield does not represent the total return to our stockholders.
  • For non-stated rate income-producing investments, computed based on (a) the dividend or interest income earned for the respective trailing twelve months ended on the measurement date, divided by (b) the ending investment at amortized cost or at fair value, as applicable. In instances where historical dividend or interest income data is not available or not representative for the trailing twelve months ended, the dividend or interest income is annualized.
  • Represents debt and equity investment in ISLP and SLP.

The following table shows the composition of the investment portfolio and associated yield data as of December 31, 2024 (dollars in thousands):

As of December 31, 2024
Weighted Average
Yield (1)(2)
at
Percentage of Percentage of Amortized Market
Amortized Cost Total Portfolio Fair Value Total Portfolio Cost Value
First Lien Senior Secured Loans $ 1,579,288 64.5 % $ 1,557,823 64.1 % 11.4 % 11.4 %
Second Lien Senior Secured Loans 48,720 2.0 30,104 1.2 14.1 14.1
Subordinated Debt 54,443 2.2 53,350 2.2 14.3 14.3
Preferred Equity 142,046 5.8 170,876 7.0 9.0 8.8
Equity Interests 219,052 9.0 230,615 9.5 11.8 11.8
Warrants — — 628 0.0 N/A N/A
Subordinated Notes in Investment Vehicles (3) 337,224 13.8 337,224 13.9 11.5 11.5
Preferred Equity Interests in Investment Vehicles (3) 10 0.0 10 0.0 N/A N/A
Equity Interests in Investment Vehicles (3) 66,207 2.7 50,559 2.1 18.6 24.3
Total $ 2,446,990 100.0 % $ 2,431,189 100.0 % 11.7 % 11.8 %
  • Weighted average yields are computed as (a) the annual stated interest rate or yield earned on the relevant accruing debt and other income producing securities, divided by (b) the total relevant investments at amortized cost or at fair value, as applicable. The weighted average yield does not represent the total return to our stockholders.
  • For non-stated rate income-producing investments, computed based on (a) the dividend or interest income earned for the respective trailing twelve months ended on the measurement date, divided by (b) the ending investment at amortized cost or at fair value, as applicable. In instances where historical dividend or interest income data is not available or not representative for the trailing twelve months ended, the dividend or interest income is annualized.
  • Represents debt and equity investment in ISLP and SLP.

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

As of
June 30, 2025
Number of portfolio companies 185
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, 2024:

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

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

As of June 30, 2025
Percentage at<br>Amortized Cost Percentage at<br>Fair Value
Performing 2,448,023 98.3 % 2,487,138 99.4 %
Non-accrual 41,493 1.7 14,659 0.6
Total 2,489,516 100.0 % 2,501,797 100.0 %

All values are in US Dollars.

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

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

Loans or debt securities are placed on non-accrual status when there is reasonable doubt that principal or interest will be collected. Accrued interest generally is reversed when a loan or debt security is placed on non-accrual status. Interest payments received on non-accrual loans or debt securities may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans and debt securities are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current. We may make exceptions to this treatment if the loan has sufficient collateral value and is in the process of collection. As of June 30, 2025, there were fourteen loans from five issuers placed on non-accrual in the Company’s portfolio. As of December 31, 2024, there were eight loans from five issuers placed on non-accrual in the Company’s portfolio.

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

As of June 30, 2025
Percentage<br>of Total Percentage<br>of Total
First Lien Senior Secured Loan 1,606,552 60.4 % 1,577,960 58.9 %
Second Lien Senior Secured Loan 20,125 0.8 20,350 0.8
Subordinated Debt 92,775 3.5 91,052 3.4
Preferred Equity 136,203 5.1 180,711 6.8
Equity Interest 212,920 8.0 230,141 8.6
Warrants — — 820 0.0
Subordinated Notes in Investment Vehicles (1) 354,723 13.3 342,654 12.8
Preferred Equity Interest in Investment Vehicles (1) 9 0.0 1,342 0.1
Equity Interests in Investment Vehicles (1) 66,209 2.5 56,767 2.1
Cash and cash equivalents 27,843 1.0 27,843 1.0
Foreign cash 8,618 0.3 9,734 0.4
Restricted cash and cash equivalents 136,908 5.1 136,908 5.1
Total 2,662,885 100.0 % 2,676,282 100.0 %

All values are in US Dollars.

  • Represents debt and equity investment in ISLP and SLP

The following table shows the amortized cost and fair value of the investment portfolio, cash and cash equivalents and foreign cash as of December 31, 2024 (dollars in thousands):

As of December 31, 2024
Amortized<br>Cost Percentage<br>of Total Fair<br>Value Percentage<br>of Total
First Lien Senior Secured Loans $ 1,579,288 62.1 % $ 1,557,823 61.6 %
Second Lien Senior Secured Loans 48,720 1.9 30,104 1.2
Subordinated Debt 54,443 2.1 53,350 2.1
Preferred Equity 142,046 5.6 170,876 6.8
Equity Interests 219,052 8.6 230,615 9.1
Warrants — — 628 0.0
Subordinated Notes in Investment Vehicles (1) 337,224 13.2 337,224 13.3
Preferred Equity Interest in Investment Vehicles (1) 10 0.0 10 0.0
Equity Interests in Investment Vehicles (1) 66,207 2.6 50,559 2.0
Cash and cash equivalents 51,562 2.0 51,562 2.0
Foreign cash 2,640 0.1 1,963 0.1
Restricted cash and cash equivalents 45,541 1.8 45,541 1.8
Total $ 2,546,733 100.0 % $ 2,530,255 100.0 %
  • 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 June 30, 2025 (dollars in thousands):

As of June 30, 2025
Investment Performance Rating Percentage<br>of Total Number of<br>Companies (1) Percentage<br>of Total
1 4,984 0.2 % 1 0.5 %
2 2,385,732 95.3 172 93.0
3 96,419 3.9 7 3.8
4 14,662 0.6 5 2.7
Total 2,501,797 100.0 % 185 100.0 %

All values are in US Dollars.

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

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

As of December 31, 2024
Percentage of Number of Percentage of
Investment Performance Rating Fair Value Total Companies(1) Total
1 $ 2,491 0.1 % 1 0.6 %
2 2,344,745 96.4 156 92.8
3 62,149 2.6 6 3.6
4 21,804 0.9 5 3.0
Total $ 2,431,189 100 % 168 100 %
  • Number of investment rated companies may not agree to total portfolio companies due to investments across investment types and structures.

International Senior Loan Program, LLC

On February 9, 2021, the Company and Pantheon (“Pantheon”), a leading global alternative private markets manager, formed the International Senior Loan Program, LLC (“ISLP”), an unconsolidated joint venture. ISLP invests primarily in non-US first lien senior secured loans. ISLP was formed as a Delaware limited liability company. Equity contributions will be called from each member on a pro-rata basis, based on their equity commitments.

As of June 30, 2025, the Company had commitments with respect to its equity and subordinated note interests of ISLP in the aggregate amount of $254.3 million. The Company has contributed $254.3 million in capital and has $0.0 million in unfunded capital contributions. As of June 30, 2025, Pantheon had commitments with respect to its equity and subordinated note interests of ISLP in the aggregate amount of $149.2 million. Pantheon had contributed $149.2 million in capital and has $0.0 million in unfunded capital contributions. The Company and Pantheon each appointed two members to ISLP’s four-person Member Designees’ Committee. All material decisions with respect to ISLP, including those involving its investment portfolio, require unanimous approval of a quorum of Member Designees’ Committee. The Company does not consolidate its investments in ISLP as it is not a substantially wholly owned investment company subsidiary. In addition, the Company does not control ISLP due to the allocation of voting rights among ISLP members.

As of June 30, 2025, ISLP had $717.7 million in debt and equity investments, at fair value. The following table is a summary of ISLP’s portfolio at fair value:

As of As of
June 30, 2025 December 31, 2024
Total investments $ 717,686 $ 655,804
Weighted average yield on investments 10.1 % 10.6 %
Number of borrowers in ISLP 39 35
Largest portfolio company investment $ 53,839 $ 51,142
Total of five largest portfolio company investments $ 208,731 $ 196,173
Unfunded commitments $ — $ 3,907

Bain Capital Senior Loan Program, LLC

On February 9, 2022, the Company, and an entity advised by Amberstone Co., Ltd. (“Amberstone”), a credit focused investment manager that advises institutional investors, committed capital to a newly formed joint venture, Bain Capital Senior Loan Program, LLC (“SLP”). Pursuant to an amended and restated limited liability company agreement (the “LLC Agreement”) between the Company and Amberstone, each such party has a 50% economic ownership interest in SLP. SLP will seek to invest primarily in senior secured first lien loans of U.S. borrowers.

As of June 30, 2025, the Company’s investment in SLP consisted of subordinated notes of $151.9 million, preferred equity interests of $1.3 million and equity interests of $5.9 million. As of December 31, 2024, the Company’s investment in SLP consisted of subordinated notes of $146.5 million, preferred equity interests of $10.0 thousand and equity interests of ($4.8) million. The Company and Amberstone each appointed two members to SLP’s four-person Member Designees’ Committee. All material decisions with respect to SLP, including those involving its investment portfolio, require unanimous approval of a quorum of Member Designees’ Committee. The Company does not consolidate its investments in SLP as it is not a substantially wholly owned investment company subsidiary. In addition, the Company does not control SLP due to the allocation of voting rights among SLP members.

The following table is a summary of SLP’s portfolio at fair value:

As of As of
June 30, 2025 December 31, 2024
Total investments $ 1,518,682 $ 1,399,241
Weighted average yield on investments 10.2 % 10.6 %
Number of borrowers in SLP 87 100
Largest portfolio company investment $ 40,353 $ 35,681
Total of five largest portfolio company investments $ 183,580 $ 171,681
Unfunded commitments $ 1,545 $ 991

Results of Operations

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

For the Three Months Ended
June 30,
2025 2024
Total investment income $ 70,965 $ 72,271
Total expenses, net of fee waivers 39,299 38,004
Net investment income before taxes 31,666 34,267
Less: Income taxes, including excise tax 1,076 1,150
Net investment income 30,590 33,117
Net realized gain (loss) 3,322 (5,617 )
Net change in unrealized appreciation (10,190 ) 1,590
Net increase in net assets resulting from operations $ 23,722 $ 29,090

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

For the Six Months Ended
June 30,
2025 2024
Total investment income $ 137,804 $ 146,770
Total expenses, net of fee waivers 72,952 77,528
Net investment income before taxes 64,852 69,242
Less: Income taxes, including excise tax 2,152 2,175
Net investment income 62,700 67,067
Net realized loss (23,285 ) (1,684 )
Net change in unrealized appreciation 12,854 (1,198 )
Net increase in net assets resulting from operations $ 52,269 $ 64,185

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

Investment Income

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

For the Three Months Ended
June 30,
2025 2024
Interest income $ 54,226 $ 55,106
Dividend income 5,063 8,238
PIK income 7,518 5,786
Other income 4,158 3,141
Total investment income $ 70,965 $ 72,271

Interest income from investments, which includes interest and accretion of discounts and fees, decreased to $54.2 million for the three months ended June 30, 2025 from $55.1 million for the three months ended June 30, 2024, primarily due to a decrease in yield of the investment portfolio. Dividend income decreased to $5.1 million for the three months ended June 30, 2025 from $8.2 million for the three months ended June 30, 2024, primarily due to a decrease in dividend income from the SLP and ISLP and certain equity investments. PIK income increased to approximately $7.5 million for the three months ended June 30, 2025 from $5.8 million for the three months ended June 30, 2024, primarily due to an increase in the number of investments earning PIK income. Other income increased to approximately $4.2 million for the three months ended June 30, 2025 from $3.1 million for the three months ended June 30, 2024, primarily due to an increase in structuring, closing and commitment fees earned on certain investments.

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

For the Six Months Ended
June 30,
2025 2024
Interest income $ 105,054 $ 110,701
Dividend income 11,574 16,505
PIK income 14,143 11,168
Other income 7,033 8,396
Total investment income $ 137,804 $ 146,770

Interest income from investments, which includes interest and accretion of discounts and fees, decreased to $105.1 million for the six months ended June 30, 2025 from $110.7 million for the six months ended June 30, 2024, primarily due to a decrease in yield of the investment portfolio. Dividend income decreased to $11.6 million for the six months ended June 30, 2025 from $16.5 million for the six months ended June 30, 2024, primarily due to a decrease in dividend income from the SLP and ISLP. PIK income increased to approximately $14.1 million for the six months ended June 30, 2025 from $11.2 million for the six months ended June 30, 2024, primarily due to an increase in the number of investments earning PIK income. Other income decreased to approximately $7.0 million for the six months ended June 30, 2025 from $8.4 million for the six months ended June 30, 2024, primarily due to a decrease in amendment, prepayment and commitment fees earned on certain investments. As of June 30, 2025, the weighted average yield of our investment portfolio decreased to 11.4% from 13.1% as of June 30, 2024, at amortized cost.

Operating Expenses

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

For the Three Months Ended
June 30,
2025 2024
Interest and debt financing expenses $ 21,772 $ 17,631
Base management fee 9,257 8,769
Incentive fee 5,446 7,924
Professional fees 714 1,029
Directors fees 182 174
Other general and administrative expenses 1,928 2,477
Total expenses, net of fee waivers $ 39,299 $ 38,004

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

For the Six Months Ended
June 30,
2025 2024
Interest and debt financing expenses $ 40,676 $ 35,687
Base management fee 18,325 17,587
Incentive fee 7,668 17,156
Professional fees 1,428 1,830
Directors fees 356 348
Other general and administrative expenses 4,499 4,920
Total expenses, net of fee waivers $ 72,952 $ 77,528

Interest and Debt Financing Expenses

Interest and debt financing expenses on our borrowings totaled approximately $21.8 million and $17.6 million for the three months ended June 30, 2025 and 2024, respectively. Interest and debt financing expense for the three months ended June 30, 2025 as compared to June 30, 2024 increased primarily due to an increase in debt outstanding. Interest and debt financing expenses on our

borrowings totaled approximately $40.7 million and $35.7 million for the six months ended June 30, 2025 and 2024, respectively. Interest and debt financing expense for the six months ended June 30, 2025 as compared to June 30, 2024 increased primarily due to an increase in debt outstanding for the period. The weighted average principal debt balance outstanding for the three months ended June 30, 2025 was $1.6 billion compared to $1.2 billion for the three months ended June 30, 2024. The weighted average principal debt balance outstanding for the six months ended June 30, 2025 was $1.5 billion compared to $1.3 billion for the six months ended June 30, 2024.

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

Management Fee

Management fee (net of waivers) increased to $9.3 million for the three months ended June 30, 2025 from $8.8 million for the three months ended June 30, 2024. Management fee (gross of waivers) increased to $9.3 million for the three months ended June 30, 2025 from $8.8 million for the three months ended June 30, 2024, primarily due to an increase in total assets throughout the three months ended June 30, 2025 compared to the three months ended June 30, 2024. Management fee waived for the three months ended June 30, 2025 and 2024 was $0.0 million and $0.0 million, respectively.

Management fee (net of waivers) increased to $18.3 million for the six months ended June 30, 2025 from $17.6 million for the six months ended June 30, 2024. Management fee (gross of waivers) increased to $18.3 million for the six months ended June 30, 2025 from $17.6 million for the six months ended June 30, 2024, primarily due to an increase in total assets throughout the six months ended June 30, 2025 compared to the six months ended June 30, 2024. Management fee waived for the six months ended June 30, 2025 and 2024 was $0.0 million and $0.0 million, respectively.

Incentive Fee

Incentive fee (net of waivers) decreased to $5.4 million for the three months ended June 30, 2025 from $7.9 million for the three months ended June 30, 2024 primarily due to the incentive fee cap. Incentive fee waivers related to pre-incentive fee net investment income consisted of voluntary waivers of $0.0 million for the three months ended June 30, 2025 and $0.0 million for the three months ended June 30, 2024. For the three months ended June 30, 2025, there were no incentive fees related to the GAAP Incentive Fee. Incentive fee (net of waivers) decreased to $7.7 million for the six months ended June 30, 2025 from $17.2 million for the six months ended June 30, 2024 primarily due to the incentive fee cap. Incentive fee waivers related to pre-incentive fee net investment income consisted of voluntary waivers of $0.0 million for the six months ended June 30, 2025 and $0.0 million for the six months ended June 30, 2024. For the six months ended June 30, 2025, there were no incentive fees related to the GAAP Incentive Fee.

Professional Fees and Other General and Administrative Expenses

Professional fees and other general and administrative expenses decreased to $2.6 million for the three months ended June 30, 2025 from $3.5 million for the three months ended June 30, 2024, primarily due to a decrease in costs associated with servicing our investment portfolio.

Professional fees and other general and administrative expenses decreased to $5.9 million for the six months ended June 30, 2025 from $6.8 million for the six months ended June 30, 2024, primarily due to a decrease in costs associated with servicing our investment portfolio.

Net Realized and Unrealized Gains and Losses

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

For the Three Months Ended June 30,
Net realized gain on investments 5,515 2,528
Net realized loss on investments (1,365 ) (7,868 )
Net realized gain on foreign currency transactions 581 35
Net realized loss on foreign currency transactions — (481 )
Net realized gain on forward currency exchange contracts 220 169
Net realized loss on forward currency exchange contracts (1,629 ) —
Net realized gain (loss) 3,322 (5,617 )
Change in unrealized appreciation on investments 31,311 27,935
Change in unrealized depreciation on investments (27,911 ) (26,685 )
Net change in unrealized appreciation on investments 3,400 1,250
Unrealized appreciation on foreign currency translation 1,484 177
Unrealized appreciation on forward currency exchange contracts (15,074 ) 163
Net change in unrealized appreciation on foreign currency and forward currency exchange contracts (13,590 ) 340
Net change in unrealized appreciation (10,190 ) 1,590

All values are in US Dollars.

For the three months ended June 30, 2025 and 2024, we had net realized gains (losses) on investments of $4.2 million and ($5.3) million, respectively, which were primarily driven by full or partial sales or paydowns of our investments. For the three months ended June 30, 2025 and 2024, we had net realized gains (losses) on foreign currency transactions of $0.6 million and ($0.4) million, respectively, primarily as a result of fluctuations in the EUR, GBP, AUD and CAD exchange rates. For the three months ended June 30, 2025 and 2024, we had net realized gains (losses) on forward currency contracts of $(1.4) million and $0.2 million, respectively, primarily as a result of settling AUD, EUR, GBP and CAD forward contracts.

For the three months ended June 30, 2025, we had $31.3 million in unrealized appreciation on 77 portfolio company investments, which was offset by $27.9 million in unrealized depreciation on 102 portfolio company investments. Unrealized appreciation for the three months ended June 30, 2025 resulted from an increase in fair value, primarily due to positive valuation adjustments. Unrealized depreciation for the three months ended June 30, 2025 resulted from a decrease in fair value, primarily due to a widening of credit spreads and negative valuation adjustments.

For the three months ended June 30, 2024, we had $27.9 million in unrealized appreciation on 67 portfolio company investments, which was offset by $26.7 million in unrealized depreciation on 92 portfolio company investments. Unrealized appreciation for the three months ended June 30, 2024 resulted from an increase in fair value, primarily due to positive valuation adjustments. Unrealized depreciation for the three months ended June 30, 2024 resulted from a decrease in fair value, primarily due to a widening of credit spreads and negative valuation adjustments.

For the three months ended June 30, 2025 and 2024, we had unrealized appreciation on forward currency exchange contracts of ($15.1) million and $0.2 million, respectively. For the three months ended June 30, 2025, unrealized depreciation on forward currency exchange contracts was primarily due to AUD, EUR, GBP, CAD and NOK forward contracts.

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

For the Six Months Ended June 30,
Net realized gain on investments 6,834 9,738
Net realized loss on investments (26,637 ) (12,895 )
Net realized gain on foreign currency transactions 361 209
Net realized loss on foreign currency transactions (29 ) (632 )
Net realized gain on forward currency exchange contracts 381 1,949
Net realized loss on forward currency exchange contracts (4,195 ) (53 )
Net realized loss (23,285 ) (1,684 )
Change in unrealized appreciation on investments 75,347 43,336
Change in unrealized depreciation on investments (47,265 ) (45,907 )
Net change in unrealized appreciation on investments 28,082 (2,571 )
Unrealized appreciation on foreign currency translation 1,919 (31 )
Unrealized appreciation on forward currency exchange contracts (17,147 ) 1,404
Net change in unrealized appreciation on foreign currency and forward currency exchange contracts (15,228 ) 1,373
Net change in unrealized appreciation 12,854 (1,198 )

All values are in US Dollars.

For the six months ended June 30, 2025 and 2024, we had net realized (losses) on investments of ($19.8) million and ($3.2) million, respectively, which were primarily driven by full or partial sales or paydowns of our investments. For the six months ended June 30, 2025 and 2024, we had net realized gains (losses) on foreign currency transactions of $0.3 million and ($0.4) million, respectively, primarily as a result of fluctuations in the EUR, GBP, AUD, and CAD exchange rates. For the six months ended June 30, 2025 and 2024, we had net realized gains (losses) on forward currency contracts of ($3.8) million and $1.9 million, respectively, primarily as a result of settling AUD, EUR, GBP and NZD forward contracts.

For the six months ended June 30, 2025, we had $75.3 million in unrealized appreciation on 90 portfolio company investments, which was offset by $47.3 million in unrealized depreciation on 100 portfolio company investments. Unrealized appreciation for the six months ended June 30, 2025 resulted from an increase in fair value, primarily due to positive valuation adjustments. Unrealized depreciation for the six months ended June 30, 2025 resulted from a decrease in fair value, primarily due to a widening of credit spreads and negative valuation adjustments.

For the six months ended June 30, 2024, we had $43.3 million in unrealized appreciation on 74 portfolio company investments, which was offset by $45.9 million in unrealized depreciation on 85 portfolio company investments. Unrealized appreciation for the six months ended June 30, 2024 resulted from an increase in fair value, primarily due to positive valuation adjustments. Unrealized depreciation for the six months ended June 30, 2024 resulted from a decrease in fair value, primarily due to a widening of credit spreads and negative valuation adjustments.

For the six months ended June 30, 2025 and 2024, we had unrealized appreciation on forward currency exchange contracts of ($17.1) million and $1.4 million, respectively. For the six months ended June 30, 2025, unrealized depreciation on forward currency exchange contracts was primarily due to AUD, EUR, GBP, CAD and NZD forward contracts.

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

For the Three Months Ended June 30,
Net change in unrealized appreciation on investments due to foreign currency 10,592 543
Net realized gain (loss) on investments due to foreign currency 2,537 (330 )
Net change in unrealized appreciation on foreign currency translation 1,484 177
Net realized gain (loss) on foreign currency transactions 581 (446 )
Net change in unrealized appreciation on forward currency exchange contracts (15,074 ) 163
Net realized gain (loss) on forward currency exchange contracts (1,409 ) 169
Foreign currency impact to net increase (decrease) in net assets resulting from operations (1,289 ) 276

All values are in US Dollars.

Included in total net gains (losses) on the Consolidated Statements of Operations were gains (losses) of $15.2 million and ($0.1) million related to realized and unrealized gains and losses on investments, foreign currency holdings and non-investment assets and liabilities attributable to the changes in foreign currency exchange rates for the three months ended June 30, 2025 and 2024, respectively. Including the total net realized and unrealized gains (losses) on forward currency exchange contracts of ($16.5) million and $0.3 million, respectively, included in the above table, the net impact of foreign currency on total net gains (losses) on the Consolidated Statements of Operations is ($1.3) million and $0.3 million for the three months ended June 30, 2025 and 2024, respectively.

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

For the Six Months Ended June 30,
Net change in unrealized appreciation on investments due to foreign currency 14,771 (1,683 )
Net realized gain (loss) on investments due to foreign currency 2,476 (182 )
Net change in unrealized appreciation on foreign currency translation 1,919 (31 )
Net realized gain (loss) on foreign currency transactions 332 (423 )
Net change in unrealized appreciation on forward currency exchange contracts (17,147 ) 1,404
Net realized gain (loss) on forward currency exchange contracts (3,814 ) 1,896
Foreign currency impact to net increase (decrease) in net assets resulting from operations (1,463 ) 981

All values are in US Dollars.

Included in total net gains (losses) on the Consolidated Statements of Operations were gains (losses) of $19.5 million and ($2.3) 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 six months ended June 30, 2025 and 2024, respectively. Including the total net realized and unrealized gains (losses) on forward currency exchange contracts of ($21.0) million and $3.3 million, respectively, included in the above table, the net impact of foreign currency on total net gains (losses) on the Consolidated Statements of Operations is ($1.5) million and $1.0 million for the six months ended June 30, 2025 and 2024, respectively.

Interest Rate Swaps

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

Net Increase (Decrease) in Net Assets Resulting from Operations

For the three months ended June 30, 2025 and 2024, the increase in net assets resulting from operations was $23.7 million and $29.1 million, respectively. Based on the weighted average shares of common stock outstanding for the three months ended June 30, 2025 and 2024, our per share net increase in net assets resulting from operations was $0.37 and $0.45, respectively.

For the six months ended June 30, 2025 and 2024, the increase in net assets resulting from operations was $52.3 million and $64.2 million, respectively. Based on the weighted average shares of common stock outstanding for the six months ended June 30, 2025 and 2024, our per share net increase in net assets resulting from operations was $0.81 and $1.00, respectively.

Financial Condition, Liquidity and Capital Resources

Our liquidity and capital resources are derived primarily from proceeds from equity issuances, advances from our credit facilities, 2019‑1 Debt, March 2026 Notes, October 2026 Notes, March 2030 Notes, the Sumitomo Credit Facility and cash flows from operations. The primary uses of our cash are for (1) investments in portfolio companies and other investments and to comply with certain portfolio diversification requirements; (2) debt service, repayment, and other financing costs; (3) cash distributions to the holders of our common stock; and (4) the cost of operations (including payments to the Advisor under the Investment Advisory and Administration Agreements).

We intend to continue to generate cash primarily from cash flows from operations, future borrowings and future offerings of securities. We may from time to time raise additional equity or debt capital through registered offerings, enter into additional debt facilities, or increase the size of existing facilities or issue debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. We are required to meet an asset coverage ratio, defined under the 1940 Act as the ratio of our total assets (less all liabilities and indebtedness not represented by senior securities) to our outstanding senior securities, of at least 150% after each issuance of senior securities. As of June 30, 2025 and December 31, 2024, our asset coverage ratio was 172.4% and 181.7%, respectively.

At June 30, 2025 and December 31, 2024, we had $174.5 million and $99.1 million in cash, foreign cash, restricted cash and cash equivalents, respectively.

At June 30, 2025, we had approximately $592.0 million of availability on our Sumitomo Credit Facility, subject to existing terms and regulatory requirements. At December 31, 2024 we had approximately $412.3 million of availability on our Sumitomo Credit Facility subject to existing terms and regulatory requirements.

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

For the six months ended June 30, 2024, cash, foreign cash, restricted cash, and cash equivalents decreased by $14.4 million. During the six months ended June 30, 2024, we provided $128.7 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 $747.4 million and a net increase in assets resulting from operations of $64.2 million, which was offset by the purchases of investments of $682.2 million.

During the three and six months ended June 30, 2024, we used $142.6 million for financing activities, primarily on repayments of our Sumitomo Credit Facility of $380.3 million, and distributions paid during the period of $56.2 million, partially offset by borrowings of $297.0 million.

Equity

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

On May 7, 2019, the Company’s Board authorized the Company to repurchase up to $50 million of its outstanding common stock in accordance with safe harbor rules under the Exchange Act. Any such repurchases will depend upon market conditions and there is no guarantee that the Company will repurchase any particular number of shares or any shares at all. As of June 30, 2025, there have been no repurchases of common stock.

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

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

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

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

Debt

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

As of June 30, 2025 As of December 31, 2024
2019-1 Debt 352,500 352,500 351,423 352,500 352,500 351,359
March 2026 Notes 300,000 300,000 299,216 300,000 300,000 298,656
October 2026 Notes 300,000 300,000 298,236 300,000 300,000 297,556
March 2030 Notes 350,000 350,000 350,703 — — —
Sumitomo Credit Facility 855,000 263,000 263,000 855,000 442,699 442,699
Total Debt 2,157,500 1,565,500 1,562,578 1,807,500 1,395,199 1,390,270

All values are in US Dollars.

  • Carrying value represents aggregate principal amount outstanding less unamortized debt issuance costs.

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

Distribution Policy

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

Amount Total
Date Declared Record Date Payment Date Per Share Distributions
February 27, 2025 March 17, 2025 March 31, 2025 $ 0.42 $ 27,245
February 27, 2025 March 17, 2025 March 31, 2025 $ 0.03 $ 1,946 (1)
May 5, 2025 June 16, 2025 June 30, 2025 $ 0.42 $ 27,245
May 5, 2025 June 16, 2025 June 30, 2025 $ 0.03 $ 1,946 (1)
Total distributions declared $ 0.90 $ 58,382

(1) Represents a special dividend.

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

Amount Total
Date Declared Record Date Payment Date Per Share Distributions
February 27, 2024 March 28, 2024 April 30, 2024 $ 0.42 $ 27,116
February 27, 2024 March 28, 2024 April 30, 2024 $ 0.03 $ 1,937 (1)
May 6, 2024 June 28, 2024 July 29, 2024 $ 0.42 $ 27,116
May 6, 2024 June 28, 2024 July 29, 2024 $ 0.03 $ 1,937 (1)
Total distributions declared $ 0.90 $ 58,106

(1) Represents a special dividend.

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

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

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

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

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

Commitments and Off-Balance Sheet Arrangements

We may become a party to financial instruments with off-balance sheet risk in the normal course of our business to fund investments and to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized on the statements of assets and liabilities.

Related Party Transactions

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

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

Recent Developments

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

Significant Accounting Estimates and Critical Accounting Policies

Basis of Presentation

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

Use of Estimates

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

Revenue Recognition

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

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

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

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

Valuation of Portfolio Investments

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

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

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

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

  • The Company’s quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of the Advisor responsible for the portfolio investment;
  • Preliminary valuation conclusions are then documented and discussed with the Company’s senior management and the Advisor;
  • Generally investments that constitute a material portion of the Company’s portfolio are periodically reviewed by an independent valuation firm; and
  • The Board and Audit Committee provide oversight with respect to the valuation process, including requesting such materials as they deem appropriate.

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

Contractual Obligations

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

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

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

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

The following table shows the contractual maturities of our debt obligations as of June 30, 2025 (dollars in thousands):

Payments Due by Period
Less than More than
5 years
2019-1 Debt 352,500 — — — $ 352,500
March 2026 Notes 300,000 300,000 — — —
October 2026 Notes 300,000 — 300,000 — —
March 2030 Notes 350,000 — — 350,000 —
Sumitomo Credit Facility 263,000 — — 263,000 —
Total Debt Obligations 1,565,500 300,000 300,000 613,000 $ 352,500

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 June 30, 2025 were to remain constant and that we took no actions to alter our existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates (dollars in thousands):

Net Increase
Increase Increase (Decrease) in Net
(Decrease) in (Decrease) in Investment
Change in Interest Rates Interest Income Interest Expense Income
Down 100 Basis Points $ (17,454 ) $ (9,655 ) $ (6,434 )
Down 200 Basis Points (34,642 ) (19,310 ) (12,649 )
Down 300 Basis Points (50,949 ) (28,965 ) (18,137 )
Up 100 Basis Points 17,493 9,655 6,466
Up 200 Basis Points 34,987 19,310 12,934
Up 300 Basis Points 52,480 28,965 19,400

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 June 30, 2025 (the end of the period covered by this report), our management has carried out an evaluation, under the supervision of and with the participation of our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a‑15 and 15d‑15(e) under the Exchange Act). Based on that evaluation our Chief Executive Officer and Chief Financial Officer have concluded that our current disclosure controls and procedures are effective to provide reasonable assurance that information required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our Chief Executive Officer and Chief Financial Officer as appropriate to allow timely decisions regarding required disclosure. In designing and evaluating our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and management necessarily applies its judgment in evaluating the benefits of possible controls and procedures relative to their costs.

Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal control over financial reporting, as defined in Rules 13a‑15(f) and 15d‑15(f) under the Exchange Act, that occurred during our most recently completed fiscal quarter ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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 six months ended June 30, 2025 (and are numbered in accordance with Item 601 of Regulation S-K under the Securities Act).

Exhibit<br>Number Description of Document
3.1 Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form 10 (File No. 000‑55528) filed on October 6, 2016).
3.2 Bylaws (incorporated by reference to Exhibit 3.2 to the Company’s Registration Statement on Form 10 (File No. 000‑55528) filed on October 6, 2016).
4.1 Dividend Reinvestment Plan (incorporated by reference to Exhibit 10.5 to the Company’s Registration Statement on Form 10 (File No. 000‑55528) filed on October 6, 2016).
10.1 Second Amended and Restated Investment Advisory Agreement, dated November 28, 2018, by and between the Company and the Advisor (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8‑K (File No. 814‑01175), filed on February 1, 2019).
10.2 Administration Agreement, dated October 6, 2016, by and between the Company and the Administrator (incorporated by reference to Exhibit 10.2 to the Company’s Registration Statement on Form 10 (File No. 000‑55528) filed on October 6, 2016).
10.3 Form of Advisory Fee Waiver Agreement by and between the Company and the Advisor (incorporated by reference to Exhibit 10.3 to the Company’s Registration Statement on Form 10 (File No. 000‑55528) filed on October 6, 2016).
10.4 Indenture, dated as of September 28, 2018, between BCC Middle Market CLO 2018‑1, LLC, as issuer, and Wells Fargo Bank, National Association, as trustee (incorporated by reference to Exhibit 10.9 to the Company’s Quarterly Report on Form 10‑Q (File No. 814‑01175), filed on October 17, 2018).
10.5 Portfolio Management Agreement, dated as of September 28, 2018, by and between BCC Middle Market CLO 2018‑1, LLC, as issuer, and Bain Capital Specialty Finance, Inc., as portfolio manager (incorporated by reference to Exhibit 10.10 to the Company’s Quarterly Report on Form 10‑Q (File No. 814‑01175), filed on October 17, 2018).
10.6 Loan Sale Agreement, dated as of September 28, 2018, by and between BCC Middle Market CLO 2018‑1, LLC, as issuer, and Bain Capital Specialty Finance, Inc., as the transferor (incorporated by reference to Exhibit 10.11 to the Company’s Quarterly Report on Form 10‑Q (File No. 814‑01175), filed on October 17, 2018).
10.7 Collateral Administration Agreement, dated as of September 28, 2018, by and between BCC Middle Market CLO 2018‑1, LLC, as issuer, Bain Capital Specialty Finance, Inc., as portfolio manager, and Wells Fargo Bank, National Association, as collateral administrator (incorporated by reference to Exhibit 10.12 to the Company’s Quarterly Report on Form 10‑Q (File No. 814‑01175), filed on October 17, 2018).
10.8 Master Participation Agreement, dated as of September 28, 2018, by and between BCSF I, LLC, as financing subsidiary, and BCC Middle Market CLO 2018‑1, LLC, as issuer (incorporated by reference to Exhibit 10.13 to the Company’s Quarterly Report on Form 10‑Q (File No. 814‑01175), filed on October 17, 2018).
Exhibit<br>Number Description of Document
--- ---
10.9 Amended and Restated Indenture, dated as of November 30, 2021, between BCC Middle Market CLO 2019-1, LLC, as issuer, BCC Middle Market CLO 2019-1 Co-Issuer, LLC, as co-issuer and Wells Fargo Bank, National Association, as trustee. (incorporated by reference to Exhibit 10.10 to the Company’s Quarterly Report on Form 10-Q (File No. 814-01175), filed on May 5, 2022).
10.10 First Supplemental Indenture, dated as of August 2, 2022, between BCC Middle Market CLO 2019-1, LTD. (f/k/a BCC Middle Market CLO 2019-1, LLC), as Issuer, and Bain Capital Specialty Finance, in its capacity as Portfolio Manager under the Agreement on behalf of the Issuer, and together with its successors in such capacity, the “Portfolio Manager” (incorporated by reference to Exhibit 10.11 to the Company’s Annual Report on Form 10-K (File No. 814-01175) filed on February 28, 2023).
10.11 Amended and Restated Portfolio Management Agreement, dated as of November 30, 2021, by and between BCC Middle Market CLO 2019-1, LLC, as issuer, and Bain Capital Specialty Finance, Inc., as portfolio manager. (incorporated by reference to Exhibit 10.11 to the Company’s Quarterly Report on Form 10-Q (File No. 814-01175), filed on May 5, 2022).
10.12 First Amendment to Amended and Restated Portfolio Management Agreement, dated as of August 2, 2022, between BCC Middle Market CLO 2019-1, LTD. (f/k/a BCC Middle Market CLO 2019-1, LLC), as Issuer, BCC Middle Market CLO 2019-1 Co-Issuer, LLC, as Co-Issuer, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 10.13 to the Company’s Annual Report on Form 10-K (File No. 814-01175) filed on February 28, 2023).
10.13 Loan Sale Agreement, dated as of August 28, 2019, by and between BCC Middle Market CLO 2019‑1, LLC, as issuer, and Bain Capital Specialty Finance, Inc., as the transferor (incorporated by reference to Exhibit 10.18 to the Company’s Quarterly Report on Form 10‑Q (File No. 814‑01175), filed on November 6, 2019).
10.14 Collateral Administration Agreement, dated as of August 28, 2019, by and between BCC Middle Market CLO 2019‑1, LLC, as issuer, Bain Capital Specialty Finance, Inc., as portfolio manager, and Wells Fargo Bank, National Association, as collateral administrator (incorporated by reference to Exhibit 10.19 to the Company’s Quarterly Report on Form 10‑Q (File No. 814‑01175), filed on November 6, 2019).
10.15 Master Participation Agreement, dated as of August 28, 2019, by and between BCSF I, LLC, as financing subsidiary, and BCC Middle Market CLO 2019‑1, LLC, as issuer (incorporated by reference to Exhibit 10.20 to the Company’s Quarterly Report on Form 10‑Q (File No. 814‑01175), filed on November 6, 2019).
10.16 Master Participation Agreement, dated as of August 28, 2019, by and between BCSF II-C, LLC, as financing subsidiary, and BCC Middle Market CLO 2019‑1, LLC, as issuer (incorporated by reference to Exhibit 10.21 to the Company’s Quarterly Report on Form 10‑Q (File No. 814‑01175), filed on November 6, 2019).
10.17 Revolving Loan Agreement, dated March 27, 2020, by and between the Company, as Borrower, and BCSF Advisors, LP, as Lender (incorporated by reference to Exhibit 10.26 to the Company’s Quarterly Report on Form 10‑Q (File No. 814‑01175), filed on May 4, 2020).
10.18 Amended and Restated Limited Liability Company Agreement, dated February 9, 2021, of International Senior Loan Program, LLC, by and among the Company, Pantheon Private Debt Program SCSp SICAV—RAIF—Pantheon Senior Debt Secondaries II (USD), Pantheon Private Debt Program SCSp SICAV—RAIF—Tubera Credit 2020, Solutio Premium Private Debt I SCSp and Solutio Premium Private Debt II Master SCSp (incorporated by reference to Exhibit 10.31 to the Company’s Annual Report on Form 10-K (File No. 814-01175) filed on February 24, 2021).
10.19 Underwriting Agreement, dated March 3, 2021, by and among Bain Capital Specialty Finance, Inc., BCSF Advisors, LP and Goldman Sachs & Co. LLC, as the representative of the underwriters (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K (File No. 814-01175), filed on March 5, 2021).
10.20 Indenture, dated as of March 10, 2021, by and between the Company and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K (File No. 814-01175), filed on March 10, 2021).
Exhibit<br>Number Description of Document
--- ---
10.21 First Supplemental Indenture, dated as of March 10, 2021, relating to the 2.950% Notes due 2026, by and between the Company and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 99.2 to the Company’s Current Report on Form 8-K (File No. 814-01175), filed on March 10, 2021).
10.22 Form of 2.950% Notes due 2026 (incorporated by reference to Exhibit 99.2 to the Company’s Current Report on Form 8-K (File No. 814-01175), filed on March 10, 2021).
10.23 Underwriting Agreement, dated October 5, 2021, by and among Bain Capital Specialty Finance, Inc., BCSF Advisors, LP, and Goldman Sachs & Co. LLC and SMBC Nikko Securities America Inc., as the representative of the underwriters (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K (File No. 814-01175), filed on October 6, 2021).
10.24 Second Supplemental Indenture, dated as of October 13, 2021, relating to the 2.550% Notes due 2026, by and between the Company and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K (File No. 814-01175), filed on October 13, 2021).
10.25 Form of 2.550% Notes due 2026 (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K (File No. 814-01175), filed on October 13, 2021).
10.26 Revolving Credit Agreement, dated as of December 24, 2021, by and among the Company as Borrower, with Sumitomo Mitsui Banking Corporation, as Administrative Agent and Sole Book Runner, and with Sumitomo Mitsui Banking Corporation and MUFG Union Bank, N.A., as Joint Lead Arrangers (incorporated by reference to Exhibit 10.41 to the Company’s Annual Report on Form 10-K (File No. 814-01175) filed on February 23, 2022).
10.27 First Amendment dated as of July 6, 2022 to Revolving Credit Agreement, dated as of December 24, 2021, by and among the Company as Borrower, with Sumitomo Mitsui Banking Corporation, as Administrative Agent and Sole Book Runner, and with Sumitomo Mitsui Banking Corporation and MUFG Union Bank, N.A., as Joint Lead Arrangers. (incorporated by reference to Exhibit 10.26 to the Company’s Quarterly Report on Form 10-Q (File No.814-01175) filed on November 9, 2022).
10.28 Increasing Lender/Joinder Lender Agreement, dated as of December 14, 2022, between the Company, the Lenders and Issuing Banks from time to time party thereto and Sumitomo Mitsui Banking Corporation, as Administrative Agent (in such capacity, the “Administrative Agent”); and (b) the Notice of Commitment Increase Request, dated as of December 14, 2022, provided by the Company to the Administrative Agent (the “Notice”) (incorporated by reference to Exhibit 10.29 to the Company’s Annual Report on Form 10-K (File No. 814-01175) filed on February 28, 2023).
10.29 Increasing Lender/Joinder Lender Agreement dated as of July 22, 2022, pursuant to Section 2.08(e) of the Revolving Credit Agreement, dated as of December 24, 2021, by and among the Company as Borrower, with Sumitomo Mitsui Banking Corporation, as Administrative Agent and Sole Book Runner, and with Sumitomo Mitsui Banking Corporation and MUFG Union Bank, N.A., as Joint Lead Arrangers. (Incorporated by reference to Exhibit 10.28 to the Company’s Quarterly Report on Form 10 Q (File No. 814 01175), filed on August 3, 2022).
10.30 Second Amendment dated as of August 24, 2022 to Revolving Credit Agreement, dated as of December 24, 2021, by and among the Company as Borrower, with Sumitomo Mitsui Banking Corporation, as Administrative Agent and Sole Book Runner, and with Sumitomo Mitsui Banking Corporation and MUFG Union Bank, N.A., as Joint Lead Arrangers. (incorporated by reference to Exhibit 10.28 to the Company’s Quarterly Report on Form 10-Q (File No.814-01175) filed on November 9, 2022).
10.31 Third Amendment dated as of May 20, 2024 to Revolving Credit Agreement, dated as of December 24, 2021, by and among the Company as Borrower, with Sumitomo Mitsui Banking Corporation, as Administrative Agent and Sole Book Runner, and with Sumitomo Mitsui Banking Corporation and MUFG Union Bank, N.A., as Joint Lead Arrangers. (incorporated by reference to Exhibit 10.32 to the Company’s Quarterly Report on Form 10-Q (File No.814-01175) filed on August 6, 2024).
10.32 Amended and Restated Limited Liability Company Agreement, dated December 27, 2021, of Bain Capital Senior Loan Program, LLC. (incorporated by reference to Exhibit 10.42 to the Company’s Annual Report on Form 10-K (File No. 814-01175) filed on February 23, 2022).
Exhibit<br>Number Description of Document
--- ---
10.33 First Supplemental Indenture dated as of June 15, 2023 among BCC Middle Market CLO 2018-1, LLC, as issuer, and Wells Fargo Bank, National Association, as trustee. (incorporated by reference to Exhibit 10.33 to the Company’s Quarterly Report on Form 10-Q (File No.814-01175) filed on August 8, 2023).
10.34 Second Supplemental Indenture dated as of June 15, 2023 among BCC Middle Market CLO 2019-1, Ltd., as issuer, BCC Middle Market CLO 2019-1 Co-Issuer, LLC, as co-issuer, and Wells Fargo Bank, National Association, as trustee. (incorporated by reference to Exhibit 10.34 to the Company’s Quarterly Report on Form 10-Q (File No.814-01175) filed on August 8, 2023).
10.35 Amendment dated September 11, 2023 to the Amended and Restated Limited Liability Company Agreement, dated February 9, 2021, of International Senior Loan Program, LLC, by and among the Company, Pantheon Private Debt Program SCSp SICAV—RAIF—Pantheon Senior Debt Secondaries II (USD), Pantheon Private Debt Program SCSp SICAV—RAIF—Tubera Credit 2020, Solutio Premium Private Debt I SCSp and Solutio Premium Private Debt II Master SCSp. (incorporated by reference to Exhibit 10.35 to the Company’s Quarterly Report on Form 10-Q (File No.814-01175) filed on November 6, 2023).
10.36 Second Amendment dated December 14, 2023 to the Amended and Restated Limited Liability Company Agreement, dated February 9, 2021, as amended on September 8, 2021 of International Senior Loan Program, LLC, by and among the Company, Pantheon Private Debt Program SCSp SICAV—RAIF—Pantheon Senior Debt Secondaries II (USD), Pantheon Private Debt Program SCSp SICAV—RAIF—Tubera Credit 2020, Solutio Premium Private Debt I SCSp, Solutio Premium Private Debt II Master SCSp, Pantheon Private Debt Program SICAV—RAIF—Pantheon Senior Debt Secondaries II (EUR) and Pantheon Private Debt Program SICAV—RAIF—Pantheon Senior Debt Secondaries II (GBP) (incorporated by reference to Exhibit 10.36 to the Company’s Annual Report on Form 10-K (File No. 814-01175) filed on February 27, 2024).
10.37 International Senior Loan Program, LLC Consolidated Financial Statements for year ending December 31, 2024. (incorporated by reference to Exhibit 10.37 to the Company’s Annual Report on Form 10-K (File No. 814-01175) filed on February 27, 2024).
10.38 Third Supplemental Indenture, dated as of February 6, 2025, relating to the 5.950% Notes due 2030, by and between the<br>Company and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to the<br>Company’s Current Report on Form 8-K (File No. 814-01175) filed on February 6, 2025).
10.39 Underwriting Agreement, dated January 30, 2025, by and among Bain Capital Specialty Finance, Inc.,<br>BCSF Advisors, LP, and SMBC Nikko Securities America, Inc., Wells Fargo Securities, LLC, BNP Paribas Securities<br>Corp. and Santander US Capital Markets LLC, as the representative of the underwriters (incorporated by reference to<br>Exhibit 99.1 to the Company’s Current Report on Form 8-K (File No. 814-01175) filed on February 3, 2025).
10.40 Form of Equity Distribution Agreement (incorporated by reference to Exhibit 1.1 to the Company’s Current Report on<br>Form 8-K (File No. 814-01175), filed on March 4, 2025).
10.41 Second Amended and Restated Indenture, dated as of July 2, 2025, by and among BCC Middle Market CLO 2019-1, Ltd., as issuer, BCC Middle Market CLO 2019-1 Co-Issuer, LLC, as co-issuer, and Wells Fargo Bank, National Association, as trustee (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 814-01175), filed on July 7, 2025).
10.42 Second Amended and Restated Portfolio Management Agreement, dated as of July 2, 2025, by and between BCC Middle Market CLO 2019-1, Ltd., as issuer, and Bain Capital Specialty Finance, Inc., as portfolio manager(incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K (File No. 814-01175), filed on July 7, 2025).
10.43 Custody Agreement, dated April 28, 2025, by and between Bain Capital Specialty Finance, Inc. and U.S. Bank Trust Company (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8‑K (File No. 814‑01175), filed on May 2, 2025).
Exhibit<br>Number Description of Document
--- ---
10.44 Document Custody Agreement, dated April 28, 2025, by and between Bain Capital Specialty Finance, Inc. and U.S. Bank Trust Company (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8‑K (File No. 814‑01175), filed on May 2, 2025).
23.1 Consent of Independent Registered Public Accounting Firm (incorporated by reference to Exhibit 23.1 to the Company’s Annual Report on Form 10-K (File No. 814-01175) filed on February 27, 2025).
24.1 Powers of Attorney (incorporated by reference to Exhibit 24.1 to the Company’s Annual Report on Form 10-K (File No. 814-01175) filed on February 27, 2025).
31.1* Certification of Chief Executive Officer pursuant to Rule 13a‑14 under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, as amended.
31.2* Certification of Chief Financial Officer pursuant to Rule 13a‑14 under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, as amended.
32* Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended.
101.INS* XBRL Instance Document
101.SCH* Inline XBRL Taxonomy Extension Schema Document.
101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF* Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.LAB* Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE* Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104 Cover Page Interactive Data File - The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

* Filed herewith.

SIGNATURES

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

Bain Capital Specialty Finance, Inc.
Date: August 5, 2025 By: /s/ Michael A. Ewald
Name: Michael A. Ewald
Title: Chief Executive Officer
Date: August 5, 2025 By: /s/ Amit Joshi
--- --- ---
Name: Amit Joshi
Title: Chief Financial Officer

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: August 5, 2025

/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: August 5, 2025

/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 period ended June 30, 2025, 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: August 5, 2025

/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.

Report a Problem

Category
Description
Email (optional, for follow-up)