# EDGAR Filing Document

**Accession Number:** 0002061174
**File Stem:** 0001193125-26-225588
**Filing Date:** 2026-5
**Character Count:** 181129
**Document Hash:** 64a5ba1f19a3c7884635d58f1c45a5f2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-225588.hdr.sgml**: 20260515

**ACCESSION NUMBER**: 0001193125-26-225588

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 61

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260515

**DATE AS OF CHANGE**: 20260515

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Sound Point Direct Lending BDC
- **CENTRAL INDEX KEY:** 0002061174

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01938
- **FILM NUMBER:** 26983287

**BUSINESS ADDRESS:**
- **STREET 1:** C/O SOUND POINT CAPITAL MANAGEMENT, LP
- **STREET 2:** 375 PARK AVENUE, 33RD FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10152
- **BUSINESS PHONE:** 212-895-2280

**MAIL ADDRESS:**
- **STREET 1:** C/O SOUND POINT CAPITAL MANAGEMENT, LP
- **STREET 2:** 375 PARK AVENUE, 33RD FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10152

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Sound Point BDC
- **DATE OF NAME CHANGE:** 20250317

?xml version='1.0' encoding='ASCII'? 10-Q

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

------

**FORM** 10-Q

------

 **(Mark One)** 

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

**For the quarterly period ended** **March 31,** 2026

**OR** 

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

**Commission File Number** 814-01938

------

Sound Point Direct Lending BDC

**(Exact name of Registrant as specified in its Charter)**

------

---

| | |
|:---|:---|
| Delaware | 33-4342329 |
| **(State or other jurisdiction of**<br>**incorporation or organization)** | **(I.R.S. Employer**<br>**Identification No.)** |
| 375 Park Avenue**,** **34**<sup>th</sup> **Floor**<br>New York**,** New York | 10152 |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code: (**212**)** 895-2280

------

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

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br>**Symbol(s)** | **Name of each exchange on which registered** |

---

Securities registered pursuant to Section 12(g) of the Act: Common Shares of Beneficial Interest, par value $0.001 per share

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, 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 ☒

The issuer had 5,442,551 shares of beneficial interest, $0.001 par value per share, outstanding as of May 15, 2026.

------

**Table of Contents**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| [**<u>PART I</u>**](#part_i_financial_information) | [**<u>FINANCIAL INFORMATION</u>**](#part_i_financial_information) |  |
| &nbsp;&nbsp;&nbsp;Item 1. | [<u>Consolidated Financial Statements</u>](#item_1_consolidated_financial) | 3 |
|  | [<u>Consolidated Statements of Assets and Liabilities as of March 31, 2026 (Unaudited) and December 31, 2025</u>](#assets_and_liabilities) | 3 |
|  | [<u>Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (Unaudited)</u>](#statement_of_operations) | 4 |
|  | [<u>Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2026 and 2025 (Unaudited)</u>](#changes_in_partners_capital) | 5 |
|  | [<u>Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (Unaudited)</u>](#cash_flows) | 6 |
|  | [<u>Consolidated Schedules of Investments as of March 31, 2026 (Unaudited) and December 31, 2025</u>](#consolidated_schedule_of_investments_1) | 7 |
|  | [<u>Notes to Consolidated Financial Statements (Unaudited)</u>](#notes_to_fs) | 19 |
| &nbsp;&nbsp;&nbsp;Item 2. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item_7_managements_discussion) | 37 |
| &nbsp;&nbsp;&nbsp;Item 3. | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#item_7a_quantitative_and_qualitative) | 45 |
| &nbsp;&nbsp;&nbsp;Item 4. | [<u>Controls and Procedures</u>](#item_9a_controls_and_procedures) | 46 |
| [**<u>PART II</u>**](#part_ii_other_information) | [**<u>OTHER INFORMATION</u>**](#part_ii_other_information) |  |
| &nbsp;&nbsp;&nbsp;Item 1. | [<u>Legal Proceedings</u>](#item_1_legal_proceedings) | 47 |
| &nbsp;&nbsp;&nbsp;Item 1A. | [<u>Risk Factors</u>](#item_1a_risk_factors) | 47 |
| &nbsp;&nbsp;&nbsp;Item 2. | [<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#item_2_unregistered) | 47 |
| &nbsp;&nbsp;&nbsp;Item 3. | [<u>Defaults Upon Senior Securities</u>](#item_3_default) | 47 |
| &nbsp;&nbsp;&nbsp;Item 4. | [<u>Mine Safety Disclosures</u>](#item_4_mine_safety) | 47 |
| &nbsp;&nbsp;&nbsp;Item 5. | [<u>Other Information</u>](#item_5_other) | 47 |
| &nbsp;&nbsp;&nbsp;Item 6. | [<u>Exhibits, Consolidated Financial Statement Schedules</u>](#item_15_exhibits_financial_statement) | 48 |
|  | [<u>Signatures</u>](#signatures) |  |

---

------

**PART I. FINANCIAL INFORMATION**

**Item 1. Consolidated Financial Statements**

**SOUND POINT DIRECT LENDING BDC**

**CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES**

**(in thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
|  | **(Unaudited)** |  |
| **ASSETS** |  |  |
| Investments at fair value: |  |  |
| Non-controlled/non-affiliated investments, at fair value (amortized cost of $217,781 and $99,681 respectively) | $217261 | $99713 |
| Cash | 179 | 680 |
| Cash equivalents | 15526 | 52011 |
| Interest receivable | 652 | 162 |
| Deferred offering costs | 182 | 238 |
| Deferred financing costs | 2375 | 2531 |
| Prepaid expenses and other assets | 66 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $236241 | $155425 |
| **LIABILITIES** |  |  |
| Debt | 145271 | 66971 |
| Interest payable | 1254 | 205 |
| Distributions payable | 2104 |  |
| Due to affiliates | 359 | 358 |
| Management fees payable | 279 | 29 |
| Accrued professional fees | 186 | 131 |
| Accrued administration expense | 166 | 41 |
| Accrued expenses and other liabilities | 139 | 677 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | $149758 | $68412 |
| Commitments and contingencies (Note 8) |  |  |
| **NET ASSETS** |  |  |
| Common shares, $0.001 par value, unlimited common shares authorized; 3,506,476 and 3,506,476 shares issued and outstanding at March 31, 2026 and December 31, 2025) | $4 | $4 |
| Paid-in capital in excess of par value | 87627 | 87627 |
| Accumulated net distributable earnings | (1148) | (618) |
| **Total Net Assets** | $86483 | $87013 |
| **Total Liabilities and Net Assets** | $236241 | $155425 |
| **Net Asset Value Per Share** | $24.66 | $24.81 |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

------

**SOUND POINT DIRECT LENDING BDC**

**CONSOLIDATED STATEMENT OF OPERATIONS**

**(Unaudited)**

**(in thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025**<sup>(1)</sup> |
| **Investment income:** |  |  |
| From non-controlled/non-affiliated investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | $4895 | $— |
| **Total investment income** | 4895 |  |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Organization costs |  | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 2115 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 62 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration expense | 128 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | 249 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Board of trustees' fees | 60 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Custody expense | 19 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other general and administrative expenses | 136 |  |
| **Total expenses** | 2769 | 173 |
| **Net investment income (loss)** | 2126 | (173) |
| **Realized and unrealized gain (loss) on investments:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments | (552) |  |
| **Total net realized and unrealized gain (loss) on investments:** | (552) |  |
| **Net increase (decrease) in net assets resulting from operations** | $1574 | $(173) |
| **Per share information - basic and diluted:** |  |  |
| Net investment income (loss) | $0.61 | $— |
| Net increase (decrease) in net assets resulting from operations per share | $0.45 | $— |
| Distributions declared per share | $0.60 | $— |
| Weighted average shares outstanding | 3506476 |  |

---

<sup>(1)</sup> For the period from March 14, 2025 (inception) to March 31, 2025.

*The accompanying notes are an integral part of these consolidated financial statements.*

------

**SOUND POINT DIRECT LENDING BDC**

**CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS**

**(Unaudited)**

**(in thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** <sup>(1)</sup> |
| **Increase (decrease) in net assets resulting from operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $2126 | $(173) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net change in unrealized appreciation (depreciation) | (552) |  |
| **Net increase (decrease) in net assets resulting from operations** | 1574 | (173) |
| **Decrease in net assets resulting from Shareholder distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions of investment income | (2104) |  |
| **Net decrease in net assets resulting from Shareholder distributions** | (2104) |  |
| **Total increase (decrease) in net assets** | (530) | (173) |
| Net assets, beginning of period | 87013 |  |
| **Net assets, end of period** | $86483 | $(173) |

---

<sup>(1)</sup> For the period from March 14, 2025 (inception) to March 31, 2025.

*The accompanying notes are an integral part of these consolidated financial statements.*

------

**SOUND POINT DIRECT LENDING BDC**

**CONSOLIDATED STATEMENT OF CASH FLOWS**

**(Unaudited)**

**(in thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** <sup>(1)</sup> |
| **Cash flow from operating activities** |  |  |
| Net increase (decrease) in net assets resulting from operations | $1574 | $(173) |
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net accretion of discount and amortization of premium | (237) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of investments and principal repayments | 38294 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (156156) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on investments | 552 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of offering costs | 56 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 160 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | (490) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees payable | 249 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 24 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organization costs payable |  | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued administration expense | 125 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest payable | 1049 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued professional fees | 55 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | (541) |  |
| Net cash provided by (used in) operating activities | (115286) |  |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings | 104300 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt repayments | (26000) |  |
| Net cash provided by (used in) financing activities | 78300 |  |
| **Net decrease in cash and cash equivalents** | (36986) |  |
| **Cash and cash equivalents, beginning of period** | 52691 |  |
| **Cash and cash equivalents, end of period** | $15705 | $— |
| **Supplemental disclosure of cash flow information and non-cash financing activities** |  |  |
| Distributions payable | $2104 | $— |
| Cash interest paid | $906 | $— |

---

<sup>(1)</sup> For the period from March 14, 2025 (inception) to March 31, 2025.

*The accompanying notes are an integral part of these consolidated financial statements.*

------

**SOUND POINT DIRECT LENDING BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026** 

**(Unaudited)**

**(in thousands, except share and per share data)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1)(2)(4)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount/Shares** | **Amortized Cost** | **Fair Value** | **% of Net Assets**<sup>(5)</sup> |
| **Investments** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Debt Investments** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Aerospace / MRO Services** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Machine Sciences Corp | (4)(6) | First Lien Debt - Term Loan | S + 4.75% | 8.45% | 03/31/2032 | $7714 | $7618 | $7618 | 8.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Machine Sciences Corp | (4)(7)(8) | First Lien Debt - Delayed Draw | S + 4.75% |  | 03/31/2032 | 9000 | (56) | (113) | -0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Machine Sciences Corp | (4)(6)(7)(8) | First Lien Debt - Revolver | S + 4.75% |  | 03/31/2032 | 1286 | (16) | (16) | -0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TurbineAero Inc | (4)(6) | First Lien Debt - Term Loan | S + 5.75% | 9.42% | 10/21/2029 | 5986 | 5986 | 5986 | 6.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Aerospace / MRO Services** |  |  |  |  |  |  | 13532 | 13475 | 15.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Application Software** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upland Software, Inc. | (4)(6) | First Lien Debt - Term Loan | S + 6.00% | 9.70% | 07/25/2031 | 19969 | 19676 | 19293 | 22.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upland Software, Inc. | (4)(7)(8) | First Lien Debt - Revolver | S + 6.00% |  | 07/25/2031 | 2553 | (38) | (87) | -0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Application Software** |  |  |  |  |  |  | 19638 | 19206 | 22.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Architectural & Engineering Services** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSG Buyer Inc. | (4)(6) | First Lien Debt - Term Loan | S + 6.25% | 9.92% | 07/29/2029 | 3713 | 3713 | 3713 | 4.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSG Buyer Inc. | (4)(6)(8) | First Lien Debt - Delayed Draw | S + 6.25% |  | 07/29/2029 | 756 |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSG Buyer Inc. | (4)(6)(8) | First Lien Debt - Revolver | S + 6.25% | 9.94% | 07/29/2029 | 252 | 50 | 50 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Architectural & Engineering Services** |  |  |  |  |  |  | 3763 | 3763 | 4.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Business Services** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Associates Buyer Inc. | (4)(6) | First Lien Debt - Term Loan | S + 5.50% | 9.17% | 08/19/2030 | 197 | 197 | 197 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Associates Buyer Inc. | (4)(6)(8) | First Lien Debt - Revolver | S + 5.50% | 9.18% | 08/19/2030 | 29 | 10 | 10 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Business Services** |  |  |  |  |  |  | 207 | 207 | 0.24% |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1)(2)(4)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount/Shares** | **Amortized Cost** | **Fair Value** | **% of Net Assets**<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Capital Equipment** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bennett West, LLC | (4)(6) | First Lien Debt - Term Loan | S + 5.50% | 9.20% | 02/04/2033 | $8153 | $7994 | $7995 | 9.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bennett West, LLC | (4)(8) | First Lien Debt - Revolver | S + 5.50% | 9.20% | 01/16/2031 | 2851 | 515 | 515 | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VP Deliver Parent Inc | (4)(6) | First Lien Debt - Term Loan | S + 4.75% | 8.45% | 02/13/2031 | 9979 | 9859 | 9804 | 11.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VP Deliver Parent Inc | (4)(6)(7)(9) | First Lien Debt - Delayed Draw | S + 4.75% |  | 02/13/2031 | 1331 | (8) | (23) | -0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VP Deliver Parent Inc | (4)(7)(9) | First Lien Debt - Revolver | S + 4.75% |  | 02/13/2031 | 1426 | (17) | (25) | -0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Capital Equipment** |  |  |  |  |  |  | 18343 | 18266 | 21.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Commercial Aviation** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security Buyer, LLC | (4)(6) | First Lien Debt - Term Loan | S + 5.50% | 9.20% | 03/31/2032 | 13279 | 13080 | 13080 | 15.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security Buyer, LLC | (4)(6)(7)(8) | First Lien Debt - Delayed Draw | S + 5.50% |  | 03/31/2032 | 1770 | (13) | (27) | -0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security Buyer, LLC | (4)(6)(7)(8) | First Lien Debt - Revolver | S + 5.50% |  | 03/31/2032 | 2951 | (44) | (44) | -0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Aviation** |  |  |  |  |  |  | 13023 | 13009 | 15.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Construction** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JS Global, LLC | (4)(6) | First Lien Debt - Term Loan | S + 5.50% | 9.17% | 07/31/2030 | 3890 | 3835 | 3831 | 4.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JS Global, LLC | (4)(8) | First Lien Debt - Revolver | S + 5.50% | 9.17% | 07/31/2030 | 1500 | 429 | 427 | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Construction** |  |  |  |  |  |  | 4264 | 4258 | 4.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Construction & Building** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Engineering Resource Group Buyer, LLC | (4)(6) | First Lien Debt - Term Loan | S + 6.00% | 9.67% | 01/27/2033 | 2912 | 2877 | 2872 | 3.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Engineering Resource Group Buyer, LLC | (4)(7)(8) | First Lien Debt - Delayed Draw | S + 6.00% |  | 02/05/2033 | 1946 | (9) | (27) | -0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Engineering Resource Group Buyer, LLC | (4)(7)(8) | First Lien Debt - Revolver | S + 6.00% |  | 02/05/2033 | 973 | (12) | (13) | -0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Construction & Building** |  |  |  |  |  |  | 2856 | 2832 | 3.27% |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1)(2)(4)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount/Shares** | **Amortized Cost** | **Fair Value** | **% of Net Assets**<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Products** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tender Products, INC. | (4)(6) | First Lien Debt - Term Loan | S + 5.25% | 8.92% | 07/31/2030 | $10584 | $10461 | $10443 | 12.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tender Products, INC. | (4)(6)(7)(8) | First Lien Debt - Revolver | S + 5.25% |  | 07/31/2030 | 1989 | (24) | (26) | -0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Consumer Products** |  |  |  |  |  |  | 10437 | 10417 | 12.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Data Center / Other Commercial Services** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C3 AcquisitionCo, LLC | (4)(6) | First Lien Debt - Term Loan | S + 5.75% | 9.42% | 11/26/2030 | 4291 | 4231 | 4232 | 4.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C3 AcquisitionCo, LLC | (4)(6) | First Lien Debt - Delayed Draw | S + 5.75% | 9.42% | 11/26/2030 | 749 | 739 | 739 | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C3 AcquisitionCo, LLC | (4)(6) | First Lien Debt - Delayed Draw | S + 5.75% | 9.42% | 11/26/2030 | 582 | 574 | 574 | 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C3 AcquisitionCo, LLC | (4)(6)(8) | First Lien Debt - Revolver | S + 5.75% | 9.42% | 11/26/2030 | 501 | 294 | 294 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salute Mission Critical Holdings LLC | (4)(6) | First Lien Debt - Term Loan | S + 5.00% | 8.84% | 11/30/2029 | 10342 | 10325 | 10342 | 11.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salute Mission Critical Holdings LLC | (4)(6)(7)(8) | First Lien Debt - Delayed Draw | S + 5.00% |  | 11/30/2029 | 6666 | (9) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Data Center / Other Commercial Services** |  |  |  |  |  |  | 16154 | 16181 | 18.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Dermatology** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SDG Management Co LLC | (4)(6) | First Lien Debt - Term Loan | S + 6.00% | 9.80% | 07/03/2028 | 307 | 307 | 307 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SDG Management Co LLC | (4)(6) | First Lien Debt - Delayed Draw | S + 5.75% | 9.52% | 07/01/2028 | 451 | 451 | 451 | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SDG Management Co LLC | (4) | First Lien Debt - Delayed Draw | S + 5.75% | 9.52% | 07/01/2028 | 302 | 302 | 302 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SDG Management Co LLC | (4)(8) | First Lien Debt - Delayed Draw | S + 5.75% | 9.52% | 07/01/2028 | 378 | 245 | 245 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SDG Management Co LLC | (4) | First Lien Debt - Delayed Draw | S + 6.00% | 9.87% | 06/30/2028 | 127 | 127 | 126 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SDG Management Co LLC | (4)(6)(8) | First Lien Debt - Revolver | S + 5.75% | 9.50% | 07/01/2028 | 76 | 19 | 19 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Dermatology** |  |  |  |  |  |  | 1451 | 1450 | 1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Electrical Components & Equipment** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sens Intermediate Holdings LLC | (4)(6) | First Lien Debt - Term Loan | S + 4.75% | 8.45% | 03/10/2031 | 1906 | 1906 | 1906 | 2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sens Intermediate Holdings LLC | (4)(8) | First Lien Debt - Delayed Draw | S + 4.75% |  | 03/10/2031 | 680 |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sens Intermediate Holdings LLC | (4)(6)(8) | First Lien Debt - Revolver | S + 4.75% |  | 03/10/2031 | 453 |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Electrical Components & Equipment** |  |  |  |  |  |  | 1906 | 1906 | 2.20% |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1)(2)(4)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount/Shares** | **Amortized Cost** | **Fair Value** | **% of Net Assets**<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Global Consumer Products** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DRS Holdings III, Inc. | (4)(6) | First Lien Debt - Term Loan | S + 5.25% | 8.92% | 11/01/2028 | $6332 | $6309 | $6332 | 7.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DRS Holdings III, Inc. | (4)(6)(7)(8) | First Lien Debt - Revolver | S + 5.25% |  | 11/01/2028 | 343 | (1) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Global Consumer Products** |  |  |  |  |  |  | 6308 | 6332 | 7.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medical Device, Inc. | (4)(6) | First Lien Debt - Term Loan | S + 5.00% | 8.68% | 07/11/2029 | 3025 | 2997 | 3025 | 3.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medical Device, Inc. | (4)(7)(8) | First Lien Debt - Revolver | S + 5.00% |  | 07/11/2029 | 1008 | (10) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par Excellence Holdings Inc. | (4)(6) | First Lien Debt - Term Loan | S + 5.00% | 8.67% | 09/03/2030 | 4130 | 4069 | 3952 | 4.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par Excellence Holdings Inc. | (4)(6) | First Lien Debt - Term Loan | S + 5.00% | 8.67% | 09/03/2030 | 1019 | 1004 | 975 | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par Excellence Holdings Inc. | (4)(6)(7)(8) | First Lien Debt - Revolver | S + 5.00% |  | 09/03/2030 | 965 | (14) | (42) | -0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Healthcare & Pharmaceuticals** |  |  |  |  |  |  | 8046 | 7910 | 9.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;**HVAC Consulting & Distribution** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco LLC | (4)(6) | First Lien Debt - Term Loan | S + 5.25% | 8.95% | 06/30/2030 | 7577 | 7577 | 7577 | 8.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco LLC | (4)(6) | First Lien Debt - Term Loan | S + 5.25% | 8.95% | 06/30/2030 | 1236 | 1236 | 1236 | 1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco LLC | (4)(6) | First Lien Debt - Term Loan | S + 5.25% | 8.95% | 06/28/2030 | 1000 | 1000 | 1000 | 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco LLC | (4)(6) | First Lien Debt - Term Loan | S + 5.25% | 8.95% | 06/30/2030 | 277 | 277 | 277 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco LLC | (4)(8) | First Lien Debt - Delayed Draw | S + 5.25% | 8.95% | 06/28/2030 | 1711 | 1209 | 1209 | 1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco LLC | (4)(6) | First Lien Debt - Delayed Draw | S + 5.25% | 8.95% | 06/30/2030 | 89 | 89 | 89 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco LLC | (4)(6)(8) | First Lien Debt - Delayed Draw | S + 5.25% |  | 06/30/2030 | 2070 |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco LLC | (4)(6)(8) | First Lien Debt - Revolver | S + 5.25% |  | 12/08/2029 | 1036 |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total HVAC Consulting & Distribution** |  |  |  |  |  |  | 11388 | 11388 | 13.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Industrial Products Distribution / After-Market Services** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NWP Acquisition Holdings, LLC | (4)(6) | First Lien Debt - Term Loan | S + 5.25% | 8.95% | 11/21/2030 | 5813 | 5813 | 5813 | 6.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NWP Acquisition Holdings, LLC | (4) | First Lien Debt - Term Loan | S + 5.25% | 8.95% | 11/21/2030 | 2137 | 2107 | 2137 | 2.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NWP Acquisition Holdings, LLC | (4)(6) | First Lien Debt - Delayed Draw | S + 5.25% | 8.95% | 11/21/2030 | 3255 | 3255 | 3255 | 3.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NWP Acquisition Holdings, LLC | (4)(6)(7)(8) | First Lien Debt - Delayed Draw | S + 5.25% |  | 11/21/2030 | 8904 | (65) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NWP Acquisition Holdings, LLC | (4)(6)(7)(8) | First Lien Debt - Revolver | S + 5.25% |  | 11/21/2030 | 2871 | (26) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Industrial Products Distribution / After-Market Services** |  |  |  |  |  |  | 11084 | 11205 | 12.95% |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1)(2)(4)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount/Shares** | **Amortized Cost** | **Fair Value** | **% of Net Assets**<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**IT Services** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argano LLC | (4)(6) | First Lien Debt - Term Loan | S + 5.50% | 9.18% | 09/13/2029 | $8567 | $8567 | $8567 | 9.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argano LLC | (4)(6) | First Lien Debt - Delayed Draw | S + 5.50% | 9.17% | 09/13/2029 | 1141 | 1141 | 1141 | 1.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argano LLC | (4)(6) | First Lien Debt - Delayed Draw | S + 5.50% | 9.17% | 09/13/2029 | 518 | 518 | 518 | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argano LLC | (4)(6)(8) | First Lien Debt - Revolver | S + 5.50% |  | 09/13/2029 | 269 |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total IT Services** |  |  |  |  |  |  | 10226 | 10226 | 11.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Life Sciences** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Science Intermediate Holdings, LLC | (4)(6) | First Lien Debt - Term Loan | S + 6.10% | 9.77% | 06/10/2027 | 1721 | 1721 | 1721 | 1.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Science Intermediate Holdings, LLC | (4)(6) | First Lien Debt - Term Loan | S + 6.10% | 9.77% | 06/10/2027 | 984 | 984 | 984 | 1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Science Intermediate Holdings, LLC | (4)(6) | First Lien Debt - Delayed Draw | S + 6.10% | 9.77% | 06/10/2027 | 1834 | 1834 | 1834 | 2.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Science Intermediate Holdings, LLC | (4)(6)(8) | First Lien Debt - Delayed Draw | S + 6.10% | 9.77% | 06/10/2027 | 2653 | 1377 | 1377 | 1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Science Intermediate Holdings, LLC | (4)(6) | First Lien Debt - Delayed Draw | S + 6.10% | 9.77% | 06/10/2027 | 590 | 590 | 590 | 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Science Intermediate Holdings, LLC | (4)(6) | First Lien Debt - Delayed Draw | S + 6.10% | 9.77% | 06/10/2027 | 304 | 304 | 304 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Science Intermediate Holdings, LLC | (4)(6) | First Lien Debt - Delayed Draw | S + 6.10% | 9.77% | 06/10/2027 | 304 | 304 | 304 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Science Intermediate Holdings, LLC | (4)(6)(8) | First Lien Debt - Revolver | S + 6.10% | 9.77% | 06/10/2027 | 985 | 468 | 468 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Life Sciences** |  |  |  |  |  |  | 7582 | 7582 | 8.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Manufacturing** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpha US Buyer LLC | (4)(6) | First Lien Debt - Term Loan | S + 4.75% | 8.52% | 04/04/2030 | 173 | 173 | 173 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpha US Buyer LLC | (4)(6) | First Lien Debt - Term Loan | S + 4.75% | 8.53% | 04/04/2030 | 113 | 113 | 113 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpha US Buyer LLC | (4)(6) | First Lien Debt - Delayed Draw | S + 4.75% | 8.59% | 04/04/2030 | 101 | 101 | 101 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpha US Buyer LLC | (4)(6)(8) | First Lien Debt - Delayed Draw | S + 4.75% | 8.57% | 04/04/2030 | 88 | 23 | 23 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpha US Buyer LLC | (4)(6)(8) | First Lien Debt - Revolver | S + 4.75% |  | 04/04/2030 | 36 |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Manufacturing** |  |  |  |  |  |  | 410 | 410 | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Professional Services** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Talent Worldwide Inc | (4) | First Lien Debt - Term Loan | S + 5.50% | 9.17% | 01/16/2031 | 12261 | 12083 | 12077 | 13.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Talent Worldwide Inc | (4)(8) | First Lien Debt - Revolver | S + 5.50% | 9.20% | 01/16/2031 | 878 | 426 | 426 | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Professional Services** |  |  |  |  |  |  | 12509 | 12503 | 14.45% |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1)(2)(4)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount/Shares** | **Amortized Cost** | **Fair Value** | **% of Net Assets**<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Residential & Light Commercial HVAC** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ResiXperts Holdco, LLC | (4)(6) | First Lien Debt - Term Loan | S + 5.25% | 8.91% | 05/02/2030 | $5098 | $5039 | $4969 | 5.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ResiXperts Holdco, LLC | (4)(6) | First Lien Debt - Delayed Draw | S + 5.25% | 8.91% | 05/02/2030 | 2440 | 2413 | 2378 | 2.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ResiXperts Holdco, LLC | (4)(8) | First Lien Debt - Delayed Draw | S + 5.25% | 8.92% | 05/02/2030 | 13415 | 1021 | 843 | 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ResiXperts Holdco, LLC | (4)(6)(8) | First Lien Debt - Revolver | S + 5.25% | 8.88% | 05/02/2030 | 1983 | 505 | 479 | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Residential & Light Commercial HVAC** |  |  |  |  |  |  | 8978 | 8669 | 10.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Roofing Services** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSR Opco LLC | (4)(6) | First Lien Debt - Term Loan | S + 5.50% | 9.18% | 03/15/2029 | 10855 | 10731 | 10855 | 12.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSR Opco LLC | (4)(6) | First Lien Debt - Term Loan | S + 5.50% | 9.17% | 03/15/2029 | 2445 | 2445 | 2445 | 2.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSR Opco LLC | (4) | First Lien Debt - Delayed Draw | S + 5.50% | 9.18% | 03/15/2029 | 496 | 496 | 496 | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSR Opco LLC | (4)(6)(8) | First Lien Debt - Revolver | S + 5.50% | 9.16% | 03/15/2029 | 4367 | 2145 | 2184 | 2.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Roofing Services** |  |  |  |  |  |  | 15817 | 15980 | 18.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Supply Chain Equipment & Services** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decision Point Technologies, LLC | (4)(6) | First Lien Debt - Term Loan | S + 5.75% | 9.41% | 09/01/2029 | 1153 | 1144 | 1153 | 1.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decision Point Technologies, LLC | (4)(6) | First Lien Debt - Term Loan | S + 5.75% | 9.41% | 09/01/2029 | 1038 | 1029 | 1038 | 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decision Point Technologies, LLC | (4)(6) | First Lien Debt - Term Loan | S + 5.75% | 9.42% | 12/10/2032 | 2817 | 2790 | 2817 | 3.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decision Point Technologies, LLC | (4) | First Lien Debt - Delayed Draw | S + 5.75% | 9.42% | 09/01/2029 | 268 | 266 | 268 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decision Point Technologies, LLC | (4)(6) | First Lien Debt - Delayed Draw | S + 5.75% | 9.46% | 09/24/2032 | 6372 | 6312 | 6372 | 7.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decision Point Technologies, LLC | (4)(6)(8) | First Lien Debt - Revolver | S + 6.25% | 10.46% | 09/01/2029 | 273 | 161 | 164 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Supply Chain Equipment & Services** |  |  |  |  |  |  | 11702 | 11812 | 13.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Transportation** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt US Holdco LLC | (4)(6) | First Lien Debt - Term Loan | S + 5.73% | 9.43% | 07/31/2029 | 4532 | 4532 | 4532 | 5.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt US Holdco LLC | (4)(6)(8) | First Lien Debt - Delayed Draw | S + 5.73% | 9.43% | 07/31/2029 | 1528 | 1307 | 1307 | 1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt US Holdco LLC | (4)(7)(8) | First Lien Debt - Delayed Draw | S + 5.73% |  | 07/31/2029 | 15927 | (117) |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Transportation** |  |  |  |  |  |  | 5722 | 5839 | 6.75% |
| &nbsp;&nbsp;**Total Debt Investments** |  |  |  |  |  |  | 215346 | 214826 | 248.37% |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1)(2)(4)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Acquisition Date** | **Par Amount/Shares** | **Amortized Cost** | **Fair Value** | **% of Net Assets**<sup>(5)</sup> |
| &nbsp;&nbsp;**Equity Investments** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Capital Equipment** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bennett West, LLC | (4)(9)(10) | Equity - Common Stock |  |  | 2/05/2026 | 1000000 | 1000 | 1000 | 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VP Deliver Parent Inc | (4)(9)(10) | Equity - Common Stock |  |  | 2/17/2026 | 500000 | 500 | 500 | 0.58% |
| &nbsp;&nbsp;**Total Capital Equipment** |  |  |  |  |  |  | 1500 | 1500 | 1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Transportation** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HHC InXpress Group GP LLC | (4)(9)(10) | Equity - Common Stock |  |  | 1/21/2026 | 935000 | 935 | 935 | 1.08% |
| &nbsp;&nbsp;**Total Transportation** |  |  |  |  |  |  | 935 | 935 | 1.08% |
| &nbsp;&nbsp;**Total Equity Investments** |  |  |  |  |  |  | **2435** | **2435** | **2.82%** |
| &nbsp;&nbsp;**Total Investments** |  |  |  |  |  |  | 217781 | 217261 | 251.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Cash Equivalents** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity Funds T-Fund Institutional Share Class |  | Money Market | 3.55% |  |  | 15525551 | 15526 | 15526 | 17.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Cash Equivalents** |  |  |  |  |  |  | 15526 | 15526 | 17.95% |
| &nbsp;&nbsp;**Total Investments and Cash Equivalents** |  |  |  |  |  |  | $**233307** | $**232787** | **269.14%** |
| &nbsp;&nbsp;**Liabilities in Excess of Other Assets** |  |  |  |  |  |  |  | **(146304)** | -169.14% |
| &nbsp;&nbsp;**Net Assets** |  |  |  |  |  |  |  | $**86483** | 100.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)All investments are non-controlled/non-affiliated investments as defined by the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The issuers of debt and equity held by the Fund is domiciled in the United States unless otherwise noted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)The majority of the investments bear interest at rates that may be determined by reference to Secured Overnight Financing Rate ("SOFR"or "S"), which reset monthly or quarterly. For each such investment, the Fund has provided the spread over SOFR and the current contractual interest rate in effect at March 31, 2026. As of March 31, 2026, effective rates for 1 Month S, 3 Month S, and 12 Month S were 3.66%, 3.68%, and 3.73%, respectively. Certain investments are subject to a SOFR floor. For fixed rate loans, a spread above a reference rate is not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Investment valued using unobservable inputs (Level 3). See "Description of ASC 820 Fair Value Hierarchy" for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Percentage is based on net assets of $86,483 as of March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)Denotes that all or a portion of the assets are owned by Sound Point Direct Lending BDC SPV LLC ("SPV I"). The lenders of the Revolving Credit Facility (as defined in Note 6 to these financial statements) have a first lien security interest in substantially all of the assets of SPV I. Accordingly, such assets are not available to creditors of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued at below par.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)All, or a portion, of the position is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. For investments in delayed draw term loans and revolvers, the cost basis is adjusted for any market discount or original issue discount received on the total balance committed. As a result, the purchase of commitments not fully funded may result in a negative cost and fair value until funded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)Non-income producing at March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)Securities exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be "restricted securities." As of March 31, 2026, the aggregate fair value of these securities is $2.4 million or 2.82% of the Fund's net assets. The initial acquisition dates have been included for such securities.

*The accompanying notes are an integral part of these consolidated financial statements.*

------

**SOUND POINT DIRECT LENDING BDC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025** 

**(in thousands, except share and per share data)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1)(2)(4)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount/Shares** | **Amortized Cost** | **Fair Value** | **% of Net Assets**<sup>(5)</sup> |
| **Investments** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Debt Investments** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Aerospace / MRO Services** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TurbineAero Inc. | (4)(6) | First Lien Debt - Term Loan | S + 5.75% | 9.62% | 10/21/2029 | $6001 | $6001 | $6001 | 6.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Aerospace / MRO Services** |  |  |  |  |  |  | 6001 | 6001 | 6.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Application Software** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upland Software, Inc. | (4)(6) | First Lien Debt - Term Loan | S + 6.00% | 10.00% | 7/25/2031 | 7314 | 7194 | 7196 | 8.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upland Software, Inc. | (4)(7)(8) | First Lien Debt - Revolver | S + 6.00% |  | 7/25/2031 | 920 | (15) | (15) | (0.02)% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Application Software** |  |  |  |  |  |  | 7179 | 7181 | 8.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Architectural & Engineering Services** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSG Buyer Inc. | (4)(6) | First Lien Debt - Term Loan | S + 6.25% | 10.09% | 7/29/2029 | 3723 | 3723 | 3723 | 4.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSG Buyer Inc. | (4)(8) | First Lien Debt - Delayed Draw | S + 6.25% |  | 7/29/2029 | 756 |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSG Buyer Inc. | (4)(8) | First Lien Debt - Revolver | S + 6.25% |  | 7/29/2029 | 252 |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Architectural & Engineering Services** |  |  |  |  |  |  | 3723 | 3723 | 4.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Business Services** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Associates Buyer Inc. | (4)(6) | First Lien Debt - Term Loan | S + 5.50% | 9.50% | 8/19/2030 | 198 | 198 | 198 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Associates Buyer Inc. | (4)(8) | First Lien Debt - Revolver | S + 5.50% | 9.23% | 8/19/2030 | 29 | 11 | 12 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Business Services** |  |  |  |  |  |  | 209 | 210 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Data Center / Other Commercial Services** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C3 AcquisitionCo, LLC | (4)(6) | First Lien Debt - Delayed Draw | S + 6.00% | 9.92% | 11/26/2030 | 751 | 741 | 741 | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C3 AcquisitionCo, LLC | (4)(6) | First Lien Debt - Term Loan | S + 6.00% | 9.92% | 11/26/2030 | 4301 | 4239 | 4240 | 4.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C3 AcquisitionCo, LLC | (4)(6)(8) | First Lien Debt - Revolver | S + 6.00% | 9.92% | 11/26/2030 | 501 | 294 | 294 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C3 AcquisitionCo, LLC | (4)(7)(8) | First Lien Debt - Delayed Draw | S + 6.00% |  | 11/26/2030 | 582 | (8) | (8) | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salute Mission Critical Holdings LLC | (4)(6) | First Lien Debt - Term Loan | S + 5.21% | 9.13% | 11/30/2029 | 7998 | 7998 | 7998 | 9.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salute Mission Critical Holdings LLC | (4)(8) | First Lien Debt - Delayed Draw | S + 5.21% |  | 11/30/2029 | 2919 |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Data Center / Other Commercial Services** |  |  |  |  |  |  | 13264 | 13265 | 15.24% |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1)(2)(4)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount/Shares** | **Amortized Cost** | **Fair Value** | **% of Net Assets**<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Dermatology** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SDG Management Co LLC | (4)(6) | First Lien Debt - Term Loan | S + 6.00% | 10.10% | 7/1/2028 | $307 | $307 | $307 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SDG Management Co LLC | (4)(6)(8) | First Lien Debt - Delayed Draw | S + 6.00% | 10.10% | 7/1/2028 | 378 | 155 | 155 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SDG Management Co LLC | (4)(6) | First Lien Debt - Delayed Draw | S + 6.00% | 9.67% | 7/1/2028 | 451 | 451 | 451 | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SDG Management Co LLC | (4)(6) | First Lien Debt - Delayed Draw | S + 6.00% | 9.69% | 7/1/2028 | 303 | 303 | 303 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SDG Management Co LLC | (4)(6) | First Lien Debt - Delayed Draw | S + 6.00% | 9.87% | 7/1/2028 | 127 | 127 | 127 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SDG Management Co LLC | (4)(6)(8) | First Lien Debt - Revolver | S + 6.00% | 9.79% | 7/1/2028 | 76 | 19 | 19 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Dermatology** |  |  |  |  |  |  | 1362 | 1362 | 1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Electrical Components & Equipment** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sens Intermediate Holdings LLC | (4)(6) | First Lien Debt - Term Loan | S + 4.75% | 8.68% | 3/10/2031 | 1911 | 1911 | 1911 | 2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sens Intermediate Holdings LLC | (4)(8) | First Lien Debt - Delayed Draw | S + 4.75% |  | 3/10/2031 | 680 |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sens Intermediate Holdings LLC | (4)(8) | First Lien Debt - Revolver | S + 4.75% |  | 3/10/2031 | 453 |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Electrical Components & Equipment** |  |  |  |  |  |  | 1911 | 1911 | 2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Global Consumer Products** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DRS Holdings III, Inc. | (4)(6) | First Lien Debt - Term Loan | S + 5.25% | 9.17% | 11/1/2028 | 6383 | 6357 | 6383 | 7.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DRS Holdings III, Inc. | (4)(7)(8) | First Lien Debt - Revolver | S + 5.25% |  | 11/1/2028 | 343 | (1) | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Global Consumer Products** |  |  |  |  |  |  | 6356 | 6383 | 7.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par Excellence Holdings Inc. | (4)(6) | First Lien Debt - Term Loan | S + 5.00% | 8.74% | 9/3/2030 | 1022 | 1006 | 1006 | 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par Excellence Holdings Inc. | (4)(6) | First Lien Debt - Term Loan | S + 5.00% | 8.77% | 9/3/2030 | 4140 | 4075 | 4076 | 4.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par Excellence Holdings Inc. | (4)(7)(8) | First Lien Debt - Revolver | S + 5.00% |  | 9/3/2030 | 965 | (15) | (15) | (0.02)% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Healthcare & Pharmaceuticals** |  |  |  |  |  |  | 5066 | 5067 | 5.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;**HVAC Consulting & Distribution** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco LLC | (4)(6) | First Lien Debt - Term Loan | S + 5.25% | 9.25% | 6/30/2030 | 1002 | 1002 | 1002 | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco LLC | (4)(6) | First Lien Debt - Term Loan | S + 5.25% | 9.25% | 6/30/2030 | 278 | 278 | 278 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco LLC | (4)(6) | First Lien Debt - Term Loan | S + 5.25% | 9.25% | 6/30/2030 | 7596 | 7596 | 7596 | 8.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco LLC | (4)(6) | First Lien Debt - Term Loan | S + 5.25% | 9.09% | 6/30/2030 | 1239 | 1239 | 1239 | 1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco LLC | (4)(6) | First Lien Debt - Delayed Draw | S + 5.25% | 9.25% | 6/30/2030 | 89 | 89 | 89 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco LLC | (4)(6)(8) | First Lien Debt - Delayed Draw | S + 5.25% | 8.92% | 6/30/2030 | 1714 | 322 | 322 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco LLC | (4)(8) | First Lien Debt - Delayed Draw | S + 5.25% |  | 6/30/2030 | 2070 |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco LLC | (4)(8) | First Lien Debt - Revolver | S + 5.25% |  | 12/8/2029 | 1036 |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total HVAC Consulting & Distribution** |  |  |  |  |  |  | 10526 | 10526 | 12.10% |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1)(2)(4)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount/Shares** | **Amortized Cost** | **Fair Value** | **% of Net Assets**<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Industrial Products Distribution / After-Market Services** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NWP Acquisition Holdings, LLC | (4)(6) | First Lien Debt - Term Loan | S + 5.50% | 9.50% | 11/21/2030 | $5828 | $5828 | $5828 | 6.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NWP Acquisition Holdings, LLC | (4)(6)(8) | First Lien Debt - Delayed Draw | S + 5.50% | 9.50% | 11/21/2030 | 3261 | 2388 | 2388 | 2.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NWP Acquisition Holdings, LLC | (4)(8) | First Lien Debt - Revolver | S + 5.50% |  | 11/21/2030 | 1090 |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Industrial Products Distribution / After-Market Services** |  |  |  |  |  |  | 8216 | 8216 | 9.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;**IT Services** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argano LLC | (4)(6) | First Lien Debt - Delayed Draw | S + 5.50% | 9.42% | 9/13/2029 | 1143 | 1143 | 1143 | 1.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argano LLC | (4) | First Lien Debt - Delayed Draw | S + 5.50% | 9.22% | 9/13/2029 | 518 | 518 | 518 | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argano LLC | (4)(6) | First Lien Debt - Term Loan | S + 5.50% | 9.42% | 9/13/2029 | 8589 | 8589 | 8589 | 9.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argano LLC | (4)(8) | First Lien Debt - Revolver | S + 5.50% |  | 9/13/2029 | 269 |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total IT Services** |  |  |  |  |  |  | 10250 | 10250 | 11.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Life Sciences** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Science Intermediate Holdings, LLC | (4)(6) | First Lien Debt - Term Loan | S + 6.10% | 9.94% | 6/10/2027 | 1726 | 1726 | 1726 | 1.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Science Intermediate Holdings, LLC | (4)(6) | First Lien Debt - Term Loan | S + 6.10% | 9.94% | 6/10/2027 | 987 | 987 | 987 | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Science Intermediate Holdings, LLC | (4)(6) | First Lien Debt - Delayed Draw | S + 6.10% | 9.94% | 6/10/2027 | 592 | 592 | 592 | 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Science Intermediate Holdings, LLC | (4)(6) | First Lien Debt - Delayed Draw | S + 6.10% | 9.94% | 6/10/2027 | 305 | 305 | 305 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Science Intermediate Holdings, LLC | (4)(6) | First Lien Debt - Delayed Draw | S + 6.10% | 9.94% | 6/10/2027 | 305 | 305 | 305 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Science Intermediate Holdings, LLC | (4)(6) | First Lien Debt - Delayed Draw | S + 6.10% | 9.82% | 6/10/2027 | 1839 | 1839 | 1839 | 2.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Science Intermediate Holdings, LLC | (4)(6)(8) | First Lien Debt - Delayed Draw | S + 6.10% | 9.94% | 6/10/2027 | 2656 | 1380 | 1380 | 1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Science Intermediate Holdings, LLC | (4)(6)(8) | First Lien Debt - Revolver | S + 6.10% | 9.77% | 6/10/2027 | 985 | 468 | 468 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Life Sciences** |  |  |  |  |  |  | 7602 | 7602 | 8.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Manufacturing** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpha US Buyer LLC | (4)(6) | First Lien Debt - Term Loan | S + 4.75% | 8.77% | 4/4/2030 | 174 | 174 | 174 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpha US Buyer LLC | (4)(6) | First Lien Debt - Term Loan | S + 4.75% | 8.59% | 4/4/2030 | 114 | 114 | 114 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpha US Buyer LLC | (4)(6) | First Lien Debt - Delayed Draw | S + 4.75% | 8.59% | 4/4/2030 | 101 | 101 | 101 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpha US Buyer LLC | (4)(6)(8) | First Lien Debt - Delayed Draw | S + 4.75% | 8.57% | 4/4/2030 | 89 | 12 | 12 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpha US Buyer LLC | (4)(8) | First Lien Debt - Revolver | S + 4.75% |  | 4/4/2030 | 36 |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Manufacturing** |  |  |  |  |  |  | 401 | 401 | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Residential & Light Commercial HVAC** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ResiXperts Holdco, LLC | (4)(7)(8) | First Lien Debt - Delayed Draw | S + 5.00% |  | 5/2/2030 | 11474 | (151) | (149) | (0.17)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ResiXperts Holdco, LLC | (4)(6) | First Lien Debt - Delayed Draw | S + 5.00% | 8.87% | 5/2/2030 | 2086 | 2059 | 2059 | 2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ResiXperts Holdco, LLC | (4)(6) | First Lien Debt - Term Loan | S + 5.00% | 8.89% | 5/2/2030 | 4499 | 4441 | 4441 | 5.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ResiXperts Holdco, LLC | (4)(7)(8) | First Lien Debt - Revolver | S + 5.00% |  | 5/2/2030 | 1696 | (22) | (22) | (0.03)% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Residential & Light Commercial HVAC** |  |  |  |  |  |  | 6327 | 6329 | 7.27% |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1)(2)(4)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount/Shares** | **Amortized Cost** | **Fair Value** | **% of Net Assets**<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Roofing Services** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSR Opco LLC | (4)(6) | First Lien Debt - Term Loan | S + 5.50% | 9.42% | 3/15/2029 | $2452 | $2452 | $2452 | 2.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSR Opco LLC | (4)(6) | First Lien Debt - Delayed Draw | S + 5.50% | 9.35% | 3/15/2029 | 497 | 497 | 497 | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSR Opco LLC | (4)(6)(8) | First Lien Debt - Revolver | S + 5.50% | 9.42% | 3/15/2029 | 749 | 404 | 404 | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Roofing Services** |  |  |  |  |  |  | 3353 | 3353 | 3.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Supply Chain Equipment & Services** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barcoding Inc. | (4)(6) | First Lien Debt - Term Loan | S + 5.75% | 9.73% | 9/1/2029 | 1040 | 1031 | 1030 | 1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barcoding Inc. | (4)(6) | First Lien Debt - Term Loan | S + 5.75% | 9.73% | 9/1/2029 | 1156 | 1146 | 1145 | 1.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barcoding Inc. | (4)(6) | First Lien Debt - Delayed Draw | S + 5.75% | 9.75% | 9/1/2029 | 269 | 266 | 266 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barcoding Inc. | (4)(6)(8) | First Lien Debt - Revolver | S + 5.75% | 9.67% | 9/1/2029 | 273 | 161 | 161 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Supply Chain Equipment & Services** |  |  |  |  |  |  | 2604 | 2602 | 2.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Transportation** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt US Holdco LLC | (4)(6) | First Lien Debt - Term Loan | S + 5.73% | 9.73% | 7/31/2029 | 4544 | 4544 | 4544 | 5.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt US Holdco LLC | (4)(6)(8) | First Lien Debt - Delayed Draw | S + 5.73% | 9.40% | 7/31/2029 | 1530 | 787 | 787 | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Transportation** |  |  |  |  |  |  | 5331 | 5331 | 6.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Debt Investments** |  |  |  |  |  |  | 99681 | 99713 | 114.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** |  |  |  |  |  |  | 99681 | 99713 | 114.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Cash Equivalents** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity Funds T-Fund Institutional Share Class |  | Money Market | N/A |  |  | 52011 | 52011 | 52011 | 59.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Cash Equivalents** |  |  |  |  |  |  | 52011 | 52011 | 59.77% |
| &nbsp;&nbsp;**Total Investments and Cash Equivalents** |  |  |  |  |  |  | $**151692** | $**151724** | 174.37% |
| &nbsp;&nbsp;**Liabilities in Excess of Other Assets** |  |  |  |  |  |  |  | **(64711)** | -74.37% |
| &nbsp;&nbsp;**Net Assets** |  |  |  |  |  |  |  | $**87013** | 100.00% |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)All investments are non-controlled/non-affiliated investments as defined by the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The issuers of debt and equity held by the Fund is domiciled in the United States unless otherwise noted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)The majority of the investments bear interest at rates that may be determined by reference to Secured Overnight Financing Rate ("SOFR"or "S"), which reset monthly or quarterly. For each such investment, the Fund has provided the spread over SOFR and the current contractual interest rate in effect at December 31, 2025. As of December 31, 2025, effective rates for 1 Month S, 3 Month S, and 12 Month S were 3.69%, 3.65%, and 3.42%, respectively. Certain investments are subject to a SOFR floor. For fixed rate loans, a spread above a reference rate is not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Investment valued using unobservable inputs (Level 3). See "Description of ASC 820 Fair Value Hierarchy" for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Percentage is based on net assets of $87,013 as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)Denotes that all or a portion of the assets are owned by Sound Point Direct Lending BDC SPV LLC ("SPV I"). SPV I has entered into a senior secured revolving credit facility (the "SPV I Financing Facility") on December 15, 2025. The lenders of the SPV I Financing Facility have a first lien security interest in substantially all of the assets of SPV I. Accordingly, such assets are not available to creditors of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)All, or a portion, of the position is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. For investments in delayed draw term loans and revolvers, the cost basis is adjusted for any market discount or original issue discount received on the total balance committed. As a result, the purchase of commitments not fully funded may result in a negative cost and fair value until funded.

*The accompanying notes are an integral part of these consolidated financial statements.*

------

**SOUND POINT DIRECT LENDING BDC**

**NOTES TO THE CONSOLIDATED FIN** **ANCIAL STATEMENTS**

**(in thousands, except share and per share data)**

**1. ORGANIZATION**

Sound Point Direct Lending BDC (the "Fund") is a Delaware statutory trust formed on March 14, 2025 ("inception"), commenced investment operations on December 15, 2025 and is regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund is structured as an externally managed, non-diversified closed-end management investment company and will be a non-exchange traded, perpetual-life BDC with a fiscal year end of December 31. In addition, for tax purposes the Fund intends to elect, and intends to qualify annually thereafter, as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code"). Sound Point Direct Lending BDC SPV LLC, a Delaware limited liability company and wholly-owned subsidiary of the Fund ("SPV") was formed during the period ended December 31, 2025 and is consolidated from the date of its formation. Sound Point BDC Blocker LLC, a Delaware limited liability company and wholly-owned subsidiary of the Fund ("Blocker"), was formed during the period ended March 31, 2026 and is consolidated from the date of its formation.

The Fund conducted the initial closing of its private placements on December 15, 2025 and commenced operations upon its closing, where it elected to be regulated as a BDC and file a Form 10 Registration Statement with the Securities and Exchange Commission (the "SEC"). The Fund will offer its shares in private placement transactions primarily to accredited investors pursuant to Regulation D under the Securities Act of 1933, as amended (the "Securities Act") (and to certain non-U.S. persons under Regulation S under the Securities Act). Investors enter into subscriptions agreements and will fund their capital commitments through drawdowns as requested by the Fund in accordance with the terms of their subscription agreements.

The Fund's investment objective is to generate current income and, to a lesser extent, capital appreciation through investments primarily in private middle market companies. The Fund may also generate income from capital gains on the sales of loans, debt and equity related securities, and various loan origination and other fees and dividends on direct equity investments. Sound Point Capital Management, LP, (the "Adviser") will determine whether companies qualify as "middle market" in its sole discretion, and the Fund may from time to time invest in larger or smaller companies if an attractive opportunity presents itself.

The Fund will make investments primarily in debt instruments, including first-lien senior debt and unitranche facilities. Selectively, the Fund may also make investments in second lien debt, junior tranches of private securitizations, accounts receivable, asset-based lending, other unsecured debt instruments, and equity co investments. Typical middle market senior loans may be issued by middle market companies in the context of leveraged buyouts, acquisitions, debt refinancings, recapitalizations, and other similar private credit transactions or a combination of the foregoing. The Fund's target credit investments typically have maturities between five and seven years. Additionally, the Fund may utilize derivatives for hedging purposes, although utilization of derivatives is not currently anticipated.

On November 20, 2025, the Adviser acquired 400 shares of the Fund's common shares of beneficial interest, par value $0.001 per share (the "Shares"), at a price of $25.00 per share and was the Fund's sole Shareholder until December 15, 2025, the date on which additional investors committed and contributed capital to the Fund and shares were issued in respect thereof.

**2. SIGNIFICANT ACCOUNTING POLICIES**

*Basis of Presentation*

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and pursuant to Regulation S-X. These consolidated financial statements reflect normal and recurring adjustments that in the opinion of the Fund are necessary for the fair statement of the results for the periods presented. The Fund is an investment company and follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies ("ASC 946"). Certain financial information that is included in annual consolidated financial statements, including certain financial statement disclosures, prepared in accordance with GAAP, is not required for interim reporting purposes and has been condensed or omitted herein. These consolidated financial statements should be read in conjunction with the Fund's audited consolidated financial statements and notes related thereto for the period ended December 31, 2025, included in the Fund's annual report on Form 10-K, which was filed with the SEC on March 30, 2026. The results for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the full fiscal year, any other interim period or any future year or period.

------

*Consolidation* 

As provided under ASC 946, the Fund will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Fund. Accordingly, the Fund consolidated the accounts of SPV and Blocker, each a wholly-owned subsidiary of the Fund, as of March 31, 2026. All intercompany balances have been eliminated.

*Use of Estimates*

Preparing financial statements in accordance with GAAP requires management to make estimates and assumptions in determining the reported amounts of assets and liabilities, including the fair value of investments, and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

*Segment Reporting* 

In accordance with ASC 280 – Segment reporting, the Fund has determined that it operates through a single operating and reporting segment with the investment objectives to generate current income and, to a lesser extent, capital appreciation through direct origination of secured debt, unsecured debt and select equity investments. The chief operating decision maker (the "CODM") is comprised of the Fund's chief executive officer and chief financial officer. The CODM uses Net increase (decrease) in net assets from operations in the Fund's Consolidated Statement of Operations to assess performance and allocate resources. The evaluation and assessment of this metric is used in implementing investment policy decisions, managing the Fund's portfolio, evaluation of the Fund's distribution policy and assessing the performance of the portfolio. As the Fund's operations comprise of a single reporting segment, the segment assets are reflected on the accompanying Consolidated Statement of Assets and Liabilities as "Total assets" and the significant segment expenses are listed on the accompanying Consolidated Statement of Operations.

*Organizational and Offering Expenses* 

Organization costs consist of primarily legal, incorporation and accounting fees incurred in connection with the organization of the Fund. Organization costs are expensed as incurred and are shown in the Fund's Consolidated Statement of Operations.

Offering costs consist primarily of fees and expenses incurred in connection with the offering of Shares, as well as legal, printing and other costs associated with the preparation and filing of the registration statement and offering materials. Offering costs are recognized as a deferred charge, amortized on a straight-line basis over 12 months from the commencement of investment operations.

*Cash and Cash Equivalents*

Cash represents cash deposits held at financial institutions, which at times may exceed U.S. federally insured limits. Cash is carried at cost, which approximates fair value.

Cash equivalents include short-term highly liquid investments of sufficient credit quality that are readily convertible to known amounts of cash and have original maturities of three months or less. Cash equivalents are carried at cost which approximates fair value. Cash equivalents are held for the purpose of meeting short-term liquidity requirements, rather than for investment purposes. At March 31, 2026 and December 31, 2025, the Fund held $15.5 million and $52.0 million of cash equivalents.

*Valuation of Investments*

Investments are valued in accordance with the fair value principles established by FASB ASC Topic 820, Fair Value Measurement ("ASC Topic 820") and in accordance with the 1940 Act. ASC 820 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820, the Fund considers its principal market to be the market that has the greatest volume and level of activity. ASC 820 specifies a fair value hierarchy that prioritizes and ranks the level of observability of inputs used in the determination of fair value. In accordance with ASC 820, these levels are summarized below:

Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

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 overall fair value measurement.

Investments for which market quotations are readily available are typically valued at those market quotations. The Fund has retained external, independent valuation firms to provide data and valuation analyses on the Fund's portfolio companies.

In accordance with Rule 2a-5 under the 1940 Act, the Board of Trustees of the Fund (the "Board") has designated the Adviser as the Fund's "Valuation Designee." The Adviser, with the assistance of the Adviser's Valuation Committee, subject to oversight by the Board, is responsible for determining the fair value of the Fund's investments in instances where there is no readily available market value. The Board determines the fair value of such investments in good faith using fair value methodologies including those set forth in ASC 820. In making such determinations, the Board undertakes a multi-step valuation process which includes, among other procedures, on a quarterly basis the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Valuation Team of the Adviser performs an enterprise value analysis and bond-yield analysis, as applicable, for each investment, and gathers available third-party valuation data related to the investment. The Valuation Team's analyses and conclusions are then documented in a preliminary valuation memo and discussed with the Investment Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Investment Committee, which is responsible for analyzing and reviewing the preliminary estimations of fair value provided by the Valuation Team, reviews the data and assumptions needed to apply the fair value methodologies selected by the Board and utilized by the Valuation Team in providing its preliminary estimates of fair value. The Investment Committee then supplements the preliminary valuation memo to reflect any comments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Valuation documentation, including the Valuation Team's preliminary valuation memo and ASC 820 memo, are provided to the Audit Committee and the Board quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Audit Committee recommends, and the Board determines, the fair value of each investment for which market quotations are not readily available in good faith.

The Fund and Board apply a valuation policy that has been approved by the Board and is consistent with ASC 820. Consistent with the valuation policy, the Board evaluates the source of inputs, including any markets in which its investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. The types of factors that may be considered in determining the fair values of the Fund's investments include the nature and realizable value of any collateral, the portfolio company's ability to make payments and its earnings, the markets in which the portfolio company does business, comparison to publicly traded companies, discounted cash flow, current market interest rates, precedent transactions and other relevant factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, the valuations may fluctuate significantly over short periods of time due to changes in current market conditions. The determinations of fair value in accordance with procedures established by the Board may differ materially from the values that would have been used if an active market and market quotations existed for such investments.

*Investment Transactions and Related Investment Income*

The Fund records its investment transactions on a trade date basis, which is the date when the Fund assumes the risks for gains and losses related to that instrument. Realized gains and losses are based on the specific identification method.

Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Discounts and premiums to par value on investments purchased 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 ("OID") and market discounts or premiums are capitalized and amortized into interest income using the effective interest method or straight-line method, as applicable. Exit fees that are receivable upon repayment of a loan or debt security are amortized into interest income over the life of the respective investment. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income.

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

------

Certain investments may have contractual payment-in-kind ("PIK") interest or dividends. PIK represents accrued interest or accumulated dividends that are added to the principal amount or shares (if equity) 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 the investment being called by the issuer. PIK is recorded as interest or dividend income, as applicable. If at any point the Fund believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are generally reversed through interest or dividend income, respectively.

------

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management's judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management's judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

*Deferred Financing Costs* 

Deferred financing costs incurred in connection with SPV I's revolving credit facility are capitalized as deferred financing costs on the Consolidated Statement of Assets and Liabilities. Such costs are presented as an asset and are amortized to interest expense on a straight-line basis over the contractual term of the revolving facility.

*Recent Accounting Pronouncements*

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), which requires enhanced disaggregation of certain expense captions presented on the income statement into specified natural expense categories within the notes to the financial statements. The guidance does not affect the recognition or measurement of expenses and is effective for annual periods beginning after December 15, 2026; the Fund is currently evaluating the impact on its disclosures.

*Income Taxes*

The Fund intends to elect to be treated, and intends to qualify each taxable year thereafter, as a RIC under the Code. So long as the Fund maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its Shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Fund would represent obligations of the Fund's Shareholders and would not be reflected in the consolidated financial statements of the Fund.

The Fund 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 reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes 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.

To qualify for and maintain qualification as a RIC, the Fund must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Fund must distribute to its Shareholders, for each taxable year, at least 90% of the sum of (i) its "investment company taxable income" for that year (without regard to the deduction for dividends paid), which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses and (ii) its net tax exempt income. The Fund intends to make the requisite distributions to its Shareholders, which will generally relieve the Fund from corporate-level income taxes.

In addition, as a RIC the Fund is subject to a 4% nondeductible federal excise tax on undistributed income unless the Fund distributes in a timely manner in each taxable year an amount at least equal to the sum of (1) 98% of its ordinary income for the calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one- year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Fund that is subject to corporate income tax is considered to have been distributed. To the extent that it determines that estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such taxable income, the Fund will accrue excise taxes, if any, on estimated undistributed taxable income.

Certain of the Fund's consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. Income tax expense, if any, is included under the income category for which it applies in the Consolidated Statements of Operations.

*Distributions* 

The amount of any distributions the Fund may make on the Shares is uncertain. The Fund may not be able to pay distributions, or be able to sustain distributions at any particular level, and the Fund's distributions per share, if any, may not grow over time, and the Fund's distributions per share may be reduced. The Fund has not established any limit on the extent to which it may use borrowings, if

------

any, and the Fund may use offering proceeds to fund distributions (which may reduce the amount of capital the Fund ultimately invests in portfolio companies).

Subject to the Board's discretion and applicable legal restrictions, the Fund generally intends to authorize and declare cash distributions on a quarterly basis and pay such distributions on a quarterly basis. The Fund expects to pay distributions out of assets legally available for distribution. However, the Fund cannot assure Shareholders that the Fund will achieve investment results that will allow the Fund to make a consistent targeted level of cash distributions or year-to-year increases in cash distributions. The Fund's ability to pay distributions might be adversely affected by the impact of the risks described herein. In addition, the inability to satisfy the asset coverage test applicable to the Fund as a BDC under the 1940 Act can limit the Fund's ability to pay distributions. Distributions from offering proceeds also could reduce the amount of capital the Fund ultimately invests in debt or equity securities of portfolio companies. The Fund cannot assure Shareholders that the Fund will pay distributions to Shareholders in the future.

Distributions on the Shares may exceed the Fund's taxable earnings and profits, particularly during the period before the Fund has substantially invested the net proceeds from this offering. Therefore, portions of the distributions that the Fund pays may represent a return of capital to Shareholders. A return of capital is a return of a portion of Shareholders' original investment in the Fund's Shares. As a result, a return of capital will (i) lower Shareholders' tax basis in their shares and thereby increase the amount of capital gain (or decrease the amount of capital loss) realized upon a subsequent sale or redemption of such shares, and (ii) reduce the amount of funds the Fund has for investment in portfolio companies. The Fund has not established any limit on the extent to which the Fund may use offering proceeds to fund distributions.

The Fund may pay distributions from offering proceeds in anticipation of future cash flow, which may constitute a return of Shareholders' capital and will lower Shareholders' tax basis in their shares, thereby increasing the amount of capital gain (or decreasing the amount of capital loss) realized upon a subsequent sale or redemption of such shares, even if such shares have not increased in value or have, in fact, lost value. Distributions from offering proceeds also could reduce the amount of capital the Fund ultimately has available to invest in portfolio companies.

**3. AGREEMENTS AND RELATED PARTY TRANSACTIONS**

*Investment Advisory Agreement*

The Fund entered into an Investment Advisory Agreement with the Adviser on December 15, 2025 (the "Investment Advisory Agreement"). Subject to the overall supervision of the Board, the Adviser will provide investment advisory and management services to the Fund. For providing these services, the Adviser will receive fees from the Fund consisting of a base management fee and an incentive fee. The cost of the management fee and the incentive fee will ultimately be borne by the Fund's Shareholders. The Investment Advisory Agreement may be terminated by the Fund without penalty upon not less than 60 days' written notice to the Adviser and by the Adviser upon not less than 90 days' written notice to the Fund.

*Base Management Fee* 

Under the Investment Advisory Agreement, the Fund pays to the Adviser an asset-based fee (the "Base Management Fee") for management services in an amount equal to an annual rate of 0.625% of the average value of the Fund's gross assets at the end of the two most recently completed quarters. Gross assets mean the Fund's total assets, determined on a consolidated basis in accordance with U.S. GAAP, including assets purchased with borrowed funds or other forms of leverage, but excluding cash and cash equivalents ("Gross Assets"). The Base Management Fee will be calculated and payable quarterly in arrears. The Base Management Fee for any partial quarter will be appropriately pro-rated. The initial payment of the Base Management Fee shall be calculated based on the average Gross Assets as of the date of execution of the Investment Advisory Agreement, including, for the avoidance of doubt, assets acquired on such date, and the end of the fiscal quarter in which the Investment Advisory Agreement was executed. For the three months ended March 31, 2026, the Fund incurred a management fee of $0.2 million. As of March 31, 2026, $0.3 million remained payable.

*Incentive Fee* 

The Incentive Fee will consist of two components: (i) an income-based incentive fee (the "Income Incentive Fee") and (ii) a capital gains-based incentive fee (the "Capital Gains Incentive Fee"), each as defined below. Each component is independent of the other such that one component may be payable even if the other is not.

*Income Incentive Fee*

The Income Incentive Fee commences on the first fiscal quarter immediately following the three-year anniversary from the date of commencement of the Fund's operations (the "Commencement Date"). The Income Incentive Fee will be paid quarterly in an amount equal to 12.5% of the amount by which the Pre-Incentive Fee Net Investment income for the quarter exceeds a hurdle rate of 1.50% (6.0% annualized) of the Fund's net assets at the end of the immediately preceding calendar quarter, subject to a "catch-up" provision.

------

The Fund will pay the Adviser the Income Incentive Fee with respect to the Fund's Pre-Incentive Fee Net Investment Income in each calendar quarter as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) no Income Incentive Fee for any calendar quarter in which the Fund's Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 100% of the Fund's Pre-Incentive Fee Net Investment Income for any calendar quarter with respect to that portion of the Pre-Incentive Fee Net Investment Income for such quarter, if any, that exceeds the hurdle rate but is less than 1.714% (6.857% annualized); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) 12.50% of the amount of the Fund's Pre-Incentive Fee Net Investment Income for any calendar quarter with respect to that portion of the Pre-Incentive Fee Net Investment Income for such quarter, if any, that exceeds 1.714% (6.857% annualized).

"Pre-Incentive Fee Net Investment Income" means interest income, fee income, distribution/dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Fund receives from an investment) accrued during the calendar quarter, minus the Fund's operating expenses for the quarter, including the Base Management Fee and expenses payable under the Administration Agreement (as defined below), but excluding any Incentive Fee. In the case of investment with a deferred interest feature, Pre-Incentive Fee Net Investment Income will include accrued income that the Fund has not yet received in cash such as original issue discount, debt instruments with payment-in-kind features.

*Capital Gains Incentive Fee*

Beginning with the end of the fiscal year commencing on January 1, 2029, the Fund will pay the Adviser the Capital Gains Incentive Fee in cash annually in arrears in an amount equal to 12.5% of (i) realized capital gains, if any, on a cumulative basis beginning January 1, 2029, *less* (ii) the sum of realized capital losses and unrealized capital depreciation beginning January 1, 2029, on a cumulative basis and previously paid Capital Gains Incentive Fees. Realized capital gains, realized capital losses, and unrealized capital depreciation with respect to the Fund's portfolio through December 31, 2028 shall be excluded from the calculations of the Capital Gains Incentive Fee.

In accordance with U.S. GAAP, the Fund will accrue, but not pay, a portion of the Capital Gains Incentive Fee with respect to net unrealized appreciation. Under U.S. GAAP, the Fund is required to accrue an incentive fee based on capital gains that includes net realized capital gains and losses and net unrealized capital appreciation and depreciation on investments held at the end of each period. In calculating the accrual for the incentive fee based on capital gains, the Fund considers the cumulative aggregate unrealized capital appreciation in the calculation, since an incentive fee based on capital gains 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 payable under the Investment Advisory Agreement. This accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital appreciation or depreciation.

*Administration Agreement*

The Fund entered into the Administration Agreement with Sound Point Administration LLC the ("Administrator") on December 15, 2025 (the "Administration Agreement"), pursuant to which the Administrator furnishes the Fund with office facilities, equipment, and clerical, bookkeeping, and record-keeping services at such facilities. Under the Administration Agreement, the Administrator performs, or arranges for the performance of, the Fund's required administrative services, which include being responsible for the financial records that the Fund is required to maintain and preparing reports to shareholders. In addition, the Administrator provides the Fund with accounting services, assists in determining and publishing NAV, oversees the preparation and filing of tax returns, monitors the Fund's compliance with tax laws and regulations, and prepares, and assists with any audits by an independent public accounting firm of, the Fund's financial statements. The Administrator is also responsible for the printing and dissemination of reports to the Fund's Shareholders. It provides support for the Fund's investor relations, generally oversees the payment of expenses and the performance of administrative and professional services rendered to the Fund by others and provides such other administrative services as may be designated from time to time.

The Fund's allocable portion of such total compensation is based on an allocation of the time spent on the Fund relative to other matters. To the extent permitted by applicable law, the Administrator may elect to defer or waive all or a portion of its fees for a specified period of time. To the extent the Administrator outsources any of its functions, the Fund pays the fees on a direct basis, without profit to the Administrator. Additionally, the Fund is also responsible for its allocable portion of the costs of compensation and related expenses of the Fund's chief compliance officer, chief financial officer, chief operating officer and their respective support staff.

All investment professionals of the Adviser and their respective staffs, when and to the extent engaged in providing investment advisory and management services, and the compensation and routine overhead expenses of such personnel allocable to such services, are provided and paid for by the Adviser.

------

Certain accounting and other administrative services may be delegated by the Administrator to select sub-administrators. The Administration Agreement may be terminated by the Fund without penalty upon not less than 60 days' written notice to the Administrator and by the Administrator upon not less than 90 days' written notice. The Administration Agreement will remain in effect if approved by the Board, including by a majority of the Fund's independent trustees, on an annual basis. The Administrator has entered into a sub-administration agreement with U.S. Bank Global Fund Services to provide the Fund with certain fund administration and bookkeeping services. For the three months ended March 31, 2026, the Fund incurred administration fees of $0.1 million. As of March 31, 2026, $0.2 million remained payable.

*Due to Affiliates*

Due to affiliates consists of amounts payable to the Fund's Adviser and its affiliates for expense reimbursements due under agreements entered into in the ordinary course of business. Such amounts are generally settled on a current basis and are included in liabilities in the accompanying Consolidated Statement of Assets and Liabilities.

*Co-Investment Activity*

The Fund may participate in co-investment transactions with certain affiliates and other funds managed by the Adviser or its affiliates, subject to compliance with applicable law and any relevant exemptive relief granted by the U.S. Securities and Exchange Commission. The Adviser allocates such investment opportunities among the Fund and other participating accounts in accordance with its allocation policies and procedures.

*Initial Purchase*

Prior to its election to be regulated as a BDC, the Fund entered into a purchase and sale agreement on December 15, 2025 with certain affiliated Sound Point funds pursuant to which it acquired a portfolio of directly originated middle-market loan investments in exchange for cash consideration equal to the aggregate fair value of the assets transferred, as determined in accordance with GAAP, and the assumption of related unfunded lending commitments. The initial portfolio purchase of approximately $132.5 million gross commitments was funded through proceeds from the private offering of Shares and borrowings under the Fund's credit facility.

------

**4. INVESTMENTS**

The following is a summary of the composition of the Fund's investment portfolio at cost and fair value as of March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Amortized Cost** | **Fair Value** | **% of Total<br>Investments at<br>Fair Value** |
| First Lien Debt | $215346 | $214826 | 98.88% |
| Equity | 2435 | 2435 | 1.12 |
| **Total Investments at fair value** | $217781 | $217261 | 100.00% |

---

The following is a summary of the composition of the Fund's investment portfolio at cost and fair value as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Amortized Cost** | **Fair Value** | **% of Total<br>Investments at<br>Fair Value** |
| First Lien Debt | $99681 | $99713 | 100.00% |
| **Total Investments at fair value** | $99681 | $99713 | 100.00% |

---

The following is a summary of the industry classification of the portfolio companies in which the Fund was invested in as of March 31, 2026:

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** |
| **Industry Classification** | **Fair Value** | **Percentage of Total<br>Investments (at<br>Fair Value)** |
| Aerospace / MRO Services | $13475 | 6.20% |
| Application Software | 19206 | 8.83% |
| Architectural & Engineering Services | 3763 | 1.73% |
| Business Services | 207 | 0.10% |
| Capital Equipment | 19766 | 9.10% |
| Commercial Aviation | 13009 | 5.99% |
| Construction | 4258 | 1.96% |
| Construction & Building | 2832 | 1.30% |
| Consumer Products | 10417 | 4.79% |
| Data Center / Other Commercial Services | 16181 | 7.45% |
| Dermatology | 1450 | 0.67% |
| Electrical Components & Equipment | 1906 | 0.88% |
| Global Consumer Products | 6332 | 2.91% |
| Healthcare & Pharmaceuticals | 7910 | 3.64% |
| HVAC Consulting & Distribution | 11388 | 5.24% |
| Industrial Products Distribution / After-Market Services | 11205 | 5.16% |
| IT Services | 10226 | 4.71% |
| Life Sciences | 7582 | 3.49% |
| Manufacturing | 410 | 0.19% |
| Professional Services | 12503 | 5.75% |
| Residential & Light Commercial HVAC | 8669 | 3.99% |
| Roofing Services | 15980 | 7.36% |
| Supply Chain Equipment & Services | 11812 | 5.44% |
| Transportation | 6774 | 3.12% |
| **Total** | $217261 | 100.00% |

---

------

The following is a summary of the industry classification of the portfolio companies in which the Fund was invested in as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** |
| **Industry Classification** | **Fair Value** | **Percentage of Total<br>Investments (at<br>Fair Value)** |
| Aerospace / MRO Services | $6001 | 6.02% |
| Application Software | 7181 | 7.20% |
| Architectural & Engineering Services | 3723 | 3.73% |
| Business Services | 210 | 0.21% |
| Data Center / Other Commercial Services | 13265 | 13.30% |
| Dermatology | 1362 | 1.37% |
| Electrical Components & Equipment | 1911 | 1.92% |
| Global Consumer Products | 6383 | 6.40% |
| Healthcare & Pharmaceuticals | 5067 | 5.08% |
| HVAC Consulting & Distribution | 10526 | 10.56% |
| Industrial Products Distribution / After-Market Services | 8216 | 8.24% |
| IT Services | 10250 | 10.28% |
| Life Sciences | 7602 | 7.62% |
| Manufacturing | 401 | 0.40% |
| Residential & Light Commercial HVAC | 6329 | 6.35% |
| Roofing Services | 3353 | 3.36% |
| Supply Chain Equipment & Services | 2602 | 2.61% |
| Transportation | 5331 | 5.35% |
| **Total** | $99713 | 100.00% |

---

The following is a summary of the geographical concentration of the Fund's investment portfolio as of March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Amortized Cost** | **Fair Value** | **% of Total<br>Investments<br>at Fair Value** |
| United States | $217781 | $217261 | 100.00% |
| Total | $217781 | $217261 | 100.00% |

---

The following is a summary of the geographical concentration of the Fund's investment portfolio as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Amortized Cost** | **Fair Value** | **% of Total<br>Investments<br>at Fair Value** |
| United States | $99681 | $99713 | 100.00% |
| Total | $99681 | $99713 | 100.00% |

---

------

**5. FAIR VALUE MEASUREMENTS**

The following fair value hierarchy table sets forth the Fund's investments by level as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| First Lien Debt | $— | $— | $214826 | $214826 |
| Equity |  |  | 2435 | 2435 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total non-controlled/non-affiliated investments** |  |  | 217261 | 217261 |
| Money Market<sup>(1)</sup> | 15526 |  |  | 15526 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments at fair value** | $15526 | $— | $217261 | $232787 |

---

<sup>(1)</sup> Cash equivalents balance represents amounts held in the interest-bearing money market fund – BlackRock Liquidity Funds T-Fund Institutional Share Class as of March 31, 2026.

The following fair value hierarchy table sets forth the Fund's investments by level as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| First Lien Debt | $— | $— | $99713 | $99713 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total non-controlled/non-affiliated investments** |  |  | 99713 | 99713 |
| Money Market<sup>(1)</sup> | 52011 |  |  | 52011 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments at fair value** | $52011 | $— | $99713 | $151724 |

---

<sup>(1)</sup> Cash equivalents balance represents amounts held in the interest-bearing money market fund – BlackRock Liquidity Funds T-Fund Institutional Share Class as of December 31, 2025.

The following table provides a reconciliation of the beginning and ending balances of the Fund's investments at fair value that use Level 3 inputs for the three months ended March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  | **First Lien Debt** | **Equity** | **Total Investments** |
| Balance as of January 1, 2026 | $99713 | $— | $99713 |
| Purchases | 153710 | 2447 | 156157 |
| Net accretion of discounts (amortization of premium) | 237 |  | 237 |
| Sales, repayments and paydowns | (38282) | (12) | (38294) |
| Net unrealized gains (losses) | (552) |  | (552) |
| Balance as of March 31, 2026 | $214826 | $2435 | $217261 |
| Net change in unrealized appreciation (depreciation) for the period relating to those Level 3 assets that were still held by the Fund at the end of the period | $(552) | $— | $(552) |

---

Transfers of investments between levels in the fair value hierarchy are recorded at the beginning of the period. For the three months ended March 31, 2026, there were no investments that transferred between levels.

***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. The following tables present quantitative information about the significant unobservable inputs of the Fund's Level 3 financial instruments as of March 31, 2026 and December 31, 2025. These tables are not intended to be all-inclusive, but instead capture the significant unobservable inputs relevant to the Fund's determination of fair value.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
|  |  |  |  | **Range** | **Range** |  |
| **Investment** | **Fair Value** | **Valuation Technique** | **Unobservable Input** | **Low** | **High** | **Weighted Average** |
| First Lien Debt | $149969 | Market Yield Analysis | Market Yield | 8.40% | 10.46% | 9.18% |
| First Lien Debt | 64857 | Transaction Price | N/A | N/A | N/A | N/A |
| Equity | 2435 | Transaction Price | N/A | N/A | N/A | N/A |
| Total | $217261 |  |  |  |  |  |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  |  |  |  | **Range** | **Range** |  |
| **Investment** | **Fair Value** | **Valuation Technique** | **Unobservable Input** | **Low** | **High** | **Weighted Average** |
| First Lien Debt | $75871 | Market Yield Analysis | Market Yield | 8.57% | 10.10% | 9.46% |
| First Lien Debt | 23842 | Transaction Price | N/A | N/A | N/A | N/A |
| Total | $99713 |  |  |  |  |  |

---

Debt investments are generally valued using a discounted cash flow technique or market yield analysis, for which the significant inputs are the amount and timing of expected future cash flows, market yields and recovery assumptions. An increase in the discount rate or market yield would result in a decrease in the fair value. Other valuation methodologies are used as appropriate including transaction price on entry or market comparables analysis.

**6. BORROWINGS**

In accordance with the 1940 Act, with certain limitations, the Fund is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. As of March 31, 2026 and December 31, 2025, the Fund's asset coverage was 160% and 230%.

On December 15, 2025, SPV I entered into a senior secured revolving credit facility with JPMorgan Chase Bank, N.A. ("Revolving Credit Facility"), drawing approximately $54.97 million to facilitate the initial purchase of the Fund's portfolio. The lenders of the Revolving Credit Facility have a first lien security interest in substantially all of the assets of SPV I.

Borrowings under the Revolving Credit Facility bear interest at the applicable reference rate (which is Term SOFR or the Base Rate, each as defined in the documents governing the SPV I Financing Facility) plus a 1.90% per annum margin, with an increased margin during events of default or when outstanding borrowings fall below required minimum funding thresholds.

As of March 31, 2026, the maximum borrowing capacity under the Revolving Credit Facility is $275 million with a maximum financing commitment available up to $425 million inclusive of two scheduled commitment increases totaling $150 million. The Revolving Credit Facility scheduled termination date is on December 15, 2030. As of March 31, 2026, the Fund had $98.3 million outstanding on the Revolving Credit Facility. Under the Revolving Credit Facility, the Fund makes certain customary representations and warranties and is required to comply with various covenants, including leverage restrictions, reporting requirements and other customary requirements for similar credit facilities.

On December 24, 2025, the Fund entered into a senior secured revolving credit facility with JPMorgan Chase Bank, N.A. (the "Subscription Financing Facility"). The Fund's obligations under the Subscription Financing Facility are secured by, among other things, capital commitments of certain investors to purchase the Fund's common shares. Borrowings under the Subscription Financing Facility bear interest at the applicable reference rate (which is Term SOFR or the Base Rate, each as defined in the documents governing the Subscription Financing Facility) plus a 1.85% per annum margin, with an increased margin during certain events of default.

As of March 31, 2026, the Subscription Financing Facility maximum financing commitment available is up to $75 million which matures on December 23, 2026, and may be extended for an additional period of up to 364 days, subject to the consent of JPMorgan Chase Bank, N.A. As of March 31, 2026 the Fund had $47 million outstanding on the Subscription Financing Facility.

The fair value of the Fund's debt, which would have been categorized as Level 3 within the fair value hierarchy as of March 31, 2026, approximates its carrying value because the Revolving Credit Facility and Subscription Financing Facility have variable interest based on selected short-term rates.

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

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** <sup>(1)</sup> |
| Interest expense | $1955 | $— |
| Amortization of deferred financing costs | 160 |  |
| **Total Interest Expense** | $2115 | $— |
| Average debt outstanding | 121332 |  |
| Weighted average interest rate | 6.53% | 0.0% |

---

<sup>(1)</sup> The Fund commenced operations on December 15, 2025. Accordingly, there is no activity for the period from March 14, 2025 (inception) to March 31, 2025.

------

The following summarizes the reconciliation of the carrying value of the borrowings as of March 31, 2026:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Aggregate<br>Principal<br>Committed** | **Outstanding<br>Principal** | **Carrying<br>Value** | **Unused<br>Portion** <sup>(1)</sup> | **Amount Available** <sup>(2)</sup> |
| Revolving Credit Facility | $275000 | $98271 | $98271 | $176729 | $34113 |
| Subscription Financing Facility | 75000 | 47000 | 47000 | 28000 | 28000 |
| Total | $350000 | $145271 | $145271 | $204729 | $62113 |

---

(1)The unused portion is the amount upon which commitment fees, if any, are based.<br>(2)The amount available reflects any limitations related to each respective credit facility's borrowing base.<br>

The following summarizes the reconciliation of the carrying value of the borrowings as of December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Aggregate<br>Principal<br>Committed** | **Outstanding<br>Principal** | **Carrying<br>Value** | **Unused<br>Portion** <sup>(1)</sup> | **Amount Available** <sup>(2)</sup> |
| Revolving Credit Facility | $275000 | $54971 | $54971 | $220029 | $5144 |
| Subscription Financing Facility | 75000 | 12000 | 12000 | 63000 | 63000 |
| Total | $350000 | $66971 | $66971 | $283029 | $68144 |

---

(1)The unused portion is the amount upon which commitment fees, if any, are based.

(2)The amount available reflects any limitations related to each respective credit facility's borrowing base.

**7. NET ASSETS**

***Share Issuances***

In connection with its formation, the Fund has the authority to issue an unlimited number of common shares of beneficial interest at $0.001 per share par value. On November 20, 2025, an affiliate of the Adviser subscribed for 400 shares of the Fund's Shares of beneficial interest at $25.00 per share which is 0.01% of the Fund's outstanding shares.

The following table summarizes transactions in Common Shares during the three months ended March 31, 2026 and 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2026** | **2025** <sup>(1)</sup> | **2025** <sup>(1)</sup> |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Subscriptions | 3506476 | $87662 |  | $— |
| Distributions reinvested |  |  |  |  |
| Share repurchases |  |  |  |  |
| Early repurchase deduction |  |  |  |  |
| Net increase (decrease) | 3506476 | $87662 |  | $— |

---

<sup>(1)</sup> The Fund commenced operations on December 15, 2025. Accordingly, there is no activity for the period from March 14, 2025 (inception) to March 31, 2025.

*Share Repurchase Program*

The Fund does not intend to list the Shares on a securities exchange and does not expect a public market for the Shares to develop. Beginning no later than the first full calendar quarter after the two-year anniversary of the Initial Closing, and subject to Board discretion, the Fund intends to commence a share repurchase program under which it may offer to repurchase, each quarter, up to 5% of the Fund's outstanding Shares by number of Shares as of the close of the previous calendar quarter. The Board may amend, suspend or terminate the program at any time if it determines such action is in the best interest of the Fund and/or its Shareholders, and repurchases may not be available each quarter. The Fund intends to conduct repurchase offers in accordance with Rule 13e-4 under the Exchange Act and the 1940 Act, and all repurchased Shares will be retired and become authorized and unissued Shares.

Repurchases, if offered, are expected to be made at NAV per Share as of the applicable valuation date, subject to a 2% early repurchase deduction on Shares tendered within 12 months of their initial issue date. Shares will be treated as repurchased on a first-in, first-out basis for purposes of applying the deduction. Any early repurchase deduction will be retained by the Fund for the benefit of remaining Shareholders and will not be paid to the Investment Adviser. There were no repurchases for the three months ended March 31, 2026.

------

*Distributions*

The Fund authorizes and declares distribution amounts per share of Shares of beneficial interest payable quarterly in arrears.

The following tables summarizes the distribution declarations for the three months ended March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distributions through Common Shares** | **Distributions through Common Shares** | **Distributions through Common Shares** | **Distributions through Common Shares** |
| **Date Declared** | **Record Date** | **Payment Date** | **Amount Per Share** | **Distribution Declared** |
| March 17, 2026 | March 17, 2026 | April 20, 2026 | $0.60 | $2104 |
| Total |  |  | $0.60 | $2104 |

---

*Distribution Reinvestment Plan* 

The Fund has adopted a distribution reinvestment plan, pursuant to which it will reinvest all cash distributions declared on behalf of the Fund's Shareholders who do not elect to receive their distributions in cash. As a result, if the Fund declares a cash distribution, then Shareholders who have not opted out of the distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares, rather than receiving the cash distribution. Distributions on fractional shares will be credited to each participating Shareholder's account to three decimal places. The Fund commenced operations on December 15, 2025. Accordingly, there is no activity for the period from March 14, 2025 (inception) to March 31, 2025.

------

**8. COMMITMENTS AND CONTINGENCIES**

In the normal course of business, the Fund may enter into contracts that provide a variety of general indemnifications. Any exposure to the Fund under these arrangements could involve future claims that may be made against the Fund. Currently, no such claims exist or are expected to arise and, accordingly, the Fund has not accrued any liability in connection with such indemnifications.

*Capital Commitments* 

The Fund is structured as a drawdown vehicle. Investors have contractually committed capital to the Fund (the "Capital Commitments"), which is called by the Fund from time to time through capital calls to fund investments, expenses, interest, and other obligations in accordance with the Fund's governing documents. As of March 31, 2026, aggregate Capital Commitments totaled $461.3 million, of which $373.7 million remained undrawn.

*Unfunded Commitments* 

The Fund may enter into investment commitments through executed credit agreements or commitment letters. In many circumstances, for executed commitment letters, borrower acceptance and final terms are subject to transaction-related contingencies.

------

As of March 31, 2026, the Fund has the following unfunded commitments to portfolio companies:

---

| | | | |
|:---|:---|:---|:---|
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Investments—non-controlled/non-affiliated** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** |
| Alpha US Buyer LLC | First Lien Debt - Revolver | 4/4/2030 | $36 |
| Alpha US Buyer LLC | First Lien Debt - Delayed Draw | 4/4/2030 | 66 |
| Ambient Enterprises Holdco LLC | First Lien Debt - Delayed Draw | 6/28/2030 | 502 |
| Ambient Enterprises Holdco LLC | First Lien Debt - Revolver | 12/8/2029 | 1036 |
| Ambient Enterprises Holdco LLC | First Lien Debt - Delayed Draw | 6/30/2030 | 2070 |
| Argano LLC | First Lien Debt - Revolver | 9/13/2029 | 269 |
| Bennett West, LLC | First Lien Debt - Revolver | 1/16/2031 | 2281 |
| BNP Associates Buyer Inc. | First Lien Debt - Revolver | 8/19/2030 | 19 |
| C3 AcquisitionCo, LLC | First Lien Debt - Revolver | 11/26/2030 | 201 |
| CSG Buyer Inc. | First Lien Debt - Delayed Draw | 7/29/2029 | 756 |
| CSG Buyer Inc. | First Lien Debt - Revolver | 7/29/2029 | 202 |
| DRS Holdings III, Inc. | First Lien Debt - Revolver | 11/1/2028 | 343 |
| Decision Point Technologies, LLC | First Lien Debt - Revolver | 9/1/2029 | 109 |
| Engineering Resource Group Buyer, LLC | First Lien Debt - Delayed Draw | 2/5/2033 | 1946 |
| Engineering Resource Group Buyer, LLC | First Lien Debt - Revolver | 2/5/2033 | 973 |
| HHC InXpress Group GP LLC | Equity | 7/31/2029 | 65 |
| JS Global, LLC | First Lien Debt - Revolver | 7/31/2030 | 1050 |
| Life Science Intermediate Holdings, LLC | First Lien Debt - Revolver | 6/10/2027 | 517 |
| Life Science Intermediate Holdings, LLC | First Lien Debt - Delayed Draw | 6/10/2027 | 1276 |
| Machine Sciences Corp | First Lien Debt - Delayed Draw | 3/31/2032 | 9000 |
| Machine Sciences Corp | First Lien Debt - Revolver | 3/31/2032 | 1286 |
| Medical Device, Inc. | First Lien Debt - Revolver | 7/11/2029 | 1008 |
| NWP Acquisition Holdings, LLC | First Lien Debt - Delayed Draw | 11/21/2030 | 8904 |
| NWP Acquisition Holdings, LLC | First Lien Debt - Revolver | 11/21/2030 | 2871 |
| OSR Opco LLC | First Lien Debt - Revolver | 3/15/2029 | 2184 |
| Par Excellence Holdings Inc. | First Lien Debt - Revolver | 9/3/2030 | 965 |
| ResiXperts Holdco, LLC | First Lien Debt - Delayed Draw | 5/2/2030 | 12229 |
| ResiXperts Holdco, LLC | First Lien Debt - Revolver | 5/2/2030 | 1454 |
| Salt US Holdco LLC | First Lien Debt - Delayed Draw | 7/31/2029 | 15925 |
| Salt US Holdco LLC | First Lien Debt - Delayed Draw | 7/31/2029 | 221 |
| Salute Mission Critical Holdings LLC | First Lien Debt - Delayed Draw | 11/30/2029 | 6666 |
| SDG Management Co LLC | First Lien Debt - Delayed Draw | 7/1/2028 | 134 |
| SDG Management Co LLC | First Lien Debt - Revolver | 7/1/2028 | 57 |
| Security Buyer, LLC | First Lien Debt - Delayed Draw | 3/31/2032 | 1770 |
| Security Buyer, LLC | First Lien Debt - Revolver | 3/31/2032 | 2951 |
| Sens Intermediate Holdings LLC | First Lien Debt - Delayed Draw | 3/10/2031 | 680 |
| Sens Intermediate Holdings LLC | First Lien Debt - Revolver | 3/10/2031 | 453 |
| Talent Worldwide Inc | First Lien Debt - Revolver | 1/16/2031 | 439 |
| Tender Products, INC. | First Lien Debt - Revolver | 7/31/2030 | 1989 |
| VP Deliver Parent Inc | First Lien Debt - Delayed Draw | 2/13/2031 | 1331 |
| VP Deliver Parent Inc | First Lien Debt - Revolver | 2/13/2031 | 1426 |
| Upland Software, Inc. | First Lien Debt - Revolver | 7/25/2031 | 2553 |
| **Total Unfunded Commitments** |  |  | $90213 |

---

------

As of December 31, 2025, the Fund has the following unfunded commitments to portfolio companies:

---

| | | | |
|:---|:---|:---|:---|
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Investments—non-controlled/non-affiliated** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** |
| Alpha US Buyer LLC | First Lien Debt - Revolver | 4/4/2030 | $36 |
| Alpha US Buyer LLC | First Lien Debt - Delayed Draw | 4/4/2030 | 76 |
| Ambient Enterprises Holdco LLC | First Lien Debt - Delayed Draw | 6/30/2030 | 1392 |
| Ambient Enterprises Holdco LLC | First Lien Debt - Revolver | 12/8/2029 | 1036 |
| Ambient Enterprises Holdco LLC | First Lien Debt - Delayed Draw | 6/30/2030 | 2070 |
| Argano LLC | First Lien Debt - Revolver | 9/13/2029 | 269 |
| Barcoding Inc. | First Lien Debt - Revolver | 9/1/2029 | 109 |
| BNP Associates Buyer Inc. | First Lien Debt - Revolver | 8/19/2030 | 18 |
| C3 AcquisitionCo, LLC | First Lien Debt - Delayed Draw | 11/26/2030 | 582 |
| C3 AcquisitionCo, LLC | First Lien Debt - Revolver | 11/26/2030 | 201 |
| CSG Buyer Inc. | First Lien Debt - Delayed Draw | 7/29/2029 | 756 |
| CSG Buyer Inc. | First Lien Debt - Revolver | 7/29/2029 | 252 |
| DRS Holdings III, Inc. | First Lien Debt - Revolver | 11/1/2028 | 343 |
| Life Science Intermediate Holdings, LLC | First Lien Debt - Revolver | 6/10/2027 | 517 |
| Life Science Intermediate Holdings, LLC | First Lien Debt - Delayed Draw | 6/10/2027 | 1276 |
| NWP Acquisition Holdings, LLC | First Lien Debt - Delayed Draw | 11/21/2030 | 872 |
| NWP Acquisition Holdings, LLC | First Lien Debt - Revolver | 11/21/2030 | 1090 |
| OSR Opco LLC | First Lien Debt - Revolver | 3/15/2029 | 344 |
| Par Excellence Holdings Inc. | First Lien Debt - Revolver | 9/3/2030 | 965 |
| ResiXperts Holdco, LLC | First Lien Debt - Delayed Draw | 5/2/2030 | 11472 |
| ResiXperts Holdco, LLC | First Lien Debt - Revolver | 5/2/2030 | 1696 |
| Salt US Holdco LLC | First Lien Debt - Delayed Draw | 7/31/2029 | 742 |
| Salute Mission Critical Holdings LLC | First Lien Debt - Delayed Draw | 11/30/2029 | 2919 |
| SDG Management Co LLC | First Lien Debt - Delayed Draw | 7/1/2028 | 224 |
| SDG Management Co LLC | First Lien Debt - Revolver | 7/1/2028 | 57 |
| Sens Intermediate Holdings LLC | First Lien Debt - Delayed Draw | 3/10/2031 | 680 |
| Sens Intermediate Holdings LLC | First Lien Debt - Revolver | 3/10/2031 | 453 |
| Upland Software, Inc. | First Lien Debt - Revolver | 7/25/2031 | 920 |
| **Total Unfunded Commitments** |  |  | $31367 |

---

------

**9**. FINANCIAL HIGHLIGHTS

Below is the schedule of the Fund's financial highlights:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** <sup>(5)</sup> |
| **Per Share Data:** |  |  |
| Net assets, beginning of period | $24.81 |  |
| Net investment income (loss)<sup>(1)</sup> | 0.61 |  |
| Net realized gain (loss) <sup>(1)</sup> | 0.00 |  |
| Net change in unrealized appreciation (depreciation) <sup>(1) (3)</sup> | (0.16) |  |
| Net increase (decrease) in net assets resulting from operations <sup>(1)</sup> | 0.45 |  |
| Distributions declared from net investment income | (0.60) |  |
| Total increase (decrease) in net assets | (0.15) |  |
| Net assets, end of period | $24.66 | $— |
| Common shares outstanding, end of period | 3506476 |  |
| Total return based on NAV <sup>(2)</sup> | 1.80% |  |
| **Ratio/Supplemental data:** |  |  |
| Net assets, end of period | $86483 |  |
| Ratio of total expenses to average net assets<sup>(6)</sup> | 13.09% |  |
| Ratio of net investment income (loss) to average net assets<sup>(6)</sup> | 10.05% |  |
| Portfolio turnover rate <sup>(4)</sup> | 24.16% |  |
| **Supplemental Data:** |  |  |
| Total capital commitments, end of period | $461326 |  |
| Ratio of total contributed capital to total committed capital, end of period | 19.00% |  |
| Weighted average shares outstanding | 3506476 |  |
| Asset coverage ratio | 160% |  |

---

<sup>(1)</sup> Per share amounts are calculated based on the weighted average shares outstanding during the period. Per share data is not annualized.

<sup>(2)</sup> Total return based on NAV is calculated as the change in NAV per share during the period, assuming dividends and distributions, if any, are reinvested in accordance with the Fund's dividend reinvestment plan. Return calculations are not annualized.

<sup>(3)</sup> Includes the impact of different amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on shares outstanding as of a period end or transaction date.

<sup>(4)</sup> 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. Ratio is not annualized.

<sup>(5)</sup> The Fund commenced operations on December 15, 2025. Accordingly, there is no activity for the period from March 14, 2025 (inception) to March 31, 2025.

<sup>(6)</sup> The ratios reflect an annualized amount.

**10. SUBSEQUENT EVENTS**

The Fund's management has evaluated subsequent events through the date that the financial statements were issued. There have been no subsequent events that occurred during such period that would require disclosure in the financial statements or accompanying notes except as discussed below.

On April 1, 2026, the Fund closed on additional capital commitments totaling $58.2 million.

On April 17, 2026, the Fund issued a capital call notice, with a funding date of April 30, 2026, for $47.8 million of additional capital. In connection with the capital call, the Fund issued 1.9 million additional shares as of April 30, 2026.

------

**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.

**Sound Point Direct Lending BDC** is an externally managed, non-diversified closed-end management investment company regulated under the 1940 Act that has elected to be treated as a BDC. In addition, for tax purposes, the Fund intends to elect, and intends to qualify annually thereafter, as a RIC under Subchapter M of the Code. The Fund is externally managed by the Adviser, an SEC-registered investment adviser with significant experience in private credit and direct lending markets.

The Fund's investment objective is to generate current income and, to a lesser extent, capital appreciation through investments primarily in private middle market companies. The Fund may also generate income from capital gains on the sales of loans, debt and equity related securities, and various loan origination and other fees and dividends on direct equity investments. The Adviser will determine whether companies qualify as "middle market" in its sole discretion, and the Fund may from time to time invest in larger or smaller companies if an attractive opportunity presents itself.

As of March 31, 2026, the Fund's portfolio was predominantly invested in U.S. dollar-denominated, first-lien senior secured debt instruments across a diversified set of industries, with an emphasis on first lien core middle market lending. The portfolio reflected a disciplined underwriting approach, conservative leverage at the borrower level, and an ongoing focus on covenant protection and downside risk mitigation.

***Investments*** 

The Fund received initial seed capital on November 20, 2025 and commenced investment operations on December 15, 2025, the date the Fund purchased the Initial Portfolio, and therefore does not have prior periods with which to compare the Fund's investment operating results for the three months ended March 31, 2026.

The following summarizes the Fund's investment activity for the three months ended March 31, 2026 (dollars in thousands):

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** <sup>(1)</sup> |
| Beginning Balance | $99713 | $— |
| Investments purchased | 156156 |  |
| Net accretion of discount on investments | 237 |  |
| Net change in unrealized (appreciation) depreciation on investments | (552) |  |
| Investments sold or repaid | (38293) |  |
| Closing Balance | $217261 | $— |

---

<sup>(1)</sup> The Fund commenced operations on December 15, 2025. Accordingly, there is no activity for the period from March 14, 2025 (inception) to March 31, 2025.

As of March 31, 2026, 100.0% of the first lien senior secured loan investments in the Fund's portfolio bore interest at floating rates. Given the current interest rate environment in the United States, Secured Overnight Financing Rate ("SOFR") base rates are above the floors in effect as of quarter-end. Base rates on 100.0% of the loans in the portfolio exceed the stated floors. As of March 31, 2026, the weighted average spread over applicable SOFR for the Fund's senior secured loans outstanding was 3.66% and the weighted average contractual interest rate was 5.54%. As of December 31, 2025, the weighted average spread over applicable SOFR for the Fund's senior secured loans outstanding was 3.72% and the weighted average contractual interest rate was 5.62%.

The following table shows the composition of the Fund's investment portfolio as of March 31, 2026 (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Amortized Cost** | **Fair Value** | **% of Total<br>Investments at<br>Fair Value** |
| First Lien Debt | $215346 | $214826 | 98.88% |
| Equity | 2435 | 2435 | 1.12 |
| **Total Investments at fair value** | $217781 | $217261 | 100.00% |

---

------

The following table shows the composition of the Fund's investment portfolio as of December 31, 2025 (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Amortized Cost** | **Fair Value** | **% of Total<br>Investments at<br>Fair Value** |
| First Lien Debt | $99681 | $99713 | 100.00% |
| **Total Investments at fair value** | $99681 | $99713 | 100.00% |

---

The following is a summary of the industry classifications in which the Fund invested as of March 31, 2026 (dollars in thousands):

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** |
| **Industry Classification** | **Fair Value** | **Percentage of Total<br>Investments (at<br>Fair Value)** |
| Aerospace / MRO Services | $13475 | 6.20% |
| Application Software | 19206 | 8.83% |
| Architectural & Engineering Services | 3763 | 1.73% |
| Business Services | 207 | 0.10% |
| Capital Equipment | 19766 | 9.10% |
| Commercial Aviation | 13009 | 5.99% |
| Construction | 4258 | 1.96% |
| Construction & Building | 2832 | 1.30% |
| Consumer Products | 10417 | 4.79% |
| Data Center / Other Commercial Services | 16181 | 7.45% |
| Dermatology | 1450 | 0.67% |
| Electrical Components & Equipment | 1906 | 0.88% |
| Global Consumer Products | 6332 | 2.91% |
| Healthcare & Pharmaceuticals | 7910 | 3.64% |
| HVAC Consulting & Distribution | 11388 | 5.24% |
| Industrial Products Distribution / After-Market Services | 11205 | 5.16% |
| IT Services | 10226 | 4.71% |
| Life Sciences | 7582 | 3.49% |
| Manufacturing | 410 | 0.19% |
| Professional Services | 12503 | 5.75% |
| Residential & Light Commercial HVAC | 8669 | 3.99% |
| Roofing Services | 15980 | 7.36% |
| Supply Chain Equipment & Services | 11812 | 5.44% |
| Transportation | 6774 | 3.12% |
| **Total** | $217261 | 100.00% |

---

------

The following is a summary of the industry classifications in which the Fund invested as of December 31, 2025 (dollars in thousands):

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** |
| **Industry Classification** | **Fair Value** | **Percentage of Total<br>Investments (at<br>Fair Value)** |
| Aerospace / MRO Services | $6001 | 6.02% |
| Application Software | 7181 | 7.20% |
| Architectural & Engineering Services | 3723 | 3.73% |
| Business Services | 210 | 0.21% |
| Data Center / Other Commercial Services | 13265 | 13.30% |
| Dermatology | 1362 | 1.37% |
| Electrical Components & Equipment | 1911 | 1.92% |
| Global Consumer Products | 6383 | 6.40% |
| Healthcare & Pharmaceuticals | 5067 | 5.08% |
| HVAC Consulting & Distribution | 10526 | 10.56% |
| Industrial Products Distribution / After-Market Services | 8216 | 8.24% |
| IT Services | 10250 | 10.28% |
| Life Sciences | 7602 | 7.62% |
| Manufacturing | 401 | 0.40% |
| Residential & Light Commercial HVAC | 6329 | 6.35% |
| Roofing Services | 3353 | 3.36% |
| Supply Chain Equipment & Services | 2602 | 2.61% |
| Transportation | 5331 | 5.35% |
| **Total** | $99713 | 100.00% |

---

*Portfolio Asset Quality*

As part of the monitoring process, we regularly assess the risk profile of each of the Fund's investments and rate each of them based on an internal proprietary system that uses the categories listed below, which the Fund refers to as its investment performance risk rating. For any investment rated in Grades 4, 5 or 6, the Fund will increase its monitoring intensity, increase the Fund's interactions with its sub-advisors, where applicable, and prepare regular updates for the investment committee, summarizing current operating results and material impending events. The Fund monitors and, when appropriate, changes the investment ratings assigned to each investment in the Fund's portfolio. In connection with its valuation process, the Fund reviews these investment performance risk ratings on a quarterly basis. The investment performance risk rating system is described as follows:

---

| | |
|:---|:---|
| **Investment<br>Performance<br>Risk Rating** | **Investments at Fair Value** |
| Grade 1 | Investments that are performing above expectations |
| Grade 2 | Investments that are performing within expectations, with risks that are neutral or favorable compared to risks at the time of origination. All new loans receive this rating |
| Grade 3 | Investments that are performing below expectations and that require enhanced monitoring, but where no risk of loss is expected for interest, principal or dividends |
| Grade 4 | Investments that are performing materially below expectations and that require close monitoring. Investments receiving this rating may be out of compliance with financial covenants; however, these investments are generally current with respect to interest and principal. There is a heightened risk of potential loss. Investments rated "4" or lower will remain on the Watch List until performance warrants upgrade and removal |
| Grade 5 | Investments that are performing materially below expectations and for which risk has increased significantly since origination. In addition to the borrower being generally out of compliance with debt covenants, loan payments may be past due, but generally not more than 180 days past due. Some loss of interest or dividend is expected, but no loss of principal<br>|
| Grade 6 | Investments that are performing substantially below expectations and whose risks have increased significantly since origination. Most or all of the debt covenants are out of compliance and payments are substantially delinquent and/or a debt restructuring has occurred. Some loss of principal is expected |

---

------

The Fund's investment performance risk ratings do not constitute any rating of investments by a nationally recognized statistical rating organization or reflect or represent any third-party assessment of any of the Fund's investments.

In the event of a delinquency or a decision to rate an investment 4, 5 or 6, the Fund's investment committee will develop an action plan. Such a plan may require a meeting with a sub-advisor, where applicable, or the lender group to discuss reasons for the default and the steps management and the lender group are undertaking to address the under-performance, as well as amendments and waivers that may be required.

The following tables show the composition of the Fund's portfolio on the 1 to 6 investment performance rating scale (dollar amounts in thousands). Investment performance ratings are accurate only as of those dates and may change due to subsequent developments relating to a portfolio company's business or financial conditions, market conditions or developments, and other factors:

---

| | | | |
|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Internal Performance Rating** | **Investments at Fair Value (in thousands)** | **% of Total Investments at Fair Value** | **Number of Portfolio Companies** |
| 1 | $36420 | 16.76% | 7 |
| 2 | 160332 | 73.80 | 19 |
| 3 | 20509 | 9.44 | 3 |
| 4 |  |  |  |
| 5 |  |  |  |
| 6 |  |  |  |
| **Total** | $217261 | 100.00% | 29 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Internal Performance Rating** | **Investments at Fair Value (in thousands)** | **% of Total Investments at Fair Value** | **Number of Portfolio Companies** |
| 1 | $29667 | 29.75% | 6 |
| 2 | 56115 | 56.28 | 11 |
| 3 | 13931 | 13.97 | 2 |
| 4 |  |  |  |
| 5 |  |  |  |
| 6 |  |  |  |
| **Total** | $99713 | 100.00% | 19 |

---

The following table presents the amortized cost of the Fund's performing and non-accrual investments as of March 31, 2026 and December 31, 2025 (dollars in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|  | **Amortized Cost** | **Percentage** | **Amortized Cost** | **Percentage** |
| Performing | $217781 | 100.0% | $99681 | 100.0% |
| Non-accrual |  |  |  |  |
| **Total** | $217781 | 100.0% | $99681 | 100.0% |

---

------

***Results of Operations***

The Fund commenced operations on December 15, 2025. The operating results consist primarily of organizational costs incurred from inception through the commencement of operations and other expenses including certain up front offering costs incurred related to the Fund's filings and share issuance.

For the three months ended March 31, 2026 and 2025, the Fund's operating results were as follows (dollars in thousands):

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** <sup>(1)</sup> |
| **Operating Results** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $4895 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (2115) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense | (654) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (552) |  |
| Net increase (decrease) in net assets before organizational expenses | $1574 | $— |
| **Net increase (decrease) in net assets resulting from operations** | $1574 | $— |

---

<sup>(1)</sup> The Fund commenced operations on December 15, 2025. Accordingly, there is no activity for the period from March 14, 2025 (inception) to March 31, 2025.

*Investment Income*

On December 15, 2025, prior to its election to be regulated as a BDC under the 1940 Act, the Fund purchased certain portfolio investments (at fair value) in the amount of approximately $100 million (the "Initial Portfolio"). The Fund accrued investment income on the Initial Portfolio beginning December 15, 2025. For the three months ended March 31, 2026, investment income was $4.9 million. We expect our portfolio to continue to grow as it raises capital through offerings and investment income to grow commensurately. The shifting environment in base interest rates may affect the Fund's investment income over the long term.

For the three months ended March 31, 2026 and 2025, the composition of the Fund's investment income was as follows (dollars in thousands):

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** <sup>(1)</sup> |
| **Investment Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | $4895 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | $4895 | $— |

---

<sup>(1)</sup> The Fund commenced operations on December 15, 2025. Accordingly, there is no activity for the period from March 14, 2025 (inception) to March 31, 2025.

*Operating Expenses*

For the three months ended March 31, 2026 and 2025, the composition of the Fund's operating expenses was as follows (dollars in thousands):

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** <sup>(1)</sup> |
| Interest expense | $2115 | $— |
| Administration expense | 128 |  |
| Management fees | 249 |  |
| Organization costs |  | 173 |
| Trustees' fees | 60 |  |
| Professional fees | 62 |  |
| Custody expense | 19 |  |
| Other general and administrative expenses | 136 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | $2769 | $173 |

---

<sup>(1)</sup> The Fund commenced operations on December 15, 2025. Accordingly, there is no activity for the period from March 14, 2025 (inception) to March 31, 2025.

------

Total expenses for the three months ended March 31, 2026 was $2.8 million consisting primarily of legal, formation and accounting fees incurred in connection with the organization of the Fund, and interest and debt financing expenses incurred in connection with the credit facilities, as well as professional fees. We anticipate formation costs to decrease in relation to our income as we continue to ramp up our portfolio.

*Net Change in Unrealized Appreciation or Depreciation on Investments*

Net change in unrealized appreciation (depreciation) for the three months ended March 31, 2026 totaled approximately $(0.6) million. This activity reflects the changes in fair value of investments as determined by the Board in compliance with the Fund's valuation policy.

***Financial Condition and Outlook***

As of March 31, 2026, the Fund is well positioned with a high quality diversified portfolio supported by recurring interest income from portfolio investments and access to leverage through its financing arrangements. Net leverage at the portfolio company level remained moderate, and the Adviser continued to monitor credit performance closely, particularly in light of evolving macroeconomic conditions and higher interest rate sensitivity among certain borrowers.

The Adviser believes that the Fund is well positioned to benefit from sustained demand for private credit solutions, particularly within core middle-market, where competition remains rational and underwriting standards are more robust. Looking ahead, the Fund expects to remain disciplined in capital deployment, prioritize income generation, and maintain a conservative risk posture as it seeks to deliver attractive risk-adjusted returns to Shareholders.

The Fund generates cash primarily from offerings of its securities and from cash flows from interest and fees earned from its investments and principal repayments and proceeds from sales of our investments. The Fund's primary use of cash is for investments in portfolio companies, payments of its expenses and payment of cash distributions to Shareholders.

As of March 31, 2026, the Fund had $15.5 million in cash and cash equivalents, $98.3 million of debt outstanding on its revolving credit facility, $47 million outstanding on its subscription line and $205 million total available on its financing facilities. See "Borrowings" below for additional information.

***Share Issuances***

The following table summarizes transactions in Shares of beneficial interest during the three months ended March 31, 2026 (dollars in thousands):

---

| | | |
|:---|:---|:---|
| <br>**<br>Share Issuance Date** | **Number of<br>Common Shares Issued** | **Aggregate<br>Offering Proceeds** |
| March 31, 2026 | 3506476 | $87662 |
| **Total** | 3506476 | $87662 |

---

The Fund commenced operations on December 15, 2025. Accordingly, there is no activity for the period from March 14, 2025 (inception) to March 31, 2025.

------

***Financing Facilities***

The following tables show the Fund's outstanding debt, collectively referred to as the "Financing Facilities," as of March 31, 2026 and December 31, 2025 (dollars in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Aggregate<br>Principal<br>Committed** | **Outstanding<br>Principal** | **Carrying<br>Value** | **Unused<br>Portion** <sup>(1)</sup> | **Amount Available** <sup>(2)</sup> |
| Revolving Credit Facility | $275000 | $98271 | $98271 | $176729 | $34113 |
| Subscription Financing Facility | 75000 | 47000 | 47000 | 28000 | 28000 |
| Total | $350000 | $145271 | $145271 | $204729 | $62113 |

---

(1)The unused portion is the amount upon which commitment fees, if any, are based.

(2)The amount available reflects any limitations related to each respective credit facility's borrowing base.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Aggregate<br>Principal<br>Committed** | **Outstanding<br>Principal** | **Carrying<br>Value** | **Unused<br>Portion** <sup>(1)</sup> | **Amount Available** <sup>(2)</sup> |
| Revolving Credit Facility | $275000 | $54971 | $54971 | $220029 | $5144 |
| Subscription Financing Facility | 75000 | 12000 | 12000 | 63000 | 63000 |
| Total | $350000 | $66971 | $66971 | $283029 | $68144 |

---

(1)The unused portion is the amount upon which commitment fees, if any, are based.

(2)The amount available reflects any limitations related to each respective credit facility's borrowing base.

For further details, see Note 6 "Borrowings" in our consolidated financial statements included in this report.

***Share Repurchase Program***

The Fund does not intend to list the Shares on a securities exchange and does not expect a public market for the Shares; therefore, Shareholders should expect limited liquidity. The Fund has not commenced repurchase offers, but beginning no later than the first full calendar quarter after the two-year anniversary of the Initial Closing, and subject to the discretion of the majority-independent Board, the Fund intends to offer quarterly repurchases of up to 5% of Shares outstanding, by number of Shares, as of the prior quarter-end.

The Board may amend, suspend or terminate the program at any time if it determines such action is in the best interests of the Fund and/or Shareholders, and repurchases may not be available each quarter. Repurchases are expected to be made at NAV per Share as of the applicable valuation date, subject to a 2% Early Repurchase Deduction for Shares tendered within 12 months of issuance, which will be retained by the Fund for the benefit of remaining Shareholders and not paid to the Investment Adviser.

***Distributions***

The Fund authorizes and declares distribution amounts per share of Shares of beneficial interest payable quarterly in arrears.

The following tables summarizes the distribution declarations for the three months ended March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distributions through Common Shares** | **Distributions through Common Shares** | **Distributions through Common Shares** | **Distributions through Common Shares** |
| **Date Declared** | **Record Date** | **Payment Date** | **Amount Per Share** | **Distribution Declared** |
| March 17, 2026 | March 17, 2026 | April 20, 2026 | $0.60 | $2104 |
| Total |  |  | $0.60 | $2104 |

---

***Distribution Reinvestment Plan*** 

The Fund has adopted a distribution reinvestment plan, pursuant to which we will reinvest all cash distributions declared on behalf of Shareholders who do not elect to receive their distributions in cash. As a result, if the Fund declares a cash distribution, then Shareholders who have not opted out of the Fund's distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares, rather than receiving the cash distribution. Distributions on fractional shares will be credited to each participating Shareholder's account to three decimal places.

***Related Party Transactions***

We expect to enter into a number of business relationships with affiliated or related parties, including the Investment Advisory Agreement and expense support agreement.

------

In addition to the aforementioned agreements, we, the Fund's Adviser and certain of the Fund's Adviser's affiliates have been granted exemptive relief by the SEC to co-invest with other funds managed by the Fund's Adviser or its affiliates in a manner consistent with the Fund's investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors.

***Off-Balance Sheet Arrangements***

Other than contractual commitments and other legal contingencies incurred in the normal course of the Fund's business, we do not expect to have any off-balance sheet financings or liabilities.

***Unfunded Commitments***

The Fund's investment portfolio may contain revolving line of credit or delayed draw commitments, which require the Fund to fund when requested by portfolio companies. As of March 31, 2026, the Fund had unfunded investment commitments in the aggregate par amount of $90.2 million. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and there can be no assurance that such conditions will be satisfied.

***Critical Accounting Policies and Estimates***

The preparation of the consolidated financial statements will require the Fund's management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets and any other parameters used in determining such estimates could cause actual results to differ. The Fund considers the most significant accounting policies to be those related to its Investments, Revenue Recognition, Distributions, and Income Taxes. The Fund considers the most significant critical estimate to be the fair value measurement of investments.

***Fair Value Measurement of Investments*** 

Consistent with GAAP and the 1940 Act, the Fund conducts a valuation of its investments, pursuant to which the Fund's NAV is determined. Our investments are valued on a quarterly basis, or more frequently if required under the 1940 Act. The determination of fair value involves subjective judgments and estimates. The majority of investments are not quoted or traded in an active market and as such their fair values are determined using valuation techniques, primarily market yield, including prevailing credit spreads, as well as discounted cash flow analyses and other valuation methodologies as appropriate including transaction price on entry or market comparables analysis. The most significant inputs in these valuation methodologies are the market yields including applicable credit spreads and assumptions used in the discounted cash flow analyses. In determining these inputs, the Fund considers factors specific to the underlying portfolio companies, including financial performance, as well as observable market data, including current interest rates, prevailing credit spreads and other relevant market information. Accordingly, the notes to the Fund's financial statements express the uncertainty with respect to the possible effect of these valuations and any change in these valuations on the financial statements. For further details of the Fund's investments and fair value measurement accounting policy, see Note 2 "Significant Accounting Policies—Investments" and Note 5 "Fair Value Measurement."

------

**Item 3. Quantitative and Qualitative Disclosures About Market Risk.**

*Valuation Risk* 

We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of private companies. Most of our investments do not have a readily available market price, and we value these investments at fair value as determined in good faith by the Adviser, as the Valuation Designee, in accordance with our valuation policy, subject to the oversight of the Board and based on, among other things, the input of the independent third-party valuation firms engaged by the Valuation Designee. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.

*Market Risk* 

The market value of a security may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time. Market risk may affect a single issuer, industry, sector of the economy or the market as a whole. Global economies and financial markets are increasingly interconnected, which increases the probabilities that conditions in one country or region might adversely impact issuers in a different country or region. Conditions affecting the general economy, including political, social, or economic instability at the local, regional, or global level, may also affect the market value of a security. Health crises, such as pandemic and epidemic diseases, as well as other incidents that interrupt the expected course of events, such as natural disasters, war or civil disturbance, acts of terrorism, power outages and other unforeseeable and external events, and the public response to or fear of such diseases or events, have and may in the future have an adverse effect on a company's investments and net asset value and can lead to increased market volatility.

*Interest Rate Risk* 

The Fund is subject to financial market risks, including changes in interest rates. The Fund plans to invest primarily in illiquid debt securities of private companies. Most of the Fund's investments will not have a readily available market price, and it will value these investments at fair value as determined in good faith by the Board in accordance with our valuation policy. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make.

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. The Fund also funds a portion of its investments with borrowings and its net investment income will be affected by the difference between the rate at which the Fund invests and the rate at which we borrow. There can be no assurance that a significant change in market interest rates will not have a material adverse effect on the Fund's net investment income.

The Fund regularly measures its exposure to interest rate risk. The Fund manages its interest rate exposure on an ongoing basis by comparing its interest rate-sensitive assets to its interest rate-sensitive liabilities. Based on that review, the Fund determines whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates.

As of March 31, 2026, 100% of the investments at fair value in the Fund's portfolio were at variable rates, subject to interest rate floors.

Assuming that the Fund's Consolidated Statement of Assets and Liabilities as of March 31, 2026 were to remain constant and that it 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 (considering interest rate floors for floating rate instruments) (dollar amounts in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Basis Point Change** | **Increase (Decrease)<br>in Interest Income** | **(Increase) Decrease<br>in Interest Expense** | **Increase (Decrease) in<br> Net Investment Income** |
| Up 300 basis points | $9319 | $(2948) | $6371 |
| Up 200 basis points | 6213 | (1965) | 4247 |
| Up 100 basis points | 3106 | (983) | 2124 |
| Down 100 basis points | (3106) | 983 | (2124) |
| Down 200 basis points | (6213) | 1965 | (4247) |
| Down 300 basis points | (9319) | 2948 | (6371) |

---

------

Although the Fund believes that this analysis is indicative of its existing sensitivity to interest rate changes, it does not adjust for changes in the credit market, credit quality, the size and composition of the assets in the Fund's portfolio and other business developments that could affect its net income. Accordingly, the Fund cannot assure you that actual results would not differ materially from the analysis above.

The Fund may in the future hedge against interest rate fluctuations by using hedging instruments such as interest rate swaps, futures, options and forward contracts. While hedging activities may mitigate the Fund's exposure to adverse fluctuations in interest rates, certain hedging transactions that the Fund may enter into in the future, such as interest rate swap agreements, may also limit its ability to participate in the benefits of lower interest rates with respect to the Fund's portfolio investments.

**Item 4. Controls and Procedures**

*Evaluation of Disclosure Controls and Procedures*

In accordance with Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), we, under the supervision and with the participation of the Fund's Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of the Fund's disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q and determined that the disclosure controls and procedures are effective as of the end of the period covered by the Quarterly Report on Form 10-Q.

*Changes in Internal Controls Over Financial Reporting*

There have been no changes in the Fund's internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, the Fund's internal control over financial reporting.

------

**PART II. OTHER INFORMATION**

**Item 1. Legal Proceedings**

From time to time, the Fund may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Fund's rights under contracts with the Fund's portfolio companies or the Fund's co-investors. While the outcome of these legal proceedings cannot be predicted with certainty, the Fund does not expect that these proceedings will have a material effect upon the Fund's financial condition or results of operations. The Fund and the Adviser are not currently a party to any material legal proceedings.

**Item 1A. Risk Factors**

*In addition to the other information set forth in this report, you should carefully consider the factors described below and discussed in Part I, "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K are not the only risks we face. Additional risks and uncertainties are not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results. During the fiscal quarter ended March 31, 2026, there have been no material changes to the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2025 except for the following:*

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

The U.S. has recently implemented, modified and proposed significant tariff and trade-policy measures, and further actions or retaliatory measures may occur. In addition, geopolitical instability, including the ongoing conflict involving Iran and related instability in the Middle East, has heightened market uncertainty. These developments, or the perception that they may occur, could adversely affect global economic conditions, increase market volatility, disrupt supply chains, reduce global trade, increase costs or restrict our portfolio companies' access to suppliers or customers. Any of these factors could have a material adverse effect on their business, financial condition and results of operations and, in turn, negatively impact our business.

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

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

**Item 3. Default Upon Senior Securities**

Not applicable.

**Item 4. Mine Safety Disclosures**

Not applicable.

**Item 5. Other Information** 

Not applicable.

------

**Item 6. Exhibits, Consolidated Financial Statement Schedules**

The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the SEC:

---

| | |
|:---|:---|
| **Exhibit Number** | **Description of Exhibits** |
| 3.1 | [<u>Amended and Restated Declaration of Trust</u><sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/2061174/000182912625010023/soundpointdirect_ex3-1.htm) |
| 3.2 | [<u>Bylaws</u>](https://www.sec.gov/Archives/edgar/data/2061174/000182912625010023/soundpointdirect_ex3-2.htm)<sup>(1)</sup> |
| 4.1 | [<u>Subscription Agreement</u>](https://www.sec.gov/Archives/edgar/data/2061174/000182912625010023/soundpointdirect_ex4-1.htm)<sup>(1)</sup> |
| 10.1 | [<u>Investment Advisory Agreement between the Fund and the Adviser</u>](https://www.sec.gov/Archives/edgar/data/2061174/000182912625010023/soundpointdirect_ex10-1.htm)<sup>(1)</sup> |
| 10.2 | [<u>Administration Agreement between the Fund and the Administrator</u>](https://www.sec.gov/Archives/edgar/data/2061174/000182912625010023/soundpointdirect_ex10-2.htm)<sup>(1)</sup> |
| 10.3 | [<u>Trademark License Agreement between the Fund and the Adviser</u>](https://www.sec.gov/Archives/edgar/data/2061174/000182912625010023/soundpointdirect_ex10-3.htm)<sup>(1)</sup> |
| 10.4 | [<u>Dividend Reinvestment Plan</u><sup>(</sup>](https://www.sec.gov/Archives/edgar/data/2061174/000182912625010023/soundpointdirect_ex10-4.htm)<sup>1)</sup> |
| 10.5 | [<u>Form of Indemnification Agreement for Trustees</u>](https://www.sec.gov/Archives/edgar/data/2061174/000182912625010023/soundpointdirect_ex10-5.htm)<sup>(1)</sup> |
| 10.6 | [<u>Custody Agreement by and between the Fund and the Custodian</u>](https://www.sec.gov/Archives/edgar/data/2061174/000182912625010023/soundpointdirect_ex10-6.htm)<sup>(1)</sup> |
| 10.7 | [<u>Revolving Credit Agreement, dated as of December 24, 2025, by and among Sound Point Direct Lending BDC, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders thereto</u>](https://www.sec.gov/Archives/edgar/data/2061174/000182912626001261/soundpointdirect_ex10-7.htm)<sup>(2)</sup> |
| 10.8 | [<u>Loan and Security Agreement, dated as of December 15, 2025, by and among Sound Point Direct Lending BDC SPV LLC, JPMorgan Chase Bank, N.A. as administrative agent, and the lenders thereto</u>](https://www.sec.gov/Archives/edgar/data/2061174/000182912626001261/soundpointdirect_ex10-8.htm)<sup>(2)</sup> |
| 14.1 | [<u>Code of Ethics of Sound Point Direct Lending BDC</u>](https://www.sec.gov/Archives/edgar/data/2061174/000182912625010023/soundpointdirect_ex14-1.htm)<sup>(1)</sup> |
| 14.2 | [<u>Code of Ethics of Sound Point Capital Management, LP</u>](https://www.sec.gov/Archives/edgar/data/2061174/000182912625010023/soundpointdirect_ex14-2.htm)<sup>(1)</sup> |
| 19.1 | [<u>Insider Trading Policy (Included in the Code of Ethics of the Registrant and Sound Point Capital Management, LP) (Incorporated by reference to Exhibit 14.1 to the Annual Report on Form 10-K)</u>](https://www.sec.gov/Archives/edgar/data/2061174/000182912625010023/soundpointdirect_ex14-1.htm) |
| 31.1 | [<u>Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended</u>](ck0002061174-ex31_1.htm)<u>\*</u> |
| 31.2 | [<u>Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended</u>](ck0002061174-ex31_2.htm)<u>\*</u> |
| 32.1 | [<u>Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</u>](ck0002061174-ex32_1.htm)<u>\*</u> |
| 32.2 | [<u>Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</u>](ck0002061174-ex32_2.htm)<u>\*</u> |
| 101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents |
| 104 | The cover page for the Company's Annual Report on Form 10-K for the year ended December 31, 2025, has been formatted in Inline XBRL and contained in Exhibit 101 |

---

<sup>(1)</sup> Incorporated by reference to the Fund's Form 10-12G filed by the Fund on December 15, 2025 (File No. 000-56803).

<sup>(2)</sup> Incorporated by reference to the Fund's Form 10-12G/A filed by the Fund on February 11, 2026 (File No. 000-56803).

\* Filed herewith.

------

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized**.**

---

| | | |
|:---|:---|:---|
|  | **SOUND POINT DIRECT LENDING BDC** | **SOUND POINT DIRECT LENDING BDC** |
| Date: May 15, 2026 | By: | /s/ Andrew Eversfield |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Andrew Eversfield |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer |
| Date: May 15, 2026 | By: | /s/ Daniel Fabian |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daniel Fabian |
|  |  | Chief Financial Officer and Treasurer |

---

------

## Exhibit 31.1

**<br>CERTIFICATION PURSUANT TO RULES 13a-14(a) AND 15d-14(a)**

**UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Andrew Eversfield, the Chief Executive Officer of Sound Point Direct Lending BDC, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Sound Point Direct Lending BDC;

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

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

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

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

(b) [Reserved];

(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 that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

------

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

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

Date: May 15, 2026

---

| |
|:---|
| /s/ Andrew Eversfield |
| Andrew Eversfield |
| Chief Executive Officer |

---

------

## Exhibit 31.2

**<br>CERTIFICATION PURSUANT TO RULES 13a-14(a) AND 15d-14(a)**

**UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, AS ADOPTED PURSUANT TO**

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Daniel Fabian, the Chief Financial Officer of Sound Point Direct Lending BDC, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Sound Point Direct Lending BDC;

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

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

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

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

(b) [Reserved];

(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 that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

------

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

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

Date: May 15, 2026

---

| |
|:---|
| /s/ Daniel Fabian |
| Daniel Fabian |
| Chief Financial Officer |

---

------

## Exhibit 32.1

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

This certification is furnished pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and accompanies the Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 (the "Report") of Sound Point Direct Lending BDC (the "Registrant").

I, Andrew Eversfield, the Chief Executive Officer and Principal Executive Officer of the Registrant, certify that, to the best of my knowledge:

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Report fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78m or 78o(d)); and<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |

---

---

| | |
|:---|:---|
| Dated:  | May 15, 2026 |
| By: | /s/ Andrew Eversfield |
|  | Andrew Eversfield (Principal Executive Officer) |
|  | Chief Executive Officer |

---

------

## Exhibit 32.2

**CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

This certification is furnished pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and accompanies the Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 (the "Report") of Sound Point Direct Lending BDC (the "Registrant").

I, Daniel Fabian, the Chief Financial Officer and Principal Financial Officer of the Registrant, certify that, to the best of my knowledge:

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Report fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78m or 78o(d)); and<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |

---

---

| | |
|:---|:---|
| Dated:  | May 15, 2026 |
| By: | /s/ Daniel Fabian |
|  | Daniel Fabian (Principal Financial Officer) |
|  | Chief Financial Officer |

---

------