# EDGAR Filing Document

**Accession Number:** 0001655050
**File Stem:** 0001193125-26-217068
**Filing Date:** 2026-5
**Character Count:** 661608
**Document Hash:** 4f6dfef6b9267b6a9ef36ac1e097ea44
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-217068.hdr.sgml**: 20260511

**ACCESSION NUMBER**: 0001193125-26-217068

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 111

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260511

**DATE AS OF CHANGE**: 20260511

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Bain Capital Specialty Finance, Inc.
- **CENTRAL INDEX KEY:** 0001655050

**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:** 814-01175
- **FILM NUMBER:** 26964308

**BUSINESS ADDRESS:**
- **STREET 1:** C/O BAIN CAPITAL CREDIT, LP
- **STREET 2:** 200 CLARENDON STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02116
- **BUSINESS PHONE:** (617) 516-2318

**MAIL ADDRESS:**
- **STREET 1:** C/O BAIN CAPITAL CREDIT, LP
- **STREET 2:** 200 CLARENDON STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02116

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Sankaty Capital Corp
- **DATE OF NAME CHANGE:** 20151007

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

n

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM** 10-Q

**(Mark One)**

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

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

**OR**

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

**For the transition period from __ to __**

**Commission file number:** 814-01175

BAIN CAPITAL SPECIALTY FINANCE, INC.

(Exact Name of Registrant as Specified in its Charter)

---

| | |
|:---|:---|
| Delaware | 81-2878769 |
| (State or Other Jurisdiction of | (I.R.S. Employer |
| Incorporation or Organization) | Identification No.) |

---

---

| | |
|:---|:---|
| 200 Clarendon Street**,** **37**<sup>th</sup> **Floor** |  |
| Boston**,** MA | 02116 |
| (Address of Principal Executive Office) | (Zip Code) |

---

**(**617**)** 516-2000

(Registrant's Telephone Number, Including Area Code)

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

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

---

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

---

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

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

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

---

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

---

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

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

As of May 11, 2026, the registrant had 64,868,507 shares of common stock outstanding.

------

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| [**<u>PART I</u>**](#part_i_financial) | [**<u>FINANCIAL INFORMATION</u>**](#part_i_financial) | <u>3</u> |
| [<u>Item 1.</u>](#item_i_consolidated) | [<u>Consolidated Financial Statements</u>](#item_i_consolidated) | <u>3</u> |
|  | [<u>Consolidated Statements of Assets and Liabilities as of March 31, 2026 (unaudited) and December 31, 2025</u>](#balancesheet) | [<u>3</u>](#balancesheet) |
|  | [<u>Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (unaudited)</u>](#statementofoperation) | [<u>4</u>](#statementofoperation) |
|  | [<u>Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2026 and 2025 (unaudited)</u>](#netassets) | [<u>5</u>](#netassets) |
|  | [<u>Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (unaudited)</u>](#cashflow) | [<u>6</u>](#cashflow) |
|  | [<u>Consolidated Schedules of Investments as of March 31, 2026 (unaudited) and December 31, 2025</u>](#cysoi) | [<u>7</u>](#cysoi) |
|  | [<u>Notes to Consolidated Financial Statements (unaudited)</u>](#notes) | [<u>51</u>](#notes) |
| [<u>Item 2.</u>](#item7_mda) | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item7_mda) | [<u>131</u>](#item7_mda) |
| [<u>Item 3.</u>](#item_3_quantitative_qualitative) | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#item_3_quantitative_qualitative) | <u>150</u> |
| [<u>Item 4.</u>](#item_4_control) | [<u>Controls and Procedures</u>](#item_4_control) | <u>151</u> |
| [**<u>PART II</u>**](#other_info) | [**<u>OTHER INFORMATION</u>**](#other_info) |  |
| [<u>Item 1.</u>](#legal_proceeding) | [<u>Legal Proceedings</u>](#legal_proceeding) | <u>151</u> |
| [<u>Item 1A.</u>](#risk_factor) | [<u>Risk Factors</u>](#risk_factor) | <u>151</u> |
| [<u>Item 2.</u>](#unregistered_sales) | [<u>Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities</u>](#unregistered_sales) | <u>151</u> |
| [<u>Item 3.</u>](#senior_securities) | [<u>Default Upon Senior Securities</u>](#senior_securities) | <u>151</u> |
| [<u>Item 4.</u>](#minor_safety_disclosure) | [<u>Mine Safety Disclosures</u>](#minor_safety_disclosure) | <u>151</u> |
| [<u>Item 5.</u>](#item_5_other_info) | [<u>Other Information</u>](#item_5_other_info) | <u>152</u> |
| [<u>Item 6.</u>](#item_6_exihibits) | [<u>Exhibits, Consolidated Financial Statement Schedules</u>](#item_6_exihibits) | <u>153</u> |
| [<u>Signatures</u>](#signatures) | [<u>Signatures</u>](#signatures) | <u>158</u> |

---

i

------

**FORWARD-LOOKING STATEMENTS**

Statements contained in this Quarterly Report on Form 10-Q (the "Quarterly Report") (including those relating to current and future market conditions and trends in respect thereof) that are not historical facts are based on current expectations, estimates, projections, opinions and/or beliefs of Bain Capital Specialty Finance, Inc. (the "Company", "we", "our" and "us"), BCSF Advisors, LP (the "Advisor") and/or Bain Capital Credit, LP and its affiliated advisers (collectively, "Bain Capital Credit"). Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. Certain information contained in this Quarterly Report constitutes "forward-looking statements," which can be identified by the use of forward-looking terminology such as "may," "will," "should," "seek," "expect," "anticipate," "project," "estimate," "intend," "continue," "target," or "believe" or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance of the Company may differ materially from those reflected or contemplated in such forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and are difficult to predict, that could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements including, without limitation, the risks, uncertainties and other factors we identify in the section entitled Part I, "Item 1A. Risk Factors" in our Annual Report on Form 10-K (the "Annual Report") for the fiscal year ended December 31, 2025 and in our filings with the Securities and Exchange Commission (the "SEC").

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, some of those assumptions may be based on the work of third parties and any of those assumptions could prove to be inaccurate; as a result, the forward-looking statements based on those assumptions also could prove to be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Quarterly Report should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled Part I, "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Investors should not place undue reliance on these forward-looking statements, which apply only as of the date of this Quarterly Report. We do not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law. The safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which preclude civil liability for certain forward-looking statements, do not apply to the forward-looking statements in this Quarterly Report because we are an investment company.

ii

------

**PART I. FINANCIAL INFORMATION**

**Item 1. Consolidated Financial Statements**

**Bain Capital Specialty Finance, Inc.**

**Consolidated Statements of Assets and Liabilities**

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

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **March 31, 2026** | **December 31, 2025** |
|  | **(Unaudited)** |  |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliate investments (amortized cost of $1,925,871 and $1,891,513, respectively) | $1916461 | $1905297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/affiliate investments (amortized cost of $7,504 and $7,504, respectively) | 19164 | 18674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Controlled affiliate investments (amortized cost of $549,483 and $603,650, respectively) | 535173 | 584470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 12973 | 23092 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign cash (cost of $3,026 and $2,477, respectively) | 3622 | 3151 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash and cash equivalents | 17593 | 32667 |
| &nbsp;&nbsp;&nbsp;&nbsp;Collateral on derivatives | 9813 | 10993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred financing costs | 3285 | 3543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest receivable on investments | 35091 | 38023 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate swap | 4979 | 7976 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for sales and paydowns of investments | 38101 | 28856 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid insurance | 277 | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on forward currency exchange contracts | 224 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend receivable | 4920 | 5354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $2601676 | $2662585 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt (net of unamortized debt issuance costs of $17,144 and $10,110, respectively) | $1454657 | $1470796 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest payable | 10910 | 12376 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | 3527 | 2110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Collateral payable on derivatives | 4760 | 12907 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on forward currency exchange contracts | 2739 | 9061 |
| &nbsp;&nbsp;&nbsp;&nbsp;Base management fee payable | 9085 | 9408 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive fee payable | 5618 | 5877 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 16825 | 12910 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions payable |  | 9730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 1508121 | 1545175 |
| Commitments and Contingencies (See Note 10) |  |  |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, par value $0.001 per share, 100,000,000,000 and 100,000,000,000 shares authorized, 64,868,507 and 64,868,507 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | 65 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid in capital in excess of par value | 1161110 | 1161110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributable loss | (67620) | (43765) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Net Assets** | 1093555 | 1117410 |
| **Total Liabilities and Total Net Assets** | $2601676 | $2662585 |
| Net asset value per share | $16.86 | $17.23 |

---

See Notes to Consolidated Financial Statements

------

**Bain Capital Specialty Finance, Inc.**

**Consolidated Statements of Operations**

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

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment income from non-controlled/non-affiliate investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest from investments | 39333 | 41672 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 619 | 1725 |
| &nbsp;&nbsp;&nbsp;&nbsp;PIK income | 8705 | 6606 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 1476 | 2833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income from non-controlled/non-affiliate investments | 50133 | 52836 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment income from non-controlled/affiliate investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest from investments | 2 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;PIK income |  | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 21 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income from non-controlled/affiliate investments | 23 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment income from controlled affiliate investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest from investments | 10033 | 9148 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 5983 | 4786 |
| &nbsp;&nbsp;&nbsp;&nbsp;PIK income | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income from controlled affiliate investments | 16018 | 13936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | 66174 | 66839 |
| **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and debt financing expenses | 20252 | 18904 |
| &nbsp;&nbsp;&nbsp;&nbsp;Base management fee | 9085 | 9068 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive fee | 5618 | 2222 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 700 | 714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Directors fees | 180 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other general and administrative expenses | 2069 | 2571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total expenses, net of fee waivers** | 37904 | 33653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income before taxes** | 28270 | 33186 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense, including excise tax | 906 | 1076 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net investment income** | 27364 | 32110 |
| **Net realized and unrealized gains (losses)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on non-controlled/non-affiliate investments | 3820 | (20986) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on non-controlled/affiliate investments |  | (2967) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on controlled affiliate investments | (13448) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on foreign currency transactions | 66 | (249) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on forward currency exchange contracts | (2989) | (2405) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on foreign currency translation | (135) | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on forward currency exchange contracts | 6546 | (2073) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on non-controlled/non-affiliate investments | (23194) | 23993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on non-controlled/affiliate investments | 490 | (1866) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on controlled affiliate investments | 4870 | 2555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total net loss** | (23974) | (3563) |
| **Net increase in net assets resulting from operations** | $3390 | $28547 |
| Basic and diluted net investment income per share of common stock | 0.42 | 0.50 |
| Basic and diluted increase in net assets resulting from operations per share of common stock | 0.05 | 0.44 |
| Basic and diluted weighted average common stock outstanding | 64868507 | 64676192 |

---

See Notes to Consolidated Financial Statements

------

 **Bain Capital Specialty Finance, Inc.**

**Consolidated Statements of Changes in Net Assets**

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

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 27364 | 32110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss | (12551) | (26607) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | (11423) | 23044 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 3390 | 28547 |
| **Stockholder distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from distributable earnings | (27245) | (29191) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from stockholder distributions | (27245) | (29191) |
| **Capital share transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuances of common stock (net of offering and underwriting costs) |  | 4552 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in connection with dividend reinvestment plan |  | 924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from capital share transactions |  | 5476 |
| **Total increase (decrease) in net assets** | (23855) | 4832 |
| **Net assets at beginning of period** | 1117410 | 1139672 |
| **Net assets at end of period** | $1093555 | $1144504 |
| Net asset value per share of common stock | $16.86 | $17.64 |
| Common stock outstanding at end of period | 64868507 | 64868507 |

---

See Notes to Consolidated Financial Statements

------

**Bain Capital Specialty Finance, Inc.**

**Consolidated Statements of Cash Flows**

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

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Cash flows from operating activities** |  |  |
| Net increase in net assets resulting from operations | 3390 | 28547 |
| &nbsp;&nbsp;Adjustments to reconcile net increase (decrease) in net assets from operations to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (234383) | (299374) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from principal payments and sales of investments | 245867 | 251317 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss from investments | 9628 | 23953 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on foreign currency transactions | (66) | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on forward currency exchange contracts | (6546) | 2073 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 17834 | (24682) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on foreign currency translation | 135 | (435) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in investments due to PIK | (7385) | (5415) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of discounts and amortization of premiums | (1746) | (1554) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs and debt issuance costs | 1538 | 1149 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateral on derivatives | 1180 | 6855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable on investments | 2932 | 8103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swap | (108) | (78) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid insurance | 212 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend receivable | 434 | (338) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest payable | (1466) | (2250) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateral payable on derivatives | (8147) | 6000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base management fee payable | (323) | (92) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive fee payable | (259) | (2474) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 3915 | 980 |
| &nbsp;&nbsp;**Net cash provided by (used in) operating activities** | 26636 | (7269) |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings on debt | 643000 | 459000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments on debt | (649000) | (395699) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments of financing costs | (8314) | (8551) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuances of common stock (net of offering and underwriting costs) |  | 4552 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of common shares issued in connection with dividend reinvestment plan |  | 924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stockholder distributions paid | (36975) | (58244) |
| &nbsp;&nbsp;**Net cash provided by (used in) financing activities** | (51289) | 1982 |
| **Net decrease in cash, foreign cash, restricted cash and cash equivalents** | (24653) | (5287) |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of foreign currency exchange rates | (69) | 186 |
| **Cash, foreign cash, restricted cash and cash equivalents, beginning of period** | 58910 | 99066 |
| **Cash, foreign cash, restricted cash and cash equivalents, end of period** | $34188 | $93965 |
| **Supplemental disclosure of cash flow information:** |  |  |
| Cash interest paid during the period | 20180 | 20005 |
| Cash paid for excise taxes during the period |  | 3337 |

---

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2026** | **2025** |
| Cash | 12973 | 10168 |
| Restricted cash | 17593 | 55609 |
| Foreign cash | 3622 | 28188 |
| Total cash, foreign cash, restricted cash, and cash equivalents shown in the consolidated statements of cash flows | $34188 | $93965 |

---

See Notes to Consolidated Financial Statements

------

**Bain Capital Specialty Finance, Inc.**

Consolidated Schedule of Investments

As of March 31, 2026

(In thousands)

(Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Interest Rate** | **Maturity Date** | **Principal/Shares** <sup>(9)</sup> | **Cost** | **Market Value** | **% of NAV** <sup>(4)</sup> |
| **Non-Controlled/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| **Aerospace & Defense** |  |  |  |  |  |  |  |  |  |
| ATS (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.75% | 9.42% | 7/12/2029 | $4925 | 4882 | 4925 |  |
| ATS (3)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/12/2029 | $— |  |  |  |
| Bridger Aerospace Group Holdings, Inc. (3)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.00% | 9.70% | 10/28/2030 | $286 | 273 | 258 |  |
| Bridger Aerospace Group Holdings, Inc. (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 6.00% | 9.68% | 10/28/2030 | $235 | 227 | 226 |  |
| Bridger Aerospace Group Holdings, Inc. (15)(19) | First Lien Senior Secured Loan | SOFR | 6.00% | 9.67% | 10/28/2030 | $5086 | 5039 | 5036 |  |
| BTX Precision (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.67% | 7/25/2030 | $7588 | 7537 | 7588 |  |
| BTX Precision (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.00% | 8.68% | 7/25/2030 | $1263 | 1237 | 1263 |  |
| BTX Precision (15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 8.67% | 7/25/2030 | $5930 | 5886 | 5930 |  |
| BTX Precision (3)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 8.68% | 7/25/2030 | $5913 | 5862 | 5913 |  |
| BTX Precision (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.42% | 7/25/2030 | $1435 | 1426 | 1435 |  |
| BTX Precision (14)(19)(25) | Equity Interest |  |  |  |  |  | 98 | 225 |  |
| Forward Slope (15)(19) | First Lien Senior Secured Loan | SOFR | 5.60% | 9.30% | 8/22/2029 | $6061 | 5962 | 6061 |  |
| Forward Slope (15)(19)(29) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.60% | 9.30% | 8/22/2029 | $13215 | 13000 | 13215 |  |
| Forward Slope (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.60% | 9.28% | 8/22/2029 | $4527 | 4401 | 4527 |  |
| Forward Slope (15)(19) | First Lien Senior Secured Loan | SOFR | 5.60% | 9.30% | 8/22/2029 | $5547 | 5493 | 5547 |  |
| Forward Slope (14)(19)(25) | Equity Interest |  |  |  |  | 930 | 930 | 1568 |  |
| GSP Holdings, LLC (15)(19)(26) | First Lien Senior Secured Loan - Revolver | SOFR | 2.95% (2.95% PIK) | 9.57% | 11/5/2027 | $4751 | 4769 | 4514 |  |
| GSP Holdings, LLC (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 2.95% (2.95% PIK) | 9.60% | 11/5/2027 | $1164 | 1157 | 1106 |  |
| GSP Holdings, LLC (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 2.95% (2.95% PIK) | 9.60% | 11/6/2026 | $10013 | 10106 | 9513 |  |
| GSP Holdings, LLC (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 2.95% (2.95% PIK) | 9.57% | 11/6/2026 | $77 | 77 | 77 |  |
| Heads Up Technologies, Inc. (16)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.95% | 7/23/2030 | $203 | 202 | 203 |  |
| Heads Up Technologies, Inc. (16)(19) | Second Lien Senior Secured Loan | SOFR | 8.25% | 11.95% | 7/23/2031 | $9720 | 9676 | 9720 |  |
| Heads Up Technologies, Inc. (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/23/2030 | $— | (8) |  |  |
| Mach Acquisition R/C (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 7.15% | 10.82% | 4/19/2027 | $7532 | 7510 | 7532 |  |
| Mach Acquisition T/L (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 7.15% | 10.82% | 4/19/2027 | $13236 | 13206 | 13236 |  |
| Precision Ultimate Holdings, LLC (14)(19)(25) | Equity Interest |  |  |  |  | 1417 | 1417 | 480 |  |
| Precision Ultimate Holdings, LLC (14)(19)(25) | Equity Interest |  |  |  |  | 620 | 781 | 1253 |  |
| Robinson Helicopter (14)(19)(25) | Equity Interest |  |  |  |  | 1592 | 507 | 2551 |  |
| Saturn Purchaser Corp. (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 4.85% | 8.52% | 7/22/2030 | $13281 | 13205 | 13281 |  |
| Saturn Purchaser Corp. (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/22/2030 | $— | (51) |  |  |
| Solairus (3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 7/22/2030 | $— | (14) |  |  |
| Whitcraft-Paradigm (3)(15)(19)(23) | First Lien Senior Secured Loan - Revolver | SOFR | 5.00% | 8.70% | 2/28/2029 | $424 | 414 | 424 |  |
| Whitcraft-Paradigm (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.70% | 2/15/2029 | $10132 | 10080 | 10132 |  |
| Whitcraft-Paradigm (3)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 2/15/2029 | $— |  |  |  |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Interest Rate** | **Maturity Date** | **Principal/Shares** <sup>(9)</sup> | **Cost** | **Market Value** | **% of NAV** <sup>(4)</sup> |
| **Non-Controlled/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| **Aerospace & Defense** |  |  |  |  |  |  |  |  |  |
| Whitcraft-Paradigm (15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 8.70% | 2/15/2029 | $2291 | 2291 | 2291 |  |
| Whitcraft-Paradigm (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.70% | 2/15/2029 | $2654 | 2634 | 2654 |  |
| **Aerospace & Defense Total** |  |  |  |  |  |  | $**140212** | $**142684** | **13.0%** |
| **Automotive** |  |  |  |  |  |  |  |  |  |
| American Trailer Rental Group (19)(26) | Subordinated Debt |  | 14.25% PIK | 14.25% | 12/1/2028 | $6066 | 6043 | 5156 |  |
| American Trailer Rental Group (19)(26) | Subordinated Debt |  | 14.25% PIK | 14.25% | 12/1/2028 | $18716 | 18607 | 15908 |  |
| American Trailer Rental Group (19)(26) | Subordinated Debt |  | 14.25% PIK | 14.25% | 12/1/2028 | $23372 | 23340 | 19866 |  |
| Cardo (6)(18)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.98% | 5/12/2028 | $98 | 97 | 98 |  |
| Chilton (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.16% | 2/5/2031 | $6435 | 6398 | 6371 |  |
| Chilton (2)(3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 2/5/2031 | $— | (20) | (101) |  |
| Chilton (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.50% | 9.14% | 2/5/2031 | $1835 | 1812 | 1797 |  |
| Gills Point S (14)(19)(25) | Preferred Equity |  |  |  |  |  | 20 | 39 |  |
| Gills Point S (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 4.00% (1.50% PIK) | 9.16% | 5/17/2029 | $12388 | 12388 | 12079 |  |
| Gills Point S (15)(19)(26) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.00% (1.50% PIK) | 9.16% | 5/17/2029 | $1235 | 1223 | 1204 |  |
| Gills Point S (15)(19)(26) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.00% (1.50% PIK) | 9.16% | 5/17/2029 | $7296 | 7296 | 7114 |  |
| Gills Point S (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 4.00% (1.50% PIK) | 9.16% | 5/17/2029 | $3670 | 3651 | 3578 |  |
| Gills Point S (14)(19)(25) | Equity Interest |  |  |  |  | 2 | 215 | 82 |  |
| Gills Point S (15)(19)(26) | First Lien Senior Secured Loan - Revolver | SOFR | 4.00% (1.50% PIK) | 9.16% | 5/17/2029 | $4834 | 4812 | 4713 |  |
| Gills Point S (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 4.00% (1.50% PIK) | 9.16% | 5/17/2029 | $3994 | 3968 | 3895 |  |
| Intoxalock (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.10% | 8.77% | 11/1/2028 | $11852 | 11795 | 11852 |  |
| Intoxalock (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.15% | 8.86% | 11/1/2028 | $1029 | 1014 | 1029 |  |
| **Automotive Total** |  |  |  |  |  |  | $**102659** | $**94680** | **8.7%** |
| **Beverage, Food & Tobacco** |  |  |  |  |  |  |  |  |  |
| AgroFresh Solutions (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.60% | 9.27% | 4/2/2029 | $1866 | 1814 | 1816 |  |
| AgroFresh Solutions (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.60% | 9.27% | 3/31/2030 | $6841 | 6751 | 6772 |  |
| AgroFresh Solutions (15)(19) | First Lien Senior Secured Loan | SOFR | 5.60% | 9.27% | 3/31/2030 | $6074 | 5957 | 6013 |  |
| Arctic Glacier U.S.A., Inc. (3)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 5/24/2028 | $— | 12 | 12 |  |
| BCC CPK investments 1, LLC (14)(19)(25) | Equity Interest |  |  |  |  | 370 | 370 | 370 |  |
| BCC Trillium Foods Investments 1, LLC (14)(19)(25) | Equity Interest |  |  |  |  | 3 | 2531 | 3548 |  |
| BCSF Project Aberdeen, LLC (14)(19)(25) | Equity Interest |  |  |  |  | 2217 | 2217 | 2180 |  |
| CPK IPCO Buyer LLC (19) | Subordinated Debt |  | 12.00% | 12.00% | 12/22/2031 | $610 | 601 | 601 |  |
| Hellers (6)(19)(26) | Subordinated Debt |  | 15.00% PIK | 15.00% | 3/27/2031 | 549 | 336 | 310 |  |
| Hellers (2)(3)(5)(6)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 9/27/2030 |  | (12) | (2) |  |
| Hellers (6)(18)(19)(26) | First Lien Senior Secured Loan - Delayed Draw | BBSY | 4.00% (1.50% PIK) | 9.86% | 9/27/2030 | 51 | 35 | 34 |  |
| Hellers (6)(15)(19)(26) | First Lien Senior Secured Loan - Delayed Draw | BKBM | 4.00% (1.50% PIK) | 8.09% | 9/27/2030 | 47 | 28 | 26 |  |
| INW Manufacturing, LLC (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.75% | 9.42% | 1/23/2031 | $27097 | 26841 | 26826 |  |
| PPX (14)(19)(25) | Preferred Equity |  |  |  |  | 33 |  |  |  |
| PPX (14)(19)(25) | Preferred Equity |  |  |  |  | 33 | 5000 | 3250 |  |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Interest Rate** | **Maturity Date** | **Principal/Shares** <sup>(9)</sup> | **Cost** | **Market Value** | **% of NAV** <sup>(4)</sup> |
| **Non-Controlled/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| **Beverage, Food & Tobacco** |  |  |  |  |  |  |  |  |  |
| SauceCo HoldCo, LLC (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.75% | 9.42% | 5/13/2030 | $5036 | 5002 | 5036 |  |
| SauceCo HoldCo, LLC (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.75% | 9.45% | 5/13/2030 | $71180 | 69097 | 71180 |  |
| Spindrift (19)(26) | Subordinated Debt |  | 13.75% PIK | 13.75% | 2/19/2033 | $1627 | 1589 | 1627 |  |
| Spindrift (14)(19)(25) | Equity Interest |  |  |  |  | 1 | 500 | 547 |  |
| **Beverage, Food & Tobacco Total** |  |  |  |  |  |  | **128669** | **130146** | **11.9%** |
| **Capital Equipment** |  |  |  |  |  |  |  |  |  |
| AeriTek Global CAD Acquisition Inc. (6)(15)(19) | First Lien Senior Secured Loan | SOFR | 6.50% | 10.17% | 8/27/2030 | $473 | 467 | 466 |  |
| AeriTek Global CAD Acquisition Inc. (3)(6)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 6.50% | 10.17% | 8/27/2030 | $10 | 9 | 9 |  |
| AXH Air Coolers (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.20% | 10/31/2029 | $7400 | 7352 | 7400 |  |
| AXH Air Coolers (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/31/2029 | $— | (33) |  |  |
| AXH Air Coolers (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.20% | 10/31/2029 | $3291 | 3272 | 3291 |  |
| AXH Air Coolers (3)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.50% | 9.20% | 10/31/2029 | $4864 | 4840 | 4864 |  |
| AXH Air Coolers (14)(19)(25) | Preferred Equity |  |  |  |  | 3417 | 1104 | 12014 |  |
| East BCC Coinvest II, LLC (14)(19)(25) | Equity Interest |  |  |  |  | 1419 | 1229 |  |  |
| Engineered Products Co., LLC (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 4.75% | 8.38% | 8/12/2031 | $154 | 148 | 154 |  |
| Ergotron Acquisition LLC (16)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.92% | 7/6/2028 | $10841 | 10744 | 10841 |  |
| EXT Acquisitions, Inc. (2)(3)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 12/19/2031 | $— |  | (4) |  |
| EXT Acquisitions, Inc. (3)(15)(19) | First Lien Senior Secured Loan - Revolver | P | 4.25% | 11.00% | 12/19/2031 | $185 | 183 | 183 |  |
| FCG Acquisitions, Inc. (14)(19)(25) | Preferred Equity |  |  |  |  | 4 |  |  |  |
| Goodfellow (6)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 5.25% | 7.38% | 2/10/2032 | 50 | 51 | 57 |  |
| Goodfellow (6)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 5.25% | 7.38% | 2/10/2032 | 50 | 51 | 57 |  |
| Goodfellow (6)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 5.25% | 8.98% | 2/10/2032 | £50 | 64 | 65 |  |
| Goodfellow (6)(15)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.95% | 2/10/2032 | $50 | 50 | 50 |  |
| PPT Group (6)(18)(19) | First Lien Senior Secured Loan | SONIA | 5.50% | 9.24% | 2/28/2031 | £6120 | 7648 | 7972 |  |
| PPT Group (3)(6)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 5.50% | 9.24% | 2/28/2031 | £220 | 287 | 232 |  |
| PPT Group (3)(6)(18)(19) | First Lien Senior Secured Loan - Revolver | SONIA | 5.50% | 9.24% | 2/28/2031 | £220 | 275 | 262 |  |
| PPT Group (6)(14)(19)(25) | Equity Interest |  |  |  |  | 376 | 376 | 312 |  |
| **Capital Equipment Total** |  |  |  |  |  |  | $**38117** | $**48225** | **4.4%** |
| **Chemicals, Plastics & Rubber** |  |  |  |  |  |  |  |  |  |
| AP Plastics Group, LLC (16)(19)(29) | First Lien Senior Secured Loan | SOFR | 4.85% | 8.52% | 8/10/2030 | $13548 | 13369 | 13548 |  |
| AP Plastics Group, LLC (16)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.85% | 8.52% | 8/10/2030 | $175 | 175 | 175 |  |
| AP Plastics Group, LLC (3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 8/10/2030 | $— | (3) |  |  |
| Duraco (19)(29)(32) | First Lien Senior Secured Loan | SOFR | 6.50% | 10.16% | 6/6/2029 | $7305 | 7223 | 6940 |  |
| Duraco (3)(19)(32) | First Lien Senior Secured Loan - Revolver | SOFR | 6.50% | 10.21% | 6/6/2029 | $796 | 774 | 697 |  |
| Plaskolite PPC Intermediate II LLC (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 4.00% (4.00% PIK) | 11.64% | 5/9/2030 | $7257 | 7134 | 7112 |  |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Interest Rate** | **Maturity Date** | **Principal/Shares** <sup>(9)</sup> | **Cost** | **Market Value** | **% of NAV** <sup>(4)</sup> |
| **Non-Controlled/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| **Chemicals, Plastics & Rubber** |  |  |  |  |  |  |  |  |  |
| Plaskolite PPC Intermediate II LLC (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 7.00% | 10.64% | 2/7/2030 | $163 | 152 | 149 |  |
| V Global Holdings LLC (16)(19)(26) | First Lien Senior Secured Loan | SOFR | 2.20% (3.70% PIK) | 9.55% | 12/22/2027 | $15706 | 15419 | 14842 |  |
| V Global Holdings LLC (3)(16)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.85% | 9.53% | 12/22/2027 | $3552 | 3552 | 3018 |  |
| V Global Holdings LLC (16)(19)(26) | First Lien Senior Secured Loan | EURIBOR | 2.05% (3.70% PIK) | 7.73% | 12/22/2027 | 96 | 101 | 104 |  |
| **Chemicals, Plastics & Rubber Total** |  |  |  |  |  |  | $**47896** | $**46585** | **4.3%** |
| **Construction & Building** |  |  |  |  |  |  |  |  |  |
| AGS American Glass Services Acquisition, LLC (15)(19) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.17% | 7/24/2031 | $159 | 158 | 158 |  |
| AGS American Glass Services Acquisition, LLC (2)(3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 7/24/2031 | $— | (1) | (5) |  |
| AGS American Glass Services Acquisition, LLC (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/24/2031 | $— | (2) | (2) |  |
| AGS American Services Investments, L.P. (14)(19)(25) | Equity Interest |  |  |  |  | 3 | 338 | 333 |  |
| BCSF ServiceMaster Investments, LLC (14)(19)(25) | Preferred Equity |  |  |  |  |  | 28 |  |  |
| Chase Industries, Inc. (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 5.65% (1.50% PIK) | 10.82% | 11/11/2027 | $27464 | 27143 | 27189 |  |
| Chase Industries, Inc. (15)(19)(26) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.65% (1.50% PIK) | 10.82% | 11/11/2027 | $2691 | 2654 | 2665 |  |
| Chase Industries, Inc. (3)(15)(19)(26) | First Lien Senior Secured Loan - Revolver | SOFR | 5.65% (1.50% PIK) | 10.85% | 11/11/2027 | $630 | 628 | 612 |  |
| Elk (14)(19)(25) | Equity Interest |  |  |  |  | 1 | 7 | 719 |  |
| Elk (14)(19)(25) | Preferred Equity |  |  |  |  | 72 | 722 | 1198 |  |
| G702 Buyer, Inc. (16)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.45% | 7/2/2031 | $158 | 156 | 158 |  |
| G702 Buyer, Inc. (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/2/2031 | $— | (10) | (4) |  |
| Service Master (18)(19)(26) | First Lien Senior Secured Loan | SOFR | 6.01% (1.00% PIK) | 10.66% | 8/16/2027 | $929 | 924 | 929 |  |
| Service Master (3)(18)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 7.01% | 10.71% | 8/16/2027 | $15622 | 15620 | 15622 |  |
| Service Master (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 5.86% (1.00% PIK) | 10.54% | 8/16/2027 | $1585 | 1579 | 1585 |  |
| Service Master (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 5.86% (1.00% PIK) | 10.54% | 8/16/2027 | $7668 | 7634 | 7668 |  |
| Service Master (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 6.01% (1.00% PIK) | 10.65% | 12/31/2029 | $3918 | 3918 | 3918 |  |
| Service Master (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 6.01% (1.00% PIK) | 10.65% | 12/31/2029 | $130 | 130 | 130 |  |
| Service Master (18)(19)(26) | First Lien Senior Secured Loan | SOFR | 5.86% (1.00% PIK) | 10.53% | 8/16/2027 | $3173 | 3173 | 3173 |  |
| Service Master (14)(19)(25) | Preferred Equity |  |  |  |  |  | 169 |  |  |
| Service Master (14)(19)(25) | Equity Interest |  |  |  |  |  |  |  |  |
| TL Sapphire Parent, Inc. (3)(16)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 8.67% | 1/22/2033 | $663 | 660 | 660 |  |
| TL Sapphire Parent, Inc. (3)(16)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.00% | 8.67% | 1/22/2033 | $154 | 146 | 146 |  |
| TL Sapphire Parent, Inc. (16)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.67% | 1/22/2033 | $5000 | 4978 | 4975 |  |
| Zeus Fire & Security (15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 8.67% | 12/11/2030 | $8740 | 8740 | 8740 |  |
| Zeus Fire & Security (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.65% | 12/11/2030 | $4828 | 4799 | 4828 |  |
| Zeus Fire & Security (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.00% | 8.68% | 12/11/2030 | $1053 | 1038 | 1053 |  |
| **Construction & Building Total** |  |  |  |  |  |  | $**85329** | $**86448** | **7.9%** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Interest Rate** | **Maturity Date** | **Principal/Shares** <sup>(9)</sup> | **Cost** | **Market Value** | **% of NAV** <sup>(4)</sup> |
| **Non-Controlled/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| **Consumer Goods: Durable** |  |  |  |  |  |  |  |  |  |
| New Milani Group LLC (15)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.45% | 6/26/2031 | $832 | 825 | 832 |  |
| New Milani Group LLC (3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 6/26/2031 | $— | (2) |  |  |
| New Milani Group LLC (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 6/26/2031 | $— | (11) |  |  |
| Stanton Carpet (15)(19) | Second Lien Senior Secured Loan | SOFR | 9.15% | 12.80% | 3/31/2028 | $11434 | 11330 | 11434 |  |
| Tangent Technologies Acquisition, LLC (15)(19) | Second Lien Senior Secured Loan | SOFR | 8.90% | 12.56% | 5/30/2028 | $8915 | 8840 | 8915 |  |
| TLC Holdco LP (14)(19)(25) | Equity Interest |  |  |  |  | 1281 | 1221 | 523 |  |
| TLC Purchaser, Inc. (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.76% | 9.41% | 10/11/2027 | $3808 | 3816 | 3475 |  |
| TLC Purchaser, Inc. (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.76% | 9.44% | 10/11/2027 | $13008 | 12925 | 12552 |  |
| TLC Purchaser, Inc. (15)(19) | First Lien Senior Secured Loan | SOFR | 5.76% | 9.46% | 10/11/2027 | $1948 | 1936 | 1880 |  |
| **Consumer Goods: Durable Total** |  |  |  |  |  |  | $**40880** | $**39611** | **3.6%** |
| **Consumer Goods: Non-Durable** |  |  |  |  |  |  |  |  |  |
| Evriholder (19)(29)(32) | First Lien Senior Secured Loan | SOFR | 6.90% | 10.60% | 1/24/2028 | $5819 | 5792 | 5761 |  |
| Fineline Technologies, Inc. (14)(19)(25) | Equity Interest |  |  |  |  | 939 | 939 | 1288 |  |
| Hempz (15)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.95% | 10/25/2029 | $220 | 218 | 217 |  |
| Hempz (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/25/2029 | $— | (11) | (27) |  |
| RoC Skincare (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.91% | 2/21/2031 | $9800 | 9694 | 9800 |  |
| RoC Skincare (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 2/21/2030 | $— | (20) |  |  |
| Solaray, LLC (3)(18)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.60% | 9.27% | 3/27/2029 | $12052 | 12033 | 12052 |  |
| Solaray, LLC (15)(19) | First Lien Senior Secured Loan | SOFR | 6.85% | 10.52% | 3/27/2029 | $28283 | 28283 | 25737 |  |
| Solaray, LLC (15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.85% | 10.52% | 3/27/2029 | $13026 | 13011 | 11853 |  |
| SRP Parent Inc. (14)(19)(25) | Preferred Equity |  |  |  |  |  |  |  |  |
| SRP Parent Inc. (14)(19)(25) | Preferred Equity |  |  |  |  |  |  |  |  |
| SRP Parent Inc. (14)(19)(25) | Preferred Equity |  |  |  |  |  |  |  |  |
| Summer Fridays, LLC (15)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.95% | 5/16/2031 | $482 | 475 | 477 |  |
| Summer Fridays, LLC (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 5/16/2031 | $— | (11) | (9) |  |
| WU Holdco, Inc. (3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 4/15/2032 | $— | (12) |  |  |
| WU Holdco, Inc. (3)(18)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 4.75% | 8.45% | 4/15/2032 | $757 | 741 | 757 |  |
| **Consumer Goods: Non-Durable Total** |  |  |  |  |  |  | $**71132** | $**67906** | **6.2%** |
| **Containers, Packaging & Glass** |  |  |  |  |  |  |  |  |  |
| ASP-r-pac Acquisition Co LLC (16)(19)(29) | First Lien Senior Secured Loan | SOFR | 6.26% | 9.93% | 12/29/2027 | $5710 | 5642 | 5710 |  |
| ASP-r-pac Acquisition Co LLC (3)(16)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 6.11% | 9.78% | 12/29/2027 | $3273 | 3247 | 3273 |  |
| Precision Concepts Parent Inc. (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 4.75% | 8.42% | 8/2/2032 | $82 | 79 | 78 |  |
| Precision Concepts Parent Inc. (15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.75% | 8.42% | 8/2/2032 | $715 | 712 | 708 |  |
| **Containers, Packaging & Glass Total** |  |  |  |  |  |  | $**9680** | $**9769** | **0.9%** |
| **Environmental Industries** |  |  |  |  |  |  |  |  |  |
| BCC HGS Investments 1, LLC (14)(19)(25) | Equity Interest |  |  |  |  | 8 | 1241 | 1241 |  |
| FC DOLMANS B.V. (2)(3)(5)(6)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 3/4/2033 |  | (6) | (6) |  |
| FC DOLMANS B.V. (6)(15)(19) | First Lien Senior Secured Loan | EURIBOR | 5.25% | 7.38% | 3/4/2033 | 2437 | 2807 | 2780 |  |
| Humic Acquisition Holdings, LLC (15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.75% | 9.42% | 10/21/2031 | $7278 | 7273 | 7242 |  |
| Humic Acquisition Holdings, LLC (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.75% | 9.42% | 10/21/2031 | $2703 | 2684 | 2683 |  |
| Humic Acquisition Holdings, LLC (15)(19) | First Lien Senior Secured Loan | SOFR | 5.75% | 9.42% | 10/21/2031 | $14482 | 14421 | 14410 |  |
| Meteor UK Bidco Limited (6)(18)(19) | First Lien Senior Secured Loan | SONIA | 5.00% | 8.73% | 5/14/2032 | £8104 | 10796 | 10689 |  |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Interest Rate** | **Maturity Date** | **Principal/Shares** <sup>(9)</sup> | **Cost** | **Market Value** | **% of NAV** <sup>(4)</sup> |
| **Non-Controlled/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| **Environmental Industries** |  |  |  |  |  |  |  |  |  |
| Meteor UK Bidco Limited (6)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 5.00% | 8.73% | 5/14/2032 | £4858 | 6460 | 6408 |  |
| Meteor UK Bidco Limited (3)(6)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 11/14/2031 | £— |  |  |  |
| Reconomy (6)(18)(19) | First Lien Senior Secured Loan | SONIA | 6.50% | 10.23% | 7/12/2029 | £68 | 83 | 89 |  |
| Reconomy (3)(6)(18)(19)(34) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.50% | 10.20% | 7/12/2029 | £5018 | 6602 | 6624 |  |
| Reconomy (6)(18)(19) | First Lien Senior Secured Loan | EURIBOR | 6.25% | 8.38% | 7/12/2029 | 27 | 28 | 31 |  |
| Titan Cloud Software, Inc (18)(19) | First Lien Senior Secured Loan | SOFR | 5.85% | 9.52% | 9/7/2029 | $27580 | 27461 | 27580 |  |
| Titan Cloud Software, Inc (15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.85% | 9.53% | 9/7/2029 | $12264 | 12217 | 12264 |  |
| Titan Cloud Software, Inc (3)(18)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.85% | 9.52% | 9/7/2028 | $3424 | 3401 | 3424 |  |
| Titan Cloud Software, Inc (14)(19)(25) | Equity Interest |  |  |  |  | 3532 | 3532 | 3549 |  |
| **Environmental Industries Total** |  |  |  |  |  |  | $**99000** | $**99008** | **9.1%** |
| **FIRE: Finance** |  |  |  |  |  |  |  |  |  |
| Allworth Financial Group, L.P. (15)(19)(29) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.75% | 8.42% | 12/23/2027 | $845 | 841 | 845 |  |
| Allworth Financial Group, L.P. (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 12/23/2027 | $— | (3) | (3) |  |
| Allworth Financial Group, L.P. (3)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.75% | 8.42% | 12/23/2027 | $5787 | 5764 | 5787 |  |
| Allworth Financial Group, L.P. (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.42% | 12/23/2027 | $1455 | 1449 | 1455 |  |
| Avalon Bidco Limited (6)(15)(19) | First Lien Senior Secured Loan | SONIA | 6.25% | 9.99% | 4/16/2032 | £50 | 65 | 65 |  |
| Avalon Bidco Limited (6)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 6.25% | 9.99% | 4/16/2032 | £4127 | 5432 | 5376 |  |
| Choreo (3)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 8.70% | 2/18/2028 | $2908 | 2908 | 2908 |  |
| Congress Wealth (14)(19)(25) | Equity Interest |  |  |  |  | 16 |  | 19 |  |
| Daintree Bidco Pty Ltd ACN 686 668 619 (6)(18)(19) | First Lien Senior Secured Loan | BBSY | 5.00% | 9.04% | 11/25/2032 | 1113 | 709 | 751 |  |
| Endurance Holdco Limited (6)(19)(25)(26) | Preferred Equity |  | 12.50% PIK | 12.50% |  | 3144 | 4066 | 4063 |  |
| Insigneo Financial Group LLC (19)(26) | First Lien Senior Secured Loan |  | 10.00% PIK | 10.00% | 8/1/2027 | $1968 | 1981 | 1968 |  |
| Insigneo Financial Group LLC (15)(19) | First Lien Senior Secured Loan | SOFR | 6.60% | 10.30% | 8/1/2028 | $267 | 263 | 267 |  |
| Insigneo Financial Group LLC (14)(19)(25) | Equity Interest |  |  |  |  | 534 | 535 | 3447 |  |
| LEP SAL Co-Invest, L.P. (6)(14)(19)(25) | Equity Interest |  |  |  |  | 1000 | 1317 | 1319 |  |
| Monarch Finco, LLC (3)(17)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.25% | 7.92% | 10/29/2032 | $18 | 18 | 17 |  |
| Monarch Finco, LLC (3)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/29/2032 | $— |  |  |  |
| Monarch Finco, LLC (17)(19) | First Lien Senior Secured Loan | SOFR | 4.25% | 7.92% | 10/29/2032 | $156 | 156 | 154 |  |
| Parmenion (6)(18)(19) | First Lien Senior Secured Loan | SONIA | 5.50% | 9.31% | 5/23/2029 | £295 | 370 | 389 |  |
| PMA (16)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.45% | 1/31/2031 | $58 | 57 | 57 |  |
| PMA (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 1/31/2031 | $— | (15) |  |  |
| Sikich (14)(19)(25) | Warrants |  |  |  |  | 5 |  | 570 |  |
| Sikich (14)(19)(25) | Warrants |  |  |  |  | 2 |  | 163 |  |
| Sikich (19)(25)(26) | Preferred Equity |  | 13.00% PIK | 13.00% |  | 38 | 3765 | 3765 |  |
| TA/Weg Holdings (15)(19)(29) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.25% | 7.94% | 10/2/2028 | $2295 | 2292 | 2292 |  |
| TA/Weg Holdings (15)(19)(29) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.25% | 7.94% | 10/2/2028 | $9089 | 9089 | 9089 |  |
| Wealth Enhancement Group (WEG) (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/2/2028 | $— | (9) |  |  |
| Wealth Enhancement Group (WEG) (3)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.25% | 7.94% | 10/4/2028 | $9453 | 9429 | 9453 |  |
| **FIRE: Finance Total** |  |  |  |  |  |  | $**50479** | $**54216** | **5.0%** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Interest Rate** | **Maturity Date** | **Principal/Shares** <sup>(9)</sup> | **Cost** | **Market Value** | **% of NAV** <sup>(4)</sup> |
| **Non-Controlled/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| **FIRE: Insurance** |  |  |  |  |  |  |  |  |  |
| Comet BidCo Limited (3)(6)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 1/30/2032 | $— |  |  |  |
| Comet BidCo Limited (2)(3)(5)(6)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 1/30/2032 | $— | (2) | (2) |  |
| Comet BidCo Limited (6)(15)(19) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.67% | 1/30/2032 | $757 | 754 | 753 |  |
| McLarens Acquisition Inc. (16)(19) | First Lien Senior Secured Loan | SOFR | 4.90% | 8.56% | 12/19/2027 | $900 | 893 | 900 |  |
| McLarens Acquisition Inc. (16)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.90% | 8.56% | 12/19/2027 | $412 | 409 | 412 |  |
| McLarens Acquisition Inc. (16)(19) | First Lien Senior Secured Loan | SOFR | 4.90% | 8.56% | 12/19/2027 | $95 | 94 | 95 |  |
| McLarens Acquisition Inc. (16)(19) | First Lien Senior Secured Loan | SOFR | 4.90% | 8.56% | 12/19/2027 | $248 | 246 | 248 |  |
| McLarens Acquisition Inc. (16)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.90% | 8.56% | 12/19/2027 | $262 | 260 | 262 |  |
| McLarens Acquisition Inc. (16)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.90% | 8.56% | 12/19/2027 | $6971 | 6972 | 6971 |  |
| McLarens Acquisition Inc. (16)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.90% | 8.56% | 12/19/2027 | $7 | 7 | 7 |  |
| McLarens Acquisition Inc. (3)(16)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.90% | 8.59% | 12/19/2027 | $3892 | 3879 | 3892 |  |
| McLarens Acquisition Inc. (3)(6)(16)(19) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 4.87% | 8.61% | 12/19/2027 | £948 | 1248 | 1251 |  |
| McLarens Acquisition Inc. (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 12/19/2027 | $— | (1) | (1) |  |
| McLarens Acquisition Inc. (3)(5)(6)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 12/20/2027 | £— | (2) |  |  |
| McLarens Acquisition Inc. (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 12/19/2027 | $— | (6) | (6) |  |
| MRHT (2)(3)(5)(6)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 11/10/2031 |  | (13) | (16) |  |
| MRHT (3)(6)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 5.00% | 7.15% | 5/17/2032 | 2558 | 2981 | 2894 |  |
| Simplicity (16)(19)(29) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.45% | 12/31/2031 | $10148 | 10063 | 10148 |  |
| Simplicity (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 12/31/2031 | $— | (36) |  |  |
| Simplicity (3)(16)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.75% | 8.45% | 12/31/2031 | $7296 | 7260 | 7296 |  |
| **FIRE: Insurance Total** |  |  |  |  |  |  | $**35006** | $**35104** | **3.2%** |
| **FIRE: Real Estate** |  |  |  |  |  |  |  |  |  |
| Lagerbox (6)(15)(19) | First Lien Senior Secured Loan | EURIBOR | 3.50% | 5.51% | 12/20/2028 | 750 | 779 | 864 |  |
| **FIRE: Real Estate Total** |  |  |  |  |  |  | $**779** | $**864** | **0.1%** |
| **Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |  |
| Accident Care Alliance Holdco LLC (3)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 8.67% | 8/20/2030 | $607 | 605 | 607 |  |
| Accident Care Alliance Holdco LLC (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.00% | 8.68% | 8/20/2030 | $569 | 559 | 569 |  |
| AEG Vision (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.90% | 9.60% | 3/27/2027 | $2033 | 2021 | 2033 |  |
| AEG Vision (15)(19)(29) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.90% | 9.57% | 3/27/2027 | $16146 | 16110 | 16146 |  |
| AEG Vision (15)(19)(29) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.90% | 9.60% | 3/27/2027 | $17609 | 17570 | 17609 |  |
| AEG Vision (15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.90% | 9.60% | 3/27/2027 | $41580 | 41310 | 41580 |  |
| Alldent Holding GmbH (2)(3)(6)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 11/15/2032 |  |  | (5) |  |
| Alldent Holding GmbH (6)(18)(19) | First Lien Senior Secured Loan | EURIBOR | 5.50% | 7.62% | 11/15/2032 | 1600 | 1837 | 1825 |  |
| AOM Infusion (3)(16)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 8.69% | 3/19/2032 | $341 | 336 | 341 |  |
| AOM Infusion (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 3/19/2032 | $— | (3) |  |  |
| Apollo Intelligence (16)(19) | First Lien Senior Secured Loan | SOFR | 5.75% | 9.43% | 5/31/2028 | $14885 | 15360 | 14736 |  |
| Apollo Intelligence (3)(16)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.75% | 9.43% | 5/31/2028 | $6785 | 6759 | 6685 |  |
| Apollo Intelligence (14)(19)(25) | Equity Interest |  |  |  |  | 34 | 3378 | 2651 |  |
| Athena Parent Holdings, L.P. (14)(19)(25) | Preferred Equity |  |  |  |  | 4 | 403 | 409 |  |
| Beacon Specialized Living (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.20% | 3/25/2028 | $4913 | 4876 | 4913 |  |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Interest Rate** | **Maturity Date** | **Principal/Shares** <sup>(9)</sup> | **Cost** | **Market Value** | **% of NAV** <sup>(4)</sup> |
| **Non-Controlled/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| **Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |  |
| Beacon Specialized Living (3)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.50% | 9.20% | 3/25/2028 | $4822 | 4732 | 4822 |  |
| Beacon Specialized Living (3)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 3/25/2028 | $— |  |  |  |
| Caregiver (19)(26) | Subordinated Debt |  | 16.50% PIK | 16.50% | 1/1/2030 | $10252 | 10166 | 10124 |  |
| CB Titan Holdings, Inc. (14)(19)(25) | Preferred Equity |  |  |  |  | 1953 | 1953 |  |  |
| CRH Healthcare Purchaser, Inc. (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.95% | 9/17/2031 | $7318 | 7286 | 7318 |  |
| CRH Healthcare Purchaser, Inc. (3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 9/17/2031 | $— | (4) |  |  |
| CRH Healthcare Purchaser, Inc. (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 9/17/2031 | $— | (4) |  |  |
| EHE Health (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.20% | 8/7/2030 | $10733 | 10651 | 10625 |  |
| EHE Health (2)(3)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 8/7/2030 | $— |  | (34) |  |
| EHE Health (14)(19)(25) | Equity Interest |  |  |  |  | 2178 | 2178 | 1958 |  |
| Great Expressions Dental Center PC (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 1.15% (3.00% PIK) | 7.82% | 9/30/2026 | $9997 | 10019 | 8897 |  |
| HealthDrive (3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 8/20/2029 | $— | (13) |  |  |
| HealthDrive (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.00% | 8.67% | 8/20/2029 | $643 | 643 | 643 |  |
| HealthDrive (14)(19)(25) | Preferred Equity |  |  |  |  | 18 | 1822 | 2401 |  |
| Lightspeed Buyer, Inc. (2)(3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 2/6/2032 | $— | (21) | (22) |  |
| Lightspeed Buyer, Inc. (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 2/6/2032 | $— | (14) | (15) |  |
| Lightspeed Buyer, Inc. (16)(19)(29) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.45% | 2/6/2032 | $16815 | 16695 | 16689 |  |
| Mertus 522. GmbH (6)(18)(19)(26) | First Lien Senior Secured Loan | EURIBOR | 4.00% (3.00% PIK) | 9.12% | 5/28/2028 | 232 | 260 | 257 |  |
| Mertus 522. GmbH (6)(18)(19)(26) | First Lien Senior Secured Loan | EURIBOR | 4.00% (3.00% PIK) | 9.50% | 5/28/2028 | 137 | 151 | 151 |  |
| Nafinco (6)(15)(19) | First Lien Senior Secured Loan | EURIBOR | 5.25% | 7.37% | 8/29/2031 | 52 | 56 | 59 |  |
| Nafinco (3)(6)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 5.25% | 7.37% | 8/29/2031 | 1465 | 1514 | 1664 |  |
| Nafinco (3)(6)(15)(19) | First Lien Senior Secured Loan - Revolver | EURIBOR | 5.25% | 7.37% | 5/30/2031 | 107 | 109 | 118 |  |
| Odyssey Behavioral Health (15)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.91% | 5/21/2031 | $1603 | 1587 | 1603 |  |
| Odyssey Behavioral Health (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 11/21/2030 | $— | (70) |  |  |
| Odyssey Behavioral Health (14)(19)(25) | Equity Interest |  |  |  |  | 22 | 2234 | 2412 |  |
| Pharmacy Partners (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 2/28/2029 | $— | (40) |  |  |
| Premier Imaging, LLC (15)(19)(26) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.19% (2.07% PIK) | 9.96% | 10/31/2027 | $2071 | 2058 | 1698 |  |
| Premier Imaging, LLC (15)(19)(26)(29) | First Lien Senior Secured Loan | SOFR | 4.19% (2.07% PIK) | 9.96% | 10/31/2027 | $7715 | 7670 | 6326 |  |
| Psychiatric Medical Care LLC (16)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.41% | 7/1/2032 | $176 | 174 | 174 |  |
| Psychiatric Medical Care LLC (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/1/2032 | $— | (22) | (25) |  |
| QPE Alpha 4 Pty Ltd ACN 664 132 530 (2)(3)(5)(6)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 2/5/2032 |  | (3) | (3) |  |
| QPE Alpha 4 Pty Ltd ACN 664 132 530 (6)(18)(19) | First Lien Senior Secured Loan | BBSY | 5.00% | 9.01% | 2/5/2032 | 1612 | 1109 | 1083 |  |
| Red Nucleus (3)(16)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.25% | 8.66% | 10/17/2031 | $1178 | 1158 | 1178 |  |
| Red Nucleus (3)(16)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.25% | 9.06% | 10/17/2031 | $596 | 570 | 596 |  |
| RedMed Operations (Collage Rehabilitation) (15)(19) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.67% | 2/28/2031 | $359 | 357 | 359 |  |
| RedMed Operations (Collage Rehabilitation) (3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 2/28/2031 | $— | (5) |  |  |
| RedMed Operations (Collage Rehabilitation) (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.00% | 8.68% | 2/28/2031 | $210 | 201 | 210 |  |
| SunMed Group Holdings, LLC (16)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.60% | 9.27% | 6/16/2028 | $8408 | 8353 | 8408 |  |
| Sunmed Group Holdings, LLC (3)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 6/16/2027 | $— |  |  |  |
| USME Holdco LLC (19)(26) | Subordinated Debt |  | 17.00% PIK | 17.00% | 5/26/2031 | $5694 | 5648 | 5648 |  |
| Vatica Health, Inc. (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/31/2032 | $— | (9) | (9) |  |
| WSHP Cottonwood Buyer, LLC (2)(3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 12/18/2032 | $— | (7) | (20) |  |
| WSHP Cottonwood Buyer, LLC (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 12/18/2032 | $— | (14) | (15) |  |
| WSHP Cottonwood Buyer, LLC (15)(19) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.70% | 12/18/2032 | $5851 | 5824 | 5822 |  |
| **Healthcare & Pharmaceuticals Total** |  |  |  |  |  |  | $**216073** | $**211199** | **19.3%** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Interest Rate** | **Maturity Date** | **Principal/Shares** <sup>(9)</sup> | **Cost** | **Market Value** | **% of NAV** <sup>(4)</sup> |
| **Non-Controlled/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| **High Tech Industries** |  |  |  |  |  |  |  |  |  |
| Access (6)(18)(19) | First Lien Senior Secured Loan | SONIA | 5.25% | 8.98% | 6/28/2029 | £80 | 99 | 106 |  |
| Applitools (6)(16)(19)(26) | First Lien Senior Secured Loan | SOFR | 6.25% PIK | 9.95% | 5/25/2029 | $31135 | 30889 | 26309 |  |
| Applitools (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 5/25/2028 | $— | (12) | (532) |  |
| Applitools (6)(14)(19)(25) | Equity Interest |  |  |  |  | 20 | 11 | 1 |  |
| Applitools (6)(14)(19)(25) | Equity Interest |  |  |  |  | 8297 | 4762 | 485 |  |
| Appriss (2)(3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 3/10/2031 | $— | (11) | (9) |  |
| Appriss (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.00% | 8.71% | 3/10/2031 | $357 | 335 | 348 |  |
| Appriss Holdings, Inc. (14)(19)(25) | Equity Interest |  |  |  |  | 2136 | 1606 | 1726 |  |
| Appriss Holdings, Inc. (15)(19) | First Lien Senior Secured Loan | SOFR | 4.85% | 8.52% | 5/6/2027 | $5503 | 5478 | 5503 |  |
| Appriss Holdings, Inc. (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 5/6/2028 | $— | (5) |  |  |
| AQ Software Corporation (18)(19)(25)(26) | Preferred Equity | SOFR | 10.00% PIK | 13.60% |  | 2 | 1928 | 1648 |  |
| AQ Software Corporation (18)(19)(25)(26) | Preferred Equity | SOFR | 10.00% PIK | 13.60% |  | 3 | 3212 | 2746 |  |
| AQ Software Corporation (18)(19)(25)(26) | Preferred Equity | SOFR | 10.00% PIK | 13.60% |  | 1 | 849 | 726 |  |
| AQ Software Corporation (18)(19)(25)(26) | Preferred Equity | SOFR | 10.00% PIK | 13.60% |  | 2 | 2224 | 1917 |  |
| Chartbeat (19)(26) | Subordinated Debt |  | 16.00% PIK | 16.00% | 10/4/2030 | $7084 | 7005 | 6871 |  |
| Chartbeat (14)(19)(25) | Warrants |  |  |  |  | 1 |  | 35 |  |
| Chartbeat (19)(26) | Subordinated Debt |  | 16.00% PIK | 16.00% | 10/4/2030 | $6315 | 6235 | 6125 |  |
| Cloud Technology Solutions (CTS) (6)(15)(19)(26) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 2.52% (5.48% PIK) | 11.79% | 10/17/2031 | £2161 | 2763 | 2851 |  |
| Cloud Technology Solutions (CTS) (6)(14)(19)(25) | Preferred Equity |  |  |  |  | 4835 | 5937 | 7095 |  |
| Eagle Rock Capital Corporation (14)(19)(25) | Preferred Equity |  |  |  |  | 2429 | 2429 | 6509 |  |
| Eleven Software (18)(19) | First Lien Senior Secured Loan | SOFR | 8.25% | 11.95% | 4/25/2027 | $7439 | 7419 | 7439 |  |
| Eleven Software (18)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 8.10% | 11.77% | 9/25/2026 | $1488 | 1486 | 1488 |  |
| Eleven Software (14)(19)(25) | Preferred Equity |  |  |  |  | 109 | 109 | 255 |  |
| Eleven Software (14)(19)(25) | Preferred Equity |  |  |  |  | 896 | 896 | 2109 |  |
| G-3 Frax Acquisition LLC (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 1/30/2032 | $— | (1) | (1) |  |
| G-3 Frax Acquisition LLC (15)(19) | First Lien Senior Secured Loan | SOFR | 6.00% | 9.67% | 1/30/2032 | $919 | 912 | 911 |  |
| Govineer Solutions (fka Black Mountain) (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.70% | 10/7/2030 | $4378 | 4353 | 4378 |  |
| Govineer Solutions (fka Black Mountain) (3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 10/7/2030 | $— | (15) |  |  |
| Govineer Solutions (fka Black Mountain) (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.00% | 8.67% | 10/7/2030 | $788 | 777 | 788 |  |
| Harbor IT, LLC (2)(3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 3/13/2031 | $— | (1) | (1) |  |
| Harbor IT, LLC (3)(19)(24) | First Lien Senior Secured Loan - Revolver | SOFR | 5.00% | 8.67% | 3/13/2031 | $40 | 40 | 40 |  |
| Harbor IT, LLC (19)(24) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.67% | 3/13/2031 | $536 | 533 | 533 |  |
| HG Insights, Inc. (15)(19) | First Lien Senior Secured Loan | SOFR | 7.50% | 11.17% | 6/16/2031 | $10712 | 10520 | 10444 |  |
| HG Insights, Inc. (14)(19)(25) | Equity Interest |  |  |  |  | 505 | 777 | 711 |  |
| LogRhythm (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/2/2029 | $— | (8) | (58) |  |
| LogRhythm, Inc. (15)(19) | First Lien Senior Secured Loan | SOFR | 7.50% | 11.17% | 7/2/2029 | $3978 | 3876 | 3699 |  |
| NearMap (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 12/9/2028 | $— | (46) | (15) |  |
| NearMap (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.42% | 12/9/2029 | $19266 | 19229 | 19266 |  |
| NearMap (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 12/9/2028 | $— | (12) |  |  |
| New Gen Holding (6)(18)(19)(26) | First Lien Senior Secured Loan | EURIBOR | 3.00% (4.25% PIK) | 9.75% | 5/28/2031 | 3072 | 3447 | 3514 |  |
| PayRange (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/31/2030 | $— | (32) |  |  |
| PayRange (14)(19)(25) | Equity Interest |  |  |  |  | 4527 | 4527 | 6806 |  |
| PlentyMarkets (6)(18)(19)(26) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 2.80% (3.70% PIK) | 8.45% | 4/2/2032 | 1600 | 1858 | 1780 |  |
| Pricelabs Revenue Inc. (2)(3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 3/17/2033 | $— | (3) | (2) |  |
| Pricelabs Revenue Inc. (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 3/17/2033 | $— | (3) | (2) |  |
| Pricelabs Revenue Inc. (18)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.44% | 3/17/2033 | $2055 | 2034 | 2039 |  |
| RetailNext (15)(19) | First Lien Senior Secured Loan | SOFR | 7.00% | 10.67% | 12/5/2030 | $17007 | 16872 | 16837 |  |
| RetailNext (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 7.00% | 10.71% | 12/5/2030 | $2328 | 2304 | 2297 |  |
| Revalize, Inc. (15)(19)(26) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 3.40% (1.50% PIK) | 8.60% | 4/15/2027 | $5285 | 5272 | 4862 |  |
| Revalize, Inc. (3)(15)(19)(26) | First Lien Senior Secured Loan - Revolver | SOFR | 4.40% (1.50% PIK) | 9.60% | 4/15/2027 | $470 | 467 | 362 |  |
| Revalize, Inc. (15)(19)(26) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 3.40% (1.50% PIK) | 8.60% | 4/15/2027 | $1982 | 1978 | 1824 |  |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Interest Rate** | **Maturity Date** | **Principal/Shares** <sup>(9)</sup> | **Cost** | **Market Value** | **% of NAV** <sup>(4)</sup> |
| **Non-Controlled/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| **High Tech Industries** |  |  |  |  |  |  |  |  |  |
| SAM (19)(26) | First Lien Senior Secured Loan |  | 13.50% PIK | 13.50% | 5/9/2028 | $43969 | 43859 | 43969 |  |
| SensorTower (19)(29)(31) | First Lien Senior Secured Loan | SOFR | 7.50% | 11.18% | 3/15/2029 | $3169 | 3139 | 3169 |  |
| SensorTower (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 3/15/2029 | $— | (9) |  |  |
| SensorTower (14)(19)(25) | Equity Interest |  |  |  |  | 156 | 2400 | 14909 |  |
| Superna Inc. (6)(15)(19) | First Lien Senior Secured Loan | SOFR | 6.50% | 10.17% | 3/6/2028 | $31170 | 31150 | 31170 |  |
| Superna Inc. (3)(5)(6)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 3/6/2028 | $— | (9) |  |  |
| Superna Inc. (3)(5)(6)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 3/6/2028 | $— | (9) |  |  |
| Superna Inc. (6)(14)(19)(25) | Equity Interest |  |  |  |  | 1463 | 1463 | 2745 |  |
| Utimaco (6)(16)(19) | First Lien Senior Secured Loan | EURIBOR | 5.50% | 7.62% | 5/14/2029 | 67 | 72 | 77 |  |
| Utimaco (6)(16)(19) | First Lien Senior Secured Loan | SOFR | 5.93% | 9.65% | 5/14/2029 | $94 | 93 | 94 |  |
| Utimaco (6)(16)(19) | First Lien Senior Secured Loan | SOFR | 5.93% | 9.65% | 5/14/2029 | $192 | 191 | 192 |  |
| Utimaco (6)(14)(19)(25) | Equity Interest |  |  |  |  | 2 | 2158 | 2893 |  |
| Utimaco (6)(14)(19)(25) | Preferred Equity |  |  |  |  | 2 | 2158 | 2893 |  |
| Ventiv Holdco, Inc. (14)(19)(25) | Equity Interest |  |  |  |  | 529 | 2833 | 909 |  |
| **High Tech Industries Total** |  |  |  |  |  |  | $**254788** | $**265783** | **24.3%** |
| **Hotel, Gaming & Leisure** |  |  |  |  |  |  |  |  |  |
| Awayday (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 5/6/2032 | $— | (11) |  |  |
| Awayday (15)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.95% | 5/6/2032 | $8634 | 8555 | 8634 |  |
| City BBQ (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.35% | 9.03% | 9/4/2030 | $9231 | 9172 | 9139 |  |
| City BBQ (3)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.35% | 9.02% | 9/4/2030 | $3791 | 3791 | 3658 |  |
| City BBQ (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 9/4/2030 | $— | (31) | (47) |  |
| City BBQ (14)(19)(25) | Preferred Equity |  |  |  |  | 5 | 1271 | 1485 |  |
| Le Berger SA (6)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 3.75% | 5.77% | 2/21/2028 | 500 | 522 | 576 |  |
| Pyramid Global Hospitality (19)(24)(29) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.92% | 1/19/2028 | $9478 | 9363 | 9478 |  |
| Pyramid Global Hospitality (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 1/19/2028 | $— | (21) |  |  |
| **Hotel, Gaming & Leisure Total** |  |  |  |  |  |  | $**32611** | $**32923** | **3.0%** |
| **Media: Advertising, Printing & Publishing** |  |  |  |  |  |  |  |  |  |
| Facts Global Energy (6)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.50% | 9.20% | 12/20/2031 | $50 | 50 | 49 |  |
| Facts Global Energy (3)(6)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.50% | 9.18% | 12/20/2031 | $1577 | 1539 | 1340 |  |
| Facts Global Energy (6)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.50% | 9.20% | 12/20/2031 | $50 | 50 | 49 |  |
| OGH Bidco Limited (6)(18)(19) | First Lien Senior Secured Loan | SONIA | 6.50% | 10.23% | 6/29/2029 | £139 | 165 | 172 |  |
| OGH Bidco Limited (3)(6)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 6.25% | 9.98% | 6/29/2029 | £2217 | 2632 | 2436 |  |
| TGI Sport Bidco Pty Ltd (6)(18)(19) | First Lien Senior Secured Loan | BBSY | 7.00% | 11.11% | 4/30/2026 | 98 | 76 | 67 |  |
| TGI Sport Bidco Pty Ltd (6)(17)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 7.11% | 10.78% | 4/30/2026 | 106 | 73 | 73 |  |
| TGI Sport Bidco Pty Ltd (6)(17)(19) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 6.03% | 9.79% | 6/24/2029 | £69 | 88 | 91 |  |
| **Media: Advertising, Printing & Publishing Total** |  |  |  |  |  |  | $**4673** | $**4277** | **0.4%** |
| **Media: Broadcasting & Subscription** |  |  |  |  |  |  |  |  |  |
| Lightning Finco Limited (6)(16)(19) | First Lien Senior Secured Loan | SOFR | 5.93% | 9.59% | 8/31/2028 | $1443 | 1442 | 1436 |  |
| Lightning Finco Limited (6)(16)(19) | First Lien Senior Secured Loan | EURIBOR | 5.75% | 7.87% | 8/31/2028 | 1300 | 1437 | 1491 |  |
| **Media: Broadcasting & Subscription Total** |  |  |  |  |  |  | $**2879** | $**2927** | **0.3%** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Interest Rate** | **Maturity Date** | **Principal/Shares** <sup>(9)</sup> | **Cost** | **Market Value** | **% of NAV** <sup>(4)</sup> |
| **Media: Diversified & Production** |  |  |  |  |  |  |  |  |  |
| Aptus 1724 Gmbh (6)(7)(14)(19)(21)(26) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 7.15% PIK | 10.89% | 3/3/2028 | $5146 | 5146 | 257 |  |
| Efficient Collaborative Retail Marketing Company, LLC (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 7.76% (2.50% PIK) | 13.96% | 9/30/2026 | $11827 | 10008 | 10289 |  |
| Efficient Collaborative Retail Marketing Company, LLC (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 7.76% (2.50% PIK) | 13.96% | 9/30/2026 | $18036 | 15083 | 15692 |  |
| Efficient Collaborative Retail Marketing Company, LLC (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 6.61% | 10.28% | 9/30/2026 | $1252 | 1244 | 1252 |  |
| Music Creation Group Bidco GmbH (6)(7)(14)(19)(21)(26) | First Lien Senior Secured Loan | SOFR | 7.15% PIK | 10.89% | 3/3/2028 | $4208 | 4112 | 210 |  |
| Owl Acquisition, LLC (16)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.42% | 4/17/2032 | $640 | 638 | 615 |  |
| Owl Acquisition, LLC (3)(16)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 4.75% | 8.45% | 4/17/2032 | $456 | 448 | 361 |  |
| Owl Acquisition, LLC (3)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.75% | 8.40% | 4/17/2032 | $199 | 198 | 156 |  |
| **Media: Diversified & Production Total** |  |  |  |  |  |  | $**36877** | $**28832** | **2.6%** |
| **Metals & Mining** |  |  |  |  |  |  |  |  |  |
| Elevation NewCo Intermediate, LLC (14)(19)(25) | Equity Interest |  |  |  |  | 112 |  | 48 |  |
| Elevation NewCo, LLC (3)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.75% | 9.45% | 8/1/2031 | $475 | 475 | 475 |  |
| Elevation NewCo, LLC (3)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 8/1/2031 | $5 |  | 5 |  |
| Lindstrom, LLC (3)(16)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.50% | 9.20% | 12/30/2032 | $252 | 232 | 237 |  |
| **Metals & Mining Total** |  |  |  |  |  |  | $**707** | $**765** | **0.1%** |
| **Retail** |  |  |  |  |  |  |  |  |  |
| Galeria (6)(19)(26) | First Lien Senior Secured Loan - Delayed Draw |  | 15.00% PIK | 15.00% | 4/9/2029 | 10657 | 11604 | 12281 |  |
| Galeria (6)(14)(19)(25) | Equity Interest |  |  |  |  | 101 | 22 |  |  |
| New Look Vision Group (6)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | CORRA | 5.25% | 7.56% | 5/26/2028 | 28 | 26 | 20 |  |
| New Look Vision Group (3)(6)(18)(19) | First Lien Senior Secured Loan - Revolver | CORRA | 5.25% | 7.56% | 5/26/2028 | 783 | 561 | 561 |  |
| New Look Vision Group (6)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.25% | 8.95% | 5/26/2028 | $392 | 392 | 392 |  |
| New Look Vision Group (6)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | CORRA | 5.25% | 7.56% | 5/26/2028 | 54 | 43 | 38 |  |
| Thrasio, LLC (7)(14)(15)(19)(26) | First Lien Senior Secured Loan | SOFR | 10.26% PIK | 13.93% | 6/18/2029 | $5419 | 4682 | 4335 |  |
| Thrasio, LLC (14)(19)(25) | Equity Interest |  |  |  |  | 8 | 777 |  |  |
| Thrasio, LLC (14)(19)(25) | Equity Interest |  |  |  |  | 70 | 6997 |  |  |
| Thrasio, LLC (7)(14)(15)(19)(26) | First Lien Senior Secured Loan | SOFR | 10.26% PIK | 13.93% | 6/18/2029 | $1553 | 1356 | 1553 |  |
| **Retail Total** |  |  |  |  |  |  | $**26460** | $**19180** | **1.8%** |
| **Services: Business** |  |  |  |  |  |  |  |  |  |
| ACAMS (14)(19)(25) | Equity Interest |  |  |  |  | 3337 | 3337 | 3497 |  |
| ACAMS (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.00% | 8.68% | 12/30/2031 | $283 | 266 | 266 |  |
| ACAMS (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.70% | 12/30/2031 | $5191 | 5142 | 5142 |  |
| Advanced Aircrew (15)(19) | First Lien Senior Secured Loan | SOFR | 6.50% | 10.17% | 7/26/2030 | $5030 | 4992 | 5030 |  |
| Advanced Aircrew (3)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/26/2030 | $— |  |  |  |
| Advanced Aircrew (14)(19)(25) | Preferred Equity |  |  |  |  | 592 | 592 | 628 |  |
| Allbridge (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.20% | 6/5/2030 | $8932 | 8884 | 8932 |  |
| Allbridge (3)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 6/5/2030 | $— |  |  |  |
| Allbridge (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 6/5/2030 | $— | (20) |  |  |
| Alogent Holdings, Inc. (3)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 1/21/2032 | $— |  |  |  |
| Alogent Holdings, Inc. (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 1/21/2032 | $— | (16) | (16) |  |
| Alogent Holdings, Inc. (15)(19) | First Lien Senior Secured Loan | SOFR | 6.50% | 10.17% | 1/21/2032 | $1512 | 1497 | 1497 |  |
| AMI (16)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.90% | 10/17/2031 | $9181 | 9125 | 9181 |  |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Interest Rate** | **Maturity Date** | **Principal/Shares** <sup>(9)</sup> | **Cost** | **Market Value** | **% of NAV** <sup>(4)</sup> |
| **Non-Controlled/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| **Services: Business** |  |  |  |  |  |  |  |  |  |
| AMI (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/17/2031 | $— | (34) |  |  |
| Beneficium (6)(15)(19) | First Lien Senior Secured Loan | SONIA | 5.50% | 9.23% | 6/28/2031 | £7497 | 9404 | 9690 |  |
| Beneficium (2)(3)(6)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 6/28/2031 | £— |  | (190) |  |
| BLI Buyer, Inc. (2)(3)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 10/31/2031 | $— |  | (16) |  |
| BLI Buyer, Inc. (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.00% | 8.67% | 10/31/2031 | $535 | 526 | 524 |  |
| BLI Buyer, Inc. (15)(19) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.67% | 10/31/2031 | $1129 | 1124 | 1123 |  |
| Brook Bidco (6)(18)(19)(26) | First Lien Senior Secured Loan | SONIA | 1.80% (5.48% PIK) | 11.00% | 7/10/2028 | £960 | 1295 | 1139 |  |
| Brook Bidco (6)(16)(19)(26) | First Lien Senior Secured Loan | SOFR | 1.98% (6.12% PIK) | 11.77% | 7/10/2028 | £386 | 509 | 458 |  |
| Brook Bidco (6)(16)(19)(26) | First Lien Senior Secured Loan | SOFR | 1.98% (6.13% PIK) | 11.78% | 7/10/2028 | £139 | 190 | 164 |  |
| Brook Bidco (6)(14)(19)(25) | Preferred Equity |  |  |  |  | 11656 | 9941 | 5541 |  |
| Brook Bidco I Limited (6)(18)(19)(26) | First Lien Senior Secured Loan | SONIA | 4.01% (4.25% PIK) | 11.99% | 7/7/2028 | $2537 | 2308 | 2308 |  |
| Cube (18)(19)(26) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 3.00% (4.40% PIK) | 11.09% | 5/20/2031 | $54 | 54 | 54 |  |
| Cube (6)(18)(19)(26) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 3.00% (4.40% PIK) | 11.10% | 5/20/2031 | $123 | 105 | 101 |  |
| Cube (6)(18)(19)(26) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 10.00% PIK | 13.73% | 5/22/2032 | £2185 | 2992 | 2882 |  |
| Darcy Partners (18)(19) | First Lien Senior Secured Loan | SOFR | 7.75% | 11.45% | 6/1/2028 | $1476 | 1471 | 1462 |  |
| Darcy Partners (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 7.65% | 11.30% | 6/1/2028 | $70 | 70 | 66 |  |
| Darcy Partners (14)(19)(25) | Equity Interest |  |  |  |  | 359 | 360 | 387 |  |
| Datix Bidco Limited (17)(19) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.73% | 4/30/2031 | $5126 | 5048 | 5126 |  |
| Datix Bidco Limited (3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 4/30/2031 | $— | (21) |  |  |
| Datix Bidco Limited (3)(5)(6)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/30/2030 | $— | (30) |  |  |
| Discovery Senior Living (3)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.75% | 8.42% | 3/18/2030 | $5661 | 5633 | 5661 |  |
| Discovery Senior Living (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 3/18/2030 | $— | (19) |  |  |
| DTIQ (13)(19)(29) | First Lien Senior Secured Loan | SOFR | 7.50% | 11.17% | 9/30/2029 | $33270 | 32828 | 32605 |  |
| DTIQ (13)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 7.50% | 11.17% | 9/30/2029 | $4032 | 4032 | 3951 |  |
| DTIQ (14)(19)(25) | Equity Interest |  |  |  |  | 3995 |  |  |  |
| DTIQ (14)(19)(25) | Equity Interest |  |  |  |  | 1985 | 681 | 1557 |  |
| Easy Ice (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.40% | 9.07% | 10/30/2030 | $7900 | 7807 | 7900 |  |
| Easy Ice (3)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.40% | 9.10% | 10/30/2030 | $3601 | 3541 | 3601 |  |
| Easy Ice (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.40% | 9.07% | 10/30/2030 | $3029 | 2969 | 3029 |  |
| Electronic Merchant Systems (16)(19)(29) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.42% | 8/1/2030 | $4081 | 4027 | 4081 |  |
| Electronic Merchant Systems (3)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 8/1/2030 | $— |  |  |  |
| Electronic Merchant Systems (14)(19)(25) | Equity Interest |  |  |  |  | 148 | 1042 | 1867 |  |
| Elevator Holdco Inc. (14)(19)(25) | Equity Interest |  |  |  |  | 2 | 2448 | 3026 |  |
| E-Tech Group (3)(15)(19) | First Lien Senior Secured Loan - Revolver | P | 4.50% | 11.25% | 4/9/2030 | $337 | 329 | 331 |  |
| Fiduciaire Jean-Marc Faber (FJMF) (2)(3)(5)(6)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 4/3/2032 |  | (14) | (18) |  |
| Fiduciaire Jean-Marc Faber (FJMF) (6)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 5.50% | 7.58% | 4/3/2032 | 50 | 55 | 57 |  |
| HLSG Intermediate, LLC (2)(3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 2/2/2033 | $— | (12) | (9) |  |
| HLSG Intermediate, LLC (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 2/2/2033 | $— | (10) | (7) |  |
| HLSG Intermediate, LLC (16)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.42% | 2/2/2033 | $10914 | 10812 | 10832 |  |
| Hollywood LP (6)(19)(25)(26) | Preferred Equity |  | 12.50% PIK | 12.50% |  | 1928 | 2510 | 2517 |  |
| iBanFirst (6)(18)(19)(26) | First Lien Senior Secured Loan | EURIBOR | 9.75% PIK | 11.78% | 7/13/2028 | 4279 | 4525 | 4931 |  |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Interest Rate** | **Maturity Date** | **Principal/Shares** <sup>(9)</sup> | **Cost** | **Market Value** | **% of NAV** <sup>(4)</sup> |
| **Non-Controlled/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| **Services: Business** |  |  |  |  |  |  |  |  |  |
| iBanFirst (6)(18)(19)(26) | First Lien Senior Secured Loan | EURIBOR | 9.75% PIK | 11.78% | 7/13/2028 | 120 | 129 | 139 |  |
| iBanFirst (6)(18)(19)(26) | First Lien Senior Secured Loan | EURIBOR | 9.75% PIK | 11.78% | 7/13/2028 | 4497 | 4716 | 5183 |  |
| iBanFirst (6)(18)(19)(26) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 9.75% PIK | 11.86% | 7/13/2028 | 4127 | 4321 | 4756 |  |
| iBanFirst (6)(14)(19)(25) | Preferred Equity |  |  |  |  | 7112 | 8136 | 27713 |  |
| ImageTrend (15)(19) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.67% | 1/31/2029 | $17000 | 16841 | 17000 |  |
| ImageTrend (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 1/31/2029 | $— | (28) |  |  |
| ImageTrend (15)(19) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.67% | 1/31/2029 | $2500 | 2480 | 2500 |  |
| LEP CP Co-Invest, L.P. (6)(14)(19)(25) | Equity Interest |  |  |  |  | 287 | 380 | 413 |  |
| Mach 1 Bidco Limited (6)(18)(19)(26) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 3.00% (4.40% PIK) | 11.10% | 5/20/2031 | $295 | 293 | 293 |  |
| masLabor (18)(19) | First Lien Senior Secured Loan | SOFR | 7.50% | 11.15% | 7/1/2027 | $8212 | 8142 | 8212 |  |
| masLabor (14)(19)(25) | Equity Interest |  |  |  |  | 173 | 173 | 728 |  |
| Monarch Collective Holdings, LLC (3)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 8.70% | 3/17/2032 | $20 | 3 | 3 |  |
| Monarch Collective Holdings, LLC (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.00% | 8.70% | 3/17/2032 | $133 | 130 | 130 |  |
| Monarch Collective Holdings, LLC (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.68% | 3/17/2032 | $5000 | 4975 | 4975 |  |
| Morrow Sodali (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 4/25/2028 | $— | (11) |  |  |
| Morrow Sodali (15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.48% | 9.15% | 4/25/2028 | $2566 | 2559 | 2566 |  |
| Opus2 (6)(18)(19) | First Lien Senior Secured Loan | SONIA | 5.28% | 9.00% | 5/5/2028 | £123 | 169 | 162 |  |
| Opus2 (6)(14)(19)(25) | Equity Interest |  |  |  |  | 2272 | 2900 | 3324 |  |
| PRGX (15)(19) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.16% | 12/20/2030 | $142 | 141 | 139 |  |
| PRGX (2)(3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 12/20/2030 | $— | (22) | (123) |  |
| Pure Wafer (15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.35% | 9.02% | 11/12/2030 | $1975 | 1968 | 1975 |  |
| Pure Wafer (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.35% | 9.02% | 11/12/2030 | $396 | 381 | 396 |  |
| Pure Wafer (14)(19)(25) | Equity Interest |  |  |  |  | 1236 | 1236 | 1381 |  |
| Rydoo (6)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 6.75% | 9.25% | 9/12/2031 | 1556 | 1725 | 1793 |  |
| Rydoo (6)(15)(19) | First Lien Senior Secured Loan | EURIBOR | 6.75% | 9.25% | 9/26/2031 | 5076 | 5800 | 5850 |  |
| Rydoo (6)(14)(19)(25) | Equity Interest |  |  |  |  | 1529 | 1790 | 1886 |  |
| Rydoo (6)(14)(19)(25) | Preferred Equity |  |  |  |  | 655 | 767 | 870 |  |
| SoftCo (6)(15)(19) | First Lien Senior Secured Loan | EURIBOR | 6.75% | 8.76% | 2/22/2031 | 2000 | 2149 | 2305 |  |
| SoftCo (6)(14)(19)(25) | Equity Interest |  |  |  |  | 500 | 537 | 547 |  |
| Spring Finco BV (2)(3)(6)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 7/15/2029 |  |  | (78) |  |
| TEI Holdings Inc. (17)(29) | First Lien Senior Secured Loan | SOFR | 4.00% | 7.70% | 4/9/2031 | $2614 | 2604 | 2590 |  |
| TES Global (6)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 5.00% | 8.73% | 1/27/2029 | £12 | 15 | 16 |  |
| Webcentral (6)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 6.25% | 8.75% | 12/18/2030 | 17 | 18 | 19 |  |
| Webcentral (3)(6)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.25% | 9.88% | 12/18/2030 | 217 | 238 | 240 |  |
| Webcentral (6)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.25% | 9.88% | 12/18/2030 | $87 | 87 | 87 |  |
| **Services: Business Total** |  |  |  |  |  |  | $**228037** | $**248878** | **22.8%** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Interest Rate** | **Maturity Date** | **Principal/Shares** <sup>(9)</sup> | **Cost** | **Market Value** | **% of NAV** <sup>(4)</sup> |
| **Non-Controlled/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| **Services: Consumer** |  |  |  |  |  |  |  |  |  |
| CorePower Yoga, LLC (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.95% | 4/30/2031 | $7940 | 7904 | 7940 |  |
| CorePower Yoga, LLC (3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 4/30/2031 | $— | (2) |  |  |
| CorePower Yoga, LLC (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 4/30/2031 | $— | (8) |  |  |
| Master ConcessionAir (19)(33) | First Lien Senior Secured Loan | SOFR | 8.50% | 12.21% | 6/21/2029 | $1697 | 1671 | 1612 |  |
| Master ConcessionAir (3)(19)(33) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 8.75% | 12.42% | 6/21/2029 | $181 | 180 | 159 |  |
| Master ConcessionAir (3)(19)(33) | First Lien Senior Secured Loan - Revolver | SOFR | 8.50% | 12.17% | 6/21/2029 | $217 | 214 | 205 |  |
| MZR Aggregator (14)(19)(25) | Equity Interest |  |  |  |  | 1 | 798 | 60 |  |
| MZR Aggregator (14)(19)(25) | Equity Interest |  |  |  |  |  | 12 | 1 |  |
| MZR Buyer, LLC (15)(19)(26) | First Lien Senior Secured Loan - Revolver | SOFR | 6.90% (0.50% PIK) | 11.06% | 12/22/2028 | $5235 | 5196 | 4894 |  |
| MZR Buyer, LLC (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 6.90% (0.50% PIK) | 11.10% | 12/22/2028 | $455 | 450 | 426 |  |
| MZR Buyer, LLC (15)(19)(26) | First Lien Senior Secured Loan - Revolver | SOFR | 6.90% (0.50% PIK) | 11.06% | 12/22/2028 | $1732 | 1713 | 1619 |  |
| MZR Buyer, LLC (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 6.90% (0.50% PIK) | 11.10% | 12/22/2028 | $25523 | 25099 | 23864 |  |
| Spotless Brands (15)(19)(29) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.50% | 9.17% | 7/25/2028 | $11301 | 11259 | 11301 |  |
| Vasa Fitness Buyer, Inc. (15)(19) | First Lien Senior Secured Loan | SOFR | 6.35% | 10.02% | 8/15/2030 | $66 | 65 | 65 |  |
| Vasa Fitness, LLC (3)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.35% | 10.03% | 8/15/2030 | $1085 | 1077 | 1069 |  |
| Vasa Fitness, LLC (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 8/15/2030 | $— | (2) | (2) |  |
| WhiteWater Express (19)(26) | Subordinated Debt |  | 14.00% PIK | 14.00% | 3/31/2031 | $9485 | 9422 | 9485 |  |
| **Services: Consumer Total** |  |  |  |  |  |  | $**65048** | $**62698** | **5.7%** |
| **Telecommunications** |  |  |  |  |  |  |  |  |  |
| Meriplex Communications, Ltd. (16)(19) | First Lien Senior Secured Loan | SOFR | 5.10% | 8.77% | 7/17/2028 | $1096 | 1081 | 1077 |  |
| Meriplex Communications, Ltd. (16)(19) | First Lien Senior Secured Loan | SOFR | 5.10% | 8.77% | 7/17/2028 | $11936 | 11828 | 11727 |  |
| Meriplex Communications, Ltd. (16)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.10% | 8.77% | 7/17/2028 | $7084 | 7041 | 6960 |  |
| Meriplex Communications, Ltd. (3)(16)(19)(35) | First Lien Senior Secured Loan - Revolver | SOFR | 5.10% | 8.77% | 7/17/2028 | $2475 | 2453 | 2425 |  |
| Substantial Holdco Limited (3)(6)(19)(26) | First Lien Senior Secured Loan - Delayed Draw |  | 8.00% (4.00% PIK) | 12.00% | 4/20/2030 | £386 | 517 | 509 |  |
| Taoglas (15)(19) | First Lien Senior Secured Loan | SOFR | 7.25% | 10.95% | 2/28/2029 | $9851 | 9794 | 9753 |  |
| Taoglas (3)(6)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 7.25% | 10.96% | 2/28/2029 | $1284 | 1284 | 1271 |  |
| Taoglas (6)(15)(19) | First Lien Senior Secured Loan | SOFR | 7.25% | 10.95% | 2/28/2029 | $443 | 435 | 438 |  |
| Taoglas (14)(19)(25) | Equity Interest |  |  |  |  | 2259 | 2259 | 1973 |  |
| Taoglas (15)(19) | First Lien Senior Secured Loan | SOFR | 7.25% | 10.95% | 2/28/2029 | $892 | 892 | 883 |  |
| Taoglas (14)(19)(25) | Equity Interest |  |  |  |  | 128 | 128 | 111 |  |
| Taoglas (15)(19) | First Lien Senior Secured Loan | SOFR | 7.25% | 10.95% | 2/28/2029 | $18230 | 18001 | 18048 |  |
| **Telecommunications Total** |  |  |  |  |  |  | $**55713** | $**55175** | **5.0%** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Interest Rate** | **Maturity Date** | **Principal/Shares** <sup>(9)</sup> | **Cost** | **Market Value** | **% of NAV** <sup>(4)</sup> |
| **Non-Controlled/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| **Transportation: Cargo** |  |  |  |  |  |  |  |  |  |
| A&R Logistics, Inc. (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 2.65% (4.25% PIK) | 10.58% | 2/3/2028 | $13308 | 13292 | 10913 |  |
| A&R Logistics, Inc. (3)(15)(19)(22)(26) | First Lien Senior Secured Loan - Revolver | SOFR | 2.60% (4.25% PIK) | 10.52% | 2/3/2028 | $5861 | 5803 | 4729 |  |
| A&R Logistics, Inc. (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 2.65% (4.25% PIK) | 10.58% | 2/3/2028 | $2424 | 2422 | 1988 |  |
| A&R Logistics, Inc. (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 2.65% (4.25% PIK) | 10.58% | 2/3/2028 | $926 | 923 | 759 |  |
| A&R Logistics, Inc. (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 2.65% (4.25% PIK) | 10.58% | 2/3/2028 | $2722 | 2720 | 2232 |  |
| A&R Logistics, Inc. (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 2.65% (4.25% PIK) | 10.58% | 2/3/2028 | $6000 | 5994 | 4920 |  |
| A&R Logistics, Inc. (3)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 6/29/2026 | $108 |  | 108 |  |
| ARL Holdings, LLC (14)(19)(25) | Equity Interest |  |  |  |  |  | 445 |  |  |
| ARL Holdings, LLC (14)(19)(25) | Equity Interest |  |  |  |  | 9 | 9 | 9 |  |
| Grammer Investment Holdings LLC (14)(19)(25) | Equity Interest |  |  |  |  | 1011 | 1019 |  |  |
| Grammer Investment Holdings LLC (14)(19)(25) | Warrants |  |  |  |  | 122 |  |  |  |
| Grammer Investment Holdings LLC (14)(19)(25) | Preferred Equity |  |  |  |  | 11 | 1095 |  |  |
| Gulf Winds International (15)(19)(26)(29) | First Lien Senior Secured Loan | SOFR | 6.00% (1.00% PIK) | 10.67% | 12/16/2028 | $11952 | 11762 | 11324 |  |
| Gulf Winds International (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 7.00% | 10.67% | 12/16/2028 | $4779 | 4679 | 4480 |  |
| Gulf Winds International (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 6.00% (1.00% PIK) | 10.67% | 12/16/2028 | $1072 | 1065 | 1016 |  |
| ICAT Logistics, Inc. (15)(19) | First Lien Senior Secured Loan | SOFR | 6.25% | 9.92% | 3/1/2029 | $182 | 179 | 180 |  |
| ICAT Logistics, Inc. (3)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.25% | 9.92% | 3/1/2029 | $2629 | 2592 | 2575 |  |
| ICAT Logistics, Inc. (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 3/1/2029 | $— | (12) | (8) |  |
| REP Coinvest III- A Omni, L.P. (14)(19)(25) | Equity Interest |  |  |  |  | 1377 | 1377 | 381 |  |
| RoadOne (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 6.25% | 9.95% | 12/29/2028 | $11852 | 11659 | 11852 |  |
| RoadOne (15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.25% | 10.00% | 12/29/2028 | $927 | 917 | 927 |  |
| RoadOne (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 6.25% | 10.00% | 12/29/2028 | $3922 | 3861 | 3922 |  |
| **Transportation: Cargo Total** |  |  |  |  |  |  | $**71801** | $**62307** | **5.7%** |
| **Transportation: Consumer** |  |  |  |  |  |  |  |  |  |
| PrimeFlight (15)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.92% | 5/1/2029 | $9311 | 9233 | 9311 |  |
| PrimeFlight Acquisition LLC (15)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.41% | 5/1/2029 | $5797 | 5743 | 5797 |  |
| PrimeFlight Acquisition LLC (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.16% | 5/1/2029 | $11913 | 11776 | 11913 |  |
| PrimeFlight Acquisition LLC (15)(19) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.20% | 5/1/2029 | $824 | 824 | 824 |  |
| PrimeFlight Acquisition LLC (15)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.95% | 5/1/2029 | $4004 | 3963 | 4004 |  |
| **Transportation: Consumer Total** |  |  |  |  |  |  | $**31539** | $**31849** | **2.9%** |
| **Utilities: Electric** |  |  |  |  |  |  |  |  |  |
| KAMC Holdings, Inc. (16)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.91% | 8/1/2031 | $7837 | 7756 | 7700 |  |
| KAMC Holdings, Inc. (3)(16)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.25% | 8.92% | 8/1/2031 | $263 | 253 | 246 |  |
| **Utilities: Electric Total** |  |  |  |  |  |  | $**8009** | $**7946** | **0.7%** |
| **Utilities: Water** |  |  |  |  |  |  |  |  |  |
| Vessco Water (3)(16)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.50% | 8.17% | 7/24/2031 | $3080 | 3064 | 3080 |  |
| Vessco Water (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/24/2031 | $— | (8) |  |  |
| **Utilities: Water Total** |  |  |  |  |  |  | $**3056** | $**3080** | **0.3%** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Interest Rate** | **Maturity Date** | **Principal/Shares** <sup>(9)</sup> | **Cost** | **Market Value** | **% of NAV** <sup>(4)</sup> |
| **Non-Controlled/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| **Wholesale** |  |  |  |  |  |  |  |  |  |
| Abracon Group Holding, LLC. (7)(14)(16)(19)(26) | First Lien Senior Secured Loan | SOFR | 2.05% (4.60% PIK) | 10.32% | 7/6/2028 | $15115 | 13387 | 6651 |  |
| Abracon Group Holding, LLC. (7)(14)(16)(19)(26) | First Lien Senior Secured Loan - Revolver | SOFR | 2.05% (4.60% PIK) | 10.32% | 7/6/2028 | $2136 | 1884 | 940 |  |
| Chex Finer Foods, LLC (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 6.00% | 9.67% | 6/6/2031 | $8922 | 8874 | 8922 |  |
| Chex Finer Foods, LLC (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 6/6/2031 | $— | (16) |  |  |
| Chex Finer Foods, LLC (3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 6/6/2031 | $— | (14) |  |  |
| Fifty AU Bidco Pty Ltd (18)(19) | First Lien Senior Secured Loan | BBSY | 5.00% | 9.36% | 8/1/2031 | 2390 | 1540 | 1637 |  |
| Fifty U.S. Bidco Inc (15)(19) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.70% | 8/1/2031 | $698 | 695 | 698 |  |
| Fifty U.S. Bidco Inc (3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 8/1/2031 | $— | (3) |  |  |
| Fifty U.S. Bidco Inc (3)(15)(19)(36) | First Lien Senior Secured Loan - Revolver | SOFR | 5.00% | 8.70% | 8/1/2031 | $1392 | 1381 | 1408 |  |
| Hultec (14)(19)(25) | Equity Interest |  |  |  |  | 1 | 651 | 966 |  |
| SureWerx (16)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.95% | 12/28/2029 | $930 | 927 | 925 |  |
| SureWerx (2)(3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 12/28/2029 | $— | (6) | (5) |  |
| SureWerx (3)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 12/28/2028 | $301 | 289 | 289 |  |
| SureWerx (3)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 12/28/2028 |  |  |  |  |
| WSP (2)(3)(7)(14)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 4/27/2028 | $135 | 128 | (53) |  |
| WSP (14)(19)(25) | Equity Interest |  |  |  |  | 2898 | 2898 |  |  |
| WSP (7)(14)(15)(19)(26) | First Lien Senior Secured Loan | SOFR | 1.15% (4.00% PIK) | 8.82% | 4/27/2028 | $3338 | 2924 | 1018 |  |
| WSP (7)(14)(19)(26) | First Lien Senior Secured Loan |  | 8.00% PIK | 8.00% | 4/27/2028 | $2259 | 1995 |  |  |
| WSP (14)(19)(25) | Preferred Equity |  |  |  |  |  | 216 |  |  |
| WSP (14)(19)(25) | Equity Interest |  |  |  |  |  | 12 |  |  |
| **Wholesale Total** |  |  |  |  |  |  | $**37762** | $**23396** | **2.1%** |
| **Non-Controlled/Non-Affiliate Investments Total** |  |  |  |  |  |  | $**1925871** | $**1916461** | **175.30%** |
| **Non-Controlled/Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| **Aerospace & Defense** |  |  |  |  |  |  |  |  |  |
| Ansett Aviation Training (6)(10)(14)(19)(25) | Equity Interest |  |  |  |  | 5119 | 3842 | 18874 |  |
| **Aerospace & Defense Total** |  |  |  |  |  |  | $**3842** | $**18874** | **1.8%** |
| **Beverage, Food & Tobacco** |  |  |  |  |  |  |  |  |  |
| ADT Pizza, LLC (10)(14)(19)(25) | Equity Interest |  |  |  |  | 6720 | 3372 |  |  |
| **Beverage, Food & Tobacco Total** |  |  |  |  |  |  | $**3372** | $**—** | **0.0%** |
| **Consumer Goods: Durable** |  |  |  |  |  |  |  |  |  |
| Walker Edison (3)(7)(10)(14)(19) | First Lien Senior Secured Loan - Delayed Draw |  | 10.00% | 10.00% | 2/2/2026 | $290 | 290 | 290 |  |
| **Consumer Goods: Durable Total** |  |  |  |  |  |  | $**290** | $**290** | **0.0%** |
| **Non-Controlled/Affiliate Investments Total** |  |  |  |  |  |  | $**7504** | $**19164** | **1.8%** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Interest Rate** | **Maturity Date** | **Principal/Shares** <sup>(9)</sup> | **Cost** | **Market Value** | **% of NAV** <sup>(4)</sup> |
| **Controlled Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| **Aerospace & Defense** |  |  |  |  |  |  |  |  |  |
| BCC Jetstream Holdings Aviation (Off I), LLC (6)(10)(11)(14)(20)(25) | Equity Interest |  |  |  |  | 11863 | 11862 | 7539 |  |
| BCC Jetstream Holdings Aviation (On II), LLC (10)(11)(14)(20) | First Lien Senior Secured Loan |  |  |  |  | $8013 | 8013 | 4583 |  |
| BCC Jetstream Holdings Aviation (On II), LLC (10)(11)(14)(20)(25) | Equity Interest |  |  |  |  | 1116 | 1115 |  |  |
| **Aerospace & Defense Total** |  |  |  |  |  |  | $**20990** | $**12122** | **1.1%** |
| **FIRE: Finance** |  |  |  |  |  |  |  |  |  |
| Legacy Corporate Lending HoldCo, LLC (10)(11)(14)(19)(25) | Equity Interest |  |  |  |  | 1 | 900 | 1343 |  |
| Legacy Corporate Lending HoldCo, LLC (10)(11)(19)(25) | Preferred Equity |  |  |  |  | 70 | 63000 | 73309 |  |
| Legacy Corporate Lending HoldCo, LLC (10)(11)(14)(19)(25) | Equity Interest |  |  |  |  | 1 |  | 4517 |  |
| **FIRE: Finance Total** |  |  |  |  |  |  | $**63900** | $**79169** | **7.2%** |
| **Investment Vehicles** |  |  |  |  |  |  |  |  |  |
| Bain Capital Senior Loan Program, LLC (6)(10)(11)(18)(19) | Subordinated Note Investment Vehicles |  | 10.00% | 10.00% | 12/27/2033 | $178980 | 178980 | 166910 |  |
| Bain Capital Senior Loan Program, LLC (6)(10)(11)(25) | Preferred Equity Interest Investment Vehicles |  |  |  |  | 10 | 10 | 1836 |  |
| Bain Capital Senior Loan Program, LLC (6)(10)(11)(25) | Equity Interest Investment Vehicles |  |  |  |  | 10 | 5594 | 3618 |  |
| International Senior Loan Program, LLC (6)(10)(11)(18)(19) | Subordinated Note Investment Vehicles | SOFR | 8.00% | 11.69% | 2/22/2028 | $190729 | 190729 | 190729 |  |
| International Senior Loan Program, LLC (6)(10)(11)(25) | Equity Interest Investment Vehicles |  |  |  |  | 63587 | 60615 | 31598 |  |
| **Investment Vehicles Total** |  |  |  |  |  |  | $**435928** | $**394691** | **36.1%** |
| **Services: Business** |  |  |  |  |  |  |  |  |  |
| Parcel2Go (6)(10)(11)(14)(19)(25) | Preferred Equity |  |  |  |  | 14221 |  |  |  |
| Parcel2Go (6)(10)(11)(14)(19)(25) | Equity Interest |  |  |  |  |  |  |  |  |
| Parcel2Go (6)(10)(11)(18)(19) | First Lien Senior Secured Loan | SONIA | 7.00% | 10.73% | 11/26/2031 | £52 | 66 | 58 |  |
| **Services: Business Total** |  |  |  |  |  |  | $**66** | $**58** | **0.0%** |
| **Services: Consumer** |  |  |  |  |  |  |  |  |  |
| SG Global Midco Limited (6)(10)(11)(19)(26) | First Lien Senior Secured Loan |  | 10.00% PIK | 10.00% | 12/31/2028 | £2 | 3 | 3 |  |
| Surrey Bidco Limited (6)(7)(10)(11)(14)(18)(19)(26) | First Lien Senior Secured Loan | SONIA | 6.28% PIK | 10.00% | 12/31/2028 | £69 | 77 |  |  |
| Voltaire Topco Limited (6)(10)(11)(14)(19)(25) | Equity Interest |  |  |  |  |  |  |  |  |
| **Services: Consumer Total** |  |  |  |  |  |  | $**80** | $**3** | **0.0%** |
| **Transportation: Cargo** |  |  |  |  |  |  |  |  |  |
| Lightning Holdings B, LLC (6)(10)(11)(14)(19)(25) | Equity Interest |  |  |  |  | 28209 | 28519 | 49130 |  |
| **Transportation: Cargo Total** |  |  |  |  |  |  | $**28519** | $**49130** | **4.5%** |
| **Controlled Affiliate Investments Total** |  |  |  |  |  |  | $**549483** | $**535173** | **48.9%** |
| **Investments Total** |  |  |  |  |  |  | $**2482858** | $**2470798** | **226.0%** |
| **Cash Equivalents** |  |  |  |  |  |  |  |  |  |
| Goldman Sachs Financial Square Government Fund Institutional Share Class | Cash Equivalents |  |  | 3.55% |  | $1893 | 1893 | 1893 |  |
| Goldman Sachs US Treasury Liquid Reserves Fund (30) | Cash Equivalents |  |  | 3.54% |  | $11698 | 11698 | 11698 |  |
| **Cash Equivalents Total** |  |  |  |  |  |  | $**13591** | $**13591** | **1.2%** |
| **Investments and Cash Equivalents Total** |  |  |  |  |  |  | $**2496449** | $**2484389** | **227.2%** |

---

**Interest Rate Swap**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Hedged Items** | **Company Receives** | **Company Pays** | **Counterparty** | **Settlement <br>Date** | **Notional Amount** | **Upfront Payments/Receipts** | **Unrealized Appreciation** |
| Interest Rate Swap | March 2030 Notes | 5.95% | SOFR + 1.90% | Wells Fargo | 3/15/2030 | $350000 | $- | $5278 |
| Interest Rate Swap | March 2031 Notes | 5.95% | SOFR + 2.28% | BNP Paribas | 3/3/2031 | $350000 | $- | $(299) |

---

------

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Sold** | **Counterparty** | **Settlement <br>Date** | **Unrealized <br>Appreciation**<sup>(8)</sup> |
| US DOLLARS 1,034 | POUND STERLING 0 | BNP Paribas | 4/10/2026 | $(1037) |
| US DOLLARS 3,130 | POUND STERLING 2,410 | US Bank | 4/14/2026 | (48) |
| US DOLLARS 19,307 | EURO 16,810 | US Bank | 5/12/2026 | (98) |
| US DOLLARS 13,483 | POUND STERLING 10,160 | US Bank | 5/14/2026 | 85 |
| US DOLLARS 1,167 | EURO 0 | Wells Fargo | 5/19/2026 | (1168) |
| US DOLLARS 58 | POUND STERLING 55 | Bank of New York | 6/8/2026 | (14) |
| US DOLLARS 819 | EURO 700 | Bank of New York | 6/8/2026 | 10 |
| US DOLLARS 5,137 | EURO 4,400 | Bank of New York | 6/9/2026 | 52 |
| US DOLLARS 2,760 | EURO 2,360 | Bank of New York | 6/10/2026 | 33 |
| US DOLLARS 290 | NEW ZEALAND DOLLAR 725 | Bank of New York | 6/15/2026 | (125) |
| US DOLLARS 3,959 | POUND STERLING 2,915 | Bank of New York | 6/17/2026 | 116 |
| US DOLLARS 7,661 | POUND STERLING 5,690 | Bank of New York | 6/25/2026 | 159 |
| US DOLLARS 2,451 | POUND STERLING 1,810 | US Bank | 6/25/2026 | 65 |
| US DOLLARS 2,451 | AUSTRALIAN DOLLARS 3,739 | Bank of New York | 7/16/2026 | (107) |
| US DOLLARS 8,665 | POUND STERLING 6,450 | Wells Fargo | 7/16/2026 | 163 |
| US DOLLARS 4,375 | EURO 3,680 | Wells Fargo | 7/16/2026 | 115 |
| US DOLLARS 3,206 | AUSTRALIAN DOLLARS 4,900 | US Bank | 7/31/2026 | (145) |
| US DOLLARS 5,343 | POUND STERLING 4,007 | BNP Paribas | 7/31/2026 | 63 |
| US DOLLARS 11,061 | EURO 9,445 | BNP Paribas | 7/31/2026 | 122 |
| US DOLLARS 5,895 | EURO 4,980 | Wells Fargo | 8/13/2026 | 125 |
| US DOLLARS 3,248 | AUSTRALIAN DOLLARS 5,195 | Bank of New York | 8/20/2026 | (303) |
| US DOLLARS 999 | EURO 0 | Bank of New York | 8/20/2026 | (999) |
| US DOLLARS 5,570 | EURO 4,860 | Wells Fargo | 8/20/2026 | (62) |
| US DOLLARS 952 | CANADIAN DOLLAR 1,310 | Bank of New York | 8/20/2026 | 8 |
| US DOLLARS 7,111 | POUND STERLING 5,620 | Bank of New York | 8/27/2026 | (293) |
| US DOLLARS 5,359 | AUSTRALIAN DOLLARS 8,060 | Bank of New York | 9/16/2026 | (147) |
| US DOLLARS 7,171 | POUND STERLING 5,316 | US Bank | 9/24/2026 | 171 |
| US DOLLARS 3,473 | POUND STERLING 2,590 | US Bank | 10/2/2026 | 63 |
| US DOLLARS 3,170 | EURO 2,700 | US Bank | 10/2/2026 | 37 |
| US DOLLARS 16,837 | EURO 14,100 | Bank of New York | 10/2/2026 | 473 |
| US DOLLARS 5,503 | POUND STERLING 4,100 | Bank of New York | 10/22/2026 | 107 |
| US DOLLARS 1,083 | POUND STERLING 800 | Wells Fargo | 10/26/2026 | 30 |
| US DOLLARS 489 | POUND STERLING 370 | Bank of New York | 11/10/2026 | 2 |
| US DOLLARS 7,259 | POUND STERLING 5,480 | US Bank | 11/10/2026 | 48 |
| US DOLLARS 1,648 | EURO 1,400 | Wells Fargo | 11/20/2026 | 21 |
| US DOLLARS 4,355 | POUND STERLING 3,350 | Bank of New York | 11/25/2026 | (51) |
| US DOLLARS 983 | EURO 830 | US Bank | 12/7/2026 | 18 |
| US DOLLARS 2,620 | EURO 2,230 | US Bank | 1/7/2027 | 24 |
| US DOLLARS 996 | EURO 840 | Wells Fargo | 1/7/2027 | 18 |
| US DOLLARS 209 | AUSTRALIAN DOLLARS 300 | Citibank | 1/22/2027 | 4 |
| US DOLLARS 6,664 | AUSTRALIAN DOLLARS 9,900 | Wells Fargo | 1/22/2027 | (73) |
| US DOLLARS 4,166 | EURO 3,510 | Bank of New York | 1/22/2027 | 79 |
| US DOLLARS 10,101 | EURO 8,610 | BNP Paribas | 10/28/2027 | 2 |
| US DOLLARS 4,399 | EURO 3,800 | Bank of New York | 10/28/2027 | (58) |
|  |  |  |  | $(2515) |

---

------

<sup>(1)</sup> The investments bear interest at a rate that may be determined by reference to the Euro Interbank Offered Rate ("EURIBOR" or "E"), the Bank Bill Benchmark Rate ("BKBM"), the Canadian Overnight Repo Rate Average ("CORRA"), the Bank Bill Swap Bid Rate ("BBSY"), the Prime Rate ("Prime" or "P"), the Sterling Overnight Index Average ("SONIA") or Secured Overnight Financing rate ("SOFR") which reset daily, monthly, quarterly or semiannually. Investments or a portion thereof may provide for Payment-in-Kind ("PIK"). For each, the Company has provided the PIK or the spread over EURIBOR, BKBM, CORRA, BBSY, SONIA, SOFR, or Prime and the current weighted average interest rate in effect at March 31, 2026. Certain investments are subject to a EURIBOR, BKBM, CORRA, BBSY, SONIA, SOFR or Prime interest rate floor.

<sup>(2)</sup> The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.

<sup>(3)</sup> Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The investment may be subject to an unused/letter of credit facility fee.

<sup>(4)</sup> Percentages are based on the Company's net assets of $1,093,555 as of March 31, 2026.

<sup>(5)</sup> The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.

<sup>(6)</sup> The investment or a portion of this investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70%

------

of the Company's total assets. As of March 31, 2026, non-qualifying assets totaled 27.74% of the Company's total assets.

<sup>(7)</sup> Loan was on non-accrual status as of March 31, 2026.

<sup>(8)</sup> Unrealized appreciation on forward currency exchange contracts.

<sup>(9)</sup> The principal amount (par amount) for all debt securities is denominated in U.S. dollars, unless otherwise noted. £ represents Pound Sterling, € represents Euro, NOK represents Norwegian Krone, AUD represents Australian Dollar, CAD represents Canadian Dollar and NZ$ represents New Zealand Dollar.

<sup>(10)</sup> As defined in the 1940 Act, the portfolio company is deemed to be an "affiliated person" of the Company as the Company owns 5% or more of the portfolio company's outstanding voting securities.

<sup>(11)</sup> As defined in the 1940 Act, the Company is deemed to "control" this portfolio company as the Company either owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company.

<sup>(12)</sup> Tick mark not used.

<sup>(13)</sup> Loan includes interest rate floor of 3.50%.

<sup>(14)</sup> Non-income producing.

<sup>(15)</sup> Loan includes interest rate floor of 1.00%.

<sup>(16)</sup> Loan includes interest rate floor of 0.75%.

<sup>(17)</sup> Loan includes interest rate floor of 0.50%.

<sup>(18)</sup> Loan includes interest rate floor of 0.00%.

<sup>(19)</sup> Security valued using unobservable inputs (Level 3).

<sup>(20)</sup> The Company holds a controlling, affiliate interest in an aircraft-owning special purpose vehicle through this investment.

<sup>(21)</sup> Loan includes interest rate floor of 0.25%.

<sup>(22)</sup> $436 of the total par amount for this security is at P+ 5.50%.

<sup>(23)</sup> $44 of the total par amount for this security is at P+ 4.00%.

<sup>(24)</sup> Loan includes interest rate floor of 1.25%.

<sup>(25)</sup> Security exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be "restricted securities" under the Securities Act. As of March 31, 2026, the aggregate fair value of these securities is $370,245 or 33.86% of the Company's net assets. The acquisition dates of the restricted securities are as follows:

------

---

| | |
|:---|:---|
| **Investment** | **Acquisition Date** |
| ACAMS | 3/10/2022 |
| ADT Pizza, LLC | 10/29/2018 |
| Advanced Aircrew | 7/26/2024 |
| AGS American Services Investments, L.P. | 7/24/2025 |
| Ansett Aviation Training | 3/24/2022 |
| Apollo Intelligence | 6/1/2022 |
| Applitools | 7/18/2025 |
| Appriss Holdings, Inc. | 5/3/2021 |
| AQ Software Corporation | 12/10/2021 |
| AQ Software Corporation | 4/14/2022 |
| AQ Software Corporation | 12/29/2022 |
| ARL Holdings, LLC | 5/3/2019 |
| Athena Parent Holdings, L.P. | 1/28/2026 |
| AXH Air Coolers | 10/31/2023 |
| Bain Capital Senior Loan Program, LLC | 12/27/2021 |
| BCC CPK investments 1, LLC | 12/8/2025 |
| BCC HGS Investments 1, LLC | 10/21/2025 |
| BCC Jetstream Holdings Aviation (Off I), LLC | 6/1/2017 |
| BCC Jetstream Holdings Aviation (On II), LLC | 6/1/2017 |
| BCC Trillium Foods Investments 1, LLC | 5/13/2025 |
| BCSF Project Aberdeen, LLC | 7/3/2024 |
| BCSF ServiceMaster Investments, LLC | 8/8/2025 |
| Brook Bidco | 7/8/2021 |
| BTX Precision | 7/25/2024 |
| CB Titan Holdings, Inc. | 5/1/2017 |
| Chartbeat | 10/4/2024 |
| City BBQ | 9/4/2024 |
| Cloud Technology Solutions (CTS) | 12/15/2022 |
| Congress Wealth | 6/30/2023 |
| Darcy Partners | 6/1/2022 |
| DTIQ | 9/30/2024 |
| DTIQ | 9/15/2025 |
| Eagle Rock Capital Corporation | 12/9/2021 |
| East BCC Coinvest II, LLC | 7/23/2019 |
| EHE Health | 8/7/2024 |
| Electronic Merchant Systems | 7/12/2024 |
| Elevation NewCo Intermediate, LLC | 8/1/2025 |
| Elevator Holdco Inc. | 12/23/2019 |
| Eleven Software | 3/20/2024 |
| Eleven Software | 4/25/2022 |
| Elk | 11/1/2019 |
| Endurance Holdco Limited | 11/14/2025 |
| FCG Acquisitions, Inc. | 1/24/2019 |
| Fineline Technologies, Inc. | 2/22/2021 |

---

------

---

| | |
|:---|:---|
| **Investment** | **Acquisition Date** |
| Forward Slope | 3/15/2024 |
| Galeria | 8/1/2024 |
| Gills Point S | 12/18/2025 |
| Gills Point S | 5/17/2023 |
| Grammer Investment Holdings LLC | 10/1/2018 |
| HealthDrive | 8/18/2023 |
| HG Insights, Inc. | 6/16/2025 |
| Hollywood LP | 4/16/2025 |
| Hultec | 3/31/2023 |
| iBanFirst | 7/13/2021 |
| Insigneo Financial Group LLC | 8/1/2022 |
| International Senior Loan Program, LLC | 2/22/2021 |
| Legacy Corporate Lending HoldCo, LLC | 4/21/2023 |
| LEP CP Co-Invest, L.P. | 4/16/2025 |
| LEP SAL Co-Invest, L.P. | 11/14/2025 |
| Lightning Holdings B, LLC | 1/2/2020 |
| masLabor | 7/1/2021 |
| MZR Aggregator | 12/22/2020 |
| MZR Aggregator | 9/17/2024 |
| Odyssey Behavioral Health | 11/21/2024 |
| Opus2 | 6/16/2021 |
| Parcel2Go | 11/26/2024 |
| PayRange | 10/31/2024 |
| PPT Group | 2/28/2025 |
| PPX | 7/29/2021 |
| Precision Ultimate Holdings, LLC | 11/6/2019 |
| Precision Ultimate Holdings, LLC | 10/7/2024 |
| Pure Wafer | 11/12/2024 |
| REP Coinvest III- A Omni, L.P. | 2/5/2021 |
| Robinson Helicopter | 6/30/2022 |
| Rydoo | 9/26/2024 |
| SensorTower | 3/15/2024 |
| Service Master | 8/16/2021 |
| Service Master | 7/15/2021 |
| Sikich | 5/6/2024 |
| SoftCo | 3/1/2024 |
| Spindrift | 2/19/2025 |
| SRP Parent Inc. | 3/27/2026 |
| Superna Inc. | 3/8/2022 |
| Taoglas | 2/28/2023 |
| Taoglas | 6/27/2024 |
| Thrasio, LLC | 6/18/2024 |
| Titan Cloud Software, Inc | 11/4/2022 |
| TLC Holdco LP | 10/11/2019 |
| Utimaco | 6/28/2022 |
| Ventiv Holdco, Inc. | 9/3/2019 |
| Voltaire Topco Limited | 8/28/2025 |
| WSP | 8/31/2021 |
| WSP | 5/20/2024 |

---

------

<sup>(26)</sup> Denotes that all or a portion of the investment includes PIK income during the period.

<sup>(27)</sup> Tick mark not used.

<sup>(28)</sup> Tick mark not used.

------

<sup>(29)</sup> Assets or a portion thereof are pledged as collateral for the 2019-1 Issuer. See "*Note 6. Debt.*"

<sup>(30)</sup> Cash equivalents include $11,695 of restricted cash.

<sup>(31)</sup> Loan includes interest rate floor of 2.00%.

<sup>(32)</sup> Loan includes interest rate floor of 1.50%.

<sup>(33)</sup> Loan includes interest rate floor of 3.00%.

<sup>(34)</sup> £1,027 of the total par amount for this security is at EURIBOR + 6.25%.

<sup>(35)</sup> $565 of the total par amount for this security is at P+ 4.00%.

<sup>(36)</sup> AUD 553 of the total par amount for this security is at BBSY+ 5.00%.

See Notes to Consolidated Financial Statements

------

**Bain Capital Specialty Finance, Inc.**

Consolidated Schedule of Investments

As of December 31, 2025

(In thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Interest** | **Maturity** | **Principal/** |  | **Market** | **% of** |
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Rate** | **Date** | **Shares** | **Cost** | **Value** | **NAV** <sup>(4)</sup> |
| **Non-Controlled/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| **Aerospace & Defense** |  |  |  |  |  |  |  |  |  |
| ATS (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.75% | 9.65% | 7/12/2029 | $4938 | 4890 | 4938 |  |
| ATS (3)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/12/2029 | $— |  |  |  |
| Bridger Aerospace Group Holdings, Inc. (3)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.00% | 9.70% | 10/28/2030 | $287 | 273 | 273 |  |
| Bridger Aerospace Group Holdings, Inc. (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/28/2030 | $— | (8) | (8) |  |
| Bridger Aerospace Group Holdings, Inc. (15)(19) | First Lien Senior Secured Loan | SOFR | 6.00% | 9.72% | 10/28/2030 | $5099 | 5049 | 5048 |  |
| BTX Precision (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.77% | 7/25/2030 | $7607 | 7553 | 7607 |  |
| BTX Precision (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/25/2030 | $— | (28) |  |  |
| BTX Precision (15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 8.77% | 7/25/2030 | $5945 | 5898 | 5945 |  |
| BTX Precision (3)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.75% | 8.60% | 7/25/2030 | $5928 | 5873 | 5928 |  |
| BTX Precision (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.59% | 7/25/2030 | $1439 | 1428 | 1439 |  |
| BTX Precision (14)(19)(25) | Equity Interest |  |  |  |  | 2 | 2199 | 3361 |  |
| Forward Slope (15)(19) | First Lien Senior Secured Loan | SOFR | 5.60% | 9.27% | 8/22/2029 | $6076 | 5970 | 6076 |  |
| Forward Slope (15)(19)(29) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.60% | 9.27% | 8/22/2029 | $13248 | 13018 | 13248 |  |
| Forward Slope (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.60% | 9.32% | 8/22/2029 | $8588 | 8453 | 8588 |  |
| Forward Slope (15)(19) | First Lien Senior Secured Loan | SOFR | 5.60% | 9.27% | 8/22/2029 | $5561 | 5503 | 5561 |  |
| Forward Slope (14)(19)(25) | Equity Interest |  |  |  |  | 930 | 930 | 1543 |  |
| Forward Slope (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.60% | 9.32% | 8/22/2029 | $1861 | 1861 | 1861 |  |
| GSP Holdings, LLC (15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.90% | 9.57% | 11/5/2027 | $4689 | 4704 | 4360 |  |
| GSP Holdings, LLC (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 2.95% (2.95% PIK) | 9.57% | 11/5/2027 | $1126 | 1116 | 1047 |  |
| GSP Holdings, LLC (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 2.95% (2.95% PIK) | 9.57% | 11/6/2026 | $9811 | 9905 | 9124 |  |
| Heads Up Technologies, Inc. (16)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.92% | 7/23/2030 | $216 | 215 | 215 |  |
| Heads Up Technologies, Inc. (16)(19) | Second Lien Senior Secured Loan | SOFR | 8.25% | 11.92% | 7/23/2031 | $9720 | 9671 | 9671 |  |
| Heads Up Technologies, Inc. (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/23/2030 | $— | (8) | (9) |  |
| Mach Acquisition R/C (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 7.15% | 10.99% | 10/19/2026 | $7532 | 7500 | 7532 |  |
| Mach Acquisition T/L (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 7.15% | 11.01% | 10/19/2026 | $13268 | 13221 | 13268 |  |
| Precision Ultimate Holdings, LLC (14)(19)(25) | Equity Interest |  |  |  |  | 1417 | 1417 | 345 |  |
| Precision Ultimate Holdings, LLC (14)(19)(25) | Equity Interest |  |  |  |  | 620 | 781 | 1145 |  |
| Robinson Helicopter (14)(19)(25) | Equity Interest |  |  |  |  | 1592 | 507 | 2551 |  |
| Saturn Purchaser Corp. (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 4.85% | 8.72% | 7/22/2030 | $13281 | 13198 | 13281 |  |
| Saturn Purchaser Corp. (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/22/2030 | $— | (53) |  |  |
| Solairus (3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 7/22/2030 | $— | (15) |  |  |
| Whitcraft-Paradigm (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 2/28/2029 | $— | (11) | (11) |  |
| Whitcraft-Paradigm (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.67% | 2/15/2029 | $10158 | 10100 | 10158 |  |
| Whitcraft-Paradigm (3)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 2/15/2029 | $— |  |  |  |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Interest** | **Maturity** | **Principal/** |  | **Market** | **% of** |
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Rate** | **Date** | **Shares** | **Cost** | **Value** | **NAV** <sup>(4)</sup> |
| **Non-Controlled/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| **Aerospace & Defense** |  |  |  |  |  |  |  |  |  |
| Whitcraft-Paradigm (15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 8.67% | 2/15/2029 | $2297 | 2297 | 2297 |  |
| Whitcraft-Paradigm (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.67% | 2/15/2029 | $2661 | 2638 | 2661 |  |
| **Aerospace & Defense Total** |  |  |  |  |  |  | **146045** | **149043** | **13.3%** |
| **Automotive** |  |  |  |  |  |  |  |  |  |
| American Trailer Rental Group (19)(26) | Subordinated Debt |  | 5.50% (8.75% PIK) | 14.25% | 12/1/2027 | $5932 | 5904 | 5339 |  |
| American Trailer Rental Group (19)(26) | Subordinated Debt |  | 5.50% (8.75% PIK) | 14.25% | 12/1/2027 | $18302 | 18173 | 16471 |  |
| American Trailer Rental Group (19)(26) | Subordinated Debt |  | 5.50% (8.75% PIK) | 14.25% | 12/1/2027 | $22855 | 22712 | 20568 |  |
| Cardo (6)(18)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.98% | 5/12/2028 | $98 | 97 | 98 |  |
| Chilton (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.40% | 2/5/2031 | $6451 | 6410 | 6403 |  |
| Chilton (2)(3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 2/5/2031 | $— | (22) | (76) |  |
| Chilton (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.50% | 9.40% | 2/5/2031 | $886 | 862 | 857 |  |
| Gills Point S (14)(19)(25) | Preferred Equity |  |  |  |  |  | 20 | 39 |  |
| Gills Point S (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 4.00% (1.50% PIK) | 9.22% | 5/17/2029 | $12378 | 12378 | 12068 |  |
| Gills Point S (15)(19)(26) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.00% (1.50% PIK) | 9.22% | 5/17/2029 | $1238 | 1225 | 1207 |  |
| Gills Point S (15)(19)(26) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.00% (1.50% PIK) | 9.22% | 5/17/2029 | $7310 | 7310 | 7127 |  |
| Gills Point S (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 4.00% (1.50% PIK) | 9.22% | 5/17/2029 | $3661 | 3640 | 3570 |  |
| Gills Point S (14)(19)(25) | Equity Interest |  |  |  |  | 2 | 215 | 104 |  |
| Gills Point S (3)(15)(19)(26) | First Lien Senior Secured Loan - Revolver | SOFR | 4.00% (1.50% PIK) | 9.34% | 5/17/2029 | $2900 | 2876 | 2779 |  |
| Gills Point S (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 4.00% (1.50% PIK) | 9.23% | 5/17/2029 | $3989 | 3959 | 3889 |  |
| Intoxalock (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.10% | 8.82% | 11/1/2028 | $11883 | 11817 | 11883 |  |
| Intoxalock (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 11/1/2028 | $— | (16) |  |  |
| JHCC Holdings, LLC (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.92% | 9/9/2027 | $11801 | 11726 | 11801 |  |
| JHCC Holdings, LLC (3)(15)(19) | First Lien Senior Secured Loan - Revolver | P | 4.25% | 11.00% | 9/9/2027 | $1842 | 1814 | 1842 |  |
| **Automotive Total** |  |  |  |  |  |  | $**111100** | $**105969** | **9.5%** |
| **Beverage, Food & Tobacco** |  |  |  |  |  |  |  |  |  |
| AgroFresh Solutions (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.60% | 9.32% | 4/2/2029 | $1866 | 1809 | 1866 |  |
| AgroFresh Solutions (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.60% | 9.32% | 3/31/2030 | $6860 | 6765 | 6860 |  |
| AgroFresh Solutions (15)(19) | First Lien Senior Secured Loan | SOFR | 5.60% | 9.32% | 3/31/2030 | $6090 | 5968 | 6090 |  |
| Arctic Glacier U.S.A., Inc. (19)(26)(31) | First Lien Senior Secured Loan | SOFR | 6.76% (4.00% PIK) | 14.43% | 5/24/2028 | $12816 | 12678 | 12591 |  |
| Arctic Glacier U.S.A., Inc. (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 5/24/2028 | $— | (10) | (47) |  |
| BCC CPK investments 1, LLC (14)(19)(25) | Equity Interest |  |  |  |  | 370 | 370 | 370 |  |
| BCC Trillium Foods Investments 1, LLC (14)(19)(25) | Equity Interest |  |  |  |  | 3 | 2531 | 3183 |  |
| BCSF Project Aberdeen, LLC (14)(19)(25) | Equity Interest |  |  |  |  | 2217 | 2217 | 2390 |  |
| CPK IPCO Buyer LLC (19) | Subordinated Debt |  | 12.00% | 12.00% | 12/22/2031 | $610 | 601 | 601 |  |
| Hellers (6)(19)(26) | Subordinated Debt |  | 15.00% PIK | 15.00% | 3/27/2031 | 510 | 314 | 289 |  |
| Hellers (2)(3)(5)(6)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 9/27/2030 |  | (13) | (5) |  |
| Hellers (6)(18)(19)(26) | First Lien Senior Secured Loan - Delayed Draw | BBSY | 3.63% (1.88%PIK) | 9.29% | 9/27/2030 | 51 | 35 | 33 |  |
| Hellers (6)(15)(19)(26) | First Lien Senior Secured Loan - Delayed Draw | BKBM | 3.63% (1.88%PIK) | 8.07% | 9/27/2030 | 47 | 28 | 27 |  |
| PPX (14)(19)(25) | Preferred Equity |  |  |  |  | 33 |  |  |  |
| PPX (14)(19)(25) | Preferred Equity |  |  |  |  | 33 | 5000 | 3750 |  |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Interest** | **Maturity** | **Principal/** |  | **Market** | **% of** |
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Rate** | **Date** | **Shares** | **Cost** | **Value** | **NAV** <sup>(4)</sup> |
| **Non-Controlled/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| **Beverage, Food & Tobacco** |  |  |  |  |  |  |  |  |  |
| SauceCo HoldCo, LLC (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.75% | 9.44% | 5/13/2030 | $3637 | 3601 | 3637 |  |
| SauceCo HoldCo, LLC (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.75% | 9.42% | 5/13/2030 | $71359 | 69154 | 71359 |  |
| Spindrift (19)(26) | Subordinated Debt |  | 13.75% PIK | 13.75% | 2/19/2033 | $1574 | 1534 | 1574 |  |
| Spindrift (14)(19)(25) | Equity Interest |  |  |  |  | 1 | 500 | 537 |  |
| **Beverage, Food & Tobacco Total** |  |  |  |  |  |  | $**113082** | $**115105** | **10.3%** |
| **Capital Equipment** |  |  |  |  |  |  |  |  |  |
| AeriTek Global CAD Acquisition Inc. (6)(15)(19) | First Lien Senior Secured Loan | SOFR | 6.50% | 10.32% | 8/27/2030 | $474 | 467 | 467 |  |
| AeriTek Global CAD Acquisition Inc. (3)(6)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 6.50% | 10.32% | 8/27/2030 | $19 | 19 | 19 |  |
| AXH Air Coolers (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.20% | 10/31/2029 | $7400 | 7347 | 7400 |  |
| AXH Air Coolers (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/31/2029 | $— | (35) |  |  |
| AXH Air Coolers (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.20% | 10/31/2029 | $3299 | 3278 | 3299 |  |
| AXH Air Coolers (3)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.50% | 9.20% | 10/31/2029 | $4877 | 4849 | 4877 |  |
| AXH Air Coolers (14)(19)(25) | Preferred Equity |  |  |  |  | 3417 | 1104 | 8675 |  |
| East BCC Coinvest II, LLC (14)(19)(25) | Equity Interest |  |  |  |  | 1419 | 1229 |  |  |
| Engineered Products Co., LLC (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 4.75% | 8.59% | 8/12/2031 | $85 | 79 | 79 |  |
| Ergotron Acquisition LLC (16)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.97% | 7/6/2028 | $10872 | 10761 | 10872 |  |
| EXT Acquisitions, Inc. (3)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 12/19/2031 | $— |  |  |  |
| EXT Acquisitions, Inc. (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 12/19/2031 | $— | (3) | (3) |  |
| EXT Acquisitions, Inc. (15)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.95% | 12/19/2031 | $4835 | 4787 | 4811 |  |
| FCG Acquisitions, Inc. (14)(19)(25) | Preferred Equity |  |  |  |  | 4 |  |  |  |
| Goodfellow (6)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 5.25% | 7.27% | 2/10/2032 | 50 | 51 | 59 |  |
| Goodfellow (6)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 5.25% | 7.27% | 2/10/2032 | 50 | 51 | 59 |  |
| Goodfellow (6)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 5.25% | 8.98% | 2/10/2032 | £50 | 64 | 67 |  |
| Goodfellow (6)(15)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.92% | 2/10/2032 | $50 | 50 | 50 |  |
| PPT Group (6)(18)(19) | First Lien Senior Secured Loan | SONIA | 5.50% | 9.45% | 2/28/2031 | £6131 | 7658 | 8185 |  |
| PPT Group (3)(6)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 5.50% | 9.43% | 2/28/2031 | £220 | 287 | 260 |  |
| PPT Group (3)(6)(18)(19) | First Lien Senior Secured Loan - Revolver | SONIA | 5.50% | 9.44% | 2/28/2031 | £132 | 158 | 178 |  |
| PPT Group (6)(14)(19)(25) | Equity Interest |  |  |  |  | 376 | 376 | 335 |  |
| TCFIII Owl Finance, LLC (19)(26) | Subordinated Debt |  | 12.00% PIK | 12.00% | 1/30/2027 | $6965 | 6947 | 6965 |  |
| **Capital Equipment Total** |  |  |  |  |  |  | $**49524** | $**56654** | **5.1%** |
| **Chemicals, Plastics & Rubber** |  |  |  |  |  |  |  |  |  |
| AP Plastics Group, LLC (16)(19)(29) | First Lien Senior Secured Loan | SOFR | 4.85% | 8.72% | 8/10/2030 | $13582 | 13391 | 13582 |  |
| AP Plastics Group, LLC (16)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.85% | 8.72% | 8/10/2030 | $175 | 175 | 175 |  |
| AP Plastics Group, LLC (2)(3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 8/10/2030 | $— | (3) | (3) |  |
| Duraco (19)(29)(32) | First Lien Senior Secured Loan | SOFR | 6.50% | 10.16% | 6/6/2029 | $8533 | 8439 | 8106 |  |
| Duraco (3)(19)(32) | First Lien Senior Secured Loan - Revolver | SOFR | 6.50% | 10.24% | 6/6/2029 | $398 | 375 | 299 |  |
| Plaskolite PPC Intermediate II LLC (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 4.00% (4.00% PIK) | 11.86% | 5/9/2030 | $7224 | 7070 | 7080 |  |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Interest** | **Maturity** | **Principal/** | **Principal/** |  | **Market** | **% of** |
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Rate** | **Date** | **Shares** | **Shares** | **Cost** | **Value** | **NAV** <sup>(4)</sup> |
| **Non-Controlled/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |  |
| **Chemicals, Plastics & Rubber** |  |  |  |  |  |  |  |  |  |  |
| Plaskolite PPC Intermediate II LLC (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 7.00% | 10.86% | 2/7/2030 | $— | 73 | 62 | 60 |  |
| V Global Holdings LLC (3)(16)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.85% | 9.62% | 12/22/2027 | $— | 4042 | 4033 | 3557 |  |
| V Global Holdings LLC (16)(19) | First Lien Senior Secured Loan | EURIBOR | 5.75% | 7.76% | 12/22/2027 |  | 97 | 101 | 107 |  |
| V Global Holdings LLC (16)(19) | First Lien Senior Secured Loan | SOFR | 5.90% | 9.77% | 12/22/2027 | $— | 15583 | 15252 | 14804 |  |
| **Chemicals, Plastics & Rubber Total** |  |  |  |  |  |  |  | $**48895** | $**47767** | **4.3%** |
| **Construction & Building** |  |  |  |  |  |  |  |  |  |  |
| AGS American Glass Services Acquisition, LLC (15)(19) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.22% | 7/24/2031 | $159 | 159 | 158 | 158 |  |
| AGS American Glass Services Acquisition, LLC (2)(3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 7/24/2031 | $— |  | (1) | (5) |  |
| AGS American Glass Services Acquisition, LLC (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/24/2031 | $— |  | (2) | (2) |  |
| AGS American Services Investments, L.P. (14)(19)(25) | Equity Interest |  |  |  |  |  | 3 | 338 | 338 |  |
| BCSF ServiceMaster Investments, LLC (14)(19)(25) | Preferred Equity |  |  |  |  |  |  | 28 | 55 |  |
| Chase Industries, Inc. (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 5.65% (1.50% PIK) | 10.82% | 11/11/2027 | $— | 27479 | 27077 | 26929 |  |
| Chase Industries, Inc. (15)(19)(26) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.65% (1.50% PIK) | 10.82% | 11/11/2027 | $— | 2689 | 2642 | 2635 |  |
| Chase Industries, Inc. (3)(15)(19)(26) | First Lien Senior Secured Loan - Revolver | SOFR | 5.65% (1.50% PIK) | 10.82% | 11/11/2027 | $— | 525 | 509 | 490 |  |
| Elk (14)(19)(25) | Equity Interest |  |  |  |  |  | 1 | 7 | 742 |  |
| Elk (14)(19)(25) | Preferred Equity |  |  |  |  |  | 72 | 722 | 1175 |  |
| G702 Buyer, Inc. (16)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.42% | 7/2/2031 | $— | 159 | 159 | 156 |  |
| G702 Buyer, Inc. (2)(3)(5)(18)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/2/2031 | $— |  | (11) | (12) |  |
| Service Master (18)(19)(26) | First Lien Senior Secured Loan | SOFR | 6.01% (1.00% PIK) | 10.89% | 8/16/2027 | $— | 929 | 923 | 929 |  |
| Service Master (3)(18)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 7.01% | 10.66% | 8/16/2027 | $— | 14222 | 14204 | 14222 |  |
| Service Master (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 5.86% (1.00% PIK) | 10.60% | 8/16/2027 | $— | 1581 | 1573 | 1581 |  |
| Service Master (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 5.86% (1.00% PIK) | 10.58% | 8/16/2027 | $— | 7648 | 7606 | 7648 |  |
| Service Master (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 6.01% (1.00% PIK) | 10.86% | 12/31/2029 | $— | 3918 | 3918 | 3918 |  |
| Service Master (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 6.01% (1.00% PIK) | 10.86% | 12/31/2029 | $— | 130 | 130 | 130 |  |
| Service Master (18)(19)(26) | First Lien Senior Secured Loan | SOFR | 5.86% (1.00% PIK) | 10.58% | 8/16/2027 | $— | 3167 | 3167 | 3167 |  |
| Service Master (14)(19)(25) | Preferred Equity |  |  |  |  |  |  | 169 |  |  |
| Service Master (14)(19)(25) | Equity Interest |  |  |  |  |  |  |  |  |  |
| Zeus Fire & Security (15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 8.77% | 12/11/2030 | $— | 8762 | 8762 | 8740 |  |
| Zeus Fire & Security (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.85% | 12/11/2030 | $— | 4841 | 4809 | 4828 |  |
| Zeus Fire & Security (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 12/11/2030 | $— |  | (16) | (7) |  |
| **Construction & Building Total** |  |  |  |  |  |  |  | $**76871** | $**77815** | **7.0%** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Interest** | **Maturity** | **Principal/** |  | **Market** | **% of** |
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Rate** | **Date** | **Shares** | **Cost** | **Value** | **NAV** <sup>(4)</sup> |
| **Non-Controlled/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| **Consumer Goods: Durable** |  |  |  |  |  |  |  |  |  |
| New Milani Group LLC (15)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.44% | 6/26/2031 | $10584 | 10485 | 10532 |  |
| New Milani Group LLC (2)(3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 6/26/2031 | $— | (2) | (2) |  |
| New Milani Group LLC (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 6/26/2031 | $— | (12) | (6) |  |
| Stanton Carpet (15)(19) | Second Lien Senior Secured Loan | SOFR | 9.15% | 13.09% | 3/31/2028 | $11434 | 11317 | 11434 |  |
| Tangent Technologies Acquisition, LLC (15)(19) | Second Lien Senior Secured Loan | SOFR | 9.00% | 13.01% | 5/30/2028 | $8915 | 8831 | 8915 |  |
| TLC Holdco LP (14)(19)(25) | Equity Interest |  |  |  |  | 1281 | 1221 | 482 |  |
| TLC Purchaser, Inc. (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.76% | 9.47% | 10/11/2027 | $6093 | 6092 | 5522 |  |
| TLC Purchaser, Inc. (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.76% | 9.47% | 10/11/2027 | $13038 | 12933 | 12256 |  |
| TLC Purchaser, Inc. (15)(19) | First Lien Senior Secured Loan | SOFR | 5.76% | 9.43% | 10/11/2027 | $1953 | 1943 | 1836 |  |
| **Consumer Goods: Durable Total** |  |  |  |  |  |  | $**52808** | $**50969** | **4.6%** |
| **Consumer Goods: Non-Durable** |  |  |  |  |  |  |  |  |  |
| Evriholder (19)(29)(32) | First Lien Senior Secured Loan | SOFR | 6.90% | 10.57% | 1/24/2028 | $5898 | 5866 | 5839 |  |
| Fineline Technologies, Inc. (14)(19)(25) | Equity Interest |  |  |  |  | 939 | 939 | 1288 |  |
| Hempz (15)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.92% | 10/25/2029 | $220 | 218 | 217 |  |
| Hempz (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/25/2029 | $— | (12) | (27) |  |
| RoC Skincare (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.12% | 2/21/2031 | $9825 | 9713 | 9825 |  |
| RoC Skincare (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 2/21/2030 | $— | (21) |  |  |
| Solaray, LLC (3)(18)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.60% | 9.44% | 6/15/2028 | $12052 | 12052 | 12052 |  |
| Solaray, LLC (15)(19) | First Lien Senior Secured Loan | SOFR | 6.85% | 10.69% | 6/15/2028 | $28283 | 28283 | 25737 |  |
| Solaray, LLC (15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.85% | 10.69% | 6/15/2028 | $13026 | 13011 | 11853 |  |
| Summer Fridays, LLC (15)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.92% | 5/16/2031 | $483 | 476 | 476 |  |
| Summer Fridays, LLC (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 5/16/2031 | $— | (12) | (13) |  |
| WU Holdco, Inc. (3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 4/15/2032 | $— | (12) |  |  |
| WU Holdco, Inc. (3)(18)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 4.75% | 8.40% | 4/15/2032 | $303 | 287 | 303 |  |
| **Consumer Goods: Non-Durable Total** |  |  |  |  |  |  | $**70788** | $**67550** | **6.0%** |
| **Consumer Goods: Wholesale** |  |  |  |  |  |  |  |  |  |
| WSP (2)(3)(5)(7)(14)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 4/27/2028 | $— | (6) | (153) |  |
| WSP (14)(19)(25) | Equity Interest |  |  |  |  | 2898 | 2898 |  |  |
| WSP (7)(14)(15)(19) | First Lien Senior Secured Loan | SOFR | 1.25% | 5.45% | 4/27/2028 | $3282 | 2969 | 1256 |  |
| WSP (7)(14)(19)(26) | First Lien Senior Secured Loan |  | 8.00% PIK | 8.00% | 4/27/2028 | $2213 | 1995 |  |  |
| WSP (14)(19)(25) | Preferred Equity |  |  |  |  |  | 216 |  |  |
| WSP (14)(19)(25) | Equity Interest |  |  |  |  |  | 12 |  |  |
| **Consumer Goods: Wholesale Total** |  |  |  |  |  |  | $**8084** | $**1103** | **0.1%** |
| **Containers, Packaging & Glass** |  |  |  |  |  |  |  |  |  |
| ASP-r-pac Acquisition Co LLC (16)(19)(29) | First Lien Senior Secured Loan | SOFR | 6.26% | 10.10% | 12/29/2027 | $5724 | 5646 | 5724 |  |
| ASP-r-pac Acquisition Co LLC (3)(16)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 6.11% | 9.83% | 12/29/2027 | $2716 | 2687 | 2716 |  |
| Precision Concepts Parent Inc. (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 4.75% | 8.59% | 8/2/2032 | $36 | 32 | 32 |  |
| Precision Concepts Parent Inc. (15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.75% | 8.59% | 8/2/2032 | $717 | 714 | 710 |  |
| **Containers, Packaging & Glass Total** |  |  |  |  |  |  | $**9079** | $**9182** | **0.8%** |
| **Environmental Industries** |  |  |  |  |  |  |  |  |  |
| BCC HGS Investments 1, LLC (14)(19)(25) | Equity Interest |  |  |  |  | 7 | 1065 | 1065 |  |
| Humic Acquisition Holdings, LLC (2)(3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 10/21/2031 | $— | (8) | (9) |  |
| Humic Acquisition Holdings, LLC (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.75% | 9.63% | 10/21/2031 | $936 | 916 | 915 |  |
| Humic Acquisition Holdings, LLC (15)(19) | First Lien Senior Secured Loan | SOFR | 5.75% | 9.48% | 10/21/2031 | $14519 | 14448 | 14446 |  |
| Meteor UK Bidco Limited (6)(18)(19) | First Lien Senior Secured Loan | SONIA | 5.00% | 8.73% | 5/14/2032 | £8104 | 10793 | 10820 |  |
| Meteor UK Bidco Limited (6)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 5.00% | 8.95% | 5/14/2032 | £4858 | 6460 | 6486 |  |
| Meteor UK Bidco Limited (3)(6)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 11/14/2031 | £— |  |  |  |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Interest** | **Maturity** | **Principal/** |  | **Market** | **% of** |
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Rate** | **Date** | **Shares** | **Cost** | **Value** | **NAV** <sup>(4)</sup> |
| **Non-Controlled/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| **Environmental Industries** |  |  |  |  |  |  |  |  |  |
| Reconomy (6)(18)(19) | First Lien Senior Secured Loan | SONIA | 6.50% | 10.22% | 7/12/2029 | £68 | 83 | 91 |  |
| Reconomy (3)(6)(18)(19)(34) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.50% | 10.17% | 7/12/2029 | £4182 | 5471 | 5526 |  |
| Reconomy (6)(18)(19) | First Lien Senior Secured Loan | EURIBOR | 6.25% | 8.27% | 7/12/2029 | 27 | 28 | 32 |  |
| Titan Cloud Software, Inc (18)(19) | First Lien Senior Secured Loan | SOFR | 5.85% | 9.69% | 9/7/2029 | $27580 | 27446 | 27580 |  |
| Titan Cloud Software, Inc (15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.85% | 9.55% | 9/7/2029 | $12264 | 12210 | 12264 |  |
| Titan Cloud Software, Inc (3)(18)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.85% | 9.69% | 9/7/2028 | $3424 | 3399 | 3424 |  |
| Titan Cloud Software, Inc (14)(19)(25) | Equity Interest |  |  |  |  | 3532 | 3532 | 4851 |  |
| **Environmental Industries Total** |  |  |  |  |  |  | $**85843** | $**87491** | **7.8%** |
| **FIRE: Finance** |  |  |  |  |  |  |  |  |  |
| Allworth Financial Group, L.P. (15)(19)(29) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.75% | 8.47% | 12/23/2027 | $848 | 842 | 848 |  |
| Allworth Financial Group, L.P. (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 12/23/2027 | $— | (5) |  |  |
| Allworth Financial Group, L.P. (3)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.75% | 8.47% | 12/23/2027 | $5012 | 4984 | 5012 |  |
| Allworth Financial Group, L.P. (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.47% | 12/23/2027 | $1459 | 1452 | 1459 |  |
| Avalon Bidco Limited (6)(15)(19) | First Lien Senior Secured Loan | SONIA | 6.25% | 10.22% | 4/16/2032 | £50 | 65 | 66 |  |
| Avalon Bidco Limited (3)(6)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 6.25% | 10.22% | 4/16/2032 | £2556 | 3318 | 3369 |  |
| Choreo (3)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 8.72% | 2/18/2028 | $128 | 128 | 128 |  |
| Endurance Holdco Limited (6)(19)(25)(26) | Preferred Equity |  | 12.50% PIK | 12.50% |  | 3031 | 3915 | 3996 |  |
| Insigneo Financial Group LLC (19)(26) | First Lien Senior Secured Loan |  | 10.00% PIK | 10.00% | 8/1/2027 | $1945 | 1958 | 1945 |  |
| Insigneo Financial Group LLC (15)(19) | First Lien Senior Secured Loan | SOFR | 6.60% | 10.30% | 8/1/2028 | $267 | 263 | 267 |  |
| Insigneo Financial Group LLC (14)(19)(25) | Equity Interest |  |  |  |  | 534 | 535 | 3259 |  |
| Lagerbox (6)(15)(19) | First Lien Senior Secured Loan | EURIBOR | 3.50% | 5.55% | 12/20/2028 | 750 | 779 | 880 |  |
| LEP SAL Co-Invest, L.P. (6)(14)(19)(25) | Equity Interest |  |  |  |  | 1000 | 1317 | 1345 |  |
| Monarch Finco, LLC (3)(17)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.25% | 8.09% | 10/29/2032 | $18 | 18 | 18 |  |
| Monarch Finco, LLC (3)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/29/2032 | $— |  |  |  |
| Monarch Finco, LLC (17)(19) | First Lien Senior Secured Loan | SOFR | 4.25% | 8.09% | 10/29/2032 | $156 | 156 | 154 |  |
| Parmenion (6)(18)(19) | First Lien Senior Secured Loan | SONIA | 5.50% | 9.46% | 5/23/2029 | £295 | 370 | 397 |  |
| PMA (16)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.42% | 1/31/2031 | $58 | 57 | 58 |  |
| PMA (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 1/31/2031 | $— | (15) |  |  |
| Sikich (14)(19)(25) | Warrants |  |  |  |  | 5 |  | 545 |  |
| Sikich (14)(19)(25) | Warrants |  |  |  |  | 2 |  | 156 |  |
| Sikich (19)(25)(26) | Preferred Equity |  | 13.00% PIK | 13.00% |  | 36 | 3644 | 3644 |  |
| TA/Weg Holdings (15)(19)(29) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.50% | 8.16% | 10/2/2028 | $2301 | 2299 | 2299 |  |
| TA/Weg Holdings (15)(19)(29) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.50% | 8.16% | 10/2/2028 | $9113 | 9113 | 9113 |  |
| Wealth Enhancement Group (WEG) (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/2/2028 | $— | (9) |  |  |
| Wealth Enhancement Group (WEG) (3)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.50% | 8.16% | 10/4/2028 | $5901 | 5873 | 5901 |  |
| **FIRE: Finance Total** |  |  |  |  |  |  | $**41057** | $**44859** | **4.0%** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Interest** | **Maturity** | **Principal/** |  | **Market** | **% of** |
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Rate** | **Date** | **Shares** | **Cost** | **Value** | **NAV** <sup>(4)</sup> |
| **Non-Controlled/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| **FIRE: Insurance** |  |  |  |  |  |  |  |  |  |
| McLarens Acquisition Inc. (16)(19) | First Lien Senior Secured Loan | SOFR | 4.90% | 8.56% | 12/19/2027 | $902 | 895 | 895 |  |
| McLarens Acquisition Inc. (16)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.90% | 8.56% | 12/19/2027 | $413 | 410 | 410 |  |
| McLarens Acquisition Inc. (16)(19) | First Lien Senior Secured Loan | SOFR | 4.90% | 8.56% | 12/19/2027 | $95 | 94 | 95 |  |
| McLarens Acquisition Inc. (16)(19) | First Lien Senior Secured Loan | SOFR | 4.90% | 8.56% | 12/19/2027 | $249 | 249 | 249 |  |
| McLarens Acquisition Inc. (16)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.90% | 8.56% | 12/19/2027 | $262 | 260 | 262 |  |
| McLarens Acquisition Inc. (16)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.90% | 8.56% | 12/19/2027 | $6983 | 6982 | 6983 |  |
| McLarens Acquisition Inc. (16)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.90% | 8.56% | 12/19/2027 | $7 | 7 | 7 |  |
| McLarens Acquisition Inc. (3)(16)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.85% | 8.61% | 12/19/2027 | $3902 | 3886 | 3902 |  |
| McLarens Acquisition Inc. (3)(6)(16)(19) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 4.87% | 8.71% | 12/19/2027 | £948 | 1248 | 1276 |  |
| McLarens Acquisition Inc. (3)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 12/19/2027 | $— |  |  |  |
| McLarens Acquisition Inc. (2)(3)(5)(6)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 12/20/2027 | £— | (3) | (3) |  |
| McLarens Acquisition Inc. (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 12/19/2027 | $— | (7) | (7) |  |
| MRHT (2)(3)(5)(6)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 11/10/2031 |  | (14) | (16) |  |
| MRHT (3)(6)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 5.00% | 7.02% | 5/17/2032 | 2145 | 2498 | 2463 |  |
| Simplicity (16)(19)(29) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.40% | 12/31/2031 | $10173 | 10083 | 10173 |  |
| Simplicity (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 12/31/2031 | $— | (37) |  |  |
| Simplicity (3)(16)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.75% | 8.40% | 12/31/2031 | $4140 | 4102 | 4140 |  |
| **FIRE: Insurance Total** |  |  |  |  |  |  | $**30653** | $**30829** | **2.8%** |
| **Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |  |
| Accident Care Alliance Holdco LLC (15)(19) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.67% | 8/20/2030 | $1259 | 1253 | 1253 |  |
| Accident Care Alliance Holdco LLC (2)(3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 8/20/2030 | $— | (3) | (13) |  |
| Accident Care Alliance Holdco LLC (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.00% | 8.70% | 8/20/2030 | $380 | 368 | 367 |  |
| AEG Vision (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.90% | 9.57% | 3/27/2027 | $2038 | 2033 | 2038 |  |
| AEG Vision (15)(19)(29) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.90% | 9.57% | 3/27/2027 | $16186 | 16149 | 16186 |  |
| AEG Vision (15)(19)(29) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.90% | 9.57% | 3/27/2027 | $17653 | 17614 | 17653 |  |
| AEG Vision (15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.90% | 9.57% | 3/27/2027 | $41731 | 41386 | 41731 |  |
| Alldent Holding GmbH (3)(6)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 11/15/2032 |  |  |  |  |
| Alldent Holding GmbH (6)(18)(19) | First Lien Senior Secured Loan | EURIBOR | 5.50% | 7.62% | 11/15/2032 | 1600 | 1836 | 1859 |  |
| AOM Infusion (2)(3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 3/19/2032 | $— | (5) | (3) |  |
| AOM Infusion (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 3/19/2032 | $— | (4) | (2) |  |
| Apollo Intelligence (16)(19) | First Lien Senior Secured Loan | SOFR | 5.75% | 9.50% | 5/31/2028 | $14924 | 15314 | 14625 |  |
| Apollo Intelligence (3)(16)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.75% | 9.50% | 5/31/2028 | $9039 | 9010 | 8837 |  |
| Apollo Intelligence (14)(19)(25) | Equity Interest |  |  |  |  | 34 | 3378 | 2288 |  |
| Beacon Specialized Living (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.17% | 3/25/2028 | $4925 | 4886 | 4925 |  |
| Beacon Specialized Living (3)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.50% | 9.17% | 3/25/2028 | $4834 | 4738 | 4834 |  |
| Beacon Specialized Living (3)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 3/25/2028 | $— |  |  |  |
| Caregiver (19)(26) | Subordinated Debt |  | 16.50% PIK | 16.50% | 1/1/2030 | $9846 | 9750 | 9699 |  |
| CB Titan Holdings, Inc. (14)(19)(25) | Preferred Equity |  |  |  |  | 1953 | 1953 |  |  |
| CRH Healthcare Purchaser, Inc. (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.92% | 9/17/2031 | $7336 | 7301 | 7299 |  |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Interest** | **Maturity** | **Principal/** |  | **Market** | **% of** |
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Rate** | **Date** | **Shares** | **Cost** | **Value** | **NAV** <sup>(4)</sup> |
| **Non-Controlled/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| **Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |  |
| CRH Healthcare Purchaser, Inc. (2)(3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 9/17/2031 | $— | (5) | (10) |  |
| CRH Healthcare Purchaser, Inc. (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 9/17/2031 | $— | (4) | (4) |  |
| EHE Health (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.17% | 8/7/2030 | $10760 | 10671 | 10760 |  |
| EHE Health (3)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 8/7/2030 | $— |  |  |  |
| EHE Health (14)(19)(25) | Equity Interest |  |  |  |  | 2178 | 2178 | 2383 |  |
| Great Expressions Dental Center PC (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 1.15% (3.00% PIK) | 7.82% | 9/30/2026 | $9970 | 9995 | 8874 |  |
| HealthDrive (3)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 8/20/2029 | $— | - | - |  |
| HealthDrive (14)(19)(25) | Preferred Equity |  |  |  |  | 18 | 1822 | 2198 |  |
| Masco (6)(18)(19)(26) | Subordinated Debt | EURIBOR | 9.25% (0.75% PIK) | 12.23% | 10/4/2032 | 5665 | 6112 | 6715 |  |
| Mertus 522. GmbH (6)(18)(19)(26) | First Lien Senior Secured Loan | EURIBOR | 4.00% (3.00% PIK) | 9.12% | 5/28/2028 | 232 | 260 | 261 |  |
| Mertus 522. GmbH (6)(18)(19)(26) | First Lien Senior Secured Loan | EURIBOR | 4.00% (3.00% PIK) | 9.13% | 5/28/2028 | 135 | 148 | 152 |  |
| Nafinco (6)(15)(19) | First Lien Senior Secured Loan | EURIBOR | 5.25% | 7.37% | 8/29/2031 | 52 | 56 | 61 |  |
| Nafinco (3)(6)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 5.25% | 7.37% | 8/29/2031 | 1465 | 1513 | 1707 |  |
| Nafinco (3)(6)(15)(19) | First Lien Senior Secured Loan - Revolver | EURIBOR | 5.25% | 7.29% | 5/30/2031 | 107 | 109 | 123 |  |
| Odyssey Behavioral Health (15)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.12% | 5/21/2031 | $1607 | 1590 | 1607 |  |
| Odyssey Behavioral Health (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 11/21/2030 | $— | (74) |  |  |
| Odyssey Behavioral Health (14)(19)(25) | Equity Interest |  |  |  |  | 22 | 2234 | 2370 |  |
| Pharmacy Partners (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 2/28/2029 | $— | (43) |  |  |
| Premier Imaging, LLC (15)(19)(26) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.31% (1.95% PIK) | 9.93% | 3/31/2026 | $2207 | 2204 | 1954 |  |
| Premier Imaging, LLC (15)(19)(26)(29) | First Lien Senior Secured Loan | SOFR | 4.31% (1.95% PIK) | 9.93% | 3/31/2026 | $8228 | 8218 | 7282 |  |
| Psychiatric Medical Care LLC (16)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.41% | 7/1/2032 | $177 | 175 | 175 |  |
| Psychiatric Medical Care LLC (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/1/2032 | $— | (23) | (25) |  |
| Red Nucleus (3)(16)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.25% | 9.22% | 10/17/2031 | $405 | 384 | 405 |  |
| Red Nucleus (3)(16)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.25% | 9.06% | 10/17/2031 | $298 | 270 | 298 |  |
| RedMed Operations (Collage Rehabilitation) (15)(19) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.72% | 2/28/2031 | $360 | 358 | 360 |  |
| RedMed Operations (Collage Rehabilitation) (3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 2/28/2031 | $— | (6) |  |  |
| RedMed Operations (Collage Rehabilitation) (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.00% | 8.77% | 2/28/2031 | $210 | 201 | 210 |  |
| SunMed Group Holdings, LLC (16)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.60% | 9.44% | 6/16/2028 | $8430 | 8368 | 8430 |  |
| Sunmed Group Holdings, LLC (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 6/16/2027 | $— | (1) |  |  |
| USME Holdco LLC (19)(26) | Subordinated Debt |  | 17.00% PIK | 17.00% | 5/26/2031 | $5462 | 5412 | 5412 |  |
| Vatica Health, Inc. (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/31/2032 | $— | (9) | (9) |  |
| Vatica Health, Inc. (16)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.45% | 10/31/2032 | $9089 | 9000 | 8998 |  |
| WSHP Cottonwood Buyer, LLC (2)(3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 12/18/2032 | $— | (7) | (7) |  |
| WSHP Cottonwood Buyer, LLC (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 12/18/2032 | $— | (15) | (15) |  |
| WSHP Cottonwood Buyer, LLC (15)(19) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.67% | 12/18/2032 | $5851 | 5822 | 5822 |  |
| **Healthcare & Pharmaceuticals Total** |  |  |  |  |  |  | $**213870** | $**210063** | **18.8%** |
| **High Tech Industries** |  |  |  |  |  |  |  |  |  |
| Access (6)(18)(19) | First Lien Senior Secured Loan | SONIA | 5.25% | 8.97% | 6/28/2029 | £80 | 99 | 108 |  |
| Applitools (6)(16)(19)(26) | First Lien Senior Secured Loan | SOFR | 6.25% PIK | 9.92% | 5/25/2029 | $30357 | 30089 | 29142 |  |
| Applitools (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 5/25/2028 | $— | (14) | (137) |  |
| Applitools (6)(14)(19)(25) | Equity Interest |  |  |  |  | 20 | 11 | 8 |  |
| Applitools (6)(14)(19)(25) | Equity Interest |  |  |  |  | 8297 | 4762 | 3365 |  |
| Appriss (3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 3/10/2031 | $— | (12) |  |  |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Interest** | **Maturity** | **Principal/** |  | **Market** | **% of** |
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Rate** | **Date** | **Shares** | **Cost** | **Value** | **NAV** <sup>(4)</sup> |
| **Non-Controlled/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| **High Tech Industries** |  |  |  |  |  |  |  |  |  |
| Appriss (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.00% | 8.69% | 3/10/2031 | $357 | 333 | 357 |  |
| Appriss Holdings, Inc. (14)(19)(25) | Equity Interest |  |  |  |  | 2136 | 1606 | 2073 |  |
| Appriss Holdings, Inc. (15)(19) | First Lien Senior Secured Loan | SOFR | 4.85% | 8.57% | 5/6/2027 | $5503 | 5472 | 5503 |  |
| Appriss Holdings, Inc. (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 5/6/2028 | $— | (5) | (5) |  |
| AQ Software Corporation (19)(25)(26) | Preferred Equity | SOFR | 10.00% PIK | 13.60% |  | 2 | 1928 | 1648 |  |
| AQ Software Corporation (19)(25)(26) | Preferred Equity | SOFR | 10.00% PIK | 13.60% |  | 3 | 3212 | 2746 |  |
| AQ Software Corporation (19)(25)(26) | Preferred Equity | SOFR | 10.00% PIK | 13.60% |  | 1 | 849 | 726 |  |
| AQ Software Corporation (19)(25)(26) | Preferred Equity | SOFR | 10.00% PIK | 13.60% |  | 2 | 2224 | 1917 |  |
| Chartbeat (19)(26) | Subordinated Debt |  | 16.00% PIK | 16.00% | 10/4/2030 | $6815 | 6730 | 6815 |  |
| Chartbeat (14)(19)(25) | Warrants |  |  |  |  | 1 |  | 344 |  |
| Chartbeat (19)(26) | Subordinated Debt |  | 16.00% PIK | 16.00% | 10/4/2030 | $6075 | 5989 | 6075 |  |
| Cloud Technology Solutions (CTS) (6)(15)(19)(26) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 2.52% (5.48% PIK) | 11.90% | 10/17/2031 | £2161 | 2761 | 2907 |  |
| Cloud Technology Solutions (CTS) (6)(14)(19)(25) | Preferred Equity |  |  |  |  | 4835 | 5937 | 7422 |  |
| Eagle Rock Capital Corporation (14)(19)(25) | Preferred Equity |  |  |  |  | 2429 | 2429 | 6509 |  |
| Eleven Software (18)(19) | First Lien Senior Secured Loan | SOFR | 8.00% | 11.67% | 4/25/2027 | $7439 | 7413 | 7439 |  |
| Eleven Software (18)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 8.10% | 11.82% | 9/25/2026 | $1488 | 1486 | 1488 |  |
| Eleven Software (14)(19)(25) | Preferred Equity |  |  |  |  | 109 | 109 | 133 |  |
| Eleven Software (14)(19)(25) | Preferred Equity |  |  |  |  | 896 | 896 | 1096 |  |
| Govineer Solutions (fka Black Mountain) (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.67% | 10/7/2030 | $4389 | 4361 | 4389 |  |
| Govineer Solutions (fka Black Mountain) (3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 10/7/2030 | $— | (23) |  |  |
| Govineer Solutions (fka Black Mountain) (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/7/2030 | $— | (15) |  |  |
| HG Insights, Inc. (15)(19) | First Lien Senior Secured Loan | SOFR | 7.50% | 11.23% | 6/16/2031 | $10712 | 10509 | 10605 |  |
| HG Insights, Inc. (14)(19)(25) | Equity Interest |  |  |  |  | 505 | 777 | 861 |  |
| LogRhythm (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/2/2029 | $— | (9) | (33) |  |
| LogRhythm, Inc. (15)(19) | First Lien Senior Secured Loan | SOFR | 7.50% | 11.34% | 7/2/2029 | $3978 | 3869 | 3818 |  |
| NearMap (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 12/9/2028 | $— | (50) |  |  |
| NearMap (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.61% | 12/9/2029 | $19314 | 19272 | 19314 |  |
| NearMap (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 12/9/2028 | $— | (13) | (13) |  |
| New Gen Holding (6)(18)(19)(26) | First Lien Senior Secured Loan | EURIBOR | 2.00% (4.25% PIK) | 8.37% | 5/28/2031 | 3375 | 3802 | 3932 |  |
| PayRange (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/31/2030 | $— | (33) |  |  |
| PayRange (14)(19)(25) | Equity Interest |  |  |  |  | 4527 | 4527 | 7682 |  |
| PlentyMarkets (6)(18)(19)(26) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 3.25% (3.70% PIK) | 8.53% | 4/2/2032 | 1576 | 1830 | 1836 |  |
| RetailNext (15)(19) | First Lien Senior Secured Loan | SOFR | 7.00% | 10.76% | 12/5/2030 | $17007 | 16863 | 16837 |  |
| RetailNext (3)(18)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 7.00% | 10.86% | 12/5/2030 | $1862 | 1837 | 1831 |  |
| Revalize, Inc. (15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.90% | 8.57% | 4/15/2027 | $5261 | 5247 | 4841 |  |
| Revalize, Inc. (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.90% | 9.57% | 4/15/2027 | $939 | 935 | 831 |  |
| Revalize, Inc. (15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.90% | 8.57% | 4/15/2027 | $1971 | 1965 | 1813 |  |
| SAM (19)(26) | First Lien Senior Secured Loan |  | 13.50% PIK | 13.50% | 5/9/2028 | $43969 | 43837 | 43969 |  |
| SensorTower (19)(29)(31) | First Lien Senior Secured Loan | SOFR | 7.50% | 11.20% | 3/15/2029 | $4347 | 4302 | 4347 |  |
| SensorTower (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 3/15/2029 | $— | (10) |  |  |
| SensorTower (14)(19)(25) | Equity Interest |  |  |  |  | 156 | 2400 | 14911 |  |
| Superna Inc. (6)(15)(19) | First Lien Senior Secured Loan | SOFR | 6.50% | 10.24% | 3/6/2028 | $31251 | 31228 | 31251 |  |
| Superna Inc. (3)(5)(6)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 3/6/2028 | $— | (10) |  |  |
| Superna Inc. (3)(5)(6)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 3/6/2028 | $— | (10) |  |  |
| Superna Inc. (6)(14)(19)(25) | Equity Interest |  |  |  |  | 1463 | 1463 | 2559 |  |
| Utimaco (6)(16)(19) | First Lien Senior Secured Loan | EURIBOR | 5.50% | 7.62% | 5/14/2029 | 67 | 72 | 79 |  |
| Utimaco (6)(16)(19) | First Lien Senior Secured Loan | SOFR | 5.93% | 9.73% | 5/14/2029 | $94 | 93 | 94 |  |
| Utimaco (6)(16)(19) | First Lien Senior Secured Loan | SOFR | 5.93% | 9.73% | 5/14/2029 | $192 | 191 | 192 |  |
| Utimaco (6)(14)(19)(25) | Equity Interest |  |  |  |  | 2 | 2158 | 3235 |  |
| Utimaco (6)(14)(19)(25) | Preferred Equity |  |  |  |  | 2 | 2158 | 3235 |  |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Interest** | **Maturity** | **Principal/** |  | **Market** | **% of** |
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Rate** | **Date** | **Shares** | **Cost** | **Value** | **NAV** <sup>(4)</sup> |
| **Non-Controlled/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| **High Tech Industries** |  |  |  |  |  |  |  |  |  |
| Ventiv Holdco, Inc. (14)(19)(25) | Equity Interest |  |  |  |  | 529 | 2833 | 909 |  |
| **High Tech Industries Total** |  |  |  |  |  |  | $**250660** | $**271004** | **24.3%** |
| **Hotel, Gaming & Leisure** |  |  |  |  |  |  |  |  |  |
| Awayday (3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 5/6/2032 | $— | (2) |  |  |
| Awayday (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 5/6/2032 | $— | (11) |  |  |
| Awayday (15)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.92% | 5/6/2032 | $1343 | 1332 | 1343 |  |
| City BBQ (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.35% | 9.10% | 9/4/2030 | $9255 | 9189 | 9207 |  |
| City BBQ (2)(3)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 9/4/2030 | $— |  | (66) |  |
| City BBQ (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 9/4/2030 | $— | (32) | (24) |  |
| City BBQ (14)(19)(25) | Preferred Equity |  |  |  |  | 5 | 1271 | 1449 |  |
| Le Berger SA (6)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 3.75% | 5.77% | 2/21/2028 | 500 | 522 | 587 |  |
| Pollo Tropical (15)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.07% | 10/23/2029 | $2709 | 2681 | 2709 |  |
| Pollo Tropical (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/23/2029 | $— | (9) |  |  |
| Pyramid Global Hospitality (19)(24)(29) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.11% | 1/19/2028 | $9503 | 9370 | 9503 |  |
| Pyramid Global Hospitality (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 1/19/2028 | $— | (27) |  |  |
| **Hotel, Gaming & Leisure Total** |  |  |  |  |  |  | $**24284** | $**24708** | **2.2%** |
| **Media: Advertising, Printing & Publishing** |  |  |  |  |  |  |  |  |  |
| Facts Global Energy (6)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.25% | 9.05% | 12/20/2031 | $50 | 50 | 49 |  |
| Facts Global Energy (2)(3)(5)(6)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 12/20/2031 | $— | (27) | (158) |  |
| Facts Global Energy (2)(3)(5)(6)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 6/20/2031 | $— | (13) | (39) |  |
| Facts Global Energy (6)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.25% | 9.05% | 12/20/2031 | $50 | 50 | 49 |  |
| OGH Bidco Limited (6)(18)(19) | First Lien Senior Secured Loan | SONIA | 6.50% | 10.23% | 6/29/2029 | £139 | 165 | 177 |  |
| OGH Bidco Limited (3)(6)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 6.25% | 10.23% | 6/29/2029 | £2217 | 2628 | 2547 |  |
| TGI Sport Bidco Pty Ltd (6)(18)(19) | First Lien Senior Secured Loan | BBSY | 7.00% | 10.60% | 4/30/2026 | 98 | 76 | 66 |  |
| TGI Sport Bidco Pty Ltd (6)(17)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 7.11% | 10.83% | 4/30/2026 | 106 | 73 | 73 |  |
| TGI Sport Bidco Pty Ltd (6)(17)(19) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 6.03% | 9.76% | 6/24/2029 | £69 | 88 | 93 |  |
| **Media: Advertising, Printing & Publishing Total** |  |  |  |  |  |  | $**3090** | $**2857** | **0.3%** |
| **Media: Broadcasting & Subscription** |  |  |  |  |  |  |  |  |  |
| Lightning Finco Limited (6)(16)(19) | First Lien Senior Secured Loan | SOFR | 5.93% | 9.59% | 8/31/2028 | $1443 | 1441 | 1436 |  |
| Lightning Finco Limited (6)(16)(19) | First Lien Senior Secured Loan | EURIBOR | 5.50% | 7.62% | 8/31/2028 | 1300 | 1435 | 1518 |  |
| **Media: Broadcasting & Subscription Total** |  |  |  |  |  |  | $**2876** | $**2954** | **0.3%** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Interest** | **Maturity** | **Principal/** |  | **Market** | **% of** |
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Rate** | **Date** | **Shares** | **Cost** | **Value** | **NAV** <sup>(4)</sup> |
| **Media: Diversified & Production** |  |  |  |  |  |  |  |  |  |
| Aptus 1724 Gmbh (6)(7)(14)(19)(21)(26) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 7.15% PIK | 10.89% | 3/3/2028 | $5455 | 5146 | 1637 |  |
| Efficient Collaborative Retail Marketing Company, LLC (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 7.01% (2.50% PIK) | 13.18% | 9/30/2026 | $11433 | 9614 | 9947 |  |
| Efficient Collaborative Retail Marketing Company, LLC (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 7.01% (2.50% PIK) | 13.18% | 9/30/2026 | $17564 | 14604 | 15281 |  |
| Efficient Collaborative Retail Marketing Company, LLC (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 6.61% | 10.33% | 9/30/2026 | $1252 | 1244 | 1252 |  |
| Music Creation Group Bidco GmbH (6)(7)(14)(19)(21)(26) | First Lien Senior Secured Loan | SOFR | 7.15%PIK | 10.89% | 3/3/2028 | $4481 | 4106 | 1344 |  |
| Soundwide, GmbH (3)(6)(7)(14)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 2/23/2026 |  |  |  |  |
| **Media: Diversified & Production Total** |  |  |  |  |  |  | $**34714** | $**29461** | **2.6%** |
| **Metals & Mining** |  |  |  |  |  |  |  |  |  |
| Elevation NewCo Intermediate, LLC (14)(19)(25) | Equity Interest |  |  |  |  | 112 |  |  |  |
| Elevation NewCo, LLC (2)(3)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 8/1/2031 | $— |  | (18) |  |
| Elevation NewCo, LLC (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 8/1/2031 | $— | (5) | (5) |  |
| Lindstrom, LLC (3)(16)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.50% | 9.20% | 12/30/2032 | $495 | 475 | 478 |  |
| Lindstrom, LLC (16)(19) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.20% | 12/30/2032 | $8813 | 8714 | 8703 |  |
| **Metals & Mining Total** |  |  |  |  |  |  | $**9184** | $**9158** | **0.8%** |
| **Retail** |  |  |  |  |  |  |  |  |  |
| Galeria (6)(19)(26) | First Lien Senior Secured Loan - Delayed Draw |  | 15.00% PIK | 15.00% | 4/9/2029 | 10294 | 11172 | 12081 |  |
| Galeria (6)(14)(19)(25) | Equity Interest |  |  |  |  | 101 | 22 | 24 |  |
| New Look Vision Group (6)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | CORRA | 5.25% | 7.51% | 5/26/2028 | 28 | 26 | 20 |  |
| New Look Vision Group (3)(6)(18)(19) | First Lien Senior Secured Loan - Revolver | CORRA | 5.25% | 7.51% | 5/26/2028 | 828 | 599 | 604 |  |
| New Look Vision Group (6)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.25% | 8.92% | 5/26/2028 | $391 | 391 | 391 |  |
| New Look Vision Group (6)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | CORRA | 5.25% | 7.51% | 5/26/2028 | 54 | 43 | 39 |  |
| Thrasio, LLC (7)(14)(15)(19)(26) | First Lien Senior Secured Loan | SOFR | 10.11% PIK | 13.84% | 6/18/2029 | $5419 | 4741 | 2709 |  |
| Thrasio, LLC (14)(19)(25) | Equity Interest |  |  |  |  | 8 | 777 |  |  |
| Thrasio, LLC (14)(19)(25) | Equity Interest |  |  |  |  | 70 | 6997 |  |  |
| Thrasio, LLC (7)(14)(15)(19)(26) | First Lien Senior Secured Loan | SOFR | 10.11% PIK | 13.84% | 6/18/2029 | $1745 | 1546 | 1745 |  |
| **Retail Total** |  |  |  |  |  |  | $**26314** | $**17613** | **1.6%** |
| **Services: Business** |  |  |  |  |  |  |  |  |  |
| ACAMS (14)(19)(25) | Equity Interest |  |  |  |  | 3337 | 3337 | 3865 |  |
| ACAMS (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 12/30/2031 | $— | (17) |  |  |
| ACAMS (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.69% | 12/30/2031 | $13704 | 13566 | 13704 |  |
| Advanced Aircrew (15)(19) | First Lien Senior Secured Loan | SOFR | 6.50% | 10.22% | 7/26/2030 | $5043 | 5002 | 5043 |  |
| Advanced Aircrew (3)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/26/2030 | $— |  |  |  |
| Advanced Aircrew (14)(19)(25) | Preferred Equity |  |  |  |  | 592 | 592 | 644 |  |
| Allbridge (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.17% | 6/5/2030 | $8955 | 8902 | 8955 |  |
| Allbridge (3)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 6/5/2030 | $— |  |  |  |
| Allbridge (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 6/5/2030 | $— | (21) |  |  |
| AMI (16)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.90% | 10/17/2031 | $9204 | 9144 | 9204 |  |
| AMI (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/17/2031 | $— | (34) |  |  |
| Beneficium (6)(15)(19) | First Lien Senior Secured Loan | SONIA | 5.75% | 9.48% | 6/28/2031 | £7497 | 9401 | 9883 |  |
| Beneficium (2)(3)(6)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 6/28/2031 | £— |  | (194) |  |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Interest** | **Maturity** | **Principal/** |  | **Market** | **% of** |
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Rate** | **Date** | **Shares** | **Cost** | **Value** | **NAV** <sup>(4)</sup> |
| **Non-Controlled/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| **Services: Business** |  |  |  |  |  |  |  |  |  |
| BLI Buyer, Inc. (3)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 10/31/2031 | $— |  |  |  |
| BLI Buyer, Inc. (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/31/2031 | $— | (10) | (11) |  |
| BLI Buyer, Inc. (15)(19) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.84% | 10/31/2031 | $9629 | 9581 | 9581 |  |
| Brook Bidco (6)(18)(19)(26) | First Lien Senior Secured Loan | SONIA | 1.87% (5.66% PIK) | 11.25% | 7/10/2028 | £920 | 1240 | 1114 |  |
| Brook Bidco (6)(16)(19)(26) | First Lien Senior Secured Loan | SOFR | 1.91% (5.93% PIK) | 11.52% | 7/10/2028 | £368 | 487 | 437 |  |
| Brook Bidco (6)(16)(19)(26) | First Lien Senior Secured Loan | SOFR | 1.91% (5.93% PIK) | 11.52% | 7/10/2028 | £132 | 181 | 157 |  |
| Brook Bidco (6)(14)(19)(25) | Preferred Equity |  |  |  |  | 11656 | 9941 | 5591 |  |
| Cube (18)(19)(26) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 2.00% (4.50% PIK) | 10.19% | 5/20/2031 | $53 | 53 | 53 |  |
| Cube (6)(18)(19)(26) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 3.00% (4.40% PIK) | 11.08% | 5/20/2031 | $121 | 105 | 103 |  |
| Cube (6)(18)(19)(26) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 10.00% PIK | 13.73% | 5/22/2032 | £2185 | 2992 | 2939 |  |
| Darcy Partners (18)(19) | First Lien Senior Secured Loan | SOFR | 7.75% | 11.45% | 6/1/2028 | $1480 | 1474 | 1480 |  |
| Darcy Partners (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 7.65% | 11.50% | 6/1/2028 | $181 | 181 | 181 |  |
| Darcy Partners (14)(19)(25) | Equity Interest |  |  |  |  | 359 | 360 | 440 |  |
| Datix Bidco Limited (17)(19) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.73% | 4/30/2031 | $16626 | 16361 | 16626 |  |
| Datix Bidco Limited (3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 4/30/2031 | $— | (22) |  |  |
| Datix Bidco Limited (3)(5)(6)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/30/2030 | $— | (30) |  |  |
| Datix Bidco Limited (3)(6)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/30/2030 | £— |  |  |  |
| Discovery Senior Living (3)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.75% | 8.47% | 3/18/2030 | $5530 | 5506 | 5530 |  |
| Discovery Senior Living (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 3/18/2030 | $— | (20) |  |  |
| DTIQ (13)(19)(29) | First Lien Senior Secured Loan | SOFR | 7.50% | 11.22% | 9/30/2029 | $33355 | 32881 | 32854 |  |
| DTIQ (2)(3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 9/30/2029 | $— | (30) | (81) |  |
| DTIQ (3)(13)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 7.50% | 11.22% | 9/30/2029 | $806 | 806 | 746 |  |
| DTIQ (14)(19)(25) | Equity Interest |  |  |  |  | 3995 |  |  |  |
| DTIQ (14)(19)(25) | Equity Interest |  |  |  |  | 1985 | 681 | 1559 |  |
| Easy Ice (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.40% | 9.24% | 10/30/2030 | $7920 | 7821 | 7920 |  |
| Easy Ice (3)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.40% | 9.07% | 10/30/2030 | $3161 | 3098 | 3161 |  |
| Easy Ice (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.40% | 9.09% | 10/30/2030 | $1776 | 1713 | 1776 |  |
| Electronic Merchant Systems (16)(19)(29) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.48% | 8/1/2030 | $4092 | 4034 | 4092 |  |
| Electronic Merchant Systems (3)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 8/1/2030 | $— |  |  |  |
| Electronic Merchant Systems (19)(25) | Equity Interest |  |  |  |  | 148 | 1042 | 1991 |  |
| Elevator Holdco Inc. (14)(19)(25) | Equity Interest |  |  |  |  | 2 | 2448 | 3026 |  |
| E-Tech Group (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 4/9/2030 | $— | (9) | (16) |  |
| Fiduciaire Jean-Marc Faber (FJMF) (2)(3)(5)(6)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 4/3/2032 |  | (14) | (38) |  |
| Fiduciaire Jean-Marc Faber (FJMF) (6)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 5.50% | 7.58% | 4/3/2032 | 50 | 55 | 58 |  |
| Hollywood LP (6)(19)(25)(26) | Preferred Equity |  | 12.50% PIK | 12.50% |  | 1869 | 2428 | 2464 |  |
| iBanFirst (6)(18)(19)(26) | First Lien Senior Secured Loan | EURIBOR | 9.75% PIK | 11.77% | 7/13/2028 | 4152 | 4372 | 4872 |  |
| iBanFirst (6)(18)(19)(26) | First Lien Senior Secured Loan | EURIBOR | 9.75% PIK | 11.77% | 7/13/2028 | 120 | 129 | 141 |  |
| iBanFirst (6)(18)(19)(26) | First Lien Senior Secured Loan | EURIBOR | 9.75% PIK | 11.77% | 7/13/2028 | 4363 | 4554 | 5121 |  |
| iBanFirst (6)(18)(19)(26) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 9.75% PIK | 11.77% | 7/13/2028 | 4009 | 4181 | 4705 |  |
| iBanFirst Facility (6)(14)(19)(25) | Preferred Equity |  |  |  |  | 7112 | 8136 | 28523 |  |
| ImageTrend (15)(19) | First Lien Senior Secured Loan | SOFR | 6.00% | 9.84% | 1/31/2029 | $17000 | 16831 | 17000 |  |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Interest** | **Maturity** | **Principal/** |  | **Market** | **% of** |
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Rate** | **Date** | **Shares** | **Cost** | **Value** | **NAV** <sup>(4)</sup> |
| **Non-Controlled/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| **Services: Business** |  |  |  |  |  |  |  |  |  |
| ImageTrend (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 1/31/2029 | $— | (31) |  |  |
| ImageTrend (15)(19) | First Lien Senior Secured Loan | SOFR | 6.00% | 9.72% | 1/31/2029 | $2500 | 2479 | 2500 |  |
| LEP CP Co-Invest, L.P. (6)(14)(19)(25) | Equity Interest |  |  |  |  | 287 | 380 | 410 |  |
| Mach 1 Bidco Limited (3)(6)(18)(19)(26) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 3.00% (4.40% PIK) | 11.07% | 5/20/2031 | $153 | 151 | 151 |  |
| masLabor (18)(19) | First Lien Senior Secured Loan | SOFR | 7.50% | 11.15% | 7/1/2027 | $8233 | 8148 | 8233 |  |
| masLabor (14)(19)(25) | Equity Interest |  |  |  |  | 173 | 173 | 642 |  |
| Morrow Sodali (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 4/25/2028 | $— | (12) |  |  |
| Morrow Sodali (15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.48% | 9.20% | 4/25/2028 | $2573 | 2564 | 2573 |  |
| Opus2 (6)(18)(19) | First Lien Senior Secured Loan | SONIA | 5.28% | 9.00% | 5/5/2028 | £123 | 169 | 165 |  |
| Opus2 (6)(14)(19)(25) | Equity Interest |  |  |  |  | 2272 | 2900 | 4189 |  |
| PRGX (15)(19) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.16% | 12/20/2030 | $142 | 141 | 140 |  |
| PRGX (2)(3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 12/20/2030 | $— | (23) | (82) |  |
| Pure Wafer (3)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.35% | 9.07% | 11/12/2030 | $1384 | 1376 | 1384 |  |
| Pure Wafer (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 11/12/2030 | $— | (16) |  |  |
| Pure Wafer (19)(25) | Equity Interest |  |  |  |  | 1236 | 1236 | 1381 |  |
| Rydoo (6)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 6.75% | 8.87% | 9/12/2031 | 1556 | 1724 | 1826 |  |
| Rydoo (6)(15)(19) | First Lien Senior Secured Loan | EURIBOR | 6.75% | 8.87% | 9/26/2031 | 5076 | 5796 | 5957 |  |
| Rydoo (6)(14)(19)(25) | Equity Interest |  |  |  |  | 1529 | 1790 | 2378 |  |
| Rydoo (6)(14)(19)(25) | Preferred Equity |  |  |  |  | 655 | 767 | 861 |  |
| SoftCo (6)(15)(19) | First Lien Senior Secured Loan | EURIBOR | 6.50% | 8.57% | 2/22/2031 | 2000 | 2148 | 2347 |  |
| SoftCo (6)(14)(19)(25) | Equity Interest |  |  |  |  | 500 | 537 | 734 |  |
| Spring Finco BV (2)(3)(6)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 7/15/2029 |  |  | (65) |  |
| TEI Holdings Inc. (17)(29) | First Lien Senior Secured Loan | SOFR | 4.00% | 7.67% | 4/9/2031 | $2621 | 2610 | 2610 |  |
| TES Global (6)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 5.00% | 9.01% | 1/27/2029 | £12 | 15 | 16 |  |
| Webcentral (6)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 6.50% | 8.62% | 12/18/2030 | 17 | 18 | 20 |  |
| Webcentral (3)(6)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.50% | 10.53% | 12/18/2030 | 217 | 238 | 242 |  |
| Webcentral (6)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.50% | 10.53% | 12/18/2030 | $87 | 87 | 87 |  |
| **Services: Business Total** |  |  |  |  |  |  | $**228774** | $**253898** | **22.7%** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Interest** | **Maturity** | **Principal/** |  | **Market** | **% of** |
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Rate** | **Date** | **Shares** | **Cost** | **Value** | **NAV** <sup>(4)</sup> |
| **Non-Controlled/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| **Services: Consumer** |  |  |  |  |  |  |  |  |  |
| CorePower Yoga, LLC (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.92% | 4/30/2031 | $7960 | 7920 | 7960 |  |
| CorePower Yoga, LLC (3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 4/30/2031 | $— | (2) |  |  |
| CorePower Yoga, LLC (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 4/30/2031 | $— | (8) |  |  |
| Master ConcessionAir (19)(33) | First Lien Senior Secured Loan | SOFR | 8.75% | 12.44% | 6/21/2029 | $1706 | 1678 | 1621 |  |
| Master ConcessionAir (3)(19)(33) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 8.75% | 12.64% | 6/21/2029 | $182 | 181 | 159 |  |
| Master ConcessionAir (3)(19)(33) | First Lien Senior Secured Loan - Revolver | SOFR | 8.75% | 12.49% | 6/21/2029 | $217 | 213 | 205 |  |
| MZR Aggregator (14)(19)(25) | Equity Interest |  |  |  |  | 1 | 798 | 75 |  |
| MZR Aggregator (14)(19)(25) | Equity Interest |  |  |  |  |  | 12 | 15 |  |
| MZR Buyer, LLC (15)(19)(26) | First Lien Senior Secured Loan - Revolver | SOFR | 6.90% (0.50% PIK) | 11.06% | 12/22/2028 | $5229 | 5186 | 4889 |  |
| MZR Buyer, LLC (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 7.00% (0.50% PIK) | 11.56% | 12/22/2028 | $455 | 450 | 450 |  |
| MZR Buyer, LLC (15)(19)(26) | First Lien Senior Secured Loan - Revolver | SOFR | 6.90% (0.50% PIK) | 11.06% | 12/22/2028 | $1732 | 1711 | 1619 |  |
| MZR Buyer, LLC (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 6.90% (0.50% PIK) | 11.07% | 12/22/2028 | $25491 | 24919 | 23834 |  |
| Owl Acquisition, LLC (16)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.63% | 4/17/2032 | $642 | 639 | 629 |  |
| Owl Acquisition, LLC (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 4/17/2032 | $— | (8) | (47) |  |
| Owl Acquisition, LLC (3)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.75% | 8.69% | 4/17/2032 | $200 | 198 | 178 |  |
| Spotless Brands (15)(19)(29) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.50% | 9.37% | 7/25/2028 | $11330 | 11281 | 11330 |  |
| Vasa Fitness Buyer, Inc. (15)(19) | First Lien Senior Secured Loan | SOFR | 6.35% | 10.07% | 8/15/2030 | $66 | 70 | 65 |  |
| Vasa Fitness, LLC (3)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.35% | 10.08% | 8/15/2030 | $580 | 571 | 561 |  |
| Vasa Fitness, LLC (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 8/15/2030 | $— | (2) | (3) |  |
| WhiteWater Express (19)(26) | Subordinated Debt |  | 14.00% PIK | 14.00% | 3/31/2031 | $9164 | 9094 | 9164 |  |
| **Services: Consumer Total** |  |  |  |  |  |  | $**64901** | $**62704** | **5.6%** |
| **Telecommunications** |  |  |  |  |  |  |  |  |  |
| Meriplex Communications, Ltd. (16)(19) | First Lien Senior Secured Loan | SOFR | 5.10% | 8.82% | 7/17/2028 | $11966 | 11846 | 11757 |  |
| Meriplex Communications, Ltd. (16)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.10% | 8.82% | 7/17/2028 | $7102 | 7053 | 6978 |  |
| Meriplex Communications, Ltd. (16)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.10% | 8.82% | 7/17/2028 | $2824 | 2800 | 2775 |  |
| Substantial Holdco Limited (3)(6)(18)(19)(26) | First Lien Senior Secured Loan - Delayed Draw |  | 8.00% (4.00% PIK) | 12.00% | 4/20/2030 | £253 | 338 | 340 |  |
| Taoglas (15)(19) | First Lien Senior Secured Loan | SOFR | 7.25% | 10.92% | 2/28/2029 | $9877 | 9813 | 9704 |  |
| Taoglas (3)(6)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 7.25% | 10.99% | 2/28/2029 | $1284 | 1284 | 1260 |  |
| Taoglas (6)(15)(19) | First Lien Senior Secured Loan | SOFR | 7.25% | 10.92% | 2/28/2029 | $444 | 436 | 436 |  |
| Taoglas (14)(19)(25) | Equity Interest |  |  |  |  | 2259 | 2259 | 1901 |  |
| Taoglas (15)(19) | First Lien Senior Secured Loan | SOFR | 7.25% | 10.92% | 2/28/2029 | $894 | 894 | 894 |  |
| Taoglas (14)(19)(25) | Equity Interest |  |  |  |  | 20 | 20 | 17 |  |
| Taoglas (15)(19) | First Lien Senior Secured Loan | SOFR | 7.25% | 10.92% | 2/28/2029 | $18277 | 18025 | 17957 |  |
| **Telecommunications Total** |  |  |  |  |  |  | $**54768** | $**54019** | **4.8%** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Interest** | **Maturity** | **Principal/** |  | **Market** | **% of** |
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Rate** | **Date** | **Shares** | **Cost** | **Value** | **NAV** <sup>(4)</sup> |
| **Non-Controlled/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| **Transportation: Cargo** |  |  |  |  |  |  |  |  |  |
| A&R Logistics, Inc. (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 2.65% (4.25% PIK) | 10.56% | 2/3/2028 | $13161 | 13128 | 11581 |  |
| A&R Logistics, Inc. (3)(15)(19)(22)(26) | First Lien Senior Secured Loan - Revolver | SOFR | 2.50% (4.25% PIK) | 10.48% | 2/3/2028 | $4624 | 4561 | 3877 |  |
| A&R Logistics, Inc. (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 2.65% (4.25% PIK) | 10.56% | 2/3/2028 | $2398 | 2391 | 2110 |  |
| A&R Logistics, Inc. (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 2.65% (4.25% PIK) | 10.56% | 2/3/2028 | $926 | 920 | 815 |  |
| A&R Logistics, Inc. (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 2.65% (4.25% PIK) | 10.56% | 2/3/2028 | $2693 | 2689 | 2370 |  |
| A&R Logistics, Inc. (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 2.65% (4.25% PIK) | 10.56% | 2/3/2028 | $5937 | 5925 | 5224 |  |
| ARL Holdings, LLC (14)(19)(25) | Equity Interest |  |  |  |  |  | 445 |  |  |
| ARL Holdings, LLC (14)(19)(25) | Equity Interest |  |  |  |  | 9 | 9 |  |  |
| Grammer Investment Holdings LLC (14)(19)(25) | Equity Interest |  |  |  |  | 1011 | 1019 |  |  |
| Grammer Investment Holdings LLC (14)(19)(25) | Warrants |  |  |  |  | 122 |  |  |  |
| Grammer Investment Holdings LLC (14)(19)(25) | Preferred Equity |  |  |  |  | 11 | 1095 |  |  |
| Gulf Winds International (15)(19)(26)(29) | First Lien Senior Secured Loan | SOFR | 6.00% (1.00% PIK) | 10.72% | 12/16/2028 | $11954 | 11744 | 11356 |  |
| Gulf Winds International (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 7.00% | 10.72% | 12/16/2028 | $4096 | 3996 | 3812 |  |
| Gulf Winds International (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 6.00% (1.00% PIK) | 10.72% | 12/16/2028 | $1072 | 1065 | 1018 |  |
| ICAT Logistics, Inc. (15)(19) | First Lien Senior Secured Loan | SOFR | 6.25% | 9.97% | 3/1/2029 | $182 | 181 | 180 |  |
| ICAT Logistics, Inc. (3)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.25% | 9.97% | 3/1/2029 | $1371 | 1332 | 1289 |  |
| ICAT Logistics, Inc. (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 3/1/2029 | $— | (12) | (13) |  |
| REP Coinvest III- A Omni, L.P. (14)(19)(25) | Equity Interest |  |  |  |  | 1377 | 1377 | 728 |  |
| RoadOne (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 6.25% | 9.95% | 12/29/2028 | $11883 | 11670 | 11883 |  |
| RoadOne (15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.25% | 9.95% | 12/29/2028 | $929 | 919 | 929 |  |
| RoadOne (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 6.25% | 10.03% | 12/29/2028 | $3922 | 3856 | 3922 |  |
| **Transportation: Cargo Total** |  |  |  |  |  |  | $**68310** | $**61081** | **5.5%** |
| **Transportation: Consumer** |  |  |  |  |  |  |  |  |  |
| PrimeFlight (15)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.12% | 5/1/2029 | $9334 | 9252 | 9334 |  |
| PrimeFlight Acquisition LLC (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.35% | 5/1/2029 | $11944 | 11792 | 11944 |  |
| PrimeFlight Acquisition LLC (15)(19) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.17% | 5/1/2029 | $826 | 826 | 826 |  |
| PrimeFlight Acquisition LLC (15)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.92% | 5/1/2029 | $4014 | 3969 | 4014 |  |
| **Transportation: Consumer Total** |  |  |  |  |  |  | $**25839** | $**26118** | **2.3%** |
| **Utilities: Electric** |  |  |  |  |  |  |  |  |  |
| KAMC Holdings, Inc. (16)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.10% | 8/1/2031 | $7857 | 7770 | 7768 |  |
| KAMC Holdings, Inc. (3)(16)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.25% | 9.07% | 8/1/2031 | $263 | 253 | 252 |  |
| **Utilities: Electric Total** |  |  |  |  |  |  | $**8023** | $**8020** | **0.7%** |
| **Utilities: Water** |  |  |  |  |  |  |  |  |  |
| Vessco Water (3)(16)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.50% | 8.22% | 7/24/2031 | $2758 | 2740 | 2757 |  |
| Vessco Water (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/24/2031 | $— | (9) |  |  |
| **Utilities: Water Total** |  |  |  |  |  |  | $**2731** | $**2757** | **0.2%** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Interest** | **Maturity** | **Principal/** |  | **Market** | **% of** |
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Rate** | **Date** | **Shares** | **Cost** | **Value** | **NAV** <sup>(4)</sup> |
| **Non-Controlled/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| **Wholesale** |  |  |  |  |  |  |  |  |  |
| Abracon Group Holding, LLC. (7)(14)(16)(19)(26) | First Lien Senior Secured Loan | SOFR | 2.05% (4.60% PIK) | 10.54% | 7/6/2028 | $14939 | 13613 | 8964 |  |
| Abracon Group Holding, LLC. (7)(14)(16)(19)(26) | First Lien Senior Secured Loan - Revolver | SOFR | 2.05% (4.60% PIK) | 10.54% | 7/6/2028 | $2112 | 1916 | 1267 |  |
| Chex Finer Foods, LLC (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 6.00% | 9.74% | 6/6/2031 | $8945 | 8892 | 8945 |  |
| Chex Finer Foods, LLC (3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 6/6/2031 | $— | (16) |  |  |
| Chex Finer Foods, LLC (3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 6/6/2031 | $— | (14) |  |  |
| Fifty AU Bidco Pty Ltd (18)(19) | First Lien Senior Secured Loan | BBSY | 5.00% | 8.79% | 8/1/2031 | 2396 | 1543 | 1591 |  |
| Fifty U.S. Bidco Inc (15)(19) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.67% | 8/1/2031 | $700 | 696 | 696 |  |
| Fifty U.S. Bidco Inc (2)(3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 8/1/2031 | $— | (4) | (15) |  |
| Fifty U.S. Bidco Inc (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.00% | 8.67% | 8/1/2031 | $1171 | 1159 | 1163 |  |
| Hultec (14)(19)(25) | Equity Interest |  |  |  |  | 1 | 651 | 1019 |  |
| SureWerx (16)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.92% | 12/28/2029 | $932 | 929 | 927 |  |
| SureWerx (2)(3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 12/28/2029 | $— | (6) | (5) |  |
| SureWerx (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 12/28/2028 | $— | (13) | (6) |  |
| SureWerx (3)(19) | First Lien Senior Secured Loan - Revolver |  |  |  | 12/28/2028 |  |  |  |  |
| **Wholesale Total** |  |  |  |  |  |  | $**29346** | $**24546** | **2.2%** |
| **Non-Controlled/Non-Affiliate Investments Total** |  |  |  |  |  |  | $**1891513** | $**1905297** | **170.5%** |
| **Non-Controlled/Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| **Aerospace & Defense** |  |  |  |  |  |  |  |  |  |
| Ansett Aviation Training (6)(10)(14)(19)(25) | Equity Interest |  |  |  |  | 5119 | 3842 | 18384 |  |
| **Aerospace & Defense Total** |  |  |  |  |  |  | $**3842** | $**18384** | **1.6%** |
| **Beverage, Food & Tobacco** |  |  |  |  |  |  |  |  |  |
| ADT Pizza, LLC (10)(14)(19)(25) | Equity Interest |  |  |  |  | 6720 | 3372 |  |  |
| **Beverage, Food & Tobacco Total** |  |  |  |  |  |  | $**3372** | $**—** | **0.0%** |
| **Consumer Goods: Durable** |  |  |  |  |  |  |  |  |  |
| Walker Edison (3)(7)(10)(14)(19) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 2/2/2026 | $290 | 290 | 290 |  |
| **Consumer Goods: Durable Total** |  |  |  |  |  |  | $**290** | $**290** | **0.1%** |
| **Non-Controlled/Affiliate Investments Total** |  |  |  |  |  |  | $**7504** | $**18674** | **1.7%** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index (1)** | **Spread (1)** | **Interest Rate** | **Maturity Date** | **Principal/Shares (9)** | **Cost** | **Market Value** | **% of NAV (4)** |
| **Controlled Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| **Aerospace & Defense** |  |  |  |  |  |  |  |  |  |
| BCC Jetstream Holdings Aviation (Off I), LLC (6)(10)(11)(14)(20)(25) | Equity Interest |  |  |  |  | 11863 | 11863 | 7539 |  |
| BCC Jetstream Holdings Aviation (On II), LLC (10)(11)(14)(20) | First Lien Senior Secured Loan |  |  |  |  | $8013 | 8013 | 4583 |  |
| BCC Jetstream Holdings Aviation (On II), LLC (10)(11)(14)(20)(25) | Equity Interest |  |  |  |  | 1116 | 1116 |  |  |
| Gale Aviation (Offshore) Co (6)(10)(11)(14)(19)(25) | Equity Interest |  |  |  |  | 72247 | 66754 | 55758 |  |
| **Aerospace & Defense Total** |  |  |  |  |  |  | $**87746** | $**67880** | **6.1%** |
| **FIRE: Finance** |  |  |  |  |  |  |  |  |  |
| Legacy Corporate Lending HoldCo, LLC (10)(11)(14)(19)(25) | Equity Interest |  |  |  |  | 1 | 900 | 1287 |  |
| Legacy Corporate Lending HoldCo, LLC (10)(11)(19)(25) | Preferred Equity |  |  |  |  | 66 | 59400 | 68748 |  |
| Legacy Corporate Lending HoldCo, LLC (10)(11)(14)(19)(25) | Equity Interest |  |  |  |  | 1 |  |  |  |
| **FIRE: Finance Total** |  |  |  |  |  |  | $**60300** | $**70035** | **6.3%** |
| **Investment Vehicles** |  |  |  |  |  |  |  |  |  |
| Bain Capital Senior Loan Program, LLC (6)(10)(11)(18)(19) | Subordinated Note Investment Vehicles |  | 10.00% | 10.00% | 12/27/2033 | $169995 | 169995 | 157925 |  |
| Bain Capital Senior Loan Program, LLC (6)(10)(11)(25) | Preferred Equity Interest Investment Vehicles |  |  |  |  | 10 | 10 | 1836 |  |
| Bain Capital Senior Loan Program, LLC (6)(10)(11)(25) | Equity Interest Investment Vehicles |  |  |  |  | 10 | 5594 | 5007 |  |
| International Senior Loan Program, LLC (6)(10)(11)(18)(19) | Subordinated Note Investment Vehicles | SOFR | 8.00% | 11.69% | 2/22/2028 | $190729 | 190729 | 190729 |  |
| International Senior Loan Program, LLC (6)(10)(11)(25) | Equity Interest Investment Vehicles |  |  |  |  | 63587 | 60614 | 43554 |  |
| **Investment Vehicles Total** |  |  |  |  |  |  | $**426942** | $**399051** | **35.7%** |
| **Services: Business** |  |  |  |  |  |  |  |  |  |
| Parcel2Go (6)(10)(11)(14)(19)(25) | Preferred Equity |  |  |  |  | 14221 |  |  |  |
| Parcel2Go (6)(10)(11)(14)(19)(25) | Equity Interest |  |  |  |  |  |  |  |  |
| Parcel2Go (6)(10)(11)(18)(19) | First Lien Senior Secured Loan | SONIA | 7.00% | 10.97% | 11/26/2031 | £49 | 62 | 56 |  |
| **Services: Business Total** |  |  |  |  |  |  | $**62** | $**56** | **0.0%** |
| **Services: Consumer** |  |  |  |  |  |  |  |  |  |
| SG Global Midco Limited (6)(10)(11)(19) | First Lien Senior Secured Loan |  | 10.00% | 10.00% | 12/31/2028 | £2 | 3 | 3 |  |
| Surrey Bidco Limited (6)(7)(10)(11)(14)(18)(19)(26) | First Lien Senior Secured Loan | SONIA | 7.28% PIK | 11.00% | 12/31/2028 | £69 | 77 | 22 |  |
| Voltaire Topco Limited (6)(10)(11)(14)(19)(25) | Equity Interest |  |  |  |  |  |  |  |  |
| **Services: Consumer Total** |  |  |  |  |  |  | $**80** | $**25** | **0.0%** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index (1)** | **Spread (1)** | **Interest Rate** | **Maturity Date** | **Principal/Shares (9)** | **Cost** | **Market Value** | **% of NAV (4)** |
| **Controlled Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| **Transportation: Cargo** |  |  |  |  |  |  |  |  |  |
| Lightning Holdings B, LLC (6)(10)(11)(14)(19)(25) | Equity Interest |  |  |  |  | 28209 | 28520 | 47423 |  |
| **Transportation: Cargo Total** |  |  |  |  |  |  | $**28520** | $**47423** | **4.2%** |
| **Controlled Affiliate Investments Total** |  |  |  |  |  |  | $**603650** | $**584470** | **52.3%** |
| **Investments Total** |  |  |  |  |  |  | $**2502667** | $**2508441** | **224.5%** |
| **Cash Equivalents** |  |  |  |  |  |  |  |  |  |
| Goldman Sachs Financial Square Government Fund Institutional Share Class | Cash Equivalents |  |  | 3.69% |  | $12002 | 12002 | 12002 |  |
| Goldman Sachs US Treasury Liquid Reserves Fund (30) | Cash Equivalents |  |  | 3.70% |  | $26812 | 26812 | 26812 |  |
| **Cash Equivalents Total** |  |  |  |  |  |  | $**38814** | $**38814** | **3.5%** |
| **Investments and Cash Equivalents Total** |  |  |  |  |  |  | $**2541481** | $**2547255** | **228.0%** |

---

**Interest Rate Swap**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Hedged Items** | **Company Receives** | **Company Pays** | **Counterparty** | **Settlement <br>Date** | **Notional Amount** | **Upfront Payments/Receipts** | **Unrealized Appreciation** |
| Interest Rate Swap | March 2030 Notes | 5.95% | SOFR + 1.90% | Wells Fargo | 3/15/2030 | $350000 | $- | $7976 |

---

------

## Forward Foreign Currency Exchange Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  |  | **Unrealized** |
| **Currency Purchased** | **Currency Sold** | **Counterparty** | **Settlement Date** | **Appreciation**<sup>(8)</sup> |
| US DOLLARS 148 | EURO 0 | Wells Fargo | 1/9/2026 | $(503) |
| US DOLLARS 7,650 | EURO 7,225 | Bank of New York Mellon | 1/28/2026 | (847) |
| US DOLLARS 1,388 | POUND STERLING 1,118 | Bank of New York Mellon | 1/30/2026 | (116) |
| US DOLLARS 1,922 | POUND STERLING 1,480 | Bank of New York Mellon | 3/20/2026 | (69) |
| US DOLLARS 1,060 | EURO 1,820 | Bank of New York Mellon | 3/27/2026 | (1086) |
| US DOLLARS 9,445 | EURO 8,610 | BNP Paribas | 3/30/2026 | (710) |
| US DOLLARS 1,034 | POUND STERLING 0 | BNP Paribas | 4/10/2026 | (1038) |
| US DOLLARS 3,130 | POUND STERLING 2,410 | US Bank | 4/14/2026 | (111) |
| US DOLLARS 19,307 | EURO 16,810 | US Bank | 5/12/2026 | (556) |
| US DOLLARS 13,483 | POUND STERLING 10,160 | US Bank | 5/14/2026 | (179) |
| US DOLLARS 1,167 | EURO 0 | Wells Fargo | 5/19/2026 | (1168) |
| US DOLLARS 58 | POUND STERLING 55 | Bank of New York Mellon | 6/8/2026 | (16) |
| US DOLLARS 819 | EURO 700 | Bank of New York Mellon | 6/8/2026 | (9) |
| US DOLLARS 5,137 | EURO 4,400 | Bank of New York Mellon | 6/9/2026 | (69) |
| US DOLLARS 2,760 | EURO 2,360 | Bank of New York Mellon | 6/10/2026 | (32) |
| US DOLLARS 290 | NEW ZEALAND DOLLAR 725 | Bank of New York Mellon | 6/15/2026 | (129) |
| US DOLLARS 3,959 | POUND STERLING 2,915 | Bank of New York Mellon | 6/17/2026 | 40 |
| US DOLLARS 7,661 | POUND STERLING 5,690 | Bank of New York Mellon | 6/25/2026 | 10 |
| US DOLLARS 2,451 | POUND STERLING 1,810 | US Bank | 6/25/2026 | 18 |
| US DOLLARS 2,451 | AUSTRALIAN DOLLARS 3,739 | Bank of New York Mellon | 7/16/2026 | (40) |
| US DOLLARS 8,665 | POUND STERLING 6,450 | Wells Fargo | 7/16/2026 | (6) |
| US DOLLARS 4,375 | EURO 3,680 | Wells Fargo | 7/16/2026 | 15 |
| US DOLLARS 3,206 | AUSTRALIAN DOLLARS 4,900 | US Bank | 7/31/2026 | (57) |
| US DOLLARS 5,343 | POUND STERLING 4,007 | BNP Paribas | 7/31/2026 | (43) |
| US DOLLARS 11,061 | EURO 9,445 | BNP Paribas | 7/31/2026 | (136) |
| US DOLLARS 5,895 | EURO 4,980 | Wells Fargo | 8/13/2026 | (11) |
| US DOLLARS 3,248 | AUSTRALIAN DOLLARS 5,195 | Bank of New York Mellon | 8/20/2026 | (210) |
| US DOLLARS 999 | EURO 0 | Bank of New York Mellon | 8/20/2026 | (999) |
| US DOLLARS 5,570 | EURO 4,860 | Wells Fargo | 8/20/2026 | (195) |
| US DOLLARS 952 | CANADIAN DOLLAR 1,310 | Bank of New York Mellon | 8/20/2026 | (12) |
| US DOLLARS 7,111 | POUND STERLING 5,620 | Bank of New York Mellon | 8/27/2026 | (443) |
| US DOLLARS 5,359 | AUSTRALIAN DOLLARS 8,060 | Bank of New York Mellon | 9/16/2026 | (4) |
| US DOLLARS 7,171 | POUND STERLING 5,316 | US Bank | 9/24/2026 | 27 |
| US DOLLARS 3,473 | POUND STERLING 2,590 | US Bank | 10/2/2026 | (7) |
| US DOLLARS 3,170 | EURO 2,700 | US Bank | 10/2/2026 | (38) |
| US DOLLARS 16,837 | EURO 14,100 | Bank of New York Mellon | 10/2/2026 | 84 |
| US DOLLARS 1,083 | POUND STERLING 800 | Wells Fargo | 10/26/2026 | 8 |
| US DOLLARS 5,756 | POUND STERLING 4,380 | US Bank | 11/10/2026 | (129) |
| US DOLLARS 1,648 | EURO 1,400 | Wells Fargo | 11/20/2026 | (18) |
| US DOLLARS 4,355 | POUND STERLING 3,350 | Bank of New York Mellon | 11/25/2026 | (145) |
| US DOLLARS 983 | EURO 830 | US Bank | 12/7/2026 | (5) |
| US DOLLARS 2,278 | EURO 2,000 | Bank of New York Mellon | 10/28/2027 | (127) |
|  |  |  |  | $(9061) |

---

<sup>(1)</sup> The investments bear interest at a rate that may be determined by reference to the Euro Interbank Offered Rate ("EURIBOR" or "E"), the Bank Bill Benchmark Rate ("BKBM"), the Canadian Overnight Repo Rate Average ("CORRA"), the Bank Bill Swap Bid Rate ("BBSY"), the Prime Rate ("Prime" or "P"), the Sterling Overnight Index Average ("SONIA") or Secured Overnight Financing rate ("SOFR") which reset daily, monthly, quarterly or semiannually. Investments or a portion thereof may provide for Payment-in-Kind ("PIK"). For each, the Company has provided the PIK or the spread over EURIBOR, BKBM, CORRA, BBSY, SONIA, SOFR, or Prime and the current weighted average interest rate in effect at December 31, 2025. Certain investments are subject to a EURIBOR, BKBM, CORRA, BBSY, SONIA, SOFR or Prime interest rate floor.

<sup>(2)</sup> The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.

<sup>(3)</sup> Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The investment may be subject to an unused/letter of credit facility fee.

<sup>(4)</sup> Percentages are based on the Company's net assets of $1,117,410 as of December 31, 2025.

<sup>(5)</sup> The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.

<sup>(6)</sup> The investment or a portion of this investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2025, non-qualifying assets totaled 29.53% of the Company's total assets.

<sup>(7)</sup> Loan was on non-accrual status as of December 31, 2025.

------

<sup>(8)</sup> Unrealized appreciation on forward currency exchange contracts.

<sup>(9)</sup> The principal amount (par amount) for all debt securities is denominated in U.S. dollars, unless otherwise noted. £ represents Pound Sterling, € represents Euro, NOK represents Norwegian Krone, AUD represents Australian Dollar, CAD represents Canadian Dollar and NZ$ represents New Zealand Dollar.

<sup>(10)</sup> As defined in the 1940 Act, the portfolio company is deemed to be an "affiliated person" of the Company as the Company owns 5% or more of the portfolio company's outstanding voting securities.

<sup>(11)</sup> As defined in the 1940 Act, the Company is deemed to "control" this portfolio company as the Company either owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company.

<sup>(12)</sup> Tick mark not used.

<sup>(13)</sup> Loan includes interest rate floor of 3.50%.

<sup>(14)</sup> Non-income producing.

<sup>(15)</sup> Loan includes interest rate floor of 1.00%.

<sup>(16)</sup> Loan includes interest rate floor of 0.75%.

<sup>(17)</sup> Loan includes interest rate floor of 0.50%.

<sup>(18)</sup> Loan includes interest rate floor of 0.00%.

<sup>(19)</sup> Security valued using unobservable inputs (Level 3).

<sup>(20)</sup> The Company holds a controlling, affiliate interest in an aircraft-owning special purpose vehicle through this investment.

<sup>(21)</sup> Loan includes interest rate floor of 0.25%.

<sup>(22)</sup> $464 of the total par amount for this security is at P+ 5.50%.

<sup>(23)</sup> Tick mark not used.

<sup>(24)</sup> Loan includes interest rate floor of 1.25%.

<sup>(25)</sup> Security exempt from registration under the Securities Act of 1933 (the "Securities Act"), and may be deemed to be "restricted securities" under the Securities Act. As of December 31, 2025, the aggregate fair value of these securities is $435,349 or 38.96% of the Company's net assets. The acquisition dates of the restricted securities are as follows:

------

---

| | |
|:---|:---|
| **Investment** | **Acquisition Date** |
| ACAMS | 3/10/2022 |
| ADT Pizza, LLC | 10/29/2018 |
| Advanced Aircrew | 7/26/2024 |
| AGS American Services Investments, L.P. | 7/24/2025 |
| Ansett Aviation Training | 3/24/2022 |
| Apollo Intelligence | 6/1/2022 |
| Applitools | 7/18/2025 |
| Appriss Holdings, Inc. | 5/3/2021 |
| AQ Software Corporation | 12/10/2021 |
| AQ Software Corporation | 4/14/2022 |
| AQ Software Corporation | 12/29/2022 |
| ARL Holdings, LLC | 5/3/2019 |
| AXH Air Coolers | 10/31/2023 |
| Bain Capital Senior Loan Program, LLC | 12/27/2021 |
| BCC CPK investments 1, LLC | 12/8/2025 |
| BCC HGS Investments 1, LLC | 10/21/2025 |
| BCC Jetstream Holdings Aviation (Off I), LLC | 6/1/2017 |
| BCC Jetstream Holdings Aviation (On II), LLC | 6/1/2017 |
| BCC Trillium Foods Investments 1, LLC | 5/13/2025 |
| BCSF Project Aberdeen, LLC | 7/3/2024 |
| BCSF ServiceMaster Investments, LLC | 8/8/2025 |
| Brook Bidco | 7/8/2021 |
| BTX Precision | 7/25/2024 |
| CB Titan Holdings, Inc. | 5/1/2017 |
| Chartbeat | 10/4/2024 |
| City BBQ | 9/4/2024 |
| Cloud Technology Solutions (CTS) | 12/15/2022 |
| Darcy Partners | 6/1/2022 |
| DTIQ | 9/15/2025 |
| DTIQ | 9/30/2024 |
| Eagle Rock Capital Corporation | 12/9/2021 |
| East BCC Coinvest II, LLC | 7/23/2019 |
| EHE Health | 8/7/2024 |
| Electronic Merchant Systems | 7/12/2024 |
| Elevation NewCo Intermediate, LLC | 8/1/2025 |
| Elevator Holdco Inc. | 12/23/2019 |
| Eleven Software | 3/20/2024 |
| Eleven Software | 4/25/2022 |
| Elk | 11/1/2019 |
| Endurance Holdco Limited | 11/14/2025 |
| FCG Acquisitions, Inc. | 1/24/2019 |
| Fineline Technologies, Inc. | 2/22/2021 |
| Forward Slope | 3/15/2024 |
| Gale Aviation (Offshore) Co | 1/2/2019 |
| Galeria | 8/1/2024 |
| Gills Point S | 5/17/2023 |
| Gills Point S | 12/18/2025 |
| Grammer Investment Holdings LLC | 10/1/2018 |
| HealthDrive | 8/18/2023 |

---

------

---

| | |
|:---|:---|
| **Investment** | **Acquisition Date** |
| HG Insights, Inc. | 6/16/2025 |
| Hollywood LP | 4/16/2025 |
| Hultec | 3/31/2023 |
| iBanFirst Facility | 7/13/2021 |
| Insigneo Financial Group LLC | 8/1/2022 |
| International Senior Loan Program, LLC | 2/22/2021 |
| Legacy Corporate Lending HoldCo, LLC | 4/21/2023 |
| LEP CP Co-Invest, L.P. | 4/16/2025 |
| LEP SAL Co-Invest, L.P. | 11/14/2025 |
| Lightning Holdings B, LLC | 1/2/2020 |
| masLabor | 7/1/2021 |
| MZR Aggregator | 9/17/2024 |
| MZR Aggregator | 12/22/2020 |
| Odyssey Behavioral Health | 11/21/2024 |
| Opus2 | 6/16/2021 |
| Parcel2Go | 11/26/2024 |
| PayRange | 10/31/2024 |
| PPT Group | 2/28/2025 |
| PPX | 7/29/2021 |
| Precision Ultimate Holdings, LLC | 10/7/2024 |
| Precision Ultimate Holdings, LLC | 11/6/2019 |
| Pure Wafer | 11/12/2024 |
| REP Coinvest III- A Omni, L.P. | 2/5/2021 |
| Robinson Helicopter | 6/30/2022 |
| Rydoo | 9/26/2024 |
| SensorTower | 3/15/2024 |
| Service Master | 7/15/2021 |
| Service Master | 8/16/2021 |
| Sikich | 5/6/2024 |
| SoftCo | 3/1/2024 |
| Spindrift | 2/19/2025 |
| Superna Inc. | 3/8/2022 |
| Taoglas | 6/27/2024 |
| Taoglas | 2/28/2023 |
| Thrasio, LLC | 6/18/2024 |
| Titan Cloud Software, Inc | 11/4/2022 |
| TLC Holdco LP | 10/11/2019 |
| Utimaco | 6/28/2022 |
| Ventiv Holdco, Inc. | 9/3/2019 |
| Voltaire Topco Limited | 8/28/2025 |
| WSP | 5/20/2024 |
| WSP | 8/31/2021 |

---

<sup>(26)</sup> Denotes that all or a portion of the investment includes PIK income during the period.

<sup>(27)</sup> Tick mark not used.

<sup>(28)</sup> Tick mark not used.

<sup>(29)</sup> Assets or a portion thereof are pledged as collateral for the 2019-1 Issuer. See "*Note 6. Debt.*"

<sup>(30)</sup> Cash equivalents include $26,809 of restricted cash.

<sup>(31)</sup> Loan includes interest rate floor of 2.00%.

<sup>(32)</sup> Loan includes interest rate floor of 1.50%.

<sup>(33)</sup> Loan includes interest rate floor of 3.00%.

<sup>(34)</sup> £1,027 of the total par amount for this security is at EURIBOR + 6.25%.

See Notes to Consolidated Financial Statements

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**BAIN CAPITAL SPECIALTY FINANCE, INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

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

**(Unaudited)**

# Note 1. Organization
Bain Capital Specialty Finance, Inc. (the "Company", "we", "our" and "us") was formed on October 5, 2015 and commenced investment operations on October 13, 2016. The Company has elected to be treated and is regulated as a business development company (a "BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). In addition, for tax purposes the Company has elected to be treated and intends to operate in a manner so as to continuously qualify as a regulated investment company (a "RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). The Company is externally managed by BCSF Advisors, LP (the "Advisor"), our investment adviser that is registered with the Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). The Advisor also provides the administrative services necessary for the Company to operate (in such capacity, the "Administrator").

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

The Company's primary focus is capitalizing on opportunities within Bain Capital Credit's Senior Direct Lending Strategy, which seeks to provide risk-adjusted returns and current income to its investors by investing primarily in middle-market companies with between $10.0 million and $150.0 million in annual earnings before interest, taxes, depreciation and amortization ("EBITDA"). The Company may, from time to time, invest in larger or smaller companies. The Company focuses on senior investments with a first or second lien on collateral and strong structures and documentation intended to protect the lender (including "unitranche" loans, which are loans that combine both senior and mezzanine debt). The Company generally seeks to retain effective voting control in respect of the loans or particular classes of securities in which the Company invests through maintaining affirmative voting positions or negotiating consent rights that allow the Company to retain a blocking position. The Company may also invest in mezzanine debt and other junior securities, including common and preferred equity and in secondary purchases of assets or portfolios on an opportunistic basis, but such investments are not the principal focus of the Company's investment strategy. The Company may also invest, from time to time, in distressed debt, debtor-in-possession loans, structured products, structurally subordinate loans, investments with deferred interest features, zero-coupon securities and defaulted securities.

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

# Note 2. Summary of Significant Accounting Policies

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

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

The information included in this Form 10-Q should be read in conjunction with the audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025.

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Company's quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of the Advisor responsible for the portfolio investment; in conjunction with the Company's portfolio management and valuation team.

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 1 — Valuations based on quoted prices (unadjusted) in active markets for identical assets or liabilities at the measurement date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 3 — Valuations based on inputs that are unobservable and significant to the fair value measurement.

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

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

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

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

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

Certain investments may have contractual payment-in-kind ("PIK") interest or dividends. PIK represents accrued interest or accumulated dividends that are added to the loan principal of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or upon being called by the issuer. PIK is recorded as interest or dividend income, as applicable. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status.

Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies. Distributions received from an equity interest, limited liability company or a limited partnership investment are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. For the three months ended March 31, 2026 and 2025, the Company recorded $6.6 million and $6.5 million, respectively, of dividend income, of which, $0.6 million and $0.1 million, respectively, related to PIK dividends.

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

Expenses are recorded on an accrual basis.

## Non-Accrual Loans
Loans or debt securities are placed on non-accrual status when there is reasonable doubt that principal or interest will be collected. Accrued interest generally is reversed when a loan or debt security is placed on non-accrual status. Interest payments received on non-accrual loans or debt securities may be recognized as income or applied to principal depending upon management's judgment. Non-accrual loans and debt securities are restored to accrual status when past due principal and interest are paid and, in management's judgment, principal and interest payments are likely to remain current. The Company may make exceptions to this treatment if a loan has sufficient collateral value and is in the process of collection. As of March 31, 2026, there were eleven loans from six issuers on non-accrual. As of December 31, 2025, there were twelve loans from six issuers on non-accrual.

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

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

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

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

## Dividend Reinvestment Plan
The Company has adopted a dividend reinvestment plan that provides for the reinvestment of cash dividends and distributions. Stockholders who do not "opt out" of the Company's dividend reinvestment plan will have their cash dividends and distributions (net of applicable withholding tax) automatically reinvested in additional shares of the Company's common stock, rather than receiving cash dividends and distributions.

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

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

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

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

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

------

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

## Interest Rate Swaps
The Company uses interest rate swaps to hedge some of the Company's fixed rate debt. The Company has designated each interest rate swap held as the hedging instrument in an effective hedge accounting relationship, and therefore the periodic payments and receipts are recognized as components of interest expense in the Consolidated Statements of Operations. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a derivative asset or derivative liability on the Company's Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by a change in the carrying value of the fixed rate debt. Any amounts paid to the counterparty to cover collateral obligations under the terms of the interest rate swap agreement are included in collateral on derivatives and collateral payable on derivatives on the Company's Consolidated Statements of Assets and Liabilities. Please see "*Item 1. Consolidated Financial Statements - Notes to Consolidated Financial Statements - Note 6. Debt and Note 7. Derivatives*" for additional detail.

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

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

The Company intends to comply with the applicable provisions of the Code pertaining to RICs and to make distributions of taxable income sufficient to relieve it from substantially all U.S. federal income taxes. Accordingly, no provision for U.S. federal income taxes is required in the Consolidated Financial Statements. For U.S. federal income tax purposes, distributions made to stockholders are reported as ordinary income, capital gains, non-taxable return of capital, or a combination thereof. The tax character of distributions paid to stockholders through March 31, 2026 may include return of capital, however, the exact amount cannot be determined at this point. The final determination of the tax character of distributions will not be made until the Company files our tax return for the tax year ending December 31, 2026. The character of income and gains that the Company distributes is determined in accordance with U.S. federal income tax regulations that may differ from US GAAP. BCSF CFSH, LLC, BCSF CFS, LLC, and BCC Middle Market CLO 2019-1, LLC are disregarded entities for U.S. federal income tax purposes and are consolidated with the tax return of the Company.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its Consolidated Financial Statements to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are reversed and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes, if any, are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. Management has analyzed the Company's tax positions, and has concluded that no liability for unrecognized tax benefits related to uncertain tax positions on returns to be filed by the Company for all open tax years should be recorded. The Company identifies its major tax jurisdiction as the United States, and the Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months. As of March 31, 2026, the tax years that remain subject to examination are from 2023 forward.

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## Recent Accounting Pronouncements
The Company's management has evaluated recently issued accounting standards through May 11, 2026, the issuance date of the Consolidated Financial Statements, and noted that no recent accounting pronouncements will have a material impact on the Consolidated Financial Statements of the Company except for what is noted below:

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

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

# Note 3. Investments
The following table shows the composition of the investment portfolio, at amortized cost and fair value as of March 31, 2026 (with corresponding percentage of total portfolio investments):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
|  | **Amortized Cost** | **Percentage of<br>Total Portfolio** | **Fair Value** | **Percentage of<br>Total Portfolio** |
| First Lien Senior Secured Loan | 1671244 | 67.2% | 1631124 | 66.0% |
| Second Lien Senior Secured Loan | 29846 | 1.2 | 30069 | 1.2 |
| Subordinated Debt | 88992 | 3.6 | 81721 | 3.3 |
| Preferred Equity | 126322 | 5.1 | 165100 | 6.7 |
| Equity Interest | 130526 | 5.3 | 167325 | 6.8 |
| Warrants |  |  | 768 | 0.0 |
| Subordinated Notes in Investment Vehicles <sup>(1)</sup> | 369709 | 14.9 | 357639 | 14.5 |
| Preferred Equity Interest in Investment Vehicles <sup>(1)</sup> | 10 | 0.0 | 1836 | 0.1 |
| Equity Interests in Investment Vehicles <sup>(1)</sup> | 66209 | 2.7 | 35216 | 1.4 |
| Total | $2482858 | 100.0% | $2470798 | 100.0% |

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<sup>(1)</sup> Represents debt and equity investment in ISLP and SLP.

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The following table shows the composition of the investment portfolio, at amortized cost and fair value as of December 31, 2025 (with corresponding percentage of total portfolio investments):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Amortized Cost** | **Percentage of<br>Total Portfolio** | **Fair Value** | **Percentage of<br>Total Portfolio** |
| First Lien Senior Secured Loans | $1625569 | 64.9% | $1598731 | 63.8% |
| Second Lien Senior Secured Loans | 29819 | 1.2 | 30020 | 1.2 |
| Subordinated Debt | 99272 | 4.0 | 95687 | 3.8 |
| Preferred Equity | 121965 | 4.9 | 157244 | 6.3 |
| Equity Interests | 199100 | 8.0 | 226663 | 9.0 |
| Warrants |  | 0.0 | 1045 | 0.0 |
| Subordinated Notes in Investment Vehicles <sup>(1)</sup> | 360724 | 14.4 | 348654 | 13.9 |
| Preferred Equity Interest in Investment Vehicles <sup>(1)</sup> | 10 | 0.0 | 1836 | 0.1 |
| Equity Interests in Investment Vehicles <sup>(1)</sup> | 66208 | 2.6 | 48561 | 1.9 |
| Total | $2502667 | 100.0% | $2508441 | 100.0% |

---

------

<sup>(1)</sup> Represents debt and equity investment in ISLP and SLP.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
|  | **Amortized Cost** | **Percentage of<br>Total Portfolio** | **Fair Value** | **Percentage of<br>Total Portfolio** |
| USA | 2235249 | 90.1% | 2178973 | 88.3% |
| United Kingdom | 58325 | 2.4 | 59437 | 2.4 |
| Belgium | 32431 | 1.3 | 53697 | 2.2 |
| Cayman Islands | 33292 | 1.3 | 49616 | 2.0 |
| Canada | 35398 | 1.4 | 36741 | 1.5 |
| Australia | 7346 | 0.3 | 22482 | 0.9 |
| Luxembourg | 21375 | 0.9 | 22308 | 0.9 |
| Germany | 21004 | 0.8 | 13502 | 0.5 |
| Ireland | 16929 | 0.7 | 12462 | 0.5 |
| Jersey | 6576 | 0.3 | 6580 | 0.3 |
| Guernsey | 5867 | 0.2 | 5830 | 0.2 |
| Netherlands | 4480 | 0.2 | 4537 | 0.2 |
| France | 3447 | 0.1 | 3514 | 0.1 |
| Bermuda | 752 | 0.0 | 751 | 0.0 |
| New Zealand | 387 | 0.0 | 368 | 0.0 |
| Total | $2482858 | 100.0% | $2470798 | 100.0% |

---

------

The following table shows the composition of the investment portfolio by geographic region, at amortized cost and fair value as of December 31, 2025 (with corresponding percentage of total portfolio investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Amortized Cost** | **Percentage of<br>Total Portfolio** | **Fair Value** | **Percentage of<br>Total Portfolio** |
| USA | $2196416 | 87.8% | $2159520 | 86.0% |
| Cayman Islands | 100047 | 4.0 | 106554 | 4.1 |
| United Kingdom | 55273 | 2.2 | 58396 | 2.3 |
| Belgium | 31971 | 1.3 | 54971 | 2.2 |
| Canada | 35522 | 1.4 | 36714 | 1.5 |
| Luxembourg | 20836 | 0.8 | 22312 | 0.9 |
| Australia | 5534 | 0.2 | 20114 | 0.8 |
| Germany | 20482 | 0.8 | 16371 | 0.7 |
| Ireland | 14534 | 0.6 | 10380 | 0.4 |
| Italy | 6112 | 0.2 | 6715 | 0.3 |
| Jersey | 6343 | 0.3 | 6460 | 0.3 |
| France | 3802 | 0.2 | 3932 | 0.2 |
| Guernsey | 3753 | 0.1 | 3832 | 0.2 |
| Netherlands | 1678 | 0.1 | 1826 | 0.1 |
| New Zealand | 364 | 0.0 | 344 | 0.0 |
| Total | $2502667 | 100.0% | $2508441 | 100.0% |

---

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
|  | **Amortized Cost** | **Percentage of<br>Total Portfolio** | **Fair Value** | **Percentage of<br>Total Portfolio** |
| Investment Vehicles <sup>(2)</sup> | 435928 | 17.7% | 394691 | 16.1% |
| High Tech Industries | 254788 | 10.4 | 265783 | 10.9 |
| Services: Business | 228103 | 9.2 | 248936 | 10.1 |
| Healthcare & Pharmaceuticals | 216073 | 8.7 | 211199 | 8.5 |
| Aerospace & Defense | 165044 | 6.6 | 173680 | 7.0 |
| FIRE: Finance <sup>(1)</sup> | 114379 | 4.6 | 133385 | 5.4 |
| Beverage, Food & Tobacco | 132041 | 5.3 | 130146 | 5.3 |
| Transportation: Cargo | 100320 | 4.0 | 111437 | 4.5 |
| Environmental Industries | 99000 | 4.0 | 99008 | 4.0 |
| Automotive | 102659 | 4.1 | 94680 | 3.8 |
| Construction & Building | 85329 | 3.4 | 86448 | 3.5 |
| Consumer Goods: Non-Durable | 71132 | 2.9 | 67906 | 2.7 |
| Services: Consumer | 65128 | 2.6 | 62701 | 2.5 |
| Telecommunications | 55713 | 2.2 | 55175 | 2.2 |
| Capital Equipment | 38117 | 1.5 | 48225 | 2.0 |
| Chemicals, Plastics & Rubber | 47896 | 1.9 | 46585 | 1.9 |
| Consumer Goods: Durable | 41170 | 1.7 | 39901 | 1.6 |
| FIRE: Insurance <sup>(1)</sup> | 35006 | 1.4 | 35104 | 1.4 |
| Hotel, Gaming & Leisure | 32611 | 1.3 | 32923 | 1.3 |
| Transportation: Consumer | 31539 | 1.3 | 31849 | 1.3 |
| Media: Diversified & Production | 36877 | 1.5 | 28832 | 1.2 |
| Wholesale | 37762 | 1.5 | 23396 | 0.9 |
| Retail | 26460 | 1.1 | 19180 | 0.8 |
| Containers, Packaging & Glass | 9680 | 0.4 | 9769 | 0.4 |
| Utilities: Electric | 8009 | 0.3 | 7946 | 0.3 |
| Media: Advertising, Printing & Publishing | 4673 | 0.2 | 4277 | 0.2 |
| Utilities: Water | 3056 | 0.1 | 3080 | 0.1 |
| Media: Broadcasting & Subscription | 2879 | 0.1 | 2927 | 0.1 |
| FIRE: Real Estate<sup>(1)</sup> | 779 | 0.0 | 864 | 0.0 |
| Metals & Mining | 707 | 0.0 | 765 | 0.0 |
| Total | $2482858 | 100.0% | $2470798 | 100.0% |

---

------

<sup>(1)</sup> Finance, Insurance, and Real Estate ("FIRE").

<sup>(2)</sup> Represents debt and equity investment in ISLP and SLP.

------

The following table shows the composition of the investment portfolio by industry, at amortized cost and fair value as of December 31, 2025 (with corresponding percentage of total portfolio investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Amortized Cost** | **Percentage of<br>Total Portfolio** | **Fair Value** | **Percentage of<br>Total Portfolio** |
| Investment Vehicles <sup>(2)</sup> | $426942 | 17.1% | $399051 | 15.9% |
| High Tech Industries | 250660 | 10.0 | 271004 | 10.8 |
| Services: Business | 228836 | 9.1 | 253954 | 10.1 |
| Aerospace & Defense | 237633 | 9.5 | 235307 | 9.4 |
| Healthcare & Pharmaceuticals | 213870 | 8.5 | 210063 | 8.4 |
| Beverage, Food & Tobacco | 116454 | 4.7 | 115105 | 4.6 |
| FIRE: Finance <sup>(1)</sup> | 101357 | 4.0 | 114894 | 4.6 |
| Transportation: Cargo | 96830 | 3.9 | 108504 | 4.3 |
| Automotive | 111100 | 4.4 | 105969 | 4.2 |
| Environmental Industries | 85843 | 3.4 | 87491 | 3.5 |
| Construction & Building | 76871 | 3.1 | 77815 | 3.1 |
| Consumer Goods: Non-Durable | 70788 | 2.8 | 67550 | 2.7 |
| Services: Consumer | 64981 | 2.6 | 62729 | 2.5 |
| Capital Equipment | 49524 | 2.0 | 56654 | 2.3 |
| Telecommunications | 54768 | 2.2 | 54019 | 2.2 |
| Consumer Goods: Durable | 53098 | 2.1 | 51259 | 2.0 |
| Chemicals, Plastics & Rubber | 48895 | 2.0 | 47767 | 1.9 |
| FIRE: Insurance <sup>(1)</sup> | 30653 | 1.2 | 30829 | 1.2 |
| Media: Diversified & Production | 34714 | 1.4 | 29461 | 1.2 |
| Transportation: Consumer | 25839 | 1.0 | 26118 | 1.0 |
| Hotel, Gaming & Leisure | 24284 | 1.0 | 24708 | 1.0 |
| Wholesale | 29346 | 1.2 | 24546 | 1.0 |
| Retail | 26314 | 1.1 | 17613 | 0.7 |
| Containers, Packaging & Glass | 9079 | 0.4 | 9182 | 0.4 |
| Metals & Mining | 9184 | 0.4 | 9158 | 0.4 |
| Utilities: Electric | 8023 | 0.3 | 8020 | 0.3 |
| Media: Broadcasting & Subscription | 2876 | 0.1 | 2954 | 0.1 |
| Media: Advertising, Printing & Publishing | 3090 | 0.1 | 2857 | 0.1 |
| Utilities: Water | 2731 | 0.1 | 2757 | 0.1 |
| Consumer goods: Wholesale | 8084 | 0.3 | 1103 | 0.0 |
| Total | $2502667 | 100.0% | $2508441 | 100.0% |

---

------

<sup>(1)</sup> Finance, Insurance, and Real Estate ("FIRE").

<sup>(2)</sup> Represents debt and equity investment in ISLP and SLP.

## Unconsolidated Significant Subsidiary
The following unconsolidated subsidiaries are considered significant subsidiaries under SEC Regulation S-X Rule 10-01(b)(1) and Regulation S-X Rule 4-08(g) as of March 31, 2026. Accordingly, summarized, comparative financial information is presented below for the unconsolidated significant subsidiaries: the International Senior Loan Program, LLC ("ISLP"), Bain Capital Senior Loan Program, LLC ("SLP"), and Legacy Corporate Lending HoldCo, LLC ("Legacy Corporate Lending").

## International Senior Loan Program, LLC
On February 9, 2021, the Company and Pantheon ("Pantheon"), a leading global alternative private markets manager, formed the International Senior Loan Program, LLC ("ISLP"), an unconsolidated joint venture. ISLP invests primarily in non-US first lien senior secured loans. ISLP was formed as a Delaware limited liability company. The Company and Pantheon committed to initially provide $138.3 million of debt and $46.1 million of equity capital, to ISLP. Equity contributions will be called from each member on a pro-rata basis, based on their equity commitments. Pursuant to the terms of the transaction, Pantheon invested $50.0 million to acquire a 29.5% stake in ISLP. The Company contributed debt investments of $317.1 million for a 70.5% stake in ISLP, and received a one-time gross distribution of $190.2 million in cash in consideration of contributing such investments. On December 14, 2023, the Company

------

and Pantheon entered into the second amendment to the amended and restated limited liability company agreement which, among other things, increased capital commitments and changed the proportionate share ownership. The Company and Pantheon agreed to contribute an additional $5.0 million and $45.3 million, respectively, which resulted in new ownership stakes of 64.0% and 36.0%, respectively. As of March 31, 2026, the Company's investment in ISLP consisted of subordinated notes of $190.7 million and equity interests of $31.6 million. As of December 31, 2025, the Company's investment in ISLP consisted of subordinated notes of $190.7 million and equity interests of $43.6 million.

As of March 31, 2026, the Company had commitments with respect to its equity and subordinated note interests of ISLP in the aggregate amount of $254.3 million. The Company had contributed $254.3 million in capital and has $0.0 million in unfunded capital contributions. As of March 31, 2026, Pantheon had commitments with respect to its equity and subordinated note interests of ISLP in the aggregate amount of $149.2 million. Pantheon had contributed $149.2 million in capital and has $0.0 million in unfunded capital contributions.

As of December 31, 2025, the Company had commitments with respect to its equity and subordinated note interests of ISLP in the aggregate amount of $254.3 million. The Company had contributed $254.3 million in capital and had $0.0 million in unfunded capital contributions. As of December 31, 2025, Pantheon had commitments with respect to its equity and subordinated note interests of ISLP in the aggregate amount of $149.2 million. Pantheon had contributed $149.2 million in capital and had $0.0 million in unfunded capital contributions.

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

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

As of March 31, 2026, ISLP had $711.9 million in debt and equity investments, at fair value. As of December 31, 2025, ISLP had $733.1 million in debt and equity investments, at fair value.

Additionally, on February 9, 2021, ISLP, through a wholly-owned subsidiary, entered into a $300.0 million senior secured revolving credit facility which bears interest at LIBOR (or an alternative risk-free interest rate index) plus 225 basis points with JP Morgan (the "ISLP Credit Facility Tranche A").

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

On June 30, 2023, ISLP entered into the third amendment and restated credit agreement, which among other things, replaced LIBOR with Term SOFR and consolidated Tranche A and Tranche B, with a size of $500.0 million.

On September 11, 2023, ISLP entered into the fourth amended and restated credit agreement, which among other things, extended the maturity to February 9, 2027, modified concentration limitations and changed the interest rate to SOFR (or an alternative risk-free interest rate index) plus 246 basis points.

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

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

------

As of March 31, 2026, the ISLP Credit Facility had $372.5 million of outstanding debt under the credit facility. As of December 31, 2025 the ISLP Credit Facility had $381.4 million of outstanding debt under the credit facility. The combined weighted average interest rate (excluding deferred upfront financing costs and unused fees) of the aggregate borrowings outstanding for the three months ended March 31, 2026 and year ended December 31, 2025 were 5.1% and 5.8%, respectively.

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

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **March 31, 2026** | **December 31, 2025** |
| Total investments | $711887 | $733104 |
| Weighted average yield on investments | 9.6% | 9.6% |
| Number of borrowers in ISLP | 40 | 40 |
| Largest portfolio company investment | $53627 | $52026 |
| Total of five largest portfolio company investments | $201632 | $200518 |
| Unfunded commitments | $877 | $1344 |

---

------

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

**International Senior Loan Program, LLC**

**Consolidated Schedule of Investments**

**As of March 31, 2026**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Interest** | **Maturity** | **Principal /** |  | **Market** | **% of Members** |
| **Portfolio Company** | **Investment Type** | **Index (1)** | **Spread (1)** | **Rate** | **Date** | **Shares (9)** | **Cost** | **Value** | **Equity (4)** |
| **Australian Dollar** |  |  |  |  |  |  |  |  |  |
| **Aerospace & Defense** |  |  |  |  |  |  |  |  |  |
| Ansett Aviation Training (14)(19) | Equity Interest |  |  |  |  | 10238 | 7115 | 37750 |  |
| **Aerospace & Defense Total** |  |  |  |  |  |  | $**7115** | $**37750** | **83.8%** |
| **Media: Advertising, Printing & Publishing** |  |  |  |  |  |  |  |  |  |
| TGI Sport Bidco Pty Ltd (18)(19) | First Lien Senior Secured Loan | BBSY | 7.00% | 11.11% | 4/30/2026 | 9730 | 7153 | 6665 |  |
| TGI Sport Bidco Pty Ltd (17)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 7.11% | 10.78% | 4/30/2026 | 4081 | 2568 | 2796 |  |
| **Media: Advertising, Printing & Publishing Total** |  |  |  |  |  |  | $**9721** | $**9461** | **21.0%** |
| **Australian Dollar Total** |  |  |  |  |  |  | $**16836** | $**47211** | **104.8%** |
| **British Pound** |  |  |  |  |  |  |  |  |  |
| **Capital Equipment** |  |  |  |  |  |  |  |  |  |
| Goodfellow (15)(19) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 5.25% | 8.98% | 2/10/2032 | £1564 | 2121 | 2042 |  |
| **Capital Equipment Total** |  |  |  |  |  |  | $**2121** | $**2042** | **4.5%** |
| **Environmental Industries** |  |  |  |  |  |  |  |  |  |
| Reconomy (18)(19) | First Lien Senior Secured Loan | SONIA | 6.50% | 10.23% | 7/12/2029 | £6050 | 7045 | 7980 |  |
| Reconomy (18)(19) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 6.25% | 8.38% | 7/12/2029 | £6578 | 8094 | 8628 |  |
| Reconomy (18)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 6.50% | 10.20% | 7/12/2029 | £6578 | 8450 | 8431 |  |
| **Environmental Industries Total** |  |  |  |  |  |  | $**23589** | $**25039** | **55.6%** |
| **FIRE: Finance** |  |  |  |  |  |  |  |  |  |
| Avalon Bidco Limited (15)(19) | First Lien Senior Secured Loan | SONIA | 6.25% | 9.99% | 4/16/2032 | £12058 | 16247 | 15705 |  |
| Parmenion (18)(19) | First Lien Senior Secured Loan | SONIA | 5.50% | 9.31% | 5/23/2029 | £29070 | 35444 | 38343 |  |
| **FIRE: Finance Total** |  |  |  |  |  |  | $**51691** | $**54048** | **120.0%** |
| **FIRE: Insurance** |  |  |  |  |  |  |  |  |  |
| Margaux UK Finance Limited (16)(19) | First Lien Senior Secured Loan | SONIA | 4.75% | 8.60% | 12/19/2027 | £7221 | 9122 | 9524 |  |
| **FIRE: Insurance Total** |  |  |  |  |  |  | $**9122** | $**9524** | **21.1%** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Interest** | **Maturity** | **Principal /** |  | **Market** | **% of Members** |
| **Portfolio Company** | **Investment Type** | **Index (1)** | **Spread (1)** | **Rate** | **Date** | **Shares (9)** | **Cost** | **Value** | **Equity (4)** |
| **British Pound** |  |  |  |  |  |  |  |  |  |
| **High Tech Industries** |  |  |  |  |  |  |  |  |  |
| Access (18)(19) | First Lien Senior Secured Loan | SONIA | 5.25% | 8.98% | 6/28/2029 | £7880 | 9137 | 10394 |  |
| Access (18)(19) | First Lien Senior Secured Loan | SONIA | 5.25% | 8.98% | 6/28/2029 | £9764 | 11887 | 12879 |  |
| Cloud Technology Solutions (CTS) (15)(19)(26) | First Lien Senior Secured Loan | SONIA | 2.53% (5.47% PIK) | 11.73% | 1/3/2030 | £10267 | 13043 | 13542 |  |
| **High Tech Industries Total** |  |  |  |  |  |  | $**34067** | $**36815** | **81.7%** |
| **Media: Advertising, Printing & Publishing** |  |  |  |  |  |  |  |  |  |
| OGH Bidco Limited (18)(19) | First Lien Senior Secured Loan | SOFR | 6.50% | 10.16% | 9/2/2029 | £5172 | 6068 | 5659 |  |
| OGH Bidco Limited (18)(19) | First Lien Senior Secured Loan | SONIA | 6.50% | 10.23% | 6/29/2029 | £13160 | 15257 | 16317 |  |
| TGI Sport Bidco Pty Ltd (17)(19) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 6.03% | 9.79% | 6/24/2029 | £6700 | 8636 | 8837 |  |
| **Media: Advertising, Printing & Publishing Total** |  |  |  |  |  |  | $**29961** | $**30813** | **68.4%** |
| **Services: Business** |  |  |  |  |  |  |  |  |  |
| Beneficium (15)(19) | First Lien Senior Secured Loan | SONIA | 5.50% | 9.23% | 6/28/2031 | £7497 | 9736 | 9690 |  |
| Brook Bidco (18)(19)(26) | First Lien Senior Secured Loan | SONIA | 1.80% (5.48% PIK) | 11.00% | 7/10/2028 | £29530 | 39734 | 35054 |  |
| Datix Bidco Limited (17)(19) | First Lien Senior Secured Loan | SONIA | 5.00% | 8.82% | 4/30/2031 | £8160 | 10517 | 10763 |  |
| Brook Bidco (16)(19)(26) | First Lien Senior Secured Loan | SOFR | 1.98% (6.12% PIK) | 11.78% | 7/10/2028 | £6543 | 8620 | 7757 |  |
| Brook Bidco (3)(16)(19)(26) | First Lien Senior Secured Loan | SOFR | 1.98% (6.12% PIK) | 11.77% | 7/10/2028 | £9149 | 12022 | 10816 |  |
| Opus2 (18)(19) | First Lien Senior Secured Loan | SONIA | 5.28% | 9.00% | 5/5/2028 | £12151 | 16582 | 16028 |  |
| Parcel2Go (18)(19) | First Lien Senior Secured Loan | SONIA | 7.00% | 10.73% | 11/26/2031 | £4969 | 6276 | 5571 |  |
| Parcel2Go (14)(19) | Preferred Equity |  |  |  |  | 1407911 |  |  |  |
| Parcel2Go (14)(19) | Equity Interest |  |  |  |  | 5 |  |  |  |
| TES Global (18)(19) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 5.00% | 8.73% | 1/27/2029 | £1200 | 1494 | 1574 |  |
| TES Global (18)(19) | First Lien Senior Secured Loan | SONIA | 5.00% | 8.73% | 2/1/2029 | £14364 | 17704 | 18946 |  |
| **Services: Business Total** |  |  |  |  |  |  | $**122685** | $**116199** | **258.1%** |
| **Services: Consumer** |  |  |  |  |  |  |  |  |  |
| SG Global Midco Limited (19)(26) | First Lien Senior Secured Loan |  | 10.00% PIK | 10.00% | 12/31/2028 | £215 | 285 | 283 |  |
| Surrey Bidco Limited (7)(14)(18)(19)(26) | First Lien Senior Secured Loan | SONIA | 6.28% PIK | 10.00% | 12/31/2028 | £7982 | 8929 |  |  |
| Voltaire Topco Limited (14)(19) | Equity Interest |  |  |  |  | 43 |  |  |  |
| **Services: Consumer Total** |  |  |  |  |  |  | $**9214** | $**283** | **0.6%** |
| **British Pound Total** |  |  |  |  |  |  | $**282450** | $**274763** | **610.0%** |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Interest** | **Maturity** | **Principal /** | **Principal /** |  | **Market** | **% of Members** |
| **Portfolio Company** | **Investment Type** | **Index (1)** | **Spread (1)** | **Rate** | **Date** | **Shares (9)** | **Shares (9)** | **Cost** | **Value** | **Equity (4)** |
| **Canadian Dollar** |  |  |  |  |  |  |  |  |  |  |
| **Retail** |  |  |  |  |  |  |  |  |  |  |
| New Look (Delaware) Corporation (15)(19) | First Lien Senior Secured Loan | CORRA | 5.25% | 7.56% | 5/26/2028 | CAD | 17828 | 14628 | 12777 |  |
| New Look Vision Group (15)(19) | First Lien Senior Secured Loan - Delayed Draw | CORRA | 5.25% | 7.56% | 5/26/2028 | CAD | 1159 | 894 | 831 |  |
| New Look Vision Group (15)(19) | First Lien Senior Secured Loan - Delayed Draw | CORRA | 5.25% | 7.56% | 5/26/2028 | CAD | 2225 | 1601 | 1594 |  |
| **Retail Total** |  |  |  |  |  |  |  | $**17123** | $**15202** | **33.7%** |
| **Canadian Dollar Total** |  |  |  |  |  |  |  | $**17123** | $**15202** | **33.7%** |
| **European Currency** |  |  |  |  |  |  |  |  |  |  |
| **Capital Equipment** |  |  |  |  |  |  |  |  |  |  |
| Goodfellow (15)(19) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 5.25% | 7.38% | 2/10/2032 | € | 5450 | 6335 | 6218 |  |
| Goodfellow (15)(19) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 5.25% | 7.38% | 2/10/2032 | € | 1655 | 1924 | 1888 |  |
| **Capital Equipment Total** |  |  |  |  |  |  |  | $**8259** | $**8106** | **18.0%** |
| **Chemicals, Plastics & Rubber** |  |  |  |  |  |  |  |  |  |  |
| V Global Holdings LLC (16)(19)(26) | First Lien Senior Secured Loan | EURIBOR | 2.05% (3.70% PIK) | 7.73% | 12/22/2027 | € | 9059 | 9210 | 9761 |  |
| **Chemicals, Plastics & Rubber Total** |  |  |  |  |  |  |  | $**9210** | $**9761** | **21.7%** |
| **Environmental Industries** |  |  |  |  |  |  |  |  |  |  |
| Reconomy (18)(19) | First Lien Senior Secured Loan | EURIBOR | 6.25% | 8.38% | 7/12/2029 | € | 2440 | 2475 | 2812 |  |
| **Environmental Industries Total** |  |  |  |  |  |  |  | $**2475** | $**2812** | **6.2%** |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Interest** | **Maturity** | **Principal /** | **Principal /** |  | **Market** | **% of Members** |
| **Portfolio Company** | **Investment Type** | **Index (1)** | **Spread (1)** | **Rate** | **Date** | **Shares (9)** | **Shares (9)** | **Cost** | **Value** | **Equity (4)** |
| **European Currency** |  |  |  |  |  |  |  |  |  |  |
| **FIRE: Insurance** |  |  |  |  |  |  |  |  |  |  |
| MRHT (18)(19) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 5.00% | 7.16% | 5/17/2032 | € | 13809 | 15930 | 15754 |  |
| **FIRE: Insurance Total** |  |  |  |  |  |  |  | $**15930** | $**15754** | **35.0%** |
| **Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |  |  |
| Mertus 522. GmbH (18)(19)(26) | First Lien Senior Secured Loan | EURIBOR | 4.00% (3.00% PIK) | 9.50% | 5/28/2028 | € | 13556 | 16435 | 14997 |  |
| Mertus 522. GmbH (18)(19)(26) | First Lien Senior Secured Loan | EURIBOR | 4.00% (3.00% PIK) | 9.12% | 5/28/2028 | € | 22963 | 27850 | 25404 |  |
| Nafinco (15)(19) | First Lien Senior Secured Loan | EURIBOR | 5.25% | 7.37% | 8/29/2031 | € | 8000 | 8429 | 9127 |  |
| Pharmathen (18)(19)(26) | First Lien Senior Secured Loan- Revolver | EURIBOR | 7.18% PIK | 9.30% | 1/19/2029 | € | 14825 | 16719 | 15376 |  |
| Pharmathen (18)(19)(26) | First Lien Senior Secured Loan- Revolver | EURIBOR | 7.18% PIK | 9.30% | 1/19/2029 | € | 2696 | 2648 | 2796 |  |
| **Healthcare & Pharmaceuticals Total** |  |  |  |  |  |  |  | $**72081** | $**67700** | **150.3%** |
| **High Tech Industries** |  |  |  |  |  |  |  |  |  |  |
| New Gen Holding (18)(19)(26) | First Lien Senior Secured Loan | EURIBOR | 3.00% (4.25% PIK) | 9.75% | 5/28/2031 | € | 23600 | 27725 | 26992 |  |
| Onventis (15)(19) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 7.25% | 9.29% | 1/14/2030 | € | 13919 | 15107 | 16040 |  |
| PlentyMarkets (18)(19)(26) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 2.80% (3.70% PIK) | 8.45% | 4/2/2032 | € | 15560 | 17957 | 17303 |  |
| Utimaco (16)(19) | First Lien Senior Secured Loan | EURIBOR | 5.50% | 7.62% | 5/14/2029 | € | 6005 | 6097 | 6920 |  |
| **High Tech Industries Total** |  |  |  |  |  |  |  | $**66886** | $**67255** | **149.3%** |
| **Media: Broadcasting & Subscription** |  |  |  |  |  |  |  |  |  |  |
| Lightning Finco Limited (16)(19) | First Lien Senior Secured Loan | EURIBOR | 5.75% | 7.87% | 8/31/2028 | € | 2619 | 2951 | 3003 |  |
| **Media: Broadcasting & Subscription Total** |  |  |  |  |  |  |  | $**2951** | $**3003** | **6.7%** |
| **Media: Diversified & Production** |  |  |  |  |  |  |  |  |  |  |
| Aptus 1724. Gmbh (7)(14)(19)(21)(26) | First Lien Senior Secured Loan | EURIBOR | 7.00% PIK | 9.07% | 3/3/2028 | € | 36230 | 42816 | 2088 |  |
| **Media: Diversified & Production Total** |  |  |  |  |  |  |  | $**42816** | $**2088** | **4.6%** |
| **Services: Business** |  |  |  |  |  |  |  |  |  |  |
| iBanFirst (18)(19)(26) | First Lien Senior Secured Loan | EURIBOR | 9.75% PIK | 11.78% | 7/13/2028 | € | 16475 | 18598 | 18986 |  |
| Fiduciaire Jean-Marc Faber (FJMF) (15)(19) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 5.50% | 7.58% | 4/3/2032 | € | 7904 | 9106 | 9063 |  |
| Webcentral (18)(19) | First Lien Senior Secured Loan | EURIBOR | 6.25% | 8.75% | 12/18/2030 | € | 3423 | 3786 | 3944 |  |
| Webcentral (3)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.25% | 9.88% | 12/18/2030 | € | 3123 | 3590 | 3567 |  |
| Webcentral (18)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.25% | 9.88% | 12/18/2030 | € | 3323 | 3462 | 3829 |  |
| **Services: Business Total** |  |  |  |  |  |  |  | $**38542** | $**39389** | **87.4%** |
| **European Currency Total** |  |  |  |  |  |  |  | $**259150** | $**215868** | **479.2%** |
| **Norwegian Krone** |  |  |  |  |  |  |  |  |  |  |
| **Services: Business** |  |  |  |  |  |  |  |  |  |  |
| Spring Finco BV (18)(19) | First Lien Senior Secured Loan | NIBOR | 5.00% | 8.99% | 7/15/2029 | NOK | 174360 | 16601 | 17590 |  |
| **Services: Business Total** |  |  |  |  |  |  |  | $**16601** | $**17590** | **39.1%** |
| **Norwegian Krone Total** |  |  |  |  |  |  |  | $**16601** | $**17590** | **39.1%** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Interest** | **Maturity** | **Principal /** |  | **Market** | **% of Members** |
| **Portfolio Company** | **Investment Type** | **Index (1)** | **Spread (1)** | **Rate** | **Date** | **Shares (9)** | **Cost** | **Value** | **Equity (4)** |
| **U.S. Dollar** |  |  |  |  |  |  |  |  |  |
| **Automotive** |  |  |  |  |  |  |  |  |  |
| Cardo (18)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.98% | 5/12/2028 | $9653 | 9622 | 9653 |  |
| **Automotive Total** |  |  |  |  |  |  | $**9622** | $**9653** | **21.4%** |
| **Capital Equipment** |  |  |  |  |  |  |  |  |  |
| Goodfellow (15)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.95% | 2/10/2032 | $2174 | 2155 | 2152 |  |
| **Capital Equipment Total** |  |  |  |  |  |  | $**2155** | $**2152** | **4.8%** |
| **Chemicals, Plastics & Rubber** |  |  |  |  |  |  |  |  |  |
| V Global Holdings LLC (16)(19)(26) | First Lien Senior Secured Loan | SOFR | 2.20% (3.70% PIK) | 9.55% | 12/22/2027 | $23016 | 23016 | 21750 |  |
| **Chemicals, Plastics & Rubber Total** |  |  |  |  |  |  | $**23016** | $**21750** | **48.3%** |
| **Consumer Goods: Durable** |  |  |  |  |  |  |  |  |  |
| Stanton Carpet (15)(19) | Second Lien Senior Secured Loan | SOFR | 9.15% | 12.80% | 3/31/2028 | $5000 | 4970 | 5000 |  |
| **Consumer Goods: Durable Total** |  |  |  |  |  |  | $**4970** | $**5000** | **11.1%** |
| **High Tech Industries** |  |  |  |  |  |  |  |  |  |
| NearMap (15)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.42% | 12/9/2029 | $23050 | 22924 | 23050 |  |
| Utimaco (16)(19) | First Lien Senior Secured Loan | SOFR | 5.93% | 9.65% | 5/14/2029 | $12043 | 11987 | 12043 |  |
| Utimaco (16)(19) | First Lien Senior Secured Loan | SOFR | 5.93% | 9.65% | 5/14/2029 | $6260 | 6230 | 6260 |  |
| **High Tech Industries Total** |  |  |  |  |  |  | $**41141** | $**41353** | **91.8%** |
| **Media: Advertising, Printing & Publishing** |  |  |  |  |  |  |  |  |  |
| Facts Global Energy (15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.50% | 9.20% | 12/20/2031 | $9411 | 9329 | 9129 |  |
| Facts Global Energy (15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.50% | 9.20% | 12/20/2031 | $6763 | 6704 | 6560 |  |
| **Media: Advertising, Printing & Publishing Total** |  |  |  |  |  |  | $**16033** | $**15689** | **34.8%** |
| **Media: Broadcasting & Subscription** |  |  |  |  |  |  |  |  |  |
| Lightning Finco Limited (16)(19) | First Lien Senior Secured Loan | SOFR | 5.93% | 9.59% | 8/31/2028 | $23907 | 23833 | 23787 |  |
| **Media: Broadcasting and Subscription Total** |  |  |  |  |  |  | $**23833** | $**23787** | **52.8%** |
| **Media: Diversified & Production** |  |  |  |  |  |  |  |  |  |
| Aptus 1724 Gmbh (7)(14)(19)(21)(26) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 7.15% PIK | 10.89% | 3/3/2028 | $10351 | 10324 | 518 |  |
| **Media: Diversified & Production Total** |  |  |  |  |  |  | $**10324** | $**518** | **1.2%** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Interest** | **Maturity** | **Principal /** |  | **Market** | **% of Members** |
| **Portfolio Company** | **Investment Type** | **Index (1)** | **Spread (1)** | **Rate** | **Date** | **Shares (9)** | **Cost** | **Value** | **Equity (4)** |
| **U.S. Dollar** |  |  |  |  |  |  |  |  |  |
| **Services: Business** |  |  |  |  |  |  |  |  |  |
| Easy Ice (15)(19) | First Lien Senior Secured Loan | SOFR | 5.40% | 9.07% | 10/30/2030 | $8394 | 8293 | 8394 |  |
| Cube (18)(19)(26) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 3.00% (4.40% PIK) | 11.09% | 5/20/2031 | $9562 | 9562 | 9562 |  |
| **Services: Business Total** |  |  |  |  |  |  | $**17855** | $**17956** | **39.9%** |
| **U.S. Dollar Total** |  |  |  |  |  |  | $**148949** | $**137858** | **306.1%** |
| **New Zealand Dollar** |  |  |  |  |  |  |  |  |  |
| **Beverage, Food & Tobacco** |  |  |  |  |  |  |  |  |  |
| Hellers (18)(19)(26) | First Lien Senior Secured Loan - Delayed Draw | BKBM | 4.00% (1.50% PIK) | 8.09% | 9/27/2030 | 5980 | 3490 | 3395 |  |
| **Beverage, Food & Tobacco Total** |  |  |  |  |  |  | $**3490** | $**3395** | **7.6%** |
| **New Zealand Dollar Total** |  |  |  |  |  |  | $**3490** | $**3395** | **7.6%** |
| **Investments Total** |  |  |  |  |  |  | $**744599** | $**711887** | **1580.5%** |
| **Cash Equivalents** |  |  |  |  |  |  |  |  |  |
| Goldman Sachs Financial Square Government Fund Institutional Shares (27) | Cash Equivalents |  |  | 3.55% |  | $2747 | 2747 | 2747 |  |
| Goldman Sachs US $ Treasury Liquid Reserves Fund Institutional Shares (27) | Cash Equivalents |  |  | 3.54% |  | $848 | 848 | 848 |  |
| **Cash Equivalents Total** |  |  |  |  |  |  | $**3595** | $**3595** | **7.9%** |
| **Investments and Cash Equivalents Total** |  |  |  |  |  |  | $**748194** | $**715482** | **1588.4%** |

---

------

## Forward Foreign Currency Exchange Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Settlement** | **Unrealized** |
| **Currency Purchased** | **Currency Sold** | **Counterparty** | **Date** | **Appreciation**<sup>(8)</sup> |
| US DOLLARS 7,640 | BRITISH POUNDS 5,695 | Goldman Sachs | 4/2/2026 | 118 |
| BRITISH POUNDS 2,723 | US DOLLARS 3,639 | Goldman Sachs | 4/2/2026 | (42) |
| BRITISH POUNDS 2,972 | US DOLLARS 3,919 | Goldman Sachs | 4/2/2026 | 7 |
| EURO 1,750 | BRITISH POUNDS 1,545 | Standard Chartered | 4/2/2026 | (22) |
| BRITISH POUNDS 278 | EURO 320 | Standard Chartered | 4/2/2026 | (2) |
| BRITISH POUNDS 1,267 | EURO 1,458 | Standard Chartered | 4/2/2026 | (8) |
| US DOLLARS 2,820 | BRITISH POUNDS 2,117 | Morgan Stanley | 5/8/2026 | 28 |
| US DOLLARS 1,545 | BRITISH POUNDS 1,145 | Morgan Stanley | 6/2/2026 | 35 |
| EURO 3,289 | BRITISH POUNDS 2,835 | BNP Paribas | 6/2/2026 | 62 |
| US DOLLARS 3,443 | EURO 2,960 | BNP Paribas | 6/2/2026 | 23 |
| EURO 1,950 | US DOLLARS 2,318 | BNP Paribas | 6/2/2026 | (66) |
| US DOLLARS 12,381 | BRITISH POUNDS 10,280 | Morgan Stanley | 6/8/2026 | (1174) |
| US DOLLARS 22,672 | EURO 20,600 | Standard Chartered | 6/8/2026 | (1132) |
| US DOLLARS 2,365 | EURO 2,040 | BNP Paribas | 6/10/2026 | 8 |
| EURO 2,003 | US DOLLARS 2,365 | BNP Paribas | 6/10/2026 | (50) |
| US DOLLARS 1,889 | NEW ZEALAND DOLLARS 3,146 | Standard Chartered | 6/25/2026 | 89 |
| US DOLLARS 3,563 | AUSTRALIAN DOLLARS 5,490 | BNP Paribas | 7/30/2026 | (191) |
| US DOLLARS 12,143 | AUSTRALIAN DOLLARS 18,568 | Morgan Stanley | 9/10/2026 | (542) |
| US DOLLARS 6,778 | BRITISH POUNDS 5,010 | Morgan Stanley | 9/10/2026 | 179 |
| AUSTRALIAN DOLLARS 8,042 | US DOLLARS 5,279 | Morgan Stanley | 9/10/2026 | 215 |
| BRITISH POUNDS 2,890 | US DOLLARS 3,893 | Morgan Stanley | 9/10/2026 | (86) |
| US DOLLARS 7,318 | AUSTRALIAN DOLLARS 11,205 | Standard Chartered | 9/10/2026 | (337) |
| EURO 427 | NEW ZEALAND DOLLARS 853 | Morgan Stanley | 9/16/2026 | 6 |
| US DOLLARS 9,578 | AUSTRALIAN DOLLARS 14,489 | Standard Chartered | 10/2/2026 | (315) |
| US DOLLARS 1,813 | CANADIAN DOLLARS 2,494 | Standard Chartered | 10/2/2026 | 13 |
| EURO 784 | NORWEGIAN KRONE 9,370 | Standard Chartered | 10/2/2026 | (49) |
| EURO 2,178 | AUSTRALIAN DOLLARS 3,931 | Standard Chartered | 10/2/2026 | (156) |
| EURO 412 | CANADIAN DOLLARS 677 | Standard Chartered | 10/2/2026 | (10) |
| EURO 4,925 | US DOLLARS 5,890 | Standard Chartered | 10/2/2026 | (174) |
| US DOLLARS 28,295 | EURO 2, 3720 | Standard Chartered | 10/2/2026 | 767 |
| US DOLLARS 3,447 | NORWEGIAN KRONE 34,539 | Standard Chartered | 10/2/2026 | (90) |
| EURO 10,100 | US DOLLARS 12,162 | Standard Chartered | 10/2/2026 | (441) |
| US DOLLARS 8,851 | AUSTRALIAN DOLLARS 13,286 | BNP Paribas | 10/2/2026 | (221) |
| EURO 552 | BRITISH POUNDS 490 | BNP Paribas | 10/19/2026 | (4) |
| EURO 843 | AUSTRALIAN DOLLARS 1,517 | BNP Paribas | 10/30/2026 | (56) |
| EURO 2,039 | AUSTRALIAN DOLLARS 3,605 | BNP Paribas | 10/30/2026 | (91) |
| US DOLLARS 2,347 | EURO 2,000 | Morgan Stanley | 11/6/2026 | 23 |
| EURO 2,68 | BRITISH POUNDS 240 | Morgan Stanley | 11/6/2026 | (4) |
| US DOLLARS 2,230 | BRITISH POUNDS 1,700 | Morgan Stanley | 11/6/2026 | (7) |
| US DOLLARS 27,514 | EURO 2, 3460 | Standard Chartered | 11/6/2026 | 257 |
| EURO 16,651 | US DOLLARS 1, 9758 | Standard Chartered | 1/7/2027 | (375) |
| US DOLLARS 6,060 | BRITISH POUNDS 4,500 | Goldman Sachs | 2/22/2027 | 150 |
| EURO 233 | CANADIAN DOLLARS 376 | Morgan Stanley | 2/22/2027 | (1) |
| US DOLLARS 1,025 | CANADIAN DOLLARS 1,384 | Morgan Stanley | 2/22/2027 | 22 |
| US DOLLARS 1,631 | BRITISH POUNDS 1,243 | Goldman Sachs | 3/8/2027 | (1) |
| EURO 3,443 | AUSTRALIAN DOLLARS 5,820 | Morgan Stanley | 3/8/2027 | 59 |
| EURO 2,157 | BRITISH POUNDS 1,900 | Morgan Stanley | 3/8/2027 | 21 |
| EURO 907 | BRITISH POUNDS 803 | Standard Chartered | 3/8/2027 | 2 |
| EURO 5,430 | US DOLLARS 6,400 | Standard Chartered | 3/8/2027 | (69) |
| EURO 2,466 | US DOLLARS 2,900 | BNP Paribas | 3/8/2027 | (25) |
|  |  |  |  | $**(3657)** |

---

------

<sup>(1)</sup> The investments bear interest at a rate that may be determined by reference to the Euro Interbank Offered Rate ("EURIBOR" or "E"), the Bank Bill Benchmark Rate ("BKBM"), the Norwegian Interbank Offered Rate ("NIBOR" or "N"), the Canadian Overnight Repo Rate Average ("CORRA"), the Bank Bill Swap Bid Rate ("BBSY"), the Sterling Overnight Index Average ("SONIA") or Secured Overnight Financing Rate ("SOFR") which reset daily, monthly, quarterly or semiannually. Investments or a portion thereof may provide for Payment-in-Kind ("PIK"). For each, the Company has provided the PIK or the spread over EURIBOR, BKBM, NIBOR, CORRA, BBSY, SONIA, or SOFR and the current weighted average interest rate in effect at March 31, 2026. Certain investments are subject to a EURIBOR, BKBM, NIBOR, CORRA, BBSY, SONIA, or SOFR interest rate floor.

<sup>(2)</sup> Tick mark not used.

<sup>(3)</sup> Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The investment

------

may be subject to an unused/letter of credit facility fee.

<sup>(4)</sup> Percentages are based on the ISLP's net assets (in thousands) of $45,043 as of March 31, 2026.

<sup>(5)</sup> Tick mark not used.

<sup>(6)</sup> Tick mark not used.

<sup>(7)</sup> Loan was on non-accrual status as of March 31, 2026.

<sup>(8)</sup> Unrealized appreciation on forward currency exchange contracts.

<sup>(9)</sup> The principal amount (par amount) for all debt securities is denominated in U.S. dollars, unless otherwise noted. £ represents Pound Sterling, € represents Euro, NOK represents Norwegian Krone, AUD represents Australian Dollar, CAD represents Canadian Dollar and, NZ$ represents New Zealand Dollar.

<sup>(10)</sup> Tick mark not used.

<sup>(11)</sup> Tick mark not used.

<sup>(12)</sup> Tick mark not used.

<sup>(13)</sup> Tick mark not used.

<sup>(14)</sup> Non-income producing.

<sup>(15)</sup> Loan includes interest rate floor of 1.00%.

<sup>(16)</sup> Loan includes interest rate floor of 0.75%.

<sup>(17)</sup> Loan includes interest rate floor of 0.50%.

<sup>(18)</sup> Loan includes interest rate floor of 0.00%.

<sup>(19)</sup> Security valued using unobservable inputs (Level 3).

<sup>(20)</sup> Tick mark not used.

<sup>(21)</sup> Loan includes interest rate floor of 0.25%.

<sup>(22)</sup> Tick mark not used.

<sup>(23)</sup> Tick mark not used.

<sup>(24)</sup> Tick mark not used.

<sup>(25)</sup> Tick mark not used.

<sup>(26)</sup> Denotes that all or a portion of the investment includes PIK income during the period.

<sup>(27)</sup> Cash equivalents include $3,595 of restricted cash.

------

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

**International Senior Loan Program, LLC**

**Consolidated Schedule of Investments**

**As of December 31, 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Interest** | **Maturity** | **Principal /** |  | **Market** | **% of Members** |
| **Portfolio Company** | **Investment Type** | **Index (1)** | **Spread (1)** | **Rate** | **Date** | **Shares (9)** | **Cost** | **Value** | **Equity (4)** |
| **Australian Dollar** |  |  |  |  |  |  |  |  |  |
| **Aerospace & Defense** |  |  |  |  |  |  |  |  |  |
| Ansett Aviation Training (14)(19) | Equity Interest |  |  |  |  | 10238 | 7115 | 36769 |  |
| **Aerospace & Defense Total** |  |  |  |  |  |  | $**7115** | $**36769** | **57.0%** |
| **Media: Advertising, Printing & Publishing** |  |  |  |  |  |  |  |  |  |
| TGI Sport Bidco Pty Ltd (18)(19) | First Lien Senior Secured Loan | BBSY | 7.00% | 10.60% | 4/30/2026 | 9730 | 7137 | 6492 |  |
| TGI Sport Bidco Pty Ltd (17)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 7.11% | 10.83% | 4/30/2026 | 4081 | 2568 | 2723 |  |
| **Media: Advertising, Printing & Publishing Total** |  |  |  |  |  |  | $**9705** | $**9215** | **14.3%** |
| **Australian Dollar Total** |  |  |  |  |  |  | $**16820** | $**45984** | **71.3%** |
| **British Pound** |  |  |  |  |  |  |  |  |  |
| **Capital Equipment** |  |  |  |  |  |  |  |  |  |
| Goodfellow (15)(19) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 5.25% | 8.98% | 2/10/2032 | £1564 | 2121 | 2082 |  |
| **Capital Equipment Total** |  |  |  |  |  |  | $**2121** | $**2082** | **3.2%** |
| **Environmental Industries** |  |  |  |  |  |  |  |  |  |
| Reconomy (18)(19) | First Lien Senior Secured Loan | SONIA | 6.50% | 10.22% | 7/12/2029 | £6050 | 7045 | 8138 |  |
| Reconomy (18)(19) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 6.25% | 8.27% | 7/12/2029 | £6578 | 8093 | 8791 |  |
| Reconomy (18)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 6.50% | 10.17% | 7/12/2029 | £6578 | 8450 | 8501 |  |
| **Environmental Industries Total** |  |  |  |  |  |  | $**23588** | $**25430** | **39.5%** |
| **FIRE: Finance** |  |  |  |  |  |  |  |  |  |
| Avalon Bidco Limited (15)(19) | First Lien Senior Secured Loan | SONIA | 6.25% | 10.22% | 4/16/2032 | £12058 | 16240 | 16017 |  |
| Parmenion (18)(19) | First Lien Senior Secured Loan | SONIA | 5.50% | 9.46% | 5/23/2029 | £29070 | 35429 | 39105 |  |
| **FIRE: Finance Total** |  |  |  |  |  |  | $**51669** | $**55122** | **85.5%** |
| **FIRE: Insurance** |  |  |  |  |  |  |  |  |  |
| Margaux UK Finance Limited (16)(19) | First Lien Senior Secured Loan | SONIA | 4.75% | 8.48% | 12/19/2027 | £7240 | 9147 | 9740 |  |
| **FIRE: Insurance Total** |  |  |  |  |  |  | $**9147** | $**9740** | **15.1%** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Interest** | **Maturity** | **Principal /** |  | **Market** | **% of Members** |
| **Portfolio Company** | **Investment Type** | **Index (1)** | **Spread (1)** | **Rate** | **Date** | **Shares (9)** | **Cost** | **Value** | **Equity (4)** |
| **British Pound** |  |  |  |  |  |  |  |  |  |
| **High Tech Industries** |  |  |  |  |  |  |  |  |  |
| Access (18)(19) | First Lien Senior Secured Loan | SONIA | 5.25% | 8.97% | 6/28/2029 | £7880 | 9134 | 10600 |  |
| Access (18)(19) | First Lien Senior Secured Loan | SONIA | 5.00% | 8.73% | 6/28/2029 | £9764 | 11887 | 13135 |  |
| Cloud Technology Solutions (CTS) (15)(19)(26) | First Lien Senior Secured Loan | SONIA | 2.53% (5.47% PIK) | 11.73% | 1/3/2030 | £9872 | 12510 | 13280 |  |
| **High Tech Industries Total** |  |  |  |  |  |  | $**33531** | $**37015** | **57.4%** |
| **Media: Advertising, Printing & Publishing** |  |  |  |  |  |  |  |  |  |
| OGH Bidco Limited (18)(19) | First Lien Senior Secured Loan | SOFR | 6.50% | 10.61% | 9/2/2029 | £5172 | 6068 | 5703 |  |
| OGH Bidco Limited (18)(19) | First Lien Senior Secured Loan | SONIA | 6.50% | 10.23% | 6/29/2029 | £13160 | 15252 | 16773 |  |
| TGI Sport Bidco Pty Ltd (17)(19) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 6.03% | 9.76% | 6/24/2029 | £6700 | 8636 | 9013 |  |
| **Media: Advertising, Printing & Publishing Total** |  |  |  |  |  |  | $**29956** | $**31489** | **48.9%** |
| **Services: Business** |  |  |  |  |  |  |  |  |  |
| Beneficium (15)(19) | First Lien Senior Secured Loan | SONIA | 5.75% | 9.48% | 6/28/2031 | £7497 | 9733 | 9883 |  |
| Brook Bidco (18)(19)(26) | First Lien Senior Secured Loan | SONIA | 1.87% (5.66% PIK) | 11.25% | 7/10/2028 | £28318 | 38068 | 34284 |  |
| Brook Bidco (16)(19)(26) | First Lien Senior Secured Loan | SOFR | 1.91% (5.93% PIK) | 11.52% | 7/10/2028 | £6244 | 8250 | 7410 |  |
| Brook Bidco (16)(19)(26) | First Lien Senior Secured Loan | SOFR | 1.91% (5.93% PIK) | 11.52% | 7/10/2028 | £8734 | 11506 | 10332 |  |
| Datix Bidco Limited (17)(19) | First Lien Senior Secured Loan | SONIA | 5.00% | 8.99% | 4/30/2031 | £8160 | 10510 | 10976 |  |
| Opus2 (18)(19) | First Lien Senior Secured Loan | SONIA | 5.28% | 9.00% | 5/5/2028 | £12151 | 16572 | 16346 |  |
| Parcel2Go (18)(19) | First Lien Senior Secured Loan | SONIA | 7.00% | 10.97% | 11/26/2031 | £4713 | 5938 | 5390 |  |
| Parcel2Go (14)(19) | Preferred Equity |  |  |  |  | £1407911 |  |  |  |
| Parcel2Go (14)(19) | Equity Interest |  |  |  |  | £5 |  |  |  |
| TES Global (18)(19) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 5.00% | 9.01% | 1/27/2029 | £1200 | 1494 | 1606 |  |
| TES Global (18)(19) | First Lien Senior Secured Loan | SONIA | 5.00% | 9.01% | 2/1/2029 | £14364 | 17695 | 19322 |  |
| **Services: Business Total** |  |  |  |  |  |  | $**119766** | $**115549** | **179.3%** |
| **Services: Consumer** |  |  |  |  |  |  |  |  |  |
| SG Global Midco Limited (19) | First Lien Senior Secured Loan |  | 10.00% PIK | 10.00% | 12/31/2028 | £215 | 285 | 289 |  |
| Surrey Bidco Limited (7)(14)(18)(19)(26) | First Lien Senior Secured Loan | SONIA | 7.28% PIK | 11.00% | 12/31/2028 | £7594 | 8406 | 2554 |  |
| Voltaire Topco Limited (14)(19) | Equity Interest |  |  |  |  | £43 |  |  |  |
| **Services: Consumer Total** |  |  |  |  |  |  | $**8691** | $**2843** | **4.4%** |
| **British Pound Total** |  |  |  |  |  |  | $**278469** | $**279270** | **433.3%** |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Interest** | **Maturity** | **Principal /** | **Principal /** |  | **Market** | **% of Members** |
| **Portfolio Company** | **Investment Type** | **Index (1)** | **Spread (1)** | **Rate** | **Date** | **Shares (9)** | **Shares (9)** | **Cost** | **Value** | **Equity (4)** |
| **Canadian Dollar** |  |  |  |  |  |  |  |  |  |  |
| **Retail** |  |  |  |  |  |  |  |  |  |  |
| New Look (Delaware) Corporation (15)(19) | First Lien Senior Secured Loan | CORRA | 5.25% | 7.51% | 5/26/2028 | CAD | 17874 | 14661 | 13027 |  |
| New Look Vision Group (15)(19) | First Lien Senior Secured Loan - Delayed Draw | CORRA | 5.25% | 7.51% | 5/26/2028 | CAD | 1162 | 896 | 847 |  |
| New Look Vision Group (15)(19) | First Lien Senior Secured Loan - Delayed Draw | CORRA | 5.25% | 7.51% | 5/26/2028 | CAD | 2231 | 1605 | 1626 |  |
| **Retail Total** |  |  |  |  |  |  |  | $**17162** | $**15500** | **24.0%** |
| **Canadian Dollar Total** |  |  |  |  |  |  |  | $**17162** | $**15500** | **24.0%** |
| **European Currency** |  |  |  |  |  |  |  |  |  |  |
| **Capital Equipment** |  |  |  |  |  |  |  |  |  |  |
| Goodfellow (15)(19) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 5.25% | 7.27% | 2/10/2032 | € | 5450 | 6335 | 6396 |  |
| Goodfellow (15)(19) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 5.25% | 7.27% | 2/10/2032 | € | 1655 | 1924 | 1942 |  |
| **Capital Equipment Total** |  |  |  |  |  |  |  | $**8259** | $**8338** | **12.9%** |
| **Chemicals, Plastics & Rubber** |  |  |  |  |  |  |  |  |  |  |
| V Global Holdings LLC (16)(19) | First Lien Senior Secured Loan | EURIBOR | 5.75% | 7.76% | 12/22/2027 | € | 9082 | 9230 | 10046 |  |
| **Chemicals, Plastics & Rubber Total** |  |  |  |  |  |  |  | $**9230** | $**10046** | **15.6%** |
| **Environmental Industries** |  |  |  |  |  |  |  |  |  |  |
| Reconomy (18)(19) | First Lien Senior Secured Loan | EURIBOR | 6.25% | 8.27% | 7/12/2029 | € | 2440 | 2475 | 2864 |  |
| **Environmental Industries Total** |  |  |  |  |  |  |  | $**2475** | $**2864** | **4.4%** |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Interest** | **Maturity** | **Principal /** | **Principal /** |  | **Market** | **% of Members** |
| **Portfolio Company** | **Investment Type** | **Index (1)** | **Spread (1)** | **Rate** | **Date** | **Shares (9)** | **Shares (9)** | **Cost** | **Value** | **Equity (4)** |
| **European Currency** |  |  |  |  |  |  |  |  |  |  |
| **FIRE: Insurance** |  |  |  |  |  |  |  |  |  |  |
| MRHT (18)(19) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 5.00% | 7.11% | 5/17/2032 | € | 13809 | 15925 | 16044 |  |
| **FIRE: Insurance Total** |  |  |  |  |  |  |  | $**15925** | $**16044** | **24.9%** |
| **Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |  |  |
| Mertus 522. GmbH (18)(19)(26) | First Lien Senior Secured Loan | EURIBOR | 4.00% (3.00% PIK) | 9.13% | 5/28/2028 | € | 13320 | 16158 | 15007 |  |
| Mertus 522. GmbH (18)(19)(26) | First Lien Senior Secured Loan | EURIBOR | 4.00% (3.00% PIK) | 9.12% | 5/28/2028 | € | 22963 | 27843 | 25871 |  |
| Nafinco (15)(19) | First Lien Senior Secured Loan | EURIBOR | 5.25% | 7.37% | 8/29/2031 | € | 8000 | 8422 | 9342 |  |
| Pharmathen (18)(19)(26) | First Lien Senior Secured Loan- Revolver | EURIBOR | 7.18% PIK | 9.30% | 1/19/2029 | € | 14825 | 16709 | 16529 |  |
| Pharmathen (18)(19)(26) | First Lien Senior Secured Loan- Revolver | EURIBOR | 7.18% PIK | 9.30% | 1/19/2029 | € | 2696 | 2646 | 3005 |  |
| **Healthcare & Pharmaceuticals Total** |  |  |  |  |  |  |  | $**71778** | $**69754** | **108.3%** |
| **High Tech Industries** |  |  |  |  |  |  |  |  |  |  |
| New Gen Holding (18)(19)(26) | First Lien Senior Secured Loan | EURIBOR | 2.00% (4.25% PIK) | 8.37% | 5/28/2031 | € | 23985 | 28173 | 27937 |  |
| Onventis (15)(19) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 7.25% | 9.32% | 1/14/2030 | € | 13919 | 15106 | 16335 |  |
| PlentyMarkets (18)(19)(26) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 2.80% (3.70% PIK) | 8.53% | 4/2/2032 | € | 15326 | 17678 | 17852 |  |
| Utimaco (16)(19) | First Lien Senior Secured Loan | EURIBOR | 5.50% | 7.62% | 5/14/2029 | € | 6005 | 6095 | 7047 |  |
| **High Tech Industries Total** |  |  |  |  |  |  |  | $**67052** | $**69171** | **107.4%** |
| **Media: Broadcasting & Subscription** |  |  |  |  |  |  |  |  |  |  |
| Lightning Finco Limited (16)(19) | First Lien Senior Secured Loan | EURIBOR | 5.50% | 7.62% | 8/31/2028 | € | 2619 | 2951 | 3058 |  |
| **Media: Broadcasting & Subscription Total** |  |  |  |  |  |  |  | $**2951** | $**3058** | **4.7%** |
| **Media: Diversified & Production** |  |  |  |  |  |  |  |  |  |  |
| Aptus 1724. Gmbh (7)(14)(19)(21)(26) | First Lien Senior Secured Loan | EURIBOR | 7.00% PIK | 9.07% | 3/3/2028 | € | 36230 | 42816 | 12756 |  |
| **Media: Diversified & Production Total** |  |  |  |  |  |  |  | $**42816** | $**12756** | **19.8%** |
| **Services: Business** |  |  |  |  |  |  |  |  |  |  |
| iBanFirst (18)(19)(26) | First Lien Senior Secured Loan | EURIBOR | 9.75% PIK | 11.77% | 7/13/2028 | € | 15984 | 18015 | 18759 |  |
| Fiduciaire Jean-Marc Faber (FJMF) (15)(19) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 5.50% | 7.58% | 4/3/2032 | € | 7904 | 9103 | 9183 |  |
| Webcentral (18)(19) | First Lien Senior Secured Loan | EURIBOR | 6.50% | 8.62% | 12/18/2030 | € | 3423 | 3784 | 4017 |  |
| Webcentral (18)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.50% | 10.53% | 12/18/2030 | € | 3123 | 3582 | 3593 |  |
| Webcentral (18)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.50% | 10.53% | 12/18/2030 | € | 3323 | 3462 | 3899 |  |
| **Services: Business Total** |  |  |  |  |  |  |  | $**37946** | $**39451** | **61.2%** |
| **European Currency Total** |  |  |  |  |  |  |  | $**258432** | $**231482** | **359.2%** |
| **Norwegian Krone** |  |  |  |  |  |  |  |  |  |  |
| **Services: Business** |  |  |  |  |  |  |  |  |  |  |
| Spring Finco BV (18)(19) | First Lien Senior Secured Loan | NIBOR | 5.50% | 8.88% | 7/15/2029 | NOK | 174360 | 16601 | 17031 |  |
| **Services: Business Total** |  |  |  |  |  |  |  | $**16601** | $**17031** | **26.4%** |
| **Norwegian Krone Total** |  |  |  |  |  |  |  | $**16601** | $**17031** | **26.4%** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Interest** | **Maturity** | **Principal /** |  | **Market** | **% of Members** |
| **Portfolio Company** | **Investment Type** | **Index (1)** | **Spread (1)** | **Rate** | **Date** | **Shares (9)** | **Cost** | **Value** | **Equity (4)** |
| **U.S. Dollar** |  |  |  |  |  |  |  |  |  |
| **Automotive** |  |  |  |  |  |  |  |  |  |
| Cardo (18)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.98% | 5/12/2028 | $9653 | 9618 | 9653 |  |
| **Automotive Total** |  |  |  |  |  |  | $**9618** | $**9653** | **15.0%** |
| **Capital Equipment** |  |  |  |  |  |  |  |  |  |
| Goodfellow (15)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.92% | 2/10/2032 | $2174 | 2154 | 2152 |  |
| **Capital Equipment Total** |  |  |  |  |  |  | $**2154** | $**2152** | **3.3%** |
| **Chemicals, Plastics & Rubber** |  |  |  |  |  |  |  |  |  |
| V Global Holdings LLC (16)(19) | First Lien Senior Secured Loan | SOFR | 5.90% | 9.77% | 12/22/2027 | $22835 | 22835 | 21694 |  |
| **Chemicals, Plastics & Rubber Total** |  |  |  |  |  |  | $**22835** | $**21694** | **33.7%** |
| **Consumer Goods: Durable** |  |  |  |  |  |  |  |  |  |
| Stanton Carpet (15)(19) | Second Lien Senior Secured Loan | SOFR | 9.15% | 13.09% | 3/31/2028 | $5000 | 4968 | 5000 |  |
| **Consumer Goods: Durable Total** |  |  |  |  |  |  | $**4968** | $**5000** | **7.8%** |
| **High Tech Industries** |  |  |  |  |  |  |  |  |  |
| NearMap (15)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.61% | 12/9/2029 | $23109 | 22974 | 23109 |  |
| Utimaco (16)(19) | First Lien Senior Secured Loan | SOFR | 5.93% | 9.73% | 5/14/2029 | $12043 | 11982 | 12043 |  |
| Utimaco (16)(19) | First Lien Senior Secured Loan | SOFR | 5.93% | 9.73% | 5/14/2029 | $6260 | 6228 | 6260 |  |
| **High Tech Industries Total** |  |  |  |  |  |  | $**41184** | $**41412** | **64.2%** |
| **Media: Advertising, Printing & Publishing** |  |  |  |  |  |  |  |  |  |
| Facts Global Energy (15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.25% | 9.05% | 12/20/2031 | $9411 | 9325 | 9176 |  |
| Facts Global Energy (15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.25% | 9.05% | 12/20/2031 | $6763 | 6701 | 6594 |  |
| **Media: Advertising, Printing & Publishing Total** |  |  |  |  |  |  | $**16026** | $**15770** | **24.5%** |
| **Media: Broadcasting & Subscription** |  |  |  |  |  |  |  |  |  |
| Lightning Finco Limited (16)(19) | First Lien Senior Secured Loan | SOFR | 5.93% | 9.59% | 8/31/2028 | $23907 | 23825 | 23787 |  |
| **Media: Broadcasting and Subscription Total** |  |  |  |  |  |  | $**23825** | $**23787** | **36.8%** |
| **Media: Diversified & Production** |  |  |  |  |  |  |  |  |  |
| Aptus 1724 Gmbh (7)(14)(19)(21)(26) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 7.15% PIK | 10.89% | 3/3/2028 | $10636 | 10324 | 3191 |  |
| **Media: Diversified & Production Total** |  |  |  |  |  |  | $**10324** | $**3191** | **5.0%** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Interest** | **Maturity** | **Principal /** |  | **Market** | **% of Members** |
| **Portfolio Company** | **Investment Type** | **Index (1)** | **Spread (1)** | **Rate** | **Date** | **Shares (9)** | **Cost** | **Value** | **Equity (4)** |
| **U.S. Dollar** |  |  |  |  |  |  |  |  |  |
| **Services: Business** |  |  |  |  |  |  |  |  |  |
| Easy Ice (15)(19) | First Lien Senior Secured Loan | SOFR | 5.40% | 9.24% | 10/30/2030 | $8415 | 8308 | 8415 |  |
| Cube (18)(19)(26) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 2.00% (4.50% PIK) | 10.19% | 5/20/2031 | $9374 | 9374 | 9374 |  |
| **Services: Business Total** |  |  |  |  |  |  | $**17682** | $**17789** | **27.6%** |
| **U.S. Dollar Total** |  |  |  |  |  |  | $**148616** | $**140448** | **217.9%** |
| **New Zealand Dollar** |  |  |  |  |  |  |  |  |  |
| **Beverage, Food & Tobacco** |  |  |  |  |  |  |  |  |  |
| Hellers (3)(18)(19)(26) | First Lien Senior Secured Loan - Delayed Draw | BBKM | 3.63% (1.88% PIK) | 9.29% | 9/27/2030 | 5949 | 3467 | 3389 |  |
| **Beverage, Food & Tobacco Total** |  |  |  |  |  |  | $**3467** | $**3389** | **5.4%** |
| **New Zealand Dollar Total** |  |  |  |  |  |  | $**3467** | $**3389** | **5.4%** |
| **Investments Total** |  |  |  |  |  |  | $**739567** | $**733104** | **1137.5%** |
| **Cash Equivalents** |  |  |  |  |  |  |  |  |  |
| Goldman Sachs Financial Square Government Fund Institutional Shares (27) | Cash Equivalents |  |  | 3.70% |  | $14078 | 14078 | 14078 |  |
| Goldman Sachs US $ Treasury Liquid Reserves Fund Institutional Shares (27) | Cash Equivalents |  |  | 3.70% |  | $318 | 318 | 318 |  |
| **Cash Equivalents Total** |  |  |  |  |  |  | $**14396** | $**14396** | **22.3%** |
| **Investments and Cash Equivalents Total** |  |  |  |  |  |  | $**753963** | $**747500** | **1159.8%** |

---

------

**Forward Foreign Currency Exchange Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  |  | **Unrealized** |
| **Currency Purchased** | **Currency Sold** | **Counterparty** | **Settlement Date** | **Appreciation**<sup>(8)</sup> |
| EURO 18,912 | US DOLLARS 20,060 | Standard Chartered | 01/09/2026 | $2162 |
| US DOLLARS 2,285 | AUSTRALIAN DOLLARS 3,590 | Standard Chartered | 02/24/2026 | (109) |
| US DOLLARS 2,713 | BRITISH POUNDS 2,090 | Goldman Sachs | 02/24/2026 | (98) |
| AUSTRALIAN DOLLARS 3,590 | US DOLLARS 2,353 | Standard Chartered | 02/24/2026 | 42 |
| EURO 4,860 | US DOLLARS 5,747 | Morgan Stanley | 02/24/2026 | (24) |
| US DOLLARS 882 | CANADIAN DOLLARS 1,243 | Morgan Stanley | 02/24/2026 | (27) |
| US DOLLARS 5,168 | EURO 4,860 | Morgan Stanley | 02/24/2026 | (554) |
| EURO 215 | CANADIAN DOLLARS 337 | Morgan Stanley | 02/26/2026 | 6 |
| EURO 2,830 | AUSTRALIAN DOLLARS 5,037 | Morgan Stanley | 03/10/2026 | (24) |
| EURO 1,706 | AUSTRALIAN DOLLARS 3,040 | Standard Chartered | 03/10/2026 | (17) |
| EURO 2,223 | BRITISH POUNDS 1,906 | Morgan Stanley | 03/10/2026 | 57 |
| AUSTRALIAN DOLLARS 2,210 | EURO 1,227 | Standard Chartered | 03/10/2026 | 28 |
| EURO 2,003 | US DOLLARS 2,365 | BNP Paribas | 03/10/2026 | (4) |
| US DOLLARS 3,530 | EURO 2,985 | Morgan Stanley | 03/10/2026 | 13 |
| EURO 4,476 | US DOLLARS 5,200 | Morgan Stanley | 03/10/2026 | 74 |
| EURO 5,507 | US DOLLARS 6,400 | Standard Chartered | 03/10/2026 | 88 |
| EURO 1,750 | BRITISH POUNDS 1,545 | Standard Chartered | 04/02/2026 | (13) |
| US DOLLARS 7,640 | BRITISH POUNDS 5,695 | Goldman Sachs | 04/02/2026 | (18) |
| US DOLLARS 2,820 | BRITISH POUNDS 2,117 | Morgan Stanley | 05/08/2026 | (27) |
| EURO 3,289 | BRITISH POUNDS 2,835 | BNP Paribas | 06/02/2026 | 78 |
| US DOLLARS 1,545 | BRITISH POUNDS 1,145 | Morgan Stanley | 06/02/2026 | 5 |
| EURO 1,950 | US DOLLARS 2,318 | BNP Paribas | 06/02/2026 | (12) |
| US DOLLARS 3,443 | EURO 2,960 | BNP Paribas | 06/02/2026 | (57) |
| US DOLLARS 12,381 | BRITISH POUNDS 10,280 | Morgan Stanley | 06/08/2026 | (1441) |
| US DOLLARS 22,672 | EURO 20,600 | Standard Chartered | 06/10/2026 | (1696) |
| US DOLLARS 1,889 | NEW ZEALAND DOLLAR 3,146 | Standard Chartered | 06/25/2026 | 69 |
| US DOLLARS 3,563 | AUSTRALIAN DOLLARS 5,490 | BNP Paribas | 07/30/2026 | (93) |
| US DOLLARS 12,143 | AUSTRALIAN DOLLARS 18,568 | Morgan Stanley | 09/10/2026 | (212) |
| US DOLLARS 7,318 | AUSTRALIAN DOLLARS 11,205 | Standard Chartered | 09/10/2026 | (138) |
| US DOLLARS 6,778 | BRITISH POUNDS 5,010 | Morgan Stanley | 09/10/2026 | 44 |
| AUSTRALIAN DOLLARS 8,042 | US DOLLARS 5,279 | Morgan Stanley | 09/10/2026 | 72 |
| BRITISH POUNDS 2,890 | US DOLLARS 3,893 | Morgan Stanley | 09/10/2026 | (9) |
| EURO 427 | NEW ZEALAND DOLLAR 853 | Morgan Stanley | 09/16/2026 | 12 |
| EURO 2,178 | AUSTRALIAN DOLLARS 3,931 | Standard Chartered | 10/02/2026 | (26) |
| US DOLLARS 9,578 | AUSTRALIAN DOLLARS 14,489 | Standard Chartered | 10/02/2026 | (59) |
| EURO 412 | CANADIAN DOLLARS 677 | Standard Chartered | 10/02/2026 | (9) |
| US DOLLARS 1,813 | CANADIAN DOLLARS 2,494 | Standard Chartered | 10/02/2026 | (24) |
| EURO 784 | NORWEGIAN KRONE 9,370 | Standard Chartered | 10/02/2026 | 5 |
| EURO 4,925 | US DOLLARS 5,890 | Standard Chartered | 10/02/2026 | (38) |
| US DOLLARS 28,295 | EURO 23,720 | Standard Chartered | 10/02/2026 | 112 |
| US DOLLARS 3,447 | NORWEGIAN KRONE 34,539 | Standard Chartered | 10/02/2026 | 31 |
| EURO 552 | BRITISH POUNDS 490 | BNP Paribas | 10/19/2026 | (3) |
| EURO 843 | AUSTRALIAN DOLLARS 1,517 | BNP Paribas | 10/30/2026 | (6) |
| US DOLLARS 2,347 | EURO 2,000 | Morgan Stanley | 11/06/2026 | (32) |
| US DOLLARS 27,514 | EURO 23,460 | Standard Chartered | 11/06/2026 | (393) |
| US DOLLARS 2,230 | BRITISH POUNDS 1,700 | Morgan Stanley | 11/06/2026 | (54) |
| EURO 268 | BRITISH POUNDS 240 | Morgan Stanley | 11/06/2026 | (4) |
|  |  |  |  | $**(2323)** |

---

------

<sup>(1)</sup> The investments bear interest at a rate that may be determined by reference to the Euro Interbank Offered Rate ("EURIBOR" or "E"), the Norwegian Interbank Offered Rate ("NIBOR" or "N"), the Canadian Overnight Repo Rate Average ("CORRA"), the Bank Bill Swap Bid Rate ("BBSY"), the Sterling Overnight Index Average ("SONIA") or Secured Overnight Financing Rate

------

("SOFR") which reset daily, monthly, quarterly or semiannually. Investments or a portion thereof may provide for Payment-in-Kind ("PIK"). For each, the Company has provided the PIK or the spread over EURIBOR, NIBOR, CORRA, BBSY, SONIA, or SOFR and the current weighted average interest rate in effect at December 31, 2025. Certain investments are subject to a EURIBOR, NIBOR, CORRA, BBSY, SONIA, or SOFR interest rate floor.

<sup>(2)</sup> Tick mark not used.

<sup>(3)</sup> Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The investment may be subject to an unused/letter of credit facility fee.

<sup>(4)</sup> Percentages are based on the ISLP's net assets (in thousands) of $64,451 as of December 31, 2025.

<sup>(5)</sup> Tick mark not used.

<sup>(6)</sup> Tick mark not used.

<sup>(7)</sup> Loan was on non-accrual status as of December 31, 2025.

<sup>(8)</sup> Unrealized appreciation on forward currency exchange contracts.

<sup>(9)</sup> The principal amount (par amount) for all debt securities is denominated in U.S. dollars, unless otherwise noted. £ represents Pound Sterling, € represents Euro, NOK represents Norwegian Krone, AUD represents Australian Dollar, CAD represents Canadian Dollar and NZ$ represents New Zealand Dollar.

<sup>(10)</sup> Tick mark not used.

<sup>(11)</sup> Tick mark not used.

<sup>(12)</sup> Tick mark not used.

<sup>(13)</sup> Tick mark not used.

<sup>(14)</sup> Non-income producing.

<sup>(15)</sup> Loan includes interest rate floor of 1.00%.

<sup>(16)</sup> Loan includes interest rate floor of 0.75%.

<sup>(17)</sup> Loan includes interest rate floor of 0.50%.

<sup>(18)</sup> Loan includes interest rate floor of 0.00%.

<sup>(19)</sup> Security valued using unobservable inputs (Level 3).

<sup>(20)</sup> Tick mark not used.

<sup>(21)</sup> Loan includes interest rate floor of 0.25%.

<sup>(22)</sup> Tick mark not used.

<sup>(23)</sup> Tick mark not used.

<sup>(24)</sup> Tick mark not used.

<sup>(25)</sup> Tick mark not used.

<sup>(26)</sup> Denotes that all or a portion of the investment includes PIK interest during the period.

<sup>(27)</sup> Cash equivalents include $14,396 of restricted cash.

------

Below is the financial information for ISLP:

## Selected Balance Sheet Information

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **March 31, 2026** | **December 31, 2025** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;Investments at fair value (amortized cost of $744,599 and $739,567, respectively) | $711887 | $733104 |
| &nbsp;&nbsp;Cash and cash equivalents | 3715 | 15565 |
| &nbsp;&nbsp;Foreign cash (cost of $5,929 and $10,095, respectively) | 5945 | 9607 |
| &nbsp;&nbsp;Collateral on forward currency exchange contracts | 5 | 3 |
| &nbsp;&nbsp;Deferred financing costs (net of accumulated amortization of $4,073 and $3,897, respectively) | 3017 | 3196 |
| &nbsp;&nbsp;Unrealized appreciation on forward currency exchange contracts | 232 | 15 |
| &nbsp;&nbsp;Interest receivable on investments | 13839 | 14831 |
| &nbsp;&nbsp;Other receivable |  | 237 |
| **Total assets** | $738640 | $776558 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;Debt | $372540 | $381361 |
| &nbsp;&nbsp;Subordinated notes payable to members | 304369 | 305655 |
| &nbsp;&nbsp;Interest payable on debt | 907 | 942 |
| &nbsp;&nbsp;Interest payable on subordinated notes payable to members | 8892 | 18984 |
| &nbsp;&nbsp;Payable for investments purchased | 470 |  |
| &nbsp;&nbsp;Unrealized depreciation on forward currency exchange contracts | 3889 | 2338 |
| &nbsp;&nbsp;Distributions payable to members | 1337 | 1712 |
| &nbsp;&nbsp;Accounts payable and accrued expenses | 1193 | 1115 |
| **Total liabilities** | $693597 | $712107 |
| **MEMBERS' EQUITY** |  |  |
| **Total members' equity** | 45043 | 64451 |
| **Total liabilities and members' equity** | $738640 | $776558 |

---

------

## Selected Statements of Operations Information

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2025** |
| **Investment income** |  |  |
| &nbsp;&nbsp;Interest income | $16219 | $17103 |
| **Total investment income** | 16219 | 17103 |
| **Expenses** |  |  |
| &nbsp;&nbsp;Interest and debt financing expenses | 4994 | 5829 |
| &nbsp;&nbsp;Interest expense on subordinated notes payable to members | 8895 | 8743 |
| &nbsp;&nbsp;Professional fees and other expenses | 993 | 975 |
| **Total expenses** | 14882 | 15547 |
| **Net investment income** | 1337 | 1556 |
| **Net realized and unrealized gains (losses)** |  |  |
| &nbsp;&nbsp;Net realized gain on investments |  | 178 |
| &nbsp;&nbsp;Net realized loss on foreign currency transactions | (673) | (879) |
| &nbsp;&nbsp;Net realized gain on forward currency exchange contracts | 1027 | 2726 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on foreign currency translation | 433 | (12377) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on forward currency exchange contracts | (1332) | (5325) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on foreign currency translation of debt | 7388 |  |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (26249) | 14008 |
| **Total net loss** | (19406) | (1669) |
| **Net decrease in members' equity from operations** | $(18069) | $(113) |

---

## Bain Capital Senior Loan Program, LLC
On February 9, 2022, the Company, and an entity advised by Amberstone Co., Ltd. ("Amberstone"), a credit focused investment manager that advises institutional investors, committed capital to a newly formed joint venture, Bain Capital Senior Loan Program, LLC ("SLP"). Pursuant to an amended and restated limited liability company agreement (the "LLC Agreement") between the Company and Amberstone, each such party has a 50% economic ownership interest in SLP. Amberstone's initial capital commitments to SLP were $179.0 million, with each party expected to maintain their pro rata proportionate share for each capital contribution. SLP will seek to invest primarily in senior secured first lien loans of U.S. borrowers. Through these capital contributions, SLP acquired 70% of the membership equity interests of the Company's 2018-1 portfolio ("2018-1"). The Company retained 30% of the 2018-1 membership equity interests as a non-controlling equity interest. As of March 31, 2026, the Company's investment in SLP consisted of subordinated notes of $166.9 million, preferred equity interests of $1.8 million and equity interests of $3.6 million. As of December 31, 2025, the Company's investment in SLP consisted of subordinated notes of $157.9 million, preferred equity interests of $1.8 million and equity interests of $5.0 million.

In future periods, the Company may sell certain of its investments or a participating interest in certain of its investments to SLP. The Company may also purchase certain investments or a participating interest in certain investments from SLP. Since inception, the Company has sold $2,486.1 million of its investments to SLP and purchased $102.5 million in investments from SLP. The purchase and sale of the investments met the criteria set forth in ASC 860, Transfers and Servicing for treatment as a purchase and sale.

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

------

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

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

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

As part of the refinancing transaction, SLP bought the Company's membership interests of the 2018-1 Issuer for $22.4 million, making SLP the sole owner of the 2018-1 Membership Interests. SLP holds $60.0 million in 2018-1 Membership Interests of the 2018-1 Issuer, and the 2018-1 Membership Interests are eliminated in consolidation on SLP's Consolidated Financial Statements.

Below is a table summary of the 2018-1 CLO Reset Notes as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  |  | **Interest rate at** |
| **2018-1 Notes** | **Principal Amount** | **Spread above Index** | **Spread above Index** | **March 31, 2026** |
| Class A-1-R Notes | $290000 | 2.25 | % + 3 Month SOFR | 5.92% |
| Class A-J-R Notes | 20000 | 2.70 | % + 3 Month SOFR | 6.37% |
| Class A-2-R Notes | 30000 | 2.90 | % + 3 Month SOFR | 6.57% |
| Class B-R Notes | 40000 | 3.90 | % + 3 Month SOFR | 7.57% |
| Class C-R Notes | 30000 | 5.90 | % + 3 Month SOFR | 9.57% |
| Class D-R Notes | 30000 | 8.32 | % + 3 Month SOFR | 11.99% |
| Total 2018-1 Notes | $440000 |  |  |  |

---

On August 24, 2022, SLP, through a wholly-owned subsidiary, entered into a $225.0 million senior secured revolving credit facility which bore interest at SOFR plus 210 basis points with Wells Fargo, subject to leverage and borrowing base restrictions (the "MM_22_2 Credit Facility"). The maturity date of the MM_22_2 Credit Facility was August 24, 2025. On August 9, 2023, the MM_22_2 Credit Facility was terminated.

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

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

------

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

The 2023-1 Notes are scheduled to mature on July 20, 2035 and are included in SLP's Consolidated Financial Statements. Additionally, SLP holds $45.6 million in membership interests in the 2023-1 Issuer ("2023-1 Membership Interests"). 100% of the 2023-1 Membership Interests are retained by SLP and eliminated in consolidation on SLP's Consolidated Financial Statements. Below is a table summary of the 2023-1 Notes as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  |  | **Interest rate at** |
| **2023-1 Debt** | **Principal Amount** | **Spread above Index** | **Spread above Index** | **March 31, 2026** |
| Class A-1-R Notes | $188500 | 1.58 | % + SOFR | 5.25% |
| Class A-2-R Notes | 9750 | 1.80 | % + SOFR | 5.47% |
| Class B-R Notes | 22750 | 1.90 | % + SOFR | 5.57% |
| Total 2023-1 Notes | $221000 |  |  |  |

---

On September 27, 2023, SLP, through SLP MM CLO WH 2, LLC, a Delaware limited liability company and a wholly-owned subsidiary, entered into a $140.0 million senior secured revolving credit facility which bore interest at SOFR plus 285 basis points with NatWest Markets PLC, subject to leverage and borrowing base restrictions (the "MM_23_3 Credit Facility"). The maturity date of the MM_23_3 Credit Facility was September 27, 2027. On July 10, 2024, the MM_23_3 Credit Facility was terminated.

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

The 2024-1 Notes are scheduled to mature on July 17, 2036 and are included in SLP's Consolidated Financial Statements. Additionally, SLP holds $76.4 million in membership interests in the 2024-1 Issuer ("2024-1 Membership Interests"). 100% of the 2024-1 Membership Interests are retained by SLP and eliminated in consolidation on SLP's Consolidated Financial Statements. Below is a table summary of the 2024-1 Notes as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  |  | **Interest rate at** |
| **2024-1 Debt** | **Principal Amount** | **Spread above Index** | **Spread above Index** | **March 31, 2026** |
| Class A-1 Notes | $250750 | 1.75 | % + SOFR | 5.42% |
| Class A-2 Notes | 12750 | 1.95 | % + SOFR | 5.62% |
| Class B Notes | 25500 | 2.05 | % + SOFR | 5.72% |
| Class C Notes | 34000 | 2.75 | % + SOFR | 6.42% |
| Class D Notes | 25500 | 4.50 | % + SOFR | 8.17% |
| Total 2024-1 Notes<sup>(1)</sup> | $348500 |  |  |  |

---

------

<sup>(1)</sup> As of March 31, 2026, there were no Class E Notes outstanding.

On December 9, 2024, SLP, through SLP MM CLO WH 3, LLC**,** a Delaware limited liability company and a wholly-owned subsidiary, entered into a $300.0 million senior secured revolving credit facility which bears interest at SOFR plus 200 basis points with Société Générale, subject to leverage and borrowing base restrictions (the "MM CLO WH 3 Credit Facility"). The maturity date of the MM CLO WH 3 Credit Facility was December 8, 2032. On July 8, 2025, the MM CLO WH 3 Credit Facility was terminated.

On July 8, 2025 (the "2025-1 Closing Date"), SLP, through BCC Middle Market CLO 2025-1 LLC (the "2025-1 Issuer"), a Delaware limited liability company and a wholly-owned and consolidated subsidiary of SLP, completed a $349.1 million term debt

------

securitization (the "2025-1 CLO Transaction"). The Class A-1, A-2, B, C, D-1, and D-2 2025-1 notes issued in connection with the 2025-1 CLO Transaction (the "2025-1 Notes") are secured by a diversified portfolio of the 2025-1 Issuer consisting primarily of middle market loans and participation interests in middle market loans, the majority of which are senior secured loans (the "2025-1 Portfolio"). At the 2025-1 Closing Date, the 2025-1 Portfolio was comprised of assets transferred from SLP and its consolidated subsidiaries. All transfers were eliminated in consolidation and there were no realized gains or losses recognized in the 2025-1 CLO Transaction.

The 2025-1 Notes are scheduled to mature on July 17, 2037 and are included in SLP's Consolidated Financial Statements. Additionally, SLP holds $53.4 million in membership interests in the 2025-1 Issuer ("2025-1 Membership Interests"). 100% of the 2025-1 Membership Interests are retained by SLP and eliminated in consolidation on SLP's Consolidated Financial Statements. Below is a table summary of the 2025-1 Notes as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  |  | **Interest rate at** |
| **2025-1 Debt** | **Principal Amount** | **Spread above Index** | **Spread above Index** | **March 31, 2026** |
| Class A-1 Notes | $147000 | 1.62 | % + SOFR | 5.29% |
| Class A-1 Loans | 56000 | 1.62 | % + SOFR | 5.29% |
| Class A-2 Loans | 14000 | 1.77 | % + SOFR | 5.44% |
| Class B Notes | 21000 | 1.95 | % + SOFR | 5.62% |
| Class C Notes | 29750 | 2.50 | % + SOFR | 6.17% |
| Class D-1 Notes | 19250 | 3.50 | % + SOFR | 7.17% |
| Class D-2 Notes | 8750 | 5.50 | % + SOFR | 9.17% |
| Total 2025-1 Notes | $295750 |  |  |  |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **March 31, 2026** | **December 31, 2025** |
| Total investments | $1599077 | $1536252 |
| Weighted average yield on investments | 9.4% | 9.4% |
| Number of borrowers in SLP | 106 | 99 |
| Largest portfolio company investment | $42119 | $42227 |
| Total of five largest portfolio company investments | $188747 | $188219 |
| Unfunded commitments | $991 | $4109 |

---

------

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

**Senior Loan Program, LLC**

**Consolidated Schedule of Investments**

**As of March 31, 2026**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Interest** | **Maturity** |  |  | **Market** | **% of Members** |
| **Portfolio Company** | **Investment Type** | **Index (1)** | **Spread (1)** | **Rate** | **Date** | **Principal (9)** | **Cost** | **Value** | **Equity (4)** |
| **U.S. Dollars** |  |  |  |  |  |  |  |  |  |
| **Aerospace & Defense** |  |  |  |  |  |  |  |  |  |
| ATS (12)(15)(19)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.75% | 9.42% | 7/12/2029 | $20063 | 19906 | 20063 |  |
| BTX Precision (12)(15)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.67% | 7/25/2030 | $21445 | 21345 | 21445 |  |
| BTX Precision (15)(19)(34)(35)(36) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 8.67% | 7/25/2030 | $7935 | 7935 | 7935 |  |
| BTX Precision (12)(15)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.42% | 7/25/2030 | $4750 | 4750 | 4750 |  |
| Forward Slope (12)(15)(19)(34)(35) | First Lien Senior Secured Loan | SOFR | 5.60% | 9.30% | 8/22/2029 | $13953 | 13831 | 13953 |  |
| Forward Slope (15)(19)(34)(35) | First Lien Senior Secured Loan | SOFR | 5.60% | 9.30% | 8/22/2029 | $18280 | 18280 | 18280 |  |
| Forward Slope (15)(19)(36) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.60% | 9.30% | 8/22/2029 | $9886 | 9886 | 9886 |  |
| GSP Holdings, LLC (12)(15)(19)(26)(34)(35) | First Lien Senior Secured Loan | SOFR | 2.95% (2.95% PIK) | 9.60% | 11/6/2026 | $25937 | 25943 | 24640 |  |
| GSP Holdings, LLC (12)(15)(19)(26)(34)(35) | First Lien Senior Secured Loan | SOFR | 2.95% (2.95% PIK) | 9.57% | 11/6/2026 | $127 | 127 | 121 |  |
| Heads Up Technologies, Inc. (12)(16)(19)(34)(35) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.95% | 7/23/2030 | $16418 | 16345 | 16418 |  |
| Mach Acquisition T/L (12)(15)(19)(35)(36) | First Lien Senior Secured Loan | SOFR | 7.15% | 10.82% | 4/19/2027 | $20874 | 20874 | 20874 |  |
| Saturn Purchaser Corp. (12)(15)(19)(34)(35) | First Lien Senior Secured Loan | SOFR | 4.85% | 8.52% | 7/22/2030 | $29633 | 29584 | 29633 |  |
| Whitcraft-Paradigm (15)(19)(36) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 8.70% | 2/15/2029 | $4490 | 4490 | 4490 |  |
| Whitcraft-Paradigm (15)(19)(34)(36) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.70% | 2/15/2029 | $11210 | 11161 | 11210 |  |
| **Aerospace & Defense Total** |  |  |  |  |  |  | $**204457** | $**203698** | **3760.3%** |
| **Automotive** |  |  |  |  |  |  |  |  |  |
| Cardo (12)(18)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.98% | 5/12/2028 | $10800 | 10800 | 10800 |  |
| Chilton (12)(15)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.16% | 2/5/2031 | $16349 | 16170 | 16185 |  |
| Gills Point S (12)(15)(19)(26)(35) | First Lien Senior Secured Loan | SOFR | 4.00% (1.50% PIK) | 9.16% | 5/17/2029 | $9758 | 9654 | 9514 |  |
| Intoxalock (12)(15)(19)(34) | First Lien Senior Secured Loan | SOFR | 5.10% | 8.77% | 11/1/2028 | $16711 | 16634 | 16711 |  |
| **Automotive Total** |  |  |  |  |  |  | $**53258** | $**53210** | **982.3%** |
| **Beverage, Food & Tobacco** |  |  |  |  |  |  |  |  |  |
| AgroFresh Solutions (12)(15)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.60% | 9.27% | 3/31/2030 | $23882 | 23765 | 23643 |  |
| INW Manufacturing, LLC (12)(15)(19)(34)(35) | First Lien Senior Secured Loan | SOFR | 5.75% | 9.42% | 1/23/2031 | $17890 | 17714 | 17711 |  |
| **Beverage, Food & Tobacco Total** |  |  |  |  |  |  | $**41479** | $**41354** | **763.4%** |
| **Capital Equipment** |  |  |  |  |  |  |  |  |  |
| AXH Air Coolers (12)(15)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.20% | 10/31/2029 | $27189 | 27105 | 27189 |  |
| AXH Air Coolers (12)(15)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.20% | 10/31/2029 | $13064 | 13064 | 13064 |  |
| Engineered Products Co., LLC (12)(15)(19)(35) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.42% | 8/12/2031 | $3254 | 3223 | 3254 |  |
| EXT Acquisitions, Inc. (12)(15)(19)(35) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.94% | 12/19/2031 | $4823 | 4799 | 4799 |  |
| **Capital Equipment Total** |  |  |  |  |  |  | $**48191** | $**48306** | **891.7%** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Interest** | **Maturity** |  |  | **Market** | **% of Members** |
| **Portfolio Company** | **Investment Type** | **Index (1)** | **Spread (1)** | **Rate** | **Date** | **Principal (9)** | **Cost** | **Value** | **Equity (4)** |
| **U.S. Dollars** |  |  |  |  |  |  |  |  |  |
| **Chemicals, Plastics & Rubber** |  |  |  |  |  |  |  |  |  |
| Duraco (19)(32)(35)(36) | First Lien Senior Secured Loan | SOFR | 6.50% | 10.16% | 6/6/2029 | $13588 | 13398 | 12909 |  |
| V Global Holdings LLC (12)(16)(19)(26)(34) | First Lien Senior Secured Loan | SOFR | 2.20% (3.70% PIK) | 9.55% | 12/22/2027 | $9918 | 9898 | 9373 |  |
| **Chemicals, Plastics & Rubber Total** |  |  |  |  |  |  | $**23296** | $**22282** | **411.3%** |
| **Construction & Building** |  |  |  |  |  |  |  |  |  |
| AGS American Glass Services Acquisition, LLC (12)(15)(19)(34)(35) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.17% | 7/24/2031 | $3980 | 3962 | 3960 |  |
| G702 Buyer, Inc. (12)(16)(19)(34)(36) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.45% | 7/2/2031 | $4478 | 4413 | 4455 |  |
| Service Master (18)(19)(26)(34)(35) | First Lien Senior Secured Loan | SOFR | 5.86% (1.00% PIK) | 10.53% | 8/16/2027 | $18934 | 18934 | 18934 |  |
| Service Master (15)(19)(26)(36) | First Lien Senior Secured Loan | SOFR | 5.86% (1.00% PIK) | 10.54% | 8/16/2027 | $5032 | 5030 | 5032 |  |
| TL Sapphire Parent, Inc. (12)(16)(19)(34)(35) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.67% | 1/22/2033 | $6975 | 6940 | 6940 |  |
| Zeus Fire & Security (12)(15)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.65% | 12/11/2030 | $27713 | 27533 | 27713 |  |
| **Construction & Building Total** |  |  |  |  |  |  | $**66812** | $**67034** | **1237.5%** |
| **Consumer Goods: Durable** |  |  |  |  |  |  |  |  |  |
| New Milani Group LLC (12)(15)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.45% | 6/26/2031 | $9726 | 9678 | 9726 |  |
| Stanton Carpet (12)(15)(19) | Second Lien Senior Secured Loan | SOFR | 9.15% | 12.80% | 3/31/2028 | $5000 | 4962 | 5000 |  |
| TLC Purchaser, Inc. (15)(19)(36) | First Lien Senior Secured Loan | SOFR | 5.76% | 9.46% | 10/11/2027 | $1985 | 1965 | 1916 |  |
| TLC Purchaser, Inc. (12)(15)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.76% | 9.44% | 10/11/2027 | $35264 | 34749 | 34030 |  |
| **Consumer Goods: Durable Total** |  |  |  |  |  |  | $**51354** | $**50672** | **935.4%** |
| **Consumer Goods: Non-Durable** |  |  |  |  |  |  |  |  |  |
| Evriholder (12)(19)(32)(35) | First Lien Senior Secured Loan | SOFR | 6.90% | 10.60% | 1/24/2028 | $15312 | 15237 | 15159 |  |
| Hempz (15)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.95% | 10/25/2029 | $13239 | 13153 | 13041 |  |
| Solaray, LLC (12)(15)(19) | First Lien Senior Secured Loan | SOFR | 6.85% | 10.52% | 3/27/2029 | $9780 | 9780 | 8899 |  |
| Summer Fridays, LLC (12)(15)(19)(36) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.95% | 5/16/2031 | $10669 | 10528 | 10563 |  |
| RoC Skincare (12)(15)(19)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.91% | 2/21/2031 | $23992 | 23820 | 23992 |  |
| WU Holdco, Inc. (12)(16)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.45% | 4/15/2032 | $26082 | 25966 | 26082 |  |
| **Consumer Goods: Non-Durable Total** |  |  |  |  |  |  | $**98484** | $**97736** | **1804.2%** |
| **Containers, Packaging & Glass** |  |  |  |  |  |  |  |  |  |
| ASP-r-pac Acquisition Co LLC (12)(16)(19)(34)(35) | First Lien Senior Secured Loan | SOFR | 6.26% | 9.93% | 12/29/2027 | $22296 | 22220 | 22296 |  |
| Precision Concepts Canada Corporation (12)(15)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.42% | 8/2/2032 | $802 | 794 | 794 |  |
| Precision Concepts Parent Inc. (12)(15)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.42% | 8/2/2032 | $1837 | 1820 | 1819 |  |
| **Containers, Packaging & Glass Total** |  |  |  |  |  |  | $**24834** | $**24909** | **459.8%** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Interest** | **Maturity** |  |  | **Market** | **% of Members** |
| **Portfolio Company** | **Investment Type** | **Index (1)** | **Spread (1)** | **Rate** | **Date** | **Principal (9)** | **Cost** | **Value** | **Equity (4)** |
| **U.S. Dollars** |  |  |  |  |  |  |  |  |  |
| **FIRE: Finance** |  |  |  |  |  |  |  |  |  |
| Allworth Financial Group, L.P. (12)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.75% | 8.42% | 12/23/2027 | $2057 | 2057 | 2057 |  |
| Allworth Financial Group, L.P. (12)(15)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.42% | 12/23/2027 | $8151 | 8151 | 8151 |  |
| Choreo (15)(19)(36) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.70% | 2/18/2028 | $2450 | 2450 | 2450 |  |
| Insigneo Financial Group LLC (12)(15)(19) | First Lien Senior Secured Loan | SOFR | 6.60% | 10.30% | 8/1/2028 | $7400 | 7400 | 7400 |  |
| Insigneo Financial Group LLC (12)(15)(19) | First Lien Senior Secured Loan | SOFR | 6.60% | 10.21% | 8/1/2028 | $2869 | 2869 | 2869 |  |
| PMA (12)(16)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.45% | 1/31/2031 | $17456 | 17247 | 17456 |  |
| Wealth Enhancement Group (WEG) (15)(19)(35)(36) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.25% | 7.94% | 10/2/2028 | $11696 | 11685 | 11696 |  |
| **FIRE: Finance Total** |  |  |  |  |  |  | $**51859** | $**52079** | **961.4%** |
| **FIRE: Insurance** |  |  |  |  |  |  |  |  |  |
| Simplicity (12)(16)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.45% | 12/31/2031 | $24935 | 24714 | 24935 |  |
| **FIRE: Insurance Total** |  |  |  |  |  |  | $**24714** | $**24935** | **460.3%** |
| **Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |  |
| Accident Care Alliance Holdco LLC (12)(15)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.70% | 8/20/2030 | $13196 | 13134 | 13195 |  |
| AEG Vision (12)(15)(19)(34)(35) | First Lien Senior Secured Loan | SOFR | 5.90% | 9.60% | 3/27/2027 | $1150 | 1150 | 1150 |  |
| AOM Infusion (16)(19)(36) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.69% | 3/19/2032 | $3625 | 3592 | 3625 |  |
| Apollo Intelligence (12)(16)(19)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.75% | 9.43% | 5/31/2028 | $10422 | 10384 | 10318 |  |
| Beacon Specialized Living (12)(15)(19)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.20% | 3/25/2028 | $12432 | 12368 | 12432 |  |
| CRH Healthcare Purchaser, Inc. (12)(15)(19)(34) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.95% | 9/17/2031 | $2675 | 2663 | 2675 |  |
| EHE Health (12)(15)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.20% | 8/7/2030 | $24379 | 24193 | 24135 |  |
| HealthDrive (12)(15)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.67% | 8/20/2029 | $20165 | 20165 | 20165 |  |
| HealthDrive (15)(19)(36) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 8.67% | 8/20/2029 | $268 | 268 | 268 |  |
| HealthDrive (15)(19)(36) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 8.67% | 8/20/2029 | $6263 | 6235 | 6263 |  |
| Odyssey Behavioral Health (12)(15)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.91% | 5/21/2031 | $35061 | 34713 | 35061 |  |
| Pharmacy Partners (12)(19)(32)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 6.50% | 10.17% | 2/28/2029 | $23228 | 23065 | 23228 |  |
| Psychiatric Medical Care LLC (12)(16)(19)(34)(35) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.41% | 7/1/2032 | $10224 | 10106 | 10097 |  |
| Red Nucleus (16)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.08% | 10/17/2031 | $16250 | 16083 | 16250 |  |
| RedMed Operations (Collage Rehabilitation) (12)(15)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.67% | 2/28/2031 | $22703 | 22482 | 22703 |  |
| SunMed Group Holdings, LLC (12)(16)(19) | First Lien Senior Secured Loan | SOFR | 5.60% | 9.27% | 6/16/2028 | $9313 | 9313 | 9313 |  |
| Vatica Health T/L (12)(16)(19)(34)(35) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.45% | 10/31/2032 | $9089 | 8999 | 8998 |  |
| **Healthcare & Pharmaceuticals Total** |  |  |  |  |  |  | $**218913** | $**219876** | **4059.0%** |
| **High Tech Industries** |  |  |  |  |  |  |  |  |  |
| Appriss (12)(15)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.67% | 3/10/2031 | $21948 | 21874 | 21893 |  |
| Govineer Solutions (fka Black Mountain) (12)(15)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.70% | 10/7/2030 | $28875 | 28704 | 28875 |  |
| LogRhythm, Inc. (15)(19)(35) | First Lien Senior Secured Loan | SOFR | 7.50% | 11.17% | 7/2/2029 | $3978 | 3898 | 3699 |  |
| NearMap (15)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.42% | 12/9/2029 | $16003 | 15896 | 16003 |  |
| NearMap (12)(15)(19)(35)(36) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.42% | 12/9/2029 | $19365 | 19318 | 19365 |  |
| PayRange (15)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.67% | 10/31/2030 | $18294 | 18161 | 18294 |  |
| Superna Inc. (15)(19)(36) | First Lien Senior Secured Loan | SOFR | 6.50% | 10.17% | 3/6/2028 | $4190 | 4157 | 4190 |  |
| SensorTower (12)(19)(31)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 7.50% | 11.18% | 3/15/2029 | $12332 | 12272 | 12332 |  |
| **High Tech Industries Total** |  |  |  |  |  |  | $**124280** | $**124651** | **2301.1%** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Interest** | **Maturity** |  |  | **Market** | **% of Members** |
| **Portfolio Company** | **Investment Type** | **Index (1)** | **Spread (1)** | **Rate** | **Date** | **Principal (9)** | **Cost** | **Value** | **Equity (4)** |
| **U.S. Dollars** |  |  |  |  |  |  |  |  |  |
| **Hotel, Gaming & Leisure** |  |  |  |  |  |  |  |  |  |
| Awayday (15)(19)(34)(36) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.95% | 5/6/2032 | $13575 | 13436 | 13575 |  |
| City BBQ (12)(15)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.35% | 9.03% | 9/4/2030 | $28325 | 28174 | 28042 |  |
| Pollo Tropical (19)(24)(31)(36) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.92% | 1/19/2028 | $5246 | 5246 | 5246 |  |
| Pyramid Global Hospitality (12)(19)(24)(34)(35) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.92% | 1/19/2028 | $15164 | 14993 | 15164 |  |
| **Hotel, Gaming & Leisure Total** |  |  |  |  |  |  | $**61849** | $**62027** | **1145.0%** |
| **Media: Advertising, Printing & Publishing** |  |  |  |  |  |  |  |  |  |
| AdThrive (18)(36) | First Lien Senior Secured Loan | SOFR | 4.36% | 8.03% | 3/23/2028 | $4897 | 4842 | 4726 |  |
| **Media: Advertising, Printing & Publishing Total** |  |  |  |  |  |  | $**4842** | $**4726** | **87.2%** |
| **Media: Diversified & Production Total** |  |  |  |  |  |  |  |  |  |
| Owl Acquisition, LLC (12)(16)(19)(35)(36) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.42% | 4/17/2032 | $14925 | 14826 | 14328 |  |
| **Media: Diversified & Production Total** |  |  |  |  |  |  | $**14826** | $**14328** | **264.5%** |
| **Metals & Mining** |  |  |  |  |  |  |  |  |  |
| Elevation NewCo, LLC (15)(19)(35) | First Lien Senior Secured Loan | SOFR | 5.75% | 9.45% | 8/1/2031 | $2384 | 2362 | 2384 |  |
| Lindstrom, LLC (12)(16)(19)(34)(35) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.20% | 12/30/2032 | $8813 | 8714 | 8714 |  |
| **Metals & Mining Total** |  |  |  |  |  |  | $**11076** | $**11098** | **204.9%** |
| **Retail** |  |  |  |  |  |  |  |  |  |
| New Look (Delaware) Corporation (12)(15)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.95% | 5/26/2028 | $9336 | 9179 | 9336 |  |
| Thrasio, LLC (7)(14)(15)(19)(26) | First Lien Senior Secured Loan | SOFR | 10.26% PIK | 13.93% | 6/18/2029 | $3991 | 3447 | 3193 |  |
| Thrasio, LLC (7)(14)(15)(19)(26) | First Lien Senior Secured Loan | SOFR | 10.26% PIK | 13.93% | 6/18/2029 | $1143 | 997 | 1143 |  |
| Thrasio, LLC (14)(19) | Equity Interest |  |  |  |  | 52 | 5369 |  |  |
| Thrasio, LLC (14)(19) | Equity Interest |  |  |  |  | 6 | 597 |  |  |
| **Retail Total** |  |  |  |  |  |  | $**19589** | $**13672** | **252.4%** |
| **Services: Business** |  |  |  |  |  |  |  |  |  |
| Allbridge (12)(15)(19)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.20% | 6/5/2030 | $22247 | 22155 | 22246 |  |
| AMI (12)(16)(19)(34)(35) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.90% | 10/17/2031 | $21780 | 21648 | 21780 |  |
| ACAMS (12)(15)(19)(34)(35) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.70% | 12/30/2031 | $8479 | 8395 | 8395 |  |
| Alogent Holdings, Inc. (12)(15)(19)(34)(35) | First Lien Senior Secured Loan | SOFR | 6.50% | 10.17% | 1/21/2032 | $16250 | 16089 | 16088 |  |
| BLI Buyer, Inc. (12)(15)(19)(34)(35) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.67% | 10/31/2031 | $8500 | 8459 | 8458 |  |
| Datix Bidco Limited (12)(17)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.73% | 4/30/2031 | $17500 | 17427 | 17500 |  |
| Dealer Service Network (12)(15)(19)(34)(35) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.94% | 2/9/2027 | $8641 | 8606 | 8641 |  |
| Discovery Senior Living (12)(15)(19)(35) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.42% | 3/18/2030 | $16660 | 16554 | 16660 |  |
| Discovery Senior Living (15)(19)(36) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.75% | 8.42% | 3/18/2030 | $2787 | 2787 | 2787 |  |
| Discovery Senior Living (3)(15)(19)(34) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.75% | 8.42% | 3/18/2030 | $3492 | 3492 | 3492 |  |
| Easy Ice (12)(15)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.40% | 9.07% | 10/30/2030 | $31150 | 30773 | 31150 |  |
| TEI Holdings Inc. (17)(35) | First Lien Senior Secured Loan | SOFR | 4.00% | 7.70% | 4/9/2031 | $10456 | 10492 | 10362 |  |
| Pure Wafer (12)(15)(19)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.35% | 9.02% | 11/12/2030 | $10780 | 10706 | 10780 |  |
| PRGX (12)(15)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.16% | 12/20/2030 | $17244 | 17095 | 16856 |  |
| Electronic Merchant Systems (12)(16)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.42% | 8/1/2030 | $20738 | 20483 | 20738 |  |
| Morrow Sodali (12)(18)(19) | First Lien Senior Secured Loan | SOFR | 5.35% | 9.02% | 4/25/2028 | $2167 | 2156 | 2167 |  |
| Morrow Sodali (12)(15)(19) | First Lien Senior Secured Loan | SOFR | 5.48% | 9.15% | 4/25/2028 | $7661 | 7620 | 7661 |  |
| E-Tech Group (12)(15)(19)(35) | First Lien Senior Secured Loan - Revolver | SOFR | 5.50% | 9.20% | 4/9/2030 | $7859 | 7804 | 7820 |  |
| **Services: Business Total** |  |  |  |  |  |  | $**232741** | $**233581** | **4312.0%** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Interest** | **Maturity** |  |  | **Market** | **% of Members** |
| **Portfolio Company** | **Investment Type** | **Index (1)** | **Spread (1)** | **Rate** | **Date** | **Principal (9)** | **Cost** | **Value** | **Equity (4)** |
| **U.S. Dollars** |  |  |  |  |  |  |  |  |  |
| **Services: Consumer** |  |  |  |  |  |  |  |  |  |
| CorePower Yoga, LLC (12)(15)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.95% | 4/30/2031 | $20994 | 20903 | 20994 |  |
| MZR Buyer, LLC (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 6.90% (0.50% PIK) | 11.10% | 12/22/2028 | $13704 | 13697 | 12814 |  |
| Spotless Brands (15)(19)(36) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.50% | 9.17% | 7/25/2028 | $5961 | 5956 | 5961 |  |
| Vasa Fitness Buyer, Inc. (12)(15)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 6.35% | 10.02% | 8/15/2030 | $3980 | 3930 | 3940 |  |
| **Services: Consumer Total** |  |  |  |  |  |  | $**44486** | $**43709** | **806.9%** |
| **Telecommunications** |  |  |  |  |  |  |  |  |  |
| Meriplex Communications, Ltd. (16)(19)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.10% | 8.77% | 7/17/2028 | $14658 | 14479 | 14402 |  |
| **Telecommunications Total** |  |  |  |  |  |  | $**14479** | $**14402** | **265.9%** |
| **Transportation: Cargo** |  |  |  |  |  |  |  |  |  |
| A&R Logistics, Inc. (12)(15)(19)(26)(34)(35) | First Lien Senior Secured Loan | SOFR | 2.65% (4.25% PIK) | 10.58% | 2/3/2028 | $29972 | 29972 | 24576 |  |
| Gulf Winds International (12)(15)(19)(26)(34) | First Lien Senior Secured Loan | SOFR | 6.00% (1.00% PIK) | 10.67% | 12/16/2028 | $14013 | 13856 | 13277 |  |
| Gulf Winds International (12)(15)(19)(26)(35)(36) | First Lien Senior Secured Loan | SOFR | 6.00% (1.00% PIK) | 10.67% | 12/16/2028 | $15839 | 15728 | 15007 |  |
| ICAT Logistics, Inc. (12)(15)(19)(34)(35) | First Lien Senior Secured Loan | SOFR | 6.25% | 9.92% | 3/1/2029 | $8955 | 8824 | 8865 |  |
| RoadOne (15)(19)(34) | First Lien Senior Secured Loan | SOFR | 6.25% | 9.95% | 12/29/2028 | $6811 | 6714 | 6811 |  |
| RoadOne (15)(19)(34) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.25% | 10.00% | 12/29/2028 | $1047 | 1045 | 1047 |  |
| **Transportation: Cargo Total** |  |  |  |  |  |  | $**76139** | $**69583** | **1284.5%** |
| **Transportation: Consumer** |  |  |  |  |  |  |  |  |  |
| PrimeFlight Acquisition LLC (12)(15)(19) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.20% | 5/1/2029 | $6456 | 6456 | 6456 |  |
| PrimeFlight Acquisition LLC (12)(15)(19)(34)(35) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.16% | 5/1/2029 | $22594 | 22284 | 22594 |  |
| **Transportation: Consumer Total** |  |  |  |  |  |  | $**28740** | $**29050** | **536.4%** |
| **Utilities: Electric** |  |  |  |  |  |  |  |  |  |
| KAMC Holdings, Inc. (12)(16)(19)(35) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.91% | 8/1/2031 | $4489 | 4443 | 4410 |  |
| **Utilities: Electric Total** |  |  |  |  |  |  | $**4443** | $**4410** | **81.4%** |
| **Utilities: Water** |  |  |  |  |  |  |  |  |  |
| Vessco Water (16)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 4.50% | 8.17% | 7/24/2031 | $13687 | 13628 | 13687 |  |
| **Utilities: Water Total** |  |  |  |  |  |  | $**13628** | $**13687** | **252.7%** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Interest** | **Maturity** |  |  | **Market** | **% of Members** |
| **Portfolio Company** | **Investment Type** | **Index (1)** | **Spread (1)** | **Rate** | **Date** | **Principal (9)** | **Cost** | **Value** | **Equity (4)** |
| **U.S. Dollars** |  |  |  |  |  |  |  |  |  |
| **Wholesale** |  |  |  |  |  |  |  |  |  |
| Abracon Group Holding, LLC. (7)(14)(16)(19)(26)(34) | First Lien Senior Secured Loan | SOFR | 2.05% (4.60% PIK) | 10.32% | 7/6/2028 | $12618 | 10888 | 5552 |  |
| Blackbird Purchaser, Inc. (16)(19)(35) | First Lien Senior Secured Loan | SOFR | 5.75% | 9.45% | 12/19/2030 | $5296 | 5296 | 5296 |  |
| Chex Finer Foods, LLC (12)(15)(19)(34)(35) | First Lien Senior Secured Loan | SOFR | 6.00% | 9.67% | 6/6/2031 | $16418 | 16351 | 16418 |  |
| Fifty U.S. Bidco Inc (12)(15)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.70% | 8/1/2031 | $11443 | 11389 | 11443 |  |
| Hultec (12)(15)(19)(34) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.19% | 3/31/2029 | $6257 | 6130 | 6240 |  |
| SureWerx (16)(19)(34)(35) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.95% | 12/28/2029 | $8115 | 8004 | 8074 |  |
| WSP (7)(14)(15)(19)(26) | First Lien Senior Secured Loan | SOFR | 1.15% (4.00% PIK) | 8.82% | 4/27/2028 | $3406 | 3013 | 1039 |  |
| WSP (7)(14)(19)(26) | First Lien Senior Secured Loan |  | 8.00% PIK | 8.00% | 4/27/2028 | $2305 | 1978 |  |  |
| **Wholesale Total** |  |  |  |  |  |  | $**63049** | $**54062** | **998.1%** |
| **Investments Total** |  |  |  |  |  |  | $**1621818** | $**1599077** | **29519.6%** |
| **Cash Equivalents** |  |  |  |  |  |  |  |  |  |
| Goldman Sachs Financial Square Government Fund Institutional Share Class (30) | Cash Equivalents |  |  | 3.69% |  | $28126 | 28126 | 28126 |  |
| Goldman Sachs US Treasury Liquid Reserves Fund (30) | Cash Equivalents |  |  | 3.62% |  | $18329 | 18329 | 18329 |  |
| **Cash Equivalents Total** |  |  |  |  |  |  | $**46455** | $**46455** | **857.6%** |
| **Investments and Cash Equivalents Total** |  |  |  |  |  |  | $**1668273** | $**1645532** | **30377.2%** |

---

------

<sup>(1)</sup> The investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate ("SOFR") which reset daily, monthly, quarterly or semiannually. Investments or a portion thereof may provide for Payment-in-Kind ("PIK"). For each, the Company has provided the PIK or the spread over SOFR and the current weighted average interest rate in effect at March 31, 2026. Certain investments are subject to a SOFR interest rate floor.

<sup>(2)</sup> Tick mark not used.

<sup>(3)</sup> Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The investment may be subject to an unused/letter of credit facility fee.

<sup>(4)</sup> Percentages are based on SLP's net assets (in thousands) of $5,417 as of March 31, 2026.

<sup>(5)</sup> Tick mark not used.

<sup>(6)</sup> Tick mark not used.

<sup>(7)</sup> Loan was on non-accrual status as of March 31, 2026.

<sup>(8)</sup> Tick mark not used.

<sup>(9)</sup> The principal amount (par amount) for all debt securities is denominated in U.S. dollars, unless otherwise noted.

<sup>(10)</sup> Tick mark not used.

<sup>(11)</sup> Tick mark not used.

<sup>(12)</sup> Assets or a portion thereof are pledged as collateral for the 2018-1 Issuer.

<sup>(13)</sup> Tick mark not used.

<sup>(14)</sup> Non-income producing.

<sup>(15)</sup> Loan includes interest rate floor of 1.00%.

<sup>(16)</sup> Loan includes interest rate floor of 0.75%.

<sup>(17)</sup> Loan includes interest rate floor of 0.50%.

<sup>(18)</sup> Loan includes interest rate floor of 0.00%.

<sup>(19)</sup> Security valued using unobservable inputs (Level 3).

<sup>(20)</sup> Tick mark not used.

<sup>(21)</sup> Tick mark not used.

<sup>(22)</sup> Tick mark not used.

<sup>(23)</sup> Tick mark not used.

<sup>(24)</sup> Loan includes interest rate floor of 1.25%.

<sup>(25)</sup> Tick mark not used.

<sup>(26)</sup> Denotes that all or a portion of the investment includes PIK income during the period.

<sup>(27)</sup> Tick mark not used.

<sup>(28)</sup> Tick mark not used.

<sup>(29)</sup> Tick mark not used.

<sup>(30)</sup> Cash equivalents include $46,455 of restricted cash.

<sup>(31)</sup> Loan includes interest rate floor of 2.00%.

<sup>(32)</sup> Loan includes interest rate floor of 1.50%.

<sup>(33)</sup> Tick mark not used.

<sup>(34)</sup> Assets or a portion thereof are pledged as collateral for the 2023-1 Issuer.

<sup>(35)</sup> Assets or a portion thereof are pledged as collateral for the 2024-1 Issuer.

<sup>(36)</sup> Assets or a portion thereof are pledged as collateral for the 2025-1 Issuer.

------

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

**Senior Loan Program, LLC**

**Consolidated Schedule of Investments**

**As of December 31, 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Interest** | **Maturity** |  |  | **Market** | **% of Members** |
| **Portfolio Company** | **Investment Type** | **Index (1)** | **Spread (1)** | **Rate** | **Date** | **Principal (9)** | **Cost** | **Value** | **Equity (4)** |
| **U.S. Dollars** |  |  |  |  |  |  |  |  |  |
| **Aerospace & Defense** |  |  |  |  |  |  |  |  |  |
| ATS (12)(15)(19)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.75% | 9.65% | 7/12/2029 | $20114 | 19945 | 20114 |  |
| BTX Precision (12)(15)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.77% | 7/25/2030 | $21499 | 21393 | 21499 |  |
| BTX Precision (15)(19)(34)(35)(36) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 8.77% | 7/25/2030 | $7955 | 7955 | 7955 |  |
| BTX Precision (12)(15)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.59% | 7/25/2030 | $4762 | 4762 | 4762 |  |
| Forward Slope (12)(15)(19)(34)(35) | First Lien Senior Secured Loan | SOFR | 5.60% | 9.27% | 8/22/2029 | $13989 | 13858 | 13989 |  |
| Forward Slope (15)(19)(34)(35) | First Lien Senior Secured Loan | SOFR | 5.60% | 9.27% | 8/22/2029 | $18327 | 18327 | 18327 |  |
| Forward Slope (15)(19)(36) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.60% | 9.27% | 8/22/2029 | $9911 | 9911 | 9911 |  |
| GSP Holdings, LLC (12)(15)(19)(26)(34)(35) | First Lien Senior Secured Loan | SOFR | 2.95% (2.95% PIK) | 9.57% | 11/6/2026 | $25778 | 25723 | 23974 |  |
| Heads Up Technologies, Inc. (12)(16)(19)(34)(35) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.92% | 7/23/2030 | $16459 | 16381 | 16376 |  |
| Mach Acquisition T/L (12)(15)(19)(35)(36) | First Lien Senior Secured Loan | SOFR | 7.15% | 11.01% | 10/19/2026 | $20924 | 20924 | 20924 |  |
| Saturn Purchaser Corp. (12)(15)(19)(34)(35) | First Lien Senior Secured Loan | SOFR | 4.85% | 8.72% | 7/22/2030 | $29633 | 29580 | 29633 |  |
| Whitcraft-Paradigm (15)(19)(36) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 8.67% | 2/15/2029 | $4501 | 4501 | 4501 |  |
| Whitcraft-Paradigm (15)(19)(34)(36) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.67% | 2/15/2029 | $11239 | 11186 | 11239 |  |
| **Aerospace & Defense Total** |  |  |  |  |  |  | $**204446** | $**203204** | **2515.5%** |
| **Automotive** |  |  |  |  |  |  |  |  |  |
| Cardo (12)(18)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.98% | 5/12/2028 | $10800 | 10800 | 10800 |  |
| Chilton (12)(15)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.40% | 2/5/2031 | $16390 | 16202 | 16267 |  |
| Gills Point S (12)(15)(19)(26)(35) | First Lien Senior Secured Loan | SOFR | 4.00% (1.50% PIK) | 9.22% | 5/17/2029 | $9750 | 9637 | 9506 |  |
| Intoxalock (12)(15)(19)(34) | First Lien Senior Secured Loan | SOFR | 5.10% | 8.82% | 11/1/2028 | $16754 | 16670 | 16754 |  |
| JHCC Holdings, LLC (15)(19)(34)(35) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.25% | 8.92% | 9/9/2027 | $8082 | 8046 | 8082 |  |
| JHCC Holdings, LLC (12)(15)(19)(34) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.92% | 9/9/2027 | $16117 | 16043 | 16117 |  |
| **Automotive Total** |  |  |  |  |  |  | $**77398** | $**77526** | **959.7%** |
| **Beverage, Food & Tobacco** |  |  |  |  |  |  |  |  |  |
| AgroFresh Solutions (12)(15)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.60% | 9.32% | 3/31/2030 | $23949 | 23825 | 23949 |  |
| **Beverage, Food & Tobacco Total** |  |  |  |  |  |  | $**23825** | $**23949** | **296.5%** |
| **Capital Equipment** |  |  |  |  |  |  |  |  |  |
| AXH Air Coolers (12)(15)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.20% | 10/31/2029 | $27189 | 27097 | 27189 |  |
| AXH Air Coolers (12)(15)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.20% | 10/31/2029 | $13097 | 13097 | 13097 |  |
| Engineered Products Co., LLC (12)(15)(19)(35) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.81% | 8/12/2031 | $3262 | 3230 | 3229 |  |
| **Capital Equipment Total** |  |  |  |  |  |  | $**43424** | $**43515** | **538.7%** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Interest** | **Maturity** |  |  | **Market** | **% of Members** |
| **Portfolio Company** | **Investment Type** | **Index (1)** | **Spread (1)** | **Rate** | **Date** | **Principal (9)** | **Cost** | **Value** | **Equity (4)** |
| **U.S. Dollars** |  |  |  |  |  |  |  |  |  |
| **Chemicals, Plastics & Rubber** |  |  |  |  |  |  |  |  |  |
| Duraco (19)(32)(35)(36) | First Lien Senior Secured Loan | SOFR | 6.50% | 10.16% | 6/6/2029 | $15871 | 15642 | 15078 |  |
| V Global Holdings LLC (12)(16)(19)(34) | First Lien Senior Secured Loan | SOFR | 5.90% | 9.77% | 12/22/2027 | $9840 | 9817 | 9348 |  |
| **Chemicals, Plastics & Rubber Total** |  |  |  |  |  |  | $**25459** | $**24426** | **302.4%** |
| **Construction & Building** |  |  |  |  |  |  |  |  |  |
| AGS American Glass Services Acquisition, LLC (12)(15)(19)(34)(35) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.22% | 7/24/2031 | $3990 | 3971 | 3970 |  |
| G702 Buyer, Inc. (12)(16)(19)(34)(36) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.42% | 7/2/2031 | $4489 | 4421 | 4421 |  |
| Service Master (18)(19)(26)(34)(35) | First Lien Senior Secured Loan | SOFR | 5.86% (1.00% PIK) | 10.58% | 8/16/2027 | $18887 | 18887 | 18887 |  |
| Service Master (15)(19)(26)(36) | First Lien Senior Secured Loan | SOFR | 5.86% (1.00% PIK) | 10.60% | 8/16/2027 | $5020 | 5016 | 5020 |  |
| Zeus Fire & Security (12)(15)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.85% | 12/11/2030 | $27784 | 27594 | 27714 |  |
| **Construction & Building Total** |  |  |  |  |  |  | $**59889** | $**60012** | **742.9%** |
| **Consumer Goods: Durable** |  |  |  |  |  |  |  |  |  |
| Stanton Carpet (12)(15)(19) | Second Lien Senior Secured Loan | SOFR | 9.15% | 13.09% | 3/31/2028 | $5000 | 4958 | 5000 |  |
| TLC Purchaser, Inc. (15)(19)(36) | First Lien Senior Secured Loan | SOFR | 5.76% | 9.43% | 10/11/2027 | $1990 | 1970 | 1871 |  |
| TLC Purchaser, Inc. (12)(15)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.76% | 9.47% | 10/11/2027 | $35347 | 34748 | 33227 |  |
| **Consumer Goods: Durable Total** |  |  |  |  |  |  | $**41676** | $**40098** | **496.4%** |
| **Consumer Goods: Non-Durable** |  |  |  |  |  |  |  |  |  |
| Evriholder (12)(19)(32)(35) | First Lien Senior Secured Loan | SOFR | 6.90% | 10.57% | 1/24/2028 | $15519 | 15431 | 15363 |  |
| Hempz (15)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.92% | 10/25/2029 | $13239 | 13148 | 13041 |  |
| Solaray, LLC (12)(15)(19) | First Lien Senior Secured Loan | SOFR | 6.85% | 10.69% | 6/15/2028 | $9780 | 9780 | 8899 |  |
| Summer Fridays, LLC (12)(15)(19)(36) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.92% | 5/16/2031 | $10696 | 10547 | 10536 |  |
| RoC Skincare (12)(15)(19)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.12% | 2/21/2031 | $24054 | 23872 | 24054 |  |
| WU Holdco, Inc. (12)(16)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.42% | 4/15/2032 | $26147 | 26027 | 26147 |  |
| **Consumer Goods: Non-Durable Total** |  |  |  |  |  |  | $**98805** | $**98040** | **1213.7%** |
| **Consumer Goods: Wholesale** |  |  |  |  |  |  |  |  |  |
| WSP (7)(14)(15)(19) | First Lien Senior Secured Loan | SOFR | 1.25% | 5.45% | 4/27/2028 | $3338 | 3060 | 1277 |  |
| WSP (7)(14)(19)(26) | First Lien Senior Secured Loan |  | 8.00% PIK | 8.00% | 4/27/2028 | $2259 | 1978 |  |  |
| **Consumer Goods: Wholesale Total** |  |  |  |  |  |  | $**5038** | $**1277** | **15.8%** |
| **Containers, Packaging & Glass** |  |  |  |  |  |  |  |  |  |
| ASP-r-pac Acquisition Co LLC (12)(16)(19)(34)(35) | First Lien Senior Secured Loan | SOFR | 6.26% | 10.10% | 12/29/2027 | $22354 | 22267 | 22354 |  |
| Precision Concepts Canada Corporation (12)(15)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.57% | 8/2/2032 | $804 | 796 | 796 |  |
| Precision Concepts Parent Inc. (12)(15)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.57% | 8/2/2032 | $1847 | 1828 | 1828 |  |
| **Containers, Packaging & Glass Total** |  |  |  |  |  |  | $**24891** | $**24978** | **309.2%** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Interest** | **Maturity** |  |  | **Market** | **% of Members** |
| **Portfolio Company** | **Investment Type** | **Index (1)** | **Spread (1)** | **Rate** | **Date** | **Principal (9)** | **Cost** | **Value** | **Equity (4)** |
| **U.S. Dollars** |  |  |  |  |  |  |  |  |  |
| **FIRE: Finance** |  |  |  |  |  |  |  |  |  |
| Allworth Financial Group, L.P. (12)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.75% | 8.47% | 12/23/2027 | $2095 | 2074 | 2074 |  |
| Allworth Financial Group, L.P. (12)(15)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.47% | 12/23/2027 | $8172 | 8172 | 8172 |  |
| Choreo (15)(19)(36) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.72% | 2/18/2028 | $2456 | 2456 | 2456 |  |
| Insigneo Financial Group LLC (12)(15)(19) | First Lien Senior Secured Loan | SOFR | 6.60% | 10.30% | 8/1/2028 | $7400 | 7400 | 7400 |  |
| Insigneo Financial Group LLC (12)(15)(19) | First Lien Senior Secured Loan | SOFR | 6.60% | 10.79% | 8/1/2028 | $3825 | 3825 | 3825 |  |
| PMA (12)(16)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.42% | 1/31/2031 | $17456 | 17236 | 17456 |  |
| Wealth Enhancement Group (WEG) (15)(19)(35)(36) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.50% | 8.16% | 10/2/2028 | $11726 | 11715 | 11726 |  |
| **FIRE: Finance Total** |  |  |  |  |  |  | $**52878** | $**53109** | **657.5%** |
| **FIRE: Insurance** |  |  |  |  |  |  |  |  |  |
| Simplicity (12)(16)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.40% | 12/31/2031 | $24998 | 24767 | 24998 |  |
| **FIRE: Insurance Total** |  |  |  |  |  |  | $**24767** | $**24998** | **309.5%** |
| **Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |  |
| Accident Care Alliance Holdco LLC (12)(15)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.67% | 8/20/2030 | $11970 | 11911 | 11910 |  |
| AEG Vision (12)(15)(19)(34)(35) | First Lien Senior Secured Loan | SOFR | 5.90% | 9.57% | 3/27/2027 | $1152 | 1152 | 1152 |  |
| AOM Infusion (16)(19)(36) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.69% | 3/19/2032 | $3634 | 3600 | 3615 |  |
| Apollo Intelligence (12)(16)(19)(35) | First Lien Senior Secured Loan | SOFR | 5.75% | 9.50% | 5/31/2028 | $10449 | 10406 | 10240 |  |
| Beacon Specialized Living (12)(15)(19)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.17% | 3/25/2028 | $12464 | 12396 | 12464 |  |
| CRH Healthcare Purchaser, Inc. (12)(15)(19)(34) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.92% | 9/17/2031 | $2682 | 2669 | 2668 |  |
| EHE Health (12)(15)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.17% | 8/7/2030 | $24441 | 24244 | 24441 |  |
| HealthDrive (12)(15)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 6.10% | 9.82% | 8/20/2029 | $20217 | 20217 | 20217 |  |
| HealthDrive (15)(19)(36) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.10% | 9.82% | 8/20/2029 | $269 | 269 | 269 |  |
| HealthDrive (3)(15)(19)(36) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.10% | 9.82% | 8/20/2029 | $3243 | 3215 | 3243 |  |
| Odyssey Behavioral Health (12)(15)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.12% | 5/21/2031 | $35150 | 34784 | 35150 |  |
| Pharmacy Partners (12)(19)(32)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 6.50% | 10.32% | 2/28/2029 | $23288 | 23110 | 23288 |  |
| Psychiatric Medical Care LLC (12)(16)(19)(34)(35) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.41% | 7/1/2032 | $10250 | 10127 | 10122 |  |
| Red Nucleus (16)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.02% | 10/17/2031 | $16291 | 16116 | 16291 |  |
| RedMed Operations (Collage Rehabilitation) (12)(15)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.72% | 2/28/2031 | $22761 | 22527 | 22761 |  |
| SunMed Group Holdings, LLC (12)(16)(19) | First Lien Senior Secured Loan | SOFR | 5.60% | 9.44% | 6/16/2028 | $9338 | 9338 | 9338 |  |
| **Healthcare & Pharmaceuticals Total** |  |  |  |  |  |  | $**206081** | $**207169** | **2564.6%** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Interest** | **Maturity** |  |  | **Market** | **% of Members** |
| **Portfolio Company** | **Investment Type** | **Index (1)** | **Spread (1)** | **Rate** | **Date** | **Principal (9)** | **Cost** | **Value** | **Equity (4)** |
| **U.S. Dollars** |  |  |  |  |  |  |  |  |  |
| **High Tech Industries** |  |  |  |  |  |  |  |  |  |
| Appriss (12)(15)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.74% | 3/10/2031 | $22003 | 21926 | 22003 |  |
| Govineer Solutions (fka Black Mountain) (12)(15)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.67% | 10/7/2030 | $28947 | 28767 | 28947 |  |
| LogRhythm, Inc. (15)(19)(35) | First Lien Senior Secured Loan | SOFR | 7.50% | 11.34% | 7/2/2029 | $3978 | 3892 | 3818 |  |
| NearMap (15)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.61% | 12/9/2029 | $16044 | 15929 | 16044 |  |
| NearMap (12)(15)(19)(35)(36) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.61% | 12/9/2029 | $19414 | 19363 | 19414 |  |
| PayRange (15)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.72% | 10/31/2030 | $18340 | 18200 | 18340 |  |
| Superna Inc. (15)(19)(36) | First Lien Senior Secured Loan | SOFR | 6.50% | 10.24% | 3/6/2028 | $4201 | 4164 | 4201 |  |
| SensorTower (12)(19)(31)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 7.50% | 11.20% | 3/15/2029 | $16916 | 16826 | 16916 |  |
| **High Tech Industries Total** |  |  |  |  |  |  | $**129067** | $**129683** | **1605.4%** |
| **Hotel, Gaming & Leisure** |  |  |  |  |  |  |  |  |  |
| Awayday (15)(19)(34)(36) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.92% | 5/6/2032 | $13606 | 13460 | 13606 |  |
| City BBQ (12)(15)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.35% | 9.10% | 9/4/2030 | $28397 | 28237 | 28255 |  |
| Pollo Tropical (12)(15)(19)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.07% | 10/23/2029 | $6148 | 6083 | 6148 |  |
| Pyramid Global Hospitality (19)(31)(36) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.11% | 1/19/2028 | $5246 | 5246 | 5246 |  |
| Pyramid Global Hospitality (12)(19)(24)(34)(35) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.11% | 1/19/2028 | $15204 | 15009 | 15204 |  |
| **Hotel, Gaming & Leisure Total** |  |  |  |  |  |  | $**68035** | $**68459** | **847.5%** |
| **Media: Advertising, Printing & Publishing** |  |  |  |  |  |  |  |  |  |
| AdThrive (36) | First Lien Senior Secured Loan | SOFR | 4.36% | 8.08% | 3/23/2028 | $4910 | 4848 | 4855 |  |
| **Media: Advertising, Printing & Publishing Total** |  |  |  |  |  |  | $**4848** | $**4855** | **60.1%** |
| **Metals & Mining** |  |  |  |  |  |  |  |  |  |
| Elevation NewCo, LLC (15)(19)(35) | First Lien Senior Secured Loan | SOFR | 5.75% | 9.60% | 8/1/2031 | $2390 | 2367 | 2366 |  |
| **Metals & Mining Total** |  |  |  |  |  |  | $**2367** | $**2366** | **29.3%** |
| **Retail** |  |  |  |  |  |  |  |  |  |
| New Look (Delaware) Corporation (12)(15)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.92% | 5/26/2028 | $9360 | 9185 | 9360 |  |
| Thrasio, LLC (7)(14)(15)(19)(26) | First Lien Senior Secured Loan | SOFR | 10.11% PIK | 13.84% | 6/18/2029 | $3991 | 3491 | 1996 |  |
| Thrasio, LLC (7)(14)(15)(19)(26) | First Lien Senior Secured Loan | SOFR | 10.11% PIK | 13.84% | 6/18/2029 | $1285 | 1138 | 1285 |  |
| Thrasio, LLC (14)(19) | Equity Interest |  |  |  |  | 52 | 5369 |  |  |
| Thrasio, LLC (14)(19) | Equity Interest |  |  |  |  | 6 | 597 |  |  |
| **Retail Total** |  |  |  |  |  |  | $**19780** | $**12641** | **156.5%** |
| **Services: Business** |  |  |  |  |  |  |  |  |  |
| Allbridge (12)(15)(19)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.17% | 6/5/2030 | $22304 | 22205 | 22304 |  |
| AMI (12)(16)(19)(34)(35) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.90% | 10/17/2031 | $21835 | 21696 | 21835 |  |
| Datix Bidco Limited (17)(19)(35) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.73% | 4/30/2031 | $6000 | 5924 | 6000 |  |
| Dealer Service Network (12)(15)(19)(34)(35) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.16% | 2/9/2027 | $8663 | 8618 | 8663 |  |
| Discovery Senior Living (12)(15)(19)(35) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.47% | 3/18/2030 | $16703 | 16590 | 16703 |  |
| Discovery Senior Living (15)(19)(36) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.75% | 8.47% | 3/18/2030 | $2794 | 2794 | 2794 |  |
| Discovery Senior Living (3)(15)(19)(34) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.75% | 8.47% | 3/18/2030 | $3411 | 3411 | 3411 |  |
| Easy Ice (12)(15)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.40% | 9.24% | 10/30/2030 | $31229 | 30831 | 31229 |  |
| TEI Holdings Inc. (17)(35) | First Lien Senior Secured Loan | SOFR | 4.00% | 7.67% | 4/9/2031 | $10483 | 10521 | 10440 |  |
| Pure Wafer (12)(15)(19)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.35% | 9.07% | 11/12/2030 | $10807 | 10729 | 10807 |  |
| PRGX (12)(15)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.16% | 12/20/2030 | $17288 | 17130 | 17029 |  |
| Electronic Merchant Systems (12)(16)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.48% | 8/1/2030 | $20790 | 20520 | 20790 |  |
| Morrow Sodali (12)(18)(19) | First Lien Senior Secured Loan | SOFR | 5.35% | 9.07% | 4/25/2028 | $2173 | 2160 | 2173 |  |
| Morrow Sodali (12)(15)(19) | First Lien Senior Secured Loan | SOFR | 5.48% | 9.20% | 4/25/2028 | $7680 | 7634 | 7680 |  |
| E-Tech Group (12)(15)(19)(35) | First Lien Senior Secured Loan - Revolver | SOFR | 5.50% | 9.17% | 4/9/2030 | $7879 | 7821 | 7781 |  |
| **Services: Business Total** |  |  |  |  |  |  | $**188584** | $**189639** | **2347.6%** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Interest** | **Maturity** |  |  | **Market** | **% of Members** |
| **Portfolio Company** | **Investment Type** | **Index (1)** | **Spread (1)** | **Rate** | **Date** | **Principal (9)** | **Cost** | **Value** | **Equity (4)** |
| **U.S. Dollars** |  |  |  |  |  |  |  |  |  |
| **Services: Consumer** |  |  |  |  |  |  |  |  |  |
| CorePower Yoga, LLC (12)(15)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.92% | 4/30/2031 | $21047 | 20951 | 21047 |  |
| MZR Buyer, LLC (12)(15)(19)(26)(35)(36) | First Lien Senior Secured Loan | SOFR | 6.90% (0.50% PIK) | 11.07% | 12/22/2028 | $13687 | 13678 | 12798 |  |
| Owl Acquisition, LLC (12)(16)(19)(35)(36) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.63% | 4/17/2032 | $14963 | 14860 | 14663 |  |
| Spotless Brands (15)(19)(36) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.50% | 9.37% | 7/25/2028 | $5976 | 5971 | 5976 |  |
| Vasa Fitness Buyer, Inc. (12)(15)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 6.35% | 10.07% | 8/15/2030 | $3990 | 3940 | 3940 |  |
| **Services: Consumer Total** |  |  |  |  |  |  | $**59400** | $**58424** | **723.2%** |
| **Telecommunications** |  |  |  |  |  |  |  |  |  |
| Meriplex Communications, Ltd. (12)(16)(19)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.10% | 8.82% | 7/17/2028 | $14696 | 14497 | 14439 |  |
| **Telecommunications Total** |  |  |  |  |  |  | $**14497** | $**14439** | **178.7%** |
| **Transportation: Cargo** |  |  |  |  |  |  |  |  |  |
| A&R Logistics, Inc. (12)(15)(19)(26)(34)(35) | First Lien Senior Secured Loan | SOFR | 2.65% (4.25% PIK) | 10.56% | 2/3/2028 | $29641 | 29641 | 26084 |  |
| Gulf Winds International (12)(15)(19)(26)(34) | First Lien Senior Secured Loan | SOFR | 6.00% (1.00% PIK) | 10.72% | 12/16/2028 | $14016 | 13844 | 13315 |  |
| Gulf Winds International (12)(15)(19)(26)(35)(36) | First Lien Senior Secured Loan | SOFR | 6.00% (1.00% PIK) | 10.72% | 12/16/2028 | $15839 | 15718 | 15047 |  |
| ICAT Logistics, Inc. (12)(15)(19)(34)(35) | First Lien Senior Secured Loan | SOFR | 6.25% | 9.97% | 3/1/2029 | $8978 | 8843 | 8843 |  |
| RoadOne (15)(19)(34) | First Lien Senior Secured Loan | SOFR | 6.25% | 9.95% | 12/29/2028 | $6828 | 6723 | 6828 |  |
| RoadOne (15)(19)(34) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.25% | 9.95% | 12/29/2028 | $1049 | 1048 | 1049 |  |
| **Transportation: Cargo Total** |  |  |  |  |  |  | $**75817** | $**71166** | **881.0%** |
| **Transportation: Consumer** |  |  |  |  |  |  |  |  |  |
| PrimeFlight Acquisition LLC (12)(15)(19) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.17% | 5/1/2029 | $6473 | 6473 | 6473 |  |
| PrimeFlight Acquisition LLC (12)(15)(19)(34)(35) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.35% | 5/1/2029 | $22652 | 22317 | 22652 |  |
| **Transportation: Consumer Total** |  |  |  |  |  |  | $**28790** | $**29125** | **360.5%** |
| **Utilities: Electric** |  |  |  |  |  |  |  |  |  |
| KAMC Holdings, Inc. (12)(16)(19)(35) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.10% | 8/1/2031 | $4500 | 4452 | 4449 |  |
| **Utilities: Electric Total** |  |  |  |  |  |  | $**4452** | $**4449** | **55.1%** |
| **Utilities: Water** |  |  |  |  |  |  |  |  |  |
| Vessco Water (16)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 4.50% | 8.22% | 7/24/2031 | $13687 | 13625 | 13687 |  |
| **Utilities: Water Total** |  |  |  |  |  |  | $**13625** | $**13687** | **169.4%** |
| **Wholesale** |  |  |  |  |  |  |  |  |  |
| Abracon Group Holding, LLC. (7)(14)(16)(19)(26)(34) | First Lien Senior Secured Loan | SOFR | 2.05% (4.60% PIK) | 10.54% | 7/6/2028 | $12471 | 11077 | 7483 |  |
| Blackbird Purchaser, Inc. (16)(19)(35) | First Lien Senior Secured Loan | SOFR | 5.75% | 9.42% | 12/19/2030 | $5310 | 5310 | 5310 |  |
| Chex Finer Foods, LLC (12)(15)(19)(34)(35) | First Lien Senior Secured Loan | SOFR | 6.00% | 9.74% | 6/6/2031 | $16459 | 16389 | 16459 |  |
| Fifty U.S. Bidco Inc (12)(15)(19)(34)(35)(36) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.67% | 8/1/2031 | $11471 | 11415 | 11414 |  |
| Hultec (12)(15)(19)(34) | First Lien Senior Secured Loan | SOFR | 5.65% | 9.32% | 3/31/2029 | $6257 | 6140 | 6257 |  |
| SureWerx (16)(19)(34)(35) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.92% | 12/28/2029 | $8136 | 8017 | 8095 |  |
| **Wholesale Total** |  |  |  |  |  |  | $**58348** | $**55018** | **681.0%** |
| **Investments Total** |  |  |  |  |  |  | $**1556187** | $**1536252** | **19017.7%** |
| **Cash Equivalents** |  |  |  |  |  |  |  |  |  |
| Goldman Sachs Financial Square Government Fund Institutional Share Class (30) | Cash Equivalents |  |  | 3.69% |  | $64766 | 64766 | 64766 |  |
| Goldman Sachs US Treasury Liquid Reserves Fund (30) | Cash Equivalents |  |  | 3.70% |  | $57524 | 57524 | 57524 |  |
| **Cash Equivalents Total** |  |  |  |  |  |  | $**122290** | $**122290** | **1513.9%** |
| **Investments and Cash Equivalents Total** |  |  |  |  |  |  | $**1678477** | $**1658542** | **20531.6%** |

---

------

<sup>(1)</sup> The investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate ("SOFR") which reset daily, monthly, quarterly or semiannually. Investments or a portion thereof may provide for Payment-in-Kind ("PIK"). For each, the Company has provided the PIK or the spread over SOFR and the current weighted average interest rate in effect at December 31, 2025. Certain investments are subject to a SOFR interest rate floor.

<sup>(2)</sup> Tick mark not used.

<sup>(3)</sup> Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The investment may be subject to an unused/letter of credit facility fee.

<sup>(4)</sup> Percentages are based on SLP's net assets (in thousands) of $8,078 as of December 31, 2025.

<sup>(5)</sup> Tick mark not used.

<sup>(6)</sup> Tick mark not used.

<sup>(7)</sup> Loan was on non-accrual status as of December 31, 2025.

<sup>(8)</sup> Tick mark not used.

<sup>(9)</sup> The principal amount (par amount) for all debt securities is denominated in U.S. dollars, unless otherwise noted.

<sup>(10)</sup> Tick mark not used.

<sup>(11)</sup> Tick mark not used.

<sup>(12)</sup> Assets or a portion thereof are pledged as collateral for the 2018-1 Issuer.

<sup>(13)</sup> Tick mark not used.

<sup>(14)</sup> Non-income producing.

<sup>(15)</sup> Loan includes interest rate floor of 1.00%.

<sup>(16)</sup> Loan includes interest rate floor of 0.75%.

<sup>(17)</sup> Loan includes interest rate floor of 0.50%.

<sup>(18)</sup> Loan includes interest rate floor of 0.00%.

<sup>(19)</sup> Security valued using unobservable inputs (Level 3).

<sup>(20)</sup> Tick mark not used.

<sup>(21)</sup> Tick mark not used.

<sup>(22)</sup> Tick mark not used.

<sup>(23)</sup> Tick mark not used.

<sup>(24)</sup> Loan includes interest rate floor of 1.25%.

<sup>(25)</sup> Tick mark not used.

<sup>(26)</sup> Denotes that all or a portion of the debt investment includes PIK interest during the period.

<sup>(27)</sup> Tick mark not used.

<sup>(28)</sup> Tick mark not used.

<sup>(29)</sup> Tick mark not used.

<sup>(30)</sup> Cash equivalents include $122,290 of restricted cash.

<sup>(31)</sup> Loan includes interest rate floor of 2.00%.

<sup>(32)</sup> Loan includes interest rate floor of 1.50%.

<sup>(33)</sup> Tick mark not used.

<sup>(34)</sup> Assets or a portion thereof are pledged as collateral for the 2023-1 Issuer.

<sup>(35)</sup> Assets or a portion thereof are pledged as collateral for the 2024-1 Issuer.

<sup>(36)</sup> Assets or a portion thereof are pledged as collateral for the 2025-1 Issuer.

------

Below is the financial information for SLP:

## Selected Balance Sheet Information

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **March 31, 2026** | **December 31, 2025** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;Investments at fair value (amortized cost of $1,621,818 and $1,556,187, respectively) | $1599077 | $1536252 |
| &nbsp;&nbsp;Cash and cash equivalents | 3563 | 1964 |
| &nbsp;&nbsp;Restricted cash and cash equivalents | 46496 | 125753 |
| &nbsp;&nbsp;Prepaid expenses | 3657 | 3773 |
| &nbsp;&nbsp;Interest receivable on investments | 13934 | 12658 |
| &nbsp;&nbsp;Receivable for sales and paydowns of investments | 3975 | 3976 |
| **Total assets** | $1670702 | $1684376 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;Debt (net of unamortized debt issuance costs of $9,778 and $10,022, respectively) | $1295472 | $1295228 |
| &nbsp;&nbsp;Subordinated notes payable to members | 333829 | 315859 |
| &nbsp;&nbsp;Interest payable on debt | 15444 | 21951 |
| &nbsp;&nbsp;Interest payable on subordinated notes payable to members | 8911 | 8690 |
| &nbsp;&nbsp;Payable for investments purchased | 1990 | 25455 |
| &nbsp;&nbsp;Distributions payable to members | 6569 | 6785 |
| &nbsp;&nbsp;Accounts payable and accrued expenses | 3070 | 2330 |
| **Total liabilities** | $1665285 | $1676298 |
| **EQUITY** |  |  |
| &nbsp;&nbsp;Members' equity | 5417 | 8078 |
| **Total Members' equity** | $5417 | $8078 |
| **Total liabilities and members' equity** | $1670702 | $1684376 |

---

## Selected Statement of Operations Information

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2025** |
| **Investment income** |  |  |
| &nbsp;&nbsp;Interest income | $37752 | $38112 |
| **Total investment income** | 37752 | 38112 |
| **Expenses** |  |  |
| &nbsp;&nbsp;Interest and debt financing expenses | 19993 | 22585 |
| &nbsp;&nbsp;Interest expense on subordinated notes payable to members | 8910 | 7331 |
| &nbsp;&nbsp;Professional fees and other expenses | 2396 | 2203 |
| **Total expenses** | 31299 | 32119 |
| **Net investment income** | 6453 | 5993 |
| **Net realized and unrealized gains (losses)** |  |  |
| &nbsp;&nbsp;Net realized gain (loss) on investments | 261 | (4517) |
| &nbsp;&nbsp;Net change in unrealized appreciation on members subordinated notes |  | 24130 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (2806) | (1999) |
| **Total net gain (loss)** | (2545) | 17614 |
| **Net increase from operations** | 3908 | 23607 |
| **Net increase in members' equity from operations** | $3908 | $23607 |

---

------

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

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Net revenue | $5721 | $4337 |
| Net operating income | 407 | 1081 |
| Earnings before taxes | 407 | 1081 |
| Net profit | 834 | 1022 |

---

# Note 4. Fair Value Measurements

## Fair Value Disclosures
The following table presents fair value measurements of investments by major class, cash equivalents and derivatives as of March 31, 2026, according to the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** |
|  | **Level 1** | **Level 2** | **Level 3** | **Measured at Net Asset Value** <sup>(2)</sup> | **Total** |
| Investments: |  |  |  |  |  |
| First Lien Senior Secured Loans |  | 2590 | 1623951 | 4583 | 1631124 |
| Second Lien Senior Secured Loans |  |  | 30069 |  | 30069 |
| Subordinated Debt |  |  | 81721 |  | 81721 |
| Preferred Equity |  |  | 165100 |  | 165100 |
| Equity Interests |  |  | 159786 | 7539 | 167325 |
| Warrants |  |  | 768 |  | 768 |
| Subordinated Notes Investment Vehicles <sup>(1)</sup> |  |  | 357639 |  | 357639 |
| Preferred Equity Interests Investment Vehicles <sup>(1)</sup> |  |  |  | 1836 | 1836 |
| Equity Interests Investment Vehicles <sup>(1)</sup> |  |  |  | 35216 | 35216 |
| Total Investments |  | $2590 | $2419034 | $49174 | $2470798 |
| Cash equivalents | $13591 |  |  |  | $13591 |
| Forward currency exchange contracts (asset) |  | $224 |  |  | $224 |
| Forward currency exchange contracts (liability) |  | $(2739) |  |  | $(2739) |
| Interest rate swap |  | $4979 |  |  | $4979 |

---

<sup>(1)</sup> Includes debt and equity investment in ISLP and SLP.

<sup>(2)</sup> In accordance with ASC Subtopic 820-10, Fair Value Measurements and Disclosures, or ASC 820-10, certain investments are measured using the net asset value per share (or its equivalent) as a practical expedient for fair value, and have not been classified in the fair value hierarchy.

The following table presents fair value measurements of investments by major class, cash equivalents and derivatives as of December 31, 2025, according to the fair value hierarchy:

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** |
|  |  |  |  | **Measured at** |  |
|  |  |  |  | **Net Asset** |  |
|  | **Level 1** | **Level 2** | **Level 3** | **Value** <sup>(2)</sup> | **Total** |
| Investments: |  |  |  |  |  |
| First Lien Senior Secured Loans |  | 2610 | 1591538 | 4583 | $1598731 |
| Second Lien Senior Secured Loans |  |  | 30020 |  | 30020 |
| Subordinated Debt |  |  | 95687 |  | 95687 |
| Preferred Equity |  |  | 157244 |  | 157244 |
| Equity Interests |  |  | 219124 | 7539 | 226663 |
| Warrants |  |  | 1045 |  | 1045 |
| Subordinated Notes Investment Vehicles <sup>(1)</sup> |  |  | 348654 |  | 348654 |
| Preferred Equity Interests Investment Vehicles <sup>(1)</sup> |  |  |  | 1836 | 1836 |
| Equity Interests Investment Vehicles <sup>(1)</sup> |  |  |  | 48561 | 48561 |
| Total Investments | $— | $2610 | $2443312 | $62519 | $2508441 |
| Cash equivalents | $38814 |  |  |  | $38814 |
| Forward currency exchange contracts (liability) |  | $(9061) |  |  | $(9061) |
| Interest rate swap |  | $7976 |  |  | $7976 |

---

<sup>(1)</sup> Includes debt and equity investments in ISLP and SLP.

<sup>(2)</sup> In accordance with ASC Subtopic 820-10, Fair Value Measurements and Disclosures, or ASC 820-10, certain investments are measured using the net asset value per share (or its equivalent) as a practical expedient for fair value, and have not been classified in the fair value hierarchy.

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

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **First Lien** | **Second Lien** |  |  |  |  | **Subordinated** |  |
|  | **Senior** | **Senior** |  |  |  |  | **Notes in** |  |
|  | **Secured** | **Secured** | **Subordinated** | **Preferred** | **Equity** |  | **Investment** | **Total** |
|  | **Loans** | **Loans** | **Debt** | **Equity** | **Interests** | **Warrants** | **Vehicles** <sup>(1)</sup> | **Investments** |
| Balance as of January 1, 2026 | $1591538 | $30020 | $95687 | $157244 | $219124 | $1045 | $348654 | $2443312 |
| Purchases of investments and other adjustments to cost | 222532 |  |  | 4003 | 280 |  | 8985 | 235800 |
| Paid-in-kind interest income | 4290 |  | 2745 | 350 |  |  |  | 7385 |
| Net accretion of discounts (amortization of premiums) | 1539 | 28 | 175 | 3 |  |  |  | 1745 |
| Principal repayments and sales of investments | (182991) |  | (13725) |  | (58387) |  |  | (255103) |
| Net change in unrealized appreciation on investments | (13273) | 21 | (3686) | 3500 | 9239 | (277) |  | (4476) |
| Net realized gain (loss) on investments | 316 |  | 525 |  | (10470) |  |  | (9629) |
| Balance as of March 31, 2026 | $**1623951** | $**30069** | $**81721** | $**165100** | $**159786** | $**768** | $**357639** | $**2419034** |
| Change in unrealized appreciation attributable to investments still held at March 31, 2026 | $**(13224)** | $**21** | $**(3065)** | $**3500** | $**(1757)** | $**(277)** | $**—** | $**(14802)** |

---

<sup>(1)</sup> Represents debt investment in ISLP and SLP.

Transfers between levels, if any, are recognized at the beginning of the year in which transfers occur. For the three months ended March 31, 2026, transfers from Level 2 to Level 3, if any, were primarily due to decreased price transparency. For the three months ended March 31, 2026, transfers from Level 3 to Level 2, if any, were primarily due to increased price transparency.

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The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended December 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **First Lien** | **Second Lien** |  |  |  |  | **Subordinated** |  |
|  | **Senior** | **Senior** |  |  |  |  | **Notes in** |  |
|  | **Secured** | **Secured** | **Subordinated** | **Preferred** | **Equity** |  | **Investment** | **Total** |
|  | **Loans** | **Loans** | **Debt** | **Equity** | **Interests** | **Warrants** | **Vehicles** <sup>(1)</sup> | **Investments** |
| Balance as of January 1, 2025 | $1543286 | $30104 | $53350 | $170876 | $219210 | $628 | $337224 | $2354678 |
| Purchases of investments and other adjustments to cost | 1170550 | 9670 | 29393 | 33316 | 14528 |  | 23500 | 1280957 |
| Paid-in-kind interest | 19831 |  | 10159 | 3891 |  |  |  | 33881 |
| Net accretion of discounts (amortization of premiums) | 4875 | 64 | 203 | 3 | (6) |  |  | 5139 |
| Principal repayments and sales of investments | (1132193) | (9597) |  | (63294) | (26091) |  |  | (1231175) |
| Net change in unrealized appreciation on investments | (2937) | 18817 | (2486) | 6442 | 19865 | 417 | (12070) | 28048 |
| Net realized gain (loss) on investments | (11874) | (19038) |  | 11078 | (8382) |  |  | (28216) |
| Reclassifications |  |  | 5068 | (5068) |  |  |  |  |
| Balance as of December 31, 2025 | $1591538 | 30020 | 95687 | 157244 | 219124 | 1045 | 348654 | $2443312 |
| Change in unrealized appreciation attributable to investments still held at December 31, 2025 | $(14211) | $(62) | $(2581) | $13107 | $15856 | $417 | $(12070) | $456 |

---

<sup>(1)</sup> Represents debt investment in ISLP and SLP.

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

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

------

The valuation techniques and significant unobservable inputs used in Level 3 fair value measurements of assets as of March 31, 2026 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of March 31, 2026** | **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** | **As of March 31, 2026** |
|  |  |  | **Significant** |  |  |  |  |  |
|  | **Fair Value of** |  | **Unobservable** | **Range of Significant** | **Range of Significant** | **Range of Significant** | **Range of Significant** |  |
|  | **Level 3 Assets** <sup>(1)</sup> | **Valuation Technique** | **Inputs** | **Unobservable Inputs** <sup>(3)</sup> | **Unobservable Inputs** <sup>(3)</sup> | **Unobservable Inputs** <sup>(3)</sup> | **Unobservable Inputs** <sup>(3)</sup> | **Weighted Average** <sup>(2)</sup> |
| First Lien Senior Secured Loans | $1433213 | Discounted cash flows | Comparative Yields | 6.1 | % | 28.4 | % | 11.0% |
| First Lien Senior Secured Loans | 96956 | Comparable company multiple | EBITDA Multiple | 6.8 | x | 11.5 | x | 8.8x |
| First Lien Senior Secured Loans | 5891 | Comparable company multiple | Revenue Multiple | 0.3 | x | 1.1 | x | 1.1x |
| First Lien Senior Secured Loans | 12052 | Collateral coverage | Recovery Rate |  |  |  |  | 100.0% |
| Second Lien Senior Secured Loans | 30069 | Discounted cash flows | Comparative Yields | 13.0 | % | 13.6 | % | 13.3% |
| Subordinated Notes in Investment Vehicles | 357639 | Collateral coverage | Recovery Rate | 93.3 | % | 100.0 | % | 96.9% |
| Subordinated Debt | 81721 | Discounted cash flows | Comparative Yields | 13.2 | % | 21.4 | % | 19.4% |
| Equity Interests | 49130 | Discounted cash flows | Discount Rate |  |  |  |  | 13.4% |
| Equity Interests | 95840 | Comparable company multiple | EBITDA Multiple | 3.8 | x | 24.0 | x | 12.5x |
| Equity Interests | 7647 | Comparable company multiple | Revenue Multiple | 3.8 | x | 34.5 | x | 12.7x |
| Equity Interests | 5860 | Comparable company multiple | Book Value Multiple |  |  |  |  | 1.0x |
| Preferred Equity | 26834 | Comparable company multiple | EBITDA Multiple | 6.3 | x | 23.0 | x | 10.7x |
| Preferred Equity | 50092 | Comparable company multiple | Revenue Multiple | 3.8 | x | 10.1 | x | 7.5x |
| Preferred Equity | 73309 | Comparable company multiple | Book Value Multiple |  |  |  |  | 1.0x |
| Preferred Equity | 11100 | Discounted cash flows | Comparative Yields | 13.6 | % | 18.8 | % | 16.9% |
| Preferred Equity | 3765 | Discounted cash flows | Discount Rate |  |  |  |  | 13.0% |
| Warrants | 35 | Comparable company multiple | Revenue Multiple |  |  |  |  | 3.5x |
| Warrants | 733 | Discounted cash flows | Discount Rate |  |  |  |  | 25.0% |
| Total investments | $2341886 |  |  |  |  |  |  |  |

---

<sup>(1)</sup> Included within the Level 3 assets of $2,419,034 is an amount of $77,148 for which the Advisor did not develop the unobservable inputs for the determination of fair value (examples include single source quotation and prior or pending transactions such as investments originated in the quarter or imminent payoffs).

<sup>(2)</sup> Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category.

<sup>(3)</sup> The range for an asset category consisting of a single investment, if any, is not meaningful and therefore has been excluded.

The Company used the income approach and market approach to determine the fair value of certain Level 3 assets as of March 31, 2026. The significant unobservable inputs used in the income approach are the comparative yield and discount rate. The comparative yield and discount rate are used to discount the estimated future cash flows expected to be received from the underlying investment. An increase/decrease in the comparative yield or discount rate would result in a decrease/increase, respectively, in the fair value. The significant unobservable inputs used in the market approach are the comparable company multiple and the recovery rate. The comparable company multiple is used to estimate the enterprise value of the underlying investment. An increase/decrease in the multiple would result in an increase/decrease, respectively, in the fair value. The recovery rate represents the extent to which proceeds can be recovered. An increase/decrease in the recovery rate would result in an increase/decrease, respectively, in the fair value.

------

The valuation techniques and significant unobservable inputs used in Level 3 fair value measurements of assets as of December 31, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **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** | **As of December 31, 2025** |
|  |  |  | **Significant** |  |  |  |  |  |
|  | **Fair Value of** |  | **Unobservable** | **Range of Significant** | **Range of Significant** | **Range of Significant** | **Range of Significant** |  |
|  | **Level 3 Assets** <sup>(1)</sup> | **Valuation Technique** | **Inputs** | **Unobservable Inputs** <sup>(3)</sup> | **Unobservable Inputs** <sup>(3)</sup> | **Unobservable Inputs** <sup>(3)</sup> | **Unobservable Inputs** <sup>(3)</sup> | **Weighted Average** <sup>(2)</sup> |
| First Lien Senior Secured Loans | $1425578 | Discounted cash flows | Comparative Yields | 5.3 | % | 19.5 | % | 10.7% |
| First Lien Senior Secured Loans | 74416 | Comparable company multiple | EBITDA Multiple | 7.5 | x | 13.7 | x | 9.6x |
| First Lien Senior Secured Loans | 4454 | Comparable company multiple | Revenue Multiple |  |  |  |  | 0.7x |
| First Lien Senior Secured Loans | 12052 | Collateral coverage | Recovery Rate |  |  |  |  | 100.0% |
| Second Lien Senior Secured Loans | 30020 | Discounted cash flows | Comparative Yields | 12.9 | % | 13.1 | % | 13.0% |
| Subordinated Notes in Investment Vehicles | 348654 | Collateral coverage | Recovery Rate | 92.9 | % | 100.0 | % | 96.8% |
| Subordinated Debt | 95086 | Discounted cash flows | Comparative Yields | 11.5 | % | 21.5 | % | 18.3% |
| Equity Interests | 47423 | Discounted cash flows | Discount Rate |  |  |  |  | 13.4% |
| Equity Interests | 97564 | Comparable company multiple | EBITDA Multiple | 4.0 | x | 26.0 | x | 12.8x |
| Equity Interests | 12675 | Comparable company multiple | Revenue Multiple | 5.0 | x | 33.0 | x | 11.0x |
| Equity Interests | 1287 | Comparable company multiple | Book Value Multiple |  |  |  |  | 1.0x |
| Preferred Equity | 27328 | Comparable company multiple | EBITDA Multiple | 6.3 | x | 16.5 | x | 10.8x |
| Preferred Equity | 50135 | Comparable company multiple | Revenue Multiple | 3.5 | x | 10.9 | x | 7.9x |
| Preferred Equity | 68748 | Comparable company multiple | Book Value Multiple |  |  |  |  | 1.0x |
| Preferred Equity | 7037 | Discounted cash flows | Comparative Yields |  |  |  |  | 13.0% |
| Warrants | 344 | Comparable company multiple | Revenue Multiple |  |  |  |  | 3.8x |
| Warrants | 701 | Discounted cash flows | Discount Rate |  |  |  |  | 25.0% |
| Total investments | $2303502 |  |  |  |  |  |  |  |

---

<sup>(1)</sup> Included within the Level 3 assets of $2,443,312 is an amount of $139,810 for which the Advisor did not develop the unobservable inputs for the determination of fair value (examples include single source quotation and prior or pending transactions such as investments originated in the quarter or imminent payoffs).

<sup>(2)</sup> Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category.

<sup>(3)</sup> The range for an asset category consisting of a single investment, if any, is not meaningful and therefore has been excluded.

The Company used the income approach and market approach to determine the fair value of certain Level 3 assets as of December 31, 2025. The significant unobservable inputs used in the income approach are the comparative yield and discount rate. The comparative yield and discount rate are used to discount the estimated future cash flows expected to be received from the underlying investment. An increase/decrease in the comparative yield or discount rate would result in a decrease/increase, respectively, in the fair value. The significant unobservable inputs used in the market approach are the comparable company multiple and the recovery rate. The comparable company multiple is used to estimate the enterprise value of the underlying investment. An increase/decrease in the multiple would result in an increase/decrease, respectively, in the fair value. The recovery rate represents the extent to which proceeds can be recovered. An increase/decrease in the recovery rate would result in an increase/decrease, respectively, in the fair value.

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## Debt Not Carried at Fair Value
Fair value is estimated by using market quotations or discounting remaining payments using applicable current market rates, which take into account changes in the Company's marketplace credit ratings, or market quotes, if available. If the Company's debt obligations were carried at fair value, the fair value and level would have been as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **As of** | **As of** |
|  | **Level** | **March 31, 2026** | **December 31, 2025** |
| 2019-1 Debt | 2 | $270957 | $272182 |
| March 2026 Notes | 2 |  | 298926 |
| October 2026 Notes | 2 | 295288 | 295222 |
| March 2030 Notes | 2 | 339944 | 350538 |
| March 2031 Notes | 2 | 335284 |  |
| Sumitomo Credit Facility | 3 | 195000 | 251000 |
| Total Debt |  | $1436473 | $1467868 |

---

# Note 5. Related Party Transactions

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

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

For the three months ended March 31, 2026 and 2025, management fees were $9.1 million and $9.1 million, respectively.

As of March 31, 2026 and December 31, 2025, $9.1 million and $9.4 million, respectively, remained payable related to the Base Management Fee accrued in base management fee payable on the Consolidated Statements of Assets and Liabilities.

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)No incentive fee based on income is payable to the Advisor for any calendar quarter for which there is no Excess Income Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)100% of the aggregate pre-incentive fee net investment income in respect of the Trailing Twelve Quarters with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the Hurdle Amount, but is less than or equal to an amount, which the Company refers to as the "Catch-up Amount," determined as the sum of 1.8182% multiplied by our NAV at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)17.5% of the aggregate pre-incentive fee net investment income in respect of the Trailing Twelve Quarters that exceeds the Catch-up Amount.

*Incentive Fee Cap*

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

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

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

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

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

As of March 31, 2026 and December 31, 2025, there was $5.6 million and $5.9 million, respectively, related to the income incentive fee accrued in incentive fee payable on the Consolidated Statements of Assets and Liabilities.

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

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

There were no capital gains incentive fee payable to the Advisor under the Amended Advisory Agreement as of March 31, 2026 and December 31, 2025.

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

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

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

------

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

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

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

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

## Co-Investments
The Company will invest alongside its affiliates, subject to compliance with applicable regulations and our allocation procedures. Certain types of negotiated co-investments will be made only in accordance with the terms of the exemptive order the Company received from the SEC on December 23, 2025 (the "Order"). Under the terms of the Order, a majority of the Independent Directors must reach certain conclusions in connection with certain co-investment transactions (e.g., in the case of follow-on investments in an existing issuer in which affiliates, but not the Company, have an existing investment, and non-pro rata follow-on investments in, and dispositions of, securities of an existing issuer), including that: (i) the terms of the proposed transaction are reasonable and fair to the Company and its stockholders and do not involve overreaching in respect of the Company or its stockholders on the part of any person concerned; and (ii) the transaction is consistent with the interests of the Company's stockholders and is consistent with the Company's then-current investment objectives and strategies. In certain situations where co-investment with one or more funds managed by the Advisor or its affiliates is not covered by the Order, the personnel of the Advisor or its affiliates will need to decide which funds will proceed with the investment. Such personnel will make these determinations based on policies and procedures, which are designed to reasonably ensure that investment opportunities are allocated fairly and equitably among affiliated funds over time and in a manner that is consistent with applicable laws, rules and regulations.

## Related Party Commitments
An affiliate of the Advisor is the investment manager to certain pooled investment vehicles which are investors in the Company. These investors held 11,822,432.66 and 11,822,432.66 shares of the Company at March 31, 2026 and December 31, 2025, respectively.

------

## Non-Controlled/Affiliate and Controlled Affiliate Investments
Transactions during the three months ended March 31, 2026 in which the issuer was either an Affiliated Person, as defined in the 1940 Act, or an Affiliated Person that the Company is deemed to control are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Fair Value<br>as of<br>December 31,<br>2025** | **Gross<br>Additions** | **Gross<br>Reductions** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br>Gains<br>(Losses)** | **Fair Value<br>as of<br>March 31,<br>2026** | **Dividend,<br>Interest, and<br>PIK Income** | **Other<br>Income** |
| **Non-Controlled/affiliate investment** |  |  |  |  |  |  |  |  |
| ADT Pizza, LLC Equity Interest (1) |  |  |  |  |  |  |  |  |
| Ansett Aviation Training Equity Interest (1) | 18384 |  |  | 490 |  | 18874 | 2 |  |
| Walker Edison First Lien Senior Secured Loan - Delayed Draw (1) | 290 |  |  |  |  | 290 |  | 21 |
| **Total Non-Controlled/affiliate investment** | **18674** | **—** | **—** | **490** | **—** | **19164** | **2** | **21** |
| **Controlled affiliate investment** |  |  |  |  |  |  |  |  |
| Bain Capital Senior Loan Program, LLC Subordinated Note Investment Vehicles | 157925 | 8985 |  |  |  | 166910 | 4460 |  |
| Bain Capital Senior Loan Program, LLC Preferred Equity Interest Investment Vehicles | 1836 |  |  |  |  | 1836 | 985 |  |
| Bain Capital Senior Loan Program, LLC Equity Interest Investment Vehicles | 5007 |  |  | (1389) |  | 3618 | 2792 |  |
| BCC Jetstream Holdings Aviation (On II), LLC First Lien Senior Secured Loan (1) | 4583 |  |  |  |  | 4583 |  |  |
| BCC Jetstream Holdings Aviation (On II), LLC Equity Interest (1) |  |  |  |  |  |  |  |  |
| BCC Jetstream Holdings Aviation (Off I), LLC Equity Interest (1) | 7539 |  |  |  |  | 7539 |  |  |
| Gale Aviation (Offshore) Co Equity Interest (1) | 55758 |  | (53307) | 10997 | (13448) |  |  |  |
| International Senior Loan Program, LLC Equity Interest Investment Vehicles | 43554 |  |  | (11956) |  | 31598 | 856 |  |
| International Senior Loan Program, LLC Subordinated Note Investment Vehicles | 190729 |  |  |  |  | 190729 | 5573 |  |
| Legacy Corporate Lending HoldCo, LLC Equity Interest (1) | 1287 |  |  | 56 |  | 1343 |  |  |
| Legacy Corporate Lending HoldCo, LLC Preferred Equity | 68748 | 3599 |  | 962 |  | 73309 | 1350 |  |
| Legacy Corporate Lending HoldCo, LLC Equity Interest (1) |  |  |  | 4517 |  | 4517 |  |  |
| Lightning Holdings B, LLC Equity Interest (1) | 47423 |  |  | 1707 |  | 49130 |  |  |
| Parcel2Go First Lien Senior Secured Loan | 56 | 4 |  | (2) |  | 58 | 2 |  |
| Parcel2Go Equity Interest (1) |  |  |  |  |  |  |  |  |
| Parcel2Go Preferred Equity (1) |  |  |  |  |  |  |  |  |
| SG Global Midco Limited First Lien Senior Secured Loan | 3 |  |  |  |  | 3 |  |  |
| Surrey Bidco Limited First Lien Senior Secured Loan (1) | 22 |  |  | (22) |  |  |  |  |
| Voltaire Topco Limited Equity Interest (1) |  |  |  |  |  |  |  |  |
| **Total Controlled affiliate investment** | **584470** | **12588** | **(53307)** | **4870** | **(13448)** | **535173** | **16018** | **—** |
| **Total** | $**603144** | $**12588** | $**(53307)** | $**5360** | $**(13448)** | $**554337** | $**16020** | $**21** |

---

<sup>(1)</sup> Non-income producing.

------

Transactions during the year ended December 31, 2025 in which the issuer was either an Affiliated Person or an Affiliated Person that the Company is deemed to control are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value** |  |  |  |  | **Fair Value** |  |  |
|  | **as of** |  |  | **Change in** | **Realized** | **as of** | **Dividend,** |  |
|  | **December 31,** | **Gross** | **Gross** | **Unrealized** | **Gains** | **December 31,** | **Interest, and** | **Other** |
| **Portfolio Company** | **2024** | **Additions** | **Reductions** | **Appreciation** | **(Losses)** | **2025** | **PIK Income** | **Income** |
| **Non-Controlled/affiliate investment** |  |  |  |  |  |  |  |  |
| ADT Pizza, LLC Equity Interest (1) | $8429 | $— | $(3361) | $(5068) | $— | $— | $— | $3 |
| Ansett Aviation Training First Lien Senior Secured Loan | 4374 |  | (4601) | 934 | (707) |  | 176 |  |
| Ansett Aviation Training Equity Interest (1) | 8617 |  |  | 9767 |  | 18384 |  | 5 |
| Blackbrush Oil & Gas C/S Equity Interest (1) |  | 3209 |  |  | (3209) |  |  |  |
| DC Blox Equity Interest (1) |  |  |  |  |  |  |  |  |
| DC Blox First Lien Senior Secured Loan | 1408 | 68 | (1384) | (92) |  |  | 30 |  |
| DC Blox Preferred Equity (1) | 38523 |  | (37794) | (623) | (106) |  |  |  |
| DC Blox Preferred Equity (1) | 5230 |  | (5440) | (1371) | 1581 |  | 10 |  |
| DC Blox Preferred Equity (1) | 4277 |  | (7346) | (4265) | 7334 |  | 5 |  |
| Direct Travel, Inc First Lien Senior Secured Loan |  |  |  |  |  |  |  | 101 |
| Walker Edison First Lien Senior Secured Loan - Delayed Draw (1) |  | 656 |  |  | (656) |  |  |  |
| Walker Edison Equity Interest (1) |  |  |  | 5592 | (5592) |  |  |  |
| Walker Edison First Lien Senior Secured Loan (1) |  | 52 |  |  | (52) |  |  |  |
| Walker Edison First Lien Senior Secured Loan (1) | 1040 | 187 |  | 5393 | (6620) |  |  |  |
| Walker Edison First Lien Senior Secured Loan - Revolver (1) | 3182 |  | (93) |  | (3089) |  | (61) |  |
| Walker Edison First Lien Senior Secured Loan - Delayed Draw (1) | 278 | 447 |  |  | (725) |  | 8 |  |
| Walker Edison First Lien Senior Secured Loan - Delayed Draw (1) | 238 | 104 |  | 1703 | (2045) |  |  |  |
| Walker Edison First Lien Senior Secured Loan - Delayed Draw (1) | 137 |  |  | 736 | (873) |  | (3) |  |
| Walker Edison First Lien Senior Secured Loan - Delayed Draw (1) |  | 290 |  |  |  | 290 |  | 9 |
| Walker Edison First Lien Senior Secured Loan - Delayed Draw (1) |  | 266 | (266) |  |  |  |  |  |
| **Total Non-Controlled/affiliate investment** | $**75733** | $**5279** | $**(60285)** | $**12706** | $**(14759)** | $**18674** | $**165** | $**118** |
| **Controlled affiliate investment** |  |  |  |  |  |  |  |  |
| Bain Capital Senior Loan Program, LLC Subordinated Note Investment Vehicles | $146495 | $23500 | $— | $(12070) | $— | $157925 | $16131 | $— |
| Bain Capital Senior Loan Program, LLC Preferred Equity Interest Investment Vehicles | 10 |  |  | 1826 |  | 1836 | 2631 |  |
| Bain Capital Senior Loan Program, LLC Equity Interest Investment Vehicles | (4849) |  |  | 9856 |  | 5007 | 5009 |  |
| BCC Jetstream Holdings Aviation (On II), LLC First Lien Senior Secured Loan (1) | 6933 |  |  | (2350) |  | 4583 |  |  |
| BCC Jetstream Holdings Aviation (On II), LLC Equity Interest (1) |  |  |  |  |  |  |  |  |
| BCC Jetstream Holdings Aviation (Off I), LLC Equity Interest (1) | 11405 |  |  | (3866) |  | 7539 |  |  |
| Gale Aviation (Offshore) Co Equity Interest (1) | 71813 |  | (7640) | (8415) |  | 55758 | 2200 |  |
| International Senior Loan Program, LLC Equity Interest Investment Vehicles | 55408 |  |  | (11854) |  | 43554 | 3623 | **—** |
| International Senior Loan Program, LLC Subordinated Note Investment Vehicles | 190729 |  |  |  |  | 190729 | 23289 |  |
| Legacy Corporate Lending HoldCo, LLC Equity Interest (1) | 900 |  |  | 387 |  | 1287 |  |  |
| Legacy Corporate Lending HoldCo, LLC Preferred Equity | 45009 | 23850 | (6750) | 6639 |  | 68748 | 2700 |  |
| Legacy Corporate Lending HoldCo, LLC Equity Interest (1) |  |  |  |  |  |  |  |  |
| Lightning Holdings B, LLC Equity Interest (1) | 57807 | 150 | (15249) | 4715 |  | 47423 |  |  |
| Parcel2Go First Lien Senior Secured Loan | 54 | 8 |  | (6) |  | 56 | 10 | **—** |
| Parcel2Go Equity Interest (1) |  |  |  |  |  |  |  |  |
| Parcel2Go Preferred Equity (1) |  |  |  |  |  |  |  |  |
| SG Global Midco Limited First Lien Senior Secured Loan (1) |  | 3 |  |  |  | 3 |  | **—** |
| Surrey Bidco Limited First Lien Senior Secured Loan (1) |  | 76 |  | (54) |  | 22 |  |  |
| Voltaire Topco Limited Equity Interest (1) |  |  |  |  |  |  |  |  |
| **Total Controlled affiliate investment** | $**581714** | $**47587** | $**(29639)** | $**(15192)** | $**—** | $**584470** | $**55593** | $**—** |
| **Total** | $**657447** | $**52866** | $**(89924)** | $**(2486)** | $**(14759)** | $**603144** | $**55758** | $**118** |

---

------

<sup>(1)</sup> Non-income producing.

------

# Note 6. Debt
In accordance with applicable SEC staff guidance and interpretations, as a BDC, with certain exceptions, the Company is permitted to borrow amounts such that its asset coverage ratio is at least 150% after such borrowing (if certain requirements are met). As of March 31, 2026 and December 31, 2025, the Company's asset coverage ratio based on aggregated borrowings outstanding was 174.6% and 175.9%, respectively.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Total Aggregate** | **Principal** |  | **Total Aggregate** | **Principal** |  |
|  | **Principal Amount** | **Amount** | **Carrying** | **Principal Amount** | **Amount** | **Carrying** |
|  | **Committed** | **Outstanding** | **Value** <sup>(1)</sup> | **Committed** | **Outstanding** | **Value** <sup>(1)</sup> |
| 2019-1 Debt | 272000 | 272000 | 270265 | 272000 | 272000 | 270224 |
| March 2026 Notes |  |  |  | 300000 | 300000 | 299786 |
| October 2026 Notes | 300000 | 300000 | 299264 | 300000 | 300000 | 298926 |
| March 2030 Notes <sup>(2)</sup> | 350000 | 350000 | 348530 | 350000 | 350000 | 350860 |
| March 2031 Notes <sup>(2)</sup> | 350000 | 350000 | 341598 |  |  |  |
| Sumitomo Credit Facility | 855000 | 195000 | 195000 | 855000 | 251000 | 251000 |
| Total Debt | $2127000 | $1467000 | $1454657 | $2077000 | $1473000 | $1470796 |

---

------

<sup>(1)</sup> Carrying value represents aggregate principal amount outstanding less unamortized debt issuance costs.

<sup>(2)</sup> The carrying value of the March 2030 Notes and March 2031 Notes includes the effective portion of the fair value of the interest rate swap, as further discussed in Note 7, Derivatives, to these Consolidated Financial Statements.

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |
|  |  | **Less than** |  |  | **More than** |
|  | **Total** | **1 year** | **1 — 3 years** | **3 — 5 years** | **5 years** |
| 2019-1 Debt | 272000 |  |  |  | $272000 |
| October 2026 Notes | 300000 | 300000 |  |  |  |
| March 2030 Notes | 350000 |  |  | 350000 |  |
| March 2031 Notes | 350000 |  |  | 350000 |  |
| Sumitomo Credit Facility | 195000 |  |  | 195000 |  |
| Total Debt Obligations | $1467000 | $300000 | $— | $895000 | $272000 |

---

------

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

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

On June 15, 2023, the Company entered into a Second Supplemental Indenture ("2019-1 Supplemental Indenture"), dated as of June 15, 2023, pursuant to Section 8.1(xxxi) of the Indenture, dated as of November 30, 2021, between BCC Middle Market CLO 2019-1, LTD, as issuer, and Wells Fargo Bank, National Association, as trustee. The 2019-1 Supplemental Indenture provides for, among other things, an adoption of an alternate reference rate of Term SOFR plus 0.26%, effective July 1, 2023.

On July 2, 2025, the Co-Issuers refinanced the 2019-1 CLO Reset Notes through a $430.3 million term debt securitization in the form of a collateralized loan obligation (the "CLO Reset Transaction"). The CLO Reset Transaction was executed through the issuance by the Co-Issuers of the following classes of notes pursuant to that certain second amended and restated indenture: (i) $232.0 million of Class A-1-RR Senior Secured Floating Rate Notes, which bear interest at the three-month SOFR plus 1.45%; (ii) $16.0 million of Class A-2-RR Senior Secured Floating Rate Notes, which bear interest at the three-month SOFR plus 1.60%; (iii) $24.0 million of Class A-3-RR Senior Secured Floating Rate Notes, which bear interest at the three-month SOFR plus 1.85%; (iv) $32.0 million of Class B-RR Secured Deferrable Floating Rate Notes, which bear interest at the three-month SOFR plus 2.35%; and (v) $24.0 million of Class C-RR Secured Deferrable Floating Rate Notes, which bear interest at the three-month SOFR plus 3.35% (collectively, the "2019-1 CLO Replacement Notes"). The 2019-1 CLO Replacement Notes will mature on July 15, 2036 and the reinvestment period ends April 15, 2027. As of March 31, 2026, the Company retained $32.0 million of the Class B-RR Notes and $24.0 million of the Class C-RR Notes. The retained notes by the Company are eliminated in consolidation. Additionally, the Company holds $102.3 million in membership interests in the 2019-1 Issuer ("Membership Interests"). 100% of the Membership Interests are retained by the Company and eliminated in consolidation. The obligations of the 2019-1 Issuer under the 2019-1 CLO Transaction are non-recourse to the Company.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  |  | **Interest rate at** |
| **2019-1 Debt** | **Principal Amount** | **Spread above Index** | **Spread above Index** | **March 31, 2026** |
| Class A-1-RR Notes | $232000 | 1.45 | % + 3 Month SOFR | 5.12% |
| Class A-2-RR Notes | 16000 | 1.60 | % + 3 Month SOFR | 5.27% |
| Class A-3-RR Notes | 24000 | 1.85 | % + 3 Month SOFR | 5.52% |
| Total 2019-1 Debt | $272000 |  |  |  |

---

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

------

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

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

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

As of March 31, 2026, there were 52 first lien senior secured loans with a total fair value of approximately $395.7 million and cash of $11.7 million securing the 2019-1 Debt. As of December 31, 2025, there were 48 first lien senior secured loans with a total fair value of approximately $380.6 million and cash of $26.8 million securing the 2019-1 Debt. Assets that are pledged as collateral for the 2019-1 Debt are not directly available to the creditors of the Company to satisfy any obligations of the Company other than the Company's obligations under the indenture and loan agreement governing the 2019-1 Debt. The creditors of the 2019-1 Co-Issuers have received security interests in such assets and such assets are not intended to be available to the creditors of the Company (or an affiliate of the Company). The 2019-1 Portfolio must meet certain requirements, including asset mix and concentration, term, agency rating, collateral coverage, minimum coupon, minimum spread and sector diversity requirements in the indenture and loan agreement governing the 2019-1 Debt. As of March 31, 2026, the Company was in compliance with its covenants related to the 2019-1 Debt.

Costs incurred in connection with the offering of the 2019-1 CLO Reset Notes and the 2019-1 CLO Replacement Notes have been recorded as debt issuance costs and presented as a reduction to the outstanding principal amount of the 2019-1 Debt on the Consolidated Statements of Assets and Liabilities and are being amortized over the life using the effective interest method. The balance of the unamortized debt issuance costs was $1.7 million and $1.8 million as of March 31, 2026 and December 31, 2025, respectively.

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

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| &nbsp;&nbsp;Borrowing interest expense | $3556 | $5509 |
| &nbsp;&nbsp;Unused facility fee |  |  |
| &nbsp;&nbsp;Amortization of deferred financing costs and upfront commitment fees | 41 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest and debt financing expenses | $3597 | $5541 |

---

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

The March 2026 Notes matured on March 10, 2026. The March 2026 Notes bore interest at a rate of 2.95% per year payable semi-annually on March 10th and September 10th of each year, commencing on September 10, 2021. The March 2026 Notes were general unsecured obligations of the Company that ranked senior in right of payment to all of the Company's then existing and future indebtedness that was expressly subordinated in right of payment to the March 2026 Notes, ranked pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, ranked effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secured) to the extent of the value of the assets securing such indebtedness, and ranked structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.

The net proceeds to the Company in connection with the issuance of the March 2026 Notes were approximately $294.3 million, after deducting the underwriting discounts and commissions of $4.4 million and offering expenses of $1.3 million.

------

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

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| &nbsp;&nbsp;Principal amount of debt | $— | $300000 |
| &nbsp;&nbsp;Unamortized debt issuance cost |  | (122) |
| &nbsp;&nbsp;Original issue discount, net of accretion |  | (92) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carrying value of March 2026 Notes | $— | $299786 |

---

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

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| &nbsp;&nbsp;Borrowing interest expense | $1696 | $2213 |
| &nbsp;&nbsp;Amortization of debt issuance cost | 122 | 160 |
| &nbsp;&nbsp;Accretion of original issue discount | 92 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest and debt financing expenses | $1910 | $2491 |

---

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| &nbsp;&nbsp;Principal amount of debt | $300000 | $300000 |
| &nbsp;&nbsp;Unamortized debt issuance cost | (392) | (572) |
| &nbsp;&nbsp;Original issue discount, net of accretion | (344) | (502) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carrying value of October 2026 Notes | $299264 | $298926 |

---

------

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

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| &nbsp;&nbsp;Borrowing interest expense | $1913 | $1913 |
| &nbsp;&nbsp;Amortization of debt issuance cost | 180 | 181 |
| &nbsp;&nbsp;Accretion of original issue discount | 158 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest and debt financing expenses | $2251 | $2251 |

---

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

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

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

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

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

On December 14, 2022, the Company entered into a second Increasing Lender/Joinder Lender Agreement (the "Second Joinder Agreement"), dated as of December 14, 2022, pursuant to Section 2.08(e) of the Sumitomo Credit Agreement. The Second Joinder Agreement provides for, among other things, an upsize in the total commitments from lenders under the revolving credit facility governed by the Sumitomo Credit Agreement from $635.0 million to $665.0 million.

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

Interest under the Sumitomo Credit Agreement for (i) loans for which the Company elects the base rate option, (A) if the borrowing base is equal to or greater than the product of 1.60 and the revolving credit exposure, is payable at an "alternate base rate" (which is the greater of zero and the highest of (a) the prime rate as published in the print edition of The Wall Street Journal, Money Rates Section, (b) the federal funds effective rate plus 0.5% and (c) the one-month Eurocurrency rate plus 1% per annum) plus 0.75% per annum and (B) if the borrowing base is less than the product of 1.60 and the revolving credit exposure, the alternate base rate plus 0.875% per annum; (ii) loans for which the Company elects the Eurocurrency option, (A) if the borrowing base is equal to or greater

------

than the product of 1.60 and the revolving credit exposure, is payable at a rate equal to the Eurocurrency rate plus 1.75% per annum and (B) if the borrowing base is less than the product of 1.60 and the revolving credit exposure, is payable at a rate equal to the Eurocurrency rate plus 1.875% per annum; and (iii) loans for which the Company elects the risk-free-rate option, (A) if the borrowing base is equal to or greater than the product of 1.60 and the revolving credit exposure, is payable at a rate equal to risk-free-rate plus 1.8693% per annum and (B) if the borrowing base is less than the product of 1.60 and the revolving credit exposure, is payable at a rate equal to risk-free-rate plus 1.9943% per annum. The Company pays a commitment fee of 37.5 basis points (0.375%) on the average daily unused amount of the dollar commitment.

The Sumitomo Credit Agreement includes customary affirmative and negative covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature. As of March 31, 2026, the Company was in compliance with its covenants related to the Sumitomo Credit Facility.

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

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

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| &nbsp;&nbsp;Borrowing interest expense | $2484 | $4456 |
| &nbsp;&nbsp;Unused facility fee | 642 | 544 |
| &nbsp;&nbsp;Accretion of original issue discount | 259 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest and debt financing expenses | $3385 | $5258 |

---

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

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

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

In connection with the March 2030 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company's liabilities with the Company's investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement related to the March 2030 Notes, the Company receives a fixed interest rate of 5.95% per annum receivable semiannually on March 15 and September 15 of each year, and pays a floating interest rate of SOFR + 1.90% per annum payable quarterly on March 15, June 15, September 15, and December 15 of each year, on $350 million of the March 2030 Notes. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship. Please see *"Item 1. Consolidated Financial Statements - Notes to Consolidated Financial Statements - Note 7. Derivatives"* for additional detail.

------

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

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| &nbsp;&nbsp;Principal amount of debt | $350000 | $350000 |
| &nbsp;&nbsp;Unamortized debt issuance cost | (3552) | (3773) |
| &nbsp;&nbsp;Original issue discount, net of accretion | (3081) | (3273) |
| &nbsp;&nbsp;Effective interest rate swap hedge | 5163 | 7906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carrying value of March 2030 Notes | $348530 | $350860 |

---

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

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| &nbsp;&nbsp;Borrowing interest expense | $5206 | $3124 |
| &nbsp;&nbsp;Amortization of debt issuance cost | 221 | 130 |
| &nbsp;&nbsp;Accretion of original issue discount | 192 | 113 |
| &nbsp;&nbsp;Interest rate swaps | (264) | 74 |
| &nbsp;&nbsp;Hedged items | (45) | (78) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest and debt financing expenses | $5310 | $3363 |

---

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

The March 2031 Notes will mature on March 1, 2031 and may be redeemed in whole or in part at the Company's option at any time or from time to time at the redemption prices set forth in the New Indenture. The March 2031 Notes bear interest at a rate of 5.95% per year payable semi-annually on March 1 and September 1 of each year, commencing on September 1, 2026. The March 2031 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the March 2031 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.

The net proceeds to the Company were approximately $341.7 million, after deducting the underwriting discounts and commissions of $7.2 million and offering expenses of $1.1 million.

In connection with the March 2031 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company's liabilities with the Company's investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement related to the March 2031 Notes, the Company receives a fixed interest rate of 5.95% per annum receivable semiannually on March 1 and September 1 of each year, and pays a floating interest rate of SOFR + 2.28% per annum payable quarterly on March 1, June 1, September 1, and December 1 of each year, on $350 million of the March 2031 Notes. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship. Please see *"Item 1. Consolidated Financial Statements - Notes to Consolidated Financial Statements - Note 7. Derivatives"* for additional detail.

------

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

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| &nbsp;&nbsp;Principal amount of debt | $350000 | $— |
| &nbsp;&nbsp;Unamortized debt issuance cost | (4435) |  |
| &nbsp;&nbsp;Original issue discount, net of accretion | (3605) |  |
| &nbsp;&nbsp;Effective interest rate swap hedge | (362) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carrying value of March 2031 Notes | $341598 | $— |

---

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

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| &nbsp;&nbsp;Borrowing interest expense | $3587 | $— |
| &nbsp;&nbsp;Amortization of debt issuance cost | 151 |  |
| &nbsp;&nbsp;Accretion of original issue discount | 122 |  |
| &nbsp;&nbsp;Interest rate swaps | 2 |  |
| &nbsp;&nbsp;Hedged items | (63) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest and debt financing expenses | $3799 | $— |

---

# Note 7. Derivatives
In the normal course of business, the Company enters into derivative financial instruments to achieve certain risk management objectives, including managing its interest rate and foreign currency risk exposures. The fair value of derivative contracts open as of March 31, 2026 and December 31, 2025 is included on the consolidated schedules of investments by contract.

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

The following table presents both gross and net information about derivative instruments eligible for offset in the Consolidated Statements of Assets and Liabilities as of March 31, 2026:

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Net amount of** |  |  |
|  |  |  | **Gross amount of** | **assets or** |  |  |
|  |  | **Gross amount of** | **(liabilities)** | **(liabilities)** |  |  |
|  | **Account in the** | **assets on the** | **on the** | **presented on the** |  |  |
|  | **consolidated** | **consolidated** | **consolidated** | **consolidated** |  |  |
|  | **statements of** | **statements of** | **statements of** | **statements of** | **Cash Collateral** |  |
|  | **assets** | **assets and** | **assets and** | **assets and** | **paid** | **Net** |
| **Counterparty** | **and liabilities** | **liabilities** | **liabilities** | **liabilities** | **(received)** <sup>(1)</sup> | **Amounts** <sup>(2)</sup> |
| Bank of New York | Unrealized depreciation on forward currency contracts | $1039 | $(2097) | $(1058) | $1058 | $— |
| BNP Paribas | Unrealized depreciation on forward currency contracts | $187 | $(1037) | $(850) | $850 | $— |
| US Bank | Unrealized appreciation on forward currency contracts | $511 | $(291) | $220 | $— | $220 |
| Wells Fargo | Unrealized depreciation on forward currency contracts | $472 | $(1303) | $(831) | $— | $(831) |
| Citibank | Unrealized appreciation on forward currency contracts | $4 | $— | $4 | $— | $4 |
| Wells Fargo | Interest rate swap | $5278 | $— | $5278 | $(4760) | $518 |
| BNP Paribas | Interest rate swap | $— | $(299) | $(299) | $120 | $(179) |

---

------

<sup>(1)</sup> Amount excludes excess cash collateral paid or received.

<sup>(2)</sup> Net amount represents the net amount due (to) from counterparty in the event of default based on the contractual set-off rights under the agreement. Net amount excludes any over-collateralized amounts.

The following table presents both gross and net information about derivative instruments eligible for offset in the Consolidated Statements of Assets and Liabilities as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Net amount of** |  |  |
|  |  |  | **Gross amount of** | **assets or** |  |  |
|  |  | **Gross amount of** | **(liabilities)** | **(liabilities)** |  |  |
|  | **Account in the** | **assets on the** | **on the** | **presented on the** |  |  |
|  | **consolidated** | **consolidated** | **consolidated** | **consolidated** |  |  |
|  | **statements of** | **statements of** | **statements of** | **statements of** | **Cash Collateral** |  |
|  | **assets** | **assets and** | **assets and** | **assets and** | **paid** | **Net** |
| **Counterparty** | **and liabilities** | **liabilities** | **liabilities** | **liabilities** | **(received)** <sup>(1)</sup> | **Amounts** <sup>(2)</sup> |
| Bank of New York | Unrealized depreciation on forward currency contracts | $134 | $(4353) | $(4219) | $4219 | $— |
| BNP Paribas | Unrealized depreciation on forward currency contracts | $— | $(1927) | $(1927) | $— | $(1927) |
| US Bank | Unrealized depreciation on forward currency contracts | $45 | $(1082) | $(1037) | $1037 | $— |
| Wells Fargo | Unrealized depreciation on forward currency contracts | $23 | $(1901) | $(1878) | $— | $(1878) |
| Wells Fargo | Interest rate swap | $7976 | $— | $7976 | $(7976) | $— |

---

------

<sup>(1)</sup> Amount excludes excess cash collateral paid or received.

<sup>(2)</sup> Net amount represents the net amount due (to) from counterparty in the event of default based on the contractual set-off rights under the agreement. Net amount excludes any over-collateralized amounts.

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

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

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Net realized gain (loss) on forward currency exchange contracts | $(2989) | $(2405) |
| Net change in unrealized appreciation on forward currency exchange contracts | 6546 | (2073) |
| Total net realized and unrealized gain (loss) on forward currency exchange contracts | $3557 | $(4478) |

---

------

Included in total net gains (losses) on the Consolidated Statements of Operations are net gains (losses) of ($2.9) million and $4.3 million related to realized and unrealized gains and losses on investments, foreign currency holdings and non-investment assets and liabilities attributable to the changes in foreign currency exchange rates for the three months ended March 31, 2026 and 2025, respectively. Including the total net realized and unrealized gains (losses) on forward currency exchange contracts of $3.6 million and ($4.5) million, respectively, included in the above table, the net impact of foreign currency on total net gains (losses) on the Consolidated Statements of Operations is $0.7 million and ($0.2) million for the three months ended March 31, 2026 and 2025, respectively.

The Company's interest rate swaps have been designated in a qualifying hedge accounting relationship. Net realized and unrealized gains and losses for the three months ended March 31, 2026 and 2025, for the Company's interest rate swap, are in the following locations in the Consolidated Statement of Operations:

---

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

---

# Note 8. Distributions
The Company's distributions are recorded on the record date. The following table summarizes distributions declared during the three months ended March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Amount** | **Total** |
| **Date Declared** | **Record Date** | **Payment Date** | **Per Share** | **Distributions** |
| February 26, 2026 | March 16, 2026 | March 30, 2026 | $0.42 | $27245 |
| Total distributions declared |  |  | $0.42 | $27245 |

---

The distributions declared during the three months ended March 31, 2026 were derived from investment company taxable income and net capital gain, if any.

The Company's distributions are recorded on the record date. The following table summarizes distributions declared during the three months ended March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Amount** | **Total** |
| **Date Declared** | **Record Date** | **Payment Date** | **Per Share** | **Distributions** |
| February 27, 2025 | March 17, 2025 | March 31, 2025 | $0.42 | $27245 |
| February 27, 2025 | March 17, 2025 | March 31, 2025 | $0.03 | $1946<br><sup>(1)</sup> |
| Total distributions declared |  |  | $0.45 | $29191 |

---

<sup>(1)</sup> Represents a special dividend.

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

# Note 9. Common Stock/Capital
The Company has authorized 100,000,000,000 shares of common stock with a par value of $0.001 per share. The Company has authorized 10,000,000,000 shares of its preferred stock with a par value of $0.001 per share. Shares of preferred stock have not been issued.

Prior to the IPO, the Company had issued 43,982,137.46 shares in the private placement of the Company's common stock (the "Private Offering"). Each investor had entered into a separate subscription agreement relating to the Company's common stock (the "Subscription Agreements"). Each investor had made a capital commitment to purchase shares of the Company's common stock

------

pursuant to the Subscription Agreements. Investors were required to make capital contributions to purchase shares of the Company's common stock each time the Company delivered a drawdown notice, which were delivered at least 10 business days prior to the required funding date in an aggregate amount not to exceed their respective capital commitments. The number of shares to be issued to a stockholder was determined by dividing the total dollar amount of the contribution by a stockholder by the net asset value per share of the common stock as of the last day of the Company's fiscal quarter or such other date and price per share as determined by the Board in accordance with the requirements of the 1940 Act. As of December 31, 2018, aggregate commitments relating to the Private Offering were $1.3 billion. All outstanding commitments related to these Subscription Agreements were cancelled due to the completion of the IPO on November 15, 2018. As of March 31, 2026 and December 31, 2025, the Advisor contributed in aggregate $8.9 million and $8.9 million to the Company and received 488,212.35 and 488,212.35 shares of the Company, respectively. At March 31, 2026 and December 31, 2025, the Advisor owned 0.00% and 0.00%, respectively, of the outstanding common stock of the Company.

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

There have been no shares issued or proceeds received related to capital drawdowns delivered pursuant to the Subscription Agreements, issuance of common stock. There have been 0 shares and 52,336 shares, respectively, issued pursuant to the dividend reinvestment plan during the three months ended March 31, 2026 and 2025.

On May 7, 2019, the Board authorized the Company to repurchase up to $50 million of its outstanding common stock in accordance with safe harbor rules under the Exchange Act. Any such repurchases will depend upon market conditions and there is no guarantee that the Company will repurchase any particular number of shares or any shares at all. As of March 31, 2026, there have been no repurchases of common stock.

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

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

The Company may from time to time issue and sell common stock through public or "at the market" offerings. No common stock was issued and sold through public or "at the market" offerings during the three months ended March 31, 2026. In connection with the issuance of common stock, the Company issued and sold common stock during the three months ended March 31, 2025 as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of Shares of Common** |  | **Underwriting Fees/** |  | **Average Offering** |
| **Issuances of Common Stock** | **Stock Issued** | **Gross Proceeds** | **Offering Expenses** | **Net Proceeds** | **Price Per Share** |
| "At the market" offerings | 253.9 | $4574.7 | $23.2 | $4551.4 | $18.02 |
| Total |  |  | $23.2 | $4551.4 |  |

---

------

# Note 10. Commitments and Contingencies
*Commitments*

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio Company & Investment** | **Expiration Date**<sup>(1)</sup> | **Unfunded Commitments**<sup>(2)</sup> |
| A&R Logistics, Inc. - Revolver | 2/3/2028 | $426 |
| A&R Logistics, Inc. - Revolver | 6/29/2026 | 2152 |
| ACAMS - Revolver | 12/30/2031 | 1413 |
| Accident Care Alliance Holdco LLC - Delayed Draw | 8/20/2030 | 1924 |
| Accident Care Alliance Holdco LLC - Revolver | 8/20/2030 | 1962 |
| Advanced Aircrew - Revolver | 7/26/2030 | 696 |
| AeriTek Global CAD Acquisition Inc. - Revolver | 8/27/2030 | 40 |
| AgroFresh Solutions - Revolver | 4/2/2029 | 3149 |
| AGS American Glass Services Acquisition, LLC - Delayed Draw | 7/24/2031 | 903 |
| AGS American Glass Services Acquisition, LLC - Revolver | 7/24/2031 | 487 |
| Allbridge - Delayed Draw | 6/5/2030 | 2841 |
| Allbridge - Revolver | 6/5/2030 | 3825 |
| Alldent Holding GmbH - Delayed Draw | 11/15/2032 | 462 |
| Allworth Financial Group, L.P. - Revolver | 12/23/2027 | 2816 |
| Allworth Financial Group, L.P. - Delayed Draw | 12/23/2027 | 2781 |
| Alogent Holdings, Inc. - Delayed Draw | 1/21/2032 | 5611 |
| Alogent Holdings, Inc. - Revolver | 1/21/2032 | 1602 |
| AMI - Revolver | 10/17/2031 | 4563 |
| AOM Infusion - Delayed Draw | 3/19/2032 | 228 |
| AOM Infusion - Revolver | 3/19/2032 | 398 |
| AP Plastics Group, LLC - Delayed Draw | 8/10/2030 | 794 |
| Apollo Intelligence - Revolver | 5/31/2028 | 3230 |
| Applitools - Revolver | 5/25/2028 | 3430 |
| Appriss - Delayed Draw | 3/10/2031 | 3566 |
| Appriss - Revolver | 3/10/2031 | 3209 |
| Appriss Holdings, Inc. - Revolver | 5/6/2028 | 753 |
| Arctic Glacier U.S.A., Inc. - Revolver | 5/24/2028 | 12 |
| ASP-r-pac Acquisition Co LLC - Revolver | 12/29/2027 | 209 |
| ATS - Revolver | 7/12/2029 | 2872 |
| Awayday - Revolver | 5/6/2032 | 1136 |
| AXH Air Coolers - Revolver | 10/31/2029 | 5504 |
| AXH Air Coolers - Delayed Draw | 10/31/2029 | 3811 |
| Beacon Specialized Living - Delayed Draw | 3/25/2028 | 7989 |
| Beacon Specialized Living - Revolver | 3/25/2028 | 1282 |
| Beneficium - Delayed Draw | 6/28/2031 | 9524 |
| BLI Buyer, Inc. - Delayed Draw | 10/31/2031 | 3211 |
| BLI Buyer, Inc. - Revolver | 10/31/2031 | 1605 |
| Bridger Aerospace Group Holdings, Inc. - Delayed Draw | 10/28/2030 | 2516 |
| Bridger Aerospace Group Holdings, Inc. - Revolver | 10/28/2030 | 606 |
| BTX Precision - Revolver | 7/25/2030 | 2948 |
| BTX Precision - Delayed Draw | 7/25/2030 | 6977 |
| Chase Industries, Inc. - Revolver | 11/11/2027 | 1090 |
| Chex Finer Foods, LLC - Delayed Draw | 6/6/2031 | 8410 |

---

------

---

| | | |
|:---|:---|:---|
| **Portfolio Company & Investment** | **Expiration Date**<sup>(1)</sup> | **Unfunded Commitments**<sup>(2)</sup> |
| Chex Finer Foods, LLC - Revolver | 6/6/2031 | 2902 |
| Chilton - Delayed Draw | 2/5/2031 | 10122 |
| Chilton - Revolver | 2/5/2031 | 1961 |
| Choreo - Delayed Draw | 2/18/2028 | 5091 |
| City BBQ - Delayed Draw | 9/4/2030 | 9476 |
| City BBQ - Revolver | 9/4/2030 | 4738 |
| Comet BidCo Limited - Delayed Draw | 1/30/2032 | 148 |
| Comet BidCo Limited - Revolver | 1/30/2032 | 370 |
| CorePower Yoga, LLC - Delayed Draw | 4/30/2031 | 1890 |
| CorePower Yoga, LLC - Revolver | 4/30/2031 | 1890 |
| CRH Healthcare Purchaser, Inc. - Delayed Draw | 9/17/2031 | 1980 |
| CRH Healthcare Purchaser, Inc. - Revolver | 9/17/2031 | 792 |
| Darcy Partners - Revolver | 6/1/2028 | 279 |
| Datix Bidco Limited - Delayed Draw | 4/30/2031 | 2861 |
| Datix Bidco Limited - Revolver | 10/30/2030 | 2283 |
| Discovery Senior Living - Delayed Draw | 3/18/2030 | 1606 |
| Discovery Senior Living - Revolver | 3/18/2030 | 2360 |
| Duraco - Revolver | 6/6/2029 | 1195 |
| Easy Ice - Delayed Draw | 10/30/2030 | 6810 |
| Easy Ice - Revolver | 10/30/2030 | 2194 |
| Efficient Collaborative Retail Marketing Company, LLC - Revolver | 9/30/2026 | 1133 |
| EHE Health - Revolver | 8/7/2030 | 3447 |
| Electronic Merchant Systems - Revolver | 8/1/2030 | 1959 |
| Elevation NewCo, LLC - Delayed Draw | 8/1/2031 | 1352 |
| Elevation NewCo, LLC - Revolver | 8/1/2031 | 542 |
| Engineered Products Co., LLC - Revolver | 8/12/2031 | 530 |
| E-Tech Group - Revolver | 4/9/2030 | 960 |
| EXT Acquisitions, Inc. - Delayed Draw | 12/19/2031 | 793 |
| EXT Acquisitions, Inc. - Revolver | 12/19/2031 | 344 |
| Facts Global Energy - Delayed Draw | 12/20/2031 | 6308 |
| FC DOLMANS B.V. - Delayed Draw | 3/4/2033 | 1117 |
| Fiduciaire Jean-Marc Faber (FJMF) - Delayed Draw | 4/3/2032 | 3692 |
| Fifty U.S. Bidco Inc - Delayed Draw | 8/1/2031 | 2940 |
| Fifty U.S. Bidco Inc - Revolver | 8/1/2031 | 1548 |
| Forward Slope - Revolver | 8/22/2029 | 7319 |
| G-3 Frax Acquisition LLC - Revolver | 1/30/2032 | 110 |
| G702 Buyer, Inc. - Revolver | 7/2/2031 | 772 |
| Govineer Solutions (fka Black Mountain) - Delayed Draw | 10/7/2030 | 7879 |
| Govineer Solutions (fka Black Mountain) - Revolver | 10/7/2030 | 4463 |
| Gulf Winds International - Revolver | 12/16/2028 | 910 |
| Harbor IT, LLC - Delayed Draw | 3/13/2031 | 487 |
| Harbor IT, LLC - Revolver | 3/13/2031 | 81 |
| Heads Up Technologies, Inc. - Revolver | 7/23/2030 | 1768 |
| HealthDrive - Revolver | 8/20/2029 | 2111 |
| HealthDrive - Delayed Draw | 8/20/2029 | 4120 |
| Hellers - Delayed Draw | 9/27/2030 | 472 |
| Hempz - Revolver | 10/25/2029 | 1826 |
| HLSG Intermediate, LLC - Delayed Draw | 2/2/2033 | 2485 |
| HLSG Intermediate, LLC - Revolver | 2/2/2033 | 995 |
| Humic Acquisition Holdings, LLC - Revolver | 10/21/2031 | 1456 |
| ICAT Logistics, Inc. - Delayed Draw | 3/1/2029 | 2852 |
| ICAT Logistics, Inc. - Revolver | 3/1/2029 | 843 |
| ImageTrend - Revolver | 1/31/2029 | 4000 |
| Intoxalock - Revolver | 11/1/2028 | 2401 |

---

------

---

| | | |
|:---|:---|:---|
| **Portfolio Company & Investment** | **Expiration Date**<sup>(1)</sup> | **Unfunded Commitments**<sup>(2)</sup> |
| KAMC Holdings, Inc. - Revolver | 8/1/2031 | 761 |
| Lightspeed Buyer, Inc. - Delayed Draw | 2/6/2032 | 5806 |
| Lightspeed Buyer, Inc. - Revolver | 2/6/2032 | 1936 |
| Lindstrom, LLC - Revolver | 12/30/2032 | 1099 |
| LogRhythm - Revolver | 7/2/2029 | 835 |
| Mach Acquisition R/C - Revolver | 4/19/2027 | 2511 |
| Master ConcessionAir - Delayed Draw | 6/21/2029 | 262 |
| Master ConcessionAir - Revolver | 6/21/2029 | 7 |
| McLarens Acquisition Inc. - Revolver | 12/19/2027 | 170 |
| McLarens Acquisition Inc. - Delayed Draw | 12/19/2027 | 1641 |
| McLarens Acquisition Inc. - Delayed Draw | 12/19/2027 | 8 |
| McLarens Acquisition Inc. - Revolver | 12/20/2027 | 313 |
| McLarens Acquisition Inc. - Revolver | 12/19/2027 | 886 |
| Meriplex Communications, Ltd. - Revolver | 7/17/2028 | 349 |
| Meteor UK Bidco Limited - Revolver | 11/14/2031 | 1606 |
| Monarch Collective Holdings, LLC - Delayed Draw | 3/17/2032 | 3313 |
| Monarch Collective Holdings, LLC - Revolver | 3/17/2032 | 533 |
| Monarch Finco, LLC - Delayed Draw | 10/29/2032 | 36 |
| Monarch Finco, LLC - Revolver | 10/29/2032 | 4 |
| Morrow Sodali - Revolver | 4/25/2028 | 2127 |
| MRHT - Delayed Draw | 5/17/2032 | 2363 |
| MRHT - Revolver | 11/10/2031 | 1569 |
| Nafinco - Delayed Draw | 8/29/2031 | 787 |
| Nafinco - Revolver | 5/30/2031 | 495 |
| NearMap - Revolver | 12/9/2028 | 4652 |
| NearMap - Revolver | 12/9/2028 | 4078 |
| New Look Vision Group - Revolver | 5/26/2028 | 1205 |
| New Milani Group LLC - Delayed Draw | 6/26/2031 | 425 |
| New Milani Group LLC - Revolver | 6/26/2031 | 1275 |
| Odyssey Behavioral Health - Revolver | 11/21/2030 | 7280 |
| OGH Bidco Limited - Delayed Draw | 6/29/2029 | 5207 |
| Owl Acquisition, LLC - Delayed Draw | 4/17/2032 | 893 |
| Owl Acquisition, LLC - Revolver | 4/17/2032 | 1915 |
| PayRange - Revolver | 10/31/2030 | 4144 |
| Pharmacy Partners - Revolver | 2/28/2029 | 5491 |
| Plaskolite PPC Intermediate II LLC - Revolver | 2/7/2030 | 507 |
| PMA - Revolver | 1/31/2031 | 1225 |
| PPT Group - Delayed Draw | 2/28/2031 | 4373 |
| PPT Group - Revolver | 2/28/2031 | 2039 |
| Precision Concepts Parent Inc. - Revolver | 8/2/2032 | 288 |
| PRGX - Delayed Draw | 12/20/2030 | 5464 |
| Pricelabs Revenue Inc. - Delayed Draw | 3/17/2033 | 554 |
| Pricelabs Revenue Inc. - Revolver | 3/17/2033 | 276 |
| Psychiatric Medical Care LLC - Revolver | 7/1/2032 | 2004 |
| Pure Wafer - Revolver | 11/12/2030 | 1585 |
| Pyramid Global Hospitality - Revolver | 1/19/2028 | 3482 |
| QPE Alpha 4 Pty Ltd ACN 664 132 530 - Delayed Draw | 2/5/2032 | 174 |

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---

| | | |
|:---|:---|:---|
| **Portfolio Company & Investment** | **Expiration Date**<sup>(1)</sup> | **Unfunded Commitments**<sup>(2)</sup> |
| Reconomy - Delayed Draw | 7/12/2029 | 2620 |
| Red Nucleus - Delayed Draw | 10/17/2031 | 2887 |
| Red Nucleus - Revolver | 10/17/2031 | 2088 |
| RedMed Operations (Collage Rehabilitation) - Delayed Draw | 2/28/2031 | 5251 |
| RedMed Operations (Collage Rehabilitation) - Revolver | 2/28/2031 | 1891 |
| RetailNext - Revolver | 12/5/2030 | 776 |
| Revalize, Inc. - Revolver | 4/15/2027 | 871 |
| RoadOne - Revolver | 12/29/2028 | 464 |
| RoC Skincare - Revolver | 2/21/2030 | 1871 |
| Saturn Purchaser Corp. - Revolver | 7/22/2030 | 6716 |
| SauceCo HoldCo, LLC - Revolver | 5/13/2030 | 3358 |
| SensorTower - Revolver | 3/15/2029 | 1057 |
| Service Master - Revolver | 8/16/2027 | 4112 |
| Simplicity - Delayed Draw | 12/31/2031 | 1365 |
| Simplicity - Revolver | 12/31/2031 | 4348 |
| Solairus - Delayed Draw | 7/22/2030 | 7274 |
| Solaray, LLC - Revolver | 3/27/2029 | 698 |
| Spring Finco BV - Delayed Draw | 7/15/2029 | 4483 |
| Substantial Holdco Limited - Delayed Draw | 4/20/2030 | 429 |
| Summer Fridays, LLC - Revolver | 5/16/2031 | 860 |
| Sunmed Group Holdings, LLC - Revolver | 6/16/2027 | 1229 |
| Superna Inc. - Delayed Draw | 3/6/2028 | 2631 |
| Superna Inc. - Revolver | 3/6/2028 | 2631 |
| SureWerx - Delayed Draw | 12/28/2029 | 1074 |
| SureWerx - Revolver | 12/28/2028 | 839 |
| SureWerx - Revolver | 12/28/2028 | 8 |
| Taoglas - Revolver | 2/28/2029 | 73 |
| Titan Cloud Software, Inc - Revolver | 9/7/2028 | 2389 |
| TL Sapphire Parent, Inc. - Delayed Draw | 1/22/2033 | 719 |
| TL Sapphire Parent, Inc. - Revolver | 1/22/2033 | 1508 |
| TLC Purchaser, Inc. - Revolver | 10/11/2027 | 5713 |
| V Global Holdings LLC - Revolver | 12/22/2027 | 6150 |
| Vasa Fitness, LLC - Delayed Draw | 8/15/2030 | 458 |
| Vasa Fitness, LLC - Revolver | 8/15/2030 | 200 |
| Vatica Health, Inc. - Revolver | 10/31/2032 | 947 |
| Vessco Water - Delayed Draw | 7/24/2031 | 256 |
| Vessco Water - Revolver | 7/24/2031 | 1112 |
| Walker Edison - Delayed Draw | 2/2/2026 | 232 |
| Wealth Enhancement Group (WEG) - Revolver | 10/2/2028 | 1220 |
| Wealth Enhancement Group (WEG) - Delayed Draw | 10/4/2028 | 5054 |
| Webcentral - Delayed Draw | 12/18/2030 | 54 |
| Whitcraft-Paradigm - Revolver | 2/28/2029 | 1770 |
| Whitcraft-Paradigm - Delayed Draw | 2/15/2029 | 256 |
| WSHP Cottonwood Buyer, LLC - Delayed Draw | 12/18/2032 | 3900 |
| WSHP Cottonwood Buyer, LLC - Revolver | 12/18/2032 | 2926 |
| WSP - Revolver | 4/27/2028 | 135 |
| WU Holdco, Inc. - Delayed Draw | 4/15/2032 | 5460 |
| WU Holdco, Inc. - Revolver | 4/15/2032 | 2775 |
| Zeus Fire & Security - Revolver | 12/11/2030 | 1580 |
| **Total** |  | $**442597** |

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<sup>(1)</sup> Commitments are generally subject to borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. These amounts may remain outstanding until the commitment period of an applicable loan expires, which may be shorter than its maturity.

------

<sup>(2)</sup> Unfunded commitments denominated in currencies other than U.S. dollars have been converted to U.S. dollars using the applicable foreign currency exchange rate as of March 31, 2026.

As of December 31, 2025, the Company had $464.8 million of unfunded commitments under loan and financing agreements as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio Company & Investment** | **Expiration Date** <sup>(1)</sup> | **Unfunded Commitments** <sup>(2)</sup> |
| A&R Logistics, Inc. - Revolver | 2/3/2028 | $1604 |
| ACAMS - Revolver | 12/30/2031 | 1696 |
| Accident Care Alliance Holdco LLC - Delayed Draw | 8/20/2030 | 2531 |
| Accident Care Alliance Holdco LLC - Revolver | 8/20/2030 | 2151 |
| Advanced Aircrew - Revolver | 7/26/2030 | 696 |
| AeriTek Global CAD Acquisition Inc. - Revolver | 8/27/2030 | 30 |
| AgroFresh Solutions - Revolver | 4/2/2029 | 3149 |
| AGS American Glass Services Acquisition, LLC - Delayed Draw | 7/24/2031 | 903 |
| AGS American Glass Services Acquisition, LLC - Revolver | 7/24/2031 | 487 |
| Allbridge - Delayed Draw | 6/5/2030 | 2841 |
| Allbridge - Revolver | 6/5/2030 | 3825 |
| Alldent Holding GmbH - Delayed Draw | 11/15/2032 | 469 |
| Allworth Financial Group, L.P. - Delayed Draw | 12/23/2027 | 3570 |
| Allworth Financial Group, L.P. - Revolver | 12/23/2027 | 2816 |
| AMI - Revolver | 10/17/2031 | 4563 |
| AOM Infusion - Delayed Draw | 3/19/2032 | 570 |
| AOM Infusion - Revolver | 3/19/2032 | 398 |
| AP Plastics Group, LLC - Delayed Draw | 8/10/2030 | 794 |
| Apollo Intelligence - Revolver | 5/31/2028 | 976 |
| Applitools - Revolver | 5/25/2028 | 3430 |
| Appriss - Delayed Draw | 3/10/2031 | 3566 |
| Appriss - Revolver | 3/10/2031 | 3209 |
| Appriss Holdings, Inc. - Revolver | 5/6/2028 | 753 |
| Arctic Glacier U.S.A., Inc. - Revolver | 5/24/2028 | 1966 |
| ASP-r-pac Acquisition Co LLC - Revolver | 12/29/2027 | 766 |
| ATS - Revolver | 7/12/2029 | 2872 |
| Avalon Bidco Limited - Delayed Draw | 4/16/2032 | 2113 |
| Awayday - Delayed Draw | 5/6/2032 | 367 |
| Awayday - Revolver | 5/6/2032 | 1136 |
| AXH Air Coolers - Delayed Draw | 10/31/2029 | 3811 |
| AXH Air Coolers - Revolver | 10/31/2029 | 5504 |
| Beacon Specialized Living - Delayed Draw | 3/25/2028 | 7983 |
| Beacon Specialized Living - Revolver | 3/25/2028 | 1282 |
| Beneficium - Delayed Draw | 6/28/2031 | 9695 |
| BLI Buyer, Inc. - Delayed Draw | 10/31/2031 | 3211 |
| BLI Buyer, Inc. - Revolver | 10/31/2031 | 2141 |
| Bridger Aerospace Group Holdings, Inc. - Delayed Draw | 10/28/2030 | 2516 |
| Bridger Aerospace Group Holdings, Inc. - Revolver | 10/28/2030 | 841 |
| BTX Precision - Delayed Draw | 7/25/2030 | 6977 |
| BTX Precision - Revolver | 7/25/2030 | 4211 |
| Chase Industries, Inc. - Revolver | 11/11/2027 | 1195 |
| Chex Finer Foods, LLC - Delayed Draw | 6/6/2031 | 8410 |

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------

---

| | | |
|:---|:---|:---|
| **Portfolio Company & Investment** | **Expiration Date** <sup>(1)</sup> | **Unfunded Commitments** <sup>(2)</sup> |
| Chex Finer Foods, LLC - Revolver | 6/6/2031 | 2902 |
| Chilton - Delayed Draw | 2/5/2031 | 10122 |
| Chilton - Revolver | 2/5/2031 | 2910 |
| Choreo - Delayed Draw | 2/18/2028 | 7872 |
| City BBQ - Delayed Draw | 9/4/2030 | 13267 |
| City BBQ - Revolver | 9/4/2030 | 4738 |
| CorePower Yoga, LLC - Delayed Draw | 4/30/2031 | 1890 |
| CorePower Yoga, LLC - Revolver | 4/30/2031 | 1890 |
| CRH Healthcare Purchaser, Inc. - Delayed Draw | 9/17/2031 | 1980 |
| CRH Healthcare Purchaser, Inc. - Revolver | 9/17/2031 | 792 |
| Darcy Partners - Revolver | 6/1/2028 | 168 |
| Datix Bidco Limited - Delayed Draw | 4/30/2031 | 2861 |
| Datix Bidco Limited - Revolver | 10/30/2030 | 2163 |
| Datix Bidco Limited - Revolver | 10/30/2030 | 162 |
| Discovery Senior Living - Delayed Draw | 3/18/2030 | 1753 |
| Discovery Senior Living - Revolver | 3/18/2030 | 2360 |
| DTIQ - Delayed Draw | 9/30/2029 | 5375 |
| DTIQ - Revolver | 9/30/2029 | 3226 |
| Duraco - Revolver | 6/6/2029 | 1593 |
| Easy Ice - Delayed Draw | 10/30/2030 | 7265 |
| Easy Ice - Revolver | 10/30/2030 | 3447 |
| Efficient Collaborative Retail Marketing Company, LLC - Revolver | 9/30/2026 | 1133 |
| EHE Health - Revolver | 8/7/2030 | 3447 |
| Electronic Merchant Systems - Revolver | 8/1/2030 | 1959 |
| Elevation NewCo, LLC - Delayed Draw | 8/1/2031 | 1827 |
| Elevation NewCo, LLC - Revolver | 8/1/2031 | 547 |
| Engineered Products Co., LLC - Revolver | 8/12/2031 | 598 |
| E-Tech Group - Revolver | 4/9/2030 | 1298 |
| EXT Acquisitions, Inc. - Delayed Draw | 12/19/2031 | 793 |
| EXT Acquisitions, Inc. - Revolver | 12/19/2031 | 529 |
| Facts Global Energy - Delayed Draw | 12/20/2031 | 6308 |
| Facts Global Energy - Revolver | 6/20/2031 | 1577 |
| Fiduciaire Jean-Marc Faber (FJMF) - Delayed Draw | 4/3/2032 | 3754 |
| Fifty U.S. Bidco Inc - Delayed Draw | 8/1/2031 | 2940 |
| Fifty U.S. Bidco Inc - Revolver | 8/1/2031 | 1768 |
| Forward Slope - Revolver | 8/22/2029 | 296 |
| Forward Slope - Revolver | 8/22/2029 | 1100 |
| G702 Buyer, Inc. - Revolver | 7/2/2031 | 772 |
| Gills Point S - Revolver | 5/17/2029 | 1933 |
| Govineer Solutions (fka Black Mountain) - Delayed Draw | 10/7/2030 | 7879 |
| Govineer Solutions (fka Black Mountain) - Revolver | 10/7/2030 | 5251 |
| Gulf Winds International - Revolver | 12/16/2028 | 1593 |
| Heads Up Technologies, Inc. - Revolver | 7/23/2030 | 1768 |
| HealthDrive - Revolver | 8/20/2029 | 2754 |
| Hellers - Delayed Draw | 9/27/2030 | 474 |
| Hempz - Revolver | 10/25/2029 | 1826 |
| Humic Acquisition Holdings, LLC - Delayed Draw | 10/21/2031 | 7278 |

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------

---

| | | |
|:---|:---|:---|
| **Portfolio Company & Investment** | **Expiration Date** <sup>(1)</sup> | **Unfunded Commitments** <sup>(2)</sup> |
| Humic Acquisition Holdings, LLC - Revolver | 10/21/2031 | 3223 |
| ICAT Logistics, Inc. - Delayed Draw | 3/1/2029 | 4114 |
| ICAT Logistics, Inc. - Revolver | 3/1/2029 | 843 |
| ImageTrend - Revolver | 1/31/2029 | 4000 |
| Intoxalock - Revolver | 11/1/2028 | 3430 |
| JHCC Holdings, LLC - Revolver | 9/9/2027 | 992 |
| KAMC Holdings, Inc. - Revolver | 8/1/2031 | 761 |
| Lindstrom, LLC - Revolver | 12/30/2032 | 856 |
| LogRhythm - Revolver | 7/2/2029 | 835 |
| Mach 1 Bidco Limited - Delayed Draw | 5/20/2031 | 143 |
| Mach Acquisition R/C - Revolver | 10/19/2026 | 2511 |
| Master ConcessionAir - Delayed Draw | 6/21/2029 | 262 |
| Master ConcessionAir - Revolver | 6/21/2029 | 7 |
| McLarens Acquisition Inc. - Delayed Draw | 12/19/2027 | 1670 |
| McLarens Acquisition Inc. - Delayed Draw | 12/19/2027 | 8 |
| McLarens Acquisition Inc. - Revolver | 12/20/2027 | 318 |
| McLarens Acquisition Inc. - Revolver | 12/19/2027 | 886 |
| McLarens Acquisition Inc. - Revolver | 12/19/2027 | 170 |
| Meteor UK Bidco Limited - Revolver | 11/14/2031 | 1634 |
| Monarch Finco, LLC - Delayed Draw | 10/29/2032 | 36 |
| Monarch Finco, LLC - Revolver | 10/29/2032 | 4 |
| Morrow Sodali - Revolver | 4/25/2028 | 2127 |
| MRHT - Delayed Draw | 5/17/2032 | 2887 |
| MRHT - Revolver | 11/10/2031 | 1595 |
| Nafinco - Delayed Draw | 8/29/2031 | 800 |
| Nafinco - Revolver | 5/30/2031 | 504 |
| NearMap - Revolver | 12/9/2028 | 4652 |
| NearMap - Revolver | 12/9/2028 | 4078 |
| New Look Vision Group - Revolver | 5/26/2028 | 1191 |
| New Milani Group LLC - Delayed Draw | 6/26/2031 | 425 |
| New Milani Group LLC - Revolver | 6/26/2031 | 1275 |
| Odyssey Behavioral Health - Revolver | 11/21/2030 | 7280 |
| OGH Bidco Limited - Delayed Draw | 6/29/2029 | 5301 |
| Owl Acquisition, LLC - Delayed Draw | 4/17/2032 | 893 |
| Owl Acquisition, LLC - Revolver | 4/17/2032 | 2370 |
| PayRange - Revolver | 10/31/2030 | 4144 |
| Pharmacy Partners - Revolver | 2/28/2029 | 5491 |
| Plaskolite PPC Intermediate II LLC - Revolver | 2/7/2030 | 596 |
| PMA - Revolver | 1/31/2031 | 1225 |
| Pollo Tropical - Revolver | 10/23/2029 | 972 |
| PPT Group - Delayed Draw | 2/28/2031 | 4452 |
| PPT Group - Revolver | 2/28/2031 | 2194 |
| Precision Concepts Parent Inc. - Revolver | 8/2/2032 | 334 |
| PRGX - Delayed Draw | 12/20/2030 | 5464 |
| Psychiatric Medical Care LLC - Revolver | 7/1/2032 | 2004 |
| Pure Wafer - Delayed Draw | 11/12/2030 | 594 |
| Pure Wafer - Revolver | 11/12/2030 | 1981 |

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| | | |
|:---|:---|:---|
| **Portfolio Company & Investment** | **Expiration Date** <sup>(1)</sup> | **Unfunded Commitments** <sup>(2)</sup> |
| Pyramid Global Hospitality - Revolver | 1/19/2028 | 3482 |
| Reconomy - Delayed Draw | 7/12/2029 | 3791 |
| Red Nucleus - Delayed Draw | 10/17/2031 | 3663 |
| Red Nucleus - Revolver | 10/17/2031 | 2386 |
| RedMed Operations (Collage Rehabilitation) - Delayed Draw | 2/28/2031 | 5251 |
| RedMed Operations (Collage Rehabilitation) - Revolver | 2/28/2031 | 1891 |
| RetailNext - Revolver | 12/5/2030 | 1242 |
| Revalize, Inc. - Revolver | 4/15/2027 | 402 |
| RoadOne - Revolver | 12/29/2028 | 464 |
| RoC Skincare - Revolver | 2/21/2030 | 1871 |
| Saturn Purchaser Corp. - Revolver | 7/22/2030 | 6716 |
| SauceCo HoldCo, LLC - Revolver | 5/13/2030 | 4757 |
| SensorTower - Revolver | 3/15/2029 | 1057 |
| Service Master - Revolver | 8/16/2027 | 5512 |
| Simplicity - Delayed Draw | 12/31/2031 | 4538 |
| Simplicity - Revolver | 12/31/2031 | 4348 |
| Solairus - Delayed Draw | 7/22/2030 | 7274 |
| Solaray, LLC - Revolver | 6/15/2028 | 698 |
| Soundwide, GmbH - Delayed Draw | 2/23/2026 | 959 |
| Spring Finco BV - Delayed Draw | 7/15/2029 | 4323 |
| Substantial Holdco Limited - Delayed Draw | 4/20/2030 | 611 |
| Summer Fridays, LLC - Revolver | 5/16/2031 | 860 |
| Sunmed Group Holdings, LLC - Revolver | 6/16/2027 | 1229 |
| Superna Inc. - Delayed Draw | 3/6/2028 | 2631 |
| Superna Inc. - Revolver | 3/6/2028 | 2631 |
| SureWerx - Delayed Draw | 12/28/2029 | 1074 |
| SureWerx - Revolver | 12/28/2028 | 1140 |
| SureWerx - Revolver | 12/28/2028 | 8 |
| Taoglas - Revolver | 2/28/2029 | 73 |
| Titan Cloud Software, Inc - Revolver | 9/7/2028 | 2389 |
| TLC Purchaser, Inc. - Revolver | 10/11/2027 | 3428 |
| V Global Holdings LLC - Revolver | 12/22/2027 | 5660 |
| Vasa Fitness, LLC - Delayed Draw | 8/15/2030 | 963 |
| Vasa Fitness, LLC - Revolver | 8/15/2030 | 200 |
| Vatica Health, Inc. - Revolver | 10/31/2032 | 947 |
| Vessco Water - Delayed Draw | 7/24/2031 | 578 |
| Vessco Water - Revolver | 7/24/2031 | 1112 |
| Walker Edison - Delayed Draw | 2/2/2026 | 232 |
| Wealth Enhancement Group (WEG) - Delayed Draw | 10/4/2028 | 8612 |
| Wealth Enhancement Group (WEG) - Revolver | 10/2/2028 | 1220 |
| Webcentral - Delayed Draw | 12/18/2030 | 55 |
| Whitcraft-Paradigm - Delayed Draw | 2/15/2029 | 256 |
| Whitcraft-Paradigm - Revolver | 2/28/2029 | 2194 |
| WSHP Cottonwood Buyer, LLC - Delayed Draw | 12/18/2032 | 3900 |
| WSHP Cottonwood Buyer, LLC - Revolver | 12/18/2032 | 2926 |
| WSP - Revolver | 4/27/2028 | 248 |
| WU Holdco, Inc. - Delayed Draw | 4/15/2032 | 5460 |
| WU Holdco, Inc. - Revolver | 4/15/2032 | 3229 |
| Zeus Fire & Security - Revolver | 12/11/2030 | 2633 |
| **Total** |  | $**464818** |

---

------

<sup>(1)</sup> Commitments are generally subject to borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. These amounts may remain outstanding until the commitment period of an applicable loan expires, which may be shorter than its maturity.

<sup>(2)</sup> Unfunded commitments denominated in currencies other than U.S. dollars have been converted to U.S. dollars using the applicable foreign currency exchange rate as of December 31, 2025.

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*Contingencies*

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

# Note 11. Financial Highlights
The following is a schedule of financial highlights for the three months ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Per share data:** |  |  |
| Net asset value at beginning of period | $17.23 | $17.65 |
| Net investment income <sup>(1)</sup> | 0.42 | 0.50 |
| Net realized loss <sup>(1)(7)</sup> | (0.19) | (0.41) |
| Net change in unrealized appreciation <sup>(1)(2)(8)</sup> | (0.18) | 0.35 |
| Net increase in net assets resulting from operations <sup>(1)(9)(10)</sup> | 0.05 | 0.44 |
| Stockholder distributions from income <sup>(3)</sup> | (0.42) | (0.45) |
| Net asset value at end of period | $16.86 | $17.64 |
| Net assets at end of period | $1093555 | $1144504 |
| Shares outstanding at end of period | 64868507 | 64868507 |
| Per share market value at end of period | $12.40 | $16.60 |
| Total return based on market value <sup>(11)</sup> | (7.84)% | (2.68)% |
| Total return based on net asset value <sup>(4)</sup> | 0.30% | 2.51% |
| **Ratios:** |  |  |
| Ratio of net investment income to average net assets <sup>(5)(12)</sup> | 11.72% | 12.29% |
| Ratio of total expenses to average net assets <sup>(5)(12)</sup> | 12.30% | 11.45% |
| **Supplemental data:** |  |  |
| Ratio of interest and debt financing expenses to average net assets <sup>(5) (12)</sup> | 7.35% | 6.72% |
| Ratio of expenses (without incentive fees) to average net assets <sup>(5) (12)</sup> | 11.80% | 11.26% |
| Ratio of incentive fees and management fees, net of contractual and voluntary waivers, to average net assets <sup>(5) (12)</sup> | 3.80% | 3.42% |
| Average principal debt outstanding | $1560467 | $1437769 |
| Portfolio turnover <sup>(6)</sup> | 9.47% | 10.06% |

---

------

<sup>(1)</sup> The per share data was derived by using the weighted average shares outstanding during the period.

<sup>(2)</sup> Net change in unrealized appreciation on investments per share may not be consistent with the Consolidated Statements of Operations due to the timing of stockholder transactions.

<sup>(3)</sup> The per share data for distributions reflects the actual amount of distributions declared during the period.

<sup>(4)</sup> Total return based on net asset value is calculated as the change in net asset value per share during the period, assuming dividends and distributions, including those distributions that have been declared. Total return does not include upfront sales load and has not been annualized.

<sup>(5)</sup> The computation of average net assets during the period is based on averaging net assets for the periods reported.

<sup>(6)</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.

<sup>(7)</sup> Net realized gain (loss) includes net realized gain (loss) on investments, net realized gain (loss) on forward currency exchange contracts, net realized gain (loss) on foreign currency transactions, and net realized gain (loss) on extinguishment of debt.

<sup>(8)</sup> Net change in unrealized appreciation includes net change in unrealized appreciation (depreciation) on investments, net change in unrealized appreciation on forward currency exchange contracts and net change in unrealized appreciation on foreign currency translation.

<sup>(9)</sup> The sum of quarterly per share amounts presented in previously filed financial statements on Form 10-Q may not equal earnings per share. This is due to changes in the number of weighted average shares outstanding and the effects of rounding.

<sup>(10)</sup> Net increase in net assets resulting from operations per share in these financial highlights may be different from the net increase (decrease) in net assets per share on the Consolidated Statements of Operations due to changes in the number of weighted average shares outstanding and the effects of rounding.

<sup>(11)</sup> Total return based on market value is calculated as the change in market value per share during the period, assuming dividends and distributions, plus the declared distributions, divided by the beginning market price for the period. Total return does not include upfront sales load and has not been annualized.

------

<sup>(12)</sup> Ratio is annualized. Incentive fees and income tax expense, including excise tax, if any, included within the ratio are not annualized.

**Note 12. Subsequent Events**

The Company's management has evaluated the events and transactions that have occurred through May 11, 2026, the issuance date of the Consolidated Financial Statements, and noted no items requiring disclosure in this Form 10-Q or adjustment of the Consolidated Financial Statements.

------

# Item 2. Management's Discussion and Analysi s of Financial Condition and Results of Operations
The following discussion and other parts of this report contain forward-looking information that involves risks and uncertainties. The discussion and analysis contained in this section refers to our financial condition, results of operations and cash flows. The information contained in this section should be read in conjunction with the Consolidated Financial Statements and notes thereto appearing elsewhere in this report. Please see "Forward-Looking Statements" for a discussion of the uncertainties, risks and assumptions associated with this discussion and analysis. Our actual results could differ materially from those anticipated by such forward-looking information due to factors discussed under "Forward-Looking Statements" appearing elsewhere in this report.

## Overview
Bain Capital Specialty Finance, Inc. (the "Company", "we", "our" and "us") is an externally managed specialty finance company focused on lending to middle market companies. We have elected to be regulated as a business development company (a "BDC") under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the "1940 Act"). We are managed by the Advisor, a subsidiary of Bain Capital Credit, LP ("Bain Capital Credit"). Our Advisor is registered as an investment adviser with the SEC under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). Our Advisor also provides the administrative services necessary for us to operate (in such capacity, our "Administrator"). Since we commenced operations on October 13, 2016 through March 31, 2026, we have invested approximately $9,975.9 million in aggregate principal amount of debt and equity investments prior to any subsequent exits or repayments. We seek to generate current income and, to a lesser extent, capital appreciation through direct originations of secured debt, including first lien, first lien/last-out, unitranche and second lien debt, investments in strategic joint ventures, equity investments and, to a lesser extent, corporate bonds.

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

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

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

Leverage is utilized to help the Company meet its investment objective. Any such leverage, if incurred, is expected to increase the total capital available for investment by the Company. As a BDC, we may also invest up to 30% of our portfolio opportunistically in "non-qualifying" portfolio investments, such as investments in non-U.S. companies.

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

*Investments*

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

------

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

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

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

*Revenues*

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

Our debt investment portfolio consists of primarily floating rate loans. As of March 31, 2026 and December 31, 2025, 92.6% and 92.2%, respectively, of our debt investments, based on fair value, bore interest at floating rates, which may be subject to interest rate floors. Variable-rate investments subject to a floor generally reset periodically to the applicable floor, only if the floor exceeds the index. Trends in base interest rates, such as SOFR, may affect our net investment income over the long term. In addition, our results may vary from period to period depending on the interest rates of new investments made during the period compared to investments that were sold or repaid during the period; these results reflect the characteristics of the particular portfolio companies that we invested in or exited during the period and not necessarily any trends in our business or macroeconomic trends.

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

*Expenses*

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our operational and organizational costs;

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•distributions on our common stock;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•transfer agent and custody fees and expenses;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•brokerage fees and commissions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•federal and state registration fees;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Independent Director fees and expenses;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs of holding stockholder meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our fidelity bond;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•directors' and officers' errors and omissions liability insurance, and any other insurance premiums;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fees and expenses associated with marketing efforts;

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

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

To the extent that expenses to be borne by us are paid by the Administrator, we will generally reimburse the Administrator for such expenses. To the extent the Administrator outsources any of its functions, the Company will pay the fees associated with such functions on a direct basis without profit to the Administrator. We will also reimburse the Administrator for its costs and expenses and our allocable portion of overhead incurred by it in performing its obligations under the Administration Agreement, including certain rent and compensation paid to or compensatory distributions received by our officers (including our Chief Compliance Officer and Chief Financial Officer) and any of their respective staff who provide services to us, operations staff who provide services to us, internal audit staff, if any, to the extent internal audit performs a role in our Sarbanes-Oxley internal control assessment and fees paid to third-party providers for goods or services. Our allocable portion of overhead will be determined by the Administrator, which expects to use various methodologies such as allocation based on the percentage of time certain individuals devote, on an estimated basis, to our business and affairs, and will be subject to oversight by our Board. We incurred expenses related to the Administrator of $0.6 million and $0.7 million for the three months ended March 31, 2026 and 2025, respectively, which is included in other general and administrative expenses on the Consolidated Statements of Operations. The sub-administrator is paid its compensation for performing its sub-administrative services under the sub-administration agreement. We incurred expenses related to the sub-administrator of $0.2 million and $0.2 million for the three months ended March 31, 2026 and 2025, respectively, which is included in other general and administrative expenses on the Consolidated Statements of Operations. The Administrator will not be reimbursed to the extent that such reimbursements would cause any distributions to our stockholders to constitute a return of capital. All of the foregoing expenses are ultimately borne by our stockholders.

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## Leverage
We may borrow money from time to time. However, our ability to incur indebtedness (including by issuing preferred stock), is limited by applicable regulations such that our asset coverage, as defined in the 1940 Act, must equal at least 150%. In determining whether to borrow money, we will analyze the maturity, covenant package and rate structure of the proposed borrowings as well as the risks of such borrowings compared to our investment outlook. As of March 31, 2026, the Company's asset coverage was 174.6%.

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

<u>Sourcing and Idea Generation</u>

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

<u>Investment Diligence & Recommendation</u>

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

<u>Credit Committee Approval</u>

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

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

<u>Portfolio Construction</u>

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

<u>Portfolio & Risk Management</u>

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

------

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

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

During the three months ended March 31, 2025, we invested $277.2 million, including PIK, in 89 portfolio companies, and had $246.4 million in aggregate amount of principal repayments and sales, resulting in a net increase in investments of $30.8 million for the period. Of the $277.2 million invested during the three months ended March 31, 2025, $123.8 million was related to drawdowns on delayed draw term loans and revolvers of our portfolio companies.

The following table shows the composition of the investment portfolio and associated yield data as of March 31, 2026 (dollars in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  |  |  |  |  | **Weighted Average** | **Weighted Average** |
|  |  |  |  |  | **Yield** <sup>(1)(2)</sup> | **Yield** <sup>(1)(2)</sup> |
|  |  |  |  |  | **at** | **at** |
|  |  | **Percentage of** |  | **Percentage of** | **Amortized** | **Market** |
|  | **Amortized Cost** | **Total Portfolio** | **Fair Value** | **Total Portfolio** | **Cost** | **Value** |
| First Lien Senior Secured Loan | 1671244 | 67.2% | $1631124 | 66.0% | 10.3% | 10.3% |
| Second Lien Senior Secured Loan | 29846 | 1.2 | 30069 | 1.2 | 12.8 | 12.8 |
| Subordinated Debt | 88992 | 3.6 | 81721 | 3.3 | 15.1 | 15.2 |
| Preferred Equity | 126322 | 5.1 | 165100 | 6.7 | 6.7 | 6.4 |
| Equity Interest | 130526 | 5.3 | 167325 | 6.8 | N/A | N/A |
| Warrants |  |  | 768 | 0.0 | N/A | N/A |
| Subordinated Notes in Investment Vehicles <sup>(3)</sup> | 369709 | 14.9 | 357639 | 14.5 | 10.9 | 10.9 |
| Preferred Equity Interest in Investment Vehicles <sup>(3)</sup> | 10 | 0.0 | 1836 | 0.1 | N/A | N/A |
| Equity Interests in Investment Vehicles <sup>(3)</sup> | 66209 | 2.7 | 35216 | 1.4 | 21.1 | 39.7 |
| Total | $2482858 | 100.0% | $2470798 | 100.0% | 10.8% | 10.9% |

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<sup>(1)</sup> Weighted average yields are computed as (a) the annual stated interest rate or yield earned on the relevant accruing debt and other income producing securities, divided by (b) the total relevant investments at amortized cost or at fair value, as applicable. The weighted average yield does not represent the total return to our stockholders.

<sup>(2)</sup> For non-stated rate income-producing investments, computed based on (a) the dividend or interest income earned for the respective trailing twelve months ended on the measurement date, divided by (b) the ending investment at amortized cost or at fair value, as applicable. In instances where historical dividend or interest income data is not available or not representative for the trailing twelve months ended, the dividend or interest income is annualized.

<sup>(3)</sup> Represents debt and equity investment in ISLP and SLP.

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The following table shows the composition of the investment portfolio and associated yield data as of December 31, 2025 (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **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** |
|  |  |  |  |  | **Weighted Average** | **Weighted Average** |
|  |  |  |  |  | **Yield** <sup>(1)(2)</sup> | **Yield** <sup>(1)(2)</sup> |
|  |  |  |  |  | **at** | **at** |
|  |  | **Percentage of** |  | **Percentage of** | **Amortized** | **Market** |
|  | **Amortized Cost** | **Total Portfolio** | **Fair Value** | **Total Portfolio** | **Cost** | **Value** |
| First Lien Senior Secured Loans | $1625569 | 64.9% | $1598731 | 63.8% | 10.5% | 10.5% |
| Second Lien Senior Secured Loans | 29819 | 1.2 | 30020 | 1.2 | 13.1 | 13.1 |
| Subordinated Debt | 99272 | 4.0 | 95687 | 3.8 | 14.9 | 14.9 |
| Preferred Equity | 121965 | 4.9 | 157244 | 6.3 | 6.2 | 5.9 |
| Equity Interests | 199100 | 8.0 | 226663 | 9.0 | N/A | N/A |
| Warrants |  |  | 1045 | 0.0 | N/A | N/A |
| Subordinated Notes in Investment Vehicles <sup>(3)</sup> | 360724 | 14.4 | 348654 | 13.9 | 10.9 | 10.9 |
| Preferred Equity Interests in Investment Vehicles <sup>(3)</sup> | 10 | 0.0 | 1836 | 0.1 | N/A | N/A |
| Equity Interests in Investment Vehicles <sup>(3)</sup> | 66208 | 2.6 | 48561 | 1.9 | 16.7 | 22.7 |
| Total | $2502667 | 100.0% | $2508441 | 100.0% | 10.8% | 10.9% |

---

------

<sup>(1)</sup> Weighted average yields are computed as (a) the annual stated interest rate or yield earned on the relevant accruing debt and other income producing securities, divided by (b) the total relevant investments at amortized cost or at fair value, as applicable. The weighted average yield does not represent the total return to our stockholders.

<sup>(2)</sup> For non-stated rate income-producing investments, computed based on (a) the dividend or interest income earned for the respective trailing twelve months ended on the measurement date, divided by (b) the ending investment at amortized cost or at fair value, as applicable. In instances where historical dividend or interest income data is not available or not representative for the trailing twelve months ended, the dividend or interest income is annualized.

<sup>(3)</sup> Represents debt and equity investment in ISLP and SLP.

The following table presents certain selected information regarding our investment portfolio as of March 31, 2026:

---

| | |
|:---|:---|
|  | **As of** |
|  | **March 31, 2026** |
| Number of portfolio companies | 212 |
| Percentage of debt bearing a floating rate <sup>(1)</sup> | 92.6% |
| Percentage of debt bearing a fixed rate <sup>(1)</sup> | 7.4% |

---

------

<sup>(1)</sup> Measured on a fair value basis. Subordinated Notes in Investment Vehicles are included in floating rate.

The following table presents certain selected information regarding our investment portfolio as of December 31, 2025:

---

| | |
|:---|:---|
|  | **As of** |
|  | **December 31, 2025** |
| Number of portfolio companies | 203 |
| Percentage of debt bearing a floating rate <sup>(1)</sup> | 92.2% |
| Percentage of debt bearing a fixed rate <sup>(1)</sup> | 7.8% |

---

------

<sup>(1)</sup> Measured on a fair value basis. Subordinated Notes in Investment Vehicles are included in floating rate.

------

The following table shows the amortized cost and fair value of our performing and non-accrual investments as of March 31, 2026 (dollars in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
|  | **Amortized Cost** | **Percentage at<br>Amortized Cost** | **Fair Value** | **Percentage at<br>Fair Value** |
| Performing | 2446877 | 98.6% | 2455597 | 99.4% |
| Non-accrual | 35981 | 1.4 | 15201 | 0.6 |
| Total | $2482858 | 100.0% | $2470798 | 100.0% |

---

The following table shows the amortized cost and fair value of our performing and non-accrual investments as of December 31, 2025 (dollars in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  |  | **Percentage at** |  |  |
|  |  | **Amortized** |  | **Percentage at** |
|  | **Amortized Cost** | **Cost** | **Fair Value** | **Fair Value** |
| Performing | $2466274 | 98.5% | $2489360 | 99.2% |
| Non-accrual | 36393 | 1.5 | 19081 | 0.8 |
| Total | $2502667 | 100.0% | $2508441 | 100.0% |

---

Loans or debt securities are placed on non-accrual status when there is reasonable doubt that principal or interest will be collected. Accrued interest generally is reversed when a loan or debt security is placed on non-accrual status. Interest payments received on non-accrual loans or debt securities may be recognized as income or applied to principal depending upon management's judgment. Non-accrual loans and debt securities are restored to accrual status when past due principal and interest is paid and, in management's judgment, are likely to remain current. We may make exceptions to this treatment if the loan has sufficient collateral value and is in the process of collection. As of March 31, 2026, there were eleven loans from six issuers placed on non-accrual in the Company's portfolio. As of December 31, 2025, there were twelve loans from six issuers placed on non-accrual in the Company's portfolio.

The following table shows the amortized cost and fair value of the investment portfolio, cash and cash equivalents and foreign cash as of March 31, 2026 (dollars in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
|  | **Amortized<br>Cost** | **Percentage<br>of Total** | **Fair<br>Value** | **Percentage<br>of Total** |
| First Lien Senior Secured Loan | 1671244 | 66.5% | 1631124 | 65.1% |
| Second Lien Senior Secured Loan | 29846 | 1.2 | 30069 | 1.2 |
| Subordinated Debt | 88992 | 3.5 | 81721 | 3.3 |
| Preferred Equity | 126322 | 5.0 | 165100 | 6.6 |
| Equity Interests | 130526 | 5.2 | 167325 | 6.7 |
| Warrants |  |  | 768 | 0.0 |
| Subordinated Notes in Investment Vehicles <sup>(1)</sup> | 369709 | 14.7 | 357639 | 14.3 |
| Preferred Equity Interest in Investment Vehicles <sup>(1)</sup> | 10 | 0.0 | 1836 | 0.1 |
| Equity Interests in Investment Vehicles <sup>(1)</sup> | 66209 | 2.6 | 35216 | 1.4 |
| Cash and cash equivalents | 12973 | 0.5 | 12973 | 0.5 |
| Foreign cash | 3026 | 0.1 | 3622 | 0.1 |
| Restricted cash and cash equivalents | 17593 | 0.7 | 17593 | 0.7 |
| Total | $2516450 | 100.0% | $2504986 | 100.0% |

---

------

<sup>(1)</sup> Represents debt and equity investment in ISLP and SLP.

------

The following table shows the amortized cost and fair value of the investment portfolio, cash and cash equivalents and foreign cash as of December 31, 2025 (dollars in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Amortized<br>Cost** | **Percentage<br>of Total** | **Fair<br>Value** | **Percentage<br>of Total** |
| First Lien Senior Secured Loans | $1625569 | 63.4% | $1598731 | 62.3% |
| Second Lien Senior Secured Loans | 29819 | 1.2 | 30020 | 1.2 |
| Subordinated Debt | 99272 | 3.9 | 95687 | 3.7 |
| Preferred Equity | 121965 | 4.8 | 157244 | 6.1 |
| Equity Interests | 199100 | 7.8 | 226663 | 8.8 |
| Warrants |  |  | 1045 | 0.0 |
| Subordinated Notes in Investment Vehicles <sup>(1)</sup> | 360724 | 14.0 | 348654 | 13.6 |
| Preferred Equity Interest in Investment Vehicles <sup>(1)</sup> | 10 | 0.0 | 1836 | 0.1 |
| Equity Interests in Investment Vehicles <sup>(1)</sup> | 66208 | 2.6 | 48561 | 1.9 |
| Cash and cash equivalents | 23092 | 0.9 | 23092 | 0.9 |
| Foreign cash | 2477 | 0.1 | 3151 | 0.1 |
| Restricted cash and cash equivalents | 32667 | 1.3 | 32667 | 1.3 |
| Total | $2560903 | 100.0% | $2567351 | 100.0% |

---

------

<sup>(1)</sup> Represents debt and equity investment in ISLP and SLP.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•assessment of success in adhering to the portfolio company's business plan and compliance with covenants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•periodic or regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor to discuss financial position, requirements and accomplishments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•comparisons to our other portfolio companies in the industry, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•attendance at and participation in board meetings or presentations by portfolio companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•review of monthly and quarterly financial statements and financial projections of portfolio companies.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•An investment is rated 1 if, in the opinion of our Advisor, it is performing above underwriting expectations, and the business trends and risk factors are generally favorable, which may include the performance of the portfolio company or the likelihood of a potential exit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•An investment is rated 2 if, in the opinion of our Advisor, it is performing as expected at the time of our underwriting and there are generally no concerns about the portfolio company's performance or ability to meet covenant requirements, interest payments or principal amortization, if applicable. All new investments or acquired investments in new portfolio companies are initially given a rating of 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•An investment is rated 3 if, in the opinion of our Advisor, the investment is performing below underwriting expectations and there may be concerns about the portfolio company's performance or trends in the industry, including as a result of factors such as declining performance, non-compliance with debt covenants or delinquency in loan payments (but generally not more than 180 days past due).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•An investment is rated 4 if, in the opinion of our Advisor, the investment is performing materially below underwriting expectations. For debt investments, most of or all of the debt covenants are out of compliance and payments are substantially delinquent. Investments rated 4 are not anticipated to be repaid in full, if applicable, and there is significant risk that we may realize a substantial loss on our investment.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| **Investment Performance Rating** | **Fair Value** | **Percentage<br>of Total** | **Number of<br>Companies** <sup>(1)</sup> | **Percentage<br>of Total** |
| 1 | 8084 | 0.3% | 1 | 0.5% |
| 2 | 2343504 | 94.9 | 199 | 93.9 |
| 3 | 104006 | 4.2 | 6 | 2.8 |
| 4 | 15204 | 0.6 | 6 | 2.8 |
| Total | $2470798 | 100.0% | 212 | 100.0% |

---

------

<sup>(1)</sup> Number of investment rated companies may not agree to total portfolio companies due to investments across investment types and structures.

The following table shows the composition of our portfolio on the 1 to 4 rating scale as of December 31, 2025 (dollars in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  |  | **Percentage of** | **Number of** | **Percentage of** |
| **Investment Performance Rating** | **Fair Value** | **Total** | **Companies**<sup>(1)</sup> | **Total** |
| 1 | $7319 | 0.3% | 1 | 0.5% |
| 2 | 2378872 | 94.8 | 190 | 93.5 |
| 3 | 103166 | 4.1 | 6 | 3.0 |
| 4 | 19084 | 0.8 | 6 | 3.0 |
| Total | $2508441 | 100.0% | 203 | 100.0% |

---

------

<sup>(1)</sup> Number of investment rated companies may not agree to total portfolio companies due to investments across investment types and structures.

------

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

As of March 31, 2026, the Company had commitments with respect to its equity and subordinated note interests of ISLP in the aggregate amount of $254.3 million. The Company has contributed $254.3 million in capital and has $0.0 million in unfunded capital contributions. As of March 31, 2026, Pantheon had commitments with respect to its equity and subordinated note interests of ISLP in the aggregate amount of $149.2 million. Pantheon had contributed $149.2 million in capital and has $0.0 million in unfunded capital contributions. The Company and Pantheon each appointed two members to ISLP's four-person Member Designees' Committee. All material decisions with respect to ISLP, including those involving its investment portfolio, require unanimous approval of a quorum of Member Designees' Committee. The Company does not consolidate its investments in ISLP as it is not a substantially wholly owned investment company subsidiary. In addition, the Company does not control ISLP due to the allocation of voting rights among ISLP members.

As of March 31, 2026, ISLP had $711.9 million in debt and equity investments, at fair value. The following table is a summary of ISLP's portfolio at fair value:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **March 31, 2026** | **December 31, 2025** |
| Total investments | $711887 | $733104 |
| Weighted average yield on investments | 9.6% | 9.6% |
| Number of borrowers in ISLP | 40 | 40 |
| Largest portfolio company investment | $53627 | $52026 |
| Total of five largest portfolio company investments | $201632 | $200518 |
| Unfunded commitments | $877 | $1344 |

---

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

As of March 31, 2026, the Company's investment in SLP consisted of subordinated notes of $166.9 million, preferred equity interests of $1.8 million and equity interests of $3.6 million. As of December 31, 2025, the Company's investment in SLP consisted of subordinated notes of $157.9 million, preferred equity interests of $1.8 million and equity interests of $5.0 million. The Company and Amberstone each appointed two members to SLP's four-person Member Designees' Committee. All material decisions with respect to SLP, including those involving its investment portfolio, require unanimous approval of a quorum of Member Designees' Committee. The Company does not consolidate its investments in SLP as it is not a substantially wholly owned investment company subsidiary. In addition, the Company does not control SLP due to the allocation of voting rights among SLP members.

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

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **March 31, 2026** | **December 31, 2025** |
| Total investments | $1599077 | $1536252 |
| Weighted average yield on investments | 9.4% | 9.4% |
| Number of borrowers in SLP | 106 | 99 |
| Largest portfolio company investment | $42119 | $42227 |
| Total of five largest portfolio company investments | $188747 | $188219 |
| Unfunded commitments | $991 | $4109 |

---

------

## Results of Operations

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

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Total investment income | $66174 | $66839 |
| Total expenses, net of fee waivers | 37904 | 33653 |
| Net investment income before taxes | 28270 | 33186 |
| Less: Income taxes, including excise tax | 906 | 1076 |
| Net investment income | 27364 | 32110 |
| Net realized loss | (12551) | (26607) |
| Net change in unrealized appreciation | (11423) | 23044 |
| &nbsp;&nbsp;Net increase in net assets resulting from operations | $3390 | $28547 |

---

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

***Investment Income***

The composition of our investment income for the three months ended March 31, 2026 and 2025 was as follows (dollars in thousands):

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Interest income | $49368 | $50828 |
| Dividend income | 6602 | 6511 |
| PIK income | 8707 | 6625 |
| Other income | 1497 | 2875 |
| Total investment income | $66174 | $66839 |

---

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

***Operating Expenses***

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

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Interest and debt financing expenses | $20252 | $18904 |
| Base management fee | 9085 | 9068 |
| Incentive fee | 5618 | 2222 |
| Professional fees | 700 | 714 |
| Directors fees | 180 | 174 |
| Other general and administrative expenses | 2069 | 2571 |
| Total expenses, net of fee waivers | $37904 | $33653 |

---

------

***Interest and Debt Financing Expenses***

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

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

***Management Fee***

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

***Incentive Fee***

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

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Trailing twelve quarter pre-incentive fee net investment income | $460077 | $462217 |
| Trailing twelve quarter Net Capital Loss | (77327) | (46151) |
| Cumulative Net Return | 382750 | 416066 |
| Incentive fee rate on Cumulative Net Return | 17.5% | 17.5% |
| Incentive Fee Cap | 66981 | 72811 |
| Prior eleven quarter payments | (61363) | (70589) |
| Total incentive fee | $5618 | $2222 |

---

For the three months ended March 31, 2026, there were no incentive fees related to the GAAP Incentive Fee.

***Professional Fees and Other General and Administrative Expenses***

Professional fees and other general and administrative expenses decreased to $2.8 million for the three months ended March 31, 2026 from $3.3 million for the three months ended March 31, 2025, primarily due to a decrease in costs associated with servicing our investment portfolio.

------

***Realized and Unrealized Gains and Losses***

The following table summarizes our net realized and unrealized gains (losses) for the three months ended March 31, 2026 and 2025 (dollars in thousands):

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Gross realized gain on investments | 3886 | 1358 |
| Gross realized loss on investments | (13514) | (25311) |
| Gross realized gain on foreign currency transactions | 128 |  |
| Gross realized loss on foreign currency transactions | (62) | (249) |
| Gross realized gain on forward currency exchange contracts | - | 290 |
| Gross realized loss on forward currency exchange contracts | (2989) | (2695) |
| Net realized loss | $(12551) | $(26607) |
| Change in unrealized appreciation on investments | 28827 | 50880 |
| Change in unrealized depreciation on investments | (46661) | (26198) |
| Net change in unrealized appreciation on investments | (17834) | 24682 |
| Unrealized appreciation on foreign currency translation | (135) | 435 |
| Unrealized appreciation on forward currency exchange contracts | 6546 | (2073) |
| Net change in unrealized appreciation on foreign currency and forward currency exchange contracts | 6411 | (1638) |
| Net change in unrealized appreciation | $(11423) | $23044 |

---

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

For the three months ended March 31, 2025, realized gains were primarily driven by the sale of the Company's investment in Elk Parent Holdings, LP. For the three months ended March 31, 2025, realized losses were primarily driven by the sale of the Company's investment in Aimbridge Acquisition Co., Inc. and Forming Machining Industries Holdings, LLC.

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

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

------

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

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Net change in unrealized appreciation on investments due to foreign currency | (3128) | 4179 |
| Net realized gain (loss) on investments due to foreign currency | 336 | (61) |
| Net change in unrealized appreciation on foreign currency translation | (135) | 435 |
| Net realized gain (loss) on foreign currency transactions | 66 | (249) |
| Net change in unrealized appreciation on forward currency exchange contracts | 6546 | (2073) |
| Net realized loss on forward currency exchange contracts | (2989) | (2405) |
| Foreign currency impact to net increase (decrease) in net assets resulting from operations | $696 | $(174) |

---

Included in total net gains (losses) on the Consolidated Statements of Operations were gains (losses) of ($2.9) million, and $4.3 million related to realized and unrealized gains and losses on investments, foreign currency holdings and non-investment assets and liabilities attributable to the changes in foreign currency exchange rates for the three months ended March 31, 2026 and 2025, respectively. Including the total net realized and unrealized losses on forward currency exchange contracts of $3.6 million and ($4.5) million, respectively, included in the above table, the net impact of foreign currency on total net gains (losses) on the Consolidated Statements of Operations is $0.7 million and ($0.2) million for the three months ended March 31, 2026 and 2025, respectively.

***Interest Rate Swaps***

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

***Net Increase (Decrease) in Net Assets Resulting from Operations***

For the three months ended March 31, 2026 and 2025, the increase in net assets resulting from operations was $3.4 million and $28.5 million, respectively. Based on the weighted average shares of common stock outstanding for the three months ended March 31, 2026 and 2025, our per share net increase in net assets resulting from operations was $0.05 and $0.44, respectively.

***Financial Condition, Liquidity and Capital Resources***

Our liquidity and capital resources are derived primarily from proceeds from equity issuances, advances from our credit facilities, 2019-1 Debt, October 2026 Notes, March 2030 Notes, March 2031 Notes, the Sumitomo Credit Facility and cash flows from operations. The primary uses of our cash are for (1) investments in portfolio companies and other investments and to comply with certain portfolio diversification requirements; (2) debt service, repayment, and other financing costs; (3) cash distributions to the holders of our common stock; and (4) the cost of operations (including payments to the Advisor under the Investment Advisory and Administration Agreements).

We intend to continue to generate cash primarily from cash flows from operations, future borrowings and future offerings of securities. We may from time to time raise additional equity or debt capital through registered offerings, enter into additional debt facilities, or increase the size of existing facilities or issue debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. We are required to meet an asset coverage ratio, defined under the 1940 Act as the ratio of our total assets (less all liabilities and indebtedness not represented by senior securities) to our outstanding senior securities, of at least 150% after each issuance of senior securities. As of March 31, 2026 and December 31, 2025, our asset coverage ratio was 174.6% and 175.9%, respectively.

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

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At March 31, 2026, we had approximately $660.0 million of availability on our Sumitomo Credit Facility, subject to existing terms and regulatory requirements. At December 31, 2025 we had approximately $604.0 million of availability on our Sumitomo Credit Facility subject to existing terms and regulatory requirements.

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

For the three months ended March 31, 2025, cash, foreign cash, restricted cash, and cash equivalents decreased by $5.1 million. During the three months ended March 31, 2025, we used $7.3 million in cash for operating activities. The decrease in cash used for operating activities was primarily related to purchases of investments of $299.4 million, which was offset by proceeds from principal payments and sales of investments of $251.3 million and a net increase in assets resulting from operations of $28.5 million. During the three months ended March 31, 2025, we provided $2.0 million for financing activities, primarily on the issuance of the March 2030 Notes for $350.0 million and borrowings under our Sumitomo Credit Facility of $109.0 million, partially offset by repayments of $395.7 million and distributions paid during the period of $58.2 million.

***Equity***

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

On May 7, 2019, the Company's Board authorized the Company to repurchase up to $50 million of its outstanding common stock in accordance with safe harbor rules under the Exchange Act. Any such repurchases will depend upon market conditions and there is no guarantee that the Company will repurchase any particular number of shares or any shares at all. As of March 31, 2026, there have been no repurchases of common stock.

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

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

The Company may from time to time issue and sell common stock through public or "at the market" offerings. No common stock was issued and sold through public or "at the market" offerings during the three months ended March 31, 2026. In connection with the issuance of common stock, the Company issued and sold common stock during the three months ended March 31, 2025 as follows:

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of Shares of Common** |  | **Underwriting Fees/** |  | **Average Offering** |
| **Issuances of Common Stock** | **Stock Issued** | **Gross Proceeds** | **Offering Expenses** | **Net Proceeds** | **Price Per Share** |
| "At the market" offerings | 253.9 | $4574.7 | $23.2 | $4551.4 | $18.02 |
| Total |  |  | $23.2 | $4551.4 |  |

---

## *Debt* 
The Company's outstanding borrowings as of March 31, 2026 and December 31, 2025 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Total Aggregate** | **Principal** |  | **Total Aggregate** | **Principal** |  |
|  | **Principal Amount** | **Amount** | **Carrying** | **Principal Amount** | **Amount** | **Carrying** |
|  | **Committed** | **Outstanding** | **Value** <sup>(1)</sup> | **Committed** | **Outstanding** | **Value** <sup>(1)</sup> |
| 2019-1 Debt | 272000 | 272000 | 270265 | 272000 | 272000 | 270224 |
| March 2026 Notes |  |  |  | 300000 | 300000 | 299786 |
| October 2026 Notes | 300000 | 300000 | 299264 | 300000 | 300000 | 298926 |
| March 2030 Notes <sup>(2)</sup> | 350000 | 350000 | 348530 | 350000 | 350000 | 350860 |
| March 2031 Notes <sup>(2)</sup> | 350000 | 350000 | 341598 |  |  |  |
| Sumitomo Credit Facility | 855000 | 195000 | 195000 | 855000 | 251000 | 251000 |
| Total Debt | $2127000 | $1467000 | $1454657 | $2077000 | $1473000 | $1470796 |

---

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<sup>(1)</sup> Carrying value represents aggregate principal amount outstanding less unamortized debt issuance costs.

<sup>(2)</sup> The carrying value of the March 2030 Notes and March 2031 Notes includes the effective portion of the fair value of the interest rate swap, as further discussed in Note 7, Derivatives, to these Consolidated Financial Statements.

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

***Distribution Policy***

The Company's distributions are recorded on the record date. The following table summarizes distributions declared during the three months ended March 31, 2026 (dollars in thousands, except per share):

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Amount** | **Total** |
| **Date Declared** | **Record Date** | **Payment Date** | **Per Share** | **Distributions** |
| February 26, 2026 | March 16, 2026 | March 30, 2026 | $0.42 | $27245 |
| Total distributions declared |  |  | $0.42 | $27245 |

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The Company's distributions are recorded on the record date. The following table summarizes distributions declared during the three months ended March 31, 2025 (dollars in thousands, except per share):

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Amount** | **Total** |
| **Date Declared** | **Record Date** | **Payment Date** | **Per Share** | **Distributions** |
| February 27, 2025 | March 17, 2025 | March 31, 2025 | $0.42 | $27245 |
| February 27, 2025 | March 17, 2025 | March 31, 2025 | $0.03 | $1946<br><sup>(1)</sup> |
| Total distributions declared |  |  | $0.45 | $29191 |

---

<sup>(1)</sup> Represents a special dividend.

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

We have elected to be treated, and intend to operate in a manner so as to continuously qualify, as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), beginning with our taxable year ended December 31, 2016. To qualify for and maintain RIC tax treatment, among other things, we must distribute dividends to our stockholders in respect of each taxable year

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of an amount generally at least equal to 90% of the sum of our net ordinary income and net short-term capital gains in excess of our net long-term capital losses. In order to avoid the imposition of certain excise taxes imposed on RICs, we must distribute dividends to our stockholders in respect of each calendar year of an amount at least equal to the sum of: (1) 98% of our net ordinary income (taking into account certain deferrals and elections) for such calendar year; (2) 98.2% of our capital gains in excess of capital losses, adjusted for certain ordinary losses, generally for the one-year period ending on October 31 of such calendar year; and (3) the sum of any net ordinary income plus capital gains net income for preceding years that were not distributed during such years and on which we paid no U.S. federal income tax.

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

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

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

***Commitments and Off-Balance Sheet Arrangements***

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

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

In addition to the aforementioned agreements, we, our Advisor and Bain Capital Credit have been granted exemptive relief from the SEC to permit greater flexibility to negotiate the terms of co-investments if the Board determines that it would be advantageous for us to co-invest with other Bain Capital Credit Clients in a manner consistent with our investment objectives, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent Bain Capital Credit Clients funds, accounts and investment vehicles managed by Bain Capital Credit may afford us additional investment opportunities and an ability to achieve greater diversification. Accordingly, our exemptive order permits us to invest with Bain Capital Credit Clients in the same portfolio companies under circumstances in which such investments would otherwise not be permitted by the 1940 Act. Under the terms of the exemptive order, a majority of our Independent Directors must reach certain conclusions in connections with certain co-investment transactions (e.g., in the case of follow-on investments in an existing issuer in which affiliates, but not the Company, have an existing investment, and non-pro rata follow-on investments in, and dispositions of, securities of an existing issuer), including that (i) the terms of the proposed transaction are reasonable and fair to the Company and its stockholders and do not involve overreaching in respect of the Company or its stockholders on the part of any person concerned, and (ii) the transaction is consistent with the interests of the Company's stockholders and is consistent with the Company's then-current investment objectives and strategies. The exemptive relief imposes other conditions with which we must comply to engage in co-investment transactions.

***Recent Developments*** 

See "*Item 1. Consolidated Financial Statements — Notes to Consolidated Financial Statements — Note 12. Subsequent Events*" for a summary of recent developments.

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## Significant Accounting Estimates and Critical Accounting Policies
***Basis of Presentation***

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

***Use of Estimates***

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

***Revenue Recognition***

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

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

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

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

***Valuation of Portfolio Investments***

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Company's quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of the Advisor responsible for the portfolio investment; in conjunction with the Company's portfolio management and valuation team.

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

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

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

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

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

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

We have entered into an Administration Agreement with the Administrator pursuant to which the Administrator will furnish us with administrative services necessary to conduct our day-to-day operations. We reimburse the Administrator for its costs and

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

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

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |
|  |  | **Less than** |  |  | **More than** |
|  | **Total** | **1 year** | **1 — 3 years** | **3 — 5 years** | **5 years** |
| 2019-1 Debt | 272000 |  |  |  | $272000 |
| October 2026 Notes | 300000 | 300000 |  |  |  |
| March 2030 Notes | 350000 |  |  | 350000 |  |
| March 2031 Notes | 350000 |  |  | 350000 |  |
| Sumitomo Credit Facility | 195000 |  |  | 195000 |  |
| Total Debt Obligations | $1467000 | $300000 | $— | $895000 | $272000 |

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# Item 3. Quantitative and Qualitative Disclosures About Market Risk
We are subject to financial market risks, including changes in interest rates. We will generally invest in illiquid loans and securities including debt and equity securities of middle-market companies. Because we expect that there will not be a readily available market for many of the investments in our portfolio, we expect to value many of our portfolio investments at fair value as determined in good faith by the Board using a documented valuation policy and a consistently applied valuation process. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material. There have been no material quantitative changes in reported market risk exposures in comparison to the information reported in the prior period.

Assuming that the statement of financial condition as of March 31, 2026 were to remain constant and that we took no actions to alter our existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates (dollars in thousands). Net increase (decrease) in net investment income (as shown in the table below) includes the impact of incentive fees.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | **Net Increase** |
|  | **Increase** | **Increase** | **(Decrease) in Net** |
|  | **(Decrease) in** | **(Decrease) in** | **Investment** |
| **Change in Interest Rates** | **Interest Income** | **Interest Expense** | **Income** |
| Down 100 Basis Points | $(17789) | $(11670) | $(5048) |
| Down 200 Basis Points | (35371) | (23340) | (9926) |
| Down 300 Basis Points | (48686) | (34390) | (11794) |
| Up 100 Basis Points | 18109 | 11670 | 5312 |
| Up 200 Basis Points | 36219 | 23340 | 10625 |
| Up 300 Basis Points | 54328 | 35010 | 15937 |

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

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# Item 4. Controls and Procedures
***Evaluation of Disclosure Controls and Procedures***

As of March 31, 2026 (the end of the period covered by this report), our management has carried out an evaluation, under the supervision of and with the participation of our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15 and 15d-15(e) under the Exchange Act). Based on that evaluation our Chief Executive Officer and Chief Financial Officer have concluded that our current disclosure controls and procedures are effective to provide reasonable assurance that information required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our Chief Executive Officer and Chief Financial Officer as appropriate to allow timely decisions regarding required disclosure. In designing and evaluating our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and management necessarily applies its judgment in evaluating the benefits of possible controls and procedures relative to their costs.

***Changes in Internal Controls Over Financial Reporting***

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

**PART II. OTHER INFORMATION**

# Item 1. Legal Proceedings
We are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under loans to or other contracts with our portfolio companies.

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

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

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

# Item 3. Default Upon Senior Securities

# Not applicable.

# Item 4. Mine Safety Disclosures
Not applicable.

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# Item 5. Other Information

# *Rule 10b5-1 Trading Plans* 

# During the fiscal quarter ended March 31, 2026 , none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement."

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# Item 6. Exhibits, Consolidated Financial Statement Schedules
The following exhibits are included, or incorporated by reference, in this Quarterly Report on Form 10-Q for the three months ended March 31, 2026 (and are numbered in accordance with Item 601 of Regulation S-K under the Securities Act).

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Description of Document** |
| &nbsp;&nbsp;3.1 | [<u>Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to the Company's Registration Statement on Form 10 (File No. 000-55528) filed on October 6, 2016).</u>](https://www.sec.gov/Archives/edgar/data/1655050/000114036116082085/ex3_1.htm) |
| &nbsp;&nbsp;3.2 | [<u>Bylaws (incorporated by reference to Exhibit 3.2 to the Company's Registration Statement on Form 10 (File No. 000-55528) filed on October 6, 2016).</u>](https://www.sec.gov/Archives/edgar/data/1655050/000114036116082085/ex3_2.htm) |
| &nbsp;&nbsp;4.1 | [<u>Dividend Reinvestment Plan (incorporated by reference to Exhibit 10.5 to the Company's Registration Statement on Form 10 (File No. 000-55528) filed on October 6, 2016).</u>](https://www.sec.gov/Archives/edgar/data/1655050/000114036116082085/ex10_5.htm) |
| &nbsp;&nbsp;10.1 | [<u>Second Amended and Restated Investment Advisory Agreement, dated November 28, 2018, by and between the Company and the Advisor (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K (File No. 814-01175), filed on February 1, 2019).</u>](https://www.sec.gov/Archives/edgar/data/1655050/000110465919005220/a19-3918_1ex10d1.htm) |
| &nbsp;&nbsp;10.2 | [<u>Administration Agreement, dated October 6, 2016, by and between the Company and the Administrator (incorporated by reference to Exhibit 10.2 to the Company's Registration Statement on Form 10 (File No. 000-55528) filed on October 6, 2016).</u>](https://www.sec.gov/Archives/edgar/data/1655050/000114036116082085/ex10_2.htm) |
| &nbsp;&nbsp;10.3 | [<u>Form of Advisory Fee Waiver Agreement by and between the Company and the Advisor (incorporated by reference to Exhibit 10.3 to the Company's Registration Statement on Form 10 (File No. 000-55528) filed on October 6, 2016).</u>](https://www.sec.gov/Archives/edgar/data/1655050/000114036116082085/ex10_3.htm) |
| &nbsp;&nbsp;10.4 | [<u>Indenture, dated as of September 28, 2018, between BCC Middle Market CLO 2018-1, LLC, as issuer, and Wells Fargo Bank, National Association, as trustee (incorporated by reference to Exhibit 10.9 to the Company's Quarterly Report on Form 10-Q (File No. 814-01175), filed on October 17, 2018).</u>](https://www.sec.gov/Archives/edgar/data/1655050/000110465918062367/a18-19057_1ex10d9.htm) |
| &nbsp;&nbsp;10.5 | [<u>Portfolio Management Agreement, dated as of September 28, 2018, by and between BCC Middle Market CLO 2018-1, LLC, as issuer, and Bain Capital Specialty Finance, Inc., as portfolio manager (incorporated by reference to Exhibit 10.10 to the Company's Quarterly Report on Form 10-Q (File No. 814-01175), filed on October 17, 2018).</u>](https://www.sec.gov/Archives/edgar/data/1655050/000110465918062367/a18-19057_1ex10d10.htm) |
| &nbsp;&nbsp;10.6 | [<u>Loan Sale Agreement, dated as of September 28, 2018, by and between BCC Middle Market CLO 2018-1, LLC, as issuer, and Bain Capital Specialty Finance, Inc., as the transferor (incorporated by reference to Exhibit 10.11 to the Company's Quarterly Report on Form 10-Q (File No. 814-01175), filed on October 17, 2018).</u>](https://www.sec.gov/Archives/edgar/data/1655050/000110465918062367/a18-19057_1ex10d11.htm) |
| &nbsp;&nbsp;10.7 | [<u>Collateral Administration Agreement, dated as of September 28, 2018, by and between BCC Middle Market CLO 2018-1, LLC, as issuer, Bain Capital Specialty Finance, Inc., as portfolio manager, and Wells Fargo Bank, National Association, as collateral administrator (incorporated by reference to Exhibit 10.12 to the Company's Quarterly Report on Form 10-Q (File No. 814-01175), filed on October 17, 2018).</u>](https://www.sec.gov/Archives/edgar/data/1655050/000110465918062367/a18-19057_1ex10d12.htm) |
| &nbsp;&nbsp;10.8 | [<u>Master Participation Agreement, dated as of September 28, 2018, by and between BCSF I, LLC, as financing subsidiary, and BCC Middle Market CLO 2018-1, LLC, as issuer (incorporated by reference to Exhibit 10.13 to the Company's Quarterly Report on Form 10-Q (File No. 814-01175), filed on October 17, 2018).</u>](https://www.sec.gov/Archives/edgar/data/1655050/000110465918062367/a18-19057_1ex10d13.htm) |

---

------

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description of Document** |
| 10.9 | [<u>Amended and Restated Indenture, dated as of November 30, 2021, between BCC Middle Market CLO 2019-1, LLC, as issuer, BCC Middle Market CLO 2019-1 Co-Issuer, LLC, as co-issuer and Wells Fargo Bank, National Association, as trustee. (incorporated by reference to Exhibit 10.10 to the Company's Quarterly Report on Form 10-Q (File No. 814-01175), filed on May 5, 2022).</u>](https://www.sec.gov/Archives/edgar/data/1655050/000110465922056502/tm2213676d1_ex10-10.htm) |
| 10.10 | [<u>First Supplemental Indenture, dated as of August 2, 2022, between BCC Middle Market CLO 2019-1, LTD. (f/k/a BCC Middle Market CLO 2019-1, LLC), as Issuer, and Bain Capital Specialty Finance, in its capacity as Portfolio Manager under the Agreement on behalf of the Issuer, and together with its successors in such capacity, the "Portfolio Manager" (incorporated by reference to Exhibit 10.11 to the Company's Annual Report on Form 10-K (File No. 814-01175) filed on February 28, 2023).</u>](https://www.sec.gov/Archives/edgar/data/1655050/000155837023002409/bcsf-20221231xex10d11.htm) |
| 10.11 | [<u>Amended and Restated Portfolio Management Agreement, dated as of November 30, 2021, by and between BCC Middle Market CLO 2019-1, LLC, as issuer, and Bain Capital Specialty Finance, Inc., as portfolio manager. (incorporated by reference to Exhibit 10.11 to the Company's Quarterly Report on Form 10-Q (File No. 814-01175), filed on May 5, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1655050/000110465922056502/tm2213676d1_ex10-11.htm) |
| 10.12 | [<u>First Amendment to Amended and Restated Portfolio Management Agreement, dated as of August 2, 2022, between BCC Middle Market CLO 2019-1, LTD. (f/k/a BCC Middle Market CLO 2019-1, LLC), as Issuer, BCC Middle Market CLO 2019-1 Co-Issuer, LLC, as Co-Issuer, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 10.13 to the Company's Annual Report on Form 10-K (File No. 814-01175) filed on February 28, 2023).</u>](https://www.sec.gov/Archives/edgar/data/1655050/000155837023002409/bcsf-20221231xex10d13.htm) |
| &nbsp;&nbsp;10.13 | [<u>Loan Sale Agreement, dated as of August 28, 2019, by and between BCC Middle Market CLO 2019-1, LLC, as issuer, and Bain Capital Specialty Finance, Inc., as the transferor (incorporated by reference to Exhibit 10.18 to the Company's Quarterly Report on Form 10-Q (File No. 814-01175), filed on November 6, 2019).</u>](https://www.sec.gov/Archives/edgar/data/1655050/000110465919060503/a19-17620_1ex10d18.htm) |
| &nbsp;&nbsp;10.14 | [<u>Collateral Administration Agreement, dated as of August 28, 2019, by and between BCC Middle Market CLO 2019-1, LLC, as issuer, Bain Capital Specialty Finance, Inc., as portfolio manager, and Wells Fargo Bank, National Association, as collateral administrator (incorporated by reference to Exhibit 10.19 to the Company's Quarterly Report on Form 10-Q (File No. 814-01175), filed on November 6, 2019).</u>](https://www.sec.gov/Archives/edgar/data/1655050/000110465919060503/a19-17620_1ex10d19.htm) |
| &nbsp;&nbsp;10.15 | [<u>Master Participation Agreement, dated as of August 28, 2019, by and between BCSF I, LLC, as financing subsidiary, and BCC Middle Market CLO 2019-1, LLC, as issuer (incorporated by reference to Exhibit 10.20 to the Company's Quarterly Report on Form 10-Q (File No. 814-01175), filed on November 6, 2019).</u>](https://www.sec.gov/Archives/edgar/data/1655050/000110465919060503/a19-17620_1ex10d20.htm) |
| &nbsp;&nbsp;10.16 | [<u>Master Participation Agreement, dated as of August 28, 2019, by and between BCSF II-C, LLC, as financing subsidiary, and BCC Middle Market CLO 2019-1, LLC, as issuer (incorporated by reference to Exhibit 10.21 to the Company's Quarterly Report on Form 10-Q (File No. 814-01175), filed on November 6, 2019).</u>](https://www.sec.gov/Archives/edgar/data/1655050/000110465919060503/a19-17620_1ex10d21.htm) |
| &nbsp;&nbsp;10.17 | [<u>Revolving Loan Agreement, dated March 27, 2020, by and between the Company, as Borrower, and BCSF Advisors, LP, as Lender (incorporated by reference to Exhibit 10.26 to the Company's Quarterly Report on Form 10-Q (File No. 814-01175), filed on May 4, 2020).</u>](https://www.sec.gov/Archives/edgar/data/1655050/000110465920056299/tm2016704d1_ex10-26.htm) |
| 10.18 | [<u>Amended and Restated Limited Liability Company Agreement, dated February 9, 2021, of International Senior Loan Program, LLC, by and among the Company, Pantheon Private Debt Program SCSp SICAV—RAIF—Pantheon Senior Debt Secondaries II (USD), Pantheon Private Debt Program SCSp SICAV—RAIF—Tubera Credit 2020, Solutio Premium Private Debt I SCSp and Solutio Premium Private Debt II Master SCSp (incorporated by reference to Exhibit 10.31 to the Company's Annual Report on Form 10-K (File No. 814-01175) filed on February 24, 2021).</u>](https://www.sec.gov/Archives/edgar/data/1655050/000110465921027508/tm211051d2_ex10-31.htm) |
| 10.19 | [<u>Underwriting Agreement, dated March 3, 2021, by and among Bain Capital Specialty Finance, Inc., BCSF Advisors, LP and Goldman Sachs & Co. LLC, as the representative of the underwriters (incorporated by reference to Exhibit 99.1 to the Company's Current Report on Form 8-K (File No. 814-01175), filed on March 5, 2021).</u>](https://www.sec.gov/Archives/edgar/data/1655050/000110465921032447/tm218644d2_ex99-1.htm) |
| 10.20 | [<u>Indenture, dated as of March 10, 2021, by and between the Company and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 99.1 to the Company's Current Report on Form 8-K (File No. 814-01175), filed on March 10, 2021).</u>](https://www.sec.gov/Archives/edgar/data/1655050/000110465921034484/tm219255d1_ex99-1.htm) |

---

------

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description of Document** |
| 10.21 | [<u>First Supplemental Indenture, dated as of March 10, 2021, relating to the 2.950% Notes due 2026, by and between the Company and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 99.2 to the Company's Current Report on Form 8-K (File No. 814-01175), filed on March 10, 2021).</u>](https://www.sec.gov/Archives/edgar/data/1655050/000110465921034484/tm219255d1_ex99-2.htm) |
| 10.22 | [<u>Form of 2.950% Notes due 2026 (incorporated by reference to Exhibit 99.2 to the Company's Current Report on Form 8-K (File No. 814-01175), filed on March 10, 2021).</u>](https://www.sec.gov/Archives/edgar/data/1655050/000110465921034484/tm219255d1_ex99-2.htm) |
| 10.23 | [<u>Underwriting Agreement, dated October 5, 2021, by and among Bain Capital Specialty Finance, Inc., BCSF Advisors, LP, and Goldman Sachs & Co. LLC and SMBC Nikko Securities America Inc., as the representative of the underwriters (incorporated by reference to Exhibit 99.1 to the Company's Current Report on Form 8-K (File No. 814-01175), filed on October 6, 2021).</u>](https://www.sec.gov/Archives/edgar/data/1655050/000110465921123667/tm2129270d2_ex99-1.htm) |
| 10.24 | [<u>Second Supplemental Indenture, dated as of October 13, 2021, relating to the 2.550% Notes due 2026, by and between the Company and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 99.1 to the Company's Current Report on Form 8-K (File No. 814-01175), filed on October 13, 2021).</u>](https://www.sec.gov/Archives/edgar/data/1655050/000110465921125824/tm2129823d1_ex99-1.htm) |
| 10.25 | [<u>Form of 2.550% Notes due 2026 (incorporated by reference to Exhibit 99.1 to the Company's Current Report on Form 8-K (File No. 814-01175), filed on October 13, 2021).</u>](https://www.sec.gov/Archives/edgar/data/1655050/000110465921125824/tm2129823d1_ex99-1.htm) |
| 10.26 | [<u>Revolving Credit Agreement, dated as of December 24, 2021, by and among the Company as Borrower, with Sumitomo Mitsui Banking Corporation, as Administrative Agent and Sole Book Runner, and with Sumitomo Mitsui Banking Corporation and MUFG Union Bank, N.A., as Joint Lead Arrangers (incorporated by reference to Exhibit 10.41 to the Company's Annual Report on Form 10-K (File No. 814-01175) filed on February 23, 2022).</u>](https://www.sec.gov/Archives/edgar/data/1655050/000110465922026185/tm221030d2_ex10-41.htm) |
| 10.27 | [<u>First Amendment dated as of July 6, 2022 to Revolving Credit Agreement, dated as of December 24, 2021, by and among the Company as Borrower, with Sumitomo Mitsui Banking Corporation, as Administrative Agent and Sole Book Runner, and with Sumitomo Mitsui Banking Corporation and MUFG Union Bank, N.A., as Joint Lead Arrangers. (incorporated by reference to Exhibit 10.26 to the Company's Quarterly Report on Form 10-Q (File No.814-01175) filed on November 9, 2022).</u>](https://www.sec.gov/Archives/edgar/data/1655050/000155837022017168/bcsf-20220930xex10d26.htm) |
| 10.28 | [<u>Increasing Lender/Joinder Lender Agreement, dated as of December 14, 2022, between the Company, the Lenders and Issuing Banks from time to time party thereto and Sumitomo Mitsui Banking Corporation, as Administrative Agent (in such capacity, the "Administrative Agent"); and (b) the Notice of Commitment Increase Request, dated as of December 14, 2022, provided by the Company to the Administrative Agent (the "Notice") (incorporated by reference to Exhibit 10.29 to the Company's Annual Report on Form 10-K (File No. 814-01175) filed on February 28, 2023).</u>](https://www.sec.gov/Archives/edgar/data/1655050/000155837023002409/bcsf-20221231xex10d29.htm) |
| 10.29 | [<u>Increasing Lender/Joinder Lender Agreement dated as of July 22, 2022, pursuant to Section 2.08(e) of the Revolving Credit Agreement, dated as of December 24, 2021, by and among the Company as Borrower, with Sumitomo Mitsui Banking Corporation, as Administrative Agent and Sole Book Runner, and with Sumitomo Mitsui Banking Corporation and MUFG Union Bank, N.A., as Joint Lead Arrangers. (Incorporated by reference to Exhibit 10.28 to the Company's Quarterly Report on Form 10 Q (File No. 814 01175), filed on August 3, 2022).</u>](https://www.sec.gov/Archives/edgar/data/1655050/000110465922085687/bcsf-20220729xex10d28.htm) |
| 10.30 | [<u>Second Amendment dated as of August 24, 2022 to Revolving Credit Agreement, dated as of December 24, 2021, by and among the Company as Borrower, with Sumitomo Mitsui Banking Corporation, as Administrative Agent and Sole Book Runner, and with Sumitomo Mitsui Banking Corporation and MUFG Union Bank, N.A., as Joint Lead Arrangers. (incorporated by reference to Exhibit 10.28 to the Company's Quarterly Report on Form 10-Q (File No.814-01175) filed on November 9, 2022).</u>](https://www.sec.gov/Archives/edgar/data/1655050/000155837022017168/bcsf-20220930xex10d28.htm) |
| 10.31 | [<u>Third Amendment dated as of May 20, 2024 to Revolving Credit Agreement, dated as of December 24, 2021, by and among the Company as Borrower, with Sumitomo Mitsui Banking Corporation, as Administrative Agent and Sole Book Runner, and with Sumitomo Mitsui Banking Corporation and MUFG Union Bank, N.A., as Joint Lead Arrangers. (incorporated by reference to Exhibit 10.32 to the Company's Quarterly Report on Form 10-Q (File No.814-01175) filed on August 6, 2024).</u>](https://www.sec.gov/Archives/edgar/data/1655050/000095017024091840/bcsf-ex10_32.htm) |
| 10.32 | [<u>Amended and Restated Limited Liability Company Agreement, dated December 27, 2021, of Bain Capital Senior Loan Program, LLC. (incorporated by reference to Exhibit 10.42 to the Company's Annual Report on Form 10-K (File No. 814-01175) filed on February 23, 2022).</u>](https://www.sec.gov/Archives/edgar/data/1655050/000110465922026185/tm221030d2_ex10-42.htm) |

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Description of Document** |
| 10.33 | [<u>First Supplemental Indenture dated as of June 15, 2023 among BCC Middle Market CLO 2018-1, LLC, as issuer, and Wells Fargo Bank, National Association, as trustee. (incorporated by reference to Exhibit 10.33 to the Company's Quarterly Report on Form 10-Q (File No.814-01175) filed on August 8, 2023).</u>](https://www.sec.gov/Archives/edgar/data/1655050/000095017023039862/bcsf-ex10_33.htm) |
| 10.34 | [<u>Second Supplemental Indenture dated as of June 15, 2023 among BCC Middle Market CLO 2019-1, Ltd., as issuer, BCC Middle Market CLO 2019-1 Co-Issuer, LLC, as co-issuer, and Wells Fargo Bank, National Association, as trustee. (incorporated by reference to Exhibit 10.34 to the Company's Quarterly Report on Form 10-Q (File No.814-01175) filed on August 8, 2023).</u>](https://www.sec.gov/Archives/edgar/data/1655050/000095017023039862/bcsf-ex10_34.htm) |
| 10.35 | [<u>Amendment dated September 11, 2023 to the Amended and Restated Limited Liability Company Agreement, dated February 9, 2021, of International Senior Loan Program, LLC, by and among the Company, Pantheon Private Debt Program SCSp SICAV—RAIF—Pantheon Senior Debt Secondaries II (USD), Pantheon Private Debt Program SCSp SICAV—RAIF—Tubera Credit 2020, Solutio Premium Private Debt I SCSp and Solutio Premium Private Debt II Master SCSp. (incorporated by reference to Exhibit 10.35 to the Company's Quarterly Report on Form 10-Q (File No.814-01175) filed on November 6, 2023).</u>](https://www.sec.gov/Archives/edgar/data/1655050/000095017023059452/bcsf-ex10_35.htm) |
| 10.36 | [<u>Second Amendment dated December 13, 2023 to the Amended and Restated Limited Liability Company Agreement, dated February 9, 2021, as amended on September 8, 2021 of International Senior Loan Program, LLC, by and among the Company, Pantheon Private Debt Program SCSp SICAV—RAIF—Pantheon Senior Debt Secondaries II (USD), Pantheon Private Debt Program SCSp SICAV—RAIF—Tubera Credit 2020, Solutio Premium Private Debt I SCSp, Solutio Premium Private Debt II Master SCSp, Pantheon Private Debt Program SICAV—RAIF—Pantheon Senior Debt Secondaries II (EUR) and Pantheon Private Debt Program SICAV—RAIF—Pantheon Senior Debt Secondaries II (GBP). (incorporated by reference to Exhibit 10.36 to the Company's Annual Report on Form 10-K (File No. 814-01175) filed on February 27, 2024).</u>](https://www.sec.gov/Archives/edgar/data/1655050/000095017024021337/bcsf-ex10_36.htm) |
| 10.37 | [<u>Underwriting Agreement, dated January 30, 2025, by and among Bain Capital Specialty Finance, Inc., BCSF Advisors,<br>LP, and SMBC Nikko Securities America, Inc., Wells Fargo Securities, LLC, BNP Paribas Securities Corp. and<br>Santander US Capital Markets LLC, as the representative of the underwriters (incorporated by reference to Exhibit 99.1 to<br>the Company's Current Report on Form 8-K (File No. 814-01175) filed on February 3, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1655050/000119312525019323/d899954dex991.htm) |
| 10.38 | [<u>Third Supplemental Indenture, dated as of February 6, 2025, relating to the 5.950% Notes due 2030, by and between the Company and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K (File No. 814-01175) filed on February 6, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1655050/000119312525021819/d892739dex42.htm) |
| 10.39 | [<u>Form of 5.950% Notes due 2030 (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K (File No. 814-01175) filed on February 6, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1655050/000119312525021819/d892739dex42.htm) |
| 10.40 | [<u>Form of Equity Distribution Agreement (incorporated by reference to Exhibit 1.1 to the Company's Current Report on<br>Form 8-K (File No. 814-01175), filed on March 4, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1655050/000119312525044342/d903343dex11.htm) |
| 10.41 | [<u>Custody Agreement, dated April 28, 2025, by and between Bain Capital Specialty Finance, Inc. and U.S. Bank Trust<br>Company (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K (File No.<br>814-01175), filed on May 2, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1655050/000119312525111703/d771228dex101.htm) |
| 10.42 | [<u>Document Custody Agreement, dated April 28, 2025, by and between Bain Capital Specialty Finance, Inc. and U.S. Bank Trust Company (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K (File No. 814-01175), filed on May 2, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1655050/000119312525111703/d771228dex102.htm) |
| 10.43 | [<u>Second Amended and Restated Indenture, dated as of July 2, 2025, by and among BCC Middle Market CLO 2019-1,</u>](https://www.sec.gov/Archives/edgar/data/1655050/000119312525156216/d68327dex101.htm)<br>[<u>Ltd., as issuer, BCC Middle Market CLO 2019-1 Co-Issuer, LLC, as co-issuer, and Wells Fargo Bank, National</u>](https://www.sec.gov/Archives/edgar/data/1655050/000119312525156216/d68327dex101.htm)<br>[<u>Association, as trustee (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K (File</u>](https://www.sec.gov/Archives/edgar/data/1655050/000119312525156216/d68327dex101.htm)<br>[<u>No. 814-01175), filed on July 7, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1655050/000119312525156216/d68327dex101.htm) |
| 10.44 | [<u>Second Amended and Restated Portfolio Management Agreement, dated as of July 2, 2025, by and between BCC Middle<br>Market CLO 2019-1, Ltd., as issuer, and Bain Capital Specialty Finance, Inc., as portfolio manager (incorporated by<br>reference to Exhibit 10.2 to the Company's Current Report on Form 8-K (File No. 814-01175), filed on July 7, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1655050/000119312525156216/d68327dex102.htm) |

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Description of Document** |
| 10.45 | [<u>Underwriting Agreement, dated January 22, 2026, by and among Bain Capital Specialty Finance, Inc., BCSF Advisors,<br>LP, and Wells Fargo Securities, LLC, J.P. Morgan Securities LLC and SMBC Nikko Securities America, Inc., as the<br>representative of the underwriters. (incorporated by reference to Exhibit 1.1 to the Company's Current Report on Form<br>8-K (file No. 814-01175), filed on January 23, 2026).</u>](https://www.sec.gov/Archives/edgar/data/1655050/000119312526021189/d23735dex11.htm) |
| 10.46 | [<u>Fourth Supplemental Indenture, dated as of January 29, 2026, relating to the 5.950% Notes due 2031, by and between the</u>](https://www.sec.gov/Archives/edgar/data/1655050/000119312526029653/d12878dex42.htm)<br>[<u>Company and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to the</u>](https://www.sec.gov/Archives/edgar/data/1655050/000119312526029653/d12878dex42.htm)<br>[<u>Company's Current Report on Form 8-K (File No. 814-01175), filed on January 29, 2026).</u>](https://www.sec.gov/Archives/edgar/data/1655050/000119312526029653/d12878dex42.htm) |
| &nbsp;&nbsp;23.1 | [<u>Consent of Independent Registered Public Accounting Firm (incorporated by reference to Exhibit 23.1 to the Company's Annual Report on Form 10-K (File No.814-01175) filed on February 27, 2026).</u>](https://www.sec.gov/Archives/edgar/data/1655050/000119312526077703/bcsf-ex23_1.htm) |
| &nbsp;&nbsp;24.1\* | [<u>Powers of Attorney.</u>](bcsf-ex24_1.htm) |
| &nbsp;&nbsp;31.1\* | [<u>Certification of Chief Executive Officer pursuant to Rule 13a-14 under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, as amended.</u>](bcsf-ex31_1.htm) |
| &nbsp;&nbsp;31.2\* | [<u>Certification of Chief Financial Officer pursuant to Rule 13a-14 under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, as amended.</u>](bcsf-ex31_2.htm) |
| &nbsp;&nbsp;32\* | [<u>Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended.</u>](bcsf-ex32.htm) |
| &nbsp;&nbsp;101.INS\* | XBRL Instance Document |
| &nbsp;&nbsp;101.SCH\* | Inline XBRL Taxonomy Extension Schema Document. |
| &nbsp;&nbsp;101.CAL\* | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
| &nbsp;&nbsp;101.DEF\* | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
| &nbsp;&nbsp;101.LAB\* | Inline XBRL Taxonomy Extension Label Linkbase Document. |
| &nbsp;&nbsp;101.PRE\* | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
| &nbsp;&nbsp;104 | Cover Page Interactive Data File - The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |

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\* Filed herewith.

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**SIGNATURES**

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

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| | | |
|:---|:---|:---|
|  | **Bain Capital Specialty Finance, Inc.** | **Bain Capital Specialty Finance, Inc.** |
| Date: May 11, 2026 | By: | /s/ Michael A. Ewald |
|  | Name: | Michael A. Ewald |
|  | Title: | Chief Executive Officer (Principal Executive Officer) |

---

---

| | | |
|:---|:---|:---|
| Date: May 11, 2026 | By: | /s/ Amit Joshi |
|  | Name: | Amit Joshi |
|  | Title: | Chief Financial Officer (Principal Financial Officer) and Principal Accounting Officer |

---

------

## Exhibit 24.1

**Exhibit 24.1**

**Bain Capital Specialty Finance, Inc.**

**Power of Attorney**

**Reports Under the Securities Exchange Act of 1934**

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

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

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

<u>/s/ Michael J. Boyle</u> 

Michael J. Boyle

Director and President

------

**Bain Capital Specialty Finance, Inc.**

**Power of Attorney**

**Reports Under the Securities Exchange Act of 1934**

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

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

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

<u>/s/ Michael A. Ewald</u> 

Michael A. Ewald

Chief Executive Officer

------

**Bain Capital Specialty Finance, Inc.**

**Power of Attorney**

**Reports Under the Securities Exchange Act of 1934**

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

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

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

<u>/s/ Jeffrey B. Hawkins</u> 

Jeffrey B. Hawkins

Director

------

**Bain Capital Specialty Finance, Inc.**

**Power of Attorney**

**Reports Under the Securities Exchange Act of 1934**

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

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

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

<u>/s/ Amy Butte</u> 

Amy Butte

Director

------

**Bain Capital Specialty Finance, Inc.**

**Power of Attorney**

**Reports Under the Securities Exchange Act of 1934**

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

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

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

<u>/s/ David G. Fubini</u> 

David G. Fubini

Director

------

**Bain Capital Specialty Finance, Inc.**

**Power of Attorney**

**Reports Under the Securities Exchange Act of 1934**

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

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

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

<u>/s/ Thomas A. Hough</u> 

Thomas A. Hough

Director

------

**Bain Capital Specialty Finance, Inc.**

**Power of Attorney**

**Reports Under the Securities Exchange Act of 1934**

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

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

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

<u>/s/ Jay Margolis</u> 

Jay Margolis

Director

------

**Bain Capital Specialty Finance, Inc.**

**Power of Attorney**

**Reports Under the Securities Exchange Act of 1934**

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

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

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

<u>/s/ Clare S. Richer</u> 

Clare S. Richer

Director

------

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER**

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

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

I, Michael A. Ewald, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Bain Capital Specialty Finance, Inc.;

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

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

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

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

(b) Designed such internal control over financial reporting, or caused, such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

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

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

Date: May 11, 2026

---

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

---

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## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER**

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

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

I, Amit Joshi, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Bain Capital Specialty Finance, Inc.;

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

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

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

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

(b) Designed such internal control over financial reporting, or caused, such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

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

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

Date: May 11, 2026

---

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

---

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## Ex-32

**Exhibit 32**

**CERTIFICATION PURSUANT TO**

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

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

In connection with the Quarterly Report on Form 10-Q of Bain Capital Specialty Finance, Inc. (the "Company") for the quarterly ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Michael A. Ewald, Chief Executive Officer of the Company, and I, Amit Joshi, Chief Financial Officer of the Company, each certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to our knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 11, 2026

---

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

---

------