# EDGAR Filing Document

**Accession Number:** 0001905824
**File Stem:** 0001193125-25-277763
**Filing Date:** 2025-11
**Character Count:** 209877
**Document Hash:** c84baef3ad415f794668a55eff1bba24
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-277763.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0001193125-25-277763

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 68

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PIMCO Capital Solutions BDC Corp.
- **CENTRAL INDEX KEY:** 0001905824

**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:** 814-01549
- **FILM NUMBER:** 251473508

**BUSINESS ADDRESS:**
- **STREET 1:** 650 NEWPORT CENTER DRIVE
- **CITY:** NEWPORT BEACH
- **STATE:** CA
- **ZIP:** 92660
- **BUSINESS PHONE:** 888.887.4626

**MAIL ADDRESS:**
- **STREET 1:** 650 NEWPORT CENTER DRIVE
- **CITY:** NEWPORT BEACH
- **STATE:** CA
- **ZIP:** 92660

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

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2025

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

#### COMMISSION FILE NUMBER: 814-01549

## PIMCO Capital Solutions BDC Corp.

#### (Exact name of registrant as specified in its charter)
Delaware 87-4705230 <br> (State of incorporation) (I.R.S. EmployerIdentification No.)

#### 650 Newport Center Drive

#### Newport Beach, CA 92660

#### (Address of principal executive offices)
(949) 720-6000

#### (Registrant's telephone number, including area code)

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

---

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

---

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

#### Common Stock, par value $0.001 per share

#### (Title of Class)
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 definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

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

---

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

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

The issuer had 23,080,085 shares of common stock, $0.001 par value per share, outstanding as of November 12, 2025.

------

#### PIMCO CAPITAL SOLUTIONS BDC CORP.

#### FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2025

#### **Table of Contents**

---

| | | |
|:---|:---|:---|
|  | **INDEX** | **PAGE<br>NO.** |
| **PART I.** | **FINANCIAL INFORMATION** |  |
| Item 1. | [Consolidated Financial Statements](#fin67463_1) | 2 |
|  | [Consolidated Statements of Assets and Liabilities as of September 30, 2025 and December 31, 2024 (Unaudited)](#fin67463_2) | 2 |
|  | [Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited)](#fin67463_3) | 3 |
|  | [Consolidated Statements of Changes in Net Assets for the Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited)](#fin67463_4) | 4 |
|  | [Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024 (Unaudited)](#fin67463_5) | 5 |
|  | [Consolidated Schedules of Investments as of September 30, 2025 and December 31, 2024 (Unaudited)](#fin67463_6) | 6 |
|  | [Notes to Unaudited Consolidated Financial Statements](#fin67463_7) | 12 |
| Item 2. | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#fin67463_8) | 30 |
| Item 3. | [Quantitative and Qualitative Disclosures About Market Risk](#fin67463_9) | 38 |
| Item 4. | [Controls and Procedures](#fin67463_10) | 39 |
| **PART II.** | **OTHER INFORMATION** |  |
| Item 1. | [Legal Proceedings](#fin67463_11) | 40 |
| Item 1A. | [Risk Factors](#fin67463_12) | 40 |
| Item 2. | [Unregistered Sales of Equity Securities and Use of Proceeds](#fin67463_13) | 40 |
| Item 3. | [Defaults Upon Senior Securities](#fin67463_14) | 40 |
| Item 4. | [Mine Safety Disclosures](#fin67463_15) | 40 |
| Item 5. | [Other Information](#fin67463_16) | 40 |
| Item 6. | [Exhibits](#fin67463_17) | 41 |
|  **[SIGNATURES](#fin67463_18)** | **[SIGNATURES](#fin67463_18)** | 42 |

---

------

#### PART I. FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements

#### PIMCO Capital Solutions BDC Corp.

#### Consolidated Statements of Assets and Liabilities

#### (Amounts in thousands, except share and per share)
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | September 30, 2025 | December 31, 2024 |
| Assets |  |  |
| Investments at fair value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments, at fair value (cost of $230,283 and $229,254, respectively) | $228845 | $225617 |
| Financial derivative instruments Over the counter | 5 | 43 |
| Cash | 659 | 767 |
| Restricted cash | 932 | 1348 |
| Foreign currency, at value (cost of $206 and $83, respectively) | 213 | 81 |
| Interest receivable | 1120 | 2765 |
| Receivable for paydowns and sales of investments | 37 | 5111 |
| Deferred financing costs | 728 | 2023 |
| Total Assets | $232539 | $237755 |
| Liabilities |  |  |
| Debt | 29320 | 28182 |
| Financial derivative instruments Over the counter | 16 |  |
| Payable for investments purchased |  | 5414 |
| Interest payable | 109 | 846 |
| Accrued administration fee | 77 | 75 |
| Organizational costs payable to Advisor | 1109 | 1109 |
| Offering costs payable to Advisor | 20 | 20 |
| Directors fee reimbursement to Advisor | 500 | 188 |
| Accrued legal fee | 498 | 326 |
| Accrued commitment fee | 110 | 156 |
| Other liabilities | 663 | 446 |
| Total Liabilities | $32422 | $36762 |
| Commitments & Contingencies (Note 8) |  |  |
| Net Assets |  |  |
| Common stock, $0.001 par value, 250,000,000 shares authorized, 23,080,085 and 23,080,085 shares issued and outstanding as of |  |  |
| September 30, 2025 and December 31, 2024, respectively | $23 | $23 |
| Paid-in-capital in excess of par | 232896 | 232896 |
| Distributable earnings (loss) | (32802) | (31926) |
| Total Net Assets | $200117 | $200993 |
| Total Liabilities and Net Assets | $232539 | $237755 |
| Net asset value per share | $8.67 | $8.71 |

---

The accompanying notes are part of these unaudited consolidated financial statements.

------

#### **Table of Contents**

#### PIMCO Capital Solutions BDC Corp.

#### Consolidated Statements of Operations

#### (Amounts in thousands, except share and per share)
(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
|  | September 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 |
| Investment Income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From non-controlled, non-affiliated investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | $4933 | $3089 | $13057 | $11737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment in-kind interest | 854 | 2785 | 4590 | 6031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income | 35 | 45 | 66 | 147 |
| Total investment income | $5822 | $5919 | $17713 | $17915 |
| Expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fee | $641 | $620 | $1900 | $1878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors fee | 136 | 42 | 315 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration fee | 77 | 74 | 228 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 1216 | 1634 | 3463 | 2261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax expense | 50 | 40 | 150 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal expenses | 79 | 33 | 263 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 49 | 31 | 127 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recoupment of prior expenses paid by the Advisor |  | 21 |  | 193 |
| Total expenses | $2248 | $2495 | $6446 | $5134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Waivers (Note 3) | (641) | (620) | (1900) | (1878) |
| Net expenses | 1607 | 1875 | 4546 | 3256 |
| Net investment income (loss) | $4215 | $4044 | $13167 | $14659 |
| Net realized and unrealized gains (losses): |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | (8761) | 77 | (9579) | (339) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt extinguishment | (1100) |  | (1100) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over the counter financial derivative instruments | (102) |  | (271) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | 46 | (15) | 53 | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net realized gain (loss) | (9917) | 62 | (10897) | (354) |
| Net change in unrealized appreciation (depreciation) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | 2929 | 725 | 2199 | 1360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over the counter financial derivative instruments | 96 | (23) | (54) | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | (15) | (2) | 9 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total change in unrealized appreciation (depreciation) | 3010 | 700 | 2154 | 1335 |
| Net realized and unrealized gains (losses) | (6907) | 762 | (8743) | 981 |
| Net Increase (Decrease) in Net Assets Resulting from |  |  |  |  |
| Operations | $(2692) | $4806 | $4424 | $15640 |
| Weighted average shares outstanding (basic and diluted) | 23080085 | 21602602 | 23080085 | 21934160 |
| Net Investment income (loss) per share<br> (basic and diluted) | $0.18 | $0.19 | $0.57 | $0.67 |
| Net increase (decrease) in net assets resulting from operations (basic and diluted) | $(0.12) | $0.22 | $0.19 | $0.71 |

---

The accompanying notes are part of these unaudited consolidated financial statements.

------

#### **Table of Contents**

#### PIMCO Capital Solutions BDC Corp.

#### Consolidated Statements of Changes in Net Assets

#### (Amounts in thousands, except share and per share)
(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
|  | September 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 |
| Increase (Decrease) in Net Assets Resulting from Operations: |  |  |  |  |
| Net investment income | $4215 | $4044 | $13167 | $14659 |
| Net realized gain (loss) | (9917) | 62 | (10897) | (354) |
| Net change in unrealized appreciation (depreciation) | 3010 | 700 | 2154 | 1335 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $(2692) | $4806 | $4424 | $15640 |
| Distributions to stockholders from: |  |  |  |  |
| Distributable earnings | (2550) | (3250) | (5300) | (6350) |
| Total distributions to stockholders | (2550) | (3250) | (5300) | (6350) |
| Capital Share Transactions |  |  |  |  |
| Redemption of common shares | $— | $— | $— | $(33238) |
| Net Increase (Decrease) in Net Assets Resulting from Capital |  |  |  |  |
| Share Transactions | $— | $— | $— | $(33238) |
| Total Increase (Decrease) in Net Assets | $(5242) | $1556 | $(876) | $(23948) |
| Net Assets |  |  |  |  |
| Beginning of period | $205359 | $196546 | $200993 | $222050 |
| End of period | $200117 | $198102 | $200117 | $198102 |
| Capital Share Activity |  |  |  |  |
| Shares redeemed |  |  |  | (3785282) |
| Net Increase (Decrease) in Shares Outstanding |  |  |  | (3785282) |

---

The accompanying notes are part of these unaudited consolidated financial statements.

------

#### **Table of Contents**

#### PIMCO Capital Solutions BDC Corp.

#### Consolidated Statements of Cash Flows

#### (Amounts in thousands)
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | Nine Months Ended | Nine Months Ended |
|  | September 30, 2025 | September 30, 2024 |
|  Cash Flows From Operating Activities: |  |  |
|  Net Increase (Decrease) in Net Assets from Operations | $4424 | $15640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of long-term securities | (44171) | (42953) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of long-term securities | 84788 | 37341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales (Purchases) of short-term portfolio investments, net | (44881) | 22523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation) depreciation on investments | (2199) | (1360) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation) depreciation on over the counter financial derivative instruments | 54 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized (gain) loss on investments | 9579 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized (gain) loss on debt extinguishment | 1100 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment in-kind interest | (4590) | (6031) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net (accretion) on investments | (1700) | (1802) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paydown (gain) | (53) | (267) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of deferred financing costs | 194 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase/(decrease) in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in interest receivable | 1645 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in paydown receivable and sales of investments | 5074 | (70) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in organizational costs paid by Advisor |  | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in interest payable | (737) | 798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in accrued administration fee | 2 | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in organizational costs payable to Advisor |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in payable for investments purchased | (5414) | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in directors fee reimbursement to Advisor | 312 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in accrued legal fee | 172 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in accrued commitment fee | (46) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in other liabilities | 217 | 162 |
|  Net cash provided by (used for) operating activities | $3770 | $25229 |
|  Cash Flows From Financing Activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from debt | $27015 | $13640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of debt | (25877) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemption of common shares |  | (33238) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions paid | (5300) | (6350) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred financing costs paid |  | (3) |
|  Net cash provided by (used for) financing activities | $(4162) | $(25951) |
|  Net increase (decrease) in cash, restricted cash and foreign currency | (392) | (722) |
|  Cash, restricted cash and foreign currency, beginning of period | 2196 | 3315 |
|  Cash, restricted cash and foreign currency, end of period | $1804 | $2593 |
|  Supplemental and Cash Flow Information: |  |  |
|  Interest paid during the period | $4006 | $1261 |
|  Tax expenses paid during the period | $122 | $84 |
|  Supplemental and Non-Cash Information: |  |  |
|  Exchange of investments | 17945 | 25652 |

---

The accompanying notes are part of these unaudited consolidated financial statements.

------

#### **Table of Contents**

#### PIMCO Capital Solutions BDC Corp.

#### Consolidated Schedule of Investments as of September 30, 2025

#### (Amounts in thousands, except share amounts)
(Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments <sup>(1)</sup><br> Non-Controlled, Non-Affiliated Investments | Reference Rate<br> Spread <sup>(4)</sup> | Interest<br> Rate | Maturity<br> Date | Par Amount/<br> Shares | Cost | Fair Value | Percentage<br> of<br> Net Assets |
| Debt Investments |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brokerage |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hub International Limited Term Loan<sup>(7)</sup> | SOFR + 2.250% | 6.575% | 06/20/2030 | 2964 | $2974 | $2971 | 1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Brokerage |  |  |  |  | 2974 | 2971 | 1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemicals |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puris LLC Term Loan <sup>(3)(7)</sup> | SOFR + 5.750% | 10.075% | 06/30/2031 | 5835 | 5767 | 5553 | 2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Chemicals |  |  |  |  | 5767 | 5553 | 2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Products |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DRS Holdings III, Inc. <sup>(3)(7)</sup> | SOFR + 5.250% | 9.413% | 11/01/2028 | 4566 | 4566 | 4584 | 2.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neon Maple Purchaser, Inc. Term Loan <sup>(2)(12)</sup> | SOFR + 2.750% | 6.913% | 11/17/2031 | 100 | 99 | 100 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Consumer Products |  |  |  |  | 4665 | 4684 | 2.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Services |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCPE Empire Holdings, Inc. Term Loan <sup>(7)</sup> | SOFR + 3.250% | 7.413% | 12/11/2030 | 4940 | 4946 | 4937 | 2.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RKD Group Term Loan <sup>(3)(7)</sup> | SOFR + 5.500% | 9.695% | 05/19/2031 | 2305 | 2295 | 2308 | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RKD Group Revolving Credit Loan <sup>(3)(7)(9)</sup> | SOFR + 5.500% | 9.650% | 05/19/2031 | 178 | 76 | 76 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Consumer Services |  |  |  |  | 7317 | 7321 | 3.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diversified Manufacturing |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TK Elevator Midco GmbH Facility B Loan <sup>(2)(7)(10)</sup> | SOFR + 3.000% | 7.197% | 04/30/2030 | 2450 | 2450 | 2459 | 1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Diversified Manufacturing |  |  |  |  | 2450 | 2459 | 1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entertainment |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SubCalidora 2 S.a r.l. Term Loan <sup>(2)(3)(11)</sup> | EURIBOR + 5.750% | 7.730% | 08/14/2029 | 2384 | 2541 | 2813 | 1.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Entertainment |  |  |  |  | 2541 | 2813 | 1.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Other |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asurion, LLC B-12 Term Loan<sup>(7)</sup> | SOFR + 4.250% | 8.413% | 09/19/2030 | 4961 | 4914 | 4950 | 2.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gryphon Aquire NewCo, LLC Term Loan <sup>(7)</sup> | SOFR + 3.000% | 6.879% | 09/10/2032 | 1900 | 1891 | 1907 | 0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Financial Other |  |  |  |  | 6805 | 6857 | 3.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food and Beverage |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golden State Foods, LLC Term Loan | SOFR + 4.000% | 8.002% | 12/04/2031 | 99 | 98 | 99 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triton Water Holdings, Inc. Term Loan <sup>(7)</sup> | SOFR + 2.250% | 6.252% | 03/31/2028 | 4937 | 4937 | 4942 | 2.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Food and Beverage |  |  |  |  | 5035 | 5041 | 2.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthcare |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuity Eyecare Holdings, LLC Delayed Draw Term Loan <sup>(3)(9)</sup> | SOFR + 5.900% | 9.958% | 03/27/2027 | 5000 | 447 | 440 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paradigm Parent, LLC Initial Term Loan <sup>(7)</sup> | SOFR + 4.500% | 8.822% | 04/16/2032 | 2010 | 1812 | 1809 | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phoenix Guarantor, Inc. Term Loan <sup>(7)</sup> | SOFR + 2.500% | 6.663% | 02/21/2031 | 3465 | 3474 | 3471 | 1.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Renal Care, Inc. Closing Date Term Loan | SOFR + 5.114% | 9.278% | 06/20/2028 | 1563 | 1124 | 1496 | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Healthcare |  |  |  |  | 6857 | 7216 | 3.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Other |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC Initial Delayed Term Loan <sup>(3)</sup> | SOFR + 5.000% | 9.199% | 10/24/2030 | 759 | 752 | 765 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC Delayed Term Loan <sup>(3)</sup> | SOFR + 5.000% | 9.308% | 10/24/2030 | 757 | 753 | 763 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC Second Amendment Delayed Term Loan <sup>(3)(9)</sup> | SOFR + 5.000% | 9.308% | 10/24/2030 | 646 | 366 | 369 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC Term Loan <sup>(3)</sup> | SOFR + 5.000% | 9.199% | 10/24/2030 | 3188 | 3161 | 3215 | 1.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC Second Amendment Term Loan <sup>(3)</sup> | SOFR + 5.000% | 9.308% | 10/24/2030 | 220 | 218 | 222 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cube Industrials Buyer, Inc. Term Loan <sup>(7)</sup> | SOFR + 3.250% | 7.582% | 10/17/2031 | 4975 | 5003 | 5003 | 2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guardian Capital Term Loan <sup>(3)</sup> | SOFR + 4.017% | 9.517% | 08/14/2032 | 4400 | 4356 | 4356 | 2.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stepstone Group Midco 2 GmbH Term Loan <sup>(7)(10)</sup> | SOFR + 4.500% | 8.608% | 12/19/2031 | 2494 | 2489 | 2372 | 1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Industrial Other |  |  |  |  | 17098 | 17065 | 8.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance Life |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Marketing Acquisition, LLC Incremental Term Loan <sup>(3)</sup> | SOFR + 5.000% | 9.198% | 08/25/2028 | 9081 | 9097 | 9081 | 4.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Insurance Life |  |  |  |  | 9097 | 9081 | 4.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IT Services |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alorica, Inc. Term Loan <sup>(3)(7)</sup> | SOFR + 6.875% | 11.038% | 12/21/2027 | 11315 | 11254 | 11201 | 5.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total IT Services |  |  |  |  | 11254 | 11201 | 5.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Packaging |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc. Seven Year Term Loan <sup>(7)</sup> | SOFR + 3.175% | 7.338% | 04/13/2029 | 1819 | 1771 | 1819 | 0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Packaging |  |  |  |  | 1771 | 1819 | 0.91% |

---

The accompanying notes are part of these unaudited consolidated financial statements.

------

#### **Table of Contents**

#### PIMCO Capital Solutions BDC Corp.

#### Consolidated Schedule of Investments as of September 30, 2025

#### (Amounts in thousands, except share amounts)
(Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments <sup>(1)</sup><br> Non-Controlled, Non-Affiliated Investments | Reference Rate<br> Spread <sup>(4)</sup> | Interest<br> Rate <sup>(5)</sup> | Maturity<br> Date | Par<br> Amount/<br> Shares | Cost | Fair Value | Percentage<br> of<br> Net Assets |
| Debt Investments |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pharmaceuticals |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gainwell Acquisition Corp. Term B Loan <sup>(7)</sup> | SOFR + 4.100% | 8.102% | 10/01/2027 | 2198 | $2188 | $2167 | 1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Pharmaceuticals |  |  |  |  | 2188 | 2167 | 1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retailers |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LBM Acquisition, LLC Incremental Term Loan <sup>(7)</sup> | SOFR + 3.850% | 7.986% | 06/06/2031 | 2189 | 1874 | 2140 | 1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MI Windows and Doors, LLC Term Loan <sup>(7)</sup> | SOFR + 2.750% | 6.913% | 03/28/2031 | 3465 | 3484 | 3482 | 1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Retailers |  |  |  |  | 5358 | 5622 | 2.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arctic Wolf Networks, Inc. Term Loan <sup>(3)(7)</sup> | SOFR + 5.750% | 10.058% | 02/04/2030 | 4000 | 3930 | 3891 | 1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caldera Medical Term Loan <sup>(3)(7)</sup> | SOFR + 7.000% | 11.328% | 01/30/2030 | 4975 | 4892 | 4856 | 2.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloud Software Group, Inc. B-2 Term Loan <sup>(7)</sup> | SOFR + 3.250% | 7.252% | 03/21/2031 | 635 | 635 | 638 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoreWeave Compute Acquisition Co. IV, LLC Initial Term Loan <sup>(3)</sup> | SOFR + 6.000% | 10.280% | 05/16/2029 | 3314 | 3314 | 3410 | 1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cotiviti, Inc. Initial Term Loan <sup>(7)</sup> | SOFR + 2.750% | 7.030% | 05/01/2031 | 4938 | 4940 | 4859 | 2.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cotiviti, Inc. Initial Term Loan <sup>(7)</sup> | SOFR + 2.750% | 7.030% | 03/26/2032 | 1796 | 1778 | 1766 | 0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DataBricks, Inc. Term Loan <sup>(3)</sup> | SOFR + 4.500% | 8.723% | 01/03/2031 | 1450 | 1444 | 1476 | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denali Intermediate Holdings, Inc. Term Loan <sup>(3)(7)</sup> | SOFR + 5.500% | 9.666% | 08/26/2032 | 1573 | 1557 | 1563 | 0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DwyerOmega Revolving Credit Loan <sup>(9)</sup> | SOFR + 4.750% | 8.752% | 07/20/2029 | 606 | 49 | 56 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DwyerOmega Term Loan <sup>(3)(7)</sup> | SOFR + 4.750% | 8.752% | 08/28/2029 | 3860 | 3828 | 3860 | 1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endurance International Group Holdings, Inc. Initial Term Loan <sup>(3)(7)</sup> | SOFR + 3.614% | 7.838% | 02/10/2028 | 6770 | 6589 | 4908 | 2.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McAfee Corp. Term Loan <sup>(7)</sup> | SOFR + 3.000% | 7.223% | 03/01/2029 | 2322 | 2215 | 2225 | 1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MH Sub I, LLC Term Loan <sup>(7)</sup> | SOFR + 4.250% | 8.252% | 05/03/2028 | 1463 | 1420 | 1411 | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MH Sub I, LLC Term Loan <sup>(7)</sup> | SOFR + 4.250% | 8.413% | 12/31/2031 | 990 | 964 | 913 | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRI Software, LLC Revolving Credit Loan <sup>(3)(9)</sup> | SOFR + 4.750% | 8.752% | 02/10/2028 | 30 | 29 | 29 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRI Software, LLC Term Loan | SOFR + 4.750% | 8.752% | 02/10/2028 | 4657 | 4651 | 4649 | 2.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polaris Newco, LLC Dollar Term Loan <sup>(7)</sup> | SOFR + 4.261% | 8.570% | 06/02/2028 | 2357 | 2314 | 2277 | 1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renaissance Holding Corp. Initial Term Loan | SOFR + 4.000% | 8.163% | 04/05/2030 | 4937 | 4939 | 4292 | 2.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Technology |  |  |  |  | 49488 | 47079 | 23.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total First Lien Senior Secured |  |  |  |  | 140665 | 138949 | 69.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Lien Senior Secured Chemicals |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K2 Pure Solutions Nocal Holding 2L Term Loan <sup>(3)(8)</sup> | N/A | 17.000%<br> (7.000% PIK) | 01/30/2029 | 5623 | 5300 | 5675 | 2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Chemicals |  |  |  |  | 5300 | 5675 | 2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mavenir Systems, Inc. 2L Term Loan <sup>(2)(3)</sup> | N/A | 12.000% PIK | 07/26/2030 | 545 | 335 | 221 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Technology |  |  |  |  | 335 | 221 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Second Lien Senior Secured |  |  |  |  | 5635 | 5896 | 2.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Unsecured |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GCOM <sup>(3)(8)</sup> | N/A | 17.000% PIK | 02/16/2029 | 17857 | 15781 | 16222 | 8.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Technology |  |  |  |  | 15781 | 16222 | 8.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Senior Unsecured |  |  |  |  | 15781 | 16222 | 8.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Debt Investments |  |  |  |  | 162081 | 161067 | 80.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemicals |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K2 Propco Class S Units <sup>(3)(6)(8)</sup> | N/A | N/A | N/A | 897 | 285 | 993 | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K2 Pure Solutions Class S Units <sup>(3)(6)(8)</sup> | N/A | N/A | N/A | 113 | 36 | 125 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Chemicals |  |  |  |  | 321 | 1118 | 0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retailers |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Marine/Rising Tide Holdings, Inc. <sup>(3)(6)</sup> | N/A | N/A | N/A | 25000 | 359 | 158 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Retailers |  |  |  |  | 359 | 158 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks |  |  |  |  | 680 | 1276 | 0.64% |

---

The accompanying notes are part of these unaudited consolidated financial statements.

------

#### **Table of Contents**

#### PIMCO Capital Solutions BDC Corp.

#### Consolidated Schedule of Investments as of September 30, 2025

#### (Amounts in thousands, except share amounts)
(Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments <sup>(1)</sup><br> Non-Controlled, Non-Affiliated Investments | Reference Rate<br> Spread <sup>(4)</sup> | Interest<br> Rate <sup>(5)</sup> | Maturity<br> Date | Par<br> Amount/<br> Shares | Cost | Fair Value | Percentage<br> of<br> Net Assets |
| Warrants |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retailers |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Marine/Rising Tide Holdings, Inc. <sup>(3)(6)</sup> | N/A | N/A | 09/08/2028 | 47166 | $— | $— | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Retailers |  |  |  |  |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GCOM <sup>(3)(6)(8)</sup> | N/A | N/A | 08/11/2033 | 2491250 | 2491 | 1469 | 0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Technology |  |  |  |  | 2491 | 1469 | 0.73% |
| Total Warrants |  |  |  |  | 2491 | 1469 | 0.73% |
| Short-Term Investments |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Agencies |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Bank Discount Note | N/A | 4.024% | 10/08/2025 | 800 | 799 | 799 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total U.S. Government Agencies |  |  |  |  | 799 | 799 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bill | N/A | 3.474% | 10/07/2025 | 15600 | 15589 | 15589 | 7.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bill | N/A | 3.756% | 10/14/2025 | 2400 | 2396 | 2396 | 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bill | N/A | 3.855% | 10/21/2025 | 800 | 798 | 798 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bill | N/A | 3.858% | 10/23/2025 | 900 | 898 | 898 | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bill | N/A | 3.908% | 10/28/2025 | 13000 | 12959 | 12961 | 6.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bill | N/A | 3.918% | 10/30/2025 | 28200 | 28108 | 28108 | 14.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bill | N/A | 3.917% | 11/06/2025 | 2800 | 2789 | 2789 | 1.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bill | N/A | 3.816% | 12/11/2025 | 700 | 695 | 695 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total U.S. Treasury Bills |  |  |  |  | 64232 | 64234 | 32.10% |
| Total Short-Term Investments |  |  |  |  | 65031 | 65033 | 32.50% |
| Total Non-Controlled, Non-Affiliated Investments |  |  |  |  | $230283 | $228845 | 114.36% |
| Total Investments |  |  |  |  | $230283 | $228845 | 114.36% |

---

(1) All investments are U.S. domiciled, unless otherwise indicated.

(2) The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act''). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of September 30, 2025, total non-qualifying assets at fair value represented 2.8% of the Company's total net assets calculated in accordance with the 1940 Act.

(3) The fair value of the investment was valued using significant unobservable inputs. See Note 6. Fair Value Measurements in the Notes to Unaudited Consolidated Financial Statements.

(4) Unless otherwise indicated, the interest rate on the principal balance outstanding for all floating rate loans is indexed to the Term Secured Overnight Financing Rate ("SOFR") or Euro Interbank Offered Rate ("EURIBOR"), which typically resets semiannually, quarterly, or monthly at the borrower's option. The applicable base rate may be subject to a floor. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, we have provided the applicable margin over the reference rate based on each respective credit agreement. As of September 30, 2025, the reference rates for the floating rate loans were the 1 Month SOFR of 4.22%, 3 Month SOFR of 3.98%, 6 Month SOFR of 3.85%, 1 Month EURIBOR of 4.96%, 3 Month EURIBOR of 4.68% and 6 Month EURIBOR of 4.85%.

(5) Interest rates on short-term investments are annualized.

(6) Non-income producing security.

(7) Pledged as collateral against the credit facility. See Note 4. Borrowings in the Notes to Unaudited Consolidated Financial Statements for additional information.

(8) Represents co-investments made with the Company's affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission. See Note 3. Related Party Transactions in the Notes to Unaudited Consolidated Financial Statements.

(9) Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. Please refer to Note 8. Commitments & Contingencies for additional details.

(10) Investment is Germany domiciled.

(11) Investment is Spain domiciled.

(12) Investment is Canada domiciled.

#### ADDITIONAL INFORMATION

#### Foreign currency forward contracts (amounts in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Settlement | Unrealized<br> Appreciation<br> (Depreciation) |
| Bank of America | USD | 2700 | EUR | 2310 | 10/2/2025 | $(12) |
| Societe Generale | EUR | 2310 | USD | 2717 | 10/2/2025 | (4) |
| Societe Generale | USD | 2722 | EUR | 2310 | 11/4/2025 | 5 |
| Total foreign forward currency contracts |  |  |  |  |  | $(11) |
| EUR Euro |  |  |  |  |  |  |
| USD U.S. Dollar |  |  |  |  |  |  |

---

The accompanying notes are part of these unaudited consolidated financial statements.

------

#### **Table of Contents**

#### PIMCO Capital Solutions BDC Corp.

#### Consolidated Schedule of Investments as of December 31, 2024

#### (Amounts in thousands, except share amounts)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments <sup>(1)</sup><br> Non-Controlled, Non-Affiliated Investments | Reference Rate<br> Spread <sup>(4)</sup> | Interest<br> Rate | Maturity<br> Date | Par<br> Amount/<br> Shares | Cost | Fair Value | Percentage<br> of<br> Net Assets |
| Debt Investments |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Lien Senior Secured |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brokerage |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assured Partners, Inc. Term Loan | SOFR + 3.500% | 7.857% | 02/14/2031 | 3491 | $3504 | $3502 | 1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hub International Limited Term Loan <sup>(8)</sup> | SOFR + 2.750% | 7.367% | 06/20/2030 | 3491 | 3504 | 3517 | 1.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Brokerage |  |  |  |  | 7008 | 7019 | 3.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemicals |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puris LLC Term Loan <sup>(3)(8)</sup> | SOFR + 5.750% | 10.075% | 06/30/2031 | 4856 | 4786 | 4878 | 2.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SubCalidora 2 S.a r.l. Term<br> Loan <sup>(2)(3)(12)</sup> | EURIBOR + 5.750% | 9.095% | 08/14/2029 | 2384 | 2526 | 2476 | 1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Chemicals |  |  |  |  | 7312 | 7354 | 3.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Products |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neon Maple Purchaser, Inc. Term Loan <sup>(13)</sup> | SOFR + 3.000% | 7.444% | 11/17/2031 | 100 | 100 | 100 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Consumer Products |  |  |  |  | 100 | 100 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Services |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCPE Empire Holdings, Inc. Term Loan <sup>(8)</sup> | SOFR + 3.500% | 7.857% | 12/11/2028 | 4978 | 4985 | 5011 | 2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Consumer Services |  |  |  |  | 4985 | 5011 | 2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diversified Manufacturing |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TK Elevator Midco GmbH Facility B2 Loan <sup>(2)(11)</sup> | SOFR + 3.500% | 8.588% | 04/30/2030 | 2469 | 2469 | 2490 | 1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Diversified Manufacturing |  |  |  |  | 2469 | 2490 | 1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Other |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asurion, LLC B-12 Term Loan <sup>(8)</sup> | SOFR + 4.250% | 8.607% | 09/19/2030 | 4998 | 4942 | 4992 | 2.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Financial Other |  |  |  |  | 4942 | 4992 | 2.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food and Beverage |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golden State Foods, LLC Term Loan | SOFR + 4.250% | 8.774% | 12/31/2049 | 100 | 99 | 101 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triton Water Holdings, Inc. Initial Term Loan <sup>(8)</sup> | SOFR + 3.512% | 7.840% | 03/31/2028 | 4974 | 4974 | 5020 | 2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Food and Beverage |  |  |  |  | 5073 | 5121 | 2.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthcare |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phoenix Guarantor, Inc. Term Loan | SOFR + 2.500% | 6.857% | 02/21/2031 | 3500 | 3511 | 3517 | 1.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Renal Care, Inc. Closing Date Term Loan | SOFR + 5.114% | 9.471% | 06/20/2028 | 1575 | 1052 | 1479 | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Healthcare |  |  |  |  | 4563 | 4996 | 2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Other |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC Initial Delayed Term Loan <sup>(3)</sup> | SOFR + 5.000% | 9.514% | 10/24/2030 | 765 | 757 | 763 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC Delayed Term Loan <sup>(3)(10)</sup> | SOFR + 5.000% | 9.514% | 10/24/2030 | 220 | 216 | 219 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC Revolving Credit Loan <sup>(3)(10)</sup> | SOFR + 5.000% | 9.514% | 10/24/2029 | 172 | 170 | 172 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC Term Loan <sup>(3)</sup> | SOFR + 5.000% | 9.514% | 10/24/2030 | 3212 | 3181 | 3204 | 1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Industrial Other |  |  |  |  | 4324 | 4358 | 2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance Life |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Marketing Acquisition, LLC Incremental Term Loan <sup>(3)</sup> | SOFR + 5.000% | 9.514% | 08/25/2028 | 9149 | 9149 | 9192 | 4.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Insurance Life |  |  |  |  | 9149 | 9192 | 4.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IT Services |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alorica, Inc. Term Loan <sup>(3)</sup> | SOFR + 6.875% | 11.232% | 12/21/2027 | 11502 | 11419 | 11233 | 5.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total IT Services |  |  |  |  | 11419 | 11233 | 5.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Packaging |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc. Seven Year Term Loan <sup>(8)</sup> | SOFR + 3.175% | 7.532% | 04/13/2029 | 1819 | 1762 | 1825 | 0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LABL, Inc. Initial Dollar Term Loan <sup>(8)</sup> | SOFR + 5.100% | 9.457% | 10/29/2028 | 4987 | 4893 | 4834 | 2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Packaging |  |  |  |  | 6655 | 6659 | 3.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pharmaceuticals |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gainwell Acquisition Corp. Term B Loan <sup>(8)</sup> | SOFR + 4.100% | 8.429% | 10/01/2027 | 2215 | 2202 | 2151 | 1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Pharmaceuticals |  |  |  |  | 2202 | 2151 | 1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retailers |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LBM Acquisition, LLC Incremental Term Loan <sup>(8)</sup> | SOFR + 3.750% | 8.079% | 06/06/2031 | 2205 | 1860 | 2190 | 1.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MI Windows and Doors, LLC Term Loan <sup>(8)</sup> | SOFR + 3.000% | 7.357% | 03/28/2031 | 3491 | 3512 | 3531 | 1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Retailers |  |  |  |  | 5372 | 5721 | 2.85% |

---

The accompanying notes are part of these unaudited consolidated financial statements.

------

#### **Table of Contents**

#### PIMCO Capital Solutions BDC Corp.

#### Consolidated Schedule of Investments as of December 31, 2024

#### (Amounts in thousands, except share amounts)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments <sup>(1)</sup><br> Non-Controlled, Non-Affiliated Investments | Reference Rate<br> Spread <sup>(4)</sup> | Interest<br> Rate <sup>(5)</sup> | Maturity<br> Date | Par Amount/<br> Shares | Cost | Fair Value | Percentage of<br> Net Assets |
|  Debt Investments |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien Senior Secured |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cloud Software Group, Inc. Term Loan <sup>(8)</sup> | SOFR + 3.750% | 8.079% | 03/21/2031 | 638 | $638 | $641 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cloud Software Group, Inc. Term Loan <sup>(8)</sup> | SOFR + 3.500% | 7.829% | 03/30/2029 | 1843 | 1849 | 1851 | 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CoreWeave Compute Acquisition Co. IV, LLC Initial Term Loan <sup>(3)(10)</sup> | SOFR + 6.000% | 10.329% | 05/16/2029 | 2529 | 2529 | 2542 | 1.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cotiviti, Inc. Initial Term Loan | SOFR + 2.750% | 7.303% | 05/01/2031 | 4975 | 4979 | 5009 | 2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DataBricks, Inc. Term Loan <sup>(3)</sup> | SOFR + 6.000% | 8.851% | 12/31/2049 | 1450 | 1443 | 1443 | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DwyerOmega Term Loan <sup>(3)</sup> | SOFR + 4.750% | 9.271% | 08/28/2029 | 3889 | 3851 | 3850 | 1.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Endurance International Group Holdings, Inc. Initial Term Loan <sup>(3)(8)</sup> | SOFR + 3.614% | 8.138% | 02/10/2028 | 6823 | 6588 | 5595 | 2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mavenir Systems, Inc. Initial Term Loan <sup>(2)</sup> | SOFR + 5.012% | 9.526% | 08/18/2028 | 9725 | 9658 | 6900 | 3.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mavenir Systems, Inc. Initial Term Loan <sup>(2)(3)</sup> | SOFR + 10.000% | 14.396% | 01/31/2025 | 1335 | 1316 | 1335 | 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McAfee Corp. Term Loan <sup>(8)</sup> | SOFR + 3.000% | 7.370% | 03/01/2029 | 2340 | 2212 | 2345 | 1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MH Sub I, LLC Term Loan <sup>(8)</sup> | SOFR + 4.250% | 8.607% | 04/25/2028 | 1478 | 1435 | 1480 | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MH Sub I, LLC Term Loan <sup>(8)</sup> | SOFR + 4.250% | 8.607% | 04/25/2028 | 997 | 968 | 999 | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MRI Software, LLC Revolving Credit Loan <sup>(3)(10)</sup> | SOFR + 4.750% | 9.079% | 02/10/2027 | 17 | 15 | 15 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MRI Software, LLC Term Loan | SOFR + 4.750% | 9.079% | 02/10/2027 | 4694 | 4684 | 4706 | 2.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Planview Parent, Inc. Incremental Term Loan <sup>(8)</sup> | SOFR + 3.500% | 7.829% | 12/17/2027 | 6841 | 6854 | 6899 | 3.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Polaris Newco, LLC Dollar Term Loan <sup>(8)</sup> | SOFR + 4.262% | 8.847% | 06/02/2028 | 2375 | 2321 | 2383 | 1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Renaissance Holding Corp. Initial Term Loan | SOFR + 4.000% | 8.357% | 04/05/2030 | 4975 | 4980 | 4969 | 2.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Technology |  |  |  |  | 56320 | 52962 | 26.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total First Lien Senior Secured |  |  |  |  | 131893 | 129359 | 64.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien Senior Secured |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; K2 Pure Solutions Nocal Holding Term Loan <sup>(3)(6)(9)</sup> | N/A | 17.000% | 01/30/2029 | 5335 | 4961 | 5395 | 2.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Chemicals |  |  |  |  | 4961 | 5395 | 2.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altar BidCo, Inc. Initial Term Loan | SOFR + 5.600% | 9.747% | 02/01/2030 | 2900 | 2877 | 2817 | 1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Technology |  |  |  |  | 2877 | 2817 | 1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Second Lien Senior Secured |  |  |  |  | 7838 | 8212 | 4.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Services |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LEAF Home Solutions Note <sup>(3)(6)(8)</sup> | N/A | 12.000% | 02/26/2027 | 36219 | 36134 | 34921 | 17.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Services |  |  |  |  | 36134 | 34921 | 17.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GCOM <sup>(3)(6)(9)</sup> | N/A | 17.000% | 02/16/2029 | 15739 | 13387 | 13641 | 6.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Technology |  |  |  |  | 13387 | 13641 | 6.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Senior Unsecured |  |  |  |  | 49521 | 48562 | 24.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Debt Investments |  |  |  |  | 189252 | 186133 | 92.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automotive |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rivian Holdings/Auto LLC 144A <sup>(2)</sup> | SOFR + 5.625% | 11.359% | 10/15/2026 | 18601 | 18452 | 18732 | 9.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Automotive |  |  |  |  | 18452 | 18732 | 9.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds |  |  |  |  | 18452 | 18732 | 9.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; K2 Propco Class S Units <sup>(3)(7)(9)</sup> | N/A | N/A | N/A | 897 | 285 | 651 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; K2 Pure Solutions Class S Units <sup>(3)(7)(9)</sup> | N/A | N/A | N/A | 113 | 36 | 82 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Chemicals |  |  |  |  | 321 | 733 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retailers |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Marine/Rising Tide Holdings, Inc. <sup>(3)(7)</sup> | N/A | N/A | N/A | 25000 | 360 | 158 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Retailers |  |  |  |  | 360 | 158 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks |  |  |  |  | 681 | 891 | 0.44% |

---

The accompanying notes are part of these unaudited consolidated financial statements.

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#### **Table of Contents**

#### PIMCO Capital Solutions BDC Corp.

#### Consolidated Schedule of Investments as of December 31, 2024

#### (Amounts in thousands, except share amounts)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments <sup>(1)</sup>Non-Controlled, Non-Affiliated Investments | Reference Rate<br>Spread <sup>(4)</sup> | Interest<br>Rate <sup>(5)</sup> | Maturity <br>Date | Par Amount/<br>Shares | Cost | Fair Value | Percentage<br>of<br>Net Assets |
|  Warrants |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retailers |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Marine/Rising Tide Holdings, Inc. <sup>(3)(7)</sup> | N/A | N/A | 09/08/2028 | 47166 | $— | $— | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Retailers |  |  |  |  |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GCOM <sup>(3)(7)(9)</sup> | N/A | N/A | 08/11/2033 | 2491250 | 2491 | 1480 | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mavenir Systems, Inc. <sup>(3)(7)</sup> | N/A | N/A | 01/31/2025 | 1235313 |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Technology |  |  |  |  | 2491 | 1480 | 0.74% |
|  Total Warrants |  |  |  |  | 2491 | 1480 | 0.74% |
|  Short-Term Investments |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bill | N/A | 0.000% | 01/02/2025 | 14600 | 14598 | 14600 | 7.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bill | N/A | 4.001% | 02/06/2025 | 1900 | 1892 | 1892 | 0.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bill | N/A | 4.025% | 02/20/2025 | 1900 | 1888 | 1889 | 0.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Bills |  |  |  |  | 18378 | 18381 | 9.14% |
|  Total Short-Term Investments |  |  |  |  | 18378 | 18381 | 9.14% |
|  Total Non-Controlled, Non-Affiliated Investments |  |  |  |  | $229254 | $225617 | 112.25% |
|  Total Investments |  |  |  |  | $229254 | $225617 | 112.25% |

---

(1) All investments are U.S. domiciled, unless otherwise indicated.

(2) The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act''). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2024, total non-qualifying assets at fair value represented 15.9% of the Company's total net assets calculated in accordance with the 1940 Act.

(3) The fair value of the investment was valued using significant unobservable inputs. See Note 6. Fair Value Measurements in the Notes to Consolidated Financial Statements.

(4) Unless otherwise indicated, the interest rate on the principal balance outstanding for all floating rate loans is indexed to the Term Secured Overnight Financing Rate ("SOFR") or Euro Interbank Offered Rate ("EURIBOR"), which typically resets semiannually, quarterly, or monthly at the borrower's option. The applicable base rate may be subject to a floor. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, we have provided the applicable margin over the reference rate based on each respective credit agreement. As of December 31, 2024, the reference rates for the floating rate loans were the 1 Month SOFR of 4.33%, 3 Month SOFR of 4.31%, 6 Month SOFR of 4.25%, 1 Month EURIBOR of 2.85%, 3 Month EURIBOR of 2.71% and 6 Month EURIBOR of 2.57%.

(5) Interest rates on short-term investments are annualized.

(6) All or a portion of the interest on this position is paid-in-kind (PIK).

(7) Non-income producing security.

(8) Pledged as collateral against the credit facility. See Note 4. Borrowings in the Notes to Consolidated Financial Statements for additional information.

(9) Represents co-investments made with the Company's affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission. See Note 3. Related Party Transactions in the Notes to Consolidated Financial Statements.

(10) Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. Please refer to Note 8. Commitments & Contingencies for additional details.

(11) Investment is Germany domiciled.

(12) Investment is Spain domiciled.

(13) Investment is Canada domiciled.

#### ADDITIONAL INFORMATION

#### Foreign currency forward contracts (amounts in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Settlement | Unrealized<br> Appreciation<br> (Depreciation) |
|  Standard Chartered Bank | USD | 2437 | EUR | 2310 | 1/15/2025 | $43 |
|  Total foreign forward currency contracts |  |  |  |  |  | $43 |
|  EUR Euro |  |  |  |  |  |  |
|  USD U.S. Dollar |  |  |  |  |  |  |

---

The accompanying notes are part of these unaudited consolidated financial statements.

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#### **Table of Contents**

#### PIMCO Capital Solutions BDC Corp.

#### Notes to Unaudited Consolidated Financial Statements

#### September 30, 2025
1. Organization

PIMCO Capital Solutions BDC Corp. (collectively with its consolidated subsidiaries, the "Company," "we," "our," and "us"), is an externally managed, non-diversified, closed-end management investment company that elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"), on July 11, 2022. The Company was incorporated under the laws of the state of Delaware on December 23, 2021. In addition, for U.S. federal income tax purposes, the Company has elected as of August 1, 2022 to be treated as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

The Company invests primarily in privately negotiated loans and equity investments to middle market companies generally with annual revenues greater than $20 million and earnings before interest, taxes, depreciation and amortization ("EBITDA") of less than $50 million. Pacific Investment Management Company LLC ("PIMCO" or the "Advisor") serves as the Company's external investment advisor pursuant to an investment management agreement (the "Advisory Agreement"). PIMCO is an investment advisor registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). PIMCO also serves as the Company's administrator (in such capacity, the "Administrator") pursuant to an administration agreement (the "Administration Agreement"). The Administrator may retain a sub-administrator to perform any or all of its obligations under the Administration Agreement.

The Company is conducting private offerings (each a "Private Offering") of its common stock to investors in reliance on an exemption from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). At the closing of any Private Offering, each investor makes a capital commitment (a "Capital Commitment") to purchase Shares (as defined below) pursuant to a subscription agreement ("Subscription Agreement") entered into with the Company or PIMCO Capital Solutions US Feeder LP, a feeder fund established by the Advisor to invest in Shares of the Company ("Feeder Fund"). The Company is a perpetual-life investment vehicle, without a fixed termination date or commitment period. Investors will be required to fund drawdowns to purchase Shares up to the amount of their respective Capital Commitment on an as-needed basis each time the Company delivers a capital draw-down notice to its investors. The Company entered into an initial subscription agreement on June 9, 2022, received capital contributions on June 10, 2022 (date of inception), and commenced investment operations on June 30, 2022.

The initial meeting of the Board of Directors (the "Board") of the Company was held on June 22, 2022. There were no operations prior to June 10, 2022 (date of inception). Effective June 10, 2022, affiliated entities of the Advisor (the "PIMCO Entities") indirectly contributed $15 thousand of capital to the Company by investing in interests of the Feeder Fund. In exchange for this contribution, the PIMCO Entities, through their interest in the Feeder Fund, each indirectly received common stock of the Company, par value $0.001 ("Shares"). On June 29, 2022, the PIMCO Entities made an additional capital contribution and, pursuant to Transfer Agreements entered into on June 30, 2022, the PIMCO Entities contributed additional assets to the Company with a fair market value of $143.9 million and unrealized loss of $6.6 million. As a result of these foregoing transactions, the Company issued and sold a total of 25,387,884 Shares at an aggregate purchase price of $253.9 million.

On January 25, 2024, the Company repurchased 3.8 million shares of common stock, par value $0.001 per share, from PIMCO Capital Solutions US Feeder LP for $33.2 million at $8.78 per share in accordance with its offer to repurchase its own shares up to the amount of shares that could be repurchased with approximately $40.0 million.

As of September 30, 2025, the Company had total Capital Commitments of $216.0 million, of which 0% is unfunded. Capital Commitments may be drawn down by the Company on a pro rata basis, as needed (including follow-on investments), for paying the Company's expenses, including fees under the Advisory Agreement and Administration Agreement (as defined below), and/or maintaining a reserve account for the payment of future expenses or liabilities.

The Company's fiscal year ends December 31.

2. Significant Accounting Policies

#### Basis of Accounting
The Company's consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"). The Company is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, Financial Services – Investment Companies. The functional and reporting currency for the Company is the U.S. dollar.

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#### **Table of Contents**
The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of the Company, the accompanying unaudited consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of September 30, 2025, and its results of operations for the three and nine months ended September 30, 2025 and 2024, and its cash flows for the nine months ended September 30, 2025 and 2024. The consolidated balance sheet at December 31, 2024, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements.

#### Use of Estimates
The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that may affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates.

#### Basis of Consolidation
As provided under ASC Topic 946 and Regulation S-X, the Company will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of the Company's wholly-owned subsidiaries, Emerald CS LLC, Ruby CS LLC, Amber CS LLC, Citrine CS LLC, Diamond CS LLC, Opal CS LLC, Quartz CS LLC, Jade CS LLC, Pearl CS LLC, Sapphire CS LLC, Topaz CS LLC, Garnet CS LLC, Turquoise CS LLC, Aquamarine CS LLC, Tanzanite CS LLC, Peridot CS LLC, Cobalt CS LLC, Sunstone CS LLC, Silver CS LLC, Coral CS LLC, Jasper CS LLC, Onyx CS LLC, Amethyst CS LLC and Platinum CS LLC. All material intercompany transactions are eliminated in consolidation.

#### Fair Value of Investments
The Company applies fair value to all of its financial instruments in accordance with ASC Topic 820—Fair Value Measurement ("ASC Topic 820"). ASC Topic 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC Topic 820, the Company has categorized its financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity-specific measure. Therefore, when market assumptions are not readily available, the Company's own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date.

#### Revenue Recognition
Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 15 days or more after the trade date. Realized gains and losses from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Company is informed of the dividend. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Consolidated Statements of Operations. Paydown gains and losses on asset-backed securities are recorded as components of interest income on the Consolidated Statements of Operations.

Investments are placed on non-accrual status when it is probable that principal, interest or dividends will not be collected according to contractual terms. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management's judgement. Non-accrual investments are restored to accrual status when past due principal and interest or dividends are paid and, in management's judgement, principal and interest or dividend payments 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.

Interest income and interest expense are recognized on an accrual basis. Interest income on debt instruments is accrued and recognized for those issuers who are currently paying in full or expected to pay in full. For those issuers who are in default or expected to default, interest is not accrued and is only recognized when received or applied to principal depending upon management's judgement. Interest income and expense include discounts accreted and premiums amortized on certain debt instruments as determined in good faith by the Company and calculated using the effective interest method. Loan origination fees, original issue discounts and market discounts or premiums are capitalized as part of the underlying cost of the investments and accreted or amortized over the life of the investment as interest income.

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#### **Table of Contents**
Paydown gains and losses on investments in debt instruments are reported in Interest income on the Consolidated Statements of Operations. The Company records dividend income from private securities pursuant to the terms of the respective investments.

The Company may earn various fees during the life of the loans. Such fees include, but are not limited to, syndication, commitment, administration, prepayment and amendment fees, some of which are paid to the Company on an ongoing basis. These fees and any other income are recognized as earned as a component of Other income, if applicable, on the Consolidated Statements of Operations. Certain commitment fees are deferred and included in Other Liabilities on the Consolidated Statements of Assets and Liabilities. The commitment fees are amortized over the life of the investment as other income.

#### Deferred Financing Costs
Deferred financing costs represent fees and other direct incremental costs incurred in connection with the Company's borrowings. As of September 30, 2025 and December 31, 2024, the Company had deferred financing costs of $0.7 million and $2.0 million, respectively. These amounts are amortized and included in interest expense in the Consolidated Statements of Operations over the life of the borrowings.

#### Payment In-Kind Interest
The Company may have investments that contain Payment-In-Kind ("PIK") provisions. PIK income, computed at the contractual rate specified in the Company investment agreement, is added to the principal balance of the investment and recorded as Payment in-kind interest on the Consolidated Statements of Operations. The Company prospectively ceases recognition of PIK income and the associated principal balance if such amounts and balances are deemed to be doubtful of collection. For investments with PIK income, the Company calculates income accruals based on the principal balance including any PIK.

#### Organizational Costs
Organizational costs to establish the Company are charged to expense as incurred. These expenses consist primarily of legal fees and other costs of organizing the Company. The Advisor may elect to pay certain organizational costs of the Company on the Company's behalf and for which the Company reimburses the Advisor. If the Company is dissolved prior to the full reimbursement of the organizational costs, the Advisor shall not seek reimbursement of any remaining amounts upon dissolution. The Company has entered into an Expense Support and Conditional Reimbursement Agreement (the "Expense Reimbursement Agreement") with the Advisor pursuant to which the Advisor may elect to pay certain expenses on the Company's behalf and the Company may be required to repay the Advisor from its excess operating funds until such time as all expenses made by the Advisor on behalf of the Company within three years have been reimbursed. These expenses consist primarily of legal fees and other costs of organizing the Company. As of September 30, 2025 and December 31, 2024, there were no expenses recoverable by the Advisor for organizational expenses paid on the Company's behalf. As of September 30, 2025 and December 31, 2024, there were $1.1 million and $1.1 million, respectively, owed to the Advisor for organizational expenses paid on the Company's behalf, which are recorded as "Organizational costs payable to Advisor" on the Consolidated Statements of Assets and Liabilities.

#### Offering Costs
Offering costs in connection with the offering of common stock of the Company are capitalized as a deferred charge and amortized to expense on a straight-line basis over 12 months from the commencement of operations. The Advisor may elect to pay certain offering costs of the Company on the Company's behalf and for which the Company may reimburse the Advisor pursuant to the Expense Reimbursement Agreement between the Company and Advisor. If the Company is dissolved prior to the full reimbursement of the offering costs, the Advisor shall not seek reimbursement of any remaining amounts upon dissolution. As of September 30, 2025 and December 31, 2024, there were no expenses recoverable by the Advisor for offering costs paid on the Company's behalf. As of September 30, 2025 and December 31, 2024, there were $20 thousand and $20 thousand, respectively, owed to the Advisor for offering costs paid on the Company's behalf, which are recorded as "Offering costs payable to Advisor" on the Consolidated Statements of Assets and Liabilities.

#### Other Expenses
All costs associated with consummated investments are included in the cost of such investments. Broken deal expenses incurred in connection with investment transactions which are not successfully consummated are expensed as a component of Other expenses on the Consolidated Statements of Operations. In addition, valuation, insurance, filing, research, consulting, subscriptions, directors' out-of-pocket expenses and other costs, are included as components of Other expenses on the Consolidated Statements of Operations and Other payables on the Statements of Assets and Liabilities.

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#### **Table of Contents**

#### Legal Expense
Legal expenses are primarily for legal guidance related to investments, financing, co-investment matters and Board Member advice. These expenses are included as Legal expenses on the Consolidated Statement of Operations and Legal expenses payable on the Consolidated Statements of Assets and Liabilities.

#### Cash, Restricted Cash and Foreign Currency Translations
Cash is comprised of cash at the custodian bank. The consolidated financial statements of the Company are presented using the currency of the primary economic environment in which it operates. The functional and reporting currency for the Company is the U.S. dollar. Restricted cash is subject to a contractual restriction by a third party, including restriction of withdrawal and use until transferred to the operating account of the Company. Any restricted cash is held at an account controlled by the Credit Facility servicer as disclosed in Note 4. Borrowings.

Amounts denominated in foreign currencies are translated into USD on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into USD based upon currency exchange rates effective on the last business day of the period; and (ii) purchases and sales of investments, borrowings and repayments of such borrowings, income, and expenses denominated in foreign currencies are translated into USD based upon currency exchange rates prevailing on the transaction dates.

The Company does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included within the net realized and unrealized gains or losses on investments. Fluctuations arising from the translation of non-investment assets and liabilities, if any, are included with the net change in unrealized gains (losses) on foreign currency on the Consolidated Statements of Operations.

Foreign securities and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices to be more volatile than those of comparable U.S. companies or U.S. government securities.

Cash, restricted cash and foreign currency consisted of the following as of September 30, 2025 and December 31, 2024 (amounts in thousands). Foreign currency cost is disclosed on the Consolidated Statements of Assets and Liabilities.

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| | | |
|:---|:---|:---|
|  | September 30, 2025 | December 31, 2024 |
| Cash | $659 | $767 |
| Restricted Cash | 932 | 1348 |
| Foreign Currency | 213 | 81 |
| Total cash, restricted cash and foreign currency in the Consolidated Statement of Cash Flows | $1804 | $2196 |

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#### Derivatives
The Company may enter into foreign currency forward contracts to reduce the Company's exposure to foreign currency exchange rate fluctuations in the value of foreign currencies. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. Foreign currency forward contracts are marked-to-market at the applicable forward rate. Unrealized appreciation (depreciation) on foreign currency forward contracts is recorded on the Consolidated Statements of Assets and Liabilities by the counterparty on a net basis, not taking into account collateral posted which is recorded separately, if applicable. Notional amounts of foreign currency forward contract assets and liabilities are presented separately on the Consolidated Schedules of Investments. Purchases and settlements of foreign currency forward contracts having the same settlement date and counterparty are generally settled net and any realized gains or losses are recognized on the settlement date. The Company does not utilize hedge accounting and as such, the Company recognizes its derivatives at fair value, and records changes in the net unrealized appreciation (depreciation) on foreign currency forward contracts in the Consolidated Statements of Operations.

#### Income Taxes
The Company has elected, as of August 1, 2022, to be treated as a RIC under the Code and intends each year to qualify and be eligible to be treated as such, so that it generally will not be subject to U.S. federal income tax on its net investment income or net short-term or long-term capital gains, that are distributed (or deemed distributed, as described below) to stockholders. In order to qualify and be eligible for such treatment, the Company must meet certain asset diversification tests, derive at least 90% of its gross income for such year from certain types of qualifying income, and distribute to its stockholders at least 90% of its "investment company taxable income" as that term is defined in the Code (which includes, among other things, dividends, taxable interest and the excess of any net short-term capital gains over net long-term capital losses, as reduced by certain deductible expenses).

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#### **Table of Contents**
The Company's investment strategy will potentially be limited by its intention to continue qualifying for treatment as a RIC and can limit the Company's ability to continue qualifying as such. The tax treatment of certain of the Company's investments under one or more of the qualification or distribution tests applicable to RICs is uncertain. An adverse determination or future guidance by the Internal Revenue Service or a change in law might affect the Company's ability to qualify or be eligible for such treatment.

If, in any year, the Company were to fail to qualify for treatment as a RIC under the Code and were ineligible to or did not otherwise cure such failure, the Company would be subject to tax on its taxable income at corporate rates and, when such income is distributed, stockholders would be subject to further tax on such distributions to the extent of the Company's current or accumulated earnings and profits.

The Company accounts for income taxes in conformity with ASC Topic 740—Income Taxes ("ASC Topic 740"). ASC Topic 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense or tax benefit in the current year. It is the Company's policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. There were no material unrecognized tax benefits or unrecognized tax liabilities related to uncertain income tax positions through September 30, 2025. The tax years that remain open to examination are the prior three years and prior four years for Federal and state tax returns, respectively, assuming tax filings have been made for such years.

#### Distributions
Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on the Company's financial statements presented under U.S. GAAP.

The Company has adopted an "opt out" distribution reinvestment plan ("DRIP"). As a result, unless stockholders elect to "opt out" of the DRIP, stockholders will have their cash dividends or distributions automatically reinvested in additional Shares, rather than receiving cash. Shareholders who receive distributions in the form of Shares will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions; however, those stockholders will not receive cash with which to pay any applicable taxes.

#### Recent Accounting Pronouncements
In December 2023, the FASB issued ASU 2023-09, "Improvements to Income Tax Disclosures," which requires additional disaggregated disclosures on the entity's effective tax rate reconciliation and additional details on income taxes paid. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the consolidated financial statements. The Company does not expect the adoption of ASU 2023-09 to have a material impact on its consolidated financial statements.

3. Related Party Transactions

Advisory Agreement

On June 30, 2022, the Company entered into an Advisory Agreement, pursuant to which the Company will pay the Advisor, quarterly in arrears, a base management fee calculated at an annual rate of 1.25%. The base management fee is calculated based on the average of the Company's total net assets (including cash or cash equivalents but excluding assets purchased with borrowed amounts) as of the end of the two most recently completed calendar quarters. The base management fee for any partial month or quarter is appropriately prorated. The Advisor has agreed to waive all management fees payable pursuant to the Advisory Agreement for so long as the only stockholders of the Company are PIMCO Entities. The Advisory Agreement does not provide for the payment of incentive fees.

For the three months ended September 30, 2025 and 2024, the Company incurred a management fee of $0.6 million and $0.6 million, respectively, of which 100% was waived by the Advisor. For the nine months ended September 30, 2025 and 2024, the Company incurred a management fee of $1.9 million and $1.9 million, respectively, of which 100% was waived by the Advisor.

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#### **Table of Contents**
Administration Agreement

On June 30, 2022, the Company entered into an Administration Agreement with PIMCO in its capacity as Administrator. Under the Administration Agreement, the Administrator provides or causes to be furnished certain supervisory and administrative and other services reasonably necessary for the operation of the Company. Pursuant to the Administration Agreement, the Company pays the Administrator an annual fee calculated and payable quarterly in arrears on the last business day of calendar quarter in an amount equal to 0.15% of the Company's total net assets.

For the three months ended September 30, 2025 and 2024, the Company incurred an administration fee of $77 thousand and $74 thousand, respectively. For the nine months ended September 30, 2025 and 2024, the Company incurred an administration fee of $228 thousand and $223 thousand, respectively.

Expense Reimbursement Agreement

The Company has entered into an Expense Reimbursement Agreement with the Advisor. The Advisor may elect to make certain Expense Payments on the Company's behalf, provided that no portion of the payment will be used to pay any of the Company's interest expense. The Advisor has agreed to make Expense Payments on the Company's behalf through September 30, 2025, including directors fees. As of September 30, 2025 and December 31, 2024, $0.5 million and $0.2 million, respectively, are reimbursable to the Advisor for directors fees, which are recorded as "Directors fee reimbursement to Advisor" on the Consolidated Statements of Assets and Liabilities.

Following any calendar year in which Available Operating Funds (defined below) exceed the cumulative distributions accrued to the Company's stockholders based on distributions declared with respect to record dates occurring in such calendar year (the amount of such excess, "Excess Operating Funds"), the Company shall pay Excess Operating Funds, or a portion thereof, to the Advisor until such time as all Expense Payments made by the Advisor to or on behalf of the Company within three years prior to the last business day of such calendar year have been reimbursed. Any payments required to be made by the Company shall be referred to herein as a "Reimbursement Payment." "Available Operating Funds" means the sum of (i) the Company's net "investment company taxable income", as defined by the Code, which generally includes net ordinary income and net short-term taxable gains reduced by net long-term capital losses, (ii) the Company's net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) distributions and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above). No Reimbursement Payment for any calendar year will be made if the Company's Operating Expense Ratio (defined below) at the time of such Reimbursement Payment is greater than the Operating Expense Ratio at the time the expense payment was made to which such Reimbursement Payment relates. The "Operating Expense Ratio" is calculated by dividing all of the Company's operating costs and expenses incurred, as determined in accordance with U.S. GAAP for investment companies, less organizational and offering expenses, base management fees owed to the Advisor, and interest expense, by the Company's average net assets.

The Expense Reimbursement Agreement may require the Company to repay the Advisor for previously waived reimbursement of Expense Payments under certain circumstances. The previously waived expenses are potentially subject to repayment by the Company, if at all, within a period not to exceed three years from the date of the relevant waiver.

For the three months ended September 30, 2025 and 2024, the Company did not waive any organizational costs. For the nine months ended September 30, 2025 and 2024, the Company did not waive any organizational costs.

For the three months ended September 30, 2025 and 2024, the Advisor recouped $0 and $21 thousand, respectively, from the Company for prior expenses paid, which are recorded as "Recoupment of prior expenses paid by the Advisor" on the Consolidated Statement of Operations. For the nine months ended September 30, 2025 and 2024, the Advisor recouped $0 and $193 thousand, respectively, from the Company for prior expenses paid, which are recorded as "Recoupment of prior expenses paid by the Advisor" on the Consolidated Statement of Operations.

Due to/from Affiliate

There were no receivables or payables to affiliates as of September 30, 2025 and December 31, 2024.

Directors Fee

The Company compensates each of its Independent Directors for their services. Their compensation is included in Directors fee on the Consolidated Statements of Operations. The Independent Directors also receive reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each meeting, which are included as components of Other expenses on the Consolidated Statements of Operations and Other payables on the Statements of Assets and Liabilities.

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Co-Investment Relief

The Company has received exemptive relief from the SEC that, to the extent the Company relies on such relief, permits it to (among other things) co-invest with certain other persons, including certain affiliates of the Advisor and certain public or private funds managed by the Advisor and its affiliates, subject to certain terms and conditions. The exemptive relief from the SEC with respect to co-investments imposes extensive conditions on any co-investments made in reliance on such relief.

See Note 1. Organization for other related party transactions.

4. Borrowings

The Company is permitted to borrow amounts such that its asset coverage ratio, as defined in the 1940 Act, is at least 150% after such borrowing (if certain requirements are met). As of September 30, 2025 and December 31, 2024, the Company's average asset coverage ratio was 783% and 813%, respectively.

Credit Facility

On June 19, 2023, Amber CS LLC (the "Subsidiary"), as borrower and portfolio asset servicer, a wholly-owned financing subsidiary of the Company, Topaz CS LLC, as equity holder of Subsidiary, and Opal CS LLC and Quartz CS LLC, as Subsidiary guarantors, entered into a loan servicing agreement (as amended, the "Credit Facility") with Massachusetts Mutual Life Insurance Company, as initial lender, administrative agent, facility servicer, and collateral custodian, and MassMutual Ascend Life Insurance Company, as initial lender. Under the Credit Facility, the maximum aggregate committed borrowing amount is $150.0 million (the "Maximum Facility Amount") with a scheduled maturity date of June 19, 2032. On June 10, 2024, the maximum aggregate committed borrowing amount was reduced to $100.0 million.

On September 12, 2025, the credit facility was amended (the "Third Amendment") to reduce the maximum aggregate committed borrowing amount to $40.0 million. As a result of the Third Amendment, the Company incurred a realized loss on debt extinguishment of $1.1 million

due to the acceleration of unamortized deferred financing costs in proportion to the reduction in the Maximum Facility Amount.

The Company's outstanding debt as of September 30, 2025 was as follows (amounts in thousands):

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| | | | |
|:---|:---|:---|:---|
|  | September 30, 2025 | September 30, 2025 | September 30, 2025 |
|  | Aggregated<br> Principal Committed | Carrying Value <sup>(1)</sup> | Amount Available |
|  Credit Facility | $40000 | $(29320) | $10680 |
|  Total | $40000 | $(29320) | $10680 |

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<sup>(1)</sup> The carrying value is presented gross of unamortized deferred financing costs of $0.7 million. 

The Company's outstanding debt as of December 31, 2024 was as follows (amounts in thousands):

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| | | | |
|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Aggregated<br> Principal Committed | Carrying Value <sup>(1)</sup> | Amount Available |
|  Credit Facility | $100000 | $(28182) | $71818 |
|  Total | $100000 | $(28182) | $71818 |

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<sup>(1)</sup> The carrying value is presented gross of unamortized deferred financing costs of $2.0 million. 

The facility bears interest at a rate of the applicable Benchmark plus (a) 2.85% for SOFR advances, and (b) 1.85% for an advance bearing interest at the alternate base rate which is a rate of interest per annum equal to the higher of (a) the Prime Rate in effect on such day; and (b) the Federal Funds Rate in effect on such day plus 0.5% per annum (as such terms are defined in the Credit Facility). The

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facility bears an Unused Commitment Fee on the average daily unused amount in excess of the Minimum Usage Amount, if any, at a rate of .40% per annum (as such terms are defined in the Credit Facility). On November 14, 2024, the Credit Facility was amended (the "Second Amendment") so that the Minimum Usage Amount is (a) zero prior to June 19, 2024, (b) an amount equal to 70% of the Maximum Facility Amount (as such term is defined in the Credit Facility) any date on or after June 19, 2024 to November 14, 2024, (c) an amount equal to 50% of the Maximum Facility Amount (as such term is defined in the Credit Facility) any date on or after November 14, 2024 to May 14, 2025 and (d) an amount equal to 70% of the Maximum Facility Amount (as such term is defined in the Credit Facility) any date on or after May 15, 2025. The Subsidiary pays a Facility Servicer Fee in an aggregate amount equal to 0.03% per annum of the Maximum Facility Amount, an annual Collateral Custodian Fee (as such term is defined in the Credit Facility) of $5, an Agent Fee in an annual amount of $25, and a Rating fee of $175 thousand for the initial rating and an annual fee of $45 thousand thereafter. In connection with the establishment of the Credit Facility, the Company paid upfront fees and incurred legal expenses of $2.4 million.

The following table represents interest, utilization and other fees for the Credit Facility for the three months ended September 30, 2025 (amounts in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest Rate | Unused<br> Commitment Fee <sup>(1)</sup> | Interest<br> Expense | Utilization<br> Fee <sup>(3)</sup> | Other Fees <sup>(2)</sup> |
|  Credit Facility | S+2.85% | 0.40% | $896 | $226 | $94 |

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<sup>(1)</sup> On November 14, 2024, the Credit Facility was amended (the "Second Amendment") so that the Minimum Usage Amount is (a) zero prior to June 19, 2024, (b) an amount equal to 70% of the Maximum Facility Amount (as such term is defined in the Credit Facility) any date on or after June 19, 2024 to November 14, 2024, (c) an amount equal to 50% of the Maximum Facility Amount (as such term is defined in the Credit Facility) any date on or after November 14, 2024 to May 14, 2025 and (d) an amount equal to 70% of the Maximum Facility Amount (as such term is defined in the Credit Facility) any date on or after May 15, 2025. 

<sup>(2)</sup> Includes unused commitment fees of $27, amortization expense for deferred financing costs of $60 and debt administration fees of $7. 

<sup>(3)</sup> The Subsidiary pays a Utilization Fee (as such term is defined in the Credit Facility) for the difference between (a) the amount of interest that would have accrued under this Credit Facility on the principal amount of the advances if the advances outstanding was equal to the Minimum Usage Amount and (b) the amount of interest that actually accrued under this Credit Facility on the principal amounts of the advances. 

The following table represents interest, utilization and other fees for the Credit Facility for the three months ended September 30, 2024 (amounts in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest Rate | Unused<br> Commitment Fee | Interest<br> Expense | Utilization<br> Fee <sup>(2)</sup> | Other Fees <sup>(1)</sup> |
|  Credit Facility | S+2.85% | 0.40% | $276 | $1196 | $162 |

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<sup>(1)</sup> Includes unused commitment fees of $38, amortization expense for deferred financing costs of $68 and debt administration fees of $56. 

<sup>(2)</sup> The Subsidiary pays a Utilization Fee (as such term is defined in the Credit Facility) for the difference between (a) the amount of interest that would have accrued under this Credit Facility on the principal amount of the advances if the advances outstanding was equal to the Minimum Usage Amount and (b) the amount of interest that actually accrued under this Credit Facility on the principal amounts of the advances. 

The following table represents interest, utilization and other fees for the Credit Facility for the nine months ended September 30, 2025 (amounts in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest Rate | Unused<br> Commitment Fee <sup>(1)</sup> | Interest<br> Expense | Utilization<br> Fee <sup>(3)</sup> | Other Fees <sup>(2)</sup> |
|  Credit Facility | S+2.85% | 0.40% | $2490 | $635 | $338 |

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<sup>(1)</sup> On November 14, 2024, the Credit Facility was amended (the "Second Amendment") so that the Minimum Usage Amount is (a) zero prior to June 19, 2024, (b) an amount equal to 70% of the Maximum Facility Amount (as such term is defined in the Credit Facility) any date on or after June 19, 2024 to November 14, 2024, (c) an amount equal to 50% of the Maximum Facility Amount (as such term is defined in the Credit Facility) any date on or after November 14, 2024 to May 14, 2025 and (d) an amount equal to 70% of the Maximum Facility Amount (as such term is defined in the Credit Facility) any date on or after May 15, 2025. 

<sup>(2)</sup> Includes unused commitment fees of $116, amortization expense for deferred financing costs of $194 and debt administration fees of $28. 

<sup>(3)</sup> The Subsidiary pays a Utilization Fee (as such term is defined in the Credit Facility) for the difference between (a) the amount of interest that would have accrued under this Credit Facility on the principal amount of the advances if the advances outstanding was equal to the Minimum Usage Amount and (b) the amount of interest that actually accrued under this Credit Facility on the principal amounts of the advances. 

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The following table represents interest, utilization and other fees for the Credit Facility for the nine months ended September 30, 2024 (amounts in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest Rate | Unused<br> Commitment Fee | Interest<br> Expense | Utilization<br> Fee <sup>(2)</sup> | Other Fees <sup>(1)</sup> |
| Credit Facility | S+2.85% | 0.40% | $276 | $1374 | $611 |

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<sup>(1)</sup> Includes unused commitment fees of $314, amortization expense for deferred financing costs of $199 and debt administration fees of $98. 

<sup>(2)</sup> The Subsidiary pays a Utilization Fee (as such term is defined in the Credit Facility) for the difference between (a) the amount of interest that would have accrued under this Credit Facility on the principal amount of the advances if the advances outstanding was equal to the Minimum Usage Amount and (b) the amount of interest that actually accrued under this Credit Facility on the principal amounts of the advances. 

The Credit Facility contains certain covenants including: (i) the Subsidiary acquiring a Debt Rating of BBB-, BBB (low) or Baa3 or higher and (ii) maintaining a loan to value less than minimums dictated by the number of assets in the portfolio. As of September 30, 2025 and December 31, 2024, the Subsidiary was in compliance with these covenants.

Certain investments, as disclosed on the Consolidated Schedule of Investments and their related cashflow, are pledged as collateral for the Credit Facility.

The weighted average interest expense as a percentage of the aggregate borrowings outstanding for the nine months ended September 30, 2025 and the year ended December 31, 2024 was 10.08% and 42.49%, respectively, with 7.24% and 7.78% attributable to stated interest expense, respectively. The realized loss on debt extinguishment as a percentage of the aggregate borrowings outstanding for the nine months ended September 30, 2025 was 2.39%. The weighted average debt of aggregate borrowings outstanding for the nine months ended September 30, 2025 and the year ended December 31, 2024 was $46.0 million and $8.4 million, respectively.

5. Investments

Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company's outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in "affiliated" companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company's outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in "controlled" companies. Under the 1940 Act, "non-affiliated investments" are defined as investments that are neither controlled investments nor affiliated investments. Detailed information with respect to the Company's non-controlled, non-affiliated; non-controlled, affiliated; and controlled affiliated investments is contained in the consolidated financial statements, including the Consolidated Schedule of Investments. The information in the tables below is presented on an aggregate portfolio basis, without regard to whether they are non-controlled, non-affiliated; non-controlled, affiliated; or controlled affiliated investments.

Investments at fair value and cost consisted of the following as of September 30, 2025 and December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | September 30, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2024 |
| (Amounts in thousands) | Cost | Fair Value | Cost | Fair Value |
| First Lien Senior Secured | $140665 | $138949 | $131893 | $129359 |
| Second Lien Senior Secured | 5635 | 5896 | 7838 | 8212 |
| Senior Unsecured | 15781 | 16222 | 49521 | 48562 |
| Corporate Bonds |  |  | 18452 | 18732 |
| Common Stocks | 680 | 1276 | 681 | 891 |
| Warrants | 2491 | 1469 | 2491 | 1480 |
| Short-Term Investments | 65031 | 65033 | 18378 | 18381 |
| Total investments | $230283 | $228845 | $229254 | $225617 |

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The industry composition of investments as a percentage of total investments based on fair value as of September 30, 2025 and December 31, 2024 was as follows:

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| | | |
|:---|:---|:---|
|  | September 30, 2025 | December 31, 2024 |
| Automotive | —% | 8.3% |
| Brokerage | 1.3% | 3.1% |
| Chemicals | 5.4% | 6.0% |
| Consumer Products | 2.0% | -% |
| Consumer Services | 3.2% | 17.7% |
| Diversified Manufacturing | 1.1% | 1.1% |
| Entertainment | 1.2% | —% |
| Financial Other | 3.0% | 2.2% |
| Food and Beverage | 2.2% | 2.3% |
| Healthcare | 3.2% | 2.2% |
| Industrial Other | 7.5% | 1.9% |
| Insurance Life | 4.0% | 4.1% |
| IT Services | 4.9% | 5.0% |
| Packaging | 0.8% | 3.0% |
| Pharmaceuticals | 0.9% | 1.0% |
| Retailers | 2.5% | 2.6% |
| Technology | 28.4% | 31.4% |
| Treasury Bills | 28.1% | 8.1% |
| U.S. Government Agencies | 0.3% | —% |
| Total | 100.0% | 100.0% |

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As of September 30, 2025, 96.6% of investments held were based in the United States, 2.1% of investments held were based in Germany, 1.2% of investments held were based in Spain, and less than 0.1% of investments held were based in Canada.

As of December 31, 2024, 97.8% of investments held were based in the United States, 1.1% of investments held were based in Germany, 1.1% of investments held were based in Spain, and less than 0.1% of investments held were based in Canada.

6. Fair Value Measurement

In accordance with ASC Topic 820, fair value is defined as the price that the Company would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 also establishes a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability as of the reporting date.

Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation.

The three-tier hierarchy of inputs is summarized below:

• Level 1 – Quoted prices in active markets for identical investments.

• Level 2 – Other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

• Level 3 – Significant unobservable inputs (including the Company's own assumptions in determining the fair value of investments at the reporting date).

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The level in the fair value hierarchy within which the fair value measurement is categorized in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement. If a fair value measurement uses price data vendors or observable market price quotations, that measurement may be a Level 2 or Level 3 measurement depending on the source of the base price. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the asset or liability. The determination of what constitutes "observable" requires significant judgment by the Company. The Company considers observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

#### Valuation of Investments
Investments are valued at fair value as determined in good faith by the Advisor, subject to the oversight of the Board, based on input from management and independent valuation firms that have been engaged to assist in the valuation of portfolio investments without readily available market quotations. This valuation process is conducted at the end of each fiscal quarter.

Common stocks, warrants and financial derivative instruments, such as futures contracts or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act and ASC Topic 820. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee ("Valuation Designee") for the Company to perform the fair value determination relating to all Company investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Company investments. The Valuation Designee may value Company portfolio securities for which market quotations are not readily available and other Company assets utilizing inputs from pricing sources, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

The fair values of loan investments based upon pricing data vendors or observable market price quotations are generally categorized as Level 2 or Level 3. Loan investments priced using internal models with significant unobservable inputs are categorized as Level 3.

Short-term debt instruments (such as commercial paper) held by the Company having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter (absent unusual circumstances) assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuations in general market rates of interest on the value of the instrument.

If third-party evaluated vendor pricing is not available or not deemed to be indicative of fair value, the Advisor may elect to obtain broker quotes directly from the broker-dealer or passed through from a third-party vendor. In the event that fair value is based upon a single sourced broker quote, these securities are categorized as Level 3 of the fair value hierarchy. Broker quotes are typically received from established market participants. Although independently received, the Advisor does not have the transparency to view the underlying inputs which support the market quotation. Significant changes in the broker quote would have direct and proportional changes in the fair value of the security.

Discounted cash flow valuation uses an internal analysis based on the Advisor's expectation of future income and expenses, capital structure, exit multiples of a security, and other unobservable inputs which may include contractual and factual loan factors, estimated future payments and credit rating. Significant changes in the unobservable inputs of the models would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

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#### **Table of Contents**
Proxy pricing procedures set the base price of a fixed income security and subsequently adjust the price proportionally to market value changes of a pre-determined security deemed to be comparable in duration, generally a U.S. Treasury or sovereign note based on country of issuance. The base price may be a broker-dealer quote, transaction price, or an internal value as derived by analysis of market data. The base price of the security may be reset on a periodic basis based on the availability of market data and procedures approved by the Valuation Oversight Committee. Significant changes in the unobservable inputs of the proxy pricing process (the base price) would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

The market approach generally involves multiplying a key performance metric of the company, such as earnings before interest, taxes, depreciation and amortization ("EBITDA"), by a valuation multiple observed in a range of comparable companies or transactions. The selection of a population of comparable companies requires judgment, including qualitative and quantitative analysis of the comparability of the companies. The Advisor may also adjust the valuation multiple for differences between the investment and the referenced comparable. A cost approach is generally used when a recent transaction price for a specific asset is indicative of fair value.

Due to the inherent uncertainty of valuations, however, estimated fair values may differ from the values that would have been used had a readily available market for the securities existed and the differences could be material.

The following tables summarize the fair value of the Company's investments as of September 30, 2025 and December 31, 2024 (amounts in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | September 30, 2025 | September 30, 2025 | September 30, 2025 | September 30, 2025 |
| Assets | Level 1 | Level 2 | Level 3 | Total |
|  First Lien Senior Secured | $— | $69210 | $69739 | $138949 |
|  Second Lien Senior Secured |  |  | 5896 | 5896 |
|  Senior Unsecured |  |  | 16222 | 16222 |
|  Common Stocks |  |  | 1276 | 1276 |
|  Warrants |  |  | 1469 | 1469 |
|  Short-Term Investments |  | 65033 |  | 65033 |
|  Total assets | $— | $134243 | $94602 | $228845 |
|  Unrealized appreciation (depreciation) on foreign currency exchange contracts | $— | $(11) | $— | $(11) |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| Assets | Level 1 | Level 2 | Level 3 | Total |
|  First Lien Senior Secured | $— | $82442 | $46917 | $129359 |
|  Second Lien Senior Secured |  | 2817 | 5395 | 8212 |
|  Senior Unsecured |  |  | 48562 | 48562 |
|  Corporate Bonds |  | 18732 |  | 18732 |
|  Common Stocks |  |  | 891 | 891 |
|  Warrants |  |  | 1480 | 1480 |
|  Short-Term Investments |  | 18381 |  | 18381 |
|  Total assets | $— | $122372 | $103245 | $225617 |
|  Unrealized appreciation (depreciation) on foreign currency exchange contracts | $— | $43 | $— | $43 |

---

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Assets or liabilities categorized as Level 2 or Level 3 as of period end have been transferred between Level 2 and 3 since the prior period due to changes in the method utilized in valuing the investments. Transfers from Level 2 to Level 3 are a result of a change, in the normal course of business, from the use of methods used by Pricing Services (Level 2) to the use of a broker quote or valuation technique which utilizes significant unobservable inputs due to an absence of current or reliable market-based data (Level 3). Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market-based data provided by Pricing Services or other valuation techniques which utilize significant observable inputs. In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the tables below.

The below tables present a summary of changes in fair value of Level 3 assets by investment type (amounts in thousands) for the nine months ended September 30, 2025 and 2024:

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Beginning<br> Balance at<br> 12/31/2024 | Net<br> Purchases<br> and<br> Drawdowns | In-Kind<br> Contributions | Net Sales<br> and<br> Paydowns | Restructure | Accrued<br> Discounts/<br> (Premiums) | Realized<br> Gain/<br> (Loss) | Net Change in<br> Unrealized<br> Appreciation/<br> (Depreciation) | Transfers<br> into<br> Level 3 | Transfers<br> out of<br> Level 3 | Ending<br> Balance at<br> 9/30/25 |
| Term Loans First Lien Secured | $46917 | $25354 | $— | $(863) | $(319) | $173 | $(1008) | $(459) | $— | $(56) | $69739 |
| Term Loans Second Lien Secured | 5395 | 300 |  |  | 319 | 55 |  | (173) |  |  | 5896 |
| Term Loans Senior Unsecured | 48562 | 4291 |  | (38392) |  | 306 | 56 | 1399 |  |  | 16222 |
| Common Stocks | 891 |  |  |  |  |  |  | 385 |  |  | 1276 |
| Unlisted Warrants | 1480 |  |  |  |  |  |  | (11) |  |  | 1469 |
| Totals | $**103245** | $**29945** | $**—** | $**(39255)** | $**—** | $**534** | $**(952)** | $**1141** | $**—** | $**(56)** | $**94602** |

---

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Beginning<br> Balance at<br> 12/31/2023 | Net<br> Purchases<br> and<br> Drawdowns | In-Kind<br> Contributions | Net Sales<br> and<br> Paydowns | Accrued<br> Discounts/<br> (Premiums) | Realized<br> Gain/<br> (Loss) | Net Change in<br> Unrealized<br> Appreciation/<br> (Depreciation) | Transfers<br> into<br> Level 3 | Transfers<br> out of<br> Level 3 | Ending<br> Balance at<br> 9/30/24 |
| Term Loans First Lien Secured | $25574 | $13266 | $0 | $(5327) | $93 | $238 | $158 | $6930 | $0 | $40932 |
| Term Loans Second Lien Secured | 0 | 4820 | 0 | 0 | 34 | 0 | 291 | 0 | 0 | 5145 |
| Term Loans Senior Unsecured | 40061 | 7725 | 0 | (1935) | 266 | 7 | 2039 | 0 | 0 | 48163 |
| Common Stocks | 263 | 642 | 0 | (320) | 0 | 0 | 47 | 0 | 0 | 632 |
| Unlisted Warrants | 2181 | 0 | 0 | 0 | 0 | 0 | (635) | 0 | 0 | 1546 |
| Totals | $68079 | $26453 | $0 | $(7582) | $393 | $245 | $1900 | $6930 | $0 | $96418 |

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The following tables present quantitative information about the significant unobservable inputs of the Company's Level 3 financial instruments as of September 30, 2025 and December 31, 2024. The tables are not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company's determination of fair value (amounts in thousands).

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Fair Value<br> as of<br> September 30, 2025 | Valuation<br> Techniques | Unobservable<br> Input | Range | Weighted Average <sup>(1)</sup> |
| Term Loans | $61392 | Discounted Cash Flow | Discount Rate | 5.95% – 18.00% | 10.27% |
|  | 3034 | Third Party Vendor | Broker Quote | 40.50% – 100.50% | 96.14% |
|  | 4825 | Recent Transaction | Purchase Price | n/a | n/a |
|  | 6384 | Indicative Market Quotation | Broker Quote | 72.50% – 101.75% | 79.26% |
| Senior Unsecured | 16222 | Discounted Cash Flow | Discount Rate | 21.80% | 21.80% |
| Common Stocks | 1118 | Comparable Multiple | EBITDA Multiple | n/a | 5.98x |
|  | 158 | Discounted Cash Flow/Comparable Multiple | Discount Rate/Revenue Multiple | n/a | 20.75%/0.50x |
| Warrants | 1469 | Comparable Multiple | EBITDA Multiple | n/a | 9.75x |
| Total Assets | $94602 |  |  |  |  |

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<sup>(1)</sup> Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Fair Value<br>as of<br>December 31, 2024 | Valuation<br>Techniques | Unobservable<br>Input | Range | Weighted Average <sup>(1)</sup> |
| Term Loans | $37597 | Discounted Cash Flow | Discount Rate | 9.19% – 18.00% | 11.62% |
|  | 2476 | Third Party Vendor | Broker Quote | 100.25% | 100.25% |
|  | 6644 | Recent Transaction | Purchase Price | n/a | n/a |
|  | 5595 | Indicative Market Quotation | Broker Quote | 82.00% | 82.00% |
| Senior Unsecured | 48562 | Discounted Cash Flow | Discount Rate | 14.21% – 22.12% | 16.43% |
| Common Stocks | 733 | Comparable Multiple | EBITDA Multiple | n/a | 5.75x |
|  | 158 | Discounted Cash Flow/Comparable Multiple | Discount Rate/Revenue Multiple | n/a | 20.75%/0.50x |
| Warrants | 1480 | Comparable Multiple | EBITDA Multiple | n/a | 10.00x, 9.50x |
| Total Assets | $103245 |  |  |  |  |

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<sup>(1)</sup> Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category.

7. Derivatives

The Company enters into foreign currency forward contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on the value of the Company's investments denominated in foreign currencies.

In order to better define its contractual rights and to secure rights that will help the Company mitigate its counterparty risk, the Company may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or a similar agreement with its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Company and a counterparty that governs over-the-counter derivatives, including foreign currency forward contracts, and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Company and cash collateral received from the counterparty, if any, is included on the Consolidated Statements of Assets and Liabilities as other assets. There has been no cash collateral received or paid from the counterparty. The Company minimizes counterparty credit risk by only entering into agreements with counterparties that it believes to be in good standing and by monitoring the financial stability of those counterparties.

For the nine months ended September 30, 2025, the Company's average USD notional exposure to foreign currency forward contracts was $30 thousand.

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The Company's net exposure to foreign currency forward contracts that are subject to ISDA Master Agreements or similar agreements presented on the Consolidated Statements of Assets and Liabilities were as follows (amounts in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Reporting Date | Counterparty | Gross<br> Amount<br> of Assets | Gross<br> Amount<br> of Liabilities | Net Amount<br> of Assets<br> or<br> (Liabilities) | Collateral<br> (Received)<br> Pledged<sup>(1)</sup> | Net<br> Amounts <sup>(2)</sup> |
|  September 30, 2025 | Bank of America | $— | $(12) | $(12) | $– $| (12) |
|  September 30, 2025 | Societe Generale | 5 | (4) | 1 | – | 1 |

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<sup>(1)</sup> Amount excludes excess cash collateral paid, if any. 

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

The effect of transactions in derivative instruments on the Consolidated Statements of Operations was as follows (amounts in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | For the Three Months Ended | For the Three Months Ended | For the Nine Months Ended | For the Nine Months Ended |
|  | September 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 |
|  Net realized gain (loss) on foreign currency forward contracts | $(102) | $— | $(271) | $— |
|  Net change in unrealized appreciation (depreciation) on foreign currency forward contracts | 96 | (23) | (54) | (23) |
|  Total net realized and unrealized gains (losses) on foreign currency forward contracts | (6) | (23) | (325) | (23) |

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8. Commitments & Contingencies

#### Commitments
The Company may enter into commitments to fund investments. As of September 30, 2025 and December 31, 2024, the Advisor believed that the Company had adequate financial resources to satisfy its unfunded commitments. The amounts associated with unfunded commitments to provide funds to portfolio companies are not recorded in the Company's Consolidated Statements of Assets and Liabilities. Since these commitments and the associated amounts may expire without being drawn upon, the total commitment amount does not necessarily represent a future cash requirement.

As of September 30, 2025 and December 31, 2024, the Company had the following outstanding commitments to fund investments in current portfolio companies (amounts in thousands):

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| | | |
|:---|:---|:---|
| Portfolio Company | Investment Type | September 30, 2025 |
|  Acuity Eyecare Holdings, LLC | Delayed Draw Term Loan | $4553 |
|  Apex Service Partners, LLC | Delayed Draw Term Loan | 280 |
|  Apex Service Partners, LLC | Revolving Loan | 253 |
|  AvidXChange, Inc. | Term Loan | 4849 |
|  DataBricks, Inc. | Delayed Draw Term Loan | 321 |
|  Denali Intermediate Holdings, Inc. | Revolving Loan | 157 |
|  DRS Holdings III, Inc. | Revolving Loan | 269 |
|  Dwyer Instruments, LLC | Delayed Draw Term Loan | 505 |
|  Dwyer Instruments, LLC | Revolving Loan | 557 |
|  Guardian Capital | Term Loan | 600 |
|  Integrity Marketing Acquisition, LLC | Revolving Loan | 741 |
|  MRI Software, LLC | Revolving Loan | 264 |
|  RKD Group LLC | Delayed Draw Term Loan | 311 |
|  RKD Group LLC | Revolving Loan | 102 |
|  Strategic Gaming Management LLC | Term Loan | 5000 |

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#### **Table of Contents**

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| | | |
|:---|:---|:---|
| Portfolio Company | Investment Type | December 31, 2024 |
|  Apex Service Partners, LLC | Delayed Draw Term Loan | $540 |
|  Apex Service Partners, LLC | Revolving Loan | 81 |
|  CoreWeave Compute Acquisition Co. IV, LLC | Delayed Draw Term Loan | 2471 |
|  DataBricks, Inc. | Delayed Draw Term Loan | 321 |
|  Dwyer Instruments, LLC | Delayed Draw Term Loan | 505 |
|  Dwyer Instruments, LLC | Revolving Loan | 606 |
|  Integrity Marketing Acquisition, LLC | Revolving Loan | 741 |
|  MRI Software, LLC | Revolving Loan | 277 |

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

#### Litigation
As of the issuance date of this report, the Company is not named as a defendant in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened against it.

9. Net Assets

#### Equity Issuance
For the three and nine months ended September 30, 2025, the Company's authorized stock consisted of 250,000,000 Shares of common stock, par value $0.001 per share, and 1,000,000 shares of preferred stock, par value $0.001 per share.

The Company did not hold a closing of the continuous Private Offering for the three and nine months ended September 30, 2025.

#### Distributions and Distribution Reinvestment
The following table summarizes distributions declared during the nine months ended September 30, 2025:

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| | | | |
|:---|:---|:---|:---|
| Date Declared | Record Date | Payment Date | Dividend Per Share |
|  May 8, 2025 | May 20, 2025 | May 22, 2025 | $0.12 |
|  August 7, 2025 | August 20, 2025 | August 22, 2025 | $0.11 |

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The following table summarizes distributions declared during the nine months ended September 30, 2024:

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| | | | |
|:---|:---|:---|:---|
| Date Declared | Record Date | Payment Date | Dividend Per Share |
|  May 3, 2024 | May 20, 2024 | May 22, 2024 | $0.14 |
|  August 7, 2024 | August 20, 2024 | August 22, 2024 | $0.29 |

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The Company has adopted an "opt out" DRIP. As a result, unless stockholders elect to "opt out" of the DRIP, stockholders will have their cash dividends or distributions automatically reinvested in additional shares of the Company's common stock, par value $0.001 per share (the "Common Stock"), rather than receiving cash. Shareholders who receive distributions in the form of shares of Common Stock will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions; however, those stockholders will not receive cash with which to pay any applicable taxes.

#### Share Repurchase Program
At the discretion of the Board, the Company may repurchase Shares (either by number of Shares or aggregate net asset value) as of such quarter end pursuant to a quarterly share repurchase program. Repurchases of Shares will be made at the current net offering price per Share on the date of such repurchase.

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#### **Table of Contents**
In the event the amount of Shares tendered exceeds the repurchase offer amount, Shares will be repurchased on a pro rata basis. All unsatisfied repurchase requests must be resubmitted in the next quarterly tender offer, or upon the recommencement of the Share repurchase program, as applicable.

For the three and nine months ended September 30, 2025, no Share repurchase was offered or requested and no Shares were repurchased.

10. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings (loss) per common share for the three and nine months ended September 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
|  | September 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 |
| Net increase (decrease) in net assets resulting from operations | $(2692) | $4806 | $4424 | $15640 |
| Weighted average shares of common stock outstanding - basic and diluted | 23080085 | 21602602 | 23080085 | 21934160 |
| Net increase (decrease) in net assets resulting from operations (basic and diluted) | $(0.12) | $0.22 | $0.19 | $0.71 |

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11. Financial Highlights

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| | | |
|:---|:---|:---|
|  | Nine Months Ended | Nine Months Ended |
|  | September 30, 2025 | September 30, 2024 |
| Per share data: |  |  |
| Net asset value, beginning of period | $8.71 | $8.75 |
| Net investment income (loss) <sup>(1)</sup> | 0.57 | 0.67 |
| Net realized gain (loss) on debt extinguishment | (0.05) |  |
| Net realized and unrealized gain (loss) on investment transactions <sup>(2)</sup> | (0.33) | 0.04 |
| Net increase (decrease) in net assets from operations <sup>(1)</sup> | 0.19 | 0.71 |
| Distributions declared <sup>(1)</sup> | (0.23) | (0.29) |
| Total increase (decrease) in net assets | (0.04) | 0.42 |
| Net asset value, end of period | $8.67 | $9.17 |
| Shares Outstanding, end of period | 23080085 | 21602602 |
| Total Return <sup>(3)</sup> | 2.19% | 8.40% |
| Ratios / supplemental data |  |  |
| Ratio of expenses to average net assets, gross of waivers <sup>(4)(5)</sup> | 4.24% | 3.46% |
| Ratio of expenses to average net assets, net of waivers <sup>(4)(5)</sup> | 2.99% | 2.18% |
| Ratio of net investment income (loss) to average net assets <sup>(4)(5)</sup> | 8.66% | 9.99% |
| Net Assets, end of period | $200117 | $198102 |
| Weighted average shares outstanding | 23080085 | 21934160 |
| Total capital commitments, end of period | $216026 | $216026 |
| Weighted average debt outstanding | 45965130 | 4459926 |
| Asset coverage ratio | 782.53% | 1813.83% |
| Portfolio turnover rate <sup>(6)</sup> | 20.19% | 22.23% |

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(1) Per share amounts are calculated based on the weighted average shares outstanding during the period.

(2) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value ("NAV") per share for the period, and may not reconcile with the aggregate gains and losses in the Consolidated Statements of Operations due to share transactions during the period.

(3) Total return is calculated as the change in NAV per share during the period, plus distributions per share, if any, divided by the NAV per share at the beginning of the period. Total return is for the period indicated and has not been annualized.

(4) All expenses are annualized with the exception of organizational expenses.

(5) Average net assets are computed using the average balance of net assets at the end of each month of the reporting period.

(6) Not annualized.

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12. Segment Reporting

An operating segment is defined in FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Executive Officers of the Company, as disclosed in the Company's report on Form 10-K, act as the Company's CODM. The Company represents a single operating segment, as the CODM monitors the operating results of the Company as a whole and the Company's long-term strategic asset allocation as described in the Company's registration statement on Form 10, based on a defined investment strategy which is executed by the Company's portfolio managers as a team. The financial information in the form of the Company's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Company's comparative benchmarks and to make resource allocation decisions for the Company's single segment, is consistent with that presented within the Company's consolidated financial statements. Segment assets are reflected on the accompanying Consolidated Statements of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Consolidated Statements of Operations.

13. Subsequent Events

Subsequent events after the Consolidated Statements of Assets and Liabilities date have been evaluated through the date the consolidated financial statements were issued. The Company has concluded that there are no events requiring adjustment or disclosure in the consolidated financial statements, except as discussed below.

On October 10, 2025, under the Company's share repurchase program, the Company made a tender offer (the "Tender Offer") to purchase up to the amount of outstanding shares of common stock that can be repurchased with $30.0 million, which represents approximately 15% of the Company's net asset value as of June 30, 2025. The Tender Offer is for cash at a price equal to the net asset value per share as of September 30, 2025. The Tender Offer will expire at 4:00 P.M., Eastern Time, on November 14, 2025.

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#### Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Statements contained in this Form 10-Q ("Report") (including those relating to current and future market conditions and trends in respect thereof) that are not historical facts are based on current expectations, estimates, projections, opinions and/or beliefs of the Company and PIMCO. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. Certain information contained in this 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.

The information contained in this section should be read in conjunction with "Item 1. Unaudited Consolidated Financial Statements." Although the Company believes that the assumptions on which these forward-looking statements are based are reasonable, some of those assumptions are 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 Report should not be regarded as a representation by us that the Company's plans and objectives will be achieved. This discussion contains forward-looking statements, which relate to future events or the Company's future performance or financial condition and involves numerous risks and uncertainties, including, but not limited to, those set forth in "Risk Factors" in Item 1A of this Report and elsewhere in this Report. Investors should not place undue reliance on these forward-looking statements, which apply only as of the date of this Report. The Company does 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 following factors are among those that may cause actual results to differ materially from the Company's forward-looking statements:

• the Company's future operating results;

• changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, including those caused by proposed tariffs, changes in inflation and risk of recession;

• interest rate volatility;

• the Company's business prospects and the prospects of the Company's prospective portfolio companies;

• the impact of increased competition;

• the Company's contractual arrangements and relationships with third parties;

• the dependence of the Company's future success on the general economy and its impact on the industries in which the Company invests;

• the ability of the Company's prospective portfolio companies to achieve their objectives;

• the relative and absolute performance of the Advisor;

• the ability of the Advisor and its affiliates to retain talented professionals;

• the Company's expected financings and investments;

• the Company's ability to pay dividends or make distributions;

• the adequacy of the Company's cash resources;

• the risks associated with possible disruptions due to terrorism in the Company's operations or the economy generally;

• the impact of future acquisitions and divestitures;

• the Company's regulatory structure and tax status as a business development company ("BDC") and a regulated investment company (a "RIC"); and

• future changes in laws or regulations and conditions in the Company's operating areas.

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Investors are advised to consult any additional disclosures that the Company makes directly to investors or through reports that the Company has filed or will file with the SEC, including our registration statement on Form 10 and our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

Investors should understand that under Section 27A(b)(2)(B) of the Securities Act and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports that the Company files under the Exchange Act.

#### Overview
The Company is an externally managed, non-diversified, closed-end management investment company that elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the "1940 Act"), on July 11, 2022. The Company was incorporated under the laws of the state of Delaware on December 23, 2021. In addition, for U.S. federal income tax purposes, the Company has elected, as of August 1, 2022, to be treated as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

The Company's investment objectives are to generate current income and to a lesser extent longer-term capital appreciation. The Company seeks to achieve its investment objectives by investing primarily in privately negotiated loans and equity investments to middle-market companies generally with annual revenues greater than $20 million and earnings before interest, taxes, depreciation and amortization ("EBITDA") of less than $50 million. To accomplish this, the Company plans to make direct investments in middle-market companies. The Company may make select investments in non-U.S. portfolio companies. The Company seeks to provide investors with access to:

• a diversified portfolio of credit investments expected to provide stable income and high assurances of debt repayment;

• current income distributions;

• capital protection through defensive structures with affirmative, negative and financial maintenance covenants and active portfolio management;

• assets of varying vintage, industry and geography through direct originations and acquisitions of loan portfolios; and

• generally low volatility and low correlation to public market indices.

Without limiting the generality of the foregoing, the Company primarily invests in directly originated senior secured term loans including first lien senior secured term loans (including unitranche loans), second lien senior secured term loans, mezzanine debt, unsecured loans, other subordinated loans, and covenant-lite loans. The Company invests to a lesser degree in equity investments and other opportunistic asset purchases. The Company may engage in hedging transactions. The Company may also make investments in traded bank loans and other liquid debt securities of U.S. corporate issuers, including broadly syndicated loans, which may provide more liquidity than the Company's private credit investments. Depending on various factors, including, without limitation, the Company's cash flows, the state of the loan market, and the need to quickly ramp-up the Company's portfolio, the Company expects that at times its liquid loan portfolio could represent a material portion of the Company's portfolio.

The Company generates revenues primarily in the form of interest income from investments it holds. In addition, the Company generates income from dividends or distributions of income on any direct equity investments, capital gains on the sale of loans and equity securities and various other loan origination and other fees, including commitment, origination, amendment, structuring, syndication or due diligence fees, fees for providing managerial assistance and consulting fees.

#### Key Components Of Our Results Of Operations

#### Investments
The Company's level of investment activity can, does, and will vary substantially from period to period depending on many factors, including the amount of debt available to middle-market companies, the general economic environment and the competitive environment for the type of investments the Company makes.

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#### Revenues
The Company generates revenue primarily in the form of interest income on debt investments it holds. In addition, the Company generates income from dividends or distributions on income on direct equity investments, capital gains on the sales of loans and equity securities and various loan origination and other fees. The Company's debt investments generally have a stated term of five to eight years and typically bear interest at a floating rate usually determined on the basis of a benchmark such as SOFR. Interest on these debt investments is paid quarterly. In some instances, the Company receives payments on its debt investments based on scheduled amortization of the outstanding balances. In addition, the Company may receive repayments of some of its debt investments prior to their scheduled maturity date. The frequency or volume of these repayments is expected to fluctuate significantly from period to period. The Company's portfolio activity also reflects the proceeds of sales of securities. The Company may also generate revenue in the form of commitment, origination, amendment, structuring, syndication or due diligence fees, fees for providing managerial assistance and consulting fees.

Investments are placed on non-accrual status when it is probable that principal, interest or dividends will not be collected according to contractual terms. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management's judgement. Non-accrual investments are restored to accrual status when past due principal and interest or dividends are paid and, in management's judgement, principal and interest or dividend payments 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.

#### Expenses
The Company's primary operating expenses include the payment of: (i) investment advisory fees to the Advisor pursuant to the Advisory Agreement between the Company and the Advisor (unless waived); (ii) administrative fees payable to the Administrator in performing its administrative obligations under the Administration Agreement between the Company and the Administrator; and (iii) other operating expenses as detailed below:

• salaries and other compensation or expenses, including travel expenses, of any of the Company's executive officers, directors and employees, if any, who are not officers, directors, stockholders, members, partners or employees of PIMCO or its subsidiaries or affiliates;

• taxes and governmental fees, if any, levied against the Company;

• brokerage fees and commissions, and other portfolio transaction expenses incurred by or for the Company (including, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring loans and other investments made by the Company, and any costs associated with originating loans (such as third-party sourcing fees, due diligence expenses and travel, lodging and meal expenses related thereto), asset securitizations, alternative lending-related strategies and so-called "broken-deal costs" (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments));

• expenses related to SPVs (including, without limitation, overhead expenses related thereto);

• expenses of the Company's securities lending (if any), including any securities lending agent fees, as governed by a separate securities lending agreement;

• costs, including interest expenses, of borrowing money or engaging in other types of leverage financing including, without limitation, through the use by the Company of reverse repurchase agreements, dollar rolls/buy backs, bank borrowings, credit facilities and tender option bonds;

• costs, including dividend and/or interest expenses and other costs (including, without limitation, offering and related legal costs, fees to brokers, fees to auction agents, fees to transfer agents, fees to ratings agencies and fees to auditors associated with satisfying ratings agency requirements for preferred shares or other securities issued by the Company and other related requirements in the Company's organizational documents) associated with the Company's issuance, offering, redemption and maintenance of preferred shares, commercial paper or other instruments (such as the use of reverse repurchase agreements, dollar rolls/buy backs, bank borrowings, credit facilities and tender option bonds) for the purpose of incurring leverage;

• fees and expenses of any underlying funds or other pooled vehicles in which the Company invests;

• expenses of any third party valuation agent engaged to assist in valuing the Company's assets;

• dividend and interest expenses on short positions taken by the Company;

• extraordinary expenses, including extraordinary legal expenses, as may arise, including, without limitation, expenses incurred in connection with litigation, proceedings, other claims, and the legal obligations of the Company to indemnify its directors, officers, employees, stockholders, distributors, and agents with respect thereto;

• fees and expenses, including legal, printing and mailing, solicitation and other fees and expenses associated with and incident to stockholder meetings and proxy solicitations;

------

• organizational and offering expenses of the Company, including registration (including Share registration fees), legal, marketing, printing, accounting and other expenses associated with organizing the Company in its state of jurisdiction and in connection with the initial election of the Company to be regulated under the 1940 Act and, as applicable, the initial registration of its Shares under the Securities Act and fees and expenses associated with seeking, applying for and obtaining formal exemptive, no-action and/or other relief from the SEC;

• expenses incurred in connection with a stockholder that defaults in respect of a Capital Commitment;

• allocated costs incurred by PIMCO in providing managerial assistance to those companies in which the Company has invested who request it;

• all other expenses incurred by the Company in connection with maintaining its status as a BDC;

• expenses payable under any underwriting agreement, including associated fees, expenses and any indemnification obligations;

• any expenses allocated or allocable to a specific class of Shares, including, as applicable, sub-transfer agency expenses and distribution and/or service fees paid pursuant to a Rule 12b-1 or similar plan adopted by the Board of the Company for a particular share class (if any);

• the Company's pro rata portion of the fidelity bond required by Section 17(g) of the 1940 Act, or other insurance premiums (including costs relating to directors' and officers' liability insurance and errors and omissions insurance);

• all fees, costs, expenses, and liabilities relating to currency hedging and portfolio hedging transactions;

• all fees, costs, expenses and liabilities of liquidating the Company;

• all fees, costs, expenses and liabilities that are specific to the operations of the Company; and

• all expenses of the Company that are capitalized in accordance with U.S. GAAP.

The Company reimburses the Administrator and Advisor or its affiliates for amounts paid or costs borne that properly constitute Company expenses as set forth in the Administration Agreement and Advisory Agreement or otherwise. The Company expects our general and administrative expenses to be relatively stable or to decline as a percentage of total assets during periods of asset growth and to increase during periods of asset declines.

#### Portfolio, Investment Activity And Results Of Operations
As of September 30, 2025, the Company had investments, excluding cash equivalents, in 44 portfolio companies across 16 industries. Based on fair value as of September 30, 2025, 86% of the Company's debt portfolio was invested in debt bearing a floating interest rate, which are primarily subject to interest rate floors. As of September 30, 2025, approximately 86% of the Company's debt portfolio at fair value had an interest rate floor denoted in SOFR or EURIBOR. The weighted average interest rate floor across the Company's floating-rate portfolio was approximately 0.6% as of September 30, 2025. These floors allow the Company to mitigate (to a degree) any impact of spread widening on the valuation of the Company's investments. As of September 30, 2025, the Company's estimated weighted average total yield of investments in debt securities was 7.7%. Weighted average yields are based on interest rates as of September 30, 2025.

As of December 31, 2024, the Company had investments, excluding cash equivalents, in 39 portfolio companies across 15 industries. Based on fair value as of December 31, 2024, 76% of the Company's debt portfolio was invested in debt bearing a floating interest rate, which are primarily subject to interest rate floors. Approximately 76% of the Company's debt portfolio at fair value had an interest rate floor denoted in SOFR or EURIBOR. The weighted average interest rate floor across the Company's floating-rate portfolio was approximately 0.6% as of December 31, 2024. These floors allow the Company to mitigate (to a degree) any impact of spread widening on the valuation of the Company's investments. As of December 31, 2024, the Company's estimated weighted average total yield of investments in debt securities was 10.0%. Weighted average yields are based on interest rates as of December 31, 2024.

As part of the monitoring process, the Advisor has developed risk policies pursuant to which it regularly assesses the risk profile of each of our debt investments. The Advisor has developed a classification system to group investments into four categories. The investments are evaluated regularly and assigned a category based on certain credit metrics. The Advisor's 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. Please see below for a description of the four categories of the Advisor's Internal Risk Rating system:

Category 1 – In the opinion of the Advisor, investments in Category 1 involve the least amount of risk relative to the Company's initial cost basis at the time of origination or acquisition. Category 1 investments performance is above the Company's initial 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.

Category 2 – In the opinion of the Advisor, investments in Category 2 involve a level of risk relative to the Company's initial cost basis at the time of origination or acquisition. Category 2 investments are generally performing in line with the Company's initial underwriting expectations and risk factors to ultimately recoup the cost of our principal investment are neutral to favorable. All new originated or acquired investments are initially included in Category 2.

------

Category 3 – In the opinion of the Advisor, investments in Category 3 indicate that the risk to the Company's ability to recoup the initial cost basis at the time of origination or acquisition has increased materially since the origination or acquisition of the investment, such as declining financial performance and non-compliance with debt covenants; however, principal and interest payments are not more than 120 days past due.

Category 4 – In the opinion of the Advisor, investments in Category 4 involve a borrower performing substantially below expectations and indicate that the loan's risk has increased substantially since origination or acquisition. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. For Category 4 investments, it is anticipated that the Company will not recoup the Company's initial cost basis and may realize a substantial loss of the Company's initial cost basis at the time of origination or acquisition upon exit.

The distribution of the Company's portfolio, including cash equivalents, on the Advisor's Internal Risk Rating System is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  | **Fair Value (amounts in thousands)** | **% of Portfolio** | **Number of Portfolio Companies** |
|  Risk rating 1 | $— | —% |  |
|  Risk rating 2 | 228624 | 99.9 | 45 |
|  Risk rating 3 | 221 | 0.1 | 1 |
|  Risk rating 4 |  |  |  |
|  | $228845 | 100% | 46 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Fair Value (amounts in thousands)** | **% of Portfolio** | **Number of Portfolio Companies** |
|  Risk rating 1 | $— | —% |  |
|  Risk rating 2 | 217382 | 96.4 | 39 |
|  Risk rating 3 | 8235 | 3.6 | 1 |
|  Risk rating 4 |  |  |  |
|  | $225617 | 100% | 40 |

---

#### Consolidated Results Of Operations
The following table represents our operating results (amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
|  Total investment income | $5822 | $5919 | $17713 | $17915 |
|  Less: Net expenses | 1607 | 1875 | 4546 | 3256 |
|  Net investment income (loss) | 4215 | 4044 | 13167 | 14659 |
|  Net realized gain (loss) | (9917) | 62 | (10897) | (354) |
|  Net change in unrealized appreciation (depreciation) | 3010 | 700 | 2154 | 1335 |
|  **Net increase (decrease) in Net Assets resulting from operations** | $(2692) | $4806 | $4424 | $15640 |

---

------

Investment income was as follows (amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
|  **Investment income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $4933 | $3089 | $13057 | $11737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment in-kind interest | 854 | 2785 | 4590 | 6031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income | 35 | 45 | 66 | 147 |
|  **Total Investment Income** | $5822 | $5919 | $17713 | $17915 |

---

For the three and nine months ended September 30, 2025 and 2024, total investment income was driven by the Company's deployment of capital and invested balance of investments. The size of the Company's investment portfolio at fair value was approximately $228.8 million as of September 30, 2025 and $225.6 million as of December 31, 2024. As of such dates, all of the Company's debt investments were income-producing. For the three months ended September 30, 2025 and 2024, PIK income represented 14.7% and 47.1% of total investment income, respectively. For the nine months ended September 30, 2025 and 2024, PIK income represented 25.9% and 33.7% of total investment income, respectively. We expect that PIK income will vary based on the elections of certain borrowers.

Interest income on the Company's debt investments is dependent on the composition and credit quality of the portfolio. Generally, the Company expects the portfolio to generate predictable quarterly interest income based on the terms stated in each loan's credit agreement.

#### Expenses
Expenses were as follows (amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
|  Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fee | $641 | $620 | $1900 | $1878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directors fees | 136 | 42 | 315 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fee | 77 | 74 | 228 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 1216 | 1634 | 3463 | 2261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax expense | 50 | 40 | 150 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal expenses | 79 | 33 | 263 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 49 | 31 | 127 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recoupment of prior expenses paid by the Advisor |  | 21 |  | 193 |
|  Total expenses | $2248 | $2495 | $6446 | $5134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waivers | (641) | (620) | (1900) | (1878) |
|  **Net expenses** | $1607 | $1875 | $4546 | $3256 |

---

Other expenses include valuation, insurance, filing, research, subscriptions and other costs. Organization and offering costs include expenses incurred in the Company's initial formation and the Company's offering of Shares.

Waivers include organizational costs and management fee waivers.

------

#### Income Taxes, Including Excise Taxes
The Company has elected, as of August 1, 2022, to be treated as a RIC under Subchapter M of the Code, and the Company intends to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, the Company must, among other things, distribute to the Company's stockholders in each taxable year generally at least 90% of the sum of our Investment Company Taxable Income, as defined by the Code (without regard to the deduction for dividends paid), and net tax-exempt income for that taxable year. To maintain the Company's tax treatment as a RIC, the Company, among other things, intends to make the requisite distributions to its stockholders, which generally relieve the Company from corporate-level U.S. federal income taxes.

For the three and nine months ended September 30, 2025 and 2024, we did not incur any excise tax.

#### Financial Condition, Liquidity And Capital Resources
The Company generates cash from the net proceeds of offerings of its Shares, and from cash flows from interest and fees earned from its investments and principal repayments and proceeds from sales of its investments. The Company may also fund a portion of its investments through borrowings from banks and issuances of senior securities, including before the Company has fully invested the proceeds of any closing of the Company's continuous private offering of its Shares. The Company's primary use of cash will be investments in portfolio companies, payments of Company expenses and payment of cash distributions to stockholders.

#### Financing Transactions
The Company intends to utilize leverage (including through the establishment of wholly-owned financing subsidiaries) to finance its investments and operations. The amount of leverage that the Company employs will be subject to the restrictions of the 1940 Act and the supervision of the Board. At the time of any proposed borrowing, the amount of leverage the Company employs will also depend on the Advisor's assessment of market and other factors. The Company may use leverage for investments, working capital, expenses and general corporate purposes (including to pay dividends or distributions).

The Company is subject to limitations on leverage applicable to BDCs under the 1940 Act. As a BDC, with certain limited exceptions, the Company is only permitted to borrow amounts such that the Company's asset coverage ratio, as defined in the 1940 Act, equals at least 150% after (and including) such borrowing. As of September 30, 2025 and December 31, 2024, our average asset coverage ratio was 783% and 813%, respectively.

In determining whether to borrow money or issue debt on behalf of the Company, the Advisor will analyze, as applicable, the maturity, covenant package and rate structure of the proposed borrowings as well as the risks of such borrowings compared to the Company's investment outlook, among other factors. Any such leverage, if incurred, would increase the total capital available for investment by the Company.

On June 19, 2023, Amber CS LLC (the "Subsidiary"), a wholly-owned financing subsidiary of the Company, entered into a credit facility with Massachusetts Mutual Life Insurance Company under which the Subsidiary was permitted to borrow up to $150.0 million. On June 10, 2024, the maximum aggregate committed borrowing amount was reduced to $100.0 million. On September 12, 2025, the maximum aggregate committed borrowing amount was reduced to $40.0 million.

As of September 30, 2025 and December 31, 2024, the Company had $29.3 million and $28.2 million, respectively, of outstanding borrowings. See "*Note 4. Borrowings" in "Item 1. Unaudited Consolidated Financial Statements*" in this Report for more information.

The Company may also from time to time enter into new credit facilities, increase the size of existing credit 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.

#### Contractual Obligations
The Company has entered into an Advisory Agreement with the Advisor pursuant to the 1940 Act to provide the Company with investment advisory services and the Administration Agreement with the Administrator to provide the Company with administrative services. Payments for investment advisory services under the Advisory Agreement are described under *Item 1. Consolidated Financial Statements – Notes to Unaudited Consolidated Financial Statements – Note 3. Related Party Transactions*. Payments for administration services under the Administration Agreement are described under *Item 1. Consolidated Financial Statements – Notes to Unaudited Consolidated Financial Statements – Note 3. Related Party Transactions*.

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#### Off-Balance Sheet Arrangements
The Company may become a party to investment commitments and to financial instruments with off-balance sheet risk in the normal course of its business to fund investments and to meet the financial needs of its 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 in the Consolidated Statements of Assets and Liabilities. As of September 30, 2025, the Company believed it had adequate resources to satisfy its unfunded commitments. The unfunded commitments to provide funds to portfolio companies were as follows (amounts in thousands):

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| | |
|:---|:---|
| **Unfunded Commitments** | **As of September 30, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien Senior Secured | $18762 |
| **Unfunded Commitments** | **As of December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien Senior Secured | $5542 |

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#### Unregistered Sales of Equity Securities
For the three and nine months ended September 30, 2025 and 2024, the Company did not hold closings of our continuous private offering of Shares.

#### Distributions and Distribution Reinvestment
The following table summarizes distributions declared during the nine months ended September 30, 2025:

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| | | | |
|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Dividend Per Share** |
|  May 8, 2025 | May 20, 2025 | May 22, 2025 | $0.12 |
|  August 7, 2025 | August 20, 2025 | August 22, 2025 | $0.11 |

---

The following table summarizes distributions declared during the nine months ended September 30, 2024:

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| | | | |
|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Dividend Per Share** |
|  May 3, 2024 | May 20, 2024 | May 22, 2024 | $0.14 |
|  August 7, 2024 | August 20, 2024 | August 22, 2024 | $0.29 |

---

The Company has adopted an "opt out" DRIP. As a result, unless stockholders elect to "opt out" of the DRIP, stockholders will have their cash dividends or distributions automatically reinvested in additional shares of the Company's common stock, par value $0.001 per share (the "Common Stock"), rather than receiving cash. Shareholders who receive distributions in the form of shares of Common Stock will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions; however, those stockholders will not receive cash with which to pay any applicable taxes.

#### Critical Accounting Estimates
The preparation of the Company's financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. For a description of our critical accounting policies, see Note 2 "Significant Accounting Policies" to our consolidated financial statements included in this Report. We consider the most significant accounting policies to be those related to our Fair Value of Investments, Revenue Recognition, Deferred Financing Costs, Distribution Policy, and Income Taxes. There have been no material changes in our critical accounting policies and practices.

The Company's critical accounting policies, including those relating to the valuation of its investment portfolio, should be read in connection with the Company's consolidated financial statements in Part I, Item 1 of this Report, "Risk Factors" in Part II, Item 1A of this Report, and "Risk Factors" in Item 1A of the Company's registration statement on Form 10 ("Form 10") and most recent Form 10-K.

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#### Related Party Transactions
The Company has entered into a number of business relationships with affiliated or related parties, including the following (which are defined in the notes to the accompanying unaudited consolidated financial statements if not defined herein):

• the Advisory Agreement;

• the Administration Agreement; and

• the Expense Reimbursement Agreement.

See "*Item 1. Consolidated Financial Statements-Notes to the Unaudited Consolidated Financial Statements-Note 3. Related Party Transactions.*"

#### Item 3. Quantitative and Qualitative Disclosures About Market Risk
The Company is subject to financial market risks, including changes in interest rates. To the extent that the Company borrows money to make investments, the Company's net investment income is dependent upon the difference between the rate at which the Company borrows funds and the rate at which the Company invests these funds. In periods of rising interest rates, the Company's cost of funds would increase, which may reduce the Company's net investment income. Because the Company expects that most of its investments will bear interest at floating rates, the Company anticipates that an increase in interest rates would have a corresponding increase in the Company's interest income that would likely offset any increase in the Company's cost of funds and, thus, net investment income would not be reduced. However, there can be no assurance that a significant change in market interest rates will not have an adverse effect on the Company's net investment income.

The Company will generally invest in illiquid loans and securities including debt and equity securities of middle-market companies. Because the Company expects that there will not be a readily available market for many of the investments in the Company's portfolio, the Company expects to value many of its portfolio investments at fair value as determined in good faith by the Advisor using a documented valuation policy and a consistently applied valuation process, subject to Board oversight. 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 the Company's 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.

Assuming that the Consolidated Statements of Assets and Liabilities as of September 30, 2025, were to remain constant and that the Company took no actions to alter its existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates (amounts in thousands).

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| | | | |
|:---|:---|:---|:---|
| **Change in Interest Rates** | **Increase (Decrease) in<br>Interest Income** | **Increase (Decrease) in<br>Interest Expense** | **Net Increase (Decrease) in<br>Net Investment Income** |
|  Down 25 basis points | $(356) | $– $| (356) |
|  Up 100 basis points | $1423 | $– $| 1423 |
|  Up 200 basis points | $2847 | $– $| 2847 |
|  Up 300 basis points | $4270 | $– $| 4270 |

---

In addition, although the Company does not currently intend to make investments that are denominated in a foreign currency, to the extent it does, the Company will be subject to risks associated with changes in currency exchange rates. These risks include the possibility of significant fluctuations in the foreign currency markets, the imposition or modification of foreign exchange controls and potential illiquidity in the secondary market. These risks will vary depending upon the currency or currencies involved.

The Company may hedge against interest rate and currency exchange rate fluctuations by using standard hedging instruments such as futures, options and forward contracts subject to the requirements of the 1940 Act. While hedging activities may insulate the Company against adverse changes in interest rates, they may also limit the Company's ability to participate in benefits of lower interest rates with respect to the Company's portfolio of investments with fixed interest rates.

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#### Item 4. Controls and Procedures

#### Evaluation of disclosure controls and procedures
As of the end of the period covered by this Report, the Company carried out an evaluation, under the supervision and with the participation of the Company's management, including the Company's President and Treasurer, of the effectiveness of the design and operation of the Company's disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act). Based on that evaluation, the Company's President and Treasurer have concluded that the Company's current disclosure controls and procedures are effective in timely alerting them to material information relating to the Company that is required to be disclosed by the Company in the reports it files or submits under the Exchange Act.

#### Changes in internal control over financial reporting
There have been no changes in the Company's internal control over financial reporting that occurred during the Company's most recently completed fiscal quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

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#### PART II. OTHER INFORMATION

#### Item 1. Legal Proceedings
The Company is not currently subject to any material legal proceedings, nor, to the Company's knowledge, is any material legal proceeding threatened against the Company. From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company's rights under loans to or other contracts with the Company's portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, the Company does not expect that these proceedings will have a material effect upon the Company's financial condition or results of operations.

#### Item 1A. Risk Factors
In addition to the risk factor included below and other information set forth in this report, you should carefully consider the factors discussed in "Item 1A. Risk Factors" in the Company's Form 10-K, which could materially affect the Company's business, financial condition and/or operating results. The risks described in the Company's Form 10-K are not the only risks the Company faces. Additional risks and uncertainties that are not currently known to the Company or that the Company currently deems to be immaterial also may materially adversely affect the Company's business, financial condition and/or operating results. Except as set forth below, there have been no material changes during the nine months ended September 30, 2025 to the risk factors set forth in the Company's most recent Form 10-K.

#### Changes to U.S. tariff and import/export regulations may have an effect on the operations of our portfolio companies and, in turn, impact us.
The U.S. government has recently imposed, and may in the future increase, tariffs on specific countries and commodities. In response, certain foreign trading partners imposed retaliatory tariffs on certain U.S. goods, and others may do the same in the future. These developments have created significant uncertainty about the future relationship between the United States and certain other countries with respect to trade policies, treaties and new and increased tariffs. These developments, or the continued uncertainty relating U.S. trade policies, may have a material effect on global economic conditions and the stability of global financial markets, and may reduce global trade and, in particular, trade between the impacted nations and the United States. The uncertainty relating to U.S. trade policies has increased market volatility. Any of these factors could depress economic activity and restrict certain of our portfolio companies' access to suppliers or customers, and increase costs, decrease margins, and reduce the competitiveness of products and services offered by our portfolio companies. Such developments may affect the revenues and profitability of our portfolio companies and, in turn, affect our results of operations, which could cause the fair value of our shares of common stock to decline. It is not possible to predict the impact these or similar future events will have on the United States and other economies, specific industries, us or our underlying portfolio companies from an economic, tax or regulatory perspective, but any such impact could be material for us.

#### Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
The Company did not sell any securities during the period covered by this Report that were not registered under the Securities Act.

#### Item 3. Defaults Upon Senior Securities
None.

#### Item 4. Mine Safety Disclosure
Not applicable.

#### Item 5. Other Information
Rule 10b5-1 Trading Plans

During the fiscal quarter ended September 30, 2025, 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 Exchange Act Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement."

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#### Item 6. Exhibits
The following exhibits are filed as part of this Report or are hereby incorporated by reference to exhibits previously filed with the SEC:

---

| | |
|:---|:---|
| 24.1<sup>\*</sup> | [Power of Attorney for John W. Lane.](http://www.sec.gov/Archives/edgar/data/1905824/000119312523078239/d363747dex241.htm) |
| 24.2<sup>\*</sup> | [Power of Attorney for Crystal Porter.](http://www.sec.gov/Archives/edgar/data/1905824/000119312523078239/d363747dex242.htm) |
| 31.1<sup>\*\*</sup> | [Certification of Principal Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.](d67463dex311.htm) |
| 31.2<sup>\*\*</sup> | [Certification of Principal Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.](d67463dex312.htm) |
| 32.1<sup>\*\*</sup> | [Certification of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended.](d67463dex321.htm) |
| 101.INS<sup>\*\*</sup> | Inline XBRL Instance Document |
| 101.SCH<sup>\*\*</sup> | Inline XBRL Taxonomy Extension Schema |
| 101.CAL<sup>\*\*</sup> | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF<sup>\*\*</sup> | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB<sup>\*\*</sup> | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE<sup>\*\*</sup> | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |

---

\* Previously filed as an exhibit to the Company's Form 10-K filed on March 24, 2023 and incorporated herein by reference.

\*\* Filed herewith.

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

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| | | |
|:---|:---|:---|
|  |  | **PIMCO CAPITAL SOLUTIONS BDC CORP.** |
|  **Date:** November 12, 2025 | By: | /s/ John W. Lane<sup>\*</sup> |
|  |  | John W. Lane |
|  |  | President |
|  |  | (Principal Executive Officer) |
|  **Date:** November 12, 2025 | By: | /s/ Crystal Porter<sup>\*</sup> |
|  |  | Crystal Porter |
|  |  | Treasurer |
|  |  | (Principal Financial and Accounting Officer) |
|  **Date:** November 12, 2025 | <sup>\*</sup>By: | /s/ William J. Bielefeld |
|  |  | William J. Bielefeld |
|  |  | As attorney-in-fact |

---

<sup>\*</sup> Pursuant to power of attorney filed as an exhibit to the registrant's Form 10-K filed on March 24, 2023 and incorporated herein by reference.

## Exhibit 31.1

**Exhibit 31.1** 

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER UNDER** 

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

I, John W. Lane, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this quarterly report on Form 10-Q of PIMCO Capital
Solutions BDC Corp.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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: November 12, 2025 | By: | /s/ John W. Lane |
|  |  | John W. Lane |
|  |  | President |
|  |  | (Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2** 

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER UNDER** 

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

I, Crystal Porter, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this quarterly report on Form 10-Q of PIMCO Capital
Solutions BDC Corp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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: November 12, 2025 | By: | /s/ Crystal Porter |
|  |  | Crystal Porter |
|  |  | Treasurer |
|  |  | (Principal Financial Officer) |

---

## Exhibit 32.1

**Exhibit 32.1** 

**Certification of Principal Executive Officer and Principal Financial Officer** 

**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 PIMCO Capital Solutions BDC Corp. (the "Company") for the period ended September 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), John W. Lane, as President of the Company, and Crystal Porter, as Treasurer of the Company, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his or her knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934,
as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Company.

---

| | |
|:---|:---|
|  Date: November 12, 2025 | /s/ John W. Lane |
|  | John W. Lane |
|  | President |
|  | (Principal Executive Officer) |
|  Date: November 12, 2025 | /s/ Crystal Porter |
|  | Crystal Porter |
|  | Treasurer |
|  | (Principal Financial Officer) |

---