# EDGAR Filing Document

**Accession Number:** 0001834543
**File Stem:** 0001193125-25-271820
**Filing Date:** 2025-11
**Character Count:** 261270
**Document Hash:** f31ecaf49a150889a32b68ebd910c262
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-271820.hdr.sgml**: 20251107

**ACCESSION NUMBER**: 0001193125-25-271820

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 59

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251107

**DATE AS OF CHANGE**: 20251107

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock Direct Lending Corp.
- **CENTRAL INDEX KEY:** 0001834543

**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:** 814-01378
- **FILM NUMBER:** 251461724

**BUSINESS ADDRESS:**
- **STREET 1:** 2951 28TH STREET, SUITE 1000
- **CITY:** SANTA MONICA
- **STATE:** CA
- **ZIP:** 90405
- **BUSINESS PHONE:** (310) 566-1094

**MAIL ADDRESS:**
- **STREET 1:** 2951 28TH STREET, SUITE 1000
- **CITY:** SANTA MONICA
- **STATE:** CA
- **ZIP:** 90405

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 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**

**For the Transition Period From ____ to ____**

**Commission File Number:** 814-01378

------

BLACKROCK DIRECT LENDING CORP.

(Exact Name of Registrant as Specified in its Charter)

------

---

| | |
|:---|:---|
| Delaware | 85-3439073 |
| (State or Other Jurisdiction of Incorporation) | (IRS Employer Identification No.) |
| **2951 28**<sup>th</sup> **Street,** Suite 1000 |  |
| Santa Monica**,** California | 90405 |
| (Address of Principal Executive Offices) | (Zip Code) |

---

**(**310**)** 566-1094

(Registrant's telephone number, including area code)

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

---

| | | |
|:---|:---|:---|
| None | **Not applicable** | Not applicable |
| (Title of each class) | (Trading Symbol(s)) | (Name of each exchange on which registered) |

---

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

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

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

---

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

---

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

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

The number of the Registrant's shares of common stock, $0.001 par value, outstanding as of November 7, 2025 was 29,173,775.

------

**BLACKROCK DIRECT LENDING CORP.**

**FORM 10-Q**

**FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **Part I.** | **Financial Information** |  |
| Item 1. | Financial Statements |  |
|  | [Statements of Assets and Liabilities as of September 30, 2025 (Unaudited) and December 31, 2024](#statement_of_assets_and_liabilities) | 3 |
|  | [Statements of Operations for the three and nine months ended September 30, 2025 (Unaudited) and September 30, 2024 (Unaudited)](#statement_of_operations) | 4 |
|  | [Statements of Changes in Net Assets for the three and nine months ended September 30, 2025 (Unaudited) and September 30, 2024 (Unaudited)](#statement_of_changes_in_net_assets) | 5 |
|  | [Statements of Cash Flows for the nine months ended September 30, 2025 (Unaudited) and September 30, 2024 (Unaudited)](#statements_of_cash_flows) | 6 |
|  | [Schedules of Investments as of September 30, 2025 (Unaudited) and December 31, 2024](#soi) | 7 |
|  | [Notes to Financial Statements (Unaudited)](#footnotes) | 27 |
|  | [Schedules of Restricted Securities of Unaffiliated Issuers as of September 30, 2025 (Unaudited) and December 31, 2024](#schedule_of_restricted_securities) | 43 |
| Item 2. | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#item_7_mda) | 45 |
| Item 3. | [Quantitative and Qualitative Disclosures About Market Risk](#item_7a_disclosures_about_market_risks) | 56 |
| Item 4. | [Controls and Procedures](#item_4) | 56 |
| **Part II.** | **Other Information** |  |
| Item 1. | [Legal Proceedings](#item_1) | 57 |
| Item 1A. | [Risk Factors](#item_1a) | 57 |
| Item 2. | [Unregistered Sales of Equity Securities and Use of Proceeds](#item_2_unregistered) | 58 |
| Item 3. | [Defaults upon Senior Securities](#item_3_defaults) | 58 |
| Item 4. | [Mine Safety Disclosures](#item_4_mine) | 58 |
| Item 5. | [Other Information](#item_5_other_info) | 59 |
| Item 6. | [Exhibits](#item_6) | 60 |

---

------

**BlackRock Direct Lending Corp.**

**Statements of Assets and Liabilities** 

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| **Assets** | (Unaudited) |  |
| Investments, at fair value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments (cost of $238,933,323 and $248,984,601, respectively) | $230574789 | $229315968 |
| Total investments (cost of $238,933,323 and $248,984,601, respectively) | 230574789 | 229315968 |
| Cash and cash equivalents | 46511713 | 28380210 |
| Interest receivable | 1918595 | 2078760 |
| Receivable for investments sold |  | 1546546 |
| Deferred offering costs |  | 17841 |
| Prepaid expenses and other assets | 32025 | 94641 |
| Total assets | 279037122 | 261433966 |
| **Liabilities** |  |  |
| Management fees payable | 554352 | 583102 |
| Reimbursements due to the Advisor | 119701 | 74031 |
| Debt (net of deferred issuance costs of $13,680 and $14,085, respectively) | 96320 | 95915 |
| Interest and debt related payables | 3300 |  |
| Incentive fees payable (Note 3) |  | 883149 |
| Payable for investments purchased |  | 99494 |
| Accrued expenses and other liabilities | 574710 | 406486 |
| Total liabilities | 1348383 | 2142177 |
| Commitments and contingencies (Note 5) |  |  |
| **Net assets** | $**277688739** | $**259291789** |
| **Composition of net assets applicable to common stockholders** |  |  |
| Common stock, $0.001 par value; 300,000,000 shares authorized, 29,173,775 and 27,081,900 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | $29175 | $27083 |
| Paid-in capital in excess of par | 300408295 | 280361562 |
| Distributable earnings (loss) | (22748731) | (21096856) |
| Total net assets | 277688739 | 259291789 |
| Total liabilities and net assets | $279037122 | $261433966 |
| **Net assets per share** | $9.52 | $9.57 |

---

*See accompanying notes to the financial statements.*

------

**BlackRock Direct Lending Corp.**

**Statements of Operations (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
| **Investment income** | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income (excluding PIK): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments | $6508387 | $8087028 | $19100393 | $24230756 |
| &nbsp;&nbsp;&nbsp;&nbsp;PIK income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments | 517440 | 522814 | 1681390 | 1491034 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments |  |  |  | 27807 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments |  | 923 |  | 3329 |
| Total investment income | 7025827 | 8610765 | 20781783 | 25752926 |
| **Operating expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | 554351 | 592948 | 1568033 | 1758543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 111173 | 137934 | 402400 | 438177 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative expenses | 97589 | 99764 | 273388 | 305290 |
| &nbsp;&nbsp;&nbsp;&nbsp;Director fees | 31000 | 32500 | 115456 | 95468 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custody and transfer agent fees | 13948 | 22223 | 40052 | 62789 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance expense | 9690 | 6877 | 23258 | 23394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and other debt expenses | 3437 | 3436 | 10305 | 883200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive fees earned |  | 952486 | 398079 | 2732859 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 168986 | 95193 | 309839 | 323191 |
| Total operating expenses | 990174 | 1943361 | 3140810 | 6622911 |
| **Net investment income** | 6035653 | 6667404 | 17640973 | 19130015 |
| **Realized and unrealized gain (loss)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments | (9946534) | (1537800) | (18997630) | (1497629) |
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments | 8528293 | (148076) | 11310099 | (6964507) |
| Net realized and unrealized gain (loss) | (1418241) | (1685876) | (7687531) | (8462136) |
| **Net increase (decrease) in net assets from operations** | $4617412 | $4981528 | $9953442 | $10667879 |
| **Earnings per share** <sup>(1)</sup> | $0.16 | $0.19 | $0.35 | $0.46 |
| **Basic and diluted weighted average shares outstanding** | 29173775 | 27081900 | 27871142 | 25077337 |

---

------

(1)Computed based on the actual number of shares outstanding and capital activity during the time periods such earnings occurred.

*See accompanying notes to the financial statements.*

------

**BlackRock Direct Lending Corp.**

**Statements of Changes in Net Assets (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | **Paid in Capital in** | **Distributable** | **Total Net** |
|  | **Shares** | **Par Amount** | **Excess of Par** | **Earnings (Loss)** | **Assets** |
| Balance at December 31, 2024 | 27081900 | $27083 | $280361562 | $(21096856) | $259291789 |
| Net investment income |  |  |  | 5719130 | 5719130 |
| Net realized and unrealized gain (loss) |  |  |  | (2214925) | (2214925) |
| Balance at March 31, 2025 | 27081900 | $27083 | $280361562 | $(17592651) | $262795994 |
| Issuance of common stock | 2091875 | 2092 | 20064574 |  | 20066666 |
| Offering costs charged to paid-in capital |  |  | (17841) |  | (17841) |
| Net investment income |  |  |  | 5886190 | 5886190 |
| Net realized and unrealized gain (loss) |  |  |  | (4054364) | (4054364) |
| Dividends paid to common shareholders <sup>(1)</sup> |  |  |  | (5719130) | (5719130) |
| Balance at June 30, 2025 | 29173775 | $29175 | $300408295 | $(21479955) | $278957515 |
| Net investment income |  |  |  | 6035653 | 6035653 |
| Net realized and unrealized gain (loss) |  |  |  | (1418241) | (1418241) |
| Dividends paid to common shareholders |  |  |  | (5886188) | (5886188) |
| Balance at September 30, 2025 | 29173775 | $29175 | $300408295 | $(22748731) | $277688739 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | **Paid in Capital in** | **Distributable** | **Total Net** |
|  | **Shares** | **Par Amount** | **Excess of Par** | **Earnings (Loss)** | **Assets** |
| Balance at December 31, 2023 | 23753110 | $23754 | $245279448 | $(6289267) | $239013935 |
| Net investment income |  |  |  | 6327144 | 6327144 |
| Net realized and unrealized gain (loss) |  |  |  | (2206453) | (2206453) |
| Balance at March 31, 2024 | 23753110 | $23754 | $245279448 | $(2168576) | $243134626 |
| Issuance of common stock | 3328790 | 3329 | 35113338 |  | 35116667 |
| Offering costs charged to paid-in capital |  |  | (31222) |  | (31222) |
| Net investment income |  |  |  | 6135467 | 6135467 |
| Net realized and unrealized gain (loss) |  |  |  | (4569807) | (4569807) |
| Dividends paid to common shareholders <sup>(1)</sup> |  |  |  | (6327144) | (6327144) |
| Balance at June 30, 2024 | 27081900 | $27083 | $280361564 | $(6930060) | $273458587 |
| Net investment income |  |  |  | 6667404 | 6667404 |
| Net realized and unrealized gain (loss) |  |  |  | (1685876) | (1685876) |
| Dividends paid to common shareholders |  |  |  | (6135467) | (6135467) |
| Balance at September 30, 2024 | 27081900 | $27083 | $280361564 | $(8083999) | $272304648 |

---

*See accompanying notes to the financial statements.*

------

**BlackRock Direct Lending Corp.**

**Statements of Cash Flows (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **2025** | **2024** |
| **Operating activities** |  |  |
| Net increase (decrease) in net assets resulting from operations | $9953442 | $10667879 |
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss | 18997630 | 1497629 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized (appreciation)/depreciation of investments | (11310099) | 6964508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net amortization of investment discounts and premiums | (1309055) | (981807) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred debt issuance costs | 405 | 71314 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and dividend income paid in kind | (1681390) | (1614501) |
| Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (52954050) | (33596512) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposition of investments | 47281664 | 26557084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease (increase) in receivable for investments sold | 1546546 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease (increase) in interest receivable | (123354) | 518733 |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease (increase) in prepaid expenses and other assets | 62616 | (50864) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in payable for investments purchased | (99494) | (1052075) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in reimbursements due to the Advisor | 45670 | (127345) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in incentive fees payable | (883149) | 909052 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in interest and debt related payables | 3300 | (86533) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in management fees payable | (28750) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in accrued expenses and other liabilities | 168224 | 13502 |
| Net cash provided by (used in) operating activities | 9670156 | 9690064 |
| **Financing activities** |  |  |
| Draws on credit facilities |  | 3500000 |
| Repayments on credit facilities |  | (23000000) |
| Proceeds from shares of common stock sold | 20066666 | 35116667 |
| Payments of debt issuance costs |  | (24948) |
| Dividends paid in cash to stockholders | (11605318) | (12462611) |
| Net cash provided by (used in) financing activities | 8461348 | 3129108 |
| Net increase (decrease) in cash and cash equivalents (including restricted cash) | 18131503 | 12819172 |
| Cash and cash equivalents (including restricted cash) at beginning of year | 28380210 | 4371938 |
| Cash and cash equivalents (including restricted cash) at end of year | $46511713 | $17191110 |
| **Supplemental cash flow information** |  |  |
| Interest payments | 6600 | 877462 |

---

*See accompanying notes to the financial statements.*

------

**BlackRock Direct Lending Corp.** 

**Schedule of Investments (Unaudited) (Continued)**

**September 30, 2025**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Instrument** | **Ref** | **Floor** | **Spread** | **Total<br>Coupon** | **Maturity** | **Principal** | **Cost** | **Fair<br>Value** | **% of Total<br>Cash and<br>Investments** | **Notes** |
| **<u>Debt Investments</u>** <sup>(A)</sup> |  |  |  |  |  |  |  |  |  |  |  |
| **Automobiles** |  |  |  |  |  |  |  |  |  |  |  |
| ALCV Purchaser, Inc. (AutoLenders) | First Lien Term Loan | SOFR(Q) | 1.00% | 7.01% | 11.01% | 2/25/2026 | $774871 | $773376 | $774871 | 0.28% | F |
| ALCV Purchaser, Inc. (AutoLenders) | Sr Secured Revolver | SOFR(Q) | 1.00% | 7.01% | 11.01% | 2/25/2026 | $92635 | 46191 | 46318 | 0.02% | F |
|  |  |  |  |  |  |  |  | 819567 | 821189 | 0.30% |  |
| **Beverages** |  |  |  |  |  |  |  |  |  |  |  |
| JP Intermediate B, LLC (Juice Plus) | Second Out Term Loan | SOFR(Q) | 1.00% | 5.50% | 9.50% | 3/31/2031 | $654495 | 651223 | 654495 | 0.24% | F/J |
| JP Intermediate B, LLC (Juice Plus) | First Lien Term Loan | SOFR(Q) | 1.00% | 7.50% | 7.50% | 9/30/2030 | $38890 | 38890 | 38890 | 0.01% | F |
|  |  |  |  |  |  |  |  | 690113 | 693385 | 0.25% |  |
| **Building Products** |  |  |  |  |  |  |  |  |  |  |  |
| TL Alpine Holding Corp. | First Lien Term Loan | SOFR(Q) | 1.00% | 6.00% | 10.00% | 8/1/2030 | $794152 | 780421 | 798917 | 0.28% | F |
| Porcelain Acquisition Corporation (Paramount) | First Lien Term Loan | SOFR(M) | 1.00% | 6.10% | 10.26% | 4/30/2027 | $971768 | 965395 | 707447 | 0.26% | F |
| Trulite Holding Corp. | First Lien Term Loan | SOFR(Q) | 1.00% | 6.00% | 10.29% | 3/1/2030 | $80208 | 78604 | 80409 | 0.03% | F |
|  |  |  |  |  |  |  |  | 1824420 | 1586773 | 0.57% |  |
| **Capital Markets** |  |  |  |  |  |  |  |  |  |  |  |
| PMA Parent Holdings, LLC | First Lien Term Loan | SOFR(Q) | 0.75% | 4.75% | 8.75% | 1/31/2031 | $3932333 | 3853686 | 3893449 | 1.40% | F |
| PMA Parent Holdings, LLC | Sr Secured Revolver | SOFR(Q) | 0.75% | 5.50% | 9.80% | 1/31/2031 | $564581 | (11292) | (5583) |  | E/F |
|  |  |  |  |  |  |  |  | 3842394 | 3887866 | 1.40% |  |
| **Commercial Services & Supplies** |  |  |  |  |  |  |  |  |  |  |  |
| Apollo Group Holdco, LLC (Topsail) | First Lien Term Loan | SOFR(Q) | 1.00% | 6.00% | 10.00% | 12/26/2030 | $962500 | 945700 | 951913 | 0.34% | F |
| Modigent, LLC (Pueblo) | First Lien Term Loan | SOFR(Q) | 0.75% | 5.00% | 9.00% | 8/23/2028 | $1588167 | 1566856 | 1570632 | 0.57% | F |
| Modigent, LLC (Pueblo) | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 5.00% | 9.00% | 8/23/2028 | $1101638 | 1086088 | 1089475 | 0.39% | F |
| Modigent, LLC (Pueblo) | Sr Secured Revolver | SOFR(Q) | 0.75% | 5.00% | 9.00% | 8/23/2027 | $265353 | 85667 | 86106 | 0.03% | F |
| Thermostat Purchaser III, Inc. (Reedy Industries) | Second Lien Term Loan | SOFR(Q) | 0.75% | 7.40% | 11.60% | 8/31/2029 | $1076305 | 1067032 | 1076305 | 0.39% | F |
|  |  |  |  |  |  |  |  | 4751343 | 4774431 | 1.72% |  |
| **Construction & Engineering** |  |  |  |  |  |  |  |  |  |  |  |
| LJ Avalon Holdings, LLC (Ardurra) | First Lien Term Loan | SOFR(M) | 1.00% | 4.50% | 8.77% | 2/1/2030 | $742680 | 727963 | 742680 | 0.27% | F |
| LJ Avalon Holdings, LLC (Ardurra) | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 4.50% | 8.67% | 2/1/2030 | $304041 | 297470 | 304041 | 0.11% | F |
| LJ Avalon Holdings, LLC (Ardurra) | Sr Secured Revolver | SOFR(Q) | 1.00% | 4.75% | 9.07% | 2/1/2029 | $123523 | (2085) | - |  | E/F |
| Brown & Settle, Inc. | Sr Secured Revolver | SOFR(S) | 1.00% | 6.50% | 10.51% | 5/16/2030 | $293766 | 213468 | 216505 | 0.08% | F |
| Brown & Settle, Inc. | First Lien Term Loan | SOFR(M) | 1.00% | 6.50% | 10.51% | 5/16/2030 | $2676574 | 2612997 | 2641779 | 0.95% | F |
| Homerenew Buyer, Inc. (Renovo) | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.00% | 9.65% PIK | 13.65% | 4/14/2030 | $417603 | 287041 | 417603 | 0.15% | F |
| Homerenew Buyer, Inc. (Renovo) | First Lien Term Loan | SOFR(Q) | 0.00% | 6.65% PIK | 10.88% | 4/14/2030 | $731371 | 731371 | 731371 | 0.26% | F |
| Homerenew Buyer, Inc. (Renovo) | First Lien Term Loan | SOFR(Q) | 0.00% | 8.15% PIK | 12.38% | 4/14/2030 | $317664 | 317664 | 317664 | 0.11% | F |
| Homerenew Buyer, Inc. (Renovo) | First Lien Term Loan | SOFR(Q) | 0.00% | 9.65% PIK | 13.88% | 4/14/2030 | $1386341 | 1386341 | 1386341 | 0.50% | F |
| JF Acquisition, LLC (JF Petroleum) | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 5.75% | 9.89% | 6/18/2030 | $609461 | (8608) | (6095) |  | E/F |
| JF Acquisition, LLC (JF Petroleum) | Sr Secured Revolver | SOFR(Q) | 1.00% | 5.75% | 10.06% | 6/18/2030 | $376986 | (7171) | (3770) |  | E/F |
| JF Acquisition, LLC (JF Petroleum) | First Lien Term Loan | SOFR(M) | 1.00% | 5.75% | 9.89% | 6/18/2030 | $3262562 | 3204690 | 3229936 | 1.17% | F |
| PlayPower, Inc | Sr Secured Revolver | SOFR(Q) | 0.75% | 5.25% | 9.55% | 8/28/2030 | $395397 | (4870) | (5219) |  | E/F |
| PlayPower, Inc | First Lien Term Loan | SOFR(Q) | 0.75% | 5.25% | 9.25% | 8/28/2030 | $380178 | 376653 | 378277 | 0.14% | F |
| PlayPower, Inc | First Lien Term Loan | SOFR(Q) | 0.75% | 5.25% | 9.25% | 8/28/2030 | $2589546 | 2556122 | 2576598 | 0.93% | F |
| Titan Home Improvement, LLC (Renuity) | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 4.75% | 8.95% | 5/31/2030 | $139535 | (2189) | 1395 |  | E/F |
| Titan Home Improvement, LLC (Renuity) | Sr Secured Revolver | SOFR(Q) | 1.00% | 5.75% | 10.08% | 5/31/2030 | $116279 | (2326) | - |  | E/F |
| Titan Home Improvement, LLC (Renuity) | First Lien Term Loan | SOFR(Q) | 1.00% | 4.75% | 8.95% | 5/31/2030 | $736744 | 722009 | 744112 | 0.27% | F |
| Vortex Companies, LLC | First Lien Delayed Draw Term Loan | Prime | 1.00% | 4.00% | 11.25% | 9/4/2029 | $462973 | 66676 | 74076 | 0.03% | E/F |
| Vortex Companies, LLC | First Lien Term Loan | SOFR(M) | 1.00% | 5.00% | 9.16% | 9/4/2029 | $767763 | 756966 | 773905 | 0.27% | F |
| Vortex Companies, LLC | First Lien Delayed Draw Term Loan | SOFR(M) | 1.00% | 5.00% | 9.16% | 9/4/2029 | $280373 | 274063 | 282616 | 0.10% | F |
| Vortex Companies, LLC | First Lien Term Loan | SOFR(M) | 1.00% | 5.00% | 9.16% | 9/4/2029 | $289541 | 283027 | 291857 | 0.11% | F |
| Vortex Companies, LLC | First Lien Delayed Draw Term Loan | SOFR(M) | 1.00% | 5.00% | 9.16% | 9/4/2029 | $522309 | 513986 | 526487 | 0.19% | F |
| Vortex Companies, LLC | First Lien Term Loan | SOFR(M) | 1.00% | 5.00% | 9.16% | 9/4/2029 | $805887 | 792940 | 812334 | 0.29% | F |
| Vortex Companies, LLC | Sr Secured Revolver | Prime | 1.00% | 4.00% | 11.25% | 9/4/2029 | $193490 | 71452 | 74367 | 0.03% | F |

---

------

**BlackRock Direct Lending Corp.** 

**Schedule of Investments (Unaudited) (Continued)**

**September 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
| 16165650 | 16508860 | 5.96 | % |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Instrument** | **Ref** | **Floor** | **Spread** | **Total<br>Coupon** | **Maturity** | **Principal** | **Cost** | **Fair<br>Value** | **% of Total<br>Cash and<br>Investments** | **Notes** |
| **<u>Debt Investments (Continued)</u>** |  |  |  |  |  |  |  |  |  |  |  |
| **Construction Materials** |  |  |  |  |  |  |  |  |  |  |  |
| AHF Parent Holding, Inc. | First Lien Term Loan | SOFR(Q) | 0.75% | 6.51% | 10.51% | 2/1/2028 | $992659 | $968392 | $929794 | 0.34% |  |
| AHF Parent Holding, Inc. | First Lien Term Loan | SOFR(Q) | 0.75% | 6.51% | 10.51% | 2/1/2028 | $2030129 | 2010961 | 1901561 | 0.68% |  |
|  |  |  |  |  |  |  |  | 2979353 | 2831355 | 1.02% |  |
| **Consumer Finance** |  |  |  |  |  |  |  |  |  |  |  |
| Money Transfer Acquisition Inc. | First Lien Term Loan | SOFR(M) | 1.00% | 8.35% | 12.51% | 12/14/2027 | $866481 | 857500 | 850884 | 0.31% | F |
| **Containers & Packaging** |  |  |  |  |  |  |  |  |  |  |  |
| BW Holding, Inc. (Brook & Whittle) | First Lien Term Loan | SOFR(Q) | 1.00% | 9.25% | 13.48% | 3/14/2029 | $1851213 | 1780804 | 721973 | 0.26% | F/J |
| **Diversified Consumer Services** |  |  |  |  |  |  |  |  |  |  |  |
| Fusion Holding Corp. (Finalsite) | First Lien Term Loan | SOFR(Q) | 0.75% | 6.25% | 10.25% | 9/29/2028 | $4060938 | 4002073 | 3968384 | 1.43% | F |
| Fusion Holding Corp. (Finalsite) | Sr Secured Revolver | Prime | 0.75% | 6.25% | 10.25% | 9/15/2027 | $340879 | (3101) | (4989) |  | E/F |
| Infinite Commerce Holdings LLC (Razor) | 2nd Lien 2B Term Loan | Fixed | 2.50% | 15.00% PIK | 15.00% | 12/20/2029 | $98787 | 98876 | 98876 | 0.04% | F |
| Infinite Commerce Holdings LLC (Razor) | 2nd Lien 3B Term Loan | Fixed | 2.50% | 15.00% PIK | 15.00% | 12/20/2029 | $1493977 | 1150810 | 1169485 | 0.42% | F/J |
| SellerX Germany GMBH & Co. KG (Germany) | First Lien Term Loan | SOFR(Q) |  | 3.00% Cash + 6.00% PIK | 13.00% | 12/31/2028 | $314326 | 314326 | 314326 | 0.11% | B/F |
| SellerX Germany GMBH & Co. KG (Germany) | First Lien Term Loan | SOFR(Q) |  | 3.00% Cash + 6.00% PIK | 13.00% | 12/31/2028 | $908079 | 908079 | 908079 | 0.33% | B/F |
| SellerX Germany GMBH & Co. KG (Germany) | Sr Secured Revolver | SOFR(Q) |  | 5.00% | 9.00% | 6/18/2029 | $987486 | 873419 | 854681 | 0.30% | B/F |
| SellerX Germany GMBH & Co. KG (Germany) | Sr Secured Revolver | SOFR(Q) |  | 5.00% | 9.32% | 11/5/2026 | $105633 | 62798 | 63380 | 0.02% | B/F |
| Infinite Commerce Holdings LLC (Razor) | 2nd Lien 2A Term Loan | Fixed | 2.50% | 15.00% PIK | 15.00% | 12/20/2029 | $224466 | 224661 | 224668 | 0.08% | F |
| Express Wash Acquisition Company, LLC (Whistle) | Sr Secured Revolver | SOFR(Q) | 1.00% | 6.25% | 10.59% | 4/10/2031 | $167278 | (1544) | (2676) |  | E/F |
| Express Wash Acquisition Company, LLC (Whistle) | First Lien Term Loan | SOFR(Q) | 1.00% | 6.25% | 10.58% | 4/10/2031 | $2836712 | 2808996 | 2791325 | 1.01% | F |
|  |  |  |  |  |  |  |  | 10439393 | 10385539 | 3.74% |  |
| **Diversified Financial Services** |  |  |  |  |  |  |  |  |  |  |  |
| Accordion Partners LLC | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 5.00% | 9.12% | 11/15/2031 | $682579 | 106106 | 109079 | 0.04% | F |
| Accordion Partners LLC | Sr Secured Revolver | SOFR(Q) | 0.75% | 5.25% | 9.55% | 11/15/2031 | $455159 | (1943) | - |  | E/F |
| Accordion Partners LLC | First Lien Term Loan | SOFR(Q) | 0.75% | 5.00% | 9.00% | 11/15/2031 | $4075945 | 4057589 | 4075945 | 1.47% | F |
| Accuserve Solutions, Inc. | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 5.25% | 9.59% | 3/15/2030 | $228561 | (1528) | (7543) |  | E/F |
| Accuserve Solutions, Inc. | First Lien Term Loan | SOFR(Q) | 1.00% | 5.25% | 9.48% | 3/15/2030 | $269615 | 268121 | 260718 | 0.09% | F |
| Beekeeper Buyer Inc. (Archway) | Sr Secured Revolver | SOFR(Q) | 0.75% | 5.25% | 9.55% | 6/30/2031 | $300649 | (2885) | (2706) |  | E/F |
| Beekeeper Buyer Inc. (Archway) | First Lien Term Loan | SOFR(Q) | 0.75% | 5.25% | 9.25% | 6/30/2031 | $1202595 | 1190717 | 1191772 | 0.43% | F |
| Foreside Financial Group, LLC | Sr Secured Revolver | SOFR(Q) | 1.00% | 5.40% | 9.46% | 9/1/2027 | $38277 | 4303 | 4593 |  | F |
| Foreside Financial Group, LLC | First Lien Term Loan | SOFR(Q) | 1.00% | 5.40% | 9.60% | 9/1/2027 | $675589 | 670430 | 675589 | 0.24% | F |
| GC Champion Acquisition LLC (Numerix) | First Lien Delayed Draw Term Loan | SOFR(S) | 1.00% | 5.00% | 9.22% | 8/21/2028 | $772621 | 764620 | 766162 | 0.28% | F |
| GC Champion Acquisition LLC (Numerix) | First Lien Incremental Term Loan | SOFR(S) | 1.00% | 5.00% | 9.22% | 8/21/2028 | $872262 | 855716 | 864970 | 0.31% | F |
| GC Champion Acquisition LLC (Numerix) | First Lien Term Loan | SOFR(S) | 1.00% | 5.00% | 9.22% | 8/21/2028 | $2781434 | 2752953 | 2758181 | 1.00% | F |
| Libra Solutions Intermediate Holdco, LLC et al (fka Oasis Financial, LLC) | Second Lien Term Loan | SOFR(M) | 1.00% | 8.62% | 12.78% | 1/5/2026 | $1134929 | 1131925 | 1146278 | 0.42% | F |
| Rialto Management Group, LLC | Sr Secured Revolver | SOFR(M) | 0.75% | 5.00% | 9.33% | 12/5/2030 | $17241 | (149) | - |  | C/E/F |
| Rialto Management Group, LLC | First Lien Term Loan | SOFR(M) | 0.75% | 5.00% | 9.16% | 12/5/2030 | $462069 | 457961 | 466690 | 0.17% | C/F |
| SitusAMC Holdings Corporation | First Lien Term Loan | SOFR(Q) | 0.75% | 5.50% | 9.50% | 5/14/2031 | $4169582 | 4150917 | 4194600 | 1.51% | F |
|  |  |  |  |  |  |  |  | 16404853 | 16504328 | 5.96% |  |
| **Electrical Equipment** |  |  |  |  |  |  |  |  |  |  |  |
| Spark Buyer, LLC (Sparkstone) | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 5.25% | 9.44% | 10/15/2031 | $224138 | (2908) | (17483) | (0.01)% | E/F |
| Spark Buyer, LLC (Sparkstone) | Sr Secured Revolver | SOFR(Q) | 0.75% | 5.25% | 9.24% | 10/15/2031 | $112069 | 38103 | 29362 | 0.01% | F |
| Spark Buyer, LLC (Sparkstone) | First Lien Term Loan | SOFR(Q) | 0.75% | 5.25% | 9.44% | 10/15/2031 | $556142 | 548599 | 512763 | 0.19% | F |

---

------

**BlackRock Direct Lending Corp.** 

**Schedule of Investments (Unaudited) (Continued)**

**September 30, 2025**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Instrument** | **Ref** | **Floor** | **Spread** | **Total<br>Coupon** | **Maturity** | **Principal** | **Cost** | **Fair<br>Value** | **% of Total<br>Cash and<br>Investments** | **Notes** |
| **<u>Debt Investments (Continued)</u>** |  |  |  |  |  |  |  |  |  |  |  |
| Griffon Bidco Inc. | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 5.00% | 9.00% | 7/31/2031 | $401480 | $(1950) | $(4015) |  | E/F |
| Griffon Bidco Inc. | Sr Secured Revolver | SOFR(Q) | 0.75% | 5.00% | 9.00% | 7/31/2031 | $401480 | (3901) | (4015) |  | E/F |
| Griffon Bidco Inc. | First Lien Term Loan | SOFR(Q) | 0.75% | 5.00% | 9.00% | 7/31/2031 | $2208140 | 2186126 | 2186059 | 0.79% | F |
|  |  |  |  |  |  |  |  | 2764069 | 2702671 | 0.98% |  |
| **Health Care Providers & Services** |  |  |  |  |  |  |  |  |  |  |  |
| CBI-Gator Acquisition, LLC | First Lien Term Loan | SOFR(M) | 1.00% | 5.85% Cash +0.75% PIK | 10.76% | 10/25/2027 | $1785605 | 1771266 | 1708824 | 0.62% | F |
| CBI-Gator Acquisition, LLC | Sr Secured Revolver | SOFR(M) | 1.00% | 5.85% Cash +0.75% PIK | 10.76% | 10/25/2027 | $158627 | 147967 | 142401 | 0.05% | F |
| PHC Buyer, LLC (Patriot Home Care) | First Lien Term Loan | SOFR(Q) | 0.75% | 6.00% | 10.20% | 5/4/2028 | $1466537 | 1451534 | 1439953 | 0.52% | F |
| PHC Buyer, LLC (Patriot Home Care) | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 6.00% | 10.20% | 5/4/2028 | $341055 | 339515 | 334873 | 0.12% | F |
|  |  |  |  |  |  |  |  | 3710282 | 3626051 | 1.31% |  |
| **Health Care Technology** |  |  |  |  |  |  |  |  |  |  |  |
| Appriss Health, LLC (PatientPing) | First Lien Term Loan | SOFR(M) | 1.00% | 4.85% | 9.02% | 5/6/2027 | $556225 | 552879 | 561787 | 0.20% | F |
| Appriss Health, LLC (PatientPing) | Sr Secured Revolver | SOFR(M) | 1.00% | 4.90% | 9.22% | 5/6/2027 | $76086 | (412) | - |  | E/F |
| ESO Solutions, Inc. | First Lien Term Loan | SOFR(Q) | 1.00% | 6.75% | 10.95% | 5/3/2027 | $3325794 | 3299630 | 3312491 | 1.20% | F |
| ESO Solutions, Inc. | Sr Secured Revolver | SOFR(Q) | 1.00% | 6.75% | 10.95% | 5/3/2027 | $244561 | 243033 | 243583 | 0.09% | F |
| Gainwell Acquisition Corp. | Second Lien Term Loan | SOFR(Q) | 1.00% | 8.10% | 12.39% | 10/2/2028 | $800332 | 798520 | 783730 | 0.28% | F |
| MRO Parent Corporation | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 4.50% | 8.62% | 6/9/2032 | $223044 | (3207) | (1784) |  | E/F |
| MRO Parent Corporation | Sr Secured Revolver | SOFR(Q) | 0.75% | 4.75% | 9.08% | 6/9/2032 | $223044 | (3203) | (1784) |  | E/F |
| MRO Parent Corporation | First Lien Term Loan | SOFR(Q) | 0.75% | 4.50% | 8.62% | 6/9/2032 | $2565011 | 2528967 | 2544491 | 0.92% | F |
|  |  |  |  |  |  |  |  | 7416207 | 7442514 | 2.69% |  |
| **Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |  |  |  |  |
| Stonebridge Companies, LLC | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 5.00% | 9.16% | 5/16/2031 | $371129 | (5241) | (4454) |  | E/F |
| Stonebridge Companies, LLC | Sr Secured Revolver | SOFR(Q) | 0.75% | 5.00% | 9.34% | 5/16/2030 | $247419 | (3442) | (2969) |  | E/F |
| Stonebridge Companies, LLC | First Lien Term Loan | SOFR(M) | 0.75% | 5.00% | 9.16% | 5/16/2031 | $1298951 | 1282783 | 1283364 | 0.46% | F |
|  |  |  |  |  |  |  |  | 1274100 | 1275941 | 0.46% |  |
| **Household Durables** |  |  |  |  |  |  |  |  |  |  |  |
| Bad Boy Mowers JV Acquisition, LLC | First Lien Term Loan | SOFR(M) | 1.00% | 5.25% | 9.39% | 11/9/2029 | $2053587 | 2017809 | 2074123 | 0.75% | F |
| **Insurance** |  |  |  |  |  |  |  |  |  |  |  |
| AmeriLife Holdings, LLC | First Lien Term Loan | SOFR(Q) | 0.75% | 5.00% | 9.17% | 8/31/2029 | $2664203 | 2621288 | 2664194 | 0.96% | F |
| AmeriLife Holdings, LLC | Sr Secured Revolver | SOFR(Q) | 0.75% | 5.00% | 9.17% | 8/31/2028 | $273736 | 41745 | 45623 | 0.02% | F |
| Integrity Marketing Acquisition, LLC | First Lien Term Loan | SOFR(Q) | 0.75% | 5.00% | 9.20% | 8/25/2028 | $1960057 | 1945159 | 1960057 | 0.70% | F |
| Integrity Marketing Acquisition, LLC | Sr Secured Revolver | SOFR(Q) | 0.75% | 5.00% | 9.32% | 8/25/2028 | $2790931 | (81132) | - |  | E/F |
| EBS Parent Holdings Inc. (The Difference Card) | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 5.00% | 9.00% | 7/1/2032 | $350658 | (1690) | (3507) |  | E/F |
| EBS Parent Holdings Inc. (The Difference Card) | Sr Secured Revolver | SOFR(Q) | 0.75% | 5.00% | 9.34% | 7/1/2032 | $116886 | (1127) | (1169) |  | E/F |
| EBS Parent Holdings Inc. (The Difference Card) | First Lien Term Loan | SOFR(Q) | 0.75% | 5.00% | 9.00% | 7/1/2032 | $1402632 | 1388711 | 1388605 | 0.50% | F |
|  |  |  |  |  |  |  |  | 5912954 | 6053803 | 2.18% |  |
| **Internet and Catalog Retail** |  |  |  |  |  |  |  |  |  |  |  |
| Syndigo, LLC | Sr Secured Revolver | SOFR(M) | 0.75% | 5.00% | 9.31% | 9/2/2032 | $356765 | (3528) | (3568) |  | E/F |
| Syndigo, LLC | First Lien Term Loan | SOFR(Q) | 0.75% | 5.00% | 9.17% | 9/2/2032 | $2654335 | 2627956 | 2627791 | 0.95% | F |
|  |  |  |  |  |  |  |  | 2624428 | 2624223 | 0.95% |  |
| **Internet Software & Services** |  |  |  |  |  |  |  |  |  |  |  |
| Astra Acquisition Corp. (Anthology) | Second Lien Term Loan | Prime | 0.75% | 9.88% | 17.13% | 10/25/2029 | $2853861 | 2584642 | - |  | F/J |
| Civicplus LLC | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 5.50% | 9.70% | 8/24/2030 | $1120695 | (10417) | (8207) |  | E/F |
| Civicplus LLC | Sr Secured Revolver | SOFR(Q) | 0.75% | 5.50% | 9.83% | 8/24/2030 | $218129 | (1465) | (1611) |  | E/F |
| Civicplus LLC | First Lien Term Loan | SOFR(Q) | 0.75% | 5.50% | 9.70% | 8/24/2030 | $3177826 | 3154385 | 3154351 | 1.14% | F |

---

------

**BlackRock Direct Lending Corp.** 

**Schedule of Investments (Unaudited) (Continued)**

**September 30, 2025**

------

**BlackRock Direct Lending Corp.** 

**Schedule of Investments (Unaudited) (Continued)**

**September 30, 2025**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Instrument** | **Ref** | **Floor** | **Spread** | **Total<br>Coupon** | **Maturity** | **Principal** | **Cost** | **Fair<br>Value** | **% of Total<br>Cash and<br>Investments** | **Notes** |
| **<u>Debt Investments (Continued)</u>** |  |  |  |  |  |  |  |  |  |  |  |
| e-Discovery Acquireco, LLC (Reveal) | Sr Secured Revolver | SOFR(Q) | 1.00% | 6.00% | 10.20% | 8/23/2029 | $563129 | $292434 | $300336 | 0.11% | F |
| e-Discovery Acquireco, LLC (Reveal) | First Lien Term Loan | SOFR(Q) | 1.00% | 6.00% | 10.20% | 8/23/2029 | $4140263 | 4063201 | 4181665 | 1.51% | F |
| Gympass US, LLC | First Lien Delayed Draw Term Loan | SOFR(M) | 1.00% | 3.25% Cash + 3.25% PIK | 10.78% | 8/29/2029 | $2314350 | 2292195 | 2337493 | 0.84% | F |
| Gympass US, LLC | First Lien Term Loan | SOFR(M) | 1.00% | 3.25% Cash + 3.25% PIK | 10.78% | 8/29/2029 | $850890 | 847031 | 859399 | 0.31% | F |
| Magenta Buyer, LLC (McAfee) | First Lien Term Loan | SOFR(Q) | 0.75% | 6.25% | 10.56% | 7/27/2028 | $94668 | 93730 | 96301 | 0.03% |  |
| Magenta Buyer, LLC (McAfee) | First Lien First Out Term Loan | SOFR(Q) | 0.75% | 7.01% | 11.32% | 7/27/2028 | $249393 | 235097 | 205194 | 0.07% |  |
| Magenta Buyer, LLC (McAfee) | Second Lien Second Out Term Loan | SOFR(Q) | 0.75% | 7.26% | 11.57% | 7/27/2028 | $613383 | 582905 | 271115 | 0.10% |  |
| Magenta Buyer, LLC (McAfee) | Second Lien Third Out Term Loan | SOFR(Q) | 0.75% | 6.51% Cash | 10.82% | 7/27/2028 | $1771762 | 1468288 | 364939 | 0.14% | J |
| Pluralsight, Inc. | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 3.00% Cash +1.50% PIK | 8.83% | 8/22/2029 | $86293 | - | - |  | F |
| Pluralsight, Inc. | First Lien Term Loan | SOFR(Q) | 1.00% | 3.00% Cash +1.50% PIK | 8.70% | 8/22/2029 | $123449 | 121831 | 123449 | 0.04% | F |
| Pluralsight, Inc. | First Lien Term Loan | SOFR(Q) | 1.00% | 3.00% Cash +1.50% PIK | 8.70% | 8/22/2029 | $69933 | 69933 | 69933 | 0.03% | F |
| Pluralsight, Inc. | First Lien Term Loan | SOFR(Q) | 1.00% | 7.50% PIK | 11.70% | 8/22/2029 | $206555 | 204104 | 188234 | 0.07% | F |
| Suited Connector, LLC | First Lien Term Loan | SOFR(Q) | 1.00% | 3.00% Cash + 4.20% PIK | 11.43% | 12/1/2027 | $1654050 | 1641555 | 1141295 | 0.41% | F |
| Suited Connector, LLC | Sr Secured Revolver | SOFR(Q) | 1.00% | 3.00% Cash + 3.20% PIK | 10.27% | 12/1/2027 | $255421 | 253324 | 176240 | 0.06% | F |
|  |  |  |  |  |  |  |  | 17892773 | 13460126 | 4.86% |  |
| **IT Services** |  |  |  |  |  |  |  |  |  |  |  |
| Crewline Buyer, Inc. (New Relic) | Sr Secured Revolver | SOFR(M) | 1.00% | 6.75% | 11.08% | 11/8/2030 | $369286 | (6784) | (739) |  | E/F |
| Crewline Buyer, Inc. (New Relic) | First Lien Term Loan | SOFR(M) | 1.00% | 6.75% | 10.91% | 11/8/2030 | $3545144 | 3474593 | 3538054 | 1.28% | F |
| Idera, Inc. | Second Lien Term Loan | SOFR(Q) | 0.75% | 6.75% | 11.20% | 2/4/2029 | $763206 | 760570 | 618197 | 0.22% |  |
| Intercept Bidco, Inc. | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 6.00% | 10.17% | 6/3/2030 | $166667 | (1667) | (2000) |  | E/F |
| Intercept Bidco, Inc. | Sr Secured Revolver | SOFR(Q) | 1.00% | 6.00% | 10.32% | 6/3/2030 | $111111 | (2222) | (1333) |  | E/F |
| Intercept Bidco, Inc. | First Lien Term Loan | SOFR(Q) | 1.00% | 6.00% | 10.17% | 6/3/2030 | $722222 | 707778 | 713556 | 0.26% | F |
| Serrano Parent, LLC (Sumo Logic) | Sr Secured Revolver | SOFR(S) | 1.00% | 6.50% | 10.71% | 5/12/2030 | $388509 | (6475) | (12432) |  | E/F |
| Serrano Parent, LLC (Sumo Logic) | First Lien Term Loan | SOFR(S) | 1.00% | 6.50% | 10.71% | 5/12/2030 | $3885090 | 3808190 | 3760767 | 1.36% | F |
| Madison Logic Holdings, Inc. | First Lien Term Loan | SOFR(M) | 1.00% | 4.73% Cash + 2.37% PIK | 11.16% | 12/29/2028 | $2184376 | 2138048 | 2048944 | 0.73% | F |
| Madison Logic Holdings, Inc. | Sr Secured Revolver | SOFR(M) | 1.00% | 4.73% Cash + 2.37% PIK | 11.33% | 12/30/2027 | $82677 | (1127) | (5126) |  | E/F |
|  |  |  |  |  |  |  |  | 10870904 | 10657888 | 3.85% |  |
| **Life Sciences Tools & Services** |  |  |  |  |  |  |  |  |  |  |  |
| Alcami Corporation | First Lien Term Loan | SOFR(Q) | 1.00% | 7.15% | 11.35% | 12/21/2028 | $935950 | 916802 | 935950 | 0.34% | F |
| Alcami Corporation | First Lien Delayed Draw Term Loan | SOFR(M) | 1.00% | 7.10% | 11.24% | 12/21/2028 | $68887 | 67484 | 68887 | 0.02% | F |
| Alcami Corporation | Sr Secured Revolver | SOFR(Q) | 1.00% | 7.15% | 11.48% | 12/21/2028 | $128322 | (2452) | - |  | E/F |
| DNAnexus, Inc | First Lien Delayed Draw Term Loan | SOFR(M) | 3.00% | 5.25% | 9.39% | 12/18/2029 | $750000 | 43652 | 42500 | 0.02% | F |
| DNAnexus, Inc | First Lien Term Loan | SOFR(M) | 3.00% | 5.25% | 9.39% | 12/20/2029 | $250000 | 247814 | 247500 | 0.09% | F |
|  |  |  |  |  |  |  |  | 1273300 | 1294837 | 0.47% |  |
| **Media** |  |  |  |  |  |  |  |  |  |  |  |
| Kid Distro Holdings, LLC | Sr Secured Revolver | SOFR(Q) | 1.00% | 4.90% | 9.18% | 10/1/2029 | $74263 | (613) | - |  | E/F |
| Kid Distro Holdings, LLC | First Lien Term Loan | SOFR(S) | 1.00% | 5.00% | 9.20% | 10/1/2029 | $802046 | 795749 | 802046 | 0.29% | F |
| Kid Distro Holdings, LLC | First Lien Term Loan | SOFR(S) | 1.00% | 5.00% | 9.20% | 10/1/2029 | $667906 | 654653 | 667906 | 0.24% | F |
| NEP Group, Inc. et al | Second Lien Term Loan | SOFR(Q) | 0.00% | 7.26% | 11.46% | 10/19/2026 | $130856 | 128359 | 125622 | 0.05% |  |
| Streamland Media Midco LLC | Sr Secured Revolver | SOFR(Q) | 0.00% | 1.00% Cash + 4.50% PIK | 9.83% | 3/31/2029 | $191651 | 191651 | 191651 | 0.07% | F |
| Streamland Media Midco LLC | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 5.76% | 9.82% | 3/31/2029 | $165185 | 110123 | 110123 | 0.04% | F |
| Streamland Media Midco LLC | First Out Term Loan | SOFR(M) | 1.00% | 1.00% Cash + 4.50% PIK | 9.76% | 3/31/2029 | $1377701 | 1377701 | 1377701 | 0.50% | F |
| Streamland Media Midco LLC | Last Out Term Loan | SOFR(M) | 0.00% | 1.00% Cash + 5.50% PIK | 10.76% | 3/31/2029 | $1250836 | 1219493 | 1079471 | 0.39% | F/J |
| Terraboost Media Operating Company, LLC | First Lien Term Loan | SOFR(Q) | 0.00% | 6.65% Cash + 1.31% PIK | 11.95% | 8/23/2026 | $1381262 | 1375192 | 1367449 | 0.49% | F |

---

------

**BlackRock Direct Lending Corp.** 

**Schedule of Investments (Unaudited) (Continued)**

**September 30, 2025**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| TL Voltron Purchaser, LLC (GES) | First Lien Term Loan | SOFR(M) | 1.00 | % | 5.25 | % | 9.41 | % | 12/31/2030 | $803452 | 789143 | 789794 | 0.29% | F |
|  |  |  |  |  |  |  |  |  |  |  | 6641451 | 6511763 | 2.36% |  |

---

------

**BlackRock Direct Lending Corp.** 

**Schedule of Investments (Unaudited) (Continued)**

**September 30, 2025**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Instrument** | **Ref** | **Floor** | **Spread** | **Total<br>Coupon** | **Maturity** | **Principal** | **Cost** | **Fair<br>Value** | **% of Total<br>Cash and<br>Investments** | **Notes** |
| **<u>Debt Investments (Continued)</u>** |  |  |  |  |  |  |  |  |  |  |  |
| **Oil, Gas & Consumable Fuels** |  |  |  |  |  |  |  |  |  |  |  |
| Palmdale Oil Company, LLC | First Lien Term Loan | SOFR(M) | 1.00% | 6.75% | 10.90% | 10/2/2029 | $1025672 | $1002262 | $1025672 | 0.37% | F |
| **Paper & Forest Products** |  |  |  |  |  |  |  |  |  |  |  |
| Alpine Acquisition Corp II (48Forty) | Sr Secured Revolver | SOFR(Q) | 1.00% | 6.15% | 10.32% | 11/30/2029 | $266026 | 205596 | 72996 | 0.03% | F/J |
| Alpine Acquisition Corp II (48Forty) | First Lien Term Loan | SOFR(Q) | 1.00% | 6.15% | 10.32% | 11/30/2029 | $191859 | 186441 | 91305 | 0.03% | F/J |
| Alpine Acquisition Corp II (48Forty) | First Lien 2nd Incremental Term Loan | SOFR(Q) | 1.00% | 6.15% | 10.32% | 11/30/2029 | $237943 | 233910 | 113236 | 0.04% | F/J |
| Alpine Acquisition Corp II (48Forty) | First Lien Participation Tranche 1 Term Loan | SOFR(Q) | 1.00% | 6.15% | 10.32% | 11/30/2029 | $2108101 | 2091715 | 1003233 | 0.36% | F/J |
| Alpine Acquisition Corp II (48Forty) | First Lien Term Loan | SOFR(Q) | 1.00% | 6.15% | 10.32% | 11/30/2029 | $601607 | 596677 | 286301 | 0.10% | F/J |
| Alpine Acquisition Corp II (48Forty) | First Lien Incremental Term Loan | SOFR(Q) | 1.00% | 6.15% | 10.32% | 11/30/2029 | $1342508 | 1326390 | 638892 | 0.24% | F/J |
| FSK Pallet Holding Corp. (Kamps) | First Lien Term Loan | SOFR(Q) | 1.00% | 6.15% | 10.15% | 12/23/2026 | $1150353 | 1150353 | 1148657 | 0.41% | F |
| FSK Pallet Holding Corp. (Kamps) | First Lien Term Loan | SOFR(Q) | 1.25% | 6.65% | 10.98% | 12/23/2026 | $1439493 | 1424132 | 1438197 | 0.52% | F |
|  |  |  |  |  |  |  |  | 7215214 | 4792817 | 1.73% |  |
| **Professional Services** |  |  |  |  |  |  |  |  |  |  |  |
| Lighthouse Parent Holdings, Inc (Aperture) | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 4.75% | 8.90% | 12/20/2031 | $28819 | 10515 | 10310 |  | F |
| Lighthouse Parent Holdings, Inc (Aperture) | Sr Secured Revolver | SOFR(Q) | 0.75% | 5.00% | 9.26% | 12/20/2031 | $11538 | (128) | (173) |  | E/F |
| Lighthouse Parent Holdings, Inc (Aperture) | First Lien Term Loan | SOFR(Q) | 0.75% | 4.75% | 9.07% | 12/20/2031 | $59317 | 58674 | 58428 | 0.02% | F |
| Applause App Quality, Inc. | First Lien Term Loan | SOFR(Q) | 1.50% | 5.75% | 9.76% | 10/24/2029 | $808081 | 794393 | 803232 | 0.29% | F |
| Applause App Quality, Inc. | Sr Secured Revolver | SOFR(Q) | 1.50% | 5.75% | 10.07% | 10/24/2029 | $80808 | 14839 | 15677 | 0.01% | F |
| Cherry Bekaert Advisory, LLC | First Lien Delayed Draw Term Loan | SOFR(M) | 0.75% | 5.25% | 9.41% | 6/30/2028 | $410389 | 404819 | 407397 | 0.15% | F |
| Cherry Bekaert Advisory, LLC | First Lien Delayed Draw Term Loan | SOFR(M) | 0.75% | 5.25% | 9.41% | 6/30/2028 | $372265 | 368439 | 369551 | 0.13% | F |
| Cherry Bekaert Advisory, LLC | First Lien Term Loan | SOFR(M) | 0.75% | 5.25% | 9.41% | 6/30/2028 | $315193 | 311200 | 312895 | 0.11% | F |
| Cherry Bekaert Advisory, LLC | First Lien Term Loan | SOFR(M) | 0.75% | 5.25% | 9.41% | 6/30/2028 | $903473 | 893979 | 896885 | 0.32% | F |
| Cherry Bekaert Advisory, LLC | Sr Secured Revolver | SOFR(M) | 0.75% | 5.25% | 9.41% | 6/30/2028 | $190576 | 67168 | 67599 | 0.02% | F |
| Chronicle Parent LLC (Lexitas) | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 5.00% | 9.00% | 4/15/2031 | $1301093 | 100147 | 106690 | 0.04% | F |
| Chronicle Parent LLC (Lexitas) | Sr Secured Revolver | SOFR(Q) | 1.00% | 5.00% | 9.34% | 4/15/2031 | $433698 | (4012) | - |  | E/F |
| Chronicle Parent LLC (Lexitas) | First Lien Term Loan | SOFR(Q) | 1.00% | 5.00% | 9.32% | 4/15/2031 | $4109826 | 4070772 | 4109826 | 1.48% | F |
| Huckabee Acquisition, LLC (MOREgroup) | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 5.25% | 9.31% | 1/16/2030 | $161290 | (1613) | - |  | E/F |
| Huckabee Acquisition, LLC (MOREgroup) | Sr Secured Revolver | SOFR(Q) | 1.00% | 5.25% | 9.57% | 1/16/2030 | $96774 | (1935) | - |  | E/F |
| Huckabee Acquisition, LLC (MOREgroup) | First Lien Term Loan | SOFR(Q) | 1.00% | 5.25% | 9.31% | 1/16/2030 | $730806 | 716190 | 730806 | 0.26% | F |
| ICIMS, Inc. | First Lien Term Loan | SOFR(Q) | 0.75% | 5.75% | 10.07% | 8/18/2028 | $4724035 | 4682025 | 4630142 | 1.69% | F |
| ICIMS, Inc. | Sr Secured Revolver | SOFR(Q) | 0.75% | 5.75% | 10.06% | 8/18/2028 | $418208 | 113469 | 108786 | 0.04% | F |
| JobandTalent USA, Inc. (United Kingdom) | First Lien Delayed Draw Term Loan (5.0% Exit Fee) | SOFR(M) | 1.00% | 7.00% PIK | 11.16% | 10/13/2028 | $751096 | 751088 | 729990 | 0.26% | B/F/I |
| JobandTalent USA, Inc. (United Kingdom) | First Lien Delayed Draw Term Loan (5.0% Exit Fee) | SOFR(M) | 1.00% | 7.00% PIK | 11.16% | 10/13/2028 | $333820 | 333812 | 324440 | 0.12% | B/F/I |
| JobandTalent USA, Inc. (United Kingdom) | First Lien Delayed Draw Term Loan (5.0% Exit Fee) | SOFR(M) | 1.00% | 7.00% PIK | 11.16% | 10/13/2028 | $667641 | 667635 | 648880 | 0.23% | B/F/I |
| JobandTalent USA, Inc. (United Kingdom) | First Lien Incremental Term Loan (5.0% Exit Fee) | SOFR(M) | 1.00% | 7.00% PIK | 11.16% | 10/13/2028 | $517405 | 517399 | 502866 | 0.18% | B/F/I |
| JobandTalent USA, Inc. (United Kingdom) | First Lien Term Loan (3.0% Exit Fee) | SOFR(M) | 1.00% | 7.00% PIK | 11.16% | 10/13/2028 | $1508042 | 1508607 | 1465666 | 0.53% | B/F/I |
| JobandTalent USA, Inc. (United Kingdom) | First Lien Term Loan (5.0% Exit Fee) | SOFR(M) | 1.00% | 7.00% PIK | 11.16% | 10/13/2028 | $2253288 | 2253262 | 2189971 | 0.79% | B/F/I |
| Security Services Acquisition Sub Corp. (Protos) | First Lien Consolidated Term Loan | SOFR(M) | 1.00% | 5.85% | 10.01% | 9/30/2027 | $1170104 | 1164811 | 1158419 | 0.42% | F |
|  |  |  |  |  |  |  |  | 19795555 | 19648283 | 7.09% |  |
| **Real Estate Management & Development** |  |  |  |  |  |  |  |  |  |  |  |
| Community Merger Sub Debt LLC (CINC Systems) | Sr Secured Revolver | SOFR(M) | 0.75% | 5.25% | 9.58% | 1/18/2030 | $214286 | (4286) | (383) |  | E/F |
| Community Merger Sub Debt LLC (CINC Systems) | First Lien Term Loan | SOFR(M) | 0.75% | 5.25% | 9.41% | 1/18/2030 | $785714 | 770000 | 784309 | 0.28% | F |
| Greystone Select Company II, LLC (Passco) | First Lien Term Loan | SOFR(M) | 1.50% | 6.61% | 10.78% | 3/21/2027 | $1847720 | 1833107 | 1837108 | 0.66% | F |
| Greystone Affordable Housing Initiatives, LLC | First Lien Delayed Draw Term Loan | SOFR(S) | 1.25% | 6.43% | 10.63% | 3/2/2026 | $2800000 | 2800000 | 2763600 | 1.00% | C/F |
|  |  |  |  |  |  |  |  | 5398821 | 5384634 | 1.94% |  |

---

------

**BlackRock Direct Lending Corp.** 

**Schedule of Investments (Unaudited) (Continued)**

**September 30, 2025**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Instrument** | **Ref** | **Floor** | **Spread** | **Total<br>Coupon** | **Maturity** | **Principal** | **Cost** | **Fair<br>Value** | **% of Total<br>Cash and<br>Investments** | **Notes** |
| **<u>Debt Investments (Continued)</u>** |  |  |  |  |  |  |  |  |  |  |  |
| **Road & Rail** |  |  |  |  |  |  |  |  |  |  |  |
| Motive Technologies, Inc. (Keep Trucking) | First Lien Incremental Term Loan 2 (1.0% Exit Fee) | SOFR(M) | 1.00% | 7.36% | 11.53% | 4/8/2027 | $516650 | $514723 | $514067 | 0.19% | F/I |
| Motive Technologies, Inc. (Keep Trucking) | First Lien Incremental Term Loan 1 (1.0% Exit Fee) | SOFR(M) | 1.00% | 7.36% | 11.53% | 4/8/2027 | $1000000 | 996944 | 995000 | 0.36% | F/I |
| Motive Technologies, Inc. (Keep Trucking) | First Lien Incremental Term Loan 3 (1.0% Exit Fee) | SOFR(M) | 1.00% | 7.36% | 11.53% | 4/8/2027 | $483350 | 481402 | 480933 | 0.17% | F/I |
| Motive Technologies, Inc. (Keep Trucking) | First Lien Term Loan (1.0% Exit Fee) | SOFR(M) | 1.00% | 7.36% | 11.53% | 4/8/2027 | $3000000 | 2989164 | 2985000 | 1.08% | F/I |
|  |  |  |  |  |  |  |  | 4982233 | 4975000 | 1.80% |  |
| **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** |  |  |  |  |  |  |  |  |  |  |
| Emerald Technologies (U.S.) AcquisitionCo, Inc. | First Lien Term Loan | SOFR(Q) | 1.00% | 6.40% | 10.60% | 12/29/2027 | $701152 | 694859 | 490807 | 0.17% | F |
| Emerald Technologies (U.S.) AcquisitionCo, Inc. | Sr Secured Revolver | SOFR(Q) | 1.00% | 6.15% | 10.14% | 12/29/2026 | $268108 | 201907 | 130882 | 0.05% | F |
|  |  |  |  |  |  |  |  | 896766 | 621689 | 0.22% |  |
| **Software** |  |  |  |  |  |  |  |  |  |  |  |
| AlphaSense, Inc. | First Lien Delayed Draw Term Loan | SOFR(Q) | 2.00% | 6.25% | 10.55% | 6/27/2029 | $538525 | (5385) | (2042) |  | E/F |
| AlphaSense, Inc. | First Lien Term Loan | SOFR(Q) | 2.00% | 6.25% | 10.24% | 6/27/2029 | $2692626 | 2670346 | 2682415 | 0.97% | F |
| Aras Corporation | First Lien Term Loan | SOFR(Q) | 1.00% | 5.00% | 9.00% | 4/13/2029 | $1836506 | 1823934 | 1851198 | 0.67% | F |
| Aras Corporation | Sr Secured Revolver | SOFR(Q) | 1.00% | 5.00% | 9.00% | 4/13/2029 | $121888 | 35571 | 36567 | 0.01% | F |
| Bluefin Holding, LLC (Allvue) | Sr Secured Revolver | SOFR(Q) | 1.00% | 6.25% | 10.57% | 9/12/2029 | $405340 | (6731) | - |  | E/F |
| Bluefin Holding, LLC (Allvue) | First Lien Term Loan | SOFR(Q) | 1.00% | 4.50% | 8.56% | 9/12/2029 | $4111310 | 4035713 | 4152423 | 1.50% | F |
| Cart.Com, Inc. | First Lien Term Loan (2.5% Exit Fee) | SOFR(M) | 1.50% | 7.75% | 11.91% | 5/30/2029 | $489730 | 485107 | 486791 | 0.18% | F/I |
| Cart.Com, Inc. | First Lien Term Loan (2.5% Exit Fee) | SOFR(M) | 1.50% | 7.75% | 11.91% | 5/30/2029 | $1000000 | 990000 | 989000 | 0.36% | F/I |
| Clever Devices Ltd. | Sr Secured Revolver | SOFR(M) | 1.00% | 6.00% | 10.16% | 6/12/2030 | $294118 | 31863 | 39216 | 0.01% | F |
| Clever Devices Ltd. | First Lien Term Loan | SOFR(M) | 1.00% | 6.00% | 10.16% | 6/12/2030 | $697059 | 679632 | 702635 | 0.25% | F |
| Douglas Holdings, Inc (Docupace) | First Lien PIK Delayed Draw Term Loan | SOFR(Q) | 1.00% | 6.13% | 10.13% | 8/27/2030 | $50963 | 25450 | 24737 | 0.01% | F |
| Douglas Holdings, Inc (Docupace) | First Lien Delayed Draw Term Loan B | SOFR(Q) | 1.00% | 6.13% | 10.13% | 8/27/2030 | $89724 | 10138 | 9511 |  | F |
| Douglas Holdings, Inc (Docupace) | First Lien Term Loan | SOFR(Q) | 1.00% | 6.13% | 10.13% | 8/27/2030 | $412728 | 407380 | 406950 | 0.15% | F |
| Douglas Holdings, Inc (Docupace) | Sr Secured Revolver | SOFR(Q) | 1.00% | 6.13% | 10.13% | 8/27/2030 | $35889 | (442) | (502) |  | E/F |
| Dragos, Inc. | First Lien Delayed Draw Term Loan | SOFR(S) | 1.00% | 5.25% | 9.42% | 6/30/2030 | $1505550 | (14298) | (15056) | (0.01)% | E/F |
| Dragos, Inc. | First Lien Delayed Draw Term Loan | SOFR(S) | 1.00% | 5.25% | 9.42% | 6/30/2030 | $552770 | - | (5528) |  | E/F |
| Dragos, Inc. | First Lien Term Loan | SOFR(Q) | 1.00% | 5.25% | 9.42% | 6/30/2030 | $2258325 | 2236088 | 2235742 | 0.81% | F |
| FirstUp, Inc | First Lien Term Loan | SOFR(Q) | 1.00% | 6.75% | 10.75% | 7/13/2027 | $221360 | 219664 | 219589 | 0.08% | F |
| FirstUp, Inc | Sr Secured Revolver | SOFR(Q) | 1.00% | 6.75% | 11.05% | 7/13/2027 | $198790 | (1486) | (1590) |  | E/F |
| FirstUp, Inc | First Lien Term Loan | SOFR(Q) | 1.00% | 6.75% | 10.75% | 7/13/2027 | $2152968 | 2136472 | 2135744 | 0.77% | F |
| Flexport Capital, LLC | First Lien Delayed Draw Term Loan | SOFR(Q) | 2.00% | 5.50% | 9.65% | 6/30/2029 | $1826734 | - | (21921) | (0.01)% | E/F |
| Flexport Capital, LLC | First Lien Term Loan | SOFR(M) | 2.00% | 5.50% | 9.65% | 6/30/2029 | $2388806 | 2365360 | 2360140 | 0.85% | F |
| Fusion Risk Management, Inc. | Sr Secured Revolver | SOFR(Q) | 1.00% | 6.00% | 9.99% | 5/22/2029 | $421160 | 163206 | 167622 | 0.06% | F |
| Fusion Risk Management, Inc. | First Lien Term Loan | SOFR(Q) | 1.00% | 6.00% | 10.20% | 5/22/2029 | $3714737 | 3664906 | 3707308 | 1.34% | F |
| G-3 Apollo Acquisition Corp (Appriss Retail) | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 5.00% | 9.07% | 3/10/2031 | $430157 | (5881) | (860) |  | E/F |
| G-3 Apollo Acquisition Corp (Appriss Retail) | Sr Secured Revolver | SOFR(Q) | 1.00% | 5.00% | 9.12% | 3/10/2031 | $430157 | 22225 | 27817 | 0.01% | F |
| G-3 Apollo Acquisition Corp (Appriss Retail) | First Lien Term Loan | SOFR(Q) | 1.00% | 5.00% | 9.07% | 3/10/2031 | $2002382 | 1976745 | 1998377 | 0.72% | F |
| GTY Technology Holdings Inc. | First Lien Term Loan | SOFR(Q) | 1.00% | 2.50% Cash + 4.13% PIK | 10.63% | 7/9/2029 | $2012900 | 1991494 | 1986324 | 0.72% | F |
| GTY Technology Holdings Inc. | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 2.50% Cash + 4.13% PIK | 10.63% | 7/9/2029 | $1352828 | 1326681 | 1334966 | 0.48% | F |
| GTY Technology Holdings Inc. | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 2.50% Cash + 4.13% PIK | 10.63% | 7/9/2029 | $1556868 | 1548548 | 1536313 | 0.55% | F |
| GTY Technology Holdings Inc. | Sr Secured Revolver | SOFR(Q) | 1.00% | 6.00% | 10.00% | 7/9/2029 | $318422 | 72906 | 72217 | 0.03% | F |

---

------

**BlackRock Direct Lending Corp.** 

**Schedule of Investments (Unaudited) (Continued)**

**September 30, 2025**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Instrument** | **Ref** | **Floor** | **Spread** | **Total<br>Coupon** | **Maturity/<br>Expiration** | **Principal/<br>Shares** | **Cost** | **Fair<br>Value** | **% of Total<br>Cash and<br>Investments** | **Notes** |
| **<u>Debt Investments (Continued)</u>** |  |  |  |  |  |  |  |  |  |  |  |
| **Software (Continued)** |  |  |  |  |  |  |  |  |  |  |  |
| Honey Intermediate, Inc. (iLobby) (Canada) | Sr Secured Revolver | SOFR(M) | 1.00% | 2.88% Cash +3.38% PIK | 10.58% | 9/26/2030 | $531371 | $(6658) | $(8502) |  | B/E/F |
| Honey Intermediate, Inc. (iLobby) (Canada) | First Lien Term Loan | SOFR(M) | 1.00% | 2.88% Cash +3.38% PIK | 10.41% | 9/30/2030 | $4123810 | 4071058 | 4057829 | 1.46% | B/F |
| Howlco, LLC, (Lone Wolf) | First Lien Term Loan | SOFR(Q) | 1.00% | 3.15% Cash +3.50% PIK | 10.97% | 10/23/2027 | $782143 | 779538 | 770547 | 0.28% | F |
| Integrate.com, Inc. | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 4.65% Cash +2.25% PIK | 10.90% | 12/17/2027 | $193978 | 194472 | 186511 | 0.07% | F |
| Integrate.com, Inc. | First Lien Incremental Term Loan | SOFR(Q) | 1.00% | 4.65% Cash +2.25% PIK | 10.90% | 12/17/2027 | $567988 | 555194 | 546124 | 0.20% | F |
| Integrate.com, Inc. | First Lien Term Loan | SOFR(Q) | 1.00% | 4.65% Cash +2.25% PIK | 10.90% | 12/17/2027 | $3052129 | 3025973 | 2934639 | 1.06% | F |
| Integrate.com, Inc. | Sr Secured Revolver | SOFR(Q) | 1.00% | 4.65% Cash +2.25% PIK | 10.90% | 12/17/2027 | $259428 | 249839 | 241914 | 0.09% | F |
| IQN Holding Corporation (Beeline) | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 2.63% Cash + 3.13% PIK | 9.75% | 5/2/2029 | $2625814 | 2602077 | 2601455 | 0.94% | F |
| JOBVITE, Inc. (Employ, Inc.) | First Lien Last Out Term Loan | SOFR(Q) | 0.75% | 7.50% | 11.73% | 8/5/2028 | $2796125 | 2754645 | 2756507 | 0.99% | F |
| Lightspeed Solutions, LLC | First Lien Term Loan | SOFR(M) | 0.75% | 6.00% | 10.17% | 3/1/2028 | $2514169 | 2491811 | 2496075 | 0.89% | F |
| Lightspeed Solutions, LLC | First Lien Incremental Term Loan | SOFR(M) | 0.75% | 6.00% | 10.17% | 3/1/2028 | $553102 | 546200 | 549121 | 0.20% | F |
| Lightspeed Solutions, LLC | First Lien Delayed Draw Term Loan | SOFR(M) | 0.75% | 6.00% | 10.17% | 3/1/2028 | $165823 | 164430 | 164629 | 0.06% | F |
| Logicmonitor, Inc | Sr Secured Revolver | SOFR(Q) | 0.75% | 5.50% | 9.78% | 11/19/2031 | $101496 | (1114) | (1172) |  | E/F |
| Logicmonitor, Inc | First Lien Term Loan | SOFR(Q) | 0.75% | 5.50% | 9.81% | 11/19/2031 | $811966 | 803223 | 802588 | 0.29% | F |
| Nvest, Inc. (SigFig) | First Lien Term Loan | SOFR(S) | 1.00% | 7.50% | 11.78% | 9/15/2026 | $725729 | 725986 | 719742 | 0.26% | F |
| Oak Purchaser, Inc. (DaySmart) | First Lien Term Loan (1.0% Exit Fee) | SOFR(S) | 0.75% | 5.50% | 9.37% | 4/28/2028 | $650015 | 643515 | 651315 | 0.23% | F/I |
| Oak Purchaser, Inc. (DaySmart) | First Lien Delayed Draw Term Loan (1.0% Exit Fee) | SOFR(S) | 0.75% | 5.50% | 9.37% | 4/28/2028 | $433343 | 429010 | 434210 | 0.16% | F/I |
| Oak Purchaser, Inc. (DaySmart) | Sr Secured Revolver (1.0% Exit Fee) | Prime | 0.75% | 4.50% | 11.75% | 4/28/2028 | $86669 | 4911 | 5778 |  | F/I |
| Smarsh, Inc. | Sr Secured Revolver | SOFR(Q) | 0.00% | 4.75% | 8.75% | 2/18/2029 | $122379 | 33062 | 34261 | 0.01% | F |
| Smarsh, Inc. | First Lien Term Loan | SOFR(Q) | 0.75% | 4.75% | 8.75% | 2/18/2029 | $2202814 | 2179278 | 2202717 | 0.79% | F |
| Smarsh, Inc. | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 4.75% | 8.75% | 2/18/2029 | $244757 | (2044) | (11) |  | E/F |
| Thunder Purchaser, Inc. (Vector Solutions) | Sr Secured Revolver | SOFR(Q) | 1.00% | 5.65% | 9.95% | 6/30/2027 | $204439 | (1299) | (1132) |  | E/F |
| Thunder Purchaser, Inc. (Vector Solutions) | First Lien Term Loan | SOFR(Q) | 1.00% | 5.40% | 9.40% | 6/30/2028 | $3414236 | 3386017 | 3385972 | 1.22% | F |
| Trintech, Inc. | Sr Secured Revolver | SOFR(M) | 1.00% | 5.50% | 9.66% | 7/25/2029 | $274870 | 73054 | 74590 | 0.03% | F |
| Trintech, Inc. | First Lien Term Loan | SOFR(M) | 1.00% | 5.50% | 9.66% | 7/25/2029 | $3510782 | 3435198 | 3460399 | 1.25% | F |
| Zendesk Inc. | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 5.00% | 9.00% | 11/22/2028 | $734683 | 216813 | 229756 | 0.08% | F |
| Zendesk Inc. | Sr Secured Revolver | SOFR(Q) | 0.75% | 5.00% | 9.32% | 11/22/2028 | $302992 | (4408) | - |  | E/F |
| Zendesk Inc. | First Lien Term Loan | SOFR(Q) | 0.75% | 5.00% | 9.00% | 11/22/2028 | $2990590 | 2946313 | 2990590 | 1.08% | F |
| Zilliant Incorporated | First Lien Term Loan (0.5% Exit Fee) | SOFR(M) | 0.75% | 2.10% Cash + 5.00% PIK | 11.26% | 12/21/2027 | $2662306 | 2640876 | 2545165 | 0.91% | F/I |
| Zilliant Incorporated | First Lien Delayed Draw Term Loan (0.5% Exit Fee) | SOFR(M) | 0.75% | 2.10% Cash + 5.00% PIK | 11.26% | 12/21/2027 | $487469 | 484094 | 466021 | 0.17% | F/I |
| Zilliant Incorporated | Sr Secured Revolver (0.5% Exit Fee) | SOFR(M) | 0.75% | 2.10% Cash + 5.00% PIK | 11.26% | 12/21/2027 | $222222 | (1657) | (9778) |  | E/F/I |
|  |  |  |  |  |  |  |  | 64304613 | 64403963 | 23.23% |  |
| **Specialty Retail** |  |  |  |  |  |  |  |  |  |  |  |
| Hanna Andersson, LLC | First Lien Term Loan | SOFR(Q) | 1.00% | 6.35% | 10.66% | 7/2/2026 | $2535572 | 2526729 | 2535572 | 0.92% | F |
| Supergoop, LLC | First Lien Term Loan | SOFR(M) | 0.75% | 5.85% | 10.01% | 12/29/2028 | $521673 | 516045 | 517063 | 0.19% | F |
| Supergoop, LLC | Sr Secured Revolver | SOFR(M) | 0.75% | 5.85% | 10.01% | 12/24/2027 | $124734 | 65244 | 65423 | 0.02% | F |
|  |  |  |  |  |  |  |  | 3108018 | 3118058 | 1.13% |  |
| **Wireless Telecommunication Services** |  |  |  |  |  |  |  |  |  |  |  |
| OpenMarket, Inc. (Infobip) (United Kingdom) | First Lien Term Loan | SOFR(Q) | 0.75% | 5.75% | 9.75% | 6/11/2029 | $4573393 | 4520757 | 4525916 | 1.63% | B/F |
| **Total Debt Investments - 81.31% of Net Assets** | **Total Debt Investments - 81.31% of Net Assets** |  |  |  |  |  |  | 234177906 | 225786555 | 81.49% |  |

---

------

**BlackRock Direct Lending Corp.** 

**Schedule of Investments (Unaudited) (Continued)**

**September 30, 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Instrument** | **Spread** | **Total<br>Coupon** | **Maturity/<br>Expiration** | **Shares** | **Cost** | **Fair<br>Value** | **% of Total<br>Cash and<br>Investments** | **Notes** |
| **<u>Equity Securities</u>** |  |  |  |  |  |  |  |  |  |
| **Beverages** |  |  |  |  |  |  |  |  |  |
| New JuicePlus Parent, LLC (Juice Plus) | Common Units |  |  |  | 6546 | $- | $12336 |  | F/G/H |
| **Construction & Engineering** |  |  |  |  |  |  |  |  |  |
| Homerenew Buyer, Inc. (Renovo) | Class C-1 Common Units |  |  |  | 3805 | - | - |  | F/G/H |
| Homerenew Buyer, Inc. (Renovo) | Class B-1 Preferred Units |  |  |  | 2432 | - | - |  | F/G/H |
| Homerenew Buyer, Inc. (Renovo) | Class A Preferred Units |  |  |  | 1513 | 540831 | 228591 | 0.08% | F/G/H |
|  |  |  |  |  |  | 540831 | 228591 | 0.08% |  |
| **Diversified Consumer Services** |  |  |  |  |  |  |  |  |  |
| SellerX Germany GMBH & Co. KG (Germany) | Common Shares |  |  |  | 55170 | 640 | 1 |  | B/F/G/H |
| Vingil Holdings 2 S.a r.l (Germany) | Preferred Units |  |  |  | 3794992 | 1180243 | 1062598 | 0.38% | B/F/G/H |
| Infinite Commerce Holdings LLC (Razor) | Series A-3 Preferred Units |  |  |  | 3127928 | - | 31 |  | F/G/H |
| Infinite Commerce Holdings LLC (Razor) | Common Shares |  |  |  | 20401 | - | - |  | F/G/H |
| Infinite Commerce Holdings LLC (Razor) | Series A Preferred Units |  |  |  | 742790 | - | 7 |  | F/G/H |
|  |  |  |  |  |  | 1180883 | 1062637 | 0.38% |  |
| **Diversified Financial Services** |  |  |  |  |  |  |  |  |  |
| Worldremit Group Limited (United Kingdom) | Series X Shares |  |  |  | 271 | 27200 | 31082 | 0.01% | B/F/G/H |
| Worldremit Group Limited (United Kingdom) | Warrants to Purchase Series D Stock |  |  | 2/11/2031 | 2394 | - | 1998 |  | B/F/G/H |
| Worldremit Group Limited (United Kingdom) | Warrants to Purchase Series E Stock |  |  | 8/17/2031 | 299 | - | 9 |  | B/F/G/H |
|  |  |  |  |  |  | 27200 | 33089 | 0.01% |  |
| **Internet Software & Services** |  |  |  |  |  |  |  |  |  |
| Igloo Parent Holdings LLC (InMoment) | Common Units |  |  |  | 23 | 1833229 | 1911302 | 0.69% | C/F/G/H |
| SuCo Investors, LP (Suited Connector) | Warrants to Purchase Class A Units |  |  | 3/6/2033 | 12349 | - | - |  | F/G/H |
| Pluralsight, Inc. | Common Stock |  |  |  | 60932 | 170000 | 1 |  | F/G/H |
|  |  |  |  |  |  | 2003229 | 1911303 | 0.69% |  |
| **Media** |  |  |  |  |  |  |  |  |  |
| Streamland Media Holdings LLC | Common Units |  |  |  | 11902 | 607359 | - |  | F/G/H |
| **Paper and Forest Products** |  |  |  |  |  |  |  |  |  |
| 48forty Intermediate Holdings, Inc. | Common Stock |  |  |  | 624 | - | - |  | F/G/H |
| **Professional Services** |  |  |  |  |  |  |  |  |  |
| JobandTalent USA, Inc. (United Kingdom) | F3 Preferred Stock |  |  |  | 1702 | - | 90291 | 0.03% | B/F/G/H |
| JobandTalent USA, Inc. (United Kingdom) | F1 Preferred Stock |  |  |  | 25523 | 320915 | 1379263 | 0.50% | B/F/G/H |
|  |  |  |  |  |  | 320915 | 1469554 | 0.53% |  |
| **Road & Rail** |  |  |  |  |  |  |  |  |  |
| Motive Technologies, Inc. (Keep Trucking) | Warrants to Purchase Common Stock |  |  | 11/27/2034 | 75000 | 75000 | 70500 | 0.03% | F/G/H |
| **Software** |  |  |  |  |  |  |  |  |  |
| Grey Orange International Inc. | Warrants to Purchase Common Stock |  |  | 5/6/2032 | 1122 | - | 224 |  | F/G/H |
| **Total Equity Securities - 1.72% of Net Assets** | **Total Equity Securities - 1.72% of Net Assets** |  |  |  |  | 4755417 | 4788234 | 1.72% |  |
| **Total Investments - 83.03% of Net Assets** | **Total Investments - 83.03% of Net Assets** |  |  |  |  | 238933323 | 230574789 | 83.21% |  |
| **Cash and Cash Equivalents - 16.75% of Net Assets** | **Cash and Cash Equivalents - 16.75% of Net Assets** |  |  |  |  |  | 46511713 | 16.79% |  |
| **Total Cash and Investments - 99.78% of Net Assets** | **Total Cash and Investments - 99.78% of Net Assets** |  |  |  |  |  | 277086502 | 100.00% |  |

---

------

**BlackRock Direct Lending Corp.** 

**Schedule of Investments (Unaudited) (Continued)**

**September 30, 2025**

*Notes to Schedule of Investments:*

(A)Debt investments include investments in bank debt that generally are bought and sold among institutional investors in transactions not subject to registration under the Securities Act of 1933 (the "Securities Act"). Such transactions are generally subject to contractual restrictions, such as approval of the agent or borrower.

(B)Non-U.S. company or principal place of business outside the U.S. and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940 (the "1940 Act"). Under the 1940 Act, BlackRock Direct Lending Corp. (the "Company") may not acquire any nonqualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.

(C)Deemed an investment company under Section 3(c) of the 1940 Act and as a result the investment is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any nonqualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.

(D)Publicly traded company with a market capitalization greater than $250 million and as a result the investment is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.

(E)Negative balances relate to an unfunded commitment that was acquired and/or valued at a discount.

(F)Inputs in the valuation of this investment included certain unobservable inputs that were significant to the valuation as a whole.

(G)Restricted security. (See Note 10)

(H)Non-income producing investment.

(I)In addition to the stated coupon, investment has an exit fee payable upon repayment of the loan in an amount equal to the percentage of the original principal amount shown.

(J)Non-accruing debt investment

LIBOR or SOFR resets monthly (M), quarterly (Q) or semiannually (S).

Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $54,918,960 and $47,281,664 respectively, for the nine months ended September 30, 2025. Aggregate acquisitions include investment assets received as payment in kind. Aggregate dispositions include principal paydowns on and maturities of debt investments. The total value of restricted securities and bank debt as of September 30, 2025 was $230,574,789 or 83.2% of total cash and investments of the Company. As of September 30, 2025, approximately 8.7% of the total assets of the Company were non-qualifying assets under Section 55(a) of the 1940 Act.

*See accompanying notes to the financial statements.*

------

**BlackRock Direct Lending Corp.** 

**Schedule of Investments**

**December 31, 2024**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Instrument** | **Ref** | **Floor** | **Spread** | **Total<br>Coupon** | **Maturity** | **Principal** | **Cost** | **Fair<br>Value** | **% of Total<br>Cash and<br>Investments** | **Notes** |
| **<u>Debt Investments</u>** <sup>(A)</sup> |  |  |  |  |  |  |  |  |  |  |  |
| **Automobiles** |  |  |  |  |  |  |  |  |  |  |  |
| ALCV Purchaser, Inc. (AutoLenders) | First Lien Term Loan | SOFR(Q) | 1.00% | 7.01% | 11.34% | 2/25/2026 | $799341 | $795339 | $794545 | 0.31% | F |
| ALCV Purchaser, Inc. (AutoLenders) | Sr Secured Revolver | SOFR(Q) | 1.00% | 7.01% | 11.34% | 2/25/2026 | $92635 | 92267 | 92080 | 0.03% | F |
|  |  |  |  |  |  |  |  | 887606 | 886625 | 0.34% |  |
| **Beverages** |  |  |  |  |  |  |  |  |  |  |  |
| JP Intermediate B, LLC (Juice Plus) | First Lien Term Loan | Prime | 1.00% | 6.50% | 14.50% | 11/20/2025 | $1633765 | 1597995 | 1057046 | 0.41% | F |
| **Building Products** |  |  |  |  |  |  |  |  |  |  |  |
| Air Distribution Technologies Inc | First Lien Term Loan | SOFR(M) | 1.00% | 6.00% | 10.55% | 8/1/2030 | $800168 | 784643 | 790566 | 0.31% | F |
| Porcelain Acquisition Corporation (Paramount) | First Lien Term Loan | SOFR(Q) | 1.00% | 6.10% | 10.43% | 4/30/2027 | $976824 | 967414 | 870350 | 0.33% | F |
| Trulite Holding Corp. | First Lien Term Loan | SOFR(Q) | 1.00% | 6.00% | 10.59% | 2/22/2030 | $81771 | 80135 | 81669 | 0.03% | F |
|  |  |  |  |  |  |  |  | 1832192 | 1742585 | 0.67% |  |
| **Capital Markets** |  |  |  |  |  |  |  |  |  |  |  |
| PMA Parent Holdings, LLC | First Lien Term Loan | SOFR(Q) | 0.75% | 5.25% | 9.58% | 1/31/2031 | $3942189 | 3897350 | 3950073 | 1.53% | F |
| PMA Parent Holdings, LLC | Sr Secured Revolver | SOFR(Q) | 0.75% | 5.25% | 9.58% | 1/31/2031 | $- | (11292) | - |  | E/F |
|  |  |  |  |  |  |  |  | 3886058 | 3950073 | 1.53% |  |
| **Commercial Services & Supplies** |  |  |  |  |  |  |  |  |  |  |  |
| Apollo Group Holdco, LLC (Topsail) | First Lien Term Loan | SOFR(Q) | 1.00% | 6.00% | 10.33% | 12/26/2030 | $1000000 | 980012 | 980000 | 0.38% | F |
| Modigent, LLC (Pueblo) | First Lien Term Loan | SOFR(Q) | 0.75% | 6.50% | 10.83% | 8/23/2028 | $1600447 | 1574005 | 1579785 | 0.60% | F |
| Modigent, LLC (Pueblo) | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 6.50% | 10.83% | 8/23/2028 | $1110106 | 1090828 | 1095775 | 0.43% | F |
| Modigent, LLC (Pueblo) | Sr Secured Revolver | SOFR(Q) | 0.75% | 6.50% | 10.83% | 8/23/2027 | $223339 | 219483 | 220261 | 0.09% | F |
| Thermostat Purchaser III, Inc. (Reedy Industries) | Second Lien Term Loan | SOFR(Q) | 0.75% | 7.40% | 11.91% | 8/31/2029 | $1076305 | 1065706 | 1076305 | 0.42% | F |
|  |  |  |  |  |  |  |  | 4930034 | 4952126 | 1.92% |  |
| **Construction & Engineering** |  |  |  |  |  |  |  |  |  |  |  |
| LJ Avalon Holdings, LLC (Ardurra) | First Lien Term Loan | SOFR(Q) | 1.00% | 5.00% | 9.53% | 2/1/2030 | $748393 | 731626 | 751386 | 0.29% | F |
| LJ Avalon Holdings, LLC (Ardurra) | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 5.00% | 9.51% | 2/1/2030 | $306358 | 298778 | 307583 | 0.12% | F |
| LJ Avalon Holdings, LLC (Ardurra) | Sr Secured Revolver | SOFR(Q) | 1.00% | 5.00% | 9.53% | 2/1/2029 | $- | (2547) | - |  | E/F |
| Homerenew Buyer, Inc. (Renovo) | First Lien Term Loan | SOFR(M) | 1.00% | 8.60% PIK | 12.96% | 11/23/2027 | $1569551 | 1532276 | 563665 | 0.22% | F/J |
| Homerenew Buyer, Inc. (Renovo) | First Lien Delayed Draw Term Loan | SOFR(M) | 1.00% | 8.60% PIK | 12.96% | 11/23/2027 | $2190346 | 2150080 | 786373 | 0.31% | F/J |
| Homerenew Buyer, Inc. (Renovo) | Sr Secured Revolver | SOFR(M) | 1.00% | 8.60% PIK | 12.94% | 11/23/2027 | $527287 | 516278 | 189234 | 0.07% | F/J |
| Homerenew Buyer, Inc. (Renovo) | First Lien Term Loan | SOFR(M) | 1.00% | 9.10% PIK | 13.44% | 11/23/2027 | $201896 | 198095 | 201896 | 0.08% | F |
| Homerenew Buyer, Inc. (Renovo) | First Lien Term Loan | SOFR(M) | 2.50% | 9.10% PIK | 13.54% | 3/13/2025 | $90296 | 89220 | 90296 | 0.04% | F |
| Homerenew Buyer, Inc. (Renovo) | First Lien Term Loan | SOFR(M) | 2.50% | 11.10% PIK | 15.46% | 3/13/2025 | $247658 | 218400 | 247658 | 0.10% | F |
| Homerenew Buyer, Inc. (Renovo) | First Lien Term Loan | SOFR(M) | 2.50% | 11.10% PIK | 15.44% | 3/13/2025 | $442404 | 370475 | 442404 | 0.17% | F |
| PlayPower, Inc | Sr Secured Revolver | SOFR(Q) | 0.75% | 5.25% | 9.58% | 8/28/2030 | $- | (5604) | (5219) |  | E/F |
| PlayPower, Inc | First Lien Term Loan | SOFR(Q) | 0.75% | 5.25% | 9.58% | 8/28/2030 | $2609164 | 2571127 | 2596118 | 1.01% | F |
| Titan Home Improvement, LLC (Renuity) | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 5.75% | 10.26% | 5/31/2030 | $- | (2791) | 140 |  | E/F |
| Titan Home Improvement, LLC (Renuity) | Sr Secured Revolver Loan | SOFR(Q) | 1.00% | 5.75% | 10.26% | 5/31/2030 | $- | (2326) | - |  | E/F |
| Titan Home Improvement, LLC (Renuity) | First Lien Term Loan | SOFR(Q) | 1.00% | 5.75% | 10.26% | 5/31/2030 | $742326 | 727479 | 743068 | 0.29% | F |
| Vortex Companies, LLC | First Lien Term Loan | SOFR(M) | 1.00% | 5.00% | 9.36% | 9/4/2029 | $1103806 | 1082022 | 1092768 | 0.42% | F |
| Vortex Companies, LLC | First Lien Delayed Draw Term Loan | SOFR(M) | 1.00% | 5.00% | 9.36% | 9/4/2029 | $808798 | 792656 | 800710 | 0.31% | F |
| Vortex Companies, LLC | Sr Secured Revolver | SOFR(M) | 1.00% | 5.00% | 9.36% | 9/4/2029 | $19084 | 15647 | 17149 | 0.01% | F |
|  |  |  |  |  |  |  |  | 11280891 | 8825229 | 3.44% |  |
| **Construction Materials** |  |  |  |  |  |  |  |  |  |  |  |
| AHF Parent Holding, Inc. | First Lien Term Loan | SOFR(Q) | 0.75% | 6.51% | 10.84% | 2/1/2028 | $3155860 | 3097596 | 3155861 | 1.22% | D |

---

------

**BlackRock Direct Lending Corp.** 

**Schedule of Investments (Continued)**

**December 31, 2024**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Instrument** | **Ref** | **Floor** | **Spread** | **Total<br>Coupon** | **Maturity** | **Principal** | **Cost** | **Fair<br>Value** | **% of Total<br>Cash and<br>Investments** | **Notes** |
| **<u>Debt Investments (Continued)</u>** |  |  |  |  |  |  |  |  |  |  |  |
| **Consumer Finance** |  |  |  |  |  |  |  |  |  |  |  |
| Money Transfer Acquisition Inc. | First Lien Term Loan | SOFR(M) | 1.00% | 8.35% | 12.92% | 12/14/2027 | $883082 | $871118 | $874251 | 0.34% | F |
| Freedom Financial Network Funding, LLC | First Lien Term Loan | SOFR(S) | 1.00% | 9.25% | 13.53% | 9/21/2027 | $2909041 | 2860642 | 2836315 | 1.09% | F |
| Freedom Financial Network Funding, LLC | First Lien Delayed Draw Term Loan | SOFR(S) | 1.00% | 9.25% | 13.66% | 9/21/2027 | $969680 | 953563 | 945438 | 0.37% | F |
|  |  |  |  |  |  |  |  | 4685323 | 4656004 | 1.80% |  |
| **Containers & Packaging** |  |  |  |  |  |  |  |  |  |  |  |
| BW Holding, Inc. (Brook & Whittle) | Second Lien Term Loan | SOFR(Q) | 0.75% | 7.65% | 12.16% | 12/14/2029 | $1807299 | 1778912 | 1548855 | 0.60% | F |
| **Diversified Consumer Services** |  |  |  |  |  |  |  |  |  |  |  |
| Fusion Holding Corp. (Finalsite) | First Lien Term Loan | SOFR(Q) | 0.75% | 6.25% | 10.58% | 9/14/2029 | $4092256 | 4023964 | 4022565 | 1.56% | F |
| Fusion Holding Corp. (Finalsite) | Sr Secured Revolver | SOFR(Q) | 0.75% | 6.25% | 10.58% | 9/15/2027 | $- | (4183) | (4656) |  | E/F |
| Razor Group Holdings II, Inc. (Germany) | First Lien A Term Loan | Fixed |  | 2.50% Cash + 5.00% PIK | 7.50% | 9/30/2028 | $4475060 | 4456961 | 1696048 | 0.66% | B/F/J |
| Razor Group Holdings II, Inc. (Germany) | First Lien C Term Loan | Fixed |  | 3.50% Cash + 3.50% PIK | 7.00% | 9/30/2028 | $590594 | 590594 | - |  | B/F/J |
| SellerX Germany GmbH (Germany) | First Lien A1 Term Loan | SOFR(Q) | 2.00% | 4.50% Cash + 4.50% PIK | 14.33% | 5/23/2026 | $4314607 | 4265553 | 2731146 | 1.06% | B/F/J |
| SellerX Germany GmbH (Germany) | Sr Secured Revolver | SOFR(Q) | 0.00% | 9.00% | 13.49% | 11/22/2029 | $105633 | 105633 | 105633 | 0.04% | B/F |
| SellerX Germany GmbH (Germany) | Sr Secured Revolver | SOFR(Q) |  | 5.00% | 9.57% | 10/28/2026 | $63380 | 62398 | 63380 | 0.02% | B/F |
| Razor Group Holdings II, Inc. (Germany) | First Out Delayed Draw Term Loan | Fixed |  | 15.00% | 15.00% | 9/15/2027 | $98787 | 98787 | 147390 | 0.06% | B/F |
| TL Voltron Purchaser, LLC (GES) | First Lien Term Loan | SOFR(M) | 1.00% | 5.25% | 9.61% | 12/31/2030 | $809524 | 793336 | 793333 | 0.31% | F |
|  |  |  |  |  |  |  |  | 14393043 | 9554839 | 3.71% |  |
| **Diversified Financial Services** |  |  |  |  |  |  |  |  |  |  |  |
| Accordion Partners LLC | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 5.25% | 9.58% | 11/15/2031 | $- | (3350) | (3414) |  | E/F |
| Accordion Partners LLC | Sr Secured Revolver | SOFR(Q) | 0.75% | 5.25% | 9.58% | 11/15/2031 | $- | (2234) | (2276) |  | E/F |
| Accordion Partners LLC | First Lien Term Loan | SOFR(Q) | 0.75% | 5.25% | 9.58% | 11/15/2031 | $4096428 | 4075945 | 4075945 | 1.57% | F |
| Accuserve Solutions, Inc. | First Lien Delayed Draw Term Loan | SOFR (Q) | 1.00% | 5.25% | 10.03% | 3/15/2030 | $- | (1763) | 2110 |  | E/F |
| Accuserve Solutions, Inc. | First Lien Term Loan | SOFR(S) | 1.00% | 5.25% | 10.03% | 3/15/2030 | $236884 | 235611 | 238779 | 0.09% | F |
| Foreside Financial Group, LLC | Sr Secured Revolver | SOFR(M) | 1.00% | 5.35% | 9.71% | 9/1/2027 | $- | (397) | - |  | E/F |
| Foreside Financial Group, LLC | First Lien Term Loan | SOFR(M) | 1.00% | 5.35% | 9.71% | 9/1/2027 | $680815 | 673853 | 680815 | 0.26% | F |
| GC Champion Acquisition LLC (Numerix) | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 5.25% | 9.87% | 8/21/2028 | $778534 | 768255 | 767782 | 0.30% | F |
| GC Champion Acquisition LLC (Numerix) | First Lien Incremental Term Loan | SOFR(Q) | 1.00% | 5.25% | 9.87% | 8/21/2028 | $878938 | 858069 | 866800 | 0.34% | F |
| GC Champion Acquisition LLC (Numerix) | First Lien Term Loan | SOFR(Q) | 1.00% | 5.25% | 9.87% | 8/21/2028 | $2802721 | 2765922 | 2764015 | 1.07% | F |
| Wharf Street Rating Acquisition LLC (KBRA) | Sr Secured Revolver | SOFR(M) | 0.75% | 5.00% | 9.46% | 12/10/2027 | $- | (2616) | (949) |  | E/F |
| Wharf Street Rating Acquisition LLC (KBRA) | First Lien Term Loan | SOFR(M) | 0.75% | 5.00% | 9.46% | 12/10/2027 | $2577147 | 2550456 | 2567947 | 1.00% | F |
| Libra Solutions Intermediate Holdco, LLC et al (fka Oasis Financial, LLC) | Second Lien Term Loan | SOFR(M) | 1.00% | 8.62% | 12.97% | 7/5/2026 | $4030637 | 3988962 | 4014514 | 1.57% | F |
| Rialto Management Group, LLC | Sr Secured Revolver | SOFR(M) | 0.75% | 5.00% | 9.53% | 12/5/2030 | $- | (170) | (172) |  | C/E/F |
| Rialto Management Group, LLC | First Lien Term Loan | SOFR(M) | 0.75% | 5.00% | 9.53% | 12/5/2030 | $500000 | 495000 | 495000 | 0.19% | C/F |
| SitusAMC Holdings Corporation | First Lien Term Loan | SOFR(Q) | 0.75% | 5.60% | 9.93% | 11/30/2027 | $674873 | 671498 | 680272 | 0.26% | F |
| SitusAMC Holdings Corporation | First Lien Term Loan B | SOFR(Q) | 0.75% | 5.60% | 9.93% | 6/28/2025 | $318548 | 317664 | 321097 | 0.12% | F |
|  |  |  |  |  |  |  |  | 17390705 | 17468265 | 6.77% |  |
| **Electrical Equipment** |  |  |  |  |  |  |  |  |  |  |  |
| Spark Buyer, LLC (Sparkstone) | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 5.25% | 9.77% | 10/15/2031 | $- | (3264) | (2690) |  | E/F |
| Spark Buyer, LLC (Sparkstone) | Sr Secured Revolver | SOFR(Q) | 0.75% | 5.25% | 9.77% | 10/15/2031 | $- | - | (1345) |  | E/F |
| Spark Buyer, LLC (Sparkstone) | First Lien Term Loan | SOFR(Q) | 0.75% | 5.25% | 9.77% | 10/15/2031 | $560345 | 552044 | 553621 | 0.21% | F |
|  |  |  |  |  |  |  |  | 548780 | 549586 | 0.21% |  |

---

------

**BlackRock Direct Lending Corp.** 

**Schedule of Investments (Continued)**

**December 31, 2024**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Instrument** | **Ref** | **Floor** | **Spread** | **Total<br>Coupon** | **Maturity** | **Principal** | **Cost** | **Fair<br>Value** | **% of Total<br>Cash and<br>Investments** | **Notes** |
| **<u>Debt Investments (Continued)</u>** |  |  |  |  |  |  |  |  |  |  |  |
| **Health Care Providers & Services** |  |  |  |  |  |  |  |  |  |  |  |
| CBI-Gator Acquisition, LLC | First Lien Term Loan | SOFR(Q) | 1.00% | 5.90% Cash + 0.50% PIK | 10.73% | 10/25/2027 | $1772171 | $1752857 | $1674702 | 0.65% | F |
| CBI-Gator Acquisition, LLC | Sr Secured Revolver | SOFR(M) | 1.00% | 5.85% Cash + 0.50% PIK | 10.69% | 10/25/2027 | $148096 | 146401 | 139434 | 0.05% | F |
| INH Buyer, Inc. (IMA Health) | First Lien Term Loan (1.5% Exit Fee) | SOFR(Q) | 1.00% | 7.00% | 11.43% | 6/28/2028 | $4156856 | 3650225 | 1799918 | 0.69% | F/J |
| PHC Buyer, LLC (Patriot Home Care) | First Lien Term Loan | SOFR(Q) | 0.75% | 6.00% | 10.51% | 5/4/2028 | $1477906 | 1459759 | 1445081 | 0.56% | F |
| PHC Buyer, LLC (Patriot Home Care) | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 6.00% | 10.51% | 5/4/2028 | $343626 | 340976 | 335994 | 0.13% | F |
| RecordXTechnologies, LLC (Ontellus) | First Lien Term Loan | SOFR(Q) | 1.00% | 5.25% | 9.58% | 5/20/2030 | $992500 | 982575 | 997463 | 0.39% | F |
|  |  |  |  |  |  |  |  | 8332793 | 6392592 | 2.47% |  |
| **Health Care Technology** |  |  |  |  |  |  |  |  |  |  |  |
| Appriss Health, LLC (PatientPing) | First Lien Term Loan | SOFR(S) | 1.00% | 7.25% | 12.08% | 5/6/2027 | $1115606 | 1105488 | 1115606 | 0.43% | F |
| Appriss Health, LLC (PatientPing) | Sr Secured Revolver | SOFR(S) | 1.00% | 7.25% | 12.08% | 5/6/2027 | $- | (603) | - |  | E/F |
| ESO Solutions, Inc. | First Lien Term Loan | SOFR(Q) | 1.00% | 6.75% | 11.27% | 5/3/2027 | $3325794 | 3290273 | 3292536 | 1.28% | F |
| ESO Solutions, Inc. | Sr Secured Revolver | SOFR(Q) | 1.00% | 6.75% | 11.28% | 5/3/2027 | $171193 | 169030 | 168747 | 0.07% | F |
| Gainwell Acquisition Corp. | Second Lien Term Loan | SOFR(Q) | 1.00% | 8.10% | 12.68% | 10/2/2028 | $800332 | 798157 | 704292 | 0.27% | F |
|  |  |  |  |  |  |  |  | 5362345 | 5281181 | 2.05% |  |
| **Household Durables** |  |  |  |  |  |  |  |  |  |  |  |
| Bad Boy Mowers JV Acquisition, LLC | First Lien Term Loan | SOFR(M) | 1.00% | 6.00% | 10.45% | 11/9/2029 | $1987326 | 1945373 | 1997263 | 0.78% | F |
| **Insurance** |  |  |  |  |  |  |  |  |  |  |  |
| Alera Group, Inc. | First Lien Delayed Draw Term Loan | SOFR(M) | 0.75% | 5.25% | 9.61% | 9/30/2028 | $656176 | 647369 | 656176 | 0.25% | F |
| Alera Group, Inc. | First Lien Term Loan | SOFR(M) | 0.75% | 5.25% | 9.61% | 9/30/2028 | $327105 | 322597 | 327105 | 0.13% | F |
| AmeriLife Holdings, LLC | First Lien Term Loan | SOFR(S) | 0.75% | 5.00% | 9.70% | 8/31/2029 | $2684462 | 2641227 | 2684462 | 1.04% | F |
| AmeriLife Holdings, LLC | Sr Secured Revolver | SOFR(S) | 0.75% | 5.00% | 9.70% | 8/31/2028 | $- | (3878) | - |  | E/F |
| Integrity Marketing Acquisition, LLC | First Lien Term Loan | SOFR(Q) | 0.75% | 5.00% | 9.51% | 8/25/2028 | $2830629 | 2804426 | 2841952 | 1.09% | F |
| Integrity Marketing Acquisition, LLC | Sr Secured Revolver | SOFR(Q) | 0.75% | 5.00% | 9.51% | 8/25/2028 | $- | (104852) | - |  | E/F |
| Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance) | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 5.50% | 9.83% | 11/1/2028 | $1466587 | 1453335 | 1463654 | 0.57% | F |
| Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance) | First Lien Term Loan | SOFR(Q) | 0.75% | 5.50% | 9.83% | 11/1/2028 | $2437042 | 2415515 | 2432167 | 0.94% | F |
| Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance) | First Lien Term Loan | SOFR(M) | 0.75% | 6.50% | 10.86% | 7/19/2030 | $156360 | 153687 | 157924 | 0.06% | F |
| Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance) | Sr Secured Revolver | SOFR(S) | 0.75% | 5.50% | 10.59% | 11/1/2027 | $- | (707) | (199) |  | E/F |
|  |  |  |  |  |  |  |  | 10328719 | 10563241 | 4.08% |  |

---

------

**BlackRock Direct Lending Corp.** 

**Schedule of Investments (Continued)**

**December 31, 2024**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Instrument** | **Ref** | **Floor** | **Spread** | **Total<br>Coupon** | **Maturity** | **Principal** | **Cost** | **Fair<br>Value** | **% of Total<br>Cash and<br>Investments** | **Notes** |
| **<u>Debt Investments (Continued)</u>** |  |  |  |  |  |  |  |  |  |  |  |
| **Internet Software & Services** |  |  |  |  |  |  |  |  |  |  |  |
| Astra Acquisition Corp. (Anthology) | Second Lien Term Loan | SOFR(Q) | 0.75% | 9.14% | 13.47% | 10/25/2029 | $2853861 | $2598911 | $39954 | 0.02% | F/J |
| Civic Plus, LLC | First Lien Term Loan | SOFR(Q) | 0.75% | 5.90% | 10.41% | 8/24/2027 | $993811 | 982934 | 993811 | 0.39% | F |
| Civic Plus, LLC | Sr Secured Revolver | SOFR(Q) | 0.75% | 5.90% | 10.41% | 8/25/2027 | $- | (886) | - |  | E/F |
| Civic Plus, LLC | First Lien Delay Draw Term Loan | SOFR(Q) | 0.75% | 5.90% | 10.41% | 8/25/2027 | $252418 | 249864 | 252418 | 0.10% | F |
| e-Discovery Acquireco, LLC (Reveal) | Sr Secured Revolver | SOFR(Q) | 1.00% | 6.25% | 10.76% | 8/29/2029 | $- | (9197) | - |  | E/F |
| e-Discovery Acquireco, LLC (Reveal) | First Lien Term Loan | SOFR(Q) | 1.00% | 6.25% | 10.76% | 8/29/2029 | $4140263 | 4053882 | 4223067 | 1.64% | F |
| Gympass US, LLC | First Lien Delayed Draw Term Loan | SOFR(M) | 1.00% | 3.25% Cash + 3.25% PIK | 10.97% | 8/29/2029 | $2258287 | 2236133 | 2262804 | 0.88% | F |
| Gympass US, LLC | First Lien Term Loan | SOFR(M) | 1.00% | 3.25% Cash + 3.25% PIK | 10.97% | 8/29/2029 | $830278 | 825473 | 831939 | 0.32% | F |
| InMoment, Inc. | First Lien Term Loan | SOFR(M) | 0.75% | 5.00% Cash + 2.50% PIK | 11.95% | 6/8/2028 | $4806988 | 4736945 | 3121178 | 1.21% | F/J |
| Magenta Buyer, LLC (McAfee) | First Lien Term Loan | SOFR(Q) | 0.75% | 6.25% | 10.84% | 7/27/2028 | $94668 | 93522 | 96591 | 0.04% |  |
| Magenta Buyer, LLC (McAfee) | First Lien Term Loan | SOFR(Q) | 0.75% | 7.01% | 11.60% | 7/27/2028 | $249393 | 232246 | 230688 | 0.09% |  |
| Magenta Buyer, LLC (McAfee) | Second Lien Second Out Term Loan | SOFR(Q) | 0.75% | 1.76% Cash + 6.25% PIK | 12.60% | 7/27/2028 | $602590 | 565976 | 362557 | 0.14% |  |
| Magenta Buyer, LLC (McAfee) | Second Lien Third Out Term Loan | SOFR(Q) | 0.75% | 1.76% Cash + 5.50% PIK | 11.85% | 7/27/2028 | $1699873 | 1548606 | 597990 | 0.23% | J |
| Oranje Holdco, Inc. (KnowBe4) | First Lien Term Loan | SOFR(Q) | 1.00% | 7.75% | 12.32% | 2/1/2029 | $1450838 | 1423401 | 1456642 | 0.57% | F |
| Oranje Holdco, Inc. (KnowBe4) | First Lien Incremental Term Loan | SOFR(Q) | 1.00% | 7.25% | 11.82% | 2/1/2029 | $1120877 | 1098459 | 1106305 | 0.43% | F |
| Oranje Holdco, Inc. (KnowBe4) | Sr Secured Revolver | SOFR(Q) | 1.00% | 7.75% | 12.32% | 2/1/2029 | $- | (3113) | - |  | E/F |
| Pluralsight, Inc. | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 3.00% Cash + 1.50% PIK | 9.01% | 8/22/2029 | $- | - | - |  | F |
| Pluralsight, Inc. | First Lien Term Loan | SOFR(Q) | 1.00% | 3.00% Cash + 1.50% PIK | 9.01% | 8/22/2029 | $122331 | 120429 | 122331 | 0.05% | F |
| Pluralsight, Inc. | First Lien Term Loan | SOFR(Q) | 1.00% | 3.00% Cash + 1.50% PIK | 9.01% | 8/22/2029 | $69299 | 69299 | 69299 | 0.03% | F |
| Pluralsight, Inc. | First Lien Term Loan | SOFR(Q) | 1.00% | 12.01% PIK | 12.01% | 8/22/2029 | $188692 | 185831 | 188692 | 0.07% | F |
| Sailpoint Technologies Holdings, Inc. | First Lien Term Loan | SOFR(Q) | 0.75% | 6.00% | 10.52% | 8/16/2029 | $1067788 | 1051764 | 1067788 | 0.41% | F |
| Sailpoint Technologies Holdings, Inc. | Sr Secured Revolver | SOFR(Q) | 0.75% | 6.00% | 10.52% | 8/16/2028 | $- | (1609) | - |  | E/F |
| Suited Connector, LLC | First Lien Term Loan | SOFR(Q) | 1.00% | 6.20% Cash + 2.00% PIK | 12.72% | 12/1/2027 | $1550592 | 1534515 | 1156742 | 0.45% | F |
| Suited Connector, LLC | Sr Secured Revolver | SOFR(Q) | 1.00% | 6.20% Cash + 1.00% PIK | 11.63% | 12/1/2027 | $239400 | 236707 | 178593 | 0.07% | F |
|  |  |  |  |  |  |  |  | 23830092 | 18359389 | 7.14% |  |
| **IT Services** |  |  |  |  |  |  |  |  |  |  |  |
| Avalara, Inc. | Sr Secured Revolver | SOFR(Q) | 0.75% | 6.25% | 10.58% | 10/19/2028 | $- | (7256) | - |  | E/F |
| Avalara, Inc. | First Lien Term Loan | SOFR(Q) | 0.75% | 6.25% | 10.58% | 10/19/2028 | $4548580 | 4467057 | 4582693 | 1.78% | F |
| Crewline Buyer, Inc. (New Relic) | Sr Secured Revolver | SOFR(Q) | 1.00% | 6.75% | 11.35% | 11/8/2030 | $- | (7761) | - |  | E/F |
| Crewline Buyer, Inc. (New Relic) | First Lien Term Loan | SOFR(Q) | 1.00% | 6.75% | 11.35% | 11/8/2030 | $3545144 | 3466294 | 3591231 | 1.39% | F |
| Idera, Inc. | Second Lien Term Loan | SOFR(Q) | 0.75% | 6.75% | 11.47% | 2/4/2029 | $763206 | 759803 | 743172 | 0.29% |  |
| Intercept Bidco, Inc. | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 6.00% | 10.47% | 6/3/2030 | $- | (1667) | (3500) |  | E/F |
| Intercept Bidco, Inc. | Sr Secured Revolver | SOFR(Q) | 1.00% | 6.00% | 10.47% | 6/3/2030 | $- | (2222) | (2333) |  | E/F |
| Intercept Bidco, Inc. | First Lien Term Loan | SOFR(Q) | 1.00% | 6.00% | 10.47% | 6/3/2030 | $722222 | 707778 | 707056 | 0.27% | F |
| Serrano Parent, LLC (Sumo Logic) | Sr Secured Revolver | SOFR(S) | 1.00% | 6.50% | 10.92% | 5/13/2030 | $- | (7507) | - |  | E/F |
| Serrano Parent, LLC (Sumo Logic) | First Lien Term Loan | SOFR(S) | 1.00% | 6.50% | 10.92% | 5/13/2030 | $3885090 | 3800594 | 3904516 | 1.52% | F |
| Madison Logic Holdings, Inc. | First Lien Term Loan | SOFR(M) | 1.00% | 7.00% Cash + 0.50% PIK | 11.84% | 12/29/2028 | $2162189 | 2106855 | 2077863 | 0.81% | F |
| Madison Logic Holdings, Inc. | Sr Secured Revolver | SOFR(M) | 1.00% | 7.00% Cash + 0.50% PIK | 11.84% | 12/30/2027 | $- | (1496) | (3224) |  | E/F |
|  |  |  |  |  |  |  |  | 15280472 | 15597474 | 6.06% |  |

---

------

**BlackRock Direct Lending Corp.** 

**Schedule of Investments (Continued)**

**December 31, 2024**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Instrument** | **Ref** | **Floor** | **Spread** | **Total<br>Coupon** | **Maturity** | **Principal** | **Cost** | **Fair<br>Value** | **% of Total<br>Cash and<br>Investments** | **Notes** |
| **<u>Debt Investments (Continued)</u>** |  |  |  |  |  |  |  |  |  |  |  |
| **Life Sciences Tools & Services** |  |  |  |  |  |  |  |  |  |  |  |
| Alcami Corporation | First Lien Term Loan | SOFR(Q) | 1.00% | 7.15% | 11.66% | 12/21/2028 | $943168 | $919338 | $949770 | 0.36% | F |
| Alcami Corporation | First Lien Delayed Draw Term Loan | SOFR(M) | 1.00% | 7.10% | 11.55% | 12/21/2028 | $69411 | 67708 | 69897 | 0.03% | F |
| Alcami Corporation | Sr Secured Revolver | SOFR(M) | 1.00% | 7.10% | 11.44% | 12/21/2028 | $9624 | 6620 | 9624 |  | F |
| DNAnexus, Inc | First Lien Delayed Draw Term Loan | SOFR(M) | 3.00% | 5.25% | 9.62% | 12/20/2029 | $50000 | 42546 | 42500 | 0.02% | F |
| DNAnexus, Inc | First Lien Term Loan | SOFR(M) | 3.00% | 5.25% | 9.62% | 12/20/2029 | $250000 | 247500 | 247500 | 0.10% | F |
|  |  |  |  |  |  |  |  | 1283712 | 1319291 | 0.51% |  |
| **Media** |  |  |  |  |  |  |  |  |  |  |  |
| Kid Distro Holdings, LLC | Sr Secured Revolver | SOFR(Q) | 1.00% | 4.90% | 9.49% | 10/1/2029 | $- | (727) | - |  | E/F |
| Kid Distro Holdings, LLC | First Lien Term Loan | SOFR(Q) | 1.00% | 4.90% | 9.49% | 10/1/2029 | $808312 | 801306 | 808312 | 0.31% | F |
| Kid Distro Holdings, LLC | First Lien Term Loan | SOFR(Q) | 1.00% | 4.90% | 9.49% | 10/1/2029 | $672892 | 657582 | 673154 | 0.26% | F |
| NEP Group, Inc. et al | First Lien Term Loan (2.0% Exit Fee) | SOFR(M) | 1.00% | 3.36% Cash + 1.50% PIK | 9.22% | 8/19/2026 | $298010 | 274769 | 273126 | 0.11% | I |
| NEP Group, Inc. et al | Second Lien Term Loan | SOFR(M) |  | 7.00% | 11.47% | 10/19/2026 | $130856 | 126829 | 106507 | 0.04% |  |
| Streamland Media Midco LLC | First Lien Term Loan | SOFR(Q) | 1.00% | 14.09% PIK | 14.09% | 3/31/2025 | $197123 | 197109 | 197123 | 0.08% | F |
| Streamland Media Midco LLC | First Lien Term Loan | SOFR(M) | 1.00% | 14.09% PIK | 14.09% | 3/31/2025 | $126435 | 125921 | 126434 | 0.05% | F |
| Streamland Media Midco LLC | First Lien Term Loan | SOFR(Q) | 1.00% | 14.09% PIK | 14.09% | 3/31/2025 | $3358311 | 3358311 | 2018345 | 0.77% | F |
| Streamland Media Midco LLC | First Lien Term Loan | SOFR(Q) | 1.00% | 14.09% PIK | 14.09% | 3/31/2025 | $197123 | 197123 | 197123 | 0.08% | F |
| Terraboost Media Operating Company, LLC | First Lien Term Loan | SOFR(Q) | 1.00% | 6.65% | 10.98% | 8/23/2026 | $1411678 | 1399715 | 1380621 | 0.54% | F |
|  |  |  |  |  |  |  |  | 7137938 | 5780745 | 2.24% |  |
| **Oil, Gas & Consumable Fuels** |  |  |  |  |  |  |  |  |  |  |  |
| Palmdale Oil Company, LLC | First Lien Term Loan | SOFR(M) | 1.00% | 6.75% | 11.23% | 10/2/2029 | $1033502 | 1006469 | 1029368 | 0.40% | F |
| **Paper & Forest Products** |  |  |  |  |  |  |  |  |  |  |  |
| Alpine Acquisition Corp II (48Forty) | Sr Secured Revolver | SOFR(M) | 1.00% | 1.00% Cash + 9.65% PIK | 10.65% | 11/30/2026 | $114391 | 110778 | 79763 | 0.03% | F |
| Alpine Acquisition Corp II (48Forty) | First Lien Term Loan | SOFR(M) | 1.00% | 1.00% Cash + 9.65% PIK | 10.65% | 11/30/2026 | $4325986 | 4270731 | 3762873 | 1.46% | F |
| FSK Pallet Holding Corp. (Kamps) | First Lien Term Loan | SOFR(Q) | 1.00% | 6.15% | 10.48% | 12/19/2025 | $1209807 | 1209807 | 1209746 | 0.47% | F |
| FSK Pallet Holding Corp. (Kamps) | First Lien Term Loan | SOFR(Q) | 1.25% | 6.65% | 11.33% | 12/23/2026 | $1513464 | 1488906 | 1514720 | 0.59% | F |
|  |  |  |  |  |  |  |  | 7080222 | 6567102 | 2.55% |  |
| **Professional Services** |  |  |  |  |  |  |  |  |  |  |  |
| Lighthouse Parent Holdings, Inc (Aperture) | First Lien Delayed Draw Term Loan | SOFR(M) | 0.75% | 5.00% | 9.37% | 12/20/2031 | $- | (359) | (361) |  | E/F |
| Lighthouse Parent Holdings, Inc (Aperture) | Sr Secured Revolver | SOFR(M) | 0.75% | 5.00% | 9.37% | 12/20/2031 | $- | (144) | (144) |  | E/F |
| Lighthouse Parent Holdings, Inc (Aperture) | First Lien Term Loan | SOFR(M) | 0.75% | 5.00% | 9.37% | 12/20/2031 | $59615 | 58870 | 58870 | 0.02% | F |
| Applause App Quality, Inc. | First Lien Term Loan | SOFR(Q) | 1.50% | 6.00% | 10.33% | 10/24/2029 | $808081 | 792236 | 792727 | 0.31% | F |
| Applause App Quality, Inc. | Sr Secured Revolver | SOFR(Q) | 1.50% | 6.00% | 10.33% | 10/24/2029 | $- | (1557) | (1535) |  | E/F |
| Cherry Bekaert Advisory, LLC | First Lien Delayed Draw Term Loan | SOFR(M) | 0.75% | 5.25% | 9.61% | 6/30/2028 | $741515 | 730175 | 731668 | 0.28% | F |
| Cherry Bekaert Advisory, LLC | First Lien Term Loan | SOFR(M) | 0.75% | 5.25% | 9.61% | 6/30/2028 | $1228082 | 1211120 | 1212743 | 0.47% | F |
| Cherry Bekaert Advisory, LLC | Sr Secured Revolver | SOFR(M) | 0.75% | 5.25% | 9.61% | 6/30/2028 | $- | (2301) | (2380) |  | E/F |
| Huckabee Acquisition, LLC (MOREgroup) | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 5.25% | 9.58% | 1/16/2030 | $- | (1613) | (645) |  | E/F |
| Huckabee Acquisition, LLC (MOREgroup) | Sr Secured Revolver | SOFR(Q) | 1.00% | 5.25% | 9.58% | 1/16/2030 | $- | (1935) | (387) |  | E/F |
| Huckabee Acquisition, LLC (MOREgroup) | First Lien Term Loan | SOFR(Q) | 1.00% | 5.25% | 9.58% | 1/16/2030 | $736371 | 721644 | 733425 | 0.28% | F |
| ICIMS, Inc. | First Lien Term Loan | SOFR(Q) | 0.75% | 5.75% | 10.38% | 8/18/2028 | $4724035 | 4671842 | 4593650 | 1.78% | F |
| ICIMS, Inc. | Sr Secured Revolver | SOFR(Q) | 0.75% | 5.75% | 10.34% | 8/18/2028 | $83642 | 79096 | 72099 | 0.03% | F |
| JobandTalent USA, Inc. (United Kingdom) | First Lien Term Loan (3.0% Exit Fee) | SOFR(M) | 1.00% | 8.86% | 13.22% | 8/17/2025 | $3953435 | 3946147 | 3850646 | 1.49% | B/F/I |
| JobandTalent USA, Inc. (United Kingdom) | First Lien Delayed Draw Term Loan (3.0% Exit Fee) | SOFR(M) | 1.00% | 8.86% | 13.22% | 8/17/2025 | $1619426 | 1615882 | 1577321 | 0.61% | B/F/I |
| Security Services Acquisition Sub Corp. (Protos) | First Lien Consolidated Term Loan | SOFR(M) | 1.00% | 5.85% | 10.19% | 9/30/2027 | $1423792 | 1417351 | 1413583 | 0.55% | F |
|  |  |  |  |  |  |  |  | 15236454 | 15031280 | 5.82% |  |

---

------

**BlackRock Direct Lending Corp.** 

**Schedule of Investments (Continued)**

**December 31, 2024**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Instrument** | **Ref** | **Floor** | **Spread** | **Total<br>Coupon** | **Maturity** | **Principal** | **Cost** | **Fair<br>Value** | **% of Total<br>Cash and<br>Investments** | **Notes** |
| **<u>Debt Investments (Continued)</u>** |  |  |  |  |  |  |  |  |  |  |  |
| **Real Estate Management & Development** |  |  |  |  |  |  |  |  |  |  |  |
| Community Merger Sub Debt LLC (CINC Systems) | Sr Secured Revolver | SOFR(M) | 0.75% | 5.75% | 10.11% | 1/18/2030 | $- | $(4286) | $(3251) |  | E/F |
| Community Merger Sub Debt LLC (CINC Systems) | First Lien Term Loan | SOFR(M) | 0.75% | 5.75% | 10.11% | 1/18/2030 | $785714 | 770000 | 773795 | 0.30% | F |
| Greystone Select Company II, LLC (Passco) | First Lien Term Loan | SOFR(M) | 1.50% | 6.61% | 10.97% | 3/21/2027 | $1847720 | 1826576 | 1836948 | 0.71% | F |
| Greystone Affordable Housing Initiatives, LLC | First Lien Delayed Draw Term Loan | SOFR(S) | 1.25% | 6.43% | 11.57% | 3/2/2026 | $2800000 | 2800000 | 2797200 | 1.09% | C/F |
|  |  |  |  |  |  |  |  | 5392290 | 5404692 | 2.10% |  |
| **Road & Rail** |  |  |  |  |  |  |  |  |  |  |  |
| Motive Technologies, Inc. (Keep Trucking) | First Lien Incremental 3 Term Loan (1.0% Exit Fee) | SOFR(M) | 1.00% | 7.36% | 11.72% | 4/8/2027 | $5000000 | 4975335 | 4975000 | 1.93% | F/I |
| **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** |  |  |  |  |  |  |  |  |  |  |
| Emerald Technologies (U.S.) AcquisitionCo, Inc. | First Lien Term Loan | SOFR(M) | 1.00% | 6.35% | 10.71% | 12/29/2027 | $715560 | 707024 | 572448 | 0.22% | F |
| Emerald Technologies (U.S.) AcquisitionCo, Inc. | Sr Secured Revolver | SOFR(M) | 1.00% | 6.10% | 10.44% | 12/29/2026 | $183536 | 166116 | 118956 | 0.05% | F |
|  |  |  |  |  |  |  |  | 873140 | 691404 | 0.27% |  |
| **Software** |  |  |  |  |  |  |  |  |  |  |  |
| AlphaSense, Inc. | First Lien Delayed Draw Term Loan | SOFR(Q) | 2.00% | 6.25% | 10.58% | 6/27/2029 | $- | (5385) | (4971) |  | E/F |
| AlphaSense, Inc. | First Lien Term Loan | SOFR(Q) | 2.00% | 6.25% | 10.58% | 6/27/2029 | $2692626 | 2667683 | 2667773 | 1.04% | F |
| Aras Corporation | First Lien Term Loan | SOFR(M) | 1.00% | 5.25% | 9.58% | 4/13/2029 | $1850454 | 1835255 | 1846753 | 0.72% | F |
| Aras Corporation | Sr Secured Revolver | SOFR(M) | 1.00% | 5.25% | 9.59% | 4/13/2029 | $46724 | 45522 | 46480 | 0.02% | F |
| Bluefin Holding, LLC (Allvue) | Sr Secured Revolver | SOFR(Q) | 1.00% | 6.25% | 10.64% | 9/12/2029 | $- | (7975) | - |  | E/F |
| Bluefin Holding, LLC (Allvue) | First Lien Term Loan | SOFR(Q) | 1.00% | 6.25% | 10.64% | 9/12/2029 | $4111310 | 4025013 | 4115420 | 1.60% | F |
| Cart.Com, Inc. | First Lien Term Loan (2.5% Exit Fee) | SOFR(M) | 1.50% | 7.75% | 12.11% | 5/22/2029 | $1000000 | 990000 | 988000 | 0.38% | F/I |
| Clever Devices Ltd. | Sr Secured Revolver | SOFR(M) | 1.00% | 6.00% | 10.36% | 6/12/2030 | $117647 | 110294 | 117647 | 0.05% | F |
| Clever Devices Ltd. | First Lien Term Loan | SOFR(Q) | 1.00% | 6.00% | 10.66% | 6/12/2030 | $702353 | 684794 | 709376 | 0.28% | F |
| Bonterra LLC (fka CyberGrants Holdings, LLC) | First Lien Term Loan | SOFR(Q) | 0.75% | 7.00% | 11.43% | 9/8/2027 | $229618 | 226536 | 227528 | 0.09% | F |
| Bonterra LLC (fka CyberGrants Holdings, LLC) | First Lien Term Loan | SOFR(Q) | 0.75% | 7.00% | 11.33% | 9/8/2027 | $3238338 | 3216874 | 3208869 | 1.25% | F |
| Bonterra LLC (fka CyberGrants Holdings, LLC) | First Lien Incremental Term Loan | SOFR(Q) | 0.75% | 7.75% | 12.08% | 9/27/2027 | $1079937 | 1069919 | 1082636 | 0.42% | F |
| Bonterra LLC (fka CyberGrants Holdings, LLC) | Sr Secured Revolver | SOFR(Q) | 0.75% | 7.00% | 11.33% | 9/8/2027 | $160592 | 158861 | 158309 | 0.06% | F |
| Douglas Holdings, Inc (Docupace) | First Lien PIK Delayed Draw Term Loan | SOFR(Q) | 1.00% | 5.75% Cash + 0.38% PIK | 10.45% | 8/27/2030 | $7967 | 7967 | 7254 |  | F |
| Douglas Holdings, Inc (Docupace) | First Lien Delayed Draw Term Loan A | SOFR(Q) | 1.00% | 5.75% Cash + 0.38% PIK | 10.45% | 8/27/2030 | $- | (699) | (1382) |  | E/F |
| Douglas Holdings, Inc (Docupace) | First Lien Delayed Draw Term Loan B | SOFR(Q) | 1.00% | 5.75% Cash + 0.38% PIK | 10.45% | 8/27/2030 | $- | (636) | (1256) |  | E/F |
| Douglas Holdings, Inc (Docupace) | First Lien Term Loan | SOFR(Q) | 1.00% | 5.75% Cash + 0.38% PIK | 10.45% | 8/27/2030 | $412728 | 406728 | 406950 | 0.16% | F |
| Douglas Holdings, Inc (Docupace) | Sr Secured Revolver | SOFR(Q) | 1.00% | 5.75% Cash + 0.38% PIK | 10.45% | 8/27/2030 | $- | (508) | (502) |  | E/F |
| Disco Parent, Inc. (Duck Creek Technologies) | Sr Secured Revolver | SOFR(Q) | 1.00% | 7.50% | 12.01% | 3/30/2029 | $- | (4002) | - |  | E/F |
| Disco Parent, Inc. (Duck Creek Technologies) | First Lien Term Loan | SOFR(Q) | 1.00% | 7.50% | 12.01% | 3/30/2029 | $2679455 | 2626515 | 2690173 | 1.04% | F |
| Fusion Risk Management, Inc. | Sr Secured Revolver | SOFR(Q) | 1.00% | 3.00% Cash + 3.25% PIK | 11.08% | 5/22/2029 | $- | (6255) | (6317) |  | E/F |
| Fusion Risk Management, Inc. | First Lien Term Loan | SOFR(Q) | 1.00% | 3.00% Cash + 3.25% PIK | 11.08% | 5/22/2029 | $3714737 | 3655899 | 3659016 | 1.42% | F |
| GTY Technology Holdings Inc. | First Lien Term Loan | SOFR(Q) | 1.00% | 2.58% Cash + 4.30% PIK | 11.21% | 7/9/2029 | $1950654 | 1925587 | 1899624 | 0.74% | F |
| GTY Technology Holdings Inc. | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 2.67% Cash + 4.45% PIK | 11.68% | 7/9/2029 | $392123 | 375258 | 369637 | 0.14% | F |
| GTY Technology Holdings Inc. | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 2.58% Cash + 4.30% PIK | 11.21% | 7/9/2029 | $1508724 | 1498994 | 1469255 | 0.57% | F |
| GTY Technology Holdings Inc. | Sr Secured Revolver | SOFR(Q) | 1.00% | 2.58% Cash + 4.30% PIK | 11.21% | 7/9/2029 | $- | (4163) | (8330) |  | E/F |
| Honey Intermediate, Inc. (iLobby) (Canada) | Sr Secured Revolver | SOFR(M) | 1.00% | 2.88% Cash + 3.38% PIK | 10.61% | 9/26/2030 | $- | (7634) | (6908) |  | B/E/F |
| Honey Intermediate, Inc. (iLobby) (Canada) | First Lien Term Loan | SOFR(M) | 1.00% | 2.88% Cash + 3.38% PIK | 10.61% | 9/26/2030 | $4019751 | 3960811 | 3967495 | 1.54% | B/F |
| Howlco, LLC, (Lone Wolf) | First Lien Term Loan | SOFR(Q) | 1.00% | 3.15% Cash + 3.50% PIK | 11.03% | 10/23/2027 | $761525 | 758023 | 741977 | 0.29% | F |

---

------

**BlackRock Direct Lending Corp.** 

**Schedule of Investments (Continued)**

**December 31, 2024**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Instrument** | **Ref** | **Floor** | **Spread** | **Total<br>Coupon** | **Maturity/<br>Expiration** | **Principal/<br>Shares** | **Cost** | **Fair<br>Value** | **% of Total<br>Cash and<br>Investments** | **Notes** |
| **<u>Debt Investments (Continued)</u>** |  |  |  |  |  |  |  |  |  |  |  |
| **Software (Continued)** |  |  |  |  |  |  |  |  |  |  |  |
| Integrate.com, Inc. | First Lien Delayed Draw Term Loan | SOFR(Q) | 1.00% | 4.65% Cash + 2.25% PIK | 11.23% | 12/17/2027 | $192101 | $192598 | $185900 | 0.07% | F |
| Integrate.com, Inc. | First Lien Term Loan | SOFR(Q) | 1.00% | 4.65% Cash + 2.25% PIK | 11.56% | 12/17/2027 | $3583951 | 3533243 | 3468261 | 1.35% | F |
| Integrate.com, Inc. | Sr Secured Revolver | SOFR(Q) | 1.00% | 4.65% Cash + 2.25% PIK | 11.23% | 12/17/2027 | $247635 | 244999 | 239399 | 0.09% | F |
| JOBVITE, Inc. (Employ, Inc.) | First Lien Term Loan | SOFR(Q) | 0.75% | 7.50% | 12.02% | 8/5/2028 | $2796125 | 2747098 | 2752003 | 1.07% | F |
| Kaseya, Inc. | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 5.50% | 10.09% | 6/25/2029 | $13051 | 12899 | 13051 | 0.01% | F |
| Kaseya, Inc. | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 5.50% | 10.09% | 6/25/2029 | $41102 | 38893 | 41102 | 0.02% | F |
| Kaseya, Inc. | Sr Secured Revolver | SOFR(Q) | 0.75% | 5.50% | 9.83% | 6/25/2029 | $53260 | 51141 | 53260 | 0.02% | F |
| Kaseya, Inc. | First Lien Term Loan | SOFR(Q) | 0.75% | 5.50% | 10.09% | 6/25/2029 | $3504533 | 3470783 | 3504533 | 1.36% | F |
| Kong Inc. | First Lien Term Loan | SOFR(M) | 1.00% | 5.50% Cash + 3.25% PIK | 13.42% | 11/1/2027 | $974566 | 961611 | 974098 | 0.38% | F |
| Kong Inc. | First Lien Delayed Draw Term Loan | SOFR(M) | 1.00% | 5.50% Cash + 3.25% PIK | 13.42% | 11/1/2027 | $517099 | 507057 | 516851 | 0.20% | F |
| Lightspeed Solutions, LLC | First Lien Term Loan | SOFR(M) | 0.75% | 6.50% | 10.85% | 3/1/2028 | $2469007 | 2440289 | 2445231 | 0.95% | F |
| Lightspeed Solutions, LLC | First Lien Delayed Draw Term Loan | SOFR(M) | 0.75% | 6.50% | 10.85% | 3/1/2028 | $162845 | 161059 | 161277 | 0.06% | F |
| Logicmonitor, Inc | Sr Secured Revolver | SOFR(Q) | 0.75% | 5.50% | 9.99% | 11/19/2031 | $- | (1248) | (1249) |  | E/F |
| Logicmonitor, Inc | First Lien Term Loan | SOFR(Q) | 0.75% | 5.50% | 9.99% | 11/19/2031 | $811966 | 801903 | 801971 | 0.31% | F |
| Nvest, Inc. (SigFig) | First Lien Term Loan | SOFR(S) | 1.00% | 7.50% | 12.50% | 9/15/2026 | $746251 | 743674 | 736296 | 0.29% | F |
| Oak Purchaser, Inc. (DaySmart) | First Lien Term Loan (1.0% Exit Fee) | SOFR(Q) | 0.75% | 5.50% | 9.75% | 4/28/2028 | $650015 | 643515 | 653915 | 0.25% | F/I |
| Oak Purchaser, Inc. (DaySmart) | First Lien Delayed Draw Term Loan (1.0% Exit Fee) | SOFR(Q) | 0.75% | 5.50% | 9.75% | 4/28/2028 | $433343 | 429010 | 435944 | 0.17% | F/I |
| Oak Purchaser, Inc. (DaySmart) | Sr Secured Revolver (1.0% Exit Fee) | SOFR(Q) | 0.75% | 5.50% | 9.75% | 4/28/2028 | $- | (867) | - |  | E/F/I |
| SEP Raptor Acquisition, Inc. (Loopio) (Canada) | Sr Secured Revolver Loan | SOFR(S) | 1.00% | 5.50% | 9.93% | 3/31/2027 | $- | - | (592) |  | B/E/F |
| SEP Raptor Acquisition, Inc. (Loopio) (Canada) | First Lien Term Loan | SOFR(S) | 1.00% | 5.50% | 9.93% | 3/31/2027 | $1681726 | 1666990 | 1676682 | 0.65% | B/F |
| Smarsh, Inc. | First Lien Term Loan | SOFR(Q) | 0.75% | 5.75% | 10.08% | 2/18/2029 | $1958057 | 1932020 | 1958057 | 0.76% | F |
| Smarsh, Inc. | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 5.75% | 10.08% | 2/18/2029 | $244757 | 241831 | 244757 | 0.09% | F |
| Smarsh, Inc. | Sr Secured Revolver | SOFR(M) | 0.75% | 5.75% | 10.11% | 2/18/2029 | $48951 | 47485 | 48951 | 0.02% | F |
| Thunder Purchaser, Inc. (Vector Solutions) | Sr Secured Revolver | SOFR(Q) | 1.00% | 5.65% | 9.98% | 6/30/2027 | $- | (1853) | (2551) |  | E/F |
| Thunder Purchaser, Inc. (Vector Solutions) | First Lien Term Loan | SOFR(Q) | 1.00% | 5.65% | 9.98% | 6/30/2028 | $3440036 | 3402559 | 3382519 | 1.31% | F |
| Trintech, Inc. | Sr Secured Revolver | SOFR(M) | 1.00% | 5.50% | 9.86% | 7/25/2029 | $78534 | 72052 | 71586 | 0.03% | F |
| Trintech, Inc. | First Lien Term Loan | SOFR(M) | 1.00% | 5.50% | 9.86% | 7/25/2029 | $3537582 | 3449024 | 3448152 | 1.34% | F |
| Zendesk Inc. | First Lien Delayed Draw Term Loan | SOFR(Q) | 0.75% | 5.00% | 9.33% | 11/22/2028 | $- | (10654) | 7358 |  | E/F |
| Zendesk Inc. | Sr Secured Revolver | SOFR(Q) | 0.75% | 5.00% | 9.33% | 11/22/2028 | $- | (4408) | - |  | E/F |
| Zendesk Inc. | First Lien Term Loan | SOFR(Q) | 0.75% | 5.00% | 9.33% | 11/22/2028 | $3012665 | 2968061 | 3042792 | 1.18% | F |
| Zilliant Incorporated | First Lien Term Loan (0.5% Exit Fee) | SOFR(M) | 0.75% | 2.00% Cash + 5.00% PIK | 11.36% | 12/21/2027 | $2563455 | 2537343 | 2450663 | 0.95% | F/I |
| Zilliant Incorporated | First Lien Delayed Draw Term Loan (0.5% Exit Fee) | SOFR(M) | 0.75% | 2.00% Cash + 5.00% PIK | 11.36% | 12/21/2027 | $469370 | 465290 | 448717 | 0.17% | F/I |
| Zilliant Incorporated | Sr Secured Revolver (0.5% Exit Fee) | SOFR(M) | 0.75% | 2.00% Cash + 5.00% PIK | 11.36% | 12/21/2027 | $- | (2211) | (9778) |  | E/F/I |
|  |  |  |  |  |  |  |  | 63950462 | 64099662 | 24.91% |  |
| **Specialty Retail** |  |  |  |  |  |  |  |  |  |  |  |
| Hanna Andersson, LLC | First Lien Term Loan | SOFR(M) | 1.00% | 6.35% | 10.71% | 7/2/2026 | $2592509 | 2575059 | 2561398 | 0.99% | F |
| Supergoop, LLC | First Lien Term Loan | SOFR(M) | 0.75% | 5.85% | 10.21% | 12/28/2028 | $525738 | 518870 | 522410 | 0.20% | F |
| Supergoop, LLC | Sr Secured Revolver | SOFR(M) | 0.75% | 5.85% | 10.21% | 12/28/2028 | $- | (1681) | (790) |  | E/F |
|  |  |  |  |  |  |  |  | 3092248 | 3083018 | 1.19% |  |
| **Textiles, Apparel and Luxury Goods** |  |  |  |  |  |  |  |  |  |  |  |
| WH Borrower, LLC | First Lien Term Loan | SOFR(Q) | 0.50% | 5.50% | 10.15% | 2/15/2027 | $99494 | 99494 | 100986 | 0.04% | F |
| **Wireless Telecommunication Services** |  |  |  |  |  |  |  |  |  |  |  |
| OpenMarket, Inc. (Infobip) (United Kingdom) | First Lien Term Loan | SOFR(Q) |  | 6.51% | 10.84% | 9/17/2026 | $4608283 | 4562549 | 4577960 | 1.78% | B/F |
| **Total Debt Investments - 88.39% of Net Assets** | **Total Debt Investments - 88.39% of Net Assets** |  |  |  |  |  |  | 246079242 | 229198742 | 88.94% |  |

---

------

**BlackRock Direct Lending Corp.** 

**Schedule of Investments (Continued)**

**December 31, 2024**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Instrument** |  |  | **Maturity/<br>Expiration** | **Shares** | **Cost** | **Fair<br>Value** | **% of Total<br>Cash and<br>Investments** | **Notes** |
| **<u>Equity Securities</u>** |  |  |  |  |  |  |  |  |  |
| **Diversified Consumer Services** |  |  |  |  |  |  |  |  |  |
| SellerX Germany GMBH & Co. KG (Germany) | Warrants to Purchase Common Stock |  |  | 7/25/2030 | 376 | - | - |  | F/G/H |
| SellerX Germany GMBH & Co. KG (Germany) | Warrants to Purchase Preferred New Super Senior Shares |  |  | 7/25/2030 | 1249 | - | - |  | F/G/H |
| Razor Group GmbH (Germany) | Warrants to Purchase Preferred Series A1 Shares |  |  | 4/28/2028 | 61 | - | - |  | B/F/G/H |
| Razor US LP | Class A Preferred Units | 3.00% PIK | 3.00% |  | 2728395 | 2708159 | - |  | F/G/H |
| Razor Group GmbH (Germany) | Warrants to Purchase Series C Shares |  |  | 12/23/2029 | 19 | - | - |  | B/F/G/H |
| Razor US LP | Common Units |  |  |  | 27283 | - | - |  | F/G/H |
| MXP Prime Platform GmbH (SellerX) (Germany) | Warrants to Purchase Common Stock |  |  | 7/25/2030 | 422 | - | - |  | B/F/G/H |
|  |  |  |  |  |  | 2708159 | - |  |  |
| **Diversified Financial Services** |  |  |  |  |  |  |  |  |  |
| Worldremit Group Limited (United Kingdom) | Series X Shares |  |  |  | 271 | 27200 | 28823 | 0.01% | B/F/G/H |
| Worldremit Group Limited (United Kingdom) | Warrants to Purchase Series D Stock |  |  | 2/11/2031 | 2394 | - | 5491 |  | B/F/G/H |
| Worldremit Group Limited (United Kingdom) | Warrants to Purchase Series E Stock |  |  | 8/17/2031 | 299 | - | 34 |  | B/F/G/H |
|  |  |  |  |  |  | 27200 | 34348 | 0.01% |  |
| **Healthcare Providers and Services** |  |  |  |  |  |  |  |  |  |
| INH Buyer, Inc. (IMA Health) | Preferred Stock |  |  |  | 1988983 | - | - |  | F/G/H |
| **Internet Software & Services** |  |  |  |  |  |  |  |  |  |
| SuCo Investors, LP (Suited Connector) | Warrants to Purchase Class A Units |  |  | 3/6/2033 | 12349 | - | - |  | F/G/H |
| Pluralsight, Inc. | Common Stock |  |  |  | 60932 | 170000 | 82654 | 0.04% | F/G/H |
|  |  |  |  |  |  | 170000 | 82654 | 0.04% |  |
| **Paper and Forest Products** |  |  |  |  |  |  |  |  |  |
| 48forty Intermediate Holdings, Inc. | Common Stock |  |  |  | 347 | - | - |  | F/G/H |
| **Software** |  |  |  |  |  |  |  |  |  |
| Grey Orange International Inc. | Warrants to Purchase Common Stock |  |  | 5/6/2032 | 1122 | - | 224 |  | F/G/H |
| **Total Equity Securities - 0.05% of Net Assets** | **Total Equity Securities - 0.05% of Net Assets** |  |  |  |  | 2905359 | 117226 | 0.05% |  |
| **Total Investments - 88.44% of Net Assets** | **Total Investments - 88.44% of Net Assets** |  |  |  |  | 248984601 | 229315968 | 88.99% |  |
| **Cash and Cash Equivalents - 10.95% of Net Assets** | **Cash and Cash Equivalents - 10.95% of Net Assets** |  |  |  |  |  | 28380210 | 11.01% |  |
| **Total Cash and Investments - 99.38% of Net Assets** | **Total Cash and Investments - 99.38% of Net Assets** |  |  |  |  |  | 257696178 | 100.00% |  |

---

------

**BlackRock Direct Lending Corp.** 

**Schedule of Investments (Continued)**

**December 31, 2024**

*Notes to Schedule of Investments:*

(A)Debt investments include investments in bank debt that generally are bought and sold among institutional investors in transactions not subject to registration under the Securities Act of 1933 (the "Securities Act"). Such transactions are generally subject to contractual restrictions, such as approval of the agent or borrower.

(B)Non-U.S. company or principal place of business outside the U.S. and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940 (the "1940 Act"). Under the 1940 Act, the Company may not acquire any nonqualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.

(C)Deemed an investment company under Section 3(c) of the 1940 Act and as a result the investment is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any nonqualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.

(D)Publicly traded company with a market capitalization greater than $250 million and as a result the investment is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.

(E)Negative balances relate to an unfunded commitment that was acquired and/or valued at a discount.

(F)Inputs in the valuation of this investment included certain unobservable inputs that were significant to the valuation as a whole.

(G)Restricted security. (See Note 10)

(H)Non-income producing investment.

(I)In addition to the stated coupon, investment has an exit fee payable upon repayment of the loan in an amount equal to the percentage of the original principal amount shown.

(J)Non-accruing debt investment

LIBOR or SOFR resets monthly (M), quarterly (Q) or semiannually (S).

Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled 57,695,756 and 69,294,269 respectively, for the year ended December 31, 2024. Aggregate acquisitions include investment assets received as payment in kind. Aggregate dispositions include principal paydowns on and maturities of debt investments. The total value of restricted securities and bank debt as of December 31, 2024 was $229,315,968 or 89.0% of total cash and investments of the Company. As of December 31, 2024, approximately 10.3% of the total assets of the Company were non-qualifying assets under Section 55(a) of the 1940 Act.

*See accompanying notes to the financial statements.*.

------

**BlackRock Direct Lending Corp.**

**Notes to Financial Statements (Unaudited)**

**September 30, 2025**

**1. Organization and Nature of Operations**

BlackRock Direct Lending Corp. (the "Company") is a Delaware corporation formed on October 12, 2020 as an externally managed, closed-end, non-diversified management investment company. The Company elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). The Company's investment objective is to achieve high risk-adjusted returns produced from current income generated by investing primarily in senior secured corporate debt instruments. The Company invests primarily in middle-market companies headquartered in North America. The Company commenced operations on November 30, 2020.

The Company has elected to be treated, and intends to qualify annually, as a regulated investment company ("RIC") for U.S. federal income tax purposes. As a RIC, the Company will not be taxed on its income to the extent that it distributes such income each year and satisfies other applicable income tax requirements.

BlackRock Capital Investment Advisors, LLC, a wholly owned, indirect subsidiary of BlackRock, Inc., serves as the advisor of the Company (the "Advisor"). BlackRock Financial Management, Inc. serves as the administrator of the Company (the "Administrator"), and is affiliated with the Advisor. Company management consists of the Advisor and the Company's board of directors (the "Board of Directors"). The Advisor directs and executes the day-to-day operations of the Company, subject to oversight from the Board of Directors, which sets the broad policies of the Company. The Board of Directors of the Company has delegated investment management of the Company's assets to the Advisor. The Board of Directors consists of four persons, three of whom are independent.

**2. Summary of Significant Accounting Policies**

***Basis of Presentation***

The financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). The Company is an investment company following accounting and reporting guidance in Accounting Standards Codification ("ASC") Topic 946, *Financial Services – Investment Companies*. The following is a summary of the significant accounting policies of the Company.

***Use of Estimates***

The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well the reported amounts of revenues and expenses during the reporting periods presented. Although management believes these estimates and assumptions to be reasonable, actual results could differ from those estimates and such differences could be material.

***Investment Valuation***

Pursuant to Rule 2a-5 (the "Rule") under the 1940 Act, the Board of Directors designated the Advisor as the Company's valuation designee (the "Valuation Designee") to perform certain fair value functions, including performing fair value determinations and has approved policies and procedures adopted by the Advisor to seek to ensure compliance with the requirements of the Rule.

Investments are recorded at fair value in accordance with GAAP, based upon the principles and methods of valuation set forth in the policies adopted by the Valuation Designee and approved by the Board of Directors. Fair value is generally defined as the amount for which an investment would be sold in an orderly transaction between market participants at the measurement date.

All investments are valued at least quarterly based on quotations or other affirmative pricing from independent third-party sources, with the exception of investments priced directly by the Valuation Designee which in the aggregate comprise less than 5% of the capitalization of the Company. Investments listed on a recognized exchange or market quotation system, whether U.S. or foreign, are valued using the closing price on the date of valuation.

------

**BlackRock Direct Lending Corp.**

**Notes to Financial Statements (Unaudited) (Continued)**

**September 30, 2025**

**2. Summary of Significant Accounting Policies (Continued)**

Investments not listed on a recognized exchange or market quotation system, but for which reliable market quotations are readily available are valued using prices provided by a nationally recognized pricing service or by using quotations from broker-dealers.

Investments for which market quotations are either not readily available or are determined to be unreliable are priced at fair value using affirmative valuations performed by independent valuation services approved by the Valuation Designee or, for investments aggregating less than 5% of the total assets of the Company, using valuations determined directly by the Valuation Designee. Such valuations are determined under documented valuation policies and procedures reviewed and approved by a committee established by the Valuation Designee (the "Valuation Committee").

Generally, to increase objectivity in valuing the investments, the Valuation Designee will utilize external measures of value, such as public markets or third-party transactions, whenever possible. The Valuation Designee's valuation is not based on long-term work-out value, immediate liquidation value, nor incremental value for potential changes that may take place in the future. The values assigned to investments are based on available information and do not necessarily represent amounts that might ultimately be realized, as these amounts depend on future circumstances and cannot reasonably be determined until the individual investments are actually liquidated. Such circumstances may include macroeconomic, geopolitical and other events and conditions that may significantly impact the profitability or viability of businesses in which the Company is invested, and therefore may significantly impact the return on the Company's investments. The foregoing policies apply to all investments, including any in companies and groups of affiliated companies aggregating more than 5% of the Company's assets.

Fair valuations of investments in each asset class are determined using one or more methodologies including market quotations, the market approach, income approach, or, in the case of recent investments, the cost approach, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets. Such information may include observed multiples of earnings and/or revenues at which transactions in securities of comparable companies occur, with appropriate adjustments for differences in company size, operations or other factors affecting comparability.

The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present value amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. The discount rates used for such analyses reflect market yields for comparable investments, considering such factors as relative credit quality, capital structure, and other factors.

In following these approaches, the types of factors that may be taken into account also include, as relevant: available current market data, including relevant and applicable market trading and transaction comparables, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company's ability to make payments, its earnings and cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, merger and acquisition comparables, comparable costs of capital, the principal market in which the investment trades and enterprise values, among other factors.

Investments may be categorized based on the types of inputs used in valuing such investments. The level in the GAAP valuation hierarchy in which an investment falls is based on the lowest level input that is significant to the valuation of the investment in its entirety. Transfers between levels are recognized as of the beginning of the reporting period.

At September 30, 2025, the Company's investments were categorized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Level** | **Basis for Determining Fair Value** | **Bank Debt** <sup>(1)</sup> | **Equity<br>Securities** | **Total** |
| 2 | Other direct and indirect observable market inputs <sup>(2)</sup> | $3768904 | $— | $3768904 |
| 3 | Independent third-party valuation sources that employ significant unobservable inputs | 222017651 | 4788010 | 226805661 |
| 3 | Advisor valuations with significant unobservable inputs |  | 224 | 224 |
| Total |  | $225786555 | $4788234 | $230574789 |

---

------

(1)Includes senior secured loans

(2)For example, quoted prices in inactive markets or quotes for comparable investments

------

**BlackRock Direct Lending Corp.**

**Notes to Financial Statements (Unaudited) (Continued)**

**September 30, 2025**

**2. Summary of Significant Accounting Policies (Continued)**

Unobservable inputs used in the fair value measurement of Level 3 investments as of September 30, 2025 included the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value** | **Valuation Technique** | **Unobservable Input** | **Range (Weighted Avg.)** <sup>(1)</sup> |
| Bank Debt | $194555944 | Income approach | Discount rate | 7.9% - 16.3% (10.2%) |
|  | 8804105 | Market comparable companies | Revenue multiples | 0.3x - 1.4x (0.7x) |
|  | 9564145 | Market quotations | Indicative bid/ask quotes | 1(1) |
|  | 6469234 | Market comparable companies | EBITDA multiples | 4.0x - 10.0x (7.2x) |
|  | 2624223 | Transaction approach <sup>(2)</sup> | N/A | N/A |
| Equity | 70500 | Income approach | Discount rate | 15.0%(15.0%) |
|  | 1698184 | Market comparable companies | Revenue multiples | 0.3x - 1.4x (0.5x) |
|  | 2986237 | Market comparable companies | EBITDA multiples | 4.0x - 18.0x (13.0x) |
|  | 33313 | Option Pricing Model | EBITDA/Revenue multiples | 7.3x - 30.4x (30.3x) |
|  |  |  | Implied volatility | 45.0% - 60.0% (45.1%) |
|  |  |  | Term | 1.0 year - 2.0 years (2.0 years) |
|  | $**226805885** |  |  |  |

---

------

(1)Weighted by fair value

(2)Fair value was determined using the transaction price to acquire the position. There has been no change to the valuation based on the underlying assumptions used at the closing of such transaction.

Certain fair value measurements may employ more than one valuation technique, with each valuation technique receiving a relative weight between 0% and 100%. Generally, a change in an unobservable input may result in a change to the value of an investment as follows:

---

| | | |
|:---|:---|:---|
| **Input** | **Impact to Value if Input Increases** | **Impact to Value if Input Decreases** |
| Discount rate | Decrease | Increase |
| Revenue multiples | Increase | Decrease |
| EBITDA multiples | Increase | Decrease |
| Book value multiples | Increase | Decrease |
| Implied volatility | Increase | Decrease |
| Term | Increase | Decrease |
| Yield | Increase | Decrease |

---

------

**BlackRock Direct Lending Corp.**

**Notes to Financial Statements (Unaudited) (Continued)**

**September 30, 2025**

**2. Summary of Significant Accounting Policies (Continued)**

Changes in investments categorized as Level 3 during the three months ended September 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Independent Third-Party Valuation** | **Independent Third-Party Valuation** | **Independent Third-Party Valuation** |
|  | **Bank Debt** | **Equity<br>Securities** | **Total** |
| Beginning balance | $232516925 | $5455054 | $237971979 |
| Net realized and unrealized gains (losses) | 292746 | (667044) | (374298) |
| Acquisitions <sup>(1)</sup> | 7461694 |  | 7461694 |
| Dispositions | (19001722) |  | (19001722) |
| Transfers into Level 3 <sup>(2)</sup> | 748008 |  | 748008 |
| Ending balance | $222017651 | $4788010 | $226805661 |
| Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) | $(2155505) | $(667044) | $(2822548) |

---

__________________________

(1)Includes payments received in kind and accretion of original issue and market discounts

(2)Comprised of two investments that were transferred from Level 2 due to reduced number of market quotes

---

| | | | |
|:---|:---|:---|:---|
|  | **Valuation Designee Valuation** | **Valuation Designee Valuation** | **Valuation Designee Valuation** |
|  | **Bank Debt** | **Equity<br>Securities** | **Total** |
| Beginning balance | $— | $224 | $224 |
| Ending balance | $— | $224 | $224 |
| Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) | $- | $- | $- |

---

Changes in investments categorized as Level 3 during the nine months ended September 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Independent Third-Party Valuation** | **Independent Third-Party Valuation** | **Independent Third-Party Valuation** |
|  | **Bank Debt** | **Equity<br>Securities** | **Total** |
| Beginning balance | $223632250 | $117002 | $223749252 |
| Net realized and unrealized gains (losses) | (6296327) | 112792 | (6183535) |
| Acquisitions <sup>(1)</sup> | 49766816 | 4723376 | 54490192 |
| Dispositions | (45934767) | (165160) | (46099927) |
| Transfers into Level 3 <sup>(2)</sup> | 849679 |  | 849679 |
| Ending balance | $222017651 | $4788010 | $226805661 |
| Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) | $(3557071) | $112792 | $(3444279) |

---

__________________________

(1)Includes payments received in kind and accretion of original issue and market discounts

(2) Comprised of two investments that were transferred from Level 2 due to reduced number of market quotes

------

**BlackRock Direct Lending Corp.**

**Notes to Financial Statements (Unaudited) (Continued)**

**September 30, 2025**

**2. Summary of Significant Accounting Policies (Continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Valuation Designee Valuation** | **Valuation Designee Valuation** | **Valuation Designee Valuation** |
|  | **Bank Debt** | **Equity<br>Securities** | **Total** |
| Beginning balance |  | 224 | 224 |
| Ending balance | $— | $224 | $224 |
| Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) | $— | $— | $— |

---

At December 31, 2024, the Company's investments were categorized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Level** | **Basis for Determining Fair Value** | **Bank Debt** <sup>(1)</sup> | **Equity<br>Securities** | **Total** |
| 2 | Other direct and indirect observable market inputs <sup>(2)</sup> | $5566492 | $— | $5566492 |
| 3 | Independent third-party valuation sources that employ significant unobservable inputs | 223632250 | 117002 | 223749252 |
| 3 | Advisor valuations with significant unobservable inputs |  | 224 | 224 |
| Total |  | $229198742 | $117226 | $229315968 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Includes senior secured loans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)For example, quoted prices in inactive markets or quotes for comparable investments

Unobservable inputs used in the fair value measurement of Level 3 investments as of December 31, 2024 included the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value** | **Valuation Technique** | **Unobservable Input** | **Range (Weighted Avg.)** <sup>(1)</sup> |
| Bank Debt | $192303449 | Income approach | Discount rate | 9.1% - 19.1% (11.4%) |
|  | 9948265 | Market quotations | Indicative bid/ask quotes | 1-1 (1) |
|  | 13540741 | Market comparable companies | Revenue Multiples | 0.4x - 1.3x (0.7x) |
|  | 7799841 | Market comparable companies | EBITDA multiples | 4.0x - 7.5x (5.9x) |
|  | 39954 | Option Pricing Model | EBITDA/Revenue multiples | 5.3x (5.3x) |
| Equity |  | Market comparable companies | Revenue Multiples | 0.4x - 0.7x |
|  |  | Market comparable companies | EBITDA multiples | 4.0x - 4.0x |
|  | 117002 | Option Pricing Model | EBITDA/Revenue multiples | 0.7x - 3.1x (2.0x) |
|  |  |  | Implied volatility | 60.0% - 60.0% |
|  |  |  | Term | 2.0 years - 2.0 years |
|  | $223749252 |  |  |  |

---

__________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Weighted by fair value

------

**BlackRock Direct Lending Corp.**

**Notes to Financial Statements (Unaudited) (Continued)**

**September 30, 2025**

**2. Summary of Significant Accounting Policies (Continued)**

Changes in investments categorized as Level 3 during the three months ended September 30, 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Independent Third-Party Valuation** | **Independent Third-Party Valuation** | **Independent Third-Party Valuation** |
|  | **Bank Debt** | **Equity<br>Securities** | **Total** |
| Beginning balance | $252611393 | $1410374 | $254021767 |
| Net realized and unrealized gains (losses) | (1753808) | 17319 | (1736489) |
| Acquisitions <sup>(1)</sup> | 15956077 | 170000 | 16126077 |
| Dispositions | (18202664) |  | (18202664) |
| Transfers out of Level 3 <sup>(2)</sup> | (748896) |  | (748896) |
| Ending balance | $247862102 | $1597693 | $249459795 |
| Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) | $(1723220) | $17319 | $(1705901) |

---

__________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes payments received in kind and accretion of original issue and market discounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Comprised of one investment that was transferred to Level 2 due to increased observable market activity

---

| | | | |
|:---|:---|:---|:---|
|  | **Valuation Designee Valuation** | **Valuation Designee Valuation** | **Valuation Designee Valuation** |
|  | **Bank Debt** | **Equity<br>Securities** | **Total** |
| Beginning balance | $— | $224 | $224 |
| Ending balance | $— | $224 | $224 |
| Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) | $- | $- | $- |

---

Changes in investments categorized as Level 3 during the nine months ended September 30, 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Independent Third-Party Valuation** | **Independent Third-Party Valuation** | **Independent Third-Party Valuation** |
|  | **Bank Debt** | **Equity<br>Securities** | **Total** |
| Beginning balance | $244121603 | $354947 | $244476550 |
| Net realized and unrealized gains (losses) | (6745270) | (1662614) | (8407884) |
| Acquisitions <sup>(1)</sup> | 37181102 | 2905360 | 40086462 |
| Dispositions | (27363973) |  | (27363973) |
| Transfers into Level 3 <sup>(2)</sup> | 668640 |  | 668640 |
| Ending balance | $247862102 | $1597693 | $249459795 |
| Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) | $(7124549) | $(1662614) | $(8787163) |

---

(1) Includes payments received in kind and accretion of original issue and market discounts

(2) Comprised of one investment that was transferred from Level 2 due to reduced number of market quotes

------

**BlackRock Direct Lending Corp.**

**Notes to Financial Statements (Unaudited) (Continued)**

**September 30, 2025**

**2. Summary of Significant Accounting Policies (Continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Valuation Designee Valuation** | **Valuation Designee Valuation** | **Valuation Designee Valuation** |
|  | **Bank Debt** | **Equity<br>Securities** | **Total** |
| Beginning balance | $— | $224 | $224 |
| Ending balance | $— | $224 | $224 |
| Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) | $- | $- | $- |

---

***Investment Transactions***

Investment transactions are recorded on the trade date, except for private transactions that have conditions to closing, which are recorded on the closing date. The cost of investments purchased is based upon the purchase price plus those professional fees which are specifically identifiable to the investment transaction. Realized gains and losses on investments are recorded based on the specific identification method, which typically allocates the highest cost inventory to the basis of investments sold.

***Cash and Cash Equivalents***

Cash consists of amounts held in accounts with the custodian bank. Cash equivalents consist of highly liquid investments with an original maturity of generally 60 days or less and may not be insured by the FDIC or may exceed federally insured limits. Cash equivalents are classified as Level 1 in the GAAP valuation hierarchy. At September 30, 2025, included in cash and cash equivalents was $42.8 million (15.4% of net assets) held in the JPMorgan U.S. Treasury Plus Money Market Fund with a 7-day yield of 3.97%. At December 31, 2024, included in cash and cash equivalents was $20.6 million (7.9% of net assets) held in the JPMorgan U.S. Treasury Plus Money Market Fund with a 7-day yield of 4.35%. There was no restricted cash at September 30, 2025 or December 31, 2024.

***Restricted Investments***

The Company may invest without limitation in instruments that are subject to legal or contractual restrictions on resale. These instruments generally may be resold to institutional investors in transactions exempt from registration or to the public if the securities are registered. Disposal of these investments may involve time-consuming negotiations and additional expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted investments is included at the end of the Schedules of Investments. Restricted investments, including any restricted investments in affiliates, are valued in accordance with the investment valuation policies discussed above.

***Foreign Currency Investments***

The Company may invest in instruments traded in foreign countries and denominated in foreign currencies. Such positions are converted at the respective closing foreign exchange rates in effect on September 30, 2025 and December 31, 2024 and reported in U.S. dollars. Purchases and sales of investments and income and expense items denominated in foreign currencies, when they occur, are translated into U.S. dollars based on the foreign exchange rates in effect on the respective dates of such transactions. The portion of gains and losses on foreign investments resulting from fluctuations in foreign currencies is included in net realized and unrealized gain or loss from investments. The Company did not hold any investments denominated in foreign currency on September 30, 2025 and December 31, 2024.

Investments in foreign companies and securities of foreign governments may involve special risks and considerations not typically associated with investing in U.S. companies and securities of the U.S. Government. These risks include, among other things, revaluation of currencies, less reliable information about issuers, different transaction clearance and settlement practices, and potential future adverse political and economic developments. Moreover, investments in foreign companies and securities of foreign governments and their markets may be less liquid and their prices more volatile than those of comparable U.S. companies and the U.S. Government.

------

**BlackRock Direct Lending Corp.**

**Notes to Financial Statements (Unaudited) (Continued)**

**September 30, 2025**

**2. Summary of Significant Accounting Policies (Continued)**

***Organization and Offering Costs*** 

Costs incurred to organize the Company are expensed as incurred. During the period from November 30, 2020 (inception) to December 31, 2024, the Company incurred $71,685 in organizational expenses. During the nine months ended September 30, 2025, the Company did not incur any additional organizational expenses. From November 30, 2020 through September 30, 2025, the Company had incurred a total of $267,621 in offering costs, all of which has been charged to paid-in capital. The Company will not bear more than $1.0 million for organization and offering costs.

***Deferred Debt Issuance Costs***

Certain costs incurred in connection with the issuance of debt of the Company were capitalized and are being amortized on a straight-line basis over the estimated life of the respective instruments. The impact of utilizing the straight-line amortization method versus the effective-interest method is not material to the operations of the Company.

***Revenue Recognition***

Interest and dividend income, including income paid in kind, is recorded on an accrual basis, when such amounts are considered collectible. Origination, structuring, closing, commitment and other upfront fees, including original issue discounts, earned with respect to capital commitments are generally amortized or accreted into interest income over the life of the respective debt investment, as are end-of-term or exit fees receivable upon repayment of a debt investment. Other fees, including certain amendment fees, prepayment fees and commitment fees on broken deals, are recognized as earned. Prepayment fees and similar income due upon the early repayment of a loan or debt security are recognized when earned and are included in interest income.

Certain debt investments are purchased at a discount to par as a result of the underlying credit risks and financial results of the issuer, as well as general market factors that influence the financial markets as a whole. Discounts on the acquisition of corporate bonds are generally amortized using the effective-interest or constant-yield method assuming there are no questions as to collectability. When principal payments on a loan are received in an amount in excess of the loan's amortized cost, the excess principal payments are recorded as interest income.

Debt investments are generally placed on non-accrual status when it is probable that principal or interest will not be collected according to the contractual terms. When a debt investment is placed on non-accrual status, accrued and unpaid interest (including any accrued PIK interest) is generally reversed, and discount accretion or premium amortization is discontinued. The Company does not reverse previously capitalized PIK income. Payments received on non-accrual investments may be recognized as income or applied to principal depending upon the Company's judgment regarding collectability of the outstanding principal and interest. Non-accrual investments are restored to accrual status if past due principal and interest are paid or, in the Company's judgement, the repayment of the remaining contractual principal and interest is expected. The Company may opt not to place a distressed debt investment on non-accrual status if principal and interest are secured through sufficient collateral value and are in the process of collection through legal actions or other efforts that are expected to result in repayment of principal and interest.

***Income Taxes***

The Company intends to comply with the applicable provisions of the Internal Revenue Code of 1986, as amended (the "Code"), pertaining to regulated investment companies and to make distributions of taxable income sufficient to relieve it from substantially all federal income taxes. Accordingly, no provision for income taxes is required in the financial statements. In accordance with ASC Topic 740 - Income Taxes, the Company recognizes in its financial statements the effect of a tax position when it is determined that such position is more likely than not, based on the technical merits, to be sustained upon examination.

The tax returns of the Company remain open for examination by tax authorities for a period of three years from the date they are filed. No such examinations are currently pending. Management has analyzed tax laws and regulations and their application to the company as of September 30, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the financial statements.

------

**BlackRock Direct Lending Corp.**

**Notes to Financial Statements (Unaudited) (Continued)**

**September 30, 2025**

**2. Summary of Significant Accounting Policies (Continued)**

The final tax characterization of distributions is determined after the fiscal year and is reported on Form 1099 and in the Company's annual report to stockholders. Distributions can be characterized as ordinary income, capital gains and/or return of capital. As of December 31, 2024, the Company had no non-expiring capital loss carryforwards available to offset future realized capital gains.

As of December 31, 2024, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | **December 31, 2024** |
| Tax Cost | $249395686 |
| Gross Unrealized Appreciation | 1112351 |
| Gross Unrealized Depreciation | (21192069) |
| Net Unrealized Appreciation (Depreciation) | $(20079718) |

---

***Recent Accounting Pronouncements***

The Company considers the applicability and impact of all accounting standard updates ("ASU") issued by the Financial Accounting Standards Board (the "FASB"). ASUs not listed were assessed by the Company and either determined to be not applicable or expected to have minimal impact on its consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which enhances disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker (the "CODM"). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by ASC 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for the fiscal years beginning after December 15, 2023, and interim periods beginning with the first quarter ended March 31, 2025. Retrospective adoption is required for all prior periods presented. The Company has adopted ASU 2023-07 effective December 31, 2024 and concluded that the application of this guidance did not have any material impact on its financial statements. See Note 11 for more information on the adoption of ASU 2023-07.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which intends to improve the transparency of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and permits early adoption. The Company plans to adopt ASU 2023-09 for the annual reporting period beginning on January 1, 2025 and does not expect a material impact on its consolidated financial statements.

------

**BlackRock Direct Lending Corp.**

**Notes to Financial Statements (Unaudited) (Continued)**

**September 30, 2025**

**3. Management Fees, Incentive Fees and Other Expenses** 

On November 30, 2020, the Company entered into an investment management agreement with the Advisor (the "Investment Management Agreement"). Under the Investment Management Agreement, the Advisor, for its service to the Company, is entitled to receive a management fee from the Company and an incentive fee. The management fee is calculated at an annual rate of 0.90% of the Company's total assets (excluding cash and cash equivalents) and payable quarterly in arrears. For the period from the date the Company first issued shares of common stock to one or more investors (other than the Advisor and its affiliates) through the end of the first calendar quarter, no management fee was payable. Subsequently, the management fee is calculated based on the value of the Company's total assets (excluding cash and cash equivalents) at the end of the most recently completed calendar quarter. The management fees for any partial quarter are appropriately prorated.

The incentive fee is only incurred to the extent the Company's cumulative total return (after the incentive fee) exceeds a 6% annual rate on daily weighted-average unreturned capital contributions. Subject to that limitation, the incentive fee is calculated on net investment income (before incentive fee) and net realized gains (net of any unrealized depreciation) at a rate of 12.5%. The incentive fee is computed as the difference between the incentive fee earned and incentive fee paid, subject to the total return hurdle, on a cumulative basis, and is payable quarterly in arrears. As of September 30, 2025, the Company's cumulative performance did not exceed the total return hurdle, and as such, no incentive compensation was accrued for the three months ended September 30, 2025. For the nine months ended September 30, 2025, $0.4 million out of the potential $2.3 million incentive fees was earned. As of September 30, 2024, the Company's cumulative performance exceeded the total return hurdle, and as such the incentive fee for the three and nine months ended September 30, 2024 were $1.0 million and $2.7 million respectively.

There were no incentive fees on capital gains accrued on a liquidation basis (but not payable) under GAAP for the nine months ended September 30, 2025. There can be no assurance that unrealized capital appreciation and depreciation will be realized in the future, or that any accrued capital gains incentive fee will become payable under the Investment Management Agreement. Incentive fee amounts on capital gains actually paid by the Company will specifically exclude consideration of unrealized capital appreciation, consistent with requirements under the Investment Advisers Act of 1940 (the "Advisers Act") and the Investment Management Agreement.

The Company bears all expenses incurred in connection with its business, including fees and expenses of outside contracted services, such as custodian, administrative, legal, audit and tax preparation fees, costs of valuing investments, insurance costs, brokers' and finders' fees relating to investments, and any other transaction costs associated with the purchase and sale of investments.

**4. Debt**

Debt is comprised of unsecured promissory notes with a principal amount of $110,000 maturing on December 31, 2050. Prior to being repaid and terminated on June 14, 2024, debt included a $75.0 million Capital Call Facility. Outstanding debt is carried at amortized cost in the Statements of Assets and Liabilities. As of September 30, 2025 and December 31, 2024, the estimated fair value of the outstanding debt approximated its carrying value.

On December 11, 2020, the Company issued to each of 110 separate investors an unsecured promissory note with a principal amount of $1,000, at par. The Company pays interest on the unpaid principal amount of the notes at a rate of 12.00% per annum payable semi-annually in arrears. The notes mature on December 31, 2050.

On June 18, 2021, the Company entered into a three-year revolving line of credit with Sumitomo Mitsui Banking Corporation as administrative agent, lead arranger and as a lender, with a capacity of up to $75.0 million, secured by the unfunded equity commitments of the Company's investors (the "Capital Call Facility"). On June 15, 2023, the Capital Call Facility was amended to extend its maturity from June 16, 2023 to June 16, 2024 and to reduce the capacity from $75.0 million to $40.0 million. Prior to the amendment, interest on the Capital Call Facility accrued at a rate equal to LIBOR plus 1.95% per annum, or, for short-term draws, a rate equal to the Prime Rate plus 0.95%, the Federal Funds Rate plus 1.45%, or one-month LIBOR plus 1.95%, whichever was highest. Effective June 15, 2023, interest on the Capital Call Facility accrues at a rate equal to SOFR plus 2.25% per annum, or, for short-term draws, a rate equal to the Prime Rate plus 1.25%, or the Federal Funds Rate plus 1.45%, or one-month SOFR plus 2.25%, whichever is highest. Commitment fees on the Capital Call Facility accrue at a rate of 0.25% per annum when the undrawn amount of the commitment is less than 50%, and 0.30% per annum when the unused portion is equal to or greater than fifty percent (50%). On June 14, 2024, the Capital Call Facility was fully paid down and terminated. At September 30, 2025 and December 31, 2024, there was no debt outstanding under the Capital Call Facility after the final paydown and termination effective June 14, 2024.

------

**BlackRock Direct Lending Corp.**

**Notes to Financial Statements (Unaudited) (Continued)**

**September 30, 2025**

**4. Debt (Continued)**

Total expenses related to debt included the following:

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** |
| Interest expense | $9900 | $790929 |
| Amortization of deferred debt issuance costs | 405 | 71314 |
| Commitment fees |  | 20957 |
| Total | $10305 | $883200 |

---

Outstanding debt is carried at amortized cost in the Statements of Assets and Liabilities. As of September 30, 2025 and December 31, 2024, the estimated fair value of the outstanding debt approximated their carrying values.

**5. Commitments, Contingencies, Concentration of Credit Risk and Off-Balance Sheet Risk**

The Company conducts business with brokers and dealers that are primarily headquartered in New York and Los Angeles and are members of the major securities exchanges. Banking activities are conducted with a firm headquartered in the Boston area.

In the normal course of business, investment activities involve executions, settlement and financing of various transactions resulting in receivables from, and payables to, brokers, dealers, and the custodian. These activities may expose the Company to risk in the event that such parties are unable to fulfill contractual obligations. Management does not anticipate any material losses from counterparties with whom it conducts business. Consistent with standard business practice, the Company enters into contracts that contain a variety of indemnifications and is engaged from time to time in various legal actions. The maximum exposure under these arrangements and activities is unknown. However, management expects the risk of material loss to be remote.

------

**BlackRock Direct Lending Corp.**

**Notes to Financial Statements (Unaudited) (Continued)**

**September 30, 2025**

**5. Commitments, Contingencies, Concentration of Credit Risk and Off-Balance Sheet Risk (Continued)**

The Schedules of Investments include certain revolving loan facilities and other commitments with unfunded balances at September 30, 2025 and December 31, 2024 as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Unfunded Balances** | **Unfunded Balances** |
| **Issuer** | **Maturity** | **September 30, 2025** | **December 31, 2024** |
| Accordion Partners LLC | 11/15/2031 | $573500 | $682738 |
| Accordion Partners LLC | 11/15/2031 | 455159 | 455159 |
| Accuserve Solutions, Inc. | 3/15/2030 | 228561 | 263724 |
| Alcami Corporation | 12/21/2028 | 128322 | 118698 |
| ALCV Purchaser, Inc. (AutoLenders) | 2/25/2026 | 46318 | - |
| AlphaSense, Inc. | 6/27/2029 | 538525 | 538525 |
| Alpine Acquisition Corp II (48Forty) | 11/30/2029 | 53604 | 151635 |
| AmeriLife Holdings, LLC | 8/31/2028 | 228114 | 273736 |
| Applause App Quality, Inc. | 10/24/2029 | 64646 | 80808 |
| Appriss Health, LLC (PatientPing) | 5/6/2027 | 76086 | 76086 |
| Aras Corporation | 4/13/2029 | 85322 | 75165 |
| Avalara, Inc. | 10/19/2028 | N/A | 454858 |
| Beekeeper Buyer Inc. (Archway) | 6/30/2031 | 300649 | N/A |
| Bluefin Holding, LLC (Allvue) | 9/12/2029 | 405340 | 405340 |
| Bonterra LLC (fka CyberGrants Holdings, LLC) | 9/8/2027 | N/A | 90333 |
| Brown & Settle, Inc. | 5/16/2030 | 73441 | N/A |
| CBI-Gator Acquisition, LLC | 10/25/2027 | 9405 | 9405 |
| Cherry Bekaert Advisory, LLC | 6/30/2028 | N/A | 46865 |
| Cherry Bekaert Advisory, LLC | 6/30/2028 | 121587 | 190576 |
| Chronicle Parent LLC (Lexitas) | 4/15/2031 | 1194403 | N/A |
| Chronicle Parent LLC (Lexitas) | 4/15/2031 | 433698 | N/A |
| Civic Plus, LLC | 8/25/2027 | N/A | 92051 |
| Civicplus LLC | 8/24/2030 | 1120695 | N/A |
| Civicplus LLC | 8/24/2027 | 218129 | N/A |
| Clever Devices Ltd. | 6/12/2030 | 254902 | 176471 |
| Community Merger Sub Debt LLC (CINC Systems) | 1/18/2030 | 214286 | 214286 |
| Crewline Buyer, Inc. (New Relic) | 11/8/2030 | 369286 | 369286 |
| Disco Parent, Inc. (Duck Creek Technologies) | 3/30/2029 | N/A | 224240 |
| DNAnexus, Inc | 12/18/2029 | 700000 | 700000 |
| Douglas Holdings, Inc (Docupace) | 8/27/2030 | N/A | 98696 |
| Douglas Holdings, Inc (Docupace) | 8/27/2030 | 78957 | 89724 |
| Douglas Holdings, Inc (Docupace) | 8/27/2030 | 25513 | 42996 |
| Douglas Holdings, Inc (Docupace) | 8/27/2030 | 35889 | 35889 |
| Dragos, Inc. | 6/30/2030 | 1505550 | N/A |
| Dragos, Inc. | 6/30/2030 | 552770 | N/A |
| EBS Parent Holdings Inc. (TDC Acquisition Sub Inc.) (The Difference Card) | 7/1/2032 | 350658 | N/A |
| EBS Parent Holdings Inc. (TDC Acquisition Sub Inc.) (The Difference Card) | 7/1/2032 | 116886 | N/A |
| e-Discovery Acquireco, LLC (Reveal) | 8/23/2029 | 262794 | 563129 |
| Emerald Technologies (U.S.) AcquisitionCo, Inc. | 12/29/2026 | 54783 | 84573 |
| ESO Solutions, Inc. | 5/3/2027 | N/A | 73368 |
| Express Wash Acquisition Company, LLC (Whistle) | 4/10/2031 | 167278 | N/A |
| FirstUp, Inc | 7/13/2027 | 198790 | N/A |
| Flexport Capital, LLC | 6/30/2029 | 1826734 | N/A |
| Foreside Financial Group, LLC | 9/1/2027 | 33683 | 38277 |
| Fusion Holding Corp. (Finalsite) | 9/15/2027 | 340879 | 340879 |
| Fusion Risk Management, Inc. | 5/22/2029 | 252696 | 421160 |
| G-3 Apollo Acquisition Corp (Appriss Retail) | 3/10/2031 | 430157 | N/A |
| G-3 Apollo Acquisition Corp (Appriss Retail) | 3/10/2031 | 401480 | N/A |
| Griffon Bidco Inc. | 7/31/2031 | 401480 | N/A |
| Griffon Bidco Inc. | 7/31/2031 | 401480 | N/A |
| GTY Technology Holdings Inc. | 7/9/2029 | N/A | 928207 |
| GTY Technology Holdings Inc. | 7/9/2029 | 242001 | 318422 |
| Honey Intermediate, Inc. (iLobby) (Canada) | 9/26/2030 | 531371 | 531371 |
| Huckabee Acquisition, LLC (MOREgroup) | 1/16/2030 | 161290 | 161290 |
| Huckabee Acquisition, LLC (MOREgroup) | 1/16/2030 | 96774 | 96774 |
| ICIMS, Inc. | 8/18/2028 | 301110 | 334567 |
| Integrate.com, Inc. | 12/17/2027 | 7528 | 7528 |
| Integrity Marketing Acquisition, LLC | 8/25/2028 | 2790931 | 2880792 |
| Intercept Bidco, Inc. | 6/3/2030 | 166667 | 166667 |
| Intercept Bidco, Inc. | 6/3/2030 | 111111 | 111111 |
| JF Acquisition, LLC (JF Petroleum) | 6/18/2030 | 609461 | N/A |
| JF Acquisition, LLC (JF Petroleum) | 6/18/2030 | 376986 | N/A |
| Kaseya, Inc. | 6/25/2029 | N/A | 156818 |
| Kaseya, Inc. | 6/25/2029 | N/A | 158083 |
| Kid Distro Holdings, LLC | 10/1/2029 | 74263 | 74263 |
| Lighthouse Parent Holdings, Inc (Aperture) | 12/20/2031 | 18077 | 28846 |

---

------

**BlackRock Direct Lending Corp.**

**Notes to Financial Statements (Unaudited) (Continued)**

**September 30, 2025**

**5. Commitments, Contingencies, Concentration of Credit Risk and Off-Balance Sheet Risk (Continued)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Unfunded Balances** | **Unfunded Balances** |
| **Issuer** | **Maturity** | **September 30, 2025** | **December 31, 2024** |
| Lighthouse Parent Holdings, Inc (Aperture) | 12/20/2031 | $11538 | $11538 |
| Lightspeed Solutions, LLC | 3/1/2028 | N/A | N/A |
| LJ Avalon Holdings, LLC (Ardurra) | 2/1/2029 | 123523 | 123523 |
| Logicmonitor, Inc | 11/19/2031 | 101496 | 101496 |
| Madison Logic Holdings, Inc. | 12/30/2027 | 82677 | 82677 |
| Modigent, LLC (Pueblo) | 8/23/2027 | 176902 | 42014 |
| MRO Parent Corporation | 6/9/2032 | 223044 | N/A |
| MRO Parent Corporation | 6/9/2032 | 223044 | N/A |
| Oak Purchaser, Inc. (DaySmart) | 4/28/2028 | 80891 | 86669 |
| Oranje Holdco, Inc. (KnowBe4) | 2/1/2029 | N/A | 181355 |
| Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance) | 11/1/2027 | N/A | 99374 |
| PlayPower, Inc | 8/28/2030 | 395397 | 395397 |
| Pluralsight, Inc. | 8/22/2029 | 86293 | 86293 |
| PMA Parent Holdings, LLC | 1/31/2031 | 564581 | 564581 |
| Rialto Management Group, LLC | 12/5/2030 | 17241 | 17241 |
| Sailpoint Technologies Holdings, Inc. | 8/16/2028 | N/A | 132507 |
| SellerX Germany GMBH & Co. KG (Germany) | 6/18/2029 | 132805 | N/A |
| SellerX Germany GmbH (Germany) | 11/22/2029 | N/A | 105633 |
| SellerX Germany GmbH (Germany) | 10/28/2026 | 42253 | 42253 |
| SEP Raptor Acquisition, Inc. (Loopio) (Canada) | 3/31/2027 | N/A | 197187 |
| Serrano Parent, LLC (Sumo Logic) | 5/12/2030 | 388509 | 388509 |
| Smarsh, Inc. | 2/18/2029 | 88113 | N/A |
| Smarsh, Inc. | 2/18/2029 | 244757 | 244757 |
| Smarsh, Inc. | 2/18/2029 | N/A | 73427 |
| Spark Buyer, LLC (Sparkstone) | 10/15/2031 | 224138 | 224138 |
| Spark Buyer, LLC (Sparkstone) | 10/15/2031 | 73966 | 112069 |
| Stonebridge Companies, LLC | 5/16/2031 | 371129 | N/A |
| Stonebridge Companies, LLC | 5/16/2030 | 247419 | N/A |
| Streamland Media Midco, LLC | 3/31/2029 | 55062 | N/A |
| Supergoop, LLC | 12/24/2027 | 58209 | 124734 |
| Syndigo, LLC | 9/2/2032 | 356765 | N/A |
| Thunder Purchaser, Inc. (Vector Solutions) | 6/30/2027 | 204439 | 204439 |
| Titan Home Improvement, LLC (Renuity) | 5/31/2030 | 139535 | 139535 |
| Titan Home Improvement, LLC (Renuity) | 5/31/2030 | 116279 | 116279 |
| Trintech, Inc. | 7/25/2029 | 196336 | 196336 |
| Vortex Companies, LLC | 9/4/2029 | 392601 | N/A |
| Vortex Companies, LLC | 9/4/2029 | 119124 | 174407 |
| Wharf Street Rating Acquisition LLC (KBRA) | 12/10/2027 | N/A | 265685 |
| Zendesk Inc. | 11/22/2028 | 504927 | 735838 |
| Zendesk Inc. | 11/22/2028 | 302992 | 302992 |
| Zilliant Incorporated | 12/21/2027 | 222222 | 222222 |
| **Total Unfunded Balances** |  | $**27388212** | $**19228520** |

---

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**BlackRock Direct Lending Corp.**

**Notes to Financial Statements (Unaudited) (Continued)**

**September 30, 2025**

**6. Other Related Party Transactions**

The Company, the Advisor and affiliates may be considered related parties. From time to time, the Advisor advances payments to third parties on behalf of the Company and receives reimbursement from the Company. At September 30, 2025 and December 31, 2024, amounts reimbursable to the Advisor totaled $0.1 million and $0.1 million respectively, as reflected in the Statements of Assets and Liabilities.

Pursuant to an administration agreement between the Administrator and the Company (the "Administration Agreement"), the Administrator may be reimbursed for costs and expenses incurred by the Administrator for office space rental, office equipment and utilities allocable to the Company, as well as costs and expenses incurred by the Administrator or its affiliates relating to any administrative, operating, or other non-investment advisory services provided by the Administrator or its affiliates to the Company. For the nine months ended September 30, 2025 and 2024, $0.3 million and $0.3 million of such costs were allocated to the Company and subject to reimbursement pursuant to the Administration Agreement, respectively.

**7. Stockholders' Equity and Dividends**

As of September 30, 2025, the Company had received $301.0 million of equity commitments to purchase shares of the Company's common stock. As of September 30, 2025, $301.0 million (100.0% of total commitments) had been called. During the nine months ended September 30, 2025, the Company issued 2,091,875 shares, with an average purchase price of $9.58 per share, and par value of $0.001 per share.

Dividends and distributions to common stockholders are recorded on the ex-dividend date. Distributions are declared considering annual taxable income available for distribution to stockholders and the amount of taxable income carried over from the prior year for distribution in the current year. The following table summarizes the Company's dividends declared and paid for the nine months ended September 30, 2025 and 2024.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Type** | **Amount Per Share** | **Total Amount** |
| May 8, 2025 | June 16, 2025 | June 30, 2025 | Regular | $0.20 | $5719130 |
| August 7, 2025 | September 16, 2025 | September 30, 2025 | Regular | $0.20 | $5886188 |
|  |  |  |  | $0.40 | $11605318 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Type** | **Amount Per Share** | **Total Amount** |
| May 1, 2024 | June 14, 2024 | June 28, 2024 | Regular | $0.23 | $6327144 |
| August 1, 2024 | September 16, 2024 | September 30, 2024 | Regular | $0.23 | $6135467 |
|  |  |  |  | $0.46 | $12462611 |

---

**8. Subsequent Events** 

On November 7, 2025, the Company's Board of Directors declared a fourth quarter dividend in the amount of $6,035,653, payable on December 31, 2025 to stockholders of record as of the close of business on December 17, 2025.

Subsequent to September 30, 2025, company-specific issues were identified related to our investment in Homerenew Buyer Inc. ("Renovo"), a direct-to-consumer home remodeling business, which commenced a liquidation process on November 3, 2025. While Renovo was previously removed from non-accrual status following a comprehensive recapitalization in the second quarter, the Company subsequently determined early in the fourth quarter that it does not expect to recover value from its investment in Renovo, and expects to fully write the investment down in the fourth quarter of 2025. As of September 30, 2025, the value of the Company's investment in Renovo represented approximately 1.3% of the Company's total investments at fair value. It is anticipated to impact the Company's fourth quarter NAV by approximately $0.11 per share on a pro forma basis. The Company views this outcome to be a result of issues specific to this issuer, rather than a reflection of broader sector weakness.

------

**BlackRock Direct Lending Corp.**

**Notes to Financial Statements (Unaudited) (Continued)**

**September 30, 2025**

**9. Financial Highlights**

The financial highlights below show the Company's results of operations for the nine months ended September 30, 2025 and 2024.

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| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **2025** | **2024** |
| ***Per Common Share*** |  |  |
| Per share NAV at beginning of period | $9.57 | $10.06 |
| Investment operations: <sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.63 | 0.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.28) | (0.31) |
| Total from investment operations | 0.35 | 0.46 |
| Dividends to common shareholders | (0.40) | (0.46) |
| Per share NAV at end of period | $9.52 | $10.06 |
| Total return based on net asset value: <sup>(2)</sup> | 3.7% | 4.6% |
| Shares outstanding at end of period | 29173775 | 27081900 |
| Ratios to average net asset value: <sup>(3)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(4)</sup> | 8.8% | 10.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses before incentive fee <sup>(5)</sup> | 1.4% | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses and incentive fee <sup>(6)</sup> | 1.5% | 3.1% |
| Ending net asset value | $277688739 | $272304648 |
| Portfolio turnover rate | 20.4% | 10.3% |
| Weighted-average debt outstanding | $110000 | $13602701 |
| Weighted-average interest rate on debt | 12.0% | 7.8% |
| Weighted-average number of shares of common stock | 27871142 | 25077337 |
| Weighted-average debt per share | $0.00 | $0.54 |

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(1)Per share changes in net asset value are computed based on the actual number of shares outstanding during the time such activity occurred.

(2)Not annualized for periods less than one year. Total return based on net asset value equals the change in net asset value per share during the period plus declared dividends per share during the period, divided by the beginning net asset value per share at the beginning of the period.

(3)Annualized for periods less than one year except for incentive fees and other certain non-recurring expenses.

(4)Excludes incentive compensation and excise taxes.

(5)Includes interest and other debt costs.

(6)Includes incentive fees and all Company expenses including interest and other debt costs.

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**BlackRock Direct Lending Corp.**

**Notes to Financial Statements (Unaudited) (Continued)**

**September 30, 2025**

**10. Senior Securities**

Information about the Company's senior securities is shown in the following table as of the end of each of the last four fiscal years and the period ended September 30, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class and Year** | **Total Amount<br>Outstanding** <sup>(1)</sup> | **Asset<br>Coverage<br>Per Unit** <sup>(2)</sup> | **Involuntary<br>Liquidating<br>Preference<br>Per Unit** <sup>(3)</sup> | **Average<br>Market<br>Value Per<br>Unit** <sup>(4)</sup> |
| **Unsecured Notes** |  |  |  |  |
| As of September 30, 2025 (Unaudited) | $110000 | $2451917 |  | N/A |
| Fiscal Year 2024 | 110000 | 2358200 |  | N/A |
| Fiscal Year 2023 | 110000 | 13133 |  | N/A |
| Fiscal Year 2022 | 110000 | 5642 |  | N/A |
| Fiscal Year 2021 | 110000 | 4904 |  | N/A |
| **Capital Call Facility** |  |  |  |  |
| As of September 30, 2025 (Unaudited) | N/A | N/A |  | N/A |
| Fiscal Year 2024 | N/A | N/A |  | N/A |
| Fiscal Year 2023 | 19500000 | 13207 |  | N/A |
| Fiscal Year 2022 | 37500000 | 5642 |  | N/A |
| Fiscal Year 2021 | 22000000 | 4928 |  | N/A |

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(1)Total amount of each class of senior securities outstanding at the end of the period presented.

(2)The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our total assets, less all liabilities and indebtedness not represented by senior securities, divided by senior securities representing indebtedness. The asset coverage ratio with respect to indebtedness is multiplied by $1,000 to determine the Asset Coverage Per Unit.

(3)The amount to which such class of senior security would be entitled upon the voluntary liquidation of the issuer in preference to any security junior to it. The "—" in this column indicates that the SEC expressly does not require this information to be disclosed for certain types of senior securities.

(4)The Company's senior securities are not registered for public trading.

**11. Segment Reporting**

The Company's chief executive officer and chief financial officer act as the Company's CODM. The CODM is responsible for assessing performance, allocating resources and making operating decisions of the Company based on the net increase (decrease) in net assets resulting from operations ("net income") of the Company. The CODM has concluded that the Company operates through a single operating and reporting segment with an investment objective to generate both current income and capital appreciation through debt and equity investments. In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric in determining the amount of dividends to be distributed to the Company's shareholders. As the Company's operations comprise of a single reporting segment, the segment assets are reflected on the accompanying Statements of Assets and Liabilities as "total assets" and the significant segment expenses are listed on the accompanying Statements of Operations.

------

**BlackRock Direct Lending Corp.**

**Schedule of Restricted Securities of Unaffiliated Issuers (Unaudited)**

**September 30, 2025**

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| | |
|:---|:---|
| **Investment** | **Acquisition<br>Date** |
| 48forty Intermediate Holdings, Inc. (Alpine Acquisition) Common Stock | 11/5/2024 |
| Grey Orange International Inc., Warrants to Purchase Common Stock | 5/6/2022 |
| Homerenew Buyer, Inc., Class A Preferred Units | 4/14/2025 |
| Homerenew Buyer, Inc., Class B-1 Preferred Units | 4/14/2025 |
| Homerenew Buyer, Inc., Class C-1 Common Units | 4/14/2025 |
| Igloo Parent Holdings LLC , Common Units | 5/9/2025 |
| Infinite Commerce Holdings LLC (Razor), Common Units | 8/27/2025 |
| Infinite Commerce Holdings LLC (Razor), Series A Prime, Preferred Units | 8/27/2025 |
| Infinite Commerce Holdings LLC (Razor), Series A-3, Preferred Units | 8/27/2025 |
| JobandTalent USA, Inc. (United Kingdom), F1 Preferred Stock | 2/11/2025 |
| JobandTalent USA, Inc. (United Kingdom), F3 Preferred Stock | 2/11/2025 |
| JP Intermediate B, LLC (Juice Plus), Blocker, LLC, Preferred Units | 9/30/2025 |
| Motive Technologies, Inc., a Delaware corporation purchase Warrants | 11/27/2024 |
| Pluralsight, Inc., Common Stock | 8/22/2024 |
| SellerX Germany GMBH & Co. KG (Germany), Common Shares | 6/25/2025 |
| Streamland Media LLC., Common Units | 3/31/2025 |
| SuCo Investors, LP (Suited Connector), Warrants to Purchase Class A Units | 3/6/2023 |
| Vingil Holdings 2 S.a r.l (Germany), Preferred Units | 6/25/2025 |
| Worldremit Group Limited (United Kingdom), Series X Shares | 2/11/2021 |
| Worldremit Group Limited (United Kingdom), Warrants to Purchase Series D Stock | 8/27/2021 |
| Worldremit Group Limited (United Kingdom), Warrants to Purchase Series E Stock | 6/24/2024 |

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------

**BlackRock Direct Lending Corp.**

**Schedule of Restricted Securities of Unaffiliated Issuers**

**December 31, 2024**

---

| | |
|:---|:---|
| **Investment** | **Acquisition<br>Date** |
| 48forty Intermediate Holdings, Inc. (Alpine Acquisition), Common Stock | 11/5/2024 |
| Elevate Brands Holdco, Inc., Warrants to Purchase Common Shares | 3/14/2022 |
| Elevate Brands Holdco, Inc., Warrants to Purchase Preferred New Super Senior Shares | 3/14/2022 |
| Grey Orange International Inc., Warrants to Purchase Common Stock | 5/6/2022 |
| INH Buyer, Inc. (IMS Health), Preferred Stock | 12/16/2024 |
| Pluralsight, Inc., Common Stock | 8/22/2024 |
| Razor Group GmbH (Germany), Warrants to Purchase Preferred Series A1 Shares | 2/28/2024 |
| Razor US LP, Class A Preferred Units | 2/28/2024 |
| Razor US LP, Common Units | 2/28/2024 |
| Razor Group GmbH (Germany), Warrants to Purchase Series C Shares | 12/23/2022 |
| MXP Prime Platform GmbH (SellerX) (Germany), Warrants to Purchase Common Stock | 11/23/2021 |
| SuCo Investors, LP (Suited Connector), Warrants to Purchase Class A Units | 3/6/2023 |
| Worldremit Group Limited (United Kingdom), Warrants to Purchase Series D Stock | 2/11/2021 |
| Worldremit Group Limited (United Kingdom), Warrants to Purchase Series E Stock | 8/27/2021 |
| Worldremit Group Limited (United Kingdom), Series X Shares | 6/24/2024 |

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

*The information contained in this section should be read in conjunction with our unaudited financial statements and related notes thereto appearing elsewhere in this quarterly report on Form 10-Q. Some of the statements in this report (including in the following discussion) constitute forward-looking statements, which relate to future events or the future performance or financial condition of BlackRock Direct Lending Corp. (the "Company," "we," "us" or "our"). The forward-looking statements contained in this report involve a number of risks and uncertainties, including statements concerning:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our, or our portfolio companies', future business, operations, operating results or prospects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the return or impact of current and future investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of a protracted decline in the liquidity of credit markets on our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of fluctuations in interest rates on our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of changes in laws or regulations governing our operations or the operations of our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our contractual arrangements and relationships with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the general economy and its impact on the industries in which we invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the financial condition of and ability of our current and prospective portfolio companies to achieve their objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our expected financings and investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the adequacy of our financing resources and working capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of BlackRock Capital Investment Advisors, LLC, our investment advisor (the *"*Advisor*"*) to locate suitable investments for us and to monitor and administer our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the timing of cash flows, if any, from the operations of our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the timing, form and amount of any dividend distributions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to maintain our qualification as a regulated investment company (*"*RIC*"*) and as a business development company (*"*BDC*"*).

We use words such as "anticipate," "believe," "expect," "intend," "will," "should," "could," "may," "plan" and similar words to identify forward-looking statements. The forward-looking statements contained in this quarterly report involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth as "Risk Factors" in this report.

We have based the forward-looking statements included in this report on information available to us on the date of this report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the Securities and Exchange Commission (the "SEC*")*, including annual reports on Form 10-K, registration statements on Form 10, quarterly reports on Form 10-Q and current reports on Form 8-K.

**Overview**

The Company is a Delaware corporation formed on October 12, 2020 and is an externally managed, closed-end, non-diversified management investment company. We have elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the "1940 Act*"*). Our investment objective is to achieve high risk-adjusted returns produced primarily from current income generated by investing primarily in senior secured corporate debt instruments. We seek to achieve our investment objective through investments in privately-originated, performing senior secured debt primarily in North America-based companies with target enterprise values between $100 million and $1.5 billion. Performing debt is debt that at the time of investment is not defaulted or, in the view of the Advisor, distressed. The Company targets positions in first lien, second lien and unitranche debt, with a preference for floating-rate debt, which the Advisor believes provides flexibility to adapt to changing market conditions. The Company may invest in securities of any maturity and credit quality. Our investment activities will benefit from what we believe are the competitive advantages of our Advisor, including its diverse in-house skills, proprietary deal flow, and consistent and rigorous investment process focused on established, middle-market companies.

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The Company has elected to be treated, and intends to qualify annually, as a RIC for U.S. federal income tax purposes. As a RIC, the Company will not be taxed on its income to the extent that it distributes such income each year and satisfies other applicable income tax requirements.

To qualify as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements and timely distribute to our stockholders generally at least 90% of our investment company taxable income, as defined by the Internal Revenue Code of 1986, as amended (the "Code*"*), for each year. Pursuant to this election, we generally will not have to pay corporate level taxes on any income that we distribute to our stockholders provided that we satisfy those requirements.

***Investments***

Our level of investment activity can and does vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle-market companies, the level of merger and acquisition activity, the general economic environment and the competitive environment for the types of investments we make.

As a BDC, we are required to comply with certain regulatory requirements. For instance, we generally have to invest at least 70% of our total assets in "qualifying assets," including securities and indebtedness of private U.S. companies, public U.S. operating companies whose securities are not listed on a national securities exchange or registered under the Securities Exchange Act of 1934 Act, as amended, (the "Exchange Act"), public domestic operating companies having a market capitalization of less than $250.0 million, cash, cash equivalents, U.S. Government securities and high-quality debt investments that mature in one year or less. We are also permitted to make certain follow-on investments in companies that were eligible portfolio companies at the time of initial investment but that no longer meet the definition. As of September 30, 2025, 91.3% of our total assets were invested in qualifying assets.

***Revenues***

We generate revenues primarily in the form of interest on the debt we hold. We also generate revenue from dividends on our equity interests, capital gains on the disposition of investments, and certain lease, fee, and other income. Our investments in fixed income instruments generally have an expected maturity of three to five years, although we have no lower or upper constraint on maturity. Interest on our debt investments is generally payable quarterly or semi-annually. Payments of principal of our debt investments may be amortized over the stated term of the investment, deferred for several years or due entirely at maturity. In some cases, our debt investments and preferred stock investments may defer payments of cash interest or dividends or PIK. Any outstanding principal amount of our debt investments and any accrued but unpaid interest will generally become due at the maturity date. In addition, we may generate revenue in the form of prepayment fees, commitment, origination, structuring or due diligence fees, end-of-term or exit fees, fees for providing significant managerial assistance, consulting fees and other investment related income.

***Expenses***

The Company is responsible for paying the compensation of the Advisor. In addition, the Company is generally responsible for all operating expenses of the Company, and shall pay, and shall reimburse the Advisor or BlackRock Financial Management, Inc., our administrator (the "Administrator") and their respective affiliates for, all fees, costs, expenses, liabilities and obligations of the Company relating or attributable to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•calculating our net asset value (including the cost and expenses of any independent valuation firms);

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the base management fee and any incentive fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•dividends and distributions on our shares of common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•administration fees payable under the administration agreement with the Administrator (the "Administration Agreement");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fees payable to third parties relating to, or associated with, making investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•transfer agent and custodial fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•registration fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•director fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs of preparing and filing reports or other documents with the SEC;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•indemnification payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•direct costs and expenses of administration, including audit and legal costs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all other expenses reasonably incurred by us and the Administrator in connection with administering our business, such as the allocable portion of overhead under the Administration Agreement, including rent and other allocable portions of the cost of certain of our officers and their respective staffs.

The investment management agreement with the Advisor (the "Investment Management Agreement") provides that the base management fee be calculated at an annual rate of 0.90% of our total assets (excluding cash and cash equivalents) on the last day of each preceding calendar quarter and is payable quarterly in arrears. For purposes of calculating the base management fee, "total assets" is determined without deduction for any borrowings or other liabilities. No base management fee is payable for the period from the date of the initial drawdown purchase through the end of the first calendar quarter after the initial drawdown purchase. Subsequently, the base management fee is calculated based on the value of our total assets (excluding cash and cash equivalents) at the end of the most recently completed calendar quarter. The base management fee for any partial quarter is appropriately prorated.

Additionally, the Investment Management Agreement provides that the Advisor or its affiliates may be entitled to an incentive fee under certain circumstances. According to the terms of such agreement, the incentive fee equals the sum of (i) 12.5% of all net investment income and (ii) 12.5% of all net realized capital gains (net of any net unrealized capital depreciation) less net investment income incentive fee and capital gains incentive fee previously paid. However, incentive fee will only be paid to the extent the cumulative total return of the Company after incentive fee and including such payment would equal or exceed a 6% annual return on daily weighted-average contributed common equity. The determination of incentive fee is subject to limitations under the 1940 Act and the Advisers Act.

**Critical accounting policies and estimates**

Our discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets and any other parameters used in determining such estimates could cause actual results to differ. Management considers the following critical accounting policies important to understanding the financial statements. In addition to the discussion below, our critical accounting policies are further described in the notes to our financial statements.

***Valuation of portfolio investments***

Pursuant to Rule 2a-5 (the "Rule") under the 1940 Act, the Company's board of directors (the "Board of Directors<u>")</u> designated the Advisor as the Company's valuation designee (the "Valuation Designee") to perform certain fair value functions, including performing fair value determinations and has approved policies and procedures adopted by the Advisor to seek to ensure compliance with the requirements of the Rule.

We value our portfolio investments at fair value based upon the principles and methods of valuation set forth in policies and procedures reviewed and approved by a committee established by the Valuation Designee (the "Valuation Committee<u>"</u>) and approved by the Board of Directors. Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. Market participants are buyers and sellers in the principal (or most advantageous) market for the asset that (i) are independent of us, (ii) are knowledgeable, having a reasonable understanding about the asset based on all available information (including information that might be obtained through due diligence efforts that are usual and customary), (iii) are able to transact for the asset, and (iv) are willing to transact for the asset or liability (that is, they are motivated but not forced or otherwise compelled to do so).

Investments for which market quotations are readily available are valued at such market quotations unless the quotations are deemed not to represent fair value. We generally obtain market quotations from recognized exchanges, market quotation systems, independent pricing services or one or more broker-dealers or market makers. However, short term debt investments with original maturities of generally three months or less are valued at amortized cost, which approximates fair value. Debt and equity securities for which market quotations are not readily available, which is the case for many of our investments, or for which market quotations are deemed not to represent fair value, are valued at fair value using a consistently applied valuation process in accordance with our documented valuation policies and procedures reviewed and approved by the Valuation Committee. Due to the inherent uncertainty and

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subjectivity of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ significantly from the values that would have been used had a readily available market value existed for such investments and may differ materially from the values that we may ultimately realize. In addition, changes in the market environment and other events may have differing impacts on the market quotations used to value some of our investments than on the fair values of our investments for which market quotations are not readily available. Market quotations may be deemed not to represent fair value in certain circumstances where we believe that facts and circumstances applicable to an issuer, a seller or purchaser, or the market for a particular security cause current market quotations to not reflect the fair value of the security. Examples of these events could include cases where a security trades infrequently causing a quoted purchase or sale price to become stale, where there is a "forced" sale by a distressed seller, where market quotations vary substantially among market makers, or where there is a wide bid-ask spread or significant increase in the bid-ask spread.

The valuation process approved by the Valuation Designee with respect to investments for which market quotations are not readily available or for which market quotations are deemed not to represent fair value is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The investment professionals of the Valuation Designee provide recent portfolio company financial statements and other reporting materials to independent valuation firms approved by the Valuation Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Such firms evaluate this information along with relevant observable market data to conduct independent appraisals each quarter, and their preliminary valuation conclusions are documented and discussed with senior management of the Valuation Designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The fair value of smaller investments comprising in the aggregate less than 5% of our total capitalization may be determined by the Valuation Designee in good faith in accordance with our valuation policy without the employment of an independent valuation firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Valuation Designee determines the fair value of the remainder of investments in our portfolio in good faith based on

the input of the Valuation Committee and the respective independent valuation firms.

Those investments for which market quotations are not readily available or for which market quotations are deemed not to represent fair value are valued utilizing one or more methodologies, including the market approach, the income approach, or in the case of recent investments, the cost approach, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that the Valuation Designee may take into account in determining the fair value of our investments include, as relevant and among other factors: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company's ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, merger and acquisition comparables, our principal market (as the reporting entity) and enterprise values.

When valuing all of our investments, we strive to maximize the use of observable inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of us. Unobservable inputs are inputs that reflect our assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances.

Our investments may be categorized based on the types of inputs used in their valuation. The level in the GAAP valuation hierarchy in which an investment falls is based on the lowest level input that is significant to the valuation of the investment in its entirety. Investments are classified by GAAP into the three broad levels as follows:

Level 1 — Investments valued using unadjusted quoted prices in active markets for identical assets.

Level 2 — Investments valued using other unadjusted observable market inputs, e.g. quoted prices in markets that are not active or quotes for comparable instruments.

Level 3 — Investments that are valued using quotes and other observable market data to the extent available, but which also take into consideration one or more unobservable inputs that are significant to the valuation taken as a whole.

As of September 30, 2025, none of our investments were categorized as Level 1, 1.6% were categorized as Level 2 and 98.4% were Level 3 investments valued based on valuations by independent third-party sources.

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As of December 31, 2024, none of our investments were categorized as Level 1, 2.4% were categorized as Level 2 and 97.6% were Level 3 investments valued based on valuations by independent third-party sources.

Determination of fair value involves subjective judgments and estimates. Accordingly, the notes to our financial statements express the uncertainty with respect to the possible effect of such valuations, and any change in such valuations, on the financial statements.

***Revenue recognition***

Interest and dividend income, including income paid in kind, is recorded on an accrual basis, when such amounts are considered collectible. Origination, structuring, closing, commitment and other upfront fees, including original issue discounts, earned with respect to capital commitments are generally amortized or accreted into interest income over the life of the respective debt investment, as are end-of-term or exit fees receivable upon repayment of a debt investment. Other fees, including certain amendment fees, prepayment fees and commitment fees on broken deals, are recognized as earned. Prepayment fees and similar income due upon the early repayment of a loan or debt security are recognized when earned and are included in interest income.

Certain of our debt investments are purchased at a discount to par as a result of the underlying credit risks and financial results of the issuer, as well as general market factors that influence the financial markets as a whole. Discounts on the acquisition of corporate bonds are generally amortized using the effective-interest or constant-yield method assuming there are no questions as to collectability. When principal payments on a loan are received in an amount in excess of the loan's amortized cost, the excess principal payments are recorded as interest income.

Debt investments are generally placed on non-accrual status when it is probable that principal or interest will not be collected according to the contractual terms. When a debt investment is placed on non-accrual status, accrued and unpaid interest (including any accrued PIK interest) is generally reversed, and discount accretion or premium amortization is discontinued. The Company does not reverse previously capitalized PIK income. Payments received on non-accrual investments may be recognized as income or applied to principal depending upon the Company's judgment regarding collectability of the outstanding principal and interest. Non-accrual investments are restored to accrual status if past due principal and interest are paid or, in the Company's judgement, the repayment of the remaining contractual principal and interest is expected. The Company may opt not to place a distressed debt investment on non-accrual status if principal and interest are secured through sufficient collateral value and are in the process of collection through legal actions or other efforts that are expected to result in repayment of principal and interest.

***Net realized gains or losses and net change in unrealized appreciation or depreciation***

We measure realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized. Realized gains and losses are computed using the specific identification method. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized.

**Portfolio and investment activity**

During the three months ended September 30, 2025, we invested approximately $8.1 million, comprised of investments in 2 new and 2 existing portfolio companies. Of these investments, $8.1 million, or 100.0% of total acquisitions, were in senior secured loans. Additionally, we received approximately $19.1 million in proceeds from sales or repayments of investments during the three months ended September 30, 2025.

During the three months ended September 30, 2024, we invested approximately $11.7 million, comprised of investments in 6 new and 8 existing portfolio companies. Of these investments, $11.7 million, or 99.1% of total acquisitions, were in senior secured loans. The remaining $0.0 million, or 0.9% of total acquisitions, was comprised of one new equity investment. Additionally, we received approximately $14.8 million in proceeds from sales or repayments of investments during the three months ended September 30, 2024.

During the nine months ended September 30, 2025, we invested approximately $54.9 million, comprised of investments in 16 new and 14 existing portfolio companies. Of these investments, $53.9 million, or 98.2% of total acquisitions, were in senior secured loans. The remaining $1.0 million, or 1.8% of total acquisitions, was comprised of two new equity investments. Additionally, we received approximately $47.3 million in proceeds from sales or repayments of investments during the nine months ended September 30, 2025.

During the nine months ended September 30, 2024, we invested approximately $33.6 million, comprised of investments in 17 new and 16 existing portfolio companies. Of these investments, $31.4 million, or 93.4% of total acquisitions, were in senior secured

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loans. The remaining $2.2 million, or 12.4% of total acquisitions, was comprised of three new equity investments. Additionally, we received approximately $26.6 million in proceeds from sales or repayments of investments during the nine months ended September 30, 2024.

At September 30, 2025, our investment portfolio of $230.6 million (at fair value) consisted of 113 portfolio companies and was invested 97.9% in senior secured loans and 2.1% in equity investments. Our average portfolio company investment at fair value was approximately $2.0 million. Our largest portfolio company investment by value was approximately 3.2% of our portfolio and our five largest portfolio company investments by value comprised approximately 11.5% of our portfolio at September 30, 2025.

At December 31, 2024, our investment portfolio of $229.3 million (at fair value) consisted of 112 portfolio companies and was invested 99.9% in senior secured loans and 0.1% in equity investments. Our average portfolio company investment at fair value was approximately $2.0 million. Our largest portfolio company investment by value was approximately 2.4% of our portfolio and our five largest portfolio company investments by value comprised approximately 10.6% of our portfolio at December 31, 2024.

The industry composition of our portfolio at fair value at September 30, 2025 was as follows:

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| | |
|:---|:---|
| **Industry** | **Percent of Total Investments** |
| Software | 27.9% |
| Professional Services | 9.2% |
| Construction and Engineering | 7.3% |
| Diversified Financial Services | 7.2% |
| Internet Software and Services | 6.7% |
| Diversified Consumer Services | 5.0% |
| IT Services | 4.6% |
| Health Care Technology | 3.2% |
| Media | 2.8% |
| Insurance | 2.6% |
| Real Estate Management and Development | 2.3% |
| Road and Rail | 2.2% |
| Paper and Forest Products | 2.1% |
| Commercial Services and Supplies | 2.1% |
| Wireless Telecommunication Services | 2.0% |
| Capital Markets | 1.7% |
| Healthcare Providers and Services | 1.6% |
| Specialty Retail | 1.4% |
| Construction Materials | 1.2% |
| Electrical Equipment | 1.2% |
| Internet and Catalog Retail | 1.1% |
| Other | 4.6% |
| **Total** | **100.0%** |

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The weighted average effective yield of our debt portfolio based on fair value was 10.6% at September 30, 2025 and 11.6% at December 31, 2024, excluding non-accrual and non-income producing loans. The weighted average effective yield of our total portfolio based on fair value was 10.4% at September 30, 2025 and 11.0% at December 31, 2024. At September 30, 2025, 99.4% of debt investments in our portfolio bore interest based on floating rates, such as SOFR, EURIBOR, the Federal Funds Rate or the Prime Rate, and 0.6% of debt investments bore interest at fixed rates. The percentage of floating rate debt investments in our portfolio that were subject to an interest rate floor was 96.2% at September 30, 2025. Debt investments in 7 portfolio companies were on non-accrual status as of September 30, 2025, representing 2.7% of the portfolio at fair value and 5.6% at cost. At December 31, 2024, 99.3% of debt investments in our portfolio bore interest based on floating rates, such as SOFR, EURIBOR, the Federal Funds Rate or the Prime Rate, and 0.7% of debt investments bore interest at fixed rates. The percentage of floating rate debt investments in our portfolio that were subject to an interest rate floor was 97.1% at December 31, 2024. Debt investment in 7 portfolio companies were on non-accrual status as of December 31, 2024, representing 5.0% of the portfolio at fair value and 10.6% at cost.

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**Results of operations**

***Investment income***

Investment income totaled $7.0 million and $8.6 million, respectively, for the three months ended September 30, 2025 and 2024, of which $6.5 million and $8.1 million were attributable to interest and fees on our debt investments, as well as PIK income of $0.5 million and $0.5 million, respectively. The decrease in investment income in the three months ended September 30, 2025 compared to the three months ended September 30, 2024 primarily reflects the decrease in portfolio size and decrease in interest income due to lower SOFR rates.

Investment income totaled $20.8 million and $25.8 million, respectively, for the nine months ended September 30, 2025 and 2024, of which $19.1 million and $24.2 million were attributable to interest and fees on our debt investments, as well as PIK income of $1.7 million and $1.5 million and, $0.0 million and $0.1 million of dividend income, respectively. The decrease in investment income in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 primarily reflects the decrease in portfolio size and decrease in interest income due to lower SOFR rates.

***Expenses***

Total operating expenses for the three months ended September 30, 2025 and 2024 were $1.0 million and $1.9 million, respectively, comprised of $0.6 million and $0.6 million in management fees, $0.1 million and $0.1 million in professional fees, $0.1 million and $0.1 million in administrative expenses, $0.0 million and $1.0 million in incentive fees earned, and $0.2 million and $0.2 million in other expenses, respectively. The decrease in expenses in the three months ended September 30, 2025 compared to the three months ended September 30, 2024 primarily reflects the impact of incentive fees.

Total operating expenses for the nine months ended September 30, 2025 and 2024 were $3.1 million and $6.6 million, respectively, comprised of $1.6 million and $1.8 million in management fees, $0.4 million and $2.7 million in incentive fees earned, $0.4 million and $0.4 million in professional fees, $0.3 million and $0.3 million in administrative expenses, $0.0 million and $0.9 million in interest and other debt expenses, and $0.4 million and $0.4 million in other expenses, respectively. The decrease in expenses in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 primarily reflects the impact of incentive fees as well as the decrease in debt related expenses due to the wind-down, maturity, and subsequent termination of the Capital Call Facility.

***Net investment income (loss)***

Net investment income was $6.0 million and $6.7 million respectively, for the three months ended September 30, 2025 and 2024. The decrease in net investment income reflects lower investment income, offset by lower operating expenses during the three months ended September 30, 2025 compared to the three months ended September 30, 2024.

Net investment income was $17.6 million and $19.1 million respectively, for the nine months ended September 30, 2025 and 2024. The decrease in net investment income reflects lower investment income, offset by lower operating expenses during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024.

***Net realized and unrealized gain or loss***

Net realized gain (loss) for the three months ended September 30, 2025 and 2024 was $(9.9) million and $(1.5) million, respectively. Net realized losses for the three months ended September 30, 2025 was comprised primarily of $6.6 million loss from the restructuring of our investment in Razor, $1.0 million loss from the restructuring of our investment in Juice Plus and $2.3 million in losses from the disposition of our investment in INH Buyer.

Net realized gain (loss) for the nine months ended September 30, 2025 and 2024 was $(19.0) million and $(1.5) million, respectively. Net realized losses for the nine months ended September 30, 2025 was comprised primarily of $6.6 million, $3.0 million, $2.9 million, $1.9 million, $1.3 million and $1.0 million in losses from the restructuring of our investments in Razor, Homerenew Buyer, InMoment, SellerX, Streamland and Juice Plus, respectively, along with $2.3 million in losses from the disposition of our investment in INH Buyer.

For the three months ended September 30, 2025 and 2024, the change in net unrealized appreciation (depreciation) was $8.5 million and $(0.1) million, respectively. The change in net unrealized appreciation (depreciation) for the three months ended September 30, 2025 primarily reflects $6.7 million reversals of previously recognized unrealized losses from the restructuring of our investment in Razor, $2.8 million in reversals of previously recognized unrealized losses from the disposition of our investment in INH Buyer and $0.9 million in reversals of previously recognized unrealized losses from the restructuring of our investment in Juice Plus, partially offset by a $1.0 million unrealized loss on our investment in Alpine and a $0.7 million unrealized loss on our investment in

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Streamland. The change in net unrealized appreciation (depreciation) for the three months ended September 30, 2024 was primarily driven by $0.8 million in unrealized depreciation on InMoment, Inc., $0.6 million in unrealized depreciation on Streamland, and $0.4 million in unrealized depreciation in Homerenew Buyer, partially offset by $1.0 million in unrealized appreciation from our investment in McAfee and $0.5 million in unrealized appreciation from our investment in Pluralsight, Inc.

For the nine months ended September 30, 2025 and 2024, the change in net unrealized appreciation (depreciation) was $11.3 million and $(7.0) million, respectively. The change in net unrealized appreciation (depreciation) for the nine months ended September 30, 2025 primarily reflects $6.0 million, $2.4 million, $1.6 million, $1.4 million, $0.6 million and $0.6 million reversals of previously recognized unrealized losses from the restructuring of our investments in Razor, Homerenew Buyer, InMoment, SellerX, Streamland, and Juice Plus, respectively, $1.9 million reversals of previously recognized unrealized losses from the disposition of our investment in INH Buyer, $1.1 million in gains on our investment in Job and Talent, partially offset by a $1.9 million unrealized loss on our investment in Alpine and a $0.8 million unrealized loss on our investment in Brook & Whittle. The change in net unrealized appreciation (depreciation) for the nine months ended September 30, 2024 was primarily driven by $2.6 million in unrealized depreciation on SellerX, $1.3 million in unrealized depreciation in INH Buyer, $1.2 million in unrealized depreciation on Homerenew Buyer, $1.0 million in unrealized depreciation from Razor, $0.8 million in unrealized depreciation on InMoment, and 0.8 million in unrealized depreciation in Astra, partially offset by $0.7 million in unrealized appreciation from our investment in McAfee.

***Incentive compensation***

Incentive fees for the three months ended September 30, 2025 and 2024 were $0.0 million and $1.0 million, respectively. As of September 30, 2025, the Company's cumulative performance did not exceed the total return threshold and as such no incentive fees were incurred. For the three months ended September 30, 2024, incentive fees were payable due to our performance exceeding the cumulative total return threshold. In addition, we did not accrue any reserves for incentive fees on capital gains based on a hypothetical liquidation basis in accordance with GAAP for the three months ended September 30, 2025 and 2024.

Incentive fees for the nine months ended September 30, 2025 and 2024 were $0.4 million and $2.7 million, respectively. For the nine months ended September 30, 2025, $0.4 million out of the potential $2.3 million incentive fees was earned due the Company's cumulative performance not fully exceeding the total return threshold. For the nine months ended September 30, 2024, incentive fees were payable due to our performance exceeding the cumulative total return threshold. In addition, we did not accrue any reserves for incentive fees on capital gains based on a hypothetical liquidation basis in accordance with GAAP for the nine months ended September 30, 2025 and 2024.

***Income tax expense, including excise tax***

The Company has elected to be treated, and intends to qualify annually, as a RIC under Subchapter M of the Code and operates in a manner so as to qualify for the tax treatment applicable to RICs. To qualify as a RIC, the Company must, among other things, timely distribute to its stockholders generally at least 90% of its investment company taxable income, as defined by the Code, for each year. The Company has made and intends to continue to make the requisite distributions to its stockholders which will generally relieve the Company from U.S. federal income taxes.

Depending on the level of taxable income earned in a tax year, we may choose to carry forward taxable income in excess of current year dividend distributions from such current year taxable income into the next tax year and pay a 4% excise tax on such income. Any excise tax expense is incurred at year end as such amounts are known. No excise tax was incurred nor paid in the three and nine months ended September 30, 2025 and 2024.

***Net increase (decrease) in net assets resulting from operations***

The net increase in net assets applicable to common stockholders resulting from operations was $4.6 million and $5.0 million respectively, for the three months ended September 30, 2025 and 2024.

The net increase in net assets applicable to common stockholders resulting from operations was $10.0 million and $10.7 million respectively, for the nine months ended September 30, 2025 and 2024.

**Liquidity and capital resources**

Our liquidity and capital resources are expected to be generated primarily through the initial private placement of shares of the Company's common stock and cash flows from operations, including investments sales and repayments and income earned from investments and cash equivalents. The primary uses of cash have been investments in portfolio companies, payments to service our debt and other general corporate purposes.

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The following table summarizes the total shares issued and proceeds received in connection with the Company's private placement for the nine months ended September 30, 2025 and 2024.

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| | | |
|:---|:---|:---|
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** |
| Shares Issued | 2091875 | 3328790 |
| Average Price Per Share | $9.58 | $10.54 |
| Proceeds <sup>(1)</sup> | $20048825 | $35085444 |

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(1)Net of offering costs of $17,841 and $31,222, respectively for the nine months ended September 30, 2025 and 2024.

On June 18, 2021, the Company entered into the Capital Call Facility with Sumitomo Mitsui Banking Corporation as administrative agent, lead arranger and as a lender, secured by the unfunded equity commitments of the Company's investors. On June 15, 2023, the Capital Call Facility was amended to extend its maturity from June 16, 2023 to June 16, 2024 and to reduce the capacity from $75.0 million to $40.0 million. Prior to the amendment, interest on the Capital Call Facility accrued at a rate equal to LIBOR plus 1.95% per annum, or, for short-term draws, a rate equal to the Prime Rate plus 0.95%, the Federal Funds Rate plus 1.45%, or one-month LIBOR plus 1.95%, whichever was highest. Effective June 16, 2023, interest on the Capital Call Facility accrues at a rate equal to SOFR plus 2.25% per annum, or, for short-term draws, a rate equal to the Prime Rate plus 1.25%, or the Federal Funds Rate plus 1.45%, or one-month SOFR plus 2.25%, whichever is highest. Commitment fees on the Capital Call Facility accrue at a rate of 0.25% per annum when the undrawn amount of the commitment is less than 50%, and 0.30% per annum when the unused portion is equal to or greater than 50%. The Capital Call Facility was fully paid off and terminated upon its maturity on June 16, 2024.

Total debt outstanding as of September 30, 2025 included unsecured promissory notes with a principal amount of $110,000, at a rate of 12% per annum, and a maturity date of December 31, 2050.

Under Section 61(a) of the 1940 Act, prior to March 23, 2018, a BDC was generally not permitted to issue senior securities unless after giving effect thereto the BDC met a coverage ratio of total assets, less liabilities and indebtedness not represented by senior securities, to total senior securities, which includes all borrowings of the BDC, of at least 200%. On March 23, 2018, the Small Business Credit Availability Act ("SBCAA") was signed into law, which among other things, amended Section 61(a) of the 1940 Act to add a new Section 61(a)(2) that reduces the asset coverage requirement applicable to BDCs from 200% to 150% so long as the BDC meets certain disclosure requirements and obtains certain approvals. The reduced asset coverage requirement would permit a BDC to have a ratio of total outstanding indebtedness to common equity of 2:1 as compared to a maximum of 1:1 under the 200% asset coverage requirement. The Company does not currently intend to seek approval for the modified asset coverage ratio election set forth in Section 61(a)(2) of the 1940 Act, as amended by the SBCAA. As of September 30, 2025, the Company's asset coverage ratio was 245,192%.

Net cash provided by operating activities during the nine months ended September 30, 2025 was $9.7 million, consisting primarily of net investment income (net of non-cash income and expenses) of approximately $13.9 million, offset by settlement of acquisitions of investments (net of dispositions) of $4.2 million

Net cash provided by financing activities during the nine months ended September 30, 2025 was $8.5 million, consisting of $20.1 million in proceeds from shares of common stock sold, offset by $11.6 million in dividends paid to shareholders.

At September 30, 2025 we had $46.5 million in cash and cash equivalents.

**Contractual obligations**

We have entered into several contracts under which we have future commitments. Pursuant to an investment management agreement, the Advisor manages our day-to-day operations and provides investment advisory services to us. Payments under the Investment Management Agreement are equal to a percentage of the value of our total assets (excluding cash and cash equivalents) and an incentive fee, plus reimbursement of certain expenses incurred by the Advisor. Under our Administration Agreement, the Administrator provides us with administrative services, facilities and personnel. Payments under the Administration Agreement are equal to an allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations to us, and may include rent and our allocable portion of the cost of certain of our officers and their respective staffs. We are responsible for reimbursing the Advisor for due diligence and negotiation expenses, fees and expenses of custodians, administrators, transfer and distribution agents, counsel and directors, insurance, filings and registrations, proxy expenses, expenses of communications to investors, compliance expenses, interest, taxes, portfolio transaction expenses, costs of responding to regulatory inquiries and reporting to regulatory authorities, costs and expenses of preparing and maintaining our books and records, indemnification, litigation and other extraordinary

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expenses and such other expenses as are approved by the directors as being reasonably related to our organization, offering, capitalization, operation or administration and any portfolio investments, as applicable. The Advisor is not responsible for any of the foregoing expenses and such services are not investment advisory services under the 1940 Act. The Company may terminate each of the Investment Management Agreement and Administration Agreement without penalty upon not less than 60 days' written notice to the other party and the Advisor and the Administrator may terminate the Investment Management Agreement or Administration Agreement, as applicable, without penalty upon not less than 120 days' written notice to the other party.

**Distributions**

Our quarterly dividends and distributions to common stockholders are recorded on the ex-dividend date. Distributions are declared considering our estimate of annual taxable income available for distribution to stockholders and the amount of taxable income carried over from the prior year for distribution in the current year. We do not have a policy to pay distributions at a specific level and expect to continue to distribute substantially all of our taxable income. We cannot assure stockholders that they will receive any distributions or distributions at a particular level.

The following tables summarize dividends declared for the nine months ended September 30, 2025 and 2024. Tax characteristics of any distributions are reported to stockholders on Form 1099-DIV or Form 1042-S after the end of the calendar year.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Type** | **Amount Per Share** | **Total Amount** |
| May 8, 2025 | June 16, 2025 | June 30, 2025 | Regular | $0.20 | $5719130 |
| August 7, 2025 | September 16, 2025 | September 30, 2025 | Regular | $0.20 | $5886188 |
|  |  |  |  | $0.40 | $11605318 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Type** | **Amount Per Share** | **Total Amount** |
| May 1, 2024 | June 14, 2024 | June 28, 2024 | Regular | $0.23 | $6327144 |
| August 1, 2024 | September 16, 2024 | September 30, 2024 | Regular | $0.23 | $6135467 |
|  |  |  |  | $0.46 | $12462611 |

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We have elected to be taxed as a RIC under Subchapter M of the Code. In order to maintain favorable RIC tax treatment, we must distribute annually to our stockholders at least 90% of our ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, out of the assets legally available for distribution. In order to avoid certain excise taxes imposed on RICs, we must distribute during each calendar year an amount at least equal to the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•98% of our ordinary income (not taking into account any capital gains or losses) for the calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•98.2% of the amount by which our capital gains exceed our capital losses (adjusted for certain ordinary losses) for the one-year period generally ending on October 31 of the calendar year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•certain undistributed amounts from previous years on which we paid no U.S. federal income tax.

We may, at our discretion, carry forward taxable income in excess of calendar year distributions and pay a 4% excise tax on this income. If we choose to do so, all other things being equal, this would increase expenses and reduce the amounts available to be distributed to our stockholders. We will accrue excise tax on estimated taxable income as required. In addition, although we currently intend to distribute realized net capital gains (i.e., net long-term capital gains in excess of short-term capital losses), if any, at least annually, out of the assets legally available for such distributions, we may in the future decide to retain such capital gains for investment.

We may not be able to achieve operating results that will allow us to make dividends and distributions at a specific level or to increase the amount of these dividends and distributions from time to time. Also, we may be limited in our ability to make dividends and distributions due to the asset coverage test applicable to us as a BDC under the 1940 Act and due to provisions in our existing and future credit facilities. If we do not distribute a certain percentage of our income annually, we will suffer adverse tax consequences, including possible loss of favorable RIC tax treatment. In addition, in accordance with U.S. generally accepted accounting principles and tax regulations, we include in income certain amounts that we have not yet received in cash, such as PIK interest, which represents contractual interest added to the loan balance that becomes due at the end of the loan term, or the accrual of original issue or market discount. Since we may recognize income before or without receiving cash representing such income, we may have difficulty meeting the requirement to distribute at least 90% of our investment company taxable income to obtain tax benefits as a RIC and may be subject to an excise tax.

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In order to satisfy the annual distribution requirement applicable to RICs, we have the ability to pay a large portion of a dividend in shares of our common stock instead of in cash. As long as a sufficient portion of such dividend is paid in cash (which portion can generally be as low as 20%) and certain requirements are met, the entire distribution would be treated as a dividend for U.S. federal income tax purposes.

**Related Parties**

We have entered into a number of business relationships with affiliated or related parties, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Company has entered into the Investment Management Agreement with the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Administrator provides us with administrative services necessary to conduct our day-to-day operations. For providing these services, facilities and personnel, the Administrator may be reimbursed by us for expenses incurred by the Administrator in performing its obligations under the Administration Agreement, including our allocable portion of the cost of certain of our officers and the Administrator's administrative staff and providing, at our request and on our behalf, significant managerial assistance to our portfolio companies to which we are required to provide such assistance. The Administrator is an affiliate of the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We have entered into a royalty-free license agreement with BlackRock and the Advisor, pursuant to which each of BlackRock and the Advisor has agreed to grant us a non-exclusive, royalty-free license to use the name "BlackRock".

The Advisor and its affiliates, employees and associates currently do, and in the future may, manage other funds and accounts. The Advisor and its affiliates may determine that an investment is appropriate for us and for one or more of those other funds or accounts. Accordingly, conflicts may arise regarding the allocation of investments or opportunities among us and those accounts. In general, the Advisor will allocate investment opportunities pro rata among us and the other funds and accounts (assuming the investment satisfies the objectives of each) based on the amount of committed capital each then has available. The allocation of certain investment opportunities in private placements is subject to independent director approval pursuant to the terms of the co-investment exemptive order applicable to us. In certain cases, investment opportunities may be made other than on a pro rata basis. For example, we may desire to retain an asset at the same time that one or more other funds or accounts desire to sell it or we may not have additional capital to invest at a time the other funds or accounts do. If the Advisor is unable to manage our investments effectively, we may be unable to achieve our investment objective. In addition, the Advisor may face conflicts in allocating investment opportunities between us and certain other entities that could impact our investment returns. While our ability to enter into transactions with our affiliates is restricted under the 1940 Act, we have received an exemptive order from the SEC permitting certain affiliated investments subject to certain conditions. As a result, we may face conflict of interests and investments made pursuant to the exemptive order conditions which could in certain circumstances affect adversely the price paid or received by us or the availability or size of the position purchased or sold by us.

**Recent Developments**

On November 7, 2025, the Company's Board of Directors declared a fourth quarter dividend in the amount of $6,035,653, payable on December 31, 2025 to stockholders of record as of the close of business on December 17, 2025.

Subsequent to September 30, 2025, company-specific issues were identified related to our investment in Homerenew Buyer Inc. ("Renovo"), a direct-to-consumer home remodeling business, which commenced a liquidation process on November 3, 2025. While Renovo was previously removed from non-accrual status following a comprehensive recapitalization in the second quarter, the Company subsequently determined early in the fourth quarter that it does not expect to recover value from its investment in Renovo, and expects to fully write the investment down in the fourth quarter of 2025. As of September 30, 2025, the value of the Company's investment in Renovo represented approximately 1.3% of the Company's total investments at fair value. It is anticipated to impact the Company's fourth quarter NAV by approximately $0.11 per share on a pro forma basis. The Company views this outcome to be a result of issues specific to this issuer, rather than a reflection of broader sector weakness.

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

We are subject to financial market risks, including changes in interest rates. At September 30, 2025, 99.4% of debt investments in our portfolio bore interest based on floating rates, such as SOFR, EURIBOR, the Federal Funds Rate or the Prime Rate. The interest rates on such investments generally reset by reference to the current market index after one to six months. At September 30, 2025, the percentage of floating rate debt investments in our portfolio that were subject to an interest rate floor was 96.2%. Floating rate investments subject to a floor generally reset by reference to the current market index after one to six months only if the index exceeds the floor.

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. We assess our portfolio companies periodically to determine whether such companies will be able to continue making interest payments in the event that interest rates increase. There can be no assurances that the portfolio companies will be able to meet their contractual obligations at any or all levels of increases in interest rates.

Based on our Statement of Assets and Liabilities as of September 30, 2025, the following table shows the annual impact on net investment income (excluding the related incentive fee impact) of base rate changes in interest rates (considering interest rate floors for variable rate instruments and the fact that our assets and liabilities may not have the same base rate period as assumed in this table) assuming no changes in our investment and borrowing structure:

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| | | |
|:---|:---|:---|
| **Basis Point Change** | **Net Investment Income** | **Net Investment Income <br>Per Share** |
| Up 300 basis points | $7518809 | $0.26 |
| Up 200 basis points | 5012539 | 0.17 |
| Up 100 basis points | 2506270 | 0.09 |
| Down 100 basis points | (2506270) | (0.09) |
| Down 200 basis points | (5002637) | (0.17) |
| Down 300 basis points | (7354823) | (0.25) |

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**Item 4. Controls and Procedures**

**Disclosure Controls and Procedures**

As of the end of the period covered by this report, we, including our chief executive officer and chief financial officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act). Based on our evaluation, our management, including the chief executive officer and chief financial officer, concluded that our disclosure controls and procedures were effective in timely alerting management, including the chief executive officer and chief financial officer, of material information about us required to be included in our periodic SEC filings. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, are based upon certain assumptions about the likelihood of future events and can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

**Internal Control over Financial Reporting**

There has not been any change in our internal controls over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.

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**Part II – Other Information**

**Item 1. Legal Proceedings**

Although we may, from time to time, be involved in litigation arising out of our operations in the normal course of business or otherwise, as of September 30, 2025, we are currently not a party to any pending material legal proceedings.

**Item 1A. Risk Factors**

In addition to the other information set forth in this report, you should carefully consider the risk factors discussed below and the risk factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which could materially affect our business, financial condition and/or operating results. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

***Tariffs may adversely affect us or our portfolio companies.***

The current United States administration has threatened or imposed tariffs on certain imports from a number of countries, including China. Tariffs and international trade arrangements may continue to change, potentially without warning and to an extent that is difficult to predict. Existing or new tariffs imposed on foreign goods imported by the United States or on U.S. goods imported by foreign countries could subject us or our portfolio companies to additional risks. Among other effects, tariffs may increase the cost of production for certain or our portfolio companies or reduce demand for their products, which could affect the results of their operations, and may cause a general economic slowdown or recession. We cannot predict whether, or to what extent, any tariff or other trade protections may affect us, our portfolio companies or the economy.

***Economic recessions or downturns could impair our portfolio companies and harm our operating results.***

Many of our portfolio companies may be susceptible to economic slowdowns or recessions and may be unable to repay our loans during these periods. Therefore, our non-performing assets may increase and the value of our portfolio may decrease during these periods as we are required to record the values of our investments. Adverse economic conditions also may decrease the value of collateral securing some of our loans and the value of our equity investments. Economic slowdowns or recessions could lead to financial losses in our portfolio and a decrease in revenues, net income and assets. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could prevent us from increasing investments and harm our operating results.

A portfolio company's failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, termination of its loans and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize our portfolio company's ability to meet its obligations under the debt securities that we hold. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting portfolio company. In addition, if one of our portfolio companies were to go bankrupt, even though we or one of our affiliates may have structured our interest in such portfolio company as senior debt, depending on the facts and circumstances, including the extent to which we actually provided managerial assistance to that portfolio company, a bankruptcy court might re-characterize our debt holding as equity and subordinate all or a portion of our claim to claims of other creditors.

Efforts by the Federal Reserve and other central banks globally to combat inflation and restore price stability, as well as other global events, may raise the prospect or severity of a recession. Wars have added, and other international tensions or escalations of conflict may add, instability to the uncertainty driving socioeconomic forces, which may continue to have an impact on global trade and result in inflation or economic instability. Present conditions and the state of the U.S. and global economies make it difficult to predict whether and/or to what extent a recession will occur in the near future.

Any such recession would negatively impact the businesses in which we invest and our business. These impacts may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•severe declines in the market price of our securities or net asset value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•inability of the Company to accurately or reliably value its portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•inability of the Company to comply with certain asset coverage ratios that would prevent the Company from paying dividends to our shareholders and that could result breaches of covenants or events of default under our credit agreement or debt indentures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•inability of the Company to pay any dividends and distributions or service its debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•inability of the Company to maintain its status as a RIC under the Code;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•declines in the value of our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•increased risk of default or bankruptcy by the companies in which we invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•increased risk of companies in which we invest being unable to weather an extended cessation of normal economic activity and thereby impairing their ability to continue functioning as a going concern;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•limited availability of new investment opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•inability for us to replace our existing leverage when it becomes due or replace it on terms as favorable as our existing leverage; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•general threats to the Company's ability to continue investment operations and to operate successfully as a BDC.

***We are dependent upon senior management personnel of the Advisor for our future success; if the Advisor is unable to retain qualified personnel or if the Advisor loses any member of its senior management team, our ability to achieve our investment objective could be significantly harmed.***

The success of the Company is highly dependent on the financial and managerial expertise of the Advisor. The loss of one or more of the voting members of the Investment Committee could have a material adverse effect on the performance of the Company. Although the Advisor and the voting members of the Investment Committee devote a significant amount of their respective efforts to the Company, they actively manage investments for other clients and are not required to (and will not) devote all of their time to the Company's affairs. In addition, in connection with the acquisition of TCP (a wholly-owned subsidiary of the Advisor) by BlackRock in August 2018, certain senior members of the Advisor's investment team and other key advisory personnel were granted retention bonuses. As the last of such retention bonuses have recently been paid, there may be less economic incentive for certain senior investment team members and certain other key personnel to remain with the Advisor than in prior periods. Certain members of the Advisor's investment team that received such bonuses have left the firm. The loss of key members of the Advisor's investment team, or a material portion of other key advisory personnel, could have a material adverse effect on the performance of the Company if the Advisor were unable to replace such persons in a timely manner.

***BlackRock Acquisition of HPS.***

On July 1, 2025, BlackRock acquired 100% of the business and assets of HPS LLC (the "BlackRock/HPS Transaction"). There is no guarantee that BlackRock will be able to successfully maintain and continue to build its business after the BlackRock/HPS Transaction or that BlackRock or the Advisers will be able to successfully optimize their business operations following the completion of the BlackRock/HPS Transaction. In particular, as with any business combination, BlackRock and the Advisers will be subject to substantial risks, including with respect to the long-term retention of key employees, the successful consolidation of corporate, technological and administrative infrastructures and the retention of existing business and operational relationships. It is possible that employees currently involved in the operation of the Advisers may not continue with the Advisers after the BlackRock/HPS Transaction and the operations and business relationships of BlackRock and the Advisers may be disrupted following the BlackRock/HPS Transaction. The integration of HPS LLC into BlackRock will be a complex, costly and time-consuming process and if BlackRock experiences difficulties in this process, the anticipated benefits may not be realized fully or at all, or may take longer to realize than expected, which could have an adverse effect on BlackRock and the Advisers for an undetermined period. There can be no assurances that BlackRock or the Advisers will realize the potential operating efficiencies, synergies and other benefits currently anticipated from the BlackRock/HPS Transaction, and a failure to obtain such synergies may adversely affect the operations of BlackRock or the Advisers. Some of the challenges presented by the integration of the businesses are outside of BlackRock's control, and any of them could result in delays, increased costs, decreases in the amount of potential synergies and diversion of management's time and energy, which could materially affect BlackRock or the Advisers. In the event that the BlackRock/HPS Transaction has an adverse impact on the Advisers, including for the foregoing reasons, our operations and investment results may be adversely affected.

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

None.

**Item 3. Defaults Upon Senior Securities**

None.

**Item 4. Mine Safety Disclosures**

Not applicable.

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**Item 5. Other Information**

During the three months ended September 30, 2025, no director or Section 16 officer of the Company adopted or terminated a "Rule 10b5–1 trading arrangement" or "non-Rule 10b5–1 trading arrangement," as each term is defined in Item 408 of Regulation S-K.

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**Item 6. Exhibits** 

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

---

| | |
|:---|:---|
| **Number** | **Description** |
| 3.1 | [<u>Certificate of Incorporation</u><sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/1834543/000114036120028053/brhc10017694_ex3-1.htm) |
| 3.2 | [<u>Amended and Restated By-Laws</u><sup>(2)</sup>](https://www.sec.gov/Archives/edgar/data/1834543/000114036120028053/brhc10017694_ex3-2.htm) |
| 4.1 | [<u>Form of Subscription Agreement</u><sup>(3)</sup>](https://www.sec.gov/Archives/edgar/data/1834543/000114036121002056/brhc10019279_ex4-1.htm) |
| 31.1 | [<u>Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934</u>](ck0001834543-ex31_1.htm)\* |
| 31.2 | [<u>Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934</u>](ck0001834543-ex31_2.htm)\* |
| 32.1 | [<u>Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U. S. C. 1350)</u>](ck0001834543-ex32_1.htm)\* |
| 101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL<br>tags are embedded within the Inline XBRL document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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\* Filed herewith.

(1)Incorporated by reference to Exhibit 3.1 to the Company's Registration Statement on Form 10 (File No. 000-56231) filed on December 10, 2020 and incorporated herein by reference.

(2)Incorporated by reference to Exhibit 99.1 to the Company's Current Report on Form 8-K (File No. 814-01378) filed on August 2, 2024 and incorporated herein by reference.

(3)Incorporated by reference to Exhibit 4.1 to Amendment No. 1 to the Company's Registration Statement on Form 10 (File No. 000-56231) filed on January 25, 2021 and incorporated herein by reference.

------

**SIGNATURES**

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

**BlackRock Direct Lending Corp.**

---

| | | |
|:---|:---|:---|
| Date: November 7, 2025 | By: | /s/ Philip Tseng |
|  | Name: | Philip Tseng |
|  | Title: | Chief Executive Officer |
| Date: November 7, 2025 | By: | <u>/s/ Erik L. Cuellar</u> |
|  | Name: | Erik L. Cuellar |
|  | Title: | Chief Financial Officer |
|  |  | (Principal Financial Officer and Principal Accounting Officer) |

---

------

## Exhibit 31.1

**Exhibit 31.1**

**Certification of Chief Executive Officer** 

**of Periodic Report Pursuant to Rule 13a-14(a) and Rule 15d-14(a)** 

I, Phil Tseng, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of BlackRock Direct Lending Corp.;

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

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

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) 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;(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;(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;(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;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

&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;(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 7, 2025 | By: | /s/ Phil Tseng |
|  |  | **Phil Tseng** |
|  |  | **Chief Executive Officer**<br>(Principal Executive Officer) |

---

------

## Exhibit 31.2

**Exhibit 31.2**

**Certification of Chief Financial Officer**

**of Periodic Report Pursuant to Rule 13a-14(a) and Rule 15d-14(a)**

I, Erik L. Cuellar, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of BlackRock Direct Lending Corp.;

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

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

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) 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;(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;(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;(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;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

&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;(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 7, 2025 | By: | /s/ Erik L. Cuellar |
|  |  | Erik L. Cuellar |
|  |  | **Chief Financial Officer**<br>**(Principal Financial Officer and Principal Accounting Officer)** |

---

------

## Exhibit 32.1

**Exhibit 32.1**

**Certification of Chief Executive Officer and Chief Financial Officer**

**Pursuant to**

**18 U.S.C. Section 1350**

In connection with the Quarterly Report of Form 10-Q of BlackRock Direct Lending Corp. (the "Company") for the period ended September 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Phil Tseng, as Chief Executive Officer of the Company, and Erik L. Cuellar, as Chief Financial Officer 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 knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; 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 result of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: November 7, 2025 | By: | /s/ Phil Tseng |
|  |  | **Phil Tseng** |
|  |  | **Chief Executive Officer**<br>(Principal Executive Officer) |

---

---

| | | |
|:---|:---|:---|
| Date: November 7, 2025 | By: | /s/ Erik L. Cuellar |
|  |  | **Erik L. Cuellar** |
|  |  | **Chief Financial Officer**<br>(Principal Financial Officer and Principal Accounting Officer) |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to BlackRock Direct Lending Corp. and will be retained by BlackRock Direct Lending Corp. and furnished to the Securities and Exchange Commission or its staff upon request.

------