# EDGAR Filing Document

**Accession Number:** 0001919369
**File Stem:** 0000950170-25-104174
**Filing Date:** 2025-8
**Character Count:** 284947
**Document Hash:** 98f2130534424de39d1a127fdca4693b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-104174.hdr.sgml**: 20250806

**ACCESSION NUMBER**: 0000950170-25-104174

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 67

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250806

**DATE AS OF CHANGE**: 20250806

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VISTA CREDIT STRATEGIC LENDING CORP.
- **CENTRAL INDEX KEY:** 0001919369

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

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01651
- **FILM NUMBER:** 251190359

**BUSINESS ADDRESS:**
- **STREET 1:** FOUR EMBARCADERO CENTER, 20TH FLOOR
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94111
- **BUSINESS PHONE:** (415) 765-6500

**MAIL ADDRESS:**
- **STREET 1:** FOUR EMBARCADERO CENTER, 20TH FLOOR
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94111

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

[**<u>**Table of Contents**</u>**](#toc_page)

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

------

**FORM** 10-Q

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**(Mark One)**

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

**For the quarterly period ended** June 30, 2025

**OR**

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

**For the transition period from to** 

**Commission File Number** 000-56562

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VISTA CREDIT STRATEGIC LENDING CORP.

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

------

---

| | |
|:---|:---|
| Maryland | 88-1906598 |
| **(State or other jurisdiction** <br>**of incorporation or** <br>**organization)** | **(I.R.S. Employer** <br>**Identification** <br>**No.)** |
| 50 Hudson Yards**,** Floor 77**,** New York**,** New York  | 10001 |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code: (**212**)** 804-9100

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

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which <br>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 definition of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Small reporting company ☐ Emerging growth company ☒ <br> Non-accelerated filer ☒ Accelerated filer ☐

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

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

As of July 31, 2025, the registrant had 25,394,218.661 shares of Class I common stock, $0.01 par value per share, outstanding.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**Table of Contents**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| **PART I** | [**<u>CONSOLIDATED FINANCIAL INFORMATION</u>**](#part_i_consolidated_financial_informatio) |  |
| Item 1. | [<u>Consolidated Financial Statements</u>](#item_1_consolidated_financial_statements) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Assets and Liabilities as of June 30, 2025 (unaudited) and December 31, 2024</u>](#consolidated_statements_assets_liabiliti) | 5 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 (unaudited)</u>](#consolidated_statements_of_operations) | 6 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Changes in Net Assets for the</u>](#consolidated_statements_of_changes_net)[<u>three and six months ended June 30, 2025 and 2024 (unaudited)</u>](#consolidated_statements_of_operations) | 7 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024 (unaudited)</u>](#consolidated_statements_of_cash_flows) | 9 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Schedules of Investments as of June 30, 2025 (unaudited) and December 31, 2024</u>](#consolidated_schedule_of_investments) | 11 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Notes to the Consolidated Financial Statements (unaudited)</u>](#notes_to_consolidated_financial_stmt) | 20 |
| Item 2. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item_2_managements_discussion_and_anal) | 39 |
| Item 3. | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#item_3_quantitative_and_qualitative_dis) | 53 |
| Item 4. | [<u>Controls and Procedures</u>](#item_4_controls_and_procedures) | 54 |
| **PART II** | [**<u>OTHER INFORMATION</u>**](#part_ii_other_information) |  |
| Item 1. | [<u>Legal Proceedings</u>](#item_1_legal_proceedings) | 55 |
| Item 1A. | [<u>Risk Factors</u>](#item_1a_risk_factors) | 55 |
| Item 2. | [<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#item_2_unregistered_sales_of_equity_sec) | 55 |
| Item 3. | [<u>Defaults upon Senior Securities</u>](#item_3_defaults_upon_senior_securities) | 55 |
| Item 4. | [<u>Mine Safety Disclosures</u>](#item_4_mine_safety_disclosures) | 55 |
| Item 5. | [<u>Other Information</u>](#item_5_other_information) | 55 |
| Item 6. | [<u>Exhibits</u>](#item_6_exhibits) | 56 |
|  | [<u>Signatures</u>](#signatures) |  |

---

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[**<u>**Table of Contents**</u>**](#toc_page)

**FORWARD-LOOKING STATEMENTS**

This Quarterly Report on Form 10Q contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about Vista Credit Strategic Lending Corp, our current and prospective portfolio investments, our industry, our beliefs and opinions and our assumptions. Words such as "anticipates," "expects," "intends," "plans," "will," "may," "continue," "believes," "seeks," "estimates," "would," "could," "should," "targets," "projects," "outlook," "potential," "predicts" and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fluctuations in our operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to source investment opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our inability to control the business operations of our portfolio companies, and potential inability to dispose of our interests in our portfolio companies;

&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;•our use of borrowed money to finance a portion of our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•provisions of a credit facility or other borrowings that may limit discretion in operating our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of changes in interest rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of competition for investment opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our dependence on the ability of Vista Credit BDC Management, L.P. (the "Adviser") to manage and support our investment process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the valuation of our investments in portfolio companies, particularly those having no liquid trading market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•actual and potential conflicts of interest with our Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our access to confidential information which may restrict our ability to take action with respect to some investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•restrictions on our ability to enter into transactions with our affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of the Adviser or their respective affiliates to attract and retain highly talented professionals;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•regulations governing our operations as a business development company and RIC which impact our ability to raise capital or borrow for investment purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of global economic, political and market conditions, including the risks of a slowing economy, rising inflation, tariffs and trade disputes with other countries and risk of recession;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of global health crises on our or our portfolio companies' business and the U.S. and global economies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of the Russian invasion of Ukraine and the conflicts in the Middle East on our portfolio companies and the global economy and general uncertainty surrounding the financial and political stability of the United States, the United Kingdom, the European Union, the Middle East and China;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of adverse developments affecting the financial services and banking industries, including events or concerns involving liquidity, defaults or non-performance by financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the fact that our portfolio companies are expected to operate in the enterprise software, data and technology-enabled business sector and are subject to risks particular to that industry; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in laws or regulations governing our operations.

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[**<u>**Table of Contents**</u>**](#toc_page)

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Quarterly Report on Form 10-Q should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled "Item 1A. Risk Factors" and elsewhere in this Quarterly Report on Form 10-Q. These forward-looking statements apply only as of the date of this Quarterly Report on Form 10-Q. Moreover, we assume no duty and do not undertake any obligation to update or revise these forward-looking statements or any other information, except as required by applicable law. Because we are an investment company, the forward-looking statements and projections contained in this Quarterly Report on Form 10-Q are excluded from the safe harbor protection provided by Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act").

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[**<u>**Table of Contents**</u>**](#toc_page)

**PART I. CONSOLIDATED FINANCIAL INFORMATION**

**Item 1. Consolidated Financial Statements**

**VISTA CREDIT STRATEGIC LENDING CORP.**

**CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES**

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

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2025** | **December 31,<br>2024** |
|  | **(unaudited)** |  |
| **Assets** |  |  |
| Investments – non-controlled/non-affiliated, at fair value (amortized cost of $734,233 and $504,119, respectively) | $737166 | $506574 |
| Cash and cash equivalents | 24850 | 22417 |
| Restricted cash and cash equivalents | 8555 | 10918 |
| Receivable for interest, other income, and investments sold | 4841 | 3516 |
| Deferred offering costs | 389 | 96 |
| Prepaid expenses and other assets | 2832 | 2978 |
| Expense support reimbursement (Note 4) | 3000 | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $781633 | $549499 |
| **Liabilities** |  |  |
| Secured borrowings (Note 5) | $266100 | $227150 |
| Payable for investments purchased | 1784 | 43024 |
| Interest and credit facility fees payable (Note 5) | 1999 | 1483 |
| Management and incentive fees payable (Note 4) | 2473 | 1517 |
| Due to Adviser (Note 4) | 4422 | 3332 |
| Distribution payable | 2914 | 1663 |
| Accrued expenses and other liabilities | 1237 | 1530 |
| Administrative service fees payable (Note 4) | 735 | 275 |
| Common stock proceeds received in advance | 1074 | 3701 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 282738 | 283675 |
| Commitments and contingencies (Note 6) |  |  |
| **Net Assets (Note 8)** |  |  |
| Class I common stock, $0.01 par value, 400,000,000.000 shares authorized and 25,374,033.382 issued and outstanding as of June 30, 2025; 500,000,000.000 shares authorized and 13,426,673.156 issued and outstanding as of December 31, 2024 | 254 | 134 |
| Paid-in-capital in excess of par value | 497127 | 262626 |
| Total distributable earnings | 1514 | 3064 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net assets | 498895 | 265824 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and net assets | $781633 | $549499 |
| **Net asset value per share** | $19.66 | $19.80 |

---

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

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[**<u>**Table of Contents**</u>**](#toc_page)

**VISTA CREDIT STRATEGIC LENDING CORP.**

**CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Investment income:** |  |  |  |  |
| From non-controlled/non-affiliated investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | $16928 | $6337 | $30411 | $9715 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 193 | - | 384 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 190 | 117 | 478 | 259 |
| Total investment income from non-controlled/non-affiliated investments | 17311 | 6454 | 31273 | 9974 |
| **Total investment income** | 17311 | 6454 | 31273 | 9974 |
| **Expenses:** |  |  |  |  |
| Interest expense and credit facility fees (Note 5) | 5978 | 2638 | 11283 | 4163 |
| Management fees (Note 4) | 1053 | 379 | 1907 | 619 |
| Incentive fees (Note 4) | 1375 | 237 | 1922 | 265 |
| Professional fees | 555 | 477 | 1011 | 916 |
| Other general and administrative expenses | 671 | 333 | 1193 | 697 |
| Administrative service fees (Note 4) | 329 | 404 | 648 | 807 |
| Offering costs | 86 | 640 | 107 | 1269 |
| Directors fees | 84 | 73 | 150 | 141 |
| Insurance costs | 58 | 62 | 114 | 123 |
| **Total expenses before expense support and waivers** | 10189 | 5243 | 18335 | 9000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense support and waivers (Note 4) | (79) | (313) | (188) | (626) |
| **Net expenses after expense support and waivers** | 10110 | 4930 | 18147 | 8374 |
| **Net investment income** | 7201 | 1524 | 13126 | 1600 |
| **Net realized gain (loss) and change in unrealized appreciation (depreciation):** |  |  |  |  |
| Net realized gain (loss) on investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | (18) | - | (154) | - |
| Net change in unrealized appreciation (depreciation) on investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | 2441 | 133 | 478 | 358 |
| Net realized and unrealized gain (loss) on investments | 2423 | 133 | 324 | 358 |
| **Net increase (decrease) in net assets resulting from operations** | $9624 | $1657 | $13450 | $1958 |
| **Per common share data:** |  |  |  |  |
| Basic and diluted earnings per share (Note 9) | $0.56 | $0.27 | $0.86 | $0.39 |
| Basic and diluted weighted average shares outstanding (Note 9) | 17253088.890 | 6194767.666 | 15630730.305 | 5056847.904 |

---

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

------

[**<u>**Table of Contents**</u>**](#toc_page)

**VISTA CREDIT STRATEGIC LENDING CORP.**

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (unaudited)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** |  |  |  |
|  | **Shares** | **Par<br>Amount** | **Paid in<br>Capital in <br>Excess<br>of Par** | **Distributable <br>Earnings (Loss)** | **Total Net<br>Assets** |
| **Balance at March 31, 2025** | 16052310.855 | $160 | $314108 | $228 | $314496 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | - | - | - | 7201 | 7201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | - | - | - | 2423 | 2423 |
| **Net increase (decrease) in net assets resulting from operations** | - | - | - | 9624 | 9624 |
| **Shareholder distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions declared from net investment income | - | - | - | (8338) | (8338) |
| **Net increase (decrease) in net assets from shareholder distributions** | - | - | - | (8338) | (8338) |
| **Capital share transactions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock | 9299154.130 | 93 | 182576 | - | 182669 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of shareholder distributions, net | 42303.678 | 1 | 826 | - | 827 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (19735.281) | - | (383) | - | (383) |
| **Net increase (decrease) in net assets resulting from capital share transactions** | 9321722.527 | 94 | 183019 | - | 183113 |
| Total increase (decrease) for the three months ended | 9321722.527 | 94 | 183019 | 1286 | 184399 |
| **Balance at June 30, 2025** | 25374033.382 | $254 | $497127 | $1514 | $498895 |
| **Balance at March 31, 2024** | 5850392.831 | $59 | $114451 | $468 | $114978 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | - | - | - | 1524 | 1524 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | - | - | - | 133 | 133 |
| **Net increase (decrease) in net assets resulting from operations** | - | - | - | 1657 | 1657 |
| **Shareholder distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions declared from net investment income | - | - | - | (1578) | (1578) |
| **Net increase (decrease) in net assets from shareholder distributions** | - | - | - | (1578) | (1578) |
| **Capital share transactions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock | 2337049.004 | 23 | 45928 | - | 45951 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of shareholder distributions, net | 646.950 | - | 13 | - | 13 |
| **Net increase (decrease) in net assets resulting from capital share transactions** | 2337695.954 | 23 | 45941 | - | 45964 |
| Total increase (decrease) for the three months ended | 2337695.954 | 23 | 45941 | 79 | 46043 |
| **Balance at June 30, 2024** | 8188088.785 | $82 | $160392 | $547 | $161021 |

---

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

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[**<u>**Table of Contents**</u>**](#toc_page)

**VISTA CREDIT STRATEGIC LENDING CORP.**

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (unaudited)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** |  |  |  |
|  | **Shares** | **Par Amount** | **Paid in<br>Capital in <br>Excess<br>of Par** | **Distributable <br>Earnings (Loss)** | **Total Net<br>Assets** |
| **Balance at December 31, 2024** | 13426673.156 | $134 | $262626 | $3064 | $265824 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | - | - | - | 13126 | 13126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | - | - | - | 324 | 324 |
| **Net increase (decrease) in net assets resulting from operations** | - | - | - | 13450 | 13450 |
| **Shareholder distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions declared from net investment income | - | - | - | (15000) | (15000) |
| **Net increase (decrease) in net assets resulting from shareholder distributions** | - | - | - | (15000) | (15000) |
| **Capital share transactions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock | 11903414.016 | 119 | 233636 | - | 233755 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of shareholder distributions, net | 63681.491 | 1 | 1248 | - | 1249 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (19735.281) | - | (383) | - | (383) |
| **Net increase (decrease) in net assets resulting from capital share transactions** | 11947360.226 | 120 | 234501 | - | 234621 |
| Total increase (decrease) for the six months ended | 11947360.226 | 120 | 234501 | (1550) | 233071 |
| **Balance at June 30, 2025** | 25374033.382 | $254 | $497127 | $1514 | $498895 |
| **Balance at December 31, 2023** | 3809576.503 | $38 | $74472 | $167 | $74677 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | - | - | - | 1600 | 1600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | - | - | - | 358 | 358 |
| **Net increase (decrease) in net assets resulting from operations** | - | - | - | 1958 | 1958 |
| **Shareholder distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions declared from net investment income | - | - | - | (1578) | (1578) |
| **Net increase (decrease) in net assets resulting from shareholder distributions** | - | - | - | (1578) | (1578) |
| **Capital share transactions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock | 4377865.332 | 44 | 85907 | - | 85951 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of shareholder distributions, net | 646.950 | - | 13 | - | 13 |
| **Net increase (decrease) in net assets resulting from capital share transactions** | 4378512.282 | 44 | 85920 | - | 85964 |
| Total increase (decrease) for the six months ended | 4378512.282 | 44 | 85920 | 380 | 86344 |
| **Balance at June 30, 2024** | 8188088.785 | $82 | $160392 | $547 | $161021 |

---

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

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[**<u>**Table of Contents**</u>**](#toc_page)

**VISTA CREDIT STRATEGIC LENDING CORP.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)**

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

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|  | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |
| Net increase (decrease) in net assets resulting from operations | $13450 | $1958 |
| &nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred offering costs | 107 | 1269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 824 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net accretion of discount on investments | (798) | (305) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on investments | (478) | (358) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on investments | 154 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of investments purchased | (298425) | (197174) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from repayments of investments | 28007 | 21779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest capitalized | (292) | (53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Change in operating assets and liabilities:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred offering costs | (400) | (772) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (115) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for interest, other income, and investments sold | (1325) | (731) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to Adviser | 1090 | (1598) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and incentive fees payable | 956 | 550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative service fee payable | 460 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and credit facility fees payable | 516 | 846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | (292) | (257) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (256561) | (174382) |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock | 233755 | 84369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common stock | (383) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder distributions paid | (12501) | (1012) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings on debt | 238700 | 247000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments on debt | (199750) | (168000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt issuance costs paid | (563) | (2251) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock proceeds received in advance | (2627) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | 256631 | 160106 |
| Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents | 70 | (14276) |
| Cash and cash equivalents and restricted cash and cash equivalents, beginning of period | 33335 | 61943 |
| Cash and cash equivalents and restricted cash and cash equivalents, end of period | $33405 | $47667 |
| **Supplemental disclosures** |  |  |
| Interest, including credit facility fees, paid during the period | $10767 | $3317 |
| Reinvestment of shareholder distributions | 1249 | 13 |
| Shareholder distributions declared | 15000 | 1566 |
| Change in distribution payable | 1251 | 554 |

---

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

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**VISTA CREDIT STRATEGIC LENDING CORP.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - (continued)**

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

The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents reported within the Consolidated Statements of Assets and Liabilities that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **June 30, 2025** | **December 31, 2024** |
| Cash and cash equivalents | $24850 | $22417 |
| Restricted cash and cash equivalents | 8555 | 10918 |
| Total cash and cash equivalents and restricted cash and cash equivalents | $33405 | $33335 |

---

See Note 2. Significant Accounting Policies for a description of cash and cash equivalents and restricted cash and cash equivalents.

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

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**VISTA CREDIT STRATEGIC LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited)**

**June 30, 2025**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments**<sup>(1)(16)(22)</sup> | **Footnotes** | **Reference<br>Rate and<br>Spread** | **Interest<br>Rate**<sup>(2) (14)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Units**<sup>(1)</sup> | **Amortized<br>Cost**<sup>(3)</sup> | **Fair<br>Value** | **% of Net<br>Assets** |
| **Investments – non-controlled/non-affiliated** | **Investments – non-controlled/non-affiliated** |  |  |  |  |  |  |  |
| **First-Lien Debt** | **First-Lien Debt** |  |  |  |  |  |  |  |
| **Automobiles & Automobile Parts** | **Automobiles & Automobile Parts** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Central Parent, Inc. | (7) (20) | SOFR + 3.25% | 7.55% | 7/6/2029 | 9925 | $9944 | $8313 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;LeadVenture Inc. | (4) (9) (20) (21) | SOFR + 5.25% | 5.25% | 6/23/2032 | 28933 | 28436 | 28408 | 5.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;OEConnection LLC | (9) (20) (21) | SOFR + 5.25% | 9.58% | 4/22/2031 | 22672 | 22450 | 22705 | 4.6 |
|  |  |  |  |  |  | 60830 | 59426 | 12.0 |
| **Data & Analytics** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Azurite Intermediate Holdings, Inc. | (4) (9) (20) (21) | SOFR + 6.00% | 10.33% | 3/19/2031 | 17578 | 17327 | 17578 | 3.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;CData Software, Inc. | (4) (9) (20) (21) | SOFR + 6.25% | 10.55% | 7/18/2030 | 23163 | 22773 | 23047 | 4.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Databricks, Inc. | (7) (14) (21) | SOFR + 4.50% | 8.82% | 12/31/2030 | 20000 | 19906 | 20245 | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inmar, Inc. | (8) (20) | SOFR + 4.50% | 8.80% | 10/30/2031 | 9925 | 9879 | 10020 | 2.0 |
|  |  |  |  |  |  | 69885 | 70890 | 14.2 |
| **Diversified Business Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CB Buyer Inc. | (4) (9) (20) (21) | SOFR + 5.25% | 9.55% | 7/1/2031 | 15602 | 15438 | 15513 | 3.1 |
| **Diversified Consumer Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Blackhawk Network Holdings, Inc. | (10) (14) (20) | SOFR + 4.00% | 8.33% | 3/12/2029 | 6965 | 6977 | 7011 | 1.4 |
| **Diversified Financial Institutions & Services** | **Diversified Financial Institutions & Services** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rapyd Netherlands B.V. | (4) (13) (19) (20) | SOFR + 11.00% | 15.18% | 9/13/2030 | 30742 | 27606 | 28652 | 5.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;SumUp Holdings Midco S.à r.l | (4) (5) (12) (18) (20) (21) | SOFR + 6.50% | 10.83% | 5/23/2031 | 10127 | 10037 | 10095 | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stax Purchaser LLC | (4) (10) (20) (21) | SOFR + 6.50% | 9.81% | 6/6/2030 | 56538 | 55659 | 55488 | 11.1 |
|  |  |  |  |  |  | 93302 | 94235 | 18.8 |
| **Diversified Software** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ASG III, LLC | (4) (10) (20) (21) | SOFR + 6.50% | 10.78% | 10/31/2029 | 13900 | 13591 | 13776 | 2.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rocket Software, Inc. | (8) (20) | SOFR + 4.25% | 8.58% | 11/28/2028 | 19738 | 19666 | 19806 | 4.0 |
|  |  |  |  |  |  | 33257 | 33582 | 6.8 |
| **Education** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;McKissock Investment Holdings | (9) (20) | SOFR + 5.00% | 9.27% | 3/12/2029 | 13167 | 13137 | 13209 | 2.6 |
| **Government & Public Service** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aptean, Inc. | (9) (20) (21) | SOFR + 4.75% | 9.07% | 1/30/2031 | 44240 | 43996 | 44033 | 8.8 |
| **Government, Risk & Compliance** | **Government, Risk & Compliance** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Diligent Corporation | (9) (20) (21) | SOFR + 5.00% | 9.33% | 8/2/2030 | 15085 | 14958 | 15044 | 3.0 |
| **Healthcare IT & Technology** | **Healthcare IT & Technology** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Athenahealth Group, Inc. | (8) (20) | SOFR + 2.75% | 7.08% | 2/15/2029 | 9861 | 9811 | 9862 | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zelis Healthcare Corporation | (7) (20) | SOFR + 3.25% | 7.58% | 11/26/2031 | 4975 | 4951 | 4955 | 1.0 |
|  |  |  |  |  |  | 14762 | 14817 | 3.0 |

---

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[**<u>**Table of Contents**</u>**](#toc_page)

**VISTA CREDIT STRATEGIC LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) - (continued)**

**June 30, 2025**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments**<sup>(1)(16)(22)</sup> | **Footnotes** | **Reference<br>Rate and<br>Spread** | **Interest<br>Rate**<sup>(2) (14)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Units**<sup>(1)</sup> | **Amortized<br>Cost**<sup>(3)</sup> | **Fair<br>Value** | **% of Net<br>Assets** |
| **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mews Systems B.V. | (4) (5) (10) (19) (20) (21) | SOFR + 9.00% | 13.31% | 9/14/2029 | 17254 | $16095 | $16934 | 3.4% |
| **Infrastructure Software & DevOps** | **Infrastructure Software & DevOps** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Passport Labs, Inc. | (4) (13) (20) | SOFR + 6.75% | 11.07% | 4/24/2030 | 28599 | 28460 | 28456 | 5.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Perforce Software, Inc. | (8) (20) | SOFR + 4.75% | 9.08% | 3/21/2031 | 19850 | 19671 | 19120 | 3.8 |
|  |  |  |  |  |  | 48131 | 47576 | 9.5 |
| **Insurance** | **Insurance** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Integrity Marketing Acquisition, LLC | (4) (9) (20) (21) | SOFR + 5.00% | 9.33% | 8/25/2028 | 3317 | 3299 | 3317 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zinnia Corporate Holdings, LLC | (4) (13) (20) (21) | SOFR + 8.00% | 12.32% | 8/30/2029 | 26471 | 26005 | 26291 | 5.3 |
|  |  |  |  |  |  | 29304 | 29608 | 6.0 |
| **IT Security** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Noynim, LLC | (4) (11) (20) (21) | SOFR + 6.00% | 10.31% | 11/12/2029 | 18686 | 18445 | 18414 | 3.7 |
| **IT Services & IT Systems Management (Ex-Security)** | **IT Services & IT Systems Management (Ex-Security)** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acronis International | (4) (5) (6) (10) (17) (20) | SOFR + 5.85% (1.00% PIK) | 11.28% | 4/1/2027 | 20258 | 20057 | 20258 | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flash Charm, Inc. | (9) (20) | SOFR + 3.50% | 7.78% | 3/2/2028 | 11901 | 11116 | 11194 | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redwood Services Group, LLC | (4) (6) (9) (20) (21) | SOFR + 5.25% | 9.55% | 6/15/2029 | 29869 | 29477 | 29502 | 5.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;SMR Holdings, LLC | (4) (10) (20) (21) | SOFR + 5.75% | 10.05% | 12/24/2029 | 41000 | 40362 | 40672 | 8.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Solarwinds Holdings, Inc. | (7) (14) (20) | SOFR + 4.00% | 8.26% | 3/12/2032 | 17500 | 17010 | 17154 | 3.4 |
|  |  |  |  |  |  | 118022 | 118780 | 23.8 |
| **Media, Entertainment & Publishing** | **Media, Entertainment & Publishing** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MH Sub I, LLC | (8) (20) | SOFR + 4.25% | 8.58% | 12/31/2031 | 17795 | 17576 | 16236 | 3.3 |
| **Real Estate** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;InhabitIq, Inc. | (4) (9) (20) (21) | SOFR + 4.50% | 8.83% | 1/12/2032 | 20671 | 20543 | 20611 | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;MRI Software, LLC | (10) (20) (21) | SOFR + 4.75% | 9.05% | 2/10/2027 | 23421 | 23318 | 23293 | 4.7 |
|  |  |  |  |  |  | 43861 | 43904 | 8.8 |
| **Telecom Services & IT Hardware** | **Telecom Services & IT Hardware** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ark Data Centers, LLC | (4) (9) (20) (21) | SOFR + 4.75% | 9.05% | 11/27/2030 | 22375 | 21796 | 21738 | 4.4 |
| **Transportation, Logistics & Supply Chain** | **Transportation, Logistics & Supply Chain** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolis Technologies, Inc. | (4) (6) (7) (20) | SOFR + 6.00% | 10.43% | 5/16/2031 | 15734 | 15456 | 16206 | 3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Softeon, Inc. | (4) (9) (20) (21) | SOFR + 5.75% | 10.05% | 11/20/2030 | 12344 | 12087 | 12214 | 2.4 |
|  |  |  |  |  |  | 27543 | 28420 | 5.6 |
| **Utilities & Utility Equipment and Services** | **Utilities & Utility Equipment and Services** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Enverus Holdings, Inc. | (9) (20) (21) | SOFR + 5.50% | 9.83% | 12/24/2029 | 17049 | 16834 | 17017 | 3.4 |
| **Total First-Lien Debt** |  |  |  |  |  | 724149 | 726387 | 145.6 |

---

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[**<u>**Table of Contents**</u>**](#toc_page)

**VISTA CREDIT STRATEGIC LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) - (continued)**

**June 30, 2025**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments**<sup>(1)(16)(22)</sup> | **Footnotes** | **Reference<br>Rate and<br>Spread** | **Interest<br>Rate**<sup>(2) (14)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Units**<sup>(1)</sup> | **Amortized<br>Cost**<sup>(3)</sup> | **Fair<br>Value** | **% of Net<br>Assets** |
| **Preferred Equity** | **Preferred Equity** |  |  |  |  |  |  |  |
| **Transportation, Logistics & Supply Chain** | **Transportation, Logistics & Supply Chain** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolis Technologies, Inc. | (4) | N/A | 16.00% | 5/16/2034 | 4320 | $4277 | $4320 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolis Technologies, Inc. | (4) | N/A | 17.50% | 5/16/2034 | 480 | 456 | 480 | 0.1 |
| **Total Preferred Equity** |  |  |  |  |  | 4733 | 4800 | 1.0 |
| **Other Equity** |  |  |  |  |  |  |  |  |
| **Diversified Financial Institutions & Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rapyd Financial Network, Ltd. | (4) (15) (19) |  |  | 9/13/2030 | 80991 | 2938 | 3078 | 0.6 |
| **Financials** | **Financials** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;HPC GPFS Arsenal Co-Invest (Cayman) LP | (21) |  |  | 5/14/2036 | 1081 | 1081 | 1080 | 0.2 |
| **Transportation, Logistics & Supply Chain** | **Transportation, Logistics & Supply Chain** | **Transportation, Logistics & Supply Chain** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolis Technologies, Inc. | (4) (15) |  |  | 5/16/2034 | 280 | 20 | 285 | 0.1 |
| **Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mews Systems B.V. | (4) (5) (15) (19) |  |  | 9/14/2029 | 19200 | 1312 | 1536 | 0.3 |
| **Total Other Equity** |  |  |  |  |  | 5351 | 5979 | 1.2 |
| **Total Investments - non-controlled/non-affiliated** | **Total Investments - non-controlled/non-affiliated** | **Total Investments - non-controlled/non-affiliated** | **Total Investments - non-controlled/non-affiliated** |  |  | 734233 | 737166 | 147.8 |
| **Cash and Cash Equivalents and Restricted Cash and Cash Equivalents** | **Cash and Cash Equivalents and Restricted Cash and Cash Equivalents** | **Cash and Cash Equivalents and Restricted Cash and Cash Equivalents** | **Cash and Cash Equivalents and Restricted Cash and Cash Equivalents** | **Cash and Cash Equivalents and Restricted Cash and Cash Equivalents** |  | 33405 | 33405 | 6.7 |
| **Total Investments, Cash and Cash Equivalents and Restricted Cash and Cash Equivalents** | **Total Investments, Cash and Cash Equivalents and Restricted Cash and Cash Equivalents** | **Total Investments, Cash and Cash Equivalents and Restricted Cash and Cash Equivalents** | **Total Investments, Cash and Cash Equivalents and Restricted Cash and Cash Equivalents** | **Total Investments, Cash and Cash Equivalents and Restricted Cash and Cash Equivalents** | **Total Investments, Cash and Cash Equivalents and Restricted Cash and Cash Equivalents** | $767638 | $770571 | 154.5% |

---

1. Unless otherwise indicated, all investments held by the Company (the "Company" includes the Company's consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in U.S. dollars and headquartered in the United States. All investments are income producing unless otherwise indicated. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for all debt investment and preferred equity. Unit amount is presented for Other Equity, with the exception of HPC GPFS Arsenal Co-Invest (Cayman) LP, which presents investment cost.

2. Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to the Secured Overnight Financing Rate ("SOFR") or an alternate base rate (commonly based on the Federal Funds Rate ("F") or the U.S. Prime Rate ("P")), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of June 30, 2025. Variable rate loans typically include an interest reference rate floor feature.

3. The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

4. These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by the Adviser and under the direction of the Board of Directors (the "Board") (see Note 3, Fair Value Investments), pursuant to the Company's valuation policy.

5. The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act"). The Company may not acquire any nonqualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company's total assets. As of June 30, 2025, nonqualifying assets represented 10.5% of total assets as calculated in accordance with regulatory requirements.

6. Loans include a credit spread adjustment of 0.10%.

7. There are no interest rate floors on these investments.

8. The interest rate floor on these investments as of June 30, 2025 was 0.50%.

9. The interest rate floor on these investments as of June 30, 2025 was 0.75%.

10. The interest rate floor on these investments as of June 30, 2025 was 1.00%.

11. The interest rate floor on these investments as of June 30, 2025 was 1.25%.

12. The interest rate floor on these investments as of June 30, 2025 was 1.50%.

13. The interest rate floor on these investments as of June 30, 2025 was 2.00%.

14. For unsettled positions the interest rate is not presented.

15. Equity investment that is a non-income producing security.

16. The Company uses an internally developed industry classification system which was developed using the Global Industry Classification Standard ("GICS"®) as a reference. All investments are ultimately focused in enterprise software, data and technology-enabled business sectors.

17. The headquarters of this portfolio company is located in Switzerland.

18. The headquarters of this portfolio company is located in Luxembourg.

19. The headquarters of this portfolio company is located in Netherlands.

20. All or a portion of these investments are being secured as collateral in relation to the DB Credit Facility (as defined in Note 5. Borrowings).

21. Position or portion thereof is an unfunded commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value, if applicable, results primarily from unamortized fees, which are capitalized to

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the investment cost. The unfunded commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company's unfunded commitments:

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[**<u>**Table of Contents**</u>**](#toc_page)

**VISTA CREDIT STRATEGIC LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) - (continued)**

**June 30, 2025**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments – non-controlled/non-affiliated** | **Commitment Type** | **Commitment<br>Expiration<br>Date** | **Unfunded<br>Commitment** | **Fair Value** |
| Aptean, Inc. | Delayed Draw | 1/30/2031 | $5745 | $(14) |
| Aptean, Inc. | Revolver | 1/30/2031 | 2969 | (82) |
| Ark Data Centers, LLC | Delayed Draw | 11/27/2030 | 11500 | (196) |
| Ark Data Centers, LLC | Revolver | 11/27/2030 | 3625 | (62) |
| ASG III, LLC | Delayed Draw | 10/31/2029 | 3749 | (37) |
| ASG III, LLC | Revolver | 10/31/2029 | 1325 | (7) |
| Azurite Intermediate Hold, Inc. | Revolver | 3/19/2031 | 1953 | - |
| CB Buyer Inc. | Delayed Draw | 7/1/2031 | 2709 | (12) |
| CB Buyer Inc. | Revolver | 7/1/2031 | 1579 | (7) |
| Cdata Software, Inc. | Delayed Draw | 7/18/2030 | 2041 | (8) |
| Cdata Software, Inc. | Delayed Draw | 7/18/2030 | 1735 | (7) |
| Cdata Software, Inc. | Revolver | 7/18/2030 | 2449 | (9) |
| Databricks, Inc. | Delayed Draw | 12/31/2030 | 4500 | 45 |
| Diligent Corporation | Delayed Draw | 8/2/2030 | 3400 | - |
| Diligent Corporation | Revolver | 8/2/2030 | 1533 | (38) |
| Enverus Holdings, Inc. | Delayed Draw | 12/24/2029 | 316 | - |
| Enverus Holdings, Inc. | Revolver | 12/24/2029 | 1175 | (29) |
| HPC GPFS Arsenal Co-Invest (Cayman) LP | Other Equity | 5/14/2036 | 8919 | - |
| InhabitIQ, Inc. | Delayed Draw | 1/12/2032 | 5742 | (11) |
| InhabitIQ, Inc. | Revolver | 1/12/2032 | 3589 | (7) |
| Integrity Marketing Acquisition, LLC | Delayed Draw | 8/25/2028 | 1659 | - |
| LeadVenture Inc. | Delayed Draw | 6/23/2032 | 3474 | (52) |
| LeadVenture Inc. | Revolver | 6/23/2032 | 2593 | (39) |
| MRI Software, LLC | Revolver | 2/10/2027 | 1378 | (38) |
| Noynim, LLC | Delayed Draw | 11/12/2029 | 14019 | (112) |
| Noynim, LLC | Revolver | 11/12/2029 | 1285 | (10) |
| OEConnection LLC | Delayed Draw | 4/22/2031 | 1693 | 2 |
| OEConnection LLC | Revolver | 4/22/2031 | 2116 | 3 |
| Redwood Services Group, LLC | Delayed Draw | 6/15/2029 | 6588 | (66) |
| Redwood Services Group, LLC | Delayed Draw | 6/15/2029 | 215 | (2) |
| SMR Holdings, LLC | Revolver | 12/24/2029 | 2750 | (21) |
| Softeon, Inc. | Delayed Draw | 11/20/2030 | 3333 | (25) |
| Softeon, Inc. | Delayed Draw | 11/20/2030 | 1667 | - |
| Softeon, Inc. | Revolver | 11/20/2030 | 1667 | (12) |
| Stax Purchaser LLC | Delayed Draw | 6/6/2030 | 4038 | (61) |
| Stax Purchaser LLC | Delayed Draw | 6/6/2030 | 6731 | (101) |
| Stax Purchaser LLC | Revolver | 6/6/2030 | 2692 | (40) |
| SumUp Holdings Midco S.à r.l | Delayed Draw | 5/23/2031 | 2532 | (6) |
| Zinnia Corporate Holdings, LLC | Delayed Draw | 8/30/2029 | 3529 | (21) |
| **Total unfunded commitments** |  |  | $134512 | $(1082) |

---

22. The following table shows the portfolio composition by geographic region at amortized cost and fair value as a percentage of total investments in portfolio companies. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which is not always indicative of the primary source of the portfolio company's business:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
| **Geography - % of Fair Value** | **Amortized Cost** | **Amortized Cost** | **Fair Value** | **Fair Value** |
| United States | $656188 | 89.4% | $656613 | 89.1% |
| Luxembourg | 10037 | 1.4 | 10095 | 1.4 |
| Netherlands | 47951 | 6.5 | 50200 | 6.8 |
| Switzerland | 20057 | 2.7 | 20258 | 2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $734233 | 100.0% | $737166 | 100.0% |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**VISTA CREDIT STRATEGIC LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2024**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments**<sup>(1)(16)(22)</sup> | **Footnotes** | **Reference<br>Rate and<br>Spread** | **Interest<br>Rate**<sup>(2) (14)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Units**<sup>(1)</sup> | **Amortized<br>Cost**<sup>(3)</sup> | **Fair<br>Value** | **% of Net<br>Assets** |
| **Investments – non-controlled/non-affiliated** | **Investments – non-controlled/non-affiliated** |  |  |  |  |  |  |  |
| **First-Lien Debt** |  |  |  |  |  |  |  |  |
| **Automobiles & Automobile Parts** | **Automobiles & Automobile Parts** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Central Parent, Inc. | (7) (20) | SOFR + 3.25% | 7.58% | 7/6/2029 | 9975 | $9997 | $9856 | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;OEConnection LLC | (9) (20) (21) | SOFR + 5.00% | 9.36% | 4/22/2031 | 19402 | 19178 | 19352 | 7.3 |
|  |  |  |  |  |  | 29175 | 29208 | 11.0 |
| **Data & Analytics** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Azurite Intermediate Holdings, Inc. | (4) (9) (20) (21) | SOFR + 6.50% | 10.86% | 3/19/2031 | 17578 | 17310 | 17480 | 6.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;CData Software, Inc. | (4) (9) (20) (21) | SOFR + 6.25% | 10.57% | 7/18/2030 | 23163 | 22743 | 22796 | 8.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Databricks, Inc. | (7) (14) | SOFR + 4.50% | -% | 12/31/2030 | 20000 | 19878 | 20061 | 7.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inmar, Inc. | (8) (20) | SOFR + 5.00% | 9.33% | 10/30/2031 | 9975 | 9926 | 10020 | 3.8 |
|  |  |  |  |  |  | 69857 | 70357 | 26.5 |
| **Diversified Business Services** | **Diversified Business Services** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CB Buyer Inc. | (4) (9) (20) (21) | SOFR + 5.25% | 9.61% | 7/1/2031 | 14336 | 14166 | 14216 | 5.3 |
| **Diversified Financial Institutions & Services** | **Diversified Financial Institutions & Services** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dragon Buyer Inc | (7) (20) | SOFR + 3.25% | 7.58% | 9/30/2031 | 7000 | 6966 | 7023 | 2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;SumUp Holdings Midco S.à r.l | (4) (5) (12) (18) (20) (21) | SOFR + 6.50% | 11.01% | 5/23/2031 | 10127 | 10031 | 10032 | 3.8 |
|  |  |  |  |  |  | 16997 | 17055 | 6.4 |
| **Diversified Software** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ASG III, LLC | (4) (10) (20) (21) | SOFR + 6.50% | 11.09% | 10/31/2029 | 13261 | 12929 | 13042 | 4.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rocket Software, Inc. | (8) (20) | SOFR + 4.25% | 8.61% | 11/28/2028 | 19887 | 19804 | 20060 | 7.5 |
|  |  |  |  |  |  | 32733 | 33102 | 12.4 |
| **Government & Public Service** | **Government & Public Service** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aptean, Inc. | (9) (20) (21) | SOFR + 5.00% | 9.33% | 1/30/2031 | 22087 | 21869 | 22085 | 8.3 |
| **Government, Risk & Compliance** | **Government, Risk & Compliance** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Diligent Corporation | (9) (20) (21) | SOFR + 5.00% | 10.09% | 8/2/2030 | 14961 | 14824 | 14914 | 5.6 |
| **Healthcare IT & Technology** | **Healthcare IT & Technology** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Athenahealth Group, Inc. | (8) (20) | SOFR + 3.25% | 7.61% | 2/15/2029 | 9886 | 9829 | 9930 | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zelis Healthcare Corporation | (7) (20) | SOFR + 3.25% | 7.61% | 11/26/2031 | 5000 | 4975 | 5014 | 1.9 |
|  |  |  |  |  |  | 14804 | 14944 | 5.6 |
| **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mews Systems B.V. | (4) (5) (10) (19) (20) (21) | SOFR + 9.00% | 13.36% | 9/14/2029 | 16153 | 14897 | 15069 | 5.7 |
| **Infrastructure Software & DevOps** | **Infrastructure Software & DevOps** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Perforce Software, Inc. | (8) (20) | SOFR + 4.75% | 9.11% | 3/21/2031 | 19950 | 19754 | 19734 | 7.4 |

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------

[**<u>**Table of Contents**</u>**](#toc_page)

**VISTA CREDIT STRATEGIC LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)**

**DECEMBER 31, 2024**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments**<sup>(1)(16)(22)</sup> | **Footnotes** | **Reference<br>Rate and<br>Spread** | **Interest<br>Rate**<sup>(2) (14)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Units**<sup>(1)</sup> | **Amortized<br>Cost**<sup>(3)</sup> | **Fair<br>Value** | **% of Net<br>Assets** |
| **Insurance** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Integrity Marketing Acquisition, LLC | (4) (9) (20) (21) | SOFR + 5.00% | 9.51% | 8/25/2028 | 2031 | $2016 | $2006 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Zinnia Corporate Holdings, LLC | (4) (13) (20) (21) | SOFR + 8.00% | 12.34% | 8/30/2029 | 26471 | 25964 | 26021 | 9.8 |
|  |  |  |  |  |  | 27980 | 28027 | 10.6 |
| **IT Security** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Noynim, LLC | (4) (11) (20) (21) | SOFR + 6.00% | 10.45% | 11/12/2029 | 17132 | 16868 | 16791 | 6.3 |
| **IT Services & IT Systems Management (Ex-Security)** | **IT Services & IT Systems Management (Ex-Security)** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acronis International | (4) (5) (6) (10) (17) (20) | SOFR + 6.85% <br>1.00% PIK | 11.50% | 4/1/2027 | 20156 | 19904 | 20156 | 7.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banff Merger Sub, Inc. | (7) (20) | SOFR + 3.75% | 8.34% | 7/30/2031 | 6498 | 6476 | 6559 | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redwood Services Group, LLC | (4) (6) (9) (20) (21) | SOFR + 6.25% | 10.68% | 6/15/2029 | 18788 | 18498 | 18788 | 7.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;SMR Holdings, LLC | (4) (10) (20) (21) | SOFR + 5.75% | 10.09% | 12/24/2029 | 41000 | 40305 | 40345 | 15.2 |
|  |  |  |  |  |  | 85183 | 85848 | 32.4 |
| **Media, Entertainment & Publishing** | **Media, Entertainment & Publishing** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MH Sub I, LLC | (8) (20) | SOFR + 4.25% | 8.61% | 5/3/2028 | 17912 | 17727 | 17942 | 6.7 |
| **Real Estate** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MRI Software, LLC | (10) (20) (21) | SOFR + 4.75% | 9.08% | 2/10/2027 | 23544 | 23411 | 23559 | 8.9 |
| **Telecom Services & IT Hardware** | **Telecom Services & IT Hardware** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ark Data Centers, LLC | (4) (9) (20) (21) | SOFR + 4.75% | 9.08% | 11/27/2030 | 21250 | 20633 | 20500 | 7.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;GoTo Group, Inc. | (7) (20) | SOFR + 4.75% | 9.30% | 4/28/2028 | 14077 | 13197 | 12863 | 4.8 |
|  |  |  |  |  |  | 33830 | 33363 | 12.5 |
| **Transportation, Logistics & Supply Chain** | **Transportation, Logistics & Supply Chain** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolis Technologies, Inc. | (4) (6) (7) (20) | SOFR + 6.00% | 10.46% | 5/16/2031 | 15814 | 15517 | 15616 | 5.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Softeon, Inc. | (4) (9) (20) (21) | SOFR + 5.75% | 10.08% | 11/20/2030 | 12406 | 12130 | 12232 | 4.6 |
|  |  |  |  |  |  | 27647 | 27848 | 10.5 |
| **Utilities & Utility Equipment and Services** | **Utilities & Utility Equipment and Services** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Enverus Holdings, Inc. | (9) (20) (21) | SOFR + 5.50% | 9.86% | 12/24/2029 | 16563 | 16331 | 16525 | 6.2 |
| **Total First-Lien Debt** |  |  |  |  |  | 498055 | 500587 | 188.4 |
| **Preferred Equity** |  |  |  |  |  |  |  |  |
| **Transportation, Logistics & Supply Chain** | **Transportation, Logistics & Supply Chain** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolis Technologies, Inc. | (4) | N/A | 16.00% | 5/16/2034 | 4320 | 4277 | 4281 | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolis Technologies, Inc. | (4) | N/A | 17.50% | 5/16/2034 | 480 | 456 | 459 | 0.2 |
| **Total Preferred Equity** |  |  |  |  |  | 4732 | 4740 | 1.8 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**VISTA CREDIT STRATEGIC LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)**

**DECEMBER 31, 2024**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments**<sup>(1)(16)(22)</sup> | **Footnotes** | **Reference<br>Rate and<br>Spread** | **Interest<br>Rate**<sup>(2) (14)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Units**<sup>(1)</sup> | **Amortized<br>Cost**<sup>(3)</sup> | **Fair<br>Value** | **% of Net<br>Assets** |
| **Other Equity** |  |  |  |  |  |  |  |  |
| **Transportation, Logistics & Supply Chain** | **Transportation, Logistics & Supply Chain** |  |  |  |  |  |  |  |
| Metropolis Technologies, Inc. | (4) (15) |  |  | 5/16/2034 | 280 | $20 | $20 | 0.0% |
| **Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |  |
| Mews Systems B.V. | (4) (5) (15)<br> (19) |  |  | 9/14/2029 | 192 | 1312 | 1227 | 0.5 |
| **Total Other Equity** |  |  |  |  |  | 1332 | 1247 | 0.5 |
| **Total Investments - non-controlled/non-affiliated** | **Total Investments - non-controlled/non-affiliated** | **Total Investments - non-controlled/non-affiliated** | **Total Investments - non-controlled/non-affiliated** |  |  | 504119 | 506574 | 190.7 |
| **Cash and Cash Equivalents and Restricted Cash and Cash Equivalents** | **Cash and Cash Equivalents and Restricted Cash and Cash Equivalents** | **Cash and Cash Equivalents and Restricted Cash and Cash Equivalents** | **Cash and Cash Equivalents and Restricted Cash and Cash Equivalents** | **Cash and Cash Equivalents and Restricted Cash and Cash Equivalents** | **Cash and Cash Equivalents and Restricted Cash and Cash Equivalents** | 33335 | 33335 | 12.5 |
| **Total Investments, Cash and Cash Equivalents and Restricted Cash and Cash Equivalents** | **Total Investments, Cash and Cash Equivalents and Restricted Cash and Cash Equivalents** | **Total Investments, Cash and Cash Equivalents and Restricted Cash and Cash Equivalents** | **Total Investments, Cash and Cash Equivalents and Restricted Cash and Cash Equivalents** | **Total Investments, Cash and Cash Equivalents and Restricted Cash and Cash Equivalents** | **Total Investments, Cash and Cash Equivalents and Restricted Cash and Cash Equivalents** | $537454 | $539909 | 203.2% |

---

1. Unless otherwise indicated, all investments held by the Company are denominated in U.S. dollars and headquartered in the United States. All investments are income producing unless otherwise indicated. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for all debt investment and preferred equity. Unit amount is presented for Other Equity.

2. Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to SOFR or an alternate base rate (commonly based on the Federal Funds Rate ("F") or the U.S. Prime Rate ("P")), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2024. Variable rate loans typically include an interest reference rate floor feature.

3. The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method in accordance with U.S. GAAP.

4. These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by the Adviser or under the direction of the Board (see Note 3, Fair Value Investments), pursuant to the Company's valuation policy.

5. The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any nonqualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2024, nonqualifying assets represented 8.6% of total assets as calculated in accordance with regulatory requirements.

6. Loans include a credit spread adjustment of 0.10%.

7. There are no interest rate floors on these investments.

8. The interest rate floor on these investments as of December 31, 2024 was 0.50%.

9. The interest rate floor on these investments as of December 31, 2024 was 0.75%.

10. The interest rate floor on these investments as of December 31, 2024 was 1.00%.

11. The interest rate floor on these investments as of December 31, 2024 was 1.25%.

12. The interest rate floor on these investments as of December 31, 2024 was 1.50%.

13. The interest rate floor on these investments as of December 31, 2024 was 2.00%.

14. For unsettled positions the interest rate is not presented.

15. Equity investment that is a non-income producing security.

16. The Company uses an internally developed industry classification system which was developed using the GICS® as a reference. All investments are ultimately focused in enterprise software, data and technology-enabled business sectors.

17. The headquarters of this portfolio company is located in Switzerland.

18. The headquarters of this portfolio company is located in Luxembourg.

19. The headquarters of this portfolio company is located in Netherlands.

20. All or a portion of these investments are being secured as collateral in relation to the DB Credit Facility (as defined in Note 5. Borrowings).

21. Position or portion thereof is an unfunded commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value, if applicable, results primarily from unamortized fees, which are capitalized to the investment cost. The unfunded commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company's unfunded commitments:

------

[**<u>**Table of Contents**</u>**](#toc_page)

**VISTA CREDIT STRATEGIC LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)**

**DECEMBER 31, 2024**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments – non-controlled/non-affiliated** | **Commitment<br>Type** | **Commitment<br>Expiration<br>Date** | **Unfunded<br>Commitment** | **Fair<br>Value** |
| Aptean, Inc. | Delayed Draw | 1/30/2031 | $993 | $2 |
| Aptean, Inc. | Revolver | 1/30/2031 | 1820 | (46) |
| Ark Data Centers, LLC | Delayed Draw | 11/27/2030 | 12500 | (250) |
| Ark Data Centers, LLC | Revolver | 11/27/2030 | 3750 | (75) |
| ASG III, LLC | Delayed Draw | 10/31/2029 | 4388 | (66) |
| ASG III, LLC | Revolver | 10/31/2029 | 1325 | (13) |
| Azurite Intermediate Hold, Inc. | Revolver | 3/19/2031 | 1953 | (10) |
| CB Buyer Inc. | Delayed Draw | 7/1/2031 | 4049 | (24) |
| CB Buyer Inc. | Revolver | 7/1/2031 | 1579 | (9) |
| Cdata Software, Inc. | Delayed Draw | 7/18/2030 | 2041 | (26) |
| Cdata Software, Inc. | Delayed Draw | 7/18/2030 | 1734 | (22) |
| Cdata Software, Inc. | Revolver | 7/18/2030 | 2449 | (31) |
| Databricks, Inc. | Delayed Draw | 1/3/2031 | 4500 | 11 |
| Diligent Corporation | Delayed Draw | 8/2/2030 | 3400 | - |
| Diligent Corporation | Revolver | 8/2/2030 | 1657 | (41) |
| Enverus Holdings, Inc. | Delayed Draw | 12/24/2029 | 832 | - |
| Enverus Holdings, Inc. | Revolver | 12/24/2029 | 1229 | (37) |
| Integrity Marketing Acquisition, LLC | Delayed Draw | 8/25/2028 | 2958 | (15) |
| Mews Systems B.V. | Delayed Draw | 9/14/2029 | 911 | (58) |
| MRI Software, LLC | Revolver | 2/10/2027 | 1378 | (41) |
| Noynim, LLC | Delayed Draw | 11/12/2029 | 14019 | (140) |
| Noynim, LLC | Revolver | 11/12/2029 | 2921 | (29) |
| OEConnection LLC | Delayed Draw | 4/22/2031 | 3385 | (6) |
| OEConnection LLC | Delayed Draw | 4/22/2031 | 1693 | (3) |
| OEConnection LLC | Revolver | 4/22/2031 | 2116 | (4) |
| Redwood Services Group, LLC | Delayed Draw | 6/15/2029 | 215 | - |
| SMR Holdings, LLC | Revolver | 12/24/2029 | 2750 | (41) |
| Softeon, Inc. | Delayed Draw | 11/20/2030 | 3333 | (33) |
| Softeon, Inc. | Delayed Draw | 11/20/2030 | 1667 | (17) |
| Softeon, Inc. | Revolver | 11/20/2030 | 1667 | - |
| SumUp Holdings Midco S.à r.l | Delayed Draw | 5/23/2031 | 2532 | (19) |
| Zinnia Corporate Holdings, LLC | Delayed Draw | 8/30/2029 | 3529 | (53) |
| **Total unfunded commitments** |  |  | $95273 | $(1096) |

---

22. The following table shows the portfolio composition by geographic region at amortized cost and fair value as a percentage of total investments in portfolio companies. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which is not always indicative of the primary source of the portfolio company's business:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| **Geography - % of Fair Value** | **Amortized Cost** | **Amortized Cost** | **Fair Value** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;United States | $457975 | 90.8% | $460090 | 90.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Luxembourg | 10031 | 2.0 | 10032 | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 16209 | 3.2 | 16296 | 3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Switzerland | 19904 | 3.9 | 20156 | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $504119 | 100.0% | $506574 | 100.0% |

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------

[**<u>**Table of Contents**</u>**](#toc_page)

**VISTA CREDIT STRATEGIC LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)**

**(dollar amounts in thousands, except share and per share data, unless otherwise stated)**

**1.** **ORGANIZATION** 

Vista Credit Strategic Lending Corp. (the "Company") is incorporated under the laws of the State of Maryland and was formed on March 15, 2022, its date of inception ("Inception Date"). The Company is structured as a closed-end management investment company. The Company has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). In addition, for tax purposes, the Company has elected to be treated as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). The Company is externally managed by Vista Credit BDC Management, L.P. (the "Adviser"), an investment adviser that is registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940, as amended. The Adviser provides the administrative services necessary for the Company to operate pursuant to an administration agreement (the "Administration Agreement"). The Adviser is a wholly owned subsidiary of VEP Group, LLC (together with its affiliates, including Vista Credit Partners, L.P., "Vista").

The Company is conducting a private offering (the "Private Offering") of its shares of common stock to accredited investors, as defined in Regulation D under the Securities Act of 1933, as amended (the "1933 Act") and outside the United States in accordance with Regulation S or Regulation D under the 1933 Act, in reliance on exemptions from the registration requirements of the 1933 Act. The Company is a privately placed, perpetual-life BDC, which is a BDC whose shares are not listed for trading on a stock exchange or other securities market. Each investor in the Private Offering makes a capital commitment (a "Capital Commitment") to purchase shares of common stock of the Company pursuant to a subscription agreement entered into with the Company. Stockholders will be required to fund drawdowns to purchase the Company's shares up to the amount of their respective Capital Commitments on an as-needed basis each time the Company delivers a notice to the Stockholders. On June 16, 2023, the Adviser purchased 1,250 shares of the Company's common stock at $20.00 per share. On September 8, 2023, the Company began accepting subscription agreements from third-party investors acquiring shares of the Company's common stock in the Private Offering.

The Company invests in "middle market companies," which the Company defines to generally mean companies with earnings before interest, taxes, depreciation and amortization ("EBITDA") of less than $250 million annually and/or annual revenue of $25 million to $2.5 billion at the time of investment, in the enterprise software, data and technology-enabled business sectors. The Company's investment objective is to generate current income and, to a lesser extent, capital appreciation by investing in a portfolio of investments that primarily consists of senior or subordinated debt, preferred stock or other interests senior to common equity as well as equity securities (or rights to acquire equity securities) acquired in connection with debt financing transactions in management buyouts, recapitalizations and other opportunities.

On June 30, 2025, the Company filed Articles of Amendment (the "Articles of Amendment") to its charter with the State Department of Assessments and Taxation of Maryland ("SDAT") to rename and redesignate the authorized shares of the Company's common stock, $0.01 par value per share, as Class I Common Stock, $0.01 par value per share (the "Class I Common Stock"). The Articles of Amendment became effective on June 30, 2025. All of the shares issued during the three and six months ended June 30, 2025 and all of shares outstanding as of June 30, 2025 were Class I Common Stock.

Also on June 30, 2025, the Company filed with SDAT Articles Supplementary (the "Articles Supplementary") to its charter, pursuant to which the Company reclassified and redesignated (i) 50,000,000 shares of Class I Common Stock as shares of Class S Common Stock, $0.01 par value per share (the "Class S Common Stock"), and (ii) 50,000,000 shares of Class I Common Stock as shares of Class D Common Stock, $0.01 par value per share (the "Class D Common Stock"). The Articles Supplementary became effective on June 30, 2025, immediately after the effectiveness of the Articles of Amendment. No Class S Common Stock or Class D Common Stock shares were issued during the three and six month periods ending June 30, 2025 and no Class S Common Stock or Class D Common Stock shares were outstanding at June 30, 2025.

**2.** **SIGNIFICANT ACCOUNTING POLICIES** 

***Basis of Presentation*** 

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). In the opinion of management, all adjustments considered necessary for the fair presentation of the consolidated financial statements have been included.

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**VISTA CREDIT STRATEGIC LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)**

**(dollar amounts in thousands, except share and per share data, unless otherwise stated)**

The Company is an investment company for the purposes of accounting and financial reporting in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, *Financial Services—Investment Companies* ("ASC 946").

Interim financial statements are prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6 or 10 of Regulation S-X. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements for the interim periods presented, have been included. The current period's results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2025.

***Use of Estimates*** 

The preparation of the consolidated financial statements in conformity with U.S. 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 and the reported amounts of revenues and expenses during the reporting period. It also requires management to exercise judgment in the process of applying the Company's accounting policies. Actual results could differ from those estimates.

***Consolidation*** 

As provided under ASC 946 and Regulation S-X, the Company will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of the Company's wholly-owned subsidiaries, BDC CA Lender, LLC, VCSL Funding 1 LLC ("VCSL Funding 1") and VCSL Funding 2 LLC. All significant intercompany balances and transactions have been eliminated.

***Investments***

Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment using the specific identification method without regard to unrealized appreciation or depreciation previously recognized, and includes investments charged off during the period, net of recoveries. Net change in unrealized appreciation or depreciation on investments as presented in the accompanying Consolidated Statements of Operations reflects the net change in the fair value of investments, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized. See Note 3, Fair Value Measurements, for further informations about fair value measurements.

***Cash and Cash Equivalents and Restricted Cash and Cash Equivalents***

Cash and cash equivalents consist of demand deposits and highly liquid investments (e.g., money market funds,U.S. treasury notes) with original maturities of three months or less. Cash and cash equivalents are denominated in U.S.dollars and are carried at cost, which approximates fair value. The Company deposits its cash and cash equivalents with highly-rated banking corporations and, at times, cash deposits may exceed the insured limits under applicable law.

Restricted cash and cash equivalents include amounts that are collected and are held by trustees who have been appointed as custodians of the assets securing certain of the Company's financing transactions. Restricted cash and cash equivalents are held by the trustees for payment of interest expense and principal on the outstanding borrowings or reinvestment into new assets. Restricted cash also includes amounts for capital received in advance of the closing date.

***Revenue Recognition***

Interest income is recorded on an accrual basis and includes the accretion of discounts, amortization of premiums and payment-in-kind ("PIK") interest. Discounts from and premiums to par value on investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. To the extent loans contain PIK provisions, PIK interest, computed at the contractual rates, is accrued, recorded as interest income and added to the principal balance of the loan. PIK interest income added to the principal balance is generally collected upon repayment of the outstanding principal. As of both June 30, 2025 and December 31, 2024, there were one loan in the portfolio that earned PIK income. For the three and six months ended June 30, 2025, the Company earned $241 and $292

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**VISTA CREDIT STRATEGIC LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)**

**(dollar amounts in thousands, except share and per share data, unless otherwise stated)**

of PIK interest income, respectively. For the three and six months ended June 30, 2024, the Company earned $31 and $51 of PIK interest income, respectively.

Loans are generally placed on non-accrual status when interest and/or principal payments become materially past due and there is reasonable doubt that principal or interest will be collected in full. Recognition of interest income of that loan will be ceased until all principal and interest is current through payment or until a restructuring occurs, such that the interest income is deemed to be collectible. However, the Company remains contractually entitled to this interest. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon the Company's judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are paid or there is no longer any reasonable doubt that such principal or interest will be collected in full and, in the Company's judgment, are likely to remain current. The Company may make exceptions to this policy if the loan has sufficient collateral value or is in the process of collection. Accrued interest is written off when it becomes probable that the interest will not be collected, and the amount of uncollectible interest can be reasonably estimated. The Company did not have any loans on non-accrual status as of June 30, 2025 or December 31, 2024.

Other income may include income such as consent, waiver, amendment, unused, underwriting, arranger and prepayment fees associated with the Company's investment activities as well as any fees for managerial assistance services rendered by the Company to the portfolio companies. Such fees are recognized as income when earned or the services are rendered. For the three and six months ended June 30, 2025, the Company earned $190 and $478, respectively, in other income, primarily from unused fees. For the three and six months ended June 30, 2024, the Company earned $117 and $259, respectively, in other income, primarily from unused fees.

Dividend income on preferred equity is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. To the extent a preferred equity contains PIK provisions, PIK dividends, computed at the contractual rates, are accrued, recorded as dividend income and added to the principal balance of the preferred equity. PIK dividends added to the principal balance are generally collected upon redemption of the equity. For the three and six months ended June 30, 2025, the Company earned $193 and $384, respectively, in dividend income. For the three and six months ended June 30, 2024, the Company earned $0 and $0, respectively, in dividend income.

***Offering Costs*** 

Offering costs associated with the Private Offering and in excess of the Expense Support Agreement (defined below in Note 4.) will be borne by the Company. These offering costs are capitalized as deferred offering costs on the Consolidated Statements of Assets and Liabilities and amortized over a twelve-month period. These costs consist primarily of legal fees and other fees incurred in connection with the Private Offering. Refer to Note 4. Related Party Transactions for further details on the Expense Support Agreement.

For the three and six months ended June 30, 2025, the Company incurred $51 and $293 of offering costs, and amortized $86 and $107 of offering costs, respectively. For the three and six months ended June 30, 2024, the Company incurred $50 and $146 of offering costs, and amortized $640 and $1,269 of offering costs, respectively.

***Deferred Financing Costs, Interest Expense, and Credit Facility Fees***

Interest expense and unused commitment fees on the Company's borrowings are recorded on an accrual basis. Unused commitment fees are included in interest expense and credit facility fees in the accompanying Consolidated Statements of Operations.

Deferred financing costs represent capitalized fees and other direct incremental costs incurred in connection with the Company's borrowings. These amounts are amortized on a straight-line basis over the expected term of the credit facility. The unamortized balance of such costs is included in prepaid expenses and other assets in the accompanying Consolidated Statements of Assets and Liabilities. The amortization of such costs is included in interest expense and credit facility fees in the accompanying Consolidated Statements of Operations.

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**VISTA CREDIT STRATEGIC LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)**

**(dollar amounts in thousands, except share and per share data, unless otherwise stated)**

As of June 30, 2025 and December 31, 2024, the Company had $2,606 and $2,867 of deferred financing costs, respectively. Amortization expense for deferred financing costs for the three and six months ended June 30, 2025 was $427 and $824, respectively. Amortization expense for deferred financing costs for the three and six months ended June 30, 2024 was $229 and $448, respectively.

***Expenses***

The Company is responsible for software costs, insurance costs and other expenses related to the Company's operations. Such expenses, including expenses incurred and paid by the Adviser on behalf of the Company, are generally expected to be reimbursed by the Company. Costs incurred for annual subscriptions and insurance policies are generally recorded as a deferred charge and are amortized using the straight-line method over the term of the subscription or policy period. Deferred costs related to the Company's director and officers liability insurance are presented in prepaid expenses and other assets on the Company's Consolidated Statements of Assets and Liabilities.

***Income Taxes*** 

The Company has elected to be treated as a RIC under the Code. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its stockholders as dividends. Therefore, no provision for federal income taxes is recorded in the consolidated financial statements of the Company. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company's investors.

To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must also annually distribute dividends for U.S. federal income tax purposes to its stockholders out of the assets legally available for distribution of an amount generally at least equal to 90% of the sum of its investment company taxable income, determined without regard to any deduction for dividends paid.

Depending on the level of taxable income earned in a tax year, the Company can be expected to carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that the Company determines that the estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, the Company accrues excise tax on estimated excess taxable income.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are reserved and recorded as tax benefits or expenses in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof.

***Functional Currency*** 

The functional currency of the Company is the U.S. Dollar, and all transactions were in U.S. Dollars.

***Earnings per Common Share*** 

The Company computes earnings per common share in accordance with ASC 260, *Earnings Per Share* ("ASC 260"). Basic earnings per common share is calculated by dividing the net increase (decrease) in net assets resulting from operations attributable to common stock by the weighted average number of shares of common stock outstanding. Diluted earnings per common share reflects the assumed conversion of all dilutive securities.

***Segment Reporting***

In accordance with ASC Topic 280 - Segment Reporting ("ASC 280"), the Company has determined that it has a single operating and reporting segment. As a result, the Company's segment accounting policies are the same as described herein and the Company does not have any intra-segment sales or transfers of assets.

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**VISTA CREDIT STRATEGIC LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)**

**(dollar amounts in thousands, except share and per share data, unless otherwise stated)**

**3.**FAIR VALUE MEASUREMENTS

The Company applies fair value accounting in accordance with the terms of ASC 820, *Fair Value Measurements* ("ASC 820"), as amended, which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. ASC 820 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820, the Company considers its principal market to be the market that has the greatest volume and level of activity. ASC 820 specifies a fair value hierarchy that prioritizes and ranks the level of observability of inputs used in determination of fair value. In accordance with ASC 820, these levels are summarized below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 2—Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

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

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of observable input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment. For certain investments structured as interests in limited partnerships, the Company applies the practical expedient, or net asset value method, to determine the fair value of such investments.

The Adviser, as the valuation designee pursuant to Rule 2a-5 under the 1940 Act, determines in good faith the fair value of the Company's investment portfolio for which market quotations are not readily available. In addition to using the above inputs in investment valuations, the Adviser will apply a valuation policy approved by the Board that is consistent with ASC 820. Consistent with the valuation policy, the Company evaluates the source of the inputs, including any markets in which the Company's investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When an investment is valued based on prices provided by reputable dealers or pricing services (that is, broker quotes), the Company subjects those prices to various criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment. For example, the Company, or the independent valuation firm(s), reviews pricing support provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company's investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material.

In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected herein.

Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfers occur. For the three and six months ended June 30, 2025, there were no transfers from Level 3 to Level 2. For the three and six months ended June 30, 2024, there was one transfer from Level 3 to Level 2 that was a result of changes in the observability of significant inputs for this one portfolio company.

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**VISTA CREDIT STRATEGIC LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)**

**(dollar amounts in thousands, except share and per share data, unless otherwise stated)**

The following tables summarize the Company's investments measured at fair value on a recurring basis by the above fair value hierarchy levels as of June 30, 2025 and December 31, 2024.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| First-lien debt | $- | $279219 | $447168 | $726387 |
| Other equity | - | - | 4899 | 4899 |
| Preferred equity | - | - | 4800 | 4800 |
| Total | $- | $279219 | $456867 | $736086 |
| Investments measured at net asset value<sup>(1)</sup> |  |  |  | $1080 |
| Total Investments |  |  |  | $737166 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Amount represents the Company's investment in HPC GPFS Arsenal Co-Invest (Cayman) LP. The Company, as a practical expedient, estimates the fair value of this investment using the net asset value of the Company's interest in HPC GPFS Arsenal Co-Invest (Cayman) LP. As such, the fair value of the Company's investment in HPC GPFS Arsenal Co-Invest (Cayman) LP has not been categorized within the fair value hierarchy.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| First-lien debt | $- | $235497 | $265090 | $500587 |
| Preferred equity | - | - | 4740 | 4740 |
| Other equity | - | - | 1247 | 1247 |
| Total | $- | $235497 | $271077 | $506574 |

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The changes in the Company's investments at fair value for which the Company has used Level 3 inputs to determine fair value and net change in unrealized appreciation (depreciation) included in earnings for Level 3 investments that continue to be held are as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Assets<br>For the Three Months Ended<br>June 30, 2025** | **Financial Assets<br>For the Three Months Ended<br>June 30, 2025** | **Financial Assets<br>For the Three Months Ended<br>June 30, 2025** | **Financial Assets<br>For the Six Months Ended<br>June 30, 2025** | **Financial Assets<br>For the Six Months Ended<br>June 30, 2025** | **Financial Assets<br>For the Six Months Ended<br>June 30, 2025** |
|  | **First-Lien<br>Debt** | **Preferred Equity and Other Equity** | **Total** | **First-Lien<br>Debt** | **Preferred Equity and Other Equity** | **Total** |
| Balance, beginning of period | $324866 | $9367 | $334233 | $265090 | $5987 | $271077 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases | 120101 | - | 120101 | 178555 | 2938 | 181493 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paydowns | (223) | - | (223) | (430) | - | (430) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of discount | 359 | - | 359 | 619 | - | 619 |
| &nbsp;&nbsp;&nbsp;&nbsp;PIK interest | 241 | - | 241 | 292 | - | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 1825 | 331 | 2156 | 3043 | 773 | 3816 |
| Balance, end of period | $447169 | $9698 | $456867 | $447169 | $9698 | $456867 |
| Net change in unrealized appreciation included in earnings related to investments that continue to be held at the reporting date included in net change in unrealized appreciation on investments on the Consolidated Statements of Operations | $1825 | $331 | $2156 | $3043 | $773 | $3816 |

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**VISTA CREDIT STRATEGIC LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)**

**(dollar amounts in thousands, except share and per share data, unless otherwise stated)**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Assets<br>For the Three Months Ended<br>June 30, 2024** | **Financial Assets<br>For the Three Months Ended<br>June 30, 2024** | **Financial Assets<br>For the Three Months Ended<br>June 30, 2024** | **Financial Assets<br>For the Six Months Ended<br>June 30, 2024** | **Financial Assets<br>For the Six Months Ended<br>June 30, 2024** | **Financial Assets<br>For the Six Months Ended<br>June 30, 2024** |
|  | **First-Lien<br>Debt** | **Preferred Equity and Other Equity** | **Total** | **First-Lien<br>Debt** | **Preferred Equity and Other Equity** | **Total** |
| Balance, beginning of period | $108676 | $- | $108676 | $57510 | $- | $57510 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases | 80067 | 4753 | 84820 | 130846 | 4753 | 135599 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paydowns | (8411) | - | (8411) | (8411) | - | (8411) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of discount | 100 | - | 100 | 159 | - | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;PIK interest | 51 | - | 51 | 53 | - | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 581 | - | 581 | 907 | - | 907 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers out of Level 3 | (9950) | - | (9950) | (9950) | - | (9950) |
| Balance, end of period | $171114 | $4753 | $175867 | $171114 | $4753 | $175867 |
| Net change in unrealized appreciation included in earnings related to investments that continue to be held at the reporting date included in net change in unrealized appreciation on investments on the Consolidated Statements of Operations | $581 | - | $581 | $907 | - | $907 |

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The Company generally uses the following framework when determining the fair value of investments that are categorized as Level 3:

The Company's Board has appointed the Adviser as its valuation designee, in accordance with Rule 2a-5 under the 1940 Act. The fair value is determined by the Adviser's valuation committee, subject to oversight by the Board, consistent with a documented valuation policy and consistently applied valuation process. In connection with that determination, investment valuations will be prepared using ranges of valuations obtained from independent valuation firms, and/or proprietary models depending on the materiality of the investments, the availability of information on the Company's investments and the type of investment being valued, all in accordance with the Company's valuation policy.

Determination of fair value of Level 3 debt and equity investments involves subjective judgments and estimates. As part of the valuation process, the factors that may be taken into account in determining the fair value of the Company's investments, include, as relevant: the estimated enterprise value of a portfolio company (i.e., the total fair value of the portfolio company's debt and equity), the nature and realizable value of any collateral, the portfolio company's ability to make payments based on its earnings and cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company's securities to any similar publicly traded securities, and overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Adviser's valuation committee will consider whether the pricing indicated by the external event corroborates its valuation.

The primary method for determining enterprise value uses a multiple analysis whereby appropriate multiples are applied to the portfolio company's net income before net interest expense, income tax expense, depreciation and amortization ("EBITDA"). A portfolio company's EBITDA can include pro forma adjustments for items such as acquisitions, divestitures, or expense reductions. The Adviser may also employ other valuation multiples to determine enterprise value, such as revenues. The Adviser carefully considers numerous factors when selecting the appropriate companies whose multiples are used to value the Company's portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, relevant risk factors, as well as size,profitability and growth expectations.The enterprise value analysis is performed to determine the value of equity investments and to determine if debt investments are credit impaired.

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**VISTA CREDIT STRATEGIC LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)**

**(dollar amounts in thousands, except share and per share data, unless otherwise stated)**

If debt investments are credit impaired, the Adviser will use the enterprise value analysis or a liquidation basis analysis to determine fair value. For debt investments that are not determined to be credit impaired, the Adviser uses a market interest rate yield analysis to determine fair value. In addition, for certain debt investments, the Adviser bases its valuation on indicative bid and ask prices provided by an independent third party pricing service. Bid prices reflect the highest price that the Company and others could be willing to pay. Ask prices represent the lowest price that the Company and others could be willing to accept. The Adviser generally uses the midpoint of the bid/ask range as its best estimate of fair value of such investment.

The following table summarizes the quantitative information related to the significant unobservable inputs for Level 3 instruments which are carried at fair value as of June 30, 2025:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Range** | **Range** | **Range** |  |  |  |
|  | **Fair Value as of<br>June 30, 2025** | **Valuation<br>Techniques** | **Significant<br>Unobservable<br>Inputs** | **Low** |  | **High** |  | **Weighted<br>Average** |  |
| First-lien debt | $334816 | Yield Analysis | Discount Rate | 8.80 | % | 15.95 | % | 10.84 | % |
|  | 112352 | Recent Transactions | Transaction Price | 98.50 |  | 99.50 |  | 98.75 |  |
| Preferred equity | 4800 | Yield Analysis | Discount Rate | 10.50 | % | 10.50 | % | 10.50 | % |
| Other equity | 285 | Market Approach | EBITDA Multiple | 29.50x |  | 29.50x |  | 29.50 | x |
|  | 4614 | Market Approach | Revenue Multiple | 7.5 | x | 10.0 | x | 8.33 | x |
| Total Level 3 investments | $456867 |  |  |  |  |  |  |  |  |

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The following table summarizes the quantitative information related to the significant unobservable inputs for Level 3 instruments which are carried at fair value as of December 31, 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Range** | **Range** |  |
|  | **Fair Value as of<br>December 31,<br>2024** | **Valuation<br>Techniques** | **Significant<br>Unobservable<br>Inputs** | **Low** | **High** | **Weighted<br>Average** |
| First-lien debt | $187455 | Yield Analysis | Discount Rate | 9.70% | 15.80% | 12.20% |
|  | 77635 | Recent Transactions | Transaction Price | 98.00 | 99.00 | 98.48 |
| Preferred equity | 4740 | Yield Analysis | Discount Rate | 17.00% | 19.70% | 17.26% |
| Other equity | 20 | Market Approach | EBITDA Multiple | 16.8x | 16.8x | 16.8x |
|  | 1227 | Market Approach | Revenue Multiple | 8.25x | 10.25x | 9.25x |
| Total Level 3 investments | $271077 |  |  |  |  |  |

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The significant unobservable inputs used in the fair value measurement of the Company's investments in first-lien debt securities and preferred equity investments are discount rates and transaction prices. Significant increases in discount rates in isolation would result in a significantly lower fair value measurement. Significant decreases in transactions prices in isolation would result in a significantly lower fair value measurement.

The significant unobservable input used in the market approach for equity securities is the performance multiple,which may include a revenue multiple, EBITDA multiple, or forward-looking metrics. The multiple is used to estimate the enterprise value of the underlying investment. An increase or decrease in the multiple would result in an increase or decrease, respectively, in the fair value.

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**VISTA CREDIT STRATEGIC LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)**

**(dollar amounts in thousands, except share and per share data, unless otherwise stated)**

***Financial Instruments Disclosed but Not Carried at Fair Value***

The following table presents the carrying value and fair value of the Company's secured borrowings disclosed but not carried at fair value as of June 30, 2025 and December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of June 30, 2025** | **As of June 30, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Carrying<br>Value** | **Fair<br>Value** | **Carrying<br>Value** | **Fair<br>Value** |
| Secured borrowings | $266100 | $266100 | $227150 | $227150 |
| Total borrowings | $266100 | $266100 | $227150 | $227150 |

---

Secured borrowings as of June 30, 2025 and December 31, 2024 consist of borrowings under the SMBC Credit Facility and/or the DB Credit Facility (each as defined in Note 5. Borrowings). Given the underlying interest rate on any secured borrowing is based on an underlying index that resets on a periodic basis, the carrying values of the secured borrowings approximate fair value. Secured borrowings are categorized as Level 3 within the hierarchy.

The carrying value of other financial assets and liabilities approximates their fair value based on the short term nature of these items.

**4.** **RELATED PARTY TRANSACTIONS** 

***Investment Advisory Agreement*** 

On June 16, 2023, the Company entered into an investment advisory agreement (the "Investment Advisory Agreement") with the Adviser, pursuant to which the Adviser will manage the Company's investment program and related activities. The Board most recently approved the Investment Advisory Agreement in May 2025. For providing these services, the Adviser will receive fees from the Company consisting of two components: (1) a Management Fee and (2) an Incentive Fee (both as described below). The cost of the Management Fee and the Incentive Fee will ultimately be borne by the Company's stockholders. No Management Fee or Incentive Fee was payable to the Adviser until the commencement of investment activities. Without payment of any penalty, the Company will have the right to terminate the Investment Advisory Agreement upon 60 days' written notice.

The Management Fee is payable quarterly in arrears at an annual rate of 1.25% of the Company's net asset value as of the last day of the immediately preceding quarter. Such amount shall be appropriately adjusted (based on the actual number of days elapsed relative to the total number of days in such calendar quarter) for any share issuances or repurchases during a calendar quarter. In addition, the Management Fee for any partial quarter shall be appropriately prorated. For the purposes of the Investment Advisory Agreement, "net assets" means the Company's total assets less indebtedness and before taking into account any incentive fees payable during the period. The Management Fee incurred for the three and six months ended June 30, 2025 was $1,053 and $1,907, respectively. The Management Fee incurred for the three and six months ended June 30, 2024 was $379 and $619, respectively. As of June 30, 2025 and December 31, 2024, $1,053 and $632, respectively remain payable.

The Incentive Fee consists of two components: the investment income component (the "Investment Income Incentive Fee"), and the capital gains component (the "Capital Gains Incentive Fee"). The two components are independent of each other, with the result that one component may be payable even if the other is not.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i) Investment Income Incentive Fee*

The Investment Income Incentive Fee is calculated quarterly in arrears based on pre-incentive fee net investment income for the immediately preceding calendar quarter. "Pre-incentive fee net investment income" means dividends (including reinvested dividends), interest and fee income accrued by the Company during the calendar quarter, minus operating expenses for the calendar quarter (including the Management Fee, expenses payable to the Adviser under the Administration Agreement and any interest expense and dividends paid on any issued and outstanding preferred stock but excluding the Incentive Fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK and zero-coupon securities), accrued income that the Company may not have received in cash. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

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**VISTA CREDIT STRATEGIC LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)**

**(dollar amounts in thousands, except share and per share data, unless otherwise stated)**

Pre-incentive fee net investment income, expressed as a rate of return on the value of the Company's net assets at the end of the immediately preceding quarter, is compared to a "hurdle rate" of 1.25% per quarter (5.0% annualized).

The Company will pay the Adviser an Investment Income Incentive Fee in each calendar quarter as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•No Investment Income Incentive Fee in any calendar quarter in which the Company's pre-incentive fee net investment income does not exceed the hurdle rate of 1.25% per quarter (5.00% annualized);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•100% of the pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 1.43% (5.72% annualized). This portion of the pre-incentive fee net investment income (which exceeds the hurdle rate but is less than 1.43%) is referred to as the "catch-up"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•12.5% of the Company's pre-incentive fee net investment income, if any, that exceeds 1.43% (5.72% annualized).

For the three and six months ended June 30, 2025, the Company incurred an Investment Income Incentive Fee of $1,072 and $1,881, respectively. For the three and six months ended June 30, 2024, the Company incurred an Investment Income Incentive Fee of $220 and $220, respectively. As of June 30, 2025 and December 31, 2024, $1,072 and $578, respectively, remain payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ii) Capital Gains Incentive Fee*

The second component of the Incentive Fee, the Capital Gains Incentive Fee, is payable in arrears at the end of each calendar year in an amount equal to 12.5% of cumulative realized capital gains from initial drawdown through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis less the aggregate amount of any previously paid Capital Gains Incentive Fees.

The Company will accrue, but will not pay, a Capital Gains Incentive Fee with respect to aggregate unrealized appreciation on investments because a Capital Gains Incentive Fee would be owed to the Adviser if the Company were to sell the relevant investments and realize a capital gain. If the Capital Gain Incentive Fee base, adjusted to include unrealized capital appreciation, is positive at the end of a period, then the Company will accrue a capital gain incentive fee equal to 12.5% of such amount, less the aggregate amount of the actual Capital Gain Incentive Fees paid and capital gain incentive fees accrued in all prior periods. If such amount is negative, then there is no accrual for such period. The resulting accrual in a given period may result in additional expense if such cumulative amount is greater than in the prior period or a reversal of previously recorded expense if such cumulative amount is less than in the prior period. There can be no assurance that such unrealized capital appreciation will be realized in the future. For the three and six months ended June 30, 2025, the Company accrued a Capital Gains Incentive Fee of $303 and $41, respectively. For the three and six months ended June 30, 2024, the Company accrued a Capital Gains Incentive Fee of $17 and $45, respectively. As of June 30, 2025 and December 31, 2024, there was a $348 and $307, respectively, of Capital Gain Incentive Fee payable, none of which is contractually payable under the terms of the Investment Advisory Agreement.

Notwithstanding the foregoing, if the Company is required by U.S. GAAP to record an investment at its fair value as of the time of acquisition instead of at the actual amount paid for such investment (including, for example, as a result of the application of the asset acquisition method of accounting), then solely for the purposes of calculating the Capital Gains Incentive Fee, the "accreted or amortized cost basis" of an investment shall be an amount (the "Contractual Cost Basis") equal to (1) (x) the actual amount paid by the Company for such investment plus (y) any amounts recorded in the Company's financial statements as required by U.S. GAAP that are attributable to the accretion of such investment plus (z) any other adjustments made to the cost basis included in the Company's financial statements, including payment-in-kind interest or additional amounts funded (net of repayments) minus (2) any amounts recorded in the Company's financial statements as required by U.S. GAAP that are attributable to the amortization of such investment, whether such calculated Contractual Cost Basis is higher or lower than the fair value of such investment (as determined in accordance with U.S. GAAP) at the time of acquisition.

The fees that are payable under the Investment Advisory Agreement for any partial period will be appropriately prorated and adjusted for any share issuances or repurchases during the relevant period. For the three and six months ended June 30, 2025, $2,428 and $3,829 of management and incentive fees were incurred, respectively, and $2,473 remains

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**VISTA CREDIT STRATEGIC LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)**

**(dollar amounts in thousands, except share and per share data, unless otherwise stated)**

payable as of June 30, 2025. For the three and six months ended June 30, 2024, $616 and $884 of management fees and incentive fees were incurred, respectively.

***Administration Agreement***

On June 16, 2023, the Company entered into the Administration Agreement with its Adviser. The Administration Agreement was most recently approved by the Board in May 2025. Pursuant to the Administration Agreement, the Adviser will perform, or oversee the performance of, administrative services, which includes, but is not limited to, providing office facilities, equipment and office services, maintaining financial records, preparing reports to stockholders and the Board and reports filed with the SEC, managing the payment of expenses, providing significant managerial assistance to those portfolio companies to which the Company is required to provide such assistance, assisting the Company in determining and publishing (as necessary or appropriate) the Company's net asset value and overseeing the preparation and filing of the Company's tax returns and the performance of administrative and professional services rendered by others, which could include employees of the Adviser or its affiliates. The Company will reimburse the Adviser (and/or one or more of its affiliates) costs and expenses incurred by the Adviser for services performed for the Company pursuant to the terms of the Administration Agreement. In addition, pursuant to the terms of the Administration Agreement, the Adviser may delegate its obligations under the Administration Agreement to an affiliate and/or to a third party and the Company will reimburse the Adviser (or its affiliate(s)) for any services performed for us by such affiliate or third party. To the extent that the Adviser outsources any of its functions, the Company will pay the fees associated with such functions on a direct basis without profit to the Adviser. The Company will bear its allocable portion of the costs of the compensation, benefits, administrative expenses (including travel expenses in accordance with the Adviser's travel and expense policy) and related overhead expenses of the Company's officers who provide operational, administrative, legal, compliance, finance and accounting services hereunder, their respective staffs and other professionals who are employed by any of the Adviser's affiliates that provide services to the Company, and who assist with the preparation, coordination and administration of the foregoing or provide other "back office" or "middle office" financial or operational services to the Company. The Company shall reimburse the Adviser (or its affiliate(s)) for an allocable portion of the compensation (including benefits) and overhead paid by the Adviser (or its affiliate(s)) to such individuals. The Administration Agreement may be terminated by either party without penalty upon 60 days' written notice to the other party.

Beginning with the three months ended September 30, 2024, the Adviser agreed to voluntarily waive costs and expenses reimbursable by the Company to the Adviser under the Administration Agreement to the extent such costs and expenses exceed an amount equal to 15 basis points (annualized) of the weighted average fair value of the Company's total investments for such period.

For the three and six months ended June 30, 2025, the Company incurred $329 and $648, respectively, in administrative service fees under the Administration Agreement, of which $79 and $188, respectively, were waived by the Adviser. For the three and six months ended June 30, 2024, the Company incurred $404 and $807, respectively, in administrative service fees under the Administration Agreement, of which there were no administrative service fees waived in the comparable period. As of June 30, 2025 and December 31, 2024, $735 and $275, respectively, was unpaid and included in administrative service fees payable in the accompanying Consolidated Statements of Assets and Liabilities.

***Expense Support and Conditional Reimbursement Agreement***

The Company entered into an expense support and conditional reimbursement agreement (the "Expense Support Agreement") with the Adviser pursuant to which the Adviser elected to pay $3.0 million of the Company's organization and offering costs.

Following any calendar quarter in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company's stockholders based on distributions declared with respect to record dates occurring in such calendar quarter (the amount of such excess being hereinafter referred to as "Excess Operating Funds"), the Company shall pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser to, or on behalf of, the Company within three years prior to the last business day of such calendar quarter have been reimbursed. Any payments required to be made by the Company shall be referred to herein as a "Reimbursement Payment." Reimbursement Payments are conditioned on (i) a distribution level (exclusive of return of capital and declared special dividends or special distributions, if any) equal to, or greater than, the rate at the time of the reimbursement, (ii) an operating expense ratio (excluding any interest expense, organizational and offering expenses, Management or Incentive Fee) that is lower than the expense ratio (excluding any interest expense, organizational and

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**VISTA CREDIT STRATEGIC LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)**

**(dollar amounts in thousands, except share and per share data, unless otherwise stated)**

offering expenses, Management or Incentive Fee) at the time of the expense reimbursement and (iii) a distribution level (exclusive of return of capital, if any) equal to, or greater than, the rate at the time of the waiver or reimbursement. "Available Operating Funds" means the sum of (i) net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

The Company's obligation to make a Reimbursement Payment shall automatically become a liability of the Company on the last business day of the applicable calendar quarter, except to the extent the Adviser has waived its right to receive such payment for the applicable quarter. The Company has not made any Reimbursement Payments to the Adviser. As of June 30, 2025 and December 31, 2024, $3,000 and $3,000, respectively, of the Company's expenses are subject to the Expense Support Agreement and $1,422 and $332, respectively, of the Company's expenses that are not subject to the Expense Support Agreement are presented as Due to Adviser on the Company's Consolidated Statements of Assets and Liabilities.

***Board of Directors***

The Board currently consists of five members, three of whom are independent directors. The Board has established a Nominating and Corporate Governance Committee and an Audit Committee of the Board, and may establish additional committees in the future. For the three and six months ended June 30, 2025, the Company incurred $84 and $150, respectively, in fees and expenses associated with its independent directors' services on the Board and its committees. For the three and six months ended June 30, 2024, the Company incurred $73 and $141, respectively, in fees and expenses associated with its independent directors' services on the Board and its committees. These fees are included in directors fees in the accompanying Consolidated Statements of Operations. As of June 30, 2025 and December 31, 2024, $13 and $71, respectively, was unpaid and included in accrued expenses and other liabilities in the accompanying Consolidated Statements of Assets and Liabilities.

***Capital Commitments*** 

Total capital commitments as of June 30, 2025 and December 31, 2024, include a $50,000 capital commitment from VHG Capital, L.P., an entity affiliated with the Company and the Adviser. During the three and six months ended June 30, 2025, VHG Capital, L.P. purchased 0.000 and 138,423.924 shares of common stock, respectively, for a total purchase price of $0 and $2,712, respectively. During the three and six months ended June 30, 2024, VHG Capital, L.P. purchased 171,076.915 and 389,761.425 shares of common stock, respectively, for a total purchase price of $3,365 and $7,651, respectively.

**5.**BORROWINGS

In accordance with the 1940 Act, the Company is currently only allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. As of June 30, 2025 and December 31, 2024, asset coverage was 287.5% and 217.0%, respectively.

***SMBC Credit Facility***

On November 14, 2023, the Company entered into a senior secured revolving credit facility with Sumitomo Mitsui Banking Corporation (as amended, the "SMBC Credit Facility"). Effective October 4, 2024, the Company decreased the maximum borrowing capacity under the SMBC Credit Facility from $200,000 to $100,000. The SMBC Credit Facility has a stated maturity date of November 14, 2025. Borrowings under the SMBC Credit Facility may be base rate loans, eurocurrency loans or RFR loans (i.e., loans bearing interest based on SOFR or SONIA). For any base rate loan, the applicable margin will be 1.60% plus the highest of (a) the federal funds rate plus 50 basis points (0.50%); (b) the prime rate; or (c) except during any period during which the applicable SOFR rate is unavailable, the applicable SOFR rate in effect on such day plus 105 basis points (1.05%). Eurocurrency rate loans, daily simple SOFR loans, daily simple SONIA loans and term SOFR loans will accrue interest at a rate equal to one-month EURIBOR, SOFR, or SONIA or one-month term SOFR, respectively, plus, in each case, 2.60%. The Company will pay to SMBC an unused commitment fee, payable

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**VISTA CREDIT STRATEGIC LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)**

**(dollar amounts in thousands, except share and per share data, unless otherwise stated)**

quarterly, equal to 0.35% per annum of the average unused portion of available borrowings under the SMBC Credit Facility.

The Company's obligations under the SMBC Credit Facility are secured by (i) its ability to call capital from its investors, (ii) the capital commitments and capital contributions of such investors and (iii) the bank accounts to which such capital contributions are funded into by the Company's investors. The Company has made customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. Borrowings under the SMBC Credit Facility are subject to the leverage restrictions contained in the 1940 Act. The Company was in compliance with all covenants and other requirements as of June 30, 2025 and December 31, 2024.

***DB Credit Facility***

On June 26, 2024 (the "Effective Date"), the Company entered into a loan financing and servicing agreement, (as amended, the "DB Credit Facility") by and among VCSL Funding 1, a direct wholly owned subsidiary of the Company, as borrower, the Company, as equityholder and as servicer, Deutsche Bank AG, New York Branch, as facility agent, State Street Bank and Trust Company, as collateral agent and as collateral custodian, and each of the lenders, other agents and securitization subsidiaries that are parties thereto from time to time. On December 10, 2024, the Company amended the DB Credit Facility to allow for the Company to increase the maximum commitment from $200,000 up to $350,000 upon three business day's written notice. Effective December 29, 2024 the Company increased the maximum commitment to $275,000. The Company's option to further increase the maximum commitment to $350,000 expired on March 10, 2025.

On April 7, 2025, the Company amended the DB Credit Facility to allow for the Company to increase the maximum commitment from $275,000 up to $350,000 upon two business day's written notice. Additionally, the DB Credit Facility was amended to provide that borrowings under the DB Credit Facility will bear interest at a floating rate equal to the base rate plus (i) 2.15% per annum (reduced from 2.40% per annum) during the Revolving Period, and (ii) 2.30% per annum (reduced from 2.90% per annum) following expiration of the Revolving Period for the remaining term of the DB Credit Facility. Effective May 28, 2025 the Company increased the maximum commitment to $325,000 and effective June 24, 2025, the Company further increased the maximum commitments to $350,000.

The period during which VCSL Funding 1 may request drawdowns under the DB Credit Facility (the "Revolving Period") commenced on the Effective Date and will continue through June 26, 2027 unless there is an earlier termination or event of default. The DB Credit Facility will mature on the earliest of (i) two years from the last day of the Revolving Period, (ii) the date on which the Company ceases to exist or (iii) the occurrence of an event of default.

The base rate under the DB Credit Facility is the three-month secured overnight funding rate ("Term SOFR"). A facility agent fee is payable to the facility agent each quarter and is calculated based on the aggregate commitments outstanding each day during the preceding collection period at a rate of 1/360 of 0.25% of the aggregate commitments on each day.

The DB Credit Facility is secured by all of the assets held by VCSL Funding 1. VCSL Funding 1 has made customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. The borrowings of the Company, including under the DB Credit Facility, are subject to the leverage restrictions contained in the 1940 Act. VCSL Funding 1 was in compliance with all covenants and other requirements as of June 30, 2025 and December 31, 2024.

The Company's debt obligations consisted of the following as of June 30, 2025 and December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
|  | **Total Facility** | **Borrowings<br>Outstanding** | **Unused<br>Portion**<sup>(1)</sup> | **Amount<br>Available**<sup>(2)</sup> |
| SMBC Credit Facility | $100000 | $- | $100000 | $100000 |
| DB Credit Facility | 350000 | 266100 | 83900 | 83900 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The unused portion is the amount upon which commitment fees are based.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Available for borrowing based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios.

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**VISTA CREDIT STRATEGIC LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)**

**(dollar amounts in thousands, except share and per share data, unless otherwise stated)**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Total Facility** | **Borrowings<br>Outstanding** | **Unused<br>Portion**<sup>(1)</sup> | **Amount<br>Available**<sup>(2)</sup> |
| SMBC Credit Facility | $100000 | $60250 | $39750 | $39750 |
| DB Credit Facility | 275000 | 166900 | 108100 | 75543 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The unused portion is the amount upon which commitment fees are based.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Available for borrowing based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios.

For the three and six months ended June 30, 2025 and 2024, the components of interest expense and credit facility fees were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| Interest expense | $5286 | $2317 | $9909 | $3499 |
| Facility unused commitment fee | 265 | 92 | 550 | 216 |
| Amortization of deferred financing costs | 427 | 229 | 824 | 448 |
| Total interest expense and credit facility fees | $5978 | $2638 | $11283 | $4163 |
| Cash paid for interest expense and credit facility fees | $5795 | $2202 | $10767 | $3317 |
| Weighted average contractual interest rate <sup>(1)</sup> | 6.61% | 7.92% | 6.68% | 7.97% |
| Average principal debt outstanding | $319790 | $115854 | $296687 | $87294 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Weighted average contractual interest rate for the three and six months ended June 30, 2025 and 2024 is calculated as interest expense (excluding unused commitment fees and amortization of deferred financing costs) divided by weighted average debt outstanding.

As of June 30, 2025 and December 31, 2024, the components of interest and credit facility fees payable were as follows:

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| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **June 30, 2025** | **December 31, 2024** |
| Interest expense payable | $1881 | $1376 |
| Unused commitment fee payable | 118 | 107 |
| Total interest expense and credit facility fees payable | $1999 | $1483 |

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**6.** **COMMITMENTS AND CONTINGENCIES** 

In the ordinary course of its business, the Company enters into contracts or agreements that contain indemnification or warranties. Future events could occur that lead to the execution of these provisions against the Company. The Company believes that the likelihood of such an event is remote; however, the maximum potential exposure is unknown. No accrual has been made in the consolidated financial statements as of June 30, 2025 or December 31, 2024, for any such exposure.

A summary of significant contractual payment obligations was as follows as of June 30, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments Due by Period As of June 30, 2025** | **Payments Due by Period As of June 30, 2025** | **Payments Due by Period As of June 30, 2025** | **Payments Due by Period As of June 30, 2025** | **Payments Due by Period As of June 30, 2025** |
| **<br>(in thousands)** | **Total** | **Less Than <br>1 Year** | **1 to 3<br>Years** | **3 to 5<br>Years** | **More Than<br>5 Years** |
| SMBC Credit Facility | $- | $- | $- | $- | $- |
| DB Credit Facility | 266100 | - | - | 266100 | - |

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**VISTA CREDIT STRATEGIC LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)**

**(dollar amounts in thousands, except share and per share data, unless otherwise stated)**

The Company had the following unfunded commitments to fund delayed draw, revolving senior secured loans, and other equity as of June 30, 2025 and December 31, 2024:

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| | | |
|:---|:---|:---|
|  | **Par Value as of** | **Par Value as of** |
|  | **June 30, 2025** | **December 31, 2024** |
| Delayed draw loan commitments | $90915 | $68679 |
| Revolving loan commitments | 34678 | 26594 |
| Other equity commitments | 8919 | - |
| Total unfunded commitments | $134512 | $95273 |

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**VISTA CREDIT STRATEGIC LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)**

**(dollar amounts in thousands, except share and per share data, unless otherwise stated)**

**7.** **FINANCIAL HIGHLIGHTS** 

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

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| | | |
|:---|:---|:---|
|  | **For the Six Months<br>Ended June 30,<br>2025** | **For The Six Months<br>Ended June 30,<br>2024** |
| **Per Share Data:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share, beginning of period | $19.80 | $19.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(1)</sup> | 0.84 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (loss) and change in unrealized appreciation (depreciation) on investments <sup>(2)</sup> | (0.02) | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 0.82 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder distributions from net investment income <sup>(3)</sup> | (0.96) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share, end of period | $19.66 | $19.67 |
| Number of shares outstanding, end of period | 25374033.382 | 8188088.785 |
| Total return based on net asset value <sup>(4)</sup> | 4.23% | 1.67% |
| Net assets, end of period | $498895 | $161021 |
| **Ratio to average net assets** <sup>(5)</sup>**:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses before incentive fees and waivers and reimbursements of expenses | 4.56% | 7.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses before incentive fees, after waivers and reimbursements of expenses | 4.51% | 6.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses after incentive fees, before waivers and reimbursements of expenses | 5.10% | 7.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses after incentive fees and waivers and reimbursements of expenses | 5.04% | 7.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 3.65% | 1.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense and credit facility fees | 3.14% | 3.56% |
| **Ratio/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset coverage, end of period | 287.48% | 203.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover | 4.55% | 11.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total committed capital, end of period | $746526 | $499740 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of total contributed capital to total committed capital, end of period | 66.80% | 32.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted-average shares outstanding | 15630730.305 | 5056847.904 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Net investment income (loss) per share was calculated as net investment income (loss) for the period divided by the weighted average number of shares outstanding for the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Includes the impact of different share amounts as a result of calculating certain per share data based on weighted average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)The per share data was derived using actual shares outstanding at the date of the relevant transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Total return is based on the change in net asset value per common share during the year plus the declared dividends on shares, assuming reinvestment of dividends in accordance with the dividend reinvestment plan, divided by the beginning net asset value for the year. The total return has not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)These ratios to average net assets have not been annualized. Average net assets are computed using the net assets at the end of each quarter of the reporting period.

**8.** **NET ASSETS** 

The Company has the authority to issue 500,000,000 shares of common stock at $0.01 per share par value.

As of June 30, 2025 and December 31, 2024, the Company had $247,876 and $277,876, respectively, of uncalled capital commitments from Stockholders, $0 and $15,000, respectively, of which is contingent on the Company receiving additional capital commitments, ensuring that at all times, the aggregate commitments of an individual investor does not exceed 24.99% of the Company's aggregate commitments, and $23,365 and $26,077, respectively, of which is from entities affiliated with or related to the Adviser.

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**VISTA CREDIT STRATEGIC LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)**

**(dollar amounts in thousands, except share and per share data, unless otherwise stated)**

Shares issued and outstanding as of June 30, 2025 and December 31, 2024 were 25,374,033.382 and 13,426,673.156, respectively. The following table summarizes activity in the number of shares issued and proceeds received from the Public Offering during the six months ended June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Shares Issued** | **Proceeds Received** | **Issuance Price per Share** |
| 1/6/2025 | 213131.313 | $4220 | $19.80 |
| 2/3/2025 | 273654.822 | 5391 | 19.70 |
| 3/3/2025 | 586080.184 | 11475 | 19.58 |
| 3/31/2025 | 1531393.567 | 30000 | 19.59 |
| 4/1/2025 | 563117.660 | 11031 | 19.59 |
| 5/1/2025 | 670297.282 | 13078 | 19.51 |
| 6/2/2025 | 626578.412 | 12306 | 19.64 |
| 6/30/2025 | 7439160.776 | 146254 | 19.66 |

---

The following table summarizes activity in the number of shares issued and proceeds received from the Public Offering during the six months ended June 30, 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Shares Issued** | **Proceeds Received** | **Issuance Price per Share** |
| 3/26/2024 | 2040816.328 | $40000 | $19.60 |
| 4/1/2024 | 253146.256 | 4962 | 19.60 |
| 5/10/2024 | 34351.145 | 675 | 19.65 |
| 6/3/2024 | 15997.968 | 315 | 19.69 |
| 6/27/2024 | 2033553.635 | 40000 | 19.67 |

---

The following table summarizes the Company's distributions declared during the six months ended June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Declared Date** | **Record Date** | **Payment Date** | **Dividends per Share** |
| 1/30/2025 | 1/31/2025 | 2/6/2025 | $0.1600 |
| 2/28/2025 | 2/28/2025 | 3/6/2025 | 0.1600 |
| 3/28/2025 | 3/28/2025 | 4/7/2025 | 0.1550 |
| 4/30/2025 | 4/30/2025 | 5/8/2025 | 0.1600 |
| 5/28/2025 | 5/29/2025 | 6/6/2025 | 0.1600 |
| 6/26/2025 | 6/27/2025 | 7/7/2025 | 0.1625 |

---

The following table summarizes the Company's distributions declared during the six months ended June 30, 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Declared Date** | **Record Date** | **Payment Date** | **Dividends per Share** |
| 5/1/2024 | 5/2/2024 | 5/6/2024 | $0.0200 |
| 5/30/2024 | 5/31/2024 | 6/5/2024 | 0.1500 |
| 6/24/2024 | 6/25/2024 | 7/8/2024 | 0.0900 |

---

The following table reflects the shares issued pursuant to the dividend reinvestment program during the six months ended June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Declared Date** | **Record Date** | **Payment Date** | **Shares Issued** | **Proceeds Received** | **Issuance Price per Share** |
| 12/23/2024 | 12/24/2024 | 1/8/2025 | 6383.522 | $126 | $19.79 |
| 1/30/2025 | 1/31/2025 | 2/6/2025 | 6937.876 | 137 | 19.80 |
| 2/28/2025 | 2/28/2025 | 3/6/2025 | 8056.415 | 159 | 19.70 |
| 3/28/2025 | 3/28/2025 | 4/7/2025 | 10809.051 | 212 | 19.58 |
| 4/30/2025 | 4/30/2025 | 5/8/2025 | 13377.082 | 262 | 19.59 |
| 5/28/2025 | 5/29/2025 | 6/6/2025 | 18117.545 | 353 | 19.51 |

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**VISTA CREDIT STRATEGIC LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)**

**(dollar amounts in thousands, except share and per share data, unless otherwise stated)**

The following table reflects the shares issued pursuant to the dividend reinvestment program during the six months ended June 30, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Declared Date** | **Record Date** | **Payment Date** | **Shares Issued** | **Proceeds Received** | **Issuance Price per Share** |
| 5/1/2024 | 5/2/2024 | 5/6/2024 | 39.206 | $1 | $19.65 |
| 5/30/2024 | 5/31/2024 | 6/5/2024 | 607.744 | 12 | 19.69 |

---

At the discretion of the Board, the Company has commenced a share repurchase program in which the Company intends to repurchase, in each quarter, up to 5% of the NAV of the Company's common shares outstanding as of the close of the calendar quarter prior to the applicable valuation date. The Board may amend, suspend or terminate the share repurchase program if it deems such action to be in the best interest of shareholders. As a result, share repurchases may not be available each quarter. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, and the 1940 Act. All shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under the share repurchase program, to the extent the Company offers to repurchase shares in any particular quarter, it is expected to repurchase shares pursuant to tender offers on or around the last business day of the first month of such quarter using a purchase price equal to the NAV per share as of the last calendar day of the prior quarter.

The following table presents share repurchases completed under the share repurchase program during the six months ended June 30, 2025. There were no share repurchases in 2024.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Repurchase Deadline Request** | **Total Number of Shares Repurchased** | **Percentage of Outstanding Shares Repurchased** <sup>(1)</sup> | **Price Paid per Share** | **Repurchase Pricing Date** | **Amount Repurchased** <sup>(2)</sup> |
| **Six Months Ended June 30, 2025:** | **Six Months Ended June 30, 2025:** |  |  |  |  |
| April 21, 2025 | 19735.281 | 0.12% | $19.59 | March 31, 2025 | $383 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Percentage is based on total shares as of the close of the previous calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Amount repurchased is net of any early redemption fees.

**9.** **EARNINGS PER SHARE**

The Company computes earnings per share in accordance with ASC 260. Basic earnings per share was calculated by dividing net increase (decrease) in net assets resulting from operations attributable to the Company by the weighted-average number of shares outstanding for the period. Basic and diluted earnings per share was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months<br>Ended June 30,<br>2025** | **For the Three Months<br>Ended June 30,<br>2024** | **For the Six Months<br>Ended June 30,<br>2025** | **For the Six Months<br>Ended June 30,<br>2024** |
| Net increase (decrease) in net assets resulting from operations | $9624 | $1657 | $13450 | $1958 |
| Weighted average shares outstanding | 17253088.890 | 6194767.666 | 15630730.305 | 5056847.904 |
| Basic and diluted earnings (loss) per share | $0.56 | $0.27 | $0.86 | $0.39 |

---

**10.** **SEGMENT REPORTING**

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. The chief operating decision

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**VISTA CREDIT STRATEGIC LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)**

**(dollar amounts in thousands, except share and per share data, unless otherwise stated)**

maker("CODM") is comprised of the Company's chief executive officer and chief financial officer. The CODM assesses the performance of the Company and makes operating decisions on a consolidated basis, primarily based on the Company's net increase in net assets resulting from operations ("net income"). 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 stockholders. As the Company's operations comprise of a single reporting segment, the segment assets are reflected on the accompanying Consolidated Statements of Assets and Liabilities as Total Assets and the significant segment expenses are listed on the accompanying Consolidated Statements of Operations.

**11.** **SUBSEQUENT EVENTS** 

The Company's management evaluated subsequent events through the date the consolidated financial statements were available to be issued. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, these consolidated financial statements, except as discussed below.

On July 18, 2025, the Company amended the DB Credit Facility to increase the maximum principal amount available under the DB Credit Facility from $350,000 to $450,000 and provide that the Company may further increase such maximum principal amount to $500,000, subject to satisfaction of customary conditions precedent, as set forth in Section 2.8 to the DB Credit Facility.

On July 29, 2025, the Company redeemed 552.620 shares for total proceeds of $11 subject to a tender offer filed with the SEC on June 24, 2025.

On July 31, 2025 the Company declared a distribution for our common stock of $0.1625 per share, payable on August 8, 2025 to shareholders of record as of July 31, 2025.

As of August 1, 2025, the Company sold shares of our common stock with the final number of shares being determined within 20 business days. The sale of shares were pursuant to $73,500 of subscription agreements entered into by the Company and its investors.

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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 "*ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS*". This discussion contains forward-looking statements, which relate to future events or the future performance or financial condition of Vista Credit Strategic Lending Corp. (the "Company") and involves numerous risks and uncertainties, including, but not limited to, those described in "ITEM 1A. RISK FACTORS" in the Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on March 14, 2025. This discussion also should be read in conjunction with the "Forward Looking Statements" appearing elsewhere in this Quarterly Report on Form 10-Q. Actual results could differ materially from those implied or expressed in any forward- looking statements.

**Overview**

We were incorporated under the laws of the State of Maryland on March 15, 2022. We have elected to be treated as a business development company (a "BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). We have also elected to be treated, and intend to qualify annually, as a regulated investment company (a "RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code") for U.S. federal income tax purposes. As a BDC, we are required to comply with various regulatory requirements, such as the requirement to invest at least 70% of our assets in "qualifying" assets, source of income limitations, asset diversification requirements and the requirement to distribute annually at least 90% of our taxable income and tax-exempt interest.

Our investment objective is to generate current income and, to a lesser extent, capital appreciation by investing in a portfolio of investments that primarily consist of senior or subordinated debt, preferred stock or other interests senior to common equity as well as equity securities (or rights to acquire equity securities) acquired in connection with debt financing transactions in management buyouts, recapitalizations and other opportunities. Our investment strategy is intended to generate favorable returns across credit cycles with an emphasis on preserving capital. To achieve our investment objective, we leverage an extensive network of relationships with other sophisticated institutions to source, evaluate and, as appropriate, partner with on transactions. There are no assurances that we will achieve our investment objective.

We invest in "middle market companies," which we define to generally mean companies with earnings before interest, taxes, depreciation, and amortization ("EBITDA") of less than $250 million annually, and/or annual revenue of $25 million to $2.5 billion at the time of investment, in the enterprise software, data and technology-enabled business sectors, which focus on designing and implementing software solutions specifically to meet the needs of large, complex organizations. We may on occasion invest in smaller or larger companies if an attractive opportunity presents itself, especially when we believe that there are dislocations in the capital markets such that assets are mispriced on an absolute or relative basis, including the high yield and syndicated loan markets. We generally invest in companies with a low loan-to-value ratio, which we consider to be 50% or below. The loan-to-value ratio measures the relationship between our investment and the enterprise value of the related borrower/issuer (i.e., the aggregate assets securing the investment). The enterprise value of our borrowers typically range from $500 million to over $5.0 billion. Our target credit investments will typically have maturities between three and seven years with an average duration between three and five years and generally range in size between $10 million and $75 million. The investment size will vary based on numerous factors, including the size of our capital base.

We generally invest in securities that have been rated below investment grade by independent rating agencies or that would be rated below investment grade if they were rated. These securities, which are often referred to as "junk," have predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. In addition, many of our debt investments have floating interest rates that reset on a periodic basis and typically will not fully pay down principal prior to maturity, which could increase our risk of losing part or all of our investment. Under normal circumstances, we invest at least 80% of our total assets (net assets plus borrowings for investment purposes) in credit investments (loans, bonds and other credit instruments). Our credit investments will typically consist of first lien, unitranche, and second lien debt facilities, and may include mezzanine debt, any of which may be "covenant-lite" (i.e., loans that do not have a complete set of financial maintenance covenants).

On June 16, 2023, Vista Credit BDC Management, L.P. (our "Adviser"), purchased 1,250.000 shares of our common stock at $20.00 per share, which represented the initial public offering price of such shares.

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On September 8, 2023 and September 22, 2023, we held our initial closings and entered into subscription agreements with investors providing for the private placement of our shares of common stock. As of June 30, 2025, we had received capital commitments totaling $746.5 million. As of June 30, 2025, we have issued 25,374,033.387 shares of our common stock, for gross proceeds of $500.1 million.

Total capital commitments as of June 30, 2025, include a $50.0 million capital commitment from VHG Capital, L.P., an entity affiliated with us and the Adviser. As of June 30, 2025, VHG Capital, L.P. had purchased 1,346,958.815 shares of common stock for a total purchase price of $26.6 million.

***Investments***

Our level of investment activity (both the number of investments and the size of each investment) varies substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle-market companies, the level of merger and acquisition activity for such companies, the general economic environment and the competitive environment for the types of investments we make.

In addition, as part of our risk strategy on investments, we may reduce the levels of certain investments through partial sales or syndication to additional lenders.

***Revenues***

We generate revenues primarily in the form of interest income from the debt securities we hold and dividends and capital appreciation on either direct equity investments or equity interests obtained in connection with originating loans, such as options, warrants or conversion rights. Discounts from and premiums to par value on investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. To the extent loans contain payment-in-kind ("PIK") provisions, PIK interest, computed at the contractual rates is accrued and recorded as interest income and added to the principal balance of the loan. PIK interest income added to the principal balance is generally collected upon repayment of the outstanding principal. Repayments of our debt investments can reduce interest income from period to period. The frequency or volume of these repayments may fluctuate significantly. In addition, we may also generate revenue in the form of commitment, loan origination, structuring or diligence fees, fees for providing managerial assistance to our portfolio companies and possibly consulting fees. Certain of these fees may be capitalized and amortized as additional interest income over the life of the related loan. Our target credit investments will typically have maturities between three and seven years.

Many of our debt investments will typically not fully pay down principal prior to maturity and have floating interest rates that reset on a periodic basis, usually determined on the basis of a benchmark such as the Secured Overnight Financing Rate ("SOFR") and any other alternative reference rates which may affect our net investment income over the long term and increase the risk of losing part or all of the investment.

Dividend income on preferred equity is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. To the extent a preferred equity contains PIK provisions, PIK dividends, computed at the contractual rates, are accrued and recorded as dividend income and added to the principal balance of the preferred equity. PIK dividends added to the principal balance are generally collected upon redemption of the equity.

Our investment transactions will also reflect the proceeds from repayment or sales of investments. We will recognize realized gains or losses on investments based on the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. Unrealized gains or losses primarily reflect the change in investment values, including the reversal of previously recorded unrealized gains or losses when gains or losses are realized.

***Expenses***

Our primary operating expenses include the payment of the management fee, incentive fee, expenses reimbursable under the agreements between us and our Adviser, including an administration agreement (the "Administration

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Agreement") and an investment advisory agreement (the "Investment Advisory Agreement"), legal and professional fees, interest and other debt expenses, offering and organization expenses, and other operating expenses.

We expect, but cannot ensure, that our general and administrative expenses will increase in dollar terms during periods of asset growth but will decline as a percentage of total assets during such periods.

**Portfolio and Investment Activity**

***Portfolio Composition***

Vista Credit Partners invests across three primary strategies. FounderDirect refers to directly originated credit investments in non-sponsored enterprise software companies where there is no single financial institution that owns more than 50% economic ownership or governance control. These are typically senior secured loans made to companies that have matured beyond the early stage and are seeking less dilutive capital to support continued growth, acquisitions, or shareholder liquidity. Sponsor Credit focuses on senior secured loans to sponsor-backed software businesses, leveraging Vista's domain expertise and sponsor relationships to structure deals with strong protections. Syndicated Credit includes select participations in broadly syndicated first-lien loans to larger software companies, providing diversification and liquidity across the portfolio.

As of June 30, 2025 and December 31, 2024, our portfolio by investment strategy at fair value was comprised of the following:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of June 30, 2025** | **As of June 30, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
| *(In thousands)* | **Fair<br>Value** | **% of Total<br>Value** | **Fair<br>Value** | **% of Total<br>Value** |
| Sponsor Credit | $446426 | 60.5% | $298630 | 58.9% |
| Founder Direct | 153861 | 20.9 | 88942 | 17.6 |
| Syndicated Credit | 136879 | 18.6 | 119002 | 23.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $737166 | 100.0% | $506574 | 100.0% |

---

Below is a summary of certain characteristics of our investment portfolio as of June 30, 2025 and December 31, 2024. These calculations include all debt investments, as applicable, for which fair value is determined by the Adviser, in conjunction with third-party valuation firms, and excludes non-accrual assets. Amounts are weighted based on fair market value of each respective investment. Portfolio company information utilized in certain calculations was derived from the most recently available portfolio company financial statements, which has not been independently reviewed by us, and may reflect a normalized or adjusted amount. Accordingly, we make no representation or warranty in respect of this information. Revenues, EBITDA, gross margins, and EBITDA margins reported by our portfolio companies and used in the calculations below are generally for the trailing twelve-month period.

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| | | |
|:---|:---|:---|
|  | **As of June 30, <br>2025** | **As of December 31, 2024** |
| Number of investments | 91 | 72 |
| Number of portfolio companies | 38 | 31 |
| Weighted average loan-to-value ("LTV")<sup>(1)</sup> | 35.7% | 36.5% |
| Weighted average gross margin<sup>(2)</sup> | 66.5% | 68.0% |
| Weighted average EBITDA margin<sup>(3)</sup> | 36.3% | 34.9% |
| Weighted average yield to maturity ("YTM")<sup>(4)</sup> | 10.7% | 10.5% |
| **Percentage of total investments at fair value** |  |  |
| First-lien debt | 98.5% | 98.8% |
| Preferred and Other Equity | 1.5% | 1.2% |
| **Percentage of debt investments at fair value** |  |  |
| Floating rate<sup>(5)</sup> | 100.0% | 100.0% |
| Fixed interest rate | 0.0% | 0.0% |

---

<sup>(1)</sup> LTV is the ratio of total debt minus cash, divided by the estimated enterprise value or value of the underlying collateral of the portfolio company. Total debt only includes the debt issued through the tranche in which we are a lender and excludes any debt that is legally and contractually subordinated in ranking to the debt owned by us. We believe this calculation method assists in describing the risk of our portfolio investments, as it takes into consideration the contractual rights of repayment of the tranche of debt owned by us relative to other senior and junior creditors of a

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portfolio company. "Value" represents an estimate of enterprise value of each portfolio company, a calculation that will vary by portfolio company.

<sup>(2)</sup> Gross margin is calculated as gross profit divided by total revenue of the portfolio company. Excludes two portfolio company investments where gross margin is not reported by the portfolio company.

<sup>(3)</sup> EBITDA margin is calculated as EBITDA divided by total revenue of the portfolio company. Excludes seven and five portfolio company investments as of June 30, 2025 and December 31, 2024, respetively, where EBITDA margin may not be the appropriate measure of credit risk as the investments were underwritten and covenanted based on recurring revenue as opposed to EBITDA.

<sup>(4)</sup> YTM is calculated based on the amortized cost and contractual interest rate for the investment at the end of the applicable reporting period, and assumes the investment is held until the sooner of actual maturity or a three-year assumed life with no prepayments or losses and exited at par at maturity.

<sup>(5)</sup> Primarily subject to interest rate floors.

Our investment activity for the three and six months ended June 30, 2025 and 2024 is presented below (information presented herein is at amortized cost unless otherwise indicated):

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| | | | | |
|:---|:---|:---|:---|:---|
| *(In thousands)* | **For the Three Months<br>Ended June 30, 2025** | **For the Three Months<br>Ended June 30, 2024** | **For the Six Months<br>Ended June 30, 2025** | **For the Six Months<br>Ended June 30, 2024** |
| **Investments:** |  |  |  |  |
| Total investments at amortized cost, beginning of period | $597969 | $180078 | $504119 | $104685 |
| New investments purchased | 138614 | 97108 | 257185 | 185805 |
| Net accretion of discount on investments | 442 | 102 | 798 | 305 |
| PIK interest capitalized | 241 | 51 | 292 | 53 |
| Investments sold or repaid | (3033) | (8280) | (28161) | (21789) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total investments at amortized cost, end of period** | $734233 | $269059 | $734233 | $269059 |

---

The industry<sup>(1)</sup> compositions of the portfolio at amortized cost and fair value as of June 30, 2025 and December 31, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of June 30, 2025** | **As of June 30, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Amortized<br>Cost** | **Fair<br>Value** | **Amortized<br>Cost** | **Fair<br>Value** |
| Automobiles & Automobile Parts | 8.3% | 8.1% | 5.8% | 5.8% |
| Data & Analytics | 9.5 | 9.6 | 13.9 | 13.9 |
| Diversified Business Services | 2.1 | 2.1 | 2.8 | 2.8 |
| Diversified Consumer Services | 1.0 | 1.0 | - | - |
| Diversified Financial Institutions & Services | 13.1 | 13.2 | 3.4 | 3.4 |
| Diversified Software | 4.5 | 4.6 | 6.5 | 6.5 |
| Education | 1.8 | 1.8 | - | - |
| Financials | 0.1 | 0.1 | - | - |
| Government & Public Service | 6.0 | 6.0 | 4.3 | 4.4 |
| Government, Risk & Compliance | 2.0 | 2.0 | 2.9 | 2.9 |
| Healthcare IT & Technology | 2.0 | 2.0 | 2.9 | 3.0 |
| Hotels, Restaurants & Leisure | 2.4 | 2.5 | 3.2 | 3.2 |
| Infrastructure Software & DevOps | 6.6 | 6.5 | 3.9 | 3.9 |
| Insurance | 4.0 | 4.0 | 5.6 | 5.5 |
| IT Security | 2.5 | 2.5 | 3.3 | 3.3 |
| IT Services & IT Systems Management (Ex-Security) | 16.1 | 16.1 | 16.9 | 16.9 |
| Media, Entertainment & Publishing | 2.4 | 2.2 | 3.5 | 3.5 |
| Real Estate | 6.0 | 6.0 | 4.6 | 4.7 |
| Telecom Services & IT Hardware | 3.0 | 2.9 | 6.7 | 6.6 |
| Transportation, Logistics & Supply Chain | 4.4 | 4.5 | 6.4 | 6.4 |
| Utilities & Utility Equipment and Services | 2.3 | 2.3 | 3.2 | 3.3 |
| **Total** | 100.0% | 100.0% | 100.0% | 100.0% |

---

<sup>(1)</sup> The Company uses an internally developed industry classification system which was developed using the Global Industry Classification Standard (GICS®) as a reference. All investments are ultimately focused in enterprise software, data and technology-enabled business sectors.

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As of June 30, 2025 and December 31, 2024, investments consisted of the following:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of June 30, 2025** | **As of June 30, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Amortized<br>Cost** | **Fair<br>Value** | **Amortized<br>Cost** | **Fair<br>Value** |
| First-Lien Term Loans | $724149 | $726387 | $498055 | $500587 |
| Other Equity | 5351 | 5979 | 1332 | 1247 |
| Preferred Equity | 4733 | 4800 | 4732 | 4740 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $734233 | $737166 | $504119 | $506574 |

---

The weighted average investment income yields<sup>(1)</sup> for our first lien debt, based on the amortized cost and fair value were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Year Ended <br>December 31, 2024** | **For the Year Ended <br>December 31, 2024** |
|  | **Amortized<br>Cost** | **Fair<br>Value** | **Amortized<br>Cost** | **Fair<br>Value** |
| First-Lien debt | 10.3% | 10.3% | 11.0% | 11.0% |

---

<sup>(1)</sup> The investment income yield is calculated as (a) the actual amount earned on earning debt investments, including interest and fee income and amortization of capitalized fees and discounts, divided by the weighted average of total earning debt investments.

As of June 30, 2025, all of our first-lien debt investments were performing and current on their interest payments.

As part of the monitoring process, our Adviser has developed risk assessment policies pursuant to which it regularly assesses the risk profile of each of our debt investments and rates each of them based on the following categories, which we refer to as "Internal Risk Ratings." Pursuant to these risk policies, an Internal Risk Rating of 1 to 4, which ratings are defined below, is assigned to each debt investment in our portfolio. Key drivers of internal risk ratings include financial metrics, financial covenants, liquidity and enterprise value coverage.

**<u>Internal Risk Ratings Definitions</u>**

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| | |
|:---|:---|
| **<u>Rating</u>** | &nbsp;&nbsp;**<u>Description</u>** |
| 1 | &nbsp;&nbsp;Investments with a grade of 1 involve the least amount of risk to our initial cost basis. The trends and risk factors for this investment since origination or acquisition are generally favorable, which may include the performance of the portfolio company or a potential exit.  |
| 2 | &nbsp;&nbsp;Investments with a grade of 2 involve a level of risk to our initial cost basis that is similar to the risk to our initial cost basis at the time of origination or acquisition. This portfolio company is generally performing as expected and/or unchanged; and the risk factors to our ability to ultimately recoup the cost of our investment are neutral to favorable. There is no concern about repayment of both interest and our costs basis. All investments or acquired investments in new portfolio companies are initially assessed a grade of 2.  |
| 3 | &nbsp;&nbsp;Investments with a grade of 3 indicate that the portfolio company is performing materially below expectations and the risk to our ability to recoup the initial cost basis of such investment has increased materially since origination or acquisition, including as a result of other factors such as non-compliance with debt covenants; however, payments are generally not more than 120 days past due.  |
| 4 | &nbsp;&nbsp;Investments with a grade 4 indicate that the risk to our ability to recoup the initial cost basis of such investment has substantially increased since origination or acquisition, and the portfolio company likely has materially declining performance. For debt investments with an investment grade of 4, most or all of the debt covenants are out of compliance and payments are substantially delinquent. For investments graded 4, it is anticipated that we will not recoup our initial cost basis and may realize a substantial loss of our initial cost basis upon exit. |

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Our Adviser monitors and, when appropriate, changes the risk ratings assigned to each debt investment in our portfolio. Our Adviser reviews our investment ratings in connection with our quarterly valuation process. The below table summarizes the Internal Risk Ratings assigned as of June 30, 2025 and December 31, 2024.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of June 30, 2025** | **As of June 30, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
| *(In thousands)* | **Fair<br>Value** | **% of Fair<br>Value** | **Fair<br>Value** | **% of Fair<br>Value** |
| Internal Risk Rating 1 | $57784 | 7.8% | $47953 | 9.5% |
| Internal Risk Rating 2 | 679382 | 92.2 | 458621 | 90.5 |
| Internal Risk Rating 3 <sup>(1)</sup> | - | - | - | - |
| Internal Risk Rating 4 | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $737166 | 100.0% | $506574 | 100.0% |

---

<sup>(1)</sup> One investment was inadvertently previously presented in the Internal Risk Rating "3" category as of December 31, 2024. The table has been updated to correctly identify the investment in the Internal Risk Rating "2" category.

As of June 30, 2025 and December 31, 2024, the weighted average Internal Risk Rating of our investment portfolio was 1.92 and 1.93, respectively.

**Consolidated Results of Operations**

*For the three and six months ended June 30, 2025 and 2024*

Net increase (decrease) in net assets resulting from operations varies from period to period as a result of various factors, including the level of new investment commitments, expenses, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio. In addition, as we have continued to raise and deploy capital, we have experienced significant growth in total assets, total liabilities and net assets since commencing operations in the fourth quarter of 2023. As a result, year-over-year comparisons of operating results may not be meaningful.

**Investment Income**

Investment income for the three and six months ended June 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In thousands)* | **For the Three Months Ended June 30, 2025** | **For the Three Months Ended June 30, 2024** | **For the Six Months Ended<br>June 30, 2025** | **For the Six Months Ended<br>June 30, 2024** |
| First-lien debt | $17118 | $6454 | $30889 | $9974 |
| Preferred stock dividends | 193 | - | 384 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | $17311 | $6454 | $31273 | $9974 |

---

Interest income on our debt investments is dependent on the composition and credit quality of the portfolio. Generally, we expect the portfolio to generate predictable quarterly interest income based on the terms stated in each loan's credit agreement. As of June 30, 2025, there were no debt investments on non-accrual status.

Total investment income increased from $6.5 million for the three months ended June 30, 2024 to $17.3 million for the three months ended June 30, 2025 due to the increase in our investment portfolio from $269.1 at June 30, 2024 to $737.2 million at June 30, 2025. Our weighted average investment income yield on total investments at amortized cost and fair value was 10.3% and 10.3%, respectively, as of June 30, 2025, and 11.0% and 11.0%, respectively, as of December 31, 2024. The decrease in the weighted average yield on total investments was primarily due to a decline in the underlying Secured Overnight Financing Rate ("SOFR") that is utilized to set the interest rate our variable rate loans.

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Net investment income after giving effect to any expenses support and waivers of expenses for the three and six months ended June 30, 2025 and 2024 was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| *(In thousands)* | **For the Three Months Ended June 30, 2025** | **For the Three Months Ended June 30, 2024** | **For the Six Months Ended<br>June 30, 2025** | **For the Six Months Ended<br>June 30, 2024** |
| Total investment income | $17311 | $6454 | $31273 | $9974 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 10189 | 5243 | 18335 | 9000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense support and waivers | (79) | (313) | (188) | (626) |
| Net expenses after expense support and waivers | 10110 | 4930 | 18147 | 8374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income** | $7201 | $1524 | $13126 | $1600 |

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Waiver of expenses for the three months ended June 30, 2025 are due to voluntarily waived costs and expenses due to the Advisor under the Administration Agreement. Waivers and reimbursement of expenses for the three months ended June 30, 2024 represents the amounts reimbursed by the Adviser pursuant to the Expense Support Agreement. See Note 4, Related-Party Transactions, to the consolidated financial statements included in Part I, Item 1, of this Quarterly Report on Form 10-Q for more information on the expense waivers and reimbursement of expenses.

**Expenses**

Expenses for the three and six months ended June 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| ***(In thousands)*** | **For the Three Months Ended June 30, 2025** | **For the Three Months Ended June 30, 2024** | **For the Six Months Ended<br>June 30, 2025** | **For the Six Months Ended<br>June 30, 2024** |
| **Expenses:** |  |  |  |  |
| Interest expense and credit facility fees | $5978 | $2638 | $11283 | $4163 |
| Management fees | 1053 | 379 | 1907 | 619 |
| Incentive fees | 1375 | 237 | 1922 | 265 |
| Professional fees | 555 | 477 | 1011 | 916 |
| Other general and administrative expenses | 671 | 333 | 1193 | 697 |
| Administrative service fees | 329 | 404 | 648 | 807 |
| Offering costs | 86 | 640 | 107 | 1269 |
| Directors fees | 84 | 73 | 150 | 141 |
| Insurance costs | 58 | 62 | 114 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses before expense support and waivers | 10189 | 5243 | 18335 | 9000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense support and waivers | (79) | (313) | (188) | (626) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net expenses after expense support and waivers** | $10110 | $4930 | $18147 | $8374 |

---

Interest expense and credit facility fees represents interest and fees incurred under the Credit Facilities (defined below). Organization and offering costs include expenses incurred in the initial formation of the Company and in the offering of our common stock. Professional fees include legal, rating agencies, tax, valuation, technology and other professional fees incurred related to the management of the Company. Administrative service fees represent fees paid to the Administrator for our allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement, including our allocable portion of the cost of certain of our executive officers and their respective staff. Other general and administrative expenses include sub-administrative service fees, filing, research, subscriptions, and other costs. Sub-administrative service fees represent fees paid to State Street Bank and Trust Company pursuant to the State Street Sub-Administration Agreement. Waivers and reimbursements of expenses represent the amounts reimbursed by the Adviser pursuant to the Expense Support Agreement.

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The following table presents a summary of the Expense Payments and reimbursements of Expense Payments since our inception:

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| | | | |
|:---|:---|:---|:---|
| **As of (In thousands)** | **Expense Payments <br>Incurred by Adviser** | **Reimbursement <br>Payments to Adviser** | **Unreimbursed <br>Expense Payments** |
| June 30, 2025 | $3000 | $- | $3000 |
| December 31, 2024 | 3000 | - | 3000 |

---

Under the terms of the Administration Agreement, we reimburse the Adviser for services performed for us. In addition, pursuant to the terms of the Administration Agreement, the Adviser may delegate its obligations under the Administration Agreement to an affiliate or to a third party and we reimburse the Adviser for any services performed for us by such affiliate or third party. We have entered into an expense support agreement with the Adviser. The Adviser may elect to pay the certain expenses on our behalf (the "Expense Payments"), provided that no portion of the payment will be used to pay any interest expense or distribution and/or servicing fees incurred by us. Any Expense Payment that the Adviser has elected to pay must be paid by the Adviser to us in any combination of cash or other immediately available funds no later than 45 days after such election was made in writing, and/or offset against amounts due from us to the Adviser or its affiliates.

**Net Realized Gains (Losses) and Net Change in Unrealized Appreciation (Depreciation) on Investments**

Net realized gain (loss) and net change in unrealized appreciation (depreciation) for the three and six months ended June 30, 2025 and 2024 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| *(In thousands)* | **For the Three Months Ended June 30, 2025** | **For the Three Months Ended June 30, 2024** | **For the Six Months Ended<br>June 30, 2025** | **For the Six Months Ended<br>June 30, 2024** |
| Net realized gain (loss) on investments | $(18) | $- | $(154) | $- |
| Net change in unrealized appreciation (depreciation) on investments | 2441 | 133 | 478 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net realized and unrealized gain (loss) on investments** | $2423 | $133 | $324 | $358 |

---

During the three and six months ended June 30, 2025, we recorded a realized loss on three investments totaling approximately $(18) thousand and $(154) thousand, respectively. During the three and six months ended June 30, 2025, we recorded unrealized appreciation on 77 and 74 investments totaling approximately $2.8 million and $3.5 million, respectively, and unrealized depreciation on 32 and 37 investments of approximately $(0.3) million and $(3.0) million, respectively. During the three and six months ended June 30, 2024, we recorded unrealized appreciation on 35 and 28 investments totaling approximately $398 thousand and $1,402 thousand, respectively, and unrealized depreciation on 12 and 19 investments of approximately $(265) thousand and $(1,044) thousand, respectively.

***Income Taxes, Including Excise Taxes***

We have elected to be treated and intend to qualify annually to maintain our election to be treated, as a RIC under Subchapter M of the Code. To maintain our RIC tax election, we must, among other requirements, meet certain annual source-of-income and quarterly asset diversification requirements. We also must annually distribute dividends for U.S. federal income tax purposes to our stockholders out of the assets legally available for distribution of an amount generally at least equal to 90% of the sum of our investment company taxable income, determined without regard to any deduction for dividends paid.

If we fail to distribute in a timely manner an amount at least equal to the sum of (1) 98% of our ordinary income for the calendar year, (2) 98.2% of our capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in the preceding year (to the extent that income tax was not imposed on such amounts) less certain over-distributions in prior years (together, the "Excise Tax Distribution Requirements"), we will be liable for a 4% nondeductible excise tax on the portion of the undistributed amounts of such income that are less than the amounts required to be distributed based on the Excise Tax Distribution Requirements. For this purpose, however, any ordinary income or capital gain net income retained by us that is subject to corporate income tax for the tax year ending in that calendar year will be considered to have been distributed by year end

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(or earlier if estimated taxes are paid). We currently intend to make sufficient distributions each taxable year to satisfy the Excise Tax Distribution Requirements.

We did not incur any excise tax expense for any of the periods presented.

**Liquidity and Capital Resources**

We generate cash primarily from (i) the net proceeds of capital drawdowns of our privately placed capital commitments, (ii) cash flows from our operations, (iii) our existing financing arrangements and any additional financing arrangements we may enter into in the future and (iv) any future offerings of our equity or debt securities. We may fund a portion of our investments through borrowings from banks and issuances of senior securities. Our primary use of cash is for (a) investments in portfolio companies and other investments to comply with certain portfolio diversification requirements, (b) the cost of operations (including paying the Adviser), (c) debt service of any borrowings, (d) cash distributions to the holders of our common stock and (e) repurchases of our common stock. We believe our current cash position and net cash provided by operating activities, along with capital drawdowns from the private offering of our common stock and borrowings from financial institutions, will provide us with sufficient resources to meet our obligations and continue to support our investment objectives, including reserving for the capital needs that may arise at our portfolio companies, for the next 12 months and beyond.

As of June 30, 2025 and December 31, 2024, we had $33.4 million and $33.3 million, respectively, in cash, cash equivalents and restricted cash. For the six months ended June 30, 2025, our cash and cash equivalents balance increased by $70 thousand. During that period, $(256.6) million was used in operating activities, primarily due to investment purchases of $(298.4) million, offset by $28.0 million in repayments of investments in portfolio companies. During the same period, $256.6 million was provided by financing activities, consisting primarily of proceeds from issuance of shares of common stock of $233.8 million and net proceeds from secured borrowings of $38.9 million.

We are generally permitted, under specified conditions, to issue multiple classes of indebtedness and one class of stock senior to the Common Stock if our asset coverage, as defined in the 1940 Act, would be at least equal to 200% immediately after each such issuance. However, recent legislation has modified the 1940 Act by allowing a BDC to increase the maximum amount of leverage it may incur from an asset coverage ratio of 200% to an asset coverage ratio of 150%, if certain requirements are met. On June 16, 2023, our Stockholders approved a proposal that allows us to reduce our asset coverage ratio to 150%, which proposal was effective as of June 17, 2023. This means that generally, we can borrow up to $2 for every $1 of investor equity. Asset coverage ratio per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage ratio per unit is expressed in terms of dollar amounts per $1,000 of indebtedness. As of June 30, 2025, asset coverage was 287.5% and the asset coverage per unit was $2,875.

On November 14, 2023, we entered into a revolving credit facility (as amended, the "SMBC Credit Facility") with Sumitomo Mitsui Banking Corporation ("SMBC"). Effective October 4, 2024, we decreased the maximum borrowing capacity under the SMBC credit facility from $200.0 million to $100.0 million. Borrowings under the SMBC Credit Facility may be base rate loans, eurocurrency loans or risk-free rate loans (i.e., loans bearing interest based on SOFR or the Sterling Overnight Interbank Average Rate ("SONIA")). For any base rate loan, the applicable margin will be 1.60% plus the highest of (a) the federal funds rate plus 50 basis points (0.50%); (b) the prime rate; or (c) except during any period during which the applicable SOFR is unavailable, the applicable SOFR in effect on such day plus 105 basis points (1.05%). Eurocurrency rate loans, daily simple SOFR loans, daily simple SONIA loans and term SOFR loans will accrue interest at a rate equal to one-month Euro Interbank Offered Rate ("EURIBOR"), SOFR, or SONIA or one-month term SOFR, respectively, plus, in each case, 2.60%. The Company will pay to SMBC an unused commitment fee, payable quarterly, equal to 0.35% per annum of the average unused portion of available borrowings under the SMBC Credit Facility.

Our obligations under the SMBC Credit Facility are secured by (a) our ability to call capital from stockholders, (b) the capital commitments and capital contributions of stockholders and (c) the bank accounts to which such capital contributions are funded into by stockholders. We have made customary representations and warranties and are required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. Borrowings under the SMBC Credit Facility are subject to the leverage restrictions contained in the 1940 Act, as amended.

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On June 26, 2024 (the "Effective Date") we entered into a loan financing and servicing agreement (as amended, the "DB Credit Facility") with Deutsche Bank AG through our wholly owned and consolidated subsidiary, VCSL Funding 1 LLC ("VCSL Funding 1"). As of June 30, 2025 and December 31, 2024, the maximum commitment was $350.0 million and $275.0 million, respectively. The period during which VCSL Funding 1 may request drawdowns under the DB Credit Facility (the "Revolving Period") commenced on the Effective Date and will continue through June 26, 2027 unless there is an earlier termination or event of default. The DB Credit Facility will mature on the earliest of (i) two years from the last day of the Revolving Period, (ii) the date on which the Company ceases to exist or (iii) the occurrence of an event of default.

On April 7, 2025, we amended the DB Credit Facility to provide that borrowings under the DB Credit Facility will bear interest at a floating rate equal to the base rate plus (i) 2.15% per annum (reduced from 2.40% per annum) during the Revolving Period, and (ii) 2.30% per annum (reduced from 2.90% per annum) following expiration of the Revolving Period for the remaining term of the DB Credit Facility. The base rate under the DB Credit Facility is three-month SOFR. A facility agent fee is payable to the facility agent each quarter and is calculated based on the aggregate commitments outstanding each day during the preceding collection period at a rate of 1/360 of 0.25% of the aggregate commitments on each day.

The DB Credit Facility is secured by all of the assets held by VCSL Funding 1. VCSL Funding 1 has made customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. Our borrowings, including those under the DB Credit Facility, are subject to the leverage restrictions contained in the 1940 Act.

Although we believe that we will remain in compliance, there are no assurances that we will continue to comply with the covenants in the SMBC Credit Facility and the DB Facility (collectively the "Credit Facilities"), as applicable. Failure to comply with these covenants could result in a default under one or both of the Credit Facilities that, if we were unable to obtain a waiver from the applicable lenders, could result in the immediate acceleration of the amounts due under the one or both of the Credit Facilities, and thereby have a material adverse impact on our business, financial condition and results of operations. Moreover, to the extent that we cannot meet our financing obligations, we risk the loss of some or all of our assets to liquidation or sale to satisfy the obligations. In such an event, we may be forced to sell assets at significantly depressed prices due to market conditions or otherwise, which may result in losses.

As of June 30, 2025, we were in compliance in all material respects with the terms of our Credit Facilities. For more information on the Credit Facilities, see Note 5. Borrowings, to the consolidated financial statements in Part I, Item 1, of this Quarterly Report on Form 10-Q.

The Credit Facilities consisted of the following as of June 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
| *(In thousands)* | **Total<br>Facility** | **Borrowings<br>Outstanding** | **Unused<br>Portion**<sup>(1)</sup> | **Amount<br>Available**<sup>(2)</sup> |
| SMBC Credit Facility | $100000 | $- | $100000 | $100000 |
| DB Facility | 350000 | 266100 | 83900 | 83900 |

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<sup>(1)</sup> The unused portion is the amount upon which unused commitment fees are based.

<sup>(2)</sup> Available for borrowing based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and borrowing base calculations.

The Credit Facilities consisted of the following as of December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| *(In thousands)* | **Total<br>Facility** | **Borrowings<br>Outstanding** | **Unused<br>Portion**<sup>(1)</sup> | **Amount<br>Available**<sup>(2)</sup> |
| SMBC Credit Facility | $100000 | $60250 | $39750 | $39750 |
| DB Facility | 275000 | 166900 | 108100 | 75543 |

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<sup>(1)</sup> The unused portion is the amount upon which unused commitment fees are based.

<sup>(2)</sup> Available for borrowing based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and borrowing base calculations.

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***Equity***

As of June 30, 2025, we had $247.9 million of uncalled capital commitments from stockholders, including $23.4 million from entities affiliate with or related to our Adviser.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| *(In thousands)* | **Capital<br>Commitments** | **Unfunded<br>Capital<br>Commitments** | **% of <br>Capital<br>Commitments <br>Funded** | **Capital<br>Commitments** | **Unfunded<br>Capital<br>Commitments** | **% of <br>Capital<br>Commitments<br>Funded** |
| Common Stock | $746526 | $247876 | 66.8% | $528140<br><sup>(1)</sup> | $262876 | 50.2% |

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<sup>(1)</sup> Excludes $15.0 million as of December 31, 2024, of capital commitments that are contingent on us receiving additional capital commitments, ensuring that at all times, the aggregate commitments of an individual investor do not exceed 24.99% of our aggregate commitments.

*Subscriptions and Drawdowns*

We have the authority to issue 500,000,000 shares of common stock at $0.01 per share par value.

Shares issued as of June 30, 2025 were 25,374,033.387. The following table summarizes activity in the number of shares issued (excludes shares issued via our dividend reinvestment plan) during the six months ended June 30, 2025:

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| | | | |
|:---|:---|:---|:---|
| **Date** | **Shares<br>Issued** | **Proceeds<br>Received<br>(In thousands)** | **Issuance<br>Price per<br>Share** |
| 1/6/2025 | 213131.313 | $4220 | $19.80 |
| 2/3/2025 | 273654.822 | 5391 | 19.70 |
| 3/3/2025 | 586080.184 | 11475 | 19.58 |
| 3/31/2025 | 1531393.567 | 30000 | 19.59 |
| 4/1/2025 | 563117.660 | 11031 | 19.59 |
| 5/1/2025 | 670297.282 | 13078 | 19.51 |
| 6/2/2025 | 626578.412 | 12306 | 19.64 |
| 6/30/2025 | 7439160.776 | 146254 | 19.66 |

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*Dividends and Distributions*

To the extent that we have taxable income available, we intend to make quarterly distributions to our stockholders. Dividends and distributions to common shareholders are recorded on the applicable record date. The amount to be distributed to stockholders is determined by the Company each quarter and is generally based upon the taxable earnings estimated by management and available cash. Net realized capital gains, if any, will generally be distributed at least annually, although we may decide to retain such capital gains for investment.

We have adopted a dividend reinvestment plan under which shareholders will automatically receive dividends and other distributions in cash unless they elect to have their dividends and other distributions reinvested in additional shares. As a result of the foregoing, when the Company declares a cash dividend or distribution, stockholders that have not "opted out" of our dividend reinvestment plan will have their cash distributions automatically reinvested in additional shares rather than receiving cash.

The following table summarizes the Company's distributions declared during the six months ended June 30, 2025:

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| | | | |
|:---|:---|:---|:---|
| **Declared Date** | **Record Date** | **Payment Date** | **Dividends<br>per Share** |
| 1/30/2025 | 1/31/2025 | 2/6/2025 | $0.1600 |
| 2/28/2025 | 2/28/2025 | 3/6/2025 | 0.1600 |
| 3/28/2025 | 3/28/2025 | 4/7/2025 | 0.1550 |
| 4/30/2025 | 4/30/2025 | 5/8/2025 | 0.1600 |
| 5/28/2025 | 5/29/2025 | 6/6/2025 | 0.1600 |
| 6/26/2025 | 6/27/2025 | 7/7/2025 | 0.1625 |

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The following table reflects the shares issued pursuant to the dividend reinvestment during the six months ended June 30, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Declared Date** | **Record Date** | **Payment Date** | **Shares Issued** | **Proceeds Received (In thousands)** | **Issuance Price per Share** |
| 1/30/2025 | 1/31/2025 | 2/6/2025 | 6937.876 | $137 | $19.80 |
| 2/28/2025 | 2/28/2025 | 3/6/2025 | 8056.415 | 159 | 19.70 |
| 3/28/2025 | 3/28/2025 | 4/7/2025 | 10809.051 | 212 | 19.58 |
| 4/30/2025 | 4/30/2025 | 5/8/2025 | 13377.082 | 262 | 19.59 |
| 5/28/2025 | 5/29/2025 | 6/6/2025 | 18117.545 | 353 | 19.51 |

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*Share Repurchases*

At the discretion of the Board, the Company has commenced a share repurchase program in which the Company intends to repurchase, in each quarter, up to 5% of the NAV of the Company's common shares outstanding as of the close of the calendar quarter prior to the applicable valuation date. The Board may amend, suspend or terminate the share repurchase program if it deems such action to be in the best interest of shareholders. As a result, share repurchases may not be available each quarter. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, and the 1940 Act. All shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under the share repurchase program, to the extent the Company offers to repurchase shares in any particular quarter, it is expected to repurchase shares pursuant to tender offers on or around the last business day of the first month of such quarter using a purchase price equal to the NAV per share as of the last calendar day of the prior quarter.

The following table presents share repurchases completed under the share repurchase program during the six months ended June 30, 2025. There were no share repurchases in 2024.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Repurchase Deadline Request** | **Total Number of Shares Repurchased** | **Percentage of Outstanding Shares Repurchased** <sup>(1)</sup> | **Price Paid per Share** | **Repurchase Pricing Date** | **Amount Repurchased (In thousands)** <sup>(2)</sup> |
| April 21, 2025 | 19735.281 | 0.12% | $19.59 | March 31, 2025 | $383 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Percentage is based on total shares as of the close of the previous calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Amount repurchased is net of any early redemption fees.

***Contractual Obligations***

We have entered into an Investment Advisory Agreement with the Adviser pursuant to the 1940 Act to provide us with investment advisory services, and an Administration Agreement with the Administrator to provide us with administrative services. For more information about payments for services provided under these agreements, see Note 4. Related Party Transactions, to the consolidated financial statements included in Part I, Item 1, of this Quarterly Report on Form 10-Q.

The following tables show the contractual maturities of our Credit Facilities as of June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments Due by Period As of June 30, 2025** | **Payments Due by Period As of June 30, 2025** | **Payments Due by Period As of June 30, 2025** | **Payments Due by Period As of June 30, 2025** | **Payments Due by Period As of June 30, 2025** |
| *(in thousands)* | **Total** | **Less Than <br>1 Year** | **1 to 3<br>Years** | **3 to 5<br>Years** | **More Than<br>5 Years** |
| SMBC Credit Facility | $- | $- | $- | $- | $- |
| DB Credit Facility | 266100 | - | - | 266100 | - |

---

**Off-Balance Sheet Arrangements**

In the ordinary course of our business, we enter into contracts or agreements that contain indemnification or warranties. Future events could occur that lead to the execution of these provisions against us. We believe that the likelihood of such an event is remote; however, the maximum potential exposure is unknown. No accrual has been made in the consolidated financial statements as of June 30, 2025, or December 31, 2024, for any such exposure.

We currently are and may in the future become obligated to fund commitments such as revolving credit facilities, bridge financing commitments, or delayed draw commitments.

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We had the following unfunded commitments to fund delayed draw, revolving senior secured loans, and other equity as of June 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **Par Value as of** | **Par Value as of** |
| *(In thousands)* | **June 30, 2025** | **December 31, 2024** |
| Unfunded delayed draw commitments | $90915 | $68679 |
| Unfunded revolving commitments | 34678 | 26594 |
| Other equity commitments | 8919 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total unfunded commitments** | $134512 | $95273 |

---

**Related-Party Transactions**

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 Investment Advisory Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Administration Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Expense Support Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the License Agreement.

In addition to the aforementioned agreements, we rely on exemptive relief that has been granted to us and certain of our affiliates to permit us to co-invest with other funds managed by the Adviser or certain affiliates, in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors.

Finally, the Adviser sponsored a program whereby investors who purchase shares of Common Stock from the Company between November 4, 2024 and June 30, 2025 will be granted additional shares of Common Stock. Based on purchases of shares of Common Stock during that time period, investors received 557,525.581 shares (one additional share for every twenty shares purchased) on August 1, 2025. The 557,525.581 shares were transfered from VHG Capital, L.P., an affiliate of the Adviser. The Adviser is sponsoring a second program whereby investors who purchase shares of Common Stock from the Company between July 1, 2025 and December 31, 2025 will be granted additional shares of Common Stock. See Note 4. Related Party Transactions, to the consolidated financial statements included in Part I, Item 1, of this Quarterly Report on Form 10-Q.

**Critical Accounting Policies**

The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the periods reported. We have identified investment valuation and revenue recognition as our most critical accounting estimates. On an ongoing basis, we evaluate our estimates, including those related to the matters described below. These estimates are based on the information that is currently available to us and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ materially from those estimates under different assumptions or conditions. A discussion of our critical accounting policies follows.

***Fair Value Measurements***

One of the critical accounting estimates inherent in the preparation of our financial statements is the valuation of investments and the related amounts of unrealized appreciation and depreciation of investments recorded. Financial Accounting Standards Board Accounting Standards Codification 820, Fair Value Measurements ("ASC 820"), as amended, establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. ASC 820 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820, we consider its principal market to be the market that has the greatest volume and level of activity. ASC 820 specifies a fair value hierarchy that prioritizes and ranks the level of observability of inputs used in determination of fair value. In accordance with ASC 820, these levels are summarized below:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 2—Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

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

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of observable input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment. For certain investments structured as interests in limited partnerships, the Company applies the practical expedient, or net asset value method, to determine the fair value of such investments.

In addition to using the above inputs in investment valuations, the Adviser will apply a valuation policy approved by our Board that is consistent with ASC 820. Consistent with the valuation policy, we will evaluate the source of the inputs, including any markets in which our investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When an investment is valued based on prices provided by reputable dealers or pricing services (that is, broker quotes), we will subject those prices to various criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment. For example, we, or the independent valuation firm(s), will review pricing support provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If we were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material.

In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected herein.

***Revenue Recognition***

Interest income is recorded on an accrual basis and includes the accretion of discounts, amortization of premiums and PIK interest. Discounts from and premiums to par value on investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. To the extent loans contain PIK provisions, PIK interest, computed at the contractual rates is accrued and recorded as interest income and added to the principal balance of the loan. PIK interest income added to the principal balance is generally collected upon repayment of the outstanding principal.

Loans are generally placed on non-accrual status when interest and/or principal payments become materially past due and there is reasonable doubt that principal or interest will be collected in full. Recognition of interest income of that loan will be ceased until all principal and interest is current through payment or until a restructuring occurs, such that the interest income is deemed to be collectible. However, we remain contractually entitled to this interest. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon our judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are paid or there is no longer any reasonable doubt that such principal or interest will be collected in full and, in our judgment, are likely to remain current. We may make exceptions to this policy if the loan has sufficient collateral value or is in the process of collection. Accrued interest is written-off when it becomes probable that the interest will not be collected, and the amount of uncollectible interest can be reasonably estimated.

***Investment Transactions***

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Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. Unrealized gains or losses primarily reflect the change in investment values, including the reversal of previously recorded unrealized gains or losses when gains or losses are realized.

Other income may include income such as consent, waiver, amendment, unused, and prepayment fees associated with our investment activities, as well as any fees for managerial assistance services rendered by us to its portfolio companies. Such fees are recognized as income when earned or the services are rendered.

***Income Taxes***

We have elected to be treated, and intend to qualify annually to maintain our election to be treated, as a RIC under Subchapter M of the Code. To maintain our RIC tax election, we must, among other requirements, meet certain annual source-of-income and quarterly asset diversification requirements. We also must annually distribute dividends for U.S. federal income tax purposes to our stockholders out of the assets legally available for distribution of an amount generally at least equal to 90% of the sum of our investment company taxable income, determined without regard to any deduction for dividends paid.

If we fail to comply with the Excise Tax Distribution Requirements, we will be liable for a 4% nondeductible excise tax on the portion of the undistributed amounts of such income that are less than the amounts required to be distributed based on the Excise Tax Distribution Requirements. For this purpose, however, any net ordinary income or capital gain net income retained by us that is subject to corporate income tax for the tax year ending in that calendar year will be considered to have been distributed by year end (or earlier if estimated taxes are paid). We currently intend to make sufficient distributions each taxable year to satisfy the Excise Tax Distribution Requirements.

**Recent Developments**

On July 18, 2025, the Company amended the DB Credit Facility to increase the maximum principal amount available under the DB Credit Facility from $350 million to $450 million and provide that the Company may further increase such maximum principal amount to $500 million, subject to satisfaction of customary conditions precedent, as set forth in Section 2.8 to the DB Credit Facility.

On July 29, 2025, the Company redeemed 552.620 shares for total proceeds of $10,865 subject to a tender offer filed with the SEC on June 24, 2025.

On July 31, 2025, the Company declared a dividend for our common stock of $0.1625 per share, payable on August 8, 2025 to stockholders of record as of July 31, 2025.

As of August 1, 2025, the Company sold shares of our common stock with the final number of shares being determined within 20 business days. The sale of shares were pursuant to $73.5 million of subscription agreements entered into by the Company and its investors.

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

We are subject to financial market risks, including changes in interest rates.

***Valuation Risk***

We invest primarily in illiquid debt and equity securities of private companies. Most of our investments do not have a readily available market price, and we value these investments at fair value as determined in good faith in accordance with valuation policy and procedures established by our Board. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make.

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***Interest Rate Risk***

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. Because we borrow money to make investments, our net investment income will depend in part upon the difference between the rate at which we borrow funds and the rate at which we invest these funds as well as our level of leverage. 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 or net assets.

We may hedge against interest rate and foreign currency fluctuations by using standard hedging instruments such as futures, options and forward contracts or a credit facility subject to the requirements of the 1940 Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in interest rates and foreign currencies, such activities may also limit our ability to participate in benefits of lower interest rates or higher exchange rates with respect to the portion of our portfolio of investments, if any, with fixed interest rates or denominated in foreign currencies.

As of each of June 30, 2025 and December 31, 2024, on a fair value basis, approximately 0% of our debt investments bear interest at a fixed rate and approximately 100% of our debt investments bear interest at a floating rate. Additionally, our Credit Facilities are also subject to floating interest rates and are currently paid based on floating SOFR rates.

The following table estimates the potential changes of the net cash flow generated from interest income and expenses (in thousands), should interest rates increase or decrease by 100, 200 or 300 basis points. Interest income is calculated as revenue from interest generated from our portfolio of investments held on June 30, 2025. Interest expense is calculated based on the terms of the Credit Facilities, using the outstanding balance as of June 30, 2025. Interest expense on the Credit Facilities is calculated using the interest rate as of June 30, 2025, adjusted for the impact of hypothetical changes in rates, as shown below. The base interest rate case assumes the rates on our portfolio investments remain unchanged from the actual effective interest rates as of June 30, 2025. These hypothetical calculations are based on a model of the investments in our portfolio, held as of June 30, 2025, and are only adjusted for assumed changes in the underlying base interest rates. Actual results could differ significantly from those estimated in the table (dollar amounts in thousands).

Based on our June 30, 2025 consolidated statements of assets and liabilities, the following table shows the annualized net interest income, in thousands, of base rate changes in interest rates (considering interest rate floors for variable rate instruments) assuming no changes in our investment and borrowing structure:

---

| | | | |
|:---|:---|:---|:---|
| **Changes in Interest Rates** | **Interest Income** | **Interest Expense** | **Net Interest<br>Income** |
| -100 Basis Points | $(7291) | $(2661) | $(4630) |
| -200 Basis Points | (14581) | (5322) | (9259) |
| -300 Basis Points | (21872) | (7983) | (13889) |
| +100 Basis Points | 7291 | 2661 | 4630 |
| +200 Basis Points | 14581 | 5322 | 9259 |
| +300 Basis Points | 21872 | 7983 | 13889 |

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**Item 4. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a)*** ***Evaluation of Disclosure Controls and Procedures***

In accordance with Rules 13a-15(b) and 15d-15(b) of the Exchange Act, we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report. The Chief Executive Officer and Chief Financial Officer determined that our disclosure controls and procedures are effective as of the end of the period covered by this Quarterly Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)*** ***Changes in Internal Controls Over Financial Reporting***

There have been no changes in our internal control over financial reporting that occurred during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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**PART II. OTHER INFORMATION**

**Item 1. Legal Proceedings**

As of June 30, 2025, we, our consolidated subsidiaries and the Adviser are not subject to any material legal proceedings, nor, to our knowledge, are any material legal proceedings threatened against us or them. From time to time, we, our consolidated subsidiaries and/or the Adviser may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is subject to extensive regulation, which may result in regulatory proceedings against us.

**Item 1A. Risk Factors**

In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in "ITEM 1A. RISK FACTORS" of our Annual Report on Form 10-K, filed with the SEC on March 14, 2025 (the "Form 10-K"), and "Item 1A. Risk Factors" of our Quarterly Report on Form 10-Q, filed with the SEC on August 2, 2024 (the "Q2 10-Q"). There have been no material changes from the risk factors disclosed in the Form 10-K.

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

All sales of unregistered securities during the period covered by the Quarterly Report on Form 10-Q were reported in a Form 8-K filed with the SEC.

**Item 3. Defaults Upon Senior Securities**

Not applicable.

**Item 4. Mine Safety Disclosures**

Not applicable.

**Item 5. Other Information**

**Insider Trading Arrangements**

None.

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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:

---

| | |
|:---|:---|
| 3.1\* | [<u>Articles of Amendment and Restatement of Vista Credit Strategic Lending Corp. (as amended June 30, 2025)</u>](ck0001919369-ex3_1.htm) |
| 3.2\* | [<u>Articles Supplementary of Vista Credit Strategic Lending Corp.</u>](https://www.sec.gov/Archives/edgar/data/1919369/000095017025091614/ck0001919369-ex3_2.htm) |
| 3.3 | [<u>Amended and Restated Bylaws of Vista Credit Strategic Lending Corp. (incorporated by reference to Exhibit 3.2 to the Company's Form 10 filed on June 15, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1919369/000162828023022298/exhibit32-form10.htm) |
| 10.1\* | [<u>Multiple Class Plan, dated as of June 24, 2025</u>](ck0001919369-ex10_1.htm) |
| 10.2\* | [<u>Distribution and Shareholder Servicing Plan, dated as of June 24, 2025</u>](ck0001919369-ex10_2.htm) |
| 31.1\* | [<u>Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](ck0001919369-ex31_1.htm) |
| 31.2\* | [<u>Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](ck0001919369-ex31_2.htm) |
| 32.1\* | [<u>Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](ck0001919369-ex32_1.htm) |
| 101.INS\* | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema Document |
| 104\* | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |

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\* File/Furnished herewith

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**SIGNATURES**

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

---

| | | |
|:---|:---|:---|
|  | Vista Credit Strategic Lending Corp.  | Vista Credit Strategic Lending Corp.  |
| Date: August 6, 2025 | By: | /s/ Greg Galligan |
|  |  | **Greg Galligan** |
|  | **Chief Executive Officer and President** | **Chief Executive Officer and President** |
|  | Vista Credit Strategic Lending Corp. | Vista Credit Strategic Lending Corp. |
| Date: August 6, 2025 | By: | /s/ Ross Teune |
|  |  | **Ross Teune** |
|  | **Chief Financial Officer and Treasurer** | **Chief Financial Officer and Treasurer** |

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## Exhibit 3.1

**<u>VISTA CREDIT STRATEGIC LENDING CORP.</u>**

**ARTICLES OF AMENDMENT AND RESTATEMENT**

<u>FIRST</u>: Vista Credit Strategic Lending Corp., a Maryland corporation (the "Corporation"), desires to amend and restate its charter as currently in effect and as hereinafter amended.

<u>SECOND</u>: The following provisions are all the provisions of the charter of the Corporation currently in effect and as hereinafter amended:

**ARTICLE I**

**INCORPORATOR**

Robert F. Smith, whose address is 401 Congress Avenue, Suite 3100, Austin, Texas 78701, being at least 18 years of age, formed a corporation under the general laws of the State of Maryland on March 15, 2022.

**ARTICLE II**

**NAME**

The name of the corporation (the "Corporation") is:

Vista Credit Strategic Lending Corp.

**ARTICLE III**

**PURPOSE**

The purposes for which the Corporation is formed are to engage in any lawful act or activity (including, without limitation or obligation, conducting and carrying on the business of a business development company under the Investment Company Act of 1940, as amended,

and the rules promulgated thereunder (the "1940 Act")) for which corporations may be organized under the general laws of the State of Maryland as now or hereafter in force.

**ARTICLE IV**

**PRINCIPAL OFFICE IN STATE AND RESIDENT AGENT**

The address of the principal office of the Corporation in the State of Maryland is c/o The Corporation Trust Incorporated, 2405 York Road, Suite 201, Lutherville-Timonium, Maryland 21093-2264. The name of the resident agent of the Corporation in the State of Maryland is The Corporation Trust Incorporated, 2405 York Road, Suite 201, Lutherville-Timonium, Maryland 21093-2264. The resident agent is a Maryland corporation.

**ARTICLE V**

**PROVISIONS FOR DEFINING, LIMITING**

**AND REGULATING CERTAIN POWERS OF THE**

**CORPORATION AND OF THE STOCKHOLDERS AND DIRECTORS**

DOCVARIABLE Cus_DocIDValue \\* MERGEFORMAT Document6

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Section 5.1 <u>Number, Classification and Election of Directors</u>. The business and affairs of the Corporation shall be managed under the direction of the Board of Directors. The number of directors of the Corporation is five, which number may be increased or decreased only by the Board of Directors pursuant to the Bylaws of the Corporation (the "Bylaws"), but shall never be less than the minimum number required by the Maryland General Corporation Law (the "MGCL"). The names of the directors who shall serve until their successors are duly elected and qualify are:

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>Name</u> | &nbsp;&nbsp;<u>Class</u> |
| &nbsp;&nbsp;Shiela A. Finnerty | &nbsp;&nbsp;I |
| &nbsp;&nbsp;Greg Galligan | &nbsp;&nbsp;I |
| &nbsp;&nbsp;Olivia F. Kirtley | &nbsp;&nbsp;II |
| &nbsp;&nbsp;David Flannery | &nbsp;&nbsp;II |
| &nbsp;&nbsp;Stephen A. Riddick | &nbsp;&nbsp;III |

---

These directors may increase the number of directors and may fill any vacancy, whether resulting from an increase in the number of directors or otherwise, on the Board of Directors in the manner provided in the Bylaws.

The directors (other than any director elected solely by holders of shares of one or more classes or series of stock of the Corporation established pursuant to Section 6.4 hereof) shall be classified into three classes, Class I, Class II and Class III. Directors in Class I shall serve for a term ending at the annual meeting of stockholders to be held in 2024, directors in Class II shall serve for a term ending at the annual meeting of stockholders to be held in 2025 and directors in Class III shall serve for a term ending at the annual meeting of stockholders to be held in 2026 and, in each such case, until their successors are duly elected and qualify or until their earlier death, resignation or removal. The number of directors in each class shall be as nearly equal in number as possible, as determined by the Board of Directors. At each annual meeting of the stockholders, the successors to the class of directors whose term expires at such meeting shall be elected to serve for a term expiring at the annual meeting of stockholders held in the third year following the year of their election and until their successors are duly elected and qualify.

The Corporation elects, at such time as it becomes eligible to make the election provided for under Section 3-804(c) of the MGCL, that, subject to any requirements of the 1940 Act applicable to the Corporation and except as may be provided by the Board of Directors in setting the terms of any class or series of Preferred Stock (as defined herein), any and all vacancies on the Board of Directors may be filled only by the affirmative vote of a majority of the remaining directors in office, even if the remaining directors do not constitute a quorum, and any director elected to fill a vacancy shall serve for the remainder of the full term of the class in which such vacancy occurred and until a successor is duly elected and qualifies.

Section 5.2 <u>Extraordinary Actions</u>. Except as specifically provided in Section 5.6 (relating to removal of directors) and in Section 7.2 (relating to certain actions and certain amendments to the charter of the Corporation (the "Charter")), notwithstanding any provision of

DOCVARIABLE Cus_DocIDValue \\* MERGEFORMAT Document6

------

law requiring any action to be taken or approved by the affirmative vote of stockholders entitled to cast a greater number of votes, any such action shall be effective and valid if declared advisable by the Board of Directors and taken or approved by the affirmative vote of stockholders entitled to cast a majority of all the votes entitled to be cast on the matter.

Section 5.3 <u>Authorization by Board of Directors of Stock Issuance</u>. The Board of Directors may authorize the issuance from time to time of shares of stock of the Corporation of any class or series, whether now or hereafter authorized, or securities or rights convertible into shares of its stock of any class or series, whether now or hereafter authorized, for such consideration as the Board of Directors may deem advisable (or without consideration in the case

of a stock split or stock dividend), subject to such restrictions or limitations, if any, as may be set forth in the Charter or the Bylaws.

Section 5.4 <u>Preemptive and Appraisal Rights</u>. Except as may be provided by the Board of Directors in setting the terms of classified or reclassified shares of stock pursuant to Section 6.4 hereof or as may otherwise be provided by a contract approved by the Board of Directors, no holder of shares of stock of the Corporation shall, as such holder, have any preemptive right to purchase or subscribe for any additional shares of stock of the Corporation or any other security of the Corporation which it may issue or sell. Holders of shares of stock shall not be entitled to exercise any rights of an objecting stockholder provided for under Title 3, Subtitle 2 of the MGCL or any successor statute unless the Board of Directors, upon such terms and conditions as specified by the Board of Directors, shall determine that such rights apply, with respect to all or any shares of all or any classes or series of stock, to one or more transactions occurring after the date of such determination in connection with which holders of such shares would otherwise be entitled to exercise such rights.

Section 5.5 <u>Determinations by Board</u>. The determination as to any of the following matters, made by or pursuant to the direction of the Board of Directors, shall be final and conclusive and shall be binding upon the Corporation and every holder of shares of its stock: the amount of the net income of the Corporation for any period and the amount of assets at any time legally available for the payment of dividends, acquisition of its stock or the payment of other distributions on its stock; the amount of paid-in surplus, net assets, other surplus, cash flow, funds from operations, adjusted funds from operations, net profit, net assets in excess of capital, undivided profits or excess of profits over losses on sales of assets; the amount, purpose, time of creation, increase or decrease, alteration or cancellation of any reserves or charges and the propriety thereof (whether or not any obligation or liability for which such reserves or charges shall have been created shall have been set aside, paid or discharged); any interpretation or resolution of any ambiguity with respect to any provision of the Charter (including any of the terms, preferences, conversion or other rights, voting powers or rights, restrictions, limitations as to dividends or other distributions, qualifications or terms or conditions of redemption of any shares of any class or series of stock of the Corporation) or of the Bylaws; the number of shares of stock of any class or series of the Corporation; the fair value, or any sale, bid or asked price to be applied in determining the fair value, of any asset owned or held by the Corporation or of any shares of stock of the Corporation; any matter relating to the acquisition, holding and disposition of any assets by the Corporation; any interpretation of the terms and conditions of one or more agreements with any person, corporation, association, company, trust, partnership (limited or

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general) or other entity; the compensation of directors, officers, employees or agents of the Corporation; or any other matter relating to the business and affairs of the Corporation or required or permitted by applicable law, the Charter or Bylaws or otherwise to be determined by the Board of Directors.

Section 5.6 <u>Removal of Directors</u>. Subject to the rights of holders of one or more classes or series of stock established pursuant to Section 6.4 hereof to elect or remove one or more directors, any director, or the entire Board of Directors, may be removed from office at any time, but only for cause and then only by the affirmative vote of stockholders entitled to cast at least 75% of the votes entitled to be cast generally in the election of directors. For the purpose of this paragraph, "cause" shall mean, with respect to any particular director, conviction of a felony or a final judgment of a court of competent jurisdiction holding that such director caused

demonstrable, material harm to the Corporation through bad faith or active and deliberate dishonesty.

Section 5.7 <u>Advisor Agreements</u>. Subject to such approval of stockholders and other conditions, if any, as may be required by any applicable statute, rule or regulation, the Board of Directors may authorize the execution and performance by the Corporation of one or more agreements with any person, corporation, association, company, trust, partnership (limited or general) or other organization whereby, subject to the supervision and control of the Board of Directors, any such other person, corporation, association, company, trust, partnership (limited or general) or other organization shall render or make available to the Corporation managerial, investment, advisory and/or related services, office space and other services and facilities (including, if deemed advisable by the Board of Directors, the management or supervision of the investments of the Corporation) upon such terms and conditions as may be provided in such agreement or agreements (including, if deemed fair and equitable by the Board of Directors, the compensation payable thereunder by the Corporation).

Section 5.8 <u>Corporate Opportunities</u>. The Corporation shall have the power, by resolution of the Board of Directors, to renounce any interest or expectancy of the Corporation in, or in being offered an opportunity to participate in, business opportunities or classes or categories of business opportunities that are presented to the Corporation or developed by or presented to one or more directors or officers of the Corporation, including any director or officer who also serves as a director, officer or employee of any entity that provides investment advisory services to the Corporation or as a member of the investment committee of any such entity.

**ARTICLE VI**

**STOCK**

Section 6.1 <u>Authorized Shares</u>. The Corporation has authority to issue 500,000,000 shares of stock, initially consisting of 500,000,000 shares of Class I common stock, $0.01 par value per share ("Common Stock"), and no shares of preferred stock, $0.01 par value per share ("Preferred Stock"). The aggregate par value of all authorized shares of stock having par value is $5,000,000.00. If shares of one class of stock are classified or reclassified into shares of another class of stock pursuant to Section 6.2, 6.3 or 6.4 of this Article VI, the number of authorized shares of the former class shall be automatically decreased and the number of shares

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of the latter class shall be automatically increased, in each case by the number of shares so classified or reclassified, so that the aggregate number of shares of stock of all classes that the Corporation has authority to issue shall not be more than the total number of shares of stock set forth in the first sentence of this paragraph. The Board of Directors, with the approval of a majority of the entire Board of Directors and without any action by the stockholders of the Corporation, may amend the Charter from time to time to increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that the Corporation has authority to issue.

Section 6.2 <u>Common Stock</u>. Except as may otherwise be specified in the Charter, each share of Common Stock shall entitle the holder thereof to one vote. The Board of Directors may reclassify any unissued shares of Common Stock from time to time into one or more classes or series of stock.

Section 6.3 <u>Preferred Stock</u>. The Board of Directors may classify any unissued shares of Preferred Stock and reclassify any previously classified but unissued shares of

Preferred Stock of any class or series from time to time into one or more classes or series of stock.

Section 6.4 <u>Classified or Reclassified Shares</u>. Prior to issuance of classified or reclassified shares of any class or series, the Board of Directors by resolution shall: (a) designate that class or series to distinguish it from all other classes and series of stock of the Corporation; (b) specify the number of shares to be included in the class or series; (c) set or change, subject to the express terms of any class or series of stock of the Corporation outstanding at the time, the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms and conditions of redemption for each class or series; and (d) cause the Corporation to file articles supplementary with the State Department of Assessments and Taxation of Maryland. Any of the terms of any class or series of stock set or changed pursuant to clause (c) of this Section 6.4 may be made dependent upon facts or events ascertainable outside the Charter (including determinations by the Board of Directors or other facts or events within the control of the Corporation) and may vary among holders thereof, provided that the manner in which such facts, events or variations shall operate upon the terms of such class or series of stock is clearly and expressly set forth in the articles supplementary or other Charter document.

Section 6.5 <u>Inspection of Books and Records</u>. A stockholder that is otherwise eligible under applicable law to inspect the Corporation's books of account or stock ledger or other specified documents of the Corporation shall have no right to make such inspection if the Board of Directors determines that such stockholder has an improper purpose for requesting such inspection.

Section 6.6 <u>Stockholders' Consent in Lieu of Meeting</u>. Any action required or permitted to be taken at any meeting of stockholders may be taken without a meeting if a unanimous consent setting forth the action is given in writing or by electronic transmission by each stockholder entitled to vote on the matter and filed with the minutes of proceedings of the stockholders.

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Section 6.7 <u>Charter and Bylaws</u>. The rights of all stockholders and the terms of all stock are subject to the provisions of the Charter and the Bylaws. The Board of Directors shall have the exclusive power to adopt, alter, amend or repeal any provision of the Bylaws and to make new Bylaws.

**ARTICLE VII**

**AMENDMENTS; CERTAIN EXTRAORDINARY TRANSACTIONS**

Section 7.1 <u>Amendments Generally</u>. The Corporation reserves the right from time to time to make any amendment to the Charter, now or hereafter authorized by law, including any amendment altering the terms or contract rights, as expressly set forth in the Charter, of any shares of outstanding stock. All rights and powers conferred by the Charter on stockholders, directors and officers are granted subject to this reservation.

Section 7.2 <u>Approval of Certain Extraordinary Actions and Charter Amendments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Required Votes</u>. The affirmative vote of stockholders entitled to cast at least 75% of the votes entitled to be cast on the matter, each voting as a separate class, shall be necessary to effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any amendment to the Charter to make the Common Stock a "redeemable security" or to convert the Corporation, whether by merger or otherwise, from a "closed-end company" to an "open-end company" (as such terms are defined in the 1940 Act);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The liquidation or dissolution of the Corporation and any amendment to the Charter to effect any such liquidation or dissolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any merger, consolidation, conversion, share exchange or sale or exchange of all or substantially all of the Corporation's assets that the MGCL requires be approved by stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any transaction between the Corporation, on the one hand, and any person or group of persons acting together that is entitled to exercise or direct the exercise, or acquire the right to exercise or direct the exercise, directly or indirectly (other than solely by virtue of a revocable proxy), of one-tenth or more of the voting power in the election of the Corporation's directors generally, or any person controlling, controlled by or under common control with, employed by or acting as an agent of, any such person or member of such group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Any amendment to Section 5.1, Section 5.2, Section 5.6, Section 6.6, Section 6.7, Section 7.1 or this Section 7.2; <u>provided</u>, <u>however</u>, that, if the Continuing Directors (as defined herein), by a vote of at least a majority of such Continuing Directors, in addition to approval by the Board of Directors, approve any of the foregoing matters, the affirmative vote of stockholders entitled to cast a majority of all the votes entitled to be cast shall be required to approve such matter.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Continuing Directors</u>. "Continuing Directors" shall mean the directors identified in Article V, Section 5.1 hereof and the directors whose nomination for election by the stockholders or whose election by the directors to fill vacancies is approved by a majority of the Continuing Directors then on the Board of Directors.

**ARTICLE VIII**

**LIMITATION OF LIABILITY; INDEMNIFICATION AND ADVANCE OF EXPENSES**

Section 8.1 <u>Limitation of Liability</u>. To the maximum extent that Maryland law in effect from time to time permits limitation of the liability of directors and officers of a corporation, no present or former director or officer of the Corporation shall be liable to the Corporation or its stockholders for money damages.

Section 8.2 <u>Indemnification and Advance of Expenses</u>. To the maximum extent permitted by Maryland law in effect from time to time, the Corporation shall indemnify and, without requiring a preliminary determination of the ultimate entitlement to indemnification, shall pay or reimburse reasonable expenses in advance of final disposition of a proceeding to (a) any individual who is a present or former director or officer of the Corporation and who is made or threatened to be made a party to, or witness in, the proceeding by reason of his or her service in that capacity or (b) any individual who, while a director or officer of the Corporation and at the request of the Corporation, serves or has served as a director, officer, trustee, member, manager or partner of another corporation, real estate investment trust, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise and who is made or threatened to be made a party to, or witness in, the proceeding by reason of his or her service in that capacity. The rights to indemnification and advance of expenses provided herein shall vest immediately upon election of a director or officer. The Corporation may, with the approval of the Board of Directors, provide such indemnification and advance of expenses to an individual who served a predecessor of the Corporation in any of the capacities described in (a) or (b) above and to any employee or agent of the Corporation or a predecessor of the Corporation. The indemnification and payment or reimbursement of expenses provided herein shall not be deemed

exclusive of or limit in any way other rights to which any person seeking indemnification or payment or reimbursement of expenses may be or may become entitled under any bylaw, resolution, insurance, agreement or otherwise.

Section 8.3 <u>1940 Act</u>. The provisions of this Article VIII shall be subject to the limitations of the 1940 Act applicable to the Corporation.

Section 8.4 <u>Amendment or Repeal</u>. Neither the amendment nor repeal of this Article VIII, nor the adoption or amendment of any other provision of the Charter or Bylaws inconsistent with this Article VIII, shall apply to or affect in any respect the applicability of the preceding sections of this Article VIII with respect to any act or failure to act which occurred prior to such amendment, repeal or adoption.

**ARTICLE IX**

**EXCLUSIVE FORUM FOR CERTAIN LITIGATION**

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Unless the Corporation consents in writing to the selection of an alternative forum, the Circuit Court for Baltimore City, Maryland, or, if that Court does not have jurisdiction, the United States District Court for the District of Maryland, Northern Division, shall be the sole and exclusive forum for (a) any Internal Corporate Claim, as such term is defined in the MGCL, other than any action arising under federal securities laws, including, without limitation, (i) any derivative action or proceeding brought on behalf of the Corporation, (ii) any action asserting a claim of breach of any duty owed by any director or officer or other employee of the Corporation to the Corporation or to the stockholders of the Corporation or (iii) any action asserting a claim against the Corporation or any director or officer or other employee of the Corporation arising pursuant to any provision of the MGCL, the Charter or the Bylaws, or (b) any other action asserting a claim against the Corporation or any director or officer or other

employee of the Corporation that is governed by the internal affairs doctrine. None of the foregoing actions, claims or proceedings may be brought in any court sitting outside the State of Maryland unless the Corporation consents in writing to such court.

<u>THIRD</u>: The amendment and restatement of the charter as hereinabove set forth have been duly advised by the Board of Directors and approved by the stockholders of the Corporation as required by law.

<u>FOURTH</u>: The current address of the principal office of the Corporation is as set forth in Article IV of the foregoing amendment and restatement of the charter.

<u>FIFTH</u>: The name and address of the Corporation's current resident agent are as set forth in Article IV of the foregoing amendment and restatement of the charter.

<u>SIXTH</u>: The number of directors of the Corporation and the names of those currently in office are as set forth in Article V of the foregoing amendment and restatement of the charter.

<u>SEVENTH</u>: The total number of shares of stock which the Corporation had authority to issue immediately prior to the foregoing amendment and restatement of the charter was 200,000, consisting of 200,000 shares of common stock, $0.01 par value per share. The aggregate par value of all shares of stock having par value was $2,000.

<u>EIGHTH</u>: The total number of shares of stock which the Corporation has authority to issue pursuant to the foregoing amendment and restatement of the charter is 500,000,000, initially consisting of 500,000,000 shares of common stock, $0.01 par value per share, and no shares of preferred stock, $0.01 par value per share. The aggregate par value of all authorized shares of stock having par value is $5,000,000.00.

<u>NINTH</u>: The undersigned acknowledges these Articles of Amendment and Restatement to be the corporate act of the Corporation and as to all matters or facts required to be verified under oath, the undersigned acknowledges that, to the best of his knowledge, information and belief, these matters and facts are true in all material respects and that this statement is made under the penalties for perjury.

[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, the Corporation has caused these Articles of Amendment and Restatement to be signed in its name and on its behalf by its President and attested to by its Secretary on this 8th day of June, 2023.

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| | | | |
|:---|:---|:---|:---|
| ATTEST: | VISTA CREDIT STRATEGIC LENDING CORP. | VISTA CREDIT STRATEGIC LENDING CORP. | VISTA CREDIT STRATEGIC LENDING CORP. |
| /s/ Ken Burke | By: | /s/ Greg Galligan | (SEAL) |
| Name: Ken Burke |  | Name: Greg Galligan |  |
| Title: General Counsel, Chief Compliance Officer and Secretary |  | Title: Chief Executive Officer and President |  |

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## Exhibit 10.1

**VISTA CREDIT STRATEGIC LENDING CORP.<br>MULTIPLE CLASS PLAN**

June 24, 2025

This Multiple Class Plan (this "Plan") is adopted pursuant to Rule 18f-3(d) under the Investment Company Act of 1940, as amended (the "1940 Act"), by Vista Credit Strategic Lending Corp., a Maryland corporation (the "Company").

<u>W I T N E S S E T H</u>:

WHEREAS, the Company is a closed-end management investment company that has elected to be regulated as a business development company;

WHEREAS, the Company is permitted to rely on an exemptive order from the Securities and Exchange Commission (the "SEC") to offer multiple classes of shares, and one of the conditions of this relief is that the Company must comply with the provisions of Rule 18f-3 under the 1940 Act as if it were an open-end management investment company;

WHEREAS, Rule 18f-3 requires that a board of directors of an investment company desiring to offer multiple classes of shares pursuant to said Rule adopt a plan setting forth the differences among the classes with respect to stockholder services, distribution arrangements, expense allocations and any related conversion features or exchange privileges; and

WHEREAS, the Board of Directors of the Company (the "Board") desires to adopt this Plan so that the Company may issue multiple classes (each, a "Class") of shares of its common stock, par value $0.01 per share ("Shares").

NOW THEREFORE, the Company hereby voluntarily adopts this Plan pursuant to Rule 18f-3 under the 1940 Act, on the following terms and conditions:

**<u>Class Designation; General Description of Classes</u>**

The Company may issue Shares in one or more Classes, as set forth in Exhibit A, as may be amended from time to time. Shares so issued will have the rights and preferences set forth in this Plan, the Company's Articles of Amendment and Restatement and Bylaws (each as amended or supplemented from time to time), any applicable resolutions adopted by the Board from time to time and the Company's then-current Confidential Private Placement Memorandum (the "Memorandum") with respect to such Shares.

Shares issued in Classes will be issued subject to, and in accordance with, the terms of Rule 18f-3 under the 1940 Act, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)each Class will have a different arrangement for stockholder services or the distribution of Shares or both, and will pay all of the expenses of that arrangement, as set forth in Exhibit A;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)each Class may pay a different share of other expenses, not including advisory or custodial fees or other expenses related to the management of the Company's assets, if these expenses are actually incurred in a different amount by that Class, or if the Class receives services of a different kind or to a different degree than other Classes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)each Class may pay a different advisory fee to the extent that any difference in amount paid is the result of the application of the same performance fee provisions in the advisory contract of the Company to the different investment performance of each Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)each Class will have exclusive voting rights on any matter submitted to stockholders that relates solely to its arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)each Class will have separate voting rights on any matter submitted to stockholders in which the interests of one Class differ from the interests of any other Class; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)except as otherwise permitted under Rule 18f-3 under the 1940 Act, each Class will have the same rights and obligations as each other Class.

In addition, pursuant to Rule 12b-1 under the 1940 Act, the Company intends to adopt a Stockholder Servicing and Distribution Plan (the "12b-1 Plan") pursuant to which certain Classes of Shares are subject to a stockholder servicing and/or distribution fee. Those fees are described in the 12b-1 Plan.

A 2.00% early repurchase deduction may be charged by the Company with respect to any repurchase of Shares that have not been outstanding for at least two years (one year with respect to Shares issued pursuant to subscription agreements accepted prior to November 1, 2024). Shares tendered for repurchase will be treated as having been repurchased on a "first in-first out" basis. The early repurchase deduction will not apply to Shares acquired through the Company's distribution reinvestment plan.

The early repurchase deduction will apply uniformly to all Shares regardless of Class.

**<u>Conversion Features; Exchange Privileges</u>**

Shares of one Class may be exchanged, including at the stockholder's option, for Shares of another Class of the Company (an "intra-Company exchange"), if and to the extent an applicable intra-Company exchange privilege is disclosed in the Memorandum and subject to the terms and conditions (including the imposition or waiver of any sales load or repurchase fee) set forth in the Memorandum, provided that the stockholder requesting the intra-Company exchange meets the eligibility requirements of the Class into which such stockholder seeks to exchange.

Shares of one Class also may be converted into Shares of another Class of the Company if and to the extent such conversion mechanics are required by applicable law, including any exemptive relief, no-action or other guidance issued by the SEC or its staff, and set forth in the Memorandum.

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**<u>Expense Allocations of Each Class</u>**

Class-specific expenses of the Company shall be allocated to the specific Class. Non-class specific expenses shall be allocated in accordance with Rule 18f-3 and any related guidance from the SEC or its staff. All expenses incurred by the Company will be allocated, as provided for herein, among its Classes based on the respective net assets of the Company attributable to each such Class. The value of the Company's net assets attributable to each Class shall be computed in the manner specified in the Memorandum for the computation of the Company's net asset value.

In addition to different expenses associated with the 12b-1 Plan, each Class may pay a different amount of the following expenses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)administrative and/or accounting or similar fees (each as described in the Memorandum) incurred by a specific Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)legal, printing and postage expenses related to preparing and distributing to current stockholders of a specific Class materials such as supplements to the Memorandum, proxy materials and stockholder reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)blue sky fees incurred by a specific Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)SEC registration fees, if any, incurred by a specific Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)expenses of administrative personnel and services required to support the stockholders of a specific Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)Directors' fees incurred as a result of issues relating to a specific Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)auditors' fees, litigation expenses, and other legal fees and expenses relating to a specific Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)incremental transfer agent fees and stockholder servicing expenses identified as being attributable to a specific Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)account expenses relating solely to a specific Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)expenses incurred in connection with any stockholder meetings as a result of issues relating to a specific Class; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)any such other expenses (not including advisory or custodial fees or other expenses related to the management of the Company's assets) actually incurred in a different amount by a Class or related to a Class's receipt of services of a different kind or to a different degree than another Class, including reimbursement for an expense support provided to such Class.

Expenses of the Company allocated to a particular Class of the Company are borne on a *pro rata* basis by each outstanding Share of that Class.

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**<u>Waivers and Reimbursements</u>**

Fees and expenses may be waived or reimbursed by Vista Credit BDC Management, L.P., the Company's investment adviser, or its affiliates, or any other service provider to the Company. Such waiver or reimbursement may be applicable to some or all of the Classes and may be in different amounts for one or more Classes.

**<u>Income, Gains and Losses</u>**

Income, realized gains and losses and unrealized appreciation and depreciation shall be allocated to each Class on the basis of the net asset value of that Class in relation to the net asset value of the Company, in each case in accordance with U.S. Generally Accepted Accounting Principles.

**<u>Class Designation</u>**

Subject to approval by the Board, the Company may alter the nomenclature for the designation of one or more Classes.

**<u>Additional Information</u>**

Nothing in this Plan will be deemed to require the Company to take any action contrary to its Articles of Amendment and Restatement or Bylaws (each as amended or supplemented from time to time), or any applicable statutory or regulatory requirement to which it is subject or by which it is bound, or to relieve or deprive the Board of the responsibility for and control of the conduct of the affairs of the Company.

This Plan will be construed in accordance with the internal laws of the State of Maryland and the applicable provisions of the 1940 Act. If any provision of this Plan is held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Plan will not be affected thereby.

This Plan is qualified by and subject to the terms of the Memorandum; provided, however, that none of the terms set forth in any such Memorandum shall be inconsistent with the terms of the Classes contained in this Plan.

**<u>Effective Date; Termination and Amendments</u>**

This Plan shall become effective at such time as specified by the Board. This Plan may be terminated or amended at any time with respect to the Company or a Class thereof by a vote of a majority of the Board, including a majority of the Directors who are not considered "interested persons" (as defined in Section 2(a)(19) of the 1940 Act) of the Company.

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**EXHIBIT A**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Stockholder Servicing and/or Distribution Fee</u>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Stockholder Servicing and/or Distribution Fee</u>** | &nbsp;&nbsp;**<u>Sales Loads</u>**<sup>\*</sup> |
| &nbsp;&nbsp;*(calculated per annum as a percent of the aggregate net asset value<br>as of the beginning of the first calendar day of each applicable month)* | &nbsp;&nbsp;*(calculated per annum as a percent of the aggregate net asset value<br>as of the beginning of the first calendar day of each applicable month)* | &nbsp;&nbsp;*(calculated per annum as a percent of the aggregate net asset value<br>as of the beginning of the first calendar day of each applicable month)* |
| &nbsp;&nbsp;<u>Class</u> |  |  |
| &nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A |  |
| &nbsp;&nbsp;Class S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Class D | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;1.5% |

---

\* The Company does not charge investors an upfront sales load with respect to Class S shares, Class D shares or Class I shares. However, if investors buy Class S shares or Class D shares through certain selling agents, such selling agents may directly charge such investors transaction or other fees, including upfront placement fees or commissions, in such amounts as they may determine, provided that selling agents limit such charges to a 3.5% cap on NAV for Class S shares and a 1.5% cap on NAV for Class D shares.

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## Exhibit 10.2

**VISTA CREDIT STRATEGIC LENDING CORP.**

**DISTRIBUTION AND STOCKHOLDER SERVICING PLAN**

June 24, 2025

This Distribution and Stockholder Servicing Plan (the "Plan") is adopted pursuant to Rule 12d-1 under the Investment Company Act of 1940, as amended (the "1940 Act"), by Vista Credit Strategic Lending Corp., a Maryland corporation (the "Company").

<u>W I T N E S S E T H</u>:

WHEREAS, the Company is a closed-end management investment company that has elected to be regulated as a business development company under the 1940 Act;

WHEREAS, the Company is permitted to rely on an exemptive order issued by the Securities and Exchange Commission (the "SEC") to offer multiple classes of shares of common stock, par value $0.01 per share ("Shares") with, among other things, asset-based distribution and/or service fees (the "Order");

WHEREAS, reliance on the Order requires the Company to comply with the provisions of Rule 12b-1 under the 1940 Act as if it were an open-end management investment company; and

WHEREAS, the Company desires to adopt a distribution and stockholder servicing plan pursuant to Rule 12b-1 under the 1940 Act with respect to the classes set forth on Appendix A hereto, as such Appendix may be amended from time to time (each, a "Class");

NOW, THEREFORE, the Company, with respect to each Class, hereby voluntarily adopts this Distribution and Stockholder Servicing Plan (the "Plan") in accordance with Rule 12b-1 under the 1940 Act on the following terms and conditions:

**1.** **Distribution Fee and Stockholder Servicing Fee**

The Company may pay directly, or indirectly through a placement agent or dealer-manager, with respect to and at the expense of each Class listed on Appendix A, a fee for distribution and sales support services and ongoing stockholder services (the "Stockholder Servicing and/or Distribution Fee"), such fee to be paid at the rate per annum of the aggregate net asset value ("NAV") as of the beginning of the first calendar day of each applicable month of the Class specified with respect to such Class under the column "Stockholder Servicing and/or Distribution Fee" on Appendix A. The Stockholder Servicing and/or Distribution Fee under the Plan will be used primarily to compensate or reimburse brokers, other financial institutions or other industry professionals (collectively, "Selling Agents"), for distribution and sales support services provided and related expenses incurred by such Selling Agents, as well as to compensate Selling Agents for personal services and the maintenance of shareholder account services provided to stockholders in the relevant Class, as applicable. Payments of the Stockholder Servicing and/or Distribution Fee on behalf of a particular Class must be in consideration of services rendered for or on behalf of such Class. However, joint distribution or sales support financing with respect to the Shares of the

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Class (which financing may also involve other investment portfolios or companies that are affiliated persons of such a person) are permitted in accordance with applicable law. Payments of the Stockholder Servicing and/or Distribution Fee may be made without regard to expenses actually incurred. In addition, this section does not preclude affiliates of the Company, such as its investment adviser, from making additional payments outside of the Plan.

**2.** **Calculation and Payment of Fees**

The amount of the Stockholder Servicing and/or Distribution Fee payable with respect to each Class listed on Appendix A will be calculated at the rate per annum of the aggregate NAV as of the beginning of the first calendar day of each applicable month, payable monthly in arrears, at the applicable annual rates indicated on Appendix A. The Stockholder Servicing and/or Distribution Fee will be calculated and paid separately for each Class.

**3.** **Approval of the Plan**

The Plan and any related agreements will become effective, as to any Class (including any Class not currently listed on Appendix A), upon its approval by (a) a majority of the Company's Board of Directors (the "Board"), including a majority of the directors who are not "interested persons" (as defined in the 1940 Act) of the Company and who have no direct or indirect financial interest in the operation of the Plan or in any agreements related to the Plan ("Qualified Directors"), pursuant to a vote cast in person or as otherwise permitted by the SEC or its staff at a meeting called for the purpose of voting on the approval of the Plan and such related agreements, and (b) with respect to Section 1 of the Plan only, if the Plan is adopted for a Class after any general offering of Shares of the Class or the sale of Shares of the Class to persons who are not affiliated persons of the Company, affiliated persons of such persons, promoters of the Company, or affiliated persons of such promoters, a majority of the outstanding voting securities (as defined in the 1940 Act) of such Class.

**4.** **Continuance of the Plan**

The Plan will continue in effect with respect to a Class for one year from the date hereof, and from year to year thereafter indefinitely so long as such continuance is specifically approved at least annually by the Board in the manner described in Section 3(a) above.

**5.** **Implementation**

All agreements with any person relating to implementation of this Plan with respect to any Class shall be in writing, and any agreement related to this Plan with respect to any Class shall provide: (a) that such agreement may be terminated at any time, without payment of any penalty, by vote of a majority of the Qualified Directors or by a majority vote of the outstanding voting securities of the relevant Class, on not more than 60 days' written notice to any other party to the agreement; and (b) that such agreement shall terminate automatically in the event of its assignment.

For the purposes of this Agreement, the "affirmative vote of a majority of the outstanding shares" of the Company means the affirmative vote, at a duly called and held meeting of stockholders of the Company, (a) of the holders of 67% or more of the Shares of the Company present (in person or by proxy) and entitled to vote at the meeting, if the holders of more than 50%

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of the outstanding Shares of the Company entitled to vote at the meeting are present in person or by proxy or (b) of the holders of more than 50% of the outstanding Shares of the Company entitled to vote at the meeting, whichever is less. For the purposes of this Agreement, the terms "interested person" and "assignment" have their respective meanings defined in the 1940 Act, subject, however, to the rules and regulations promulgated under the 1940 Act and any applicable guidance or interpretation of the SEC or its staff; and the term "approve at least annually" will be construed in a manner consistent with the 1940 Act and the rules and regulations promulgated under the 1940 Act and any applicable guidance or interpretation of the SEC or its staff.

**6.** **Termination**

This Plan may be terminated at any time with respect to the Shares of any Class by approval of a majority of the Qualified Directors, or by an approval of a majority of the outstanding voting securities of the relevant Class.

**7.** **Amendments**

The Plan may not be amended with respect to any Class so as to increase materially the amount of the Stockholder Servicing and/or Distribution Fee described in Section 1 above with respect to such Class unless such amendment is approved in the manner described in Section 3(a) above, and all material amendments to this Plan shall be approved in the manner provided for approval of this Plan in Section 3(a) above.

**8.** **Selection of Certain Directors**

While the Plan is in effect, the selection and nomination of the Company's directors who are not "interested persons" (as defined in the 1940 Act) of the Company will be at the discretion of the directors then in office who are not "interested persons" (as defined in the 1940 Act) of the Company.

**9.** **Written Reports**

While the Plan is in effect, the Board will receive, and the Directors will review, at least quarterly, written reports complying with the requirements of Rule 12b-1, which set out the amounts expended under the Plan and the purposes for which those expenditures were made.

**10.** **Preservation of Materials**

The Company will preserve copies of the Plan, any agreement relating to the Plan and any report made pursuant to Section 9 above, for a period of not less than six years (the first two years in an easily accessible place) from the date of (i) expiration of the Plan or agreement or (ii) such report.

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**APPENDIX A**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Class of Shares of Common Stock** | &nbsp;&nbsp;**Fee Rate** |
| &nbsp;&nbsp;Class S Shares | &nbsp;&nbsp;0.85% |
| &nbsp;&nbsp;Class D Shares | &nbsp;&nbsp;0.25% |

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*[Appendix A]*

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## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION PURSUANT TO**

**RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Greg Galligan, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Vista Credit Strategic 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.

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| | |
|:---|:---|
| Date: August 6, 2025 |  |
|  | /s/ Greg Galligan |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Greg Galligan |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer and President |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Vista Credit Strategic Lending Corp. |

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## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER**

**PURSUANT TO RULE 13a-14 OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Ross Teune, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Quarterly Report on Form 10-Q of Vista Credit Strategic Lending Corp.;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer(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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer(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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

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

Date: August 6, 2025

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| |
|:---|
| &nbsp;&nbsp;/s/ Ross Teune |
| &nbsp;&nbsp;Ross Teune |
| &nbsp;&nbsp;Chief Financial Officer and Treasurer |
| &nbsp;&nbsp;Vista Credit Strategic Lending Corp. |

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## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO**

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

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

In connection with the Quarterly Report on Form 10-Q of Vista Credit Strategic Lending Corp. (the "Company") for the period ended June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Greg Galligan, Chief Executive Officer and President of the Company, and I, Ross Teune, Chief Financial Officer and Treasurer of the Company, each certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my 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.

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| | | |
|:---|:---|:---|
| Date: August 6, 2025 | By: | /s/ Greg Galligan |
|  |  | Greg Galligan |
|  |  | Chief Executive Officer and President |
|  |  | Vista Credit Strategic Lending Corp. |

---

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| | |
|:---|:---|
| By: | /s/ Ross Teune |
|  | Ross Teune |
|  | Chief Financial Officer and Treasurer |
|  | Vista Credit Strategic Lending Corp. |

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