# EDGAR Filing Document

**Accession Number:** 0001646614
**File Stem:** 0001193125-25-277009
**Filing Date:** 2025-11
**Character Count:** 342244
**Document Hash:** cabdff6403fa54f483a9298aa1d8dfad
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-277009.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0001193125-25-277009

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 72

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Silver Point Specialty Lending Fund
- **CENTRAL INDEX KEY:** 0001646614

**ORGANIZATION NAME:**
- **EIN:** 471577585
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56533
- **FILM NUMBER:** 251471519

**BUSINESS ADDRESS:**
- **STREET 1:** 2 GREENWICH PLAZA
- **STREET 2:** FIRST FLOOR
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830
- **BUSINESS PHONE:** 203-542-4100

**MAIL ADDRESS:**
- **STREET 1:** 2 GREENWICH PLAZA
- **STREET 2:** FIRST FLOOR
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Silver Point Specialty Credit Fund, L.P.
- **DATE OF NAME CHANGE:** 20150629

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

------

**FORM** 10-Q

------

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

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

**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:** 000-56533

------

SILVER POINT SPECIALTY LENDING FUND

**(Exact Name of Registrant as Specified in its Charter)**

------

---

| | |
|:---|:---|
| Maryland | 47-1577585 |
| **(State or other jurisdiction of**<br>**incorporation or organization)** | **(I.R.S. Employer<br>Identification No.)** |
| Two Greenwich Plaza**,** Suite 1<br>Greenwich**,** Connecticut | <br>06830 |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code: (**203**)** 542-4200

------

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

---

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

---

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

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

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

---

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

---

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

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

As of November 12, 2025, the registrant had 40,356,499 shares of common stock, $0.001 par value per share, outstanding. Common stock outstanding excludes November 1, 2025 subscriptions since the issuance price is not yet finalized at this time.

------

**Silver Point Specialty Lending Fund**

**Table of Contents**

---

| | | |
|:---|:---|:---|
|  |  | **<u>Page</u>** |
| **PART I** | [<u>CONSOLIDATED FINANCIAL INFORMATION</u>](#consolidated_financial_information) | 1 |
| Item 1 | [<u>Consolidated Financial Statements</u>](#consolidated_financial_statements) | 1 |
|  | [<u>Consolidated Statements of Assets and Liabilities as of September 30, 2025 (Unaudited) and December 31, 2024</u>](#consolidated_statements_of_assets_and) | 1 |
|  | [<u>Consolidated Statements of Operations for the</u>](#consolidated_statements_operations)<u>three and nine months ended September 30, 2025 and 2024</u> [<u>(Unaudited)</u>](#consolidated_statements_operations) | 2 |
|  | [<u>Consolidated Statements of Changes in Net Assets for the</u>](#consolidated_statements_changes_in_net_a) <u>three and nine months ended September 30, 2025 and 2024</u> [<u>(Unaudited)</u>](#consolidated_statements_changes_in_net_a) | 3 |
|  | [<u>Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 (Unaudited)</u>](#consolidated_statements_cash_flows) | 5 |
|  | [<u>Consolidated Schedules of Investments as of September 30, 2025 (Unaudited) and December 31, 2024</u>](#consolidated_schedule_of_investments) | 6 |
|  | [<u>Notes to Consolidated Financial Statements (Unaudited)</u>](#consolidated_financial_notes) | 25 |
| Item 2 | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#management_discussion_and_analysis) | 50 |
| Item 3 | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#quantitative_and_qualitative_disclosures) | 62 |
| Item 4 | [<u>Controls and Procedures</u>](#controls_and_procedures) | 64 |
| **PART II** | [<u>OTHER INFORMATION</u>](#partii_other_information) | 65 |
| Item 1 | [<u>Legal Proceedings</u>](#legal_proceedings) | 65 |
| Item 1A | [<u>Risk Factors</u>](#risk_factors) | 65 |
| Item 2 | [<u>Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities</u>](#unregistered_sales_of_equity_securities) | 65 |
| Item 3 | [<u>Defaults Upon Senior Securities</u>](#defaults_upon_senior_securities) | 66 |
| Item 4 | [<u>Mine Safety Disclosures</u>](#mine_safety_disclosures) | 66 |
| Item 5 | [<u>Other Information</u>](#other_information) | 66 |
| Item 6 | [<u>Exhibits</u>](#exhibits) | 66 |
| [<u>Signatures</u>](#signatures) | [<u>Signatures</u>](#signatures) | 67 |

---

------

**PART I— CONSOLIDATED FINANCIAL INFORMATION**

**Item 1. Consolidated Financial Statements**

**Silver Point Specialty Lending Fund**

**Consolidated Statements of Assets and Liabilities**

---

| | | |
|:---|:---|:---|
|  | **September 30,<br>2025** | **December 31,<br>2024** |
|  | **(Unaudited)** |  |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at fair value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments (amortized cost of $1,057,381,113 and $865,232,646, respectively) | $1042596820 | $849500690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, affiliated investments (amortized cost of $21,809,439 and 8,032,091, respectively) | 28538003 | 12137420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Controlled investments (amortized cost of $40,490,464 and $46,509,435, respectively) | 20135170 | 29407547 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments, at fair value (amortized cost of $1,119,681,016 and $919,774,172, respectively) | 1091269993 | 891045657 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents (cash equivalents of $697,333 and $40,144,282, respectively) | 13566791 | 50837455 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash and cash equivalents (restricted cash equivalents of $13,525,966 and $42,378,141, respectively) | 16281949 | 48317750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign cash held at banks (cost of $3,373,544 and $22,244, respectively) | 3449559 | 21064 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for unsettled transactions | 3931044 | 10906345 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | 7593499 | 7850936 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive compensation clawback (Note 3) |  | 7025114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forward contracts, at fair value | 308359 | 401535 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps, at fair value | 987204 | 267763 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from broker | 1887002 | 2077052 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred financing costs | 1065986 | 161667 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 9765616 | 998922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $1150107002 | $1019911260 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt (Note 6) (net of unamortized debt issuance costs of $2,765,242 and $3,554,749, respectively) | $536813600 | $447820332 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for unsettled transactions | 43571284 | 9095503 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to broker |  | 1920000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest payable | 6891950 | 6463550 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees payable to an affiliate (Note 3) | 1377029 | 1029670 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income incentive compensation payable to an affiliate (Note 3) | 2030684 | 2854790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps, at fair value | 151225 | 78603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forward contracts, at fair value | 1221 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend Payable | 14461509 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 3212168 | 3325295 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 2428533 | 2410523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 610939203 | 474998266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commitments and contingencies (Note 8) |  |  |
| **Net assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common shares $0.001 par value, unlimited shares authorized; 38,056,601 and 36,907,451 shares issued and outstanding, respectively | 38056 | 36907 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in-capital in excess of par | 570169107 | 553574864 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributable earnings (losses) | (31039364) | (8698777) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total net assets** | 539167799 | 544912994 |
| **Total liabilities and net assets** | $1150107002 | $1019911260 |
| **Net asset value per share** | $14.17 | $14.76 |

---

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

------

**Silver Point Specialty Lending Fund**

**Consolidated Statements of Operations** 

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Investment income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income (excluding payment-in-kind ("PIK") interest) | $25434795 | $29663480 | $75443660 | $86001919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PIK interest income | 749981 | 1694747 | 3260987 | 4737201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income | 18959 | 33850 | 49053 | 60322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/affiliated investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income (excluding PIK interest) | 139255 | 380599 | 424044 | 1101787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PIK interest income | 371402 | 167183 | 851959 | 461506 |
| &nbsp;&nbsp;&nbsp;&nbsp;Controlled investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income (excluding PIK interest) | 122783 | 302686 | 443636 | 948189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PIK interest income | 27628 | 25775 | 80962 | 72422 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 26864803 | 32268320 | 80554301 | 93383346 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and financing expenses | 7726432 | 8766259 | 22001250 | 26635191 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee (Note 3) | 1721287 | 1029670 | 4217662 | 3089010 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income incentive compensation (Note 3) | 2030684 | 3092717 | 6750047 | 8802443 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive compensation clawback (Note 3) |  | (905529) | (1522386) | (1619735) |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 519464 | 658206 | 2186622 | 1979441 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration fees | 543696 | 541449 | 1497260 | 1658323 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustee fees | 87500 | 87978 | 262500 | 262021 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other general and administrative expenses | 388175 | 610321 | 1335044 | 1721177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 13017238 | 13881071 | 36727999 | 42527871 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee waiver (Note 3) | (344258) |  | (568954) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 12672980 | 13881071 | 36159045 | 42527871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 14191823 | 18387249 | 44395256 | 50855475 |
| **Net gain (loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | 121626 | (36090) | (11328621) | 6368446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/affiliated investments | (38676) |  | 175063 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Controlled investments |  |  |  | (202407) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (97849) | 22885 | 75770 | (120857) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forward contracts | (163707) | (1402867) | (2347438) | (1019988) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps | 4941 | 78971 | 15217 | 574647 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net realized gain (loss) | (173665) | (1337101) | (13410009) | 5599841 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | (795032) | (3091960) | 947663 | (11383814) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/affiliated investments | (268761) | 1619514 | 2623234 | 1600288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Controlled investments | 140779 | (2997153) | (3253405) | (6705540) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Translation of assets and liabilities in foreign currencies | (24555) | (21948) | 53846 | 10960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forward contracts | 837661 | (21816) | (94397) | 805605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps | 17897 | (142818) | (236759) | (81121) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net change in unrealized appreciation (depreciation) | (92011) | (4656181) | 40182 | (15753622) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) | (265676) | (5993282) | (13369827) | (10153781) |
| **Net increase (decrease) in net assets resulting from operations** | $13926147 | $12393967 | $31025429 | $40701694 |
| **Net investment income per share (Basic and Dilutive)** | $0.38 | $0.50 | $1.19 | $1.38 |
| **Earnings per share (Basic and Dilutive)** | $0.37 | $0.34 | $0.83 | $1.10 |
| **Weighted average shares outstanding** | 37689357 | 36907451 | 37220314 | 36907451 |

---

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

------

**Silver Point Specialty Lending Fund**

**Consolidated Statements of Changes in Net Assets** 

**(Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares** | **Par Amount** | **Paid-in-Capital in Excess of Par** | **Distributiable Earnings (Losses)** | **Total Net Assets** |
| **Balance at December 31, 2024:** | 36907451 | $36907 | $553574864 | $(8698777) | $544912994 |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) |  |  |  | 15642045 | 15642045 |
| &nbsp;&nbsp;&nbsp;&nbsp;'Net realized gains (losses) on investments and foreign currency transactions |  |  |  | (2262938) | (2262938) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized gains (losses) on investments and foreign currency translation |  |  |  | (3151907) | (3151907) |
| &nbsp;&nbsp;Dividends to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends declared from net investment income |  |  |  | (12917608) | (12917608) |
| **Balance at March 31, 2025:** | 36907451 | $36907 | $553574864 | $(11389185) | $542222586 |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) |  |  |  | 14561388 | 14561388 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) on investments and foreign currency transactions |  |  |  | (10973406) | (10973406) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized gains (losses) on investments and foreign currency translation |  |  |  | 3284100 | 3284100 |
| &nbsp;&nbsp;Increase (decrease) in net assets resulting from capital share transactions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common shares | 659491 | 659 | 9509372 |  | 9510031 |
| &nbsp;&nbsp;Dividends to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends declared from net investment income |  |  |  | (17346502) | (17346502) |
| **Balance at June 30, 2025:** | 37566942 | $37566 | $563084236 | $(21863605) | $541258197 |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) |  |  |  | 14191823 | 14191823 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) on investments and foreign currency transactions |  |  |  | (173665) | (173665) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized gains (losses) on investments and foreign currency translation |  |  |  | (92011) | (92011) |
| &nbsp;&nbsp;Dividends to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in connection with dividend reinvestment plan | 489659 | 490 | 7084871 |  | 7085361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends declared from net investment income |  |  |  | (23101906) | (23101906) |
| **Balance at September 30, 2025:** | 38056601 | $38056 | $570169107 | $(31039364) | $539167799 |

---

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

------

**Silver Point Specialty Lending Fund**

**Consolidated Statements of Changes in Net Assets** 

**(Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares** | **Par Amount** | **Paid-in-Capital in Excess of Par** | **Distributiable Earnings (Losses)** | **Total Net Assets** |
| **Balance at December 31, 2023:** | 36907451 | $36907 | $553574864 | $(13186559) | $540425212 |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) |  |  |  | 15648410 | 15648410 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) on investments and foreign currency transactions |  |  |  | (1430332) | (1430332) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized gains (losses) on investments and foreign currency translation |  |  |  | 2485800 | 2485800 |
| &nbsp;&nbsp;Dividends to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends declared from net investment income |  |  |  | (12917608) | (12917608) |
| **Balance at March 31, 2024:** | 36907451 | $36907 | $553574864 | $(9400289) | $544211482 |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) |  |  |  | 16819816 | 16819816 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) on investments and foreign currency transactions |  |  |  | 8367274 | 8367274 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized gains (losses) on investments and foreign currency translation |  |  |  | (13583241) | (13583241) |
| &nbsp;&nbsp;Dividends to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends declared from net investment income |  |  |  | (12917608) | (12917608) |
| **Balance at June 30, 2024:** | 36907451 | $36907 | $553574864 | $(10714048) | $542897723 |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) |  |  |  | 18387249 | 18387249 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) on investments and foreign currency transactions |  |  |  | (1337101) | (1337101) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized gains (losses) on investments and foreign currency translation |  |  |  | (4656181) | (4656181) |
| &nbsp;&nbsp;Dividends to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends declared from net investment income |  |  |  | (12917608) | (12917608) |
| **Balance at September 30, 2024:** | 36907451 | $36907 | $553574864 | $(11237689) | $542374082 |

---

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

------

**Silver Point Specialty Lending Fund**

**Consolidated Statements of Cash Flows** 

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |
| Net increase (decrease) in net assets resulting from operations | $31025429 | $40701694 |
| &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;&nbsp;&nbsp;Net amortization/accretion of premium/discount on investments | (5209181) | (5479697) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs and debt issuance costs | 1242291 | 1813012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments for purchase of investments | (385645607) | (215833383) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales, paydowns and resolutions of investments | 183936349 | 183672362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest paid-in-kind | (4193908) | (5271129) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss from investments | 11153558 | (6166039) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation from investments | (317492) | 16489066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation from foreign currency forward contracts | 94397 | (805605) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation from interest rate swaps | 236759 | 81121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on effectively hedged interest rate swaps and debt | (40928) | 20431 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (increase) decrease in operating assets and increase (decrease) in operating liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for unsettled transactions | 6975301 | 1062665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | 309382 | (163582) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive compensation clawback | 7025114 | (1619736) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from broker | 190050 | 541010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | (8766694) | 21551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to broker | (1920000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for unsettled transactions | 34475781 | (14352063) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest payable | 428400 | (2702540) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees payable to an affiliate | 347359 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income incentive compensation payable to an affiliate | (824106) | (64032) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps accrual, net | (56576) | (243210) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to Trustees |  | 14521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | (113127) | 159361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 18010 | 340023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | (129629439) | (7784199) |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from debt borrowings | 152792625 | 357600000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal debt payments | (65374938) | (352300000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of deferred financing costs and debt issuance costs | (1357103) | (2387575) |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common shares | 9510031 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends paid in cash | (31819146) | (38752824) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | 63751469 | (35840399) |
| **Net increase (decrease)** | (65877970) | (43624598) |
| **Beginning of period balance**<sup>(1)</sup> | 99176269 | 119269475 |
| **End of period balance**<sup>(1)</sup> **(Note 2)** | $33298299 | $75644877 |
| <sup>(1)</sup> Including Cash and cash equivalents, restricted cash and cash equivalents and foreign cash held at banks |  |  |
| **Supplemental cash flow information** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid during the period for interest | $20428063 | $26930405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid during the period for income taxes | $76734 | $70156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of dividends during the period | $7085361 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends payable | $14461509 | $— |

---

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

------

**Silver Point Specialty Lending Fund**

**Consolidated Schedule of Investments**

**September 30, 2025 (Unaudited)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup> | **Instrument** | **Industry** | **Rate**<sup>(2)</sup> | **Interest<br>Rate** | **Original<br>Acquisition<br>Date**<sup>(33)</sup> | **Maturity<br>Date** | **Par Amount**<sup>(3)</sup> | **Cost /<br>Amortized<br>Cost**<sup>(4)</sup> | **Fair Value** | **% of<br>Net Assets**<sup>(5)</sup> |
| **Non-Controlled/Non-Affiliated Investments** |  |  |  |  |  |  |  |  |  |  |
| **1st Lien/Secured Loans** |  |  |  |  |  |  |  |  |  |  |
| **United States of America** |  |  |  |  |  |  |  |  |  |  |
| 175 3rd Street⁽⁷⁾⁽¹⁰⁾ | 1st Lien Term Loan | Real Estate Development & Management | S+5.50%, 3.75% Floor | 9.78% | 4/30/2025 | 5/1/2026 | $8969922 | $8914336 | $8926952 | 1.66% |
| 48Forty Solutions LLC⁽⁷⁾⁽³⁰⁾ | 1st Lien Term Loan | Transportation & Logistics | S+6.15%, 1.00% Floor | 10.32 | 4/8/2022 | 11/30/2029 | 6664309 | 6583380 | 3384693 | 0.63 |
| Accela Inc/US⁽⁷⁾⁽⁹⁾ | 1st Lien Term Loan | Government Services | S+5.00%, 0.75% Floor | 9.16 | 9/1/2023 | 9/3/2030 | 10543138 | 10394699 | 10444845 | 1.94 |
| Accela Inc/US⁽⁷⁾ | 1st Lien Delayed Draw Term Loan | Government Services | S+5.00%, 0.75% Floor | 9.16 | 4/11/2025 | 9/3/2030 | 1355546 | 1343016 | 1342909 | 0.25 |
| Accela Inc/US⁽⁶⁾⁽⁷⁾⁽²⁸⁾⁽²⁹⁾ | 1st Lien Revolver | Government Services | S+5.00%, 0.75% Floor (0.50% on unfunded) | 0.50 | 9/1/2023 | 9/3/2030 | 908238 | (12759) | (9579) | (0.00) |
| Accurate Background LLC⁽⁷⁾⁽⁸⁾⁽⁹⁾ | 1st Lien Term Loan | Business Services | S+6.26%, 1.00% Floor | 10.26 | 10/18/2021 | 3/26/2029 | 19196046 | 18089001 | 18976399 | 3.52 |
| Advanced Integration Technology LP⁽⁷⁾⁽⁹⁾ | 1st Lien Term Loan | Aerospace & Defense | S+6.60%, 1.00% Floor | 10.76 | 5/24/2022 | 5/24/2027 | 13137676 | 12989546 | 13132470 | 2.44 |
| Allentown LLC⁽⁷⁾⁽⁹⁾⁽²²⁾ | 1st Lien Term Loan | Healthcare Equipment & Supplies | S+7.15%, 1.00% Floor | 11.35 | 4/22/2022 | 4/22/2027 | 11590329 | 11428429 | 11261466 | 2.09 |
| Allentown LLC⁽⁷⁾⁽²²⁾ | 1st Lien Delayed Draw Term Loan | Healthcare Equipment & Supplies | S+7.15%, 1.00% Floor | 11.35 | 4/22/2022 | 4/22/2027 | 1728003 | 1716287 | 1678973 | 0.31 |
| Allentown LLC⁽⁶⁾⁽⁷⁾⁽²²⁾ | 1st Lien Revolver | Healthcare Equipment & Supplies | P+6.00%, 1.00% Floor (0.50% on unfunded) | 13.25 | 4/22/2022 | 4/22/2027 | 1171741 | 102647 | 82418 | 0.02 |
| Allium Buyer LLC⁽⁷⁾⁽⁹⁾ | 1st Lien Term Loan | Business Services | S+5.00%, 1.00% Floor | 9.31 | 5/2/2023 | 5/2/2030 | 5734436 | 5607766 | 5736417 | 1.06 |
| Allium Buyer LLC⁽⁶⁾⁽⁷⁾⁽²⁸⁾⁽²⁹⁾ | 1st Lien Revolver | Business Services | S+5.00%, 1.00% Floor (0.50% on unfunded) | 0.50 | 5/2/2023 | 5/2/2029 | 573673 | (11267) | (2220) | (0.00) |
| Amerijet Holdings Inc⁽⁷⁾⁽¹⁸⁾ | 1st Lien Term Loan | Transportation & Logistics | 11.50% | 11.50 | 12/19/2023 | 6/30/2027 | 6907617 | 6893673 | 11368556 | 2.11 |
| Amerijet Holdings Inc⁽⁷⁾⁽³²⁾ | 1st Lien Term Loan | Transportation & Logistics | S+7.26%, 1.00% Floor | 11.28 | 12/28/2021 | 6/30/2027 | 13216942 | 13041643 | 12136631 | 2.25 |
| Amerijet Holdings Inc⁽⁷⁾⁽³²⁾ | 1st Lien Revolver | Transportation & Logistics | S+7.26%, 1.00% Floor (0.50% on unfunded) | 11.28 | 12/28/2021 | 6/30/2027 | 2536322 | 2529414 | 2325515 | 0.43 |
| Aprimo Inc⁽⁷⁾⁽⁸⁾⁽³¹⁾ | 1st Lien Term Loan | Technology | S+6.44%, 0.75% Floor | 10.60 | 5/26/2022 | 5/26/2028 | 2171882 | 2150064 | 2152252 | 0.40 |
| Arctic Glacier Group Holdings⁽⁷⁾⁽⁸⁾⁽⁹⁾⁽¹⁵⁾ | 1st Lien Term Loan | Food & Beverage | S+10.76%, 2.00% Floor | 14.76 | 5/24/2023 | 5/24/2028 | 10592385 | 10469670 | 10586356 | 1.96 |
| Arctic Glacier Group Holdings⁽⁶⁾⁽⁷⁾⁽¹⁵⁾ | 1st Lien Revolver | Food & Beverage | S+10.76%, 2.00% Floor (0.50% on unfunded) | 15.09 | 5/24/2023 | 11/24/2027 | 842010 | 246064 | 248995 | 0.05 |
| Artisan Bidco Inc⁽⁷⁾⁽⁹⁾ | 1st Lien Term Loan | Technology | S+7.00%, 1.00% Floor | 11.32 | 11/7/2023 | 11/7/2029 | 4122197 | 4033001 | 4073891 | 0.76 |
| Artisan Bidco Inc⁽⁷⁾ | 1st Lien Term Loan | Technology | E+7.00%, 1.00% Floor | 8.94 | 11/7/2023 | 11/7/2029 | 7047263 | 7413159 | 8169827 | 1.52 |
| Artisan Bidco Inc⁽⁶⁾⁽⁷⁾ | 1st Lien Revolver | Technology | S+7.00%, 1.00% Floor (0.50% on unfunded) | 11.19 | 11/7/2023 | 11/7/2029 | 1170535 | 717341 | 724710 | 0.13 |
| Asurion LLC⁽¹⁰⁾ | 1st Lien Term Loan | Insurance & Insurance Services | S+4.25%, 0.50% Floor | 8.41 | 6/12/2025 | 9/19/2030 | 2493750 | 2421119 | 2475960 | 0.46 |
| Atlas Sand Co LLC⁽⁷⁾⁽¹⁰⁾ | 1st Lien Term Loan | Oilfield Services | 9.51% | 9.51 | 3/5/2025 | 3/1/2032 | 6013797 | 5956659 | 5940429 | 1.10 |
| Azurite Intermediate Holdings Inc⁽⁷⁾⁽⁹⁾ | 1st Lien Term Loan | Software & Services | S+6.00%, 0.75% Floor | 10.16 | 3/19/2024 | 3/19/2031 | 2119510 | 2092414 | 2105759 | 0.39 |
| Azurite Intermediate Holdings Inc⁽⁷⁾⁽⁹⁾ | 1st Lien Delayed Draw Term Loan | Software & Services | S+6.00%, 0.75% Floor | 10.16 | 3/19/2024 | 3/19/2031 | 4817068 | 4758149 | 4785815 | 0.89 |
| Azurite Intermediate Holdings Inc⁽⁶⁾⁽⁷⁾⁽²⁸⁾⁽²⁹⁾ | 1st Lien Revolver | Software & Services | S+6.00%, 0.75% Floor (0.50% on unfunded) | 0.50 | 3/19/2024 | 3/19/2031 | 770731 | (9024) | (7377) | (0.00) |
| BayMark Health Services Inc⁽⁷⁾ | 1st Lien Term Loan | Healthcare Providers & Services | S+5.26%, 1.00% Floor | 9.26 | 6/10/2021 | 6/11/2027 | 4128755 | 4113919 | 3744872 | 0.69 |
| BayMark Health Services Inc⁽⁷⁾ | 1st Lien Delayed Draw Term Loan | Healthcare Providers & Services | S+5.26%, 1.00% Floor | 9.26 | 11/19/2021 | 6/11/2027 | 2574564 | 2566648 | 2335186 | 0.43 |
| BEL USA LLC⁽⁷⁾⁽²⁷⁾⁽³⁰⁾ | 1st Lien Term Loan | E-Commerce | S+7.15%, 2.50% Floor | 11.35 | 12/13/2018 | 6/2/2026 | 8821421 | 8719947 | 3099030 | 0.57 |
| Bending Spoons US Inc⁽⁷⁾⁽⁹⁾⁽¹⁰⁾ | 1st Lien Term Loan | Technology | S+5.25%, 1.00% Floor | 9.47 | 2/19/2025 | 3/7/2031 | 13953205 | 13727012 | 13978320 | 2.59 |
| Charter Nex US Inc | 1st Lien Term Loan | Paper & Packaging | S+2.75%, 0.75% Floor | 6.93 | 5/5/2025 | 12/2/2030 | 4973890 | 4978667 | 4985654 | 0.92 |
| Circle Graphics Inc⁽⁷⁾⁽²⁴⁾ | 1st Lien Term Loan | E-Commerce | S+3.25%, 4.00% Floor | 7.68 | 6/30/2025 | 3/31/2029 | 10470496 | 9968693 | 9702394 | 1.80 |
| Circle Graphics Inc⁽⁷⁾⁽²⁵⁾⁽³²⁾ | 1st Lien Term Loan | E-Commerce | S+3.76%, 4.00% Floor | 8.19 | 6/30/2025 | 3/31/2029 | 10093898 | 6932623 | 6034165 | 1.12 |

---

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

------

**Silver Point Specialty Lending Fund**

**Consolidated Schedule of Investments**

**September 30, 2025 (Unaudited)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup> | **Instrument** | **Industry** | **Rate**<sup>(2)</sup> | **Interest<br>Rate** | **Original<br>Acquisition<br>Date**<sup>(33)</sup> | **Maturity<br>Date** | **Par Amount**<sup>(3)</sup> | **Cost /<br>Amortized<br>Cost**<sup>(4)</sup> | **Fair Value** | **% of<br>Net Assets**<sup>(5)</sup> |
| Conservice Midco LLC | 1st Lien Term Loan | Utilities | S+2.75% | 6.91% | 5/6/2025 | 5/13/2030 | $4987469 | $4993703 | $4997331 | 0.93% |
| Contractual Buyer, LLC (dba Kodiak Solutions)⁽⁷⁾⁽⁹⁾ | 1st Lien Term Loan | Healthcare Technology | S+5.75%, 0.75% Floor | 10.06 | 10/10/2023 | 10/10/2030 | 3459786 | 3392355 | 3423143 | 0.63 |
| Contractual Buyer, LLC (dba Kodiak Solutions)⁽⁶⁾⁽⁷⁾⁽²⁸⁾⁽²⁹⁾ | 1st Lien Revolver | Healthcare Technology | S+5.75%, 0.75% Floor (0.50% on unfunded) | 0.50 | 10/10/2023 | 10/10/2029 | 401425 | (7202) | (5480) | (0.00) |
| Coupa Holdings LLC⁽⁷⁾⁽⁸⁾⁽⁹⁾ | 1st Lien Term Loan | Software & Services | S+5.25%, 0.75% Floor | 9.56 | 2/27/2023 | 2/27/2030 | 10221764 | 10035626 | 10247205 | 1.90 |
| Coupa Holdings LLC⁽⁶⁾⁽⁷⁾⁽²⁹⁾ | 1st Lien Delayed Draw Term Loan | Software & Services | S+5.25%, 0.75% Floor (1.00% on unfunded) | 1.00 | 2/27/2023 | 2/27/2030 | 924210 | (10466) | 2300 | 0.00 |
| Coupa Holdings LLC⁽⁶⁾⁽⁷⁾⁽²⁸⁾⁽²⁹⁾ | 1st Lien Revolver | Software & Services | S+5.25%, 0.75% Floor (0.50% on unfunded) | 0.50 | 2/27/2023 | 2/27/2029 | 707659 | (10048) | (1575) | (0.00) |
| CP Atlas Buyer Inc (American Bath)⁽⁸⁾ | 1st Lien Term Loan | Building Products | S+5.25% | 9.41 | 7/1/2025 | 7/8/2030 | 18500016 | 17647719 | 17979703 | 3.33 |
| Crewline Buyer Inc⁽⁷⁾⁽⁹⁾ | 1st Lien Term Loan | Software & Services | S+6.75%, 1.00% Floor | 10.91 | 11/8/2023 | 11/8/2030 | 9501470 | 9316819 | 9307092 | 1.73 |
| Crewline Buyer Inc⁽⁶⁾⁽⁷⁾⁽²⁸⁾⁽²⁹⁾ | 1st Lien Revolver | Software & Services | S+6.75%, 1.00% Floor (0.50% on unfunded) | 0.50 | 11/8/2023 | 11/8/2030 | 989736 | (17765) | (20171) | (0.00) |
| Databricks Inc⁽⁷⁾⁽⁸⁾⁽³²⁾ | 1st Lien Term Loan | Software & Services | S+4.50% | 8.72 | 12/19/2024 | 1/3/2031 | 8679743 | 8644358 | 8766540 | 1.63 |
| Databricks Inc⁽⁶⁾⁽⁷⁾⁽³²⁾ | 1st Lien Delayed Draw Term Loan | Software & Services | S+4.50%, (1.00% on unfunded) | 1.00 | 12/19/2024 | 1/3/2031 | 1859945 |  | 18599 | 0.00 |
| DMT Solutions Global Corp (dba Bluecrest)⁽⁷⁾⁽⁸⁾⁽⁹⁾ | 1st Lien Term Loan | Technology Hardware & Equipment | S+8.10%, 1.00% Floor | 12.26 | 8/30/2023 | 8/30/2027 | 17794538 | 17506094 | 17326970 | 3.21 |
| Elessent Clean Technologies Inc⁽⁷⁾⁽⁹⁾ | 1st Lien Term Loan | Specialty Chemicals | S+6.00%, 1.00% Floor | 10.14 | 11/15/2024 | 11/15/2029 | 2492224 | 2449895 | 2469697 | 0.46 |
| Elessent Clean Technologies Inc⁽⁶⁾⁽⁷⁾⁽²⁸⁾⁽²⁹⁾ | 1st Lien Revolver | Specialty Chemicals | S+6.00%, 1.00% Floor (0.50% on unfunded) | 0.50 | 11/15/2024 | 11/15/2029 | 241448 | (3983) | (2182) | (0.00) |
| FR Vision Holdings, Inc. (CHA Consulting)⁽⁷⁾⁽⁹⁾ | 1st Lien Term Loan | Professional Services | S+5.00%, 0.75% Floor | 9.33 | 1/19/2024 | 1/20/2031 | 2268714 | 2230195 | 2245487 | 0.42 |
| FR Vision Holdings, Inc. (CHA Consulting)⁽⁷⁾ | 1st Lien Term Loan | Professional Services | S+5.00%, 0.75% Floor | 9.00 | 9/26/2025 | 1/20/2031 | 245929 | 243479 | 243411 | 0.05 |
| FR Vision Holdings, Inc. (CHA Consulting)⁽⁷⁾ | 1st Lien Delayed Draw Term Loan | Professional Services | S+5.00%, 0.75% Floor | 9.22 | 1/19/2024 | 1/20/2031 | 738546 | 725411 | 730985 | 0.14 |
| FR Vision Holdings, Inc. (CHA Consulting)⁽⁶⁾⁽⁷⁾⁽²⁸⁾⁽²⁹⁾ | 1st Lien Delayed Draw Term Loan | Professional Services | S+5.00%, 0.75% Floor (1.00% on unfunded) | 1.00 | 9/26/2025 | 1/20/2031 | 557241 | (2779) | (5705) | (0.00) |
| FR Vision Holdings, Inc. (CHA Consulting)⁽⁶⁾⁽⁷⁾⁽²⁸⁾⁽²⁹⁾ | 1st Lien Revolver | Professional Services | S+5.00%, 0.75% Floor (0.50% on unfunded) | 0.50 | 1/19/2024 | 1/20/2030 | 185747 | (2870) | (2021) | (0.00) |
| GC Bison Acquisition, LLC (Midland Industries)⁽⁷⁾⁽⁹⁾ | 1st Lien Term Loan | Industrial Products & Services | S+6.00%, 1.00% Floor | 10.20 | 9/1/2023 | 9/4/2029 | 7503683 | 7398784 | 7251359 | 1.34 |
| GC Bison Acquisition, LLC (Midland Industries)⁽⁶⁾⁽⁷⁾ | 1st Lien Revolver | Industrial Products & Services | S+6.00%, 1.00% Floor (0.50% on unfunded) | 10.16 | 9/1/2023 | 9/4/2029 | 1063447 | 602908 | 580798 | 0.11 |
| GI Apple Midco LLC (Atlas Technical)⁽⁷⁾⁽⁹⁾ | 1st Lien Term Loan | Professional Services | S+6.75%, 1.00% Floor | 10.91 | 4/19/2023 | 4/19/2030 | 10829469 | 10626823 | 10796749 | 2.00 |
| GI Apple Midco LLC (Atlas Technical)⁽⁷⁾ | 1st Lien Delayed Draw Term Loan | Professional Services | S+6.75%, 1.00% Floor | 10.91 | 4/19/2023 | 4/19/2030 | 207769 | 205549 | 207144 | 0.04 |
| GI Apple Midco LLC (Atlas Technical)⁽⁶⁾⁽⁷⁾ | 1st Lien Revolver | Professional Services | S+6.75%, 1.00% Floor (0.50% on unfunded) | 10.75 | 4/19/2023 | 4/19/2029 | 1345718 | 4968 | 26662 | 0.00 |
| Gibson Brands Inc⁽⁷⁾⁽⁹⁾ | 1st Lien Term Loan | Consumer Brands | S+5.26%, 0.75% Floor | 9.58 | 2/16/2024 | 8/11/2028 | 4881284 | 4735975 | 4705571 | 0.87 |
| GOJO Industries Inc⁽⁷⁾⁽⁸⁾⁽⁹⁾⁽¹⁶⁾⁽³⁵⁾ | 1st Lien Term Loan | Consumer Products | S+8.75%, 2.50% Floor | 12.91 | 10/26/2023 | 10/26/2028 | 18436311 | 18103291 | 19034762 | 3.53 |
| Gopher Resource LLC⁽⁷⁾⁽⁹⁾⁽¹¹⁾ | 1st Lien Term Loan | Environmental Solutions | S+7.00%, 1.00% Floor | 11.00 | 10/4/2024 | 10/4/2029 | 15172773 | 14794044 | 14915807 | 2.77 |
| Gopher Resource LLC⁽⁶⁾⁽⁷⁾ | 1st Lien Revolver | Environmental Solutions | S+7.00%, 1.00% Floor (0.50% on unfunded) | 11.00 | 10/4/2024 | 10/4/2029 | 1199019 | 610637 | 619170 | 0.11 |
| Guava Buyer LLC (dba AVI-SPL)⁽⁷⁾⁽⁸⁾⁽³⁵⁾ | 1st Lien Term Loan | Technology Hardware & Equipment | S+5.50%, 1.00% Floor | 9.73 | 8/12/2025 | 8/12/2032 | 17563956 | 17215596 | 17212677 | 3.19 |
| Guava Buyer LLC (dba AVI-SPL)⁽⁶⁾⁽⁷⁾ | 1st Lien Delayed Draw Term Loan | Technology Hardware & Equipment | S+5.50%, 1.00% Floor | 9.67 | 8/12/2025 | 8/12/2032 | 2072201 | 881075 | 889769 | 0.17 |
| Guava Buyer LLC (dba AVI-SPL)⁽⁶⁾⁽⁷⁾ | 1st Lien Revolver | Technology Hardware & Equipment | S+5.50%, 1.00% Floor (0.50% on unfunded) | 9.72 | 8/12/2025 | 8/12/2030 | 2074483 | 844759 | 843623 | 0.16 |
| Health Catalyst Inc⁽⁷⁾⁽⁸⁾⁽¹⁰⁾ | 1st Lien Term Loan | Healthcare Technology | S+6.50%, 1.00% Floor | 10.82 | 7/16/2024 | 7/16/2029 | 10406135 | 10154890 | 10198012 | 1.89 |
| Health Catalyst Inc⁽⁷⁾⁽¹⁰⁾ | 1st Lien Delayed Draw Term Loan | Healthcare Technology | S+6.50%, 1.00% Floor | 10.81 | 7/16/2024 | 7/16/2029 | 8191815 | 2956745 | 2982579 | 0.55 |
| HOA Finance Two, LLC / HOA II Finance Two, LLC⁽⁶⁾⁽⁷⁾ | 1st Lien Delayed Draw Term Loan | Real Estate Development & Management | S+6.95%, 3.47% Floor | 11.23 | 10/17/2022 | 11/1/2025 | 14382867 | 14382338 | 13918897 | 2.58 |

---

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

------

**Silver Point Specialty Lending Fund**

**Consolidated Schedule of Investments**

**September 30, 2025 (Unaudited)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup> | **Instrument** | **Industry** | **Rate**<sup>(2)</sup> | **Interest<br>Rate** | **Original<br>Acquisition<br>Date**<sup>(33)</sup> | **Maturity<br>Date** | **Par Amount**<sup>(3)</sup> | **Cost /<br>Amortized<br>Cost**<sup>(4)</sup> | **Fair Value** | **% of<br>Net Assets**<sup>(5)</sup> |
| Inotiv Inc⁽⁷⁾⁽⁸⁾⁽⁹⁾⁽¹⁰⁾⁽¹⁴⁾ | 1st Lien Term Loan | Pharmaceuticals & Life Sciences | S+6.86%, 1.00% Floor | 11.09% | 11/3/2021 | 11/5/2026 | $15791910 | $15610122 | $13324788 | 2.47% |
| Inotiv Inc⁽⁶⁾⁽⁷⁾⁽¹⁰⁾ | 1st Lien Revolver | Pharmaceuticals & Life Sciences | P+8.50%, 1.00% Floor (0.50% on unfunded) | 15.75 | 11/3/2021 | 11/5/2026 | 1244402 | 218295 | 335989 | 0.06 |
| i.PARK BROADWAY LLC (1050 N Broadway)⁽⁷⁾ | 1st Lien Term Loan | Real Estate Development & Management | S+5.30%, 4.25% Floor | 9.55 | 7/3/2025 | 7/6/2027 | 9192144 | 9029975 | 9014596 | 1.67 |
| IXS Holdings Inc⁽⁸⁾ | 1st Lien Term Loan | Automobiles & Components | S+5.50%, 1.00% Floor | 9.50 | 8/15/2025 | 9/5/2029 | 10624895 | 10207288 | 10581758 | 1.96 |
| Javelin Buyer Inc | 1st Lien Term Loan | Software & Services | S+2.75% | 7.06 | 5/6/2025 | 12/8/2031 | 7462547 | 7478069 | 7450107 | 1.38 |
| Kaseya Inc | 1st Lien Term Loan | Paper & Packaging | S+3.25% | 7.41 | 5/5/2025 | 3/22/2032 | 3731873 | 3713748 | 3735238 | 0.69 |
| KORE Wireless Group Inc⁽⁷⁾⁽⁹⁾ | 1st Lien Term Loan | Telecommunications | S+6.50%, 1.00% Floor | 10.69 | 12/20/2023 | 11/9/2028 | 4555782 | 4495613 | 4546442 | 0.84 |
| KORE Wireless Group Inc⁽⁶⁾⁽⁷⁾⁽²⁸⁾⁽²⁹⁾ | 1st Lien Revolver | Telecommunications | S+6.50%, 1.00% Floor (0.50% on unfunded) | 0.50 | 12/20/2023 | 11/9/2028 | 626612 | (7964) | (1252) | (0.00) |
| LAC Acquisition LLC d/b/a Lighthouse Autism Center⁽⁷⁾⁽⁸⁾⁽¹⁹⁾ | 1st Lien Term Loan | Healthcare Providers & Services | S+11.15%, 3.00% Floor | 15.35 | 7/23/2021 | 7/23/2027 | 19404458 | 19290337 | 17812499 | 3.30 |
| LAC Acquisition LLC d/b/a Lighthouse Autism Center⁽⁶⁾⁽⁷⁾⁽²⁸⁾ | 1st Lien Revolver | Healthcare Providers & Services | S+11.15%, 3.00% Floor (0.50% on unfunded) | 0.50 | 4/3/2024 | 7/23/2027 | 500000 |  | (41020) | (0.01) |
| Learning Care Group US No 2 | 1st Lien Term Loan | Education | S+4.00%, 0.50% Floor | 8.29 | 5/12/2025 | 8/11/2028 | 7462121 | 7482603 | 7354853 | 1.36 |
| LeVecke Real Estate Holdings, LLC⁽⁶⁾⁽⁷⁾⁽⁸⁾ | 1st Lien Delayed Draw Term Loan | Real Estate Development & Management | S+7.50%, 3.75% Floor | 11.78 | 12/1/2022 | 5/29/2026 | 4568481 | 4419056 | 4477322 | 0.83 |
| Likewize Corp⁽⁹⁾⁽¹⁰⁾ | 1st Lien Term Loan | Insurance & Insurance Services | S+5.75%, 0.50% Floor | 10.03 | 8/15/2024 | 8/27/2029 | 18492245 | 18053147 | 17931745 | 3.33 |
| Lummus Technology Holdings V LLC | 1st Lien Term Loan | Industrial Products & Services | S+2.50% | 6.66 | 5/6/2025 | 12/31/2029 | 4974969 | 4987406 | 4981287 | 0.92 |
| LVF Holdings Inc⁽⁷⁾⁽⁹⁾ | 1st Lien Term Loan | Food & Beverage | S+5.50% | 9.70 | 2/24/2025 | 2/24/2032 | 16018582 | 15272710 | 15254702 | 2.83 |
| LVF Holdings Inc⁽⁶⁾⁽⁷⁾⁽²⁸⁾⁽²⁹⁾ | 1st Lien Delayed Draw Term Loan | Food & Beverage | S+5.50%, (5.50% on unfunded) | 5.50 | 2/24/2025 | 2/24/2032 | 2408809 | (55090) | (114582) | (0.02) |
| Mad Engine Global, LLC | 1st Lien Term Loan | Consumer Apparel | S+7.26%, 1.00% Floor | 11.26 | 6/30/2021 | 7/15/2027 | 10800000 | 10697511 | 9261000 | 1.72 |
| Mercury Bidco LLC⁽⁷⁾⁽⁸⁾⁽⁹⁾ | 1st Lien Term Loan | Technology | S+5.75%, 1.00% Floor | 9.75 | 5/31/2023 | 5/31/2030 | 17474733 | 17215657 | 17391490 | 3.23 |
| Mercury Bidco LLC⁽⁶⁾⁽⁷⁾⁽²⁸⁾⁽²⁹⁾ | 1st Lien Revolver | Technology | S+5.75%, 1.00% Floor (0.50% on unfunded) | 0.50 | 5/31/2023 | 5/31/2029 | 1981556 | (21914) | (14057) | (0.00) |
| MMS BidCo LLC⁽⁷⁾⁽⁹⁾⁽³²⁾ | 1st Lien Term Loan | Healthcare Providers & Services | S+5.375%, 1.00% Floor | 9.51 | 6/30/2022 | 6/30/2029 | 9119870 | 9035942 | 9035581 | 1.68 |
| Mounty US Holdings⁽⁷⁾⁽⁹⁾⁽¹⁰⁾ | 1st Lien Term Loan | Software & Services | S+5.50%, 1.00% Floor | 9.69 | 5/17/2024 | 5/17/2030 | 6882961 | 6772750 | 6683355 | 1.24 |
| Mounty US Holdings⁽⁶⁾⁽⁷⁾⁽¹⁰⁾⁽²⁸⁾⁽²⁹⁾ | 1st Lien Revolver | Software & Services | S+5.50%, 1.00% Floor (0.25% on unfunded) | 0.25 | 5/17/2024 | 5/17/2030 | 995726 | (16003) | (28876) | (0.01) |
| National Dentex Corp⁽⁷⁾⁽¹²⁾⁽²⁷⁾⁽³⁰⁾⁽³¹⁾ | 1st Lien Term Loan | Healthcare Providers & Services | S+10.15%, 1.00% Floor | 14.15 | 10/26/2020 | 4/3/2026 | 12091022 | 11326824 | 6493518 | 1.20 |
| National Dentex Corp⁽⁷⁾⁽¹²⁾⁽²⁷⁾⁽³⁰⁾⁽³¹⁾ | 1st Lien Delayed Draw Term Loan | Healthcare Providers & Services | S+10.15%, 1.00% Floor | 14.15 | 10/26/2020 | 4/3/2026 | 6085788 | 5699243 | 3268390 | 0.61 |
| National Dentex Corp⁽⁷⁾⁽²⁰⁾⁽²⁷⁾⁽³⁰⁾⁽³¹⁾ | 1st Lien Delayed Draw Term Loan | Healthcare Providers & Services | S+12.15%, 1.00% Floor | 16.15 | 10/29/2024 | 4/3/2026 | 2898332 | 580738 | 1556557 | 0.29 |
| National Dentex Corp⁽⁷⁾⁽¹²⁾⁽²⁷⁾⁽³⁰⁾⁽³¹⁾ | 1st Lien Delayed Draw Term Loan | Healthcare Providers & Services | S+10.15%, 1.00% Floor | 14.45 | 4/4/2024 | 4/3/2026 | 967764 | 889643 | 519741 | 0.10 |
| National Dentex Corp⁽⁶⁾⁽⁷⁾⁽¹²⁾⁽²⁷⁾⁽³⁰⁾ | 1st Lien Delayed Draw Term Loan | Healthcare Providers & Services | S+10.15%, 1.00% Floor (1.00% on unfunded) | 14.15 | 9/24/2025 | 12/1/2025 | 1004538 | 371729 | 372607 | 0.07 |
| National Dentex Corp⁽⁶⁾⁽⁷⁾⁽²¹⁾⁽²⁷⁾⁽³⁰⁾⁽³¹⁾ | 1st Lien Revolver | Healthcare Providers & Services | S+9.15%, 1.00% Floor (0.50% on unfunded) | 13.31 | 10/26/2020 | 4/3/2026 | 1543742 | 1445994 | 814199 | 0.15 |
| NetSPI Midco Corporation⁽⁷⁾ | 1st Lien Term Loan | Professional Services | S+6.25%, 1.00% Floor | 10.29 | 5/31/2024 | 5/31/2029 | 6911607 | 6802726 | 6766463 | 1.25 |
| NetSPI Midco Corporation⁽⁶⁾⁽⁷⁾⁽²⁸⁾⁽²⁹⁾ | 1st Lien Revolver | Professional Services | S+6.25%, 1.00% Floor (0.50% on unfunded) | 0.50 | 5/31/2024 | 5/31/2029 | 767956 | (11254) | (16127) | (0.00) |
| PaperWorks Industries Holding Corp.⁽⁷⁾⁽⁸⁾⁽⁹⁾ | 1st Lien Term Loan | Paper & Packaging | S+6.25%, 1.00% Floor | 10.25 | 6/30/2023 | 6/30/2029 | 18623370 | 18244461 | 18446008 | 3.42 |
| Pelican Power Borrower LLC⁽⁷⁾⁽⁸⁾⁽⁹⁾ | 1st Lien Term Loan | Power Generation | S+5.50%, 2.00% Floor | 9.70 | 8/30/2024 | 8/29/2030 | 29910752 | 28399526 | 29492001 | 5.47 |
| Peloton Interactive Inc⁽⁸⁾⁽¹⁰⁾ | 1st Lien Term Loan | Fitness & Leisure | S+5.50% | 9.66 | 5/23/2024 | 5/30/2029 | 22069806 | 22244392 | 22325452 | 4.14 |
| Pro Mach Group Inc | 1st Lien Term Loan | Software & Services | S+2.75%, 1.00% Floor | 6.91 | 5/5/2025 | 8/31/2028 | 3731247 | 3726953 | 3735670 | 0.69 |
| Rayonier AM Products Inc⁽⁷⁾⁽⁹⁾⁽¹⁰⁾ | 1st Lien Term Loan | Paper & Packaging | S+7.50%, 3.00% Floor | 11.50 | 10/28/2024 | 10/29/2029 | 10777063 | 10552521 | 10379372 | 1.93 |

---

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

------

**Silver Point Specialty Lending Fund**

**Consolidated Schedule of Investments**

**September 30, 2025 (Unaudited)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup> | **Instrument** | **Industry** | **Rate**<sup>(2)</sup> | **Interest<br>Rate** | **Original<br>Acquisition<br>Date**<sup>(33)</sup> | **Maturity<br>Date** | **Par Amount**<sup>(3)</sup> | **Cost /<br>Amortized<br>Cost**<sup>(4)</sup> | **Fair Value** | **% of<br>Net Assets**<sup>(5)</sup> |
| Recorded Books Inc (RB Media)⁽⁷⁾⁽⁹⁾ | 1st Lien Term Loan | Media: Diversified & Production | S+5.75%, 0.75% Floor | 9.96% | 8/31/2023 | 9/3/2030 | $8718735 | $8588495 | $8548227 | 1.59% |
| Recorded Books Inc (RB Media)⁽⁶⁾⁽⁷⁾⁽²⁸⁾⁽²⁹⁾ | 1st Lien Delayed Draw Term Loan | Media: Diversified & Production | S+5.75%, 0.75% Floor (1.00% on unfunded) | 1.00 | 8/15/2025 | 9/3/2030 | 390213 | (7613) | (7631) | (0.00) |
| Recorded Books Inc (RB Media)⁽⁶⁾⁽⁷⁾ | 1st Lien Revolver | Media: Diversified & Production | S+5.75%, 0.75% Floor (0.50% on unfunded) | 9.86 | 8/31/2023 | 8/31/2028 | 987009 | 582472 | 583985 | 0.11 |
| SBP Holdings LP⁽⁷⁾⁽⁹⁾ | 1st Lien Term Loan | Industrial Products & Services | S+5.00%, 1.00% Floor | 9.16 | 3/27/2023 | 3/27/2028 | 5199788 | 5102001 | 5105576 | 0.95 |
| SBP Holdings LP⁽⁶⁾⁽⁷⁾ | 1st Lien Delayed Draw Term Loan | Industrial Products & Services | S+5.00%, 1.00% Floor (1.00% on unfunded) | 9.17 | 11/30/2023 | 3/27/2028 | 1681459 | 1016624 | 1006049 | 0.19 |
| SBP Holdings LP⁽⁷⁾⁽⁹⁾ | 1st Lien Delayed Draw Term Loan | Industrial Products & Services | S+5.00%, 1.00% Floor | 9.16 | 3/27/2023 | 3/27/2028 | 748274 | 734540 | 734716 | 0.14 |
| SBP Holdings LP⁽⁶⁾⁽⁷⁾⁽²⁸⁾⁽²⁹⁾ | 1st Lien Delayed Draw Term Loan | Industrial Products & Services | S+5.00%, 1.00% Floor (1.00% on unfunded) | 1.00 | 8/19/2024 | 3/27/2028 | 1429513 | (4937) | (25904) | (0.00) |
| SBP Holdings LP⁽⁶⁾⁽⁷⁾⁽²⁸⁾⁽²⁹⁾ | 1st Lien Revolver | Industrial Products & Services | S+5.00%, 1.00% Floor (0.50% on unfunded) | 0.50 | 3/27/2023 | 3/27/2028 | 838328 | (10361) | (15373) | (0.00) |
| Shrieve Chemical Co LLC⁽⁷⁾⁽⁹⁾ | 1st Lien Term Loan | Specialty Chemicals | S+6.00%, 1.00% Floor | 10.16 | 10/30/2024 | 10/30/2030 | 6744364 | 6628083 | 6623780 | 1.23 |
| Shrieve Chemical Co LLC⁽⁶⁾⁽⁷⁾ | 1st Lien Revolver | Specialty Chemicals | S+6.00%, 1.00% Floor (0.50% on unfunded) | 10.14 | 10/30/2024 | 10/30/2030 | 539828 | 166967 | 166712 | 0.03 |
| Sintec Media NYC Inc⁽⁷⁾⁽⁹⁾ | 1st Lien Term Loan | Media: Diversified & Production | S+7.00%, 1.00% Floor | 11.00 | 6/21/2023 | 6/21/2029 | 12131470 | 11874810 | 11713686 | 2.17 |
| Sintec Media NYC Inc⁽⁶⁾⁽⁷⁾ | 1st Lien Revolver | Media: Diversified & Production | S+7.00%, 1.00% Floor (0.50% on unfunded) | 11.03 | 6/21/2023 | 6/21/2029 | 1164025 | 723332 | 703005 | 0.13 |
| Smarsh Inc⁽⁷⁾⁽⁹⁾ | 1st Lien Term Loan | Software & Services | S+4.75%, 0.75% Floor | 8.75 | 2/18/2022 | 2/18/2029 | 4253705 | 4203468 | 4240029 | 0.79 |
| Smarsh Inc⁽⁶⁾⁽⁷⁾⁽²⁸⁾⁽²⁹⁾ | 1st Lien Delayed Draw Term Loan | Software & Services | S+4.75%, 0.75% Floor (1.00% on unfunded) | 1.00 | 2/18/2022 | 2/18/2029 | 472634 | (11732) | (1519) | (0.00) |
| Smarsh Inc⁽⁶⁾⁽⁷⁾ | 1st Lien Revolver | Software & Services | S+4.75%, 0.75% Floor (0.50% on unfunded) | 8.85 | 2/18/2022 | 2/18/2029 | 236317 | 63392 | 64740 | 0.01 |
| Solaris Oilfield Infrastructure Inc⁽⁷⁾⁽⁸⁾⁽⁹⁾⁽¹⁰⁾ | 1st Lien Term Loan | Oilfield Services | S+6.00%, 1.00% Floor | 10.00 | 9/11/2024 | 9/11/2029 | 13233293 | 12954187 | 13220060 | 2.45 |
| Southeastern Grocers LLC⁽⁷⁾⁽⁸⁾ | 1st Lien Term Loan | Staples Retail | S+7.50%, 1.00% Floor | 11.50 | 9/19/2025 | 2/16/2026 | 21149970 | 20461320 | 20436158 | 3.79 |
| SP PF Buyer LLC⁽⁷⁾⁽⁸⁾ | 1st Lien Term Loan | Specialty Retail | S+7.00%, 1.00% Floor | 11.16 | 10/15/2024 | 10/13/2029 | 17961772 | 17503511 | 17501090 | 3.25 |
| Spectrum Group Buyer Inc (Pixelle)⁽⁸⁾ | 1st Lien Term Loan | Paper & Packaging | S+6.50%, 0.75% Floor | 10.81 | 5/11/2022 | 5/19/2028 | 6606601 | 6397440 | 5850293 | 1.09 |
| Speedstar Holding LLC⁽⁷⁾⁽⁸⁾⁽⁹⁾ | 1st Lien Term Loan | Automobiles & Components | S+6.00%, 1.00% Floor | 10.29 | 7/2/2024 | 7/22/2027 | 14555559 | 14383470 | 14393001 | 2.67 |
| Speedstar Holding LLC⁽⁶⁾⁽⁷⁾ | 1st Lien Delayed Draw Term Loan | Automobiles & Components | S+6.00%, 1.00% Floor (1.00% on unfunded) | 10.30 | 7/2/2024 | 7/22/2027 | 3191166 | 1559933 | 1553938 | 0.29 |
| Storable Inc | 1st Lien Term Loan | Software & Services | S+3.25% | 7.41 | 5/6/2025 | 4/16/2031 | 7462500 | 7483323 | 7476977 | 1.39 |
| Stryten Energy Resources LLC⁽⁷⁾⁽⁸⁾⁽⁹⁾ | 1st Lien Term Loan | Industrial Products & Services | S+5.50%, 1.00% Floor | 9.66 | 12/18/2024 | 12/18/2029 | 13728381 | 13488369 | 13499083 | 2.50 |
| Sweet Oak Parent LLC (fka Ozark Holdings LLC)⁽⁷⁾⁽⁸⁾⁽⁹⁾ | 1st Lien Term Loan | Specialty Retail | S+5.75%, 0.75% Floor | 10.04 | 8/5/2024 | 8/5/2030 | 16546420 | 16201271 | 16182399 | 3.00 |
| Telestream 2 LLC⁽⁷⁾⁽⁸⁾ | 1st Lien Term Loan | Software & Services | S+6.25%, 1.00% Floor | 10.54 | 6/7/2025 | 6/7/2028 | 9794387 | 9794387 | 9657225 | 1.79 |
| Telestream 2 LLC⁽⁶⁾⁽⁷⁾⁽²⁹⁾ | 1st Lien Revolver | Software & Services | S+6.25%, 1.00% Floor (2.00% on unfunded) | 2.00 | 6/7/2025 | 6/7/2028 | 425843 | (19039) |  | 0.00 |
| TETRA Technologies Inc⁽⁷⁾⁽⁸⁾⁽⁹⁾⁽¹⁰⁾ | 1st Lien Term Loan | Oilfield Services | S+5.85%, 1.00% Floor | 10.01 | 1/12/2024 | 1/11/2030 | 15161402 | 14869655 | 14872709 | 2.76 |
| TETRA Technologies Inc⁽⁶⁾⁽⁷⁾⁽¹⁰⁾⁽²⁸⁾⁽²⁹⁾ | 1st Lien Delayed Draw Term Loan | Oilfield Services | S+5.85%, 1.00% Floor (1.50% on unfunded) | 1.50 | 1/12/2024 | 1/11/2030 | 5984764 | (53449) | (113958) | (0.02) |
| Titan Purchaser, Inc. (Waupaca Foundry)⁽⁷⁾⁽⁸⁾⁽⁹⁾ | 1st Lien Term Loan | Industrial Products & Services | S+6.00%, 1.00% Floor | 10.00 | 3/1/2024 | 3/1/2030 | 14932044 | 14495314 | 14844197 | 2.75 |
| TransDigm Inc⁽¹⁰⁾ | 1st Lien Term Loan | Aerospace & Defense | S+2.25% | 6.25 | 5/5/2025 | 3/22/2030 | 7481061 | 7499672 | 7472083 | 1.39 |
| USA Debusk LLC⁽⁷⁾⁽⁹⁾ | 1st Lien Term Loan | Commercial Services | S+5.25%, 0.75% Floor | 9.45 | 4/30/2024 | 4/30/2031 | 8534583 | 8427160 | 8564455 | 1.59 |
| USA Debusk LLC⁽⁶⁾⁽⁷⁾ | 1st Lien Delayed Draw Term Loan | Commercial Services | S+5.25%, 0.75% Floor (1.00% on unfunded) | 9.40 | 4/30/2024 | 4/30/2031 | 3166803 | 488775 | 522287 | 0.10 |
| USA Debusk LLC⁽⁶⁾⁽⁷⁾ | 1st Lien Revolver | Commercial Services | S+5.25%, 0.75% Floor (0.50% on unfunded) | 9.41 | 4/30/2024 | 4/30/2030 | 1783612 | 676155 | 690951 | 0.13 |
| UserZoom Technologies Inc⁽⁷⁾⁽⁸⁾ | 1st Lien Term Loan | Technology | S+7.50%, 1.00% Floor | 11.63 | 1/12/2023 | 4/5/2029 | 11192878 | 10972354 | 10897698 | 2.02 |

---

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

------

**Silver Point Specialty Lending Fund**

**Consolidated Schedule of Investments**

**September 30, 2025 (Unaudited)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup> | **Instrument** | **Industry** | **Rate**<sup>(2)</sup> | **Interest<br>Rate** | **Original<br>Acquisition<br>Date**<sup>(33)</sup> | **Maturity<br>Date** | **Par Amount**<sup>(3)</sup> | **Cost /<br>Amortized<br>Cost**<sup>(4)</sup> | **Fair Value** | **% of<br>Net Assets**<sup>(5)</sup> |
| Vensure Employer Services Inc⁽⁷⁾⁽⁹⁾ | 1st Lien Term Loan | Business Services | S+5.00%, 0.50% Floor | 9.04% | 9/27/2024 | 9/27/2031 | $5288584 | $5251348 | $5259124 | 0.98% |
| Vensure Employer Services Inc⁽⁶⁾⁽⁷⁾⁽²⁸⁾⁽²⁹⁾ | 1st Lien Delayed Draw Term Loan | Business Services | S+5.00%, 0.50% Floor (0.50% on unfunded) | 0.50 | 9/27/2024 | 9/27/2031 | 373680 | (10020) | (2082) | (0.00) |
| Voyant Beauty⁽⁷⁾⁽⁹⁾⁽¹³⁾ | 1st Lien Term Loan | Consumer Products | S+10.00%, 1.00% Floor | 14.32 | 5/13/2022 | 5/13/2027 | 8178249 | 8038779 | 8098376 | 1.50 |
| Wrangler Topco, LLC⁽⁷⁾⁽⁹⁾ | 1st Lien Term Loan | Software & Services | S+6.00%, 1.00% Floor | 10.05 | 7/7/2023 | 9/20/2029 | 13714301 | 13445219 | 13600551 | 2.52 |
| Wrangler Topco, LLC⁽⁶⁾⁽⁷⁾ | 1st Lien Delayed Draw Term Loan | Software & Services | S+6.00%, 1.00% Floor (1.00% on unfunded) | 10.33 | 9/20/2024 | 9/20/2029 | 1118895 | 747048 | 746052 | 0.14 |
| Wrangler Topco, LLC⁽⁶⁾⁽⁷⁾⁽²⁸⁾⁽²⁹⁾ | 1st Lien Revolver | Software & Services | S+6.00%, 1.00% Floor (0.50% on unfunded) | 0.50 | 7/7/2023 | 9/20/2029 | 1502990 | (25553) | (13633) | (0.00) |
| Vantage Specialty Chemicals Inc⁽⁷⁾⁽⁸⁾ | 1st Lien Term Loan | Specialty Chemicals | S+6.25%, 1.00% Floor | 10.25 | 8/29/2025 | 8/29/2029 | 20018657 | 19524265 | 19518190 | 3.62 |
| Vantage Specialty Chemicals Inc⁽⁶⁾⁽⁷⁾ | 1st Lien Revolver | Specialty Chemicals | S+6.25%, 1.00% Floor (0.50% on unfunded) | 10.41 | 8/29/2025 | 2/28/2029 | 1731343 | 109326 | 108209 | 0.02 |
| Xactus LLC⁽⁷⁾⁽⁹⁾ | 1st Lien Term Loan | Business Services | S+5.50%, 0.75% Floor | 9.50 | 5/6/2025 | 5/6/2032 | 8841933 | 8711918 | 8806565 | 1.63 |
| Xactus LLC⁽⁶⁾⁽⁷⁾⁽²⁸⁾⁽²⁹⁾ | 1st Lien Revolver | Business Services | S+5.50%, 0.75% Floor (0.50% on unfunded) | 0.50 | 5/6/2025 | 5/6/2030 | 718711 | (9907) | (7187) | (0.00) |
| X Corp (as successor to Twitter) | 1st Lien Term Loan | Technology | S+6.50% | 10.96 | 9/12/2025 | 10/29/2029 | 11399267 | 11214029 | 11172878 | 2.07 |
| **Total United States of America 1st Lien/Secured Loans** |  |  |  |  |  |  |  | 929897414 | 915202174 | 169.78 |
| **Australia** |  |  |  |  |  |  |  |  |  |  |
| Ardonagh Group Finco Pty Ltd⁽¹⁰⁾ | 1st Lien Term Loan | Insurance & Insurance Services | S+2.75% | 6.94 | 5/5/2025 | 2/18/2031 | 2980031 | 2945445 | 2962032 | 0.55 |
| **Total Australia 1st Lien/Secured Loans** |  |  |  |  |  |  |  | 2945445 | 2962032 | 0.55 |
| **Canada** |  |  |  |  |  |  |  |  |  |  |
| 1261229 BC LTD⁽¹⁰⁾ | 1st Lien Term Loan | Healthcare Equipment & Supplies | S+6.25% | 10.41 | 8/28/2025 | 10/8/2030 | 22556651 | 22441515 | 22207700 | 4.12 |
| Gateway Casinos & Entertainment Ltd⁽⁹⁾⁽¹⁰⁾ | 1st Lien Term Loan | Gaming & Entertainment | S+6.25%, 0.75% Floor | 10.28 | 12/18/2024 | 12/18/2030 | 20228102 | 20146149 | 20164889 | 3.74 |
| Hootsuite Inc.⁽⁶⁾⁽⁷⁾⁽¹⁰⁾⁽²⁸⁾⁽²⁹⁾ | 1st Lien Revolver | Software & Services | S+5.50%, 0.75% Floor (0.50% on unfunded) | 0.50 | 5/22/2024 | 5/22/2030 | 1422136 | (16493) | (22754) | (0.00) |
| Hootsuite Inc.⁽⁷⁾⁽⁹⁾⁽¹⁰⁾ | 1st Lien Term Loan | Software & Services | S+5.50%, 0.75% Floor | 9.50 | 5/22/2024 | 5/22/2030 | 12639239 | 12481739 | 12487568 | 2.32 |
| Source Energy Services Ltd⁽⁶⁾⁽⁷⁾⁽¹⁰⁾⁽²⁹⁾ | 1st Lien Delayed Draw Term Loan | Oilfield Services | S+5.25%, 4.25% Floor (3.00% on unfunded) | 3.00 | 12/20/2024 | 12/20/2029 | 442137 | (13240) | 1795 | 0.00 |
| Source Energy Services Ltd⁽⁷⁾⁽⁹⁾⁽¹⁰⁾ | 1st Lien Term Loan | Oilfield Services | S+5.25%, 4.25% Floor | 9.50 | 12/20/2024 | 12/20/2029 | 2188757 | 2121705 | 2197642 | 0.41 |
| **Total Canada 1st Lien/Secured Loans** |  |  |  |  |  |  |  | 57161375 | 57036840 | 10.59 |
| **Luxembourg** |  |  |  |  |  |  |  |  |  |  |
| Accelya Lux Finco Sarl⁽¹⁰⁾ | 1st Lien Term Loan | Transportation & Logistics | S+5.25% | 9.21 | 9/29/2025 | 9/18/2032 | 7519989 | 7369589 | 7369589 | 1.37 |
| **Total Luxembourg 1st Lien/Secured Loans** |  |  |  |  |  |  |  | 7369589 | 7369589 | 1.37 |
| **Netherlands** |  |  |  |  |  |  |  |  |  |  |
| OLA Netherlands BV (aka Olacabs / ANI Tech)⁽⁷⁾⁽⁸⁾⁽¹⁰⁾ | 1st Lien Term Loan | Technology | S+6.35%, 0.75% Floor | 10.51 | 12/3/2021 | 12/15/2026 | 3993116 | 3970199 | 3740871 | 0.69 |
| WeTransfer BV⁽¹⁰⁾ | 1st Lien Term Loan | Technology | E+5.25% | 7.22 | 7/18/2025 | 3/7/2031 | 8444015 | 9745081 | 9918115 | 1.84 |
| **Total Netherlands 1st Lien/Secured Loans** |  |  |  |  |  |  |  | 13715280 | 13658986 | 2.53 |
| **United Kingdom** |  |  |  |  |  |  |  |  |  |  |
| Neon Finance Limited (fka TEN Entertainment Group PLC)⁽⁷⁾⁽¹⁰⁾ | 1st Lien Term Loan | Gaming & Entertainment | SONIA+7.50%, 2.50% Floor | 11.72 | 1/26/2024 | 2/6/2030 | £4021237 | 5005552 | 5287586 | 0.98 |
| **Total United Kingdom 1st Lien/Secured Loans** |  |  |  |  |  |  |  | 5005552 | 5287586 | 0.98 |
| **Total 1st Lien/Secured Loans** |  |  |  |  |  |  |  | 1016094655 | 1001517207 | 185.80 |

---

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

------

**Silver Point Specialty Lending Fund**

**Consolidated Schedule of Investments**

**September 30, 2025 (Unaudited)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup> | **Instrument** | **Industry** | **Rate**<sup>(2)</sup> | **Interest<br>Rate** | **Original<br>Acquisition<br>Date**<sup>(33)</sup> | **Maturity<br>Date** | **Par Amount**<sup>(3)</sup> | **Cost /<br>Amortized<br>Cost**<sup>(4)</sup> | **Fair Value** | **% of<br>Net Assets**<sup>(5)</sup> |
| **2nd Lien/Secured Loans** |  |  |  |  |  |  |  |  |  |  |
| **United States of America** |  |  |  |  |  |  |  |  |  |  |
| BayMark Health Services Inc⁽⁷⁾⁽²⁷⁾⁽³⁰⁾ | 2nd Lien Term Loan | Healthcare Providers & Services | S+8.76%, 1.00% Floor | 12.76% | 6/10/2021 | 6/11/2028 | $3333333 | $3307639 | $1962525 | 0.36% |
| BayMark Health Services Inc⁽⁷⁾⁽²⁷⁾⁽³⁰⁾ | 2nd Lien Delayed Draw Term Loan | Healthcare Providers & Services | S+8.76%, 1.00% Floor | 13.06 | 11/19/2021 | 6/11/2028 | 2572287 | 2552151 | 1514453 | 0.28 |
| FourPoint Resources Intermediate Holdings, LLC⁽⁷⁾⁽⁹⁾ | 2nd Lien Term Loan | Energy | S+7.00%, 2.50% Floor | 11.29 | 1/22/2025 | 1/22/2030 | 11494239 | 11227338 | 11149412 | 2.07 |
| **Total United States of America 2nd Lien Term Loan** |  |  |  |  |  |  |  | 17087128 | 14626390 | 2.71 |
| **Total 2nd Lien/Secured Loans** |  |  |  |  |  |  |  | 17087128 | 14626390 | 2.71 |
| **Equities** |  |  |  |  |  |  |  |  |  |  |
| **United States of America** |  |  |  |  |  |  |  |  |  |  |
| 48Forty Solutions LLC⁽⁷⁾⁽²⁷⁾ | Common Equities | Transportation & Logistics | N/A | N/A | 11/11/2024 | N/A | 872 |  |  |  |
| Beauty Health Co⁽²⁷⁾ | Common Equities | Consumer Services | N/A | N/A | 7/7/2023 | N/A | 913460 |  | 1817785 | 0.34 |
| Circle Graphics Parent, LP⁽⁷⁾⁽²⁷⁾ | Preferred Equities | E-Commerce | N/A | N/A | 6/30/2025 | N/A | 3574384 |  |  |  |
| Monomoy Capital Partners IV-Titan, L.P. (Waupaca Foundry)⁽⁷⁾⁽¹⁰⁾⁽²⁷⁾ | Partnership Interests | Industrial Products & Services | N/A | N/A | 2/23/2024 | N/A | 313577 | 217037 | 285355 | 0.05 |
| Telestream 2 LLC⁽⁷⁾⁽²⁷⁾ | Common Equities | Software & Services | N/A | N/A | 6/7/2025 | N/A | 425843 | 4044696 | 4173261 | 0.77 |
| **Total United States of America Equities** |  |  |  |  |  |  |  | 4261733 | 6276401 | 1.16 |
| **Total Equities** |  |  |  |  |  |  |  | 4261733 | 6276401 | 1.16 |
| **Senior Secured Bonds** |  |  |  |  |  |  |  |  |  |  |
| **United States of America** |  |  |  |  |  |  |  |  |  |  |
| Inspired Entertainment Inc⁽¹⁰⁾ | Senior Secured Bonds | Gaming & Entertainment | SONIA+6.00% | 10.01 | 6/11/2025 | 6/9/2030 | £9151000 | 12229823 | 12304435 | 2.28 |
| Service Properties Trust⁽¹⁰⁾ | Senior Secured Bonds | Real Estate Development & Management | 0% | 0.00 | 9/15/2025 | 9/30/2027 | 8929000 | 7707774 | 7872387 | 1.46 |
| **Total United States of America Senior Secured Bonds** |  |  |  |  |  |  |  | 19937597 | 20176822 | 3.74 |
| **Total Senior Secured Bonds** |  |  |  |  |  |  |  | 19937597 | 20176822 | 3.74 |
| **Total Non-Controlled/Non-Affiliated Investments** |  |  |  |  |  |  |  | 1057381113 | 1042596820 | 193.41% |
| **Non-Controlled/Affiliated Investments** |  |  |  |  |  |  |  |  |  |  |
| **Senior Secured Debt** |  |  |  |  |  |  |  |  |  |  |
| **United States of America** |  |  |  |  |  |  |  |  |  |  |
| Wesco Aircraft Holdings Inc⁽⁷⁾⁽²³⁾⁽³⁴⁾ | Senior Secured Debt | Industrial Products & Services | S+8.00% | 12.36 | 1/31/2025 | 1/31/2030 | 6038401 | 6011750 | 6038401 | 1.12 |
| **Total United States of America Senior Secured Debt** |  |  |  |  |  |  |  | 6011750 | 6038401 | 1.12 |
| **Total Senior Secured Debt** |  |  |  |  |  |  |  | 6011750 | 6038401 | 1.12 |
| **Unsecured Debt** |  |  |  |  |  |  |  |  |  |  |
| **United States of America** |  |  |  |  |  |  |  |  |  |  |
| Wesco Aircraft Holdings Inc⁽⁷⁾⁽²⁶⁾⁽³⁴⁾ | Senior Unsecured Debt | Industrial Products & Services | 6.00% | 6.00 | 1/31/2025 | 1/31/2033 | 4323515 | 6534866 | 6716982 | 1.25 |
| **Total United States of America Unsecured Debt** |  |  |  |  |  |  |  | 6534866 | 6716982 | 1.25 |

---

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

------

**Silver Point Specialty Lending Fund**

**Consolidated Schedule of Investments**

**September 30, 2025 (Unaudited)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup> | **Instrument** | **Industry** | **Rate**<sup>(2)</sup> | **Interest<br>Rate** | **Original<br>Acquisition<br>Date**<sup>(33)</sup> | **Maturity<br>Date** | **Par Amount**<sup>(3)</sup> | **Cost /<br>Amortized<br>Cost**<sup>(4)</sup> | **Fair Value** | **% of<br>Net Assets**<sup>(5)</sup> |
| **Luxembourg** |  |  |  |  |  |  |  |  |  |  |
| Takko Fashion Sarl⁽¹⁰⁾⁽¹⁷⁾⁽³⁴⁾ | Subordinated Unsecured Debt | Specialty Retail | 15.00% | 15.00% | 8/8/2023 | 10/15/2030 | 1714772 | $1803254 | $8398938 | 1.56% |
| **Total Luxembourg Unsecured Debt** |  |  |  |  |  |  |  | 1803254 | 8398938 | 1.56 |
| **Total Unsecured Debt** |  |  |  |  |  |  |  | 8338120 | 15115920 | 2.81 |
| **Equities** |  |  |  |  |  |  |  |  |  |  |
| **United States of America** |  |  |  |  |  |  |  |  |  |  |
| Wesco Aircraft Holdings Inc⁽⁷⁾⁽²⁷⁾⁽³⁴⁾ | Common Equities | Industrial Products & Services | N/A | N/A | 1/31/2025 | N/A | 195566 | 7459569 | 7383682 | 1.37 |
| **Total Equities** |  |  |  |  |  |  |  | 7459569 | 7383682 | 1.37 |
| **Total Non-Controlled/Affiliated Investments** |  |  |  |  |  |  |  | 21809439 | 28538003 | 5.30% |
| **Controlled Investments** |  |  |  |  |  |  |  |  |  |  |
| **1st Lien/Secured Loans** |  |  |  |  |  |  |  |  |  |  |
| **United States of America** |  |  |  |  |  |  |  |  |  |  |
| SP-CREH 19 Highline LLC⁽⁷⁾⁽³⁵⁾ | 1st Lien Term Loan | Multi-Family | S+2.00%, 3.00% Floor , 5.00% Cap | 6.38 | 6/28/2021 | 7/1/2026 | 1318756 | 1318756 | 1318690 | 0.24 |
| SP-CREH 19 Highline LLC⁽⁷⁾⁽³⁵⁾ | 1st Lien Revolver | Multi-Family | S+2.00%, 3.00% Floor , 5.00% Cap | 6.38 | 6/28/2021 | 7/1/2026 | 6125000 | 6125000 | 5784144 | 1.07 |
| **Total 1st Lien/Secured Loans** |  |  |  |  |  |  |  | 7443756 | 7102834 | 1.31 |
| **Equities** |  |  |  |  |  |  |  |  |  |  |
| **United States of America** |  |  |  |  |  |  |  |  |  |  |
| SP-CREH 19 Highline LLC⁽⁷⁾⁽²⁷⁾⁽³⁵⁾ | Common Equities | Multi-Family | N/A | N/A | 6/28/2021 | N/A | 70% | 14608750 |  |  |
| **Total Equities** |  |  |  |  |  |  |  | 14608750 |  |  |
| **Trust Interest** |  |  |  |  |  |  |  |  |  |  |
| **United States of America** |  |  |  |  |  |  |  |  |  |  |
| TH Liquidating Trust⁽⁷⁾⁽²⁷⁾⁽³⁵⁾ | Trust Interest | Other | N/A | N/A | 12/7/2019 | 12/6/2026 | 14% | 3153474 | 969500 | 0.18 |
| TH Liquidating Trust⁽⁶⁾⁽⁷⁾⁽²⁷⁾⁽³⁵⁾ | Trust Interest | Other | N/A | N/A | 10/9/2020 | 12/6/2026 | 14% |  |  |  |
| TH Liquidating Trust⁽⁷⁾⁽¹³⁾⁽³⁵⁾ | Trust Interest | Other | P+10.50%, 0.50% Floor | 17.75 | 12/7/2019 | 12/6/2026 | $652463 | 652463 | 519556 | 0.10 |
| **Total Trust Interest** |  |  |  |  |  |  |  | 3805937 | 1489056 | 0.28 |
| **Real Estate Properties** |  |  |  |  |  |  |  |  |  |  |
| **United States of America** |  |  |  |  |  |  |  |  |  |  |
| 1035 Mecklenburg Highway, Mooresville, North Carolina⁽⁷⁾⁽¹⁰⁾⁽²⁷⁾⁽³⁵⁾ | Real Estate Properties | Industrial Real Estate | N/A | N/A | 8/22/2023 | N/A | 100% | 14632021 | 11543280 | 2.14 |
| **Total Real Estate Properties** |  |  |  |  |  |  |  | 14632021 | 11543280 | 2.14 |
| **Total Controlled Investments** |  |  |  |  |  |  |  | 40490464 | 20135170 | 3.73% |
| **Total Investments, September 30, 2025** |  |  |  |  |  |  |  | $1119681016 | $1091269993 | 202.44% |
| **Cash Equivalents** |  |  |  |  |  |  |  |  |  |  |
| JPMorgan 100% US Treasury Securities Money Market Fund, Capital Class | Money Market Fund |  |  |  |  |  | 697333 | 697333 | 697333 | 0.13 |
| **Total Cash Equivalents** |  |  |  |  |  |  |  | 697333 | 697333 | 0.13% |
| **Restricted Cash Equivalents** |  |  |  |  |  |  |  |  |  |  |
| JPMorgan 100% US Treasury Securities Money Market Fund, Capital Class⁽⁸⁾⁽⁹⁾ | Money Market Fund |  |  |  |  |  | 13525966 | 13525966 | 13525966 | 2.51 |
| **Total Restricted Cash Equivalents** |  |  |  |  |  |  |  | 13525966 | 13525966 | 2.51% |
| **Total Cash Equivalents and Restricted Cash Equivalents, September 30, 2025** |  |  |  |  |  |  |  | $14223299 | $14223299 | 2.64% |

---

<sup>(1)</sup> All of our investments are issued by eligible portfolio companies, as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), unless otherwise noted.

<sup>(2)</sup> Investments may contain a variable rate structure, subject to an interest rate floor or cap. Variable rate investments bear interest at a rate that may be determined by reference to either Secured Overnight Financing Rate ("SOFR" or "S"), Euro Interbank Offer Rate ("Euribor" or "E"), Canadian Dollar Offered Rate ("CDOR" or "C"), Prime Rate ("P"), or Sterling Overnight Index Average ("SONIA"), which can generally include one-, three- or six-month tenor, at the borrower's option, which reset periodically based on the terms of the credit agreement. For investments with multiple interest rate contracts, the interest rate shown is the weighted average interest rate in effect on September 30, 2025.

<sup>(3)</sup> Par amount includes unfunded commitments, accumulated payment-in-kind ("PIK") interest and is net of principal repayments. Amounts are in USD unless otherwise noted. Equity investments and investments in money market funds are recorded as number of shares owned or economic ownership percentage.

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

------

**Silver Point Specialty Lending Fund**

**Consolidated Schedule of Investments**

**September 30, 2025 (Unaudited)** 

<sup>(4)</sup> Cost represents amortized cost for debt investments, less principal payments, plus capitalized PIK, if any. As of September 30, 2025, the aggregate gross unrealized appreciation for all investments where there was an excess of fair value over tax cost was $26.9 million; the aggregate gross unrealized depreciation for all investments where there was an excess of tax cost over fair value was $45.2 million; the net unrealized depreciation was $18.3 million; the aggregate tax cost of securities for Federal income tax purposes was $1.1 billion.

<sup>(5)</sup> Percentage is based on net assets of $539,167,799 as of September 30, 2025.

<sup>(6)</sup> The investment has an unfunded commitment as of September 30, 2025 (see Note 8 in the accompanying notes to the consolidated financial statements).

<sup>(7)</sup> Fair value was determined using significant unobservable inputs (see Note 5 in the accompanying notes to the consolidated financial statements).

<sup>(8)</sup> Some or all of these investments are pledged as collateral to the Revolving Credit Facility (see Note 6 in the accompanying notes to the consolidated financial statements), totaling $242.8 million including restricted cash equivalents.

<sup>(9)</sup> Some or all of these investments are pledged as collateral to the 2024 CLO (see Note 6 in the accompanying notes to the consolidated financial statements), totaling $407.1 million including restricted cash equivalents.

<sup>(10)</sup> These investments are treated as non-qualifying investments under Section 55(a) of the 1940 Act. Under the 1940 Act, the Fund may not acquire any non-qualifying assets unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Fund's total assets. As of September 30, 2025, qualifying assets totaled 75.7% of the Fund's total assets.

<sup>(11)</sup> The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make a portion of the interest payments with the issuance of additional investments. The PIK portion of the coupon is 2.50%.

<sup>(12)</sup> The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make a portion of the interest payments with the issuance of additional investments. The PIK portion of the coupon is 1.00%.

<sup>(13)</sup> The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make a portion of the interest payments with the issuance of additional investments. The PIK portion of the coupon is 2.00%.

<sup>(14)</sup> The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make a portion of the interest payments with the issuance of additional investments. The PIK portion of the coupon is 0.25%.

<sup>(15)</sup> The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make a portion of the interest payments with the issuance of additional investments. The PIK portion of the coupon is 4.00%.

<sup>(16)</sup> The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make a portion of the interest payments with the issuance of additional investments. The PIK portion of the coupon is 4.50%.

<sup>(17)</sup> The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make a portion of the interest payments with the issuance of additional investments. The PIK portion of the coupon is 15.00%.

<sup>(18)</sup> The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make a portion of the interest payments with the issuance of additional investments. The PIK portion of the coupon is 12.00%.

<sup>(19)</sup> The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make a portion of the interest payments with the issuance of additional investments. The PIK portion of the coupon is 5.50%.

<sup>(20)</sup> The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make a portion of the interest payments with the issuance of additional investments. The PIK portion of the coupon is S+12.15%.

<sup>(21)</sup> The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make a portion of the interest payments with the issuance of additional investments. The PIK portion of the coupon is S+9.15%.

<sup>(22)</sup> The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make a portion of the interest payments with the issuance of additional investments. The PIK portion of the coupon is 1.00%.

<sup>(23)</sup> The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make a portion of the interest payments with the issuance of additional investments. The PIK portion of the coupon is S+8.00%.

<sup>(24)</sup> The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make a portion of the interest payments with the issuance of additional investments. The PIK portion of the coupon is S+3.25%.

<sup>(25)</sup> The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make a portion of the interest payments with the issuance of additional investments. The PIK portion of the coupon is S+3.76%.

<sup>(26)</sup> The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make a portion of the interest payments with the issuance of additional investments. The PIK portion of the coupon is 6.00%.

<sup>(27)</sup> Represents a non-income producing investment.

<sup>(28)</sup> The negative fair value is the result of the original discount on the loan.

<sup>(29)</sup> The negative amortized cost is the result of the original discount being greater than the principal amount outstanding on the loan.

<sup>(30)</sup> Investment, representing 3.7% of cost and 2.1% of fair value, respectively, was on non-accrual status as of September 30, 2025, meaning that the Fund has ceased accruing interest income on the investment (see Note 2 in the accompanying notes to the consolidated financial statements for additional information about the Fund's accounting policies).

<sup>(31)</sup> Investment represents a unitranche/last out loan, with characteristics of a traditional first lien senior secured loan which, pursuant to an agreement among lenders, is divided into "first out" and "last out" tranches yielding different interest rates. In exchange for the greater risk of loss, the "last-out" tranche of the Fund's unitranche loan investment earns a higher interest rate than the "first-out" portions. The "first-out" tranche will have priority as to the "last-out" tranche with respect to payments of principal, interest and any other amounts due thereunder. The Fund's investment is in the "last out" tranche.

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

------

**Silver Point Specialty Lending Fund**

**Consolidated Schedule of Investments**

**September 30, 2025 (Unaudited)** 

<sup>(32)</sup> Investment represents a first lien last out term loan pursuant to the respective credit agreement, with revolving facilities or other term loans referenced in the credit agreement receiving priority with respect to payment of principal and interest.

<sup>(33)</sup> Original acquisition date represents the first or original investment in a portfolio company and there may be subsequent follow-on investments after the original acquisition date.

<sup>(34)</sup> Under the 1940 Act, the Fund is generally presumed a non-control "affiliated person" if the Fund owns, either directly or indirectly, between 5% and 25% of a portfolio company's outstanding voting securities and/or is under common control with the portfolio company. As of September 30, 2025, the Fund's affiliated/non-controlled investments were as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio<br>Company** | **Type of<br>Investment** | **Fair Value at<br>December 31, 2024** | **Gross additions\*** | **Gross reductions\*\*** | **Net change in<br>unrealized<br>appreciation<br>(depreciation)** | **Net realized<br>gains<br>(losses)** | **Fair Value at<br>September 30, 2025** | **Interest<br>income** | **Dividend<br>income** | **Par Amount ($) / Number Of Shares / Ownership %** |
| Takko Fashion GmbH | Secured Debt | $4100660 | $— | $(4336478) | $22079 | $213739 | $— | $79861 | $— | - |
| Takko Fashion Sarl | Unsecured Debt | 8036760 | 393050 | (2460471) | 2468275 | (38676) | 8398938 | 521578 |  | 1714772 |
| Wesco Aircraft Holdings Inc | Secured Debt |  | 6011750 |  | 26651 |  | 6038401 | 502839 |  | 6038401 |
| Wesco Aircraft Holdings Inc | Unsecured Debt |  | 6534866 |  | 182116 |  | 6716982 | 171725 |  | 4323515 |
| Wesco Aircraft Holdings Inc | Equities |  | 7459569 |  | (75887) |  | 7383682 |  |  | 195566 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total |  | $12137420 | $20399235 | $(6796949) | $2623234 | $175063 | $28538003 | $1276003 | $— |  |

---

\* Gross additions include increases in the cost basis of the investments resulting from new and follow-on portfolio investments, accretion of discounts, PIK interest, and the exchange of one or more existing securities for one or more new investments.

\*\* Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investments repayments and sales.

† At September 30, 2025, the unsecured debt contained stapled equities of approximately 9.0 million shares which provided certain voting rights.

<sup>(35)</sup> Under the 1940 Act, the Fund is presumed to "control" a portfolio company if the Fund owns more than 25% of a portfolio company's voting securities and/or holds the power to exercise control over the management or policies of such portfolio company. As of September 30, 2025, the Fund's controlled investments were as follows:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio<br>Company** | **Type of<br>Investment** | **Fair Value at<br>December 31, 2024** | **Gross additions\*** | **Gross reductions\*\*** | **Net change in<br>unrealized<br>appreciation<br>(depreciation)** | **Net realized<br>gains<br>(losses)** | **Fair Value at<br>September 30, 2025** | **Interest<br>income** | **Dividend<br>income** | **Par Amount ($) / Number Of Units/ Ownership %** | **Par Amount ($) / Number Of Units/ Ownership %** |
| 1035 Mecklenburg Highway, Mooresville, North Carolina | Real Estate Properties | $12808845 | $221881 | $— | $(1487446) | $— | $11543280 | $— | $— |  | 100% |
| SP-CREH 19 Highline LLC | Secured Loans | 7639424 |  | (6321815) | 1081 |  | 1318690 | 148887 |  | $— | 1318756 |
| SP-CREH 19 Highline LLC | Secured Loans | 5970038 |  |  | (185894) |  | 5784144 | 294996 |  | $— | 6125000 |
| SP-CREH 19 Highline LLC | Equities | 1564654 |  |  | (1564654) |  |  |  |  |  | 70% |
| TH Liquidating Trust | Trust Interest | 969500 |  |  |  |  | 969500 |  |  |  | 14% |
| TH Liquidating Trust | Trust Interest |  |  |  |  |  |  |  |  |  | 14% |
| TH Liquidating Trust | Trust Interest | 455086 | 80962 |  | (16492) |  | 519556 | 80715 |  | $— | 652463 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total |  | $29407547 | $302843 | $(6321815) | $(3253405) | $— | $20135170 | $524598 | $— |  |  |

---

\* Gross additions include increases in the cost basis of the investments resulting from new and follow-on portfolio investments, accretion of discounts, PIK interest, and the exchange of one or more existing securities for one or more new investments.

\*\* Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investments repayments and sales.

<sup>(36)</sup> The Fund sold a participating interest of approximately $3.1 million of the portfolio company's first lien term loan. As the transaction did not qualify as a "true sale" in accordance with U.S. GAAP, the Fund recorded a corresponding $3.1 million liability, at fair value, and the secured borrowing was included in other liabilities on the consolidated statements of assets and liabilities. The associated expenses are included in other general and administrative expenses on the consolidated statements of operations.

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

------

**Silver Point Specialty Lending Fund**

**Consolidated Schedule of Investments**

**September 30, 2025 (Unaudited)** 

**Additional Information**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps** | **Pay/Receive Floating Rate** | **Floating Rate Index** | **Floating Payment Frequency** | **Fixed Rate** | **Fixed Payment Frequency** | **Maturity Date** | **Counterparty** | **Notional Amount** | **Notional Amount** | **Upfront Premiums Received / (Paid)** | **Unrealized appreciation/ (depreciation)** |
| **Interest Rate Swaps, Non-Hedge Accounting** |  |  |  |  |  |  |  |  |  |  |  |
| UK Interest Rate Swaps | Receive | SONIA | Annual | 4.992% | Annual | 9/28/2027 | Goldman Sachs | £nan | 2300000 | $— | $(77342) |
| UK Interest Rate Swaps | Pay | SONIA | Annual | 4.992% | Annual | 9/28/2027 | Goldman Sachs | £nan | (2300000) | (133945) | 77342 |
| US Interest Rate Swaps | Receive | SOFR | Annual | 3.348% | Annual | 9/22/2027 | Goldman Sachs | $— | 7000000 | 1798 | 9416 |
| US Interest Rate Swaps | Receive | SOFR | Annual | 3.780% | Annual | 3/10/2030 | Goldman Sachs | $— | 5500000 | (7793) | (73883) |
| **Total** |  |  |  |  |  |  |  |  |  |  | (64467) |
| **Interest Rate Swaps, Hedge Accounting**<sup>(1)</sup> |  |  |  |  |  |  |  |  |  |  |  |
| US Interest Rate Swaps | Pay | SOFR | Annual | 4.000% | Quarterly | 11/4/2026 | Goldman Sachs | $— | (145000000) | (367503) | 900446 |
| Total |  |  |  |  |  |  |  |  |  |  | 900446 |
| **Total Interest Rate Swaps** |  |  |  |  |  |  |  |  |  |  | $835979 |

---

<sup>(1)</sup> Designated as hedging instruments in a fair value hedge, utilizing hedge accounting. The associated change in fair value is recorded along with the change in fair value of the hedged item within interest expense (see Note 6 and Note 7).

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency Forward Contracts** | **Settlement Date** | **Amount Purchased** | **Amount Purchased** | **Amount Sold** | **Amount Sold** | **Fair Value** |
| **Derivative Counterparty** |  |  |  |  |  |  |
| Bank of America | 12/31/2025 |  | 300622 | $— | 218091 | (1221) |
| Bank of America | 12/31/2025 | $— | 280649 |  | 236610 | 1574 |
| Bank of America | 12/31/2025 | $— | 29747129 |  | 25044996 | 207234 |
| Bank of America | 12/31/2025 | $— | 18408397 | £nan | 13616463 | 99551 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total |  |  |  |  |  | $307138 |

---

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

------

**Silver Point Specialty Lending Fund**

**Consolidated Schedule of Investments**

**December 31, 2024** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup> | **Instrument** | **Industry** | **Rate**<sup>(2)</sup> | **Interest<br>Rate** | **Original<br>Acquisition<br>Date**<sup>(31)</sup> | **Maturity<br>Date** | **Par Amount**<sup>(3)</sup> | **Cost /<br>Amortized<br>Cost**<sup>(4)</sup> | **Fair Value** | **% of<br>Net Assets**<sup>(5)</sup> |
| **Non-Controlled/Non-Affiliated Investments** |  |  |  |  |  |  |  |  |  |  |
| **1st Lien/Secured Loans** |  |  |  |  |  |  |  |  |  |  |
| **United States of America** |  |  |  |  |  |  |  |  |  |  |
| 48Forty Solutions LLC⁽⁷⁾⁽²⁴⁾ | 1st Lien Term Loan | Transportation & Logistics | S+6.10%, 1.00% Floor | 10.65% | 4/8/2022 | 11/30/2029 | $6432303 | $6341202 | $4689958 | 0.86% |
| A Stucki TopCo Holdings LLC & Intermediate Holdings LLC⁽⁷⁾⁽⁹⁾ | 1st Lien Term Loan | Manufacturing | S+6.61%, 1.00% Floor | 10.97 | 11/23/2022 | 11/23/2027 | 8398994 | 8261371 | 8482585 | 1.56 |
| A Stucki TopCo Holdings LLC & Intermediate Holdings LLC⁽⁶⁾⁽⁷⁾⁽²⁷⁾ | 1st Lien Revolver | Manufacturing | S+6.61%, 1.00% Floor (0.50% on unfunded) | 0.50 | 11/23/2022 | 11/23/2027 | 878780 | (12705) | 8761 | 0.00 |
| Accela Inc/US⁽⁷⁾ | 1st Lien Term Loan | Government Services | S+6.00%, 0.75% Floor | 10.36 | 9/1/2023 | 9/3/2030 | 10596118 | 10427328 | 10504801 | 1.93 |
| Accela Inc/US⁽⁶⁾⁽⁷⁾⁽²⁶⁾⁽²⁷⁾ | 1st Lien Revolver | Government Services | S+6.00%, 0.75% Floor (0.50% on unfunded) | 0.50 | 9/1/2023 | 9/3/2030 | 908238 | (14698) | (7827) | (0.00) |
| Accurate Background LLC⁽⁷⁾⁽⁸⁾⁽⁹⁾ | 1st Lien Term Loan | Business Services | S+6.26%, 1.00% Floor | 10.59 | 10/18/2021 | 3/26/2029 | 19347739 | 18030040 | 19092126 | 3.50 |
| Advanced Integration Technology LP⁽⁷⁾⁽⁹⁾ | 1st Lien Term Loan | Aerospace & Defense | S+6.85%, 1.00% Floor | 11.21 | 5/24/2022 | 5/24/2027 | 13416340 | 13200253 | 13270301 | 2.44 |
| Allentown LLC⁽⁷⁾⁽⁹⁾ | 1st Lien Term Loan | Healthcare Equipment & Supplies | S+6.10%, 1.00% Floor | 10.73 | 4/22/2022 | 4/22/2027 | 11596730 | 11354924 | 11361399 | 2.08 |
| Allentown LLC⁽⁷⁾ | 1st Lien Delayed Draw Term Loan | Healthcare Equipment & Supplies | S+6.10%, 1.00% Floor | 10.66 | 4/22/2022 | 4/22/2027 | 1728742 | 1702371 | 1693661 | 0.31 |
| Allentown LLC⁽⁶⁾⁽⁷⁾ | 1st Lien Revolver | Healthcare Equipment & Supplies | P+5.00%, 1.00% Floor (0.50% on unfunded) | 12.50 | 4/22/2022 | 4/22/2027 | 1170045 | 394993 | 390414 | 0.07 |
| Allium Buyer LLC⁽⁷⁾⁽⁹⁾ | 1st Lien Term Loan | Business Services | S+5.00%, 1.00% Floor | 9.59 | 5/2/2023 | 5/2/2030 | 5778322 | 5632529 | 5777165 | 1.06 |
| Allium Buyer LLC⁽⁶⁾⁽⁷⁾⁽²⁶⁾⁽²⁷⁾ | 1st Lien Revolver | Business Services | S+5.00%, 1.00% Floor (0.50% on unfunded) | 0.50 | 5/2/2023 | 5/2/2029 | 573673 | (13105) | (5090) | (0.00) |
| Amerijet Holdings Inc⁽⁷⁾⁽²¹⁾ | 1st Lien Term Loan | Transportation & Logistics | 12.00% | 12.00 | 12/19/2023 | 12/28/2025 | 6637330 | 6637330 | 7052827 | 1.29 |
| Amerijet Holdings Inc⁽⁷⁾⁽³⁰⁾ | 1st Lien Term Loan | Transportation & Logistics | S+7.11%, 1.00% Floor | 11.47 | 12/28/2021 | 12/28/2025 | 13878591 | 13757797 | 13151329 | 2.41 |
| Amerijet Holdings Inc⁽⁷⁾⁽³⁰⁾ | 1st Lien Revolver | Transportation & Logistics | S+7.11%, 1.00% Floor (0.50% on unfunded) | 11.47 | 12/28/2021 | 12/28/2025 | 2536322 | 2517521 | 2404395 | 0.44 |
| Aprimo Inc⁽⁷⁾⁽⁸⁾⁽²⁹⁾ | 1st Lien Term Loan | Technology | S+6.44%, 0.75% Floor | 10.80 | 5/26/2022 | 5/26/2028 | 2188419 | 2160235 | 2167353 | 0.40 |
| Arctic Glacier Group Holdings⁽⁷⁾⁽⁸⁾⁽⁹⁾⁽¹⁸⁾ | 1st Lien Term Loan | Food & Beverage | S+10.76%, 2.00% Floor | 15.09 | 5/24/2023 | 5/24/2028 | 10349756 | 10195902 | 9991904 | 1.83 |
| Arctic Glacier Group Holdings⁽⁶⁾⁽⁷⁾⁽¹⁸⁾⁽²⁶⁾⁽²⁷⁾ | 1st Lien Revolver | Food & Beverage | S+10.76%, 2.00% Floor (0.50% on unfunded) | 0.50 | 5/24/2023 | 11/24/2027 | 838563 | (11408) | (27326) | (0.01) |
| Artisan Bidco Inc⁽⁷⁾⁽⁹⁾ | 1st Lien Term Loan | Technology | S+7.00%, 1.00% Floor | 11.39 | 11/6/2023 | 11/7/2029 | 4153650 | 4049945 | 4114321 | 0.76 |
| Artisan Bidco Inc⁽⁷⁾ | 1st Lien Term Loan | Technology | E+7.00%, 1.00% Floor | 10.05 | 11/7/2023 | 11/7/2029 | 7101059 | 7433391 | 7280591 | 1.34 |
| Artisan Bidco Inc⁽⁶⁾⁽⁷⁾⁽²⁶⁾⁽²⁷⁾ | 1st Lien Revolver | Technology | S+7.00%, 1.00% Floor (0.50% on unfunded) | 0.50 | 11/7/2023 | 11/7/2029 | 1170535 | (28372) | (11405) | (0.00) |
| Auroras Encore LLC⁽⁷⁾⁽⁸⁾ | 1st Lien Term Loan | Real Estate Development & Management | S+6.25%, 5.15% Floor | 11.40 | 5/26/2023 | 6/1/2025 | 6623459 | 6601741 | 6618900 | 1.21 |
| Azurite Intermediate Holdings Inc⁽⁷⁾⁽⁹⁾ | 1st Lien Term Loan | Software & Services | S+6.50%, 0.75% Floor | 10.86 | 3/19/2024 | 3/19/2031 | 2119510 | 2089377 | 2083093 | 0.38 |
| Azurite Intermediate Holdings Inc⁽⁷⁾ | 1st Lien Delayed Draw Term Loan | Software & Services | S+6.50%, 0.75% Floor (0.50% on unfunded) | 10.86 | 3/19/2024 | 3/19/2031 | 4817068 | 4749620 | 4734303 | 0.87 |
| Azurite Intermediate Holdings Inc⁽⁶⁾⁽⁷⁾⁽²⁶⁾⁽²⁷⁾ | 1st Lien Revolver | Software & Services | S+6.50%, 0.75% Floor (0.50% on unfunded) | 0.50 | 3/19/2024 | 3/19/2031 | 770731 | (10258) | (13277) | (0.00) |
| Azurity Pharmaceuticals Inc⁽⁷⁾⁽⁹⁾ | 1st Lien Term Loan | Pharmaceuticals & Life Sciences | S+6.88%, 0.75% Floor | 11.24 | 9/28/2021 | 9/20/2027 | 15512169 | 15123116 | 15235311 | 2.80 |
| BayMark Health Services Inc⁽⁷⁾ | 1st Lien Term Loan | Healthcare Providers & Services | S+5.26%, 1.00% Floor | 9.59 | 6/10/2021 | 6/11/2027 | 4150255 | 4129706 | 3993556 | 0.73 |
| BayMark Health Services Inc⁽⁷⁾ | 1st Lien Delayed Draw Term Loan | Healthcare Providers & Services | S+5.26%, 1.00% Floor | 9.59 | 11/19/2021 | 6/11/2027 | 2587877 | 2576407 | 2490168 | 0.46 |
| BEL USA LLC⁽⁷⁾ | 1st Lien Term Loan | E-Commerce | S+7.15%, 2.50% Floor | 11.67 | 12/13/2018 | 6/2/2026 | 8849149 | 8692127 | 5789707 | 1.06 |
| Circle Graphics Inc⁽⁷⁾ | 1st Lien Term Loan | E-Commerce | S+7.51%, 2.25% Floor | 12.01 | 2/17/2021 | 3/31/2027 | 22822369 | 22468352 | 19374943 | 3.56 |
| Circle Graphics Inc⁽⁷⁾ | 1st Lien Delayed Draw Term Loan | E-Commerce | S+7.51%, 2.25% Floor | 12.01 | 7/12/2021 | 3/31/2027 | 533038 | 521414 | 452520 | 0.08 |

---

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

------

**Silver Point Specialty Lending Fund**

**Consolidated Schedule of Investments**

**December 31, 2024** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup> | **Instrument** | **Industry** | **Rate**<sup>(2)</sup> | **Interest<br>Rate** | **Original<br>Acquisition<br>Date**<sup>(31)</sup> | **Maturity<br>Date** | **Par Amount**<sup>(3)</sup> | **Cost /<br>Amortized<br>Cost**<sup>(4)</sup> | **Fair Value** | **% of<br>Net Assets**<sup>(5)</sup> |
| Columbia Helicopters Inc.⁽⁷⁾⁽¹³⁾⁽³⁰⁾ | 1st Lien Term Loan | Aerospace & Defense | S+11.51%, 1.50% Floor | 15.84% | 8/20/2019 | 9/4/2025 | $8743853 | $8549163 | $8613969 | 1.58% |
| Contractual Buyer, LLC (dba Kodiak Solutions)⁽⁷⁾⁽⁹⁾ | 1st Lien Term Loan | Healthcare Technology | S+6.00%, 0.75% Floor | 10.36 | 10/10/2023 | 10/10/2030 | 3486129 | 3410121 | 3445930 | 0.63 |
| Contractual Buyer, LLC (dba Kodiak Solutions)⁽⁶⁾⁽⁷⁾ | 1st Lien Revolver | Healthcare Technology | S+6.00%, 0.75% Floor (0.50% on unfunded) | 10.37 | 10/10/2023 | 10/10/2029 | 401425 | 192439 | 194521 | 0.04 |
| Coupa Holdings LLC⁽⁷⁾⁽⁸⁾⁽⁹⁾ | 1st Lien Term Loan | Software & Services | S+5.25%, 0.75% Floor | 9.84 | 2/27/2023 | 2/27/2030 | 10299398 | 10081560 | 10301300 | 1.89 |
| Coupa Holdings LLC⁽⁶⁾⁽⁷⁾⁽²⁷⁾ | 1st Lien Delayed Draw Term Loan | Software & Services | S+5.25%, 0.75% Floor (1.50% on unfunded) | 1.50 | 2/27/2023 | 2/27/2030 | 924210 | (12207) | 373 | 0.00 |
| Coupa Holdings LLC⁽⁶⁾⁽⁷⁾⁽²⁷⁾ | 1st Lien Revolver | Software & Services | S+5.25%, 0.75% Floor (0.50% on unfunded) | 0.50 | 2/27/2023 | 2/27/2029 | 707659 | (12252) | 140 | 0.00 |
| Crewline Buyer Inc⁽⁷⁾⁽⁹⁾ | 1st Lien Term Loan | Software & Services | S+6.75%, 1.00% Floor | 11.11 | 11/8/2023 | 11/8/2030 | 9501470 | 9293218 | 9290000 | 1.70 |
| Crewline Buyer Inc⁽⁶⁾⁽⁷⁾⁽²⁶⁾⁽²⁷⁾ | 1st Lien Revolver | Software & Services | S+6.75%, 1.00% Floor (0.50% on unfunded) | 0.50 | 11/8/2023 | 11/8/2030 | 989736 | (20514) | (22069) | (0.00) |
| Databricks Inc⁽⁷⁾⁽⁸⁾⁽³⁰⁾ | 1st Lien Term Loan | Software & Services | S+4.50% | 8.83 | 12/19/2024 | 1/3/2031 | 8679743 | 8636344 | 8636344 | 1.58 |
| Databricks Inc⁽⁶⁾⁽⁷⁾⁽²⁶⁾⁽³⁰⁾ | 1st Lien Delayed Draw Term Loan | Software & Services | S+4.50%, 0.00% Floor (1.00% on unfunded) | 1.00 | 12/19/2024 | 1/3/2031 | 1859945 | - | (9300) | (0.00) |
| DMT Solutions Global Corp (dba Bluecrest)⁽⁷⁾⁽⁸⁾⁽⁹⁾ | 1st Lien Term Loan | Technology Hardware & Equipment | S+8.10%, 1.00% Floor | 12.55 | 8/30/2023 | 8/30/2027 | 18730773 | 18319538 | 18258574 | 3.35 |
| Elessent Clean Technologies Inc⁽⁶⁾⁽⁷⁾⁽²⁶⁾⁽²⁷⁾ | 1st Lien Revolver | Specialty Chemicals | S+6.00%, 0.00% Floor (0.50% on unfunded) | 0.50 | 11/15/2024 | 11/15/2029 | 241448 | (4705) | (4787) | 0.00 |
| Elessent Clean Technologies Inc⁽⁷⁾⁽⁹⁾ | 1st Lien Term Loan | Specialty Chemicals | S+6.00%, 1.00% Floor | 10.40 | 11/15/2024 | 11/15/2029 | 2511056 | 2461976 | 2461350 | 0.45 |
| Form Technologies Inc⁽⁹⁾ | 1st Lien Term Loan | Automobiles & Components | S+4.85%, 1.00% Floor | 9.36 | 2/19/2021 | 7/22/2025 | 3439637 | 3432454 | 3372277 | 0.62 |
| FR Vision Holdings, Inc. (CHA Consulting)⁽⁷⁾⁽⁹⁾ | 1st Lien Term Loan | Professional Services | S+5.50%, 0.75% Floor | 10.12 | 1/19/2024 | 1/20/2031 | 2285989 | 2245029 | 2244698 | 0.41 |
| FR Vision Holdings, Inc. (CHA Consulting)⁽⁶⁾⁽⁷⁾ | 1st Lien Delayed Draw Term Loan | Professional Services | S+5.50%, 0.75% Floor (1.00% on unfunded) | 10.08 | 1/19/2024 | 1/20/2031 | 741234 | 302832 | 298801 | 0.05 |
| FR Vision Holdings, Inc. (CHA Consulting)⁽⁶⁾⁽⁷⁾⁽²⁶⁾⁽²⁷⁾ | 1st Lien Revolver | Professional Services | S+5.50%, 0.75% Floor (0.50% on unfunded) | 0.50 | 1/19/2024 | 1/20/2030 | 185747 | (3125) | (3254) | (0.00) |
| GC Bison Acquisition, LLC (Midland Industries)⁽⁷⁾⁽⁹⁾ | 1st Lien Term Loan | Industrial Products & Services | S+6.00%, 1.00% Floor | 10.51 | 9/1/2023 | 9/4/2029 | 7561109 | 7438113 | 7434413 | 1.36 |
| GC Bison Acquisition, LLC (Midland Industries)⁽⁶⁾⁽⁷⁾⁽²⁶⁾⁽²⁷⁾ | 1st Lien Delayed Draw Term Loan | Industrial Products & Services | S+6.00%, 1.00% Floor (1.00% on unfunded) | 1.00 | 9/1/2023 | 9/4/2029 | 2126895 | (16681) | (35646) | (0.01) |
| GC Bison Acquisition, LLC (Midland Industries)⁽⁶⁾⁽⁷⁾ | 1st Lien Revolver | Industrial Products & Services | S+6.00%, 1.00% Floor (0.50% on unfunded) | 10.36 | 9/1/2023 | 9/4/2029 | 1063447 | 600261 | 599064 | 0.11 |
| GI Apple Midco LLC (Atlas Technical)⁽⁷⁾⁽⁹⁾ | 1st Lien Term Loan | Professional Services | S+6.75%, 1.00% Floor | 11.11 | 4/19/2023 | 4/19/2030 | 9852519 | 9634105 | 9863610 | 1.81 |
| GI Apple Midco LLC (Atlas Technical)⁽⁶⁾⁽⁷⁾ | 1st Lien Delayed Draw Term Loan | Professional Services | S+6.75%, 1.00% Floor (1.00% on unfunded) | 11.11 | 4/19/2023 | 4/19/2030 | 1920339 | 186108 | 211542 | 0.04 |
| GI Apple Midco LLC (Atlas Technical)⁽⁶⁾⁽⁷⁾ | 1st Lien Revolver | Professional Services | S+6.75%, 1.00% Floor (0.50% on unfunded) | 11.11 | 4/19/2023 | 4/19/2029 | 1345718 | 490165 | 508780 | 0.09 |
| Gibson Brands Inc⁽⁷⁾⁽⁹⁾ | 1st Lien Term Loan | Consumer Brands | S+5.26%, 0.75% Floor | 10.58 | 2/16/2024 | 8/11/2028 | 4919320 | 4735345 | 4778687 | 0.88 |
| GOJO Industries Inc⁽⁷⁾⁽⁹⁾⁽¹⁹⁾⁽³⁴⁾ | 1st Lien Term Loan | Consumer Products | S+9.50%, 2.50% Floor | 14.01 | 10/26/2023 | 10/26/2028 | 19174568 | 18744786 | 19459155 | 3.57 |
| Gopher Resource LLC⁽⁷⁾⁽⁹⁾⁽¹¹⁾ | 1st Lien Term Loan | Environmental Solutions | S+7.00%, 1.00% Floor | 11.33 | 10/4/2024 | 10/4/2029 | 15114813 | 14678002 | 14670398 | 2.69 |
| Gopher Resource LLC⁽⁶⁾⁽⁷⁾ | 1st Lien Revolver | Environmental Solutions | S+7.00%, 1.00% Floor | 11.33 | 10/4/2024 | 10/4/2029 | 1199019 | 924998 | 924387 | 0.17 |
| Health Catalyst Inc⁽⁷⁾⁽⁸⁾⁽¹⁰⁾ | 1st Lien Term Loan | Healthcare Technology | S+6.50%, 1.00% Floor | 11.15 | 7/16/2024 | 7/16/2029 | 10484969 | 10189358 | 10208166 | 1.87 |
| Health Catalyst Inc⁽⁶⁾⁽⁷⁾⁽¹⁰⁾ | 1st Lien Delayed Draw Term Loan | Healthcare Technology | S+6.50%, 1.00% Floor (1.50% on unfunded) | 11.10 | 7/16/2024 | 7/16/2029 | 8408998 | 2940083 | 2948194 | 0.54 |
| Heligear Acquisition Co⁽⁷⁾⁽⁸⁾⁽⁹⁾ | 1st Lien Term Loan | Aerospace & Defense | S+7.75%, 2.00% Floor | 12.08 | 9/6/2019 | 6/30/2025 | 23852290 | 23790688 | 23738848 | 4.36 |
| HOA Finance Two, LLC / HOA II Finance Two, LLC⁽⁶⁾⁽⁷⁾ | 1st Lien Delayed Draw Term Loan | Real Estate Development & Management | S+6.95%, 3.47% Floor | 11.52 | 10/17/2022 | 11/1/2025 | 14926857 | 14837404 | 14709704 | 2.70 |
| Inotiv Inc⁽⁷⁾⁽⁸⁾⁽⁹⁾⁽¹⁰⁾⁽¹⁷⁾ | 1st Lien Term Loan | Pharmaceuticals & Life Sciences | S+7.01%, 1.00% Floor | 11.57 | 11/3/2021 | 11/5/2026 | 16007856 | 15683537 | 12881722 | 2.36 |
| Inotiv Inc⁽⁶⁾⁽⁷⁾⁽¹⁰⁾⁽²⁷⁾ | 1st Lien Revolver | Pharmaceuticals & Life Sciences | S+7.01%, 1.00% Floor (0.50% on unfunded) | 0.50 | 11/3/2021 | 11/5/2026 | 1244402 | (51636) | 87108 | 0.02 |
| KORE Wireless Group Inc⁽⁷⁾⁽⁹⁾ | 1st Lien Term Loan | Telecommunications | S+6.50%, 1.00% Floor | 11.02 | 12/20/2023 | 11/9/2028 | 4590559 | 4515445 | 4514795 | 0.83 |
| KORE Wireless Group Inc⁽⁶⁾⁽⁷⁾⁽²⁶⁾⁽²⁷⁾ | 1st Lien Revolver | Telecommunications | S+6.50%, 1.00% Floor (0.50% on unfunded) | 0.50 | 12/20/2023 | 11/9/2028 | 626612 | (9880) | (10297) | (0.00) |

---

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

------

**Silver Point Specialty Lending Fund**

**Consolidated Schedule of Investments**

**December 31, 2024** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup> | **Instrument** | **Industry** | **Rate**<sup>(2)</sup> | **Interest<br>Rate** | **Original<br>Acquisition<br>Date**<sup>(31)</sup> | **Maturity<br>Date** | **Par Amount**<sup>(3)</sup> | **Cost /<br>Amortized<br>Cost**<sup>(4)</sup> | **Fair Value** | **% of<br>Net Assets**<sup>(5)</sup> |
| LAC Acquisition LLC d/b/a Lighthouse Autism Center⁽⁷⁾⁽⁸⁾⁽²²⁾ | 1st Lien Term Loan | Healthcare Providers & Services | S+11.15%, 3.00% Floor | 15.66% | 7/23/2021 | 7/23/2027 | $18709224 | $18545119 | $17616239 | 3.23% |
| LAC Acquisition LLC d/b/a Lighthouse Autism Center⁽⁶⁾⁽⁷⁾⁽²⁶⁾ | 1st Lien Revolver | Healthcare Providers & Services | S+11.15%, 3.00% Floor (0.50% on unfunded) | 0.50 | 4/3/2024 | 7/23/2027 | 500000 |  | (29210) | (0.01) |
| LeVecke Real Estate Holdings, LLC⁽⁶⁾⁽⁷⁾⁽⁸⁾ | 1st Lien Delayed Draw Term Loan | Real Estate Development & Management | S+7.50%, 3.75% Floor | 12.07 | 12/1/2022 | 5/29/2026 | 4568481 | 4418775 | 4438021 | 0.81 |
| Likewize Corp⁽⁹⁾⁽¹⁰⁾ | 1st Lien Term Loan | Insurance & Insurance Services | S+5.75%, 0.50% Floor | 10.35 | 8/15/2024 | 8/27/2029 | 12967768 | 12601730 | 12646297 | 2.32 |
| Mad Engine Global, LLC | 1st Lien Term Loan | Consumer Apparel | S+7.26%, 1.00% Floor | 11.59 | 6/30/2021 | 7/15/2027 | 11025000 | 10879328 | 9460828 | 1.74 |
| Manchester Acquisition Sub LLC⁽⁹⁾ | 1st Lien Term Loan | Specialty Chemicals | S+5.90%, 0.75% Floor | 10.37 | 11/16/2021 | 12/1/2026 | 1762560 | 1721118 | 1662870 | 0.31 |
| Mercury Bidco LLC⁽⁷⁾⁽⁹⁾ | 1st Lien Term Loan | Technology | S+5.75%, 1.00% Floor | 10.08 | 5/31/2023 | 5/31/2030 | 17607452 | 17316003 | 17514939 | 3.21 |
| Mercury Bidco LLC⁽⁶⁾⁽⁷⁾⁽²⁶⁾⁽²⁷⁾ | 1st Lien Revolver | Technology | S+5.75%, 1.00% Floor (0.50% on unfunded) | 0.50 | 5/31/2023 | 5/31/2029 | 1981556 | (26386) | (16176) | (0.00) |
| MIS Acquisition, LLC⁽⁷⁾⁽⁸⁾⁽⁹⁾ | 1st Lien Term Loan | Business Services | S+6.25%, 1.00% Floor | 10.77 | 11/17/2023 | 11/17/2028 | 17521812 | 17116098 | 17209657 | 3.16 |
| MIS Acquisition, LLC⁽⁶⁾⁽⁷⁾⁽²⁶⁾⁽²⁷⁾ | 1st Lien Revolver | Business Services | S+6.25%, 1.00% Floor (0.50% on unfunded) | 0.50 | 11/17/2023 | 11/17/2028 | 1098221 | (27096) | (18138) | (0.00) |
| MMS BidCo LLC⁽⁷⁾⁽⁹⁾⁽³⁰⁾ | 1st Lien Term Loan | Healthcare Providers & Services | S+5.375%, 1.00% Floor | 9.80 | 6/30/2022 | 6/30/2029 | 8600746 | 8498542 | 8528103 | 1.57 |
| Mounty US Holdings⁽⁷⁾⁽⁹⁾⁽¹⁰⁾ | 1st Lien Term Loan | Software & Services | S+6.00%, 1.00% Floor | 10.49 | 5/17/2024 | 5/17/2030 | 6935237 | 6806043 | 6865884 | 1.26 |
| Mounty US Holdings⁽⁶⁾⁽⁷⁾⁽¹⁰⁾⁽²⁶⁾⁽²⁷⁾ | 1st Lien Revolver | Software & Services | S+6.00%, 1.00% Floor (0.50% on unfunded) | 0.50 | 5/17/2024 | 5/17/2030 | 995726 | (18130) | (14936) | (0.00) |
| National Dentex Corp⁽⁷⁾⁽¹²⁾⁽²⁸⁾ | 1st Lien Term Loan | Healthcare Providers & Services | S+8.15%, 1.00% Floor | 12.48 | 10/26/2020 | 4/3/2026 | 11575073 | 11353999 | 9671260 | 1.77 |
| National Dentex Corp⁽⁷⁾⁽¹²⁾⁽²⁸⁾ | 1st Lien Delayed Draw Term Loan | Healthcare Providers & Services | S+8.15%, 1.00% Floor (1.00% on unfunded) | 12.48 | 10/26/2020 | 4/3/2026 | 5826047 | 5712884 | 4867806 | 0.89 |
| National Dentex Corp⁽⁶⁾⁽⁷⁾⁽²⁸⁾ | 1st Lien Delayed Draw Term Loan | Healthcare Providers & Services | S+8.15%, 1.00% Floor (1.00% on unfunded) | 12.48 | 4/4/2024 | 4/3/2026 | 926522 | 705988 | 588270 | 0.11 |
| National Dentex Corp⁽⁷⁾⁽²³⁾⁽²⁸⁾ | 1st Lien Delayed Draw Term Loan | Healthcare Providers & Services | S+10.15%, 1.00% Floor | 14.48 | 10/29/2024 | 4/3/2026 | 1278402 | 580738 | 1068137 | 0.20 |
| National Dentex Corp⁽⁶⁾⁽⁷⁾⁽²⁸⁾ | 1st Lien Revolver | Healthcare Providers & Services | S+7.15%, 1.00% Floor (0.50% on unfunded) | 11.57 | 10/26/2020 | 4/3/2026 | 1486897 | 1096503 | 878049 | 0.16 |
| NetSPI Midco Corporation⁽⁷⁾ | 1st Lien Term Loan | Professional Services | S+6.25%, 1.00% Floor | 10.99 | 5/31/2024 | 5/31/2029 | 6911607 | 6785804 | 6814845 | 1.25 |
| NetSPI Midco Corporation⁽⁶⁾⁽⁷⁾⁽²⁶⁾⁽²⁷⁾ | 1st Lien Revolver | Professional Services | S+6.25%, 1.00% Floor (0.50% on unfunded) | 0.50 | 5/31/2024 | 5/31/2029 | 767956 | (13551) | (13055) | (0.00) |
| PaperWorks Industries Holding Corp.⁽⁷⁾⁽⁸⁾⁽⁹⁾ | 1st Lien Term Loan | Paper & Packaging | S+8.40%, 1.00% Floor | 12.99 | 6/30/2023 | 6/30/2027 | 19150688 | 18890080 | 19058644 | 3.50 |
| Pelican Power Borrower LLC⁽⁷⁾⁽⁸⁾ | 1st Lien Term Loan | Power Generation | S+6.00%, 1.00% Floor | 10.51 | 8/30/2024 | 3/1/2027 | 17162432 | 16711504 | 16784859 | 3.08 |
| Peloton Interactive Inc⁽¹⁰⁾ | 1st Lien Term Loan | Fitness & Leisure | S+6.00% | 10.36 | 5/23/2024 | 5/30/2029 | 10789961 | 10689826 | 11019232 | 2.02 |
| Pixelle Receivables SPE, LLC⁽⁷⁾ | 1st Lien Term Loan | Paper & Packaging | S+7.00% | 11.55 | 6/11/2024 | 6/12/2025 | 1020636 | 1011602 | 1010430 | 0.19 |
| Rayonier AM Products Inc⁽⁷⁾⁽⁹⁾⁽¹⁰⁾ | 1st Lien Term Loan | Paper & Packaging | S+7.00%, 3.00% Floor | 11.52 | 10/28/2024 | 10/29/2029 | 10858502 | 10596417 | 10591131 | 1.94 |
| Recorded Books Inc (RB Media)⁽⁷⁾⁽⁹⁾ | 1st Lien Term Loan | Media: Diversified & Production | S+5.75%, 0.75% Floor | 10.27 | 8/31/2023 | 9/3/2030 | 8785255 | 8636605 | 8735984 | 1.60 |
| Recorded Books Inc (RB Media)⁽⁶⁾⁽⁷⁾⁽²⁶⁾⁽²⁷⁾ | 1st Lien Revolver | Media: Diversified & Production | S+5.75%, 0.75% Floor (0.50% on unfunded) | 0.50 | 8/31/2023 | 8/31/2028 | 642704 | (9711) | (4273) | (0.00) |
| SBP Holdings LP⁽⁷⁾⁽⁹⁾ | 1st Lien Term Loan | Industrial Products & Services | S+5.00%, 1.00% Floor | 9.36 | 3/27/2023 | 3/27/2028 | 5239787 | 5097933 | 5192308 | 0.95 |
| SBP Holdings LP⁽⁷⁾⁽⁹⁾ | 1st Lien Delayed Draw Term Loan | Industrial Products & Services | S+5.00%, 1.00% Floor | 9.41 | 3/27/2023 | 3/27/2028 | 753988 | 732516 | 747156 | 0.14 |
| SBP Holdings LP⁽⁶⁾⁽⁷⁾ | 1st Lien Delayed Draw Term Loan | Industrial Products & Services | S+5.00%, 1.00% Floor (1.00% on unfunded) | 9.40 | 11/30/2023 | 3/27/2028 | 1688893 | 931907 | 942268 | 0.17 |
| SBP Holdings LP⁽⁶⁾⁽⁷⁾⁽²⁶⁾⁽²⁷⁾ | 1st Lien Delayed Draw Term Loan | Industrial Products & Services | S+5.00%, 1.00% Floor (1.00% on unfunded) | 1.00 | 8/19/2024 | 3/27/2028 | 1429513 | (6416) | (13150) | (0.00) |
| SBP Holdings LP⁽⁶⁾⁽⁷⁾⁽²⁶⁾⁽²⁷⁾ | 1st Lien Revolver | Industrial Products & Services | S+5.00%, 1.00% Floor (0.50% on unfunded) | 0.50 | 3/27/2023 | 3/27/2028 | 838328 | (13353) | (7712) | (0.00) |
| Shrieve Chemical Co LLC⁽⁷⁾⁽⁹⁾ | 1st Lien Term Loan | Specialty Chemicals | S+6.00%, 1.00% Floor | 10.59 | 10/30/2024 | 10/30/2030 | 6297994 | 6173999 | 6173032 | 1.13 |
| Shrieve Chemical Co LLC⁽⁶⁾⁽⁷⁾⁽²⁶⁾⁽²⁷⁾ | 1st Lien Revolver | Specialty Chemicals | S+6.00%, 1.00% Floor (0.50% on unfunded) | 0.50 | 10/30/2024 | 10/30/2030 | 539828 | (10530) | (10661) | 0.00 |

---

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

------

**Silver Point Specialty Lending Fund**

**Consolidated Schedule of Investments**

**December 31, 2024** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup> | **Instrument** | **Industry** | **Rate**<sup>(2)</sup> | **Interest<br>Rate** | **Original<br>Acquisition<br>Date**<sup>(31)</sup> | **Maturity<br>Date** | **Par Amount**<sup>(3)</sup> | **Cost /<br>Amortized<br>Cost**<sup>(4)</sup> | **Fair Value** | **% of<br>Net Assets**<sup>(5)</sup> |
| Sintec Media NYC Inc⁽⁷⁾⁽⁹⁾ | 1st Lien Term Loan | Media: Diversified & Production | S+7.00%, 1.00% Floor | 11.34% | 6/21/2023 | 6/21/2029 | $12367185 | $12065101 | $11785473 | 2.16% |
| Sintec Media NYC Inc⁽⁶⁾⁽⁷⁾ | 1st Lien Revolver | Media: Diversified & Production | S+7.00%, 1.00% Floor (0.50% on unfunded) | 11.35 | 6/21/2023 | 6/21/2029 | 1164025 | 718981 | 687389 | 0.13 |
| Smarsh Inc⁽⁷⁾⁽⁹⁾ | 1st Lien Term Loan | Software & Services | S+5.75%, 0.75% Floor | 10.08 | 2/18/2022 | 2/18/2029 | 3781071 | 3730154 | 3781071 | 0.69 |
| Smarsh Inc⁽⁶⁾⁽⁷⁾ | 1st Lien Delayed Draw Term Loan | Software & Services | S+5.75%, 0.75% Floor (1.00% on unfunded) | 10.08 | 2/18/2022 | 2/18/2029 | 945268 | 462604 | 472634 | 0.09 |
| Smarsh Inc⁽⁶⁾⁽⁷⁾ | 1st Lien Revolver | Software & Services | S+5.75%, 0.75% Floor (0.50% on unfunded) | 10.11 | 2/18/2022 | 2/18/2029 | 236317 | 91739 | 94527 | 0.02 |
| Solaris Oilfield Infrastructure Inc⁽⁷⁾⁽⁹⁾⁽¹⁰⁾ | 1st Lien Term Loan | Oilfield Services | S+6.00%, 1.00% Floor | 10.36 | 9/11/2024 | 9/11/2029 | 13400803 | 13144931 | 13239993 | 2.43 |
| SP PF Buyer LLC⁽⁷⁾⁽⁸⁾⁽¹⁶⁾ | 1st Lien Term Loan | Specialty Retail | S+7.00%, 1.00% Floor | 11.40 | 10/15/2024 | 10/13/2029 | 18097503 | 17569947 | 17561213 | 3.22 |
| Spectrum Group Buyer Inc (Pixelle)⁽⁸⁾⁽¹⁶⁾ | 1st Lien Term Loan | Paper & Packaging | S+6.50%, 0.75% Floor | 11.09 | 5/11/2022 | 5/19/2028 | 19476585 | 19155391 | 16226888 | 2.98 |
| Speedstar Holding LLC⁽⁷⁾⁽⁸⁾⁽⁹⁾ | 1st Lien Term Loan | Automobiles & Components | S+6.00%, 1.00% Floor | 10.59 | 7/2/2024 | 7/22/2027 | 14665828 | 14414529 | 14606839 | 2.68 |
| Speedstar Holding LLC⁽⁶⁾⁽⁷⁾ | 1st Lien Delayed Draw Term Loan | Automobiles & Components | S+6.00%, 1.00% Floor (1.00% on unfunded) | 10.60 | 7/2/2024 | 7/22/2027 | 3203177 | 1559651 | 1588705 | 0.29 |
| Stryten Energy Resources LLC⁽⁷⁾⁽⁹⁾ | 1st Lien Term Loan | Industrial Products & Services | S+5.50%, 1.00% Floor | 9.88 | 12/18/2024 | 12/18/2029 | 17617927 | 17266614 | 17265568 | 3.17 |
| Sweet Oak Parent LLC (fka Ozark Holdings LLC)⁽⁷⁾⁽⁹⁾ | 1st Lien Term Loan | Specialty Retail | S+5.75%, 0.75% Floor | 10.34 | 8/5/2024 | 8/5/2030 | 16671772 | 16279537 | 16355008 | 3.00 |
| TETRA Technologies Inc⁽⁷⁾⁽⁸⁾⁽⁹⁾⁽¹⁰⁾ | 1st Lien Term Loan | Oilfield Services | S+5.85%, 1.00% Floor | 10.23 | 1/12/2024 | 1/11/2030 | 15161402 | 14829218 | 14974648 | 2.75 |
| TETRA Technologies Inc⁽⁶⁾⁽⁷⁾⁽¹⁰⁾⁽²⁶⁾⁽²⁷⁾ | 1st Lien Delayed Draw Term Loan | Oilfield Services | S+5.85%, (1.50% on unfunded) | 1.50 | 1/12/2024 | 1/11/2030 | 5984764 | (62773) | (73719) | (0.01) |
| Thunder Grandparent Inc. (dba Telestream, Inc)⁽⁷⁾⁽⁸⁾⁽¹⁵⁾⁽²⁸⁾ | 1st Lien Term Loan | Software & Services | S+9.85%, 1.00% Floor | 14.52 | 10/15/2020 | 10/15/2025 | 15722940 | 15201636 | 13887240 | 2.55 |
| Thunder Grandparent Inc. (dba Telestream, Inc)⁽⁶⁾⁽⁷⁾⁽¹⁵⁾⁽²⁸⁾ | 1st Lien Revolver | Software & Services | S+9.85%, 1.00% Floor (0.50% on unfunded) | 14.21 | 10/15/2020 | 10/15/2025 | 1325356 | 1051555 | 935048 | 0.17 |
| Titan Purchaser, Inc. (Waupaca Foundry)⁽⁷⁾⁽⁸⁾⁽⁹⁾ | 1st Lien Term Loan | Industrial Products & Services | S+6.00%, 1.00% Floor | 10.32 | 3/1/2024 | 3/1/2030 | 14309699 | 13790412 | 14446716 | 2.65 |
| Toll Northeast V Corporation⁽⁷⁾⁽¹⁰⁾ | 1st Lien Term Loan | Industrial Real Estate | 5.50% | 5.50 | 3/28/2024 | 3/28/2025 | 5062500 | 5044082 | 5023214 | 0.92 |
| USA Debusk LLC⁽⁷⁾⁽⁹⁾ | 1st Lien Term Loan | Commercial Services | S+5.25%, 0.75% Floor | 9.61 | 4/30/2024 | 4/30/2031 | 8599239 | 8478464 | 8573442 | 1.57 |
| USA Debusk LLC⁽⁶⁾⁽⁷⁾ | 1st Lien Delayed Draw Term Loan | Commercial Services | S+5.25%, 0.75% Floor (1.00% on unfunded) | 9.89 | 4/30/2024 | 4/30/2031 | 3170866 | 332463 | 347210 | 0.06 |
| USA Debusk LLC⁽⁶⁾⁽⁷⁾ | 1st Lien Revolver | Commercial Services | S+5.25%, 0.75% Floor (0.50% on unfunded) | 9.59 | 4/30/2024 | 4/30/2030 | 1189075 | 340889 | 343048 | 0.06 |
| UserZoom Technologies Inc⁽⁷⁾ | 1st Lien Term Loan | Technology | S+7.50%, 1.00% Floor | 12.75 | 1/12/2023 | 4/5/2029 | 11192878 | 10933748 | 10988101 | 2.02 |
| Vensure Employer Services Inc⁽⁷⁾⁽⁹⁾ | 1st Lien Term Loan | Business Services | S+5.00%, 0.50% Floor | 9.34 | 9/27/2024 | 9/27/2031 | 4720305 | 4677771 | 4675811 | 0.86 |
| Vensure Employer Services Inc⁽⁶⁾⁽⁷⁾⁽²⁶⁾⁽²⁷⁾ | 1st Lien Delayed Draw Term Loan | Business Services | S+5.00%, 0.50% Floor (0.50% on unfunded) | 0.50 | 9/27/2024 | 9/27/2031 | 980141 | (7491) | (9239) | (0.00) |
| Voyant Beauty⁽⁷⁾⁽⁹⁾⁽¹⁴⁾ | 1st Lien Term Loan | Consumer Products | S+10.00%, 1.00% Floor | 14.65 | 5/13/2022 | 5/13/2027 | 7992824 | 7827653 | 7992025 | 1.47 |
| Wesco Aircraft Holdings Inc | 1st Lien Term Loan | Industrial Products & Services | S+8.60% | 13.15 | 6/2/2023 | 1/3/2025 | 4349159 | 4349159 | 4349159 | 0.80 |
| Wrangler Topco, LLC⁽⁷⁾ | 1st Lien Term Loan | Software & Services | S+6.00%, 1.00% Floor | 10.38 | 7/7/2023 | 9/20/2029 | 13818197 | 13510510 | 13689427 | 2.51 |
| Wrangler Topco, LLC⁽⁶⁾⁽⁷⁾⁽²⁶⁾⁽²⁷⁾ | 1st Lien Delayed Draw Term Loan | Software & Services | S+6.00%, 1.00% Floor (1.00% on unfunded) | 1.00 | 9/20/2024 | 9/20/2029 | 1118895 | (5369) | (10401) | (0.00) |
| Wrangler Topco, LLC⁽⁶⁾⁽⁷⁾⁽²⁶⁾⁽²⁷⁾ | 1st Lien Revolver | Software & Services | S+6.00%, 1.00% Floor (0.50% on unfunded) | 0.50 | 7/7/2023 | 9/20/2029 | 1502990 | (29660) | (13988) | (0.00) |
| **Total United States of America 1st Lien/Secured Loans** |  |  |  |  |  |  |  | 805347852 | 790454952 | 145.05 |
| **Australia** |  |  |  |  |  |  |  |  |  |  |
| Infrabuild Australia Pty Ltd⁽⁷⁾⁽⁹⁾⁽¹⁰⁾ | 1st Lien Term Loan | Industrial Products & Services | S+9.00%, 3.50% Floor | 18.33 | 5/26/2023 | 5/26/2026 | 6438514 | 6250605 | 6562777 | 1.20 |
| **Total Australia 1st Lien/Secured Loans** |  |  |  |  |  |  |  | 6250605 | 6562777 | 1.20 |

---

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

------

**Silver Point Specialty Lending Fund**

**Consolidated Schedule of Investments**

**December 31, 2024** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup> | **Instrument** | **Industry** | **Rate**<sup>(2)</sup> | **Interest<br>Rate** | **Original<br>Acquisition<br>Date**<sup>(31)</sup> | **Maturity<br>Date** | **Par Amount**<sup>(3)</sup> | **Cost /<br>Amortized<br>Cost**<sup>(4)</sup> | **Fair Value** | **% of<br>Net Assets**<sup>(5)</sup> |
| **Canada** |  |  |  |  |  |  |  |  |  |  |
| Gateway Casinos & Entertainment Ltd⁽⁹⁾⁽¹⁰⁾ | 1st Lien Term Loan | Gaming & Entertainment | S+6.25%, 0.75% Floor | 10.60% | 12/18/2024 | 12/18/2030 | $7653036 | $7576963 | $7737946 | 1.42% |
| Source Energy Services Ltd⁽⁷⁾⁽⁹⁾⁽¹⁰⁾ | 1st Lien Term Loan | Oilfield Services | S+5.25%, 4.25% Floor | 9.62 | 12/20/2024 | 12/20/2029 | 2387542 | 2304304 | 2303978 | 0.42 |
| Source Energy Services Ltd⁽⁶⁾⁽⁷⁾⁽¹⁰⁾⁽²⁶⁾⁽²⁷⁾ | 1st Lien Delayed Draw Term Loan | Oilfield Services | S+5.25%, 1.00% Floor (3.00% on unfunded) | 3.00 | 12/20/2024 | 12/20/2029 | 442137 | (15365) | (15475) | (0.00) |
| Hootsuite Inc.⁽⁷⁾⁽⁹⁾⁽¹⁰⁾ | 1st Lien Term Loan | Software & Services | S+5.50%, 0.75% Floor | 9.83 | 5/22/2024 | 5/22/2030 | 12735233 | 12554978 | 12633351 | 2.32 |
| Hootsuite Inc.⁽⁶⁾⁽⁷⁾⁽¹⁰⁾⁽²⁶⁾⁽²⁷⁾ | 1st Lien Revolver | Software & Services | S+5.50%, 0.75% Floor (0.50% on unfunded) | 0.50 | 5/22/2024 | 5/22/2030 | 1422136 | (19151) | (19910) | (0.00) |
| **Total Canada 1st Lien/Secured Loans** |  |  |  |  |  |  |  | 22401729 | 22639890 | 4.16 |
| **Netherlands** |  |  |  |  |  |  |  |  |  |  |
| OLA Netherlands BV (aka Olacabs / ANI Tech)⁽⁷⁾⁽⁸⁾⁽¹⁰⁾ | 1st Lien Term Loan | Technology | S+6.35%, 0.75% Floor | 10.71 | 12/3/2021 | 12/15/2026 | 4027187 | 3989999 | 3960091 | 0.73 |
| **Total Netherlands 1st Lien/Secured Loans** |  |  |  |  |  |  |  | 3989999 | 3960091 | 0.73 |
| **United Kingdom** |  |  |  |  |  |  |  |  |  |  |
| Neon Finance Limited (fka TEN Entertainment Group PLC)⁽⁷⁾⁽¹⁰⁾ | 1st Lien Term Loan | Gaming & Entertainment | SONIA+7.50%, 2.50% Floor | 12.45 | 1/26/2024 | 2/6/2030 | £4113090 | 5100651 | 5018589 | 0.92 |
| **Total United Kingdom 1st Lien/Secured Loans** |  |  |  |  |  |  |  | 5100651 | 5018589 | 0.92 |
| **Total 1st Lien/Secured Loans** |  |  |  |  |  |  |  | 843090836 | 828636299 | 152.06 |
| **2nd Lien/Secured Loans** |  |  |  |  |  |  |  |  |  |  |
| **United States of America** |  |  |  |  |  |  |  |  |  |  |
| BayMark Health Services Inc⁽⁷⁾ | 2nd Lien Delayed Draw Term Loan | Healthcare Providers & Services | S+8.73%, 1.00% Floor | 13.10 | 11/19/2021 | 6/11/2028 | 2572287 | 2548692 | 2236881 | 0.41 |
| BayMark Health Services Inc⁽⁷⁾ | 2nd Lien Term Loan | Healthcare Providers & Services | S+8.76%, 1.00% Floor | 13.09 | 6/10/2021 | 6/11/2028 | 3333333 | 3303128 | 2898694 | 0.53 |
| **Total United States of America 2nd Lien Term Loan** |  |  |  |  |  |  |  | 5851820 | 5135575 | 0.94 |
| **Total 2nd Lien/Secured Loans** |  |  |  |  |  |  |  | 5851820 | 5135575 | 0.94 |
| **Senior Secured Bonds** |  |  |  |  |  |  |  |  |  |  |
| **United States of America** |  |  |  |  |  |  |  |  |  |  |
| Wesco Aircraft Holdings Inc⁽¹²⁾⁽²⁸⁾ | Senior Secured Bonds | Industrial Products & Services | 10.50% | 10.50 | 3/28/2022 | 11/15/2026 | 17332429 | 15976413 | 13865943 | 2.54 |
| **Total United States of America Senior Secured Bonds** |  |  |  |  |  |  |  | 15976413 | 13865943 | 2.54 |
| **Total Senior Secured Bonds** |  |  |  |  |  |  |  | 15976413 | 13865943 | 2.54 |
| **Equities** |  |  |  |  |  |  |  |  |  |  |
| **United States of America** |  |  |  |  |  |  |  |  |  |  |
| 48Forty Solutions LLC⁽⁷⁾⁽²⁵⁾ | Common Equities | Transportation & Logistics | N/A | N/A | 11/11/2024 | N/A | 872 |  |  | 0.00 |
| Beauty Health Co⁽²⁵⁾ | Common Equities | Consumer Services | N/A | N/A | 7/7/2023 | N/A | 913460 |  | 1452401 | 0.27 |
| Monomoy Capital Partners IV-Titan, L.P. (Waupaca Foundry)⁽⁷⁾⁽¹⁰⁾⁽²⁵⁾ | Partnership Interests | Industrial Products & Services | N/A | N/A | 2/23/2024 | N/A | 313577 | 313577 | 410472 | 0.08 |
| **Total United States of America Equities** |  |  |  |  |  |  |  | 313577 | 1862873 | 0.35 |
| **Total Equities** |  |  |  |  |  |  |  | 313577 | 1862873 | 0.35 |
| **Total Non-Controlled/Non-Affiliated Investments** |  |  |  |  |  |  |  | 865232646 | 849500690 | 155.89% |

---

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

------

**Silver Point Specialty Lending Fund**

**Consolidated Schedule of Investments**

**December 31, 2024** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup> | **Instrument** | **Industry** | **Rate**<sup>(2)</sup> | **Interest<br>Rate** | **Original<br>Acquisition<br>Date**<sup>(31)</sup> | **Maturity<br>Date** | **Par Amount**<sup>(3)</sup> | **Cost /<br>Amortized<br>Cost**<sup>(4)</sup> | **Fair Value** | **% of<br>Net Assets**<sup>(5)</sup> |
| **Non-Controlled/Affiliated Investments** |  |  |  |  |  |  |  |  |  |  |
| **Senior Secured Debt** |  |  |  |  |  |  |  |  |  |  |
| **Germany** |  |  |  |  |  |  |  |  |  |  |
| Takko Fashion GmbH⁽¹⁰⁾⁽³²⁾ | Senior Secured Debt | Specialty Retail | 10.25% | 10.25% | 10/30/2024 | 4/15/2030 | 3811000 | $4122740 | $4100660 | 0.75% |
| **Total Senior Secured Debt** |  |  |  |  |  |  |  | 4122740 | 4100660 | 0.75 |
| **Unsecured Debt** |  |  |  |  |  |  |  |  |  |  |
| **Luxembourg** |  |  |  |  |  |  |  |  |  |  |
| Takko Fashion Sarl⁽¹⁰⁾⁽²⁰⁾⁽³²⁾ | Unsecured Debt | Specialty Retail | 15.00% | 15.00 | 8/8/2023 | 10/15/2030 | 3576263 | 3909351 | 8036760 | 1.47 |
| **Total Unsecured Debt** |  |  |  |  |  |  |  | 3909351 | 8036760 | 1.47 |
| **Total Non-Controlled/Affiliated Investments** |  |  |  |  |  |  |  | 8032091 | 12137420 | 2.22% |
| **Controlled Investments** |  |  |  |  |  |  |  |  |  |  |
| **1st Lien/Secured Loans** |  |  |  |  |  |  |  |  |  |  |
| **United States of America** |  |  |  |  |  |  |  |  |  |  |
| SP-CREH 19 Highline LLC⁽⁷⁾⁽³³⁾ | 1st Lien Term Loan | Multi-Family | S+2.00%, 3.00% Floor , 5.00% Cap | 6.53 | 6/28/2021 | 7/1/2025 | 7640570 | 7640570 | 7639424 | 1.40 |
| SP-CREH 19 Highline LLC⁽⁷⁾⁽³³⁾ | 1st Lien Revolver | Multi-Family | S+2.00%, 3.00% Floor , 5.00% Cap | 6.53 | 6/28/2021 | 7/1/2025 | 6125000 | 6125000 | 5970038 | 1.10 |
| **Total 1st Lien/Secured Loans** |  |  |  |  |  |  |  | 13765570 | 13609462 | 2.50 |
| **Equities** |  |  |  |  |  |  |  |  |  |  |
| **United States of America** |  |  |  |  |  |  |  |  |  |  |
| SP-CREH 19 Highline LLC⁽⁷⁾⁽²⁵⁾⁽³³⁾ | Common Equities | Multi-Family | N/A | N/A | 6/28/2021 | N/A | 70% | 14608750 | 1564654 | 0.29 |
| **Total Equities** |  |  |  |  |  |  |  | 14608750 | 1564654 | 0.29 |
| **Trust Interest** |  |  |  |  |  |  |  |  |  |  |
| **United States of America** |  |  |  |  |  |  |  |  |  |  |
| TH Liquidating Trust⁽⁷⁾⁽²⁵⁾⁽³³⁾ | Trust Interest | Other | N/A | N/A | 12/7/2019 | 12/6/2026 | 14% | 3153474 | 969500 | 0.18 |
| TH Liquidating Trust⁽⁶⁾⁽⁷⁾⁽²⁵⁾⁽³³⁾ | Trust Interest | Other | N/A | N/A | 10/9/2020 | 12/6/2026 | 14% |  |  |  |
| TH Liquidating Trust⁽⁷⁾⁽¹⁴⁾⁽³³⁾ | Trust Interest | Other | P+10.50%, 0.50% Floor | 18.00 | 12/7/2019 | 12/6/2026 | $571501 | 571501 | 455086 | 0.08 |
| **Total Trust Interest** |  |  |  |  |  |  |  | 3724975 | 1424586 | 0.26 |
| **Real Estate Properties** |  |  |  |  |  |  |  |  |  |  |
| **United States of America** |  |  |  |  |  |  |  |  |  |  |
| 1035 Mecklenburg Highway, Mooresville, North Carolina⁽⁷⁾⁽¹⁰⁾⁽²⁵⁾⁽³³⁾ | Real Estate Properties | Industrial Real Estate | N/A | N/A | 8/22/2023 | N/A | 100% | 14410140 | 12808845 | 2.35 |
| **Total Real Estate Properties** |  |  |  |  |  |  |  | 14410140 | 12808845 | 2.35 |
| **Total Controlled Investments** |  |  |  |  |  |  |  | 46509435 | 29407547 | 5.40% |
| **Total Investments, December 31, 2024** |  |  |  |  |  |  |  | $919774172 | $891045657 | 163.51% |
| **Cash Equivalents** |  |  |  |  |  |  |  |  |  |  |
| JPMorgan 100% US Treasury Securities Money Market Fund, Capital Class | Money Market Fund |  |  |  |  |  | 40144282 | 40144282 | 40144282 | 7.37 |
| **Total Cash Equivalents** |  |  |  |  |  |  |  | 40144282 | 40144282 | 7.37% |
| **Restricted Cash Equivalents** |  |  |  |  |  |  |  |  |  |  |
| JPMorgan 100% US Treasury Securities Money Market Fund, Capital Class⁽⁸⁾⁽⁹⁾ | Money Market Fund |  |  |  |  |  | 42378141 | 42378141 | 42378141 | 7.78 |
| **Total Restricted Cash Equivalents** |  |  |  |  |  |  |  | 42378141 | 42378141 | 7.78% |
| **Total Cash Equivalents and Restricted Cash Equivalents, December 31, 2024** |  |  |  |  |  |  |  | $82522423 | $82522423 | 15.14% |

---

<sup>(1)</sup> All of our investments are issued by eligible portfolio companies, as defined in the 1940 Act, unless otherwise noted.

<sup>(2)</sup> Investments may contain a variable rate structure, subject to an interest rate floor or cap. Variable rate investments bear interest at a rate that may be determined by reference to either Secured Overnight Financing Rate ("SOFR" or "S"), Euro Interbank Offer Rate ("Euribor" or "E"), Canadian Dollar Offered Rate ("CDOR" or "C"), Prime Rate ("P"), or Sterling Overnight Index Average ("SONIA"), which can generally include one-, three- or six-month tenor, at the borrower's option, which reset periodically based on the terms of the credit agreement. For investments with multiple interest rate contracts, the interest rate shown is the weighted average interest rate in effect on December 31, 2024.

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

------

**Silver Point Specialty Lending Fund**

**Consolidated Schedule of Investments**

**December 31, 2024** 

<sup>(3)</sup> Par amount includes unfunded commitments, accumulated payment-in-kind ("PIK") interest and is net of principal repayments. Amounts are in USD unless otherwise noted. Equity investments and investments in money market funds are recorded as number of shares owned or economic ownership percentage.

<sup>(4)</sup> Cost represents amortized cost for debt investments, less principal payments, plus capitalized PIK, if any. As of December 31, 2024, the aggregate gross unrealized appreciation for all investments where there was an excess of fair value over tax cost was $13.2 million; the aggregate gross unrealized depreciation for all investments where there was an excess of tax cost over fair value was $44.3 million; the net unrealized depreciation was $31.1 million; the aggregate tax cost of securities for Federal income tax purposes was $922.7 million.

<sup>(5)</sup> Percentage is based on net assets of $544,912,994 as of December 31, 2024.

<sup>(6)</sup> The investment has an unfunded commitment as of December 31, 2024 (see Note 8 in the accompanying notes to the consolidated financial statements).

<sup>(7)</sup> Fair value was determined using significant unobservable inputs (see Note 5 in the accompanying notes to the consolidated financial statements).

<sup>(8)</sup> Some or all of these investments are pledged as collateral to the Revolving Credit Facility (see Note 6 in the accompanying notes to the consolidated financial statements), totaling $126.6 million including restricted cash equivalents.

<sup>(9)</sup> Some or all of these investments are pledged as collateral to the 2024 CLO (see Note 6 in the accompanying notes to the consolidated financial statements), totaling $412.5 million including restricted cash equivalents.

<sup>(10)</sup> These investments are treated as non-qualifying investments under Section 55(a) of the 1940 Act. Under the 1940 Act, the Fund may not acquire any non-qualifying assets unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Fund's total assets. As of December 31, 2024, qualifying assets totaled 83.7% of the Fund's total assets.

<sup>(11)</sup> The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make a portion of the interest payments with the issuance of additional investments. The PIK portion of the coupon is 2.50%.

<sup>(12)</sup> The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make a portion of the interest payments with the issuance of additional investments. The PIK portion of the coupon is 3.00%.

<sup>(13)</sup> The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make a portion of the interest payments with the issuance of additional investments. The PIK portion of the coupon is 3.75%.

<sup>(14)</sup> The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make a portion of the interest payments with the issuance of additional investments. The PIK portion of the coupon is 2.00%.

<sup>(15)</sup> The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make a portion of the interest payments with the issuance of additional investments. The PIK portion of the coupon is 9.75%.

<sup>(16)</sup> The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make a portion of the interest payments with the issuance of additional investments. The PIK portion of the coupon is S+7.50%.

<sup>(17)</sup> The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make a portion of the interest payments with the issuance of additional investments. The PIK portion of the coupon is 0.25%.

<sup>(18)</sup> The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make a portion of the interest payments with the issuance of additional investments. The PIK portion of the coupon is 4.00%.

<sup>(19)</sup> The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make a portion of the interest payments with the issuance of additional investments. The PIK portion of the coupon is 4.50%.

<sup>(20)</sup> The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make a portion of the interest payments with the issuance of additional investments. The PIK portion of the coupon is 15.00%.

<sup>(21)</sup> The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make a portion of the interest payments with the issuance of additional investments. The PIK portion of the coupon is 12.00%.

<sup>(22)</sup> The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make a portion of the interest payments with the issuance of additional investments. The PIK portion of the coupon is 5.00%.

<sup>(23)</sup> The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make a portion of the interest payments with the issuance of additional investments. The PIK portion of the coupon is S+10.15%.

<sup>(24)</sup> The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make a portion of the interest payments with the issuance of additional investments. The PIK portion of the coupon is S+4.10%.

<sup>(25)</sup> Represents a non-income producing investment.

<sup>(26)</sup> The negative fair value is the result of the original discount on the loan.

<sup>(27)</sup> The negative amortized cost is the result of the original discount being greater than the principal amount outstanding on the loan.

<sup>(28)</sup> Investment, representing 5.6% of cost and 5.1% of fair value, respectively, was on non-accrual status as of December 31, 2024, meaning that the Fund has ceased accruing interest income on the investment (see Note 2 in the accompanying notes to the consolidated financial statements for additional information about the Fund's accounting policies).

<sup>(29)</sup> Investment represents a unitranche/last out loan, with characteristics of a traditional first lien senior secured loan which, pursuant to an agreement among lenders, is divided into "first out" and "last out" tranches yielding different interest rates. In exchange for the greater risk of loss, the "last-out" tranche of the Fund's unitranche loan investment earns a higher interest rate than the "first-out" portions. The "first-out" tranche will have priority as to the "last-out" tranche with respect to payments of principal, interest and any other amounts due thereunder. The Fund's investment is in the "last out" tranche.

<sup>(30)</sup> Investment represents a first lien last out term loan pursuant to the respective credit agreement, with revolving facilities receiving priority with respect to payment of principal and interest.

<sup>(31)</sup> Original acquisition date represents the first or original investment in a portfolio company and there may be subsequent follow-on investments after the original acquisition date.

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

------

**Silver Point Specialty Lending Fund**

**Consolidated Schedule of Investments**

**December 31, 2024** 

<sup>(32)</sup> Under the 1940 Act, the Fund is generally presumed a non-control "affiliated person" if the Fund owns, either directly or indirectly, between 5% and 25% of a portfolio company's outstanding voting securities and/or is under common control with the portfolio company. As of December 31, 2024, the Fund's affiliated/non-controlled investments were as follows:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio<br>Company** | **Type of<br>Investment** | **Fair Value at<br>December 31, 2023** | **Gross additions\*** | **Gross reductions\*\*** | **Net change in<br>unrealized<br>appreciation<br>(depreciation)** | **Net realized<br>gains<br>(losses)** | **Fair Value at<br>December 31, 2024** | **Interest<br>income** | **Dividend<br>income** |  | **Par Amount ($) / Number Of Shares / Ownership %** |
| Takko Fashion GmbH | Secured Loans | $10592982 | $309113 | $(10958679) | $240229 | $(183645) | $— | $1781946 | $— | € |  |
| Takko Fashion GmbH | Secured Debt |  | 4122739 |  | (22079) |  | 4100660 | 62057 |  | € | 3811000 |
| Takko Fashion Sarl | Unsecured Debt | 3722501 | 711507 | (1460244) | 4245053 | 817943 | 8036760 | 644470 |  | € | 3576263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  | $14315483 | $5143359 | $(12418923) | $4463203 | $634298 | $12137420 | $2488473 | $— |  |  |

---

\* Gross additions include increases in the cost basis of the investments resulting from new and follow-on portfolio investments, accretion of discounts, PIK interest, and the exchange of one or more existing securities for one or more new investments.

\*\* Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investments repayments and sales.

† At December 31, 2024, the unsecured debt contained stapled equities of approximately 10.5 million shares which provided certain voting rights.

<sup>(33)</sup> Under the 1940 Act, the Fund is presumed to "control" a portfolio company if the Fund owns more than 25% of a portfolio company's voting securities and/or holds the power to exercise control over the management or policies of such portfolio company. As of December 31, 2024, the Fund's controlled investments were as follows:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio<br>Company** | **Type of<br>Investment** | **Fair Value at<br>December 31, 2023** | **Gross additions\*** | **Gross reductions\*\*** | **Net change in<br>unrealized<br>appreciation<br>(depreciation)** | **Net realized<br>gains<br>(losses)** | **Fair Value at<br>December 31, 2024** | **Interest<br>income** | **Dividend<br>income** | **Par Amount ($) / Number Of Units/ Ownership %** | **Par Amount ($) / Number Of Units/ Ownership %** |
| 1035 Mecklenburg Highway, Mooresville, North Carolina | Real Estate Properties | $13655955 | $403641 | $— | $(1250751) | $— | $12808845 | $— | $— |  | 100% |
| 30 South Broadway, Irvington, New York | Real Estate Properties | 9268495 | 62799 | (9890407) | 761520 | (202407) |  |  |  |  | 0% |
| SP-CREH 19 Highline LLC | Secured Loans | 14004900 |  | (6359431) | (6045) |  | 7639424 | 763952 |  | $— | 7640570 |
| SP-CREH 19 Highline LLC | Secured Loans | 6120712 |  |  | (150674) |  | 5970038 | 434488 |  | $— | 6125000 |
| SP-CREH 19 Highline LLC | Equities | 7613410 |  |  | (6048756) |  | 1564654 |  |  |  | 70% |
| TH Liquidating Trust | Trust Interest | 1818543 |  |  | (849043) |  | 969500 |  |  |  | 14% |
| TH Liquidating Trust | Trust Interest |  |  |  |  |  |  |  |  |  | 14% |
| TH Liquidating Trust | Trust Interest | 466903 | 97736 |  | (109553) |  | 455086 | 97736 |  | $— | 571501 |
| Total |  | $52948918 | $564176 | $(16249838) | $(7653302) | $(202407) | $29407547 | $1296176 | $— |  |  |

---

\* Gross additions include increases in the cost basis of the investments resulting from new and follow-on portfolio investments, accretion of discounts, PIK interest, and the exchange of one or more existing securities for one or more new investments.

\*\* Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investments repayments and sales.

\*\*\* Investment no longer held as of December 31, 2024.

<sup>(34)</sup> The Fund sold a participating interest of approximately $3.1 million of the portfolio company's first lien term loan. As the transaction did not qualify as a "true sale" in accordance with U.S. GAAP, the Fund recorded a corresponding $3.1 million liability, at fair value, and the secured borrowing was included in other liabilities on the consolidated statements of assets and liabilities. The associated expenses are included in other general and administrative expenses on the consolidated statements of operations.

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

------

**Silver Point Specialty Lending Fund**

**Consolidated Schedule of Investments**

**December 31, 2024** 

**Additional Information**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps** | **Pay/Receive Floating Rate** | **Floating Rate Index** | **Floating Payment Frequency** | **Fixed Rate** | **Fixed Payment Frequency** | **Maturity Date** | **Counterparty** | **Notional Amount** | **Notional Amount** | **Upfront Premiums Received / (Paid)** | **Unrealized appreciation/ (depreciation)** |
| **Interest Rate Swaps, Non-Hedge Accounting** |  |  |  |  |  |  |  |  |  |  |  |
| Euro Interest Rate Swaps | Receive | EuroSTR | Annual | 2.180% | Annual | 11/1/2029 | Goldman Sachs |  | 2200000 | $(280) | $(10074) |
| Euro Interest Rate Swaps | Receive | EuroSTR | Annual | 3.029% | Annual | 5/22/2026 | Goldman Sachs |  | 100000 | (36459) | (2182) |
| Euro Interest Rate Swaps | Receive | EuroSTR | Annual | 3.029% | Annual | 5/22/2026 | Goldman Sachs |  | 100000 |  | (62) |
| UK Interest Rate Swaps | Receive | SONIA | Annual | 4.992% | Annual | 9/28/2027 | Goldman Sachs | £nan | 2300000 |  | (66307) |
| UK Interest Rate Swaps | Pay | SONIA | Annual | 4.992% | Annual | 9/28/2027 | Goldman Sachs | £nan | (2300000) | (133945) | 66305 |
| US Interest Rate Swaps | Receive | SOFR | Annual | 4.202% | Annual | 12/22/2025 | Goldman Sachs | $— | 300000 | 49003 | 184052 |
| US Interest Rate Swaps | Receive | SOFR | Annual | 4.000% | Quarterly | 6/30/2025 | Goldman Sachs | $— | 72500000 | (198976) | 268064 |
| US Interest Rate Swaps | Pay | SOFR | Annual | 4.000% | Quarterly | 6/30/2025 | Goldman Sachs | $— | (72500000) | 6695 | (268042) |
| **Total** |  |  |  |  |  |  |  |  |  |  | 171754 |
| **Interest Rate Swaps, Hedge Accounting**<sup>(1)</sup> |  |  |  |  |  |  |  |  |  |  |  |
| US Interest Rate Swaps | Pay | SOFR | Annual | 4.000% | Quarterly | 11/4/2026 | Goldman Sachs | $— | (145000000) | (367503) | 17406 |
| Total |  |  |  |  |  |  |  |  |  |  | 17406 |
| **Total Interest Rate Swaps** |  |  |  |  |  |  |  |  |  |  | $189160 |

---

<sup>(1)</sup> Designated as hedging instruments in a fair value hedge, utilizing hedge accounting. The associated change in fair value is recorded along with the change in fair value of the hedged item within interest expense (see Note 6 and Note 7).

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency Forward Contracts** | **Settlement Date** | **Amount Purchased** | **Amount Purchased** | **Amount Sold** | **Amount Sold** | **Fair Value** |
| **Derivative Counterparty** |  |  |  |  |  |  |
| Bank of America | 3/31/2025 | $— | 3404995 |  | 4859118 | $15539 |
| Bank of America | 3/31/2025 |  | 4967960 | $— | 3459086 | 6292 |
| Bank of America | 3/31/2025 |  | 191780 | $— | 133532 | 243 |
| Bank of America | 3/31/2025 | $— | 21587672 |  | 20506839 | 272210 |
| Bank of America | 3/31/2025 | £nan | 2074860 | $— | 2592473 | 2595 |
| Bank of America | 3/31/2025 | $— | 261574 | £nan | 207205 | 2419 |
| Bank of America | 3/31/2025 | $— | 7428380 | £nan | 5857543 | 102237 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total |  |  |  |  |  | $401535 |

---

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

------

**Silver Point Specialty Lending Fund**

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

**1.** **Organization and Business**

Silver Point Specialty Lending Fund (the "Fund") is an externally managed closed-end management investment company that has elected to be regulated as a business development company ("BDC") under the 1940 Act and was originally formed on July 31, 2014. Effective November 15, 2021, the Fund changed its name to Silver Point Specialty Lending Fund and converted to a statutory trust organized under the laws of the State of Maryland. The Fund is an "emerging growth company" under the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). For so long as the Fund remains an emerging growth company under the JOBS Act, it will be subject to reduced public company reporting requirements.

The Fund's investment objective is to achieve stable income generation with attractive risk-adjusted returns by investing primarily in U.S. middle market lending opportunities, and specialty asset based financings. The Fund may also, from time to time, invest in larger or smaller companies. In seeking to achieve its investment objective, the Fund may also invest across a broad range of industries. The Fund will invest primarily in first-lien debt, but may also invest in unitranche, second lien, mezzanine and unsecured debt, equity, structured credit, and derivatives depending on the opportunity set and market environment.

Silver Point Specialty Credit Fund Management, LLC (the "Adviser"), a Delaware limited liability company, serves as the Fund's investment adviser and administrator. Subject to the supervision of the Fund's Board of Trustees ("Board of Trustees", the "Board" or the "Trustees"), the Adviser manages the day-to-day operations and provides the Fund with investment advisory and management services. The Adviser is responsible for sourcing, researching and structuring potential investments, monitoring portfolio companies, and providing operating and managerial assistance to the Fund and to its portfolio companies as required.

In 2023, the Fund extended its investment period through June 30, 2025. Following the extension, the Fund was required to provide the holders of common shares of beneficial interests (the "shares") of the Fund (the "Shareholders" or "Investors") with the opportunity to sell their shares at a price not less than a net asset value per share prior to June 30, 2025 or the Fund would begin winding up its affairs. In 2025, the Board approved allowing Shareholders liquidity by permitting them the ability to sell their respective shares, in part or in whole, to new investors at the Fund's net asset value per share as of April 30, 2025 pursuant to liquidity election forms (the "Liquidity Event"). The Liquidity Event was facilitated through an independent liquidity escrow trust, a Maryland Statutory Trust that initially purchased the shares transferred in the Liquidity Event on behalf of certain third party purchasers. Due to the Liquidity Event, the Fund is able to continue its operations perpetually.

**2.** **Summary of Significant Accounting Policies**

**Basis of Presentation**

The accompanying consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"), are presented in U.S. dollars and include the accounts of the Fund and its wholly owned subsidiaries. The Fund is an investment company following accounting and reporting guidance in Accounting Standards Codification ("ASC") 946, *Financial Services – Investment Companies*. All material intercompany balances and transactions have been eliminated. All references to the Fund include the accounts of its consolidated subsidiaries.

The consolidated interim financial statements are prepared in accordance with U.S. GAAP and pursuant to the requirements of Article 6 of Regulation S-X of the Securities Act of 1933, as amended (the "1933 Act"). The interim financial data as of September 30, 2025 and for each of the three and nine months ended September 30, 2025 and September 30, 2024 is unaudited. In the opinion of management, all adjustments considered necessary for the fair presentation of the consolidated interim financial statements for the periods presented have been included. These consolidated interim financial statements should be read in conjunction with the Fund's audited consolidated financial statements, and notes related thereto, for the year ended December 31, 2024. The current period's results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending on December 31, 2025.

**Basis of Consolidation**

The Fund generally consolidates any wholly or substantially owned subsidiary when the design and purpose of the subsidiary is to act as an extension of the Fund's investment operations and to facilitate the execution of the Fund's investment strategy. Accordingly, the Fund has consolidated the results of its subsidiaries in its consolidated financial statements, including Silver Point SCF CLO I, Ltd., Silver Point SCF CLO I, LLC, Silver Point SCF CLO IV, Ltd., Silver Point SCF CLO IV, LLC, Specialty Credit Facility, LLC, Specialty Credit Holdings, LLC, Specialty Credit Fund Cayman, Ltd., Silver Point Specialty Credit Depositor, LLC, SCF West, LLC, SCF APEG Holdings, LLC, SCF CAL, L.P., SCF CAL GP, LLC, SCF I SPRE Holdings, LLC, SCF Property Holdings, LLC, Golden Holdings I, LLC and SLMD Holdings, Inc. As provided by ASC 946, the Fund will

------

**Silver Point Specialty Lending Fund**

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

not consolidate portfolio companies in which it invests, unless the portfolio company is itself an investment company or is a controlled operating company whose business consists of providing services to the Fund. The Fund's investments in the portfolio companies (including its investments held by consolidated subsidiaries) are listed on the Fund's consolidated statements of assets and liabilities, as investments at fair value.

**Use of Estimates**

The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates and such differences could be material.

**Reclassifications**

Certain prior period amounts may be reclassified to conform to the current presentation with no effect on our consolidated financial condition, results of operations or cash flows.

**Investment Classification**

The Fund classifies its investments by level of control. Under the 1940 Act, the Fund is presumed to "control" a portfolio company if the Fund owns more than 25% of a portfolio company's voting securities and/or holds the power to exercise control over the management or policies of such portfolio company; the Fund is generally presumed a non-control "affiliated person" if the Fund owns, either directly or indirectly, between 5% and 25% of a portfolio company's outstanding voting securities and/or is under common control with the portfolio company. Detailed information with respect to the Fund's investment classification by level of control is disclosed in the accompanying consolidated financial statements, including the consolidated schedules of investments.

**Cash, Restricted Cash, Cash Equivalents and Foreign Cash**

Cash and restricted cash on deposit at a major financial institution is included in cash and restricted cash, respectively, in the consolidated statements of assets and liabilities. Cash equivalents and restricted cash equivalents consist of highly liquid assets, such as money market funds. At times, cash, restricted cash and cash equivalents may exceed Federal Deposit Insurance Corporation insured limits. Management believes that the credit risk to these deposits is minimal. Cash equivalents are classified as Level 1 in the U.S. GAAP valuation hierarchy.

Restricted cash and cash equivalents are generally restricted to the purchase of investments, as well as payment of expenses and interest, in connection with the Fund's credit facilities (Note 6). Certain restricted cash and cash equivalents may be available for monthly withdrawal subject to the terms of the underlying credit facilities.

Additionally, cash denominated in currencies other than U.S. dollars is recorded as foreign cash held at banks. At times, foreign cash held at banks may exceed Federal Deposit Insurance Corporation insured limits.

The table below comprises our cash, restricted cash, cash equivalents and foreign cash as of September 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| **($ in millions)**<sup>\*</sup> | **September 30, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | $12.9 | $10.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash equivalents | 0.7 | 40.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 2.8 | 5.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash equivalents | 13.5 | 42.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign cash held at banks | 3.4 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total cash and cash equivalents** | $**33.3** | $**99.2** |

---

<sup>(\*)</sup>Totals may not foot due to rounding.

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**Silver Point Specialty Lending Fund**

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

Interest income generated on cash and cash equivalents is included in interest income on the consolidated statements of operations. The following table presents interest income generated by cash, restricted cash and cash equivalents for the three and nine months ended September 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
| **($ in millions)** | **2025** | **2024** | **2025** | **2024** |
| Interest income on cash and cash equivalents | $0.7 | $1.1 | $2.4 | $3.0 |

---

**Due from and Due to Broker**

Due from and due to broker consist of cash and cash collateral related to foreign currency forward contracts and interest rate swaps (Note 7). As of September 30, 2025 and December 31, 2024, due from broker consists of approximately $1.9 million and $2.1 million, respectively, of cash collateral. As of September 30, 2025 and December 31, 2024, due to broker consists of approximately $0.0 million and $(1.9) million, respectively, of cash collateral.

**Investment Transactions and Related Income and Expense**

Investments are carried at fair value, with resulting unrealized appreciation and depreciation reflected in the consolidated statements of operations. Purchases and sales of investments are recorded on a trade date basis. Net gains or losses on investments are included on the consolidated statements of operations. Realized gains and losses on investments are determined on the specific cost identification basis.

Loans including revolving credit agreements are generally recorded on the consolidated statements of assets and liabilities as a component of investments owned at fair value, net of the unfunded portion of the related revolving credit agreement. Real estate properties represent direct ownership of underlying real property assets. The properties are recorded at fair value and generally do not produce rental income.

Interest income and expense are recognized on an accrual basis. Discounts and premiums to par value on investments are accreted and amortized into interest income over the life of the respective investment using the effective interest method. Loan origination and commitment fees received in full at the inception of a loan or bond and fees earned in full upfront and to be paid at the termination of the loan are deferred and accreted into interest income, using the effective yield method as an enhancement to the related loan's yield over the contractual life of the loan. The amortized cost of investments is adjusted for accretion of fees, if any. For the three months ended September 30, 2025 and 2024, non-cash interest income related to such accretion amounted to $1.1 million and $2.0 million, respectively. For the nine months ended September 30, 2025 and September 30, 2024, non-cash interest income related to such accretion amounted to $5.2 million and $5.5 million, respectively. Upon the prepayment of a loan, prepayment premiums and any unamortized fees are recorded as interest income.

The Fund has loans in its portfolio that contain payment-in-kind ("PIK") provisions. PIK interest, computed at the contractual rate specified in each loan agreement, is generally recorded as interest income on an accrual basis. On the specified capitalization date, PIK interest is added to the principal balance and cost of the loan.

Generally, loans are placed on non-accrual status when there is reasonable doubt that the principal or interest will be collected in full and the accrued interest is reversed against interest income. Interest payments received on debt investments on non-accrual status may be recognized as interest income or treated as a reduction of cost basis of the debt investment based on management's judgment of ultimate recovery and other considerations.

**Distributions from Equity Investments**

Distributions received from equity investments in limited liability companies ("LLCs") and limited partnerships ("LPs") are evaluated to determine if the distribution should be recorded as dividend income, return of capital or realized gain (loss). Generally, the Fund will not record distributions from equity investments in LLCs and LPs as dividend income unless there are sufficient accumulated tax basis earnings and profits in the LLCs or LPs prior to the distribution. Prior to the ex-dividend date, the value of a dividend may be reflected in the fair value of the equity investment. Distributions from equity investments that are classified as a return of capital are recorded as a reduction in the cost basis of such equity investments.

**Other Income** 

From time to time, the Fund may receive fees for services provided to portfolio companies by the Adviser. The services that the Adviser provides vary by investment, but may include syndication, structuring, diligence fees, or other service-based fees and

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**Silver Point Specialty Lending Fund**

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

fees for providing managerial assistance to our portfolio companies. These fees are recognized when services are rendered and recorded as other income.

**Foreign Currency Transactions**

Net realized gain (loss) from foreign currency transactions as reported in the consolidated statements of operations arises from sales of foreign currencies; currency gains or losses realized between the trade and settlement dates on investment transactions; and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded in the Fund's books and records, and U.S. dollars equivalent of the amounts actually received or paid. Net change in unrealized appreciation (depreciation) from foreign currency translations as reported in the consolidated statements of operations arises from changes in the fair values of assets and liabilities, other than investments at fiscal period-end, resulting from changes in exchange rates.

Investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investments and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.

The Fund does not isolate realized and unrealized gains and losses on investments and derivative contracts resulting from changes in foreign currency exchange rates on the consolidated statements of operations. Such fluctuations are reflected on the consolidated statements of operations together with net realized gain (loss) and net change in unrealized gain (loss) on investments and derivative contracts. The Fund generally attempts to hedge its foreign currency exposure through foreign currency forward contracts.

**Derivatives and Hedging**

In the normal course of business, the Fund has commitments and risks resulting from its investment transactions, which may include those involving derivative instruments. The Fund recognizes all derivative instruments as assets or liabilities at fair value in its consolidated financial statements, pursuant to ASC Topic 815 *Derivatives and Hedging*.

The Fund enters into interest swap transactions from time to time to manage interest rate exposure in certain fixed rate debt investments and such swaps are not designated as hedging instruments in accordance with hedge accounting. The Fund presents changes in the fair value as part of change in unrealized appreciation (depreciation) on the consolidated statements of operations and amounts received or paid related to derivative contracts are recognized on a net basis as realized gain (loss) and determined on the specific cost identification basis.

The Fund also uses certain interest rate swaps to hedge the Fund's fixed rate debt and designates such interest rate swaps as hedging instruments in a fair value hedge, in accordance with hedge accounting; therefore, both the periodic payment and the change in fair value for the effective hedge, if applicable, are recognized as components of interest expense in the consolidated statements of operations (see Note 6 and Note 7 for more details).

The fair value of interest rate swap agreements are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. The fair value of the interest rate swaps does not take into account collateral posted which is recorded separately as due to or due from broker on the Fund's consolidated statements of assets and liabilities, depending on the nature of the balance at period end. Upfront payments made or received upon entering a derivative contract are treated as a part of the cost basis of the derivative contract.

The Fund may also enter into foreign currency forward contracts, under which the Fund agrees to recover or deliver a fixed quantity of one currency for another at a pre-determined price at a future date. The foreign currency forward contracts are recorded at fair value. Purchases and settlements of foreign currency forward contracts having the same settlement date and counterparty are generally settled net and any realized gains or losses are recognized on the settlement date. The Fund does not utilize hedge accounting for these contracts and as such, realized and unrealized gains and losses on foreign currency forward contracts are presented on the consolidated statements of operations.

Derivative instruments are expressed in terms of the notional contract amount and derive their value based upon one or more underlying instruments. While the notional amount gives some indication of the Fund's derivative activity, it generally is not exchanged, but is only used as the basis on which interest and other payments are exchanged. Derivative instruments are subject to various risks similar to non-derivative instruments, including market, credit, liquidity, and operational risks. The Fund manages these risks on an aggregate basis as part of its risk management process.

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**Silver Point Specialty Lending Fund**

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

**Deferred Financing and Debt Issuance Costs**

Deferred financing costs represent fees and other direct costs incurred in connection with the Fund's revolving credit facilities. These amounts are capitalized as an asset within the consolidated statements of assets and liabilities and are amortized using the straight-line methodology over the expected term of the borrowing which is generally expected to be at the end of the revolving period. The Fund records costs related to the issuance of term debt obligations as debt issuance costs. These costs are deferred and amortized using the effective interest method. These costs are presented as a reduction to the outstanding principal amount of the term debt obligations on the consolidated statements of assets and liabilities.

**Valuation of Investments and Derivative Contracts**

Investments at fair value consist primarily of senior secured debt, real estate properties and equities. Derivative contracts consist primarily of foreign currency forward contracts and interest rate swaps.

The Board has designated the Adviser as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act, which establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Accordingly, the Adviser has appointed its BDC Valuation Committee with the responsibility for fair value determinations pursuant to valuation procedures adopted for the Fund. The Board oversees the Adviser in its role as valuation designee in accordance with the requirements of Rule 2a-5 under the 1940 Act.

Investments and derivative contracts are valued in good faith by the Adviser, as the Fund's valuation designee, at fair value pursuant to the valuation policy, which considers quotations provided by independent pricing sources, when such quotations are available and deemed reliable. The Fund conducts this valuation process on a quarterly basis.

Investments that are not listed on an exchange but are actively traded over-the-counter are generally valued at the representative "bid" quotation if held long and the representative "ask" quotation if held short or, in the case of equities that trade in over-the-counter marketplaces, at the last deemed reliable sale price provided by independent pricing sources. Derivative contracts not listed on an exchange are generally valued through industry-standard valuation models using inputs obtained from pricing vendors and from the relevant derivative contract.

Investments for which independent pricing sources or recent transaction activity are either not readily available or are not deemed reliable ("Non-Quoted Investments") are fair valued as determined in good faith by the Adviser, as the Fund's valuation designee. Non-Quoted Investments are valued in a multi-step process:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The BDC valuation team within the Fund Accounting team of the Adviser ("Fund Accounting") provides recent portfolio company financial statements and other reporting materials to independent valuation firm(s) approved by the BDC Valuation Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The independent valuation firm(s) evaluates this information along with relevant observable market data to conduct independent valuations each quarter, and their valuation recommendations are documented and discussed with the BDC Valuation Committee, Fund Accounting and the relevant investment professionals, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.The valuation recommendations for certain investments may be determined by the BDC Valuation Committee in good faith in accordance with the valuation policy for the Fund without the employment of an independent valuation firm, based on immateriality or other considerations as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The BDC Valuation Committee discusses the valuations and approves the fair value of the investments in good faith based on the input and advice provided by the independent valuation firm(s), the BDC valuation team and relevant investment professionals of the Adviser, as necessary.

The estimated fair value of financial instruments is based upon available information and may not be the amount that the Fund would realize in a current transaction or might be ultimately realized, since such amounts depend on future circumstances, and the differences could be material.

------

**Silver Point Specialty Lending Fund**

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

In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Fund discloses the fair value of its investments according to a hierarchy that prioritizes the inputs used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices on a securities exchange in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (level 3 measurements). In accordance with U.S. GAAP, these inputs are summarized in the three broad levels listed below:

Level 1: Inputs that reflect unadjusted quoted prices on a securities exchange in active markets for identical assets or liabilities;

Level 2: Inputs other than quoted prices on a securities exchange that are observable for the asset or liability either directly or indirectly in active markets, or unadjusted prices on a securities exchange in markets that are not considered to be active;

Level 3: Significant inputs that may be unobservable or inputs, including market quotations other than quoted prices on a securities exchange, in markets that are not considered to be active.

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions including assumptions about risk. Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics and other factors. An investment's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires judgment by the Adviser. The Adviser considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by multiple independent sources that are actively involved in the relevant market. The categorization of an investment within the hierarchy is based upon the pricing transparency of the investment and does not necessarily correspond to the Adviser's perceived risk of that instrument.

In determining an instrument's placement within the hierarchy, the Adviser separates the Fund's investment portfolio into two categories: investments and derivative contracts. Each of these categories can further be divided between assets and liabilities and further by investment type.

Investments whose values are based on the unadjusted quoted prices on a securities exchange in active markets for identical assets or liabilities are classified within Level 1. These include actively traded listed equities and cash equivalents as of September 30, 2025 and December 31, 2024. Cash equivalents primarily consist of money market funds valued at their net asset value per share.

Investments that are valued based on dealer quotations or alternative pricing sources supported by observable inputs are generally classified within level 2. These may include certain bonds or bank loans.

Derivative contracts can be exchange-traded or privately negotiated over-the-counter ("OTC"). OTC derivatives, including foreign currency forward contracts and interest rate swaps are generally valued using observable inputs. In instances where models are used, the value of an OTC derivative depends upon the contractual terms of, and specific risks inherent in the instrument as well as the availability and reliability of observable inputs. OTC derivatives are typically classified within level 2 of the fair value hierarchy depending on their liquidity or the observability of their inputs.

Investments classified within level 3 have significant unobservable inputs. Level 3 instruments may include certain bank loans, trust interests, private equity and real estate properties. When observable prices are not available for these investments, one or more valuation techniques (e.g., market approach or income approach) for which sufficient and reliable data is available may be used. Within level 3, the use of the market approach technique generally consists of using comparable market data, while the use of the income approach technique generally consists of the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other factors. Quotations provided by independent pricing sources may also be considered, if available and deemed reliable, in determining the value of level 3 investments.

The inputs used in estimating the value of level 3 investments that are not valued using quotations provided by independent pricing sources may include but are not limited to the original transaction price, recent transactions in the same or similar instruments, completed or pending third party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations and other transactions across the capital structure, offerings in the equity or debt capital markets, discount rates, durations and changes in financial ratios or cash flows. Comparable public companies may also be identified based on industry, size, strategy, etc. and a trading multiple or yield is determined for each comparable company. Additionally, level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated in the absence of market information. Assumptions used due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's consolidated results of operations.

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**Silver Point Specialty Lending Fund**

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

**Income Taxes** 

The Fund has elected, effective as of May 1, 2025, to be treated, and intends to qualify annually thereafter, as a regulated investment company ("RIC") as defined under Subchapter M of the Internal Revenue Code of 1986. As a RIC, the Fund generally does not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders. Any tax liability related to income earned and distributed by the Fund represents obligations of the shareholders.

To qualify for and maintain qualification as a RIC, the Fund must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Fund must distribute to its shareholders, for each taxable year, at least 90% of its investment company taxable income, which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses. As a RIC, the Fund is also subject to a 4% nondeductible federal excise tax on undistributed income unless the Fund distributes in a timely manner, for each taxable year, an amount at least equal to the sum of (1) 98% of its ordinary net income for the calendar year, (2) 98.2% of capital gains (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in prior years. To maintain its tax treatment as a RIC, the Fund intends, among other things, to make the requisite distributions to its shareholders, which generally relieves the Fund from corporate-level U.S. federal income taxes.

Depending on the level of taxable income earned in a tax year, the Fund may 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. To the extent that the Fund determines that its estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, the Fund will be subject to a nondeductible 4% U.S. federal excise tax on estimated excess taxable income.

For the three and nine months ended September 30, 2025, there was no accrued U.S. federal excise tax.

Prior to May 1, 2025, the Fund was treated as a partnership for U.S. federal income tax purposes. As a partnership, the Fund was generally not subject to U.S. federal income taxes at the entity level. Instead each investor was individually responsible for income taxes, if any, on its share of the Fund's net taxable income. During this period, the Fund may have incurred entity-level state taxes or withholding taxes based on specific investors or income sources. Such taxes, were either recorded as entity-level expenses or charged directly to respective investors. Non-U.S. sourced income, such as interest, dividends, or capital gains, could have been subject to withholding and other taxes levied by the jurisdiction where the income was sourced. Such withholding taxes are accrued when incurred as withholding taxes against the relevant income stream. For the three and nine months ended September 30, 2025 and September 30, 2024, the Fund did not incur any non-U.S. tax expenses.

During the period when the Fund was treated as a partnership for U.S. federal income tax purposes, IRS audits and adjustments were conducted at the Fund level, with the Fund potentially responsible for taxes (and associated interest and penalties) resulting from such adjustments. In certain cases, the Fund could elect to have the tax assessed or collected at the investor level. In the event of an audit, partnership audit rules and elections could significantly affect the amount and timing of tax (and associated interest and penalties) that is required to be borne by the Fund and its investors (including former investors).

The Fund follows the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, and is required to determine whether a tax position of the Fund is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. For tax positions meeting the more likely than not threshold, the tax amount recognized in the consolidated financial statements is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. For the three and nine months ended September 30, 2025 and September 30, 2024, there were no liabilities related to accounting for uncertain tax positions.

The Fund files tax returns as required in the jurisdictions where it operates or invests and may be subject to examination for all open tax years, the earliest of which is 2022. The Fund recognizes interest and penalties, when known on the consolidated statements of operations. For the three and nine months ended September 30, 2025 and September 30, 2024, there were no material interest and penalties.

**Segment Reporting**

In accordance with ASC Topic 280 - Segment Reporting, the Fund has determined that it has a single operating and reporting segment. Operating and reporting segments are components of an enterprise for which separate financial information is available and are evaluated regularly by the Fund's chief operating decision maker (the "CODM") in deciding how to allocate resources and assess performance. The Fund's CODM is its Chief Executive Officer and Chief Financial Officer. The key metrics, along with other various factors, the CODM utilizes to determine performance and make operating decisions are net investment income

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**Silver Point Specialty Lending Fund**

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

and net increase (decrease) in net assets resulting from operations, as reported on the consolidated statements of operations. The Fund's CODM views the Fund's operations and manages its business in one operating segment, which is to primarily invest in U.S. middle market lending opportunities to achieve the Fund's investment objective.

**Recent Accounting Pronouncements**

In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09")," which intends to improve the transparency of income tax disclosures. ASU No. 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. The Fund is currently assessing the impact of this guidance, however, the Fund does not expect a material impact to its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 2200-40)," which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, in each relevant expense caption. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption and retrospective application is permitted. The Fund is currently assessing the impact of this guidance, however, the Fund does not expect a material impact to its consolidated financial statements.

**3.** **Significant Agreements and Related Party Transactions**

The Fund is party to a fourth amended and restated advisory agreement, entered into on April 30, 2025 (the "Advisory Agreement") pursuant to which the Fund has agreed to pay the Adviser a fee for its investment advisory and management services consisting of a management fee (the "Management Fee") and incentive compensation (the "Incentive Compensation"), which are ultimately borne by the Shareholders.

**Management Fee** 

The Management Fee is calculated at an annual rate of 1.25% (0.3125% per quarter) of the Fund's net assets on the last day of each calendar quarter, payable quarterly in arrears. The Adviser has agreed to waive 0.25% of the management fee from May 1, 2025 to May 1, 2027.

For the period from October 31, 2021 to April 30, 2025, the Management Fee was calculated at an annual rate of 0.75% (0.1875% per quarter) of the Shareholders' aggregate net capital contributions on the last day of each calendar quarter.

At September 30, 2025 and December 31, 2024, management fees payable were $1.4 million and $1.0 million, respectively. For the three months ended September 30, 2025 and September 30, 2024, the Management Fees incurred were $1.7 million and $1.0 million, respectively. For the nine months ended September 30, 2025 and 2024, the Management Fees incurred were $4.2 million and $3.1 million, respectively. For the three months ended September 30, 2025 and September 30, 2024, the Management Fees waived were $0.3 million and $0.0 million, respectively. For the nine months ended September 30, 2025 and 2024, the Management Fees waived were $0.6 million and $0.0 million, respectively.

**Incentive Fee**

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

*Income Incentive Fee*

*(i) Income Incentive Fee - Effective May 1, 2025*

The Income Incentive Fee is calculated and payable to the Adviser quarterly in arrears based on the Pre-Incentive Fee Net Investment Income generated by the Fund. For this purpose, "Pre-Incentive Fee Net Investment Income" means dividends (including reinvested dividends), interest and fee income accrued by the Fund during the calendar quarter, minus the Fund's accrued operating expenses for the quarter (including the Management Fee, expenses payable under any Administration Agreement, and any interest expense and dividends paid on any issued and outstanding preferred shares, 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 pay-in-kind interest and zero coupon securities), accrued income that the

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**Silver Point Specialty Lending Fund**

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

Fund may not have received in cash. Pre-Incentive Fee Net Investment Income also includes net interest income, if any, from derivative financial instruments or swaps on a look-through basis as if the Fund owned the reference assets directly (where such net interest income is defined as the difference between (A) the interest income and fees received in respect of the reference assets of the derivative financial instrument or swap and (B) the interest expense or financing charges and other expenses paid by the Fund to the derivative or swap counterparty). Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses and unrealized capital appreciation or depreciation.

The Income Incentive Fee, if any, is calculated and paid quarterly in arrears based on a percentage of the amount by which Pre-Incentive Fee Net Investment Income in respect of the current calendar quarter and the eleven preceding calendar quarters (the "Trailing Twelve Quarters") exceeds the Hurdle Rate Amount (as defined below) in respect of the Trailing Twelve Quarters. The "Hurdle Rate Amount" is determined on a quarterly basis, and is calculated by multiplying 1.50% (6.00% annualized) by the value of the Fund's net assets (total assets less indebtedness) at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. The amount of Income Incentive Fee paid to the Adviser for a particular calendar quarter will equal the excess, if any, of the Income Incentive Fee so calculated less the aggregate Income Incentive Fee that was paid to the Adviser in the preceding eleven calendar quarters comprising the relevant Trailing Twelve Quarters. Income Incentive Fee for each calendar quarter is calculated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•No amount in any calendar quarter in which the Fund's Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters does not exceed the Hurdle Rate Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•100% of the Fund's Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters, if any, that exceeds the Hurdle Rate Amount but is less than or equal to an amount (the "Catch-Up Amount") determined on a quarterly basis by multiplying 1.7143% (6.8571% annualized) and the value of the Fund's net assets (total assets less indebtedness) at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For any calendar quarter in which the Fund's Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters exceeds the Catch-Up Amount, 12.5% of the amount of the Fund's Pre-Incentive Fee Net Investment Income, if any, that exceeds the Catch-Up Amount for such Trailing Twelve Quarters.

These calculations shall be appropriately adjusted for any share issuances or repurchases during the quarter (based on the actual number of days elapsed relative to the total number of days in such calendar quarter) and shall be appropriately prorated for any period of less than three months.

*(ii) Income Incentive Compensation - October 31, 2021 to April 30, 2025*

For the period from October 31, 2021 to April 30, 2025, the income Incentive Compensation was calculated and payable to the Adviser quarterly in arrears based on the amount by which Pre-Incentive Compensation Net Investment Income (as defined below) in respect of the current calendar quarter and the eleven preceding calendar quarters (the "Trailing Twelve Quarters") exceeds the Hurdle Rate Amount (as defined below). The amount of Income Incentive Compensation paid to the Adviser for a particular calendar quarter equals the excess, if any, of the Income Incentive Compensation so calculated less the aggregate Income Incentive Compensation that was paid to the Adviser in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters. Income Incentive Compensation is calculated and paid as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•No amount in any calendar quarter in which the Fund's Pre-Incentive Compensation Net Investment Income for the Trailing Twelve Quarters does not exceed the Hurdle Rate Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•100% of the Fund's Pre-Incentive Compensation Net Investment Income for the Trailing Twelve Quarters, if any, that exceeds the Hurdle Rate Amount but is less than or equal to the Catch-up Amount (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For any calendar quarter in which the Fund's Pre-Incentive Compensation Net Investment Income for the Trailing Twelve Quarters exceeds the Catch-up Amount, 15% of the excess will be paid.

The "Hurdle Rate Amount" was calculated on a quarterly basis by multiplying 1.75% (7.00% annualized) and the Fund's net asset value (total assets less indebtedness) at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. The "Catch-up Amount" was calculated on a quarterly basis by multiplying 2.0588% (8.2353% annualized) and the Fund's net asset value at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. The above calculations were appropriately adjusted for distributions during the quarter. "Pre-Incentive Compensation Net Investment Income" means, with respect to any period, (a) interest income, dividend income and any other income accrued or earned by the Fund during such period minus (b) operating expenses for that period (including Management Fee, expenses payable under any advisory agreement or sub-administrative agreement, and any interest expense and dividends paid on any

------

**Silver Point Specialty Lending Fund**

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

issued and outstanding preferred stock, but excluding Incentive Compensation); provided that Pre-Incentive Compensation Net Investment Income also includes in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with pay in kind interest and zero-coupon securities) accrued income that the Fund has not yet received in cash and net interest income, if any, from derivative financial instruments or swaps on a look-through basis as if the Fund owned the reference assets directly (where such net interest income is defined as the difference between (A) the interest income and fees received in respect of the reference assets of the derivative financial instrument or swap and (B) the interest expense or financing charges paid by the Fund to the derivative or swap counterparty); provided further that Pre-Incentive Compensation Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

At September 30, 2025 and December 31, 2024, Income Incentive Fee payable was $2.0 million and $2.9 million, respectively. For the three months ended September 30, 2025 and September 30, 2024, the Income Incentive Fee was $2.0 million and $3.1 million, respectively. For the nine months ended September 30, 2025 and September 30, 2024, the Income Incentive Fee was $6.8 million and $8.8 million, respectively.

*Incentive Fee on Capital Gains*

*(i) Incentive Fee on Capital Gains - Effective May 1, 2025*

The Incentive Fee on Capital Gains is determined in arrears at the end of each Fiscal Year and is equal to 12.5% of the Fund's cumulative capital gains (without giving consideration to any unrealized gains) subsequent to the Liquidity Event through the end of such Fiscal Year, less amounts previously paid subsequent to the Liquidity Event.

*(ii) Capital Gains Incentive Compensation - October 31, 2021 to April 30, 2025*

For the period from October 31, 2021 to April 30, 2025, Capital Gains Incentive Compensation was determined in arrears at the end of each Fiscal Year and was equal to 15% of the Fund's cumulative capital gains (without giving consideration to any unrealized gains) since inception through the Liquidity Event, less the amount of any Capital Gains Incentive Compensation previously paid.

Under U.S. GAAP, the Fund is required to accrue any Incentive Fee on Capital Gains that includes net realized capital gains and losses and net unrealized capital appreciation and depreciation on investments held at the end of each reporting period. In calculating the accrual for the Incentive Fee on Capital Gains, the Fund considers the cumulative aggregate unrealized capital appreciation in the calculation, because the Incentive Fee on Capital Gains would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Advisory Agreement. There can be no assurance that such unrealized capital appreciation will be realized in the future and therefore the corresponding accrued Incentive Fee on Capital Gains for U.S. GAAP purposes may be reversed accordingly.

For the three and nine months ended September 30, 2025 and September 30, 2024, there was no Incentive Fee on Capital Gains.

*Incentive Compensation Clawback - Through April 30, 2025*

In accordance with U.S. GAAP, the Fund accrues an incentive fee based upon the cumulative net realized capital gains and losses and the cumulative net unrealized capital appreciation and depreciation on investments held at the end of each period. Actual amounts paid to the Adviser are consistent with the Advisory Agreement and are based only on realized capital gains computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis from inception through the end of each calendar year as if the entire portfolio was sold at fair value. Prior to the Liquidity Event, if the Fund was to wind down its affairs and complete final distributions to Shareholders or in connection with the Liquidity Event, the Adviser was obligated to pay the Fund an amount equal to (i) the cumulative Incentive Compensation received by the Adviser minus (ii) the product of 15% (adjusted for any waiver or reduction of Incentive Compensation paid) and the sum of the aggregate amount of cumulative net capital gains or losses and Pre-Incentive Compensation Net Investment Income generated since inception through the date of determination (the "Clawback Amount"). In connection with, the Liquidity Event, the Adviser paid $8.5 million to the Fund to satisfy the Clawback Amount accrued as of the Liquidity Event, and will not be obligated to pay a Clawback Amount for any period after the Liquidity Event.

On a hypothetical liquidation basis, assuming all unrealized gains and losses were realized as of the reporting date, the cumulative Clawback Amount was approximately $7.0 million, at December 31, 2024, and was included in incentive compensation clawback in the consolidated statements of assets and liabilities. For the three months ended September 30, 2025 and 2024, the change in Clawback Amount was $0.0 million and $0.9 million, respectively. For the nine months ended September 30, 2025 and September 30, 2024, the change in Clawback Amount was $1.5 million and $1.6 million, respectively.

------

**Silver Point Specialty Lending Fund**

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

**Other Related Party Transactions**

Pursuant to the Advisory Agreement, the Adviser is responsible for providing various accounting and administrative services to the Fund and the Fund will reimburse the Adviser for all costs and expenses incurred in performing its administrative obligations, including the allocable portion of overhead (such as rent, office equipment and utilities) and the allocable portion of the compensation paid to the Fund's General Counsel, Chief Compliance Officer and Chief Financial Officer and their respective staffs. For the three months ended September 30, 2025 and September 30, 2024, the Fund incurred approximately $0.4 million and $0.4 million, respectively, in related party administration fees. For the nine months ended September 30, 2025 and 2024, the Fund incurred approximately $1.1 million and $1.3 million, respectively. As of September 30, 2025 and December 31, 2024, the related party administration fee payables were $0.5 million and $1.0 million, respectively, and were included in accrued expenses in the consolidated statements of assets and liabilities.

The Adviser, or its affiliates, is authorized to pay expenses in the name of and on behalf of the Fund. To the extent that expenses borne by or reimbursements due to the Fund are paid by the Adviser, or an affiliate, the Fund will reimburse or seek reimbursement from such party. As of September 30, 2025, the Fund owed less than $0.1 million to an affiliate. As of December 31, 2024, the Fund was owed less than $0.1 million from an affiliate.

**4.** **Investments**

Investments consisted of the following at September 30, 2025 and December 31, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Amortized Cost** | **Fair Value** | **% of Fair<br>Value** | **Amortized Cost** | **Fair Value** | **% of Fair<br>Value** |
| First lien debt | $1049487758 | $1034835264 | 94.83% | $876955559 | $860212364 | 96.54% |
| Second lien debt | 17087128 | 14626390 | 1.34 | 5851820 | 5135575 | 0.58 |
| Unsecured debt | 8338120 | 15115920 | 1.39 | 3909351 | 8036760 | 0.90 |
| Equities | 26330052 | 13660083 | 1.25 | 14922327 | 3427527 | 0.38 |
| Real estate properties | 14632021 | 11543280 | 1.06 | 14410140 | 12808845 | 1.44 |
| Trust interest | 3805937 | 1489056 | 0.13 | 3724975 | 1424586 | 0.16 |
| **Total** | $1119681016 | $1091269993 | 100.00% | $919774172 | $891045657 | 100.00% |

---

The Fund invests primarily in first-lien debt which may include stand-alone first-lien loans, unitranche/last-out loans and first lien/last-out loans which generally bear greater risk in exchange for a higher interest rate, and senior secured corporate bonds with similar features to these categories of first-lien loans. At September 30, 2025, the unitranche/last-out loans and first lien/last-out loans, at fair value, were 1.4% and 3.5% of the investment portfolio, respectively. At December 31, 2024, the unitranche/last-out loans and first lien/last-out loans, at fair value, were 0.2% and 4.6% of the investment portfolio, respectively.

------

**Silver Point Specialty Lending Fund**

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

The following table presents the composition of the investment portfolio by industry classifications at amortized cost and fair value as of September 30, 2025 and December 31, 2024 with corresponding percentages of total fair value:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Industry Classification** | **Amortized Cost** | **Fair Value** | **% of Fair<br>Value** | **Amortized Cost** | **Fair Value** | **% of Fair<br>Value** |
| Aerospace & Defense | $20489218 | $20604553 | 1.89% | $45540104 | $45623118 | 5.12% |
| Automobiles & Components | 26150691 | 26528697 | 2.43 | 19406634 | 19567821 | 2.20 |
| Building Products | 17647719 | 17979703 | 1.65 |  |  |  |
| Business Services | 37628839 | 38767016 | 3.55 | 45408746 | 46722292 | 5.24 |
| Commercial Services | 9592090 | 9777693 | 0.90 | 9151816 | 9263700 | 1.04 |
| Consumer Apparel | 10697511 | 9261000 | 0.85 | 10879328 | 9460828 | 1.06 |
| Consumer Brands | 4735975 | 4705571 | 0.43 | 4735345 | 4778687 | 0.54 |
| Consumer Products | 26142070 | 27133138 | 2.49 | 26572439 | 27451180 | 3.08 |
| Consumer Services |  | 1817785 | 0.17 |  | 1452401 | 0.16 |
| E-Commerce | 25621263 | 18835589 | 1.73 | 31681893 | 25617170 | 2.87 |
| Education | 7482603 | 7354853 | 0.67 |  |  |  |
| Energy | 11227338 | 11149412 | 1.02 |  |  |  |
| Environmental Solutions | 15404681 | 15534977 | 1.42 | 15603000 | 15594785 | 1.75 |
| Fitness & Leisure | 22244392 | 22325452 | 2.05 | 10689826 | 11019232 | 1.24 |
| Food & Beverage | 25933354 | 25975471 | 2.38 | 10184494 | 9964578 | 1.12 |
| Gaming & Entertainment | 37381524 | 37756910 | 3.46 | 12677614 | 12756535 | 1.43 |
| Government Services | 11724956 | 11778175 | 1.08 | 10412630 | 10496974 | 1.18 |
| Healthcare Equipment & Supplies | 35688878 | 35230557 | 3.23 | 13452288 | 13445474 | 1.51 |
| Healthcare Providers & Services | 61180807 | 49389108 | 4.53 | 59051706 | 54807953 | 6.15 |
| Healthcare Technology | 16496788 | 16598254 | 1.52 | 16732001 | 16796811 | 1.89 |
| Industrial Products & Services | 68033870 | 68386208 | 6.27 | 72711060 | 71759336 | 8.05 |
| Industrial Real Estate | 14632021 | 11543280 | 1.06 | 19454222 | 17832059 | 2.00 |
| Insurance & Insurance Services | 23419711 | 23369737 | 2.14 | 12601730 | 12646297 | 1.42 |
| Manufacturing |  |  |  | 8248666 | 8491346 | 0.95 |
| Media: Diversified & Production | 21761496 | 21541272 | 1.97 | 21410976 | 21204573 | 2.38 |
| Multi-Family | 22052506 | 7102834 | 0.65 | 28374320 | 15174116 | 1.70 |
| Oilfield Services | 35835517 | 36118677 | 3.31 | 30200315 | 30429425 | 3.42 |
| Paper & Packaging | 43886837 | 43396565 | 3.98 | 49653490 | 46887093 | 5.26 |
| Pharmaceuticals & Life Sciences | 15828417 | 13660777 | 1.25 | 30755017 | 28204141 | 3.17 |
| Power Generation | 28399526 | 29492001 | 2.70 | 16711504 | 16784859 | 1.88 |
| Professional Services | 20822248 | 20993048 | 1.92 | 19627367 | 19925967 | 2.24 |
| Real Estate Development & Management | 44453479 | 44210154 | 4.05 | 25857920 | 25766625 | 2.89 |
| Software & Services | 104952287 | 105452940 | 9.66 | 88131797 | 87300854 | 9.80 |
| Specialty Chemicals | 28874553 | 28884406 | 2.65 | 10341858 | 10281804 | 1.15 |
| Specialty Retail | 35508036 | 42082427 | 3.86 | 41881575 | 46053641 | 5.17 |
| Staples Retail | 20461320 | 20436158 | 1.87 |  |  |  |
| Technology | 81135983 | 82205995 | 7.53 | 45828563 | 45997815 | 5.16 |
| Technology Hardware & Equipment | 36447524 | 36273039 | 3.32 | 18319538 | 18258574 | 2.05 |
| Telecommunications | 4487649 | 4545190 | 0.42 | 4505565 | 4504498 | 0.50 |
| Transportation & Logistics | 36417699 | 36584984 | 3.35 | 29253850 | 27298509 | 3.06 |
| Utilities | 4993703 | 4997331 | 0.46 |  |  |  |
| Other | 3805937 | 1489056 | 0.13 | 3724975 | 1424586 | 0.17 |
| **Total** | $1119681016 | $1091269993 | 100.00% | $919774172 | $891045657 | 100.00% |

---

------

**Silver Point Specialty Lending Fund**

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

The following table presents the composition of the investment portfolio by geographic dispersion at amortized cost and fair value as of September 30, 2025 and December 31, 2024 with corresponding percentages of total fair value:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Geographic Dispersion**<sup>(1)</sup> | **Amortized Cost** | **Fair Value** | **% of Fair<br>Value** | **Amortized Cost** | **Fair Value** | **% of Fair<br>Value** |
| Australia | $2945445 | $2962032 | 0.27% | $6250605 | $6562777 | 0.74% |
| Canada | 57161375 | 57036840 | 5.23 | 22401729 | 22639890 | 2.54 |
| Germany |  |  |  | 4122740 | 4100660 | 0.46 |
| Luxembourg | 9172843 | 15768527 | 1.44 | 3909351 | 8036760 | 0.90 |
| Netherlands | 13715280 | 13658986 | 1.25 | 3989999 | 3960091 | 0.44 |
| United Kingdom | 5005552 | 5287586 | 0.48 | 5100651 | 5018589 | 0.56 |
| United States of America | 1031680521 | 996556022 | 91.33 | 873999097 | 840726890 | 94.36 |
| **Total** | $1119681016 | $1091269993 | 100.00% | $919774172 | $891045657 | 100.00% |

---

<sup>(1)</sup> Geographic dispersion represents the country of the issuer and may not represent the operating domicile.

**5.** **Fair Value Measurements**

The following table presents the investments carried on the consolidated statements of assets and liabilities by level within the fair value hierarchy as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| Secured loans | $— | $212390314 | $810856117 | $1023246431 |
| Secured debt |  | 20176822 | 6038401 | 26215223 |
| Unsecured debt |  | 8398938 | 6716982 | 15115920 |
| Equities | 1817785 |  | 11842298 | 13660083 |
| Trust interest |  |  | 1489056 | 1489056 |
| Real estate properties |  |  | 11543280 | 11543280 |
| **Total investments** | $1817785 | $240966074 | $848486134 | $1091269993 |
| **Cash-related Assets:** |  |  |  |  |
| Cash equivalents and restricted cash equivalents | $14223299 | $— | $— | $14223299 |
| **Total** | $14223299 | $— | $— | $14223299 |
| **Derivative Assets** |  |  |  |  |
| Interest rate swaps | $— | $987204 | $— | $987204 |
| Foreign currency forward contracts |  | 308359 |  | 308359 |
| **Total** | $— | $1295563 | $— | $1295563 |
| **Derivative Liabilities** |  |  |  |  |
| Interest rate swaps | $— | $(151225) | $— | $(151225) |
| Foreign currency forward contracts |  | (1221) |  | (1221) |
| **Total** | $— | $(152446) | $— | $(152446) |

---

------

**Silver Point Specialty Lending Fund**

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

The following table presents the investments carried on the consolidated statements of assets and liabilities by level within the fair value hierarchy as of December 31, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| Secured loans | $— | $66475497 | $780905839 | $847381336 |
| Secured debt |  | 17966603 |  | 17966603 |
| Unsecured debt |  | 8036760 |  | 8036760 |
| Equities | 1452401 |  | 1975126 | 3427527 |
| Trust interest |  |  | 1424586 | 1424586 |
| Real estate properties |  |  | 12808845 | 12808845 |
| **Total investments** | $1452401 | $92478860 | $797114396 | $891045657 |
| **Cash-related Assets:** |  |  |  |  |
| Cash equivalents and restricted cash equivalents | $82522423 | $— | $— | $82522423 |
| **Total** | $82522423 | $— | $— | $82522423 |
| **Derivative Assets** |  |  |  |  |
| Interest rate swaps | $— | $267763 | $— | $267763 |
| Foreign currency forward contracts |  | 401535 |  | 401535 |
| **Total** | $— | $669298 | $— | $669298 |
| **Derivative Liabilities** |  |  |  |  |
| Interest rate swaps | $— | $(78603) | $— | $(78603) |
| Foreign currency forward contracts |  |  |  |  |
| **Total** | $— | $(78603) | $— | $(78603) |

---

The following table includes a roll forward of the amounts for the three months ended September 30, 2025 for investments classified within level 3. The classification of an investment within level 3 is based upon the significance of the unobservable inputs to the overall fair value measurement.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value Measurements of Level 3 Investments** | **Fair Value Measurements of Level 3 Investments** | **Fair Value Measurements of Level 3 Investments** | **Fair Value Measurements of Level 3 Investments** | **Fair Value Measurements of Level 3 Investments** | **Fair Value Measurements of Level 3 Investments** |
|  | **Secured Loans and Debt** | **Unsecured Debt** | **Equities** | **Trust Interest** | **Real Estate Properties** | **Total** |
| **Balance at July 1, 2025** | $739538278 | $6334487 | $12423446 | $1467056 | $10116813 | $769880080 |
| Transfer in<sup>(1)</sup> |  |  |  |  |  |  |
| Transfer out<sup>(1)</sup> |  |  |  |  |  |  |
| Accretion/amortization of discounts/premiums | 941373 |  |  |  |  | 941373 |
| Interest paid-in-kind | 940954 | 128490 |  | 27628 |  | 1097072 |
| Purchases<sup>(2)</sup> | 84785811 |  |  |  | 37479 | 84823290 |
| Sales, paydowns and resolutions<sup>(2)</sup> | (6907616) |  | (96540) |  |  | (7004156) |
| Net realized gain/(loss) | 3920 |  |  |  |  | 3920 |
| Net change in unrealized appreciation/(depreciation) | (2408202) | 254005 | (484608) | (5628) | 1388988 | (1255445) |
| **Balance at September 30, 2025** | $816894518 | $6716982 | $11842298 | $1489056 | $11543280 | $848486134 |
| **Change in net unrealized appreciation / (depreciation) on investments held as of September 30, 2025** | $(2462733) | $254005 | $(484608) | $(5628) | $1388988 | $(1309976) |

---

<sup>(1)</sup> There was no investment transferred in to or out from level 3.

<sup>(2)</sup> Includes the effects of reorganizations, if any.

------

**Silver Point Specialty Lending Fund**

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

The following table includes a roll forward of the amounts for the nine months ended September 30, 2025 for investments classified within level 3.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value Measurements of Level 3 Investments** | **Fair Value Measurements of Level 3 Investments** | **Fair Value Measurements of Level 3 Investments** | **Fair Value Measurements of Level 3 Investments** | **Fair Value Measurements of Level 3 Investments** | **Fair Value Measurements of Level 3 Investments** |
|  | **Secured Loans and Debt** | **Unsecured Debt** | **Equities** | **Trust Interest** | **Real Estate Properties** | **Total** |
| **Balance at January 1, 2025** | $780905839 | $— | $1975126 | $1424586 | $12808845 | $797114396 |
| Transfer in<sup>(1)</sup> |  |  |  |  |  |  |
| Transfer out<sup>(1)</sup> |  |  |  |  |  |  |
| Accretion/amortization of discounts/premiums | 4641141 |  |  |  |  | 4641141 |
| Interest paid-in-kind | 3306320 | 128490 |  | 80962 |  | 3515772 |
| Purchases<sup>(2)</sup> | 166411164 | 6406376 | 11504264 |  | 221881 | 184543685 |
| Sales, paydowns and resolutions<sup>(2)</sup> | (124332492) |  | (96540) |  |  | (124429032) |
| Net realized gain/(loss) | (9565726) |  |  |  |  | (9565726) |
| Net change in unrealized appreciation/(depreciation) | (4471728) | 182116 | (1540552) | (16492) | (1487446) | (7334102) |
| **Balance at September 30, 2025** | $816894518 | $6716982 | $11842298 | $1489056 | $11543280 | $848486134 |
| **Change in net unrealized appreciation / (depreciation) on investments held as of September 30, 2025** | $(8306218) | $182116 | $(1540552) | $(16492) | $(1487446) | $(11168592) |

---

<sup>(1)</sup> There was no investment transferred in to or out from level 3.

<sup>(2)</sup> Includes the effects of reorganizations, if any.

The following table includes a roll forward of the amounts for the three months ended September 30, 2024 for investments classified within level 3.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value Measurements of Level 3 Investments** | **Fair Value Measurements of Level 3 Investments** | **Fair Value Measurements of Level 3 Investments** | **Fair Value Measurements of Level 3 Investments** | **Fair Value Measurements of Level 3 Investments** | **Fair Value Measurements of Level 3 Investments** |
|  | **Secured Loans** | **Unsecured Debt** | **Equities** | **Trust Interest** | **Real Estate Properties** | **Total** |
| **Balance at July 1, 2024** | $746498754 | $— | $4943766 | $1883704 | $13025443 | $766351667 |
| Transfer in<sup>(1)</sup> |  |  |  |  |  |  |
| Transfer out<sup>(1)</sup> |  |  |  |  |  |  |
| Accretion/amortization of discounts/premiums | 1710545 |  |  |  |  | 1710545 |
| Interest paid-in-kind | 1379113 |  |  | 25775 |  | 1404888 |
| Purchases<sup>(2)</sup> | 71673654 |  |  |  | 192337 | 71865991 |
| Sales, paydowns and resolutions<sup>(2)</sup> | (74589885) |  | (160961) |  |  | (74750846) |
| Net realized gain/(loss) | 2016 |  |  |  |  | 2016 |
| Net change in unrealized appreciation/(depreciation) | (3176783) |  | (2735371) | (5250) | (408935) | (6326339) |
| **Balance at September 30, 2024** | $743497414 | $— | $2047434 | $1904229 | $12808845 | $760257922 |
| **Change in net unrealized appreciation / (depreciation) on investments held as of September 30, 2024** | $(1931691) | $— | $(2735371) | $(5250) | $(408935) | $(5081247) |

---

<sup>(1)</sup> There was no investment transferred in to or out from level 3.

<sup>(2)</sup> Includes the effects of reorganizations, if any.

The following table includes a roll forward of the amounts for the nine months ended September 30, 2024 for investments classified within level 3.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value Measurements of Level 3 Investments** | **Fair Value Measurements of Level 3 Investments** | **Fair Value Measurements of Level 3 Investments** | **Fair Value Measurements of Level 3 Investments** | **Fair Value Measurements of Level 3 Investments** | **Fair Value Measurements of Level 3 Investments** |
|  | **Secured Loans** | **Unsecured Debt** | **Equities** | **Trust Interest** | **Real Estate Properties** | **Total** |
| **Balance at January 1, 2024** | $676678861 | $— | $19651223 | $2285446 | $22924450 | $721539980 |
| Transfer in<sup>(1)</sup> |  |  |  |  |  |  |
| Transfer out<sup>(2)</sup> | (6140311) |  | (2724166) |  |  | (8864477) |
| Accretion/amortization of discounts/premiums | 4170509 |  |  |  |  | 4170509 |
| Interest paid-in-kind | 4666514 |  |  | 72422 |  | 4738936 |
| Purchases<sup>(3)</sup> | 174563463 |  | 474538 |  | 330733 | 175368734 |
| Sales, paydowns and resolutions<sup>(3)</sup> | (107547137) |  | (9661614) |  | (9890407) | (127099158) |
| Net realized gain/(loss) | (1176103) |  | 8443178 |  | (202407) | 7064668 |
| Net change in unrealized appreciation/(depreciation) | (1718382) |  | (14135725) | (453639) | (353524) | (16661270) |
| **Balance at September 30, 2024** | $743497414 | $— | $2047434 | $1904229 | $12808845 | $760257922 |
| **Change in net unrealized appreciation / (depreciation) on investments held as of September 30, 2024** | $(2039229) | $— | $(5879553) | $(453639) | $(1115044) | $(9487465) |

---

<sup>(1)</sup> There was no investment transferred in to level 3.

<sup>(2)</sup> Investment was transferred out from level 3 due to existence of significant observable inputs.

<sup>(3)</sup> Includes the effects of reorganizations, if any.

All realized gains (losses) and change in unrealized appreciation (depreciation) in the tables above are reflected in the accompanying consolidated statements of operations. Transfers between levels, if any, are recognized at the beginning of each reporting period.

------

**Silver Point Specialty Lending Fund**

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

The following tables provide quantitative information about the Fund's level 3 fair value measurements for the Fund's investments as of September 30, 2025 and December 31, 2024. In addition to the techniques and inputs noted in the tables below, the Fund may also use, in accordance with the valuation policy, other valuation techniques and methodologies when determining the Fund's fair value measurements. The below tables are not intended to be inclusive of all unobservable inputs, but rather provide information on the significant level 3 inputs as they relate to the Fund's fair value measurements.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Quantitative Information about Level 3 Value Investments** | **Quantitative Information about Level 3 Value Investments** | **Quantitative Information about Level 3 Value Investments** | **Quantitative Information about Level 3 Value Investments** | **Quantitative Information about Level 3 Value Investments** |
| **Investment Type** | **Fair Value at September 30, 2025** | **Valuation<br>Technique(s)** | **Unobservable<br>Input(s)** | **Range (Weighted<br>Average)** | **Impact to<br>Valuation<br>from an<br>Increase<br>in Input**<sup>(1)</sup> |
| **Secured Loans and Debt** | $721589906 | Income Approach | Yield | 5.9% - 29.6% (11.8%) | Decrease |
|  |  |  | Expected Term<sup>(2)</sup> | 0.1 yrs. - 1.1 yrs. (0.7 yrs.) | Decrease |
|  | 68023223 | Recent Transaction | N/A | N/A | N/A |
|  | 27281389 | Market Comparables | Market Multiple | 0.2x - 11.0x (4.0x) | Increase |
| **Unsecured Debt** | 6716982 | Market Comparables | Market Multiple | 10.5x | Increase |
| **Equities** | 11842298 | Market Comparables | Market Multiple | 4.0x - 10.5x (9.1x) | Increase |
| **Real Estate Property** | 11543280 | Income Approach | Discount Rate | 13.0% | Decrease |
|  |  |  | Expected Term<sup>(2)</sup> | 0.2 yrs. | Decrease |
| **Trust Interest** | 1489056 | Asset Approach | Recovery Rate | 0.8% | Increase |
| **Total Level 3 Investments** | $848486134 |  |  |  |  |

---

<sup>(1)</sup> This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs in isolation could result in significantly higher or lower fair value measurements.

<sup>(2)</sup> Expected term is an unobservable input for debt or non-debt investments where the valuation methodology contemplates exits other than contractual maturities, if any. Weighted average expected term for Level 3 debt investments, including those valued to contractual maturity, was approximately 3.4 years as of September 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Quantitative Information about Level 3 Value Investments** | **Quantitative Information about Level 3 Value Investments** | **Quantitative Information about Level 3 Value Investments** | **Quantitative Information about Level 3 Value Investments** | **Quantitative Information about Level 3 Value Investments** |
| **Investment Type** | **Fair Value at December 31, 2024** | **Valuation<br>Technique(s)** | **Unobservable<br>Input(s)** | **Range (Weighted<br>Average)** | **Impact to<br>Valuation<br>from an<br>Increase<br>in Input**<sup>(1)</sup> |
| **Secured Loans** | $686032187 | Income Approach | Yield | 5.8% - 27.6% (13.3%) | Decrease |
|  |  |  | Expected Term<sup>(2)</sup> | 0.2 yrs. - 2.4 yrs. (1.3 yrs.) | Decrease |
|  | 80547179 | Recent Transaction | N/A | N/A | N/A |
|  | 14326473 | Market Comparables | Earnings Multiple | 5.5x - 6.5x (6.2x) | Increase |
| **Equities** | 1564654 | Income Approach | Discount Rate | 19.0% | Decrease |
|  |  |  | Expected Term<sup>(2)</sup> | 1.2 yrs. | Decrease |
|  | 410472 | Market Comparables | Earnings Multiple | 4.3x | Increase |
| **Real Estate Properties** | 12808845 | Income Approach | Discount Rate | 13.5% | Decrease |
|  |  |  | Expected Term<sup>(2)</sup> | 0.7 yrs. | Decrease |
| **Trust Interest** | 1424586 | Asset Approach | Recovery Rate | 0.8% | Increase |
| **Total Level 3 Investments** | $797114396 |  |  |  |  |

---

<sup>(1)</sup> This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs in isolation could result in significantly higher or lower fair value measurements.

<sup>(2)</sup> Expected term is an unobservable input for debt or non-debt investments where the valuation methodology contemplates exits other than contractual maturities, if any. Weighted average expected term for Level 3 debt investments, including those valued to contractual maturity, was approximately 3.4 years as of December 31, 2024.

**6.** **Debt** 

In February 2025, the Board approved reducing the Fund's asset coverage requirements from 200% to 150% and in April 2025, the Fund's Shareholders approved the reduction at a Special Meeting of Shareholders. As a result, the reduction of the asset coverage requirements became effective for the Fund on May 1, 2025. Asset coverage ratio is equal to (i) total assets at the end of the period, less all liabilities and indebtedness not represented by senior securities, divided by (ii) total debt represented by

------

**Silver Point Specialty Lending Fund**

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

senior securities at the end of the period. As of September 30, 2025 and December 31, 2024, the asset coverage ratio based on the aggregate amount outstanding of the Fund's senior securities was 200% and 221%, respectively.

*Revolving Credit Facility*

The Fund is party to a secured revolving credit facility with Deutsche Bank AG (the "Revolving Credit Facility") that allows the Fund to borrow an amount up to $150 million. Prior to April 16, 2025, the facility termination date for the Revolving Credit Facility was April 17, 2028. The interest rate was 3-Month SOFR plus a margin of 285 basis points per annum on the drawn portion, as well as a commitment fee of 40 basis points per annum on any unused portion. In connection with the Revolving Credit Facility, the Fund has pledged certain investments and cash as collateral and such pledged investments may accordingly be restricted as to resale. Certain specified revaluation events related to pledged assets may result in a decrease in the borrowing base, and could incent or require the Fund to pledge additional collateral.

On April 16, 2025, the Fund entered into Amendment No. 20 to the Revolving Credit Facility ("Amendment No. 20"). Amendment No. 20, (i) reduced the applicable margin from 2.85% to 1.70%, (ii) extended the revolving period by three years and the facility termination date to April 17, 2031 and (iii) added a committed Optional Increased Facility Amount of $50,000,000. On July 16, 2025, the Fund exercised the $50,000,000 increase on the Revolving Credit Facility.

As of September 30, 2025 and December 31, 2024, $88.5 million and approximately $2.6 million, respectively, of the Revolving Credit Facility was outstanding.

*2021 Debt Securitization*

On September 9, 2021, the Fund completed a $400 million term debt securitization (the "2021 Debt Securitization"), also known as a collateralized loan obligation transaction, which is a form of secured financing incurred by the Fund. The debt offered in the 2021 Debt Securitization (the "2021 CLO") was issued by Silver Point SCF CLO I, Ltd., a wholly owned subsidiary of the Fund, and was backed by a diversified portfolio of senior secured bonds and loans and second lien loans. The Fund owned $112 million of Class D and Subordinated Notes. All transactions and balances associated with these two classes of notes were eliminated in consolidation. The Class A-1 Loans and Class A-1a through Class D Notes were secured obligations; the Subordinated Notes were the unsecured obligations of the 2021 CLO. The indenture governing the 2021 CLO included customary covenants.

*2024 Debt Securitization*

On September 26, 2024, the Fund completed a $428 million term debt securitization (the "2024 Debt Securitization"), also known as a collateralized loan obligation transaction, which is a form of secured financing incurred by the Fund. The 2024 Debt Securitization is commonly referred to as a "CLO Reset", in which the 2021 CLO was reset with a new capital structure and reinvestment period. The debt offered in the 2024 Debt Securitization (the "2024 CLO") was issued by Silver Point SCF CLO IV, Ltd., a wholly owned subsidiary of the Fund, and is backed by a diversified portfolio of senior secured bonds and loans and second lien loans. The Fund owns $124 million of Class D and Subordinated Notes. All transactions and balances associated with these two classes of notes have been eliminated in consolidation. The Class A-1 Loans and Class A-1a through Class D Notes are secured obligations; the Subordinated Notes are the unsecured obligations of the 2024 CLO. The indenture governing the 2024 CLO includes customary covenants. The stated maturity for the 2024 CLO is October 15, 2036.

The 2024 CLO consists of the following:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **2024 CLO** | **Total Principal<br>Amount<br>Committed** | **Principal<br>Amount<br>Outstanding** | **Carrying Value**<sup>(1)</sup> | **Fair Value** | **Coupon** | **Interest Rate** |
| Class A-1 Loans | $100000000 | $100000000 | $99390805 | $100480000 | S+1.72% | 6.04% |
| Class A-1a Notes | 115500000 | 115500000 | 114796379 | 116054400 | S+1.72% | 6.04% |
| Class A-1b Notes | 16500000 | 16500000 | 16399483 | 16542900 | 5.10% | 5.10% |
| Class A-2 Notes | 16000000 | 16000000 | 15902529 | 16062400 | S+1.95% | 6.27% |
| Class B Notes | 24000000 | 24000000 | 23853793 | 24144000 | S+2.10% | 6.42% |
| Class C Notes | 32000000 | 32000000 | 31805057 | 32227200 | S+2.70% | 7.02% |
| Total 2024 CLO | $304000000 | $304000000 | $302148046 | $305510900 |  | 6.13% |

---

------

**Silver Point Specialty Lending Fund**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **2024 CLO** | **Total Principal<br>Amount<br>Committed** | **Principal<br>Amount<br>Outstanding** | **Carrying Value**<sup>(1)</sup> | **Fair Value** | **Coupon** | **Interest Rate** |
| Class A-1 Loans | $100000000 | $100000000 | $99259304 | $100830000 | S+1.72% | 6.38% |
| Class A-1a Notes | 115500000 | 115500000 | 114644497 | 116458650 | S+1.72% | 6.38% |
| Class A-1b Notes | 16500000 | 16500000 | 16377785 | 16564350 | 5.10% | 5.10% |
| Class A-2 Notes | 16000000 | 16000000 | 15881489 | 16078400 | S+1.95% | 6.61% |
| Class B Notes | 24000000 | 24000000 | 23822233 | 24168000 | S+2.10% | 6.76% |
| Class C Notes | 32000000 | 32000000 | 31762977 | 32224000 | S+2.70% | 7.36% |
| Total 2024 CLO | $304000000 | $304000000 | $301748285 | $306323400 |  | 6.45% |

---

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

*2026 Notes*

On November 4, 2021, the Fund placed $145 million in aggregate principal of unsecured notes that mature on November 4, 2026 (the "2026 Notes"). The 2026 Notes were issued in two tranches, with $100 million of tranche A notes funded on November 4, 2021 and $45 million of tranche B notes funded on January 21, 2022. The 2026 Notes bear contractual interest at a rate of 4.00% per year, payable semi-annually on November 4 and May 4, of each year, commencing on May 4, 2022. The 2026 Notes are subject to various repayment and redemption provisions. Additionally, in connection with the 2026 Notes, the Fund is required to maintain certain asset ratios.

In connection with the 2026 Notes, the Fund entered into two interest rate swaps in April and May 2023, respectively, to align the interest rates of its liabilities with the Fund's investment portfolio which consists of predominately floating rate loans. The notional amount of the interest rate swaps were each $72.5 million, or $145 million in aggregate, with a maturity date of June 30, 2025. In October 2024, the Fund simultaneously closed out these swaps and entered into a succeeding $145 million interest rate swap with a maturity date of November 4, 2026. For all swaps entered into in connection with the 2026 Notes, the Fund received a fixed rate of interest at 4.00% and paid a variable rate of interest based on SOFR (see additional information to the consolidated schedules of investments and Note 7 for more details on these interest rate swaps).

These interest rate swaps were designated as hedging instruments for the 2026 Notes in a fair value hedge, in accordance with hedge accounting. The April and May 2023 interest rate swaps were discontinued as fair value hedges upon their closure. As a result, the Fund's effective interest rate on the 2026 Notes is SOFR plus 13 basis points during the swaps' outstanding period. The interest expense related to the 2026 Notes is equally offset by the proceeds received from the interest rate swaps. Income and expenses generated by the hedging swaps are included as a component of total interest expense on the Fund's consolidated statements of operations. The change in fair value of the interest rate swaps is offset by the change in the interest rate component of the fair value of the 2026 Notes, with the remaining difference as a component of total interest expense on the consolidated statements of operations.

*2055 Promissory Notes*

On April 30, 2025, the Fund issued $1.5 million in aggregate principal of promissory notes (the "2055 Promissory Notes"). The Fund pays interest on the principal amount of the 2055 Notes at a rate of 12% per annum, payable annually in arrears. The 2055 Promissory Notes mature on April 30, 2055 and may be prepaid by the Fund at any time, in whole or in part, provided that (i) the Fund will pay on the date of such prepayment all accrued and unpaid interest due on such prepaid principal amount to and including the date of prepayment and (ii) if the prepayment occurs within twenty-four months after the issue date of the 2055 Promissory Notes, the Fund will pay a one-time premium.

------

**Silver Point Specialty Lending Fund**

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

The following tables present the details of the Fund's borrowings as of September 30, 2025 and December 31, 2024:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Facility** | **Total Principal<br>Amount<br>Committed** | **Principal<br>Amount<br>Outstanding** | **Carrying Value** | **Fair Value** | **Coupon** | **Interest<br>Rate** | **Maturity<br>Date** |
| Revolving Credit Facility<sup>(1)</sup> | $150000000 | $88500000 | $88500000 | $88500000 | S+1.70% | 5.68% | 4/17/2031 |
| 2024 CLO<sup>(2)(3)</sup> | 304000000 | 304000000 | 302148046 | 305510900 | Various | 6.13% | 10/15/2036 |
| 2026 Notes<sup>(3)(4)</sup> | 145000000 | 145000000 | 144798592 | 142100000 | 4.00% | 4.00% | 11/4/2026 |
| 2055 Promissory Notes<sup>(3)</sup> | 1500000 | 1500000 | 1366962 | 1492625 | 12.00% | 12.00% | 4/30/2055 |
| Total | $600500000 | $539000000 | $536813600 | $537603525 |  |  |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Facility** | **Total Principal<br>Amount<br>Committed** | **Principal<br>Amount<br>Outstanding** | **Carrying Value** | **Fair Value** | **Coupon** | **Interest<br>Rate** | **Maturity<br>Date** |
| Revolving Credit Facility<sup>(1)</sup> | $100000000 | $2574938 | $2574938 | $2574938 | S+2.85% | 7.35% | 4/17/2028 |
| 2024 CLO<sup>(2)(3)</sup> | 304000000 | 304000000 | 301748285 | 306323400 | Various | 6.45% | 10/15/2036 |
| 2026 Notes<sup>(3)(4)</sup> | 145000000 | 145000000 | 143497109 | 137460000 | 4.00% | 4.00% | 11/4/2026 |
| Total | $549000000 | $451574938 | $447820332 | $446358338 |  |  |  |

---

<sup>(1)</sup> Interest rate as of September 30, 2025 and December 31, 2024 was 3-Month SOFR+1.70% and 3-Month SOFR+2.85%, respectively. The base interest rate is subject to monthly changes. Interest rate does not include the amortization of upfront fees, facility agent fee, unfunded fees and expenses that were incurred in connection with the Revolving Credit Facility.

<sup>(2)</sup> Interest rates as of September 30, 2025 and December 31, 2024 were calculated using the weighted average interest rate based on the 2024 CLO. Interest rate does not include the amortization of upfront fees. Refer to 2024 CLO table above for the respective coupon rates.

<sup>(3)</sup> Carrying value represents aggregate principal amount outstanding less unamortized debt issuance costs.

<sup>(4)</sup> Carrying value includes the change in fair value of effective hedges. As of September 30, 2025 and December 31, 2024, carrying value of the 2026 Notes includes the change in fair value of effective hedges of $0.6 million and $(0.2) million, respectively..

The fair value of the Fund's borrowings are categorized as Level 3 within the fair value hierarchy as of September 30, 2025 and December 31, 2024.

The components of the Fund's interest and financing expenses for the three and nine months ended September 30, 2025 and September 30, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Stated interest expense | $7133831 | $7990571 | $20292880 | $24451464 |
| Unfunded fees | 168949 | 136375 | 507007 | 350284 |
| Amortization of deferred financing costs and debt issuance costs | 414220 | 652252 | 1242291 | 1813012 |
| Net change in unrealized appreciation/(depreciation) on effectively hedged interest rate swaps and debt<sup>(1)</sup> | 9432 | (12939) | (40928) | 20431 |
| Total interest expense<sup>(2)</sup> | $7726432 | $8766259 | $22001250 | $26635191 |
| Weighted average interest rate<sup>(3)</sup> | 6.17% | 7.59% | 6.24% | 7.64% |
| Average borrowings | $496700000 | $459199938 | $471117494 | $465934938 |

---

<sup>(1)</sup> Refer to "2026 Notes" for details on designated hedge relationship with the interest rate swaps.

<sup>(2)</sup> Interest expense includes the portion of the facility agent fee applicable to the drawn portion of the Revolving Credit Facility and the unfunded fee includes the portion of the facility agent fee applicable to the undrawn portion of the Revolving Credit Facility (see table above for details of the Fund's borrowings).

<sup>(3)</sup> Annualized.

------

**Silver Point Specialty Lending Fund**

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

**7.** **Derivatives**

The Fund may enter into derivative financial instruments in the normal course of business to achieve certain risk management objectives, including managing its interest rate, credit risk and foreign currency risk exposures. The Fund is a party to International Swap and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") with certain counterparties that govern over-the-counter derivative contracts entered into from time to time. The Fund is also a party to agreements that govern derivatives cleared by a Central Counterparty Clearing House ("Cleared Derivative Agreements" and together with ISDA Master Agreements, "Derivative Agreements"). The Derivative Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. Collateral requirements under Derivative Agreements are determined based on the Fund's net position with each counterparty. Collateral can be in the form of cash and U.S. government securities as agreed to by the Fund and the applicable counterparty. Collateral pledged by the Fund is segregated by the Fund's custodians and may be restricted as to resale. Collateral posted to the Fund is held by the Fund's custodians or the central counterparty clearing house and with respect to those amounts that can be sold or repledged, are presented in the Fund's portfolio. As of September 30, 2025 and December 31, 2024, only cash was pledged and received by the Fund as collateral under the Derivative Agreements and was included in due from broker and due to broker on the consolidated statements of assets and liabilities.

The following table presents the details of the Fund's average U.S. dollar notional exposure for the three and nine months ended September 30, 2025 and September 30, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
| **Average notional value**<sup>(1)</sup> | **2025** | **2024** | **2025** | **2024** |
| Interest Rate Swaps<sup>(2)</sup>, hedge accounting | $145000000 | $145000000 | $145000000 | $145000000 |
| Interest Rate Swaps<sup>(2)</sup>, non-hedge accounting | 7553587 | 15391023 | 5452447 | 18958077 |
| Foreign Currency Forward Contracts<sup>(3)</sup> | 47871711 | 37609713 | 33647623 | 38102744 |

---

<sup>(1)</sup> For each contract type, calculated based on month end amounts during which the contract was held (see consolidated statements of operations for net realized and unrealized gain (loss) on each non-hedging contract type, consolidated schedule of investments for detailed terms of the contracts, Note 2 on the purpose of the derivative activities and Note 6 for a description of the hedge accounting relationship between certain interest rate swaps and the 2026 Notes).

<sup>(2)</sup> Risk exposure is interest rate. Certain interest rate swaps were designated as hedging instruments in accordance with hedge accounting (see Note 6).

<sup>(3)</sup> Risk exposure is foreign currency. No foreign currency forward contract was designated as a hedging instrument in accordance with hedge accounting.

The Fund's net exposure to foreign currency forward contracts and interest rate swaps presented on the consolidated statements of assets and liabilities was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Amounts Not Offset in Consolidated Statements of Assets and Liabilities** |  |
|  | **Gross Amount of Assets** | **Gross Amount of Liabilities** | **Net Amount of Assets (Liabilities)** | **Collateral (Received) Pledged** | **Net Amounts** |
| **September 30, 2025** |  |  |  |  |  |
| Interest Rate Swaps, hedge accounting<sup>(1)</sup> | $900446 | $— | $900446 | $— | $900446 |
| Interest Rate Swaps, non-hedge accounting<sup>(2)</sup> | 86758 | 151225 | (64467) |  | (64467) |
| Foreign Currency Forward Contracts<sup>(3)</sup> | 308359 | 1221 | 307138 |  | 307138 |
| **December 31, 2024** |  |  |  |  |  |
| Interest Rate Swaps, hedge accounting<sup>(4)</sup> | $17406 | $— | $17406 | $— | $17406 |
| Interest Rate Swaps, non-hedge accounting<sup>(5)</sup> | 250357 | 78603 | 171754 |  | 171754 |
| Foreign Currency Forward Contracts<sup>(6)</sup> | 401535 |  | 401535 | (401535) |  |

---

<sup>(1)</sup> Over collateralization of $1.6 million is excluded from Collateral (Received)/Pledged at September 30, 2025.

<sup>(2)</sup> Over collateralization of $(0.8) million is excluded from Collateral (Received)/Pledged at September 30, 2025.

<sup>(3)</sup> Over collateralization of $1.0 million is excluded from Collateral (Received)/Pledged at September 30, 2025.

<sup>(4)</sup> Over collateralization of $1.3 million is excluded from Collateral (Received)/Pledged at December 31, 2024.

<sup>(5)</sup> Over collateralization of $0.8 million is excluded from Collateral (Received)/Pledged at December 31, 2024.

<sup>(6)</sup> Over collateralization of $(1.5) million is excluded from Collateral (Received)/Pledged at December 31, 2024.

------

**Silver Point Specialty Lending Fund**

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

The effect of transactions in derivative instruments not utilizing hedge accounting is presented in net gain (loss) on interest rate swaps and foreign currency forward contracts in the consolidated statements of operations as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Net realized gain (loss) on derivative contracts:** |  |  |  |  |
| Foreign currency forward contracts | $(163707) | $(1402867) | $(2347438) | $(1019988) |
| Interest rate swaps | 4941 | 78971 | 15217 | 574647 |
| **Total net realized gain (loss) on derivative contracts** | $(158766) | $(1323896) | $(2332221) | $(445341) |
| **Net change in unrealized appreciation / (depreciation) on derivative contracts:** |  |  |  |  |
| Foreign currency forward contracts | $837661 | $(21816) | $(94397) | $805605 |
| Interest rate swaps | 17897 | (142818) | (236759) | (81121) |
| **Total net change in unrealized appreciation / (depreciation) on derivative contracts** | $855558 | $(164634) | $(331156) | $724484 |

---

Refer to Note 6 for interest rate swaps designated as hedging instruments associated with the 2026 Notes.

**8.** **Commitments and Contingencies**

From time to time, the Fund may enter into commitments to fund investments. Such commitments are incorporated into the Fund's assessment of its liquidity position. The Fund's senior secured revolver commitments are generally available on a borrower's demand. The Fund's senior secured delayed draw term loan commitments are generally available on a borrower's demand and, once drawn, generally have the same remaining term as the associated loan agreement. Undrawn senior secured delayed draw term loan commitments generally have a shorter availability period than the term of the associated loan agreement.

------

**Silver Point Specialty Lending Fund**

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

A summary of the composition of the Fund's unfunded commitments as of September 30, 2025 and December 31, 2024 is shown in the table below:

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **September 30, 2025** | **December 31, 2024** |
| A Stucki TopCo Holdings LLC & Intermediate Holdings LLC | 1st Lien Revolver | $— | $878780 |
| Accela Inc/US | 1st Lien Revolver | 908238 | 908238 |
| Allentown LLC | 1st Lien Revolver | 1054199 | 752999 |
| Allium Buyer LLC | 1st Lien Revolver | 573673 | 573673 |
| Arctic Glacier Group Holdings | 1st Lien Revolver | 586994 | 838563 |
| Artisan Bidco Inc | 1st Lien Revolver | 429196 | 1170535 |
| Azurite Intermediate Holdings Inc | 1st Lien Revolver | 770731 | 770731 |
| Contractual Buyer, LLC (dba Kodiak Solutions) | 1st Lien Revolver | 401425 | 200713 |
| Coupa Holdings LLC | 1st Lien Delayed Draw Term Loan | 924210 | 924210 |
| Coupa Holdings LLC | 1st Lien Revolver | 707659 | 707659 |
| Crewline Buyer Inc | 1st Lien Revolver | 989736 | 989736 |
| Databricks Inc | 1st Lien Delayed Draw Term Loan | 1859945 | 1859945 |
| Elessent Clean Technologies Inc | 1st Lien Revolver | 241448 | 241448 |
| FR Vision Holdings, Inc. (CHA Consulting) | 1st Lien Delayed Draw Term Loan | 557241 | 429076 |
| FR Vision Holdings, Inc. (CHA Consulting) | 1st Lien Revolver | 185747 | 185747 |
| GC Bison Acquisition, LLC (Midland Industries) | 1st Lien Delayed Draw Term Loan |  | 2126895 |
| GC Bison Acquisition, LLC (Midland Industries) | 1st Lien Revolver | 446648 | 446648 |
| GI Apple Midco LLC (Atlas Technical) | 1st Lien Delayed Draw Term Loan |  | 1710984 |
| GI Apple Midco LLC (Atlas Technical) | 1st Lien Revolver | 1316881 | 826655 |
| Gopher Resource LLC | 1st Lien Revolver | 559542 | 239804 |
| Guava Buyer LLC (dba AVI-SPL) | 1st Lien Delayed Draw Term Loan | 1161710 |  |
| Guava Buyer LLC (dba AVI-SPL) | 1st Lien Revolver | 1189370 |  |
| Health Catalyst Inc | 1st Lien Delayed Draw Term Loan | 5045399 | 5238806 |
| HOA Finance Two, LLC / HOA II Finance Two, LLC | 1st Lien Delayed Draw Term Loan | 178189 | 178189 |
| Hootsuite Inc. | 1st Lien Revolver | 1422136 | 1422136 |
| Inotiv Inc | 1st Lien Revolver | 995522 | 1244402 |
| KORE Wireless Group Inc | 1st Lien Revolver | 626612 | 626612 |
| LAC Acquisition LLC d/b/a Lighthouse Autism Center | 1st Lien Revolver | 500000 | 500000 |
| LeVecke Real Estate Holdings, LLC | 1st Lien Delayed Draw Term Loan | 70645 | 70645 |
| LVF Holdings Inc | 1st Lien Delayed Draw Term Loan | 2408809 |  |
| Mercury Bidco LLC | 1st Lien Revolver | 1981556 | 1981556 |
| MIS Acquisition, LLC | 1st Lien Revolver |  | 1098221 |
| Mounty US Holdings | 1st Lien Revolver | 995726 | 995726 |
| National Dentex Corp | 1st Lien Delayed Draw Term Loan | 631931 | 185862 |
| National Dentex Corp | 1st Lien Revolver | 14872 | 364290 |
| NetSPI Midco Corporation | 1st Lien Revolver | 767956 | 767956 |
| Recorded Books Inc (RB Media) | 1st Lien Delayed Draw Term Loan | 390213 |  |
| Recorded Books Inc (RB Media) | 1st Lien Revolver | 390213 | 642704 |
| SBP Holdings LP | 1st Lien Delayed Draw Term Loan | 2074454 | 2160831 |
| SBP Holdings LP | 1st Lien Revolver | 838328 | 838328 |
| Shrieve Chemical Co LLC | 1st Lien Revolver | 363484 | 539828 |
| Sintec Media NYC Inc | 1st Lien Revolver | 419049 | 419049 |
| Smarsh Inc | 1st Lien Delayed Draw Term Loan | 472634 | 472634 |
| Smarsh Inc | 1st Lien Revolver | 170148 | 141790 |
| Source Energy Services Ltd | 1st Lien Delayed Draw Term Loan | 442137 | 442137 |
| Speedstar Holding LLC | 1st Lien Delayed Draw Term Loan | 1601589 | 1601589 |
| Telestream 2 LLC | 1st Lien Revolver | 425843 |  |
| TETRA Technologies Inc | 1st Lien Delayed Draw Term Loan | 5984764 | 5984764 |
| TH Liquidating Trust | Trust Interest | 285563 | 285563 |
| Thunder Grandparent Inc. (dba Telestream, Inc) | 1st Lien Revolver |  | 235569 |
| USA Debusk LLC | 1st Lien Delayed Draw Term Loan | 2655600 | 2814143 |
| USA Debusk LLC | 1st Lien Revolver | 1089985 | 832352 |
| Vantage Specialty Chemicals Inc | 1st Lien Revolver | 1579851 |  |
| Vensure Employer Services Inc | 1st Lien Delayed Draw Term Loan | 373680 | 980141 |
| Wrangler Topco, LLC | 1st Lien Delayed Draw Term Loan | 363641 | 1118895 |
| Wrangler Topco, LLC | 1st Lien Revolver | 1502990 | 1502990 |
| Xactus LLC | 1st Lien Revolver | 718711 |  |
| **Total** |  | $**52646823** | $**52470747** |

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**Silver Point Specialty Lending Fund**

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

In the normal course of its operations, the Fund enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund believes the risk of significant loss to be remote.

From time to time, the Fund and its affiliates are subject to litigation arising in the normal course of business, including with respect to our portfolio companies. The Fund and certain other funds managed by the Adviser and its affiliates were named as defendants in a lawsuit asserting tortious interference, filed in a United States bankruptcy court. The Fund intends to vigorously defend against these claims. At this time, the Fund cannot predict with a reasonable degree of certainty the likelihood of an unfavorable outcome; however, management does not expect the results of any potential outcome, even if unfavorable, to be material to the Fund's consolidated financial statements.

**9.** **Net Assets**

The Fund is authorized to issue an unlimited number of common shares of beneficial interest at $0.001 per share par value. The Fund has entered into subscription agreements with investors, including affiliates of the Adviser, providing for the private placement of the Fund's common shares (collectively "Capital Commitments"). Under the terms of the Capital Commitments, investors are required to fund capital contributions to purchase the Fund's common shares up to the amount of their respective Capital Commitment on an as-needed basis each time a drawdown notice is delivered to investors. Drawdown notices will be delivered at least 10 calendar days prior to the date on which contributions will be due and drawdown amounts will generally be made pro rata, in accordance with Capital Commitments of all investors that have unfunded Capital Commitments (limited to the extent of an investor's unfunded Capital Commitment).

As of September 30, 2025, the Fund had $72.1 million of unfunded capital commitments, which when included with previously funded net capital contributions would allow for a maximum amount of $619.7 million to be contributed to the Fund. Of unfunded commitments, $25.0 million will not available to be called until October 1, 2025 and $25.0 million will not available to be called until January 1, 2026. Total commitments of $25.9 million represent entities affiliated with the Adviser.

As of December 31, 2024, the Fund's net capital contributions was $549.2 million. $94.5 million of net capital contributions were from entities affiliated with the Adviser.

Shares issued and outstanding as of September 30, 2025 and December 31, 2024 were 38,056,601 and 36,907,451, respectively. The aggregate interests of Shareholders affiliated with the Adviser was approximately 5% of the Fund as of September 30, 2025 and 18% as of December 31, 2024.

The following table summarizes activity in the number of shares issued during the nine months ended, September 30, 2025. There was no activity in the number of shares issued during the nine months ended, September 30, 2024.

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Shares Issued** | **Proceeds Received** | **Issuance Price per Share** |
| April 30, 2025 | 500 | $7375 | $14.75 |
| June 2, 2025 | 658991 | $9502656 | $14.42 |

---

**Distributions**

The Board may, in its discretion, authorize the Fund to distribute ratably among the Shareholders of any class or series of shares in the Fund in accordance with the number of outstanding full and fractional shares of such class or series as the Board may deem proper or as may otherwise be determined in accordance with the governing documents of the Fund. Any such distribution may be made in cash or property (including without limitation any type of obligations of the Fund or any assets thereof) or shares of any class or series or any combination thereof. It is expected that the Board will authorize quarterly distributions of the majority of the Fund's net investment income. The Board may always retain such amount as it may deem necessary to pay the debts or expenses or meet other obligations of the Fund, or as it may otherwise deem desirable to use in the conduct of its affairs or to retain for future requirements or extensions of the business.

------

**Silver Point Specialty Lending Fund**

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

The following table summarizes the Fund's dividends declared for the three and nine months ended September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Type** | **Distribution per Share** | **Total Amount** |
| February 11, 2025 | December 31, 2024 | February 12, 2025 | Regular | $0.33 | $12179459 |
| February 11, 2025 | December 31, 2024 | February 12, 2025 | Supplemental | $0.02 | $738149 |
| April 28, 2025 | March 31, 2025 | April 29, 2025 | Regular | $0.33 | $12179459 |
| April 28, 2025 | March 31, 2025 | April 29, 2025 | Supplemental | $0.02 | $738149 |
| April 28, 2025 | April 25, 2025 | April 29, 2025 | Regular | $0.12 | $4428894 |
| August 6, 2025 | August 15, 2025 | September 1, 2025 | Regular | $0.23 | $8640397 |
| September 29, 2025 | September 30, 2025 | October 31, 2025 | Regular | $0.38 | $14461509 |

---

The following table summarizes the Fund's dividends declared for the three and nine months ended September 30, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Type** | **Distribution per Share** | **Total Amount** |
| August 6, 2024 | June 30, 2024 | August 9, 2024 | Regular | $0.33 | $12179459 |
| August 6, 2024 | June 30, 2024 | August 9, 2024 | Supplemental | $0.02 | $738149 |
| May 2, 2024 | March 31, 2024 | May 10, 2024 | Regular | $0.33 | $12179459 |
| May 2, 2024 | March 31, 2024 | May 10, 2024 | Supplemental | $0.02 | $738149 |
| February 2, 2024 | December 31, 2023 | February 12, 2024 | Regular | $0.33 | $12179459 |
| February 2, 2024 | December 31, 2023 | February 12, 2024 | Supplemental | $0.02 | $738149 |

---

*Distribution Reinvestment Plan*

The Fund has adopted a distribution reinvestment plan pursuant to which the Fund will reinvest all cash dividends declared by the Board on behalf of our shareholders who do not elect to receive their dividends in cash. As a result, if the Board authorizes, and the Fund declares, a cash dividend or other distribution, then shareholders who have not opted out of our distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares. Shareholders who receive distributions in the form of common shares will be subject to the same tax consequences as if the distributions were received in cash.

The table below summarizes the number of common shares issued to shareholders through the Fund's distribution reinvestment plan for the nine months ended September 30, 2025. There was no activity related to the distribution reinvestment plan for the nine months ended September 30, 2024.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Declared Date** | **Record Date** | **Payment Date** | **Shares Issued** | **Shares Issued** |
| August 6, 2025 | August 15, 2025 | September 1, 2025 |  | 489,659 |

---

**Share Repurchase Program**

At the discretion of Board, the Fund intends to commence a share repurchase program following the second anniversary of the Liquidity Event in which it intends to repurchase up to 5% of the Fund's common shares outstanding, either by number of common shares or aggregate NAV, as of the close of the previous calendar quarter. The Board may amend, suspend or terminate the share repurchase program or conduct additional repurchases of common shares in an amount greater than 5% of common shares at any time if in its reasonable judgment it deems such action to be in the Fund's best interest and the best interest of its shareholders. As a result, share repurchases may not be available each quarter. The Fund intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act.

To the extent the Fund offers to repurchase common shares in any particular quarter, the Fund expects to repurchase common shares pursuant to tender offers on or around the last business day of that quarter, using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter. In the event the amount of shares tendered exceeds the repurchase offer amount, common shares will be repurchased on a pro rata basis. All unsatisfied repurchase requests must be resubmitted in the next quarterly tender offer, or upon the recommencement of the share repurchase plan.

There have been no repurchases under the Stock Repurchase Program.

------

**Silver Point Specialty Lending Fund**

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

**10.** **Financial Highlights**

The following summarizes the financial highlights for the Fund:

---

| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **2025** | **2024** |
| **Per Share Data**<sup>\*(1)</sup> |  |  |
| Net asset value, beginning of period | $14.76 | $14.64 |
| Net investment income | 1.19 | 1.38 |
| Net realized gain (loss) and net change in unrealized appreciation (depreciation) | (0.36) | (0.27) |
| Total from operations | 0.83 | 1.11 |
| Dividends declared from net investment income | (1.43) | (1.05) |
| Dividends declared from realized gains |  |  |
| Total increase (decrease) in net assets | (0.60) | 0.06 |
| Net asset value, end of period | $14.17 | $14.70 |
| Shares outstanding, end of period | 38056601 | 36907451 |
| Total Return, based on net asset value<sup>(2)(6)</sup> | 5.90% | 7.70% |
| Ratios to average net assets<sup>(3)(5)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and financing related expenses | 5.43% | 6.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses<sup>(7)(9)</sup> | 2.20% | 2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive compensation, net of clawback<sup>(6)</sup> | 0.96% | 1.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses<sup>(9)</sup> | 8.59% | 10.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(9)</sup> | 11.28% | 12.97% |
| Net assets, end of period | $539167799 | $542374082 |
| Portfolio turnover rate<sup>(4)</sup> | 19.36% | 20.22% |
| Weighted-average debt outstanding | $471117494 | $465934938 |
| Weighted-average interest rate on debt<sup>(8)</sup> | 6.24% | 7.64% |
| Weighted-average shares outstanding | 37220314 | 36907451 |

---

<sup>(\*)</sup>Totals may not foot due to rounding.

<sup>(1)</sup> The per share data was derived by using the weighted average shares outstanding during the applicable period, except for net asset value and dividends declared which reflected the actual amount per share for the applicable period.

<sup>(2)</sup> Total return is calculated as the change in net asset value during the respective periods, assuming dividends and distributions, if any, are reinvested in accordance with the Fund's dividend reinvestment plan, divided by the beginning net asset value per share.

<sup>(3)</sup> The net investment income ratio is presented after the effects of expenses (including interest and financing related expenses, the management fee and Incentive Compensation, net of clawback).

<sup>(4)</sup> Portfolio turnover is calculated as the lesser of (i) purchases of portfolio investments or (ii) the aggregate total of sales of portfolio investments plus any prepayments received, divided by average fair value of portfolio investments during the period.

<sup>(5)</sup> Annualized, except for incentive compensation.

<sup>(6)</sup> Not annualized.

<sup>(7)</sup> Other operating expenses exclude interest and financing related expenses and incentive compensation.

<sup>(8)</sup> Annualized.

<sup>(9)</sup> Prior to any management fee waivers, the annualized other operating expenses, total expenses, and net investment income to average net assets for the period ended September 30, 2025, was 2.34%, 8.74%, and 11.14%, respectively.

**11.** **Subsequent Events**

Management has performed an evaluation of subsequent events and has determined that no additional items require adjustments to, or disclosure in, the consolidated financial statements other than those items described below.

On October 1, 2025, the Fund issued and sold 1,702,510 shares at an offering price of $14.17 per share. The Fund received approximately $24.1 million as payment for such shares.

The Fund received approximately $12.0 million of net proceeds relating to subscriptions effective November 1, 2025.

On October 30, 2025, the Board declared a distribution of $0.125 per share, payable on November 28, 2025, for Shareholders of record on October 31, 2025.

------

**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 the unaudited consolidated financial statements and notes thereto appearing elsewhere in this report. Some of the statements in this report (including in the following discussion) contain forward-looking statements that involve risks and uncertainties, which relate to future events or the future performance or financial condition of Silver Point Specialty Lending Fund (the "Fund," "we," "us," or "our"). Our actual results could differ materially from those anticipated by such forward-looking information including statements concerning:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our future operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our business prospects and the prospects of our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in the economy, including those caused by tariffs and trade disputes with other countries, changes in inflation and risk of recession;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•risk associated with possible disruptions in our operations or the economy generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of global health epidemics on our and our portfolio companies' business and the global economy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the effect of investments that we expect to make;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the dependence of our future success on the general economy and its effect on the industries in which we invest, including as a result of inflation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of our portfolio companies to achieve their objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the use of borrowed money to finance a portion of our investments, including the consequences of interest rate increases;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of our Adviser to locate suitable investments for us and to monitor and administer our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of our Adviser and its affiliates to attract and retain highly talented professionals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the consequences of the conflict between Russian and Ukraine, including international sanctions, the potential impact on inflation and increased disruption to supply chain;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to qualify and maintain our qualification as a BDC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the effect of changes in laws or regulations affecting our operations or to tax legislation and its tax position.

We use words such as "may," "will," "should," "expect," "anticipate," "project," "estimate," "intend," "continue" or "believe" or the negatives thereof or other variations thereon or comparable terminology to identify forward-looking statements.

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

**Overview**

The Fund was originally formed on July 31, 2014 as a Delaware limited partnership and started operations on July 1, 2015. The Fund converted into a statutory trust organized under the laws of the state of Maryland on November 15, 2021. We have elected to be regulated as a BDC under the 1940 Act and to be treated as a RIC for U.S. federal income tax purposes. We are an "emerging growth company" under the JOBS Act. For so long as we remain an emerging growth company under the JOBS Act, we will be subject to reduced public company reporting requirements.

**Investment Framework**

We are a specialty finance company that is a closed-end management investment company. We have elected to be regulated as a BDC under the 1940 Act. Our investment objective is to achieve stable income generation with attractive risk-adjusted returns by investing primarily in U.S. middle market lending opportunities, and specialty asset based financings. We define "middle market companies" to generally mean companies with earnings before interest expense, income tax expense, depreciation and amortization ("EBITDA") between $30 million and $150 million annually and/or enterprise value between $150 million and $2 billion at the time of investment. As of September 30, 2025, the portfolio median EBITDA for our portfolio companies was approximately $105.7 million. We may also, from time to time, invest in larger or smaller companies. In seeking to achieve our investment objective, we may also invest across a broad range of industries. We will invest primarily in first-lien debt, but may also invest in second-lien debt, mezzanine and unsecured debt, equity, structured credit, and derivatives depending on the opportunity set and market environment.

We focus on U.S. middle market opportunities that have barriers to entry because they entail in-depth due diligence, valuation and collateral analyses; involve complexity; and require speed and certainty of execution and similar features that limit the

------

participation of traditional financing sources. These opportunities are often less competitive and allow us to require more favorable structural and economic terms than available in broader public markets. In addition to investments in U.S. middle market companies, we may invest a portion of our capital in opportunistic investments, including, but not limited to, loans, debt securities (secured and unsecured) and equity. The proportion of these types of investments will change over time given our views on, among other things, the economic and credit environment in which we are operating.

Our Adviser believes the middle market lending environment is attractive throughout the credit cycle as a result of the following (i) growing demand for non-traditional lenders, (ii) trajectory of the middle market environment, (iii) dynamics of middle market lending conditions and (iv) the niches of the specialty lending market, on which we believe our Adviser has the credit expertise and sourcing relationships to capitalize. The reduced competition and barriers to entry within these deals may allow us to originate and purchase loans at premium economics and with better creditor protections than those available in the broader market.

If we are successful in achieving our investment objective, we believe that we will be able to provide our Shareholders with consistent dividend distributions and attractive risk-adjusted total returns, although there can be no assurances in this regard. Since we commenced investment operations on July 1, 2015, through September 30, 2025, we have invested approximately $4.1 billion in 289 portfolio companies, excluding any subsequent exits or repayments. As of September 30, 2025, the fair value of our portfolio was invested approximately 94.8% in first lien secured debt, 1.3% in second lien debt, 1.4% in unsecured debt, 1.3% in equity investments and 1.2% in other investments.

***Relationship with our Adviser***

Silver Point Specialty Credit Fund Management, LLC (the "Adviser"), a Delaware limited liability company and wholly owned subsidiary of Silver Point Capital, L.P. ("Silver Point"), serves as our investment adviser and administrator (see Note 3 to the consolidated financial statements for more details). Subject to the supervision of our Board of Trustees, our Adviser manages our day-to-day operations and provides us with investment advisory and management services. Our Adviser is responsible for sourcing, researching and structuring potential investments, monitoring portfolio companies, and providing operating and managerial assistance to us and to our portfolio companies as required. We believe our Adviser will be able to leverage Silver Point's existing relationships across advisors, intermediaries, investment banks, financial sponsors, broker-dealers, lawyers, and investors to source attractive investment opportunities.

We seek to accomplish our investment objective through leveraging the Silver Point investment platform with $41.4 billion of investable assets (including leverage for applicable funds) and Silver Point's significant credit investing expertise, which enables us to source and identify less competitive and/or mispriced market opportunities. We target secured, floating rate loans with stable income that are structured with significant downside protection, which we believe includes strong covenant packages and comprehensive collateral packages. We prioritize investments in first lien debt, which we believe offers more attractive risk-adjusted return characteristics.

We and our Adviser have obtained an exemptive order from the SEC to permit greater flexibility to negotiate the terms of co-investments if our Board of Trustees determines that it would be advantageous for us to co-invest with other affiliated funds managed by our Adviser or its affiliates in a manner consistent with our investment objectives, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors.

**Key Components of Our Results of Operations** 

***Investments***

We focus primarily on targeting direct lending opportunities to U.S. middle market companies throughout the business cycle. Our level of investment activity can and does vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle market companies, the level of merger and acquisition activity for such companies, the prevailing economic and market environment, the amount of capital we have available to us and the competitive environment for the type of investments we make.

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

Since formation, in excess of 70% of the Fund's assets have been "qualifying assets" under Section 55(a) of the 1940 Act. As of September 30, 2025, the fair value of the Fund's total assets was comprised of approximately 75.7% of "qualifying assets."

------

***Revenues***

We generate revenue primarily in the form of interest income on the investments we hold and, to a lesser extent, capital gains on the sales of loans and debt and equity securities and dividend income on direct equity investments. In addition, we generate revenue in the form of commitment, origination, structuring or diligence fees, fees for providing managerial assistance, consulting fees and prepayment fees.

Interest and dividend income are recorded on an accrual basis. Loan origination fees, original issue discount and market discounts or premiums are capitalized, and we accrete or amortize such amounts to income. We record contractual prepayment premiums and the acceleration of unamortized premiums or discounts on loans and debt securities as income, which can cause investment income to vary quarter by quarter.

Interest on debt investments is generally payable monthly or quarterly. Some of our investments provide for deferred interest payments or PIK interest. The principal amount of debt investments and any accrued but unpaid interest generally becomes due at the maturity date. Generally a small but varied number of portfolio companies may make voluntary prepayments in any quarter, meaning that changes in the amount of prepayment fees received can vary significantly between periods and can vary without regard to underlying credit trends. Repayments of our debt investments can reduce interest income from period to period.

We recognize realized gains or losses on sales of investments based on the difference between the net proceeds from the disposition and the amortized cost basis of the investment at time of disposition, without regard to unrealized gains or losses previously recorded. We record changes in unrealized gain or loss on investments based on the current period changes in fair value of investments inclusive of the reversal of previously recorded unrealized gains or losses with respect to investments realized during the current period.

***Expenses*** 

Our primary operating expenses include interest and financing costs incurred from our credit facilities and the payment of fees to our Adviser under the Advisory Agreement. Additionally, we bear other costs and expenses of our operations, administration and transactions, including, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•investment advisory and management fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•expenses, including travel expenses, incurred by our Adviser, or members of our investment team, or payable to third parties, in respect of prospective or consummated investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•amounts payable to third parties relating to, or associated with, making or holding investments, including legal, tax, consulting and other professional expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•commissions and other compensation payable to brokers or dealers;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•errors and omissions liability insurance for Trustees and officers and any other insurance premiums;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the costs of any reports, proxy statements or other notices to our Shareholders, the SEC and other regulatory authorities (including printing and mailing costs), the costs of any Shareholders' meetings and the compensation of investor relations personnel responsible for the preparation of the foregoing and related matters; and

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

We bear other costs and expenses of our operations and transactions in accordance with and as set forth in more detail in our Advisory Agreement (see Note 3 to the consolidated financial statements).

***Use of Leverage***

We are a party to debt financing arrangements that allow us to borrow money and lever our investment portfolio, subject to the limitations of the 1940 Act, with the objective of increasing our yield. This is known as "leverage" and could increase or decrease returns to our Shareholders. The use of leverage involves significant risks. As a BDC, pursuant to the 1940 Act, our total borrowings are limited. We are allowed to borrow amounts such that the ratio of our total assets (less total liabilities other than indebtedness represented by senior securities) to our total indebtedness represented by senior securities plus preferred shares, if any, is at or above 150% immediately after such borrowing. This means that we can borrow up to $2 for every $1 of investor equity. The amount of leverage that we employ will depend on our Adviser's and our Board of Trustees' assessment of market conditions and other factors at the time of any proposed borrowing.

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***Market Opportunity***

We believe the middle market lending environment, and in particular our focus area within middle market lending, is attractive throughout the credit cycle as a result of a combination of the following:

*Size of the Middle Market Environment and Resulting Demand for Capital.* The middle market is a critical portion of the U.S. economy and serves an outsized role in terms of GDP and revenues. According to the National Center for The Middle Market Mid-Year 2025 Middle Market Indicator, there are nearly 200,000 businesses in the U.S. middle market which represents one-third of private sector GDP and employment. Moreover, average year-over-year revenue growth in the middle market remained strong at 10.7%, with 84% of companies reporting top-line growth year-over-year. The Middle Market Indicator defines U.S. middle market companies as those with annual revenue between $10 million and $1 billion, significantly overlapping with our definition of U.S. middle market companies. The contribution from middle market companies to the economy has grown over time, and as the sector continues to expand, we believe there will be a similarly outsized need for capital. Historically, U.S. commercial and regional banks were traditional lenders to the middle market. However, regulatory and structural changes have taken place in the lending space that have resulted in less supply of capital for middle market companies from these traditional lenders. This has created an attractive lending opportunity for direct lenders to fill the void of traditional lenders.

*Specialty Lending Market.* We believe that middle market lending opportunities yield higher returns with better creditor protections when compared to broadly syndicated loan opportunities and that a unique opportunity exists for specialty lenders with differentiated sourcing channels and underwriting expertise to structure deals with more favorable terms than the broader market. We believe there persists a void in the market for deals where the borrower is in an industry or position that requires the lender to (i) conduct independent in-depth enterprise and collateral analysis and/or understand complexity, (ii) offer creative customized solutions and/or (iii) provide capital with speed and certainty of execution. We believe the reduced competition and barriers to entry within these deals allow us to originate loans at a risk-adjusted return premium to the broader market and to secure relatively stronger covenant packages, which provides our loans with significant downside protection.

*Specialty Lending Expertise.* Successfully lending within the middle market space requires a specialized skill set, particularly in assessing credit quality and risk, assessing business valuations, structuring and documentation, and asset management. Lenders in the middle market space have the ability to enhance value through intricate knowledge of capital structures and business dynamics, and through thoughtful structuring of financial covenants. Furthermore, lenders who engage in robust asset monitoring and management can successfully enhance returns throughout the business and credit cycle. We believe Silver Point is well-positioned to extract value from middle market opportunities given its platform, deep credit expertise, and experience managing portfolios of loans across cycles.

*Attractive Opportunities to Invest in Senior Secured and Floating Rate Loans.* We believe that opportunities to invest in senior secured loans are attractive because of the floating rate structure of most senior secured debt issuances and the defensive characteristics of these types of investments. We believe that floating rate debt investments can offer a superior return profile relative to fixed-rate investments, since floating rate structures are generally less susceptible to declines in value. In addition, senior secured debt possesses attractive defensive characteristics given its priority in payment relative to junior debt holders and equity holders.

*Periods of economic uncertainty present both significant opportunities and risks*. Increased volatility and market dislocation often result in a weakened capital base for new loan supply, and an increase in lending opportunities that require private capital to be accretive solution providers. We believe that the macroeconomic backdrop represents an attractive opportunity as, in addition to the borrowers that already prioritize private credit for their capital needs, when there is volatility in the public markets, there may be significantly increased demand for private credit. Given our capabilities and expertise in the specialty lending market, we believe we have built an all-cycle business model and we are well positioned to take advantage of the opportunity set in any market environment.

**Portfolio and Investment Activity** 

As of September 30, 2025 and December 31, 2024, we had investments in 101 and 83 portfolio companies, respectively, with an aggregate fair value of $1,091.3 million and $891.0 million, respectively; our portfolio had an average portfolio company investment size of $10.8 million and $10.7 million based on fair value, respectively.

Our average investment portfolio size based on fair value was $950.3 million and $908.5 million for the nine months ended September 30, 2025 and 2024, respectively.

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The table below summarizes our investments as of September 30, 2025 and December 31, 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **($ in millions)** | **Amortized<br>Cost** | **Fair<br>Value** | **Percentage of<br>Total Fair<br>Value** | **Amortized<br>Cost** | **Fair<br>Value** | **Percentage of<br>Total Fair<br>Value** |
| First-lien debt | $1049.5 | $1034.8 | 94.8% | $877.0 | $860.3 | 96.5% |
| Second-lien debt | 17.1 | 14.6 | 1.3% | 5.9 | 5.1 | 0.6% |
| Unsecured debt | 8.3 | 15.1 | 1.4% | 3.9 | 8.0 | 0.9% |
| Equities | 26.3 | 13.7 | 1.3% | 14.9 | 3.4 | 0.4% |
| Other investments | 18.5 | 13.1 | 1.2% | 18.1 | 14.2 | 1.6% |
| **Total** | $**1119.7** | $**1091.3** | **100.0%** | $**919.8** | $**891.0** | **100.0%** |

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The following table summarizes the performing and non-accrual investments, based on fair value and amortized cost, as of September 30, 2025 and December 31, 2024:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **($ in millions)** | **Amortized Cost** | **Amortized Cost** | **Fair Value** | **Fair Value** | **Amortized Cost** | **Amortized Cost** | **Fair Value** | **Fair Value** |
| Performing | $1078.2 | 96.3% | $1068.3 | 97.9% | $868.1 | 94.4% | $845.2 | 94.9% |
| Non-accrual<sup>(1)</sup> | 41.5 | 3.7% | 23.0 | 2.1% | 51.7 | 5.6% | 45.8 | 5.1% |
| **Total** | $**1119.7** | **100.0%** | $**1091.3** | **100.0%** | $**919.8** | **100.0%** | $**891.0** | **100.0%** |

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<sup>(1)</sup> Loans are generally placed on non-accrual status when there is reasonable doubt that the principal or interest will be collected in full and the accrued interest is reversed against interest income (see Note 2 to the consolidated financial statements for more details).

For the three months ended September 30, 2025, we funded an aggregate principal amount of $197.2 million. We funded $147.7 million in 10 new portfolio companies and $49.5 million in existing portfolio companies. For this period, the weighted average term for investments in new portfolio companies was 4.5 years. For the same period, we received $(35.0) million of aggregate repayments, paydowns and sales.

For the three months ended September 30, 2024, we funded an aggregate principal amount of $83.1 million. We funded $71.8 million in 6 new portfolio companies and $11.3 million in existing portfolio companies. For this period, the weighted average term for investments in new portfolio companies was 4.8 years. For the same period, we received $(104.3) million of aggregate repayments, paydowns and sales.

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Our investment activity for the three months ended September 30, 2025 and September 30, 2024 is presented below:

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| | | |
|:---|:---|:---|
|  | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** |
| **($ in millions)** | **2025** | **2024** |
| **Investment funded:** |  |  |
| New purchases | $147.7 | $71.8 |
| Follow-ons | 49.5 | 11.3 |
| Total | $**197.2** | $**83.1** |
| **Investments funded**<sup>(1)</sup>**:** |  |  |
| First-lien debt | $197.2 | $82.8 |
| Second-lien debt |  |  |
| Unsecured debt |  | 0.1 |
| Equities |  |  |
| Other investments | 0.0 | 0.2 |
| Total | $**197.2** | $**83.1** |
| **Investments sold or repaid**<sup>(1)</sup>**:** |  |  |
| First-lien debt | $(32.4) | $(104.1) |
| Second-lien debt |  |  |
| Unsecured debt |  |  |
| Equities | (0.1) | (0.2) |
| Other investments | (2.5) |  |
| Total | $**(35.0)** | $**(104.3)** |
| Number of new investment commitments in new portfolio companies | 10 | 6 |
| Average new investment fundings in new portfolio companies | $14.8 | $12.0 |
| Weighted average term (years) for new investments in new portfolio companies | 4.5 | 4.8 |
| Percentage of new floating rate debt investments at fair value | 94.6% | 100.0% |
| Percentage of new fixed rate investments at fair value | 5.4% |  |
| Weighted average yield of new investments at fair value | 10.5% | 11.8% |

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<sup>(1)</sup> Excluding non-cash additions or disposals as a result of restructures, if any.

The weighted average yields and interest rates of our debt investments at fair value, as of September 30, 2025 and December 31, 2024 were as follows:

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| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| Weighted average yield of portfolio | 9.8% | 11.2% |
| Weighted average yield of performing debt investments | 10.3% | 12.0% |
| Weighted average interest rate of performing debt investments | 10.0% | 11.1% |
| Weighted average spread over SOFR of floating rate performing investments | 6.1% | 6.7% |

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**Results of Operations** 

Operating results for the three and nine months ended September 30, 2025 and September 30, 2024 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
| **($ in millions)** | **2025** | **2024** | **2025** | **2024** |
| Total investment income | $26.9 | $32.3 | $80.6 | $93.4 |
| Less: Total expenses | 12.7 | 13.9 | 36.2 | 42.5 |
| Net investment income | 14.2 | 18.4 | 44.4 | 50.9 |
| Net realized gain (loss) | (0.2) | (1.3) | (13.4) | $5.6 |
| Net change in unrealized gain (loss) | (0.1) | (4.7) | 0.0 | $(15.8) |
| **Net increase (decrease) in net assets resulting from operations** | $**13.9** | $**12.4** | $**31.0** | $**40.7** |

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***Investment Income***

Investment income is comprised primarily of interest from debt investments, which includes PIK, amortization of upfront fees and prepayment fees.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
| **($ in millions)** | **2025** | **2024** | **2025** | **2024** |
| Interest income, excluding PIK interest | $25.7 | $30.4 | $76.4 | $88.1 |
| PIK interest income | 1.2 | 1.9 | 4.2 | 5.2 |
| Other income | 0.0 |  | 0.0 | 0.1 |
| **Total investment income** | $**26.9** | $**32.3** | $**80.6** | $**93.4** |

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For the three months ended September 30, 2025, total investment income of $26.9 million decreased by approximately $5.4 million from $32.3 million for the three months ended September 30, 2024, primarily due to a decrease in interest income (excluding PIK) of $4.7 million. The decrease in interest income (excluding PIK) was primarily driven by base rate declines contributing to the decrease in annualized yield (excluding PIK) of approximately 82 basis points.

For the nine months ended September 30, 2025, total investment income of $80.6 million decreased by approximately $12.8 million from $93.4 million for the nine months ended September 30, 2024, primarily due to a decrease in interest income (excluding PIK) of $11.7 million. The decrease in interest income (excluding PIK) was primarily driven by base rate declines contributing to the decrease in annualized yield (excluding PIK) of approximately 92 basis points.

***Expenses*** 

Operating expenses for the three and nine months ended September 30, 2025 and September 30, 2024 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
| **($ in millions)** | **2025** | **2024** | **2025** | **2024** |
| Interest and financing expenses | $7.7 | $8.8 | $22.0 | 26.6 |
| Management fee (net of waiver) | 1.4 | 1.0 | 3.6 | 3.1 |
| Income incentive compensation | 2.0 | 3.1 | 6.8 | 8.8 |
| Incentive compensation clawback |  | (0.9) | (1.5) | (1.6) |
| Professional fees | 0.5 | 0.7 | 2.2 | 2.0 |
| Administration fees | 0.5 | 0.5 | 1.5 | 1.7 |
| Trustee fees | 0.1 | 0.1 | 0.3 | 0.3 |
| Other general and administrative expenses | 0.5 | 0.6 | 1.3 | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | $**12.7** | $**13.9** | $**36.2** | $**42.5** |

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For the three months ended September 30, 2025, total expenses of $12.7 million decreased by approximately $1.2 million from $13.9 million for the three months ended September 30, 2024. Interest and financing expenses for the three months ended September 30, 2025 decreased by $1.1 million over the prior period, primarily driven by base rates declines contributing to the decrease in annualized weighted average borrowing costs of approximately 142 basis points. Additionally, for the three months ended September 30, 2025, Income Incentive Compensation decreased approximately $1.1 million, primarily as a result of the new advisory agreement that became effective May 1, 2025.

For the nine months ended September 30, 2025, total expenses of $36.2 million decreased by approximately $6.3 million from $42.5 million for the nine months ended September 30, 2024. Interest and financing expenses for the nine months ended September 30, 2025 decreased by $4.6 million over the prior period, primarily driven by base rates declines contributing to the decrease in annualized weighted average borrowing costs of approximately 140 basis points. Additionally, for the nine months ended September 30, 2025, Income Incentive Compensation decreased approximately $2.0 million, primarily as a result of the new advisory agreement that became effective May 1, 2025.

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***Net Realized Gain (Loss) and Net Change in Unrealized Appreciation (Depreciation)*** 

The following table summarizes the net realized gain (loss) and net change in unrealized appreciation (depreciation) for the three and nine months ended September 30, 2025 and September 30, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
| **($ in millions)** | **2025** | **2024** | **2025** | **2024** |
| Net realized gain (loss): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | $0.1 | $(0.0) | $(11.2) | $6.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency ("FX") transactions and FX forward contracts | (0.3) | (1.4) | (2.2) | (1.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps |  | 0.1 | 0.0 | 0.6 |
| **Total net realized gain (loss)** | **(0.2)** | **(1.3)** | $**(13.4)** | $**5.6** |
| Net change in unrealized appreciation (depreciation): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (0.9) | (4.5) | $0.3 | $(16.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Translation in FX and FX forward contracts | 0.8 | (0.1) | (0.1) | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps |  | (0.1) | (0.2) | (0.1) |
| **Total net change in unrealized appreciation (depreciation)** | $**(0.1)** | $**(4.7)** | $**0.0** | $**(15.8)** |

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*Net Realized Gain (Loss)*

For the three months ended September 30, 2025 and September 30, 2024, net realized gain (loss) on investments was $0.1 million and $(0.0) million, respectively. For the three months ended September 30, 2025 and three months ended September 30, 2024, there were no significant net realized gains (losses) on investments.

For the nine months ended September 30, 2025 and September 30, 2024, net realized gain (loss) on investments was $(11.2) million and $6.1 million, respectively. For the nine months ended September 30, 2025, the net realized gain (loss) was primarily driven by three portfolio companies with respective losses greater than ($1.0) million. For the nine months ended September 30, 2024, the net realized gain (loss) was primarily driven by one portfolio company exit with respective realized gains greater than $1.0 million.

*Net Change in Unrealized Appreciation (Depreciation)*

We fair value our portfolio investments quarterly and any changes in fair value are recorded as unrealized appreciation or depreciation. Upon exiting an investment, we reverse the unrealized appreciation or depreciation and recognize realized gain or loss, if any.

For the three months ended September 30, 2025 and September 30, 2024, net change in unrealized appreciation (depreciation) on investments was $(0.9) million and $(4.5) million, respectively. For the three months ended September 30, 2025, we had gross unrealized appreciation of $7.6 million, primarily driven by three portfolio companies with respective unrealized appreciation above $1.0 million; we had gross unrealized depreciation of $(8.5) million, primarily driven by three portfolio companies with respective unrealized depreciation above $(1.0) million. For the three months ended September 30, 2024, we had gross unrealized appreciation of $6.3 million, primarily driven by an increase in the fair value of our debt investments including one portfolio company with respective unrealized appreciation above $1.0 million; we had gross unrealized depreciation of $(10.8) million, primarily driven by four portfolio companies with respective unrealized depreciation above $(1.0) million.

For the nine months ended September 30, 2025 and September 30, 2024, net change in unrealized appreciation (depreciation) on investments was $0.3 million and $(16.5) million, respectively. For the nine months ended September 30, 2025, we had gross unrealized appreciation of $23.8 million, primarily driven by seven portfolio companies with respective unrealized appreciation above $1.0 million; we had gross unrealized depreciation of $(23.5) million, primarily driven by six portfolio companies with respective unrealized depreciation above $(1.0) million. For the nine months ended September 30, 2024, we had gross unrealized appreciation of $13.2 million, primarily driven by an increase in the fair value of our debt investments including two portfolio companies with respective unrealized appreciation above $1.0 million; we had gross unrealized depreciation of $(29.7) million, primarily driven by eight portfolio companies with respective unrealized depreciation above $(1.0) million.

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

The Fund has elected, and intends to qualify annually thereafter, to be treated as a RIC, as defined under Subchapter M of the Internal Revenue Code of 1986. To qualify for tax treatment as a RIC, the Fund must, among other requirements, distribute to its shareholders, in each taxable year, generally at least 90% of its investment company taxable income, as defined by the Code, and net tax-exempt income for that taxable year. To maintain its tax treatment as a RIC, the Fund intends, among other things, to make the requisite distributions to its shareholders, which generally relieve the Fund from corporate-level U.S. federal income taxes.

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Depending on the level of taxable income earned in a tax year, the Fund may carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions 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 Fund determines that its estimated current year taxable income will exceed its estimated current year dividend distributions, the Fund will accrue excise tax on the estimated excess taxable income.

For the three and nine months ended September 30, 2025, there was no accrued U.S. federal excise tax.

***Realized Internal Rate of Return on Resolved Assets*** 

Since commencement of our investment operations on July 1, 2015 through September 30, 2025, we have fully exited investments in 189 portfolio companies, which have resulted in an unlevered internal rate of return (gross of expenses) of 13.0%, or unlevered internal rate of return (net of expenses) of 10.1% on resolved assets. The internal rate of return is the percentage rate of return earned on each dollar invested related to realized investments, based on the amounts and effective dates of each funding and repayment related to each realized investment. Please see above for more information regarding Fund expenses. The Fund expects to use leverage and, to the extent that returns on investments are greater than the interest the Fund pays on leverage, returns to Shareholders will be increased. Since formation, in excess of 70% of the Fund's assets were "qualifying assets" under Section 55(a) of the 1940 Act.

***Derivatives and Hedging*** 

We have designated certain interest rate swaps to be in a hedge accounting relationship associated with our fixed rate debt and we also use interest rate swaps to reduce the interest rate risk exposure of certain fixed rate investments. We also entered into foreign currency forward contracts to manage the foreign currency exposure in our non-U.S. dollar denominated investments. See Note 2 and Note 7 to the consolidated financial statements for more details regarding the accounting policies and additional disclosure for derivative instruments. See Note 6 to the consolidated financial statements for additional disclosure regarding the carrying value of the hedged debt.

**Financial Condition, Liquidity and Capital Resources** 

Our liquidity and capital resources are derived primarily from proceeds from net investor capital contributions/equity issuances, advances from our credit facilities and cash flows from operations. The primary uses of our cash and cash equivalents are investments, costs of operations, debt service, repayment and other financing costs and distributions to investors.

We may from time to time enter into additional credit facilities, increase the size of existing facilities or issue debt and convertible debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. As of September 30, 2025 and December 31, 2024, our asset coverage ratio was 200% and 221%, respectively. We have carefully considered our unfunded portfolio commitments for the purpose of planning our capital resources and liquidity including our financial leverage. As of September 30, 2025 and December 31, 2024, our unfunded portfolio commitments were approximately $52.6 million and $52.5 million, respectively. Further, we maintain sufficient cash, cash equivalents and borrowing capacity to cover any short term funding requirements.

Cash as of September 30, 2025, taken together with cash available from our credit facilities, is expected to be sufficient for our investing activities and to conduct our operations in the near term. As of September 30, 2025, we had approximately $61.5 million of availability on our third-party debt facilities, subject to asset coverage limitations.

As of September 30, 2025, we had $33.3 million in cash and cash equivalents, restricted cash and cash equivalents and foreign cash held at banks. During the nine months ended September 30, 2025, cash provided by operating activities was $(129.6) million, primarily driven by payments for the purchase of investments of ($385.6) million and other operating activity of ($0.4) million partially offset by proceeds from sales, paydowns and resolutions of investments of $183.9 million, net change in unsettled transactions of $41.5 million, and an increase in net assets resulting from operations of $31.0 million. Lastly, cash used

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in financing activities was $63.8 million, primarily due to net proceeds from debt borrowings and principal repayments of $87.4 million offset by dividends paid of ($31.8) million.

***Contractual Obligations*** 

As of September 30, 2025, our contractual payment obligations are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |
| **($ in millions)** | **Total** | **Less than<br>1 year** | **1-3 years** | **3-5 years** | **After<br>5 years** |
| 2024 CLO | $304.0 | $— | $— | $— | $304.0 |
| 2026 Notes | 145.0 |  | 145.0 |  |  |
| 2025 Promissory Notes | 1.5 |  |  |  | 1.5 |
| Revolving Credit Facility | 88.5 |  |  |  | 88.5 |
| **Total Contractual Obligations** | $**539.0** | $**—** | $**145.0** | $**—** | $**394.0** |

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*2021 Debt Securitization* 

On September 9, 2021, the Fund completed a $400 million term debt securitization (the "2021 Debt Securitization") and the Fund owned $112 million of Class D and Subordinated Notes. The debt offered in the 2021 Debt Securitization (the "2021 CLO") was issued by Silver Point SCF CLO I, Ltd., a wholly-owned, consolidated subsidiary of the Fund, and was backed by a diversified portfolio of senior secured bonds and loans and second lien loans and senior secured bonds (see Note 6 to the consolidated financial statements for more details).

*2024 Debt Securitization*

On September 26, 2024, the Fund completed a $428 million term debt securitization (the "2024 Debt Securitization"), and the Fund owns $124 million of Class D and Subordinated Notes. The 2024 Debt Securitization is commonly referred to as a "CLO Reset", in which the 2021 CLO was reset with a new capital structure and reinvestment period. The debt offered in the 2024 Debt Securitization (the "2024 CLO") was issued by Silver Point SCF CLO IV, Ltd., a wholly-owned, consolidated subsidiary of the Fund, and was backed by a diversified portfolio of senior secured bonds and loans and second lien loans (see Note 6 to the consolidated financial statements for more details). The 2024 CLO consists of the following:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **($ in millions)** | **Total Principal<br>Amount<br>Committed** | **Principal<br>Amount<br>Outstanding** | **Coupon**<sup>(1)</sup> | **Interest<br>Rate** |
| Class A-1 Loans | $100.0 | $100.0 | S+1.72% | 6.04% |
| Class A-1a Notes | 115.5 | 115.5 | S+1.72% | 6.04% |
| Class A-1b Notes | 16.5 | 16.5 | 5.10% | 5.10% |
| Class A-2 Notes | 16.0 | 16.0 | S+1.95% | 6.27% |
| Class B Notes | 24.0 | 24.0 | S+2.10% | 6.42% |
| Class C Notes | 32.0 | 32.0 | S+2.70% | 7.02% |
| **Total 2024 CLO** | $**304.0** | $**304.0** |  | **6.13%** |

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*2026 Notes* 

On November 4, 2021, the Fund placed $145 million aggregate principal amount of notes that mature on November 4, 2026 (the "2026 Notes"). The 2026 Notes were issued in two tranches, with $100 million of tranche A notes funded on November 4, 2021 and $45 million of tranche B notes funded on January 21, 2022. The 2026 Notes bear interest at a rate of 4.00% per year, payable semi-annually on November 4 and May 4, of each year, commencing on May 4, 2022. The 2026 Notes are governed by a purchase agreement, dated November 4, 2021, by and among the Fund and the purchasers. In connection with the 2026 Notes, the Fund entered into interest rate swaps and applied hedge accounting for the designated hedge relationship between the 2026 Notes and the swaps. As a result of these swaps, the Fund's effective interest rate on the 2026 Notes is SOFR plus 13 basis points during the swaps' outstanding period (see Note 6 to the consolidated financial statements for more details).

*Revolving Credit Facility* 

On October 17, 2017 and amended on April 14, 2023, Specialty Credit Facility, LLC, a wholly-owned subsidiary of the Fund, entered into a secured revolving credit facility (the "Revolving Credit Facility") with Deutsche Bank AG, as facility agent (the "Facility Agent") and U.S. Bank National Association as collateral agent ("the Collateral Agent").

As of September 30, 2025, the commitment under the Revolving Credit Facility was $150 million and amounts drawn under the Revolving Credit Facility bore interest at 3-month SOFR plus a margin of 1.70% per annum. We also pay a commitment fee of

------

0.40% per annum on any undrawn amount. Amounts borrowed under the Revolving Credit Facility are secured by the assets of the borrower (see Note 6 to the consolidated financial statements for more details).

*2055 Promissory Notes*

On April 30, 2025, the Fund issued $1.5 million in aggregate principal of promissory notes (the "2055 Promissory Notes"). The Fund pays interest on the principal amount of the 2055 Notes at a rate of 12% per annum, payable annually in arrears. The 2055 Promissory Notes mature on April 30, 2055 and may be prepaid by the Fund at any time, in whole or in part, provided that (i) the Fund will pay on the date of such prepayment all accrued and unpaid interest due on such prepaid principal amount to and including the date of prepayment and (ii) if the prepayment occurs within twenty-four months after the issue date of the 2055 Promissory Notes, the Fund will pay a one-time premium.

***Unfunded Capital Commitments***

We began accepting subscription agreements with investors, providing for the private placement of the Fund's common shares (collectively "Capital Commitments"). Under the terms of the Capital Commitments, investors are required to fund capital contributions to purchase the Fund's common shares up to the amount of their respective Capital Commitment on an as-needed basis each time a drawdown notice is delivered to investors.

As of September 30, 2025, the Fund had $72.1 million of unfunded capital commitments, of which $25.0 million will not be available to be called until October 1, 2025 and $25.0 million will not be available to be called until January 1, 2026 (see Note 9 to the consolidated financial statements for more details).

***Distributions*** 

We intend to pay quarterly dividends to our Shareholders out of assets legally available for distribution. All dividends will be paid at the discretion of our Board of Trustees and will depend on our earnings, financial condition, compliance with applicable BDC regulations and such other factors as our Board of Trustees may deem relevant from time to time (see Note 9 to the consolidated financial statements for more details).

***Unfunded Portfolio Commitments*** 

From time to time, we may enter into commitments to fund investments. We incorporate these commitments into our assessment of our liquidity position. Our senior secured revolving loan commitments are generally available on a borrower's demand and may remain outstanding until the maturity date of the applicable loan. Our senior secured term loan commitments generally require certain criteria to be met to be released, and, once drawn, generally have the same remaining term as the associated Revolving Credit Facility.

As of September 30, 2025 and December 31, 2024, we had the following commitments to fund investments in current portfolio companies:

---

| | | |
|:---|:---|:---|
| **($ in millions)** | **September 30,<br>2025** | **December 31,<br>2024** |
| First Lien Secured Debt | $52.3 | $52.2 |
| Second Lien Secured Debt |  |  |
| Other Investments | 0.3 | 0.3 |
| **Total Portfolio Company Commitments** | $**52.6** | $**52.5** |

---

We seek to carefully consider our unfunded portfolio company commitments for the purpose of planning our ongoing financial leverage. Further, we consider any outstanding unfunded portfolio company commitments we are required to fund within the 150% asset coverage limitation. As of September 30, 2025, we believe we had adequate financial resources to satisfy the unfunded portfolio company commitments, with cash and cash equivalents on hand and availability under the Revolving Credit Facility.

***Other Commitments and Contingencies*** 

*Contracts*

We have entered into two contracts under which we have future commitments: the Advisory Agreement and the sub-administration agreement (see Note 3 to the consolidated financial statements). Payments under the Advisory Agreement are equal to (1) a percentage of the Shareholders' aggregate net capital contributions, (2) a two-part incentive fee and (3) reimbursements equal to an amount that the Administrator incurs for costs and expenses and the Fund's allocable portion of

------

overhead incurred by our Adviser in performing its obligations as Administrator under the Advisory Agreement. Either party may terminate the Advisory Agreement without penalty upon at least 60 days' written notice to the other.

*Financial Instruments* 

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

**Critical Accounting Estimates**

The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. In addition to the discussion below, our critical accounting policies are further described in the notes to our consolidated financial statements.

*Valuation of Investments and Derivative Contracts*

The Board of Trustees designated the Adviser as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act, which establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Accordingly, the Adviser has appointed its BDC Valuation Committee with the responsibility for fair value determinations pursuant to valuation procedures adopted for the Fund. The Board of Trustees oversees the Adviser in its role as valuation designee in accordance with the requirements of Rule 2a-5 under the 1940 Act.

Investments and derivative contracts are valued in good faith by the Adviser, as the Fund's valuation designee, at fair value pursuant to the valuation policy, which considers quotations provided by independent pricing sources, when such quotations are available and deemed reliable. The Fund conducts this valuation process on a quarterly basis.

Investments that are not listed on an exchange but are actively traded over-the-counter are generally valued at the representative "bid" quotation if held long and the representative "ask" quotation if held short or, in the case of equities that trade in over-the-counter marketplaces, at the last deemed reliable sale price provided by independent pricing sources. Derivative contracts not listed on an exchange are generally valued through industry-standard valuation models using inputs obtained from pricing vendors and from the relevant derivative contract.

The estimated fair value of financial instruments is based upon available information and may not be the amount that the Fund would realize in a current transaction or might be ultimately realized, since such amounts depend on future circumstances, and the differences could be material.

In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Fund discloses the fair value of its investments according to a hierarchy that prioritizes the inputs used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices on a securities exchange in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (level 3 measurements). In accordance with U.S. GAAP, these inputs are summarized in the three broad levels listed below:

Level 1: Inputs that reflect unadjusted quoted prices on a securities exchange in active markets for identical assets or liabilities;

Level 2: Inputs other than quoted prices on a securities exchange that are observable for the asset or liability either directly or indirectly in active markets, or unadjusted prices on a securities exchange in markets that are not considered to be active;

Level 3: Significant inputs that may be unobservable or inputs, including market quotations other than quoted prices on a securities exchange, in markets that are not considered to be active.

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions including assumptions about risk. Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics and other factors. An investment's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires judgment by the Adviser. The Adviser considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by multiple independent sources that are actively involved in the relevant market. The categorization of an investment within the hierarchy is based upon the pricing transparency of the investment and does not necessarily correspond to the Adviser's perceived risk of that instrument.

------

In determining an instrument's placement within the hierarchy, the Adviser separates the Fund's investment portfolio into two categories: investments and derivative contracts. Each of these categories can further be divided between assets and liabilities and further by investment type.

Investments whose values are based on the unadjusted quoted prices on a securities exchange in active markets for identical assets or liabilities are classified within Level 1.

Investments that are valued based on dealer quotations or alternative pricing sources supported by observable inputs are generally classified within level 2. These may include certain bonds or bank loans.

Derivative contracts can be exchange-traded or privately negotiated over-the-counter ("OTC"). OTC derivatives, including foreign currency forward contracts and interest rate swaps are generally valued using observable inputs. In instances where models are used, the value of an OTC derivative depends upon the contractual terms of, and specific risks inherent in the instrument as well as the availability and reliability of observable inputs. OTC derivatives are typically classified within level 2 of the fair value hierarchy depending on their liquidity or the observability of their inputs.

Investments classified within level 3 have significant unobservable inputs. Level 3 instruments may include certain bank loans, trust interests, private equity and real estate properties. When observable prices are not available for these investments, one or more valuation techniques (e.g., market approach or income approach) for which sufficient and reliable data is available may be used. Within level 3, the use of the market approach technique generally consists of using comparable market data, while the use of the income approach technique generally consists of the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other factors. Quotations provided by independent pricing sources may also be considered, if available and deemed reliable, in determining the value of level 3 investments.

The inputs used in estimating the value of level 3 investments that are not valued using quotations provided by independent pricing sources may include but are not limited to the original transaction price, recent transactions in the same or similar instruments, completed or pending third party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations and other transactions across the capital structure, offerings in the equity or debt capital markets, discount rates, durations and changes in financial ratios or cash flows. Comparable public companies may also be identified based on industry, size, strategy, etc. and a trading multiple or yield is determined for each comparable company. Additionally, level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated in the absence of market information. Assumptions used due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's consolidated results of operations.

See Note 2 and Note 5 to the consolidated financial statements for more information on our valuation process, as well as key assumptions and inputs used in valuation of level 3 investments period over period.

**Recent Developments**

On October 1, 2025, the Fund issued and sold 1,702,510 shares at an offering price of $14.17 per share. The Fund received approximately $24.1 million as payment for such shares.

The Fund received approximately $12.0 million of net proceeds relating to subscriptions effective November 1, 2025.

On October 30, 2025, the Board declared a distribution of $0.125 per share, payable on November 28, 2025, for Shareholders of record on October 31, 2025.

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

We are subject to financial market risks, including but not limited to changes in interest rates, foreign currency rates and the valuations of our investment portfolio.

*Interest Rate Risk*

Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we expect to fund a portion of our investments with borrowings, our net investment income is expected to be affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

We regularly measure our exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities.

------

As of September 30, 2025, approximately 96.2% of our total debt investments at fair value (or 96.1% of our performing debt investments) bore floating interest rates. From time to time, the Fund seeks to mitigate interest rate risk associated with fixed rate investments by entering into interest rate swaps. With the impact of the interest rate swaps, approximately 97.3% of our performing debt investments based on fair value were effectively floating rate investments as of September 30, 2025. Our Revolving Credit Facility and a majority of the 2024 CLO also bear floating interest rates; in connection with our fixed-rate 2026 Notes, we entered into fixed-to-floating interest rate swaps under a designated hedge accounting relationship, in order to align the interest rates of our liabilities with our investment portfolio (see Note 6 to the consolidated financial statements for more details).

Assuming that our consolidated balance sheet as of September 30, 2025 were to remain constant and that we took no actions to alter our existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates (considering interest rate caps and floors, if any, for floating rate instruments):

---

| | | | |
|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Basis Point Change** | **Change in<br>Interest Income** | **Change in<br>Interest Expense**<sup>(1)</sup> | **Change in<br>Net Investment<br>Income**<sup>(2)</sup> |
| ***($ in millions)*** |  |  |  |
| Up 300 basis points | $31.7 | $(15.6) | $16.1 |
| Up 200 basis points | 21.2 | (10.4) | 10.8 |
| Up 100 basis points | 10.6 | (5.2) | 5.4 |
| Up 50 basis points | 5.3 | (2.6) | 2.7 |
| Down 50 basis points | (5.2) | 2.6 | (2.6) |
| Down 100 basis points | (10.3) | 5.2 | (5.1) |
| Down 200 basis points | (19.7) | 10.4 | (9.3) |
| Down 300 basis points | (28.3) | 15.6 | (12.7) |

---

<sup>(1)</sup> Includes the impact of effective hedge through interest rate swaps associated with the 2026 Notes.

<sup>(2)</sup> Excludes the impact of income based incentive fees. See Note 3 to the consolidated financial statements for more details on fees.

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

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

*Currency Risk*

From time to time, we may make investments that are denominated in a foreign currency. These investments are translated into U.S. dollars at each balance sheet date, exposing us to movements in foreign exchange rates. We may employ hedging techniques to minimize these risks, but we cannot assure you that such strategies will be effective or without risk to us. We may seek to utilize instruments such as, but not limited to, forward contracts to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates. We also have the ability to borrow in certain foreign currencies under our Revolving Credit Facility. Instead of entering into a foreign exchange forward contract in connection with loans or other investments we have made that are denominated in a foreign currency, we may borrow in that currency to establish a natural hedge against our loan or investment. To the extent the loan or investment is based on a floating rate other than a rate under which we can borrow under our Revolving Credit Facility, we may seek to utilize interest rate derivatives to hedge our exposure to changes in the associated rate.

*Valuation Risk*

We have invested, and plan to continue to invest, primarily in illiquid debt of private companies. Most of our investments will not have a readily available market price, and we value these investments at fair value as determined in good faith in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.

------

**Item 4. Controls and Procedures**

***(a) Evaluation of Disclosure Controls and Procedures***

In accordance with Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), we, under the supervision and with the participation of 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 on Form 10-Q and determined that our disclosure controls and procedures are effective as of the end of the period covered by the Quarterly Report on Form 10-Q.

***(b) Changes in Internal Control Over Financial Reporting***

There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

------

**PART II—OTHER INFORMATION**

**Item 1. Legal Proceedings**

From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. We and our Adviser are also subject to extensive regulation, which may result in regulatory proceedings or investigations against us or our Adviser, respectively. Except as described below, neither we nor the Adviser are currently subject to any material legal proceedings.

The Fund and certain other funds managed by the Adviser and its affiliates were named as defendants in a lawsuit asserting tortious interference, filed in a United States bankruptcy court. The Fund intends to vigorously defend against these claims. At this time, the Fund cannot predict with a reasonable degree of certainty the likelihood of an unfavorable outcome; however, management does not expect the results of any potential outcome, even if unfavorable, to be material to the Fund's consolidated financial statements.

**Item 1A. Risk Factors**

In addition to the other information set forth in this report, you should carefully consider the risk factors discussed below and contained in "Item 1A. Risk Factors" in our most recent annual report on Form 10-K, filed with the SEC on March 14, 2025 (our "Form 10-K"), each of which could materially affect our business, financial condition or future results. The risks described in our Form 10-K are not the only risks facing the Fund. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results..

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

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

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

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

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

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

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

Except as described and as previously reported by the Fund on its current reports on Form 8-K, the Fund did not sell any securities during the quarter ended September 30, 2025 that were not registered under the Securities Act.

------

**Item 3. Defaults Upon Senior Securities**

None.

**Item 4. Mine Safety Disclosures**

Not applicable.

**Item 5. Other Information**

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

**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:

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | <br>**Description** |
| 3.1 | [<u>Second Amended and Restated Declaration of Trust (incorporated by reference to Exhibit 3.1 to the Fund's current report on Form 8K filed on May 6, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1646614/000119312525113894/d905765dex31.htm) |
| 3.2 | [<u>Second Amended and Restated By-Laws (incorporated by reference to Exhibit 3.2 to the Fund's current report on Form 8K filed on May 6, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1646614/000119312525113894/d905765dex32.htm) |
| 10.1 | [<u>Fourth Amended and Restated Investment Advisory Agreement (incorporated by reference to Exhibit 10.2 to the Fund's current report on Form 8K filed on May 6, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1646614/000119312525113894/d905765dex102.htm) |
| 31.1 | [<u>Certification of Chief 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>](ck0001646614-ex31_1.htm)\* |
| 31.2 | [<u>Certification of Chief 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>](ck0001646614-ex31_2.htm)\* |
| 32.1 | [<u>Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</u>](ck0001646614-ex32_1.htm).\* |
| 101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

\* Filed herewith.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Silver Point Specialty Lending Fund** | **Silver Point Specialty Lending Fund** |
| <br>Date: November 12, 2025 | <br>By: | <br>/s/ Edward Mulé |
|  |  | **Edward Mulé** |
|  |  | **Chief Executive Officer** |
| Date: November 12, 2025 | By: | /s/ Jesse Dorigo |
|  |  | **Jesse Dorigo** |
|  |  | **Chief Financial Officer** |

---

------

## 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, Edward Mulé, Chief Executive Officer of Silver Point Specialty Lending Fund, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of Silver Point Specialty Lending Fund (the "registrant") for the quarter ended September 30, 2025;

&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 and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of trustees (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;(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;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: November 12, 2025 | By: | /s/ Edward Mulé |
|  |  | **Edward Mulé** |
|  |  | **Chief Executive Officer** |

---

------

## Exhibit 31.2

**Exhibit 31.2**

**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, Jesse Dorigo, Chief Financial Officer of Silver Point Specialty Lending Fund, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of Silver Point Specialty Lending Fund (the "registrant") for the quarter ended September 30, 2025;

&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 and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of trustees (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;(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;(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: November 12, 2025 | By: | /s/ Jesse Dorigo |
|  |  | **Jesse Dorigo** |
|  |  | **Chief Financial Officer** |

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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 of Silver Point Specialty Lending Fund (the "Fund") on Form 10-Q for the period ending September 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Edward Mulé, as Chief Executive Officer of the Fund, and Jesse Dorigo, as Chief Financial Officer of the Fund, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

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| | | |
|:---|:---|:---|
| Date: November 12, 2025 | By: | /s/ Edward Mulé |
|  |  | **Edward Mulé** |
|  |  | **Chief Executive Officer** |

---

---

| | | |
|:---|:---|:---|
| Date: November 12, 2025 | By: | /s/ Jesse Dorigo |
|  |  | **Jesse Dorigo** |
|  |  | **Chief Financial Officer** |

---

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

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